CAMDEN PROPERTY TRUST (CPT)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look fairly priced, with little cushion for a slower rental recovery.

At the August 14 close of $110.36, the shares traded at about 16.4 times management’s $6.75 midpoint for 2026 core funds from operations, meaning recurring property earnings before noncash real-estate depreciation and unusual items. The $4.24 annualized dividend yields about 3.8% and consumes roughly 63% of that earnings measure. This is a sensible price for a high-occupancy apartment owner, but not an obvious bargain while same-property income is shrinking and leverage remains meaningful.

Big pictureApartment cash flow remains durable, but rent growth has not yet beaten rising costs.

Operating cash flow rose from $774.9 million in 2024 to $826.6 million in 2025, comfortably above $461.0 million of dividends. Yet second-quarter 2026 property revenue slipped 0.9% to $392.9 million, and core adjusted funds from operations—cash-like earnings after recurring property upkeep—fell from $1.43 to $1.39 per share. Comparable-property net operating income, rent less property expenses, declined 1.4% as expenses rose 2.4%. Occupancy improved to 95.7%, supporting durability despite the Sunbelt rental cycle.

Business strengthDebt should become manageable after the sale, while buybacks have reduced dilution risk.

June net debt was roughly $5.40 billion, and debt equaled 5.3 times annualized adjusted earnings before interest and depreciation, up from 4.2 times a year earlier. The July California sale earmarked $0.9 billion for repayment, which should materially lower leverage, though reinvestment matters. Shares outstanding fell from 106.7 million at 2024 year-end to 100.5 million by June 2026 after $422.9 million of 2026 buybacks. Conversely, recent acquisitions and a $492 million development pipeline keep capital needs high; the unused $500 million share-sale program creates dilution risk.

What could change the storyA rental rebound could unlock upside, while persistent rent cuts and debt costs would hurt.

The bull case needs occupancy to stay above 95% while combined new and renewal rents turn clearly positive; then seven recent acquisitions and the $492 million development pipeline could lift earnings as new supply fades. The bear case is the second quarter’s 3.3% cut on new leases persisting while expenses outpace rent, leaving $645.4 million of acquisitions unable to cover financing costs. At $110.36, the market appears to assume core property earnings stabilize near $6.75 per share and resume modest growth, not another prolonged decline.

$110.36 price considered

AI: News

California portfolio soldCamden sold its California apartments, creating cash to cut debt and reshape the portfolio.

On July 29, 2026, Camden sold 11 California communities containing 3,620 homes for $1.625 billion. Camden designated about $0.9 billion to repay revolving-credit and short-term borrowing balances; the value of the remainder depends on subsequent reinvestment and buybacks. The sale lowers geographic exposure and balance-sheet risk but removes property income until capital is redeployed. Following the July 30 after-hours announcement, shares closed 2.2% lower on July 31; attributing that move solely to the sale is uncertain because results arrived simultaneously.

Rental slowdown persistsQuarterly earnings held near plan, but falling property income showed the rental slowdown is not over.

On July 30, 2026, Camden reported core funds from operations of $1.68 per share, one cent above guidance but down from $1.70 a year earlier. Comparable-property revenue fell 0.1%, expenses rose 2.4%, and net operating income fell 1.4%; occupancy improved to 95.7%. Management kept the 2026 core earnings midpoint at $6.75 per share. Shares fell 2.2% the next session, though the simultaneous California sale and broader trading mean the result cannot be isolated as the cause.

Heavy capital recyclingCamden bought apartments and retired shares, trading near-term borrowing for potential future earnings.

On July 30, Camden disclosed seven apartment purchases completed from April 30 through July 16 for $645.4 million, plus $45.0 million of land. It also reported $422.9 million of 2026 share repurchases at an average $104.08, below the observed price. This recycling reduced the share count and shifted assets toward Sunbelt markets, but required temporary borrowing before California-sale proceeds arrived. Future value depends on acquisition income exceeding financing costs; no reliable standalone market reaction was identified.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$13.0M	$7.1M	$3.5M	$5.2M	$10.5M	$10.8M	$8.7M	$7.2M	$8.2M	$876.4M	—	—	—	—	—	—	—	—
Net income	$384.5M	$163.3M	$403.3M	$653.6M	$303.9M	$123.9M	$219.6M	$156.1M	$196.4M	$819.8M	$249.3M	$292.1M	$336.4M	$283.4M	$49.4M	$23.2M	−$50.8M	$82.0M
Basic EPSper diluted share	$3.54	$1.50	$3.71	$6.07	$2.97	$1.24	$2.23	$1.63	$2.14	$9.08	$2.77	$3.29	$3.82	$3.35	$0.67	$0.33	-$0.80	$1.28
Diluted EPSper diluted share	$3.54	$1.50	$3.70	$6.04	$2.96	$1.24	$2.22	$1.63	$2.13	$9.05	$2.76	$3.27	$3.78	$3.30	$0.66	$0.33	-$0.80	$1.28

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)27$20.81M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 5, 2026Form 4	CAMPO RICHARD JExecutive Chairman	SellCommon Shares	30.0K	$112.42	$3.37M	297.4K
Feb 18, 2026Form 4	Gallagher Michael PChief Accounting Officer	SellCommon Shares	169	$108.43	$18.3K	39.6K
Feb 18, 2026Form 4	Baker LaurieEVP - Chief Operating Officer	SellCommon Shares	5	$108.47	$542.35	94.5K
Feb 18, 2026Form 4	Baker LaurieEVP - Chief Operating Officer	SellCommon Shares	2.2K	$108.40	$234.5K	94.5K
Jan 6, 2026Form 4	Baker LaurieEVP - Chief Operating Officer	SellCommon Shares	150	$110.21	$16.5K	96.6K

Review ownership filings at SEC.gov ↗

CAMDEN PROPERTY TRUST (CPT)

Financial charts

Financial statements

Insider buys & sells