# EDGAR Filing Document

**Accession Number:** 0001670979
**File Stem:** 0000798359-25-000122
**Filing Date:** 2025-12
**Character Count:** 7753
**Document Hash:** 152a74f8e8938f128e68fd424c630e23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000798359-25-000122.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000798359-25-000122

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251226

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Patel Bhairav
- **CENTRAL INDEX KEY:** 0001670979

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35624
- **FILM NUMBER:** 251612690

**MAIL ADDRESS:**
- **STREET 1:** 800 LASALLE AVENUE SUITE 1600
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CENTERSPACE
- **CENTRAL INDEX KEY:** 0000798359
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 450311232
- **STATE OF INCORPORATION:** ND
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1324 20TH AVE SW
- **STREET 2:** PO BOX 1988
- **CITY:** MINOT
- **STATE:** ND
- **BUSINESS PHONE:** 701-837-4738

**MAIL ADDRESS:**
- **STREET 1:** 1324 20TH AVE SW
- **STREET 2:** PO BOX 1988
- **CITY:** MINOT
- **STATE:** ND

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INVESTORS REAL ESTATE TRUST
- **DATE OF NAME CHANGE:** 19920703

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Patel Bhairav<br><sub>(Last) (First) (Middle)</sub><br>C/O CENTERSPACE<br>1324 20TH AVENUE SW<br><sub>(Street)</sub><br>MINOT, ND 58701<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-26 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_EVP and CFO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>CENTERSPACE [ CSR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Shares of Beneficial Interest | 2025-12-26 |  | M |  | 595<sup>(1)</sup> | A | $0 | 4328 | D |  |
| Common Shares of Beneficial Interest | 2025-12-26 |  | M |  | 1175<sup>(1)</sup> | A | $0 | 5503 | D |  |
| Common Shares of Beneficial Interest | 2025-12-26 |  | M |  | 1018<sup>(1)</sup> | A | $0 | 6521 | D |  |
| Common Shares of Beneficial Interest | 2025-12-26 |  | A |  | 4824<sup>(2)</sup> | A | $0 | 11345 | D |  |
| Common Shares of Beneficial Interest | 2025-12-26 |  | F |  | 1427<sup>(3)</sup> | D | $67.21 | 9918 | D |  |
| Common Shares of Beneficial Interest | 2025-12-26 |  | F |  | 2468<sup>(4)</sup> | D | $67.21 | 7450 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | $0 | 2025-12-26 |  | M |  |  | 595<sup>(1)</sup> | 2024-01-01 | 2026-01-01 | Common Shares of Beneficial Interest | 595 | $0 | 0 | D |  |
| Restricted Stock Units | $0 | 2025-12-26 |  | M |  |  | 1175<sup>(1)</sup> | 2025-01-01 | 2027-01-01 | Common Shares of Beneficial Interest | 1175 | $0 | 1175 | D |  |
| Restricted Stock Units | $0 | 2025-12-26 |  | M |  |  | 1018<sup>(1)</sup> | 2026-01-01 | 2028-01-01 | Common Shares of Beneficial Interest | 1018 | $0 | 2038 | D |  |

---

### Footnotes:

(1) Each restricted stock unit represents a contingent right to receive one common share of beneficial interest of Centerspace. The restricted stock units were scheduled to vest on January 1, 2026, which vesting was accelerated to December 26, 2025.

(2) On January 1, 2023, the reporting person was granted a performance share award based on the Company's total shareholder return ("TSR") compared to the FTSE Nareit Equity Index (the "REIT Index") for the measurement period of January 1, 2023 through December 31, 2025. 90% of the performance share award scheduled to vest on December 31, 2025 was accelerated and issued on December 26, 2025, based on estimated achievement as of December 19, 2025. For the measurement period, the Company's estimated TSR was at the 70th percentile of the Index, resulting in a payout at 180.4% of target, or 4,824 shares, being issued under the performance share award.

(3) Shares withheld for payment of taxes in connection with the vesting of restricted stock units.

(4) Shares withheld for payment of taxes in connection with the vesting of performance share award.

**Signature:** Anne Olson, Attorney in Fact for Bhairav Patel  
**Date:** 2025-12-30

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**