Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in MAA, CPT over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. A Bu ...

Investment Ratings - Cold Storage REITs: Lineage Inc. (LINE, Buy) [5] - Industrial REITs: Prologis Inc. (PLD, Neutral) [16] - Industrial REITs: Terreno Realty Corp (TRNO, Buy) [31] - Self Storage REITs: Extra Space Storage Inc. (EXR, Buy) [44] - Self Storage REITs: Public Storage Inc. (PSA, Buy) [54] - Retail REITs: Brixmor Property Group (BRX, Buy) [63] - Retail REITs: Phillips Edison & Co (PECO, Buy) [74] Core Insights - The report highlights a mixed outlook across various REIT sectors, with some companies like LINE, TRNO, EXR, PSA, BRX, and PECO receiving "Buy" ratings, while PLD is rated "Neutral" [5][16][31][44][54][63][74] - Economic occupancy for LINE decreased by 290 basis points sequentially and 260 basis points year-over-year in Q1 2025, indicating potential challenges in maintaining occupancy levels [5] - Prologis Inc. is focusing on the implications of tariff policies on global supply chains, which may disrupt tenant activities and leasing demand [16] - Terreno Realty Corp is observing a shift in leasing dynamics post-tariff announcements, with domestic customers becoming more active compared to those operating across borders [31] - Extra Space Storage Inc. is prioritizing occupancy over rent in the current environment, reflecting a strategic shift in response to market conditions [44] - Public Storage Inc. is experiencing a significant impact from regional events, such as fires in Los Angeles, which account for 15% of its NOI [54] - Brixmor Property Group is seeing a steady increase in billed occupancy, which has risen by an average of 100 basis points over the last four years [63] Summary by Sections Cold Storage REITs - Lineage Inc. (LINE) reported a decline in economic occupancy and revenue per occupied pallet, with management expressing confidence in maintaining AFFO/share and EBITDA guidance for 2025 [5][6][7] Industrial REITs - Prologis Inc. (PLD) is navigating the complexities of global supply chains and tariff impacts, with expectations for occupancy and rent growth improvements in the second half of 2025 [16][20] - Terreno Realty Corp (TRNO) is adapting to changes in leasing activity and tenant retention amid tariff uncertainties, focusing on domestic customer engagement [31][36] Self Storage REITs - Extra Space Storage Inc. (EXR) is adjusting its strategy to prioritize occupancy over rent, with a focus on counter-cyclical demand drivers [44][46] - Public Storage Inc. (PSA) is managing its rent versus occupancy strategy while facing challenges from regional disruptions [54][56] Retail REITs - Brixmor Property Group (BRX) is experiencing a positive trend in occupancy and leasing spreads, with a focus on tenant credit and market dynamics [63][66] - Phillips Edison & Co (PECO) is observing volatility in the market due to tariff updates, impacting leasing velocity and transaction activity [74]

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Camden Property Trust's unaudited condensed consolidated financial statements, encompassing Balance Sheets, Income, Equity, and Cash Flow Statements, along with accompanying notes for Q1 2025 and 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to **$8.99 billion** from **$8.85 billion** at year-end 2024, driven by real estate growth, while total liabilities rose to **$4.31 billion** from **$4.10 billion**, leading to a slight decrease in total equity to **$4.69 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total real estate assets** | $8,706,394 | $8,576,106 | | **Total assets** | **$8,993,132** | **$8,852,144** | | **Total liabilities** | **$4,305,914** | **$4,104,955** | | **Total equity** | **$4,687,218** | **$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 the three months ended March 31, 2025, net income attributable to common shareholders significantly decreased to **$38.8 million** from **$83.9 million** in the prior-year period, primarily due to the absence of a large gain on property sale in Q1 2024, despite property revenues growing to **$390.6 million** Q1 2025 vs Q1 2024 Income Statement (in thousands, except per share amounts) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Property revenues | $390,565 | $383,141 | | Total property expenses | $139,420 | $138,545 | | Net income | $40,767 | $85,759 | | **Net income attributable to common shareholders** | **$38,822** | **$83,889** | | **Earnings per share – diluted** | **$0.36** | **$0.77** | - The significant year-over-year decrease in net income is largely attributable to a **$43.8 million** gain on the sale of an operating property recognized in Q1 2024, which did not recur in Q1 2025[11](index=11&type=chunk) [Condensed Consolidated Statements of Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity decreased from **$4.75 billion** at year-end 2024 to **$4.69 billion** at March 31, 2025, primarily driven by cash distributions of **$116.0 million** exceeding the net income of **$40.8 million** for the quarter - For the three months ended March 31, 2025, the company declared cash distributions of **$1.05 per common share**, totaling **$114.3 million** to common shareholders[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2025, net cash from operating activities increased to **$148.2 