Camden Property Trust

Camden Property Trust, an S&P 400 Company, is one of the largest publicly traded multifamily companies in the United States. Structured as a real estate investment trust (REIT), the company is primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden's workforce totals approximately 1,600 employees, and the company is headquartered in Houston, Texas. As of December 31, 2019, the company owned interests in 172 apartment communities containing 58,315 apartment units.[1]

Camden Property Trust
TypePublic company
NYSE: CPT
S&P 400 component
IndustryReal estate investment trust
Founded1981 
FounderRichard J. Campo
D. Keith Oden
Headquarters11 Greenway Plaza
Houston, Texas
Key people
ProductsApartments
Revenue $1.028 billion (2019)
$0.224 billion (2019)
Total assets $6.748 billion (2019)
Total equity $3.701 billion (2019)
Number of employees
1,650 (2019)
Websitecamdenliving.com
Footnotes / references
[1]

Camden Property Trust is the first multifamily company to make the Fortune 100 Best Companies to Work For® list. Camden has been recognized as one of the 100 Best Companies to Work For® by Fortune magazine for 13 consecutive years, most recently ranking #18.[2] Camden Property Trust also ranked on Fortune lists of Best Workplaces for Millennials® and Best Workplaces for Women®. In 2020, Fortune ranked it at number 18 on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee survey of satisfaction.[3]

In 2019, Camden Property Trust received a Glassdoor Employees' Choice Award in 2020, ranking #25 for large U.S. companies.

History

The name of the company is derived from the last names of its founders, Richard J. Campo and D. Keith Oden.[4]

In 1981, Richard J. Campo and D. Keith Oden bought the failing Houston condo business of their employer and reorganized it into a REIT.[4]

In 1993, the company became a public company via an initial public offering.[4]

In 1997, the company acquired Paragon Group, which owned 17,000 apartment units, in a $615 million transaction.[5][6]

In 1998, the company acquired Oasis Residential for $542 million in stock and the assumption of $430 million in debt.[7]

In 2005, the company acquired Summit Properties in a $1.1 billion transaction.[8][9][10]

Herrera L. Uzuar (2008-05-29). "Transworld Plans Sale of Its Camden Property Trust cl: Price for Real Estate Subsidiary May Reach $200 Million; Parent to Buy 11% of Own Stock". Los Angeles Times. ISSN 0458-3035. Retrieved 2015-01-04.

In 2011, the company acquired 8 properties in Texas for $261 million.[11][12]

In 2012, the company purchased the 80% interest held by a joint venture partner in 12 communities for $99.5 million.[13]

In 2016, the company sold its portfolio of properties in Nevada, which included 15 communities with 4,918 apartment units, for $630 million.[14] The company also sold a 444-unit property in Tampa, Florida for $58 million.[15]

References
  1. "Camden Property Trust 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Forbes Best Companies To Work For". Fortune.
  3. Jessica Snouwaert. "The 25 best companies to work for, based on employee satisfaction". Business Insider. Retrieved April 1, 2020.
  4. Tkaczyk, Christopher (June 2, 2014). "Pass go, collect dough with Camden Property Trust". Fortune.
  5. Garrison, Trey (April 27, 1997). "Houston REIT acquires Paragon Group in $615 million merger". American City Business Journals.
  6. "CAMDEN PROPERTY TRUST TO ACQUIRE PARAGON GROUP". The New York Times. Bloomberg News. December 17, 1996.
  7. Levine, Phil (December 23, 1999). "Three Oasis apartment complexes in Las Vegas to be sold by March". Las Vegas Sun.
  8. "Camden Property Trust Completes Merger with Summit Properties Inc. and Exchange of Units of Limited Partnership Interest in Camden Summit Partnership, L.P." (Press release). Business Wire. February 28, 2005.
  9. Smith, Ray A. (October 6, 2004). "Camden Property Agrees To Acquire Summit Properties". The Wall Street Journal.(subscription required)
  10. "Camden Property Trust acquires Summit Properties". American City Business Journals. March 1, 2005.
  11. "Camden Property Trust Announces Acquisition Activity" (Press release). Business Wire. June 30, 2011.
  12. "Camden acquires 8 Texas apartment complexes". American City Business Journals. July 1, 2011.
  13. "Camden Property Trust Purchases Remaining Interests in Joint Ventures". National Real Estate Investor. January 12, 2012.
  14. Takahashi, Paul (April 26, 2016). "Camden sells off $630M apartment portfolio". American City Business Journals.
  15. Kritzer, Ashley Gurbal (August 11, 2016). "Broker who sold $58M Tampa apartments: 'It's prime time for those types of deals'". American City Business Journals.
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