Camden Property Trust: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 30 July 2026: press release. Guidance figures: 3 raised, 2 lowered, 3 new, 2 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Core FFO and Core AFFO both lower: Core FFO per diluted share was $1.68 against $1.70 a year earlier. Core AFFO was $1.39 against $1.43, after recurring capitalized expenditures of $30,142 thousand in the quarter. Source
• Results above second quarter guidance: Against second quarter guidance midpoints, EPS was $0.18 against $0.15 and FFO was $1.68 against $1.65. Core FFO was $1.68 against a $1.67 midpoint. Source
• California portfolio sold for $1.625 billion: The sale closed on July 29, 2026, after quarter end, at an aggregate sales price of approximately $1.625 billion for the 11 communities. Source
• Same property NOI down 1.4 percent: Excluding California, same property revenues were down 0.1 percent year over year, expenses rose 2.4 percent and NOI fell 1.4 percent. Sequentially, revenues rose 0.7 percent. Source
• New lease rates negative, renewals positive: Effective new lease rates were down 3.3 percent against expiring leases, compared with down 5.5 percent in the first quarter. Renewal rates were up 2.8 percent, and blended rates were down 0.2 percent. Source
• Five communities and two parcels bought: During the quarter the company acquired five apartment home communities and two land parcels, with the parcels totalling $45.0 million. Source
• Leverage rose to 5.3 times: Net debt to annualized adjusted EBITDAre was 5.3 times for the quarter, against 4.2 times a year earlier. The first quarter ratio in the prior release was 4.7 times. Source
• Class action settlement reached: The company entered into a binding term sheet to settle a class action over revenue management software, paying $53.0 million into a settlement fund. Source

“Camden updated its earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions”

Camden Property Trust, press release

Guidance

What changed from last quarter

• Guidance raised: The 2026 EPS guidance midpoint moved to $9.93 from $0.66. The company ties the change to the anticipated gain on sale of the California portfolio. Source
• Guidance raised: The 2026 FFO guidance midpoint moved to $6.12 from $6.10 per diluted share. Source
• Guidance lowered: The 2026 same property expense growth midpoint moved to 2.50% from 3.00%, excluding California. Source
• Guidance kept: The 2026 Core FFO guidance midpoint stayed at $6.75 per diluted share. Source
• New guidance: Guidance was given for the third quarter of 2026, which the prior release did not include. Source
• New: The 11 California communities were sold on July 29, 2026, after the prior release described them as being marketed for sale. Source
• New: The $53.0 million class action settlement fund received preliminary court approval. The prior release said the fund was subject to preliminary and final approval. Source

Second quarter results and FFO

• Diluted EPS fell from prior year: Diluted EPS was $0.18 against $0.74 a year earlier. The year-earlier quarter included a $47,293 thousand gain on sale of an operating property, and this quarter had no such gain. Source
• Core FFO and Core AFFO both lower: Core FFO per diluted share was $1.68 against $1.70 a year earlier. Core AFFO was $1.39 against $1.43, after recurring capitalized expenditures of $30,142 thousand in the quarter. Source
• Results above second quarter guidance: Against second quarter guidance midpoints, EPS was $0.18 against $0.15 and FFO was $1.68 against $1.65. Core FFO was $1.68 against a $1.67 midpoint. Source

California portfolio held for sale

• California communities classified held for sale: At June 30, 2026, the 11 California communities with 3,620 apartment homes were held for sale and excluded from same property results. Source
• California portfolio sold for $1.625 billion: The sale closed on July 29, 2026, after quarter end, at an aggregate sales price of approximately $1.625 billion for the 11 communities. Source
• Marketing began in first quarter: Marketing of the 11 California communities for sale began in the first quarter, as stated in the prior release.

“Expected EPS excludes gains, if any, from future real estate transactions.”

Camden Property Trust, press release

Same property results and leasing

• Same property NOI down 1.4 percent: Excluding California, same property revenues were down 0.1 percent year over year, expenses rose 2.4 percent and NOI fell 1.4 percent. Sequentially, revenues rose 0.7 percent. Source
• Occupancy edged up year over year: Same property occupancy was 95.7 percent, against 95.6 percent a year earlier and 95.1 percent in the first quarter. Occupancy including California was unchanged for all periods. Source
• New lease rates negative, renewals positive: Effective new lease rates were down 3.3 percent against expiring leases, compared with down 5.5 percent in the first quarter. Renewal rates were up 2.8 percent, and blended rates were down 0.2 percent. Source
• Utility rebilling revenue rose slightly: Revenue related to utility rebilling to residents was $12.2 million, against $11.6 million a year earlier, and $24.4 million for the six months. Source

Acquisitions and development

• Five communities and two parcels bought: During the quarter the company acquired five apartment home communities and two land parcels, with the parcels totalling $45.0 million. Source
• Seven communities added for $645.4 million: Seven apartment communities with 2,061 homes were acquired from April through July 2026 for $645.4 million, including two closings after quarter end. Source
• Leasing started at South Charlotte: Leasing continued at Camden Village District in Raleigh, which was 88 percent leased. Leasing began at Camden South Charlotte, which was 13 percent leased at July 29, 2026. Source
• 1,162 homes under construction: Three communities under construction total 1,162 homes, with an estimated total cost of $492.0 million. Source

Balance sheet and liquidity

• Leverage rose to 5.3 times: Net debt to annualized adjusted EBITDAre was 5.3 times for the quarter, against 4.2 times a year earlier. The first quarter ratio in the prior release was 4.7 times. Source
• Liquidity fell to $287.4 million: Liquidity at June 30, 2026 was $287.4 million, made up of $44.7 million in cash and $242.7 million of availability under the credit facility and commercial paper program. The March 31 figure was $881.9 million. Source
• New $350 million term loan: After quarter end the company issued a $350 million unsecured term loan facility, with a maturity date of July 2027. Source
• Development funding commitment declined: About $140.1 million remained to fund the wholly owned development pipeline at quarter end, down from $176.6 million at March 31. Source

Share repurchases and distributions

• Quarter buybacks of $144.1 million: The company repurchased 1,429,136 shares in the quarter at an average of $100.78 per share, for a total of $144.1 million. Source
• Year-to-date buybacks reached $422.9 million: Year to date, 4,062,166 shares were repurchased at an average of $104.08. The company said $297.9 million remains under its stock repurchase program. Source
• Distributions declared rose slightly: Distributions declared were $1.06 per share in the quarter, against $1.05 a year earlier, and $2.12 for the six months, against $2.10. Source

Litigation settlement and non-core items

• Class action settlement reached: The company entered into a binding term sheet to settle a class action over revenue management software, paying $53.0 million into a settlement fund. Source
• Settlement excluded from Core metrics: Certain legal costs and settlements are excluded from Core FFO and Core AFFO, so the settlement does not affect those 2026 measures, according to the company. Source
• Six-month legal add-back $51.6 million: Legal costs and settlements added back to FFO were $0.4 million in the quarter and $51.6 million for six months. Investment losses of $4,855 thousand were also added back for six months. Source

Coming up, as management said on 30 July 2026

• Quarterly guidance updates: The company intends to update its earnings guidance to the market each quarter. Source
• Portfolio growth on development completion: On completion of three properties under development, the portfolio will rise to 57,857 apartment homes in 170 properties. Source

Figures management reported

Risks management discussed

• Operational: Casualty-related expenses are a non-core item. The quarter's casualty-related adjustment was a negative $3.7 million, generally recorded within Property NOI. Source
• Regulatory: The class action over revenue management software is at the settlement stage. The settlement fund has received preliminary court approval. Source

Earlier plans management reported on

• Not stated: About $0.9 billion of the $1.625 billion sale proceeds is to retire balances under the unsecured revolving credit facility and commercial paper program. Source
• Not stated: The first quarter release gave second quarter 2026 guidance. This release reports second quarter results against those midpoints.

Other quarters

• Q1 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.