D/B/A Centerspace

Hello and welcome to the Centre Space Q3 2022 earnings call. My name is Lauren and I will be coordinating your call today. If you would like to ask a question during the presentation, you may do so by pressing star followed by one on your telephone keypad. I will now hand you over to your host, Jo McComish, Vice President Finance to begin. Jo, please go ahead.

CenterSpace's Form 10-Q for the quarter ended September 30, 2022 was filed with the SEC yesterday after the market closed. 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 Form 10-K filed for the year ended December 31, 2021 under the section titled Risk Factors and in our other filings with the SEC. 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 reconciliations of any non-GAAP information, which may be discussed on today's call. I'll now turn it over to Mark Decker for the company's prepared remarks.

Thanks, Joe, and good morning, everyone, and thanks for joining us. With me this morning is Anne Olson, our Chief Operating Officer, and Bharat Patel, our Chief Financial Officer. Strong fundamentals continue in the rental housing business, and 2022 will likely go down as one of the best years on record. Against that backdrop, CenterSpace has performed well, and I'm delighted to report that Core FFO per share is up 17% quarter over quarter and 11% year to date. I'm also happy to share that our guidance for the full year is for at least 10% core FFO growth and the top line story remains encouraging. The capital markets have been volatile with a 10 year up over 130 basis points since we last got together or almost 50% from mid twos to over 4%. The speed of this move paired with the continued inflation in materials and labor, as well as a return to pre COVID seasonality have caused us to trim our guidance from August. Finding ways to contain costs and improve processes while maintaining strong customer service is the top focus for us today. All that said, if we zoom out a little, CenterSpace has an outstanding business, and the housing we provide meets the basic need. Our business is remarkably consistent, as represented by 2022 being our fourth straight year of same-store NOI and per-share core FFO growth. But we do believe profitability and efficiency remain an opportunity to improve and drive value, and it's one of our key strategic pillars to do so. I know we can. Turning to investments, we've been more active over the last few months than we were for most of the year. We invested $95 million in a brand new community in Denver called Lira, adding 215 homes in the tech center submarket. And through the end of October, we purchased around $29 million of our common stock. Lira is a community we've tracked since pre-development, and we ended up with the opportunity to get a community that just opened in April and experienced a strong lease up at a price we believe is below replacement cost. Similarly, the shares we purchased in late September and October were made at historically wide NAV discounts and low multiples. The market is in turmoil, and we don't believe the fundamentals embedded in the business are reflected in the current price of our shares. We feel great about both investments, which were executed through the lens of how do we improve the portfolio, earnings quality, and per share results. Going forward, we expect to be in an opportunistic environment and will continue to be aggressive while carefully minding our liquidity position. None of these results would be possible without a strong team, and I want to thank everyone at CenterSpace for their hard work. And with that, Ann, would you please provide a quick operations update?