D/b/a Centerspace · NYSE:CSR
D/b/a Centerspace — Q1 2026 Earnings Presentation
33 slides from D/b/a Centerspace's earnings presentation, May 5, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION February 27, 2026 centerspacehomes.com Noko Apartments – Minneapolis, 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: Table of Contents
TABLE OF CONTENTS Sugarmont – Salt Lake City, UT Arcata – Golden Valley, MN Westend – Denver, CO TABLE OF CONTENTS OUR VISION Why Centerspace 4 To be the premier provider of Operational Updates 5 apartment homes in vibrant Strong Fundamentals 13 communities by focusing on Appendix 22 integrity and s
Slide 4: Why Centerspace
WHY CENTERSPACE NYSE: CSR Geographic Diversity o Differentiated exposure in Midwest and Mountain West provides strong growth with lower volatility Best-in-Class Operations o SmartHome technologies, centralized staffing models and regional scale drive efficiencies o Six-time "Best Place to Work" by M
Slide 5: Operational Updates
OPERATIONAL UPDATES centerspacehomes.com 5
Slide 6: Leasing Trends Showing Normal Seasonal Patterns
LEASING TRENDS 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 3.8% 3.3% 2.9% 3.0% 2.6% 2.3% 1.8% 1.2% 0.5% 0.8% 3.0% 3.0% 0.2% 3.5% 4.8% 7.3% 1.9% 1.8%
Slide 7: Exceptional Resident Experience and Current Resident Profile
EXCEPTIONAL RESIDENT EXPERIENCE AND CURRENT RESIDENT PROFILE Lifetime Average Reputation Scores(1) 2026 J Turner ORA Score 2026 YTD Same-Store Retention (As of 2/1/2026) (As of 2/1/2026) As of 2/5/2026 4.1 4.03 60% 4.02 National Property Average ORA 4 Score 63.42 55% 52.2% 3.93 50.0% 50.6% 50.0% 50%
Slide 8: Results – 2026 Financial Outlook
RESULTS – 2026 FINANCIAL OUTLOOK 2025 --------------2026 Guidance Range------------------ Actual Low Mid-Point High Same-Store Growth(1) 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% Per Share Net Income (Loss) $1.02 ($0.49) ($0.34) ($0.19) FFO $4.74 $4.
Slide 9: Results – Favorable Growth Profile
RESULTS – FAVORABLE GROWTH PROFILE 0.0% at Midpoint Core FFO/sh Growth, Guidance Midpoint SS NOI Growth, Guidance Midpoint 0.0% 0.8% 0.8% at Midpoint -0.5% 0.7% 0.6% -1.0% 0.5% -1.5% 0.4% -2.0% 0.3% -2.5% 0.2% -3.0% 0.1% -3.5% 0.0% -4.0% -0.1% CSR SMID Cap Apt Non-coastal/Sunbelt All Multifamily, ex
Slide 10: Enhancing Long-Term Portfolio Returns with Upgrades to Market Exposures and Asset Quality
ENHANCING LONG-TERM PORTFOLIO RETURNS WITH UPGRADES TO MARKET EXPOSURES AND ASSET QUALITY 2025 strategic transaction program continued enhancing portfolio quality while maintaining balance sheet strength $493M of transaction activity included entering the Salt Lake City market, expanding our presenc
Slide 11: Innovation – Portfolio Improvement Since 2017
INNOVATION – PORTFOLIO IMPROVEMENT SINCE 2017 Improvement since 2017 driven by disciplined capital Investment and disposition activity has resulted in a more efficient and allocation and creative deal structuring higher quality portfolio Acquisition Structure 2017 Today (1) $0.1B Communities 100 61
Slide 12: Flexible Balance Sheet with Well Laddered Debt Maturities
FLEXIBLE BALANCE SHEET WITH WELL LADDERED DEBT MATURITIES AND ACCESS TO MULTIPLE FORMS OF CAPITAL Diversified Permanent Capital Base Quarterly Net Debt / Annualized Trailing EBITDA(2) $2.4B Total Capitalization (1) 4-Quarter Moving Average Most Recent Quarter 9.0x 8.5x 0% 8.0x 7.5x 7.0x 19% 6.5x 6.0
