Slides
Page 1
Camden Village District – Raleigh, NC Investor Presentation June 2026
Page 2
2 Why Camden? We’re Positionedfor ExcellenceThe Right Product in the Right MarketsBalance Sheet Strength and LiquidityConsistent Earnings and Dividend GrowthProven Record of Capital Recycling and Value CreationInnovation, Technology, and Talent = Operational Excellence
Page 3
3FORWARD-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. Table of Contents Camden Franklin Park – Franklin, TN 42026 Highlights/Recent Updates5-10Company Overview11-172026 Guidance18-24Multifamily Fundamentals25-31Capital Recycling32-36Other Information37-42Appendix
Page 4
4 •Completed two acquisitions during April 2026 for a total of $171 million•Acquired two land sites for future development in May 2026•Disposed of one older community in February 2026 for $77 million•Southern California disposition portfolio has been awarded to a single buyer•Repurchased approximately 4.06 million common shares to date in 2026 at an average price of $104.08 per share for a total of $423 million(1)•Approximately $694 million of share repurchases have been completed in 2025 and 2026 •2Q26 operating trends and performance to-date are as anticipated relative to guidance(1)(2) 2026 Highlights/Recent Updates (1) 2Q26 data through 5/28/26.(2) Based on 2026 guidance provided on 4/30/26.
Page 5
5Company OverviewCamden Tempe – Tempe, AZ
Page 6
6 Camden’s Strategy•Focus on high-growth markets (employment, population, migration) •Operate a diverse portfolio of assets (geographical, A/B, urban/suburban) and maintain a high-quality resident profile•Maintain a strong balance sheet with low leverage, ample liquidity, and the ability to capitalize on future opportunities•Deliver consistent earnings and dividend growth•Recycle capital and create value through acquisitions, dispositions, development, and repositioning/redevelopment/repurpose programs•Enhance operations through innovation, technology & AI initiatives
Page 7
7Source: Witten Advisors; Highlighted represents Camden markets. Focus on High-Growth Markets Over 90% of Camden’s NOI is derived from these markets Population GrowthEstimated Gain 2026-2028264,000 Houston1201,000 Dallas2161,000 Phoenix3137,000 Austin4128,000 Charlotte5113,000 Atlanta6107,000 San Antonio795,000 Raleigh886,000 Nashville985,000 Orlando1083,000 Riverside1181,000 Fort Worth1270,000 Las Vegas1367,000 Jacksonville1454,000 Washington D.C.1551,000 Minneapolis1646,000 Indianapolis1746,000 Seattle1844,000 Denver1944,000 Tampa2041,000 Columbus2137,000 Kansas City2231,000 Sacramento2325,000 Portland2416,000 Cincinnati25 Employment GrowthEstimated Gain 2026-2028181,000 New York City1108,000 Houston2 93,000 Dallas3 69,000 Philadelphia4 63,000 Atlanta5 62,000 Charlotte6 59,000 Chicago7 59,000 Riverside8 56,000 Los Angeles9 50,000 Phoenix1049,000 Raleigh1146,000 Austin1245,000 Orlando1339,000 Fort Worth1436,000 Miami1534,000 Columbus1633,000 Salt Lake City1731,000 Sacramento1831,000 San Jose1928,000 San Diego2027,000 San Antonio2125,000 Nashville2225,000 Tampa2325,000 Las Vegas2424,000 Minneapolis25 Total MigrationEstimated Gain 2026-2028133,000 Houston1133,000 Phoenix2102,000 Charlotte399,000 Dallas494,000 Austin579,000 San Antonio674,000 Raleigh768,000 Nashville866,000 Las Vegas965,000 Tampa1063,000 Orlando1161,000 Jacksonville1247,000 Atlanta1345,000 Fort Worth1444,000 Riverside1527,000 Minneapolis1626,000 Sacramento1724,000 Indianapolis1823,000 Columbus1923,000 Kansas City2023,000 Portland2120,000 Seattle2210,000 Denver238,000 Cincinnati241,000 West Palm Beach25
Page 8
8Source: Whitaker, Stephan. Urban and Regional Migration Estimates. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2026-04-30. https://doi.org/10.3886/E201260V9 Sunbelt Migration Remains Strong -Outflows Continue on East and West Coasts-100k-50kk50k100k150k1Q101Q111Q121Q131Q141Q151Q161Q171Q181Q191Q201Q211Q221Q231Q241Q251Q26Quarterly Net Domestic MigrationEast CoastWest CoastSunbelt-3m-2m-1mm1m2m3m4m1Q101Q111Q121Q131Q141Q151Q161Q171Q181Q191Q201Q211Q221Q231Q241Q251Q26Cumulative Net Domestic MigrationEast CoastWest CoastSunbelt
Page 9
9 Diverse Portfolio *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. (as of 1Q26)NOI Contribution by Market(includes all operating communities) Nearly 59,000 apartment homes located in 15 major markets in the U.S. Los Angeles/Orange County4.7%San Diego/Inland Empire4.5%Southeast Florida7.1%Orlando7.1%Tampa6.8%Phoenix8.0%Denver5.8%Dallas7.2%Austin4.7%Houston10.4%Raleigh5.7%Charlotte5.8%Atlanta6.8%Nashville2.0%Operating Communities171PortfolioAverage Age 16 yearsApartmentHomes58,254Development Communities3DevelopmentApartment Homes1,162Average Monthly Revenue per Occupied Home$2,316Average Occupancy95%Average Monthly Rental Rate per Home$2,006 39%61%Asset Class*Class AClass B41%59%Location*UrbanSuburban58%29%10%3%Building Type*Low-RiseMid-RiseHigh-RiseMixed Washington DC Metro13.4%
Page 10
10 •$0.5B available under $1.2B unsecured credit facility and commercial paper program•Unencumbered asset pool of approximately $17B•93.1% unsecured debt•72.7% fixed rate debt•4.0% weighted average interest rate on all debt•5.6 years weighted average maturity of debt•Ample liquidity to fund debt maturities for next several years Strong Capital Structure($ in millions – as of 5/31/26)Credit RatingsMoody’sA3 Stable *Excluding Unsecured Revolving Credit Facility and Commercial Paper Program.$555$175$532$600$750$0 $0$0$400$0$900$0$300$600$900$1,2002026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+Future Scheduled Maturities*Unsecured DebtSecured Debt*Based on closing share price of $108.02 on 5/28/26.S&PFitchMoody’sCommercial PaperS&PFitchA- StableP-2N/AA-2A- StableSenior DebtUnsecured Term Loans, $40Senior Unsecured Notes, $3,533Unsecured Credit Facility and Commercial Paper Program, $718Secured Debt, $319Equity*$11,219Total Market Cap = $16B
Page 11
112026 GuidanceCamden Southline – Charlotte, NC
Page 12
12 2026 Guidance(as of 4/30/26)HighMidpointLowEarnings$0.81$0.66$0.51EPS per share$6.25$6.10$5.95FFO per share$6.90$6.75$6.60Core FFO per share(1)(1) The Company's 2026 core FFO guidance excludes approximately $0.65 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.HighMidpointLowSame Property Performance1.75%0.75%(0.25)%Revenue Growth3.75%3.00%2.25%Expense Growth1.50%(0.50)%(2.50)%NOI GrowthHighMidpointLowReal Estate Transactions$1.2B$1.1B$1.0BAcquisitions$2.0B$1.8B$1.6BDispositions$335M$237M$140MDevelopment Starts$215M$200M$185MDevelopment Spend
Page 13
13(1) Includes earn-in, net market rent growth, occupancy, and bad debt.(2) Based on midpoint of 2026 guidance provided on 2/5/26. 2026 Same Property Revenue Building Blocks Rental IncomeGrowthOtherIncomeRevenue Growth0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.8%(Midpoint of Guidance Range) (2)(1)
Page 14
14(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective. New Leases, Renewals and Blended Rates(Results reflect 2026 same property pool of 54,105 units)1Q264Q253Q252Q251Q25Date Effective(1) (5.2)%(5.3)%(2.5)%(2.0)%(3.1)%New Lease Rates2.9%2.8%3.5%3.8%3.3%Renewal Rates(1.4)%(1.6)%0.7%0.7%(0.1)%Blended Rates
Page 15
15*Based on midpoint of 2026 guidance provided on 4/30/26. CPT Historical Same Property ResultsLong Term Average 3.2%(6%)(1%)4%9%14%1995199719992001200320052007200920112013201520172019202120232025RevenuesLong Term Average 3.0%0%1%2%3%4%5%6%7%1995199719992001200320052007200920112013201520172019202120232025ExpensesLong Term Average 3.4%(6%)(1%)4%9%14%1995199719992001200320052007200920112013201520172019202120232025NOI
Page 16
16*Based on midpoint of 2026 guidance provided on 4/30/26. CPT Same Property Growth (7%)(5%)(3%)(1%)1%3%5%7%9%11%13%15% (80,000) (60,000) (40,000) (20,000) - 20,000 40,000 60,000 80,00019951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026*Same Property Growth YoY Change in CompletionsCPT SS RevenuesCPT SS NOI GFC5.1% Average Revenue Growth6.2% Average NOI Growth2011-2016Outsized revenue and NOI growth have followed sharp declines in multifamily supply
Page 17
