EX-99.23exhibit992supplement2q26.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" Second Quarter Comparisons
11
"Same Property" Sequential Quarter Comparisons
12
"Same Property" Year to Date Comparisons
13
"Same Property" Operating Expense Detail & Comparisons
14
Current Development Communities
15
Development Pipeline & Land
16
Acquisitions & Dispositions
17
Debt Analysis
18
Debt Maturity Analysis
19
Debt Covenant Analysis
20
Capitalized Expenditures & Maintenance Expense
21
Non-GAAP Financial Measures - Definitions & Reconciliations
22
Other Definitions
26
Other Data
27
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 SECOND QUARTER 2026 OPERATING RESULTS
Houston, Texas (July 30, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 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 and six months ended June 30, 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 June 30,
Six Months Ended June 30,
Per Diluted Share
2026
2025
2026
2025
EPS
$0.18
$0.74
$0.59
$1.10
FFO
$1.68
$1.67
$2.82
$3.37
Core FFO
$1.68
$1.70
$3.39
$3.42
Core AFFO
$1.39
$1.43
$2.95
$3.01
Three Months Ended
2Q26 Guidance
2Q26 Guidance
Per Diluted Share
June 30, 2026
Midpoint
Variance
EPS
$0.18
$0.15
$0.03
FFO
$1.68
$1.65
$0.03
Core FFO
$1.68
$1.67
$0.01
Sale of California Portfolio
As of June 30, 2026, Camden's California portfolio, consisting of 11 operating communities with 3,620 apartment homes, was classified as held for sale and is therefore excluded from the same property results presented below. T1On July 29, 2026, the Company sold these California communities for an aggregate sales price of approximately $1.625 billion. T2Approximately $0.9 billion of the proceeds will be used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program.
Same Property Results
Quarterly Growth(1)
Sequential Growth(2)
Year-To-Date Growth(3)
(Excluding CA)
2Q26 vs. 2Q25
2Q26 vs. 1Q26
2026 vs. 2025
T3Revenues
(0.1)%
0.7%
0.0%
Expenses
2.4%
4.3%
2.0%
Net Operating Income ("NOI")
(1.4)%
(1.3)%
(1.1)%
(1) Quarterly growth for revenues, expenses, and NOI including California were 0.2%, 2.7%, and (1.3)%, respectively.
(2) Sequential growth for revenues, expenses, and NOI including California were 0.7%, 4.3%, and (1.2)%, respectively.
(3) Year-to-date growth for revenues, expenses, and NOI including California were 0.2%, 2.3%, and (1.0)%, respectively.
Operating Statistics - Same Property Portfolio (Excluding CA)
New Lease and Renewal Data - Date Effective(1)
2Q26(2)
2Q25(3)
1Q26(4)
Effective New Lease Rates
(3.3)%
(2.1)%
(5.5)%
Effective Renewal Rates
2.8%
3.7%
2.9%
Effective Blended Lease Rates
(0.2)%
0.7%
(1.6)%
Occupancy(5)
95.7%
95.6%
95.1%
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
(2) 2Q26 new lease, renewal, and blended growth rate including California were (3.1)%, 2.8%, and (0.1)%, respectively.
(3) 2Q25 new lease, renewal, and blended growth rate including California were (2.0)%, 3.8%, and 0.7%, respectively.
(4)1Q26 new lease, renewal, and blended growth rate including California were (5.2)%, 2.9%, and (1.4)%, respectively.
(5) Occupancy rates including California were unchanged for all periods presented above.
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.
Development Activity
T4During the quarter, leasing continued at Camden Village District in Raleigh, NC and we began leasing at Camden South Charlotte in Charlotte, NC.
Development Communities - Construction Completed and Project in Lease-Up ($ in millions)
Total
Total
% Leased
Community Name
Location
Homes
Cost
as of 7/29/2026
Camden Village District
Raleigh, NC
369
$139.4
88
%
Development Communities - Construction Ongoing ($ in millions)
Total
Total
% Leased
Community Name
Location
Homes
Estimated Cost
as of 7/29/2026
Camden South Charlotte
Charlotte, NC
420
$157.0
13
%
Camden Blakeney
Charlotte, NC
349
151.0
Camden Nations
Nashville, TN
393
184.0
Total
1,162
$492.0
Acquisition Activity
T5During the quarter, the Company acquired five apartment home communities and two land parcels. Subsequent to quarter end, Camden acquired two apartment home communities. The tables below show the recent acquisition activity:
Community Name
Location
Total Homes
Closing Date
Purchase Price
Camden Alpharetta
Alpharetta, GA
269
4/30/2026
$89.0
Camden Narcoossee*
Orlando, FL
288
4/30/2026
82.3
Camden Franklin
Franklin, TN
196
6/16/2026
54.3
Camden Roanoke
Roanoke, TX
349
6/23/2026
99.1
Camden Gilbert
Gilbert, AZ
320
6/30/2026
124.6
Camden Brandon
Tampa, FL
296
7/9/2026
82.1
Camden LoSo
Charlotte, NC
343
7/16/2026
114.0
Total
2,061
$645.4
*Formerly known as Camden at Lake Nona
Land Parcels
Acres
Closing Date
Purchase Price
Morrisville, NC
17.9
5/25/2026
$19.0
Tampa, FL
64.4
5/27/2026
26.0
Total
82.3
$45.0
Share Repurchases
T6During the quarter, Camden repurchased 1,429,136 common shares at an average price of $100.78 per share for a total of $144.1 million. Year 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 $297.9 million remaining under its stock repurchase program.
Liquidity Analysis
T7As of June 30, 2026, Camden had approximately $287.4 million of liquidity comprised of approximately $44.7 million in cash and cash equivalents, and approximately $242.7 million of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $140.1 million left to fund under its existing wholly-owned development pipeline. Subsequent to the quarter end, the Company issued a $350 million unsecured term loan facility with a maturity date of July 2027.
Litigation Update
T8During the quarter, 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 received preliminary court approval. The settlement 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
T9Camden 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 third quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.
3Q26
2026
2026 Midpoint
Per Diluted Share
Range
Range
Current
Prior
Change
EPS(1)
$9.14 - $9.38
$9.76 - $10.10
$9.93
$0.66
$9.27
FFO
$1.62 - $1.66
$6.05 - $6.19
$6.12
$6.10
$0.02
Core FFO(2)
$1.67 - $1.71
$6.68 - $6.82
$6.75
$6.75
$0.00
(1) The Company's 2026 EPS guidance is adjusted for the anticipated gain on sale of the California portfolio.
(2) The Company's 2026 Core FFO guidance excludes approximately $0.63 per share of non-core charges for casualty-related expenses, legal costs and settlements, expensed transaction pursuit costs, and investment losses.
