Camden National Corporation · NASDAQ:CAC
Camden National — Q3 2024 Earnings Presentation
10 slides from Camden National's earnings presentation, Oct 29, 2024
Slide 1: Camden Property Trust 3Q24 Earnings Call
3Q24 Camden Property Trust Earnings Call
Slide 2: Slide 2
Slide 3: New Development
NEW DEVELOPMENT 2024 2025 2026 ~$320M - Charlotte Early 2025 ~$375M - Nashville & Denver Late 2025 or Early 2026 ~$300 - Nashville Additional Land Parcels under Contract
Slide 4: 3Q24 Core FFO per Share
3Q24 CORE FFO PER SHARE 3¢ per share $1.68 $1.71 3Q24 GUIDANCE 3Q24 ACTUAL MIDPOINT RESULTS • 1.5¢ FROM LOWER CORE INSURANCE EXPENSE • 1.5¢ FROM HIGHER OTHER INCOME AND LOWER OTHER EXPENSES
Slide 5: 2024 Same Store Growth Guidance
2024 SAME STORE GROWTH GUIDANCE MIDPOINTS Prior Updated REVENUE 1.50% 1.30% EXPENSE 2.85% 2.30% NOI 0.75% 0.75%
Slide 6: Same Store Guidance Assumptions
SAME STORE GUIDANCE ASSUMPTIONS Full Year Revenue of 1.3% 4Q24 Revenue Assumptions • Occupancy - 95.2% to 95.4% • Blended lease trade outs slightly negative • Bad debt – 75 to 85 bps Full Year Expenses of 2.3% • Insurance • Taxes
Slide 7: 2024 Expected Core FFO per Share
2024 EXPECTED CORE FFO PER SHARE Midpoint of Guidance Range 2¢ per share $6.79 $6.81 PRIOR CURRENT GUIDANCE GUIDANCE MIDPOINT MIDPOINT • 2¢ raise from 3Q24 non-property outperformance
Slide 8: 4Q24 Expected Core FFO per Share
4Q24 EXPECTED CORE FFO PER SHARE Midpoint of Guidance Range 1¢ per share $1.71 $1.70 3Q24 ACTUAL 4Q24 GUIDANCE RESULTS MIDPOINT ($0.025) Lower property revenues 0.035 Lower property expenses ( 0.015) Lower interest and fee and asset management income ( 0.005) Higher net interest expense ($0.010)
Slide 9: Balance Sheet
BALANCE SHEET • 80% fixed rate debt • < $200M outstanding under $1.2B credit facility • $65M of maturities over next 24 months • < $270M remaining to fund for existing development pipeline • 3Q24 Net Debt to EBITDA = 3.9x
Slide 10: Camden Property Trust 3Q24 Earnings Call
3Q24 Camden Property Trust Earnings Call