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Dec 31, 2021
Camden Q4 2021 Earnings Report
Camden Property Trust announced its Q4 2021 operating results, which included an EPS of $2.02 and FFO of $1.51 per diluted share.
Key Takeaways
Camden Property Trust reported strong operating results for the three months ended December 31, 2021. The company's EPS was $2.02 per diluted share, and FFO was $1.51 per diluted share. The company also provided initial earnings guidance for 2022.
Camden acquired Camden Greenville, a 558-home apartment community located in Dallas, TX for approximately $165.5 million.
Camden also acquired a 5.2-acre land parcel in Denver, CO and a 2.0-acre land parcel in Nashville, TN for approximately $60.6 million for future development purposes.
The Company disposed of three operating communities during the quarter for approximately $260.0 million.
The company issued approximately 1.1 million common shares through its at-the-market (“ATM”) share offering program at an average price of $167.56 per share, for total net consideration of approximately $179.7 million.
Forward Guidance
Camden provided initial earnings guidance for 2022 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2022. Expected FFO per share - diluted is $6.09 - $6.39 for 2022.
Positive Outlook
- Total Revenue Growth 7.75% - 9.75%
- Total Expense Growth 2.25% - 3.75%
- Net Operating Income Growth 10.50% - 13.50%
- Acquisition Volume (consolidated on balance sheet) $500 - $700 million
- Development Starts (consolidated on balance sheet) $400 - $600 million
Challenges Ahead
- Disposition Volume (consolidated on balance sheet) $200 - $300 million
- Development Spend (consolidated on balance sheet) $300 - $330 million
- General and Administrative/Property Management Expenses $82 - $88 million
- Fee and Asset Management Expense $4 - $6 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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