Camden Property TrustNYSE: CPT

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HOUSTON--(BUSINESS WIRE)--The Board of Trust Managers of Camden Property Trust (NYSE:CPT) (the “Company”) declared a second quarter cash dividend of $1.03 per share to holders of record as of June 28, 2024 of its Common Shares of Beneficial Interest. The dividend is to be paid on July 17, 2024. Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment.

Camden Property Trust is a REIT that owns and manages multifamily apartment communities. The company's portfolio is diversified across different states, property classes, and market types. More importantly, the company's performance has been solid, and the shares are trading at a good price.

While the revenue and EPS figures for Camden (CPT) provide insight into its performance in the first quarter of 2024, it is also important to analyze how certain key metrics stack up against Wall Street projections and the previous year's results.

Camden (CPT) reported quarterly funds from operations (FFO) of $1.67 per share, surpassing the Zacks Consensus Estimate of $1.66 per share. This is an improvement from FFO of $1.66 per share in the same quarter last year.

Camden Property Trust, a significant apartment Real Estate Investment Trust (REIT), is encountering difficulties in the Sunbelt market as vacancies increase and rents decrease. The company's concentration on high-end apartments in markets expecting a surge in inventory is leading to rent reductions. Nonetheless, Camden's significant presence in mid-range apartments and its exposure to the California market could potentially help balance its portfolio.

Realty Income provides a dividend yield of 6% that is expected to increase consistently. Prologis has increased its high-yield dividend at a rate twice as fast as the S&P 500 and other REITs.

Camden Property Trust faces headwinds from much weaker leasing spreads as new supply hits the market. We're forecasting this headwind to last about 2 years. Core FFO per share is projected to decline slightly in 2024. Investors in Camden Property Trust are looking at this as an opportunity to collect a 4.2% dividend yield while waiting for the supply picture to change and the growth rate to resume.