{"schemaVersion":1,"research":true,"symbol":"cpt","name":"Camden Property Trust","topic":"moat","path":"/stock/cpt/moat","status":"published","version":4,"updatedAt":"2026-10-18T01:10:19.745Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Camden's disclosures indicate a competitive housing business without a demonstrated durable moat. Residents have numerous direct substitutes, leases average approximately fourteen months, and portfolio scale does not establish a cost or supply advantage. Pricing power appears weak: 2025 same-store revenue growth was driven mainly by other income and occupancy, while first-half 2026 revenues were relatively stable and same-store NOI declined. Consistent occupancy supports continuing demand, but management's attribution to strong retention is not a measured renewal result. Supply, operating costs and legal restrictions can erode returns. Reconsideration would require sustained rent premiums and renewals through competing supply additions, supported by demonstrated location barriers or lower operating costs.","advantages":[],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / average lease terms and local marketing","excerpt":"Our average lease terms are approximately fourteen months, and our individual property marketing plans are structured to respond to local market conditions."},{"id":"e2","sourceId":"filing-1","location":"Competition / direct housing substitutes","excerpt":"Our properties compete directly with other multifamily properties as well as condominiums, single-family homes, and third-party providers of short-term rentals, which are available for rent or purchase in the markets in which our communities are located."},{"id":"e3","sourceId":"filing-1","location":"Executive Summary / portfolio scale at December 31, 2025","excerpt":"As of December 31, 2025, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,921 apartment homes across the United States as detailed in the Property Portfolio table below."},{"id":"e4","sourceId":"filing-1","location":"Business Environment and Current Outlook / drivers of 2025 revenue growth","excerpt":"The increase was primarily driven by higher revenues from other income and favorable changes in occupancy, which we believe was primarily attributable to favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets."},{"id":"e5","sourceId":"filing-1","location":"Results of Operations / 2025 and 2024 property revenues, expenses and NOI","excerpt":"18 Table of Contents Reconciliations of net income to NOI for the year ended December 31, 2025 and 2024 are as follows: (in thousands) 2025 2024 Net income $394,898 $170,840 Less: Fee and asset management income (12,967) (7,137) Less: Interest and other income (256) (4,420) Less: Income on deferred compensation plans (19,260) (12,629) Plus: Property management expense 37,452 38,331 Plus: Fee and asset management expense 3,074 2,200 Plus: General and administrative expense 79,344 72,365 Plus: Interest expense 138,239 129,815 Plus: Depreciation and amortization expense 611,025 582,014 Plus: Expense on deferred compensation plans 19,260 12,629 Plus: Impairment associated with land development activities 12,916 40,988 Plus: Loss on early retirement of debt — 921 Less: Gain on sale of operating properties (260,910) (43,806) Plus: Income tax expense 4,019 2,926 Net operating income $ 1,006,834 $ 985,037 Property-Level NOI (1) Property NOI, as reconciled above, is detailed further into the categories below for the year ended December 31, 2025 as compared to 2024: Number of Homes at Year Ended December 31, Change ($ in thousands) 12/31/2025 2025 2024 $ % Property revenues: Same store communities 54,625 $ 1,453,229 $ 1,442,248 $ 10,981 0.8 % Non-same store communities 3,765 78,094 45,542 32,552 71.5 Development and lease-up communities 1,531 2,185 — 2,185 * Dispositions/other — 40,036 56,052 (16,016) (28.6) Total property revenues 59,921 $ 1,573,544 $ 1,543,842 $ 29,702 1.9 % Property expenses: Same store communities 54,625 $ 516,732 $ 508,107 $ 8,625 1.7 % Non-same store communities 3,765 31,491 19,987 11,504 57.6 Development and lease-up communities 1,531 1,500 6 1,494 * Dispositions/other — 16,987 30,705 (13,718) (44.7) Total property expenses 59,921 $ 566,710 $ 558,805 $ 7,905 1.4 % Property NOI: Same store communities 54,625 $ 936,497 $ 934,141 $ 2,356 0.3 % Non-same store communities 3,765 46,603 25,555 21,048 82.4 Development and lease-up communities 1,531 685 (6) 691 * Dispositions/other — 23,049 25,347 (2,298) (9.1) Total property NOI 59,921 $ 1,006,834 $ 985,037 $ 21,797 2.2 % * Not a meaningful percentage."},{"id":"e6","sourceId":"filing-2","location":"Business Environment and Current Outlook / 2026 same-store revenues","excerpt":"Business Environment and Current Outlook During the three and six months ended June 30, 2026, our results reflect relatively stable same store revenues as compared to the same periods in 2025."},{"id":"e7","sourceId":"filing-2","location":"Business Environment and Current Outlook / occupancy and management's retention explanation","excerpt":"The stability was in part due to consistent occupancy, which we believe was primarily attributable to strong resident retention, supported by favorable demographic trends and continued demand for multifamily housing in our markets."