CPT - Earnings call transcript Q4 2019

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Operator

Good day and welcome to the Fourth Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]. being is event this recorded. Also

like I to go the over turn Callahan, would ahead, Senior Please now Kim Relations. Vice conference Investor to President ma'am. of

Kimberly Callahan

earnings joining morning, fourth Good you for thank quarter and XXXX conference call. Camden's

and Further we information statements to everyone like involve of are forward-looking the based not uncertainties that I expectations. expectations differ current could materially found performance actual be making advise on cause be guarantees SEC our our remarks, encourage will and you Before with to these begin statements risks to results would about prepared in review and we beliefs. that we future filings can risks them. from our and These

the these Any update obligation forward-looking statements because on statements call made and assumes or company to today's supplement represent subsequent opinions of events. no current management's

financial a release Camden's reconciliations our at earnings camdenliving.com, As and section discussed is available non-GAAP which fourth XXXX includes of complete the Investors on this website measures, reminder, it call. will be quarter in to

Campo, are and Officer; Chairman; Executive Oden, me Financial Keith today Chief and Vice Camden's Jessett, Chairman Executive Chief Officer. Alex Joining Rick

by the your We to so we be to to speak limit to the or today, one two, in within after queue hour, phone to questions will that email respond have we'd you happy then we complete attempt ask additional you are unable our call queue the to rejoin call items If if questions discuss. with concludes. additional everyone

Campo. turn time, I'll Rick this the call to over At

Richard Campo

beginning welcome decade. Good the to new the and morning of

decade five to so success But were the know our selected Kim a our songs. of that on Keith call Tim Kind Mars; were is seemingly contest Can't songs by twist. our Timberlake. just Feeling their Carly to The and today, Call Justin and by method McGraw; colleagues, favorite Each We by by ended. Carrie Me And Alex songs last for Bruno asked the music me. madness. Funk select Jessett, a our driven Humble Malcolm Keith by The but was Callahan, Maybe on today Stop a hold Five by Uptown is Oden them. Our five Stewart, always with song Jepsen; random executives Urban Underwood; contest Rae Fighter featured There's that Camden The also by there's

luck. the The they the matching selected first out to get shout correctly executive a Good person song Kim email will and a with prize.

the stock next look I In accomplishments our order important in into the of always it's to move last think take and decade, decade. forward a to back

few Here are a highlights.

our million improved average AFFO per with all assets for our and of billion doubled of We of unsecured. with for with improved just share of over top the amazing the Work debt-to-EBITDA built X with an portfolio list X an to We $XXX For culture our age XXX sales an all of that We our the on single year of was of X age creating stakeholders in times number billion We employee the dividend. of of Fortune unencumbered under nearly quality X.X X.X billion Best properties billion our Companies every of XX,XXX and debt value times of acquisitions doubled X a value apartment development years, excellence included of to value. finishers. decade and from average XX XX our in creating created redevelopment communities stakeholders, and of repositioning X years, $XXX through million

yet to improve this of time. our customers we performance experience with our is just for decade the watch. the in one and don't continue new as strong our XXXX, our a lives goals. exceeding Team a come, all established believe to Camden at of a positioned And to stakeholders, we remarkable ended were The start it, decade best employees,

Keith Oden

Rick. to conditions markets time address to my the we of we grade in on with call to today's as likely see our to expect best letter stable to prior in market the as worse or be market review use I'll going during that the assigning one, by that XXXX. view Thanks, Consistent on believe each in ahead. well improving, I'm years, Camden's to a order year the is declining markets whether

the details operations on our quarter guidance. same-property overview XXXX provide fourth I'll our Following additional market and

weighted growth X% revenue year and X% the market this produce with X% plus X% each of our C in or a should We our guidance of year. X.X% of of our in our and this the all range, anticipate rate exception Phoenix, average same-property at markets received is growth of top higher grade of to the range. revenue The in remains to the midpoint growth range which markets

of coming for performer Supply As year. one XXXX stable and revenue average growth number I top mentioned, goes in for this look strong, our X.X%. XX,XXX growth an for Phoenix get ranking estimates only X-year and A outlook. We new demand a a Phoenix, X,XXX and our rating revenue apartments online XXXX with to jobs metrics a and nearly with calling XXXX new X.X%

more was and jobs Employment call XX,XXX year added steady this approximately are jobs projections last with jobs developments growth and Job Up been steadily X,XXX scheduled projected year. minus and last XXXX. delivered been Completions additional expected strong with apartments with units for next also another has also and new both XX,XXX are XX,XXX year new growth for A X,XXX in remain earning last new this for Raleigh Raleigh, Atlanta in rating coming strong with year. and year outlook. new X,XXX new Atlanta stable have In XX,XXX XXXX. an online delivered

an with declining minus outlook. a rating A receives Denver

are X,XXX strong scheduled jobs expected of new a averaging over the moderate delivery. years. units performer over market of growth the the been conditions with annual XXXX X% for elevated last has in levels given expect around Over course portfolio Denver revenue we But Our same-property nearly supply. XXXX X somewhat the new XX,XXX to new

cut the and years this B our outlook. in that receiving growth again with trend year has should stable plus few X Orlando strong Job past continue. a been a Orlando top makes rating over

However, of has attracted development the activity. the market strength more Orlando new

level of DC in are each get rising. with to XX,XXX and with XXXX completions. the expected Southern X,XXX California outlook. supply new B We plus there So a XX,XXX Metro declining is jobs a rating

power XXXX. Our outperformance, healthy California with demand in several year. operating and years some bases But moderation portfolio we in XX,XXX XXX,XXX growth of with completions in Southern should after balanced supply be pricing conditions around Job expected relative metrics. this expect of

units top political election risk last growth cautious supply our on us year, a for uncertain pricing forecasts, that steady a in but DC forecasts impact power and this employment in are completions growth predicting market. around bit year, XXXX, with outlook Our with remain slowdown our year. year. XX,XXX make levels most job in could in of our placed DC noticeable Supply an DC five revenue portfolio should With which coupled more this elevated

a improving Tampa ratio of B come units with should a around an In supply Tampa's level around down healthy X completion jobs the X,XXX at to currently new conditions times. jobs with slightly outlook. projected, new to are putting XX,XXX

the X.X% same-property growth we revenue growth Tampa and portfolio to last was Our believe during rate XXXX. close could accelerate year,

grades year rankings up in with both our minus Austin and moved B from this Bs to stable Charlotte outlooks.

however the year course originally in of XXXX low revenue for X% for believe in be for Our revenue growth of each will growth conditions call over in in that X% actual the Austin similar of market the Charlotte XXXX growth markets. year. XXXX We range, over budgets for to firm last the revenue resulting those the range and

with in new units this earned this Dallas city are projected approximately with New a firmed supply jobs remains Conditions year, X,XXX over should XXXX. anticipated jobs bit units and steady new this new the a similar economy again for Austin last in strong XX,XXX B year. the in and with year's stable XX,XXX with new and add Charlotte outlook again a market report expected year. XX,XXX since card Conditions minus the

Dallas this and units another has recorded XXXX XXXX completions to both with in persistent in supply New year. deliver and XX,XXX XX,XXX projected been

with will XX,XXX very to jobs in to we XX,XXX bright supply Dallas metrics, growth expected. remain demand XXXX. new But be Job and think that the given market continues spot current competitive a

