Camden Property Trust Announces Second Quarter 2024 Operating Results
Camden Property Trust (NYSE:CPT) announced its Q2 2024 operating results. Key highlights include:
- EPS of $0.40, down from $0.84 in Q2 2023
- FFO of $1.71 per share, up from $1.67 in Q2 2023
- Core FFO of $1.71 per share, up from $1.70 in Q2 2023
- Same property revenue growth of 1.4% year-over-year
- Same property NOI growth of 0.9% year-over-year
- Occupancy rate of 95.3%, slightly down from 95.5% in Q2 2023
The company also provided guidance for Q3 2024 and updated its full-year 2024 outlook. Camden repurchased 44,692 common shares for $4.3 million during Q2 and has $450 million remaining under its stock repurchase program.
Camden Property Trust (NYSE:CPT) ha annunciato i risultati operativi per il secondo trimestre del 2024. I punti salienti includono:
- EPS di $0.40, in calo rispetto a $0.84 nel secondo trimestre del 2023
- FFO di $1.71 per azione, in aumento da $1.67 nel secondo trimestre del 2023
- Core FFO di $1.71 per azione, in aumento da $1.70 nel secondo trimestre del 2023
- Crescita dei ricavi di proprietà comparabili dell'1.4% su base annua
- Crescita dell'NOI delle proprietà comparabili dello 0.9% su base annua
- Tasso di occupazione del 95.3%, leggermente in calo rispetto al 95.5% del secondo trimestre del 2023
La società ha anche fornito indicazioni per il terzo trimestre del 2024 e ha aggiornato le sue previsioni per l'intero anno 2024. Camden ha riacquistato 44.692 azioni comuni per 4.3 milioni di dollari durante il secondo trimestre e ha a disposizione 450 milioni di dollari nel suo programma di riacquisto di azioni.
Camden Property Trust (NYSE:CPT) anunció sus resultados operativos del segundo trimestre de 2024. Los aspectos más destacados incluyen:
- EPS de $0.40, en comparación con $0.84 en el segundo trimestre de 2023
- FFO de $1.71 por acción, en aumento desde $1.67 en el segundo trimestre de 2023
- Core FFO de $1.71 por acción, en aumento desde $1.70 en el segundo trimestre de 2023
- Crecimiento de ingresos de propiedades similares del 1.4% interanual
- Crecimiento del NOI de propiedades similares del 0.9% interanual
- Tasa de ocupación del 95.3%, ligeramente inferior al 95.5% en el segundo trimestre de 2023
La compañía también proporcionó orientaciones para el tercer trimestre de 2024 y actualizó su perspectiva para el año completo de 2024. Camden recompró 44.692 acciones ordinarias por 4.3 millones de dólares durante el segundo trimestre y tiene 450 millones de dólares restantes en su programa de recompra de acciones.
Camden Property Trust (NYSE:CPT)가 2024년 2분기 운영 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- 주당 순이익(EPS) $0.40, 2023년 2분기의 $0.84에서 감소
- 주당 자산운영수익(FFO) $1.71, 2023년 2분기의 $1.67에서 증가
- 주당 핵심 자산운영수익(Core FFO) $1.71, 2023년 2분기의 $1.70에서 증가
- 전년 대비 동종 자산 수익 성장률 1.4%
- 전년 대비 동종 자산 NOI 성장률 0.9%
- 점유율 95.3%, 2023년 2분기의 95.5%에서 소폭 감소
회사는 또한 2024년 3분기에 대한 전망을 제시하고 2024년 전체 연도 전망을 업데이트했습니다. Camden은 2분기 동안 44,692주의 보통주를 430만 달러에 재구매했으며, 주식 재구매 프로그램 잔액이 4억 5천만 달러 남아 있습니다.
Camden Property Trust (NYSE:CPT) a annoncé ses résultats opérationnels pour le deuxième trimestre 2024. Les points clés incluent:
- BPA de 0,40 $, en baisse par rapport à 0,84 $ au deuxième trimestre 2023
- FFO de 1,71 $ par action, en hausse par rapport à 1,67 $ au deuxième trimestre 2023
- Core FFO de 1,71 $ par action, en hausse par rapport à 1,70 $ au deuxième trimestre 2023
- Croissance des revenus des propriétés comparables de 1,4 % d'une année sur l'autre
- Croissance du NOI des propriétés comparables de 0,9 % d'une année sur l'autre
- Taux d'occupation de 95,3 %, légèrement en baisse par rapport à 95,5 % au deuxième trimestre 2023
La société a également fourni des prévisions pour le troisième trimestre 2024 et a mis à jour ses perspectives pour l'année complète 2024. Camden a racheté 44 692 actions ordinaires pour 4,3 millions de dollars pendant le deuxième trimestre et dispose de 450 millions de dollars restants dans son programme de rachat d'actions.
Camden Property Trust (NYSE:CPT) hat seine Betriebsergebnisse für das 2. Quartal 2024 bekannt gegeben. Wichtige Höhepunkte sind:
- EPS von 0,40 USD, rückläufig von 0,84 USD im 2. Quartal 2023
- FFO von 1,71 USD pro Aktie, gestiegen von 1,67 USD im 2. Quartal 2023
- Core FFO von 1,71 USD pro Aktie, gestiegen von 1,70 USD im 2. Quartal 2023
- Umsatzwachstum von vergleichbaren Immobilien von 1,4 % im Jahresvergleich
- NOI-Wachstum vergleichbarer Immobilien von 0,9 % im Jahresvergleich
- Belegungsrate von 95,3 %, leicht gesunken von 95,5 % im 2. Quartal 2023
Das Unternehmen gab auch eine Prognose für das 3. Quartal 2024 ab und aktualisierte seine Gesamtausblicke für 2024. Camden hat im 2. Quartal 44.692 Stammaktien für 4,3 Millionen Dollar zurückgekauft und hat noch 450 Millionen Dollar in seinem Aktienrückkaufsprogramm.
