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Camden Property Trust
S&P 500
$12.4B
Market Cap
31.1
P/E
1.33
PEG
3.0%
ROCE
8.6%
ROE
0.88
D/E
17.0%
OPM
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🌏 Global Investor Returns
Currency-adjusted total returns for CPT including FX impact
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📈 Price History
Ratio Health
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By Category
Shareholding
About

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities.

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⭐ Superinvestors Holding CPT
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Manager Shares Value % of Fund Period
Andreas Halvorsen Viking Global Investors 4.72M $460.5M 1.29% Mar 2026
Jim Simons Renaissance Technologies LLC 466.8K $45.6M 0.07% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →
📊 MIXED Camden Property Trust Q1 2026 Core FFO $1.70, exceeds guidance midpoint by $0.04
Revenue & Profitability
First quarter 2026 Core FFO was $1.70 per share, $0.04 above the midpoint of guidance. The outperformance was driven by lower bad debt (under 40 basis points, lowest since COVID-19), timing of property expense savings, and third-party construction fee income. Full-year 2026 Core FFO guidance midpoint is unchanged at $6.75 per share. Same-store revenue guidance midpoint is 0.75%, same-store expense guidance 3%, and same-store NOI guidance -0.5%. Second quarter 2026 Core FFO guidance is $1.65-$1.69 per share.
Outlook
Management sees improving apartment fundamentals with new supply having peaked and halved in most markets. Demand is strong, driven by domestic migration re-accelerating in 2026, job growth, and corporate relocations to Sun Belt metros like Dallas, Houston, and Austin. Consumer sentiment remains tepid due to inflation, housing costs, and political uncertainty, but underlying consumer spending is up 3% year-over-year. The company expects a recovery pattern similar to post-GFC, with steady growth once excess supply is absorbed.
Growth Drivers
Key growth levers include the absorption of new supply in Sun Belt markets, which are seeing supply completions drop from 200,000 in 2025 to ~140,000-150,000 in 2026 and further in 2027-2028. Strong in-migration and job growth in Texas metros, particularly Houston (adding one resident every 4.1 minutes) and Dallas-Fort Worth (top for job growth and headquarter relocations), provide demographic tailwinds. The company is also deploying capital from the California sale into 1031 exchange acquisitions in its existing high-demand markets.
Balance Sheet & CapEx
Camden is investing through acquisitions, having purchased two communities for $170 million after quarter end and been awarded another $250 million in acquisitions. The company plans to acquire approximately $1 billion in properties to maximize 1031 exchange proceeds from the California portfolio sale. It also controls three additional development land sites that it intends to purchase this year, though development (e.g., Camden Baker in Denver) is deprioritized relative to share repurchases and acquisitions given current economics.
Margins
Margin trends are driven by same-store NOI guidance of -0.5% for 2026, with revenue growth of 0.75% and expense growth of 3%. First-quarter expense outperformance was deemed timing-related and not a change to the full-year outlook. The company is focused on operational efficiencies through AI and data to improve margins, and low turnover (30% annualized) helps mitigate unit turnover expenses. Renewal rent increases are in the mid-3% range, with some pricing power returning.
Key Risks
Risks flagged include execution risk on the California portfolio sale (currently under diligence with one buyer), variability in 1031 exchange timing impacting earnings, and consumer sentiment weakness that could slow demand. In Houston, consumer sentiment has fallen due to immigration concerns, impacting performance despite strong fundamentals. Legal risks include the RealPage litigation settlement (class action, $53 million charge). Supply absorption pace and macroeconomic uncertainty are also key risks.
Generated by AI · Q1 2026 results · Not investment advice
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
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