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Jun 30, 2023
Camden Q2 2023 Earnings Report
Camden Property Trust announced operating results for the second quarter of 2023.
Key Takeaways
Camden Property Trust reported solid operating results for Q2 2023, with strong revenue and NOI growth. The company completed construction at Camden Tempe II and continued leasing at Camden NoDa. Camden updated its earnings guidance for 2023 based on its current and expected views of the apartment market and general economic conditions.
EPS was $0.84.
FFO was $1.67 per diluted share.
Core FFO was $1.70 per diluted share.
The company disposed of a 138-apartment home community in Costa Mesa, CA for approximately $61.1 million, recognizing a gain of approximately $48.9 million.
Camden
Camden
Forward Guidance
Camden updated its earnings guidance for 2023 based on its current and expected views of the apartment market and general economic conditions.
Positive Outlook
- The midpoint EPS is expected to be $0.43 for Q3 2023.
- The midpoint FFO is expected to be $1.73 for Q3 2023.
- The midpoint Core FFO is expected to be $1.73 for Q3 2023.
- The midpoint EPS is expected to be $2.12 for 2023.
- The midpoint FFO is expected to be $6.85 for 2023.
Challenges Ahead
- The EPS range is $0.41 - $0.45 for Q3 2023.
- The FFO range is $1.71 - $1.75 for Q3 2023.
- The Core FFO range is $1.71 - $1.75 for Q3 2023.
- The EPS range is $2.07 - $2.17 for 2023.
- The FFO range is $6.80 - $6.90 for 2023.