Earnings release
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NEWS RELEASE Camden Property Trust Announces First Quarter 2025 Operating Results 2025-05-01 HOUSTON--(BUSINESS WIRE)-- Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three months ended March 31, 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 months ended March 31, 2025 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the nancial tables accompanying this press release. Three Months Ended March 31, Per Diluted Share 2025 2024 EPS $0.36 $0.77FFO $1.70 $1.67Core FFO $1.72 $1.70 Core AFFO $1.58 $1.50 Three Months Ended1Q25 Guidance1Q25 GuidancePer Diluted Share March 31, 2025Midpoint Variance EPS $0.36 $0.34 $0.02FFO $1.70 $1.66 $0.04 Core FFO $1.72 $1.68 $0.04 "We are pleased to report strong rst quarter results, and a raise to our full-year 2025 earnings guidance,” said Richard J. Campo, Camden’s Chairman and CEO. “Core FFO exceeded the midpoint of our guidance by $0.04 per share in the rst quarter, with $0.02 resulting from higher than anticipated revenues and the remaining $0.02 from 1
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lower interest expense and the timing of other income and expense categories. We are maintaining our guidance for same property growth given recent uncertainty in the macro-economic environment. However, we expect to incur lower than anticipated borrowing costs for the remainder of the year due to our new commercial paper program, resulting in a revised midpoint of $6.78 per share for full-year 2025 Core FFO compared to our original guidance of $6.75 per share." Quarterly GrowthSequential GrowthSame Property Results 1Q25 vs. 1Q241Q25 vs. 4Q24 Revenues 0.8% 0.4%Expenses 0.5% 2.2% Net Operating Income ("NOI") 0.9% (0.5)% Same Property Results 1Q25 1Q24 4Q24 Occupancy 95.4% 95.0% 95.3% For 2025, the Company de nes same property communities as communities wholly-owned and stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the nancial tables accompanying this press release. Operating Statistics - Same Property Portfolio New Lease and Renewal Data - Date E ective (1) 1Q25 1Q24 4Q24 E ective New Lease Rates(3.1)% (4.2)% (4.6)%E ective Renewal Rates 3.3% 4.0% 3.3% E ective Blended Lease Rates(0.1)% (0.8)% (1.1)% (1)Average change in same property new lease and renewal rates vs. expiring lease rates when e ective. Occupancy, Bad Debt and Turnover Data1Q25 1Q24 4Q24 Occupancy 95.4% 95.0% 95.3%Bad Debt 0.6% 0.8% 0.7%Annualized Gross Turnover40% 45% 41% Annualized Net Turnover 31% 34% 31% 2
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Development Activity During the quarter, construction commenced at Camden Nations in Nashville, TN. Additionally, leasing began at Camden Village District in Raleigh, NC and leasing continued at Camden Woodmill Creek in Spring, TX, Camden Durham in Durham, NC, and Camden Long Meadow Farms in Richmond, TX. Development Communities - Construction Completed and Project in Lease-Up ($ in millions) Total Total % LeasedCommunity Name Location Homes Costas of 4/28/2025 Camden Woodmill CreekSpring, TX 189 $72.4 94%Camden Durham Durham, NC 420 145.2 90% Camden Long Meadow FarmsRichmond, TX 188 72.1 64% Total 797 $289.7 Development Communities - Construction Ongoing ($ in millions) Total Total % LeasedCommunity Name Location HomesEstimated Costas of 4/28/2025 Camden Village DistrictRaleigh, NC 369 $138.0 14%Camden South CharlotteCharlotte, NC 420 163.0Camden Blakeney Charlotte, NC 349 154.0 Camden Nations Nashville, TN 393 184.0 Total 1,531 $639.0 Acquisition Activity During the quarter, the Company acquired Camden Leander, a 352-home apartment community located in the Austin, TX metropolitan area for approximately $67.7 million and Camden West Nashville, a 435-home apartment community located in Nashville, TN for approximately $131.3 million. Capital Markets Transaction During the quarter, the Company established a commercial paper program which allows the issuance, from time to time, of commercial paper notes up to a maximum aggregate amount outstanding of $600 million. The net proceeds of the issuances under the commercial paper program are expected to be used for general corporate purposes, which may include property acquisitions and development in the ordinary course of business, capital expenditures, and working capital. As of March 31, 2025, an aggregate of $425.8 million was outstanding under the $600 million commercial paper program. 3
