Slide 1: Investor Presentation May 1, 2025
INVESTOR PRESENTATION May 1, 2025 The Venue on Knox – Minneapolis, MN
Slide 2: Safe Harbor Statement & Legal Disclosure
centerspacehomes.com 2 Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materi
Slide 3: Mission & Vision
OUR MISSION To provide a great home— for our residents, our team members, and our investors. OUR VISION To be the premier provider of apartment homes in vibrant communities by focusing on integrity and serving others. 71 France – Edina, MN MISSION & VISION 3centerspacehomes.com
Slide 4: Company Overview
centerspacehomes.com 4 1. As of March 31, 2025 2. See page 11 for breakdown Differentiated Multifamily Market Exposure 13,012(1) Apartments owned and operated NYSE: CSR $2.3 Billion(2) Total capitalizationKey Indices S&P SmallCap 600 MSCI US REIT Russell 2000 RISE is Centerspace’s commitment to Resu
Slide 5: Cash Flow Growth Focus
TO EXECUTE OUR VISION, WE FOCUS ON: CENTERSPACE is guided by the north star of increasing distributable cash flow Exceptional customer experience Diverse talent to enable a culture of engagement Enhancing efficiencies by scaling the business Managing the balance sheet to maximize financial flexibili
Slide 6: Results – 2025 Financial Outlook
centerspacehomes.com 6 2024 -------------------2025 Guidance Range-------------------- Actual Low Mid-Point High Revenues 3.3% 1.50% 2.50% 3.50% Expenses 2.7% 2.00% 3.00% 4.00% NOI 3.7% 1.25% 2.25% 3.25% Net Income (Loss) ($1.27) ($0.71) ($0.58) ($0.45) FFO $4.49 $4.73 $4.85 $4.97 Core FFO $4.88 $4.
Slide 7: Results – Favorable Growth Profile
centerspacehomes.com RESULTS – FAVORABLE GROWTH PROFILE 7Note: Data is based on midpoint of 2025 guidance ranges provided by noted peers with Q4 2024 earnings. SMID Cap Apt group includes ELME, IRT, and NXRT. Non-coastal/Sunbelt group includes CPT, ELME, IRT, MAA, and NXRT. All multifamily group inc
Slide 8: Results – Renewals Holding Strong; New Leasing Improving
centerspacehomes.com 8 Note: Data represents 2025 Same Store pool. QTD leasing spreads are through April 25, 2025 RESULTS – RENEWALS HOLDING STRONG; NEW LEASING IMPROVING INTO PEAK LEASING SEASON Oxbo – St. Paul, MN 3.4% -1.3% -3.5% -1.1% 2.4% 3.5% 3.1% 3.1% 3.5% 2.8% 3.5% 1.5% 0.3% 0.7% 2.6% Q2 202
Slide 9: Results – Leasing Spreads Accelerating Into Peak Leasing Season
centerspacehomes.com 9 -4.00% -3.00% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% $1,480 $1,490 $1,500 $1,510 $1,520 $1,530 $1,540 $1,550 $1,560 $1,570 $1,580 $1,590 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 QTD SAME STORE LEASING Avg Rent Occupied New % Chan
Slide 10: Results – NOI Composition & Rental Rate Growth
centerspacehomes.com 10 -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 2023 vs 2022 Year-to-Date Rental Rate Growth New Lease Rents Renewal Rents Market % of Total NOI Minneapolis, MN 33.4% Denver, CO 19.5% North Dakota 11.3% Rochester, MN 9.9% Other Mountain West 8.6% Boulder/Fort Collins, CO 6.1% Omah
Slide 11: Results – Balance Sheet Positioned for Growth
centerspacehomes.com 11 1. Net debt is the total outstanding debt balance less cash and cash equivalents. 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 determi
Slide 12: Innovation – Portfolio Improvement Since 2017
centerspacehomes.com 12 Acquired 35 communities for $1.6 billion through unique deal structuring which has provided a competitive advantage in transaction market Sold 65 communities for $599 million as we have reduced our exposure to less efficient communities in lower- growth markets 2017 Today
Slide 13: Innovation – Approach to Investments & Dispositions
centerspacehomes.com DEMOGRAPHIC AND ECONOMIC CONSIDERATIONS MULTIFAMILY FUNDAMENTALS CONSIDERATIONS OTHER CONSIDERATIONS Population Trends Population Characteristics Labor Force Health Employment Economic Composition Rents Occupancy Market Size and Liquidity Supply and Demand General Housing Enviro
Slide 14: Innovation – Geographic Differentiation
centerspacehomes.com 14Regency Park – St Cloud, MN GEOGRAPHIC FOCUS (% OF UNITS) Source: S&P Capital IQ Note: As of 2/21/25. Rounding may result in each row not adding to 100% INNOVATION – GEOGRAPHIC DIFFERENTIATION PUBLIC MULTIFAMILY REIT MARKET OVERVIEW 25% 4% 5% 4% 75% 21% 6% 43% 53% 4% 100% 27%
Slide 15: Minneapolis Market Highlights
centerspacehomes.com 15 27 CSR communities, 4,711 homes, scaled portfolio with opportunities via OP unit, mezzanine financing and development participation, and capital recycling 16th largest MSA, 3.7M population 17 Fortune 500 companies headquartered in Twin Cities Diversified economy with
Slide 16: Innovation – Growth in Denver
centerspacehomes.com 16 7 CSR communities, 1,977 homes, entered Denver Q4 2017 and achieved critical mass 19th largest MSA, 3.0M population 9 Fortune 500 companies headquartered in Colorado Diversified economy with large presence of aviation/aerospace, healthcare, telecommunications and tech
