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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 28, 2022
CAMDEN PROPERTY TRUST
(Exact name of Registrant as Specified in Charter)
TX 1-12110 76-6088377
(State or Other Jurisdiction of
Incorporation)
(Commission File Number) (I.R.S. Employer
Identification Number)
11 Greenway Plaza, Suite 2400, Houston, TX 77046
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (713) 354-2500
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par value CPT NYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ☐



Item 2.02    Results of Operations and Financial Condition.

On July 28, 2022, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and six months ended June 30, 2022. This press release refers to supplemental financial information available on the Company’s website. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01    Financial Statements and Exhibits.

(c)    Exhibits.

Exhibit
Number
Title
Press Release issued by Camden Property Trust dated July 28, 2022
Supplemental Financial Information dated July 28, 2022.
104 Cover Page Interactive Data File (formatted as Inline XBRL)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 28, 2022
CAMDEN PROPERTY TRUST



By:    /s/ Michael P. Gallagher        
Michael P. Gallagher
Senior Vice President - Chief Accounting Officer




EXHIBIT INDEX


Exhibit
Number
Title
Press Release issued by Camden Property Trust dated July 28, 2022.
Supplemental Financial Information dated July 28, 2022.
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


EX-99.1 2 exhibit991earningsreleaseq.htm EX-99.1 Document

image1a01a02a46a.jpg


CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2022 OPERATING RESULTS


Houston, Texas (July 28, 2022) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2022. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and six months ended June 30, 2022 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

Three Months Ended Six Months Ended
June 30, June 30,
Per Diluted Share 2022 2021 2022 2021
EPS (1)
$4.54 $0.30 $5.37 $0.61
FFO $1.64 $1.28 $3.14 $2.52
AFFO $1.44 $1.10 $2.81 $2.21
(1) For the three and six months ended June 30, 2022, EPS included a non-cash gain on acquisition of unconsolidated joint venture interests of approximately $4.32 and $4.37 per diluted share, respectively.

Quarterly Growth Sequential Growth Year-To-Date Growth
Same Property Results 2Q22 vs. 2Q21 2Q22 vs. 1Q22 2022 vs. 2021
Revenues 12.1% 3.2% 11.6%
Expenses 4.7% 2.7% 4.2%
Net Operating Income ("NOI") 16.5% 3.5% 16.0%

Same Property Results 2Q22 2Q21 1Q22
Occupancy 96.9% 96.9% 97.1%

For 2022, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.


Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Date Signed (1)
July 2022* July 2021 2Q22 2Q21
New Lease Rates 13.5% 18.4% 16.3% 9.1%
Renewal Rates 12.7% 11.0% 14.4% 6.7%
Blended Rates 13.1% 14.5% 15.3% 7.9%
New Lease and Renewal Data - Date Effective (2)
July 2022* July 2021 2Q22 2Q21
New Lease Rates 15.5% 13.0% 15.3% 5.2%
Renewal Rates 14.6% 6.6% 13.4% 4.1%
Blended Rates 15.1% 9.7% 14.3% 4.7%

*Data as of July 25, 2022
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.
(2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
1




Occupancy and Turnover Data July 2022* July 2021 2Q22 2Q21
Occupancy 96.7% 97.1% 96.9% 96.9%
Annualized Gross Turnover 59% 60% 53% 54%
Annualized Net Turnover 52% 50% 46% 45%

*Data as of July 25, 2022

Development Activity
During the quarter, construction was completed at Camden Buckhead in Atlanta, GA and construction commenced at Camden Village District in Raleigh, NC. Leasing began at Camden Tempe II in Tempe, AZ and leasing continued at Camden Hillcrest in San Diego, CA.

Development Communities - Construction Completed and Projects in Lease-Up ($ in millions)
Total Total % Leased
Community Name Location Homes Cost as of 7/25/2022
Camden Buckhead Atlanta, GA 366 $162.2 85  %
Camden Hillcrest San Diego, CA 132 91.7 82  %
Total 498 $253.9

Development Communities - Construction Ongoing ($ in millions)
Total Total % Leased
Community Name Location Homes Estimated Cost as of 7/25/2022
Camden Tempe II Tempe, AZ 397  $115.0 10  %
Camden Atlantic Plantation, FL 269  100.0
Camden NoDa Charlotte, NC 387  105.0
Camden Durham Durham, NC 420  145.0
Camden Village District Raleigh, NC 369  138.0
Total 1,842 $603.0

Acquisition/Disposition Activity
During the quarter, Camden acquired two land parcels for a combined acreage of 42.6 in Charlotte, NC and a 3.8-acre land parcel in Nashville, TN for future development purposes.

In April 2022, Camden purchased the remaining 68.7% ownership interests in two discretionary Funds for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $515 million of existing secured mortgage debt of the Funds, which remains outstanding. The gross asset valuation of these communities acquired was approximately $2.1 billion and the Company now owns 100% of the interests in 7,247 apartment homes. In conjunction with this acquisition, we recognized a non-cash, non-FFO gain of approximately $474 million which represented a step-up to fair value on our previously held 31.3% equity interests in the Funds.

Capital Markets Transactions
During the quarter, the Company issued 2,900,000 common shares in a public equity offering and received approximately $490.3 million in net proceeds. The Company used the net proceeds to reduce borrowings under its $900 million unsecured line of credit.

Liquidity Analysis
As of June 30, 2022, Camden had approximately $907.8 million of liquidity comprised of approximately $72.1 million in cash and cash equivalents, and $835.7 million of availability under its unsecured credit facility. At quarter-end, the Company had $247.7 million left to fund under its existing wholly-owned development pipeline and no scheduled debt maturities until 3Q22.

2


Earnings Guidance
Camden updated its earnings guidance for 2022 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2022 as detailed below. Expected EPS excludes, gains, if any, from real estate transactions not completed by quarter end.

3Q22 2022 2022 Midpoint
Per Diluted Share Range Range Current Prior Change
EPS $0.24 - $0.28 $5.87 - $6.07 $5.97 $1.37 $4.60
FFO $1.68 - $1.72 $6.48 - $6.68 $6.58 $6.51 $0.07
2022 2022 Midpoint
Same Property Growth Range Current Prior Change
Revenues 10.75% - 11.75% 11.25% 10.25% 1.00%
Expenses 4.50% - 5.50% 5.00% 4.20% 0.80%
NOI 13.75% - 15.75% 14.75% 13.75% 1.00%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2022 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call
Friday, July 29, 2022 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 6983346
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Hsqycs9l

The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden
operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

About Camden
Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 171 properties containing 58,425 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 60,267 apartment homes in 176 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 15 consecutive years, most recently ranking #26.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
3


CAMDEN OPERATING RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
OPERATING DATA
Property revenues (a)
$361,716 $276,523 $673,075 $544,091
Property expenses
Property operating and maintenance 79,418  65,544  149,855  129,023 
Real estate taxes 48,393  37,427  88,266  74,880 
Total property expenses 127,811  102,971  238,121  203,903 
Non-property income
Fee and asset management 1,190  2,263  3,640  4,469 
Interest and other income 662  257  2,793  589 
Income/(loss) on deferred compensation plans (14,678) 6,400  (22,175) 10,026 
Total non-property income/(loss) (12,826) 8,920  (15,742) 15,084 
Other expenses
Property management 7,282  6,436  14,496  12,560 
Fee and asset management 359  1,019  1,534  2,151 
General and administrative 15,734  15,246  30,524  29,468 
Interest 29,022  24,084  53,564  47,728 
Depreciation and amortization 157,734  99,586  270,872  192,727 
Expense/(benefit) on deferred compensation plans (14,678) 6,400  (22,175) 10,026 
Total other expenses 195,453  152,771  348,815  294,660 
Gain on sale of operating property —  —  36,372  — 
Gain on acquisition of unconsolidated joint venture interests 474,146  —  474,146  — 
Equity in income of joint ventures —  2,198  3,048  4,112 
Income from continuing operations before income taxes 499,772  31,899  583,963  64,724 
Income tax expense (886) (460) (1,476) (812)
Net income 498,886  31,439  582,487  63,912 
Less income allocated to non-controlling interests (1,571) (1,260) (4,427) (2,386)
Net income attributable to common shareholders $497,315  $30,179  $578,060  $61,526 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income $498,886 $31,439 $582,487 $63,912
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 369  372  738  745 
Comprehensive income 499,255  31,811  583,225  64,657 
Less income allocated to non-controlling interests (1,571) (1,260) (4,427) (2,386)
Comprehensive income attributable to common shareholders $497,684  $30,551  $578,798  $62,271 
PER SHARE DATA
Total earnings per common share - basic $4.59  $0.30  $5.41  $0.61 
Total earnings per common share - diluted 4.54  0.30  5.37  0.61 
Weighted average number of common shares outstanding:
     Basic 108,106  100,701  106,729  100,127 
     Diluted 109,745  100,767  108,393  100,197 

(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income.  For the three months ended June 30, 2022, we recognized $361.7 million of property revenue which consisted of approximately $320.9 million of rental revenue and approximately $40.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $276.5 million recognized for the three months ended June 30, 2021, made up of approximately $242.9 million of rental revenue and approximately $33.6 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2022, we recognized $673.1 million of property revenue which consisted of approximately $597.9 million of rental revenue and approximately $75.2 million of amounts received under contractual terms for other services considered to be non-lease contracts. This compares to the $544.1 million of property revenue recognized for the six months ended June 30, 2021, made up of approximately $478.6 million of rental revenue and approximately $65.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $9.4 million and $7.6 million for the three months ended June 30, 2022 and 2021, respectively and was $17.7 million and $15.3 million for the six months ended June 30, 2022 and 2021, respectively.


Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
4


CAMDEN FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
FUNDS FROM OPERATIONS
Net income attributable to common shareholders $497,315  $30,179  $578,060  $61,526 
 Real estate depreciation and amortization 155,206  97,122  265,743  187,829 
 Adjustments for unconsolidated joint ventures —  2,630  2,709  5,229 
 Income allocated to non-controlling interests 1,571  1,260  4,427  2,386 
 Gain on sale of operating property —  —  (36,372) — 
 Gain on acquisition of unconsolidated joint venture interests (474,146) —  (474,146) — 
     Funds from operations $179,946  $131,191  $340,421  $256,970 
     Less: recurring capitalized expenditures (a)
(21,430) (18,808) (35,681) (31,488)
     Adjusted funds from operations $158,516  $112,383  $304,740  $225,482 
PER SHARE DATA
Funds from operations - diluted $1.64  $1.28  $3.14  $2.52 
Adjusted funds from operations - diluted 1.44  1.10  2.81  2.21 
Distributions declared per common share 0.94  0.83  1.88  1.66 
Weighted average number of common shares outstanding:
FFO/AFFO - diluted 109,745  102,444  108,393  101,896 
PROPERTY DATA
Total operating properties (end of period) (b)
171  169  171  169 
Total operating apartment homes in operating properties (end of period) (b)
58,425  57,611  58,425  57,611 
Total operating apartment homes (weighted average) 58,282  49,887  54,608  49,663 




(a) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

(b) Includes joint ventures and properties held for sale, if any.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
5


CAMDEN BALANCE SHEETS
(In thousands)
(Unaudited)
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
ASSETS
Real estate assets, at cost
Land $1,695,118  $1,343,209  $1,349,594  $1,317,431  $1,285,634 
Buildings and improvements 10,440,037  8,651,674  8,624,734  8,536,620  8,288,865 
12,135,155  9,994,883  9,974,328  9,854,051  9,574,499 
Accumulated depreciation (3,572,764) (3,436,969) (3,358,027) (3,319,206) (3,219,085)
Net operating real estate assets 8,562,391  6,557,914  6,616,301  6,534,845  6,355,414 
Properties under development, including land 581,844  488,100  474,739  428,622  443,100 
Investments in joint ventures —  13,181  13,730  17,788  18,415 
Total real estate assets 9,144,235  7,059,195  7,104,770  6,981,255  6,816,929 
Accounts receivable – affiliates 13,258  13,258  18,664  18,686  19,183 
Other assets, net (a)
249,865  254,763  234,370  252,079  241,687 
Cash and cash equivalents 72,095  1,129,716  613,391  428,226  374,556 
Restricted cash 6,563  5,778  5,589  5,321  4,762 
Total assets $9,486,016  $8,462,710  $7,976,784  $7,685,567  $7,457,117 
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured $3,222,252  $3,671,309  $3,170,367  $3,169,428  $3,168,492 
Secured 514,698  —  —  —  — 
Accounts payable and accrued expenses 195,070  169,973  191,651  191,648  155,057 
Accrued real estate taxes 86,952  36,988  66,673  88,116  66,696 
Distributions payable 103,621  100,880  88,786  87,919  86,689 
Other liabilities (b)
186,143  197,021  193,052  194,634  193,975 
Total liabilities 4,308,736  4,176,171  3,710,529  3,731,745  3,670,909 
Equity
Common shares of beneficial interest 1,156  1,127  1,126  1,114  1,098 
Additional paid-in capital 5,890,792  5,396,267  5,363,530  5,180,783  4,953,703 
Distributions in excess of net income attributable to common shareholders (452,865) (848,074) (829,453) (954,880) (897,761)
Treasury shares (328,975) (329,521) (333,974) (334,066) (334,161)
Accumulated other comprehensive loss (c)
(3,001) (3,370) (3,739) (4,266) (4,638)
Total common equity 5,107,107  4,216,429  4,197,490  3,888,685  3,718,241 
Non-controlling interests 70,173  70,110  68,765  65,137  67,967 
Total equity 5,177,280  4,286,539  4,266,255  3,953,822  3,786,208 
Total liabilities and equity $9,486,016  $8,462,710  $7,976,784  $7,685,567  $7,457,117 
(a) Includes net deferred charges of: $307  $693  $969  $1,336  $1,655 
(b) Includes deferred revenues of: $358  $384  $334  $208  $232 
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.
6


CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of depreciable real estate, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

Adjusted FFO

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to AFFO is provided below:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Net income attributable to common shareholders $497,315  $30,179  $578,060  $61,526 
 Real estate depreciation and amortization 155,206  97,122  265,743  187,829 
 Adjustments for unconsolidated joint ventures —  2,630  2,709  5,229 
 Income allocated to non-controlling interests 1,571  1,260  4,427  2,386 
 Gain on sale of operating property —  —  (36,372) — 
 Gain on acquisition of unconsolidated joint venture interests (474,146) —  (474,146) — 
Funds from operations $179,946  $131,191  $340,421  $256,970 
Less: recurring capitalized expenditures (21,430) (18,808) (35,681) (31,488)
Adjusted funds from operations $158,516  $112,383  $304,740  $225,482 
Weighted average number of common shares outstanding:
EPS diluted 109,745  100,767  108,393  100,197 
FFO/AFFO diluted 109,745  102,444  108,393  101,896 
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Total Earnings Per Common Share - Diluted $4.54  $0.30  $5.37  $0.61 
 Real estate depreciation and amortization 1.41  0.95  2.45  1.84 
 Adjustments for unconsolidated joint ventures —  0.02  0.02  0.05 
 Income allocated to non-controlling interests 0.01  0.01  0.01  0.02 
 Gain on sale of operating property —  —  (0.34) — 
 Gain on acquisition of unconsolidated joint venture interests (4.32) —  (4.37) — 
FFO per common share - Diluted $1.64  $1.28  $3.14  $2.52 
Less: recurring capitalized expenditures (0.20) (0.18) (0.33) (0.31)
AFFO per common share - Diluted $1.44  $1.10  $2.81  $2.21 










7


CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)

Expected FFO

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, from real estate transactions not sold as of quarter close due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:
3Q22 Range 2022 Range
Low High Low High
Expected earnings per common share - diluted $0.24  $0.28  $5.87  $6.07 
Expected real estate depreciation and amortization 1.43  1.43  5.18  5.18 
Expected adjustments for unconsolidated joint ventures —  —  0.02  0.02 
Expected income allocated to non-controlling interests 0.01  0.01  0.07  0.07 
(Gain) on acquisition of unconsolidated joint venture interests —  —  (4.32) (4.32)
Reported (gain) on sale of operating properties —  —  (0.34) (0.34)
Expected FFO per share - diluted $1.68  $1.72  $6.48  $6.68 
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021
Net income $498,886  $31,439  $582,487  $63,912 
Less: Fee and asset management income (1,190) (2,263) (3,640) (4,469)
Less: Interest and other income (662) (257) (2,793) (589)
Less: Income/(loss) on deferred compensation plans 14,678  (6,400) 22,175  (10,026)
Plus: Property management expense 7,282  6,436  14,496  12,560 
Plus: Fee and asset management expense 359  1,019  1,534  2,151 
Plus: General and administrative expense 15,734  15,246  30,524  29,468 
Plus: Interest expense 29,022  24,084  53,564  47,728 
Plus: Depreciation and amortization expense 157,734  99,586  270,872  192,727 
Plus: Expense/(benefit) on deferred compensation plans (14,678) 6,400  (22,175) 10,026 
Less: Gain on sale of operating property —  —  (36,372) — 
Less: Gain on acquisition of unconsolidated joint venture interests (474,146) —  (474,146) — 
Less: Equity in income of joint ventures —  (2,198) (3,048) (4,112)
Plus: Income tax expense 886  460  1,476  812 
NOI $233,905  $173,552  $434,954  $340,188 
"Same Property" Communities $187,615  $161,059  $368,893  $318,055 
Non-"Same Property" Communities 43,416  7,154  60,093  12,440 
Development and Lease-Up Communities 1,379  253  2,294  274 
Other 1,495  5,086  3,674  9,419 
NOI $233,905  $173,552  $434,954  $340,188 















8


CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)

Adjusted EBITDA

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, loss on early retirement of debt, as well as income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results and by 2 for six month results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021
Net income attributable to common shareholders $497,315  $30,179  $578,060  $61,526 
Plus: Interest expense 29,022  24,084  53,564  47,728 
Plus: Depreciation and amortization expense 157,734  99,586  270,872  192,727 
Plus: Income allocated to non-controlling interests 1,571  1,260  4,427  2,386 
Plus: Income tax expense 886  460  1,476  812 
Less: Gain on sale of operating property —  —  (36,372) — 
Less: Gain on acquisition of unconsolidated joint venture interests (474,146) —  (474,146) — 
Less: Equity in income of joint ventures —  (2,198) (3,048) (4,112)
Adjusted EBITDA $212,382  $153,371  $394,833  $301,067 
Annualized Adjusted EBITDA $849,528  $613,484  $789,666  $602,134 



Net Debt to Annualized Adjusted EBITDA

The Company believes Net Debt to Annualized Adjusted EBITDA to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDA for the following periods:

Net Debt:
Average monthly balance for the Average monthly balance for the
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021
Unsecured notes payable $3,231,938  $3,168,180  $3,284,799  $3,167,713 
Secured notes payable 514,650  —  257,325  — 
Total debt 3,746,588  3,168,180  3,542,124  3,167,713 
Less: Cash and cash equivalents (31,302) (347,724) (360,731) (318,812)
Net debt $3,715,286  $2,820,456  $3,181,393  $2,848,901 
Net Debt to Annualized Adjusted EBITDA:
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021
Net debt $3,715,286  $2,820,456  $3,181,393  $2,848,901 
Annualized Adjusted EBITDA 849,528  613,484  789,666  602,134 
Net Debt to Annualized Adjusted EBITDA 4.4x 4.6x 4.0x 4.7x










9
EX-99.2 3 exhibit992supplementq222.htm EX-99.2 Document

a2q22cover0a.jpg



CAMDEN TABLE OF CONTENTS
Page
Press Release Text
Financial Highlights
Operating Results
Funds from Operations
Balance Sheets
Portfolio Statistics
Components of Property Net Operating Income
Sequential Components of Property Net Operating Income
"Same Property" Second Quarter Comparisons
"Same Property" Sequential Quarter Comparisons
"Same Property" Year to Date Comparisons
"Same Property" Operating Expense Detail & Comparisons
Current Development Communities
Development Pipeline
Acquisitions and Dispositions
Debt Analysis
Debt Maturity Analysis
Debt Covenant Analysis
Capitalized Expenditures & Maintenance Expense
Non-GAAP Financial Measures - Definitions & Reconciliations
Other Data
Community Table
            





In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the “Company”) operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

2



image1a01a02a46a.jpg


CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2022 OPERATING RESULTS


Houston, Texas (July 28, 2022) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2022. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and six months ended June 30, 2022 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

Three Months Ended Six Months Ended
June 30, June 30,
Per Diluted Share 2022 2021 2022 2021
EPS (1)
$4.54 $0.30 $5.37 $0.61
FFO $1.64 $1.28 $3.14 $2.52
AFFO $1.44 $1.10 $2.81 $2.21
(1) For the three and six months ended June 30, 2022, EPS included a non-cash gain on acquisition of unconsolidated joint venture interests of approximately $4.32 and $4.37 per diluted share, respectively.

Quarterly Growth Sequential Growth Year-To-Date Growth
Same Property Results 2Q22 vs. 2Q21 2Q22 vs. 1Q22 2022 vs. 2021
Revenues 12.1% 3.2% 11.6%
Expenses 4.7% 2.7% 4.2%
Net Operating Income ("NOI") 16.5% 3.5% 16.0%

Same Property Results 2Q22 2Q21 1Q22
Occupancy 96.9% 96.9% 97.1%

For 2022, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.


Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Date Signed (1)
July 2022* July 2021 2Q22 2Q21
New Lease Rates 13.5% 18.4% 16.3% 9.1%
Renewal Rates 12.7% 11.0% 14.4% 6.7%
Blended Rates 13.1% 14.5% 15.3% 7.9%
New Lease and Renewal Data - Date Effective (2)
July 2022* July 2021 2Q22 2Q21
New Lease Rates 15.5% 13.0% 15.3% 5.2%
Renewal Rates 14.6% 6.6% 13.4% 4.1%
Blended Rates 15.1% 9.7% 14.3% 4.7%

*Data as of July 25, 2022
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.
(2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
3





Occupancy and Turnover Data July 2022* July 2021 2Q22 2Q21
Occupancy 96.7% 97.1% 96.9% 96.9%
Annualized Gross Turnover 59% 60% 53% 54%
Annualized Net Turnover 52% 50% 46% 45%

*Data as of July 25, 2022

Development Activity
During the quarter, construction was completed at Camden Buckhead in Atlanta, GA and construction commenced at Camden Village District in Raleigh, NC. Leasing began at Camden Tempe II in Tempe, AZ and leasing continued at Camden Hillcrest in San Diego, CA.

Development Communities - Construction Completed and Projects in Lease-Up ($ in millions)
Total Total % Leased
Community Name Location Homes Cost as of 7/25/2022
Camden Buckhead Atlanta, GA 366 $162.2 85  %
Camden Hillcrest San Diego, CA 132 91.7 82  %
Total 498 $253.9

Development Communities - Construction Ongoing ($ in millions)
Total Total % Leased
Community Name Location Homes Estimated Cost as of 7/25/2022
Camden Tempe II Tempe, AZ 397  $115.0 10  %
Camden Atlantic Plantation, FL 269  100.0
Camden NoDa Charlotte, NC 387  105.0
Camden Durham Durham, NC 420  145.0
Camden Village District Raleigh, NC 369  138.0
Total 1,842 $603.0

Acquisition/Disposition Activity
During the quarter, Camden acquired two land parcels for a combined acreage of 42.6 in Charlotte, NC and a 3.8-acre land parcel in Nashville, TN for future development purposes.

In April 2022, Camden purchased the remaining 68.7% ownership interests in two discretionary Funds for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $515 million of existing secured mortgage debt of the Funds, which remains outstanding. The gross asset valuation of these communities acquired was approximately $2.1 billion and the Company now owns 100% of the interests in 7,247 apartment homes. In conjunction with this acquisition, we recognized a non-cash, non-FFO gain of approximately $474 million which represented a step-up to fair value on our previously held 31.3% equity interests in the Funds.

Capital Markets Transactions
During the quarter, the Company issued 2,900,000 common shares in a public equity offering and received approximately $490.3 million in net proceeds. The Company used the net proceeds to reduce borrowings under its $900 million unsecured line of credit.

Liquidity Analysis
As of June 30, 2022, Camden had approximately $907.8 million of liquidity comprised of approximately $72.1 million in cash and cash equivalents, and $835.7 million of availability under its unsecured credit facility. At quarter-end, the Company had $247.7 million left to fund under its existing wholly-owned development pipeline and no scheduled debt maturities until 3Q22.

4



Earnings Guidance
Camden updated its earnings guidance for 2022 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2022 as detailed below. Expected EPS excludes, gains, if any, from real estate transactions not completed by quarter end.

