Camden Property Trust (CPT) Q1 2026 earnings summary

Executive summary

• Leadership transitions included internal promotions and new executive appointments, supporting continuity and culture.

• Net income attributable to common shareholders rose to $42.4 million for Q1 2026, up from $38.8 million in Q1 2025, driven by a $68.1 million gain on property sale, offset by a $53 million legal settlement and a $4.9 million impairment charge.

• Recognized as a top workplace for the 19th consecutive year, with 96% employee satisfaction and record customer sentiment.

• Same store revenues increased 0.2% year-over-year, with strong resident retention and continued demand for multifamily housing.

• Demand fundamentals remain robust in Sun Belt markets, supported by job and population growth.

Financial highlights

• Core FFO for Q1 2026 was $1.70 per share, flat year-over-year and $0.04 above guidance midpoint.

• Outperformance driven by lower bad debt, higher collections, and timing-related property expense savings.

• Property revenues were $388.8 million, down slightly year-over-year; property expenses rose to $140.1 million.

• Share repurchases totaled $423 million in Q1 at an average price of $104.08 per share; $297.8 million remains under repurchase authorization.

• $58.2 million in non-core FFO charges, including a $53 million class action lawsuit settlement.

Outlook and guidance

• Full-year 2026 same-store revenue guidance midpoint reaffirmed at 0.75%; expense guidance midpoint at 3%; NOI guidance midpoint at -0.5%.

• Full-year Core FFO per share guidance maintained at $6.75; Q2 2026 Core FFO per share expected between $1.65-$1.69.

• Management expects continued acquisitions, development, and selective dispositions, maintaining a strong balance sheet and liquidity.

• $1.2 billion available under the unsecured revolving credit facility; $500 million available under the new ATM share offering program.

• Anticipates strong Q3 and an atypically strong Q4 as supply pressures ease.