Exhibit 99.1
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Earnings Release
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Centerspace Reports First Quarter 2023 Financial Results and Affirms 2023 Core FFO Guidance
MINNEAPOLIS, MN, May 1, 2023 – Centerspace (NYSE: CSR) announced today its financial and operating results for the three months ended March 31, 2023. The tables below show Net Income (Loss), Funds from Operations (“FFO”)1, and Core FFO1, all on a per common share basis, for the three months ended March 31, 2023; Same-Store Revenues, Expenses, and Net Operating Income (Loss) (“NOI”)1 over comparable periods; and Same-Store Weighted-Average Occupancy for each of the three months ended March 31, 2023, December 31, 2022, and March 31, 2022.
 Three Months Ended March 31,
Per Common Share20232022
Net income (loss) - diluted$2.76 $(0.68)
FFO - diluted$0.89 $1.01 
Core FFO - diluted$1.07 $0.98 
 Year-Over-Year
Comparison		Sequential
Comparison
Same-Store ResultsQ1 2023 vs. Q1 2022Q1 2023 vs. Q4 2022
Revenues10.5%0.7%
Expenses9.9%—
NOI11.0%1.1%
Three months ended
Same-Store ResultsMarch 31, 2023December 31, 2022March 31, 2022
Weighted Average Occupancy94.8%94.9%94.1%
(1)NOI, FFO, Core FFO, and same-store results are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to “Non-GAAP Financial Measures and Reconciliations” in supplemental and financial operating data within.
Highlights
•During the three months ended March 31, 2023, we successfully executed the sale of nine non-core apartment communities located in Minnesota and Nebraska for an aggregate sales price of $144.3 million, resulting in a gain on sale of $60.2 million. We primarily used the proceeds to pay down floating rate debt, including full repayment of our $100.0 million variable rate term loan. Additionally, during and subsequent to the three months ended March 31, 2023, we repurchased 123,967 common share at an average price of $54.17 per share to capitalize on the dislocation between our current share price and the underlying value of our portfolio, as demonstrated by our sale of non-core apartment communities at a value significantly above the implied value of our portfolio at the current share price.
•Net income was $2.76 per diluted share for the first quarter of 2023, compared to Net loss of $0.68 per diluted share for the same period of 2022;
•Core FFO per diluted share increased 9.2% to $1.07 for the three months ended March 31, 2023, compared to $0.98 for the three months ended March 31, 2022; and
•Same-store revenues increased by 10.5% for the first quarter of 2023 compared to the first quarter of 2022, driving an 11.0% increase in NOI compared to the same period of the prior year.
Dispositions
During the three months ended March 31, 2023, we disposed of nine apartment communities located in Minnesota and Nebraska, in four exchange transactions, for an aggregate sales price of $144.3 million.
1

Subsequent Events
Subsequent to March 31, 2023, Centerspace repurchased 104,503 common shares for total consideration of $5.7 million at an average price of $54.51 per share.
On April 26, 2023, Centerspace closed on a $90.0 million secured note payable with an interest rate of 5.04% and a term of 12 years.
Subsequent to March 31, 2023, $47.8 million of net tax-deferred exchange proceeds were released from restricted cash. Proceeds from the note payable and the release of the restricted cash will be used to pay down floating rate debt.
Balance Sheet
At the end of the first quarter, Centerspace had $121.4 million of total liquidity on its balance sheet, consisting of $112.5 million available under the lines of credit and cash and cash equivalents of $8.9 million.
Revised 2023 Financial Outlook
Centerspace revised its 2023 financial outlook. For additional information, see S-15 of the Supplemental Financial and Operating Data for the quarter ended March 31, 2023 included at the end of this release. These ranges should be considered in their entirety. The table below reflects the revised outlook.
Previous Outlook for 2023Updated Outlook for 2023
LowHighLowHigh
Net income (loss) per Share – diluted$2.37 $3.25 $2.73 $3.62 
Same-Store Revenue6.00 %8.00 %6.00 %8.00 %
Same-Store Expenses4.75 %6.25 %4.75 %6.25 %
Same-Store NOI7.00 %9.00 %7.00 %9.00 %
FFO per Share – diluted$4.21 $4.50 $4.03 $4.33 
Core FFO per Share – diluted$4.27 $4.56 $4.27 $4.56 
Additional assumptions:
•Same-store capital expenditures of $1,100 per home to $1,150 per home
•Value-add expenditures of $24.5 million to $27.5 million
•Proceeds from potential dispositions of $155.0 million to $165.0 million
Upcoming Events
On May 16, 2023, at 9:00 a.m. CDT, Centerspace will be holding its 2023 Annual Meeting of Shareholders live via the internet. Shareholders can participate in and/or vote at the Annual Meeting via live webcast by visiting www.virtualshareholdermeeting.com/CSR2023. Shareholders must enter their 16-digit control number found in their proxy materials, either on the Notice of Internet Availability of Proxy Materials, the proxy card, or in the instructions that accompanied the proxy material to enter the 2023 Annual Meeting. The company urges the shareholders to vote and submit proxies in advance of the Annual Meeting by one of the methods described in the proxy materials for the Annual Meeting. The Annual Meeting webcast will begin promptly at 9:00 a.m. CDT. On the day of the Annual Meeting, the company recommends that you log into its virtual meeting at least 15 minutes prior to the scheduled start time to ensure you can access the meeting.
Centerspace is scheduled to participate in the upcoming National Association of Real Estate Investment Trusts (“Nareit”) REITweek: 2023 Investor Conference which will be held in New York, NY June 6-8, 2023.
Earnings Call
Live webcast and replay:  https://ir.centerspacehomes.com
  
Live Conference CallConference Call Replay
Tuesday, May 2, 2023, at 10:00 AM ETReplay available until May 16, 2023
USA Toll Free Number1-833-470-1428USA Toll Free Number1-866-813-9403
International Toll Free Number1-929-526-1599International Toll Free Number44-204-525-0658
Canada Toll Free Number1-833-950-0062Canada Toll Free Number1-226-828-7578
Conference Number909832Conference Number530926
2

