Core Insights - Camden Property Trust (CPT) reported Q4 2025 core funds from operations (FFO) per share of $1.76, exceeding the Zacks Consensus Estimate of $1.73, marking a 1.7% year-over-year increase [1] - Property revenues for Q4 2025 were $390.8 million, below the Zacks Consensus Estimate of $394.7 million, but up 1.2% year-over-year [2] - The company announced a small dividend increase of one cent per share [1] Financial Performance - Same-property revenues rose 0.5% year-over-year to $362 million, while same-property expenses increased by 1.5% to $126.2 million, resulting in nearly flat same-property NOI of $235.8 million [3] - The same-property occupancy rate was 95.2%, down 10 basis points year-over-year and 30 basis points sequentially [3] - Effective blended lease rates decreased by 1.6%, with new lease rates down 5.3% and renewal rates up 2.8% compared to expiring lease rates [4] Portfolio Activity - Camden is developing three communities with a total of 1,162 units at an estimated cost of $492 million [5] - The company acquired Camden Lake Buena Vista, a 322-apartment community in Orlando, FL, for approximately $85.2 million [5] - Camden disposed of two operating communities comprising 979 apartment homes for around $201 million, realizing a gain of $128 million [6] Balance Sheet Position - As of the end of Q4 2025, CPT had liquidity of $635.2 million, including $25.2 million in cash and cash equivalents, and approximately $610 million available under its unsecured credit facility and commercial paper program [7] - The net debt-to-annualized adjusted EBITDAre ratio was 4.1 times, down from 4.2 times in the previous quarter [7] Share Repurchase and Guidance - During Q4, CPT repurchased 2.1 million common shares for a total of $220.6 million, with an additional 1.1 million shares repurchased post-quarter for $120.7 million [8] - For Q1 2026, CPT expects core FFO per share in the range of $1.64-$1.68, below the Zacks Consensus Estimate of $1.71 [11] - Full-year 2026 core FFO per share guidance is set between $6.60 and $6.90, with the midpoint at $6.75, also below the Zacks Consensus Estimate of $6.92 [11] Dividend Information - Camden declared a first-quarter 2026 dividend of $1.06 per share, representing a marginal increase from the previous quarter, payable on April 17 to shareholders on record as of March 31, 2026 [13]

Core Insights - Camden (CPT) reported revenue of $390.79 million for the quarter ended December 2025, reflecting a year-over-year increase of 1.2% and an EPS of $1.76 compared to $0.37 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $394.65 million by -0.98%, while the EPS exceeded the consensus estimate of $1.73 by +1.93% [1] Financial Performance - Rental revenues amounted to $347.7 million, which was below the five-analyst average estimate of $394.24 million, showing a year-over-year change of +0.8% [4] - Total non-property income reached $8.35 million, surpassing the average estimate of $5.19 million based on three analysts [4] - Net Earnings per Share (Diluted) was reported at $1.44, significantly higher than the average estimate of $0.20 from three analysts [4] - Non-property income from fee and asset management was $5.28 million, exceeding the average estimate of $2.21 million based on three analysts [4] - Income/(loss) on deferred compensation plans was reported at $2.96 million, which was lower than the average estimate of $4.88 million based on two analysts [4] Stock Performance - Camden's shares have returned +0.4% over the past month, compared to a +0.5% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Performance - For Q4 2025, Camden reported an EPS of $1.44, up from $0.37 in Q4 2024, and a full-year EPS of $3.54 compared to $1.50 in 2024[6]. - Funds from Operations (FFO) for Q4 2025 was $1.73 per share, slightly above the guidance midpoint of $1.70, while full-year FFO increased to $6.77 from $6.70 in 2024[6]. - Net income attributable to common shareholders for Q4 2025 was $156.0 million, significantly higher than $40.7 million in Q4 2024, marking a growth of 284.5%[33]. - Funds from operations (FFO) for Q4 2025 were $189.5 million, compared to $185.0 million in Q4 2024, indicating a 2.7% increase[35]. - Core funds from operations for the twelve months ended December 31, 2025, totaled $757.2 million, up from $754.0 million in 2024, a growth of 0.3%[35]. - The company reported a NOI contribution from development communities of $211.9 million, with $72.7 million from communities that stabilized during the quarter[67]. - The company reported a "Same Property" NOI of $936,497,000 for the twelve months ended December 31, 2025, slightly up from $934,141,000 in 2024[100]. - Annualized Adjusted EBITDAre for the three months ended December 31, 2025, was $928,776,000, compared to $906,348,000 for the same period in 2024, reflecting an increase of about 2.5%[103]. Revenue and Occupancy - Same property revenues grew by 0.5% year-over-year in Q4 2025, while expenses increased by 1.5%, resulting in a net operating income (NOI) growth of 0.0%[7]. - Camden's occupancy rate for Q4 2025 was 95.2%, a slight decrease from 95.3% in Q4 2024[9]. - Property revenues for Q4 2025 reached $390.8 million, a slight increase from $386.3 million in Q4 2024, representing a growth of 1.3%[33]. - The average occupancy rate for the total portfolio was 95.1% as of December 31, 2025, slightly down from 95.5% in the previous quarter[46]. - The average occupancy rate for "Same Property" communities was 95.2% in Q4 2025, slightly down from 95.3% in Q4 2024, showing a decline of 0.1%[54]. - Total Same Property revenues for 2025 reached $1,453,229,000, reflecting a growth of 0.8% compared to $1,442,248,000 in 2024[61]. - Average occupancy across all properties was 95.4% in 2025, showing a slight increase from 95.3% in 2024[61]. Debt and Liquidity - Camden's liquidity as of December 31, 2025, was approximately $635.2 million, including $25.2 million in cash and $610.0 million available under credit facilities[16]. - Total debt increased to $3.90 billion as of December 31, 2025, compared to $3.49 billion in 2024, reflecting a rise of 11.9%[33]. - Camden's total maturing debt amounts to $3,310.8 million, with 84.9% of it being secured debt and a weighted average interest rate of 3.9%[75]. - The company's Net Debt to Annualized Adjusted EBITDAre ratio for the three months ended December 31, 2025, was 4.1x, up from 3.8x in 2024, indicating increased leverage[106]. Dividends and Guidance - Camden's Board declared a Q1 2026 dividend of $1.06 per common share, payable on April 17, 2026[22]. - The company provided 2026 EPS guidance in the range of $0.40 to $0.70, with a midpoint of $0.55, and FFO guidance of $6.46 to $6.76, with a midpoint of $6.61[18]. - The company plans to update its earnings guidance quarterly, with same property revenue growth guidance for 2026 ranging from -0.25% to 1.75%[21]. - Expected FFO per diluted share for 2026 is projected to be between $6.46 and $6.76[90]. - Total revenue growth for 2026 is estimated to range from -0.25% to 1.75%[90]. - Total expense growth for 2026 is anticipated to be between 2.25% and 3.75%[90]. Property and Development - The company has 1,162 units under construction, indicating ongoing expansion efforts in its portfolio[44]. - Camden's development pipeline includes ongoing projects with an estimated cost of $492.0 million, comprising 1,162 homes[11]. - The company completed acquisitions totaling $422.9 million for 1,469 homes in 2025, with an average monthly rental rate of $1,918[74]. - The company has a development pipeline of 932 homes with an estimated cost of $491.0 million, of which $96.1 million has been spent to date[70]. - Camden's completed communities in lease-up have an occupancy rate of 56% as of January 31, 2026[67]. Expenses - Total property expenses for the three months ended December 31, 2025, were $137,922,000, up from $138,011,000 in the same period of 2024, reflecting a decrease of 0.6%[51]. - Property insurance expenses rose significantly by 23.1% to $8,366,000 in 4Q25 compared to $6,794,000 in 4Q24[65]. - Marketing and leasing expenses increased by 15.5% to $2,973,000 in 4Q25 from $2,573,000 in 4Q24[65]. Market Performance - The D.C. Metro area contributed 14.3% to the NOI, with revenues of $48,873,000 in Q4 2025, up 2.6% from $47,640,000 in Q4 2024[54]. - Houston, TX, reported stable revenues of $40,319,000 in Q4 2025, with a 0.0% growth compared to the previous year[54]. - Atlanta, GA, experienced a revenue growth of 1.8% to $25,700,000 in Q4 2025, while its NOI increased by 14.9% to $17,578,000[54]. - The D.C. Metro area reported revenues of $194,944,000 in 2025, a 3.5% increase from $188,373,000 in 2024[61]. - The Houston, TX market saw a revenue increase of 0.8% to $161,970,000 in 2025, while NOI decreased by 1.5% to $92,252,000[61]. - The Atlanta, GA market experienced a revenue growth of 0.6% to $102,789,000, with NOI increasing by 5.9% to $67,401,000[61].

