Camden Property Trust (NYSE:CPT) Q1 2024 Earnings Call Transcript

Camden Property Trust (NYSE:CPT) Q1 2024 Earnings Call Transcript May 3, 2024

Camden Property Trust isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Kim Callahan: Good morning and welcome to Camden Property Trust First Quarter 2024 Earnings Conference Call. I'm Kim Callahan, Senior Vice President of Investor Relations. Joining me today are Ric Campo, Camden's Chairman and Chief Executive Officer; Keith Oden, Executive Vice Chairman; and Alex Jessett, President and Chief Financial Officer. Today's event is being webcast through the Investors section of our website at camdenliving.com and a replay will be available this afternoon. We will have a slide presentation in conjunction with our prepared remarks and those slides will be available on our website later today or by e-mail upon request. [Operator Instructions] Please note, this event is being recorded. Before we begin our prepared remarks, I would like to advise everyone that we will be making forward-looking statements based on our current expectations and beliefs.

These statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from expectations. Further information about these risks can be found in our filings with the SEC and we encourage you to review them. Any forward-looking statements made on today's call represent management's current opinions and the company assumes no obligation to update or supplement these statements because of subsequent events. As a reminder, Camden's complete first quarter 2024 earnings release is available in the Investors section of our website at camdenliving.com and it includes reconciliations to non-GAAP financial measures which will be discussed on this call. We would like to respect everyone’s time and complete our call within one hour, so please limit your questions to one, then rejoin the queue if you have additional items to discuss.

If we are unable to speak with everyone in the queue today, we'd be happy to respond to additional questions by phone or email after the call concludes. At this time, I'll turn the call over to Ric Campo.

Ric Campo: Thanks, Kim. The theme for on-hold music today was Celebrations. We recently learned that we were included once again on the Fortune magazine's annual list of the 100 best companies to work for. This marks 17 consecutive years, that Camden has been included on this prestigious list. We celebrate being on the list because it shows that Camden employees value and appreciate being part of a great workplace. Two-thirds of the company's score for inclusion on the Fortune list is based on an anonymous third-party administered employee survey. If a company's employees don't love what they do in their workplace, there's no chance that a company would ever make the list. The survey consists of 60 questions, and the most important is the final one, which asks employees if they agree with this statement.

Taking everything into account, would you say this is a great place to work? 95% of our team -- Camden teammates agree with this statement. This is truly remarkable, and certainly a cause for celebration. We believe that smiling, motivated and committed Camden teammates serving our residents with purpose and commitment to living excellence leads to smiling customers, which always leads to smiling shareholders. I want to thank team Camden for their continued support of improving the lives of our teammates, our customers and our shareholders one experience at a time. With the first quarter behind us, I will jump right into the issue that we spend most of our time talking about, apartment supply in our markets. Yes, we are at 30-year highs for permanent deliveries and yes, that is limiting rent growth in most markets for now.

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