Camden Property Trust (NYSE:CPT) Q2 2023 Earnings Conference Call August 4, 2023 11:00 AM ET Company Participants Kim Callahan – Senior Vice President-Investor Relations Ric Campo – Chairman and Chief Executive Officer Keith Oden – Executive Vice Chairman and President Alex Jessett – Chief Financial Officer Conference Call Participants Nick Kerr – Citi Austin Wurschmidt – KeyBanc Capital Markets Steve Sakwa – Evercore ISI Haendel St. Juste – Mizuho John Kim – BMO Capital Markets Alexander Goldfarb – Piper S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 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 TX 76-6088377 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 1 ...

Financial Data and Key Metrics Changes - Same-property revenue growth for Q1 2023 was 8%, exceeding expectations, leading to an increase in the midpoint of 2023 revenue guidance [6][56] - Core FFO and NAREIT FFO for Q1 2023 were reported at $1.66 per share, a 12% increase from Q1 2022 [28] - The balance sheet remains strong with a net debt to EBITDA ratio of 4.3x at the end of Q1 2023 [15] Business Line Data and Key Metrics Changes - New development lease-ups showed strong performance with Camden Atlantic averaging approximately 45 leases per month, Camden NoDa at 40 leases per month, and Camden Tempe II at 30 leases per month [9] - Renewal offers for May and June were sent out in the mid-6% range, indicating a slight moderation from previous record levels [7] Market Data and Key Metrics Changes - The highest growth rates were observed in Florida markets: Tampa, Orlando, and Southeast Florida, with Nashville also performing strongly [24] - Occupancy averaged 95.3% during Q1 2023, with a slight improvement in April [25] Company Strategy and Development Direction - The company anticipates a significant reduction in new development starts, projecting a 60% drop due to the impact of Federal Reserve policies and the banking crisis [23][64] - The company is positioned to take advantage of potential market opportunities in 2025 and 2026 due to a strong balance sheet and existing development pipeline [38][64] Management's Comments on Operating Environment and Future Outlook - Management noted that multifamily transactions have slowed dramatically, with activity down 74% from the previous year [5] - The company expects to see a return to normal seasonality in leasing activity, with overall market rent growth anticipated to be slightly above 3% for the year [75] Other Important Information - The company has updated its insurance expense forecast, now expecting a 35% increase in total insurance expenses for 2023 [14][31] - The company plans to contest property tax valuations, anticipating a reduction in property tax expectations [133] Q&A Session Summary Question: What is the outlook for rent growth in April compared to Q1? - Management indicated that April's rent growth moderated to 3.9% from 4.5% but expected normal seasonality to return [16] Question: Which market is underperforming? - Atlanta was identified as underperforming due to elevated skips and evictions, along with challenges related to fraud [36] Question: What is the expectation for bad debt impact in 2023? - The original expectation was about 140 basis points for the full year, now updated to approximately 120 basis points [48] Question: How is the company positioned for future acquisitions? - The company is well-positioned with a strong balance sheet and anticipates opportunities as cap rates adjust [102][103] Question: What is the company's stance on concessions? - The company does not typically use concessions except in new lease-ups, maintaining a pricing discipline [106] Question: How does the company view the competitive landscape in Houston? - Management believes Houston will experience steady growth despite supply challenges, with a strong rental rate increase of 6.4% in Q1 [99][100]

Table of Contents | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-----------|-------|-----------------------------|-------|----------------|-------|------------|----------| | ($ in thousands) | at \n | 3/31/2023 | | Three Months March \n2023 | 31, | Ended \n2022 | | Change \n$ | % | | Property revenues: | | | | | | | | | | | Same store communities | | 48,137 | $ | 310,126 | $ | 287,206 | $ | 22,920 | 8.0 % | | Non-same store communities | | 10,5 ...

Less: Fee and asset management income Plus: Fee and asset management expense 4,511 Less: Gain on sale of operating properties NOI Other 18,526 Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on acquisition of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale ...

