Camden Property Trust: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 5 November 2026: press release. Guidance figures: 1 raised, 5 lowered, 3 new, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Quarterly EPS lifted by California gain: Diluted EPS was $8.71 against $1.00 a year earlier. Management said it included about $9.37 per share of gain on sale of the California portfolio. Source
• Core FFO flat against last year: Core FFO was $1.71 per diluted share against $1.70 a year earlier, and Core AFFO was $1.42 against $1.43. Nine-month Core FFO was $5.10 against $5.12. Source
• Same property NOI slipped 0.2%: Same property NOI fell 0.2% year over year, with expenses down 0.1% and revenues down 0.1%. Year-to-date same property NOI fell 0.7%. Source
• New lease rates fell 2.0%: Effective new lease rates were down 2.0% against expiring leases, compared with down 2.6% a year earlier. Effective renewal rates rose 3.6%. Source
• California portfolio sold for $1.6 billion: On July 29, Camden sold 11 California communities with 3,620 apartment homes for about $1.6 billion. About $0.9 billion repaid revolver and commercial paper balances. Source
• Liquidity about $1.8 billion at quarter end: Liquidity was about $1.8 billion at September 30: roughly $0.6 billion of cash and 1031 related accounts, plus $1.2 billion of credit facility and commercial paper availability. Source
• Leverage at 4.0x for the quarter: Net debt to annualized Adjusted EBITDAre was 4.0x for the quarter, against 4.2x a year earlier and 5.3x in the second quarter. 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 fourth quarter 2026 as detailed below.”

Camden Property Trust, press release

Guidance

What changed from last quarter

• Guidance lowered: 2026 EPS guidance midpoint lowered to $9.44 from $9.93. Source
• Guidance raised: 2026 FFO guidance midpoint raised to $6.15 from $6.12. Source
• Guidance kept: 2026 Core FFO guidance midpoint kept at $6.75. Source
• Guidance lowered: Same property expense and NOI growth guidance midpoints lowered to 1.75% and (1.00)%. Source
• Guidance lowered: Same property revenue growth guidance midpoint lowered to 0.00% from 0.50%. Source
• New guidance: Camden gave guidance for fourth quarter 2026 for the first time in this release. Source
• Ended: The California portfolio of 11 communities was sold on July 29, 2026. Source
• New: Construction started at Camden RTP in the Raleigh metro during the quarter. Source

Results and gains on sale

• Quarterly EPS lifted by California gain: Diluted EPS was $8.71 against $1.00 a year earlier. Management said it included about $9.37 per share of gain on sale of the California portfolio. Source
• Core FFO flat against last year: Core FFO was $1.71 per diluted share against $1.70 a year earlier, and Core AFFO was $1.42 against $1.43. Nine-month Core FFO was $5.10 against $5.12. Source
• Net income rose on the sale: Net income attributable to common shareholders was $900.4 million, against $108.9 million a year earlier, and the quarter included the sale gain. Source

Same property performance

• Same property NOI slipped 0.2%: Same property NOI fell 0.2% year over year, with expenses down 0.1% and revenues down 0.1%. Year-to-date same property NOI fell 0.7%. Source
• Same property expenses fell sequentially: Same property expenses fell 1.0% from the second quarter, and rose 1.2% for the year to date. Revenues were flat sequentially and year to date. Source
• Same property pool definition: Same property communities are those wholly owned and stabilized since January 1, 2025, excluding redevelopment and held-for-sale properties. Source

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

Camden Property Trust, press release

Leasing and occupancy

• Occupancy at 95.6% in quarter: Occupancy was 95.6% at quarter end, against 95.5% a year earlier and 95.7% in the second quarter. Source
• New lease rates fell 2.0%: Effective new lease rates were down 2.0% against expiring leases, compared with down 2.6% a year earlier. Effective renewal rates rose 3.6%. Source
• Lease rate measurement basis: Lease rates are averages of changes against expiring rates, measured when effective. Blended rate was up 1.0% in the quarter. Source

Portfolio sales and acquisitions

• California portfolio sold for $1.6 billion: On July 29, Camden sold 11 California communities with 3,620 apartment homes for about $1.6 billion. About $0.9 billion repaid revolver and commercial paper balances. Source
• Three communities acquired for $305.2 million: Camden Gulch, Camden LoSo and Camden Brandon were acquired for $305.2 million combined, and a Tampa land parcel for about $18.3 million. Source
• Los Angeles land sold after quarter: After quarter end, Camden sold 2.6 acres of land in Los Angeles for about $10.7 million. Source

Development pipeline

• Camden RTP construction started: Construction began at Camden RTP in Raleigh during the quarter. Leasing began at Camden Blakeney in Charlotte, and Camden Village District was 88% leased. Source
• Four communities under construction: Four communities under construction total 1,560 homes and an estimated $618.0 million. Camden South Charlotte was 24% leased at October 31. Source
• $209.3 million left to fund: At quarter end, about $209.3 million remained to fund under the existing wholly owned development pipeline. Source

Operating and corporate costs

• Interest expense rose year over year: Interest expense was $41.0 million for the quarter, against $35.0 million a year earlier. Nine-month interest was $119.8 million against $104.2 million. Source
• Property operating costs and taxes fell: Property operating and maintenance expense was $93.7 million against $96.6 million, and real estate taxes were $47.1 million against $49.1 million. Source
• General and administrative costs rose slightly: General and administrative expense was $18.2 million, against $17.8 million a year earlier. Nine-month G&A was $55.2 million against $53.8 million. Source

Capital, debt and liquidity

• Liquidity about $1.8 billion at quarter end: Liquidity was about $1.8 billion at September 30: roughly $0.6 billion of cash and 1031 related accounts, plus $1.2 billion of credit facility and commercial paper availability. Source
• Leverage at 4.0x for the quarter: Net debt to annualized Adjusted EBITDAre was 4.0x for the quarter, against 4.2x a year earlier and 5.3x in the second quarter. Source
• Notes redeemed in October at par: During the quarter Camden issued a $350 million term loan maturing July 2027. In October, $500 million of notes due November 2026 were redeemed at par. Source

Share repurchases and distributions

• Quarter buybacks totalled $50.0 million: Camden bought back 474,660 shares at an average $105.34 for $50.0 million in the quarter. Year to date it repurchased 4,536,826 shares for $472.8 million. Source
• $247.9 million left on buyback: $247.9 million remains under the stock repurchase program. Source
• Distributions declared $1.06 per share: Distributions declared were $1.06 per share in the quarter, against $1.05 a year earlier. Nine-month distributions were $3.18 per share. Source

Coming up, as management said on 5 November 2026

• Four properties to complete: Completion of four properties under development will raise the portfolio to 58,555 apartment homes in 172 properties. Source

Figures management reported

Risks management discussed

• Operational: 2026 Core FFO excludes about $0.60 per share of non-core charges, covering casualty, legal, pursuit and investment items. Source
• External: Guidance reflects management's current and expected views of the apartment market and general economic conditions. Source

Earlier plans management reported on

• Not stated: Third quarter Core FFO was $1.71 against a $1.69 midpoint, and FFO was $1.70 against a $1.64 midpoint. Source
• Not stated: Camden intends to update its earnings guidance to the market each quarter. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 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.