Camden Property Trust Q3 profit jumps on California sale
Overview
U.S. apartment REIT's Q3 EPS surged on California portfolio sale gain
Q3 property revenue declined slightly year-over-year
Company repurchased $50 mln in shares during the quarter
Outlook
Company expects 2026 EPS of $9.42 to $9.46, down from prior $9.93 guidance
Camden raises 2026 FFO guidance to $6.13-$6.17 per share from $6.12
Camden lowers 2026 same property revenue growth outlook to flat from prior 0.5%
Result Drivers
CALIFORNIA PORTFOLIO SALE - Q3 EPS was driven by a gain from the sale of the California portfolio, partially offset by impairments tied to land development
SLIGHT REVENUE DECLINE - Same property revenues and NOI declined slightly year-over-year, reflecting subdued rent growth and stable occupancy
ACQUISITIONS - Co acquired three apartment communities in Tampa, Charlotte, and Nashville for $305.2 mln, expanding its portfolio
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $8.71 |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 15 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the residential reits peer group is "buy."
Wall Street's median 12-month price target for Camden Property Trust is $109.00, about 4.3% above its November 4 closing price of $104.48
The stock recently traded at 93 times the next 12-month earnings vs. a P/E of 89 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)