HOUSTON--(BUSINESS WIRE)--February 05, 2026--
Camden Property Trust $(CPT)$ (the "Company") announced today operating results for the three and twelve months ended December 31, 2025. 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") for the three and twelve months ended December 31, 2025 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.
Three Months Ended December Twelve Months Ended December
31, 31,
Per Diluted
Share 2025 2024 2025 2024
-------------- -------------- -------------- -------------- --------------
EPS(1) $1.44 $0.37 $3.54 $1.50
FFO $1.73 $1.68 $6.77 $6.70
Core FFO $1.76 $1.73 $6.88 $6.85
Core AFFO $1.46 $1.46 $5.90 $5.88
-------------- -------------- -------------- -------------- --------------
Three Months Ended 4Q25 Guidance 4Q25 Guidance
Per Diluted Share December 31, 2025 Midpoint Variance
------------------- ------------------- ----------------- -----------------
EPS(1) $1.44 $0.35 $1.09
FFO $1.73 $1.70 $0.03
Core FFO $1.76 $1.73 $0.03
------------------- ------------------- ----------------- -----------------
(1) For the three and twelve months ended December 31, 2025, EPS included
approximately $0.12 per share of impairments associated with undeveloped land
parcels. For the twelve months ended December 31, 2024, EPS included
approximately $0.37 per share of impairments associated with undeveloped land
parcels.
Quarterly Growth Sequential Growth Year-To-Date Growth
Same Property
Results 4Q25 vs. 4Q24 4Q25 vs. 3Q25 2025 vs. 2024
-------------------- ---------------- ----------------- -------------------
Revenues 0.5% (0.8)% 0.8%
Expenses 1.5% (5.1)% 1.7%
Net Operating Income
("NOI") 0.0% 1.7% 0.3%
-------------------- ---------------- ----------------- -------------------
Same Property Results 4Q25 4Q24 3Q25
---------------------- ----- ----- -----
Occupancy 95.2% 95.3% 95.5%
---------------------- ----- ----- -----
For 2025, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.
Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Date Effective (1) 4Q25 4Q24 ---------------------------------------------------------- -------- -------- Effective New Lease Rates (5.3)% (4.7)% Effective Renewal Rates 2.8% 3.3% Effective Blended Lease Rates (1.6)% (1.1)% ---------------------------------------------------------- -------- -------- (1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective. Occupancy, Bad Debt and Turnover Data 4Q25 4Q24 -------------------------------------- ----- ----- Occupancy 95.2% 95.3% Bad Debt 0.7% 0.7% Annualized Gross Turnover 40% 41% Annualized Net Turnover 30% 31% -------------------------------------- ----- -----
Development Activity
During the quarter, lease-up was completed at Camden Long Meadow Farms in Richmond, TX and leasing continued at Camden Village District in Raleigh, NC.
Development Communities - Construction Completed and Project in Lease-Up ($ in millions)
Total Total % Leased
Community Name Location Homes Cost as of 1/31/2026
------------------------ ------------ ----- ------ ---------------
Camden Village District Raleigh, NC 369 $139.2 60%
------------------------ ------------ ----- ------ ---------------
Development Communities - Construction Ongoing ($ in millions)
Total Total
Community Name Location Homes Estimated Cost
----------------------- -------------- ----- --------------
Camden South Charlotte Charlotte, NC 420 $157.0
Camden Blakeney Charlotte, NC 349 151.0
Camden Nations Nashville, TN 393 184.0
----------------------- -------------- ----- --------------
Total 1,162 $492.0
--------------------------------------- ----- --------------
Acquisition and Disposition Activity
During the quarter, the Company acquired Camden Lake Buena Vista, a 322-apartment home community located in Orlando, FL for approximately $85.2 million. Also during the quarter, the Company disposed of two operating communities that operated as one dual-phased community in Houston, TX and one operating community in Phoenix, AZ comprising a total of 979 apartment homes for approximately $201.0 million and recognized a gain of approximately $128.0 million.
Subsequent to quarter end, the Company began marketing for sale 11 operating communities in California.
Share Repurchase
During the quarter, Camden repurchased 2,065,276 common shares at an average price of $106.82 per share for a total of $220.6 million. Year to date, Camden repurchased 2,531,018 common shares at an average share price of $106.92 for a total of $270.6 million. Subsequent to quarter end, Camden repurchased 1,096,807 common shares at an average price of $110.03 for a total of $120.7 million.
In February 2026, Camden's Board of Trust Managers authorized a new share repurchase program up to $600.0 million. The Company currently has $600.0 million remaining under this stock repurchase program.
Liquidity Analysis
As of December 31, 2025, Camden had approximately $635.2 million of liquidity comprised of approximately $25.2 million in cash and cash equivalents, and approximately $610.0 million of availability under its unsecured credit facility and commercial paper program. At quarter-end, the Company had approximately $213.8 million left to fund under its existing wholly-owned development pipeline.
Earnings Guidance
Camden provided initial earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.
1Q26 2026
------------------------------ ----------------------------
Per Diluted
Share Range Midpoint Range Midpoint
---------------- ----------------- ----------- ---------------- ----------
EPS $0.22 - $0.26 $0.24 $0.40 - $0.70 $0.55
FFO $1.61 - $1.65 $1.63 $6.46 - $6.76 $6.61
Core FFO(1) $1.64 - $1.68 $1.66 $6.60 - $6.90 $6.75
---------------- ----------------- ----------- ---------------- ----------
(1) The Company's 2026 core FFO guidance excludes approximately $0.14 per
share of non-core charges for legal costs and settlements and expensed
transaction pursuit costs.
A reconciliation of 2026 Core FFO per share guidance as compared to 2025 actual results is detailed below.
2025 Core FFO per share - actual $ 6.880
Nonrecurring fee and asset management income (0.040)
Lower same property NOI growth (0.045)
Higher general overhead and other corporate expenses (0.045)
------------------------------------------------------- -------
2026 Core FFO per share - midpoint guidance $ 6.750
------------------------------------------------------- -------
2026
--------------------------
Same Property Growth Guidance Range Midpoint
------------------------------- ---------------- --------
Revenues (0.25%) - 1.75% 0.75%
Expenses 2.25% - 3.75% 3.00%
NOI (2.50%) - 1.50% (0.50)%
------------------------------- --------------- --------
For 2026, the Company defines same property communities as communities owned and stabilized since January 1, 2025, including properties currently being marketed for sale.
Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company's 2026 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.
Quarterly Dividend Declaration
Camden's Board of Trust Managers declared a first quarter 2026 dividend of $1.06 per common share payable on April 17, 2026 to shareholders of record as of March 31, 2026. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company's past performance and future prospects, as described in this press release.
Conference Call
Friday, February 6, 2026 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 7679266
Webcast: https://investors.camdenliving.com
The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.
Supplemental financial information is available in the Investors section of the Company's website under Earnings Releases or by calling Camden's Investor Relations Department at (713) 354-2787.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company's actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading "Risk Factors" in Camden's Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today's press release represent management's current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
About Camden
Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 172 properties containing 58,759 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company's portfolio will increase to 59,921 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For$(R)$ by FORTUNE magazine for 18 consecutive years, most recently ranking #18. For additional information, please contact Camden's Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
CAMDEN
OPERATING RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------------- --------------------------
2025 2024 2025 2024
------------ ------------ ------------ ------------
OPERATING DATA
--------------------
Property revenues
(a) $390,794 $386,319 $1,573,544 $1,543,842
Property expenses
Property operating
and maintenance 90,514 90,571 369,889 365,681
Real estate taxes 47,408 47,440 196,821 193,124
------------ ------------ ------------ ------------
Total property
expenses 137,922 138,011 566,710 558,805
------------ ------------ ------------ ------------
Non-property income
Fee and asset
management 5,282 1,540 12,967 7,137
Interest and other
income/(loss) 100 (22) 256 4,420
