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 ...

Camden Property Trust (CPT) is well-poised to gain from the healthy renter demand amid favorable demographic trends. The company’s diversification efforts in urban and suburban markets are likely to drive stable revenues. Its focus on leveraging technology to drive margin expansion is encouraging. A strong development pipeline, backed by a healthy balance sheet position, augurs well for long-term growth.However, the elevated supply of rental units in certain markets is likely to fuel competition, impeding t ...

I'm packing my retirement account with dividend-paying stocks. The thesis is simple: Dividend stocks have historically outperformed non-payers by a wide margin. The biggest outperformance has come from companies that routinely increase their dividends. According to data from Ned Davis Research and Hartford Funds, dividend growers have delivered a 10.2% average annual total return over the last 50 years, compared to 4.3% for the average non-dividend payer. My strategy is to focus on stocks that make paying d ...

WHITE BEAR LAKE, Minn., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Envoy Medical®, Inc. (“Envoy Medical”) (Nasdaq: COCH), a revolutionary hearing health company focused on fully implanted hearing devices, today announces its corporate and financial results for the third quarter ended September 30, 2024, as well as other subsequent events. “The progress and accomplishments of late have been extremely important to Envoy Medical as they have set the stage for us to demonstrate the value of fully implanted hearing devic ...