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.
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| 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.
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| 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)
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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.
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)
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| | Total | Total | % Leased |
| Community Name | Location | Homes | Cost | as of 7/29/2026 |
| Camden Village District | Raleigh, NC | 369 | | $139.4 | 88 | % |
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Development Communities - Construction Ongoing ($ in millions)
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| | 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 | | |
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| 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:
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| 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
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| 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
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.
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| 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.
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| | 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.
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| CAMDEN | | OPERATING RESULTS |
| | (In thousands, except per share amounts) |
| | |
(Unaudited)
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2026 | 2025 | | 2026 | 2025 |
| OPERATING DATA | | | | | |
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Property revenues (a) | $392,944 | $396,509 | | $781,717 | $787,074 |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| Gain on sale of operating property, including land | — | | 47,293 | | | 68,100 | | 47,293 | |
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| 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) | |
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| 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 | |
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| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | | | | | |
| Net income | $20,706 | $82,594 | | $65,080 | $123,361 |
| Other comprehensive income | | | | | |
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| 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 | |
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| PER SHARE DATA | | | | | |
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| 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 | |
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| 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.
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| CAMDEN | | FUNDS FROM OPERATIONS |
| | (In thousands, except per share and property data amounts) |
| | |
(Unaudited)
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| 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 | |
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| 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) | |
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| Funds from operations | $174,157 | | $184,187 | | | $297,043 | | $371,122 | |
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Plus: Casualty-related expenses (a) | (3,729) | | (1,099) | | | (3,479) | | (969) | |
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Plus: Legal costs and settlements (b)(c) | 412 | | 2,311 | | | 51,604 | | 4,183 | |
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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) | |
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| Core adjusted funds from operations | $144,936 | | $157,589 | | | $309,872 | | $331,309 | |
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| 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 | |
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| 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 | |
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(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.
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| 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 | |
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| 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 | |
| | | | | |
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| | | | | |
| | | | | |
| 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 | |
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| | | | | |
| | | | | |
|
| | | | | |
| (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. |
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| 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 operating performance, or to net cash provided by operating activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies.
Core FFO
Core FFO represents FFO as further adjusted for Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
Core Adjusted FFO
In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2026 | 2025 | | 2026 | 2025 |
| 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 | |
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| Income allocated to non-controlling interests | 1,916 | | 1,924 | | | 3,841 | | 3,869 | |
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| Gain on sale of operating property | — | | (47,293) | | | (67,878) | | (47,293) | |
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| Funds from operations | $174,157 | | $184,187 | | | $297,043 | | $371,122 | |
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| Plus: Casualty-related expenses | (3,729) | | (1,099) | | | (3,479) | | (969) | |
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| Plus: Legal costs and settlements | 412 | | 2,311 | | | 51,604 | | 4,183 | |
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| Plus: Expensed transaction, development, and other pursuit costs | 4,237 | | 2,082 | | | 6,079 | | 2,963 | |
Plus: Investment losses | — | | — | | | 4,855 | | — | |
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| Plus: Other miscellaneous items | 1 | | 76 | | | 62 | | 76 | |
| Core funds from operations | $175,078 | | $187,557 | | | $356,164 | | $377,375 | |
