This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Camden's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CPT

I salute our teams for making the most of a very strong environment. It's easy to get complex in an environment like this.

During the quarter, we acquired two properties for $100 million, at cap rates in the low 5s. The exclusivity period for acquisitions has expired for our fund. These properties and future acquisitions will be wholly owned by Camden.

Our capital recycling program for the rest of the year will include sales of $350 million of properties, with an average age of 23 years, and cap rates in the 6s. Our $551 million development communities in lease-up and under construction continued to outperform our expectations. We expect the stabilized returns to be in the 7% to 8% range, which is 50 basis points higher due to higher rents, faster leasing, and lower construction costs.

We plan on starting 1,237 apartments in four properties, totaling $290 million by the end of the year, of returns in the same range as the communities that I just previously discussed.

The plan on continuing prefunding our development investment, with the combination of ATM equity issuance and unsecured debt. We have raised $233 million of equity through the ATM program during the second and third quarters. We have a target range of 4.5 times to 5.5 times debt-to-EBITDA. We will continue to strengthen our balance sheet, and improve the quality of our portfolio as we go forward.

I would like now to turn the call over now to Keith Oden, our President and Chief Operating Officer, I guess.

Keith Oden

Chief President.

Ric Campo

Chief something.

Keith Oden

I always wanted to be Chief of something. Thanks Rick. Compared to our expectations so far this year, our onsite teams have gotten off to a remarkably good start. After a quarter like this, it's kind of tempting to just acknowledge our team members for a great quarter and move on to Q&A. With that in mind, my comments today will be brief.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs