Camden Property Q2 EPS Plunges to $0.18, Sells California Portfolio for $1.6B
CPT sits 17% above its 52-week low of $96.53.
Summary
Camden Property Trust reported Q2 EPS of $0.18, a sharp drop from the prior year, with property revenue declining slightly. Same-property expenses rose 2.4%, outpacing flat revenues and driving a 1.4% decline in net operating income. Effective new lease rates fell 3.3%, though renewal rates rose 2.8%. The company sold its California portfolio for $1.625 billion and plans to use proceeds to reduce debt. Full-year 2026 Core FFO guidance was maintained at $6.75 per share, with same-property revenue growth expected between 0.0% and 1.0%. The earnings miss and expense pressure are material for a $15.3B REIT, while the portfolio sale is a significant deleveraging move. This is the first detailed look at Q2 results, following a Q1 that included a $53M legal settlement and FFO decline. Additionally, Camden Property missed FFO estimates due to declining rental rates.
At the time of this announcement, CPT was trading at $113.29 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $15.3B. The 52-week trading range was $96.53 to $119.81. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.