17 Same Property Occupancy by Market(Results reflect 2026 same property pool of 54,105 units)2Q26(1)1Q264Q253Q252Q251Q2595.3%95.2%95.8%95.3%95.1%Atlanta95.8%95.3%95.1%94.8%94.7%Austin94.5%94.6%95.1%95.4%95.2%Charlotte94.2%94.8%95.4%95.3%94.9%Dallas94.7%95.1%96.6%97.0%95.0%Denver94.1%94.5%94.7%94.9%95.1%Houston95.1%95.3%95.5%95.6%94.1%Los Angeles/Orange County 94.3%93.7%95.4%95.3%91.9%Nashville96.0%96.1%95.9%95.7%95.8%Orlando95.6%95.2%94.9%94.6%95.6%Phoenix94.6%94.8%95.6%95.8%95.7%Raleigh95.5%95.5%95.8%96.1%95.7%San Diego/Inland Empire95.8%95.2%95.2%95.5%95.2%Southeast Florida95.9%95.2%95.4%95.6%96.3%Tampa95.7%96.1%96.7%97.3%97.1%Washington DC Metro95.6%95.1%95.2%95.5%95.6%95.4%Total(1) 2Q26 data through 5/28/26.
Page 18
18Multifamily FundamentalsCamden McGowen Station – Houston, TX
Page 19
19 •Median Age: 32 years•Average Age: 35 years•Average Annual Household Income of ~ $119K for New Move-Ins in FY26 to-date•Average Rent-to-Income Ratio of 19% for New Move-Ins in FY26 to-date•Average Number of Occupants per Apartment Home: 1.7 Camden Resident Profile0%10%20%30%40%50%0-17 18-24 25-34 35-44 45-64 65+Age Range of Camden Residents 0%10%20%30%40%50%1 2 3 4+Total Number of Occupants per Apartment Home
Page 20
20Source: Witten Advisors Multifamily Supply•Starts have fallen nearly 50% since 2022•Completions peaked in 2024 and have declined rapidly 0100,000200,000300,000400,000500,000600,000700,0002007200820092010201120122013201420152016201720182019202020212022202320242025202620272028 Multifamily Starts (Historical and Projected) Total U.S. StartsCPT Markets Starts0100,000200,000300,000400,000500,000600,000700,0002007200820092010201120122013201420152016201720182019202020212022202320242025202620272028 Multifamily Completions (Historical and Projected) Total U.S. CompletionsCPT Markets Completions
Page 21
21 Young adults currently number nearly 70 million and will remain a growing source of demandPent-up demand from young adults living at home continues to drive future multifamily rentals Strong Demand for Multifamily Rental Housing Source: Witten Advisors 50556065707519911993199519971999200120032005200720092011201320152017201920212023202520272029 in millionsFavorable Demographic Trends – Aged 20 to 34~65% of this age group choose to rent 5%10%15%20%19941996199820002002200420062008201020122014201620182020202220242026Share of Young Adults Living at Home25-34s at Home+900K additional age 25-34 young adults living at home compared to 2023
Page 22
22 •Young adults choosing to marry and have children later in life, delaying homeownership decisions•More households across the nation are choosing to live alone, which increases the share opting for apartments•Percent of young adult households with married adults and/or children has declined Young Adult Lifestyle Decisions Source: Witten Advisors0%10%20%30%40%50%60%1990200020102020202320242025Young Adult Households (age 25-34)% Married% With Children 20222426283032343638404220002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025 AgeYoung Adult Lifestyle ChoicesFirst ChildFirst MarriageFirst Home Purchase25%26%27%28%29%30%20002002200420062008201020122014201620182020202220242026Share of U.S. Households Living Alone
Page 23
23 •Many people choose to rent rather than buy with higher propensity to rent in CPT markets vs. U.S. average•Homeownership rate overall remains near long-term average of 66% and is significantly lower for young adults ages 25-34 at 42%•Moveout rates for home purchases are below 10% forFY26 to-date vs. Camden’s portfolio peak of 23% and long-term average of 14%low at 2% High Propensity to Rent Source: Witten Advisors – seasonally adjusted homeownership rate; Ages 25-34 homeownership rates are not seasonally adjusted.*2026 data through 5/28/26. 0%10%20%30%200420062008201020122014201620182020202220242026*Moveout Rates for Home Purchases Camden’s PortfolioMoveouts for Home PurchasesAverage35%40%45%50%55%60%65%70%200020052010201520202025OverallAges 25-340%1%2%3%4%2017201820192020202120222023202420252026*Moveouts for RentalsAverage0%10%20%30%40%50%60%70%<24 25-34 35-44 45-54 55-64 65+Propensity to Rent Apartments by AgeU.S. AverageCPT MarketsHomeownership RateShare of U.S. Households Who Own HomesMoveout Rates for Home/Condo Rentals Camden’s Portfolio
Page 24
