Centerspace : May 2026 Investor Presentation

Published: 2026-05-08 16:38:45 ET CSR

Published on 05/08/2026 at 04:38 pm EDT

MartinBlu Apartments - Eden Prairie, MN

INVESTOR PRESENTATION

May 8, 2026

Sugarmont - Salt Lake City, UT

Arcata - Golden Valley, MN

Westend - Denver, CO

Why Centerspace 4

Operational Updates 5

Strong Fundamentals 12

Appendix 22

To be the premier provider of apartment homes in vibrant communities by focusing on integrity and serving others.

centerspacehomes. com 3

NYSE: CSR

Differentiated

Multifamily market exposure

centerspacehomes. com

Geographic Diversity

Differentiated exposure in Midwest and Mountain West provides strong growth with lower volatility

Best-in-Class Operations

SmartHome technologies, centralized staffing models and regional scale drive efficiencies

Six-time "Best Place to Work" by

Minnesota Star Tribune

2026 "USA TODAY Top Workplaces"

winner

Compelling Relative Value

Current trading price is 10% discount to

consensus NAV(3)

Key Indices

S&P SmallCap 600, MSCI US REIT, Russell 2000

$2.2 Billion(2)

Total capitalization

12,263(1)

Apartments owned and operated

As of March 31, 2026

See page 11 for breakdown 4

Compares May 6, 2026, share price to SSP Capital IQ Consensus

NAV on the same date

OPERATIONAL UPDATES

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SAME STORE LEASING SPREADS(1)

New Lease Rents Renewal Rents Blended Rents

YTD SAME STORE LEASING SPREADS BY REGION(2)

New Lease Rents Renewal Rents Blended Rents

1.5%

1.0%

4.2%

2.7%

-1.4%

3.6%

1.1%

2.2%

2.9%

0.7%

3.9%

3.1% 3.3%

0.6%

2.9%

1.6%

0.4%

1.8%

2.5%

1.0%

1.3%

0.1%

-0.9%

-10.1%

-4.8%

1.6%

5.8%

3.6%

-0.4%

3.8%

1.8%

1.5%

3.3%

2.4%

-0.4%

-2.1%

-3.4%

-6.1%

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 QTD

Data represents 2026 Same Store pool Effective Rents. QTD leasing spreads are through April 30, 2026

YTD leasing spreads are through May 1, 2026. Leasing spreads data represents Effective Rents

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2026 Same-Store YTD Top Reasons for Move Out

Relocating Out Of Area

22%

Undisclosed

13%

Rented Elsewhere

13%

Unit Transfer

Household Change

Eviction - Nonpayment

YTD Average Applicant Household Income(2)

$150,000

$130,000

$110,000

$90,000

$70,000

$50,000

YTD Average Applicant Age(2)

37.77

34.09

31.82

31.54

32.51 32.68 32.77

30.94

1.90

1.80

1.70

1.60

1.50

1.40

1.30

1.20

1.10

1.00

Average Residents Per Household(3)

1.81

1.77

1.64

1.67

1.70

1.63

1.51

1.42

2026 J Turner ORA Score

National Property Average ORA Score

64.8

Centerspace ORA Score

75.02

56 58 60 62 64 66 68 70 72 74 76

50%

45%

40%

35%

30%

53.0%

52.1%

55%

55.4% 56.0%

56.5%

58.5% 58.6% 57.3%

60%

2026 YTD Same-Store Retention

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Previously reported amounts are not revised for changes in the composition of the properties. Score represents properties in the portfolio on the stated date

4.1

3.9

Lifetime Average Reputation Scores(1)

4.07

4.02

3.93

3.81

3.8

3.7

3.6

3.61

3.52

3.56

3.5

3.4

3.3

1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 5/1/2026

Data represents 2026 same-store approved applicants (excluding guarantors) excluding reported annualized HH incomes >$1,200,000 or <$12,000

