Form 8-K

8-K — CAMDEN PROPERTY TRUST

Accession: 0001628280-26-051083

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0000906345

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cpt-20260730.htm (Primary)

EX-99.1 (exhibit991earningsrelease2.htm)

EX-99.2 (exhibit992supplement2q26.htm)

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8-K

8-K (Primary)

Filename: cpt-20260730.htm · Sequence: 1

cpt-20260730

0000906345false00009063452026-07-302026-07-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 30, 2026

CAMDEN PROPERTY TRUST

(Exact name of Registrant as Specified in Charter)

TX 1-12110 76-6088377

(State or Other Jurisdiction of

Incorporation) (Commission File Number) (I.R.S. Employer

Identification Number)

2800 Post Oak Boulevard, Suite 2700, Houston, TX 77056

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (713) 354-2500

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common Shares of Beneficial Interest, $.01 par value CPT NYSE

NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2026, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and six months ended June 30, 2026. This press release refers to supplemental financial information available on the Company’s website. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Title

99.1

Press Release issued by Camden Property Trust dated July 30, 2026

99.2

Supplemental Financial Information dated July 30, 2026

104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 30, 2026

CAMDEN PROPERTY TRUST

By: /s/ Kevin J. Necas, Jr.

Kevin J. Necas, Jr.

Senior Vice President - Chief Accounting Officer

EX-99.1

Filename: exhibit991earningsrelease2.htm · Sequence: 2

Document

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2026 OPERATING RESULTS

Houston, Texas (July 30, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2026. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three and six months ended June 30, 2026 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.

Three Months Ended June 30, Six Months Ended June 30,

Per Diluted Share 2026 2025 2026 2025

EPS $0.18 $0.74 $0.59 $1.10

FFO $1.68 $1.67 $2.82 $3.37

Core FFO $1.68 $1.70 $3.39 $3.42

Core AFFO $1.39 $1.43 $2.95 $3.01

Three Months Ended 2Q26 Guidance 2Q26 Guidance

Per Diluted Share June 30, 2026 Midpoint Variance

EPS $0.18 $0.15 $0.03

FFO $1.68 $1.65 $0.03

Core FFO $1.68 $1.67 $0.01

Sale of California Portfolio

As of June 30, 2026, Camden's California portfolio, consisting of 11 operating communities with 3,620 apartment homes, was classified as held for sale and is therefore excluded from the same property results presented below. On July 29, 2026, the Company sold these California communities for an aggregate sales price of approximately $1.625 billion. Approximately $0.9 billion of the proceeds will be used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program.

Same Property Results

Quarterly Growth(1)

Sequential Growth(2)

Year-To-Date Growth(3)

(Excluding CA) 2Q26 vs. 2Q25 2Q26 vs. 1Q26 2026 vs. 2025

Revenues (0.1)% 0.7% 0.0%

Expenses 2.4% 4.3% 2.0%

Net Operating Income ("NOI") (1.4)% (1.3)% (1.1)%

(1) Quarterly growth for revenues, expenses, and NOI including California were 0.2%, 2.7%, and (1.3)%, respectively.

(2) Sequential growth for revenues, expenses, and NOI including California were 0.7%, 4.3%, and (1.2)%, respectively.

(3) Year-to-date growth for revenues, expenses, and NOI including California were 0.2%, 2.3%, and (1.0)%, respectively.

Operating Statistics - Same Property Portfolio (Excluding CA)

New Lease and Renewal Data - Date Effective (1)

2Q26(2)

2Q25(3)

1Q26(4)

Effective New Lease Rates (3.3)% (2.1)% (5.5)%

Effective Renewal Rates 2.8% 3.7% 2.9%

Effective Blended Lease Rates (0.2)% 0.7% (1.6)%

Occupancy(5)

95.7% 95.6% 95.1%

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

(2) 2Q26 new lease, renewal, and blended growth rate including California were (3.1)%, 2.8%, and (0.1)%, respectively.

(3) 2Q25 new lease, renewal, and blended growth rate including California were (2.0)%, 3.8%, and 0.7%, respectively.

(4)1Q26 new lease, renewal, and blended growth rate including California were (5.2)%, 2.9%, and (1.4)%, respectively.

(5) Occupancy rates including California were unchanged for all periods presented above.

For 2026, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.

Development Activity

During the quarter, leasing continued at Camden Village District in Raleigh, NC and we began leasing at Camden South Charlotte in Charlotte, NC.

Development Communities - Construction Completed and Project in Lease-Up ($ in millions)

Total Total % Leased

Community Name Location Homes Cost as of 7/29/2026

Camden Village District Raleigh, NC 369 $139.4 88 %

Development Communities - Construction Ongoing ($ in millions)

Total Total % Leased

Community Name Location Homes Estimated Cost as of 7/29/2026

Camden South Charlotte Charlotte, NC 420 $157.0 13 %

Camden Blakeney Charlotte, NC 349 151.0

Camden Nations Nashville, TN 393 184.0

Total 1,162 $492.0

Acquisition Activity

During the quarter, the Company acquired five apartment home communities and two land parcels. Subsequent to quarter end, Camden acquired two apartment home communities. The tables below show the recent acquisition activity:

Community Name Location Total Homes Closing Date Purchase Price

Camden Alpharetta Alpharetta, GA

269

4/30/2026 $89.0

Camden Narcoossee* Orlando, FL

288

4/30/2026 82.3

Camden Franklin Franklin, TN 196 6/16/2026 54.3

Camden Roanoke Roanoke, TX 349 6/23/2026 99.1

Camden Gilbert Gilbert, AZ 320 6/30/2026 124.6

Camden Brandon Tampa, FL 296 7/9/2026 82.1

Camden LoSo Charlotte, NC 343 7/16/2026 114.0

Total 2,061 $645.4

*Formerly known as Camden at Lake Nona

Land Parcels Acres Closing Date Purchase Price

Morrisville, NC 17.9 5/25/2026 $19.0

Tampa, FL 64.4 5/27/2026 26.0

Total 82.3 $45.0

Share Repurchases

During the quarter, Camden repurchased 1,429,136 common shares at an average price of $100.78 per share for a total of $144.1 million. Year to date, Camden repurchased 4,062,166 common shares at an average price of $104.08 for a total of $422.9 million. The Company currently has $297.9 million remaining under its stock repurchase program.

Liquidity Analysis

As of June 30, 2026, Camden had approximately $287.4 million of liquidity comprised of approximately $44.7 million in cash and cash equivalents, and approximately $242.7 million of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $140.1 million left to fund under its existing wholly-owned development pipeline. Subsequent to the quarter end, the Company issued a $350 million unsecured term loan facility with a maturity date of July 2027.

Litigation Update

During the quarter, the Company entered into a binding term sheet to settle the class action litigation related to the use of a revenue management software and agreed to pay an aggregate of $53.0 million into a settlement fund which received preliminary court approval. The settlement will not impact the Company’s 2026 Core FFO or 2026 Core AFFO as certain legal costs and settlements are excluded from the calculation of these metrics.

Earnings Guidance

Camden updated its earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

3Q26 2026 2026 Midpoint

Per Diluted Share Range Range Current Prior Change

EPS(1)

$9.14 - $9.38 $9.76 - $10.10 $9.93 $0.66 $9.27

FFO $1.62 - $1.66 $6.05 - $6.19 $6.12 $6.10 $0.02

Core FFO(2)

$1.67 - $1.71 $6.68 - $6.82 $6.75 $6.75 $0.00

(1) The Company's 2026 EPS guidance is adjusted for the anticipated gain on sale of the California portfolio.

(2) The Company's 2026 Core FFO guidance excludes approximately $0.63 per share of non-core charges for casualty-related expenses, legal costs and settlements, expensed transaction pursuit costs, and investment losses.

2026 2026 Midpoint

Same Property Growth Guidance Range Current (excluding CA) Prior (excluding CA) Prior (including CA)

Revenues 0.00% - 1.00% 0.50% 0.50% 0.75%

Expenses 2.00% - 3.00% 2.50% 3.00% 3.00%

NOI (1.65)% - 0.45% (0.60)% (0.90)% (0.50)%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2026 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, July 31, 2026 at 10:00 AM CT Webcast: https://investors.camdenliving.com

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6740665

The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

About Camden

Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 167 properties containing 56,695 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 57,857 apartment homes in 170 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 19 consecutive years, most recently ranking #13. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

CAMDEN OPERATING RESULTS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

OPERATING DATA

Property revenues (a)

$392,944 $396,509 $781,717 $787,074

Property expenses

Property operating and maintenance 91,303 93,031 181,482 182,729

Real estate taxes 49,641 50,641 99,531 100,363

Total property expenses 140,944 143,672 281,013 283,092

Non-property income

Fee and asset management 3,131 2,633 5,274 5,120

Interest and other income 129 68 382 78

Income on deferred compensation plans 12,595 8,350 11,436 9,548

Total non-property income 15,855 11,051 17,092 14,746

Other expenses

Property management 10,134 9,699 20,392 19,594

Fee and asset management 1,840 641 2,501 1,312

General and administrative 22,348 18,996 37,053 35,944

Interest 41,422 35,375 78,781 69,165

Depreciation and amortization 157,134 152,108 307,134 301,360

Expense on deferred compensation plans 12,595 8,350 11,436 9,548

Other non-operating expenses 400 2,187 61,305 3,947

Total other expenses 245,873 227,356 518,602 440,870

Gain on sale of operating property, including land — 47,293 68,100 47,293

Income from continuing operations before income taxes 21,982 83,825 67,294 125,151

