D/b/a Centerspace · NYSE:CSR
D/b/a Centerspace — Centerspace — Investor Presentation (February 2026)
33 slides from D/b/a Centerspace's investor presentation, Feb 27, 2026
Slide 1: Investor Presentation February 27, 2026
centerspacehomes.com INVESTOR PRESENTATION February 27, 2026 Noko Apartments – Minneapolis, MN
Slide 2: Safe Harbor Statement & Legal Disclosures
centerspacehomes.com 2 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 discuss historical fact,
Slide 3: Table of Contents
OUR VISION To be the premier provider of apartment homes in vibrant communities by focusing on integrity and serving others. TABLE OF CONTENTS Why Centerspace Operational Updates Strong Fundamentals Appendix Arcata – Golden Valley, MN TABLE OF CONTENTS 3centerspacehomes.com Sugarmont – Salt Lake Cit
Slide 4: Why Centerspace
centerspacehomes.com 4 1. As of February 24, 2026 2. See page 12 for breakdown 3. Compares February 24, 2026, share price to S&P Capital IQ Consensus NAV on the same date Differentiated Multifamily market exposure 12,262(1) Apartments owned and operated NYSE: CSR $2.4 Billion(2) Total capitalization
Slide 5: Operational Updates
centerspacehomes.com 5 OPERATIONAL UPDATES
Slide 6: Leasing Trends Showing Normal Seasonal Patterns
centerspacehomes.com 6 -1.4% 1.8% -1.9% -4.8% -3.1% 3.3% 2.6% 2.9% 3.8% 3.0% 0.5% 2.3% 1.2% 0.1% -0.5% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 QTD SAME STORE LEASING SPREADS(1) New Lease Rents Renewal Rents Blended Rents 0. 2% -6 .7 % -2 .6 % -0 .5 % -1 .7 % -2 .6 % -3 .2 % -3 .1% 1.9 % -0 .2 % 3. 5
Slide 7: Exceptional Resident Experience and Current Resident Profile
centerspacehomes.com 7 EXCEPTIONAL RESIDENT EXPERIENCE AND CURRENT RESIDENT PROFILE (1) Previously reported amounts are not revised for changes in the composition of the properties. Score represents properties in the portfolio on the stated date (2) Data represents 2026 same-store approved applicant
Slide 8: Results – 2026 Financial Outlook
centerspacehomes.com 8 2025 --------------2026 Guidance Range------------------ Actual Low Mid-Point High Revenues 2.4% 0.00% 0.88% 1.75% Expenses 0.6% 1.00% 1.50% 2.00% NOI 3.5% -0.50% 0.75% 2.00% Net Income (Loss) $1.02 ($0.49) ($0.34) ($0.19) FFO $4.74 $4.61 $4.75 $4.89 Core FFO $4.93 $4.81 $4.93
Slide 9: Results – Favorable Growth Profile
centerspacehomes.com RESULTS – FAVORABLE GROWTH PROFILE 9Note: Data is based on midpoint of 2026 guidance ranges provided by noted peers with Q4 2025 earnings. SMID Cap Apt group includes CSR, IRT, and NXRT. Non-coastal/Sunbelt group includes CSR, CPT, IRT, MAA, and NXRT. All multifamily group inclu
Slide 10: Enhancing Long-Term Portfolio Returns with Upgrades to Market Exposures and Asset Quality
centerspacehomes.com ENHANCING LONG-TERM PORTFOLIO RETURNS WITH UPGRADES TO MARKET EXPOSURES AND ASSET QUALITY 10 2025 DISPOSITIONS(2) ST. CLOUD, MN & MINNEAPOLIS, MN Communities 12 Homes 1,511 Avg. Monthly Rent/Home $1,383 Homes/Community 126 Avg. Age (Years) 41 NOI Margin 52.9% 2025 ACQUISITIONS(1
Slide 11: Innovation – Portfolio Improvement Since 2017
centerspacehomes.com 11 INNOVATION – PORTFOLIO IMPROVEMENT SINCE 2017 Acquired 37 communities for $1.8 billion through unique deal structuring which has provided a competitive advantage in transaction market Sold 77 communities for $811 million as we have reduced our exposure to less efficient c
Slide 12: Flexible Balance Sheet with Well Laddered Debt Maturities
centerspacehomes.com 12 (1) Total capitalization percentages may not add to 100% due to rounding (2) 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 measur
Slide 13: Strong Fundamentals
centerspacehomes.com 13 STRONG FUNDAMENTALS
Slide 14: Enhanced Geographic Differentiation Through Improved Market Exposures
centerspacehomes.com 14Parkhouse Apartment Homes – Thornton, CO GEOGRAPHIC FOCUS (% OF UNITS) Source: S&P Capital IQ Notes: As of 2/12/26. Rounding may result in each row not adding to 100% ENHANCED GEOGRAPHIC DIFFERENTIATION THROUGH IMPROVED MARKET EXPOSURES PUBLIC MULTIFAMILY REIT MARKET OVERVIEW
Slide 15: Market Selection Leads to Better Full Cycle Performance and Less Volatility
centerspacehomes.com 15 MARKET SELECTION LEADS TO BETTER FULL CYCLE PERFORMANCE AND LESS VOLATILITY Centerspace’s stable Midwest and Mountain West markets have led to both greater average growth and lower volatility from quarter-to-quarter than multifamily peers Higher Growth Long Term Quarterly Ave
Slide 16: Our Market Exposures Bring More Demographic and Economic Opportunities