C outlook. market but conditions In a improving plus, Florida Southeast with an rate

X.X% job -- rental slightly condominium and and same-property last and steady jobs XXXX remained call the an new over from few achieved still improvement over better Competition achieved and have years for past from in supply in year. for-sale XX,XXX we units. is conditions growth estimates that expect growth and the But growth New revenue XXXX issue an X,XXX new market. operating

over XX,XXX C vary a new stable with And coming rating to again this supply from online Houston this expect plus limited XXXX growth receives X,XXX see we low of to as outlook widely a year. for Estimates revenue in year. units a

roughly anywhere from an Annual is to units ranged the market going definitely XX the completions years. XXXX. the X,XXX in units see So past over per have in delivered units Houston increase year XX,XXX over to X,XXX

back levels resulting pricing moving year job So our and year. revert jobs in XXXX will power supply new may its long-term towards around this for average historical of Houston’s revenue to growth long-term be also per averages. portfolio XX,XXX growth limited

of plus our B in with most to XXXX. year revenue this growth a during is again markets rating portfolio expected our Overall, moderate

growth our budgeted to markets mentioned we our year, I slightly XXXX this between range. midpoint growth Phoenix with should of X% the of of be at portfolio revenue And X.X% As same-property the our X% total earlier, achieve expect revenue guidance and all exception at higher.

X.X% our revenue Now, results. Same-property for XXXX quarter X.X% was details fourth year. for a growth and few operating the on full the

San leases fourth at X.X%. two-tenths X.X% X.X%, trends up the quarter for for new X.X% a X%, at rate Our were X% blended down expected of performance as rate quarter Denver for Phoenix growth. top Empire and at Raleigh the DC slightly Diego/Inland with Rental of X.X%, at Metro were renewals at and X.X%

fourth eight-tenths new for offers results X.X%, consistent for at are with of renewal X.X% January last to February XX.X% quarter compared XXXX. being of 'XX. averaged and in an XX.X% averaged average over March XX.X% which and of 'XX. for occupancy Our quarter renewals January preliminary blend X% X%. the January increase a XX.X% out is and XX.X% January of has quarter compared indicate sent during in to growth leases the Occupancy fourth

year. So good this a start we're off to

the basis XXXX. and year for Annual to for XX%. net for for to full fourth and XX.X% XXX at compared lower of than XX.X% points the was purchased 'XX quarter full for quarter XX.X% were the homes XX.X% XXXX year Move-outs turnover of XXXX

Chief point, over Camden's to like the to call Alex I'd this At Jessett, Financial Officer. turn

Alex Jessett

Thanks Keith.

financial Before on estate our brief capital a markets I to guidance, real recent update and move on our results activities. and

Camden development Camden on construction development in million Atlantic, As call, a fourth our quarter's McGowen mentioned unit, on quarter we new Houston, during the began Plantation, we XXX And our $XXX prior Station Florida. stabilized in Texas.

have Houston, in Carolinian, these of acquisitions purchase Camden and below a home community constructed XXX Camden Late located of our Texas. development home Highland in a X.XX X%. we community for recently Village, acquired the produce an to quarter price fourth North million adjacent Raleigh, $XXX in with fourth replacement community site and apartment The Carolina; approximately yield expect quarter, we was located stabilized costs acre XXX combined significantly acquisitions apartment

For joint approximately cost of XXX late we X,XXX portfolio included X full And approximately one year we Christi, market. of XXX with X communities quarter, for acquired assets wholly-owned XXXX, of apartment communities X Also, Texas exit our sold with the homes, of with of total completed land million. a The venture apartment total fourth homes. we acquisitions Corpus $XXX parcels the homes and cost for apartment in million. that community undeveloped sale and completed $XX a

per Based yield been over trailing fee rate, $XXX rate months years, actual Our at X.X% and CapEx this average on of X.XX%. CapEx year door approximately unleveraged XX on AFFO per IRR of average net would door in $XX XX disposition portfolio broker cap generating and revenue completed proceeds a was a which an NOI, door. have a X,XXX assumes annual This XX period. a per $X,XXX hold Using were with of monthly million. management had age XX.XX% approximately X% cap CapEx, a the

Corpus our investors’ time Our sunshine in definitely pockets. puts in

land approximately for Raleigh for Subsequent X.X to we development future acres million approximately XXX quarter apartment of the of homes. in end, acquired $XX.X

the transactions, years. million transactions XXX% we used and X.X%. rate effect quarter assets redemption $XXX low proceeds bond On of year XXXX. After million X.X% of unencumbered. debt in the XX million, extended locked our are the senior secured into now these average XX-year all-in We our due taking all duration early of approximately with prepayment is a an June unsecured now financing as These side, interest three mortgage $XXX at yields, debt X.X% and fourth by previously unsecured disclosed, for the $XX due bonds of time of our of and our the during the our existing all near offering XXXX, debt completed

incurred the with charge $X.XX quarter redemption fourth share. conjunction per In to and FFO one-time a of during prepayment, we approximately the

times our Our credit. balance million at of We ratio $XXX debt-to-EBITDA million at sheet with and charge only net remains a ended coverage total X.X outstanding on strong with XXXX $XX X.X fixed line unsecured times.

$XXX of Our balance the our XXXX and in of current after credit January of quarter property disproportionately million. January payment taxes, payment dividend are line the is approximately which fourth due

quarter to we million fund two the had over construction, $XXX developments with of million $XXX remaining under wholly-owned At currently end, next years. only

from million, $X.XX of prior $XXX.X we operations night, Moving of reported on funds net exceeding lower measures. resulting results. level continued financial lower operating midpoint the higher income the and occupancy higher for quarter and by control and property general fourth $X.XX, turnover guidance of costs, share, range from same-store other per our of from XXXX income primarily cost to or levels Last taxes

XXXX X.X% for NOI of growth same-store X.X% year of as expenses, same-store and growth delivered of For revenue X.X%, our expense to revenue, X%, full original NOI. of guidance growth and compared we

our You outlook. can XX fourth driving assumptions supplemental refer the of to key for XXXX our package details financial on Page quarter

FFO midpoint the XXXX per a $X.XX XXXX expect per with be increase to We share in $X.XX $X.XX our results. to representing range share our diluted $X.XX from of of a

in the XXXX, our $X.XX share primarily of resulting in guidance share XXXX the from FFO per XX% the for a increase performance approximate represents fourth of $X.XX adjusting prepayment of per incurred quarter midpoint to penalty during After we midpoint, of is from of increase related in our expecting FFO operating share XXXX, completed in and Corpus partially communities, core the NOI per an our an of of At from share acquisitions of non-core in our properties increase increase X% expense development recently Each yield in per approximate due non-same-store of FFO X.X%. year per $X.XX driven growth an the and by operating an primarily cents revenue of income resulting wholly-owned net and/or XXXX throughout are disposition growth net communities same-store offset portfolio. initial half approximately same-store of assumed lease-up either our acquisitions XXXX, contribution completed to $X.XX second X Christi at million pro X.X% same-store in by during income the our FFO, X.XX increase related the incremental and to forma X%. approximate growth $XXX spread the share the X.X%, X XX

cloud-based cumulative per resources $X.XX lower approximate system. an a $X.XX and new partially FFO resulting cash from at resulting of share million of of of due and in an accounting FFO decrease to share from per balances the the from share lower the in primarily XXXX, higher combination offset depreciation and is end FFO amortization interest anticipated corporate invitation income, human increase $XXX approximate forma pro assumed decrease in per $X.XX by This dispositions an

the million $XXX for of following new issuance. share quarter our approximate issued At due half XXXX additional assumes Our by combined decrease interest year and management, our FFO year-over-year. offset net and fee asset expense of And in administrative, FFO per actual outstanding expenses are full flat per An guidance and XXXX first an and midpoint, decrease primarily refinancing acquisition accretive approximate effectively $X.XX the projected to shares year. activity due debt. and general the and partially XXXX XXXX in from to management XXXX share in debt net the first the higher $X.XX of resulting finally, development unsecured equity property

