Camden Property TrustCPT
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Real Estate
Camden Property TrustCamden Property Trust Completes $1.625 Billion California Portfolio Sale
EarningsCorporate Action
Camden Property Trust completed the $1.625 billion sale of its California portfolio, comprising 11 operating communities with 3,620 apartment homes, and used the proceeds to repurchase $694 million in shares and acquire $645 million in newer Sunbelt assets. The company maintained its full-year core FFO guidance midpoint of $6.75 per share while improving its same-store NOI outlook on better expense control. CEO Alex Jessett noted that system-wide average signed new leases have been positive a handful days this month, including at least 2 days this week, and that is a very green shoot. The strategic rebalancing is expected to be FFO-neutral in the first year and accretive thereafter as the younger Sunbelt portfolio experiences faster growth. Camden also reported sequential improvement in rental rates and occupancy through June and July, with signed renewal gains exceeding 4% in July.
Camden Property Trust