Intrinsic value of Camden Property Trust - CPT

Previous Close

$94.90

  Intrinsic Value

$136.27

stock screener

  Rating & Target

buy

+44%

Previous close

$94.90

 
Intrinsic value

$136.27

 
Up/down potential

+44%

 
Rating

buy

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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  968
  1,009
  1,053
  1,100
  1,149
  1,201
  1,256
  1,314
  1,375
  1,440
  1,508
  1,579
  1,655
  1,734
  1,818
  1,906
  1,998
  2,095
  2,197
  2,305
  2,418
  2,537
  2,662
  2,793
  2,931
  3,076
  3,228
  3,388
  3,556
  3,732
Variable operating expenses, $m
  699
  728
  759
  792
  826
  863
  901
  942
  985
  1,030
  1,057
  1,108
  1,161
  1,216
  1,275
  1,336
  1,401
  1,470
  1,541
  1,617
  1,696
  1,779
  1,867
  1,959
  2,055
  2,157
  2,264
  2,376
  2,494
  2,617
Fixed operating expenses, $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
Total operating expenses, $m
  699
  728
  759
  792
  826
  863
  901
  942
  985
  1,030
  1,057
  1,108
  1,161
  1,216
  1,275
  1,336
  1,401
  1,470
  1,541
  1,617
  1,696
  1,779
  1,867
  1,959
  2,055
  2,157
  2,264
  2,376
  2,494
  2,617
Operating income, $m
  269
  281
  294
  308
  323
  339
  355
  372
  391
  410
  450
  472
  494
  518
  543
  569
  597
  626
  656
  688
  722
  758
  795
  834
  875
  918
  964
  1,012
  1,062
  1,115
EBITDA, $m
  946
  987
  1,030
  1,075
  1,123
  1,174
  1,228
  1,285
  1,344
  1,407
  1,474
  1,544
  1,618
  1,695
  1,777
  1,863
  1,953
  2,048
  2,148
  2,253
  2,364
  2,480
  2,602
  2,730
  2,865
  3,006
  3,155
  3,312
  3,476
  3,648
Interest expense (income), $m
  93
  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
Earnings before tax, $m
  269
  281
  294
  308
  323
  339
  355
  372
  391
  410
  450
  472
  494
  518
  543
  569
  597
  626
  656
  688
  722
  758
  795
  834
  875
  918
  964
  1,012
  1,062
  1,115
Tax expense, $m
  73
  76
  80
  83
  87
  91
  96
  101
  105
  111
  122
  127
  133
  140
  147
  154
  161
  169
  177
  186
  195
  205
  215
  225
  236
  248
  260
  273
  287
  301
Net income, $m
  196
  205
  215
  225
  236
  247
  259
  272
  285
  299
  329
  344
  361
  378
  396
  415
  436
  457
  479
  502
  527
  553
  580
  609
  639
  670
  704
  739
  775
  814

