TX | 1-12110 | 76-6088377 | ||||||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Shares of Beneficial Interest, $.01 par value | CPT | NYSE |
Exhibit
Number
|
Title |
||||
Press Release issued by Camden Property Trust dated May 2, 2024 | |||||
Supplemental Financial Information dated May 2, 2024 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Three Months Ended March 31, | ||||||||
Per Diluted Share | 2024 | 2023 | ||||||
EPS | $0.77 | $0.39 | ||||||
FFO | $1.67 | $1.66 | ||||||
Core FFO | $1.70 | $1.66 | ||||||
Core AFFO | $1.50 | $1.50 |
Three Months Ended | 1Q24 Guidance | 1Q24 Guidance | |||||||||
Per Diluted Share | March 31, 2024 | Midpoint | Variance | ||||||||
EPS | $0.77 | $0.76 | $0.01 | ||||||||
FFO | $1.67 | $1.64 | $0.03 | ||||||||
Core FFO | $1.70 | $1.67 | $0.03 |
Quarterly Growth | Sequential Growth | |||||||
Same Property Results | 1Q24 vs. 1Q23 | 1Q24 vs. 4Q23 | ||||||
Revenues | 2.5% | 0.5% | ||||||
Expenses | 2.9% | 2.3% | ||||||
Net Operating Income ("NOI") | 2.3% | (0.5)% |
Same Property Results | 1Q24 | 1Q23 | 4Q23 | ||||||||
Occupancy | 95.0% | 95.3% | 94.9% |
New Lease and Renewal Data - Date Signed (1) |
April 2024* | April 2023 | 1Q24 | 1Q23 | ||||||||||
Signed New Lease Rates | (1.8)% | 2.7% | (4.1)% | 2.0% | ||||||||||
Signed Renewal Rates | 3.4% | 6.0% | 3.4% | 7.0% | ||||||||||
Signed Blended Lease Rates | 0.6% | 4.1% | (0.9)% | 4.0% |
New Lease and Renewal Data - Date Effective (2) |
April 2024* | April 2023 | 1Q24 | 1Q23 | ||||||||||
Effective New Lease Rates | (3.4)% | 1.8% | (4.4)% | 2.0% | ||||||||||
Effective Renewal Rates | 3.5% | 7.2% | 3.8% | 7.8% | ||||||||||
Effective Blended Lease Rates | (0.2)% | 3.9% | (1.1)% | 4.5% |
Occupancy, Bad Debt and Turnover Data | April 2024* | April 2023 | 1Q24 | 1Q23 | ||||||||||
Occupancy | 95.2% | 95.4% | 95.0% | 95.3% | ||||||||||
Bad Debt | 0.6% | 1.9% | 0.8% | 1.7% | ||||||||||
Annualized Gross Turnover | 47% | 47% | 45% | 44% | ||||||||||
Annualized Net Turnover | 36% | 37% | 34% | 36% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 4/30/2024 | ||||||||||
Camden Durham | Durham, NC | 420 | $145.0 | 41 | % | |||||||||
Camden Woodmill Creek | The Woodlands, TX | 189 | 75.0 | 35 | % | |||||||||
Camden Long Meadow Farms | Richmond, TX | 188 | 80.0 | 12 | % | |||||||||
Camden Village District | Raleigh, NC | 369 | 138.0 | |||||||||||
Total | 1,166 | $438.0 |
2Q24 | 2024 | 2024 Midpoint | |||||||||||||||
Per Diluted Share | Range | Range | Current | Prior | Change | ||||||||||||
EPS | $0.34 - $0.38 | $1.74 - $1.98 | $1.86 | $1.87 | $(0.01) | ||||||||||||
FFO | $1.64 - $1.68 | $6.57 - $6.81 | $6.69 | $6.69 | $0.00 | ||||||||||||
Core FFO(1) |
$1.65 - $1.69 | $6.62 - $6.86 | $6.74 | $6.74 | $0.00 |
2024 | 2024 Midpoint | ||||||||||||||||
Same Property Growth Guidance | Range | Current | Prior | Change | |||||||||||||
Revenues | 0.75% - 2.25% | 1.50% | 1.50% | 0.00% | |||||||||||||
Expenses | 2.75% - 3.75% | 3.25% | 4.50% | (1.25)% | |||||||||||||
NOI | (0.75%) - 1.75% | 0.50% | 0.00% | 0.50% |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
OPERATING DATA | ||||||||
Property revenues (a) |
$383,141 | $378,163 | ||||||
Property expenses | ||||||||
Property operating and maintenance | 89,044 | 85,285 | ||||||
Real estate taxes | 49,501 | 49,396 | ||||||
Total property expenses | 138,545 | 134,681 | ||||||
Non-property income | ||||||||
Fee and asset management | 1,284 | 578 | ||||||
Interest and other income | 1,768 | 62 | ||||||
Income on deferred compensation plans | 5,819 | 5,912 | ||||||
Total non-property income | 8,871 | 6,552 | ||||||
Other expenses | ||||||||
Property management | 9,394 | 8,297 | ||||||
Fee and asset management | 443 | 413 | ||||||
General and administrative | 16,693 | 15,356 | ||||||
Interest | 32,537 | 32,843 | ||||||
Depreciation and amortization | 144,802 | 142,444 | ||||||
Expense on deferred compensation plans | 5,819 | 5,912 | ||||||
Total other expenses | 209,688 | 205,265 | ||||||
Loss on early retirement of debt | (921) | — | ||||||
Gain on sale of operating property | 43,806 | — | ||||||
Income from continuing operations before income taxes | 86,664 | 44,769 | ||||||
Income tax expense | (905) | (1,150) | ||||||
Net income | 85,759 | 43,619 | ||||||
Less income allocated to non-controlling interests | (1,870) | (1,702) | ||||||
Net income attributable to common shareholders | $83,889 | $41,917 | ||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
Net income | $85,759 | $43,619 | ||||||
Other comprehensive income | ||||||||
Unrealized gain on cash flow hedging activities | 85 | — | ||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 1,089 | 359 | ||||||
Comprehensive income | 86,933 | 43,978 | ||||||
Less income allocated to non-controlling interests | (1,870) | (1,702) | ||||||
Comprehensive income attributable to common shareholders | $85,063 | $42,276 | ||||||
PER SHARE DATA | ||||||||
Total earnings per common share - basic | $0.77 | $0.39 | ||||||
Total earnings per common share - diluted | 0.77 | 0.39 | ||||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 108,706 | 108,568 | ||||||
Diluted | 108,729 | 108,604 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
FUNDS FROM OPERATIONS | ||||||||
Net income attributable to common shareholders | $83,889 | $41,917 | ||||||
Real estate depreciation and amortization | 141,847 | 139,387 | ||||||
Income allocated to non-controlling interests | 1,870 | 1,702 | ||||||
Gain on sale of operating properties | (43,806) | — | ||||||
Funds from operations | $183,800 | $183,006 | ||||||
Plus: Casualty-related expenses, net of recoveries |
1,523 | (42) | ||||||
Plus: Severance |
506 | — | ||||||
Plus: Legal costs and settlements, net of recoveries |
852 | 84 | ||||||
Plus: Loss on early retirement of debt |
921 | — | ||||||
Core funds from operations | $187,602 | $183,048 | ||||||
Less: recurring capitalized expenditures (a) |
(22,025) | (17,579) | ||||||
Core adjusted funds from operations | $165,577 | $165,469 | ||||||
PER SHARE DATA | ||||||||
Funds from operations - diluted | $1.67 | $1.66 | ||||||
Core funds from operations - diluted | 1.70 | 1.66 | ||||||
Core adjusted funds from operations - diluted | 1.50 | 1.50 | ||||||
Distributions declared per common share | 1.03 | 1.00 | ||||||
Weighted average number of common shares outstanding: | ||||||||
FFO/Core FFO/Core AFFO - diluted | 110,323 | 110,201 | ||||||
PROPERTY DATA | ||||||||
Total operating properties (end of period) (b) |
171 | 172 | ||||||
Total operating apartment homes in operating properties (end of period) (b) |
58,061 | 58,702 | ||||||
Total operating apartment homes (weighted average) | 58,336 | 58,837 | ||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
|||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,706,983 | $1,711,873 | $1,732,804 | $1,727,182 | $1,722,881 | ||||||||||||
Buildings and improvements | 11,014,440 | 10,993,390 | 10,963,667 | 10,848,837 | 10,778,795 | ||||||||||||
12,721,423 | 12,705,263 | 12,696,471 | 12,576,019 | 12,501,676 | |||||||||||||
Accumulated depreciation | (4,439,710) | (4,332,524) | (4,254,388) | (4,113,095) | (3,987,438) | ||||||||||||
Net operating real estate assets | 8,281,713 | 8,372,739 | 8,442,083 | 8,462,924 | 8,514,238 | ||||||||||||
Properties under development, including land | 477,481 | 486,864 | 499,761 | 516,543 | 515,134 | ||||||||||||
Total real estate assets | 8,759,194 | 8,859,603 | 8,941,844 | 8,979,467 | 9,029,372 | ||||||||||||
Accounts receivable – affiliates | 10,350 | 11,905 | 12,057 | 12,121 | 12,121 | ||||||||||||
Other assets, net (a) |
233,137 | 244,182 | 237,594 | 239,958 | 226,394 | ||||||||||||
Cash and cash equivalents | 92,693 | 259,686 | 14,600 | 20,326 | 20,419 | ||||||||||||
Restricted cash | 8,230 | 8,361 | 8,369 | 8,531 | 6,863 | ||||||||||||
Total assets | $9,103,604 | $9,383,737 | $9,214,464 | $9,260,403 | $9,295,169 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,223,285 | $3,385,309 | $3,323,057 | $3,352,415 | $3,232,682 | ||||||||||||
Secured | 330,184 | 330,127 | 330,071 | 330,015 | 515,134 | ||||||||||||
Accounts payable and accrued expenses | 213,896 | 222,599 | 211,759 | 192,613 | 191,468 | ||||||||||||
Accrued real estate taxes | 46,612 | 96,517 | 128,794 | 93,642 | 48,084 | ||||||||||||
Distributions payable | 113,556 | 110,427 | 110,463 | 110,465 | 110,444 | ||||||||||||
Other liabilities (b) |
182,443 | 186,987 | 175,341 | 189,711 | 193,804 | ||||||||||||
Total liabilities | 4,109,976 | 4,331,966 | 4,279,485 | 4,268,861 | 4,291,616 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,157 | 1,156 | 1,156 | 1,156 | 1,156 | ||||||||||||
Additional paid-in capital | 5,919,851 | 5,914,868 | 5,911,627 | 5,907,828 | 5,903,437 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (641,663) | (613,651) | (727,117) | (666,218) | (648,457) | ||||||||||||
Treasury shares | (356,880) | (320,364) | (320,702) | (320,675) | (321,431) | ||||||||||||
Accumulated other comprehensive loss (c) |
(78) | (1,252) | (699) | (1,057) | (1,415) | ||||||||||||
Total common equity | 4,922,387 | 4,980,757 | 4,864,265 | 4,921,034 | 4,933,290 | ||||||||||||
Non-controlling interests | 71,241 | 71,014 | 70,714 | 70,508 | 70,263 | ||||||||||||
Total equity | 4,993,628 | 5,051,771 | 4,934,979 | 4,991,542 | 5,003,553 | ||||||||||||
Total liabilities and equity | $9,103,604 | $9,383,737 | $9,214,464 | $9,260,403 | $9,295,169 | ||||||||||||
(a) Includes net deferred charges of: | $4,286 | $5,879 | $6,481 | $7,033 | $7,710 | ||||||||||||
(b) Includes deferred revenues of: | $958 | $1,030 | $1,167 | $1,239 | $1,348 | ||||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities. | |||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Net income attributable to common shareholders | $83,889 | $41,917 | ||||||
Real estate depreciation and amortization | 141,847 | 139,387 | ||||||
Income allocated to non-controlling interests | 1,870 | 1,702 | ||||||
Gain on sale of operating properties | (43,806) | — | ||||||
Funds from operations | $183,800 | $183,006 | ||||||
Plus: Casualty-related expenses, net of recoveries |
1,523 | (42) | ||||||
Plus: Severance |
506 | — | ||||||
Plus: Legal costs and settlements, net of recoveries |
