CSR - Earnings call transcript Q4 2024

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Operator

Hello, everyone, and welcome to the Centerspace Q4 2024 Earnings Call. My name is Asa, and I will be your coordinator today. [Operator Instructions] I will now hand you over to Josh Klaetsch from Centerspace to begin Josh, please go ahead.

Joshua Klaetsch

Good morning.

Form 10-K for the yearWhat we're going to with 5G come yesterday actually market closed.

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

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

Anne Olson

are Grant joining Investments space's you Good morning, Markets. earnings thank Campbell, and everyone, Chief Capital fourth Center and Financial Officer; Patel, SVP Bhairav our this of and call. for morning quarter With me

will produced we outlook year our questions, that execution for your strong and company's market I position. financial results our of XXXX XXXX. taking briefly was a advancement of opportunities and platform discuss our cover Before for positive XXXX

strong did growth, drive uncertainty. headwinds supply market the to we're control and facing stable work of and on revenue the teams while diligent Our expense occupancy

we by portfolio We delivered core During the we NOI Denver, share were driven purchased of year, where per sector-leading able FFO in to $X.XX our growth. same-store expand the Lydian.

the profile float of B preferred Series and our shares on to continue redemption improving sheet our simplify our also the We the leverage with balance while ATM. issuance

occupancies. of of day. were also QX We the while leasing better in while spreads of highest ending all mantra The blended our this community X every at our proven, every given did strong positive us advancing fundamentals year quarter, our

contributed by to we improvement of the hours satisfaction X.X% retention resident volunteering increase over in members X-star our a XX% in resident which rate showed survey key X.X% online serve. outstanding scores metric the XX.X% set in increase review the and overall communities online a Our record, over year, including satisfaction, past a same-store reviews increased our aggregate had We team X,XXX every company for in of our year.

individual for incredibly home We named Workplace for consecutive industry also company year. the Great the awards and performance, to were performance. fifth Star their Minneapolis and our wonderful [indiscernible] consistently I'm brought standard and passion grateful commitment, high team of X for

our an $X.XX These has increase announcing Trustees to on by cash have per in to and distributable achieved to front we've to recognized flow, excellent led dividend I'm that share. our results this our quarterly Board what share proud increase an of

think and of CapEx we've Dakota and XXXX, cash using raising purchase million improved of and later both vigilant shares, As we current with And operational ATM, arise. strategic that purchased our move, for sheet. efficiency $XXX disposition buying after to while $XX margins our nearly stock strengthen simplify Collins. several North and portfolio's Minneapolis, flow. our under in the Funding in communities which Vista million Fort the of maintaining issued and our After back balance this the we about proceeds the opportunities we direction we In our are Lake strong leveraging paths highlight I'll taken mind, in cost while different different where XXXX, on to position and capital with markets Depending remain as about could ready take portfolio. again will late forms. capital our pursue

varied is and of the team off-market of execution toolbox pursue the position arise. OP in and opportunities stock to We premium and full in using Volition of our we the have attractive a when improve an issued has and transaction units assumption Denver, our price acquisition to The debt. on also the successfully executed demonstrated current both company growth at

be to us give today, well these vibrant consistent West our feel a premier drive homes communities to we across permanent sit leave Mountain mid moves recent the investors. some and the to of guidance, our of and we to provider and provide trends. Grant market, but As transaction vision positioned for results growth in of advance insight I earnings an discuss and into want details overview XXXX will our leasing Bhairav quarterly will

same the For increased growth X.X% over revenues X.X%. same-store quarter, fourth full in same-store to year the XXXX, bringing period XXXX

trade-outs quarter, During positive of the leasing while lease spreads blended X.X%, renewals were basis X.X%, leading same-store new were to points. down XX up

is increasing last also occupancy period XX the we these improvement achieved Importantly, which point basis a to results same while XX.X%, year. over

space footprint Our is multifamily differentiated the public of in worthy from attention. offerings other

market. consistency the the demonstrate supply, lower stable Midwest more to of appeal our of results majority fundamentals. XXXX Our The and leading markets experienced

