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
INVESTOR PRESENTATION November 10, 2025 centerspacehomes.com Railway Flats Apartments – Loveland, CO
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 2025 Transaction Activity 10 communities by focusing on Strong Fundamentals 1
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 3.8% 3.4% 3.0% 2.9% 2.6% 2.4% 1.9% 1.3% 0.7% 3.1% 0.3% 3.0% 3.0% 3.9% 2.9% 2.9% 5.5% 0.2% 5.4% 0.7% 2.5% 2.4% 1.0% 1.0% 5.1% 1.5% 1.4%
Slide 7: Exceptional Resident Experience and Current Resident Profile
EXCEPTIONAL RESIDENT EXPERIENCE AND CURRENT RESIDENT PROFILE Lifetime Average Reputation Scores(1) 2025 J Turner ORA Score(1) 2025 Same-Store Retention (As of 10/23/2025) (As of 10/23/2025) (As of 10/23/2025) 3.99 4 3.93 70% 62.2% 60.2% 61.6% 62.9% National Property Average ORA 57.2% 3.9 62.97 60% 5
Slide 8: Results – 2025 Financial Outlook
RESULTS – 2025 FINANCIAL OUTLOOK 2024 -------------------2025 Guidance Range------------------ Actual Low Mid-Point High Same-Store Growth(1) 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% Per Share Net Income (Loss) ($1.27) $1.97 $2.08 $2.19 FFO $4.49 $4.
Slide 9: Results – Favorable Growth Profile
RESULTS – FAVORABLE GROWTH PROFILE SS NOI Growth, Guidance Midpoint SS Revenue Growth, Guidance Midpoint 3.5% 3.3% at Midpoint 2.5% 2.3% at Midpoint 3.0% 2.0% 2.5% 2.0% 1.5% 1.5% 1.0% 1.0% 0.5% 0.0% 0.5% -0.5% CSR SMID Cap Apt Non-coastal/Sunbelt All Multifamily, ex CSR 0.0% CSR SMID Cap Apt Non-coa
Slide 10: 2025 Transaction Activity
2025 TRANSACTION ACTIVITY centerspacehomes.com 10
Slide 11: 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 transaction plan improves our diversification within target markets and enhances overall portfolio quality 2025 dispositions exit CSR from the St. Cloud, MN, market and reduce Minneapolis multifamily NOI c
Slide 12: Acquisitions, Financing, Dispositions and Outcomes
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 13: Strategic Capital Recycling Drives Portfolio Composition and Diversification
STRATEGIC CAPITAL RECYCLING DRIVES IMPROVEMENTS TO PORTFOLIO COMPOSITION AND DIVERSIFICATION Portfolio NOI Composition (3) 2017 Q3 2025(1) Pro Forma(2) Q3 2025 (1) Pro Forma (2) Communities 100 68 61 Homes 13,212 12,941 12,262 32% 29% 35% 37% Homes per Community 132 190 201 Average Monthly Rent $980
Slide 14: 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 ▪ One CSR community, 341 homes. Pursuing ▪ Sugarmont, a 341-home community delivered in 2021. At acquisition, 95% additional scale occupied
Slide 15: 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 16: Flexible Balance Sheet with Well Laddered Debt Maturities
FLEXIBLE BALANCE SHEET WITH WELL LADDERED DEBT MATURITIES AND ACCESS TO MULTIPLE FORMS OF CAPITAL Quarterly Net Debt / Annualized Trailing EBITDA(1) Diversified Permanent Capital Base $2.2B Pro Forma Total Capitalization (2,4) 4-Quarter Moving Average Most Recent Quarter Pro forma 9.0x 8.5x 8.0x 7.5
Slide 17: Strong Fundamentals
STRONG FUNDAMENTALS centerspacehomes.com 17
Slide 18: 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% 10% 17% 28% 6% 48% 10% 17% 18% 4% 85% 7% 100% 27% 34% 21% 17% 5% 14% 71% 10% 4% 21% 75% 6% 94% 25% 75% 24% 76% 5% 92% 3% Mountain West Midwest We
Slide 19: 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 average growth and lower volatility from 15% quarter-to-quarter than multifamily peers 10% Higher Growth 5% Long Term
Slide 20: Our Market Exposures Bring More Demographic and Economic Opportunities
OUR MARKET EXPOSURES BRING MORE DEMOGRAPHIC AND ECONOMIC OPPORTUNITIES Household Growth (Indexed Values: Q4 2024=100) Higher Employment Growth 108 107 4Q24 – 4Q30, Cumulative 106 105 Centerspace: 3.5% > US Average: 2.8% 104 103 Employment Growth 102 (Indexed Values: Q4 2024=100) 101 107 100 106 99 1
