Camden Property Trust Announces Participation in Nareit’s REITweek 2024 Investor Conference and Provides Second Quarter 2024 Operating Update

Rhea-AI Summary

Camden Property Trust (NYSE: CPT) announced its participation in Nareit’s REITweek 2024 Investor Conference from June 3-6, 2024, in Houston. The company also shared its second-quarter 2024 operating update.

Key statistics include same property occupancy rates of 95.2% for both April and May 2024. New lease rates showed a slight decline, decreasing by 1.8% in May 2024, while renewal rates increased to 3.9% during the same period.

Effective average rates for new leases dropped by 2.4% in May 2024, and renewal rates decreased to 3.1%. Blended rates showed no change in May 2024.

Camden owns and operates 171 properties with 58,061 apartment homes across the U.S. Four developments underway will bring the total to 59,227 homes in 175 properties. Camden has been recognized by FORTUNE magazine as one of the 100 Best Companies to Work For® for 17 years, ranking #24 in 2024.

Positive

• Participation in Nareit’s REITweek 2024 Investor Conference may enhance stakeholder engagement.
• Same property occupancy rates remained stable at 95.2% in April and May 2024.
• Renewal rates saw an increase to 3.9% in May 2024.
• The company is expanding with four new properties, increasing its portfolio to 59,227 homes.
• Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 17 consecutive years, ranking #24 in 2024.

Negative

• New lease rates decreased by 1.8% in May 2024.
• Effective new lease rates saw a drop of 2.4% in May 2024.
• Blended rates showed no change in May 2024, indicating growth in leasing rates.

Insights

Financial Analyst

Camden Property Trust's operating update provides several key insights into its current performance. The occupancy rates of 95.2% in April and May 2024 are stable compared to the first quarter's 95%. This stability indicates a steady demand for Camden's properties, which is a positive sign for potential investors.

However, the new lease rates show a decline of -1.8% in both April and May compared to a -4.1% decline in the first quarter of 2024. While this suggests some improvement, the negative rates are still a concern as they indicate that new leases are being signed at lower rates compared to expiring leases. On the other hand, the renewal rates show an increase, reaching 3.9% in May, which is a positive indicator of tenant retention and satisfaction.

The blended rates (a combination of new lease and renewal rates) improved to 1% in May 2024 from -0.9% in the first quarter. This positive shift might suggest a balancing act between attracting new tenants and retaining existing ones, albeit at a potentially lower margin for new leases.

For retail investors, it’s important to consider both the occupancy stability and the lease rate trends. The high occupancy rates are a good sign, but the declining new lease rates need to be watched closely as they could impact revenue growth if the trend continues. The blended rates improvement does suggest that the company is making progress in finding a balance, but the mixed signals warrant a cautious outlook.

HOUSTON--(BUSINESS WIRE)-- Camden Property Trust (NYSE: CPT) (the “Company”) announced today that it will participate in Nareit’s REITweek 2024 Investor Conference which is being held June 3-6, 2024.

The Company also provided operating statistics for second quarter 2024 as detailed below.

Same Property Occupancy	1Q24	April 2024	May 2024*
Occupancy	95.0%	95.2%	95.2%
Same Property New Lease and Renewal Data – Date Signed(1)	1Q24	April 2024	May 2024*
New Lease Rates	(4.1)%	(1.8)%	(1.8)%
Renewal Rates	3.4%	3.4%	3.9%
Blended Rates	(0.9)%	0.6%	1.0%
Same Property New Lease and Renewal Data – Date Effective(2)	1Q24	April 2024	May 2024*
New Lease Rates	(4.4)%	(3.4)%	(2.4)%
Renewal Rates	3.8%	3.5%	3.1%
Blended Rates	(1.1)%	(0.2)%	0.0%

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.

(2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

*2Q24 data through 5/29/24.

Camden’s complete investor presentation is available in the Investors section of the Company’s website at camdenliving.com.

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 171 properties containing 58,061 apartment homes across the United States. Upon completion of 4 properties currently under development, the Company’s portfolio will increase to 59,227 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 17 consecutive years, most recently ranking #24.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240531819005/en/

Kim Callahan, 713-354-2549

Source: Camden Property Trust

FAQ

What event is Camden Property Trust participating in June 2024?

Camden Property Trust is participating in Nareit’s REITweek 2024 Investor Conference from June 3-6, 2024.

What was Camden Property Trust's same property occupancy rate in May 2024?

Camden Property Trust's same property occupancy rate was 95.2% in May 2024.

How did Camden Property Trust's new lease rates perform in May 2024?

Camden Property Trust's new lease rates decreased by 1.8% in May 2024.

What change occurred in Camden Property Trust's renewal rates in May 2024?

Camden Property Trust's renewal rates increased to 3.9% in May 2024.

How many properties does Camden Property Trust operate as of its latest update?

As of its latest update, Camden Property Trust operates 171 properties with 58,061 apartment homes.

How many new properties are being developed by Camden Property Trust?

Camden Property Trust is developing four new properties.

What recognition has Camden Property Trust received from FORTUNE magazine?

Camden Property Trust has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 17 consecutive years, ranking #24 in 2024.