カムデンプロパティトラストの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 31, 2025

CAMDEN PROPERTY TRUST

(Exact name of Registrant as Specified in Charter)


TX	1-12110	76-6088377
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

11 Greenway Plaza, Suite 2400, Houston, TX 77046

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (713) 354-2500

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par value	CPT	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 31, 2025, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and six months ended June 30, 2025. 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

99.1			Press Release issued by Camden Property Trust dated July 31, 2025
99.2			Supplemental Financial Information dated July 31, 2025
104			Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

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

Date: July 31, 2025

CAMDEN PROPERTY TRUST

By: /s/ Michael P. Gallagher

Michael P. Gallagher

Senior Vice President - Chief Accounting Officer

EX-99.1 2 exhibit991earningsrelease2.htm EX-99.1 Document

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2025 OPERATING RESULTS

Houston, Texas (July 31, 2025) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2025. 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 six months ended June 30, 2025 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 June 30,		Six Months Ended June 30,

Per Diluted Share	2025	2024	2025	2024
EPS (1)	$0.74	$0.40	$1.10	$1.17
FFO	$1.67	$1.71	$3.37	$3.37
Core FFO	$1.70	$1.71	$3.42	$3.41
Core AFFO	$1.43	$1.44	$3.01	$2.94


	Three Months Ended	2Q25 Guidance	2Q25 Guidance
Per Diluted Share	June 30, 2025	Midpoint	Variance
EPS (1)	$0.74	$0.29	$0.45
FFO	$1.67	$1.67	$0.00
Core FFO	$1.70	$1.69	$0.01

(1) The Company's EPS included approximately $0.43 per diluted share due to the gain on sale of an operating property for three and six months ended June 30, 2025.


	Quarterly Growth	Sequential Growth	Year-To-Date Growth
Same Property Results	2Q25 vs. 2Q24	2Q25 vs. 1Q25	2025 vs. 2024
Revenues	1.0%	0.8%	0.9%
Expenses	2.4%	3.2%	1.5%
Net Operating Income ("NOI")	0.2%	(0.6)%	0.6%


Same Property Results	2Q25	2Q24	1Q25
Occupancy	95.6%	95.3%	95.4%

For 2025, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2024, 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 Effective (1)	2Q25	2Q24	1Q25
Effective New Lease Rates	(2.1)%	(2.5)%	(3.1)%
Effective Renewal Rates	3.7%	3.4%	3.3%
Effective Blended Lease Rates	0.7%	0.1%	(0.1)%

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.


Occupancy, Bad Debt and Turnover Data	2Q25	2Q24	1Q25
Occupancy	95.6%	95.3%	95.4%
Bad Debt	0.6%	0.8%	0.6%
Annualized Gross Turnover	51%	53%	40%
Annualized Net Turnover	39%	42%	31%

Development Activity

During the quarter, lease-up was completed at Camden Woodmill Creek in Spring, TX. Additionally, leasing continued at Camden Durham in Durham, NC, Camden Long Meadow Farms in Richmond, TX, and Camden Village District in Raleigh, NC.

Development Communities - Construction Completed and Project in Lease-Up ($ in millions)


		Total	Total	% Leased
Community Name	Location	Homes	Cost	as of 7/28/2025
Camden Durham	Durham, NC	420	$145.4	95	%
Camden Long Meadow Farms	Richmond, TX	188	72.5	75	%

Total		608	$217.9

Development Communities - Construction Ongoing ($ in millions)


		Total	Total	% Leased
Community Name	Location	Homes	Estimated Cost	as of 7/28/2025


Camden Village District	Raleigh, NC	369	$138.0	37	%
Camden South Charlotte	Charlotte, NC	420	163.0
Camden Blakeney	Charlotte, NC	349	154.0
Camden Nations	Nashville, TN	393	184.0
Total		1,531	$639.0

Acquisition and Disposition Activity

During the quarter, the Company acquired Camden Clearwater, a 360-apartment home community located in the Tampa, FL metropolitan area for approximately $138.7 million. Also during the quarter, the Company disposed of a 337-apartment home community in Houston, TX for $60.0 million and recognized a gain of approximately $47.3 million. Subsequent to quarter-end, the Company disposed of two operating communities that operated as one dual-phased community in Houston, TX and one operating community in Dallas, TX comprising a total of 626 apartment homes for approximately $113.5 million.

Liquidity Analysis

As of June 30, 2025, Camden had approximately $717.5 million of liquidity comprised of approximately $33.1 million in cash and cash equivalents, and approximately $684.4 million of availability under its unsecured credit facility and commercial paper program. At quarter-end, the Company had approximately $312.2 million left to fund under its existing wholly-owned development pipeline.

Earnings Guidance

Camden updated its earnings guidance for 2025 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2025 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.


	3Q25	2025	2025 Midpoint
Per Diluted Share	Range	Range	Current	Prior	Change
EPS	$1.01 - $1.05	$2.33 - $2.43	$2.38	$1.16	$1.22
FFO	$1.64 - $1.68	$6.65 - $6.75	$6.70	$6.68	$0.02
Core FFO(1)	$1.67 - $1.71	$6.76 - $6.86	$6.81	$6.78	$0.03

(1) The Company's 2025 core FFO guidance excludes approximately $0.11 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.







	2025	2025 Midpoint
Same Property Growth Guidance	Range	Current	Prior	Change
Revenues	0.50% - 1.50%	1.00%	1.00%	0.00%
Expenses	2.00% - 3.00%	2.50%	3.00%	(0.50)%
NOI	(0.75%) - 1.25%	0.25%	0.00%	0.25%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2025 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, August 1, 2025 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 5716111

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 173 properties containing 59,046 apartment homes across the United States. Upon completion of 4 properties currently under development, the Company’s portfolio will increase to 60,577 apartment homes in 177 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 18 consecutive years, most recently ranking #18. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.



CAMDEN						OPERATING RESULTS
						(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
OPERATING DATA




Property revenues (a)	$396,509	$387,150	$787,074	$770,291

Property expenses
Property operating and maintenance	93,031	90,126	182,729	179,170
Real estate taxes	50,641	48,763	100,363	98,264
Total property expenses	143,672	138,889	283,092	277,434

Non-property income
Fee and asset management	2,633	2,606	5,120	3,890
Interest and other income	68	1,598	78	3,366
Income on deferred compensation plans	8,350	1,073	9,548	6,892
Total non-property income	11,051	5,277	14,746	14,148

Other expenses
Property management	9,699	9,846	19,594	19,240
Fee and asset management	641	475	1,312	918
General and administrative	21,183	18,154	39,891	34,847
Interest	35,375	32,227	69,165	64,764
Depreciation and amortization	152,108	145,894	301,360	290,696

Expense on deferred compensation plans	8,350	1,073	9,548	6,892
Total other expenses	227,356	207,669	440,870	417,357


Loss on early retirement of debt	—	—	—	(921)
Gain on sale of operating property	47,293	—	47,293	43,806



Income from continuing operations before income taxes	83,825	45,869	125,151	132,533
Income tax expense	(1,231)	(1,059)	(1,790)	(1,964)



Net income	82,594	44,810	123,361	130,569
Net Income allocated to non-controlling interests	(1,924)	(1,893)	(3,869)	(3,763)
Net income attributable to common shareholders	$80,670	$42,917	$119,492	$126,806

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$82,594	$44,810	$123,361	$130,569
Other comprehensive income
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	351	361	702	1,450
Comprehensive income	82,945	45,171	124,063	132,104
Net income allocated to non-controlling interests	(1,924)	(1,893)	(3,869)	(3,763)
Comprehensive income attributable to common shareholders	$81,021	$43,278	$120,194	$128,341

PER SHARE DATA

Total earnings per common share - basic	$0.74	$0.40	$1.10	$1.17
Total earnings per common share - diluted	0.74	0.40	1.10	1.17



Weighted average number of common shares outstanding:
Basic	108,636	108,406	108,584	108,556
Diluted	109,400	108,424	108,636	108,577

(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended June 30, 2025, we recognized $396.5 million of property revenue which consisted of approximately $352.4 million of rental revenue and approximately $44.1 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 $387.2 million recognized for the three months ended June 30, 2024, made up of approximately $344.6 million of rental revenue and approximately $42.6 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2025, we recognized $787.1 million of property revenue which consisted of approximately $700.7 million of rental revenue and approximately $86.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $770.3 million of property revenue recognized for the six months ended June 30, 2024, made up of approximately $686.2 million of rental revenue and approximately $84.1 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 $11.6 million and $10.5 million for the three months ended June 30, 2025 and 2024, respectively and was $23.0 million and $21.2 million for the six months ended June 30, 2025 and 2024, respectively.

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



CAMDEN						FUNDS FROM OPERATIONS
						(In thousands, except per share and property data amounts)

(Unaudited)


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
FUNDS FROM OPERATIONS

Net income attributable to common shareholders	$80,670	$42,917	$119,492	$126,806
Real estate depreciation and amortization	148,886	142,895	295,054	284,742


Income allocated to non-controlling interests	1,924	1,893	3,869	3,763
Gain on sale of operating property	(47,293)	—	(47,293)	(43,806)




Funds from operations	$184,187	$187,705	$371,122	$371,505


Less: Casualty-related expenses, net of recoveries (a)	(1,099)	(1,587)	(969)	(64)
Plus: Severance (b)	—	—	—	506
Plus: Legal costs and settlements (b)	2,311	1,114	4,183	1,966
Plus: Loss on early retirement of debt	—	—	—	921
Plus: Expensed transaction, development, and other pursuit costs (b)	2,082	660	2,963	660


Plus: Other miscellaneous items (a)	76	—	76	—
Core funds from operations	$187,557	$187,892	$377,375	$375,494

Less: Recurring capitalized expenditures (c)	(29,968)	(29,595)	(46,066)	(51,620)

Core adjusted funds from operations	$157,589	$158,297	$331,309	$323,874

PER SHARE DATA
Funds from operations - diluted	$1.67	$1.71	$3.37	$3.37
Core funds from operations - diluted	1.70	1.71	3.42	3.41
Core adjusted funds from operations - diluted	1.43	1.44	3.01	2.94
Distributions declared per common share	1.05	1.03	2.10	2.06


Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted	110,269	110,018	110,230	110,171

PROPERTY DATA
Total operating properties (end of period) (d)	176	172	176	172
Total operating apartment homes in operating properties (end of period) (d)	59,672	58,250	59,672	58,250
Total operating apartment homes (weighted average)	59,633	58,244	59,353	58,290

(a) Non-core adjustment generally recorded within Property NOI.

(b) Non-core adjustment generally recorded within General and Administrative Expenses.

(d) 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.



CAMDEN						BALANCE SHEETS
						(In thousands)

(Unaudited)


	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024
ASSETS
Real estate assets, at cost
Land	$1,789,207	$1,763,468	$1,722,526	$1,718,185	$1,716,515
Buildings and improvements	11,763,017	11,550,852	11,319,460	11,222,261	11,148,312
	13,552,224	13,314,320	13,041,986	12,940,446	12,864,827
Accumulated depreciation	(5,128,622)	(5,011,583)	(4,867,422)	(4,725,152)	(4,582,440)
Net operating real estate assets	8,423,602	8,302,737	8,174,564	8,215,294	8,282,387
Properties under development and land	380,437	403,657	401,542	418,209	439,758




Total real estate assets	8,804,039	8,706,394	8,576,106	8,633,503	8,722,145
Accounts receivable – affiliates	8,889	8,950	8,991	8,993	9,903
Other assets, net (a)	262,100	239,999	234,838	262,339	245,625

Cash and cash equivalents	33,091	26,182	21,045	31,234	93,932
Restricted cash	11,454	11,607	11,164	11,112	7,969
Total assets	$9,119,573	$8,993,132	$8,852,144	$8,947,181	$9,079,574



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured	$3,495,487	$3,405,255	$3,155,233	$3,121,499	$3,222,569
Secured	330,476	330,416	330,358	330,299	330,241
Accounts payable and accrued expenses	206,018	195,197	215,179	221,880	212,247
Accrued real estate taxes	91,954	46,192	78,529	131,693	90,702
Distributions payable	116,007	115,983	113,549	113,505	113,506
Other liabilities (b)	219,635	212,871	212,107	214,027	183,377
Total liabilities	4,459,577	4,305,914	4,104,955	4,132,903	4,152,642




Equity
Common shares of beneficial interest	1,157	1,157	1,158	1,158	1,157
Additional paid-in capital	5,941,893	5,936,982	5,930,729	5,927,477	5,924,608
Distributions in excess of net income attributable to common shareholders	(1,007,075)	(973,416)	(897,931)	(826,725)	(710,633)
Treasury shares	(350,166)	(351,092)	(359,732)	(359,989)	(359,975)
Accumulated other comprehensive income (c)	1,676	1,325	974	641	283
Total common equity	4,587,485	4,614,956	4,675,198	4,742,562	4,855,440
Non-controlling interests	72,511	72,262	71,991	71,716	71,492
Total equity	4,659,996	4,687,218	4,747,189	4,814,278	4,926,932
Total liabilities and equity	$9,119,573	$8,993,132	$8,852,144	$8,947,181	$9,079,574





(a) Includes net deferred charges of:	$1,953	$2,730	$2,675	$3,244	$3,703



(b) Includes deferred revenues of:	$692	$760	$767	$830	$894

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.



