On August 1, 2024, Camden Property Trust (NYSE:CPT) released its 8-K filing announcing the operating results for the second quarter of 2024. Camden Property Trust is a real estate investment trust primarily engaged in the acquisition, management, and development of multifamily apartment communities across the United States. The company's real estate portfolio consists primarily of apartment properties throughout the Sun Belt, with significant markets including Houston, Dallas, Las Vegas, and Atlanta.
Q2 2024 Financial Highlights
Camden Property Trust reported earnings per share (EPS) of $0.40 for the second quarter of 2024, surpassing the analyst estimate of $0.39. The company also reported revenues of $387.2 million, slightly below the estimated $388.21 million. Despite the minor revenue shortfall, the EPS beat indicates effective cost management and operational efficiency.
Performance Metrics
For the three months ended June 30, 2024, Camden Property Trust reported:
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| EPS | $0.40 | $0.84 |
| FFO | $1.71 | $1.67 |
| Core FFO | $1.71 | $1.70 |
| Core AFFO | $1.44 | $1.51 |
While the EPS for Q2 2024 was lower compared to Q2 2023, the Funds from Operations (FFO) and Core FFO showed slight improvements, indicating stable operational performance. The Core Adjusted Funds from Operations (Core AFFO) saw a slight decline, reflecting increased expenses.
Operational Insights
Camden Property Trust's same property results for Q2 2024 showed a 1.4% increase in revenues and a 2.5% increase in expenses compared to Q2 2023. The net operating income (NOI) grew by 0.9%, demonstrating resilience in a challenging market environment. Occupancy rates remained stable at 95.3%, slightly down from 95.5% in Q2 2023.
Development and Share Repurchase
During the quarter, Camden completed construction at Camden Woodmill Creek in The Woodlands, TX, and commenced construction at Camden South Charlotte and Camden Blakeney in Charlotte, NC. The company also repurchased 44,692 common shares at an average price of $96.52 per share, totaling $4.3 million. Year-to-date, Camden has repurchased 515,974 common shares for approximately $50.0 million.
Liquidity and Hurricane Impact
As of June 30, 2024, Camden Property Trust had nearly $1.3 billion in liquidity, including $93.9 million in cash and cash equivalents and $1.2 billion available under its unsecured credit facility. The company also reported that Hurricane Beryl impacted several multifamily communities in Houston, TX, with preliminary storm-related expenses estimated between $2.0 million and $3.0 million, net of insurance proceeds.
Conclusion
Camden Property Trust's Q2 2024 performance highlights its ability to navigate market challenges effectively. The company's stable occupancy rates, strategic development activities, and robust liquidity position underscore its resilience and operational efficiency. Investors and stakeholders can find more detailed financial information and reconciliations in the company's 8-K filing.
Explore the complete 8-K earnings release (here) from Camden Property Trust for further details.
