The following is a summary of the Camden Property Trust (CPT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Camden Property Trust reported core FFO of $1.70 per share for Q1 2024, surpassing the prior quarterly guidance by $0.03.

• Lower levels of bad debt and favorable insurance and property tax trends contributed primarily to this outperformance.

• The company saw an improvement in bad debt to 80 basis points from a budgeted 120 basis points.

• The sale of Camden Vantage in Atlanta for $115 million and the issuance of $400 million in 10-year senior unsecured notes demonstrates the company's strategic business maneuvers.

• The company's strong balance sheet is indicated by a net debt to EBITDA ratio at 3.9x.

Business Progress:

• Camden Property Trust was included in Fortune magazine's list of top 100 companies to work for 17th year in a row.

• The company is active in expanding its portfolio with plans for new developments in H2 2024, and leasing at several new properties.

• The company anticipates a robust job market in Sun Belt cities and maintains optimism about the absorption rates of its properties through 2025.

• Camden Property Trust is keen on increasing holdings in Nashville while planning to reduce exposure in Houston and D.C.

• Pricing initiatives are expected to be implemented to strengthen the company's position during peak leasing periods.

More details: Camden Property Trust IR

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