Track market-moving stories before they get noisy

Nykredit A S bought a new stake in shares of Camden Property Trust (NYSE:CPT – Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 6,007 shares of the real estate investment trust’s stock, valued at approximately $688,000.

Other hedge funds also recently bought and sold shares of the company. New Mexico Educational Retirement Board lifted its position in shares of Camden Property Trust by 6.1% in the second quarter. New Mexico Educational Retirement Board now owns 5,200 shares of the real estate investment trust’s stock valued at $595,000 after acquiring an additional 300 shares in the last quarter. Pin Oak Investment Advisors Inc. purchased a new position in Camden Property Trust in the 2nd quarter valued at about $176,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Camden Property Trust during the 2nd quarter worth about $16,395,000. Capital Square LLC acquired a new stake in shares of Camden Property Trust during the 2nd quarter worth about $609,000. Finally, Trust Co. of Vermont purchased a new stake in Camden Property Trust in the 2nd quarter worth approximately $126,000. Hedge funds and other institutional investors own 97.22% of the company’s stock.

Camden Property Trust Stock Performance Shares of NYSE:CPT opened at $105.75 on Tuesday. The firm has a market capitalization of $10.63 billion, a PE ratio of 35.02, a P/E/G ratio of 7.49 and a beta of 0.77. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.18 and a quick ratio of 0.18. The business has a 50-day moving average of $111.04 and a two-hundred day moving average of $107.47. Camden Property Trust has a 12 month low of $96.53 and a 12 month high of $119.81.

Camden Property Trust (NYSE:CPT – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $0.18 EPS for the quarter, missing the consensus estimate of $1.67 by ($1.49). The business had revenue of $396.07 million during the quarter, compared to analysts’ expectations of $392.88 million. Camden Property Trust had a net margin of 20.80% and a return on equity of 7.66%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.70 EPS. Camden Property Trust has set its FY 2026 guidance at 6.680-6.820 EPS and its Q3 2026 guidance at 1.670-1.710 EPS. As a group, research analysts forecast that Camden Property Trust will post 6.75 earnings per share for the current year. Camden Property Trust Announces Dividend The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Tuesday, June 30th were given a $1.06 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $4.24 annualized dividend and a dividend yield of 4.0%. Camden Property Trust’s dividend payout ratio is presently 140.40%.

Analyst Ratings Changes A number of research analysts have weighed in on the company. Scotiabank increased their price target on Camden Property Trust from $102.00 to $109.00 and gave the stock a “sector underperform” rating in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $114.00 target price on shares of Camden Property Trust in a research note on Monday, July 20th. Barclays increased their target price on Camden Property Trust from $122.00 to $123.00 and gave the stock an “equal weight” rating in a research report on Monday, August 17th. JPMorgan Chase & Co. raised their price target on Camden Property Trust from $113.00 to $114.00 and gave the stock a “neutral” rating in a research note on Thursday, August 13th. Finally, Wells Fargo & Company lowered their price target on Camden Property Trust from $113.00 to $110.00 and set an “equal weight” rating for the company in a report on Tuesday, September 1st. Three analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $116.08.

View Our Latest Report on Camden Property Trust

(Free Report)

Camden Property Trust is a publicly traded real estate investment trust (REIT) specializing in the ownership, development and management of multifamily residential communities across the United States. The company’s core business activities include acquiring land for new construction, overseeing the design and development of garden-style and mid-rise apartment communities, and providing ongoing property management services. Camden’s asset management team focuses on maintaining high occupancy levels, resident satisfaction and operational efficiency through consistent leasing, maintenance and community engagement programs.

Camden’s portfolio encompasses a geographically diversified mix of properties located primarily in high-growth Sun Belt and major metropolitan markets.

Featured Stories Five stocks we like better than Camden Property Trust 3 Under-the-Radar Defense Stocks With Record Backlogs This Korea ETF Has Soared, But the Rally May Not Be Over Why Guidewire’s Post-Earnings Plunge May Not Last Ride-Share Reckoning: Tesla Drives Into Uber’s Lane Want to see what other hedge funds are holding CPT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Camden Property Trust (NYSE:CPT – Free Report).

Receive News & Ratings for Camden Property Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Camden Property Trust and related companies with MarketBeat.com's FREE daily email newsletter.

HOUSTON, Texas--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) (the “Company”) announced the retirement from an executive capacity of D. Keith Oden, Co-Founder of the Company, effective August 31, 2026. Mr. Oden will remain a member of the Board of Trust Managers. This is the final step in the Company's multi-year successful succession process which has seen the promotion of several long-standing highly performing team members. Richard J. Campo, Co-Founder of the Company, will continue to se.

3 REITs to Watch as Rate Cuts Ignite a Real Estate Super CycleCamden Property Trust NYSE: CPT reported second-quarter Core FFO of $1.68 per share, exceeding the midpoint of its guidance by $0.01, as occupancy and property operating results outperformed expectations. The apartment REIT also completed the sale of its California portfolio and continued redeploying proceeds into Sun Belt acquisitions, land sites, debt reduction and share repurchases.

Chief Financial Officer Ben Fraker said the stronger-than-expected quarterly result was driven primarily by occupancy at stabilized communities. Camden’s second-quarter occupancy averaged 95.7%, up from 95.1% in the first quarter, while July occupancy reached 95.8%.

Get Camden Property Trust alerts:

3 Stocks with Upgraded Ratings: Analysts Predict More UpsideManagement reaffirmed its full-year Core FFO guidance midpoint of $6.75 per share. The company raised its outlook for same-store net operating income, excluding California, due to lower expected expenses while maintaining its same-store revenue growth outlook.

California Sale Drives Portfolio Repositioning Camden completed the sale of 11 California operating communities on July 29 for $1.625 billion. The 19-year-old portfolio generated a trailing-12-month FFO yield of 5.6% and an AFFO yield of 5.2% for Camden, according to Chief Executive Officer Alex Jessett. Transaction costs are expected to total approximately $15 million, including more than half attributable to Los Angeles’ Measure ULA transfer tax on one sale.

