Press Release: Camden Property Trust Announces 2020 Operating Results, 2021 Financial Outlook, and First Quarter 2021 Dividend
Camden Property Trust Announces 2020 Operating Results, 2021 Financial Outlook, and First Quarter 2021 Dividend
Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and twelve months ended December 31, 2020. Net Income Attributable to Common Shareholders ("EPS"), Funds from Operations ("FFO"), and Adjusted Funds from Operations ("AFFO") for the three and twelve months ended December 31, 2020 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.
EPS, FFO and AFFO for the three and twelve months ended December 31, 2020 were negatively impacted by a $3.5 million or $0.035 per diluted share non-cash adjustment to retail straight-line rent receivables during the fourth quarter of 2020. In addition, the Company incurred approximately $14.8 million or $0.15 per diluted share of COVID-19 Related Impact for the twelve months ended December 31, 2020.
*Same property results exclude any COVID-19 Related Impact.
For 2020, the Company defines same property communities as communities owned and stabilized since January 1, 2019, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.
*Rent is recognized as earned. The Company evaluates collectability on an ongoing basis and any accounts considered uncollectable are recorded against property revenues.
Retail revenues are not included above and comprise approximately 0.6% of total property revenues, excluding the negative impact of the $3.5 million non-cash adjustment to retail straight-line rent receivables during the fourth quarter of 2020. The Company collected 60% and 62% of its retail billings for the fourth quarter of 2020 and January 2021, respectively.
Operating Statistics - Same Property Portfolio
*Data as of February 2, 2021
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.
(2) Data represents average monthly leases signed during the period.
(3) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
(4) Data represents average monthly leases effective during the period.
*Data as of February 2, 2021
During the quarter, construction was completed at Camden RiNo in Denver, CO and Camden Cypress Creek II (JV) in Cypress, TX, and leasing began at Camden North End II in Phoenix, AZ.
Development Communities - Construction Completed and Projects in Lease-Up ($ in millions)
Development Communities - Construction Ongoing ($ in millions)
During the quarter, Camden acquired 4.1 acres of land in Durham, NC for $27.6 million for the future development of approximately 354 apartment homes.
As of December 31, 2020, Camden had approximately $1.3 billion of liquidity comprised of approximately $420 million in cash and cash equivalents and no amounts outstanding on its $900 million unsecured credit facility. The Company has no scheduled debt maturities until 2022, and at quarter-end had $325 million left to fund under its existing wholly-owned development pipeline. As of December 31, 2020, Camden had outstanding letters of credit totaling approximately $12 million, which reduced the availability under its unsecured credit facility to $888 million.
Capital Market Transactions
During the quarter, the Company entered into a $40 million two-year unsecured floating rate term loan with an unrelated third party and used the net proceeds, together with cash on hand, to repay its $100 million unsecured term loan which was scheduled to mature in 2022.
Camden provided initial earnings guidance for 2021 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2021 as detailed below.
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