Financial Performance - Net income attributable to common shareholders decreased to $163.3 million for the year ended December 31, 2024, compared to $403.3 million in 2023, primarily due to a higher gain on sale of properties in 2023 [105]. - Net operating income (NOI) for the year ended December 31, 2024, was $985.0 million, a decrease of 0.8% compared to $993.1 million in 2023 [129]. - Funds from operations (FFO) decreased to $738.0 million in 2024 from $747.9 million in 2023, with net income attributable to common shareholders at $163.3 million [158]. - Core adjusted funds from operations (Core AFFO) decreased to $647.6 million in 2024 from $654.9 million in 2023, reflecting changes in capital expenditures [158]. - Net cash from operating activities decreased to approximately $774.9 million in 2024 from $795.0 million in 2023, primarily due to the sale of operating properties and higher real estate tax payments [164]. Revenue and Expenses - Same store revenues increased by approximately 1.3% year-over-year, driven by higher rental income and lower uncollectible revenue attributed to job growth and demand for multifamily housing [103]. - Same store property revenues increased by $19.3 million to $1.46 billion in 2024, driven by higher rental rates and lower uncollectible revenue [133]. - Same store property expenses rose by $9.4 million to $520.8 million in 2024, primarily due to increased salaries and benefits [134]. - Total other expenses increased by 1.9% to $837.4 million in 2024 from $821.5 million in 2023, with property management expenses rising by 13.7% to $38.3 million [142]. - General and administrative expenses rose by approximately $9.9 million, accounting for 4.7% of total revenues in 2024 compared to 4.0% in 2023 [144]. Property and Development - As of December 31, 2024, the company owned interests in 177 multifamily properties comprising 59,996 apartment homes across the United States [102]. - The multifamily property portfolio includes 58,858 operating properties as of December 31, 2024, with a total of 177 properties [116]. - The company has three projects under construction, totaling 1,138 apartment homes, with an estimated additional cost to complete of approximately $243.6 million [106]. - As of December 31, 2024, the company has 1,325 homes under development with total estimated costs of $667 million, of which $132.3 million has been incurred to date [123]. - The company recorded approximately $41.0 million in impairment charges related to land development activities in 2024 [107]. Financing and Capital Structure - As of December 31, 2024, the company had approximately $1.0 billion available under its $1.2 billion unsecured revolving credit facility, with no debt maturing until April 2026 [115]. - The company has a $1.2 billion unsecured revolving credit facility maturing in August 2026, with options to extend and expand the facility [165]. - Fixed rate debt amounted to $2,764.4 million as of December 31, 2024, with an average interest rate of 3.7% [181]. - The interest expense coverage ratio was approximately 6.9 times in 2024, indicating strong operating cash flows relative to interest expenses [159]. - If interest rates on variable rate debt had been 100 basis points higher, annual interest costs would have increased by approximately $7.2 million in 2024 [184]. Shareholder Returns - The company repurchased 515,974 common shares for approximately $50.0 million at an average price of $96.88 per share, with $450.0 million remaining under the share repurchase plan [112]. - The annual dividend rate for 2024 was $4.12 per share, with a first quarter dividend of $1.05 per share declared for 2025, indicating a potential annualized rate of $4.20 [175][176]. Other Income and Expenses - Total non-property income rose to $24.2 million in 2024, a 22.6% increase from $19.7 million in 2023, mainly due to higher fee and asset management income [139]. - Interest and other income increased by approximately $3.5 million in 2024, attributed to higher average cash balances [141]. - Deferred compensation plans recognized income of approximately $12.6 million in 2024, down from $15.4 million in 2023, reflecting investment performance changes [142]. - Interest expense decreased by approximately $3.6 million in 2024, primarily due to debt repayments and lower average balances [145]. - Depreciation and amortization expense increased by approximately $7.2 million, attributed to completed apartment homes and capital improvements [146].

Core Insights - Commercial real estate is highlighted as a core asset class, known for its diversity, encompassing various sectors such as restaurants, gas stations, hotels, and farmland [1]. Industry Overview - The commercial real estate sector is characterized by its wide range of asset types, making it one of the most diverse investment classes available [1].

