Camden Property Trust (CPT) Q1 2025 earnings summary

Executive summary

• Q1 2025 results exceeded expectations, with Core FFO per share $0.04 above guidance, driven by higher revenues, lower bad debt, and favorable expense timing.

• Owns, manages, develops, and acquires multifamily apartment communities, with 180 properties and 61,178 apartment homes as of March 31, 2025.

• Multiple development communities in lease-up or under construction across Texas, Tennessee, and North Carolina, with varying occupancy rates and investment levels.

• Acquired two properties in Austin, TX and Nashville, TN for a combined $199 million in Q1 2025.

• Recognized for the 18th consecutive year as one of Fortune's 100 Best Companies to Work For, ranking number 18 in 2025.

Financial highlights

• Core FFO for Q1 2025 was $189.8 million, or $1.72 per share, $0.04 above prior guidance midpoint.

• Property revenues increased 1.9% year-over-year to $390.6 million in Q1 2025.

• Net income attributable to common shareholders was $38.8 million for Q1 2025, down from $83.9 million in Q1 2024, mainly due to a $43.8 million gain on a property sale in 2024.

• Core AFFO per share was $1.58, up from $1.50 in Q1 2024.

• Same property NOI grew 0.9% year-over-year; occupancy increased to 95.4% from 95.0%.

Outlook and guidance

• Full-year 2025 Core FFO guidance midpoint raised to $6.78 per share, up $0.03 from prior guidance.

• Q2 2025 Core FFO per share expected in the range of $1.67–$1.71, a sequential decline due to seasonality and higher expenses.

• Full-year blended lease growth expected at 1–2%, with new lease growth turning positive in Q3.

• 2025 development starts guidance range set between $175M and $675M.

• Guidance excludes approximately $0.10 per share of non-core legal and transaction costs.