Business Description
Camden Property Trust is a real estate investment trust (REIT) focused on the ownership, management, and development of multifamily apartment communities. Headquartered in Houston, Texas, the company operates a portfolio of over 58,000 apartment homes across the United States, primarily concentrated in high-growth Sun Belt markets. It is distinctive for being one of the largest publicly traded multifamily REITs in the country and a long-standing member of the S&P 500.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Property Revenue | 1,573,544 | 1,543,842 | 1,542,027 | 1,422,756 |
| Service and Other Revenue | 12,967 | 7,137 | 3,451 | 5,188 |
| Total Revenues | 1,586,511 | 1,550,979 | 1,545,478 | 1,427,944 |
| Property Expenses | 369,889 | 365,681 | 353,911 | 315,737 |
| Service and Other Expenses | 40,526 | 40,531 | 35,423 | 31,117 |
| Total Property Expenses | 410,415 | 406,212 | 389,334 | 346,854 |
| Property Taxes | 196,821 | 193,124 | 195,009 | 182,344 |
| Gross Profit | 979,275 | 951,643 | 961,135 | 898,746 |
| Selling, General & Administrative Expenses | 98,604 | 84,994 | 77,904 | 40,776 |
| Depreciation & Amortization Expenses | 611,025 | 582,014 | 574,813 | 577,020 |
| Operating Profit | 269,646 | 284,635 | 308,418 | 280,950 |
| Net Gains on Disposal of Properties | 260,910 | 43,806 | 225,416 | 510,518 |
| Interest and Investment Income | 19,516 | 17,049 | 16,277 | (13,570) |
| Interest Expense | (138,239) | (129,815) | (133,395) | (113,424) |
| Non-Operating Income | (12,916) | (41,909) | (2,513) | — |
| Total Non-Operating Income | 129,271 | (110,869) | 105,785 | 383,524 |
| Income Before Provision for Income Taxes | 398,917 | 173,766 | 414,203 | 664,474 |
| Provision for Income Taxes | 4,019 | 2,926 | 3,650 | 2,966 |
| Consolidated Net Income | 394,898 | 170,840 | 410,553 | 661,508 |
| Net Income Attributable to Minority Interests and Other | 10,436 | 7,547 | 7,244 | 7,895 |
| Net Income Attributable to Common Shareholders | 384,462 | 163,293 | 403,309 | 653,613 |
| Basic EPS | 3.54 | 1.50 | 3.71 | 6.07 |
| Diluted EPS | 3.54 | 1.50 | 3.70 | 6.04 |
| Basic Weighted Average Shares Outstanding | 108,376 | 108,491 | 108,653 | 107,605 |
| Diluted Weighted Average Shares Outstanding | 108,434 | 108,539 | 109,399 | 108,388 |
| Shares Outstanding | 115,712 | 115,779 | 115,640 | 115,636 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 25,203 | 21,045 | 259,686 | 10,687 |
| Total Cash and Cash Equivalents | 25,203 | 21,045 | 259,686 | 10,687 |
| Accounts Receivable | 8,884 | 8,991 | 11,905 | 13,364 |
| Total Trade Receivables | 8,884 | 8,991 | 11,905 | 13,364 |
| Restricted Cash | 12,039 | 11,164 | 8,361 | 6,751 |
| Total Current Assets | 46,126 | 41,200 | 279,952 | 30,802 |
| Net Property, Plant & Equipment | 8,703,571 | 8,576,106 | 8,859,603 | 9,067,762 |
| Other Long-Term Assets | 293,292 | 234,838 | 244,182 | 229,371 |
| Total Assets | 9,042,989 | 8,852,144 | 9,383,737 | 9,327,935 |
| Accounts Payable | 248,087 | 215,179 | 222,599 | 211,370 |
| Accrued Expenses | 92,382 | 78,529 | 96,517 | 95,551 |
| Total Current Liabilities | 340,469 | 293,708 | 319,116 | 306,921 |
| Long-Term Debt | 3,900,790 | 3,485,591 | 3,715,436 | 3,680,913 |
| Other Long-Term Liabilities | 363,477 | 325,656 | 297,414 | 283,180 |
| Total Long-Term Liabilities | 4,264,267 | 3,811,247 | 4,012,850 | 3,964,093 |
