CAMDEN PROPERTY TRUST
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 2, 2024
CPT$99.44-4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-03.
0000906345-24-000017
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-02.
0000906345-24-000027
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 58 previous paragraphs and 60 current paragraphs.
44 unchanged; 9 reworded; 7 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Subsequent Events
Current report
On July 8, 2024, Hurricane Beryl impacted several of our multifamily communities in the Houston, Texas area. We are currently in the preliminary stage of assessing the effect of this event on the Company's consolidated financial results for the third quarter of 2024. Based upon the information available to date, we currently expect the storm-related expenses for this incident to be in the range of approximately $2.0 million to $3.0 million, net of available insurance proceeds. These estimates are preliminary and may change as we receive additional information.
Current report
Completed Construction in Lease-Up
Current report
At June 30, 2024, there was one completed operating property in lease-up as follows:
Current report
(1) Excludes leasing costs, which are expensed as incurred.
Current report
(1) Property in lease-up and was 69% leased at July 31, 2024.
Current report
(2) Property in lease-up and was 32% leased at July 31, 2024.
Removed paragraphs (5)
Previous report
Stabilized Communities
Previous report
We generally consider a property stabilized once it reaches 90% occupancy. During the fourth quarter of 2023, Camden NoDa in Charlotte, North Carolina completed construction of 387 homes and stabilization was achieved during the quarter ended March 31, 2024.
Previous report
(1) Property in lease-up and was 41% leased at April 30, 2024.
Previous report
(2) Property in lease-up and was 35% leased at April 30, 2024.
Previous report
(3) Property in lease-up and was 12% leased at April 30, 2024.
Reworded paragraphs (9)
Previous wording
Camden Property Trust and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. We focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand for our apartments and retention of our residents. As of March 31, 2024, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,227 apartment homes across the United States. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
Current wording
Camden Property Trust and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. We focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand for our apartments and retention of our residents. As of June 30, 2024, we owned interests in, operated, or were developing 177 multifamily properties comprised of 59,996 apartment homes across the United States. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
Previous wording
During the three months ended March 31, 2024, our results reflect an increase in same store revenues of approximately 2.5% as compared to the same period in 2023. The increase was primarily due to higher average rental rates, which we believe was primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, continued demand for multifamily housing in our markets, and a manageable supply of new multifamily housing.
Current wording
During the three and six months ended June 30, 2024, our results reflect an increase in same store revenues of approximately 1.4% and 2.0%, respectively, as compared to the same periods in 2023. The increases were in part due to higher average rental rates, which we believe were primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, and continued demand for multifamily housing in our markets.
Previous wording
Net income attributable to common shareholders was $83.9 million and $41.9 million for the three months ended March 31, 2024 and 2023, respectively. The $42.0 million increase during the three months ended March 31, 2024 as compared to the same period in 2023 was primarily due to a $43.8 million gain on sale of one operating property recognized during the three months ended March 31, 2024, partially offset by a $0.9 million loss on the early retirement of debt. See further discussion of our 2024 operations as compared to 2023 in"Results of Operations," below.
Current wording
Net income attributable to common shareholders was $42.9 million and $91.1 million for the three months ended June 30, 2024 and 2023, respectively, and was $126.8 million and $133.0 million for the six months ended June 30, 2024 and 2023, respectively. The $48.2 million decrease during the three months ended June 30, 2024, as compared to the same period in 2023, was primarily due to a $48.9 million gain on sale of one operating property recognized in 2023. The $6.2 million decrease during the six months ended June 30, 2024, as compared to the same period in 2023, was primarily due to recognizing a higher gain on sale of one operating property in 2023 of $48.9 million as compared to recognizing the gain on sale of one operating property in 2024 of $43.8 million. See further discussion of our 2024 operations as compared to 2023 in"Results of Operations," below.
Previous wording
At March 31, 2024, we had a total of four properties under construction comprising 1,166 apartment homes. As of March 31, 2024, we estimated the total additional cost to complete the construction of these four properties is approximately $97.4 million.
Current wording
At June 30, 2024, we had a total of five properties under construction comprising 1,746 apartment homes. As of June 30, 2024, we estimated the total additional cost to complete the construction of these five properties is approximately $297.9 million.
Previous wording
In January 2024, we utilized cash on hand to repay the principal amount of our 4.36% senior unsecured notes payable, which matured on January 15, 2024, for a total of $250.0 million, plus accrued interest.
Current wording
In January 2024, we utilized cash on hand to repay the principal amount of our 4.36% senior unsecured notes payable, which had a maturity date of January 15, 2024, for a total of $250.0 million, plus accrued interest.
Previous wording
During the first quarter of 2024, we repurchased 471,282 common shares at an average price of $96.91 per share for approximately $45.7 million under our share repurchase plan. In April 2024, we repurchased 44,692 common shares at an average price of $96.52 per share for approximately $4.3 million under our share repurchase plan. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was approximately $450.0 million.
Current wording
During the three months ended June 30, 2024, we repurchased 44,692 common shares at an average price of $96.52 per share, and during the six months ended June 30, 2024, we repurchased 515,974 common shares at an average price of $96.88 per share. The total cost of the shares repurchased for the six months ended June 30, 2024 was approximately $50.0 million. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was approximately $450.0 million.
Previous wording
Subject to market conditions, we intend to continue to seek opportunities to develop new communities and to redevelop, reposition, and acquire existing communities. We also intend to evaluate our portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise. We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which we believe are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our near-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from the ATM program, and other unsecured borrowings or secured mortgages.
Current wording
Subject to market conditions, we intend to continue to seek opportunities to develop new communities and to redevelop, reposition, and acquire existing communities. We also intend to evaluate our portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise. We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which we believe are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our near-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our 2023 ATM program, and other unsecured borrowings or secured mortgages.
Previous wording
Our condensed consolidated balance sheet at March 31, 2024 includes approximately $477.5 million related to properties under development and land. Of this amount, approximately $194.2 million related to our properties currently under construction. In addition, we had approximately $283.3 million primarily invested in land held for future development.
Current wording
Our condensed consolidated balance sheet at June 30, 2024 includes approximately $439.8 million related to properties under development and land. Of this amount, approximately $216.6 million related to our properties currently under construction. In addition, we had approximately $223.2 million primarily invested in land held for future development.
Previous wording
Properties Under Construction. At March 31, 2024, we had four properties in various stages of construction as follows:
Current wording
Properties Under Construction. At June 30, 2024, we had five properties in various stages of construction as follows: