Intrinsic value of Camden Property Trust - CPT

Previous Close

$85.68

  Intrinsic Value

$8.16

stock screener

  Rating & Target

str. sell

-90%

Previous close

$85.68

 
Intrinsic value

$8.16

 
Up/down potential

-90%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as CPT.

We calculate the intrinsic value of CPT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.78
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  876
  908
  941
  978
  1,017
  1,058
  1,102
  1,149
  1,199
  1,252
  1,308
  1,367
  1,429
  1,495
  1,564
  1,637
  1,715
  1,796
  1,881
  1,972
  2,066
  2,166
  2,271
  2,382
  2,498
  2,620
  2,748
  2,883
  3,025
  3,174
  3,331
Variable operating expenses, $m
 
  363
  377
  391
  407
  423
  441
  460
  480
  501
  523
  547
  572
  598
  626
  655
  686
  718
  753
  789
  827
  866
  908
  953
  999
  1,048
  1,099
  1,153
  1,210
  1,270
  1,332
Fixed operating expenses, $m
 
  391
  400
  410
  421
  431
  442
  453
  464
  476
  488
  500
  512
  525
  538
  552
  566
  580
  594
  609
  624
  640
  656
  672
  689
  706
  724
  742
  761
  780
  799
Total operating expenses, $m
  722
  754
  777
  801
  828
  854
  883
  913
  944
  977
  1,011
  1,047
  1,084
  1,123
  1,164
  1,207
  1,252
  1,298
  1,347
  1,398
  1,451
  1,506
  1,564
  1,625
  1,688
  1,754
  1,823
  1,895
  1,971
  2,050
  2,131
Operating income, $m
  154
  154
  165
  176
  190
  204
  220
  237
  255
  275
  297
  320
  345
  372
  400
  431
  463
  498
  535
  574
  616
  660
  707
  757
  810
  866
  925
  988
  1,054
  1,125
  1,199
EBITDA, $m
  404
  413
  434
  456
  480
  506
  535
  565
  598
  633
  671
  711
  753
  799
  847
  899
  953
  1,011
  1,072
  1,137
  1,206
  1,279
  1,356
  1,437
  1,523
  1,614
  1,710
  1,812
  1,919
  2,032
  2,151
Interest expense (income), $m
  93
  89
  93
  98
  102
  107
  112
  118
  123
  130
  136
  143
  150
  158
  166
  175
  184
  193
  203
  214
  225
  237
  249
  262
  276
  291
  306
  322
  338
  356
  374
Earnings before tax, $m
  457
  65
  71
  79
  87
  97
  108
  119
  132
  146
  161
  177
  195
  214
  234
  256
  279
  304
  331
  360
  390
  423
  457
  494
  533
  575
  619
  666
  716
  769
  825
Tax expense, $m
  2
  17
  19
  21
  24
  26
  29
  32
  36
  39
  43
  48
  53
  58
  63
  69
  75
  82
  89
  97
  105
  114
  124
  133
  144
  155
  167
  180
  193
  208
  223
Net income, $m
  820
  47
  52
  58
  64
  71
  79
  87
  96
  106
  117
  129
  142
  156
  171
  187
  204
  222
  242
  263
  285
  309
  334
  361
  389
  420
  452
  486
  523
  561
  602

