Camden Property Trust Provides Information on Recent Winter Storms in Texas
Camden Property Trust (NYSE:CPT) has confirmed that all its Texas apartment communities are operational with full power and water restored. The company anticipates incurring less than $1 million in expenses related to winter storm damages in the first quarter of 2021, after considering insurance reimbursements. Camden emphasizes its commitment to resident safety and well-being during this crisis. The company owns and operates 167 properties with 56,850 apartment homes and is expanding its portfolio as development progresses on 7 additional properties.
- All Texas apartment communities are operational with restored power and water.
- Projected expenses from winter storm damage are under $1 million, benefiting from insurance reimbursements.
- Camden operates a growing portfolio with 167 properties and plans to expand to 59,104 apartment homes.
- Anticipated expenses related to winter storm damage indicate a financial impact, albeit minor.
Camden Property Trust (NYSE:CPT) (the "Company") announced today that all of its apartment communities in Texas are currently operational, and full power and water access has been restored for all residents. After considering insurance reimbursements, the Company expects to incur less than
“Our top priority is always the health and safety of our team members and residents, particularly during times such as this,” said Richard J. Campo, Camden’s Chairman and Chief Executive Officer. “We are proud of the concern and caring our on-site teams have provided to our residents during this unfortunate weather situation, and we thank each and every resident for their patience and support.”
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 167 properties containing 56,850 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 59,104 apartment homes in 174 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor Employees' Choice Award in 2020, ranking #25 for large U.S. companies.
For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
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