Slide 17: Market Data by Region
centerspacehomes.com 17 Region % of NOI (1) Population Market Homes Median Household Income Unemployment Rate 3-Month Avg Job Growth Median Single-Family Home Value Market Vacancy YoY Market Rent Growth Trailing 12-Month Net Deliveries | % of Stock Forecasted Next 12-Month Net Deliveries | % of Stoc
Slide 18: Rental Affordability vs Homeownership & Income Growth
centerspacehomes.com INNOVATION – RENTAL AFFORDABILITY VS HOMEOWNERSHIP & INCOME GROWTH PROVEN EXECUTION 18 Homeownership affordability has grown increasingly difficult, as borrowing costs have increased while home prices remain near peak values Home ownership (PITI) in CSR markets now costs 81%
Slide 19: Demographics vs Housing Deliveries
centerspacehomes.com GEOGRAPHIC DIFFERENTIATION INNOVATION – DEMOGRAPHICS VS HOUSING DELIVERIES ARE ATTRACTIVE PROVEN EXECUTION 19 New household formations exceed supply deliveries by over 4MM since 2011 New construction starts started to fall in 2022 and will lead to lower deliveries going forw
Slide 20: Supply/Demand Dynamic Expected to Become a Tailwind
centerspacehomes.com 20 INNOVATION – SUPPLY/DEMAND DYNAMIC EXPECTED TO BECOME A TAILWIND Source: CoStar Note: Combined CSR Markets data based on all MSAs in which Centerspace operates. Net Deliveries through 1Q 2025 are based on historical data. Net deliveries after that point are based on CoStar pr
Slide 21: Portfolio Compares Favorably on Unemployment & Supply
centerspacehomes.com 21 Low unemployment in our portfolio relative to all housing sectors- apartment, manufactured housing, and single-family rentals, is leading to strong collection rates, with same store bad debt at 0.38% for FY2024. Centerspace’s portfolio has the lowest weighted average unem
Slide 22: Value Add Spend and Returns
centerspacehomes.com $0 $20 $40 $60 $80 $100 $120 $140 $160 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 2018 2019 2020 2021 2022 2023 2024 2025 YTD Value Add Spend 2018-2025 Actual Spend 2025 Budget Achieved Cumulative Premium U/W Cumulative Premium 1. Inclu
Slide 23: Service – Enhancing Customer Experience
centerspacehomes.com 23 72.01 62.17 54 56 58 60 62 64 66 68 70 72 74 Centerspace ORA Score National Property Average ORA Score 2024 J Turner ORA Score (As of 2/1/2025) ORA TOP PERFORMER Red 20 Apartments in Minneapolis, MN was named to the 2023 Elite 1% in the J Turner Research 2023 ORA Power Rankin
Slide 24: Environmental Social Governance
centerspacehomes.com 24 ENVIRONMENTAL SOCIAL GOVERNANCE • Published fifth annual ESG report, prepared in alignment with GRI 2024 Universal Standards & Topic Standards • Achieved 81% energy usage data coverage, surpassing 2027 goal of 75% • Submitted our second annual GRESB submission in 2023 and inc
Slide 25: Engagement – Best-in-Class Governance
centerspacehomes.com 25 EXECUTIVE MANAGEMENT TEAM Anne Olson President & CEO ISS rated top score of 1 - indicating highest quality corporate governance practices and lowest governance risk SENIOR LEADERSHIP TEAM Steven Vargas VP, Asset Management & Revenue Management Jim Mitchell VP, Facilities Joe
Slide 26: Value Key Takeaways
centerspacehomes.com GEOGRAPHIC DIFFERENTIATION VALUE KEY TAKEAWAYS PROVEN EXECUTION 26
Slide 27: Appendix
centerspacehomes.com 27 APPENDIX
Slide 28: Reconciliation to Non-GAAP Measures
centerspacehomes.com 28 RECONCILIATION TO NON-GAAP MEASURES 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 eq
Slide 29: Reconciliation to Non-GAAP Measures
centerspacehomes.com 29 RECONCILIATION TO NON-GAAP MEASURES UpdatedRECONCILIATION TO NON-GAAP MEASURESRECONCILIATION TO NON-GAAP MEASURES 1. Consists of (gain) loss on investments and one-time professional fees. (in thousands, except per share amounts) Three Months Ended 3/31/2025 12/31/2024 9/30/20
Slide 30: Reconciliation to Non-GAAP Measures – Updated Outlook
centerspacehomes.com 30 RECONCILIATION TO NON-GAAP MEASURES UpdatedRECONCILIATION TO NON-GAAP MEASURESRECONCILIATION TO NON-GAAP MEASURES Updated Outlook 3 Months Ended 12 Months Ended (in thousands, except per share amounts) 3/31/2025 12/31/2025 12/31/2025 Actual Low High Net loss available to comm
Slide 31: Reconciliation to Adjusted EBITDA
centerspacehomes.com 31 Reconciliation of Net Income (Loss) Available to Common Shareholders to Adjusted EBITDA Adjusted EBITDA is earnings before interest, taxes, depreciation, amortization, gain or loss on sale of real estate and other investments, impairment of real estate investments, gain or lo
Slide 32: Net Debt Divided by Adjusted EBITDA
centerspacehomes.com 32 Net Debt Divided by Adjusted EBITDA Net debt is the total outstanding debt balance less cash and cash equivalents. 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 substit
Slide 33: Reconciliations of Operating Income to Net Operating Income
centerspacehomes.com 33 Reconciliations 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