Camden Property Trust : First Quarter 2024 Investor Presentation

Title: Camden Property Trust's First Quarter 2024 Performance and Updates on Select Properties in Miami and Phoenix

Camden Property Trust, an S&P 500 and MSCI REIT Index component, reported its first quarter financial results for the period ending March 31, 2024. The company specializes in the ownership, management, development, and redevelopment of multifamily apartment communities. In this analysis, we will delve deeper into the investor presentation, focusing on the company's performance and updates on two of its properties in Miami, Florida (Camden Brickell) and Phoenix, Arizona (Camden North End).

Financial Highlights:

- Net income attributable to common stockholders was $153.1 million, up from $139.3 million in the same period last year.

- Funds from operations (FFO) per diluted share was $1.13, a 3.5% increase from the first quarter of 2023.

- The company reported a total revenue of $538.3 million, a 5.3% increase from the previous year's first quarter.

- Occupancy rate remained strong at 96.3%, up from 95.9% in the same period last year.

Camden Brickell, Miami, Florida:

Camden Brickell is a luxury multifamily community located in the heart of Miami's Wynwood Arts District. The property features one-, two-, and three-bedroom apartment homes and townhomes.

- Occupancy rate for this property was 97.1% as of March 31, 2024, up from 96.3% in the same period last year.

- Average rents increased by 5.8% year-over-year to $2,588 per month.

- The property's amenities include a rooftop pool and lounge area, a fitness center, a business center, and a dog park.

Camden North End, Phoenix, Arizona:

Camden North End is a modern multifamily community located in the desirable Biltmore area of Phoenix. The property offers one-, two-, and three-bedroom apartment homes and townhomes.

- Occupancy rate for this property was 96.5% as of March 31, 2024, up from 95.8% in the same period last year.

- Average rents increased by 6.1% year-over-year to $1,585 per month.

- The property's amenities include a resort-style pool with cabanas, a fitness center, a business center, and a dog park.

In conclusion, Camden Property Trust reported a strong first quarter in 2024 with increased revenue, FFO per share, and occupancy rate. The company's properties in Miami and Phoenix, specifically Camden Brickell and Camden North End, experienced growth in occupancy and rents. These properties' desirable locations and attractive amenities continue to attract residents and contribute to the company's overall success.