Core Insights - Camden Property Trust (CPT) has a market capitalization of $10.9 billion and primarily focuses on multifamily apartment communities, but has significantly underperformed the broader market over the past 52 weeks, with a 15% decline in share price compared to a 14.1% increase in the S&P 500 Index [1] - Year-to-date, CPT's stock is down 10.7%, while the S&P 500 has risen by 16.4% [1] - CPT has also lagged behind the iShares Residential and Multisector Real Estate ETF (REZ), which saw a 3.3% drop over the past 52 weeks and a 4.7% rise year-to-date [2] Financial Performance - REG reported mixed Q3 results, with property revenue increasing by 2.2% year-over-year to $395.7 million, but missing consensus estimates [3] - Core FFO for REG declined slightly year-over-year to $1.70, exceeding analyst expectations by a penny [3] - REG raised its fiscal 2025 core FFO guidance midpoint to $6.85 per share due to anticipated positive impacts from future acquisition/disposition activities and lower borrowing costs [3] Analyst Ratings - For the current fiscal year, analysts expect REG's FFO to remain flat at $6.85, with a promising history of exceeding consensus estimates in the last four quarters [4] - Among 27 analysts covering REG, the consensus rating is a "Moderate Buy," consisting of nine "Strong Buy," one "Moderate Buy," 14 "Hold," and three "Strong Sell" ratings [4] - CPT's price target was lowered to $105 by UBS, indicating a 1.3% potential upside, while the mean price target of $119.11 suggests a 14.9% premium from current levels [5]

Group 1 - The approach has received over 500 five-star reviews from satisfied members, indicating strong customer satisfaction and perceived value [1] - The company invests significant resources, over $100,000 annually, into researching profitable investment opportunities, particularly in real estate strategies [1] Group 2 - Jussi Askola, President of Leonberg Capital, is recognized for his expertise in REIT investing, having authored award-winning academic papers and built relationships with top REIT executives [2] - The investing group High Yield Landlord, led by Jussi Askola, offers features such as three distinct portfolios, buy/sell alerts, and direct access to analysts for real-time investment insights [2]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Financial Performance - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $228,426, a significant increase from $122,602 in 2024, reflecting an 86.1% growth[9]. - Earnings per share (EPS) for the three months ended September 30, 2025, was $1.00, compared to a loss of $0.04 in the same quarter of 2024[9]. - For the nine months ended September 30, 2025, net income was $236,940,000, compared to $128,231,000 for the same period in 2024, representing an increase of 84.6%[23]. - The company reported a net income of $113,579,000 for the three months ended September 30, 2025, compared to a net loss of $2,338,000 in the same period of 2024[100]. - The company reported a net income attributable to common shareholders of $108.9 million, compared to a net loss of $4.2 million in the same period of 2024[56]. Revenue and Expenses - Property revenues for the three months ended September 30, 2025, were $395,676, an increase of 2.8% compared to $387,232 for the same period in 2024[9]. - Total property expenses for the nine months ended September 30, 2025, were $428,788, up from $420,794, indicating a 1.9% increase[9]. - Total property expenses for the three months ended September 30, 2025, were $145,696,000, an increase from $143,360,000 in the same period of 2024, indicating a rise of 1.6%[100]. - Non-property income for the three months ended September 30, 2025, was $9,392,000, down from $11,031,000 in the same period of 2024, a decrease of 15%[100]. - Interest expense for the nine months ended September 30, 2025, was $104.2 million, compared to $97.3 million for the same period in 2024, indicating an increase of 7.1%[100]. Assets and Liabilities - Total assets increased to $9,055,166, up from $8,852,144, representing a growth of 2.3% year-over-year[7]. - Total liabilities rose to $4,443,391, compared to $4,104,955, marking an increase of 8.3% year-over-year[7]. - Total equity decreased to $4,611,775 from $4,747,189, a decline of 2.8%[7]. - The carrying value of fixed-rate notes payable as of September 30, 2025, was $2,766.2 million, with an estimated fair value of $2,764.4 million[97]. - The carrying value of floating-rate notes payable as of September 30, 2025, was $974.0 million, with an estimated fair value of $982.1 million[97]. Cash Flow and Distributions - The company reported net cash from operating activities of $629,806,000 for the nine months ended September 30, 2025, slightly up from $622,519,000 in 2024[23]. - The company had a net increase in cash of $5,100,000 for the nine months ended September 30, 2025, compared to a decrease of $225,701,000 in 2024[23]. - Cash