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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
CPT — frequently asked questions
Is Camden Property Trust overvalued?
In our latest published analysis dated 2026-10-14, CPT looks meaningfully undervalued. The price recorded at analysis is 97,2 USD versus our fair value of 122 USD; the high endpoint is presented separately as potential value of 165 USD. That implies roughly 25.5% upside to fair value at that date.
Our latest published report, analyzed 2026-10-14, gives CPT a fair value of 122 USD and a potential value of 165 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Camden Property Trust's archetype; it is a dated research output, not a live price.
Should I buy CPT now?
Our latest published rating for CPT, analyzed 2026-10-14, is Buy. Camden Property Trust looks meaningfully undervalued at the analysis-date price of 97,2 USD versus fair value of 122 USD; potential value is 165 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for CPT?
The dedicated bear-case section in our report analyzed 2026-10-14 documents Camden Property Trust's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is CPT's rating?
Our latest published rating for CPT, analyzed 2026-10-14, is Buy, with a published moat assessment of 5.2/10 (Narrow). It reflects our fair value of 122 USD, the potential value of 165 USD, and the price recorded at analysis (97,2 USD).
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§1 RésuméEN
Réponse en 30 secondesBuy
Prix par rapport à la valeur
Cours
$97.24
Juste valeur
$122.02
Valeur potentielle
$164.51
Au
2026-10-14
Pourquoi le scénario peut fonctionner
The primary upside opportunity lies in a sharp acceleration of market rent growth as new Sunbelt apartment deliveries decline precipitously in FY2027-FY2028.
Ce qui changerait notre avis
Merchant-builder apartment completions across core Sunbelt submarkets outpace tenant absorption through 2027, driving blended lease rate growth to or below -1.0%.
We maintain a Buy rating on Camden Property Trust, reflecting a 25.48% upside to our Fair value of $122.02 based on disciplined Sunbelt portfolio redeployment and moderating apartment supply deliveries.
We maintain a Buy rating on Camden Property Trust. For an ordinary equity investor, this rating signifies that Camden offers attractive risk-adjusted total return potential driven by secure rental distributions and substantial capital appreciation as multifamily market fundamentals improve across core Sunbelt submarkets.
As of October 14, 2026, Camden traded at $97.24 per share. Against this share price, our independent valuation establishes a Fair value of $122.02 per share, representing an implied upside of 25.48% and a 20.31% price discount to intrinsic value. In an environment where Sunbelt supply absorption accelerates and rent growth expands operating margins, our reaches $164.51 per share.
The primary risk that would invalidate our constructive thesis is a prolonged merchant-builder apartment delivery overhang across core Sunbelt markets extending through 2027. If competing newly completed developments continue offering aggressive concessions to attract tenants, Camden's blended lease rate growth would remain negative rather than recovering toward positive territory,. A breach where blended lease rate growth stays at or below -1.0% would suppress same-store revenue growth, compress operating margins below our 21.0% threshold, and impair Core FFO generation.4
The fundamental driver supporting our valuation is Camden's successful capital reallocation from mature California properties into newer Sunbelt communities combined with declining construction starts,. By trading 19-year-old assets for 5-year-old properties, Camden reduces portfolio age by one year, lowers bad debt by 10 basis points, and decreases recurring capital expenditures by 5%,. With trailing 12-month absorption exceeding 11,000 units and new supply peaking in 2026, tightening rental vacancies will restore pricing power, expand net operating margins toward 24.0%, and increase cash flow per share toward our Fair value of $122.02 and Potential value of $164.51.4
Accretive Portfolio Capital Redeployment
Trading 19-year-old California properties for 5-year-old Sunbelt assets lowers portfolio age by one year, reduces bad debt by 10 basis points, and decreases recurring capital expenditures by 5%, delivering immediate cash flow benefits,.4
Cyclical Supply Peak and Demand Absorption
With Sunbelt construction deliveries peaking in 2026 and new starts falling sharply under higher interest rates, ongoing absorption exceeding 11,000 units annually will restore rental pricing power and accelerate funds from operations entering FY2027,.4
Scale Advantage and Submarket Clustering
Camden maintains concentrated clusters of garden and mid-rise apartment communities across high-growth Sunbelt metros, enabling centralized property operations, administrative cost sharing, and marketing scale advantages over smaller regional operators.4
Recommandation maison
Buy: Camden's disciplined portfolio shift into modern Sunbelt communities positions the trust for cash flow acceleration as peak apartment construction deliveries subside through 2027.4
Présentation de l’entreprise
Camden Property Trust is an equity real estate investment trust focused on the ownership, management, development, and acquisition of multifamily apartment home communities across high-growth markets in the United States, predominantly throughout the Sunbelt region. Camden serves residential tenants by providing contemporary rental housing and emphasizes institutional property operations, customer service, and continuous employee development through extensive training programs and educational tuition assistance.
