Q1 2026 Camden Property Trust Earnings Call Transcript
Key Points
- Camden Property Trust (CPT) recorded its lowest bad debt level since the onset of COVID-19, attributed to enhanced resident credit screening and increased tax refunds.
- The company is experiencing strong demand in its markets, particularly in Dallas-Fort Worth, which remains a top destination for headquarter relocations.
- Camden Property Trust (CPT) has been recognized as a great workplace, ranking 13th on the Fortune Best Place to Work list in America for the 19th consecutive year.
- The company successfully disposed of a high CapEx community in Dallas, generating a 12% unlevered IRR over a nearly 30-year hold period.
- Camden Property Trust (CPT) has a strong liquidity position, having recast its $1.2 billion unsecured revolving line of credit and issued $600 million of 10-year unsecured bonds at a 5% rate.
- The company's first quarter outperformance was mainly driven by timing-related items, which may not be sustainable throughout the year.
- Camden Property Trust (CPT) is facing challenges with new supply pressure, which is expected to moderate as the year progresses.
- The company recorded $58.2 million of non-core FFO charges, primarily due to a $53 million class action lawsuit settlement.
- Houston's market performance has been impacted by negative consumer sentiment, despite strong job creation and population growth.
- Camden Property Trust (CPT) anticipates a sequential decline in core FFO per share for the second quarter, driven by seasonal expenses and timing of merit increases.
Good morning, and welcome to Camden Property Trust first quarter 2026 earnings conference call. I'm Kim Callahan, Senior Vice President of Investor Relations. Joining me today for our prepared remarks are Rick Campo, Camden's Executive Chairman; Alex Jessett, Chief Executive Officer; Laurie Baker, President and Chief Operating Officer; and Ben Fraker, Chief Financial Officer; Keith Oden, Executive Vice Chairman; and Stanley Jones, Senior Vice President of Real Estate Investments, will also be available for the Q&A portion of our call.
Today's event is being webcast through the Investors section of our website at camdenliving.com, and a replay will be available shortly after the call ends. And please note, this event is being recorded.
Before we begin our prepared remarks, I would like to advise everyone that we will be making forward-looking statements based on our current expectations and beliefs. These statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results
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