Centerspace (CSR) can be described as:

• Equity Residential (EQIX) for the Midwest and Mountain West apartments.
• A regional version of AvalonBay Communities (AVB) focused on middle America.

• Residential Apartment Leasing: Centerspace primarily leases apartment units to individuals and families, providing housing solutions within its portfolio of multifamily properties.

Centerspace (symbol: CSR) is a real estate investment trust (REIT) that owns and manages apartment communities. As such, it sells primarily to individuals rather than other companies. Its major customers are the residents who lease apartments within its properties. These customers can generally be categorized as:

• Individuals and Young Professionals: This segment includes single occupants or couples without children who are seeking convenient, modern living spaces, often in desirable locations close to employment centers or amenities.

• Families: This category encompasses families with children who are looking for multi-bedroom units with access to amenities such as playgrounds, community spaces, and often proximity to good schools.

• Empty Nesters and Retirees: Individuals or couples who may be downsizing from single-family homes and are seeking a maintenance-free lifestyle, community amenities, and often accessibility features.

Anne M. Olson, President and Chief Executive Officer

Anne M. Olson was appointed President and Chief Executive Officer of Centerspace in March 2023, having joined the company in April 2017. Prior to her current role, she served as the company's Executive Vice President, Chief Operating Officer, and General Counsel. Before joining Centerspace, Ms. Olson was a Partner in Dorsey & Whitney's Real Estate Practice Group, where she advised publicly traded and publicly registered REITs, as well as private equity funds and national developers, on development and investment real estate. From 2006 to 2011, she was the Director of Investment Operations and in-house counsel for Welsh Companies, LLC, leading asset portfolio growth and the development of a capital markets strategy, and working on private-to-public transactions. She also previously served as Vice President and Corporate Counsel for U.S. Bank, N.A.

Bhairav Patel, Executive Vice President and Chief Financial Officer

Bhairav Patel joined Centerspace as Executive Vice President in November 2021 and was appointed Chief Financial Officer in January 2022. He is a seasoned real estate finance and investment executive with over 15 years of finance and accounting experience. Before Centerspace, Mr. Patel served as Executive Vice President of Finance and Accounting for New Senior Investment Group Inc. He was later appointed Interim Chief Financial Officer in October 2019, a position he held until New Senior was acquired by Ventas in September 2021.

Grant Campbell, Senior Vice President - Investments and Capital Markets

Grant Campbell serves as Senior Vice President of Investments and Capital Markets for Centerspace. He oversees the company's new investment initiatives, engages with the investor and equity research communities, and contributes to the firm's strategic direction, including its expansion in the Mountain West. Since joining Centerspace in 2016, he has led $1.8 billion in new investments across 7,600 apartment units. Previously, Mr. Campbell was Vice President with The Excelsior Group, where he sourced and executed opportunities for their investment fund business.

Susan J. Picotte, Senior Vice President - Asset Management and Operations Support

Susan J. Picotte has served as Senior Vice President of Asset Management and Operations Support since June 2018, having joined Centerspace in June 2017. She is responsible for executing Centerspace's strategy related to asset management, value-add initiatives, and dispositions. With over 30 years of experience in the multifamily sector, Ms. Picotte possesses extensive knowledge in property operations, including new construction, due diligence, repositioning, rehabilitations, lease-ups, acquisitions, and dispositions.

The clear emerging threat to Centerspace (CSR) is the rapid growth and increasing popularity of single-family Build-to-Rent (BTR) communities in its target markets. BTR properties offer a distinct rental proposition, providing tenants with the space and privacy of a single-family home (often with yards and community amenities) without the commitment of homeownership. This directly competes with Centerspace's multi-family apartment communities, potentially drawing away higher-income renters or those seeking more spacious options, thereby exerting downward pressure on apartment occupancy rates and rental growth in CSR's operating regions, particularly in the Midwest and Mountain West.

The primary services offered by Centerspace (CSR) are the ownership, management, acquisition, and redevelopment of apartment communities, generating revenue through residential unit rentals. Their addressable market is the apartment rental and multifamily housing market in the United States.

