Patel Bhairav 4

What Happened

• Bhairav Patel, EVP and CFO of CENTERSPACE (CSR), was issued 620 performance shares on Feb 2, 2026 (award code A). The fair market value on that date was $63.83 per share, making the 620-share award worth about $39,575.
• Simultaneously, 202 shares were withheld/disposed to cover tax withholding (code F) at $63.83 per share for a total withholding value of $12,894.

Key Details

• Transaction dates: issuance and withholding both reported for 2026-02-02; Form 4 filed 2026-02-04 (appears timely).
• Prices and values: award recorded at $0 acquisition price (non-cash award); FMV used for tax withholding $63.83/share. Withheld shares: 202 shares = $12,894. Award value: 620 shares ≈ $39,575.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Notable footnotes:
  • F1: The award was a performance share granted 1/1/2023 tied to TSR vs. the FTSE Nareit Equity Index for 2023–2025. The company’s estimated TSR placed it at the 70.8th percentile, producing a 183.20% payout (5,444 shares total). 90% (4,824 shares) were accelerated and issued on 12/26/2025; the remaining 10% (620 shares) issued 2/2/2026.
  • F2: Shares were withheld to satisfy tax withholding obligations.
  • F3: $63.83 reflects the company’s FMV per share on 2/2/2026.
• Transaction codes: A = Award/Grant; F = Tax withholding (share-for-tax).

Context

• This was an issuance of performance-based compensation, not an open-market purchase or a discretionary sale. The 202-share withholding is a routine cashless tax-withholding step and does not necessarily indicate insider sentiment about the stock.
• The larger performance grant (5,444 shares total) reflects the payout above target based on relative TSR for the 2023–2025 measurement period; most of that award had already been accelerated and issued in December 2025.