Slides
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Camden Alpharetta – Atlanta Metro Area
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2FORWARD-LOOKING STATEMENTS – In addition to historical information, this presentation contains forward-looking statements under the federalsecurities 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 futureperformance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results orperformance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’sAnnual Report on Form 10-K and in other filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements made in thispresentation represent management’s opinions as of the date of this presentation, and the Company assumes no obligation to update or supplementthese statements because of subsequent events.2 Table of Contents3-13Company Overview14-19Recent Updates & Operating Trends20-28Multifamily Fundamentals29-36Real Estate Investment Activity37-41Innovation, Technology & Other Information42-47AppendixCamden Rainey Street – Austin, TX
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3I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 63Company OverviewCamden Highland Village – Houston, TX
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4I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 C O M P A N Y O V E R V I E W — W H Y C A M D E NCamden is positioned for excellence with a consistent long-term strategy The Right Product in the Right MarketsFocus on operating in high-growth markets with a diverse portfolio of assetsCapital Allocation& Value CreationProven record of recycling capital and creating value for shareholdersBalance SheetStrengthLow leverage, ample liquidity, and ability to capitalize on future opportunitiesConsistent Earnings & Dividend GrowthStrong cash flow growth and returns over time
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5I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6Source: Witten Advisors. C O M P A N Y O V E R V I E W — H I G H - G R O W T H M A R K E T S95% of Camden’s NOI is derived from the nation’s top growth marketsEmployment GrowthEst. Gain '26–'28MarketRank189,000 New York City1106,000 Houston297,000 Dallas376,000 Chicago469,000 Los Angeles568,000 Philadelphia663,000 Atlanta762,000 Charlotte860,000 Las Vegas958,000 Phoenix1057,000 Riverside1153,000 Austin1252,000 Raleigh1350,000 Orlando1446,000 San Jose1541,000 Columbus1638,000 Fort Worth1737,000 Salt Lake City1834,000 Sacramento1933,000 Miami2033,000 Minneapolis2128,000 San Diego2225,000 Kansas City2324,000 Cincinnati2424,000 Nashville25Camden markets highlighted in green. Population GrowthEst. Gain '26–'28MarketRank245,000 Houston1191,000 Dallas2158,000 Phoenix3129,000 Austin4126,000 Charlotte5106,000 Atlanta6103,000 San Antonio795,000 Raleigh885,000 Nashville980,000 Fort Worth1080,000 Riverside1176,000 Orlando1269,000 Las Vegas1365,000 Jacksonville1449,000 Minneapolis1543,000 Indianapolis1640,000 Seattle1740,000 Tampa1839,000 Kansas City1937,000 Denver2036,000 Columbus2134,000 Washington D.C.2225,000 Sacramento2321,000 Portland2414,000 Cincinnati25 Total MigrationEst. Gain '26–'28MarketRank126,000 Phoenix1112,000 Houston298,000 Charlotte383,000 Austin483,000 Dallas575,000 San Antonio672,000 Raleigh766,000 Tampa864,000 Nashville963,000 Las Vegas1058,000 Jacksonville1154,000 Orlando1243,000 Atlanta1342,000 Fort Worth1440,000 Riverside1524,000 Minneapolis1623,000 Indianapolis1721,000 Portland1821,000 Sacramento1920,000 Columbus2020,000 Kansas City2113,000 Seattle225,000 Cincinnati234,000 Denver24—West Palm Beach25
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6I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6Source: Whitaker, Stephan. “Urban and Regional Migration Estimates.” Ann Arbor, MI: Inter-university Consortium for Political and Social Research (ICPSR) [distributor], August 3, 2026. https://doi.org/10.3886/E201260V11. C O M P A N Y O V E R V I E W — M I G R A T I O N T A I L W I N D SSunbelt in-migration continues as the Coastal markets lose residents -3M-2M-1MM1M2M3M4M1Q103Q101Q113Q111Q123Q121Q133Q131Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q221Q233Q231Q243Q241Q253Q251Q26East CoastWest CoastSunbelt +3.9MCumulative net domestic migration to Sunbelt since 2010-3.8MCumulative net domestic out-migration from East and West Coasts since 2010
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7I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 Washington DC Metro14.8%Raleigh6.1%Charlotte6.4%Nashville2.2%Atlanta7.6%Orlando8.0%Southeast Florida7.8%Tampa7.7%Dallas8.0%Houston11.9%Austin5.1%Denver5.8%Phoenix8.6%*Asset Class is based on the age of each asset, its rental rates compared to its submarket and the overall metro market, as well as subjective factors. Location is based on distance from downtown/CBD, zip code, population density, as well as subjective factors. Building Type: low-rise properties are generally 1-3 stories, mid-rise properties are 4-6 stories, and high-rise properties are 7+ stories. Mixed properties include townhomes. C O M P A N Y O V E R V I E W — D I V E R S E P O R T F O L I OHigh-qualityportfolio across 13 markets(2Q26 results excluding California assets sold on 7/29/26)NOI Contribution by Market(includes all operating communities) 165Operating Communities56,056Apartment Homes16 yearsPortfolio Avg. Age95.5%Average Occupancy$1,951Avg. Monthly Rent$2,260Revenue / Occ. Home3Development Communities1,162Development Homes ASSET CLASS*Class A 41%Class B 59%LOCATION*Urban 40%Suburban 60%BUILDING TYPE*Low 58%· Mid 29%· High 10% · Mixed 3%
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8I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6$553$525$532$600$750$400$900$0$300$600$900$1,2002026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+Future Scheduled Maturities(3)Unsecured DebtSecured Debt$0$0 $0$0(1) Includes $1.2B of availability under Unsecured Revolving Credit and Commercial Paper Programs, and approximately $600M in cash/cash equivalents and 1031 related accounts.(2) Based on closing share price of $105.80 on 8/31/26.(3) Excluding Unsecured Revolving Credit and Commercial Paper Programs. C O M P A N Y O V E R V I E W – B A L A N C E S H E E T S T R E N G T HStrong capital structure($ in millions – as of 8/31/26)Unsecured Term Loans$389Senior Unsecured Notes$3,533Secured Debt$319Equity(2)$10,997$15B Total Market CapCredit RatingsMoody’sA3 StableS&PFitchMoody’sCommercial PaperS&PFitchA- StableP-2N/AA-2A- StableSenior Debt$1.8Bof available liquidity(1)$17B unencumbered asset pool92.5% unsecured debt79.0% fixed rate debt5.1years weighted average maturity of debt4.1% weighted average interest rate on all debt
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9I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6*Based on midpoint of 2026 guidance provided on 7/30/26. C O M P A N Y O V E R V I E W — C P T H I S T O R I C A L S A M E P R O P E R T Y R E S U L T SLong-term same property revenue & NOI growthCPT Long Term Average 3.2%(6%)(3%)0%3%6%9%12%15%19951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026*REVENUESCPT Long Term Average 3.4%(6%)(3%)0%3%6%9%12%15%19951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026*NOICPT Long Term Average 3.0%0%1%2%3%4%5%6%7%19951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026*EXPENSES
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10I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6rate. C O M P A N Y O V E R V I E W — C A S H F L O W G R O W T HStrong earnings & dividend growthSENIOR UNSECURED CREDIT RATINGS$1.76$4.201994 2025Annual Dividends per share $2.01$6.771994 2025Funds from Operations (FFO) per share+138%cumulative dividend per share growth (1994-2025)Dividends paid since IPO in 1993 cumulative FFO per share growth (1994-2025)+237% +$7 Billion
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I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 611 C O M P A N Y O V E R V I E W — L O N G - T E R M P E R F O R M A N C EStrong relative performance vs indicesSENIOR UNSECURED CREDIT RATINGS Sources: NAREIT and other company documents. I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 611 10.7%8.7%10.4%8.6%30-Year Returns (1996-2025) Average Annual Compounded Total Shareholder Return CPTNAREIT AllEquity IndexS&P 500 IndexRussell 2000 IndexOver 10%Average annual compounded total shareholder return for Camden since IPO in 1993
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12I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6(1) Totals include wholly-owned and joint venture activity since 2011.(2) Total acquisitions as of 8/31/26 and exclude acquisition of Fund partnership interests.(3) Estimated market value of developments as of 6/30/26.(4) Current age of developments as of 6/30/26.(5) Average age at time of purchase or sale as of 8/31/26. C O M P A N Y O V E R V I E W — C A P I T A L A L L O C A T I O NRecycling capital into higher-quality assets with stronger growth profilesOver the past 15+ years, Camden has significantly improved the quality of its portfolio with minimal cash flow dilution, using disposition proceeds to fund development, acquisitions, asset improvements and share repurchases(1)$3.9BTotal Acquisitions(2)Average Age of 4 Years(5)$5.9BTotal DispositionsAverage Age of 22 Years(5)$4.4BTotal Developments(3)Average Age of 9 Years(4)Total Repositions, Redevelopments, Repurposes$1.0BTotal ShareRepurchases$0.7B
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13I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6(1) Data as of 6/30/26.(2) Estimated market value assuming current market cap rates of 5.0 % - 5.5%. C O M P A N Y O V E R V I E W — V A L U E C R E A T I O NDevelopments and share repurchases created value for shareholders over past 15 years (2011-2026)DEVELOPMENTS(1) 4444CommunitiesCommunities13,27913,279Apartment HomesApartment Homes $3.3B$3.3BDevelopment CostDevelopment Cost $4.4B$4.4BEstimated Market Value(2)Estimated Market Value(2)$1.1B$1.1BValue CreationValue CreationSHARE REPURCHASES(1) 7.1M7.1MCommon Shares RepurchasedCommon Shares Repurchased$744M$744MCost of Shares RepurchasedCost of Shares RepurchasedNearly20%Nearly20%Discount to NAVDiscount to NAV
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14I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 614Camden Music Row – Nashville, TNRecent Updates & Operating Trends
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15I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6(1) Data as of 8/31/26.(2) Data as of 6/30/26.(3) Based on 2026 guidance provided on 7/30/26. R E C E N T U P D AT E S & O P E R AT I N G T R E N D S — H I G H L I G H T S2026 activity & highlights$755MTotal acquisitions(1)$1.7BTotal dispositions(1)$423MTotal share repurchases(2)$63MTotal land acquired for future development(1)3Q26 operating trends and performance to date are as anticipated relative to guidance(3)
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16I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 R E C E N T U P D AT E S & O P E R AT I N G T R E N D S — L E A S E R AT E G R O W T HBlended lease rate growth showing improvement(Results reflect current 2026 same-property pool)EST 3Q26(2)2Q261Q264Q253Q252Q251Q25Effective Rate(1) (1)% – (2)%(3.3)%(5.5)%(5.6)%(2.6)%(2.1)%(3.2)%New Lease3% – 4%2.8%2.9%2.7%3.4%3.7%3.3%Renewal1% – 2%(0.2)%(1.6)%(1.8)%0.6%0.7%(0.1)%Blended (1) Average change in same property new lease and renewal rates vs expiring lease rates when effective.(2) Estimated range for 3Q26.
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17I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6(1) Estimated range for 3Q26. R E C E N T U P D AT E S & O P E R AT I N G T R E N D S — O C C U P A N C YSame property occupancy by market(Results reflect current 2026 same-property pool)EST 3Q26(1)2Q261Q264Q253Q252Q251Q2595.5%95.3%95.2%95.8%95.3%95.1%Atlanta95.9%95.8%95.3%95.1%94.8%94.7%Austin95.0%94.5%94.6%95.2%95.5%95.3%Charlotte95.1%94.2%94.8%95.5%95.4%95.2%Dallas96.2%94.7%95.1%96.6%97.0%95.0%Denver95.1%94.1%94.5%94.7%94.9%95.1%Houston95.8%94.3%93.7%95.4%95.3%91.9%Nashville96.2%96.0%96.1%95.9%95.7%95.8%Orlando95.9%95.6%95.2%94.9%94.6%95.6%Phoenix95.9%94.6%94.8%95.6%95.8%95.7%Raleigh95.9%95.8%95.2%95.2%95.5%95.2%Southeast Florida95.5%95.9%95.2%95.4%95.6%96.3%Tampa96.5%95.7%96.1%96.7%97.3%97.1%Washington DC Metro95.7% –95.8%95.7%95.1%95.1%95.5%95.6%95.5%Total
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18I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 R E C E N T U P D AT E S & O P E R AT I N G T R E N D S — G U I D A N C E R A N G E S2026 Guidance ranges(as of 7/30/26 and excludes California portfolio sold on 7/29/26)Earnings (per share)HighMidpointLow$10.10$9.93$9.76EPS(1) $6.19$6.12$6.05FFO $6.82$6.75$6.68Core FFO(2)Same-Property PerformanceHighMidpointLow1.00%0.50%0.00%Revenue Growth3.00%2.50%2.00%Expense Growth0.45%(0.60)%(1.65)%NOI GrowthReal Estate Transactions(3) Estimated Future ActivityCompleted to Date$60M - $300M$755MAcquisitions--$1.7BDispositions$126M--Development Starts (1) EPS guidance includes gain on sale of California portfolio.(2) Core FFO guidance excludes ~$0.63/share of non-core charges for casualty-related expenses, legal costs and settlements, expensed transaction pursuit costs, and investment losses.(3) Data as of 8/31/26.
