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]

Company Strategy & Portfolio - Camden focuses on high-growth markets based on employment, population, and migration trends [8, 9] - Camden operates a diverse portfolio with 64% of assets in suburban locations and 36% in urban areas [8, 10] - Camden's portfolio consists of nearly 59,000 apartment homes across 15 major US markets [11, 12] - Camden maintains a strong capital structure with approximately $17 billion in unencumbered assets [15, 16] Financial Performance & Guidance - Camden anticipates 2025 Core FFO per share to be in the range of $660 to $690 [22] - Camden projects same-property revenue growth for 2025 to be between 00% and 20% [22] - Camden expects to engage in real estate transactions, including acquisitions and dispositions, in the range of $600 million to $900 million each [22] Market Fundamentals & Resident Profile - Camden's resident profile includes a median age of 31 years and an average annual household income of approximately $122,000 for new move-ins in FY24 [39] - Camden's average rent-to-income ratio is 19% for new move-ins in FY24 [39] - Camden's total same property occupancy is 954% [33]

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)

Group 1: Coca-Cola - Coca-Cola has a current dividend yield of 2.9%, which is more than double the S&P 500's yield of approximately 1.4% [4] - The company has a strong history of dividend payments, with a 5.2% increase earlier this year, marking its 63rd consecutive annual dividend increase [5] - Coca-Cola generated $10.8 billion in free cash flow last year, an 11% increase, allowing it to cover its dividend and repurchase $1.1 billion of its shares [6] - The company expects organic revenue growth of 4%-6% annually and high-single-digit earnings-per-share growth, supported by a strong balance sheet for potential acquisitions [7] Group 2: Camden Property Trust - Camden Property Trust has a dividend yield of 3.7% and has consistently paid dividends at or above the previous year's rate for over 15 years, increasing it by more than 130% during this period [8] - The REIT focuses on high-growth markets, driving demand for rental housing and maintaining high occupancy rates [9] - Camden is investing $744 million to develop 1,935 rental homes and has plans for additional investments of $667 million for 1,325 more homes, which will enhance rental income streams [10] Group 3: Vail Resorts - Vail Resorts has a dividend yield of 6.3% and has paid out $1.9 billion in dividends over the past decade, with steady increases except for a pause during the pandemic [11] - The company generates predictable revenue by converting skiers to its Epic Pass, achieving over 10% annual free cash flow growth [12] - Vail Resorts invests in enhancing its ski resorts and plans to acquire other high-quality resorts, which should support future dividend growth [13] Group 4: Investment Summary - Coca-Cola, Camden Property Trust, and Vail Resorts exhibit strong characteristics as dividend-paying stocks, with higher yields and a history of steady increases [14]

Core Viewpoint - Camden Property Trust (CPT) is expected to report a year-over-year increase in revenues and funds from operations (FFO) per share for the first quarter of 2025, with results anticipated on May 1, after market close [1] U.S. Apartment Market Overview - The first quarter of 2025 saw strong apartment demand, with over 138,000 market-rate apartment units absorbed nationally, marking the highest first-quarter demand on record in over three decades [4] - Annual absorption reached nearly 708,000 units, matching the demand boom from early 2022 [4] - Demand exceeded supply, with nearly 577,000 units delivered, indicating a potential peak in the construction cycle [5] - Occupancy rose to 95.2% in March, the highest since October 2022, and effective rents increased by 0.75% in March and 1.1% year-over-year, the highest since June 2023 [6] - Rent growth was broad-based across the nation's 50 largest apartment markets, with an average effective rent of $1,848 [6] Regional Performance - The Midwest and Rust Belt regions led annual rent gains, while high-supply Sun Belt metros like Austin and Phoenix experienced rent cuts but showed monthly rent growth in March [7] Factors Influencing Camden Property's Performance - Camden's performance is likely benefiting from healthy renter demand in high-growth markets, contributing to occupancy and blended lease rate growth [8] - The company operates in markets with growing employment in high-wage sectors and in-migration trends, making renting a viable option due to high homeownership costs [9] - Camden's diversification in urban and suburban markets is expected to drive stable revenues [9] - The company is leveraging technology and organizational capabilities to enhance operational efficiency and reduce costs, aiding net operating income (NOI) growth [10] Financial Projections - The Zacks Consensus Estimate for CPT's revenues for Q1 2025 is $388.5 million, reflecting a growth of 1.4% year-over-year [12] - Camden expects core FFO per share in the range of $1.66-$1.70, with the Zacks Consensus Estimate remaining unchanged at $1.68, indicating a 0.6% year-over-year improvement [13] Earnings Prediction - A positive Earnings ESP of +0.26% and a Zacks Rank of 3 suggest a potential surprise in FFO per share for CPT this quarter [14]