Q2 2024 Camden Property Trust Earnings Call Transcript
Key Points
- Camden Property Trust (CPT) reported core FFO of $1.71 per share for Q2 2024, exceeding the midpoint of prior guidance by $0.04.
- The company saw strong same-property revenue growth in key markets such as San Diego, Washington, DC Metro, and Houston.
- Employment growth has been robust in most of CPT's markets, contributing to strong apartment demand.
- CPT's balance sheet remains strong with net debt to EBITDA at 3.9 times and no amounts outstanding on its $1.2 billion credit facility.
- The company is starting construction on new developments in Charlotte, North Carolina, anticipating a robust multifamily leasing environment in 2025 and beyond.
- CPT's markets are experiencing a 30-year high in apartment deliveries, limiting rent growth.
- Austin and Nashville remain challenging markets with revenue declines of approximately 2% and 4%, respectively.
- The company is facing a standoff between buyers and sellers in the transaction market, delaying potential acquisitions.
- Insurance and property tax expenses, although lower than anticipated, remain a significant portion of operating expenses.
- CPT's bad debt levels, while improving, are still higher than pre-pandemic levels in some markets like California and Atlanta.
Good morning, and welcome to Camden Property Trust second-quarter 2024 earnings conference call, and Kim Callahan, Senior Vice President of Investor Relations. And joining me today are Ric Campo, Camden's Chairman and Chief Executive Officer; Keith Oden, Executive Vice Chairman; and Alex Jessett, President and Chief Financial Officer.
Today's event is being webcast through the Investors section of our website at camdenliving.com and a replay will be available this afternoon. We will have a slide presentation in conjunction with our prepared remarks, and those slides will also be available on our website later today or by e-mail upon request.
(Event Instructions) And please note this event is being recorded.
Before we begin our prepared remarks, I would like to advise everyone that we will be making forward-looking statements based on our current expectations and beliefs. These statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to
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