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  -384
  -401
  -418
  -437
  -456
  -477
  -499
  -522
  -546
  -572
  -599
  -627
  -657
  -688
  -722
  -756
  -793
  -832
  -872
  -915
  -960
  -1,007
  -1,057
  -1,109
  -1,163
  -1,221
  -1,281
  -1,345
  -1,411
  -1,482
Adjusted assets (=assets-cash), $m
  -384
  -401
  -418
  -437
  -456
  -477
  -499
  -522
  -546
  -572
  -599
  -627
  -657
  -688
  -722
  -756
  -793
  -832
  -872
  -915
  -960
  -1,007
  -1,057
  -1,109
  -1,163
  -1,221
  -1,281
  -1,345
  -1,411
  -1,482
Revenue / Adjusted assets
  -2.521
  -2.516
  -2.519
  -2.517
  -2.520
  -2.518
  -2.517
  -2.517
  -2.518
  -2.517
  -2.518
  -2.518
  -2.519
  -2.520
  -2.518
  -2.521
  -2.520
  -2.518
  -2.519
  -2.519
  -2.519
  -2.519
  -2.518
  -2.518
  -2.520
  -2.519
  -2.520
  -2.519
  -2.520
  -2.518
Average production assets, $m
  6,572
  6,853
  7,151
  7,467
  7,801
  8,155
  8,528
  8,921
  9,337
  9,775
  10,236
  10,722
  11,234
  11,773
  12,340
  12,937
  13,565
  14,225
  14,919
  15,649
  16,416
  17,222
  18,070
  18,960
  19,896
  20,880
  21,913
  22,998
  24,139
  25,337
Working capital, $m
  -2,722
  -2,839
  -2,962
  -3,093
  -3,231
  -3,378
  -3,532
  -3,695
  -3,867
  -4,049
  -4,240
  -4,441
  -4,653
  -4,876
  -5,111
  -5,358
  -5,618
  -5,892
  -6,179
  -6,482
  -6,799
  -7,133
  -7,484
  -7,853
  -8,241
  -8,648
  -9,076
  -9,526
  -9,998
  -10,494
Total debt, $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
Total liabilities, $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
Total equity, $m
  -384
  -401
  -418
  -437
  -456
  -477
  -499
  -522
  -546
  -572
  -599
  -627
  -657
  -688
  -722
  -756
  -793
  -832
  -872
  -915
  -960
  -1,007
  -1,057
  -1,109
  -1,163
  -1,221
  -1,281
  -1,345
  -1,411
  -1,482
Total liabilities and equity, $m
  -384
  -401
  -418
  -437
  -456
  -477
  -499
  -522
  -546
  -572
  -599
  -627
  -657
  -688
  -722
  -756
  -793
  -832
  -872
  -915
  -960
  -1,007
  -1,057
  -1,109
  -1,163
  -1,221
  -1,281
  -1,345
  -1,411
  -1,482
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  196
  205
  215
  225
  236
  247
  259
  272
  285
  299
  329
  344
  361
  378
  396
  415
  436
  457
  479
  502
  527
  553
  580
  609
  639
  670
  704
  739
  775
  814
Depreciation, amort., depletion, $m
  677
  705
  735
  767
  800
  836
  873
  912
  954
  998
  1,024
  1,072
  1,123
  1,177
  1,234
  1,294
  1,356
  1,422
  1,492
  1,565
  1,642
  1,722
  1,807
  1,896
  1,990
  2,088
  2,191
  2,300
  2,414
  2,534
Funds from operations, $m
  874
  911
  950
  992
  1,036
  1,083
  1,132
  1,184
  1,239
  1,297
  1,352
  1,417
  1,484
  1,555
  1,630
  1,709
  1,792
  1,879
  1,971
  2,067
  2,169
  2,275
  2,387
  2,505
  2,629
  2,758
  2,895
  3,038
  3,189
  3,347
Change in working capital, $m
  -110
  -117
  -124
  -131
  -138
  -146
  -155
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -235
  -247
  -260
  -273
  -288
  -302
  -318
  -334
  -351
  -369
  -388
  -407
  -428
  -450
  -472
  -496
Cash from operations, $m
  983
  1,027
  1,074
  1,123
  1,174
  1,229
  1,287
  1,347
  1,411
  1,478
  1,543
  1,618
  1,696
  1,779
  1,865
  1,956
  2,052
  2,153
  2,258
  2,370
  2,486
  2,609
  2,738
  2,874
  3,016
  3,166
  3,323
  3,488
  3,661
  3,843
Maintenance CAPEX, $m
  -631
  -657
  -685
  -715
  -747
  -780
  -815
  -853
  -892
  -934
  -977
  -1,024
  -1,072
  -1,123
  -1,177
  -1,234
  -1,294
  -1,356
  -1,422
  -1,492
  -1,565
  -1,642
  -1,722
  -1,807
  -1,896
  -1,990
  -2,088
  -2,191
  -2,300
  -2,414
New CAPEX, $m
  -267
  -281
  -298
  -316
  -334
  -353
  -373
  -394
  -415
  -438
  -461
  -486
  -512
  -539
  -567
  -597
  -628
  -660
  -694
  -730
  -767
  -806
  -848
  -891
  -936
  -983
  -1,033
  -1,085
  -1,140
  -1,198
Cash from investing activities, $m
  -898
  -938
  -983
  -1,031
  -1,081
  -1,133
  -1,188
  -1,247
  -1,307
  -1,372
  -1,438
  -1,510
  -1,584
  -1,662
  -1,744
  -1,831
  -1,922
  -2,016
  -2,116
  -2,222
  -2,332
  -2,448
  -2,570
  -2,698
  -2,832
  -2,973
  -3,121
  -3,276
  -3,440
  -3,612
Free cash flow, $m
  86
  89
  90
  92
  94
  96
  98
  101
  103
  107
  105
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  169
  176
  184
  193
  202
  211
  221
  232
Issuance/(repayment) of debt, $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
Issuance/(repurchase) of shares, $m
  -16
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -60
  -63
  -67
  -70
Cash from financing (excl. dividends), $m  
  -16
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -60
  -63
  -67
  -70
Total cash flow (excl. dividends), $m
  70
  72
  73
  73
  74
  75
  76
  78
  79
  81
  78
  80
  82
  85
  88
  91
  94
  97
  101
  105
  110
  114
  119
  124
  130
  135
  141
  148
  154
  162
Retained Cash Flow (-), $m
  16
  16
  17
  18
  20
  21
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  60
  63
  67
  70
Prev. year cash balance distribution, $m
  369
  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
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
  68
Cash available for distribution, $m
  455
  89
  90
  92
  94
  96
  98
  101
  103
  107
  105
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  169
  176
  184
  193
  202
  211
  221
  232
Discount rate, %
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
  455
  89
  90
  92
  94
  96
  98
  101
  103
  107
  105
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  169
  176
  184
  193
  202
  211
  221
  232
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 11.3
Price to Sales 10.6
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 21
Price to Free Cash Flow 92.8
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 $929 million for the last fiscal year's total revenue generated by Camden Property Trust. The default revenue input number comes from 2017 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 4.2% 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 0%, 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 72.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 173.5% 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 1.9%.

