Camden Property Trust Reports Fourth Quarter and Full-Year 2025 Operating Results
Camden Property Trust (NYSE: CPT) announced its operating and financial results for the three and twelve months ended December 31, 2025, alongside initial earnings guidance for 2026 and the declaration of its first quarter 2026 dividend. The Company also provided updates on portfolio performance, development activity, capital allocation, and liquidity.
Financial Performance Overview
For the fourth quarter and full year ended December 31, 2025, Camden delivered stable operational results despite continued market headwinds across the multifamily sector. Key performance measures, including Net Income Attributable to Common Shareholders (EPS), Funds from Operations (FFO), Core Funds from Operations (Core FFO), and Core Adjusted Funds from Operations (Core AFFO), are outlined below.
Earnings Metrics (Per Diluted Share)
Fourth Quarter 2025 vs. Fourth Quarter 2024
- EPS: $1.44 vs. $0.37
- FFO: $1.73 vs. $1.68
- Core FFO: $1.76 vs. $1.73
- Core AFFO: $1.46 vs. $1.46
Full Year 2025 vs. Full Year 2024
- EPS: $3.54 vs. $1.50
- FFO: $6.77 vs. $6.70
- Core FFO: $6.88 vs. $6.85
- Core AFFO: $5.90 vs. $5.88
EPS for 2025 includes approximately $0.12 per share of impairments related to undeveloped land parcels. In comparison, EPS for 2024 included approximately $0.37 per share of similar impairment charges.
Fourth Quarter Performance Compared to Guidance
Camden’s fourth quarter 2025 results exceeded prior guidance across all major performance metrics. Compared to midpoint guidance:
- EPS exceeded expectations by $1.09 per share
- FFO and Core FFO both exceeded guidance by $0.03 per share
These variances were primarily driven by operational efficiencies and favorable expense management.
Same Property Operating Results
Revenue, Expense, and NOI Trends
For same property communities, performance remained stable throughout the quarter and year:
- Quarterly Growth (4Q25 vs. 4Q24)
- Revenues: +0.5%
- Expenses: +1.5%
- NOI: Flat
- Sequential Growth (4Q25 vs. 3Q25)
- Revenues: -0.8%
- Expenses: -5.1%
- NOI: +1.7%
- Year-to-Date Growth (2025 vs. 2024)
- Revenues: +0.8%
- Expenses: +1.7%
- NOI: +0.3%
Same property occupancy remained strong at 95.2% during the fourth quarter, compared to 95.3% in the same period last year and 95.5% in the third quarter.
For 2025, the same property communities were defined as wholly owned and stabilized assets since January 1, 2024, excluding redevelopment projects and assets held for sale.
Leasing Trends and Operating Statistics
Lease Rate Performance
Effective leasing trends reflected continued pressure on new lease pricing while renewals remained positive:
- Effective New Lease Rates: -5.3%
- Effective Renewal Rates: +2.8%
- Effective Blended Lease Rates: -1.6%
These figures represent the average change in rental rates compared to expiring leases at the time of effectiveness.
Occupancy, Credit, and Turnover
- Occupancy: 95.2%
- Bad Debt: 0.7%
- Annualized Gross Turnover: 40%
- Annualized Net Turnover: 30%
Overall resident retention and credit quality remained consistent year-over-year.
Development Activity Update
During the quarter, Camden completed lease-up at Camden Long Meadow Farms in Richmond, Texas, while leasing activity continued at Camden Village District in Raleigh, North Carolina.
Development Communities in Lease-Up
- Camden Village District (Raleigh, NC)
- Homes: 369
- Total Cost: $139.2 million
- Leased: 60% as of January 31, 2026
Development Communities Under Construction
- Camden South Charlotte (Charlotte, NC): 420 homes, $157.0 million
- Camden Blakeney (Charlotte, NC): 349 homes, $151.0 million
- Camden Nations (Nashville, TN): 393 homes, $184.0 million
Total development pipeline under construction includes 1,162 homes with estimated costs of approximately $492.0 million.
Acquisition and Disposition Activity
During the fourth quarter, Camden acquired Camden Lake Buena Vista, a 322-unit apartment community in Orlando, Florida, for approximately $85.2 million.
Additionally, the Company disposed of two operating communities in Houston, Texas, and one community in Phoenix, Arizona, totaling 979 apartment homes. These dispositions generated approximately $201.0 million in proceeds and resulted in a gain of approximately $128.0 million.
Subsequent to quarter-end, Camden began marketing 11 operating communities located in California for potential sale.
Capital Allocation and Share Repurchases
Camden remained active in returning capital to shareholders through share repurchases. During the fourth quarter, the Company repurchased approximately 2.1 million shares at an average price of $106.82 per share, totaling $220.6 million.
For the full year, Camden repurchased approximately 2.5 million shares for $270.6 million. After quarter end, an additional 1.1 million shares were repurchased for $120.7 million.
In February 2026, Camden’s Board of Trustees authorized a new $600.0 million share repurchase program, with the full amount currently available.
Liquidity and Balance Sheet Strength
As of December 31, 2025, Camden reported total liquidity of approximately $635.2 million, including $25.2 million in cash and cash equivalents and $610.0 million available under its unsecured credit facility and commercial paper program.
The Company also had approximately $213.8 million remaining to fund its wholly owned development pipeline at quarter’s end.
2026 Earnings and Same Property Guidance
Camden provided initial earnings guidance for both the first quarter and full year 2026, excluding potential gains from future real estate transactions.
Earnings Guidance (Per Diluted Share)
First Quarter 2026
- EPS: $0.22 – $0.26
- FFO: $1.61 – $1.65
- Core FFO: $1.64 – $1.68
Full Year 2026
- EPS: $0.40 – $0.70
- FFO: $6.46 – $6.76
- Core FFO: $6.60 – $6.90
Core FFO guidance excludes approximately $0.14 per share related to non-core legal and transaction costs.
Same Property Growth Outlook for 2026
- Revenue Growth: -0.25% to 1.75%
- Expense Growth: 2.25% to 3.75%
- NOI Growth: -2.50% to 1.50%
For 2026, the same property communities are defined as assets owned and stabilized since January 1, 2025, including properties currently being marketed for sale.
First Quarter 2026 Dividend Declaration
Camden’s Board of Trust Managers declared a quarterly dividend of $1.06 per common share for the first quarter of 2026. The dividend will be payable on April 17, 2026, to shareholders of record as of March 31, 2026.
In determining the dividend, the Board considered Camden’s historical performance, current financial position, and future growth outlook.
SOURCE LINK : https://www.businesswire.com/
