Camden(US:CPT)2020-11-17 19:23Company Overview - Camden is a publicly traded company since 1993 with a total market capitalization of $12.5 billion[6] - Camden focuses on high-growth markets and operates a diverse portfolio of assets[8] Financial Highlights & COVID-19 Impact - In Q3 2020, Camden's same property scheduled rents collected were 99.4%, with 0.6% delinquent[11] - In October 2020, same property scheduled rents collected were 98.5%, with 1.5% delinquent[11] - New lease rates for same properties in Q3 2020 decreased by 2.4%, while renewal rates increased by 0.6%, resulting in blended rates decreasing by 0.9% (date effective)[12] - New lease rates for same properties in October 2020 decreased by 3.5%, while renewal rates increased by 2.1%, resulting in blended rates decreasing by 1.0% (date effective)[12] - Camden estimates a $14.8 million total cost impact from COVID-19 in 2020, including $9.1 million for resident relief funds (wholly-owned), $0.4 million for resident relief funds (JV allocation at pro-rata), $0.8 million for employee relief fund, $2.8 million for frontline bonuses, and $1.7 million for COVID-19 expenses[25] Portfolio & Development - Camden's portfolio consists of over 56,000 apartment homes in 14 major US markets[38] - The average monthly rental rate per home is $1,598, and the average monthly revenue per occupied home is $1,848[38] - Camden has $3.1 billion in total dispositions and $2.1 billion in total acquisitions since 2011[51, 53] - Camden has completed/stabilized 31 development communities from 2011-2020, with a total cost of $2.0 billion and a market value of $3.1 billion, creating $1.1 billion in value[55] Capital Structure - Camden has a 3.6% weighted average interest rate on all debt and 98.7% fixed-rate debt[62] - Camden has $441 million in cash and cash equivalents and $888 million available under its $900 million unsecured credit facility[62]