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 Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it 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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Net income attributable to common shareholders	$80,670	$42,917	$119,492	$126,806
Real estate depreciation and amortization	148,886	142,895	295,054	284,742


Income allocated to non-controlling interests	1,924	1,893	3,869	3,763

Gain on sale of operating property	(47,293)	—	(47,293)	(43,806)



Funds from operations	$184,187	$187,705	$371,122	$371,505


Less: Casualty-related expenses, net of recoveries	(1,099)	(1,587)	(969)	(64)
Plus: Severance	—	—	—	506
Plus: Legal costs and settlements	2,311	1,114	4,183	1,966
Plus: Loss on early retirement of debt	—	—	—	921
Plus: Expensed transaction, development, and other pursuit costs	2,082	660	2,963	660


Plus: Miscellaneous other items	76	—	76	—
Core funds from operations	$187,557	$187,892	$377,375	$375,494

Less: Recurring capitalized expenditures	(29,968)	(29,595)	(46,066)	(51,620)

Core adjusted funds from operations	$157,589	$158,297	$331,309	$323,874

Weighted average number of common shares outstanding:
EPS diluted	109,400	108,424	108,636	108,577
FFO/Core FFO/ Core AFFO diluted	110,269	110,018	110,230	110,171



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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Total Earnings Per Common Share - Diluted	$0.74	$0.40	$1.10	$1.17
Real estate depreciation and amortization	1.35	1.29	2.67	2.57

Income allocated to non-controlling interests	0.01	0.02	0.03	0.03
Gain on sale of operating property	(0.43)	—	(0.43)	(0.40)



FFO per common share - Diluted	$1.67	$1.71	$3.37	$3.37


Less: Casualty-related expenses, net of recoveries	(0.01)	(0.02)	(0.01)	—
Plus: Severance	—	—	—	—
Plus: Legal costs and settlements	0.02	0.01	0.03	0.02
Plus: Loss on early retirement of debt	—	—	—	0.01
Plus: Expensed transaction, development, and other pursuit costs	0.02	0.01	0.03	0.01


Plus: Miscellaneous other items	—	—	—	—
Core FFO per common share - Diluted	$1.70	$1.71	$3.42	$3.41

Less: Recurring capitalized expenditures	(0.27)	(0.27)	(0.41)	(0.47)

Core AFFO per common share - Diluted	$1.43	$1.44	$3.01	$2.94

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:


	3Q25	Range	2025	Range
	Low	High	Low	High
Expected earnings per common share - diluted	$1.01	$1.05	$2.33	$2.43
Expected real estate depreciation and amortization	1.38	1.38	5.45	5.45

Expected income allocated to non-controlling interests	0.04	0.04	0.09	0.09

Expected (gain) on sale of operating properties	(0.79)	(0.79)	(1.22)	(1.22)



Expected FFO per share - diluted	$1.64	$1.68	$6.65	$6.75
Anticipated Adjustments to FFO	0.03	0.03	0.11	0.11
Expected Core FFO per share - diluted	$1.67	$1.71	$6.76	$6.86


Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.



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 total property expenses. 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 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 June 30,		Six months ended June 30,
	2025	2024	2025	2024
Net income	$82,594	$44,810	$123,361	$130,569
Less: Fee and asset management income	(2,633)	(2,606)	(5,120)	(3,890)
Less: Interest and other income	(68)	(1,598)	(78)	(3,366)
Less: Income on deferred compensation plans	(8,350)	(1,073)	(9,548)	(6,892)
Plus: Property management expense	9,699	9,846	19,594	19,240
Plus: Fee and asset management expense	641	475	1,312	918
Plus: General and administrative expense	21,183	18,154	39,891	34,847
Plus: Interest expense	35,375	32,227	69,165	64,764
Plus: Depreciation and amortization expense	152,108	145,894	301,360	290,696

Plus: Expense on deferred compensation plans	8,350	1,073	9,548	6,892

Plus: Loss on early retirement of debt	—	—	—	921
Less: Gain on sale of operating property	(47,293)	—	(47,293)	(43,806)


Plus: Income tax expense	1,231	1,059	1,790	1,964




NOI	$252,837	$248,261	$503,982	$492,857

"Same Property" Communities	$241,000	$240,431	$483,414	$480,682
Non-"Same Property" Communities	7,121	3,065	12,501	5,530
Development and Lease-Up Communities	1,611	354	3,003	487

Disposition/Other	3,105	4,411	5,064	6,158
NOI	$252,837	$248,261	$503,982	$492,857



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 2 for 6 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:


	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Net income	$82,594	$44,810	$123,361	$130,569
Plus: Interest expense	35,375	32,227	69,165	64,764

Plus: Depreciation and amortization expense	152,108	145,894	301,360	290,696


Plus: Income tax expense	1,231	1,059	1,790	1,964


Less: Gain on sale of operating property	(47,293)	—	(47,293)	(43,806)



EBITDAre	$224,015	$223,990	$448,383	$444,187

Less: Casualty-related expenses, net of recoveries	(1,099)	(1,587)	(969)	(64)
Plus: Severance	—	—	—	506
Plus: Legal costs and settlements	2,311	1,114	4,183	1,966
Plus: Loss on early retirement of debt	—	—	—	921
Plus: Expensed transaction, development, and other pursuit costs	2,082	660	2,963	660



Plus: Miscellaneous other items	76	—	76	—
Adjusted EBITDAre	$227,385	$224,177	$454,636	$448,176
Annualized Adjusted EBITDAre	$909,540	$896,708	$909,272	$896,352

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 June 30,		Six months ended June 30,
	2025	2024	2025	2024
Unsecured notes payable	$3,514,627	$3,220,334	$3,459,357	$3,232,903
Secured notes payable	330,456	330,222	330,426	330,194
Total average debt	3,845,083	3,550,556	3,789,783	3,563,097
Less: Average cash and cash equivalents	(18,145)	(54,686)	(15,223)	(60,347)
Net debt	$3,826,938	$3,495,870	$3,774,560	$3,502,750

Net Debt to Annualized Adjusted EBITDAre:


	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Net debt	$3,826,938	$3,495,870	$3,774,560	$3,502,750
Annualized Adjusted EBITDAre	909,540	896,708	909,272	896,352
Net Debt to Annualized Adjusted EBITDAre	4.2x	3.9x	4.2x	3.9x

EX-99.2 3 exhibit992supplement2q25.htm EX-99.2 Document



CAMDEN						TABLE OF CONTENTS


			Page


Press Release Text			3
Financial Highlights			4
Operating Results			5
Funds from Operations			6
Balance Sheets			7
Portfolio Statistics			8
Components of Property Net Operating Income			9
Sequential Components of Property Net Operating Income			10
"Same Property" Second Quarter Comparisons			11
"Same Property" Sequential Quarter Comparisons			12
"Same Property" Year to Date Comparisons			13

"Same Property" Operating Expense Detail & Comparisons			14

Current Development Communities			15
Development Pipeline			16

Acquisitions & Dispositions			17
Debt Analysis			18
Debt Maturity Analysis			19
Debt Covenant Analysis			20


Capitalized Expenditures & Maintenance Expense			21

Non-GAAP Financial Measures - Definitions & Reconciliations			22
Other Definitions			26
Other Data			27
Community Table			28

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.

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2025 OPERATING RESULTS


	Three Months Ended June 30,		Six Months Ended June 30,

Per Diluted Share	2025	2024	2025	2024
EPS (1)	$0.74	$0.40	$1.10	$1.17
FFO	$1.67	$1.71	$3.37	$3.37
Core FFO	$1.70	$1.71	$3.42	$3.41
Core AFFO	$1.43	$1.44	$3.01	$2.94


	Three Months Ended	2Q25 Guidance	2Q25 Guidance
Per Diluted Share	June 30, 2025	Midpoint	Variance
EPS (1)	$0.74	$0.29	$0.45
FFO	$1.67	$1.67	$0.00
Core FFO	$1.70	$1.69	$0.01

(1) The Company's EPS included approximately $0.43 per diluted share due to the gain on sale of an operating property for three and six months ended June 30, 2025.


	Quarterly Growth	Sequential Growth	Year-To-Date Growth
Same Property Results	2Q25 vs. 2Q24	2Q25 vs. 1Q25	2025 vs. 2024
Revenues	1.0%	0.8%	0.9%
Expenses	2.4%	3.2%	1.5%
Net Operating Income ("NOI")	0.2%	(0.6)%	0.6%


Same Property Results	2Q25	2Q24	1Q25
Occupancy	95.6%	95.3%	95.4%

Operating Statistics - Same Property Portfolio






New Lease and Renewal Data - Date Effective (1)	2Q25	2Q24	1Q25
Effective New Lease Rates	(2.1)%	(2.5)%	(3.1)%
Effective Renewal Rates	3.7%	3.4%	3.3%
Effective Blended Lease Rates	0.7%	0.1%	(0.1)%

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.


Occupancy, Bad Debt and Turnover Data	2Q25	2Q24	1Q25
Occupancy	95.6%	95.3%	95.4%
Bad Debt	0.6%	0.8%	0.6%
Annualized Gross Turnover	51%	53%	40%
Annualized Net Turnover	39%	42%	31%

Development Activity

Development Communities - Construction Completed and Project in Lease-Up ($ in millions)


		Total	Total	% Leased
Community Name	Location	Homes	Cost	as of 7/28/2025
Camden Durham	Durham, NC	420	$145.4	95	%
Camden Long Meadow Farms	Richmond, TX	188	72.5	75	%

Total		608	$217.9

Development Communities - Construction Ongoing ($ in millions)


		Total	Total	% Leased
Community Name	Location	Homes	Estimated Cost	as of 7/28/2025
Camden Village District	Raleigh, NC	369	$138.0	37	%
Camden South Charlotte	Charlotte, NC	420	163.0
Camden Blakeney	Charlotte, NC	349	154.0
Camden Nations	Nashville, TN	393	184.0
Total		1,531	$639.0

Acquisition and Disposition Activity

Liquidity Analysis

Earnings Guidance


	3Q25	2025	2025 Midpoint
Per Diluted Share	Range	Range	Current	Prior	Change
EPS	$1.01 - $1.05	$2.33 - $2.43	$2.38	$1.16	$1.22
FFO	$1.64 - $1.68	$6.65 - $6.75	$6.70	$6.68	$0.02
Core FFO(1)	$1.67 - $1.71	$6.76 - $6.86	$6.81	$6.78	$0.03

(1) The Company's 2025 core FFO guidance excludes approximately $0.11 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.


