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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): October 31, 2024
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 October 31, 2024, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and nine months ended September 30, 2024. 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.

(d)    Exhibits.

Exhibit
Number
Title
Press Release issued by Camden Property Trust dated October 31, 2024
Supplemental Financial Information dated October 31, 2024
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: October 31, 2024
CAMDEN PROPERTY TRUST



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


EX-99.1 2 exhibit991earningsrelease3.htm EX-99.1 Document

image2q23a.jpg

CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2024 OPERATING RESULTS

Houston, Texas (October 31, 2024) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and nine months ended September 30, 2024. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three and nine months ended September 30, 2024 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.

Three Months Ended September 30,  Nine Months Ended September 30,
Per Diluted Share 2024 2023 2024 2023
EPS(1)
($0.04) $0.44 $1.13 $1.66
FFO $1.65 $1.73 $5.02 $5.06
Core FFO $1.71 $1.73 $5.12 $5.09
Core AFFO $1.48 $1.49 $4.42 $4.50

Three Months Ended 3Q24 Guidance 3Q24 Guidance
Per Diluted Share September 30, 2024 Midpoint Variance
EPS(1)
($0.04) $0.33 ($0.37)
FFO $1.65 $1.65 $0.00
Core FFO $1.71 $1.68 $0.03
(1) For the three and nine months ended September 30, 2024, EPS included approximately $0.37 per share of impairments associated with land development activities.

During the quarter, Camden decided not to move forward at the present time with four predevelopment projects. These decisions were made as part of a strategic review taking into consideration the Company’s current portfolio concentrations and the overall operating environments in those markets or submarkets. The Company recognized a non-cash charge of approximately $41.0 million, or $0.37 per diluted share, of impairment expenses related to land development projects located in Los Angeles, CA, Houston, TX, and Atlanta, GA. These reductions primarily reflect the carrying and other costs incurred since acquiring those development sites. Camden will also cease capitalizing interest and expenses associated with these assets going forward.

Quarterly Growth Sequential Growth Year-To-Date Growth
Same Property Results 3Q24 vs. 3Q23 3Q24 vs. 2Q24 2024 vs. 2023
Revenues 0.6% 0.3% 1.5%
Expenses 1.8% 1.5% 2.4%
Net Operating Income ("NOI") 0.0% (0.4)% 1.0%

Same Property Results 3Q24 3Q23 2Q24
Occupancy 95.5% 95.5% 95.3%

For 2024, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2023, 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.
1



Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Date Signed (1)
October 2024* October 2023 3Q24 3Q23
Signed New Lease Rates (4.8)% (3.7)% (2.8)% 0.2%
Signed Renewal Rates 3.0% 4.1% 3.6% 5.0%
Signed Blended Lease Rates (1.7)% (0.9)% 0.1% 2.3%
New Lease and Renewal Data - Date Effective (2)
October 2024* October 2023 3Q24 3Q23
Effective New Lease Rates (4.4)% (2.6)% (2.2)% 0.9%
Effective Renewal Rates 3.4% 4.7% 3.9% 5.9%
Effective Blended Lease Rates (0.8)% 1.1% 0.9% 3.3%
*Preliminary data as of October 30, 2024
(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.

Occupancy and Bad Debt October 2024* October 2023 3Q24 3Q23
Occupancy 95.3% 94.9% 95.5% 95.5%
Bad Debt NA 0.9% 0.9% 1.4%
*Preliminary data as of October 30, 2024

Development Activity
During the quarter, leasing continued at Camden Woodmill Creek in Spring, TX, Camden Durham in Durham, NC, and Camden Long Meadow Farms in Richmond, TX.

Development Communities - Construction Completed and Project in Lease-Up ($ in millions)
Total Total % Leased
Community Name Location Homes Cost as of 10/30/2024
Camden Woodmill Creek Spring, TX 189  $71.6 79  %

Development Communities - Construction Ongoing ($ in millions)
Total Total % Leased
Community Name Location Homes Estimated Cost as of 10/30/2024
Camden Durham Durham, NC 420  $145.0 74  %
Camden Long Meadow Farms Richmond, TX 188  75.0 46  %
Camden Village District Raleigh, NC 369  138.0
Camden South Charlotte Charlotte, NC 420  163.0
Camden Blakeney Charlotte, NC 349  154.0
Total 1,746 $675.0

Liquidity Analysis
As of September 30, 2024, Camden had nearly $1.1 billion of liquidity comprised of approximately $31.2 million in cash and cash equivalents, and over $1.0 billion of availability under its unsecured credit facility. At quarter-end, the Company had approximately $267.0 million left to fund under its existing wholly-owned development pipeline.

During the quarter, Camden utilized cash on hand and its unsecured revolving credit facility to repay its 3.68% $250.0 million senior unsecured notes payable which matured in September 2024. Also during the quarter, the Company extended the maturity date of its $40 million unsecured floating rate term loan to 2026.

Hurricane Impact
During the quarter, Hurricane Beryl impacted several of our multifamily communities in the Houston, TX area and we incurred approximately $2.1 million of storm-related expenses, net of anticipated insurance recoveries. Camden expects no material charges related to either Hurricane Helene or Hurricane Milton.

2


Earnings Guidance
Camden updated its earnings guidance for 2024 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2024 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

4Q24 2024 2024 Midpoint
Per Diluted Share Range Range Current Prior Change
EPS $0.34 - $0.38 $1.46 - $1.50 $1.48 $1.88 $(0.40)
FFO $1.65 - $1.69 $6.67 - $6.71 $6.69 $6.72 $(0.03)
Core FFO(1)
$1.68 - $1.72 $6.79 - $6.83 $6.81 $6.79 $0.02
(1) The Company's 2024 core FFO guidance excludes approximately $0.12 per share of non-core charges for casualty-related expenses, severance, legal costs, loss on early retirement of debt, expensed pursuit costs, and advocacy contributions.

2024 2024 Midpoint
Same Property Growth Guidance Range Current Prior Change
Revenues 1.10% - 1.50% 1.30% 1.50% (0.20)%
Expenses 2.10% - 2.50% 2.30% 2.85% (0.55)%
NOI 0.35% - 1.15% 0.75% 0.75% 0.00%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2024 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, November 1, 2024 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6652140
Webcast: https://investors.camdenliving.com

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 and operates 172 properties containing 58,250 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 59,996 apartment homes in 177 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 17 consecutive years, most recently ranking #24. 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 September 30,  Nine Months Ended September 30,
2024 2023 2024 2023
OPERATING DATA
Property revenues (a)
$387,232 $390,778 $1,157,523 $1,154,440
Property expenses
Property operating and maintenance 95,940  91,011  275,110  264,038 
Real estate taxes 47,420  49,094  145,684  148,345 
Total property expenses 143,360  140,105  420,794  412,383 
Non-property income
Fee and asset management 1,707  1,077  5,597  2,373 
Interest and other income 1,076  64  4,442  557 
Income/(loss) on deferred compensation plans 8,248  (3,339) 15,140  5,417 
Total non-property income 11,031  (2,198) 25,179  8,347 
Other expenses
Property management 9,817  7,891  29,057  24,939 
Fee and asset management 623  444  1,541  1,277 
General and administrative 18,845  15,543  53,692  46,762 
Interest 32,486  33,006  97,250  99,427 
Depreciation and amortization 145,844  144,359  436,540  429,857 
Expense/(benefit) on deferred compensation plans 8,248  (3,339) 15,140  5,417 
Total other expenses 215,863  197,904  633,220  607,679 
Impairment associated with land development activities (40,988) —  (40,988) — 
Loss on early retirement of debt —  —  (921) (2,513)
Gain on sale of operating property —  —  43,806  48,919 
Income (loss) from continuing operations before income taxes (1,948) 50,571  130,585  189,131 
Income tax expense (390) (752) (2,354) (2,753)
Net income (loss) (2,338) 49,819  128,231  186,378 
Less income allocated to non-controlling interests (1,866) (1,856) (5,629) (5,399)
Net income (loss) attributable to common shareholders ($4,204) $47,963  $122,602  $180,979 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss) ($2,338) $49,819 $128,231 $186,378
Other comprehensive income (loss)
Unrealized gain on cash flow hedging activities —  —  85  — 
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 358  358  1,808  1,075 
Comprehensive income (loss) (1,980) 50,177  130,124  187,453 
Less income allocated to non-controlling interests (1,866) (1,856) (5,629) (5,399)
Comprehensive income (loss) attributable to common shareholders ($3,846) $48,321  $124,495  $182,054 
PER SHARE DATA
Total earnings/(loss) per common share - basic ($0.04) $0.44  $1.13  $1.66 
Total earnings/(loss) per common share - diluted (0.04) 0.44  1.13  1.66 
Weighted average number of common shares outstanding:
     Basic 108,426  108,683  108,513  108,638 
     Diluted 108,426  108,706  108,547  108,659 

(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 September 30, 2024, we recognized $387.2 million of property revenue which consisted of approximately $344.9 million of rental revenue and approximately $42.3 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 $390.8 million recognized for the three months ended September 30, 2023, made up of approximately $347.7 million of rental revenue and approximately $43.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the nine months ended September 30, 2024, we recognized $1,157.5 million of property revenue which consisted of approximately $1,031.0 million of rental revenue and approximately $126.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compared to the $1,154.4 million of property revenue recognized for the nine months ended September 30, 2023, made up of approximately $1,028.0 million of rental revenue and approximately $126.4 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 $10.7 million and $10.5 million for the three months ended September 30, 2024 and 2023, respectively and was $31.9 million and $31.3 million for the nine months ended September 30 2024 and 2023, 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 September 30,  Nine Months Ended September 30,
2024 2023 2024 2023
FUNDS FROM OPERATIONS
Net income (loss) attributable to common shareholders ($4,204) $47,963  $122,602  $180,979 
 Real estate depreciation and amortization 142,853  141,362  427,595  420,762 
 Income allocated to non-controlling interests 1,866  1,856  5,629  5,399 
 Gain on sale of operating properties —  —  (43,806) (48,919)
 Impairment associated with land development activities 40,988  —  40,988  — 
Funds from operations $181,503  $191,181  $553,008  $558,221 
Plus: Casualty-related expenses, net of (recoveries)
2,833  (436) 2,769  503 
Plus: Severance
—  —  506  — 
Plus: Legal costs and settlements, net of recoveries
1,301  —  3,267  84 
Plus: Loss on early retirement of debt
—  —  921  2,513 
Plus: Expensed development & other pursuit costs
833  —  1,493  471 
Plus: Advocacy contributions 1,653  —  1,653  — 
Less: Miscellaneous (income)/expense
—  —  —  (364)
Core funds from operations $188,123  $190,745  $563,617  $561,428 
Less: recurring capitalized expenditures (a)
(25,676) (26,554) (77,296) (65,167)
Core adjusted funds from operations $162,447  $164,191  $486,321  $496,261 
PER SHARE DATA
Funds from operations - diluted $1.65  $1.73  $5.02  $5.06 
Core funds from operations - diluted 1.71  1.73  5.12  5.09 
Core adjusted funds from operations - diluted 1.48  1.49  4.42  4.50 
Distributions declared per common share 1.03  1.00  3.09  3.00 
Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted 110,082  110,301  110,141  110,255 
PROPERTY DATA
Total operating properties (end of period) (b)
172  172  172  172 
Total operating apartment homes in operating properties (end of period) (b)
58,250  58,961  58,250  58,961 
Total operating apartment homes (weighted average) 58,453  59,153  58,344  59,010 


.

(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)
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2023
ASSETS
Real estate assets, at cost
Land $1,718,185  $1,716,515  $1,706,983  $1,711,873  $1,732,804 
Buildings and improvements 11,222,261  11,148,312  11,014,440  10,993,390  10,963,667 
12,940,446  12,864,827  12,721,423  12,705,263  12,696,471 
Accumulated depreciation (4,725,152) (4,582,440) (4,439,710) (4,332,524) (4,254,388)
Net operating real estate assets 8,215,294  8,282,387  8,281,713  8,372,739  8,442,083 
Properties under development and land 418,209  439,758  477,481  486,864  499,761 
Total real estate assets 8,633,503  8,722,145  8,759,194  8,859,603  8,941,844 
Accounts receivable – affiliates 8,993  9,903  10,350  11,905  12,057 
Other assets, net (a)
262,339  245,625  233,137  244,182  237,594 
Cash and cash equivalents 31,234  93,932  92,693  259,686  14,600 
Restricted cash 11,112  7,969  8,230  8,361  8,369 
Total assets $8,947,181  $9,079,574  $9,103,604  $9,383,737  $9,214,464 
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured $3,121,499  $3,222,569  $3,223,285  $3,385,309  $3,323,057 
Secured 330,299  330,241  330,184  330,127  330,071 
Accounts payable and accrued expenses 221,880  212,247  213,896  222,599  211,759 
Accrued real estate taxes 131,693  90,702  46,612  96,517  128,794 
Distributions payable 113,505  113,506  113,556  110,427  110,463 
Other liabilities (b)
214,027  183,377  182,443  186,987  175,341 
Total liabilities 4,132,903  4,152,642  4,109,976  4,331,966  4,279,485 
Equity
Common shares of beneficial interest 1,158  1,157  1,157  1,156  1,156 
Additional paid-in capital 5,927,477  5,924,608  5,919,851  5,914,868  5,911,627 
Distributions in excess of net income attributable to common shareholders (826,725) (710,633) (641,663) (613,651) (727,117)
Treasury shares (359,989) (359,975) (356,880) (320,364) (320,702)
Accumulated other comprehensive income/(loss) (c)
641  283  (78) (1,252) (699)
Total common equity 4,742,562  4,855,440  4,922,387  4,980,757  4,864,265 
Non-controlling interests 71,716  71,492  71,241  71,014  70,714 
Total equity 4,814,278  4,926,932  4,993,628  5,051,771  4,934,979 
Total liabilities and equity $8,947,181  $9,079,574  $9,103,604  $9,383,737  $9,214,464 
(a) Includes net deferred charges of: $3,244  $3,703  $4,286  $5,879  $6,481 
(b) Includes deferred revenues of: $830  $894  $958  $1,030  $1,167 
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain/(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 and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, 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 and losses on dispositions of real estate, impairment write-downs of certain real estate assets, 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.

