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CAMDEN PROPERTY TRUST (CPT)

Camden Property Trust (CPT) is a real estate investment company focused on the ownership, management, development, and construction of multifamily apartment communities across the United States . The company operates 177 multifamily properties, comprising 59,996 apartment homes, and holds additional land for future development . CPT's business activities are concentrated in markets with strong economic growth and job creation, which drive demand for their apartment homes . The company generates nearly all its revenue from leasing apartment homes, as it operates in a single reportable segment without distinguishing operations by geography or property type .

  1. Multifamily Apartment Communities - Owns, manages, and leases apartment homes across the United States, generating the majority of the company's revenue through property leasing activities.

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NamePositionExternal RolesShort Bio

D. Keith Oden

ExecutiveBoard

Executive Vice Chairman of the Board

Executive Council Member, Center for Real Estate Finance at the University of Texas

Co-founder of CPT's predecessor companies in 1982, he served as President until 2019 and transitioned to Executive Vice Chairman, focusing on strategic leadership.

Richard J. Campo

ExecutiveBoard

Chairman of the Board and CEO

None

Richard J. Campo has been Chairman and CEO since 1993, leading CPT to become one of the largest multifamily REITs in the U.S..

View Report →

Alexander J. Jessett

Executive

President and CFO

None

Jessett has been with CPT since 2013, serving in various financial leadership roles before becoming President and CFO in 2024.

Ben Fraker

Executive

SVP-Finance and Treasurer

None

Promoted to SVP-Finance and Treasurer in 2024, Fraker previously served as VP-Finance and Treasurer.

Laurie A. Baker

Executive

EVP and COO

None

Baker joined CPT in 2012 and has held various leadership roles, including EVP of Operations, before becoming COO in 2021.

Frances Aldrich Sevilla-Sacasa

Board

Independent Trust Manager

Director at Callon Petroleum Company and Invitation Homes, Inc.

Sevilla-Sacasa has been a CPT Trust Manager since 2011 and has extensive experience in financial services and wealth management.

Heather J. Brunner

Board

Independent Trust Manager

Chairwoman and CEO of WP Engine, Inc.

Brunner joined CPT's Board in 2017 and has extensive experience in technology and innovation, currently leading WP Engine.

Javier E. Benito

Board

Independent Trust Manager

General Manager, KFC Latin America and the Caribbean

Benito joined CPT's Board in 2022 and has extensive experience in marketing and financial management, with leadership roles at Yum! Brands and Coca-Cola.

Kelvin R. Westbrook

Board

Lead Independent Trust Manager

Director at Archer-Daniels Midland Company, T-Mobile USA, Inc., and The Mosaic Company

Westbrook has been a CPT Trust Manager since 2008 and Lead Independent Trust Manager since 2017, with expertise in law, corporate finance, and telecommunications.

Mark D. Gibson

Board

Independent Trust Manager

CEO, Capital Markets, Americas at Jones Lang LaSalle (JLL)

Gibson joined CPT's Board in 2020 and has significant expertise in real estate and corporate governance.

Renu Khator

Board

Independent Trust Manager

Director at The PNC Financial Services Group

Chancellor of the University of Houston System and President of the University of Houston since 2008, Khator joined CPT's Board in 2017.

Scott S. Ingraham

Board

Independent Trust Manager

Director at Kilroy Realty, Inc.

Co-founder of Rent.com and former CEO of Oasis Residential, Ingraham has been a CPT Trust Manager since 1998.

Steven A. Webster

Board

Independent Trust Manager

Director at Callon Petroleum Company and Oceaneering International, Inc.

Webster has been a CPT Trust Manager since 1993 and has extensive experience in corporate finance and energy investments.