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  237
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,028
  6,010
  6,235
  6,476
  6,734
  7,009
  7,301
  7,612
  7,941
  8,291
  8,660
  9,051
  9,464
  9,899
  10,359
  10,844
  11,355
  11,893
  12,460
  13,057
  13,685
  14,346
  15,041
  15,773
  16,542
  17,350
  18,200
  19,094
  20,033
  21,020
  22,057
Adjusted assets (=assets-cash), $m
  5,791
  6,010
  6,235
  6,476
  6,734
  7,009
  7,301
  7,612
  7,941
  8,291
  8,660
  9,051
  9,464
  9,899
  10,359
  10,844
  11,355
  11,893
  12,460
  13,057
  13,685
  14,346
  15,041
  15,773
  16,542
  17,350
  18,200
  19,094
  20,033
  21,020
  22,057
Revenue / Adjusted assets
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
Average production assets, $m
  5,082
  5,265
  5,462
  5,673
  5,898
  6,139
  6,395
  6,668
  6,956
  7,262
  7,586
  7,928
  8,290
  8,671
  9,074
  9,499
  9,946
  10,418
  10,914
  11,437
  11,987
  12,566
  13,175
  13,816
  14,490
  15,198
  15,943
  16,725
  17,548
  18,413
  19,321
Working capital, $m
  0
  -246
  -255
  -265
  -276
  -287
  -299
  -311
  -325
  -339
  -354
  -370
  -387
  -405
  -424
  -444
  -465
  -487
  -510
  -534
  -560
  -587
  -616
  -645
  -677
  -710
  -745
  -781
  -820
  -860
  -903
Total debt, $m
  2,481
  2,593
  2,710
  2,836
  2,970
  3,112
  3,265
  3,426
  3,598
  3,779
  3,971
  4,174
  4,389
  4,616
  4,855
  5,107
  5,373
  5,652
  5,947
  6,258
  6,584
  6,928
  7,289
  7,670
  8,070
  8,490
  8,932
  9,397
  9,885
  10,398
  10,938
Total liabilities, $m
  3,013
  3,125
  3,242
  3,368
  3,502
  3,644
  3,797
  3,958
  4,130
  4,311
  4,503
  4,706
  4,921
  5,148
  5,387
  5,639
  5,905
  6,184
  6,479
  6,790
  7,116
  7,460
  7,821
  8,202
  8,602
  9,022
  9,464
  9,929
  10,417
  10,930
  11,470
Total equity, $m
  3,015
  2,885
  2,993
  3,108
  3,232
  3,364
  3,504
  3,654
  3,812
  3,979
  4,157
  4,344
  4,543
  4,752
  4,972
  5,205
  5,450
  5,709
  5,981
  6,267
  6,569
  6,886
  7,220
  7,571
  7,940
  8,328
  8,736
  9,165
  9,616
  10,090
  10,587
Total liabilities and equity, $m
  6,028
  6,010
  6,235
  6,476
  6,734
  7,008
  7,301
  7,612
  7,942
  8,290
  8,660
  9,050
  9,464
  9,900
  10,359
  10,844
  11,355
  11,893
  12,460
  13,057
  13,685
  14,346
  15,041
  15,773
  16,542
  17,350
  18,200
  19,094
  20,033
  21,020
  22,057
Debt-to-equity ratio
  0.823
  0.900
  0.910
  0.910
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.960
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  0.990
  1.000
  1.000
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.030
  1.030
  1.030
  1.030
Adjusted equity ratio
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  820
  47
  52
  58
  64
  71
  79
  87
  96
  106
  117
  129
  142
  156
  171
  187
  204
  222
  242
  263
  285
  309
  334
  361
  389
  420
  452
  486
  523
  561
  602
Depreciation, amort., depletion, $m
  250
  259
  269
  279
  291
  302
  315
  328
  343
  358
  374
  391
  408
  427
  447
  468
  490
  513
  538
  563
  591
  619
  649
  681
  714
  749
  785
  824
  864
  907
  952
Funds from operations, $m
  443
  307
  321
  337
  354
  373
  394
  415
  439
  464
  491
  520
  551
  583
  618
  655
  694
  735
  779
  826
  875
  928
  983
  1,041
  1,103
  1,168
  1,237
  1,310
  1,387
  1,468
  1,554
Change in working capital, $m
  0
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
Cash from operations, $m
  443
  315
  330
  347
  365
  384
  406
  428
  452
  478
  506
  536
  567
  601
  637
  675
  715
  757
  803
  850
  901
  955
  1,011
  1,071
  1,135
  1,202
  1,272
  1,347
  1,426
  1,509
  1,596
Maintenance CAPEX, $m
  0
  -250
  -259
  -269
  -279
  -291
  -302
  -315
  -328
  -343
  -358
  -374
  -391
  -408
  -427
  -447
  -468
  -490
  -513
  -538
  -563
  -591
  -619
  -649
  -681
  -714
  -749
  -785
  -824
  -864
  -907
New CAPEX, $m
  -343
  -183
  -197
  -211
  -226
  -241
  -256
  -272
  -289
  -306
  -324
  -342
  -362
  -382
  -403
  -425
  -448
  -472
  -497
  -523
  -550
  -579
  -609
  -641
  -674
  -708
  -745
  -783
  -823
  -865
  -908
Cash from investing activities, $m
  690
  -433
  -456
  -480
  -505
  -532
  -558
  -587
  -617
  -649
  -682
  -716
  -753
  -790
  -830
  -872
  -916
  -962
  -1,010
  -1,061
  -1,113
  -1,170
  -1,228
  -1,290
  -1,355
  -1,422
  -1,494
  -1,568
  -1,647
  -1,729
  -1,815
Free cash flow, $m
  1,133
  -118
  -126
  -133
  -140
  -147
  -153
  -159
  -165
  -170
  -175
  -180
  -185
  -189
  -193
  -197
  -201
  -204
  -207
  -210
  -213
  -215
  -217
  -218
  -220
  -221
  -221
  -221
  -221
  -220
  -219
Issuance/(repayment) of debt, $m
  -247
  112
  117
  125
  134
  143
  152
  162
  171
  182
  192
  203
  215
  227
  239
  252
  266
  280
  295
  310
  327
  344
  362
  380
  400
  420
  442
  465
  488
  513
  539
Issuance/(repurchase) of shares, $m
  0
  60
  56
  58
  60
  61
  62
  62
  62
  61
  60
  58
  56
  53
  50
  46
  41
  36
  30
  24
  17
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -241
  172
  173
  183
  194
  204
  214
  224
  233
  243
  252
  261
  271
  280
  289
  298
  307
  316
  325
  334
  344
  353
  362
  380
  400
  420
  442
  465
  488
  513
  539
Total cash flow (excl. dividends), $m
  892
  54
  47
  50
  54
  57
  61
  65
  69
  73
  77
  81
  86
  91
  96
  101
  106
  112
  118
  124
  131
  138
  145
  162
  180
  200
  221
  243
  267
  293
  320
Retained Cash Flow (-), $m
  -198
  -107
  -108
  -116
  -124
  -132
  -140
  -149
  -158
  -168
  -177
  -188
  -198
  -209
  -221
  -233
  -245
  -258
  -272
  -286
  -302
  -317
  -334
  -351
  -369
  -388
  -408
  -429
  -451
  -474
  -498
Prev. year cash balance distribution, $m
 
