D/b/a Centerspace · NYSE:CSR
D/b/a Centerspace — Centerspace — Investor Presentation (November 2025)
34 slides from D/b/a Centerspace's investor presentation, Nov 10, 2025
Slide 1: Investor Presentation November 10, 2025
centerspacehomes.com INVESTOR PRESENTATION November 10, 2025 Railway Flats Apartments – Loveland, CO
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 2025 Transaction Activity Strong Fundamentals Appendix Arcata – Golden Valley, MN TABLE OF CONTENTS 3centerspacehomes.com
Slide 4: Why Centerspace
centerspacehomes.com 4 1. As of November 6, 2025 2. See page 16 for breakdown 3. Compares November 6, 2025 share price to S&P Capital IQ Consensus NAV Differentiated Multifamily market exposure 12,262(1) Apartments owned and operated NYSE: CSR $2.2 Billion(2) Total capitalization Key Indices S&P Sma
Slide 5: Operational Updates
centerspacehomes.com 5 OPERATIONAL UPDATES
Slide 6: Leasing Trends Showing Normal Seasonal Patterns
centerspacehomes.com 6 -3.6% -1.2% 1.9% -1.8% -4.5% 3.0% 3.4% 2.6% 2.9% 3.8% 0.2% 0.7% 2.4% 1.3% 0.3% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 QTD SAME STORE LEASING SPREADS(1) New Renewal Blended -2 .1% -6 .6 % 0. 7% 5. 1% 3. 1% -1 .2 % -0 .1% -0 .7 % 1.4 % 1.0 % 2. 9% 5. 5% 2. 9% 2. 5% 3. 9% 3. 0%
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 2025 same-store approved applicant
Slide 8: Results – 2025 Financial Outlook
centerspacehomes.com 8 2024 -------------------2025 Guidance Range------------------ Actual Low Mid-Point High Revenues 3.3% 2.00% 2.25% 2.50% Expenses 2.7% 0.50% 0.75% 1.00% NOI 3.7% 3.00% 3.25% 3.50% Net Income (Loss) ($1.27) $1.97 $2.08 $2.19 FFO $4.49 $4.73 $4.78 $4.82 Core FFO $4.88 $4.88 $4.92
Slide 9: Results – Favorable Growth Profile
centerspacehomes.com RESULTS – FAVORABLE GROWTH PROFILE 9Note: Data is based on midpoint of 2025 guidance ranges provided by noted peers with Q3 2025 earnings. SMID Cap Apt group includes IRT, NXRT, and VRE. Non-coastal/Sunbelt group includes CPT, IRT, MAA, and NXRT. All multifamily group includes A
Slide 10: 2025 Transaction Activity
centerspacehomes.com 10 2025 TRANSACTION ACTIVITY
Slide 11: 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 11 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 (
Slide 12: 2025 Dispositions, Acquisitions and Financing
centerspacehomes.com 12 ➢ $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 ➢ $88.1 sale price ➢ 679-h
Slide 13: Strategic Capital Recycling Drives Improvements to Portfolio Composition
centerspacehomes.com 13 2017 Q3 2025(1) Pro Forma(2) Communities 100 68 61 Homes 13,212 12,941 12,262 Homes per Community 132 190 201 Average Monthly Rent $980 $1,635 $1,649 % of NOI in 50 Largest MSAs(3) 13% 56% 54% (1) July 2025 Fort Collins acquisition adjusted to reflect full quarter of ownershi
Slide 14: Salt Lake City: Market Entry Improves Cash Flow Exposures
centerspacehomes.com 14 SALT LAKE CITY: MARKET ENTRY IMPROVES CASH FLOW EXPOSURES WHILE MAINTAINING DIFFERENTIATED FOOTPRINT ▪ One CSR community, 341 homes. Pursuing additional scale ▪ Diversified economy with large presence of jobs in high-tech, finance, healthcare, and education ▪ Salt Lake City’s
Slide 15: Salt Lake City: Expansion into High-Growth Institutional Market
centerspacehomes.com 15 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 16: Flexible Balance Sheet with Well Laddered Debt Maturities
centerspacehomes.com 16 (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 determ
Slide 17: Strong Fundamentals
centerspacehomes.com 17 STRONG FUNDAMENTALS
Slide 18: Enhanced Geographic Differentiation Through Improved Market Exposures
centerspacehomes.com 18Parkhouse Apartment Homes – Thornton, CO GEOGRAPHIC FOCUS (% OF UNITS) Source: S&P Capital IQ Notes: As of 10/21/25. CSR pro forma for 2025 acquisitions and dispositions. Rounding may result in each row not adding to 100% ENHANCED GEOGRAPHIC DIFFERENTIATION THROUGH IMPROVED MA
Slide 19: Market Selection Leads to Better Full Cycle Performance and Less Volatility
centerspacehomes.com 19 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 20: Our Market Exposures Bring More Demographic and Economic Opportunities
centerspacehomes.com 20 OUR MARKET EXPOSURES BRING MORE DEMOGRAPHIC AND ECONOMIC OPPORTUNITIES Higher Employment Growth 4Q24 – 4Q30, Cumulative Centerspace: 3.5% > US Average: 2.8% Higher Household Growth 4Q24 – 4Q30, Cumulative Centerspace: 5.7% > US Average: 3.8% Source: CoStar Note: Combined CSR
Slide 21: Market Data by Region
centerspacehomes.com 21 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 22: Homeownership Affordability and Renter Retention
centerspacehomes.com 22 ▪ Homeownership affordability has grown increasingly difficult, driven by higher borrowing costs and higher home prices ▪ Home ownership (PITI) in CSR markets now costs 92% more than renting in a CSR community ▪ This dynamic has led to higher YTD 2025 retention of 59% through
Slide 23: Supply/Demand Dynamic Expected to Become a Tailwind
centerspacehomes.com 23 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 Oc
Slide 24: 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 24 ▪ New household formations exceed supply deliveries by over 4.1MM since 2011 ▪ New construction starts began to fall in 2022 and will lead to lower deliver
Slide 25: Environmental Social Governance
centerspacehomes.com 25 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 26: Appendix
centerspacehomes.com 26 APPENDIX
Slide 27: Denver Market Highlights
centerspacehomes.com 27 ▪ 7 CSR communities, 1,977 homes. Entered market Q4 2017 and achieved critical mass ▪ Diversified economy with large presence of aviation/aerospace, healthcare, telecommunications and tech employers ▪ Denver and Boulder realized $17 billion in venture capital funding for tech
Slide 28: Minneapolis Market Highlights
centerspacehomes.com 28 ▪ Proforma 20 CSR communities, 4,032 homes. Opportunistic focus market ▪ 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 t
Slide 29: Reconciliation to Non-GAAP Measures
centerspacehomes.com 29 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 30: Reconciliation to Non-GAAP Measures
centerspacehomes.com 30 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 Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31
Slide 31: Reconciliation to Non-GAAP Measures
centerspacehomes.com 31 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 available to common shareholders to FFO and Core FFO, which are
Slide 32: Reconciliation of Operating Income to Net Operating Income
centerspacehomes.com 32 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 33: Reconciliation to Adjusted EBITDA
centerspacehomes.com 33 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 34: Net Debt Divided by Adjusted EBITDA
centerspacehomes.com 34 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