To support its nationwide residential operations and safeguard tenant and vendor information, Camden maintains comprehensive information technology governance, business continuity, and disaster recovery procedures. The trust's operational platform incorporates technical cybersecurity safeguards evaluated against the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) and Center for Internet Security control frameworks to mitigate cyber threats, credential risks, and operational interruptions,.
§2 Cas baissierEN
In an operational stress test combining persistent Sunbelt apartment supply overhang with debt refinancing yield increases, Camden's cash flows face simultaneous pressure. If merchant-builder completions force blended lease rate growth below -1.0% through FY2027, same-store rental revenues stagnate while concession packages and tenant marketing expenses escalate. Simultaneously, refinancing maturing portions of Camden's $4,873,028,096 debt stack at rates 200 basis points above the pre-tax debt cost of 6.38% increases annual interest outflows well beyond FY2025's $138,239,000, compressing Core FFO and reducing AFFO dividend coverage.
In the downside scenario, ongoing merchant-builder apartment completions continue to outpace tenant demand across core Sunbelt submarkets. Competing landlords extend rent concessions, keeping blended lease rate growth negative and compressing operating margins. Concurrently, elevated benchmark interest rates raise debt refinancing costs across maturing obligations, reducing cash available for distributions and dampening equity valuation multiples.
Comment cette thèse peut échouer
Persistent higher benchmark interest rates drive a 200 bps increase in Camden's weighted cost of debt upon refinancing its $4.87B debt stack, expanding computed Ke and WACC.
Total debt stands at $4.87B against computed Ke moderate of 8.31% and pre-tax cost of debt of 6.38%. Maturing debt tranches refinanced at elevated yields erode Core FFO and dividend coverage, driving an estimated 25.7% fair value contraction.1,3
Signaux d'alerte précoce à surveiller
Les cinq évolutions qui affaibliraient notre thèse d’investissement.
01
Blended lease rate growth
Persistent negative blended lease rates confirm that merchant-builder apartment delivery concessions are suppressing market pricing power, delaying rental revenue acceleration.
Actuel :-0.2% in Q2 2026
Alerte siat or below -1.0%
02
§3 Avantage concurrentielEN
Narrow
Camden Property Trust commands a Narrow economic moat supported by operating scale advantages in core Sunbelt growth metros and institutional property clustering. Residential multifamily REITs rarely establish wide economic moats because residential tenants encounter minimal switching costs at lease expiration, and private merchant builders construct competing supply whenever capital is available. However, Camden's regional density allows it to achieve administrative cost efficiencies, centralized marketing advantages, and tenant retention that consistently exceed fragmented private landlords.
The trust's strategic capital reallocation has reinforced its competitive positioning. By divesting $1.63B of 19-year-old California properties and reinvesting proceeds into 5-year-old Sunbelt assets, Camden reduced portfolio age by one year, decreased tenant bad debt by 10 basis points, and lowered per-unit recurring maintenance capex by 5%,,. This modernized asset footprint curbs physical obsolescence and preserves operating margins near 24.0%.
Relative to residential peers, Camden's Sunbelt concentration provides demographic demand tailwinds compared to coastal operator ESS, although ESS achieves higher operating margins (33.98%) due to extreme coastal zoning constraints. Camden maintains operating margins comparable to direct Sunbelt peer MAA (25.36%) and superior to national peer UDR (20.18%), confirming durable cost efficiency and disciplined property management.
Profit économique
Residential multifamily real estate operates with low structural barriers to merchant developer entry, constraining economic rent creation across cycle peaks. For FY2025, Camden generated operating income of $288.91M and operating cash flow of $826.62M on invested capital of $8.26B. Its ROIC of ~6.5% trails computed WACC of 7.64% and moderate cost of equity of 8.31%, confirming that economic returns are bounded by capital intensity and regional developer competition.1,3,5,6
5.2/ 10
Narrow
Sources of advantage
01Scale Advantage and Submarket Clustering — Camden maintains concentrated clusters of garden and mid-rise apartment communities across high-growth Sunbelt metros, enabling centralized property operations, administrative cost sharing, and marketing scale advantages over smaller regional operators.Moderate
02Efficient Scale in Modern Sunbelt Submarkets — Camden's modern Sunbelt assets, with portfolio average age reduced by one year following California property sales, capture sustained regional population inflows while requiring 5% lower recurring per-unit maintenance capital expenditures than older competing housing stock,.Moderate
The highlighted cell is Fair value when every assumption sits at its base level ($122.02). Each row and column shows what Fair value becomes when one assumption moves.
Our base scenario targets $122.02, reflecting a probability of 55.0% and an implied return of 25.5% from the share price of $97.24. In this scenario, newly delivered apartment completions across core Sunbelt submarkets peak and steadily moderate through FY2027. Blended lease rate growth recovers to positive territory, while occupancy stabilizes around historical norms. Camden's completed portfolio redeployment lowers recurring maintenance capex per unit, allowing funds from operations to expand steadily.
Operating cash generation exhibits high structural quality underpinned by stable residential tenant collections and low uncollectible accounts following California dispositions. Reported accounting profits are dampened by non-cash property depreciation charges, whereas underlying operational cash flows consistently provide ample coverage for recurring maintenance obligations and common distributions.
Dynamique des estimations
Consensus estimates have stabilized following recent quarterly disclosures and management reaffirmation of annual core FFO expectations. Analyst earnings projections reflect steady operational execution across modernized Sunbelt assets.
Métriques à surveiller avant publication
01
Métrique:
Blended Lease Rate Growth
ActuelTurned positive entering late summer leasing season after trailing quarter softness.
Pourquoi c'est important
Measures net pricing power across new leases and renewals; inflection reveals whether supply absorption is restoring landlord pricing power.
02
Métrique:
Same-Store Occupancy Rate
ActuelDemonstrating consecutive quarters of steady improvement with expected seasonal stability.
Pourquoi c'est important
High occupancy preserves rental revenue baseline and prevents defensive concession discounting across competing submarkets.
Camden demonstrated strong cash generation in FY2025, producing $826.62M in operating cash flow and generating free cash flow of $386.22M after funding total capital expenditures of $440.40M. In the NAV/AFFO framework, normalized maintenance capex is modeled at 35% of total capex ($154.14M), yielding normalized AFFO of $841.35M or $8.37 per share. This ample cash flow comfortably covers the annual dividend distribution of $4.24 per share, providing dividend safety and retaining surplus cash flow for discretionary capital redeployment.3,5,6
Allocation du capital
Management has exercised disciplined capital allocation through its $1.63B California-to-Sunbelt portfolio recycling program, with $1.43B executed and only $200M remaining to identify under 1031 exchange deadlines,. This program trades 19-year-old assets into 5-year-old communities, achieving Year 1 neutrality and Year 2 accretion while reducing recurring by 5% and bad debt by 10 bps,. Management has also emphasized opportunistic share repurchases over special dividends, viewing Camden's stock at prevailing valuations as the highest-return capital deployment opportunity,.
Camden's return on invested capital has stabilized around 6.5% based on FY2025 operating earnings of $537.16M on invested capital of $8.26B. While reported GAAP operating income was $288.91M in FY2025, underlying cash returns are supported by operating cash flow of $826.62M. The redeployment from 19-year-old assets into 5-year-old assets reduces recurring unit capex by 5%, supporting stable forward cash ROIC.
Camden's estimated ROIC of ~6.5% compares against computed WACC of 7.64% and cost of equity of 8.31%. This modest negative economic profit spread is standard across equity REITs where historical book depreciation of $611.0M depresses reported earnings, while actual property market values exceed depreciated carrying values.
