Group 1 - Camden Property Trust (CPT) shares have declined nearly 8% year-to-date, underperforming the broader market which is up over 6% [1] - The performance of Camden Property Trust is in line with the trend observed in the apartment REIT sector [1] Group 2 - The article does not provide specific financial metrics or future outlook for Camden Property Trust or the apartment REIT sector [2]

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Camden Property Trust as of June 30, 2025, and for the three and six-month periods then ended, including Balance Sheets, Statements of Income, Equity, and Cash Flows, with accompanying notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$9.12 billion** as of June 30, 2025, from **$8.85 billion** at December 31, 2024, driven by real estate growth, while total liabilities rose to **$4.46 billion** from **$4.10 billion**, primarily due to unsecured notes payable, resulting in a slight decrease in total equity from **$4.75 billion** to **$4.66 billion** Condensed Consolidated Balance Sheets (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total real estate assets** | $8,804,039 | $8,576,106 | | **Total assets** | **$9,119,573** | **$8,852,144** | | **Total liabilities** | **$4,459,577** | **$4,104,955** | | Unsecured Notes Payable | $3,495,487 | $3,155,233 | | **Total equity** | **$4,659,996** | **$4,747,189** | [Condensed Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) For Q2 2025, net income attributable to common shareholders nearly doubled to **$80.7 million** from **$42.9 million** in Q2 2024, largely due to a **$47.3 million** gain on property sale, while the six-month net income decreased to **$119.5 million** from **$126.8 million** year-over-year due to higher expenses Financial Performance Highlights (in thousands, except per share amounts) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Property revenues | $396,509 | $387,150 | $787,074 | $770,291 | | Net income attributable to common shareholders | $80,670 | $42,917 | $119,492 | $126,806 | | Earnings per share – diluted | $0.74 | $0.40 | $1.10 | $1.17 | | Gain on sale of operating property | $47,293 | $0 | $47,293 | $43,806 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash from operating activities increased to **$378.9 million** from **$361.0 million**, investing activities used **$473.5 million** (up from **$100.5 million**), and financing activities provided **$106.9 million** (reversing a **$426.6 million** use), driven by commercial paper proceeds Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $378,879 | $360,959 | | Net cash from investing activities | ($473,457) | ($100,478) | | Net cash from financing activities | $106,914 | ($426,627) | | **Net change in cash** | **$12,336** | **($166,146)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies and financial activities, including business description, acquisition and disposition activities, debt structure, share-based compensation, and ongoing antitrust litigation - As of June 30, 2025, Camden owned interests in, operated, or was developing **180 multifamily properties** comprising **61,203 apartment homes**, with **four properties** under construction[27](index=27&type=chunk) - During the first six months of 2025, the company acquired **three operating properties** for a total of **$337.7 million** and sold **one operating property** for **$60.0 million**, recognizing a gain of **$47.3 million**[62](index=62&type=chunk)[64](index=64&type=chunk) - The company is a defendant in several consolidated antitrust lawsuits alleging collusion with RealPage, Inc. and other multifamily operators to fix rents, which the company believes are without merit and intends to defend against vigorously[86](index=86&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting a **0.9%** increase in same-store revenues for the first six months of 2025, driven by higher occupancy, and details consolidated results, property portfolio changes, development activities, and Net Operating Income (NOI), while maintaining a strong balance sheet and sufficient liquidity - Same store revenues increased by **1.0%** for Q2 2025 and **0.9%** for the first six months of 2025 compared to the same periods in 2024, primarily due to higher occupancy[110](index=110&type=chunk) - As of June 30, 2025, the company had **four properties** under construction with an estimated additional cost to complete of **$312.2 million**[113](index=113&type=chunk) - In February 2025, the company established a commercial paper program of up to **$600.0 million**, with **$515.6 million** outstanding as of June 30, 2025[116](index=116&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Total property NOI increased by **1.8%** in Q2 2025 and **2.3%** in the first six months of 2025 year-over-year, with same-store NOI growing **0.2%** in Q2 and **0.6%** in the six-month period, driven by revenue growth from higher occupancy partially offset by increased operating expenses, significantly supplemented by non-same store communities Property