2026
2026 Midpoint
Same Property Growth Guidance
Range
Current (excluding CA)
Prior (excluding CA)
Prior (including CA)
Revenues
0.00% - 1.00%
0.50%
0.50%
0.75%
Expenses
2.00% - 3.00%
2.50%
3.00%
3.00%
NOI
(1.65)% - 0.45%
(0.60)%
(0.90)%
(0.50)%
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, July 31, 2026 at 10:00 AM CT Webcast: https://investors.camdenliving.com
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6740665
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 167 properties containing 56,695 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 57,857 apartment homes in 170 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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Property revenues
$392,944
$396,509
$781,717
$787,074
Adjusted EBITDAre
221,459
227,385
444,230
454,636
Net income attributable to common shareholders
18,790
80,670
61,239
119,492
Per share - basic
0.18
0.74
0.59
1.10
Per share - diluted
0.18
0.74
0.59
1.10
Funds from operations
174,157
184,187
297,043
371,122
Per share - diluted
1.68
1.67
2.82
3.37
Core funds from operations
175,078
187,557
356,164
377,375
Per share - diluted
1.68
1.70
3.39
3.42
Core adjusted funds from operations
144,936
157,589
309,872
331,309
Per share - diluted
1.39
1.43
2.95
3.01
Dividends per share
1.06
1.05
2.12
2.10
Dividend payout ratio (FFO) (a)
63.1
%
62.9
%
63.7
%
62.3
%
Interest expensed
41,422
35,375
78,781
69,165
Interest capitalized
4,419
3,473
8,250
7,027
Total interest incurred
45,841
38,848
87,031
76,192
Net Debt to Annualized Adjusted EBITDAre (b)
5.3x
4.2x
5.0x
4.2x
Interest expense coverage ratio
5.3x
6.4x
5.6x
6.6x
Total interest coverage ratio
4.8x
5.9x
5.1x
6.0x
Fixed charge expense coverage ratio
5.3x
6.4x
5.6x
6.6x
Total fixed charge coverage ratio
4.8x
5.9x
5.1x
6.0x
Unencumbered real estate assets (at cost) to unsecured debt ratio
2.9x
3.6x
2.9x
3.6x
T10Same property NOI growth (c) (d)
(1.4)
%
0.2
%
(1.1)
%
0.6
%
(# of apartment homes included)
50,485
56,781
50,485
56,781
Same property turnover
Gross turnover of apartment homes (annualized)
50
%
51
%
45
%
46
%
Net turnover (excludes on-site transfers and transfers to other Camden communities)
39
%
39
%
35
%
35
%
As of June 30,
As of June 30,
2026
2025
2026
2025
Total assets
$9,456,080
$9,119,573
$9,456,080
$9,119,573
Total debt
$4,848,328
$3,825,963
$4,848,328
$3,825,963
Common and common equivalent shares, outstanding end of period (e)
103,941
110,291
103,941
110,291
Share price, end of period
$114.49
$112.69
$114.49
$112.69
Book equity value, end of period (f)
$3,878,315
$4,659,996
$3,878,315
$4,659,996
Market equity value, end of period (g)
$11,900,205
$12,428,693
$11,900,205
$12,428,693
(a) Excludes approximately $53.0 million of certain legal cost related to a litigation settlement for the six months ended June 30, 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 either 4 for quarter results or 2 for 6 month 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 June 30, 2026: 102,346 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 24 - 27 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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
OPERATING DATA
Property revenues (a)
$392,944
$396,509
$781,717
$787,074
Property expenses
Property operating and maintenance
91,303
93,031
181,482
182,729
Real estate taxes
49,641
50,641
99,531
100,363
Total property expenses
140,944
143,672
281,013
283,092
Non-property income
Fee and asset management
3,131
2,633
5,274
5,120
Interest and other income
129
68
382
78
Income on deferred compensation plans
12,595
8,350
11,436
9,548
Total non-property income
15,855
11,051
17,092
14,746
Other expenses
Property management
10,134
9,699
20,392
19,594
Fee and asset management
1,840
641
2,501
1,312
General and administrative
22,348
18,996
37,053
35,944
Interest
41,422
35,375
78,781
69,165
Depreciation and amortization
157,134
152,108
307,134
301,360
Expense on deferred compensation plans
12,595
8,350
11,436
9,548
Other non-operating expenses
400
2,187
61,305
3,947
Total other expenses
245,873
227,356
518,602
440,870
Gain on sale of operating property, including land
—
47,293
68,100
47,293
Income from continuing operations before income taxes
21,982
83,825
67,294
125,151
Income tax expense
(1,276)
(1,231)
(2,214)
(1,790)
Net income
20,706
82,594
65,080
123,361
Net income allocated to non-controlling interests
(1,916)
(1,924)
(3,841)
(3,869)
Net income attributable to common shareholders
$18,790
$80,670
$61,239
$119,492
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income
$20,706
$82,594
$65,080
$123,361
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation
251
351
608
702
Comprehensive income
20,957
82,945
65,688
124,063
Net income allocated to non-controlling interests
(1,916)
(1,924)
(3,841)
(3,869)
Comprehensive income attributable to common shareholders
$19,041
$81,021
$61,847
$120,194
PER SHARE DATA
Total earnings per common share - basic
$0.18
$0.74
$0.59
$1.10
Total earnings per common share - diluted
0.18
0.74
0.59
1.10
Weighted average number of common shares outstanding:
Basic
102,342
108,636
103,577
108,584
Diluted
102,363
109,400
103,624
108,636
(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 June 30, 2026, we recognized $392.9 million of property revenue which consisted of approximately $348.7 million of rental revenue and approximately $44.2 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 $396.5 million recognized for the three months ended June 30, 2025, made up of approximately $352.4 million of rental revenue and approximately $44.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.
For the six months ended June 30, 2026, we recognized $781.7 million of property revenue which consisted of approximately $694.5 million of rental revenue and approximately $87.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $787.1 million of property revenue recognized for the six months ended June 30, 2025, made up of approximately $700.7 million of rental revenue and approximately $86.4 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 $11.6 million for the three months ended June 30, 2026 and 2025, respectively, and was $24.4 million and $23.0 million for the six months ended June 30, 2026 and 2025, respectively.
Note: Please refer to pages 24 - 27 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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
FUNDS FROM OPERATIONS
Net income attributable to common shareholders
$18,790
$80,670
$61,239
$119,492
Real estate depreciation and amortization
153,451
148,886
299,841
295,054
Income allocated to non-controlling interests
1,916
1,924
3,841
3,869
Gain on sale of operating property
—
(47,293)
(67,878)
(47,293)
Funds from operations
$174,157
$184,187
$297,043
$371,122
Plus: Casualty-related expenses (a)
(3,729)
(1,099)
(3,479)
(969)
Plus: Legal costs and settlements (b)(c)
412
2,311
51,604
4,183
Plus: Expensed transaction, development, and other pursuit costs (c)
4,237
2,082
6,079
2,963
Plus: Investment losses (b)
—
—
4,855
—
Plus: Other miscellaneous items (a)
1
76
62
76
Core funds from operations
$175,078
$187,557
$356,164
$377,375
Less: Recurring capitalized expenditures (d)
(30,142)
(29,968)
(46,292)
(46,066)
Core adjusted funds from operations
$144,936
$157,589
$309,872
$331,309
PER SHARE DATA
Funds from operations - diluted
$1.68
$1.67
$2.82
