UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents For the transition period from ______________ to _______________ Commission file number: 1-12110 CAMDEN PROPERTY TRUST (Exact Name of Registrant as Specified in Its Charte ...

Financial Data and Key Metrics Changes - Camden Property Trust reported core funds from operations (FFO) for Q1 2025 of $189.8 million, or $1.72 per share, which was $0.04 ahead of the midpoint of prior guidance [17] - The company increased the midpoint of its full-year core FFO guidance by $0.03 per share from $6.75 to $6.78, primarily due to lower projected interest expenses [19] - The annualized net turnover rate for Q1 2025 was 31%, one of the lowest in the company's history, indicating strong resident retention [12] Business Line Data and Key Metrics Changes - Same property revenue growth in the top five markets ranged from 1.3% to 4.5%, compared to an overall portfolio growth of 0.8% [10] - Effective new leases were down 3.1%, while renewals were up 3.3%, resulting in a blended rate of negative 0.1% for the quarter [10] - Camden's customer sentiment score reached 91.1, the highest since measurement began in 2014, reflecting strong resident satisfaction [12] Market Data and Key Metrics Changes - New supply in Camden's markets has peaked, with apartment absorption remaining strong; new starts are at a 13-year low, down 80% in Austin and 65-80% in several other markets [6] - The Sunbelt markets are 50% to 60% less expensive for residents compared to high-cost coastal markets, contributing to job and population growth [7] - Occupancy for Q1 averaged 95.4%, showing slight improvement from 95.3% in Q4 2024, with expectations for stability throughout the year [11] Company Strategy and Development Direction - Camden is focused on expanding its presence in high-demand markets like Nashville and Austin, with plans for acquisitions and developments in these areas [14][83] - The company aims to maintain a geographically diverse portfolio to weather economic uncertainties, emphasizing the importance of the Sunbelt region for growth [7] - Camden is actively marketing older, capital-intensive assets for sale while pursuing new acquisitions to enhance its portfolio [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current economic uncertainty but expressed confidence in the company's strong position and operational performance [22] - The company is cautious about guidance changes due to market volatility but remains optimistic about future performance as supply-demand dynamics improve [30] - Management noted that while Nashville and Austin face challenges, they are expected to recover quickly once market conditions improve [31] Other Important Information - Camden completed two acquisitions totaling $199 million and commenced construction on a new development community with an estimated cost of $184 million [14] - The company entered into a $600 million commercial paper program to supplement its existing line of credit, allowing for lower interest rates [16] - Camden's development pipeline is being rebuilt, with a focus on disciplined underwriting amid rising construction costs [88] Q&A Session Summary Question: Maintaining same store guidance amid macro uncertainty - Management indicated that the current uncertainty has influenced their cautious approach to guidance changes, but they feel confident about the business's performance [22] Question: Stabilization of deliveries in Sunbelt markets - Nashville and Austin are expected to remain challenged, but improvements are anticipated in the latter half of 2025 as supply decreases [29] Question: Impact of oil prices on Houston market - Management believes that lower oil prices will not significantly affect Houston's market due to the consolidation and efficiency of the energy sector [110] Question: Projections for A and B assets in Sunbelt markets - Class A urban assets are currently performing slightly better than Class B suburban assets, reflecting changing supply-demand dynamics [68] Question: Insights on bad debt levels - Bad debt improved to 60 basis points, nearing the normalized level of 50 basis points, with significant improvements in previously problematic markets [95]

Camden Property Trust (CPT) Q1 2025 Earnings Call May 02, 2025 11:00 AM ET Company Participants Kim Callahan - SVP of IRRic Campo - Chairman and CEOKeith Oden - Executive Vice Chairman of the BoardAlex Jessett - President & CFOEric Wolfe - DirectorBrad Heffern - DirectorSteve Sakwa - Senior Managing DirectorHaendel St. Juste - Managing DirectorJohn Kim - Managing Director - US Real EstateRichard Hightower - Managing DirectorJana Galan - DirectorAlexander Kim - Equity Research Associate Conference Call Parti ...

Camden Property Trust (CPT) reported first-quarter 2025 core funds from operations (FFO) per share of $1.72, beating the Zacks Consensus Estimate of $1.68. The figure improved 1.2% year over year.The quarterly results reflect higher same-property revenues and same-property net operating income (NOI) and improved occupancy. CPT issued guidance for the second quarter and raised its full-year 2025 core FFO per share range.Property revenues in the quarter came in at $390.6 million, outpacing the Zacks Consensus ...

Camden Long Meadow Farms – Richmond, TX Investor Presentation March 2025 Why Camden? We're Positioned for Excellence Balance Sheet Strength and Liquidity Proven Record of Capital Recycling and Value Creation 2 The Right Product in the Right Markets Consistent Earnings and Dividend Growth Innovation, Technology, and Talent = Operational Excellence Camden Main and Jamboree – Irvine, CA Table of Contents | Company Overview | 4-9 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | -- ...

For the quarter ended March 2025, Camden (CPT) reported revenue of $390.57 million, up 1.9% over the same period last year. EPS came in at $1.72, compared to $0.77 in the year-ago quarter.The reported revenue represents a surprise of +0.66% over the Zacks Consensus Estimate of $388.01 million. With the consensus EPS estimate being $1.68, the EPS surprise was +2.38%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their nex ...

Camden (CPT) came out with quarterly funds from operations (FFO) of $1.72 per share, beating the Zacks Consensus Estimate of $1.68 per share. This compares to FFO of $1.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.38%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.68 per share when it actually produced FFO of $1.73, delivering a surprise of 2.98%.Over the last four quarters, the ...

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 D ...

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Core Viewpoint - Camden Property Trust (CPT) is expected to report a year-over-year increase in revenues and funds from operations (FFO) per share for the first quarter of 2025, with results anticipated on May 1, after market close [1] U.S. Apartment Market Overview - The first quarter of 2025 saw strong apartment demand, with over 138,000 market-rate apartment units absorbed nationally, marking the highest first-quarter demand on record in over three decades [4] - Annual absorption reached nearly 708,000 units, matching the demand boom from early 2022 [4] - Demand exceeded supply, with nearly 577,000 units delivered, indicating a potential peak in the construction cycle [5] - Occupancy rose to 95.2% in March, the highest since October 2022, and effective rents increased by 0.75% in March and 1.1% year-over-year, the highest since June 2023 [6] - Rent growth was broad-based across the nation's 50 largest apartment markets, with an average effective rent of $1,848 [6] Regional Performance - The Midwest and Rust Belt regions led annual rent gains, while high-supply Sun Belt metros like Austin and Phoenix experienced rent cuts but showed monthly rent growth in March [7] Factors Influencing Camden Property's Performance - Camden's performance is likely benefiting from healthy renter demand in high-growth markets, contributing to occupancy and blended lease rate growth [8] - The company operates in markets with growing employment in high-wage sectors and in-migration trends, making renting a viable option due to high homeownership costs [9] - Camden's diversification in urban and suburban markets is expected to drive stable revenues [9] - The company is leveraging technology and organizational capabilities to enhance operational efficiency and reduce costs, aiding net operating income (NOI) growth [10] Financial Projections - The Zacks Consensus Estimate for CPT's revenues for Q1 2025 is $388.5 million, reflecting a growth of 1.4% year-over-year [12] - Camden expects core FFO per share in the range of $1.66-$1.70, with the Zacks Consensus Estimate remaining unchanged at $1.68, indicating a 0.6% year-over-year improvement [13] Earnings Prediction - A positive Earnings ESP of +0.26% and a Zacks Rank of 3 suggest a potential surprise in FFO per share for CPT this quarter [14]