What factors drove the changes in Camden Property Trust's revenue and profit?

What guidance did Camden Property Trust's management provide for the next earnings period?

What were the key takeaways from Camden Property Trust’s earnings call?

What is the revenue and EPS growth rate for Camden Property Trust year over year?

What were the key takeaways from Camden Property Trust's earnings call?

What is Camden Property Trust's latest dividend and current dividend yield?

Did Camden Property Trust beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Camden Property Trust next quarter?

- **Share Buybacks Accelerating**: $50M executed in Q3, $400M remaining at 30% NAV discount, funded by dispositions of slow-growth assets.
- **Financial Strength**: Core FFO guidance raised to $6.85, balance sheet with 4.2x net debt/EBITDA and no major maturities until 2027.
- **Supply Decline**: 25% reduction in 2026 deliveries, with 9% of portfolio competing with new supply vs. 20% last year.
- **Market Recovery Signs**: Austin, Dallas, Charlotte showing blended rent gains turn positive, with 61-day reduction in days vacant in Dallas.
- **Affordability Trend**: 33 months of wage growth > rent growth, supporting demand despite economic uncertainty.

**【CEO Summary Section】**
- Highlighted the completion of the Houston headquarters move to the Galleria, symbolizing a fresh start for Camden's next 40 years.
- Reported 2025 as one of the best years for apartment absorption, with strong demand despite new supply and economic uncertainties.
- Emphasized apartment affordability (33 months of wage growth exceeding rent growth) and the case for investing in apartments due to high demand, falling supply, and favorable rent-to-buy economics.
- Announced $50 million in share buybacks (30% discount to NAV) and $400 million remaining authorization, funded by dispositions of slow-growth properties.
- Highlighted Camden's strong balance sheet (no major debt maturities until 2027) and private market cap rates of 4.75%-5% for high-quality assets.

**【CFO Financial Commentary】**
- Q3 2025 core FFO: $186.8 million ($1.70 per share), beating midpoint guidance by $0.01.
- Adjusted full-year same-store expense midpoint from 2.5% to 1.75% due to lower-than-expected property taxes (Texas, Florida).
- Increased full-year core FFO guidance to $6.85 per share (from $6.81), with Q4 guidance of $1.71-$1.75 per share.
- Disposed of $114 million in older communities (24-year average age) at 5% AFFO yield, using proceeds for share buybacks.
- Strong balance sheet: net debt-to-EBITDA 4.2x, no dilutive refinances until 2027.

**【Q&A Highlights】**
- **2026 Outlook**: Reduced supply (25% decline vs. 2025), but cautious on timing of demand recovery. Management optimistic about mid-2026 pivot due to lender pressure and improving visibility.
- **Private vs. Public Valuations**: Private cap rates 4.5%-5%, public NAV discount 30%. Buybacks at 6.2% cap rate vs. 5% asset yields.
- **Q4 2025**: Blended rate growth expected down 1%, but Austin, Dallas, Charlotte showing improvement (blended gains turning positive).
- **Supply Impact**: 190,000 units in 2025 Camden markets → 150,000 in 2026 → 110,000 in 2027. 9% of portfolio now competing with new supply vs. 20% last year.
- **Marketing Costs**: Up due to SEO competition, but expect decline as supply absorbs. Focus on digital channels to maintain traffic in high-supply markets.


Camden Property Trust (CPT) Q3 2025 Earnings Call Transcript

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