Camden Property Trust (CPT) Q4 2024 earnings summary

Executive summary

• Q4 2024 Core FFO per share was $1.73, exceeding guidance midpoint by $0.03, driven by higher other income and lower operating expenses.

• 2024 same-store revenue grew 1.3%, expenses rose 1.8%, and NOI increased 1.1% year-over-year.

• Sunbelt markets, especially Texas and Florida, continue to benefit from strong population growth, supporting housing demand.

• 2024 results exceeded operating budgets despite record multifamily supply, aided by technology and high resident retention.

• Full-year 2024 net income attributable to common shareholders was $163.3M ($1.50 per share), down from $403.3M ($3.70 per share) in 2023, reflecting lower gains on property sales.

Financial highlights

• Q4 2024 property revenues were $386.3M, nearly flat year-over-year; full-year property revenues were $1.54B, also flat.

• Q4 2024 blended lease rate change was -1.2%, with new leases down 4.7% and renewals up 3.2%.

• Full-year expense growth benefited from declines in property taxes (-0.2%) and insurance (-16.9%).

• Core AFFO per share for Q4 2024 was $1.46, up from $1.44 in Q4 2023; full-year Core AFFO per share was $5.88, down from $5.94.

• Q4 2024 same property revenue grew 0.8% year-over-year, expenses rose 0.2%, and NOI increased 1.2%.

Outlook and guidance

• 2025 Core FFO per share guidance is $6.60–$6.90 (midpoint $6.75), with Q1 2025 Core FFO per share guidance of $1.66–$1.70.

• 2025 same-store revenue growth projected at 1%, expense growth at 3%, and flat NOI.

• 2025 acquisition and disposition guidance midpoint is $750M each, with a range of $600–$900M.

• Up to $675M in development starts and $285M–$300M in development spend planned for 2025.

• Board declared Q1 2025 dividend of $1.05 per share, payable April 17, 2025.