Camden Property Trust Reports Strong Q2 Performance Amid California Portfolio Sale
Camden Property Trust (NYSE:CPT) reported second-quarter Core FFO of $1.68 per share, exceeding guidance and driven by strong occupancy rates at stabilized communities. The company achieved an average occupancy rate of 95.7%, up from the first quarter's 95.1%. Renewal rent growth improved significantly in July to over 4%, with blended effective rent growth excluding California rising to -0.2% compared to -1.6% in Q1. Camden completed a $1.625 billion sale of its 11 California communities, using the proceeds for Sun Belt acquisitions, land purchases, share repurchases, and debt repayment totaling nearly $900 million. The repositioning is expected to be FFO-neutral initially but accretive in subsequent years. Management reaffirmed full-year Core FFO guidance at a midpoint of $6.75 per share and raised its same-store NOI outlook excluding California due to lower expenses. The company repurchased shares worth over $694 million during the second half of 2025 and first half of 2026, while acquiring seven new apartment communities in key Sun Belt markets such as Atlanta, Orlando, Nashville, Dallas, Phoenix, Tampa, and Charlotte. Camden also secured land for future development.
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