Insuf icient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders. Substantially all of our income is derived from rental and other income from our multifamily communities. As a result, our performance depends in large part on our ability to collect rent from residents, which could be negatively affected by a number of factors including, but not limited to, the following: • delay in resident lease commencements; • decline in occupancy; • fail ...

Financial Data and Key Metrics Changes - The company reported funds from operations (FFO) for Q4 2022 of $191.6 million or $1.74 per share, a 15% increase per share from Q4 2021 [96] - The expected FFO per share for 2023 is projected to be in the range of $6.70 to $7.00, with a midpoint of $6.85, representing a $0.26 increase from 2022 results [97] - The company anticipates same-store revenue growth of 5.1% for 2023, down from the record 11.2% growth in 2022 [63][84] Business Line Data and Key Metrics Changes - Same-property revenue growth was 9.9% for Q4 2022 and 11.2% for the full year 2022, with nine markets exceeding 10% revenue growth for the quarter [118] - The company expects same-store expense growth of 5.5% in 2023, driven primarily by increases in property taxes and insurance [15][122] Market Data and Key Metrics Changes - Occupancy averaged 95.8% during Q4 2022, down from 96.6% in the previous quarter and 97.1% in Q4 2021 [71] - The company projects a 100-basis-point decline in economic occupancy due to increased supply, leading to a 5.5% rental income growth forecast for 2023 [48][148] Company Strategy and Development Direction - The company plans to maintain a balanced approach with $250 million in acquisitions offset by $250 million in dispositions, expecting no net accretion or dilution [16][151] - The company is focusing on markets with strong demand, particularly in Florida, while being cautious about markets like Houston and LA due to varying economic conditions [64][117] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued demand for apartments in 2023, citing high mortgage rates and consumer reluctance to transition to homeownership [65][83] - The macroeconomic environment remains uncertain, with potential job growth or losses being a wildcard for the year [88] Other Important Information - The company noted that rental rates for Q4 had signed new leases up 4% and renewals up 8.4%, indicating a blended rate of 6.1% [94] - The company highlighted a significant increase in insurance expenses due to global losses, projecting a 12.5% increase in insurance costs [49] Q&A Session Summary Question: What is the outlook for blended spreads and concessions? - Management indicated they do not expect new leases to go negative in the next six to nine months, despite a significant negative second derivative on growth [40][41] Question: What is the outlook for Houston and LA markets? - Management noted that Houston's outlook is improving due to energy sector strength, while LA remains stable but cautious due to higher delinquencies [117][70] Question: How does the company view the transaction market? - Management acknowledged a wide bid-ask spread in the transaction market, indicating a standoff until buyers and sellers adjust their valuation expectations [81][154]

| --- | --- | --- | --- | --- | |-----------------|------------|----------------------|---------------------|---------------------| | | | | | | | Total Portfolio | A- GRADE | Moderating OUTLOOK | 4% - 6% REVENUE | 200,000 COMPLETIONS | EXPECTED GRADE OUTLOOK REVENUE | --- | --- | --- | --- | --- | |-------------------|-------|------------|-----------|--------| | Orlando | A+ | Moderating | 6% - 8% | 12,000 | | Southeast Florida | A+ | Moderating | 6% - 8% | 11,000 | | Tampa | A+ | Moderating | 6% - 8% | 6,0 ...

Camden Property Trust (NYSE:CPT) Q3 2022 Earnings Conference Call October 28, 2022 11:00 AM ET Company Participants Kim Callahan - Senior Vice President, Investor Relations Ric Campo - Chairman & Chief Executive Officer Keith Oden - Executive Vice Chairman & President Alex Jessett - Chief Financial Officer Conference Call Participants Jeff Spector - Bank of America Nicholas Joseph - Citi Austin Wurschmidt - KeyBanc Capital Markets Neil Malkin - Capital One Securities Rich Anderson - SMBC Alexander Goldfarb ...

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, 2022 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 Ch ...