24(1) Resident Retention Rate defined as inverse of net turnover rate. Resident retention rate at historical high vs. long-term averageCustomer Sentiment Score of 92.6 exceeds Camden’s target of 90.030%35%40%45%50%55%60%65%70%200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025RetentionAverageResident Retention Rate(1)Camden’s PortfolioResident Retention & Customer Sentiment High*2026 date through 4/30/26.
Page 25
25Capital RecyclingCamden Thornton Park – Orlando, FL
Page 26
26(1) Totals include wholly-owned and joint venture activity since 2011. (2) Total acquisitions as of 5/28/26 and exclude acquisition of Fund partnership interests.(3) Estimated market value of developments as of 3/31/26. (4) Current age of developments as of 3/31/26.(5) Average age at time of purchase or sale as of 5/28/26. Capital Recycling($ in millions)Over the past 15+ years, we have significantly improved the quality of our portfolio with minimal cash flow dilution, using disposition proceeds to fund development, acquisitions, and share repurchases(1)$3.3B Total Acquisitions(2)Average Age of 4 Years(5)$4.3B Total Developments(3)Average Age of 9 years(4)$1.0B Total Repositions, Redevelopments, Repurposes$4.3B Total Dispositions Average Age of 24 years(5)
Page 27
27 Recent Acquisitions Camden Lake Buena VistaCamden at Lake NonaCamden Alpharetta Camden at Lake Nona•Located in Orlando metropolitan area•Purchase price: $82M•Acquired April 2026•288 Apartment Homes •Year Built: 2018Camden Lake Buena Vista•Located in Orlando metropolitan area•Purchase price: $85M•Acquired December 2025•322 Apartment Homes •Year Built: 2018 Camden Alpharetta•Located in Atlanta metropolitan area•Purchase price: $89M•Acquired April 2026•269 Apartment Homes •Year Built: 2020
Page 28
28 Development Value Creation * Estimated market value of developments assuming current market cap rates ranging from 5.0%-5.5% for new product in our markets.Camden Tempe II – Year Built 2023Camden Cypress Creek II – Year Built 2020Camden Buckhead – Year Built 2022 Development Communities Completed and Stabilized (2011-2025)44Communities13,279Apartment Homes$3.3BTotal Cost$4.3BMarket Value*$1.0BValue Creation Camden Tempe II – Year Built 2023
Page 29
29(1) As of 5/28/26.(2) As of 3/31/26. Development CommunitiesEstimated/ActualCurrent Development Pipeline% Leased(1)Stabilized OperationsConstruction CompletionInitial OccupancyConstruction StartTotal Cost ($ in millions)Total HomesLocationName77%1Q273Q251Q252Q22$139369Raleigh, NCCamden Village District5%4Q282Q272Q262Q24157420Charlotte, NCCamden South Charlotte3Q283Q274Q262Q24151349Charlotte, NCCamden Blakeney2Q303Q281Q281Q25184393Nashville, TNCamden Nations$6311,531TotalsEstimatedFuture Development PipelineStart DateTotal Cost ($ in millions)Total HomesLocationName2026$191434Denver, COCamden Baker2027300498Nashville, TNCamden Gulch$491932TotalsCurrent development communities 72% funded with $177M remaining to complete(2)
Page 30
30Camden Nations – Nashville, TNCamden Blakeney – Charlotte, NCCamden South Charlotte – Charlotte, NCCamden Village District – Raleigh, NC Current Development Communities
Page 31
31 Reposition: Before – KitchenRedevelopment:Upgrade 10- to 15-year-old mid-rise and high-rise assets with reposition items plus interior/exterior enhancements to common areas. Over 2,000 apartment homes completed through 1Q26 with a total cost of $94 million.Reposition:Renovate well-located 15- to 20-year-old assets by updating kitchen and bath areas, appliances, flooring, fixtures, lighting, etc. Over 49,000 apartment homes completed through 1Q26 with a total cost of $870 million.Repurpose:Convert underutilized common area spaces into additional apartment homes at existing communities. 57 apartment homes completed through 1Q26 with a total cost of $20 million. Reposition/Redevelopment/Repurpose Programs Reposition: After – Kitchen
Page 32
32Other InformationCamden Belmont – Dallas, TX
Page 33
33 Innovation, Technology & AI Initiatives Drive NOI$55MIncremental Annual NOI$46MIncremental NOI$25MFuture CapEx SavingsPotential Future Impact Identified (2026-2030): $90MInnovation 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