centerspacehomes.com 16 OUR MARKET EXPOSURES BRING MORE DEMOGRAPHIC AND ECONOMIC OPPORTUNITIES Higher Employment Growth 4Q25 – 4Q31, Cumulative Centerspace: 2.9% > US Average: 2.3% Higher Household Growth 4Q25 – 4Q31, Cumulative Centerspace: 5.4% > US Average: 3.6% Source: CoStar Note: Combined CSR
Slide 17: Market Data by Region
centerspacehomes.com 17 Region % of NOI (1) Population Market Homes Median Household Income Unemployment Rate 3-Month Avg YoY 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
Slide 18: Rental Affordability
centerspacehomes.com 18 Homeownership affordability has grown increasingly difficult, driven by higher borrowing costs and higher home prices Home ownership (PITI) in CSR markets now costs 82% more than renting in a CSR community This dynamic has led to higher FY2025 retention of 58% While m
Slide 19: Supply/Demand Dynamic Expected to Become a Tailwind
centerspacehomes.com 19 SUPPLY/DEMAND DYNAMIC EXPECTED TO BECOME A TAILWIND Source: CoStar Note: Combined CSR Markets data based on all MSAs in which Centerspace operates adjusted for recent acquisitions and planned dispositions. Net Deliveries and Absorption data is based on CoStar figures as of Fe
Slide 20: Housing Dynamics and Demographics Paint a Compelling Picture for Multifamily
centerspacehomes.com GEOGRAPHIC DIFFERENTIATION HOUSING DYNAMICS AND DEMOGRAPHICS PAINT A COMPELLING PICTURE FOR MULTIFAMILY PROVEN EXECUTION 20 New household formations exceed supply deliveries by over 4.4MM since 2011 New construction starts began to fall in 2022 and will lead to lower deliver
Slide 21: Environmental Social Governance
centerspacehomes.com 21 ENVIRONMENTAL SOCIAL GOVERNANCE • Published sixth annual ESG report and inaugural Task Force on Climate Related Financial Disclosures (TCFD) Report • Surpassed 2027 coverage goals for each of energy data, waste data, leak detection, and LED lighting • Submitted our fourth ann
Slide 22: Appendix
centerspacehomes.com 22 APPENDIX
Slide 23: Denver Market Highlights
centerspacehomes.com 23 7 CSR communities with 1,977 homes Diversified economy with large presence of aviation/aerospace, healthcare, telecommunications and tech employers Denver and Boulder realized $17 billion in venture capital funding for technology businesses from 2019-2023 Colorado ran
Slide 24: Minneapolis Market Highlights
centerspacehomes.com 24 20 CSR communities with 4,032 homes Diversified economy with large presence of healthcare, medical technology, finance, food production and retail employers Minneapolis forecasted to be a top performing market for rent growth over next twelve months relative to 17 coast
Slide 25: Salt Lake City: Market Entry Improves Cash Flow Exposures
centerspacehomes.com 25 SALT LAKE CITY: MARKET ENTRY IMPROVES CASH FLOW EXPOSURES WHILE MAINTAINING DIFFERENTIATED FOOTPRINT One CSR community with 341 homes Diversified economy with large presence of jobs in high-tech, finance, healthcare, and education Utah’s 4.5% real GDP growth in 2024 led
Slide 26: Salt Lake City: Expansion into High-Growth Institutional Market
centerspacehomes.com 26 INNOVATION – PROVIDING DIFFERENTIATED EXPOSURESALT LAKE CITY: EXPANSION INTO HIGH-GROWTH INSTITUTIONAL MARKET Salt Lake City is the most supply constrained market relative to total population among largest publicly-traded multifamily REIT peer markets Lower supply relative to
Slide 27: 2025 Dispositions, Acquisitions and Financing
centerspacehomes.com 27 $212.1M of strategic dispositions September 23, 2025: Saint Cloud, MN disposition closed $124.0M sale price 832-home sale of five communities exits Centerspace from the St. Cloud market November 6, 2025: Minneapolis, MN dispositions closed $88.1M sale price 679-
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) Three Months Ended Twelve Months Ended 12/31/2025 9/30/2025 6/30/2025 3/
Slide 30: Reconciliation of Net Income to FFO and Core FFO
centerspacehomes.com 30 RECONCILIATION TO NON-GAAP MEASURESRECONCILIATION TO NON-GAAP MEASURES Reconciliation of Net Income 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, whi
Slide 31: Reconciliation of Operating Income to Net Operating Income
centerspacehomes.com 31 RECONCILIATION TO NON-GAAP MEASURESRECONCILIATION TO NON-GAAP 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 revenues less property operating expe
Slide 32: Reconciliation of Net Income to Adjusted EBITDA
centerspacehomes.com 32 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 33: Net Debt Divided by Adjusted EBITDA
centerspacehomes.com 33 Net Debt Divided by Adjusted EBITDA Net debt is the total outstanding debt balance less cash and cash equivalents and net tax deferred proceeds held in restricted cash for exchanges under section 1031(b) of the Internal Revenue Code. Adjusted EBITDA is annualized for periods