| --- | --- | --- | |-------|-------|-------| | | | | | | | | • Non-GAAP Financial Measures Definitions & Reconciliations • Forward-Looking Statements 2 Table of Contents | --- | --- | |---------------------------------|-----------| | | | | Company Overview | 3 – 5 | | 2019 Highlights & 2020 Guidance | 6 – 9 | | Multifamily Fundamentals | 10 – 15 | | Camden's Portfolio | 16 – 25 | | Real Estate Transactions | 26 – 34 | | Capital Structure & Liquidity | 35 – 38 | | Other Initiatives | 39 – 41 | | Summary | 4 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-12110 CAMDEN PROPERTY TRUST (Exact name of registrant as specified in its charter) Texas 76-6088377 (State or other ...

Financial Data and Key Metrics Changes - The company reported funds from operations (FFO) for Q4 2019 of $125.6 million, or $1.24 per share, exceeding the midpoint of prior guidance by $0.01 due to higher same-store net operating income and lower turnover costs [36][37] - For the full year 2019, same-store revenue growth was 3.7%, expense growth was 2%, and net operating income (NOI) growth was 4.7%, surpassing original guidance of 3.3% for revenue, expenses, and NOI [37][38] - The company expects 2020 FFO per diluted share to be in the range of $5.30 to $5.50, with a midpoint of $5.40, representing a $0.36 per share increase from 2019 results [38][39] Business Line Data and Key Metrics Changes - Same-property revenue growth for Q4 2019 was 4.1%, with top performers being Phoenix at 6.3%, Raleigh at 6%, and San Diego/Inland Empire at 5.3% [24] - The company anticipates same-property revenue growth in 2020 to be between 2% and 4%, with Phoenix expected to outperform at 5% to 6% [11][23] Market Data and Key Metrics Changes - The company assigned grades to its markets, with Phoenix receiving an A rating and stable outlook, while Houston received a C+ rating with a stable outlook [12][22] - Job growth in Phoenix is projected at nearly 50,000 new jobs, with only 6,000 new apartments coming online, indicating strong supply-demand metrics [12][22] - The Southeast Florida market is rated C+ with an improving outlook, expecting over 30,000 new jobs and 9,000 new units in 2020 [21] Company Strategy and Development Direction - The company has focused on improving its portfolio quality through significant property sales and acquisitions, with $3 billion in sales and $2.3 billion in acquisitions over the past decade [8] - The company plans to continue its development strategy with $100 million to $300 million in on-balance sheet development starts throughout 2020 [43] - The company aims to maintain a balanced portfolio of urban core and suburban assets to mitigate risks associated with market fluctuations [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for rental properties despite challenges in specific markets like Houston, citing demographic trends favoring renting over homeownership [54] - The company noted that while job growth is expected to slow, the demand for rental units remains strong due to changing lifestyle preferences among various demographic groups [54] - Management acknowledged the potential for revenue growth to moderate in 2020 due to increased supply and fewer jobs, but remains optimistic about overall performance [75] Other Important Information - The company completed a $300 million bond offering at a low interest rate, locking in long-term debt and ensuring all assets are unencumbered [32][34] - The company reported a decrease in annual net turnover to 43% in 2019, indicating improved tenant retention [26] Q&A Session Summary Question: What is the outlook for Houston's market given the supply and job growth? - Management indicated that while supply estimates vary, they expect to achieve around 2% revenue growth in Houston, supported by a balanced portfolio of urban and suburban assets [48][49] Question: How does political risk in DC affect the market? - Management noted that election years can lead to increased economic activity, particularly if there is a change in administration, which could benefit the DC market [55] Question: What are the expectations for other income growth in 2020? - Management expects non-apartment rental income to align with apartment rental income growth, driven by parking revenue and utility income recapture initiatives [79] Question: What is the company's leverage outlook for the year? - The company is currently at a net debt-to-EBITDA ratio of 3.9 times and expects to be in the mid-4 times range by year-end, indicating capacity for additional leverage [80]

| --- | --- | --- | |-------|-------|-------| | | | | | | | | • 2019 Guidance • Non-GAAP Financial Measures Definitions & Reconciliations • Forward-Looking Statements 2 Table of Contents | --- | --- | |------------------------------------|-----------| | | | | Company Overview & 2019 Highlights | 3 – 6 | | Multifamily Fundamentals | 7 – 10 | | Camden's Portfolio | 11 – 20 | | Real Estate Transactions | 21 – 29 | | Capital Structure & Liquidity | 30 – 33 | | Other Initiatives | 34 – 36 | | Summary | 37 – 38 | ...

Camden Property Trust (NYSE:CPT) Q3 2019 Earnings Conference Call November 1, 2019 11:00 AM ET Company Participants Kimberly Callahan - Senior Vice President of Investor Relations Richard Campo - Chairman and Chief Executive Officer Keith Oden - Executive Vice Chairman Alexander Jessett - Executive Vice President of Finance, Chief Financial Officer and Treasurer Conference Call Participants Trent Trujillo - Scotiabank Global Banking and Markets Nicholas Joseph - Citigroup Inc. Shirley Wu - Bank of America M ...

Table of Contents 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 September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |----------------------------------------------------------------------------------------------------------|-----------------------| | | | | For the tran ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-----------------------------------------------------------------------------------|------------------------------------------| | | | | For the transition pe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission file number: 1-12110 Texas 76-6088377 (State or other jurisdiction of incorporation or organiza ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------|------------------------------------------| | For the transition period fro ...