Camden Property Trust (CPT) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw strong apartment demand and high retention, with Core FFO per share of $1.70, exceeding guidance by $0.01, and net income of $108.9 million, up from a loss in Q3 2024.

• Focus shifted to maintaining occupancy over rent increases, with affordability improving as wage growth outpaced rent growth for 33 months.

• Portfolio occupancy remained stable at 95.5%, supported by favorable rent-versus-buy economics and strong on-site teams.

• Completed corporate headquarters move to Williams Tower, marking a strategic milestone.

• Owns, manages, and develops 177 properties with 60,578 apartment homes as of September 30, 2025.

Financial highlights

• Q3 2025 property revenues rose 2.2% year-over-year to $395.7 million; same-store revenue growth was 0.8% for Q3 and 0.9% year-to-date, with occupancy averaging 95.5%.

• Core FFO for Q3 was $186.8 million ($1.70/share), one cent above guidance midpoint, driven by higher fee income and lower interest expense.

• Net operating income (NOI) for Q3 2025 was $250.0 million, up 2.5% year-over-year; same property NOI was flat.

• Property expenses, especially taxes, outperformed forecasts, reducing full-year same-store expense growth guidance from 2.5% to 1.75%.

• Net debt to EBITDA stands at 4.2x, with interest expense coverage ratio at 6.5x.

Outlook and guidance

• Full-year 2025 same-store revenue growth guidance lowered from 1% to 0.75%, and expense growth guidance reduced to 1.75%; same-store NOI growth guidance maintained at 0.25%.

• Full-year core FFO guidance midpoint raised by $0.04 to $6.85/share, third consecutive increase in 2025.

• Q4 2025 core FFO per share expected between $1.71-$1.75; Q4 EPS guidance range is $0.33–$0.37.

• 2026 expected to see less supply pressure and more stable environment, with external forecasts projecting 3-3.5% market rent growth.

• Acquisition and disposition guidance midpoints for 2025 revised to $425M and $450M, respectively.