Page 34
34 Future AI & Technology InitiativesEnhanced Resident Experience Drives Revenue Growth•Data and AI-driven renewal optimization and pricing decisions•AI agents improve customer acquisition, resident onboarding, and living experience•Enhanced digital marketing and demand generationOperational Efficiency & Cost Control•Process automation across maintenance, purchasing, and operations•Optimal procurement and bulk purchasing strategies Smarter Capital Allocation & Investment Analytics•Data-driven CapEx forecasting and capital deployment optimization•Real estate underwriting and construction cost estimating •Data/AI tools supporting energy andsustainability analyticsCorporate Productivity & G&A Leverage•Back-office automation creates efficiencies leading to G&A savings•AI assistance allows integration of workflows and reduces external spend•AI and automation eliminate routine tasks, allowing resources to be re-allocated toward higher-value activities
Page 35
35 Recognized by FORTUNE Magazine as one of the 100 Best Companies to Work For® in America for 19 consecutive years, recently ranking #13.Experienced management team with sound business plan and proven history of performance.Workplace Excellence Leads to Operational Excellence GPTW – FORTUNE Best Workplaces in Texas 2025 GPTW – FORTUNE Best Workplaces in Real Estate 2025 Houston Chronicle – Top Workplaces in Houston 2025 FORTUNE – 100 Best Companies to Work For® 2026 PEOPLE – Companies that Care 2025 FORTUNE – Best Workplaces for Women 2025#13#1#1#3#22 #29
Page 36
36 Camden's purpose is to improve the lives of our team members, residents, and shareholders, one experience at a time, and we care deeply about the local communities in which we live, work and play. We are committed to being the best multifamily company in the industry by providing Living Excellence to our customers.We strive to operate in an environmentally responsible manner, preserving natural resources, and designing and developing our apartment homes with long-term sustainability in mind. Our key focus areas for sustainability include: reducing energy usage, water usage, and waste production at our apartment communities; continuing and enhancing our many programs for employee and resident engagement; and adhering to the highest standards of business ethics and strong corporate governance.Our most recent Corporate Responsibility Report is available online in the Investors section of our website at camdenliving.com. Sustainability
Page 37
37Appendix Camden Fourth Ward – Atlanta, GA
Page 38
38 Non-GAAP Financial Measures Definitions & ReconciliationsThis 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 (calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), excluding depreciation and amortization relatedto 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 ofdepreciable 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 areconvertible 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, FFOcan 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 of andmaintain 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 CoreAFFO is provided below:Three Months Ended March 31,20252026FFO/ADJUSTED FFO$38,822$42,449Net income attributable to common shareholders146,168146,390Real estate depreciation and amortization1,9451,925Income allocated to non-controlling interests—(67,878)Gain on sale of operating property$186,935$122,886Funds from operations130250Plus: Casualty-related expenses1,87251,192Plus: Legal costs and settlements8811,842Plus: Expensed transaction, development, and other pursuit costs—4,855Plus: Investment losses—61Plus: Other miscellaneous items$189,818 $181,086Core funds from operations(16,098)(16,150)Less: Recurring capitalized expenditures$173,720$164,936Core adjusted funds from operationsWeighted average number of common shares outstanding:108,597104,899EPS diluted110,191106,493FFO/Core FFO/Core AFFO diluted
Page 39
