CPT - Lowering FFO Estimates, But Raising PT to $123 from $118 and Maintaining Buy Rating

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CPT - Lowering FFO Estimates, But Raising PT to $123 from $118 and Maintaining Buy Rating

Truist Securities

Equity Research Report June 11, 2026

REAL ESTATE INVESTMENT Camden Property Trust (CPT)

TRUSTS: Apartment REITs

CPT - Lowering FFO Estimates, But Raising PT to $123 from $118

Michael Lewis, CFA and Maintaining Buy Rating

212-319-5659

Michael.R.Lewis@truist.com

What’s Incremental to Our View: We are lowering our 2026 NFFO estimate by -1.5%

and our 2027 estimate by -3.8%, primarily due to more conservative projected same-store

revenue growth and higher interest rates. Earnings estimates (ours and consensus) have

Stock Rating BUY been consistently coming down across apartment REITs for quite some time, but U.S. job

Unchanged growth showed some improvement the last couple of months, the pace of new supply is

Price Target easing, and we think our model might now lean conservative, assuming macro conditions do $123.00 not worsen. Our $123 PT (was $118) implies less than one turn of FFO multiple expansion

↑ and a 10.3% potential return. from

$118.00

Lowering FFO Estimates: We are lowering our 2026 FFO estimate to $6.05 per share from

$6.66ps, largely due to non-core charges for legals costs & settlements. Our estimate is

within management’s $5.95-$6.25ps guidance range. Excluding legal costs & settlements, TR to Target 10.3%

investment losses, and acquisition costs, our 2026 normalized FFO estimate goes to Price (Jun. 10, 2026) $115.31 $6.70ps from $6.80ps, which is also within management’s similarly adjusted $6.60-$6.90ps

52-Wk Range $118.49-$96.96 guidance range and is below the $6.75ps consensus.

Market Cap ($M) $12,141

ADTV 839,945 We project 0.2% year-over-year same-store revenue growth in 2026 and 2.5% expense