Camden’s Campo Says Apartment REIT Prepared for Acquisitions

Ric Campo, chairman and CEO of Camden Property Trust, (NYSE: CPT), joined Nareit for a video interview at REITworld 2017.

Camden owns interests in and operates approximately 156 multifamily properties across the United States.

For 2018, Campo said some of Camden’s stronger markets will include Raleigh, North Carolina; Orlando, Florida; Phoenix, Arizona; and Southern California. The most improved market is likely to be Camden’s hometown of Houston, according to Campo.

Campo also commented on the company’s plans for the $450 million in equity that it issued earlier this year.

“We think there are going to be some very attractive acquisition opportunities for Camden over the next four to eight quarters, and we’re ready to do that with the strongest balance sheet in the sector,” Campo said.

Turning to the multifamily sector more broadly, Campo said the key to continued strength is how well the economy performs in the long term.

“If the economy continues to do well, it’s definitely not the peak of the multifamily cycle,” Campo said.

Meanwhile, Campo said Camden was fully prepared to cope when Hurricane Harvey hit Houston earlier this year. He also highlighted the community spirit that emerged: “We saw firsthand that people really do take care of each other.”