Building Camden: 50 Years of Apartment Cycles & What Comes Next with Ric Campo (#435)
This week Chris sits down with Ric Campo, co-founder and Executive Chairman of Camden Property Trust $CPT. Ric and Keith Oden started the company in Houston in 1982 and took it public in 1993.
They discuss:
• How he and Keith Oden made a 45-year partnership work
• What Paul Volcker told him that made him sell everything
• How a dying deal in 2007 warned him the crisis was coming
• Why he measures leverage by cash flow instead of value
• Why he told his employees to turn off the TV in 2009
• Why Camden sold California to buy back its own stock
• Why he walked away from two deals when the 10-year Treasury passed 5%
• Why he's bullish on rents over the next few years
• Why AI at Camden has to raise revenue or cut costs
Timestamps
(00:00) Intro
(01:00) Reinventing Yourself Every Few Years Over a 50-Year Career
(06:24) Working Alongside Co-Founder Keith Oden for 45 Years
(12:42) How a 1985 Meeting With Paul Volcker Saved the Company
(17:23) Losing a $1 Billion Loan Commitment in 2007
(20:25) Creating Urgency in a Slow Industry and the California Sale
(26:10) Selling California to Buy Back Stock at a Discount
(31:50) The Real Advantages of Being a REIT
(35:38) Why Camden Runs Low Leverage After Missing a $40 Million Trade
(42:26) Leading 1,800 Employees Through the 2008 Financial Crisis
(49:50) When Camden Knew It Had Survived 2008
(52:53) Why This Is the Most Unusual Multifamily Market in 40 Years
(56:08) Why Camden Walked Away From Deals When the 10-Year Hit 5%
(1:03:11) The Case for Rent Growth Over the Next Three to Five Years
(1:07:52) How Camden Measures the Return on AI
(1:13:22) Using AI for Predictive Maintenance and Site Selection
(1:19:18) The Hardest Part of Running Camden Today
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