The market size for the Apartment Rental industry in the United States is estimated to be $295.3 billion in 2025.

Here are 3-5 expected drivers of future revenue growth for Centerspace (CSR) over the next 2-3 years:

1. Rental Rate Growth and Positive Leasing Spreads: Centerspace has consistently reported favorable growth in rental rates and maintained positive blended leasing spreads across its portfolio. For example, in Q1 2025, blended leasing spreads were up 70 basis points, with a positive trend continuing into April. Similarly, in Q2 FY2025, the company achieved a 2.4% blended lease growth. The company's Q4 2024 earnings call also noted positive blended leasing spreads of 45 basis points, driven by a 3.2% increase in renewals. The expectation for 2025 revenue growth assumes blended leasing spreads of 2.4%. This indicates a continued ability to increase rental income from both new and renewing leases.
2. Sustained High Occupancy Levels: Maintaining and improving occupancy rates is a direct driver of rental revenue. Centerspace has demonstrated robust occupancy levels, with its weighted average occupancy in the same-store portfolio improving by 120 basis points year-over-year to 96% as of April 2025. The company maintained a high 96.1% occupancy rate in Q2 FY2025, and Q4 2024 saw a 70 basis point improvement in occupancy to 95.5% over the same period last year. Expectations for 2025 revenue growth include holding occupancy at 2024 levels.
3. Strategic Portfolio Optimization through Acquisitions and Dispositions (Capital Recycling): Centerspace is actively engaged in capital recycling to enhance its asset base and target higher-growth markets. This involves acquiring new properties in institutional markets with higher average rents and disposing of communities in other areas. For instance, in Q3 2025, Centerspace acquired Railway Flats in Loveland, Colorado, consisting of 420 homes, and sold five apartment communities in St. Cloud, Minnesota. Earlier in 2025, the company completed $281 million of acquisitions in Salt Lake City and Colorado and initiated dispositions of 12 Minnesota communities to reallocate capital into institutional markets, aiming to boost average rents by $50 and target higher Net Operating Income (NOI) margins. This strategic shift to higher-quality assets in growing markets is expected to drive future revenue.

Share Repurchases

• Centerspace repurchased 62,973 common shares for $3.5 million between July 31, 2025, and September 30, 2025.
• In 2023, the company repurchased 216,000 common shares for $11.5 million at an average price of $53.44 per share, with additional repurchases of 87,722 shares for $4.7 million subsequent to December 31, 2023.
• In 2022, Centerspace repurchased 432,000 common shares for $29.1 million at an average of $67.23 per share.

Share Issuance

• Centerspace issued approximately 110,000 common shares for $7.7 million in gross proceeds at an average price of $69.82 per share during the second quarter of 2024 through its at-the-market offering program.
• Through July 29, 2024, the company sold 431,000 common shares, generating $30.0 million, under a 10b5-1 trading arrangement.
• In 2021, Centerspace issued up to $197.3 million in Convertible Preferred Operating Partnership units to fund the acquisition of 17 communities.

Outbound Investments

• In 2025, Centerspace acquired Railway Flats, a 420-home apartment community in Loveland, CO, for $132.2 million, including the assumption of $76.5 million in mortgage debt, and also closed on the acquisition of SugarMont in Salt Lake City.
• In 2023, Centerspace sold thirteen communities in Minnesota, Nebraska, and North Dakota for an aggregate sales price of $226.8 million, including five communities in St. Cloud for $124.0 million.
• The company had unfunded commitments of $750,000 in two real estate technology venture funds as of September 30, 2025.

Capital Expenditures

• For 2025, Centerspace anticipates same-store recurring capital expenditures of $1,150 to $1,200 per home and value-add expenditures of $14.0 million to $16.0 million.
• In 2024, the outlook projected same-store recurring capital expenditures of $1,075 to $1,150 per home and value-add expenditures of $25.0 million to $27.0 million.
• The primary focus of capital expenditures includes routine property maintenance and enhancements, as well as value-add projects aimed at improving community amenities and unit interiors.