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CPT
CAMDEN PROPERTY TRUST
102.39
+2.20 +2.20%
USD · close Oct 22
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Work order
66
PASS · shorts 66
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $10.3BP/E 33.9DIV YIELD 4.12%FCF YIELD —REV TTM $13.1M +56.8%NET INCOME $326.2M +109.1%NET DEBT $4.8B52W 95.80 – 117.58SEC XBRL · TTM TO Invalid Date
How CPT rewrote its risk factors
Text kept
68%
of sentences unchanged
Added
24
new sentences
Dropped
21
sentences removed
Length
+102
words, now 3,904
New in FY2025
- Risks Associated with Capital Markets, Credit Markets, and Real Estate Volatility in capital and credit markets, cost increases, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us.
- If we need to incur debt from a source other than our revolving credit facility or our commercial paper program, we cannot be certain the additional financing will be available to the extent required and on acceptable terms.
- Additional key economic risks which may adversely affect conditions in the markets in which we operate include the following: • local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; • declines in the financial condition of our residents, which may make it more difficult for us to collect rents from some residents; • declines in market rental rates; • low mortgage interest rates and home pricing, making alternative housing more affordable; • government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive; • regional economic downturns, including, but not limited to, business layoffs, downsizing, and increased unemployment, which may impact one or more of our geographical markets; • increased costs, including those driven by tariffs, regulatory changes, or other supplychain cost escalations such as higher prices for materials, equipment, contracted services, compliance requirements, or constraints in global or domestic supply chains; and • global or locally-targeted pandemics, epidemics, or other health crises, and any related measures enacted to prevent their spread or restricting our ability to enforce contractual rental obligations upon our residents.
- Under current market conditions, in 2025 we recorded impairment charges on two parcels of land.
- In 2026, we expect to incur costs between approximately $135 million and $155 million related to the construction of three projects.
- Additionally, during 2026, we expect to incur costs between approximately $50 million and $60 million related to the start of new development activities, between approximately $77 million and $81 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $113 million and $117 million of additional recurring capital expenditures.
- Our development, reposition, redevelopment, and other construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs, and/or decrease our profitability, including the following: • inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations; • disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those arising from tariffs, duties, import-related taxes, or errors and omissions which occur in the design or construction process; • shortages of materials; • inability to obtain financing with favorable terms; • inability to complete construction and/or lease-up of a community on schedule; • forecasted occupancy and rental rates may differ from the actual results; and • the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.
- We also use mobile devices, social networking, outside vendors, and various platforms to connect with our employees, suppliers, and residents.
- As we have incorporated and may continue to incorporate the use of generative artificial intelligence and other advancing technologies, any breach, interruption, or security failure of those technologies, or any non-compliance with applicable laws, could have a negative impact on our business operations, results of operations, financial condition, or reputation.
- Information security risks have escalated as a result of these emerging technologies and the heightened sophistication and activity levels of cyber-attack perpetrators.
- Cyber-attacks can include third parties gaining unauthorized access to our data, including sensitive information about our residents, as well as our vendors' data or information technology systems.
- These attacks may occur through stolen credentials, computer malware, phishing attacks, ransomware, and other deliberate attempts to compromise information security.
- As we pursue our strategy to grow through acquisitions and developments and new initiatives to improve our operations, we are also expanding our information technologies, resulting in a larger technological presence and corresponding exposure to cybersecurity risk.
- If we fail to assess and identify cybersecurity risks associated with our operations, we may become increasingly vulnerable to such risks and may be liable for consequential litigation and remediation costs.
- We rely on, or may rely in the future on, certain third-party service and software providers to host systems, provide key software, and to supply and store our sensitive data in a secure manner.
- These third parties face potential risks relating to cybersecurity similar to ours which could disrupt their businesses and adversely impact us.
- While we provide guidance and specific requirements, in some cases, we do not directly control their information technology security operations or the amount of investment they place in guarding against cybersecurity threats.
- Accordingly, we are subject to any flaws or breaches in their information technology systems, or those which they operate for us, which could have a material adverse effect on our financial condition or results of operations.
- As of December 31, 2025, we had outstanding debt of approximately $3.9 billion.
- The notes related to our properties subject to secured debt, our unsecured term loan, unsecured revolving credit facility, and commercial paper program, and the indenture under which our unsecured debt was issued contain customary restrictions, requirements, and other limitations, as well as certain financial and operating covenants including maintenance of certain financial ratios.
- As a result, our performance depends in large part on our ability to collect rent from residents, which could be negatively affected by a number of factors including, but not limited to, the following: • delay in resident lease commencements; • decline in occupancy; • failure of residents to make rental payments when due; • the attractiveness of our properties to residents and potential residents; • our ability to adequately manage and maintain our communities; • competition from other available apartments and housing alternatives; • changes in market rents; • increases in expenses, including from tariffs; and • changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing.
- Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us investment grade ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2025.
- In addition, we have an unsecured revolving credit facility and utilize a commercial paper program bearing interest at variable rates on all amounts drawn and a senior unsecured note which has been converted into a floating rate instrument through an interest rate swap arrangement.
- Increases in interest rates would increase our interest expense, unless we make arrangements which hedge against rising interest rates, and would also increase the costs associated with refinancing existing debt and issuing new debt.
Gone since FY2024
- Risks Associated with Capital Markets, Credit Markets, and Real Estate Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us.
- If we need to incur debt from a source other than our revolving credit facility, we cannot be certain the additional financing will be available to the extent required and on acceptable terms.
- Additional key economic risks which may adversely affect conditions in the markets in which we operate include the following: • local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; • declines in the financial condition of our residents, which may make it more difficult for us to collect rents from some residents; • declines in market rental rates; • low mortgage interest rates and home pricing, making alternative housing more affordable; • government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive; • regional economic downturns, including, but not limited to, business layoffs, downsizing, and increased unemployment, which may impact one or more of our geographical markets; • increased operating costs, if these costs cannot be passed through to our residents; and • global or locally-targeted pandemics, epidemics, or other health crises, and any related measures enacted to prevent their spread or restricting our ability to enforce contractual rental obligations upon our residents.
- Under current market conditions, in 2024 we recorded impairment charges on three parcels of land.
- In 2025, we expect to incur costs between approximately $135 million and $155 million related to the construction of three projects.
- Additionally, during 2025, we expect to incur costs between approximately $100 million and $110 million related to the start of new development activities, between approximately $96 million and $100 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $108 million and $112 million of additional recurring capital expenditures.
- Our development, reposition, redevelopment, and other construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs, and/or decrease our profitability, including the following: • inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations; • disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those costs due to errors and omissions which occur in the design or construction process; • shortages of materials; • inability to obtain financing with favorable terms; • inability to complete construction and/or lease-up of a community on schedule; • forecasted occupancy and rental rates may differ from the actual results; and • the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.
- We also use mobile devices, social networking, outside vendors, and other online activities to connect with our employees, suppliers, and residents.
- Such uses and the on-going advancement in technology such as generative artificial intelligence, machine learning, and remote connectivity solutions give rise to potential cybersecurity risks with increasing sophistication, including but not limited to, security breaches, espionage, system disruption, theft, and inadvertent release of confidential information.
- Further, as we pursue our strategy to grow through acquisitions and developments and to pursue new initiatives to improve our operations, we are also expanding our information technologies, resulting in a larger technological presence and corresponding exposure to cybersecurity risk.
- If we fail to assess and identify cybersecurity risks associated with our operations, we may become increasingly vulnerable to such risks and may be liable for the consequential litigation and remediation costs.
- Our third-party service providers are primarily responsible for the security of their own information technology environments and in certain instances we rely significantly on third-party service providers to supply and store our sensitive data in a secure manner.
- All of these third parties face potential risks relating to cybersecurity similar to ours which could disrupt their businesses and therefore adversely impact us.
- While we provide guidance and specific requirements in some cases, we do not directly control any of these parties' information technology security operations, or the amount of investment they place in guarding against cybersecurity threats.
- Accordingly, we are subject to any flaw or breaches to their information technology systems, or those which they operate for us, which could have a material adverse effect on our financial condition or results of operations.
- As of December 31, 2024, we had outstanding debt of approximately $3.5 billion.
- The notes related to our properties subject to secured debt, our unsecured term loans, and unsecured revolving credit facility, and the indenture under which our unsecured debt was issued contain customary restrictions, requirements, and other limitations, as well as certain financial and operating covenants including maintenance of certain financial ratios.
- As a result, our performance depends in large part on our ability to collect rent from residents, which could be negatively affected by a number of factors including, but not limited to, the following: • delay in resident lease commencements; • decline in occupancy; • failure of residents to make rental payments when due; • the attractiveness of our properties to residents and potential residents; • our ability to adequately manage and maintain our communities; • competition from other available apartments and housing alternatives; • changes in market rents; • increases in operating expenses; and • changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing.
- In addition, we have an unsecured revolving credit facility bearing interest at variable rates on all amounts drawn and a senior unsecured note which has been converted into a floating rate instrument through an interest rate swap arrangement.
- Increases in interest rates would increase our interest expense, unless we make arrangements which hedge the risk of rising interest rates, and would increase the costs of refinancing existing debt and of issuing new debt.
- Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2024.
Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.