Camden Property Trust (CPT) investor relations material

Portfolio overview and market positioning

• Operates nearly 60,000 apartment homes in 15 major U.S. markets, with 75% in the Sunbelt and a $16B market cap.

• 60% of assets are suburban, and over 60% are Class B, targeting high-growth markets with strong job and population trends.

• Focuses on capital recycling, acquisitions, dispositions, and maintaining a strong balance sheet with low leverage and high liquidity.

• Completed $338M in acquisitions and $174M in dispositions YTD, with more sales expected in Q4 2025.

• No significant debt maturities until late next year, with plans to refinance $500M at potentially lower rates.

Operating performance and guidance

• Third-quarter operating trends align with guidance; balancing occupancy with lease and renewal rates to maximize revenue.

• Bad debt and delinquencies are trending lower, with high resident retention and low turnover; move-outs for home purchases remain at 10%.

• 2025 guidance: core FFO per share of $6.81, same-property revenue growth of 1%, expense growth of 2.5%, and NOI growth of 25 bps at midpoint.

Leasing trends and supply-demand dynamics

• Spring-summer leasing season saw increased price sensitivity and higher concessions due to new supply, but renewals remain strong.

• Absorption of record new supply occurred despite lower-than-expected job growth, indicating robust demand.

• Rent vs. buy discount remains significant (50-60% in most markets), supporting high retention and low move-outs to home purchases.