NOI Analysis (in thousands) | Category | Q2 2025 | Q2 2024 | % Change | Six Months 2025 | Six Months 2024 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Same store communities NOI | $241,000 | $240,431 | 0.2% | $483,414 | $480,682 | 0.6% | | Non-same store communities NOI | $7,121 | $3,065 | * | $12,501 | $5,530 | * | | **Total property NOI** | **$252,837** | **$248,261** | **1.8%** | **$503,982** | **$492,857** | **2.3%** | - The increase in same-store property expenses for Q2 2025 was primarily due to higher utilities (**$1.3M**), salaries and benefits (**$1.2M**), and repairs and maintenance (**$0.6M**), partially offset by lower property insurance (**$1.0M**)[134](index=134&type=chunk) [Funds from Operations (FFO)](index=32&type=section&id=Funds%20from%20Operations%20(FFO)) Funds from Operations (FFO) for Q2 2025 was **$184.2 million**, a slight decrease from **$187.7 million** in Q2 2024, while for the six-month period, FFO was nearly flat at **$371.1 million**, with Core FFO for Q2 2025 at **$187.6 million** and increasing to **$377.4 million** for the six-month period FFO Reconciliation (in thousands) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income attributable to common shareholders | $80,670 | $42,917 | $119,492 | $126,806 | | **Funds from operations (FFO)** | **$184,187** | **$187,705** | **$371,122** | **$371,505** | | **Core funds from operations (Core FFO)** | **$187,557** | **$187,892** | **$377,375** | **$375,494** | | **Core adjusted funds from operations (Core AFFO)** | **$157,589** | **$158,297** | **$331,309** | **$323,874** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with primary sources including cash from operations, a **$1.2 billion** unsecured revolving credit facility, and a new **$600 million** commercial paper program, which are sufficient to meet future cash requirements of **$312.2 million** for properties under construction and **$527.5 million** in debt maturities over the next 12 months - As of June 30, 2025, the company had full availability of **$1.2 billion** under its unsecured revolving credit facility[170](index=170&type=chunk) - Future cash requirements include an estimated **$312.2 million** to complete **four properties** currently under construction, with the majority of costs to be incurred from late 2025 through 2028[176](index=176&type=chunk) - The company has a **$500.0 million** at-the-market (ATM) share offering program, under which no shares have been sold as of the filing date[173](index=173&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports that there have been no material changes to its exposures to market risk since its Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to market risk exposures have occurred since the 2024 year-end 10-K filing[180](index=180&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of the end of the quarter, with no material changes in internal control over financial reporting during the most recent fiscal quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the reporting period[181](index=181&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[182](index=182&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company incorporates by reference the litigation disclosures from Note 10 of the financial statements, which detail ongoing antitrust lawsuits related to the use of RealPage revenue management software - The company is involved in several antitrust cases related to RealPage revenue management software, which are detailed in Note 10 of the financial statements[86](index=86&type=chunk)[183](index=183&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the Risk Factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors were reported since the 2024 Annual Report[184](index=184&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of its equity securities during the three months ended June 30, 2025 - There were no unregistered sales of equity securities in Q2 2025[185](index=185&type=chunk)

Financial Data and Key Metrics Changes - The company reported core funds from operations (FFO) for Q2 2025 at $187.6 million or $1.70 per share, which is $0.01 ahead of prior guidance [14] - Property revenues met expectations, and the company decreased its full-year same-store expense midpoint from 3% to 2.5%, while increasing same-store net operating income guidance from flat to positive 25 basis points [15][16] - The midpoint of full-year core FFO guidance was increased by $0.03 per share from $6.78 to $6.81, marking the second consecutive increase [16][17] Business Line Data and Key Metrics Changes - Rental rates for Q2 showed effective new leases down 2.1% and renewals up 3.7%, resulting in a blended rate of 0.7%, which reflects an improvement from previous quarters [10] - Occupancy averaged 95.6% in Q2, slightly up from 95.4% in the previous year, with expectations to remain stable in the mid-95% range [11] Market Data and Key Metrics Changes - The company noted strong apartment demand, with the second quarter being one of the best in 25 years, supported