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Financial Data and Key Metrics Changes - Camden Property Trust reported core funds from operations (Core FFO) for Q4 2025 at $193.1 million, or $1.73 per share, which was $0.03 ahead of the midpoint of prior guidance [34] - The company expects Core FFO per share for 2026 to be in the range of $6.60-$6.90, representing a decrease of $0.13 from 2025 results [35][36] - Same-property revenue growth for 2025 was reported at 76 basis points, slightly beating guidance [13] Business Line Data and Key Metrics Changes - Rental rates for Q4 2025 showed new leases down 5.3% and renewals up 2.8%, resulting in a blended rate of -1.6% [27] - The company disposed of 3 communities for $201 million and acquired 1 community for $85 million during Q4 2025 [29] - For the full year 2025, Camden sold 7 older communities for $375 million and acquired 4 newer assets for $423 million [30] Market Data and Key Metrics Changes - The company anticipates that new supply in its markets peaked in 2024 and will continue to decline, setting up for below-average years in 2026 and 2027 [14] - The D.C. Metro area achieved 3.5% revenue growth in 2025, with 96% occupancy heading into 2026 [19] - Houston is expected to exceed average portfolio growth again in 2026 due to limited supply [20] Company Strategy and Development Direction - Camden plans to market its California properties for sale to expand its footprint in the Sun Belt and simplify its operating platform [10][31] - The company intends to reinvest approximately 60% of the sales proceeds into high-demand Sun Belt markets and use the remainder for share repurchases [31] - The overall portfolio is graded as a B with a stable but improving outlook for 2026 [18] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty about the operating environment but noted strong apartment absorption rates and resilient residents [8][10] - The company expects modest acceleration in operating conditions in the second half of 2026, with a revenue growth midpoint of 75 basis points [16] - Management highlighted that the current economic conditions could lead to a significant recovery in rental rates once supply and demand dynamics shift [102][106] Other Important Information - The company anticipates $14 million in legal expenses as part of non-core adjustments, which are expected to normalize over time [70] - New legislation in Colorado has impacted utility rebilling, resulting in a loss of approximately $1.8 million in revenue, affecting same-store NOI [118] Q&A Session Summary Question: Why is now the right time to sell the Southern California portfolio? - Management believes there will be a pivot point in Sun Belt growth, and they want to be ahead of that trend [46][49] Question: How are you thinking about splitting the California portfolio for sale? - There are many buyers interested, and the company will maximize the purchase price through various sale structures [50] Question: What are your expectations for new and renewal rents throughout the year? - Slight improvements are expected in the first quarter, with more visibility during peak leasing seasons [55] Question: How will the timing of 1031 exchange acquisitions affect guidance? - The company expects no net impact on 2026 guidance from the California sale and anticipates redeployment of capital in mid-year [60] Question: What are the expectations for stabilized returns on new developments? - Costs are decreasing by 5%-8%, but developments remain challenging [66] Question: Can you provide more details on the $14 million in legal expenses? - This amount includes legal costs related to ongoing battles, which are expected to resolve and normalize over time [70] Question: How will the new Colorado legislation affect ancillary income? - The legislation will significantly impact revenue, accounting for about 19 basis points of same-store NOI [118]

