Centerspace

Item 2.01. Completion of Acquisition or Disposition of Assets As previously disclosed, in connection with its strategic review, its Board of Trustees (the “Board”) of Centerspace (the “Company”) approved a portfolio optimization and deleveraging plan that included targeted asset sales. In connection with such plan, the Company entered into purchase and sale agreements for the sale of 14 multifamily apartment communities under four separate purchase and sale agreements with three unaffiliated third-party purchasers, including (i) one community in Denver, Colorado (the “Denver Transaction”), (ii) two communities with an associated note receivable in Minnesota (the “Minnesota Transaction”), (iii) five communities in Rapid City, South Dakota (the “Rapid City Transaction”), and six communities in Bismarck, North Dakota (the “Bismarck Transaction” and with the Denver Transaction, the Minnesota Transaction, and the Rapid City Transaction, the “Transactions”). The Company completed the Denver Transaction, the Minnesota Transaction, and the Rapid City Transaction in staggered closings in June and July 2026. On August 11, 2026, the Company completed the Bismarck Transaction. The Company evaluated the Transactions as a series of related transactions for purposes of Form 8-K and Regulation S-X significance testing. Based on that evaluation, the Company determined that, upon completion of the Bismarck Transaction, the Transactions, in the aggregate, constituted a significant disposition of assets. The Transactions represent the Company’s disposition of 14 multifamily apartment communities and a note receivable for aggregate gross proceeds of approximately $318.8 million. The Company expects to use the net proceeds from the Transactions to reduce outstanding indebtedness, including repayment of borrowings under its line of credit, to issue a potential special distribution of between approximately $50.0 million and $60.0 million, and for other general corporate purposes. The actual use of proceeds from the Transactions may differ from the intended uses described herein, and the results and effectiveness of the use of proceeds are uncertain. The information required by Item 9.01(b) of Form 8-K with respect to the dispositions is filed as Exhibit 99.1 to this Current Report on Form 8-K. Forward-Looking Statements Certain statements in this Current Report on Form 8-K, including Exhibit 99.1, are based on the Company’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 discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items related to the future. Forward-looking statements are typically identified by the use of terms such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “assumes,” “may,” “projects,” “outlook,” “future,” and variations of such words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements. Although the Company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond the Company’s control and could differ materially from actual results and performance. Such risks and uncertainties are detailed from time to time in filings with the Securities and Exchange Commission (“SEC”), including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, in its subsequent quarterly reports on Form 10-Q, and in other reports the Company files with the SEC from time to time. In addition, such risks, uncertainties, and other factors include, but are not limited to, risks that the Transactions dispositions disrupt current plans and operations; the impacts of the announcement or consummation of the Transactions on business relationships; the anticipated costs related to the Transactions; and the ability of the Company to realize the anticipated benefits of the Transactions. The Company assumes no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.