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Mar 31, 2021
Camden Q1 2021 Earnings Report
Camden Property Trust announced operating results for the first quarter of 2021.
Key Takeaways
Camden Property Trust reported a decrease in EPS from $0.43 to $0.31 year-over-year, a decrease in FFO from $1.35 to $1.24, and a decrease in AFFO from $1.20 to $1.12 for the three months ended March 31, 2021.
Same Property Revenues decreased by 0.4% compared to 1Q20 and increased by 0.1% compared to 4Q20.
Same Property Expenses increased by 5.4% compared to 1Q20 and 0.3% compared to 4Q20.
Same Property NOI decreased by 3.5% compared to 1Q20 and increased by 0.1% compared to 4Q20.
Occupancy remained constant at 96.0% compared to 1Q20 and increased from 95.5% compared to 4Q20.
Forward Guidance
Camden updated its earnings guidance for 2021 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2021.
Positive Outlook
- EPS 2Q21 Range: $0.25 - $0.31
- EPS 2021 Range: $0.84 - $1.14
- FFO 2Q21 Range: $1.22 - $1.28
- FFO 2021 Range: $4.94 - $5.24
- Same Property Revenue Growth 2021 Range: 0.85% - 2.35%
Challenges Ahead
- Expenses Growth 2021 Range: 3.50% - 4.30%
- NOI Growth 2021 Range: (1.10)% - 1.60%
- EPS 2021 Midpoint Change Current vs Prior : $0.99 vs $0.91
- FFO 2021 Midpoint Change Current vs Prior : $5.09 vs $5.00
- Same Property Growth NOI 2021 Midpoint Change Current vs Prior : 0.25% vs (0.85)%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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