Company Overview - Camden is a multifamily REIT with nearly 60,000 apartment homes located in 15 major markets across the U.S. [3] - The company is an S&P 500 entity with a total market capitalization of $16 billion and has been operating as a public company for over 30 years [3]. - Approximately 75% of Camden's portfolio is situated in Sunbelt markets, with the remainder in Washington, D.C. Metro, Southern California, and Denver [3]. Market Position - Roughly 60% of Camden's assets are located in suburban submarkets, and just over 60% are classified as Class B versus Class A in terms of price point [4]. - The markets where Camden operates lead the nation in job growth, population growth, in-migration, and overall demand for apartment homes, which has supported record levels of occupancy [4].

Company Overview - Camden is a multifamily REIT with nearly 60,000 apartment homes located in 15 major markets across the U.S. [3] - The company is an S&P 500 entity with a total market capitalization of $16 billion and has been operating as a public company for over 30 years [3] - Approximately 75% of Camden's portfolio is situated in Sunbelt markets, with the remainder in Washington, D.C. Metro, Southern California, and Denver [3] Market Position - Roughly 60% of Camden's assets are located in suburban submarkets, and just over 60% of the properties are classified as Class B versus Class A [4] - The markets where Camden operates lead the nation in job growth, population growth, in-migration, and overall demand for apartment homes [4]

Financial Data and Key Metrics Changes - Camden Property Trust has a total market cap of $16 billion and operates nearly 60,000 apartment homes across 15 major U.S. markets [2] - The company expects core FFO per share of $6.81 for 2025, with same-property growth rates projected at 1% for revenues, 2.5% for expenses, and 25 basis points for NOI at the midpoint of the range [4] Business Line Data and Key Metrics Changes - The company completed $338 million in acquisitions, adding newly built communities in Austin, Nashville, and Tampa, and $174 million in dispositions [5] - Resident retention remains high, with turnover low and move-outs for home purchases averaging just 10% since 2023 [4][11] Market Data and Key Metrics Changes - Approximately 75% of Camden's portfolio is located in Sunbelt markets, which are leading the nation in job growth, population growth, and demand for apartment homes [2][3] - The discount to rent versus buy in Camden's markets ranges from 50% to 60%, with Miami being the exception at a 20%+ discount [12][15] Company Strategy and Development Direction - Camden's strategy focuses on high-growth markets, recycling capital through acquisitions, dispositions, and redevelopment, while maintaining a strong balance sheet with low leverage [4][5] - The company is not expanding into single-family homes but is testing two build-to-rent communities in suburban Houston [52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand in the Sunbelt, noting that existing supply can be absorbed with fewer jobs than previously anticipated [9][50] - The company does not foresee significant issues arising from job losses or economic downturns, as their average renter is financially strong and the demand for rentals remains robust [51] Other Important Information - The transaction market remains muted due to volatility in interest rates, with few real estate deals hitting the market [29][30] - Construction costs are beginning to decline, which may lead to a more favorable environment for new developments in the future [33] Q&A Session Summary Question: Insights on the spring-summer leasing season - Management noted that the leasing season was weaker than expected, but they absorbed a high level of new supply with fewer jobs than anticipated, which is a positive sign for future demand [8][9] Question: Move-outs for home purchases - Move-outs to home purchases have remained around 10%, which is lower than the historical average of 14%, indicating stability in the rental market [11][12] Question: Performance in Southern California and D.C. markets - Los Angeles is performing well for Camden, with high occupancy and reduced bad debt, while Northern Virginia continues to outperform due to strong demand [18][21] Question: Transaction market dynamics - The transaction market is currently limited due to interest rate volatility, but management expects more deals to emerge as rates stabilize [29][30] Question: Expansion into new markets - Camden is focused on existing markets with high population and employment growth, with no immediate plans for new market entries [59] Question: Regulatory environment - Management is not concerned about regulatory changes affecting their business, as the states they operate in are pro-business and low on regulations [61]

Core Viewpoint - Camden Property Trust (CPT) has not demonstrated impressive growth in its fundamentals or dividends, leading to questions about its investment potential compared to the S&P 500 [1] Performance Comparison - An investment of $1,000 in Camden in 2020 would have grown to $1,405, representing a 40% gain, which is significantly lower than the S&P 500's return of $1,907 over the same period [2] Portfolio and Growth Challenges - Camden manages a portfolio of 173 properties with over 59,000 apartment homes, making meaningful growth challenging due to high property prices and expensive rents [4] - The occupancy rate is just under 96%, leaving limited room for growth within the existing portfolio [6] Financial Metrics - In the latest quarter, Camden reported property revenue of $396.5 million, reflecting a year-over-year increase of just over 2% [5] - The funds from operations (FFO) decreased, with "core adjusted" FFO at $187.6 million, slightly down from the previous year [5] Dividend Insights - Camden's quarterly dividend is currently $1.55 per share, with a yield of 3.9%, which is considered low for the REIT sector [6] Investment Outlook - There are perceived to be better and higher-yielding investment opportunities than Camden, leading to a recommendation to pass on its stock [7]