Slide 13: Strong Fundamentals
STRONG FUNDAMENTALS centerspacehomes.com 13
Slide 14: Enhanced Geographic Differentiation Through Improved Market Exposures
ENHANCED GEOGRAPHIC DIFFERENTIATION THROUGH IMPROVED MARKET EXPOSURES PUBLIC MULTIFAMILY REIT MARKET OVERVIEW GEOGRAPHIC FOCUS (% OF UNITS) 33% 67% 3% 41% 11% 17% 28% 6% 48% 11% 17% 18% 4% 85% 7% 100% 27% 34% 21% 17% 5% 13% 71% 11% 4% 21% 75% 6% 94% 24% 76% 5% 92% 3% Mountain West Midwest West South
Slide 15: Market Selection Leads to Better Full Cycle Performance and Less Volatility
MARKET SELECTION LEADS TO BETTER FULL CYCLE PERFORMANCE AND LESS VOLATILITY Same Store NOI Growth 20% Centerspace’s stable Midwest and Mountain West markets have led to both greater 15% average growth and lower volatility from quarter-to-quarter than multifamily peers 10% 5% Higher Growth Long Term
Slide 16: Our Market Exposures Bring More Demographic and Economic Opportunities
OUR MARKET EXPOSURES BRING MORE DEMOGRAPHIC AND ECONOMIC OPPORTUNITIES Household Growth (Indexed Values: Q4 2025=100) Higher Employment Growth 108 107 4Q25 – 4Q31, Cumulative 106 105 Centerspace: 2.9% > US Average: 2.3% 104 103 Employment Growth 102 (Indexed Values: Q4 2025=100) 101 106 100 105 99 2
Slide 17: Differentiated Geographic Exposure
DIFFERENTIATED GEOGRAPHIC INNOVATION – PROVIDING EXPOSURE EXPOSURE DIFFERENTIATED Portfolio hallmarks include low unemployment rates, affordability of rents, resident financial strength, and diversified economies Forecasted Next Median 3-Month Avg Median Trailing 12-Month 12-Month Net Homes Under CS
Slide 18: Rental Affordability vs Homeownership & Income Growth
RENTAL AFFORDABILITY VS HOMEOWNERSHIP & INCOME GROWTH Rent Vs. Own Affordability Gap in CSR Markets Income Growth Has Outpaced Rent Growth Median Household Income Growth Minus Rent Growth: 2017 Q4 to 2025 Q4 $3,500 29% $3,000 Monthly Payment 22% $2,500 16% 15% 14% 16% 15% $2,000 13% 9% $1,500 $1,000
Slide 19: Supply/Demand Dynamic Expected to Become a Tailwind
SUPPLY/DEMAND DYNAMIC EXPECTED TO BECOME A TAILWIND Net Deliveries, Combined CSR Markets Net Deliveries, Minneapolis 50,000 12,000 45,000 10,000 40,000 35,000 8,000 30,000 Units Units 25,000 6,000 20,000 4,000 15,000 10,000 2,000 5,000 0 0 2021 2022 2023 2024 2025 2026 2027 2028 2021 2022 2023 2024
Slide 20: Housing Dynamics and Demographics Paint a Compelling Picture for Multifamily
HOUSING DYNAMICS AND DEMOGRAPHICS PAINT A COMPELLING PICTURE FOR MULTIFAMILY US Housing Remains Structurally Undersupplied After Recent US Housing Starts (SAAR) Suggest New Supply to Decrease Completions 1,900 6,000 1,800 5,000 1,700 Starts (000s) 4,000 1,600 3,000 1,500 2,000 1,400 1,000 1,300 - (1
Slide 21: Environmental Social Governance
ENGAGEMENT – ENVIRONMENTAL, SOCIAL, AND GOVERNANCE HIGHLIGHTS ENVIRONMENTAL SOCIAL GOVERNANCE • Published sixth annual ESG report and • Donated $94,325 to national, regional, and • Maintain a Supermajority Independent inaugural Task Force on Climate diversity-promoting charities in 2024 Board with 8
Slide 22: Appendix
APPENDIX centerspacehomes.com 22
Slide 23: Denver: Scaled Portfolio with Long-Term Growth