distributions declared to equity holders were $345,465,000 for the nine months ended September 30, 2025, compared to $337,456,000 for the same period in 2024[23]. - The company declared cash distributions of $3.15 per common share, totaling $342,478 for the nine months ended September 30, 2025[11]. - The total cash, cash equivalents, and restricted cash at the end of the period was $37,309,000 as of September 30, 2025, down from $42,346,000 at the end of the same period in 2024[23]. Shareholder Activities - The company repurchased 465,742 common shares at an average price of $107.33 per share, totaling approximately $50.0 million during the three months ended September 30, 2025[57]. - The company has a share repurchase plan allowing for the repurchase of up to $500.0 million of common equity securities, with $400.0 million remaining as of the filing date[57]. - The total fair value of shares vested during the nine months ended September 30, 2025, was approximately $24.8 million, an increase from $23.7 million in 2024[81]. - Total compensation cost for share awards charged against income was approximately $13.5 million for the nine months ended September 30, 2025, compared to $11.5 million for the same period in 2024[79]. - The weighted average fair value of share awards granted during the nine months ended September 30, 2025, was $118.84 per share, compared to $96.31 per share in 2024[81]. Property Management and Development - As of September 30, 2025, Camden Property Trust owned interests in, operated, or were developing 177 multifamily properties comprising 60,578 apartment homes across the United States[25]. - The estimated total additional cost to complete three properties under construction as of September 30, 2025, is approximately $269.1 million[84]. - Development and capital improvements, including land, amounted to $310,388,000 for the nine months ended September 30, 2025[22]. - The average residential lease term was approximately fourteen months, with non-residential commercial leases averaging longer terms[50]. - The company anticipates property revenue from existing leases to total approximately $994.0 million through 2029, with $343.3 million expected for the remainder of 2025[50]. Debt and Financing - The company has a $1.2 billion unsecured revolving credit facility maturing in August 2026, with approximately $1.2 billion available as of September 30, 2025[66][67]. - The company established a commercial paper program allowing for the issuance of up to $600 million in short-term unsecured notes[68][69]. - The company had outstanding floating rate debt of approximately $974.0 million as of September 30, 2025, with a weighted average interest rate of approximately 4.9%[70]. - The company has an automatic shelf registration statement allowing for the issuance of up to 185 million shares of beneficial interest, including 175 million common shares[58]. - The company has not yet sold any shares under the 2023 ATM program, which allows for an aggregate offering amount of up to $500.0 million[61]. Legal and Compliance - The company has been named as a defendant in several antitrust lawsuits related to revenue management software, which are currently in the discovery phase[86]. - The company intends to maintain its election as a REIT, requiring annual dividends to shareholders equal to a minimum of 90% of adjusted taxable income[90]. - The company expects to adopt ASU 2024-03 for the year ended December 31, 2027, which may impact related disclosures[54].

Financial Data and Key Metrics Changes - Camden reported same-store revenue growth of 0.8% for Q3 2025, up 0.9% year-to-date, and up 0.1% sequentially [9] - Core funds from operations (FFO) for Q3 2025 were $186.8 million, or $1.70 per share, exceeding prior guidance by one cent [13] - The company increased its full-year core FFO guidance by $0.04 per share from $6.81 to $6.85, marking the third consecutive increase for 2025 [15] Business Line Data and Key Metrics Changes - Effective new lease rates decreased by 2.5%, while renewal rates increased by 3.5% in Q3 2025 [9] - The blended rate growth was 0.6%, a decline of 10 basis points from the previous quarter and 40 basis points compared to Q3 2024 [9] - Turnover rates remained 20-30 basis points below last year's levels, with move-outs attributed to home purchases at a record low of 9.1% [10] Market Data and Key Metrics Changes - Strong apartment demand continued, making 2025 one of the best years for apartment absorption in the last 25 years [5] - The company noted that apartment affordability improved, with 33 months of wage growth exceeding rent growth [5] - Private market sales of apartments showed robust activity, with cap rates for high-quality properties landing in the 4.75%-5% range [6] Company Strategy and Development Direction - Camden is focused on maintaining a strong balance sheet with no major dilutive refinances over the next couple of years [6] - The company plans to continue share buybacks, having repurchased $50 million of shares at a significant discount to net asset value [7] - Camden anticipates a stronger growth profile post-2025 as the excess supply from the post-COVID environment diminishes [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing reduced uncertainty compared to 2025 and a significant amount of multifamily supply absorbed in 2025 [19][20] - The company highlighted that demographic and migration trends support new demand going forward [6] - Management noted that the current disconnect between private and public market values for apartments is significant, with a 30% discount to consensus NAV [7][39] Other Important Information - Camden disposed of three older communities for a total of $114 million, using proceeds to repurchase shares [12] - The company expects occupancy for Q4 2025 to be in the range of 95.2%-95.4% [15] - Property expenses are expected to decline slightly, leading to a decrease in the full-year same-store expense midpoint from 2.5% to 1.75% [14] Q&A Session Summary Question: Early thoughts on 2026 earnings - Management indicated that earnings for 2026 are expected to be flat compared to 2025, with a more favorable environment anticipated [19] Question: Current appetite for investment in apartments - There remains robust demand for multifamily assets, with significant capital available, although transaction volumes are below pre-COVID levels [24][25] Question: Fourth quarter expectations relative to normal seasonality - The fourth quarter is expected to reflect typical seasonality, with blended lease tradeouts anticipated to be down approximately 1% [30] Question: Impact of concessions on market rents - In higher supply markets, concessions are averaging around five weeks, approximately 10%, which will need to roll off in 2026 [73][74] Question: Supply impact on 2026 - The company expects a significant decline in new deliveries, which should positively impact demand and absorption rates in 2026 [56][57]

Investor Presentation September 2025 Camden West Nashville – Nashville, TN Why Camden? We're Positioned for Excellence 2 The Right Product in the Right Markets Balance Sheet Strength and Liquidity Consistent Earnings and Dividend Growth Proven Record of Capital Recycling and Value Creation Innovation, Technology, and Talent = Operational Excellence • Disposed of four operating properties to-date in 2025 for a total of $174 million 2025 Highlights/Recent Updates Camden Main and Jamboree – Irvine, CA Table of ...

Core Insights - Camden Property Trust (CPT) reported third-quarter 2025 core funds from operations (FFO) per share of $1.70, exceeding the Zacks Consensus Estimate of $1.69, but reflecting a slight decline of 0.6% year over year [1][9] - The quarterly results were driven by higher same-property revenues and effective blended lease rates, although higher interest expenses impacted growth [1] - CPT raised its full-year 2025 core FFO per share guidance to a range of $6.83-$6.87, marking a 4-cent increase at the midpoint [10] Financial Performance - Property revenues for the quarter totaled $395.7 million, falling short of the Zacks Consensus Estimate of $399.4 million, but representing a 2.2% increase year over year [2] - Same-property revenues increased by 0.8% year over year to $374.7 million, while same-property expenses rose by 2.3% to $136.8 million, resulting in nearly flat same-property NOI of $237.9 million [3] - The same-property occupancy rate was reported at 95.5%, unchanged year over year and down 10 basis points sequentially [3] Lease Rates and Expenses - Same-property effective blended lease rates increased by 0.6%, with effective new lease rates declining by 2.5% and effective renewal rates rising by 3.5% compared to expiring lease rates [4] - Interest expenses increased by 7.7% year over year to $35 million [4] Portfolio Activity - Camden has three communities under development, totaling 1,162 units at an estimated cost of $501 million [5] - The company disposed of two operating communities comprising 626 apartment homes for approximately $113.5 million, realizing an $85.6 million gain [5] Balance Sheet and Liquidity - As of the end of the third quarter, CPT had liquidity of $796.3 million, which included $25.9 million in cash and cash equivalents, and around $770.4 million available under its unsecured credit facility and commercial paper program [6] - The net debt-to-annualized adjusted EBITDAre ratio was reported at 4.2 times, an increase from 3.9 times in the prior-year comparable period [6] Share Repurchase Activity - During the third quarter, CPT repurchased 465,742 common shares for a total of $50 million, with $400 million remaining under its stock repurchase program [7] Guidance for Future Performance - For the fourth quarter of 2025, CPT expects core FFO per share in the range of $1.71-$1.75, with the Zacks Consensus Estimate currently at $1.71 [8] - The company anticipates same-property revenue growth of 0.5-1% and an expense increase of 1.5-2%, with same-property NOI expected to decline by 0.25% to grow by 0.75% [10]

