Camden Property Trust

Good morning, and welcome to Camden Property Trust's third quarter 2021 earnings conference call. I'm Kim Callahan, Senior Vice President of Investor Relations. Joining me today are Rick Campo, Camden's Chairman and Chief Executive Officer, Keith Oden, Executive Vice Chairman, and Alex Jessett, Chief Financial Officer. If you haven't logged in yet, you can do so now through the Investors section of our website at camdenliving.com. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions, and please note this event is being recorded. Today's webcast will be available for replay this afternoon, and we are happy to share copies of our slides upon request. 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 2021 earnings release is available in the investor section of our website at camdenliving.com, and it includes reconciliations to non-GAAP financial measures, which will be discussed on this call. We hope to complete our call within one hour, and 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'd 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 Rick Campo.

Thanks, Kim. The theme for our pre-call music today was Camden Cares. For many years, our Camden Cares initiatives have provided assistance to people in need among Camden's family, our Camden residents, as well as the communities where we live and work. Our music today included a song by the late, great Bill Withers with this great wisdom. Lean on me when you're not strong. I'll be your friend, I'll help you carry on, for it won't be long until I'm going to need somebody to lean on. These words capture the spirit of all that our Camden associates do for others in need under our Camden Cares banner. Camden's why, our purpose, is to improve the lives of our teammates, customers, and our shareholders one experience at a time. At the outset of the pandemic, it was clear that the disruption from COVID-19 was going to be massive and leave millions needing someone to lean on. We encouraged our teams to view the widespread chaos as an opportunity to go big on our pledge to improve people's lives one experience at a time. And not surprisingly, Team Camden responded in truly extraordinary ways that we captured in this brief video.

2020 brought us challenges we'd never faced before. We use them as opportunities to serve our communities, impacting real lives, real families, and creating real change. We delivered meals to Camden residents on the front lines of COVID-19. 1,943 meals went to 161 Healthcare Hero residents and their teams. We held the first annual Camden Cares Virtual Turkey Trot to benefit food banks nationwide. Over 350 Camden employees participated. $50,000 was donated to food banks in each of our markets. Additional community service projects included food drives, holiday cards to seniors, Salvation Army angel trees, New Hope House book drive, and toy drives. We served employees by adding $1 million to our longstanding Employee Emergency Relief Fund. grants of up to $3,000 to our employees whose family income had been impacted by COVID-19. Over 440 employees were provided with total grants exceeding $1.1 million. A bonus exclusively for our frontline employees of $2,000 for each full-time employee totaling approximately $3 million. A learning stipend was added to ease the burden for parents and enable them to continue working. camden cares also went big in our efforts to serve our residents early spring brought us the resident relief fund 10.4 million dollars was provided to approximately 8 200 camden residents 2020 compelled us to do more than we ever thought possible and we were not prepared for the thanks we would get wow what a blessing to have some type of assistance during this time i'm grateful to see that camden is looking for ways to assist their tenants