CAMDEN PROPERTY TRUST
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-07-31.
0001628280-26-051327
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001628280-26-071470
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 73 previous paragraphs and 77 current paragraphs.
50 unchanged; 17 reworded; 9 added; 5 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 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 (9)
Current report
We stopped development activities for the foreseeable future on two of our developments in the third quarter of 2026 and recorded approximately $85.2 million of impairment charges on these land parcels. Additionally, in the third quarter of 2026, we recorded an impairment charge of approximately $1.2 million related to one undeveloped land parcel as the estimated fair value was less than its book value. We review our long-lived assets on an annual basis or whenever events or circumstances indicated the carrying amount of an asset may not be recoverable and our impairment evaluations take into consideration the current and anticipated economic climate. We currently have two other land parcels held for future development we plan to develop. However, the commencement of future developments may be impacted by macroeconomic issues, multifamily market conditions, and other factors. We will continue to evaluate future development starts based on market, economic, and capital market conditions. However, there can be no assurance we will not have impairment charges in the future.
Current report
In September 2026, we extended the maturity date of our $40.0 million unsecured floating rate term loan with an unrelated third party from September 2026 to September 2028.
Current report
During 2026, we repaid two conventional mortgage notes payable totaling $24.0 million, plus accrued interest. The first note, with a principal balance of $12.0 million, was repaid in March 2026 in advance of its April 1, 2026 maturity date, and the second note, also with a principal amount of $12.0 million, was repaid in September 2026 in advance of its October 1, 2026 maturity date.
Current report
In October 2026, we repaid, at par, the $500.0 million principal amount of our 5.85% senior unsecured notes due November 2026 prior to maturity and incurred no prepayment penalties in connection with the early repayment. The repayment was funded with a combination of cash on hand and borrowings under our commercial paper program. Concurrent with the repayment, we terminated the related $500.0 million notional amount interest rate swap, which had been designated as a fair value hedge of the 5.85% fixed rate senior unsecured notes due November 2026.
Current report
During the three months ended September 30, 2026, we sold 11 operating properties, comprised of 3,620 apartment homes in Los Angeles/Orange County and San Diego/Inland Empire, California, for an aggregate of approximately $1.6 billion in July. We recognized a gain of approximately $973.0 million, which is included in gain on sale of operating properties, including land in our condensed consolidated statements of income and comprehensive income. During the third quarter of 2026, approximately $0.9 billion of the proceeds were used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program. As of September 30, 2026, approximately $427.0 million of the proceeds remained in restricted cash held by a qualified intermediary in connection with Section 1031 exchange transactions. In addition, approximately $121.7 million of additional proceeds from the sale were in cash and cash equivalents as of September 30, 2026.
Current report
During the nine months ended September 30, 2026, we disposed of small land parcels in Houston, Texas and Raleigh, North Carolina for total proceeds of approximately $1.1 million and recognized an aggregate gain on sale of approximately $0.8 million.
Current report
In October 2026, we sold approximately 2.6 acres of land in Los Angeles, California for approximately $10.7 million.
Current report
Effective August 31, 2026, D. Keith Oden, co-founder of the Company, retired as Executive Vice Chairman of the Board of Trust Managers and continues to serve as a member of the Board of Trust Managers.
Current report
(1) The 11 California operating properties were sold in July 2026.
Removed paragraphs (5)
Previous report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Previous 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.
Previous report
Properties Held for Sale
Previous report
As of June 30, 2026, 11 operating properties, comprised of 3,620 apartment homes, located in Los Angeles/Orange County and San Diego/Inland Empire, California were classified as held for sale and did not meet the criteria to qualify as a discontinued operation as the disposition did not represent a strategic shift which has or will have a major effect on our operations or financial results. As such, the results of operations for these properties continue to be included in income from continuing operations for all periods presented. At June 30, 2026, these California properties had aggregate net real estate and other assets of approximately $625.3 million, consisting of $463.0 million of buildings and improvements, less accumulated depreciation, $159.0 million of land, and $3.3 million of restricted cash. These properties also had liabilities of approximately $6.4 million, primarily consisting of resident deposits and prepaid rental income. The 11 operating properties were subsequently sold in July 2026 for an aggregate sales price of approximately $1.6 billion.
