Camden National Corporation · NASDAQ:CAC
Camden National — Q1 2022 Earnings Presentation
23 slides from Camden National's earnings presentation, Apr 26, 2022
Slide 1: Camden Property Trust 1Q22 Earnings Call
CAMDEN PROPERTY TRUST 1Q22 EARNINGS CALL
Slide 2: 1Q22 Same Property Revenue Growth
1Q22 SAME PROPERTY REVENUE GROWTH TOTAL PORFOLIO 11.1% 12 OF 14 MARKETS > 10.0% TOP PERFORMERS: TAMPA PHOENIX SOUTHEAST FLORIDA
Slide 3: 1Q22 Signed New Leases & Renewals
1Q22 SIGNED NEW LEASES & RENEWALS NEW LEASES 15.8% RENEWALS 13.2% BLENDED RATE 14.4%
Slide 4: April 2022 Signed New Leases & Renewals
APRIL 2022 SIGNED NEW LEASES & RENEWALS NEW LEASES 14.7% RENEWALS 14.1% BLENDED RATE 14.4%
Slide 5: Same Property Occupancy
SAME PROPERTY OCCUPANCY 97.1% 95.9% 1Q22 1Q21
Slide 6: 1Q22 Turnover
1Q22 TURNOVER 1Q22 1Q21 NET TURNOVER 36.0% 35.0% 1Q22 4Q21 MOVEOUTS TO 14.1% 15.8% PURCHASE HOME
Slide 7: 15 Years in a Row!
FORTUNE 15 YEARS INA ROW!
Slide 8: Camden Property Trust 1Q22 Earnings Call
CAMDEN PROPERTY TRUST 1Q22 EARNINGS CALL
Slide 9: Camden Lake Eola – Orlando, Florida
Camden Lake Eola – Orlando, Florida
Slide 10: Fund Transaction
FUND TRANSACTION Camden Phipps Camden Amber Oaks I & II Atlanta, GA Austin, TX • $1.5 BILLION • 22 MULTIFAMILY COMMUNITIES • 7,247 APARTMENT HOMES • AVERAGE AGE 12 YEARS • EXPECTED INITIAL FFO YIELD OF ~4.4% Camden Brushy Creek Camden Shadow Brook Austin, TX Austin, TX
Slide 11: Fund Transaction
FUND TRANSACTION Camden Southline Camden Design District Camden Panther Creek Camden Riverwalk Charlotte, NC Dallas, TX Dallas, TX Dallas, TX Camden Cypress Creek I & II Camden Downs at Cinco Ranch Camden Grand Harbor Camden Heights Houston, TX Houston, TX Houston, TX Houston, TX
Slide 12: Fund Transaction
FUND TRANSACTION Camden Northpointe Camden Spring Creek Camden Woodson Park Camden Yorktown Houston, TX Houston, TX Houston, TX Houston, TX Camden Waterford Lakes Camden Asbury Village Camden Visconti Camden South Capitol Orlando, FL Raleigh, NC Tampa, FL Washington, DC
Slide 13: Pro Forma NOI Concentration
PRO FORMA NOI CONCENTRATION 1Q22 NOI % 1Q22 NOI % Including JVs Including JVs at Pro Rata at 100% % Change Houston, TX 10.0% 11.6% 1.6% Austin, TX 4.1% 4.9% 0.8% Dallas, TX 7.5% 8.2% 0.7% Tampa, FL 5.9% 6.1% 0.2% Raleigh, NC 4.7% 4.8% 0.1% Charlotte, NC 5.2% 5.2% 0.0% Orlando, FL 6.2% 6.2% 0.0% Nash
Slide 14: Issuance of Common Shares
ISSUANCE OF COMMON SHARES 2,900,000 SHARES ISSUED = $490.3 MILLION PROCEEDS USED TO PAY DOWN LINE OF CREDIT ~$70 MILLION OUTSTANDING (AS OF TODAY) EXPECTED 2Q22 NET DEBT TO EBITDA - 4.4x
Slide 15: 1Q22 FFO
1Q22 FFO $160.5 MILLION 3¢ per share $1.50 $1.47 1Q22 ACTUAL RESULTS 1Q22 GUIDANCE MIDPOINT +2.5¢ HIGHER OCCUPANCY, LOWER BAD DEBT, AND HIGHER RENTAL RATES +1.0¢ UNBUDGETED EARN-OUT ( 0.5¢) HIGHER PROPERTY INSURANCE
Slide 16: 2022 Revised Same Property Guidance vs. Original Guidance
2022 REVISED SAME PROPERTY GUIDANCE VS. ORIGINAL GUIDANCE REVENUE 8.75% 10.25% ORIGINAL REVISED EXPENSE 3.00% 4.20% ORIGINAL REVISED NOI 12.00% 13.75% ORIGINAL REVISED
Slide 17: Work Reimagined
WORK REIMAGINED DELIVER EXCEPTIONAL CUSTOMER SERVICE FOCUS ON LEASING APARTMENTS LEVERAGE THE STRENGTHS OF OUR TEAMS CREATE OPERATIONAL EFFICIENCIES
Slide 18: Then
THEN DISTRICT MANAGER COMMUNITY MANAGER COMMUNITY MANAGER COMMUNITY MANAGER ASSISTANT MANAGER ASSISTANT MANAGER ASSISTANT MANAGER LEASING CONSULTANTS LEASING CONSULTANTS LEASING CONSULTANTS MAINTENANCE TEAM MAINTENANCE TEAM MAINTENANCE TEAM CAMDEN ACE CAMDEN HUMMINGBIRD CAMDEN EXCE
Slide 19: Now
NOW DISTRICT MANAGER GENERAL MANAGER + SHARED SERVICES CAMDEN ACE OPERATIONS MANAGER SALES MANAGER MAINTENANCE TEAM LEASING CONSULTANTS CAMDEN HUMMINGBIRD CAMDEN EXCELLENCE ~$4 - $5 MILLION SAVINGS ON A FULL YEAR STABILIZED BASIS
Slide 20: 2022 Expected FFO Per Share
2022 EXPECTED FFO PER SHARE (MIDPOINT OF GUIDANCE RANGE) +27¢ $6.24 $6.51 ORIGINAL 2022 GUIDANCE REVISED 2022 GUIDANCE
Slide 21: 2022 Expected FFO Per Share
2022 EXPECTED FFO PER SHARE $ 6.24 MIDPOINT OF ORIGINAL FFO GUIDANCE +0.74 + 0.67 CONSOLIDATING THE NOI FROM TWO FUNDS + 0.07 BELOW MARKET LEASES IN PLACE +0.18 ( 0.21) EQUITY INCOME OF JVS (0.56) ( 0.14) INTEREST EXPENSE FROM $514M SECURED DEBT ( 0.14) ADDITIONAL SHARES ISSUED ( 0.07) REMOVAL OF RE
Slide 22: 2Q22 Expected FFO Per Share
2Q22 EXPECTED FFO PER SHARE (MIDPOINT OF GUIDANCE RANGE) 12¢ PER SHARE $1.50 $1.62 1Q22 2Q22 $ 0.09 ACQUISITION AND FINANCING OF JV FUND ASSETS 0.04 PEAK LEASING PERIOD 0.01 NOI FROM DEVELOPMENT COMMUNITIES IN LEASE UP ( 0.01) UNBUDGETED EARN-OUT RECEIVED FROM CHIRP INVESTMENT ( 0.01) DISPOSITION OF
Slide 23: Camden Property Trust 1Q22 Earnings Call
CAMDEN PROPERTY TRUST 1Q22 EARNINGS CALL