D/B/A Centerspace

I would now like to pass the conference over to our host, Josh Klage with CenterSpace. You may proceed.

Good morning, everyone. CenterSpace's Form 10Q for the quarter ended June 30, 2025 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 8K. 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 filing 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 your caution 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.

Good morning, everyone, and thank you for joining us. I'm joined today by our SVP of Investments in Capital Markets, Grant Campbell, and our CFO, Bharat Patel. Last night, we reported strong results from our same-store portfolio, with a .7% -over-year increase in revenues, driving .9% -over-year growth in NOI. However, due to our planned strategic transactions, we're lowering the midpoint of our guidance by 4 cents to account for the impact of capital recycling activities. While Bharat will provide detail on the financial results and outlook, I want to spend a few minutes on the execution of our longer-term strategy. In June, we announced a series of transactions focused on accelerating capital recycling efforts with a focused goal of improving portfolio metrics, increasing exposure to institutional markets, and enhancing the overall growth profile while leveraging the stability of our strong Midwest portfolio. These strategic moves included acquisitions in both Colorado and Utah, and dispositions that reduced our exposure to Minnesota. We entered a new market, Salt Lake City, and added to our existing base in Boulder-Fort Collins while staying true to our differentiated footprint in the Mid and Mountain West regions. Operationally, the results give us confidence that our platform is well prepared to undertake these repositioning efforts. Absorption remains at or near record levels in many of our markets, which led to .1% occupancy in the quarter. Combined with high retention of .2% and exceptional expense control, we are set up well for the remainder of the year. Leasing spreads are following a similar seasonal pattern to last year, and we saw second quarter same-store lease growth of .4% on a blended basis, with new lease growth of .1% and renewal growth of 2.6%. These excellent results demonstrate the strength of our platform and provide a solid base to continue execution of our longer-term market repositioning while still growing earnings. Our Midwest-focused markets continue to show their stability and consistency. In our largest market of Minneapolis, strong absorption and decrease in supply led to some of the nation's best market-level occupancy gains. For CenterSpace, this dynamic aided Minneapolis blended same-store leasing spreads, where they increased .7% in the quarter, which consisted of new leases increasing .5% and renewals increasing 2.8%. In our Denver portfolio, we're still seeing the impact of record recent supply in that market with leasing spreads remaining challenged even in the face of favorable absorption. That said, the anticipated supply drop-off, combined with expectations for a pick-up in job growth in that market into 2026 and 2027, point to current headwinds becoming tailwinds. While our initial expectations of pricing power returning to Denver in the second half of the year may be delayed, we are optimistic about the market overall. Resident health remains strong, with -to-income ratio of .5% and same-store bad debt at roughly 40 basis points for the quarter. I mentioned that our retention rate was 60.2%, and that brings us to .8% for the year. This is a testament to our team members and their commitment to providing an exceptional customer experience. This commitment is also evidenced by continual improvement in our online review score, which reached its highest point in the company's history during the second quarter. Before I turn it over to Grant to share an overview on the recent transactions, I want to reiterate our commitment to our strategy, which includes not only capital recycling to enhance our future growth profile, but maintaining -in-class operations, driving shareholder results through continued -over-year earnings growth, and staying nimble to take advantage of opportunities while keeping an eye on our balance sheet. While our stock price continues to be subject to macrovolatility, we are excited about the path forward for CenterSpace. Grant, I'll turn it over to you for a discussion of the transactions and current transaction market.