CPT - Earnings call transcript Q1 2020

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Operator

Good day and welcome to the Camden Property's First Quarter 2020 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. Please note this event is being recorded.

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

Kim Callahan

thank Earnings and joining First Camden's Good Call. you XXXX Conference Quarter morning for

we Before prepared forward-looking to actual filings about begin you these statements be involve with or that our we opinions current risks risks them. assumes the our expectations. update expectations forward-looking differ to are encourage we advise like current because our that obligation these future will materially company no everyone not to Any and guarantees today's and from be performance information beliefs. review of uncertainties results making Further call and statements on of on remarks, based These I and found SEC would and cause can made subsequent statements the supplement to could in events. management's statements represent

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

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

turn questions I'll with everyone time, or phone by We e-mail additional call happy will hour, limit be we At rejoin after unable one questions call attempt Ric our you to this Campo. speak items then you to that call the If complete respond to two, in if have we are within the your we'd queue over ask queue to the additional concludes. to so today, discuss. to to the

Ric Campo

morning. and Thanks, Kim good

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lives their and experience give time. shout to improving to a the teammates, want commitment their I big of shareholders, out customers resilient, to Camden one team for a at

Our time, on-site really a this our up unprecedented true property of to during make stepped teams residents place refuge. help to their homes have

regional missing and adapting corporate beat. support to highly teams a telecommunity be productive, have Our without to continued

to this, the like times you. During homes our importance forefront. it of I'm Team the proud of brings Thank Camden.

in of our not spend most call will use for seeing XXXX quarter first this rest the about time real answering today much questions we're talking the uncertain the and guidance We won't business distant environment. provide We'll about in of time. what in

financial more this this of in come the in other, than are financial great We the recession team. to any a We will out that prepared focused recession position thanks for we and know lessons crisis. with a motivated learned strength

Keith?

Keith Oden

Ric. Thanks,

X.X%. in NOI of a rate two changed. of quarter, FFO guidance. growth the it highest history. per our quarters. and the best had the of established of of worst XX-year titled it was the It a quarter write novel quarters, Someday, "A just of yet, arguably And everything was will this. We weeks had to begin had sector-leading biggest the $X.XX. quarterly share our will best We like in Tale had someone two relative Quarters" Camden outperformance same-store the We last the

Fortunately, our share decades has and disasters been dealt our leadership for and we've of team disruptions. with together

navigating map experience with road us this pandemic. a provided previous with dislocations Our for

make of financial safest care we the Also, the take address that were Make Camden First, sure well-being. team. operating sure that their environment. possible they in

will under are To we best be able that two work. personal never Employees financial to their distress did this, do things. accomplish

Camden's we employee million $X Camden added to $XXX,XXX First, relief fund. of came from long-standing and that our $XXX,XXX emergency came from executives.

had the up million. income have provided increased impact. We were that To or COVID-XX with grants had employees exceeding date, living employees family's provided due $X grants our $X,XXX XXX whose to whose been to to made impaired available we of expenses total

operations for bonus our healthy. The our physically, exclusively Second, approximately afforded on-site are construction last $X is totaling residents our employee, Camden announced we for excellence that us teams financially best to each living both for ensure to on-site way remains full-time employees, frontline mentally and week that and a ensure $X,XXX of team million.

In priority assist next caused to the relief Camden's residents a resident fund pandemic. were financial million impact. had experiencing jobs was Our or April, from announced losses we the COVID who who our COVID-XX lost substantial $X income by for residents

help providing of of such fund as medical delayed many get unemployment beyond as The financial insurance, a bridge loans, been to checks, care child objective expenses, expectations. had intended for insurance, was assistance stimulus living by utilities, was to PPP impacted other food, transportation. or their to or resident with to residents residents such assistance which provide forms relief The expenses

to relief $X We over out million. subsequently We entire give funding approved the totaling $X.X nearly didn't and Camden million. X,XXX residents delivered

qualified. the the some maximum initial Some the for the than of and people grant were applications in less amount ask of group not

income entire commitment to additional XX. All order to qualified April funding, allowed on of in applications COVID-XX $X to a residents to the million who application demonstrating due submitted So, eligible loss our distribute remaining submit residents of we $XXX,XXX. the were fulfill to split

for the was million need much. relief reopened the but Between we an nine which claims. the fund relief increased, unemployment really We resident idea had and Americans no fund days, we additional the how announced knew we date the only date XX filed had

resident stuck plan remaining original additional reviewed over $XX X,XXX to we if round $XXX,XXX. to split approved and it the which the of relief, In of have to the among would applications, we amounted per person second had

our $XX.X each. a As million, to we approved to decided for $XXXX the applicants to increase allowing all of initial commitment grants $X result, receive million

these the as able Camden This resident residents total of way receiving times. fund brought as team that residents approximately well support our proud members relief the number of been our very assistance We're we to have Camden during complicated X,XXX. to

turn to CFO. Jessett, At call this point, I'll Alex the over Camden's

Alex Jessett

adapt each new two work has continue weeks Eight Keith. situation. respond ago, In Thanks, remotely. months and changed, and much to our regional teams our teams began to so to corporate but

have have completed The so without past we our in recent ever close, task dividends. in made virtual paying technology the investment our are a that harder investments financial would We a first cloud-based system. much been just quarterly

for annual and Our virtual are ever on-site teams preparing of success our are first virtual leasing we with shareholders. meeting having great

to our for taking earnings and a face. first website. quarter, COVID-XX-related about last discussion and first Understandably the us environment published quarter helping a supplement the position current we release of operational backseat now night the on included well are trends, to available had Camden in great Details performance our

trends we've we offices began increases were for our public X% rate now, right on until rental seen first existing and to in trends quarter. on mid-March were the closed the primarily But focus leasing quarter offering expected So first, I operating the residents second renewals. as will when

first growth the X.X% and of were quarter blended leases For XXXX, up X.X% renewals of X.X%. for up new were a rate

decrease of a environment. X.X% blended Our blended in for more and growth indicate April leases of were X.X%, basis X.X% operating XXX achieved the pre-COVID approximately X.X% normal a a April renewals XXXX growth points results we decline a clearly for new when which is in for under circumstances below

renewal reminder, believe real-time are many signed upon lease effective. peers on new and lease our methodology a happening versus that the a data report view growth what is based represents when becomes on our ground. We when As of of is based our more a leases

increased look use if April, compared X.X% our leases XX.X% same have and in became in increase as have renewals leases April would XX.X% X%. a effective for Occupancy XXXX. to and However, declined XX% that during and new quarter X.X% first our the in would of averaged at the our blended we peers methodology April

