Centerspace (NYSE: CSR) CFO receives TSR-based award shares

Rhea-AI Filing Summary

Centerspace executive vice president and CFO Bhairav Patel reported equity compensation activity in the company’s common shares of beneficial interest. On February 2, 2026, he acquired 620 shares at $0 upon vesting of a performance share award tied to total shareholder return versus the FTSE Nareit Equity Index.

The award, originally granted on January 1, 2023, paid out at 183.20% of target, or 5,444 shares, after the company’s estimated return reached the 70.8 percentile of the benchmark over the 2023–2025 measurement period. Of this, 4,824 shares were issued on December 26, 2025 and the remaining 620 on February 2, 2026.

Also on February 2, 2026, 202 shares were withheld at a price of $63.83 to cover taxes related to the vesting. After these transactions, Patel directly owned 7,868 Centerspace 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

OMB APPROVAL

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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^*

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)
02/02/2026

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	02/02/2026		A		620(1)	A	$0	8,070	D
Common Shares of Beneficial Interest	02/02/2026		F		202(2)	D	$63.83(3)	7,868	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

Explanation of Responses:

1. 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. For the measurement period, the Company's estimated TSR was at 70.8 percentile of the benchmark index resulting in a payout of 183.20% of target, or 5,444 shares, being issued under the performance share award. 90% of the performance or 4,824 shares were accelerated and issued on December 26, 2025 and remaining 10% of the performance or 620 shares were issued on February 2, 2026.

2. Shares withheld for payment of taxes in connection with the vesting of performance share award.

3. The stock price reflects the fair market value of the Company's common shares of beneficial interest as of February 2, 2026.

Remarks:

	Bhairav Patel	02/03/2026
	** 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.
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FAQ

What insider transactions did Centerspace (CSR) report for its CFO?

Centerspace CFO Bhairav Patel received 620 common shares on February 2, 2026 from a vested performance share award. On the same date, 202 shares were withheld at $63.83 per share to cover taxes, leaving him with 7,868 shares owned directly.

How was the Centerspace (CSR) CFO’s performance share award determined?

The award was based on Centerspace’s total shareholder return compared to the FTSE Nareit Equity Index from January 1, 2023 through December 31, 2025. The company’s estimated return ranked at the 70.8 percentile, producing a payout of 183.20% of target, or 5,444 shares.

How many Centerspace (CSR) shares did the CFO ultimately receive from the performance award?

The performance share award for Centerspace’s CFO resulted in 5,444 shares being issued. Of these, 4,824 shares were accelerated and issued on December 26, 2025, and the remaining 620 shares were issued on February 2, 2026 under the same award.

Why were 202 Centerspace (CSR) shares withheld from the CFO on February 2, 2026?

On February 2, 2026, 202 Centerspace shares were withheld to pay taxes associated with the vesting of the CFO’s performance share award. The withholding used a stock price of $63.83 per share, reflecting the fair market value on that date.

How many Centerspace (CSR) shares does the CFO own after these transactions?

Following the February 2, 2026 transactions, Centerspace CFO Bhairav Patel directly owned 7,868 common shares of beneficial interest. This figure reflects the 620 shares received from the award and the 202 shares simultaneously withheld for tax obligations tied to vesting.

What performance period applied to the Centerspace (CSR) CFO’s TSR-based award?

The performance share award covered a measurement period from January 1, 2023 through December 31, 2025. Over this timeframe, Centerspace’s estimated total shareholder return reached the 70.8 percentile versus the FTSE Nareit Equity Index, driving the 183.20% of target payout in shares.