Centerspace (NYSE:CSR) Q2 2023 Earnings Conference Call August 1, 2023 10:00 AM ET
Company Participants
Josh Klaetsch - IR
Anne Olson - President, CEO, Secretary & Executive Trustee
Bhairav Patel - EVP & CFO
Conference Call Participants
Bradley Heffern - RBC Capital Markets
Barry Oxford - Colliers Securities
Connor Mitchell - Piper Sandler & Co.
Robert Stevenson - Janney Montgomery Scott
Wesley Golladay - Robert W. Baird & Co.
Operator
Good morning, everyone, and welcome to today's conference call titled Centerspace Q2 2023 Earnings Call. My name is Ellen, and I'll be coordinating the call for today. [Operator Instructions]. I would now like to turn the call over to Josh Klaetsch to begin. Josh, please go ahead, whenever you're ready.
Josh Klaetsch
Centerspace's Form 10-Q for the quarter ended June 30, 2023, 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 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 filings under the section titled Risk Factors and in our other filings with the SEC. We cannot guarantee that any forward-looking statement will materialize, and you are cautioned 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 Anne Olson for the company's prepared remarks.
Anne Olson
Good morning, everyone, and thank you for joining our call. With me this morning is Bhairav Patel, our Chief Financial Officer. We're pleased with our second quarter results, and I'm happy to be here this morning to discuss them with you. Revenue growth has been strong. Our occupancy is steady and expenses have moderated significantly from 2022.
Jumping right in on revenue, we are seeing consistent strength, achieving 7% to 10% revenue increases across our markets in the same-store portfolio over the same quarter last year. This is heavily driven by leasing. With respect to our revenue trends in the second quarter, we moved through 30% of our portfolio lease expirations. And on same-store new lease trade-outs we achieved 5.2% increases and 7% increases on same-store renewals.
This results in a 4.9% blended rent increase. These trends continued in July with 4.6% increases on same-store new lease trade-outs and 4.1% increases on same-store renewals, resulting in a 4.3% blended rent increase. With respect to expenses, we can see our efforts to mitigate expense increases are working.