Camden Property Trust

Apartments are inherently recurring with diversified tenancy and short lease terms that adjust to inflation and demand. Camden’s occupancy has held near 95–96%, and TTM Core FFO per share is ~6.85 with Core AFFO ~5.9, signaling steady cash conversion. Geographic and asset diversification reduce exposure to any single regulatory regime.

The main sources of variability are supply surges, local taxes/insurance, and the macro job market. On balance we view revenue/FCF visibility as above average for real assets with moderate cyclicality.