Camden National Corporation · NASDAQ:CAC
Camden National — Q4 2024 Earnings Presentation
21 slides from Camden National's earnings presentation, Jan 28, 2025
Slide 1: Camden Property Trust 4Q24 Earnings Call
4Q24 Camden Property Trust Earnings Call
Slide 2: Camden's 2025 Market Grades
CAMDEN’S 2025 MARKET GRADES GRADE OUTLOOK EXPECTED REVENUE Total Portfolio B Stable 0% - 2% Tampa A- Improving 2.0% - 2.5% Los Angeles/Orange County A- Stable 2.0% - 2.5% San Diego/Inland Empire A- Moderating 2.0% - 2.5% Washington DC Metro A- Moderating 2.0% - 2.5% Houston B+ Stable 2.0% - 2.5%
Slide 3: Camden's 2025 Market Grades
CAMDEN’S 2025 MARKET GRADES GRADE OUTLOOK EXPECTED REVENUE Denver B+ Moderating 0% - 1% Atlanta B Improving 0% - 1% Phoenix B Stable 0% - 1% Raleigh B Stable 0% - 1% Orlando B Moderating 0% - 1% Southeast Florida B Moderating 0% - 1% Dallas B- Stable 0% - 1% Charlotte B- Moderating 0% - 1%
Slide 4: Camden's 2025 Market Grades
CAMDEN’S 2025 MARKET GRADES GRADE OUTLOOK EXPECTED REVENUE Nashville C Improving 0%- (3)% Austin C- Stable 0%- (3)%
Slide 5: 4Q24 Signed New Leases and Renewals
4Q24 SIGNED NEW LEASES AND RENEWALS NEW LEASES (4.7)% RENEWALS 3.2% BLENDED RATE (1.2)%
Slide 6: Camden Property Trust 4Q24 Earnings Call
4Q24 Camden Property Trust Earnings Call
Slide 7: Camden Durham
CAMDEN DURHAM Durham, North Carolina 420 UNITS $145M ~80% LEASED
Slide 8: Camden Long Meadow Farms
CAMDEN LONG MEADOW FARMS Richmond, Texas 188 UNITS $72M ~55% LEASED
Slide 9: Camden Woodmill Creek
CAMDEN WOODMILL CREEK Spring, Texas 189 UNITS $72M ~90% LEASED
Slide 10: Camden Leander
CAMDEN LEANDER Leander, Texas 352 UNITS $68M ~85% OCCUPIED
Slide 11: 4Q24 Core FFO Per Share
4Q24 CORE FFO PER SHARE $1.73 3¢ per share $1.70 from 4Q24 ACTUAL 4Q24 GUIDANCE RESULTS MIDPOINT • 0.5¢ FROM HIGHER OTHER INCOME • 2.5¢ FROM LOWER OPERATING EXPENSES • 3.0¢
Slide 12: 2024 Actual Same Store Growth
2024 ACTUAL SAME STORE GROWTH REVENUE 1.3% EXPENSE 1.8% NOI 1.1%
Slide 13: 2025 Acquisitions and Dispositions
2025 ACQUISITIONS AND DISPOSITIONS Midpoint of Guidance Range $750M ACQUISITIONS DISPOSITIONS $750M
Slide 14: 2025 Expected Core FFO Per Share
2025 EXPECTED CORE FFO PER SHARE Midpoint of Guidance Range $6.75 10¢ per $6.85 share from 2025 GUIDANCE 2024 ACTUAL MIDPOINT RESULTS • 6¢ INCREASE FROM DEVELOPMENT COMMUNITIES IN LEASE-UP AND OTHER NON-SAME PROPERTIES • 1¢ INCREASE FROM TIMING OF ASSUMED ACQUISITIONS & DISPOSITIONS • (10¢) INCREASE
Slide 15: 2025 Expected Same Store Growth
2025 EXPECTED SAME STORE GROWTH Midpoint of Guidance Range REVENUE 1.0% EXPENSE 3.0% NOI 0.0%
Slide 16: 2025 Expected Same Store Revenue Growth
2025 EXPECTED SAME STORE REVENUE GROWTH Midpoint of Guidance Range 0.0% EARN IN +0.7% 1.4% ANNUAL MARKET RENTAL RATE GROWTH ÷ 2 0.7% NET MARKET RENT GROWTH +0.2% HIGHER OCCUPANCY +0.1% LOWER BAD DEBT EXPENSE 1.0% RENTAL INCOME GROWTH
Slide 17: 2025 Developments
2025 DEVELOPMENTS Guidance Ranges DEVELOPMENT STARTS $175M TO $675M DEVELOPMENT SPEND $270M TO $300M
Slide 18: 1Q25 Expected Core FFO Per Share
1Q25 EXPECTED CORE FFO PER SHARE Midpoint of Guidance Range $1.68 5¢ per share $1.73 from 1Q25 GUIDANCE 4Q24 ACTUAL MIDPOINT RESULTS ( 4.0¢) INCREASE IN SAME STORE EXPENSES ( 1.5¢) INCREASE IN INTEREST EXPENSE 0.5¢ CORE FFO FROM ACQUISITION ACTIVITY ( 5.0¢)
Slide 19: Balance Sheet
BALANCE SHEET • ~80% FIXED RATE DEBT • < $200M OUTSTANDING UNDER $1.2B CREDIT FACILITY • NO MATURITIES OVER NEXT 12 MONTHS • < $250M REMAINING TO FUND FOR EXISTING DEVELOPMENT PIPELINE • 4Q24 NET DEBT TO EBITDA = 3.8X
Slide 20: Camden Property Trust 4Q24 Earnings Call
4Q24 Camden Property Trust Earnings Call
Slide 21: Camden Property Trust 4Q24 Earnings Call
4Q24 Camden Property Trust Earnings Call