Our current XX%. is occupancy rate

affecting situations in we decisions, existing property great residents. prospective Although for conducting residents tours are people's living success alternative and continue of our to have method certainly current many retaining

and we in X,XXX as X,XXX compared of new XXXX, our comprised portfolio X,XXX renewals. new we leases X,XXX April signed leases of comprised leases X,XXX and property when signed X,XXX same In to renewals leases XXXX

typical XX.X% approximately into deferred a April arrangement of In X%. residents our and becoming delinquent. would we with entering month, collected XXXX, our of delinquency X.X% rents X.X% For rent be a scheduled

of typical. XX% So our April collections were

at Phoenix, Florida and rate Markets includes markets, and experiencing of at delinquencies Austin, include X% California X%. or with Texas X% Tampa Southeast delinquency below at normal each Houston, yes, Southern Markets higher along with our Dallas, and Orlando. than

rent trending So far, in slightly collections May ahead of are April.

our us Any by the corresponding in recognized our depending re-evaluated of in to as rent without current is income future receipt GAAP, is each cash recognized be According still collections in subsequent income rent will Regardless of Camden residents. due history. months from uncollected contractually certain current current rent the payment month. to as upon month

corporate fund $XXX,XXX Keith offset employee as level and G&A, that also predominantly level expensed million contribution revenues to in the be to booked to $X expenses. funds, separate to as will GAAP, relief property be resident will our the mentioned, bonus will Camden's The a employees quarter. frontline recognized relief be The according approximate the property to to

Campo mentioned bonuses, voluntarily awarded compensation future maybe each aggregate $X just annual Ric and of in a payments. to by contribution as addition which the the serve Keith in to reduction agreed million have The amount $XXX,XXX. will In his Oden reduce the

update brief estate on And activities. now, real a our

During the during the Camden Hometown two, at Phase development of way. a right land a to leasing $XX.X first for acquired five Houston. our XX operating home XXX Charlotte and acres Grandview of and development quarter development we Raleigh in apartment adjacent of Raleigh we the one properties in stabilized acres we to five we a of homes quarter, million approximately home Camden Downtown, new also approximately Also, of future began of sold in XXXX, land XXX facilitate public in

in our This date. at recognized Florida, due current to very the combined expected quarter. development first completion the to We developments. and completed have all unbudgeted disposition various in only Plantation almost of one local two on to initial to minor announced construction occupancy, as on as construction Camden activity we $XXX,XXX, sale approximately for market quarters delayed land dates site by decided And conditions, of FFO new the ordinances our suspend with stabilization impacts been temporarily project an Atlantic had work of created gain recently of

as continue will these we to update clarity. We more dates gain

a with an notes offering Subsequent end, of quarter underwriting $XXX issued X.X%. net of of received discounts to Turning and yield to unsecured of We liquidity. other X.X% proceeds of $XXX coupon and we estimated net million senior approximately expenses. million all-in

we approximately $XXX no have million scheduled amounts today, maturities almost of liquidity outstanding in comprised of no and unsecured credit cash $X.X equivalents billion of facility and As XXXX. and we have our $XXX debt until cash under million

we over At development next had years quarter existing left $XXX pipeline. to our the spend million under end, X.X

total Our a charge XXX% our times, sheet unencumbered. with strong times balance of and X.X ratio is assets coverage net at at X.X debt-to-EBITDA fixed

million have prepaying XXXX future made other not in decisions in debt and And any January $XXX maturities. million we about or any include Our December. $XXX debt maturities those yet

various cash earning basis invested excess banks with is current approximately Our points. XX

approximately for and night, we overhead recent higher X.X%, the from in in in first $X.XXXX or communities land a by and original non-same-store the $X.XX lower of rental same-store $XXX.X our share lower our outperformance the as Last for reported previously share funds XX-year resulting midpoint per sale income results. $X.XX expense financial approximately mid-February issuance first discussed interest quarter from of higher exceeding of at operations gain the quarter $X.XXX our $XXX per of measures, primarily million $X.XX. of approximately from range guidance control This to $X.XX fee development in income a expense from on approximately and $X.XXXX our $X.XXX and in XXXX operating net resulted general costs million Turning better-than-anticipated guidance combination approximately anticipated Raleigh including results income. acquisitions, higher from

will surrounding and earnings financial Given and this social outlook impact XXXX update we quarter. from our an uncertainty we provide withdrew previous economic the the guidance to our not COVID-XX,

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

Operator

[Operator session. Derek we Thank is question the will Deutsche first Johnston you. And now today of question-and-answer begin Bank. go Please Instructions] ahead. Our from

Derek Johnston

Hi everybody and thank you.

kind have and have while others of put temporarily have concessions bridge peers your occupancy of focused Some in price, place maintaining on the over to paused some lost occupancy, pricing gap.

want are at decline guess what the price? could point? where if question you level balancing to still maintain scenarios And I you comfortable is, you're to occupant So, how these this to

Ric Campo

Yes.

So above XX%, the traffic the impact our about that of time, running at same driving really ability long-term having for the in X.X occupancy. part great was been average push that rents occupancy years. without range. XX.X% is on to the was had and And We've last we any had we what

about we about you end were dropped That where And sit XX%. end quarter. of think we April. the the plan we're quarter, with our as if XX%. first today, from the the in So at at of was by We came about line for to XX.X% we here

and our maintain we're range somewhere a concerned make that seen our adjust about have overly point. to metrics at the we yes So around sure in that would anything not XX% we'll It's happens. to that this We our decline occupancy like occupancy.

we With pricing. use we about effective -- net regard to your concessions, don't question

offered have not We concessions.

revenue So, effective based determination make it's think on smart customers that to rents. concessions And management own our upfront enough all our are on versus about net we model. their

thing that start taking going to unnecessarily environment in and when distress -- is residents risk you're where unnecessary forward, other something complication potential something got done just likely under financial concession that are that's not we you is do. tenants think an so you've that this have there The are environment, not that it's in we and

we'll somewhere we're do the sure pricing need yes, seeing XX% -- to to occupancy make our seeing, that try the I maintain level. traffic we we trends we'll we're around So, to based think -- the and that that do on

Derek Johnston

quick just how follow-up summer a through demand And And has say from do see it Okay. is, important leasing May? let's spring how unfolding April evolved you season? the into and

Ric Campo

Yeah.