},{"id":"e8","sourceId":"filing-2","location":"Same Store Analysis / second-quarter and first-half 2026 NOI declines","excerpt":"Same Store Analysis Same store property NOI decreased approximately $3.0 million and $4.8 million for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025."},{"id":"e9","sourceId":"filing-2","location":"Forward-looking statement risks / short leases, supply-related exposure, financing and regulation","excerpt":"Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following: •Volatility in capital and credit markets, cost increases, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us; •Short-term leases could expose us to the effects of declining market rents; •We could be negatively impacted by the risks associated with land holdings and related activities; •Development, repositions, redevelopment and construction risks could impact our profitability; •Our acquisition strategy may not produce the cash flows expected; •Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values; •Failure to qualify as a REIT could have adverse consequences; •Tax laws could continue to change at any time and any such legislative or other actions could have a negative effect on us; •A cybersecurity incident and other technology disruptions could negatively impact our business; •We have significant debt, which could have adverse consequences; •Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders; •Issuances of additional debt may adversely impact our financial condition; •We may be unable to renew, repay, or refinance our outstanding debt; •Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets; •Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders; •The form, timing, and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations; •Litigation risks could affect our business; •Damage from catastrophic weather and other natural events could result in losses; •Competition could adversely affect our ability to acquire properties; •We could be adversely impacted due to our share price fluctuations; and •Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments."},{"id":"e10","sourceId":"filing-2","location":"Legal proceedings / settlement commitments concerning business practices and non-public data","excerpt":"The settlement also includes certain prospective commitments regarding our business practices, including provisions relating to the disclosure and use of non‑public data."},{"id":"e11","sourceId":"filing-2","location":"Consolidated Results / class action settlement and technology impairment","excerpt":"The decrease during the six months ended June 30, 2026 was primarily due to the settlement of a $53.0 million class action matter and a $4.9 million impairment charge related to certain technology investments recognized during the six months ended June 30, 2026."},{"id":"e12","sourceId":"filing-2","location":"Legal proceedings / settlement without admission of fault or liability","excerpt":"The execution of the term sheet and settlement agreement did not and does not constitute an admission of fault or liability, and we do not admit fault or liability."},{"id":"e13","sourceId":"filing-3","location":"Proxy Summary / 2025 leverage, development yields and capital recycling claims","excerpt":"•From 2021 through 2025, have returned $2.1 billion to shareholders Capital Recycling •Since 2011, we have significantly improved the quality of our portfolio with minimal cash flow dilution, primarily using disposition proceeds to fund development and acquisitions Innovation and Technology •Enhance resident experience •Streamline operations/improve efficiency Same Property NOI Growth 0.25% ahead of midpoint of guidance range of (1.5%) to 1.5% Net Debt/Adjusted EBITDAre (1) 4.10 x better than target of 4.75 x Weighted Average Yields on Stabilized Developments 6.47% above our targeted proforma 1 A reconciliation of net income attributable to common shareholders to Fund from Operations (“FFO”) and Core FFO, of diluted Earnings Per Share (“EPS”) to FFO and Core FFO per diluted share, of net income to Net Operating Income (“NOI”) and same property net operating income, and of net income to Adjusted earnings before interest, taxes, depreciation, and amortization for Real Estate (“EBITDAre”) for the year ended December 31, 2025 is contained in Appendix A of this proxy statement."},{"id":"e14","sourceId":"filing-1","location":"Liquidity and Capital Resources / development and improvement expenditures","excerpt":"The property development and capital improvements during 2025 and 2024, included the following: December 31, (in millions) 2025 2024 Expenditures for new development, including land $ 206.3 $ 163.2 Capital expenditures 118.5 112.2 Reposition expenditures 89.7 87.9 Direct real estate taxes and capitalized interest and other indirect costs 25.9 30.4 Total $ 440.4 $ 393.7 Net cash used in financing activities totaled approximately $322.0 million during the year ended December 31, 2025 as compared to approximately $725.5 million during the year ended December 31, 2024."},{"id":"e15","sourceId":"filing-1","location":"Liquidity and Capital Resources / distributions, repurchases and credit facility repayments","excerpt":"Cash outflows during the year ended December 31, 2025 primarily related to $461.0 million used for distributions to common shareholders and non-controlling interest holders, $270.7 million used for common share repurchases, and net payments of $178.0 million of borrowings from our unsecured revolving credit facility."},{"id":"e16","sourceId":"filing-1","location":"Liquidity and Capital Resources / commercial paper funding","excerpt":"These outflows were partially offset by net proceeds of approximately $588.1 million of borrowings from our commercial paper program."},{"id":"e17","sourceId":"filing-1","location":"Land holdings risks / realized 2025 land impairments","excerpt":"Under current market conditions, in 2025 we recorded impairment charges on two parcels of land."},{"id":"e18","sourceId":"filing-2","location":"Common Shares / actual repurchases under February 2026 plan","excerpt":"Through June 30, 2026, we repurchased an aggregate of 2,965,359 common shares under the February 2026 share repurchase plan for approximately $302.1 million."},{"id":"e19","sourceId":"filing-3","location":"Executive Compensation Highlights / equity, ownership guidelines, hedging prohibition and clawbacks","excerpt":"Westbrook INDEPENDENT President and CEO of KRW Advisors, LLC 70 2008 ü A -Audit Committee NCG&S -Nominating, Corporate Governance, and Sustainability Committee C -Compensation Committee E -Executive Committee -Chair ü -Member 2026 Proxy Statement 4 Table of Contents EXECUTIVE COMPENSATION HIGHLIGHTS Performance Objectives Support the Company’s business strategy and business plan by clearly communicating what is expected of Named Executive Officers (“NEOs”) with respect to goals and results and by rewarding achievement Attract, motivate, and retain NEOs who have the motivation, experience, and skills necessary to lead the Company effectively and deliver on the Company’s profitability, growth, and total return to shareholder objectives Link management’s success in enhancing long-term shareholder value, given market conditions, with executive compensation Key Compensation Practices •Classify a significant portion of our NEOs’ total pay as equity awards to promote retention and tie the value of these awards to future Company share price performance •Use pre-determined objectives to help determine NEO compensation •Apply sizable share ownership guidelines for NEOs •Prohibit NEOs from hedging their Company shares, which precludes entering into any derivative transaction on Company shares (e.g., short sale, forward, option, or collar) •Generally discourage NEOs from holding Company shares in a margin account or pledging Company shares as collateral for a loan •In-depth review of CEO’s and other NEOs’ goals and performance by our Compensation Committee made up of independent members of the Company’s Board of Trust Managers •Utilize an independent compensation consultant •Subject cash incentives and equity awards to clawback and forfeiture provisions In line with our objectives and practices, a very significant portion of 2025 compensation for our NEOs as reported in the Summary Compensation table (page 44) was not guaranteed but was tied directly to performance and/or the value of our shares as depicted in the following pay mix charts: 2026 Proxy Statement 5 Table of Contents CORPORATE RESPONSIBILITY HIGHLIGHTS The Board, both directly and through the Nominating, Corporate Governance, and Sustainability Committee, oversees Camden’s corporate responsibility strategies and initiatives."},{"id":"e20","sourceId":"filing-3","location":"Compensation Policies and Practices / disclosed February 2026 PSU structure","excerpt":"As described above, the Compensation Committee determined the NEOs’ equity awards for 2025 (granted in February 2026) would be in the form of PSUs which would vest based on the Company’s performance over a three-year period, with 50% of the award tied to the Company’s financial performance against goals established annually by the Compensation Committee and 50% of the award tied to the Company’s TSR compared to the TSRs of FTSE NAREIT equity apartment and equity REIT index companies over the same three-year period."},{"id":"e21","sourceId":"filing-2","location":"Restricted Share Awards and Vesting / immediate vesting for retirement-eligible recipients","excerpt":"All new share awards granted to individuals after they reach Retirement Eligibility vest on the date of grant."},{"id":"e22","sourceId":"filing-3","location":"Governance / lead independent trust manager responsibilities","excerpt":"Under the Company’s Guidelines on Governance, the Lead Independent Trust Manager has the following specific responsibilities, which we believe are consistent with generally accepted requirements for a “countervailing governance structure: when a company does not have an independent board chairman”: 2026 Proxy Statement 21 Table of Contents •presiding at all meetings of the Board, including executive sessions of the independent Trust Managers, at which the Executive Chairman of the Board is not present; •convening, developing the agenda for, and presiding at executive sessions of the independent Trust Managers, and taking the lead role in communicating to the Executive Chairman of the Board any feedback, as appropriate; •assisting in the recruitment of Board candidates; •serving as principal liaison between the independent Trust Managers and the Executive Chairman of the Board; •communicating with Trust Managers between meetings when appropriate; •consulting