Centerspace (NYSE:CSR) Q4 2022 Earnings Conference Call February 22, 2023 10:00 AM ET

Company Participants

Joe McComish - VP, Finance

Mark Decker - CEO

Anne Olson - COO

Bhairav Patel - CFO

Conference Call Participants

Brad Heffern - RBC Capital Markets

John Kim - BMO Capital Markets

Alexander Goldfarb - Piper Sandler

Rob Stevenson - Janney

Wes Golladay - Baird

Operator

Hello, everyone, and welcome to the Centerspace Fourth Quarter 2022 Earnings Call. My name is Daisy, and I'll be coordinating the call today. [Operator Instructions]

I would now like to hand the call over to your host, Joe McComish, VP of Finance to begin. Joe, please go ahead.

Joe McComish

Centerspace's Form 10-K for the year ended December 31, 2022 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 statements 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 Mark Decker for the Company's prepared remarks.

Mark Decker

Thanks, Joe. Good morning, everyone, and thank you for joining us. With me this morning is Anne Olson, our Chief Operating Officer, and Bhairav Patel, our Chief Financial Officer.

2022 was an ambitious year for Centerspace. We had several large forces at work, multiple large integrations of communities, people, and systems from late in 2021, meaningful labor pressures given that all of our communities are in highly employed markets, inflation, and the reset of the cost of capital. And yet, we did continue to grow the quality of our portfolio and we were able to grow core FFO per share by 11%.

I'm confident we're on the right track as I listened to the many earnings calls and speak to private peers. We're in good company as it relates to strong fundamentals and expense challenges, though we are different in terms of our Midwest and Mountain West market exposure that's provided us with leading consistency in revenues and NOI growth since 2018. I get more excited when I consider that we've been able to find accretive ways to grow and our internal growth opportunity remains since we really are just a five-year-old owner-operator.