Camden National Corporation · NASDAQ:CAC

Camden National — Q2 2024 Earnings Presentation

13 slides from Camden National's earnings presentation, Jul 30, 2024

  1. Slide 1: Camden Property Trust Earnings Call 2Q24

    2Q24 Camden Property Trust Earnings Call

  2. Slide 2: Camden Woodmill Creek

    Camden Woodmill Creek 1840 Woodland Field Crossing, Spring, TX 77380 189 Single Family Homes Currently in Lease-up

  3. Slide 3: Camden South Charlotte

    Camden South Charlotte 5030 Cardinal Spring Road, Charlotte, NC 28277 Estimated Total Cost $163M Apartment Homes 420 Average Size 967 square feet Community Details ● Quartz countertops ● Stainless steel appliances ● Luxury vinyl plank flooring ● Pickleball court ● Full-size washers and dryers ● Priv

  4. Slide 4: Camden Blakeney

    Camden Blakeney 10210 Blakeney Bluff Road, Charlotte, NC 28277 Estimated Total Cost $154M Apartment Homes 349 Average Size 1,243 square feet Community Details ● Quartz countertops ● Stainless steel appliances ● Luxury vinyl plank flooring ● 9-Hole Putt Putt Course ● Full-size washers and dryers ● Pr

  5. Slide 5: 2Q24 Core FFO Per Share

    2Q24 CORE FFO PER SHARE 4¢ per share $1.67 $1.71 2Q24 GUIDANCE 2Q24 ACTUAL MIDPOINT RESULTS • 2.0¢ LOWER CORE INSURANCE EXPENSE AND PROPERTY TAXES • 2.0¢ ADDITIONAL 3RD PARTY CONSTRUCTION FEE INCOME AND INTEREST INCOME

  6. Slide 6: 2Q24 Same Store Growth Guidance

    2Q24 SAME STORE GROWTH GUIDANCE Original Revised REVENUE 1.50% 1.50% EXPENSE 3.25% 2.85%

  7. Slide 7: 2024 Revised Same Store Expense Growth

    2024 REVISED SAME STORE EXPENSE GROWTH PRIOR REVISED 3.25% 2.85% (0.22%) Insurance (7.5% x -3.0%) 0.36% Taxes (36% x 1.0%) 2.71% Other property expenses (56.5% x 4.8%) 2.85% 2024 revised expense growth midpoint

  8. Slide 8: 2Q24 Same Store Growth Guidance

    2Q24 SAME STORE GROWTH GUIDANCE Original Revised REVENUE 1.50% 1.50% EXPENSE 3.25% 2.85% NOI 0.50% 0.75% $.79

  9. Slide 9: 2024 Expected Core FFO Per Share

    2024 EXPECTED CORE FFO PER SHARE Midpoint of Guidance Range 5¢ per share $6.74 $6.79 PRIOR CURRENT GUIDANCE GUIDANCE MIDPOINT MIDPOINT $ 0.02 Increase in same store NOI guidance 0.02 Increase in 2Q24 3rd party construction fee and interest income 0.01 Lower property taxes on non-same store communiti

  10. Slide 10: 2024 Guidance

    2024 GUIDANCE Current Midpoint Assumes: • $250M of additional acquisitions offset by $250M of dispositions with no net accretion or dilution • $317M of actual 2024 development starts, with no further development starts anticipated • $55M of remaining development spend in 2024

  11. Slide 11: 3Q24 Expected Core FFO Per Share

    3Q24 EXPECTED CORE FFO PER SHARE Midpoint of Guidance Range 3¢ per share $1.71 $1.68 2Q24 ACTUAL 3Q24 GUIDANCE RESULTS MIDPOINT ($0.03) Increase in insurance, utilities, R&M, and lower property taxes ( 0.02) Decrease in 3rd party construction fee and interest income 0.01 Increase in same store reven

  12. Slide 12: Balance Sheet

    BALANCE SHEET • 85% fixed rate debt • No amounts outstanding under $1.2B credit facility • $300M of maturities over next 24 months • < $300M remaining to fund for existing development pipeline • 2Q24 Net Debt to EBITDA = 3.9x

  13. Slide 13: Camden Property Trust Earnings Call

    2Q24 Camden Property Trust Earnings Call

Camden National — Q2 2024 Earnings Presentation on 6ix