Camden Q4 2024 Earnings Report
Key Takeaways
Camden Property Trust reported an EPS of $0.37, FFO of $1.68 per diluted share, and Core FFO of $1.73 per diluted share for the fourth quarter of 2024. The company completed construction at Camden Durham and Camden Long Meadow Farms, and acquired Camden Leander subsequent to quarter-end. They also provided initial earnings guidance for 2025 and declared a first quarter 2025 dividend of $1.05 per common share.
EPS for Q4 2024 was $0.37 per diluted share, slightly above the guidance midpoint of $0.36.
FFO for Q4 2024 was $1.68 per diluted share, matching the guidance midpoint of $1.67.
Core FFO for Q4 2024 was $1.73 per diluted share, exceeding the guidance midpoint of $1.70.
Subsequent to quarter-end, Camden acquired Camden Leander, a 352-home apartment community in Austin, TX, for approximately $67.7 million.
Camden
Camden
Forward Guidance
Camden provided initial earnings guidance for 2025 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2025.
Positive Outlook
- Expected FFO per share - diluted for 2025 is $6.50 - $6.80
- Expected CORE FFO per share - diluted for 2025 is $6.60 - $6.90
- Revenue Enhancing Capex and Repositions are capital expenditures that improve a community's cash flow and competitive position, typically kitchen and bath upgrades, or other new amenities.
- For 2025, the company anticipates acquisition volume of $600 - $900 million.
- For 2025, the company anticipates disposition volume of $600 - $900 million.
Challenges Ahead
- Same Property Net Operating Income Growth is expected to be between (1.50%) - 1.50%.
- Total Expense Growth is projected to be between 2.25% - 3.75%.
- 2025 Rental Rate Earn-In based on 2024 Results is 0.0%
- Expected EPS excludes gains, if any, from future real estate transactions.
- Non-Core Adjustments are items not considered part of our core business operations. Items recorded to General and Administrative Expenses generally includes legal costs and settlements and expensed transaction pursuit costs.