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Jun 30, 2022
Camden Q2 2022 Earnings Report
Camden Property Trust announced operating results for the second quarter of 2022.
Key Takeaways
Camden Property Trust reported a net income attributable to common shareholders of $497.3 million, or $4.54 per diluted share, and FFO of $1.64 per diluted share for the quarter ended June 30, 2022. Same property revenues increased by 12.1% and NOI increased by 16.5% compared to the same quarter last year.
EPS for the quarter included a non-cash gain on acquisition of unconsolidated joint venture interests of approximately $4.32 per diluted share.
Construction was completed at Camden Buckhead in Atlanta, GA and construction commenced at Camden Village District in Raleigh, NC.
Camden acquired two land parcels for future development purposes in Charlotte, NC and Nashville, TN.
The Company issued 2,900,000 common shares in a public equity offering and received approximately $490.3 million in net proceeds.
Camden
Camden
Forward Guidance
Camden updated its earnings guidance for 2022 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2022.
Positive Outlook
- The midpoint for same property revenue growth is now projected at 11.25% for 2022, up from the previous guidance of 10.25%.
- The midpoint for same property NOI growth is now projected at 14.75% for 2022, up from the previous guidance of 13.75%.
- EPS is expected to be in the range of $5.87 to $6.07.
- FFO per share is expected to be in the range of $6.48 to $6.68.
- For Q3 2022, EPS is expected to be in the range of $0.24 to $0.28 and FFO per share is expected to be in the range of $1.68 to $1.72.
Challenges Ahead
- Expected EPS excludes gains, if any, from real estate transactions not completed by quarter end.
- Weighted average occupancy is expected to remain relatively stable.
- Expense growth is expected to be in the range of 4.50% to 5.50%.
- General economic conditions may impact performance.
- Apartment market conditions may impact performance.