Camden Property Trust (NYSE:CPT) Q3 2019 Earnings Conference Call Transcript
Nov 01, 2019 • 11:00 am ET
Good morning and welcome to the Camden Property Trust Third Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Kim Callahan, Senior VP of Investor Relations. Please go ahead.
Good morning and thank you for joining Camden's third quarter 2019 earnings conference 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 third quarter 2019 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, Executive Vice Chairman; and Alex Jessett, Chief Financial Officer. I know that several of the multifamily calls this week have gone over 90 minutes in length, so we will attempt to be brief in our prepared remarks and try to complete our call within one hour. We ask that you limit your questions to two, then rejoin the queue if you have additional items to discuss. If we are unable to speak with everyone in the queue today, we'll be happy to respond to additional questions by phone or email after the call concludes.
At this time, I'll turn the call over to Ric Campo.
Thanks, Kim, and good morning. Today's on-hold music was provided by the Talking Heads. In their hit titled Once in a Lifetime, they say that life is same as it ever was, which seems to describe the strength in the multifamily space.
Camden's third quarter earnings and same property net operating income growth was better than we expected, leading to another guidance increase making that three for the year. Apartment demand continues to exceed new supply in our markets, driven by higher job growth in the national average. Household formations continue to be strong through the third quarter to nearly $1.4 million increase in household formations this year so far, the highest in the last 10 years. Apartment capture rate has remained high. Apartments continue to be the home of choice for millennials and many others.
The record high unemployment -- the record high employment has finally started to bring some of the million -- millennials that are still living with their parents since the great recession back into the apartment markets. This puts smiles on the faces of the parents, their grown