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]

2Q25 Camden Property Trust Earnings Call CAMDEN CLEARWATER Clearwater, Florida ACQUIRED 2Q25 360 UNITS $139M DISPOSITIONS 3 Houston communities 1 Dallas community Average age 25 years old Combined unlevered IRR of over 10% over 24 years Sold at average AFFO yield of ~ 5.1% DEVELOPMENT COMMUNITIES IN LEASE-UP CAMDEN WOODMILL CREEK Spring, Texas ~96% OCCUPIED STABLIZE 1Q26 188 UNITS $72.5M ~74% OCCUPIED CAMDEN LONG MEADOW FARMS Richmond, Texas STABILIZED 189 UNITS $72.5M DEVELOPMENT COMMUNITIES IN LEASE-UP CA ...

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]

Group 1 - Camden reported revenue of $396.51 million for the quarter ended June 2025, reflecting a 2.4% increase year-over-year [1] - The company's EPS for the quarter was $1.70, significantly up from $0.40 in the same quarter last year [1] - Revenue exceeded the Zacks Consensus Estimate of $393.82 million by 0.68%, while EPS also surpassed the consensus estimate of $1.69 by 0.59% [1] Group 2 - Rental revenues were reported at $352.4 million, which was below the estimated $393.98 million by analysts, but still showed a 2.3% increase compared to the previous year [4] - Net Earnings per Share (Diluted) was $0.74, outperforming the average estimate of $0.31 from six analysts [4] - Total non-property income was reported at $11.05 million, significantly higher than the average estimate of $3.43 million from three analysts [4] Group 3 - Camden's stock has returned -1.1% over the past month, contrasting with the Zacks S&P 500 composite's +2.7% change [3] - The company currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

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]

Financial Performance & Guidance - The company raised its 2025 full-year earnings guidance for Core FFO from $6.75 to $6.78 per share[8] - The company's 2025 core FFO guidance excludes approximately $0.10 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs[33] - 2Q25 occupancy is trending at 95.6% vs 95.4% in 1Q25[8] - 2Q25 blended rate growth is trending in line with guidance of 0%-1%[8] - Revenue growth is expected to be between 0% and 2%, expense growth between 2.25% and 3.75%, and NOI growth between -1.50% and 1.50%[33] Investment & Capital Allocation - The company completed two acquisitions during 1Q25 and one in late May for a total of $338 million[8] - The company commenced construction on one new development community with a total expected cost of $184 million[8] - The company established a $600 million commercial paper program to supplement its existing unsecured line of credit[8] - The company is marketing several older assets for sale with expected closings in 2Q25 and 3Q25[8] - The company anticipates acquisitions and dispositions in the range of $600 million to $900 million each[33] Portfolio & Market Fundamentals - Washington DC Metro portfolio continues to show strong performance, with occupancy at 97.4% and rent growth accelerating[8] - The company operates nearly 60,000 apartment homes located in 15 major markets in the US, with an average occupancy of 95%[19] - 93% of the company's NOI is derived from high-growth markets[12]

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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 ...