million** from **$135.9 million** in Q1 2024, while investing activities used **$275.9 million** primarily for property acquisitions, and financing activities provided **$133.3 million** mainly from a new commercial paper program Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $148,216 | $135,890 | | Net cash from investing activities | ($275,945) | $6,890 | | Net cash from financing activities | $133,309 | ($309,904) | | **Net (decrease)/increase in cash** | **$5,580** | **($167,124)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed information supporting the financial statements, covering business operations, accounting policies, acquisition and disposition activities, debt structure, and legal contingencies, including antitrust litigation related to RealPage software and the company's portfolio of 180 multifamily properties - As of March 31, 2025, the company owned, operated, or was developing **180 multifamily properties** comprising **61,178 apartment homes**, with **four properties** under construction[20](index=20&type=chunk) - In Q1 2025, the company acquired two operating properties in Austin, TX and Nashville, TN for a total of approximately **$199 million**, while in Q1 2024, it sold one property in Atlanta, GA for **$115.0 million**, recognizing a gain of **$43.8 million**[54](index=54&type=chunk)[55](index=55&type=chunk) - In February 2025, the company established a commercial paper program of up to **$600 million**, with **$425.8 million** outstanding as of March 31, 2025[61](index=61&type=chunk)[62](index=62&type=chunk) - The company is a defendant in several consolidated antitrust lawsuits alleging collusion to fix rents through the use of RealPage, Inc. revenue management software, which the company believes are without merit and intends to defend against vigorously[77](index=77&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, results of operations, and liquidity, highlighting a **0.8%** increase in same-store revenues for Q1 2025, recent property acquisitions, and the establishment of a new commercial paper program, while noting a significant year-over-year decrease in net income due to a prior-year property sale gain [Executive Summary and Outlook](index=21&type=section&id=Executive%20Summary%20and%20Outlook) The company focuses on high-growth markets, with **180 properties** and **61,178 homes** as of March 31, 2025, reporting a **0.8%** increase in Q1 2025 same-store revenues driven by higher occupancy, and plans selective acquisitions, development, and dispositions while maintaining a strong balance sheet despite elevated new multifamily supply - Same store revenues increased by approximately **0.8%** for Q1 2025 compared to Q1 2024, primarily due to higher occupancy[99](index=99&type=chunk) - The company established a commercial paper program in February 2025 and had **$425.8 million** outstanding at quarter-end[104](index=104&type=chunk) - Future liquidity will be met through cash from operations, the unsecured revolving credit facility, the commercial paper program, and potential debt/equity offerings, including a **$500 million** ATM program[105](index=105&type=chunk) [Property Portfolio and Development](index=23&type=section&id=Property%20Portfolio%20and%20Development) As of March 31, 2025, the company's portfolio comprised **176 operating properties** and **4 properties under construction**, with a total estimated cost of **$350.7 million** to complete the latter, alongside a development pipeline of two communities with **932 projected homes** Properties Under Construction (as of March 31, 2025) | Location | Homes | Estimated Cost (in millions) | Cost Incurred (in millions) | | :--- | :--- | :--- | :--- | | Raleigh, NC | 369 | $138.0 | $131.5 | | Charlotte, NC | 420 | $163.0 | $66.8 | | Charlotte, NC | 349 | $154.0 | $45.7 | | Nashville, TN | 393 | $184.0 | $44.3 | | **Total** | **1,531** | **$639.0** | **$288.3** | - The company has two communities in its development pipeline in Denver, CO and Nashville, TN, with a total of **932 projected homes** and a total estimated cost of **$491.0 million**[111](index=111&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Total property NOI increased **2.7%** to **$251.1 million** in Q1 2025, with same-store NOI growing **0.9%** due to a **0.8%** increase in revenues from higher occupancy, partially offset by a **0.5%** rise in expenses, while non-same store and development properties contributed an additional **$4.2 million** to NOI growth Property-Level NOI (in thousands) | Category | Q1 2025 | Q1 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Same store communities | $243,369 | $241,165 | $2,204 | 0.9% | | Non-same store communities | $4,759 | $2,596 | $2,163 | 83.3% | | Development and lease-up | $2,013 | $2 | $2,011 | * | | **Total property NOI** | **$251,145** | **$244,596** | **$6,549** | **2.7%** | - The **$2.9 million** increase in same-store revenue was primarily due to higher occupancy (**$1.7 million**), increased utility and ancillary income (**$1.1 million**), and lower uncollectible revenues (**$0.5 million**)[119](index=119&type=chunk) - Depreciation and amortization expense increased by **$4.5 million** YoY, mainly due to the two property acquisitions in Q1 2025[132](index=132&type=chunk) [Funds from Operations (FFO)](index=28&type=section&id=Funds%20from%20Operations%20(FFO)) Core Funds From Operations (Core FFO) for Q1 2025 slightly increased to **$189.8 million** from **$187.6 million** in Q1 2024, driven by higher Net Operating Income, while Core Adjusted Funds From Operations (Core AFFO) rose to **$173.7 million** from **$165.6 million** FFO Reconciliation (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income attributable to common shareholders | $38,822 | $83,889 | | Real estate depreciation and amortization | $146,168 | $141,847 | | Gain on sale of operating property | — | ($43,806) | | **Funds from operations (FFO)** | **$186,935** | **$183,800** | | **Core funds from operations (Core FFO)** | **$189,818** | **$187,602** | | **Core adjusted funds from operations (Core AFFO)** | **$173,720** | **$165,577** | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position, primarily funded by cash flows from operations, with full availability of its **$1.2 billion** unsecured revolving credit facility and a new **$600 million** commercial paper program, while facing **$437.7 million** in debt maturities and **$350.7 million** in construction costs over the next 12 months - Primary sources of liquidity are cash from operations, a **$1.2 billion** unsecured revolving credit facility, a **$600 million** commercial paper program, and a **$500 million** ATM program[142](index=142&type=chunk)[151](index=151&type=chunk) - Upcoming cash requirements include **$437.7 million** in debt maturities over the next 12 months and an estimated **$350.7 million** to complete four properties under construction[154](index=154&type=chunk)[155](index=155&type=chunk) - The company's senior unsecured debt is rated **A3** by Moody's and **A-** by both Fitch and Standard & Poor's, all with stable outlooks[153](index=153&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes to its exposures to market risk since its 2024 Annual Report on Form 10-K - No material changes to market risk exposures have occurred since the year-ended December 31, 2024 Form 10-K[159](index=159&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the reporting period[160](index=160&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[161](index=161&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=33&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 report refers to Note 10 for details on legal proceedings, which primarily concern antitrust litigation involving RealPage software[162](index=162&type=chunk)[77](index=77&type=chunk) [Item 1A. Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to the Risk Factors from the 2024 Annual Report on Form 10-K[163](index=163&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of the company's equity securities during the three months ended March 31, 2025 - No unregistered sales of equity securities occurred in Q1 2025[164](index=164&type=chunk) [Item 3. Defaults Upon Senior Securities](index=33&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[165](index=165&type=chunk) [Item 4. Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[165](index=165&type=chunk) [Item 5. Other Information](index=33&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[166](index=166&type=chunk) [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Commercial Paper Dealer Agreement, CEO and CFO certifications, and XBRL data files - Exhibits filed include the Form of Commercial Paper Dealer Agreement and certifications from the CEO and CFO pursuant to Sarbanes-Oxley[167](index=167&type=chunk)

Financial Data and Key Metrics Changes - The company reported core funds from operations (FFO) for Q1 2025 at $189.8 million or $1.72 per share, exceeding guidance by $0.04 per share [18] - The midpoint of full-year core FFO guidance was increased by $0.03 per share from $6.75 to $6.78, primarily due to lower projected interest expenses [19] - Preliminary April results indicate improvement compared to Q1 2025, with occupancy averaging 95.4% [11] 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 Q1 2025 [10] - The annualized net turnover rate for Q1 2025 was 31%, one of the lowest in the company's history [12] Market Data and Key Metrics Changes - New supply in 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 [7] - Camden's Sunbelt markets are 50% to 60% less expensive for residents compared to high-cost coastal markets, driving job and population growth [8] Company Strategy and Development Direction - The company is focused on expanding its presence in high-demand markets like Austin and Nashville, with recent acquisitions aimed at doubling its footprint in Nashville [15] - The company plans to maintain a geographically diverse portfolio to weather economic uncertainties [8] - The company is actively seeking to rebuild its land bank for future development projects despite current challenges in underwriting due to cost and rent growth [88] 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 [25] - The company expects improvement in markets like Nashville and Austin in the latter half of 2025, despite current challenges [30] - Management noted that the labor market remains tight, with no significant negative impacts observed from government job losses in the DC market [36] Other Important Information - Camden was recognized by Fortune Magazine as one of the 100 best companies to work for for the eighteenth consecutive year [5] - The company has entered into a $600 million commercial paper program to supplement its existing line of credit, allowing for lower interest rates [17] Q&A Session Summary Question: Impact of macro uncertainty on same store guidance - Management indicated that uncertainty has led to a cautious approach in guidance adjustments, but overall business performance remains strong [24] 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 [30] Question: Performance of DC and Doge markets - Management reported strong performance in the DC market, with high occupancy and lease rate growth, despite concerns about government job losses [35] Question: Construction cost underwriting and tariff impacts - Management is factoring in a 2% to 3% cost increase due to tariffs, but believes that construction margins are stabilizing [43] 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 changes in supply dynamics [66] Question: Acquisition pipeline and market focus - The company is actively looking to increase exposure in Austin and Nashville, as well as other markets like Raleigh and Tampa [83] Question: Lease-up trends for new developments - Lease-up for new single-family rental products has been slow but is expected to stabilize later this year [92] Question: Bad debt levels and normalization - Bad debt improved to 60 basis points, nearing the normalized level of 50 basis points, with significant improvements in problematic markets [96]

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]

Core Insights - Camden Property Trust (CPT) reported first-quarter 2025 core funds from operations (FFO) per share of $1.72, exceeding the Zacks Consensus Estimate of $1.68, reflecting a year-over-year improvement of 1.2% [1] - The company has raised its full-year 2025 core FFO per share guidance range to between $6.63 and $6.93, with a midpoint increase of 3 cents to $6.78 [6] Financial Performance - Property revenues for the quarter reached $390.6 million, surpassing the Zacks Consensus Estimate of $388 million, marking a 1.9% increase year-over-year [2] - Same-property revenues increased by 0.8% year-over-year to $376.3 million, while same-property expenses rose by 0.5% to $133 million, resulting in a same-property NOI increase of 0.9% to $243.4 million [3] - Same-property occupancy improved to 95.4%, up 40 basis points year-over-year and 10 basis points sequentially, although same-property effective blended lease rates declined by 0.1% year-over-year [3] Portfolio Activity - Camden has four communities under development, totaling 1,531 units at an estimated cost of $639 million [4] - In the first quarter, Camden acquired two apartment communities: Camden Leander in Austin, TX, with 352 units for $67.7 million, and Camden West Nashville in Nashville, TN, with 435 units for $131.3 million [4] Balance Sheet Position - As of March 31, 2025, CPT had approximately $26.2 million in cash and cash equivalents and nearly $746.7 million available under its unsecured credit facility [5] - The net debt-to-annualized adjusted EBITDAre ratio for the January-March period was 4.1 times, an increase from 3.8 times sequentially [5] Guidance and Expectations - For the second quarter of 2025, CPT expects core FFO per share in the range of $1.67-$1.71, with the Zacks Consensus Estimate at $1.68 [6] - The company anticipates same-property revenue growth of 0-2% and expense increases of 2.25-3.75%, projecting same-property NOI to range between negative 1.5% and positive 1.5% [7] Industry Performance - Essex Property Trust Inc. reported a first-quarter 2025 core FFO per share of $3.97, beating the Zacks Consensus Estimate of $3.92, reflecting a 3.7% year-over-year improvement [9] - Equity Residential reported a first-quarter 2025 normalized FFO per share of 95 cents, exceeding the Zacks Consensus Estimate of 93 cents, with a 2.2% year-over-year increase [9][10]

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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | -- ...

Financial Performance - Camden (CPT) reported revenue of $390.57 million for the quarter ended March 2025, reflecting a year-over-year increase of 1.9% [1] - Earnings per share (EPS) for the quarter was $1.72, significantly higher than the $0.77 reported in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $388.01 million by 0.66% [1] - EPS also surpassed the consensus estimate of $1.68 by 2.38% [1] Key Metrics - Rental revenues amounted to $348.30 million, falling short of the seven-analyst average estimate of $388.26 million, but showing a year-over-year increase of 2% [4] - Net Earnings per Share (Diluted) was reported at $0.36, exceeding the average estimate of $0.32 based on six analysts [4] - Non-property income from interest and other sources was $0.01 million, significantly below the average estimate of $0.44 million [4] - Non-property income from fee and asset management reached $2.49 million, surpassing the average estimate of $1.47 million [4] - Total non-property income was reported at $3.70 million, exceeding the average estimate of $3.33 million [4] - Income/(loss) on deferred compensation plans was $1.20 million, slightly below the estimated $1.63 million [4] Stock Performance - Camden's shares have returned -7.3% over the past month, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

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 ...

[Q1 2025 Operating Results & Outlook](index=3&type=section&id=Q1%202025%20Operating%20Results%20%26%20Outlook) This section details Camden Property Trust's Q1 2025 financial performance and updated full-year guidance [Q1 2025 Performance and Full-Year Guidance](index=3&type=section&id=CAMDEN%20PROPERTY%20TRUST%20ANNOUNCES%20FIRST%20QUARTER%202025%20OPERATING%20RESULTS) Camden reported strong Q1 2025 Core FFO per share of $1.72, exceeding guidance, and raised full-year 2025 Core FFO guidance to $6.78 per share due to lower borrowing costs Q1 2025 Per Share Performance vs. Prior Year and Guidance | Per Diluted Share | 1Q 2025 | 1Q 2024 | 1Q25 Guidance Midpoint | Variance from Midpoint | | :--- | :--- | :--- | :--- | :--- | | EPS | $0.36 | $0.77 | $0.34 | $0.02 | | FFO | $1.70 | $1.67 | $1.66 | $0.04 | | Core FFO | $1.72 | $1.70 | $1.68 | $0.04 | - The company raised its full-year 2025 Core FFO guidance midpoint to **$6.78 per share**, up from **$6.75**, primarily due to expected lower borrowing costs for the remainder of the year resulting from a new commercial paper program[6](index=6&type=chunk) Q1 2025 Same Property Performance | Same Property Results | YoY Growth (1Q25 vs. 1Q24) | Sequential Growth (1Q25 vs. 4Q24) | | :--- | :--- | :--- | | Revenues | 0.8% | 0.4% | | Expenses | 0.5% | 2.2% | | Net Operating Income (NOI) | 0.9% | (0.5)% | | **Metric** | **1Q25** | **1Q24** | | Occupancy | 95.4% | 95.0% | Q1 2025 Same Property Leasing Trends | Lease Rate Type | 1Q25 | 1Q24 | 4Q24 | | :--- | :--- | :--- | :--- | | Effective New Lease Rates | (3.1)% | (4.2)% | (4.6)% | | Effective Renewal Rates | 3.3% | 4.0% | 3.3% | | Effective Blended Lease Rates | (0.1)% | (0.8)% | (1.1)% | Updated 2025 Full-Year and Q2 2025 Guidance (Per Share) | Per Diluted Share | 2Q25 Range | 2025 Current Range | 2025 Current Midpoint | 2025 Prior Midpoint | | :--- | :--- | :--- | :--- | :--- | | EPS | $0.27 - $0.31 | $1.01 - $1.31 | $1.16 | $1.15 | | FFO | $1.65 - $1.69 | $6.53 - $6.83 | $6.68 | $6.65 | | Core FFO | $1.67 - $1.71 | $6.63 - $6.93 | $6.78 | $6.75 | [Financial Highlights & Consolidated Statements](index=6&type=section&id=Financial%20Highlights%20%26%20Consolidated%20Statements) This section presents Camden's key financial metrics, consolidated income statements, FFO reconciliations, and balance sheet data [Financial Highlights](index=6&type=section&id=CAMDEN%20FINANCIAL%20HIGHLIGHTS) For Q1 2025, Camden reported $390.6 million in property revenues, $38.8 million net income, and a Core FFO per share of $1.72 Q1 2025 Key Financial Metrics (vs. Q1 2024, in millions) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Property revenues | $390.6 | $383.1 | | Adjusted EBITDAre | $227.3 | $224.0 | | Net income attributable to common shareholders | $38.8 | $83.9 | | Core FFO per share - diluted | $1.72 | $1.70 | | Dividends per share | $1.05 | $1.03 | Key Ratios and Balance Sheet Data (as of March 31, in billions) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Debt to Annualized Adjusted EBITDAre | 4.1x | 3.9x | | Interest expense coverage ratio | 6.7x | 6.9x | | Total assets | $9.0 | $9.1 | | Total debt | $3.74 | $3.55 | [Operating Results (Consolidated Statements of Income)](index=7&type=section&id=CAMDEN%20OPERATING%20RESULTS) Q1 2025 consolidated income statements show property revenues of $390.6 million, but net income decreased to $38.8 million due to a non-recurring gain in Q1 2024 Consolidated Operating Results (in millions) | Line Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Property revenues | $390.6 | $383.1 | | Total property expenses | $139.4 | $138.5 | | Gain on sale of operating property | — | $43.8 | | **Net income attributable to common shareholders** | **$38.8** | **$83.9** | | Total earnings per common share - diluted | $0.36 | $0.77 | [Funds from Operations (FFO)](index=8&type=section&id=CAMDEN%20FUNDS%20FROM%20OPERATIONS) This section reconciles net income to FFO, Core FFO, and Core AFFO, with Q1 2025 FFO at $186.9 million ($1.70/share) Reconciliation of Net Income to FFO, Core FFO, and Core AFFO (in millions) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income attributable to common shareholders | $38.8 | $83.9 | | Real estate depreciation and amortization | 146.2 | 141.8 | | **Funds from operations (FFO)** | **$186.9** | **$183.8** | | Non-core adjustments | 2.9 | 3.8 | | **Core funds from operations (Core FFO)** | **$189.8** | **$187.6** | | Less: Recurring capitalized expenditures | (16.1) | (22.0) | | **Core adjusted funds from operations (Core AFFO)** | **$173.7** | **$165.6** | [Balance Sheets](index=9&type=section&id=CAMDEN%20BALANCE%20SHEETS) As of March 31, 2025, total assets were $9.0 billion, total liabilities $4.3 billion, and total equity $4.7 billion Key Balance Sheet Items (in billions) | As of | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | | :--- | :--- | :--- | :--- | | Total real estate assets | $8.71 | $8.58 | $8.76 | | **Total assets** | **$8.99** | **$8.85** | **$9.10** | | Unsecured Notes payable | $3.41 | $3.16 | $3.22 | | **Total liabilities** | **$4.31** | **$4.10** | **$4.11** | | **Total equity** | **$4.69** | **$4.75** | **$4.99** | [Portfolio & Operations](index=10&type=section&id=Portfolio%20%26%20Operations) This section details Camden's property portfolio, including regional distribution, occupancy, and net operating income analysis [Portfolio Overview](index=10&type=section&id=COMMUNITY%20PORTFOLIO%20AT%20MARCH%2031%2C%202025) As of Q1 2025, Camden's portfolio includes 61,178 apartment homes, with D.C. Metro as the largest NOI contributor and 95.3% overall occupancy Portfolio by Region (Apartment Homes as of March 31, 2025) | Region | Same Property | Under Construction | Grand Total | | :--- | :--- | :--- | :--- | | D.C. Metro | 6,192 | — | 6,192 | | Houston, TX | 9,154 | — | 9,531 | | Phoenix, AZ | 4,426 | — | 4,426 | | Dallas, TX | 6,226 | — | 6,226 | | Charlotte, NC | 3,123 | 769 | 4,279 | | **Total Portfolio** | **57,116** | **1,531** | **61,178** | Q1 2025 NOI Contribution and Occupancy by Region | Region | "Same Property" NOI % | Q1 2025 Occupancy % | Q1 2024 Occupancy % | | :--- | :--- | :--- | :--- | | D.C. Metro | 13.4% | 97.1% | 96.6% | | Houston, TX | 11.9% | 95.1% | 94.6% | | Phoenix, AZ | 8.7% | 95.4% | 95.2% | | Dallas, TX | 8.2% | 95.0% | 94.6% | | **Total Portfolio** | **100.0%** | **95.3%** | **94.8%** | [Net Operating Income (NOI) Analysis](index=11&type=section&id=CAMDEN%20COMPONENTS%20OF%20PROPERTY%20NET%20OPERATING%20INCOME) Total property NOI for Q1 2025 increased to $251.1 million, with same-property NOI up 0.9% year-over-year Components of Property NOI - Q1 2025 vs Q1 2024 (in millions) | Category | Q1 2025 NOI | Q1 2024 NOI | Change | | :--- | :--- | :--- | :--- | | "Same Property" Communities | $243.4 | $241.2 | $2.2 | | Non-"Same Property" Communities | $4.8 | $2.6 | $2.2 | | Development and Lease-Up | $2.0 | $0.0 | $2.0 | | **Total Property NOI** | **$251.1** | **$244.6** | **$6.5** | Sequential Same Property NOI (in millions) | Quarter | Revenues | Expenses | NOI | | :--- | :--- | :--- | :--- | | **1Q 2025** | **$376.3** | **$133.0** | **$243.4** | | 4Q 2024 | $374.7 | $130.1 | $244.6 | | 3Q 2024 | $376.6 | $136.0 | $240.6 | [Same Property Performance](index=13&type=section&id=CAMDEN%20%22SAME%20PROPERTY%22%20COMPARISONS) Same-property NOI increased 0.9% year-over-year due to revenue growth, but sequentially declined 0.5% due to higher expenses [Year-over-Year Comparison (1Q25 vs 1Q24)](index=13&type=section&id=CAMDEN%20%22SAME%20PROPERTY%22%20FIRST%20QUARTER%20COMPARISONS) Same-property NOI grew 0.9% year-over-year, driven by revenue increases, with Atlanta and Los Angeles showing strong performance Same Property YoY Growth by Top/Bottom Markets (1Q25 vs 1Q24) | Market | Revenue Growth | Expense Growth | NOI Growth | | :--- | :--- | :--- | :--- | | Atlanta, GA | (0.7)% | (15.9)% | 7.4% | | Los Angeles/Orange County, CA | 3.6% | (2.2)% | 6.8% | | San Diego/Inland Empire, CA | 4.5% | 2.0% | 5.6% | | Phoenix, AZ | (0.1)% | 9.9% | (3.4)% | | SE Florida | (1.7)% | 2.4% | (4.0)% | | Austin, TX | (3.3)% | (0.7)% | (5.2)% | | **Total Same Property** | **0.8%** | **0.5%** | **0.9%** | [Sequential Comparison (1Q25 vs 4Q24)](index=15&type=section&id=CAMDEN%20%22SAME%20PROPERTY%22%20SEQUENTIAL%20QUARTER%20COMPARISONS) Same-property NOI decreased 0.5% sequentially, as revenue gains were offset by a 2.2% increase in expenses, despite Atlanta's rebound Same Property Sequential Growth by Top/Bottom Markets (1Q25 vs 4Q24) | Market | Revenue Growth | Expense Growth | NOI Growth | | :--- | :--- | :--- | :--- | | Atlanta, GA | 0.9% | (24.9)% | 17.6% | | Nashville, TN | (0.1)% | (16.8)% | 9.7% | | Los Angeles/Orange County, CA | 2.3% | (0.5)% | 3.8% | | Raleigh, NC | 0.0% | 11.4% | (4.7)% | | Orlando, FL | 1.0% | 12.9% | (5.0)% | | Houston, TX | 0.4% | 11.1% | (6.7)% | | **Total Same Property** | **0.4%** | **2.2%** | **(0.5)%** | [Operating Expense Analysis](index=17&type=section&id=CAMDEN%20%22SAME%20PROPERTY%22%20OPERATING%20EXPENSE%20DETAIL%20AND%20COMPARISONS) Total same-property operating expenses increased 0.5% year-over-year but rose 2.2% sequentially, primarily due to property insurance and taxes Same Property Operating Expense Changes | Expense Category | YoY Change (1Q25 vs 1Q24) | QoQ Change (1Q25 vs 4Q24) | % of 1Q25 Expenses | | :--- | :--- | :--- | :--- | | Property Taxes | (0.8)% | 3.3% | 35.6% | | Utilities | 4.5% | 1.7% | 20.2% | | Salaries and Benefits | 3.9% | (1.5)% | 18.5% | | Property Insurance | (10.4)% | 13.7% | 6.1% | | **Total Same Property** | **0.5%** | **2.2%** | **100.0%** | [Investment Activities](index=18&type=section&id=Investment%20Activities) This section covers Camden's development pipeline, recent acquisitions, and capital expenditure details [Development Activities](index=18&type=section&id=CAMDEN%20CURRENT%20DEVELOPMENT%20COMMUNITIES) Camden has 797 homes in lease-up and 1,531 homes under construction, with an additional 932 homes in the future pipeline - During Q1 2025, construction commenced at Camden Nations in Nashville, TN, and leasing began at Camden Village District in Raleigh, NC[9](index=9&type=chunk) Development Projects in Lease-Up (as of 4/28/2025) | Community Name | Location | Homes | Total Cost ($M) | % Leased | | :--- | :--- | :--- | :--- | :--- | | Camden Woodmill Creek | Spring, TX | 189 | $72.4 | 94% | | Camden Durham | Durham, NC | 420 | $145.2 | 90% | | Camden Long Meadow Farms | Richmond, TX | 188 | $72.1 | 64% | Development Projects Under Construction | Community Name | Location | Homes | Estimated Cost ($M) | | :--- | :--- | :--- | :--- | | Camden Village District | Raleigh, NC | 369 | $138.0 | | Camden South Charlotte | Charlotte, NC | 420 | $163.0 | | Camden Blakeney | Charlotte, NC | 349 | $154.0 | | Camden Nations | Nashville, TN | 393 | $184.0 | | **Total** | | **1,531** | **$639.0** | Future Development Pipeline | Pipeline Community | Location | Projected Homes | Estimated Cost ($M) | | :--- | :--- | :--- | :--- | | Camden Baker | Denver, CO | 434 | $191.0 | | Camden Gulch | Nashville, TN | 498 | $300.0 | | **Total** | | **932** | **$491.0** | [Acquisition Activity](index=20&type=section&id=2025%20ACQUISITION%20ACTIVITY) In Q1 2025, Camden acquired two apartment communities for $199.0 million, adding 787 homes in Austin and Nashville Q1 2025 Acquisitions | Property | Location | Purchase Price ($M) | Homes | Year Built | | :--- | :--- | :--- | :--- | :--- | | Camden Leander | Leander, TX | $67.7 | 352 | 2023 | | Camden West Nashville | Nashville, TN | $131.3 | 435 | 2020 | | **Total/Average** | | **$199.0** | **787** | | [Capital Expenditures](index=25&type=section&id=CAMDEN%20CAPITALIZED%20EXPENDITURES%20%26%20MAINTENANCE%20EXPENSE) Q1 2025 saw $16.1 million in recurring capital expenditures and $19.7 million for repositioning 589 units - Total recurring capitalized expenditures for Q1 2025 were **$16.1 million**, or **$273 per weighted average apartment home**[73](index=73&type=chunk) - The company spent an additional **$19.7 