Camden(US:CPT)2025-11-06 21:32Financial Performance - For Q3 2025, Camden reported an EPS of $1.00, compared to a loss of $0.04 in Q3 2024, and a Core FFO of $1.70, slightly down from $1.71 in Q3 2024[6]. - Net income attributable to common shareholders for Q3 2025 was $108.9 million, a significant recovery from a loss of $4.2 million in Q3 2024[27]. - Funds from operations (FFO) for Q3 2025 were $184.2 million, slightly up from $181.5 million in Q3 2024[29]. - Core funds from operations for the nine months ended September 30, 2025, totaled $564.2 million, compared to $563.6 million in the same period of 2024[29]. - The dividend per share increased to $1.05 in Q3 2025, up from $1.03 in Q3 2024, with a dividend payout ratio of 62.9%[29]. - Adjusted EBITDAre for the nine months ended September 30, 2025, was $680.4 million, compared to $672.2 million for the same period in 2024, reflecting a growth of 1.8%[27]. - The company reported a total earnings per common share of $1.00 for Q3 2025, compared to a loss of $0.04 in Q3 2024[86]. - Net income for Q3 2025 was $113,579, compared to a loss of $2,338 in Q3 2024, representing a significant turnaround[89]. - Annualized Adjusted EBITDAre for Q3 2025 was $903,012, up from $895,960 in Q3 2024, indicating a growth of 1.2%[92]. Revenue and Occupancy - Same property revenues increased by 0.8% year-over-year, while expenses rose by 2.3%, resulting in a net operating income (NOI) growth of 0.0%[6]. - The occupancy rate remained stable at 95.5% for both Q3 2025 and Q3 2024, with bad debt decreasing to 0.6% from 0.9% year-over-year[8]. - Property revenues for Q3 2025 reached $395.7 million, a 2.0% increase from $387.2 million in Q3 2024[27]. - The total portfolio occupancy rate was 95.5% as of September 30, 2025, slightly down from 95.6% in the previous quarter[39]. - The average occupancy rate for "Same Property" Communities was 95.5% in Q3 2025, unchanged from Q3 2024[47]. - The company reported a significant increase in revenues from Non-"Same Property" communities, which rose to $15,938 from $7,505 year-over-year[41]. - Total Same Property revenues for Q3 2025 reached $374.669 million, a slight increase of 0.1% from Q2 2025[50]. - Average occupancy across Same Property communities was 95.5% in 2025, up from 95.3% in 2024[54]. Development and Construction - Camden completed the lease-up at Camden Durham and construction at Camden Village District, with a total of 557 homes across these projects costing $211.2 million[9]. - The company has 1,162 units currently under construction, indicating ongoing expansion efforts[37]. - The development pipeline includes 1,162 homes with an estimated total cost of $501.0 million, of which $231.9 million has been incurred to date[60]. - Total completed communities in lease-up reached 557 homes with a total estimated cost of $211.2 million, achieving 63% leased and 61% occupied as of October 31, 2025[60]. Debt and Liquidity - As of September 30, 2025, Camden had approximately $796.3 million in liquidity, including $25.9 million in cash and $770.4 million available under its credit facilities[13]. - Total debt increased to $3.74 billion as of September 30, 2025, from $3.45 billion in the previous year[27]. - The company reported a net debt to annualized adjusted EBITDAre ratio of 4.2x for both the three and nine months ended September 30, 2025, indicating stable leverage[27]. - Total maturing debt as of September 30, 2025, is $3.74 billion, with a weighted average interest rate of 4.0% and a maturity profile averaging 5.2 years[69]. - Unsecured debt constitutes 91.2% of total debt, with a compliance ratio of 22% against a covenant limit of 60%[75]. - The company maintains a strong debt covenant compliance, with consolidated adjusted EBITDAre to total fixed charges at 544%, well above the required 150%[75]. Shareholder Returns and Stock Activity - Camden repurchased 465,742 common shares at an average price of $107.33, totaling $50.0 million, with $400.0 million remaining under its stock repurchase program[12]. - The share price at the end of Q3 2025 was $106.78, down from $123.53 at the end of Q3 2024[27]. - The company plans to maintain a dividend distribution of $1.05 per share for Q1, Q2, and Q3 of 2025[117]. Operating Expenses - Total Property Expenses increased to $145.696 million in Q3 2025, up from $143.360 million in Q3 2024, reflecting a growth of 1.6%[44]. - The company reported a 1.4% growth in expenses across Same Property communities, totaling $136.786 million in Q3 2025[50]. - Salaries and benefits for on-site employees rose by 4.4% to $75,522, representing 18.8% of total operating expenses[58]. - Marketing and leasing expenses increased by 13.8% to $9,270, indicating a strategic focus on enhancing market presence[58]. Regional Performance - The D.C. Metro area contributed 14.2% to the NOI with revenues of $49.263 million, showing a growth of 3.9% from $47.403 million in Q3 2024[47]. - Houston, TX reported a revenue of $48.466 million, a marginal increase of 0.7% compared to $48.125 million in Q3 2024[47]. - The D.C. Metro area reported a revenue increase of 3.8% to $146,071, with NOI growing by 4.1% to $100,089[54]. - Houston, TX experienced a revenue growth of 1.1% to $145,083, while NOI remained relatively stable with a slight increase of 0.2% to $82,542[54]. Rental Rates and Home Sizes - The weighted average monthly rental rate for "Same Property" Communities was $2,011, a slight increase of 0.1% from $2,008 in Q3 2024[47]. - The average rental rate per occupied home increased by 0.2% to $2,327 in Q3 2025 from $2,322 in Q2 2025[52]. - The average rental rate per occupied home in Arizona is $2,314, reflecting a 2.33 per square foot rate[123]. - The average rental rate per occupied home in California is $3,185, reflecting a 3.27 per square foot rate[123]. - The average rental rate per occupied home in Colorado is $2,499, reflecting a 2.61 per square foot rate[123]. - The average rental rate per occupied home in the DC Metro area is $2,741, reflecting a 3.00 per square foot rate[123]. - The average rental rate per occupied home in Southeast Florida is $3,057, reflecting a 2.87 per square foot rate[123]. - The average size of homes in Florida properties is 999 sq. ft. with an average rental rate of $2.30 per sq. ft.[126]. - The average size of homes in Georgia properties is 1,036 sq. ft. with an average rental rate of $1.84 per sq. ft.[126].