Centerspace (CSR) CEO Anne Olson logs vested awards and 8,177-share payout

Rhea-AI Filing Summary

Centerspace President, CEO and Secretary Anne Olson reported several equity award transactions dated December 26, 2025. Restricted stock units covering 1,008, 3,378, and 2,938 common shares of beneficial interest were exercised at $0 per share as their vesting was accelerated from January 1, 2026 to December 26, 2025.

Olson also received 8,177 common shares from a performance share award granted January 1, 2023, based on the company’s total shareholder return versus the FTSE Nareit Equity Index, which paid out at 180.4% of target after the company’s estimated TSR reached the 70th percentile. To cover taxes on these vestings, 3,835 and 4,281 shares were withheld at $67.21 per share. After these transactions, Olson directly owned 26,881 Centerspace common shares.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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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^*

Olson Anne

(Last) (First) (Middle)

C/O CENTERSPACE

1324 20TH AVENUE SW

(Street)

MINOT ND 58701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CENTERSPACE [ CSR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, CEO & Secretary

3. Date of Earliest Transaction (Month/Day/Year)
12/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	12/26/2025		M		1,008(1)	A	$0	20,504	D
Common Shares of Beneficial Interest	12/26/2025		M		3,378(1)	A	$0	23,882	D
Common Shares of Beneficial Interest	12/26/2025		M		2,938(1)	A	$0	26,820	D
Common Shares of Beneficial Interest	12/26/2025		A		8,177(2)	A	$0	34,997	D
Common Shares of Beneficial Interest	12/26/2025		F		3,835(3)	D	$67.21	31,162	D
Common Shares of Beneficial Interest	12/26/2025		F		4,281(4)	D	$67.21	26,881	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0	12/26/2025		M			1,008(1)	01/01/2024	01/01/2026	Common Shares of Beneficial Interest	1,008	$0	0	D
Restricted Stock Units	$0	12/26/2025		M			3,378(1)	01/01/2025	01/01/2027	Common Shares of Beneficial Interest	3,378	$0	3,378	D
Restricted Stock Units	$0	12/26/2025		M			2,938(1)	01/01/2026	01/01/2028	Common Shares of Beneficial Interest	2,938	$0	5,876	D

Explanation of Responses:

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 8,177 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.

Remarks:

	Anne Olson	12/30/2025
	** Signature of Reporting Person	Date
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.

FAQ

What insider transaction did Centerspace (CSR) report for Anne Olson?

Centerspace reported that President, CEO and Secretary Anne Olson had several equity awards vest and convert into common shares on December 26, 2025, including restricted stock units and a performance share award.

How many Centerspace (CSR) shares did Anne Olson acquire from restricted stock units?

On December 26, 2025, restricted stock units covering 1,008, 3,378, and 2,938 Centerspace common shares of beneficial interest were converted to shares for Anne Olson at an exercise price of $0 per share.

What performance share award payout did Anne Olson receive from Centerspace (CSR)?

Olson received 8,177 Centerspace common shares under a performance share award granted on January 1, 2023. The company’s estimated total shareholder return was at the 70th percentile of the FTSE Nareit Equity Index, resulting in a payout at 180.4% of target.

Why were some Centerspace (CSR) shares withheld from Anne Olson’s equity awards?

Centerspace withheld 3,835 shares in connection with vesting of restricted stock units and 4,281 shares in connection with vesting of the performance share award to pay taxes, at a price of $67.21 per share.

How many Centerspace (CSR) shares does Anne Olson own after these transactions?

Following the reported December 26, 2025 transactions, Anne Olson beneficially owned 26,881 Centerspace common shares of beneficial interest in direct ownership form.

What is Anne Olson’s role and relationship to Centerspace (CSR)?

Anne Olson is reported as an officer of Centerspace, serving as President, CEO & Secretary, and she files as a single reporting person on this Form 4.