cpt-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________

Commission file number: 1-12110

CAMDEN PROPERTY TRUST

(Exact Name of Registrant as Specified in Its Charter)

76-6088377

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

2800 Post Oak Boulevard, Suite 2700

Houston,

Texas

77056

(Address of principal executive offices)

(Zip Code)

(713) 354-2500

(Registrant's Telephone Number, Including Area Code)

N/A

(Former Address, If Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par value	CPT	NYSE
		NYSE Texas

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", and "small reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer

Accelerated filer

☐

Non-accelerated filer

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

On April 24, 2026, 100,519,732 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.

Table of Contents

CAMDEN PROPERTY TRUST

Table of Contents


		Page
PART I	FINANCIAL INFORMATION	1

Item 1	Financial Statements	1

	Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2026 and December 31, 2025	1

	Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2026 and 2025	2

	Condensed Consolidated Statements of Equity (Unaudited) for the Three Months Ended March 31, 2026 and 2025	3

	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025	5

	Notes to Condensed Consolidated Financial Statements (Unaudited)	6

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 3	Quantitative and Qualitative Disclosures About Market Risk	32

Item 4	Controls and Procedures	32

PART II	OTHER INFORMATION	32

Item 1	Legal Proceedings	32

Item 1A	Risk Factors	32

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 3	Defaults Upon Senior Securities	33

Item 4	Mine Safety Disclosures	33

Item 5	Other Information	33

Item 6	Exhibits	33

SIGNATURES

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in thousands, except share amounts)	March 31, 2026		December 31, 2025
Assets
Real estate assets, at cost
Land	$	1,784,349	$	1,787,445
Buildings and improvements	11,801,301		11,792,960
	$	13,585,650	$	13,580,405
Accumulated depreciation	(5,407,880)		(5,296,061)
Net operating real estate assets	$	8,177,770	$	8,284,344
Properties under development and land	457,994		419,227




Total real estate assets	$	8,635,764	$	8,703,571
Accounts receivable – affiliates	8,076		8,884
Other assets, net	285,493		293,292

Cash and cash equivalents	40,684		25,203
Restricted cash	89,610		12,039
Total assets	$	9,059,627	$	9,042,989
Liabilities and equity
Liabilities
Notes payable
Unsecured	$	3,931,761	$	3,570,193
Secured	318,708		330,597
Accounts payable and accrued expenses	269,623		248,087
Accrued real estate taxes	59,818		92,382
Distributions payable	112,156		114,971
Other liabilities	262,710		248,506
Total liabilities	$	4,954,776	$	4,604,736
Commitments and contingencies (Note 9)

Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000,000 shares authorized; 117,767,773 and 117,737,767 issued at March 31, 2026 and December 31, 2025, respectively; 115,734,377 and 115,711,964 outstanding at March 31, 2026 and December 31, 2025, respectively	1,157		1,157
Additional paid-in capital	5,948,511		5,948,938
Distributions in excess of net income attributable to common shareholders	(1,037,252)		(969,240)
Treasury shares, at cost (13,792,716 and 11,373,251 common shares at March 31, 2026 and December 31, 2025, respectively)	(886,052)		(620,497)
Accumulated other comprehensive income	2,522		2,165
Total common equity	$	4,028,886	$	4,362,523
Non-controlling interests	75,965		75,730
Total equity	$	4,104,851	$	4,438,253
Total liabilities and equity	$	9,059,627	$	9,042,989

See Notes to Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended March 31,
(in thousands, except per share amounts)	2026		2025
Property revenues	$	388,773	$	390,565
Property expenses
Property operating and maintenance	90,179		89,698
Real estate taxes	49,890		49,722
Total property expenses	$	140,069	$	139,420
Non-property income
Fee and asset management	$	2,143	$	2,487
Interest and other income	253		10
(Loss)/income on deferred compensation plans	(1,159)		1,198
Total non-property income	$	1,237	$	3,695
Other expenses
Property management	$	10,258	$	9,895
Fee and asset management	661		671
General and administrative	14,705		16,948
Interest	37,359		33,790
Depreciation and amortization	150,000		149,252

