Centerspace (NYSE:CSR) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET
Company Participants
Joe McComish - VP, Finance
Mark Decker - CEO
Bhairav Patel - CFO
Anne Olson - COO
Conference Call Participants
John Kim - BMO
Brad Heffern - RBC Capital Markets
Rob Stevenson - Janney
Connor Mitchell - Piper Sandler
Buck Horne - Raymond James
Wes Golladay - Baird
Operator
Good morning and welcome to today's Centerspace Second Quarter Earnings Call. My name is Candice and I'll be your moderator for today's call. [Operator Instructions]
I would now like to pass the conference over to our host, Joe McComish, Vice Principle of Finance to begin.
Joe McComish
Centerspace’s Form 10-Q for the quarter ended June 30, 2022 was filed with the SEC yesterday after the market closed. Additionally, our earnings release and supplemental disclosure package has 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 other recent 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 a reconciliation of any non-GAAP information, which may be discussed on today’s call.
I'll now turn it over to our CEO, Mark Decker, for the company's prepared remarks.
Mark Decker
Thanks, Joe, and good morning everyone. Joining me this morning is Anne Olson, our Chief Operating Officer and Bhairav Patel, our Chief Financial Officer. It remains an incredible time to be in the housing business. While it appears clear that the industry's strong growth is primarily attributable to inflation, which we're witnessing on both revenues and expenses, the fundamentals of our business, supply-demand, traffic and the attractiveness of renting versus owning a home from standing have never been more optimistic about our business.
In light of the current environment and our positive results for the quarter, we're increasing our outlook for the year. Our NOI growth will drive an increase of nearly 14% in core FFO, and we've now been able to grow same-store NOI and core FFO each consecutive year since 2018. This is a track record few can match and a testament to the resiliency of our portfolio.