Supplemental Information
Supplemental Operating and Financial Data for the quarter ended March 31, 2023 included herein (“Supplemental Information”), is available in the Investors section on Centerspace’s website at www.centerspacehomes.com or by calling Investor Relations at 701-837-7104. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Financial and Operating Data, which accompanies this earnings release.  
About Centerspace
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of March 31, 2023, Centerspace owned interests in 75 apartment communities consisting of 13,497 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a Top Workplace for 2022 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.
Forward-Looking Statements
Certain statements in this press release and the accompanying Supplemental Operating and Financial Data are based on the company's current expectations and assumptions, and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Forward-looking statements are typically identified by the use of terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “assumes,” “may,” “projects,” “outlook,” “future,” and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. As a result, reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond the company's control and could differ materially from actual results and performance. Such risks, uncertainties, and other factors that might cause such differences include, but are not limited to those risks and uncertainties detailed from time to time in Centerspace's filings with the Securities and Exchange Commission, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in its Annual Report on Form 10-K for the year ended December 31, 2022, in its subsequent quarterly reports on Form 10-Q, and in other public reports. The company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.
Contact Information
Investor Relations
Joe McComish
Phone: 701-837-7104
Email: IR@centerspacehomes.com
Marketing & Media
Kelly Weber
Phone: 701-837-7104
Email: kweber@centerspacehomes.com
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Supplemental Financial and Operating Data
Table of Contents
March 31, 2023
Page
S-1
Key Financial Data
S-2
S-3
Non-GAAP Financial Measures and Reconciliations
S-4
S-5
S-8
Debt and Capital Analysis
S-9
S-10
Portfolio Analysis
S-11
S-13
S-14
S-15


Common Share Data (NYSE: CSR)
 1st Quarter4th Quarter3rd Quarter2nd Quarter1st Quarter
 20232022202220222022
High closing price$71.07 $70.20 $89.71 $103.17 $108.27 
Low closing price$51.39 $58.50 $65.85 $76.65 $89.01 
Average closing price$61.68 $64.64 $79.40 $87.61 $97.15 
Closing price at end of quarter$54.63 $58.67 $67.32 $81.55 $98.12 
Common share distributions – annualized$2.92 $2.92 $2.92 $2.92 $2.92 
Closing dividend yield – annualized5.3 %5.0 %4.3 %3.6 %3.0 %
Closing common shares outstanding (thousands)
15,032 15,020 15,376 15,373 15,366 
Closing limited partnership units outstanding (thousands)
967 971 980 995 997 
Closing Series E preferred units outstanding, as converted (thousands)
2,103 2,119 2,186 2,186 2,186 
Total closing common shares, limited partnership units, and Series E preferred units, as converted, outstanding (thousands)
18,102 18,110 18,542 18,554 18,549 
Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units and Series E preferred units, as converted (thousands)
$988,912 $1,062,514 $1,248,247 $1,513,079 $1,820,028 

S-1


CENTERSPACE
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands)
 Three Months Ended
 3/31/202312/31/20229/30/20226/30/20223/31/2022
REVENUE$67,897 $67,848 $65,438 $63,116 $60,314 
EXPENSES
Property operating expenses, excluding real estate taxes21,342 21,755 20,290 19,011 19,014 
Real estate taxes7,581 7,464 7,039 7,205 6,859 
Property management expense2,568 2,358 2,563 2,721 2,253 
Casualty (gain) loss252 335 276 382 598 
Depreciation and amortization25,993 25,768 23,720 24,768 31,001 
General and administrative expenses7,723 3,276 4,519 5,221 4,500 
TOTAL EXPENSES$65,459 $60,956 $58,407 $59,308 $64,225 
Gain (loss) on sale of real estate and other investments60,159 14 — 27 — 
Operating income (loss)62,597 6,906 7,031 3,835 (3,911)
Interest expense(10,319)(9,603)(7,871)(7,561)(7,715)
Interest and other income (loss)49 132 70 (17)1,063 
Net income (loss)$52,327 $(2,565)$(770)$(3,743)$(10,563)
Dividends to Series D preferred unitholders(160)(160)(160)(160)(160)
Net (income) loss attributable to noncontrolling interest – Operating Partnership and Series E preferred units(8,566)753 439 950 2,157 
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities(30)(34)(32)(38)(23)
Net income (loss) attributable to controlling interests43,571 (2,006)(523)(2,991)(8,589)
Dividends to preferred shareholders(1,607)(1,607)(1,607)(1,607)(1,607)
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS$41,964 $(3,613)$(2,130)$(4,598)$(10,196)
Per Share Data - Basic
Net income (loss) per common share – basic$2.79 $(0.24)$(0.14)$(0.30)$(0.68)
Per Share Data - Diluted
Net income (loss) per common share – diluted$2.76 $(0.24)$(0.14)$(0.30)$(0.68)
S-2

CENTERSPACE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
3/31/202312/31/20229/30/20226/30/20223/31/2022
ASSETS
Real estate investments
Property owned$2,420,911 $2,534,124 $2,513,470 $2,401,427 $2,390,952 
Less accumulated depreciation(519,167)(535,401)(511,000)(487,834)(465,752)
Total real estate investments1,901,744 1,998,723 2,002,470 1,913,593 1,925,200 
Cash and cash equivalents8,939 10,458 14,957 13,156 13,313 
Restricted cash48,903 1,433 1,417 1,914 2,409 
Other assets19,298 22,687 19,742 18,950 24,651 
TOTAL ASSETS$1,978,884 $2,033,301 $2,038,586 $1,947,613 $1,965,573 
LIABILITIES, MEZZANINE EQUITY, AND EQUITY
LIABILITIES
Accounts payable and accrued expenses$56,639 $58,812 $58,322 $48,077 $50,360 
Revolving lines of credit143,469 113,500 171,500 73,000 46,000 
Notes payable, net of unamortized loan costs299,412 399,007 299,388 299,374 299,359 
Mortgages payable, net of unamortized loan costs474,999 495,126 496,530 497,917 521,536 
TOTAL LIABILITIES$974,519 $1,066,445 $1,025,740 $918,368 $917,255 
SERIES D PREFERRED UNITS$16,560 $16,560 $16,560 $18,627 $22,412 
EQUITY
Series C Preferred Shares of Beneficial Interest93,530 93,530 93,530 93,530 93,530 
Common Shares of Beneficial Interest1,176,059 1,177,484 1,209,732 1,207,849 1,203,685 
Accumulated distributions in excess of net income(508,420)(539,422)(524,905)(511,552)(495,732)
Accumulated other comprehensive income (loss)(1,917)(2,055)(2,158)(2,362)(2,550)
Total shareholders’ equity$759,252 $729,537 $776,199 $787,465 $798,933 
Noncontrolling interests – Operating Partnership and Series E preferred units227,920 220,132 219,466 222,528 226,302 
Noncontrolling interests – consolidated real estate entities633 627 621 625 671 
TOTAL EQUITY$987,805 $950,296 $996,286 $1,010,618 $1,025,906 
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY$1,978,884 $2,033,301 $2,038,586 $1,947,613 $1,965,573 
S-3

CENTERSPACE
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (unaudited)
This release contains certain non-GAAP financial measures. The non-GAAP financial measures should not be considered a substitute for operating results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The definitions and calculations of these non-GAAP financial measures, as calculated by the company, may not be comparable to non-GAAP financial measures reported by other REITs that do not define each of the non-GAAP financial measures exactly as Centerspace does.
The company provides certain information on a same-store and non-same-store basis. Same-store apartment communities are owned or in service for substantially all of the periods being compared, and, in the case of newly-constructed properties, have achieved a target level of physical occupancy of 90%. On the first day of each calendar year, Centerspace determines the composition of its same-store pool for that year as well as adjusts the previous year, which allows the company to evaluate full period-over-period operating comparisons for existing apartment communities and their contribution to net operating income. The company believes that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of its communities are performing year-over-year. Centerspace uses this measure to assess whether or not the company has been successful in increasing NOI, raising average rental revenue, renewing leases on existing residents, controlling operating costs, and making prudent capital improvements.
Reconciliation of Operating Income (Loss) to Net Operating Income
Net operating income, or NOI, is a non-GAAP financial measure which the company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation and amortization, financing costs, property management expenses, casualty losses, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance.
 (in thousands, except percentages)
 Three Months EndedSequentialYear-Over-Year
 3/31/202312/31/20223/31/2022$ Change% Change$ Change% Change
Operating income (loss)$62,597 $6,906 $(3,911)$55,691 806.4 %$66,508 (1,700.5)%
Adjustments:
Property management expenses2,568 2,358 2,253 210 8.9 %315 14.0 %
Casualty (gain) loss252 335 598 (83)(24.8)%(346)(57.9)%
Depreciation and amortization25,993 25,768 31,001 225 0.9 %(5,008)(16.2)%
General and administrative expenses7,723 3,276 4,500 4,447 135.7 %3,223 71.6 %
(Gain) loss on sale of real estate and other investments(60,159)(14)— (60,145)*(60,159)N/A
Net operating income$38,974 $38,629 $34,441 $345 0.9 %$4,533 13.2 %
Revenue
Same-store$58,859 $58,465 $53,249 $394 0.7 %$5,610 10.5 %
Non-same-store3,639 3,497 1,667 142 4.1 %1,972 118.3 %
Other properties1,002 900 916 102 11.3 %86 9.4 %
Dispositions4,397 4,986 4,482 (589)(11.8)%(85)(1.9)%
Total67,897 67,848 60,314 49 0.1 %7,583 12.6 %
Property operating expenses, including real estate taxes
Same-store24,593 24,586 22,370 7 — %2,223 9.9 %
Non-same-store1,310 1,267 710 43 3.4 %600 84.5 %
Other properties151 317 329 (166)(52.4)%(178)(54.1)%
Dispositions2,869 3,049 2,464 (180)(5.9)%405 16.4 %
Total28,923 29,219 25,873 (296)(1.0)%3,050 11.8 %
Net operating income
Same-store34,266 33,879 30,879 387 1.1 %3,387 11.0 %
Non-same-store2,329 2,230 957 99 4.4 %1,372 143.4 %
Other properties851 583 587 268 46.0 %264 45.0 %
Dispositions1,528 1,937 2,018 (409)(21.1)%(490)(24.3)%
Total$38,974 $38,629 $34,441 $345 0.9 %$4,533 13.2 %
* Not a meaningful percentage
S-4

