CPT US S&P 500Russell 1000 Earnings call

Camden Property Trust (CPT) · Q2 2026 results and valuation

Share price: $99.09 · 2026-11-11

Camden Property Trust is a real estate investment trust engaged in the ownership, management, development, and construction of multifamily apartment communities. The company operates across the United States, providing housing for residents in various markets. Source: 10-K annual report (2026-02-12)

Results Q2 2026 vs Q1 2026 · previous quarter · published 31 Jul 2026 and 1 May 2026

Net income down 55.7% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.

1 · Numbers

−55.7%

Net income vs Q1 2026

Outlook given

Net income 18.8M vs 42.4M

Revenue +46.1%

Against the same quarter last year (Q2 2025) it is −76.7%, so it is not just seasonal.

2 · How management spoke

Restrained

Less upbeat than 67% of company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

Following the repayment of credit and commercial paper, Camden Property Trust reported a pro forma net debt to EBITDA of 4.5x at the end of July.

Valuation

Is Camden Property Trust undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 20.0% growth a year (3-year revenue growth), the model's fair value is $356.12 a share — the stock trades 72% below it. Today's price assumes 6.2% growth a year.

Current price

$99.09

close of 2026-11-11

Market implies growth of i

+6.2% for 10 yrs

Fair value / share

$356.12

Buy below

$267.09

Price vs fair value

Undervalued 72%

Price vs buy-below price

Undervalued 63%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Guidance

The company reaffirmed its midpoint FFO guidance of $6.75 per share, maintaining the target set at the beginning of the year despite various moving parts.
Figure

The repayment of credit and commercial paper resulted in a pro forma net debt to EBITDA of 4.5x at the end of July, preserving liquidity for acquisitions and development.

Source quote
“The repayment of our line of credit and commercial paper further strengthened Camden's balance sheet, resulting in a pro forma net debt to EBITDA at a strong 4.5x at the end of July and preserving substantial liquidity to fund acquisitions, development opportunities and other capital allocation priorities.”
Guidance

CPT provided core FFO guidance of $1.69 per share at the midpoint for the third quarter, which is up $0.01 from the second quarter core FFO of $1.68 per share.
Guidance

The company raised its full-year guidance to include a $0.03 per share benefit from better-than-expected same-store NOI performance driven by lower operating expenses.
Guidance

The company lowered its same-store portfolio guidance from 50 basis points to 40 basis points because California is no longer part of the portfolio.

4 more

Figure

The company has only $200 million of acquisition properties left to identify as of the report.

Source quote
“As it turns out, the execution has been nearly flawless with only $200 million of acquisition properties left to identify.”
Figure

The number of communities with positive signed new leases rose from 20% in March to almost 50% in July.

Source quote
“In July, almost [ 50% ] of our communities had positive signed new leases, up from only 20% in March.”
Figure

On July 29, Camden Property Trust completed the sale of its 11 California operating communities for a combined $1.625 billion, the transaction was a major strategic step that allowed us to redeploy capital into higher growth markets, in…

Source quote
“On July 29, we completed the sale of our 11 California operating communities for a combined $1.625 billion, the transaction was a major strategic step that allowed us to redeploy capital into higher growth markets, in Camden shares while maximizing tax efficiency.”
Figure

Transaction costs were in the neighborhood of $15 million, which must be added to the $1.625 billion figure.

Source quote
“When you look at the $1.625 billion, that is before transaction costs and transaction costs for us is in the neighborhood of $15 million.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Restrained (was restrained)

Answers to analysts Restrained (was restrained)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“Our capital allocation priorities were clear; maximize long-term shareholder value and shift capital towards our existing Sunbelt markets with stronger population growth, employment growth, migration, household formation and long-term multifamily...”

“Additionally, signed renewal gains have increased by 170 basis points from March to July.”