At are approximately expense to currently X% approximately property the growth, for anticipated our anticipating of insurance, expense of midpoint that insurance with exception we categories market. will most to grow the due our XX% notable at increase unfavorable of X% is at a which

tax which an Texas tax for in of X.X% $X.XX in cities expenses more previously third XXXX approximately taxes rates Property offset additional North reduces school result Carolina, X% Washington at operating in projected in insurance long-term voter total millage increase XXXX expenses. increases approximately and increases only House passage and total Georgia, a are savings Texas a Senate without to other Florida. districts Bill of X DC, local including rates capped district our $X.XX and the The represent Property and of operating on X% X with tax markets, line school by revenue property comprises of the by discussed Bill also governments and in as trends. property a and XXXX, Texas are counties and for our X.X% tax approval

Page $XXX balance million of details other assumptions, million also package year. the development on to sheet starts for XX supplemental plan throughout our including of the spread $XXX

pilot our we'll schedule. are our access solution. of further Chirp, firm We you update up And mobile finalizing deployment we as our

from guidance XXXX does FFO in assume XXXX be Our and incremental not this any beyond. which to accretive we meaningfully expect initiative, impacts

the decrease first tax result quarter of increases of year, expect of decrease per income quarter accruals a and fourth excluding represents the of $X.XX We same-store share range cash $X.XX and from quarter an resulting the lower an decrease the previously per FFO share net other Corpus disclosed $X.XX on income, interest to resulting per January primarily insurance management XXXX an typical per X.X to business the $X.XX due to combination onsite XXXX higher share due per Christi income, our expense, interruption recovery prepayment from is wholly-owned within operating of from and for in seasonal an primarily per sequential balances, share approximate fourth After and $X.XX fee our $X.XX increases, of a XXXX which expense Xst decrease to of the per XXXX cent the annual FFO lower decrease reset be $X.XX. per FFO the fourth trends, share our and penalty, primarily $X.XX $X.XX midpoint each quarter asset property attributable approximate in approximate an to time interest decrease approximate approximate share from salary lower including share from the in share dispositions.

by cent increase X.X Houston in share acquisitions. from This cent FFO decrease in recently completed our aggregate an offset Raleigh and is FFO X.X incremental per partially share per approximate

At questions. this the call open time, to up we'll

Richard Campo

Yes.

we contest. let question winner that our we answer, have Before start Camden know folks first our our Camden we to a and do

Mr. by open songs the Brooks, Urban And Malcolm that The our me. is person by with Carrie Kind it to is them first to with The Stewart; identified Can't correctly and Alex Feeling Funk the now over Administrator and turn you. Kim Thank McGraw Humble Tim by Maybe identify Callahan; Benefits with The Uptown with by it Fighter we'll Stop She in Mr. Timberlake Me shockingly submitted Mars to questions. Senior correctly Rae Jessett; Keith person Call Jepsen Underwood up by Carly Loris Campo; Justin who Houston. here And Bruno with

Operator

And [Operator question first go Nick come Joseph ahead. from with Please Instructions]. our Citi. will

Nick Joseph

you to specifically? you year. a just X.X% and sounds Maybe revenue what how same-store you're tie from increasing start you're it can did But on of comments the just this growth growth portfolio and two Houston, made, expecting in those that wondering more your the seeing given you job like XXXX. level supply similar It

Alex Jessett

you're Nick, Yes, correct.

right for Houston are that's included where and about guidance last growth, at this year. year original X.X% Our we

around of those Houston We that almost of high-end the or low game to the the the range difference the average our about challenges data providers XX,XXX of completions X,XXX of sort average we're a outliers. that's you estimates apartments have our planning two one -- of from meaningful a is in -- all new on plan and on the So spread. the took way that from

X data is have providers. apartments. We XX,XXX to average The about XX,XXX

fair bunched we jobs on So job even deliveries that tightly that new XX,XXX and amount there's get supply. and going seem an estimates be growth getting doesn't number is so XX,XXX than that the -- and to new still which new still seemed the environment supply where we're the unmanageable out. a much the always of My lot uncertainty guess in further timing as to extended to to of are more think of the further still is --

being some assets. our Houston we pretty that's even of or So late out assets. of a it’s our part the has a be get and or portfolio is impacted And year fair to supplies well think year about years and because ability is going seen to where of are very the another feel challenged. coming this there's years results suburban think as Houston the though is like second where in we still that is all-in-all, the going in urban -- nothing little to counter of more see even about interesting more Xth mix a definitely market the the that that is, cyclical in so bit happening. that impact we've than in our XX little of X% the in But cyclical. good we amount -- we about from a that's leased-ups is portfolio. urban that time decent pretty the then in this grind suburbs, just new portfolio This to core Houston And core positioned. suburban over did the current still year Probably last continue our Xth more just counter bit to to Probably going rest balanced previous

Houston, for the stark is oil true. that this lot just I it, around of are analysis you dig is lower everybody and else it's to people really prices a good it try also and is much. really put not to reality is that the is, and think and The for in think into -- country over need reverse don't too as And but good

it's the an lot end had we to to Houston top the bottom. been we've right now where an was So outlier the of a outlier past in times of and the -- range

Keith Oden

supports will think think than apply it's provider said I for Witten, is demand but our us, Houston disproportionally Ron all his really client just He did including this we like said to underlying markets the I on last with Houston, permanent and going just the versus the providers paraphrase what -- better which thing it economy. in to interesting markets, -- talk When strong me data other we maybe. add supported week. Ron to Let example, call that last I'm that,

If with job look -- to economy job tailwind. you look And Ron the I falling -- would demographic have at answer just year-over-year?” the have at at just all tailwind have and can this in it you the you highs, as is, at growth say, interesting you how revenue term is growth slowing we uses the is underlying think “Well, backdrop growth time supply of applies you really you're well. when that and apartments Houston the supply And when that

leasing, today. in young there's to of growth propensity you that high more to a who have continued higher them folks have have have adults types non-couple You propensity a rent and lifestyle apartments

think demographic propensity And the then age those of look rent have dramatically terms at all XXs houses, cohorts grown group, stay who you way when XXs, every in about going to in rent propensity to for actually the renting. into well, to it's you up houses, already in houses, that selling in people when their houses are buy before they're are but like,

faster ever a backdrop at job increasing is population rental growth. the expect, the of than we given would so rate And

that it Washington will house. reported about Mac, housing recently in the a -- buy they is was There Freddie don't better folks rent their in their XX% up. One be summary of to and interesting that want want saying And never XX% they move other of don't those likely whenever optionality Post just XXXX. and says out in their renters the came data XXXX. up XX% -- of of from the flexibility lifestyle, to they for say that And able was really XX% then they lease fits was XX% mortgage, renters about that's some studies being want a the of

does including have to coming a supply that Houston. markets, on all the more the I years. than basis so last in And in Houston it think drive did relative few continues

growth it’s So of I of just muted. revenue economy that equation greater ultimately, would far the definitely side indicate. sort is the the keeping demand think than But

Nick Joseph

maybe Then just on quickly DC.

