Camden Property Trust NAREIT Management Meeting Takeaways

Goldman Sachs met with Camden Property Trust (CPT) management, highlighting an inflection in leasing fundamentals and a strategic shift from California to Sunbelt assets.

Key Takeaways

• 1.Leasing fundamentals are inflecting with recovery expected by 3Q26, driven by improving pricing power in select markets like Nashville.
• 2.Strong occupancy and record retention are supported by high-quality tenants with $120K average incomes and low rent-to-income ratios.
• 3.Management is actively recycling capital, selling older California assets to reinvest in newer Sunbelt properties and share buybacks.

Table of Contents

• Leasing Momentum & Pricing Power
• Occupancy, Retention & Operating Metrics
• Financial Performance & Capital Allocation
• Price Target and Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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