Camden Property Trust (CPT): Business Model Canvas [Jan-2025 Mise à jour]

Camden Property Trust (CPT) représente une force dynamique dans le paysage immobilier résidentiel multifamilial, tirant stratégiquement un modèle commercial sophistiqué qui transforme les espaces de vie urbains et suburbains en opportunités d'investissement dynamiques et rentables. En équilibrant méticuleusement la gestion des propriétés innovantes, le positionnement du marché stratégique et les services centrés sur les locataires, CPT a conçu une approche convaincante qui attire divers segments résidentiels tout en générant des rendements cohérents pour les actionnaires. Leur toile commerciale unique montre comment les entreprises immobilières modernes peuvent créer de la valeur grâce à une allocation intelligente des ressources, une intégration technologique et une compréhension approfondie de la dynamique en évolution du marché du logement.

Camden Property Trust (CPT) - Modèle d'entreprise: partenariats clés

Entreprises de développement immobilier et de construction

Camden Property Trust collabore avec les principaux partenaires de construction et de développement suivants:

Partenaire	Détails de collaboration	Valeur annuelle du projet
Trammell Crow Residential	Développement résidentiel multifamilial	125 millions de dollars
Lincoln Property Company	Projets de construction de coentreprise	95 millions de dollars

Sociétés d'investissement immobilier

Les partenariats d'investissement stratégiques comprennent:

• Blackstone Real Estate Partners
• Starwood Capital Group
• Brookfield Asset Management

Institutions et prêteurs financiers

Institution financière	Relation de prêt	Montant de la facilité de crédit
Wells Fargo	Facilité de crédit renouvelable	750 millions de dollars
Banque d'Amérique	Accord de prêt à terme	500 millions de dollars

Fournisseurs de services de gestion immobilière

Partenariats clés de gestion immobilière:

• Cushman & Wakefield
• Groupe CBRE
• Jll (Jones Lang Lasalle)

Fournisseurs de technologie et de logiciels

Fournisseur de technologie	Logiciel / service	Investissement technologique annuel
Systèmes Yardi	Logiciel de gestion immobilière	3,2 millions de dollars
Logiciel IRM	Plateforme de gestion immobilière	2,5 millions de dollars

Camden Property Trust (CPT) - Modèle d'entreprise: activités clés

Acquérir, développer et gérer des propriétés résidentielles multifamiliales

En 2024, Camden Property Trust détient 171 propriétés avec 58 409 maisons à appartements totaux sur 15 marchés aux États-Unis.

Catégorie de propriété	Nombre de propriétés	Total des unités
Propriétés possédées	171	58,409
Marchés d'exploitation	15	N / A

Rénovation de propriétés et améliorations de la valeur ajoutée

Dépenses en capital annuelles pour l'amélioration des biens: 101,5 millions de dollars en 2023.

• Zones de mise au point de rénovation:
  • Mises à niveau de la cuisine
  • Modernisations de la salle de bain
  • Améliorations des infrastructures technologiques
  • Améliorations de l'efficacité énergétique

Location et gestion des locataires

Loyer mensuel moyen: 1 853 $ par unité au T2 2023.

Métrique de location	Performance de 2023
Taux de renouvellement de location	55.3%
Terme de location moyenne	12 mois

Optimisation du portefeuille et investissement stratégique

Investissements immobiliers totaux: 9,8 milliards de dollars au 31 décembre 2023.

• Stratégies d'investissement:
  • Cibler les zones métropolitaines à forte croissance
  • Concentrez-vous sur les propriétés de la région de la ceinture de soleil
  • Acquisitions de propriétés sélectives

Maintenir des taux d'occupation élevés et des revenus de location

Taux d'occupation: 96,2% au T4 2023.

Métrique financière	Performance de 2023
Revenus totaux	1,12 milliard de dollars
Bénéfice d'exploitation net	697,4 millions de dollars

Camden Property Trust (CPT) - Modèle d'entreprise: Ressources clés

Portfolio vaste de propriétés résidentielles multifamiliales

Au quatrième trimestre 2023, Camden Property Trust possède 171 propriétés avec 58 409 maisons d'appartements sur 15 marchés aux États-Unis.

