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Camden Property Trust (CPT) is a real estate investment company focused on the ownership, management, development, and construction of multifamily apartment communities across the United States . The company operates 177 multifamily properties, comprising 59,996 apartment homes, and holds additional land for future development . CPT's business activities are concentrated in markets with strong economic growth and job creation, which drive demand for their apartment homes . The company generates nearly all its revenue from leasing apartment homes, as it operates in a single reportable segment without distinguishing operations by geography or property type .
- Multifamily Apartment Communities - Owns, manages, and leases apartment homes across the United States, generating the majority of the company's revenue through property leasing activities.
- Given that the untrended yields on your recent development starts are below 6% while assets are trading in the low 5% cap rate range, how do you justify continuing these developments when the initial spread appears minimal and going-in yields seem risky?
- With property taxes having an unusually low increase of 0.2% this year and insurance costs actually decreasing, how prepared are you for a potential return to higher expense growth in 2025, and what impact could that have on your margins?
- Despite signing blended lease rates at only 0.9% in July, you're projecting an acceleration in lease growth for the remainder of the year; what gives you confidence in this forecast given the current leasing environment?
- In markets like Nashville and Austin where you're facing significant new supply and oversupply concerns into 2025, how do you plan to sustain occupancy and rental rate growth in these challenging conditions?
- Considering your recent stock buybacks at lower prices and the current stock price close to consensus NAV, under what circumstances would you consider issuing equity to fund acquisitions or development, and how do you evaluate the trade-off between dilution and growth opportunities?