	2025	2025 Midpoint
Same Property Growth Guidance	Range	Current	Prior	Change
Revenues	0.50% - 1.50%	1.00%	1.00%	0.00%
Expenses	2.00% - 3.00%	2.50%	3.00%	(0.50)%
NOI	(0.75%) - 1.25%	0.25%	0.00%	0.25%

Conference Call

Friday, August 1, 2025 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 5716111

Webcast: https://investors.camdenliving.com

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

About Camden



CAMDEN						FINANCIAL HIGHLIGHTS
						(In thousands, except per share, property data amounts and ratios)

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Property revenues	$396,509		$387,150		$787,074		$770,291

Adjusted EBITDAre	227,385		224,177		454,636		448,176

Net income attributable to common shareholders	80,670		42,917		119,492		126,806
Per share - basic	0.74		0.40		1.10		1.17
Per share - diluted	0.74		0.40		1.10		1.17





Funds from operations	184,187		187,705		371,122		371,505
Per share - diluted	1.67		1.71		3.37		3.37

Core funds from operations	187,557		187,892		377,375		375,494
Per share - diluted	1.70		1.71		3.42		3.41

Core adjusted funds from operations	157,589		158,297		331,309		323,874
Per share - diluted	1.43		1.44		3.01		2.94

Dividends per share	1.05		1.03		2.10		2.06
Dividend payout ratio (FFO)	62.9	%	60.2	%	62.3	%	61.1	%


Interest expensed	35,375		32,227		69,165		64,764
Interest capitalized	3,473		4,786		7,027		9,760
Total interest incurred	38,848		37,013		76,192		74,524



Net Debt to Annualized Adjusted EBITDAre (a)	4.2x		3.9x		4.2x		3.9x
Interest expense coverage ratio	6.4x		7.0x		6.6x		6.9x
Total interest coverage ratio	5.9x		6.1x		6.0x		6.0x
Fixed charge expense coverage ratio	6.4x		7.0x		6.6x		6.9x
Total fixed charge coverage ratio	5.9x		6.1x		6.0x		6.0x
Unencumbered real estate assets (at cost) to unsecured debt ratio	3.6x		3.7x		3.6x		3.7x

Same property NOI growth (b) (c)	0.2	%	0.9	%	0.6	%	1.6	%
(# of apartment homes included)	56,781		55,866		56,781		55,866

Same property turnover
Gross turnover of apartment homes (annualized)	51	%	53	%	46	%	49	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)	39	%	42	%	35	%	38	%

	As of June 30,				As of June 30,
	2025		2024		2025		2024
Total assets	$9,119,573		$9,079,574		$9,119,573		$9,079,574
Total debt	$3,825,963		$3,552,810		$3,825,963		$3,552,810
Common and common equivalent shares, outstanding end of period (d)	110,291		110,051		110,291		110,051
Share price, end of period	$112.69		$109.11		$112.69		$109.11
Book equity value, end of period (e)	$4,659,996		$4,926,932		$4,659,996		$4,926,932
Market equity value, end of period (f)	$12,428,693		$12,007,665		$12,428,693		$12,007,665

(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 2 for 6 month results.

(b) "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2024, 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 June 30, 2025: 108,697 common shares (including 46 common share equivalents related to share awards), plus 1,594 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.



CAMDEN						OPERATING RESULTS
						(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
OPERATING DATA




Property revenues (a)	$396,509	$387,150	$787,074	$770,291

Property expenses
Property operating and maintenance	93,031	90,126	182,729	179,170
Real estate taxes	50,641	48,763	100,363	98,264
Total property expenses	143,672	138,889	283,092	277,434

Non-property income
Fee and asset management	2,633	2,606	5,120	3,890
Interest and other income	68	1,598	78	3,366
Income on deferred compensation plans	8,350	1,073	9,548	6,892
Total non-property income	11,051	5,277	14,746	14,148

Other expenses
Property management	9,699	9,846	19,594	19,240
Fee and asset management	641	475	1,312	918
General and administrative	21,183	18,154	39,891	34,847
Interest	35,375	32,227	69,165	64,764
Depreciation and amortization	152,108	145,894	301,360	290,696

Expense on deferred compensation plans	8,350	1,073	9,548	6,892
Total other expenses	227,356	207,669	440,870	417,357


Loss on early retirement of debt	—	—	—	(921)
Gain on sale of operating property	47,293	—	47,293	43,806



Income from continuing operations before income taxes	83,825	45,869	125,151	132,533
Income tax expense	(1,231)	(1,059)	(1,790)	(1,964)



Net income	82,594	44,810	123,361	130,569
Net income allocated to non-controlling interests	(1,924)	(1,893)	(3,869)	(3,763)
Net income attributable to common shareholders	$80,670	$42,917	$119,492	$126,806

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$82,594	$44,810	$123,361	$130,569
Other comprehensive income
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	351	361	702	1,450
Comprehensive income	82,945	45,171	124,063	132,104
Net income allocated to non-controlling interests	(1,924)	(1,893)	(3,869)	(3,763)
Comprehensive income attributable to common shareholders	$81,021	$43,278	$120,194	$128,341

PER SHARE DATA

Total earnings per common share - basic	$0.74	$0.40	$1.10	$1.17
Total earnings per common share - diluted	0.74	0.40	1.10	1.17



Weighted average number of common shares outstanding:
Basic	108,636	108,406	108,584	108,556
Diluted	109,400	108,424	108,636	108,577

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



CAMDEN						FUNDS FROM OPERATIONS
						(In thousands, except per share and property data amounts)

(Unaudited)


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
FUNDS FROM OPERATIONS

Net income attributable to common shareholders	$80,670	$42,917	$119,492	$126,806
Real estate depreciation and amortization	148,886	142,895	295,054	284,742


Income allocated to non-controlling interests	1,924	1,893	3,869	3,763
Gain on sale of operating property	(47,293)	—	(47,293)	(43,806)





Funds from operations	$184,187	$187,705	$371,122	$371,505



Less: Casualty-related expenses, net of recoveries (a)	(1,099)	(1,587)	(969)	(64)
Plus: Severance (b)	—	—	—	506
Plus: Legal costs and settlements (b)	2,311	1,114	4,183	1,966
Plus: Loss on early retirement of debt	—	—	—	921
Plus: Expensed transaction, development, and other pursuit costs (b)	2,082	660	2,963	660


Plus: Other miscellaneous items (a)	76	—	76	—
Core funds from operations	$187,557	$187,892	$377,375	$375,494

Less: Recurring capitalized expenditures (c)	(29,968)	(29,595)	(46,066)	(51,620)

Core adjusted funds from operations	$157,589	$158,297	$331,309	$323,874

PER SHARE DATA
Funds from operations - diluted	$1.67	$1.71	$3.37	$3.37
Core funds from operations - diluted	1.70	1.71	3.42	3.41
Core adjusted funds from operations - diluted	1.43	1.44	3.01	2.94
Distributions declared per common share	1.05	1.03	2.10	2.06


Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted	110,269	110,018	110,230	110,171

PROPERTY DATA
Total operating properties (end of period) (d)	176	172	176	172
Total operating apartment homes in operating properties (end of period) (d)	59,672	58,250	59,672	58,250
Total operating apartment homes (weighted average)	59,633	58,244	59,353	58,290

(a) Non-core adjustment generally recorded within Property NOI.

(b) Non-core adjustment generally recorded within General and Administrative Expenses.

(d) 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.



CAMDEN						BALANCE SHEETS
						(In thousands)

(Unaudited)


	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024
ASSETS
Real estate assets, at cost
Land	$1,789,207	$1,763,468	$1,722,526	$1,718,185	$1,716,515
Buildings and improvements	11,763,017	11,550,852	11,319,460	11,222,261	11,148,312
	13,552,224	13,314,320	13,041,986	12,940,446	12,864,827
Accumulated depreciation	(5,128,622)	(5,011,583)	(4,867,422)	(4,725,152)	(4,582,440)
Net operating real estate assets	8,423,602	8,302,737	8,174,564	8,215,294	8,282,387
Properties under development and land	380,437	403,657	401,542	418,209	439,758




Total real estate assets	8,804,039	8,706,394	8,576,106	8,633,503	8,722,145
Accounts receivable – affiliates	8,889	8,950	8,991	8,993	9,903
Other assets, net (a)	262,100	239,999	234,838	262,339	245,625

Cash and cash equivalents	33,091	26,182	21,045	31,234	93,932
Restricted cash	11,454	11,607	11,164	11,112	7,969
Total assets	$9,119,573	$8,993,132	$8,852,144	$8,947,181	$9,079,574



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured	$3,495,487	$3,405,255	$3,155,233	$3,121,499	$3,222,569
Secured	330,476	330,416	330,358	330,299	330,241
Accounts payable and accrued expenses	206,018	195,197	215,179	221,880	212,247
Accrued real estate taxes	91,954	46,192	78,529	131,693	90,702
Distributions payable	116,007	115,983	113,549	113,505	113,506
Other liabilities (b)	219,635	212,871	212,107	214,027	183,377
Total liabilities	4,459,577	4,305,914	4,104,955	4,132,903	4,152,642




Equity
Common shares of beneficial interest	1,157	1,157	1,158	1,158	1,157
Additional paid-in capital	5,941,893	5,936,982	5,930,729	5,927,477	5,924,608
Distributions in excess of net income attributable to common shareholders	(1,007,075)	(973,416)	(897,931)	(826,725)	(710,633)
Treasury shares	(350,166)	(351,092)	(359,732)	(359,989)	(359,975)
Accumulated other comprehensive income (c)	1,676	1,325	974	641	283
Total common equity	4,587,485	4,614,956	4,675,198	4,742,562	4,855,440
Non-controlling interests	72,511	72,262	71,991	71,716	71,492
Total equity	4,659,996	4,687,218	4,747,189	4,814,278	4,926,932
Total liabilities and equity	$9,119,573	$8,993,132	$8,852,144	$8,947,181	$9,079,574





(a) Includes net deferred charges of:	$1,953	$2,730	$2,675	$3,244	$3,703



(b) Includes deferred revenues of:	$692	$760	$767	$830	$894


(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.



CAMDEN						PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2025 (in apartment homes)



	"Same Property"	Non-"Same Property"	Completed in Lease-up	Under Construction	Grand Total
D.C. Metro (a)	6,194	—	—	—	6,194
Houston, TX	8,817	189	188	—	9,194
Phoenix, AZ	4,426	—	—	—	4,426
Dallas, TX	6,226	—	—	—	6,226
Atlanta, GA	4,036	234	—	—	4,270
SE Florida	3,050	—	—	—	3,050
Orlando, FL	3,954	—	—	—	3,954
Tampa, FL	3,104	360	—	—	3,464
Charlotte, NC	3,123	387	—	769	4,279
Denver, CO	2,873	—	—	—	2,873
Raleigh, NC	3,252	—	420	369	4,041
Austin, TX	3,360	678	—	—	4,038
San Diego/Inland Empire, CA	1,797	—	—	—	1,797
Los Angeles/Orange County, CA	1,811	—	—	—	1,811
Nashville, TN	758	435	—	393	1,586
Total Portfolio	56,781	2,283	608	1,531	61,203

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


SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION					WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)


	"Same Property" Communities		Operating Communities (b)		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024
D.C. Metro (a)	14.0	%	13.5	%	97.3	%	97.1	%	96.8	%	96.7	%	96.9	%
Houston, TX	11.7	%	11.5	%	95.1	%	95.1	%	95.1	%	95.4	%	95.0	%
Phoenix, AZ	8.6	%	8.3	%	94.4	%	95.4	%	95.4	%	93.8	%	94.7	%
Dallas, TX	8.2	%	7.9	%	95.3	%	95.0	%	94.9	%	95.4	%	95.0	%
Atlanta, GA	6.6	%	6.7	%	95.3	%	95.1	%	93.9	%	94.3	%	93.1	%
SE Florida	7.0	%	6.9	%	95.5	%	95.2	%	94.8	%	96.2	%	96.6	%
Orlando, FL	6.6	%	6.3	%	95.7	%	95.8	%	95.3	%	95.7	%	95.4	%
Tampa, FL	6.4	%	6.4	%	95.4	%	96.3	%	96.9	%	95.6	%	95.6	%
Charlotte, NC	5.3	%	5.8	%	95.4	%	95.2	%	95.2	%	95.5	%	95.1	%
Denver, CO	6.0	%	5.7	%	97.0	%	95.0	%	95.7	%	96.7	%	96.6	%
Raleigh, NC	5.0	%	5.3	%	95.6	%	95.6	%	95.5	%	95.5	%	95.0	%
Austin, TX	4.0	%	4.6	%	94.7	%	93.6	%	93.5	%	94.0	%	93.4	%
San Diego/Inland Empire, CA	4.6	%	4.4	%	96.1	%	95.7	%	95.7	%	96.1	%	96.1	%
Los Angeles/Orange County, CA	4.5	%	4.6	%	95.6	%	94.1	%	93.6	%	94.0	%	93.8	%
Nashville, TN	1.5	%	2.1	%	94.8	%	92.2	%	92.8	%	94.8	%	95.3	%
Total Portfolio	100.0	%	100.0	%	95.6	%	95.3	%	95.2	%	95.4	%	95.2	%

(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.