Reconciliation of Same-Store Controllable Expenses to Total Property Operating Expenses, Including Real Estate Taxes
Centerspace defines same-store controllable expenses as property operating expenses excluding real estate taxes and insurance. Same-store controllable expenses exclude real estate taxes and insurance, in order to provide a measure of expenses that are within management's control, and is used for the purposes of budgeting, business planning, and performance evaluation. This is a non-GAAP financial measure and should not be considered an alternative to total expenses or total property operating expenses and real estate taxes.
 (in thousands, except percentages)
 Three Months Ended March 31,
 20232022$ Change% Change
Controllable expenses
On-site compensation(1)
$6,017 $5,549 $468 8.4 %
Repairs and maintenance3,469 2,946 523 17.8 %
Utilities4,978 4,784 194 4.1 %
Administrative and marketing1,252 1,223 29 2.4 %
Total$15,716 $14,502 $1,214 8.4 %
Non-controllable expenses
Real estate taxes$6,765 $5,974 $791 13.2 %
Insurance2,112 1,894 218 11.5 %
Total$8,877 $7,868 $1,009 12.8 %
Property operating expenses, including real estate taxes - non-same-store$1,310 $710 $600 84.5 %
Property operating expenses, including real estate taxes - other151 329 (178)(54.1)%
Property operating expenses, including real estate taxes - dispositions2,869 2,464 405 16.4 %
Total property operating expenses, including real estate taxes$28,923 $25,873 $3,050 11.8 %
(1)On-site compensation for administration, leasing, and maintenance personnel.
Reconciliation of Net Income (Loss) Available to Common Shareholders to Funds From Operations and Core Funds From Operations
Centerspace believes that FFO, which is a non-GAAP financial measure used as a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding its operating performance, primarily because its calculation does not assume that the value of real estate assets diminishes predictably over time, as implied by the historical cost convention of GAAP and the recording of depreciation and amortization.
Centerspace uses the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”). Nareit defines FFO as net income or loss calculated in accordance with GAAP, excluding:
•depreciation and amortization related to real estate;
•gains and losses from the sale of certain real estate assets;
•impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity; and
•similar adjustments for partially owned consolidated real estate entities.
The exclusion in Nareit’s definition of FFO of gains and losses from the sale of real estate assets and impairment write-downs helps to identify the operating results of the long-term assets that form the base of the company's investments, and assists management and investors in comparing those operating results between periods.
Due to the limitations of the Nareit FFO definition, Centerspace has made certain interpretations in applying this definition. The company believes that all such interpretations not specifically identified in the Nareit definition are consistent with this definition. Nareit’s FFO White Paper 2018 Restatement clarified that impairment write-downs of land related to a REIT’s main business are excluded from FFO and a REIT has the option to exclude impairment write-downs of assets that are incidental to its main business.
S-5

While FFO is widely used by Centerspace as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund all cash flow needs, including the ability to service indebtedness or make distributions to shareholders.
Core Funds from Operations (“Core FFO”) is FFO as adjusted for non-routine items or items not considered core to business operations. By further adjusting for items that are not considered part of core business operations, the company believes that Core FFO provides investors with additional information to compare core operating and financial performance between periods. Core FFO should not be considered as an alternative to net income, or any other GAAP measurement of performance, but rather should be considered an additional supplemental measure. Core FFO also does not represent cash generated from operating activities in accordance with GAAP, nor is it indicative of funds available to fund the company's cash needs, including its ability to service indebtedness or make distributions to shareholders. Core FFO is a non-GAAP and non-standardized financial measure that may be calculated differently by other REITs and should not be considered a substitute for operating results determined in accordance with GAAP.
S-6

(in thousands, except per share amounts)
Three Months Ended
3/31/202312/31/20229/30/20226/30/20223/31/2022
Funds From Operations     
Net income (loss) available to common shareholders$41,964 $(3,613)$(2,130)$(4,598)$(10,196)
Adjustments:
Noncontrolling interests – Operating Partnership and Series E preferred units8,566 (753)(439)(950)(2,157)
Depreciation and amortization25,993 25,768 23,720 24,768 31,001 
Less depreciation – non real estate(91)(91)(94)(101)(101)
Less depreciation – partially owned entities(19)(19)(18)(7)(21)
(Gain) loss on sale of real estate and other investments(60,159)(14)— (27)— 
FFO applicable to common shares and Units$16,254 $21,278 $21,039 $19,085 $18,526 
Adjustments to Core FFO:
Non-cash casualty (gain) loss13 20 46 163 25 
Loss on extinguishment of debt— — — 5 — 
Technology implementation costs(1)
— 89 234 447 103 
Interest rate swap termination, amortization, and mark-to-market138 104 204 205 (613)
Amortization of assumed debt(116)(117)(116)(116)(115)
Pursuit costs5 137 38 1,127 — 
Severance and transition related costs3,199 — — — — 
Other miscellaneous items(2)
49 (28)17 100 (4)
Core FFO applicable to common shares and Units$19,542 $21,483 $21,462 $21,016 $17,922 
FFO applicable to common shares and Units$16,254 $21,278 $21,039 $19,085 $18,526 
Dividends to preferred unitholders160 160 160 160 160 
FFO applicable to common shares and Units - diluted$16,414 $21,438 $21,199 $19,245 $18,686 
Core FFO applicable to common shares and Units$19,542 $21,483 $21,462 $21,016 $17,922 
Dividends to preferred unitholders160 160 160 160 160 
Core FFO applicable to common shares and Units - diluted$19,702 $21,643 $21,622 $21,176 $18,082 
Per Share Data
Net income (loss) per share and Unit - diluted$2.76 $(0.24)$(0.14)$(0.30)$(0.68)
FFO per share and Unit - diluted$0.89 $1.16 $1.13 $1.02 $1.01 
Core FFO per share and Unit - diluted$1.07 $1.17 $1.15 $1.12 $0.98 
Weighted average shares - basic15,025 15,027 15,373 15,369 15,097 
Effect of redeemable operating partnership Units968 974 984 995 965 
Effect of Series D preferred units228 228 228 228 228 
Effect of Series E preferred units2,118 2,185 2,186 2,186 2,186 
Effect of dilutive restricted stock units and stock options20 9 30 48 66 
Weighted average shares and Units - diluted18,359 18,423 18,801 18,826 18,542 
(1)Costs are related to a two-year implementation.
(2)Consists of (gain) loss on investments.
S-7