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Liquidity Analysis As of March 31, 2025, Camden had approximately $772.9 million of liquidity comprised of approximately $26.2 million in cash and cash equivalents, and approximately $746.7 million of availability under its unsecured credit facility and commercial paper program. At quarter-end, the Company had approximately $350.7 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 second quarter 2025 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions. 2Q25 2025 2025 Midpoint Per Diluted ShareRange Range Current Prior Change EPS $0.27 - $0.31$1.01 - $1.31$1.16 $1.15 $0.01FFO $1.65 - $1.69$6.53 - $6.83$6.68 $6.65 $0.03 Core FFO(1) $1.67 - $1.71$6.63 - $6.93$6.78 $6.75 $0.03 (1)The Company's 2025 core FFO guidance excludes approximately $0.10 per share of non-core charges for legal costs and settlements and expensedtransaction pursuit costs. 2025 2025 Midpoint Same Property Growth GuidanceRange Current Prior Change Revenues 0.00% - 2.00%1.00% 1.00% 0.00%Expenses 2.25% - 3.75%3.00% 3.00% 0.00% NOI (1.50%) - 1.50%0.00% 0.00% 0.00% Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2025 nancial 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 nancial tables accompanying this press release. Conference Call Friday, May 2, 2025 at 10:00 AM CT 4
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Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 5843308 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 nancial 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 di cult to predict. Factors which may cause the Company’s actual results or performance to di er 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 lings 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 176 properties containing 59,647 apartment homes across the United States. Upon completion of 4 properties currently under development, the Company’s portfolio will increase to 61,178 apartment homes in 180 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) ThMthEddMh31 5
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Three Months Ended March 31, 2025 2024 OPERATING DATAProperty revenues(a) $ 390,565$ 383,141Property expenses Property operating and maintenance 89,698 89,044 Real estate taxes 49,722 49,501 Total property expenses 139,420138,545 Non-property income Fee and asset management 2,487 1,284Interest and other income 10 1,768 Income on deferred compensation plans 1,198 5,819 Total non-property income 3,695 8,871 Other expenses Property management 9,895 9,394Fee and asset management 671 443General and administrative 18,708 16,693Interest 33,790 32,537Depreciation and amortization 149,252144,802 Expense on deferred compensation plans 1,198 5,819 Total other expenses 213,514209,688 Loss on early retirement of debt — (921) Gain on sale of operating property — 43,806 Income from continuing operations before income taxes41,32686,664 Income tax expense (559) (905) Net income 40,76785,759 Net Income allocated to non-controlling interests(1,945) (1,870) Net income attributable to common shareholders$ 38,822$ 83,889 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMENet income $ 40,767$ 85,759Other comprehensive income Unrealized gain on cash ow hedging activities— 85Reclassi cation of net loss on cash ow hedging activities, prior service cost and net loss on postretirement obligation 351 1,089 Comprehensive income 41,11886,933 Net income allocated to non-controlling interests(1,945) (1,870) Comprehensive income attributable to common shareholders$ 39,173$ 85,063 PER SHARE DATA Total earnings per common share - basic$ 0.36$ 0.77Total earnings per common share - diluted 0.36 0.77 Weighted average number of common shares outstanding: Basic 108,530108,706Diluted 108,597108,729 (a)We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements ofincome and comprehensive income. For the three months ended March 31, 2025, we recognized $390.6 million of property revenue whichconsisted of approximately $348.3 million of rental revenue and approximately $42.3 million of amounts received under contractual terms forother services considered to be non-lease components within our lease contracts. This compares to property revenue of $383.1 million recognizedfor the three months ended March 31, 2024, made up of approximately $341.5 million of rental revenue and approximately $41.6 million ofamounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue relatedto utility rebilling to residents was $11.4 million and $10.7 million for the three months ended March 31, 2025 and 2024,Note: Please refer to the following pages for de nitions and reconciliations of all non-GAAP nancial measures presented in this document. CAMDEN FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended March 31, 2025 2024 6