that that over three in exactly leases – be the in when of almost the new be our beginning you world with normal from kind first year and we have our would prior time that's traffic, about our through relatively changed would it been XXXX. in and the would all visits in if time think frame, in guest So, cards line that we're where XX, of frames, January the March something world

heavy So, traffic. cards traffic was roughly the it business as clearly of about all or the steady converting usual guest of and all of and good X%, X% XX%

the in XX where of Obviously, people period So XX period of through the on time at to the maximum impact shock our time of kind of kind frame dropped next the being normal. told effect March four-week about we huge is XX% stay guest April that that it was cards home. had a of

Our dropped about of XX% normal. – physical our visits visits

were and change have would time leases in roughly huge So, XX% behavior our that they new what during frame been. normally consumer of

getting about to a and timeframe out would virtual for still necessarily – were an next we're this still XX% timeframe. three-week you interesting have to last not we're we have but some the some back that We're that closer from on changed that there's visits actual business I for The way to that is about apartment – And that's We're that's and time Well, that, being down pointed year our because looks something for time relevant down residents about from us. we've practice lease of on visits frame – think to benefits and where little leasing April – that's physical our that on over to way. completely able been XX% concerning to where time be the XX more normal think a cards. this sort week. bit guest feels we through

period. substantially. that XXXX. particularly is increased down leases definitely offset from to live turnover renewal We're concerning, been turnover long would are our We about has where at new that the down in kind over were prior we've ever on period has that So we where of XX%. one our lowest three-week XX% for I pretty but new company's enough leases apartment not to rate the with The rate XX% had in rate, had I portfolio think are. ever an a that's history didn't we about see that

four So then hope for and – that's so I getting that like through within mean, recovery I normal. big weeks first a week distance of hailing the shock this looking gives

Derek Johnston

you. Thank

Operator

Michael today Citi. come next Our go Please ahead. will from question of Bilerman

Michael Bilerman

get how not quarterly of XX% Hey. basis I to guess, on monthly. Should a wanted annual I recurring? you $XX It's to tenants a relief of a sort perspective to of think of sort need I be pay being million expenses. or or provided to them able on you your right? NOI, of about the sort X% able mean of your this going for view ultimately you residents. is additional to and that they in fungible, tactic future? is rent the funds provide as this They their the able more pay Do cash, concessionary of normal can can to be be assistance – X.X%

how So, be like future programs thinking investors should about that?

Ric Campo

Yeah.

to a was were medical rent. that groceries those in of way lot easiest paying is – think our there transportation and the And the kinds a guard PPP our of that and many have care checks talk off through to were of and possibly were this way even that, the of lot child impact sent and were people. people checks while unexpected about really different state going the caught It so talk so and X,XXX of get it wasn't was unemployment was a to about is of piece think financial be that reality stimulus of reality is impact in then It bills The didn't about of of financial out. about the and that expenses, immediate queue and One residents. a there's and to pieces. trying resources. was lot money the things to sudden residents couple the completely I paying So stimulus

getting ultimately that like intended from that check quicker frontline to evidence unemployment, the get bridge the the So we and more were situation financial for that, and we PPP honestly something was people difficulty whether do whether most feedback of our state durable, be a we the we just or about felt like that's could it's felt stimulus the urgency anecdotal because it's teams to something grants. to one of

it time for of stress. financial part at of it it financial our their maximum of was was a of part So residents part assist to an the need, ability immediacy

Now whatsoever immediate – need think their about do have us And lease to you it a And one in issue resident they to resident and folks fungible the is of and that you if money get what ended cash getting we XX,XXX the adult lease. was so to our a permanent we apply no and people on an more requirement up a we rent. to then base, relief their bridge made from roughly about with to so it address it durable signatories funding XX situation. – is

may, second employees, through rate. be correct. quarter. then – more willing those financial walk for that's on issue to our will the get about see you make. in of back we'll of going And it Camden to what really and impact all a and as long-term that Some It we're the unfolds brand effect they're But choice be numbers positive the long we're And more to are but run we'll going the play will the it's actions behalf that as the game. I took happen think to people The we all stands normal for. residents this a – – of our

relief doing any our – And anticipate current emergency want and continue possible in needs the financial some place have a But which at resident relief point may to in this our to a if employees fund. over look at that's It's that's the to decade. no to been we We we for replacing question, do plans. program you other that, future? third plans do have is

had time So things all a immediacy, how maximum residents that mind. in we our ourselves assistance, brand at conducted for our stress long-term about we the financial of were

Alex Jessett

Yeah.

taking color about of bottom-line a more discussion ought lot they just days it's how care of Because too. about it's me not about socially add there's been -- taking me, a the Let customers, only, care taking to to little care of to of it's be about responsible that employees. communities, these companies how

of I the money for put the our it benefit from hard of no. getting to And created don't didn't was and employees. a so, immediacy, we just residents the money actually need e-mails, the step us of sent quickly grant government, -- just folks very thought money. when the in with us, congratulatory get the it zip that that communicated thousands saying, even the And apply a

at But you. a I renter, really now why, as be as I live understand Camden. with long And I'll I'm

this say me, do. will to our companies I So, corporate these world the the things followed way And the to in general, should right industry. to tell lead. is multiple of are sort our that you you

and spoke how XX around that thing. good country different with companies did probably a I on, we why we was it And the did it, and

the me, about game. about to corporate to and good it's it being citizen really And customer. community your is So your a long

Michael Bilerman

rent comes versus into agreements providing checks did you assistance, time, government How play? capital? for deferral their people simply, period the for a entering until into to weigh of And

Ric Campo

X% that. now or X.X% as Over our Well, of well. that payment we did something people plans have like

ultimately, that major big, did be an what think we thinking only if thing when you was it residents we so, the was do to that And going you residents about, right? that not about statement could money, -- but and didn't for so need would that both. we our started a call want when But employees, amazing that

one extending well. I them what stepped states with in of obviously way when fascinating opposed to as a point by B, $XXX was A "Hey, the is the because point people think from defer major as had is, government rent." we the bridge beyond did we things And so saying look, that's idea why, really your what increasing of And sort we'll did, the unemployment to up benefits insurance

pay each had But on average person a person. income like and maths made the -- our based something is about $XX,XXX $XXX,XXX lost was a increase or insurance, where situation, for their we then $XX,XXX apply unemployment they if and person $X,XXX. jobs $X,XXX that. actually a the seen is I’ve they household their says And a you Their each an in income $XXX,XXX if household of take-home a get once roughly month roughly rent two they So both have $XXXX. that

when amazing the all to same Because it's from is so, hard And available get so this have money. people. are -- But ultimately jobs. we economy. the bridge your be there they then, -- the, going they for question part to if that perspective whole thought, on people other our gig applying you will so gap, funds their many at people that the And lost time

to respect economy, not that just work us tons for hard of have unemployment. And systems gig And We navigating to lined a for it's for that that our -- with legacy those up. residents. people us, work have but states time, or tough get guys really they're having

that's we'll So kind rent. of the it than okay saying longer that was behind thought defer process your just rather --

