Camden Property Trust
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Camden Property Trust (CPT) investor relations material

Camden Property Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary6 Feb, 2026

Executive summary

  • Q4 2025 Core FFO per share was $1.73–$1.76, exceeding guidance midpoint by $0.03, driven by higher fee and asset management income.

  • Full-year 2025 Core FFO was $6.88 per share, with net income of $384.5M ($3.54 per share), up from 2024.

  • Sun Belt markets expected to outperform, prompting sale of California properties to expand Sun Belt footprint and repurchase shares.

  • Residents remain financially healthy, with rent at 19% of income and apartment living more affordable than home ownership.

  • New supply peaked in 2024 and is declining, setting up below-average new supply years in 2026 and 2027.

Financial highlights

  • Q4 2025 property revenues were $390.8M, up 1.2% year-over-year; full-year revenues reached $1.57B, up 1.9%.

  • Q4 2025 Core FFO per share of $1.73–$1.76 exceeded guidance midpoint by $0.03.

  • Same-property revenue growth for 2025 was 76 basis points, slightly above guidance.

  • Sold seven older communities for $375M, acquired four newer assets for $423M in 2025.

  • Q4 rental rates: new leases down 5.3%, renewals up 2.8%, blended -1.6%.

Outlook and guidance

  • 2026 Core FFO per share guidance: $6.60–$6.90, midpoint $6.75, a $0.13 decrease from 2025.

  • 2026 same-store revenue growth guidance midpoint: 75 basis points, with expense growth of 3% and NOI growth at -0.5%.

  • Market rent growth expected at 2% for 2026, mostly in the second half.

  • No net accretion or dilution expected from California asset sale and redeployment in 2026.

  • Q1 2026 Core FFO per share guidance: $1.64–$1.68, midpoint $1.66, down $0.10 sequentially.

Given negative 2026 SP NOI, what are key drivers?
Explain the strategy behind net dispositions in 2026.
What is the outlook for new lease rate growth in 2026?
CA sale: operational simplification and cost savings
What signals end of unprecedented flat rent growth?
Denver utility rebilling: other market regulatory risks?
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Frequently asked questions

Camden Property Trust is a self-administered and self-managed real estate investment trust (REIT), incorporated in Delaware and in the business of investing in real estate. The Company is an internally managed REIT primarily engaged in the ownership, management, development, redevelopment, acquisition and construction of multifamily apartment communities.

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