Camden Property Trust (NYSE:CPT) (the Company) announced today it has implemented a range of policies to protect and support its residents and employees during the COVID-19 pandemic. Camdens top priority remains the health and safety of its residents and team members during this unprecedented time.
The Company is working to support residents who have been financially impacted by the COVID-19 pandemic by offering resources and flexibility, including offering zero rent increases on lease renewals, waiving late fees, creating payment plans if needed, and halting evictions for residents who have been financially impacted by the COVID-19 pandemic.
Camdens regional and corporate associates are generally working remotely and maintaining social distancing. Employees are also receiving additional paid leave and/or emergency pay if impacted by the COVID-19 pandemic. The Companys leasing offices are temporarily closed to the public but continue to provide ongoing essential services to residents and prospective residents. Camden is limiting in-person contact by offering virtual tours, on-line and phone support, and continuing with only essential maintenance services and emergency repairs. In addition, Camdens in-house Contact Center continues to provide round-the-clock 24/7 support for both resident and employee needs.
We believe it is still too early to quantify the impact of the COVID-19 pandemic to our financial performance, said Richard J. Campo, Camdens Chairman and Chief Executive Officer. Currently our portfolios occupancy remains strong at over 96%. We are seeing high levels of resident retention but also reduced foot traffic and new lease applications from prospective residents given the current environment. We plan to provide additional financial updates in conjunction with our first quarter 2020 earnings release in late April/early May.
In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management’s beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Companys actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading Risk Factors in Camdens Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent managements opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 164 properties containing 56,107 apartment homes across the United States. Upon completion of 8 properties currently under development, the Companys portfolio will increase to 58,315 apartment homes in 172 properties. Camden has been recognized as one of the 100 Best Companies to Work For by Fortune magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor EmployeesÊ¼ Choice Award in 2020, ranking #25 for large U.S. companies.
For additional information, please contact Camdens Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
Kim Callahan, 713-354-2549