Centerspace (NYSE:CSR) Q3 2022 Earnings Conference Call November 1, 2022 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
Rob Stevenson - Janney Montgomery
Connor Mitchell - Piper Sandler
Wes Golladay - Baird
Buck Horne - Raymond James
Brad Heffern - RBC Capital Markets
Operator
Hello, and welcome to the Centerspace Q3 2022 Earnings Call. My name is Lauren, and I will be coordinating your call today. [Operator Instructions]
I will now hand you over to your host, Joe McComish, Vice President, Finance, to begin. Joe, please go ahead.
Joe McComish
Centerspace's Form 10-Q for the quarter ended September 30, 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 Form 10-K filed for the year ended December 31, 2021 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 Mark Decker for the company's prepared remarks.
Mark Decker
Thanks, Joe. And good morning, everyone and thanks for joining us. With me this morning is Anne Olson, our Chief Operating Officer; and Bhairav Patel, our Chief Financial Officer.
Strong fundamentals continue in the rental housing business and 2022 will likely go down as one of the best years on record. Against that backdrop, Centerspace has performed well, and I'm delighted to report that core FFO per share is up 17% quarter-over-quarter and 11% year-to-date.
I'm also happy to share that our guidance for the full year is for at least 10% core FFO growth, and the top line story remains encouraging. The capital markets have been volatile with a 10-year up over 130 basis points since we last got together or almost 50% from mid-2s to over 4%. The speed of this move paired with the continued inflation in materials and labor as well as a return to pre-COVID seasonality have caused us to trim our guidance from August.