Camden(US:CPT)2022-04-28 16:00Financial Performance - Net income attributable to common shareholders for the three months ended March 31, 2022, was $80,745, compared to $31,347 for the same period in 2021, reflecting a year-over-year increase of 157.5%[11]. - Net income for the three months ended March 31, 2022, was $83,601,000, compared to $32,473,000 for the same period in 2021, representing a significant increase[22]. - Earnings per share (EPS) for the first quarter of 2022 was $0.77 (basic) and $0.76 (diluted), compared to $0.31 for both in the first quarter of 2021, indicating a significant increase of 148.4%[11]. - Funds from operations (FFO) increased to $160,475,000 for the three months ended March 31, 2022, compared to $125,779,000 in the same period in 2021[111]. - Adjusted funds from operations (AFFO) rose to $146,224,000 for the three months ended March 31, 2022, compared to $113,099,000 in the same period in 2021[113]. Revenue and Property Operations - Property revenues for the three months ended March 31, 2022, were $311,359,000, an increase of 16.3% from $267,568,000 in the same period of 2021[11]. - Same store revenues increased by approximately 11.1% compared to the same period in 2021, driven by higher average rental rates and increased occupancy[75]. - Net operating income (NOI) for the three months ended March 31, 2022, was $201,049 thousand, an increase of $34,413 thousand or 20.7% compared to $166,636 thousand in the same period of 2021[94]. - Total property revenues for the three months ended March 31, 2022, were $311,359 thousand, an increase of $43,791 thousand or 16.4% from $267,568 thousand in the same period of 2021[98]. - The increase in same store property revenues was driven by a $25.9 million rise in rental revenues, reflecting a 10.7% increase in average rental rates[97]. Assets and Liabilities - Total assets increased to $8,462,710, up from $7,976,784 as of December 31, 2021, representing a growth of approximately 6.1%[8]. - Total liabilities rose to $4,176,171 as of March 31, 2022, compared to $3,710,529 at the end of 2021, an increase of approximately 12.5%[8]. - Total common equity as of March 31, 2022, was $4,216,429, up from $4,197,490 at the end of 2021, a slight increase of 0.4%[8]. - The company had approximately $1.13 billion in cash and cash equivalents as of March 31, 2022, up from $613.4 million at the end of 2021[8]. - Total unsecured notes payable increased to $3,671.3 million as of March 31, 2022, up from $3,170.4 million as of December 31, 2021, reflecting a growth of approximately 15.8%[50]. Cash Flow and Financing Activities - Net cash from operating activities increased to $122,287,000 for the three months ended March 31, 2022, up from $88,456,000 in the prior year[22]. - Net cash from financing activities totaled approximately $443.1 million for the three months ended March 31, 2022, compared to net cash used of $83.4 million during the same period in 2021, driven by $500 million in borrowings from the unsecured line of credit[117]. - The company borrowed $500,000,000 on an unsecured credit facility during the three months ended March 31, 2022[22]. - The company had $500 million outstanding on its $900 million unsecured credit facility as of March 31, 2022, with approximately $385.4 million available for future borrowings[52]. - Net cash used in investing activities decreased to approximately $48.9 million in Q1 2022 from $92.1 million in Q1 2021, primarily due to a reduction in cash outflows for property development and capital improvements[117]. Property Development and Acquisitions - The company owned interests in, operated, or was developing 175 multifamily properties, comprising 59,894 apartment homes across the United States as of March 31, 2022[25]. - The company has five properties under construction, which will consist of a total of 1,839 apartment homes upon completion[25]. - The company acquired approximately 15.9 acres of land in Richmond, Texas for $7.8 million and two parcels of land in Charlotte, North Carolina for $32.7 million for future development[46]. - The company expects to incur approximately $182.3 million to complete the construction of five properties, with costs between $105 million and $125 million anticipated for the remainder of 2022[125]. - The company plans to continue seeking opportunities for development, redevelopment, and acquisitions, subject to market conditions[84]. Shareholder Returns and Equity - The company declared cash distributions of $0.94 per common share, totaling $100,877 for the quarter[14]. - The company has a share repurchase plan allowing for the repurchase of up to $500.0 million of common equity securities, with approximately $269.5 million remaining authorized for repurchase[43]. - The company issued approximately 2.9 million common shares in a public equity offering in April 2022, receiving approximately $490.3 million in net proceeds, which were used to reduce borrowings under the unsecured line of credit[52]. - The company sold approximately 0.2 million common shares at an average price of $165.01, generating approximately $26.2 million in net proceeds under the 2021 ATM program[42]. - A quarterly dividend of $0.94 per common share was declared in February 2022, leading to an annualized dividend rate of $3.76 per share if similar distributions continue[126]. Market Outlook and Economic Conditions - The company expects U.S. economic and employment growth to continue during 2022, with manageable levels of multifamily home supply[75]. - The company is focused on markets characterized by high-growth economic conditions and strong employment, which are expected to drive demand for apartments[74]. - The company faces risks including volatility in capital markets, competition, and potential adverse effects from economic downturns[71]. - Initial occupancies for the five properties under construction are scheduled to occur within the next 15 months[77]. - As of March 31, 2022, the company anticipates property revenue from existing leases totaling $784.9 million, with $651.0 million expected in the remainder of 2022[37].