EX-99.23exhibit992supplement1q26.htmEX-99.2 Document
CAMDEN
TABLE OF CONTENTS
Page
Press Release Text
3
Financial Highlights
4
Operating Results
5
Funds from Operations
6
Balance Sheets
7
Portfolio Statistics
8
Components of Property Net Operating Income
9
Sequential Components of Property Net Operating Income
10
"Same Property" First Quarter Comparisons
11
"Same Property" Sequential Quarter Comparisons
12
"Same Property" Operating Expense Detail & Comparisons
13
Current Development Communities
14
Development Pipeline & Land
15
Acquisitions & Dispositions
16
Debt Analysis
17
Debt Maturity Analysis
18
Debt Covenant Analysis
19
Capitalized Expenditures & Maintenance Expense
20
Non-GAAP Financial Measures - Definitions & Reconciliations
21
Other Definitions
25
Other Data
26
In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the “Company”) operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
2
CAMDEN PROPERTY TRUST ANNOUNCES FIRST QUARTER 2026 OPERATING RESULTS
Houston, Texas (April 30, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three months ended March 31, 2026. 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, 2026 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.
Three Months Ended March 31,
Per Diluted Share
2026
2025
EPS
$0.40
$0.36
FFO
$1.15
$1.70
Core FFO
$1.70
$1.72
Core AFFO
$1.55
$1.58
Three Months Ended
1Q26 Guidance
1Q26 Guidance
Per Diluted Share
March 31, 2026
Midpoint
Variance
EPS(1)
$0.40
$0.24
$0.16
FFO(1)
$1.15
$1.63
($0.48)
Core FFO
$1.70
$1.66
$0.04
(1) The Company's EPS and FFO included approximately $0.48 per diluted share primarily due to litigation-related charges and EPS included approximately $0.64 per diluted share mainly due to the gain on sale of an operating property.
Quarterly Growth
Sequential Growth
Same Property Results
1Q26 vs. 1Q25
1Q26 vs. 4Q25
Revenues
0.2%
0.1%
Expenses
1.9%
2.1%
Net Operating Income ("NOI")
(0.7)%
(1.0)%
Same Property Results
1Q26
1Q25
4Q25
Occupancy
95.1%
95.4%
95.2%
For 2026, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.
Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Date Effective (1)
1Q26
1Q25
4Q25
T1Effective New Lease Rates
(5.2)%
(3.1)%
(5.3)%
Effective Renewal Rates
2.9%
3.3%
2.8%
Effective Blended Lease Rates
(1.4)%
(0.1)%
(1.6)%
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
Development Activity
During the quarter, leasing continued at Camden Village District in Raleigh, NC.
Development Communities - Construction Completed and Project in Lease-Up ($ in millions)
Total
Total
% Leased
Community Name
Location
Homes
Cost
as of 4/29/2026
Camden Village District
Raleigh, NC
369
$139.4
72
%
T2Development Communities - Construction Ongoing ($ in millions)
Total
Total
% Leased
Community Name
Location
Homes
Estimated Cost
as of 4/29/2026
Camden South Charlotte
Charlotte, NC
420
$157.0
2
%
Camden Blakeney
Charlotte, NC
349
151.0
Camden Nations
Nashville, TN
393
184.0
Total
1,162
$492.0
Acquisition and Disposition Activity
During the quarter, the Company began marketing for sale 11 operating communities in California. Also during the quarter, the Company disposed of a 516-apartment home community in Irving, TX for approximately $77.0 million and recognized a gain of approximately $67.9 million. T3Subsequent to quarter end, the Company acquired Camden Alpharetta, a 269-apartment home community located in the Atlanta, GA metropolitan area and Camden at Lake Nona, a 288-apartment home community located in the Orlando, FL metropolitan area for a combined $171.3 million.
Capital Markets Transactions
T4During the quarter, the Company issued $600 million of senior unsecured notes due 2036. These ten-year notes were issued at 99.936% of par value with a coupon of 4.90%, a yield of 4.908%, and an effective interest rate of 5.03% per annum after giving effect to deducting the underwriting discounts and other expenses of the offering. Also during the quarter, the Company amended and restated its existing unsecured credit facility to remove a $300 million delayed draw unsecured term loan facility and extended the maturity date of the $1.2 billion unsecured revolving credit facility to March 2030.
Share Repurchases
During the quarter, Camden repurchased 2,633,030 common shares at an average price of $105.88 per share for a total of $278.8 million. Subsequent to quarter end, Camden repurchased 1,429,136 common shares at an average price of $100.78 for a total of $144.1 million. T5Year to date, Camden repurchased 4,062,166 common shares at an average price of $104.08 for a total of $422.9 million. The Company currently has $297.8 million remaining under its stock repurchase program.
Liquidity Analysis
As of March 31, 2026, Camden had approximately $881.9 million of liquidity comprised of approximately $40.7 million in cash and cash equivalents, and approximately $841.2 million of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $176.6 million left to fund under its existing wholly-owned development pipeline.
Litigation Update
Subsequent to quarter end, the Company entered into a binding term sheet to settle the class action litigation related to the use of a revenue management software and agreed to pay an aggregate of $53.0 million into a settlement fund which is subject to preliminary and final court approval. T6The Company recorded this charge within Other Non-Operating Expenses in its consolidated statements of income and comprehensive income during the three months ended March 31, 2026. The settlement payments will not impact the Company’s 2026 Core FFO or 2026 Core AFFO as certain legal costs and settlements are excluded from the calculation of these metrics.
Earnings Guidance
Camden updated its earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.
2Q26
2026
2026 Midpoint
Per Diluted Share
Range
Range
Current
Prior
Change
EPS
$0.13 - $0.17
$0.51 - $0.81
$0.66
$0.55
$0.11
FFO
$1.63 - $1.67
$5.95 - $6.25
$6.10
$6.61
($0.51)
Core FFO(1)
$1.65 - $1.69
$6.60 - $6.90
$6.75
$6.75
$0.00
(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.
2026
2026 Midpoint
Same Property Growth Guidance
Range
Current
Prior
Change
Revenues
(0.25)% - 1.75%
0.75%
0.75%
0.00%
Expenses
2.25% - 3.75%
3.00%
3.00%
0.00%
NOI
(2.50)% - 1.50%
(0.50)%
(0.50)%
0.00%
Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2026 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.
