Camden(US:CPT) ZACKS·2026-02-06 15:06Core Insights - Camden Property Trust (CPT) reported Q4 2025 core funds from operations (FFO) per share of $1.76, exceeding the Zacks Consensus Estimate of $1.73, marking a 1.7% year-over-year increase [1] - Property revenues for Q4 2025 were $390.8 million, below the Zacks Consensus Estimate of $394.7 million, but up 1.2% year-over-year [2] - The company announced a small dividend increase of one cent per share [1] Financial Performance - Same-property revenues rose 0.5% year-over-year to $362 million, while same-property expenses increased by 1.5% to $126.2 million, resulting in nearly flat same-property NOI of $235.8 million [3] - The same-property occupancy rate was 95.2%, down 10 basis points year-over-year and 30 basis points sequentially [3] - Effective blended lease rates decreased by 1.6%, with new lease rates down 5.3% and renewal rates up 2.8% compared to expiring lease rates [4] Portfolio Activity - Camden is developing three communities with a total of 1,162 units at an estimated cost of $492 million [5] - The company acquired Camden Lake Buena Vista, a 322-apartment community in Orlando, FL, for approximately $85.2 million [5] - Camden disposed of two operating communities comprising 979 apartment homes for around $201 million, realizing a gain of $128 million [6] Balance Sheet Position - As of the end of Q4 2025, CPT had liquidity of $635.2 million, including $25.2 million in cash and cash equivalents, and approximately $610 million available under its unsecured credit facility and commercial paper program [7] - The net debt-to-annualized adjusted EBITDAre ratio was 4.1 times, down from 4.2 times in the previous quarter [7] Share Repurchase and Guidance - During Q4, CPT repurchased 2.1 million common shares for a total of $220.6 million, with an additional 1.1 million shares repurchased post-quarter for $120.7 million [8] - For Q1 2026, CPT expects core FFO per share in the range of $1.64-$1.68, below the Zacks Consensus Estimate of $1.71 [11] - Full-year 2026 core FFO per share guidance is set between $6.60 and $6.90, with the midpoint at $6.75, also below the Zacks Consensus Estimate of $6.92 [11] Dividend Information - Camden declared a first-quarter 2026 dividend of $1.06 per share, representing a marginal increase from the previous quarter, payable on April 17 to shareholders on record as of March 31, 2026 [13]