3Q22 2022 2022 Midpoint
Per Diluted Share Range Range Current Prior Change
EPS $0.24 - $0.28 $5.87 - $6.07 $5.97 $1.37 $4.60
FFO $1.68 - $1.72 $6.48 - $6.68 $6.58 $6.51 $0.07
2022 2022 Midpoint
Same Property Growth Range Current Prior Change
Revenues 10.75% - 11.75% 11.25% 10.25% 1.00%
Expenses 4.50% - 5.50% 5.00% 4.20% 0.80%
NOI 13.75% - 15.75% 14.75% 13.75% 1.00%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2022 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call
Friday, July 29, 2022 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 6983346
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Hsqycs9l

The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden
operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

About Camden
Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 171 properties containing 58,425 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 60,267 apartment homes in 176 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 15 consecutive years, most recently ranking #26.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
5


CAMDEN FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Property revenues $361,716 $276,523 $673,075 $544,091
Adjusted EBITDA 212,382 153,371 394,833 301,067
Net income attributable to common shareholders 497,315 30,179 578,060 61,526
      Per share - basic 4.59 0.30 5.41 0.61
      Per share - diluted 4.54 0.30 5.37 0.61
Funds from operations 179,946 131,191 340,421 256,970
       Per share - diluted 1.64 1.28 3.14 2.52
Adjusted funds from operations 158,516 112,383 304,740 225,482
       Per share - diluted 1.44 1.10 2.81 2.21
Dividends per share 0.94 0.83 1.88 1.66
Dividend payout ratio (FFO) 57.3  % 64.8  % 59.9  % 65.9  %
Interest expensed 29,022 24,084 53,564 47,728
Interest capitalized 4,531 4,409 8,525 9,255
    Total interest incurred 33,553 28,493 62,089 56,983
Net Debt to Annualized Adjusted EBITDA (a)
4.4x 4.6x 4.0x 4.7x
Interest expense coverage ratio 7.3x 6.4x 7.4x 6.3x
Total interest coverage ratio 6.3x 5.4x 6.4x 5.3x
Fixed charge expense coverage ratio 7.3x 6.4x 7.4x 6.3x
Total fixed charge coverage ratio 6.3x 5.4x 6.4x 5.3x
Unencumbered real estate assets (at cost) to unsecured debt ratio 3.3x 3.2x 3.3x 3.2x
Same property NOI growth (b)
16.5  % 3.0  % 16.0  % (0.3) %
  (# of apartment homes included) 46,548 45.492 46,548 45.492
Gross turnover of apartment homes (annualized) 54  % 54  % 48  % 50  %
Net turnover (excludes on-site transfers and transfers to other Camden communities) 46  % 45  % 41  % 40  %
As of June 30,
2022 2021
Total assets $9,486,016  $7,457,117 
Total debt $3,736,950  $3,168,492 
Common and common equivalent shares, outstanding end of period (c)
110,095  104,344 
Share price, end of period $134.48  $132.67 
Book equity value, end of period (d)
$5,177,280  $3,786,208 
Market equity value, end of period (e)
$14,805,576  $13,843,318 

(a) Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by either 4 for quarter results or 2 for 6 month results.
(b) "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale.
(c) Includes at June 30, 2022: 108,489 common shares (including 28 common share equivalents related to share awards), plus 1,606 common share equivalents upon the assumed conversion of non-controlling units.
(d) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
(e) Includes: common shares, common units, and common share equivalents.

Note: Please refer to pages 24, 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
6


CAMDEN OPERATING RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
OPERATING DATA
Property revenues (a)
$361,716 $276,523 $673,075 $544,091
Property expenses
Property operating and maintenance 79,418  65,544  149,855  129,023 
Real estate taxes 48,393  37,427  88,266  74,880 
Total property expenses 127,811  102,971  238,121  203,903 
Non-property income
Fee and asset management 1,190  2,263  3,640  4,469 
Interest and other income 662  257  2,793  589 
Income/(loss) on deferred compensation plans (14,678) 6,400  (22,175) 10,026 
Total non-property income/(loss) (12,826) 8,920  (15,742) 15,084 
Other expenses
Property management 7,282  6,436  14,496  12,560 
Fee and asset management 359  1,019  1,534  2,151 
General and administrative 15,734  15,246  30,524  29,468 
Interest 29,022  24,084  53,564  47,728 
Depreciation and amortization 157,734  99,586  270,872  192,727 
Expense/(benefit) on deferred compensation plans (14,678) 6,400  (22,175) 10,026 
Total other expenses 195,453  152,771  348,815  294,660 
Gain on sale of operating property —  —  36,372  — 
Gain on acquisition of unconsolidated joint venture interests 474,146  —  474,146  — 
Equity in income of joint ventures —  2,198  3,048  4,112 
Income from continuing operations before income taxes 499,772  31,899  583,963  64,724 
Income tax expense (886) (460) (1,476) (812)
Net income 498,886  31,439  582,487  63,912 
Less income allocated to non-controlling interests (1,571) (1,260) (4,427) (2,386)
Net income attributable to common shareholders $497,315  $30,179  $578,060  $61,526 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income $498,886 $31,439 $582,487 $63,912
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 369  372  738  745 
Comprehensive income 499,255  31,811  583,225  64,657 
Less income allocated to non-controlling interests (1,571) (1,260) (4,427) (2,386)
Comprehensive income attributable to common shareholders $497,684  $30,551  $578,798  $62,271 
PER SHARE DATA
Total earnings per common share - basic $4.59  $0.30  $5.41  $0.61 
Total earnings per common share - diluted 4.54  0.30  5.37  0.61 
Weighted average number of common shares outstanding:
     Basic 108,106  100,701  106,729  100,127 
     Diluted 109,745  100,767  108,393  100,197 

(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income.  For the three months ended June 30, 2022, we recognized $361.7 million of property revenue which consisted of approximately $320.9 million of rental revenue and approximately $40.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $276.5 million recognized for the three months ended June 30, 2021, made up of approximately $242.9 million of rental revenue and approximately $33.6 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2022, we recognized $673.1 million of property revenue which consisted of approximately $597.9 million of rental revenue and approximately $75.2 million of amounts received under contractual terms for other services considered to be non-lease contracts. This compares to the $544.1 million of property revenue recognized for the six months ended June 30, 2021, made up of approximately $478.6 million of rental revenue and approximately $65.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $9.4 million and $7.6 million for the three months ended June 30, 2022 and 2021, respectively and was $17.7 million and $15.3 million for the six months ended June 30, 2022 and 2021, respectively.


Note: Please refer to pages 24, 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
7


CAMDEN FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
FUNDS FROM OPERATIONS
Net income attributable to common shareholders $497,315  $30,179  $578,060  $61,526 
 Real estate depreciation and amortization 155,206  97,122  265,743  187,829 
 Adjustments for unconsolidated joint ventures —  2,630  2,709  5,229 
 Income allocated to non-controlling interests 1,571  1,260  4,427  2,386 
 Gain on sale of operating property —  —  (36,372) — 
 Gain on acquisition of unconsolidated joint venture interests (474,146) —  (474,146) — 
     Funds from operations $179,946  $131,191  $340,421  $256,970 
     Less: recurring capitalized expenditures (a)
(21,430) (18,808) (35,681) (31,488)
     Adjusted funds from operations $158,516  $112,383  $304,740  $225,482 
PER SHARE DATA
Funds from operations - diluted $1.64  $1.28  $3.14  $2.52 
Adjusted funds from operations - diluted 1.44  1.10  2.81  2.21 
Distributions declared per common share 0.94  0.83  1.88  1.66 
Weighted average number of common shares outstanding:
FFO/AFFO - diluted 109,745  102,444  108,393  101,896 
PROPERTY DATA
Total operating properties (end of period) (b)
171  169  171  169 
Total operating apartment homes in operating properties (end of period) (b)
58,425  57,611  58,425  57,611 
Total operating apartment homes (weighted average) 58,282  49,887  54,608  49,663 


(a) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

(b) Includes joint ventures and properties held for sale, if any.

Note: Please refer to pages 24, 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
8


CAMDEN BALANCE SHEETS
(In thousands)
(Unaudited)
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
ASSETS
Real estate assets, at cost
Land $1,695,118  $1,343,209  $1,349,594  $1,317,431  $1,285,634 
Buildings and improvements 10,440,037  8,651,674  8,624,734  8,536,620  8,288,865 
12,135,155  9,994,883  9,974,328  9,854,051  9,574,499 
Accumulated depreciation (3,572,764) (3,436,969) (3,358,027) (3,319,206) (3,219,085)
Net operating real estate assets 8,562,391  6,557,914  6,616,301  6,534,845  6,355,414 
Properties under development, including land 581,844  488,100  474,739  428,622  443,100 
Investments in joint ventures —  13,181  13,730  17,788  18,415 
Total real estate assets 9,144,235  7,059,195  7,104,770  6,981,255  6,816,929 
Accounts receivable – affiliates 13,258  13,258  18,664  18,686  19,183 
Other assets, net (a)
249,865  254,763  234,370  252,079  241,687 
Cash and cash equivalents 72,095  1,129,716  613,391  428,226  374,556 
Restricted cash 6,563  5,778  5,589  5,321  4,762 
Total assets $9,486,016  $8,462,710  $7,976,784  $7,685,567  $7,457,117 
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured $3,222,252  $3,671,309  $3,170,367  $3,169,428  $3,168,492 
Secured 514,698  —  —  —  — 
Accounts payable and accrued expenses 195,070  169,973  191,651  191,648  155,057 
Accrued real estate taxes 86,952  36,988  66,673  88,116  66,696 
Distributions payable 103,621  100,880  88,786  87,919  86,689 
Other liabilities (b)
186,143  197,021  193,052  194,634  193,975 
Total liabilities 4,308,736  4,176,171  3,710,529  3,731,745  3,670,909 
Equity
Common shares of beneficial interest 1,156  1,127  1,126  1,114  1,098 
Additional paid-in capital 5,890,792  5,396,267  5,363,530  5,180,783  4,953,703 
Distributions in excess of net income attributable to common shareholders (452,865) (848,074) (829,453) (954,880) (897,761)
Treasury shares (328,975) (329,521) (333,974) (334,066) (334,161)
Accumulated other comprehensive loss (c)
(3,001) (3,370) (3,739) (4,266) (4,638)
Total common equity 5,107,107  4,216,429  4,197,490  3,888,685  3,718,241 
Non-controlling interests 70,173  70,110  68,765  65,137  67,967 
Total equity 5,177,280  4,286,539  4,266,255  3,953,822  3,786,208 
Total liabilities and equity $9,486,016  $8,462,710  $7,976,784  $7,685,567  $7,457,117 
(a) Includes net deferred charges of: $307  $693  $969  $1,336  $1,655 
(b) Includes deferred revenues of: $358  $384  $334  $208  $232 
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.
9


CAMDEN PORTFOLIO STATISTICS
(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2022 (in apartment homes)
Fully Consolidated
"Same Property" Non-"Same Property" Completed in Lease-up Under Construction Grand Total
D.C. Metro (a)
5,911  281  —  —  6,192 
Houston, TX 6,127  3,027  —  —  9,154 
Phoenix, AZ 3,686  343  —  397  4,426 
Atlanta, GA 3,970  526  366  —  4,862 
Dallas, TX 4,416  1,808  —  —  6,224 
Los Angeles/Orange County, CA 2,373  290  —  —  2,663 
SE Florida 2,781  —  —  269  3,050 
Orlando, FL 2,995  959  —  —  3,954 
Denver, CO 2,632  233  —  —  2,865 
Tampa, FL 2,286  818  —  —  3,104 
Charlotte, NC 2,838  266  —  387  3,491 
Raleigh, NC 2,542  710  —  789  4,041 
San Diego/Inland Empire, CA 1,665  —  132  —  1,797 
Austin, TX 2,326  1,360  —  —  3,686 
Nashville, TN —  758  —  —  758 
Total Portfolio 46,548  11,379  498  1,842  60,267 

(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.


SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)
"Same Property" Communities
Operating Communities (b)
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
D.C. Metro (a)
14.8  % 12.6  % 97.0  % 97.0  % 97.4  % 97.4  % 96.7  %
Houston, TX 9.4  % 11.5  % 96.0  % 96.0  % 96.2  % 96.4  % 95.7  %
Phoenix, AZ 9.2  % 8.1  % 95.3  % 96.3  % 97.0  % 97.0  % 96.9  %
Atlanta, GA 8.2  % 8.0  % 96.3  % 96.4  % 96.3  % 97.2  % 97.4  %
Dallas, TX 7.3  % 8.6  % 96.9  % 97.2  % 97.3  % 97.5  % 96.6  %
Los Angeles/Orange County, CA 7.2  % 6.5  % 97.6  % 97.8  % 98.1  % 98.0  % 97.3  %
SE Florida 7.7  % 6.3  % 97.6  % 97.9  % 98.0  % 98.2  % 98.0  %
Orlando, FL 5.7  % 6.3  % 98.0  % 97.8  % 97.7  % 97.5  % 97.1  %
Denver, CO 6.3  % 5.6  % 96.8  % 96.5  % 96.5  % 97.2  % 96.4  %
Tampa, FL 5.1  % 6.0  % 97.9  % 97.5  % 97.4  % 97.9  % 97.6  %
Charlotte, NC 5.7  % 5.2  % 96.6  % 96.8  % 96.6  % 96.8  % 96.3  %
Raleigh, NC 4.7  % 4.9  % 96.3  % 96.7  % 96.7  % 97.5  % 97.1  %
San Diego/Inland Empire, CA 4.8  % 3.9  % 97.7  % 98.0  % 97.4  % 96.9  % 97.4  %
Austin, TX 3.9  % 5.1  % 96.9  % 97.3  % 97.5  % 97.6  % 97.3  %
Nashville, TN —  % 1.4  % 96.6  % 96.6  % 97.0  % 97.5  % 97.0  %
Total Portfolio 100.0  % 100.0  % 96.8  % 96.9  % 97.0  % 97.3  % 96.8  %

(b) Operating communities represent all fully-consolidated communities for the period, excluding communities under construction.

