Camden Q1 FFO $1.50 per share; raises 2022 same-property NOI and FFO guidance

CAMDEN PROPERTY TRUST

2022-Q1 EPS reported $0.76 revenue$2,450,000

Q1 2022 FFO $1.50/diluted share vs $1.24 YoY; EPS $0.76 vs $0.31.
Same property NOI grew 15.5% YoY on 11.1% revenue growth; occupancy rose to 97.1% from 95.9%.
Acquired remaining 68.7% interests in two funds for ~$1.1B (assumed $514M debt); now owns 100% of 7,247 homes.
Raised 2022 same property NOI growth guidance to 12.5%-15% (midpoint 13.75%) vs prior 12%; FFO guidance raised to $6.39-$6.63 from $6.24 midpoint.
Issued 2.9M shares post-quarter for ~$490M net proceeds; used to reduce credit line.

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