Camden dividend: payout, coverage and yield
MyStockButler's October 2026 analysis: Camden pays a current annualized $4.24 per share, and its dividend is covered by company-defined AFFO, though the cushion has narrowed.
How much does Camden pay in dividends per share?
The base dividend rises slowly from $4.32 per share in October 2027 to $4.40 in October 2028. It reaches $4.48 in October 2029. The bear case holds the current annualized rate at $4.24 before cutting it to $4.00, while the bull case reaches $4.64.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| AFFO (company's measure) | 602 (551 / 622) | 610 (500 / 660) | 617 (461 / 696) |
| Shares (millions) | 96.60 (98.10 / 95.40) | 95.40 (98.30 / 93.30) | 94.30 (98.50 / 91.40) |
| Dividends per share | 4.32 (4.24 / 4.32) | 4.40 (4.00 / 4.48) | 4.48 (4.00 / 4.64) |
| Price to AFFO (company's measure) | 16.00 (13.50 / 18.00) | 16.50 (14.00 / 18.50) | 16.50 (14.00 / 19.00) |
What this means. The trust changed how it calculates adjusted funds from operations, so the earlier and later numbers may not be directly comparable.
Is Camden’s dividend covered by its cash?
Camden’s operations covered its dividend, but they did not cover the entire investment program. In 2025, operating cash was $826.6 million and dividends were $461.0 million. That left $365.7 million, less than the $440.4 million spent on development and capital improvements.
The payout table shows that Camden’s company-defined AFFO remains above its dividend, while the payout has moved higher as AFFO per share weakened and the dividend increased. That leaves a cushion, but a smaller one than before.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 826,621 | 774,877 | 794,950 | 744,712 | 577,467 |
| − Dividends paid | 460,950 | 450,965 | 434,875 | 396,822 | 343,039 |
| = Operating cash after dividends | 365,671 | 323,912 | 360,075 | 347,890 | 234,428 |
| − Acquisitions | 419,226 | 0 | 0 | 1,066,051 | 629,959 |
| − Development and capital spending | 440,402 | 393,735 | 410,934 | 449,431 | 428,714 |
| − Shares bought back | 270,654 | 49,997 | 0 | 0 | 0 |
What this means. The reported dividends include payments to other owners of parts of the business, not only to the company's common shareholders.
What could change Camden’s dividend?
Small base increases fit Camden’s record of annual dividend growth, but the latest 76.3% AFFO payout and falling NOI limit the forecast. The bull requires rent recovery; the bear assumes pressure forces a freeze and cut.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| AFFO (company's measure) | 649,051 | 647,593 | 654,868 | 622,092 | 485,747 |
| AFFO per share (company's measure) | 5.90 | 5.88 | 5.94 | 5.69 | 4.68 |
| Dividends paid | 460,950 | 450,965 | 434,875 | 396,822 | 343,039 |
| AFFO payout ratio | 71.2% | 70.1% | 67.3% | 66.1% | 70.9% |
What this means. The trust changed how it defines adjusted funds from operations in 2022, so comparing the earlier and later numbers directly can be misleading.
What is Camden’s dividend yield today?
At 17.5 times AFFO, the stock offers an AFFO earnings yield of approximately 5.7%. The dividend yield is 4.2%, so some cash remains inside the company. That retained cash helps only if investment preserves or increases future earnings per share.