Q2 2024 Centerspace Earnings Call Transcript
Key Points
- Centerspace (CSR) reported strong earnings growth with core FFO of $1.27 per diluted share for Q2 2024.
- Same-store revenue increased by 3.4% year-over-year, demonstrating portfolio stability.
- The company successfully issued shares on its ATM, raising approximately $37 million to reduce leverage.
- Centerspace (CSR) recast its line of credit, extending maturity to 2028, enhancing financial stability.
- Resident retention exceeded projections, helping maintain occupancy and drive rental rates.
- Property operating expenses increased by 5.1% year-over-year, driven by higher repairs and maintenance costs.
- Bad debt was up quarter-over-quarter, although year-to-date levels are in line with historical norms.
- The company expects lower core FFO per share in the second half of the year compared to the first half.
- Omaha market occupancy trended lower, driven by ongoing value-add projects.
- Economic volatility and higher interest rates have limited acquisition opportunities over the past 18 months.
Good morning, and welcome to Centerspace Q2 2024 earnings call. My name is Kiki and I will be your conference call operator today. (Operator Instructions)
I will now hand you over to your host Josh Klaetsch to begin. Josh, please go ahead.
Good morning. Centerspace's Form 10-Q for the quarter ended June 30, 2024, was filed with the SEC yesterday after the market close. Additionally, our earnings release and supplemental disclosure package have been posted to our website at centerspacehomes.com and filed on Form 8-K.
It's important to note that today's remarks will include statements about our business outlook and other forward-looking statements that are based on management's current views and assumptions. These statements are subject to risks and uncertainties discussed in our filing under the section titled Risk Factors and in our other filings with the SEC. We cannot guarantee that any forward-looking statements will materialize and you are cautioned not to place undue reliance on these
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