Centerspace is a REIT that owns and operates apartment communities across the Midwest and Mountain West. As of year-end 2025, Centerspace owned 61 apartment communities totaling 12,262 homes across Minneapolis/St. Paul, Denver, Boulder/Fort Collins, Salt Lake City, and several smaller Midwest markets including North Dakota, Omaha, Rochester, and Billings. Centerspace manages its properties internally and generates revenue primarily by collecting monthly rent from residents. Rent growth (measured by blended lease spreads on new and renewal leases) and occupancy — running around 95-96% — are the two core revenue drivers. Centerspace also passes utility costs through to residents via a ratio utility billing program, which has boosted revenue per occupied home above rent growth alone. Centerspace is executing a portfolio repositioning strategy, selling lower-growth communities in smaller or secondary markets and reinvesting in higher-quality assets in target markets. Recent dispositions include the St. Cloud, Minnesota portfolio and several Minneapolis communities, with proceeds redeployed into acquisitions in Salt Lake City and Fort Collins, Colorado. Centerspace prioritizes scaling Salt Lake City and Fort Collins, and is evaluating additional new market entry. The company pursues off-market and creatively structured deals — including OP unit transactions and low-rate debt assumptions — to manage cost-of-capital constraints. As a REIT, Centerspace distributes the majority of FFO to shareholders, with residual cash used for capital improvements or debt reduction.