Core Insights - The current reporting cycle for real estate investment trusts (REITs) is active, with several earnings releases scheduled for this week [1] U.S. Apartment Market in Q4 - The U.S. apartment sector experienced a shift in Q4 2025, with net move-outs returning for the first time in three years, resulting in a loss of approximately 40,400 net units [3] - Annual absorption was just over 365,900 units, the lowest since mid-2024, indicating a return to long-term averages [3] - Approximately 409,500 units were completed in 2025, with 89,400 in Q4, marking a fourth consecutive quarterly decline in completions [4] - Occupancy rates dipped to 94.8% at year-end, and effective asking rents fell by 1.7% in Q4, with annual rents down 0.6%, the largest annual decline since early 2021 [5] - Over 23% of units offered concessions averaging 7%, reflecting landlords' focus on occupancy over rent growth [5] - Market segmentation showed steep rent declines in supply-heavy Sun Belt metros, while coastal and tech-oriented markets saw modest rent gains [6] Earnings Outlook for Residential REITs - AvalonBay Communities is expected to report moderated Q4 results, with a Zacks Consensus Estimate of $768.33 million for revenues, indicating a 3.75% year-over-year increase [7][8] - Essex Property Trust is projected to benefit from its West Coast exposure, with a revenue estimate of $476.57 million, reflecting a 4.86% increase year-over-year [11][12] - Mid-America Apartment Communities anticipates a revenue of $557.79 million, suggesting a 1.45% rise from the previous year [15][16] - Equity Residential's revenue estimate stands at $789.34 million, indicating a 2.94% year-over-year increase, supported by portfolio diversification [17][18] - Camden Property Trust expects revenues of $394.65 million, implying a growth of 2.15% from the year-ago figure [20][21]

Core Insights - The multifamily apartment market is experiencing weakening fundamentals due to a historic surge in new supply and declining rental demand, despite rising investor interest in these properties [2] - Camden Property Trust, a leading multifamily real estate investment trust, has begun marketing its entire California apartment portfolio, which consists of 11 properties valued at approximately $1.5 billion, and has received significant interest from investors [2] Company Focus - Camden Property Trust's CEO, Ric Campo, indicated a strong demand for their properties, stating that the company is focusing entirely on the Sun Belt region, where 90% of its properties are located [3] - The company believes that the Sun Belt markets will provide better growth dynamics compared to California, with expectations of recovery in these markets around 2026 or 2027, leading to improved long-term cash flow growth [4] Market Dynamics - The current market conditions show no rent growth alongside wage growth, improving affordability for apartments across the U.S. [5] - Historically, apartment rents have remained flat only during severe recessions or financial crises, leading the market to anticipate a turnaround in rental dynamics [5]

