D/b/a Centerspace · NYSE:CSR
D/b/a Centerspace — Centerspace — Investor Presentation (June 2026)
11 slides from D/b/a Centerspace's investor presentation, Jun 1, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION June 1, 2026 centerspacehomes.com MartinBlu Apartments – Eden Prairie, MN
Slide 2: Safe Harbor Statement & Legal Disclosures
SAFE HARBOR STATEMENT & LEGAL DISCLOSURES Certain statements in this presentation are based on Centerspace’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 discus
Slide 3: Strategic Review Outcomes: Stronger Balance Sheet with Enhanced Flexibility
STRATEGIC REVIEW OUTCOMES: STRONGER BALANCE SHEET WITH ENHANCED FLEXIBILITY STRATEGIC REVIEW TARGETED PORTFOLIO BALANCE SHEET STRATEGIC REVIEW OUTCOMES OVERVIEW OPTIMIZATION IMPROVEMENT AND Meaningful leverage reduction and CAPITAL RETURN improved liquidity profile ➢ Board undertook comprehensive ➢
Slide 4: Strategic Review: Sources and Uses of Capital
STRATEGIC REVIEW: SOURCES AND USES OF CAPITAL Anticipated Transaction Planned dispositions total approximately $240-245 million, including a full exit Metric from Bismarck, ND and Rapid City, SD markets, and one disposition in Denver Impact Gross Disposition Proceeds $240-245 million Net proceeds ex
Slide 5: Strategic Review: Portfolio Refinement
STRATEGIC REVIEW: PORTFOLIO REFINEMENT Sales result in a more efficient and higher-quality portfolio Q1 2026 Sales Pro Forma(1) Number of Communities 61 12 49 Improves portfolio homes per community, average monthly rent, and % of NOI in 50 largest MSAs Number of Homes 12,263 1,495 10,768 Reduces Nor
Slide 6: Strategic Review: Actions Expected to Meaningfully Reduce Leverage
STRATEGIC REVIEW: ACTIONS EXPECTED TO MEANINGFULLY REDUCE LEVERAGE Quarterly Net Debt / Annualized Trailing EBITDA(1,3) Balance sheet improvement provides increased flexibility to support operations, future capital allocation, and growth as 4-Quarter Moving Average Most Recent Quarter multifamily fu
Slide 7: Pro Forma Centerspace: Better Positioned for Long-Term Value Creation
PRO FORMA CENTERSPACE: BETTER POSITIONED FOR LONG-TERM VALUE CREATION Pro forma portfolio remains diversified across attractive Midwest and Mountain West markets More Focused Stronger Portfolio Balance Sheet Reduced exposure to smaller Lower leverage, improved markets and lower-efficiency liquidity
Slide 8: May Operational Update: Leasing Trends Continue to Improve
MAY OPERATIONAL UPDATE: LEASING TRENDS CONTINUE TO IMPROVE, SHOWING NORMAL SEASONAL PATTERNS SAME STORE LEASING SPREADS(1) YTD SAME STORE LEASING SPREADS BY REGION(1) New Lease Rents Renewal Rents Blended Rents New Lease Rents Renewal Rents Blended Rents 3.9% 3.1% 3.3% 2.9% 2.7% 2.2% 2.0% 1.5% 0.7%
Slide 9: Reconciliation to Non-GAAP Measures
RECONCILIATIONTOTONON-GAAP RECONCILIATION NON-GAAPMEASURES MEASURES 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 (in thousands) revenues less property operating expenses, includ
Slide 10: Reconciliation to Non-GAAP Measures
RECONCILIATIONTOTONON-GAAP RECONCILIATION NON-GAAPMEASURES MEASURES (in thousands) Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Reconciliation of Net Income (Loss) Adjusted EBITDA Available to Common Shareholders to Net income (loss) attributable to controlling interests $ (
Slide 11: Reconciliation to Non-GAAP Measures
RECONCILIATIONTOTONON-GAAP RECONCILIATION NON-GAAPMEASURES MEASURES (in thousands) Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net Debt Divided by Adjusted EBITDA Total debt (1) $ 1,047,846 $ 1,053,909 $ 1,177,284 $ 1,121,292 $ 966,092 Less: cash and cash equivalents 7,555