Income/(loss) on
deferred
compensation plans 2,963 (2,511) 19,260 12,629
------------ ------------ ------------ ------------
Total
non-property
income/(loss) 8,345 (993) 32,483 24,186
------------ ------------ ------------ ------------
Other expenses
Property management 8,995 9,274 37,452 38,331
Fee and asset
management 797 659 3,074 2,200
General and
administrative 19,841 18,673 79,344 72,365
Interest 34,079 32,565 138,239 129,815
Depreciation and
amortization 150,191 145,474 611,025 582,014
Expense/(benefit) on
deferred
compensation plans 2,963 (2,511) 19,260 12,629
------------ ------------ ------------ ------------
Total other
expenses 216,866 204,134 888,394 837,354
------------ ------------ ------------ ------------
Impairment
associated with
land development
activities (12,916) -- (12,916) (40,988)
Loss on early
retirement of debt -- -- -- (921)
Gain on sale of
operating
properties 127,972 -- 260,910 43,806
------------ ------------ ------------ ------------
Income from
continuing
operations before
income taxes 159,407 43,181 398,917 173,766
Income tax
expense (1,449) (572) (4,019) (2,926)
------------ ------------ ------------ ------------
Net income 157,958 42,609 394,898 170,840
Net Income
allocated to
non-controlling
interests (1,922) (1,918) (10,436) (7,547)
------------ ------------ ------------ ------------
Net income
attributable to
common
shareholders $156,036 $40,691 $384,462 $163,293
============ ============ ============ ============
CONSOLIDATED
STATEMENTS OF
COMPREHENSIVE
INCOME
--------------------
Net income $157,958 $42,609 $394,898 $170,840
Other comprehensive
income
Unrealized gain
on cash flow
hedging
activities -- -- -- 85
Unrealized loss
and unamortized
prior service
cost on post
retirement
obligation (212) (18) (212) (18)
Reclassification
of net loss on
cash flow
hedging
activities,
prior service
cost and net
loss on post
retirement
obligation 350 351 1,403 2,159
------------ ------------ ------------ ------------
Comprehensive income 158,096 42,942 396,089 173,066
Net income
allocated to
non-controlling
interests (1,922) (1,918) (10,436) (7,547)
------------ ------------ ------------ ------------
Comprehensive income
attributable to
common
shareholders $156,174 $41,024 $385,653 $165,519
============ ============ ============ ============
PER SHARE DATA
--------------------
Total earnings
per common share
- basic $1.44 $0.37 $3.54 $1.50
Total earnings
per common share
- diluted 1.44 0.37 3.54 1.50
Weighted average
number of common
shares outstanding:
Basic 107,821 108,428 108,376 108,491
Diluted 108,617 108,515 108,434 108,539
(a) We elected to combine lease and non-lease components and thus present
rental revenue in a single line item in our consolidated statements of
income and comprehensive income. For the three months ended December
31, 2025, we recognized $390.8 million of property revenue which
consisted of approximately $347.7 million of rental revenue and
approximately $43.1 million of amounts received under contractual terms
for other services considered to be non-lease components within our
lease contracts. This compares to property revenue of $386.3 million
recognized for the three months ended December 31, 2024, made up of
approximately $344.9 million of rental revenue and approximately $41.4
million of amounts received under contractual terms for other services
considered to be non-lease components within our lease contracts. For
the twelve months ended December 31, 2025, we recognized $1,573.5
million of property revenue which consisted of approximately $1,399.9
million of rental revenue and approximately $173.6 million of amounts
received under contractual terms for other services considered to be
non-lease components within our lease contracts. This compares to the
$1,543.8 million of property revenue recognized for the twelve months
ended December 31, 2024, made up of approximately $1,376.0 million of
rental revenue and approximately $167.8 million of amounts received
under contractual terms for other services considered to be non-lease
components within our lease contracts. Revenue related to utility
rebilling to residents was $12.1 million and $11.0 million for the
three months ended December 31, 2025 and 2024, respectively and was
$46.9 million and $42.9 million for the twelve months ended December
30, 2025 and 2024, respectively.
Note: Please refer to the following pages for definitions and reconciliations
of all non-GAAP financial measures presented in this document.
