Camden Q3 EPS ($0.04) on $41M impairment; Core FFO $1.71; 2024 EPS guidance cut to $1.48

CAMDEN PROPERTY TRUST

2024-Q3 EPS reported $1.13 revenue$5,597,000

Q3 EPS loss of $0.04 per share (vs $0.44 in Q3 2023) includes $0.37 impairment charge on four land development projects.
Core FFO per diluted share was $1.71 vs $1.73 prior year; same property NOI flat.
2024 EPS guidance midpoint lowered to $1.48 (from $1.88); Core FFO guidance raised to $6.81 midpoint.
Hurricane Beryl caused $2.1M storm costs net of insurance; no material impact from hurricanes Helene or Milton.
Liquidity $1.1B including $1B undrawn credit facility; repaid $250M 3.68% notes due Sept 2024.

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