We have and low lower markets bad rent-to-income of Dakota healthy than by communities excellent to portfolio ratios spreads lead resident regional our and economies. with the X.X%. national average continue debt North blended health both evidenced

communities saw Rochester X.X%, and Nebraska X.X% strong blended respectively. also our While growth at and

supply in XXX were In while blended pressure. marginally, I'll spreads they points. where markets experienced have were Denver, also Minneapolis, up highlight our down basis we

into Continued in is portfolio the Grant these to this and XXXX. now an share state will and believe continued produce to of tailwind we results, Grant? again a market portfolio our the expected in overview strong that it absorption will our of markets how be strong growth. plays results

Grant Campbell

morning, Dan, Thanks, everyone. good and

when deliveries peak high supply where half the fundamentals. In well are affect economic XXXX. landscape, of supply with peaked growth underlying Denver, this downward were in of deliveries, second the will earlier and XXXX. though When cadence impacts deliveries X to markets investment concentrated the of forecasted Minneapolis year, apartment continued Denver, this coupled in In for and expect watermark past of to new of our trend and it largest absorption year. recent growth compared strengthening the we Minneapolis, rent remain additions we Within demand resilient bodes

fundamentals tailwinds itself Given positioning defined XXXX. in sooner more improvement this, we relative with Minneapolis expect see for to in Denver

further markets in stock, the though supply Minneapolis XXXX both levels. remain volumes our of and apartment at are There is now. looking right forecasted XXXX capital profile. next Denver, tapering of for multifamily below respectively, In highlighting and and XXXX, X.X% a lot improved Transaction and investments existing deliveries XX-month X.X% in

volatility muted, is by continued bid-ask driven velocity transaction real-time and spread. interest rate However, the

recent For core at owners general over belief asset high West and fundamentals coming of form mid- to cap XX lack with to in priced perspective and improving XX rate Mountain lead real-time a the their asset at coupled sales velocity. instance, transaction to months, X%

allocation West front, the Mountain remain on capital year enhancing differentiated On we Midwest focused this will and geography. our

acquisitions variety of financing could investment capital. being include mezzanine attractive We strategic we and obtain can recently to grow This and the cost advance we transactions pursuit, continue partnership operating areas lending where active. while possibilities a of evaluating of potential our plan our company new all been mindful have where unit

new Regarding XXXX. that, it mezzanine track, to construction funding in Bhairav project And capital I'll outstanding overall outlook remains on for over to on XXXX community and today financial small funding, from we a Minneapolis. turn discuss results both perspective. a our with time That have X for budget line and

Bhairav Patel

occupied core a Grant, same-store compared a everyone. night, the XX quarter of and by good share reported from of we Thanks, in by X.X% X.X% the diluted year-over-year NOI. increased for $X.XX FFO morning, same Revenues driven per fourth and home same-store increase basis the communities and per Last by the in driven a by revenue to quarter. point increase expenses X.X% XXXX, Same-store driver were for as higher X.X% Conversely, estate year-over-year occupancy, which refunds received in driven tax during with increase. driven of quarter. repairs by expenses basis average were particular increase down stood year-over-year up controllable maintenance the in noncontrollable weighted XXX at the expenses largest by real XX.X% points, quarter,

last night's Turning to guidance. in press expectations We release. XXXX introduced our

Revenue assumes the to X%. expenses of leasing by at For while grows of for blended benefits the expect expected spreads to core several growth that year. of income our had FFO holding final initial XXXX guidance or year, XXXX by last their same-store would X.X% from X.X%, increase by XXXX expenses, Guidance a expenses X% midpoint over same-store X% estate assumes same-store ahead occupancy by of as midpoint refunds. $X.XX which roughly at real and rose X.X% Within growth $X.XX by at comparing we midpoint, increased X.XX% be X.XX%, are and onetime are where controllable net and results levels. noncontrollable taxes operating grew expenses revenue we the

benefits insurance renewal expenditures value-add per favorable expenses expense we almost be $XXX,XXX. of is On down due million $X,XXX million initiatives $XX year anticipate the will growth a assumed unit. G&A the between CapEx for $XX.X $XX.X expense as go property to expense by or interest expect for we million. capital $XX.X management expect saw premiums curtailed in driven interest the and centralization rolled year-over-year recurring of million home year, our out with to to range We that primarily as and in On million components while The and well guidance, acquisition. XX% range approximately to to million other Lydian average increase to we per the by expenditures, the expect debt $XX.X conjunction $XX between of XXXX

to of Our into No rents, coupled higher softer a factored recently guidance. tapered due our capital. borrowings issuances year-over-year dispositions, the market has value-add acquisitions, spending cost with additional or are

