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15:00
Jul 31 ◎

CPT FY2026 Q2 Watch

Camden Property Trust (CPT) FY2026 Q2 Earnings Call

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Keith Oden

Management's commentary indicates that the entire multifamily sector could be entering a period of hockey-stick rent growth. Keith Oden explicitly compared the current cycle to the post-GFC recovery, where revenue growth averaged ~4% from 2011-2019 after a 5% decline. — This signals a widespread belief in a sharp sector recovery in 2027-2028 as supply declines and demand persists, which would be a major tailwind for all Sunbelt multifamily REITs.

"if you look at post-financial crisis, okay, so our revenue went down roughly 5.1% in 2009 and 2010. From 2011 through 2019, the highest growth rate was 6.5%, the lowest growth rate was 2.9%, and through that eight-year period, it averaged"

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Alex Jessett

Camden's tone is clearly improving, driven by faster-than-expected recovery in new lease pricing, strong renewal growth, improving occupancy, and confidence in a stronger third quarter. While full-year guidance was maintained, the commentary on sequential momentum (signed new leases positive in July) and the belief in a hockey-stick recovery next year point to accelerating growth ahead.

"The trend is our friend."

CPT WATCH

HIGH

15:00
May 01 ◎

CPT FY2026 Q1 Watch

Camden Property Trust (CPT) FY2026 Q1 Earnings Call

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Ben Fraker

Management is holding full-year guidance steady despite a slight Q1 beat which was attributed to timing (lower bad debt, delayed expenses, and early construction fee income), indicating a cautiously neutral outlook that expects improving conditions in the second half of the year.

"With the midpoints of both revenue and expense guidance unchanged, the midpoint of our same-store NOI guidance remains unchanged at negative 0.5%."

CPT WATCH

Alex Jesset

New apartment supply in Camden's markets is set to decline sharply over the next three years (from ~200k completions in 2025 to ~120k in 2028), and since projects not already under construction cannot hit 2027, this sets up a multi-year supply-constrained tailwind for the Sunbelt multifamily sector. — This indicates that the sector is on the cusp of a significant supply-demand rebalancing, which should lead to outsized revenue growth for established players in the Sunbelt.

"The cadence looks like in 2025, we had 200,000 completions. That drops to about 140, 150 this year. That drops to 135 in 2027 and down to 120 in 2028. And the thing that's important about that is it's very hard to change the trajectory of"

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HIGH

16:00
Feb 06 ◎

CPT FY2025 Q4 Watch

Camden Property Trust (CPT) FY2025 Q4 Earnings Call

CPT ▾

Keith Oden

Management guides for flat revenue growth (75 bps) and declines in NOI (-50 bps), expecting conditions to improve in the second half of 2026. The tone is cautious with a positive long-term outlook on supply/demand.

"The midpoint of our 2026 same property revenue guidance range is 75 basis points, basically the same that we achieved last year"

CPT WATCH

HIGH

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