Camden Property Trust · NYSE:CPT
Camden Property Trust — Q4 2021 Earnings Presentation
20 slides from Camden Property Trust's earnings presentation, 2022
Slide 1: Camden Property Trust 4Q21 Earnings Call
CAMDEN PROPERTY TRUST 4Q21 EARNINGS CALL
Slide 2: Camden's 2022 Market Grades
CAMDEN’S 2022 MARKET GRADES 2022 Market Grade Jobs Completions Ratio Total Portfolio A Stable 1,050,000 175,000 6.0
Slide 3: Camden's 2022 Market Grades
CAMDEN’S 2022 MARKET GRADES 2022 Market Grade Jobs Completions Ratio Phoenix A+ Stable 80,000 18,000 4.4 Southeast Florida A+ Stable 50,000 10,000 5.0 Tampa A+ Stable 50,000 6,000 8.3 Orlando A+ Stable 60,000 9,000 6.7 Atlanta A Stable 90,000 10,000 9.0 Austin A Stable 50,000 18,000 2.8 Raleigh A St
Slide 4: Camden's 2022 Market Grades
CAMDEN’S 2022 MARKET GRADES 2022 Market Grade Jobs Completions Ratio San Diego/Inland Empire A Stable 100,000 8,000 12.5 Charlotte A Stable 40,000 8,000 5.0 Nashville A Stable 40,000 10,000 4.0 Dallas A Stable 95,000 15,000 6.3 Denver A Stable 55,000 10,000 5.5 Los Angeles/Orange County A Improving
Slide 5: 4Q21 Same Property Revenue Growth Leaders
4Q21 SAME PROPERTY REVENUE GROWTH LEADERS Tampa 13.6% Phoenix 12.7% Southern California 11.6% Raleigh 10.9% Southeast Florida 10.6%
Slide 6: 4Q21 Signed New Leases & Renewals
4Q21 SIGNED NEW LEASES & RENEWALS NEW LEASES 16.7% RENEWALS 14.1% BLENDED RATE 15.5%
Slide 7: Same Store Occupancy
SAME STORE OCCUPANCY 95.5% 97.1% 4Q20 4Q21
Slide 8: 4Q21 Turnover
4Q21 TURNOVER 2021 2020 NET TURNOVER 41.0% 41.0% 4Q21 2021 MOVEOUTS TO 15.8% 16.4% PURCHASE HOME
Slide 9: Camden Greenville – Dallas, Texas
Camden Greenville – Dallas, Texas
Slide 10: Camden Greenville – Dallas, Texas and other communities
Camden Greenville – Dallas, Texas – 558 units Camden Central – St. Petersburg, Florida – 368 units Camden Music Row – Nashville, Tennessee – 430 units Camden Franklin Park – Franklin, Tennessee – 328 units
Slide 11: Camden Oak Crest – Houston, Texas
Camden Oak Crest – Houston, Texas Average Age: 21 years Average Monthly Rent per Door: $1,350 Annual Capex per Door: $2,300 AFFO Yield: 3.9% Unleveraged IRR over 20-year Hold: 10.5% Camden Park – Houston, Texas Camden Russett – Laurel, Maryland
Slide 12: Camden North End II – Phoenix, Arizona
Camden North End II – Phoenix, Arizona
Slide 13: Camden Hillcrest - San Diego, California
Camden Hillcrest - San Diego, California
Slide 14: 4Q21 FFO
4Q21 FFO $160.2 MILLION 2¢ per share $1.51 $1.49 4Q21 ACTUAL RESULTS 4Q21 GUIDANCE MIDPOINT
Slide 15: 2021 Operating Results vs. Original Guidance
2021 OPERATING RESULTS VS. ORIGINAL GUIDANCE REVENUE 4.3% 0.75% RESULTS GUIDANCE EXPENSE 3.5% = 3.5% RESULTS GUIDANCE NOI 4.8% (0.85%) RESULTS GUIDANCE
Slide 16: 2022 Forecasted FFO Per Share
2022 FORECASTED FFO PER SHARE +85¢ $5.39 $6.24 2021 RESULTS 2022 MIDPOINT
Slide 17: 2022 FFO Per Share
2022 FFO PER SHARE $ 5.39 2021 RESULTS + 0.79 SAME STORE NOI GROWTH + 0.35 NON-SAME STORE NOI GROWTH + 0.07 2022 PROFORMA ACQUISITONS ( 0.11) 2021 DISPOSITIONS ( 0.04) 2022 PROFORMA DISPOSITIONS ( 0.03) OTHER CORPORATE ADJUSTMENTS ( 0.18) IMPACT FROM 2021 ATM ACTIVITY $ 6.24 2022 FFO MIDPOINT
Slide 18: 1Q22 FFO Per Share
1Q22 FFO PER SHARE 4¢ PER SHARE $1.51 $1.47 4Q21 1Q22 (02¢) 4Q21 DISPOSITIONS (01¢) INCREASED SEQUENTIAL SAME STORE EXPENSES (01¢) 4Q21 ATM IMPACT (04¢)
Slide 19: Balance Sheet
BALANCE SHEET NET DEBT TO EBITDA 3.8x TOTAL FIXED CHARGE COVERAGE RATIO 6.4x LIQUIDITY (AS OF FEBRUARY 3, 2022) ~$ 500 MILLION IN CASH AND CASH EQUIVALENTS ~ 900 MILLION AVAILABLE UNDER LINE OF CREDIT $1,400 MILLION
Slide 20: Camden Property Trust 4Q21 Earnings Call
CAMDEN PROPERTY TRUST 4Q21 EARNINGS CALL
Camden Property Trust — Q4 2021 Earnings Presentation on 6ix