The following is a summary of the Centerspace (CSR) Q2 2024 Earnings Call Transcript:
Financial Performance:
Centerspace reported Q2 core FFO of $1.27 per diluted share.
Same-store NOI increased by 2.4% year-over-year.
Revenue from same-store communities rose by 3.4% compared to Q2 2023.
Full year core FFO guidance raised to $4.85 per share, reflecting a $0.02 increase.
Business Progress:
Successfully issued shares on ATM, raising $37 million used to reduce leverage.
Enhanced balance sheet by recasting the line of credit to extend its maturity to 2028.
Appointment of Jay Rosenberg to the Board of Trustees.
Stable growth in resident retention and reduced turn expenses have maintained high occupancy rates and driven rental rate growth.
Opportunities:
Despite higher interest rates limiting transaction activity, optimistic about execution on external growth due to improved cost of capital conditions.
Risks:
Potential impact of economic volatility and higher interest rates on transaction volume and new opportunities.
More details: Centerspace IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.