  1. Given that the untrended yields on your recent development starts are below 6% while assets are trading in the low 5% cap rate range, how do you justify continuing these developments when the initial spread appears minimal and going-in yields seem risky?
  2. With property taxes having an unusually low increase of 0.2% this year and insurance costs actually decreasing, how prepared are you for a potential return to higher expense growth in 2025, and what impact could that have on your margins?
  3. Despite signing blended lease rates at only 0.9% in July, you're projecting an acceleration in lease growth for the remainder of the year; what gives you confidence in this forecast given the current leasing environment?
  4. In markets like Nashville and Austin where you're facing significant new supply and oversupply concerns into 2025, how do you plan to sustain occupancy and rental rate growth in these challenging conditions?
  5. Considering your recent stock buybacks at lower prices and the current stock price close to consensus NAV, under what circumstances would you consider issuing equity to fund acquisitions or development, and how do you evaluate the trade-off between dilution and growth opportunities?

Research analysts who have asked questions during CAMDEN PROPERTY TRUST earnings calls.

Adam Kramer

Morgan Stanley

4 questions for CPT

Also covers: AMH, AVB, EQR +5 more

Ami Probandt

UBS

4 questions for CPT

Also covers: AVB, CSR, EQR +4 more

Brad Heffern

RBC Capital Markets

4 questions for CPT

Also covers: ADC, AMH, AVB +15 more

Eric Wolfe

Citi

4 questions for CPT

Also covers: AMH, AVB, CUBE +13 more

Haendel St. Juste

Mizuho Financial Group

4 questions for CPT

Also covers: AAT, ADC, AIV +21 more

John Kim

BMO Capital Markets

4 questions for CPT

Also covers: AIV, ALX, ARDX +31 more

Steve Sakwa

Evercore ISI

4 questions for CPT

Also covers: ALX, AMH, AVB +31 more

Alexander Goldfarb

Piper Sandler

3 questions for CPT

Also covers: ALEX, ALX, AVB +25 more

Austin Wurschmidt

KeyBanc Capital Markets Inc.

3 questions for CPT

Also covers: AHR, AIV, AMH +20 more

James Feldman

Wells Fargo

3 questions for CPT

Also covers: AMH, ARE, AVB +16 more

Linda Tsai

Jefferies

3 questions for CPT

Also covers: ADC, AKR, AMH +20 more

Alex Kim

Zelman & Associates

2 questions for CPT

Also covers: AVB, EQR, ESS +2 more

David Segall

Green Street

2 questions for CPT

Also covers: ELS, EQR, ESS +2 more

Jeffrey Spector

BofA Securities

2 questions for CPT

Also covers: AKR, AMH, AVB +25 more

Julien Blouin

The Goldman Sachs Group, Inc.

2 questions for CPT

Also covers: ALX, AMH, CBRE +11 more

Michael Lewis

Truist Securities, Inc.

2 questions for CPT

Also covers: ALX, BDN, BXP +12 more

Richard Hightower

Barclays

2 questions for CPT

Also covers: ADC, AMH, AVB +11 more

Robert Stevenson

Janney Montgomery Scott LLC

2 questions for CPT

Also covers: ADC, AHH, AIV +17 more

Wesley Golladay

Robert W. Baird & Co.

2 questions for CPT

Also covers: ADC, ARE, CTRE +22 more

Alexander Kim

Zelman & Associates

1 question for CPT

Also covers: AVB, EQR, ESS +2 more

Alex Kalmus

Zelman & Associates

1 question for CPT

Also covers: AIV, ESS, UDR

Connor Mitchell

Piper Sandler & Co.

1 question for CPT

Also covers: BRX, CHCT, CSR +7 more

Connor Peace

Deutsche Bank

1 question for CPT

Jamie Feldman

Wells Fargo & Company

1 question for CPT

Also covers: AMH, AVB, BRX +16 more

Jana Galan

Bank of America

1 question for CPT

Also covers: ADC, AHH, BXP +19 more

Mason P. Guell

Baird

1 question for CPT

Also covers: CSR, IRT, MAA +1 more

Nick Yulico

Scotiabank

1 question for CPT

Also covers: ALX, OHI

Omotayo Okusanya

Deutsche Bank AG

1 question for CPT

Also covers: AMH, ARE, BDN +40 more

Richard Anderson

Wedbush Securities

1 question for CPT

Also covers: AIV, ARE, AVB +22 more

Rich Hightower

Barclays

1 question for CPT

Also covers: ADC, AVB, EPRT +11 more
Program DetailsProgram 1Program 2
Approval DateMay 2022 May 2023
End Date/DurationTerminated in May 2023 Not specified
Total additional amount$500.0 million $500.0 million
Remaining authorization amount$0 $500.0 million
DetailsNo shares were sold under this program Repurchases through open-market, block, and privately negotiated transactions
YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
2025$3.6 N/AN/A0.1% = (3.6 / 3451.8) * 100
2026$573.0 6.04% Term Loan, 6.29% Senior Notes6.04 - 6.29 16.6% = (573.0 / 3451.8) * 100
2027$310.5 Weighted Average4.7 9.0% = (310.5 / 3451.8) * 100
2028$529.9 3.74% Senior Notes, 3.87% Secured Note3.74 - 3.87 15.3% = (529.9 / 3451.8) * 100
Thereafter$2,042.9 Various (e.g., 3.41% Senior Notes)2.91 - 5.06 59.2% = (2042.9 / 3451.8) * 100
NameStart DateEnd DateReason for Change
Deloitte & Touche LLP1993 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Camden Leander Acquisition

2025

$67.7 million acquisition of 352 apartment homes built in 2023 in Leander, TX, purchased at 15% below replacement cost with an 85% occupancy and a 5% stabilized yield. This aligns with Camden's strategy to acquire newer, high-growth properties in key markets.

Remaining 68.7% Ownership Interests in Two Discretionary Investment Funds

2022

Completed on April 1, 2022, this deal involved a cash consideration of approximately $1.1 billion (along with assuming $514–$520 million of secured debt) to consolidate 22 multifamily communities across major Sunbelt markets, resulting in a fair value gain of approximately $474.1 million and enhancing Camden's asset base.

Recent press releases and 8-K filings for CPT.

Camden Property Trust reports Q2 2025 results
·$CPT
Earnings
Guidance Update
New Projects/Investments
  • Apartment demand hit a 25-year high in Q2, aided by 31 months of wage growth outpacing rent growth, record customer sentiment scores, and low purchase-driven move-outs, underpinning strong resident retention.
  • Effective blended rental rate improved 0.7% (new leases down 2.1%, renewals up 3.7%), and occupancy remained stable at 95.6% in Q2 2025.
  • Q2 core FFO was $187.6 million or $1.70 per share, $0.01 ahead of guidance; full-year core FFO midpoint raised to $6.81 per share (+$0.03), and Q3 FFO is guided to $1.67–$1.71 per share.
  • Executed $139 million acquisition (Camden Clearwater) and $174 million in dispositions (avg. AFFO yield ~5.1%); targeting $750 million each of acquisitions and dispositions in 2025, with net debt/EBITDA at 4.2x and no significant maturities until 2026.
Aug 1, 2025, 9:20 PM
Camden Property Trust Files 8-K Report on Shareholder Vote Outcomes
·$CPT
Proxy Vote Outcomes
  • Filed on May 9, 2025, the 8-K report details key shareholder voting matters, including proposals on Trust Managers, executive compensation, and ratification of the independent registered public accounting firm.
  • Shareholder votes at the Annual Meeting overwhelmingly approved the election of ten Trust Managers and the advisory vote on executive compensation, with detailed vote counts provided in the filing.
  • The report includes, as part of its exhibits, financial statement filings and a signed certification by Senior VP and Chief Accounting Officer Michael P. Gallagher.
May 9, 2025, 12:00 AM
Camden Property Trust Reports Q1 2025 Earnings
·$CPT
Earnings
Guidance Update
M&A
  • Strong balance sheet and liquidity were highlighted, with the presentation emphasizing consistent earnings and dividend growth for Q1 2025.
  • The company provided detailed 2025 guidance, including a midpoint EPS of $1.15 and Core FFO guidance of $6.75 per share, alongside revenue and expense growth targets.
  • Strategic initiatives centered on robust capital recycling via recent acquisitions (e.g., Camden Leander at $68M and Camden West Nashville at $131M) and an active development pipeline that supports portfolio quality.
May 2, 2025, 3:00 PM