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olivLaw · US equity research

Camden Property Trust CPT

Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)

100.69USD−0.25% · 1 dayClose 30 Oct 2026

Camden Property Trust is a Texas REIT focused on owning, managing and developing multifamily apartment communities across the United States. Its relevance now comes from the sale of its California portfolio for about 1.625 billion USD, while same store revenues remain nearly flat with 95.7% occupancy.

At the close of 30 Oct 2026, Camden Property Trust (CPT) stock was 100.69 USD (−0.25% on the day), with market capitalisation 10.1 bn USD, P/E 33.3 on diluted EPS of 3.03 USD over the last 12 months, dividend yield 4.19%, beta 0.42, 52-week range 95.80–117.58 USD. Latest reported quarter (Q2 2026): revenue of 3.1 m USD (+18.9% YoY), net income of 18.8 m USD (−76.7% YoY), diluted EPS 0.18 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
10.1 bn USD
shares as of 24 Jul 2026
P/E (TTM)
33.3
Diluted EPS TTM 3.03 · TTM to 30 Jun 2026
E/P (TTM)
3.01%
TTM to 30 Jun 2026
Dividend yield
4.19%
DPS 12m 4.22
Beta (2y)
0.42
Volatility (1y) 19%
52-week range
95.80117.58

Price history

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Technical reading

RSI (14)
52.5
neutral
Bollinger (20, 2)
95.17 – 103.02
in the upper half of the band · %B 0.70 · band width 7.9%
SMA 50 / 200
101.10 / 105.95
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
0.21 / -0.22
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+4.1%−0.9%+5.0 pp—
3 months−9.1%+1.2%−10.3 pp—
6 months−3.6%+4.8%−8.4 pp—
Year to date−8.5%+10.7%−19.3 pp—
1 year+1.3%+11.1%−9.8 pp+4.1%
3 years+18.6%+80.7%−62.1 pp+21.7%
5 years−38.3%+64.6%−102.9 pp—
Max drawdown (1y)
−18.5%
07 Jul 2026 → 07 Oct 2026
Max drawdown (5y)
−53.0%
31 Dec 2021 → 30 Oct 2023
Compound annual growth (5y)
−9.2%
S&P 500 +10.5%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
3.1 m USD
+18.9% YoY
Net income
18.8 m USD
−76.7% YoY
Diluted EPS
0.18
−75.7% YoY
net / operating
600.1% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue1.7 m1.5 m2.5 m2.6 m2.6 m5.3 m2.1 m3.1 m
Depreciation & amortisation145.8 m145.5 m149.3 m152.1 m159.5 m150.2 m150.0 m157.1 m
Interest expense32.5 m32.6 m33.8 m35.4 m35.0 m34.1 m37.4 m41.4 m
Net income-4.2 m40.7 m38.8 m80.7 m108.9 m156.0 m42.4 m18.8 m
Diluted EPS-0.040.37 ≈0.360.741.001.45 ≈0.400.18
Operating cash flow261.6 m ≈152.4 m148.2 m230.7 m ≈250.9 m ≈196.8 m148.1 m211.6 m ≈
Dividends paid113.5 m ≈113.5 m113.5 m116.0 m ≈116.0 m ≈115.5 m114.9 m112.1 m ≈
Share repurchases0 ≈000 ≈50.0 m ≈220.7 m262.8 m170.2 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 31 percentile of its own 39-quarter history (min 9.0, median 44.1, max 123.6; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue7.2 m8.7 m10.8 m10.5 m5.2 m3.5 m7.1 m13.0 m
Revenue YoY−11.6%+20.3%+24.2%−2.5%−50.7%−33.5%+106.8%+81.7%
Net income156.1 m219.6 m123.9 m303.9 m653.6 m403.3 m163.3 m384.5 m
Net income YoY−20.5%+40.7%−43.6%+145.3%+115.1%−38.3%−59.5%+135.4%
Diluted EPS1.632.221.242.966.043.701.503.54
Diluted EPS YoY−23.5%+36.2%−44.1%+138.7%+104.1%−38.7%−59.5%+136.0%
net %2,159.1%2,525.6%1,147.3%2,885.6%12,598.6%11,686.7%2,288.0%2,964.9%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
25.2 m USD
Financial debt
3.9 bn USD
Net debt
3.9 bn USD
Equity
4.4 bn USD
Total assets
9.0 bn USD
Debt / equity
0.88x
Current ratio
unavailable
ROE
8.4%
ROA
4.3%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
3.5 m
2024
7.1 m
2025
13.0 m