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19I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6(1) Based on midpoint of 2026 guidance provided on 7/30/26. R E C E N T U P D AT E S & O P E R AT I N G T R E N D S — S A M E - P R O P E R T Y R E V E N U E G U I D A N C E2026 Same-property revenue building blocks 0.00%0.15%0.10%0.05%0.20%0.50% Earn-inNet Market Rent GrowthHigher OccupancyLower Bad DebtOtherIncomeRevenueGrowth0.0%0.1%0.2%0.3%0.4%0.5%0.6% (1)
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20I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 620Multifamily FundamentalsCamden Central – Tampa, FL
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21I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6Source: Witten Advisors. M U L T I F A M I L Y F U N D A M E N T A L S — S U P P L Y T R E N D SStarts and completions have fallen by nearly 50% from peaks 0100,000200,000300,000400,000500,000600,000700,0002007200820092010201120122013201420152016201720182019202020212022202320242025202620272028 MULTIFAMILY STARTS (HISTORICAL AND PROJECTED) Total U.S. StartsCPT Markets Starts0100,000200,000300,000400,000500,000600,000700,00020072008200920102011201220132014201520162017201820192020202120222023202420252026202720282029 MULTIFAMILY COMPLETIONS(HISTORICAL AND PROJECTED) Total U.S. CompletionsCPT Markets Completions
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22I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 M U L T I F A M I LY F U N D A M E N TA L S — H I S T O R I C A L S U P P LY L E V E L SProjected multifamily supply in CPT markets below long-term average in 2026-2028CPT MarketsLT Avg: 2.3%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%2007200820092010201120122013201420152016201720182019202020212022202320242025202620272028 Completions as a % of InventoryMULTIFAMILY COMPLETIONS AS A PERCENTAGE OF INVENTORY(HISTORICAL AND PROJECTED) Total U.S. CompletionsCPT Markets CompletionsCPT Markets AverageUS AverageSource: Witten Advisors.
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23I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6*Based on midpoint of 2026 guidance provided on 7/30/26. M U L T I F A M I L Y F U N D A M E N T A L S — S U P P L Y & S A M E P R O P E R T Y G R O W T H C O R R E L A T I O NOutsized revenue and NOI growth for CPT has followed sharp declines in supply -7%-5%-3%-1%1%3%5%7%9%11%13%15% -80,000-60,000-40,000-20,000020,00040,00060,00080,00019951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026*Same Property Growth YoY Change in CompletionsChange in Completions CPT MarketsCPT SS RevenuesCPT SS NOI 5.1% Average Revenue Growth6.2% Average NOI Growth2011-2016
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24I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6Source: Witten Advisors, U.S. Census Bureau. M U L T I F A M I LY F U N D A M E N TA L S — M U L T I F A M I LY D E M A N DStrong demographics support rental demand Pent-up demand from young adults living at home continues to drive future multifamily rentals5%10%15%20%19941996199820002002200420062008201020122014201620182020202220242026Share of Young Adults Living at Home25-34s at Home+1.15M additional age 25-34 young adults living at home compared to 2023 M1M2M3M4M5M6M 605550454035302520U.S. Population by AgeGeneration ZMillennialGeneration XCPT’s median resident age is 32
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I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 625 M U L T I F A M I L Y F U N D A M E N T A L S — M U L T I F A M I L Y D E M A N DYoung adult lifestyle decisions support sustained rental demand Source: Witten Advisors.I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 625 2426283032343638404220002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025 AgeYOUNG ADULT LIFESTYLE CHANGESFirst Home Purchase (All)First Marriage (Men)First Marriage (Women)First Child Birth (Women)25%26%27%28%29%30%20002002200420062008201020122014201620182020202220242026SHARE OF U.S. HOUSEHOLDS LIVING ALONE0%10%20%30%40%50%60%1990200020102020202320242025YOUNG ADULT HOUSEHOLDS (AGE 25-34)% Married% With ChildrenMore households across the nation are choosing to live alone, which increases the share opting for apartmentsPercent of young adult households with married adults and/or children has declined Young adults choosing to marry and have children later in life, delaying homeownership decisions