852 | 84 | ||||||
Plus: Loss on early retirement of debt |
921 | — | ||||||
Core funds from operations | $187,602 | $183,048 | ||||||
Less: recurring capitalized expenditures | (22,025) | (17,579) | ||||||
Core adjusted funds from operations | $165,577 | $165,469 | ||||||
Weighted average number of common shares outstanding: | ||||||||
EPS diluted | 108,729 | 108,604 | ||||||
FFO/Core FFO/ Core AFFO diluted | 110,323 | 110,201 | ||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Total Earnings Per Common Share - Diluted | $0.77 | $0.39 | ||||||
Real estate depreciation and amortization | 1.28 | 1.26 | ||||||
Income allocated to non-controlling interests | 0.02 | 0.01 | ||||||
Gain on sale of operating property | (0.40) | — | ||||||
FFO per common share - Diluted | $1.67 | $1.66 | ||||||
Plus: Casualty-related expenses, net of recoveries |
0.01 | — | ||||||
Plus: Legal costs and settlements, net of recoveries |
0.01 | — | ||||||
Plus: Loss on early retirement of debt |
0.01 | — | ||||||
Plus: Severance |
0.00 | — | ||||||
Core FFO per common share - Diluted | $1.70 | $1.66 | ||||||
Less: recurring capitalized expenditures | (0.20) | (0.16) | ||||||
Core AFFO per common share - Diluted | $1.50 | $1.50 | ||||||
2Q24 | Range | 2024 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.34 | $0.38 | $1.74 | $1.98 | |||||||||||||
Expected real estate depreciation and amortization | 1.28 | 1.28 | 5.16 | 5.16 | |||||||||||||
Expected income allocated to non-controlling interests | 0.02 | 0.02 | 0.07 | 0.07 | |||||||||||||
Expected (gain) on sale of operating properties | — | — | (0.40) | (0.40) | |||||||||||||
Expected FFO per share - diluted | $1.64 | $1.68 | $6.57 | $6.81 | |||||||||||||
Anticipated Adjustments to FFO | 0.01 | 0.01 | 0.05 | 0.05 | |||||||||||||
Expected Core FFO per share - diluted | $1.65 | $1.69 | $6.62 | $6.86 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Net income | $85,759 | $43,619 | ||||||
Less: Fee and asset management income | (1,284) | (578) | ||||||
Less: Interest and other income | (1,768) | (62) | ||||||
Less: (Income) on deferred compensation plans | (5,819) | (5,912) | ||||||
Plus: Property management expense | 9,394 | 8,297 | ||||||
Plus: Fee and asset management expense | 443 | 413 | ||||||
Plus: General and administrative expense | 16,693 | 15,356 | ||||||
Plus: Interest expense | 32,537 | 32,843 | ||||||
Plus: Depreciation and amortization expense | 144,802 | 142,444 | ||||||
Plus: Expense on deferred compensation plans | 5,819 | 5,912 | ||||||
Plus: Loss on early retirement of debt | 921 | — | ||||||
Less: Gain on sale of operating property | (43,806) | — | ||||||
Plus: Income tax expense | 905 | 1,150 | ||||||
NOI | $244,596 | $243,482 | ||||||
"Same Property" Communities | $234,634 | $229,378 | ||||||
Non-"Same Property" Communities | 9,143 | 6,170 | ||||||
Development and Lease-Up Communities | 2 | (3) | ||||||
Disposition/Other | 817 | 7,937 | ||||||
NOI | $244,596 | $243,482 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Net income | $85,759 | $43,619 | ||||||
Plus: Interest expense | 32,537 | 32,843 | ||||||
Plus: Depreciation and amortization expense | 144,802 | 142,444 | ||||||
Plus: Income tax expense | 905 | 1,150 | ||||||
Less: Gain on sale of operating property | (43,806) | — | ||||||
EBITDAre | $220,197 | $220,056 | ||||||
Plus: Casualty-related expenses, net of recoveries |
1,523 | (42) | ||||||
Plus: Legal costs and settlements, net of recoveries |
852 | 84 | ||||||
Plus: Loss on early retirement of debt | 921 | — | ||||||
Plus: Severance |
506 | — | ||||||
Adjusted EBITDAre | $223,999 | $220,098 | ||||||
Annualized Adjusted EBITDAre | $895,996 | $880,392 | ||||||
Average monthly balance for the | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Unsecured notes payable | $3,245,471 | $3,269,763 | ||||||||||||
Secured notes payable | 330,165 | 515,086 | ||||||||||||
Total debt | 3,575,636 | 3,784,849 | ||||||||||||
Less: Cash and cash equivalents | (66,007) | (10,524) | ||||||||||||
Net debt | $3,509,629 | $3,774,325 | ||||||||||||
Three months ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net debt | $3,509,629 | $3,774,325 | ||||||||||||
Annualized Adjusted EBITDAre | 895,996 | 880,392 | ||||||||||||
Net Debt to Annualized Adjusted EBITDAre | 3.9x | 4.3x | ||||||||||||
CAMDEN | TABLE OF CONTENTS | |||||||
Page | |||||
Press Release Text | |||||
Financial Highlights | |||||
Operating Results | |||||
Funds from Operations | |||||
Balance Sheets | |||||
Portfolio Statistics | |||||
Components of Property Net Operating Income | |||||
Sequential Components of Property Net Operating Income | |||||
"Same Property" First Quarter Comparisons | |||||
"Same Property" Sequential Quarter Comparisons | |||||
"Same Property" Operating Expense Detail & Comparisons | |||||
Current Development Communities | |||||
Development Pipeline | |||||
Dispositions | |||||
Debt Analysis | |||||
Debt Maturity Analysis | |||||
Debt Covenant Analysis | |||||
Capitalized Expenditures & Maintenance Expense | |||||
Non-GAAP Financial Measures - Definitions & Reconciliations | |||||
Other Definitions | |||||
Other Data | |||||
Community Table |
Three Months Ended March 31, | ||||||||
Per Diluted Share | 2024 | 2023 | ||||||
EPS | $0.77 | $0.39 | ||||||
FFO | $1.67 | $1.66 | ||||||
Core FFO | $1.70 | $1.66 | ||||||
Core AFFO | $1.50 | $1.50 |
Three Months Ended | 1Q24 Guidance | 1Q24 Guidance | |||||||||
Per Diluted Share | March 31, 2024 | Midpoint | Variance | ||||||||
EPS | $0.77 | $0.76 | $0.01 | ||||||||
FFO | $1.67 | $1.64 | $0.03 | ||||||||
Core FFO | $1.70 | $1.67 | $0.03 |
Quarterly Growth | Sequential Growth | |||||||
Same Property Results | 1Q24 vs. 1Q23 | 1Q24 vs. 4Q23 | ||||||
Revenues | 2.5% | 0.5% | ||||||
Expenses | 2.9% | 2.3% | ||||||
Net Operating Income ("NOI") | 2.3% | (0.5)% |
Same Property Results | 1Q24 | 1Q23 | 4Q23 | ||||||||
Occupancy | 95.0% | 95.3% | 94.9% |
New Lease and Renewal Data - Date Signed (1) |
April 2024* | April 2023 | 1Q24 | 1Q23 | ||||||||||
Signed New Lease Rates | (1.8)% | 2.7% | (4.1)% | 2.0% | ||||||||||
Signed Renewal Rates | 3.4% | 6.0% | 3.4% | 7.0% | ||||||||||
Signed Blended Lease Rates | 0.6% | 4.1% | (0.9)% | 4.0% | ||||||||||
New Lease and Renewal Data - Date Effective (2) |
April 2024* | April 2023 | 1Q24 | 1Q23 | ||||||||||
Effective New Lease Rates | (3.4)% | 1.8% | (4.4)% | 2.0% | ||||||||||
Effective Renewal Rates | 3.5% | 7.2% | 3.8% | 7.8% | ||||||||||
Effective Blended Lease Rates | (0.2)% | 3.9% | (1.1)% | 4.5% |
Occupancy, Bad Debt and Turnover Data | April 2024* | April 2023 | 1Q24 | 1Q23 | ||||||||||
Occupancy | 95.2% | 95.4% | 95.0% | 95.3% | ||||||||||
Bad Debt | 0.6% | 1.9% | 0.8% | 1.7% | ||||||||||
Annualized Gross Turnover | 47% | 47% | 45% | 44% | ||||||||||
Annualized Net Turnover | 36% | 37% | 34% | 36% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 4/30/2024 | ||||||||||
Camden Durham | Durham, NC | 420 | $145.0 | 41 | % | |||||||||
Camden Woodmill Creek | The Woodlands, TX | 189 | 75.0 | 35 | % | |||||||||
Camden Long Meadow Farms | Richmond, TX | 188 | 80.0 | 12 | % | |||||||||
Camden Village District | Raleigh, NC | 369 | 138.0 | |||||||||||
Total | 1,166 | $438.0 |
2Q24 | 2024 | 2024 Midpoint | |||||||||||||||
Per Diluted Share | Range | Range | Current | Prior | Change | ||||||||||||
EPS | $0.34 - $0.38 | $1.74 - $1.98 | $1.86 | $1.87 | $(0.01) | ||||||||||||
FFO | $1.64 - $1.68 | $6.57 - $6.81 | $6.69 | $6.69 | $0.00 | ||||||||||||
Core FFO(1) |
$1.65 - $1.69 | $6.62 - $6.86 | $6.74 | $6.74 | $0.00 |
2024 | 2024 Midpoint | ||||||||||||||||
Same Property Growth Guidance | Range | Current | Prior | Change | |||||||||||||
Revenues | 0.75% - 2.25% | 1.50% | 1.50% | 0.00% | |||||||||||||
Expenses | 2.75% - 3.75% | 3.25% | 4.50% | (1.25)% | |||||||||||||
NOI | (0.75%) - 1.75% | 0.50% | 0.00% | 0.50% |
CAMDEN | FINANCIAL HIGHLIGHTS | |||||||
(In thousands, except per share, property data amounts and ratios) | ||||||||
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | ||||||||||||||||
Property revenues | $383,141 | $378,163 | |||||||||||||||
Adjusted EBITDAre | 223,999 | 220,098 | |||||||||||||||
Net income attributable to common shareholders | 83,889 | 41,917 | |||||||||||||||
Per share - basic | 0.77 | 0.39 | |||||||||||||||
Per share - diluted | 0.77 | 0.39 | |||||||||||||||
Funds from operations | 183,800 | 183,006 | |||||||||||||||
Per share - diluted | 1.67 | 1.66 | |||||||||||||||
Core funds from operations | 187,602 | 183,048 | |||||||||||||||
Per share - diluted | 1.70 | 1.66 | |||||||||||||||
Core adjusted funds from operations | 165,577 | 165,469 | |||||||||||||||
Per share - diluted | 1.50 | 1.50 | |||||||||||||||
Dividends per share | 1.03 | 1.00 | |||||||||||||||
Dividend payout ratio (FFO) | 61.7 | % | 60.2 | % | |||||||||||||
Interest expensed | 32,537 | 32,843 | |||||||||||||||
Interest capitalized | 4,974 | 4,969 | |||||||||||||||
Total interest incurred | 37,511 | 37,812 | |||||||||||||||
Net Debt to Annualized Adjusted EBITDAre (a) |
3.9x | 4.3x | |||||||||||||||
Interest expense coverage ratio | 6.9x | 6.7x | |||||||||||||||
Total interest coverage ratio | 6.0x | 5.8x | |||||||||||||||
Fixed charge expense coverage ratio | 6.9x | 6.7x | |||||||||||||||
Total fixed charge coverage ratio | 6.0x | 5.8x | |||||||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.7x | 3.4x | |||||||||||||||
Same property NOI growth (b) (c) |
2.3 | % | 8.1 | % | |||||||||||||
(# of apartment homes included) | 55,866 | 48,137 | |||||||||||||||
Same property turnover | |||||||||||||||||
Gross turnover of apartment homes (annualized) | 45 | % | 44 | % | |||||||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 34 | % | 36 | % | |||||||||||||
As of March 31, | |||||||||||||||||
2024 | 2023 | ||||||||||||||||
Total assets | $9,103,604 | $9,295,169 | |||||||||||||||
Total debt | $3,553,469 | $3,747,816 | |||||||||||||||
Common and common equivalent shares, outstanding end of period (d) |
110,032 | 110,248 | |||||||||||||||
Share price, end of period | $98.40 | $104.84 | |||||||||||||||
Book equity value, end of period (e) |
$4,993,628 | $5,003,553 | |||||||||||||||
Market equity value, end of period (f) |
