Camden Property Trust (NYSE:CPT) Q4 2022 Earnings Call Transcript

Keith Oden: We certainly have seen some out migration from DC, particularly the DC proper as opposed to DC Metro. It’s not anything like we have seen from New York or California, but I would say at the margin, yeah, we do get — in terms of folks that show up in Atlanta for relocation purposes, it’s certainly in the top three or four from destinations. So, I think, again, more DC proper than the suburban areas and a lot of that is just driven by employers and where you happen to be your office is located in DC proper, people have been very reluctant to return to their offices, because they have been allowed us to basically work from anywhere. And if you can work from anywhere in DC proper is probably not in your top 10 places to work from if you have complete flexibility. So, yeah, I think, it’s — we have three assets in DC proper and we certainly have seen more of that from those two assets than what we had seen prior to COVID, for sure.

Ric Campo: But compared to LA, for example, Washington, DC has positive net in migration over the next three years compared to 350,000 out migration. So it’s not as — you don’t have the back door open as big as you do in DC versus any of the other California markets.

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: Thanks. We appreciate you all being on the call today and if you have any other questions, we will be around. So just give us a call and we would be happy to give you more detail. Thanks.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.