CAMDEN PROPERTY TRUST
For the period ended Mar 31, 2026. Filed May 1, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 1, 2026
CPT$99.44-4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001628280-25-050524
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001628280-26-029188
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 59 previous paragraphs and 65 current paragraphs.
39 unchanged; 13 reworded; 13 added; 7 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Litigation Update
Current report
On April 7, 2026, we entered into a binding term sheet to settle the RealPage class action litigation matter related to the use of a revenue management software. We and the plaintiffs agreed to negotiate and execute a long-form settlement agreement on or before May 7, 2026, which will be subject to preliminary and final approval by the court. Under the term sheet, we agreed to pay an aggregate of $53.0 million to settle all claims which have been asserted, or could have been asserted, against us in the litigation, inclusive of class member recoveries, plaintiffs’ attorneys’ fees, and the costs of administering the settlement.
Current report
During the three months ended March 31, 2026 we sold one operating property in Irving, Texas for approximately $77.0 million and recognized a gain of approximately $67.9 million.
Current report
In February 2026, we issued $600.0 million of 4.90% senior unsecured notes due February 28, 2036.
Current report
In March 2026 we amended and restated our existing credit facility to (i) remove a $300 million unsecured term loan facility with a delayed draw feature and (ii) extend the maturity date of the unsecured revolving credit facility from August 2026 to March 2030, which may be extended at the Company’s option for two additional consecutive six-month periods.
Current report
In March 2026, we also repaid the principal amount of one of our conventional mortgage secured notes payable, which matured on April 1, 2026, for a total of $12.0 million, plus accrued interest.
Current report
In January 2026, we repurchased 1,096,807 common shares at an average price of $110.03 per share for approximately $120.7 million under our then-existing share repurchase plan, which authorized up to $500.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions.
Current report
In February 2026, our Board of Trust Managers authorized a new share repurchase plan of up to $600.0 million. During February and March 2026, we repurchased an additional 1,536,223 common shares at an average price of $102.91 per share, and a total cost of approximately $158.1 million under the share repurchase plan authorized in February 2026. In April 2026, we repurchased 1,429,136 common shares at an average price of $100.78 per share for approximately $144.1 million. As of the date of this filing, $297.8 million remained available for repurchases under our share repurchase plan.
Current report
Leadership Changes
Current report
On March 27, 2026, the Company announced leadership changes effective March 24, 2026. Richard J. Campo, our former Chief Executive Officer and Chairman of the Board of Trust Managers, became the Executive Chairman of the Board of Trust Managers. Additionally, Alexander J. Jessett became the Chief Executive Officer of the Company, Laurie A. Baker became the President and Chief Operating Officer of the Company, and Benjamin D. Fraker became the Executive Vice President-Chief Financial Officer and Treasurer of the Company.
Current report
Subsequent Events
Current report
In April 2026, we acquired two operating properties, consisting of a 269-apartment home community in the Atlanta, Georgia metropolitan area and a 288-apartment home community in Orlando, Florida for approximately $171.3 million.
Current report
In April 2026, we created an at-the market ("ATM") share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering price of up to $500.0 million (the "2026 ATM program"). As of the date of this filing, we have $500.0 million available for sale under this program.
Removed paragraphs (7)
Previous report
Acquisitions
Previous report
During the nine months ended September 30, 2025, we purchased the following operating properties:
Previous report
During the nine months ended September 30, 2025, we sold the following operating properties:
Previous report
In February 2025, we established a commercial paper program under which we may issue the commercial paper notes (the "Notes") under the exemption from registration contained in Section (4)(a) of the Securities Act. Amounts available under the commercial paper program may be borrowed, repaid, and reborrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the Program at any time not to exceed $600.0 million. At September 30, 2025, we had an aggregate of $429.6 million principal amount of Notes outstanding under the commercial paper program which had a weighted average interest rate of 4.21%.
Previous report
During the three and nine months ended September 30, 2025, we repurchased 465,742 common shares at an average price of $107.33 per share, and a total cost of approximately $50.0 million. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under our share repurchase plan was $400.0 million.
Previous report
Stabilized
Previous report
We generally consider a property stabilized once it reaches 90% occupancy. During the fourth quarter of 2024, we completed the construction of Camden Durham in Durham, North Carolina, which has 420 homes, and stabilization was achieved during the third quarter of 2025.
Reworded paragraphs (13)
Previous wording
•Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us;
Current wording
•Volatility in capital and credit markets, cost increases, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us;
Previous wording
•Competition could adversely affect our ability to acquire properties; and
Current wording
•Competition could adversely affect our ability to acquire properties;
Previous wording
•We could be adversely impacted due to our share price fluctuations.
Current wording
•We could be adversely impacted due to our share price fluctuations; and
Previous wording
Camden Property Trust and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. We focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand for our apartments and retention of our residents. As of September 30, 2025, we owned interests in, operated, or were developing 177 multifamily properties comprised of 60,578 apartment homes across the United States. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
Current wording
Camden Property Trust and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. We focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand for our apartments and retention of our residents. As of March 31, 2026, we owned interests in, operated, or were developing 174 multifamily properties comprised of 59,416 apartment homes across the United States. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
Previous wording
Our results for the three and nine months ended September 30, 2025 reflect an increase in same store revenues of approximately 0.8% and 0.9%, respectively, as compared to the same periods in 2024. The increases were primarily due to higher occupancy, which we believe was primarily attributable to favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets.