XXXX, has the BOS, as the is pool undergoing community X previously exclude we a full-scale known repositioning lithium, will acquired in been communities: our same-store and and Please in a note XXXX that which [indiscernible]. which

proceeds million profile our reiterate preferred the sold shares capital by Series X.X program, progress ATM leverage plus gross turn. million, debt preferred front, I'll of net nearly We improved our $XXX the and On XXXX. the retired from X.X C raising under nearly

laddered X.X years. of average debt maturity profile to well Our weighted and remains cost debt with time average weighted of maturity a X.X%

in for I very board. productive across strong turn To X the and portfolio We conclude, sheet, to results, building these upon our year our will operating back expanded the simplified structure of line We a results forward your to look capital it our questions. our strengthened balance achieved And that, with was operator active markets. XXXX. in the desired and

Operator

Our RBC Instructions] comes Heffern Brad with Capital first question [Operator from

Brad Heffern

Minneapolis Just recent starting months Denver fundamental improving seems sort top what we drivers least and portfolio? the in can be of your been that if contrast align does there? with with seeing And you in that compare your data market see has anything, markets, at market the just you're weakening, to in X

Anne Olson

strong Denver. absorption. the very seeing. eased we're align pressure Brad, question. in markets and thanks have with what It does for than Supply Yes. Minneapolis had earlier Both has

than able new been there would are little So occupancy corner. we've in rates been less I a bit. turning markets supply even see while we our where markets occupancy that point our other and also hold didn't up out drive And lease to they the in have those

coming there is stabilized So our projects projects online, and are with effect. a competing most the ripple aren't all but brand-new downstream

into XX well pipeline XX given indicated a Denver but bit little align a have I prospects you does Minneapolis, bit. in little than think for supply both the what diminishing. good softer

Brad Heffern

Okay. that of for harder Can and Got rest the And of the your then just that XX maybe markets you for stand those to maybe just performance any track. the it. us expectations are X other? out way or for give

Bhairav Patel

the see a Brad, XXXX, markets. of a rest lot more lot with our online of markets, where really yes, in XXXX smaller like don't coming the we looks supply

blended wait there So for spreads the And to to especially pretty Denver you we as corner we over as be back healthy is on turn its Minneapolis, expect kind to of way as of said, said. normalization. kind

Operator

Kim comes Our question next from BMO. with John

John Kim

to improvement. you that look you new seem And just mentioned, you back comment at renewal? that. year, blended, Bhairav, it this guidance you it much the wondering and can be if X.X% on can versus I'm when between doesn't And XXXX, also that down On

Bhairav Patel

larger in digest the of kind to of of lead expect supply as in lease especially. X.X%, we blended the expect markets, we renewals some spreads terms spreads Sure, of to yes, new

at would high this leases with say renewals about around X% point, to range. look at we So at X% X% we at new

be I with comparison are the line XXXX. to In terms markets of think small versus in going XXXX, roughly

but the new as of there well over pricing kind as XXXX and lease renewal the healthy. in was pricing So

comes see leasing trends are the we just there like. in, as season initial kind for XXXX, we'll of but tempering kind So look what of expectations over

that growth we now, for at pre-pandemic. we are saw forecasting normalized So pretty

John Kim

just was point higher off occupancy because Yes. you were than a year. wondering you're I at starting last

that mentioned rates as You are retention higher well.

last to push I'm would this seems baked guidance. is ability renewals, how wondering more the So than have it like But year in much this been just year. prevalent conservatism

Anne Olson

you with really conservatism, weigh watermark, John, go That's rate. to trying renewal Yes. if that is rates years, really say, some retention high and I'd X, there really were X retention a those we're to high rates, hanging XX%. around back out respect

the for XXXX. The will I'd with our rates some rate. room going renewal is and betterment, we push housing remains retention long if, resident be rebound, the age do very particularly So to interest say particularly tenure single-family to where is how in achieve high on again lot fact, But there, increasing. seen will average the and There is in market increasing. a average

So where it trend continue. that We don't off. we will think will know taper

hit So in guidance for our we retention in the where XXXX. assumptions quite to aren't

John Kim

And mid- and acquire in expect Okay. in West. acquisition Is to on disposition you're then range the next activity that markets my mentioned Mountain I negative that question think leverage. appetite this at And today? is year? in cap your X% prevalent rates Grant high looking to initial what's with you

Grant Campbell

Yes.

