NYSE:CPT

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities.


Snowflake Analysis

Established dividend payer with acceptable track record.


Similar Companies

Share Price & News

How has Camden Property Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CPT's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-0.3%

CPT

2.0%

US REITs

1.0%

US Market


1 Year Return

-14.8%

CPT

-14.8%

US REITs

4.1%

US Market

Return vs Industry: CPT matched the US REITs industry which returned -15.3% over the past year.

Return vs Market: CPT underperformed the US Market which returned 3.7% over the past year.


Shareholder returns

CPTIndustryMarket
7 Day-0.3%2.0%1.0%
30 Day5.8%1.1%5.4%
90 Day-23.9%-21.8%-5.7%
1 Year-12.0%-14.8%-11.2%-14.8%6.5%4.1%
3 Year17.7%6.5%6.4%-6.8%28.3%19.8%
5 Year47.7%18.1%30.4%3.5%52.2%35.0%

Price Volatility Vs. Market

How volatile is Camden Property Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Camden Property Trust undervalued compared to its fair value and its price relative to the market?

16.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CPT ($88.58) is trading below our estimate of fair value ($106.15)

Significantly Below Fair Value: CPT is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: CPT is poor value based on its PE Ratio (39.2x) compared to the REITs industry average (25.8x).

PE vs Market: CPT is poor value based on its PE Ratio (39.2x) compared to the US market (15.1x).


Price to Earnings Growth Ratio

PEG Ratio: CPT is poor value based on its PEG Ratio (6.6x)


Price to Book Ratio

PB vs Industry: CPT is overvalued based on its PB Ratio (2.5x) compared to the US REITs industry average (1.3x).


Next Steps

Future Growth

How is Camden Property Trust forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

6.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CPT's forecast earnings growth (6% per year) is above the savings rate (2.2%).

Earnings vs Market: CPT's earnings (6% per year) are forecast to grow slower than the US market (21.6% per year).

High Growth Earnings: CPT's earnings are forecast to grow, but not significantly.

Revenue vs Market: CPT's revenue (4.1% per year) is forecast to grow slower than the US market (8.9% per year).

High Growth Revenue: CPT's revenue (4.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CPT's Return on Equity is forecast to be low in 3 years time (4.6%).


Next Steps

Past Performance

How has Camden Property Trust performed over the past 5 years?

-14.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CPT has a large one-off gain of $44.5M impacting its March 31 2020 financial results.

Growing Profit Margin: CPT's current net profit margins (21%) are higher than last year (15.6%).


Past Earnings Growth Analysis

Earnings Trend: CPT's earnings have declined by -14.3% per year over the past 5 years.

Accelerating Growth: CPT's earnings growth over the past year (44.9%) exceeds its 5-year average (-14.3% per year).

Earnings vs Industry: CPT earnings growth over the past year (44.9%) exceeded the REITs industry 5.3%.


Return on Equity

High ROE: CPT's Return on Equity (6.2%) is considered low.


Next Steps

Financial Health

How is Camden Property Trust's financial position?


Financial Position Analysis

Short Term Liabilities: CPT's short term assets ($54.9M) do not cover its short term liabilities ($273.5M).

Long Term Liabilities: CPT's short term assets ($54.9M) do not cover its long term liabilities ($2.8B).


Debt to Equity History and Analysis

Debt Level: CPT's debt to equity ratio (71%) is considered high.

Reducing Debt: CPT's debt to equity ratio has reduced from 93.3% to 71% over the past 5 years.

Debt Coverage: CPT's debt is well covered by operating cash flow (22%).

Interest Coverage: CPT's interest payments on its debt are well covered by EBIT (3.3x coverage).


Balance Sheet


Next Steps

Dividend

What is Camden Property Trust's current dividend yield, its reliability and sustainability?

3.75%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CPT's dividend (3.75%) is higher than the bottom 25% of dividend payers in the US market (1.75%).

High Dividend: CPT's dividend (3.75%) is low compared to the top 25% of dividend payers in the US market (4.73%).