Reconciliation of Net Income (Loss) Available to Controlling Interests to Adjusted EBITDA
Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain/loss on sale of real estate and other investments, impairment of real estate investments, gain/loss on extinguishment of debt, gain/loss from involuntary conversion; and other non-routine items or items not considered core to business operations. The company considers Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, financing costs, or non-operating gains and losses. Adjusted EBITDA is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP.
(in thousands)
Three Months Ended
3/31/202312/31/20229/30/20226/30/20223/31/2022
Adjusted EBITDA
Net income (loss) available to controlling interests$43,571 $(2,006)$(523)$(2,991)$(8,589)
Adjustments:
Dividends to Series D preferred unitholders160 160 160 160 160 
Noncontrolling interests – Operating Partnership and Series E preferred units8,566 (753)(439)(950)(2,157)
Income (loss) before noncontrolling interests – Operating Partnership and Series E preferred units$52,297 $(2,599)$(802)$(3,781)$(10,586)
Adjustments:
Interest expense10,305 9,589 7,856 7,547 7,700 
Loss on extinguishment of debt— — — 5 — 
Depreciation and amortization related to real estate investments25,971 25,747 23,699 24,759 30,980 
Non-cash casualty (gain) loss 13 20 46 163 25 
Interest income(92)(92)(82)(74)(464)
(Gain) loss on sale of real estate and other investments(60,159)(14)— (27)— 
Technology implementation costs(1)
— 89 234 447 103 
Interest rate swap termination and mark-to-market— — — 18 (582)
Pursuit costs5 137 38 1,127 — 
Severance and transition related costs3,199 — — — — 
Other miscellaneous items(2)
49 (28)17 100 (4)
Adjusted EBITDA$31,588 $32,849 $31,006 $30,284 $27,172 
(1)Costs are related to a two-year implementation.
(2)Consists of (gain) loss on investments.
S-8


CENTERSPACE
DEBT ANALYSIS
(in thousands)
Debt Maturity Schedule
Annual Expirations
Future Maturities of Debt
Secured Fixed
Debt		Unsecured Fixed
Debt		Unsecured Variable DebtTotal
Debt		% of
Total Debt
Weighted
Average Interest Rate(1)
2023 (remainder)$22,560 $— $— $22,560 2.4 %4.12 %
2024— — 3,969 3,969 0.4 %7.23 %
202531,066 — 139,500 170,566 18.5 %5.54 %
202651,648 — — 51,648 5.6 %3.73 %
202750,623 — — 50,623 5.5 %3.47 %
Thereafter322,293 300,000 — 622,293 67.6 %3.19 %
Total debt$478,190 $300,000 $143,469 $921,659 100.0 %3.71 %
(1)Weighted average interest rate of debt that matures during the year.

3/31/202312/31/20229/30/20226/30/20223/31/2022
Debt Balances Outstanding     
Secured fixed rate - mortgages payable - other$279,340 $299,427 $300,956 $302,360 $326,113 
Secured fixed rate - Fannie Mae credit facility198,850 198,850 198,850 198,850 198,850 
Unsecured variable rate lines of credit143,469 113,500 171,500 73,000 46,000 
Unsecured term loans— 100,000 — — — 
Unsecured senior notes300,000 300,000 300,000 300,000 300,000 
Debt total$921,659 $1,011,777 $971,306 $874,210 $870,963 
Mortgages payable - other rate3.85 %3.85 %3.85 %3.85 %3.85 %
Fannie Mae Credit Facility rate2.78 %2.78 %2.78 %2.78 %2.78 %
Lines of credit rate6.39 %5.23 %4.13 %3.04 %2.56 %
Unsecured term loan rate — 5.57 %— — — 
Unsecured senior notes rate3.12 %3.12 %3.12 %3.12 %3.12 %
Total debt3.71 %3.62 %3.45 %3.27 %3.29 %


S-9

CENTERSPACE 
CAPITAL ANALYSIS 
(in thousands, except per share and unit amounts)
Three Months Ended
3/31/202312/31/20229/30/20226/30/20223/31/2022
Equity Capitalization
Common shares outstanding15,032 15,020 15,376 15,373 15,366 
Operating partnership units outstanding967 971 980 995 997 
Series E preferred units (as converted)2,103 2,119 2,186 2,186 2,186 
Total common shares, Units, and Series E preferred units, as converted, outstanding18,102 18,110 18,542 18,554 18,549 
Market price per common share (closing price at end of period)$54.63 $58.67 $67.32 $81.55 $98.12 
Equity capitalization-common shares and units$988,912 $1,062,514 $1,248,247 $1,513,079 $1,820,028 
Recorded book value of preferred shares$93,530 $93,530 $93,530 $93,530 $93,530 
Total equity capitalization$1,082,442 $1,156,044 $1,341,777 $1,606,609 $1,913,558 
Series D Preferred Units$16,560 $16,560 $16,560 $18,627 $22,412 
Debt Capitalization
Total debt$921,659 $1,011,777 $971,306 $874,210 $870,963 
Total capitalization$2,020,661 $2,184,381 $2,329,643 $2,499,446 $2,806,933 
Total debt to total capitalization(1)
45.6 %46.3 %41.7 %35.0 %31.0 %
(1)Total debt to total market capitalization is total debt not adjusted for unamortized deferred financing costs from the balance sheet divided by the sum of total debt from the balance sheet, market value of common shares, operating partnership units, and the as converted Series E preferred units, and book value of Series C preferred shares and Series D preferred units outstanding at the end of the period.

Three Months Ended
3/31/202312/31/20229/30/20226/30/20223/31/2022
Debt service coverage ratio(1)
2.70  x2.99  x3.35  x3.39  x2.93  x
Adjusted EBITDA/Interest expense plus preferred distributions and principal amortization2.35  x2.58  x2.81  x2.83  x2.50  x
Net debt/Adjusted EBITDA(2)
7.22  x7.62  x7.71  x7.11  x7.89  x
Net debt and preferred equity/Adjusted EBITDA(2)
8.09  x8.46  x8.60  x8.03  x8.96  x
Distribution Data
Common shares and Units outstanding at record date15,999 15,991 16,356 16,368 16,363 
Total common distribution declared
$11,668 $11,614 $11,939 $11,948 $11,944 
Common distribution per share and Unit
$0.73 $0.73 $0.73 $0.73 $0.73 
Payout ratio (Core FFO per diluted share and unit basis)(3)
68.2 %62.4 %63.5 %65.2 %74.5 %
(1)Debt service coverage ratio is computed by dividing Adjusted EBITDA by interest expense and principal amortization. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within the Non-GAAP Financial Measures and Reconciliations section.
(2)Net debt is the total outstanding debt balance less cash and cash equivalents and net tax deferred exchange proceeds (included within restricted cash). Adjusted EBITDA is annualized for periods less than one year. Net debt and adjusted EBITDA are non-GAAP financial measures and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within the Non-GAAP Financial Measures and Reconciliations section.
(3)Payout ratio (Core FFO per diluted share and unit basis) is the ratio of the current quarterly or annual distribution rate per common share and unit divided by quarterly or annual Core FFO per diluted share and unit. This term is a non-GAAP financial measure and should not be considered a substitute for operating results determined in accordance with GAAP. Refer to the Core FFO definition included within the Non-GAAP Financial Measures and Reconciliations section.
S-10