As Home Prices Hit Highs, These Apartment REITs Offer GrowthExecutive Chairman Ric Campo said the company’s plan was to sell California assets, acquire approximately $1 billion of newer properties in existing markets and use remaining capital for share repurchases. He described the execution as “nearly flawless,” with about $200 million of acquisition properties still to be identified.

Camden has used the proceeds across several capital-allocation initiatives:

Repurchased $694 million of common shares during the second half of 2025 and first half of 2026 at an average price of $105.17 per share. Completed $645 million of operating-community acquisitions, with an average property age of five years, plus $45 million of land purchases. Received awards for two additional acquisitions and one land site totaling $195 million. Used about $900 million of California-sale proceeds to repay outstanding balances on its line of credit and commercial paper program. Fraker said the completed investments include seven apartment community acquisitions in Atlanta, Orlando, Nashville, Dallas, Phoenix, Tampa and Charlotte, along with development land in the Raleigh and Tampa suburbs. Camden expects about $200 million of remaining 1031 exchange proceeds to be deployed by late in the fourth quarter.

The sale and reinvestment plan is expected to be FFO-neutral in the first year and accretive thereafter, Jessett said. Management expects the newer Sun Belt assets to grow faster than the older California properties that were sold. The company also expects the transaction to reduce recurring capital expenditures per unit by 5% and lower bad debt by 10 basis points.

Camden said its pro forma net debt-to-EBITDA ratio stood at 4.5 times at the end of July. Subsequent to quarter-end, the company also closed a one-year, $350 million unsecured term loan to enhance liquidity while it continues to recycle capital.

Leasing Trends Show Improvement President and Chief Operating Officer Laurie Baker said operating conditions improved across Camden’s 13 current markets. Excluding California, effective new-lease rates declined 3.3% in the second quarter, while renewal rates rose 2.8%, producing blended effective rent growth of negative 0.2%.

That result represented a substantial improvement from first-quarter new-lease growth of negative 5.5% and blended growth of negative 1.6%. Baker said blended rent growth turned positive in both June and July.

Signed renewal increases reached 3.4% in June and more than 4% in July. Offers sent to residents with August and September lease expirations averaged a 4.2% increase. Annualized net turnover remained at 39%, unchanged from the second quarter of 2025, while move-outs for home purchases were 10.4%.

Jessett said approximately half of Camden’s communities had positive signed new leases in July, compared with 20% in March. On an effective basis, 65% of communities posted positive blended rates in July, while 75% were positive on a signed blended basis.

He also said average signed new leases across the system had turned positive on several days during July. However, he cautioned that daily pricing can fluctuate and said he did not expect new-lease pricing to be positive for the entire third quarter.

For the second half, management expects blended rent growth to be positive, in the range of about 1% or slightly above. Jessett said Camden’s approach has been to prioritize occupancy before pursuing greater pricing power.

Expense Outlook and Third-Quarter Guidance Camden’s revised same-store outlook, excluding California, calls for 0.5% revenue growth, 2.5% expense growth and a 0.6% NOI decline. The updated NOI outlook improves on the company’s prior expectation for a 0.9% decline, reflecting expense performance that is 50 basis points better than initially expected.

Fraker attributed the improvement to lower water consumption, better trash-contract pricing, favorable insurance subrogation recoveries and insurance renewal pricing that was better than anticipated.

The company expects third-quarter Core FFO of $1.69 per share at the midpoint, up $0.01 sequentially. Expected gains from same-store operations, interest income, reduced corporate costs and lower interest expense are projected to be mostly offset by lower NOI following the California sale, net of contributions from recent and expected acquisitions.

Management also highlighted improving conditions in markets that have faced elevated supply. Baker said Austin occupancy rose to 96.1% in the second quarter from 94.7% a year earlier and reached 96.6% in July. Jessett said Austin signed new-lease declines improved from 11% in March to 3% in July.

While Camden intends to modestly reduce its exposure to its two largest markets, Washington, D.C., and Houston, Jessett said the company has no plans to exit any additional existing markets. He said the company continues to evaluate potential new markets but remains focused on locations with sustained population and employment growth.

About Camden Property Trust (NYSE:CPT)Camden Property Trust is a publicly traded real estate investment trust (REIT) specializing in the ownership, development and management of multifamily residential communities across the United States. The company's core business activities include acquiring land for new construction, overseeing the design and development of garden-style and mid-rise apartment communities, and providing ongoing property management services. Camden's asset management team focuses on maintaining high occupancy levels, resident satisfaction and operational efficiency through consistent leasing, maintenance and community engagement programs.

Camden's portfolio encompasses a geographically diversified mix of properties located primarily in high-growth Sun Belt and major metropolitan markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Camden Property Trust Right Now?Before you consider Camden Property Trust, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Camden Property Trust wasn't on the list.

While Camden Property Trust currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Nuclear energy is entering a new growth cycle as rising power demand, expanding data centers, and renewed policy support bring the sector back into focus. After strong gains in recent years, the most impactful phase of nuclear investment may still be ahead. This report highlights seven nuclear energy stocks positioned across the value chain—combining near-term revenue with long-term upside as next-generation technologies scale. Click the link below to unlock the full list.

Get This Free Report

Camden (CPT - Free Report) came out with quarterly funds from operations (FFO) of $1.68 per share, beating the Zacks Consensus Estimate of $1.67 per share. This compares to FFO of $1.7 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +0.60%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.67 per share when it actually produced FFO of $1.7, delivering a surprise of +1.8%.

Over the last four quarters, the company has surpassed consensus FFO estimates four times.

Camden, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $392.94 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.33%. This compares to year-ago revenues of $396.51 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Camden shares have added about 5.7% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for Camden?While Camden has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Camden was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.66 on $385.62 million in revenues for the coming quarter and $6.66 on $1.55 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Centerspace (CSR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 3.

This real estate investment trust is expected to post quarterly earnings of $1.22 per share in its upcoming report, which represents a year-over-year change of -4.7%. The consensus EPS estimate for the quarter has been revised 2.1% higher over the last 30 days to the current level.

Centerspace's revenues are expected to be $67.6 million, down 1.4% from the year-ago quarter.

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2026. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three and six months ended June 30, 2026 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.

Three Months Ended June 30,

Six Months Ended June 30,

Per Diluted Share

2026

2025

2026

2025

EPS

$0.18

$0.74

$0.59

$1.10

FFO

$1.68

$1.67

$2.82

$3.37

Core FFO

$1.68

$1.70

$3.39

$3.42

Core AFFO

$1.39

$1.43

$2.95

$3.01

Three Months Ended

2Q26 Guidance

2Q26 Guidance

Per Diluted Share

June 30, 2026

Midpoint

Variance

EPS

$0.18

$0.15

$0.03

FFO

$1.68

$1.65

$0.03

Core FFO

$1.68

$1.67

$0.01

Sale of California Portfolio

As of June 30, 2026, Camden's California portfolio, consisting of 11 operating communities with 3,620 apartment homes, was classified as held for sale and is therefore excluded from the same property results presented below. On July 29, 2026, the Company sold these California communities for an aggregate sales price of approximately $1.625 billion. Approximately $0.9 billion of the proceeds will be used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program.

Same Property Results

Quarterly Growth(1)

Sequential Growth(2)

Year-To-Date Growth(3)

(Excluding CA)

2Q26 vs. 2Q25

2Q26 vs. 1Q26

2026 vs. 2025

Revenues

(0.1)%

0.7%

0.0%

Expenses

2.4%

4.3%

2.0%

Net Operating Income ("NOI")

(1.4)%

(1.3)%

(1.1)%

Operating Statistics - Same Property Portfolio (Excluding CA)

New Lease and Renewal Data - Date Effective (1)

2Q26(2)

2Q25(3)

1Q26(4)

Effective New Lease Rates

(3.3)%

(2.1)%

(5.5)%

Effective Renewal Rates

2.8%

3.7%

2.9%

Effective Blended Lease Rates

(0.2)%

0.7%

(1.6)%

Occupancy(5)

95.7%

95.6%

95.1%

For 2026, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2025, 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.

Development Activity

During the quarter, leasing continued at Camden Village District in Raleigh, NC and we began leasing at Camden South Charlotte in Charlotte, NC.

Development Communities - Construction Completed and Project in Lease-Up ($ in millions)

Total

Total

% Leased

Community Name

Location

Homes

Cost

as of 7/29/2026

Camden Village District

Raleigh, NC

369

$139.4

88%

Development Communities - Construction Ongoing ($ in millions)

Total

Total

% Leased

Community Name

Location

Homes

Estimated Cost

as of 7/29/2026

Camden South Charlotte

Charlotte, NC

420

$157.0

13%

Camden Blakeney

Charlotte, NC

349

151.0

Camden Nations

Nashville, TN

393

184.0

Total

1,162

$492.0

Acquisition Activity

During the quarter, the Company acquired five apartment home communities and two land parcels. Subsequent to quarter end, Camden acquired two apartment home communities. The tables below show the recent acquisition activity:

Community Name

Location

Total Homes

Closing Date

Purchase Price

Camden Alpharetta

Alpharetta, GA

269

4/30/2026

$89.0

Camden Narcoossee*

Orlando, FL

288

4/30/2026

82.3

Camden Franklin

Franklin, TN

196

6/16/2026

54.3

Camden Roanoke

Roanoke, TX

349

6/23/2026

99.1

Camden Gilbert

Gilbert, AZ

320

6/30/2026

124.6

Camden Brandon

Tampa, FL

296

7/9/2026

82.1

Camden LoSo

Charlotte, NC

343

7/16/2026

114.0

Total

2,061

$645.4

*Formerly known as Camden at Lake Nona

Land Parcels

Acres

Closing Date

Purchase Price

Morrisville, NC

17.9

5/25/2026

$19.0

Tampa, FL

64.4

5/27/2026

26.0

Total

82.3

$45.0

Share Repurchases

During the quarter, Camden repurchased 1,429,136 common shares at an average price of $100.78 per share for a total of $144.1 million. Year to date, Camden repurchased 4,062,166 common shares at an average price of $104.08 for a total of $422.9 million. The Company currently has $297.9 million remaining under its stock repurchase program.

Liquidity Analysis

As of June 30, 2026, Camden had approximately $287.4 million of liquidity comprised of approximately $44.7 million in cash and cash equivalents, and approximately $242.7 million of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $140.1 million left to fund under its existing wholly-owned development pipeline. Subsequent to the quarter end, the Company issued a $350 million unsecured term loan facility with a maturity date of July 2027.

Litigation Update

During the quarter, the Company entered into a binding term sheet to settle the class action litigation related to the use of a revenue management software and agreed to pay an aggregate of $53.0 million into a settlement fund which received preliminary court approval. The settlement will not impact the Company’s 2026 Core FFO or 2026 Core AFFO as certain legal costs and settlements are excluded from the calculation of these metrics.

Earnings Guidance

Camden updated its earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

3Q26

2026

2026 Midpoint

Per Diluted Share

Range

Range

Current

Prior

Change

EPS(1)

$9.14 - $9.38

$9.76 - $10.10

$9.93

$0.66

$9.27

FFO

$1.62 - $1.66

$6.05 - $6.19

$6.12

$6.10

$0.02

Core FFO(2)

$1.67 - $1.71

$6.68 - $6.82

$6.75

$6.75

$0.00

2026

2026 Midpoint

Same Property Growth Guidance

Range

Current (excluding CA)

Prior (excluding CA)

Prior (including CA)

Revenues

0.00% - 1.00%

0.50%

0.50%

0.75%

Expenses

2.00% - 3.00%

2.50%

3.00%

3.00%

NOI

(1.65)% - 0.45%

(0.60)%

(0.90)%

(0.50)%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2026 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, July 31, 2026 at 10:00 AM CT Webcast: https://investors.camdenliving.com

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6740665

The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

About Camden

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 167 properties containing 56,695 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 57,857 apartment homes in 170 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 19 consecutive years, most recently ranking #13. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

  CAMDEN OPERATING RESULTS

(In thousands, except per share amounts)

  (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

OPERATING DATA

Property revenues (a)

$392,944

$396,509

$781,717

$787,074

Property expenses

Property operating and maintenance

91,303

93,031

181,482

182,729

Real estate taxes

49,641

50,641

99,531

100,363

Total property expenses

140,944

143,672

281,013

283,092

Non-property income

Fee and asset management

3,131

2,633

5,274

5,120

Interest and other income

129

68

382

78

Income on deferred compensation plans

12,595

8,350

11,436

9,548

Total non-property income

15,855

11,051

17,092

14,746

Other expenses

Property management

10,134

9,699

20,392

19,594

Fee and asset management

1,840

641

2,501

1,312

General and administrative

22,348

18,996

37,053

35,944

Interest

41,422

35,375

78,781

69,165

Depreciation and amortization

157,134

152,108

307,134

301,360

Expense on deferred compensation plans

12,595

8,350

11,436

9,548

Other non-operating expenses

400

2,187

61,305

3,947

Total other expenses

245,873

227,356

518,602

440,870

Gain on sale of operating property, including land

—

47,293

68,100

47,293

Income from continuing operations before income taxes

21,982

83,825

67,294

125,151

Income tax expense

(1,276)

(1,231)

(2,214)

(1,790)

Net income

20,706

82,594

65,080

123,361

Net Income allocated to non-controlling interests

(1,916)

(1,924)

(3,841)

(3,869)

Net income attributable to common shareholders

$18,790

$80,670

$61,239

$119,492

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income

$20,706

$82,594

$65,080

$123,361

Other comprehensive income

Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation

251

351

608

702

Comprehensive income

20,957

82,945

65,688

124,063

Net income allocated to non-controlling interests

(1,916)

(1,924)

(3,841)

(3,869)

Comprehensive income attributable to common shareholders

$19,041

$81,021

$61,847

$120,194

PER SHARE DATA

Total earnings per common share - basic

$0.18

$0.74

$0.59

$1.10

Total earnings per common share - diluted

0.18

0.74

0.59

1.10

Weighted average number of common shares outstanding:

Basic

102,342

108,636

103,577

108,584

Diluted

102,363

109,400

103,624

108,636

(a)

We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended June 30, 2026, we recognized $392.9 million of property revenue which consisted of approximately $348.7 million of rental revenue and approximately $44.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $396.5 million recognized for the three months ended June 30, 2025, made up of approximately $352.4 million of rental revenue and approximately $44.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2026, we recognized $781.7 million of property revenue which consisted of approximately $694.5 million of rental revenue and approximately $87.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $787.1 million of property revenue recognized for the six months ended June 30, 2025, made up of approximately $700.7 million of rental revenue and approximately $86.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $12.2 million and $11.6 million for the three months ended June 30, 2026 and 2025, respectively, and was $24.4 million and $23.0 million for the six months ended June 30, 2026 and 2025, respectively.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.   CAMDEN FUNDS FROM OPERATIONS

(In thousands, except per share and property data amounts)

  (Unaudited)

  Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

FUNDS FROM OPERATIONS

Net income attributable to common shareholders

$18,790

$80,670

$61,239

$119,492

Real estate depreciation and amortization

153,451

148,886

299,841

295,054

Income allocated to non-controlling interests

1,916

1,924

3,841

3,869

Gain on sale of operating property

—

(47,293)

(67,878)

(47,293)

Funds from operations

$174,157

$184,187

$297,043

$371,122

Plus: Casualty-related expenses (a)

(3,729)

(1,099)

(3,479)

(969)

Plus: Legal costs and settlements (b)(c)

412

2,311

51,604

4,183

Plus: Expensed transaction, development, and other pursuit costs (c)

4,237

2,082

6,079

2,963

Plus: Investment losses (b)

—

—

4,855

—

Plus: Other miscellaneous items (a)

1

76

62

76

Core funds from operations

$175,078

$187,557

$356,164

$377,375

Less: Recurring capitalized expenditures (d)

(30,142)

(29,968)

(46,292)

(46,066)

Core adjusted funds from operations

$144,936

$157,589

$309,872

$331,309

PER SHARE DATA

Funds from operations - diluted

$1.68

$1.67

$2.82

$3.37

Core funds from operations - diluted

1.68

1.70

3.39

3.42

Core adjusted funds from operations - diluted

1.39

1.43

2.95

3.01

Distributions declared per common share

1.06

1.05

2.12

2.10

Weighted average number of common shares outstanding:

FFO/Core FFO/Core AFFO - diluted

103,957

110,269

105,218

110,230

PROPERTY DATA

Total operating properties (end of period) (e)

176

176

176

176

Total operating apartment homes in operating properties (end of period) (e)

59,676

59,672

59,676

59,672

Total operating apartment homes (weighted average)

58,578

59,633

58,472

59,353

    CAMDEN BALANCE SHEETS

(In thousands)

  (Unaudited)

  Jun 30,
2026

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

ASSETS

Real estate assets, at cost

Land

$1,695,652

$1,784,349

$1,787,445

$1,791,077

$1,789,207

Buildings and improvements

11,271,829

11,801,301

11,792,960

11,812,521

11,763,017

12,967,481

13,585,650

13,580,405

13,603,598

13,552,224

Accumulated depreciation

(5,014,551)

(5,407,880)

(5,296,061)

(5,234,087)

(5,128,622)

Net operating real estate assets

7,952,930

8,177,770

8,284,344

8,369,511

8,423,602

Properties under development and land

500,116

457,994

419,227

384,124

380,437

Total real estate assets

8,453,046

8,635,764

8,703,571

8,753,635

8,804,039

Accounts receivable – affiliates

8,053

8,076

8,884

8,889

8,889

Other assets, net (a)

314,199

285,493

293,292

255,333

262,100

Cash and cash equivalents

44,717

40,684

25,203

25,931

33,091

Restricted cash

10,717

89,610

12,039

11,378

11,454

Real estate and other assets held for sale

625,348

—

—

—

—

Total assets

$9,456,080

$9,059,627

$9,042,989

$9,055,166

$9,119,573

LIABILITIES AND EQUITY

Liabilities

Notes payable

Unsecured

$4,529,573

$3,931,761

$3,570,193

$3,409,691

$3,495,487

Secured

318,755

318,708

330,597

330,536

330,476

Accounts payable and accrued expenses

248,434

269,623

248,087

232,960

206,018

Accrued real estate taxes

99,264

59,818

92,382

129,697

91,954

Distributions payable

110,389

112,156

114,971

115,518

116,007

Other liabilities (b)

264,968

262,710

248,506

224,989

219,635

Liabilities held for sale

6,382

—

—

—

—

Total liabilities

5,577,765

4,954,776

4,604,736

4,443,391

4,459,577

Equity

Common shares of beneficial interest

1,157

1,157

1,157

1,157

1,157

Additional paid-in capital

5,953,409

5,948,511

5,948,938

5,945,277

5,941,893

Distributions in excess of net income attributable to common shareholders

(1,127,157)

(1,037,252)

(969,240)

(1,011,983)

(1,007,075)

Treasury shares

(1,028,058)

(886,052)

(620,497)

(400,185)

(350,166)

Accumulated other comprehensive income (c)

2,773

2,522

2,165

2,027

1,676

Total common equity

3,802,124

4,028,886

4,362,523

4,536,293

4,587,485

Non-controlling interests

76,191

75,965

75,730

75,482

72,511

Total equity

3,878,315

4,104,851

4,438,253

4,611,775

4,659,996

Total liabilities and equity

$9,456,080

$9,059,627

$9,042,989

$9,055,166

$9,119,573

(a) Includes net deferred charges of:

$7,363

$7,969

$534

$1,296

$1,953

(b) Includes deferred revenues of:

$1,170

$1,277

$614

$624

$692

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.

CAMDEN

NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies.

Core FFO

Core FFO represents FFO as further adjusted for Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.

Core Adjusted FFO

In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income attributable to common shareholders

$18,790

$80,670

$61,239

$119,492

Real estate depreciation and amortization

153,451

148,886

299,841

295,054

Income allocated to non-controlling interests

1,916

1,924

3,841

3,869

Gain on sale of operating property

—

(47,293)

(67,878)

(47,293)

Funds from operations

$174,157

$184,187

$297,043

$371,122

Plus: Casualty-related expenses

(3,729)

(1,099)

(3,479)

(969)

Plus: Legal costs and settlements

412

2,311

51,604

4,183

Plus: Expensed transaction, development, and other pursuit costs

4,237

2,082

6,079

2,963

Plus: Investment losses

—

—

4,855

—

Plus: Other miscellaneous items

1

76

62

76

Core funds from operations

$175,078

$187,557

$356,164

$377,375

Less: Recurring capitalized expenditures

(30,142)

(29,968)

(46,292)

(46,066)

Core adjusted funds from operations

$144,936

$157,589

$309,872

$331,309

Weighted average number of common shares outstanding:

EPS diluted

102,363

109,400

103,624

108,636

FFO/Core FFO/Core AFFO diluted

103,957

110,269

105,218

110,230

  CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

  (Unaudited)

Reconciliation of FFO, Core FFO, and Core AFFO per share

  Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Total Earnings Per Common Share - Diluted

$0.18

$0.74

$0.59

$1.10

Real estate depreciation and amortization

1.48

1.35

2.85

2.67

Income allocated to non-controlling interests

0.02

0.01

0.03

0.03

Gain on sale of operating property

—

(0.43)

(0.65)

(0.43)

FFO per common share - Diluted

$1.68

$1.67

$2.82

$3.37

Plus: Casualty-related expenses

(0.04)

(0.01)

(0.03)

(0.01)

Plus: Legal costs and settlements

—

0.02

0.49

0.03

Plus: Expensed transaction, development, and other pursuit costs

0.04

0.02

0.06

0.03

Plus: Investment losses

—

—

0.05

—

Plus: Other miscellaneous items

—

—

—

—

Core FFO per common share - Diluted

$1.68

$1.70

$3.39

$3.42

Less: Recurring capitalized expenditures

(0.29)

(0.27)

(0.44)

(0.41)

Core AFFO per common share - Diluted

$1.39

$1.43

$2.95

$3.01

Expected FFO & Core FFO

Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:

3Q26

Range

2026

Range

Low

High

Low

High

Expected earnings per common share - diluted

$9.14

$9.38

$9.76

$10.10

Expected real estate depreciation and amortization

1.55

1.55

5.89

5.89

Expected income allocated to non-controlling interests

0.02

0.02

0.08

0.08

Expected (gain) on sale of operating properties

(9.09)

(9.29)

(9.68)

(9.88)

Expected FFO per share - diluted

$1.62

$1.66

$6.05

$6.19

Anticipated Adjustments to FFO

0.05

0.05

0.63

0.63

Expected Core FFO per share - diluted

$1.67

$1.71

$6.68

$6.82

Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.

CAMDEN

NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income

$20,706

$82,594

$65,080

$123,361

Less: Fee and asset management income

(3,131)

(2,633)

(5,274)

(5,120)

Less: Interest and other income

(129)

(68)

(382)

(78)

Less: Income on deferred compensation plans

(12,595)

(8,350)

(11,436)

(9,548)

Plus: Property management expense

10,134

9,699

20,392

19,594

Plus: Fee and asset management expense

1,840

641

2,501

1,312

Plus: General and administrative expense

22,348

18,996

37,053

35,944

Plus: Interest expense

41,422

35,375

78,781

69,165

Plus: Depreciation and amortization expense

157,134

152,108

307,134

301,360

Plus: Expense on deferred compensation plans

12,595

8,350

11,436

9,548

Plus: Other non-operating expenses

400

2,187

61,305

3,947

Less: Gain on sale of operating property, including land

—

(47,293)

(68,100)

(47,293)

Plus: Income tax expense

1,276

1,231

2,214

1,790

NOI

$252,000

$252,837

$500,704

$503,982

"Same Property" Communities

$207,427

$210,429

$417,492

$422,328

Non-"Same Property" Communities

15,709

10,962

29,321

19,957

Development and Lease-Up Communities

1,042

53

1,748

57

Held for Sale Communities

22,569

22,634

45,421

45,279

Disposition/Other

5,253

8,759

6,722

16,361

NOI

$252,000

$252,837

$500,704

$503,982

  CAMDEN

NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

  (Unaudited)

EBITDAre and Adjusted EBITDAre

Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.

Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income

$20,706

$82,594

$65,080

$123,361

Plus: Interest expense

41,422

35,375

78,781

69,165

Plus: Depreciation and amortization expense

157,134

152,108

307,134

301,360

Plus: Income tax expense

1,276

1,231

2,214

1,790

Less: Gain on sale of operating property, including land

—

(47,293)

(68,100)

(47,293)

EBITDAre

$220,538

$224,015

$385,109

$448,383

Plus: Casualty-related expenses

(3,729)

(1,099)

(3,479)

(969)

Plus: Legal costs and settlements

412

2,311

51,604

4,183

Plus: Expensed transaction, development, and other pursuit costs

4,237

2,082

6,079

2,963

Plus: Investment losses

—

—

4,855

—

Plus: Other miscellaneous items

1

76

62

76

Adjusted EBITDAre

$221,459

$227,385

$444,230

$454,636

Annualized Adjusted EBITDAre

$885,836

$909,540

$888,460

$909,272

Net Debt to Annualized Adjusted EBITDAre

The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net Debt and computes the ratio to Adjusted EBITDAre for the following periods:

Net Debt:

Average monthly balance for the

Average monthly balance for the

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Unsecured notes payable

$4,362,454

$3,514,627

$4,134,664

$3,459,357

Secured notes payable

318,740

330,456

322,697

330,426

Total average debt

4,681,194

3,845,083

4,457,361

3,789,783

Less: Average cash and cash equivalents

(27,369)

(18,145)

(20,937)

(15,223)

Net Debt

$4,653,825

$3,826,938

$4,436,424

$3,774,560

Net Debt to Annualized Adjusted EBITDAre:

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net Debt

$4,653,825

$3,826,938

$4,436,424

$3,774,560

Annualized Adjusted EBITDAre

885,836

909,540

888,460

909,272

Net Debt to Annualized Adjusted EBITDAre

5.3x

4.2x

5.0x

4.2x

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) (the “Company”) announced today that its second quarter 2026 earnings will be released after the market closes on Thursday, July 30, 2026. The Company will host a conference call on Friday, July 31, 2026, at 10:00 AM Central Time, which will include prepared remarks by management and a question-and-answer session. Camden's complete earnings release and supplemental data will be available in the Investors section of the Company's website.

-

HOUSTON--(BUSINESS WIRE)--The Board of Trust Managers of Camden Property Trust (NYSE:CPT) (the “Company”) declared a second quarter cash dividend of $1.06 per share to holders of record as of June 30, 2026 of its Common Shares of Beneficial Interest. The dividend is to be paid on July 17, 2026.

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 173 properties containing 58,811 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 59,973 apartment homes in 176 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 19 consecutive years, most recently ranking #13.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

More News From Camden Property Trust

Back to Newsroom

-

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) (the “Company”) announced today that its first quarter 2026 earnings will be released after the market closes on Thursday, April 30, 2026. The Company will host a conference call on Friday, May 1, 2026, at 10:00 AM Central Time, which will include prepared remarks by management and a question-and-answer session. Camden’s complete earnings release and supplemental data will be available in the Investors section of the Company’s website at https://investors.camdenliving.com

Conference Call and Webcast Details
Domestic Dial-In Number: (888) 317-6003
International Dial-In Number: (412) 317-6061
Passcode: 4099400
Live Webcast: https://investors.camdenliving.com

Conference Call Replay
Domestic Dial-In Number: (855) 669-9658
International Dial-In Number: (412) 317-0088
Passcode: 8152910
Phone Replay Available through May 15, 2026
Webcast Replay: https://investors.camdenliving.com

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 171 properties containing 58,254 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 59,416 apartment homes in 174 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 19 consecutive years, most recently ranking #13.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

More News From Camden Property Trust

Back to Newsroom

The dollar's dominance is quietly cracking, which will likely lead to a significant macro shift in the coming years. While I have bet heavily on several real asset sectors, they have all soared materially higher since I started investing in them. I detail two of the best opportunities remaining in the real asset space to benefit from the coming macro shift.

U.S. equity markets extended their rebound this week as investors welcomed tentative progress toward de-escalation in the Middle East following several days of dramatic threats of significant escalation. The fragile pause in hostilities temporarily eased fears of a prolonged disruption to global energy supplies and fueled a sharp retreat in oil prices after a surge to four-year highs. Markets also found support from lukewarm inflation data and signs that the U.S. labor market continues to demonstrate resilience despite elevated energy costs and geopolitical uncertainty.

U.S. equities surged to record highs as optimism over a potential U.S.-Iran peace deal and the reopening of the Strait of Hormuz drove a risk-on rally, pushing oil sharply lower. Markets rapidly repriced the risk of a prolonged oil shock after the Strait of Hormuz reopened, easing fears of a major energy disruption that could have derailed global growth. Cooler-than-expected PPI data and a solid start to earnings season supported equities, though renewed threats to shipping traffic over the weekend underscored that progress toward de-escalation remains fragile.

Key Takeaways Camden Property Trust is set to report Q1 results with revenues expected to rise modestly year over year.CPT may benefit from demand rebound and easing supply, supporting occupancy and rental stability.Higher concessions and weak rent growth in Sun Belt markets could pressure Camden's FFO. Camden Property Trust (CPT - Free Report) is slated to report first-quarter 2026 results on April 30, after market close. The company’s quarterly results are likely to witness a year-over-year rise in revenues, though funds from operations (FFO) per share might decline.

In the last reported quarter, this residential real estate investment trust (“REIT”) reported FFO per share of $1.76, delivering a surprise of 1.73%. Results reflected higher same-property revenues. Lower effective blended lease rates and occupancy decline marred the growth tempo.

In the preceding four quarters, CPT’s FFO per share outpaced the Zacks Consensus Estimate on all occasions, with the average beat being 1.32%. The graph below depicts this surprise history:

In this article, we will dive deep into the U.S. apartment market environment and the company's fundamentals and analyze the factors that might have contributed to its first-quarter 2026 performance.

