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Text: Further information about these risks can be found in our filings with the SEC, and we encourage you to review them.
We will attempt to complete our call within one hour.
As we know, another multi-family company is holding their call right after us.
We already have 15 analysts in the queue right now.
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.
Our on-hold music today was attributed to team Camden.
We wanted to celebrate the incredible results of our onsite team supported by our regional and corporate staffs that they have achieved throughout the COVID storm.
Despite all the turmoil, team Camden never stopped taking care of business.
That's what you can expect from a team of all-stars.
Instead of 1,000-yard stare, team Camden showed up every day with the eye of the tiger, reminding us of what we know is true, you're simply the best.
So this evening we will join you in spirit, as you all raise your glass to celebrate your remarkable performance.
Our performance for the third quarter was driven by our team, but was also aided by our Camden brand equity and our capital allocation and market selection.
We've always believed that geographic and product diversification would lower the volatility of our earnings.
We're in markets that are pro-business, have an educated workforce, low cost of housing and high quality of life scores.
These attributes drive population and employment growth, which drives housing demand.
The only exception to this market generalization for us is Southern California.
Compared to most other parts of California, however, our properties are in the most business friendly cities and areas in the state.
Our markets have lost fewer high paying jobs than other markets in the U.S. As a matter of fact, it's 5% losses for Camden markets versus 15% for the U.S. Overall, year-over-year employment losses through September have been less in our markets.
Job losses in most of our markets have been in the range of down 2.5% to down 5%, the best being Austin, Dallas, Phoenix, Tampa, Atlanta and Houston.
Toughest markets have been Orlando, Los Angeles and Orange County with job losses between 9.5% and 9.7%.
Another key employment trend our other key employment trends are that are supporting our residents' ability to stay in their apartments and pay rent is that when you think about the job losses that we lost at the beginning of the pandemic, there were 22 million jobs lost, 11 million had been added back.
Of the jobs that have not been added back, 5.8 million are low-income workers making less than $46,000 a year.
And another group 4.1 million folks have not been added back that make between $46,000 and $71,000 a year.
So the lion's share of the 11 million jobs that haven't been that have not been added back are really not our residents.
There are lower income workers that do not live at Camden.
Most of our residents have higher income than that.
And it's unfortunate that we have that many job losses, and we obviously need to add those jobs back as soon as possible, but they aren't negatively impacting Camden's resident base.
Obviously, we're more than pleased with our results for the quarter.
This is certainly the kind of performance that is worthy of celebration by team Camden.
Overall, things seem like they're getting back to something closer to normal, and that's quite a contrast to where we were in April and May of this year.
A few signs that conditions of stabilizing our markets, occupancy for the third quarter was 95.6%, up from 95.2% in the second quarter.
Several of our communities are actually exceeding their original budget for occupancy.
Turnover continues to be a tailwind at 48% for the third quarter and only 42% year-to-date.
There continues to be a lot of anecdotal evidence that home sales are spiking.
In our portfolio, we had 13.8% move-outs to purchase homes in the first quarter of this year that moved up to 14.7% in the second quarter.
And in the third quarter, it moved up again to 15.8%.
But if you take the average, the average year-to-date move-outs to purchase homes, it was 14.8% versus a full year 2019 of 14.6%.
So really very little change year-over-year.
We did see a little uptick in October to 18%, but Q4 is always a little bit elevated.
Clearly, this is a stat that bears some watching to see if the anecdotal evidence starts showing up in the stats.
Before I move on to our financial results and guidance and brief update on our recent real estate activities.
During the third quarter of 2020, we stabilized Camden North End I, a 441 unit $99 million new development in Phoenix, Arizona, generating over a 7% stabilized yield.
We completed construction on Camden Downtown, a 271 unit $131 million new development in Houston.
We recommenced construction on Camden Atlantic, a 269 unit $100 million new development in Plantation, Florida.
And we began construction on both Camden Tempe II, a 397 unit $115 million new development in Tempe, Arizona, and Camden NoDa, a 387 unit $105 million new development in Charlotte.
For the third quarter of 2020 effective new leases were down 2.4% and effective renewals were up 0.6% for a blended decline of 0.9%.