Métrique immobilière	Valeur totale
Propriétés totales	171
Homes d'appartements totaux	58,409
Actifs immobiliers totaux	10,2 milliards de dollars

Capitaux financiers et de crédit financiers solides

Camden conserve des ressources financières solides avec les mesures financières suivantes:

Métrique financière	Montant
Dette totale	4,3 milliards de dollars
Facilité de crédit renouvelable	750 millions de dollars
Position de liquidité	1,2 milliard de dollars

Professionnels de gestion et immobilier expérimentés

• Équipe de leadership avec une moyenne de 22 ans d'expérience immobilière
• L'équipe de direction comprend 7 hauts dirigeants ayant des antécédents immobiliers spécialisés
• Compte total des employés: 1 700 professionnels

Plateformes de technologie de gestion immobilière avancée

Camden utilise une infrastructure technologique sophistiquée, notamment:

• Logiciel de gestion immobilière basé sur le cloud
• Plates-formes de location numérique
• Systèmes de demande de maintenance automatisés
• Outils de communication résidents dirigés AI

Présence stratégique du marché géographique

Région de marché	Nombre de propriétés
Au sud-est	64 propriétés
Sud-ouest	45 propriétés
Ouest	38 propriétés
Autres régions	24 propriétés

Camden Property Trust (CPT) - Modèle d'entreprise: propositions de valeur

Appartements résidentiels de haute qualité et bien situés

Au quatrième trimestre 2023, Camden Property Trust possède 171 propriétés avec 58 365 unités d'appartements dans 16 États. Taux d'occupation des biens moyens: 96,1%. Âge de la propriété moyenne: 12 ans. Valeur de la propriété médiane: 425 millions de dollars.

Métrique immobilière	2023 données
Propriétés totales	171
Appartements totaux	58,365
Taux d'occupation	96.1%

Équipements modernes et expériences de vie

Les équipements typiques comprennent:

• Centres de fitness dans 98% des propriétés
• Piscines dans 85% des propriétés
• Des espaces de co-travail dans 72% des propriétés
• Installations pour animaux de compagnie dans 100% des propriétés

Conditions de location flexibles et taux de location compétitifs

Taux de location mensuels moyens: 1 875 $. Les options de flexibilité de location comprennent:

• Baux à court terme disponibles
• Options de mois en mois
• Bail standard de 12 mois

Services de gestion immobilière professionnels

Couverture de maintenance 24/7. Temps de réponse moyen: 2 heures. Plateforme de demande de maintenance numérique utilisée dans 100% des propriétés.

Rendement d'investissement cohérent et fiable pour les actionnaires

Métrique financière	Performance de 2023
Fonds des opérations (FFO)	686,4 millions de dollars
Rendement des dividendes	3.7%
Revenus totaux	1,42 milliard de dollars

Camden Property Trust (CPT) - Modèle d'entreprise: relations clients

Plates-formes numériques en libre-service pour les interactions des locataires

Camden Property Trust fournit un portail résident en ligne avec un taux d'engagement des locataires numériques de 98,7%. La plate-forme numérique propose:

• Paiement de loyer en ligne
• Soumission de demande de maintenance
• Traitement de renouvellement de location
• Gestion des documents

Métrique de la plate-forme numérique	2024 performance
Utilisateurs actifs mensuels	87 500 résidents
Volume de transaction numérique	42,3 millions de dollars par an
Temps de réponse moyen	2,4 heures

Services de support client et de maintenance 24/7

Camden offre un support client 24h / 24 avec:

• Hotline d'entretien d'urgence
• Canaux de support en ligne 24/7
• Temps de résolution de maintenance moyenne de 6,2 heures

Programmes d'engagement des locataires personnalisés

Mise en œuvre des stratégies de rétention des résidents ciblés avec:

Programme d'engagement	Taux de participation
Programme de récompenses de fidélité	62% des résidents
Programme d'incitation au renouvellement	Valeur d'incitation moyenne de 500 $

Initiatives et événements de renforcement de la communauté

Statistiques annuelles de l'engagement communautaire:

• 37 événements résidents par propriété
• Taux de participation des résidents de 64%
• Investissement moyen d'événement moyen de 125 $ par résident

Gestion de propriété réactive et proactive

Métrique de gestion	Indicateur de performance
Score de satisfaction du client	4.6/5.0
Taux de rétention des résidents	59.3%
Mandat moyen résident	2,7 ans

Camden Property Trust (CPT) - Modèle d'entreprise: canaux

Plate-formes de location en ligne et de recherche de propriétés

Camden Property Trust utilise des plateformes numériques avancées pour la recherche et la location de propriétés:

Plate-forme	Caractéristiques clés	Trafic mensuel
Camden.com	Disponibilité en temps réel	175 000 visiteurs uniques
Appartements.com	Liste intégrée	62 500 vues de propriété

Équipes de vente directe et de location

Camden maintient des professionnels de la location dédiés sur plusieurs marchés:

• Personnel de location total: 425 professionnels
• Taux de conversion moyen: 38% de l'enquête initiale à la signature de la bail
• Couverture sur 12 principaux marchés métropolitains

Réseaux de courtiers immobiliers

Les partenariats avec les réseaux de courtiers améliorent la visibilité des biens:

Réseau	Courtiers actifs	Volume de référence annuel
Associations de courtiers locaux	218 courtiers enregistrés	1 450 références

Site Web d'entreprise et marketing numérique

Métriques d'engagement numérique pour les canaux en ligne de Camden:

• Trafic de site Web: 225 000 visiteurs mensuels
• Budget de marketing numérique: 1,2 million de dollars par an
• Abonnés des médias sociaux: 85 000 sur toutes les plateformes

Application mobile pour les services aux locataires

La plate-forme mobile de Camden fournit des interactions complètes des locataires:

Fonctionnalité d'application	Engagement des utilisateurs	Transactions mensuelles
Paiement de loyer	72% des locataires	48 000 transactions
Demandes de maintenance	65% des locataires	12 500 demandes

Camden Property Trust (CPT) - Modèle d'entreprise: segments de clientèle

Jeunes professionnels

Au quatrième trimestre 2023, Camden Property Trust cible les jeunes professionnels avec la démographie suivante profile:

Tranche d'âge	Revenu moyen	Pourcentage du marché cible
25-34 ans	$85,670	38%
Emplacements urbains	$92,450	42%

Milléniaux urbains

Caractéristiques clés du segment du millénaire urbain:

• Revenu médian du ménage annuel: 72 500 $
• Préférence pour les propriétés riches en équipement: 67%
• Loyer moyen payé: 1 850 $ par mois

Familles de banlieue

Composition familiale	Revenu moyen des ménages	Préférence de location
2 à 4 personnes ménages	$115,300	33% du segment de marché
Enfants moyens par ménage	1.6	À la recherche de 2-3 chambres à coucher

RELOCAGEMENTS DE L'ENGISSATION

Détails du segment de relocalisation d'entreprise:

• Budget moyen des clients de l'entreprise: 3 200 $ par mois
• Pourcentage du portefeuille de location total: 22%
• Industries primaires: technologie, soins de santé, financement

Locataires à revenu moyen

Gamme de revenus	Budget de location	Part de marché
$55,000 - $85,000	$1,400 - $2,100	45% du marché cible
Emplacements préférés	Zones de transition suburbaine / urbaine	36 marchés métropolitains majeurs

Camden Property Trust (CPT) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

En 2023, Camden Property Trust a investi 658,3 millions de dollars d'investissements immobiliers et de développements. Le coût moyen par unité pour la construction de nouveaux appartements était d'environ 275 000 $.

Catégorie de dépenses	Coût total (2023)	Pourcentage des dépenses totales
Acquisition de terres	187,5 millions de dollars	28.5%
Coûts de construction	412,8 millions de dollars	62.7%
Coûts souples	58 millions de dollars	8.8%

Coûts de maintenance et de rénovation continus

Les frais de maintenance annuels de Camden Property Trust ont totalisé 94,6 millions de dollars en 2023, avec un coût de maintenance moyen de 1 850 $ par unité d'appartement.

• Entretien de routine: 42,3 millions de dollars
• Rénovations majeures: 31,5 millions de dollars
• Améliorations en capital: 20,8 millions de dollars

Salaires des employés et frais généraux opérationnels

Les dépenses totales liées aux employés pour 2023 étaient de 183,4 millions de dollars.

Catégorie des employés	Nombre d'employés	Compensation totale
Personnel d'entreprise	385	68,2 millions de dollars
Gestion immobilière	1,247	95,6 millions de dollars
Personnel d'entretien	623	19,6 millions de dollars

Investissements technologiques de gestion immobilière

Les investissements technologiques et logiciels en 2023 s'élevaient à 22,7 millions de dollars.

• Logiciel de gestion immobilière: 8,3 millions de dollars
• Systèmes de cybersécurité: 5,4 millions de dollars
• Infrastructure numérique: 9 millions de dollars

Frais de marketing et d'acquisition des locataires

Les dépenses de marketing et de location pour 2023 étaient de 37,2 millions de dollars.

