Camden Property Trust Q3 2021 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : First question, maybe higher level in terms of just secular tailwinds. What is, in your opinion, driving historically strong rent growth? I mean -- is it -- are you continuing to see accelerating in-migration, corporate relocation? Is it a wage growth thing? Because supply is pretty consistent, give or take, over the last couple of years and expected to be next year, maybe a little bit higher. But if you can just talk about what you think the main drivers there are because you're at 97% and you're pushing double digits. So any thoughts would be great.

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : Okay. Yes. Just interesting as some other of your peers are talking about people coming back into the coastal market. So it's like I'm not really sure where the people are coming from, but I think your absolute market rents speak for themselves. Other one for me is, could you just talk about capital allocation priorities, I thought you're going to get pretty aggressive on the development. I think you only started one this year so far. Can you just talk about how your cost of equity, current market fundamentals and potential supply chain issues weigh into your factors of focusing on ramping the development pipeline versus focusing more on acquisitions?