EX-99.1 2 exhibit991earningsrelease2.htm EX-99.1 Document CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2026 OPERATING RESULTS Houston, Texas (July 30, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2026. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three and six months ended June 30, 2026 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release. Three Months Ended June 30, Six Months Ended June 30, Per Diluted Share 2026 2025 2026 2025 EPS $0.18 $0.74 $0.59 $1.10 FFO $1.68 $1.67 $2.82 $3.37 Core FFO $1.68 $1.70 $3.39 $3.42 Core AFFO $1.39 $1.43 $2.95 $3.01 Three Months Ended 2Q26 Guidance 2Q26 Guidance Per Diluted Share June 30, 2026 Midpoint Variance EPS $0.18 $0.15 $0.03 FFO $1.68 $1.65 $0.03 Core FFO $1.68 $1.67 $0.01 Sale of California Portfolio As of June 30, 2026, Camden's California portfolio, consisting of 11 operating communities with 3,620 apartment homes, was classified as held for sale and is therefore excluded from the same property results presented below. On July 29, 2026, the Company sold these California communities for an aggregate sales price of approximately $1.625 billion. Approximately $0.9 billion of the proceeds will be used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program. Same Property Results Quarterly Growth (1) Sequential Growth (2) Year-To-Date Growth (3) (Excluding CA) 2Q26 vs. 2Q25 2Q26 vs. 1Q26 2026 vs. 2025 Revenues (0.1)% 0.7% 0.0% Expenses 2.4% 4.3% 2.0% Net Operating Income ("NOI") (1.4)% (1.3)% (1.1)% (1) Quarterly growth for revenues, expenses, and NOI including California were 0.2%, 2.7%, and (1.3)%, respectively. (2) Sequential growth for revenues, expenses, and NOI including California were 0.7%, 4.3%, and (1.2)%, respectively. (3) Year-to-date growth for revenues, expenses, and NOI including California were 0.2%, 2.3%, and (1.0)%, respectively. Operating Statistics - Same Property Portfolio (Excluding CA) New Lease and Renewal Data - Date Effective (1) 2Q26 (2) 2Q25 (3) 1Q26 (4) Effective New Lease Rates (3.3)% (2.1)% (5.5)% Effective Renewal Rates 2.8% 3.7% 2.9% Effective Blended Lease Rates (0.2)% 0.7% (1.6)% Occupancy (5) 95.7% 95.6% 95.1% (1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective. (2) 2Q26 new lease, renewal, and blended growth rate including California were (3.1)%, 2.8%, and (0.1)%, respectively. (3) 2Q25 new lease, renewal, and blended growth rate including California were (2.0)%, 3.8%, and 0.7%, respectively. (4)1Q26 new lease, renewal, and blended growth rate including California were (5.2)%, 2.9%, and (1.4)%, respectively. (5) Occupancy rates including California were unchanged for all periods presented above. 1 For 2026, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release. Development Activity During the quarter, leasing continued at Camden Village District in Raleigh, NC and we began leasing at Camden South Charlotte in Charlotte, NC. Development Communities - Construction Completed and Project in Lease-Up ($ in millions) Total Total % Leased Community Name Location Homes Cost as of 7/29/2026 Camden Village District Raleigh, NC 369  $139.4 88 % Development Communities - Construction Ongoing ($ in millions) Total Total % Leased Community Name Location Homes Estimated Cost as of 7/29/2026 Camden South Charlotte Charlotte, NC 420  $157.0 13 % Camden Blakeney Charlotte, NC 349  151.0 Camden Nations Nashville, TN 393  184.0 Total 1,162 $492.0 Acquisition Activity During the quarter, the Company acquired five apartment home communities and two land parcels. Subsequent to quarter end, Camden acquired two apartment home communities. The tables below show the recent acquisition activity: Community Name Location Total Homes Closing Date Purchase Price Camden Alpharetta Alpharetta, GA 269 4/30/2026 $89.0 Camden Narcoossee* Orlando, FL 288 4/30/2026 82.3 Camden Franklin Franklin, TN 196 6/16/2026 54.3 Camden Roanoke Roanoke, TX 349 6/23/2026 99.1 Camden Gilbert Gilbert, AZ 320 6/30/2026 124.6 Camden Brandon Tampa, FL 296 7/9/2026 82.1 Camden LoSo Charlotte, NC 343 7/16/2026 114.0 Total 2,061  $645.4 *Formerly known as Camden at Lake Nona Land Parcels Acres Closing Date Purchase Price Morrisville, NC 17.9 5/25/2026 $19.0 Tampa, FL 64.4 5/27/2026 26.0 Total 82.3 $45.0 Share Repurchases During the quarter, Camden repurchased 1,429,136 common shares at an average price of $100.78 per share for a total of $144.1 million. Year to date, Camden repurchased 4,062,166 common shares at an average price of $104.08 for a total of $422.9 million. The Company currently has $297.9 million remaining under its stock repurchase program. Liquidity Analysis As of June 30, 2026, Camden had approximately $287.4 million of liquidity comprised of approximately $44.7 million in cash and cash equivalents, and approximately $242.7 million of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $140.1 million left to fund under its existing wholly-owned development pipeline. Subsequent to the quarter end, the Company issued a $350 million unsecured term loan facility with a maturity date of July 2027. Litigation Update 2 During the quarter, the