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Dec 31, 2020
Camden Q4 2020 Earnings Report
Camden Property Trust reported mixed results due to COVID-19 impact and retail rent adjustments, but same-property occupancy remained strong.
Key Takeaways
Camden Property Trust announced its Q4 2020 operating results, revealing a decrease in EPS and FFO compared to the previous year, impacted by a non-cash adjustment to retail straight-line rent receivables. However, same-property revenue and occupancy remained relatively stable.
EPS decreased to $0.29 per diluted share, compared to $0.95 in Q4 2019.
FFO was $1.21 per diluted share, down from $1.24 in Q4 2019.
Same-property occupancy was 95.5%, slightly below 96.2% in Q4 2019.
The company acquired 4.1 acres of land in Durham, NC for $27.6 million.
Forward Guidance
Camden provided initial earnings guidance for 2021 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2021.
Positive Outlook
- Expected FFO per share - diluted $4.80 - $5.20
- Total Revenue Growth (0.25)% - 1.75%
- Acquisition Volume (consolidated on balance sheet) $400 - $500 million
- Disposition Volume (consolidated on balance sheet) $400 - $500 million
- Development Starts (consolidated on balance sheet) $120 - $320 million
Challenges Ahead
- Total Expense Growth 3.00% - 4.00%
- Net Operating Income Growth (2.70)% - 1.00%
- Recurring Capitalized Expenditures $70 - $74 million
- General and Administrative Expense $54 - $58 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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