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Camden Property Trust CPT reported fourth-quarter 2024 core funds from operations (FFO) per share of $1.73, beating the Zacks Consensus Estimate of $1.68. The figure remained unchanged year over year.
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The quarterly results reflect higher same-property revenues and same-property net operating income (NOI). However, a lower effective blended lease rate undermined the results to an extent. CPT issued guidance for the first quarter and full-year 2025 core FFO per share.
Property revenues in the quarter came in at $386.3 million, missing the Zacks Consensus Estimate of $387 million. The figure decreased marginally on a year-over-year basis.
For full-year 2024, the core FFO per share came in at $6.85, up year over year by a margin. It also surpassed the Zacks Consensus Estimate by 2.2%. Property revenues for full-year 2024 came in at $1.54 billion, rising marginally year over year.
CPT’s Fourth Quarter in Detail
In the reported quarter, same-property revenues increased 0.8% year over year to $365.6 million. Same-property expenses rose 0.2% to $127.2 million. As a result, the same-property NOI climbed 1.2% to $238.4 million.
The same-property occupancy came in at 95.3%, increasing 40 basis points (bps) year over year and declining 20 bps sequentially.
However, same-property effective blended lease rates declined 1.1% year over year.
CPT’s Portfolio Activity
In the fourth quarter, Camden completed the construction of two communities, namely Camden Durham in Durham, NC, with 420 units at a total cost of $144.8 million and Camden Long Meadow Farms in Richmond, TX, with 188 units at a total cost of $71.9 million.
Camden has three communities under development with a total of 1,138 units at an estimated cost of $455 million.
Subsequent to year-end 2024, Camden purchased an apartment community, Camden Leander, in Austin, TX, with 352 units for $67.7 million.
CPT’s Balance Sheet Position
CPT had around $21 million cash and cash equivalents and nearly $1.0 billion of availability under its unsecured credit facility as of Dec. 31, 2024.
Additionally, its net debt-to-annualized adjusted EBITDAre for the October-December period was 3.8 times, improving from 3.9 times on a sequential basis.
2025 Guidance by CPT
For the first quarter of 2025, CPT expects core FFO per share in the range of $1.66-$1.70. The Zacks Consensus Estimate presently stands at $1.67, within the projected range.
For the full year, CPT expects core FFO per share between $6.60 and $6.90, with the midpoint at $6.75. The Zacks Consensus Estimate presently stands at $6.80, within the projected range.