Camden Property Trust (CPT)

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.

• Sunbelt multifamily supply completions peak and decelerate through FY2027.
• Blended lease rate growth recovers to positive territory across core markets.
• Recurring capital expenditures per unit decline following California asset sales.
• Operating margins stabilize as resident turnover remains contained.