Mark Decker Jr., president and CEO of Centerspace (NYSE: CSR), participated in a video interview in conjunction with Nareit’s REITworld: 2021 Annual Conference.
Decker described the current moment as an “incredible time to be in housing.” Factors supporting pricing power within the multifamily sector include the low supply of single family homes and a dramatic increase in their cost, he said, as well as new household formation.
During the interview, Decker also commented on the REIT’s recent expansion in Minnesota, where it has nearly doubled its footprint of properties. In addition, he commented on recent steps taken by Centerspace to achieve greater financial flexibility.
Decker said that over the last five years, Centerspace has moved away from 100% secured financing to a mix of secured and unsecured debt. At the same time, loan durations have been extended. “We have the most financial flexibility we’ve ever had,” he said.