Camden Property Trust (CPT)

Executive Summary

Camden Property Trust at $106.42 per share is, in our view at T&T Capital Management, one of the highest-quality residential REITs in the United States and a clean way to express a value-and-quality view on the Sunbelt apartment supply absorption cycle now underway. The franchise owns approximately 58,000 apartment units across 15 high-growth Sunbelt markets — Houston, Atlanta, Dallas-Fort Worth, DC Metro, Charlotte, Tampa, Orlando, Phoenix, Austin, Nashville, Raleigh, Denver, Los Angeles, Southeast Florida, and San Diego / Inland Empire. The portfolio is anchored by founder-CEO Richard Campo, who has led the company since its 1993 IPO and built it from approximately 10,000 units to today’s 58,000-unit franchise. The balance sheet is A-/A3-rated — among the most conservative in U.S.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers