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Sep 30, 2023
Camden Q3 2023 Earnings Report
Camden's Q3 2023 performance aligned with expectations, but full-year outlook adjusted for higher delinquencies and slightly lower occupancy and rent growth.
Key Takeaways
Camden Property Trust reported Q3 2023 results in line with expectations, with an EPS of $0.44, FFO of $1.73, and Core FFO of $1.73. Same property revenue increased by 4.1%, expenses increased by 5.3%, and NOI grew by 3.5%. The company has adjusted its full-year 2023 outlook for higher delinquencies and slightly lower occupancy and rent growth for the remainder of the year.
Q3 2023 EPS was $0.44, matching guidance and exceeding the previous year's $0.27.
Q3 2023 FFO was $1.73, aligning with guidance and slightly above the previous year's $1.70.
Same property revenue increased by 4.1% compared to Q3 2022.
The company updated its earnings guidance for 2023 due to current and expected apartment market conditions.
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, and provided guidance for fourth quarter 2023.
Positive Outlook
- Expected EPS for Q4 2023 is $0.37 - $0.41.
- Expected FFO for Q4 2023 is $1.70 - $1.74.
- Expected Core FFO for Q4 2023 is $1.70 - $1.74.
- The company intends to update its earnings guidance to the market on a quarterly basis.
- Supplemental financial information is available on the company’s website.
Challenges Ahead
- Updated same property revenue growth guidance for 2023 is 4.75% - 5.25%, down from the prior 5.65%.
- Updated same property expense growth guidance for 2023 is 6.25% - 6.75%, down from the prior 6.85%.
- Updated same property NOI growth guidance for 2023 is 3.70% - 4.70%, down from the prior 5.00%.
- EPS guidance for 2023 was revised down by $0.07 to $2.05.
- FFO guidance for 2023 was revised down by $0.07 to $6.78.