Dernier chiffre d’affaires13 M $USTCAC du chiffre d’affaires −37,4 %
Marge opérationnelle2 228,0 %10 périodes fiscales
Dernier flux de trésorerie disponible386,2 M $USFY2025
Dette nette3,9 Md $USFY2025
Décomposition du compte de résultatComment la taille de l’activité se traduit en bénéfice publié.FY2016
StockMarketAgent.AI
Chiffre d'affaires876,4 M $USCoût des ventes−340,3 M $USMarge brute536,1 M $USCharges d’exploitation−290,7 M $USRésultat d'exploitation245,4 M $USÉléments hors exploitation et impôts+574,4 M $USRésultat net819,8 M $US
Données de l’historique financier
Chiffre d'affaires
876 447 000 $US
Coût des ventes
340 328 000 $US
Marge brute
536 119 000 $US
Charges d’exploitation
290 697 000 $US
Résultat d'exploitation
245 422 000 $US
Éléments hors exploitation et impôts
574 401 000 $US
Résultat net
819 823 000 $US
Aperçu du bilanComment les actifs publiés sont détenus et financés pour la période sélectionnée.
StockMarketAgent.AI
Composition des actifsFinancé par
Total de l’actif9 Md $USTrésorerie25,2 M $USActifs courants46,1 M $USTotal du passif4,6 Md $USPassifs courants455,4 M $USCapitaux propres4,4 Md $US
Données de ventilation du bilan
Total de l’actif
9 042 989 000 $US
Trésorerie
25 203 000 $US
Actifs courants
46 126 000 $US
Total du passif
4 604 736 000 $US
Passifs courants
455 440 000 $US
Capitaux propres
4 438 253 000 $US
Passerelle des flux de trésorerieComment le flux de trésorerie d’exploitation est devenu du flux de trésorerie disponible en FY2025.
StockMarketAgent.AI
Rapprochement des flux d’exploitation
Résultat net384,5 M $USDotations aux amortissements+611 M $USRémunération en actions+17 M $USAutres ajustements opérationnels−185,8 M $USFlux de trésorerie d'exploitation826,6 M $US
Rapprochement de la trésorerie d’ouverture à la clôture
Trésorerie d’ouverture32,2 M $USFlux de trésorerie d'exploitation+826,6 M $USFlux d’investissement−499,5 M $USFlux de financement−322 M $USTrésorerie de clôture37,2 M $US
826,6 M $US − 440,4 M $USFlux de trésorerie disponible 386,2 M $US
Données de la passerelle des flux de trésorerie
Résultat net
384 462 000 $US
Entrées d’exploitation
1 012 446 000 $US
Dotations aux amortissements
611 025 000 $US
Rémunération en actions
16 959 000 $US
Flux de trésorerie d'exploitation
826 621 000 $US
Sorties d’exploitation
185 825 000 $US
Trésorerie disponible
858 830 000 $US
Trésorerie d’ouverture
32 209 000 $US
Sorties d’investissement
499 539 000 $US
Capex
440 402 000 $US
Autres activités d’investissement
59 137 000 $US
Sorties de financement
322 049 000 $US
Émission nette de dette
410 108 000 $US
Rachats d’actions
270 654 000 $US
Dividendes versés
460 950 000 $US
Autres activités de financement
553 000 $US
Trésorerie de clôture
37 242 000 $US
Flux d’investissement
-499 539 000 $US
Flux de financement
-322 049 000 $US
Chiffre d’affaires et résultatsComment la taille de l’activité se traduit en bénéfice publié.
Trésorerie et detteLiquidités disponibles face à l’endettement total.
Génération de trésorerieFlux de trésorerie d’exploitation comparé au flux de trésorerie disponible.
RentabilitéÉvolution des marges brute, opérationnelle et nette.
Données financières ponctuelles utilisées dans l’analyse du 2026-10-14.
Camden Property Trust (CPT) trades at 62.5x forward earnings against a peer median of 40.3x. Its EV/EBITDA of 16.7x compares with a peer median of 16.7x. The comparison uses 4 peers: UDR Inc., Mid-America Apartment Communities Inc., Invitation Homes Inc. and Essex Property Trust Inc., as of 2026-10-14.
