Camden Property Trust Q4 2020 Earnings Call Transcript

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, can you just talk about what you've seen or the sort of progression or change kind of that's apt to your music. With regard to in-migration from coastal markets, MAA talked about sort of the highest, I think, in history, new leases from people out of state. Just curious what kind of action you're seeing there, that would be great. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 05, 2021 / 4:00PM, CPT.N - Q4 2020 Camden Property Trust Earnings Call

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : Yes. That's what I thought the tech guys only live in California, guess not anymore.

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : Yes, right. Last one, kind of going back to the first line of questioning. It's surprising that acquisitions are in your guidance just given the sort of sub-4 cap environment. I know that last cycle, your balance sheet wasn't in as good position as you wanted you to be aggressive. I guess, is that kind of going into the calculus of why you're being, I guess, aggressive here. And I guess, could you talk about just from an FFO standpoint, what kind of EBITDA yields do you think you're going to be selling, not AFFO, but EBITDA yields and then versus what you think you can buy at?

Question: Sumit Sharma - Scotiabank Global Banking and Markets, Research Division - Analyst : This is Sumit here in for Nick. And I'll keep a question to just one because we're running up against the hour and I want to have everyone ask questions before, I think. So really, I mean, if you could walk us through what drove the sequential declining rents in occupancy Q over Q? Particularly in Houston and D.C., I mean, trying to understand whether the competition is offering (inaudible) than you do? Or is there something more seasonal about the decline? It doesn't seem to be reflected when you compare it to last year. So inquisitive about that. And then when we think about the dispositions that are focused on Houston or D.C., at least, you mentioned a couple of questions later earlier at the start of the call, is that improvement contemplated in your SS rev growth range for the year?

Question: Sumit Sharma - Scotiabank Global Banking and Markets, Research Division - Analyst : I guess, you mentioned that your dispositions would be focused on Houston and D.C. It's related. So it's not a second question, I'm just saying. Is that -- is there any improvement in your SS statistics contemplated in your range towards perhaps the more optimistic side from the dispositions or no?