Centerspace (NYSE:CSR) Q1 2022 Earnings Conference Call May 3, 2022 10:00 AM ET

Company Participants

Emily Miller - Investor Relations

Mark Decker - Chief Executive Officer

Bhairav Patel - Chief Financial Officer

Conference Call Participants

Brad Heffern - RBC Capital Markets

Buck Horne - Raymond James

Connor Mitchell - Piper Sandler

Rob Stevenson - Janney

Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.

Operator

00:03 Good morning and thank you for attending today’s Centerspace Q1 2022 Earnings Call. My name is [Jason] [ph] and I'll be the moderator for today's call. [Operator Instructions]

00:19 I would now like to pass the conference over to Emily Miller. Please proceed.

Emily Miller

00:25 Good morning, everyone. Centerspace’s Form 10-Q for the quarter ended March 31, 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.

00:46 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.

01:09 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.

01:25 With me this morning is Mark Decker, our Chief Executive Officer; and Bhairav Patel, our Chief Financial Officer. Mark, I will now turn it over to you.

Mark Decker

01:33 Thank you, Emily, and good morning everyone. Quick note, I'm going to cover Anne Olson’s operating commentary this morning since she's a little under the weather. It was around this time a year ago that the housing business really took off and our portfolio with it. For the first quarter, we achieved NOI growth of 7.8% and Core FFO growth of over 3% despite some headwinds from the combination of a colder than average winter combined with a dramatic spike in energy prices.