D/B/A Centerspace (CSR) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

I would now like to pass the conference over to our host, Josh Klage with CenterSpace. You may proceed. Good morning, everyone. CenterSpace's Form 10Q for the quarter ended June 30, 2025 was filed with the SEC yesterday after the market closed. Additionally, our earnings release and supplemental disclosure package have been posted to our website at centerspacehomes.com and filed on Form 8K. 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 your caution not to place undue reliance on these forward-looking statements. Please refer to our earnings release for reconciliations of any non-GAAP information which may be discussed on today's call. I'll now turn it over to CenterSpace's President and CEO, Anne Olson, for the company's prepared remarks. Good morning, everyone, and thank you for joining us. I'm joined today by our SVP of Investments in Capital Markets, Grant Campbell, and our CFO, Bharat Patel. Last night, we reported strong results from our same-store portfolio, with a .7% -over-year increase in revenues, driving .9% -over-year growth in NOI. However, due to our planned strategic transactions, we're lowering the midpoint of our guidance by 4 cents to account for the impact of capital recycling activities. While Bharat will provide detail on the financial results and outlook, I want to spend a few minutes on the execution of our longer-term strategy. In June, we announced a series of transa...