SEC (XBRL)· 12 Feb 2026verified

Cost of revenue
2023
548.9 m
2024
558.8 m
2025
566.7 m

SEC (XBRL)· 12 Feb 2026verified

Gross profit
2023
-545.5 m ≈
2024
-551.7 m ≈
2025
-553.7 m ≈

SEC (XBRL)· 12 Feb 2026derived

Depreciation & amortisation
2023
574.8 m
2024
582.0 m
2025
611.0 m

SEC (XBRL)· 12 Feb 2026verified

Interest expense
2023
133.4 m
2024
129.8 m
2025
138.2 m

SEC (XBRL)· 12 Feb 2026verified

Income tax
2023
3.7 m
2024
2.9 m
2025
4.0 m

SEC (XBRL)· 12 Feb 2026verified

Net income
2023
403.3 m
2024
163.3 m
2025
384.5 m

SEC (XBRL)· 12 Feb 2026verified

Diluted EPS
2023
3.70
2024
1.50
2025
3.54

SEC (XBRL)· 12 Feb 2026verified

Weighted average diluted shares
2023
109.4 m
2024
108.5 m
2025
108.4 m

SEC (XBRL)· 12 Feb 2026verified

Dividend per share
2023
4.00
2024
4.12
2025
4.20

SEC (XBRL)· 12 Feb 2026verified

Balance sheet · USD

Cash
2023
259.7 m
2024
21.0 m
2025
25.2 m

SEC (XBRL)· 12 Feb 2026verified

Total assets
2023
9.4 bn
2024
8.9 bn
2025
9.0 bn

SEC (XBRL)· 12 Feb 2026verified

Long-term debt
2023
3.7 bn
2024
3.5 bn
2025
3.9 bn

SEC (XBRL)· 12 Feb 2026verified

Total liabilities
2023
4.3 bn
2024
4.1 bn
2025
4.6 bn

SEC (XBRL)· 12 Feb 2026verified

Equity
2023
5.1 bn
2024
4.7 bn
2025
4.4 bn

SEC (XBRL)· 12 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
795.0 m
2024
774.9 m
2025
826.6 m

SEC (XBRL)· 12 Feb 2026verified

Investing cash flow
2023
-127.1 m
2024
-285.2 m
2025
-499.5 m

SEC (XBRL)· 12 Feb 2026verified

Financing cash flow
2023
-417.2 m
2024
-725.5 m
2025
-322.0 m

SEC (XBRL)· 12 Feb 2026verified

Dividends paid
2023
434.9 m
2024
451.0 m
2025
461.0 m

SEC (XBRL)· 12 Feb 2026verified

Share repurchases
2023
0
2024
50.0 m
2025
270.7 m

SEC (XBRL)· 12 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
81.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
35.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
3.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
135.4%
computed by olivLawFY 2025
Net income CAGR 3Y
-16.2%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
25.4%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
136.0%
computed by olivLawFY 2025
EPS CAGR 3Y
-16.3%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
23.3%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
-4,219.1%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
2,486.2%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
7.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
3.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
139.4%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
4.8 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
807.4 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
Cash conversion
unavailable
input data missing

Market and valuation

Market capitalisation
10.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
14.9 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
31.0x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
33.3x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
3.0%
computed by olivLawTTM to 30 Jun 2026
P/B
2.7x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
771.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
1,137.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
4.2%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
11.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 45 / 100

A scoring methodology on indicators and valuation, not investment advice.

(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])

Closing price

100.69 USD

30 Oct 2026Source: olivLaw, closing series

Market cap: 10.1 bn USD

Key indicators

Market capitalisation
10.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
33.3x
computed by olivLawTTM to 30 Jun 2026
P/B
2.7x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
7.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
2,486.2%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
81.7%
computed by olivLawFY 2025
Dividend yield
4.2%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

20/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 24 Jul 2026
Source: SEC (XBRL)published 31 Jul 2026
verified 1670derived 119

Score by group

  • Growth100
  • Quality64
  • Returns36
  • Valuation31

Estimated value range

Low
42.42
USD per share
Mid
52.86
USD per share
High
83.60
USD per share
Price: 100.69 USD
The price is above the range
Potential to the central value: -47.5% (value / price − 1)
Margin of safety: -90.5% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 29.64 – 92.98 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)55.19 – 74.22 (Mid 63.31)
  • Peers: P/B29.64 – 92.98 (Mid 42.40)
    33 companies used · median multiple 1.1x · quartiles 0.8x – 2.5x
    ABR, ACRE, BDN, BRX, CTO, DLR, ESS, EXR, FBRT, FSP, FVR, HST, ILPT, INN, KIM, LXP, MAC, MDRR, MKZR, NHP, NTST, O, ONL, PLD, PSA, RYN, SELF, SITC, TPTS, VICI, VMRK, VTR, WELL
Multiple comparisons use the SIC vertical: Real Estate Investment Trusts (SIC 6798)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 45/100

FactorValueScoreWeight used
ROE · Quality7.8%64 (vs peers)10%
EBITDA margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth35.7%100 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation2.7x28 (vs peers)31%
P/E (TTM) · Valuation33.3x37 (vs peers)14%
Dividend yield · Returns4.2%46 (vs peers)24%
Payout ratio (EPS) · Returns139.4%0 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth100/100 · 1/1 factors with a value
  • Quality· partial64/100 · 1/2 factors with a value
  • Returns36/100 · 2/2 factors with a value
  • Valuation31/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CAMDEN PROPERTY TRUST (CPT). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 13.0 m USD in 2025; YoY growth 81.7%; net margin 2,486.2%; ROE 7.8%.

The estimated value range is 42.42–83.60 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 52.86 USD, the price of 100.69 USD leaves a potential of -47.5% (value / price − 1) and a margin of safety of -90.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 45/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 35.7%

What contradicts it

  • P/B: 2.7x
  • Payout ratio (EPS): 139.4%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.

Versus the vertical median

Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
33.3x
vertical median 30.8x
above median (+8.1%)
EV/EBITDA
—
vertical median 18.8x
P/S
771.5x
vertical median 6.7x
above median (+11,356.3%)
P/B
2.7x
vertical median 1.3x
above median (+108.1%)
ROE
7.8%
vertical median 5.2%
above median (+49.8%)
Net margin
2,486.2%
vertical median 18.7%
above median (+13,209.6%)
EBIT margin
—
vertical median 21.7%
Revenue YoY
81.7%
vertical median 4.9%
above median (+1,564.8%)
Net debt/EBITDA
—
vertical median 5.5x
Dividend yield
4.2%
vertical median 4.2%
at median