39 Non-GAAP Financial Measures Definitions & ReconciliationsReconciliation of FFO, Core FFO, and Core AFFO per shareThree Months Ended March 31,20252026FFO/Core FFO/Core AFFO per share$0.36$0.40Total Earnings Per Common Share - Diluted1.321.37Real estate depreciation and amortization0.020.02Income allocated to non-controlling interests—(0.64)Gain on sale of operating property$1.70$1.15FFO per common share - Diluted——Plus: Casualty-related expenses0.010.48Plus: Legal costs and settlements0.010.02Plus: Expensed transaction, development, and other pursuit costs—0.05Plus: Investment losses——Plus: Other miscellaneous items$1.72$1.70Core FFO per common share – Diluted(0.14)(0.15)Less: recurring capitalized expenditures$1.58$1.55Core AFFO per common share - DilutedExpected 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.Range2026Range2Q26HighLowHighLowEXPECTED FFO$0.81$0.51$0.17$0.13Expected earnings per common share - diluted6.016.011.481.48Expected real estate depreciation and amortization0.080.080.020.02Expected income allocated to non-controlling interests(0.65)(0.65)——Expected (gain) on sale of operating properties$6.25$5.95$1.67$1.63Expected FFO per share - diluted0.650.650.020.02Anticipated Adjustments to FFO$6.90$6.60$1.69$1.65Expected Core FFO per share - diluted
Page 40
40 Non-GAAP Financial Measures Definitions & ReconciliationsNet 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 1Q26 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. 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 March 31,20252026NET OPERATING INCOME (NOI)$40,767$44,374Net income(2,487)(2,143)Less: Fee and asset management income(10)(253)Less: Interest and other income(1,198)1,159Less: (Loss)/income on deferred compensation plans9,89510,258Plus: Property management expense671661Plus: Fee and asset management expense16,94814,705Plus: General and administrative expense33,79037,359Plus: Interest expense149,252150,000Plus: Depreciation and amortization expense1,198(1,159)Plus: (Benefit)/expense on deferred compensation plans1,76060,905Plus: Other non-operating expenses—(68,100)Less: Gain on sale of operating property, including land559938Plus: Income tax expense$251,145$248,704NOI$234,073$232,418"Same Property" Communities$8,995$13,612Non-"Same Property" Communities$4$706Development and Lease-Up Communities$8,073$1,968Disposition/Other$251,145$248,704NOI
Page 41
41 Non-GAAP Financial Measures Definitions & ReconciliationsEBITDAre 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 earnings beforeinterest, 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 impairmentis 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-cashdepreciation 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. Areconciliation 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:Three months ended March 31,20252026ADJUSTED EBITDA$40,767$44,374Net income33,79037,359Plus: Interest expense149,252150,000Plus: Depreciation and amortization expense559938Plus: Income tax expense—(68,100)Less: Gain on sale of operating property, including land$224,368$164,571EBITDAre130250Plus: Casualty-related expenses1,87251,192Plus: Legal costs and settlements8811,842Plus: Expensed transaction, development, and other pursuit costs—4,855Plus: Investment losses—61Plus: Other miscellaneous items$227,251$222,771Adjusted EBITDAre$909,004$891,084Annualized Adjusted EBITDAreAverage monthly balance for theThree months ended March 31,20252026NET DEBT TO ANNUALIZED ADJUSTED EBITDA$3,404,088$3,906,874Unsecured notes payable330,396326,655Secured notes payable3,734,4844,233,529Total average debt(12,302)(14,504)Less: Average cash and cash equivalents$3,722,182$4,219,025Net DebtThree months ended March 31,20252026$3,722,182$4,219,025Net Debt909,004891,084Annualized Adjusted EBITDAre4.1x4.7xNet Debt to Annualized Adjusted EBITDAre
Page 42
42 Other DefinitionsCore 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, expensedtransaction, 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, 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 revenues/expenses adjustments. Items recorded to Property Revenues may include net above/below 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 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.
Page 43
43