Camden Property Trust Provides Update on Projected Expenses Related to Hurricane Ian

Rhea-AI Summary

Camden Property Trust (NYSE:CPT) has announced an anticipated expense of approximately $1.0 million due to Hurricane Ian, expected in Q3 2022. These costs will primarily cover cleanup and repairs for water intrusion, roofing, and landscaping at their apartment communities in Florida and North Carolina. An update to the full-year 2022 earnings guidance will follow the Q3 earnings release, scheduled for late October 2022. Camden operates 171 properties with a total of 58,425 apartment homes across the United States.

Positive

• Camden operates 171 properties with 58,425 apartment homes, indicating a strong portfolio.
• The company is completing 5 additional properties that will increase its portfolio to 60,267 apartment homes.

Negative

• Anticipated expenses of approximately $1.0 million could impact quarterly financial performance.

HOUSTON--(BUSINESS WIRE)-- Camden Property Trust (NYSE:CPT) announced today that it expects to incur approximately $1.0 million in expenses during the third quarter of 2022 as a result of Hurricane Ian. These projected expenses relate primarily to cleanup and repairs for water intrusion, roofing, and landscaping at the Company’s apartment communities located in Florida and North Carolina. Camden will provide an update to its full-year 2022 earnings guidance in conjunction with its 3Q22 earnings release scheduled for late October 2022.

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 500 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 171 properties containing 58,425 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 60,267 apartment homes in 176 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 15 consecutive years, most recently ranking #26.

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/20221010005739/en/

Kim Callahan, 713-354-2549

Source: Camden Property Trust

FAQ

What financial impact will Hurricane Ian have on Camden Property Trust (CPT)?

Camden Property Trust expects to incur approximately $1.0 million in expenses related to Hurricane Ian, affecting its Q3 2022 performance.

When will Camden Property Trust provide an update on its earnings guidance?

Camden Property Trust will update its full-year 2022 earnings guidance during its Q3 earnings release scheduled for late October 2022.

How many properties does Camden Property Trust currently manage?

Camden Property Trust currently manages 171 properties across the United States.

What is the total number of apartment homes Camden Property Trust (CPT) operates?

Camden Property Trust operates a total of 58,425 apartment homes.