Camden Property Trust

Camden’s moat is primarily cost of capital and operating scale in its chosen markets, supported by an A-/A3/A- unsecured rating stack and a long development/operating track record.

It does not benefit from network effects and resident switching costs are low, but it does enjoy an efficient-scale advantage in submarkets where permitting, land banking, and relationships deter smaller entrants. Brand and service reputation are decent but not decisive.

Risks to moat durability include Sun Belt supply cycles and insurance/property tax inflation.

Component view: cost advantage 70/100 (A- credit, low funding costs), efficient scale 70/100 (local clusters across TX/FL/NC/AZ and DC), intangible brand 55/100, switching costs 30/100, network effects 10/100. Weighted overall ≈ 68. Key evidence includes credit standing, leverage, and unencumbered asset base.