Centerspace (NYSE:CSR) Q2 2024 Earnings Conference Call July 30, 2024 10:00 AM ET

Company Participants

Josh Klaetsch - Investor Relations
Anne Olson - President and Chief Executive Officer
Bhairav Patel - Executive Vice President and Chief Financial Officer
Grant Campbell - Senior Vice President, Investments

Conference Call Participants

Brad Heffern - RBC Capital Markets
Rob Stevenson - Janney
Connor Mitchell - Piper Sandler
John Kim - BMO Capital Markets
Mason Guell - Baird

Operator

Good morning and welcome to Centerspace Quarter Two 2024 Earnings Call. My name is Kiki and I will be your conference call operator today. [Operator Instructions]

I will now hand you over to your host Josh Klaetsch to begin. Josh, please go ahead.

Josh Klaetsch

Good morning. Centerspace's Form 10-Q for the quarter ended June 30th, 2024 was filed with the SEC yesterday after the market close. 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 Centerspace's President and CEO, Anne Olson, for the company's prepared remarks.

Anne Olson

Good morning, everyone, and thank you for joining Centerspace's Second Quarter Earnings Call. With me this morning is Bhairav Patel, our Chief Financial Officer; and Grant Campbell, our Senior Vice President of Capital Markets.

Before taking your questions, we will briefly cover our results and trends before discussing our outlook for the remainder of 2024. We have a lot of good news, starting with earnings of $1.27 per diluted share of core FFO for the second quarter, driven by stable revenue growth and discipline on expenses.

During and subsequent to the quarter, we issued shares on our ATM with proceeds of approximately $37 million at an average gross price of $69.60 per share, which we are using to reduce leverage. These sales are a positive contrast to our first quarter stock buybacks at an average of $53.60 per share.