Previous report
(1) As of June 30, 2026, these properties were classified as held for sale and were subsequently sold in July 2026.
Reworded paragraphs (17)
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 June 30, 2026, we owned interests in, operated, or were developing 179 multifamily properties comprised of 60,838 apartment homes across the United States. Of the 179 properties, three properties were under construction as of June 30, 2026, and will consist of a total of 1,162 apartment homes when completed. We also own land holdings which we may develop into multifamily 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 September 30, 2026, we owned interests in, operated, or were developing 172 multifamily properties comprised of 58,555 apartment homes across the United States. Of the 172 properties, four properties were under construction as of September 30, 2026, and will consist of a total of 1,560 apartment homes when completed. We also own land holdings we may develop into multifamily communities in the future.
Previous wording
During the three and six months ended June 30, 2026, our results reflect relatively stable same store revenues as compared to the same periods in 2025. The stability was in part due to consistent occupancy, which we believe was primarily attributable to strong resident retention, supported by favorable demographic trends and continued demand for multifamily housing in our markets.
Current wording
During the three and nine months ended September 30, 2026, our results reflect relatively stable same store revenues as compared to the same periods in 2025. The stability was in part due to consistent occupancy, which we believe was primarily attributable to strong resident retention, supported by favorable demographic trends and continued demand for multifamily housing in our markets.
Previous wording
Net income attributable to common shareholders was $18.8 million for the three months ended June 30, 2026 as compared to $80.7 million for the same period ended 2025. For the six months ended June 30, 2026, net income attributable to common shareholders was $61.2 million compared to $119.5 million for the same period in 2025. The decrease during the three months ended June 30, 2026 was primarily due to the recognition of a $47.3 million gain on sale of an operating property in June 2025, higher interest expense of $6.0 million associated with our recent debt issuance and other borrowings, and higher depreciation expense of $5.0 million due to nine acquisitions completed in 2025 and 2026. The decrease during the six months ended June 30, 2026 was primarily due to the settlement of a $53.0 million class action matter and a $4.9 million impairment charge related to certain technology investments recognized during the six months ended June 30, 2026. See further discussion of our 2026 operations as compared to 2025 in"Results of Operations," below.
Current wording
Net income attributable to common shareholders was $900.4 million for the three months ended September 30, 2026, compared to $108.9 million for the same period in 2025. For the nine months ended September 30, 2026, net income attributable to common shareholders was $961.6 million, compared to $228.4 million for the same period in 2025. The increases for the three and nine months ended September 30, 2026 were primarily attributable to higher operating property disposition activity during 2026, resulting in significantly higher gains on the sale of operating properties. During the third quarter of 2026, we recognized a $973.0 million gain on the sale of operating properties located in California, compared to $85.6 million of gains on operating property sales recognized during the same period in 2025. For the nine months ended September 30, 2026, we recognized $1.0 billion of gains on operating property sales, compared to $132.9 million during the same period in 2025. The increases were partially offset by an $86.4 million impairment charge associated with land development activities recognized in the third quarter of 2026. For the nine months ended September 30, 2026, the increase was also partially offset by a $53.0 million settlement expense relating to the Class Action Litigation recognized during the first quarter of 2026. See further discussion of our 2026 operations as compared to 2025 in"Results of Oper ations" below.
Previous wording
At June 30, 2026, we had a total of three properties under construction comprised of 1,162 apartment homes. As of June 30, 2026, we estimated the total additional cost to complete the construction of these three properties was approximately $140.1 million.
Current wording
At September 30, 2026, we had a total of four properties under construction to be comprised of 1,560 apartment homes. As of September 30, 2026, we estimated the total additional cost to complete the construction of these four properties was approximately $209.3 million.
Previous wording
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. Subsequently, the parties executed a definitive settlement agreement, which received the required preliminary court approvals during the three months ending June 30, 2026. Pursuant to the settlement agreement, 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 settlement administration costs. The settlement payment was payable in two equal installments of $26.5 million, the first of which was timely paid during the three months ending June 30, 2026 and the second of which is due during the third quarter of 2026.
Current wording
On April 7, 2026, we entered into a binding term sheet to settle the Class Action Litigation. Subsequently, the parties executed a definitive settlement agreement, and received the required preliminary court approvals during the three months ended June 30, 2026. Final court approval was granted in October 2026. Pursuant to the settlement agreement, 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 settlement administration costs. The settlement payment was payable in two equal installments of $26.5 million, which were timely paid during the three months ended June 30, 2026 and September 30, 2026.
Previous wording
On July 8, 2026, we entered into a 364-day unsecured term loan facility ("term loan facility") with an aggregate principal amount of $350.0 million. The interest rate on our term loan facility is based upon, at our option, (a) Daily SOFR or one-, three- or six-month Term SOFR plus, in each case, a spread based on our credit rating or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%, plus a spread based on our credit rating.
Current wording
In July 2026, we entered into a 364-day unsecured term loan facility ("term loan facility") with an aggregate principal amount of $350.0 million. The interest rate on our term loan facility is based upon, at our option, (a) Daily SOFR or one-, three- or six-month Term SOFR plus, in each case, a spread based on our credit rating or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%, plus a spread based on our credit rating.
Previous wording
During the six months ended June 30, 2026, we acquired five operating properties for an aggregate purchase price of approximately $449.3 million, including a 288-apartment home community in Orlando, Florida and a 269-apartment home community in Alpharetta, Georgia, both acquired in April; a 196-apartment home community in Franklin, Tennessee, a 349-apartment home community in Roanoke, Texas, and a 320-apartment home community in Gilbert, Arizona, each acquired in June.
Current wording
During the nine months ended September 30, 2026, we acquired eight operating properties for an aggregate purchase price of approximately $754.5 million as follows: a 288-apartment home community in Orlando, Florida, and a 269-apartment home community in Alpharetta, Georgia, both of which were acquired in April; a 196-apartment home community in Franklin, Tennessee, a 349-apartment home community in Roanoke, Texas, and a 320-apartment home community in Gilbert, Arizona, each of which were acquired in June; a 296-apartment home community in Tampa, Florida, and a 343-apartment home community in Charlotte, North Carolina, both of which were acquired in July; and a 300-apartment home community in Nashville, Tennessee, which was acquired in August.
Previous wording
During the six months ended June 30, 2026, we acquired for future development purposes two parcels of land for an aggregate purchase price of approximately $45.0 million. These acquisitions, both completed in May 2026, consisted of approximately 17.9 acres in Morrisville, North Carolina and 64.4 acres in Tampa, Florida.
Current wording
During the nine months ended September 30, 2026, we acquired for future development purposes three parcels of land for an aggregate purchase price of approximately $63.3 million as follows: approximately 17.9 acres in Morrisville, North Carolina, and 64.4 acres in Tampa, Florida, both of which were acquired in May, and approximately 18.6 acres in Tampa, Florida, which was acquired in August.
Previous wording
During the six months ended June 30, 2026 we sold one operating property in Irving, Texas for approximately $77.0 million in February and recognized a gain of approximately $67.9 million.
Current wording
During the nine months ended September 30, 2026, we also sold one operating property in Irving, Texas for approximately $77.0 million in February and recognized a gain of approximately $67.9 million.
Previous wording
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 wording
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.
Previous wording
In February 2026, our Board of Trust Managers authorized a new share repurchase plan of up to $600.0 million of our common shares or equity securities. 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 the second quarter, we repurchased 1,429,136 common shares at an average price of $100.78 per share for approximately $144.1 million. Through June 30, 2026, we repurchased an aggregate of 2,965,359 common shares under the February 2026 share repurchase plan for approximately $302.1 million. As of the date of this filing, $297.9 million remained available for repurchases under our share repurchase plan.
