Camden Q2 2024 Earnings Report
Key Takeaways
Camden Property Trust reported a net income attributable to common shareholders of $42.917 million, or $0.40 per diluted share, and Core FFO of $1.71 per diluted share for the second quarter of 2024. The company completed construction at Camden Woodmill Creek and commenced construction at Camden South Charlotte and Camden Blakeney. They also repurchased 44,692 common shares for $4.3 million during the quarter.
EPS was $0.40, exceeding guidance by $0.04.
FFO was $1.71, surpassing guidance by $0.05.
Same property revenue increased by 1.4% compared to Q2 2023.
The company repurchased 44,692 common shares for a total of $4.3 million.
Camden
Camden
Forward Guidance
Camden provided initial earnings guidance for 2024 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2024.
Positive Outlook
- Expected FFO per share - diluted for 2024 is $6.67 - $6.77
- Expected Core FFO per share - diluted for 2024 is $6.74 - $6.84
- The company intends to update its earnings guidance to the market on a quarterly basis.
- Same Property Revenue growth is expected to be 1.00% - 2.00%.
- NOI growth is expected to be (0.25%) - 1.75%.
Challenges Ahead
- EPS for 2024 is expected to be $1.83 - $1.93
- Expenses growth for same properties is expected to be 2.35% - 3.35%.
- The Company's 2024 core FFO guidance includes approximately $0.07 per share of non-core adjustments for casualty-related expenses, legal costs, loss on early retirement of debt, severance, and expensed pursuit costs.
- Hurricane Beryl impacted several of our multifamily communities in the Houston, TX area.
- The storm-related expenses for this incident to be in the range of approximately $2.0 million to $3.0 million, net of insurance proceeds.