Michael Bilerman

out their full are And X,XXX rent? of deferrals? who percentage no took just percentages percentage those That's rent? what money, those And really of helpful. question, last so on those paid what the What residents paid of

Alex Jessett

don't have I exact folks us receive The numbers vast here. But the paid that full majority right rent. the money of Yeah. their from

Michael Bilerman

you. Thank Okay.

Ric Campo

that to in last bit And April indications little are XX the in certainly ahead gave actually he running days. May world the comments a me collections given that's opening collections. Alex's unexpected in what's our think slightly happened I of And

Michael Bilerman

Right, yeah. much. Thanks very

Operator

ahead. today will come Our Jeff of Please Bank next from of question Spector go America.

Jeff Spector

all you. for thanks you're Good morning. doing. Thank And

of to ESG it's growing importance BofA's to strategists continue what worth, point For the ESG.

for today is question Houston. efforts. on, thanks So My your again

that you in to of If please? resilient up year-over-year if XX your seems like than project Houston expecting up occupancy. you It you market and we it leasing possibly looks downtown collections talk terms even could it was And about, the team your also then, were could discuss just you're bps. be more

Ric Campo

Sure.

sort is end Houston you By a -- period. XXX,XXX Houston for of through market. happened probably will I connect month, the So interesting because people and current they when should filed Houston what's it very a look definitely of were know the this The economy big is here. be at XXX,XXX. of the And with there Energy people like Energy part unemployment, more in

America. things a And broad lot other economy there that of are also people besides fourth in go it's on million a X.X city Energy. But largest

definitely going of And Energy rough they've rough had will on. And is so road top obviously Energy mind. road has a a probably been forward. real that be

well. to the -- sense the in XXXX, to a was in And the of XXXX last here were doing jobs. a the related And X,XXX lost Energy cycle in give Energy then economy The lost they net to you XXX,XXX is more the jobs. -- U.S. economy, well doing parts Houston what other did economy of other Houston that are

their doing tends margins. were to or low because well give oil them and of feedstock prices businesses higher Petrochemical that

the situation The XX,XXX going part is were down. in XXXXX that doing well. those sort time we long that going the have In overall of they've downstream and lost back is economy at jobs. economy same As of Energy this Energy as added then does U.S. the well, of Energy jobs the about down

the what So going all add prior prior was on the the XX actually lost. during pandemic. starved was with didn't Energy months pandemic that really for jobs And XX,XXX they capital to was they to the Energy

and technology is and result things the -- the efficiency or XXXX more a as XXXX interesting like better XXXX doubled their between just almost they production of and Permian thing that. in And

So, is XX,XXX. XX,XXX jobs of the XX,XXX Energy news back those brought have to good doesn't lose because only they

and are providers places and they blue-collar workers for that Midland to like of will Permian Energy starting are getting while are the -- starting are -- off. And hammered have service people So what on the you. lay some definitely working rigs

in to be XXXX lot will. the it's was to don't out they if just XXXX it probably is less left you going a to Energy The hit -- because cycle people than take have many

So hand. that's the one

from of Gilmer following two so -- of we have losses economists forever with and look the at net jobs. job and use listened of U here that greater the XXX,XXX XX,XXX players have been in think -- generally them to you they've and Bill XXXX Houston Jankowski, will that big been Houston partnership If H. Patrick's Patrick both between

bunkers people And you file, roughly those question XXX sort of consumers is have of out start had do and how you get normal. do to -- the so ultimately fast even the though getting do back they their XXX,XXX on --

the about now they're talking levels. program phasing in is XX% going of By to open occupancy with and Texas sort opening the XXth XX%. -- retailers of by with middle

So see phase theory by of in the think an of whether that's are we their -- And how there out going the or question come be We'll opening open. They to bunkers I actually have big the nationally. consumers is end month. not.

thing like other that Houston or executives supposed this be really XXXX Energy in that in benefit were interesting you could and to for that. term is was future, peak a Houston pandemic, if real something calling longer think I meaning for is transition out demand oil energy even the plans, The before the look

how all the oil do transition. they are on so major companies And focusing

call negative this oil these for when massive pandemic has folks. energy think I issue and went created wake-up the Saudi-Russia a

in number one the realize one don't people that next will probably become so And in generation. is number years in two And Texas it wind solar.

Houston Energy And Energy. transition and think power we engineering have opportunity with that the a have brain power we in so all the I lead real with actually to

Polaroid a themselves way happening lot of Energy be went. in think to that's now. kind same the think that maybe film they and of to the a or Kodak happening. executives it's business don't And I major I talked companies want senior right as think the go of -- the think And and I I Energy Kodak

that term. Houston over be positive could a the for So, long

they've pandemic sledding the up. we the Y We the leased been but of pretty weeks. structured lease point. did are month Downtown The couple stages We're XX ever It's have And Y units done. making to is was We XX% -- in made of number now. have of leases. absorbing last bookings early are that any the we this We've in project, hotel. I a think leases of building pre at of The prior as definitely they highest tough which about the hotel part right slow. -- a

And of what in now the course happened we that to know pandemic.

be time. term sure that's the definitely to how over in a great But be it's that leasing to play not project will great we're going real it's It estate. but piece going out near-term exactly of long So, up

Jeff Spector

Comments on X? helpful. back follow-up recent One say applications week were this applications past as you normal previous your very your confirm are saying let's are that or question. a To of to

Ric Campo

No. They're back not to normal.

see period of year. starting which last what to leading process guest this kind what think cards. terms we We're were normally of XX% where guest of the be terms what In below April a we're And would for time XX% below as in you we would of cards lease about the Xth. about that's for or the between last and May XXth saw year we