Income tax expense (1,276) (1,231) (2,214) (1,790)

Net income 20,706 82,594 65,080 123,361

Net Income allocated to non-controlling interests (1,916) (1,924) (3,841) (3,869)

Net income attributable to common shareholders $18,790 $80,670 $61,239 $119,492

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income $20,706 $82,594 $65,080 $123,361

Other comprehensive income

Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 251 351 608 702

Comprehensive income 20,957 82,945 65,688 124,063

Net income allocated to non-controlling interests (1,916) (1,924) (3,841) (3,869)

Comprehensive income attributable to common shareholders $19,041 $81,021 $61,847 $120,194

PER SHARE DATA

Total earnings per common share - basic $0.18 $0.74 $0.59 $1.10

Total earnings per common share - diluted 0.18 0.74 0.59 1.10

Weighted average number of common shares outstanding:

Basic 102,342 108,636 103,577 108,584

Diluted 102,363 109,400 103,624 108,636

(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended June 30, 2026, we recognized $392.9 million of property revenue which consisted of approximately $348.7 million of rental revenue and approximately $44.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $396.5 million recognized for the three months ended June 30, 2025, made up of approximately $352.4 million of rental revenue and approximately $44.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2026, we recognized $781.7 million of property revenue which consisted of approximately $694.5 million of rental revenue and approximately $87.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $787.1 million of property revenue recognized for the six months ended June 30, 2025, made up of approximately $700.7 million of rental revenue and approximately $86.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $12.2 million and $11.6 million for the three months ended June 30, 2026 and 2025, respectively, and was $24.4 million and $23.0 million for the six months ended June 30, 2026 and 2025, respectively.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN FUNDS FROM OPERATIONS

(In thousands, except per share and property data amounts)

(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

FUNDS FROM OPERATIONS

Net income attributable to common shareholders $18,790 $80,670 $61,239 $119,492

Real estate depreciation and amortization 153,451 148,886 299,841 295,054

Income allocated to non-controlling interests 1,916 1,924 3,841 3,869

Gain on sale of operating property — (47,293) (67,878) (47,293)

Funds from operations $174,157 $184,187 $297,043 $371,122

Plus: Casualty-related expenses (a)

(3,729) (1,099) (3,479) (969)

Plus: Legal costs and settlements (b)(c)

412 2,311 51,604 4,183

Plus: Expensed transaction, development, and other pursuit costs (c)

4,237 2,082 6,079 2,963

Plus: Investment losses (b)

— — 4,855 —

Plus: Other miscellaneous items (a)

1 76 62 76

Core funds from operations $175,078 $187,557 $356,164 $377,375

Less: Recurring capitalized expenditures (d)

(30,142) (29,968) (46,292) (46,066)

Core adjusted funds from operations $144,936 $157,589 $309,872 $331,309

PER SHARE DATA

Funds from operations - diluted $1.68 $1.67 $2.82 $3.37

Core funds from operations - diluted 1.68 1.70 3.39 3.42

Core adjusted funds from operations - diluted 1.39 1.43 2.95 3.01

Distributions declared per common share 1.06 1.05 2.12 2.10

Weighted average number of common shares outstanding:

FFO/Core FFO/Core AFFO - diluted 103,957 110,269 105,218 110,230

PROPERTY DATA

Total operating properties (end of period) (e)

176 176 176 176

Total operating apartment homes in operating properties (end of period) (e)

59,676 59,672 59,676 59,672

Total operating apartment homes (weighted average) 58,578 59,633 58,472 59,353

(a) Non-core adjustment generally recorded within Property NOI.

(b) Non-core adjustment generally recorded within Other Non-Operating Expenses.

(d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

(e) Includes joint ventures and properties held for sale, if any.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN BALANCE SHEETS

(In thousands)

(Unaudited)

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025

ASSETS

Real estate assets, at cost

Land $1,695,652 $1,784,349 $1,787,445 $1,791,077 $1,789,207

Buildings and improvements 11,271,829 11,801,301 11,792,960 11,812,521 11,763,017

12,967,481 13,585,650 13,580,405 13,603,598 13,552,224

Accumulated depreciation (5,014,551) (5,407,880) (5,296,061) (5,234,087) (5,128,622)

Net operating real estate assets 7,952,930 8,177,770 8,284,344 8,369,511 8,423,602

Properties under development and land 500,116 457,994 419,227 384,124 380,437

Total real estate assets 8,453,046 8,635,764 8,703,571 8,753,635 8,804,039

Accounts receivable – affiliates 8,053 8,076 8,884 8,889 8,889

Other assets, net (a)