So kind to mentioned, in of X% do We to for to mid- well-located as plan. there core want grow. and as pricing our that alluded you We trades to want are strategic high advance range. assets,

could that. opportunities of host whole a evaluate to continue that We achieve

of our capital. we cost very However, mindful are of

to have bidding acquisitions could little a we a Generally a could doesn't deal employed. a OP say, other marketed we're attractive be respects. include It to buy that process in of structural number different rounds through I that defined in mid-X we of where we a of bit leverage, on positive be financing to. could So those that come there's unit some more alluded obtain not I'll path could cap be want where speaking, positions things transactions that can be going X some where to creativity

John Kim

you year? acquirers to expect And net do be this

Anne Olson

But the we we hope and to from that we continuing portfolio comes appreciate growth. the I overall. really need mean committed do external We for enhance is are scale something that so. to that company,

us line. that we've that flow that do if capital acquisition to able been AFFO positive opportunities we've require come the So recycling, shown to keeping cash on

that. will we acquirers. like But continue net employ So to we would to be

Operator

Our next question Rob Stevenson. comes from

Robert Stevenson

the towards or versus drive range. guidance key Bhairav, what the guidance expense the the that X% X% is end factors same-store in the factor and

Bhairav Patel

of a to which centralization the expect on to a respect year-over-year couple effort the us the With X expenses, expenses benefit million, about initiatives $X.X us we that of lower. we that basis, keeping benefit of there's are hoping being them tune will is

of had as other mentioned costs, a growth. The insurance my component remarks, almost prepared couple years really renewal after in a favorable I is of we XX%

$XXX,XXX saved premiums we So alone. on

are components those So the end. keep really expenses on the X that low

Robert Stevenson

midpoint projects is is increase just your meaningfully the up an And helpful. about 'XX increase? home the per Is XX same-store the That's XX% Okay. at then the greater of guidance. recurring scope CapEx this to XX guidance than Or drive the of of inflationary? ones that big

Bhairav Patel

Yes.

being projects. with increase, XXXX So XXXX. really by reported what timing our we year-over-year respect below to for midpoint was of guidance What that's the for the for driven is

some So XXXX. we pushed into projects

to those when of first really wrap scope the able this timing, the by in basis. year-over-year driven some increase year. were we projects is an quarter on it really was So a But just not kind of annual of of up projects,

Robert Stevenson

by some Denver, -- is I markets the smaller rental look the it, your especially markets institutional Anne markets, growth versus for more last me. of is here? Minneapolis in how and Okay. the terms how the guess, rate retention that rate you And impacting expectations one different 'XX then at for when of market and

Anne Olson

just yes, where see supply renewals higher then rates. that In to several there choice. have we higher do seen sometimes We've in is in get our Denver very market. markets, Rapid offset on has that's we rates lower high say in more rates some by see new the and and been in and communities high markets a retention lot that Yes. billings market their there's able also and communities some XXs. offset our we the and can there smaller higher and supply we And where has supply, leasing you like But push stability supply, been more in retention do that the just more pressure pricing power rates where lowest retention I'd -- where City, Denver communities we're markets where occupancy. -- Minneapolis, or more retention or being have of those tertiary the in in by have the retention high very, smaller

Robert Stevenson

guess Okay. and for drag associated fees fast is is revenue, core you in And I growth? last nonrent sort all on stuff, a growing rate? basis that is to the how revenue one versus the for me. a overall And of the boost other guys then of an sort or terms that sort the of annual rental positive of

Bhairav Patel

respect the to items have rolled program. going as for out it's may of years, RPS noted, grow to in of the line rest with in So revenue you the the yes, last with our rental XXXX, we couple expectation,

some the was due just RUPS program. there of noise rollout to So the

So it normalized revenue. with is on at going line basis, forward, we and are rental in a growing other looking it

Operator

Wedbush. question Rich comes Our next Anderson from with

Unknown Analyst

going that just should more term? to So more our how I in balance appears months split to wrong to we've time to -- say sort I'm it know of line to institutional a expectations Is And what path the correct markets it about and you're line XX it's XX-ish a is type if of talked to in XX long to the more are because extended be XX between to out XX be maybe significantly something get what path that. months path get get to XX the than that fair about to of secondary, optimal sort your on the me behaving. further portfolio? with that thinking