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26I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6*2026 data through 8/31/26. M U L T I F A M I L Y F U N D A M E N T A L S — M O V E O U T A C T I V I T YFewer residents moving out to buy or rent single family homesLT Avg 14.7%0%10%20%30%2002200420062008201020122014201620182020202220242026*MOVEOUT RATES FOR HOME PURCHASES CAMDEN’S PORTFOLIOMoveouts for Home PurchasesAverageLT Avg2.5%0%1%2%3%4%2017201820192020202120222023202420252026*Moveouts for RentalsAverageMOVEOUT RATES FOR HOME/CONDO RENTALS CAMDEN’S PORTFOLIOMoveout rates for home purchases are ~10% for FY26 to date vs. Camden’s portfolio peak of 23% and long-term average of 15%
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27I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 M U L T I F A M I LY F U N D A M E N TA L S — R E S I D E N T P R O F I L ECamden has a high-quality resident base~$118KAverage annual household income for new move-ins 19%Average rent-to-income ratio for new move-ins10%13%36%18%18%5%0%10%20%30%40%50%0-17 18-24 25-34 35-44 45-64 65+Age Range of Camden Residents4%8%35%53%0%10%20%30%40%50%60%4+321Total Number of Occupants per Apartment Home32Median resident age –prime renter cohort1.7Average number of occupants per apartment home *Data as of 8/31/26.
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28I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6(1) Retention rate = inverse of net turnover rate.*2026 data through 6/30/26. M U L T I F A M I LY F U N D A M E N TA L S — R E S I D E N T R E T E N T I O N & C U S T O M E R S E N T I M E N TStrong resident retention and customer sentiment CAMDENTARGET90.0CustomerSentimentScore2Q2692.730%35%40%45%50%55%60%65%70%2002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026*RetentionResident Retention Rate(1)Camden’s PortfolioResident retention rate well above long-term averageCustomer Sentiment Score of 92.7 exceeds Camden’s target of 90.0
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29I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 629Real Estate Investment ActivityCamden Durham – Raleigh, NC
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30I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6*Formerly known as Camden at Lake Nona. R E A L E S T A T E I N V E S T M E N T A C T I V I T Y — R E C E N T A C Q U I S I T I O N S2026 Acquisition activity as of 8/31/26Purchase Price ($M)Closing DateTotal HomesYear BuiltMetro Area (MSA)Community$89.04/30/262692020Atlanta, GACamden Alpharetta82.34/30/262882018Orlando, FLCamden Narcoossee*54.36/16/261962014Nashville, TNCamden Franklin99.16/23/263492024Dallas, TXCamden Roanoke124.66/30/263202022Phoenix, AZCamden Gilbert82.17/9/262962022Tampa, FLCamden Brandon114.07/16/263432024Charlotte, NCCamden LoSo109.18/27/263002022Nashville, TNCamden Gulch$754.52,0612021Total/Weighted Average Acquisitions -
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I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 631 Camden AlpharettaAtlanta Metro Area · Year Built: 2020Camden Narcoossee*Orlando, FL · Year Built: 2018Camden FranklinNashville Metro Area · Year Built: 2014Camden RoanokeDallas Metro Area · Year Built: 2024Camden GilbertPhoenix Metro Area · Year Built: 2022Camden BrandonTampa, FL · Year Built: 2022Camden LoSoCharlotte, NC · Year Built: 2024Camden GulchNashville, TN · Year Built: 2022 R E A L E S T A T E I N V E S T M E N T A C T I V I T Y — R E C E N T A C Q U I S I T I O N P H O T O SAcquiringnewly-built assets to refresh portfolio *Formerly known as Camden at Lake Nona.
