2024-03-20 17:20:58 ET
Summary
- Camden Property Trust faces headwinds from much weaker leasing spreads as new supply hits the market. We’re forecasting this headwind to last about 2 years.
- Core FFO per share is projected to decline slightly in 2024.
- Investors in Camden Property Trust are looking at this as an opportunity to collect a 4.2% dividend yield while waiting for the supply picture to change and the growth rate to resume.
Camden Property Trust ( CPT ) anticipates lower Core funds from operations, or FFO, per share and flat same-property NOI due to weaker leasing spreads caused by increased apartment supply. Revenue growth is challenged by rising expenses, while leasing spreads decline ahead of NOI changes.
Same Property NOI
Let's take a look at same property NOI:
Notice how there’s a bit of a lag?
In 2021 Q3, the same property NOI wasn’t blistering yet. The leasing spreads were huge, but the same property NOI wasn’t hot yet....
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Camden Property Trust: 4.2% Dividend Looking To Take Off In 2025