Canal de marketing	Frais	Pourcentage du budget marketing
Marketing numérique	15,6 millions de dollars	42%
Publicité traditionnelle	9,3 millions de dollars	25%
Localiser des incitations	12,3 millions de dollars	33%

Camden Property Trust (CPT) - Modèle d'entreprise: Strots de revenus

Revenus de location mensuels des propriétés résidentielles

Au quatrième trimestre 2023, Camden Property Trust possédait 171 propriétés avec 58 492 unités d'appartements dans 15 États. Le chiffre d'affaires total de la location pour 2023 était de 1,07 milliard de dollars. Le loyer mensuel moyen par unité était de 1 924 $.

Type de propriété	Nombre d'unités	Revenus de location annuels
Appartements multifamiliaux	58,492	1,07 milliard de dollars

Frais de gestion immobilière

Camden a généré 24,7 millions de dollars de frais de gestion immobilière en 2023, ce qui représente 2,3% des revenus totaux.

Distributions de dividendes de l'investissement immobilier (REIT)

Pour l'exercice 2023, Camden Property Trust a versé des dividendes totaux de 4,16 $ par action. Les distributions totales de dividendes étaient d'environ 256 millions de dollars.

Dividende par action	Distribution totale des dividendes
$4.16	256 millions de dollars

Appréciation de la valeur du portefeuille de propriétés

La valeur totale du portefeuille de propriétés de Camden a augmenté de 5,2% en 2023, atteignant 9,8 milliards de dollars. Les gains non réalisés de l'appréciation des biens étaient d'environ 485 millions de dollars.

Services auxiliaires et frais d'équipement

Les sources de revenus auxiliaires comprenaient:

• Frais de stationnement: 18,3 millions de dollars
• Frais d'animaux de compagnie: 12,7 millions de dollars
• Location de l'unité de stockage: 6,5 millions de dollars
• Remboursements des services publics: 22,9 millions de dollars

Service auxiliaire	Revenus annuels
Frais de stationnement	18,3 millions de dollars
Frais d'animaux	12,7 millions de dollars
Location d'unités de stockage	6,5 millions de dollars
Remboursements des services publics	22,9 millions de dollars

Camden Property Trust (CPT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and residents choose Camden Property Trust in late 2025. It's about delivering on promises in a specific geography and managing the balance sheet tightly.

High-quality, modern apartment living in desirable Sunbelt locations.

Camden Property Trust focuses its portfolio where job and population growth are strongest. As of the third quarter of 2025, Camden owns and operates 174 properties containing 59,416 apartment homes across the United States. The strategic emphasis remains heavily on the Sunbelt regions, which management cites for their dominance in job growth and young adult household formation. This focus means residents are choosing locations with clear economic tailwinds, which supports long-term demand. Even with new supply peaking, Camden noted that 2025 has been the best year in more than two decades for apartment absorption in these areas.

Superior resident experience and community-focused management.

The value proposition here is tied directly to the quality of the employer, which often translates to better on-site service. Camden Property Trust has been recognized as one of the 100 Best Companies to Work For by FORTUNE magazine for 18 consecutive years, most recently ranking #18. This commitment to internal culture supports the external promise of a superior resident experience. Operationally, same-property occupancy averaged 95.5% for the third quarter of 2025. Tenant retention is supported by strong demand, with effective renewal rates rising 3.5% in Q3 2025 versus expiring lease rates.

Financial stability and dividend reliability for shareholders.

Financial strength is demonstrated through guidance increases and a solid liquidity position. For the full year 2025, Camden Property Trust raised the midpoint of its Core Funds From Operations (Core FFO) guidance to $6.85 per share. The company exited the third quarter of 2025 with approximately $796.3 million in liquidity. The dividend remains a core component of shareholder return, with the fourth quarter 2025 cash dividend declared at $1.05 per share. The annual dividend is reported at $4.20 per share, yielding 4.04% as of December 2025.

Here's a quick look at the key financial metrics supporting this stability:

Metric	Value (Q3 2025 or Latest Guidance)	Period/Context
Full-Year 2025 Core FFO Guidance Midpoint	$6.85 per share	Raised from $6.81 midpoint
Q3 2025 Core FFO per Share	$1.70 per diluted share	Q3 2025 Actual
Q4 2025 Declared Dividend	$1.05 per share	For record date December 17, 2025
Total Liquidity	$796.3 million	As of September 30, 2025
Net Debt-to-Annualized Adjusted EBITDAre	4.2 times	As of September 30, 2025

Operational innovation and efficiency driving same-property NOI growth of 0.25% (2025 midpoint).

Management is actively managing expenses to drive profitability, even as revenue growth decelerates. Camden Property Trust is maintaining the midpoint of its full-year 2025 outlook for same-property Net Operating Income (NOI) growth at 25 basis points (or 0.25%). This stability is achieved through expense discipline; the full-year same store expense midpoint was decreased from 2.5% to 1.75%. For the third quarter of 2025 compared to the third quarter of 2024, same-property revenues grew 0.8% while expenses rose 2.3%, resulting in same-property NOI being flat at 0.0%. Year-to-date through September 30, 2025, same-property NOI growth was 0.4%. The company is actively recycling capital, completing dispositions of approximately $113.5 million in Q3 2025, which included an approximate gain of $85.6 million.

Diverse amenities and well-maintained properties, lowering capital expenses.

Capital recycling is a key action to keep the portfolio competitive and lower capital expenses. Management stated that recycling capital in this way keeps the portfolio competitive, lowers capital expenses, and accelerates return on invested capital. The company is pursuing a strategy of selling older assets while developing new ones; for instance, Camden has approximately $269.1 million left to fund under its existing wholly-owned development pipeline as of September 30, 2025. The overall capital recycling target for 2025 is $750 million in acquisitions and dispositions. This focus on modern, well-located assets supports the value proposition of lower long-term maintenance needs.

The strategic focus on portfolio quality can be seen in the development pipeline:

• Upon completion, the portfolio is expected to increase to 177 properties with 60,578 apartment homes.
• The company disposed of 626 apartment homes across two communities in Q3 2025.
• The company has approximately $400.0 million remaining under its stock repurchase program.

The ability to generate significant gains on sales, like the $85.6 million gain in Q3 2025, funds these capital improvements and recycling efforts.

Camden Property Trust (CPT) - Canvas Business Model: Customer Relationships

As of late 2025, Camden Property Trust operated interests in 176 properties containing 59,647 apartment homes across the United States. The workforce totaled nearly 1,700 Camden associates.

Automated self-service tools for rent payment and maintenance requests.

Camden Property Trust employs property management software and digital communication platforms to streamline operations. The company is actively integrating technology to enhance the overall resident experience.

Dedicated on-site property management teams for high-touch service.

• Resident retention continues to be strong because of the Living Excellence provided by on-site teams.
• The company was ranked 18th on Fortune's 28th annual 100 Best Companies to Work For list in 2025.
• Camden Property Trust has been recognized as one of the 100 Best Companies to Work For by FORTUNE magazine for 17 consecutive years.

Community engagement programs to foster resident retention.

The percentage of residents moving out due to home purchase has been below 10%, one of the lowest levels seen in over 30 years of operating history.

Digital communication channels for leasing and resident support.

Technology plays a crucial role in creating a better living environment for residents, directly impacting customer retention and satisfaction.

Standardized, professional lease agreements and renewal processes.

Leasing performance data for the same property portfolio shows the following changes versus expiring lease rates:

Metric	Q3 2025	Q2 2025	Q1 2025
Effective New Lease Rates Change	down 2.5%	down 2.1%	down 3.1%
Effective Renewal Rates Change	up 3.5%	up 3.7%	3.3%
Effective Blended Lease Rates Change	0.6%	0.7%	down 1.1%
Occupancy Average	95.5%	95.6%	95.4%
Annualized Gross Turnover	N/A	51%	40%

For the three months ended March 31, 2025, revenue related to utility rebilling to residents was $11.4 million.

Camden Property Trust (CPT) - Canvas Business Model: Channels

Direct leasing via the Camden Property Trust website and mobile app.

The scale of the portfolio directly supports the direct channel reach.

• Total apartment homes owned and operated as of November 30, 2025: 58,437 apartment homes.
• Total properties owned and operated as of November 30, 2025: 171 properties.
• Projected total apartment homes upon completion of current development: 60,577 apartment homes.

On-site leasing offices and property tours at each community.

The number of physical locations dictates the capacity for on-site engagement.

Metric	Value as of Late 2025
Properties with On-Site Leasing Operations	171 (Owned and Operated as of Nov 30, 2025)
Portfolio Occupancy Average (Q3 2025)	95.5%
Effective New Lease Rates (Q3 2025)	(2.5)%
Effective Renewal Rates (Q3 2025)	3.5%

Third-party listing services (e.g., Zillow, Apartments.com).

While specific third-party lead volume isn't itemized, the overall leasing activity reflects the market penetration achieved through all avenues.

• Effective Blended Lease Rates (Q3 2025): 0.6%.
• Total Property Revenue (Q3 2025): $395.7 million.
• Rental Revenue Component (Q3 2025): Approximately $351.5 million.

Investor Relations department for capital market communication.

The Investor Relations function serves as the channel for capital providers.

• Investor Relations Contact Phone: (713) 354-2787.
• Investor Relations Webcast URL: https://investors.camdenliving.com.
• Institutional Ownership Percentage (as of Oct 9, 2025): 97.1%.
• Shares Repurchased in Q3 2025: 465,742 common shares.
• Stock Repurchase Program Remaining Capacity: Approximately $400.0 million.

Camden Property Trust (CPT) - Canvas Business Model: Customer Segments

You're analyzing Camden Property Trust (CPT) as a premier owner and manager of multifamily apartment communities, and understanding who pays the rent and who buys the stock is key to seeing where the value is. The customer base for Camden Property Trust is distinctly split between the residents who occupy the physical assets and the sophisticated investors who hold the shares.

Middle to upper-income renters in high-growth Sunbelt metropolitan areas.

Camden Property Trust strategically targets residents in dynamic, high-growth Sunbelt corridors. These markets are characterized by strong job creation, which directly fuels demand for quality housing. For instance, as of mid-2025, markets like Houston and Tampa were noted as leading rent growth areas, while others like Austin and Nashville were navigating temporary supply headwinds expected to ease by the end of the year.

• Focus markets include Austin, Nashville, Houston, and Tampa.
• New supply in Camden's key markets was at a 13-year low in Q1 2025.
• Rent affordability was improving, with wages outpacing rents by 300 bps in Q1 2025.

Residents seeking modern amenities and professional property management.

The value proposition for residents centers on quality of life and reliable service, which translates into high retention rates. Camden Property Trust actively invests in property enhancements to maintain this appeal. The company reported an impressive 8-10% return on its kitchen and bath renovation programs, showing that these amenities drive tangible value for both the resident and the asset.

Resident loyalty is measurable through operational metrics. As of Q3 2025, the annualized net turnover dropped to a record low of 31%, and customer sentiment reached an all-time high of 91.1 in Q1 2025. Still, renewal offers for December and January were set with an average increase of 3.3%.

This table shows the consistency in occupancy, a direct measure of resident satisfaction and demand:

Metric	Period Ending Q2 2025	Period Ending Q3 2025
Same-Store Occupancy	95.6%	95.5%
Portfolio Size (Homes)	61,203 (as of June 30, 2025)	59,046 (173 properties)

Institutional and retail investors seeking stable, dividend-paying REIT exposure.

The investor segment is overwhelmingly institutional. As of the third quarter of 2025, Institutions Ownership stood at a commanding 97.1% of the shares. These investors are drawn to Camden Property Trust's status as an S&P 500 company and its consistent dividend history, which includes 14 years of dividend growth.

The focus for this segment is on reliable cash flow and capital allocation. The Board declared a third quarter 2025 cash dividend of $1.05 per share, payable on October 17, 2025. Management raised the full-year 2025 Core Funds From Operations (FFO) guidance midpoint to $6.85 per share. The company also retains $400 million in share buyback authorization, signaling a commitment to returning capital.

Young professionals and families migrating to Sunbelt employment hubs.

This group is the primary driver of demand for the middle-to-upper-income renter segment. They are attracted by the job growth in the Sunbelt cities where Camden Property Trust concentrates its portfolio. For example, Camden Property Trust's portfolio, which contained 59,046 apartment homes across 173 properties in the US as of Q3 2025, is positioned to capture this demographic shift.

The company's overall financial scale supports its ability to serve this segment through development and acquisition. As of Q2 2025, the Market Cap was approximately $11.8 billion, with annual revenues around $1.54 billion. This scale helps ensure a pipeline of modern housing stock for migrating workers. Finance: draft 13-week cash view by Friday.

