Camden National Corporation · NASDAQ:CAC
Camden National — Q4 2022 Earnings Presentation
21 slides from Camden National's earnings presentation, Jan 31, 2023
Slide 1: Camden Property Trust 4Q22 Earnings Call
CAMDEN PROPERTY TRUST 4Q22 EARNINGS CALL
Slide 2: Camden's 2023 Market Grades
CAMDEN’S 2023 MARKET GRADES EXPECTED EXPECTED GRADE OUTLOOK REVENUE COMPLETIONS Total Portfolio A- Moderating 4% - 6% 200,000
Slide 3: Camden's 2023 Market Grades
CAMDEN’S 2023 MARKET GRADES EXPECTED EXPECTED GRADE OUTLOOK REVENUE COMPLETIONS Total Portfolio A- Moderating 4% - 6% 200,000 Orlando A+ Moderating 6% - 8% 12,000 Southeast Florida A+ Moderating 6% - 8% 11,000 Tampa A+ Moderating 6% - 8% 6,000 Charlotte A Moderating 5% - 6% 11,000 Raleigh A Moderati
Slide 4: Camden's 2023 Market Grades
CAMDEN’S 2023 MARKET GRADES EXPECTED EXPECTED GRADE OUTLOOK REVENUE COMPLETIONS Dallas A- Stable ~5% 20,000 Phoenix A- Stable ~5% 15,000 Denver A- Moderating ~5% 15,000 Austin A- Moderating ~5% 20,000 San Diego/Inland Empire B+ Stable 4% - 4.5% 10,000 Washington DC B+ Stable 4% - 4.5% 13,000 Atlanta
Slide 5: Same Property Revenue Growth
SAME PROPERTY REVENUE GROWTH 4Q22 ACTUAL 9.9% FULL YEAR 11.2%
Slide 6: 4Q22 Signed New Leases & Renewals
4Q22 SIGNED NEW LEASES & RENEWALS NEW LEASES 4.0% RENEWALS 8.4% BLENDED RATE 6.1%
Slide 7: January 2023 Signed New Leases & Renewals
JANUARY 2023 SIGNED NEW LEASES & RENEWALS NEW LEASES 2.0% RENEWALS 7.3% BLENDED RATE 4.2%
Slide 8: Same Property Occupancy
SAME PROPERTY OCCUPANCY 95.8% 96.6% 4Q22 3Q22
Slide 9: 4Q22 Turnover
4Q22 TURNOVER 2022 2021 NET TURNOVER 43.0% 41.0% 2022 2021 MOVEOUTS TO 13.8% 16.4% PURCHASE HOMES
Slide 10: Camden Property Trust 4Q22 Earnings Call
CAMDEN PROPERTY TRUST 4Q22 EARNINGS CALL
Slide 11: Camden Atlantic – Plantation, Florida
Camden Atlantic – Plantation, Florida
Slide 12: 4Q22 FFO
4Q22 FFO $191.6 MILLION $1.74 $1.74 4Q22 GUIDANCE MIDPOINT 4Q22 ACTUAL RESULTS ( 1.0¢) INSURANCE EXPENSE ASSOCIATED WITH RECENT WINTER FREEZE +1.0¢ LEASING VELOCITY AT CAMDEN ATLANTIC AND LOWER EMPLOYEE HEATH CLAIMS/LOWER TAXES
Slide 13: 2022 Same Property Growth
2022 SAME PROPERTY GROWTH REVENUE 11.2% EXPENSE 5.1% NOI 14.6%
Slide 14: 2023 Forecasted FFO Per Share
2023 FORECASTED FFO PER SHARE +26¢ $6.59 $6.85 2022 ACTUAL RESULTS 2023 GUIDANCE MIDPOINT
Slide 15: 2023 FFO Per Share
2023 FFO PER SHARE $ 0.36 5% SAME STORE NOI GROWTH 0.26 ADDITIONAL NOI FROM FUND ACQUISITION 0.16 GROWTH IN OTHER NON-SAME STORE/DEVELOPMENT COMMUNITIES ( 0.21 ) INCREASED INTEREST EXPENSE ( 0.07 ) 2022 AMORTIZATION OF NET BELOW MARKET LEASES ( 0.07 ) 2022 EQUITY IN INCOME OF JOINT VENTURES AND MANA
Slide 16: 2023 Same Property Revenue Growth
2023 SAME PROPERTY REVENUE GROWTH 5.0% EARN IN AND CAPTURED LOSS TO LEASE +1.5% 3% ANNUAL MARKET RENTAL RATE GROWTH ÷ 2 6.5% NET MARKET RENT GROWTH ( 1.0%) ECONOMIC OCCUPANCY 5.5% RENTAL INCOME GROWTH 4.9% CONTRIBUTION FROM RENTAL INCOME (5.5% x 89%) 0.2% CONTRIBUTION FROM OTHER INCOME (1.5% x 11%)
Slide 17: 2023 Same Property Expense Growth
2023 SAME PROPERTY EXPENSE GROWTH 2.4% PROPERTY TAXES (37% x 6.5%) 0.8% INSURANCE (6% x 12.5%) 2.3% OTHER PROPERTY EXPENSES (57% x 4.0%) 5.5% 2023 EXPENSE GROWTH MIDPOINT
Slide 18: 2023 Guidance
2023 GUIDANCE MIDPOINT ASSUMES: • $250 MILLION OF ACQUISITIONS OFFSET BY $250 MILLION OF DISPOSITIONS WITH NO NET ACCRETION OR DILUTION • $250 - $600 MILLION OF DEVELOPMENT STARTS • $290 MILLION OF ANNUAL DEVELOPMENT SPEND
Slide 19: 1Q23 Expected FFO Per Share
1Q23 EXPECTED FFO PER SHARE (MIDPOINT OF GUIDANCE RANGE) (9¢) PER SHARE $1.74 $1.65 4Q22 ACTUAL RESULTS 1Q23 GUIDANCE MIDPOINT $ 0.005 NOI FROM DEVELOPMENT AND STABILIZED NON-SAME STORE COMMUNITIES ( 0.035) ANNUAL PROPERTY TAX RESET AND SALARY/BENEFIT INCREASES ( 0.015) LOWER LEVELS OF RENTAL ASSIST
Slide 20: Liquidity
LIQUIDITY • 4Q22 NET DEBT TO EBITDA : 4.1x • $304 MILLION REMAINING TO FUND FOR EXISTING DEVELOPMENT PIPELINE
Slide 21: Camden Property Trust 4Q22 Earnings Call
CAMDEN PROPERTY TRUST 4Q22 EARNINGS CALL