| Total Liabilities | 4,604,736 | 4,104,955 | 4,331,966 | 4,271,014 |
| Common Stock | 1,157 | 1,158 | 1,156 | 1,156 |
| Treasury Stock | (620,497) | (359,732) | (320,364) | (328,684) |
| Additional Paid-in Capital | 5,948,938 | 5,930,729 | 5,914,868 | 5,897,454 |
| Accumulated Other Comprehensive Income | 2,165 | 974 | (1,252) | (1,774) |
| Retained Earnings | (969,240) | (897,931) | (613,651) | (581,532) |
| Total Common Shareholders' Equity | 4,362,523 | 4,675,198 | 4,980,757 | 4,986,620 |
| Minority Interests and Other | 75,730 | 71,991 | 71,014 | 70,301 |
| Total Shareholders' Equity | 4,438,253 | 4,747,189 | 5,051,771 | 5,056,921 |
| Total Liabilities and Shareholders' Equity | 9,042,989 | 8,852,144 | 9,383,737 | 9,327,935 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 394,898 | 170,840 | 410,553 | 661,508 |
| Depreciation & Amortization | 611,025 | 582,014 | 574,813 | 577,020 |
| Share-Based Compensation Expense | 16,959 | 15,166 | 14,512 | 12,822 |
| Other Adjustments | (247,994) | (1,897) | (222,903) | (510,551) |
| Changes in Other Operating Activities | 51,733 | 8,754 | 17,975 | 3,913 |
| Cash from Operating Activities | 826,621 | 774,877 | 794,950 | 744,712 |
| Capital Expenditure | (859,628) | (393,735) | (410,934) | (1,515,482) |
| Proceeds from Sale of Property, Plant & Equipment | 365,906 | 114,474 | 290,663 | 70,536 |
| Other Investing Activities | (5,817) | (5,969) | (6,856) | (11,238) |
| Cash from Investing Activities | (499,539) | (285,230) | (127,127) | (1,456,184) |
| Issuance of Short-Term Debt | 1,176,108 | 586,000 | 1,335,000 | 758,000 |
| Repayments of Short-Term Debt | (766,000) | (408,000) | (1,377,000) | (716,000) |
| Net Issuance / (Repayments) of Short-Term Debt | 410,108 | 178,000 | (42,000) | 42,000 |
| Issuance of Long-Term Debt | — | 395,952 | 498,235 | 300,000 |
| Repayments of Long-Term Debt | — | (800,000) | (437,749) | (350,000) |
| Net Issuance / (Repayments) of Long-Term Debt | — | (404,048) | 60,486 | (50,000) |
| Issuance of Common Shares | — | — | — | 516,758 |
| Repurchases of Common Shares | (270,654) | (49,997) | — | — |
| Net Issuance / (Repurchases) of Common Shares | (270,654) | (49,997) | — | 516,758 |
| Common Share Dividends Paid | (460,950) | (450,965) | (434,875) | (396,822) |
| Other Financing Activities | (553) | 1,525 | (825) | (2,006) |
| Cash from Financing Activities | (322,049) | (725,485) | (417,214) | 109,930 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 5,033 | (235,838) | 250,609 | (601,542) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $12.74B |
| P/E | 31.10x |
| P/S | 8.03x |
| EV/EBITDA | 18.95x |
| Return on Equity | 8.6% |
| Return on Invested Capital | 3.0% |
| Current Ratio | 0.14x |
| Dividend Yield | 3.9% |
| Free Cash Flow Margin | -2.1% |
Margins
Gross margin
61.7%
Operating margin
17.0%
Net margin
24.2%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $396M | -0.8% | 12.9% | $51M |
| Q1 2026 | $391M | -0.5% | 19.5% | $76M |
| Q4 2025 | $396M | +2.1% | 19.0% | $75M |
| Q3 2025 | $398M | +2.4% | 14.3% | $57M |
| Q2 2025 | $399M | — | 16.5% | $66M |
| Q1 2025 | $393M | — | 19.3% | $76M |
| Q4 2024 | $388M | — | 20.2% | $78M |
| Q3 2024 | $389M | — | 16.0% | $62M |
More on Camden Property Trust
Figures compiled from public company filings.
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