CENTERSPACE
SAME-STORE FIRST QUARTER COMPARISONS
(in thousands, except property data amounts and percentages)

 Apartment Homes IncludedRevenuesExpensesNOI
RegionsQ1 2023Q1 2022% ChangeQ1 2023Q1 2022% ChangeQ1 2023Q1 2022% Change
Denver, CO1,889 $11,740 $10,624 10.5 %$4,035 $3,176 27.0 %$7,705 $7,448 3.5 %
Minneapolis, MN4,519 20,805 19,004 9.5 %9,588 9,000 6.5 %11,217 10,004 12.1 %
North Dakota2,422 8,879 8,157 8.9 %3,814 3,653 4.4 %5,065 4,504 12.5 %
Omaha, NE872 3,356 3,058 9.7 %1,433 1,328 7.9 %1,923 1,730 11.2 %
Rochester, MN1,129 5,648 5,003 12.9 %2,228 2,096 6.3 %3,420 2,907 17.6 %
St. Cloud, MN832 3,351 3,049 9.9 %1,691 1,499 12.8 %1,660 1,550 7.1 %
Other Mountain West(1)
1,222 5,080 4,354 16.7 %1,804 1,618 11.5 %3,276 2,736 19.7 %
Same-Store Total12,885 $58,859 $53,249 10.5 %$24,593 $22,370 9.9 %$34,266 $30,879 11.0 %


 % of NOI Contribution
Weighted Average Occupancy (2)
Average Monthly
Rental Rate (3)
Average Monthly
Revenue per Occupied Home (4)
RegionsQ1 2023Q1 2022GrowthQ1 2023Q1 2022% ChangeQ1 2023Q1 2022% Change
Denver, CO22.5 %95.8 %94.1 %1.7 %$1,912 $1,792 6.7 %$2,162 $1,993 8.5 %
Minneapolis, MN32.7 %94.6 %94.1 %0.5 %1,454 1,373 5.9 %1,622 1,490 8.9 %
North Dakota14.8 %95.9 %94.8 %1.1 %1,175 1,103 6.5 %1,274 1,184 7.6 %
Omaha, NE5.6 %94.0 %95.5 %(1.5)%1,234 1,095 12.7 %1,364 1,224 11.4 %
Rochester, MN10.0 %94.8 %92.9 %1.9 %1,664 1,507 10.4 %1,759 1,590 10.6 %
St. Cloud, MN4.8 %90.1 %92.3 %(2.2)%1,315 1,199 9.7 %1,490 1,323 12.6 %
Other Mountain West(1)
9.6 %95.1 %94.0 %1.1 %1,319 1,154 14.3 %1,457 1,263 15.4 %
Same-Store Total100.0 %94.8 %94.1 %0.7 %$1,450 $1,345 7.8 %$1,606 $1,465 9.6 %
(1)Includes apartment communities in Billings, Montana and Rapid City, South Dakota.
(2)Weighted average occupancy is defined as the percentage resulting from dividing actual rental revenue by scheduled rent. Scheduled rental revenue represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes. Centerspace believes that weighted average occupancy is a meaningful measure of occupancy because it considers the value of each vacant unit at its estimated market rate. Weighted average occupancy may not completely reflect short-term trends in physical occupancy, and the calculation of weighted average occupancy may not be comparable to that disclosed by other REITs.
(3)Average monthly rental rate is scheduled rent divided by the total number of apartment homes.
(4)Average monthly revenue per occupied home is defined as total rental revenues divided by the weighted average occupied apartment homes for the period.
S-11


CENTERSPACE
SAME-STORE SEQUENTIAL QUARTER COMPARISONS(1)
(in thousands, except property data amounts and percentages)

Apartment Homes IncludedRevenuesExpensesNOI
RegionsQ1 2023Q4 2022% ChangeQ1 2023Q4 2022% ChangeQ1 2023Q4 2022% Change
Denver, CO1,889 $11,740 $11,557 1.6 %$4,035 $3,692 9.3 %$7,705 $7,865 (2.0)%
Minneapolis, MN4,519 20,805 20,689 0.6 %9,588 9,891 (3.1)%11,217 10,798 3.9 %
North Dakota2,422 8,879 8,919 (0.4)%3,814 3,790 0.6 %5,065 5,129 (1.2)%
Omaha, NE872 3,356 3,279 2.3 %1,433 1,597 (10.3)%1,923 1,682 14.3 %
Rochester, MN1,129 5,648 5,593 1.0 %2,228 2,365 (5.8)%3,420 3,228 5.9 %
St. Cloud, MN832 3,351 3,309 1.3 %1,691 1,481 14.2 %1,660 1,828 (9.2)%
Other Mountain West1,222 5,080 5,119 (0.8)%1,804 1,770 1.9 %3,276 3,349 (2.2)%
Same-Store Total12,885 $58,859 $58,465 0.7 %$24,593 $24,586 — %$34,266 $33,879 1.1 %