$3.37
Core funds from operations - diluted
1.68
1.70
3.39
3.42
Core adjusted funds from operations - diluted
1.39
1.43
2.95
3.01
Distributions declared per common share
1.06
1.05
2.12
2.10
Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted
103,957
110,269
105,218
110,230
PROPERTY DATA
Total operating properties (end of period) (e)
176
176
176
176
Total operating apartment homes in operating properties (end of period) (e)
59,676
59,672
59,676
59,672
Total operating apartment homes (weighted average)
58,578
59,633
58,472
59,353
(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 24 - 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
6
CAMDEN
BALANCE SHEETS
(In thousands)
(Unaudited)
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
ASSETS
Real estate assets, at cost
Land
$1,695,652
$1,784,349
$1,787,445
$1,791,077
$1,789,207
Buildings and improvements
11,271,829
11,801,301
11,792,960
11,812,521
11,763,017
12,967,481
13,585,650
13,580,405
13,603,598
13,552,224
Accumulated depreciation
(5,014,551)
(5,407,880)
(5,296,061)
(5,234,087)
(5,128,622)
Net operating real estate assets
7,952,930
8,177,770
8,284,344
8,369,511
8,423,602
Properties under development and land
500,116
457,994
419,227
384,124
380,437
Total real estate assets
8,453,046
8,635,764
8,703,571
8,753,635
8,804,039
Accounts receivable – affiliates
8,053
8,076
8,884
8,889
8,889
Other assets, net (a)
314,199
285,493
293,292
255,333
262,100
Cash and cash equivalents
44,717
40,684
25,203
25,931
33,091
Restricted cash
10,717
89,610
12,039
11,378
11,454
Real estate and other assets held for sale
625,348
—
—
—
—
Total assets
$9,456,080
$9,059,627
$9,042,989
$9,055,166
$9,119,573
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured
$4,529,573
$3,931,761
$3,570,193
$3,409,691
$3,495,487
Secured
318,755
318,708
330,597
330,536
330,476
Accounts payable and accrued expenses
248,434
269,623
248,087
232,960
206,018
Accrued real estate taxes
99,264
59,818
92,382
129,697
91,954
Distributions payable
110,389
112,156
114,971
115,518
116,007
Other liabilities (b)
264,968
262,710
248,506
224,989
219,635
Liabilities held for sale
6,382
—
—
—
—
Total liabilities
5,577,765
4,954,776
4,604,736
4,443,391
4,459,577
Equity
Common shares of beneficial interest
1,157
1,157
1,157
1,157
1,157
Additional paid-in capital
5,953,409
5,948,511
5,948,938
5,945,277
5,941,893
Distributions in excess of net income attributable to common shareholders
(1,127,157)
(1,037,252)
(969,240)
(1,011,983)
(1,007,075)
Treasury shares
(1,028,058)
(886,052)
(620,497)
(400,185)
(350,166)
Accumulated other comprehensive income (c)
2,773
2,522
2,165
2,027
1,676
Total common equity
3,802,124
4,028,886
4,362,523
4,536,293
4,587,485
Non-controlling interests
76,191
75,965
75,730
75,482
72,511
Total equity
3,878,315
4,104,851
4,438,253
4,611,775
4,659,996
Total liabilities and equity
$9,456,080
$9,059,627
$9,042,989
$9,055,166
$9,119,573
(a) Includes net deferred charges of:
$7,363
$7,969
$534
$1,296
$1,953
(b) Includes deferred revenues of:
$1,170
$1,277
$614
$624
$692
(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 JUNE 30, 2026 (in apartment homes)
"Same Property"
Non-"Same Property"
Completed in Lease-up
Under Construction
Held for Sale
Grand Total
D.C. Metro (a)
6,194
—
—
—
—
6,194
Houston, TX
7,278
929
—
—
—
8,207
Phoenix, AZ
4,094
320
—
—
—
4,414
Dallas, TX
5,148
625
—
—
—
5,773
SE Florida
3,050
—
—
—
—
3,050
Orlando, FL
3,954
610
—
—
—
4,564
Atlanta, GA
4,270
269
—
—
—
4,539
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
631
—
393
—
1,782
Total Portfolio
50,485
5,202
369
1,162
3,620
60,838
SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)
"Same Property" Communities
Operating Communities (b)
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
D.C. Metro (a)
16.1
%
13.5
%
96.5
%
95.7
%
96.1
%
96.7
%
97.3
%
Houston, TX
11.0
%
10.8
%
94.7
%
93.8
%
94.2
%
94.8
%
95.1
%
Phoenix, AZ
9.3
%
7.8
%
95.9
%
95.6
%
95.0
%
94.9
%
94.4
%
Dallas, TX
8.1
%
7.3
%
95.1
%
94.3
%
94.9
%
95.4
%
95.3
%
SE Florida
8.4
%
7.1
%
95.9
%
95.8
%
95.2
%
95.2
%
95.5
%
Orlando, FL
7.8
%
7.3
%
96.0
%
96.1
%
96.1
%
95.9
%
95.7
%
Atlanta, GA
7.9
%
6.9
%
95.5
%
95.3
%
95.2
%
95.8
%
95.3
%
Tampa, FL
7.4
%
7.0
%
95.5
%
95.9
%
94.9
%
94.9
%
95.4
%
Charlotte, NC
6.9
%
5.8
%
95.0
%
94.5
%
94.6
%
95.1
%
95.4
%
Denver, CO
6.3
%
5.3
%
96.2
%
94.7
%
95.1
%
96.6
%
97.0
%
Raleigh, NC
4.7
%
5.5
%
94.7
%
94.1
%
94.5
%
95.4
%
95.6
%
Los Angeles/Orange County, CA
—
%
4.6
%
95.9
%
95.1
%
95.3
%
95.5
%
95.6
%
San Diego/Inland Empire, CA
—
%
4.5
%
96.4
%
95.5
%
95.5
%
95.8
%
96.1
%
Austin, TX
4.5
%
4.6
%
96.1
%
96.0
%
95.5
%
95.2
%
94.7
%
Nashville, TN
1.6
%
2.0
%
94.8
%
93.1
%
93.6
%
94.8
%
94.8
%
Total Portfolio
100.0
%
100.0
%
95.6
%
95.0
%
95.1
%
95.5
%
95.6
%
(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 June 30,
Six Months Ended June 30,
Property Revenues
Homes
2026
2025
Change
2026
2025
Change
"Same Property" Communities (a)
50,485
$329,114
$329,307
($193)
$655,851
$656,098
($247)
Non-"Same Property" Communities (b)
5,202
25,787
18,942
6,845
49,091
34,717
14,374
Development and Lease-Up Communities (c)
1,531
1,646
283
1,363
2,927
318
2,609
Held for Sale Communities (d)
3,620
34,466
33,771
695
68,692
67,205
1,487
Disposition/Other (f)
—
1,931
14,206
(12,275)
5,156
28,736
(23,580)
Total Property Revenues
60,838
$392,944
$396,509
($3,565)
$781,717
$787,074
($5,357)
Property Expenses
"Same Property" Communities (a)
50,485
$121,687
$118,878
$2,809
$238,359
$233,770
$4,589
Non-"Same Property" Communities (b)
5,202
10,078
7,980
2,098
19,770
14,760
5,010
Development and Lease-Up Communities (c)
1,531
604
230
374
1,179
261
918
Held for Sale Communities (d)
3,620
11,897
11,137
760
23,271
21,926
1,345
Disposition/Other (f)
—
(3,322)
5,447
(8,769)
(1,566)
12,375
(13,941)
Total Property Expenses
60,838
$140,944
$143,672
($2,728)
$281,013
$283,092
($2,079)
Property Net Operating Income
"Same Property" Communities (a)
50,485
$207,427
$210,429
($3,002)
$417,492
$422,328
($4,836)
Non-"Same Property" Communities (b)
5,202
15,709
10,962
4,747
29,321
19,957
9,364
Development and Lease-Up Communities (c)
1,531
1,042
53
989
1,748
57
1,691
Held for Sale Communities (d)(e)
3,620
22,569
22,634
(65)
45,421
45,279
142
Disposition/Other (f)
—
5,253
8,759
(3,506)
6,722
16,361
(9,639)
Total Property Net Operating Income
60,838
$252,000
$252,837
($837)
$500,704
$503,982
($3,278)
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities held for sale. The Company defines properties under redevelopment as communities with capital expenditures which 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 beneficial 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 communities held for sale.
(d) "Held for Sale" Communities are communities and associated non-multifamily rental communities we wholly-owned and were stabilized since January 1, 2025, which met the held for sale criteria, but did not meet the criteria to be classified as discontinued operations. As of June 30, 2026, Camden's California communities were the only communities classified as held for sale.
(e) Net Operating Income related to non-multifamily rental communities was $0.453 million and $0.587 million for the three months ended June 30, 2026 and 2025, respectively, and was $0.952 million and $1.058 million for the six months ended in June 30, 2026 and 2025, respectively.
(f) "Disposition/Other" includes communities disposed of which are not classified as discontinued operations, non-multifamily rental communities not classified as held for sale, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including 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
June 30,
March 31,
December 31,
September 30,
June 30,
Property Revenues
Homes
2026
2026
2025
2025
2025
"Same Property" Communities (a)
50,485
$329,114
$326,737
$326,591
$329,595
$329,307
Non-"Same Property" Communities (b)
5,202
25,787
23,304
21,916
21,187
18,942
Development and Lease-Up Communities (c)
1,531
1,646
1,281
1,077
790
283
Held for Sale Communities (d)
3,620
34,466
34,226
34,008
33,932
33,771
Disposition/Other (f)
—
1,931
3,225
7,202
10,172
14,206
Total Property Revenues
60,838
$392,944
$388,773
$390,794
$395,676
$396,509
Property Expenses
"Same Property" Communities (a)
50,485
$121,687
$116,672
$114,438
$120,418
$118,878
Non-"Same Property" Communities (b)
5,202
10,078
9,692
8,410
8,589
7,980
Development and Lease-Up Communities (c)
1,531
604
575
701
539
230
Held for Sale Communities (d)
3,620
11,897
11,374
10,939
11,628
11,137
Disposition/Other (f)
—
(3,322)
1,756
3,434
4,522
5,447
Total Property Expenses
60,838
$140,944
$140,069
$137,922
$145,696
$143,672
Property Net Operating Income
"Same Property" Communities (a)
50,485
$207,427
$210,065
$212,153
$209,177
$210,429
Non-"Same Property" Communities (b)
5,202
15,709
13,612
13,506
12,598
10,962
Development and Lease-Up Communities (c)
1,531
1,042
706
376
251
53
Held for Sale Communities (d)(e)
3,620
22,569
22,852
23,069
22,304
22,634
Disposition/Other (f)
—
5,253
1,469
3,768
5,650
8,759
Total Property Net Operating Income
60,838
$252,000
$248,704
$252,872
$249,980
$252,837
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities held for sale. The Company defines properties under redevelopment as communities with capital expenditures which 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 beneficial 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 communities held for sale.
(d) "Held for Sale" Communities are communities and associated non-multifamily rental communities we wholly-owned and were stabilized since January 1, 2025, which met the held for sale criteria, but did not meet the criteria to be classified as discontinued operations. As of June 30, 2026, Camden's California communities were the only communities classified as held for sale.
(e) Net Operating Income related to non-multifamily rental communities was $0.453 million for the three months ended June 30, 2026, $0.499 million for the three months ended March 31, 2026, $0.530 million for the three months ended December 31, 2025, $0.470 million for the three months ended September 30, 2025, and $0.587 million for the three months ended June 30, 2025.
(f) "Disposition/Other" includes communities disposed of which are not classified as discontinued operations, non-multifamily rental communities not classified as held for sale, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including net above-below market leases, casualty-related expenses net of recoveries, and severance related costs.
10
CAMDEN
"SAME PROPERTY"
SECOND QUARTER COMPARISONS
June 30, 2026
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes
Revenues
Expenses
NOI
Quarterly Results (a)(b)
Included
2Q26
2Q25
Growth
2Q26
2Q25
Growth
2Q26
2Q25
Growth
D.C. Metro
6,194
$49,373
$48,678
1.4
%
$15,969
$14,949
6.8
%
$33,404
$33,729
(1.0)
%
Houston, TX
7,278
40,872
40,649
0.5
%
17,982
17,751
1.3
%
22,890
22,898
0.0
%
Phoenix, AZ
4,094
27,353
27,416
(0.2)
%
8,063
7,842
2.8
%
19,290
19,574
(1.5)
%
SE Florida
3,050
27,034
26,733
1.1
%
9,903
9,796
1.1
%
17,131
16,937
1.1
%
Atlanta, GA
4,270
27,471
27,117
1.3
%
11,132
10,340
7.7
%
16,339
16,777
(2.6)
%
Dallas, TX
5,148
29,499
29,430
0.2
%
12,637
12,760
(1.0)
%
16,862
16,670
1.2
%
Orlando, FL
3,954
25,152
25,263
(0.4)
%
8,879
9,476
(6.3)
%
16,273
15,787
3.1
%
Tampa, FL
3,104
23,449
23,661
(0.9)
%
8,029
8,335
(3.7)
%
15,420
15,326
0.6
%
Charlotte, NC
3,510
20,805
20,966
(0.8)
%
6,459
6,434
0.4
%
14,346
14,532
(1.3)
%
Denver, CO
2,873
19,868
20,723
(4.1)
%
6,719
6,502
3.3
%
13,149
14,221
(7.5)
%
Raleigh, NC
2,892
15,774
15,789
(0.1)
%
6,029
5,200
15.9
%
9,745
10,589
(8.0)
%
Austin, TX
3,360
17,334
17,688
(2.0)
%
7,979
7,963
0.2
%
9,355
9,725
(3.8)
%
Nashville, TN
758
5,130
5,194
(1.2)
%
1,907
1,530
24.6
%
3,223
3,664
(12.0)
%
Total Same Property
50,485
$329,114
$329,307
(0.1)
%
$121,687
$118,878
2.4
%
$207,427
$210,429
(1.4)
%
Weighted Average Monthly
Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Quarterly Results (b)
Contribution
2Q26
2Q25
Growth
2Q26
2Q25
Growth
2Q26
2Q25
Growth
D.C. Metro
16.1
%
96.5
%
97.3
%
(0.8)
%
$2,392
$2,354
1.6
%
$2,752
$2,692
2.2
%
Houston, TX
11.0
%
95.1
%
94.9
%
0.2
%
1,650
1,658
(0.5)
%
1,969
1,962
0.3
%
Phoenix, AZ
9.3
%
95.9
%
94.6
%
1.3
%
1,952
1,982
(1.5)
%
2,324
2,360
(1.5)
%
SE Florida
8.4
%
95.9
%
95.5
%
0.4
%
2,701
2,701
0.0
%
3,081
3,058
0.7
%
Atlanta, GA
7.9
%
95.5
%
95.3
%
0.2
%
1,913
1,900
0.7
%
2,246
2,221
1.1
%
Dallas, TX
8.1
%
95.1
%
95.3
%
(0.2)
%
1,724
1,729
(0.3)
%
2,008
2,000
0.4
%
Orlando, FL
7.8
%
96.2
%
95.7
%
0.5
%
1,909
1,925
(0.8)
%
2,204
2,225
(0.9)
%
Tampa, FL
7.4
%
95.5
%
95.6
%
(0.1)
%
2,291
2,324
(1.4)
%
2,636
2,658
(0.8)
%
Charlotte, NC
6.9
%
95.0
%
95.4
%
(0.4)
%
1,779
1,799
(1.1)
%
2,080
2,087
(0.4)
%
Denver, CO
6.3
%
96.2
%
97.0
%
(0.8)
%
2,104
2,141
(1.7)
%
2,397
2,480
(3.3)
%
Raleigh, NC
4.7
%
95.9
%
95.8
%
0.1
%
1,604
1,610
(0.4)
%
1,896
1,899
(0.2)
%
Austin, TX
4.5
%
95.9
%
94.8
%
1.1
%
1,492
1,556
(4.1)
%
1,793
1,851
(3.1)
%
Nashville, TN
1.6
%
95.8
%
95.3
%
0.5
%
2,156
2,230
(3.3)
%
2,357
2,399
(1.7)
%
Total Same Property
100.0
%
95.7
%
95.6
%
0.1
%
$1,948
$1,959
(0.6)
%
$2,270
$2,273
(0.2)
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities 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
June 30, 2026
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes
Revenues
Expenses
NOI
Quarterly Results (a)(b)
Included
2Q26
1Q26
Growth
2Q26
1Q26
Growth
2Q26
1Q26
Growth
D.C. Metro
6,194
$49,373
$48,863
1.0
%
$15,969
$15,638
2.1
%
$33,404
$33,225
0.5
%
Houston, TX
7,278
40,872
40,249
1.5
%
17,982
17,772
1.2
%
22,890
22,477
1.8
%
Phoenix, AZ
4,094
27,353
27,253
0.4
%
8,063
7,671
5.1
%
19,290
19,582
(1.5)
%
SE Florida
3,050
27,034
26,901
0.5
%
9,903
9,671
2.4
%
17,131
17,230
(0.6)
%
Atlanta, GA
4,270
27,471
27,310
0.6
%
11,132
10,346
7.6
%
16,339
16,964
(3.7)
%
Dallas, TX
5,148
29,499
29,121
1.3
%
12,637
12,396
1.9
%
16,862
16,725
0.8
%
Orlando, FL
3,954
25,152
25,219
(0.3)
%
8,879
8,873
0.1
%
16,273
16,346
(0.4)
%
Tampa, FL
3,104
23,449
23,610
(0.7)
%
8,029
8,576
(6.4)
%
15,420
15,034
2.6
%
Charlotte, NC
3,510
20,805
20,551
1.2
%
6,459
6,216
3.9
%
14,346
14,335
0.1
%
Denver, CO
2,873
19,868
19,729
0.7
%
6,719
5,444
23.4
%
13,149
14,285
(8.0)
%
Raleigh, NC
2,892
15,774
15,586
1.2
%
6,029
4,942
22.0
%
9,745
10,644
(8.4)
%
Austin, TX
3,360
17,334
17,260
0.4
%
7,979
7,519
6.1
%
9,355
9,741
(4.0)
%
Nashville, TN
758
5,130
5,085
0.9
%
1,907
1,608
18.6
%
3,223
3,477
(7.3)
%
Total Same Property
50,485
$329,114
$326,737
0.7
%
$121,687
$116,672
4.3
%
$207,427
$210,065
(1.3)
%
Weighted Average Monthly
Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Quarterly Results (b)
Contribution
2Q26
1Q26
Growth
2Q26
1Q26
Growth
2Q26
1Q26
Growth
D.C. Metro
16.1
%
96.5
%
95.7
%
0.8
%
$2,392
$2,385
0.3
%
$2,752
$2,746
0.2
%
Houston, TX
11.0
%
95.1
%
94.1
%
1.0
%
1,650
1,651
(0.1)
%
1,969
1,959
0.5
%
Phoenix, AZ
9.3
%
95.9
%
95.6
%
0.3
%
1,952
1,956
(0.2)
%
2,324
2,322
0.1
%
SE Florida
8.4
%
95.9
%
95.8
%
0.1
%
2,701
2,699
0.1
%
3,081
3,070
0.4
%
Atlanta, GA
7.9
%
95.5
%
95.3
%
0.2
%
1,913
1,906
0.4
%
2,246
2,237
0.4
%
Dallas, TX
8.1
%
95.1
%
94.2
%
0.9
%
1,724
1,722
0.1
%
2,008
2,001
0.4
%
Orlando, FL
7.8
%
96.2
%
96.0
%
0.2
%
1,909
1,910
(0.1)
%
2,204
2,215
(0.5)
%
Tampa, FL
7.4
%
95.5
%
95.9
%
(0.4)
%
2,291
2,302
(0.5)
%
2,636
2,644
(0.3)
%
Charlotte, NC
6.9
%
95.0
%
94.5
%
0.5
%
1,779
1,783
(0.2)
%
2,080
2,065
0.7
%
Denver, CO
6.3
%
96.2
%
94.7
%
1.5
%
2,104
2,115
(0.5)
%
2,397
2,418
(0.8)
%
Raleigh, NC
4.7
%
95.9
%
94.6
%
1.3
%
1,604
1,603
0.1
%
1,896
1,898
(0.1)
%
Austin, TX
4.5
%
95.9
%
95.8
%
0.1
%
1,492
1,503
(0.7)
%
1,793
1,788
0.3
%
Nashville, TN
1.6
%
95.8
%
94.3
%
1.5
%
2,156
2,170
(0.6)
%
2,357
2,371
(0.6)
%
Total Same Property
100.0
%
95.7
%
95.1
%
0.6
%
$1,948
$1,949
(0.1)
%
$2,270
$2,267
0.1
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities 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"
YEAR TO DATE COMPARISONS
June 30, 2026
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes
Revenues
Expenses
NOI
Year to Date Results (a)(b)
Included
2026
2025
Growth
2026
2025
Growth
2026
2025
Growth
D.C. Metro
6,194
$98,236
$96,808
1.5
%
$31,607
$30,381
4.0
%
$66,629
$66,427
0.3
%
Houston, TX
7,278
81,121
81,060
0.1
%
35,754
35,423
0.9
%
45,367
45,637
(0.6)
%
Phoenix, AZ
4,094
54,606
54,873
(0.5)
%
15,734
15,223
3.4
%
38,872
39,650
(2.0)
%
SE Florida
3,050
53,935
53,086
1.6
%
19,574
19,668
(0.5)
%
34,361
33,418
2.8
%
Atlanta, GA
4,270
54,781
53,933
1.6
%
21,478
18,279
17.5
%
33,303
35,654
(6.6)
%
Dallas, TX
5,148
58,620
58,687
(0.1)
%
25,033
25,200
(0.7)
%
33,587
33,487
0.3
%
Orlando, FL
3,954
50,371
50,476
(0.2)
%
17,752
18,866
(5.9)
%
32,619
31,610
3.2
%
Tampa, FL
3,104
47,059
47,439
(0.8)
%
16,605
16,447
1.0
%
30,454
30,992
(1.7)
%
Charlotte, NC
3,510
41,356
41,663
(0.7)
%
12,675
12,719
(0.3)
%
28,681
28,944
(0.9)
%
Denver, CO
2,873
39,597
40,924
(3.2)
%
12,163
12,464
(2.4)
%
27,434
28,460
(3.6)
%
Raleigh, NC
2,892
31,360
31,481
(0.4)
%
10,971
10,320
6.3
%
20,389
21,161
(3.6)
%
Austin, TX
3,360
34,594
35,434
(2.4)
%
15,498
15,686
(1.2)
%
19,096
19,748
(3.3)
%
Nashville, TN
758
10,215
10,234
(0.2)
%
3,515
3,094
13.6
%
6,700
7,140
(6.2)
%
Total Same Property
50,485
$655,851
$656,098
0.0
%
$238,359
$233,770
2.0
%
$417,492
$422,328
(1.1)
%
Weighted Average Monthly
Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Year to Date Results (b)
Contribution
2026
2025
Growth
2026
2025
Growth
2026
2025
Growth
D.C. Metro
16.0
%
96.1
%
97.2
%
(1.1)
%
$2,388
$2,341
2.0
%
$2,751
$2,680
2.6
%
Houston, TX
10.9
%
94.6
%
95.0
%
(0.4)
%
1,650
1,656
(0.4)
%
1,964
1,954
0.5
%
Phoenix, AZ
9.3
%
95.8
%
95.1
%
0.7
%
1,954
1,986
(1.6)
%
2,321
2,350
(1.2)
%
SE Florida
8.2
%
95.9
%
95.3
%
0.6
%
2,700
2,698
0.1
%
3,074
3,042
1.0
%
Atlanta, GA
8.0
%
95.4
%
95.2
%
0.2
%
1,910
1,900
0.5
%
2,242
2,211
1.4
%
Dallas, TX
8.0
%
94.6
%
95.1
%
(0.5)
%
1,723
1,731
(0.5)
%
2,005
1,998
0.4
%
Orlando, FL
7.7
%
96.1
%
95.8
%
0.3
%
1,909
1,924
(0.8)
%
2,209
2,222
(0.5)
%
Tampa, FL
7.3
%
95.7
%
96.0
%
(0.3)
%
2,296
2,319
(1.0)
%
2,640
2,655
(0.5)
%
Charlotte, NC
6.9
%
94.8
%
95.3
%
(0.5)
%
1,781
1,796
(0.8)
%
2,072
2,076
(0.2)
%
Denver, CO
6.6
%
95.5
%
96.0
%
(0.5)
%
2,109
2,141
(1.5)
%
2,407
2,473
(2.7)
%
Raleigh, NC
4.9
%
95.2
%
95.8
%
(0.6)
%
1,603
1,609
(0.4)
%
1,898
1,894
0.2
%
Austin, TX
4.6
%
95.9
%
94.8
%
1.1
%
1,497
1,563
(4.2)
%
1,790
1,855
(3.5)
%
Nashville, TN
1.6
%
95.1
%
93.6
%
1.5
%
2,163
2,233
(3.1)
%
2,362
2,404
(1.7)
%
Total Same Property
100.0
%
95.4
%
95.5
%
(0.1)
%
$1,948
$1,957
(0.5)
%
$2,268
$2,266
0.1
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities 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 rates 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.
