The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: First question, can you just talk about what you're seeing in terms of in-migration? In some of your markets, your kind of larger
Sunbelt markets, obviously, COVID has kind of been the great accelerator for that. And just wondering if your people on the ground
are telling you that they continue to see that in earnest, if it's accelerating, if it's kind of steady. Any commentary on kind of like where
that's coming from and what markets are the biggest beneficiaries?
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APRIL 30, 2021 / 3:00PM, CPT.N - Q1 2021 Camden Property Trust Earnings Call
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Okay. The other one for me is maybe bigger picture, talked about cap rates coming down. I mean we've talked to brokers pretty
much in all of your markets and sub-4 is like the name of the game. And when you think about your portfolio, it's a great aggregated,
diversified portfolio, ridiculously low leverage compared to anything private, a lot of growth avenues there. Is there -- I mean, do
you think that there should be a rerating? Or is it fair to say that cap rates on the public side need to come down or they're justified
being lower? And if nothing else, the spread between coastal and Sunbelt should be compressed at least over the next several years
not to cycle?
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APRIL 30, 2021 / 3:00PM, CPT.N - Q1 2021 Camden Property Trust Earnings Call
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Yes. Well, I was saying, could you just humor us and what does the 3.5% cap translate into?
Question: Bradley Barrett Heffern - RBC Capital Markets, Research Division - Analyst
: I know we're at the top of the hour, so I'll just keep it to one. I was wondering if you could just talk through Houston. I was a little
surprised to see the sequential rent growth down almost 4%. I know obviously, COVID didn't necessarily break that market and
COVID leaving isn't going to fix it. But is there anything that you're seeing there that gives you optimism as we go forward, whether
it's the energy recovery or supply or anything else?
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