with the Executive Chairman of the Board regarding the information, agenda, and schedules of the meetings of the Board; •monitoring the quality, quantity, and timeliness of information sent to the Board; •working with committee chairs to ensure committee work is conducted at the committee level and reported to the Board; •facilitating the Board’s approval of the number and frequency of Board meetings, as well as meeting schedules to assure there is sufficient time for discussion of all agenda items; •recommending to the Executive Chairman of the Board the retention of outside advisors and consultants who report directly to the Board on Board-wide issues; •being available, when appropriate, for consultation and direct communication with shareholders and other external constituencies, as needed; and •serving as a contact for shareholders wishing to communicate with the Board other than through the Executive Chairman of the Board."},{"id":"e23","sourceId":"filing-3","location":"Meetings and Attendance / actual 2025 board and committee attendance","excerpt":"Each Trust Manager attended all meetings of the Board and the committees to which they were appointed in 2025."},{"id":"e24","sourceId":"filing-3","location":"Governance / independent executive sessions","excerpt":"Pursuant to the Company’s Guidelines on Governance, our independent Trust Managers have regularly scheduled executive sessions in which they meet without the presence of management or employee Trust Managers."},{"id":"e25","sourceId":"filing-3","location":"Compensation Discussion and Analysis / purpose of named peer group","excerpt":"Peer Group. The Compensation Committee, with the advice of CBIZ, selected the companies identified in the chart below to make up the Company’s peer group considered by the Compensation Committee in making its executive compensation decisions for 2025, including salary and target bonus levels."},{"id":"e26","sourceId":"filing-2","location":"Business Environment and Current Outlook / management's supply absorption expectations","excerpt":"We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate are manageable and moderating levels of supply should likely be met with continued demand to absorb these new deliveries."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only the supplied passages: filing-1 filed February 12, 2026; filing-3 filed March 27, 2026; filing-2 filed July 31, 2026. These dates retain dateKind filed.","Direct competitors are disclosed only as housing categories. The proxy's named compensation peers do not establish direct property-market competition; no named competitor coverage is inferred.","No property-level supply barriers, rent premiums, comparative operating costs or durable local market shares are supplied. Scale and development yields alone do not establish an economic moat.","No realized lease-rate changes, quantified renewal rates or resident tenure are supplied. Pricing and retention grades use indirect operating evidence, with management's causal explanations distinguished from observed results.","Proxy compensation and governance disclosures are available, but actual executive ownership balances and long-term incentive outcomes are absent. The disclosed February 2026 PSU structure is not evidence of subsequent vesting or successful alignment; proposed plan amendments are not treated as adopted.","The settlement is a realized financial cost and includes business-practice commitments, but it does not establish admitted misconduct. Generic risk factors are treated as possible erosion channels rather than realized failures.","The no-moat conclusion would warrant reconsideration if sustained rent premiums and renewals through new supply were accompanied by demonstrable location barriers or comparative cost advantages. Continued flat revenues alongside falling same-store NOI would reinforce it."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Numerous direct housing substitutes and short leases indicate a weak competitive structure. Portfolio scale is established, but exclusive locations, lower costs or supply barriers are not demonstrated.","evidenceIds":["e1","e2","e3"]},{"criterion":"durability","grade":1,"rationale":"Approximately fourteen-month leases provide limited contractual protection. Modest 2025 revenue growth followed by stable 2026 revenues and declining same-store NOI does not demonstrate durable economic rents.","evidenceIds":["e1","e5","e6","e8"]},{"criterion":"customer_dependency","grade":1,"rationale":"Consistent occupancy supports continuing demand, but residents have direct alternatives and no Camden-specific dependency or meaningful switching friction is established. Strong retention is management's explanation, without a quantified renewal result.","evidenceIds":["e1","e2","e7"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Occupancy and revenues remained relatively stable in 2026, providing some resilience, while same-store NOI declined. Expectations that new supply is manageable remain management forecasts rather than demonstrated protection.","evidenceIds":["e6","e7","e8","e26"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Observed revenue outcomes suggest weak pricing power: 2025 same-store revenue increased 0.8%, mainly from other income and occupancy, and 2026 same-store revenue was relatively