CAMDEN						COMPONENTS OF PROPERTY
						NET OPERATING INCOME
						(In thousands, except property data amounts)

(Unaudited)


	Apartment	Three Months Ended June 30,			Six Months Ended June 30,
Property Revenues	Homes	2025	2024	Change	2025	2024	Change
"Same Property" Communities (a)	56,781	$377,408	$373,685	$3,723	$751,979	$745,341	$6,638
Non-"Same Property" Communities (b)	2,283	11,896	5,591	6,305	20,715	10,765	9,950
Development and Lease-Up Communities (c)	2,139	3,127	903	2,224	5,867	1,299	4,568

Disposition/Other (d)	—	4,078	6,971	(2,893)	8,513	12,886	(4,373)
Total Property Revenues	61,203	$396,509	$387,150	$9,359	$787,074	$770,291	$16,783

Property Expenses
"Same Property" Communities (a)	56,781	$136,408	$133,254	$3,154	$268,565	$264,659	$3,906
Non-"Same Property" Communities (b)	2,283	4,775	2,526	2,249	8,214	5,235	2,979
Development and Lease-Up Communities (c)	2,139	1,516	549	967	2,864	812	2,052

Disposition/Other (d)	—	973	2,560	(1,587)	3,449	6,728	(3,279)
Total Property Expenses	61,203	$143,672	$138,889	$4,783	$283,092	$277,434	$5,658

Property Net Operating Income
"Same Property" Communities (a)	56,781	$241,000	$240,431	$569	$483,414	$480,682	$2,732
Non-"Same Property" Communities (b)	2,283	7,121	3,065	4,056	12,501	5,530	6,971
Development and Lease-Up Communities (c)	2,139	1,611	354	1,257	3,003	487	2,516

Disposition/Other (d)	—	3,105	4,411	(1,306)	5,064	6,158	(1,094)
Total Property Net Operating Income	61,203	$252,837	$248,261	$4,576	$503,982	$492,857	$11,125

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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, 2024, 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, 2024, 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 above/below market leases, casualty-related expenses net of recoveries, and severance related costs.



CAMDEN						COMPONENTS OF PROPERTY
						SEQUENTIAL NET OPERATING INCOME
						(In thousands, except property data amounts)

(Unaudited)


		Three Months Ended
	Apartment	June 30,	March 31,	December 31,	September 30,	June 30,
Property Revenues	Homes	2025	2025	2024	2024	2024
"Same Property" Communities (a)	56,781	$377,408	$374,571	$372,939	$374,857	$373,685
Non-"Same Property" Communities (b)	2,283	11,896	8,819	6,430	6,001	5,591
Development and Lease-Up Communities (c)	2,139	3,127	2,740	2,445	1,928	903

Disposition/Other (d)	—	4,078	4,435	4,505	4,446	6,971
Total Property Revenues	61,203	$396,509	$390,565	$386,319	$387,232	$387,150

Property Expenses
"Same Property" Communities (a)	56,781	$136,408	$132,157	$129,321	$135,271	$133,254
Non-"Same Property" Communities (b)	2,283	4,775	3,439	2,359	2,635	2,526
Development and Lease-Up Communities (c)	2,139	1,516	1,348	1,060	834	549

Disposition/Other (d)	—	973	2,476	5,271	4,620	2,560
Total Property Expenses	61,203	$143,672	$139,420	$138,011	$143,360	$138,889

Property Net Operating Income
"Same Property" Communities (a)	56,781	$241,000	$242,414	$243,618	$239,586	$240,431
Non-"Same Property" Communities (b)	2,283	7,121	5,380	4,071	3,366	3,065
Development and Lease-Up Communities (c)	2,139	1,611	1,392	1,385	1,094	354

Disposition/Other (d)	—	3,105	1,959	(766)	(174)	4,411
Total Property Net Operating Income	61,203	$252,837	$251,145	$248,308	$243,872	$248,261

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2024, 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, 2024, excluding properties held for sale.




CAMDEN						"SAME PROPERTY"
						SECOND QUARTER COMPARISONS
						June 30, 2025
						(In thousands, except property data amounts)

(Unaudited)


	Apartment
	Homes	Revenues				Expenses				NOI
Quarterly Results (a)(b)	Included	2Q25	2Q24	Growth		2Q25	2Q24	Growth		2Q25	2Q24	Growth
D.C. Metro	6,194	$48,678	$46,932	3.7	%	$14,949	$14,743	1.4	%	$33,729	$32,189	4.8	%
Houston, TX	8,817	50,224	49,585	1.3	%	21,948	21,337	2.9	%	28,276	28,248	0.1	%
Phoenix, AZ	4,426	29,269	29,400	(0.4)	%	8,516	8,029	6.1	%	20,753	21,371	(2.9)	%
Dallas, TX	6,226	35,089	35,254	(0.5)	%	15,233	15,201	0.2	%	19,856	20,053	(1.0)	%
Atlanta, GA	4,036	25,720	25,684	0.1	%	9,737	9,441	3.1	%	15,983	16,243	(1.6)	%
SE Florida	3,050	26,733	26,750	(0.1)	%	9,796	9,685	1.1	%	16,937	17,065	(0.8)	%
Orlando, FL	3,954	25,263	25,289	(0.1)	%	9,476	9,567	(1.0)	%	15,787	15,722	0.4	%
Tampa, FL	3,104	23,661	23,259	1.7	%	8,335	8,290	0.5	%	15,326	14,969	2.4	%
Denver, CO	2,873	20,723	20,141	2.9	%	6,502	6,356	2.3	%	14,221	13,785	3.2	%
Charlotte, NC	3,123	18,729	18,692	0.2	%	5,888	5,569	5.7	%	12,841	13,123	(2.1)	%
Raleigh, NC	3,252	17,671	17,691	(0.1)	%	5,816	5,509	5.6	%	11,855	12,182	(2.7)	%
San Diego/Inland Empire, CA	1,797	16,176	15,722	2.9	%	5,054	4,842	4.4	%	11,122	10,880	2.2	%
Los Angeles/Orange County, CA	1,811	16,590	15,861	4.6	%	5,665	5,497	3.1	%	10,925	10,364	5.4	%
Austin, TX	3,360	17,688	18,254	(3.1)	%	7,963	7,452	6.9	%	9,725	10,802	(10.0)	%
Nashville, TN	758	5,194	5,171	0.4	%	1,530	1,736	(11.9)	%	3,664	3,435	6.7	%

Total Same Property	56,781	$377,408	$373,685	1.0	%	$136,408	$133,254	2.4	%	$241,000	$240,431	0.2	%


									Weighted Average Monthly				Weighted Average Monthly
	% of NOI		Average Occupancy (a)						Rental Rate (c)				Revenue per Occupied Home (d)
Quarterly Results (b)	Contribution		2Q25		2Q24		Growth		2Q25	2Q24	Growth		2Q25	2Q24	Growth
D.C. Metro	14.0	%	97.3	%	96.9	%	0.4	%	$2,354	$2,262	4.1	%	$2,692	$2,606	3.3	%
Houston, TX	11.7	%	95.1	%	95.0	%	0.1	%	1,704	1,688	0.9	%	1,997	1,974	1.2	%
Phoenix, AZ	8.6	%	94.4	%	94.7	%	(0.3)	%	1,956	1,973	(0.9)	%	2,335	2,338	(0.1)	%
Dallas, TX	8.2	%	95.3	%	95.0	%	0.3	%	1,695	1,715	(1.2)	%	1,971	1,987	(0.8)	%
Atlanta, GA	6.6	%	95.3	%	94.3	%	1.0	%	1,908	1,950	(2.2)	%	2,229	2,250	(0.9)	%
SE Florida	7.0	%	95.5	%	96.6	%	(1.1)	%	2,701	2,680	0.8	%	3,058	3,026	1.0	%
Orlando, FL	6.6	%	95.7	%	95.4	%	0.3	%	1,925	1,934	(0.5)	%	2,225	2,234	(0.4)	%
Tampa, FL	6.4	%	95.6	%	95.6	%	0.0	%	2,324	2,306	0.8	%	2,658	2,612	1.7	%
Denver, CO	6.0	%	97.0	%	96.6	%	0.4	%	2,141	2,110	1.5	%	2,480	2,419	2.5	%
Charlotte, NC	5.3	%	95.5	%	94.8	%	0.7	%	1,804	1,814	(0.6)	%	2,093	2,107	(0.5)	%
Raleigh, NC	5.0	%	95.6	%	95.0	%	0.6	%	1,604	1,611	(0.4)	%	1,894	1,909	(0.7)	%
San Diego/Inland Empire, CA	4.6	%	96.1	%	96.1	%	0.0	%	2,805	2,751	2.0	%	3,122	3,036	2.9	%
Los Angeles/Orange County, CA	4.5	%	95.6	%	93.8	%	1.8	%	2,880	2,856	0.8	%	3,195	3,109	2.8	%
Austin, TX	4.0	%	94.8	%	94.1	%	0.7	%	1,556	1,630	(4.5)	%	1,851	1,924	(3.8)	%
Nashville, TN	1.5	%	95.3	%	95.3	%	0.0	%	2,230	2,240	(0.4)	%	2,399	2,386	0.4	%

Total Same Property	100.0	%	95.6	%	95.3	%	0.3	%	$2,003	$1,997	0.3	%	$2,316	$2,300	0.7	%

(b) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/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.



CAMDEN						"SAME PROPERTY"
						SEQUENTIAL QUARTER COMPARISONS
						June 30, 2025
						(In thousands, except property data amounts)

(Unaudited)


	Apartment
	Homes	Revenues				Expenses				NOI
Quarterly Results (a)(b)	Included	2Q25	1Q25	Growth		2Q25	1Q25	Growth		2Q25	1Q25	Growth
D.C. Metro	6,194	$48,678	$48,130	1.1	%	$14,949	$15,432	(3.1)	%	$33,729	$32,698	3.2	%
Houston, TX	8,817	50,224	49,836	0.8	%	21,948	21,832	0.5	%	28,276	28,004	1.0	%
Phoenix, AZ	4,426	29,269	29,305	(0.1)	%	8,516	8,023	6.1	%	20,753	21,282	(2.5)	%
Dallas, TX	6,226	35,089	34,925	0.5	%	15,233	14,956	1.9	%	19,856	19,969	(0.6)	%
Atlanta, GA	4,036	25,720	25,465	1.0	%	9,737	7,472	30.3	%	15,983	17,993	(11.2)	%
SE Florida	3,050	26,733	26,353	1.4	%	9,796	9,872	(0.8)	%	16,937	16,481	2.8	%
Orlando, FL	3,954	25,263	25,213	0.2	%	9,476	9,390	0.9	%	15,787	15,823	(0.2)	%
Tampa, FL	3,104	23,661	23,778	(0.5)	%	8,335	8,112	2.7	%	15,326	15,666	(2.2)	%
Denver, CO	2,873	20,723	20,201	2.6	%	6,502	5,962	9.1	%	14,221	14,239	(0.1)	%
Charlotte, NC	3,123	18,729	18,517	1.1	%	5,888	5,764	2.2	%	12,841	12,753	0.7	%
Raleigh, NC	3,252	17,671	17,592	0.4	%	5,816	5,759	1.0	%	11,855	11,833	0.2	%
San Diego/Inland Empire, CA	1,797	16,176	16,131	0.3	%	5,054	4,853	4.1	%	11,122	11,278	(1.4)	%
Los Angeles/Orange County, CA	1,811	16,590	16,339	1.5	%	5,665	5,443	4.1	%	10,925	10,896	0.3	%
Austin, TX	3,360	17,688	17,746	(0.3)	%	7,963	7,723	3.1	%	9,725	10,023	(3.0)	%
Nashville, TN	758	5,194	5,040	3.1	%	1,530	1,564	(2.2)	%	3,664	3,476	5.4	%

Total Same Property	56,781	$377,408	$374,571	0.8	%	$136,408	$132,157	3.2	%	$241,000	$242,414	(0.6)	%


									Weighted Average Monthly				Weighted Average Monthly
	% of NOI		Average Occupancy (a)						Rental Rate (c)				Revenue per Occupied Home (d)
Quarterly Results (b)	Contribution		2Q25		1Q25		Growth		2Q25	1Q25	Growth		2Q25	1Q25	Growth
D.C. Metro	14.0	%	97.3	%	97.1	%	0.2	%	$2,354	$2,327	1.2	%	$2,692	$2,667	0.9	%
Houston, TX	11.7	%	95.1	%	95.1	%	0.0	%	1,704	1,699	0.3	%	1,997	1,981	0.8	%
Phoenix, AZ	8.6	%	94.4	%	95.4	%	(1.0)	%	1,956	1,963	(0.4)	%	2,335	2,313	0.9	%
Dallas, TX	8.2	%	95.3	%	95.0	%	0.3	%	1,695	1,697	(0.1)	%	1,971	1,968	0.2	%
Atlanta, GA	6.6	%	95.3	%	95.2	%	0.1	%	1,908	1,906	0.1	%	2,229	2,209	0.9	%
SE Florida	7.0	%	95.5	%	95.2	%	0.3	%	2,701	2,672	1.1	%	3,058	3,026	1.1	%
Orlando, FL	6.6	%	95.7	%	95.8	%	(0.1)	%	1,925	1,922	0.2	%	2,225	2,219	0.3	%
Tampa, FL	6.4	%	95.6	%	96.3	%	(0.7)	%	2,324	2,312	0.5	%	2,658	2,651	0.2	%
Denver, CO	6.0	%	97.0	%	95.0	%	2.0	%	2,141	2,140	0.0	%	2,480	2,466	0.6	%
Charlotte, NC	5.3	%	95.5	%	95.2	%	0.3	%	1,804	1,801	0.2	%	2,093	2,077	0.8	%
Raleigh, NC	5.0	%	95.6	%	95.6	%	0.0	%	1,604	1,601	0.2	%	1,894	1,887	0.4	%
San Diego/Inland Empire, CA	4.6	%	96.1	%	95.7	%	0.4	%	2,805	2,795	0.4	%	3,122	3,127	(0.1)	%
Los Angeles/Orange County, CA	4.5	%	95.6	%	94.1	%	1.5	%	2,880	2,878	0.1	%	3,195	3,195	0.0	%
Austin, TX	4.0	%	94.8	%	94.7	%	0.1	%	1,556	1,570	(0.9)	%	1,851	1,859	(0.4)	%
Nashville, TN	1.5	%	95.3	%	91.9	%	3.4	%	2,230	2,235	(0.2)	%	2,399	2,408	(0.3)	%

Total Same Property	100.0	%	95.6	%	95.4	%	0.2	%	$2,003	$1,998	0.3	%	$2,316	$2,303	0.6	%

(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.