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32I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 R E A L E S T A T E I N V E S T M E N T A C T I V I T Y — R E C E N T D I S P O S I T I O N S2026 Disposition activity as of 8/31/26Sales Price ($M)Closing DateYear BuiltTotal HomesMarketCommunity$772/18/261986516Irving, TXCamden Valley Park1807/29/262001380Mission Viejo, CACamden Crown Valley1367/29/262015307Glendale, CACamden Glendale2337/29/262004/2016559Long Beach, CACamden Harbor View737/29/262021132San Diego, CACamden Hillcrest1777/29/262006469Ontario, CACamden Landmark1397/29/262008290Irvine, CACamden Main and Jamboree1767/29/262007350San Marcos, CACamden Old Creek1967/29/262003422Chula Vista, CACamden Sierra at Otay Ranch1417/29/262016287Costa Mesa, CAThe Camden727/29/292003160San Diego, CACamden Tuscany1027/29/262002264Murrieta, CACamden Vineyards$1,70220064,136Total/Weighted Average Dispositions -
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33I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6(1) Data as of 8/31/26.(2) Data as of 6/30/26. R E A L E S T A T E I N V E S T M E N T A C T I V I T Y — C U R R E N T D E V E L O P M E N T P I P E L I N ECurrent development pipelineEst. Stabilization% Leased(1)Estimated/ActualCost ($M)Total HomesMarketCommunity1Q2787%$139369Raleigh, NCCamden Village District4Q2817%$157420Charlotte, NCCamden South Charlotte3Q28$151349Charlotte, NCCamden Blakeney2Q30$184393Nashville, TNCamden Nations$6311,531TotalCurrent development communities are 78% funded, with $140M remaining to complete.(2)
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I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 634 Camden NationsNashville, TNCamden South CharlotteCharlotte, NC I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 R E A L E S T A T E I N V E S T M E N T A C T I V I T Y — C U R R E N T D E V E L O P M E N T P H O T O SBuilding the next generation of high-quality Camden communities Camden Village DistrictCamden BlakeneyCharlotte, NCRaleigh, NC
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35I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6*Formerly known as Camden Gulch R E A L E S T A T E I N V E S T M E N T A C T I V I T Y — F U T U R E D E V E L O P M E N T P I P E L I N EFuture development pipelineEstimated/Potential Start DateEst. Total Cost ($M)Total HomesMarketCommunity2026$126398Morrisville, NCCamden RTP2027301498Nashville, TNCamden Gulch II*2027199434Denver, COCamden Baker2027242765Tampa, FLCamden Riverview2027120356Tampa, FLCamden Palm River$9882,451Total
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36I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6(1) Life to date through 2Q26. R E A L E S T A T E I N V E S T M E N T A C T I V I T Y — R E P O S I T I O N / R E D E V E L O P M E N T / R E P U R P O S E P R O G R A M SUpdating existing assets to drive cash flow growthReposition50,000+ homes · $890M(1)Renovate well-located 15-20 year-old assets by updating kitchens, baths, appliances, flooring, fixtures and lighting.Redevelopment2,000+ homes · $94M(1)Upgrade 10-15 year-old mid-and high-rise assets with reposition items plus interior/exterior and common area enhancements.Repurpose57 new homes created · $20M(1)Convert underutilized common area spaces into additional apartment homes at existing communities.R EPO SITIO N — K ITCHEN, B EF OR E & AFTER AfterPrograms reinvest capital into existing portfolio at attractive yields.Before
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37I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 637 Innovation, Technology & Other InformationCamden Belmont – Dallas, TX
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38I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 I N N O V A T I O N , T E C H N O L O G Y & O T H E R I N I T I A T I V E S — E A R N I N G S G R O W T H P O T E N T I A LInnovation, technology & AI initiatives drive growth$55MIncremental Annual NOI$46MIncremental NOI$25MFuture CapEx SavingsInnovation and technology initiatives have driven NOI through:•Smart access•Enhanced resident screening with ID validation and income verification•Bundled tech programs•Mobile maintenance•Work Reimagined and nesting•Ancillary servicesEnhancing resident experience to drive revenue growthOperational efficiency and cost controlSmarter capital allocation and investment analytics$19MFuture G&A SavingsBack-office automation creating efficiencies & G&A savingsDelivered Through 2025Identified for 2026-2030 Potential Future Impact (2026-2030): $90M
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39I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 I N N O V A T I O N , T E C H N O L O G Y & O T H E R I N I T I A T I V E S — A ITurning artificial intelligenceinto durable margin expansion Operational Efficiency & Cost ControlProcess automation across maintenance, purchasing and operations; optimal procurement and bulk-purchasing strategies.Corporate Productivity & G&A LeverageBack-office automation drives G&A savings; integrated workflows reduce external spend; routine tasks eliminated to redeploy talent to higher-value work. Enhanced Resident ExperienceAI-driven renewal optimization and pricing; AI agents for acquisition, onboarding and the living experience; enhanced digital marketing and demand generation.Smarter Capital Allocation & AnalyticsData-driven CapEx forecasting and capital deployment; real-estate underwriting and construction cost estimating; energy and sustainability analytics.