Jeff Spector

Thanks Okay. you. for clarifying. Thank

Operator

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

Austin Wurschmidt

Hi, good everybody. morning

where you've some a XX June You specified through guys said but time have maybe don't peers horizon flat had indicated renewals, of your that XXth. I or days believe offering you're

curious changing management to renewals. market-based or your you're more your you relates thinking take point? it on take stance there of of approach let revenue kind system start the might So, thoughts about to are at this over a how when What as

Ric Campo

sort ear responding. we and Well, environment play to how is market the all in do see have I think it this what is of by

in XX but to expiring are mid-June been XX perhaps that put of have out we So, of going guidance I have maybe for to would June. sort the flat hold days days. And end guess things we the

kind to increase our month what Because about if feeling. understand focused a the you customers on But you're thing think issues. right are are getting things say those of feel we our a in about of one have in if we already when froze is I a reason, resident. let's try to we're them was employees other market about renewal all and real-time their to feeling is and people doing thing do $XX with -- wanted of care think And X% one we're we renewal in a out how taking now reason, the the did our only. or a we And we employees $XX really talking a that and the talked

but by way, have more, me having those employees the this you want and hey, because don't I time, give it. we is I to $XX knock say, door can on to the tough a need know, really

ultimately And know value stated view we of situation, they will normal they through is all our the -- and, plan it rent; to we're we back to market the we like packages their we we that customers that our so a need but for a, business view our XX-day, we the provide -- as have. make changes will to b, other pay dictates. more and, them Once that get any

barbecue you gyms issue the the is like the or of that. part grills or the use can't And today have pool or even things they

to hate And full higher when I of the and somebody packages to they're even getting ask not amenities pay rent, that. like so complement

customers, we will And then days for evaluate it evaluate better and think employees way. -- to ultimately, from XX go that it So will better now as forward. I will our we we in be for our

Austin Wurschmidt

No, just understand of Got that that renewal for that's Is August end flat then are it. offered? then. renewal it. helpful. that Got getting July the of kind June, -- But to is into then offer those renewals it

Ric Campo

Yes.

right XX now out. out, Our we're days we going go generally days but renewals XX

Austin Wurschmidt

time. over kind late from of Houston commentary. it. following you. looks then the setup up the rolled from turn just kind Got supply than a Thank last last but when from negative delay oil differently when how certainly one XXXX, comparison curious things And Helpful of XXXX, on XXXX,

ramping I into recall are down. supply think And pretty shut XXXX XXXX. I today significantly things fairly and

contrast and of So you that the how compare equation? side would

Ric Campo

think it Harvey high Houston well you say, the through hit now. very peaking off occupancy. the Hurricane is supply, XXXX, supply We And in the XXXX. -- up right would XXXX, when when -- fell actually then ended XXXX, supply I had we actually in with

that recovering a And supply was market Houston could a declining only tell you America that a the economy picture. and had where story in so

development ramped was, Houston. developers So productive in did up they what

XX,XXX we And during frame. so to did time XXXX, the have But That XX,XXX. more probably the kind today with Houston were units XX,XXX, And XXXX, XXXX off projections supply that XXXX were than it will some. deal permitted will of for XXXX. fall have in

the around that though, today. loans what to look difficult of supply very, the very, new at you the in development XXX,XXX some to like of peak for around construction situation when ultimately, the on so units. analysis XXX,XXX is supply country development this units And everywhere, see however, new most And we very are barely over that was you And somewhere projections supply and generally are economic from get a is see equity dropping net.

And if work for it already you that going up, to be how have sledding not a and issue, out, done. to Houston project does plays a but And in year That's Downtown it interesting it'll didn't why next is this environment. probably see I half. you're has lined have getting all be the that through to tough said, supply our

Austin Wurschmidt

the appreciate It’s Thank thoughts. I Be well. you. No, helpful.

Operator

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

Nick Yulico

everyone. good you realizing, thinking we of early lot Hi, mean, are a with private opening seeing low partnering acquisition interesting sheet developers along sheet. your who balance you maybe are lines yet position I year? balance to you How opportunities over it set up the any envisioning deployment the clearly of how the next about a opportunity in wanted think very kind also maybe need of just ask capital. of And here? leverage should Ric, you're about I the the I cash. mean,

Ric Campo

sheet be. We're clearly sector. is with million $X.X we unfunded our over of line an billion strongest to sitting balance the -- Well the where exactly on want is of $XXX cash credit. the And in this

going, under equity? in that are are table you you Why I under Keith the Those kinds Why sell issuing Over Kim two conference pound of attend years going why Alex every leveraged? and the last people and single leveraged? and issues. are you

And that longest history. American economic what the in we're was answer recovery our was, in

And what is the to going come in is, opportunities up balance going happens, know be be I have because it that. something change there sheet to over should that's to that to don't come that. along, but want positioned that I sector, the when best

why And predict now we and of did. all but the sudden we happen know would a what now We we didn't have right? Now it happened, all that this? did happen it predicted could it happened, and predict could

So that's the in. positioning we're

There's capital Now about will is have eat look opportunity, and as model the we prefs their are. merchant happen. builder profits leveraged an than no every And because their prefs uncertain more high when much you month. -- issues this, or have you at that they if question, at you that like have opportunity have single you capital future the environment where are and

during going So -- opportunities like to are XXXX? XXXX and themselves in there presented amazing be that and

deal opportunities weren't saw we to with then. able to Unfortunately, positioned we be amazing the

early like. some, will there to think tell what I be it's but to they look going very are

transaction hard I getting money hunkered think wasn't ready that And a and deal if earnest are wasn't people down. that you completed not to probably most go, didn't you're have done. that or financed

months take few to settle. of market will a it for the So kind

have we they're debt don't. in they the There's their trap, their developer of developers trying a been To really their of thought lots from question had want – their And chase equity plans us who and not transactions to private now either the get with who on. private whole out they and going lot fielding calls of money. sell

developers do not We like with financing private fundamentally mezzanine will anything or or partner that.

do of simple the other financial a One after we wanted very the crisis during – things to big the to we structure. wanted have

we'll our with won't private be be we a is very transactions. Our and Texas to relationship our cash in of joint equity when and venture doing cash But which good. fundamentally going We is developer invest we're do invest we assets teachers, XXX% that. XXX% have

Nick Yulico

comfortable before you the how long take going more underwriting experience, to pipeline? And it future development is can in with your rents for become

Ric Campo

there months, things the X.X it you I don't Well is fundamental – because some on. I that I we've are know right? only for count been how think in long think it that yet But can

place on needing a live. You to people can count

scenarios looks You on picture what And like. sort the plan will can forward for the of over also open know you supply time. how some market

industries leisure And like gas think and how the how more do does gives get will or issues clarity. oil – a we and you business you so in industries industries how adapt, once closer kinds I do that Houston that open places little it those and of give to

we'll think. And others make now able structure with and make more aggressive be decisions we have to I capital bets than earlier

it and more going making that next you'll activity will start probably do people decisions to clear forward. in months. think seeing what six the they're become to And I going then on So three

And so be I going it's to a don't it's definitely going years to months. but few think be

Nick Yulico

it. Appreciate Thanks. Okay.