US Apartment Market in Q1The U.S. apartment market entered 2026 in better shape than many investors feared, though not yet in a clean pricing recovery. RealPage reported that first-quarter demand rebounded, with absorption of nearly 93,300 units, making it one of the strongest first quarters of the past decade. The snapback helped reverse the late-2025 move-out weakness, but annual demand still ran only a little above 303,000 units, below the roughly 340,000-unit decade average.

The good news is that the new supply is finally rolling over. Roughly 367,000 units were completed in the year-ending first quarter of 2026, including about 75,200 units in the quarter itself. This is still elevated in absolute terms, but it is a major comedown from the late-2024 peak of more than 589,000 unit annual deliveries and now sits near the 10-year average annual completion volume. 

National occupancy stood at 94.9% in first-quarter 2026, up 10 basis points sequentially but 20 basis points below the prior year. Rents rose 0.4% in the quarter after two consecutive quarterly declines but remained down 0.5% year over year. Concessions continue to do much of the heavy lifting: 25.5% of apartments were offering concessions, with the average incentive at 7.2%.

The weakest rent trends remain in high-supply Sun Belt markets. Austin, Denver and Phoenix posted some of the deepest annual rent cuts, while San Antonio, TX, Tampa, FL, Nashville, TN, and Las Vegas also lost momentum. In contrast, San Francisco, San Jose, CA, and New York showed rent growth, helped by easing supply pressure and better demand. Several Midwest markets, including Chicago, St. Louis and Cleveland, also posted steady gains because new supply has been more limited.

Factors at Play for Camden Property and Q1 ProjectionsAgainst this residential industry backdrop, Camden is expected to have drawn support from the rebound in apartment demand and easing supply pressures, which likely aided occupancy and stabilized rental trends.

A favorable demographic profile, resilient renter base and strong presence in high-growth Sun Belt markets are likely to have supported steady revenue performance, with improving conditions anticipated in the latter half of 2026.

However, elevated supply in certain markets, continued use of concessions and still-muted rent growth are expected to have limited pricing power, potentially weighing on overall earnings momentum.

For the first quarter, the Zacks Consensus Estimate for CPT’s revenues currently stands at $390.7 million, implying a marginal growth from the year-ago reported number.

For the first quarter, Camden expected core FFO per share in the range of $1.64-$1.68. However, before the first-quarter earnings release, the company’s activities were not adequate to gain analysts’ confidence. The Zacks Consensus Estimate for the quarterly core FFO per share has remained unchanged over the past two months at $1.67, which lies within the guided range and shows a decline of 2.9% year over year.

Here Is What Our Quantitative Model Predicts for CPT:Our proven model does not conclusively predict a surprise in terms of FFO per share for Camden this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here.

Camden currently carries a Zacks Rank of 3 and has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks That Warrant a LookHere are two stocks from the broader REIT industry — BXP, Inc. (BXP - Free Report) and Cousins Properties (CUZ - Free Report) — you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.

BXP is slated to report quarterly numbers on April 28. It has an Earnings ESP of +0.17% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Cousins Properties, slated to release quarterly numbers on April 29, has an Earnings ESP of +0.94% and carries a Zacks Rank of 3 at present.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

On April 30, 2026, Camden Property Trust CPT released its 8-K filing detailing first quarter 2026 results. GAAP EPS was $0.40 per diluted share, which is above the estimated EPS of $0.27. Property revenue was $388.8 million, which is above the estimated revenue of $388.05 million. The quarter included litigation-related charges that reduced FFO and a gain on the sale of an operating property that lifted GAAP EPS.

Camden Property Trust is a real estate investment trust engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. It owned interests in, operated, or developing nearly 175 multifamily properties comprised of nearly 59,921 apartment homes across the United States.

Quarterly performance and operating trends GAAP EPS was $0.40, which is higher than the 1Q26 guidance midpoint of $0.24. FFO per share was $1.15, which is below the 1Q26 guidance midpoint of $1.63. Core FFO per share was $1.70, which is higher than the 1Q26 guidance midpoint of $1.66.

Management noted the unusual items influencing these comparisons.

(1) The Company's EPS and FFO included approximately $0.48 per diluted share primarily due to litigation-related charges and EPS included approximately $0.64 per diluted share mainly due to the gain on sale of an operating property.Versus the prior year, EPS increased to $0.40 from $0.36. FFO declined to $1.15 from $1.70. Core FFO declined to $1.70 from $1.72. Core AFFO declined to $1.55 from $1.58. Property revenue was $388.8 million, which is below $390.6 million a year ago.

Same-property operating metrics reflected modest demand and rent pressure. Same-property revenue increased by 0.2% year over year. Same-property expenses increased by 1.9% year over year. Same-property NOI decreased by 0.7% year over year. Sequentially, revenue increased by 0.1%. Sequentially, expenses increased by 2.1%. Sequentially, NOI decreased by 1.0%.

Occupancy was 95.1%, which is below 95.4% in 1Q25. Occupancy was also below 95.2% in 4Q25. Effective new lease rates were down 5.2% year over year. Effective renewal rates increased 2.9% year over year. The effective blended lease rate declined 1.4% year over year.

Capital allocation, balance sheet and liquidity Camden was active in both capital markets and portfolio recycling.

During the quarter, the Company issued $600 million of senior unsecured notes due 2036.The notes carry a 4.90% coupon and a 5.03% effective interest rate. The unsecured revolving credit facility maturity was extended to March 2030. Liquidity totaled approximately $881.9 million at March 31, 2026, including $40.7 million of cash and $841.2 million of availability.

Shareholder returns featured sizable repurchases.

During the quarter, Camden repurchased 2,633,030 common shares at an average price of $105.88 per share for a total of $278.8 million.Subsequent to quarter end, the company repurchased an additional 1,429,136 shares for $144.1 million, leaving $297.8 million under the authorized program.

Portfolio activity remained balanced between dispositions, acquisitions, and development. The company sold a 516-home Irving, TX community for approximately $77.0 million and recognized a gain of approximately $67.9 million. It began marketing 11 operating communities in California. Subsequent to quarter end, Camden acquired communities in the Atlanta and Orlando metros for a combined $171.3 million. Development leasing progressed at Camden Village District in Raleigh, NC, which was 72% leased as of April 29, 2026.