Conference Call
Friday, May 1, 2026 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 4099400
Webcast: https://investors.camdenliving.com
The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.
Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
About Camden
Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 173 properties containing 58,811 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 59,973 apartment homes in 176 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 19 consecutive years, most recently ranking #13. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
3
CAMDEN
FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
(Unaudited)
Three Months Ended March 31,
2026
2025
Property revenues
$388,773
$390,565
Adjusted EBITDAre
222,771
227,251
Net income attributable to common shareholders
42,449
38,822
Per share - basic
0.40
0.36
Per share - diluted
0.40
0.36
Funds from operations
122,886
186,935
Per share - diluted
1.15
1.70
Core funds from operations
181,086
189,818
Per share - diluted
1.70
1.72
Core adjusted funds from operations
164,936
173,720
Per share - diluted
1.55
1.58
Dividends per share
1.06
1.05
Dividend payout ratio (FFO) (a)
64.2
%
61.8
%
Interest expensed
37,359
33,790
Interest capitalized
3,831
3,554
Total interest incurred
41,190
37,344
Net Debt to Annualized Adjusted EBITDAre (b)
4.7x
4.1x
Interest expense coverage ratio
6.0x
6.7x
Total interest coverage ratio
5.4x
6.1x
Fixed charge expense coverage ratio
6.0x
6.7x
Total fixed charge coverage ratio
5.4x
6.1x
Unencumbered real estate assets (at cost) to unsecured debt ratio
3.2x
3.6x
T7Same property NOI growth (c) (d)
(0.7)
%
0.9
%
(# of apartment homes included)
54,105
57,116
Same property turnover
Gross turnover of apartment homes (annualized)
40
%
40
%
Net turnover (excludes on-site transfers and transfers to other Camden communities)
30
%
31
%
As of March 31,
2026
2025
Total assets
$9,059,627
$8,993,132
Total debt
$4,250,469
$3,735,671
Common and common equivalent shares, outstanding end of period (e)
105,290
110,249
Share price, end of period
$97.66
$122.30
Book equity value, end of period (f)
$4,104,851
$4,687,218
Market equity value, end of period (g)
$10,282,621
$13,483,453
(a) Excludes approximately $53.0 million of certain legal cost related to a litigation settlement for the three months ended March 31, 2026.
(b) Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results.
(c) "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale.
(d) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.
(e) Includes at March 31, 2026: 103,695 common shares, plus 1,595 common share equivalents upon the assumed conversion of non-controlling units.
(f) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
(g) Includes: common shares, common units, and common share equivalents.
Note: Please refer to pages 23 - 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
4
CAMDEN
OPERATING RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
2026
2025
OPERATING DATA
Property revenues (a)
$388,773
$390,565
Property expenses
Property operating and maintenance
90,179
89,698
Real estate taxes
49,890
49,722
Total property expenses
140,069
139,420
Non-property income
Fee and asset management
2,143
2,487
Interest and other income
253
10
(Loss)/income on deferred compensation plans
(1,159)
1,198
Total non-property income
1,237
3,695
Other expenses
Property management
10,258
9,895
Fee and asset management
661
671
General and administrative
14,705
16,948
Interest
37,359
33,790
Depreciation and amortization
150,000
149,252
(Benefit)/expense on deferred compensation plans
(1,159)
1,198
Other non-operating expenses
60,905
1,760
Total other expenses
272,729
213,514
Gain on sale of operating property, including land
68,100
—
Income from continuing operations before income taxes
45,312
41,326
Income tax expense
(938)
(559)
Net income
44,374
40,767
Net income allocated to non-controlling interests
(1,925)
(1,945)
Net income attributable to common shareholders
$42,449
$38,822
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income
$44,374
$40,767
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation
357
351
Comprehensive income
44,731
41,118
Net income allocated to non-controlling interests
(1,925)
(1,945)
Comprehensive income attributable to common shareholders
$42,806
$39,173
PER SHARE DATA
Total earnings per common share - basic
$0.40
$0.36
Total earnings per common share - diluted
0.40
0.36
Weighted average number of common shares outstanding:
Basic
104,826
108,530
Diluted
104,899
108,597
(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended March 31, 2026, we recognized $388.8 million of property revenue which consisted of approximately $345.7 million of rental revenue and approximately $43.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $390.6 million recognized for the three months ended March 31, 2025, made up of approximately $348.3 million of rental revenue and approximately $42.3 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $12.2 million and $11.4 million for the three months ended March 31, 2026 and 2025, respectively.
Note: Please refer to pages 23 - 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
5
CAMDEN
FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)
Three Months Ended March 31,
2026
2025
FUNDS FROM OPERATIONS
Net income attributable to common shareholders
$42,449
$38,822
Real estate depreciation and amortization
146,390
146,168
Income allocated to non-controlling interests
1,925
1,945
Gain on sale of operating property
(67,878)
—
Funds from operations
$122,886
$186,935
Plus: Casualty-related expenses (a)
250
130
Plus: Legal costs and settlements (b)(c)
51,192
1,872
Plus: Expensed transaction, development, and other pursuit costs (c)
1,842
881
Plus: Investment losses (b)
4,855
—
Plus: Other miscellaneous items (a)
61
—
Core funds from operations
$181,086
$189,818
Less: Recurring capitalized expenditures (d)
(16,150)
(16,098)
Core adjusted funds from operations
$164,936
$173,720
PER SHARE DATA
Funds from operations - diluted
$1.15
$1.70
Core funds from operations - diluted
1.70
1.72
Core adjusted funds from operations - diluted
1.55
1.58
Distributions declared per common share
1.06
1.05
Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted
106,493
110,191
PROPERTY DATA
Total operating properties (end of period) (e)
171
176
Total operating apartment homes in operating properties (end of period) (e)
58,254
59,647
Total operating apartment homes (weighted average)
58,366
59,074
(a) Non-core adjustment generally recorded within Property NOI.
(b) Non-core adjustment generally recorded within Other Non-Operating Expenses.
(c) Non-core adjustment generally recorded within General and Administrative Expenses.
(d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(e) Includes joint ventures and properties held for sale, if any.