$10,827,149 | $11,558,400 |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
OPERATING DATA | ||||||||
Property revenues (a) |
$383,141 | $378,163 | ||||||
Property expenses | ||||||||
Property operating and maintenance | 89,044 | 85,285 | ||||||
Real estate taxes | 49,501 | 49,396 | ||||||
Total property expenses | 138,545 | 134,681 | ||||||
Non-property income | ||||||||
Fee and asset management | 1,284 | 578 | ||||||
Interest and other income | 1,768 | 62 | ||||||
Income on deferred compensation plans | 5,819 | 5,912 | ||||||
Total non-property income | 8,871 | 6,552 | ||||||
Other expenses | ||||||||
Property management | 9,394 | 8,297 | ||||||
Fee and asset management | 443 | 413 | ||||||
General and administrative | 16,693 | 15,356 | ||||||
Interest | 32,537 | 32,843 | ||||||
Depreciation and amortization | 144,802 | 142,444 | ||||||
Expense on deferred compensation plans | 5,819 | 5,912 | ||||||
Total other expenses | 209,688 | 205,265 | ||||||
Loss on early retirement of debt | (921) | — | ||||||
Gain on sale of operating property | 43,806 | — | ||||||
Income from continuing operations before income taxes | 86,664 | 44,769 | ||||||
Income tax expense | (905) | (1,150) | ||||||
Net income | 85,759 | 43,619 | ||||||
Less income allocated to non-controlling interests | (1,870) | (1,702) | ||||||
Net income attributable to common shareholders | $83,889 | $41,917 | ||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
Net income | $85,759 | $43,619 | ||||||
Other comprehensive income | ||||||||
Unrealized gain on cash flow hedging activities | 85 | — | ||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 1,089 | 359 | ||||||
Comprehensive income | 86,933 | 43,978 | ||||||
Less income allocated to non-controlling interests | (1,870) | (1,702) | ||||||
Comprehensive income attributable to common shareholders | $85,063 | $42,276 | ||||||
PER SHARE DATA | ||||||||
Total earnings per common share - basic | $0.77 | $0.39 | ||||||
Total earnings per common share - diluted | 0.77 | 0.39 | ||||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 108,706 | 108,568 | ||||||
Diluted | 108,729 | 108,604 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
FUNDS FROM OPERATIONS | ||||||||
Net income attributable to common shareholders | $83,889 | $41,917 | ||||||
Real estate depreciation and amortization | 141,847 | 139,387 | ||||||
Income allocated to non-controlling interests | 1,870 | 1,702 | ||||||
Gain on sale of operating properties | (43,806) | — | ||||||
Funds from operations | $183,800 | $183,006 | ||||||
Plus: Casualty-related expenses, net of recoveries |
1,523 | (42) | ||||||
Plus: Severance |
506 | — | ||||||
Plus: Legal costs and settlements, net of recoveries |
852 | 84 | ||||||
Plus: Loss on early retirement of debt |
921 | — | ||||||
Core funds from operations | $187,602 | $183,048 | ||||||
Less: recurring capitalized expenditures (a) |
(22,025) | (17,579) | ||||||
Core adjusted funds from operations | $165,577 | $165,469 | ||||||
PER SHARE DATA | ||||||||
Funds from operations - diluted | $1.67 | $1.66 | ||||||
Core funds from operations - diluted | 1.70 | 1.66 | ||||||
Core adjusted funds from operations - diluted | 1.50 | 1.50 | ||||||
Distributions declared per common share | 1.03 | 1.00 | ||||||
Weighted average number of common shares outstanding: | ||||||||
FFO/Core FFO/Core AFFO - diluted | 110,323 | 110,201 | ||||||
PROPERTY DATA | ||||||||
Total operating properties (end of period) (b) |
171 | 172 | ||||||
Total operating apartment homes in operating properties (end of period) (b) |
58,061 | 58,702 | ||||||
Total operating apartment homes (weighted average) | 58,336 | 58,837 | ||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
|||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,706,983 | $1,711,873 | $1,732,804 | $1,727,182 | $1,722,881 | ||||||||||||
Buildings and improvements | 11,014,440 | 10,993,390 | 10,963,667 | 10,848,837 | 10,778,795 | ||||||||||||
12,721,423 | 12,705,263 | 12,696,471 | 12,576,019 | 12,501,676 | |||||||||||||
Accumulated depreciation | (4,439,710) | (4,332,524) | (4,254,388) | (4,113,095) | (3,987,438) | ||||||||||||
Net operating real estate assets | 8,281,713 | 8,372,739 | 8,442,083 | 8,462,924 | 8,514,238 | ||||||||||||
Properties under development, including land | 477,481 | 486,864 | 499,761 | 516,543 | 515,134 | ||||||||||||
Total real estate assets | 8,759,194 | 8,859,603 | 8,941,844 | 8,979,467 | 9,029,372 | ||||||||||||
Accounts receivable – affiliates | 10,350 | 11,905 | 12,057 | 12,121 | 12,121 | ||||||||||||
Other assets, net (a) |
233,137 | 244,182 | 237,594 | 239,958 | 226,394 | ||||||||||||
Cash and cash equivalents | 92,693 | 259,686 | 14,600 | 20,326 | 20,419 | ||||||||||||
Restricted cash | 8,230 | 8,361 | 8,369 | 8,531 | 6,863 | ||||||||||||
Total assets | $9,103,604 | $9,383,737 | $9,214,464 | $9,260,403 | $9,295,169 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,223,285 | $3,385,309 | $3,323,057 | $3,352,415 | $3,232,682 | ||||||||||||
Secured | 330,184 | 330,127 | 330,071 | 330,015 | 515,134 | ||||||||||||
Accounts payable and accrued expenses | 213,896 | 222,599 | 211,759 | 192,613 | 191,468 | ||||||||||||
Accrued real estate taxes | 46,612 | 96,517 | 128,794 | 93,642 | 48,084 | ||||||||||||
Distributions payable | 113,556 | 110,427 | 110,463 | 110,465 | 110,444 | ||||||||||||
Other liabilities (b) |
182,443 | 186,987 | 175,341 | 189,711 | 193,804 | ||||||||||||
Total liabilities | 4,109,976 | 4,331,966 | 4,279,485 | 4,268,861 | 4,291,616 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,157 | 1,156 | 1,156 | 1,156 | 1,156 | ||||||||||||
Additional paid-in capital | 5,919,851 | 5,914,868 | 5,911,627 | 5,907,828 | 5,903,437 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (641,663) | (613,651) | (727,117) | (666,218) | (648,457) | ||||||||||||
Treasury shares | (356,880) | (320,364) | (320,702) | (320,675) | (321,431) | ||||||||||||
Accumulated other comprehensive loss (c) |
(78) | (1,252) | (699) | (1,057) | (1,415) | ||||||||||||
Total common equity | 4,922,387 | 4,980,757 | 4,864,265 | 4,921,034 | 4,933,290 | ||||||||||||
Non-controlling interests | 71,241 | 71,014 | 70,714 | 70,508 | 70,263 | ||||||||||||
Total equity | 4,993,628 | 5,051,771 | 4,934,979 | 4,991,542 | 5,003,553 | ||||||||||||
Total liabilities and equity | $9,103,604 | $9,383,737 | $9,214,464 | $9,260,403 | $9,295,169 | ||||||||||||
(a) Includes net deferred charges of: | $4,286 | $5,879 | $6,481 | $7,033 | $7,710 | ||||||||||||
(b) Includes deferred revenues of: | $958 | $1,030 | $1,167 | $1,239 | $1,348 | ||||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities. | |||||||||||||||||
CAMDEN | PORTFOLIO STATISTICS | |||||||
"Same Property" | Non-"Same Property" | Completed in Lease-up | Under Construction | Grand Total | |||||||||||||
D.C. Metro (a) |
6,192 | — | — | — | 6,192 | ||||||||||||
Houston, TX | 9,154 | — | — | 377 | 9,531 | ||||||||||||
Phoenix, AZ | 4,029 | 397 | — | — | 4,426 | ||||||||||||
Dallas, TX | 6,224 | — | — | — | 6,224 | ||||||||||||
SE Florida | 2,781 | 269 | — | — | 3,050 | ||||||||||||
Atlanta, GA | 3,744 | 526 | — | — | 4,270 | ||||||||||||
Orlando, FL | 3,954 | — | — | — | 3,954 | ||||||||||||
Tampa, FL | 3,104 | — | — | — | 3,104 | ||||||||||||
Denver, CO | 2,873 | — | — | — | 2,873 | ||||||||||||
Charlotte, NC | 3,123 | 387 | — | — | 3,510 | ||||||||||||
Raleigh, NC | 3,252 | — | — | 789 | 4,041 | ||||||||||||
Austin, TX | 3,360 | 326 | — | — | 3,686 | ||||||||||||
San Diego/Inland Empire, CA | 1,797 | — | — | — | 1,797 | ||||||||||||
Los Angeles/Orange County, CA | 1,521 | 290 | — | — | 1,811 | ||||||||||||
Nashville, TN | 758 | — | — | — | 758 | ||||||||||||
Total Portfolio | 55,866 | 2,195 | — | 1,166 | 59,227 |
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c) |
|||||||||||||||||||||||||
"Same Property" Communities | Operating Communities (b) |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
||||||||||||||||||||
D.C. Metro (a) |
13.5 | % | 13.0 | % | 96.6 | % | 96.7 | % | 96.6 | % | 96.5 | % | 96.1 | % | ||||||||||||
Houston, TX | 12.0 | % | 11.5 | % | 94.6 | % | 94.4 | % | 95.2 | % | 94.8 | % | 94.3 | % | ||||||||||||
Phoenix, AZ | 8.4 | % | 9.0 | % | 95.2 | % | 94.5 | % | 94.5 | % | 94.0 | % | 94.7 | % | ||||||||||||
Dallas, TX | 8.8 | % | 8.4 | % | 94.6 | % | 94.3 | % | 95.4 | % | 95.5 | % | 95.0 | % | ||||||||||||
SE Florida | 6.8 | % | 7.1 | % | 96.5 | % | 96.1 | % | 95.8 | % | 96.3 | % | 96.4 | % | ||||||||||||
Atlanta, GA | 6.6 | % | 7.0 | % | 92.7 | % | 92.3 | % | 93.6 | % | 92.9 | % | 93.1 | % | ||||||||||||
Orlando, FL | 6.6 | % | 6.4 | % | 95.3 | % | 94.9 | % | 95.5 | % | 96.6 | % | 96.1 | % | ||||||||||||
Tampa, FL | 6.5 | % | 6.1 | % | 96.1 | % | 95.5 | % | 95.9 | % | 96.3 | % | 96.6 | % | ||||||||||||
Denver, CO | 6.2 | % | 5.9 | % | 96.4 | % | 96.4 | % | 96.6 | % | 96.3 | % | 95.8 | % | ||||||||||||
Charlotte, NC | 5.5 | % | 5.9 | % | 93.6 | % | 94.7 | % | 95.6 | % | 95.4 | % | 94.8 | % | ||||||||||||
Raleigh, NC | 5.1 | % | 4.9 | % | 94.7 | % | 95.0 | % | 95.6 | % | 95.8 | % | 95.1 | % | ||||||||||||
Austin, TX | 4.5 | % | 4.8 | % | 92.7 | % | 93.1 | % | 94.3 | % | 93.7 | % | 94.4 | % | ||||||||||||
San Diego/Inland Empire, CA | 4.5 | % | 4.4 | % | 95.1 | % | 95.5 | % | 96.1 | % | 95.6 | % | 95.3 | % | ||||||||||||
Los Angeles/Orange County, CA | 3.6 | % | 4.2 | % | 92.7 | % | 93.1 | % | 95.4 | % | 94.6 | % | 95.0 | % | ||||||||||||
Nashville, TN | 1.4 | % | 1.4 | % | 93.9 | % | 93.4 | % | 95.3 | % | 96.5 | % | 96.8 | % | ||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 94.8 | % | 94.7 | % | 95.4 | % | 95.2 | % | 95.1 | % |
CAMDEN | COMPONENTS OF PROPERTY | |||||||
NET OPERATING INCOME | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | Three Months Ended March 31, | ||||||||||||||||||||||
Property Revenues | Homes | 2024 | 2023 | Change | |||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $364,478 | $355,618 | $8,860 | |||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 13,967 | 10,535 | 3,432 | |||||||||||||||||||
Development and Lease-Up Communities (c) |
1,166 | 602 | — | 602 | |||||||||||||||||||
Disposition/Other (d) |
— | 4,094 | 12,010 | (7,916) | |||||||||||||||||||
