Camden Property Trust (NYSE:CPT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 11:00 am ET


Camden Property Trust (NYSE:CPT) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. Welcome to Camden Property's Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to Kim Callahan, Senior VP of Investor Relations. Go ahead.

Kim Callahan

Good morning, and thank you for joining Camden's Second Quarter 2020 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 second quarter 2020 earnings release is available in the Investors section of our website at, and it includes reconciliations to non-GAAP financial measures, which will be discussed on this call. Joining me today are Rick Campo, Camden's Chairman and Chief Executive Officer; Keith Oden, Executive Vice Chairman; and Alex Jessett, Chief Financial Officer. [Operator Instructions] 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 Rick Campo.

Ric Campo

Thanks, Kim. The theme for our on-hold music today was Strange Days. It's one of the most common ways I've heard people describe life during this pandemic, strange days indeed. It's common for some to refer to the current state of affairs as unprecedented. I've concluded that while almost all agree that these are strange days, whether or not people believe these strange days are unprecedented is definitely age related. Younger people are more likely to view our current situation as unprecedented. People my age or older are far less likely to see these current strange days as unprecedented. In 1967, when I was 13 years old and a rock band name The Doors released the song titled Strange days. Clearly, I have a background from that. This is the first versus of the song, "Strange days have found us. Strange days have tracked us down. They're going to destroy our casual joy. We shall go on playing or find a new town." The Doors were way ahead of their time, both musically and culturally. And indeed, the next few years after 1967 would bring an extended period of strange days and civil unrest that were orders of magnitude stranger than we've seen thus far during the COVID storm. I'm naturally optimistic, and I promise you this too shall pass. Since we're all in this together, we will continue to encourage our Camden team to stay true to Camden's why, our purpose for being, that is to improve lives of our team members, residents and shareholders, one