CPT · Q2 2026 Earnings

Cautious

Camden Property Trust

Reported July 30, 2026

30-second summary

30-second take: Q2 Core FFO of $1.68 landed at the high end of the prior $1.65–$1.69 guide and same-property NOI printed -1.4% YoY, sitting near the low end of the new FY range of (1.65)% to +0.45%. The California portfolio sale closed on July 29, 2026 for approximately $1.625B, with ~$0.9B earmarked to pay down the unsecured revolver and commercial paper — a material deleveraging catalyst that has already landed post-quarter. Core FFO FY midpoint holds at $6.75 (new range $6.68–$6.82) and FY FFO midpoint edged up $0.02 to $6.12 (new range $6.05–$6.19), while the FY Core FFO guide excludes ~$0.63/share of non-core charges (casualty, legal costs and settlements, expensed transaction pursuit costs, and investment losses) — up from ~$0.14/share disclosed with the initial FY2026 guide. On the ex-CA basis, the FY same-property revenue midpoint held at +0.50%, the expense midpoint was cut 50bps favorably to +2.50%, and the NOI midpoint improved 30bps to -0.60% from prior -0.90%. The Q3 Core FFO guide of $1.67–$1.71 (midpoint $1.69) sits essentially flat vs. Q2 — the "hockey stick" H2 inflection management has pointed to is not yet visible in the next-quarter guide.

Headline numbers

EPS

Q2 FY2026

$1.68

Revenue

Q2 FY2026

$0.39B

-0.9% YoY

+0.0% vs est.

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$0.39B	$0.40B	-0.9%	$0.39B	+1.0%
EPS	$1.68	$0.74	+127.0%	$1.70	-1.2%

Guidance

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
FFO	Q2 FY2026	$1.65 - $1.69	$1.68	in-line (at midpoint of $1.67)	Beat
Core FFO	Q2 FY2026	$1.65 - $1.69	$1.68	in-line (at high end of range)	Beat
Same Property Revenue Growth	Q2 FY2026	(0.25)% - 1.75%	-0.1%	in-line (within range)	Missed
Same Property NOI Growth	Q2 FY2026	(2.50)% - 1.50%	-1.4%	in-line (within range)	Missed

New guidance

Metric	Period	Guide	YoY
FFO	Q3 FY2026	$1.62 - $1.66	-1.5% to -17.0% YoY
Core FFO	Q3 FY2026	$1.67 - $1.71	—

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
FFO	FY2026	$6.60 - $6.90	$6.05 - $6.19	–$0.41 to –$0.85 per share (–6.1% to –12.3% vs prior midpoint of $6.75)	Lowered
Core FFO	FY2026	$6.60 - $6.90	$6.68 - $6.82	+$0.08 to –$0.22 per share (–1.8% to +1.2% vs prior midpoint of $6.75)	Lowered
Same Property Revenue Growth	FY2026	(0.25)% - 1.75%	0.00% - 1.00%	+0.25 to –0.75 percentage points	Lowered
Same Property Expense Growth	FY2026	2.25% - 3.75%	2.00% - 3.00%	–0.25 to –0.75 percentage points	Lowered
Same Property NOI Growth	FY2026	(2.50)% - 1.50%	(1.65)% - 0.45%	+0.85 to –1.05 percentage points	Raised

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
D.C. Metro	$0.049B	$0.049B	+1.4%
Houston, TX	$0.041B	$0.05B	-18.6%
Phoenix, AZ	$0.027B	$0.029B	-6.5%
Dallas, TX	$0.029B	$0.035B	-15.9%
SE Florida	$0.027B	—	+1.1%
Atlanta, GA	$0.027B	$0.026B	+6.8%
Orlando, FL	$0.025B	—	-0.4%
Austin, TX	$0.017B	$0.018B	-2.0%
Same Property Net Operating Income Growth (YoY)	-1.4%	—	—
Same Property Revenue Growth (YoY)	-0.1%	—	—
Same Property Occupancy	95.7%	95.6%	—
Effective Blended Lease Rate Growth	-0.2%	—	—
Funds From Operations (diluted)	$1.68	—	—
Core FFO (diluted)	$1.68	—	—
Core AFFO (diluted)	$1.39	—	—
Net Debt to Annualized Adjusted EBITDAre	5.3x	—	—

Management tone

No transcript was available for this release; observations are drawn from the press release and supplemental.

