Release Date: May 02, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Are you being conservative with your projections given the strong start in the Midwest apartment market? A: Anne Olson, President and CEO, explained that they expected strong growth in the Midwest, particularly in North Dakota, Omaha, and Minneapolis. The performance is in line with their expectations, and they see potential for continued growth in these markets.
Q: How do you plan to manage occupancy and rates during the peak leasing season? A: Anne Olson stated that they project occupancy to average around 95% for the year, despite currently being at 96%. They plan to push rates while maintaining strong occupancy if demand continues.
Q: Can you explain the lumpiness in operating expenses, particularly real estate taxes and utilities? A: Bhairav Patel, CFO, noted that the lumpiness is expected in the first and fourth quarters due to property tax appeals and increased assessments in some jurisdictions. They have adjusted their expectations for tax increases accordingly.
Q: What is your outlook for the Denver market, given its current challenges with new and renewal rate growth? A: Anne Olson mentioned that they have seen improvements in new lease spreads in Denver and expect an inflection point in rates within 12 months. They anticipate that demand will remain strong, leading to positive lease rates by the end of the year.
Q: How does agriculture impact the local economies in your markets outside of Denver and Minneapolis? A: Anne Olson explained that while agriculture is significant in states like North Dakota and Nebraska, it is not the primary economic driver in the areas where Centerspace operates. These areas are more focused on healthcare and education, with agriculture having a secondary economic impact.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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