Operator

from come Neil One. Malkin will of question ahaed. Please next The Capital go

Neil Malkin

to into your previous reap sheet-wise expected like digging be to portfolio you're guys. view thanks, guess markets are Hey, balance you What it where on position close I said the benefits maybe question. XXXX. months? but would start in the and you XX a starts now over behoove nothing your mean kind thoughts next there? within of Any in your the just development I to and is really

Keith Oden

Yes.

We we've opportunity decent We have set think there got a it's of development the pipeline. kind now. right – sized appropriately given out

on We We'll The XXXX. We site – really cetera. et our guidance. Florida pulling couple see a had of permits for just we original finalizing had were we starts one additional some as the and hadn't literally far in work doing starts As process of in for construction. had those. wait Atlantic,

So put an of of hold abundance we that on out caution. just

doing year this and year. of development with done the gets – whether still next lot some we job and But bit the we'll be forge probably then, value it the whether what my team. at do with what going point, or ahead these there's more guess is And yes, that see quarter to developments is of is construction reemployment look fundamentally our when like some on into we over derived. in planned We from to our leads a markets it situation think little of first clarity a

early to things. sheet clearly going really to So kind we early – use cards. that start we're because two it's a do balance a little few on too see of It's even to still but Ric speculating to our said as strength need more

We have pipeline geographically diverse it's to delivered in million existing being our and pipeline great that's development left $XXX very a fund a on way.

stress all to that one a for is any priority that complete have and not pipeline. complete to us to that's about million have thing at So that's $XXX funding

our look in does to And what look then and going secondly, are opportunities acquisition opportunities turn and the at capital new we'll that development like we'll for new way. arena that to come potential then contrast inevitably compare allocation to whether

Neil Malkin

and of is Other are kind me you core who submarket things can on plans. how just your your delinquencies, for you terms people a spectrum? about sense. juxtapose performing price or Sunbelt compare Makes of contacted contrast one markets Southern with then in just and markets, And payment California point

Alex Jessett

Yes the absolutely. prepared month of you us, in the for for And April, as California I if look at said delinquent. California remarks was X%

Orange categories, sort of into was Inland Diego, you and break County two that one XX% LA, around being If Empire around then that San was X%.

if If in you were X.X%, are which at compare lower Sunbelt that to look reported would to to markets if you total our just considerably that we delinquency, Sunbelt X.X%. our at drop to you number our and California alone back fact, markets, out obviously

a is California is on drag a putting definitely putting our – So numbers.

Keith Oden

resident was kind our about interesting of it's is it. which would you -- the of the from relief equivalent pretty you was It think across got to things interesting see footprint it California, just of applying number – about relief we if disproportionate the is -- expected residents for it fund of be. that entire about data we And what portfolio. a one we So didn't fund resident from really that's that our

people minus applied income. X,XXX adult with or that who significant or signatories lost lost either over and job verified XX,XXX we plus their they lease So have

-- big in we're amount there XX% a disproportionate delinquent. yet see California and really wasn't a didn't we And

one see don't impaired so of If continue way the it, financial saying that's And very around different but it's are our to can while stress. portfolio -- have financially that as pay? going I what it's So would behavior resident behavior, is the they stress. from applied remain for were they don't have than California they ability pay accommodate is kind things. stress they policymakers under I to not long under just do -- disproportionate any relief any that, fund. different -- those very disproportionate as And conclusion that under to

there's know acting appropriately. who California residents so of not a chunk And that in we behaviorally are

Neil Malkin

of hazard out guys there. question. the Thanks amount with -- Huge

Operator

today Goldfarb is from of Our next question Alexander Please ahead. Sandler. Piper go

Alexander Goldfarb

echo, remember think residents for guys great I Hey, guys I your everyone. I mean you your morning, good helped employees. would Harvey, rebuild. mean, with I been back And have you employees

Cal. think you it's the I the help on And on that -- Keith hazard out. guys So moral comment good interesting Southern

your you NOI agencies guys what's is are agencies the but full P&L? it -- for seems the Alex that will leave to out apartments like I a the this their million agencies retail, you sense? seen him. to but -- we've when giving disclosure you tune rate very time? $XX Clearly, how $XX comp like the in the double before -- rating you, action? rating a the out the for the of conversation, affected. companies time just million, guess change It impact hit of included -- but million you treatment few will for are did One separate Jessett Jessett better accounting or your more be the seen been the question question REIT but taking Not settle downgrades. net sense Or than your then senior what Are that in still have from $XX everyone's -- week And issuance last run the just out

Alex Jessett

absolutely. Yes,

So to relief it way when an revenue. as at question the is resident first the you funds account will offset the look for we

it to Now And in NOI of own it page if through about separate be going think category. our Components you its be we're our in will same-store, will but not it run revenue. supplement,

as So amount we'll revenue. second to the take in quarter the entire offset an

agencies obviously, yes, I've a completed as issuance. weeks we about couple rating ready as you spoken When got bond the all think and issuance past the for rating a the we of agencies over to bond

I REITs stronger comfort. agencies first the tell large that today you leading to the so than by giving up were and think much are that I is And The some is would thing, last they rating downturn.

$X million, us start us which that a rating access to it capital of deal give that's a is obviously, see to able comfort agencies going the quickly have one And to that million to bond billion I when is have. I upsize agencies think you much led And think, transaction. they originally $XXX at demand to issued the rating out or most And $XXX at capital. I about to that access be of you're was in events go as the and were great issues the decisions over originally, whispered think the grew past. really why Camden other look is them of, in rating to big like thing to slower with than look of what -- of that sort making

I'll learned in if you add of, on about were what did of that, as agencies think the of, that sort and that two was a particular there an were that last couple downturn that then And sort so. think during moving quickly action. to I reactionary rating people happen side overreaction. down steps really that well in And one I And realized they've, think they very

Alexander Goldfarb

think Okay. I addressed did Phoenix, second in I collection And that is best a of the all were rent some and your you don't say market hospitality think but then you Tampa Orlando, question, markets. the

on So but can you there? into other people as your in those what's impact on residents just hospitality markets, as going is? comment Maybe the what aren't

Keith Oden

less the in than Orlando included have wouldn't impacted. I Yes.

than Orlando. outsized are in seeing and not so all Tampa most is We Phoenix. at performing is impact better

I would in those the of would markets or that mentioned, those you our be Orlando probably think that four. be it of So three weakest three three and bottom

Alexander Goldfarb

Orlando Keith? -- collection that X%? is What XX%

Alex Jessett

No.