Total Property Revenues | 59,227 | $383,141 | $378,163 | $4,978 | |||||||||||||||||||
Property Expenses | |||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $129,844 | $126,240 | $3,604 | |||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 4,824 | 4,365 | 459 | |||||||||||||||||||
Development and Lease-Up Communities (c) |
1,166 | 600 | 3 | 597 | |||||||||||||||||||
Disposition/Other (d) |
— | 3,277 | 4,073 | (796) | |||||||||||||||||||
Total Property Expenses | 59,227 | $138,545 | $134,681 | $3,864 | |||||||||||||||||||
Property Net Operating Income | |||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $234,634 | $229,378 | $5,256 | |||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 9,143 | 6,170 | 2,973 | |||||||||||||||||||
Development and Lease-Up Communities (c) |
1,166 | 2 | (3) | 5 | |||||||||||||||||||
Disposition/Other (d) |
— | 817 | 7,937 | (7,120) | |||||||||||||||||||
Total Property Net Operating Income | 59,227 | $244,596 | $243,482 | $1,114 | |||||||||||||||||||
CAMDEN | COMPONENTS OF PROPERTY | |||||||
SEQUENTIAL NET OPERATING INCOME | ||||||||
(In thousands, except property data amounts) | ||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Apartment | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||||
Property Revenues | Homes | 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $364,478 | $362,657 | $365,148 | $361,226 | $355,618 | |||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 13,967 | 13,398 | 13,204 | 11,923 | 10,535 | |||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,166 | 602 | 152 | 6 | — | — | |||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 4,094 | 11,380 | 12,420 | 12,350 | 12,010 | |||||||||||||||||||||||||||||
Total Property Revenues | 59,227 | $383,141 | $387,587 | $390,778 | $385,499 | $378,163 | |||||||||||||||||||||||||||||
Property Expenses | |||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $129,844 | $126,943 | $130,500 | $127,776 | $126,240 | |||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 4,824 | 4,911 | 5,047 | 4,799 | 4,365 | |||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,166 | 600 | 147 | 18 | 4 | 3 | |||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 3,277 | 4,536 | 4,540 | 5,018 | 4,073 | |||||||||||||||||||||||||||||
Total Property Expenses | 59,227 | $138,545 | $136,537 | $140,105 | $137,597 | $134,681 | |||||||||||||||||||||||||||||
Property Net Operating Income | |||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $234,634 | $235,714 | $234,648 | $233,450 | $229,378 | |||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 9,143 | 8,487 | 8,157 | 7,124 | 6,170 | |||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,166 | 2 | 5 | (12) | (4) | (3) | |||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 817 | 6,844 | 7,880 | 7,332 | 7,937 | |||||||||||||||||||||||||||||
Total Property Net Operating Income | 59,227 | $244,596 | $251,050 | $250,673 | $247,902 | $243,482 | |||||||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" | |||||||
FIRST QUARTER COMPARISONS | ||||||||
March 31, 2024 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a)(b) |
Included | 1Q24 | 1Q23 | Growth | 1Q24 | 1Q23 | Growth | 1Q24 | 1Q23 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 6,192 | $46,398 | $44,415 | 4.5 | % | $14,752 | $14,056 | 5.0 | % | $31,646 | $30,359 | 4.2 | % | ||||||||||||||||||||||||||||
Houston, TX | 9,154 | 50,860 | 49,185 | 3.4 | % | 22,697 | 22,884 | (0.8) | % | 28,163 | 26,301 | 7.1 | % | ||||||||||||||||||||||||||||
Dallas, TX | 6,224 | 35,062 | 34,672 | 1.1 | % | 14,556 | 14,680 | (0.8) | % | 20,506 | 19,992 | 2.6 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 4,029 | 26,940 | 26,719 | 0.8 | % | 7,198 | 7,057 | 2.0 | % | 19,742 | 19,662 | 0.4 | % | ||||||||||||||||||||||||||||
SE Florida | 2,781 | 24,662 | 23,710 | 4.0 | % | 8,649 | 8,144 | 6.2 | % | 16,013 | 15,566 | 2.9 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,744 | 23,711 | 23,482 | 1.0 | % | 8,312 | 7,321 | 13.5 | % | 15,399 | 16,161 | (4.7) | % | ||||||||||||||||||||||||||||
Orlando, FL | 3,954 | 25,178 | 24,582 | 2.4 | % | 9,638 | 9,185 | 4.9 | % | 15,540 | 15,397 | 0.9 | % | ||||||||||||||||||||||||||||
Tampa, FL | 3,104 | 23,481 | 23,053 | 1.9 | % | 8,318 | 8,013 | 3.8 | % | 15,163 | 15,040 | 0.8 | % | ||||||||||||||||||||||||||||
Denver, CO | 2,873 | 20,096 | 19,627 | 2.4 | % | 5,659 | 5,921 | (4.4) | % | 14,437 | 13,706 | 5.3 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 3,123 | 18,316 | 17,875 | 2.5 | % | 5,305 | 5,293 | 0.2 | % | 13,011 | 12,582 | 3.4 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 3,252 | 17,534 | 17,249 | 1.7 | % | 5,587 | 5,153 | 8.4 | % | 11,947 | 12,096 | (1.2) | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,797 | 15,435 | 14,537 | 6.2 | % | 4,760 | 4,647 | 2.4 | % | 10,675 | 9,890 | 7.9 | % | ||||||||||||||||||||||||||||
Austin, TX | 3,360 | 18,352 | 18,460 | (0.6) | % | 7,779 | 8,147 | (4.5) | % | 10,573 | 10,313 | 2.5 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,521 | 13,275 | 12,749 | 4.1 | % | 4,797 | 3,931 | 22.0 | % | 8,478 | 8,818 | (3.9) | % | ||||||||||||||||||||||||||||
Nashville, TN | 758 | 5,178 | 5,303 | (2.4) | % | 1,837 | 1,808 | 1.6 | % | 3,341 | 3,495 | (4.4) | % | ||||||||||||||||||||||||||||
Total Same Property | 55,866 | $364,478 | $355,618 | 2.5 | % | $129,844 | $126,240 | 2.9 | % | $234,634 | $229,378 | 2.3 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) |
Rental Rate (c) |
Revenue per Occupied Home (d) |
||||||||||||||||||||||||||||||||||||||
Quarterly Results (b) |
Contribution | 1Q24 | 1Q23 | Growth | 1Q24 | 1Q23 | Growth | 1Q24 | 1Q23 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 13.5 | % | 96.6 | % | 96.1 | % | 0.5 | % | $2,242 | $2,169 | 3.4 | % | $2,587 | $2,487 | 4.0 | % | |||||||||||||||||||||||||
Houston, TX | 12.0 | % | 94.6 | % | 94.3 | % | 0.3 | % | 1,681 | 1,648 | 2.0 | % | 1,958 | 1,899 | 3.1 | % | |||||||||||||||||||||||||
Dallas, TX | 8.8 | % | 94.6 | % | 95.0 | % | (0.4) | % | 1,721 | 1,708 | 0.8 | % | 1,986 | 1,955 | 1.5 | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.4 | % | 95.4 | % | 94.7 | % | 0.7 | % | 1,984 | 1,987 | (0.2) | % | 2,337 | 2,334 | 0.1 | % | |||||||||||||||||||||||||
SE Florida | 6.8 | % | 96.4 | % | 96.4 | % | 0.0 | % | 2,704 | 2,617 | 3.3 | % | 3,065 | 2,949 | 4.0 | % | |||||||||||||||||||||||||
Atlanta, GA | 6.6 | % | 93.7 | % | 94.4 | % | (0.7) | % | 1,975 | 1,976 | (0.1) | % | 2,254 | 2,216 | 1.7 | % | |||||||||||||||||||||||||
Orlando, FL | 6.6 | % | 95.3 | % | 96.1 | % | (0.8) | % | 1,939 | 1,893 | 2.4 | % | 2,227 | 2,157 | 3.2 | % | |||||||||||||||||||||||||
Tampa, FL | 6.5 | % | 96.1 | % | 96.6 | % | (0.5) | % | 2,309 | 2,270 | 1.7 | % | 2,623 | 2,561 | 2.4 | % | |||||||||||||||||||||||||
Denver, CO | 6.2 | % | 96.4 | % | 95.8 | % | 0.6 | % | 2,104 | 2,037 | 3.3 | % | 2,419 | 2,377 | 1.8 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.5 | % | 93.6 | % | 94.8 | % | (1.2) | % | 1,810 | 1,758 | 3.0 | % | 2,089 | 2,013 | 3.7 | % | |||||||||||||||||||||||||
Raleigh, NC | 5.1 | % | 94.7 | % | 95.1 | % | (0.4) | % | 1,612 | 1,584 | 1.8 | % | 1,899 | 1,859 | 2.1 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.5 | % | 95.1 | % | 95.3 | % | (0.2) | % | 2,740 | 2,617 | 4.7 | % | 3,010 | 2,829 | 6.4 | % | |||||||||||||||||||||||||
Austin, TX | 4.5 | % | 93.7 | % | 95.0 | % | (1.3) | % | 1,647 | 1,661 | (0.8) | % | 1,943 | 1,928 | 0.7 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 3.6 | % | 92.0 | % | 95.8 | % | (3.8) | % | 2,912 | 2,893 | 0.7 | % | 3,163 | 2,930 | 7.9 | % | |||||||||||||||||||||||||
Nashville, TN | 1.4 | % | 93.9 | % | 96.8 | % | (2.9) | % | 2,276 | 2,271 | 0.2 | % | 2,422 | 2,409 | 0.5 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 95.0 | % | 95.3 | % | (0.3) | % | $1,992 | $1,956 | 1.8 | % | $2,289 | $2,226 | 2.8 | % | |||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" | |||||||
SEQUENTIAL QUARTER COMPARISONS | ||||||||
March 31, 2024 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a)(b) |
Included | 1Q24 | 4Q23 | Growth | 1Q24 | 4Q23 | Growth | 1Q24 | 4Q23 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 6,192 | $46,398 | $46,014 | 0.8 | % | $14,752 | $14,593 | 1.1 | % | $31,646 | $31,421 | 0.7 | % | ||||||||||||||||||||||||||||
Houston, TX | 9,154 | 50,860 | 50,680 | 0.4 | % | 22,697 | 19,450 | 16.7 | % | 28,163 | 31,230 | (9.8) | % | ||||||||||||||||||||||||||||
Dallas, TX | 6,224 | 35,062 | 34,993 | 0.2 | % | 14,556 | 14,773 | (1.5) | % | 20,506 | 20,220 | 1.4 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 4,029 | 26,940 | 26,813 | 0.5 | % | 7,198 | 7,207 | (0.1) | % | 19,742 | 19,606 | 0.7 | % | ||||||||||||||||||||||||||||
SE Florida | 2,781 | 24,662 | 24,275 | 1.6 | % | 8,649 | 8,502 | 1.7 | % | 16,013 | 15,773 | 1.5 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,744 | 23,711 | 23,352 | 1.5 | % | 8,312 | 9,039 | (8.0) | % | 15,399 | 14,313 | 7.6 | % | ||||||||||||||||||||||||||||
Orlando, FL | 3,954 | 25,178 | 24,868 | 1.2 | % | 9,638 | 9,291 | 3.7 | % | 15,540 | 15,577 | (0.2) | % | ||||||||||||||||||||||||||||
Tampa, FL | 3,104 | 23,481 | 23,400 | 0.3 | % | 8,318 | 7,965 | 4.4 | % | 15,163 | 15,435 | (1.8) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,873 | 20,096 | 20,110 | (0.1) | % | 5,659 | 6,041 | (6.3) | % | 14,437 | 14,069 | 2.6 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 3,123 | 18,316 | 18,508 | (1.0) | % | 5,305 | 5,449 | (2.6) | % | 13,011 | 13,059 | (0.4) | % | ||||||||||||||||||||||||||||
Raleigh, NC | 3,252 | 17,534 | 17,463 | 0.4 | % | 5,587 | 5,688 | (1.8) | % | 11,947 | 11,775 | 1.5 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,797 | 15,435 | 15,372 | 0.4 | % | 4,760 | 4,827 | (1.4) | % | 10,675 | 10,545 | 1.2 | % | ||||||||||||||||||||||||||||
Austin, TX | 3,360 | 18,352 | 18,508 | (0.8) | % | 7,779 | 7,489 | 3.9 | % | 10,573 | 11,019 | (4.0) | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,521 | 13,275 | 13,126 | 1.1 | % | 4,797 | 4,755 | 0.9 | % | 8,478 | 8,371 | 1.3 | % | ||||||||||||||||||||||||||||
Nashville, TN | 758 | 5,178 | 5,175 | 0.1 | % | 1,837 | 1,874 | (2.0) | % | 3,341 | 3,301 | 1.2 | % | ||||||||||||||||||||||||||||
