peshkov Co-produced by Austin Rogers We seem to be in the midst of the last stand of the Federal Reserve's "higher for longer" narrative. A recent rebound in Treasury yields, hot GDP number, and strong jobs market report have spurred a selloff in real estate investment trusts ("REITs") (VNQ) as well as other interest rate sensitive sectors like utilities (XLU) and regional banks (KRE). Data by YCharts Moreover, Fed chairman Jerome Powell indicated in the January Fed meeting that rate cuts beginning in ...

Camden Property Trust (NYSE:CPT) Q4 2023 Earnings Conference Call February 2, 2024 11:00 AM ET Company Participants Kim Callahan - Senior Vice President of Investor Relations Ric Campo - Chairman & Chief Executive Officer Keith Oden - Executive Vice Chairman & President Alex Jessett - Chief Financial Officer Conference Call Participants Michael Goldsmith - UBS Steve Sakwa - Evercore ISI Brad Heffern - RBC Capital Markets Austin Wurschmidt - KeyBanc Capital Markets Rich Anderson - Wedbush Eric Wolfe - Citi H ...

For the quarter ended December 2023, Camden (CPT) reported revenue of $387.59 million, up 3.1% over the same period last year. EPS came in at $1.73, compared to $0.42 in the year-ago quarter.The reported revenue represents a surprise of -0.25% over the Zacks Consensus Estimate of $388.54 million. With the consensus EPS estimate being $1.72, the EPS surprise was +0.58%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

Camden (CPT) came out with quarterly funds from operations (FFO) of $1.73 per share, beating the Zacks Consensus Estimate of $1.72 per share. This compares to FFO of $1.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 0.58%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.73 per share when it actually produced FFO of $1.73, delivering no surprise.Over the last four quarters, the company ...

elxeneize The REIT sector has experienced a small revival in the last quarter of 2023, following the Federal Reserve hinting that the hiking cycle is effectively over and 2024 will finally see interest rates actually decline. Although there is still a debate ongoing regarding how soon and how quickly rates will actually fall, it is pretty much a given that this is pretty good news for real estate companies. REITs must rely on debt in order to grow as real estate projects require a lot of capital to comp ...

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) announced today the income tax characteristics of its 2023 distributions paid to shareholders as they will be reported on Form 1099-DIV. The Company is releasing information at this time to aid banks, brokerage firms, and institutional investors that are required to issue Forms 1099 to their account holders. The final classifications of the distributions for 2023 are as follows: Camden Property Trust – Common Shares (CUSIP – 133131102) Record Da ...

z1bREITs (VNQ) rallied strongly in late 2023 when the Fed indicated that we would have at least 3 interest rate cuts in 2024: Data by YChartsBut since then, REITs have dipped back to lower levels, and in some cases, the dip has been quite significant: Data by YChartsI believe that this is an opportunity because the expectations for lower interest rates haven't changed. In fact, the FedWatch tool now pricing a 99.6% chance of at least one rate cut by June: FedWatchTherefore, the dip didn't occur because ...

Financial Data and Key Metrics Changes - The company expects core FFO per share for Q4 2023 to be in the range of $1.70 to $1.74, representing a $0.01 decline from $1.73 in Q3 2023 [8] - Same-store bad debt was 140 basis points in Q3, higher than the expected 100 basis points, and is anticipated to be 150 basis points for both Q4 and the full year 2023 [34][34] Business Line Data and Key Metrics Changes - Effective growth rates for new leases were 0.8% in Q3, 5.9% for renewals, and 3.4% for blended rate growth, with new lease growth for October currently at negative 2.5% [4] - The company anticipates occupancy to average 94.8% in Q4, down from previous estimates due to higher skips and evictions [6] Market Data and Key Metrics Changes - The share of U.S. households living alone is projected to grow to nearly 30% over the next few years, which may stabilize demand for rentals [3] - New supply in markets like Nashville and Austin is at 6%, leading to increased competition and concessions [38] Company Strategy and Development Direction - The company is focusing on maintaining higher rents rather than increasing occupancy through lower rents, indicating a strategic choice to prioritize revenue over occupancy rates [47] - Development starts have been pushed back due to increased cost of capital, with a focus on long-term stability and potential future opportunities in 2025 and 2026 [119] Management's Comments on Operating Environment and Future Outlook - Management expressed that consumer behavior has not returned to pre-COVID norms as quickly as anticipated, impacting occupancy and lease rates [11] - The company expects a gradual improvement in leasing and occupancy levels in 2024, assuming a stable economic environment [52] Other Important Information - The Texas State legislature passed a tax reform bill that could reduce independent school district tax rates by approximately 4.8% if approved [5] - The company has implemented income verification processes to mitigate issues with bad actors in the leasing market [57] Q&A Session Summary Question: What is the impact of high supply on Camden's performance? - Management acknowledged that 16% of their communities are directly impacted by supply, leading to lower new lease rates compared to non-impacted communities [40][41] Question: How does the company plan to address occupancy challenges? - Management stated that they are not willing to lower rents dramatically to boost occupancy, preferring to maintain revenue levels [47][102] Question: What are the expectations for bad debt moving forward? - Management expects bad debt to decrease as regulatory backlogs improve and they implement stricter tenant screening processes [82][88] Question: How does the company view its capital deployment strategy? - Management indicated that they are cautious about new acquisitions and developments due to the current cost of capital but are open to share repurchases if opportunities arise [66][93]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission file number: 1-12110 (Exact Name of Registrant as Specified in Its Charter) TX 76-6088377 ( ...

Camden Property Trust (NYSE:CPT) Q2 2023 Earnings Conference Call August 4, 2023 11:00 AM ET Company Participants Kim Callahan – Senior Vice President-Investor Relations Ric Campo – Chairman and Chief Executive Officer Keith Oden – Executive Vice Chairman and President Alex Jessett – Chief Financial Officer Conference Call Participants Nick Kerr – Citi Austin Wurschmidt – KeyBanc Capital Markets Steve Sakwa – Evercore ISI Haendel St. Juste – Mizuho John Kim – BMO Capital Markets Alexander Goldfarb – Piper S ...