§10 Secteur et cycleEN
Phase du cycle
Peak
Multifamily construction deliveries in Sunbelt markets reached cyclical peaks in 2025-2026 following post-pandemic development starts, while elevated benchmark interest rates have curtailed new building permits, establishing a peaking supply phase. Industry-level capex to depreciation stands at 0.17x, reflecting moderating development pipelines across the peer group.4
Cycle haussier
In an expansionary cycle phase, robust Sunbelt employment growth and rapid household formation outpace new apartment deliveries. High single-family mortgage rates deter home purchases, keeping prospective buyers in the multifamily rental pool. Blended lease rate growth inflects sharply positive, occupancy expands toward 96.5%, and operating margins expand toward 25.0%, driving strong Core FFO growth.
Cycle baissier
In a downcycle contraction, developer concessions persist as merchant builders struggle to lease up recently delivered units. Weakening macroeconomic employment growth or corporate hiring freezes in key Sunbelt metropolitan areas soften tenant demand. Blended lease rate growth turns negative, customer acquisition marketing costs rise, and municipal property tax and casualty insurance inflation compress net operating margins below 21.0%.
Tendances séculaires
Tendance
Impact
Note
Sunbelt Demographic Migration and Job Growth
positive
Long-term population and corporate migration from higher-cost coastal regions to lower-tax, business-friendly Sunbelt markets continues to provide steady household formation and rental housing demand.
Single-Family Housing Unaffordability
positive
Elevated residential mortgage rates and persistent single-family home price appreciation keep homeownership costs significantly higher than renting, expanding the target tenant tenure within premier apartment communities.
Positionnement
Camden is strategically positioned to navigate the capital cycle through its completed $1.63B portfolio redeployment out of older California properties into newer Sunbelt assets,. This exchange lowers the portfolio's average age by one full year, reduces recurring unit capex by 5%, and cuts bad debt by 10 bps,. Backed by an investment-grade balance sheet with total debt of $4.87B against market cap of $9.78B, Camden possesses strong liquidity to withstand near-term concession pressure and capitalize on the upcoming supply trough.1,3,4
§11 Gestion de positionEN
Taille de position
3-5%
Recommended portfolio weighting of 3-5% reflects Camden's defensive residential cash flows, strong investment-grade balance sheet with total debt of $4.87B, and attractive 25.48% upside to our Fair value of $122.02, balanced against near-term Sunbelt supply delivery headwinds.3
Risque
Risk management centers on monitoring multifamily construction deliveries across Sunbelt submarkets and maintaining strict valuation discipline. Camden's investment-grade balance sheet with total debt of $4.87B and debt-to-capital weighting of 33.26% provides robust downside protection against liquidity shocks. Investors should utilize staged limit orders, enforce margin-of-safety entry criteria below Fair value ($122.02), and periodically review leasing spreads and debt refinancing yields.
Camden trades at a 20.31% discount to Fair value ($122.02) and offers an attractive common dividend yield supported by FY2025 operating cash flow of $826.62M and normalized AFFO of $8.37 per share.6
Cyclical Recovery Investor
Buy
The cyclical downturn in Sunbelt apartment deliveries setting in by FY2027 will create a sharp inflection in rental revenue growth, expanding operating margins and driving multi-year capital appreciation toward Potential value of $164.51,.4
Cautious Risk-Managed Perspective
Hold
Investors concerned by elevated Sunbelt supply overhang and blended lease rate growth of -0.2% should hold or pace accumulation until blended lease rates firmly inflect positive and Q4 occupancy proves resilient.4
§14 Recommandation finaleEN
Action
Acheter
We recommend a Buy rating on Camden Property Trust, reflecting a 25.48% upside to our Fair value of $122.02 per share from the analysis price of $97.24,.3
Camden offers an exceptional combination of resilient operational cash flow, portfolio age reduction from its California-to-Sunbelt capital recycling, and substantial upside potential as peak multifamily construction deliveries abate through 2027,.
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Sources
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Merchant-builder apartment completions across core Sunbelt submarkets outpace absorption through 2027, forcing extended renewal rent concessions and depressing top-line revenue growth.
Blended lease rate growth was negative 0.2% in Q2 2026 despite peak summer leasing season, customer acquisition marketing expenses increased year-over-year, and peer MAA achieved only 1.0% revenue growth. Blended lease rate growth falling below -1.0% triggers an 18.5% fair value decline.4
FV impact
0%
The analyst's bear scenario path and multiple as the base case
Trigger
Within 18 months
Public multifamily REIT exit multiples compress across the peer group as long-term capitalization rates widen by 75 to 100 bps under sustained higher bond yields.