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 678.9%.

Life of production assets of 10 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 -281.2%. 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 - $0 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 91 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 $8.6 billion.

RELATED COMPANIES Price Int.Val. Rating
AIV Apartment Inve 43.91 152.16  str.buy
ESS Essex Property 243.34 16.95  str.sell
MAA Mid-America Ap 103.09 1,195.37  str.buy
UDR UDR 39.83 9.91  str.sell
EQR Equity Residen 67.85 1.44  str.sell
ACC American Campu 42.07 56.36  buy

COMPANY NEWS

▶ Camden Property Trust to Host Earnings Call   [Aug-03-18 09:00AM  ACCESSWIRE]
▶ Camden: 2Q Earnings Snapshot   [05:53PM  Associated Press]
▶ Why Camden (CPT) is a Top Dividend Stock   [Jul-27-18 11:16AM  Zacks]
▶ Houston companies rank among top workplaces for Millennials on 2018 Fortune list   [Jul-06-18 12:22PM  American City Business Journals]
▶ Camden: 1Q Earnings Snapshot   [May-03-18 05:05PM  Associated Press]
▶ Exclusive: Apartment developers team up to build new $100M downtown high-rise   [Apr-13-18 11:12AM  American City Business Journals]
▶ Camden filing shows CEO-to-worker pay ratio   [Mar-28-18 03:39PM  American City Business Journals]
▶ Camden Property Trust to Host Earnings Call   [Feb-02-18 08:00AM  ACCESSWIRE]
▶ Camden reports 4Q results   [Feb-01-18 04:59PM  Associated Press]
▶ Camdens downtown Houston apartment tower receives building permits   [Jan-17-18 10:26AM  American City Business Journals]
▶ [$$] Houstons Apartment Market Makes a Comeback   [12:25AM  The Wall Street Journal]
▶ [$$] 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]
▶ 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]
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