Camden(US:CPT)2024-08-02 17:34Financial Performance - Property revenues for Q2 2024 reached $387.15 million, a slight increase from $385.50 million in Q2 2023, representing a growth of 0.43%[7] - Net income for Q2 2024 was $44.81 million, down from $92.94 million in Q2 2023, reflecting a decrease of 51.8%[7] - Earnings per share (EPS) for Q2 2024 were $0.40, compared to $0.84 in Q2 2023, indicating a decline of 52.4%[7] - Comprehensive income for Q2 2024 was $45.17 million, down from $93.30 million in Q2 2023, a decrease of 51.6%[7] - Net income attributable to common shareholders for the three months ended June 30, 2024, was $42,839,000, a decrease from $90,948,000 in the same period of 2023[33] - Total earnings per common share for the six months ended June 30, 2024, was $1.17, down from $1.22 in the same period of 2023, reflecting a decrease of 4.1%[33] - Funds from operations for the six months ended June 30, 2024, totaled $371,505,000, compared to $367,040,000 for the same period in 2023, reflecting a slight increase[87] Property Management and Operations - The company owned interests in 177 multifamily properties, comprising 59,996 apartment homes across the United States as of June 30, 2024[22] - Same store revenues increased by approximately 1.4% and 2.0% for the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023, driven by higher average rental rates[61] - Same store property NOI increased by approximately $2.0 million (1.4%) for the three months ended June 30, 2024, and by $7.3 million (2.0%) for the six months ended June 30, 2024, compared to the same periods in 2023[75] - Non-same store property NOI increased by approximately $2.3 million (25.4%) for the three months and $5.3 million (36.0%) for the six months ended June 30, 2024, compared to the same periods in 2023[76] - The company has five properties under construction as of June 30, 2024, with an estimated total additional cost to complete of approximately $297.9 million[63] Expenses and Costs - Total property expenses for Q2 2024 amounted to $138.89 million, up from $137.60 million in Q2 2023, an increase of 0.94%[7] - Higher salaries and benefits contributed to a $3.1 million increase in same store property expenses for the six months ended June 30, 2024, compared to the same period in 2023[76] - General and administrative expenses increased by approximately $2.3 million (14.4%) and $3.6 million (11.6%) for the three and six months ended June 30, 2024, respectively, attributed to higher salaries, benefits, and legal expenses[81] - Interest expense decreased by approximately $1.4 million (4.0%) and $1.7 million (2.5%) for the three and six months ended June 30, 2024, respectively, due to early debt retirements and lower average balances[83] Cash Flow and Financing - Cash distributions declared to equity holders for Q2 2024 were $113.53 million, with a distribution of $1.03 per common share[12] - Net cash from operating activities for the six months ended June 30, 2024, was approximately $361.0 million, down from $366.6 million in 2023, primarily due to the sale of operating properties[89] - Net cash used in financing activities was approximately $426.6 million for the six months ended June 30, 2024, compared to $215.5 million in 2023, largely due to debt repayments[90] - The company has a $1.2 billion unsecured revolving credit facility maturing in August 2026, with approximately $1.2 billion available as of June 30, 2024[91] Equity and Shareholder Returns - The company’s total equity as of June 30, 2024, was $4.93 billion, an increase from $4.99 billion at the end of Q1 2024[12] - The Board of Trust Managers declared a quarterly dividend of $1.03 per common share in June 2024, leading to an annualized dividend rate of $4.12 per share[92] - The company repurchased 44,692 common shares at an average price of $96.52 per share during the three months ended June 30, 2024, and 515,974 shares at an average price of $96.88 during the six months ended June 30, 2024, totaling approximately $50 million[34] Future Outlook and Strategy - The company plans to continue focusing on market expansion and new product development to drive future growth[7] - The company expects to incur additional costs of approximately $297.9 million to complete the construction of five properties, with costs expected to be incurred between 2024 and 2027[92] - The company aims to preserve financial flexibility by focusing on core fundamentals, including generating positive cash flows and controlling overhead costs[65]