Camden Property Trust (NYSE:CPT) Q1 2018 Earnings Conference Call - Final Transcript
May 04, 2018 • 11:00 am ET
Good morning and welcome to the Camden Property Trust First Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note that this event is being recorded.
I would now like to turn the conference over to Kim Callahan, Senior Vice President of Investor Relations. Please go ahead.
Good morning, and thank you for joining Camden's first quarter 2018 earnings conference call. We played six songs today on our on-hold music, and these songs have one thing in common. If you know what that thing is, and why it is significant for Camden, please send me an email now at email@example.com. The first person with the correct answer gets a shout-out on the call and the opportunity to help select music for next quarter's call.
Before we begin our prepared remarks, I would like to advise everyone that we will be making forward-looking statements based on our current expectations and beliefs. These statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from expectations. Further information about these risks can be found in our filings with the SEC, and we encourage you to review them. Any forward-looking statements made on today's call represent management's current opinions, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
As a reminder, Camden's complete first quarter 2018 earnings release is available in the Investors section of our website at camdenliving.com, and it includes reconciliations to non-GAAP financial measures, which will be discussed on this call.
Joining me today are Ric Campo, Camden's Chairman and Chief Executive Officer; Keith Oden, President; and Alex Jessett, Chief Financial Officer. We will be brief in our prepared remarks, and try to complete the call within 1 hour. We ask that you limit your questions to two, and rejoin the queue, if you have additional items to discuss. If we are unable to speak with everyone in the queue today, we'd be happy to respond to additional questions by phone or e-mail after the call concludes.
At this time, I'll turn the call over to Ric Campo.
Thanks, Kim, and good morning. Our operating results for the first quarter were slightly better than expected. Apartment demand continues to be driven by solid job growth in our markets that exceed the national average. Supply pressure in many markets continues to be a headwind. Houston is our most improved market. Revenues are accelerating, with occupancy normalizing as the result of Hurricane Harvey residents moving out and returning to their homes as expected. We're happy to be able to have helped our neighbors in this difficult time for their families after the hurricane.
We are now back to a more normal apartment market in Houston, with an expanding economy and limited new supply coming online over the next couple of years. I am proud of our teams from