HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) announced today that it expects to incur approximately $2.5 - $3.0 million in expenses during the third quarter of 2017 related to Hurricane Harvey. These projected expenses include approximately $1.5 - $2.0 million in repairs for property damage to apartment communities located in Houston and Corpus Christi, Texas, after considering insurance reimbursements; and approximately $1.0 million in other storm related expenditures including donations for disaster relief efforts. The Company will provide an update to its full-year 2017 earnings guidance in conjunction with its 3Q17 earnings release scheduled for late October 2017.
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the "Company") operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 155 properties containing 53,771 apartment homes across the United States. Upon completion of 6 properties under development, the Company’s portfolio will increase to 55,644 apartment homes in 161 properties. Camden was recently named by FORTUNE® Magazine for the tenth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #22.
For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.