Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

549cb92652aeb17b337daa4cd31dfcac23a49cb3b7471d93951a446a73fa50c6

6ac310c1a5c3b63a637876070260dbc982ffebb4cab4f329d3cb556bb2650772

00c71314816b81869bbef63020948f30e8b08d6375ad0e005cdcfd631069d6ce

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

0263405222427a68352598ed1bf11d35cb62825cb65caf92cca5374b650f8c32

3a329b096601617624ff8a472ab877970c81192b1dc7272db111970c31173f1e

Property Revenues (USD, thousands)

Property Operating and Maintenance Expenses (USD, thousands)

Real Estate Taxes (USD, thousands)

Total Property Expenses (USD, thousands)

Fee and Asset Management Income (USD, thousands)

Interest and Other Income (USD, thousands)

Income/(Loss) on Deferred Compensation Plans (USD, thousands)

Total Non-Property Income/(Loss) (USD, thousands)

Property Management Expenses (USD, thousands)

Fee and Asset Management Expenses (USD, thousands)

General and Administrative Expenses (USD, thousands)

Interest Expense (USD, thousands)

Depreciation and Amortization Expense (USD, thousands)

Expense/(Benefit) on Deferred Compensation Plans (USD, thousands)

Total Other Expenses (USD, thousands)

Loss on Early Retirement of Debt (USD, thousands)

Gain on Sale of Operating Property (USD, thousands)

Income from Continuing Operations Before Income Taxes (USD, thousands)

Income Tax Expense (USD, thousands)

Net Income (USD, thousands)

Less Income Allocated to Non-Controlling Interests (USD, thousands)

Net Income Attributable to Common Shareholders (USD, thousands)

Earnings per Share - Basic (USD)

Earnings per Share - Diluted (USD)

Weighted Average Number of Common Shares Outstanding - Basic (thousands)

Weighted Average Number of Common Shares Outstanding - Diluted (thousands)

b722500c657c5c785081b088877b42134c234da2f0de968176998bd2392952f8

Land (USD, thousands)

Buildings and improvements (USD, thousands)

Accumulated depreciation (USD, thousands)

Net operating real estate assets (USD, thousands)

Properties under development and land (USD, thousands)

Total real estate assets (USD, thousands)

Accounts receivable – affiliates (USD, thousands)

Other assets, net (USD, thousands)

Cash and cash equivalents (USD, thousands)

Restricted cash (USD, thousands)

Total assets (USD, thousands)

Notes Payable - Unsecured (USD, thousands)

Notes Payable - Secured (USD, thousands)

Accounts payable and accrued expenses (USD, thousands)

Accrued real estate taxes (USD, thousands)

Distributions payable (USD, thousands)

Other liabilities (USD, thousands)

Total liabilities (USD, thousands)

Additional paid-in capital (USD, thousands)

Distributions in excess of net income attributable to common shareholders (USD, thousands)

Treasury shares, at cost (USD, thousands)

Accumulated other comprehensive gain/ (loss) (USD, thousands)

Total common equity (USD, thousands)

Non-controlling interests (USD, thousands)

Total equity (USD, thousands)

Total liabilities and equity (USD, thousands)

46d77b1c041f7feea34207a99854bb6392b2c71527fa00f7b87127dd28b66fe3

In Q3 2024, the net income was negative primarily due to a **non-cash impairment charge of $40,988 thousand** associated with halted land development projects, **lower gains on property sales** compared to previous periods, and **increased depreciation and amortization expenses**. These factors combined to drive the net income substantially downward compared to Q3 2023.  **[0000906345-24-000039_exhibit991earningsrelease3.htm:0]** **[0000906345-24-000039_exhibit992supplement3q24.htm:1]** **[0000906345-24-000041_cpt-20240930.htm:40]** **[0000906345-24-000041_cpt-20240930.htm:38]** 

Why was Net income negative in Q3 2024?

The steep drop in total cash by end of Q3 2024 was mainly driven by a **substantial reduction in cash and cash equivalents**, which fell from **$259,686 thousand** at the end of FY2023 to **$31,234 thousand** by September 30, 2024.  **[0000906345-24-000041_cpt-20240930.htm:2]**  This decrease was primarily due to **significant capital expenditures**—including nearly **$320 million** in new development projects—coupled with **debt repayments** and **strategic operational adjustments** (such as impairment charges and changes in operating accounts) that collectively reduced available cash.  **[0000906345-24-000041_cpt-20240930.htm:2]** **[0000906345-24-000041_cpt-20240930.htm:21]** **[0000906345-24-000039_exhibit991earningsrelease3.htm:0]** **[CPT_3405489_3]** 

What drove the steep drop in total cash at end of period in Q3 2024?

In Q4 **2023**, the investing cash flow swung positive—**\$113,555 thousand** entered compared to negative cash flow in the previous quarter—because of significantly higher inflows from operating property sales and lower outflows for capital expenditures. Specifically, **substantial net proceeds from property sales** helped overcome the outlays associated with property development and capital improvements, and there were no acquisitions that would have otherwise increased cash outflows during that period.  **[0000906345-24-000007_cpt-20231231.htm:77]** **[0000906345-24-000007_cpt-20231231.htm:48]** 

Why did investing cash flow swing positive in Q4 2023?

e99068cc9b9f63bdc0bd81876f64aa2f93adc31a4f4d1a4e0ab7000be1b1b358

The sharp increase in **Cash and cash equivalents** in Q4 2023 was driven by several factors. **First**, CPT generated strong operating cash inflows during the year, with net cash from operating activities reaching **$794,950 thousand** compared to **$744,712 thousand** previously.  **[0000906345-24-000007_cpt-20231231.htm:77]** **[0000906345-24-000007_cpt-20231231.htm:48]**  **Second**, the company recorded substantial proceeds from property sales, receiving **$290,663 thousand** in 2023 versus **$70,536 thousand** previously, which significantly boosted its cash position.  **[0000906345-24-000007_cpt-20231231.htm:77]** **[0000906345-24-000007_cpt-20231231.htm:48]**  **Third**, there was a marked reduction in investing outflows; net cash used in investing activities dropped to **$127,127 thousand** in 2023, largely because of the absence of large acquisitions that occurred in the prior period.  **[0000906345-24-000007_cpt-20231231.htm:77]** **[0000906345-24-000007_cpt-20231231.htm:48]**  **Finally**, the issuance of **$500 million of senior unsecured notes**, which generated approximately **$498.2 million** in net proceeds, provided additional cash.  **[0000906345-24-000007_cpt-20231231.htm:48]** 

What drove the sharp increase in Cash and cash equivalents in Q4 2023?

The dramatic drop in **Cash and cash equivalents** from **$259,686 thousand** in Q4 2023 to **$92,693 thousand** in Q1 2024 was primarily driven by significant **net cash outflows in financing activities**. Specifically, CPT used cash to repay a **$300 million unsecured term loan** and **$250 million in senior unsecured notes**, in addition to cash used for **distributions to shareholders** and **common share repurchases**. These financing outflows were only partially offset by **net proceeds of $396 million** from the issuance of new senior unsecured notes. Furthermore, the impact was compounded by a slight decline in **net cash from operating activities** and minimal offsetting from **investing activities**. This combination of factors led to the steep reduction in cash reserves in Q1 2024.  **[0000906345-24-000017_cpt-20240331.htm:37]** **[CPT_3385649_3]** 

Why did Cash and cash equivalents drop so dramatically in Q1 2024?

The decline in **Total Assets** by Q3 2024 was driven by several factors. First, there was a **steep drop in Cash and Cash Equivalents** from **$259,686 thousand** to **$31,234 thousand**, marking a decrease of **$228,452 thousand**.  **[0000906345-24-000041_cpt-20240930.htm:2]**  Additionally, a **reduction in Properties Under Development and Land** from **$486,864 thousand** to **$418,209 thousand** contributed a decline of **$68,655 thousand**.  **[0000906345-24-000041_cpt-20240930.htm:2]** **[0000906345-24-000039_exhibit991earningsrelease3.htm:0]**  The company also recorded a **$41.0 million impairment expense** related to its land development projects in Los Angeles, Houston, and Atlanta, which negatively impacted asset valuations.  **[0000906345-24-000041_cpt-20240930.htm:38]** **[0000906345-24-000039_exhibit991earningsrelease3.htm:0]**  Finally, an **increase in Accumulated Depreciation** from **$4,332,524 thousand** to **$4,725,152 thousand** further reduced the net value of the assets.  **[0000906345-24-000041_cpt-20240930.htm:2]** 

What factors led to the decline in Total assets by Q3 2024?

The **reduction in unsecured notes payable by Q3 2024** was primarily driven by the company's **repayment of maturing term loans and senior unsecured notes**. Specifically, the **6.21% Term Loan due 2024** (previously $300 million) and the **4.36% and 3.68% Senior Unsecured Notes due 2024** (previously $250 million and $249.7 million, respectively) were fully repaid during the period. This reduction was partially offset by **new borrowings through the 5.66% Unsecured Revolving Credit Facility** (with $138 million outstanding), but the net effect was a significant decrease in the Notes Payable - Unsecured balance.  **[0000906345-24-000041_cpt-20240930.htm:17]** 

What caused the reduction in unsecured notes payable by Q3 2024?

c0ead8c23f8371dd6a6d9782517cc7dcf01ec998252e25546bf120348c50e1aa

In FY **2022**, the high EPS Basic primarily resulted from a **significant gain on the acquisition of unconsolidated joint venture interests** of approximately **$474.1 million**, which substantially boosted net income. Additionally, **increased property revenues**—rising from **$1,143.6 million to $1,422.8 million**—and a higher overall **net income** (up from **$303.9 million to $653.6 million**) further contributed to the marked improvement in EPS. These factors combined led to the elevated EPS Basic observed in FY 2022.  **[0000906345-23-000008_cpt-20221231.htm:42]** **[0000906345-23-000008_cpt-20221231.htm:72]** 

Why was EPS Basic so high in FY 2022?

The sharp decline in net income in Q1 2023 was primarily due to several factors. **First**, there was no **$36,372 thousand gain** on the sale of an operating property in Q1 2023, a benefit that was present in Q1 2022. **Second**, higher **depreciation and amortization expenses** increased from **$110,537 thousand** to **$139,387 thousand**. **Third**, non-property income, including fee and asset management income and interest and other income, decreased by **$3,941 thousand**. **Fourth**, there was an increase in interest expense from **$24,542 thousand** to **$32,843 thousand**. **Finally**, income tax expense increased from **$590 thousand** to **$1,150 thousand**. These factors collectively contributed to the net income decline.  **[0000906345-23-000026_cpt-20230331.htm:32]** **[0000906345-23-000026_cpt-20230331.htm:34]** **[0000906345-23-000026_cpt-20230331.htm:29]** 

What caused the sharp decline in net income in Q1 2023?

The **Fee and Asset Management Income** dropped in Q1 2023 primarily because of the **consolidation of the Funds** on April 1, 2022, which resulted in Camden no longer earning the related fee and asset management income, and also due to **lower third-party construction activity** that reduced the fees earned compared to Q1 2022.  **[0000906345-23-000026_cpt-20230331.htm:29]** 

Why did fee and asset management income drop in Q1 2023?

The drastic drop was primarily due to the absence of a one-time earn-out. In Q1 2022, an **earn-out from a technology joint venture sale** substantially boosted the **Interest and Other Income** by about **$2,131 thousand**. However, this event did not occur in Q1 2023, causing the income to drop to **$62 thousand**, a decline of roughly **97.1%**.  **[0000906345-23-000026_cpt-20230331.htm:29]** 

What explains the drastic drop in interest and other income in Q1 2023?

The documents indicate that while the **Property Operating and Maintenance Expenses** increased by **$14,848 thousand (21.1%)** from **$70,437 thousand in Q1 2022** to **$85,285 thousand in Q1 2023**  **[0000906345-23-000021_exhibit992supplementq123.htm:4]** **[0000906345-23-000026_cpt-20230331.htm:3]** , they do not provide a detailed breakdown of the specific drivers. However, they note that general factors typically contributing to such an increase include **inflationary pressures, increased costs for repairs and maintenance, higher utility expenses, or changes in operational strategies**.  **[0000906345-23-000021_exhibit992supplementq123.htm:4]** **[0000906345-23-000026_cpt-20230331.htm:3]** 

What drove the increase in property operating expenses in Q1 2023?

1ac19dfad3b6752879c8cd233b492c27d523bfb72448cdb6d2c51d01406b68cc

Property Revenues

- Same store communities

- Non-same store communities

- Development and lease-up

- Dispositions/Other

Non-Property Income

- Fee and Asset Management

- Interest and Other Income

- Deferred Compensation

Total Revenue

025021e416bc3fa1806db81128186247e96fba2dc47c504573172abfb53f4633

7d747ae38b4a0a019a290a1a55fdb42b8683976f3c9026771f2f903290ffacf8

Camden Property Trust (CPT)

Financials