Camden Property Q2 FFO & Revenues Beat Estimates, Occupancy Improves

Property revenues fell marginally year over year to $392.9 million but surpassed the consensus mark of $391.7 million.

Camden's Leasing Trends Show Sequential Gains

Effective new lease rates declined 3.3% from expiring leases during the quarter compared with a 2.1% decrease a year ago. Renewal rates increased 2.8%, down from growth of 3.7% in the prior-year period.

Blended lease rates fell 0.2%, reversing the 0.7% increase recorded in the year-ago quarter. However, the result improved from the 1.6% decline reported in the first quarter, supported by a narrower reduction in new-lease pricing and stable renewal growth.

CPT's Same-Property Results Remain Pressured

Excluding the California portfolio classified as held for sale, same-property revenues slipped 0.1% year over year. Property expenses increased 2.4%, resulting in a 1.4% decline in same-property net operating income, or NOI.

Sequentially, same-property revenues rose 0.7%, while expenses climbed 4.3%. NOI declined 1.3% from the first quarter.

CPT Expands Portfolio Through Acquisitions

During the quarter, Camden acquired five apartment communities totaling 1,422 homes for $449.3 million.

Subsequent to quarter-end, CPT acquired communities in Tampa, FL, and Charlotte, NC, containing a combined 639 homes for $196.1 million. The company also acquired two land parcels for an aggregate $45 million.

Camden Advances Its Development Pipeline

CPT had three communities under construction with 1,162 homes and a combined estimated cost of $492 million. Its remaining funding commitment for the wholly owned development pipeline was approximately $140.1 million at quarter-end.

CPT Recycles Capital and Repurchases Shares

In July 2026, Camden sold its California portfolio with 11 communities containing 3,620 apartment homes for approximately $1.63 billion. It plans to use about $900 million of the proceeds to reduce borrowings under its unsecured revolving credit facility and commercial paper program.

CPT repurchased 1.43 million shares during the quarter, spending $144.1 million. Year-to-date repurchases totaled 4.06 million shares for $422.9 million. The company had $297.9 million remaining under its repurchase authorization.

Camden Details Liquidity

CPT ended June with $287.4 million of liquidity, including $44.7 million in cash and $242.7 million available under its credit facility and commercial paper program. After quarter-end, the company entered into a $350 million unsecured term loan facility maturing in July 2027.

Camden Updates Guidance

Camden expects third-quarter core FFO of $1.67-$1.71 per share. The Zacks Consensus Estimate is pinned at $1.66, which lies below the guided range.

For 2026, it projects core FFO in the range of $6.68-$6.82, maintaining the midpoint at $6.75. The consensus estimate stands at $6.66, lying below the projected range.

The company now expects 2026 same-property revenue growth of 0-1% and expense growth of 2-3%. NOI is projected to range from a decline of 1.65% to growth of 0.45%, with the midpoint improving to a 0.6% decline from the prior expectation of a 0.9% decrease.

CPT’s Zacks Rank

Currently, CPT carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Residential REITs

Equity Residential EQR reported second-quarter 2026 normalized FFO per share of $1.02, beating the Zacks Consensus Estimate of $1.01. The figure improved 3% year over year.

Results reflected higher same-store NOI supported by strong physical occupancy and better-than-anticipated renewal rates achieved.

AvalonBay Communities AVB reported second-quarter 2026 core FFO per share of $2.86, surpassing the Zacks Consensus Estimate of $2.80. Favorable same-store residential revenues and expense results drove the FFO outperformance

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

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