CAMDEN PROPERTY TRUST (CPT) — payout ratio, four ways
Fiscal year ending 2025-12-31 · sector Real estate · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 118.6% | What most screeners publish, and badly wrong here — depressed by depreciation on buildings that are not losing value. |
| Operating cash flow | 55.8% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 55.9% | Counts property acquisitions as though they were maintenance. |
| Funds from operations | 62.0% | The basis the real estate industry uses. Adds back depreciation on buildings that are not losing value. |
Spread between highest and lowest: 63 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $4.20 ÷ diluted EPS $3.54
- Operating cash flow — dividends paid $460.9m ÷ operating cash flow $826.6m
- Free cash flow — dividends paid $460.9m ÷ (operating cash flow $826.6m − capex $2.4m)
- Funds from operations — dividends declared per share $4.20 ÷ derived FFO $6.77 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K filed 2026-02-12 · accession
0001628280-26-007697
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
- FFO derived (NAREIT approximation)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.