(c) Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments.
10


CAMDEN COMPONENTS OF PROPERTY
NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
Apartment Three Months Ended June 30, Six Months Ended June 30,
Property Revenues Homes 2022 2021 Change 2022 2021 Change
"Same Property" Communities (a)
46,548  $286,824  $255,805  $31,019  $564,662  $505,869  $58,793 
Non-"Same Property" Communities (b)
11,379  69,370  11,836  57,534  96,950  21,491  75,459 
Development and Lease-Up Communities (c)
2,340  3,039  416  2,623  5,297  447  4,850 
Disposition/Other (d)
—  2,483  8,466  (5,983) 6,166  16,284  (10,118)
Total Property Revenues 60,267  $361,716  $276,523  $85,193  $673,075  $544,091  $128,984 
Property Expenses
"Same Property" Communities (a)
46,548  $99,209  $94,746  $4,463  $195,769  $187,814  $7,955 
Non-"Same Property" Communities (b)
11,379  25,954  4,682  21,272  36,857  9,051  27,806 
Development and Lease-Up Communities (c)
2,340  1,660  163  1,497  3,003  173  2,830 
Disposition/Other (d)
—  988  3,380  (2,392) 2,492  6,865  (4,373)
Total Property Expenses 60,267  $127,811  $102,971  $24,840  $238,121  $203,903  $34,218 
Property Net Operating Income
"Same Property" Communities (a)
46,548  $187,615  $161,059  $26,556  $368,893  $318,055  $50,838 
Non-"Same Property" Communities (b)
11,379  43,416  7,154  36,262  60,093  12,440  47,653 
Development and Lease-Up Communities (c)
2,340  1,379  253  1,126  2,294  274  2,020 
Disposition/Other (d)
—  1,495  5,086  (3,591) 3,674  9,419  (5,745)
Total Property Net Operating Income 60,267  $233,905  $173,552  $60,353  $434,954  $340,188  $94,766 



(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2021, including communities under redevelopment, and excluding properties held for sale.

(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2021, excluding properties held for sale.

(d) "Disposition/Other" includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses.
11


CAMDEN COMPONENTS OF PROPERTY
SEQUENTIAL NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
Three Months Ended
Apartment June 30, March 31, December 31, September 30, June 30,
Property Revenues Homes 2022 2022 2021 2021 2021
"Same Property" Communities (a)
46,548  $286,824  $277,838  $270,914  $264,499  $255,805 
Non-"Same Property" Communities (b)
11,379  69,370  27,580  26,243 19,540  11,836 
Development and Lease-Up Communities (c)
2,340  3,039  2,258  1,777 1,359  416 
Disposition/Other (d)
—  2,483  3,683  6,430 8,732  8,466 
Total Property Revenues 60,267  $361,716  $311,359  $305,364  $294,130  $276,523 
Property Expenses
"Same Property" Communities (a)
46,548  $99,209  $96,560  $90,803  $98,159  $94,746 
Non-"Same Property" Communities (b)
11,379  25,954  10,903  9,161  7,766  4,682 
Development and Lease-Up Communities (c)
2,340  1,660  1,343  570  607  163 
Disposition/Other (d)
—  988  1,504  2,520  3,536  3,380 
Total Property Expenses 60,267  $127,811  $110,310  $103,054  $110,068  $102,971 
Property Net Operating Income
"Same Property" Communities (a)
46,548  $187,615  $181,278  $180,111  $166,340  $161,059 
Non-"Same Property" Communities (b)
11,379  43,416  16,677  17,082  11,774  7,154 
Development and Lease-Up Communities (c)
2,340  1,379  915  1,207  752  253 
Disposition/Other (d)
—  1,495  2,179  3,910  5,196  5,086 
Total Property Net Operating Income 60,267  $233,905  $201,049  $202,310  $184,062  $173,552 



(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2021, including communities under redevelopment, and excluding properties held for sale.

(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2021, excluding properties held for sale.

(d) "Disposition/Other" includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses.

12


CAMDEN "SAME PROPERTY"
SECOND QUARTER COMPARISONS
June 30, 2022
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes Revenues Expenses NOI
Quarterly Results (a)
Included 2Q22 2Q21 Growth 2Q22 2Q21 Growth 2Q22 2Q21 Growth
D.C. Metro 5,911  $40,402  $37,871  6.7  % $12,647  $11,934  6.0  % $27,755  $25,937  7.0  %
Houston, TX 6,127  32,670  30,489  7.2  % 15,022  14,698  2.2  % 17,648  15,791  11.8  %
Phoenix, AZ 3,686  23,485  19,976  17.6  % 6,220  5,989  3.9  % 17,265  13,987  23.4  %
Atlanta, GA 3,970  24,060  21,573  11.5  % 8,698  7,814  11.3  % 15,362  13,759  11.7  %
SE Florida 2,781  21,838  18,747  16.5  % 7,430  6,761  9.9  % 14,408  11,986  20.2  %
Los Angeles/Orange County, CA 2,373  19,151  16,772  14.2  % 5,701  5,652  0.9  % 13,450  11,120  21.0  %
Dallas, TX 4,416  22,842  20,601  10.9  % 9,185  9,584  (4.2) % 13,657  11,017  24.0  %
Denver, CO 2,632  16,718  15,138  10.4  % 4,877  4,978  (2.0) % 11,841  10,160  16.5  %
Charlotte, NC 2,838  15,308  13,577  12.7  % 4,600  4,523  1.7  % 10,708  9,054  18.3  %
Orlando, FL 2,995  16,635  14,365  15.8  % 5,972  5,415  10.3  % 10,663  8,950  19.1  %
Tampa, FL 2,286  14,783  12,526  18.0  % 5,150  4,679  10.1  % 9,633  7,847  22.8  %
San Diego/Inland Empire, CA 1,665  12,717  11,071  14.9  % 3,689  3,504  5.3  % 9,028  7,567  19.3  %
Raleigh, NC 2,542  12,832  11,290  13.7  % 3,984  3,886  2.5  % 8,848  7,404  19.5  %
Austin, TX 2,326  13,383  11,809  13.3  % 6,034  5,329  13.2  % 7,349  6,480  13.4  %
Total Same Property 46,548  $286,824  $255,805  12.1  % $99,209  $94,746  4.7  % $187,615  $161,059  16.5  %


Weighted Average Monthly Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (b)
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution 2Q22 2Q21 Growth 2Q22 2Q21 Growth 2Q22 2Q21 Growth
D.C. Metro 14.8  % 97.1  % 96.7  % 0.4  % $2,036  $1,914  6.4  % $2,347  $2,208  6.3  %
Houston, TX 9.4  % 95.8  % 95.4  % 0.4  % 1,605  1,512  6.2  % 1,855  1,737  6.8  %
Phoenix, AZ 9.2  % 95.5  % 96.9  % (1.4) % 1,884  1,573  19.8  % 2,224  1,868  19.0  %
Atlanta, GA 8.2  % 97.0  % 97.4  % (0.4) % 1,782  1,575  13.1  % 2,083  1,861  11.9  %
SE Florida 7.7  % 97.6  % 98.0  % (0.4) % 2,367  1,983  19.4  % 2,682  2,293  16.9  %
Los Angeles/Orange County, CA 7.2  % 97.7  % 97.3  % 0.4  % 2,526  2,313  9.2  % 2,753  2,420  13.8  %
Dallas, TX 7.3  % 96.9  % 96.5  % 0.4  % 1,528  1,347  13.4  % 1,781  1,613  10.5  %
Denver, CO 6.3  % 96.8  % 96.4  % 0.4  % 1,899  1,707  11.2  % 2,188  1,988  10.0  %
Charlotte, NC 5.7  % 96.6  % 96.5  % 0.1  % 1,599  1,413  13.2  % 1,861  1,652  12.6  %
Orlando, FL 5.7  % 97.9  % 97.7  % 0.2  % 1,622  1,400  15.9  % 1,893  1,638  15.6  %
Tampa, FL 5.1  % 98.1  % 97.7  % 0.4  % 1,921  1,589  20.9  % 2,199  1,871  17.6  %
San Diego/Inland Empire, CA 4.8  % 97.7  % 97.4  % 0.3  % 2,350  2,106  11.6  % 2,607  2,276  14.6  %
Raleigh, NC 4.7  % 96.8  % 97.1  % (0.3) % 1,469  1,278  14.9  % 1,740  1,526  14.0  %
Austin, TX 3.9  % 96.8  % 97.2  % (0.4) % 1,708  1,477  15.6  % 1,981  1,741  13.7  %
Total Same Property 100.0  % 96.9  % 96.9  % —  % $1,839  $1,635  12.5  % $2,120  $1,891  12.1  %


(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.

13


CAMDEN "SAME PROPERTY"
SEQUENTIAL QUARTER COMPARISONS
June 30, 2022
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes Revenues Expenses NOI
Quarterly Results (a)
Included 2Q22 1Q22 Growth 2Q22 1Q22 Growth 2Q22 1Q22 Growth
D.C. Metro 5,911  $40,402  $39,444  2.4  % $12,647  $12,675  (0.2) % $27,755  $26,769  3.7  %
Houston, TX 6,127  32,670  31,995  2.1  % 15,022  14,335  4.8  % 17,648  17,660  (0.1) %
Phoenix, AZ 3,686  23,485  22,783  3.1  % 6,220  6,079  2.3  % 17,265  16,704  3.4  %
Atlanta, GA 3,970  24,060  23,254  3.5  % 8,698  7,628  14.0  % 15,362  15,626  (1.7) %
SE Florida 2,781  21,838  21,020  3.9  % 7,430  7,091  4.8  % 14,408  13,929  3.4  %
Los Angeles/Orange County, CA 2,373  19,151  18,398  4.1  % 5,701  5,713  (0.2) % 13,450  12,685  6.0  %
Dallas, TX 4,416  22,842  22,189  2.9  % 9,185  9,645  (4.8) % 13,657  12,544  8.9  %
Denver, CO 2,632  16,718  16,349  2.3  % 4,877  4,955  (1.6) % 11,841  11,394  3.9  %
Charlotte, NC 2,838  15,308  14,774  3.6  % 4,600  4,582  0.4  % 10,708  10,192  5.1  %
Orlando, FL 2,995  16,635  15,850  5.0  % 5,972  5,703  4.7  % 10,663  10,147  5.1  %
Tampa, FL 2,286  14,783  14,308  3.3  % 5,150  5,041  2.2  % 9,633  9,267  3.9  %
San Diego/Inland Empire, CA 1,665  12,717  12,303  3.4  % 3,689  3,586  2.9  % 9,028  8,717  3.6  %
Raleigh, NC 2,542  12,832  12,352  3.9  % 3,984  3,963  0.5  % 8,848  8,389  5.5  %
Austin, TX 2,326  13,383  12,819  4.4  % 6,034  5,564  8.4  % 7,349  7,255  1.3  %
Total Same Property 46,548  $286,824  $277,838  3.2  % $99,209  $96,560  2.7  % $187,615  $181,278  3.5  %


Weighted Average Monthly Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (b)
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution 2Q22 1Q22 Growth 2Q22 1Q22 Growth 2Q22 1Q22 Growth
D.C. Metro 14.8  % 97.1  % 97.2  % (0.1) % $2,036  $1,992  2.2  % $2,347  $2,289  2.5  %
Houston, TX 9.4  % 95.8  % 95.9  % (0.1) % 1,605  1,576  1.8  % 1,855  1,815  2.2  %
Phoenix, AZ 9.2  % 95.5  % 96.4  % (0.9) % 1,884  1,821  3.5  % 2,224  2,138  4.0  %
Atlanta, GA 8.2  % 97.0  % 97.0  % 0.0  % 1,782  1,739  2.5  % 2,083  2,013  3.5  %
SE Florida 7.7  % 97.6  % 97.9  % (0.3) % 2,367  2,260  4.7  % 2,682  2,574  4.2  %
Los Angeles/Orange County, CA 7.2  % 97.7  % 97.7  % 0.0  % 2,526  2,470  2.3  % 2,753  2,644  4.1  %
Dallas, TX 7.3  % 96.9  % 97.2  % (0.3) % 1,528  1,472  3.8  % 1,781  1,725  3.2  %
Denver, CO 6.3  % 96.8  % 96.5  % 0.3  % 1,899  1,850  2.6  % 2,188  2,146  2.0  %
Charlotte, NC 5.7  % 96.6  % 96.8  % (0.2) % 1,599  1,542  3.7  % 1,861  1,792  3.8  %
Orlando, FL 5.7  % 97.9  % 97.8  % 0.1  % 1,622  1,556  4.2  % 1,893  1,806  4.9  %
Tampa, FL 5.1  % 98.1  % 97.8  % 0.3  % 1,921  1,848  4.0  % 2,199  2,135  3.0  %
San Diego/Inland Empire, CA 4.8  % 97.7  % 98.0  % (0.3) % 2,350  2,288  2.7  % 2,607  2,515  3.7  %
Raleigh, NC 4.7  % 96.8  % 97.2  % (0.4) % 1,469  1,422  3.3  % 1,740  1,670  4.3  %
Austin, TX 3.9  % 96.8  % 97.2  % (0.4) % 1,708  1,645  3.8  % 1,981  1,892  4.8  %
Total Same Property 100.0  % 96.9  % 97.1  % (0.2) % $1,839  $1,785  3.0  % $2,120  $2,050  3.4  %


(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.


