Camden's Q4 FFO Beats Estimates, Same-Property NOI Rises

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.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.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 DetailIn 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 ActivityIn 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 PositionCPT 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 CPTFor 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.Management expects same-property revenue growth of 0-2% and an expense increase of 2.25-3.75%. Same-property NOI is projected between negative 1.5% and positive 1.5%.CPT’s DividendConcurrent with its fourth-quarter earnings release, Camden declared its first-quarter 2025 dividend of $1.05 per share. The same will be paid out on April 17 to shareholders on record as of March 31, 2025.CPT’s Zacks RankCamden currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Camden Property Trust Price, Consensus and EPS Surprise Camden Property Trust price-consensus-eps-surprise-chart | Camden Property Trust QuotePerformance of Other Residential REITsUDR Inc. UDR reported fourth-quarter 2024 FFO as adjusted per share of 63 cents, in line with the Zacks Consensus Estimate. The figure remained unchanged year over year.Results reflected year-over-year growth in same-store revenues and same-store NOI. However, a rise in property operating and maintenance and interest expenses acted as dampeners.  UDR increased its annualized dividend payment and issued 2025 guidance.AvalonBay Communities AVB reported a fourth-quarter 2024 core FFO per share of $2.80, missing the Zacks Consensus Estimate of $2.83. However, the figure climbed 2.2% from the prior-year quarter’s tally.The quarterly results reflected higher property management, other indirect operating expenses and interest expenses. However, a year-over-year increase in same-store residential rental revenues and same-store NOI supported AVB’s results to an extent.Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.Free Today: Profiting from The Future’s Brightest Energy SourceThe demand for electricity is growing exponentially. At the same time, we’re working to reduce our dependence on fossil fuels like oil and natural gas. Nuclear energy is an ideal replacement.Leaders from the US and 21 other countries recently committed to TRIPLING the world’s nuclear energy capacities. 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