stable. This is indirect pricing evidence; it does not establish rent cuts or realized lease-rate increases.","evidenceIds":["e4","e5","e6"]},{"criterion":"retention","grade":2,"rationale":"Favorable occupancy changes in 2025 and consistent occupancy in 2026 support repeat demand indirectly. Management attributes 2026 stability partly to strong resident retention, but no renewal rate or resident tenure is disclosed.","evidenceIds":["e4","e7"]},{"criterion":"margin_resilience","grade":2,"rationale":"2025 same-store NOI rose 0.3% despite expenses increasing faster than revenues, showing partial cost absorption. Subsequent same-store NOI declines indicate incomplete resilience. These operating results assess pricing resilience, not proof of a moat.","evidenceIds":["e5","e8"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Short leases and locally responsive marketing provide periodic opportunities to reset terms, while exposing Camden to declining market rents. Settlement commitments constrain specified data practices; possible rent regulation is a disclosed risk, not proof of an existing portfolio-wide restriction.","evidenceIds":["e1","e9","e10"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Reported 2025 leverage of 4.10 times and stabilized development yields of 6.47% support discipline, alongside documented investment and repurchases. Land and technology impairments, commercial paper funding and settlement costs temper that evidence. Repurchase spending alone does not establish value creation.","evidenceIds":["e13","e14","e15","e16","e17","e18","e11"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Disclosed equity compensation, ownership guidelines, hedging prohibitions and clawbacks support alignment. The February 2026 PSU structure includes financial and relative-return measures over three years, but successful vesting outcomes are unavailable. Immediate vesting of new share awards for retirement-eligible recipients weakens some retention incentives, and actual executive ownership is missing.","evidenceIds":["e19","e20","e21"]},{"criterion":"execution","grade":2,"rationale":"Reported development yields above pro forma and stable occupancy support execution. Weak same-store growth, subsequent NOI declines, technology impairment and the realized settlement cost make the record mixed. Occupancy is indirect operating evidence; the settlement is not treated as an admission of wrongdoing.","evidenceIds":["e13","e5","e7","e8","e11","e12"]},{"criterion":"governance","grade":2,"rationale":"A lead independent trust manager with explicit oversight responsibilities, independent executive sessions and full reported 2025 attendance demonstrate functioning governance processes. The executive chair structure and material settlement cost limit confidence in exceptional oversight; the settlement itself does not prove misconduct.","evidenceIds":["e22","e23","e24","e11","e12"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"240ce75a1eae00d19158c00eb32f5713cf1a9837c32d286ef58e00d0e02892d6","updatedAt":"2026-10-18T01:10:19.745Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm","publishedAt":"2026-02-12","sha256":"44d11cb8967ddfb8e3307a8d9d84b19e3b23387d0644a8daf2f244d9b9213ea5","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/906345/000162828026051327/cpt-20260630.htm","publishedAt":"2026-07-31","sha256":"ea44d87f416ebb61af07c58d85f6093b801d7dba3ea6ce8d1bb6a74147900cae","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/906345/000162828026021581/cpt-20260325.htm","publishedAt":"2026-03-27","sha256":"04c4c1c95a901b29e85cf9b8211f2cd9d755e5290e0b5c7d6bd2112372089207","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:2bf81c7ccdaa030fe4f7fb31099d4a84d11aa47317c253e79860408b84694e2d","usage":{"input_tokens":52384,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3103,"reasoning_output_tokens":147},"basisSupplement":{"previousHash":"092e250c93eae45316d8038f1c4200c3d5e0f4f3a1dcb58bab1521b041bc77e4","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated 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period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":-15806.114169805853,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":420.5157925239061},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":-7729.690346083789,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":212.49824856382236},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":-4270.401789157091,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":130.78584098095163},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt-20251231.htm","publishedAt":"2026-02-12","sha256":"44d11cb8967ddfb8e3307a8d9d84b19e3b23387d0644a8daf2f244d9b9213ea5","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/906345/000162828026051327/cpt-20260630.htm","publishedAt":"2026-07-31","sha256":"ea44d87f416ebb61af07c58d85f6093b801d7dba3ea6ce8d1bb6a74147900cae","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/906345/000162828026021581/cpt-20260325.htm","publishedAt":"2026-03-27","sha256":"04c4c1c95a901b29e85cf9b8211f2cd9d755e5290e0b5c7d6bd2112372089207","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"none","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"none","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"none","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}