Camden Property Trust (NYSE:CPT) Q2 2022 Earnings Conference Call July 29, 2022 11:00 AM ET Company Participants Kim Callahan - Senior Vice President, Investor Relations Ric Campo - Chairman and CEO Keith Oden - Executive Vice Chairman and President Alex Jessett - Chief Financial Officer Conference Call Participants Austin Wurschmidt - KeyBanc Nicholas Joseph - Citi Derek Johnston - Deutsche Bank Neil Malkin - Capital One John Kim - BMO Rich Anderson - SMBC Alexander Goldfarb - Piper Sandler Joshua Dennerle ...

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 June 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 Charter ...

Camden Property Trust (NYSE:CPT) Q1 2022 Earnings Conference Call April 29, 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 Nick Joseph - Citi Derek Johnston - Deutsche Bank Neil Malkin - Capital One Securities Rob Stevenson - Janney Rich Anderson - SMBC Joshua Dennerlein - Bank of America Haendel St ...

Featured Community: Camden Southline • Charlotte, NC • 266 Apartment Homes • Year Built 2015 Living Excellence 1Q22 Earnings Release & Supplemental Financial Information 11 Greenway Plaza • Houston TX 77046 • (713) 354-2500 • camdenliving.com Investor Relations Contact • Kim Callahan • (713) 354-2549 Community Table 30 CAMDEN TABLE OF CONTENTS | --- | --- | |------------------------------------------------------------------|-------| | | Page | | Press Release Text | 3 | | Financial Highlights | 6 | | Operat ...

Financial Performance - Net income attributable to common shareholders for the three months ended March 31, 2022, was $80,745, compared to $31,347 for the same period in 2021, reflecting a year-over-year increase of 157.5%[11]. - Net income for the three months ended March 31, 2022, was $83,601,000, compared to $32,473,000 for the same period in 2021, representing a significant increase[22]. - Earnings per share (EPS) for the first quarter of 2022 was $0.77 (basic) and $0.76 (diluted), compared to $0.31 for both in the first quarter of 2021, indicating a significant increase of 148.4%[11]. - Funds from operations (FFO) increased to $160,475,000 for the three months ended March 31, 2022, compared to $125,779,000 in the same period in 2021[111]. - Adjusted funds from operations (AFFO) rose to $146,224,000 for the three months ended March 31, 2022, compared to $113,099,000 in the same period in 2021[113]. Revenue and Property Operations - Property revenues for the three months ended March 31, 2022, were $311,359,000, an increase of 16.3% from $267,568,000 in the same period of 2021[11]. - Same store revenues increased by approximately 11.1% compared to the same period in 2021, driven by higher average rental rates and increased occupancy[75]. - Net operating income (NOI) for the three months ended March 31, 2022, was $201,049 thousand, an increase of $34,413 thousand or 20.7% compared to $166,636 thousand in the same period of 2021[94]. - Total property revenues for the three months ended March 31, 2022, were $311,359 thousand, an increase of $43,791 thousand or 16.4% from $267,568 thousand in the same period of 2021[98]. - The increase in same store property revenues was driven by a $25.9 million rise in rental revenues, reflecting a 10.7% increase in average rental rates[97]. Assets and Liabilities - Total assets increased to $8,462,710, up from $7,976,784 as of December 31, 2021, representing a growth of approximately 6.1%[8]. - Total liabilities rose to $4,176,171 as of March 31, 2022, compared to $3,710,529 at the end of 2021, an increase of approximately 12.5%[8]. - Total common equity as of March 31, 2022, was $4,216,429, up from $4,197,490 at the end of 2021, a slight increase of 0.4%[8]. - The company had approximately $1.13 billion in cash and cash equivalents as of March 31, 2022, up from $613.4 million at the end of 2021[8]. - Total unsecured notes payable increased to $3,671.3 million as of March 31, 2022, up from $3,170.4 million as of December 31, 2021, reflecting a growth of approximately 15.8%[50]. Cash Flow and Financing Activities - Net cash from operating activities increased to $122,287,000 for the three months ended March 31, 2022, up from $88,456,000 in the prior year[22]. - Net cash from financing activities totaled approximately $443.1 million for the three months ended March 31, 2022, compared to net cash used of $83.4 million during the same period in 2021, driven by $500 million in borrowings from the unsecured line of credit[117]. - The company borrowed $500,000,000 on an unsecured credit facility during the three months ended March 31, 2022[22]. - The company had $500 million outstanding on its $900 million unsecured credit facility as of March 31, 2022, with approximately $385.4 million available for future borrowings[52]. - Net cash used in investing activities decreased to approximately $48.9 million in Q1 2022 from $92.1 million in Q1 2021, primarily due to a reduction in cash outflows for property development and capital improvements[117]. Property Development and Acquisitions - The company owned interests in, operated, or was developing 175 multifamily properties, comprising 59,894 apartment homes across the United States as of March 31, 2022[25]. - The company has five properties under construction, which will consist of a total of 1,839 apartment homes upon completion[25]. - The company acquired approximately 15.9 acres of land in Richmond, Texas for $7.8 million and two parcels of land in Charlotte, North Carolina for $32.7 million for future development[46]. - The company expects to incur approximately $182.3 million to complete the construction of five properties, with costs between $105 million and $125 million anticipated for the remainder of 2022[125]. - The company plans to continue seeking opportunities for development, redevelopment, and acquisitions, subject to market conditions[84]. Shareholder Returns and Equity - The company declared cash distributions of $0.94 per common share, totaling $100,877 for the quarter[14]. - The company has a share repurchase plan allowing for the repurchase of up to $500.0 million of common equity securities, with approximately $269.5 million remaining authorized for repurchase[43]. - The company issued approximately 2.9 million common shares in a public equity offering in April 2022, receiving approximately $490.3 million in net proceeds, which were used to reduce borrowings under the unsecured line of credit[52]. - The company sold approximately 0.2 million common shares at an average price of $165.01, generating approximately $26.2 million in net proceeds under the 2021 ATM program[42]. - A quarterly dividend of $0.94 per common share was declared in February 2022, leading to an annualized dividend rate of $3.76 per share if similar distributions continue[126]. Market Outlook and Economic Conditions - The company expects U.S. economic and employment growth to continue during 2022, with manageable levels of multifamily home supply[75]. - The company is focused on markets characterized by high-growth economic conditions and strong employment, which are expected to drive demand for apartments[74]. - The company faces risks including volatility in capital markets, competition, and potential adverse effects from economic downturns[71]. - Initial occupancies for the five properties under construction are scheduled to occur within the next 15 months[77]. - As of March 31, 2022, the company anticipates property revenue from existing leases totaling $784.9 million, with $651.0 million expected in the remainder of 2022[37].

