CENTERSPACE — Director's Dealing 2022

Jan 31, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTERSPACE (CSR)
CIK: 0000798359
Period of Report: 2022-01-27

Reporting Person: Decker Mark Okey Jr (Director, President, CEO and CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-01-27	Common Shares of Beneficial Interest	A	10514	—	Acquired	47713.78	Direct
2022-01-27	Common Shares of Beneficial Interest	F	6014	$89.01	Disposed	41699.78	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares of Beneficial Interest	20	Indirect
Common Shares of Beneficial Interest	20	Indirect
Common Shares of Beneficial Interest	20	Indirect
Common Shares of Beneficial Interest	1525	Indirect
Common Shares of Beneficial Interest	20	Indirect

Footnotes

F1: On March 8, 2019, the reporting person was granted a performance share award based on Centerspace's (the "Company") total shareholder return ("TSR") compared to the MSCI U.S. REIT Index for the measurement period beginning on January 1, 2019 and ending on December 31, 2021. For the measurement period, the Company's TSR was at the 92nd percentile of the Index, resulting in a payout at 200% of the target, or 10,514 shares, which vested on January 27, 2021.

F2: Represents shares withheld for the payment of taxes.

F3: The stock price reflects the fair market value of the Company's common shares of beneficial interest as of January 27, 2022.