Centerspace Reports Second Quarter 2025 Financial & Operating Results and Updates 2025 Financial Outlook

Centerspace (NYSE: CSR) announced today its financial and operating results for the three and six months ended June30, 2025. The tables below show NetLoss, Funds from Operations (“FFO”)1, and Core FFO1, all on a per diluted share basis, for the three and six months ended June30, 2025; Same-Store Revenues, Expenses, and Net Operating Income (“NOI”)1 over comparable periods; and Same-Store Weighted Average Occupancy, Lease Rate Growth, and Resident Retention for each of the three months ended June30, 2025, March 31, 2025, and June30, 2024 and the six months ended June30, 2025 and 2024.

Three Months Ended June 30, Six Months Ended June 30,Per Common Share 2025 2024 2025 2024Netloss – diluted $ (0.87) $ (0.19) $ (1.09) $ (0.56)FFO – diluted(1) $ 1.24 $ 1.23 $ 2.42 $ 2.39Core FFO – diluted(1) $ 1.28 $ 1.27 $ 2.50 $ 2.49 Year-Over-Year Sequential Comparison ComparisonSame-Store Results(2) Q2 2025 vs. Q2 2024 Q2 2025 vs. Q1 2025Revenues 2.7% 1.1%Expenses 2.4% (1.3)%Net Operating Income (“NOI”)(1) 2.9% 2.6% Three months ended Six months endedSame-Store Results(2) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024Weighted Average Occupancy 96.1% 95.9% 95.5% 96.0% 95.1%New Lease Rate Growth 2.1% (1.2)% 3.2% 0.6% 1.9%Renewal Lease Rate Growth 2.6% 3.4% 3.5% 2.8% 3.5%Blended Lease Rate Growth (3) 2.4% 0.6% 3.4% 1.8% 2.7%Retention Rate 60.2% 49.2% 59.1% 56.8% 58.5%(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” and “Non-GAAP Financial Measures and Other Terms” in the Supplemental Financial and Operating Data below.(2) Same-store results are updated for annual composition change including acquisition, disposition, changes in held for sale classification, and repositioning activity. Refer to “Non-GAAP Financial Measures and Reconciliations” in Supplemental and Financial Operating Data within.(3) Blended lease rate growth is weighted by lease count.

Overview of the Second Quarter

— Acquired Sugarmont, the Company's first apartment community in Salt Lake City, Utah, consisting of 341 homes for an aggregate purchase price of $149.0 million;

— Revenue for the second quarter of 2025 increased by $3.5 million or 5.4% to $68.5 million, compared to $65.0 million for the second quarter of 2024;

— Same-store revenues increased by 2.7% for the second quarter of 2025 compared to the second quarter of 2024, driving a 2.9% increase in same-store NOI compared to the same period of the prior year;

— Net loss was $0.87 per diluted share for the second quarter of 2025, compared to net loss of $0.19 per diluted share for the same period of the prior year; and

— Core FFO per diluted share increased 0.8% to $1.28 for the three months ended June 30, 2025, compared to $1.27 for the three months ended June 30, 2024.

Balance Sheet

At the end of the second quarter, Centerspace had $206.3 million of total liquidity on its balance sheet, consisting of $194.0 million available under the lines of credit and cash and cash equivalents of $12.4 million.

Updated 2025 Financial Outlook

Centerspace updated its 2025 financial outlook. For additional information, see S-17 of the Supplemental Financial and Operating Data for the quarter ended June30, 2025included at the end of this release. These ranges should be considered in their entirety. The table below reflects the updated outlook.

Previous Outlook for 2025 Updated Outlook for 2025 Low High Low HighNet loss per Share – diluted $(0.71) $(0.45) $2.50 $2.76Same-Store Revenue 1.50% 3.50% 2.00% 3.00%Same-Store Expenses 2.00% 4.00% 1.00% 2.50%Same-Store NOI 1.25% 3.25% 2.50% 3.50%FFO per Share – diluted $4.73 $4.97 $4.70 $4.83Core FFO per Share – diluted $4.86 $5.10 $4.88 $5.00

Additional assumptions:

— Same-store recurring capital expenditures of $1,150 per home to $1,200 per home

— Value-add expenditures of $16.0 million to $18.0 million

— Proceeds from dispositions of $210.0 million to $230.0 million

Note: FFO, Core FFO. and NOI are non-GAAP financial measures. For more information on their usage and presentation and a reconciliation to the most comparable GAAP measure, please refer to “2025 Financial Outlook” in the Supplemental Financial and Operating Data within.

Subsequent Events

On July29, 2025, Centerspace closed on the acquisition of Railway Flats a 420 home apartment community located in Loveland, CO, for $132.2 million which includes the assumption of $76.5 million mortgage debt.

Earnings Call

Live webcast and replay: https://ir.centerspacehomes.comLive Conference Call Conference Call ReplayTuesday, August 5, 2025, at 10:00 AM ET Replay available until August 12, 2025USA Toll Free 1-833-470-1428 USA Toll Free 1-866-813-9403International 1-404-975-4839 International 1-929-458-6194Canada Toll Free 1-833-950-0062Access Code 547256 Access Code 134183

Supplemental Information

Supplemental Operating and Financial Data for the quarter ended June30, 2025 included herein (“Supplemental Information”), is available in the Investors section on Centerspace's website at https://www.centerspacehomes.com or by calling Investor Relations at 952-401-6600. 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 June30, 2025, Centerspace owned 72apartment communities consisting of 13,353apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was named a top workplace for the sixth consecutive year in 2025 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.

Forward-Looking Statements

Certain statements in this press release and the Supplemental Operating and Financial Data are based on the Company's current expectations and assumptions, and are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. 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 and uncertainties are detailed from time to time in filings with the Securities and Exchange Commission (“SEC”), including the “Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in the Company's Annual Report on Form 10-K for the year ended December31, 2024, in its subsequent quarterly reports on Form10-Q, and in other reports the Company files with the SEC from time to time. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.

Contact Information

Investor RelationsJosh KlaetschPhone: 952-401-6600Email: IR@centerspacehomes.com

Marketing & MediaKelly WeberPhone: 952-401-6600Email: kweber@centerspacehomes.com

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