Camden Property Trust Shakes Up Leadership

For the first time since going public in 1993, Camden Property Trust is set to have a fresh voice in the chief executive officer chair.

Alex Jessett, the president and chief financial officer of the real estate investment trust, ascended to the role of CEO last week, the company announced. Co-founder Ric Campo, meanwhile, is sticking around, becoming executive chair of the Board of Trust Managers.

The company described the overhaul as aligning “with Camden’s long-term succession plan.”

Laurie Baker and Benjamin Fraker also received promotions last week to the jobs of president/chief operating officer and chief financial officer/treasurer, respectively. Fellow co-founder Keith Oden, who created the predecessor company in the 1980s, will remain executive vice chair of the Board of Trust Managers.

Jessett’s been with Camden since before the turn of the millennium. His most recent roles saw him overseeing the firm’s finance, capital markets, real estate investments, construction, accounting and operations teams.

Last month, the Houston-based company signaled a seismic shift in its multifamily dealings, putting its entire 11-property California apartment portfolio on the market with an expected sale price above $1.5 billion. The portfolio includes about 3,600 units across the Los Angeles-Orange County and San Diego-Inland Empire regions.

The REIT cited frustration with California’s regulatory environment, high operating costs and shifting renter dynamics as reasons for the looming exit.

Camden is one of the nation’s larger apartment owners, developers and operators, counting 177 communities totaling more than 60,000 units across 15 markets. Most of its portfolio sits in Sun Belt metros, but it also has smaller presences in California and Washington, D.C.

In the most recent quarter, Camden recorded $415 million in revenue, a slight jump year-over-year. The company’s stock dipped marginally on the news of the leadership change on Friday, but was up about 1.5 percent on the day as of 12:30 pm ET on Monday morning.