Centerspace (CSR) EVP and CFO discloses accelerated equity vesting and share withholding

Rhea-AI Filing Summary

Centerspace executive Bhairav Patel reported multiple equity award transactions on December 26, 2025. The EVP and CFO acquired common shares of beneficial interest through the vesting and exercise of restricted stock units and a performance share award, with several grants exercised at an exercise price of $0. After these transactions, he held 7,450 common shares directly.

The filing notes that certain restricted stock units scheduled to vest on January 1, 2026 were accelerated to December 26, 2025. A performance share award granted on January 1, 2023, tied to total shareholder return versus the FTSE Nareit Equity Index, was also largely accelerated, resulting in 4,824 shares being issued based on an estimated payout of 180.4% of target. Shares totaling 1,427 and 2,468 were withheld at $67.21 per share to cover taxes on the vesting events.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Patel Bhairav

(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)
	EVP and CFO

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		595(1)	A	$0	4,328	D
Common Shares of Beneficial Interest	12/26/2025		M		1,175(1)	A	$0	5,503	D
Common Shares of Beneficial Interest	12/26/2025		M		1,018(1)	A	$0	6,521	D
Common Shares of Beneficial Interest	12/26/2025		A		4,824(2)	A	$0	11,345	D
Common Shares of Beneficial Interest	12/26/2025		F		1,427(3)	D	$67.21	9,918	D
Common Shares of Beneficial Interest	12/26/2025		F		2,468(4)	D	$67.21	7,450	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			595(1)	01/01/2024	01/01/2026	Common Shares of Beneficial Interest	595	$0	0	D
Restricted Stock Units	$0	12/26/2025		M			1,175(1)	01/01/2025	01/01/2027	Common Shares of Beneficial Interest	1,175	$0	1,175	D
Restricted Stock Units	$0	12/26/2025		M			1,018(1)	01/01/2026	01/01/2028	Common Shares of Beneficial Interest	1,018	$0	2,038	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 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.

Remarks:

	Anne Olson, Attorney in Fact for Bhairav Patel	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 its EVP and CFO?

The EVP and CFO, Bhairav Patel, reported vesting and exercise of restricted stock units and a performance share award on December 26, 2025, resulting in additional Centerspace common shares and subsequent tax share withholding.

How many Centerspace shares did Bhairav Patel own after the reported transactions?

Following the reported equity award transactions and tax withholdings, Bhairav Patel beneficially owned 7,450 common shares of beneficial interest directly.

What performance conditions affected the Centerspace performance share award for the EVP and CFO?

The performance share award granted on January 1, 2023 was based on Centerspace's total shareholder return versus the FTSE Nareit Equity Index from January 1, 2023 through December 31, 2025.

What payout did the Centerspace performance share award achieve for Bhairav Patel?

For the measurement period, the Company's estimated total shareholder return was at the 70th percentile of the index, resulting in a payout at 180.4% of target and 4,824 shares being issued.

Why were some Centerspace shares withheld from Bhairav Patel on December 26, 2025?

Centerspace withheld 1,427 shares in connection with restricted stock unit vesting and 2,468 shares in connection with the performance share award vesting to pay applicable taxes.

Were any Centerspace equity awards accelerated for the EVP and CFO?

Yes. Certain restricted stock units originally scheduled to vest on January 1, 2026 and 90% of the performance share award scheduled to vest on December 31, 2025 were accelerated to December 26, 2025.