by wage growth exceeding rent growth for 31 months [6][7] - The DC market showed the highest quarter-over-quarter revenue growth at 3.7%, while LA also performed well, indicating strong demand in these areas [38] Company Strategy and Development Direction - The company is focused on asset recycling, with $139 million spent on acquisitions and $174 million from dispositions, indicating a strategy to optimize its portfolio [12] - The company anticipates better than 4% rent growth in its markets in 2026, with expectations of a return to a more normal growth profile post-COVID [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the operating platform and the ability to maintain performance despite market uncertainties [22] - The company highlighted that the current economic environment has led to cautious behavior among operators, focusing on occupancy rather than pushing for higher rates [33][34] Other Important Information - The company has no significant debt maturities until 2026 and no dilutive debt maturities until 2027, positioning it well for future growth [17] - The customer sentiment score reached a record high of 91.6, reflecting strong resident satisfaction and retention [23] Q&A Session Summary Question: Insights on July data and expectations for the second half - Management indicated that blended rates increased from April to July, with expectations for the second half to be just under 1% [20] Question: Market performance and lease-up trends - Management noted that while some peers are facing challenges, their markets, particularly DC, are performing well with strong demand [31][38] Question: Development outlook amidst economic uncertainty - Management acknowledged a cautious approach to new developments due to market uncertainties but remains committed to starting projects when conditions are favorable [49] Question: Rent growth projections and underlying assumptions - Management expressed optimism about achieving projected rent growth due to strong demand and declining supply, with expectations for 4% growth in 2026 [45][84] Question: Impact of high supply and pricing on future demand - Management believes current demand is sustainable and not being pulled forward due to attractive pricing, as household formation continues to drive demand [68] Question: Renovation strategies and expected yields - The company plans to continue kitchen and bath renovations, expecting an 8-10% return on these investments [74][76]

Financial Data and Key Metrics Changes - Core funds from operations (FFO) for Q2 2025 were reported at $187.6 million or $1.70 per share, which is $0.01 ahead of the midpoint of prior quarterly guidance [13] - Property revenues met expectations, and the company decreased its full-year same-store expense midpoint from 3% to 2.5%, leading to an increase in same-store net operating income (NOI) guidance from flat to positive 25 basis points [14][15] - The midpoint of full-year core FFO guidance was increased by $0.03 per share from $6.78 to $6.81, marking the second consecutive increase of this amount [15][16] Business Line Data and Key Metrics Changes - Effective new lease rates decreased by 2.1%, while renewals increased by 3.7%, resulting in a blended rate of 0.7% for the quarter, reflecting an 80 basis point improvement from the previous year [8][9] - Occupancy averaged 95.6% in Q2 2025, up from 95.4% in Q1 2025, with expectations for stability in the mid-95% range for the remainder of the year [10] Market Data and Key Metrics Changes - The company noted strong apartment demand in Sunbelt markets, with significant population and job growth continuing to support demand [5][6] - The Washington D.C. market showed the second highest quarter-over-quarter revenue growth at 3.7%, with the highest occupancy at 97.3% and rental rate growth at 4.1% [39][40] Company Strategy and Development Direction - Camden Property Trust is focused on asset recycling, with $139 million spent on acquisitions and $174 million from dispositions of older communities, indicating a strategy to optimize its portfolio [11] - The company anticipates a return to a more normal market and growth profile post-COVID, with projections of over 4% rent growth in Camden's markets in 2026, accelerating to 5% in 2027 and beyond [7][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the operating platform and the ability to maintain strong performance despite market uncertainties [22] - The company highlighted that the current economic environment, characterized by wage growth exceeding rent growth, supports continued apartment demand [5][44] Other Important Information - The company is actively pursuing kitchen and bath renovations, expecting an 8-10% return on these investments, which enhances competitiveness against new developments [79][81] - Management noted that the balance sheet remains strong, with no significant debt maturities until 2026 and low refinancing interest rate risk [16] Q&A Session Summary Question: Insights on July performance and expectations for the second