CAMDEN						"SAME PROPERTY"
						YEAR TO DATE COMPARISONS
						June 30, 2025
						(In thousands, except property data amounts)

(Unaudited)


	Apartment
	Homes	Revenues				Expenses				NOI
Year to Date Results (a)(b)	Included	2025	2024	Growth		2025	2024	Growth		2025	2024	Growth
D.C. Metro	6,194	$96,808	$93,330	3.7	%	$30,381	$29,495	3.0	%	$66,427	$63,835	4.1	%
Houston, TX	8,817	100,060	98,651	1.4	%	43,780	43,154	1.5	%	56,280	55,497	1.4	%
Phoenix, AZ	4,426	58,574	58,734	(0.3)	%	16,539	15,330	7.9	%	42,035	43,404	(3.2)	%
Dallas, TX	6,226	70,014	70,316	(0.4)	%	30,189	29,757	1.5	%	39,825	40,559	(1.8)	%
Atlanta, GA	4,036	51,185	51,330	(0.3)	%	17,209	18,329	(6.1)	%	33,976	33,001	3.0	%
SE Florida	3,050	53,086	53,556	(0.9)	%	19,668	19,326	1.8	%	33,418	34,230	(2.4)	%
Orlando, FL	3,954	50,476	50,467	0.0	%	18,866	19,205	(1.8)	%	31,610	31,262	1.1	%
Tampa, FL	3,104	47,439	46,740	1.5	%	16,447	16,608	(1.0)	%	30,992	30,132	2.9	%
Denver, CO	2,873	40,924	40,237	1.7	%	12,464	12,015	3.7	%	28,460	28,222	0.8	%
Charlotte, NC	3,123	37,246	37,008	0.6	%	11,652	10,874	7.2	%	25,594	26,134	(2.1)	%
Raleigh, NC	3,252	35,263	35,225	0.1	%	11,575	11,096	4.3	%	23,688	24,129	(1.8)	%
San Diego/Inland Empire, CA	1,797	32,307	31,157	3.7	%	9,907	9,602	3.2	%	22,400	21,555	3.9	%
Los Angeles/Orange County, CA	1,811	32,929	31,635	4.1	%	11,108	11,064	0.4	%	21,821	20,571	6.1	%
Austin, TX	3,360	35,434	36,606	(3.2)	%	15,686	15,231	3.0	%	19,748	21,375	(7.6)	%
Nashville, TN	758	10,234	10,349	(1.1)	%	3,094	3,573	(13.4)	%	7,140	6,776	5.4	%

Total Same Property	56,781	$751,979	$745,341	0.9	%	$268,565	$264,659	1.5	%	$483,414	$480,682	0.6	%


									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		2025		2024		Growth		2025	2024	Growth		2025	2024	Growth
D.C. Metro	13.7	%	97.2	%	96.7	%	0.5	%	$2,341	$2,251	4.0	%	$2,680	$2,596	3.2	%
Houston, TX	11.6	%	95.1	%	94.8	%	0.3	%	1,701	1,687	0.8	%	1,989	1,968	1.1	%
Phoenix, AZ	8.7	%	94.9	%	94.9	%	0.0	%	1,959	1,972	(0.7)	%	2,324	2,330	(0.3)	%
Dallas, TX	8.2	%	95.2	%	94.8	%	0.4	%	1,696	1,718	(1.3)	%	1,970	1,986	(0.8)	%
Atlanta, GA	7.0	%	95.3	%	94.1	%	1.2	%	1,908	1,961	(2.7)	%	2,219	2,252	(1.5)	%
SE Florida	6.9	%	95.3	%	96.5	%	(1.2)	%	2,698	2,681	0.6	%	3,042	3,031	0.3	%
Orlando, FL	6.5	%	95.8	%	95.4	%	0.4	%	1,924	1,936	(0.6)	%	2,222	2,230	(0.4)	%
Tampa, FL	6.4	%	96.0	%	95.9	%	0.1	%	2,319	2,307	0.5	%	2,655	2,618	1.4	%
Denver, CO	6.0	%	96.0	%	96.5	%	(0.5)	%	2,141	2,107	1.6	%	2,473	2,418	2.2	%
Charlotte, NC	5.3	%	95.3	%	94.2	%	1.1	%	1,803	1,812	(0.5)	%	2,085	2,097	(0.5)	%
Raleigh, NC	5.0	%	95.6	%	94.9	%	0.7	%	1,603	1,612	(0.6)	%	1,891	1,902	(0.6)	%
San Diego/Inland Empire, CA	4.6	%	95.9	%	95.6	%	0.3	%	2,801	2,745	2.0	%	3,124	3,023	3.4	%
Los Angeles/Orange County, CA	4.5	%	94.9	%	93.2	%	1.7	%	2,880	2,865	0.5	%	3,196	3,123	2.4	%
Austin, TX	4.1	%	94.8	%	93.9	%	0.9	%	1,563	1,638	(4.6)	%	1,855	1,933	(4.1)	%
Nashville, TN	1.5	%	93.6	%	94.6	%	(1.0)	%	2,233	2,258	(1.1)	%	2,404	2,405	(0.1)	%

Total Same Property	100.0	%	95.5	%	95.1	%	0.4	%	$2,002	$1,998	0.2	%	$2,310	$2,298	0.5	%

(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.



CAMDEN						"SAME PROPERTY" OPERATING EXPENSE
						DETAIL AND COMPARISONS
						June 30, 2025
						(In thousands)

(Unaudited)


						% of Actual
						2Q25 Operating
Quarterly Comparison (a) (b)	2Q25	2Q24	$ Change	% Change		Expenses

Property Taxes	$47,352	$47,124	$228	0.5	%	34.7	%
Salaries and Benefits for On-site Employees	25,707	24,466	1,241	5.1	%	18.8	%
Utilities	26,585	25,281	1,304	5.2	%	19.5	%
Repairs and Maintenance	18,517	17,957	560	3.1	%	13.6	%
Property Insurance	7,288	8,272	(984)	(11.9)	%	5.4	%
General and Administrative	6,709	6,287	422	6.7	%	4.9	%
Marketing and Leasing	3,131	2,781	350	12.6	%	2.3	%
Other	1,119	1,086	33	3.0	%	0.8	%

Total Same Property	$136,408	$133,254	$3,154	2.4	%	100.0	%


						% of Actual
						2Q25 Operating
Sequential Comparison (a) (b)	2Q25	1Q25	$ Change	% Change		Expenses

Property Taxes	$47,352	$46,924	$428	0.9	%	34.7	%
Salaries and Benefits for On-site Employees	25,707	24,437	1,270	5.2	%	18.8	%
Utilities	26,585	26,717	(132)	(0.5)	%	19.5	%
Repairs and Maintenance	18,517	16,046	2,471	15.4	%	13.6	%
Property Insurance	7,288	8,030	(742)	(9.2)	%	5.4	%
General and Administrative	6,709	6,628	81	1.2	%	4.9	%
Marketing and Leasing	3,131	2,284	847	37.1	%	2.3	%
Other	1,119	1,091	28	2.6	%	0.8	%

Total Same Property	$136,408	$132,157	$4,251	3.2	%	100.0	%


						% of Actual
						2025 Operating
Year to Date Comparison (a) (b)	2025	2024	$ Change	% Change		Expenses

Property Taxes	$94,276	$94,408	($132)	(0.1)	%	35.1	%
Salaries and Benefits for On-site Employees	50,144	47,980	2,164	4.5	%	18.7	%
Utilities	53,302	50,834	2,468	4.9	%	19.8	%
Repairs and Maintenance	34,563	34,257	306	0.9	%	12.9	%
Property Insurance	15,318	17,237	(1,919)	(11.1)	%	5.7	%
General and Administrative	13,337	12,631	706	5.6	%	5.0	%
Marketing and Leasing	5,415	5,120	295	5.8	%	2.0	%
Other	2,210	2,192	18	0.8	%	0.8	%

Total Same Property	$268,565	$264,659	$3,906	1.5	%	100.0	%

(b) "Same Property" results exclude results from other expenses, including casualty-related expenses net of recoveries, and severance related costs.



CAMDEN						CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF JUNE 30, 2025 ($ in millions)

Estimated/Actual Dates for

Completed Communities in Lease-Up

Total

Cost to

Construction

Initial

Construction

Stabilized

As of 7/28/2025

Homes

Date

Start

Occupancy

Completion

Operations

% Leased

% Occupied

Camden Durham

420

$145.4

1Q21

3Q23

4Q24

3Q25

95%

92%

Durham, NC

Camden Long Meadow Farms

188

72.5

3Q22

1Q24

4Q24

1Q26

75%

74%

Richmond, TX

Total Completed Communities in Lease-Up

608

$217.9

89%

86%

Estimated/Actual Dates for

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 7/28/2025

Development Communities

Homes

Estimated Cost

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

Camden Village District

369

$138.0

$136.8

$39.9

2Q22

1Q25

3Q25

2Q27

37%

29%

Raleigh, NC

Camden South Charlotte

420

163.0

81.1

2Q24

2Q26

2Q27

4Q28

Charlotte, NC

Camden Blakeney

349

154.0

55.4

2Q24

4Q26

3Q27

3Q28

Charlotte, NC

Camden Nations

393

184.0

53.5

1Q25

1Q28

3Q28

2Q30

Nashville, TN

Total Development Communities

1,531

$639.0

$326.8

$229.9

37%

29%

Additional Development Pipeline and Land(a)

150.5

Total Properties Under Development and Land (per Balance Sheet)

$380.4

NOI Contribution from Development Communities ($ in millions)

Cost to Date

2Q25 NOI

Communities that Stabilized During Quarter

$72.5

$0.7

Completed Communities in Lease-Up

217.9

1.5

Development Communities in Lease-Up

136.8

0.1

Total Development Communities NOI Contribution

$427.2

$2.3

(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.



CAMDEN						DEVELOPMENT PIPELINE & LAND

(Unaudited)

AS OF JUNE 30, 2025 ($ in millions)


		Projected	Total
PIPELINE COMMUNITIES		Homes	Estimated Cost (a)	Cost to Date

1.	Camden Baker	434	$191.0	$38.5
	Denver, CO
2.	Camden Gulch	498	300.0	54.2
	Nashville, TN




















Development Pipeline		932	$491.0	$92.7

Other (b)				$57.8



















Total Development Pipeline and Land				$150.5

(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 forecasts 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.