Financial Data and Key Metrics Changes - Camden Property Trust exceeded its original guidance for Core FFO by $0.13 per share, reporting Core FFO for Q4 2025 at $193.1 million or $1.73 per share, which was $0.03 ahead of the midpoint of prior guidance [9][34] - Same-property revenue growth for 2025 was reported at 76 basis points, slightly beating the midpoint of guidance [13] - The company expects Core FFO per share for 2026 to be in the range of $6.60-$6.90, with a midpoint of $6.75, representing a $0.13 decrease from 2025 results [35] Business Line Data and Key Metrics Changes - Rental rates for Q4 2025 showed new leases down 5.3% and renewals up 2.8%, resulting in a blended rate of -1.6% [27] - The company disposed of three communities for $201 million and acquired one community for $85 million during Q4 2025 [29] - For 2025, Camden sold seven older communities for $375 million and acquired four newer assets for $423 million [30] Market Data and Key Metrics Changes - The company anticipates that new supply in its markets peaked in 2024 and will continue to decline, setting up for below-average years for new supply in 2026 and 2027 [14] - The Washington, D.C. Metro area achieved 3.5% revenue growth in 2025 and is rated A- with a moderating outlook for 2026 [19][20] - Austin is rated C+ with an improving outlook, as new supply is slowing, but it will take time for market-wide occupancy to improve [26] Company Strategy and Development Direction - Camden plans to expand its Sun Belt footprint by selling its California properties, with preliminary indications of value ranging from $1.5 billion to $2 billion [31] - The company intends to reinvest approximately 60% of the sales proceeds into high-demand Sun Belt markets and use the remainder for share repurchases [31] - The overall portfolio is graded as a B with a stable but improving outlook, with expectations for modest revenue growth in 2026 [18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the uncertainty in the multifamily REIT sector but expressed confidence in the resilience of residents and the affordability of apartments compared to homeownership [8][11] - The company expects operating conditions to improve in the second half of 2026, with a slight acceleration in job growth primarily in Sun Belt markets [16] - Management noted that the current economic environment has led to a hiring freeze, but there is optimism for better job growth in 2026 [88] Other Important Information - The company is facing a new Colorado legislation that affects utility rebilling, which is expected to impact same-store NOI by approximately 19 basis points [120] - Legal expenses are becoming a significant part of the business, with $14 million in non-core adjustments anticipated for the year [70] Q&A Session Summary Question: Why is now the right time to sell the Southern California portfolio? - Management believes there will be a pivot point in Sun Belt growth, and they want to be ahead of that trend [46] Question: Can you discuss the guidance for new and renewal rents? - Slight improvements are expected in the first quarter of 2026, with more visibility during peak leasing seasons [55] Question: How will the timing of 1031 exchange acquisitions work? - The California sale is anticipated to close mid-year, with redeployment of capital happening in the summer [60] Question: What are the expectations for stabilized returns on new developments? - Costs are coming down by 5%-8%, but developments remain challenging [66] Question: How will the new legislation in Denver affect ancillary income? - The new legislation will impact utility rebilling, resulting in a loss of approximately $1.8 million in revenue [120]

