Camden(US:CPT)2025-11-07 17:23Financial 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].