half - Management indicated that blended rates increased from April to July, with expectations for the second half to be just under 1% [18][19] Question: Market performance and competitive concessions - Management acknowledged that some peers are becoming more aggressive with concessions, but Camden is positioned well in its markets, particularly in D.C. [31][32] Question: Performance of specific markets like D.C. and L.A. - D.C. showed strong performance with high occupancy and revenue growth, while L.A. also performed well, indicating market-specific strengths [39][40] Question: Rent growth outlook and historical comparisons - Management compared the current situation to post-Great Recession growth, suggesting potential for strong rent growth in the coming years due to demand outpacing supply [44][48] Question: Development outlook amidst economic uncertainty - Management remains cautious about new developments, focusing on ensuring reasonable yields and monitoring market conditions [50][52] Question: Concerns about private credit in real estate development - Management does not see significant risk from the growth of private credit in real estate, as high returns on mezzanine loans create pressure on developers [66][67] Question: Visibility on new lease rates for Q3 - Management expressed confidence in visibility for new lease rates, with good occupancy data supporting projections for Q3 and Q4 [69][70] Question: Impact of high supply and pricing on future demand - Management believes current demand is sustainable and not merely pulled forward due to attractive pricing, as household formation continues to drive demand [72][74]

Core Insights - Camden Property Trust (CPT) reported second-quarter 2025 core funds from operations (FFO) per share of $1.70, exceeding the Zacks Consensus Estimate of $1.69, but reflecting a slight year-over-year decline of 0.6% [1][8] - The quarterly performance was driven by higher same-property revenues and improved occupancy, although lower effective new lease rates impacted growth [1][8] - CPT raised its full-year 2025 core FFO per share guidance range, now expecting $6.76-$6.86, up from the previous range of $6.63-$6.93 [7][8] Financial Performance - Property revenues for the quarter reached $396.5 million, surpassing the Zacks Consensus Estimate of $393.8 million, and increased by 2.4% year-over-year [2] - Same-property revenues rose 1.0% year-over-year to $377.4 million, while same-property expenses increased by 2.4% to $136.4 million, resulting in a same-property NOI increase of 0.2% to $241.0 million [3] - Same-property occupancy improved to 95.6%, up 30 basis points year-over-year and 20 basis points sequentially [3] Lease Rates and Portfolio Activity - In Q2, same-property effective blended lease rates increased by 0.7%, while effective new lease rates declined by 2.1%, and effective renewal rates rose by 3.7% compared to expiring lease rates [4] - Camden has four communities under development totaling 1,531 units at an estimated cost of $639 million [5] - The company acquired a 360-unit community in Tampa, FL, for $138.7 million and sold a 337-unit property in Houston, TX, for $60.0 million, realizing a gain of $47.3 million [5] Balance Sheet and Liquidity - As of the end of Q2 2025, CPT had liquidity of $717.5 million, which included $33.1 million in cash and cash equivalents, and approximately $684.4 million available under its unsecured credit facility and commercial paper program [6] - The net debt-to-annualized adjusted EBITDAre ratio for the April-June period was 4.2 times, an increase from 3.9 times in the same period last year [6] Future Guidance - For Q3 2025, CPT anticipates core FFO per share in the range of $1.67-$1.71, with the Zacks Consensus Estimate currently at $1.68 [7] - The company expects same-property revenue growth of 0.5-1.5% and an expense increase of 2.0-3%, with same-property NOI projected to decline by 0.75% to grow by 1.25% [9]

Core Viewpoint - Camden (CPT) reported quarterly funds from operations (FFO) of $1.7 per share, exceeding the Zacks Consensus Estimate of $1.69 per share, although slightly down from $1.71 per share a year ago [1][2] Financial Performance - Camden's FFO surprise for the quarter was +0.59%, and it has surpassed consensus FFO estimates in all four of the last quarters [1][2] - The company posted revenues of $396.51 million for the quarter ended June 2025, which is a 2.5% increase from $387.15 million year-over-year and surpassed the Zacks Consensus Estimate by 0.68% [2] - The current consensus FFO estimate for the upcoming quarter is $1.68 on revenues of $396.36 million, while the estimate for the current fiscal year is $6.82 on revenues of $1.58 billion [7] Market Performance - Camden shares have declined approximately 3.4% since the beginning of the year, contrasting with the S&P 500's gain of 8.2% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [6] Industry Outlook - The REIT and Equity Trust - Residential industry, to which Camden belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting a favorable outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5]

