Camden Property Trust has released its 10-K report, detailing its operations as a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. As of December 31, 2023, Camden owned interests in, operated, or were developing 176 multifamily properties comprised of 59,800 apartment homes across the United States.
The company's financial metrics for the year ended December 31, 2023, reflect an increase in same-store revenues of approximately 5.1% compared to the same period in 2022. This increase was primarily due to higher average rental rates, which the company attributes to job growth, favorable demographics, continued demand for multifamily housing in its markets, and a manageable supply of new multifamily housing. However, Camden notes that volatility in capital and credit markets, short-term leases, competition, and development risks could impact its profitability.
In terms of consolidated results, net income attributable to common shareholders was $403.3 million for the year ended December 31, 2023, compared to $653.6 million for the same period in 2022. The decrease in net income was primarily due to the absence of a gain recognized in 2022 as a result of the remeasurement of previously held ownership interests in unconsolidated funds, as well as higher interest expense incurred in 2023. However, the company recognized a higher gain on the sale of operating properties during the year ended December 31, 2023, compared to 2022.
Camden had four projects under construction as of December 31, 2023, scheduled to be comprised of 1,166 apartment homes, with an estimated additional cost to complete the construction of approximately $137.6 million. The company also sold two operating properties during the year ended December 31, 2023, for an aggregate of approximately $293.1 million, recognizing a gain of approximately $225.3 million.
Looking ahead, Camden intends to seek opportunities to develop new communities, redevelop, reposition, and acquire existing communities. The company also plans to evaluate its operating property and land development portfolio and continue its practice of selective dispositions as market conditions warrant and opportunities arise. As of December 31, 2023, Camden had approximately $1.2 billion available under its unsecured revolving credit facility and common shares having an aggregate offering price of up to $500.0 million remaining available for sale under its 2023 ATM program.
The company's multifamily property portfolio at December 31, 2023, comprised 176 properties with 59,800 apartment homes, with properties under construction and in lease-up stages across various locations. Additionally, Camden's real estate assets were geographically diversified, with significant holdings in markets such as Houston, Texas; Washington, D.C. Metro; and Dallas/Fort Worth, Texas. Today the company's shares have moved -0.7% to a price of $94.75. For more information, read the company's full 10-K submission here.
