second quarter 2026
Filed Jul 30, 2026Camden Property Trust announces second quarter 2026 operating results; same-property NOI declined while FFO and Core FFO exceeded 2Q26 guidance midpoints.
Second-quarter FFO and Core FFO were above their 2Q26 guidance midpoints, but same-property revenue declined year over year excluding California, expenses increased, and same-property NOI declined across quarterly, sequential, and year-to-date comparisons.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| EPS per diluted share, three months ended June 30GAAP | $0.18 | – | – |
| FFO per diluted share, three months ended June 30non-GAAP | $1.68 | – | – |
| Core FFO per diluted share, three months ended June 30non-GAAP | $1.68 | – | – |
| Core AFFO per diluted share, three months ended June 30non-GAAP | $1.39 | – | – |
| EPS per diluted share, six months ended June 30GAAP | $0.59 | – | – |
| FFO per diluted share, six months ended June 30non-GAAP | $2.82 | – | – |
| Core FFO per diluted share, six months ended June 30non-GAAP | $3.39 | – | – |
| Core AFFO per diluted share, six months ended June 30non-GAAP | $2.95 | – | – |
| Same Property Revenues, excluding CAother | (0.1)% | 0.7% | (0.1)% |
| Same Property Expenses, excluding CAother | 2.4% | 4.3% | 2.4% |
| Same Property NOI, excluding CAother | (1.4)% | (1.3)% | (1.4)% |
| Same Property Revenues, excluding CA, year-to-date growthother | 0.0% | – | 0.0% |
| Same Property Expenses, excluding CA, year-to-date growthother | 2.0% | – | 2.0% |
| Same Property NOI, excluding CA, year-to-date growthother | (1.1)% | – | (1.1)% |
| Effective New Lease Rates, excluding CAother | (3.3)% | – | – |
| Effective Renewal Rates, excluding CAother | 2.8% | – | – |
| Effective Blended Lease Rates, excluding CAother | (0.2)% | – | – |
| Occupancy, excluding CAother | 95.7% | – | – |
3Q26 and 2026 outlook
- Revenue2026 Same Property Revenues growth guidance (excluding CA): 0.00% - 1.00%; current midpoint: 0.50%; prior midpoint (excluding CA): 0.50%; prior midpoint (including CA): 0.75%
- Operating expenses2026 Same Property Expenses growth guidance (excluding CA): 2.00% - 3.00%; current midpoint: 2.50%; prior midpoint (excluding CA): 3.00%; prior midpoint (including CA): 3.00%
- Note3Q26 FFO per diluted share: $1.62 - $1.66
- Note3Q26 Core FFO per diluted share: $1.67 - $1.71
- Note2026 EPS per diluted share: $9.14 - $9.38; current midpoint: $9.27; prior range: $9.76 - $10.10; midpoint change: $0.66
- Note2026 FFO per diluted share: $6.05 - $6.19; current midpoint: $6.12; prior midpoint: $6.10; midpoint change: $0.02
- Note2026 Core FFO per diluted share: $6.68 - $6.82; current midpoint: $6.75; prior midpoint: $6.75; midpoint change: $0.00
- Note2026 Same Property NOI growth guidance (excluding CA): (1.65)% - 0.45%; current midpoint: (0.60)%; prior midpoint (excluding CA): (0.90)%; prior midpoint (including CA): (0.50)%
- NoteExpected EPS excludes gains, if any, from future real estate transactions.
- NoteThe Company's 2026 EPS guidance is adjusted for the anticipated gain on sale of the California portfolio.
- NoteThe Company's 2026 Core FFO guidance excludes approximately $0.63 per share of non-core charges for casualty-related expenses, legal costs and settlements, expensed transaction pursuit costs, and investment losses.
Capital returns
- During the quarter, Camden repurchased 1,429,136 common shares at an average price of $100.78 per share for a total of $144.1 million.
- Year to date, Camden repurchased 4,062,166 common shares at an average price of $104.08 for a total of $422.9 million.
- The Company currently has $297.9 million remaining under its stock repurchase program.
What drove it
- The California portfolio consisted of 11 operating communities with 3,620 apartment homes and was classified as held for sale as of June 30, 2026; it was excluded from reported same-property results.
- Same-property occupancy excluding California was 95.7%, compared with 95.6% in 2Q25 and 95.1% in 1Q26.
- During the quarter, leasing continued at Camden Village District in Raleigh, NC, and the Company began leasing at Camden South Charlotte in Charlotte, NC.
- Camden Village District had 369 homes, total cost of $139.4 million, and was 88 % leased as of 7/29/2026.
- Construction-ongoing development communities totaled 1,162 homes and $492.0 million of estimated cost: Camden South Charlotte, Camden Blakeney, and Camden Nations.
- During the quarter, the Company acquired five apartment home communities and two land parcels. Subsequent to quarter end, Camden acquired two apartment home communities.