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40I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6Test. O T H E R I N F O R M A T I O N — R E C O G N I T I O N & A W A R D SWorkplace excellence leads to operational excellence Recognized by FORTUNE Magazine as one of the 100 Best Companies to Work For® in Americafor19 consecutive years, recently ranking #13Experienced management team with sound business plan and proven history of performance.CERTIFIED & RECOGNIZED Recent Awards & Rankings#1GPTW – FORTUNE Best Workplaces in Texas 2026#1GPTW – FORTUNE Best Workplaces in Real Estate 2025#3PEOPLE – Companies that Care 2026# 3Houston Chronicle – Top Workplaces in Houston 2025# 13FORTUNE – 100 Best Companies to Work For® 2026# 29FORTUNE – Best Workplaces for Women 2025
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41I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 O T H E R I N F O R M A T I O N — S U S T A I N A B I L I T YOperating responsibly for residents, teams and shareholders Our most recent Corporate Responsibility Report is available in the Investors section of our website at camdenliving.com. Camden's purpose is to improve the lives of our team members, residents and shareholders — one experience at a time — while caring deeply for the communities where we live, work and play. Resource EfficiencyReducing energy and water usage and waste production across our apartment communities. EngagementContinuing and enhancing programs for employee and resident engagement. Governance & EthicsAdhering to the highest standards of business ethics and strong corporate governance.
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42I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 642 Appendix Camden Fourth Ward – Atlanta, GA
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I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 643 A P P E N D I XNon-GAAP financial measures definitions & reconciliationsSix Months Ended June 30,Three Months Ended June 30,2025202620252026$119,492$61,239$80,670$18,790Net income attributable to common shareholders295,054299,841148,886153,451Real estate depreciation and amortization3,8693,8411,9241,916Income allocated to non-controlling interests(47,293)(67,878)(47,293)—Gain on sale of operating property$371,122$297,043$184,187$174,157Funds from operations(969)(3,479)(1,099)(3,729)Plus: Casualty-related expenses4,18351,6042,311412Plus: Legal costs and settlements2,9636,0792,0824,237Plus: Expensed transaction, development, and other pursuit costs—4,855——Plus: Investment losses7662761Plus: Other miscellaneous items$377,375$356,164$187,557$175,078Core funds from operations(46,066)(46,292)(29,968)(30,142)Less: Recurring capitalized expenditures$331,309$309,872$157,589$144,936Core adjusted funds from operationsWeighted average number of common shares outstanding:108,636103,624109,400102,363EPS diluted110,230105,218110,269103,957FFO/Core FFO/ Core AFFO dilutedUnaudited. In thousands, except per share amounts.I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 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.FFOThe 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 amortizationrelated 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 decreasesin 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 realestate 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 FFOCore 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 FFOIn 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 ofand 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 FFOand Core AFFO is provided below: 43
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I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 644 A P P E N D I XNon-GAAP financial measures definitions & reconciliationsSix Months Ended June 30,Three Months Ended June 30,2025202620252026$1.10$0.59$0.74$0.18Total Earnings Per Common Share - Diluted2.672.851.351.48Real estate depreciation and amortization0.030.030.010.02Income allocated to non-controlling interests(0.43)(0.65)(0.43)—Gain on sale of operating property$3.37$2.82$1.67$1.68FFO per common share - Diluted(0.01)(0.03)(0.01)(0.04)Less: Casualty-related expenses0.030.490.02—Plus: Legal costs and settlements0.030.060.020.04Plus: Expensed transaction, development, and other pursuit costs—0.05——Plus: Investment losses————Plus: Other miscellaneous items$3.42$3.39$1.70$1.68Core FFO per common share - Diluted(0.41)(0.44)(0.27)(0.29)Less: recurring capitalized expenditures$3.01$2.95$1.43$1.39Core AFFO per common share - Diluted I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6Expected FFO & Core FFOExpected 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:Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.Range2026Range3Q26HighLowHighLow$10.10$9.76$9.38$9.14Expected earnings per common share - diluted5.895.891.551.55Expected real estate depreciation and amortization0.080.080.020.02Expected income allocated to non-controlling interests(9.88)(9.68)(9.29)(9.09)Expected (gain) on sale of operating properties$6.19$6.05$1.66$1.62Expected FFO per share - diluted0.630.630.050.05Anticipated Adjustments to FFO$6.82$6.68$1.71$1.67Expected Core FFO per share - diluted44Unaudited. In thousands, except per share amounts.