Note: Please refer to pages 23 - 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
6
CAMDEN
BALANCE SHEETS
(In thousands)
(Unaudited)
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Mar 31,
2025
ASSETS
Real estate assets, at cost
Land
$1,784,349
$1,787,445
$1,791,077
$1,789,207
$1,763,468
Buildings and improvements
11,801,301
11,792,960
11,812,521
11,763,017
11,550,852
13,585,650
13,580,405
13,603,598
13,552,224
13,314,320
Accumulated depreciation
(5,407,880)
(5,296,061)
(5,234,087)
(5,128,622)
(5,011,583)
Net operating real estate assets
8,177,770
8,284,344
8,369,511
8,423,602
8,302,737
Properties under development and land
457,994
419,227
384,124
380,437
403,657
Total real estate assets
8,635,764
8,703,571
8,753,635
8,804,039
8,706,394
Accounts receivable – affiliates
8,076
8,884
8,889
8,889
8,950
Other assets, net (a)
285,493
293,292
255,333
262,100
239,999
Cash and cash equivalents
40,684
25,203
25,931
33,091
26,182
Restricted cash
89,610
12,039
11,378
11,454
11,607
Total assets
$9,059,627
$9,042,989
$9,055,166
$9,119,573
$8,993,132
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured
$3,931,761
$3,570,193
$3,409,691
$3,495,487
$3,405,255
Secured
318,708
330,597
330,536
330,476
330,416
Accounts payable and accrued expenses
269,623
248,087
232,960
206,018
195,197
Accrued real estate taxes
59,818
92,382
129,697
91,954
46,192
Distributions payable
112,156
114,971
115,518
116,007
115,983
Other liabilities (b)
262,710
248,506
224,989
219,635
212,871
Total liabilities
4,954,776
4,604,736
4,443,391
4,459,577
4,305,914
Equity
Common shares of beneficial interest
1,157
1,157
1,157
1,157
1,157
Additional paid-in capital
5,948,511
5,948,938
5,945,277
5,941,893
5,936,982
Distributions in excess of net income attributable to common shareholders
(1,037,252)
(969,240)
(1,011,983)
(1,007,075)
(973,416)
Treasury shares
(886,052)
(620,497)
(400,185)
(350,166)
(351,092)
Accumulated other comprehensive income (c)
2,522
2,165
2,027
1,676
1,325
Total common equity
4,028,886
4,362,523
4,536,293
4,587,485
4,614,956
Non-controlling interests
75,965
75,730
75,482
72,511
72,262
Total equity
4,104,851
4,438,253
4,611,775
4,659,996
4,687,218
Total liabilities and equity
$9,059,627
$9,042,989
$9,055,166
$9,119,573
$8,993,132
(a) Includes net deferred charges of:
$7,969
$534
$1,296
$1,953
$2,730
(b) Includes deferred revenues of:
$1,277
$614
$624
$692
$760
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.
7
CAMDEN
PORTFOLIO STATISTICS
(Unaudited)
COMMUNITY PORTFOLIO AT MARCH 31, 2026 (in apartment homes)
"Same Property"
Non-"Same Property"
Completed in Lease-up
Under Construction
Grand Total
D.C. Metro (a)
6,194
—
—
—
6,194
Houston, TX
7,278
929
—
—
8,207
Phoenix, AZ
4,094
—
—
—
4,094
Dallas, TX
5,148
276
—
—
5,424
SE Florida
3,050
—
—
—
3,050
Orlando, FL
3,954
322
—
—
4,276
Atlanta, GA
4,270
—
—
—
4,270
Tampa, FL
3,104
360
—
—
3,464
Charlotte, NC
3,510
—
—
769
4,279
Denver, CO
2,873
—
—
—
2,873
Raleigh, NC
2,892
780
369
—
4,041
Los Angeles/Orange County, CA
1,823
—
—
—
1,823
San Diego/Inland Empire, CA
1,797
—
—
—
1,797
Austin, TX
3,360
678
—
—
4,038
Nashville, TN
758
435
—
393
1,586
Total Portfolio
54,105
3,780
369
1,162
59,416
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)
"Same Property" Communities
Operating Communities (b)
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Mar 31,
2025
D.C. Metro (a)
14.3
%
13.4
%
95.7
%
96.1
%
96.7
%
97.3
%
97.1
%
Houston, TX
9.7
%
10.4
%
93.8
%
94.2
%
94.8
%
95.1
%
95.1
%
Phoenix, AZ
8.4
%
8.0
%
95.6
%
95.0
%
94.9
%
94.4
%
95.4
%
Dallas, TX
7.2
%
7.2
%
94.3
%
94.9
%
95.4
%
95.3
%
95.0
%
SE Florida
7.4
%
7.1
%
95.8
%
95.2
%
95.2
%
95.5
%
95.2
%
Orlando, FL
7.0
%
7.1
%
96.1
%
96.1
%
95.9
%
95.7
%
95.8
%
Atlanta, GA
7.3
%
6.8
%
95.3
%
95.2
%
95.8
%
95.3
%
95.1
%
Tampa, FL
6.5
%
6.8
%
95.9
%
94.9
%
94.9
%
95.4
%
96.3
%
Charlotte, NC
6.2
%
5.8
%
94.5
%
94.6
%
95.1
%
95.4
%
95.2
%
Denver, CO
6.1
%
5.8
%
94.7
%
95.1
%
96.6
%
97.0
%
95.0
%
Raleigh, NC
4.6
%
5.7
%
94.1
%
94.5
%
95.4
%
95.6
%
95.6
%
Los Angeles/Orange County, CA
4.8
%
4.7
%
95.1
%
95.3
%
95.5
%
95.6
%
94.1
%
San Diego/Inland Empire, CA
4.8
%
4.5
%
95.5
%
95.5
%
95.8
%
96.1
%
95.7
%
Austin, TX
4.2
%
4.7
%
96.0
%
95.5
%
95.2
%
94.7
%
93.6
%
Nashville, TN
1.5
%
2.0
%
93.1
%
93.6
%
94.8
%
94.8
%
92.2
%
Total Portfolio
100.0
%
100.0
%
95.0
%
95.1
%
95.5
%
95.6
%
95.3
%
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
(b) Operating communities represent all fully-consolidated communities for the period, excluding communities under construction.
(c) Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments, if any.
