Sec Form 4 Filing - Olson Anne @ CENTERSPACE - 2022-01-01

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Olson Anne 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) COO, Gen Counsel and Secretary (Last) (First) (Middle) C/O CENTERSPACE, 3100 10TH STREET SW 3. Date of Earliest Transaction (MM/DD/YY) 01/01/2022 (Street) MINOT, ND58701 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 01/01/2022 M 539 A $ 0 10,653( 1 ) D Common Shares of Beneficial Interest 01/01/2022 F 311( 2 ) D $ 110.9 10,342( 1 ) 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 01/01/2022 A 1,121( 3 ) ( 3 ) ( 3 ) Common Shares of Beneficial Interest 1,121 $ 0 1,121 D Restricted Stock Units $ 0 01/01/2022 M 539 01/01/2022 01/01/2022 Common Shares of Beneficial Interest 539 $ 0 1,080 D Stock Options (Right to Buy) $ 110.9 01/01/2022 A 7,525( 4 ) ( 4 ) 01/01/2032 Common Shares of Beneficial Interest 7,525 $ 110.9 7,525 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Olson Anne C/O CENTERSPACE 3100 10TH STREET SW MINOT, ND58701 COO, Gen Counsel and Secretary Signatures Anne Olson 01/04/2022 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The number of shares includes 929 additional shares that were not previously reported due to administrative errors. The majority of these shares are time-vested RSUs that were appropriately reported as derivates on the reporting person's Forms 4 at the time of grant, but not recategorized as shares of common stock at the time of vesting. ( 2 )Represents shares withheld for payment of taxes in connection with the vesting of restricted stock. ( 3 )Represents a contingent right to receive 1,121 common shares of beneficial interest of Centerspace vesting over three years, in one-third increments on each anniversary of the grant date: January 1, 2023, 2024 and 2025. ( 4 )Represents the right to purchase 7,525 common shares of beneficial interest of the Centerspace, vesting over four years in one-fourth increments on each anniversary of the grant date: January 1, 2023, 2024, 2025 and 2026.

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).

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