Total Same Property | 55,866 | $364,478 | $362,657 | 0.5 | % | $129,844 | $126,943 | 2.3 | % | $234,634 | $235,714 | (0.5) | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) |
Rental Rate (c) |
Revenue per Occupied Home (d) |
||||||||||||||||||||||||||||||||||||||
Quarterly Results (b) |
Contribution | 1Q24 | 4Q23 | Growth | 1Q24 | 4Q23 | Growth | 1Q24 | 4Q23 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 13.5 | % | 96.6 | % | 96.7 | % | (0.1) | % | $2,242 | $2,233 | 0.4 | % | $2,587 | $2,563 | 0.9 | % | |||||||||||||||||||||||||
Houston, TX | 12.0 | % | 94.6 | % | 94.4 | % | 0.2 | % | 1,681 | 1,684 | (0.2) | % | 1,958 | 1,954 | 0.2 | % | |||||||||||||||||||||||||
Dallas, TX | 8.8 | % | 94.6 | % | 94.3 | % | 0.3 | % | 1,721 | 1,729 | (0.5) | % | 1,986 | 1,987 | (0.1) | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.4 | % | 95.4 | % | 94.5 | % | 0.9 | % | 1,984 | 1,988 | (0.2) | % | 2,337 | 2,347 | (0.4) | % | |||||||||||||||||||||||||
SE Florida | 6.8 | % | 96.4 | % | 96.0 | % | 0.4 | % | 2,704 | 2,695 | 0.3 | % | 3,065 | 3,030 | 1.2 | % | |||||||||||||||||||||||||
Atlanta, GA | 6.6 | % | 93.7 | % | 92.9 | % | 0.8 | % | 1,975 | 1,969 | 0.3 | % | 2,254 | 2,237 | 0.7 | % | |||||||||||||||||||||||||
Orlando, FL | 6.6 | % | 95.3 | % | 94.9 | % | 0.4 | % | 1,939 | 1,933 | 0.3 | % | 2,227 | 2,210 | 0.8 | % | |||||||||||||||||||||||||
Tampa, FL | 6.5 | % | 96.1 | % | 95.5 | % | 0.6 | % | 2,309 | 2,315 | (0.3) | % | 2,623 | 2,631 | (0.3) | % | |||||||||||||||||||||||||
Denver, CO | 6.2 | % | 96.4 | % | 96.4 | % | 0.0 | % | 2,104 | 2,103 | 0.0 | % | 2,419 | 2,421 | (0.1) | % | |||||||||||||||||||||||||
Charlotte, NC | 5.5 | % | 93.6 | % | 94.7 | % | (1.1) | % | 1,810 | 1,810 | 0.0 | % | 2,089 | 2,086 | 0.1 | % | |||||||||||||||||||||||||
Raleigh, NC | 5.1 | % | 94.7 | % | 95.0 | % | (0.3) | % | 1,612 | 1,620 | (0.5) | % | 1,899 | 1,885 | 0.7 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.5 | % | 95.1 | % | 95.5 | % | (0.4) | % | 2,740 | 2,734 | 0.2 | % | 3,010 | 2,985 | 0.8 | % | |||||||||||||||||||||||||
Austin, TX | 4.5 | % | 93.7 | % | 94.4 | % | (0.7) | % | 1,647 | 1,663 | (1.0) | % | 1,943 | 1,945 | (0.1) | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 3.6 | % | 92.0 | % | 92.5 | % | (0.5) | % | 2,912 | 2,938 | (0.9) | % | 3,163 | 3,111 | 1.6 | % | |||||||||||||||||||||||||
Nashville, TN | 1.4 | % | 93.9 | % | 93.4 | % | 0.5 | % | 2,276 | 2,298 | (1.0) | % | 2,422 | 2,434 | (0.4) | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 95.0 | % | 94.9 | % | 0.1 | % | $1,992 | $1,994 | (0.1) | % | $2,289 | $2,280 | 0.4 | % |
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |||||||
DETAIL AND COMPARISONS | ||||||||
March 31, 2024 | ||||||||
(In thousands) | ||||||||
% of Actual | |||||||||||||||||
1Q24 Operating | |||||||||||||||||
Quarterly Comparison (a) (b) |
1Q24 | 1Q23 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $47,115 | $46,425 | $690 | 1.5 | % | 36.3 | % | ||||||||||
Salaries and Benefits for On-site Employees | 23,117 | 21,560 | 1,557 | 7.2 | % | 17.8 | % | ||||||||||
Utilities | 25,099 | 24,313 | 786 | 3.2 | % | 19.3 | % | ||||||||||
Repairs and Maintenance | 16,085 | 15,760 | 325 | 2.1 | % | 12.4 | % | ||||||||||
Property Insurance | 8,775 | 9,318 | (543) | (5.8) | % | 6.8 | % | ||||||||||
General and Administrative | 6,259 | 5,919 | 340 | 5.7 | % | 4.8 | % | ||||||||||
Marketing and Leasing | 2,303 | 1,868 | 435 | 23.3 | % | 1.8 | % | ||||||||||
Other | 1,091 | 1,077 | 14 | 1.3 | % | 0.8 | % | ||||||||||
Total Same Property | $129,844 | $126,240 | $3,604 | 2.9 | % | 100.0 | % |
% of Actual | |||||||||||||||||
1Q24 Operating | |||||||||||||||||
Sequential Comparison (a) (b) |
1Q24 | 4Q23 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $47,115 | $43,836 | $3,279 | 7.5 | % | 36.3 | % | ||||||||||
Salaries and Benefits for On-site Employees | 23,117 | 23,628 | (511) | (2.2) | % | 17.8 | % | ||||||||||
Utilities | 25,099 | 24,827 | 272 | 1.1 | % | 19.3 | % | ||||||||||
Repairs and Maintenance | 16,085 | 15,330 | 755 | 4.9 | % | 12.4 | % | ||||||||||
Property Insurance | 8,775 | 9,849 | (1,074) | (10.9) | % | 6.8 | % | ||||||||||
General and Administrative | 6,259 | 6,111 | 148 | 2.4 | % | 4.8 | % | ||||||||||
Marketing and Leasing | 2,303 | 2,326 | (23) | (1.0) | % | 1.8 | % | ||||||||||
Other | 1,091 | 1,036 | 55 | 5.3 | % | 0.8 | % | ||||||||||
Total Same Property | $129,844 | $126,943 | $2,901 | 2.3 | % | 100.0 | % |
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 4/30/2024 | |||||||||||||||||||||||||||
Development Communities | Homes | Estimated Cost | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||
1. | Camden Durham | 420 | $145.0 | $133.3 | $59.8 | 1Q21 | 3Q23 | 3Q24 | 4Q25 | 41% | 26% | ||||||||||||||||||||||||
Durham, NC | |||||||||||||||||||||||||||||||||||
2. | Camden Woodmill Creek | 189 | 75.0 | 70.0 | 12.1 | 3Q22 | 4Q23 | 3Q24 | 2Q25 | 35% | 23% | ||||||||||||||||||||||||
The Woodlands, TX | |||||||||||||||||||||||||||||||||||
3. | Camden Long Meadow Farms | 188 | 80.0 | 52.9 | 37.9 | 3Q22 | 1Q24 | 3Q24 | 2Q25 | 12% | 9% | ||||||||||||||||||||||||
Richmond, TX | |||||||||||||||||||||||||||||||||||
4. | Camden Village District | 369 | 138.0 | 84.4 | 84.4 | 2Q22 | 3Q24 | 2Q25 | 4Q26 | ||||||||||||||||||||||||||
Raleigh, NC | |||||||||||||||||||||||||||||||||||
Total Development Communities | 1,166 | $438.0 | $340.6 | $194.2 | 33% | 21% | |||||||||||||||||||||||||||||
Additional Development Pipeline and Land(a) |
283.3 | ||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) |
$477.5 | ||||||||||||||||||||||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 1Q24 NOI | |||||||||||||||||||||||||||||||||
Communities that Stabilized During Quarter | $108.0 | $1.4 | |||||||||||||||||||||||||||||||||
Development Communities in Lease-Up | 256.2 | — | |||||||||||||||||||||||||||||||||
Total Development Communities NOI Contribution | $364.2 | $1.4 | |||||||||||||||||||||||||||||||||
CAMDEN | DEVELOPMENT PIPELINE | |||||||
Projected | Total | ||||||||||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) |
Cost to Date | ||||||||||||||
1. | Camden South Charlotte | 420 | $153.0 | $37.6 | |||||||||||||
Charlotte, NC | |||||||||||||||||
2. | Camden Blakeney | 349 | 145.0 | 26.9 | |||||||||||||
Charlotte, NC | |||||||||||||||||
3. | Camden Baker | 435 | 165.0 | 33.9 | |||||||||||||
Denver, CO | |||||||||||||||||
4. | Camden Nations | 393 | 175.0 | 39.7 | |||||||||||||
Nashville, TN | |||||||||||||||||
5. | Camden Gulch | 480 | 260.0 | 50.0 | |||||||||||||
Nashville, TN | |||||||||||||||||
6. | Camden Paces III | 350 | 100.0 | 23.0 | |||||||||||||
Atlanta, GA | |||||||||||||||||
7. | Camden Highland Village II | 300 | 100.0 | 10.6 | |||||||||||||
Houston, TX | |||||||||||||||||
8. | Camden Arts District | 354 | 150.0 | 47.0 | |||||||||||||
Los Angeles, CA | |||||||||||||||||
9. | Camden Downtown II | 271 | 145.0 | 14.6 | |||||||||||||
Houston, TX | |||||||||||||||||
Development Pipeline | 3,352 | $1,393.0 | $283.3 | ||||||||||||||
CAMDEN | DISPOSITIONS | |||||||
Apartment | Weighted Average | |||||||||||||||||||||||||
2024 Dispositions | Location | Sales Price | Homes | Monthly Rental Rate | Year Built | Closing Date | ||||||||||||||||||||
1. | Camden Vantage | Atlanta, GA | $115.0 | 592 Homes | $1,745 | 2010 | 2/7/2024 | |||||||||||||||||||
Total/Average Disposition | $115.0 | 592 Homes | $1,745 | |||||||||||||||||||||||
CAMDEN | DEBT ANALYSIS | |||||||
(In thousands, except property data amounts) | ||||||||
Future Scheduled Repayments (a) |
|||||||||||||||||||||||
Year | Amortization | Secured Maturities |
Unsecured Maturities | Total | % of Total | Weighted Average Interest Rate on Maturing Debt (b) |
|||||||||||||||||
2024 | ($2,803) | $— | $290,000 | $287,197 | 8.1 | % | 4.1 | % | |||||||||||||||
2025 | (3,497) | — | — | (3,497) | (0.1) | % | — | % | |||||||||||||||
2026 | (3,331) | 24,000 | 503,838 | 524,507 | 14.8 | % | 6.6 | % | |||||||||||||||
2027 | (2,433) | 174,900 | — | 172,467 | 4.8 | % | 3.9 | % | |||||||||||||||
2028 | (2,143) | 132,025 | 400,000 | 529,882 | 14.9 | % | 3.8 | % | |||||||||||||||
Thereafter | (7,087) | — | 2,050,000 | 2,042,913 | 57.5 | % | 3.7 | % | |||||||||||||||
Total Maturing Debt | ($21,294) | $330,925 | $3,243,838 | $3,553,469 | 100.0 | % | 4.2 | % | |||||||||||||||
Unsecured Line of Credit | $— | $— | $— | $— | — | % | — | % | |||||||||||||||
Total Debt | ($21,294) | $330,925 | $3,243,838 | $3,553,469 | 100.0 | % | 4.2 | % | |||||||||||||||
Weighted Average Maturity of Debt | 6.6 Years | ||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate (b) |
Time to Maturity | |||||||||||||||||||
Floating rate debt | $541,050 | 15.2 | % | 6.7% | 2.4 Years | ||||||||||||||||||
Fixed rate debt | 3,012,419 | 84.8 | % | 3.7% | 7.4 Years | ||||||||||||||||||
Total | $3,553,469 | 100.0 | % | 4.2% | 6.6 Years | ||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate (b) |
Time to Maturity | |||||||||||||||||||
Unsecured debt | $3,223,285 | 90.7 | % | 4.2% | 7.0 Years | ||||||||||||||||||
Secured debt | 330,184 | 9.3 | % | 3.9% | 3.4 Years | ||||||||||||||||||
Total | $3,553,469 | 100.0 | % | 4.2% | 6.6 Years | ||||||||||||||||||
REAL ESTATE ASSETS: (c) |
Total Homes | % of Total | Total Cost | % of Total | 1Q24 NOI | % of Total | |||||||||||||||||
Unencumbered real estate assets | 54,617 | 92.2 | % | $11,853,908 | 89.8% | $228,674 | 93.5 | % | |||||||||||||||
Encumbered real estate assets | 4,610 | 7.8 | % | 1,344,996 | 10.2% | 15,922 | 6.5 | % | |||||||||||||||
Total | 59,227 | 100.0 | % | $13,198,904 | 100.0% | $244,596 | 100.0 | % | |||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 3.7x |
CAMDEN | DEBT MATURITY ANALYSIS | |||||||
(In thousands) | ||||||||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | ||||||||||||||||
2Q 2024 | ($982) | $— | $— | ($982) | N/A | |||||||||||||||
3Q 2024 | (961) | — | 290,000 | 289,039 | 4.1 | % | ||||||||||||||
4Q 2024 | (860) | — | — | (860) | N/A | |||||||||||||||
2024 | ($2,803) | $— | $290,000 | $287,197 | 4.1 | % | ||||||||||||||
1Q 2025 | ($865) | $— | $— | ($865) | N/A | |||||||||||||||
2Q 2025 | (871) | — | — | (871) | N/A | |||||||||||||||
3Q 2025 | (878) | — | — | (878) | N/A | |||||||||||||||
4Q 2025 | (883) | — | — | (883) | N/A | |||||||||||||||
