CPT · 10-Q · 2026Q3 · Full report
Debt and Liquidity Position
CAMDEN PROPERTY TRUST · 2026-11-06 · Importance 64 · Surprise 42 · From source text
At September 30, 2026, Camden had approximately $1.2 billion available under its unsecured revolving credit facility and no commercial paper outstanding. The March 2026 amended credit agreement extended the $1.2 billion revolver’s maturity from August 2026 to March 2030, with two optional six-month extensions; the facility can be expanded by up to $500 million in aggregate, subject to conditions. Camden issued $600.0 million of senior unsecured notes in February 2026 and entered into a $350.0 million 364-day unsecured term loan in July 2026, generating approximately $945.7 million of net proceeds across the two financings. Debt maturities due within 12 months were approximately $1.0 billion, including $500.0 million of notes due November 2026; Camden repaid those notes at par in October 2026 using cash on hand and commercial paper borrowings. Its senior unsecured ratings were A3 stable from Moody’s, A- stable from Fitch, and A- stable from Standard & Poor’s.
Key facts
- In March 2026, Camden amended and restated its credit agreement, removing a $300 million unsecured delayed-draw term loan facility and extending the $1.2 billion unsecured revolving credit facility maturity from August 2026 to March 2030, with two optional six-month extensions. source
- In March 2026, Camden amended and restated its credit facility, removing a $300 million unsecured delayed-draw term loan facility and extending the revolving credit facility maturity from August 2026 to March 2030, with two optional consecutive six-month extensions. source
- In April 2026, Camden renewed its ATM share offering program and established a replacement program allowing common share sales or forward sale agreements for aggregate offering proceeds of up to $500.0 million. source
- Net cash used in financing activities was approximately $501.4 million for the nine months ended September 30, 2026, compared with $146.1 million in the same period in 2025. source
- In April 2026, Camden terminated its 2023 ATM program, which was expiring in May 2026, and replaced it with a 2026 ATM program allowing up to $500.0 million of common share offerings and forward sales. source
- Under the amended credit agreement, Camden may expand its facility up to three times by up to an additional $500.0 million in aggregate, subject to conditions. source
- Camden's unsecured revolving credit facility can issue up to $50 million in letters of credit; at September 30, 2026, approximately $0.3 million of letters of credit were outstanding and approximately $1.2 billion remained available. source
- As of the filing date, Camden had not sold shares or entered forward sale agreements under the 2026 ATM program, and up to $500.0 million remained available for sale. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -9.4% | In Q3 2026, approximately $0.9 billion of proceeds from the California property sales were used to retire balances under Camden's… |
| liability | positive | realized | +9.4% | In Q3 2026, approximately $0.9 billion of proceeds from the California property sales were used to retire balances under Camden's… |
| liability | negative | realized | -6.2% | During the nine months ended September 30, 2026, Camden made net repayments of $591.5 million on its commercial paper program. |
| cash | negative | realized | -3.7% | Net cash used in financing activities was approximately $501.4 million for the nine months ended September 30, 2026, compared with $146.1… |
| liability | negative | contingent | 0.0% | Camden's unsecured revolving credit facility can issue up to $50 million in letters of credit; at September 30, 2026, approximately $0.3… |