CAMDEN						ACQUISITIONS & DISPOSITIONS

(Unaudited)

2025 ACQUISITION & DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

2025 Acquisitions

Location

Purchase Price

Homes

Monthly Rental Rate

Year Built

Closing Date

Camden Leander

Leander, TX

$67.7

352 Homes

$1,514

2023

1/23/2025

Camden West Nashville

Nashville, TN

131.3

435 Homes

1,872

2020

2/27/2025

Camden Clearwater

Clearwater, FL

138.7

360 Homes

2,581

2020

5/22/2025

Total/Average Acquisitions

$337.7

1,147 Homes

$1,985

2025 Dispositions

Location

Sales Price

Homes

Monthly Rental Rate

Year Built

Closing Date

Camden Midtown

Houston, TX

$60.0

337 Homes

$1,545

1999

6/12/2025

Camden Cimarron

Irving, TX

53.5

286 Homes

1,564

1992

7/9/2025

Camden Royal Oaks I/II

Houston, TX

60.0

340 Homes

1,654

2006/2012

7/30/2025

Total/Average Disposition

$173.5

963 Homes

$1,589



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

(Unaudited)

DEBT MATURITIES AS OF JUNE 30, 2025:


	Future Scheduled Repayments (a)
Year	Amortization		Secured Maturities			Unsecured Maturities		Total		% of Total		Weighted Average Interest Rate on Maturing Debt (b)


2025	$	(1,798)	$	—		$	—	$	(1,798)	—	%	—	%
2026	(3,386)		24,000			546,288		566,902		14.8	%	5.6	%
2027	(2,433)		174,900			—		172,467		4.5	%	3.9	%
2028	(2,143)		132,025			400,000		529,882		13.8	%	3.8	%
2029	(1,767)		—			600,000		598,233		15.6	%	3.8	%
2030	(939)		—			750,000		749,061		19.5	%	2.9	%
2031	(676)		—			—		(676)		—	%	—	%
2032	(710)		—			—		(710)		—	%	—	%
2033	(746)		—			—		(746)		—	%	—	%
2034	(136)		—			400,000		399,864		10.5	%	5.1	%
Thereafter	(2,116)		—			300,000		297,884		7.8	%	3.4	%
Total Maturing Debt	($16,850)		$330,925			$2,996,288		$3,310,363		86.5	%	4.0	%

Unsecured Line of Credit & Commercial Paper Program (c)	$—		$—			$515,600		$515,600		13.5	%	4.5	%

Total Debt	($16,850)		$330,925			$3,511,888		$3,825,963		100.0	%	4.1	%

Weighted Average Maturity of Debt (d)			5.4 Years

						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate (b)		Time to Maturity (d)
Floating rate debt	$1,060,316		27.7		%	5.1%		1.7 Years
Fixed rate debt	2,765,647		72.3		%	3.7%		6.7 Years
Total	$3,825,963		100.0		%	4.1%		5.4 Years

						Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total			Interest Rate (b)		Time to Maturity (d)
Unsecured debt	$3,495,487		91.4		%	4.1%		5.7 Years
Secured debt	330,476		8.6		%	3.9%		2.1 Years
Total	$3,825,963		100.0		%	4.1%		5.4 Years









REAL ESTATE ASSETS: (e)	Total Homes		% of Total			Total Cost		% of Total		2Q25 NOI		% of Total
Unencumbered real estate assets	56,593		92.5		%	$12,562,155		90.2%		$237,008		93.7	%
Encumbered real estate assets	4,610		7.5		%	1,370,506		9.8%		15,829		6.3	%
Total	61,203		100.0		%	$13,932,661		100.0%		$252,837		100.0	%

			Ratio of unencumbered assets at cost to unsecured debt is									3.6x

(a) Includes all available extension options.

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

(c) Represents our outstanding commercial paper program amount of $515.6 million as of June 30, 2025. Under the terms of this program, we may issue up to a maximum aggregate amount of $600.0 million, which is backstopped by our $1.2 billion Line of Credit.

(d) Assumes Commercial Paper will be refinanced using our unsecured Line of Credit with exercisable extension options.

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



CAMDEN						DEBT MATURITY ANALYSIS
						(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2025 AND 2026:


		Future Scheduled Repayments(1)			Weighted Average Interest on Maturing Debt
Quarter	Amortization	Secured Maturities	Unsecured Maturities	Total


3Q 2025	($896)	$—	$—	($896)	N/A
4Q 2025	(902)	—	—	(902)	N/A
2025	($1,798)	$—	$—	($1,798)	—	%

1Q 2026	($908)	$—	$—	($908)	N/A
2Q 2026	(898)	11,950	—	11,052	4.0	%
3Q 2026	(905)	—	40,000	39,095	5.5	%
4Q 2026	(675)	12,050	506,288	517,663	5.6	%
2026	($3,386)	$24,000	$546,288	$566,902	5.6	%

(1) Maturities exclude unsecured Line of Credit and Commercial Paper Program.



CAMDEN						DEBT COVENANT ANALYSIS

(Unaudited)

UNSECURED LINE OF CREDIT

Covenant (a)

Required

Actual (b)

Compliance

Total Consolidated Debt to Gross Asset Value

60%

23%

Yes

Secured Debt to Gross Asset Value

40%

Yes

Consolidated Adjusted EBITDAre to Total Fixed Charges

150%

544%

Yes

Unsecured Debt to Gross Asset Value

60%

23%

Yes

SENIOR UNSECURED NOTES

Covenant (a)

Required

Actual (b)

Compliance

Total Consolidated Debt to Total Asset Value

60%

27%

Yes

Total Secured Debt to Total Asset Value

40%

Yes

Total Unencumbered Asset Value to Total Unsecured Debt

150%

367%

Yes

Consolidated Income Available for Debt Service to Total Annual Service Charges

150%

565%

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.



CAMDEN						CAPITALIZED EXPENDITURES
						& MAINTENANCE EXPENSE
						(In thousands, except unit data)

(Unaudited)


	Second Quarter 2025
	Recurring Capitalized				Expensed
Item	Weighted Average Useful Life (a)		Total	Per Unit	Total	Per Unit
Interiors
Floor Coverings	4	years	$2,713	$45	$539	$9
Appliances	9	years	1,581	26	492	8
Painting	—		—	—	1,999	34
Cabinetry/Countertops	9	years	154	3	—	—
Other	8	years	2,459	41	1,609	27
Exteriors
Painting	7	years	856	14	—	—
Carpentry	10	years	573	10	—	—
Landscaping	6	years	810	14	4,079	68
Roofing	19	years	3,874	65	392	7
Site Drainage	10	years	168	3	—	—
Fencing/Stair	10	years	947	16	—	—
Other (b)	8	years	4,633	78	5,940	100
Common Areas
Mech., Elec., Plumbing	9	years	7,615	128	3,727	62
Parking/Paving	4	years	525	9	—	—
Pool/Exercise/Facility	6	years	3,060	51	655	11

Total Recurring (c)			$29,968	$503	$19,432	$326
Weighted Average Apartment Homes				59,633		59,633

Non-recurring & revenue enhancing capitalized expenditures (d)			$415

Reposition Expenditures (e)	10	years	$21,738	$29,942
Repositioned Apartment Homes				726



	Year to Date 2025
	Recurring Capitalized				Expensed
Item	Weighted Average Useful Life (a)		Total	Per Unit	Total	Per Unit
Interiors
Floor Coverings	4	years	$5,103	$86	$1,018	$17
Appliances	9	years	3,199	54	971	16
Painting	—		—	—	3,665	62
Cabinetry/Countertops	9	years	302	5	—	—
Other	8	years	4,371	74	3,272	55
Exteriors
Painting	7	years	889	15	—	—
Carpentry	10	years	731	12	—	—
Landscaping	6	years	1,385	23	7,704	130
Roofing	19	years	4,456	75	719	12
Site Drainage	10	years	237	4	—	—
Fencing/Stair	10	years	1,217	21	—	—
Other (b)	8	years	7,663	129	10,331	174
Common Areas
Mech., Elec., Plumbing	9	years	11,654	196	7,325	124
Parking/Paving	4	years	628	11	—	—
Pool/Exercise/Facility	6	years	4,231	71	1,140	19

Total Recurring (c)			$46,066	$776	$36,145	$609
Weighted Average Apartment Homes				59,353		59,353

Non-recurring & revenue enhancing capitalized expenditures (d)			$1,206

Reposition Expenditures (e)	10	years	$41,445	$31,517
Repositioned Apartment Homes				1,315

(a) Weighted average useful life of capitalized expenses for the three and six months ended June 30, 2025.

(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

(d) Capital expenditures primarily composed of non-recurring or one-time additions such as our smart access solution, LED lighting programs, and other non-routine items.

(e) Represents capital expenditures for the three and six months ended June 30, 2025 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.



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

(Unaudited)

FFO

Core FFO

Core Adjusted FFO


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Net income attributable to common shareholders	$80,670	$42,917	$119,492	$126,806
Real estate depreciation and amortization	148,886	142,895	295,054	284,742


Income allocated to non-controlling interests	1,924	1,893	3,869	3,763

Gain on sale of operating property	(47,293)	—	(47,293)	(43,806)




Funds from operations	$184,187	$187,705	$371,122	$371,505


Less: Casualty-related expenses, net of recoveries	(1,099)	(1,587)	(969)	(64)
Plus: Severance	—	—	—	506
Plus: Legal costs and settlements	2,311	1,114	4,183	1,966
Plus: Loss on early retirement of debt	—	—	—	921
Plus: Expensed transaction, development, and other pursuit costs	2,082	660	2,963	660


Plus: Miscellaneous other items	76	—	76	—
Core funds from operations	$187,557	$187,892	$377,375	$375,494

Less: Recurring capitalized expenditures	(29,968)	(29,595)	(46,066)	(51,620)

Core adjusted funds from operations	$157,589	$158,297	$331,309	$323,874

Weighted average number of common shares outstanding:
EPS diluted	109,400	108,424	108,636	108,577
FFO/Core FFO/ Core AFFO diluted	110,269	110,018	110,230	110,171



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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Total Earnings Per Common Share - Diluted	$0.74	$0.40	$1.10	$1.17
Real estate depreciation and amortization	1.35	1.29	2.67	2.57

Income allocated to non-controlling interests	0.01	0.02	0.03	0.03
Gain on sale of operating property	(0.43)	—	(0.43)	(0.40)



FFO per common share - Diluted	$1.67	$1.71	$3.37	$3.37


Less: Casualty-related expenses, net of recoveries	(0.01)	(0.02)	(0.01)	—
Plus: Severance	—	—	—	—
Plus: Legal costs and settlements	0.02	0.01	0.03	0.02
Plus: Loss on early retirement of debt	—	—	—	0.01

Plus: Expensed transaction, development, and other pursuit costs	0.02	0.01	0.03	0.01


Plus: Miscellaneous other items	—	—	—	—
Core FFO per common share - Diluted	$1.70	$1.71	$3.42	$3.41

Less: Recurring capitalized expenditures	(0.27)	(0.27)	(0.41)	(0.47)

Core AFFO per common share - Diluted	$1.43	$1.44	$3.01	$2.94

Expected FFO & Core FFO


	3Q25	Range	2025	Range
	Low	High	Low	High
Expected earnings per common share - diluted	$1.01	$1.05	$2.33	$2.43
Expected real estate depreciation and amortization	1.38	1.38	5.45	5.45

Expected income allocated to non-controlling interests	0.04	0.04	0.09	0.09

Expected (gain) on sale of operating properties	(0.79)	(0.79)	(1.22)	(1.22)



Expected FFO per share - diluted	$1.64	$1.68	$6.65	$6.75
Anticipated Adjustments to FFO	0.03	0.03	0.11	0.11
Expected Core FFO per share - diluted	$1.67	$1.71	$6.76	$6.86


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



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 total property expenses. 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 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 June 30,		Six months ended June 30,
	2025	2024	2025	2024
Net income	$82,594	$44,810	$123,361	$130,569
Less: Fee and asset management income	(2,633)	(2,606)	(5,120)	(3,890)
Less: Interest and other income	(68)	(1,598)	(78)	(3,366)
Less: Income on deferred compensation plans	(8,350)	(1,073)	(9,548)	(6,892)
Plus: Property management expense	9,699	9,846	19,594	19,240
Plus: Fee and asset management expense	641	475	1,312	918
Plus: General and administrative expense	21,183	18,154	39,891	34,847
Plus: Interest expense	35,375	32,227	69,165	64,764
Plus: Depreciation and amortization expense	152,108	145,894	301,360	290,696

Plus: Expense on deferred compensation plans	8,350	1,073	9,548	6,892

Plus: Loss on early retirement of debt	—	—	—	921
Less: Gain on sale of operating property	(47,293)	—	(47,293)	(43,806)



Plus: Income tax expense	1,231	1,059	1,790	1,964




NOI	$252,837	$248,261	$503,982	$492,857

"Same Property" Communities	$241,000	$240,431	$483,414	$480,682
Non-"Same Property" Communities	7,121	3,065	12,501	5,530
Development and Lease-Up Communities	1,611	354	3,003	487

Disposition/Other	3,105	4,411	5,064	6,158
NOI	$252,837	$248,261	$503,982	$492,857



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

(Unaudited)

EBITDAre and Adjusted EBITDAre


	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Net income	$82,594	$44,810	$123,361	$130,569
Plus: Interest expense	35,375	32,227	69,165	64,764

Plus: Depreciation and amortization expense	152,108	145,894	301,360	290,696


Plus: Income tax expense	1,231	1,059	1,790	1,964



Less: Gain on sale of operating property	(47,293)	—	(47,293)	(43,806)


EBITDAre	$224,015	$223,990	$448,383	$444,187

Less: Casualty-related expenses, net of recoveries	(1,099)	(1,587)	(969)	(64)
Plus: Severance	—	—	—	506
Plus: Legal costs and settlements	2,311	1,114	4,183	1,966
Plus: Loss on early retirement of debt	—	—	—	921



Plus: Expensed transaction, development, and other pursuit costs	2,082	660	2,963	660




Plus: Miscellaneous other items	76	—	76	—
Adjusted EBITDAre	$227,385	$224,177	$454,636	$448,176
Annualized Adjusted EBITDAre	$909,540	$896,708	$909,272	$896,352

Net Debt to Annualized Adjusted EBITDAre

Net Debt:


	Average monthly balance for the		Average monthly balance for the
	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Unsecured notes payable	$3,514,627	$3,220,334	$3,459,357	$3,232,903
Secured notes payable	330,456	330,222	330,426	330,194
Total average debt	3,845,083	3,550,556	3,789,783	3,563,097
Less: Average cash and cash equivalents	(18,145)	(54,686)	(15,223)	(60,347)
Net debt	$3,826,938	$3,495,870	$3,774,560	$3,502,750

Net Debt to Annualized Adjusted EBITDAre:


	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
Net debt	$3,826,938	$3,495,870	$3,774,560	$3,502,750
Annualized Adjusted EBITDAre	909,540	896,708	909,272	896,352
Net Debt to Annualized Adjusted EBITDAre	4.2x	3.9x	4.2x	3.9x



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 above/below market lease amortization, 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-Core Adjustments: Items not considered part of our core business operations. Items recorded to General and Administrative Expenses generally includes severance, legal costs and settlements, net of recoveries, and expensed transaction, developments, and other pursuit costs. Items recorded to Property Management Expenses may include advocacy contributions. Items recorded to Interest and Other Income may include miscellaneous revenues/expenses.

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, 2024, 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, 2024, 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.



CAMDEN						OTHER DATA

(Unaudited)

Stock Symbol:

CPT

Exchange Traded:

NYSE

Unsecured Debt Ratings:

Senior Debt

Outlook

Commercial Paper

Fitch

A-

Stable

Moody's

Stable

P-2

Standard & Poor's

A-

Stable

A-2

Estimated Future Dates:

Q3 '25

Q4 '25

Q1 '26

Q2 '26

Earnings Release & Conference Call

Early November

Early February

Late April

Late July

Dividend Information - Common Shares:

Q1 '25

Q2 '25

Declaration Date

2/6/2025

6/16/2025

Record Date

3/31/2025

6/30/2025

Payment Date

4/17/2025

7/17/2025

Distributions Per Share

$1.05

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



CAMDEN						COMMUNITY TABLE
						Community statistics as of 6/30/2025


(Unaudited)							2Q25 Avg Monthly		2Q25 Avg Monthly
			Year Placed	Average	Apartment	2Q25 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	93%	$1,944	$1.70	$2,350	$2.05
Camden Copper Square	Phoenix	AZ	2000	786	332	93%	1,626	2.07	2,009	2.56
Camden Foothills	Scottsdale	AZ	2014	1,032	220	96%	2,166	2.10	2,587	2.51
Camden Legacy	Scottsdale	AZ	1996	1,067	428	94%	2,000	1.87	2,374	2.23
Camden Montierra	Scottsdale	AZ	1999	1,071	249	95%	1,957	1.83	2,346	2.19
Camden North End	Phoenix	AZ	2019	921	441	96%	2,012	2.19	2,407	2.61
Camden North End II	Phoenix	AZ	2021	885	343	94%	2,050	2.32	2,420	2.73
Camden Old Town Scottsdale	Scottsdale	AZ	2016	892	316	93%	2,223	2.49	2,537	2.85
Camden Pecos Ranch	Chandler	AZ	2001	949	272	96%	1,682	1.77	2,023	2.13
Camden San Marcos	Scottsdale	AZ	1995	984	320	93%	1,884	1.91	2,243	2.28
Camden San Paloma	Scottsdale	AZ	1993/1994	1,042	324	95%	2,007	1.93	2,388	2.29
Camden Sotelo	Tempe	AZ	2008/2012	1,303	170	93%	1,984	1.52	2,456	1.89
Camden Tempe	Tempe	AZ	2015	1,043	234	96%	1,912	1.83	2,338	2.24
Camden Tempe II	Tempe	AZ	2023	981	397	95%	1,937	1.97	2,269	2.31
TOTAL ARIZONA	14	Properties		995	4,426	94%	1,956	1.97	2,335	2.35

Camden Crown Valley	Mission Viejo	CA	2001	1,009	380	95%	2,850	2.83	3,175	3.15
Camden Glendale	Glendale	CA	2015	893	307	96%	2,863	3.21	3,195	3.58
Camden Harbor View	Long Beach	CA	2004/2016	981	547	94%	2,938	3.00	3,257	3.32
Camden Main and Jamboree	Irvine	CA	2008	1,011	290	97%	2,801	2.77	3,104	3.07
The Camden	Hollywood	CA	2016	767	287	96%	2,906	3.79	3,198	4.17
Total Los Angeles/Orange County	5	Properties		943	1,811	96%	2,880	3.06	3,195	3.39

Camden Hillcrest	San Diego	CA	2021	1,223	132	97%	3,636	2.97	3,948	3.23
Camden Landmark	Ontario	CA	2006	982	469	96%	2,322	2.36	2,610	2.66
Camden Old Creek	San Marcos	CA	2007	1,037	350	98%	3,026	2.92	3,323	3.20
Camden Sierra at Otay Ranch	Chula Vista	CA	2003	962	422	95%	2,913	3.03	3,270	3.40
Camden Tuscany	San Diego	CA	2003	895	160	95%	3,225	3.60	3,550	3.97
Camden Vineyards	Murrieta	CA	2002	1,053	264	95%	2,529	2.40	2,842	2.70
Total San Diego/Inland Empire	6	Properties		1,009	1,797	96%	2,805	2.78	3,122	3.09

TOTAL CALIFORNIA	11	Properties		975	3,608	96%	2,843	2.91	3,158	3.24

Camden Belleview Station	Denver	CO	2009	888	270	98%	1,970	2.22	2,301	2.59
Camden Caley	Englewood	CO	2000	921	218	97%	1,977	2.15	2,272	2.47
Camden Denver West	Golden	CO	1997	1,015	320	98%	2,368	2.33	2,680	2.64
Camden Flatirons	Denver	CO	2015	960	424	96%	2,081	2.17	2,459	2.56
Camden Highlands Ridge	Highlands Ranch	CO	1996	1,149	342	97%	2,374	2.07	2,713	2.36
Camden Interlocken	Broomfield	CO	1999	1,002	340	96%	2,154	2.15	2,543	2.54
Camden Lakeway	Littleton	CO	1997	929	459	98%	2,135	2.30	2,435	2.62
Camden Lincoln Station	Lone Tree	CO	2017	844	267	97%	1,913	2.27	2,178	2.58
Camden RiNo	Denver	CO	2020	828	233	95%	2,203	2.66	2,637	3.18
TOTAL COLORADO	9	Properties		957	2,873	97%	2,141	2.24	2,480	2.59

Camden Ashburn Farm	Ashburn	VA	2000	1,062	162	98%	2,304	2.17	2,634	2.48
Camden College Park	College Park	MD	2008	945	509	97%	1,959	2.07	2,281	2.41
Camden Dulles Station	Oak Hill	VA	2009	977	382	99%	2,384	2.44	2,719	2.78
Camden Fair Lakes	Fairfax	VA	1999	1,056	530	97%	2,418	2.29	2,762	2.62
Camden Fairfax Corner	Fairfax	VA	2006	934	489	98%	2,411	2.58	2,766	2.96
Camden Fallsgrove	Rockville	MD	2004	996	268	97%	2,296	2.31	2,632	2.64
Camden Grand Parc	Washington	DC	2002	671	107	96%	2,896	4.32	3,267	4.87
Camden Lansdowne	Leesburg	VA	2002	1,006	690	98%	2,335	2.32	2,650	2.63
Camden Monument Place	Fairfax	VA	2007	856	368	99%	2,173	2.54	2,474	2.89
Camden Noma	Washington	DC	2014	769	321	97%	2,350	3.05	2,720	3.54
Camden Noma II	Washington	DC	2017	759	405	96%	2,422	3.19	2,775	3.65
Camden Potomac Yard	Arlington	VA	2008	832	378	97%	2,463	2.96	2,820	3.39
Camden Roosevelt	Washington	DC	2003	856	198	97%	3,348	3.91	3,739	4.37
Camden Shady Grove	Rockville	MD	2018	877	457	96%	2,183	2.49	2,489	2.84
Camden Silo Creek	Ashburn	VA	2004	975	284	98%	2,322	2.38	2,653	2.72
Camden South Capitol	Washington	DC	2013	821	281	96%	2,506	3.05	2,953	3.60
Camden Washingtonian	Gaithersburg	MD	2018	870	365	98%	2,228	2.56	2,540	2.92
TOTAL DC METRO	17	Properties		913	6,194	97%	2,354	2.58	2,692	2.95

Camden Atlantic	Plantation	FL	2022	919	269	98%	2,521	2.74	2,844	3.09
Camden Aventura	Aventura	FL	1995	1,108	379	93%	2,698	2.43	3,190	2.88
Camden Boca Raton	Boca Raton	FL	2014	843	261	96%	2,656	3.15	3,023	3.59
Camden Brickell	Miami	FL	2003	937	405	96%	3,053	3.26	3,404	3.63
Camden Doral	Miami	FL	1999	1,120	260	96%	2,720	2.43	3,011	2.69
Camden Doral Villas	Miami	FL	2000	1,253	232	96%	2,959	2.36	3,310	2.64
Camden Las Olas	Ft. Lauderdale	FL	2004	1,043	420	95%	2,801	2.69	3,080	2.95
Camden Plantation	Plantation	FL	1997	1,201	502	94%	2,456	2.04	2,810	2.34
Camden Portofino	Pembroke Pines	FL	1995	1,112	322	96%	2,498	2.25	2,910	2.62
Total Southeast Florida	9	Properties		1,065	3,050	96%	2,701	2.54	3,058	2.87



CAMDEN						COMMUNITY TABLE
						Community statistics as of 6/30/2025


(Unaudited)							2Q25 Avg Monthly		2Q25 Avg Monthly
			Year Placed	Average	Apartment	2Q25 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	96%	$1,905	$1.77	$2,206	$2.05
Camden Lago Vista	Orlando	FL	2005	955	366	96%	1,806	1.89	2,110	2.21
Camden Lake Eola	Orlando	FL	2021	944	360	96%	2,445	2.59	2,787	2.95
Camden LaVina	Orlando	FL	2012	969	420	96%	1,867	1.93	2,211	2.28
Camden Lee Vista	Orlando	FL	2000	937	492	96%	1,831	1.95	2,165	2.31
Camden North Quarter	Orlando	FL	2016	806	333	97%	1,892	2.35	2,142	2.66
Camden Orange Court	Orlando	FL	2008	817	268	96%	1,753	2.15	2,054	2.52
Camden Thornton Park	Orlando	FL	2016	920	299	97%	2,106	2.29	2,363	2.57
Camden Town Square	Orlando	FL	2012	983	438	95%	1,834	1.87	2,117	2.15
Camden Waterford Lakes	Orlando	FL	2014	971	300	95%	1,921	1.98	2,206	2.27
Camden World Gateway	Orlando	FL	2000	979	408	94%	1,862	1.90	2,132	2.18
Total Orlando	11	Properties		944	3,954	96%	1,925	2.04	2,225	2.36

