3) To that point, occupancy rates ARE still very solid (for Camden and most other REITs) at 95.5%, equaling same time last year. But it's holding as new lease rents fell 2.5%. Meanwhile, retention still strong. Renewal rents up 3.5%.

4) Is leasing activity slowing more than usual? It depends who you ask, but Camden is among those who said: "Not really." While noting (like others) the leasing season ended a month earlier than usual, Camden said Q4 "is shaping up like a traditional fourth quarter."

5) Camden, like others, hasn't seen any signs of their residents losing jobs.

6) Camden said that supply -- not the economy -- is the primary headwind to rent growth. Camden said supply in their markets is at 45-year highs, but expecting big reduction next year.

7) Camden said renters today "expect a deal." "The consumer has this mindset that they have to get a discount ... and you end up with a market where you can't actually raise rents because of that sentiment. Once you have that pivot point, it changes dramatically."

8) While still challenging, Camden (like other Sun Belt REITs) said they are seeing green shoots in certain high-supply markets -- highlighting Dallas, Charlotte, Nashville and Atlanta.

9) Speaking of Austin, which has been Exhibit A for the high-supply story, Camden said "it's starting to turn (in terms of occupancy)... and when it does, I think it will turn quickly."

10) Concessions remain plentiful in the high-supply markets, but Camden continues to favor rent cuts over concessions -- and "that strategy has really paid off" in terms of occupancy.

11) We've heard mixed reports from REITs on the D.C. apartment market, and Camden's tone on D.C. was maybe the most bullish. "We are still not seeing any evidence of our consumer being directly impacted by DOGE... It remains an incredibly strong market."

12) Like others, Camden said their stock is trading at a big discount (30%) versus net asset value -- making buybacks more attractive. CPT said they bought back $50m last quarter and "will continue to buy the stock" if discounts persist.

13) One analyst asked Camden CEO Ric Campo a question to the effect of: Why bother being a publicly traded company if you're not getting credit for it? And Ric took the long-term view -- arguing those discounts are cyclical, and that being a REIT means better access to capital.

14) Camden said the transaction market is softer in the Sun Belt now b/c buyers AND sellers are bullish on the outlook as supply thins, leading to a bid/ask gap. And lenders still patient. Camden thinks the market could pick up by mid-2026 as fundamentals improve. Also: Camden

15) On new construction, Camden has taken a cautious approach but sees the environment for starts improving and CPT could get "a little bit more active." Noted construction costs are coming down 5-10%, so as revenue growth improves too, the math becomes more favorable.

16) On the operating expense side, Camden was maybe the only big REIT to talk about what appears to be the industry's biggest expense growth category of 2025 -- marketing. Marketing costs up as operators spend to generate and convert leads.

17) More broadly, expense growth has moderated enough that Camden revised down its expense guidance for 2025. Did the same for revenue, as well.

18) Back to the demand story for a moment. Camden made the point that demand trends aren't getting enough attention -- and that the elongated renting stage of life means that the "demand side is going to be much higher than people believe."

19) Camden (like others) isn't offering 2026 guidance yet, but said "if you're an optimistic person, there's certainly things to be optimistic about when we look at next year."

As always, this is NOT investment advice of any sort. Just 19 things I found interesting from Camden's Q3'25 earnings call.

A big recurring error in macro discourse is attributing cyclical behavior to structural causes

I see the store of value BTC is still falling