Camden Property TrustNYSE
Mon, Sep. 12, 4:37 PM
Thu, Jul. 28, 4:33 PM
- Q2 adjusted FFO of $90.5M or $0.99 per share vs. $84.1M and $0.92 one year ago. FFO of $1.15 vs. $1.12.
- Same-property revenues up 4.3% Y/Y; expenses up 5.3%; NOI up 3.7%.
- Same-property occupancy of 95.5% down 50 basis points.
- Full-year FFO guidance of $4.50-$4.60 per share; Q3 of $1.07-$1.11. Assumes 4-4.5% NOI growth.
- A special dividend of $4-$4.50 per share is anticipated to be paid in Q3 (regular quarterly payout is $0.75).
- CC tomorrow at 12 ET
- Previously: Camden Property Trust FFO in-line, beats on revenue (July 28)
- CPT flat after hours
Thu, Jul. 28, 4:26 PM
Wed, Jul. 27, 5:35 PM
- ACTG, AFL, AIV, AJG, ALDW, ALGN, ALJ, AMZN, ARII, ATEN, ATR, AUY, BCOV, BGS, BIDU, BOOM, BRKS, CAA, CATM, CBL, CBS, CENX, CHMT, CLD, CLMS, COLM, COWN, CPHD, CPT, CUBE, CWST, CY, DECK, DGI, DGII, DLR, DTLK, ECOL, EEP, EGO, EHTH, EIX, ELLI, EMN, EQC, ES, ESS, EXPE, EYES, FE, FET, FICO, FII, FIX, FLS, FPO, FR, FTNT, GIMO, GNMK, GOOG, HIG, HLS, IM, INVA, INVN, ISIL, ITGR, IXYS, KAMN, KBR, KLAC, KRG, LEG, LMNX, LPLA, LYV, MATW, MOBL, MSCC, MSTR, MTD, N, NGVC, NR, NSR, OMCL, OUTR, PCCC, PDFS, PFG, PXLW, QGEN, QSII, RGA, RMD, ROVI, RSG, RTEC, SB, SBAC, SKYW, SNMX, SPNC, SRCL, STMP, STRZA, SYNA, TCO, TFSL, THG, TLGT, TNDM, UCTT, ULH, VCRA, VDSI, VRSN, WDC, WLK, WRI, WYNN, YRCW
Tue, Jul. 26, 3:01 PM
- Concessions of $300K in Q2 were four times higher than in Q2 one year ago, with sweeteners the greatest in NYC, NoCal, and New England, according to COO Sean Breslin.
- Higher competition from the surge in newly built apartment buildings will drive revenue in communities open at least 12 months down by about 0.4%, says the company. Also at work: Job growth in the areas where AvalonBay (AVB -1.9%) owns properties was weaker than expected in Q2.
- "We did not see the same seasonal lift we’ve seen in prior years,” says CEO Timothy Naughton. "There's just not enough high-paying jobs being created to absorb al the new supply," says Breslin.
- Equity Residential (EQR -0.6%), Essex Property (ESS -1.8%), UDR (UDR -1.1%), Camden Property (CPT -1.3%)
Thu, Jun. 16, 10:20 AM
- Inside May's CPI report was a monthly rent increase of 0.4%, the strongest monthly increase sine 2007. The year-over-year rise was 3.8%, the highest since 2008.
- That far outpaces the average hourly wage increase of 1.4%.
- Associated tickers: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, APTS
Wed, Jun. 15, 4:41 PM
Thu, Jun. 9, 11:52 AM
- The team hosted meetings with 29 companies over two days across six subsectors. Some highlights:
- Lodging: Business travel remains soft and most are operating defensively by grouping up and reducing leverage. NYC is flooded with hotels available for sale which should pressure pricing.
- Apartments: The slowdown in NoCal is concentrated in Soma and San Jose, but expected to be temporary. The NYC slowdown is expected to endure through 2017. Merchant builders in Houston with deliveries in 2017 are in trouble - an opportunity for Camden Property Trust (NYSE:CPT) to pick up assets on the cheap.
- Malls: Concerns over department stores are overblown. Simon Property (NYSE:SPG) expects spreads to top mid-teens in the next five years. Omni-channel retail strategy is growing increasingly important as the WSJ reports 80% of online sales touch brick and mortar in some way.
- CS's Ian Weissman is ranked #1,134 out of #3,990 analysts on TipRanks.com.
- Tickers of interest: HPT, SHO, LHO, PEB, CHSP, INN, RLJ, EQR, AVB, ESS, PPS, UDR, AIV, GGP, BRX, KIM, WRI, MAC
Wed, Jun. 8, 9:49 AM
- Equity Residential (EQR -1%), AvalonBay Communities (AVB -1.1%), and Essex Property Trust (ESS -0.5%) are all downgraded to Hold from Buy at Jefferies.
- With market caps of $13B-$23B, these three are the apartment sector giants by a wide margin. They tend to play in the high-priced markets on the coasts (Essex is all West Coast).
