Financial Data and Key Metrics Changes - The company reported core FFO of $1.70 per share, which was $0.03 ahead of the midpoint of prior quarterly guidance [121] - The first quarter same property performance was better-than-expected, primarily due to lower levels of bad debt and favorable trends for insurance and property taxes [116] - The company maintained the midpoint of its full year guidance at 1.5%, with revised assumptions reflecting a 50 basis point earning and flat loss to lease [102] Business Line Data and Key Metrics Changes - Rental rates for the first quarter showed signed new leases down 4.1% and renewals up 3.4%, resulting in a blended rate of negative 0.9% [95] - Preliminary April results indicated an improvement with new leases at negative 1.8% and renewal rates at 3.4%, leading to a positive blended rate [95] - The company experienced 80 basis points of bad debt in the quarter, compared to a budget of 120 basis points [99] Market Data and Key Metrics Changes - Employment growth has been robust in all markets except Los Angeles, which continues to struggle [92] - The company noted that 9.4% of move-outs in the first quarter were attributed to residents buying homes, the lowest in its history [115] - The top 10 cities increased their populations by 710,000, with 9 Camden markets in the top 10, while the bottom 10 cities reported a loss of 200,000 people [114] Company Strategy and Development Direction - The company plans to push rents in markets with less supply impact while maintaining occupancy levels [134] - The company is considering starting new developments in markets like Charlotte, which is absorbing supply well [31] - The company aims to maintain a pristine balance sheet with no partners, allowing for flexible capital allocation [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for apartments, citing strong absorption rates and demographic trends supporting rental demand [93] - The company anticipates accelerating rent growth in 2025 and 2026, assuming the economy continues on its current trajectory [93] - Management acknowledged the risk of a recession but noted that current job growth and economic conditions in the Sunbelt markets remain strong [36] Other Important Information - The company has $450 million remaining under its existing share repurchase authorization and repurchased approximately $50 million of common shares in the first quarter [98] - Property taxes, which represent approximately 36% of total operating expenses, are now expected to increase by only 1.5% year-over-year, down from an original projection of 3% [103] - The company has stabilized several new developments, including Camden NoDa, which is now 99% occupied [97] Q&A Session Summary Question: What explains the difference in rent growth perspectives between the company and competitors? - Management indicated that different perspectives arise from varying market operations and data interpretations, emphasizing their extensive market experience [7][8] Question: Which markets are prioritized for new development? - Management highlighted Nashville and Austin as markets with significant supply issues, while also considering Charlotte for new developments [16][31] Question: How does the company view the potential for bad debt reduction? - Management expressed optimism about sustaining the current pace of bad debt reduction, aided by improved screening processes [28][62] Question: What is the outlook for new lease rate growth? - Management expects new lease rates to improve in the second half of the year, driven by seasonal demand and easier comps [57][64] Question: How does the company plan to manage occupancy and pricing? - Management stated that they will continue to monitor occupancy levels and adjust pricing strategies based on market conditions [132][134]

Table of Contents FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission file number: 1-12110 TX 76-6088377 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 11 Greenway Plaza, Suite 2400 Houston, Texas ...

