Camden Property Trust (CPT) Releases Q3 2023 Earnings: Key Highlights
Camden Property Trust (NYSE:CPT) reported Q3 2023 earnings with EPS of $0.44, up from $0.27 in Q3 2022.
Revenues and expenses showed a year-to-date growth of 6.0% and 6.3% respectively.
Leasing activities continued at various properties, contributing to the company's performance.
CPT updated its earnings guidance for 2023 based on current market conditions.
Camden Property Trust (NYSE:CPT) announced its third quarter 2023 operating results on October 26, 2023. The company reported steady performance despite market challenges, with key financial metrics showing growth compared to the same period in 2022.
Financial Performance
For the three and nine months ended September 30, 2023, CPT reported an EPS of $0.44 and $1.66 respectively, showing an increase from $0.27 and $5.62 in the same periods in 2022. The company's Funds from Operations (FFO), Core FFO, and Core Adjusted Funds from Operations (Core AFFO) also showed growth. The FFO for the three and nine months ended September 30, 2023, stood at $1.73 and $5.06 per diluted share respectively, compared to $1.70 and $4.85 in 2022.
Operating Statistics and Development Activity
Camden's same property results showed a 4.1% increase in revenues and a 5.3% increase in expenses for Q3 2023 compared to Q3 2022. The company's net operating income (NOI) increased by 3.5% in the same period. Occupancy rates stood at 95.6% for Q3 2023, slightly lower than the 96.6% in Q3 2022.
During the quarter, lease-up was completed at Camden Tempe II in Tempe, AZ, and leasing continued at Camden NoDa in Charlotte, NC. Leasing also began at Camden Durham in Durham, NC, and at Camden Woodmill Creek in The Woodlands, TX after the quarter ended.
Liquidity Analysis and Earnings Guidance
As of September 30, 2023, CPT had approximately $739.8 million of liquidity, comprised of approximately $14.6 million in cash and cash equivalents, and $725.2 million of availability under its unsecured credit facility. The company had $180.6 million left to fund under its existing wholly-owned development pipeline.
CPT updated its earnings guidance for 2023 based on its current and expected views of the apartment market and general economic conditions. The company intends to update its earnings guidance to the market on a quarterly basis.
Final Remarks
Richard J. Campo, Camdens Chairman and CEO, commented on the results, stating,
Overall, our third quarter 2023 performance was in line with our expectations. Recent trends in September and October reflect stronger seasonality than we have experienced over the past few years. We are adjusting our full-year 2023 outlook for higher delinquencies, and slightly lower occupancy and rent growth for the remainder of the year.
Explore the complete 8-K earnings release (here) from Camden Property Trust for further details.
This article first appeared on GuruFocus.
