Download PDF

1. Company Snapshot

1.a. Company Description

Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities.Camden owns interests in and operates 167 properties containing 56,850 apartment homes across the United States.Upon completion of 7 properties currently under development, the Company's portfolio will increase to 59,104 apartment homes in 174 properties.


Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 13 consecutive years, most recently ranking #18.The Company also received a Glassdoor Employees' Choice Award in 2020, ranking #25 for large U.S. companies.

Show Full description

1.b. Last Insights on CPT

The recent 3-month performance of Camden Property Trust was negatively impacted by elevated supply and high debt levels. The company's Q2 earnings release showed a decline in FFO per share, despite beating revenue estimates. Additionally, Camden's Q2 results may have been affected by stable occupancy and revenue gains, but with a slight decline in FFO per share. The company's high debt levels and elevated supply in the market remain headwinds, which may impact its future performance.

1.c. Company Highlights

2. Camden Property Trust's Q3 2025 Earnings: Strong Apartment Demand and Strategic Share Buyback

Camden Property Trust reported third-quarter 2025 operating results in line with expectations, with same-store revenue growth of 0.8%. The company's earnings per share (EPS) came in at $1.7, slightly beating analyst estimates of $1.69. Occupancy averaged 95.5% during the quarter, consistent with the third quarter of 2024. Rental rates for new leases were down 2.5%, while renewals were up 3.5%, resulting in a blended rate growth of 0.6%. The company's net operating income (NOI) growth guidance for the full year remains unchanged at 25 basis points.

Publication Date: Nov -11

📋 Highlights
  • Strong Apartment Demand:: 2025 ranks among the top 25 years for apartment absorption, with 33 months of wage growth outpacing rent growth.
  • Share Buyback Program:: $50M repurchased at 30% discount to consensus NAV, $400M remaining in authorization, funded by dispositions of slow-growth properties.
  • Guidance Adjustments:: Full-year same-store expense midpoint reduced to 1.75% (from 2.5%), core FFO guidance raised to $6.85/share (+$0.10 from original 2025 target).
  • Supply Reduction Impact:: 25% decline in new deliveries in 2026 expected, improving demand-supply balance for revenue growth in 2026-2027.
  • Occupancy Prioritization:: Blended rate growth at 0.6% (new leases -2.5%, renewals +3.5%), with strategic rate cuts to maintain occupancy in high-supply markets.

Financial Performance and Guidance

The company's financial performance was marked by a decrease in the full-year same-store expense midpoint from 2.5% to 1.75%. Camden increased the midpoint of its full-year core FFO guidance by $0.04 per share to $6.85. The company also provided earnings guidance for the fourth quarter, expecting core FFO per share to be within the range of $1.71 to $1.75. As Richard Campo noted, "Apartments and our shares are on sale, but not for much longer," indicating a positive outlook for the company's future performance.

Valuation and Share Buyback

Camden's current valuation metrics indicate a relatively high price-to-earnings (P/E) ratio of 71.32 and a price-to-book (P/B) ratio of 2.42. The company's share buyback program is expected to continue, with $400 million remaining in the authorization. The company repurchased $50 million of its shares during the quarter at a significant discount to consensus net asset value (NAV). As Richard Campo stated, the company will "lean in on buying back shares due to the current stock price being a 30% discount to consensus NAV."

Market Outlook and Demand

The apartment market is expected to remain healthy, with a 25% reduction in new deliveries in Camden's markets anticipated to lead to a more reasonable environment and improved demand in 2026. Analysts estimate revenue growth of 2.6% for next year. The company's strong balance sheet and lack of major dilutive refinances over the next couple of years position it well for future growth. With a dividend yield of 4.08%, Camden offers an attractive return for investors.

3. NewsRoom

Card image cap

Camden Property Trust Announces Fourth Quarter 2025 Dividend

Dec -03

Source: businesswire.com

Card image cap

American Century Companies Inc. Reduces Stake in Camden Property Trust $CPT

Dec -03

Source: defenseworld.net

Card image cap

Camden Property Trust: Managing Through The Downturn

Nov -25

Source: seekingalpha.com

Card image cap

Barings LLC Buys New Position in Camden Property Trust $CPT

Nov -23

Source: defenseworld.net

Card image cap

The End Of The REIT Bear Market Is Likely Near

Nov -11

Source: seekingalpha.com

Card image cap

Best REITs For Potential Upside To Buy Now

Nov -08

Source: seekingalpha.com

Card image cap

Camden Property Trust (CPT) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

Card image cap

Camden's Q3 FFO Beat, Revenues Up Y/Y, '25 View Raised

Nov -07

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.87%)

6. Segments

Same Store Communities

Expected Growth: 1.8%

Camden Property Trust's 1.8% same-store community growth is driven by a combination of factors, including strong demand for apartments, effective rent growth strategies, and a focus on operational excellence. Additionally, the company's investments in technology and amenities have enhanced the resident experience, leading to increased retention and revenue growth.

Non-same Store Communities

Expected Growth: 2.2%

Camden Property Trust's 2.2% growth in Non-same Store Communities is driven by strategic acquisitions, effective lease-up of newly developed properties, and strong demand in target markets. Additionally, the company's focus on amenity-rich communities and superior customer service has led to increased pricing power and higher occupancy rates, contributing to the segment's growth.

Dispositions/Other

Expected Growth: 1.5%

Camden Property Trust's Dispositions/Other segment growth of 1.5% is driven by strategic asset sales, recycling of capital into higher-growth opportunities, and disciplined expense management. Additionally, the company's focus on optimizing its portfolio through value-add initiatives and strong operational execution also contribute to this growth.

Non-property

Expected Growth: 2.5%

Camden Property Trust's non-property segment growth of 2.5% is driven by increasing demand for its fee-based services, expansion of its third-party management business, and strategic investments in technology and personnel. Additionally, the segment benefits from a strong multifamily market, with rising rents and occupancies, as well as a growing need for affordable housing solutions.

Development and Lease-up Communities

Expected Growth: 2.8%

Camden Property Trust's 2.8% growth in Development and Lease-up Communities is driven by increasing demand for multifamily housing, strategic property acquisitions, and effective lease-up strategies. Additionally, the company's focus on amenity-rich communities, proximity to employment centers, and strong operational execution contribute to its growth momentum.

7. Detailed Products

Apartment Rentals

Camden Property Trust offers a range of apartment rentals across the United States, providing residents with comfortable and convenient living spaces.

Lease Renewal Services

Camden Property Trust provides lease renewal services, allowing residents to easily extend their stay in their current apartment or transfer to a new one.

Property Management Services

Camden Property Trust offers property management services, overseeing the day-to-day operations of its apartment communities.

Development and Construction Services

Camden Property Trust provides development and construction services, building new apartment communities and renovating existing ones.

Acquisition and Disposition Services

Camden Property Trust offers acquisition and disposition services, helping clients buy and sell apartment communities.

8. Camden Property Trust's Porter Forces

Forces Ranking

Threat Of Substitutes

Camden Property Trust operates in a highly competitive industry, and there are many substitutes available to customers. However, the company's strong brand reputation and high-quality properties help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Camden Property Trust's customers have some bargaining power due to the availability of substitutes, but the company's strong brand reputation and high-quality properties help to reduce this power.

Bargaining Power Of Suppliers

Camden Property Trust has a diverse supplier base, which reduces the bargaining power of individual suppliers. Additionally, the company's large scale of operations gives it negotiating power over suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the real estate industry, including the need for significant capital and regulatory approvals.

Intensity Of Rivalry

The real estate industry is highly competitive, and Camden Property Trust faces intense rivalry from other companies. The company's strong brand reputation and high-quality properties help it to compete effectively in this environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 46.05%
Debt Cost 3.95%
Equity Weight 53.95%
Equity Cost 8.12%
WACC 6.20%
Leverage 85.37%

11. Quality Control: Camden Property Trust passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Invitation Homes

A-Score: 6.1/10

Value: 3.6

Growth: 6.4

Quality: 7.1

Yield: 7.0

Momentum: 2.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Essex Property Trust

A-Score: 5.8/10

Value: 3.3

Growth: 5.6

Quality: 6.7

Yield: 7.0

Momentum: 3.5

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
American Homes

A-Score: 5.6/10

Value: 2.9

Growth: 6.2

Quality: 6.2

Yield: 6.0

Momentum: 2.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Mid-America Apartment Communities

A-Score: 5.6/10

Value: 3.2

Growth: 5.2

Quality: 5.4

Yield: 7.0

Momentum: 3.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Camden Property

A-Score: 5.2/10

Value: 2.1

Growth: 4.2

Quality: 5.0

Yield: 7.0

Momentum: 3.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Apartment Income REIT

A-Score: 4.4/10

Value: 4.4

Growth: 4.3

Quality: 5.4

Yield: 4.0

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

103.88$

Current Price

103.88$

Potential

-0.00%

Expected Cash-Flows