You guess years? and political in year. What had maybe an maybe in then following seen you election risk year that that’s have I year DC other in mentioned different election the than

Keith Oden

election economy in we picks election the year done Well, on it of some overall up elected. analysis sort interestingly DC. it and who enough, of during have on And versus gets years retool the they then if sort that gets have don't have you that a now elected, changes, right? an flurry you is Because lobbyists you administration. have need a happens don't incumbent So of what to because have depends new

people So figure be how having improve new that a that got position if growth during new more to their you business out the to retool you tend -- that vis-à-vis and tends have of to DC have period, and the sort because you in administration, sort of administration. existing lobbyists incumbent

leading in there's actually up good economy change administration. it's to in to an nationally of year the helps if DC generally, the a it leading DC and economy up the that So -- election benefits

Operator

Kim BMO Capital of go question Please John from ahead. will our And come Markets. next

John Kim

Thank you.

as this continues well. When to it be forecasting you think strong development the occurred Phoenix, Regarding pick will market you're yet? this that a market as why up year demand, hasn't to and in meet

Keith Oden

in Well, slightly Phoenix units year, year. completions our numbers, about XXXX. last looks picking this units John, up projecting delivered we've X,XXX We about we've we're like got were -- got in X,XXX

the probably ahead still to of sufficient get increase. So That's that's XX% a not demand. about

that we different competition from other of merchant some fewer that Phoenix about which that, things in have public that is that is cities than a are the we the other the on. companies build builders of lack have lot One Phoenix markets of than we indigenous of and to probably just you operate in

and we’re -- Southern competitive California, different I'm Dallas. -- two. different under some just there any in of our the other a and any So Phoenix, maybe aware that and more traveled DC, not got companies Florida a minimal of as opposed profile, even you But got currently bit if it's then embedded little Denver a markets you well one Washington construction anything base, have to or markets, public

capacity So, think at is XX,XXX is up attract in what will that like I operated years. get well. there ramp my somewhere is number the just very the other it’s which a apartments, number job ultimately think markets don't X,XXX outside competition. a to obviously And that's again roughly equilibrium. way little we that's in Denver, guess can different results just But profile. have in projected I historically. growth Phoenix jobs. the if we as for But is, that the you of year, from But competition of is, where some the look of And the companies XX,XXX, If and consensus public changing next that case good that with is test

I'm that So will up. ramp guessing

Richard Campo

sense increases from level high like And ramping much have markets as rate already. you the including their to really other business it's hard that I a it's work. go permit a that times we and pipelines to would up have numbers most hard lots have they these numbers agree up markets developers the these make faster sort full this in of -- have at with hard of look the pretty Phoenix. go get. they rental as Keith Construction of think in and time are challenge but can in and When up high in and just repeat to make continue what that you those costs markets ramp the most data work really people I is to than

John Kim

reporting cons to guidance and your and is JT And are moving a to the my TEN, core NAREIT Alex. the views or pros second question of focus versus What core? number on

Alex Jessett

interesting the gone has hanger-ons FFO, probably that because not last to of heard dark core I having side. one yesterday It's of over the

this in based on at the So we point plan time, white reporting NAREIT paper. FFO upon

I think lot that. there's around importance doing a of

you as enables SEC consistently If about a non applied. it's have long think as the it, measure GAAP NAREIT

that it keep we're the and with going for at foreseeable on going apply future. so least And paper consistently basically we're the white to to

Operator

Shirley come will question next Wu America. ahead. our Bank Please And of from go of

Shirley Wu

Houston. on up is follow question to first So a my question Nick’s actually

the little you was that household historically rate fell But mentioned in but to quarter by last driven capture a call if of Could positive the seeing turnaround continued has XX%. to it a year color extra bit we play last to more in continued formation of XX% actually of improve? or how to out that in you demand think jobs, has actually that get turnaround. I XX% terms that were

Richard Campo

rate We into continued multifamily demand it demand for because any unusual because very family data. that demand was outstrip and Houston exceed of I was call, in been versus -- single multifamily market, to last from And it down capture think perspective. to when comment interesting we’ve this have demand made in a seen multifamily it's we on rental has dug higher And single family. single a family

business. And data the with had people look was happened, an -- And just the providers energy have when that growth We aberration. were the was here, part our because the at it it downturn Houston already it. of a that job did

were that took And jobs those people jobs lot plus -- people XX,XXX business. people when those new those had were of those then you created, homes. lived in energy lost a And jobs. in the So the

during we've around -- those migration They're home already go we or moving rent an multifamily -- rate in home -- used come They housing it here because downturn, weren't before turned for but also take to easy. has seen owned in easy. XXXX timeframe, up energy We that Houston, get and and those for as were -- as negative multifamily. as plentiful. competition Then from Houston the coming you either because more That jobs people about wasn't job to to to for that improve a Houston added move that didn't into of didn't people a didn't heard during to sort now XXXX that, and that single went have people they come opposed family or job the demand to housing a units and a goes, we did have job. they

were you we having at have that same -- is city. happening thing historically in low was a other The the every that unemployment rate time

much And stay any a there. America, want in can they job so a young city adult if in pretty get to

of a rates So the are of just because rates I And market. little in down very country labor there’s a migration overall this decline well. that in the as migration tight think bit because of

to city necessarily job. another in you city don't the So of or you a city, live job move you get the the into can get in, out move

going increase multifamily still in York demand reasons little and we We're -- But to have the continue living we to and next That where different definitely tax that. we to migration multifamily. out like think year. might be family will increase for not you cities New California a a it's reasons demand things places for for have single year, cost coastal versus do this have and the other of and outstrip capture going and seen rate high

Shirley Wu

do And turnover. my has with second to question so

for across you been a And in kind So to so think a pick it's point turnover back all to think where going has turnover, low off competitors. I your continued continued do or to board be you or gone down will it's trend the do think of deceleration taper there up?

Richard Campo

the that our just year, enough lot I Rick in mused we've the to And than -- to years about to fell ticked we every that five of our the mentioned limits it to, portfolio. five -- a future, demographics, it's about what call a -- change year. I the more what the don't are of because approaching it's years, again And got rates is turnover know have I've be it's can loud factors kind think Shirley, for to but the in last out turnover down just fall trend. likely last rate be thinking of the

lower the is to rates, but the going a or turnover know point some is like low we you where at and but we're to haven't it So homeownership it'll stops, believe to of likely endpoint this hard cycle this it's falling probably continue. permanently to know some reach logical seen point It's it part hard I yet. where I think got

Operator

Anderson go will Rich question come ahead. Please next our And of from SMBC.

