Camden Property Trust: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 30 April 2026: press release. Guidance figures: 2 raised, 1 lowered, 3 new, 4 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Per-share results against first quarter guidance: Diluted EPS was $0.40 against a $0.24 guidance midpoint, FFO $1.15 against $1.63, and Core FFO $1.70 against $1.66. EPS and FFO included litigation charges and a property gain. Source
• Same property NOI fell 0.7%: Same property revenues rose 0.2% year over year and expenses rose 1.9%, so NOI fell 0.7%. Sequentially, revenues rose 0.1%, expenses 2.1% and NOI fell 1.0%. Source
• New lease rates down 5.2%: Effective new lease rates were down 5.2%, against down 3.1% a year earlier and down 5.3% in the fourth quarter. Effective renewal rates were up 2.9%. Source
• Net debt to Adjusted EBITDAre at 4.7x: Net debt to annualized Adjusted EBITDAre was 4.7x, against 4.1x a year earlier. Average net debt was $4,219,025 thousand against $3,722,182 thousand. Source
• 2026 EPS guidance midpoint raised: The 2026 EPS range is $0.51 to $0.81, midpoint $0.66 against $0.55 previously. Expected EPS excludes gains from future real estate transactions. Source
• 2026 FFO guidance midpoint lowered: The 2026 FFO range is $5.95 to $6.25, midpoint $6.10 against $6.61 previously, a $0.51 reduction at the midpoint. Source
• 2026 Core FFO guidance held: The 2026 Core FFO range is $6.60 to $6.90 with a $6.75 midpoint, unchanged from the prior midpoint. Source
• $53.0 million class action settlement: After quarter end the company agreed to settle a class action over revenue management software, paying $53.0 million into a fund that needs court approval. Source

“Camden updated its earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2026 as detailed below.”

Camden Property Trust, press release

Guidance

What changed from last quarter

• Guidance raised: The 2026 EPS guidance midpoint moved from $0.55 to $0.66 with a range of $0.51 to $0.81. Source
• Guidance lowered: The 2026 FFO guidance midpoint moved from $6.61 to $6.10 with a range of $5.95 to $6.25. Source
• New guidance: Second quarter 2026 guidance was provided for EPS, FFO and Core FFO; no second quarter guidance appeared in the prior release. Source
• New: After quarter end, the company entered a binding term sheet to settle a class action over revenue management software, with a $53.0 million settlement fund. Source
• New: After quarter end, the company acquired two communities, Camden Alpharetta in Atlanta and Camden at Lake Nona in Orlando. Source
• New: During the quarter the company sold a 516-apartment community in Irving, TX, a disposition not listed in the prior release. Source
• New: During the quarter the company issued $600 million of senior unsecured notes due 2036. Source
• Ended: The $300 million delayed draw unsecured term loan facility was removed in the amended and restated credit facility. Source

Results and per-share measures

• Per-share results against first quarter guidance: Diluted EPS was $0.40 against a $0.24 guidance midpoint, FFO $1.15 against $1.63, and Core FFO $1.70 against $1.66. EPS and FFO included litigation charges and a property gain. Source
• Core FFO and AFFO slipped year over year: Core FFO was $1.70 against $1.72 a year earlier, and Core AFFO was $1.55 against $1.58. FFO was $1.15 against $1.70. Source
• Net income to common shareholders rose: Net income attributable to common shareholders was $42,449 thousand against $38,822 thousand, with a gain on sale of an operating property of $68,100 thousand. Source
• Other non-operating expenses rose sharply: Other non-operating expenses were $60,905 thousand against $1,760 thousand a year earlier. Source

Same property leasing and occupancy

• Same property NOI fell 0.7%: Same property revenues rose 0.2% year over year and expenses rose 1.9%, so NOI fell 0.7%. Sequentially, revenues rose 0.1%, expenses 2.1% and NOI fell 1.0%. Source
• Occupancy eased to 95.1%: Same property occupancy was 95.1% in first quarter 2026, against 95.4% a year earlier and 95.2% in the fourth quarter of 2025. Source
• New lease rates down 5.2%: Effective new lease rates were down 5.2%, against down 3.1% a year earlier and down 5.3% in the fourth quarter. Effective renewal rates were up 2.9%. Source
• Blended lease rates down 1.4%: Effective blended lease rates were down 1.4%, against down 0.1% a year earlier and down 1.6% in the fourth quarter of 2025. Source

“The settlement payments will not impact the Company's 2026 Core FFO or 2026 Core AFFO as certain legal costs and settlements are excluded from the calculation of these metrics.”

