Camden(US:CPT) ZACKS·2025-02-07 14:41Core Insights - Camden Property Trust (CPT) reported fourth-quarter 2024 core funds from operations (FFO) per share of $1.73, exceeding the Zacks Consensus Estimate of $1.68, with the figure remaining unchanged year over year [1][3] - The quarterly results were driven by higher same-property revenues and same-property net operating income (NOI), although a lower effective blended lease rate had a negative impact [2][4] Financial Performance - Property revenues for the fourth quarter were $386.3 million, slightly below the Zacks Consensus Estimate of $387 million, and showed a marginal year-over-year decrease [3] - For the full year 2024, core FFO per share was $6.85, reflecting a year-over-year increase and surpassing the Zacks Consensus Estimate by 2.2% [3] - Same-property revenues increased by 0.8% year over year to $365.6 million, while same-property expenses rose by 0.2% to $127.2 million, resulting in a same-property NOI increase of 1.2% to $238.4 million [4] Portfolio Activity - In the fourth quarter, Camden completed the construction of two communities: Camden Durham in Durham, NC, with 420 units at a cost of $144.8 million, and Camden Long Meadow Farms in Richmond, TX, with 188 units at a cost of $71.9 million [5] - Camden has three communities under development totaling 1,138 units at an estimated cost of $455 million [5] - Subsequent to year-end 2024, Camden acquired an apartment community, Camden Leander, in Austin, TX, with 352 units for $67.7 million [6] Balance Sheet Position - As of December 31, 2024, CPT had approximately $21 million in cash and cash equivalents and nearly $1.0 billion available under its unsecured credit facility [7] - The net debt-to-annualized adjusted EBITDAre ratio for the October-December period was 3.8 times, an improvement from 3.9 times sequentially [7] 2025 Guidance - For the first quarter of 2025, CPT expects core FFO per share in the range of $1.66 to $1.70, with the Zacks Consensus Estimate at $1.67 [8] - For the full year, core FFO per share is projected between $6.60 and $6.90, with a midpoint of $6.75, while the Zacks Consensus Estimate stands at $6.80 [8] - Management anticipates same-property revenue growth of 0-2% and an expense increase of 2.25-3.75%, with same-property NOI projected between negative 1.5% and positive 1.5% [9] Dividend Declaration - Concurrent with its fourth-quarter earnings release, Camden declared a first-quarter 2025 dividend of $1.05 per share, payable on April 17 to shareholders on record as of March 31, 2025 [10]