“And finally, we are and we will continue to improve our investors' lives through the reinvestment of the California proceeds into both faster-growing, newer Sunbelt communities and Camden stock.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	3.1M	2.1M	+46.1%	2.6M	+18.9%
Net income	18.8M	42.4M	−55.7%	80.7M	−76.7%
EPS	0.18	0.40	−55.0%	0.74	−75.7%
P/E today 9.3	37.8	27.3	+10.5	78.8	−41.0

Topics

Most discussed now

Camden Property Trust's capital allocation priorities were clear; maximize long-term shareholder value and shift capital towards its…
Camden Property Trust also saw a 140 basis point improvement in blended rate growth from negative 1.6% in the first quarter 2026...
The effective growth rate for renewals in both the first and second quarter was slightly below 3%.
This was in line with Camden Property Trust's expectations and reflected a 220 basis point improvement from negative 5.5% new lease rate...
Occupancy has also shown improvement and has been trending slightly ahead of budget with second quarter averaging 95.7% versus 95.1%...

Faded since Q1 2026

Fading Those three additional land sites Camden Property Trust intends to buy this year, and those will be developments, and those will be...
Fading If you look at the way revenue management works, revenue management really does rely a lot on your existing data—on...
Dropped 96% of Camden Property Trust's employees say Camden is a great place to work, which has led to the highest customer sentiment...
Dropped Apartments provide consumers with a compelling low housing cost alternative to owning a home.

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-11-05 Results of operations · SEC 8-K
2026-08-31 Material agreement; Director or officer change · SEC 8-K
Effective August 31, 2026, D. Keith Oden retired as Executive Vice Chairman of the Board of Trust Managers while remaining a member of the Board of Trust Managers.
2026-08-03 Director or officer change · SEC 8-K
D. Keith Oden will retire as Executive Vice Chairman of the Board of Trust Managers effective August 31, 2026, while remaining a member of the Board of Trust Managers.
2026-07-30 Results of operations · SEC 8-K
Camden Property Trust issued its consolidated financial results for the three and six months ended June 30, 2026, on July 30, 2026.
2026-06-11 Director or officer change · SEC 8-K
2026-05-08 Shareholder vote results · SEC 8-K · routine
2026-04-30 Results of operations · SEC 8-K
Camden Property Trust issued its consolidated financial results for the three months ended March 31, 2026, as disclosed in the press release and supplemental information.
2026-04-30 Material agreement · SEC 8-K
The company entered into a material agreement involving a revolving credit facility and potential forward sale agreements with managers who act as lenders and financial service providers.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-12.

Cash & runway

Cash & equivalents

$44.7M

2026-06-30

Implied runway

—

operating cash flow positive over the TTM window

Dilution

weighted-average basic shares, per quarter. Change: -5.8% YoY, -2.4% QoQ.

Quarter	Shares
Q3 2024	108.4M
Q1 2025	108.5M
Q2 2025	108.6M
Q3 2025	108.5M
Q1 2026	104.8M
Q2 2026	102.3M

Shares outstanding: 100.5M (2026-07-24)

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. 26 filings parsed.

Sold by insiders

86.8K shares

$9.6M · 15 transactions

Bought by insiders

0 shares

0 transactions

Net direction

net selling

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

6 months or so

execution of $3.25 billion in transactions

Source quote
“Sounds simple, to execute to $3.25 billion in transactions in 6 months or so.”
year 1

strategic market rebalancing being FFO-neutral

Source quote
“As mentioned previously, this strategic market rebalancing is FFO-neutral in year 1 and anticipate to be accretive in short order as the newer Sunbelt communities we acquire should grow faster than the older California assets we disposed off.”
third quarter

occupancy rates to remain relatively stable before moderating slightly with normal seasonal trends towards year-end

Source quote
“we expect occupancy rates to remain relatively stable through the third quarter before moderating slightly with normal seasonal trends towards year-end.”
third quarter

purchase of awarded real estate, including 2 communities and 1 land site

Source quote
“$195 million will be used to purchase awarded real estate, including 2 communities and 1 land site in the third quarter.”
by late fourth quarter

future 1031 acquisitions

Source quote
“Approximately $200 million is anticipated to be used for future 1031 acquisitions to occur by late fourth quarter, and the remaining $330 million will be used for general corporate purposes.”