Core FFO

Core FFO represents FFO as further adjusted for items not considered part of our core business operations. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes not only depreciation expense of real estate assets, but it also excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.

Core Adjusted FFO

In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core 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 Core FFO and Core AFFO is provided below:
Three Months Ended September 30,  Nine Months Ended September 30,
2024 2023 2024 2023
Net income (loss) attributable to common shareholders ($4,204) $47,963  $122,602  $180,979 
 Real estate depreciation and amortization 142,853  141,362  427,595  420,762 
 Income allocated to non-controlling interests 1,866  1,856  5,629  5,399 
 Gain on sale of operating properties —  —  (43,806) (48,919)
 Impairment associated with land development activities 40,988  —  40,988  — 
Funds from operations $181,503  $191,181  $553,008  $558,221 
Plus: Casualty-related expenses, net of (recoveries)
2,833  (436) 2,769  503 
Plus: Severance
—  —  506  — 
Plus: Legal costs and settlements, net of recoveries
1,301  —  3,267  84 
Plus: Loss on early retirement of debt
—  —  921  2,513 
Plus: Expensed development & other pursuit costs
833  —  1,493  471 
Plus: Advocacy contributions 1,653  —  1,653  — 
Less: Miscellaneous (income)/expense
—  —  —  (364)
Core funds from operations $188,123  $190,745  $563,617  $561,428 
Less: recurring capitalized expenditures (25,676) (26,554) (77,296) (65,167)
Core adjusted funds from operations $162,447  $164,191  $486,321  $496,261 
Weighted average number of common shares outstanding:
EPS diluted 108,426  108,706  108,547  108,659 
FFO/Core FFO/ Core AFFO diluted 110,082  110,301  110,141  110,255 









7


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

Reconciliation of FFO, Core FFO, and Core AFFO per share
Three Months Ended September 30,  Nine Months Ended September 30,
2024 2023 2024 2023
Total Earnings Per Common Share - Diluted ($0.04) $0.44  $1.13  $1.66 
 Real estate depreciation and amortization 1.30  1.27  3.87  3.79 
 Income allocated to non-controlling interests 0.02  0.02  0.05  0.05 
 Gain on sale of operating property —  —  (0.40) (0.44)
 Impairment associated with land development activities 0.37  —  0.37  — 
FFO per common share - Diluted $1.65  $1.73  $5.02  $5.06 
Plus: Casualty-related expenses, net of (recoveries)
0.02  —  0.03  — 
Plus: Severance
—  —  —  — 
Plus: Legal costs and settlements, net of recoveries
0.01  —  0.03  — 
Plus: Loss on early retirement of debt
—  —  0.01  0.03 
Plus: Expensed development & other pursuit costs
0.01  —  0.01  — 
Plus: Advocacy contributions 0.02  —  0.02  — 
Less: Miscellaneous (income)/expense
—  —  —  — 
Core FFO per common share - Diluted $1.71  $1.73  $5.12  $5.09 
Less: recurring capitalized expenditures (0.23) (0.24) (0.70) (0.59)
Core AFFO per common share - Diluted $1.48  $1.49  $4.42  $4.50 



Expected FFO & Core FFO

Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:
4Q24 Range 2024 Range
Low High Low High
 Expected earnings per common share - diluted $0.34  $0.38  $1.46  $1.50 
 Expected real estate depreciation and amortization 1.29  1.29  5.17  5.17 
 Expected income allocated to non-controlling interests 0.02  0.02  0.07  0.07 
 Expected (gain) on sale of operating properties —  —  (0.40) (0.40)
 Impairment associated with land development activities —  —  0.37  0.37 
 Expected FFO per share - diluted $1.65  $1.69  $6.67  $6.71 
 Anticipated Adjustments to FFO 0.03  0.03  0.12  0.12 
 Expected Core FFO per share - diluted $1.68  $1.72  $6.79  $6.83 
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.


8


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

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. Our definition of NOI 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 net income to net operating income is provided below:
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Net income (loss) ($2,338) $49,819  $128,231  $186,378 
Less: Fee and asset management income (1,707) (1,077) (5,597) (2,373)
Less: Interest and other income (1,076) (64) (4,442) (557)
Less: Income/(loss) on deferred compensation plans (8,248) 3,339  (15,140) (5,417)
Plus: Property management expense 9,817  7,891  29,057  24,939 
Plus: Fee and asset management expense 623  444  1,541  1,277 
Plus: General and administrative expense 18,845  15,543  53,692  46,762 
Plus: Interest expense 32,486  33,006  97,250  99,427 
Plus: Depreciation and amortization expense 145,844  144,359  436,540  429,857 
Plus: Expense/(benefit) on deferred compensation plans 8,248  (3,339) 15,140  5,417 
Plus: Impairment associated with land development activities 40,988  —  40,988  — 
Plus: Loss on early retirement of debt —  —  921  2,513 
Less: Gain on sale of operating property —  —  (43,806) (48,919)
Plus: Income tax expense 390  752  2,354  2,753 
NOI $243,872  $250,673  $736,729  $742,057 
"Same Property" Communities $234,590  $234,648  $704,705  $697,476 
Non-"Same Property" Communities 9,053  8,157  27,131  21,451 
Development and Lease-Up Communities 1,474  (12) 1,925  (19)
Disposition/Other (1,245) 7,880  2,968  23,149 
NOI $243,872  $250,673  $736,729  $742,057 
















9


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

EBITDAre and Adjusted EBITDAre

Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.

Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results or 1.33 for 9 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Net income (loss) ($2,338) $49,819  $128,231  $186,378 
Plus: Interest expense 32,486  33,006  97,250  99,427 
Plus: Depreciation and amortization expense 145,844  144,359  436,540  429,857 
Plus: Income tax expense 390  752  2,354  2,753 
Less: Gain on sale of operating property —  —  (43,806) (48,919)
Plus: Impairment associated with land development activities 40,988  —  40,988  — 
EBITDAre $217,370  $227,936  $661,557  $669,496 
Plus: Casualty-related expenses, net of (recoveries)
2,833  (436) 2,769  503 
Plus: Severance
—  —  506  — 
Plus: Legal costs and settlements, net of recoveries
1,301  —  3,267  84 
Plus: Loss on early retirement of debt —  —  921  2,513 
Plus: Expensed development & other pursuit costs
833  —  1,493  471 
Plus: Advocacy contributions 1,653  —  1,653  — 
Less: Miscellaneous (income)/expense
—  —  —  (364)
Adjusted EBITDAre $223,990  $227,500  $672,166  $672,703 
Annualized Adjusted EBITDAre $895,960  $910,000  $896,221  $896,937 

Net Debt to Annualized Adjusted EBITDAre

The Company believes Net Debt to Annualized Adjusted EBITDAre 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 EBITDAre for the following periods:

Net Debt:
Average monthly balance for the Average monthly balance for the
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Unsecured notes payable $3,193,365  $3,374,176  $3,219,724  $3,336,040 
Secured notes payable 330,280  330,052  330,222  412,290 
Total debt 3,523,645  3,704,228  3,549,946  3,748,330 
Less: Cash and cash equivalents (43,414) (8,338) (54,702) (8,546)
Net debt $3,480,231  $3,695,890  $3,495,244  $3,739,784 
Net Debt to Annualized Adjusted EBITDAre:
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Net debt $3,480,231  $3,695,890  $3,495,244  $3,739,784 
Annualized Adjusted EBITDAre 895,960  910,000  896,221  896,937 
Net Debt to Annualized Adjusted EBITDAre 3.9x 4.1x 3.9x 4.2x
10
EX-99.2 3 exhibit992supplement3q24.htm EX-99.2 Document

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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" Third Quarter Comparisons
"Same Property" Sequential Quarter Comparisons
"Same Property" Year to Date Comparisons
"Same Property" Operating Expense Detail & Comparisons
Current Development Communities
Development Pipeline
Dispositions
Debt Analysis
Debt Maturity Analysis
Debt Covenant Analysis
Capitalized Expenditures & Maintenance Expense
Non-GAAP Financial Measures - Definitions & Reconciliations
Other Definitions
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 THIRD QUARTER 2024 OPERATING RESULTS

Houston, Texas (October 31, 2024) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and nine months ended September 30, 2024. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three and nine months ended September 30, 2024 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.

Three Months Ended September 30,  Nine Months Ended September 30,
Per Diluted Share 2024 2023 2024 2023
EPS(1)
($0.04) $0.44 $1.13 $1.66
FFO $1.65 $1.73 $5.02 $5.06
Core FFO $1.71 $1.73 $5.12 $5.09
Core AFFO $1.48 $1.49 $4.42 $4.50

Three Months Ended 3Q24 Guidance 3Q24 Guidance
Per Diluted Share September 30, 2024 Midpoint Variance
EPS(1)
($0.04) $0.33 ($0.37)
FFO $1.65 $1.65 $0.00
Core FFO $1.71 $1.68 $0.03
(1) For the three and nine months ended September 30, 2024, EPS included approximately $0.37 per share of impairments associated with land development activities.

During the quarter, Camden decided not to move forward at the present time with four predevelopment projects. These decisions were made as part of a strategic review taking into consideration the Company’s current portfolio concentrations and the overall operating environments in those markets or submarkets. The Company recognized a non-cash charge of approximately $41.0 million, or $0.37 per diluted share, of impairment expenses related to land development projects located in Los Angeles, CA, Houston, TX, and Atlanta, GA. These reductions primarily reflect the carrying and other costs incurred since acquiring those development sites. Camden will also cease capitalizing interest and expenses associated with these assets going forward.

Quarterly Growth Sequential Growth Year-To-Date Growth
Same Property Results 3Q24 vs. 3Q23 3Q24 vs. 2Q24 2024 vs. 2023
Revenues 0.6% 0.3% 1.5%
Expenses 1.8% 1.5% 2.4%
Net Operating Income ("NOI") 0.0% (0.4)% 1.0%

Same Property Results 3Q24 3Q23 2Q24
Occupancy 95.5% 95.5% 95.3%

For 2024, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2023, 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)
October 2024* October 2023 3Q24 3Q23
Signed New Lease Rates (4.8)% (3.7)% (2.8)% 0.2%
Signed Renewal Rates 3.0% 4.1% 3.6% 5.0%
Signed Blended Lease Rates (1.7)% (0.9)% 0.1% 2.3%
New Lease and Renewal Data - Date Effective (2)
October 2024* October 2023 3Q24 3Q23
Effective New Lease Rates (4.4)% (2.6)% (2.2)% 0.9%
Effective Renewal Rates 3.4% 4.7% 3.9% 5.9%
Effective Blended Lease Rates (0.8)% 1.1% 0.9% 3.3%
*Preliminary data as of October 30, 2024
(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.

Occupancy and Bad Debt October 2024* October 2023 3Q24 3Q23
Occupancy 95.3% 94.9% 95.5% 95.5%
Bad Debt NA 0.9% 0.9% 1.4%
*Preliminary data as of October 30, 2024

Development Activity
During the quarter, leasing continued at Camden Woodmill Creek in Spring, TX, Camden Durham in Durham, NC, and Camden Long Meadow Farms in Richmond, TX.

Development Communities - Construction Completed and Project in Lease-Up ($ in millions)
Total Total % Leased
Community Name Location Homes Cost as of 10/30/2024
Camden Woodmill Creek Spring, TX 189  $71.6 79  %

Development Communities - Construction Ongoing ($ in millions)
Total Total % Leased
Community Name Location Homes Estimated Cost as of 10/30/2024
Camden Durham Durham, NC 420  $145.0 74  %
Camden Long Meadow Farms Richmond, TX 188  75.0 46  %
Camden Village District Raleigh, NC 369  138.0
Camden South Charlotte Charlotte, NC 420  163.0
Camden Blakeney Charlotte, NC 349  154.0
Total 1,746 $675.0

Liquidity Analysis
As of September 30, 2024, Camden had nearly $1.1 billion of liquidity comprised of approximately $31.2 million in cash and cash equivalents, and over $1.0 billion of availability under its unsecured credit facility. At quarter-end, the Company had approximately $267.0 million left to fund under its existing wholly-owned development pipeline.

During the quarter, Camden utilized cash on hand and its unsecured revolving credit facility to repay its 3.68% $250.0 million senior unsecured notes payable which matured in September 2024. Also during the quarter, the Company extended the maturity date of its $40 million unsecured floating rate term loan to 2026.