Data represents 2026 same-store current and future status residents / total 2026 same-store rented units

All data as of 5/1/2026 7

2025

Actual

Low

--------------2026 Guidance Range------------------

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

($0.95)

($0.81)

($0.66)

FFO

$4.74

$4.65

$4.78

$4.92

Core FFO

$4.93

$4.81

$4.93

$5.05

Other Key Assumptions

Same-store capital expenditures of $1,250 per home to $1,350 per home

Value-add expenditures of $2.5 to $12.5 million

No acquisition of disposition activity is assumed in guidance

2025 Actual is based on the 2025 same-store pool. 2026 Guidance Range is based on the current 2026 same-store pool Note: Reconciliations of the above can be found in the appendix of this presentation

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0.0%

-0.5%

-1.0%

-1.5%

-2.0%

-2.5%

-3.0%

-3.5%

-4.0%

Core FFO/sh Growth, Guidance Midpoint

0.0% at Midpoint

CSR SMID Cap Apt Non-coastal/Sunbelt All Multifamily, ex CSR

0.8%

0.7%

0.6%

0.5%

0.4%

0.3%

0.2%

0.1%

0.0%

-0.1%

SS NOI Growth, Guidance Midpoint

0.8% at Midpoint

CSR SMID Cap Apt Non-coastal/Sunbelt All Multifamily, ex CSR

1.6%

1.4%

1.2%

1.0%

0.8%

0.6%

0.4%

0.2%

0.0%

SS Revenue Growth, Guidance Midpoint

0.9% at Midpoint

CSR SMID Cap Apt Non-coastal/Sunbelt All Multifamily, ex CSR

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

SS Expense Growth, Guidance Midpoint

1.5% at Midpoint

CSR SMID Cap Apt Non-coastal/Sunbelt All Multifamily, ex CSR

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Note: Data is based on midpoint of 2026 guidance ranges provided by noted peers with Q1 2026 earnings. SMID Cap Apt group includes CSR, IRT, and NXRT. Non-coastal/Sunbelt group 9

includes CSR, CPT, IRT, MAA, and NXRT. All multifamily group includes AVB, CPT, EQR, ESS, IRT, MAA, NXRT, and UDR. Source data: Company Filings

Improvement since 2017 driven by disciplined capital allocation and creative deal structuring

Acquisition Structure

$0.1B

Investment and disposition activity has resulted in a more efficient and higher quality portfolio

2017

Today (1)

Communities

100

Homes

13,212

12,263

Homes per Community

132

201

Average Monthly Rent

$980

$1,660

% of NOI in 50 Largest MSAs

13%

53%

Q1 2026 multifamily only

$0.2B

$0.5B

$1.0B

% of NOI by Market - Today vs 2017

Acquired 37 communities for $1.8 billion through unique deal structuring, which has provided a competitive advantage in transaction market

Sold 77 communities for $811 million as we have reduced our exposure to less efficient communities in lower-growth markets

35%

30%

25%

20%

15%

10%

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Common Equity

Secured Debt Unsecured Debt Series D Preferred

*Share price $57.45 as of 3/31/2026

Diversified Permanent Capital Base

$2.2B Total Capitalization (1)

27%

52%

21%

Total capitalization percentages may not add to 100% due to rounding

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 determined in accordance with GAAP. Refer to the Adjusted EBITDA definition included within the

9.0x

8.5x

8.0x

7.5x

7.0x

6.5x

6.0x

Quarterly Net Debt / Annualized Trailing EBITDA(1)

4-Quarter Moving Average

Q1 Q2 Q3 Q4

2020

2021

2022

2023

2024

2025

2026

Reconciliation to Non-GAAP Financial Measures section in the Appendix

Wtd Avg Int Rate 3.6% & Wtd Avg Maturity 6.7 Years ($ amounts in thousands)(3)

