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
: Congratulations on the $150 share price, unbelievable. First question, can you talk about really, I think the thing that's driving some
of this is in migration trends. Clearly, people are voting with their feet. Just -- can you just discuss if you've seen any changes,
acceleration in terms of the percentage of new leases that are from odd-state date or from higher cost states, et cetera? We heard
this earnings season that you're seeing an uptick from already elevated levels to sort of new highs in terms of incremental demand
for modest state. So any color would be great.
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JULY 30, 2021 / 3:00PM, CPT.N - Q2 2021 Camden Property Trust Earnings Call
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Yes, that's great. And maybe just talking about acquisitions or recycling. Obviously, cap rates are very low, sub-4. But your AFFO cost
equity is also in the mid- to high 30s. Your leverage is lows in the industry. I'm just wondering, given the expectations for outsized
growth in Sunbelt markets, and I'm sure your conviction in that thesis as well. Would you look to dive a little bit more into the
acquisition market kind of using your currency picking up some leverage, which you have clearly the capacity to do and just kind of
increase your growth?
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Yes, that's great. Congrats on a good quarter and keep up the great work.
Question: Bradley Barrett Heffern - RBC Capital Markets, Research Division - Analyst
: The $450 million in dispositions, can you just talk through the use of proceeds there just given obviously the Nashville acquisitions
were already funded with the ATM?
Question: Bradley Barrett Heffern - RBC Capital Markets, Research Division - Analyst
: Okay. Got it. And then just thinking about the 14%, 15% rent increases in July, like what do you think that looks like in 2022? Like
next year, if we still see the same supply-demand imbalance, are we going to see still significantly higher than normal rent increases?
Or are people going to go, you just raised my rent 15% last year, I can't do it again kind of thing.
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