Camden Property Trust · NYSE:CPT
Camden Property Trust — Q1 2021 Earnings Presentation
23 slides from Camden Property Trust's earnings presentation, April 2021
Slide 1: Camden Property Trust 1Q2021 Earnings Call
CAMDEN PROPERTY TRUST 1Q2021 EARNINGS CALL
Slide 2: 1Q2021 Same Property Revenue Growth
1Q2021 SAME PROPERTY REVENUE GROWTH TOP PERFORMERS PHOENIX 5.8% TAMPA 4.0% ATLANTA 2.2% RALEIGH 1.9% DENVER 1.3%
Slide 3: 1Q2021 Signed New Leases & Renewals
1Q2021 SIGNED NEW LEASES & RENEWALS NEW LEASES (0.8%) RENEWALS 3.4% BLENDED RATE 1.2%
Slide 4: April 2021 Signed New Leases & Renewals
APRIL 2021 SIGNED NEW LEASES & RENEWALS NEW LEASES 4.5% RENEWALS 4.7% BLENDED RATE 4.6%
Slide 5: Blended Rental Rates
BLENDED RENTAL RATES 4.6% 340 BPS IMPROVEMENT APRIL EXCEEDED BUDGET RAISED FULL YEAR REVENUE GUIDANCE 1.2% 1Q21
Slide 6: Same Store Occupancy
SAME STORE OCCUPANCY 96.0% 96.6% 1Q21 APRIL 2021
Slide 7: 1Q2021 Turnover
1Q2021 TURNOVER 1Q21 1Q20 NET TURNOVER 35.0% 37.0% 1Q21 4Q20 MOVEOUTS TO 16.9% 19.0% PURCHASE HOME
Slide 8: Camden Durham – Durham, North Carolina
Camden Durham – Durham, North Carolina
Slide 9: Camden Lake Eola – Orlando, Florida
Camden Lake Eola – Orlando, Florida
Slide 10: Camden Buckhead – Atlanta, Georgia
Camden Buckhead – Atlanta, Georgia
Slide 11: Camden Hillcrest - San Diego, California
Camden Hillcrest - San Diego, California
Slide 12: Collected Rents
COLLECTED RENTS 98.4% 97.9% 1Q21 1Q20 1.6% ............DELINQUENT………... 2.1%
Slide 13: Uncollectable Revenue
UNCOLLECTABLE REVENUE As of 3/31/2021 $10.2M RESIDENT RECEIVABLE (9.2)M RESERVE $ 1.0M NET RESIDENT RECEIVABLE
Slide 14: Texas Winter Storm
TEXAS WINTER STORM 19,158 TOTAL TEXAS UNITS MINOR DAMAGE TEMPORARILY 812 VACATED 48
Slide 15: Slide 15
Slide 16: 1Q 2021 FFO
1Q 2021 FFO $125.8 MILLION 1¢ per share $1.24 $1.23 1Q ACTUAL FFO PRIOR MIDPOINT + HIGHER OCCUPANCY AND RENTAL RATES - TIMING OF PROPERTY TAX REFUNDS
Slide 17: Texas Storm Impact
TEXAS STORM IMPACT ~$600K PROPERTY LEVEL ~$300K CORPORATE LEVEL ~$900K DIRECT EXPENSE
Slide 18: Revised FY2021 Same Store Guidance Midpoints
REVISED FY2021 SAME STORE GUIDANCE MIDPOINTS +0.85% REVENUE 0.75% +1.6% PRIOR NEW +0.4% EXPENSE 3.5% 3.9% PRIOR NEW +1.1% NOI <0.85%> +0.25% PRIOR NEW
Slide 19: 2021 Same Store Expense Details
2021 SAME STORE EXPENSE DETAILS ANTICIPATED INCREASE % OF TOTAL INSURANCE +22.0% 4% SALARIES +3.5% 20% ALL OTHER +3.0% 76% +3.9% 100%
Slide 20: Revised FY2021 FFO Guidance
REVISED FY2021 FFO GUIDANCE 9¢ PER SHARE $5.00 $5.09 PRIOR NEW +7¢ INCREASED SAME STORE NOI +2¢ INCREASED NON-SAME STORE NOI +9¢
Slide 21: 2Q 2021 Guidance
2Q 2021 GUIDANCE $1.24 1Q 2021 FFO +$0.01 SEQUENTIAL SAME STORE NOI $1.25 2Q 2021 FFO MIDPOINT
Slide 22: Liquidity
LIQUIDITY as of April 26, 2021 ~$ 260 MILLION IN CASH AND CASH EQUIVALENTS ~ 888 MILLION AVAILABLE UNDER LINE OF CREDIT $1,148 MILLION
Slide 23: Camden Property Trust 1Q2021 Earnings Call
CAMDEN PROPERTY TRUST 1Q2021 EARNINGS CALL
Camden Property Trust — Q1 2021 Earnings Presentation on 6ix