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Dividend Sleuthing: Camden Property Trust

Mar. 03, 2021 2:08 AM ETCamden Property Trust (CPT)14 Comments


  • Camden Property Trust is one of the largest apartment real estate investment trusts in the U.S.
  • Camden's focus is on upscale Sunbelt properties in large, urban centers, appealing to young, professional adults.
  • The REIT benefits from strong management with a healthy culture of teamwork that makes for solid relationships with tenants.
  • Camden has an S&P credit rating of A-, and has raised the dividend for 10 consecutive years.
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Sunbelt Apartments

As of 1/31/21, Camden Property Trust (NYSE:CPT) was the sixth largest real estate investment trust in the Apartments sub-sector of the FTSE Nareit All REITs Index, with an equity market capitalization of $9.948 billion. CPT's 2020 year-end earnings release indicated assets of $7.199 billion and liabilities of $3.682 billion.

As of February 28, 2021, Camden owned interests in and operated 167 multifamily properties comprised of 56,850, largely focused on the Sunbelt. CPT also owns land holdings which may be developed into multifamily communities in the future.

Camden's median resident age is 30, with an average annual household income of $100,000, an average rent-to-income ratio of 19.4%, and an average 1.8 occupants per apartment. From CPT's Investor Presentation:

Camden resident ages

Source: CPT's Investor Presentation

Camden receives 80% of rental revenue from these markets listed below, mostly in the Sunbelt (from the February 2021 Investor Presentation):

Sunbelt market

Source: CPT's February 2021 Investor Presentation

Vital Signs

Camden Property Trust's 3/1/21 closing price was $104.01, giving it a 3.19% dividend yield. The dividend has been raised annually since 2011. The 52-week price range has been $62.48-$115.03.

FFO (funds from operations) were $4.90 per share in 2020, down from $5.04 in 2019. Camden projects 2021 FFO to be from $4.80-$5.20 per share.

In February 2019, Standard & Poor's awarded CPT an A- credit rating with a stable outlook: "The upgrade acknowledges Camden's solid operating results relative to those of its rated peers, the favorable demand drives for multifamily REITs, and the company's commitment to maintaining a strong balance sheet with leverage consistently lower than its multifamily peers."

CPT is financially strong. On 2/5/21, CFO Alex Jessett said in the 2020 Q4 earnings call, "As of today, we have just over $1.2 billion of liquidity comprised of approximately $320 million in cash equivalents and no amounts outstanding on our $900 million unsecured credit facility. ... And

This article was written by

Dividend Sleuth profile picture
Award Winning Kirk Spano's All-In-One Investing Service
I am a retired dividend investor focused on total shareholder return through a diversified equity portfolio that is designed around quality, growth and relative safety.


Analyst’s Disclosure: I am/we are long CPT. 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.

This article is for informational purposes only (not a solicitation to buy or sell stocks). Ted is not a registered investment adviser. Kirk Spano is an RIA. Investors should do their own research or consult a financial adviser to determine what investments are appropriate for individual selection. This article expresses my opinions and I cannot guarantee that the information/results will be accurate. Investing in stocks involves risk and could result in losses.

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