BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of New Accounting Pronouncements

The following table provides a brief description of recent accounting standards updates (“ASUs”).


Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting	This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur.	This ASU is optional and may be elected over time.	Centerspace adopted the guidance in June 2021 on a prospective basis. This adoption did not have a material impact on the Condensed Consolidated Financial Statements.
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity's Own Equity	This ASU simplifies accounting for convertible instruments and removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception. This ASU also simplifies the diluted earnings per share calculation in certain areas and provides updated disclosure requirements.	This ASU is effective for annual reporting periods beginning after December 15, 2021. Early adoption is permitted.	Centerspace is currently evaluating the ASU and the impact it may have on Condensed Consolidated Financial Statements.

Future Scheduled Lease Income for Operating Leases

The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of June 30, 2021, was as follows:


	(in thousands)
2021 (remainder)	$	1,185
2022	2,339
2023	2,336
2024	2,323
2025	2,291
Thereafter	2,488
Total scheduled lease income - commercial operating leases	$	12,962

Schedule of Disaggregation of Revenue

The following table presents the disaggregation of revenue streams for the three and six months ended June 30, 2021 and 2020:


		(in thousands)
		Three Months Ended June 30,				Six Months Ended June 30,
Revenue Stream	Applicable Standard	2021		2020		2021		2020
Fixed lease income - operating leases	Leases	$	43,659	$	41,910	$	87,499	$	83,843
Variable lease income - operating leases	Leases	2,103		1,302		4,072		3,082
Other property revenue	Revenue from contracts with customers	894		698		1,733		1,391
Total revenue		$	46,656	$	43,910	$	93,304	$	88,316