- Recent apartment-community acquisitions totaled 2,061 homes and $645.4 million. Land-parcel acquisitions totaled 82.3 acres and $45.0 million.
Concerns
- Same Property NOI excluding California declined (1.4)% compared with 2Q25, (1.3)% compared with 1Q26, and (1.1)% year to date compared with 2025.
- Same Property Expenses excluding California increased 2.4% compared with 2Q25 and 4.3% compared with 1Q26.
- Effective New Lease Rates excluding California were (3.3)% and Effective Blended Lease Rates were (0.2)% in 2Q26.
- The Company entered into a binding term sheet to settle class action litigation related to the use of a revenue management software and agreed to pay an aggregate of $53.0 million into a settlement fund which received preliminary court approval.
- The settlement 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.
What to watch
- Same-property revenue, expense, and NOI performance against 2026 guidance excluding California.
- New-lease, renewal, and blended lease-rate trends, together with occupancy.
- Deployment and balance-sheet effects of the approximately $1.625 billion California portfolio sale, including the approximately $0.9 billion planned debt repayment.
- Lease-up progress at Camden Village District and Camden South Charlotte.
- Execution of the 1,162-home, $492.0 million construction-ongoing development pipeline.
- Future treatment and financial effects of the $53.0 million litigation settlement.
Balance sheet and cash flow
- As of June 30, 2026, Camden had approximately $287.4 million of liquidity comprised of approximately $44.7 million in cash and cash equivalents, and approximately $242.7 million of availability under its unsecured credit facility and commercial paper program.
- At quarter end, the Company had approximately $140.1 million left to fund under its existing wholly-owned development pipeline.
- Subsequent to the quarter end, the Company issued a $350 million unsecured term loan facility with a maturity date of July 2027.
- On July 29, 2026, the Company sold its California communities for an aggregate sales price of approximately $1.625 billion.
- Approximately $0.9 billion of the California portfolio sale proceeds will be used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program.
Analysis
Camden reported second-quarter EPS of $0.18 per diluted share, FFO of $1.68 per diluted share, Core FFO of $1.68 per diluted share, and Core AFFO of $1.39 per diluted share. FFO exceeded the 2Q26 guidance midpoint of $1.65 by $0.03, while Core FFO exceeded its midpoint of $1.67 by $0.01. The reported three-month FFO was $1.67 in 2025, while Core FFO and Core AFFO were $1.70 and $1.43, respectively.
Underlying same-property operating performance was weaker. Excluding California, same-property revenue declined (0.1)% compared with 2Q25, while expenses increased 2.4%, producing a (1.4)% decline in NOI. Sequentially, revenue increased 0.7%, but expenses rose 4.3% and NOI declined (1.3)%. Year-to-date revenue was 0.0%, expenses increased 2.0%, and NOI declined (1.1)%. Occupancy was 95.7%, while effective new lease rates were (3.3)% and effective blended lease rates were (0.2)%.
Portfolio repositioning and investment activity were substantial. The California portfolio of 11 communities and 3,620 apartment homes was classified as held for sale as of June 30, 2026, excluded from same-property results, and sold on July 29, 2026 for approximately $1.625 billion. Camden expects approximately $0.9 billion of the proceeds to retire balances under its unsecured revolving credit facility and commercial paper program. The Company also acquired apartment communities and land parcels, maintained a construction-ongoing pipeline of 1,162 homes with $492.0 million of estimated cost, and repurchased $144.1 million of common shares during the quarter.
Liquidity was approximately $287.4 million at June 30, 2026, consisting of approximately $44.7 million in cash and cash equivalents and approximately $242.7 million of availability under the unsecured credit facility and commercial paper program. Subsequent to quarter end, Camden issued a $350 million unsecured term loan facility maturing in July 2027. The Company also agreed to pay an aggregate of $53.0 million into a litigation settlement fund, though it stated that the settlement will not affect 2026 Core FFO or Core AFFO.
The 2026 same-property revenue midpoint excluding California remained 0.50%, while the expense midpoint was reduced to 2.50% from 3.00% and the NOI midpoint improved to (0.60)% from (0.90)%. Full-year FFO guidance midpoint increased to $6.12 from $6.10, while Core FFO midpoint remained $6.75. The reported guide continues to indicate negative same-property NOI growth despite the improved NOI midpoint, making leasing spreads, expense control, California-sale proceeds deployment, and development lease-up key reported items to monitor.
Not in the filing
stated, not guessed- Total revenue and total revenue comparison figures
- Segment revenue figures
- Gross profit or gross margin
- Operating income
- Dollar net income attributable to common shareholders
- Diluted weighted-average shares
- Operating cash flow
- Free cash flow
- Dividend declaration or dividend payment information
- Total debt balance
- Debt maturity schedule and debt covenant figures
- A separately provided previous earnings outlook for completing vs_prior_guidance
- 3Q26 EPS per diluted share guidance range
- Named executive commentary or named executive quotes
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.