Camden(US:CPT)2021-06-15 18:31Company Overview - Camden is a publicly traded S&P 400 company with a total market capitalization of $16 billion[6] - The company focuses on high-growth markets and operates a diverse portfolio of assets[7] Financial Highlights & Guidance - In 1Q21, same property scheduled rents collected were 98.4%[12] - New lease rates for leases signed in May 2021 increased by 8.9% compared to expiring lease rates[13] - Renewal rates for leases signed in May 2021 increased by 6.5% compared to expiring lease rates[13] - The midpoint of 2021 guidance includes FFO per share of $5.09, revenue growth of 1.60%, expense growth of 3.90%, and NOI growth of 0.25%[19] - The midpoint of 2021 guidance includes acquisitions and dispositions of $450 million each, and development starts of $220 million[19] Portfolio & Transactions - As of 1Q21, Camden's portfolio included 167 operating communities with 56,851 apartment homes and an average occupancy of 96%[35] - The average monthly rental rate per home was $1,589, and the average monthly revenue per occupied home was $1,830[35] - Camden has invested $3.2 billion in total developments since 2011[49] - Camden has completed repositioning of over 33,000 apartment homes to date through 1Q21, with an average cost of $13,700 per home and an average rental rate increase of ~$125 per month[60]