% of NOI ContributionWeighted Average OccupancyAverage Monthly
Rental Rate		Average Monthly
Revenue per Occupied Home
RegionsQ1 2023Q4 2022GrowthQ1 2023Q4 2022% ChangeQ1 2023Q4 2022% Change
Denver, CO22.5 %95.8 %96.2 %(0.4)%$1,912 $1,902 0.5 %$2,162 $2,120 2.0 %
Minneapolis, MN32.7 %94.6 %94.7 %(0.1)%1,454 1,450 0.3 %1,622 1,611 0.7 %
North Dakota14.8 %95.9 %96.3 %(0.4)%1,175 1,168 0.6 %1,274 1,275 (0.1)%
Omaha, NE5.6 %94.0 %93.0 %1.0 %1,234 1,223 0.9 %1,364 1,348 1.2 %
Rochester, MN10.0 %94.8 %93.8 %1.0 %1,664 1,663 0.1 %1,759 1,760 (0.1)%
St. Cloud, MN4.8 %90.1 %90.1 %— 1,315 1,313 0.2 %1,490 1,471 1.3 %
Other Mountain West9.6 %95.1 %95.8 %(0.7)%1,319 1,314 0.4 %1,457 1,458 (0.1)%
Same-Store Total100.0 %94.8 %94.9 %(0.1)%$1,450 $1,445 0.3 %$1,606 $1,594 0.8 %
(1)Refer to footnotes on page S-11.




S-12

CENTERSPACE
PORTFOLIO SUMMARY(1)
Three Months Ended
3/31/202312/31/20229/30/20226/30/20223/31/2022
Number of Apartment Homes at Period End
Same-Store12,885 11,330 11,330 11,319 11,319 
Non-Same-Store612 3,735 3,734 3,519 3,519 
All Communities13,497 15,065 15,064 14,838 14,838 
Average Monthly Rental Rate(2)
Same-Store$1,450 $1,438 $1,411 $1,366 $1,339 
Non-Same-Store1,890 1,352 1,286 1,245 1,218 
All Communities$1,470 $1,417 $1,381 $1,337 $1,292 
Average Monthly Revenue per Occupied Apartment Home(3)
Same-Store$1,606 $1,592 $1,565 $1,518 $1,471 
Non-Same-Store2,066 1,471 1,417 1,329 1,271 
All Communities$1,627 $1,562 $1,530 $1,473 $1,424 
Weighted Average Occupancy(4)
Same-Store94.8 %94.9 %94.5 %94.8 %93.9 %
Non-Same-Store95.9 %94.7 %94.6 %95.0 %94.5 %
All Communities94.9 %94.9 %94.5 %94.8 %94.0 %
Operating Expenses as a % of Scheduled Rent
Same-Store43.9 %43.1 %42.5 %40.3 %41.0 %
Non-Same-Store37.8 %51.7 %48.7 %47.1 %50.6 %
All Communities43.5 %45.1 %43.9 %41.8 %43.0 %
Capital Expenditures
Total Capital Expenditures per Apartment Home – Same-Store
$115 $364 $465 $196 $145 
(1)Previously reported amounts are not revised for changes in the composition of the same-store properties pool.
(2)Average monthly rental rate is scheduled rent divided by the total number of apartment homes. Scheduled rental revenue represents the value of all apartment homes, with occupied apartment homes valued at contractual rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant homes, delinquencies and concessions are not taken into account. Market rates are determined using the currently offered effective rates on new leases at the community and are used as the starting point in determination of the market rates of vacant apartment homes.
(3)Average monthly revenue per occupied home is defined as total rental revenues divided by the weighted average occupied apartment homes for the period.
(4)Weighted average occupancy is the percentage resulting from dividing actual rental revenue by scheduled rent. The company believes that weighted average occupancy is a meaningful measure of occupancy because it considers the value of each vacant unit at its estimated market rate. Weighted average occupancy may not completely reflect short-term trends in physical occupancy and the calculation of weighted average occupancy may not be comparable to that disclosed by other REITs.
S-13

CENTERSPACE
CAPITAL EXPENDITURES
($ in thousands, except per home amounts)
Three Months Ended
Same Store Capital Expenditures3/31/20233/31/2022
Total Same-Store Apartment Homes12,885 12,885 
Building - Exterior$— $534 
Building - Interior— 5 
Mechanical, Electrical, & Plumbing285 225 
Furniture & Equipment24 80 
Landscaping & Grounds— 84 
Turnover replacements779 734 
Work in progress397 (511)
Capital Expenditures - Same-Store$1,485 $1,151 
Capital Expenditures per Apartment Home - Same-Store$115 $89 
Value Add$2,537 $3,684 
Total Capital Spend - Same-Store$4,022 $4,835 
Total Capital Spend per Apartment Home - Same-Store$312 $375 
Three Months Ended
Capital Expenditures - All Properties3/31/20233/31/2022
All Properties - Weighted Average Apartment Homes14,542 14,839 
Capital Expenditures$1,730 $1,326 
Capital Expenditures per Apartment Home$119 $89 
Value Add2,630 3,684 
Acquisition Capital4,673 1,199 
Total Capital Spend9,033 6,209 
Total Capital Spend per Apartment Home$621 $418 
Three Months Ended
Value Add Capital Expenditures3/31/20233/31/2022
Interior - Units
Same-Store$1,219 $2,638 
Non-Same-Store— — 
Total Interior Units$1,219 $2,638 
Common Areas and Exteriors
Same-Store$1,225 $2,933 
Non-Same-Store93 — 
Total Common Areas and Exteriors$1,318 $2,933 
Work in Progress
Same-Store$93 $(1,887)
Non-Same-Store— — 
Total Work in Progress$93 $(1,887)
Total Value-Add Capital Expenditures
Same-Store$2,537 $3,684 
Non-Same-Store93 — 
Total Portfolio Value-Add$2,630 $3,684 
S-14