Financial Performance - For Q1 2024, Camden reported an EPS of $0.77, up from $0.39 in Q1 2023, and FFO of $1.67, slightly above the guidance midpoint of $1.64[4] - Net income attributable to common shareholders increased significantly to $83,889,000 in Q1 2024 from $41,917,000 in Q1 2023, marking a growth of 100.5%[21] - Funds from operations (FFO) for Q1 2024 were $183,800,000, compared to $183,006,000 in Q1 2023, showing a marginal increase of 0.4%[27] - Core funds from operations (CFFO) rose to $187,602,000 in Q1 2024 from $183,048,000 in Q1 2023, reflecting a growth of 2.9%[27] - Core adjusted funds from operations (Core AFFO) for Q1 2024 were $165,577,000, compared to $165,469,000 in Q1 2023, indicating a marginal increase[76] - Annualized adjusted EBITDAre for Q1 2024 was $895,996,000, up from $880,392,000 in Q1 2023, showing an increase of 1.4%[83] Revenue and Occupancy - Same property revenues increased by 2.5% year-over-year and 0.5% sequentially, while net operating income (NOI) grew by 2.3% year-over-year but decreased by 0.5% sequentially[4] - The occupancy rate for the same property portfolio was 95.0% in Q1 2024, compared to 95.3% in Q1 2023 and 94.9% in Q4 2023[4] - Total Same Property revenues for Q1 2024 reached $364,478,000, representing a 2.5% increase from $355,618,000 in Q1 2023[43] - The average occupancy rate across Total Same Property was 95.0% in Q1 2024, up from 94.9% in Q4 2023[47] - The total portfolio occupancy rate for March 31, 2024, was 94.8%, slightly up from 94.7% in December 2023[35] Expenses and Debt Management - Camden revised its 2024 property operating expense growth guidance down from 4.50% to 3.25% due to favorable real estate tax valuations and lower insurance claims[4] - Total property expenses for Q1 2024 were $138.545 million, an increase of $3.864 million from $134.681 million in Q1 2023[37] - Total debt reduced to $3,553,469,000 in Q1 2024 from $3,747,816,000 in Q1 2023, a decrease of 5.2%[21] - The net debt to annualized adjusted EBITDAre ratio improved to 3.9x in Q1 2024 from 4.3x in Q1 2023, indicating better leverage management[21] - The company reported a total debt of $3,575,636,000 for Q1 2024, down from $3,784,849,000 in Q1 2023[85] Shareholder Returns - The dividend per share increased to $1.03 in Q1 2024 from $1.00 in Q1 2023, with a dividend payout ratio of 61.7% compared to 60.2% in the previous year[21] - Camden plans to declare a dividend of $1.03 per share on February 1, 2024, with a payment date of April 17, 2024[106] Property and Development - The company currently operates 171 properties with 58,061 apartment homes, expecting to increase to 59,227 homes upon completion of ongoing developments[20] - The company has 1,166 apartment homes under construction, indicating ongoing expansion efforts[34] - Total development communities consist of 1,166 homes with an estimated cost of $438.0 million and a cost to date of $340.6 million[54] - The development pipeline includes 3,352 homes with an estimated total cost of $1,393.0 million and a cost to date of $283.3 million[57] Market Performance - The share price at the end of Q1 2024 was $98.40, down from $104.84 at the end of Q1 2023, reflecting a decline of 6.5%[21] - The weighted average monthly rental rate increased by 1.8% to $1,992 in Q1 2024 compared to $1,956 in Q1 2023[44] - Revenue per occupied home rose to $2,289 in Q1 2024, reflecting a 2.8% increase from $2,226 in Q1 2023[45] Regional Performance - The D.C. Metro region contributed 13.5% to the NOI from "Same Property" communities, with an occupancy rate of 96.6%[35] - Houston, TX, showed an NOI contribution of 12.0% with an occupancy rate of 94.6% for the quarter ended March 31, 2024[35] - The D.C. Metro area contributed 13.5% to NOI with revenues of $46,398,000, a growth of 4.5% year-over-year[43] - Houston, TX reported revenues of $50,860,000, a 3.4% increase, with NOI growing by 7.1% to $28,163,000[43] Liquidity and Financing - As of March 31, 2024, Camden had nearly $1.3 billion in liquidity, including approximately $92.7 million in cash and nearly $1.2 billion available under its unsecured credit facility[13] - Camden issued $400 million of senior unsecured notes due 2034 with a coupon of 4.900% and an effective interest rate of 5.06%[11] Capital Expenditures - Capital expenditures for the first quarter of 2024 totaled $22.0 million, with a per unit cost of $378[69] - Non-recurring capital expenditures for repositioning apartments amounted to $24.3 million, aimed at enhancing rental levels[71]

REITs are a low-cost way to generate passive income.Investing in high-yielding dividend stocks can be a great way to start generating passive income. While the average dividend yield is relatively low today (the S&P 500's 1.4% yield isn't that far above its historical low of 1.1%), many companies offer much higher dividend yields.For example, the real estate investment trust (REIT) sector is ripe with high-yielding dividend stocks. Realty Income (O -1.65%), Prologis (PLD -0.91%), and Camden Property Trust ( ...

Su Arslanoglu Camden Property Trust (NYSE:CPT) anticipates lower Core funds from operations, or FFO, per share and flat same-property NOI due to weaker leasing spreads caused by increased apartment supply. Revenue growth is challenged by rising expenses, while leasing spreads decline ahead of NOI changes. Same Property NOI Let's take a look at same property NOI: The REIT Forum Notice how there’s a bit of a lag? In 2021 Q3, the same property NOI wasn’t blistering yet. The leasing spreads were huge, but t ...

Art Wager/E+ via Getty Images Camden Property Trust (NYSE:CPT), although a solid REIT with a strong human moat, a good debt outlook, and a strong portfolio, is probably headed into years of underperformance caused by oversupply in its primary markets. A REIT Of Sunbelt Apartments CPT is an S&P 500 REIT whose primary focus is apartments in areas of projected high employment and population growth. It aims at higher-income tenants. Its average monthly rent per home of $1,994 exceeds the national average of ...

Brandon Bell/Getty Images News Shares of Camden Property Trust (NYSE:CPT) have been a material underperformer over the past year as higher rates have weighed on real estate valuations. On top of this, a surge of supply has negatively impacted the apartment sector, pushing down rents. Last September, I rated CPT a buy, arguing shares had 10-15% upside. Since that recommendation, shares have returned over 4%, though this has materially lagged the broader market’s 18% gain. I continue to target a rise towa ...

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) (the “Company”) announced today that the Company will participate in Citi’s 2024 Global Property CEO Conference. Camden’s roundtable discussion has been scheduled for Monday, March 4, 2024, at 10:15 AM Eastern Time. The event will be webcast live in a listen-only mode at camdenliving.com in the Investors section, and an audio archive will be available on the Company’s website shortly after the event concludes. A copy of Camden’s most recent investor ...

ijeabEarnings seasons often lead to some great buying opportunities. That's because most investors are short-term oriented and will make buy and sell decisions based on quarterly results. If a stock misses quarterly earnings expectations, or worse, if its full-year guidance comes short, investors will often run for the exit, causing its share price to drop significantly. But in reality, the fair value of the assets likely didn't change much, if at all. Real estate should be valued based on decades of ex ...

• Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; • Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and receipts and expenditures of the Company are being made only in accordance with authorizations of management and Board of Trust Managers of the Company; and • Provi ...