  237
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  184
  -61
  -66
  -70
  -75
  -80
  -84
  -90
  -95
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -146
  -154
  -162
  -171
  -180
  -189
  -189
  -189
  -188
  -187
  -185
  -183
  -181
  -178
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  171
  -53
  -52
  -51
  -49
  -47
  -44
  -41
  -38
  -34
  -31
  -27
  -24
  -21
  -17
  -14
  -12
  -10
  -7
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.2
  98.5
  97.7
  97.0
  96.3
  95.7
  95.0
  94.4
  93.8
  93.3
  92.8
  92.4
  91.9
  91.6
  91.3
  91.0
  90.7
  90.6
  90.4
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3
  90.3

Camden Property Trust is a real estate investment trust (REIT). The Company is engaged in the ownership, management, development, redevelopment, acquisition and construction of multifamily apartment communities. As of December 31, 2016, the Company owned interests in, operated, or were developing 159 multifamily properties, which consisted of 55,366 apartment homes across the United States. The Company also owns land holdings, which it may develop into multifamily communities. The Company's properties consist of mid-rise buildings or two and three story buildings in a landscaped setting and provide residents with a range of amenities common to multifamily rental properties. The 152 operating properties in which the Company owned interests and operated, as of December 31, 2016, averaged 953 square feet of living area per apartment home. As of December 31, 2016, 137 of its operating properties had over 200 apartment homes.