14


CAMDEN "SAME PROPERTY"
YEAR TO DATE COMPARISONS
June 30, 2022
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes Revenues Expenses NOI
Year to Date Results (a)
Included 2022 2021 Growth 2022 2021 Growth 2022 2021 Growth
D.C. Metro 5,911  $79,846  $75,329  6.0  % $25,322  $24,146  4.9  % $54,524  $51,183  6.5  %
Houston, TX 6,127  64,666  60,036  7.7  % 29,357  29,024  1.1  % 35,309  31,012  13.9  %
Phoenix, AZ 3,686  46,269  39,503  17.1  % 12,300  11,719  5.0  % 33,969  27,784  22.3  %
Atlanta, GA 3,970  47,314  42,601  11.1  % 16,326  15,098  8.1  % 30,988  27,503  12.7  %
SE Florida 2,781  42,858  36,990  15.9  % 14,521  13,371  8.6  % 28,337  23,619  20.0  %
Los Angeles/Orange County, CA 2,373  37,549  33,251  12.9  % 11,415  11,411  0.0  % 26,134  21,840  19.7  %
Dallas, TX 4,416  45,032  40,668  10.7  % 18,830  19,061  (1.2) % 26,202  21,607  21.3  %
Denver, CO 2,632  33,066  29,980  10.3  % 9,832  9,642  2.0  % 23,234  20,338  14.2  %
Charlotte, NC 2,838  30,081  26,818  12.2  % 9,181  8,901  3.1  % 20,900  17,917  16.6  %
Orlando, FL 2,995  32,484  28,490  14.0  % 11,675  10,846  7.6  % 20,809  17,644  17.9  %
Tampa, FL 2,286  29,091  24,772  17.4  % 10,190  9,165  11.2  % 18,901  15,607  21.1  %
San Diego/Inland Empire, CA 1,665  25,019  21,952  14.0  % 7,275  6,999  3.9  % 17,744  14,953  18.7  %
Raleigh, NC 2,542  25,185  22,273  13.1  % 7,947  7,720  2.9  % 17,238  14,553  18.4  %
Austin, TX 2,326  26,202  23,205  12.9  % 11,598  10,711  8.3  % 14,604  12,494  16.9  %
Total Same Property 46,548  $564,662  $505,868  11.6  % $195,769  $187,814  4.2  % $368,893  $318,054  16.0  %


Weighted Average Monthly Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (b)
Revenue per Occupied Home (c)
Year to Date Results (a)
Contribution 2022 2021 Growth 2022 2021 Growth 2022 2021 Growth
D.C. Metro 14.7  % 97.1  % 96.3  % 0.8  % $2,014  $1,915  5.2  % $2,318  $2,204  5.2  %
Houston, TX 9.6  % 95.9  % 94.3  % 1.6  % 1,590  1,475  7.8  % 1,835  1,730  6.1  %
Phoenix, AZ 9.2  % 95.9  % 97.0  % (1.1) % 1,852  1,557  18.9  % 2,181  1,845  18.2  %
Atlanta, GA 8.4  % 97.0  % 97.0  % 0.0  % 1,760  1,567  12.3  % 2,047  1,844  11.1  %
SE Florida 7.7  % 97.7  % 97.5  % 0.2  % 2,314  1,970  17.5  % 2,628  2,272  15.7  %
Los Angeles/Orange County, CA 7.1  % 97.7  % 96.9  % 0.8  % 2,498  2,310  8.1  % 2,699  2,409  12.1  %
Dallas, TX 7.1  % 97.1  % 96.2  % 0.9  % 1,500  1,341  11.9  % 1,751  1,596  9.8  %
Denver, CO 6.3  % 96.6  % 96.3  % 0.3  % 1,875  1,698  10.4  % 2,169  1,972  10.0  %
Charlotte, NC 5.7  % 96.7  % 96.1  % 0.6  % 1,570  1,406  11.7  % 1,826  1,637  11.6  %
Orlando, FL 5.6  % 97.8  % 96.8  % 1.0  % 1,589  1,397  13.7  % 1,849  1,637  13.0  %
Tampa, FL 5.1  % 97.9  % 97.5  % 0.4  % 1,885  1,575  19.7  % 2,169  1,854  17.0  %
San Diego/Inland Empire, CA 4.8  % 97.8  % 97.4  % 0.4  % 2,319  2,094  10.7  % 2,563  2,257  13.6  %
Raleigh, NC 4.7  % 97.0  % 96.6  % 0.4  % 1,444  1,271  13.6  % 1,703  1,511  12.7  %
Austin, TX 4.0  % 97.0  % 96.6  % 0.4  % 1,676  1,468  14.2  % 1,935  1,721  12.5  %
Total Same Property 100.0  % 97.0  % 96.4  % 0.6  % $1,812  $1,624  11.6  % $2,085  $1,878  11.0  %


(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) Weighted average monthly rental rates are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.


15


CAMDEN "SAME PROPERTY" OPERATING EXPENSE
 DETAIL AND COMPARISONS
June 30, 2022
(In thousands)
(Unaudited)
% of Actual
2Q22 Operating
Quarterly Comparison (a)
2Q22 2Q21 $ Change % Change Expenses
Property taxes $36,505  $34,596  $1,909  5.5  % 36.8  %
Salaries and Benefits for On-site Employees 18,131  18,972  (841) (4.4) % 18.3  %
Utilities 19,142  18,754  388  2.1  % 19.3  %
Repairs and Maintenance 12,897  11,708  1,189  10.2  % 13.0  %
Property Insurance 5,112  4,456  656  14.7  % 5.2  %
General and Administrative 5,038  3,776  1,262  33.4  % 5.0  %
Marketing and Leasing 1,421  1,538  (117) (7.7) % 1.4  %
Other 963  946  17  1.9  % 1.0  %
Total Same Property $99,209  $94,746  $4,463  4.7  % 100.0  %


% of Actual
2Q22 Operating
Sequential Comparison (a)
2Q22 1Q22 $ Change % Change Expenses
Property taxes $36,505  $34,088  $2,417  7.1  % 36.8  %
Salaries and Benefits for On-site Employees 18,131  19,706  (1,575) (8.0) % 18.3  %
Utilities 19,142  19,584  (442) (2.3) % 19.3  %
Repairs and Maintenance 12,897  11,564  1,333  11.5  % 13.0  %
Property Insurance 5,112  4,978  134  2.7  % 5.2  %
General and Administrative 5,038  4,359  679  15.6  % 5.0  %
Marketing and Leasing 1,421  1,327  94  7.1  % 1.4  %
Other 963  954  1.0  % 1.0  %
Total Same Property $99,209  $96,560  $2,649  2.7  % 100.0  %


% of Actual
2022 Operating
Year to Date Comparison (a)
2022 2021 $ Change % Change Expenses
Property taxes $70,593  $69,381  $1,212  1.7  % 36.0  %
Salaries and Benefits for On-site Employees 37,837  37,850  (13) 0.0  % 19.3  %
Utilities 38,726  38,081  645  1.7  % 19.8  %
Repairs and Maintenance 24,461  22,144  2,317  10.5  % 12.5  %
Property Insurance 10,090  7,992  2,098  26.2  % 5.2  %
General and Administrative 9,397  7,434  1,963  26.4  % 4.8  %
Marketing and Leasing 2,747  3,091  (344) (11.1) % 1.4  %
Other 1,918  1,841  77  4.2  % 1.0  %
Total Same Property $195,769  $187,814  $7,955  4.2  % 100.0  %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

16


CAMDEN CURRENT DEVELOPMENT COMMUNITIES
(Unaudited)

AS OF JUNE 30, 2022 ($ in millions)
Estimated/Actual Dates for
Completed Communities in Lease-Up Total Total Construction Initial Construction Stabilized As of 7/25/2022
Homes Cost Start Occupancy Completion Operations % Leased % Occupied
1. Camden Buckhead 366 $162.2 3Q18 1Q21 2Q22 4Q22 85% 87%
Atlanta, GA
2. Camden Hillcrest 132 91.7 3Q19 2Q21 4Q21 4Q22 82% 76%
San Diego, CA
Total Completed Communities in Lease-Up 498 $253.9 84% 84%
Estimated/Actual Dates for
Total Total Cost to Amount Construction Initial Construction Stabilized As of 7/25/2022
Development Communities Homes Estimated Cost Date in CIP Start Occupancy Completion Operations % Leased % Occupied
1. Camden Tempe II 397 $115.0 $90.9 $71.6 3Q20 2Q22 3Q23 1Q25 10% 7%
Tempe, AZ
2. Camden Atlantic 269 100.0 96.6 96.5 3Q20 3Q22 4Q22 4Q23
Plantation, FL
3. Camden NoDa 387 105.0 76.3 76.3 3Q20 1Q23 3Q23 1Q25
Charlotte, NC
4. Camden Durham 420 145.0 64.3 64.3 1Q21 2Q23 2Q24 4Q25
Durham, NC
5. Camden Village District 369 138.0 27.2 27.2 2Q22 3Q24 2Q25 4Q26
Raleigh, NC
Total Development Communities 1,842 $603.0 $355.3 $335.9 10% 7%
Additional Development Pipeline and Land(a)
245.9
Total Properties Under Development and Land (per Balance Sheet)
$581.8
NOI Contribution from Development Communities ($ in millions) Cost to Date 2Q22 NOI
Completed Communities in Lease-Up $253.9 $1.4
Development Communities in Lease-Up 90.9  — 
Total Development Communities NOI Contribution $344.8  $1.4 


(a) Please refer to the Development Pipeline Summary on page 18.


Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
17


CAMDEN DEVELOPMENT PIPELINE
(Unaudited)

AS OF JUNE 30, 2022 ($ in millions)

Projected Total
PIPELINE COMMUNITIES Homes
Estimated Cost (a)
Cost to Date
1. Camden Woodmill Creek 189 $75.0 $11.2
The Woodlands, TX
2. Camden Long Meadow Farms 188 80.0 9.0
Richmond, TX
3. Camden Nations 393 175.0 31.1
Nashville, TN
4. Camden Arts District 354 150.0 39.6
Los Angeles, CA
5. Camden Gulch 480 260.0 39.8
Nashville, TN
6. Camden Paces III 350 100.0 18.8
Atlanta, GA
7. Camden Baker 435 165.0 27.2
Denver, CO
8. Camden Blakeney 349 120.0 19.6
Charlotte, NC
9. Camden South Charlotte 420 135.0 22.7
Charlotte, NC
10. Camden Highland Village II 300 100.0 9.4
Houston, TX
11. Camden Downtown II 271 145.0 13.1
Houston, TX
Development Pipeline 3,729 $1,505.0 $241.5
LAND HOLDINGS Acreage Cost to Date
1.
St. Petersburg, FL(b)
0.2 $4.4
Total Development Pipeline and Land $245.9


(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking estimates are not guarantees of future performances, results, or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecast and estimates routinely require adjustment.

