Camden National Corporation · NASDAQ:CAC

Camden National — Q1 2024 Earnings Presentation

16 slides from Camden National's earnings presentation, Apr 30, 2024

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

    CAMDEN PROPERTY TRUST 1Q24 EARNINGS CALL

  2. Slide 2: Camden NoDa

    CAMDEN NODA ¥ ry ™ CAMDEN

  3. Slide 3: Camden Long Meadow Farms

    CAMDEN LONG MEADOW FARMS CAMDEN.

  4. Slide 4: Camden Durham

    CAMDEN DURHAM ¥ ry ™ CAMDEN

  5. Slide 5: Camden Woodmill Creek

    CAMDEN WOODMILL CREEK CAMDEN

  6. Slide 6: 1Q24 Asset Disposition

    1Q24 ASSET DISPOSITION CAMDEN VANTAGE • 592-UNIT 14-YEAR-OLD COMMUNITY IN ATLANTA, GEORGIA • $115M SALES PRICE

  7. Slide 7: Unsecured Notes

    UNSECURED NOTES • $400M 10-YEAR SENIOR UNSECURED NOTES • FIXED COUPON OF 4.90% • YIELD OF 4.94% • UTILIZED PROCEEDS TO PREPAY OUR $300M TERM LOAN • IN JANUARY, REPAID AT MATURITY OUR $250M 4.4% SENIOR UNSECURED NOTE

  8. Slide 8: Share Repurchase

    SHARE REPURCHASE $50M IN SHARE REPURCHASES • $96.88 PER SHARE AVERAGE PRICE • $450M REMAINING UNDER SHARE REPURCHASE AUTHORIZATON

  9. Slide 9: Balance Sheet

    BALANCE SHEET • 85% FIXED RATE DEBT • NO AMOUNTS OUTSTANDING UNDER $1.2B CREDIT FACILITY • <$300M OF MATURITIES OVER NEXT 24 MONTHS • <$100M REMAINING TO FUND FOR EXISTING DEVELOPMENT PIPELINE • 1Q24 NET DEBT TO EBITDA : 3.9x

  10. Slide 10: 1Q24 Core FFO Per Share

    1Q24 CORE FFO PER SHARE 3¢ per share $1.67 $1.70 1Q24 GUIDANCE MIDPOINT 1Q24 ACTUAL RESULTS • 1.5¢ LOWER THAN ANTICIPATED BAD DEBT • 1.5¢ LOWER INSURANCE CLAIMS AND PROPERTY TAXES

  11. Slide 11: 2024 Same Store Revenue Growth

    2024 SAME STORE REVENUE GROWTH ORIGINAL GUIDANCE 0.50% EARN IN +0.70% 1.4% ANNUAL MARKET RENTAL RATE GROWTH ÷ 2 1.20% NET MARKET RENT GROWTH +0.30% LOWER BAD DEBT EXPENSE 1.50% REVENUE GROWTH UPDATE GUIDANCE 0.50% EARN IN +0.25% 0.5% ANNUAL MARKET RENTAL RATE GROWTH ÷ 2 0.75% NET MARKET RENT GROWTH

  12. Slide 12: 2024 Revised Same Store Expense Growth

    2024 REVISED SAME STORE EXPENSE GROWTH PRIOR REVISED 4.50% 3.25% 0.00% INSURANCE (7.5% x 0%) 0.55% TAXES (36% X 1.5%) 2.70% OTHER PROPERTY EXPENSES (56.5% x 4.8%) 3.25% 2024 REVISED EXPENSE GROWTH MIDPOINT

  13. Slide 13: 2Q24 Same Store Growth Guidance

    2Q24 SAME STORE GROWTH GUIDANCE ORIGINAL REVISED REVENUE 1.50% 1.50% EXPENSE 4.50% 3.25% NOI 0.00% 0.50% CORE FFO $6.74 $6.74

  14. Slide 14: 2024 Guidance

    2024 GUIDANCE MIDPOINT ASSUMES: • $250 MILLION OF ADDITIONAL DISPOSITIONS OFFSET BY $250 MILLION OF ACQUISITIONS WITH NO NET ACCRETION OR DILUTION • UP TO $300 MILLION OF DEVELOPMENT STARTS IN SECOND HALF OF 2024 • $175 MILLION OF TOTAL 2024 DEVELOPMENT SPEND

  15. Slide 15: 2Q24 Expected Core FFO Per Share

    2Q24 EXPECTED CORE FFO PER SHARE (MIDPOINT OF GUIDANCE RANGE) (3¢) PER SHARE $1.70 $1.67 1Q24 ACTUAL RESULTS 2Q24 GUIDANCE MIDPOINT ($0.01) DECREASE IN INTEREST INCOME ( 0.01) INCREASE IN OVERHEAD COSTS ( 0.01) DECREASE IN SAME STORE NOI ($0.03)

  16. Slide 16: Camden Property Trust 1Q24 Earnings Call

    CAMDEN PROPERTY TRUST 1Q24 EARNINGS CALL

Camden National — Q1 2024 Earnings Presentation on 6ix