$50,000

$150,000

$429

$144,901

$60,000

2026

2027

$75,000

$19,288

2028 2029 2030 2031

2032

$15,000

2033 2034 2035

2036

2037+

Mortgage LOC Private Placement

Well-Laddered Maturity Profile

$25,000

$46,677

$50,955

$78,850

$86,086

$85,000

$110,660

Weighted average interest rate reflects interest expense only and excludes any facility fees, mortgage insurance premiums, or other associated expenses

% of Total Maturing

4.9% 4.5% 24.8% 9.0% 8.1% 18.6% 2.4% 7.5% 1.4% 8.2% 0.0% 10.6%

3.5% 3.5% 4.1% 3.9% 2.6% 3.2% 2.7% 2.9% 2.8% 5.0% 0.0% 3.2%

Weighted Average Interest Rate (3)

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STRONG FUNDAMENTALS

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PUBLIC MULTIFAMILY REIT MARKET OVERVIEW

67%

33%

41%

11%

17%

27%

47%

13%

16%

18%

85%

100%

27%

34%

21%

17%

13%

71%

11%

75%

21%

94%

26% 74%

92%

Mountain West Midwest West Southeast & Texas Mid-Atlantic Northeast

Source: S&P Capital IQ

Notes: As of 4/15/26. Rounding may result in each row not adding to 100%

Parkhouse Apartment Homes - Thornton, CO

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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

Same Store NOI Growth

20%

15%

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Higher Growth

Long Term Quarterly Average Y/Y SS NOI Growth

1Q20 - 1Q26

Centerspace: 5.1% > Peer Average: 3.7%

10%

Lower Volatility

Quarterly Standard Deviation of Y/Y SS NOI Growth

1Q20 - 1Q26

Centerspace: 3.8% < Peer Average: 6.1%

-5%

-10%

CSR T4Q Avg Peer T4Q Average CSR Quarterly Avg Peer Quarterly Avg

Note: Data is based on year-over-year same-store NOI growth, as reported in each quarter. Graphed numbers represent trailing four-quarter average. Data is not adjusted for changes to same-store pools that have occurred since filings. Peer group includes AVB, CPT, EQR, ESS, IRT, MAA, NXRT, and UDR. Source data: Company Filings

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Household Growth

(Indexed Values: Q4 2025=100)

107

106

105

104

103

102

101

100

2025 Q4

2026 Q4

2027 Q4

2028 Q4

2029 Q4

2030 Q4

Salt Lake City

2031 Q4

Denver

Centerspace Portfolio

Minneapolis

US Average

Employment Growth

(Indexed Values: Q4 2025=100)

105

104

103

102

101

100

2025 Q4

2026 Q4

2027 Q4

2028 Q4

2029 Q4

2030 Q4

2031 Q4

Denver

Centerspace Portfolio

Minneapolis

US Average

Salt Lake City

Higher Household Growth

4Q25 - 4Q31, Cumulative

Centerspace: 5.0% > US Average: 3.4%

Higher Employment Growth

4Q25 - 4Q31, Cumulative

Centerspace: 2.1% > US Average: 1.6%

Source: CoStar

Note: Combined CSR Markets data based on all MSAs in which Centerspace operates. Household Growth and Employment Growth data is based on CoStar figures as of April 30, 2026

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7% CLT

Under Construction % of Market Units

Higher Occupancy and Lower New Supply Position CSR For Continued Rent Growth

MIA

Favorable supply-demand profile: CSR Aggregate markets show relatively high occupancy and low new supply, positioning them for stronger pricing power versus higher-supply Sunbelt markets

5% AUS

DFW

HOU

PHX

Denver

ATL

TPA ORL

Salt Lake City

Fort Collins

Omaha

SEA

CSR Aggregate

BOS

Minneapolis

Over the last twelve months, this favorable dynamic has led to CSR Aggregate market asking rent growth outpacing the noted peer markets by 140 basis points

Over half of Centerspace's NOI comes

SF from markets that feature both high occupancy and low anticipated supply deliveries