13
CAMDEN
"SAME PROPERTY" OPERATING EXPENSE
DETAIL AND COMPARISONS
June 30, 2026
(In thousands)
(Unaudited)
% of Actual
2Q26 Operating
Quarterly Comparison (a) (b)
2Q26
2Q25
$ Change
% Change
Expenses
Property Taxes
$41,928
$41,245
$683
1.7
%
34.5
%
Salaries and Benefits for On-site Employees
23,622
22,685
937
4.1
%
19.4
%
Utilities
23,696
23,002
694
3.0
%
19.5
%
Repairs and Maintenance
15,893
16,031
(138)
(0.9)
%
13.1
%
Property Insurance
6,870
6,645
225
3.4
%
5.6
%
General and Administrative
5,640
5,673
(33)
(0.6)
%
4.6
%
Marketing and Leasing
3,188
2,760
428
15.5
%
2.6
%
Other
850
837
13
1.6
%
0.7
%
Total Same Property
$121,687
$118,878
$2,809
2.4
%
100.0
%
% of Actual
2Q26 Operating
Sequential Comparison (a) (b)
2Q26
1Q26
$ Change
% Change
Expenses
Property Taxes
$41,928
$41,500
$428
1.0
%
34.5
%
Salaries and Benefits for On-site Employees
23,622
22,209
1,413
6.4
%
19.4
%
Utilities
23,696
23,318
378
1.6
%
19.5
%
Repairs and Maintenance
15,893
13,637
2,256
16.5
%
13.1
%
Property Insurance
6,870
7,106
(236)
(3.3)
%
5.6
%
General and Administrative
5,640
5,910
(270)
(4.6)
%
4.6
%
Marketing and Leasing
3,188
2,188
1,000
45.7
%
2.6
%
Other
850
804
46
5.7
%
0.7
%
Total Same Property
$121,687
$116,672
$5,015
4.3
%
100.0
%
% of Actual
2026 Operating
Year to Date Comparison (a) (b)
2026
2025
$ Change
% Change
Expenses
Property Taxes
$83,428
$81,978
$1,450
1.8
%
35.0
%
Salaries and Benefits for On-site Employees
45,831
44,230
1,601
3.6
%
19.2
%
Utilities
47,014
46,088
926
2.0
%
19.7
%
Repairs and Maintenance
29,530
29,764
(234)
(0.8)
%
12.4
%
Property Insurance
13,976
13,971
5
0.0
%
5.9
%
General and Administrative
11,550
11,297
253
2.2
%
4.8
%
Marketing and Leasing
5,376
4,789
587
12.3
%
2.3
%
Other
1,654
1,653
1
0.1
%
0.7
%
Total Same Property
$238,359
$233,770
$4,589
2.0
%
100.0
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) "Same Property" results exclude results from other expenses, including casualty-related expenses net of recoveries and severance related costs.
14
CAMDEN
CURRENT DEVELOPMENT COMMUNITIES
(Unaudited)
AS OF JUNE 30, 2026 ($ in millions)
Estimated/Actual Dates for
Completed Communities in Lease-Up
Total
Cost to
Construction
Initial
Construction
Stabilized
As of 7/29/2026
Homes
Date
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden Village District
369
$139.4
2Q22
1Q25
3Q25
1Q27
88%
85%
Raleigh, NC
Estimated/Actual Dates for
Total
Total
Cost to
Amount
Construction
Initial
Construction
Stabilized
As of 7/29/2026
Development Communities
Homes
Estimated Cost
Date
in CIP
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden South Charlotte
420
$157.0
$136.5
$85.8
2Q24
2Q26
2Q27
4Q28
13%
10%
Charlotte, NC
2.
Camden Blakeney
349
151.0
118.3
118.3
2Q24
3Q26
3Q27
3Q28
Charlotte, NC
3.
Camden Nations
393
184.0
97.1
97.1
1Q25
1Q28
3Q28
2Q30
Nashville, TN
Total Development Communities
1,162
$492.0
$351.9
$301.2
13%
10%
Additional Development Pipeline and Land(a)
198.9
Total Properties Under Development and Land (per Balance Sheet)
$500.1
NOI Contribution from Development Communities ($ in millions)
Cost to Date
2Q26 NOI
Completed Communities in Lease-Up
$
139.4
$
1.0
Development Communities in Lease-Up
136.5
—
Total Development Communities NOI Contribution
$275.9
$1.0
(a) Please refer to the Development Pipeline Summary on page 18.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
15
CAMDEN
DEVELOPMENT PIPELINE & LAND
(Unaudited)
AS OF JUNE 30, 2026 ($ in millions)
Projected
Total
PIPELINE COMMUNITIES
Homes
Estimated Cost (a)
Cost to Date
1.
Camden RTP
398
$126.0
$20.9
Morrisville, NC
2.
Camden Gulch
498
301.0
57.6
Nashville, TN
3.
Camden Baker
434
199.0
41.5
Denver, CO
4.
Camden Riverview
765
242.0
34.0
Tampa, FL
Development Pipeline
2,095
$868.0
$154.0
Other (b)
$44.9
Total Development Pipeline and Land
$198.9
(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking estimates are not guarantees of future performances, results, or events. Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasts and estimates routinely require adjustment.
(b) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
16
CAMDEN
ACQUISITIONS & DISPOSITIONS
(Unaudited)
2026 ACQUISITION & DISPOSITION ACTIVITY ($ in millions, except per unit amounts)
2026 Land Acquisitions
Location
Purchase Price
Acres
Closing Date
1.
Camden RTP
Morrisville, NC
$19.0
17.9
5/25/2026
2.
Camden Riverview
Tampa, FL
26.0
64.4
5/27/2026
Total Land Acquisitions
$45.0
82.3 Acres
2026 Acquisitions
Location
Purchase Price
Homes
Monthly Rental Rate
Year Built
Closing Date
1.
Camden Alpharetta
Alpharetta, GA
$89.0
269 Homes
$2,027
2020
4/30/2026
2.
Camden Narcoossee*
Orlando, FL
82.3
288 Homes
1,897
2018
4/30/2026
3.
Camden Franklin
Franklin, TN
54.3
196 Homes
1,784
2014
6/16/2026
4.
Camden Roanoke
Roanoke, TX
99.1
349 Homes
1,972
2024
6/23/2026
5.
Camden Gilbert
Gilbert, AZ
124.6
320 Homes
2,245
2022
6/30/2026
6.
Camden Brandon
Tampa, FL
82.1
296 Homes
2,008
2022
7/9/2026
7.
Camden LoSo
Charlotte, NC
114.0
343 Homes
1,966
2024
7/16/2026
Total/Average Acquisitions
$645.4
2,061 Homes
$1,997
2021
*
Formerly known as Camden at Lake Nona
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
2.
Camden Crown Valley
Mission Viejo, CA
180.0
380 Homes
2,928
2001
7/29/2026
3.
Camden Glendale
Glendale, CA
136.0
307 Homes
2,841
2015
7/29/2026
4.
Camden Harbor View
Long Beach, CA
233.0
559 Homes
2,947
2004/2016
7/29/2026
5.
Camden Hillcrest
San Diego, CA
73.0
132 Homes
3,705
2021
7/29/2026
6.
Camden Landmark
Ontario, CA
177.0
469 Homes
2,347
2006
7/29/2026
7.
Camden Main and Jamboree
Irvine, CA
139.0
290 Homes
2,879
2008
7/29/2026
8.
Camden Old Creek
San Marcos, CA
176.0
350 Homes
3,067
2007
7/29/2026
9.
Camden Sierra at Otay Ranch
Chula Vista, CA
196.0
422 Homes
2,926
2003
7/29/2026
10.
The Camden
Costa Mesa, CA
141.0
287 Homes
2,891
2016
7/29/2026
11.
Camden Tuscany
San Diego, CA
72.0
160 Homes
3,187
2003
7/29/2026
12.
Camden Vineyards
Murrieta, CA
102.0
264 Homes
2,479
2002
7/29/2026
Total/Average California Dispositions
$1,625.0
3,620 Homes
$2,862
2007
Total/Average Dispositions
$1,702.0
4,136 Homes
$2,676
2006
17
CAMDEN
DEBT ANALYSIS
(In thousands, except property data amounts)
(Unaudited)
DEBT MATURITIES AS OF JUNE 30, 2026:
Future Scheduled Repayments (a)
Year
Amortization
Secured
Maturities
Unsecured Maturities
Total
% of Total
Weighted Average Interest Rate on Maturing Debt (b)
2026
($1,816)
$12,050
$541,363
$551,597
11.4
%
4.9
%
2027
(2,921)
174,900
—
171,979
3.5
%
3.9
%
2028
(2,656)
132,025
400,000
529,369
10.9
%
3.8
%
2029
(2,306)
—
600,000
597,694
12.3
%
3.8
%
2030
(1,506)
—
750,000
748,494
15.4
%
2.9
%
2031
(1,272)
—
—
(1,272)
—
%
—
%
2032
(1,336)
—
—
(1,336)
—
%
—
%
2033
(1,403)
—
—
(1,403)
—
%
—
%
2034
(828)
—
400,000
399,172
8.2
%
5.1
%
2035
(839)
—
—
(839)
—
%
—
%
Thereafter
(2,127)
—
900,000
897,873
18.6
%
4.5
%
Total Maturing Debt
($19,010)
$318,975
$3,591,363
$3,891,328
80.3
%
4.1
%
Unsecured Line of Credit & Commercial Paper Program (c)
$—
$—
$957,000
$957,000
19.7
%
4.0
%
Total Debt
($19,010)
$318,975
$4,548,363
$4,848,328
100.0
%
4.1
%
Weighted Average Maturity of Debt (d)
5.4 Years
Weighted Average
FLOATING vs. FIXED RATE DEBT:
Balance
% of Total
Interest Rate (b)
Maturity (d)
Floating rate debt
$1,497,956
30.9
%
4.3%
3.1 Years
Fixed rate debt
3,350,372
69.1
%
3.9%
6.5 Years
Total
$4,848,328
100.0
%
4.1%
5.4 Years
Weighted Average
SECURED vs. UNSECURED DEBT:
Balance
% of Total
Interest Rate (b)
Time to Maturity (d)
Unsecured debt
$4,529,573
93.4
%
4.1%
5.7 Years
Secured debt
318,755
6.6
%
3.9%
1.2 Years
Total
$4,848,328
100.0
%
4.1%
5.4 Years
REAL ESTATE ASSETS: (e)
Total Homes
% of Total
Total Cost
% of Total
2Q26 NOI
% of Total
Unencumbered real estate assets
56,476
92.8
%
$13,301,683
90.9%
$237,709
94.3
%
Encumbered real estate assets
4,362
7.2
%
1,329,405
9.1%
14,291
5.7
%
Total
60,838
100.0
%
$14,631,088
100.0%
$252,000
100.0
%
Ratio of unencumbered assets at cost to unsecured debt is
2.9x
(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 $600.0 million as of June 30, 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.
18
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
3Q 2026
($1,022)
$—
$40,000
$38,978
4.8
%
4Q 2026
(794)
12,050
501,363
512,619
4.9
%
2026
($1,816)
$12,050
$541,363
$551,597
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.
19
CAMDEN
DEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Gross Asset Value
<
60%
28%
Yes
Secured Debt to Gross Asset Value
<
40%
2%
Yes
Consolidated Adjusted EBITDAre to Total Fixed Charges
>
150%
454%
Yes
Unsecured Debt to Gross Asset Value
<
60%
28%
Yes
SENIOR UNSECURED NOTES
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Total Asset Value
<
60%
34%
Yes
Total Secured Debt to Total Asset Value
<
40%
2%
Yes
Total Unencumbered Asset Value to Total Unsecured Debt
>
150%
290%
Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges
>
150%
476%
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.
20
CAMDEN
CAPITALIZED EXPENDITURES
& MAINTENANCE EXPENSE
(In thousands, except unit data)
(Unaudited)
Second Quarter 2026
Recurring Capitalized
Expensed
Item
Weighted Average Useful Life (a)
Total
Per Unit
Total
Per Unit
Interiors
Floor Coverings
4
years
$2,626
$45
$480
$8
Appliances
9
years
1,435
25
575
10
Painting
—
—
—
2,067
35
Cabinetry/Countertops
8
years
254
4
—
—
Other
8
years
2,488
42
1,639
28
Exteriors
Painting
6
years
230
4
—
—
Carpentry
10
years
844
14
—
—
Landscaping
6
years
636
11
4,083
70
Roofing
10
years
4,326
74
391
7
Site Drainage
10
years
81
1
—
—
Fencing/Stair
10
years
758
13
—
—
Other (b)
8
years
4,539
78
5,970
102
Common Areas
Mech., Elec., Plumbing
9
years
8,177
140
3,705
63
Parking/Paving
5
years
408
7
—
—
Pool/Exercise/Facility
6
years
3,340
57
410
7
Total Recurring (c)
$30,142
$515
$19,320
$330
Weighted Average Apartment Homes
58,578
58,578
Non-recurring & revenue enhancing capitalized expenditures (d)
$738
Reposition Expenditures (e)
10
years
$20,478
$34,017
Repositioned Apartment Homes
602
Year to Date 2026
Recurring Capitalized
Expensed
Item
Weighted Average Useful Life (a)
Total
Per Unit
Total
Per Unit
Interiors
Floor Coverings
4
years
$4,966
$85
$954
$16
Appliances
9
years
2,967
51
1,162
20
Painting
—
—
—
3,708
63
Cabinetry/Countertops
8
years
422
7
—
—
Other
8
years
4,690
80
3,029
52
Exteriors
Painting
6
years
267
5
—
—
Carpentry
10
years
962
17
—
—
Landscaping
6
years
1,158
20
7,777
133
Roofing
10
years
5,570
95
652
11
Site Drainage
10
years
188
3
—
—
Fencing/Stair
10
years
1,009
17
—
—
Other (b)
8
years
7,251
124
10,750
184
Common Areas
Mech., Elec., Plumbing
9
years
12,177
208
7,178
123
Parking/Paving
5
years
542
9
—
—
Pool/Exercise/Facility
6
years
4,123
71
860
15
Total Recurring (c)
$46,292
$792
$36,070
$617
Weighted Average Apartment Homes
58,472
58,472
Non-recurring & revenue enhancing capitalized expenditures (d)
$956
Reposition Expenditures (e)
10
years
$41,933
$35,810
Repositioned Apartment Homes
1,171
(a) Weighted average useful life of capitalized expenses for the three and six months ended June 30, 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 and six months ended June 30, 2026 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.
21
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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net income attributable to common shareholders
$18,790
$80,670
$61,239
$119,492
Real estate depreciation and amortization
153,451
148,886
299,841
295,054
Income allocated to non-controlling interests
1,916
1,924
3,841
3,869
Gain on sale of operating property
—
(47,293)
(67,878)
(47,293)
Funds from operations
$174,157
$184,187
$297,043
$371,122
Plus: Casualty-related expenses
(3,729)
(1,099)
(3,479)
(969)
Plus: Legal costs and settlements
412
2,311
51,604
4,183
Plus: Expensed transaction, development, and other pursuit costs
4,237
2,082
6,079
2,963
Plus: Investment losses
—
—
4,855
—
Plus: Other miscellaneous items
1
76
62
76
Core funds from operations
$175,078
$187,557
$356,164
$377,375
Less: Recurring capitalized expenditures
(30,142)
(29,968)
(46,292)
(46,066)
Core adjusted funds from operations
$144,936
$157,589
$309,872
$331,309
Weighted average number of common shares outstanding:
EPS diluted
102,363
109,400
103,624
108,636
FFO/Core FFO/Core AFFO diluted
103,957
110,269
105,218
110,230
22
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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Total Earnings Per Common Share - Diluted
$0.18
$0.74
$0.59
$1.10
Real estate depreciation and amortization
1.48
1.35
2.85
2.67
Income allocated to non-controlling interests
0.02
0.01
0.03
0.03
Gain on sale of operating property
—
(0.43)
(0.65)
(0.43)
FFO per common share - Diluted
$1.68
$1.67
$2.82
$3.37
Plus: Casualty-related expenses
(0.04)
(0.01)
(0.03)
(0.01)
Plus: Legal costs and settlements
—
0.02
0.49
0.03
Plus: Expensed transaction, development, and other pursuit costs
0.04
0.02
0.06
0.03
Plus: Investment losses
—
—
0.05
—
Plus: Other miscellaneous items
—
—
—
—
Core FFO per common share - Diluted
$1.68
$1.70
$3.39
$3.42
Less: Recurring capitalized expenditures
(0.29)
(0.27)
(0.44)
(0.41)
Core AFFO per common share - Diluted
$1.39
$1.43
$2.95
$3.01
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:
3Q26
Range
2026
Range
Low
High
Low
High
Expected earnings per common share - diluted
$9.14
$9.38
$9.76
$10.10
Expected real estate depreciation and amortization
1.55
1.55
5.89
5.89
Expected income allocated to non-controlling interests
0.02
0.02
0.08
0.08
Expected (gain) on sale of operating properties
(9.09)
(9.29)
(9.68)
(9.88)
Expected FFO per share - diluted
$1.62
$1.66
$6.05
$6.19
Anticipated Adjustments to FFO
0.05
0.05
0.63
0.63
Expected Core FFO per share - diluted
$1.67
$1.71
$6.68
$6.82
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.
23
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 June 30,
Six months ended June 30,
2026
2025
2026
2025
Net income
$20,706
$82,594
$65,080
$123,361
Less: Fee and asset management income
(3,131)
(2,633)
(5,274)
(5,120)
Less: Interest and other income
(129)
(68)
(382)
(78)
Less: Income on deferred compensation plans
(12,595)
(8,350)
(11,436)
(9,548)
Plus: Property management expense
10,134
9,699
20,392
19,594
Plus: Fee and asset management expense
1,840
641
2,501
1,312
Plus: General and administrative expense
22,348
18,996
37,053
35,944
Plus: Interest expense
41,422
35,375
78,781
69,165
Plus: Depreciation and amortization expense
157,134
152,108
307,134
301,360
Plus: Expense on deferred compensation plans
12,595
8,350
11,436
9,548
Plus: Other non-operating expenses
400
2,187
61,305
3,947
Less: Gain on sale of operating property, including land
—
(47,293)
(68,100)
(47,293)
Plus: Income tax expense
1,276
1,231
2,214
1,790
NOI
$252,000
$252,837
$500,704
$503,982
"Same Property" Communities
$207,427
$210,429
$417,492
$422,328
Non-"Same Property" Communities
15,709
10,962
29,321
19,957
Development and Lease-Up Communities
1,042
53
1,748
57
Held for Sale Communities
22,569
22,634
45,421
45,279
Disposition/Other
5,253
8,759
6,722
16,361
NOI
$252,000
$252,837
$500,704
$503,982
24
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 or 2 for 6 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Net income
$20,706
$82,594
$65,080
$123,361
Plus: Interest expense
41,422
35,375
78,781
69,165
Plus: Depreciation and amortization expense
157,134
152,108
307,134
301,360
Plus: Income tax expense
1,276
1,231
2,214
1,790
Less: Gain on sale of operating property, including land
—
(47,293)
(68,100)
(47,293)
EBITDAre
$220,538
$224,015
$385,109
$448,383
Plus: Casualty-related expenses
(3,729)
(1,099)
(3,479)
(969)
Plus: Legal costs and settlements
412
2,311
51,604
4,183
Plus: Expensed transaction, development, and other pursuit costs
4,237
2,082
6,079
2,963
Plus: Investment losses
—
—
4,855
—
Plus: Other miscellaneous items
1
76
62
76
Adjusted EBITDAre
$221,459
$227,385
$444,230
$454,636
Annualized Adjusted EBITDAre
$885,836
$909,540
$888,460
$909,272
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
Average monthly balance for the
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Unsecured notes payable
$4,362,454
$3,514,627
$4,134,664
$3,459,357
Secured notes payable
318,740
330,456
322,697
330,426
Total average debt
4,681,194
3,845,083
4,457,361
3,789,783
Less: Average cash and cash equivalents
(27,369)
(18,145)
(20,937)
(15,223)
Net Debt
$4,653,825
$3,826,938
$4,436,424
$3,774,560
Net Debt to Annualized Adjusted EBITDAre:
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Net Debt
$4,653,825
$3,826,938
$4,436,424
$3,774,560
Annualized Adjusted EBITDAre
885,836
909,540
888,460
909,272
Net Debt to Annualized Adjusted EBITDAre
5.3x
4.2x
5.0x
4.2x
25
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.
Held for Sale Communities: Communities and associated non-multifamily rental communities we wholly-owned and were stabilized since January 1, 2025, which met the held for sale criteria, but did not meet the criteria to be classified as discontinued operations.
Lease-Up Communities: Non-stabilized communities which are in the leasing process and have not yet reached a stabilized level of occupancy.
Net Debt: Average monthly balance of total debt during the period, less the average monthly balance of cash and cash equivalents during the period.
Net Turnover: Total resident move-outs excluding on-site transfers and transfers to other Camden communities for the period annualized as a percentage of total apartment homes.
Non-Core Adjustments: Items not considered part of our core business operations. Items recorded to General and Administrative Expenses generally include severance, legal costs and settlements, net of recoveries, and expensed transaction, development, and other pursuit costs. Items recorded to Property Management Expenses may include advocacy contributions. Items recorded to Interest and Other Income may include miscellaneous income/expense adjustments. Items recorded to Property Revenues may include net above/below market lease amortization. Items recorded to Property Expenses generally include casualty-related expenses, net of recoveries, and may include severance-related costs. Other Non-Operating Expenses include certain litigation settlements and other associated litigation matters, as well as investment charges.
Non-Recurring & Revenue Enhancing Capitalized Expenditures: Capital expenditures primarily composed of non-recurring or one-time additions such as smart access solutions, LED lighting programs, and other non-routine items.
Non-Same Property Communities: Stabilized communities not owned or stabilized since January 1, 2025, including communities under redevelopment, and excluding properties held for sale.
Occupancy: Number of physically occupied apartment homes for the period divided by total apartment homes.
Operating Communities: Wholly owned communities, excluding communities under construction.
Recurring Capital Expenditures: Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
Redevelopment Communities: Communities with capital expenditures that improve cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades.
Reposition Expenditures: Capital expenditures for apartment unit renovations, including kitchen and bath upgrades or other new amenities, designed to position assets for higher rental levels in their respective markets.
Same Property Communities: Communities wholly owned by the Company and stabilized since January 1, 2025, excluding communities under redevelopment and communities 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.
26
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:
Q3 '26
Q4 '26
Q1 '27
Q2 '27
Earnings Release & Conference Call
Early November
Early February
Early May
Late July
Dividend Information - Common Shares:
Q1 '26
Q2 '26
Declaration Date
2/5/2026
6/15/2026
Record Date
3/31/2026
6/30/2026
Payment Date
4/17/2026
7/17/2026
Distributions Per Share
$1.06
$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.
27
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 | — | 4 |
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.
Source: SEC EDGAR · public domain · Highlights by Palanor