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 2025FY 2024FY 2023FY 2022
Property Revenue1,573,5441,543,8421,542,0271,422,756
Service and Other Revenue12,9677,1373,4515,188
Total Revenues1,586,5111,550,9791,545,4781,427,944
Property Expenses369,889365,681353,911315,737
Service and Other Expenses40,52640,53135,42331,117
Total Property Expenses410,415406,212389,334346,854
Property Taxes196,821193,124195,009182,344
Gross Profit979,275951,643961,135898,746
Selling, General & Administrative Expenses98,60484,99477,90440,776
Depreciation & Amortization Expenses611,025582,014574,813577,020
Operating Profit269,646284,635308,418280,950
Net Gains on Disposal of Properties260,91043,806225,416510,518
Interest and Investment Income19,51617,04916,277(13,570)
Interest Expense(138,239)(129,815)(133,395)(113,424)
Non-Operating Income(12,916)(41,909)(2,513)—
Total Non-Operating Income129,271(110,869)105,785383,524
Income Before Provision for Income Taxes398,917173,766414,203664,474
Provision for Income Taxes4,0192,9263,6502,966
Consolidated Net Income394,898170,840410,553661,508
Net Income Attributable to Minority Interests and Other10,4367,5477,2447,895
Net Income Attributable to Common Shareholders384,462163,293403,309653,613
Basic EPS3.541.503.716.07
Diluted EPS3.541.503.706.04
Basic Weighted Average Shares Outstanding108,376108,491108,653107,605
Diluted Weighted Average Shares Outstanding108,434108,539109,399108,388
Shares Outstanding115,712115,779115,640115,636
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents25,20321,045259,68610,687
Total Cash and Cash Equivalents25,20321,045259,68610,687
Accounts Receivable8,8848,99111,90513,364
Total Trade Receivables8,8848,99111,90513,364
Restricted Cash12,03911,1648,3616,751
Total Current Assets46,12641,200279,95230,802
Net Property, Plant & Equipment8,703,5718,576,1068,859,6039,067,762
Other Long-Term Assets293,292234,838244,182229,371
Total Assets9,042,9898,852,1449,383,7379,327,935
Accounts Payable248,087215,179222,599211,370
Accrued Expenses92,38278,52996,51795,551
Total Current Liabilities340,469293,708319,116306,921
Long-Term Debt3,900,7903,485,5913,715,4363,680,913
Other Long-Term Liabilities363,477325,656297,414283,180
Total Long-Term Liabilities4,264,2673,811,2474,012,8503,964,093
Total Liabilities4,604,7364,104,9554,331,9664,271,014
Common Stock1,1571,1581,1561,156
Treasury Stock(620,497)(359,732)(320,364)(328,684)
Additional Paid-in Capital5,948,9385,930,7295,914,8685,897,454
Accumulated Other Comprehensive Income2,165974(1,252)(1,774)
Retained Earnings(969,240)(897,931)(613,651)(581,532)
Total Common Shareholders' Equity4,362,5234,675,1984,980,7574,986,620
Minority Interests and Other75,73071,99171,01470,301
Total Shareholders' Equity4,438,2534,747,1895,051,7715,056,921
Total Liabilities and Shareholders' Equity9,042,9898,852,1449,383,7379,327,935
FY 2025FY 2024FY 2023FY 2022
Net Income394,898170,840410,553661,508
Depreciation & Amortization611,025582,014574,813577,020
Share-Based Compensation Expense16,95915,16614,51212,822
Other Adjustments(247,994)(1,897)(222,903)(510,551)
Changes in Other Operating Activities51,7338,75417,9753,913
Cash from Operating Activities826,621774,877794,950744,712
Capital Expenditure(859,628)(393,735)(410,934)(1,515,482)
Proceeds from Sale of Property, Plant & Equipment365,906114,474290,66370,536
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 Debt1,176,108586,0001,335,000758,000
Repayments of Short-Term Debt(766,000)(408,000)(1,377,000)(716,000)
Net Issuance / (Repayments) of Short-Term Debt410,108178,000(42,000)42,000
Issuance of Long-Term Debt—395,952498,235300,000
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 Cash5,033(235,838)250,609(601,542)

Key Metrics & Ratios

MetricValue
Market Cap$12.74B
P/E31.10x
P/S8.03x
EV/EBITDA18.95x
Return on Equity8.6%
Return on Invested Capital3.0%
Current Ratio0.14x
Dividend Yield3.9%
Free Cash Flow Margin-2.1%

Margins

Gross margin
61.7%
Operating margin
17.0%
Net margin
24.2%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating 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

Company

Camden Property Trust overview
Figures compiled from public company filings.

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