Financial Data and Key Metrics Changes - Camden Property Trust reported Core Funds From Operations (FFO) for Q4 2025 at $193.1 million, or $1.73 per share, exceeding prior guidance by $0.03 per share [18] - Same-property revenue growth for 2025 was 76 basis points, slightly beating the midpoint of guidance [7] - The company expects Core FFO per share for 2026 to be in the range of $6.60-$6.90, representing a decrease of $0.13 from 2025 results [19] Business Line Data and Key Metrics Changes - Rental rates for Q4 2025 showed new leases down 5.3% and renewals up 2.8%, resulting in a blended rate of -1.6% [15] - The company disposed of 3 communities for $201 million and acquired 1 community for $85 million during Q4 2025 [16] - The overall portfolio is expected to see same-store net operating income (NOI) decline by 50 basis points in 2026, with revenue growth projected at 75 basis points [20] Market Data and Key Metrics Changes - The Sun Belt markets are expected to continue growing faster than the rest of the country, prompting the company to market its California properties for sale [5] - The Washington, D.C. Metro area achieved 3.5% revenue growth in 2025 and is rated A-minus with a moderating outlook for 2026 [11] - Austin is rated C-plus with an improving outlook, but faces challenges due to high levels of new supply [14] Company Strategy and Development Direction - The company plans to reinvest approximately 60% of the proceeds from the California sales into high-demand Sun Belt markets and use the remainder for share repurchases [17] - Camden aims to simplify its operating platform and expand its footprint in the Sun Belt by selling its California assets [5] - The company is optimistic about future lease rates and NOI growth, citing a strong balance sheet and resilient residents [6] Management's Comments on Operating Environment and Future Outlook - Management highlighted the uncertain operating environment in 2025 but expressed confidence in the company's ability to navigate challenges [4] - The company anticipates modest acceleration in operating conditions in the second half of 2026, with expectations for job growth primarily in Sun Belt markets [9] - Management noted that the current rental market is experiencing flat growth, which is not sustainable long-term, indicating potential for future increases [75] Other Important Information - The company has begun to see improvements in some markets, with expectations for revenue growth in the range of 1%-2% for several regions [13] - Legal expenses are anticipated to be approximately $14 million, primarily related to ongoing legal battles [46] - The company plans to launch a new bond transaction worth $400 million-$500 million later this quarter [24] Q&A Session Summary Question: Why is now the right time to sell the Southern California portfolio? - Management believes there will be a pivot point in Sun Belt growth, and selling now allows them to capitalize on a vibrant transaction environment [26][27] Question: How are you thinking about splitting the California portfolio for sale? - There are many buyers interested, and the company will maximize the purchase price whether sold as a portfolio or individually [29] Question: What are your expectations for new and renewal rents throughout the year? - Slight improvements are expected in the first quarter, with more visibility during peak leasing seasons [32] Question: How will the timing of 1031 exchange acquisitions impact guidance? - The company anticipates that the California sale will close mid-year, with redeployment of capital occurring in the summer [36] Question: What are the expectations for stabilized returns on new developments? - Costs are decreasing by 5%-8%, but developments remain challenging, with rental rates expected to stabilize [40][43] Question: What impact will the new legislation in Denver have on utility rebilling? - The new legislation will significantly affect income from utility rebilling, amounting to about $1.8 million in lost revenue [89]

CAMDEN TABLE OF CONTENTS | | Page | | --- | --- | | Press Release Text | 3 | | Financial Highlights | 6 | | Operating Results | 7 | | Funds from Operations | 8 | | Balance Sheets | 9 | | Portfolio Statistics | 10 | | Components of Property Net Operating Income | 11 | | Sequential Components of Property Net Operating Income | 12 | | "Same Property" Fourth Quarter Comparisons | 13 | | "Same Property" Sequential Quarter Comparisons | 14 | | "Same Property" Year to Date Comparisons | 15 | | "Same Property" Oper ...

Key Takeaways CPT posted Q4 core FFO of $1.76 per share, topping estimates as same-property revenues rose year over year.CPT faced pressure from a 1.6% drop in blended lease rates and a decline in occupancy to 95.2%.CPT issued below-consensus 2026 FFO guidance and announced a small dividend hike with share repurchases.Camden Property Trust (CPT) reported fourth-quarter 2025 core funds from operations (FFO) per share of $1.76, surpassing the Zacks Consensus Estimate of $1.73. The figure increased 1.7% year o ...

Camden (CPT) reported $390.79 million in revenue for the quarter ended December 2025, representing a year-over-year increase of 1.2%. EPS of $1.76 for the same period compares to $0.37 a year ago.The reported revenue represents a surprise of -0.98% over the Zacks Consensus Estimate of $394.65 million. With the consensus EPS estimate being $1.73, the EPS surprise was +1.93%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

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].

Key Takeaways AVB is expected to report moderated Q4 results after cutting 2025 revenue, NOI and core FFO guidance.ESS is likely to post modest revenue growth, with West Coast demand offset by pockets of supply pressure.MAA is expected to see rent pressure from elevated Sun Belt supply and higher concessions.We are in the middle of the current reporting cycle, and the real estate investment trust (REIT) space is buzzing with activity, with several earnings releases lined up for this week. Among the resident ...

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.Fundamentals in the multifamily apartment market are weakening as a historic surge of new supply continues to make its way through the pipeline ...