Core Insights - Camden Property Trust (CPT) is expected to report fourth-quarter 2025 results on February 5, with anticipated revenue growth year-over-year, although funds from operations (FFO) per share may remain flat [1][8]. Industry Overview - The U.S. apartment market experienced a softening in fundamentals during Q4 2025, with net move-outs of approximately 40,400 units, marking the first seasonal pullback in three years [3]. - Full-year absorption reached just over 365,900 units, indicating a shift back to long-term leasing trends rather than a demand collapse [3]. - Supply pressures remain significant, with around 409,500 units delivered in 2025, including about 89,400 in Q4, leading to increased competition [4]. - Occupancy rates fell to 94.8%, and effective asking rents decreased by 1.7% quarter-over-quarter, with a year-over-year decline of 0.6% in 2025 [4]. Company Performance - In the last reported quarter, Camden Property Trust achieved an FFO per share of $1.70, exceeding the Zacks Consensus Estimate by 0.59%, driven by higher same-property revenues and effective blended lease rates, despite increased interest expenses [2]. - For Q4 2025, the Zacks Consensus Estimate for CPT's revenues is $394.9 million, reflecting a growth of 2.2% from the previous year [7]. - Camden's core FFO per share estimate remains at $1.73, unchanged from the prior year, with expectations for Q4 ranging between $1.71 and $1.75 [9][8]. Market Dynamics - The apartment market's performance is uneven, with supply-heavy regions like Austin, Phoenix, and Denver facing the most significant rent pressures, while coastal and tech-oriented areas like New York and San Francisco continue to see rent growth due to tighter supply [5]. - Camden is expected to benefit from its presence in high-growth markets and a strong resident base, which may help maintain steady rental revenues [6]. - However, the elevated supply of rental units in certain markets is likely to increase competition, hindering rent growth and negatively impacting bottom-line performance [7].

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Core Insights - Camden is considering exiting California, following other multifamily firms like Wood Partners, which ceased pursuing opportunities in the state due to regulatory challenges [3][4] - The regulatory environment in California, including eviction moratoriums, has been cited as a significant obstacle for apartment firms [3][4] - Camden has placed all its California properties, totaling 3,600 units across various locations, on the market [6] Company Actions - Camden's decision to market its California properties aligns with its historical frustrations regarding the state's regulatory backdrop and the cost of doing business [4][5] - The firm has acknowledged the marketing of its properties but has refrained from further comments due to a blackout period before earnings [6] Market Context - Camden's properties in California include 11 locations in Los Angeles, Orange County, San Diego, and the Inland Empire [6] - If a sale occurs, it is estimated to be in the $1.5 million range, with a projected cap rate of 5.8% for Camden and a low 5% cap rate for potential buyers [6]

Core Viewpoint - Camden Property Trust announced the income tax characteristics of its 2025 distributions to shareholders, which will be reported on Form 1099-DIV, to assist banks, brokerage firms, and institutional investors in their reporting obligations [1] Distribution Characteristics - The final classifications of the distributions for 2025 will be provided, specifically for Camden Property Trust's common shares [1]

Core Insights - Camden Property Trust (CPT) is a leading real estate investment trust (REIT) focused on multifamily apartments, with a market capitalization of $11.58 billion [1] Financial Performance - Camden is expected to report flat year-over-year profit at $1.73 per diluted share for Q4 fiscal 2025, maintaining a solid record of earnings surprises [2] - For fiscal 2025, analysts project diluted EPS to be $6.85, with a slight increase of 1.3% to $6.94 in fiscal 2026 [3] Stock Performance - The stock has faced pressure due to mixed quarterly results and weakness in core funds from operations (FFO), declining 1.6% over the past 52 weeks and 5.6% over the past six months, while the S&P 500 Index increased by 19.7% and 11.5% respectively [4] - Compared to its sector, represented by the State Street Real Estate Select Sector SPDR ETF (XLRE), which increased 3.7% over the past 52 weeks but dropped 2.3% over the past six months, CPT has underperformed [5] Recent Results - On November 6, 2025, Camden reported third-quarter results showing property revenues increased by 2.2% year-over-year to $395.68 million, falling short of the expected $399.40 million, while core FFO dropped marginally to $1.70 per diluted share, exceeding the expected $1.69 [6]