2025 | ($3,497) | $— | $— | ($3,497) | — | % | ||||||||||||||
CAMDEN | DEBT COVENANT ANALYSIS | |||||||
UNSECURED LINE OF CREDIT | |||||||||||||||||||||||
Covenant (a) |
Required | Actual (b) |
Compliance | ||||||||||||||||||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 21% | Yes | |||||||||||||||||||
Secured Debt to Gross Asset Value | < | 40% | 2% | Yes | |||||||||||||||||||
Consolidated Adjusted EBITDAre to Total Fixed Charges | > | 150% | 553% | Yes | |||||||||||||||||||
Unsecured Debt to Gross Asset Value | < | 60% | 21% | Yes | |||||||||||||||||||
SENIOR UNSECURED NOTES | |||||||||||||||||||||||
Covenant (a) |
Required | Actual (b) |
Compliance | ||||||||||||||||||||
Total Consolidated Debt to Total Asset Value | < | 60% | 26% | Yes | |||||||||||||||||||
Total Secured Debt to Total Asset Value | < | 40% | 2% | Yes | |||||||||||||||||||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 377% | Yes | |||||||||||||||||||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 580% | Yes | |||||||||||||||||||
CAMDEN | CAPITALIZED EXPENDITURES | |||||||
& MAINTENANCE EXPENSE | ||||||||
(In thousands, except unit data) | ||||||||
First Quarter 2024 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) |
Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 4 | years | $2,726 | $47 | $469 | $8 | |||||||||||||||||||||||
Appliances | 9 | years | 1,382 | 24 | 440 | 7 | |||||||||||||||||||||||
Painting | — | — | — | 1,741 | 30 | ||||||||||||||||||||||||
Cabinetry/Countertops | 8 | years | 160 | 3 | — | — | |||||||||||||||||||||||
Other | 7 | years | 2,460 | 42 | 1,188 | 20 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 5 | years | 673 | 11 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 263 | 4 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 538 | 9 | 3,371 | 58 | |||||||||||||||||||||||
Roofing | 15 | years | 1,564 | 27 | 288 | 5 | |||||||||||||||||||||||
Site Drainage | 10 | years | 95 | 2 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 344 | 6 | — | — | |||||||||||||||||||||||
Other (b) |
9 | years | 4,878 | 84 | 4,859 | 83 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 4,870 | 83 | 4,002 | 69 | |||||||||||||||||||||||
Parking/Paving | 5 | years | 268 | 5 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 7 | years | 1,804 | 31 | 459 | 8 | |||||||||||||||||||||||
Total Recurring (c) |
$22,025 | $378 | $16,817 | $288 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 58,336 | 58,336 | |||||||||||||||||||||||||||
Non-recurring & revenue enhancing capitalized expenditures (d) |
$881 | ||||||||||||||||||||||||||||
Reposition Expenditures (e) |
10 | years | $24,253 | $34,353 | |||||||||||||||||||||||||
Repositioned Apartment Homes | 706 | ||||||||||||||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Net income attributable to common shareholders | $83,889 | $41,917 | ||||||
Real estate depreciation and amortization | 141,847 | 139,387 | ||||||
Income allocated to non-controlling interests | 1,870 | 1,702 | ||||||
Gain on sale of operating properties | (43,806) | — | ||||||
Funds from operations | $183,800 | $183,006 | ||||||
Plus: Casualty-related expenses, net of recoveries |
1,523 | (42) | ||||||
Plus: Severance |
506 | — | ||||||
Plus: Legal costs and settlements, net of recoveries |
852 | 84 | ||||||
Plus: Loss on early retirement of debt |
921 | — | ||||||
Core funds from operations | $187,602 | $183,048 | ||||||
Less: recurring capitalized expenditures | (22,025) | (17,579) | ||||||
Core adjusted funds from operations | $165,577 | $165,469 | ||||||
Weighted average number of common shares outstanding: | ||||||||
EPS diluted | 108,729 | 108,604 | ||||||
FFO/Core FFO/ Core AFFO diluted | 110,323 | 110,201 | ||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Total Earnings Per Common Share - Diluted | $0.77 | $0.39 | ||||||
Real estate depreciation and amortization | 1.28 | 1.26 | ||||||
Income allocated to non-controlling interests | 0.02 | 0.01 | ||||||
Gain on sale of operating property | (0.40) | — | ||||||
FFO per common share - Diluted | $1.67 | $1.66 | ||||||
Plus: Casualty-related expenses, net of recoveries |
0.01 | — | ||||||
Plus: Legal costs and settlements, net of recoveries |
0.01 | — | ||||||
Plus: Loss on early retirement of debt |
0.01 | — | ||||||
Plus: Severance |
0.00 | — | ||||||
Core FFO per common share - Diluted | $1.70 | $1.66 | ||||||
Less: recurring capitalized expenditures | (0.20) | (0.16) | ||||||
Core AFFO per common share - Diluted | $1.50 | $1.50 | ||||||
2Q24 | Range | 2024 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.34 | $0.38 | $1.74 | $1.98 | |||||||||||||
Expected real estate depreciation and amortization | 1.28 | 1.28 | 5.16 | 5.16 | |||||||||||||
Expected income allocated to non-controlling interests | 0.02 | 0.02 | 0.07 | 0.07 | |||||||||||||
Expected (gain) on sale of operating properties | — | — | (0.40) | (0.40) | |||||||||||||
Expected FFO per share - diluted | $1.64 | $1.68 | $6.57 | $6.81 | |||||||||||||
Anticipated Adjustments to FFO | 0.01 | 0.01 | 0.05 | 0.05 | |||||||||||||
Expected Core FFO per share - diluted | $1.65 | $1.69 | $6.62 | $6.86 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. | |||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Net income | $85,759 | $43,619 | ||||||
Less: Fee and asset management income | (1,284) | (578) | ||||||
Less: Interest and other income | (1,768) | (62) | ||||||
Less: (Income) on deferred compensation plans | (5,819) | (5,912) | ||||||
Plus: Property management expense | 9,394 | 8,297 | ||||||
Plus: Fee and asset management expense | 443 | 413 | ||||||
Plus: General and administrative expense | 16,693 | 15,356 | ||||||
Plus: Interest expense | 32,537 | 32,843 | ||||||
Plus: Depreciation and amortization expense | 144,802 | 142,444 | ||||||
Plus: Expense on deferred compensation plans | 5,819 | 5,912 | ||||||
Plus: Loss on early retirement of debt | 921 | — | ||||||
Less: Gain on sale of operating property | (43,806) | — | ||||||
Plus: Income tax expense | 905 | 1,150 | ||||||
NOI | $244,596 | $243,482 | ||||||
"Same Property" Communities | $234,634 | $229,378 | ||||||
Non-"Same Property" Communities | 9,143 | 6,170 | ||||||
Development and Lease-Up Communities | 2 | (3) | ||||||
Disposition/Other | 817 | 7,937 | ||||||
NOI | $244,596 | $243,482 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Net income | $85,759 | $43,619 | ||||||
Plus: Interest expense | 32,537 | 32,843 | ||||||
Plus: Depreciation and amortization expense | 144,802 | 142,444 | ||||||
Plus: Income tax expense | 905 | 1,150 | ||||||
Less: Gain on sale of operating property | (43,806) | — | ||||||
EBITDAre | $220,197 | $220,056 | ||||||
Plus: Casualty-related expenses, net of recoveries |
1,523 | (42) | ||||||
Plus: Legal costs and settlements, net of recoveries |
852 | 84 | ||||||
Plus: Loss on early retirement of debt | 921 | — | ||||||
Plus: Severance |
506 | — | ||||||
Adjusted EBITDAre | $223,999 | $220,098 | ||||||
Annualized Adjusted EBITDAre | $895,996 | $880,392 | ||||||
Average monthly balance for the | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Unsecured notes payable | $3,245,471 | $3,269,763 | ||||||||||||
Secured notes payable | 330,165 | 515,086 | ||||||||||||
Total debt | 3,575,636 | 3,784,849 | ||||||||||||
Less: Cash and cash equivalents | (66,007) | (10,524) | ||||||||||||
Net debt | $3,509,629 | $3,774,325 | ||||||||||||
Three months ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net debt | $3,509,629 | $3,774,325 | ||||||||||||
Annualized Adjusted EBITDAre | 895,996 | 880,392 | ||||||||||||
Net Debt to Annualized Adjusted EBITDAre | 3.9x | 4.3x | ||||||||||||
CAMDEN | OTHER DEFINITIONS | |||||||
CAMDEN | OTHER DATA | |||||||
Stock Symbol: | CPT | |||||||||||||||||||
Exchange Traded: | NYSE | |||||||||||||||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | ||||||||||||||||||
Fitch | A- | Stable | ||||||||||||||||||
Moody's | A3 | Stable | ||||||||||||||||||
Standard & Poor's | A- | Stable | ||||||||||||||||||
Estimated Future Dates: | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | ||||||||||||||||
Earnings Release & Conference Call | Early August | Late October | Early February | Early May | ||||||||||||||||
Dividend Information - Common Shares: | Q1 '24 | |||||||||||||||||||
Declaration Date | 2/1/2024 | |||||||||||||||||||
Record Date | 3/29/2024 | |||||||||||||||||||
Payment Date | 4/17/2024 | |||||||||||||||||||
Distributions Per Share | $1.03 |
Investor Relations Data: | ||||||||||||||
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request. | ||||||||||||||
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787. | ||||||||||||||
To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com. | ||||||||||||||
For questions contact: | ||||||||||||||
Richard J. Campo | Chief Executive Officer & Chairman | |||||||||||||
D. Keith Oden | Executive Vice Chairman | |||||||||||||
Alexander J. Jessett | President & Chief Financial Officer | |||||||||||||
Laurie A. Baker | Chief Operating Officer | |||||||||||||
Kimberly A. Callahan | Senior Vice President - Investor Relations |
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 3/31/2024 |
(Unaudited) | 1Q24 Avg Monthly | 1Q24 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 1Q24 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Chandler | Chandler | AZ | 2016 | 1,146 | 380 | 96% | $1,943 | $1.70 | $2,297 | $2.00 | ||||||||||||||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 94% | 1,674 | 2.13 | 1,997 | 2.54 | ||||||||||||||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 98% | 2,171 | 2.10 | 2,574 | 2.49 | ||||||||||||||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 96% | 2,042 | 1.91 | 2,375 | 2.23 | ||||||||||||||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 95% | 1,979 | 1.85 | 2,368 | 2.21 | ||||||||||||||||||||||
Camden North End I | Phoenix | AZ | 2019 | 921 | 441 | 96% | 2,026 | 2.20 | 2,383 | 2.59 | ||||||||||||||||||||||
Camden North End II | Phoenix | AZ | 2021 | 885 | 343 | 97% | 2,054 | 2.32 | 2,399 | 2.71 | ||||||||||||||||||||||