Core Insights - Camden (CPT) reported revenue of $395.68 million for the quarter ended September 2025, reflecting a year-over-year increase of 2.2% and an EPS of $1.70 compared to -$0.04 a year ago [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $399.41 million, resulting in a surprise of -0.93%, while the EPS exceeded the consensus estimate of $1.69 by +0.59% [1] Revenue Breakdown - Rental revenues amounted to $351.5 million, falling short of the six-analyst average estimate of $399.4 million, with a year-over-year change of +1.9% [4] - Non-property income from fee and asset management was $2.57 million, surpassing the average estimate of $2.02 million based on five analysts [4] - Net Earnings per Share (Diluted) were reported at $1.00, significantly higher than the estimated $0.27 by five analysts [4] - Non-property income from interest and other income was $0.08 million, below the average estimate of $0.2 million [4] - Total non-property income reached $9.39 million, exceeding the three-analyst average estimate of $5.76 million [4] - Income from deferred compensation plans was reported at $6.75 million, compared to the average estimate of $5.68 million based on two analysts [4] Stock Performance - Camden's shares have returned -1.2% over the past month, contrasting with the Zacks S&P 500 composite's +1.3% change, indicating potential underperformance in the near term [3]

Financial Performance - For Q3 2025, Camden reported an EPS of $1.00, compared to a loss of $0.04 in Q3 2024, and a Core FFO of $1.70, slightly down from $1.71 in Q3 2024[6]. - Net income attributable to common shareholders for Q3 2025 was $108.9 million, a significant recovery from a loss of $4.2 million in Q3 2024[27]. - Funds from operations (FFO) for Q3 2025 were $184.2 million, slightly up from $181.5 million in Q3 2024[29]. - Core funds from operations for the nine months ended September 30, 2025, totaled $564.2 million, compared to $563.6 million in the same period of 2024[29]. - The dividend per share increased to $1.05 in Q3 2025, up from $1.03 in Q3 2024, with a dividend payout ratio of 62.9%[29]. - Adjusted EBITDAre for the nine months ended September 30, 2025, was $680.4 million, compared to $672.2 million for the same period in 2024, reflecting a growth of 1.8%[27]. - The company reported a total earnings per common share of $1.00 for Q3 2025, compared to a loss of $0.04 in Q3 2024[86]. - Net income for Q3 2025 was $113,579, compared to a loss of $2,338 in Q3 2024, representing a significant turnaround[89]. - Annualized Adjusted EBITDAre for Q3 2025 was $903,012, up from $895,960 in Q3 2024, indicating a growth of 1.2%[92]. Revenue and Occupancy - Same property revenues increased by 0.8% year-over-year, while expenses rose by 2.3%, resulting in a net operating income (NOI) growth of 0.0%[6]. - The occupancy rate remained stable at 95.5% for both Q3 2025 and Q3 2024, with bad debt decreasing to 0.6% from 0.9% year-over-year[8]. - Property revenues for Q3 2025 reached $395.7 million, a 2.0% increase from $387.2 million in Q3 2024[27]. - The total portfolio occupancy rate was 95.5% as of September 30, 2025, slightly down from 95.6% in the previous quarter[39]. - The average occupancy rate for "Same Property" Communities was 95.5% in Q3 2025, unchanged from Q3 2024[47]. - The company reported a significant increase in revenues from Non-"Same Property" communities, which rose to $15,938 from $7,505 year-over-year[41]. - Total Same Property revenues for Q3 2025 reached $374.669 million, a slight increase of 0.1% from Q2 2025[50]. - Average occupancy across Same Property communities was 95.5% in 2025, up from 95.3% in 2024[54]. Development and Construction - Camden completed the lease-up at Camden Durham and construction at Camden Village District, with a total of 557 homes across these projects costing $211.2 million[9]. - The company has 1,162 units currently under construction, indicating ongoing expansion efforts[37]. - The development pipeline includes 1,162 homes with an estimated total cost of $501.0 million, of which $231.9 million has been incurred to date[60]. - Total completed communities in lease-up reached 557 homes with a total estimated cost of $211.2 million, achieving 63% leased and 61% occupied as of October 31, 2025[60]. Debt and Liquidity - As of September 30, 2025, Camden had approximately $796.3 million in liquidity, including $25.9 million in cash and $770.4 million available under its credit facilities[13]. - Total debt increased to $3.74 billion as of September 30, 2025, from $3.45 billion in the previous year[27]. - The company reported a net debt to annualized adjusted EBITDAre ratio of 4.2x for both the three and nine months ended September 30, 2025, indicating