Current wording
Our results for the three months ended March 31, 2026 reflect an increase in same store revenues of approximately 0.2% compared to the same period in 2025, driven primarily by higher other income. We believe resident retention remains strong, supported by favorable demographics trends and continued demand for multifamily housing in our markets.
Previous wording
We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate are manageable and these moderating levels of supply should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.
Current wording
We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate are manageable and moderating levels of supply should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.
Previous wording
Net income (loss) attributable to common shareholders was $108.9 million and $(4.2) million for the three months ended September 30, 2025 and 2024, respectively, and was $228.4 million and $122.6 million for the nine months ended September 30, 2025 and 2024, respectively. The $113.1 million and $105.8 million increases during the three and nine months ended September 30, 2025, as compared to the same periods in 2024 were primarily due to increases in gains on sales of operating properties, as well as the recognition of a $41.0 million impairment charge in 2024 associated with land development activities. These increases were partially offset by higher depreciation expense and the amortization of in-place leases relating to the acquisition of three operating properties completed during the nine months ended September 30, 2025. See further discussion of our 2025 operations as compared to 2024 in"Results of Operations," below.
Current wording
Net income attributable to common shareholders was $42.4 million and $38.8 million for the three months ended March 31, 2026 and 2025, respectively. The $3.6 million increase during the three months ended March 31, 2026 as compared to the same period in 2025 was primarily due to a gain on sale of an operating property, including land, of $68.1 million, partially offset by higher other non-operating expenses of approximately $59.1 million primarily due to the settlement of a class action matter and an impairment charge related to certain technology investments. See further discussion of our 2026 operations as compared to 2025 in"Results of Operations," below.
Previous wording
At September 30, 2025, we had a total of three properties under construction comprising 1,162 apartment homes. As of September 30, 2025, we estimated the total additional cost to complete the construction of these three properties was approximately $269.1 million.
Current wording
At March 31, 2026, we had a total of three properties under construction comprising 1,162 apartment homes. As of March 31, 2026, we estimated the total additional cost to complete the construction of these three properties was approximately $176.6 million.
Previous wording
Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise. We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which we believe are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our near-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility and through our commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our 2023 at-the-market ("ATM") program, and other unsecured borrowings or secured mortgages.
Current wording
Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our portfolio and plan to continue our practice of selective dispositions and redeploying capital as market conditions warrant and opportunities arise. We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which we believe are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our near-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility and commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM program, and other unsecured borrowings or secured mortgages.
Previous wording
As of September 30, 2025, we had approximately $1.2 billion available under our unsecured revolving credit facility. We currently plan to use our unsecured revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. At September 30, 2025, we had $429.6 million outstanding under our commercial paper program. We believe scheduled repayments of debt are manageable with contractual debt maturities over the next 12 months totaling $493.3 million, of which $429.6 million relates to commercial paper notes. As of September 30, 2025, and through the date of this filing, we also had common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under our 2023 ATM program. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund future acquisitions, new development, repositions, redevelopment, and other capital requirements including scheduled debt maturities. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements.
Current wording
As of March 31, 2026, we had approximately $1.2 billion available under our unsecured revolving credit facility and currently plan to use our unsecured revolving credit facility as a liquidity backstop for borrowings under the commercial paper program; at March 31, 2026, we had $358.8 million outstanding under our commercial paper program. Over the next 12 months, contractual debt maturities include these commercial paper borrowings as well as other debt obligations of $663.8 million. Additionally, as of the filing date we had common shares with an aggregate offering amount of up to $500.0 million remaining available for sale under our 2026 ATM program. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund future acquisitions, new development, redevelopment, and other capital requirements including scheduled debt maturities. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements.
Previous wording
At September 30, 2025, there were two completed operating properties in lease up as follows:
Current wording
At March 31, 2026, there was one completed operating property in lease up as follows:
Previous wording
Our condensed consolidated balance sheet at September 30, 2025 includes approximately $384.1 million related to properties under development and land. Of this amount, approximately $231.9 million related to our projects currently under construction. In addition, we had approximately $152.2 million primarily invested in land held for future development and land holdings, which included approximately $94.4 million related to land held for future development and $57.8 million invested in land which we may develop in the future.
Current wording
Our condensed consolidated balance sheet at March 31, 2026 includes approximately $458.0 million related to properties under development and land. Of this amount, approximately $315.4 million related to our projects currently under construction. In addition, we had approximately $142.6 million primarily invested in land held for future development and land holdings, which included approximately $97.7 million related to land held for future development and $44.9 million invested in land which we may develop in the future.
Previous wording
Land Holdings. At September 30, 2025, we also had four undeveloped land tracts with a valuation of approximately $57.8 million.
Current wording
Land Holdings. At March 31, 2026, we also had four undeveloped land tracts with a valuation of approximately $44.9 million.