Camden Old Town Scottsdale | Scottsdale | AZ | 2016 | 892 | 316 | 97% | 2,276 | 2.55 | 2,539 | 2.85 | ||||||||||||||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 949 | 272 | 94% | 1,701 | 1.79 | 2,056 | 2.17 | ||||||||||||||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 95% | 1,887 | 1.92 | 2,229 | 2.26 | ||||||||||||||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 94% | 2,046 | 1.96 | 2,412 | 2.32 | ||||||||||||||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 94% | 2,045 | 1.57 | 2,454 | 1.88 | ||||||||||||||||||||||
Camden Tempe | Tempe | AZ | 2015 | 1,043 | 234 | 93% | 1,975 | 1.89 | 2,383 | 2.28 | ||||||||||||||||||||||
Camden Tempe II | Tempe | AZ | 2023 | 981 | 397 | 93% | 1,844 | 1.88 | 2,120 | 2.16 | ||||||||||||||||||||||
TOTAL ARIZONA | 14 | Properties | 995 | 4,426 | 95% | 1,972 | 1.98 | 2,318 | 2.33 | |||||||||||||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 97% | 2,725 | 2.70 | 3,026 | 3.00 | ||||||||||||||||||||||
Camden Glendale | Glendale | CA | 2015 | 893 | 307 | 97% | 2,856 | 3.20 | 3,147 | 3.53 | ||||||||||||||||||||||
Camden Harbor View | Long Beach | CA | 2004/2016 | 981 | 547 | 88% | 2,982 | 3.04 | 3,248 | 3.31 | ||||||||||||||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96% | 2,679 | 2.65 | 2,981 | 2.95 | ||||||||||||||||||||||
The Camden | Hollywood | CA | 2016 | 767 | 287 | 88% | 3,087 | 4.02 | 3,215 | 4.19 | ||||||||||||||||||||||
Total Los Angeles/Orange County | 5 | Properties | 943 | 1,811 | 93% | 2,875 | 3.05 | 3,132 | 3.32 | |||||||||||||||||||||||
Camden Hillcrest | San Diego | CA | 2021 | 1,223 | 132 | 91% | 3,687 | 3.02 | 3,905 | 3.19 | ||||||||||||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 96% | 2,244 | 2.28 | 2,448 | 2.49 | ||||||||||||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 97% | 2,914 | 2.81 | 3,209 | 3.09 | ||||||||||||||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 95% | 2,831 | 2.94 | 3,173 | 3.30 | ||||||||||||||||||||||
Camden Tuscany | San Diego | CA | 2003 | 895 | 160 | 94% | 3,229 | 3.61 | 3,558 | 3.97 | ||||||||||||||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 94% | 2,478 | 2.35 | 2,725 | 2.59 | ||||||||||||||||||||||
Total San Diego/Inland Empire | 6 | Properties | 1,009 | 1,797 | 95% | 2,740 | 2.72 | 3,010 | 2.98 | |||||||||||||||||||||||
TOTAL CALIFORNIA | 11 | Properties | 975 | 3,608 | 94% | 2,808 | 2.88 | 3,070 | 3.15 | |||||||||||||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 96% | 1,936 | 2.18 | 2,228 | 2.51 | ||||||||||||||||||||||
Camden Caley | Englewood | CO | 2000 | 921 | 218 | 97% | 1,957 | 2.13 | 2,262 | 2.46 | ||||||||||||||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 95% | 2,300 | 2.26 | 2,608 | 2.57 | ||||||||||||||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 97% | 2,055 | 2.14 | 2,389 | 2.49 | ||||||||||||||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 96% | 2,322 | 2.02 | 2,623 | 2.28 | ||||||||||||||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,002 | 340 | 96% | 2,114 | 2.11 | 2,429 | 2.42 | ||||||||||||||||||||||
Camden Lakeway | Littleton | CO | 1997 | 929 | 459 | 97% | 2,051 | 2.21 | 2,345 | 2.53 | ||||||||||||||||||||||
Camden Lincoln Station | Lone Tree | CO | 2017 | 844 | 267 | 96% | 1,892 | 2.24 | 2,142 | 2.54 | ||||||||||||||||||||||
Camden RiNo | Denver | CO | 2020 | 828 | 233 | 95% | 2,273 | 2.74 | 2,733 | 3.30 | ||||||||||||||||||||||
TOTAL COLORADO | 9 | Properties | 957 | 2,873 | 96% | 2,104 | 2.20 | 2,419 | 2.53 | |||||||||||||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 98% | 2,153 | 2.03 | 2,453 | 2.31 | ||||||||||||||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 509 | 95% | 1,902 | 2.02 | 2,257 | 2.39 | ||||||||||||||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 977 | 382 | 98% | 2,264 | 2.32 | 2,587 | 2.65 | ||||||||||||||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 97% | 2,276 | 2.16 | 2,631 | 2.49 | ||||||||||||||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 96% | 2,273 | 2.43 | 2,633 | 2.82 | ||||||||||||||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 96% | 2,192 | 2.20 | 2,509 | 2.52 | ||||||||||||||||||||||
Camden Grand Parc | Washington | DC | 2002 | 672 | 105 | 93% | 2,799 | 4.17 | 3,057 | 4.55 | ||||||||||||||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 97% | 2,178 | 2.17 | 2,496 | 2.48 | ||||||||||||||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 98% | 2,041 | 2.38 | 2,384 | 2.79 | ||||||||||||||||||||||
Camden Noma | Washington | DC | 2014 | 769 | 321 | 95% | 2,305 | 3.00 | 2,744 | 3.57 | ||||||||||||||||||||||
Camden Noma II | Washington | DC | 2017 | 759 | 405 | 97% | 2,380 | 3.13 | 2,760 | 3.63 | ||||||||||||||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 832 | 378 | 97% | 2,337 | 2.81 | 2,684 | 3.22 | ||||||||||||||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 97% | 3,194 | 3.73 | 3,674 | 4.29 | ||||||||||||||||||||||
Camden Shady Grove | Rockville | MD | 2018 | 877 | 457 | 96% | 2,075 | 2.37 | 2,342 | 2.67 | ||||||||||||||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 98% | 2,152 | 2.21 | 2,480 | 2.54 | ||||||||||||||||||||||
Camden South Capitol | Washington | DC | 2013 | 821 | 281 | 95% | 2,457 | 2.99 | 2,910 | 3.54 | ||||||||||||||||||||||
Camden Washingtonian | Gaithersburg | MD | 2018 | 870 | 365 | 97% | 2,129 | 2.45 | 2,406 | 2.77 | ||||||||||||||||||||||
TOTAL DC METRO | 17 | Properties | 913 | 6,192 | 97% | 2,242 | 2.46 | 2,587 | 2.83 | |||||||||||||||||||||||
Camden Atlantic | Plantation | FL | 2022 | 919 | 269 | 97% | 2,443 | 2.66 | 2,738 | 2.98 | ||||||||||||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 96% | 2,764 | 2.49 | 3,240 | 2.92 | ||||||||||||||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 97% | 2,633 | 3.12 | 2,985 | 3.54 | ||||||||||||||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 97% | 2,969 | 3.17 | 3,299 | 3.52 | ||||||||||||||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 98% | 2,664 | 2.38 | 2,966 | 2.65 | ||||||||||||||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 96% | 2,926 | 2.34 | 3,240 | 2.59 | ||||||||||||||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 96% | 2,869 | 2.75 | 3,249 | 3.11 | ||||||||||||||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 96% | 2,426 | 2.02 | 2,775 | 2.31 | ||||||||||||||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 96% | 2,452 | 2.20 | 2,795 | 2.51 | ||||||||||||||||||||||
Total Southeast Florida | 9 | Properties | 1,065 | 3,050 | 96% | 2,681 | 2.52 | 3,036 | 2.85 |
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 3/31/2024 |
(Unaudited) | 1Q24 Avg Monthly | 1Q24 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 1Q24 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Hunters Creek | Orlando | FL | 2000 | 1,075 | 270 | 95% | $1,946 | $1.81 | $2,287 | $2.13 | ||||||||||||||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 96% | 1,822 | 1.91 | 2,118 | 2.22 | ||||||||||||||||||||||
Camden Lake Eola | Orlando | FL | 2021 | 944 | 360 | 97% | 2,428 | 2.57 | 2,717 | 2.88 | ||||||||||||||||||||||
Camden LaVina | Orlando | FL | 2012 | 969 | 420 | 95% | 1,885 | 1.95 | 2,208 | 2.28 | ||||||||||||||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 95% | 1,852 | 1.98 | 2,167 | 2.31 | ||||||||||||||||||||||
Camden North Quarter | Orlando | FL | 2016 | 806 | 333 | 96% | 1,887 | 2.34 | 2,077 | 2.58 | ||||||||||||||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 95% | 1,764 | 2.16 | 2,081 | 2.55 | ||||||||||||||||||||||
Camden Thornton Park | Orlando | FL | 2016 | 920 | 299 | 95% | 2,106 | 2.29 | 2,360 | 2.57 | ||||||||||||||||||||||
Camden Town Square | Orlando | FL | 2012 | 983 | 438 | 95% | 1,891 | 1.92 | 2,165 | 2.20 | ||||||||||||||||||||||
Camden Waterford Lakes | Orlando | FL | 2014 | 971 | 300 | 96% | 1,912 | 1.97 | 2,185 | 2.25 | ||||||||||||||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 93% | 1,871 | 1.91 | 2,152 | 2.20 | ||||||||||||||||||||||
Total Orlando | 11 | Properties | 944 | 3,954 | 95% | 1,939 | 2.05 | 2,227 | 2.36 | |||||||||||||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 97% | 1,897 | 2.01 | 2,224 | 2.36 | ||||||||||||||||||||||
Camden Central | St. Petersburg | FL | 2019 | 942 | 368 | 97% | 3,394 | 3.60 | 3,745 | 3.97 | ||||||||||||||||||||||
Camden Montague | Tampa | FL | 2012 | 972 | 192 | 97% | 1,902 | 1.96 | 2,243 | 2.31 | ||||||||||||||||||||||
Camden Pier District | St. Petersburg | FL | 2016 | 989 | 358 | 97% | 3,506 | 3.54 | 3,696 | 3.74 | ||||||||||||||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 96% | 2,067 | 2.20 | 2,363 | 2.51 | ||||||||||||||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 93% | 1,791 | 1.76 | 2,122 | 2.09 | ||||||||||||||||||||||
Camden Visconti | Tampa | FL | 2007 | 1,125 | 450 | 96% | 2,051 | 1.82 | 2,374 | 2.11 | ||||||||||||||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 97% | 2,100 | 2.12 | 2,427 | 2.45 | ||||||||||||||||||||||
Total Tampa | 8 | Properties | 990 | 3,104 | 96% | 2,309 | 2.33 | 2,623 | 2.65 | |||||||||||||||||||||||
TOTAL FLORIDA | 28 | Properties | 995 | 10,108 | 96% | 2,276 | 2.29 | 2,594 | 2.61 | |||||||||||||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 916 | 359 | 94% | 1,719 | 1.88 | 2,054 | 2.24 | ||||||||||||||||||||||
Camden Buckhead | Atlanta | GA | 2022 | 1,087 | 366 | 87% | 2,682 | 2.47 | 2,770 | 2.55 | ||||||||||||||||||||||
Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 92% | 1,781 | 2.15 | 1,983 | 2.40 | ||||||||||||||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 97% | 1,708 | 1.72 | 1,988 | 2.01 | ||||||||||||||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 97% | 1,944 | 1.64 | 2,266 | 1.91 | ||||||||||||||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 95% | 1,770 | 1.76 | 2,073 | 2.06 | ||||||||||||||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 844 | 276 | 96% | 2,064 | 2.44 | 2,370 | 2.81 | ||||||||||||||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 92% | 1,785 | 1.91 | 2,094 | 2.24 | ||||||||||||||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,408 | 379 | 93% | 2,952 | 2.10 | 3,276 | 2.33 | ||||||||||||||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 95% | 1,774 | 1.73 | 2,114 | 2.06 | ||||||||||||||||||||||
