Camden Reports $8.71 Per-Share Earnings in Q3, Boosted by California Asset Sale
Key Facts
Camden Property Trust reported operating results for the third quarter and the nine months ended September 30, 2026, posting diluted earnings of $8.71 per share for the quarter, compared with $1.00 in the same period a year earlier. The company said in its statement that the gain on the sale of its California portfolio added about $9.37 per share to the result, partly offset by impairment losses of about $0.83 per share related to land development activities. These components show that the quarterly earnings surge was tied to the asset transaction, alongside limited growth in core funds-from-operations measures. Diluted FFO was $1.70 per share, compared with $1.67 a year earlier, while Core FFO reached $1.71, up from $1.70. Diluted Core AFFO was $1.42 per share, compared with $1.43 in the third quarter of 2025.
Actual FFO exceeded the midpoint of prior quarterly guidance, which was $1.64 per share, by $0.06. Core FFO of $1.71 also came in $0.02 above the prior guidance midpoint of $1.69. By contrast, property revenue fell to $381.061 million from $395.676 million a year earlier, and comparable property net operating income declined 0.2% year over year. These measures reflect the distinction between the portfolio sale’s effect on reported earnings and the performance of ongoing property operations. In the same quarter last year, the company recorded higher property revenue, while comparable net operating income remained close to its prior level, with a slight decline.
Property occupancy was 95.6% in the third quarter, compared with 95.5% a year earlier. Effective lease rates on renewals rose 3.6%, while rates on new leases fell 2.0%, bringing the blended rate change to 1.0%. The divergence between renewals and new leases highlights differing pricing trends across the company’s portfolio during the period. Blended rents increased as advertised rates for new tenants remained under pressure. Occupancy stayed slightly above its level in the third quarter of 2025, according to figures reported by Camden.
The gain on the sale followed Camden’s exit from its California portfolio on July 29, 2026. The portfolio comprised 11 apartment communities and 3,620 units, and sold for a gross price of about $1.6 billion. The company used about $0.9 billion of the proceeds to repay balances on credit facilities and commercial paper. In the third quarter, Camden also moved to acquire assets in other markets, buying three apartment communities in Tampa, Charlotte and Nashville for a combined $305.2 million. It also bought a parcel of land in Tampa for about $18.3 million, combining the sale of its California portfolio with the redeployment of some capital into Southern markets.
Liquidity was about $1.8 billion as of September 30, 2026, the company said. This comprised about $0.6 billion in cash, cash equivalents and related accounts, and about $1.2 billion available through its credit facility and commercial paper program. These figures show the financial resources available at the end of the quarter, following the sale of the California portfolio and the use of part of the proceeds to repay credit facility balances and commercial paper. In its annual guidance, Camden set a Core FFO range of $6.73 to $6.77 per share, with a midpoint of $6.75, unchanged from its prior midpoint. It raised the midpoint of its FFO range to $6.15 per share from $6.12, within a new range of $6.13 to $6.17.
Camden forecast fourth-quarter 2026 Core FFO of $1.63 to $1.67 per share. It said its updated guidance was based on its current and projected view of the apartment market and broader economic conditions. The company was scheduled to hold its earnings conference call on Friday, November 6, 2026, at 10:00 a.m. U.S. Central Time. In trading, CPT closed at $104.48 on November 4 and then at $103.71 on November 5. The latest close was lower than the November 4 session, according to EL7 data.