CPT
Updated: 24/09/2026, 17:28:14
Camden Property Trust, an S&P 400 listed entity, specializes in real estate, primarily through the ownership, operation, development, renovation, purchase, and building of multi-family residential complexes. Currently, Camden possesses stakes in and manages 167 properties housing 56,850 apartment units throughout the United States. With seven additional properties presently under construction, the company's total portfolio will expand to 174 properties offering 59,104 apartment homes. Camden has earned consistent recognition for its workplace culture, being named one of FORTUNE magazine's "100 Best Companies to Work For®" for 13 straight years, most recently achieving the #18 spot. Furthermore, in 2020, it secured the #25 position among large U.S. companies in the Glassdoor Employees' Choice Award.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$0.0B
FY 2025 · Reported
Net income
$0.4B
FY 2025 · Reported
Gross margin
-4270.4%
FY 2025 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.3B
FY 2025 · Reported
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Core business
Multifamily apartment REIT focused on high-growth US markets
“We are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities.”
Core business
Texas REIT (formed May 25, 1993) focused on multifamily apartment communities
“primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities”
Single reportable segment — multifamily apartment communities
Single reportable segment (multifamily apartments, all continental US); CODMs assess performance on NOI
“our operating properties are aggregated into a single reportable segment”
Single multifamily segment, US-wide
Single multifamily segment across the United States
“175 multifamily properties comprised of 59,921 apartment homes across the United States”
Property revenues (NOI table)
Property revenues: $1,573.5M (2025), $1,543.8M (2024), $1,542.0M (2023)
“Property revenues$1,573,544 $1,543,842 $1,542,027”
Employee count
Approximately 1,640 employees at December 31, 2025
“At December 31, 2025, we had approximately 1,640 employees including executive, community, and administrative personnel”
Executive employment agreements
Employment agreements with 13 senior officers through Aug 20, 2026 with severance up to 2.99x base salary
“we had employment agreements with 13 of our senior officers, the terms of which expire at various times through August 20, 2026”
2025 acquisitions and dispositions
Acquired four operating properties (~$419.2M); sold five operating properties (~$365.9M net proceeds) in 2025
“the acquisition of four operating properties for approximately $419.2 million”
Remaining construction cost to complete
~$213.8 million remaining cost to complete three projects under construction as of Dec 31, 2025
“we estimate the remaining cost to complete the three projects currently under construction to be approximately $213.8 million”
2025 property development and capital improvements
2025 development/capex $440.4M vs $393.7M in 2024 (new development $206.3M, capex $118.5M, reposition $89.7M, other $25.9M)
“Expenditures for new development, including land$206.3 $163.2”
2026 planned construction/development spending
2026: $135-155M construction (3 projects), $50-60M new development starts, $77-81M repositions/redevelopment, $113-117M recurring capex
“In 2026, we expect to incur costs between approximately $135 million and $155 million related to the construction of three projects.”
Core market scale advantage
Economies of scale in core markets via personnel allocation and market strength
“We continue to operate in our core markets which we believe provides an advantage due to economies of scale”
Competitive landscape
Competes with other multifamily properties, condominiums, single-family homes, and short-term rental providers
“Our properties compete directly with other multifamily properties as well as condominiums, single-family homes, and third-party providers of short-term rentals”
Market selection criteria
Household formation, job growth, and quality of life drive apartment demand in target markets
“strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments”
Share repurchases and distributions 2025
2025: $270.7M common share repurchases, $461.0M distributions to shareholders/NCI holders
“$270.7 million used for common share repurchases”
2025 dispositions
5 dispositions in 2025 for ~$374.5M, total gain ~$260.9M
“In 2025, we completed five dispositions... for a total of approximately $374.5 million and recognized a total gain of approximately $260.9 million.”
Operating and business strategy
Earnings growth via operations/development/acquisitions, selective dispositions and capital redeployment, strong balance sheet
“producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success”
Commercial paper program
$600M commercial paper program (Feb 2025); $590.0M outstanding at Dec 31, 2025; revolver serves as liquidity backstop
“At December 31, 2025, we had $590.0 million outstanding under our commercial paper program.”
Unsecured revolving credit facility
$1.2B unsecured revolving credit facility maturing August 2026; fully available at Dec 31, 2025; ~$216.0M borrowed after year end
“We have a $1.2 billion unsecured revolving credit facility which matures in August 2026”
Notes payable carrying vs fair value
Fixed-rate notes $2,766.9M carrying / $2,629.6M fair; floating-rate $1,133.9M / $1,140.9M at Dec 31, 2025
“Fixed rate notes payable$2,766.9 $2,629.6 $2,764.4 $2,528.6”
Equity issuance capacity
2023 ATM program with $500.0M remaining available; automatic shelf registration; ~104.3M common shares outstanding at Dec 31, 2025
“common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under the 2023 ATM program”
Commercial paper program
$590.0M CP outstanding at 3.84% weighted average rate under $600M program; revolver ($1.2B available) serves as liquidity backstop
“At December 31, 2025, we had an aggregate of $590.0 million principal amount of Notes outstanding under the Program which had a weighted average interest rate of 3.84%.”
