Camden Property Trust · NYSE:CPT

Camden Property Trust — Q3 2023 Earnings Presentation

13 slides from Camden Property Trust's earnings presentation, Oct 27, 2023

  1. Slide 1: Camden Property Trust 3Q23 Earnings Call

    CAMDEN PROPERTY TRUST 3Q23 EARNINGS CALL

  2. Slide 2: 3Q23 Core FFO

    3Q23 CORE FFO $1.73 $1.73 3Q23 GUIDANCE MIDPOINT 3Q23 ACTUAL RESULTS (1.5)¢ LOWER REVENUE PRIMARILY FROM HIGHER BAD DEBT +1.5¢ LOWER EXPENSES PRIMARLY FROM LOWER PROPERTY TAXES 0.0¢

  3. Slide 3: Property Taxes

    PROPERTY TAXES 4.5% 2.9% PRIOR 2023 FULL YEAR GUIDANCE REVISED 2023 FULL YEAR GUIDANCE +1.5¢ 3Q23 PROPERTY TAX SAVINGS +1.0¢ 4Q23 ANTICIPATED PROPERTY TAX SAVINGS +2.5¢

  4. Slide 4: Bad Debt

    BAD DEBT PRIOR GUIDANCE ACTUAL/GUIDANCE 3Q23 BAD DEBT PERCENTAGE 100 bps 140 bps 4Q23 BAD DEBT PERCENTAGE 90 bps 150 bps (1.0)¢ 3Q23 INCREASE IN BAD DEBT PERCENTAGE (1.5)¢ 4Q23 ANTICIPATED INCREASE IN BAD DEBT PERCENTAGE (1.0)¢ 3Q23 & 4Q23 INCREASED BAD DEBT ON ADMINISTRATIVE AND OTHER FEES (3.5)¢

  5. Slide 5: Occupancy

    OCCUPANCY PRIOR GUIDANCE REVISED GUIDANCE 4Q23 OCCUPANCY 95.6% 94.8% (2.0)¢ 4Q23 DECREASED OCCUPANCY

  6. Slide 6: Revenue Growth Assumptions

    REVENUE GROWTH ASSUMPTIONS 4Q23 NEW LEASES (4.5%) RENEWALS +4.0% BLENDED (0.7%) (1.5)¢ 4Q23 DECREASED RENTAL RATES

  7. Slide 7: Same Property Growth Guidance Midpoints: Revenue

    SAME PROPERTY GROWTH GUIDANCE MIDPOINTS REVENUE 5.65% 5.00% (7.0)¢ PER SHARE PRIOR GUIDANCE REVISED GUIDANCE

  8. Slide 8: Expenses

    EXPENSES 3Q23 TAX FAVORABILITY +1.5¢ 4Q23 TAX FAVORABILITY +1.0¢ 4Q23 HIGHER R&M/MARKETING & LEASING ( 1.5)¢ NET EXPENSE FAVORABILITY +1.0¢

  9. Slide 9: Same Property Growth Guidance Midpoints

    SAME PROPERTY GROWTH GUIDANCE MIDPOINTS REVENUE 5.65% 5.00% (7.0)¢ PER SHARE PRIOR GUIDANCE REVISED GUIDANCE EXPENSE 6.85% 6.50% +1.0¢ PER SHARE PRIOR GUIDANCE REVISED GUIDANCE NOI 5.00% 4.20% (6.0)¢ PER SHARE PRIOR GUIDANCE REVISED GUIDANCE

  10. Slide 10: Revised 2023 Core FFO

    REVISED 2023 CORE FFO (7.0)¢ $6.88 $6.81 PRIOR 2023 REVISED 2023 GUIDANCE MIDPOINT GUIDANCE MIDPOINT ( 3.5)¢ HIGHER SAME STORE BAD DEBT ( 2.0)¢ LOWER OCCUPANCY ( 1.5)¢ LOWER SAME STORE RENTS +1.0 ¢ LOWER PROPERTY EXPENSES ( 1.0)¢ LOWER NON-SAME STORE NOI ( 7.0)¢

  11. Slide 11: Core FFO Per Share

    CORE FFO PER SHARE (MIDPOINT OF GUIDANCE RANGE) (1.0)¢ PER SHARE $1.73 $1.72 3Q23 ACTUAL RESULTS 4Q23 GUIDANCE MIDPOINT ( 3.5)¢ DECREASED SAME STORE REVENUES +2.5 ¢ LOWER SAME STORE PROPERTY EXPENSES ( 1.0)¢

  12. Slide 12: Balance Sheet

    BALANCE SHEET • 3Q23 NET DEBT TO EBITDA : 4.1x • $181 MILLION REMAINING TO FUND FOR EXISTING DEVELOPMENT PIPELINE

  13. Slide 13: Camden Property Trust 3Q23 Earnings Call

    CAMDEN PROPERTY TRUST 3Q23 EARNINGS CALL

Camden Property Trust — Q3 2023 Earnings Presentation on 6ix