Rapid City

Billings

Rochester

Bismarck

Grand Forks

86% 88% 90% 92% 94% 96% 98%

Market Occupancy Rate

centerspacehomes. com

Source: CoStar

Note: CSR Aggregate data based on all MSAs in which Centerspace operates, weighted by CSR Q1 2026 NOI. Net Deliveries and Absorption data is based on CoStar figures as of 04/15/2026 16

50,000

45,000

40,000

35,000

Units

30,000

25,000

20,000

15,000

10,000

5,000

Net Deliveries, Combined CSR Markets

2021 2022 2023 2024 2025 2026 2027 2028

Net Deliveries Historical Avg Absorption (T5Y)

12,000

10,000

8,000

Units

6,000

4,000

2,000

Net Deliveries, Minneapolis

2021 2022 2023 2024 2025 2026 2027 2028

Net Deliveries Historical Avg Absorption (T5Y)

Net Deliveries, Denver

We are past the peak of new deliveries for our combined portfolio - supply additions are expected to decrease going forward

Demand, as measured by historical absorption, is expected to be above deliveries in each of the next several years

This changing dynamic should benefit the forward growth profile of our markets

Source: CoStar

20,000

18,000

16,000

14,000

Units

12,000

10,000

8,000

6,000

4,000

2,000

2021 2022 2023 2024 2025 2026 2027 2028

Net Deliveries Historical Avg Absorption (T5Y)

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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 17

CoStar figures as of April 27, 2026. Historical average absorption data is based on average absorptions from 2021 through 2025 and is shown in future periods for comparative purposes

$3,500

$3,000

Monthly Payment

$2,500

$2,000

$1,500

$1,000

$500

Rent Vs. Own Affordability Gap in CSR Markets

2019 2020 2021 2022 2023 2024 2025 1Q26 TTM

22%

15%

14%

13%

15%

11%

14%

10%

29%

Income Growth Has Outpaced Rent Growth in CSR Markets

Median Household Income Growth Minus Rent Growth: 2018 Q1 to 2026 Q1

PITI (10% Down Pmt) PITI (20% Down Pmt) CSR Avg Scheduled Rent

Homeownership affordability has grown increasingly difficult, driven by higher borrowing costs and higher home prices

Home ownership (PITI) in CSR markets now costs 89% more

than renting in a CSR community

This dynamic has led to higher FY2025 retention of 58%, and 1Q2026 retention up ~200 basis points year over year

While market rents have grown at a healthy clip recently, resident incomes have grown even more

Income growth has outpaced market rental rate growth by 15% in CSR markets on average, exceeding the national average of 14%

Source: FRED, Zillow, Forbes, Tax Foundation, Bankrate.com, CoStar

Note: CSR data as of Q1 2026 multifamily only. PITI is weighted by Q1 2026 NOI exposure and is based on market level typical home prices, current state level average insurance and property tax rates, and national level mortgage and, when applicable, PMI rates. Full year datapoints are an average of all twelve months.

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5,000

4,000

3,000

2,000

1,000

Mar 2021

Jun 2021

Sep 2021

Dec 2021

Mar 2022

Jun 2022

Sep 2022

Dec 2022

Mar 2023

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

US Housing Remains Structurally Undersupplied After Recent Completions

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025+

1Q26

Household Formations Unit Completions Cumulative shortfall since 2014

1,900

1,800

Starts (000s)

1,700

1,600

1,500

1,400

1,300

1,200

US Housing Starts (SAAR) Suggest New Supply to Decrease

New household formations exceed supply deliveries by over

3.5MM since 2014

New construction starts began to fall in 2022 and will lead to lower deliveries going forward

A shift in the age of average first-time homebuyers has added more individuals to the renter demographic

5,000

Population (000s)

4,000

3,000

2,000

1,000

Avg age, 2014 first

time buyer = 31

US Population by Age

Avg age, 2024 first time buyer = 38

0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100

Age

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Source: FRED, US Census Bureau, US Dept. of Housing and Urban Development, Self.com 19