(b) Acreage represented is Gross Acreage of the land.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
18


CAMDEN ACQUISITIONS & DISPOSITIONS
(Unaudited)

2022 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

2022 Land Acquisitions Location Acres Closing Date
1. Camden Long Meadow Farms Richmond, TX 15.9 3/8/2022
2. Camden Blakeney Charlotte, NC 21.7 4/7/2022
3. Camden South Charlotte Charlotte, NC 20.9 4/7/2022
4. Camden Nations Nashville, TN 3.8 6/8/2022
Total Land Acquisitions 62.3 Acres
Purchase Price $71.0
Apartment Weighted Average
2022 Dispositions Location Homes Monthly Rental Rate Year Built Closing Date
1. Camden Largo Town Center Largo, MD 245 Homes $1,824 2000/2007 3/24/2022
Total/Average Dispositions 245 Homes $1,824
Sales Price $71.9
Apartment Weighted Average
2022 Acquisitions of Joint Ventures(a)
Location Homes Monthly Rental Rate Year Built Closing Date
1. Camden Amber Oaks I Austin, TX 348 Homes $1,389 2009 4/1/2022
2. Camden Amber Oaks II Austin, TX 244 Homes 1,499 2012 4/1/2022
3. Camden Asbury Village Raleigh, NC 350 Homes 1,488 2009 4/1/2022
4. Camden Brushy Creek Cedar Park, TX 272 Homes 1,486 2008 4/1/2022
5. Camden Cypress Creek Cypress, TX 310 Homes 1,483 2009 4/1/2022
6. Camden Cypress Creek II Cypress, TX 234 Homes 1,456 2020 4/1/2022
7. Camden Design District Dallas, TX 355 Homes 1,568 2009 4/1/2022
8. Camden Downs at Cinco Ranch Katy, TX 318 Homes 1,471 2004 4/1/2022
9. Camden Grand Harbor Katy, TX 300 Homes 1,336 2008 4/1/2022
10. Camden Heights Houston, TX 352 Homes 1,566 2004 4/1/2022
11. Camden Northpointe Tomball, TX 384 Homes 1,296 2008 4/1/2022
12. Camden Panther Creek Frisco, TX 295 Homes 1,572 2009 4/1/2022
13. Camden Phipps Atlanta, GA 234 Homes 1,767 1996 4/1/2022
14. Camden Riverwalk Grapevine, TX 600 Homes 1,711 2008 4/1/2022
15. Camden Shadow Brook Austin, TX 496 Homes 1,444 2009 4/1/2022
16. Camden South Capitol Washington, DC 281 Homes 2,319 2013 4/1/2022
17. Camden Southline Charlotte, NC 266 Homes 1,828 2015 4/1/2022
18. Camden Spring Creek Spring, TX 304 Homes 1,384 2004 4/1/2022
19. Camden Visconti Tampa, FL 450 Homes 1,878 2007 4/1/2022
20. Camden Waterford Lakes Orlando, FL 300 Homes 1,692 2014 4/1/2022
21. Camden Woodson Park Houston, TX 248 Homes 1,271 2008 4/1/2022
22. Camden Yorktown Houston, TX 306 Homes 1,277 2008 4/1/2022
Total/Average Acquisitions 7,247 Homes $1,557
Gross Asset Valuation
$2,125 (b)

(a) On April 1, 2022, we purchased the remaining 68.7% ownership interests in our two discretionary investment funds. Apartment homes were previously included in Camden's unit count.

(b) Represents the gross asset valuation of the communities acquired.
19


CAMDEN DEBT ANALYSIS
(In thousands, except property data amounts)
(Unaudited)

DEBT MATURITIES AS OF JUNE 30, 2022:

Future Scheduled Repayments (a)
Year Amortization Secured
Maturities
Unsecured Maturities Total % of Total
Weighted Average Interest Rate on Maturing Debt (b)
2022 ($2,108) $—  $390,000  $387,892  10.4  % 3.1  %
2023 (3,285) —  250,000  246,715  6.6  % 5.1  %
2024 (2,600) 19,122  500,000  516,522  13.8  % 4.0  %
2025 (2,211) —  —  (2,211) (0.1) % N/A
2026 (2,015) 190,885  —  188,870  5.1  % 3.3  %
Thereafter (7,763) 306,925  2,050,000  2,349,162  62.9  % 3.5  %
Total Maturing Debt ($19,982) $516,932  $3,190,000  $3,686,950  98.7  % 3.6  %
Unsecured Line of Credit $—  $—  $50,000  $50,000  1.3  % 2.0  %
Total Debt ($19,982) $516,932  $3,240,000  $3,736,950  100.0  % 3.6  %
Weighted Average Maturity of Debt 6.6 Years
Weighted Average
FLOATING vs. FIXED RATE DEBT: Balance % of Total
Interest Rate (b)
Time to Maturity
  Floating rate debt $274,864  7.4  % 2.9% 2.9 Years
  Fixed rate debt 3,462,086  92.6  % 3.6% 6.8 Years
      Total $3,736,950  100.0  % 3.6% 6.6 Years
Weighted Average
SECURED vs. UNSECURED DEBT: Balance % of Total
Interest Rate (b)
Time to Maturity
  Unsecured debt $3,222,252  86.2  % 3.6% 6.9 Years
  Secured debt 514,698  13.8  % 3.6% 4.7 Years
      Total $3,736,950  100.0  % 3.6% 6.6 Years
REAL ESTATE ASSETS: (c)
Total Homes % of Total Total Cost % of Total 2Q22 NOI % of Total
  Unencumbered real estate assets 53,020 88.0  % $10,644,221 83.7% $207,684 88.8  %
  Encumbered real estate assets 7,247  12.0  % 2,072,778 16.3% 26,221 11.2  %
      Total 60,267 100.0  % $12,716,999 100.0% $233,905 100.0  %
Ratio of unencumbered assets at cost to unsecured debt is 3.3x
(a) Includes all available extension options.

(b) Includes the effects of the applicable settled forward interest rate swaps.

(c) Real estate assets include communities under development and properties held for sale.








20


CAMDEN DEBT MATURITY ANALYSIS
(In thousands)
(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2022 AND 2023:

Future Scheduled Repayments Weighted Average Interest on Maturing Debt
Quarter Amortization Secured Maturities Unsecured Maturities Total
3Q 2022 ($1,090) $—  $40,000  $38,910  2.9  %
4Q 2022 (1,018) —  350,000  348,982  3.2  %
2022 ($2,108) $—  $390,000  $387,892  3.1  %
1Q 2023 ($882) $—  $—  ($882) N/A
2Q 2023 (860) —  250,000  249,140  5.1  %
3Q 2023 (771) —  —  (771) N/A
4Q 2023 (772) —  —  (772) N/A
2023 ($3,285) $—  $250,000  $246,715  5.1  %



21


CAMDEN DEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Gross Asset Value < 60% 23% Yes
Secured Debt to Gross Asset Value < 40% 3% Yes
Consolidated Adjusted EBITDA to Total Fixed Charges > 150% 583% Yes
Unsecured Debt to Gross Asset Value < 60% 23% Yes
SENIOR UNSECURED NOTES
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Total Asset Value < 60% 29% Yes
Total Secured Debt to Total Asset Value < 40% 4% Yes
Total Unencumbered Asset Value to Total Unsecured Debt > 150% 340% Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges > 150% 626% Yes



(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.
22


CAMDEN CAPITALIZED EXPENDITURES
& MAINTENANCE EXPENSE
(In thousands, except unit data)
(Unaudited)
Second Quarter 2022
Recurring Capitalized Expensed
Item
Weighted Average Useful Life (a)
Total Per Unit Total Per Unit
Interiors
Floor Coverings  years $2,935  $50  $415  $7 
Appliances  years 1,185  20  310 
Painting —  —  —  1,881  32 
Cabinetry/Countertops 10   years 100  —  — 
Other  years 1,518  26  1,200  21 
Exteriors
Painting  years 1,285  22  —  — 
Carpentry 10   years 706  12  —  — 
Landscaping  years 1,026  18  3,554  61 
Roofing 16   years 1,152  20  316 
Site Drainage 10   years 115  —  — 
Fencing/Stair 10   years 594  10  —  — 
Other (b)
 years 3,572  61  5,066  88 
Common Areas
Mech., Elec., Plumbing  years 4,719  81  3,055  52 
Parking/Paving  years 672  12  —  — 
Pool/Exercise/Facility  years 1,851  32  547 
Total Recurring (c)
$21,430  $368  $16,344  $280 
Weighted Average Apartment Homes 58,282  58,282 
Non-recurring & revenue enhancing capitalized expenditures (d)
$786 
Reposition Expenditures (e)
10   years $12,768  $26,994 
Repositioned Apartment Homes 473 
Year to Date 2022
Recurring Capitalized Expensed
Item
Weighted Average Useful Life (a)
Total Per Unit Total Per Unit
Interiors
Floor Coverings  years $5,081  $93  $713  $13 
Appliances  years 2,168  40  592  11 
Painting —  —  —  3,222  59 
Cabinetry/Countertops 10   years 273  —  — 
Other  years 2,821  52  2,275  42 
Exteriors
Painting  years 2,304  42  —  — 
Carpentry 10   years 898  16  —  — 
Landscaping  years 1,293  24  6,273  115 
Roofing 16   years 1,828  33  486 
Site Drainage 10   years 220  —  — 
Fencing/Stair 10   years 1,063  19  —  — 
Other (b)
 years 5,784  106  9,610  176 
Common Areas
Mech., Elec., Plumbing  years 7,194  132  5,377  98 
Parking/Paving  years 763  14  —  — 
Pool/Exercise/Facility  years 3,499  64  917  17 
Total Recurring (c)
$35,189  $644  $29,465  $540 
Weighted Average Apartment Homes 54,608  54,608 
Non-recurring & revenue enhancing capitalized expenditures (d)
$1,510 
Reposition Expenditures (e)
10   years $24,143  $26,855 
Repositioned Apartment Homes 899 

(a) Weighted average useful life of capitalized expenses for the three and six months ended June 30, 2022.
(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(c) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(d) Capital expenditures primarily composed of non- recurring or one-time additions such as our smart access solution, LED lighting programs, and other non-routine items.
(e) Represents capital expenditures for the three and six months ended June 30, 2022 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.
23


CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of depreciable real estate, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

Adjusted FFO

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to AFFO is provided below:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Net income attributable to common shareholders $497,315  $30,179  $578,060  $61,526 
 Real estate depreciation and amortization 155,206  97,122  265,743  187,829 
 Adjustments for unconsolidated joint ventures —  2,630  2,709  5,229 
 Income allocated to non-controlling interests 1,571  1,260  4,427  2,386 
 Gain on sale of operating property —  —  (36,372) — 
 Gain on acquisition of unconsolidated joint venture interests (474,146) —  (474,146) — 
Funds from operations $179,946  $131,191  $340,421  $256,970 
Less: recurring capitalized expenditures (21,430) (18,808) (35,681) (31,488)
Adjusted funds from operations $158,516  $112,383  $304,740  $225,482 
Weighted average number of common shares outstanding:
EPS diluted 109,745  100,767  108,393  100,197 
FFO/AFFO diluted 109,745  102,444  108,393  101,896 
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Total Earnings Per Common Share - Diluted $4.54  $0.30  $5.37  $0.61 
 Real estate depreciation and amortization 1.41  0.95  2.45  1.84 
 Adjustments for unconsolidated joint ventures —  0.02  0.02  0.05 
 Income allocated to non-controlling interests 0.01  0.01  0.01  0.02 
 Gain on sale of operating property —  —  (0.34) — 
 Gain on acquisition of unconsolidated joint venture interests (4.32) —  (4.37) — 
FFO per common share - Diluted $1.64  $1.28  $3.14  $2.52 
Less: recurring capitalized expenditures (0.20) (0.18) (0.33) (0.31)
AFFO per common share - Diluted $1.44  $1.10  $2.81  $2.21 




24


CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)

Expected FFO

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, from real estate transactions not sold as of quarter close due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:
3Q22 Range 2022 Range
Low High Low High
Expected earnings per common share - diluted $0.24  $0.28  $5.87  $6.07 
Expected real estate depreciation and amortization 1.43  1.43  5.18  5.18 
Expected adjustments for unconsolidated joint ventures —  —  0.02  0.02 
Expected income allocated to non-controlling interests 0.01  0.01  0.07  0.07 
(Gain) on acquisition of unconsolidated joint venture interests —  —  (4.32) (4.32)
Reported (gain) on sale of operating properties —  —  (0.34) (0.34)
Expected FFO per share - diluted $1.68  $1.72  $6.48  $6.68 
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021
Net income $498,886  $31,439  $582,487  $63,912 
Less: Fee and asset management income (1,190) (2,263) (3,640) (4,469)
Less: Interest and other income (662) (257) (2,793) (589)
Less: Income/(loss) on deferred compensation plans 14,678  (6,400) 22,175  (10,026)
Plus: Property management expense 7,282  6,436  14,496  12,560 
Plus: Fee and asset management expense 359  1,019  1,534  2,151 
Plus: General and administrative expense 15,734  15,246  30,524  29,468 
Plus: Interest expense 29,022  24,084  53,564  47,728 
Plus: Depreciation and amortization expense 157,734  99,586  270,872  192,727 
Plus: Expense/(benefit) on deferred compensation plans (14,678) 6,400  (22,175) 10,026 
Less: Gain on sale of operating property —  —  (36,372) — 
Less: Gain on acquisition of unconsolidated joint venture interests (474,146) —  (474,146) — 
Less: Equity in income of joint ventures —  (2,198) (3,048) (4,112)
Plus: Income tax expense 886  460  1,476  812 
NOI $233,905  $173,552  $434,954  $340,188 
"Same Property" Communities $187,615  $161,059  $368,893  $318,055 
Non-"Same Property" Communities 43,416  7,154  60,093  12,440 
Development and Lease-Up Communities 1,379  253  2,294  274 
Other 1,495  5,086  3,674  9,419 
NOI $233,905  $173,552  $434,954  $340,188 