- Equity Residential made big news late last year when it sold a big chunk of its portfolio - and when Sam Zell sells, it's worth paying attention to. The company made more news last week when it cut guidance thanks to weakness in San Francisco and New York (though management played this down at a conference yesterday).
- Other sector names: Post Properties (PPS +0.1%), UDR (UDR -0.8%), Aimco (AIV -0.5%), Camden Property (CPT -1%), Mid-America (MAA -0.3%), Investors Real Estate (IRET +1.6%), Independence Realty (IRT +0.4%), Monogram Residential (MORE -0.5%), NexPoint (NXRT), Preferred Apartment (APTS +0.6%), Bluerock Residential (BRG -0.2%)
Thu, Jun. 2, 10:05 AM
Thu, Apr. 28, 4:26 PM
- Camden Property Trust (NYSE:CPT): Q1 FFO of $1.20 beats by $0.01.
- Revenue of $217.59M (+7.9% Y/Y) misses by $14.23M.
Thu, Apr. 28, 3:54 PM
- The national homeownership rate slipped to 63.5% at the end of Q1, according to the Census Bureau. That's thirty basis points lower than Q4 and twenty bps below the level of one year ago. At the peak in 2005, it topped 69%.
- The rental vacancy rate of 7% was flat from Q4 and down 10 bps from a year ago. In 2010, it was 10.6%. In the meantime, the median asking rent for rental units continues to move higher.
- Apartment REITs: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, NXRT, APTS, BRG
Wed, Apr. 27, 5:35 PM
- ABAX, ACHC, AEM, AIV, AJG, ALDR, ALGN, AMCC, AMGN, AMZN, ARII, ATEN, ATHN, ATR, ATRC, AZPN, BCOV, BGS, BIDU, BMRN, BOOM, BRKS, BVN, CATM, CENX, CHDN, CHE, CHMT, CLD, CLW, COHR, COLM, COWN, CPHD, CPT, CUBE, DDR, DGII, DLR, ECOL, EHTH, ELLI, EMN, EPAY, EPR, ESS, EXLS, EXPE, EYES, FET, FII, FLEX, FLS, FPO, GB, GILD, GIMO, GNW, GRPN, HELE, HIG, HT, HTH, HURN, HWAY, INVA, IPHI, ISBC, JNPR, KBR, KRG, LEG, LNKD, LOGM, LPLA, MATW, MMSI, MOBL, MOH, MSA, MSCC, N, NATI, NFG, NPTN, NR, NSIT, NSR, NUS, OFIX, OMCL, OUTR, P, PCCC, PDFS, PFG, PODD, PXLW, QLIK, RGA, RGC, ROVI, RRC, RSG, SCSS, SGEN, SHOR, SKYW, SMCI, SNMX, SPN, SPNC, SRCL, STRZA, SWKS, SYNA, TEP, TLGT, TMST, TNDM, TRMB, TXTR, VCRA, VDSI, VGR, VR, VRSN, WDC, YRCW
Wed, Apr. 27, 11:23 AM
- Camden Property Trust CPT -1.1% as part of the capital recycling initiatives announced sale of its Las Vegas portfolio properties.
- The portfolio includes 15 communities with 4,918 apartment homes, a retail center, and approx. 19.6 acres of undeveloped land was sold for $630M
Fri, Apr. 8, 2:31 PM
- The national vacancy rate has now risen for three straight quarters and hit 4.5% in Q1, according to Reis, up from 4.2% nine months earlier.
- Average rents increased 4.1% to $1,248 in Q vs. a 5% increase in Q1 a year ago, according to Axiometrics.
- Perhaps most of concern according to housing economists, the number of new occupied apartments climbed by just more than 20K units in Q1 - that's against a five-year average of roughly 40K per quarter. Whether that sharp drop turns into a long-term trend is another story.
- Supply? Developers are expected to build nearly 1M units in the U.S. over the next three years, up from about 100K in the previous three.
- In the country's hotter markets - think NYC, SF, Denver, Houston - landlords are more often offering concessions to bring in tenants. In Manhattan, rentals with concessions rose to 14% of the market vs. 5% a year earlier, and the median rental price fell 2.8% to $3,300.
- Landlords: EQR, AVB, ESS, PPS, UDR, AIV, CPT, MAA, IRET, IRT, MORE, NXRT, APTS, BRG
- Now read: NexPoint's Hidden Value (April 5)
Fri, Apr. 1, 3:59 PM
- National rents are higher by 0.4% over the past month and 2.7% Y/Y, according to the National Apartment List Rent Report. The median price for a 2BR apartment is $1.300, while 1BRs average $1,150.
- While San Francisco is in the lead for the nation's highest prices, rents have grown just 0.9% Y/Y. Seattle rents are higher by 5.4% Y/Y and it's now the 8th-most expensive city.
- Colorado Springs was tops for rent growth, up 11.4% Y/Y, followed by Orlando up 8.9%, Providence up 8.7%, and Tampa up 8.6%.
- Apartment REITs: EQR, AVB, ESS, PPS, AIV, CPT, MAA, IRET, IRT, APTS
- Now read: 2016 Rate Hikes Could Be A Blessing In Disguise For Equity REITs (April 1)