[Press Release](index=3&type=section&id=Press%20Release) Camden Property Trust announced its second quarter 2025 operating results, highlighting key financial metrics and providing updated guidance [Operating Results Summary](index=3&type=section&id=Operating%20Results%20Summary) Camden reported diluted EPS of $0.74 in Q2 2025, driven by a property sale gain, while FFO and Core FFO met guidance Per Diluted Share | Per Diluted Share | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | EPS | $0.74 | $0.40 | $1.10 | $1.17 | | FFO | $1.67 | $1.71 | $3.37 | $3.37 | | Core FFO | $1.70 | $1.71 | $3.42 | $3.41 | | Core AFFO | $1.43 | $1.44 | $3.01 | $2.94 | - The Q2 2025 EPS of **$0.74** included a significant gain of approximately **$0.43 per diluted share** from the sale of an operating property[6](index=6&type=chunk) - Q2 2025 FFO of **$1.67** met the company's guidance midpoint, while Core FFO of **$1.70** slightly exceeded the guidance midpoint of **$1.69**[6](index=6&type=chunk) [Same Property Performance](index=3&type=section&id=Same%20Property%20Performance) Same-property NOI grew 0.2% year-over-year in Q2 2025, with improved occupancy and positive blended lease rates Same Property Results | Same Property Results | 2Q25 vs. 2Q24 | 2Q25 vs. 1Q25 | 2025 vs. 2024 | | :--- | :--- | :--- | :--- | | Revenues | 1.0% | 0.8% | 0.9% | | Expenses | 2.4% | 3.2% | 1.5% | | Net Operating Income ("NOI") | 0.2% | (0.6)% | 0.6% | Operating Statistics | Operating Statistics | 2Q25 | 2Q24 | 1Q25 | | :--- | :--- | :--- | :--- | | Occupancy | 95.6% | 95.3% | 95.4% | | Effective New Lease Rates | (2.1)% | (2.5)% | (3.1)% | | Effective Renewal Rates | 3.7% | 3.4% | 3.3% | | Effective Blended Lease Rates | 0.7% | 0.1% | (0.1)% | - Bad debt as a percentage of revenue decreased to **0.6%** in Q2 2025 from **0.8%** in Q2 2024. Annualized net turnover also decreased to **39%** from **42%** year-over-year[9](index=9&type=chunk) [Development, Acquisition & Disposition Activity](index=4&type=section&id=Development%2C%20Acquisition%20%26%20Disposition%20Activity) Camden completed lease-up at one community, continued leasing at three others, acquired a property for $138.7 million, and disposed of properties for $60.0 million - Leasing is ongoing at three development communities: Camden Durham (**95% leased**), Camden Long Meadow Farms (**75% leased**), and Camden Village District (**37% leased**)[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - The company acquired Camden Clearwater, a 360-unit community in the Tampa, FL area, for approximately **$138.7 million**[13](index=13&type=chunk) - A 337-unit community in Houston, TX was sold for **$60.0 million**, resulting in a gain of approximately **$47.3 million**[13](index=13&type=chunk) [Liquidity and Earnings Guidance](index=4&type=section&id=Liquidity%20and%20Earnings%20Guidance) Camden reported $717.5 million in liquidity and updated full-year 2025 guidance, raising EPS, FFO, and same-property NOI growth midpoints - As of quarter-end, total liquidity was approximately **$717.5 million**, with **$312.2 million** remaining to be funded for the existing development pipeline[14](index=14&type=chunk) 2025 Full-Year Guidance | 2025 Full-Year Guidance | Current Midpoint | Prior Midpoint | Change | | :--- | :--- | :--- | :--- | | EPS | $2.38 | $1.16 | $1.22 | | FFO | $6.70 | $6.68 | $0.02 | | Core FFO | $6.81 | $6.78 | $0.03 | 2025 Same Property Growth Guidance | 2025 Same Property Growth Guidance | Current Midpoint | Prior Midpoint | Change | | :--- | :--- | :--- | :--- | | Revenues | 1.00% | 1.00% | 0.00% | | Expenses | 2.50% | 3.00% | (0.50)% | | NOI | 0.25% | 0.00% | 0.25% | [Financial Statements and Portfolio Data](index=6&type=section&id=Financial%20Statements%20and%20Portfolio%20Data) This section presents detailed financial statements and portfolio statistics, including highlights, operating results, FFO reconciliation, balance sheets, and market-level portfolio data [Financial Highlights](index=6&type=section&id=Financial%20Highlights) Q2 2025 financial highlights show increased net income due to property sales, higher property revenues, and a rise in the Net Debt to EBITDAre ratio Key Financial Metrics (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Property revenues | $396,509 | $387,150 | | Net income attributable to common shareholders | $80,670 | $42,917 | | FFO per share - diluted | $1.67 | $1.71 | | Dividends per share | $1.05 | $1.03 | | Net Debt to Annualized Adjusted EBITDAre | 4.2x | 3.9x | - Total assets as of June 30, 2025, were **$9.12 billion**, a slight increase from **$9.08 billion** a year prior. Total debt increased to **$3.83 billion** from **$3.55 billion** over the same period[25](index=25&type=chunk) [Operating Results](index=7&type=section&id=Operating%20Results) Q2 2025 consolidated operating results show property revenues of $396.5 million, with a $47.3 million gain on property sale contributing to $80.7 