25


CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)

Adjusted EBITDA

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, loss on early retirement of debt, as well as income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results and by 2 for six month results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021
Net income attributable to common shareholders $497,315  $30,179  $578,060  $61,526 
Plus: Interest expense 29,022  24,084  53,564  47,728 
Plus: Depreciation and amortization expense 157,734  99,586  270,872  192,727 
Plus: Income allocated to non-controlling interests 1,571  1,260  4,427  2,386 
Plus: Income tax expense 886  460  1,476  812 
Less: Gain on sale of operating property —  —  (36,372) — 
Less: Gain on acquisition of unconsolidated joint venture interests (474,146) —  (474,146) — 
Less: Equity in income of joint ventures —  (2,198) (3,048) (4,112)
Adjusted EBITDA $212,382  $153,371  $394,833  $301,067 
Annualized Adjusted EBITDA $849,528  $613,484  $789,666  $602,134 



Net Debt to Annualized Adjusted EBITDA

The Company believes Net Debt to Annualized Adjusted EBITDA to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDA for the following periods:

Net Debt:
Average monthly balance for the Average monthly balance for the
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021
Unsecured notes payable $3,231,938  $3,168,180  $3,284,799  $3,167,713 
Secured notes payable 514,650  —  257,325  — 
Total debt 3,746,588  3,168,180  3,542,124  3,167,713 
Less: Cash and cash equivalents (31,302) (347,724) (360,731) (318,812)
Net debt $3,715,286  $2,820,456  $3,181,393  $2,848,901 
Net Debt to Annualized Adjusted EBITDA:
Three months ended June 30, Six months ended June 30,
2022 2021 2022 2021
Net debt $3,715,286  $2,820,456  $3,181,393  $2,848,901 
Annualized Adjusted EBITDA 849,528  613,484  789,666  602,134 
Net Debt to Annualized Adjusted EBITDA 4.4x 4.6x 4.0x 4.7x
26


CAMDEN OTHER DATA

(Unaudited)
Stock Symbol: CPT
Exchange Traded: NYSE
Senior Unsecured Debt Ratings: Rating Outlook
Fitch A- Stable
Moody's A3 Stable
Standard & Poor's A- Stable
Estimated Future Dates: Q3 '22 Q4 '22 Q1 '23 Q2 '23
  Earnings Release & Conference Call Late October Early February Late April Late July
Dividend Information - Common Shares: Q1 '22 Q2 '22
  Declaration Date 2/3/2022 6/15/2022
  Record Date 3/31/2022 6/30/2022
  Payment Date 4/18/2022 7/15/2022
  Distributions Per Share $0.94 $0.94

Investor Relations Data:
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request.
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787.
To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com.
For questions contact:
Richard J. Campo Chief Executive Officer & Chairman
D. Keith Oden President & Executive Vice Chairman
Alexander J. Jessett Chief Financial Officer
Laurie A. Baker Chief Operating Officer
Kimberly A. Callahan Senior Vice President - Investor Relations

27


CAMDEN COMMUNITY TABLE
Community statistics as of 6/30/2022
(Unaudited) 2Q22 Avg Monthly 2Q22 Avg Monthly
Year Placed Average Apartment 2Q22 Avg Rental Rates per Revenue per Occupied
Community Name City State In Service Size Homes Occupancy Home Sq. Ft. Home Sq. Ft.
Camden Chandler Chandler AZ 2016 1,146  380  96% $1,893  $1.65  $2,228  $1.94 
Camden Copper Square Phoenix AZ 2000 786  332  93% 1,565  1.99  1,900  2.42 
Camden Foothills Scottsdale AZ 2014 1,032  220  97% 2,119  2.05  2,562  2.48 
Camden Legacy Scottsdale AZ 1996 1,067  428  96% 1,924  1.80  2,247  2.11 
Camden Montierra Scottsdale AZ 1999 1,071  249  96% 1,856  1.73  2,296  2.14 
Camden North End I Phoenix AZ 2019 921  441  93% 1,985  2.16  2,335  2.54 
Camden North End II Phoenix AZ 2021 885  343  94% 1,973  2.23  2,340  2.64 
Camden Old Town Scottsdale Scottsdale AZ 2016 892  316  97% 2,207  2.47  2,480  2.78 
Camden Pecos Ranch Chandler AZ 2001 949  272  95% 1,587  1.67  1,875  1.97 
Camden San Marcos Scottsdale AZ 1995 984  320  97% 1,743  1.77  2,018  2.05 
Camden San Paloma Scottsdale AZ 1993/1994 1,042  324  95% 1,843  1.77  2,180  2.09 
Camden Sotelo Tempe AZ 2008/2012 1,303  170  97% 1,966  1.51  2,363  1.81 
Camden Tempe Tempe AZ 2015 1,043  234  95% 1,966  1.88  2,339  2.24 
TOTAL ARIZONA 13  Properties 996  4,029  95% 1,892  1.90  2,235  2.24 
Camden Crown Valley Mission Viejo CA 2001 1,009  380  98% 2,436  2.42  2,676  2.65 
Camden Glendale Glendale CA 2015 893  307  98% 2,581  2.89  2,821  3.16 
Camden Harbor View Long Beach CA 2004 981  547  98% 2,821  2.88  2,962  3.02 
Camden Main and Jamboree Irvine CA 2008 1,011  290  97% 2,340  2.32  2,523  2.50 
Camden Martinique Costa Mesa CA 1986 795  714  97% 2,119  2.67  2,344  2.95 
Camden Sea Palms Costa Mesa CA 1990 891  138  98% 2,386  2.68  2,586  2.90 
The Camden Hollywood CA 2016 767  287  98% 3,108  4.05  3,481  4.54 
Total Los Angeles/Orange County Properties 900  2,663  98% 2,506  2.78  2,728  3.03 
Camden Hillcrest (a) San Diego CA 2021 1,223  132  Lease-Up 3,818  3.12  3,696  3.02 
Camden Landmark Ontario CA 2006 982  469  97% 2,012  2.05  2,324  2.37 
Camden Old Creek San Marcos CA 2007 1,037  350  98% 2,581  2.49  2,865  2.76 
Camden Sierra at Otay Ranch Chula Vista CA 2003 962  422  98% 2,435  2.53  2,640  2.74 
Camden Tuscany San Diego CA 2003 895  160  98% 2,878  3.21  3,161  3.53 
Camden Vineyards Murrieta CA 2002 1,053  264  98% 2,190  2.08  2,369  2.25 
Total San Diego/Inland Empire Properties 1,009  1,797  98% 2,458  2.44  2,648  2.63 
TOTAL CALIFORNIA 13  Properties 944  4,460  98% 2,487  2.63  2,697  2.86 
Camden Belleview Station Denver CO 2009 888  270  97% 1,747  1.97  2,024  2.28 
Camden Caley Englewood CO 2000 921  218  97% 1,732  1.88  2,043  2.22 
Camden Denver West Golden CO 1997 1,015  320  96% 2,089  2.06  2,381  2.34 
Camden Flatirons Denver CO 2015 960  424  97% 1,877  1.96  2,205  2.30 
Camden Highlands Ridge Highlands Ranch CO 1996 1,149  342  97% 2,096  1.82  2,401  2.09 
Camden Interlocken Broomfield CO 1999 1,002  340  97% 1,915  1.91  2,225  2.22 
Camden Lakeway Littleton CO 1997 932  451  97% 1,869  2.01  2,111  2.26 
Camden Lincoln Station Lone Tree CO 2017 844  267  96% 1,777  2.11  2,026  2.40 
Camden RiNo Denver CO 2020 828  233  97% 2,077  2.51  2,519  3.04 
TOTAL COLORADO Properties 958  2,865  97% 1,914  2.00  2,215  2.31 
Camden Ashburn Farm Ashburn VA 2000 1,062  162  99% 1,938  1.83  2,290  2.16 
Camden College Park College Park MD 2008 942  509  96% 1,777  1.89  2,024  2.15 
Camden Dulles Station Oak Hill VA 2009 977  382  98% 2,046  2.09  2,368  2.42 
Camden Fair Lakes Fairfax VA 1999 1,056  530  98% 2,067  1.96  2,411  2.28 
Camden Fairfax Corner Fairfax VA 2006 934  489  98% 2,097  2.25  2,428  2.60 
Camden Fallsgrove Rockville MD 2004 996  268  97% 1,983  1.99  2,242  2.25 
Camden Grand Parc Washington DC 2002 672  105  95% 2,585  3.85  2,929  4.36 
Camden Lansdowne Leesburg VA 2002 1,006  690  97% 1,927  1.92  2,215  2.20 
Camden Monument Place Fairfax VA 2007 856  368  98% 1,836  2.14  2,149  2.51 
Camden Noma Washington DC 2014 769  321  96% 2,161  2.81  2,547  3.31 
Camden Noma II Washington DC 2017 759  405  95% 2,249  2.96  2,599  3.42 
Camden Potomac Yard Arlington VA 2008 832  378  96% 2,160  2.60  2,553  3.07 
Camden Roosevelt Washington DC 2003 856  198  98% 2,918  3.41  3,338  3.90 
Camden Shady Grove Rockville MD 2018 877  457  98% 1,881  2.14  2,103  2.40 
Camden Silo Creek Ashburn VA 2004 975  284  97% 1,907  1.96  2,201  2.26 
Camden South Capitol Washington DC 2013 821  281  96% 2,319  2.82  2,799  3.41 
Camden Washingtonian Gaithersburg MD 2018 870  365  97% 1,925  2.21  2,178  2.50 
TOTAL DC METRO 17  Properties 913  6,192  97% 2,048  2.24  2,367  2.59 
Camden Aventura Aventura FL 1995 1,108  379  97% 2,430  2.19  2,852  2.57 
Camden Boca Raton Boca Raton FL 2014 843  261  96% 2,432  2.88  2,811  3.33 
Camden Brickell Miami FL 2003 937  405  98% 2,624  2.80  2,863  3.06 
Camden Doral Miami FL 1999 1,120  260  99% 2,229  1.99  2,477  2.21 
Camden Doral Villas Miami FL 2000 1,253  232  98% 2,528  2.02  2,835  2.26 
Camden Las Olas Ft. Lauderdale FL 2004 1,043  420  98% 2,543  2.44  2,879  2.76 
Camden Plantation Plantation FL 1997 1,201  502  97% 2,073  1.73  2,367  1.97 
Camden Portofino Pembroke Pines FL 1995 1,112  322  98% 2,140  1.92  2,443  2.20 
Total Southeast Florida Properties 1,079  2,781  98% 2,367  2.19  2,682  2.49 

