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Camden Property (CPT)
NYSE:CPT
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Camden Property
(NYSE:CPT)
68Neutral
Positive Factors
Financial Performance
Camden reported Core FFO per share of $1.72, which was six cents higher than consensus estimates and eight cents higher than analyst numbers.
Property Development
Camden completed construction on three properties, with high lease rates in Durham, NC and Spring, TX, indicating strong demand.
Negative Factors
Lease Rates
New lease rates were down 3.1% during the first quarter of 2025, leading to a blended rate decrease of 0.1%.
Revenue Decline
Some markets like Austin and Nashville, representing 6% of the company's portfolio, saw a decrease of ~3% in revenue, expected to persist due to supply pressures.
Camden Property (CPT) vs. S&P 500 (SPY)
Market Cap
$16.84B
Dividend Yield3.48%
Average Volume (3M)1.16M
Price to Earnings (P/E)109.4
Beta (1Y)0.72
Revenue Growth0.56%
EPS Growth-73.40%
CountryUS
Employees1,660
SectorReal Estate
Sector Strength81
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.36
Shares Outstanding106,837,970
10 Day Avg. Volume1,043,735
30 Day Avg. Volume1,162,849
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit18.06
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$131.05Price Target Upside11.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering16
Camden Property Business Overview & Revenue Model
Company DescriptionCamden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 167 properties containing 56,850 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company's portfolio will increase to 59,104 apartment homes in 174 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor Employees' Choice Award in 2020, ranking #25 for large U.S. companies.
How the Company Makes MoneyCamden Property Trust makes money through rental income generated from its portfolio of multifamily apartment communities. The company collects rent from tenants residing in its properties, which constitutes the primary revenue stream. Camden also occasionally generates income from the sale of properties when market conditions are favorable. Additionally, the company may earn ancillary income from amenities and services offered to tenants, such as parking fees, pet fees, and other community-related services. Camden's strategic development and acquisition activities help expand its portfolio and increase potential revenue sources. The REIT structure allows Camden to benefit from favorable tax treatments, which can enhance overall profitability.
Camden Property Financial Statement Overview
Summary
Camden Property exhibits stable financial health with strong cash flow generation and a robust balance sheet. However, the sharp decline in income statement profitability metrics suggests operational challenges impacting margins. The company's zero debt position in the TTM period strengthens its financial resilience. Despite revenue growth, the decrease in ROE and profit margins may raise concerns over future profitability and efficiency.Income Statement
The income statement shows a mixed performance. The TTM (Trailing-Twelve-Months) gross profit margin is 23.73%, which is lower than the previous annual period's 62.11%, indicating a sharp decline. Net profit margin in TTM is 14.02%, also down from 26.15% in the previous year. Revenue growth rate from 2022 to 2023 is 8.38%, showing a healthy increase in top-line performance. However, the EBIT margin dropped from 58.34% to 22.70%, indicating reduced operational efficiency.65
Positive
Balance Sheet
The balance sheet reflects a stable financial position. The company has no debt in the TTM period, improving from a debt-to-equity ratio of 0.75 in 2023. The equity ratio is 54.52% in TTM, slightly improved from 53.06% in 2023, illustrating a strong equity base. Return on equity for TTM is 3.49%, significantly lower than the previous year's 8.10%, suggesting decreased efficiency in using shareholder funds.75
Positive
Cash Flow
Cash flow analysis shows solid performance with a high operating cash flow to net income ratio of 3.81 in TTM, up from 1.97 in 2023, indicating strong cash generation relative to net income. Free cash flow to net income ratio is 3.81, a substantial improvement from 0.95 in the previous year. Free cash flow growth rate is 62.06% from 2023 to TTM, demonstrating significant cash reserves improvement.78
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 1.54B | 1.54B | 1.42B | 1.14B | 1.04B | Gross Profit |
| 944.51M | 957.68M | 893.56M | 695.71M | 620.86M | EBIT |
| 300.38M | 899.51M | 267.38M | 237.18M | 221.87M | EBITDA |
| 882.40M | 899.51M | 844.40M | 657.87M | 589.03M | Net Income Common Stockholders |
| 163.29M | 403.31M | 653.61M | 303.91M | 123.91M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 21.05M | 259.69M | 10.69M | 613.39M | 420.44M | Total Assets |
| 8.85B | 9.38B | 9.33B | 7.98B | 7.20B | Total Debt |
| 3.49B | 3.72B | 3.68B | 3.17B | 3.17B | Net Debt |
| 3.46B | 3.46B | 3.67B | 2.56B | 2.75B | Total Liabilities |
| 4.10B | 4.33B | 4.27B | 3.71B | 3.68B | Stockholders Equity |
| 4.68B | 4.98B | 4.99B | 4.20B | 3.44B |
| Cash Flow | Free Cash Flow | |||
| 381.14M | 384.02M | 295.28M | 148.75M | 92.07M | Operating Cash Flow |
| 774.88M | 794.95M | 744.71M | 577.47M | 519.32M | Investing Cash Flow |
| -285.23M | -127.13M | -1.46B | -804.39M | -429.60M | Financing Cash Flow |
| -725.49M | -417.21M | 109.93M | 421.37M | 307.32M |
Camden Property Technical Analysis
Positive
117.98
Price Trends
116.83
Positive
115.71
Positive
116.97
Positive
Market Momentum
0.89
Negative
55.79
Neutral
68.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CPT, the sentiment is Positive. The current price of 117.98 is above the 20-day moving average (MA) of 114.42, above the 50-day MA of 116.83, and above the 200-day MA of 116.97, indicating a bullish trend. The MACD of 0.89 indicates Negative momentum. The RSI at 55.79 is Neutral, neither overbought nor oversold. The STOCH value of 68.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CPT.