Slide 21: 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 Median Trailing 12-Month 12-Month Net Homes Under CSR YTD CSR YT
Slide 22: Rental Affordability vs Homeownership & Income Growth
RENTAL AFFORDABILITY VS HOMEOWNERSHIP & INCOME GROWTH Income Growth Has Outpaced Rent Growth in CSR Markets Rent Vs. Own Affordability Gap in CSR Markets Median Household Income Growth Minus Rent Growth: 2017 Q3 to 2025 Q3 $3,500 24% $3,000 18% 16% 14% Monthly Payment $2,500 13% 11% 11% 11% 10% $2,0
Slide 23: Supply/Demand Dynamic Expected to Become a Tailwind
SUPPLY/DEMAND DYNAMIC EXPECTED TO BECOME A TAILWIND Net Deliveries, Combined CSR Markets Net Deliveries, Minneapolis 16,000 5,000 14,000 4,500 4,000 12,000 3,500 10,000 3,000 Units Units 8,000 2,500 6,000 2,000 1,500 4,000 1,000 2,000 500 0 0 2026 2Q 2025 3Q 2026 1Q 2027 1Q 2027 2Q 2021 3Q 2021 4Q 2
Slide 24: 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 2,500 6,000 1,800 Formantions/Completions (000s) Cumulative Housing Shortfall (000s) 2,000
Slide 25: Engagement – Environmental, Social, and Governance Highlights
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 26: Appendix
APPENDIX centerspacehomes.com 26
Slide 27: Denver: Scaled Portfolio with Long-Term Growth
DENVER: SCALED PORTFOLIO WITH LONG-TERM GROWTH MARKET HIGHLIGHTS CSR HIGHLIGHTS ▪ 7 CSR communities, 1,977 homes. Entered Location by % of NOI Asset Class by % of NOI CSR Portfolio NOI % 20.5% market Q4 2017 and achieved critical mass CSR Denver Portfolio ▪ Diversified economy with large presence of
Slide 28: Minneapolis: Competitive Advantage
MINNEAPOLIS: COMPETITIVE ADVANTAGE MARKET HIGHLIGHTS CSR HIGHLIGHTS CSR Portfolio NOI % 29.0% ▪ Proforma 20 CSR communities, 4,032 Location by % of NOI Asset Class by % of NOI homes. Opportunistic focus market CSR Minneapolis Portfolio ▪ Diversified economy with large presence of healthcare, medical
Slide 29: 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 30: Reconciliation to Non-GAAP Measures
RECONCILIATION RECONCILIATIONTOTO RECONCILIATION TONON-GAAP NON-GAAP NON-GAAP MEASURES MEASURES MEASURES Updated (in thousands) Three Months Ended Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Funds from Operations Net income (loss) available to common sha
Slide 31: Reconciliation to Non-GAAP Measures – Updated Outlook
RECONCILIATIONTOTONON-GAAP RECONCILIATION NON-GAAPMEASURES MEASURES Updated Outlook Reconciliation of Net Income Available Nine Months Ended 12 Months Ended to Common Shareholders to FFO and (in thousands) 9/30/2025 12/31/2025 12/31/2025 Core FFO Actual Low High Net income available to common shareh
Slide 32: Reconciliation of Operating Income to Net Operating Income
RECONCILIATIONTOTONON-GAAP RECONCILIATION NON-GAAPMEASURES MEASURES Reconciliation of Operating Income to Net Operating Income Net operating income, or NOI, is a non-GAAP financial Updated Outlook measure which the Company defines as total real estate Nine Months Ended 12 Months Ended revenues less
Slide 33: Reconciliation to Adjusted EBITDA
RECONCILIATIONTOTONON-GAAP RECONCILIATION NON-GAAPMEASURES MEASURES (in thousands) Three Months Ended Nine Months Ended Reconciliation of Net Income (Loss) 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Available to Common Shareholders to Adjusted EBITDA Adjusted EBITDA Net i
Slide 34: Net Debt Divided by Adjusted EBITDA
RECONCILIATIONTOTONON-GAAP RECONCILIATION NON-GAAPMEASURES MEASURES (in thousands) Net Debt Divided by Adjusted EBITDA Three Months Ended Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Net debt is the total outstanding debt balance less cash Total debt (1) $