CENTERSPACE
2023 Financial Outlook
(in thousands, except per share and per home amounts)
Centerspace revised its outlook for 2023 in the table below.
Three Months Ended2023 Previous Outlook Range2023 Revised Outlook Range
March 31, 2023LowHighLowHigh
YTD ActualAmountAmountAmountAmount
Same-store growth
Revenue$58,859 6.00 %8.00 %6.00 %8.00 %
Controllable expenses15,716 3.00 %4.50 %3.00 %4.50 %
Non-controllable expenses8,877 8.00 %9.50 %8.00 %9.50 %
Total Expenses$24,593 4.75 %6.25 %4.75 %6.25 %
Same-store NOI(1)
$34,266 7.00 %9.00 %7.00 %9.00 %
Components of NOI(1)
Same-store$34,266 $138,300 $141,300 $138,300 $141,300 
Non-same-store2,329 8,900 9,100 8,900 9,100 
Other851 2,000 2,400 2,000 2,400 
Dispositions1,528 2,500 2,800 $2,500 $2,800 
Total NOI(1)
$38,974 $151,700 $155,600 $151,700 $155,600 
Other operating income and expenses
General and administrative and property management(10,291)(29,100)(28,300)(32,300)(31,500)
Casualty losses(252)(1,500)(1,300)(1,500)(1,300)
Non-real estate depreciation and amortization(91)(375)(325)(375)(325)
Non-controlling interest(19)(110)(100)(110)(100)
Total other operating income and expenses$(10,653)$(31,085)$(30,025)$(34,285)$(33,225)
Interest expense$(10,319)(37,100)(36,700)(37,400)(36,900)
Interest and other income$19 $160 $350 $160 $350 
Dividends to preferred shareholders$(1,607)(6,400)(6,400)(6,400)(6,400)
FFO applicable to common shares and Units - diluted(1)
$16,414 $77,275 $82,825 $73,775 $79,425 
Non-core income and expenses
Non-cash casualty (gain) loss$13 $500 $300 $500 $300 
Interest rate swap termination, amortization, and mark-to-market138 900 1,000 900 1,000 
Amortization of assumed debt(116)— — — — 
Pursuit costs5 70 60 70 60 
Severance and transition related costs3,199 — — 3,200 3,200 
Other miscellaneous items49 (310)(350)(310)(350)
Total non-core income and expenses$3,288 $1,160 $1,010 $4,360 $4,210 
Core FFO applicable to common shares and Units - diluted(1)
$19,702 $78,435 $83,835 $78,135 $83,635 
EPS - Diluted$2.76 $2.37 $3.25 $2.73 $3.62 
FFO per diluted share(1)
$0.89 $4.21 $4.50 $4.03 $4.33 
Core FFO per diluted share(1)
$1.07 $4.27 $4.56 $4.27 $4.56 
Weighted average shares outstanding - diluted18,359 18,375 18,400 18,300 18,325 
Additional Assumptions
Same-store capital expenditures (per home)$115 $1,100 1,150 $1,100 1,150 
Value-add expenditures$2,630 $24,500 $27,500 $24,500 $27,500 
Dispositions$144,255 $155,000 $165,000 $155,000 $165,000 
(1)NOI, FFO, and Core FFO are non-GAAP financial measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to "Non-GAAP Financial Measures and Reconciliations" in the Supplemental Financial and Operating Data" above.
S-15

Reconciliation of Net Income (Loss) Available to Common Shareholders to FFO and Core FFO
The following table presents reconciliations of Net income (loss) available to common shareholders to FFO and Core FFO, which are non-GAAP financial measures described in greater detail under “Non-GAAP Financial Measures and Reconciliations.” They should not be considered as alternatives to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO and Core FFO also do not represent cash generated from operating activities in accordance with GAAP, nor are they indicative of funds available to fund all cash needs, including the ability to service indebtedness or make distributions to shareholders. The outlook and projections provided below are based on current expectations and are forward-looking.
Previous OutlookRevised Outlook
Three Months Ended12 Months Ended12 Months Ended
March 31, 2023December 31, 2023December 31, 2023
ActualLowHighLowHigh
Net income (loss) available to common shareholders$41,964 $51,339 $67,707 $57,839 $74,307 
Noncontrolling interests - Operating Partnership and Series E preferred units8,566 (7,795)(7,885)(7,795)(7,885)
Depreciation and amortization25,993 92,556 91,768 92,556 91,768 
Less depreciation - non real estate(91)(375)(325)(375)(325)
Less depreciation - partially owned entities(19)(110)(100)(110)(100)
(Gain) loss on sale of real estate(60,159)(58,980)(68,980)(68,980)(78,980)
Dividends to preferred unitholders160 640 640 640 640 
FFO applicable to common shares and Units$16,414 $77,275 $82,825 $73,775 $79,425 
Adjustments to Core FFO:
Non-cash casualty (gain) loss13 500 300 500 300 
Interest rate swap termination, amortization, and mark-to-market138 900 1,000 900 1,000 
Amortization of assumed debt(116)— — — — 
Pursuit costs5 70 60 70 60 
Severance and transition related costs3,199 — — 3,200 3,200 
Other miscellaneous items49 (310)(350)(310)(350)
Core FFO applicable to common shares and Units$19,702 $78,435 $83,835 $78,135 $83,635 
Net income per share - diluted$2.76 $2.37 $3.25 $2.73 $3.62 
FFO per share - diluted$0.89 $4.21 $4.50 $4.03 $4.33 
Core FFO per share - diluted$1.07 $4.27 $4.56 $4.27 $4.56 
Reconciliation of Operating Income to Net Operating Income
Net operating income, or NOI, is a non-GAAP financial measure which the company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing costs, property management expenses, casualty losses, and general and administrative expenses. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.
Previous OutlookRevised Outlook
Three Months Ended12 Months Ended12 Months Ended
March 31, 2023December 31, 2023December 31, 2023
ActualLowHighLowHigh
Operating income (loss)$62,597 $87,524 $103,212 $94,324 $110,012 
Adjustments:
General and administrative and property management expenses10,291 29,100 28,300 32,300 31,500 
Casualty loss252 1,500 1,300 1,500 1,300 
Depreciation and amortization25,993 92,556 91,768 92,556 91,768 
(Gain) loss on sale of real estate and other investments(60,159)(58,980)(68,980)(68,980)(78,980)
Net operating income$38,974 $151,700 $155,600 $151,700 $155,600 
S-16