The disclosure-level shift worth flagging: the non-core charge exclusion embedded in the Core FFO reconciliation has moved from ~$0.14/share (FY2026 initial guide, Q4 2025) to ~$0.63/share (this quarter's revised FY2026 guide). The Q1 2026 brief flagged a $53M class-action litigation settlement charge as the driver of the FFO cut; the further step-up in the aggregate non-core exclusion this quarter suggests the legal and transaction-pursuit expense base is materially larger than the initial FY2026 framing implied.

The Core FFO reaffirmation at $6.75 midpoint is a real signal of operational stability. On the ex-CA basis, the same-property revenue midpoint held flat at +0.50%, the expense midpoint was cut favorably by 50bps, and the NOI midpoint moved 30bps higher — the same substitution pattern seen through 2025, where expense relief helps offset revenue softness.

Answers to last quarter's watch list

California portfolio sale progression to a signed PSA at a disclosed cap rate — Camden closed the sale of the 11-community California portfolio on July 29, 2026 for approximately $1.625 billion aggregate sales price, with ~$0.9B earmarked to retire balances on the unsecured revolver and commercial paper program. The transaction moved from held-for-sale at quarter-end to closed one day before the release.

Resolved positively

Q2 same-property NOI trajectory vs. the FY -0.50% midpoint — Q2 same-property NOI printed -1.4% YoY, sitting near the low end of the new FY range of (1.65)% to +0.45%. The FY midpoint on the ex-CA basis moved to -0.60% (from prior ex-CA -0.90%), a 30bps favorable revision. H2 still needs to average positive NOI growth to hit the new midpoint — a real acceleration from the -1.4% Q2 run-rate.

Continue monitoring

Effective blended lease rates compressing toward zero by Q3 — Q2 effective blended lease rates printed -0.2%, a ~140bps sequential improvement from Q1's -1.6%. This is the clearest positive operating datapoint on the print, and the trajectory puts "compression toward zero by Q3" within reach.

Resolved positively

D.C. Metro revenue growth staying above +1.0% — D.C. Metro printed +1.4% YoY in Q2, holding above the +1.0% threshold, and grew +1.0% sequentially vs. Q1.

Continue monitoring

Net debt / EBITDAre trajectory absent California sale proceeds — Leverage moved to 5.3x from 4.2x at 2Q25. However, the July 29 close of the California sale (~$0.9B to pay down revolver/CP) will materially reduce leverage in Q3. Status: Resolved (with post-quarter deleveraging catalyst landed)

Q2 Core FFO vs. the $1.65–$1.69 guide — Q2 Core FFO printed $1.68, at the high end of the guide.

Resolved positively

What to watch into next quarter

Q3 Core FFO actual against the $1.67–$1.71 guide — a Q3 in-line print at the $1.69 midpoint would be essentially flat vs. Q2's $1.68 actual, leaving the reaffirmed FY $6.75 Core FFO midpoint dependent on a sharp Q4 step-up

Effective blended lease rates continuing to compress from Q2's -0.2% toward positive — a Q3 print at or above +0.5% is the strongest signal that the late-2026 rent inflection is real; anything worse than -0.5% means the sequential improvement stalled

Non-core charge disclosure — whether the $0.63/share FY exclusion holds or continues to step up on the Q3 print; a further increase would indicate the litigation/transaction-pursuit cost base is not stabilizing

Net debt / EBITDAre trajectory — with ~$0.9B of California proceeds earmarked for revolver/CP paydown, Q3-end leverage should decline meaningfully from 5.3x; the size of that decline (and the pace of continued acquisition activity) is the key balance-sheet datapoint

Same-property NOI trajectory — H2 needs to average positive growth to hit the new -0.60% ex-CA FY midpoint versus a Q2 print of -1.4%; a Q3 NOI print still in negative territory means the FY midpoint is at risk again

D.C. Metro revenue growth — whether Q3 stabilizes at ~+1.4% or drifts lower determines whether the largest market is finding a floor

Same-property revenue trajectory — the ex-CA FY midpoint held at +0.50% this quarter; a further cut on the Q3 print would push the FY revenue outcome toward the low end of the 0.00%–1.00% range

Sources

Camden Property Trust Q2 2026 Supplemental and Press Release (Exhibit 99.2): https://www.sec.gov/Archives/edgar/data/906345/000162828026051083/exhibit992supplement2q26.htm

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