#USA #Minneapolis #Centerspace #Board of Trustees #Jeff Caira

Centerspace Announces Change to Board of Trustees

In a significant leadership transition, Centerspace (NYSE: CSR) has revealed that Jeff Caira, a long-standing member of the Company's Board of Trustees, is set to retire. His departure will be effective upon the conclusion of the 2025 Annual Meeting of Shareholders on May 14, 2025. In his tenure since 2015, Caira has served diligently in various pivotal roles, including chair of the Nominating and Governance Committee and participation in the Audit Committee.

John Schissel, the Board Chair, acknowledged Caira's substantial contributions, stating, "Jeff has provided consistent and invaluable leadership to the Company. His guidance during our transition to a pure-play multifamily model has laid important foundations for operational excellence and growth." The strategic moves made under Caira’s oversight have positioned Centerspace well for future endeavors in an ever-evolving market.

President and CEO Anne Olson echoed these sentiments, highlighting Caira's commitment to enhancing the management team's capabilities and fostering a culture of improvement across the Board and the Company itself. His leadership has not only fostered team synergy but also geared the Company for its sustainability goals and multi-family housing initiatives.

Since January 2024, Centerspace has refreshed its Board with new members, suggesting a comprehensive strategy to invigorate its governance approach. This refresh also follows the retirement of another trustee in May 2024, marking a significant shift in the board’s composition aimed at embracing new perspectives and strategies.

Looking Forward

As Centerspace looks ahead, the leadership change signals a potential evolution in its strategic roadmap. With shifts occurring in real estate, including economic fluctuations and changing rental conditions, the focus will be on adapting and responding to these challenges effectively. The Company is aware of the various risks that can impact its operational success, which include changes in local economic conditions, interest rates, and competition in the real estate market.

Caira's departure comes at a time when Centerspace is primed for growth, with ongoing initiatives aimed at expanding its footprint in the multi-family housing market. The incoming Board members are expected to bring their expertise to build on the momentum created during Caira's tenure.

Furthermore, Centerspace has been recognized as a top workplace for five consecutive years, as reported by the Minneapolis Star Tribune. This accolade emphasizes the Company's commitment to its employees and its community, reflecting its values of integrity and service.

About Centerspace

Founded in 1970, Centerspace has established itself as a prominent owner and operator of apartment communities, currently overseeing 71 apartment complexes that encompass over 13,000 homes across states including Colorado, Minnesota, and North Dakota. The Company’s dedication to providing quality homes aligns with its mission to serve the community while maintaining high standards of governance that contribute to its successful operations.

As Centerspace transitions into this new leadership era, stakeholders and investors will be keenly observing how the fresh insights of the newly appointed Board members will navigate the complexities of the real estate landscape, ensuring continued growth and sustainability for Centerspace’s future.

For more information regarding this change and Centerspace’s ongoing projects, reach out to Josh Klaetsch, Director of Investor Relations, at (952) 401-6600 or via email at [email protected].