million** on repositioning **589 apartment homes** to enhance their rental income potential[73](index=73&type=chunk)[75](index=75&type=chunk) [Debt & Capital Structure](index=4&type=section&id=Debt%20%26%20Capital%20Structure) This section outlines Camden's liquidity, capital market activities, and detailed debt composition and compliance [Liquidity and Capital Markets](index=4&type=section&id=Liquidity%20and%20Capital%20Markets) As of March 31, 2025, Camden maintained $772.9 million in liquidity and established a $600 million commercial paper program - The company established a new commercial paper program allowing for the issuance of up to **$600 million** in notes. As of March 31, 2025, **$425.8 million** was outstanding[11](index=11&type=chunk) - Total liquidity as of March 31, 2025, was approximately **$772.9 million**, comprised of **$26.2 million** in cash and **$746.7 million** available under its unsecured credit facility and commercial paper program[12](index=12&type=chunk) [Debt Analysis](index=21&type=section&id=DEBT%20MATURITIES%20AS%20OF%20MARCH%2031%2C%202025%3A) Camden's total debt was $3.74 billion with a 5.7-year weighted average maturity and 4.1% interest rate, primarily unsecured and fixed-rate Debt Composition as of March 31, 2025 (in millions/billions) | Debt Type | Balance | % of Total | Weighted Avg. Interest Rate | Time to Maturity | | :--- | :--- | :--- | :--- | :--- | | Floating rate debt | $970.6 million | 26.0% | 5.2% | 2.0 Years | | Fixed rate debt | $2.77 billion | 74.0% | 3.7% | 7.0 Years | | **Total Debt** | **$3.74 billion** | **100.0%** | **4.1%** | **5.7 Years** | - The company's debt is **91.2% unsecured**, and unencumbered real estate assets (at cost) cover unsecured debt by a ratio of **3.6x**[64](index=64&type=chunk) - Camden is in compliance with all debt covenants for its Unsecured Line of Credit and Senior Unsecured Notes, with actual performance significantly exceeding required thresholds[70](index=70&type=chunk)[71](index=71&type=chunk) [Supplemental Information](index=26&type=section&id=Supplemental%20Information) This section provides definitions for non-GAAP financial measures, reconciliations, and other key investor data [Non-GAAP Financial Measures & Reconciliations](index=26&type=section&id=CAMDEN%20NON-GAAP%20FINANCIAL%20MEASURES%20DEFINITIONS%20%26%20RECONCILIATIONS) This section defines and reconciles key non-GAAP metrics like FFO, Core FFO, NOI, and EBITDAre to GAAP net income - Provides definitions for key non-GAAP metrics including **Funds from Operations (FFO)**, **Core FFO**, **Net Operating Income (NOI)**, and **EBITDAre**, as well as reconciliations from these measures to Net Income[77](index=77&type=chunk)[78](index=78&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk) Reconciliation of EPS to FFO and Core FFO Guidance (2025 Midpoint) | Per Diluted Share | 2025 Midpoint | | :--- | :--- | | Expected EPS - diluted | $1.16 | | Expected real estate depreciation and amortization | 5.45 | | Expected income allocated to non-controlling interests | 0.07 | | **Expected FFO per share - diluted** | **$6.68** | | Anticipated Adjustments to FFO | 0.10 | | **Expected Core FFO per share - diluted** | **$6.78** | [Other Definitions and Data](index=32&type=section&id=CAMDEN%20OTHER%20DEFINITIONS) This section clarifies operational terms, presents unsecured debt ratings, and details the Q1 2025 dividend payment - Provides definitions for key operational terms, including **Same Property Communities**, various lease rate metrics (**Effective**, **Signed**, **Blended**), and turnover calculations (**Gross**, **Net**)[92](index=92&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk)[104](index=104&type=chunk) Unsecured Debt Ratings | Agency | Senior Debt | Outlook | Commercial Paper | | :--- | :--- | :--- | :--- | | Fitch | A- | Stable | NA | | Moody's | A3 | Stable | P-2 | | Standard & Poor's | A- | Stable | A-2 | - The Q1 2025 dividend was **$1.05 per share**, paid on April 17, 2025[111](index=111&type=chunk)