CPT — Q2 2026 Financial Report Analysis
Q2 · Fiscal year 2026 · Published by Pham Hop · AI-drafted from the SEC filing
Camden’s Q2 2026 Core FFO was $1.68 a share, down from $1.70. Same-property NOI fell 1.4% as flat rents met 2.4% expense growth, and GAAP EPS fell to $0.18 with no property-sale gain this year. After the quarter, Camden sold its California portfolio for $1.625 billion.
- Revenue
- $393M
- -0.9% YoY
- Net income
- $19M
- -76.7% YoY
- Diluted EPS
- $0.18
- -75.7% YoY
Overview: rents flat, costs up, and a $1.6 billion exit from California
Camden Property Trust owns about 56,700 apartments, mostly in fast-growing Sun Belt cities such as Houston, Atlanta, Charlotte, Phoenix and Orlando. In the second quarter of 2026 (April–June), its business mostly stood still. Rents at the same buildings were flat, occupancy held at 95.7%, and operating costs rose 2.4%, so profit from those buildings fell 1.4%.
The headline GAAP profit looks much worse than the business really did. Net income attributable to common shareholders fell 76.7% to $18.8 million ($0.18 per diluted share, from $0.74), mainly because the year-ago quarter included a $47.3 million one-time gain from selling a Houston property and this quarter had no sale. Core FFO, the measure Camden and most REIT investors use, was $1.68 per share against $1.70, down 1.2%. That was $0.01 above the midpoint of Camden's own guidance.
The larger news came after the quarter ended. On July 29, 2026, Camden sold all 11 of its California communities (3,620 apartments) for about $1.625 billion. About $0.9 billion of that goes to paying down short-term debt.
Why FFO matters more than net income for a REIT
A REIT (real estate investment trust) is a company that owns property and must pay out most of its taxable income as dividends. Accounting rules make it deduct depreciation, which assumes buildings lose value every year, even though well-kept apartments often hold or gain value. Camden booked $157.1 million of depreciation and amortization this quarter, more than eight times its net income. GAAP net income also swings when a property is sold at a gain.
FFO (funds from operations) fixes both problems. It adds real-estate depreciation back to net income and removes gains on property sales. Core FFO also removes items Camden treats as non-recurring, such as legal settlements, storm-related costs and deal costs. Core FFO is the closest thing to the recurring cash profit the apartments produce, and it is the figure Camden's guidance and dividend are built around.
This quarter's bridge from net income to FFO (from the earnings release):
| Per diluted share | Q2 2026 |
|---|
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