NYSE:CPT
CAMDEN PROPERTY TRUST
A leading owner-operator of senior living communities providing essential housing solutions to the U.S. retirement market with a diverse portfolio valued over $9B.
Key Metrics
Investment Thesis
Bull Case
The stock offers compelling value given the recovery in net profit to $394.9 million and a strong operating cash flow generation that supports generous dividend payouts relative to earnings. Investors gain exposure to the structural growth of the senior living sector backed by a diverse portfolio valued at over $9 billion with manageable non-controlling interests of only $10.4M.
Bear Case
Significant debt obligations remain a concern with total liabilities reaching $4.60B against equity of $4.44B, while other cash flow from financing shows substantial outflows of $2.41 billion in recent periods. The volatility in revenue streams and high operating expenses of over $950M could pressure margins if occupancy rates decline or interest costs rise further.
About CAMDEN PROPERTY TRUST
Camden Property Trust is a premier owner and operator of senior living communities across the United States, serving retirees seeking independent living, assisted living, and memory care services. The company leverages a portfolio valued at over $9 billion in assets to provide essential housing solutions for an aging demographic while managing significant debt obligations. With total shareholders' equity standing at $4.44 billion and recent net profits of $394.9 million, the trust balances high capital deployment with operational stability.
Analysis
Management Discussion
Despite a notable decline in reported revenue from $5.2B to $13.0M over recent periods, the company demonstrated strong operational resilience with net profit recovering significantly to $394.9 million in 2025 from $170.8 million previously. Cash flow from operations of $826.6 million substantially exceeded cash dividends paid of $460.9 million and share repurchases of $270.7M, indicating healthy liquidity management despite large financing outflows.
Industry Overview
The senior living industry is characterized by long-term secular tailwinds from an aging population, though it faces headwinds from elevated capital costs and regulatory scrutiny. Companies in this space must balance high fixed asset values of over $9 billion with operational efficiency to maintain profitability amidst fluctuating occupancy trends.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $5.2M | $3.5M | $7.1M | $13.0M |
| Cost of Revenue | $498.1M | $548.9M | $558.8M | $566.7M |
| Gross Profit | $-492.9M | $-545.5M | $-551.7M | $-553.7M |
| Operating Expenses | $-1.16B | $-959.7M | $-725.4M | $-952.7M |
| Operating Income | $664.5M | $414.2M | $173.8M | $398.9M |
| G&A | $60.4M | $62.5M | $72.4M | $79.3M |
| Stock-Based Comp | $12.8M | $14.5M | $15.2M | $17.0M |
| D&A | $577.0M | $574.8M | $582.0M | $611.0M |
| Amortization | $50.3M | — | — | $15.5M |
| Other OpEx | $-1.22B | $-1.02B | $-797.8M | $-1.03B |
| Non-Operating Income | $0 | $0 | $0 | $0 |
| Interest Expense | $113.4M | $133.4M | $129.8M | $138.2M |
| Pre-Tax Income | $664.5M | $414.2M | $173.8M | $398.9M |
| Income Tax | $10.9M | $10.9M | $10.5M | $4.0M |
| Continuing Ops | $653.6M | $403.3M | $163.3M | $384.5M |
| Discontinued Ops | $7.9M | $7.2M | $7.5M | $10.4M |
| Net Income | $661.5M | $410.6M | $170.8M | $394.9M |
| Minority Interest | $7.9M | $7.2M | $7.5M | $10.4M |
| Net to Common | $653.6M | $403.3M | $163.3M | $384.5M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $10.7M | $259.7M | $21.0M | $25.2M |
| Operating Leases | $6.0M | $4.4M | $2.5M | $11.0M |
| Total Assets | $9.33B | $9.38B | $8.85B | $9.04B |
| Total Liabilities | $4.27B | $4.33B | $4.10B | $4.60B |
| Shareholders' Equity | $5.06B | $5.05B | $4.75B | $4.44B |
| AOCI | $-1.8M | $-1.3M | $974.0K | $2.2M |
| Treasury Stock | $328.7M | $320.4M | $359.7M | $620.5M |
| Total L&E | $9.33B | $9.38B | $8.85B | $9.04B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $661.5M | $410.6M | $170.8M | $394.9M |
| Non-Cash Adjustments | $55.5M | $365.8M | $581.7M | $392.4M |
| Working Capital Changes | $27.7M | $18.6M | $22.3M | $39.4M |
| Cash from Operations | $744.7M | $795.0M | $774.9M | $826.6M |
| Cash from Investing | $-1.46B | $-127.1M | $-285.2M | $-499.5M |
| Share Buybacks | — | — | $50.0M | $270.7M |
| Dividends Paid | $396.8M | $434.9M | $451.0M | $460.9M |
| Cash from Financing | $109.9M | $-417.2M | $-725.5M | $-322.0M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-601.5M | $250.6M | $-235.8M | $5.0M |
| Beginning Cash | $619.0M | $17.4M | $268.0M | $32.2M |
| Ending Cash | $17.4M | $268.0M | $32.2M | $37.2M |
Frequently Asked Questions
How does CAMDEN PROPERTY TRUST make money?
Senior Living Communities (Independent Living), Assisted Living Services, Memory Care Facilities, and Value-Added Residential Rental Properties within its broader real estate investment trust structure.
What are the main risks for CPT?
Rising interest rates increasing cost of capital for significant existing debt including revolver repayments of $766M, potential demographic shifts in the senior population affecting demand, regulatory changes impacting senior living operations, and concentration risk within specific geographic markets.
What is CPT's competitive advantage?
Extensive geographic footprint providing strong scale advantages in senior living markets, robust operational expertise across multiple care levels, and a resilient debt profile supported by consistent cash flow from operations of $826.6 million.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.