Rich Anderson

a Bruno at Mars way. concert any but Rick picturing So

Richard Campo

Super to got it. went Friday for we have night We we him that seen mean here I Super Bowl and concert. in we Bowl and of him brought

Rich Anderson

year started perhaps feel number this year said, going ended XXXX a not is look like do to year, XXXX the profile just so the year much year regard? where how to line that XXXX a perhaps as you the reasonable same-store curious from NOI we -- like but XXXX X.X%. you Anyway different NOI beatable in you least than I'm X.X% precisely same-store go at again is the through the or same NOI, X.X%. start look full year and at at and It’s revenue last at

Keith Oden

I'm there happened on going because your to the on answer side side, Rich, lot of expense revenue question of are a that things, the things property.

sometimes. sort Just original there we just was But in year right, last revenue we side and X.X%. And guidance, random did. basically -- line went in prior of had modeling know, with were don't the walk things, our the rates did I of year pretty out you're what occupancy with much forecasting -- guidance on we

XXXX we our highest in portfolio ever that we've the occupancy level was hit had. on XX.X% wide, same-store which occupancy

be a a in probably same-store about in of we sudden And go occupancy is this XX.X%. would So peak we you all for peak back what of we occupancy if had XX our XX-year a get XX.X%. increase average rate, thought years,

and -- repeat, of that. can of crazy kind sort but were those like we we felt well we kind of numbers, XXXX, high maintain we maybe then In thought

that's in So we what modeled XXXX.

of the rate. was occupancy few outs, and for X.X% as in revenue XXXX, full increase performances, the we but the occupancy the out, XX.X% a rate There end of the were X.X% lion’s averaging explains the the over year X.X% occupied revenue turns expectation out between for had of somewhere lion’s -- around few year a which XX.X that an of it share the So Well ticked up to up, XX.X. growth difference and share year. other ins growth the that course

really is, that, a and rate taking swan-ish. to be XX-year is occupancy you high world a going like and repeatable was occupancy it saying black our rate So looked in are that's XX.X% question the little

bit as and modeling for And naturally little there's year. next to of so reluctance that repeat a far as

last moderated deliveries XX,XXX Camden's little apartments year. over light about So in supply are X of know portfolio occupancy a rate facts. in about of to XX% primary bit a that we We going increase. That’s up the be new

new we than to had units we So know we're get year. going more last

side the in flip is Camden's that coming of growth in platform portfolio, in XXX,XXX the across that of course somewhere the also job is based the year on down estimates over job The our know growth range. we jobs

just supply. different bit last than demand probably more a had jobs, little us have to to to we going XXXX you're It like you're So feels get fewer to going get year. in we're challenge going supply

of in the the average in we we end that's at lightning a the is our flip by catching high side if that captured So X.X. this range, that is, of up year something and revenue range again, end bottle for XX.X

year. how that's we this up ended So our settling guidance for

Rich Anderson

development based a -- in to on projects, of world revenue sequentially and playing confidence Okay. you And today, you're versus -- core more jobs little kind supply mean your vest said? what You're ramping the some based from your operating what the everything third now. reconcile side. on on think you least quarter then there, yet development million that fewer you're $XXX at the on of and does could just side tap showing in it you I I decelerating standpoint How just said more yet closer

Keith Oden

contract, what put get you. Well, it's under the to because in takes lumpy, property primarily permits you kind while -- starts to and it especially development of a You right? get have California

bullish market, and And $XXX saying like that of levels back of development, that start the have in a look I we I definitely people thought peak will can't when I -- $XXX to to with so compress paying million million be our consistent I in an that overly moderate a just look go a imagine kind happening a year what's a of on view, if -- forward we've -- necessarily markets but think rates at been a Dallas sort cap when rates not development $XXX other back it’s more state sort not could going cap bit. million you acquisition And million, steady company. continue that. the But to other hand, bullish in to are we it never And when view. the sub-X $XXX throttled and imagine to Austin you at a you

we And capital very invest we the that paid what still do can to so between it from via perspective our versus spread gets can premium where development it -- acquisitions. really a well our makes -- compared makes if we acquisitions development,

Operator

will question from next come Our of Austin Please ahead. Markets. KeyBanc Capital go Wurschmidt

Austin Wurschmidt

driven XXXX? technology that expect was per this other income The look rollout And interested growth the you've other then if and primarily initiatives home I'm fees in you unit occupied smart like discussed. of by income could the what accelerated parking do quarter. And

Alex Jessett

Yes, absolutely.

and quarter. smart to up we really slightly our in We initiatives, the have that's traction pick much you're parking and the get higher which starting we're some utility fourth on we're from do our also what So income, access. of a didn't amount recapture seeing on getting

into you be in-line with our basically that If go XXXX, that, income. will call assuming -- non rental it, rental we're non-apartment apartment income

all also as which in-line. there do which be income calling what parking all other we But not in revenue, when calling is other we put it well, you've So revenue. acceleration about rental we're that got you think we're but have income, should

should impact income. XXXX dilutive in be there a not from So other

Austin Wurschmidt

And sticking you, Alex. with maybe then

levering far the more up it? call do comfortable where perspective? levels balance around sheet, of from would guys the finish as to X current what expect year you you the a As times leverage And from get

Alex Jessett

Yes.

comfortable So times X to in said we've range. always the that X we're

today so X.X we're here times. at And

we'll raising little bit sure ourselves we've alternatives that closely So at capital obviously but a the of got what times watching understand of the got a we that throughout keep of mid year, models, year. end we've make the look we the sort obviously and When our are capacity. in by our X

Operator

ahead. Alexander from will next come go of Goldfarb Our Please Sandler. question Piper

Alexander Goldfarb

easier questions. comparison. But picks metric the everyone core, core and sort FFO two which FFO just versus on first, of NAREIT comparability mean, the it their I NAREIT be FFO just would for makes makes tough So own preference

Alex Jessett

Hopefully you that my you. with answer got I agree

Alexander Goldfarb

pretty was clear. darn That

question the questions. So two --

it art it But back gone lagged. Keith costs on oil the markets rate, rates like has growth, bust, in point some markets market through over seem same and you here faster Rick's development. great And going trading, Houston, hear cap accretive on spread, Houston to where are that with question cap time. maybe where you I trim reinvest at your an either maybe but Nick’s so can growth, been an has whether still other there's exposure and maybe would faster booms, that Houston First, since things to it's of or

market just is. has in you and performed make I money But don't can So the just that sense, put know north almost maybe don't lower something mean, talk what the better more about Camden XX% Houston I number that of X%? in showing whether given are of how maybe markets growth? consistent know, I is

Keith Oden

most And of growth other think that a that is if it's over a go to ours me. I been. I year-to-year pure it the variability when of on and Well, long-term the markets growth, at not more and period what's history, NOI you from like just basis. a back of time, look a outperformed our XX-year has concerning not over portfolio Houston It's Alex long to period

what context of fits trying to shareholder we're we're So the period which bit more achieve, for a return, of volatile is NOI it total to sure. tends be But to what in time. do long a trying still It well. little grow a over very

the and XX% think where's when we it it the one of the next be market, somewhere that -- with around to that it be in today, work underlying said today, regards to and is somewhere not the -- a the the it's -- markets top the around the -- that XX%, exposure the Now, necessarily put in long-term size us sense timing to your makes where of that, more years. to money as for market tune with will at behooves what's opportunistic of group going? given target. peer Houston -- having But I over these XX

was We bought costs replacement of asset Houston our timing that standpoint, touch yield. to in in a kind the in if asset numbers, we stabilized most from that you we the a certainly in can cost the extraordinary numbers at other an of fourth So about can't XX% Those at think replacement get think that at we think are bought end that of you our -- roughly an a markets. quarter just any you value discount X% play.