-- Orlando. pricing was Orlando to power So talking in so what is Keith

a If holding is you it's remarkably of see in how we'll only it results delinquent April. Orlando, and up, but at is May end delinquent. actually well Orlando look X% time in on Maybe matter

Alexander Goldfarb

Thank you.

Operator

next question with Our Janney. today is Stevenson Rob from

Rob Stevenson

Thank Good morning. you.

at be about have saving how saving staying with today? given then And all expense some COVID you're this Are extra thinking does You turnover There's you higher then you're also we lower offset? and other higher How operating home. I about cost. some should April operating expenses. be numbers, expenses have there's or guys But that thinking insurance that? mean, probably occupancy How on utility we but on. probably rent costs everyone expenses? maybe should lines

Alex Jessett

going couple of things Ultimately, got a that there. Yes. you've are on

operating all, booked million expenses. be first that So to that we the is of $X discussed bonus going to

Rob Stevenson

the I normalized the talking about mean, recurring? excluding I'm that's just not stuff

Alex Jessett

some side, and associated expect you a have to that you going open once the at longer. positions look open pull to savings the So million out little salary $X salary we general should bit stay are with

have you and down. The really across I tell they're that to And that board are we coming is amount today. in will sort that environment, they costs just of most the of know the in absolutely is the seeing Ultimately that COVID-XX this, other hospitals to. seeing not thing benefit in are cases fact the people a really personally of, doctors are doctor seeing everybody going downturn unless

bonus. you're So to the ex the savings on side I think see going salary

higher to utilities, come little then And obviously, all but to trash is the keep a mind where we are back rebuild the we going have our R&M. really utilities savings that bit is you to residents. almost on When to in be going

our number residents, turn costs a more and reasonable retain obviously, So our down that's as go we of us. for

going renewal. was full insurance for at That's now, started reason year different. somewhere thought through to taxes us up to any around we where went up. right just We ended believe that's any We we're the to thinking don't going have insurance we XX%. our Property exactly our year for X%. the We be be

non-recurring think minor savings I you should on have you So out strip expenses. once events some and large by the

Rob Stevenson

doesn't that? overwhelm COVID And Okay.

Alex Jessett

out to property Yeah. that's with units we And for the you masks come expenses. But out that have wanted And having the I enter know our additional special thing we sort do that's last of do around services right and associated to $XXX,XXX. look When to number nonrecurring. then work. COVID-XX repair cleaning the were April, into we're strip fact at to expenses that add level

absolutely So some related have you costs. COVID-XX are to going

Rob Stevenson

What have back is when Okay. at collectability global What you is I made end rate final which got on best wind guess we that rent on noncash And payment for one was example the up the those that end? at the to time? in the at point. did tenants pay at payers this second plans, collecting look me probably financial the the promises put crisis, at you deferred point the that

Alex Jessett

Yeah.

So we if you go deferred in have didn't back to that programs. point time really

do. at what the at to probably think it did bad way is debt better look to look I

points. to the during debt basis off so around it And basis started And bad about actually XX increased XXX right crisis. points

Rob Stevenson

guys. Thanks it. Okay. Appreciate

Alex Jessett

Absolutely.

Operator

next today Our question go will from ahead. of Anderson come SMBC. Please Rich

Rich Anderson

Good everyone. Thanks. morning,

Ric Campo

Morning.

Rich Anderson

Appreciate on-hold as music, always WCPT.

of results question first -- you some collection in good April. terms question is to rent So relative expectations get in perhaps

quasi even of we're How of down better we you've able be some will not in lock around if residents a successive many Looking coverage comfort rent might proof May, that still country? got and your you good the that to of months point in even to actually past the flow do is we're pretty by get this a you a bit resilient, guidance at provide say, this little what boy second in quarter.

Keith Oden

of million filed. don't -- claims to $X need weeks another I see couple unemployment three where we have million a

Rich Anderson

okay. Yeah,

Keith Oden

better it's mean, staggering number. a not I that three guess, but million six is million, I just its

estimates kind of Then that's more maybe to by can rational XX XX and already look we next unemployed does days until you an the So making or think or going where of some by start get like. say of point I this inflection somewhere everybody to kind you large be what is.

some they've I the are to still of -- in that there's But guess there's moving like kind as news a unemployed it's numbers, guess, it the claim lagging turns me turn because been able I good to of filed. still out than feels the out unemployment be have -- sense to they've all for get it queue -- state their good there these people for been claims been away. longer in

or as rearview we're can entirely seeing month to it's point another is where what can some for the give two. But we that I everybody -- I a we get to I don't answer but meaningful that it. think can now we as here guidance possible in for by we'll think Rich the we'll of do think mirror, I So you kind know speak saying soon

Rich Anderson

just you elevated when any in you people you that is, process. ahead more investments you, a Curious to the thing of scenario through just And activity environment then that's leasing peers processing and leasing a normal helping were it's of you of you this and all tech Could your terms today's other the consider now have hiccups is though terms and where leasing it into process. have were curve coming were in so it get somewhat the process in something corollary close concerned time if obviously where was rates fully out. reasons? that there for out going far question of like ready been to prime not grips see point has you proven rolled any maybe environment. different not actually that new for itself And the yet as almost they to robust but we and in can a do this in If with

Keith Oden

of pilots Yeah. different tours. for several virtual doing had Rich self-guided leasing we and version some underway

ourselves we had one-on-one customers personal in lot on the the we So approach cares not accept of not that in time would had we were having interaction, large to our experience. -- leasing numbers yet put it. and effort that But touch, convinced a Camden

virtual from the feedback regarding put customers the we've to rest sense that that one leasing our I think in the experience.