DENVER: SCALED PORTFOLIO WITH LONG-TERM GROWTH MARKET HIGHLIGHTS CSR HIGHLIGHTS 7 CSR communities with 1,977 homes Location by % of NOI Asset Class by % of NOI CSR Portfolio NOI % 19.2% Diversified economy with large presence CSR Denver Portfolio of aviation/aerospace, healthcare, telecommunicat
Slide 24: Minneapolis: Competitive Advantage
MINNEAPOLIS: COMPETITIVE ADVANTAGE MARKET HIGHLIGHTS CSR HIGHLIGHTS CSR Portfolio NOI % 28.3% 20 CSR communities with 4,032 homes Location by % of NOI Asset Class by % of NOI Diversified economy with large presence of CSR Minneapolis Portfolio healthcare, medical technology, finance, food produc
Slide 25: Salt Lake City: Market Entry Improves Cash Flow Exposures
SALT LAKE CITY: MARKET ENTRY IMPROVES CASH FLOW EXPOSURES WHILE MAINTAINING DIFFERENTIATED FOOTPRINT MARKET HIGHLIGHTS CSR RECENT ACQUISITION NOTABLE EMPLOYERS Sugarmont, a 341-home community delivered in 2021. At acquisition, 95% occupied with $2,222 average in-place rents and 904 SF average home
Slide 26: Salt Lake City: Expansion into High-Growth Institutional Market
SALT LAKE CITY: INNOVATION EXPANSION – PROVIDING INTO HIGH-GROWTH DIFFERENTIATED INSTITUTIONAL MARKET EXPOSURE Salt Lake City is the most supply constrained market relative to total population Salt Lake City Demand Drivers among largest publicly-traded multifamily REIT peer markets Strong demographi
Slide 27: Enhancing Long-Term Portfolio Returns with Upgrades to Market Exposures and Asset Quality
ENHANCING LONG-TERM PORTFOLIO RETURNS WITH UPGRADES TO MARKET EXPOSURES AND ASSET QUALITY ACQUISITIONS FINANCING DISPOSITIONS Acquisition and Disposition Outcomes May 30, 2025: Salt Lake City, Line of credit expansion $212.1M of strategic Higher long-term growth profile UT acquisition closed d
Slide 28: Reconciliation to Non-GAAP Measures
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 equity real estate investm
Slide 29: Reconciliation to Non-GAAP Measures
RECONCILIATION RECONCILIATIONTOTO RECONCILIATION TONON-GAAP NON-GAAP NON-GAAP MEASURES MEASURES MEASURES Updated (in thousands) Three Months Ended Twelve Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Funds from Operations Net income (loss) available to commo
Slide 30: Reconciliation to Non-GAAP Measures
RECONCILIATIONTOTONON-GAAP RECONCILIATION NON-GAAPMEASURES MEASURES Outlook Reconciliation of Net Income Available (in thousands) Twelve Months Ended Twelve Months Ended to Common Shareholders to FFO and 12/31/2025 12/31/2026 12/31/2026 Core FFO Actual Low High Net income (loss) available to common
Slide 31: 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 Outlook revenues less property operating expenses, including (in
Slide 32: Reconciliation to Non-GAAP Measures
RECONCILIATIONTOTONON-GAAP RECONCILIATION NON-GAAPMEASURES MEASURES (in thousands) Reconciliation of Net Income (Loss) Three Months Ended Twelve Months Ended Available to Common Shareholders to 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Adjusted EBITDA Adjusted EBITDA
Slide 33: Reconciliation to Non-GAAP Measures
RECONCILIATIONTOTONON-GAAP RECONCILIATION NON-GAAPMEASURES MEASURES (in thousands) Net Debt Divided by Adjusted EBITDA Three Months Ended Twelve Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Net debt is the total outstanding debt balance less cash Total debt