Camden Property Trust (NYSE:CPT) Q1 2024 Earnings Call Transcript

Unidentified Analyst: Thank you.

Operator: This concludes our question-and-answer session. I would like to turn the conference — it looks like we have a follow-up today from Austin Wurschmidt from KeyBanc. Please go ahead.

Austin Wurschmidt: Great. Thanks. Appreciate you sneaking [indiscernible]. Just on the new lease rate growth assumption now, the minus 1%, I guess what periods historically have you seen that improve sort of in the back half of the year when you typically see seasonality take hold? Is it a something to do with comps or getting the long-term delinquent units back that gives you the confidence that you can kind of drive new lease rate growth in a period usually has a little bit less traffic and less demand? Thanks.

Alex Jessett: Yes, so first of all, the third quarter is a high demand quarter for us in our markets. So that’s one point. The second thing that I will tell you is that with all the pricing initiatives that we ran through the first quarter that was — that gave us the ability to have stronger pricing as we hit peak leasing. And so that’s why we think that’s going to be very sort of helpful for us as we move throughout the rest of the year. And then the fourth thing is, is exactly right, is the comp become much easier as we go through the rest of the year.

Austin Wurschmidt: Great. Thank you.

Alex Jessett: Absolutely.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Ric Campo for any closing remarks.

Ric Campo: Well, we appreciate your time today, and we did get it done under 1 hour, which is a record, even though we are the last, but not the least in terms of reporting. So we’ll look forward to seeing you in NAREIT and let’s thank you for being on the call. Thanks. Bye.

Operator: The conference has now concluded. Thank you for attending today’s [technical difficulty]. You may now disconnect.