Camden Bay	Tampa	FL	1997/2001	943	760	96%	1,872	1.99	2,207	2.34
Camden Central	St. Petersburg	FL	2019	942	368	96%	3,466	3.68	3,901	4.14
Camden Clearwater	Clearwater	FL	2020	1,111	360	90%	2,581	2.32	2,786	2.51
Camden Montague	Tampa	FL	2012	972	192	94%	1,916	1.97	2,253	2.32
Camden Pier District	St. Petersburg	FL	2016	989	358	95%	3,578	3.62	3,829	3.87
Camden Preserve	Tampa	FL	1996	942	276	96%	2,121	2.25	2,482	2.64
Camden Royal Palms	Brandon	FL	2006	1,017	352	96%	1,783	1.75	2,098	2.06
Camden Visconti	Tampa	FL	2007	1,125	450	97%	2,025	1.80	2,339	2.08
Camden Westchase Park	Tampa	FL	2012	992	348	95%	2,133	2.15	2,478	2.50
Total Tampa	9	Properties		1,003	3,464	95%	2,351	2.34	2,670	2.66

TOTAL FLORIDA	28	Properties		999	10,468	95%	2,292	2.30	2,615	2.62

Camden Brookwood	Atlanta	GA	2002	916	359	95%	1,627	1.78	1,983	2.16
Camden Buckhead	Atlanta	GA	2022	1,087	366	94%	2,401	2.21	2,690	2.47
Camden Buckhead Square	Atlanta	GA	2015	827	250	94%	1,720	2.08	1,946	2.35
Camden Creekstone	Atlanta	GA	2002	990	223	96%	1,685	1.70	1,980	2.00
Camden Deerfield	Alpharetta	GA	2000	1,187	292	97%	1,971	1.66	2,312	1.95
Camden Dunwoody	Atlanta	GA	1997	1,007	324	96%	1,748	1.74	2,070	2.06
Camden Fourth Ward	Atlanta	GA	2014	844	276	97%	2,014	2.39	2,331	2.76
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	95%	1,736	1.86	2,071	2.21
Camden Paces	Atlanta	GA	2015	1,408	379	95%	2,838	2.02	3,171	2.25
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	96%	1,800	1.75	2,119	2.06
Camden Phipps	Atlanta	GA	1996	1,010	234	96%	1,763	1.75	2,080	2.06
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	95%	1,673	1.46	2,018	1.77
Camden St. Clair	Atlanta	GA	1997	999	336	95%	1,726	1.73	2,076	2.08
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	95%	1,509	1.50	1,830	1.81
TOTAL GEORGIA	14	Properties		1,036	4,270	95%	1,900	1.83	2,221	2.14

Camden Ballantyne	Charlotte	NC	1998	1,048	400	95%	1,761	1.68	2,077	1.98
Camden Cotton Mills	Charlotte	NC	2002	905	180	96%	1,718	1.90	2,010	2.22
Camden Dilworth	Charlotte	NC	2006	857	145	96%	1,803	2.10	2,133	2.49
Camden Fairview	Charlotte	NC	1983	1,036	135	95%	1,538	1.48	1,814	1.75
Camden Foxcroft	Charlotte	NC	1979	940	156	95%	1,435	1.53	1,674	1.78
Camden Foxcroft II	Charlotte	NC	1985	874	100	97%	1,532	1.75	1,811	2.07
Camden Gallery	Charlotte	NC	2017	743	323	96%	1,937	2.61	2,189	2.95
Camden Grandview	Charlotte	NC	2000	1,060	285	94%	2,128	2.01	2,409	2.27
Camden Grandview II	Charlotte	NC	2019	2,241	28	94%	4,104	1.83	4,422	1.97
Camden NoDa	Charlotte	NC	2023	789	387	95%	1,758	2.23	2,028	2.57
Camden Sedgebrook	Charlotte	NC	1999	972	368	95%	1,640	1.69	1,960	2.02
Camden South End	Charlotte	NC	2003	878	299	96%	1,863	2.12	2,150	2.45
Camden Southline	Charlotte	NC	2015	831	266	95%	2,023	2.44	2,310	2.78
Camden Stonecrest	Charlotte	NC	2001	1,098	306	96%	1,753	1.60	2,048	1.86
Camden Touchstone	Charlotte	NC	1986	899	132	95%	1,448	1.61	1,726	1.92
Total Charlotte	15	Properties		936	3,510	95%	1,799	1.92	2,086	2.23

Camden Asbury Village	Raleigh	NC	2009	1,009	350	96%	1,594	1.58	1,884	1.87
Camden Carolinian	Raleigh	NC	2017	1,118	186	96%	2,315	2.07	2,469	2.21
Camden Crest	Raleigh	NC	2001	1,012	442	97%	1,500	1.48	1,773	1.75
Camden Durham	Durham	NC	2024	892	420	Lease-Up	1,691	1.90	1,789	2.01
Camden Governor's Village	Chapel Hill	NC	1999	1,046	242	95%	1,662	1.59	2,041	1.95
Camden Lake Pine	Apex	NC	1999	1,066	446	96%	1,621	1.52	1,920	1.80
Camden Manor Park	Raleigh	NC	2006	966	484	95%	1,529	1.58	1,815	1.88
Camden Overlook	Raleigh	NC	2001	1,060	322	96%	1,645	1.55	1,947	1.84
Camden Reunion Park	Apex	NC	2000/2004	972	420	95%	1,453	1.49	1,749	1.80
Camden Westwood	Morrisville	NC	1999	1,022	360	94%	1,553	1.52	1,854	1.81
Total Raleigh	10	Properties		1,007	3,672	96%	1,614	1.60	1,883	1.87

TOTAL NORTH CAROLINA	25	Properties		972	7,182	96%	1,704	1.75	1,983	2.04

Camden Franklin Park	Franklin	TN	2018	967	328	93%	2,030	2.10	2,230	2.31
Camden Music Row	Nashville	TN	2016	903	430	97%	2,382	2.64	2,522	2.79
Camden West Nashville	Nashville	TN	2020	822	435	94%	1,874	2.28	1,973	2.40
TOTAL TENNESSEE	3	Properties		891	1,193	95%	2,100	2.36	2,244	2.52



CAMDEN						COMMUNITY TABLE
						Community statistics as of 6/30/2025


(Unaudited)							2Q25 Avg Monthly		2Q25 Avg Monthly
			Year Placed	Average	Apartment	2Q25 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%	$1,403	$1.63	$1,738	$2.02
Camden Amber Oaks II	Austin	TX	2012	910	244	95%	1,479	1.62	1,795	1.97
Camden Brushy Creek	Cedar Park	TX	2008	882	272	97%	1,482	1.68	1,709	1.94
Camden Cedar Hills	Austin	TX	2008	911	208	96%	1,615	1.77	1,941	2.13
Camden Gaines Ranch	Austin	TX	1997	955	390	95%	1,851	1.94	2,181	2.28
Camden Huntingdon	Austin	TX	1995	903	398	96%	1,516	1.68	1,829	2.02
Camden La Frontera	Austin	TX	2015	901	300	94%	1,507	1.67	1,771	1.96
Camden Lamar Heights	Austin	TX	2015	838	314	96%	1,733	2.07	1,998	2.38
Camden Leander	Leander	TX	2023	931	352	Lease-Up	1,514	1.63	1,612	1.73
Camden Rainey Street	Austin	TX	2016	873	326	94%	2,035	2.33	2,014	2.31
Camden Shadow Brook	Austin	TX	2009	909	496	93%	1,376	1.51	1,639	1.80
Camden Stoneleigh	Austin	TX	2001	908	390	93%	1,629	1.79	1,938	2.13
Total Austin	12	Properties		900	4,038	95%	1,591	1.77	1,845	2.05

Camden Addison	Addison	TX	1996	942	456	94%	1,570	1.67	1,835	1.95
Camden Belmont	Dallas	TX	2010/2012	946	477	94%	1,790	1.89	2,049	2.17
Camden Buckingham	Richardson	TX	1997	919	464	96%	1,532	1.67	1,857	2.02
Camden Centreport	Ft. Worth	TX	1997	912	268	96%	1,509	1.65	1,820	2.00
Camden Cimarron	Irving	TX	1992	772	286	95%	1,564	2.03	1,834	2.38
Camden Design District	Dallas	TX	2009	939	355	96%	1,675	1.78	1,905	2.03
Camden Farmers Market	Dallas	TX	2001/2005	934	906	94%	1,529	1.64	1,778	1.90
Camden Greenville	Dallas	TX	2017/2018	1,028	558	97%	2,072	2.02	2,279	2.22
Camden Henderson	Dallas	TX	2012	966	106	94%	1,955	2.02	2,254	2.33
Camden Legacy Creek	Plano	TX	1995	831	240	97%	1,656	1.99	1,954	2.35
Camden Legacy Park	Plano	TX	1996	870	276	97%	1,763	2.03	2,077	2.39
Camden Panther Creek	Frisco	TX	2009	946	295	94%	1,716	1.81	2,042	2.16
Camden Riverwalk	Grapevine	TX	2008	989	600	96%	1,866	1.89	2,144	2.17
Camden Valley Park	Irving	TX	1986	743	516	95%	1,386	1.86	1,696	2.28
Camden Victory Park	Dallas	TX	2016	861	423	96%	2,010	2.33	2,299	2.67
Total Dallas/Ft. Worth	15	Properties		914	6,226	95%	1,695	1.85	1,971	2.16

Camden City Centre	Houston	TX	2007	932	379	96%	1,607	1.72	1,926	2.07
Camden City Centre II	Houston	TX	2013	869	268	97%	1,554	1.79	1,846	2.12
Camden Cypress Creek	Cypress	TX	2009	993	310	94%	1,549	1.56	1,839	1.85
Camden Cypress Creek II	Cypress	TX	2020	950	234	95%	1,595	1.68	1,888	1.99
Camden Downs at Cinco Ranch	Katy	TX	2004	1,075	318	94%	1,653	1.54	1,979	1.84
Camden Downtown	Houston	TX	2020	1,052	271	95%	2,561	2.44	2,906	2.76
Camden Grand Harbor	Katy	TX	2008	959	300	93%	1,493	1.56	1,746	1.82
Camden Greenway	Houston	TX	1999	861	756	96%	1,532	1.78	1,816	2.11
Camden Heights	Houston	TX	2004	927	352	94%	1,687	1.82	2,031	2.19
Camden Highland Village	Houston	TX	2014/2015	1,172	552	95%	2,481	2.12	2,722	2.32
Camden Holly Springs	Houston	TX	1999	934	548	95%	1,463	1.57	1,765	1.89
Camden Long Meadow Farms	Richmond	TX	2024	1,462	188	Lease-Up	2,456	1.68	2,553	1.75
Camden McGowen Station	Houston	TX	2018	1,004	315	94%	2,097	2.09	2,421	2.41
Camden Northpointe	Tomball	TX	2008	940	384	93%	1,414	1.51	1,745	1.86
Camden Plaza	Houston	TX	2007	915	271	97%	1,791	1.96	2,082	2.28
Camden Post Oak	Houston	TX	2003	1,200	356	95%	2,709	2.26	3,046	2.54
Camden Royal Oaks	Houston	TX	2006	923	236	98%	1,592	1.72	1,690	1.83
Camden Royal Oaks II	Houston	TX	2012	1,054	104	95%	1,796	1.70	1,916	1.82
Camden Spring Creek	Spring	TX	2004	1,080	304	95%	1,538	1.42	1,834	1.70
Camden Stonebridge	Houston	TX	1993	845	204	96%	1,300	1.54	1,584	1.87
Camden Sugar Grove	Stafford	TX	1997	921	380	95%	1,478	1.60	1,737	1.89
Camden Travis Street	Houston	TX	2010	819	253	95%	1,490	1.82	1,771	2.16
Camden Vanderbilt	Houston	TX	1996/1997	863	894	95%	1,656	1.92	1,993	2.31
Camden Whispering Oaks	Houston	TX	2008	936	274	96%	1,489	1.59	1,775	1.90
Camden Woodmill Creek	Spring	TX	2024	1,434	189	96%	2,347	1.64	2,591	1.81
Camden Woodson Park	Houston	TX	2008	916	248	95%	1,403	1.53	1,721	1.88
Camden Yorktown	Houston	TX	2008	995	306	95%	1,407	1.41	1,660	1.67
Total Houston	27	Properties		980	9,194	95%	1,733	1.77	2,016	2.06

TOTAL TEXAS	54	Properties		942	19,458	95%	1,691	1.79	1,966	2.09

TOTAL PROPERTIES	176	Properties		965	59,672	96%	$2,001	$2.07	$2,308	$2.39