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Dec 31, 2025
Camden Q4 2025 Earnings Report
Camden Property Trust announced its operating results for the fourth quarter and full year ended December 31, 2025, along with its 2026 financial outlook and first quarter 2026 dividend.
Key Takeaways
Camden Property Trust reported a significant increase in EPS for Q4 2025 to $1.44, up from $0.37 in Q4 2024, driven by a substantial gain on the sale of operating properties. FFO and Core FFO also saw modest increases. The company provided initial earnings guidance for 2026, anticipating FFO per share between $6.46 and $6.76.
EPS for Q4 2025 was $1.44, a significant increase from $0.37 in Q4 2024, primarily due to a large gain on property sales.
FFO per diluted share increased to $1.73 in Q4 2025 from $1.68 in Q4 2024, while Core FFO per diluted share rose to $1.76 from $1.73.
The company completed the acquisition of Camden Lake Buena Vista for $85.2 million and disposed of two operating communities for $201.0 million, recognizing a gain of $128.0 million.
Camden repurchased 2,065,276 common shares for $220.6 million in Q4 2025, with an additional $120.7 million repurchased subsequent to quarter-end.
Forward Guidance
Camden Property Trust provided initial earnings guidance for 2026, projecting FFO per share between $6.46 and $6.76 and Core FFO per share between $6.60 and $6.90. The guidance reflects anticipated revenue growth of 0.75% and NOI growth of -0.50% for same property communities.
Positive Outlook
- Expected FFO per share for 2026 is projected to be between $6.46 and $6.76.
- Expected Core FFO per share for 2026 is projected to be between $6.60 and $6.90.
- Anticipated acquisition volume for 2026 is between $1.0 billion and $1.2 billion.
- Expected share repurchases for 2026 are between $350 million and $400 million.
- Development starts are projected to be between $140 million and $335 million.
Challenges Ahead
- Same property NOI growth is projected to be between -2.50% and 1.50%, with a midpoint of -0.50%.
- Same property expenses growth is projected to be between 2.25% and 3.75%, with a midpoint of 3.00%.
- Nonrecurring fee and asset management income is expected to decrease by $0.040 per share compared to 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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