CPT · Camden Property Trust

Camden Property Trust reported first quarter 2026 results that showed a mixed performance relative to expectations. Core FFO of $1.70 per diluted share exceeded the guidance midpoint of $1.66 by $0.04, indicating solid underlying operational trends. However, GAAP FFO of $1.15 was well below the $1.63 midpoint due to $0.48 per share in litigation-related charges, primarily a $53 million settlement accrual for a revenue management software class action. GAAP EPS of $0.40 benefited from a $0.64 per share gain on sale of an operating property, partially offset by the litigation charge.

Same-property portfolio results showed modest revenue growth of 0.2% year-over-year, driven by effective renewal rate increases of 2.9%, but new lease rates declined 5.2%. Expense growth of 1.9% outpaced revenue, leading to a 0.7% decline in same-property NOI. Occupancy remained stable at 95.1%.

During the quarter, Camden completed a $600 million senior unsecured notes offering due 2036 with a 4.90% coupon, and amended its credit facility to extend the $1.2 billion revolver maturity to March 2030. The company also repurchased 2.6 million shares for $278.8 million and continued its development pipeline, with three communities under construction totaling 1,162 homes.

Management maintained its full-year 2026 Core FFO guidance midpoint at $6.75 per share, while lowering FFO guidance to $6.10 from $6.61 due to the litigation charge. Second quarter Core FFO is expected in the range of $1.65-$1.69 per share. The litigation settlement, while significant, is excluded from Core metrics, preserving the earnings quality measure.