Camden Property Trust reported its financial results for the first quarter of 2025, revealing a net income attributable to common shareholders of $38.8 million, a significant decrease from $83.9 million in the same period of 2024. This decline was primarily attributed to a $43.8 million gain recognized in 2024 from the sale of an operating property. Property revenues for the quarter increased to $390.6 million, up from $383.1 million year-over-year, reflecting a 0.8% rise in same-store revenues driven by higher occupancy rates.
The company's total assets rose to $8.99 billion as of March 31, 2025, compared to $8.85 billion at the end of 2024. This increase was supported by a rise in real estate assets, which reached $8.71 billion, up from $8.58 billion. Notably, Camden completed two acquisitions during the quarter, purchasing properties in Austin, Texas, and Nashville, Tennessee, for a combined total of approximately $199 million. The company also reported that it had four properties under construction, with an estimated additional cost to complete of $350.7 million.
Operationally, Camden's portfolio consisted of 180 multifamily properties with 61,178 apartment homes across the United States. The company experienced a slight increase in net operating income (NOI) to $251.1 million, compared to $244.6 million in the prior year. The increase in NOI was attributed to improved performance from both same-store and non-same-store communities, as well as contributions from newly acquired properties. The company maintained a strong occupancy rate, which was bolstered by favorable job growth and demographic trends favoring rental housing.
In terms of financial strategy, Camden has established a commercial paper program allowing for the issuance of up to $600 million in short-term notes, with $425.8 million outstanding as of the end of March. The company also has a $1.2 billion unsecured revolving credit facility, which it plans to use as a liquidity backstop. Looking ahead, Camden aims to continue its focus on acquisitions and development while managing its debt levels and maintaining financial flexibility. The company anticipates that its strong balance sheet will support its growth initiatives and operational needs in the coming quarters.
About CAMDEN PROPERTY TRUST
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