Camden shares fall 4.0% after Q3 revenue misses; EPS forecast cut

Camden Property Trust (CPT) shares fell 4.0% at 3:59 p.m. ET, from a $103.71 close, and the company cut its 2026 EPS guidance midpoint to $9.44 from $9.93 while raising its FFO midpoint to $6.15 from $6.12. Third-quarter property revenue of $381.06 million missed the $391.74 million consensus.

The quarter included the sale of 11 California communities on July 29, 2026, for an aggregate price of about $1.6 billion, producing a gain of about $1.0 billion.

Here's how the company did:

• Diluted EPS: $8.71 per share vs. $1.00 a year earlier
• FFO: $1.70 per share vs. $1.67 a year earlier
• Core FFO: $1.71 per share vs. $1.70 a year earlier
• Property revenue: $381.06 million vs. $395.7 million a year earlier

EPS included about $9.37 per share of gain on the California sale, partly offset by $0.83 per share of impairments tied to land development. Same property net operating income fell 0.2%, and same property revenues fell 0.1%. Occupancy was 95.6%, against 95.5% a year earlier.

2026 guidance

The company expects 2026 EPS of $9.42 to $9.46, down from $9.76 to $10.10. EPS excludes gains from future real estate transactions.

The FFO range is now $6.13 to $6.17 per share. The Core FFO midpoint is unchanged at $6.75, within $6.73 to $6.77.

Fourth-quarter EPS is expected at 12 to 16 cents per share, and FFO at $1.61 to $1.65 per share. Core FFO guidance excludes about 60 cents per share of non-core charges.

Same property revenue growth midpoint is 0.00%, from 0.50%. Expense growth midpoint is 1.75%, from 2.50%, and net operating income midpoint is (1.00)%, from (0.60)%.

Portfolio activity

The company acquired Camden Brandon in Tampa, Camden LoSo in Charlotte and Camden Gulch in Nashville for a combined $305.2 million, and bought a Tampa land parcel for about $18.3 million.

About $0.9 billion of the California proceeds retired balances under the unsecured revolving credit facility and commercial paper program.

After quarter end, the company sold 2.6 acres of land in Los Angeles for about $10.7 million. Construction began at Camden RTP in the Raleigh, NC metro area, and leasing began at Camden Blakeney in Charlotte.

Capital and cash returns

The company repurchased 474,660 common shares in the quarter at an average price of $105.34, for a total of $50.0 million. Year to date, it has repurchased 4,536,826 shares for $472.8 million, leaving $247.9 million under its stock repurchase program.

As of September 30, 2026, Camden had about $1.8 billion of liquidity.

In October 2026, the company redeemed its $500 million senior unsecured notes at par, using cash on hand and its commercial paper program. The notes were scheduled to mature in November 2026.