Slides
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2Q25 Earnings CallCamden Property Trust
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CAMDEN CLEARWATER Clearwater, Florida ACQUIRED 2Q25 360 UNITS $139M
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DISPOSITIONS 3 Houston communities 1 Dallas community Average age 25 years old Combined unlevered IRR of over 10% over 24 years Sold at average AFFO yield of ~ 5.1%
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DEVELOPMENT COMMUNITIES IN LEASE-UP CAMDEN WOODMILL CREEK Spring, Texas STABILIZED 189 UNITS $72.5M ~96% OCCUPIED CAMDEN LONG MEADOW FARMS Richmond, Texas STABLIZE 1Q26 188 UNITS $72.5M ~74% OCCUPIED
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DEVELOPMENT COMMUNITIES IN LEASE-UP CAMDEN DURHAM Durham, North Carolina STABILIZE 3Q25 420 UNITS $145.4M ~92% OCCUPIED CAMDEN VILLAGE DISTRICT Raleigh, North Carolina STABLIZE 2Q27 369 UNITS $138.0M ~29% OCCUPIED
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2025 ACQUISITIONS AND DISPOSITIONS DISPOSITIONS $750M ACQUISITIONS $750M Midpoint of Guidance Range $576M $412M Currently Remaining
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2025 DEVELOPMENTS ACTUAL DEVELOPMENT STARTS $184M $675M DEVELOPMENT STARTS GUIDANCE RANGE $175M $675MTO $675M $184M $175M As of June 30, 2025
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2Q25 CORE FFO PER SHARE $1.70 2Q25 ACTUAL RESULTS 2Q25 GUIDANCE MIDPOINT $1.69 1¢ per share from 1.0¢ HIGHER PROPERTY TAX REFUNDS AND LOWER INTEREST EXPENSE
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2025 EXPECTED SAME STORE GROWTH EXPENSES 3.0% REVENUES 1.0% NOI 0.0% 2.50% 1.0% 0.25% Midpoint of Guidance Range Prior Guidance Updated Guidance
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2025 EXPECTED CORE FFO PER SHARE $6.81 Midpoint of Guidance Range $6.78 2025 PRIOR GUIDANCE MIDPOINT 2025 UPDATED GUIDANCE MIDPOINT 3¢ per share from 3.0¢ PRIMARILY INCREASED SAME STORE NOI
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3Q25 EXPECTED CORE FFO PER SHARE $1.69 Midpoint of Guidance Range $1.70 2Q25 ACTUAL RESULTS 3Q25 GUIDANCE MIDPOINT 1¢ per share from (1.0¢) SEASONAL INCREASES IN UTILITY AND REPAIR & MAINTENANCE EXPENSES
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BALANCE SHEET • 2Q25 NET DEBT TO EBITDA = 4.2X • NO SIGNFICANT DEBT MATURITIES UNTIL 4Q26 • NO DILUTIVE DEBT MATURITIES UNTIL 2027
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Camden Property Trust 2Q25 Earnings Call