Ric Campo, chairman and CEO of Camden Property Trust (NYSE: CPT), sat down for a video interview during Nareit’s REITworld: 2025 Annual Conference in Dallas, Dec. 8–11.
Campo noted that 2025 was one of the best apartment absorption years in the past two decades, even as the market experienced record-high new supply. Demand has been supported by steady job growth, continued migration into key markets, and reduced move-outs to homeownership due to high home prices and the relative affordability of renting, Campo said.
From a capital allocation standpoint, Camden has leaned into share repurchases, citing a significant disconnect between its public valuation and private market asset values. With the stock trading at a more than 30% discount to net asset value and an implied cap rate above private market levels, buybacks are viewed as highly accretive. Camden has repurchased $50 million in shares and holds authorization for up to $400 million.
Campo discussed how the multifamily transaction market has rebounded to roughly 2019 activity levels, with stronger investor interest in coastal markets than in the middle of the country. Camden expects to remain active through asset recycling, with roughly equal levels of dispositions and acquisitions.
Looking ahead to 2026, Campo sees the potential for improvement as new supply declines sharply and economic uncertainty eases, setting the stage for a return to positive rent growth during the year.