Hurricane Impact
During the quarter, Hurricane Beryl impacted several of our multifamily communities in the Houston, TX area and we incurred approximately $2.1 million of storm-related expenses, net of anticipated insurance recoveries. Camden expects no material charges related to either Hurricane Helene or Hurricane Milton.

Earnings Guidance
Camden updated its earnings guidance for 2024 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2024 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

4Q24 2024 2024 Midpoint
Per Diluted Share Range Range Current Prior Change
EPS $0.34 - $0.38 $1.46 - $1.50 $1.48 $1.88 $(0.40)
FFO $1.65 - $1.69 $6.67 - $6.71 $6.69 $6.72 $(0.03)
Core FFO(1)
$1.68 - $1.72 $6.79 - $6.83 $6.81 $6.79 $0.02
(1) The Company's 2024 core FFO guidance excludes approximately $0.12 per share of non-core charges for casualty-related expenses, severance, legal costs, loss on early retirement of debt, expensed pursuit costs, and advocacy contributions.

2024 2024 Midpoint
Same Property Growth Guidance Range Current Prior Change
Revenues 1.10% - 1.50% 1.30% 1.50% (0.20)%
Expenses 2.10% - 2.50% 2.30% 2.85% (0.55)%
NOI 0.35% - 1.15% 0.75% 0.75% 0.00%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2024 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, November 1, 2024 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6652140
Webcast: https://investors.camdenliving.com

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 and operates 172 properties containing 58,250 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 59,996 apartment homes in 177 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 17 consecutive years, most recently ranking #24. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
3


CAMDEN FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
(Unaudited)
Three Months Ended September 30,  Nine Months Ended September 30,
2024 2023 2024 2023
Property revenues $387,232 $390,778 $1,157,523 $1,154,440
Adjusted EBITDAre 223,990 227,500 672,166 672,703
Net income (loss) attributable to common shareholders (4,204) 47,963 122,602 180,979
      Per share - basic (0.04) 0.44 1.13 1.66
      Per share - diluted (0.04) 0.44 1.13 1.66
Funds from operations 181,503 191,181 553,008 558,221
       Per share - diluted 1.65 1.73 5.02 5.06
Core funds from operations 188,123 190,745 563,617 561,428
Per share - diluted 1.71 1.73 5.12 5.09
Core adjusted funds from operations 162,447 164,191 486,321 496,261
       Per share - diluted 1.48 1.49 4.42 4.50
Dividends per share 1.03 1.00 3.09 3.00
Dividend payout ratio (FFO) 62.4  % 57.8  % 61.6  % 59.3  %
Interest expensed 32,486 33,006 97,250 99,427
Interest capitalized 4,586 5,239 14,345 15,201
    Total interest incurred 37,072 38,245 111,595 114,628
Net Debt to Annualized Adjusted EBITDAre (a)
3.9x 4.1x 3.9x 4.2x
Interest expense coverage ratio 6.9x 6.9x 6.9x 6.8x
Total interest coverage ratio 6.0x 5.9x 6.0x 5.9x
Fixed charge expense coverage ratio 6.9x 6.9x 6.9x 6.8x
Total fixed charge coverage ratio 6.0x 5.9x 6.0x 5.9x
Unencumbered real estate assets (at cost) to unsecured debt ratio 3.8x 3.6x 3.8x 3.6x
Same property NOI growth (b) (c)
0.0  % 3.5  % 1.0  % 5.9  %
  (# of apartment homes included) 55,866  48,137 55,866 48,137 
Same property turnover
Gross turnover of apartment homes (annualized) 58  % 62  % 52  % 53  %
Net turnover (excludes on-site transfers and transfers to other Camden communities) 46  % 51  % 41  % 44  %
As of September 30, As of September 30,
2024 2023 2024 2023
Total assets $8,947,181  $9,214,464  $8,947,181  $9,214,464 
Total debt $3,451,798  $3,653,128  $3,451,798  $3,653,128 
Common and common equivalent shares, outstanding end of period (d)
110,099  110,305  110,099  110,305 
Share price, end of period $123.53  $94.58  $123.53  $94.58 
Book equity value, end of period (e)
$4,814,278  $4,934,979  $4,814,278  $4,934,979 
Market equity value, end of period (f)
$13,600,529  $10,432,647  $13,600,529  $10,432,647 

(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 EBITDAre is Adjusted EBITDAre as reported for the period multiplied by either 4 for quarter results or 1.33 for 9 month results.
(b) "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2023, excluding communities under redevelopment and properties held for sale.
(c) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.
(d) Includes at September 30, 2024: 108,504 common shares (including 78 common share equivalents related to share awards), plus 1,595 common share equivalents upon the assumed conversion of non-controlling units.
(e) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
(f) Includes: common shares, common units, and common share equivalents.

Note: Please refer to pages 24 - 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
4


CAMDEN OPERATING RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,  Nine Months Ended September 30,
2024 2023 2024 2023
OPERATING DATA
Property revenues (a)
$387,232 $390,778 $1,157,523 $1,154,440
Property expenses
Property operating and maintenance 95,940  91,011  275,110  264,038 
Real estate taxes 47,420  49,094  145,684  148,345 
Total property expenses 143,360  140,105  420,794  412,383 
Non-property income
Fee and asset management 1,707  1,077  5,597  2,373 
Interest and other income 1,076  64  4,442  557 
Income/(loss) on deferred compensation plans 8,248  (3,339) 15,140  5,417 
Total non-property income 11,031  (2,198) 25,179  8,347 
Other expenses
Property management 9,817  7,891  29,057  24,939 
Fee and asset management 623  444  1,541  1,277 
General and administrative 18,845  15,543  53,692  46,762 
Interest 32,486  33,006  97,250  99,427 
Depreciation and amortization 145,844  144,359  436,540  429,857 
Expense/(benefit) on deferred compensation plans 8,248  (3,339) 15,140  5,417 
Total other expenses 215,863  197,904  633,220  607,679 
Impairment associated with land development activities (40,988) —  (40,988) — 
Loss on early retirement of debt —  —  (921) (2,513)
Gain on sale of operating property —  —  43,806  48,919 
Income (loss) from continuing operations before income taxes (1,948) 50,571  130,585  189,131 
Income tax expense (390) (752) (2,354) (2,753)
Net income (loss) (2,338) 49,819  128,231  186,378 
Less income allocated to non-controlling interests (1,866) (1,856) (5,629) (5,399)
Net income (loss) attributable to common shareholders ($4,204) $47,963  $122,602  $180,979 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss) ($2,338) $49,819 $128,231 $186,378
Other comprehensive income (loss)
Unrealized gain on cash flow hedging activities —  —  85  — 
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 358  358  1,808  1,075 
Comprehensive income (loss) (1,980) 50,177  130,124  187,453 
Less income allocated to non-controlling interests (1,866) (1,856) (5,629) (5,399)
Comprehensive income (loss) attributable to common shareholders ($3,846) $48,321  $124,495  $182,054 
PER SHARE DATA
Total earnings/(loss) per common share - basic ($0.04) $0.44  $1.13  $1.66 
Total earnings/(loss) per common share - diluted (0.04) 0.44  1.13  1.66 
Weighted average number of common shares outstanding:
     Basic 108,426  108,683  108,513  108,638 
     Diluted 108,426  108,706  108,547  108,659 

(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 September 30, 2024, we recognized $387.2 million of property revenue which consisted of approximately $344.9 million of rental revenue and approximately $42.3 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 $390.8 million recognized for the three months ended September 30, 2023, made up of approximately $347.7 million of rental revenue and approximately $43.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the nine months ended September 30, 2024, we recognized $1,157.5 million of property revenue which consisted of approximately $1,031.0 million of rental revenue and approximately $126.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compared to the $1,154.4 million of property revenue recognized for the nine months ended September 30, 2023, made up of approximately $1,028.0 million of rental revenue and approximately $126.4 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 $10.7 million and $10.5 million for the three months ended September 30, 2024 and 2023, respectively and was $31.9 million and $31.3 million for the nine months ended September 30 2024 and 2023, respectively.


Note: Please refer to pages 24 - 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
5


CAMDEN FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)
Three Months Ended September 30,  Nine Months Ended September 30,
2024 2023 2024 2023
FUNDS FROM OPERATIONS
Net income (loss) attributable to common shareholders ($4,204) $47,963  $122,602  $180,979 
 Real estate depreciation and amortization 142,853  141,362  427,595  420,762 
 Income allocated to non-controlling interests 1,866  1,856  5,629  5,399 
 Gain on sale of operating properties —  —  (43,806) (48,919)
 Impairment associated with land development activities 40,988  —  40,988  — 
Funds from operations $181,503  $191,181  $553,008  $558,221 
Plus: Casualty-related expenses, net of (recoveries)
2,833  (436) 2,769  503 
Plus: Severance
—  —  506  — 
Plus: Legal costs and settlements, net of recoveries
1,301  —  3,267  84 
Plus: Loss on early retirement of debt
—  —  921  2,513 
Plus: Expensed development & other pursuit costs
833  —  1,493  471 
Plus: Advocacy contributions 1,653  —  1,653  — 
Less: Miscellaneous (income)/expense
—  —  —  (364)
Core funds from operations $188,123  $190,745  $563,617  $561,428 
Less: recurring capitalized expenditures (a)
(25,676) (26,554) (77,296) (65,167)
Core adjusted funds from operations $162,447  $164,191  $486,321  $496,261 
PER SHARE DATA
Funds from operations - diluted $1.65  $1.73  $5.02  $5.06 
Core funds from operations - diluted 1.71  1.73  5.12  5.09 
Core adjusted funds from operations - diluted 1.48  1.49  4.42  4.50 
Distributions declared per common share 1.03  1.00  3.09  3.00 
Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted 110,082  110,301  110,141  110,255 
PROPERTY DATA
Total operating properties (end of period) (b)
172  172  172  172 
Total operating apartment homes in operating properties (end of period) (b)
58,250  58,961  58,250  58,961 
Total operating apartment homes (weighted average) 58,453  59,153  58,344  59,010 


(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 - 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

6


CAMDEN BALANCE SHEETS
(In thousands)
(Unaudited)
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2023
ASSETS
Real estate assets, at cost
Land $1,718,185  $1,716,515  $1,706,983  $1,711,873  $1,732,804 
Buildings and improvements 11,222,261  11,148,312  11,014,440  10,993,390  10,963,667 
12,940,446  12,864,827  12,721,423  12,705,263  12,696,471 
Accumulated depreciation (4,725,152) (4,582,440) (4,439,710) (4,332,524) (4,254,388)
Net operating real estate assets 8,215,294  8,282,387  8,281,713  8,372,739  8,442,083 
Properties under development and land 418,209  439,758  477,481  486,864  499,761 
Total real estate assets 8,633,503  8,722,145  8,759,194  8,859,603  8,941,844 
Accounts receivable – affiliates 8,993  9,903  10,350  11,905  12,057 
Other assets, net (a)
262,339  245,625  233,137  244,182  237,594 
Cash and cash equivalents 31,234  93,932  92,693  259,686  14,600 
Restricted cash 11,112  7,969  8,230  8,361  8,369 
Total assets $8,947,181  $9,079,574  $9,103,604  $9,383,737  $9,214,464 
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured $3,121,499  $3,222,569  $3,223,285  $3,385,309  $3,323,057 
Secured 330,299  330,241  330,184  330,127  330,071 
Accounts payable and accrued expenses 221,880  212,247  213,896  222,599  211,759 
Accrued real estate taxes 131,693  90,702  46,612  96,517  128,794 
Distributions payable 113,505  113,506  113,556  110,427  110,463 
Other liabilities (b)
214,027  183,377  182,443  186,987  175,341 
Total liabilities 4,132,903  4,152,642  4,109,976  4,331,966  4,279,485 
Equity
Common shares of beneficial interest 1,158  1,157  1,157  1,156  1,156 
Additional paid-in capital 5,927,477  5,924,608  5,919,851  5,914,868  5,911,627 
Distributions in excess of net income attributable to common shareholders (826,725) (710,633) (641,663) (613,651) (727,117)
Treasury shares (359,989) (359,975) (356,880) (320,364) (320,702)
Accumulated other comprehensive income/(loss) (c)
641  283  (78) (1,252) (699)
Total common equity 4,742,562  4,855,440  4,922,387  4,980,757  4,864,265 
Non-controlling interests 71,716  71,492  71,241  71,014  70,714 
Total equity 4,814,278  4,926,932  4,993,628  5,051,771  4,934,979 
Total liabilities and equity $8,947,181  $9,079,574  $9,103,604  $9,383,737  $9,214,464 
(a) Includes net deferred charges of: $3,244  $3,703  $4,286  $5,879  $6,481 
(b) Includes deferred revenues of: $830  $894  $958  $1,030  $1,167 
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain/(loss) on cash flow hedging activities.
7


CAMDEN PORTFOLIO STATISTICS
(Unaudited)

COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2024 (in apartment homes)
"Same Property" Non-"Same Property" Completed in Lease-up Under Construction Grand Total
D.C. Metro (a)
6,192  —  —  —  6,192 
Houston, TX 9,154  —  189  188  9,531 
Phoenix, AZ 4,029  397  —  —  4,426 
Dallas, TX 6,224  —  —  —  6,224 
SE Florida 2,781  269  —  —  3,050 
Atlanta, GA 3,744  526  —  —  4,270 
Orlando, FL 3,954  —  —  —  3,954 
Tampa, FL 3,104  —  —  —  3,104 
Denver, CO 2,873  —  —  —  2,873 
Charlotte, NC 3,123  387  —  769  4,279 
Raleigh, NC 3,252  —  —  789  4,041 
Austin, TX 3,360  326  —  —  3,686 
San Diego/Inland Empire, CA 1,797  —  —  —  1,797 
Los Angeles/Orange County, CA 1,521  290  —  —  1,811 
Nashville, TN 758  —  —  —  758 
Total Portfolio 55,866  2,195  189  1,746  59,996 

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


THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)
"Same Property" Communities
Operating Communities (b)
Sep 30,
2024
Jun 30,
2024
Mar 31,
2024
Dec 31,
2023
Sep 30,
2023
D.C. Metro (a)
13.8  % 13.2  % 96.7  % 96.9  % 96.6  % 96.7  % 96.6  %
Houston, TX 13.0  % 12.6  % 95.4  % 95.0  % 94.6  % 94.4  % 95.2  %
Phoenix, AZ 8.1  % 8.5  % 93.8  % 94.7  % 95.2  % 94.5  % 94.5  %
Dallas, TX 8.7  % 8.4  % 95.4  % 95.0  % 94.6  % 94.3  % 95.4  %
SE Florida 6.6  % 6.9  % 96.2  % 96.6  % 96.5  % 96.1  % 95.8  %
Atlanta, GA 6.0  % 6.5  % 94.3  % 93.1  % 92.7  % 92.3  % 93.6  %
Orlando, FL 6.7  % 6.5  % 95.7  % 95.4  % 95.3  % 94.9  % 95.5  %
Tampa, FL 6.5  % 6.2  % 95.6  % 95.6  % 96.1  % 95.5  % 95.9  %
Denver, CO 6.0  % 5.7  % 96.7  % 96.6  % 96.4  % 96.4  % 96.6  %
Charlotte, NC 5.5  % 6.0  % 95.5  % 95.1  % 93.6  % 94.7  % 95.6  %
Raleigh, NC 5.1  % 4.9  % 95.5  % 95.0  % 94.7  % 95.0  % 95.6  %
Austin, TX 4.3  % 4.4  % 94.0  % 93.4  % 92.7  % 93.1  % 94.3  %
San Diego/Inland Empire, CA 4.6  % 4.4  % 96.1  % 96.1  % 95.1  % 95.5  % 96.1  %
Los Angeles/Orange County, CA 3.7  % 4.4  % 94.0  % 93.8  % 92.7  % 93.1  % 95.4  %
Nashville, TN 1.4  % 1.4  % 94.8  % 95.3  % 93.9  % 93.4  % 95.3  %
Total Portfolio 100.0  % 100.0  % 95.4  % 95.2  % 94.8  % 94.7  % 95.4  %

(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.
8


CAMDEN COMPONENTS OF PROPERTY
NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
Apartment Three Months Ended September 30,  Nine Months Ended September 30,
Property Revenues Homes 2024 2023 Change 2024 2023 Change
"Same Property" Communities (a)
55,866  $367,488  $365,148  $2,340  $1,098,390  $1,081,992  $16,398 
Non-"Same Property" Communities (b)
2,195  14,324  13,204  1,120  42,506  35,662  6,844 
Development and Lease-Up Communities (c)
1,935  2,787  2,781  4,747  4,741 
Disposition/Other (d)
—  2,633  12,420  (9,787) 11,880  36,780  (24,900)
Total Property Revenues 59,996  $387,232  $390,778  ($3,546) $1,157,523  $1,154,440  $3,083 
Property Expenses
"Same Property" Communities (a)
55,866  $132,898  $130,500  $2,398  $393,685  $384,516  $9,169 
Non-"Same Property" Communities (b)
2,195  5,271  5,047  224  15,375  14,211  1,164 
Development and Lease-Up Communities (c)
1,935  1,313  18  1,295  2,822  25  2,797 
Disposition/Other (d)
—  3,878  4,540  (662) 8,912  13,631  (4,719)
Total Property Expenses 59,996  $143,360  $140,105  $3,255  $420,794  $412,383  $8,411 
Property Net Operating Income
"Same Property" Communities (a)
55,866  $234,590  $234,648  ($58) $704,705  $697,476  $7,229 
Non-"Same Property" Communities (b)
2,195  9,053  8,157  896  27,131  21,451  5,680 
Development and Lease-Up Communities (c)
1,935  1,474  (12) 1,486  1,925  (19) 1,944 
Disposition/Other (d)
—  (1,245) 7,880  (9,125) 2,968  23,149  (20,181)
Total Property Net Operating Income 59,996  $243,872  $250,673  ($6,801) $736,729  $742,057  ($5,328)



(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2023, 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, 2023, 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, 2023, 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, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.


9


CAMDEN COMPONENTS OF PROPERTY
SEQUENTIAL NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
Three Months Ended
Apartment September 30, June 30, March 31, December 31, September 30,
Property Revenues Homes 2024 2024 2024 2023 2023
"Same Property" Communities (a)
55,866  $367,488  $366,424  $364,478  $362,657  $365,148 
Non-"Same Property" Communities (b)
2,195  14,324  14,215  13,967  13,398  13,204 
Development and Lease-Up Communities (c)
1,935  2,787  1,358  602  152 
Disposition/Other (d)
—  2,633  5,153  4,094  11,380  12,420 
Total Property Revenues 59,996  $387,232  $387,150  $383,141  $387,587  $390,778 
Property Expenses
"Same Property" Communities (a)
55,866  $132,898  $130,943  $129,844  $126,943  $130,500 
Non-"Same Property" Communities (b)
2,195  5,271  5,280  4,824  4,911  5,047 
Development and Lease-Up Communities (c)
1,935  1,313  909  600  147  18 
Disposition/Other (d)
—  3,878  1,757  3,277  4,536  4,540 
Total Property Expenses 59,996  $143,360  $138,889  $138,545  $136,537  $140,105 
Property Net Operating Income
"Same Property" Communities (a)
55,866  $234,590  $235,481  $234,634  $235,714  $234,648 
Non-"Same Property" Communities (b)
2,195  9,053  8,935  9,143  8,487  8,157 
Development and Lease-Up Communities (c)
1,935  1,474  449  (12)
Disposition/Other (d)
—  (1,245) 3,396  817  6,844  7,880 
Total Property Net Operating Income 59,996  $243,872  $248,261  $244,596  $251,050  $250,673 



(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2023, 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, 2023, 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, 2023, 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, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.



10


CAMDEN "SAME PROPERTY"
THIRD QUARTER COMPARISONS
September 30, 2024
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes Revenues Expenses NOI
Quarterly Results (a)(b)
Included 3Q24 3Q23 Growth 3Q24 3Q23 Growth 3Q24 3Q23 Growth
D.C. Metro 6,192  $47,403  $45,997  3.1  % $15,105  $14,572  3.7  % $32,298  $31,425  2.8  %
Houston, TX 9,154  51,557  51,008  1.1  % 21,028  22,115  (4.9) % 30,529  28,893  5.7  %
Dallas, TX 6,224  35,228  35,436  (0.6) % 14,695  14,958  (1.8) % 20,533  20,478  0.3  %
Phoenix, AZ 4,029  26,709  26,840  (0.5) % 7,671  7,455  2.9  % 19,038  19,385  (1.8) %
SE Florida 2,781  24,570  24,100  2.0  % 9,156  8,426  8.7  % 15,414  15,674  (1.7) %
Atlanta, GA 3,744  23,616  23,859  (1.0) % 9,582  9,357  2.4  % 14,034  14,502  (3.2) %
Orlando, FL 3,954  25,240  25,214  0.1  % 9,459  9,389  0.7  % 15,781  15,825  (0.3) %
Tampa, FL 3,104  23,435  23,409  0.1  % 8,280  8,082  2.4  % 15,155  15,327  (1.1) %
Denver, CO 2,873  20,413  20,150  1.3  % 6,383  6,173  3.4  % 14,030  13,977  0.4  %
Charlotte, NC 3,123  18,787  18,668  0.6  % 5,936  5,432  9.3  % 12,851  13,236  (2.9) %
Raleigh, NC 3,252  17,705  17,767  (0.3) % 5,698  5,511  3.4  % 12,007  12,256  (2.0) %
San Diego/Inland Empire, CA 1,797  15,905  15,148  5.0  % 5,114  4,905  4.3  % 10,791  10,243  5.3  %
Austin, TX 3,360  18,167  18,840  (3.6) % 8,093  7,685  5.3  % 10,074  11,155  (9.7) %
Los Angeles/Orange County, CA 1,521  13,535  13,304  1.7  % 4,857  4,583  6.0  % 8,678  8,721  (0.5) %
Nashville, TN 758  5,218  5,408  (3.5) % 1,841  1,857  (0.9) % 3,377  3,551  (4.9) %
Total Same Property 55,866  $367,488  $365,148  0.6  % $132,898  $130,500  1.8  % $234,590  $234,648  0.0  %


Weighted Average Monthly Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Quarterly Results (b)
Contribution 3Q24 3Q23 Growth 3Q24 3Q23 Growth 3Q24 3Q23 Growth
D.C. Metro 13.8  % 96.7  % 96.6  % 0.1  % $2,297  $2,220  3.5  % $2,639  $2,563  3.0  %
Houston, TX 13.0  % 95.4  % 95.2  % 0.2  % 1,689  1,679  0.6  % 1,968  1,951  0.9  %
Dallas, TX 8.7  % 95.4  % 95.4  % 0.0  % 1,711  1,733  (1.3) % 1,978  1,989  (0.6) %
Phoenix, AZ 8.1  % 94.0  % 94.4  % (0.4) % 1,973  1,989  (0.8) % 2,351  2,353  (0.1) %
SE Florida 6.6  % 96.1  % 95.7  % 0.4  % 2,715  2,679  1.3  % 3,064  3,018  1.6  %
Atlanta, GA 6.0  % 94.9  % 94.1  % 0.8  % 1,935  1,991  (2.8) % 2,217  2,258  (1.8) %
Orlando, FL 6.7  % 95.7  % 95.5  % 0.2  % 1,933  1,942  (0.5) % 2,224  2,225  (0.1) %
Tampa, FL 6.5  % 95.6  % 95.9  % (0.3) % 2,301  2,309  (0.3) % 2,633  2,621  0.4  %
Denver, CO 6.0  % 96.7  % 96.6  % 0.1  % 2,137  2,091  2.2  % 2,450  2,420  1.2  %
Charlotte, NC 5.5  % 95.5  % 95.6  % (0.1) % 1,817  1,807  0.6  % 2,101  2,086  0.7  %
Raleigh, NC 5.1  % 95.5  % 95.6  % (0.1) % 1,614  1,620  (0.4) % 1,900  1,904  (0.2) %
San Diego/Inland Empire, CA 4.6  % 96.1  % 96.1  % 0.0  % 2,779  2,708  2.6  % 3,071  2,924  5.0  %
Austin, TX 4.3  % 94.7  % 95.7  % (1.0) % 1,611  1,673  (3.7) % 1,904  1,954  (2.6) %
Los Angeles/Orange County, CA 3.7  % 93.6  % 94.9  % (1.3) % 2,902  2,942  (1.4) % 3,169  3,075  3.0  %
Nashville, TN 1.4  % 94.8  % 95.3  % (0.5) % 2,243  2,323  (3.4) % 2,421  2,495  (3.0) %
Total Same Property 100.0  % 95.5  % 95.5  % 0.0  % $1,995  $1,992  0.2  % $2,296  $2,281  0.6  %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2023, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.

(c) 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.

(d) 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.