Financial Data and Key Metrics Changes - Camden Property Trust reported core funds from operations (FFO) for Q4 2024 of $190.4 million, or $1.73 per share, exceeding prior guidance by three cents [34] - Same property revenue growth was 1.3% in 2024, with expense growth at 1.8% and net operating income (NOI) growth at 1.1% [34][35] - For 2025, the company anticipates core FFO per share to be in the range of $6.60 to $6.90, representing a decrease of 10 cents per share from 2024 results [38] Business Line Data and Key Metrics Changes - Same property revenue growth for 2025 is expected to be around 1%, with top markets projected to see revenue growth of 2 to 2.5% [18][21] - Rental rates for Q4 2024 showed signed new leases down 4.7% and renewals up 3.2%, resulting in a blended rate of negative 1.2% [31] Market Data and Key Metrics Changes - Texas and Florida added over a million new residents in 2024, accounting for nearly one-third of the nation's population growth [14] - The states where Camden operates capture 58.3% of U.S. population growth, indicating strong housing demand in these markets [15] Company Strategy and Development Direction - Camden plans to execute a strategic plan in 2025 similar to post-financial crisis strategies, focusing on acquisitions and developments to enhance portfolio competitiveness [11] - The company aims to reduce exposure to its two largest markets, DC Metro and Houston, ensuring no single market represents more than 10% of net operating income by the end of 2027 [36][98] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, expecting new supply pressures to lessen and a return to improved revenue and NOI growth [10] - The overall economy remains healthy, and the company anticipates continued in-migration into its markets, supporting strong demand for apartment homes [21] Other Important Information - Camden completed construction on several new communities, including Camden, Durham, and Camden, Longmeadow Farms, with occupancy rates of 80% and 55% respectively [32] - The company expects to dispose of older, more capital-intensive assets and redeploy proceeds into newer, faster-growing communities [37] Q&A Session Summary Question: Can you provide more color on your blend assumptions for new and renewal lease growth? - The company anticipates a full-year blend of 1 to 2%, with new leases slightly negative and renewals in the high 3% range, expecting positive new leases by Q3 [48][49] Question: Are you seeing signs of supply fading on the ground? - Management confirmed signs of improvement in signed new lease agreements, particularly in January [53][56] Question: Can you provide color on transaction guidance and market conditions? - The company noted a shift in the transaction market, with buyers and sellers finding common ground, leading to increased transaction activity [58][62] Question: What is the outlook for distress in the market? - Management indicated that while there is distress in lower-quality properties, institutional quality assets are not under pressure, suggesting a stable market environment [64][66] Question: How does Camden's performance compare to overall market performance? - Management believes Camden's performance is indicative of strong operational fundamentals, particularly in markets like Houston and Southern California [120][123]

4Q24 Camden Property Trust Earnings Call CAMDEN'S 2025 MARKET GRADES | | GRADE | OUTLOOK | | EXPECTED REVENUE | | --- | --- | --- | --- | --- | | Total Portfolio | B | Stable | 0% - | 2% | | Tampa | A- | Improving | 2.0% - | 2.5% | | Los Angeles/Orange County | A- | Stable | 2.0% - | 2.5% | | San Diego/Inland Empire | A- | Moderating | 2.0% - | 2.5% | | Washington DC Metro | A- | Moderating | 2.0% - | 2.5% | | Houston | B+ | Stable | 2.0% - | 2.5% | CAMDEN'S 2025 MARKET GRADES | | GRADE | OUTLOOK | | EXPECT ...

