How did CPT's Q4 earnings surprise compare to previous quarters?

Camden Property Trust (CPT) did not experience a positive earnings surprise in Q4, as evidenced by the company's reported financial results compared to its previous quarters and market expectations. 1. **Q4 Earnings Performance**: - CPT reported a quarterly adjusted earnings of 34 cents per share for the quarter ended September 30, 2024. This is lower than the same quarter last year, when the company reported EPS of 44 cents. - The mean expectation of nine analysts for the quarter was for earnings of 37 cents per share. This indicates that the company's actual performance fell short of market expectations. 2. **Comparison to Previous Quarters**: - In Q3 2024, CPT's Core FFO was $1.71 per share, which beat the prior guidance midpoint by $0.03. This suggests that CPT's performance in Q3 was better than expected, with a strong financial performance amid general market challenges. - However, the same-store revenue growth for the full year was guided to range from 1.1% to 1.5%, with a midpoint at 1.3%. This indicates a relatively modest growth expectation for Q4 and previous quarters, which may not have led to significant positive surprises. 3. **Market Reaction and Analysts' Views**: - Despite the slight beat in Q3 FFO and the updated earnings guidance for 2024, which took into account the apartment market and general economic conditions, the market's reaction and analysts' views for Q4 are not available with positive sentiments. - The fact that Q4's performance did not exceed market expectations, as indicated by the absence of positive surprises in previous quarters' data, suggests a general trend of meeting or slightly exceeding forecasts rather than delivering strong positive surprises. In conclusion, CPT's Q4 earnings did not exhibit a significant positive surprise compared to previous quarters, as the company's performance was in line with or slightly exceeded market expectations. The slight beat in Q3 FFO and the updated guidance for 2024 did not translate to a strong positive surprise in Q4, reflecting a more modest growth trajectory for the company.