Camden Property Trust (CPT) Q4 2025 earnings summary

Executive summary

• Q4 2025 Core FFO per share was $1.73–$1.76, exceeding guidance midpoint by $0.03, driven by higher fee and asset management income.

• Full-year 2025 Core FFO was $6.88 per share, with net income of $384.5M ($3.54 per share), up from 2024.

• Sun Belt markets expected to outperform, prompting sale of California properties to expand Sun Belt footprint and repurchase shares.

• Residents remain financially healthy, with rent at 19% of income and apartment living more affordable than home ownership.

• New supply peaked in 2024 and is declining, setting up below-average new supply years in 2026 and 2027.

Financial highlights

• Q4 2025 property revenues were $390.8M, up 1.2% year-over-year; full-year revenues reached $1.57B, up 1.9%.

• Q4 2025 Core FFO per share of $1.73–$1.76 exceeded guidance midpoint by $0.03.

• Same-property revenue growth for 2025 was 76 basis points, slightly above guidance.

• Sold seven older communities for $375M, acquired four newer assets for $423M in 2025.

• Q4 rental rates: new leases down 5.3%, renewals up 2.8%, blended -1.6%.

Outlook and guidance

• 2026 Core FFO per share guidance: $6.60–$6.90, midpoint $6.75, a $0.13 decrease from 2025.

• 2026 same-store revenue growth guidance midpoint: 75 basis points, with expense growth of 3% and NOI growth at -0.5%.

• Market rent growth expected at 2% for 2026, mostly in the second half.

• No net accretion or dilution expected from California asset sale and redeployment in 2026.

• Q1 2026 Core FFO per share guidance: $1.64–$1.68, midpoint $1.66, down $0.10 sequentially.