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FUNDS FROM OPERATIONSNet income attributable to common shareholders$ 38,822$ 83,889 Real estate depreciation and amortization 146,168141,847Income allocated to non-controlling interests1,945 1,870 Gain on sale of property — (43,806) Funds from operations $ 186,935$ 183,800 Plus: Casualty-related expenses, net of recoveries(a) 130 1,523Plus: Severance(b) — 506Plus: Legal costs and settlements(b) 1,872 852Plus: Loss on early retirement of debt — 921 Plus: Expensed transaction, development, and other pursuit costs(b) 881 — Core funds from operations $ 189,818$ 187,602 Less: Recurring capitalized expenditures (c) (16,098) (22,025) Core adjusted funds from operations$ 173,720$ 165,577 PER SHARE DATA Funds from operations - diluted $ 1.70$ 1.67Core funds from operations - diluted 1.72 1.70Core adjusted funds from operations - diluted1.58 1.50Distributions declared per common share 1.05 1.03 Weighted average number of common shares outstanding: FFO/Core FFO/Core AFFO - diluted 110,191110,323 PROPERTY DATA Total operating properties (end of period)(d) 176 171Total operating apartment homes in operating properties (end of period)(d) 59,647 58,061Total operating apartment homes (weighted average)59,074 58,336 (a)Non-core adjustment generally recorded within Property NOI.(b)Non-core adjustment generally recorded within General and Administrative Expenses.(c)Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.(d)Includes joint ventures and properties held for sale, if any.Note: Please refer to the following pages for de nitions and reconciliations of all non-GAAP nancial measures presented in this document. CAMDEN BALANCE SHEETS (In thousands) (Unaudited) Mar 31,Dec 31,Sep 30,Jun 30,Mar 31,20252024202420242024ASSETS Real estate assets, at costLand $ 1,763,468$ 1,722,526$ 1,718,185$ 1,716,515$ 1,706,983 Buildings and improvements11,550,85211,319,46011,222,26111,148,31211,014,440 13,314,32013,041,98612,940,44612,864,82712,721,423 Accumulated depreciation(5,011,583) (4,867,422) (4,725,152) (4,582,440) (4,439,710) Net operating real estate assets8,302,7378,174,5648,215,2948,282,3878,281,713 Properties under development and land403,657401,542418,209439,758477,481 Total real estate assets8,706,3948,576,1068,633,5038,722,1458,759,194Accounts receivable – a liates8,950 8,991 8,993 9,903 10,350Other assets, net(a) 239,999234,838262,339245,625233,137Cash and cash equivalents26,18221,04531,23493,93292,693 Restricted cash 11,60711,16411,112 7,969 8,230 Total assets $ 8,993,132$ 8,852,144$ 8,947,181$ 9,079,574$ 9,103,604 LIABILITIES AND EQUITY LiabilitiesNotes payableUnsecured $ 3,405,255$ 3,155,233$ 3,121,499$ 3,222,569$ 3,223,285Secured 330,416330,358330,299330,241330,184Accounts payable and accrued expenses195,197215,179221,880212,247213,896Accrued real estate taxes 46,19278,529131,69390,70246,612Distributions payable 115,983113,549113,505113,506113,556 Other liabilities (b) 212,871212,107214,027183,377182,443 Total liabilities 4,305,9144,104,9554,132,9034,152,6424,109,976Eit 7
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EquityCommon shares of bene cial interest1,157 1,158 1,158 1,157 1,157Additional paid-in capital5,936,9825,930,7295,927,4775,924,6085,919,851Distributions in excess of net income attributable tocommon shareholders (973,416) (897,931) (826,725) (710,633) (641,663)Treasury shares (351,092) (359,732) (359,989) (359,975) (356,880) Accumulated other comprehensive income/(loss)(c) 1,325 974 641 283 (78) Total common equity 4,614,9564,675,1984,742,5624,855,4404,922,387 Non-controlling interests72,26271,99171,71671,49271,241 Total equity 4,687,2184,747,1894,814,2784,926,9324,993,628 Total liabilities and equity$ 8,993,132$ 8,852,144$ 8,947,181$ 9,079,574$ 9,103,604 (a) Includes net deferred charges of:$ 2,730$ 2,675$ 3,244$ 3,703$ 4,286(b) Includes deferred revenues of:$ 760$ 767$ 830$ 894$ 958(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain/(loss) on cash owhedging activities. CAMDEN NON-GAAP FINANCIAL MEASURESDEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) This document contains certain non-GAAP nancial measures management believes are useful in evaluating an equity REIT's performance. Camden's de nitions and calculations of non-GAAP nancial measures may di er from those used by other REITs, and thus may not be comparable. The non-GAAP nancial 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 de nes 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 re ect 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 di erent companies. Core FFO Core FFO represents FFO as further adjusted for Non-Core Adjustments. We consider Core FFO to be a helpful 8
