Bp Property Management Billings Mt

Bp Property Management Billings Mt – Centerspacehomes.com 2 SAFE HARBOR STATEMENT AND LEGAL DISCLOSURE Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Services Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results differ materially from expected results. These statements can be identified by our use of words such as “expects,” “plans,” “estimates,” “anticipates,” “projects,” “intends,” “believes,” and similar expressions that do not relate to historical matters . . Such risks, uncertainties and other factors include, but are not limited to, changes in general and local economic and real estate market conditions, rental conditions in our markets, fluctuations in interest rates, the effect of government regulations, the availability and cost of capital and other financing risks , risks related to our value addition and redevelopment opportunities, the failure of our real estate acquisitions and disposition activities to achieve expected results, competition in our markets, our ability to attract and retain skilled personnel, our ability to maintain our tax status as a real estate investment trust (REIT), and those risks and uncertainties set forth from time to time in our filings with the urities and Exchange Commission, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk”. Factors” contained in our Form 10-K for the period ended December 31, 2020. We assume no obligation to update or supplement forward-looking statements that become untrue as a result of subsequent events.

Centerspacehomes.com 3 Strong operating results driven by consistent occupancy and accelerated rental growth  Same-store leases over lease growth held steady at 9.6% in August compared to 12.7% in July and 10.0% in Q2 2021  Same-store lease growth accelerated to 7.6% in Q2 2021 August compared to 6.5% in July, from 5.6% in Q2 2021  Same-store occupancy remains strong at 94.3% in August, up from 94.1% in July, compared to 94.9% in Q2 2021. Acquisition and Disposal Activity Continues  September 2021 acquisition of 2,696 homes in Minneapolis and St. Cloud, for a purchase price of $323.8 million financed with the issuance of convertible preferred operating partnership units and favorable long-term debt  May 2021 disposition of 596 homes in Rochester, Minnesota for a sale price of $60.0M  January 2021 acquisition of Union Pointe for a total purchase price of $76.9M improved scale in Denver to 1,713 homes in 5 communities Operational Initiatives Progress to improve customer experience e and Margin improvement  Technology implementation underway to further improve operational efficiencies across portfolio  Value add opportunities include unity and common area renovations as well as the addition of amenities such as clubhouses, fitness centers, dog parks, package locking solutions, etc. Better Every Day A lot has changed since our business began, and our new name is a reflection of who we have become. The rebranding of the company reflects our mission to provide great homes for our residents, our teams and our investors. It’s about coming together for the benefit of all – something that every member of our team believes in. IRET IS NOW CENTER SPACE B u i l d i n g o n a S t r o n g V o u n d a t i o n

Bp Property Management Billings Mt

Bp Property Management Billings Mt

Centerspacehomes.com 4 Differentiated markets Strong Midwest markets led by Minneapolis and Denver Nashville a new target market Internal Growth Opportunity Enhanced operating platform Value-add opportunity Deep value-add pipeline Balance sheet Flexibility Strong balance sheet with sufficient liquidity to capitalize on future opportunities Experienced Leadership High-caliber management and board that execute a sound strategic plan COMPANY SNAPSHOT F o c u s e d o n G r o w t h i n M u l t i f a m i l y PORTFOLIO SUMMARY  Founded in 1970, celebrating over 50 Years / Business Owners  7  Public Home Owners  7    Public Home Owners  7  focused multifamily from 2017-2019  Total capitalization of $2.5 billion(1)  Added to the S&P SmallCap 600 Index in 2020 0% 50% 100% 19 97 19 98 19 99 20 0020 20 20 20 20 20 20 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 Multifamily and other % of gross Real Estate Assets Multifam ilie Other (1) See page 18 for breakdown

Carrollton Property Management And Property Managers, Carrollton Houses And Homes For Rent