Floating-rate instruments composition
Floating-rate notes include senior unsecured notes, term loan due 2026, commercial paper (2025), and revolver (2024)
“Includes the senior unsecured notes payable and a term loan due in 2026 at December 31, 2025 and 2024. At December 31, 2025, the floating rate notes payable also includes the commercial paper notes.”
2026 expected spend and remaining development cost
~$213.8M cost to complete three projects ($135-155M in 2026); plus $50-60M new development starts, $77-81M repositions, $113-117M recurring capex in 2026
“we estimate the additional cost to complete the construction of the three projects to be approximately $213.8 million”
2025 same store revenue growth and drivers
FY2025 same store revenues +0.8% vs 2024
“Our results for the year ended December 31, 2025, reflect an increase in same store revenues of approximately 0.8% as compared to the same period in 2024.”
Letters of intent non-binding
Acquisition/disposition letters of intent are non-binding; risk generally limited to earnest money
“Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties.”
Rent control / rent stabilization risk
Rent control/stabilization laws could limit rent increases and reduce operating property values
“Such laws and regulations could limit our ability to enforce contractual rental obligations, increase rents, charge certain fees, evict residents, or recover increases in our operating expenses”
Regulatory and market liquidity risks
Liquidity risks include tariffs, rent control/stabilization laws, capital and credit market volatility, and credit-rating effects on cost of funds
“changes in governmental regulations, including tariffs and rent control or rent stabilization laws”
Entire multifamily portfolio of 175 properties is located across the United States
“175 multifamily properties comprised of 59,921 apartment homes across the United States”
REIT status eliminates federal income tax at entity level, contingent on continued Code compliance
“we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986”
Favorable demographics with higher propensity to rent versus buy drove 2025 same-store revenue growth via occupancy.
“favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets.”
Company targets markets where economic growth drives household formation and job growth supporting apartment demand
“strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments”
Camden is a defendant in a consolidated 43-case MDL plus DC AG, AZ AG, and DOJ/state suits alleging rent-fixing via RealPage software; outcome and loss not estimable.
“We have been named as a defendant in several cases alleging antitrust violations by RealPage, Inc.”
Job losses, unemployment, and regional downturns could hurt rental rates and occupancy; oversupply of apartments is a local risk.
“local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area”
Debt pricing tied to SOFR/Federal Funds Rate; US interest-rate environment drives borrowing costs.
“the daily or the one-, three-, or six- months Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating”
Commercial paper, revolver pricing, and credit ratings drive cost of funds; rate changes affect liquidity.
“the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets”
Low mortgage rates, home pricing, and builder incentives make alternative housing more affordable and compete with apartment demand.
“low mortgage interest rates and home pricing, making alternative housing more affordable”
Management views new multifamily supply as manageable and moderating; deterioration would hurt operating results.
“We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate are manageable and moderating”
Rent control/stabilization laws are cited as a factor that could affect future liquidity and operations.
“changes in governmental regulations, including tariffs and rent control or rent stabilization laws”
Rising interest rates could increase borrowing costs, lower real estate values, and decrease share price; low mortgage rates make buying more affordable vs renting.
“Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price”
Borrowings priced off SOFR/base-rate options make interest rates a direct cost driver on $590M CP and revolver borrowings.
“(a) the daily or the one-, three-, or six- months Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating”
Rent regulation in operating markets could cap rent increases and fees and reduce property values.
“imposing restrictions on amounts of rent increases which may be charged”
Land holdings written down using Level 3 comparable-sales inputs: $12.9M impairment in 2025 vs $41.0M in 2024, indicating ongoing development land valuation risk.
“impairment expense associated with land development activities of approximately $12.9 million and $41.0 million, respectively”
Short-term rental providers compete with Camden communities for residents
“third-party providers of short-term rentals, which are available for rent or purchase in the markets in which our communities are located”
Condominiums and single-family homes (for rent or purchase) are direct housing alternatives competing with Camden apartments
“Our properties compete directly with other multifamily properties as well as condominiums, single-family homes”
Tariffs identified as a regulatory factor that could increase or decrease future liquidity.
“changes in governmental regulations, including tariffs and rent control or rent stabilization laws”
Tariffs and supply-chain cost escalations cited as cost risks to operations and construction.
“increased costs, including those driven by tariffs, regulatory changes, or other supplychain cost escalations”
Bank of America, N.A. is a lender under the revolver (its prime rate is a pricing option).
“Bank of America, N.A.'s prime rate”
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