Camden Phipps | Atlanta | GA | 1996 | 1,010 | 234 | 71% | 1,763 | 1.74 | 2,047 | 2.03 | ||||||||||||||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 96% | 1,724 | 1.51 | 2,024 | 1.77 | ||||||||||||||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 94% | 1,757 | 1.76 | 2,044 | 2.05 | ||||||||||||||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 93% | 1,578 | 1.56 | 1,920 | 1.90 | ||||||||||||||||||||||
TOTAL GEORGIA | 14 | Properties | 1,020 | 4,270 | 93% | 1,961 | 1.89 | 2,246 | 2.17 | |||||||||||||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,048 | 400 | 91% | 1,736 | 1.66 | 2,042 | 1.95 | ||||||||||||||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 94% | 1,765 | 1.95 | 2,059 | 2.27 | ||||||||||||||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 97% | 1,835 | 2.14 | 2,096 | 2.45 | ||||||||||||||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 93% | 1,554 | 1.50 | 1,826 | 1.76 | ||||||||||||||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 95% | 1,438 | 1.53 | 1,707 | 1.82 | ||||||||||||||||||||||
Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 96% | 1,530 | 1.75 | 1,803 | 2.06 | ||||||||||||||||||||||
Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 95% | 1,979 | 2.66 | 2,231 | 3.00 | ||||||||||||||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,060 | 285 | 89% | 2,104 | 1.98 | 2,411 | 2.27 | ||||||||||||||||||||||
Camden Grandview II | Charlotte | NC | 2019 | 2,241 | 28 | 94% | 4,087 | 1.82 | 4,311 | 1.92 | ||||||||||||||||||||||
Camden NoDa | Charlotte | NC | 2023 | 789 | 387 | 98% | 1,651 | 2.09 | 1,894 | 2.40 | ||||||||||||||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 94% | 1,607 | 1.65 | 1,894 | 1.95 | ||||||||||||||||||||||
Camden South End | Charlotte | NC | 2003 | 878 | 299 | 95% | 1,905 | 2.17 | 2,147 | 2.44 | ||||||||||||||||||||||
Camden Southline | Charlotte | NC | 2015 | 831 | 266 | 95% | 2,059 | 2.48 | 2,328 | 2.80 | ||||||||||||||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 93% | 1,743 | 1.59 | 2,045 | 1.86 | ||||||||||||||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 95% | 1,451 | 1.61 | 1,749 | 1.94 | ||||||||||||||||||||||
Total Charlotte | 15 | Properties | 936 | 3,510 | 94% | 1,792 | 1.91 | 2,050 | 2.19 | |||||||||||||||||||||||
Camden Asbury Village | Raleigh | NC | 2009 | 1,009 | 350 | 96% | 1,625 | 1.61 | 1,898 | 1.88 | ||||||||||||||||||||||
Camden Carolinian | Raleigh | NC | 2017 | 1,118 | 186 | 92% | 2,321 | 2.08 | 2,485 | 2.22 | ||||||||||||||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,012 | 442 | 93% | 1,520 | 1.50 | 1,822 | 1.80 | ||||||||||||||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 93% | 1,638 | 1.57 | 1,957 | 1.87 | ||||||||||||||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 97% | 1,609 | 1.51 | 1,906 | 1.79 | ||||||||||||||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 94% | 1,548 | 1.60 | 1,819 | 1.88 | ||||||||||||||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 322 | 94% | 1,665 | 1.57 | 2,002 | 1.89 | ||||||||||||||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 96% | 1,453 | 1.50 | 1,736 | 1.79 | ||||||||||||||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,022 | 360 | 95% | 1,556 | 1.52 | 1,857 | 1.82 | ||||||||||||||||||||||
Total Raleigh | 9 | Properties | 1,022 | 3,252 | 95% | 1,612 | 1.58 | 1,899 | 1.86 | |||||||||||||||||||||||
TOTAL NORTH CAROLINA | 24 | Properties | 988 | 6,762 | 94% | 1,706 | 1.75 | 1,986 | 2.03 | |||||||||||||||||||||||
Camden Franklin Park | Franklin | TN | 2018 | 967 | 328 | 96% | 2,050 | 2.12 | 2,206 | 2.28 | ||||||||||||||||||||||
Camden Music Row | Nashville | TN | 2016 | 903 | 430 | 93% | 2,448 | 2.71 | 2,597 | 2.88 | ||||||||||||||||||||||
TOTAL TENNESSEE | 2 | Properties | 931 | 758 | 94% | 2,276 | 2.44 | 2,422 | 2.60 | |||||||||||||||||||||||
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 3/31/2024 |
(Unaudited) | 1Q24 Avg Monthly | 1Q24 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 1Q24 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Amber Oaks | Austin | TX | 2009 | 862 | 348 | 94% | $1,486 | $1.72 | $1,818 | $2.11 | ||||||||||||||||||||||
Camden Amber Oaks II | Austin | TX | 2012 | 910 | 244 | 94% | 1,575 | 1.73 | 1,907 | 2.09 | ||||||||||||||||||||||
Camden Brushy Creek | Cedar Park | TX | 2008 | 882 | 272 | 93% | 1,580 | 1.79 | 1,825 | 2.07 | ||||||||||||||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 96% | 1,716 | 1.88 | 2,013 | 2.21 | ||||||||||||||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 94% | 1,906 | 2.00 | 2,246 | 2.35 | ||||||||||||||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 96% | 1,616 | 1.79 | 1,922 | 2.13 | ||||||||||||||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 96% | 1,624 | 1.80 | 1,855 | 2.06 | ||||||||||||||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 92% | 1,819 | 2.17 | 2,075 | 2.48 | ||||||||||||||||||||||
Camden Rainey Street | Austin | TX | 2016 | 873 | 326 | 82% | 2,180 | 2.50 | 2,454 | 2.81 | ||||||||||||||||||||||
Camden Shadow Brook | Austin | TX | 2009 | 909 | 496 | 90% | 1,498 | 1.65 | 1,806 | 1.99 | ||||||||||||||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 94% | 1,688 | 1.86 | 1,968 | 2.17 | ||||||||||||||||||||||
Total Austin | 11 | Properties | 897 | 3,686 | 93% | 1,694 | 1.89 | 1,982 | 2.21 | |||||||||||||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 95% | 1,591 | 1.69 | 1,849 | 1.96 | ||||||||||||||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 946 | 477 | 92% | 1,814 | 1.92 | 2,062 | 2.18 | ||||||||||||||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 96% | 1,556 | 1.69 | 1,880 | 2.05 | ||||||||||||||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 912 | 268 | 96% | 1,525 | 1.67 | 1,805 | 1.98 | ||||||||||||||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 97% | 1,570 | 2.04 | 1,813 | 2.35 | ||||||||||||||||||||||
Camden Design District | Dallas | TX | 2009 | 939 | 355 | 95% | 1,698 | 1.81 | 1,930 | 2.06 | ||||||||||||||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 91% | 1,603 | 1.72 | 1,852 | 1.99 | ||||||||||||||||||||||
Camden Greenville | Dallas | TX | 2017/2018 | 1,028 | 558 | 95% | 2,061 | 2.00 | 2,254 | 2.19 | ||||||||||||||||||||||
Camden Henderson | Dallas | TX | 2012 | 966 | 106 | 95% | 1,973 | 2.04 | 2,249 | 2.33 | ||||||||||||||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96% | 1,680 | 2.02 | 1,957 | 2.35 | ||||||||||||||||||||||
Camden Legacy Park | Plano | TX | 1996 | 870 | 276 | 94% | 1,761 | 2.02 | 2,086 | 2.40 | ||||||||||||||||||||||
Camden Panther Creek | Frisco | TX | 2009 | 946 | 295 | 94% | 1,730 | 1.83 | 2,027 | 2.14 | ||||||||||||||||||||||
Camden Riverwalk | Grapevine | TX | 2008 | 989 | 600 | 97% | 1,883 | 1.90 | 2,142 | 2.17 | ||||||||||||||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 95% | 1,441 | 1.94 | 1,754 | 2.36 | ||||||||||||||||||||||
Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 96% | 2,026 | 2.35 | 2,278 | 2.65 | ||||||||||||||||||||||
Total Dallas/Ft. Worth | 15 | Properties | 913 | 6,224 | 95% | 1,721 | 1.88 | 1,986 | 2.17 | |||||||||||||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 95% | 1,606 | 1.72 | 1,926 | 2.07 | ||||||||||||||||||||||
Camden City Centre II | Houston | TX | 2013 | 869 | 268 | 94% | 1,560 | 1.79 | 1,852 | 2.13 | ||||||||||||||||||||||
Camden Cypress Creek | Cypress | TX | 2009 | 993 | 310 | 93% | 1,555 | 1.57 | 1,833 | 1.85 | ||||||||||||||||||||||
Camden Cypress Creek II | Cypress | TX | 2020 | 950 | 234 | 92% | 1,605 | 1.69 | 1,893 | 1.99 | ||||||||||||||||||||||
Camden Downs at Cinco Ranch | Katy | TX | 2004 | 1,075 | 318 | 97% | 1,645 | 1.53 | 1,940 | 1.80 | ||||||||||||||||||||||
Camden Downtown | Houston | TX | 2020 | 1,052 | 271 | 93% | 2,578 | 2.45 | 2,866 | 2.73 | ||||||||||||||||||||||
Camden Grand Harbor | Katy | TX | 2008 | 959 | 300 | 95% | 1,477 | 1.54 | 1,743 | 1.82 | ||||||||||||||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 95% | 1,520 | 1.77 | 1,809 | 2.10 | ||||||||||||||||||||||
Camden Heights | Houston | TX | 2004 | 927 | 352 | 96% | 1,678 | 1.81 | 2,001 | 2.16 | ||||||||||||||||||||||
Camden Highland Village | Houston | TX | 2014/2015 | 1,172 | 552 | 94% | 2,426 | 2.07 | 2,653 | 2.26 | ||||||||||||||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 96% | 1,460 | 1.56 | 1,734 | 1.86 | ||||||||||||||||||||||
Camden McGowen Station | Houston | TX | 2018 | 1,004 | 315 | 94% | 2,104 | 2.09 | 2,380 | 2.37 | ||||||||||||||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 95% | 1,555 | 1.84 | 1,873 | 2.22 | ||||||||||||||||||||||
Camden Northpointe | Tomball | TX | 2008 | 940 | 384 | 94% | 1,401 | 1.49 | 1,688 | 1.80 | ||||||||||||||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96% | 1,738 | 1.90 | 2,015 | 2.20 | ||||||||||||||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 94% | 2,645 | 2.20 | 2,986 | 2.49 | ||||||||||||||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 95% | 1,529 | 1.66 | 1,604 | 1.74 | ||||||||||||||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 95% | 1,749 | 1.66 | 1,802 | 1.71 | ||||||||||||||||||||||
Camden Spring Creek | Spring | TX | 2004 | 1,080 | 304 | 95% | 1,521 | 1.41 | 1,794 | 1.66 | ||||||||||||||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 96% | 1,293 | 1.53 | 1,556 | 1.84 | ||||||||||||||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 95% | 1,449 | 1.57 | 1,714 | 1.86 | ||||||||||||||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 95% | 1,529 | 1.87 | 1,843 | 2.25 | ||||||||||||||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 94% | 1,606 | 1.86 | 1,904 | 2.21 | ||||||||||||||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 936 | 274 | 96% | 1,484 | 1.59 | 1,769 | 1.89 | ||||||||||||||||||||||
Camden Woodson Park | Houston | TX | 2008 | 916 | 248 | 94% | 1,374 | 1.50 | 1,643 | 1.79 | ||||||||||||||||||||||
Camden Yorktown | Houston | TX | 2008 | 995 | 306 | 94% | 1,406 | 1.41 | 1,690 | 1.70 | ||||||||||||||||||||||
Total Houston | 26 | Properties | 956 | 9,154 | 95% | 1,681 | 1.76 | 1,958 | 2.05 | |||||||||||||||||||||||
TOTAL TEXAS | 52 | Properties | 931 | 19,064 | 94% | 1,697 | 1.82 | 1,972 | 2.12 | |||||||||||||||||||||||
TOTAL PROPERTIES | 171 | Properties | 962 | 58,061 | 95% | $1,994 | $2.07 | $2,292 | $2.38 | |||||||||||||||||||||||