CSR - Earnings call transcript Q3 2024

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Operator

Hello, everyone, and welcome to the Centerspace Q3 2024 Earnings Call. My name is Ezra, and I will be your coordinator today. [Operator Instructions] I will now hand you over to your host, Josh Klaetsch at Centerspace to begin. Josh, please go ahead.

Joshua Klaetsch

Good morning. the SEC September closed. yesterday for filed XXXX, XX-Q the with after Form quarter XX, ended was Centerspace's the market

subject Please our These about centerspacehomes.com our are current supplemental discussed filings risks to and and titled discussed note for statements release that that Risk on to We X-K. in these earnings not be and that any have will to refer any of with which statements Factors reconciliations outlook Additionally, posted include may statements. views in undue are and remarks been forward-looking statements guarantee you today's It's filings the information, to under the disclosure important management's place our business our cannot uncertainties materialize, section our filed on and based and package to at other earnings are on today's assumptions. will call. on non-GAAP our Form cautioned and website forward-looking statements release other reliance SEC. forward-looking

turn it over the and for Olson, now prepared Space's Center remarks. Anne company's CEO, President to I'll

Anne Olson

are morning, Officer; Patel, and thank everyone, joining morning for third our earnings President Markets. Good Capital call. our this me Chief you quarter Financial Senior Campbell, and With Investments Grant Centerspace's Vice and Bhairav of

remainder questions, taking the discuss XXXX. of and for your we outlook Before will briefly results cover our our

share $X.XX expense stable lot We core by control per of a of for have of earnings the share, good initiatives. to and quarter with FFO news growth revenue driven third starting

end, I more units at but mortgage debt we and our of with the our to share on stock which presence leasing momentarily. premium a price. provide that trends. issuance simplify quarterly details attractive our transaction purchase we combination balance acquired Bhairav results, continue will discuss And want Denver some Grant long-term of of will and about to the to the OP in sheet. We our assumed to quarter [indiscernible] subsequent expanded a market with improve

For the over X% XXXX. revenue period in same-store third quarter, increased the same

growth achieved, of this peer of seasonally the resulting by renewal for the at proud lease we multifamily on quarter. and are the XXXX in growth new X.X% X.X% the increased down Same-store while was are top trade-outs group. We X.X%, blended lease leases slowing high end public of which increases

several North continued our while blended we Nebraska portfolio Dakota growth during After strongest our again among anticipated the in portfolio. lower absorption quarter. recent supply markets should and once also saw highlight the lease market communities where increasing Minneapolis, Importantly, we deliveries increases. the spreads while the improvement achieved us, over does and quarter-over-quarter basis pricing. both Maintaining XX.X% against experienced leasing of footprint been which for objective period focus than year. these has XX last the our results is to also supply a has that and and occupancy of occupancy. above our given that trade-off a same caution to communities as of at to years XX% from nationally relative lead rent our I'll recognized an extrapolating have blended occupancy point and our portfolio new the results lower ranked benefited for averages, results tailwind I'd seasonality the to act like outside our national prioritization a Much with blended absorption X.X%. Minneapolis, X.X% quarter. here, of in largest X.X%, future strong

of though to at remained homeownership our helped our increased XX% last debt bolsters elevated levels value months. residents cost the XX%. Renting compelling is rent bad the which during for occupancy a year, the up has spreads trending drive across income Health blended year-to-date our to similar to remains norms, for markets. sustainable and compared historical strong, remains remain seasonally retention Resident from slightly over at quarter, Resident slower and leasing

per a operating results of by we full to of raising FFO As are $X.XX markets and guidance our year $X.XX activity, core midpoint our our share. capital the reflection

assets results results for positive we While expense bottom have are the costs such expectations to well and revenue side the property our the functions. trended line. our include and on items in from that to savings to initial as NOI These low expense utility related centralizing growth, and end certain directly that management are there XXXX, of lower getting as technology turnover revenues, as guidance leveraging

$XXX to shares flow on our balance our and third capital structure are both of the we valuation Proceeds our the approximately remain cash issued shares. about to The we C our In markets raising activities. disciplined opportunity of simplify million. liquidity used were our our was quarter, sheet million entirety Series X.X improving to share ATM, redeem and while improve and capital mindful attractive, but intend preferred

our and a today, includes we our of earnings to provider the investors. Lydian, broadly. and that of a premier and As acquisition and Grant things the apartment communities sit to we be well discuss for transaction over market new very more to I'll drive consistent positioned vision feel Part advance vision vibrant that turn community, growth homes to Grant?

Grant Campbell

to platform built a leased and other property scale. this space space the X.X miles front of the is to acquisition and completed center portfolio geographically station. broader good our we X and rail Earlier Lydian morning. opportunity in also providing street-level communities, home XX,XXX XXXX proximate Denver. Denver access located leverage light retail feet of door XXX of square The within operating Thanks, month, features commercial community with fully This Anne

best execution community the us a in the We to add operating expect business an Lydian the our implementation After provided our that also the at attractive structure external we plan, generate X% our range. NOI advanced introduce high to Lydian yield to are excited portfolio mid- to terms. financial of growth of with and platform practices.

of mortgage issuance common was the rate the units at purchase operating of maturing a We via partnership along X.XX% $XX.XX with Specifically, a of unit. assumption million long-term funded balance XXXX. $XX at our attractive debt with interest in per

where the property a over over district million financing of taxes funded principal receiving of $X on community pay by estate tax we agreement. interest real increment the is and duration the we of the TIF anticipate payments, Additionally, the part

the transaction we a in conviction and at market gap buyer buyers, of both to smaller seller increased to Looking higher broadly, between levels leading continue the and expectations demand. from see with market and showing investor liquidity more

of transaction we this and belief more And into strategic volume continue to to opportunities when growth our move themselves increasing take present initiatives. opportunities Our will the as they XXXX. will align we market with want advantage actionable

which of peak from on at for this each apartments highlights recently as our new we X.XX% remain With side, the relative past largest valuation the strong. side, stock pricing our of And the market, NOI well have markets On supply Denver, been in quality to materially. our construction deliveries at attractive are coming located this communities of and in starts currently cap rates. declined markets Demand XX% trading such higher trades. X% have the

As future our outlook markets our potential. all and turn tapering, phase that, growth And move overall XXXX. deliveries are into for remainder Bhairav I'll for absorption net our with financial it with we excited discuss to of results the to the over

Bhairav Patel

same-store only from year-over-year share weighted year-over-year reported home for driven and up losses X% basis were a X.X% QX with in muted increased a driven in stood occupancy, nonreimbursable by good XX compared maintenance of higher Controllable Revenues repairs per increased X.X% in quarter. everyone. and revenue by increase remain and Same-store per driven the by basis and by FFO marketing quarter, administrative growth we drivers on-site night, insurance occupied compensation the Last growth. which core point XX communities of diluted and primary year as expenses Grant, NOI. Thanks, for to same-store year-over-year, $X.XX at XX.X% X.X% morning, to by savings noncontrollable increase by last quarter of the increase expenses a compared expenses XXXX, points as spend. the in average up and premiums were third offset year-over-year third

expectations guidance. increase to which We last versus in an an in expect our guidance expectations of initial $X.XX updated to February. $X.XX our prior core now $X.XX FFO and Turning the We of at press of night's increase released midpoint, compared is XXXX our release.

same-store X% growth guidance revenue expected, We are than softening for revenues With rent market NOI now expectations while more our same-store year-over-year the growth. are lowering midpoint maintaining expense both of X.X% and growth X.X% at growth lower for by increase the same-store to which offset X.XX%. in decline be to to projected year. now projected to is projected The are in by expenses, X.X% revenue increase to

conjunction year Lydian range is between Moving on now interest debt primarily million assumed $XX.X of components interest expenses property million range G&A Increased driven million. We the to million for $XX.X between to and in acquisition. the to and to other $XX.X expense the expense with to $XX management by expect guidance.

factored or per CapEx unit acquisitions, Our and the our into value-add expectations no issuances unchanged. recurring are Lydian, dispositions, additional spend same-store regarding are After guidance. borrowings

steps series used our Anne million. raising capital front, to our series the On of shares of proceeds program, sold preferred gross balance We've to a retire on our noted, further were the both and have as These nearly the strengthen under proceeds credit. C balance $XXX X.X we year-to-date million nearly ATM line sheet. of taken decrease

and impact interest the X% the were range. to issuance, will on mid- both mindful coupon in the be we always rate, equity of respectively, While of high these

relative pro to achieved sheet, forma a average of was cost maturity active of yield it and to the a simplified for Issuing a redemption capital announced strengthened Series balance your board. weighted recast time And we and back that momentum and preferred X.X to cash maturity profile logical look our preferred turn average last X on based close line years. stock the across coupon and we our the that our on flow with was is which line a I our approximately schedule questions. routing. our this flow stock dividend million XXXX. expected in of To credit, expanded to strong a results, we on Combined manner of We has share markets. by X.XX% out operating X.X% portfolio a productive common weighted operator year forward increase our the very sustaining quarter for the X.X% our well-laddered We of that, the conclude, debt our The will per roughly cash as and both structure per improved equity in Lydian leverage implied the of alone the desired C with the acquisition quarter, have of choice. $X.X our

Operator

with Brad, your [Operator Please open. ahead. comes from Instructions] Markets. Question Capital now is go Brad Our first Heffern line RBC

Brad Heffern

Yes.

market what mentioned you softening trend? also seasonal softening would that And than expected. normal You attribute rent than the Is more a to? that greater

Anne Olson

thanks. Brad,

that the I more expected, we we had is just seasonal expectation than we than -- think more slightly more. it

attribute we quarter, at that peak we bit last little of soften know, believe May. we expect supply/demand, really year. I earlier. our leasing the the it think this mostly are they look is expectations. saw this about concessions. always at And We in you But markets, we're as talked to many a happened time the They the that we're As that and across not we market, using against getting I think very rents we our just

about we where So feel good they are.

year higher. our expectations think little I the were bit just a for

Brad Heffern

then XQ And new drop substantial expiring little Got I guidance, something comps have it. anyway. revenue just you from easier. growth pretty leases going And the many it a maybe don't year-over-year at to look or looking minus. like Bhairav, to X.X%, plus The XQ, for X assume implies actually a

drop. to curious So would just a large that of I'm what lead

Bhairav Patel

Yes. Brad.

to expect slightly the have would expect we X.X% year-over-year also So a blended quarter. And in growth at we into respect going for occupancy some as have utilities expect assumption do midpoint, revenue with really we numbers. in the additionally, less higher baked in to it. flat to report quarter our favorability for is as QX at utilize basis, we about our to concessions a cost this On we guidance, we midpoint, bolstered rubs X% the Revenue

compared So on expected expenses, overall, really pretty growth NOI the year. premiums by losses X.X% the to X.X%, high last to the insurance driven midpoint be and is noncontrollable mainly at with side

Brad Heffern

leasing October Okay. for any And the read have last Do you preliminary stats? then me. on

Anne Olson

in the month. Yes. it's very We -- early

a We some are usually cut time We date. after off. allow

reflected think I the in there So guidance.

we said, believe will do Bhairav As bring be the that the revenue flat. did We down. blended

have renewals So and slightly new leases negative positive. have remained slightly remained

Operator

Please question BMO your next Kim open. is from ahead. line now John Our with is go John,

John Kim

basis quarter lease trying just rates like blended to renewals now X%, September, you're X% looks going flat roughly go to points. New lease it's that So for of down third to below XX were plus And it in isolate flat expected the or quarter. your fourth results, go saying

renewals and lower. what leases new driving So between that number lease components are new

Bhairav Patel

quarter's fourth a rate and to mid-Xs average mid somewhere new negative to the on we so expect renewals the John, respect expectations, with trade-outs. to in expect to leases average we

respect XX%. it's base case That's expectation that's what's to with our balancing expectations. our why So driving is

John Kim

what to And determine? early going do earnings year? on too is it next your you have is a view be Or to for

Bhairav Patel

It's -- it leasing we year to next through estimates, that can at we X.X% this this our at going it's close year to point. but and is with change are than are The be working less earn-in respect point, through as for this working evolve. to trends X%

John Kim

the really quickly Just once you get it How level? guys your you the new under to Denver you mentioned on And high that asset platform. to yield cap going-in long mid- comment stabilize acquisition, on the take a rate. will X% can to if

Grant Campbell

we we operational yield and of those to prepared mark-to-market that a expiration XX then schedule the best there other terms John, to of basis. the to as is in items the we'll you From tax residents there's to through some XXX-day X. this think a rents a are XX- property the XX roll that Yes. practices service like in NOI that provide in potential savings, perspective, months. items day-to-day initiatives take We to blended on alluded the first lease operating remarks, is Grant. going things And related

XX different X kind months really at of of holistic kind buckets, implementation. So looking but for

Operator

is Mitchell Piper Our from question next Sandler. Connor with

Connor Mitchell

are you retention finally, like just that color supplemental the plan bit the them might rates retention year disclosing future? the then than quarter? be driving give a higher, what So And just on or why do in higher or some they this you rates retention of think might be it sounds more guys might the turnover in previously. little Can on in the us had you kind quarter

