Camden Property (CPT) AI Stock Analysis

Company Guidance

Camden reaffirmed full‑year core FFO guidance at a $6.75 midpoint after reporting Q2 core FFO of $1.68 and guiding Q3 core FFO to $1.69 (midpoint), a $0.01 sequential increase driven by +$0.03 from improved same‑store operations, +$0.02 incremental interest income, +$0.02 lower corporate expense and +$0.01 lower interest (total +$0.08) partly offset by ~$0.07 of lower NOI from the California sale; management also expects a $0.03 FY benefit from better-than-expected same‑store NOI offset by transaction timing. On an apples‑to‑apples basis excluding California, same‑store guidance is now revenue +0.5%, expense +2.5% and NOI -0.6% (expenses 50 bps better and NOI 30 bps better than prior), with bad debt down ~10 bps and recurring CapEx per unit expected to decline ~5%. Capital allocation and balance‑sheet metrics underpinning the plan include the $1.625B California disposition, $694M of share repurchases at an average $105.17 (6.4% FFO yield, 5.5% AFFO), $645M of closed acquisitions (avg age ~5 years, ~<5% FFO yield), $195M awarded, ~$200M of 1031 proceeds remaining to deploy, $1B designated for 1031 exchanges, ~ $900M used to repay LOC/commercial paper, pro forma net debt/EBITDA ~4.5x and a new $350M 1‑year unsecured term loan.