11


CAMDEN "SAME PROPERTY"
SEQUENTIAL QUARTER COMPARISONS
September 30, 2024
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes Revenues Expenses NOI
Quarterly Results (a)(b)
Included 3Q24 2Q24 Growth 3Q24 2Q24 Growth 3Q24 2Q24 Growth
D.C. Metro 6,192  $47,403  $46,932  1.0  % $15,105  $14,743  2.5  % $32,298  $32,189  0.3  %
Houston, TX 9,154  51,557  51,376  0.4  % 21,028  22,128  (5.0) % 30,529  29,248  4.4  %
Dallas, TX 6,224  35,228  35,254  (0.1) % 14,695  15,201  (3.3) % 20,533  20,053  2.4  %
Phoenix, AZ 4,029  26,709  26,956  (0.9) % 7,671  7,287  5.3  % 19,038  19,669  (3.2) %
SE Florida 2,781  24,570  24,576  0.0  % 9,156  8,717  5.0  % 15,414  15,859  (2.8) %
Atlanta, GA 3,744  23,616  23,766  (0.6) % 9,582  8,823  8.6  % 14,034  14,943  (6.1) %
Orlando, FL 3,954  25,240  25,289  (0.2) % 9,459  9,567  (1.1) % 15,781  15,722  0.4  %
Tampa, FL 3,104  23,435  23,259  0.8  % 8,280  8,290  (0.1) % 15,155  14,969  1.2  %
Denver, CO 2,873  20,413  20,141  1.4  % 6,383  6,356  0.4  % 14,030  13,785  1.8  %
Charlotte, NC 3,123  18,787  18,692  0.5  % 5,936  5,569  6.6  % 12,851  13,123  (2.1) %
Raleigh, NC 3,252  17,705  17,691  0.1  % 5,698  5,509  3.4  % 12,007  12,182  (1.4) %
San Diego/Inland Empire, CA 1,797  15,905  15,722  1.2  % 5,114  4,842  5.6  % 10,791  10,880  (0.8) %
Austin, TX 3,360  18,167  18,254  (0.5) % 8,093  7,452  8.6  % 10,074  10,802  (6.7) %
Los Angeles/Orange County, CA 1,521  13,535  13,345  1.4  % 4,857  4,723  2.8  % 8,678  8,622  0.6  %
Nashville, TN 758  5,218  5,171  0.9  % 1,841  1,736  6.0  % 3,377  3,435  (1.7) %
Total Same Property 55,866  $367,488  $366,424  0.3  % $132,898  $130,943  1.5  % $234,590  $235,481  (0.4) %


Weighted Average Monthly Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Quarterly Results (b)
Contribution 3Q24 2Q24 Growth 3Q24 2Q24 Growth 3Q24 2Q24 Growth
D.C. Metro 13.8  % 96.7  % 96.9  % (0.2) % $2,297  $2,263  1.5  % $2,639  $2,609  1.2  %
Houston, TX 13.0  % 95.4  % 95.0  % 0.4  % 1,689  1,683  0.4  % 1,968  1,969  0.0  %
Dallas, TX 8.7  % 95.4  % 95.0  % 0.4  % 1,711  1,715  (0.2) % 1,978  1,988  (0.5) %
Phoenix, AZ 8.1  % 94.0  % 94.8  % (0.8) % 1,973  1,981  (0.4) % 2,351  2,353  (0.1) %
SE Florida 6.6  % 96.1  % 96.4  % (0.3) % 2,715  2,700  0.6  % 3,064  3,056  0.3  %
Atlanta, GA 6.0  % 94.9  % 94.1  % 0.8  % 1,935  1,949  (0.7) % 2,217  2,249  (1.4) %
Orlando, FL 6.7  % 95.7  % 95.4  % 0.3  % 1,933  1,934  (0.1) % 2,224  2,234  (0.5) %
Tampa, FL 6.5  % 95.6  % 95.6  % 0.0  % 2,301  2,306  (0.2) % 2,633  2,612  0.8  %
Denver, CO 6.0  % 96.7  % 96.6  % 0.1  % 2,137  2,110  1.3  % 2,450  2,419  1.3  %
Charlotte, NC 5.5  % 95.5  % 94.8  % 0.7  % 1,817  1,814  0.2  % 2,101  2,107  (0.2) %
Raleigh, NC 5.1  % 95.5  % 95.0  % 0.5  % 1,614  1,611  0.2  % 1,900  1,909  (0.4) %
San Diego/Inland Empire, CA 4.6  % 96.1  % 96.1  % 0.0  % 2,779  2,751  1.0  % 3,071  3,036  1.2  %
Austin, TX 4.3  % 94.7  % 94.1  % 0.6  % 1,611  1,630  (1.2) % 1,904  1,924  (1.1) %
Los Angeles/Orange County, CA 3.7  % 93.6  % 93.3  % 0.3  % 2,902  2,885  0.6  % 3,169  3,136  1.1  %
Nashville, TN 1.4  % 94.8  % 95.3  % (0.5) % 2,243  2,240  0.1  % 2,421  2,386  1.4  %
Total Same Property 100.0  % 95.5  % 95.3  % 0.2  % $1,995  $1,990  0.3  % $2,296  $2,294  0.1  %


(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2023, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.

(c) 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.

(d) 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.


12


CAMDEN "SAME PROPERTY"
YEAR TO DATE COMPARISONS
September 30, 2024
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes Revenues Expenses NOI
Year to Date Results (a)(b)
Included 2024 2023 Growth 2024 2023 Growth 2024 2023 Growth
D.C. Metro 6,192  $140,733  $135,571  3.8  % $44,600  $42,742  4.3  % $96,133  $92,829  3.6  %
Houston, TX 9,154  153,793  150,555  2.2  % 65,853  67,766  (2.8) % 87,940  82,789  6.2  %
Dallas, TX 6,224  105,544  105,281  0.2  % 44,452  43,501  2.2  % 61,092  61,780  (1.1) %
Phoenix, AZ 4,029  80,605  80,252  0.4  % 22,156  21,631  2.4  % 58,449  58,621  (0.3) %
SE Florida 2,781  73,808  71,714  2.9  % 26,522  24,471  8.4  % 47,286  47,243  0.1  %
Atlanta, GA 3,744  71,093  71,100  0.0  % 26,717  25,755  3.7  % 44,376  45,345  (2.1) %
Orlando, FL 3,954  75,707  74,920  1.1  % 28,664  27,913  2.7  % 47,043  47,007  0.1  %
Tampa, FL 3,104  70,175  69,828  0.5  % 24,888  24,263  2.6  % 45,287  45,565  (0.6) %
Denver, CO 2,873  60,650  59,581  1.8  % 18,398  18,092  1.7  % 42,252  41,489  1.8  %
Charlotte, NC 3,123  55,795  55,014  1.4  % 16,810  16,069  4.6  % 38,985  38,945  0.1  %
Raleigh, NC 3,252  52,930  52,641  0.5  % 16,794  16,042  4.7  % 36,136  36,599  (1.3) %
San Diego/Inland Empire, CA 1,797  47,062  44,501  5.8  % 14,716  14,344  2.6  % 32,346  30,157  7.3  %
Austin, TX 3,360  54,773  55,944  (2.1) % 23,324  23,546  (0.9) % 31,449  32,398  (2.9) %
Los Angeles/Orange County, CA 1,521  40,155  38,974  3.0  % 14,377  12,916  11.3  % 25,778  26,058  (1.1) %
Nashville, TN 758  15,567  16,116  (3.4) % 5,414  5,465  (0.9) % 10,153  10,651  (4.7) %
Total Same Property 55,866  $1,098,390  $1,081,992  1.5  % $393,685  $384,516  2.4  % $704,705  $697,476  1.0  %


Weighted Average Monthly Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Year to Date Results (b)
Contribution 2024 2023 Growth 2024 2023 Growth 2024 2023 Growth
D.C. Metro 13.6  % 96.7  % 96.4  % 0.3  % $2,267  $2,193  3.4  % $2,611  $2,523  3.5  %
Houston, TX 12.5  % 95.0  % 94.8  % 0.2  % 1,684  1,663  1.3  % 1,965  1,927  2.0  %
Dallas, TX 8.7  % 95.0  % 95.3  % (0.3) % 1,716  1,721  (0.3) % 1,984  1,973  0.5  %
Phoenix, AZ 8.3  % 94.7  % 94.4  % 0.3  % 1,979  1,988  (0.5) % 2,345  2,343  0.1  %
SE Florida 6.7  % 96.3  % 96.1  % 0.2  % 2,706  2,649  2.2  % 3,062  2,982  2.7  %
Atlanta, GA 6.3  % 94.2  % 94.2  % 0.0  % 1,953  1,985  (1.6) % 2,240  2,240  0.0  %
Orlando, FL 6.7  % 95.5  % 96.1  % (0.6) % 1,935  1,918  0.9  % 2,228  2,192  1.7  %
Tampa, FL 6.4  % 95.8  % 96.3  % (0.5) % 2,305  2,290  0.7  % 2,623  2,596  1.0  %
Denver, CO 6.0  % 96.6  % 96.2  % 0.4  % 2,117  2,064  2.6  % 2,428  2,394  1.4  %
Charlotte, NC 5.5  % 94.6  % 95.3  % (0.7) % 1,814  1,783  1.7  % 2,098  2,054  2.1  %
Raleigh, NC 5.1  % 95.1  % 95.5  % (0.4) % 1,612  1,602  0.6  % 1,902  1,884  0.9  %
San Diego/Inland Empire, CA 4.6  % 95.8  % 95.7  % 0.1  % 2,757  2,664  3.5  % 3,039  2,876  5.7  %
Austin, TX 4.5  % 94.2  % 95.1  % (0.9) % 1,629  1,668  (2.3) % 1,923  1,946  (1.2) %
Los Angeles/Orange County, CA 3.7  % 93.0  % 95.2  % (2.2) % 2,900  2,919  (0.7) % 3,152  2,995  5.2  %
Nashville, TN 1.4  % 94.6  % 96.2  % (1.6) % 2,253  2,300  (2.0) % 2,411  2,456  (1.8) %
Total Same Property 100.0  % 95.2  % 95.4  % (0.2) % $1,992  $1,974  0.9  % $2,294  $2,255  1.7  %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2023, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.

(c) 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.

(d) 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" OPERATING EXPENSE
 DETAIL AND COMPARISONS
September 30, 2024
(In thousands)
(Unaudited)
% of Actual
3Q24 Operating
Quarterly Comparison (a) (b)
3Q24 3Q23 $ Change % Change Expenses
Property Taxes $44,812  $46,110  ($1,298) (2.8) % 33.7  %
Salaries and Benefits for On-site Employees 24,907  23,084  1,823  7.9  % 18.7  %
Utilities 26,605  24,721  1,884  7.6  % 20.0  %
Repairs and Maintenance 18,375  17,102  1,273  7.4  % 13.8  %
Property Insurance 7,773  9,704  (1,931) (19.9) % 5.8  %
General and Administrative 6,074  6,083  (9) (0.1) % 4.7  %
Marketing and Leasing 3,117  2,668  449  16.8  % 2.4  %
Other 1,235  1,028  207  20.1  % 0.9  %
Total Same Property $132,898  $130,500  $2,398  1.8  % 100.0  %


% of Actual
3Q24 Operating
Sequential Comparison (a) (b)
3Q24 2Q24 $ Change % Change Expenses
Property Taxes $44,812  $46,266  ($1,454) (3.1) % 33.7  %
Salaries and Benefits for On-site Employees 24,907  24,073  834  3.5  % 18.7  %
Utilities 26,605  24,834  1,771  7.1  % 20.0  %
Repairs and Maintenance 18,375  17,683  692  3.9  % 13.8  %
Property Insurance 7,773  8,086  (313) (3.9) % 5.8  %
General and Administrative 6,074  6,201  (127) (2.0) % 4.7  %
Marketing and Leasing 3,117  2,736  381  13.9  % 2.4  %
Other 1,235  1,064  171  16.1  % 0.9  %
Total Same Property $132,898  $130,943  $1,955  1.5  % 100.0  %


% of Actual
2024 Operating
Year to Date Comparison (a) (b)
2024 2023 $ Change % Change Expenses
Property Taxes $138,193  $139,350  ($1,157) (0.8) % 35.1  %
Salaries and Benefits for On-site Employees 72,098  67,145  4,953  7.4  % 18.3  %
Utilities 76,538  72,653  3,885  5.3  % 19.4  %
Repairs and Maintenance 52,143  49,730  2,413  4.9  % 13.2  %
Property Insurance 24,635  28,101  (3,466) (12.3) % 6.3  %
General and Administrative 18,535  17,951  584  3.3  % 4.7  %
Marketing and Leasing 8,156  6,459  1,697  26.3  % 2.1  %
Other 3,387  3,127  260  8.3  % 0.9  %
Total Same Property $393,685  $384,516  $9,169  2.4  % 100.0  %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2023, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.
14


CAMDEN CURRENT DEVELOPMENT COMMUNITIES
(Unaudited)

AS OF SEPTEMBER 30, 2024 ($ in millions)
Estimated/Actual Dates for
Completed Communities in Lease-Up Total Cost to Construction Initial Construction Stabilized As of 10/30/2024
Homes Date Start Occupancy Completion Operations % Leased % Occupied
1. Camden Woodmill Creek 189 $71.6 3Q22 4Q23 2Q24 2Q25 79% 71%
Spring, TX
Total Completed Communities in Lease-Up 189 $71.6 79% 71%
Estimated/Actual Dates for
Total Total Cost to Amount Construction Initial Construction Stabilized As of 10/30/2024
Development Communities Homes Estimated Cost Date in CIP Start Occupancy Completion Operations % Leased % Occupied
1. Camden Durham 420 $145.0 $144.0 $23.5 1Q21 3Q23 4Q24 4Q25 74% 74%
Durham, NC
2. Camden Long Meadow Farms 188 75.0 72.6 16.0 3Q22 1Q24 4Q24 3Q25 46% 43%
Richmond, TX
3. Camden Village District 369 138.0 111.5 111.5 2Q22 1Q25 4Q25 2Q27
Raleigh, NC
4. Camden South Charlotte 420 163.0 47.1 47.1 2Q24 2Q26 2Q27 4Q28
Charlotte, NC
5. Camden Blakeney 349 154.0 32.8 32.8 2Q24 4Q26 3Q27 3Q28
Charlotte, NC
Total Development Communities 1,746 $675.0 $408.0 $230.9 65% 64%
Additional Development Pipeline and Land(a)
187.3
Total Properties Under Development and Land (per Balance Sheet)
$418.2
NOI Contribution from Development Communities ($ in millions) Cost to Date 3Q24 NOI
Completed Communities in Lease-Up $71.6 $0.4
Development Communities in Lease-Up 216.6  1.1 
Total Development Communities NOI Contribution $288.2  $1.5 


(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.
15


CAMDEN DEVELOPMENT PIPELINE & LAND
(Unaudited)

AS OF SEPTEMBER 30, 2024 ($ in millions)

Projected Total
PIPELINE COMMUNITIES Homes
Estimated Cost (a)
Cost to Date
1. Camden Baker 434 $195.0 $35.6
Denver, CO
2. Camden Nations 393 178.0 42.0
Nashville, TN
3. Camden Gulch 498 300.0 51.9
Nashville, TN
Development Pipeline 1,325 $673.0 $129.5
Other (b)
$57.8
Total Development Pipeline and Land $187.3


(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) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments.



Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
16


CAMDEN DISPOSITIONS
(Unaudited)

2024 DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

Apartment Weighted Average
2024 Dispositions Location Sales Price Homes Monthly Rental Rate Year Built Closing Date
1. Camden Vantage Atlanta, GA $115.0 592 Homes $1,745 2010 2/7/2024
Total/Average Disposition $115.0 592 Homes $1,745



17


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

DEBT MATURITIES AS OF SEPTEMBER 30, 2024:

Future Scheduled Repayments (a)
Year Amortization Secured
Maturities
Unsecured Maturities Total % of Total
Weighted Average Interest Rate on Maturing Debt (b)
2024 ($879) $—  $—  ($879) —  % —  %
2025 (3,572) —  —  (3,572) (0.1) % —  %
2026 (3,386) 24,000  552,374  572,988  16.6  % 6.2  %
2027 (2,433) 174,900  —  172,467  5.0  % 3.9  %
2028 (2,143) 132,025  400,000  529,882  15.4  % 3.8  %
Thereafter (7,088) —  2,050,000  2,042,912  59.1  % 3.7  %
Total Maturing Debt ($19,501) $330,925  $3,002,374  $3,313,798  96.0  % 4.1  %
Unsecured Line of Credit $—  $—  $138,000  $138,000  4.0  % 5.7  %
Total Debt ($19,501) $330,925  $3,140,374  $3,451,798  100.0  % 4.2  %
Weighted Average Maturity of Debt 6.5 Years
Weighted Average
FLOATING vs. FIXED RATE DEBT: Balance % of Total
Interest Rate (b)
Time to Maturity
  Floating rate debt $687,975  19.9  % 6.2% 2.3 Years
  Fixed rate debt 2,763,823  80.1  % 3.7% 7.5 Years
      Total $3,451,798  100.0  % 4.2% 6.5 Years
Weighted Average
SECURED vs. UNSECURED DEBT: Balance % of Total
Interest Rate (b)
Time to Maturity
  Unsecured debt $3,121,499  90.4  % 4.2% 6.8 Years
  Secured debt 330,299  9.6  % 3.9% 2.9 Years
      Total $3,451,798  100.0  % 4.2% 6.5 Years
REAL ESTATE ASSETS: (c)
Total Homes % of Total Total Cost % of Total 3Q24 NOI % of Total
  Unencumbered real estate assets 55,386 92.3  % $12,004,061 89.9% $227,554 93.3  %
  Encumbered real estate assets 4,610  7.7  % 1,354,594 10.1% 16,318 6.7  %
      Total 59,996 100.0  % $13,358,655 100.0% $243,872 100.0  %
Ratio of unencumbered assets at cost to unsecured debt is 3.8x
(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.









18


CAMDEN DEBT MATURITY ANALYSIS
(In thousands)
(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2024 AND 2025:

Future Scheduled Repayments Weighted Average Interest on Maturing Debt
Quarter Amortization Secured Maturities Unsecured Maturities Total
4Q 2024 ($879) $—  $—  ($879) N/A
2024 ($879) $—  $—  ($879) —  %
1Q 2025 ($884) $—  $—  ($884) N/A
2Q 2025 (890) —  —  (890) N/A
3Q 2025 (896) —  —  (896) N/A
4Q 2025 (902) —  —  (902) N/A
2025 ($3,572) $—  $—  ($3,572) —  %




19


CAMDEN DEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Gross Asset Value < 60% 21% Yes
Secured Debt to Gross Asset Value < 40% 2% Yes
Consolidated Adjusted EBITDAre to Total Fixed Charges > 150% 560% Yes
Unsecured Debt to Gross Asset Value < 60% 21% Yes
SENIOR UNSECURED NOTES
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Total Asset Value < 60% 25% Yes
Total Secured Debt to Total Asset Value < 40% 2% Yes
Total Unencumbered Asset Value to Total Unsecured Debt > 150% 394% Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges > 150% 580% 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.
20


CAMDEN CAPITALIZED EXPENDITURES
& MAINTENANCE EXPENSE
(In thousands, except unit data)
(Unaudited)
Third Quarter 2024
Recurring Capitalized Expensed
Item
Weighted Average Useful Life (a)
Total Per Unit Total Per Unit
Interiors
Floor Coverings  years $3,573  $61  $594  $10 
Appliances 10   years 1,568  27  558  10 
Painting —  —  —  2,461  42 
Cabinetry/Countertops  years 121  —  — 
Other  years 2,146  37  1,481  25 
Exteriors
Painting  years 1,193  20  —  — 
Carpentry 10   years 359  —  — 
Landscaping  years 864  15  3,501  60 
Roofing 16   years 2,208  38  296 
Site Drainage 10   years 97  —  — 
Fencing/Stair 10   years 504  —  — 
Other (b)
 years 4,054  69  5,227  89 
Common Areas
Mech., Elec., Plumbing  years 6,900  118  4,498  77 
Parking/Paving  years 335  —  — 
Pool/Exercise/Facility  years 1,754  30  639  11 
Total Recurring (c)
$25,676  $439  $19,255  $329 
Weighted Average Apartment Homes 58,453  58,453 
Non-recurring & revenue enhancing capitalized expenditures (d)
$658 
Reposition Expenditures (e)
10   years $23,739  $33,155 
Repositioned Apartment Homes 716 
Year to Date 2024
Recurring Capitalized Expensed
Item
Weighted Average Useful Life (a)
Total Per Unit Total Per Unit
Interiors
Floor Coverings  years $9,310  $159  $1,545  $26 
Appliances 10   years 4,194  72  1,463  25 
Painting —  —  —  6,350  109 
Cabinetry/Countertops  years 447  —  — 
Other  years 6,986  120  3,947  68 
Exteriors
Painting  years 3,128  54  —  — 
Carpentry 10   years 1,651  28  —  — 
Landscaping  years 2,411  41  10,662  183 
Roofing 16   years 7,949  136  950  16 
Site Drainage 10   years 263  —  — 
Fencing/Stair 10   years 1,418  24  —  — 
Other (b)
 years 13,779  236  15,099  259 
Common Areas
Mech., Elec., Plumbing  years 18,992  326  12,850  220 
Parking/Paving  years 1,256  22  —  — 
Pool/Exercise/Facility  years 5,512  94  1,707  29 
Total Recurring (c)
$77,296  $1,325  $54,573  $935 
Weighted Average Apartment Homes 58,344  58,344 
Non-recurring & revenue enhancing capitalized expenditures (d)
$1,880 
Reposition Expenditures (e)
10   years $68,031  $31,452 
Repositioned Apartment Homes 2,163 

(a) Weighted average useful life of capitalized expenses for the three and nine months ended September 30, 2024.
(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 nine months ended September 30, 2024 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.
21


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 and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, 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 and losses on dispositions of real estate, impairment write-downs of certain real estate assets, 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.

Core FFO

Core FFO represents FFO as further adjusted for items not considered part of our core business operations. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes not only depreciation expense of real estate assets, but it also excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.

Core Adjusted FFO

In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core 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 Core FFO and Core AFFO is provided below:

Three Months Ended September 30,  Nine Months Ended September 30,
2024 2023 2024 2023
Net income (loss) attributable to common shareholders ($4,204) $47,963  $122,602  $180,979 
 Real estate depreciation and amortization 142,853  141,362  427,595  420,762 
 Income allocated to non-controlling interests 1,866  1,856  5,629  5,399 
 Gain on sale of operating properties —  —  (43,806) (48,919)
 Impairment associated with land development activities 40,988  —  40,988  — 
Funds from operations $181,503  $191,181  $553,008  $558,221 
Plus: Casualty-related expenses, net of (recoveries)
2,833  (436) 2,769  503 
Plus: Severance
—  —  506  — 
Plus: Legal costs and settlements, net of recoveries
1,301  —  3,267  84 
Plus: Loss on early retirement of debt
—  —  921  2,513 
Plus: Expensed development & other pursuit costs
833  —  1,493  471 
Plus: Advocacy contributions 1,653  —  1,653  — 
Less: Miscellaneous (income)/expense
—  —  —  (364)
Core funds from operations $188,123  $190,745  $563,617  $561,428 
Less: recurring capitalized expenditures (25,676) (26,554) (77,296) (65,167)
Core adjusted funds from operations $162,447  $164,191  $486,321  $496,261 
Weighted average number of common shares outstanding:
EPS diluted 108,426  108,706  108,547  108,659 
FFO/Core FFO/ Core AFFO diluted 110,082  110,301  110,141  110,255 



22


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

Reconciliation of FFO, Core FFO, and Core AFFO per share
Three Months Ended September 30,  Nine Months Ended September 30,
2024 2023 2024 2023
Total Earnings Per Common Share - Diluted ($0.04) $0.44  $1.13  $1.66 
 Real estate depreciation and amortization 1.30  1.27  3.87  3.79 
 Income allocated to non-controlling interests 0.02  0.02  0.05  0.05 
 Gain on sale of operating property —  —  (0.40) (0.44)
 Impairment associated with land development activities 0.37  —  0.37  — 
FFO per common share - Diluted $1.65  $1.73  $5.02  $5.06 
Plus: Casualty-related expenses, net of (recoveries)
0.02  —  0.03  — 
Plus: Severance
—  —  —  — 
Plus: Legal costs and settlements, net of recoveries
0.01  —  0.03  — 
Plus: Loss on early retirement of debt
—  —  0.01  0.03 
Plus: Expensed development & other pursuit costs
0.01  —  0.01  — 
Plus: Advocacy contributions 0.02  —  0.02  — 
Less: Miscellaneous (income)/expense
—  —  —  — 
Core FFO per common share - Diluted $1.71  $1.73  $5.12  $5.09 
Less: recurring capitalized expenditures (0.23) (0.24) (0.70) (0.59)
Core AFFO per common share - Diluted $1.48  $1.49  $4.42  $4.50 



Expected FFO & Core FFO

Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:
4Q24 Range 2024 Range
Low High Low High
 Expected earnings per common share - diluted $0.34  $0.38  $1.46  $1.50 
 Expected real estate depreciation and amortization 1.29  1.29  5.17  5.17 
 Expected income allocated to non-controlling interests 0.02  0.02  0.07  0.07 
 Expected (gain) on sale of operating properties —  —  (0.40) (0.40)
 Impairment associated with land development activities —  —  0.37  0.37 
 Expected FFO per share - diluted $1.65  $1.69  $6.67  $6.71 
 Anticipated Adjustments to FFO 0.03  0.03  0.12  0.12 
 Expected Core FFO per share - diluted $1.68  $1.72  $6.79  $6.83 
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.













23


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

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. Our definition of NOI 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 net income to net operating income is provided below:
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Net income (loss) ($2,338) $49,819  $128,231  $186,378 
Less: Fee and asset management income (1,707) (1,077) (5,597) (2,373)
Less: Interest and other income (1,076) (64) (4,442) (557)
Less: Income/(loss) on deferred compensation plans (8,248) 3,339  (15,140) (5,417)
Plus: Property management expense 9,817  7,891  29,057  24,939 
Plus: Fee and asset management expense 623  444  1,541  1,277 
Plus: General and administrative expense 18,845  15,543  53,692  46,762 
Plus: Interest expense 32,486  33,006  97,250  99,427 
Plus: Depreciation and amortization expense 145,844  144,359  436,540  429,857 
Plus: Expense/(benefit) on deferred compensation plans 8,248  (3,339) 15,140  5,417 
Plus: Impairment associated with land development activities 40,988  —  40,988  — 
Plus: Loss on early retirement of debt —  —  921  2,513 
Less: Gain on sale of operating property —  —  (43,806) (48,919)
Plus: Income tax expense 390  752  2,354  2,753 
NOI $243,872  $250,673  $736,729  $742,057 
"Same Property" Communities $234,590  $234,648  $704,705  $697,476 
Non-"Same Property" Communities 9,053  8,157  27,131  21,451 
Development and Lease-Up Communities 1,474  (12) 1,925  (19)
Disposition/Other (1,245) 7,880  2,968  23,149 
NOI $243,872  $250,673  $736,729  $742,057 






















24


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

EBITDAre and Adjusted EBITDAre

Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.

Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results or 1.33 for 9 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Net income (loss) ($2,338) $49,819  $128,231  $186,378 
Plus: Interest expense 32,486  33,006  97,250  99,427 
Plus: Depreciation and amortization expense 145,844  144,359  436,540  429,857 
Plus: Income tax expense 390  752  2,354  2,753 
Less: Gain on sale of operating property —  —  (43,806) (48,919)
Plus: Impairment associated with land development activities 40,988  —  40,988  — 
EBITDAre $217,370  $227,936  $661,557  $669,496 
Plus: Casualty-related expenses, net of (recoveries)
2,833  (436) 2,769  503 
Plus: Severance
—  —  506  — 
Plus: Legal costs and settlements, net of recoveries
1,301  —  3,267  84 
Plus: Loss on early retirement of debt —  —  921  2,513 
Plus: Expensed development & other pursuit costs
833  —  1,493  471 
Plus: Advocacy contributions 1,653  —  1,653  — 
Less: Miscellaneous (income)/expense
—  —  —  (364)
Adjusted EBITDAre $223,990  $227,500  $672,166  $672,703 
Annualized Adjusted EBITDAre $895,960  $910,000  $896,221  $896,937 


Net Debt to Annualized Adjusted EBITDAre

The Company believes Net Debt to Annualized Adjusted EBITDAre 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 EBITDAre for the following periods:

Net Debt:
Average monthly balance for the Average monthly balance for the
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Unsecured notes payable $3,193,365  $3,374,176  $3,219,724  $3,336,040 
Secured notes payable 330,280  330,052  330,222  412,290 
Total debt 3,523,645  3,704,228  3,549,946  3,748,330 
Less: Cash and cash equivalents (43,414) (8,338) (54,702) (8,546)
Net debt $3,480,231  $3,695,890  $3,495,244  $3,739,784 
Net Debt to Annualized Adjusted EBITDAre:
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Net debt $3,480,231  $3,695,890  $3,495,244  $3,739,784 
Annualized Adjusted EBITDAre 895,960  910,000  896,221  896,937 
Net Debt to Annualized Adjusted EBITDAre 3.9x 4.1x 3.9x 4.2x
25


CAMDEN OTHER DEFINITIONS
(Unaudited)

Bad Debt: Represents bad debt expense and reserves as a percentage of rental revenues.
Core FFO: Represents FFO as further adjusted for items not considered part of our core business operations, such as casualty-related expenses, net of recoveries, severance, legal costs and settlements, net of recoveries, loss on early retirement of debt, expensed transaction, development and other pursuit costs, net of recoveries, net below market lease amortization, pandemic resident relief, advocacy contributions, and miscellaneous (income)/expense adjustments.
Development Communities: Non-stabilized communities which are under development or have been recently developed, excluding properties held for sale.
Effective Blended Lease Rates: Average change in same property combined new lease and renewal rates versus expiring lease rates when effective, regardless of lease term. Effective blended lease rates are the weighted average of effective new lease rates and effective renewal rates achieved.
Effective New Lease Rates: Average change in same property new lease rates versus expiring lease rates when effective, regardless of lease term.
Effective Renewal Rates: Average change in same property renewal rates versus expiring lease rates when effective, regardless of lease term.
Encumbered Real Estate Assets: Assets subject to a mortgage, deed of trust, lien, pledge, security interest, security agreement or encumbrance of any kind.
Gross Turnover: Total resident moveouts for the period annualized as a percentage of total apartment homes.
Lease-Up Communities: Non-stabilized communities which are in the leasing process and have not yet reached a stabilized level of occupancy.
Net Debt: Average monthly balance of total debt during the period, less the average monthly balance of cash and cash equivalents during the period.
Net Turnover: Total resident move-outs excluding on-site transfers and transfers to other Camden communities for the period annualized as a percentage of total apartment homes.
Non-Recurring & Revenue Enhancing Capitalized Expenditures: Capital expenditures primarily composed of non-recurring or one-time additions such as smart access solutions, LED lighting programs, and other non-routine items.
Non-Same Property Communities: Stabilized communities not owned or stabilized since January 1, 2023, including communities under redevelopment, and excluding properties held for sale.
Occupancy: Number of physically occupied apartment homes for the period divided by total apartment homes.
Operating Communities: Wholly owned communities, excluding communities under construction.
Recurring Capital Expenditures: Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
Redevelopment Communities: Communities with capital expenditures that improve cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades.
Reposition Expenditures: Capital expenditures for apartment unit renovations, including kitchen and bath upgrades or other new amenities, designed to position assets for higher rental levels in their respective markets.
Same Property Communities: Communities wholly owned by the Company and stabilized since January 1, 2023, excluding communities under redevelopment and properties held for sale.
Signed Blended Lease Rates: Average change in same property combined new lease and renewal rates versus expiring lease rates when signed, regardless of lease term. Signed blended lease rates are the weighted average of signed new lease rates and signed renewal rates achieved.
Signed New Lease Rates: Average change in same property new lease rates versus expiring lease rates when signed, regardless of lease term.
Signed Renewal Rates: Average change in same property renewal rates versus expiring lease rates when signed, regardless of lease term.
Stabilized Communities: Communities which have reached and maintained an occupancy level at or above 90% for the prior 30 days.
Unencumbered Real Estate Assets: Assets free and clear of any mortgage, deed of trust, lien, pledge, security interest, security agreement or encumbrance of any kind.
Weighted Average Monthly Rental Rate: Rental rate for leases in place and vacant units at market rate after loss to lease and concessions, but before vacancy and bad debt.
Weighted Average Monthly Revenue Per Occupied Home: Reported revenues divided by average occupied homes for the period on a monthly basis.
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: Q4 '24 Q1 '25 Q2 '25 Q3 '25
  Earnings Release & Conference Call Early February Early May Late July Late October
Dividend Information - Common Shares: Q1 '24 Q2 '24 Q3 '24
  Declaration Date 2/1/2024 6/14/2024 9/16/2024
  Record Date 3/29/2024 6/28/2024 9/30/2024
  Payment Date 4/17/2024 7/17/2024 10/17/2024
  Distributions Per Share $1.03 $1.03 $1.03

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 Executive Vice Chairman
Alexander J. Jessett President & 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 9/30/2024
(Unaudited) 3Q24 Avg Monthly 3Q24 Avg Monthly
Year Placed Average Apartment 3Q24 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  95% $1,952  $1.70  $2,315  $2.02 
Camden Copper Square Phoenix AZ 2000 786  332  94% 1,665  2.12  2,023  2.57 
Camden Foothills Scottsdale AZ 2014 1,032  220  94% 2,146  2.08  2,565  2.49 
Camden Legacy Scottsdale AZ 1996 1,067  428  94% 2,023  1.90  2,382  2.23 
Camden Montierra Scottsdale AZ 1999 1,071  249  94% 1,973  1.84  2,364  2.21 
Camden North End I Phoenix AZ 2019 921  441  94% 2,018  2.19  2,438  2.65 
Camden North End II Phoenix AZ 2021 885  343  93% 2,048  2.31  2,465  2.78 
Camden Old Town Scottsdale Scottsdale AZ 2016 892  316  92% 2,252  2.53  2,573  2.89 
Camden Pecos Ranch Chandler AZ 2001 949  272  94% 1,701  1.79  2,043  2.15 
Camden San Marcos Scottsdale AZ 1995 984  320  94% 1,895  1.93  2,220  2.26 
Camden San Paloma Scottsdale AZ 1993/1994 1,042  324  94% 2,016  1.94  2,410  2.31 
Camden Sotelo Tempe AZ 2008/2012 1,303  170  93% 2,035  1.56  2,492  1.91 
Camden Tempe Tempe AZ 2015 1,043  234  94% 1,936  1.86  2,341  2.24 
Camden Tempe II Tempe AZ 2023 981  397  93% 1,948  1.99  2,277  2.32 
TOTAL ARIZONA 14  Properties 995  4,426  94% 1,971  1.98  2,345  2.36 
Camden Crown Valley Mission Viejo CA 2001 1,009  380  96% 2,776  2.75  3,076  3.05 
Camden Glendale Glendale CA 2015 893  307  96% 2,858  3.20  3,160  3.54 
Camden Harbor View Long Beach CA 2004/2016 981  547  91% 2,975  3.03  3,229  3.29 
Camden Main and Jamboree Irvine CA 2008 1,011  290  96% 2,743  2.71  3,058  3.03 
The Camden Hollywood CA 2016 767  287  93% 2,978  3.88  3,193  4.16 
Total Los Angeles/Orange County Properties 943  1,811  94% 2,877  3.05  3,151  3.34 
Camden Hillcrest San Diego CA 2021 1,223  132  95% 3,678  3.01  3,927  3.21 
Camden Landmark Ontario CA 2006 982  469  95% 2,275  2.32  2,525  2.57 
Camden Old Creek San Marcos CA 2007 1,037  350  97% 2,974  2.87  3,270  3.15 
Camden Sierra at Otay Ranch Chula Vista CA 2003 962  422  96% 2,876  2.99  3,203  3.33 
Camden Tuscany San Diego CA 2003 895  160  96% 3,245  3.62  3,561  3.98 
Camden Vineyards Murrieta CA 2002 1,053  264  96% 2,533  2.41  2,840  2.70 
Total San Diego/Inland Empire Properties 1,009  1,797  96% 2,779  2.76  3,071  3.05 
TOTAL CALIFORNIA 11  Properties 975  3,608  95% 2,828  2.90  3,111  3.19 
Camden Belleview Station Denver CO 2009 888  270  96% 1,978  2.23  2,267  2.55 
Camden Caley Englewood CO 2000 921  218  98% 1,985  2.16  2,242  2.43 
Camden Denver West Golden CO 1997 1,015  320  97% 2,328  2.29  2,644  2.60 
Camden Flatirons Denver CO 2015 960  424  97% 2,084  2.17  2,411  2.51 
Camden Highlands Ridge Highlands Ranch CO 1996 1,149  342  96% 2,366  2.06  2,758  2.40 
Camden Interlocken Broomfield CO 1999 1,002  340  97% 2,138  2.13  2,443  2.44 
Camden Lakeway Littleton CO 1997 929  459  96% 2,108  2.27  2,403  2.59 
Camden Lincoln Station Lone Tree CO 2017 844  267  97% 1,920  2.28  2,153  2.55 
Camden RiNo Denver CO 2020 828  233  96% 2,271  2.74  2,657  3.21 
TOTAL COLORADO Properties 957  2,873  97% 2,137  2.23  2,450  2.56 
Camden Ashburn Farm Ashburn VA 2000 1,062  162  98% 2,231  2.10  2,529  2.38 
Camden College Park College Park MD 2008 942  509  96% 1,928  2.05  2,265  2.40 
Camden Dulles Station Oak Hill VA 2009 977  382  97% 2,325  2.38  2,653  2.71 
Camden Fair Lakes Fairfax VA 1999 1,056  530  97% 2,352  2.23  2,709  2.57 
Camden Fairfax Corner Fairfax VA 2006 934  489  97% 2,335  2.50  2,695  2.89 
Camden Fallsgrove Rockville MD 2004 996  268  96% 2,246  2.26  2,596  2.61 
Camden Grand Parc Washington DC 2002 672  105  96% 2,826  4.21  3,079  4.58 
Camden Lansdowne Leesburg VA 2002 1,006  690  97% 2,264  2.25  2,606  2.59 
Camden Monument Place Fairfax VA 2007 856  368  97% 2,102  2.46  2,389  2.79 
Camden Noma Washington DC 2014 769  321  96% 2,325  3.02  2,684  3.49 
Camden Noma II Washington DC 2017 759  405  96% 2,395  3.15  2,741  3.61 
Camden Potomac Yard Arlington VA 2008 832  378  97% 2,395  2.88  2,764  3.32 
Camden Roosevelt Washington DC 2003 856  198  95% 3,258  3.81  3,671  4.29 
Camden Shady Grove Rockville MD 2018 877  457  97% 2,133  2.43  2,422  2.76 
Camden Silo Creek Ashburn VA 2004 975  284  97% 2,253  2.31  2,584  2.65 
Camden South Capitol Washington DC 2013 821  281  94% 2,469  3.01  2,952  3.59 
Camden Washingtonian Gaithersburg MD 2018 870  365  97% 2,178  2.50  2,466  2.84 
TOTAL DC METRO 17  Properties 913  6,192  97% 2,297  2.52  2,639  2.89 
Camden Atlantic Plantation FL 2022 919  269  97% 2,504  2.72  2,744  2.99 
Camden Aventura Aventura FL 1995 1,108  379  96% 2,754  2.48  3,171  2.86 
Camden Boca Raton Boca Raton FL 2014 843  261  97% 2,632  3.12  2,984  3.54 
Camden Brickell Miami FL 2003 937  405  96% 3,009  3.21  3,349  3.57 
Camden Doral Miami FL 1999 1,120  260  95% 2,705  2.41  2,976  2.66 
Camden Doral Villas Miami FL 2000 1,253  232  98% 2,959  2.36  3,264  2.61 
Camden Las Olas Ft. Lauderdale FL 2004 1,043  420  96% 2,810  2.69  3,211  3.08 
Camden Plantation Plantation FL 1997 1,201  502  95% 2,458  2.05  2,770  2.31 
Camden Portofino Pembroke Pines FL 1995 1,112  322  97% 2,475  2.23  2,838  2.55 
Total Southeast Florida Properties 1,065  3,050  96% 2,696  2.53  3,036  2.85 
28


CAMDEN COMMUNITY TABLE
Community statistics as of 9/30/2024
(Unaudited) 3Q24 Avg Monthly 3Q24 Avg Monthly
Year Placed Average Apartment 3Q24 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  97% $1,935  $1.80  $2,246  $2.09 
Camden Lago Vista Orlando FL 2005 955  366  97% 1,818  1.90  2,129  2.23 
Camden Lake Eola Orlando FL 2021 944  360  95% 2,420  2.56  2,722  2.88 
Camden LaVina Orlando FL 2012 969  420  96% 1,878  1.94  2,232  2.30 
Camden Lee Vista Orlando FL 2000 937  492  96% 1,847  1.97  2,170  2.31 
Camden North Quarter Orlando FL 2016 806  333  97% 1,890  2.35  2,126  2.64 
Camden Orange Court Orlando FL 2008 817  268  95% 1,763  2.16  2,039  2.50 
Camden Thornton Park Orlando FL 2016 920  299  96% 2,103  2.29  2,367  2.57 
Camden Town Square Orlando FL 2012 983  438  94% 1,869  1.90  2,138  2.17 
Camden Waterford Lakes Orlando FL 2014 971  300  97% 1,918  1.97  2,185  2.25 
Camden World Gateway Orlando FL 2000 979  408  94% 1,867  1.91  2,129  2.18 
Total Orlando 11  Properties 944  3,954  96% 1,933  2.05  2,224  2.36 
Camden Bay Tampa FL 1997/2001 943  760  96% 1,884  2.00  2,224  2.36 
Camden Central St. Petersburg FL 2019 942  368  97% 3,360  3.56  3,738  3.97 
Camden Montague Tampa FL 2012 972  192  95% 1,895  1.95  2,199  2.26 
Camden Pier District St. Petersburg FL 2016 989  358  97% 3,500  3.54  3,718  3.76 
Camden Preserve Tampa FL 1996 942  276  96% 2,083  2.21  2,382  2.53 
Camden Royal Palms Brandon FL 2006 1,017  352  92% 1,785  1.75  2,127  2.09 
Camden Visconti Tampa FL 2007 1,125  450  95% 2,041  1.81  2,381  2.12 
Camden Westchase Park Tampa FL 2012 992  348  96% 2,112  2.13  2,474  2.49 
Total Tampa 8 Properties 990  3,104  96% 2,301  2.32  2,633  2.66 
TOTAL FLORIDA 28 Properties 995  10,108  96% 2,276  2.29  2,595  2.61 
Camden Brookwood Atlanta GA 2002 916  359  96% 1,650  1.80  1,958  2.14 
Camden Buckhead Atlanta GA 2022 1,087  366  89% 2,540  2.34  2,730  2.51 
Camden Buckhead Square Atlanta GA 2015 827  250  95% 1,759  2.13  1,909  2.31 
Camden Creekstone Atlanta GA 2002 990  223  97% 1,708  1.72  1,991  2.01 
Camden Deerfield Alpharetta GA 2000 1,187  292  98% 1,971  1.66  2,267  1.91 
Camden Dunwoody Atlanta GA 1997 1,007  324  95% 1,764  1.75  2,067  2.05 
Camden Fourth Ward Atlanta GA 2014 844  276  97% 2,046  2.42  2,351  2.78 
Camden Midtown Atlanta Atlanta GA 2001 935  296  95% 1,766  1.89  2,041  2.18 
Camden Paces Atlanta GA 2015 1,408  379  96% 2,847  2.02  3,155  2.24 
Camden Peachtree City Peachtree City GA 2001 1,027  399  97% 1,793  1.75  2,090  2.04 
Camden Phipps Atlanta GA 1996 1,010  234  80% 1,761  1.74  2,085  2.06 
Camden Shiloh Kennesaw GA 1999/2002 1,143  232  96% 1,707  1.49  2,040  1.79 
Camden St. Clair Atlanta GA 1997 999  336  93% 1,753  1.75  2,084  2.09 
Camden Stockbridge Stockbridge GA 2003 1,009  304  93% 1,528  1.51  1,823  1.81 
TOTAL GEORGIA 14 Properties 1,036  4,270  94% 1,928  1.86  2,214  2.14 
Camden Ballantyne Charlotte NC 1998 1,048  400  95% 1,748  1.67  2,037  1.94 
Camden Cotton Mills Charlotte NC 2002 905  180  95% 1,756  1.94  2,033  2.25 
Camden Dilworth Charlotte NC 2006 857  145  95% 1,822  2.13  2,111  2.46 
Camden Fairview Charlotte NC 1983 1,036  135  94% 1,546  1.49  1,845  1.78 
Camden Foxcroft Charlotte NC 1979 940  156  92% 1,438  1.53  1,728  1.84 
Camden Foxcroft II Charlotte NC 1985 874  100  98% 1,529  1.75  1,800  2.06 
Camden Gallery Charlotte NC 2017 743  323  96% 1,975  2.66  2,238  3.01 
Camden Grandview Charlotte NC 2000 1,060  285  96% 2,172  2.05  2,433  2.30 
Camden Grandview II Charlotte NC 2019 2,241  28  96% 4,149  1.85  4,156  1.85 
Camden NoDa Charlotte NC 2023 789  387  96% 1,665  2.11  1,911  2.42 
Camden Sedgebrook Charlotte NC 1999 972  368  96% 1,629  1.68  1,933  1.99 
Camden South End Charlotte NC 2003 878  299  96% 1,898  2.16  2,175  2.48 
Camden Southline Charlotte NC 2015 831  266  96% 2,038  2.45  2,310  2.78 
Camden Stonecrest Charlotte NC 2001 1,098  306  96% 1,751  1.59  2,070  1.88 
Camden Touchstone Charlotte NC 1986 899  132  95% 1,450  1.61  1,729  1.92 
Total Charlotte 15 Properties 936  3,510  96% 1,800  1.92  2,079  2.22 
Camden Asbury Village Raleigh NC 2009 1,009  350  96% 1,621  1.61  1,907  1.89 
Camden Carolinian Raleigh NC 2017 1,118  186  95% 2,325  2.08  2,514  2.25 
Camden Crest Raleigh NC 2001 1,012  442  95% 1,513  1.49  1,782  1.76 
Camden Governor's Village Chapel Hill NC 1999 1,046  242  93% 1,660  1.59  1,989  1.90 
Camden Lake Pine Apex NC 1999 1,066  446  97% 1,613  1.51  1,909  1.79 
Camden Manor Park Raleigh NC 2006 966  484  95% 1,548  1.60  1,832  1.90 
Camden Overlook Raleigh NC 2001 1,060  322  96% 1,661  1.57  1,962  1.85 
Camden Reunion Park Apex NC 2000/2004 972  420  95% 1,459  1.50  1,749  1.80 
Camden Westwood Morrisville NC 1999 1,022  360  95% 1,565  1.53  1,864  1.82 
Total Raleigh 9 Properties 1,022  3,252  96% 1,614  1.58  1,900  1.86 
TOTAL NORTH CAROLINA 24 Properties 977  6,762  96% 1,711  1.75  1,993  2.04 
Camden Franklin Park Franklin TN 2018 967  328  94% 2,074  2.14  2,269  2.35 
Camden Music Row Nashville TN 2016 903  430  96% 2,373  2.63  2,534  2.81 
TOTAL TENNESSEE 2 Properties 931  758  95% 2,243  2.41  2,421  2.60 

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CAMDEN COMMUNITY TABLE
Community statistics as of 9/30/2024
(Unaudited) 3Q24 Avg Monthly 3Q24 Avg Monthly
Year Placed Average Apartment 3Q24 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  95% $1,461  $1.69  $1,775  $2.06 
Camden Amber Oaks II Austin TX 2012 910  244  95% 1,548  1.70  1,870  2.05 
Camden Brushy Creek Cedar Park TX 2008 882  272  96% 1,524  1.73  1,753  1.99 
Camden Cedar Hills Austin TX 2008 911  208  97% 1,685  1.85  1,998  2.19 
Camden Gaines Ranch Austin TX 1997 955  390  94% 1,891  1.98  2,223  2.33 
Camden Huntingdon Austin TX 1995 903  398  96% 1,571  1.74  1,892  2.09 
Camden La Frontera Austin TX 2015 901  300  94% 1,594  1.77  1,858  2.06 
Camden Lamar Heights Austin TX 2015 838  314  96% 1,775  2.12  2,014  2.40 
Camden Rainey Street Austin TX 2016 873  326  87% 1,927  2.21  2,172  2.49 
Camden Shadow Brook Austin TX 2009 909  496  93% 1,430  1.57  1,696  1.87 
Camden Stoneleigh Austin TX 2001 908  390  93% 1,674  1.84  1,993  2.19 
Total Austin 11  Properties 897  3,686  94% 1,639  1.83  1,925  2.15 
Camden Addison Addison TX 1996 942  456  95% 1,578  1.68  1,842  1.96 
Camden Belmont Dallas TX 2010/2012 946  477  95% 1,811  1.91  2,057  2.18 
Camden Buckingham Richardson TX 1997 919  464  97% 1,541  1.68  1,825  1.98 
Camden Centreport Ft. Worth TX 1997 912  268  96% 1,526  1.67  1,828  2.00 
Camden Cimarron Irving TX 1992 772  286  96% 1,578  2.05  1,849  2.40 
Camden Design District Dallas TX 2009 939  355  95% 1,695  1.81  1,942  2.07 
Camden Farmers Market Dallas TX 2001/2005 932  904  94% 1,560  1.67  1,801  1.93 
Camden Greenville Dallas TX 2017/2018 1,028  558  96% 2,072  2.01  2,258  2.20 
Camden Henderson Dallas TX 2012 966  106  97% 1,982  2.05  2,304  2.38 
Camden Legacy Creek Plano TX 1995 831  240  96% 1,665  2.00  1,945  2.34 
Camden Legacy Park Plano TX 1996 870  276  94% 1,752  2.01  2,065  2.37 
Camden Panther Creek Frisco TX 2009 946  295  93% 1,732  1.83  2,019  2.13 
Camden Riverwalk Grapevine TX 2008 989  600  96% 1,880  1.90  2,158  2.18 
Camden Valley Park Irving TX 1986 743  516  95% 1,426  1.92  1,736  2.33 
Camden Victory Park Dallas TX 2016 861  423  97% 2,025  2.35  2,298  2.67 
Total Dallas/Ft. Worth 15  Properties 913  6,224  95% 1,711  1.87  1,978  2.17 
Camden City Centre Houston TX 2007 932  379  96% 1,618  1.74  1,938  2.08 
Camden City Centre II Houston TX 2013 869  268  96% 1,571  1.81  1,861  2.14 
Camden Cypress Creek Cypress TX 2009 993  310  97% 1,565  1.58  1,832  1.84 
Camden Cypress Creek II Cypress TX 2020 950  234  95% 1,601  1.68  1,911  2.01 
Camden Downs at Cinco Ranch Katy TX 2004 1,075  318  96% 1,660  1.54  1,945  1.81 
Camden Downtown Houston TX 2020 1,052  271  93% 2,558  2.43  2,850  2.71 
Camden Grand Harbor Katy TX 2008 959  300  94% 1,487  1.55  1,779  1.85 
Camden Greenway Houston TX 1999 861  756  96% 1,525  1.77  1,813  2.11 
Camden Heights Houston TX 2004 927  352  97% 1,694  1.83  1,998  2.15 
Camden Highland Village Houston TX 2014/2015 1,172  552  95% 2,453  2.09  2,692  2.30 
Camden Holly Springs Houston TX 1999 934  548  95% 1,467  1.57  1,746  1.87 
Camden McGowen Station Houston TX 2018 1,004  315  95% 2,113  2.10  2,366  2.36 
Camden Midtown Houston TX 1999 844  337  94% 1,555  1.84  1,869  2.21 
Camden Northpointe Tomball TX 2008 940  384  96% 1,409  1.50  1,723  1.83 
Camden Plaza Houston TX 2007 915  271  96% 1,755  1.92  2,038  2.23 
Camden Post Oak Houston TX 2003 1,200  356  96% 2,613  2.18  2,893  2.41 
Camden Royal Oaks Houston TX 2006 923  236  95% 1,559  1.69  1,643  1.78 
Camden Royal Oaks II Houston TX 2012 1,054  104  93% 1,772  1.68  1,870  1.77 
Camden Spring Creek Spring TX 2004 1,080  304  95% 1,536  1.42  1,805  1.67 
Camden Stonebridge Houston TX 1993 845  204  96% 1,291  1.53  1,570  1.86 
Camden Sugar Grove Stafford TX 1997 921  380  96% 1,464  1.59  1,730  1.88 
Camden Travis Street Houston TX 2010 819  253  95% 1,515  1.85  1,823  2.23 
Camden Vanderbilt Houston TX 1996/1997 863  894  95% 1,627  1.89  1,920  2.23 
Camden Whispering Oaks Houston TX 2008 936  274  96% 1,495  1.60  1,788  1.91 
Camden Woodmill Creek Spring TX 2024 1,434  189  Lease-Up 2,451  1.71  2,715  1.89 
Camden Woodson Park Houston TX 2008 916  248  94% 1,384  1.51  1,674  1.83 
Camden Yorktown Houston TX 2008 995  306  95% 1,403  1.41  1,690  1.70 
Total Houston 27  Properties 965  9,343  95% 1,705  1.77  1,976  2.05 
TOTAL TEXAS 53  Properties 935  19,253  95% 1,694  1.81  1,967  2.10 
TOTAL PROPERTIES 172  Properties 964  58,250  95% $1,999  $2.07  $2,299  $2.39 


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