stable leverage[27]. - Total maturing debt as of September 30, 2025, is $3.74 billion, with a weighted average interest rate of 4.0% and a maturity profile averaging 5.2 years[69]. - Unsecured debt constitutes 91.2% of total debt, with a compliance ratio of 22% against a covenant limit of 60%[75]. - The company maintains a strong debt covenant compliance, with consolidated adjusted EBITDAre to total fixed charges at 544%, well above the required 150%[75]. Shareholder Returns and Stock Activity - Camden repurchased 465,742 common shares at an average price of $107.33, totaling $50.0 million, with $400.0 million remaining under its stock repurchase program[12]. - The share price at the end of Q3 2025 was $106.78, down from $123.53 at the end of Q3 2024[27]. - The company plans to maintain a dividend distribution of $1.05 per share for Q1, Q2, and Q3 of 2025[117]. Operating Expenses - Total Property Expenses increased to $145.696 million in Q3 2025, up from $143.360 million in Q3 2024, reflecting a growth of 1.6%[44]. - The company reported a 1.4% growth in expenses across Same Property communities, totaling $136.786 million in Q3 2025[50]. - Salaries and benefits for on-site employees rose by 4.4% to $75,522, representing 18.8% of total operating expenses[58]. - Marketing and leasing expenses increased by 13.8% to $9,270, indicating a strategic focus on enhancing market presence[58]. Regional Performance - The D.C. Metro area contributed 14.2% to the NOI with revenues of $49.263 million, showing a growth of 3.9% from $47.403 million in Q3 2024[47]. - Houston, TX reported a revenue of $48.466 million, a marginal increase of 0.7% compared to $48.125 million in Q3 2024[47]. - The D.C. Metro area reported a revenue increase of 3.8% to $146,071, with NOI growing by 4.1% to $100,089[54]. - Houston, TX experienced a revenue growth of 1.1% to $145,083, while NOI remained relatively stable with a slight increase of 0.2% to $82,542[54]. Rental Rates and Home Sizes - The weighted average monthly rental rate for "Same Property" Communities was $2,011, a slight increase of 0.1% from $2,008 in Q3 2024[47]. - The average rental rate per occupied home increased by 0.2% to $2,327 in Q3 2025 from $2,322 in Q2 2025[52]. - The average rental rate per occupied home in Arizona is $2,314, reflecting a 2.33 per square foot rate[123]. - The average rental rate per occupied home in California is $3,185, reflecting a 3.27 per square foot rate[123]. - The average rental rate per occupied home in Colorado is $2,499, reflecting a 2.61 per square foot rate[123]. - The average rental rate per occupied home in the DC Metro area is $2,741, reflecting a 3.00 per square foot rate[123]. - The average rental rate per occupied home in Southeast Florida is $3,057, reflecting a 2.87 per square foot rate[123]. - The average size of homes in Florida properties is 999 sq. ft. with an average rental rate of $2.30 per sq. ft.[126]. - The average size of homes in Georgia properties is 1,036 sq. ft. with an average rental rate of $1.84 per sq. ft.[126].

Core Insights - Camden Property Trust is a significant player in the real estate investment trust (REIT) sector, focusing on multifamily apartment communities and competing with major REITs like AvalonBay Communities and Equity Residential [1] - The company is scheduled to release its quarterly earnings on November 6, 2025, after market close [1] Financial Projections - Analysts project Camden's earnings per share (EPS) to be around $0.29, with revenues expected to reach approximately $398 million, reflecting a 3.1% increase compared to the previous year [2][6] - Core funds from operations (FFO) per share are anticipated to decline by 1.17%, settling at $1.69 [2][6] Previous Performance - In the previous quarter, Camden reported an FFO per share of $1.70, exceeding expectations by 0.59%, driven by higher same-property net operating income and improved occupancy rates [3] - Camden has consistently exceeded the Zacks Consensus Estimate for FFO per share over the past four quarters [3] Market Conditions - New supply in the market is exerting pressure on rental growth, which may impact Camden's financial performance despite the anticipated revenue growth [4][6] - The company's price-to-earnings (P/E) ratio is approximately 70.92, indicating a high valuation by investors [4] - The price-to-sales ratio stands at around 6.97, suggesting investors are paying nearly $6.97 for every dollar of sales [4] Valuation Metrics - Camden's enterprise value to sales ratio is about 9.40, reflecting its valuation in relation to sales [5] - The enterprise value to operating cash flow ratio is approximately 18.51, indicating how the company's valuation compares to its cash flow from operations [5] - The debt-to-equity ratio is about 0.83, showing a moderate level of debt compared to equity, while a high current ratio of approximately 60.66 indicates a strong liquidity position [5]