EarningsQ2 2026 Earnings Report
MX:CPT Q2 2026 EPS Results
Actual EPS$3.16
Consensus EPS$5.41
Beat/MissMissed by -$2.25
One Year Ago EPS$12.99
MX:CPT Q2 2026 Revenue Results
Actual Revenue$6.94B
Expected Revenue$6.90B
Beat/MissBeat by +$46.15M
YoY Revenue Growth-0.85%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
MX:CPT Upcoming Earnings
Camden Property's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CPT Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized a successful and strategic execution of a major portfolio rebalancing (California sale), disciplined capital allocation (significant share repurchases and targeted 1031 acquisitions), improving leasing trends and occupancy, and tighter expense control that together supported reaffirmation of full-year FFO guidance. Challenges remain at the property and market level — notably pockets of negative new-lease performance, elevated marketing costs, and short-term NOI reduction related to the disposition — but management communicated clear remediation paths, liquidity strength, and early operating green shoots. On balance, the positives (transaction execution, balance sheet actions, leasing momentum, cost improvements) outweigh the negatives.Company Guidance
Successful California Disposition
Closed sale of 11 California operating communities for $1.625 billion; sale represents a trailing 12-month FFO yield of 5.6% and AFFO yield of 5.2% for the portfolio (buyer Prop 13 adjustment ~30 bps). Transaction proceeds enabled redeployment and balance sheet actions.
Aggressive Share Repurchases at Attractive Valuation
Repurchased $694 million of Camden common shares at an average price of $105.17 per share, representing a ~6.4% FFO yield and a meaningful discount to consensus NAV (~$130), improving long-term shareholder value.
Acquisitions and 1031 Deployment
Closed $645 million of acquisitions (average asset age ~5 years, ~5% FFO yield) plus $45 million for two land sites; awarded additional acquisitions and land totaling $195 million; ~$200 million remaining for 1031 acquisitions expected by late Q4.
Core FFO and Guidance Stability
Reported Q2 core FFO of $1.68 per share (+$0.01 vs midpoint guidance). Reaffirmed full-year core FFO guidance midpoint of $6.75 per share and provided Q3 midpoint core FFO of $1.69 (sequential +$0.01).
Occupancy and Leasing Momentum
Portfolio occupancy improved to 95.7% in Q2 (up from 95.1% in Q1); July occupancy ~95.8% (Laurie) and 95.8% (Alex referenced); sequential leasing metrics improved with signed blended lease rates up 160 bps sequential in Q2 and signed renewal gains up ~170 bps from March to July.
Broad-Based Pricing Recovery and Green Shoots
Excluding California, Q2 effective new leases down 3.3% while renewals were +2.8% resulting in blended rate growth of -0.2% (a 220 bps improvement from -5.5% in Q1). Blended rates turned positive in June/July; 50% of communities had positive effective blends in Q2, rising to 65% in July (signed blends: 55% -> 75%).
Expense Control and Improved Same-Store NOI Outlook
Updated same-store outlook (ex-California): revenue +0.5%, expense growth 2.5% (50 bps better than prior), and NOI decline improved from -0.9% to -0.6% (30 bps improvement). Improvements driven by lower utilities, trash pricing, and favorable insurance outcomes.
Balance Sheet Strength and Liquidity Actions
Used ~$900 million of proceeds to repay line of credit and commercial paper; pro forma net debt/EBITDA ~4.5x at end of July; closed new 1-year $350 million unsecured term loan to preserve liquidity and optionality.
Portfolio Optimization Benefits
Sale reduces average portfolio age by ~1 year, expected recurring capex per unit to decline ~5%, and bad debt exposure reduced by ~10 basis points post-sale; development and acquisition underwriting supports year-1 yields in high-4s with path to mid-5s as concessions roll off.
MX:CPT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed