Camden Property Trust reported third-quarter core FFO of $1.71 per share, above guidance, while maintaining full-year core FFO guidance of $6.73 to $6.77 per share. It cut full-year same-store revenue growth guidance to 0.0% and NOI growth to negative 1.0%.
CPT · Camden Property Trust
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Camden Property Trust reported net income of $900.4 million for the three months ended September 30, 2026, versus $108.9 million in 2025, driven by $973.0 million of gains from selling 11 California properties for approximately $1.6 billion.
Camden Property Trust reported EPS of $8.71 and FFO of $1.70 for the three months ended September 30, 2026. EPS included approximately $9.37 per share from the California portfolio sale. 2026 Core FFO guidance is $6.73 - $6.77.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Nov 6, 2026TL;DR. Camden exceeded its third-quarter Core FFO guidance midpoint, delivered improving lease-rate growth and reduced expense growth, and maintained ample liquidity with limited near-term debt maturities. The outlook remains constrained by weaker same-store revenue and NOI guidance, persistent concessions, softer seasonality, reduced acquisition activity, and development-site impairments.
- + Third-quarter core FFO of $1.71 per share exceeded the $1.69 guidance midpoint by two cents.
- + Third-quarter blended lease-rate growth improved 120 basis points sequentially to positive 1%.
- + The full-year same-store expense-growth outlook improved by 75 basis points to 1.75%.
- + Camden retained ample liquidity and substantial balance-sheet flexibility.
- + Camden has no significantly dilutive debt maturities over the next eight quarters.
- + Apartment completions in Camden's Sunbelt markets fell to a seven-year low, while rising rates, commodity prices and labor shortages constrained new construction starts.
- − Camden reduced its full-year same-store revenue-growth midpoint to 0.0% from 0.5% and its NOI-growth midpoint to negative 1.0% from negative 0.6%.
- − Greater-than-expected September seasonality caused Camden to reduce its same-store revenue and NOI outlook.
- − Persistent concessions remained a drag on new-lease and blended-lease growth.
- − Fourth-quarter core FFO guidance implies a sequential decline of $0.06 per share from the third quarter.
- − Camden canceled two operating-community acquisitions and one land parcel and does not anticipate further acquisitions in 2026.
- − Camden recorded non-cash impairment charges on the Nashville and Denver development sites and the Arts District parcel.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
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Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Same store communities NOI change non-GAAP | -1.4% | Three Months Ended June 30, 2026 filing | — |
| Adjusted EBITDAre non-GAAP | 444.23M | Six months ended June 30, 2026 | — |
| Annualized Adjusted EBITDAre non-GAAP | $888.46M | Six Months Ended June 30, 2026 | — |
| Core adjusted funds from operations non-GAAP | $309.87M | Six Months Ended June 30, 2026 | — |
| Core adjusted funds from operations - diluted non-GAAP | $1.39 | Three Months Ended June 30, | — |
| Core AFFO per common share - Diluted non-GAAP | $2.95 | Six months ended June 30, 2026 | — |
| Core FFO per common share - Diluted non-GAAP | $3.39 | Six months ended June 30, 2026 | — |
| Core funds from operations non-GAAP | $356.16M | Six Months Ended June 30, 2026 | — |
| Core funds from operations - diluted non-GAAP | $1.68 | Three Months Ended June 30, | — |
| Disposition/Other NOI non-GAAP | 5.25M | Q2 2026 | — |
| Effective New Lease Rates | -3.3% | 2Q26 | — |
| Effective Renewal Rates | 2.8% | 2Q26 | — |
| FFO per common share - Diluted non-GAAP | $2.82 | Six months ended June 30, 2026 | — |
| Funds from operations non-GAAP | $297.04M | Six Months Ended June 30, 2026 | — |
| Funds from operations - diluted non-GAAP | $1.68 | Three Months Ended June 30, | — |
| Gross turnover of apartment homes (annualized) | 50% | Three Months Ended June 30, 2026 | — |
| Held for Sale Communities NOI non-GAAP | 22.57M | Q2 2026 | — |
| Net Debt non-GAAP | $4.44B | Six Months Ended June 30, 2026 | — |
| Net Operating Income non-GAAP | 500.7M | Six months ended June 30, 2026 | — |
| Net operating income (Development and Lease-Up Communities) non-GAAP | $1.75M | Six months ended June 30, 2026 | — |
| Net operating income (Disposition/Other) non-GAAP | $6.72M | Six months ended June 30, 2026 | — |
| Net operating income (Held for Sale Communities) non-GAAP | $45.42M | Six months ended June 30, 2026 | — |
| Net operating income (Non-"Same Property" Communities) non-GAAP | $29.32M | Six months ended June 30, 2026 | — |
| Net operating income (Same Property Communities) non-GAAP | $417.49M | Six months ended June 30, 2026 | — |
| Net turnover (excludes on-site transfers and transfers to other Camden communities) | 39% | Three Months Ended June 30, 2026 | — |
| Non-recurring & revenue enhancing capitalized expenditures | $956K | Six months ended June 30, 2026 | — |
| Non-Same Property NOI non-GAAP | 15.71M | Q2 2026 | — |
| Occupancy | 95.7% | 2Q26 | — |
| Property Net Operating Income - "Same Property" Communities non-GAAP | 207.43M | Three Months Ended June 30, | — |
| Property Net Operating Income - Development and Lease-Up Communities non-GAAP | 1.04M | Three Months Ended June 30, | — |
| Property Net Operating Income - Disposition/Other non-GAAP | 5.25M | Three Months Ended June 30, | — |
| Property Net Operating Income - Held for Sale Communities non-GAAP | 22.57M | Three Months Ended June 30, | — |
| Property Net Operating Income - Non-"Same Property" Communities non-GAAP | 15.71M | Three Months Ended June 30, | — |
| Recurring Capitalized Expenditures | $46.29M | Six months ended June 30, 2026 | — |
| Reposition Expenditures | $41.93M | Six months ended June 30, 2026 | — |
| Repositioned Apartment Homes | 1,171 | Six months ended June 30, 2026 | — |
| Same Property NOI non-GAAP | 207.43M | Q2 2026 | — |
| Total operating apartment homes in operating properties | 59,676 | As of June 30, 2026 | — |
| Total operating properties | 176 | As of June 30, 2026 | — |
| Total Property Net Operating Income non-GAAP | 252M | Three Months Ended June 30, | — |
| Weighted Average Apartment Homes | 58,472 | Six months ended June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Residential — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CPT
this stock
Camden Property Trust
|
$9.92B | -9.9% | +81.7% | 9.2 | 5.5% |
|
VMRK
Vivmark Residential
|
$49.76B | +1.9% | +4.8% | 802.8 | 2.5% |
|
ESS
Essex Property Trust, Inc.
|
$17.57B | +4.4% | +6.4% | 50.8 | 3.5% |
|
INVH
Invitation Homes Inc.
|
$15.47B | -3.4% | +4.2% | 23.6 | 3.4% |
|
SUI
Sun Communities Inc
|
$14.44B | -4.3% | +2.0% | — | 5.9% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 6, 2026
- This year
- 25
Camden Property Trust reported net income of $900.4 million for the three months ended September 30, 2026, versus $108.9 million in 2025, driven by $973.0 million of gains from selling 11 California properties for approximately $1.6 billion.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CPT | -0.3% | +0.6% | -8.0% | -1.5% | -9.9% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -2.9% | +1.7% | -8.5% | -1.4% | -20.6% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.