Camden's authored terminal multiple of 28.0x assumes sustained premium valuation over historical Sunbelt levels. If peer multiples compress from ESS's 43.17x toward historical Sunbelt transaction norms of 20-22x (triggering below 22.4x), exit valuation contracts sharply with a 20.0% fair value impact.2
FV impact
-0.2%
Terminal multiple 20% lower
Trigger
Within 24 months
Sunbelt net in-migration normalizes toward national averages and local property tax assessment burdens rise, curtailing long-term real rental growth.
The base model assumes 2.5% perpetual growth predicated on continuous Sunbelt outperformance. A 100 bps reduction to 1.5% drives an 11.8% fair value reduction under DDM.4
Operating margins dropping below 21.0% indicates that property insurance, real estate tax assessments, and tenant acquisition marketing costs are eroding net operating income.
Failure to realize maintenance capex efficiencies post-California sale invalidates capital redeployment thesis, forcing higher reinvestment deductions from AFFO.
A drop in fourth-quarter occupancy to or below 95.1% would signal tenant attrition and ineffective winter lease retention under merchant-builder concession pressure.
Actuel :above 95.1% in Q2 2026
Alerte siat or below 95.1%
Operating expense inflation driven by municipal property tax assessments and property casualty insurance premiums.
medium
12-24 months
Active municipal property tax appeals, institutional insurance purchasing scale, and self-insurance reserves.4
Elevated debt refinancing costs as maturing fixed-rate bonds are refinanced under higher prevailing benchmark interest rates.
Capital recycling proceeds are reinvested into accretive growth acquisitions and share repurchases.
Our bull scenario targets $164.51, reflecting a probability of 20.0% and an implied return of 69.2% from the share price of $97.24. In this scenario, sharp drops in new apartment building permits combine with persistent single-family mortgage unaffordability to accelerate tenant absorption into premier multifamily communities. Camden captures accelerating rental revenue growth, operating margins expand toward peak levels, and property cash flows approach $164.51.
Portfolio capital redeployment lowers maintenance capex intensity without diluting earnings.
Trading 19-year-old California assets for 5-year-old Sunbelt assets cuts recurring capex per unit by 5% and bad debt by 10 bps, achieving Year 1 FFO neutrality and Year 2 accretion,.
Lower recurring capex requirements will increase free cash flow conversion and drive AFFO per share growth.
FY2025 operating cash flow of $826.62M easily funds normalized maintenance capex of $154.14M and annual dividend distributions of $4.24 per share.
Camden maintains an investment-grade credit profile and self-funding capacity without requiring dilutive equity issuances.
GAAP net income heavily understates operational cash generation due to real estate depreciation.
FY2025 net income was $384.46M, burdened by non-cash depreciation of $611.03M, compared to funds from operations (FFO) of $995.49M.
Valuation multiples based on GAAP P/E distort true earnings power; cash-flow-based NAV/AFFO and DDM multiples represent the appropriate fundamental valuation framework.
Invitation Homes Inc.INVH
Cours / juste valeur
Juste valeur27,49 $USReport-date price26,79 $US
Date d’évaluation
Avantage concurrentielNarrow
Score d’investissement56 / 100
Essex Property Trust Inc.ESS
Cours / juste valeur
Juste valeur290,96 $USReport-date price271,57 $US
Date d’évaluation
Avantage concurrentielNarrow
Score d’investissement53 / 100
Marge
CPT
Camden Property Trust
$9.8B
62.5x
6.2x
16.7x
7.9%
—
UDR
UDR Inc.
$12.6B
60.6x
7.1x
17.2x
13.7%
20.2%
MAA
Mid-America Apartment Communities Inc.
$13.8B
35.3x
6.2x
15.6x
7.0%
25.4%
INVH
Invitation Homes Inc.
$15.7B
37.3x
5.5x
16.1x
7.1%
25.1%
ESS
Essex Property Trust Inc.
$18.6B
43.2x
9.4x
19.8x
7.7%
34.0%
Elevated Property Casualty Insurance and Local Tax Assessments
negative
Severe climate events in the Sunbelt and rising municipal budgets create upward pressure on property insurance premiums and real estate tax assessments, increasing operating expense inflation,.
Downgrade operational efficiency assumptions and lower forward NAV/AFFO valuation estimates.
