Camden Property Trust
Q4 2022 Earnings Call
Feb 03, 2023, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Kim Callahan
Good morning and welcome to Camden Property Trust's fourth quarter 2022 earnings conference call. I'm Kim Callahan, senior vice president of investor relations. Joining me today are Ric Campo, Camden's chairman and chief executive officer; Keith Oden, executive vice chairman and president; and Alex Jessett, chief financial officer. Today's event is being webcast through the investors section of our website at camdenliving.com, and a replay will be available this afternoon.
We will have a slide presentation in conjunction with our prepared remarks, and those slides will also be available on our website later today or by email upon request. [Operator instructions] And please note, this event is being recorded. 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 fourth quarter 2022 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 Ric Campo.
Ric Campo -- Chairman and Chief Executive Officer
Our theme for today's on-hold music was waiting patiently, which is what we find ourselves doing these days. The bid-ask spread for multifamily assets is as wide as I can ever recall. Sellers seem to be hoping for valuations to return to last year's peak. Some sellers acknowledged a decline in valuations of 10% to 15%, but buyers point to a dramatically different macro backdrop now versus last year, and reckoned value should be lower.