28


CAMDEN COMMUNITY TABLE
Community statistics as of 6/30/2022
(Unaudited) 2Q22 Avg Monthly 2Q22 Avg Monthly
Year Placed Average Apartment 2Q22 Avg Rental Rates per Revenue per Occupied
Community Name City State In Service Size Homes Occupancy Home Sq. Ft. Home Sq. Ft.
Camden Hunters Creek Orlando FL 2000 1,075  270  99% $1,647  $1.53  $1,911  $1.78 
Camden Lago Vista Orlando FL 2005 955  366  98% 1,570  1.64  1,846  1.93 
Camden Lake Eola Orlando FL 2021 944  360  98% 2,072  2.20  2,301  2.44 
Camden LaVina Orlando FL 2012 969  420  97% 1,620  1.67  1,903  1.96 
Camden Lee Vista Orlando FL 2000 937  492  97% 1,648  1.76  1,973  2.11 
Camden North Quarter Orlando FL 2016 806  333  98% 1,683  2.09  1,899  2.36 
Camden Orange Court Orlando FL 2008 817  268  98% 1,538  1.88  1,781  2.18 
Camden Thornton Park Orlando FL 2016 920  299  98% 1,960  2.13  2,206  2.40 
Camden Town Square Orlando FL 2012 983  438  98% 1,633  1.66  1,882  1.91 
Camden Waterford Lakes Orlando FL 2014 971  300  99% 1,692  1.74  1,944  2.00 
Camden World Gateway Orlando FL 2000 979  408  99% 1,618  1.65  1,890  1.93 
Total Orlando 11  Properties 944  3,954  98% 1,694  1.79  1,957  2.07 
Camden Bay Tampa FL 1997/2001 943  760  99% 1,664  1.76  1,958  2.08 
Camden Central St. Petersburg FL 2019 942  368  98% 3,033  3.22  3,298  3.50 
Camden Montague Tampa FL 2012 972  192  99% 1,649  1.70  1,924  1.98 
Camden Pier District St. Petersburg FL 2016 989  358  98% 3,114  3.15  3,336  3.37 
Camden Preserve Tampa FL 1996 942  276  97% 1,838  1.95  2,100  2.23 
Camden Royal Palms Brandon FL 2006 1,017  352  97% 1,613  1.59  1,904  1.87 
Camden Visconti Tampa FL 2007 1,125  450  97% 1,878  1.67  2,163  1.92 
Camden Westchase Park Tampa FL 2012 992  348  98% 1,785  1.80  2,073  2.09 
Total Tampa 8 Properties 990  3,104  98% 2,047  2.07  2,323  2.35 
TOTAL FLORIDA 27 Properties 997  9,839  98% 1,996  2.00  2,277  2.28 
Camden Brookwood Atlanta GA 2002 916  359  97% 1,668  1.82  1,940  2.12 
Camden Buckhead (a) Atlanta GA 2022 1,087  366  Lease-Up 2,666  2.45  2,878  2.65 
Camden Buckhead Square Atlanta GA 2015 827  250  98% 1,769  2.14  1,927  2.33 
Camden Creekstone Atlanta GA 2002 990  223  97% 1,621  1.64  1,894  1.91 
Camden Deerfield Alpharetta GA 2000 1,187  292  87% 1,769  1.49  2,054  1.73 
Camden Dunwoody Atlanta GA 1997 1,007  324  98% 1,614  1.60  1,957  1.94 
Camden Fourth Ward Atlanta GA 2014 844  276  98% 1,959  2.32  2,277  2.70 
Camden Midtown Atlanta Atlanta GA 2001 935  296  97% 1,708  1.83  2,060  2.20 
Camden Paces Atlanta GA 2015 1,408  379  98% 2,837  2.02  3,195  2.27 
Camden Peachtree City Peachtree City GA 2001 1,027  399  94% 1,661  1.62  1,982  1.93 
Camden Phipps Atlanta GA 1996 1,010  234  97% 1,767  1.75  2,012  1.99 
Camden Shiloh Kennesaw GA 1999/2002 1,143  232  98% 1,582  1.38  1,939  1.70 
Camden St. Clair Atlanta GA 1997 999  336  97% 1,612  1.61  1,940  1.94 
Camden Stockbridge Stockbridge GA 2003 1,009  304  98% 1,499  1.49  1,780  1.76 
Camden Vantage Atlanta GA 2010 901  592  96% 1,687  1.87  1,940  2.15 
TOTAL GEORGIA 15 Properties 1,020  4,862  96% 1,847  1.81  2,124  2.08 
Camden Ballantyne Charlotte NC 1998 1,048  400  97% 1,523  1.45  1,814  1.73 
Camden Cotton Mills Charlotte NC 2002 905  180  97% 1,635  1.81  1,962  2.17 
Camden Dilworth Charlotte NC 2006 857  145  97% 1,684  1.97  1,939  2.26 
Camden Fairview Charlotte NC 1983 1,036  135  96% 1,388  1.34  1,656  1.60 
Camden Foxcroft Charlotte NC 1979 940  156  97% 1,267  1.35  1,549  1.65 
Camden Foxcroft II Charlotte NC 1985 874  100  97% 1,392  1.59  1,654  1.89 
Camden Gallery Charlotte NC 2017 743  323  95% 1,796  2.42  2,018  2.72 
Camden Grandview Charlotte NC 2000 1,059  266  98% 1,924  1.82  2,177  2.06 
Camden Grandview II Charlotte NC 2019 2,241  28  99% 3,719  1.66  3,960  1.77 
Camden Sedgebrook Charlotte NC 1999 972  368  95% 1,399  1.44  1,662  1.71 
Camden South End Charlotte NC 2003 878  299  98% 1,688  1.92  1,936  2.20 
Camden Southline Charlotte NC 2015 831  266  96% 1,828  2.20  2,041  2.46 
Camden Stonecrest Charlotte NC 2001 1,098  306  97% 1,563  1.42  1,821  1.66 
Camden Touchstone Charlotte NC 1986 899  132  98% 1,295  1.44  1,507  1.68 
Total Charlotte 14 Properties 954  3,104  97% 1,618  1.70  1,876  1.97 
Camden Asbury Village Raleigh NC 2009 1,009  350  97% 1,488  1.47  1,758  1.74 
Camden Carolinian Raleigh NC 2017 1,118  186  96% 2,230  1.99  2,391  2.14 
Camden Crest Raleigh NC 2001 1,012  442  97% 1,336  1.32  1,564  1.54 
Camden Governor's Village Chapel Hill NC 1999 1,046  242  97% 1,398  1.34  1,716  1.64 
Camden Lake Pine Apex NC 1999 1,066  446  97% 1,443  1.35  1,717  1.61 
Camden Manor Park Raleigh NC 2006 966  484  96% 1,451  1.50  1,741  1.80 
Camden Overlook Raleigh NC 2001 1,060  322  97% 1,513  1.43  1,825  1.72 
Camden Reunion Park Apex NC 2000/2004 972  420  97% 1,330  1.37  1,606  1.65 
Camden Westwood Morrisville NC 1999 1,022  360  93% 1,389  1.36  1,663  1.63 
Total Raleigh 9 Properties 1,022  3,252  96% 1,463  1.43  1,733  1.70 
TOTAL NORTH CAROLINA 23 Properties 988  6,356  96% 1,539  1.56  1,803  1.82 
Camden Franklin Park Franklin TN 2018 967  328  96% 1,851  1.91  1,984  2.05 
Camden Music Row Nashville TN 2016 903  430  97% 2,339  2.59  2,462  2.72 
TOTAL TENNESSEE 2 Properties 931  758  97% 2,128  2.29  2,256  2.42 
29




CAMDEN COMMUNITY TABLE
Community statistics as of 6/30/2022
(Unaudited) 2Q22 Avg Monthly 2Q22 Avg Monthly
Year Placed Average Apartment 2Q22 Avg Rental Rates per Revenue per Occupied
Community Name City State In Service Size Homes Occupancy Home Sq. Ft. Home Sq. Ft.
Camden Amber Oaks Austin TX 2009 862  348  97% $1,389  $1.61  $1,664  $1.93 
Camden Amber Oaks II Austin TX 2012 910  244  96% 1,499  1.65  1,801  1.98 
Camden Brushy Creek Cedar Park TX 2008 882  272  97% 1,486  1.68  1,699  1.92 
Camden Cedar Hills Austin TX 2008 911  208  97% 1,573  1.73  1,863  2.04 
Camden Gaines Ranch Austin TX 1997 955  390  98% 1,767  1.85  2,066  2.16 
Camden Huntingdon Austin TX 1995 903  398  96% 1,444  1.60  1,724  1.91 
Camden La Frontera Austin TX 2015 901  300  97% 1,495  1.66  1,761  1.95 
Camden Lamar Heights Austin TX 2015 838  314  97% 1,708  2.04  1,939  2.31 
Camden Rainey Street Austin TX 2016 873  326  95% 2,390  2.74  2,647  3.03 
Camden Shadow Brook Austin TX 2009 909  496  97% 1,444  1.59  1,672  1.84 
Camden Stoneleigh Austin TX 2001 908  390  98% 1,585  1.75  1,871  2.06 
Total Austin 11  Properties 897  3,686  97% 1,612  1.80  1,876  2.09 
Camden Addison Addison TX 1996 942  456  97% 1,477  1.57  1,704  1.81 
Camden Belmont Dallas TX 2010/2012 946  477  97% 1,663  1.76  1,958  2.07 
Camden Buckingham Richardson TX 1997 919  464  97% 1,458  1.59  1,739  1.89 
Camden Centreport Ft. Worth TX 1997 912  268  97% 1,415  1.55  1,703  1.87 
Camden Cimarron Irving TX 1992 772  286  97% 1,448  1.88  1,662  2.15 
Camden Design District Dallas TX 2009 939  355  98% 1,568  1.67  1,743  1.86 
Camden Farmers Market Dallas TX 2001/2005 932  904  96% 1,528  1.64  1,748  1.88 
Camden Greenville Dallas TX 2017/2018 1,028  558  95% 1,896  1.84  2,033  1.98 
Camden Henderson Dallas TX 2012 966  106  98% 1,737  1.80  2,029  2.10 
Camden Legacy Creek Plano TX 1995 831  240  98% 1,540  1.85  1,806  2.17 
Camden Legacy Park Plano TX 1996 870  276  96% 1,529  1.76  1,801  2.07 
Camden Panther Creek Frisco TX 2009 946  295  98% 1,572  1.66  1,849  1.96 
Camden Riverwalk Grapevine TX 2008 989  600  97% 1,711  1.73  1,975  2.00 
Camden Valley Park Irving TX 1986 743  516  98% 1,278  1.72  1,522  2.05 
Camden Victory Park Dallas TX 2016 861  423  97% 1,882  2.19  2,125  2.47 
Total Dallas/Ft. Worth 15  Properties 913  6,224  97% 1,583  1.73  1,822  2.00 
Camden City Centre Houston TX 2007 932  379  95% 1,513  1.62  1,786  1.92 
Camden City Centre II Houston TX 2013 869  268  96% 1,498  1.72  1,762  2.03 
Camden Cypress Creek Cypress TX 2009 993  310  96% 1,483  1.49  1,706  1.72 
Camden Cypress Creek II Cypress TX 2020 950  234  96% 1,456  1.53  1,706  1.79 
Camden Downs at Cinco Ranch Katy TX 2004 1,075  318  96% 1,471  1.37  1,755  1.63 
Camden Downtown Houston TX 2020 1,052  271  94% 2,559  2.43  2,806  2.67 
Camden Grand Harbor Katy TX 2008 959  300  98% 1,336  1.39  1,610  1.68 
Camden Greenway Houston TX 1999 861  756  97% 1,424  1.65  1,684  1.96 
Camden Heights Houston TX 2004 927  352  96% 1,566  1.69  1,835  1.98 
Camden Highland Village Houston TX 2014/2015 1,172  552  94% 2,256  1.93  2,440  2.08 
Camden Holly Springs Houston TX 1999 934  548  97% 1,354  1.45  1,615  1.73 
Camden McGowen Station Houston TX 2018 1,004  315  95% 2,056  2.05  2,297  2.29 
Camden Midtown Houston TX 1999 844  337  94% 1,518  1.80  1,796  2.13 
Camden Northpointe Tomball TX 2008 940  384  98% 1,296  1.38  1,590  1.69 
Camden Plaza Houston TX 2007 915  271  97% 1,623  1.77  1,876  2.05 
Camden Post Oak Houston TX 2003 1,200  356  95% 2,472  2.06  2,738  2.28 
Camden Royal Oaks Houston TX 2006 923  236  96% 1,430  1.55  1,500  1.63 
Camden Royal Oaks II Houston TX 2012 1,054  104  95% 1,658  1.57  1,741  1.65 
Camden Spring Creek Spring TX 2004 1,080  304  96% 1,384  1.28  1,615  1.50 
Camden Stonebridge Houston TX 1993 845  204  97% 1,203  1.42  1,439  1.70 
Camden Sugar Grove Stafford TX 1997 921  380  97% 1,329  1.44  1,583  1.72 
Camden Travis Street Houston TX 2010 819  253  95% 1,490  1.82  1,789  2.18 
Camden Vanderbilt Houston TX 1996/1997 863  894  96% 1,456  1.69  1,754  2.03 
Camden Whispering Oaks Houston TX 2008 936  274  97% 1,370  1.46  1,682  1.80 
Camden Woodson Park Houston TX 2008 916  248  97% 1,271  1.39  1,494  1.63 
Camden Yorktown Houston TX 2008 995  306  96% 1,277  1.28  1,493  1.50 
Total Houston 26  Properties 956  9,154  96% 1,570  1.64  1,820  1.90 
TOTAL TEXAS 52  Properties 931  19,064  96% 1,582  1.70  1,832  1.97 
TOTAL PROPERTIES 171  Properties 960  58,425  97% $1,832  $1.91  $2,131  $2.22 
(a) Completed community in lease-up as of June 30, 2022 is excluded from total occupancy numbers.
30