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
WELLWelltower Inc.172.1 bn100.44.0%12.7%+35.6%+30% / +181%
PLDPrologis, Inc.119.3 bn32.27.1%42.5%+7.2%+3% / +27%
EQIXEquinix Inc100.3 bn60.911.5%16.4%+5.4%+20% / +39%
AMTAmerican Tower Corporation87.1 bn26.490.6%30.7%+5.1%+5% / +5%
DLRDigital Realty Trust, Inc.63.5 bn47.26.2%21.7%+10.0%+6% / +45%
PSAPublic Storage60.7 bn33.016.0%37.8%+2.7%+17% / +36%
ORealty Income Corporation53.9 bn41.53.3%21.5%+9.1%−2% / +20%
VTRVentas, Inc.44.8 bn159.51.9%4.0%+18.5%+15% / +100%
CCICrown Castle Inc.37.7 bn45.1—20.7%−4.4%−2% / −5%
IRMIron Mountain Inc34.7 bn82.5—5.7%+12.2%+13% / +97%
EXRExtra Space Storage Inc.31.6 bn30.87.9%29.9%+3.7%+13% / +46%
VICIVICI Properties Inc.26.9 bn11.28.3%56.5%+4.1%−18% / −12%
VMRKVivmark Residential23.2 bn27.18.1%—+4.8%+4% / +12%
SBACSba Communications Corporation19.9 bn20.2—34.5%+5.1%−2% / −10%
HSTHost Hotels & Resorts, Inc.17.3 bn16.915.8%16.5%+7.6%+58% / +63%
ESSEssex Property Trust, Inc.17.0 bn40.68.0%22.7%+6.4%+5% / +23%
KIMKimco Realty Corporation16.4 bn27.15.8%27.8%+5.1%+19% / +37%
ELSEquity Lifestyle Properties, Inc.11.5 bn29.123.1%25.6%+0.3%−3% / −10%
CPTCamden Property Trust10.1 bn33.37.8%2,486.2%+81.7%+1% / +19%
BRXBrixmor Property Group Inc.8.9 bn21.214.2%30.0%+6.7%+11% / +40%
MACMacerich Co6.9 bn—-6.3%-16.8%+10.4%+42% / +150%
RYNRayonier Inc.5.8 bn6.412.8%68.6%−51.0%−12% / −23%
LXPLxp Industrial Trust3.6 bn31.15.9%34.3%−2.3%+29% / +56%
NTSTNETSTREIT Corp.2.2 bn81.21.3%9.2%+19.8%−6% / +23%
INNSummit Hotel Properties, Inc.767.9 m—-1.2%-1.4%−0.3%+39% / +26%

1- and 3-year price returns: for CPT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
70.54
Total return -27% · Per year -27%
124.15
Total return 27% · Per year 27%
186.22
Total return 89% · Per year 89%
3 years
83.68
Total return -8% · Per year -3%
164.19
Total return 76% · Per year 21%
268.16
Total return 183% · Per year 41%
5 years
99.25
Total return 15% · Per year 3%
217.14
Total return 141% · Per year 19%
386.15
Total return 317% · Per year 33%
What moves the 3-year price the most
  • Exit P/E± 41.05
  • Net margin± 28.73
  • Annual revenue growth± 21.43
  • Annual dilution± 2.41

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Camden Property Trust is a Texas REIT focused on owning, managing and developing multifamily apartment communities across the United States. Its relevance now comes from the sale of its California portfolio for about 1.625 billion USD, while same store revenues remain nearly flat with 95.7% occupancy.

SWOT

Strengths

  • A large, geographically diversified portfolio with integrated operating management and a stable resident base, reflected in high occupancy and good retention 12.
  • A demonstrated ability to recycle capital through sales and acquisitions, such as the California sale and the 2026 acquisitions 3.
  • Liquidity supported by extended credit facilities and access to capital markets, including recent note issuance 2.

Weaknesses

  • High leverage that can limit flexibility in the face of market changes and raise vulnerability to adverse economic conditions 1.
  • Short lease terms expose revenues quickly to declines in market rents 1.
  • Same store NOI edged lower in Q2 2026 as expenses grew faster than revenues 3.

Opportunities

  • If new supply remains moderate, existing demand could absorb deliveries and support rent growth 2.
  • Debt reduction after the California sale could create room for new acquisitions or share repurchases 3.
  • Development in markets with strong economic growth could extend the portfolio over the long term 1.

Threats

  • A deterioration in the economy or employment could reduce demand and occupancy 1.
  • Rent control and stabilization laws, expanding across several states and municipalities, could limit revenue growth 1.
  • Litigation and technology risks, including the class action over revenue management software, can generate unexpected costs 2.

Risks

  • High leveragehigh

    The level of debt may limit financial flexibility and amplify the effects of adverse economic conditions 1.

  • Rent regulationhigh

    Rent control or stabilization laws, spreading across more jurisdictions, could limit rent increases and property values 1.

  • Short leasesmedium

    Contracts that let residents leave at lease end make revenues react quickly to falling market rents 1.

  • Development risksmedium

    Delays, rising construction costs and financing difficulties could reduce profitability of ongoing projects 1.

  • Litigation and cybersecuritylow

    Class actions and cyber incidents could create substantial costs and erode resident trust 21.