CAMDEN
FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------------- --------------------------
2025 2024 2025 2024
------------ ------------ ------------ ------------
FUNDS FROM
OPERATIONS
--------------------
Net income
attributable to
common
shareholders $156,036 $40,691 $384,462 $163,293
Real estate
depreciation and
amortization 146,599 142,403 597,925 569,998
Income allocated to
non-controlling
interests 1,922 1,918 10,436 7,547
Gain on sale of
operating
properties (127,972) -- (260,910) (43,806)
Impairment
associated with
land development
activities 12,916 -- 12,916 40,988
------------ ------------ ------------ ------------
Funds from
operations $189,501 $185,012 $744,829 $738,020
------------ ------------ ------------ ------------
Less:
Casualty-related
expenses, net of
(recoveries)
(a) 59 3,080 (1,354) 5,849
Plus: Severance
(b) -- -- -- 506
Plus: Legal costs
and settlements
(b) 2,277 1,577 8,611 4,844
Plus: Loss on
early retirement
of debt -- -- -- 921
Plus: Expensed
transaction,
development, and
other pursuit
costs (b) 1,131 710 4,789 2,203
Plus: Advocacy
contributions
(c) -- -- -- 1,653
Plus: Other
miscellaneous
items (a) 106 -- 350 --
------------ ------------ ------------ ------------
Core funds from
operations $193,074 $190,379 $757,225 $753,996
------------ ------------ ------------ ------------
Less: Recurring
capitalized
expenditures
(d) (32,834) (29,107) (108,174) (106,403)
Core adjusted
funds from
operations $160,240 $161,272 $649,051 $647,593
============ ============ ============ ============
PER SHARE DATA
Funds from
operations -
diluted $1.73 $1.68 $6.77 $6.70
Core funds from
operations -
diluted 1.76 1.73 6.88 6.85
Core adjusted funds
from operations -
diluted 1.46 1.46 5.90 5.88
Distributions
declared per common
share 1.05 1.03 4.20 4.12
Weighted average
number of common
shares outstanding:
FFO/Core FFO/Core
AFFO - diluted 109,486 110,109 110,028 110,133
PROPERTY DATA
Total operating
properties (end of
period) (e) 172 174 172 174
Total operating
apartment homes in
operating
properties (end of
period) (e) 58,759 58,858 58,759 58,858
Total operating
apartment homes
(weighted average) 58,615 58,588 59,095 58,405
(a) Non-core adjustment generally recorded within Property NOI.
(b) Non-core adjustment generally recorded within General and Administrative
Expenses.
(c) Non-core adjustment generally recorded within Property Management
Expenses.
(d) Capital expenditures necessary to help preserve the value of and maintain
the functionality at our communities.
(e) Includes joint ventures and properties held for sale, if any.
Note: Please refer to the following pages for definitions and
reconciliations of all non-GAAP financial measures presented in this
document.
CAMDEN
BALANCE SHEETS
(In thousands)
(Unaudited)
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
2025 2025 2025 2025 2024
----------- ----------- ----------- ----------- -----------
ASSETS
