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SEGMENTS
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS 
Centerspace operates in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of the operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information. The chief operating decision-makers evaluate each property’s operating results to make decisions about resources to be allocated and to assess performance and do not group the properties based on geography, size, or type for this purpose. The apartment communities have similar long-term economic characteristics and provide similar products and services to residents. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, the apartment communities are aggregated into a single reportable segment. “All other” includes non-multifamily components of mixed-use properties and apartment communities the Company has disposed or designated as held for sale. For the six months ended June 30, 2024, two sold apartment communities were reclassified from the multifamily segment to all other for all periods presented. For the six months ended June 30, 2023, nine sold apartment communities were reclassified from the multifamily segment to all other for all periods presented.
The members of the executive management team are the chief operating decision-makers. This team measures the performance of the reportable segment based on net operating income (“NOI”), a non-GAAP measure, which the Company defines as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that excludes gain (loss) on the sale of real estate and other assets, impairment, depreciation, amortization, financing costs, property management overhead, casualty losses, loss on litigation settlement, and general and administrative expense. NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income (loss), net income (loss) available for common shareholders, or cash flow from operating activities as a measure of financial performance.
The following tables present NOI for the three and six months ended June 30, 2024 and 2023, respectively, along with reconciliations to net income (loss) in the Condensed Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Condensed Consolidated Financial Statements.
 (in thousands)
Three Months Ended June 30, 2024MultifamilyAll OtherTotal
Revenue$64,466 $577 $65,043 
Property operating expenses, including real estate taxes24,953 236 25,189 
Net operating income $39,513 $341 $39,854 
Property management expense(2,222)
Casualty loss
(510)
Depreciation and amortization(25,714)
General and administrative expenses(4,216)
Interest expense(9,332)
Interest and other income477 
Net loss
$(1,663)
 (in thousands)
Three Months Ended June 30, 2023MultifamilyAll OtherTotal
Revenue$60,531 $4,245 $64,776 
Property operating expenses, including real estate taxes23,228 1,818 25,046 
Net operating income$37,303 $2,427 $39,730 
Property management expense(2,247)
Casualty loss
(53)
Depreciation and amortization(24,371)
General and administrative expenses(4,162)
Loss on sale of real estate and other investments
(67)
Loss on litigation settlement(2,864)
Interest expense(8,641)
Interest and other income
295 
Net loss
$(2,380)
(in thousands)
Six Months Ended June 30, 2024MultifamilyAll OtherTotal
Revenue$127,806 $1,743 $129,549 
Property operating expenses, including real estate taxes49,513 745 50,258 
Net operating income$78,293 $998 $79,291 
Property management expense(4,552)
Casualty loss
(1,330)
Depreciation and amortization(52,726)
General and administrative expenses(8,839)
Loss on sale of real estate and other investments
(577)
Interest expense(18,539)
Interest and other income817 
Net loss
$(6,455)
(in thousands)
Six Months Ended June 30, 2023MultifamilyAll OtherTotal
Revenue$119,971 $12,702 $132,673 
Property operating expenses, including real estate taxes47,753 6,216 53,969 
Net operating income$72,218 $6,486 $78,704 
Property management expense(4,815)
Casualty loss
(305)
Depreciation and amortization(50,364)
General and administrative expenses(11,885)
Gain on sale of real estate and other investments
60,092 
Loss on litigation settlement(2,864)
Interest expense(18,960)
Interest and other income344 
Net income
$49,947 
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of June 30, 2024, and December 31, 2023, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
 (in thousands)
As of June 30, 2024MultifamilyAll OtherTotal
Segment assets   
Property owned$2,410,982 $17,308 $2,428,290 
Less accumulated depreciation(574,474)(4,217)(578,691)
Total real estate investments$1,836,508 $13,091 $1,849,599 
Cash and cash equivalents14,328 
Restricted cash1,084 
Other assets34,414 
Total Assets$1,899,425 
 (in thousands)
As of December 31, 2023MultifamilyAll OtherTotal
Segment assets   
Property owned$2,381,461 $38,685 $2,420,146 
Less accumulated depreciation(524,364)(6,339)(530,703)
Total real estate investments$1,857,097 $32,346 $1,889,443 
Cash and cash equivalents8,630 
Restricted cash639 
Other assets27,649 
Total Assets$1,926,361