million net income Consolidated Operating Results (in thousands) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Property revenues | $396,509 | $387,150 | | Total property expenses | $143,672 | $138,889 | | Gain on sale of operating property | $47,293 | — | | Net income attributable to common shareholders | $80,670 | $42,917 | [Funds from Operations](index=8&type=section&id=Funds%20from%20Operations) Q2 2025 FFO was $184.2 million ($1.67/share), with Core FFO at $187.6 million ($1.70/share) and Core AFFO at $157.6 million ($1.43/share) FFO Reconciliation (in thousands) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income attributable to common shareholders | $80,670 | $42,917 | | Funds from operations | $184,187 | $187,705 | | Core funds from operations | $187,557 | $187,892 | | Core adjusted funds from operations | $157,589 | $158,297 | Per Share FFO Data | Per Share Data | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | FFO - diluted | $1.67 | $1.71 | | Core FFO - diluted | $1.70 | $1.71 | | Core AFFO - diluted | $1.43 | $1.44 | [Balance Sheets](index=9&type=section&id=Balance%20Sheets) As of June 30, 2025, total assets reached $9.12 billion, with liabilities increasing to $4.46 billion and equity slightly decreasing to $4.66 billion Consolidated Balance Sheet Summary (in thousands) | (In thousands) | Jun 30, 2025 | Dec 31, 2024 | Jun 30, 2024 | | :--- | :--- | :--- | :--- | | Total real estate assets | $8,804,039 | $8,576,106 | $8,722,145 | | Total assets | $9,119,573 | $8,852,144 | $9,079,574 | | Total liabilities | $4,459,577 | $4,104,955 | $4,152,642 | | Total equity | $4,659,996 | $4,747,189 | $4,926,932 | [Portfolio Statistics](index=10&type=section&id=Portfolio%20Statistics) Camden's portfolio includes 61,203 homes, with D.C. Metro and Houston as top NOI contributors, and overall occupancy at 95.6% - The total portfolio consists of **56,781 same-property homes**, **2,283 non-same-property homes**, **608 homes in lease-up**, and **1,531 homes under construction**[39](index=39&type=chunk) Top 5 Markets by Same Property NOI Contribution (Q2 2025) | Top 5 Markets by Same Property NOI Contribution (Q2 2025) | % of NOI | | :--- | :--- | | D.C. Metro | 14.0% | | Houston, TX | 11.7% | | Phoenix, AZ | 8.6% | | Dallas, TX | 8.2% | | SE Florida | 7.0% | - Total portfolio weighted average occupancy for Q2 2025 was **95.6%**, showing improvement both sequentially (from **95.3%**) and year-over-year (from **95.2%**)[41](index=41&type=chunk) [Property Net Operating Income (NOI) Analysis](index=11&type=section&id=Property%20Net%20Operating%20Income%20(NOI)%20Analysis) This section analyzes Net Operating Income (NOI) components, sequential changes, and same-property comparisons by market, including operating expenses [Components of Property Net Operating Income](index=11&type=section&id=Components%20of%20Property%20Net%20Operating%20Income) Total property NOI reached $252.8 million in Q2 2025, with Same Property NOI contributing $241.0 million and other segments showing significant growth Property Net Operating Income (in thousands) | Property Net Operating Income (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | "Same Property" Communities | $241,000 | $240,431 | $569 | | Non-"Same Property" Communities | $7,121 | $3,065 | $4,056 | | Development and Lease-Up Communities | $1,611 | $354 | $1,257 | | Total Property Net Operating Income | $252,837 | $248,261 | $4,576 | - Sequentially, total property NOI increased from **$251.1 million** in Q1 2025 to **$252.8 million** in Q2 2025. However, same-property NOI saw a slight sequential decrease of **0.6%** from **$242.4 million** in Q1 2025[46](index=46&type=chunk) [Same Property Comparisons](index=13&type=section&id=Same%20Property%20Comparisons) Same-property NOI grew 0.2% year-over-year, led by Nashville and Los Angeles, but declined 0.6% sequentially due to expense increases - In the Q2 2025 vs Q2 2024 comparison, Los Angeles/Orange County (**+4.6%**) and D.C. Metro (**+3.7%**) led in revenue growth, while Austin (**-3.1%**) saw the largest decline[49](index=49&type=chunk) - Sequentially (Q2 2025 vs Q1 2025), same-property revenue grew **0.8%** while expenses increased by **3.2%**, leading to a **0.6%** decline in NOI. Atlanta experienced a **30.3%** sequential increase in expenses[52](index=52&type=chunk) - For the six months ended June 30, 2025, same-property NOI grew **0.6%** year-over-year, with revenues up **0.9%** and expenses up **1.5%**. Los Angeles/Orange County (**+6.1%**) and Nashville (**+5.4%**) were the strongest markets for YTD NOI growth[56](index=56&type=chunk) [Same Property Operating Expense Detail](index=19&type=section&id=Same%20Property%20Operating%20Expense%20Detail) Same-property operating expenses rose 2.4% year-over-year in Q2 2025, driven by marketing, G&A, and utilities, while property insurance costs decreased Quarterly Same Property Operating Expense Comparison (2Q25 vs 2Q24) | Quarterly Comparison (2Q25 vs 2Q24) | $ Change (thousands) | % Change | | :--- | :--- | :--- | | Property