Real estate assets,
at cost
Land $1,787,445 $1,791,077 $1,789,207 $1,763,468 $1,722,526
Buildings and
improvements 11,792,960 11,812,521 11,763,017 11,550,852 11,319,460
----------- ----------- ----------- ----------- -----------
13,580,405 13,603,598 13,552,224 13,314,320 13,041,986
Accumulated
depreciation (5,296,061) (5,234,087) (5,128,622) (5,011,583) (4,867,422)
----------- ----------- ----------- ----------- -----------
Net operating
real estate
assets 8,284,344 8,369,511 8,423,602 8,302,737 8,174,564
Properties under
development and
land 419,227 384,124 380,437 403,657 401,542
----------- ----------- ----------- ----------- -----------
Total real
estate assets 8,703,571 8,753,635 8,804,039 8,706,394 8,576,106
Accounts receivable
-- affiliates 8,884 8,889 8,889 8,950 8,991
Other assets, net (a) 293,292 255,333 262,100 239,999 234,838
Cash and cash
equivalents 25,203 25,931 33,091 26,182 21,045
Restricted cash 12,039 11,378 11,454 11,607 11,164
----------- ----------- ----------- ----------- -----------
Total assets $9,042,989 $9,055,166 $9,119,573 $8,993,132 $8,852,144
=========== =========== =========== =========== ===========
LIABILITIES AND
EQUITY
Liabilities
Notes payable
Unsecured $3,570,193 $3,409,691 $3,495,487 $3,405,255 $3,155,233
Secured 330,597 330,536 330,476 330,416 330,358
Accounts payable and
accrued expenses 248,087 232,960 206,018 195,197 215,179
Accrued real estate
taxes 92,382 129,697 91,954 46,192 78,529
Distributions payable 114,971 115,518 116,007 115,983 113,549
Other liabilities (b) 248,506 224,989 219,635 212,871 212,107
----------- ----------- ----------- ----------- -----------
Total
liabilities 4,604,736 4,443,391 4,459,577 4,305,914 4,104,955
Equity
Common shares of
beneficial
interest 1,157 1,157 1,157 1,157 1,158
Additional paid-in
capital 5,948,938 5,945,277 5,941,893 5,936,982 5,930,729
Distributions in
excess of net
income
attributable to
common
shareholders (969,240) (1,011,983) (1,007,075) (973,416) (897,931)
Treasury shares (620,497) (400,185) (350,166) (351,092) (359,732)
Accumulated other
comprehensive
income (c) 2,165 2,027 1,676 1,325 974
----------- ----------- ----------- ----------- -----------
Total common
equity 4,362,523 4,536,293 4,587,485 4,614,956 4,675,198
Non-controlling
interests 75,730 75,482 72,511 72,262 71,991
----------- ----------- ----------- ----------- -----------
Total equity 4,438,253 4,611,775 4,659,996 4,687,218 4,747,189
----------- ----------- ----------- ----------- -----------
Total
liabilities
and equity $9,042,989 $9,055,166 $9,119,573 $8,993,132 $8,852,144
=========== =========== =========== =========== ===========
(a) Includes net
deferred charges
of: $534 $1,296 $1,953 $2,730 $2,675
(b) Includes deferred
revenues of: $614 $624 $692 $760 $767
(c) Represents the unrealized net loss and unamortized prior service costs on post
retirement obligations, and unrealized net gain on cash flow hedging activities.