Note: Housing Supply and Household Formation, and Housing Starts Data through March 2026

Region

% of NOI (1)

Population

Market Homes

Median Household Income

Unemployment Rate

3-Month Avg YoY

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 Stock

Homes Under Construction | % of Stock

CSR YTD

Avg Annual Income (8)

CSR YTD Rent-

To-Income Ratio (8)

Minneapolis, MN

30.2%

3,790,295

287,298

$97,928

4.8%

-0.1%

$398,415

6.6%

2.3%

4,101 | 1.4%

4,605 | 1.6%

6,170 | 2.1%

$134,692

20.0%

Denver, CO

18.6%

3,092,037

322,715

$108,046

4.2%

-0.2%

$599,298

11.8%

-3.3%

11,101 | 3.4%

5,874 | 1.8%

10,721 | 3.3%

$135,772

23.6%

North Dakota (2)

12.5%

244,796

17,809

$79,252

3.3%

0.2%

$323,378

4.4%

4.6%

460 | 2.6%

0 | 0.0%

$123,978

20.5%

Rochester, MN

9.6%

231,184

12,814

$90,584

4.5%

0.3%

$340,475

6.7%

2.2%

521 | 4.1%

0 | 0.0%

20 | 0.2%

$134,603

20.4%

Boulder/Fort Collins, CO (3)

9.0%

705,852

42,044

$95,857

4.1%

-0.6%

$630,188

9.5%

-1.4%

1,282 | 3.0%

1,577 | 3.8%

1,622 | 3.9%

$101,297

24.5%

Other Mountain West (4)

8.9%

350,537

17,986

$77,881

3.4%

0.8%

$393,196

10.6%

1.6%

684 | 3.8%

32 | 0.2%

30 | 0.2%

$99,628

19.9%

Omaha, NE (5)

6.6%

1,361,917

121,979

$79,550

3.3%

0.3%

$303,958

8.7%

1.8%

5,587 | 4.6%

2,913 | 2.4%

3,993 | 3.3%

$106,255

18.1%

Salt Lake City, UT (6)

4.6%

2,754,587

153,334

$100,548

3.9%

0.8%

$583,801

10.8%

-1.2%

7,918 | 5.2%

3,070 | 2.0%

5,320 | 3.5%

$131,472

23.6%

Portfolio Weighted Avg (7)

100.0%

$93,723

4.1%

0.1%

$443,686

8.3%

0.9%

2.9%

1.4%

2.0%

$125,403

21.2%

976K apartment homes in CSR portfolio markets, set against 23M total apartment homes in United States

Centerspace resident rent-to-income ratio of approximately 18%-25% by market compares favorably to 30% United States median rent-to-income ratio

Note: Multifamily data as of Q1 2026. Economic and demographic data as of 4/15/26. Median household income, unemployment rate, 3-month avg job growth, and median home value for North Dakota, Other Mountain West, Boulder/Fort Collins, CO, Omaha, NE, and Salt Lake City, UT, are weighted by NOI contribution of metropolitan area; market vacancy, rent growth, trailing 12-month net deliveries % of stock, forecasted next 12-month net deliveries % of stock and homes under construction % of stock are weighted by total inventory of homes in each metropolitan area. All other data is summation of each market

Sources: US Census Bureau, Bureau of Labor Statistics, FRED, Zillow, CoStar

Q1 2026 multifamily only

Includes Bismarck and Grand Forks, ND, MSAs

Includes Boulder and Fort Collins, CO, MSAs

Includes Billings, MT, and Rapid City, SD, MSAs

Includes Omaha and Lincoln, NE, MSAs

Includes Salt Lake City, Provo, and Ogden, UT, MSAs

Weighted by region % of NOI

Household approved applicants through 3/31/26

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Disclaimer

Centerspace published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 20:37 UTC.