CENTERSPACE Business Summary

Centerspace (NYSE: CSR) is a pure-play multifamily real estate investment trust (REIT) that generates revenue through the ownership, management, and redevelopment of apartment communities, primarily via residential leases and ancillary property income. The company’s business is segmented geographically across the U.S. Midwest and Mountain West, with a strategic focus on high-growth corridors like Denver and Salt Lake City alongside stable, supply-constrained markets in North Dakota and Minnesota. As of early 2026, the firm is executing a portfolio-reshaping strategy, recycling capital from tertiary assets into core urban and suburban multifamily properties to drive Net Operating Income (NOI) growth, with 2026 Core FFO guidance projected at a $4.93 midpoint. Centerspace competes with national multifamily giants such as AvalonBay Communities (AVB), Equity Residential (EQR), Camden Property Trust (CPT), and Mid-America Apartment Communities (MAA). Within this competitive landscape, Centerspace occupies a niche as a regional specialist with a concentrated Upper Midwest footprint, currently trading at an implied cap rate that has prompted an ongoing formal evaluation of strategic alternatives, including potential privatization. Tracing its origins to its 1970 founding in Minot, North Dakota, the current leadership team is anchored by President and CEO Anne Olson, who assumed her role in 2023 following a tenure as COO and a background as a real estate partner at Dorsey & Whitney LLP. She is supported by Executive Vice President and CFO Bhairav Patel, a veteran of New Senior Investment Group, and Grant Campbell, SVP of Investments and Capital Markets, who has spearheaded nearly $2 billion in transaction volume. In January 2026, the executive suite was further bolstered by the appointment of Kelly Weber as Chief Administrative Officer to lead the firm’s technology and centralization initiatives. The company is governed by a Board of Trustees chaired by John A. Schissel, President of Carr Properties, and includes notable members such as Ola Oyinsan Hixon of PGIM Real Estate and Mary J. Twinem. This team is currently navigating a board-led strategic review process initiated in late 2025 aimed at maximizing shareholder value through a potential sale or merger.