Regarding the class action tied to revenue management software, the filing stated:

Subsequent to quarter end, the Company entered into a binding term sheet to settle the class action litigation related to the use of a revenue management software and agreed to pay an aggregate of $53.0 million into a settlement fund which is subject to preliminary and final court approval.The company recorded this charge in the quarter and indicated it is excluded from Core FFO and Core AFFO.

Metric Q1 2026 Q1 2025 Analyst/Guidance Ref Comparison GAAP EPS (diluted) $0.40 $0.36 $0.27 (Analyst est) / $0.24 (Guidance midpoint) Above est by $0.13. Above guidance by $0.16. FFO per share $1.15 $1.70 $1.63 (Guidance midpoint) Below guidance by $0.48. Core FFO per share $1.70 $1.72 $1.66 (Guidance midpoint) Above guidance by $0.04. Core AFFO per share $1.55 $1.58 n/a Down $0.03 year over year. Property revenue $388.8M $390.6M $388.05M (Analyst est) Above est by $0.75M. Down $1.8M year over year. Same-property NOI -0.7% y/y — — Decline vs prior year. Occupancy 95.1% 95.4% 4Q25: 95.2% Down 30 bps y/y. Down 10 bps q/q. Effective new lease rate change -5.2% -3.1% 4Q25: -5.3% Weaker y/y. Slightly better q/q. Effective renewal rate change +2.9% +3.3% 4Q25: +2.8% Softer y/y. Slightly better q/q. Effective blended lease rate -1.4% -0.1% 4Q25: -1.6% Weaker y/y. Improved q/q.Why these results matter for REIT investors For apartment REITs, Core FFO and Core AFFO are key measures of recurring earnings power and dividend capacity. Core FFO of $1.70 per share was stable relative to last year and slightly above guidance, underscoring resilient cash earnings despite market headwinds. However, negative blended lease growth and higher expenses pushed same-property NOI modestly lower, signaling ongoing pressure on organic growth.

The large discrepancy between GAAP EPS and FFO stems from non-core items that affect comparability. The litigation charge lowered FFO materially, while the property sale gain lifted GAAP EPS. These items highlight why Core FFO is often the preferred lens for evaluating operations in this sector. Balance sheet actions—issuing 10-year unsecured notes and extending the revolver—support liquidity, while sizable buybacks can be accretive to per-share metrics but reduce cash and borrowing capacity.

Additional context and notable disclosures As of quarter end, liquidity stood at approximately $881.9 million, and Camden had approximately $176.6 million left to fund under its existing wholly-owned development pipeline. The company also began marketing 11 operating communities in California, continuing its capital recycling efforts. Development at Camden Village District in Raleigh, NC, progressed with 72% of homes leased, while subsequent acquisitions in the Atlanta and Orlando markets added 557 apartment homes for $171.3 million.

The litigation update indicates a pending $53.0 million settlement fund subject to court approvals. The charge was recorded in the quarter and is excluded from Core FFO and Core AFFO, which helps maintain comparability of operating performance across periods but represents a cash outlay to be managed alongside other capital priorities.

GuruFocus Valuation Check Based on GuruFocus’ proprietary GF Value, Camden Property Trust CPT appears modestly undervalued. The GF Value stands at $111.9 versus a current price of $105.02, implying the shares are 6.1% undervalued. This suggests a slight margin of safety for investors who anchor valuations to long-term intrinsic value estimates.

CPT’s GF Score is 78/100, which is above average and indicates a favorable overall investment profile when balancing growth, profitability, and financial quality. The Profitability Rank is 7/10, reflecting solid operating efficiency for a REIT. The Growth Rank is 5/10, pointing to moderate expansion prospects consistent with recent same-property trends. Financial Strength is 4/10, which signals a need to watch leverage and liquidity amid ongoing capital returns and development funding. Predictability is 1 star, indicating that earnings and cash flows may be more variable, a common trait in property cycles. The Moat Score is 5/10, implying a moderate competitive position supported by scale and diversification.

Insider Activity shows no insider transactions in the last three months, offering no additional bullish or cautionary signal from management alignment. For a deeper dive, visit the Camden Property Trust stock page on GuruFocus.

Explore the complete 8-K earnings release (here) from Camden Property Trust for further details.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

For the quarter ended March 2026, Camden (CPT - Free Report) reported revenue of $388.77 million, down 0.5% over the same period last year. EPS came in at $1.70, compared to $0.36 in the year-ago quarter.

The reported revenue represents a surprise of -0.48% over the Zacks Consensus Estimate of $390.66 million. With the consensus EPS estimate being $1.67, the EPS surprise was +2.1%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Camden performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Rental revenues: $345.7 million versus $388.49 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -0.8% change.Non-property income- Total: $1.24 million versus $4.38 million estimated by three analysts on average.Non-property income- Interest and other income: $0.25 million versus $0.39 million estimated by three analysts on average.Net Earnings per Share (Diluted): $0.40 compared to the $0.03 average estimate based on three analysts.Non-property income- Fee and asset management: $2.14 million versus the three-analyst average estimate of $2 million.Non-property income- Income/(loss) on deferred compensation plans: $-1.16 million versus the two-analyst average estimate of $2.98 million.View all Key Company Metrics for Camden here>>>

Shares of Camden have returned +7.2% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Camden Property Trust (CPT) Q1 2026 Earnings Call Transcript

MarketBeat Instant News Alerts Trending News All MarketBeat Instant News Alerts Sort By

Time Frame

Alert Type

Keywords

Page 1 of 315

Get 30 Days of MarketBeat All Access for Free

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools.

Start Your 30-Day Trial

Sign in to your free account to enjoy these benefits

In-depth profiles and analysis for 20,000 public companies. Real-time analyst ratings, insider transactions, earnings data, and more. Our daily ratings and market update email newsletter. Sign in to your free account to enjoy all that MarketBeat has to offer.

Camden Property Trust (NYSE: CPT) (the “Company”) announced today it will participate in the Nareit REITweek 2026 Investor Conference on Tuesday, June 2 and