FINANCIAL RATIOS  of  Camden Property Trust (CPT)

Valuation Ratios
P/E Ratio 10.2
Price to Sales 9.6
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow 83.8
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate -0.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 82.3%
Total Debt to Equity 82.3%
Interest Coverage 6
Management Effectiveness
Return On Assets 15.1%
Ret/ On Assets - 3 Yr. Avg. 9.1%
Return On Total Capital 14.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 28.1%
Return On Equity - 3 Yr. Avg. 15.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 61.2%
Gross Margin - 3 Yr. Avg. 60.7%
EBITDA Margin 91.3%
EBITDA Margin - 3 Yr. Avg. 78.5%
Operating Margin 17.6%
Oper. Margin - 3 Yr. Avg. 16%
Pre-Tax Margin 52.2%
Pre-Tax Margin - 3 Yr. Avg. 39%
Net Profit Margin 93.6%
Net Profit Margin - 3 Yr. Avg. 53.5%
Effective Tax Rate 0.4%
Eff/ Tax Rate - 3 Yr. Avg. 0.5%
Payout Ratio 80.9%

CPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPT stock intrinsic value calculation we used $876 million for the last fiscal year's total revenue generated by Camden Property Trust. The default revenue input number comes from 2016 income statement of Camden Property Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CPT stock valuation model: a) initial revenue growth rate of 3.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.3%, whose default value for CPT is calculated based on our internal credit rating of Camden Property Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Camden Property Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CPT stock the variable cost ratio is equal to 40%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $381 million in the base year in the intrinsic value calculation for CPT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.6% for Camden Property Trust.

Corporate tax rate of 27% is the nominal tax rate for Camden Property Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CPT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CPT are equal to 580.1%.

Life of production assets of 20.3 years is the average useful life of capital assets used in Camden Property Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CPT is equal to -27.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3015 million for Camden Property Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 92.331 million for Camden Property Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Camden Property Trust at the current share price and the inputted number of shares is $7.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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ESS Essex Property 226.60 23.50  str.sell
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AVB Avalonbay Comm 170.10 18.40  str.sell
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EQR Equity Residen 61.18 6.91  str.sell
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COMPANY NEWS

▶ [$$] Houstons Apartment Market Makes a Comeback   [Jan-17-18 12:25AM  The Wall Street Journal]
▶ [$$] Houston's Apartment Market Makes a Comeback   [Jan-16-18 06:30PM  The Wall Street Journal]
▶ What Do Wall Street Analysts Think of Equity Residential?   [Jan-10-18 09:02AM  Market Realist]
▶ How Does Equity Residentials Balance Sheet Look?   [Jan-09-18 10:34AM  Market Realist]
▶ Camdens downtown Houston apartment tower receives building permits   [Jan-08-18 10:19AM  American City Business Journals]
▶ Camden Property Trust Sees IBD RS Rating Improve To 72   [Nov-13-17 03:00AM  Investor's Business Daily]
▶ Camden Property Trust to Host Earnings Call   [Oct-27-17 09:00AM  ACCESSWIRE]
▶ Camden reports 3Q results   [Oct-26-17 04:57PM  Associated Press]
▶ 7 Experts Share 10 Favorites Among REITs   [Oct-04-17 02:20PM  Forbes]
▶ Camden Property Trust Announces Pricing of Common Shares   [Sep-11-17 09:35PM  Business Wire]
▶ Camden Property Trust Announces Third Quarter 2017 Dividend   [Sep-08-17 04:15PM  Business Wire]
▶ Camden Property Trust Earns Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Camden Property Trust Provides Update on Hurricane Harvey   [Aug-28-17 12:03PM  Business Wire]
▶ Why apartment REITS are not a good home for your money   [Aug-15-17 08:26AM  MarketWatch]
▶ Camden reports 2Q results   [Jul-27-17 09:53PM  Associated Press]
▶ Equity Residential Compared to Its Peers   [Jul-17-17 02:17PM  Market Realist]
▶ Camden reports 1Q results   [May-04-17 04:54PM  Associated Press]
Financial statements of CPT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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