Camden Property Risk Analysis
Camden Property disclosed 21 risk factors in its most recent earnings report. Camden Property reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Camden Property Peers Comparison
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $27.63B | 27.63 | 9.01% | 3.88% | 3.91% | 8.78% | |
71 Outperform | $14.19B | 120.40 | 3.40% | 4.03% | 2.35% | -73.89% | |
68 Neutral | $16.84B | 109.43 | 2.47% | 3.48% | 0.56% | -73.40% | |
68 Neutral | $20.15B | 34.92 | 9.37% | 3.66% | 1.55% | 0.73% | |
68 Neutral | $12.77B | 34.76 | 22.87% | 3.03% | 0.69% | 5.67% | |
63 Neutral | $19.08B | 27.59 | 12.09% | 3.51% | 7.61% | 27.83% | |
60 Neutral | $2.80B | 11.09 | 0.20% | 8508.36% | 6.13% | -16.84% |
* Real Estate Sector Average
Performance Comparison
CPT
Camden Property
117.98
14.93
14.49%
ELS
Equity Lifestyle
64.32
3.66
6.03%
EQR
Equity Residential
69.94
5.66
8.81%
MAA
Mid-America Apartment
163.02
32.26
24.67%
ESS
Essex Property
282.69
30.94
12.29%
UDR
UDR
42.29
4.74
12.62%
Camden Property Earnings Call Summary
Earnings Call Date:May 01, 2025
(Q1-2025)
| % Change Since: 2.74%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Positive
The earnings call reflected a generally positive outlook with significant achievements in recognition, financial performance, and market presence. While there are challenges such as negative blended rental rates and market-specific issues, the company's strategic initiatives and market strengths provide a strong foundation for future growth.Q1-2025 Updates
Positive Updates
Recognition as a Top Workplace
Camden was named by FORTUNE magazine as one of the 100 Best Companies to Work For, marking the 18th consecutive year of this achievement.
Exceeded Earnings Expectations
The company exceeded its operating expectations, beating guidance by $0.04 per share.
Strong Sunbelt Market Performance
Sunbelt markets continue to dominate in job growth and affordability, with new supply peaking and apartment absorption remaining strong.
High Customer Satisfaction
Camden's customer sentiment score was 91.1, the highest since 2014, indicating high resident satisfaction.
Successful Real Estate Transactions
Completed two acquisitions totaling $199 million and commenced construction on a new development with an estimated cost of $184 million.
New Commercial Paper Program
Introduced a $600 million commercial paper program, leading to lower interest rates and increasing full-year core FFO guidance by $0.03 per share.
Positive Insurance Renewal Outcome
Insurance premiums were renewed with a cost reduction of over 10%.
Negative Updates
Negative Blended Rental Rate
First quarter rental rates showed a blended rate of negative 0.1%, with effective new leases down 3.1% and renewals up 3.3%.
Challenging Market Conditions in Austin and Nashville
Austin and Nashville are expected to remain challenged throughout 2025 due to significant new deliveries.
Slight Sequential Decline in FFO
Second quarter core FFO per share is expected to decline by $0.03 sequentially due to various factors including seasonality and increased interest expense.
Slow Lease-up in Single-Family Rentals
Lease-up for single-family rental communities has been slower than expected, although stabilization is anticipated later in the year.
Company Guidance
During Camden Property Trust's First Quarter 2025 Earnings Conference Call, the company exceeded its operating expectations, beating guidance by $0.04 per share. Camden reported a same-property revenue growth ranging from 1.3% to 4.5% in top markets, with an overall portfolio growth of 0.8%. The company achieved a blended rental rate of negative 0.1%, reflecting a 100 basis point improvement from the previous quarter's negative 1.1%. Occupancy improved slightly to 95.4%, with renewal offers for the upcoming months averaging a 4.2% increase. Camden's annualized net turnover rate was one of the lowest in its history at 31%, with a customer sentiment score reaching a record high of 91.1. The company reported core funds from operations for the first quarter at $1.72 per share, $0.04 above prior guidance, and increased its full-year core FFO guidance midpoint by $0.03 to $6.78, largely due to expected lower interest expense from a new commercial paper program. Camden's acquisition and development activities included $199 million in acquisitions and the commencement of a $184 million development project, with plans to continue monitoring market conditions for further development opportunities.Camden Property Corporate Events
Executive/Board ChangesShareholder MeetingsBusiness Operations and Strategy
Camden Property Shareholders Approve Key Proposals
Positive
May 9, 2025
At the recent Annual Meeting, Camden Property‘s shareholders voted on several key matters, including the election of ten Trust Managers, approval of executive compensation, and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2025. All proposals received the necessary shareholder approval, indicating strong support for the company’s leadership and strategic direction.
Spark’s Take on CPT Stock
According to Spark, TipRanks’ AI Analyst, CPT is a Neutral.
Camden Property’s overall score reflects its stable financial health and positive earnings call, highlighting successful strategic initiatives and strong cash flow generation. However, challenges in profitability and valuation concerns due to a high P/E ratio temper the outlook. The stock shows moderate positive momentum, though caution is advised given overbought technical indicators.
To see Spark’s full report on CPT stock, click here.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.