Camden(US:CPT)2024-10-31 20:41Financial Performance - For Q3 2024, Camden reported an EPS of ($0.04), down from $0.44 in Q3 2023, and a FFO of $1.65, slightly down from $1.73 in the same period last year[5]. - Net income attributable to common shareholders for Q3 2024 was a loss of $4,204,000, compared to a profit of $47,963,000 in Q3 2023[26]. - Funds from operations (FFO) for Q3 2024 were $181,503,000, down 5.0% from $191,181,000 in Q3 2023[26]. - Core funds from operations for Q3 2024 were $188,123,000, a decrease of 1.3% from $190,745,000 in Q3 2023[26]. - The company reported a comprehensive loss attributable to common shareholders of $3.8 million in Q3 2024, compared to a gain of $48.3 million in Q3 2023[28]. - Total debt for the three months ended September 30, 2024, was $3,523,645, a decrease from $3,704,228 in the same period of 2023[93]. - The company reported a net loss attributable to common shareholders of $4,204,000 for Q3 2024, contrasting with a profit of $47,963,000 in Q3 2023[86]. - Total assets as of September 30, 2024, were $8,947,181,000, a decrease from $9,214,464,000 in the previous year[26]. Revenue and Occupancy - Same property revenues grew by 0.6% year-over-year in Q3 2024, while expenses increased by 1.8%, resulting in a net operating income (NOI) growth of 0.0%[8]. - Camden's occupancy rate remained stable at 95.5% in Q3 2024, compared to 95.5% in Q3 2023[8]. - Property revenues for Q3 2024 were $387,232,000, a slight decrease of 0.4% compared to $390,778,000 in Q3 2023[26]. - The occupancy rate for the total portfolio was 95.4% as of September 30, 2024, compared to 95.2% in the previous quarter, showing a slight improvement[37]. - The average occupancy rate across Same Property communities remained stable at 95.5%[50]. - The average monthly revenue per occupied home for the total Same Property was $2,296, a 0.6% increase[49]. Expenses and Impairments - Total property expenses for Q3 2024 increased to $143.4 million, up from $140.1 million in Q3 2023, reflecting a rise of 2.4%[28]. - Camden recognized a non-cash impairment charge of approximately $41.0 million, or $0.37 per diluted share, related to land development projects in Los Angeles, Houston, and Atlanta[7]. - The company incurred approximately $2.1 million in storm-related expenses due to Hurricane Beryl, net of anticipated insurance recoveries[17]. - Total Same Property operating expenses increased by 1.8% year-over-year to $132,898,000, with property taxes decreasing by 2.8%[58]. Development and Future Outlook - Camden's development pipeline includes 1,746 homes with an estimated total cost of $675.0 million, with ongoing projects in multiple locations[14]. - Camden plans to cease capitalizing interest and expenses associated with certain development assets going forward[7]. - The company has completed dispositions totaling $115 million for 592 homes, with an average monthly rental rate of $1,745[69]. - Camden's total properties under development and land amount to $418.2 million, reflecting ongoing investment in growth[66]. - The company is exploring potential acquisitions to further expand its market presence and diversify its portfolio[1]. Guidance and Dividends - The company updated its 2024 earnings guidance, projecting EPS in the range of $1.46 to $1.50 and FFO between $6.67 and $6.71[19]. - Camden plans to declare a dividend of $1.03 per share for Q1 2024, with payment on April 17, 2024[97]. - Expected FFO per diluted share for Q4 2024 is projected to be between $1.65 and $1.69, while the expected Core FFO per diluted share is estimated to be between $1.68 and $1.72[88]. Market and Equity - Share price at the end of the period was $123.53, up from $94.58 a year earlier[26]. - Market equity value increased to $13,600,529,000 as of September 30, 2024, compared to $10,432,647,000 in the previous year[26]. - The company has senior unsecured debt ratings of A- from Fitch and Standard & Poor's, and A3 from Moody's, all with a stable outlook[97]. Management and Corporate Information - Key executives include Richard J. Campo (CEO & Chairman) and D. Keith Oden (Executive Vice Chairman)[99]. - The next earnings release and conference call is scheduled for early February 2024[97]. - Camden does not send quarterly reports to shareholders but provides 10-Q's, earnings releases, and supplemental data upon request[97].