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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 de nition of Core FFO may di er 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 de nition of recurring capital expenditures may di er 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 March 31, 2025 2024 Net income attributable to common shareholders$ 38,822$ 83,889Real estate depreciation and amortization 146,168141,847Income allocated to non-controlling interests1,945 1,870 Gain on sale of property — (43,806) Funds from operations $ 186,935$ 183,800 Plus: Casualty-related expenses, net of recoveries130 1,523Plus: Severance — 506Plus: Legal costs and settlements 1,872 852Plus: Loss on early retirement of debt — 921 Plus: Expensed transaction, development, and other pursuit costs881 — Core funds from operations $ 189,818$ 187,602 Less: Recurring capitalized expenditures (16,098) (22,025) Core adjusted funds from operations$ 173,720$ 165,577 Weighted average number of common shares outstanding:EPS diluted 108,597108,729FFO/Core FFO/ Core AFFO diluted 110,191110,323 CAMDEN NON-GAAP FINANCIAL MEASURESDEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) Reconciliation of FFO, Core FFO, and Core AFFO per shareThree Months Ended March 31, 2025 2024 Total Earnings Per Common Share - Diluted$ 0.36$ 0.77Real estate depreciation and amortization 1.32 1.28Income allocated to non-controlling interests0.02 0.02 Gain on sale of operating property — (0.40) FFO per common share - Diluted$ 1.70$ 1.67 Plus: Casualty-related expenses, net of recoveries— 0.01Plus: Severance — —Plus: Legal costs and settlements 0.01 0.01PlL l ti tfdbt 001 9
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Plus: Loss on early retirement of debt — 0.01 Plus: Expensed transaction, development, and other pursuit costs0.01 — Core FFO per common share - Diluted$ 1.72$ 1.70 Less: Recurring capitalized expenditures (0.14) (0.20) Core AFFO per common share - Diluted$ 1.58$ 1.50 Expected FFO & Core FFO Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below: 2Q25 Range2025 Range LowHigh LowHigh Expected earnings per common share - diluted$ 0.27$ 0.31$ 1.01$ 1.31Expected real estate depreciation and amortization1.36 1.36 5.45 5.45 Expected income allocated to non-controlling interests0.02 0.02 0.07 0.07 Expected FFO per share - diluted$ 1.65$ 1.69$ 6.53$ 6.83 Anticipated Adjustments to FFO 0.02 0.02 0.10 0.10 Expected Core FFO per share - diluted$ 1.67$ 1.71$ 6.63$ 6.93 Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. CAMDEN NON-GAAP FINANCIAL MEASURESDEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) Net Operating Income (NOI) NOI is de ned 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 re ects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our de nition of NOI may di er 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: 10
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Three months ended March 31, 2025 2024 Net income $ 40,767$ 85,759Less: Fee and asset management income (2,487) (1,284)Less: Interest and other income (10) (1,768)Less: Income on deferred compensation plans(1,198) (5,819)Plus: Property management expense 9,895 9,394Plus: Fee and asset management expense 671 443Plus: General and administrative expense 18,708 16,693Plus: Interest expense 33,790 32,537Plus: Depreciation and amortization expense149,252144,802Plus: Expense on deferred compensation plans1,198 5,819Plus: Loss on early retirement of debt — 921Less: Gain on sale of operating property — (43,806) Plus: Income tax expense 559 905 NOI $ 251,145$ 244,596 "Same Property" Communities $ 243,369$ 241,165Non-"Same Property" Communities 4,759 2,596Development and Lease-Up Communities 2,013 2 Disposition/Other 1,004 833 NOI $ 251,145$ 244,596 CAMDEN NON-GAAP FINANCIAL MEASURESDEFINITIONS & 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 nancial performance. EBITDAre is calculated in accordance with the de nition 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 re ect 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. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below: Three months ended March 31, 2025 2024 11
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2025 2024 Net income $ 40,767$ 85,759Plus: Interest expense 33,790 32,537Plus: Depreciation and amortization expense149,252144,802Plus: Income tax expense 559 905 Less: Gain on sale of operating property — (43,806) EBITDAre $ 224,368$ 220,197 Plus: Casualty-related expenses, net of recoveries130 1,523Plus: Severance — 506Plus: Legal costs and settlements 1,872 852Plus: Loss on early retirement of debt — 921 Plus: Expensed transaction, development, and other pursuit costs881 — Adjusted EBITDAre $ 227,251$ 223,999 Annualized Adjusted EBITDAre $ 909,004$ 895,996 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 de ned 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 theThree months ended March 31, 2025 2024 Unsecured notes payable $ 3,404,088$ 3,245,471 Secured notes payable 330,396330,165 Total average debt 3,734,4843,575,636 Less: Average cash and cash equivalents (12,302) (66,007) Net debt $ 3,722,182$ 3,509,629 Net Debt to Annualized Adjusted EBITDAre: Three months ended March 31, 2025 2024 Net debt $ 3,722,182$ 3,509,629 Annualized Adjusted EBITDAre 909,004895,996 Net Debt to Annualized Adjusted EBITDAre 4.1x 3.9x Kim Callahan, 713-354-2549 Source: Camden Property Trust 12