Camden Property Trust lowers midpoint for 2026 FFO per share outlook

Overview

• U.S. multifamily REIT's Q1 same property NOI fell 0.7%

• Diluted EPS rose to $0.40 from $0.36, aided by gain on property sale

• Company repurchased $278.8 mln in shares and disposed Texas property for about $77 mln

Outlook

• Camden sees 2026 Core FFO per share at $6.60-$6.90, unchanged from prior guidance

• Company lowers 2026 FFO per share guidance midpoint to $6.10 from $6.61

• Camden expects 2026 same property NOI growth between -2.5% and 1.5%, unchanged from prior range

Result Drivers

• LEASE RATE PRESSURE - Effective new lease rates fell 5.2% yr/yr, while blended lease rates declined 1.4%

• LITIGATION CHARGES - Co recorded a charge in legal costs and settlements related to class action litigation

• PROPERTY SALE GAIN - EPS benefited from a $67.9 mln gain on sale of a Texas property

Company press release: ID:nBw4yfxhya

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 15 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the residential reits peer group is "buy."

• Wall Street's median 12-month price target for Camden Property Trust is $113.00, about 7.3% above its April 29 closing price of $105.32

• The stock recently traded at 92 times the next 12-month earnings vs. a P/E of 89 three months ago

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