Stability and Growth of Payments

Stable Dividend: CPT's dividends per share have been stable in the past 10 years.

Growing Dividend: CPT's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (62%), CPT's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CPT's dividends in 3 years are forecast to be thoroughly covered by earnings (0.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.0yrs

Average management tenure


CEO

Ric Campo (64yo)

27yrs

Tenure

US$4,053,465

Compensation

Mr. Richard J. Campo, also known as Ric, serves as the Chief Executive Officer, Chairman and Trust Manager of Camden Property Trust since May 1993. As the Chairman and CEO of one of the nation’s largest mu ...


CEO Compensation Analysis

Compensation vs Market: Ric's total compensation ($USD4.05M) is below average for companies of similar size in the US market ($USD7.43M).

Compensation vs Earnings: Ric's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Richard Campo
Chairman of the Board of Trust Managers & CEO27yrsUS$4.05m0.24% $20.8m
D. Oden
Executive Vice Chairman of the Board0.83yrUS$4.05m0.22% $19.1m
H. Stewart
President & COO0.83yrUS$3.07m0.15% $12.8m
Alexander J. Jessett
Executive VP of Finance7yrsUS$2.46m0.064% $5.6m
William Sengelmann
Executive Vice President of Real Estate Investments12.17yrsUS$2.12m0.049% $4.3m
Michael Gallagher
Senior VP of Accounting & Chief Accounting Officer7.25yrsno data0.030% $2.7m
Kristy Simonette
Senior VP of Strategic Services & Chief Information Officerno datano datano data
Kimberly Callahan
Senior Vice President of Investor Relationsno datano datano data
Joshua Lebar
Senior VPno datano datano data
Julie Keel
Vice President of Marketing1.75yrsno datano data

7.0yrs

Average Tenure

56yo

Average Age

Experienced Management: CPT's management team is seasoned and experienced (7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Richard Campo
Chairman of the Board of Trust Managers & CEO27yrsUS$4.05m0.24% $20.8m
D. Oden
Executive Vice Chairman of the Board0.83yrUS$4.05m0.22% $19.1m
William Paulsen
Independent Trust Manager15.17yrsUS$367.05k0.050% $4.4m
Steven Webster
Independent Trust Manager27.33yrsUS$200.10k0.11% $9.7m
Mark Gibson
Independent Trust Manager0.25yrno data0.0027% $240.5k
Scott Ingraham
Independent Trust Manager22.33yrsUS$208.10k0.082% $7.2m
Kelvin Westbrook
Lead Independent Trust Manager3.33yrsUS$222.60k0.027% $2.4m
Frances Sevilla-Sacasa
Independent Trust Manager8.75yrsUS$217.60k0.022% $1.9m
Heather Brunner
Trust Manager3.33yrsUS$208.10k0.0095% $835.5k
Renu Khator
Independent Trust Manager3.33yrsUS$208.10k0.0095% $835.5k

6.0yrs

Average Tenure

63yo

Average Age

Experienced Board: CPT's board of directors are considered experienced (6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Camden Property Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Camden Property Trust
  • Ticker: CPT
  • Exchange: NYSE
  • Founded: 1993
  • Industry: Residential REITs
  • Sector: Real Estate
  • Implied Market Cap: US$8.777b
  • Market Cap: US$8.626b
  • Shares outstanding: 99.08m
  • Website: https://www.camdenliving.com

Number of Employees


Location

  • Camden Property Trust
  • 11 Greenway Plaza
  • Suite 2400
  • Houston
  • Texas
  • 77046
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CPTNYSE (New York Stock Exchange)YesCommon SharesUSUSDJul 1993
CALDB (Deutsche Boerse AG)YesCommon SharesDEEURJul 1993

Biography

Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 164 properties containing 56,112 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 58,051 apartment homes in 171 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor Employees' Choice Award in 2020, ranking #25 for large U.S. companies. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/26 01:29
End of Day Share Price2020/05/22 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.