Camden Property Trust (CPT) reported net income attributable to common shareholders of $900.4 million in 3Q26, versus $108.9 million in 3Q25. Diluted earnings per share (EPS) were $8.71, versus $1.00 a year earlier. The result includes about $9.37 per share in gains from the sale of the California portfolio, partially offset by $0.83 per share in impairment charges on land development activities.
Property revenue was $381.1 million, versus $395.7 million in 3Q25. FFO (funds from operations, a non-GAAP measure used by REITs) was $1.70 per share, versus $1.67. Core FFO (adjusted FFO, non-GAAP, excludes items the company considers non-recurring) was $1.71 per share, versus $1.70. On a same-property basis, revenue fell 0.1% and net operating income (NOI) declined 0.2% from 3Q25; occupancy was 95.6%.
On July 29, 2026, Camden sold the California portfolio, comprising 11 communities and 3,620 apartment homes, for about $1.6 billion. About $0.9 billion was used to pay down balances on the revolving credit facility and the commercial paper program. During the quarter, it acquired three communities for a total of $305.2 million and repurchased 474,660 shares for $50.0 million, at an average price of $105.34. $247.9 million remains in the repurchase program. In October, it redeemed at par $500 million in notes that would have matured in November 2026. The dividend declared was $1.06 per share for the quarter.
The company updated its 2026 guidance: EPS between $9.42 and $9.46 (midpoint of $9.44, versus $9.93 previously), FFO between $6.13 and $6.17 and Core FFO between $6.73 and $6.77, with the midpoint unchanged at $6.75. For 4Q26, it projects EPS of $0.12 to $0.16 and Core FFO of $1.63 to $1.67 per share.
