Camden(US:CPT)2025-08-01 15:00Acquisitions and Dispositions - Camden Property Trust acquired Camden Clearwater in Clearwater, Florida, with 360 units for $139 million[3] - The company disposed of 3 Houston communities and 1 Dallas community with an average age of 25 years, achieving a combined unlevered IRR of over 10% over 24 years, and sold at an average AFFO yield of approximately 5.1%[5] - Dispositions and acquisitions are both expected to reach $750 million for 2025[17] - The remaining amount for dispositions is $576 million, and for acquisitions, it is $412 million[17] Development Communities - Camden Woodmill Creek in Spring, Texas, is approximately 96% occupied[6, 7] - Camden Long Meadow Farms in Richmond, Texas, with 188 units, is expected to stabilize in 1Q26 and is approximately 74% occupied, with a total investment of $72.5 million[8] - Camden Durham in Durham, North Carolina, and Camden Village District in Raleigh, North Carolina, are under development[11, 13] - Camden Village District is expected to stabilize in 2Q27, with 369 units and a total investment of $138 million, and is approximately 29% occupied[14] - Another development community is expected to stabilize in 3Q25, with 420 units and a total investment of $145.4 million, and is approximately 92% occupied[15] - Development starts for 2025 are guided between $175 million and $675 million, with actual development starts at $184 million[18, 21] Financial Performance and Guidance - 2Q25 Core FFO per share was $1.70, which is $0.01 per share higher than the guidance midpoint of $1.69, primarily due to higher property tax refunds and lower interest expense[22, 23, 24] - Expected same-store revenue growth for 2025 is updated to 1.0%, expense growth to 3.0%, resulting in NOI growth of 0.0%[26] - Expected Core FFO per share for 2025 is updated to $6.81, a $0.03 increase from the prior guidance midpoint of $6.78, primarily due to increased same-store NOI[27, 28, 29] - Expected Core FFO per share for 3Q25 is guided at $1.70, a $0.01 increase from the 2Q25 actual results of $1.69, offset by seasonal increases in utility and repair & maintenance expenses[30, 31, 32] - The company's net debt to EBITDA for 2Q25 is 4.2x, with no significant debt maturities until 4Q26 and no dilutive debt maturities until 2027[33]