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| Less: Recurring capitalized expenditures | (30,142) | | (29,968) | | | (46,292) | | (46,066) | |
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| Core adjusted funds from operations | $144,936 | | $157,589 | | | $309,872 | | $331,309 | |
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| Weighted average number of common shares outstanding: | | | | | |
| EPS diluted | 102,363 | | 109,400 | | | 103,624 | | 108,636 | |
| FFO/Core FFO/Core AFFO diluted | 103,957 | | 110,269 | | | 105,218 | | 110,230 | |
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| CAMDEN | | NON-GAAP FINANCIAL MEASURES |
| | DEFINITIONS & RECONCILIATIONS |
| | (In thousands, except per share amounts) |
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(Unaudited)
Reconciliation of FFO, Core FFO, and Core AFFO per share
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| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2026 | 2025 | | 2026 | 2025 |
| Total Earnings Per Common Share - Diluted | $0.18 | | $0.74 | | | $0.59 | | $1.10 | |
| Real estate depreciation and amortization | 1.48 | | 1.35 | | | 2.85 | | 2.67 | |
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| Income allocated to non-controlling interests | 0.02 | | 0.01 | | | 0.03 | | 0.03 | |
| Gain on sale of operating property | — | | (0.43) | | | (0.65) | | (0.43) | |
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| FFO per common share - Diluted | $1.68 | | $1.67 | | | $2.82 | | $3.37 | |
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| Plus: Casualty-related expenses | (0.04) | | (0.01) | | | (0.03) | | (0.01) | |
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| Plus: Legal costs and settlements | — | | 0.02 | | | 0.49 | | 0.03 | |
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| Plus: Expensed transaction, development, and other pursuit costs | 0.04 | | 0.02 | | | 0.06 | | 0.03 | |
Plus: Investment losses | — | | — | | | 0.05 | | — | |
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| Plus: Other miscellaneous items | — | | — | | | — | | — | |
| Core FFO per common share - Diluted | $1.68 | | $1.70 | | | $3.39 | | $3.42 | |
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| Less: Recurring capitalized expenditures | (0.29) | | (0.27) | | | (0.44) | | (0.41) | |
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| Core AFFO per common share - Diluted | $1.39 | | $1.43 | | | $2.95 | | $3.01 | |
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Expected FFO & Core FFO
Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:
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| 3Q26 | Range | | 2026 | Range |
| Low | High | | Low | High |
| Expected earnings per common share - diluted | $9.14 | | $9.38 | | | $9.76 | | $10.10 | |
| Expected real estate depreciation and amortization | 1.55 | | 1.55 | | | 5.89 | | 5.89 | |
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| Expected income allocated to non-controlling interests | 0.02 | | 0.02 | | | 0.08 | | 0.08 | |
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| Expected (gain) on sale of operating properties | (9.09) | | (9.29) | | | (9.68) | | (9.88) | |
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| Expected FFO per share - diluted | $1.62 | | $1.66 | | | $6.05 | | $6.19 | |
| Anticipated Adjustments to FFO | 0.05 | | 0.05 | | | 0.63 | | 0.63 | |
| Expected Core FFO per share - diluted | $1.67 | | $1.71 | | | $6.68 | | $6.82 | |
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| Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. |
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| CAMDEN | | NON-GAAP FINANCIAL MEASURES |
| | DEFINITIONS & RECONCILIATIONS |
| | (In thousands, except per share amounts) |
| | |
(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as property revenue less total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:
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| Three months ended June 30, | | Six months ended June 30, |
| 2026 | 2025 | | 2026 | 2025 |
| Net income | $20,706 | | $82,594 | | | $65,080 | | $123,361 | |
| Less: Fee and asset management income | (3,131) | | (2,633) | | | (5,274) | | (5,120) | |
| Less: Interest and other income | (129) | | (68) | | | (382) | | (78) | |
| Less: Income on deferred compensation plans | (12,595) | | (8,350) | | | (11,436) | | (9,548) | |
| Plus: Property management expense | 10,134 | | 9,699 | | | 20,392 | | 19,594 | |
| Plus: Fee and asset management expense | 1,840 | | 641 | | | 2,501 | | 1,312 | |
| Plus: General and administrative expense | 22,348 | | 18,996 | | | 37,053 | | 35,944 | |
| Plus: Interest expense | 41,422 | | 35,375 | | | 78,781 | | 69,165 | |
| Plus: Depreciation and amortization expense | 157,134 | | 152,108 | | | 307,134 | | 301,360 | |
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| Plus: Expense on deferred compensation plans | 12,595 | | 8,350 | | | 11,436 | | 9,548 | |
| Plus: Other non-operating expenses | 400 | | 2,187 | | | 61,305 | | 3,947 | |
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| Less: Gain on sale of operating property, including land | — | | (47,293) | | | (68,100) | | (47,293) | |
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| Plus: Income tax expense | 1,276 | | 1,231 | | | 2,214 | | 1,790 | |
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| NOI | $252,000 | | $252,837 | | | $500,704 | | $503,982 | |
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| "Same Property" Communities | $207,427 | | $210,429 | | | $417,492 | | $422,328 | |
| Non-"Same Property" Communities | 15,709 | | 10,962 | | | 29,321 | | 19,957 | |
| Development and Lease-Up Communities | 1,042 | | 53 | | | 1,748 | | 57 | |
| Held for Sale Communities | 22,569 | | 22,634 | | | 45,421 | | 45,279 | |
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| Disposition/Other | 5,253 | | 8,759 | | | 6,722 | | 16,361 | |
| NOI | $252,000 | | $252,837 | | | $500,704 | | $503,982 | |
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| CAMDEN | | NON-GAAP FINANCIAL MEASURES |
| | DEFINITIONS & RECONCILIATIONS |
| | (In thousands, except per share amounts) |
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(Unaudited)
EBITDAre and Adjusted EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.
Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:
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| Three months ended June 30, | | Six months ended June 30, |
| 2026 | 2025 | | 2026 | 2025 |
| Net income | $20,706 | | $82,594 | | | $65,080 | | $123,361 | |
| Plus: Interest expense | 41,422 | | 35,375 | | | 78,781 | | 69,165 | |
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| Plus: Depreciation and amortization expense | 157,134 | | 152,108 | | | 307,134 | | 301,360 | |
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| Plus: Income tax expense | 1,276 | | 1,231 | | | 2,214 | | 1,790 | |
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| Less: Gain on sale of operating property, including land | — | | (47,293) | | | (68,100) | | (47,293) | |
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| EBITDAre | $220,538 | | $224,015 | | | $385,109 | | $448,383 | |
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| Plus: Casualty-related expenses | (3,729) | | (1,099) | | | (3,479) | | (969) | |
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| Plus: Legal costs and settlements | 412 | | 2,311 | | | 51,604 | | 4,183 | |
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| Plus: Expensed transaction, development, and other pursuit costs | 4,237 | | 2,082 | | | 6,079 | | 2,963 | |
Plus: Investment losses | — | | — | | | 4,855 | | — | |
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| Plus: Other miscellaneous items | 1 | | 76 | | | 62 | | 76 | |
| Adjusted EBITDAre | $221,459 | | $227,385 | | | $444,230 | | $454,636 | |
| Annualized Adjusted EBITDAre | $885,836 | | $909,540 | | | $888,460 | | $909,272 | |
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Net Debt to Annualized Adjusted EBITDAre
The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net Debt and computes the ratio to Adjusted EBITDAre for the following periods:
Net Debt:
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| Average monthly balance for the | | Average monthly balance for the |
| Three months ended June 30, | | Six months ended June 30, |
| 2026 | 2025 | | 2026 | 2025 |
| Unsecured notes payable | $4,362,454 | | $3,514,627 | | | $4,134,664 | | $3,459,357 | |
| Secured notes payable | 318,740 | | 330,456 | | | 322,697 | | 330,426 | |
| Total average debt | 4,681,194 | | 3,845,083 | | | 4,457,361 | | 3,789,783 | |
| Less: Average cash and cash equivalents | (27,369) | | (18,145) | | | (20,937) | | (15,223) | |
| Net Debt | $4,653,825 | | $3,826,938 | | | $4,436,424 | | $3,774,560 | |
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Net Debt to Annualized Adjusted EBITDAre: | | | | | | | | | | | | | | | | | |
| Three months ended June 30, | | Six months ended June 30, |
| 2026 | 2025 | | 2026 | 2025 |
| Net Debt | $4,653,825 | | $3,826,938 | | | $4,436,424 | | $3,774,560 | |
| Annualized Adjusted EBITDAre | 885,836 | | 909,540 | | | 888,460 | | 909,272 | |
| Net Debt to Annualized Adjusted EBITDAre | 5.3x | 4.2x | | 5.0x | 4.2x |
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