(Benefit)/expense on deferred compensation plans	(1,159)		1,198
Other non-operating expenses	60,905		1,760
Total other expenses	$	272,729	$	213,514


Gain on sale of operating property, including land	68,100		—



Income from continuing operations before income taxes	$	45,312	$	41,326
Income tax expense	(938)		(559)



Net income	$	44,374	$	40,767
Net income allocated to non-controlling interests	(1,925)		(1,945)

Net income attributable to common shareholders	$	42,449	$	38,822




Earnings per share – basic	$	0.40	$	0.36



Earnings per share – diluted	0.40		0.36




Weighted average number of common shares outstanding – basic	104,826		108,530
Weighted average number of common shares outstanding – diluted	104,899		108,597
Condensed Consolidated Statements of Comprehensive Income
Net income	$	44,374	$	40,767
Other comprehensive income


Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	357		351
Comprehensive income	$	44,731	$	41,118
Net income allocated to non-controlling interests	(1,925)		(1,945)

Comprehensive income attributable to common shareholders	$	42,806	$	39,173

See Notes to Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

For the three months ended March 31, 2026


	Common Shareholders
(in thousands, except per share amounts)	Common shares of beneficial interest		Additional paid-in capital		Distributions in excess of net income attributable to common shareholders		Treasury shares, at cost		Accumulated other comprehensive income		Non-controlling interests		Total equity
Equity, December 31, 2025	$	1,157	$	5,948,938	$	(969,240)	$	(620,497)	$	2,165	$	75,730	$	4,438,253
Net income					42,449						1,925		44,374
Other comprehensive income									357				357

Net share awards			(487)				13,283						12,796
Employee share purchase plan			60										60


Common shares repurchased							(278,838)						(278,838)

Cash distributions declared to equity holders ($1.06 per common share)					(110,461)						(1,690)		(112,151)

Equity, March 31, 2026	$	1,157	$	5,948,511	$	(1,037,252)	$	(886,052)	$	2,522	$	75,965	$	4,104,851

See Notes to Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)

(Unaudited)

For the three months ended March 31, 2025


	Common Shareholders
(in thousands, except per share amounts)	Common shares of beneficial interest		Additional paid-in capital		Distributions in excess of net income attributable to common shareholders		Treasury shares, at cost		Accumulated other comprehensive income		Non-controlling interests		Total equity
Equity, December 31, 2024	$	1,158	$	5,930,729	$	(897,931)	$	(359,732)	$	974	$	71,991	$	4,747,189
Net income					38,822						1,945		40,767
Other comprehensive income									351				351

Net share awards			6,150				8,640						14,790
Employee share purchase plan			102										102




Cash distributions declared to equity holders ($1.05 per common share)					(114,307)						(1,674)		(115,981)
Other	(1)		1										—
Equity, March 31, 2025	$	1,157	$	5,936,982	$	(973,416)	$	(351,092)	$	1,325	$	72,262	$	4,687,218

See Notes to Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended March 31,
(in thousands)	2026		2025
Cash flows from operating activities
Net income	$	44,374	$	40,767

Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	150,000		149,252



Gain on sale of operating property, including land	(68,100)		—
Investment losses	4,855		—





Share-based compensation	4,053		4,058

Net change in operating accounts and other	12,923		(45,861)


Net cash from operating activities	$	148,105	$	148,216
Cash flows from investing activities
Development and capital improvements	$	(94,023)	$	(78,397)
Acquisition of operating properties	—		(196,355)

Net proceeds from sale of operating property and land	76,694		—








Other	(2,703)		(1,193)



Net cash from investing activities	$	(20,032)	$	(275,945)
Cash

SEC Form 10-Q filed by Camden Property Trust