we up ramped and just we buy-in we deep, went head getting to water rolling things one our we maybe because were the mean our it number and toes from are initiatives in of very out I to we're technology ankles of able to dove -- quickly. that our in And history and quickly just so and So do off. up

saying not option anymore. going it. -- all don't in that it getting just place do that process now and you and We're have taking talk about So, the going an plunge and to we're to

personal the flip feedback in mean good The lot tour and is, adapted. I side the that to had our that this involved a whatever the has a we better point people of that rest. So is positive. who've quickly than of in been the place where process was I folks visit are previously a that the residents indicated, like it there sense incredibly from and

That's that permanent that them. changes think out I So just are coming of this. of are there one

many of of a we immediate of waived operate that others, probably out going if too consumer back January that we're were business and on-site. we be back most clear to this to conditions, type behavior wand too bunch terms also of a when where the advantages not were. in going come There's from ahead There's how to standpoint is somebody many that's even the we we probably and but of practices

Ric Campo

Yeah.

the -- too work Let equation. on just me on of the add side

now had office And we we going of complained done cloud-based took had it. terms in a out forever the and all spent offices think a corporate closing all virtually and time -- fastest long quarter amazing. close to office about the implement Our money are for now. our actually done us his our been of we years in we took technology. cloud And I amount people regional have two And it a and we it that's to until wow of fair use Alex

number the XX% start to workplace, think think Zoom fair people really dramatic you between and start that a XX% and they me So about way how I'm here it did. changes usually do have drove I we at you think takes of about people back? Houston. telecommuting in how -- how workplace I going like there's people? the your And think be Do in like people in I sheltering, in houses from they I'm

an Columbus, hour a So an about in commute hour minutes. almost me about it a and I which hour in a less half-ish day XX place in or And Texas, an have and is normal an took it's get to hour today. out

it have us to immediately in And well. are be offices disadvantaged. I on-site those a speed of -- companies than -- their high needs workplaces lot and because I'm And fundamental going be bit that have the we but to think people lot really sort about end and that more the we've plug-and-play haven't in cool invested all excited flexible to in our a about going and going how there and lot changes a the And really think corporate in to more of not to at that could make technology be could past. of are business secure do deal need a lot They with think what Internet. need of up don't had as it's a really our I ability homes to it -- of So -- just to all homes you with things. have

Keith Oden

guys and I'm so. four Yes. second All gal. myself right. enjoying Thanks commute a

Rich Anderson

Ric. you, Thank

Ric Campo

Yeah.

Operator

question And Please come our from go of will Mizuho. Silverberg today Zach ahead. next

Zach Silverberg

my for questions. Thanks taking Hi.

comments you Just some expenses And think can made seeing you do any revenues on and they turnover. on curious extra actually end low you up? are side? about the How benefits

Keith Oden

I never Well, XX%. thought we get to would

it's they not the optimal -- not companies not sheltering care it's in that are a that experience lower? and who on. -- good the but everybody a place to just because reasons turning living taken for place. keeping go the lights of So open Yes, who people it to enjoying the one I'm keeping probably so -- But the ask I understands not can couple think be extraordinary have

place well-run competitors really, which taken The dozen this going a that and companies we're in. to the five probably really public private are large of who as have years to our or by and kind mess themselves care for live a next so differentiate extraordinary out companies of are

being actually a being care of. been live you think the so, cared in time being it's place And in you're where, love taken you if that for I extraordinary you're and and ways

why is cared that to kind question a not correctly that? to you environment for of not are want this and leave lot being with the a in properly going to probably would got people Because associated take. risk pain You of

not So, going that's soon. away anytime

So we'll could it but see. XX%? the XX% suppose become I could

Ric Campo

expenses. expenses On revenue lowers turnover lower generally,

You don't have relet. to

on it. don't have to commissions have You

lease to low don't rather and thing because costs, for that. lower like maybe is redo carpet renewal turnover the a this so a You at all other business always have Camden. good stuff than rate a for on new saving have revenue, And you're real a I'd long-term a

Zach Silverberg

this or percentage end is you do you up April color. that? behind Great. what just time What release, X.X% of of typical month the ultimately about a sort And on outlined more Appreciate your delinquency. last And press collecting? the X.X% frame

Alex Jessett

absolutely. Yes

work of down points. month usually is what so takes and to us it that is X.X% XX So, we'll which basis sort or a about typical

Zach Silverberg

Great. Thank you.

Operator

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

Alex Kalmus

is on Hardik. question. Hi. Thank This Kalmus taking for my Alex you for

front, from Is obviously tailwind expense this decline property walk this buildup going taxes you through the a Can us market level on what quarter. all On were for the expect ahead? and this Texas? you

Alex Jessett

Yes.

got in. it predominantly So all think taxes, driven to had some -- refunds were were that came we for we that come knew that by going our you those if property was select And about we way. what refunds

as got represented you was had You've -- Dallas was Atlanta.

all And so, typical. that was very

the taxes in And property property that going to about around still general, think you If is be think the taxes were I going believing case. X%. I to started year right up be that

a outlier property us of the sort little about tax for on an that think the you of bit If are side. markets

markets about actually Orlando You've But is sort that Houston you which X%. X%. of negative are got when currently refunds. our And by up some of you've up got got which about you've that offset is having growth think

X% we today, a pretty So, we number. probably are is think where good

taxes in I know peers and great has I often assure tax negative. you the is this and we consultants the that good typically what I have who through us one actually all tell it out you cycles during about will go I When know you property And very thing tax us the ask because best there. did that last like consultants downturn. What happens. use. turn call expense it's the And negative And of that large is of fact, can item us that that our Camden turn some

are fight. tax consultants out and there ready they're to Our

in see the maybe to benefits but I'd benefit we in XXXX, get expect so, And XXXX. don't

Alex Kalmus

-- XX months? just under the some a to for And are regards Or of are these offering follow-up. you you're With quick the are lease these thinking XX-month we of color. Thank mostly a renewals? renewals lot that

Keith Oden

taking of offer renewals. the are months. on We nine anywhere majority but XX-month from XX depending them months, vast The to XX months it's terms predominantly

are People the certainty year. question think next your I -- are wanting their not seeing is conditions If we're for living that. no, renewals, short-term people of

Alex Kalmus

you. Thank it. Got

Operator

I'd and conference the Campo for to turn closing remarks. like this the Ladies question-and-answer at And to time, back session. will this gentlemen, over conclude Ric

Ric Campo

Well soon. you appreciate with us Great. We care. and will taking we today to talk to thanks. the time Take visit

Operator

today's you attending The conference We may has and thank now disconnect. you concluded. for presentation now

Camden Property Trust (CPT) 8 May 202020 Q1 Earnings call transcript