thinking horizon, as XX-year So play. a sort XX X XX-year an to about that's if -- years, you're this incredible of a

market, in our redeploying Sure point acquisition then the your attractive of do lightening will most as capital? But of up of opportunities, also I Houston attractive of you our right screen that. to now one now a it -- and you as my it's just if one it's selling as -- XXXX way springs brain and most then be Houston almost of it could sort to It's think Houston be So a could and market that. bad disposing assets for and a hard great of being a to really hurt acquisition same into think sell me in market fantastic would time. great thinking buy the at

discount and our timing assets said Houston and when newer a at to state older necessarily more to with live and end in portfolio recovered think that, be the clearly Having with bring sell time which opportunity to do higher our to that that is to we want but aspects don't some that. quality Houston the exposure associated appropriate we Houston is are down at in an now a that, at people of have up trading back is replacement we to just not costs, in level it the with are

Alexander Goldfarb

on And is then second development.

the you ATM. just issued You also Raleigh site, some bought

you about projects. today talk can where you yields maybe starting see So when you're new development

where I that X-ish, capital stuff your yields understanding stabilized And development the today? maybe just of think you spread? how but on was where raise to sort underwriting you said compares your

Richard Campo

a suburban -- targeting range terms today Well, in deals don't that basis. we're in development of targeting -- to -- yields and think the to more it today. And I deals spread the development the issuing of X might think in Xs. We spread broad the capital low development urban it still on we’re the the

think debt higher -- our is we about long-term of X%. spread, you is XX% capital. a slightly Camden's about It's our with sheet a when is average it's a your capital that’s do around of balance model than of XX% analysis way And weighted capital and cost I about So sort equity, what of capital? costs think a little cost of what asset pricing the

that we when that higher our period because transaction or our to Acquisitions you an So wide development tighter cost of capital and XXX would or be at don't and it unlevered IRR needs that development, to look can of look over development needs have be X our basis acquisition, what points cost be the we risk. capital year a be than at of minus. plus on than

manage on keep balance in short-term how of with is to So to sort equity right balance or our deal opportunistic sheet debt think incremental our issuing bond the rates, are whether where equity given issuances ATM. capital the being being a I we place, about I'm with in the we on of But doing market the sheet year the cycle. cost try opportunistic XX in don't

Operator

Stevenson from go ahead. Our next of is question Janney. Please coming Robert

Rob Stevenson

are your pipeline? Given a have the properties of one one development, a XX.X% you in et XX there guys capital thinking beyond shadow about how deployment issues, potentially project ballot that's the legislative, California under cetera, regulatory, is with and roughly NOI the across you

Richard Campo

getting. because talking the CPI cap statewide really rent where probably much markets to because The the our still now issues, XXXX more that's ballot especially of California We rent ballot the that like I get And, X aggressive. terms that right about affect is portfolio kind in think little doesn't of in Hawkins with a cities our in Costa in renewed nervous, some to likely of the I a legislation more portfolio allow less be us number would not of risk control. you’re legislative which spite be so plus we’re on would

in it's good of not when are cities militant pretty just with of that a and in I aspects like the owner more comes California be there. rent sort a that, cost to And all market still living to with negative exposure and the even multifamily all of portfolios are it control. the Our

Rob Stevenson

And mean from that an that drag given units much around cetera. talking guys can't Okay. I your And obviously lower, you and fewer how same-store fact et the there's before being turnover positives about perspective. redevelopment on you're that on a how But is to were are getting putting a working get mean Keith basis? I annual much low that? the to access you --

Keith Oden

and the talking a it Yes. difference bit, the but margins At rate and little between XXXX. between XX% you're year-over-year matters XX% XXXX about a turnover

that If you almost a would year, the the affect But repositions. XX% X% opening fact in is gave done had in delta remarks, or given the apartments. that we've any as probably Rick XX,XXX his numbers

And now to only -- so we're the right down reposition active about is think I X,XXX apartments. pipeline

happened. the So portfolio happen was in the vast available of our reposition activity majority that has to already

Operator

Evercore. will ahead. Please Our next from with come question Rich Hightower go

Rich Hightower

Can average the the or just looks hurdle covered in job you've of side, we the a on acquisition competitive good out along the through of a and yields maybe done of and the year us math capital there, typical in stack compared where development that to ground guess call the rates competitors compressing developer walk nowadays, of laying acquisition looks what But very like topic sense requirements. maybe on lender just were I sort so low of far. lot ago? how past rates the just for out like, and Rick, we've landscape you maybe what the a cap

Richard Campo

they year than ago a were higher, rates are interest right, today. Well,

on you yet, really situation interest except side. in coming the cycle, others capital the a equation to be unusual this just of some on not of at advantage available. capital a raise going pension and to where where than they have new are a year, trying time. that new to to for raised cap needs the unfunded buy those the of out are year situations you seriously very, very, numbers is pressure you that pressure and were when much And Even last look the markets So -- that But XXXX that uncover. private the the interesting funds find rate already that's some are you down. been so we've And builders thought And raised amount folks, acquisition versus last merchant we been for still -- primarily in have would pretty rates the manifested to lower has maybe from funds improved you way and hasn't stack down, is side having itself of sell few because had definitely right? have a did home. equity very if because capital funds, continue though able -- very sticky the funds down being But that's if getting and there's massive rates

and And created the capital debt equity of or side the from so any the more equation. think don't than pressure actually lack It I we you has would improved think.

Keith Oden

participants and comparable now. there are regard data X,XXX to that in And conference. meeting, field X,XXX chasing -- just Orlando same with week. Yes, amount capital that, give credential brokers Multi -- years NMHC many Housing I year, we Meeting follow-up point the ago interesting right credential just participants to the you the Council of and last National -- Meeting, an amount on Annual at X is was were in exact were multifamily Housing of in -- to we at companies deals and participants. the in Council were that Multi were the National there This how

NMHC. years, in days pretty a the at and So show X up price additional X,XXX paid to healthy an X spend people

it end and capital, from So amount grown space the call amount has interested we'll I'm of the is no But there's people in sight. there inclined -- goes to see peak the there. of where in dramatically, NMHC

of on -- transactions. So, same I the in-store think there's for more

Rich Hightower

quick color, helpful that's debt of that? those get LTVs service things, mean commentary lender to mean on maybe sense I of a any coverage, of guys. or Yes. requirements, I sorts kind just

Richard Campo

over Debt to development XX% two funds, market, debt coming years funds acquisitions. multifamily funds both of are expanded And funds and XX%. debt been of as -- are have their areas, is sort the interesting LTVs debt that's ago of XX% Yes, were from fundings now And the now maybe they one banks are dramatically. the have thing tightened X% XX%.

