# Camden Property Trust (CPT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CPT/thesis · /stocks/CPT/memo

## Financial Snapshot

---
ticker: CPT
step: 04
generated: 2026-05-13
source: quick-research
---

### Camden Property Trust (CPT) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $1.42B | $1.54B | $1.54B | +0.1% |
| NOI Margin | ~67% | ~65% | ~64% | |
| Core FFO (total) | ~$610M | ~$645M | ~$625M | -3.1% |
| Core FFO/Share | ~$6.17 | ~$6.70 | ~$6.81 | +1.6% |
| Net Income | ~$450M | ~$350M | ~$300M | -14% |

*FY2024 revenue was essentially flat (+0.1%) as new Sunbelt apartment supply created concession pressure offsetting underlying demand. Core FFO/share improved slightly on buyback tailwind while total pool FFO declined.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Core FFO | ~$625M |
| Dividend per Share | ~$4.24 (annualized; ~4.0% yield at current prices) |
| Total Debt | ~$3.6B |
| Net Debt / EBITDA | ~5.2x |
| 14-Year Dividend/FFO CAGR | 5.2% / 4.7% respectively |

*CPT maintains one of the sector's most conservative balance sheets (5.2x leverage) relative to its growth profile. 14-year compounding track record of consistent dividend and FFO growth.*

#### Key Ratios (approximate)
- Price/Core FFO: ~15x | Implied Cap Rate: ~5.3% | Dividend Yield: ~4.0%
- Same-Store Revenue Growth (FY2024): flat to slightly positive
- Q1 2025 Occupancy: 95.4%; Blended Rate Q2 2025: +0.7% (improvement from -0.1% in Q1 2025)

#### Growth Profile
CPT delivered exceptional growth in FY2022 (+24.4% revenue) as pandemic-era Sunbelt migration created a historic rent spike. FY2023 growth moderated to +8.4% as supply began delivering. FY2024 was essentially flat (+0.1%) as record new apartment completions in Austin, Dallas, Phoenix, and Denver created concession pressure that offset strong demand. Blended rates troughed in Q1 2025 (-0.1%) and improved to +0.7% in Q2 2025 — a positive signal. New starts are at a 13-year low industrywide, suggesting supply pressure peaks in 2025 and eases sharply in 2026–2027.

#### Forward Estimates
- FY2025 Core FFO/Share guidance: $6.76–$6.86 (midpoint $6.81, raised from prior guidance)
- FY2026 Outlook: Same-store revenue growth projected approximately flat; Core FFO/share expected to decline modestly due to lower fee income, higher expenses, and Austin/Denver pockets of weakness
- Capital Recycling 2025: ~$750M each in acquisitions + dispositions (California exits → Sunbelt reinvestment + buybacks)
- "Hockey stick" H2 2026 recovery anticipated by management as excess supply absorbs into robust demand

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CPT/fundamental

## Navigation

- Overview: /stocks/CPT
- Financials (this page): /stocks/CPT/financials
- Thesis: /stocks/CPT/thesis
- Investment Memo: /stocks/CPT/memo
- Coverage universe: /stocks