Camden(US:CPT)2026-02-05 21:42Financial 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].