Company entered into a binding term sheet to settle the class action litigation related to the use of a revenue management software and agreed to pay an aggregate of $53.0 million into a settlement fund which received preliminary court approval. The settlement will not impact the Company’s 2026 Core FFO or 2026 Core AFFO as certain legal costs and settlements are excluded from the calculation of these metrics. Earnings Guidance Camden updated its earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions. 3Q26 2026 2026 Midpoint Per Diluted Share Range Range Current Prior Change EPS (1) $9.14 - $9.38 $9.76 - $10.10 $9.93 $0.66 $9.27 FFO $1.62 - $1.66 $6.05 - $6.19 $6.12 $6.10 $0.02 Core FFO (2) $1.67 - $1.71 $6.68 - $6.82 $6.75 $6.75 $0.00 (1) The Company's 2026 EPS guidance is adjusted for the anticipated gain on sale of the California portfolio. (2) The Company's 2026 Core FFO guidance excludes approximately $0.63 per share of non-core charges for casualty-related expenses, legal costs and settlements, expensed transaction pursuit costs, and investment losses. 2026 2026 Midpoint Same Property Growth Guidance Range Current (excluding CA) Prior (excluding CA) Prior (including CA) Revenues 0.00% - 1.00% 0.50% 0.50% 0.75% Expenses 2.00% - 3.00% 2.50% 3.00% 3.00% NOI (1.65)% - 0.45% (0.60)% (0.90)% (0.50)% Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2026 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release. Conference Call Friday, July 31, 2026 at 10:00 AM CT    Webcast: https://investors.camdenliving.com Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6740665 The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call. Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events. About Camden Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 167 properties containing 56,695 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 57,857 apartment homes in 170 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 19 consecutive years, most recently ranking #13. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com . 3 CAMDEN OPERATING RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 OPERATING DATA Property revenues (a) $392,944 $396,509 $781,717 $787,074 Property expenses Property operating and maintenance 91,303  93,031  181,482  182,729  Real estate taxes 49,641  50,641  99,531  100,363  Total property expenses 140,944  143,672  281,013  283,092  Non-property income Fee and asset management 3,131  2,633  5,274  5,120  Interest and other income 129  68  382  78  Income on deferred compensation plans 12,595  8,350  11,436  9,548  Total non-property income 15,855  11,051  17,092  14,746  Other expenses Property management 10,134  9,699  20,392  19,594  Fee and asset management 1,840  641  2,501  1,312  General and administrative 22,348  18,996  37,053  35,944  Interest 41,422  35,375  78,781  69,165  Depreciation and amortization 157,134  152,108  307,134  301,360  Expense on deferred compensation plans 12,595  8,350  11,436  9,548  Other non-operating expenses 400  2,187  61,305  3,947  Total other expenses 245,873  227,356  518,602  440,870  Gain on sale of operating property, including land —  47,293  68,100  47,293  Income from continuing operations before income taxes 21,982   83,825   67,294   125,151   Income tax expense (1,276) (1,231) (2,214) (1,790) Net income 20,706   82,594   65,080   123,361   Net Income allocated to non-controlling interests (1,916) (1,924) (3,841) (3,869) Net income attributable to common shareholders $18,790   $80,670   $61,239   $119,492   CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Net income $20,706 $82,594 $65,080 $123,361 Other comprehensive income Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 251  351  608  702  Comprehensive income 20,957   82,945   65,688   124,063   Net income allocated to non-controlling interests (1,916) (1,924) (3,841) (3,869) Comprehensive income attributable to common shareholders $19,041   $81,021   $61,847   $120,194   PER SHARE DATA Total earnings per common share - basic $0.18  $0.74  $0.59  $1.10  Total earnings per common share - diluted 0.18  0.74  0.59  1.10  Weighted average number of common shares outstanding:      Basic 102,342  108,636  103,577  108,584       Diluted 102,363  109,400  103,624  108,636  (a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income.  For the three months ended June 30, 2026, we recognized $392.9 million of property revenue which consisted of approximately $348.7 million of rental revenue and approximately $44.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $396.5 million recognized for the three months ended June 30, 2025, made up of approximately $352.4 million of rental revenue and approximately $44.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2026, we recognized $781.7 million of property revenue which consisted of approximately $694.5 million of rental revenue and approximately $87.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $787.1 million of property revenue recognized for the six months ended June 30, 2025, made up of approximately $700.7 million of rental revenue and approximately $86.