Centerspacehomes.com 5 Townhouses Avg. Rev. per Oct. Home(1) Denver, CO 1,713 $1,862 Minneapolis, MN (3) 4,901 $1,411 North Dakota 2,422 $1,156 Omaha, NE 1,370 $1,050 Rochester, MN 1,122 $497 St. Cloud, MN (3) 1,524 $1,066 Other Mountain West(2) 1,223 $1,119 Total / Average 14,275 $1,333 (3) Multifamily Acquisitions and Disposals Since 2017 % of NOI by Market – August 2021 vs 2017 (3)  Acquired 27 new communities in our target markets for $1.1 billion  $353 million in dispositions including 35 communities as we reduce our exposure to older lower margin properties with less growth Percentage of NOI by state (3) 4 % 57% 3% 6% 17% 13% Denver Minneapolis St. Cloud Rochester Billings Bismarck Minot Rapid City Grand Forks Omaha Target Markets Nashville New Target Market PORTFOLIO OVERVIEW D i f f e r e n t i a t e d P o r t f o l month income per occupied home is defined as total rental income divided by the financial occupancy of apartment homes for the period (2) Close Rapid City, SD and Billings, MT (3) Includes KMS underwriting 0% 10% 20% 30% 40% 50% Minneapolis Denver Rochester St. Cloud Omaha ND Market Other Mountain West 2021 2017

Centerspacehomes.com 6 Range for 2021 2020 Actual Low High Midpoint Earnings per Share $(0.15) $0.10 $0.50 $0.30 Revenue $167, 807 0.0% 3.0% 1.5% Total Expenses $67, 892 3.0%I 9.0% NONE 9.0% 1.5 %) 1.5% 0.0% FFO per Share $3.47 $3.38 $3.62 $3.50 Core FFO per Share $3.78 $3.48 $3.72 $3.60 Range for 2021 Low High Midpoint Earnings per Share $0.58 $0.76 $0.5% Revenue 3.% 0.0.4% Total 3.60% . % NOI 0.5% 2.0% 1.3% FFO per share $ 3.64 $ 3.83 $ 3.74 Core FFO per share $ 3.78 $ 3.94 $ 3.86 revised 2021 Financial Outlook U p d a t e d o u t l o o k b a s e d o n c o n t i n u e d i m p r o v i n g r e s u l t s Outlook: May 3, 2021 extra 201 Full year : August 2, 2021  No changes to additional 2021 full-year assumptions  Increased midpoint of earnings per share by 123%  Increased midpoint of Core FFO by 7.0%

Centerspacehomes.com 7 Operations Update r e n t g r o w t h r e m a i n s t h r o u g h l e a s i n g s e a s o n 0.9% 0.7% 3.2% 3.3% 7.6% 6.5% 5.6% 4.0% August July Q2 Q1 Same store renewal rate 2020 2021 0 .6% 0.7% 1.3% – 1.4% 8.3% 8.0% 7.5% 2.0% August July Q2 Q1 Same Store Mixed Rent Rate Growth 2020 2021 0.3% 0.6% -1.2% -4.2% 9.6% 12.7% 10.0% 0.7 % Rate Sam July Q 2020 2021 94.4% 94.1% 94.5% 95.3% 94.3% 94.1% 94.9% 94.9% August July Q2 Q1 Same Store Weighted Average Occupancy 2020 2021

Centerspacehomes.com 8 BUSINESS REVIEW M a r k e t s O v e r v i e w – R e g i o n a l S t a t i s t i c s Region % of NOI(1) Population Market Units(2) Median HH Income Unemployment Rate(3) 3) Avg. (4) Market Vacancy(5) Market Rent Growth(5) Under Construction(4) Minneapolis 25.7% 3, 640, 043 343, 552 $83, 698 3.8% 7.7% $349, 509 9, 051 5.8% 40,2. Denver 21.9% 2, 967, 239 334, 181 $85, 641 5.9% 8.0% $563, 161 6, 017 6.0% 10.0% 14, 836 $ Rochester 10.5% 1, 221, $ 7.25, 7% 221, 7% % 221, 7% 221, 7% 221. 97 8.2% 3.3% 0 St. Cloud 7.9% 201, 964 17, 556 $66, 076 4.0% 6.7% $249, 720 418 3.1% 4.1% 0 Grand Forks 6.4% 501, 6.4% 501, 6.4% 501, 6.8% 101, 6. $218, 234 0 5 .4% 1.7% 24 Bismarck 6.2% 128, 949 12, 356 $70, 979 3.1% 7.3% $299, 963 108 4.9% 1.9% 6.9% 1.9% 66% 60% 615, 60% 615. $299, 055 0 1.7% 12.2% 0 Minot 4.5% 75, 713 8, 797 $71, 343 4.1% -8.0% $201, 393 0 4.9% (6) 1.9% (6) 0 Lincoln 734, 0 Lincoln 354, 344, 343, 343. $61,539 2 .2% 6.6% $243, 501,319 4.4% 4.6% 435 Omaha 3.7%

Report For: Summit Management Llc

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Elia Marlina Smith

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