Camden(US:CPT)2024-05-02 20:31Financial 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]