CPT

Camden Property Trust is a large, well-managed multifamily REIT owning interests in 175 properties and 59,921 apartment homes across high-growth U.S. markets. FY2025 net income rose to $384M (+135.4%) with diluted EPS of $3.54 (+136.0%), but the 10-K is explicit that the jump was "primarily due to an increase in gains on sales of operating properties and a lower impairment charge" rather than core operating strength, partially offset by higher depreciation. The underlying fundamentals were soft: same-store revenue grew only about 0.8% year over year as new multifamily supply weighed on rents even as occupancy held up.

The balance sheet and cash generation are sound for a REIT. Operating cash flow was $827M (+6.7%) against $611M of depreciation and amortization, comfortably covering the $461M of dividends paid (+2.2%). Leverage is moderate for the sector, with long-term debt of $3.90B and a liabilities/equity ratio of just 1.06x on $4.36B of equity. The company also returned capital opportunistically, repurchasing $271M of stock and shrinking the share count by 3.1%.