Camden Property Trust (CPT) investor relations material

Strategic positioning and market outlook

• Focused on high-growth Sun Belt markets, expecting outperformance as supply is absorbed over the next 12 months.

• Completed $473 million in stock repurchases in the last six months, with plans for $650 million more.

• Disposing of Southern California assets ($1.5–$2 billion) to reinvest $1.1 billion in Sun Belt real estate.

• Anticipates a constructive multifamily environment as supply peaked in 2024 and absorption remains strong.

• Expects acceleration in net operating income and revenue growth as pricing power returns.

Operational trends and demand drivers

• Resident retention is at record highs, with turnover and move-outs to home purchases below 10%.

• Renewal rates are in the mid-3% range, with expectations for slightly higher turnover in 2026.

• Typical seasonal demand trends are observed, with an expected uptick in the third quarter as excess supply is absorbed.

• Green shoots of pricing power are emerging in Atlanta, Dallas, Nashville, and Austin.

• Renters' incomes have grown while rents remained flat, creating room for future rent increases.

Economic and policy environment

• 2026 is expected to benefit from tax refunds, regulatory reductions, and stable tariffs.

• The Federal Reserve does not foresee significant near-term job displacement from AI; productivity gains are expected.

• Multifamily demand is resilient due to delayed life milestones and high single-family home prices.

• No major policy risks identified that could negatively impact multifamily demand; only a severe job market downturn could delay recovery.