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Camden Property Trust 2017 10-K Highlights


  • CPT is a REIT holding apartment properties in the southern United States.
  • CPT is less exposed to the headwinds facing retail or medical REITs.
  • At the current market price, CPT's dividend offers a good opportunity for dividend growth investors.

Camden Property Trust (NYSE:CPT) with its portfolio of mostly apartment buildings is less exposed to the headwinds facing retail and medical REITs. At the current market price, CPT looks to be at a good value and offers an opportunity to dividend growth investors.

Is CPT a good investment partner?

I have not written on Camden before, so I start my investigation of the company with a look at what I call my 4 key factors in determining whether a company makes a good investment partner. These 4 key factors are: growing markets or revenues, growing profits or cash generation, managing debt well, and growing and supporting the dividends paid. In the comments on previous articles, some have said that I am obsessed with dividends. However, it should be noted that of my 4 key factors, 3 are factors any investor could use to identify a company as a good investment partner. Even the factor related to dividends, since I want them to both grow and be well supported, is something that an investor using any strategy would want. Who wants to invest in a company that has a major expense that it can't support and that hinders its growth? What I mean by a dividend that is well supported is that paying and growing it doesn't hinder the investments the company needs to make in itself to grow.

While I do not limit myself to only company communications, I think it's a good sign that company management understands that my 4 key factors are important and makes the effort to tell shareholders and potential shareholders how they do in these areas. Keeping that in mind, I will first look at the Camden presentation here.

This slide is an overview of where Camden has its various properties. The Southeast and Southwest regions

This article was written by

PendragonY profile picture

PendragonY is a software engineer and has been developing applications for various industries for over 30 years. He has been managing his own investments for 40+ years. Formerly a value investor, he switched over to a more income based approach after the 2008 financial crisis.

PendragonY contributes to the investing group High Dividend Opportunities led by Rida Morwa and a team of other top Seeking Alpha income investing analysts. The service focuses on sustainable income through a variety of high yield investments with a targeted safe +9% yield. Features include: model portfolio with buy/sell alerts, preferred and baby bond portfolios for more conservative investors, vibrant and active chat with access to the service’s leaders, dividend and portfolio trackers, and regular market updates. The service philosophy focuses on community, education, and the belief that nobody should invest alone. Learn More.

Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Comments (5)

they had units in Las Vegas until a couple of years ago and sold out everything
PendragonY profile picture
Well, at one point Las Vegas was a good location, now not so much as housing prices have dropped so much there. Gives a lot of competition to apartments. Better to sell and use the capital elsewhere.
2bears profile picture
Well written article, not just the usual copy and paste some authors have been pumping out. l have liked this company for a long time, especially because of the locations, but can't pull the trigger for the following reasons. With a current dividend under 4% and it's only that good due to the price correction, I just don't see a lot of potential. Especially with the rising interest rates. Yes, I know they are supposed to do well with rising rates, but that is not proven in my mind considering rates have actually been on a long term down trend since the 1980's. Also not sure you should consider hurricanes as a one time event. I currently will only buy those REIT's paying over 6.5% yield.
PendragonY profile picture
Between the dividend they are paying and the rate they have been increasing it, the current price is good. REITs that pay as high as you want have a pretty high risk.
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