Anne Olson

question, good Connor. a That's

publications. so 'XX of respect consider looking we'll the and are seeing are year, they to that higher and retention ways With they've rates month It's year-to-date, people we're traffic that down across higher our for future being earlier they the been enhance higher, than in supplemental, looking retention also We always past. pattern. to last rates not for We've higher. were been the that slightly seen had in showing

seen supply is of across as looking pretty a I think earlier. out so dramatic the a more then that have And than people some a we renting in high buy as and choice drop the little the category. decisions bit right, people making And and affecting is market, industry And the percentage of to lot with have leaving larger homes. And a that necessity cost of population. -- a more housing, we also, renters of

are Our below average rent around $X,XXX, just right $X,XXX.

So most house, have That's XX%. pre-COVID buy to are looking were to to years percentage XX% out post-COVID. may ago residents that a to X X of move about was fallen or XX% our been

retention I rates. So that impacting think our is

Connor Mitchell

on Okay. or the any you kind think all some to about balanced instead. And whether way color rates about just then to you pricing us you of of kind along guys just and same costs just renewals, up lines, the partially retention that's kind the new renewals market maybe new as leases offset leasing leases. Could for of with give think how

you there color would be any have helpful. Just might

Anne Olson

and Sure, take lease make competitive, away Yes. goes is And far property renewal we really lease to that individual depends XX but Connor. by want approach by market. renewal property time, before days price out How to actually resident the We it happens. lease. pricing that that during from the

might slightly. for they that way XX%. If if be all coming away market, they're market. market, might they're above to up away market, So the we might down only X% they're from If take go they XX% renewal

but to us want because overall it to renewal the having to also both in we order having pricing committed lease turn because helps offsets are costs, renewals there total pricing attractive, that people make staying those committing revenue. that to So new maximize that

So hard if then we lease people push renew really on that less we pricing more. risk and softens new renewals,

overall focused in them turning want make to revenue. we're factor that experience really -- costs to with resident best pricing. us providing when take the that trying on value and we the approach do associated best giving so the and there residents stay we to approach the also really maximize are So We with we're

Connor Mitchell

just Okay. Bhairav one for quick Very helpful. as And then well. one maybe

You for and guys expenses drives like which revenue rubs. talked about utilities, forecasting

and when bottom picture, does of utilities, earnings at forecasted might kind line? the you Just we of is guys a net earnings big expenses the looking wondering think out it terms for how about impactful are revenue essentially in for to or

Bhairav Patel

Sure.

to utilities, through passed of XX% most costs. of utilities respect gas So other with the utilities we and

hedged, of part, you'll expenses we're most through like P&L, up form of in the form see look feel coming and going our for revenues So at utilities although the the you in when we rubs expenses. the

income we a gross but a which gas on especially charge we for XX% amount hedged, pretty given years there's of passed well X.X about up So through, the year, the the part, we like ago, we're the side, feel we statement, where out rolled cost. the most on rub

Operator

from comes Our Wells Fargo. with Clark next Cooper question

Unknown Analyst

an of moving Denver to Just wanted wildfire coming of mid- about your late to in how the in concerns ask much it up to expecting you're and November. Wondering have growth renewal as impact? what may some relates insurance pieces type

Bhairav Patel

Yes, renewal don't really color stages provide. any definitive Initially, cycle. renewal. expected we pretty in had final our we of are favorable have to We the a

carriers may estimating However, of of some the especially their storms kind have recent an exposure activity, the in as impact are Florida there.

are on something next We looks renew but said, about the front waiting that But in Denver be wildfires as activity do month very we impact. again, the report were, indications breadth find or may to so. the We able have the we'll some recent favorable, renewal like. with hopefully, soon. to I Early yet, in anything greater haven't specific although what heard out

are of the final in that. stages So we

Unknown Analyst

X just provide where bad elevated of And on Wondering as on quarter? levels was bad markets for you any have where may debt you if follow-up. then And an more could color the Awesome. update certain debt?

Bhairav Patel

Certainly, we for end bad XX to about From perspective, basis of any there range markets. towards the we across quarter, trends us to glean XX levels expected our the continue that aren't look to high any XX really as a year-to-date terms points basis of markets, of debt. the third expecting were XX from in our to puts are of broader points, and we same

spread nothing relatively noting. out just and a or I market kind to that's think of across with worth X, markets our respect it's specific

Operator

is with Janney. Rob Stevenson question next from Our

Robert Stevenson

the was of negative quarter, meaningfully Minneapolis growth that widespread the portfolio? lease in and positive lease any where Anne mainly new by fairly guys? new X.X% was markets third the growth Denver? still driven across for you Or was And

Anne Olson

Yes. lot now. seeing say and markets I'd we're all our a markets Dakota in down slow still but strength the Nebraska, North right generally, of across

typically the that's the So we decline Mountain other Rapid And are that are market and seeing and billings City tremendous had markets drivers Minneapolis. Denver lease that's COVID. West during bigger we where growth a in then -- a saw

has that's seeing still But then been than little had market out we that those Nebraska leveling growth, are be some others. And strong the led also in where and no we've to market. so supply a negative more North across there Dakota, really

Robert Stevenson

guys are savings much to the Okay. spend still for programs the And forward? your various expense for are tech then and anticipating technology realize you on over months additional going how XX side next you left

Anne Olson

question. great a that's Yes,

technology implemented currently fully We all we're that stack have the really at. of looking

that of smart additional behind properties that and exception which XXXX. fully for rent has XX% we The side, it. add. So consider is identify that really to us. we About in rent an would portfolio from to the implemented I'd the plan our smart be value say implementation, expense

we're efficiencies models and So our technology. implementation on then adoption that but adoption change staffing -- how and to respect operating really, at of can the side, the given looking with

And have like a we centralized of companies industry, positions our lot certain across within teams. the property

in community So asset remote we rather manager now have an assistant every positions. than have at regional those

forward technology, look and the to other say, forward efficiencies on that impacts that moving trying those data what are staffing really models, what and with have we there. did we're the So operations, do implementation

So those. harnessing some we're of still

-- think probably we'll model I a full true implementations. of year from savings will next the see year be staffing

Robert Stevenson

great. And That's one last Okay. for then me.

upside. future the asset to comfortable current contribution an are that rates you Are would in given NOI market? thinking you existing into and that to another buy Denver, up on be look X post in XXs, sell like your Given acquisition, from you taking order cap how your in about to Denver Minneapolis maybe acquisitions Denver going more comments Lydian with

so how going size about thinking your the exposure and And you of portfolio forward? Denver guys optimal are

Anne Olson

think lot Yes, this about. a something is we

seeing Lydian through we opportunities With and Denver that. we like of more that have come out the more external really and operations could grow Denver. other that, we are like markets And in in while need growth Minneapolis We like opportunities. so we in

We across seeking are and opportunities. actively Mountain markets the West looking out in

So take how exposures below time to would time. stay those like ideally, XX%. But some changed us both growth the with portfolio to it's market external has we to going that. through and work over

maybe So might a to stabilized to of portfolio. the its XX% little way bit a rise on XX% it

Operator

Michael Our from go is Michael, BTIG. is next line now with Please ahead. question open. your Gorman

Michael Gorman

do so Is much guess, well? think kind as baked as of I possible you space in operating Grant, is the center go Denver in back a kind to as could to how at you improved directly the coming in mark-to-market is about it talk how that that to that break acquisition piece from in growth about the for down of much side market all versus of second. you that secondarily improvement that efficiencies, I that, and terms of rent expense if how the about yield? of of yield kind control about there talk Is you just spoke

Grant Campbell

the these and savings. that in control, there that path that Mike, alluded feedback counterparty appeal tax We Obviously, think, to savings some we fair potential logical will, solicit and there's own. mark-to-market communities like you very we normal but the a we are logical in in our sense taxes if to, very a I have savings. of assets think been that Things the there's to path I rents of we underwriting this all those to our we on they Yes, asset. rents, from, in question. think Mark-to-market appreciate one, achieve achieve to we've a there's conservative course

to for and scheduled top case So very that growth, X.X% pro is of could The year has perhaps kind our line rent we measured X.XX% taken instance, X we've expiration we base that that which approach forma scenario and here and the think do do outperform. we've a for work reason have our initiatives lease account tried to to curve we that underwriting. that through is practices, we operating target understand our to reposition operating kind of and in to standards

of a experience On put I a smile side, say on present, on number metric put being to it's a providing harder It's high-touch this having from to the a think that face. yield on service, perspective your and resident is harder into And what our assumptions and higher lead to to it's residents. satisfaction going to able those to been achieve. bake retention But do we case. higher the we've do that's know levels, base in going believe

different to different that are that on. So high talked that initiatives yield year focused mid- take things that I Xs. it X blended And think forma the in to we're about those pro the aggregate, that we buckets, X from

Michael Gorman

markets It commentary like impact I'm peak maybe, sounds then And just past the your the square a kind trying Anne, some peak of generally supply. here. Okay. or to least at are the of

revenue know bad expectations the relatively is the additional tenants? any you're about seeing impact about of year tenant of just a to half think the we out I here, going that we back supply? of or debt little you talked are as renter demand from are seeing higher. understand to metrics maybe the strong trying health Definitely, signs beyond base, of any I stress picture down. but there are just revenue I'm bit be any mean stress metrics So other

Anne Olson

-- Thanks, so we're we don't don't Mike. seeing additional stress. believe that I

remained rent the income to So levels healthy. have

expect in of while it's your up public bad And to is to XX slightly. there's well, much do a we level mean, almost I attention talking XX This picked I other that really we're peers, any stable the supply basis portfolio, debt, bit we're relatively call I could points. go. to about to of still bad lower quite to, Our want peak past still debt. absorption think,

only So in been to absorb. and markets do some the softer little still as softening not seasonality, a just it we rents see has but continue

As absorption, but leaders in either. I Minneapolis of has that in all through we're way the it one mentioned, been not market the

seeing of So in is that as into lease-up. in markets, work overall, that year our we really demand the a be tailwind I data we new through us. the But think for then and/or that any -- stress lot a should the of of vacancy there still the projects other deliveries, to still But aren't any and and drivers in these lack evidence are residents. with consumer next

Operator

[Operator Instructions] Our next question comes from Mason [indiscernible] with Centerspace.

Unknown Analyst

and seeing the demand outlook new and supply on in versus then the Can more submarket? in Denver, rates renewal you're what about you your maybe talk

Anne Olson

in you on start to why and seeing picture what we're and the renewal Yes. submarkets, new I then don't supply address with can Denver. Like ahead respect the Grant, go with and

Grant Campbell

XX,XXX Denver. which Good the real top stock in represents supply with lot that homes. months. That quick certain area, delivery from in deliveries, market past XX,XXX highest in XX-month construction currently, XX our and of not by levels under notably Aurora down recent target we higher the homes, about We percentage XX about the XXXX. at do higher look to communities of about suburban along has in of and is we we certainly levels East Metro, deliveries below the morning, continue where X,XXX is averaged submarkets are deliveries kind to side XXXX apartment When which forecasted certain look market, of recent pockets, next framing urban there. apartment That of X.X% those Mason. our with existing at are XX% below levels deliveries. is at had own levels And probably that in see XX start of I'll in when recent a

community, If of product. have some insulated deal tech relatively center, submarkets part think land couple locations of southern of that we to we other metro, to isolated a influx I the of where out, metro, Our northern a the built part experienced the a compared situations about a that own lot the communities large really own where in is of of of lot it's products.

insulated suburban seen the in that in So feeling urban influx the pockets. have core markets certain and in relatively

Anne Olson

as individual look a Denver at we the occupancy Mason, bit an our over is there. about also we as And little there XX% have XX%, data retention market,

recent new full rates, the trade-outs month be And X. slightly X.X, over Our lease X.X. the kind most trade-outs are of renewal X, would just over slightly

So some these very renewals than expiration a going quarters, sample differential but there, again, And profile. lease size, leases. new more our small given it's into

Unknown Analyst

And on any expected helped year. the rest the items onetime there are there any moderation? for expenses, the of quarter are Or that this

Bhairav Patel

take I'll one. So that

So third we the insurance OpEx, benefit health had adjusting reserve our quarter. from within in

that So variance. kind did of provide some positive

third throughout our We typical. But made reassess that's Now any typically, year. the quarter. or the the quarter adjustments in reserves are fourth

adjust this the there expected there, we year of although So reserves. something is that an when is our typically around it's also impact time

Operator

any will much. to very concludes now back hand Q&A I closing you remarks. That the Thank session. Anne for

Anne Olson

for at a of and meeting our their Thank you look I thank this teams Convention. upcoming in to forward Vegas to all the with REIT morning, have like year-to-date, efforts World you Las I'd many Tuesday. outstanding for and great joining

Operator

much, joining. for concludes you everyone, That today's call. very Thank

your lines. You may now disconnect

Centerspace (CSR) 29 Oct 242024 Q3 Earnings call transcript