Loading...
•
Dec 31, 2023
Camden Q4 2023 Earnings Report
Camden Property Trust announced its Q4 2023 operating results, featuring an EPS of $2.03 and FFO of $1.72 per diluted share, alongside a first quarter 2024 dividend declaration of $1.03 per common share.
Key Takeaways
Camden Property Trust reported a net income attributable to common shareholders of $222.33 million, or $2.03 per diluted share, and FFO of $1.72 per diluted share for the quarter ended December 31, 2023. The company also provided initial earnings guidance for 2024 and declared a first quarter 2024 dividend of $1.03 per common share.
EPS reached $2.03, significantly outperforming guidance by $1.64.
FFO met guidance at $1.72 per diluted share.
Same property revenues increased by 2.6% compared to Q4 2022, while expenses increased by 7.7%.
Camden completed construction at Camden NoDa in Charlotte, NC, and began leasing at Camden Woodmill Creek in The Woodlands, TX.
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 first quarter 2024 as detailed below.
Positive Outlook
- Expected FFO per share - diluted between $6.54 - $6.84
- Expected CORE FFO per share - diluted between $6.59 - $6.89
- Total Revenue Growth between 0.50% - 2.50%
- Net Operating Income Growth between (1.50%) - 1.50%
- Acquisition Volume between $0 - $500 million
Challenges Ahead
- Total Expense Growth between 3.75% - 5.25%
- Bad Debt Midpoint at 1.1%
- Recurring Capitalized Expenditures between $101 - $105 million
- General and Administrative Expenses between $61 - $65 million
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...