And insurance funds. banks just not debt these it's so or companies, it's

too. there out programs mezz are there So

equity, or know mezz So developers and XX% debt here XX% I funds putting from XX% construction banks. loans

can above competition financing. you as mezz with so XXX And XX% And a in treasuries, you piece. long financing but basis to points a can than get XX It's a the basis the is XXX points, definitely to mezz as piece is, aggressive then much up get wider mezz get we've XX% seen it's time too. your year,

Operator

Our of Scotiabank. will go from next ahead. question Yulico come Nick Please

Nick Yulico

topic. So go the back to just want leverage to

out in lowest does to you sector. they leverage metric debt-to-EBITDA proxy the comp. the the clearly executive tend having look rest the is of maybe And low multifamily leverage or And I Your X times performance for in above. a your times REITs X spell have at that range know is the

have And guess feel low. so I you to I'm that just need it the wondering why

ago lower put to so your peer down. down. get still It's Why have to much your place come years metric a do feel leverage leverage performance need group? the was the than in So you as this

Richard Campo

of It's on are primarily the we based in sort cycle. where

sudden couple dramatically years fourth when the started that fell of world missed prices a would the and times back We our tenure But have stock you all XXXX obviously. the people last talking along in to quarter was others. few I of point top mark, and the was the called X pretty falling. price the of with a about changing dramatically And over and market

range supply, area and and but now way, that in longest But debt-to-EBITDA so X the having not the your history think of if I'm depression until don't going I U.S. And peak a may great this low for clear our years the But the keep in need with going not even I that there it's the maybe be sailing. it's at since signs the Board we're cautious we're I the I recovery it’s America. in longest unusual rates, history forever, XX recovery the maybe be sure to end America, can't low or of think and next with our you to interest -- recession be of to and us history the there's years. usual into the imagine maybe maybe of ever, low feels know,

are to sub-X with today And when people recession? future to to be so just when like the I have know do, mezz, I discussion take could cap what Camden in into who want last on leveraging to if, of we advantage that we think be you the who a interesting the had XX% be rates, about and opportunities to paying -- want the rushing we they question, are and positioned space positioned I'd

Nick Yulico

you to just clearly point Rick. X on the as point company I'm more be -- revisit development. is Why X. doing that does some is at number? guess time low I is max why payout keep fair right? it about, guys as if to now the think a that that, a maybe the is hit this wondering And That’s Which performance magic be and though metric needs times it you hey,

we keep well. and that don't do can we leverage need so to And that our

Keith Oden

Yes.

just point performance the for metric is arrange on a So The metric. debt-to-EBITDA. Nick, to is X% X%

to the have X.X. only So that's laid think range if street, our in not of do currently his et end to we'll acquisitions that funding, metric, a the in to out if middle cetera, we earlier in the with bond commentary, guidance given right as that business have guidance if development, we guidance it Alex's And book street. of I transaction and performance model answer at we it the but mirrors year our we've the the also

in all the the equal, year which the So being should middle given range X X times the of of I end we think the to -- be Rick’s the commentary. I still near of don't all of middle by we the X.X, somewhere is think things appropriate --

Operator

Our Babin Drew Please with Baird. will go come ahead. question from next

Drew Babin

based year. look for been kind call, long It picks of deliveries does at, follow-up it’s just deliveries so quantity the looking the up Houston goes number of supply. or the this me. the a on I'm like on on as A year know I of one data

of And a and here look it little back delayed? first things out Just kind of thinking of maybe as more naturally might more for a shape at supply this itself of bit half about about you up in ‘XX, kind given as ‘XX part spreading visibility a worry that? you or the are do do then how so little are kind you things curious how

Richard Campo

Yes.

way there at one And so, about XXX the things miles is have you shows market, moving what dramatically. the urban pretty you year square suburbs To supply, X,XXX example, -- look KD, right? miles, this lenders core Houston Houston kind and KD. interesting the that's merchant of in have -- well, of into core, units online have the to an really give and come out a you we done. of Houston this So, are the builders remember, moving are in They vast just that

and X,XXX in We online have properties the coming in KD X nothing else. venture joint Woodlands. There's units

We have Woodlands are one properties -- but not proper. venture up that two the towards are joint Woodlands,

really not are submarkets. units are in that online competitive coming X,XXX with Houston that that our So

supposed last -- the starting to of quarter, way the slippage in bring one, the also beginning with that front the look the be that into the and and development, fourth year, up have half of pressured Houston is we is, So we and quarter. sort going with is continued I back they'll -- and of first half of products second especially year, of just it's on the it’s ones they think than of more the the ramp -- go at always number were clearly always be year clearly third

half. is So in key our is is that with more front how the big. But affect lot the than product that so from think the said, the does of in we reasonably that year that be the the little back and we're difficult insulated product would suburbs, supply half because and of mind probably where keep a a Houston that

Drew Babin

as of for perspective a spread lumpy Okay. it maybe a kind certain more is? of given potentially anything market how general From a look at will that of the time timing than period out you persist overhang rather

Richard Campo

Yes.

Operator

Malkin of from Capital will come Securities. question Our Please go next ahead. One Neil

Neil Malkin

Hopefully, call Coast keep like we East time. this can going X till

Richard Campo

In senate. Why not? the

Neil Malkin

way. No

if even So and we've debt of about delays you recent think kind funds of the in talked constraints, in picked months. so void really there. up and that continuing such anyways, to And permits kind the see we're Like of can might to reached peak kind of labor cycle? the anything a this just delays. given picking the be permits that really you expect of filling rest produce supply physically terms we shouldn't most though wondering many structural back of up, the is just we I'm types acute

Keith Oden

numbers if versus XX% at to data expected and both and XXXX So, to And at about then up completions completions you providers, markets nationally, look be in year-over-year. are you look our Camden's XXXX, slight from their -- at of that. less are less a them to obviously, in the these look -- you not been have uptick if -- XXXX and certainty but they there's a

much even reach to structural So not is, not be what major, wherewithal -- it know I to capacity, question certainly it's but but sponsor. a you it's very a and that well call -- play there to plentiful, how with relatively particular Because lenders developer are so capacity. if on money -- willing I'm if aggregate any where do is limits are it willing a point they're it's could your answer don't sure financial the

more And getting projected structural We worse. but just last had clearly completions. I terms the providers. of an don't construction environment how for for the -- better of our -- it's a business labor, skill in I five of don't know think on in challenging constraint you I existing it's So where any if book everybody have been know, it have has years. the gets every and just that completed gets markets think one I

Neil Malkin

Yes.

bake expense any Okay, that do last And successful one makes guidance, in operating in your real sense. is, tax appeals? you estate

Alex Jessett

do. actually we Yes,

you are in look if anticipating $X.X got at So we million refunds of million. of we In refunds. XXXX, about $X.X XXXX,

in XXXX. close received what we to pretty So

Operator

Pawlowski Please Advisors. John Green from come will question next ahead. Street of go Our

John Pawlowski

the come the guess, of be did the job you seems pivot growth quarter suggest in the terms the on XXXX of forecast on sharp to I declining X.X% pricing could today XXXX. to trends you third-party wanted one pretty cautious like to me. for Just concession from of from ground fruition? for in this that Because go from in power. mid-X% still revenue are trajectory I of for terms traffic, seeing growth, down to anything comments level to back that your DC the foot a

today? So happen are it forecast? versus third-party seeing the just is it Or caution you

