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Mar 31, 2025
Camden Q1 2025 Earnings Report
Camden reported strong Q1 2025 results, surpassing earnings expectations and raising its full-year guidance.
Key Takeaways
Camden Property Trust delivered solid financial performance in Q1 2025, with Core FFO per share beating guidance and favorable occupancy and cost trends supporting full-year optimism.
Core FFO per share of $1.72 exceeded the midpoint of guidance by $0.04.
Total property revenue reached $390.6 million, up from $383.1 million in Q1 2024.
Net income attributable to common shareholders came in at $38.8 million.
Occupancy remained stable at 95.4%, while blended lease rates were nearly flat at -0.1%.
Forward Guidance
Camden raised its full-year Core FFO guidance, citing reduced borrowing costs and consistent operational performance, while holding NOI and expense growth projections steady amid economic uncertainties.
Positive Outlook
- Raised FY2025 Core FFO midpoint to $6.78 per share.
- Lower borrowing costs expected from new commercial paper program.
- Q2 2025 Core FFO projected at $1.67–$1.71 per share.
- Stable occupancy and improved turnover metrics bolster outlook.
- Maintained revenue growth expectations despite macro uncertainty.
Challenges Ahead
- Same property NOI growth guidance held flat at 0.0%.
- Expense growth guidance remains at 3.0%.
- Blended lease rate growth remained negative.
- Higher interest expenses still present, despite improvement.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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