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, 2021 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 - For Q4 2021, the company reported funds from operations (FFO) of $160.2 million or $1.51 per share, exceeding prior guidance by $0.02 per share [33] - Full year 2021 FFO was $5.39 per share, with same-property revenue growth of 4.3% and net operating income (NOI) growth of 4.8% [10][33] - The 2022 guidance projects FFO per share to be in the range of $6.09 to $6.39, with a midpoint of $6.24, representing an increase of $0.85 per share from 2021 results [34] Business Line Data and Key Metrics Changes - Same-property revenue growth for Q4 2021 was 8.5%, with top performers including Tampa, Phoenix, Southern California, Raleigh, and Southeast Florida, all achieving over 10% revenue growth [26] - Rental rates for Q4 2021 showed signed new leases up 16.7% and renewals up 14.1%, resulting in a blended rate of 15.5% [26] Market Data and Key Metrics Changes - The company anticipates overall same-property revenue growth in 2022 to be between 7.75% to 9.75%, with Phoenix and Florida markets expected to achieve double-digit revenue growth [14][16] - Job growth estimates for 2022 in the company's 15 major markets range from 1 million to 1.2 million, with new completions expected to be between 150,000 to 200,000 units [15] Company Strategy and Development Direction - The company is focusing on geographic diversification, particularly in Sunbelt markets, while reducing exposure in Houston and D.C. [49][50] - The strategy includes selling down assets in underperforming markets and reallocating capital to higher-growth areas [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2022, expecting it to be the best year on record for earnings and same-property growth [11] - The company noted strong demand for apartment homes, particularly in Sunbelt markets, despite challenges in D.C. and Houston [56][58] Other Important Information - The company completed acquisitions of four communities totaling approximately $633 million in 2021, exceeding its original acquisition guidance [29] - The balance sheet remains strong, with a net debt-to-EBITDA ratio of 3.8x and approximately $1.4 billion in liquidity [39] Q&A Session Summary Question: Divergence in new lease rates and renewals - Management noted that the gap between new leases and renewal rates fluctuates based on market conditions and renewal caps [42][44] Question: Long-term views on Houston and D.C. portfolio - The strategy involves reducing exposure in Houston and D.C. while increasing investments in higher-growth Sunbelt markets [49][50] Question: 2022 expense environment - Property taxes are expected to rise by about 3.3% in 2022, with significant refunds contributing to a mild increase [60][62] Question: Current loss to lease for the portfolio - Current loss to lease is in the 10% to 11% range, with expectations for strong numbers in the first half of 2022 [71] Question: Rent growth from the burn-off of free rent - The company does not offer concessions, so free rent is not a factor in their rent growth [97]

Featured Community: Camden Greenville · Dallas, TX · 558 Apartment Homes · Acquired October 14, 2021 Living Excellence 4Q21 Earnings Release & Supplemental Financial Information 11 Greenway Plaza • Houston TX 77046 • (713) 354-2500 • camdenliving.com Investor Relations Contact • Kim Callahan • (713) 354-2549 CAMDEN TABLE OF CONTENTS | --- | --- | |------------------------------------------------------------------|-------| | | Page | | Press Release Text | 3 | | Financial Highlights | 7 | | Operating Results ...

| --- | --- | --- | --- | |----------------------------------|-------|-------|-------------------------| | Camden RiNo – Denver, CO | | | | | | | | | | | | | Investor Presentation | | | | | November 2021 | Camden Downtown I – Houston, TX Table of Contents | --- | --- | |-------------------------------------|---------| | | | | Company Overview | 3 ‐ 5 | | Recent Highlights & Guidance | 6‐11 | | Multifamily Fundamentals | 12‐16 | | Camden's Portfolio | 17 ‐ 21 | | Real Estate Transactions | 22 ‐ 28 | | Capita ...

Camden Property Trust (NYSE:CPT) Q3 2021 Earnings Conference Call October 29, 2021 11:00 AM ET Company Participants Kim Callahan - Senior Vice President of Investor Relations Ric Campo - Chairman of the Board of Trust Managers and Chief Executive Officer Keith Oden - Executive Vice Chairman of the Board Alex Jessett - Executive Vice President and Chief Financial Officer Conference Call Participants Neil Malkin - Capital One Securities, Inc John Kim - BMO Capital Markets Nicholas Joseph - Citigroup Inc Am ...