Camden Property Trust

Latest Results (30.07.2026):

Camden Property Trust — First Quarter 2026: Camden reported Q1 2026 results with diluted EPS of $0.40 and FFO of $1.15 per diluted share (Core FFO $1.70, Core AFFO $1.55). Results were affected by a litigation charge and a property sale gain; same‑property NOI declined modestly year‑over‑year and leasing rate trends remained negative on new leases but positive on renewals.

Key earnings and FFO

Q1 2026 diluted EPS $0.40 vs $0.36 in Q1 2025. FFO was $1.15 per diluted share (vs $1.70 a year ago). Core FFO was $1.70 (vs $1.72) and Core AFFO was $1.55 (vs $1.58).

Non‑core items that moved results

Camden recorded a litigation-related charge (company cites ~ $0.48 per diluted share) and recognized a gain on sale of an operating property (~ $0.64 per diluted share, ~$68.1M gain recognized). The litigation settlement (subsequent binding term sheet) calls for $53.0M aggregate payment and was charged to Other Non‑Operating Expenses in Q1; management says these items are excluded from 2026 Core FFO/Core AFFO.

Operating performance / same‑property

Same‑property revenues were essentially flat (up 0.2% YoY), same‑property NOI fell 0.7% vs Q1 2025, and occupancy was 95.1% (95.4% in Q1 2025). Effective new lease rates were down 5.2% YoY while renewal rates were up 2.9%.

Revenue, NOI and net income

Property revenue for the quarter was $388.8M (vs $390.6M prior year). Net income attributable to common shareholders was $42.449M (vs $38.822M). Company disclosed NOI breakdown and a modest sequential decline.

Capital markets and balance sheet

Camden issued $600M of senior unsecured 2036 notes (coupon 4.90%, effective interest ~5.03%). Revolving credit facility maturity extended to March 2030 after amending the facility. Liquidity at quarter end ~ $881.9M (cash ~$40.7M + ~$841.2M available capacity).

Share repurchases

Camden repurchased 2,633,030 shares in Q1 for $278.8M (avg $105.88). Subsequent to quarter end repurchases totaled 1,429,136 shares for $144.1M. YTD repurchases were 4,062,166 shares for $422.9M; ~$297.8M remains available under the program.

Acquisitions, dispositions and development

The company sold a 516‑unit property in Irving, TX for ~$77.0M (gain ~ $67.9M). It began marketing 11 California communities for sale. Subsequent to quarter end Camden acquired two properties (Camden Alpharetta and Camden at Lake Nona) for a combined $171.3M. Ongoing development pipeline: 1,162 homes estimated cost $492.0M; Camden Village District lease‑up 72% leased.

Guidance and outlook

Updated 2026 guidance: full‑year FFO range $5.95–$6.25 (midpoint $6.10, down $0.51 vs prior midpoint); Core FFO guidance unchanged at midpoint $6.75. Q2 2026 EPS guidance $0.13–$0.17. Same‑property NOI 2026 guidance midpoint assumes ~ (0.5)% decline.

Leverage metric

Net Debt to Annualized Adjusted EBITDAre was 4.7x for Q1 2026 (versus 4.1x in the year‑ago quarter); annualized Adjusted EBITDAre ~$891.1M.