Our October effective lease results indicate a 3.5% decline for new leases and a 2.1% growth for renewals for a blended decrease of 1%.
Occupancy averaged 95.6% during the third quarter of 2020 and this was up from the 95.2% where both experienced in the second quarter of 2020 and that we anticipated for the third quarter of 2020 leading in part to our third quarter operating outperformance, which I will discuss later.
We continue to have great success in conducting alternative method property tours for prospective residents and retaining many of our existing residents, with actually a slight acceleration in total leasing activity year-over-year.
In the third quarter, we averaged 3,227 signed leases monthly in our same property portfolio, slightly ahead of the third quarter of 2019 where we averaged 3,104 signed leases.
To-date, October, 2020 total signed leasing activity is on pace with October, 2019.
Our third quarter collections far exceeded our expectations.
As we collected 99.4% of our scheduled rents with only 0.6% delinquent.
This compares favorably to both the third quarter of 2019, when we collected 98.3% of our scheduled rents with a higher 1.7% delinquency and in the second quarter of 2020, when we collected 97.7% of our scheduled rents with 1.1% of our residents in a deferred rent arrangement and 1.2% delinquent.
The fourth quarter is off to a good start with 98.1% of our October, 2020 scheduled rents collected.
Turning to bad debt, in accordance with GAAP, certain uncollected rent is recognized by us as income in the current month.
We then evaluate this uncollected rent and establish what we believe to be inappropriate bad debt reserve, which serves as a corresponding offset to property revenues in the same period.
When a resident moves out owing us money, we typically have previously reserved 100% of the amount owed as bad debt and there'll be no future impacts to the income statement.
We reevaluate our bad debt reserves monthly for collectability.
Turning to financial results.
Last night, we reported funds from operations for the third quarter of 2020 of $126.6 million or $1.25 per share, exceeding the midpoint of our prior guidance range by $0.08 per share.
This $0.08 per share outperformance for the third quarter resulted primarily from approximately $0.055 in higher same store revenue comprised of $0.025 from lower than anticipated net bad debt due to the previously mentioned higher than anticipated collection levels and higher net reletting income, $0.01 from the higher than anticipated levels of occupancy and $0.02 from higher than anticipated other income driven primarily from our higher than anticipated levels of leasing activity.
Approximately $0.005 in better than anticipated revenue results from our non-same store and development communities.
Approximately $0.005 in lower overhead due to general cost control measures and an approximately $0.015 gain related to the sale of our Chirp technology investment to a third-party, this gain is recorded in other incomes.
We have updated our 2020 full year same store revenue, expense, and net operating income guidance based upon our year-to-date operating performance and our expectations for the fourth quarter.
At the midpoint, we now anticipate full year 2020 same-store revenue to increase 1% and expenses to increase 3.4% resulting in an anticipated 2020 same store net operating income decline of 0.3%.
The difference between our anticipated 3.4% full year total expense growth and our year-to-date total expense growth of 2.4% is primarily driven by the timing of current and prior year tax refunds and accruals.
The increase to our original full year expense growth assumption of 3% is almost entirely driven by higher than anticipated property tax valuations in Houston.
We now anticipate total same-store property taxes will increase by 4.7% in 2020 as compared to our original budget of 3%.
Last night, we also provided earnings guidance for the fourth quarter of 2020.
We expect FFO per share for the fourth quarter to be within the range of a $1.21 to $1.27.
The midpoint of $1.24 is in line with our third quarter results after excluding the previously mentioned third quarter gain on sale of technology.
Our normal third to fourth quarter seasonal declines in utility, repair and maintenance, unit turnover and personnel expenses are anticipated to be entirely offset by the timing of property tax refunds, lower net market rents and our normal seasonal reduction in occupancy and corresponding other income.
As of today, we have just under $1.4 billion of liquidity comprised of approximately $450 million in cash and cash equivalents.
And no amounts outstanding underneath our $900 million unsecured credit facility.
At quarter end, we had $384 million left to spend over the next three years under our existing development pipeline.
And we have no scheduled debt maturities until 2022.
Our current excess cash is invested with various banks earning approximately 30 basis points.
At this time, we'll open the call up to questions.

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qtrly ffo $1.25.

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