Camden Property Trust
Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 173 properties containing 58,811 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company's portfolio will increase to 59,973 apartment homes in 176 properties. Camden Property Trust was established on May 25, 1993, and incorporated in Texas. Camden Property Trust is based in Houston, United States.
What does it do?
Camden Property Trust owns and manages apartment buildings across the United States — think large, professionally run rental communities with amenities like pools, gyms, and parking. They operate 173 apartment complexes containing nearly 59,000 individual homes, spread across cities like Dallas, Phoenix, Atlanta, and Washington D.C. Instead of selling homes, Camden is essentially a landlord at massive scale, collecting rent from tens of thousands of tenants every month. They also build new apartment communities from scratch, which means they can grow their portfolio without just buying what's already on the market.
With U.S. homeownership becoming increasingly unaffordable — mortgage rates near multi-decade highs and home prices still elevated — millions of Americans are choosing or being forced to rent for longer, which is a direct tailwind for apartment landlords like Camden. Camden is also a real estate investment trust, or REIT, which means it's legally required to pay out at least 90% of its taxable income as dividends to shareholders, making it a popular choice for investors looking for regular income. At an $11 billion market cap, it's one of the largest publicly traded apartment companies in the country, so it often moves as a bellwether for the entire rental housing sector.
How does it make money?
Camden makes almost all of its money by charging rent on its 58,811 apartment homes — with $1.6 billion in revenue last year, that works out to roughly $2,700 per apartment per month on average across the portfolio. They also collect fees for things like parking, pet rent, and storage, which add incremental income on top of base rents. Net income came in at $0.4 billion last year, and revenue grew from $1.5 billion the prior year, showing steady top-line growth. As a REIT, a key number investors watch isn't just net income but FFO (Funds From Operations), which strips out depreciation to give a cleaner picture of how much cash the business actually generates.
Why do investors care?
The core growth story for Camden is simple: more people renting for longer in high-growth Sun Belt cities like Dallas, Houston, Phoenix, and Tampa, where Camden has significant exposure. Those markets have seen strong population and job growth, which supports demand for apartments and gives Camden pricing power — the ability to raise rents without losing tenants. Camden also has three new properties under active development that will add over 1,100 more apartment homes, growing the portfolio without needing to overpay in a competitive acquisition market. For the thesis to work, Sun Belt demand needs to stay strong, new apartment supply from competitors needs to get absorbed, and interest rates need to stabilize so Camden's borrowing costs don't squeeze profits.
Deep Dive
MemberA full investor briefing on Camden Property Trust — history, leadership, risks, and outlook.