8
CAMDEN
COMPONENTS OF PROPERTY
NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
Apartment
Three Months Ended March 31,
Property Revenues
Homes
2026
2025
Change
"Same Property" Communities (a)
54,105
$360,009
$359,261
$748
Non-"Same Property" Communities (b)
3,780
23,304
15,775
7,529
Development and Lease-Up Communities (c)
1,531
1,281
35
1,246
Disposition/Other (d)
—
4,179
15,494
(11,315)
Total Property Revenues
59,416
$388,773
$390,565
($1,792)
Property Expenses
"Same Property" Communities (a)
54,105
$127,591
$125,188
$2,403
Non-"Same Property" Communities (b)
3,780
9,692
6,780
2,912
Development and Lease-Up Communities (c)
1,531
575
31
544
Disposition/Other (d)
—
2,211
7,421
(5,210)
Total Property Expenses
59,416
$140,069
$139,420
$649
Property Net Operating Income
"Same Property" Communities (a)
54,105
$232,418
$234,073
($1,655)
Non-"Same Property" Communities (b)
3,780
13,612
8,995
4,617
Development and Lease-Up Communities (c)
1,531
706
4
702
Disposition/Other (d)
—
1,968
8,073
(6,105)
Total Property Net Operating Income
59,416
$248,704
$251,145
($2,441)
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2025, including communities under redevelopment, and excluding properties held for sale.
(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2025, excluding properties held for sale.
(d) "Disposition/Other" includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.
9
CAMDEN
COMPONENTS OF PROPERTY
SEQUENTIAL NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
Three Months Ended
Apartment
March 31,
December 31,
September 30,
June 30,
March 31,
Property Revenues
Homes
2026
2025
2025
2025
2025
"Same Property" Communities (a)
54,105
$360,009
$359,634
$362,590
$362,074
$359,261
Non-"Same Property" Communities (b)
3,780
23,304
21,916
21,187
18,942
15,775
Development and Lease-Up Communities (c)
1,531
1,281
1,077
790
283
35
Disposition/Other (d)
—
4,179
8,167
11,109
15,210
15,494
Total Property Revenues
59,416
$388,773
$390,794
$395,676
$396,509
$390,565
Property Expenses
"Same Property" Communities (a)
54,105
$127,591
$124,942
$131,579
$129,597
$125,188
Non-"Same Property" Communities (b)
3,780
9,692
8,410
8,589
7,980
6,780
Development and Lease-Up Communities (c)
1,531
575
701
539
230
31
Disposition/Other (d)
—
2,211
3,869
4,989
5,865
7,421
Total Property Expenses
59,416
$140,069
$137,922
$145,696
$143,672
$139,420
Property Net Operating Income
"Same Property" Communities (a)
54,105
$232,418
$234,692
$231,011
$232,477
$234,073
Non-"Same Property" Communities (b)
3,780
13,612
13,506
12,598
10,962
8,995
Development and Lease-Up Communities (c)
1,531
706
376
251
53
4
Disposition/Other (d)
—
1,968
4,298
6,120
9,345
8,073
Total Property Net Operating Income
59,416
$248,704
$252,872
$249,980
$252,837
$251,145
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2025, including communities under redevelopment, and excluding properties held for sale.
(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2025, excluding properties held for sale.
(d) "Disposition/Other" includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.
10
CAMDEN
"SAME PROPERTY"
FIRST QUARTER COMPARISONS
March 31, 2026
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes
Revenues
Expenses
NOI
Quarterly Results (a)(b)
Included
1Q26
1Q25
Growth
1Q26
1Q25
Growth
1Q26
1Q25
Growth
D.C. Metro
6,194
$48,863
$48,130
1.5
%
$15,638
$15,432
1.3
%
$33,225
$32,698
1.6
%
Houston, TX
7,278
40,249
40,411
(0.4)
%
17,772
17,672
0.6
%
22,477
22,739
(1.2)
%
Phoenix, AZ
4,094
27,253
27,457
(0.7)
%
7,671
7,381
3.9
%
19,582
20,076
(2.5)
%
SE Florida
3,050
26,901
26,353
2.1
%
9,671
9,872
(2.0)
%
17,230
16,481
4.5
%
Atlanta, GA
4,270
27,310
26,816
1.8
%
10,346
7,939
30.3
%
16,964
18,877
(10.1)
%
Dallas, TX
5,148
29,121
29,257
(0.5)
%
12,396
12,440
(0.4)
%
16,725
16,817
(0.5)
%
Orlando, FL
3,954
25,219
25,213
0.0
%
8,873
9,390
(5.5)
%
16,346
15,823
3.3
%
Tampa, FL
3,104
23,610
23,778
(0.7)
%
8,576
8,112
5.7
%
15,034
15,666
(4.0)
%
Charlotte, NC
3,510
20,551
20,697
(0.7)
%
6,216
6,285
(1.1)
%
14,335
14,412
(0.5)
%
Denver, CO
2,873
19,729
20,201
(2.3)
%
5,444
5,962
(8.7)
%
14,285
14,239
0.3
%
Los Angeles/Orange County, CA
1,823
16,925
16,339
3.6
%
5,830
5,443
7.1
%
11,095
10,896
1.8
%
San Diego/Inland Empire, CA
1,797
16,347
16,131
1.3
%
5,089
4,853
4.9
%
11,258
11,278
(0.2)
%
Raleigh, NC
2,892
15,586
15,692
(0.7)
%
4,942
5,120
(3.5)
%
10,644
10,572
0.7
%
Austin, TX
3,360
17,260
17,746
(2.7)
%
7,519
7,723
(2.6)
%
9,741
10,023
(2.8)
%
Nashville, TN
758
5,085
5,040
0.9
%
1,608
1,564
2.8
%
3,477
3,476
0.0
%
Total Same Property
54,105
$360,009
$359,261
0.2
%
$127,591
$125,188
1.9
%
$232,418
$234,073
(0.7)
%
Weighted Average Monthly
Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Quarterly Results (b)
Contribution
1Q26
1Q25
Growth
1Q26
1Q25
Growth
1Q26
1Q25
Growth
D.C. Metro
14.3
%
95.7
%
97.1
%
(1.4)
%
$2,385
$2,327
2.5
%
$2,746
$2,668
2.9
%
Houston, TX
9.7
%
94.1
%
95.1
%
(1.0)
%
1,651
1,654
(0.2)
%
1,959
1,947
0.6
%
Phoenix, AZ
8.4
%
95.6
%
95.6
%
0.0
%
1,956
1,989
(1.7)
%
2,322
2,339
(0.7)
%
SE Florida
7.4
%
95.8
%
95.2
%
0.6
%
2,699
2,672
1.0
%
3,070
3,026
1.5
%
Atlanta, GA
7.3
%
95.3
%
95.1
%
0.2
%
1,906
1,898
0.4
%
2,237
2,201
1.6
%
Dallas, TX
7.2
%
94.2
%
94.9
%
(0.7)
%
1,722
1,731
(0.5)
%
2,001
1,997
0.2
%
Orlando, FL
7.0
%
96.0
%
95.8
%
0.2
%
1,910
1,922
(0.6)
%
2,215
2,219
(0.2)
%
Tampa, FL
6.5
%
95.9
%
96.3
%
(0.4)
%
2,302
2,312
(0.4)
%
2,644
2,651
(0.3)
%
Charlotte, NC
6.2
%
94.5
%
95.2
%
(0.7)
%
1,783
1,792
(0.5)
%
2,065
2,065
0.0
%
Denver, CO
6.1
%
94.7
%
95.0
%
(0.3)
%
2,115
2,140
(1.2)
%
2,418
2,466
(2.0)
%
Los Angeles/Orange County, CA
4.8
%
95.1
%
94.1
%
1.0
%
2,898
2,859
1.4
%
3,255
3,174
2.6
%
San Diego/Inland Empire, CA
4.8
%
95.5
%
95.7
%
(0.2)
%
2,815
2,795
0.7
%
3,174
3,127
1.5
%
Raleigh, NC
4.6
%
94.6
%
95.7
%
(1.1)
%
1,603
1,607
(0.2)
%
1,898
1,889
0.4
%
Austin, TX
4.2
%
95.8
%
94.7
%
1.1
%
1,503
1,570
(4.3)
%
1,788
1,859
(3.8)
%
Nashville, TN
1.5
%
94.3
%
91.9
%
2.4
%
2,170
2,235
(2.9)
%
2,371
2,408
(1.5)
%
Total Same Property
100.0
%
95.1
%
95.4
%
(0.3)
%
$2,010
$2,011
0.0
%
$2,331
$2,319
0.5
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.
(c) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.
(d) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.
11
CAMDEN
"SAME PROPERTY"
SEQUENTIAL QUARTER COMPARISONS
March 31, 2026
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes
Revenues
Expenses
NOI
Quarterly Results (a)(b)
Included
1Q26
4Q25
Growth
1Q26
4Q25
Growth
1Q26
4Q25
Growth
D.C. Metro
6,194
$48,863
$48,873
0.0
%
$15,638
$15,222
2.7
%
$33,225
$33,651
(1.3)
%
Houston, TX
7,278
40,249
40,319
(0.2)
%
17,772
16,969
4.7
%
22,477
23,350
(3.7)
%
Phoenix, AZ
4,094
27,253
27,099
0.6
%
7,671
7,605
0.9
%
19,582
19,494
0.5
%
SE Florida
3,050
26,901
26,530
1.4
%
9,671
10,083
(4.1)
%
17,230
16,447
4.8
%
Atlanta, GA
4,270
27,310
27,063
0.9
%
10,346
8,741
18.4
%
16,964
18,322
(7.4)
%
Dallas, TX
5,148
29,121
29,147
(0.1)
%
12,396
12,519
(1.0)
%
16,725
16,628
0.6
%
Orlando, FL
3,954
25,219
25,097
0.5
%
8,873
8,250
7.6
%
16,346
16,847
(3.0)
%
Tampa, FL
3,104
23,610
23,577
0.1
%
8,576
8,652
(0.9)
%
15,034
14,925
0.7
%
Charlotte, NC
3,510
20,551
20,603
(0.3)
%
6,216
6,393
(2.8)
%
14,335
14,210
0.9
%
Denver, CO
2,873
19,729
20,304
(2.8)
%
5,444
6,152
(11.5)
%
14,285
14,152
0.9
%
Los Angeles/Orange County, CA
1,823
16,925
16,785
0.8
%
5,830
5,832
0.0
%
11,095
10,953
1.3
%
San Diego/Inland Empire, CA
1,797
16,347
16,258
0.5
%
5,089
4,672
8.9
%
11,258
11,586
(2.8)
%
Raleigh, NC
2,892
15,586
15,635
(0.3)
%
4,942
5,039
(1.9)
%
10,644
10,596
0.5
%
Austin, TX
3,360
17,260
17,268
0.0
%
7,519
7,480
0.5
%
9,741
9,788
(0.5)
%
Nashville, TN
758
5,085
5,076
0.2
%
1,608
1,333
20.6
%
3,477
3,743
(7.1)
%
Total Same Property
54,105
$360,009
$359,634
0.1
%
$127,591
$124,942
2.1
%
$232,418
$234,692
(1.0)
%
Weighted Average Monthly
Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Quarterly Results (b)
Contribution
1Q26
4Q25
Growth
1Q26
4Q25
Growth
1Q26
4Q25
Growth
D.C. Metro
14.3
%
95.7
%
96.1
%
(0.4)
%
$2,385
$2,390
(0.2)
%
$2,746
$2,736
0.4
%
Houston, TX
9.7
%
94.1
%
94.5
%
(0.4)
%
1,651
1,655
(0.2)
%
1,959
1,954
0.2
%
Phoenix, AZ
8.4
%
95.6
%
95.2
%
0.4
%
1,956
1,960
(0.2)
%
2,322
2,319
0.2
%
SE Florida
7.4
%
95.8
%
95.2
%
0.6
%
2,699
2,698
0.0
%
3,070
3,045
0.8
%
Atlanta, GA
7.3
%
95.3
%
95.2
%
0.1
%
1,906
1,907
(0.1)
%
2,237
2,220
0.8
%
Dallas, TX
7.2
%
94.2
%
94.8
%
(0.6)
%
1,722
1,726
(0.2)
%
2,001
1,991
0.5
%
Orlando, FL
7.0
%
96.0
%
96.1
%
(0.1)
%
1,910
1,916
(0.3)
%
2,215
2,203
0.6
%
Tampa, FL
6.5
%
95.9
%
95.2
%
0.7
%
2,302
2,318
(0.7)
%
2,644
2,658
(0.6)
%
Charlotte, NC
6.2
%
94.5
%
94.6
%
(0.1)
%
1,783
1,792
(0.5)
%
2,065
2,069
(0.2)
%
Denver, CO
6.1
%
94.7
%
95.1
%
(0.4)
%
2,115
2,132
(0.8)
%
2,418
2,476
(2.4)
%
Los Angeles/Orange County, CA
4.8
%
95.1
%
95.3
%
(0.2)
%
2,898
2,877
0.7
%
3,255
3,221
1.0
%
San Diego/Inland Empire, CA
4.8
%
95.5
%
95.5
%
0.0
%
2,815
2,817
(0.1)
%
3,174
3,157
0.5
%
Raleigh, NC
4.6
%
94.6
%
94.8
%
(0.2)
%
1,603
1,609
(0.4)
%
1,898
1,901
(0.1)
%
Austin, TX
4.2
%
95.8
%
95.3
%
0.5
%
1,503
1,513
(0.7)
%
1,788
1,797
(0.5)
%
Nashville, TN
1.5
%
94.3
%
93.7
%
0.6
%
2,170
2,202
(1.5)
%
2,371
2,381
(0.4)
%
Total Same Property
100.0
%
95.1
%
95.2
%
(0.1)
%
$2,010
$2,015
(0.2)
%
$2,331
$2,327
0.2
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.
(c) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.
(d) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.
12
CAMDEN
"SAME PROPERTY" OPERATING EXPENSE
DETAIL AND COMPARISONS
March 31, 2026
(In thousands)
(Unaudited)
% of Actual
1Q26 Operating
Quarterly Comparison (a) (b)
1Q26
1Q25
$ Change
% Change
Expenses
Property Taxes
$44,925
$43,996
$929
2.1
%
35.2
%
Salaries and Benefits for On-site Employees
24,092
23,273
819
3.5
%
18.9
%
Utilities
25,816
25,520
296
1.2
%
20.2
%
Repairs and Maintenance
15,332
15,244
88
0.6
%
12.0
%
Property Insurance
7,471
7,685
(214)
(2.8)
%
5.9
%
General and Administrative
6,571
6,283
288
4.6
%
5.2
%
Marketing and Leasing
2,352
2,176
176
8.1
%
1.8
%
Other
1,032
1,011
21
2.1
%
0.8
%
Total Same Property
$127,591
$125,188
$2,403
1.9
%
100.0
%
% of Actual
1Q26 Operating
Sequential Comparison (a) (b)
1Q26
4Q25
$ Change
% Change
Expenses
Property Taxes
$44,925
$42,444
$2,481
5.8
%
35.2
%
Salaries and Benefits for On-site Employees
24,092
23,457
635
2.7
%
18.9
%
Utilities
25,816
25,093
723
2.9
%
20.2
%
Repairs and Maintenance
15,332
15,315
17
0.1
%
12.0
%
Property Insurance
7,471
8,323
(852)
(10.2)
%
5.9
%
General and Administrative
6,571
6,385
186
2.9
%
5.2
%
Marketing and Leasing
2,352
2,941
(589)
(20.0)
%
1.8
%
Other
1,032
984
48
4.9
%
0.8
%
Total Same Property
$127,591
$124,942
$2,649
2.1
%
100.0
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) "Same Property" results exclude results from other expenses, including casualty-related expenses net of recoveries and severance related costs.
13
CAMDEN
CURRENT DEVELOPMENT COMMUNITIES
(Unaudited)
AS OF MARCH 31, 2026 ($ in millions)
Estimated/Actual Dates for
Completed Communities in Lease-Up
Total
Cost to
Construction
Initial
Construction
Stabilized
As of 4/29/2026
Homes
Date
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden Village District
369
$139.4
2Q22
1Q25
3Q25
1Q27
72%
65%
Raleigh, NC
Estimated/Actual Dates for
Total
Total
Cost to
Amount
Construction
Initial
Construction
Stabilized
As of 4/29/2026
Development Communities
Homes
Estimated Cost
Date
in CIP
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden South Charlotte
420
$157.0
$128.0
$128.0
2Q24
2Q26
2Q27
4Q28
2%
1%
Charlotte, NC
2.
Camden Blakeney
349
151.0
103.0
103.0
2Q24
4Q26
3Q27
3Q28
Charlotte, NC
3.
Camden Nations
393
184.0
84.4
84.4
1Q25
1Q28
3Q28
2Q30
Nashville, TN
Total Development Communities
1,162
$492.0
$315.4
$315.4
2%
1%
Additional Development Pipeline and Land(a)
142.6
Total Properties Under Development and Land (per Balance Sheet)
$458.0
NOI Contribution from Development Communities ($ in millions)
Cost to Date
1Q26 NOI
Completed Communities in Lease-Up
$
139.4
$
0.7
(a) Please refer to the Development Pipeline Summary on page 17.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
14
CAMDEN
DEVELOPMENT PIPELINE & LAND
(Unaudited)
AS OF MARCH 31, 2026 ($ in millions)
Projected
Total
PIPELINE COMMUNITIES
Homes
Estimated Cost (a)
Cost to Date
1.
Camden Baker
434
$191.0
$40.9
Denver, CO
2.
Camden Gulch
498
300.0
56.8
Nashville, TN
Development Pipeline
932
$491.0
$97.7
Other (b)
$44.9
Total Development Pipeline and Land
$142.6
(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking estimates are not guarantees of future performances, results, or events. Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasts and estimates routinely require adjustment.
(b) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
15
CAMDEN
ACQUISITIONS & DISPOSITIONS
(Unaudited)
2026 ACQUISITION & DISPOSITION ACTIVITY ($ in millions, except per unit amounts)
2026 Acquisitions
Location
Purchase Price
Homes
Monthly Rental Rate
Year Built
Closing Date
1.
Camden Alpharetta
Alpharetta, GA
$89.0
269 Homes
$2,028
2020
4/30/2026
2.
Camden at Lake Nona
Orlando, FL
82.3
288 Homes
1,966
2018
4/30/2026
Total/Average Acquisitions
$171.3
557 Homes
$1,996
2026 Dispositions
Location
Sales Price
Homes
Monthly Rental Rate
Year Built
Closing Date
1.