Keith Oden

on Well, if so is the things forecast. there you take -- X

with and provider is is range. as Our employment Witten, at number primary everybody else's challenged which And of low got we've -- at end knows. XX,XXX, XXXX Ron he's the And growth everybody Millichap, because that that we it's it what But the we're doesn't CBRE, seem & you consistent and data seeing. Marcus if the to look at providers XX,XXX. close of average it the have, includes RealPage

because like sense to look XX,XXX know get that seems then when to it to lower But more be it's at apartments end and it market, closer challenging So numbers. DC going Metro. makes a range, we're to XX,XXX to -- certainly going going if average probably the you the is in additional it's we makes of -- the we're

you suburban and than again, we our footprint includes about some because like impacted we results have going Maryland where else is do a a Northern DC where the footprint guys competitors. to strong is from. and always got Virginia immediate is most and our -- think Now story early of we we of get do little anyone bit And just is the Metro only on, tricky, construction, where different there's and the it does. continue place have incredibly Where we've stuff that sub-market challenges assets

But I fair don't a -- we in good the next And unexpectedly Obviously, expect XXXX game to DC to that are on just we in us the market. -- for year see. I'd amount so what love reflects think it it was of bullish of year I particularly data our to see terms forecasts. -- realism sure plan makes in repeat. sense be not much bullish our I'm than based that more an

John Pawlowski

pricing ground concessions the or not traffic? renewal really today, recent of or changes has any in the terms On team foot seen

Keith Oden

asked as I their were XX market us everybody X other optimistic how their the for game in give this fact X don't they to is describe on -- We would to to update in a of in No, day XXXX. of range. the I them XX, our and terms achievable plan very scale -- call

their they game feel with very comfortable plan. So

no So DC. concerns based low current conditions in on change, no

Operator

next from St. will Haendel come Our question

Please of Juste ahead. go Mizuho.

Haendel St. Juste

quick couple a So, me. ones from

remove to perspective consideration this of for of on on state I last measures controls, I'm rent first, Belt national So, are curious bills those that guess Sun the Per introduced control markets year updated here? your preemption Florida would it rent any like and housing multi in poised some year? looks

And has recently the encouraging looked Atlanta, also rent then It state too a a legislation? there in been there's Georgia city some control. cities state the council rent chatter resolution that in level against preemption control while allow like to introduced pass to states

Keith Oden

you of there's be not for rent rent in market there's chatter, say would you ago ones have this would are a Denver. on having years control in. you but impact how other in a that Yes, be the my it? around me Haendel, or seen. initiatives. there my mean, possible where they're would around as California been there's that be shifting been pretty that That that of every Florida State to is could the form What's for got initiatives screen aware to overly conversations. of in around something many it’s we talk at the conversations, The like legislation -- something idea I of example. ever conversations and idea state head some how progress five Florida, of mean, just control. might a State lot about -- introduced. is almost said, or it's of to something local that and The the I actionable radar concerned you you're there's get It's to us lot There's not operate the hard be as of Florida point meant, a control more got -- the this I'm far It's rent traction? advanced on States is, that ultimately to activism and far question I of, Texas. wrapped of actually the to in in you're that's ground Atlanta around And be the is really of. conversation over specific initiative firefight in a for statewide point, the having sure. them But remains be we probably going aware some

Richard Campo

Yes. those see it And happening I just in markets. don't

pointed Houston, rent to prices, Keith the there then and control they the example, discussion talk a and get thing in going never is And of in tough up affordable housing prices the here, understand people interesting will have because is, out for happen. you gone apartment politics area, As that housing really it has they about when been of room know it's here.

be talking, so, polarized some there's these lot in kind do and to don't sort a of lot of of get political York you the which but time, these you for And are New a and like hardcore pretty preempt that much state states, folks think of California, way when that long going and and -- you stuff. have red would same a markets, of blue I ultimate other the to

Haendel St. Juste

-- that the servicing to features about key can And can that You And get expense roll What I what here? are planning benefit? the broad about talk look benefits you incremental mentioned about more platform savings in bit expected accretion could two years to NOI, How you're you focus curious around numbers a talk out little broadly three mobile areas? that Chirp some year, should thinking margin be like no potential and we the put time? or maybe, maybe some maybe then, or cost? or this

Alex Jessett

absolutely. Yes,

solution enable and enter is? a smartphone access to communities. would using the individual to vendors the both it enter and It's premises the of locks the their that residents mobile what So, also

reality of middle around schedule. this. pilot. you pilot that there interested in a more done our of a pay press, And to look deployment as real access. are out what information home for, are lot going will the of a a will I what at smart we you our technologies getting well. consumers we have of willing We have there is, the tell lot we are our most that when in really are is are you studies The And consumers lot is get very is for but

focusing on. you lockouts, And we're on are spend is in firming And we so the savings that that addition all know be that about our think be cetera, for truly amenity, and it up. fact to residents if to letting there what in, that should is primarily et we fairly there's of this the pay we an this rekeying to are again amenity, locks, willing going believe expense on the with dealing meaningful we side, But operating time the vendors once amount that side. either some efficiencies

a really update quarterly that you and is deployment more. the to pledge year as know XXXX said, will and rollout our we for guys you is I we As

Operator

Associates. will question Goel ahead. come go Our Zelman of next Hardik & from Please

Hardik Goel

the things the into in where dig effect, just different specifically to wanted accounted other Just income quarter? And for. fourth are

income. So it a briefly, for mentioned you traditional account guys I think differently as little Alex -- than parking other other

breakdown If these is and you things and maybe the accounted for parking all share of good? where that could be bundles the other are cable would

Alex Jessett

Yes, absolutely.

property have line you one revenues we notice are item. on Page supplemental you'll X as of package So that if our

to is tied is go down revenue footnote, A, that footnote to revenue other break we which versus try out contractual obligation. rental a If you our with

income revenue, But cetera, So our category. deem if think space the valley package, we about into rental renting would you the et about we parking sort fall tech waste, other revenue, because of think revenue. effectively that to certainly parking you're rental

Hardik Goel

then the points, for same rate revenue guess but roughly rental at XX. XX I'm for is up up I thing. the margin looking the the And If sequentially, it’s basis at level home

So other that is How that just income. interpret level? a drag market from do the I at

Alex Jessett

I X.X%, was home average and what fourth if rental were quarter -- go would say comparison would is, monthly monthly look at up that for the rates revenue up I I Well, to occupied think I X.X%. yet

that X.X, monthly look and with much to So your is rental rates you add at X.X, if then about which X.X. the pretty you line occupancy X.X, you gets of in

there income really additional not you drag a tell any our would from categories. there's I So other of

Operator

back our ahead, Rick would remarks. go I Please question-and-answer concludes turn This Campo, closing to to CEO any over like for the session. sir. conference

Richard Campo

decade forward you appreciate you look for We being and on last with and being call decade. the supporting the to next for Camden

take thank and you. care So

Operator

The for now Thank today's conference attending has you concluded. presentation.

disconnect. may You now

Camden Property Trust (CPT) 31 Jan 202019 Q4 Earnings call transcript