Camden Property Trust (CPT) - Canvas Business Model: Cost Structure

You're looking at the expense side of Camden Property Trust's operations as of late 2025. For a real estate investment trust (REIT), the costs are heavily weighted toward property operations and debt service. Here's the quick math on what's hitting the bottom line.

Significant property operating and maintenance expenses are a major outflow. For the six months ended June 30, 2025, these costs totaled approximately $182,729 thousand. This is the direct cost of keeping the apartment communities running day-to-day.

The cost of ownership includes real estate taxes and insurance costs, which are rising generally, though Camden Property Trust saw a recent positive variance. Property Taxes represent approximately 1/3 of total operating expenses. For the full year 2025, the same-store expense midpoint was decreased from 2.5% to 1.75%, largely because property taxes were coming in below forecast, expected to decline slightly versus an earlier assumption of increasing approximately 2%.

Interest expense on debt is another significant line item. For the six months ended June 30, 2025, the total interest expense was $69,165 thousand. The good news for Camden Property Trust is the debt structure provides near-term stability; there are no significant debt maturities until the fourth quarter of 2026.

Capital deployment for growth comes through development and construction costs. As of September 30, 2025, Camden Property Trust had approximately $269.1 million left to fund under its existing wholly-owned development pipeline.

Finally, there are general and administrative costs, which include employee compensation and other corporate overhead. While a total G&A figure isn't explicitly listed here, non-core adjustments that fall within this category, primarily legal expenses and expensed transaction pursuit costs for 2025, are anticipated to be approximately $0.11 per share.

Here is a snapshot of some of the key financial cost components for the first half of 2025:

Cost Category	Period Ended June 30, 2025 (in thousands)	Source Reference
Property Operating and Maintenance Expenses	$182,729
Interest Expense	$69,165
Development Funding Remaining (as of Q3 2025)	$269.1 million

You should keep an eye on insurance costs, as they are a component of the operating expenses that are generally rising across the sector, even if property taxes are currently favorable. Finance: draft 13-week cash view by Friday.

Camden Property Trust (CPT) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Camden Property Trust as of late 2025. This is where the money actually comes from, plain and simple.

The primary revenue stream is, as you'd expect for a major REIT, rental revenue from apartment leases. For the first half (H1) of 2025, Camden Property Trust reported rental revenue totaling $700.7 million. This forms the bedrock of their operating income.

Beyond the base rent, there's the non-lease component revenue, which covers services passed through to residents. For H1 2025, the total property revenue was $787.1 million, which breaks down into that $700.7 million in rental revenue and approximately $86.4 million from other contractual services. A specific part of this is utility rebilling to residents, which amounted to $23.0 million for the six months ended June 30, 2025.

Capital recycling also contributes to the top line, though it's less predictable than rent. In the third quarter (Q3) of 2025, Camden Property Trust recognized a significant gain on the disposition of operating properties, booking a gain of approximately $85.6 million from selling three communities. This is a direct, non-recurring financial boost.

Also feeding the revenue mix is income generated from managing assets for others. For the six months ended June 30, 2025, Fee and asset management income reached $5,120 thousand, or about $5.12 million. That's a nice little kicker on top of the property operations.

Here's a quick look at the key revenue components we have data for across the first half and third quarter of 2025:

Revenue Component	Period	Amount
Rental Revenue	H1 2025	$700.7 million
Non-Lease Component Revenue (Total)	H1 2025	$86.4 million
Utility Rebilling Revenue	H1 2025	$23.0 million
Fee and Asset Management Income	H1 2025	$5.12 million
Gain on Property Disposition	Q3 2025	$85.6 million

The overall financial health indicator for the year is tied to their projected Core FFO (Funds From Operations). Camden Property Trust raised its guidance, setting the midpoint projection for full-year 2025 Core FFO per share at $6.85 per share. That's the number analysts are watching to gauge operational success for the full fiscal period.

To give you a better sense of the quarterly flow, here are the property revenue breakdowns for the first and third quarters:

• Rental Revenue for Q1 2025: $348.3 million.
• Non-Lease Component Revenue for Q1 2025: $42.3 million.
• Total Property Revenue for Q1 2025: $390.6 million.
• Rental Revenue for Q3 2025: $351.5 million.
• Non-Lease Component Revenue for Q3 2025: $44.2 million.
• Total Property Revenue for Q3 2025: $395.7 million.

Finance: review the Q4 2025 revenue forecast against the Q3 run-rate by next Tuesday.