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Mar 31, 2023
Camden Q1 2023 Earnings Report
Camden's operating results for Q1 2023 were announced.
Key Takeaways
Camden Property Trust reported a net income attributable to common shareholders of $0.39 per diluted share, FFO of $1.66 per diluted share, Core FFO of $1.66 per diluted share, and Core AFFO of $1.50 per diluted share for the three months ended March 31, 2023. Same property revenue increased by 8.0%, while same property expenses increased by 7.8%.
Net Income Attributable to Common Shareholders was $0.39 per diluted share.
Funds from Operations (FFO) was $1.66 per diluted share.
Core Funds from Operations was $1.66 per diluted share.
Same property occupancy was 95.3%.
Forward Guidance
Camden updated its earnings guidance for 2023 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2023.
Positive Outlook
- EPS 2Q23 Range: $0.38 - $0.42
- EPS 2023 Range: $1.57 - $1.81
- FFO 2Q23 Range: $1.66 - $1.70
- FFO 2023 Range: $6.74 - $6.98
- Core FFO 2Q23 Range: $1.66 - $1.70
Challenges Ahead
- Revenue Growth Guidance: 4.90% - 6.40%
- Expenses Growth Guidance: 6.35% - 7.35%
- NOI Growth Guidance: 3.75% - 6.25%
- Guidance excludes gains, if any, from real estate transactions not sold as of quarter close due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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