| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 24 | 34.1x | 17.8x | Bottom tier | |
Growth | 40 | 0.5% | 7.1% | Around median | |
Quality | 28 | 3.0% | 4.5% | Bottom tier | |
Safety | 37 | 4.9x | 2.6x | Bottom tier | |
Capital Return | 62 | 4.10% | 2.12% | Around median | |
Momentum | 48 | 2.8% | 2.9% | Around median | |
Sentiment | 76 | 7 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Camden Property Trust is a real estate investment trust listed under the ticker CPT on the NYSE. It owns and operates multifamily residential communities and generates its income primarily from rents, occupancy, lease renewals, and other property-related revenue. After selling 11 operating communities in California for $1.625 billion on July 29, 2026, its portfolio became more concentrated in 13 existing markets, particularly Sunbelt markets, with the proceeds reinvested in newer communities within its existing markets and in share repurchases.
In Q2 FY2026, Camden reported revenue of $392.9 million, net income of $18.8 million, and earnings per share of $0.18, while core FFO reached $1.68 per share, exceeding the midpoint of the company's guidance by one cent. Average occupancy was 95.7%, compared with 95.1% in Q1 FY2026, and effective new leases declined by 3.3%, while renewals increased by 2.8%, resulting in blended lease growth of negative 0.2%.
The portfolio mix reflects a clear shift from California assets with an average age of 19 years to seven completed community acquisitions in Atlanta, Orlando, Nashville, Dallas, Phoenix, Tampa, and Charlotte with an average age of five years, in addition to land sites in suburban Raleigh and Tampa. Management says this rebalancing is FFO-neutral in the first year and likely to become accretive thereafter, with an expected 5% reduction in recurring capital expenditures per unit and a 10-basis-point improvement in bad debt following the exit from California.
The average analyst price target is $114.10, with a wide range from $102 to $123.25 and a Neutral consensus, while the average target is below the 52-week range high of $119.81 and above its low of $96.53. No reliable displayed P/E ratio is available, so the valuation is based more heavily on guided core FFO of $6.75 per share for FY2026 and on the company's ability to convert improving occupancy and easing supply into sustainable positive NOI growth. Management's estimate of a consensus net asset value near $130 per share as of July 31, 2026 supports potential revaluation, but the Neutral consensus and wide target range reflect the risks of continued rental weakness and a delayed impact from the acquisitions.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
On July 29, 2026, Camden completed the sale of 11 operating communities in California for $1.625 billion before transaction costs of approximately $15 million. The sold portfolio had an average age of 19 years, while the communities acquired during 2026 had an average age of five years. The company closed $645 million of acquisitions in Atlanta, Orlando, Nashville, Dallas, Phoenix, Tampa, and Charlotte, in addition to two land sites valued at $45 million. Management expects the reallocation to be FFO-neutral in the first year and then accretive as the newer assets grow at a faster pace.
Effective new leases improved from a decline of 5.5% in Q1 FY2026 to a decline of 3.3% in Q2. Blended lease growth increased from negative 1.6% to negative 0.2%, then turned positive in June and July 2026. In July, approximately 50% of communities recorded positive signed new leases, compared with 20% in March, and the percentage of communities with positive signed blended leases reached 75%. However, management clarified that new leases would not remain flat or positive throughout Q3 FY2026 because of daily volatility and seasonality.
Automated analysis for informational purposes only — not investment advice.
Camden reaffirmed the midpoint of its core FFO guidance for FY2026 at $6.75 per share. It set the midpoint of its Q3 FY2026 guidance at $1.69 per share, compared with $1.68 in Q2. Excluding California, the company expects same-property revenue growth of 0.5%, expense growth of 2.5%, and an NOI decline of 0.6%. The NOI estimate represents a 30-basis-point improvement from the originally expected decline of 0.9%, driven primarily by lower utility expenses and improved insurance pricing.
Camden allocated $1 billion of the proceeds to tax-efficient 1031 exchange transactions, closed $645 million of acquisitions, and secured the right to acquire additional properties and land valued at $195 million. It also used approximately $900 million to fully repay the balances on its credit facility and commercial paper program, reducing pro forma net debt to EBITDA to 4.5 times at the end of July 2026. The company had repurchased $694 million of shares during the second half of 2025 and the first half of 2026 at a 6.4% FFO yield. Approximately $200 million remained allocated to 1031 acquisitions expected by late Q4 FY2026, in addition to $330 million for general purposes.
New supply remains the primary pressure on pricing, particularly in Austin and Nashville, and signed new leases in Austin remained down 3% in July 2026 despite improving from an 11% decline in March. Camden expects same-property NOI to decline by 0.6% in FY2026, meaning the recovery has not yet translated into positive annual growth. Some acquired communities also offer concessions ranging from zero to more than one and a half months, and the company does not assume meaningful effective rent growth at those properties before 2027 and 2028. Additional risks include executing the remaining 1031 acquisitions and refinancing the $350 million unsecured loan.
Management stated that Camden's existing markets lead in population growth, employment growth, and domestic migration, which is why it redirected capital from California to its existing Sunbelt markets. In Q2 FY2026, 16% of new residents came from outside the Sunbelt areas, compared with 15.5% one year earlier and 14% in the earlier period presented by management. The acquisitions completed during 2026 included seven markets: Atlanta, Orlando, Nashville, Dallas, Phoenix, Tampa, and Charlotte. The company does not intend to exit its other existing markets, but said it would slightly reduce its exposure to its two largest markets, D.C. Metro and Houston, for portfolio allocation purposes.
