Camden Property Trust Announces Participation in Citi’s 2024 Global Property CEO Conference and Provides First Quarter 2024 Operating Update
02 3월 2024 - 8:31AM
Business Wire
Camden Property Trust (NYSE:CPT) (the “Company”) announced today
that the Company will participate in Citi’s 2024 Global Property
CEO Conference. Camden’s roundtable discussion has been scheduled
for Monday, March 4, 2024, at 10:15 AM Eastern Time. The event will
be webcast live in a listen-only mode at camdenliving.com in the
Investors section, and an audio archive will be available on the
Company’s website shortly after the event concludes. A copy of
Camden’s most recent investor presentation will also be available
in the Investors section of the Company’s website.
In February 2024, the Company implemented a marketing initiative
to boost occupancy ahead of its peak leasing season by adjusting
new lease pricing at communities less than 95% occupied, with a
particular emphasis on select units which have been vacant more
than 30 days. “To date, our first quarter 2024 bad debt has
improved as the number of units vacated by non-paying residents was
higher than anticipated,” said Richard J. Campo, Camden’s Chairman
and Chief Executive Officer. “Although a net positive, this
increase in move-outs put downward pressure on occupancy and was a
factor in our decision to shift leasing strategies. We believe that
our new marketing initiative should position us well as we enter
our prime leasing season.” The Company provided operating
statistics relating to its first quarter leasing activity
below.
Same Property Occupancy
4Q23
1Q24*
Jan 2024
Feb 2024
Occupancy
94.9%
94.9%
94.9%
94.9%
Bad Debt
1.1%
0.9%
Same Property New Lease and Renewal
Data – Date Signed(1)
4Q23
1Q24*
Jan 2024
Feb 2024
New Lease Rates
(4.1)%
(4.6)%
(3.8)%
(5.2)%
Renewal Rates
3.9%
3.5%
3.8%
3.2%
Blended Rates
(0.8)%
(1.2)%
(0.5)%
(2.0)%
Same Property New Lease and Renewal
Date – Date Effective(2)
4Q23
1Q24*
Jan 2024
Feb 2024
New Lease Rates
(3.6)%
(4.2)%
(3.7)%
(4.8)%
Renewal Rates
4.4%
3.9%
4.2%
3.7%
Blended Rates
(0.1)%
(0.8)%
(0.3)%
(1.2)%
*1Q24 data through 2/29/24
(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.
In addition, during February 2024 the Company repurchased
150,300 shares at a weighted average share price of $93.57 for
approximately $14.1 million under the Company’s $500 million
publicly announced share repurchase program authorized by its Board
of Trust Managers.
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 58,042 apartment homes across
the United States. Upon completion of 4 properties currently under
development, the Company’s portfolio will increase to 59,208
apartment homes in 175 properties. Camden has been recognized as
one of the 100 Best Companies to Work For® by FORTUNE magazine for
16 consecutive years, most recently ranking #33.
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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version on businesswire.com: https://www.businesswire.com/news/home/20240301123450/en/
Kim Callahan, 713-354-2549
Camden Property (NYSE:CPT)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Camden Property (NYSE:CPT)
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부터 5월(5) 2023 으로 5월(5) 2024