- FFO increased to $1.71 per share from $1.67 in Q2 2023
- Core FFO rose to $1.71 per share from $1.70 in Q2 2023
- Same property revenue grew 1.4% year-over-year
- Same property NOI increased 0.9% year-over-year
- Full-year 2024 Core FFO guidance raised to $6.79 per share from $6.74
- EPS decreased to $0.40 from $0.84 in Q2 2023
- Occupancy rate slightly declined to 95.3% from 95.5% in Q2 2023
- New lease rates declined by 1.8% in Q2 2024 compared to 2.4% growth in Q2 2023
- Renewal rates slowed to 3.7% growth in Q2 2024 from 6.0% in Q2 2023
- Hurricane Beryl impact expected to cost $2-3 million in expenses
Insights
Camden Property Trust's Q2 2024 results show a mixed performance with some positive indicators and areas of concern. Core FFO per share increased to
Same property NOI growth of
Concerning trends include negative new lease rates (-
The company's development pipeline and share repurchase program demonstrate continued investment in growth and shareholder returns. However, the impact of Hurricane Beryl and associated expenses of
Overall, while Camden is maintaining stability, the softening rental market and rising expenses pose challenges for near-term growth prospects.
Camden's Q2 results reflect the broader trends in the multifamily real estate market. The slowdown in rent growth and negative new lease rates align with national trends of moderating demand and increased supply in some markets. This cooling follows the exceptional growth seen in 2021 and early 2022.
The company's geographic diversification across sunbelt markets like Houston, Charlotte and Raleigh appears strategic, as these areas continue to see population inflows. However, the impact of Hurricane Beryl on Houston properties highlights the climate risks associated with some of these markets.
Camden's development activity, particularly in high-growth areas like Charlotte and Raleigh, positions them to capitalize on long-term demographic trends. The
The share repurchase program, with
Looking ahead, Camden's guidance update, with a slight increase in Core FFO expectations, suggests management's cautious optimism despite market headwinds. The projected same property NOI growth of
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
Per Diluted Share |
2024 |
2023 |
2024 |
2023 |
||||
EPS |
$ |
0.40 |
$ |
0.84 |
$ |
1.17 |
$ |
1.22 |
FFO |
$ |
1.71 |
$ |
1.67 |
$ |
3.37 |
$ |
3.33 |
Core FFO |
$ |
1.71 |
$ |
1.70 |
$ |
3.41 |
$ |
3.36 |
Core AFFO |
$ |
1.44 |
$ |
1.51 |
$ |
2.94 |
$ |
3.01 |
|
Three Months Ended |
2Q24 Guidance |
2Q24 Guidance |
|||
Per Diluted Share |
June 30, 2024 |
Midpoint |
Variance |
|||
EPS |
$ |
0.40 |
$ |
0.36 |
$ |
0.04 |
FFO |
$ |
1.71 |
$ |
1.66 |
$ |
0.05 |
Core FFO |
$ |
1.71 |
$ |
1.67 |
$ |
0.04 |
|
Quarterly Growth |
Sequential Growth |
Year-To-Date Growth |
|||
Same Property Results |
2Q24 vs. 2Q23 |
2Q24 vs. 1Q24 |
2024 vs. 2023 |
|||
Revenues |
1.4 |
% |
0.5 |
% |
2.0 |
% |
Expenses |
2.5 |
% |
0.8 |
% |
2.7 |
% |
Net Operating Income ("NOI") |
0.9 |
% |
0.4 |
% |
1.6 |
% |
Same Property Results |
2Q24 |
2Q23 |
1Q24 |
|||
Occupancy |
95.3 |
% |
95.5 |
% |
95.0 |
% |
For 2024, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2023, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.
Operating Statistics - Same Property Portfolio |
||||||||
New Lease and Renewal Data - Date Signed (1) |
July 2024* |
July 2023 |
2Q24 |
2Q23 |
||||
Signed New Lease Rates |
(1.6 |
)% |
1.6 |
% |
(1.8 |
)% |
2.4 |
% |
Signed Renewal Rates |
4.0 |
% |
5.2 |
% |
3.7 |
% |
6.0 |
% |
Signed Blended Lease Rates |
0.9 |
% |
3.3 |
% |
0.8 |
% |
4.0 |
% |
New Lease and Renewal Data - Date Effective (2) |
July 2024* |
July 2023 |
2Q24 |
2Q23 |
||||
Effective New Lease Rates |
(1.5 |
)% |
2.0 |
% |
(2.6 |
)% |
2.3 |
% |
Effective Renewal Rates |
3.7 |
% |
6.4 |
% |
3.3 |
% |
6.4 |
% |
Effective Blended Lease Rates |
1.2 |
% |
4.1 |
% |
0.0 |
% |
4.0 |
% |
*Preliminary data as of July 31, 2024 |
||||||||
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed. |
||||||||
(2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective. |
||||||||
Occupancy, Bad Debt and Turnover Data |
July 2024* |
July 2023 |
2Q24 |
2Q23 |
||||
Occupancy |
95.6 |
% |
95.6 |
% |
95.3 |
% |
95.5 |
% |
Bad Debt |
NA |
1.7 |
% |
0.8 |
% |
1.5 |
% |
|
Annualized Gross Turnover |
59 |
% |
65 |
% |
53 |
% |
54 |
% |
Annualized Net Turnover |
47 |
% |
53 |
% |
42 |
% |
45 |
% |
*Preliminary data as of July 31, 2024 |
||||||||
Development Activity
During the quarter, construction was completed at Camden Woodmill Creek in
Development Communities - Construction Completed and Project in Lease-Up ($ in millions) |
||||||
|
|
Total |
Total |
% Leased |
||
Community Name |
Location |
Homes |
Cost |
as of 7/31/2024 |
||
Camden Woodmill Creek |
|
189 |
$ |
70.9 |
65 |
% |
Development Communities - Construction Ongoing ($ in millions) |
||||||
|
|
Total |
Total |
% Leased |
||
Community Name |
Location |
Homes |
Estimated Cost |
as of 7/31/2024 |
||
Camden |
|
420 |
$ |
145.0 |
69 |
% |
Camden Long Meadow Farms |
|
188 |
|
75.0 |
32 |
% |
|
|
369 |
|
138.0 |
|
|
Camden |
|
420 |
|
163.0 |
|
|
Camden Blakeney |
|
349 |
|
154.0 |
|
|
Total |
|
1,746 |
$ |
675.0 |
|
|
Share Repurchase
During the quarter,
Liquidity Analysis
As of June 30, 2024,
Hurricane Impact
Subsequent to the quarter-end, Hurricane Beryl impacted several of our multifamily communities in the
Earnings Guidance
|
3Q24 |
2024 |
2024 Midpoint |
|||||
Per Diluted Share |
Range |
Range |
Current |
Prior |
Change |
|||
EPS |
|
|
$ |
1.88 |
$ |
1.86 |
$ |
0.02 |
FFO |
|
|
$ |
6.72 |
$ |
6.69 |
$ |
0.03 |
Core FFO(1) |
|
|
$ |
6.79 |
$ |
6.74 |
$ |
0.05 |
(1) The Company's 2024 core FFO guidance includes approximately |
||||||||
|
2024 |
2024 Midpoint |
|||||
Same Property Growth Guidance |
Range |
Current |
Prior |
Change |
|||
Revenues |
|
1.50 |
% |
1.50 |
% |
0.00 |
% |
Expenses |
|
2.85 |
% |
3.25 |
% |
(0.40 |
)% |
NOI |
( |
0.75 |
% |
0.50 |
% |
0.25 |
% |
Conference Call
Friday, August 2, 2024 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 5174172
Webcast: https://investors.camdenliving.com
The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.
Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.
Forward-Looking Statements
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
About
Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities.
|
|||||||||||||
OPERATING RESULTS |
|||||||||||||
(In thousands, except per share amounts) |
|||||||||||||
(Unaudited) |
|||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
OPERATING DATA |
|
|
|
|
|
||||||||
|
|
|
|
|
|
||||||||
Property revenues (a) |
$ |
387,150 |
|
$ |
385,499 |
|
|
$ |
770,291 |
|
$ |
763,662 |
|
|
|
|
|
|
|
||||||||
Property expenses |
|
|
|
|
|
||||||||
Property operating and maintenance |
|
90,126 |
|
|
87,742 |
|
|
|
179,170 |
|
|
173,027 |
|
Real estate taxes |
|
48,763 |
|
|
49,855 |
|
|
|
98,264 |
|
|
99,251 |
|
Total property expenses |
|
138,889 |
|
|
137,597 |
|
|
|
277,434 |
|
|
272,278 |
|
|
|
|
|
|
|
||||||||
Non-property income |
|
|
|
|
|
||||||||
Fee and asset management |
|
2,606 |
|
|
718 |
|
|
|
3,890 |
|
|
1,296 |
|
Interest and other income |
|
1,598 |
|
|
431 |
|
|
|
3,366 |
|
|
493 |
|
Income on deferred compensation plans |
|
1,073 |
|
|
2,844 |
|
|
|
6,892 |
|
|
8,756 |
|
Total non-property income |
|
5,277 |
|
|
3,993 |
|
|
|
14,148 |
|
|
10,545 |
|
|
|
|
|
|
|
||||||||
Other expenses |
|
|
|
|
|
||||||||
Property management |
|
9,846 |
|
|
8,751 |
|
|
|
19,240 |
|
|
17,048 |
|
Fee and asset management |
|
475 |
|
|
420 |
|
|
|
918 |
|
|
833 |
|
General and administrative |
|
18,154 |
|
|
15,863 |
|
|
|
34,847 |
|
|
31,219 |
|
Interest |
|
32,227 |
|
|
33,578 |
|
|
|
64,764 |
|
|
66,421 |
|
Depreciation and amortization |
|
145,894 |
|
|
143,054 |
|
|
|
290,696 |
|
|
285,498 |
|
Expense on deferred compensation plans |
|
1,073 |
|
|
2,844 |
|
|
|
6,892 |
|
|
8,756 |
|
Total other expenses |
|
207,669 |
|
|
204,510 |
|
|
|
417,357 |
|
|
409,775 |
|
|
|
|
|
|
|
||||||||
Loss on early retirement of debt |
|
— |
|
|
(2,513 |
) |
|
|
(921 |
) |
|
(2,513 |
) |
Gain on sale of operating property |
|
— |
|
|
48,919 |
|
|
|
43,806 |
|
|
48,919 |
|
Income from continuing operations before income taxes |
|
45,869 |
|
|
93,791 |
|
|
|
132,533 |
|
|
138,560 |
|
Income tax expense |
|
(1,059 |
) |
|
(851 |
) |
|
|
(1,964 |
) |
|
(2,001 |
) |
Net income |
|
44,810 |
|
|
92,940 |
|
|
|
130,569 |
|
|
136,559 |
|
Less income allocated to non-controlling interests |
|
(1,893 |
) |
|
(1,841 |
) |
|
|
(3,763 |
) |
|
(3,543 |
) |
Net income attributable to common shareholders |
$ |
42,917 |
|
$ |
91,099 |
|
|
$ |
126,806 |
|
$ |
133,016 |
|
|
|
|
|
|
|
||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|
|
|
|
|
||||||||
Net income |
$ |
44,810 |
|
$ |
92,940 |
|
|
$ |
130,569 |
|
$ |
136,559 |
|
Other comprehensive income |
|
|
|
|
|
||||||||
Unrealized gain on cash flow hedging activities |
|
— |
|
|
— |
|
|
|
85 |
|
|
— |
|
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation |
|
361 |
|
|
358 |
|
|
|
1,450 |
|
|
717 |
|
Comprehensive income |
|
45,171 |
|
|
93,298 |
|
|
|
132,104 |
|
|
137,276 |
|
Less income allocated to non-controlling interests |
|
(1,893 |
) |
|
(1,841 |
) |
|
|
(3,763 |
) |
|
(3,543 |
) |
Comprehensive income attributable to common shareholders |
$ |
43,278 |
|
$ |
91,457 |
|
|
$ |
128,341 |
|
$ |
133,733 |
|
|
|
|
|
|
|
||||||||
PER SHARE DATA |
|
|
|
|
|
||||||||
|
|
|
|
|
|
||||||||
Total earnings per common share - basic |
$ |
0.40 |
|
$ |
0.84 |
|
|
$ |
1.17 |
|
$ |
1.22 |
|
Total earnings per common share - diluted |
|
0.40 |
|
|
0.84 |
|
|
|
1.17 |
|
|
1.22 |
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
||||||||
Basic |
|
108,406 |
|
|
108,663 |
|
|
|
108,556 |
|
|
108,616 |
|
Diluted |
|
108,424 |
|
|
109,392 |
|
|
|
108,577 |
|
|
108,636 |
|
(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended June 30, 2024, we recognized |
|
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
|
|||||||||||||
FUNDS FROM OPERATIONS |
|||||||||||||
(In thousands, except per share and property data amounts) |
|||||||||||||
(Unaudited) |
|||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
FUNDS FROM OPERATIONS |
|
|
|
|
|
||||||||
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders |
$ |
42,917 |
|
$ |
91,099 |
|
|
$ |
126,806 |
|
$ |
133,016 |
|
Real estate depreciation and amortization |
|
142,895 |
|
|
140,013 |
|
|
|
284,742 |
|
|
279,400 |
|
Income allocated to non-controlling interests |
|
1,893 |
|
|
1,841 |
|
|
|
3,763 |
|
|
3,543 |
|
Gain on sale of operating properties |
|
— |
|
|
(48,919 |
) |
|
|
(43,806 |
) |
|
(48,919 |
) |
Funds from operations |
$ |
187,705 |
|
$ |
184,034 |
|
|
$ |
371,505 |
|
$ |
367,040 |
|
|
|
|
|
|
|
||||||||
Plus: Casualty-related expenses, net of (recoveries) |
|
(1,587 |
) |
|
981 |
|
|
|
(64 |
) |
|
939 |
|
Plus: Severance |
|
— |
|
|
— |
|
|
|
506 |
|
|
— |
|
Plus: Legal costs and settlements, net of recoveries |
|
1,114 |
|
|
— |
|
|
|
1,966 |
|
|
84 |
|
Plus: Loss on early retirement of debt |
|
— |
|
|
2,513 |
|
|
|
921 |
|
|
2,513 |
|
Plus: Expensed development & other pursuit costs |
|
660 |
|
|
471 |
|
|
|
660 |
|
|
471 |
|
Less: Miscellaneous (income)/expense |
|
— |
|
|
(364 |
) |
|
|
— |
|
|
(364 |
) |
Core funds from operations |
$ |
187,892 |
|
$ |
187,635 |
|
|
$ |
375,494 |
|
$ |
370,683 |
|
|
|
|
|
|
|
||||||||
Less: recurring capitalized expenditures (a) |
|
(29,595 |
) |
|
(21,034 |
) |
|
|
(51,620 |
) |
|
(38,613 |
) |
|
|
|
|
|
|
||||||||
Core adjusted funds from operations |
$ |
158,297 |
|
$ |
166,601 |
|
|
$ |
323,874 |
|
$ |
332,070 |
|
|
|
|
|
|
|
||||||||
PER SHARE DATA |
|
|
|
|
|
||||||||
Funds from operations - diluted |
$ |
1.71 |
|
$ |
1.67 |
|
|
$ |
3.37 |
|
$ |
3.33 |
|
Core funds from operations - diluted |
|
1.71 |
|
|
1.70 |
|
|
|
3.41 |
|
|
3.36 |
|
Core adjusted funds from operations - diluted |
|
1.44 |
|
|
1.51 |
|
|
|
2.94 |
|
|
3.01 |
|
Distributions declared per common share |
|
1.03 |
|
|
1.00 |
|
|
|
2.06 |
|
|
2.00 |
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
||||||||
FFO/Core FFO/Core AFFO - diluted |
|
110,018 |
|
|
110,262 |
|
|
|
110,171 |
|
|
110,232 |
|
|
|
|
|
|
|
||||||||
PROPERTY DATA |
|
|
|
|
|
||||||||
Total operating properties (end of period) (b) |
|
172 |
|
|
172 |
|
|
|
172 |
|
|
172 |
|
Total operating apartment homes in operating properties (end of period) (b) |
|
58,250 |
|
|
58,961 |
|
|
|
58,250 |
|
|
58,961 |
|
Total operating apartment homes (weighted average) |
|
58,244 |
|
|
59,039 |
|
|
|
58,290 |
|
|
58,938 |
|
(a) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities. |
|||||||||||||
(b) Includes joint ventures and properties held for sale, if any. |
|||||||||||||
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. |
|||||||||||||
|
|||||||||||||||
BALANCE SHEETS |
|||||||||||||||
(In thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Jun 30,
|
Mar 31,
|
Dec 31,
|
Sep 30,
|
Jun 30,
|
||||||||||
ASSETS |
|
|
|
|
|
||||||||||
Real estate assets, at cost |
|
|
|
|
|
||||||||||
Land |
$ |
1,716,515 |
|
$ |
1,706,983 |
|
$ |
1,711,873 |
|
$ |
1,732,804 |
|
$ |
1,727,182 |
|
Buildings and improvements |
|
11,148,312 |
|
|
11,014,440 |
|
|
10,993,390 |
|
|
10,963,667 |
|
|
10,848,837 |
|
|
|
12,864,827 |
|
|
12,721,423 |
|
|
12,705,263 |
|
|
12,696,471 |
|
|
12,576,019 |
|
Accumulated depreciation |
|
(4,582,440 |
) |
|
(4,439,710 |
) |
|
(4,332,524 |
) |
|
(4,254,388 |
) |
|
(4,113,095 |
) |
Net operating real estate assets |
|
8,282,387 |
|
|
8,281,713 |
|
|
8,372,739 |
|
|
8,442,083 |
|
|
8,462,924 |
|
Properties under development, including land |
|
439,758 |
|
|
477,481 |
|
|
486,864 |
|
|
499,761 |
|
|
516,543 |
|
Total real estate assets |
|
8,722,145 |
|
|
8,759,194 |
|
|
8,859,603 |
|
|
8,941,844 |
|
|
8,979,467 |
|
Accounts receivable – affiliates |
|
9,903 |
|
|
10,350 |
|
|
11,905 |
|
|
12,057 |
|
|
12,121 |
|
Other assets, net (a) |
|
245,625 |
|
|
233,137 |
|
|
244,182 |
|
|
237,594 |
|
|
239,958 |
|
Cash and cash equivalents |
|
93,932 |
|
|
92,693 |
|
|
259,686 |
|
|
14,600 |
|
|
20,326 |
|
Restricted cash |
|
7,969 |
|
|
8,230 |
|
|
8,361 |
|
|
8,369 |
|
|
8,531 |
|
Total assets |
$ |
9,079,574 |
|
$ |
9,103,604 |
|
$ |
9,383,737 |
|
$ |
9,214,464 |
|
$ |
9,260,403 |
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
LIABILITIES AND EQUITY |
|
|
|
|
|
||||||||||
Liabilities |
|
|
|
|
|
||||||||||
Notes payable |
|
|
|
|
|
||||||||||
Unsecured |
$ |
3,222,569 |
|
$ |
3,223,285 |
|
$ |
3,385,309 |
|
$ |
3,323,057 |
|
$ |
3,352,415 |
|
Secured |
|
330,241 |
|
|
330,184 |
|
|
330,127 |
|
|
330,071 |
|
|
330,015 |
|
Accounts payable and accrued expenses |
|
212,247 |
|
|
213,896 |
|
|
222,599 |
|
|
211,759 |
|
|
192,613 |
|
Accrued real estate taxes |
|
90,702 |
|
|
46,612 |
|
|
96,517 |
|
|
128,794 |
|
|
93,642 |
|
Distributions payable |
|
113,506 |
|
|
113,556 |
|
|
110,427 |
|
|
110,463 |
|
|
110,465 |
|
Other liabilities (b) |
|
183,377 |
|
|
182,443 |
|
|
186,987 |
|
|
175,341 |
|
|
189,711 |
|
Total liabilities |
|
4,152,642 |
|
|
4,109,976 |
|
|
4,331,966 |
|
|
4,279,485 |
|
|
4,268,861 |
|
|
|
|
|
|
|
||||||||||
Equity |
|
|
|
|
|
||||||||||
Common shares of beneficial interest |
|
1,157 |
|
|
1,157 |
|
|
1,156 |
|
|
1,156 |
|
|
1,156 |
|
Additional paid-in capital |
|
5,924,608 |
|
|
5,919,851 |
|
|
5,914,868 |
|
|
5,911,627 |
|
|
5,907,828 |
|
Distributions in excess of net income attributable to common shareholders |
|
(710,633 |
) |
|
(641,663 |
) |
|
(613,651 |
) |
|
(727,117 |
) |
|
(666,218 |
) |
Treasury shares |
|
(359,975 |
) |
|
(356,880 |
) |
|
(320,364 |
) |
|
(320,702 |
) |
|
(320,675 |
) |
Accumulated other comprehensive income/(loss) (c) |
|
283 |
|
|
(78 |
) |
|
(1,252 |
) |
|
(699 |
) |
|
(1,057 |
) |
Total common equity |
|
4,855,440 |
|
|
4,922,387 |
|
|
4,980,757 |
|
|
4,864,265 |
|
|
4,921,034 |
|
Non-controlling interests |
|
71,492 |
|
|
71,241 |
|
|
71,014 |
|
|
70,714 |
|
|
70,508 |
|
Total equity |
|
4,926,932 |
|
|
4,993,628 |
|
|
5,051,771 |
|
|
4,934,979 |
|
|
4,991,542 |
|
Total liabilities and equity |
$ |
9,079,574 |
|
$ |
9,103,604 |
|
$ |
9,383,737 |
|
$ |
9,214,464 |
|
$ |
9,260,403 |
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|||||||||||||||
|
|
|
|
|
|
||||||||||
(a) Includes net deferred charges of: |
$ |
3,703 |
|
$ |
4,286 |
|
$ |
5,879 |
|
$ |
6,481 |
|
$ |
7,033 |
|
|
|
|
|
|
|
||||||||||
(b) Includes deferred revenues of: |
$ |
894 |
|
$ |
958 |
|
$ |
1,030 |
|
$ |
1,167 |
|
$ |
1,239 |
|
|
|
|
|
|
|
||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain/(loss) on cash flow hedging activities. |
|||||||||||||||
|
|
|
|
|
|
||||||||||
|
||
|
|
NON-GAAP FINANCIAL MEASURES |
|
|
DEFINITIONS & RECONCILIATIONS |
|
|
(In thousands, except per share amounts) |
|
||
(Unaudited) |
||
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in
Core FFO
Core FFO represents FFO as further adjusted for items not considered part of our core business operations, such as casualty-related expenses, net of recoveries, severance, legal costs and settlements, net of recoveries, loss on early retirement of debt, expensed transaction, development and other pursuit costs, net of recoveries, net below market lease amortization, pandemic resident relief, (gain)/loss on sale of land, advocacy contributions, and miscellaneous (income)/expense adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes not only depreciation expense of real estate assets, but it also excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
Core Adjusted FFO
In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
Net income attributable to common shareholders |
$ |
42,917 |
|
$ |
91,099 |
|
|
$ |
126,806 |
|
$ |
133,016 |
|
Real estate depreciation and amortization |
|
142,895 |
|
|
140,013 |
|
|
|
284,742 |
|
|
279,400 |
|
Income allocated to non-controlling interests |
|
1,893 |
|
|
1,841 |
|
|
|
3,763 |
|
|
3,543 |
|
Gain on sale of operating properties |
|
— |
|
|
(48,919 |
) |
|
|
(43,806 |
) |
|
(48,919 |
) |
Funds from operations |
$ |
187,705 |
|
$ |
184,034 |
|
|
$ |
371,505 |
|
$ |
367,040 |
|
|
|
|
|
|
|
||||||||
Plus: Casualty-related expenses, net of (recoveries) |
|
(1,587 |
) |
|
981 |
|
|
|
(64 |
) |
|
939 |
|
Plus: Severance |
|
— |
|
|
— |
|
|
|
506 |
|
|
— |
|
Plus: Legal costs and settlements, net of recoveries |
|
1,114 |
|
|
— |
|
|
|
1,966 |
|
|
84 |
|
Plus: Loss on early retirement of debt |
|
— |
|
|
2,513 |
|
|
|
921 |
|
|
2,513 |
|
Plus: Expensed development & other pursuit costs |
|
660 |
|
|
471 |
|
|
|
660 |
|
|
471 |
|
Less: Miscellaneous (income)/expense |
|
— |
|
|
(364 |
) |
|
|
— |
|
|
(364 |
) |
Core funds from operations |
$ |
187,892 |
|
$ |
187,635 |
|
|
$ |
375,494 |
|
$ |
370,683 |
|
|
|
|
|
|
|
||||||||
Less: recurring capitalized expenditures |
|
(29,595 |
) |
|
(21,034 |
) |
|
|
(51,620 |
) |
|
(38,613 |
) |
|
|
|
|
|
|
||||||||
Core adjusted funds from operations |
$ |
158,297 |
|
$ |
166,601 |
|
|
$ |
323,874 |
|
$ |
332,070 |
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
||||||||
EPS diluted |
|
108,424 |
|
|
109,392 |
|
|
|
108,577 |
|
|
108,636 |
|
FFO/Core FFO/ Core AFFO diluted |
|
110,018 |
|
|
110,262 |
|
|
|
110,171 |
|
|
110,232 |
|
|
|||||||||||||
NON-GAAP FINANCIAL MEASURES |
|||||||||||||
DEFINITIONS & RECONCILIATIONS |
|||||||||||||
(In thousands, except per share amounts) |
|||||||||||||
(Unaudited) |
|||||||||||||
Reconciliation of FFO, Core FFO, and Core AFFO per share |
|||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
Total Earnings Per Common Share - Diluted |
$ |
0.40 |
|
$ |
0.84 |
|
|
$ |
1.17 |
|
$ |
1.22 |
|
Real estate depreciation and amortization |
|
1.29 |
|
|
1.26 |
|
|
|
2.57 |
|
|
2.52 |
|
Income allocated to non-controlling interests |
|
0.02 |
|
|
0.01 |
|
|
|
0.03 |
|
|
0.03 |
|
Gain on sale of operating property |
|
— |
|
|
(0.44 |
) |
|
|
(0.40 |
) |
|
(0.44 |
) |
FFO per common share - Diluted |
$ |
1.71 |
|
$ |
1.67 |
|
|
$ |
3.37 |
|
$ |
3.33 |
|
|
|
|
|
|
|
||||||||
Plus: Casualty-related expenses, net of (recoveries) |
|
(0.02 |
) |
|
0.01 |
|
|
|
— |
|
|
0.01 |
|
Plus: Severance |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Plus: Legal costs and settlements, net of recoveries |
|
0.01 |
|
|
— |
|
|
|
0.02 |
|
|
— |
|
Plus: Loss on early retirement of debt |
|
— |
|
|
0.02 |
|
|
|
0.01 |
|
|
0.02 |
|
Plus: Expensed development & other pursuit costs |
|
0.01 |
|
|
— |
|
|
|
0.01 |
|
|
— |
|
Less: Miscellaneous (income)/expense |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Core FFO per common share - Diluted |
$ |
1.71 |
|
$ |
1.70 |
|
|
$ |
3.41 |
|
$ |
3.36 |
|
|
|
|
|
|
|
||||||||
Less: recurring capitalized expenditures |
|
(0.27 |
) |
|
(0.19 |
) |
|
|
(0.47 |
) |
|
(0.35 |
) |
|
|
|
|
|
|
||||||||
Core AFFO per common share - Diluted |
$ |
1.44 |
|
$ |
1.51 |
|
|
$ |
2.94 |
|
$ |
3.01 |
|
|
|
|
|
|
|
||||||||
Expected FFO & Core FFO
Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:
|
3Q24 |
|
Range |
|
2024 |
|
Range |
||||||
|
Low |
High |
|
Low |
High |
||||||||
Expected earnings per common share - diluted |
$ |
0.31 |
$ |
0.35 |
|
$ |
1.83 |
|
$ |
1.93 |
|
||
Expected real estate depreciation and amortization |
|
1.30 |
|
|
1.30 |
|
|
5.17 |
|
|
|
5.17 |
|
Expected income allocated to non-controlling interests |
|
0.02 |
|
|
0.02 |
|
|
0.07 |
|
|
|
0.07 |
|
Expected (gain) on sale of operating properties |
|
— |
|
|
— |
|
|
(0.40 |
) |
|
(0.40 |
) |
|
Expected FFO per share - diluted |
$ |
1.63 |
|
$ |
1.67 |
|
$ |
6.67 |
|
|
$ |
6.77 |
|
Anticipated Adjustments to FFO |
|
0.03 |
|
|
0.03 |
|
|
0.07 |
|
|
|
0.07 |
|
Expected Core FFO per share - diluted |
$ |
1.66 |
|
$ |
1.70 |
|
$ |
6.74 |
|
|
$ |
6.84 |
|
|
|
|
|
|
|
||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. |
|||||||||||||
|
||
|
|
NON-GAAP FINANCIAL MEASURES |
|
|
DEFINITIONS & RECONCILIATIONS |
|
|
(In thousands, except per share amounts) |
|
||
(Unaudited) |
||
Net Operating Income (NOI)
NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
Net income |
$ |
44,810 |
|
$ |
92,940 |
|
|
$ |
130,569 |
|
$ |
136,559 |
|
Less: Fee and asset management income |
|
(2,606 |
) |
|
(718 |
) |
|
|
(3,890 |
) |
|
(1,296 |
) |
Less: Interest and other income |
|
(1,598 |
) |
|
(431 |
) |
|
|
(3,366 |
) |
|
(493 |
) |
Less: Income on deferred compensation plans |
|
(1,073 |
) |
|
(2,844 |
) |
|
|
(6,892 |
) |
|
(8,756 |
) |
Plus: Property management expense |
|
9,846 |
|
|
8,751 |
|
|
|
19,240 |
|
|
17,048 |
|
Plus: Fee and asset management expense |
|
475 |
|
|
420 |
|
|
|
918 |
|
|
833 |
|
Plus: General and administrative expense |
|
18,154 |
|
|
15,863 |
|
|
|
34,847 |
|
|
31,219 |
|
Plus: Interest expense |
|
32,227 |
|
|
33,578 |
|
|
|
64,764 |
|
|
66,421 |
|
Plus: Depreciation and amortization expense |
|
145,894 |
|
|
143,054 |
|
|
|
290,696 |
|
|
285,498 |
|
Plus: Expense on deferred compensation plans |
|
1,073 |
|
|
2,844 |
|
|
|
6,892 |
|
|
8,756 |
|
Plus: Loss on early retirement of debt |
|
— |
|
|
2,513 |
|
|
|
921 |
|
|
2,513 |
|
Less: Gain on sale of operating property |
|
— |
|
|
(48,919 |
) |
|
|
(43,806 |
) |
|
(48,919 |
) |
Plus: Income tax expense |
|
1,059 |
|
|
851 |
|
|
|
1,964 |
|
|
2,001 |
|
NOI |
$ |
248,261 |
|
$ |
247,902 |
|
|
$ |
492,857 |
|
$ |
491,384 |
|
|
|
|
|
|
|
||||||||
"Same Property" Communities |
$ |
235,481 |
|
$ |
233,450 |
|
|
$ |
470,115 |
|
$ |
462,828 |
|
Non-"Same Property" Communities |
|
8,935 |
|
|
7,124 |
|
|
|
18,078 |
|
|
13,294 |
|
Development and Lease-Up Communities |
|
449 |
|
|
(4 |
) |
|
|
451 |
|
|
(7 |
) |
Disposition/Other |
|
3,396 |
|
|
7,332 |
|
|
|
4,213 |
|
|
15,269 |
|
NOI |
$ |
248,261 |
|
$ |
247,902 |
|
|
$ |
492,857 |
|
$ |
491,384 |
|
|
||
|
|
NON-GAAP FINANCIAL MEASURES |
|
|
DEFINITIONS & RECONCILIATIONS |
|
|
(In thousands, except per share amounts) |
|
||
(Unaudited) |
||
EBITDAre and Adjusted EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains on the disposition of depreciated property, including gains (losses) on change of control, plus impairment write-downs of depreciated property with adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.
Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. Adjusted EBITDAre excludes equity in (income) loss of joint ventures, (gain) loss on land, and loss on early retirement of debt. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
Net income |
$ |
44,810 |
|
$ |
92,940 |
|
|
$ |
130,569 |
|
$ |
136,559 |
|
Plus: Interest expense |
|
32,227 |
|
|
33,578 |
|
|
|
64,764 |
|
|
66,421 |
|
Plus: Depreciation and amortization expense |
|
145,894 |
|
|
143,054 |
|
|
|
290,696 |
|
|
285,498 |
|
Plus: Income tax expense |
|
1,059 |
|
|
851 |
|
|
|
1,964 |
|
|
2,001 |
|
Less: Gain on sale of operating property |
|
— |
|
|
(48,919 |
) |
|
|
(43,806 |
) |
|
(48,919 |
) |
EBITDAre |
$ |
223,990 |
|
$ |
221,504 |
|
|
$ |
444,187 |
|
$ |
441,560 |
|
Plus: Casualty-related expenses, net of (recoveries) |
|
(1,587 |
) |
|
981 |
|
|
|
(64 |
) |
|
939 |
|
Plus: Severance |
|
— |
|
|
— |
|
|
|
506 |
|
|
— |
|
Plus: Legal costs and settlements, net of recoveries |
|
1,114 |
|
|
— |
|
|
|
1,966 |
|
|
84 |
|
Plus: Loss on early retirement of debt |
|
— |
|
|
2,513 |
|
|
|
921 |
|
|
2,513 |
|
Plus: Expensed development & other pursuit costs |
|
660 |
|
|
471 |
|
|
|
660 |
|
|
471 |
|
Less: Miscellaneous (income)/expense |
|
— |
|
|
(364 |
) |
|
|
— |
|
|
(364 |
) |
Adjusted EBITDAre |
$ |
224,177 |
|
$ |
225,105 |
|
|
$ |
448,176 |
|
$ |
445,203 |
|
Annualized Adjusted EBITDAre |
$ |
896,708 |
|
$ |
900,420 |
|
|
$ |
896,352 |
|
$ |
890,406 |
|
|
|
|
|
|
|
||||||||
Net Debt to Annualized Adjusted EBITDAre
The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDAre for the following periods:
Net Debt: |
|||||||||||||
|
Average monthly balance for the |
|
Average monthly balance for the |
||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||
|
2024 |
2023 |
|
2024 |
2023 |
||||||||
Unsecured notes payable |
$ |
3,220,334 |
|
$ |
3,364,180 |
|
|
$ |
3,232,903 |
|
$ |
3,316,971 |
|
Secured notes payable |
|
330,222 |
|
|
391,732 |
|
|
|
330,194 |
|
|
453,409 |
|
Total debt |
|
3,550,556 |
|
|
3,755,912 |
|
|
|
3,563,097 |
|
|
3,770,380 |
|
Less: Cash and cash equivalents |
|
(54,686 |
) |
|
(6,775 |
) |
|
|
(60,347 |
) |
|
(8,650 |
) |
Net debt |
$ |
3,495,870 |
|
$ |
3,749,137 |
|
|
$ |
3,502,750 |
|
$ |
3,761,730 |
|
|
|
|
|
|
|
||||||||
|
|||||||||||||
Net Debt to Annualized Adjusted EBITDAre: |
|||||||||||||
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
||||
Net debt |
$ |
3,495,870 |
$ |
3,749,137 |
|
$ |
3,502,750 |
$ |
3,761,730 |
||||
Annualized Adjusted EBITDAre |
|
896,708 |
|
|
900,420 |
|
|
|
896,352 |
|
|
890,406 |
|
Net Debt to Annualized Adjusted EBITDAre |
3.9x |
4.2x |
|
3.9x |
4.2x |
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801098805/en/
Kim Callahan, 713-354-2549
Source: Camden Property Trust
FAQ
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