EVP and CFO Patel Bhairav converted options into 2,788 units of Common Shares of Beneficial Interest, was granted 4,824 units of Common Shares of Beneficial Interest and covered exercise/tax liability with 3,895 units of Common Shares of Beneficial Interest, increasing direct ownership by 100% to 7,450 units (SEC Form 4)
$CSR
Real Estate Investment Trusts
Real Estate
| 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*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
CENTERSPACE [ CSR ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 12/26/2025 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 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 | |||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 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. | ||