Camden Property Trust CPT reported first-quarter 2025 core funds from operations (FFO) per share of $1.72, beating the Zacks Consensus Estimate of $1.68. The figure improved 1.2% year over year.

The quarterly results reflect higher same-property revenues and same-property net operating income (NOI) and improved occupancy. CPT issued guidance for the second quarter and raised its full-year 2025 core FFO per share range.

Property revenues in the quarter came in at $390.6 million, outpacing the Zacks Consensus Estimate of $388 million. The figure increased 1.9% on a year-over-year basis.

CPT’s First Quarter in Detail

In the reported quarter, same-property revenues increased 0.8% year over year to $376.3 million. Same-property expenses rose 0.5% to $133 million. As a result, the same-property NOI climbed 0.9% to $243.4 million.

The same-property occupancy came in at 95.4%, increasing 40 basis points (bps) year over year and 10 bps sequentially.

However, same-property effective blended lease rates declined 0.1% year over year.

CPT’s Portfolio Activity

Camden has four communities under development with a total of 1,531 units at an estimated cost of $639 million.

In the first quarter, Camden purchased two apartment communities:

Camden Leander, in Austin, TX, with 352 units for $67.7 million, and Camden West Nashville, in Nashville, TN, with 435 units for $131.3 million.

CPT’s Balance Sheet Position

CPT had around $26.2 million in cash and cash equivalents and nearly $746.7 million of availability under its unsecured credit facility as of March 31, 2025.

Additionally, its net debt-to-annualized adjusted EBITDAre for the January-March period was 4.1 times, increasing from 3.8 times on a sequential basis.

2025 Guidance Revision by CPT

For the second quarter of 2025, CPT expects core FFO per share in the range of $1.67-$1.71. The Zacks Consensus Estimate presently stands at $1.68, within the projected range.

For the full year, CPT now expects core FFO per share between $6.63 and $6.93 from the earlier projected range of $6.60-$6.90. The company has raised the FFO midpoint guidance by 3 cents to $6.78. The Zacks Consensus Estimate presently stands at $6.75, within the projected range.

Management expects same-property revenue growth of 0-2% and an expense increase of 2.25-3.75%. Same-property NOI is projected between negative 1.5% and positive 1.5%.

CPT’s Zacks Rank

Camden currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Camden Property Trust Price, Consensus and EPS SurpriseCamden Property Trust Price, Consensus and EPS Surprise

Camden Property Trust price-consensus-eps-surprise-chart | Camden Property Trust Quote

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Performance of Other Residential REITs

Essex Property Trust Inc. ESS reported a first-quarter 2025 core FFO per share of $3.97, beating the Zacks Consensus Estimate of $3.92. The figure also improved 3.7% from the year-ago quarter.

The quarterly results reflected favorable growth in same-property revenues and NOI. However, the same-property operating expenses partly acted as a dampener. (See the Zacks Earnings Calendar to stay ahead of market-making news.)

Equity Residential EQR reported a first-quarter 2025 normalized FFO per share of 95 cents, which outpaced the Zacks Consensus Estimate of 93 cents. The figure also improved 2.2% from the year-ago quarter.

EQR’s quarterly results reflected a rise in same-store revenues and physical occupancy on a year-over-year basis.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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