Camden Valley Park
Irving, TX
$77.0
516 Homes
$1,371
1986
2/18/2026
16
CAMDEN
DEBT ANALYSIS
(In thousands, except property data amounts)
(Unaudited)
DEBT MATURITIES AS OF MARCH 31, 2026:
Future Scheduled Repayments (a)
Year
Amortization
Secured
Maturities
Unsecured Maturities
Total
% of Total
Weighted Average Interest Rate on Maturing Debt (b)
2026
($2,830)
$12,050
$542,748
$551,968
13.0
%
4.9
%
2027
(2,921)
174,900
—
171,979
4.0
%
3.9
%
2028
(2,656)
132,025
400,000
529,369
12.5
%
3.8
%
2029
(2,306)
—
600,000
597,694
14.1
%
3.8
%
2030
(1,506)
—
750,000
748,494
17.6
%
2.9
%
2031
(1,272)
—
—
(1,272)
—
%
—
%
2032
(1,336)
—
—
(1,336)
—
%
—
%
2033
(1,403)
—
—
(1,403)
—
%
—
%
2034
(828)
—
400,000
399,172
9.4
%
5.1
%
2035
(839)
—
—
(839)
—
%
—
%
Thereafter
(2,127)
—
900,000
897,873
21.0
%
4.5
%
Total Maturing Debt
($20,024)
$318,975
$3,592,748
$3,891,699
91.6
%
4.1
%
Unsecured Line of Credit & Commercial Paper Program (c)
$—
$—
$358,770
$358,770
8.4
%
3.9
%
Total Debt
($20,024)
$318,975
$3,951,518
$4,250,469
100.0
%
4.1
%
Weighted Average Maturity of Debt (d)
5.8 Years
Weighted Average
FLOATING vs. FIXED RATE DEBT:
Balance
% of Total
Interest Rate (b)
Maturity (d)
Floating rate debt
$900,814
21.2
%
4.5%
2.3 Years
Fixed rate debt
3,349,655
78.8
%
3.9%
6.7 Years
Total
$4,250,469
100.0
%
4.1%
5.8 Years
Weighted Average
SECURED vs. UNSECURED DEBT:
Balance
% of Total
Interest Rate (b)
Time to Maturity (d)
Unsecured debt
$3,931,761
92.5
%
4.1%
6.1 Years
Secured debt
318,708
7.5
%
3.9%
1.4 Years
Total
$4,250,469
100.0
%
4.1%
5.8 Years
REAL ESTATE ASSETS: (e)
Total Homes
% of Total
Total Cost
% of Total
1Q26 NOI
% of Total
Unencumbered real estate assets
55,054
92.7
%
$12,721,346
90.6%
$233,774
94.0
%
Encumbered real estate assets
4,362
7.3
%
1,322,298
9.4%
14,930
6.0
%
Total
59,416
100.0
%
$14,043,644
100.0%
$248,704
100.0
%
Ratio of unencumbered assets at cost to unsecured debt is
3.2x
(a) Includes all available extension options.
(b) Includes the effects of the applicable settled forward interest rate swaps.
(c) Represents our outstanding commercial paper program amount of $358.8 million as of March 31, 2026. Under the terms of this program, we may issue up to a maximum aggregate amount of $600.0 million, which is backstopped by our $1.2 billion Line of Credit.
(d) Assumes Commercial Paper will be refinanced using our unsecured Line of Credit with exercisable extension options.
(e) Real estate assets include communities under development and properties held for sale.
17
CAMDEN
DEBT MATURITY ANALYSIS
(In thousands)
(Unaudited)
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2026 AND 2027:
Future Scheduled Repayments(a)
Weighted Average Interest on Maturing Debt
Quarter
Amortization
Secured Maturities
Unsecured Maturities
Total
2Q 2026
($1,014)
$—
$—
($1,014)
N/A
3Q 2026
(1,022)
—
40,000
38,978
4.8
%
4Q 2026
(794)
12,050
502,748
514,004
5.0
%
2026
($2,830)
$12,050
$542,748
$551,968
4.9
%
1Q 2027
($707)
$58,100
$—
$57,393
4.0
%
2Q 2027
(754)
51,350
—
50,596
3.8
%
3Q 2027
(738)
48,950
—
48,212
3.9
%
4Q 2027
(722)
16,500
—
15,778
3.8
%
2027
($2,921)
$174,900
$—
$171,979
3.9
%
(a) Maturities exclude unsecured Line of Credit and Commercial Paper Program.
18
CAMDEN
DEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Gross Asset Value
<
60%
25%
Yes
Secured Debt to Gross Asset Value
<
40%
2%
Yes
Consolidated Adjusted EBITDAre to Total Fixed Charges
>
150%
504%
Yes
Unsecured Debt to Gross Asset Value
<
60%
25%
Yes
SENIOR UNSECURED NOTES
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Total Asset Value
<
60%
29%
Yes
Total Secured Debt to Total Asset Value
<
40%
2%
Yes
Total Unencumbered Asset Value to Total Unsecured Debt
>
150%
334%
Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges
>
150%
538%
Yes
(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.
(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.
19
CAMDEN
CAPITALIZED EXPENDITURES
& MAINTENANCE EXPENSE
(In thousands, except unit data)
(Unaudited)
First Quarter 2026
Recurring Capitalized
Expensed
Item
Weighted Average Useful Life (a)
Total
Per Unit
Total
Per Unit
Interiors
Floor Coverings
4
years
$2,340
$40
$474
$8
Appliances
9
years
1,532
26
587
10
Painting
—
—
—
1,641
28
Cabinetry/Countertops
8
years
168
3
—
—
Other
8
years
2,202
38
1,391
24
Exteriors
Painting
5
years
38
1
—
—
Carpentry
10
years
117
2
—
—
Landscaping
5
years
522
9
3,693
63
Roofing
10
years
1,244
21
261
4
Site Drainage
10
years
107
2
—
—
Fencing/Stair
10
years
251
4
—
—
Other (b)
7
years
2,711
47
4,780
82
Common Areas
Mech., Elec., Plumbing
9
years
4,001
69
3,474
60
Parking/Paving
5
years
134
2
—
—
Pool/Exercise/Facility
6
years
783
13
450
8
Total Recurring (c)
$16,150
$277
$16,751
$287
Weighted Average Apartment Homes
58,366
58,366
Non-recurring & revenue enhancing capitalized expenditures (d)
$218
Reposition Expenditures (e)
10
years
$21,455
$37,707
Repositioned Apartment Homes
569
(a) Weighted average useful life of capitalized expenses for three months ended March 31, 2026.
(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(c) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(d) Capital expenditures primarily composed of non-recurring or one-time additions such as our smart access solution, LED lighting programs, and other non-routine items.