Investment thesis

What would need to be true (bull case)

  • If new supply remains manageable and demographic demand holds, high occupancy and stable revenues could support results over the long term 2.
  • The California sale and debt reduction could improve financial flexibility and the capacity to invest in new projects 3.
  • The 2026 FFO guidance midpoint was held at a similar level, which could indicate stability in operating cash flows 3.

What would break the thesis

  • If effective new lease rates keep falling, same store revenues could stay weak and NOI could decline further 3.
  • Rising expenses and higher financing costs could compress margins, especially if interest rates stay elevated 32.
  • Rent regulation and possible litigation could bring unforeseen costs or restrictions that affect results 12.

What to watch

  • Trend in new lease rates and same store occupancyQ3 2026
  • Closing use of California sale proceeds to reduce revolver and commercial paper balancesQ3 2026
  • Updated same store NOI and EPS guidance for 2026Q3 2026
  • Progress on projects under construction and remaining costs to completenext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Camden Property Trust, a REIT formed in Texas, is engaged in owning, managing, developing, repositioning and acquiring multifamily apartment communities. As of June 30, 2026 it owned, operated or was developing 179 properties with 60838 apartment homes, and 1162 homes were under construction 2. The company says its strategy rests on markets with strong economic growth and attractive quality of life, careful property operations and recycling capital through selective sales. Average lease terms are about 14 months, and at the end of 2025 the company had roughly 1640 employees 1.

The capital structure included debt of about 3.9 billion USD at the end of 2025 1. In 2026 Camden issued 600 million USD of senior unsecured notes due 2036 and amended its revolving credit facility, extending it to March 2030 2. The company relies on operating cash flows, its revolving facility, its commercial paper program and ATM equity offerings to meet liquidity needs 1.

In July 2026 Camden sold its California portfolio of 11 communities with 3620 apartment homes for about 1.625 billion USD, and about 0.9 billion USD of the proceeds is to be used to retire balances under its revolving facility and commercial paper program 3. The transaction changes both the portfolio mix and short-term leverage.

Segments

Operating communities

The core segment consists of operating multifamily communities concentrated in Houston, the Washington D.C. metro, Dallas/Fort Worth, Orlando and Atlanta, based on the portfolio reported at the end of 2025 1. Same store revenues in Q2 2026 were nearly unchanged from Q2 2025, while NOI declined slightly 3.

Market context

The company describes demand for multifamily housing as supported by favorable demographics and a preference to rent rather than buy. It considers new supply in its markets manageable, but says a worsening economy could affect operating results 2. Same store revenues grew about 0.8% in 2025 1.

Trends

  • Moderating new supplytailwind

    The company says new apartment supply in its markets is manageable and moderating. If supply stays controlled, pressure on rents could ease, while a rise in supply could weigh on results 2.

  • Pressure on new lease ratesheadwind

    Effective new lease rates declined in Q2 2026 and blended rates were close to zero, pointing to a more fragile balance between occupancy and pricing 3. Short leases let revenues react quickly to falling market rents 1.

  • Financing costsheadwind

    Interest expense rose and the company issued new notes and a 364-day term loan to cover funding needs. If rates stay elevated, the cost of capital could compress margins 2.

  • Capital recyclingmixed

    Asset sales such as the California portfolio can fund debt reduction and share repurchases, which could support financial flexibility if markets remain volatile 3.

Competitive position

Camden describes its competition as coming from other multifamily properties, condominiums, single-family homes and providers of short-term rentals 1. This competition could affect its ability to lease apartments or the rents it achieves, particularly in markets with heavy new supply.

  • Other multifamily apartment owners and developers

    Named generically in the filing as other multifamily properties competing for the same residents 1.

  • Condominiums and single-family homes

    Housing alternatives that can become more attractive when mortgage rates are low or home building is incentivized 1.

  • Short-term rental providers

    Platforms and operators offering short-term housing that compete with traditional apartments 1.

  • Competing buyers of properties

    Competition for acquisitions may limit opportunities, as the company's risk factors note 1.

News & filings

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Camden Property Trust · 12 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Camden Property Trust · 31 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Camden Property Trust · 30 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Camden Property Trust (CPT): stock, results, valuation and forecast · olivLaw