Current wording
In February 2026, our Board of Trust Managers authorized a new share repurchase plan of up to $600.0 million of our common shares or equity securities. Through September 30, 2026, we repurchased an aggregate of 3,440,019 common shares under the new plan for approximately $352.1 million, at an average price of $102.36 per share. As of the date of this filing, approximately $247.9 million remained available for repurchase under our share repurchase plan.
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 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.
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 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, existing cash and cash equivalents, 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
We believe we remain well positioned from a liquidity and capital resources perspective. As of June 30, 2026, we had approximately $842.7 million available under our unsecured revolving credit facility, which also serves as a liquidity backstop for our commercial paper program. At quarter-end, outstanding borrowings under the commercial paper program totaled $600.0 million, and other contractual debt maturities due within the next 12 months totaled approximately $695.3 million. In addition, as of the filing date, up to $500.0 million of common shares remained available for issuance under our 2026 ATM program. Subsequent to quarter-end, we also completed the disposition of 11 California properties, which generated additional liquidity and enhanced our financial flexibility. We believe our strong balance sheet, available liquidity, and access to capital provide sufficient resources to fund future acquisitions, development and redevelopment activities, scheduled debt maturities, and other capital requirements.
Current wording
We believe we remain well positioned from a liquidity and capital resources perspective. As of September 30, 2026, we had $168.7 million of unrestricted cash and cash equivalents and approximately $1.2 billion available under our unsecured revolving credit facility, which also serves as a liquidity backstop for our commercial paper program, for which no amount was outstanding at September 30, 2026. Contractual debt maturities due within the next 12 months totaled approximately $1.0 billion, including $500.0 million of senior unsecured notes due November 2026. In October 2026, we repaid, at par, the $500.0 million principal amount of those notes prior to maturity using a combination of cash on hand and commercial paper borrowings. In addition, as of the filing date, up to $500.0 million of common shares remained available for issuance under our 2026 ATM program. We believe our strong balance sheet, available liquidity, and access to capital provide sufficient resources to fund future acquisitions, development and redevelopment activities, scheduled debt maturities, and other capital requirements.
Previous wording
Our condensed consolidated balance sheet at June 30, 2026 includes approximately $500.1 million related to properties under development and land. Of this amount, approximately $301.2 million related to our projects currently under construction. In addition, we had approximately $198.9 million primarily invested in land held for future development and land holdings, which included approximately $154.0 million related to land held for future development and $44.9 million invested in land which we may develop in the future.
Current wording
Our condensed consolidated balance sheet at September 30, 2026 includes approximately $402.8 million related to properties under development and land. Of this amount, approximately $289.6 million related to our projects currently under construction. In addition, we had approximately $113.2 million primarily invested in land held for future development and land holdings, which included approximately $54.1 million related to land held for future development and $59.1 million invested in land which we may develop in the future.
Previous wording
Properties Under Construction. At June 30, 2026, we had three properties in various stages of construction as follows:
Current wording
Properties Under Construction. At September 30, 2026, we had four properties in various stages of construction as follows:
Previous wording
(1) Property in lease-up was 13% leased at July 29, 2026.
Current wording
(1) Property in lease-up was 24% leased at October 31, 2026.
Previous wording
Land Holdings. At June 30, 2026, we also had four undeveloped land tracts with a valuation of approximately $44.9 million.
Current wording
Land Holdings. At September 30, 2026, we also had six undeveloped land tracts with a valuation of approximately $59.1 million.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
(2) Property in lease-up was 8% leased at October 31, 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
In July 2026, we acquired two operating properties for an aggregate purchase price of approximately $196.1 million, including a 296-apartment home community in Tampa, Florida and a 343-apartment home community in Charlotte, North Carolina.