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I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 645 A P P E N D I XNon-GAAP financial measures definitions & reconciliationsSix months ended June 30,Three months ended June 30,2025202620252026$123,361$65,080$82,594$20,706Net income(5,120)(5,274)(2,633)(3,131)Less: Fee and asset management income(78)(382)(68)(129)Less: Interest and other income(9,548)(11,436)(8,350)(12,595)Less: Income on deferred compensation plans19,59420,3929,69910,134Plus: Property management expense1,3122,5016411,840Plus: Fee and asset management expense35,94437,05318,99622,348Plus: General and administrative expense69,16578,78135,37541,422Plus: Interest expense301,360307,134152,108157,134Plus: Depreciation and amortization expense9,54811,4368,35012,595Plus: Expense on deferred compensation plans3,94761,3052,187400Plus: Other non-operating expenses(47,293)(68,100)(47,293)—Less: Gain on sale of operating property, including land1,7902,2141,2311,276Plus: Income tax expense$503,982$500,704$252,837$252,000NOI $422,328$417,492$210,429$207,427"Same Property" Communities19,95729,32110,96215,709Non-"Same Property" Communities571,748531,042Development and Lease-Up Communities45,27945,42122,63422,569Held for Sale Communities16,3616,7228,7595,253Disposition/Other$503,982$500,704$252,837$252,000NOIUnaudited. In thousands, except per share amounts.I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 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 2Q26 Earnings Release and Supplemental Financial Information. 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. Ourdefinition 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: 45
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I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 646 A P P E N D I XNon-GAAP financial measures definitions & reconciliationsSix Months Ended June 30,Three Months Ended June 30,2025202620252026$123,361$65,080$82,594$20,706Net income69,16578,78135,37541,422Plus: Interest expense301,360307,134152,108157,134Plus: Depreciation and amortization expense1,7902,2141,2311,276Plus: Income tax expense(47,293)(68,100)(47,293)—Less: Gain on sale of operating property, including land$448,383$385,109$224,015$220,538EBITDAre(969)(3,479)(1,099)(3,729)Plus: Casualty-related expenses4,18351,6042,311412Plus: Legal costs and settlements2,9636,0792,0824,237Plus: Expensed transaction, development, and other pursuit costs—4,855——Plus: Investment losses7662761Plus: Other miscellaneous items$454,636$444,230$227,385$221,459Adjusted EBITDAre$909,272$888,460$909,540$885,836Annualized Adjusted EBITDAreAverage monthly balance for theAverage monthly balance for theSix months ended June 30,Three months ended June 30,2025202620252026$3,459,357$4,134,664$3,514,627$4,362,454Unsecured notes payable330,426322,697330,456318,740Secured notes payable3,789,7834,457,3613,845,0834,681,194Total average debt(15,223)(20,937)(18,145)(27,369)Less: Average cash and cash equivalents$3,774,560$4,436,424$3,826,938$4,653,825Net debtSix months ended June 30,Three months ended June 30,2025202620252026$3,774,560$4,436,424$3,826,938$4,653,825Net Debt909,272888,460909,540885,836Annualized Adjusted EBITDAre4.2x5.0x4.2x5.3xNet Debt to Annualized Adjusted EBITDAreUnaudited. In thousands, except per share amounts.I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 EBITDAre and Adjusted EBITDAreEarnings 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 earningsbefore 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 whenthe 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 beforenon-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 forquarter results or 2 for 6 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:Net Debt to Annualized Adjusted EBITDAreThe 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: 46
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I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 647 A P P E N D I XOther definitions I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6 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 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.Held for Sale Communities: Communities and associated non-multifamily rental communities we wholly-owned and were stabilized since January 1, 2025, which met the held for sale criteria, but did not meet the criteria to be classified as discontinued operations. 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 include severance, legal costs and settlements, net of recoveries, and expensed transaction, development, and other pursuit costs. Items recorded to Property Management Expenses may include advocacy contributions. Items recorded to Interest and Other Income may include miscellaneous income/expense adjustments. Items recorded to Property Revenues may include net above/below market lease amortization. Items recorded to Property Expenses generally include casualty-related expenses, net of recoveries, and may include severance-related costs. Other Non-Operating Expenses include certain litigation settlements and other associated litigation matters, as well as investment charges. 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, 2025, 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, 2025, excluding communities under redevelopment and properties held for sale.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.
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48I N V E S T O R P R E S E N T A T I O N · S E P T E M B E R 2 0 2 6