(e) Represents capital expenditures for the three months ended March 31, 2026 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.
20
CAMDEN
NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares.
We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies.
Core FFO
Core FFO represents FFO as further adjusted for Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
Core Adjusted FFO
In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:
Three Months Ended March 31,
2026
2025
Net income attributable to common shareholders
$42,449
$38,822
Real estate depreciation and amortization
146,390
146,168
Income allocated to non-controlling interests
1,925
1,945
Gain on sale of operating property
(67,878)
—
Funds from operations
$122,886
$186,935
Plus: Casualty-related expenses
250
130
Plus: Legal costs and settlements
51,192
1,872
Plus: Expensed transaction, development, and other pursuit costs
1,842
881
Plus: Investment losses
4,855
—
Plus: Other miscellaneous items
61
—
Core funds from operations
$181,086
$189,818
Less: Recurring capitalized expenditures
(16,150)
(16,098)
Core adjusted funds from operations
$164,936
$173,720
Weighted average number of common shares outstanding:
EPS diluted
104,899
108,597
FFO/Core FFO/Core AFFO diluted
106,493
110,191
21
CAMDEN
NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
Reconciliation of FFO, Core FFO, and Core AFFO per share
Three Months Ended March 31,
2026
2025
Total Earnings Per Common Share - Diluted
$0.40
$0.36
Real estate depreciation and amortization
1.37
1.32
Income allocated to non-controlling interests
0.02
0.02
Gain on sale of operating property
(0.64)
—
FFO per common share - Diluted
$1.15
$1.70
Plus: Casualty-related expenses
—
—
Plus: Legal costs and settlements
0.48
0.01
Plus: Expensed transaction, development, and other pursuit costs
0.02
0.01
Plus: Investment losses
0.05
—
Plus: Other miscellaneous items
—
—
Core FFO per common share - Diluted
$1.70
$1.72
Less: Recurring capitalized expenditures
(0.15)
(0.14)
Core AFFO per common share - Diluted
$1.55
$1.58
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:
2Q26
Range
2026
Range
Low
High
Low
High
Expected earnings per common share - diluted
$0.13
$0.17
$0.51
$0.81
Expected real estate depreciation and amortization
1.48
1.48
6.01
6.01
Expected income allocated to non-controlling interests
0.02
0.02
0.08
0.08
Expected (gain) on sale of operating properties
—
—
(0.65)
(0.65)
Expected FFO per share - diluted
$1.63
$1.67
$5.95
$6.25
Anticipated Adjustments to FFO
0.02
0.02
0.65
0.65
Expected Core FFO per share - diluted
$1.65
$1.69
$6.60
$6.90
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.
22
CAMDEN
NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as property revenue less total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:
Three months ended March 31,
2026
2025
Net income
$44,374
$40,767
Less: Fee and asset management income
(2,143)
(2,487)
Less: Interest and other income
(253)
(10)
Less: Loss/(income) on deferred compensation plans
1,159
(1,198)
Plus: Property management expense
10,258
9,895
Plus: Fee and asset management expense
661
671
Plus: General and administrative expense
14,705
16,948
Plus: Interest expense
37,359
33,790
Plus: Depreciation and amortization expense
150,000
149,252
Plus: (Benefit)/expense on deferred compensation plans
(1,159)
1,198
Plus: Other non-operating expenses
60,905
1,760
Less: Gain on sale of operating property, including land
(68,100)
—
Plus: Income tax expense
938
559
NOI
$248,704
$251,145
"Same Property" Communities
$232,418
$234,073
Non-"Same Property" Communities
13,612
8,995
Development and Lease-Up Communities
706
4
Disposition/Other
1,968
8,073
NOI
$248,704
$251,145
23
CAMDEN
NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
EBITDAre and Adjusted EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.
Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:
Three months ended March 31,
2026
2025
Net income
$44,374
$40,767
Plus: Interest expense
37,359
33,790
Plus: Depreciation and amortization expense
150,000
149,252
Plus: Income tax expense
938
559
Less: Gain on sale of operating property, including land
(68,100)
—
EBITDAre
$164,571
$224,368
Plus: Casualty-related expenses
250
130
Plus: Legal costs and settlements
51,192
1,872
Plus: Expensed transaction, development, and other pursuit costs
1,842
881
Plus: Investment losses
4,855
—
Plus: Other miscellaneous items
61
—
Adjusted EBITDAre
$222,771
$227,251
Annualized Adjusted EBITDAre
$891,084
$909,004
Net Debt to Annualized Adjusted EBITDAre
The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net Debt and computes the ratio to Adjusted EBITDAre for the following periods:
Net Debt:
Average monthly balance for the
Three months ended March 31,
2026
2025
Unsecured notes payable
$3,906,874
$3,404,088
Secured notes payable
326,655
330,396
Total average debt
4,233,529
3,734,484
Less: Average cash and cash equivalents
(14,504)
(12,302)
Net Debt
$4,219,025
$3,722,182
Net Debt to Annualized Adjusted EBITDAre:
Three months ended March 31,
2026
2025
Net Debt
$4,219,025
$3,722,182
Annualized Adjusted EBITDAre
891,084
909,004
Net Debt to Annualized Adjusted EBITDAre
4.7x
4.1x
24
CAMDEN
OTHER DEFINITIONS
(Unaudited)
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.
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.
25
CAMDEN
OTHER DATA
(Unaudited)
Stock Symbol:
CPT
Exchange Traded:
NYSE
NYSE Texas
Unsecured Debt Ratings:
Senior Debt
Outlook
Commercial Paper
Fitch
A-
Stable
NA
Moody's
A3
Stable
P-2
Standard & Poor's
A-
Stable
A-2
Estimated Future Dates:
Q2 '26
Q3 '26
Q4 '26
Q1 '27
Earnings Release & Conference Call
Late July
Early November
Early February
Early May
Dividend Information - Common Shares:
Q1 '26
Declaration Date
2/5/2026
Record Date
3/31/2026
Payment Date
4/17/2026
Distributions Per Share
$1.06
Investor Relations Data:
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request.
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787.
To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com.
26
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 1 | — | 1 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · FFO guidance reduction
“FFO $5.95 - $6.25 $6.10 $6.61 ($0.51)”
Source: SEC EDGAR · public domain · Highlights by Palanor