CPT · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

CAMDEN PROPERTY TRUST · 2026-11-06 · Importance 31 · Surprise 32 · From source text

Total property revenue fell 3.7% to $381.1 million in the third quarter of 2026 and 1.7% to $1.163 billion in the first nine months, compared with 2025. Same-store revenue was nearly flat, decreasing 0.1% in the quarter and less than 0.1% for nine months, primarily because lower rental rates were partly offset by utility and ancillary income and occupancy changes. Non-same-store revenue rose 85.2% to $32.4 million in the quarter and 64.0% to $73.9 million for nine months, reflecting acquisitions and newly stabilized properties. Dispositions/other revenue declined 69.6% in the quarter and 37.7% for nine months, including the effect of the California property sales.

Key facts

• Net income attributable to common shareholders was $900.4 million for the three months ended September 30, 2026, versus $108.9 million in the same 2025 period. source
• Net income attributable to common shareholders was $961.6 million for the nine months ended September 30, 2026, versus $228.4 million in the same 2025 period. source
• Camden's same-store property NOI decreased approximately $0.3 million in the three months and $4.7 million in the nine months ended September 30, 2026, compared with the same 2025 periods. source
• Same-store revenues decreased approximately $0.4 million in the three months ended September 30, 2026, primarily because of lower rental rates, partly offset by utility and ancillary income increases and occupancy changes. source
• Same-store property expenses increased approximately $4.5 million in the nine months ended September 30, 2026, primarily due to increased utilities ($2.6 million), real estate taxes ($1.1 million), marketing and leasing ($0.9 million), salaries and benefits ($0.9 million), property G&A ($0.2 million), and repairs and maintenance ($0.1 million), partly offset by $1.4 million lower insurance expense. source
• Property NOI from non-same-store and development and lease-up communities increased approximately $10.8 million for the three months and $21.3 million for the nine months ended September 30, 2026, versus the 2025 periods. source
• Fee and asset management income from third-party construction and development activities increased approximately $1.8 million in Q3 2026 and $2.0 million in the first nine months of 2026, compared with 2025. source
• Interest and other income increased approximately $3.6 million for Q3 and $3.9 million for the nine months ended September 30, 2026, primarily because of interest earned on increased cash and investment balances from the July California property sale proceeds. source

Impact estimates