earnings
confidence high
sentiment positive
materiality 0.85
Camden Property Q2 EPS $4.54 on $474M gain; FFO $1.64; raises 2022 guidance
CAMDEN PROPERTY TRUST
2022-Q2 EPS reported
$5.37
revenue$3,640,000
- Q2 EPS $4.54 (incl. $4.32 non-cash gain on JV acquisition) vs $0.30 YoY; FFO $1.64 (+28%), AFFO $1.44 (+31%).
- Same-property NOI up 16.5% YoY; revenue +12.1%, expenses +4.7%; occupancy 96.9% flat.
- Acquired remaining 68.7% interests in two funds for ~$1.1B cash+$515M debt assumption; recorded $474M non-cash gain.
- Issued 2.9M common shares for ~$490M net proceeds; used to reduce credit line borrowings.
- Raised 2022 FFO guidance to $6.48-$6.68 (midpoint $6.58) and same-property NOI growth to 14.75% midpoint.