Anne Olson

question. for Rich, joining Thanks, Yes. us, the appreciate and

the the desire, transaction on the And the to a and We need to volume an be been head. issue. our portfolio the strategy. I and has particularly while couple of opportunities believe that of have need years over we I advance platform order sellers creative quickly have in opportunities opportunities, on transaction think you're hitting lack volume will past buyer. we the we nail execute

we've Fort added being we Denver. mix of a added been that We've Now markets. smaller Collins. in -- And said, been little We we've some by adding. changed trimming those that bit have in also

Dakota. in we to We've disposed So trimmed North slightly. Minneapolis

goal continue to to -- indicated work as a continue our be But a like, proved nimble going maybe mining and on longer. we're take and So ready, to strategy, portfolio that ready we and I come, in our little we in remarks, to we're bit can. but time we line XXXX, is is to particularly those them that platform wherever going the advantage when feel opportunities

Unknown Analyst

of the about for on you perhaps think and topic FFO be of a you sort you in an some to And more older Okay. short reasonable that are CapEx newer in willing trading asset, the that might about the a are involved could dilution newer, if think happen this process versus load willing a asset in older if at the wash. allow for how line, Is this it's term? to AFFO of way

Anne Olson

It used of sure diluting is. that And aren't we that exact the to make the actual we have company. math flow cash

capital So on that dilutive where we're think conviction profile we growth neutral of. net to but it's with of in acquiring instances have we're where real significantly have what flow doing only is projects the what slightly be earnings. that stronger disposing and than cash We're line we may we recycled acquired -- real the

CapEx of rents those the is is profile only higher. lower the but newer assets, also the not growth of So

Unknown Analyst

point? just is the of number really so you at any form can't this there it Or that right pipeline now? ability quantifying quiet Is a

Anne Olson

be think that And want feel significantly used pipeline initial down do to interesting working you an we get -- be. say, of I I probably as form year us to it has on things what that comment and goes we're take are the on? initial I the we're mean underwriting. to you mean on that past Grant, pipeline difficult to billion maybe but that's would of like would some opportunity to what to the the speculate, I Yes. $X.X generally, in kind pipeline it on from per But

Grant Campbell

rates academically sowing also definition everyone, question, reduced perspective is and Denver, progresses is including think in general XX% inform have seems be of volatility, the then to is is that that what interest but every the for by market should days a the What stabilization, a instance, XX asset reasonable. of as there. for months? here again, for X stabilization that x, rate view of there in high post, asset the transaction the does I which sellers Yes, owners that begs market mid- over needed value And year to pricing. They're is trade X% on and owners saying be that informed potential cap could occur

So broadly closed-end isn't a you're or in force market the you're bid-ask the a transact unless needed. of is motivation, fund. a to be is from interest the Reduction bulk a for seller of volatility coming of groups rate real. perspective. spread the There lot right end wants And to perhaps pricing now to where speaking,

Operator

Instructions] next Our comes BTIG. question Gorman [Operator Michael from

Michael Gorman

or to wouldn't is I'm strengthens just I institutional moment. just with the is the Maybe market what end shock rates, in the a think on back right? bid-ask on what the space? pipe them towards supply stronger do fundamentals. the trend that the sticking spread. for towards you right the a apartment catalyst now to towards bid is share market and that the comes ask maybe going where more Can bring moving but bring think into spread thoughts of capital together, tail maybe acquisition We're you could a the collapse the your for understand environment some you And what as are together? necessarily interest in wondering stability

Grant Campbell

versus settles no people XX to know yes, a activity, make but i.e., or the see market this Yes. and somewhat paralyzed to band. uncertain are broader decisions the XX in interest no to to XX where to days. allows rates sound are if wait generally what like It " inputs be going Not the on we'll want to within broken is on being to people landscape record,

of neutral That of market aggressive. I right around levered dependent, leverage. a to now. be rate about if think driven some profile capital to certainly will think generally positive There is seeking do is interest capital you're I a But Midwest want heavily lot talking that they it's our continue So that other markets, buyer multifamily volatility. buyer

So it's find move these I some get to be going capital, of continuing to in so aggressive way going say. to the ways that is institutional larger a would of the of to more bid, And ask. the going meet price. It's pricing to we're subsided. like also we sale sellers decision a now conviction make be at to the feel we with landscape market is This can and selling a has saying markets, volatility hybrid

Anne Olson

some to People seeing that one are and the are kind markets start lack move other really could at is some we supply -- if there peak use the a reason rents that good underwriting change in growth, get consider towards aggressive. think could think starts, an the new input going input could and no you think where a you as really given really -- XXXX thing owners of most also in pricing our growth. move rents I some see aggressive, Michael, buyers has that the of fundamentals go dynamic that is get our in guidance. aggressive rising -- Again, started starts, to to but of But stability is, that we in feel I the that can portfolio. the are ask. could And across to another the operators, of and coming about really if that's mentioned I the inputs large is particularly -- about a rent and those constructive for going wave of where end they Hopefully, like of people supply start to supply think past

Michael Gorman

more smaller pipeline falling opportunities those of out you is to find then market. able that opportunities of of that you front pipeline? typical. terms Or more to of are pricing set opportunities looking for driving pipeline, unique i.e., opportunity have the to reasons maybe, you maybe historically about you just in come starting of about in think And being those helpful. out the changed That's When Anne, the talked the at of than

Anne Olson

first, say, focused I'd the really unique opportunities. we're on

X things looking of the talking a a community So on traditional of maybe be be reason little market like bit we to out when or felt X XX might be of the at chased there'd is focused deals, could the about and have I'm we the the we picky in usually in deals that I Denver, maybe about going talk a we're lot those used falling pipeline, when that a be of I is the unit -- pipeline things to We're we everyone. pipeline really everything buy you a kind maybe more because pricing. mean, OP We there's portfolio -- strategic, low. it's are like there now was market. winner X because X something Everyone could XXXX a buyer XXXX, month And only winner in trades for best. so communities.

uncertainty be. and that the the really pricing might around what pipeline things of inputs is reason the out are So coming

a few on in And deals. to on a a potential large on pipeline so is one-off unit portfolios, of larger basis. both of our And focus execute really we larger-scale building been have strategic those able scale and OP

a time there. So bit we're spending of quite

Operator

with Baird. Guell Mason from comes question next Our

Mason P. Guell

back the Is year? expect going guess better second steady I growth rate throughout expected assumption for it half stay the the than the year? how to this the throughout Just do you first? to relatively XXXX, be Or to should trend

Anne Olson

of the I'm out assumptions? beginning And to question bit cut was your with Mason, -- or with to rate sorry, leasing renewal rate respect little the that respect a

Mason P. Guell

throughout to year? guess how renewal and that I I new it's blended. trend hope Yes, does guess the and

Anne Olson

Great. Okay.

Bhairav Patel

lead leasing expect the in in the for of the lease year, we of we leasing second we cover, part season, pricing initial season. the where Yes, through But believe in off. the the in them spreads. half, we that.To leasing the balance we go the year. say first lead of And new especially we will the see half especially least would we year half. as lead new a Yes. as gained renewals half at larger enter markets the some The spreads, can second will the first the renewals

Mason P. Guell

any give updates I you guess, off? you be Great. this mezzanine on And the assumptions have to what paid for loan? do could then current

Bhairav Patel

and remains turned project financial the budget here X a have as track, that next to move been quarters. Mason, construction both a will perspective. time to on we that Yes. from to phases line of first and over on through perspective X happen developer. That continue the

partner. community our XXXX expect of we'll continue dialogue we in of way, development everything that stabilize the with according to would potential execute if XXXX. We to the a midyear community Along purchase plan, middle that goes the And than

Operator

back no to hand you I Thank closing very remarks. for will much. questions. currently Anne We any over more have

Anne Olson

you all joining for thank today. Well, us

-- We conference. at Denver, where you our leadership are from live coming live to we're

be I'd we all for didn't going look you prepared the remiss to I to so our our on next indicate expectations of hard forward We're and the all few spend XXXX everyone of to for days execute work are next if quarter. talking how team. And getting grateful to

Operator

you That thank call. very line. concludes to much, today's Thank and today's the all speakers on you conference

may You now lines. disconnect your

Centerspace (CSR) 19 Feb 252024 Q4 Earnings call transcript