Camden Property Trust (CPT) BofA Securities 2025 Global Real Estate Conference summary

Portfolio overview and market positioning

• Operates nearly 60,000 apartment homes in 15 major U.S. markets, with 75% in the Sun Belt and a $16B market cap.

• 60% of assets are suburban, and over 60% are Class B; markets lead in job and population growth, supporting strong demand.

• Focuses on high-growth markets, balancing urban/suburban and Class A/B assets, and recycles capital through acquisitions and dispositions.

• Maintains a strong balance sheet with low leverage, $700M in liquidity, and no major debt maturities until late next year.

• 2025 guidance: core FFO per share of $6.81, same-property revenue growth of 1%, expense growth of 2.5%, and NOI growth of 25 bps at midpoint.

Operating trends and leasing environment

• Record absorption despite lower-than-expected job growth; high retention and low turnover, with move-outs for home purchases at 10% since 2023.

• Spring-summer leasing season saw increased price sensitivity and concessions due to new supply, but renewals remain strong.

• Rent vs. buy discount is 50-60% in most markets, limiting move-outs to homeownership; Miami is the only market with a lower discount (20%+).

• Southern California and D.C. portfolios are performing well, with high occupancy and reduced bad debt.

Supply, demand, and market outlook

• 2024 saw a 50-year high in new supply, especially in Austin (10% of stock) and Nashville (downtown focus), but supply is set to decline sharply by 2026-2027.

• Rent recovery in Austin and Nashville expected by 2027; other Sun Belt markets may recover sooner.

• No plans to enter new markets; current focus remains on top 25 growth markets.