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $12.2 million and $11.6 million for the three months ended June 30, 2026 and 2025, respectively, and was $24.4 million and $23.0 million for the six months ended June 30, 2026 and 2025, respectively. Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. 4 CAMDEN FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 FUNDS FROM OPERATIONS Net income attributable to common shareholders $18,790   $80,670   $61,239   $119,492    Real estate depreciation and amortization 153,451  148,886  299,841  295,054   Income allocated to non-controlling interests 1,916  1,924  3,841  3,869   Gain on sale of operating property —  (47,293) (67,878) (47,293) Funds from operations $174,157   $184,187   $297,043   $371,122   Plus: Casualty-related expenses (a) (3,729) (1,099) (3,479) (969) Plus: Legal costs and settlements (b)(c) 412  2,311  51,604  4,183  Plus: Expensed transaction, development, and other pursuit costs (c) 4,237  2,082  6,079  2,963  Plus: Investment losses (b) —  —  4,855  —  Plus: Other miscellaneous items (a) 1  76  62  76  Core funds from operations $175,078   $187,557   $356,164   $377,375   Less: Recurring capitalized expenditures (d) (30,142) (29,968) (46,292) (46,066) Core adjusted funds from operations $144,936   $157,589   $309,872   $331,309   PER SHARE DATA Funds from operations - diluted $1.68  $1.67  $2.82  $3.37  Core funds from operations - diluted 1.68  1.70  3.39  3.42  Core adjusted funds from operations - diluted 1.39  1.43  2.95  3.01  Distributions declared per common share 1.06  1.05  2.12  2.10  Weighted average number of common shares outstanding: FFO/Core FFO/Core AFFO - diluted 103,957  110,269  105,218  110,230  PROPERTY DATA Total operating properties (end of period) (e) 176  176  176  176  Total operating apartment homes in operating properties (end of period) (e) 59,676  59,672  59,676  59,672  Total operating apartment homes (weighted average) 58,578  59,633  58,472  59,353  (a) Non-core adjustment generally recorded within Property NOI. (b) Non-core adjustment generally recorded within Other Non-Operating Expenses. (c) Non-core adjustment generally recorded within General and Administrative Expenses. (d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities. (e) Includes joint ventures and properties held for sale, if any. Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. 5 CAMDEN BALANCE SHEETS (In thousands) (Unaudited) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 ASSETS Real estate assets, at cost Land $1,695,652  $1,784,349  $1,787,445  $1,791,077  $1,789,207  Buildings and improvements 11,271,829  11,801,301  11,792,960  11,812,521  11,763,017  12,967,481  13,585,650  13,580,405  13,603,598  13,552,224  Accumulated depreciation (5,014,551) (5,407,880) (5,296,061) (5,234,087) (5,128,622) Net operating real estate assets 7,952,930  8,177,770  8,284,344  8,369,511  8,423,602  Properties under development and land 500,116  457,994  419,227  384,124  380,437  Total real estate assets 8,453,046  8,635,764  8,703,571  8,753,635  8,804,039  Accounts receivable – affiliates 8,053  8,076  8,884  8,889  8,889  Other assets, net (a) 314,199  285,493  293,292  255,333  262,100  Cash and cash equivalents 44,717  40,684  25,203  25,931  33,091  Restricted cash 10,717  89,610  12,039  11,378  11,454  Real estate and other assets held for sale 625,348  —  —  —  —  Total assets $9,456,080  $9,059,627  $9,042,989  $9,055,166  $9,119,573  LIABILITIES AND EQUITY Liabilities Notes payable Unsecured $4,529,573  $3,931,761  $3,570,193  $3,409,691  $3,495,487  Secured 318,755  318,708  330,597  330,536  330,476  Accounts payable and accrued expenses 248,434  269,623  248,087  232,960  206,018  Accrued real estate taxes 99,264  59,818  92,382  129,697  91,954  Distributions payable 110,389  112,156  114,971  115,518  116,007  Other liabilities (b) 264,968  262,710  248,506  224,989  219,635  Liabilities held for sale 6,382  —  —  —  —  Total liabilities 5,577,765  4,954,776  4,604,736  4,443,391  4,459,577  Equity Common shares of beneficial interest 1,157  1,157  1,157  1,157  1,157  Additional paid-in capital 5,953,409  5,948,511  5,948,938  5,945,277  5,941,893  Distributions in excess of net income attributable to common shareholders (1,127,157) (1,037,252) (969,240) (1,011,983) (1,007,075) Treasury shares (1,028,058) (886,052) (620,497) (400,185) (350,166) Accumulated other comprehensive income (c) 2,773  2,522  2,165  2,027  1,676  Total common equity 3,802,124  4,028,886  4,362,523  4,536,293  4,587,485  Non-controlling interests 76,191  75,965  75,730  75,482  72,511  Total equity 3,878,315  4,104,851  4,438,253  4,611,775  4,659,996  Total liabilities and equity $9,456,080  $9,059,627  $9,042,989  $9,055,166  $9,119,573  (a) Includes net deferred charges of: $7,363  $7,969  $534  $1,296  $1,953  (b) Includes deferred revenues of: $1,170  $1,277  $614  $624  $692  (c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities. 6 CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our