Taxes | $228 | 0.5% | | Salaries and Benefits | $1,241 | 5.1% | | Utilities | $1,304 | 5.2% | | Property Insurance | ($984) | (11.9)% | | Marketing and Leasing | $350 | 12.6% | | **Total Same Property** | **$3,154** | **2.4%** | - Sequentially, expenses rose **3.2%** from Q1 2025, driven primarily by a **37.1%** increase in Marketing and Leasing and a **15.4%** increase in Repairs and Maintenance[60](index=60&type=chunk) - Year-to-date, total same-property expenses are up **1.5%**, with Property Insurance showing an **11.1%** decrease, while Utilities are up **4.9%**[60](index=60&type=chunk) [Development, Acquisitions & Dispositions](index=20&type=section&id=Development%2C%20Acquisitions%20%26%20Dispositions) This section outlines Camden's real estate investment activities, including current development projects, future pipeline, and recent acquisitions and dispositions [Current Development Communities](index=20&type=section&id=Current%20Development%20Communities) Camden has two communities in lease-up (89% leased) and four communities with 1,531 homes under construction, totaling $639.0 million in estimated costs - Completed communities in lease-up, Camden Durham and Camden Long Meadow Farms, were **95%** and **75% leased**, respectively, as of July 28, 2025[62](index=62&type=chunk) - There are four development communities under construction with a total of **1,531 homes** and a total estimated cost of **$639.0 million**. The company has spent **$326.8 million** to date on these projects[62](index=62&type=chunk) [Development Pipeline](index=21&type=section&id=Development%20Pipeline) Camden's future development pipeline includes two planned communities, Camden Baker and Camden Gulch, totaling 932 homes with an estimated cost of $491.0 million Development Pipeline Communities | Pipeline Communities | Homes | Estimated Cost ($M) | Cost to Date ($M) | | :--- | :--- | :--- | :--- | | Camden Baker (Denver, CO) | 434 | $191.0 | $38.5 | | Camden Gulch (Nashville, TN) | 498 | $300.0 | $54.2 | | **Total** | **932** | **$491.0** | **$92.7** | [Acquisitions & Dispositions](index=22&type=section&id=Acquisitions%20%26%20Dispositions) In 2025, Camden acquired three properties for $337.7 million and disposed of three properties for $173.5 million, actively recycling its portfolio - Total 2025 acquisitions amount to **$337.7 million** for **1,147 homes**, with the latest being Camden Clearwater in Florida for **$138.7 million**[69](index=69&type=chunk) - Total 2025 dispositions (including post-quarter activity) amount to **$173.5 million** for **963 homes**, primarily in Houston and Dallas metro areas[69](index=69&type=chunk) [Debt and Capital Structure](index=23&type=section&id=Debt%20and%20Capital%20Structure) This section details Camden's $3.8 billion debt profile, including maturities, interest rates, covenant compliance, and capitalized expenditures [Debt Analysis and Maturities](index=23&type=section&id=Debt%20Analysis%20and%20Maturities) Camden's total debt is $3.83 billion, with 72.3% fixed-rate and 91.4% unsecured, and a weighted average maturity of 5.4 years - Total debt is **$3.83 billion** with a weighted average interest rate of **4.1%** and a weighted average maturity of **5.4 years**[71](index=71&type=chunk) Debt Type Breakdown | Debt Type | Balance (thousands) | % of Total | Weighted Avg. Interest Rate | | :--- | :--- | :--- | :--- | | Floating rate | $1,060,316 | 27.7% | 5.1% | | Fixed rate | $2,765,647 | 72.3% | 3.7% | | Unsecured | $3,495,487 | 91.4% | 4.1% | | Secured | $330,476 | 8.6% | 3.9% | - **92.5%** of the company's apartment homes are unencumbered, representing **93.7%** of the total Q2 2025 NOI[71](index=71&type=chunk) [Debt Covenant Analysis](index=26&type=section&id=Debt%20Covenant%20Analysis) Camden remains in compliance with all debt covenants, demonstrating significant headroom across key financial ratios for both unsecured credit and notes Unsecured Line of Credit Covenant Compliance | Unsecured Line of Credit Covenant | Required | Actual | Compliance | | :--- | :--- | :--- | :--- | | Total Consolidated Debt to Gross Asset Value | < 60% | 23% | Yes | | Consolidated Adjusted EBITDAre to Total Fixed Charges | > 150% | 544% | Yes | Senior Unsecured Notes Covenant Compliance | Senior Unsecured Notes Covenant | Required | Actual | Compliance | | :--- | :--- | :--- | :--- | | Total Unencumbered Asset Value to Total Unsecured Debt | > 150% | 367% | Yes | | Consolidated Income Available for Debt Service to Total Annual Service Charges | > 150% | 565% | Yes | [Capitalized Expenditures & Maintenance Expense](index=27&type=section&id=Capitalized%20Expenditures%20%26%20Maintenance%20Expense) Camden incurred $30.0 million in Q2 2025 recurring capitalized expenditures ($503 per unit) and an additional $21.7 million for repositioning 726 homes - Total recurring capitalized expenditures for Q2 2025 were **$29.97 million**, or **$503 per unit**[81](index=81&type=chunk) - Year-to-date recurring capitalized expenditures totaled **$46.1 million**, or **$776 per unit**[81](index=81&type=chunk) - The company spent an additional **$21.7 million** in Q2 2025 on repositioning **726 apartment units**, averaging **$29,942 per repositioned home**[81](index=81&type=chunk) [Definitions and Reconciliations](index=28&type=section&id=Definitions%20and%20Reconciliations) This section defines non-GAAP financial measures like FFO and NOI, provides their reconciliations to GAAP, and includes other operational terms and corporate data [Non-GAAP Financial Measures - Definitions & Reconciliations](index=28&type=section&id=Non-GAAP%20Financial%20Measures%20-%20Definitions%20%26%20Reconciliations) This section defines and reconciles key non-GAAP metrics, including FFO, Core FFO, and Core AFFO, to their GAAP equivalents - Provides the NAREIT definition of FFO and explains how Camden calculates Core FFO by adjusting for non-core items and Core AFFO by further subtracting recurring capital expenditures[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - Includes a detailed reconciliation of Net Income to FFO, Core FFO, and Core AFFO for the three and six months ended June 30, 2025 and 2024[87](index=87&type=chunk) - Provides a reconciliation of the company's Q3 2025 and full-year 2025 guidance for EPS to its guidance for FFO and Core FFO per share[89](index=89&type=chunk) [Other Definitions and Data](index=34&type=section&id=Other%20Definitions%20and%20Data) This section defines operational and financial terms, including 'Same Property Communities', and provides corporate data such as unsecured debt ratings - Defines 'Same Property Communities' as communities wholly owned and stabilized since January 1, 2024, excluding those under redevelopment or held for sale[111](index=111&type=chunk) Unsecured Debt Ratings | 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 | [Community Table](index=36&type=section&id=Community%20Table) This section provides a detailed, property-by-property listing of Camden's portfolio as of June 30, 2025, including location, homes, occupancy, and rental rates - Provides a comprehensive list of all **176 operating properties**, detailing key statistics for each, including location, size, occupancy, and rental rates as of June 30, 2025[124](index=124&type=chunk)[125](index=125&type=chunk)[130](index=130&type=chunk) - The data is aggregated by market, providing totals for regions such as Arizona, California, Colorado, D.C. Metro, Florida, Georgia, North Carolina, Tennessee, and Texas[125](index=125&type=chunk)[128](index=128&type=chunk)[130](index=130&type=chunk)

Core Insights - Camden Property Trust (CPT) is expected to report second-quarter 2025 results on July 31, with anticipated year-over-year revenue growth but a potential decline in funds from operations (FFO) per share [1][9] U.S. Apartment Market Overview - The U.S. apartment market showed resilience in Q2 2025, absorbing over 227,000 units, surpassing the peak leasing surge of 2021 and early 2022 despite economic uncertainties [3] - National occupancy rose to 95.6% in June, up 140 basis points year-over-year, while rent growth remained muted at 0.19% [4] - Over 535,000 units were completed in the past year, with approximately 108,000 delivered in Q2 2025, indicating a strong market capacity to absorb new supply [5] Regional Market Dynamics - Tech-driven markets like San Francisco, San Jose, Boston, and New York gained momentum, supported by easing supply and return-to-office trends [6] - Sun Belt markets such as Dallas, Atlanta, and Jacksonville showed recovery, while tourism-dependent cities like Las Vegas and Orlando experienced slight declines [6] Camden Property Trust's Performance Factors - Camden is expected to benefit from sustained renter demand in high-growth markets, supporting occupancy and blended lease rate gains [7] - The company's strategic presence in urban and suburban areas, along with a focus on technology and operational efficiency, is likely to enhance performance [8] - Camden projects Q2 core FFO per share between $1.67 and $1.71, reflecting a 1.17% year-over-year decline at the midpoint, with revenue estimates at $393.82 million, indicating 1.7% growth from the prior year [9][10] Analyst Expectations - The Zacks Consensus Estimate for Camden's core FFO per share has remained unchanged at $1.69, suggesting a decline year-over-year [11] - The current Earnings ESP for Camden is 0.00%, indicating uncertainty regarding a surprise in FFO performance this quarter [12]

Investor Presentation May 2025 Camden Leander – Leander, TX Why Camden? We're Positioned for Excellence *2Q25 data through 5/29/25. 2 The Right Product in the Right Markets Balance Sheet Strength and Liquidity Consistent Earnings and Dividend Growth Proven Record of Capital Recycling and Value Creation Innovation, Technology, and Talent = Operational Excellence Camden Main and Jamboree – Irvine, CA Table of Contents | | 2025 Highlights/Recent Updates | 4 | | --- | --- | --- | | | Company Overview | 5-12 | | ...

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