Camden Property Trust posts higher profits, CEO cuts premiums


Houston-based Camden Property Trust said new rental rates in April were down 2.5% from a year earlier and the number of new leases signed in the month was down by 35 % to 1,322 over one year. Renewals, however, rose 44% to 2,485, the company said in a press release on Thursday reporting its results.

“Despite the difficult and unprecedented circumstances we all face today, Camden is committed to providing a great place to live for our residents and a great place to work for our team members,” Ric Campo, President and CEO of the real estate investment trust, said Thursday afternoon in a press release.

For April, the first time rents were due following March’s stay-at-home orders that resulted in massive holidays across the country, the company said it received 94.3% of the monthly rent, up from 98. 6% a year earlier. The unpaid rents stood at 3.2% and 2.5% were deferred or set up for a payment plan.

HOUSING MARKET: Houston home sales fell more than 20% in April

The company reported first quarter revenue of $ 266 million, up from $ 248 million a year earlier. Net income was $ 43.3 million, compared to $ 38.6 million. Funds from operations, a commonly used measure of cash flow for REITs, was $ 136 million, or $ 1.35 per share, in the quarter, from $ 121 million, or 1 , $ 22 per share, in the first quarter of 2019.

Camden has made adjustments to parts of its business in response to the economic crisis caused by the pandemic. The company has temporarily suspended construction on a development in Plantation, Florida. It has also launched Resident Relief Fund which has disbursed approximately $ 10.4 million to 8,200 residents.

Campo and Executive Vice President Keith Oden have agreed to voluntarily reduce their annual bonus amounts by $ 500,000. The $ 1 million will be used for resident relief funds and for a $ 3 million bonus paid this month to on-site and construction employees who continued to work during the pandemic.

Camden owns interests in and operates 164 properties containing 56,107 rental units across the United States. The company’s shares closed Thursday at $ 87.26 per share, up from $3.26.

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