Camden Property Trust, press release

Operating costs and NOI mix

• Property expenses rose slightly: Total property expenses were $140,069 thousand against $139,420 thousand, with operating and maintenance at $90,179 thousand and real estate taxes at $49,890 thousand. Source
• G&A fell while interest expense rose: General and administrative expense was $14,705 thousand against $16,948 thousand. Interest expense rose to $37,359 thousand from $33,790 thousand. Source
• NOI mix across portfolio categories: Same property NOI was $232,418 thousand against $234,073 thousand, and non-same property NOI was $13,612 thousand against $8,995 thousand. Disposition and other NOI fell to $1,968 thousand from $8,073 thousand. Source

Acquisitions, dispositions and development

• Irving disposition produced a gain: The Irving, TX disposition sold for about $77.0 million and produced a gain of about $67.9 million, which the FFO reconciliation removes. Source
• Two acquisitions after quarter end: After quarter end the company acquired Camden Alpharetta and Camden at Lake Nona for a combined $171.3 million, adding 557 apartment homes. Source
• California communities marketed for sale: The company began marketing 11 operating communities in California for sale during the quarter. Source
• Development pipeline leasing and costs: Camden Village District in Raleigh, 369 homes at $139.4 million, was 72% leased as of 4/29/2026. Three ongoing communities total 1,162 homes at an estimated $492.0 million. Source

Capital, debt and liquidity

• $600 million notes due 2036: The notes were issued at 99.936% of par with a 4.90% coupon, a 4.908% yield and a 5.03% effective interest rate after offering costs. Source
• Credit facility amended, term loan removed: The $1.2 billion unsecured revolver maturity was extended to March 2030, and the $300 million delayed draw term loan was removed from the facility. Source
• Net debt to Adjusted EBITDAre at 4.7x: Net debt to annualized Adjusted EBITDAre was 4.7x, against 4.1x a year earlier. Average net debt was $4,219,025 thousand against $3,722,182 thousand. Source
• Liquidity $881.9 million at quarter end: Liquidity was about $881.9 million, made up of $40.7 million of cash and $841.2 million of availability under the credit facility and commercial paper program. $176.6 million remained to fund the development pipeline. Source

Share repurchases and distributions

• First quarter buybacks of $278.8 million: The company repurchased 2,633,030 shares at an average $105.88 for $278.8 million in the quarter. Year to date, repurchases totaled $422.9 million, with $297.8 million left under the program. Source
• Buybacks continued after quarter end: After quarter end the company repurchased 1,429,136 shares at an average $100.78 for $144.1 million. Source
• Distributions declared per share $1.06: Distributions declared were $1.06 per common share, against $1.05 a year earlier. Source
• Diluted FFO share count declined: Diluted weighted average shares for FFO, Core FFO and Core AFFO were 106,493 thousand, against 110,191 thousand a year earlier. Source

Earnings guidance for 2026 and 2Q26

• 2026 EPS guidance midpoint raised: The 2026 EPS range is $0.51 to $0.81, midpoint $0.66 against $0.55 previously. Expected EPS excludes gains from future real estate transactions. Source
• 2026 FFO guidance midpoint lowered: The 2026 FFO range is $5.95 to $6.25, midpoint $6.10 against $6.61 previously, a $0.51 reduction at the midpoint. Source
• 2026 Core FFO guidance held: The 2026 Core FFO range is $6.60 to $6.90 with a $6.75 midpoint, unchanged from the prior midpoint. Source
• Second quarter 2026 guidance given: Second quarter 2026 expected EPS is $0.13 to $0.17, FFO $1.63 to $1.67 and Core FFO $1.65 to $1.69. Source
• Same property growth guidance unchanged: 2026 same property revenue growth is (0.25)% to 1.75%, expenses 2.25% to 3.75%, and NOI (2.50)% to 1.50%. Each midpoint is unchanged from the prior guidance. Source
• Non-core charges excluded from Core FFO: Core FFO guidance excludes about $0.65 per share of non-core charges for legal costs, settlements and expensed transaction pursuit costs, against about $0.14 previously. Source

Litigation settlement and non-core items

• $53.0 million class action settlement: After quarter end the company agreed to settle a class action over revenue management software, paying $53.0 million into a fund that needs court approval. Source
• Charge sat within non-operating expenses: The company recorded the settlement charge within Other Non-Operating Expenses in the first quarter of 2026. Source
• Legal costs added back to Core FFO: Legal costs and settlements added back to reach Core FFO were $51,192 thousand, against $1,872 thousand a year earlier. Source

Portfolio size and recognition

• Portfolio of 58,811 apartment homes: Camden owns and operates 173 properties with 58,811 apartment homes; completing three properties under development would bring the portfolio to 59,973 homes in 176 properties. Source
• Operating communities fell year over year: Operating properties were 171 at quarter end against 176 a year earlier, and operating apartment homes were 58,254 against 59,647. Source
• Recognized on FORTUNE 100 Best list: The company reported 19 consecutive years on FORTUNE's 100 Best Companies to Work For list, most recently ranking #13, against #18 previously. Source

Coming up, as management said on 30 April 2026

• Quarterly guidance update: The company intends to update its earnings guidance to the market each quarter. Source
• Settlement court approval steps: The settlement fund remains subject to preliminary and final court approval. Source

Figures management reported

Risks management discussed

• External: Management said the 2026 guidance depends on its current and expected views of the apartment market and general economic conditions. Source
• Regulatory: The class action over revenue management software is settled only through a binding term sheet; the payment depends on court approval. Source

Earlier plans management reported on

• Not stated: The release compares first quarter results with the 1Q26 guidance midpoints: EPS $0.40 against $0.24, FFO $1.15 against $1.63, Core FFO $1.70 against $1.66. Source
• Not stated: The company said it intends to update its earnings guidance to the market on a quarterly basis. Source

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.