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company's real estate investments between periods or to different companies.
Core FFO
Core FFO represents FFO as further adjusted for Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
Core Adjusted FFO
In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------------- --------------------------
2025 2024 2025 2024
------------ ------------ ------------ ------------
Net income
attributable to
common
shareholders $156,036 $40,691 $384,462 $163,293
Real estate
depreciation and
amortization 146,599 142,403 597,925 569,998
Income allocated to
non-controlling
interests 1,922 1,918 10,436 7,547
Gain on sale of
operating
properties (127,972) -- (260,910) (43,806)
Impairment
associated with
land development
activities 12,916 -- 12,916 40,988
------------ ------------ ------------ ------------
Funds from
operations $189,501 $185,012 $744,829 $738,020
------------ ------------ ------------ ------------
Less:
Casualty-related
expenses, net of
(recoveries) 59 3,080 (1,354) 5,849
Plus: Severance -- -- -- 506
Plus: Legal costs
and settlements 2,277 1,577 8,611 4,844
Plus: Loss on
early retirement
of debt -- -- -- 921
Plus: Expensed
transaction,
development, and
other pursuit
costs 1,131 710 4,789 2,203
Plus: Advocacy
contributions -- -- -- 1,653
Plus:
Miscellaneous
other items 106 -- 350 --
------------ ------------ ------------ ------------
Core funds from
operations $193,074 $190,379 $757,225 $753,996
------------ ------------ ------------ ------------
Less: Recurring
capitalized
expenditures (32,834) (29,107) (108,174) (106,403)
Core adjusted funds
from operations $160,240 $161,272 $649,051 $647,593
============ ============ ============ ============
Weighted average
number of common
shares outstanding:
EPS diluted 108,617 108,515 108,434 108,539
FFO/Core FFO/
Core AFFO
diluted 109,486 110,109 110,028 110,133
CAMDEN
NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
Reconciliation of FFO, Core FFO, and Core AFFO
per share
-------------------------------------------------
Three Months Ended December Twelve Months Ended
31, December 31,
--------------------------- -------------------------
2025 2024 2025 2024
----------- -------------- ----------- ------------
Total Earnings Per
Common Share -
Diluted $1.44 $0.37 $3.54 $1.50
Real estate
depreciation and
amortization 1.33 1.28 5.39 5.16
Income allocated to
non-controlling
interests 0.01 0.03 0.09 0.07
Gain on sale of
operating
properties (1.17) -- (2.37) (0.40)
Impairment
associated with
land development
activities 0.12 -- 0.12 0.37
----------- -------------- ----------- ------------
FFO per common share
- Diluted $1.73 $1.68 $6.77 $6.70
----------- -------------- ----------- ------------
Less:
Casualty-related
expenses, net of
(recoveries) -- 0.03 (0.01) 0.05
Plus: Severance -- -- -- --
Plus: Legal costs
and settlements 0.02 0.01 0.08 0.04
Plus: Loss on
early retirement
of debt -- -- -- 0.02
Plus: Expensed
transaction,
development, and
other pursuit
costs 0.01 0.01 0.04 0.02
Plus: Advocacy
contributions -- -- -- 0.02
Plus:
Miscellaneous
other items -- -- -- --
----------- -------------- ----------- ------------
Core FFO per common
share - Diluted $1.76 $1.73 $6.88 $6.85
----------- -------------- ----------- ------------
Less: Recurring
capitalized
expenditures (0.30) (0.27) (0.98) (0.97)
Core AFFO per common
share - Diluted $1.46 $1.46 $5.90 $5.88
=========== ============== =========== ============
Expected FFO & Core FFO
Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:
1Q26 Range 2026 Range
------ ----- ----- -----
Low High Low High
------ ----- ----- -----
Expected earnings per common share - diluted $0.22 $0.26 $0.40 $0.70
Expected real estate depreciation and
amortization 1.37 1.37 5.99 5.99
Expected income allocated to non-controlling
interests 0.02 0.02 0.07 0.07
------ ----- ----- -----
Expected FFO per share - diluted $1.61 $1.65 $6.46 $6.76
------ ----- ----- -----
Anticipated Adjustments to FFO 0.03 0.03 0.14 0.14
------ ----- ----- -----
Expected Core FFO per share - diluted $1.64 $1.68 $6.60 $6.90
------ ----- ----- -----
Note: This table contains forward-looking statements. Please see paragraph
regarding forward-looking statements earlier in this document.
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as property revenue less total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:
Three months ended December Twelve months ended
31, December 31,
--------------------------- ---------------------------
2025 2024 2025 2024
------------ ------------- ------------ -------------
Net income $157,958 $42,609 $394,898 $170,840
Less: Fee and
asset management
income (5,282) (1,540) (12,967) (7,137)
Less: Interest and
other
income/(loss) (100) 22 (256) (4,420)
Less:
Income/(loss) on
deferred
compensation
plans (2,963) 2,511 (19,260) (12,629)
Plus: Property
management
expense 8,995 9,274 37,452 38,331
Plus: Fee and
asset management
expense 797 659 3,074 2,200
Plus: General and
administrative
expense 19,841 18,673 79,344 72,365
Plus: Interest
expense 34,079 32,565 138,239 129,815
Plus: Depreciation
and amortization
expense 150,191 145,474 611,025 582,014
Plus:
Expense/(benefit)
on deferred
compensation
plans 2,963 (2,511) 19,260 12,629
Plus: Impairment
associated with
land development
activities 12,916 -- 12,916 40,988
Plus: Loss on
early retirement
of debt -- -- -- 921
Less: Gain on sale
of operating
properties (127,972) -- (260,910) (43,806)
Plus: Income tax
expense 1,449 572 4,019 2,926
------------ ------------- ------------ -------------
NOI $252,872 $248,308 $1,006,834 $985,037
============ ============= ============ =============
"Same Property"
Communities $235,844 $235,934 $936,497 $934,141
Non-"Same
Property"
Communities 13,524 8,124 46,603 25,555
Development and
Lease-Up
Communities 376 -- 685 (6)
Disposition/Other 3,128 4,250 23,049 25,347
------------ ------------- ------------ -------------
NOI $252,872 $248,308 $1,006,834 $985,037
============ ============= ============ =============
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
EBITDAre and Adjusted EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures.
Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:
Three months ended December Twelve months ended December
31, 31,
--------------------------- ----------------------------
2025 2024 2025 2024
------------ ------------- ------------- -------------
Net income $157,958 $42,609 $394,898 $170,840
Plus: Interest
expense 34,079 32,565 138,239 129,815
Plus:
Depreciation and
amortization
expense 150,191 145,474 611,025 582,014
Plus: Income tax
expense 1,449 572 4,019 2,926
Less: Gain on
sale of
operating
properties (127,972) -- (260,910) (43,806)
Plus: Impairment
associated with
land development
activities 12,916 -- 12,916 40,988
------------ ------------- ------------- -------------
EBITDAre $228,621 $221,220 $900,187 $882,777
------------ ------------- ------------- -------------
Less:
Casualty-related
expenses, net of
(recoveries) 59 3,080 (1,354) 5,849
Plus: Severance -- -- -- 506
Plus: Legal costs
and settlements 2,277 1,577 8,611 4,844
Plus: Loss on
early retirement
of debt -- -- -- 921
Plus: Expensed
transaction,
development, and
other pursuit
costs 1,131 710 4,789 2,203
Plus: Advocacy
contributions -- -- -- 1,653
Plus:
Miscellaneous
other items 106 -- 350 --
------------ ------------- ------------- -------------
Adjusted
EBITDAre $232,194 $226,587 $912,583 $898,753
------------ ------------- ------------- -------------
Annualized
Adjusted
EBITDAre $928,776 $906,348 $912,583 $898,753
============ ============= ============= =============
Net Debt to Annualized Adjusted EBITDAre
The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net Debt and computes the ratio to Adjusted EBITDAre for the following periods:
Net Debt:
Average monthly balance for Average monthly balance for
the the
Three months ended December Twelve months ended December
31, 31,
----------------------------- -----------------------------
2025 2024 2025 2024
------------- -------------- ------------- --------------
Unsecured
notes
payable $3,485,644 $3,169,511 $3,459,543 $3,207,170
Secured notes
payable 330,577 330,338 330,486 330,251
------------- -------------- ------------- --------------
Total
average
debt 3,816,221 3,499,849 3,790,029 3,537,421
Less: Average
cash and cash
equivalents (12,428) (11,022) (13,654) (43,782)
------------- -------------- ------------- --------------
Net debt $3,803,793 $3,488,827 $3,776,375 $3,493,639
============= ============== ============= ==============
Net Debt to Annualized Adjusted EBITDAre:
Three months ended December Twelve months ended December
31, 31,
----------------------------- -----------------------------
2025 2024 2025 2024
------------- -------------- ------------- --------------
Net debt $3,803,793 $3,488,827 $3,776,375 $3,493,639
Annualized
Adjusted
EBITDAre 928,776 906,348 912,583 898,753
------------- -------------- ------------- --------------
Net Debt to 4.1x 3.8x 4.1x 3.9x
Annualized
Adjusted
EBITDAre
CAMDEN
2026 FINANCIAL OUTLOOK
AS OF FEBRUARY 5, 2026
(Unaudited)
Earnings Guidance - Per Diluted Share
Expected FFO per share - diluted $6.46 - $6.76
Expected CORE FFO per share - diluted $6.60 - $6.90
"Same Property" Communities
Number of Units - 2026 54,970
2025 Base Net Operating Income $942 million
Total Revenue Growth (0.25%) - 1.75%
Total Expense Growth 2.25% - 3.75%
Net Operating Income Growth (2.50%) - 1.50%
Impact from 1.0% change in NOI Growth is
approximately $0.09 / share
Capitalized Expenditures
Recurring $113 - $117 million
Revenue Enhancing Capex and Repositions (a) $77 - $81 million
Acquisitions/Dispositions
Acquisition Volume $1.0 - $1.2 billion
Disposition Volume $1.6 - $2.0 billion
Development
Development Starts $140 - $335 million
Development Spend $185 - $215 million
Non-Property Income
Fee and Asset Management Income $8 - $10 million
Interest Income (b) $2 - $4 million
Corporate Expenses
General and Administrative (G&A) Expenses $81 - $85 million
Non-Core Adjustments included above in G&A (c) $14 - $15 million
Property Management Expenses $36 - $40 million
Fee and Asset Management Expenses $2 - $3 million
Corporate G&A Depreciation/Amortization $14 - $16 million
Income Tax Expenses $3 - $4 million
Capital
Expected Share Repurchases (d) $350 - $400 million
Expected Debt Transactions $400 - $800 million
Expensed Interest $142 - $146 million
Capitalized Interest $16 - $18 million
(a) Revenue Enhancing Capex and Repositions are capital expenditures that
improve a community's cash flow and competitive position, typically
kitchen and bath upgrades, or other new amenities.
(b) Income anticipated to be earned from deposits on 1031 disposition
proceeds.
(c) Non-Core Adjustments are items not considered part of our core business
operations. Items recorded to General and Administrative Expenses
generally includes legal costs and settlements and expensed transaction
pursuit costs.
(d) Includes $120.7 million repurchased in January 2026.
Note: This table contains forward-looking statements. Please see the paragraph
regarding forward-looking statements on page 2 of this document. Additionally,
please refer to the following pages for definitions and reconciliations of all
non-GAAP financial measures presented in this document.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260205207921/en/
CONTACT:
Kim Callahan, 713-354-2549
(END) Dow Jones Newswires
February 05, 2026 16:15 ET (21:15 GMT)