Core Insights - Camden Property Trust (CPT) reported fourth-quarter 2024 core funds from operations (FFO) per share of $1.73, exceeding the Zacks Consensus Estimate of $1.68, with the figure remaining unchanged year over year [1][3] - The quarterly results were driven by higher same-property revenues and same-property net operating income (NOI), although a lower effective blended lease rate had a negative impact [2][4] Financial Performance - Property revenues for the fourth quarter were $386.3 million, slightly below the Zacks Consensus Estimate of $387 million, and showed a marginal year-over-year decrease [3] - For the full year 2024, core FFO per share was $6.85, reflecting a year-over-year increase and surpassing the Zacks Consensus Estimate by 2.2% [3] - Same-property revenues increased by 0.8% year over year to $365.6 million, while same-property expenses rose by 0.2% to $127.2 million, resulting in a same-property NOI increase of 1.2% to $238.4 million [4] Portfolio Activity - In the fourth quarter, Camden completed the construction of two communities: Camden Durham in Durham, NC, with 420 units at a cost of $144.8 million, and Camden Long Meadow Farms in Richmond, TX, with 188 units at a cost of $71.9 million [5] - Camden has three communities under development totaling 1,138 units at an estimated cost of $455 million [5] - Subsequent to year-end 2024, Camden acquired an apartment community, Camden Leander, in Austin, TX, with 352 units for $67.7 million [6] Balance Sheet Position - As of December 31, 2024, CPT had approximately $21 million in cash and cash equivalents and nearly $1.0 billion available under its unsecured credit facility [7] - The net debt-to-annualized adjusted EBITDAre ratio for the October-December period was 3.8 times, an improvement from 3.9 times sequentially [7] 2025 Guidance - For the first quarter of 2025, CPT expects core FFO per share in the range of $1.66 to $1.70, with the Zacks Consensus Estimate at $1.67 [8] - For the full year, core FFO per share is projected between $6.60 and $6.90, with a midpoint of $6.75, while the Zacks Consensus Estimate stands at $6.80 [8] - Management anticipates same-property revenue growth of 0-2% and an expense increase of 2.25-3.75%, with same-property NOI projected between negative 1.5% and positive 1.5% [9] Dividend Declaration - Concurrent with its fourth-quarter earnings release, Camden declared a first-quarter 2025 dividend of $1.05 per share, payable on April 17 to shareholders on record as of March 31, 2025 [10]

Financial Performance - For the quarter ended December 2024, Camden reported revenue of $386.32 million, down 0.3% year-over-year, and EPS of $1.73 compared to $2.03 in the same quarter last year [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $386.96 million, resulting in a surprise of -0.17%, while the EPS exceeded the consensus estimate of $1.68 by +2.98% [1] Key Metrics - Rental revenues were reported at $344.90 million, which was below the average estimate of $387.04 million from eight analysts, also reflecting a year-over-year decline of -0.3% [4] - Net Earnings per Share (Diluted) was $0.37, surpassing the average estimate of $0.34 from seven analysts [4] - Non-property income showed significant variances, with total non-property income reported at -$0.93 million against an average estimate of $7.05 million from four analysts, and income on deferred compensation plans at -$2.51 million compared to an estimate of $6.50 million from three analysts [4] Stock Performance - Camden's shares have returned +4.7% over the past month, outperforming the Zacks S&P 500 composite's +2.1% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Camden (CPT) came out with quarterly funds from operations (FFO) of $1.73 per share, beating the Zacks Consensus Estimate of $1.68 per share. This compares to FFO of $1.73 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.98%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.68 per share when it actually produced FFO of $1.71, delivering a surprise of 1.79%.Over the last four quarters, the ...

CAMDEN TABLE OF CONTENTS | | Page | | --- | --- | | Press Release Text | 3 | | Financial Highlights | 4 | | Operating Results | 5 | | Funds from Operations | 6 | | Balance Sheets | 7 | | Portfolio Statistics | 8 | | Components of Property Net Operating Income | 9 | | Sequential Components of Property Net Operating Income | 10 | | "Same Property" Fourth Quarter Comparisons | 11 | | "Same Property" Sequential Quarter Comparisons | 12 | | "Same Property" Year to Date Comparisons | 13 | | "Same Property" Operat ...

Camden Property Trust (CPT) is slated to report fourth-quarter and full-year 2024 results on Feb. 6, after market close.  The company’s quarterly results are likely to display a year-over-year decline in revenues and funds from operations (FFO) per share.See the Zacks Earnings Calendar to stay ahead of market-making news.In the last reported quarter, this residential real estate investment trust (REIT) reported an FFO per share of $1.71, beating the Zacks Consensus Estimate of $1.68. Results reflected highe ...

Brad, along with HOYA Capital, lead the investing group iREIT®+HOYA Capital. The service covers REITs, BDCs, MLPs, Preferreds, and other income-oriented alternatives. The team of analysts has a combined 100+ years of experience and includes a former hedge fund manager, due diligence officer, portfolio manager, PhD, military veteran, and advisor to a former U.S. President.Brad Thomas has over 30 years of real estate investing experience and has acquired, developed, or brokered over $1B in commercial real est ...