314,199 285,493 293,292 255,333 262,100

Cash and cash equivalents 44,717 40,684 25,203 25,931 33,091

Restricted cash 10,717 89,610 12,039 11,378 11,454

Real estate and other assets held for sale 625,348 — — — —

Total assets $9,456,080 $9,059,627 $9,042,989 $9,055,166 $9,119,573

LIABILITIES AND EQUITY

Liabilities

Notes payable

Unsecured $4,529,573 $3,931,761 $3,570,193 $3,409,691 $3,495,487

Secured 318,755 318,708 330,597 330,536 330,476

Accounts payable and accrued expenses 248,434 269,623 248,087 232,960 206,018

Accrued real estate taxes 99,264 59,818 92,382 129,697 91,954

Distributions payable 110,389 112,156 114,971 115,518 116,007

Other liabilities (b)

264,968 262,710 248,506 224,989 219,635

Liabilities held for sale 6,382 — — — —

Total liabilities 5,577,765 4,954,776 4,604,736 4,443,391 4,459,577

Equity

Common shares of beneficial interest 1,157 1,157 1,157 1,157 1,157

Additional paid-in capital 5,953,409 5,948,511 5,948,938 5,945,277 5,941,893

Distributions in excess of net income attributable to common shareholders (1,127,157) (1,037,252) (969,240) (1,011,983) (1,007,075)

Treasury shares (1,028,058) (886,052) (620,497) (400,185) (350,166)

Accumulated other comprehensive income (c)

2,773 2,522 2,165 2,027 1,676

Total common equity 3,802,124 4,028,886 4,362,523 4,536,293 4,587,485

Non-controlling interests 76,191 75,965 75,730 75,482 72,511

Total equity 3,878,315 4,104,851 4,438,253 4,611,775 4,659,996

Total liabilities and equity $9,456,080 $9,059,627 $9,042,989 $9,055,166 $9,119,573

(a) Includes net deferred charges of: $7,363 $7,969 $534 $1,296 $1,953

(b) Includes deferred revenues of: $1,170 $1,277 $614 $624 $692

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.

CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies.

Core FFO

Core FFO represents FFO as further adjusted for Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.

Core Adjusted FFO

In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net income attributable to common shareholders $18,790 $80,670 $61,239 $119,492

Real estate depreciation and amortization 153,451 148,886 299,841 295,054

Income allocated to non-controlling interests 1,916 1,924 3,841 3,869

Gain on sale of operating property — (47,293) (67,878) (47,293)

Funds from operations $174,157 $184,187 $297,043 $371,122

Plus: Casualty-related expenses (3,729) (1,099) (3,479) (969)

Plus: Legal costs and settlements 412 2,311 51,604 4,183

Plus: Expensed transaction, development, and other pursuit costs 4,237 2,082 6,079 2,963

Plus: Investment losses

— — 4,855 —

Plus: Other miscellaneous items 1 76 62 76

Core funds from operations $175,078 $187,557 $356,164 $377,375

Less: Recurring capitalized expenditures (30,142) (29,968) (46,292) (46,066)

Core adjusted funds from operations $144,936 $157,589 $309,872 $331,309

Weighted average number of common shares outstanding:

EPS diluted 102,363 109,400 103,624 108,636

FFO/Core FFO/Core AFFO diluted 103,957 110,269 105,218 110,230

CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

Reconciliation of FFO, Core FFO, and Core AFFO per share

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Total Earnings Per Common Share - Diluted $0.18 $0.74 $0.59 $1.10

Real estate depreciation and amortization 1.48 1.35 2.85 2.67

Income allocated to non-controlling interests 0.02 0.01 0.03 0.03

Gain on sale of operating property — (0.43) (0.65) (0.43)

FFO per common share - Diluted $1.68 $1.67 $2.82 $3.37

Plus: Casualty-related expenses (0.04) (0.01) (0.03) (0.01)

Plus: Legal costs and settlements — 0.02 0.49 0.03

Plus: Expensed transaction, development, and other pursuit costs 0.04 0.02 0.06 0.03

Plus: Investment losses

— — 0.05 —

Plus: Other miscellaneous items — — — —

Core FFO per common share - Diluted $1.68 $1.70 $3.39 $3.42

Less: Recurring capitalized expenditures (0.29) (0.27) (0.44) (0.41)

Core AFFO per common share - Diluted $1.39 $1.43 $2.95 $3.01

Expected FFO & Core FFO

Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:

3Q26 Range 2026 Range

Low High Low High

Expected earnings per common share - diluted $9.14 $9.38 $9.76 $10.10

Expected real estate depreciation and amortization 1.55 1.55 5.89 5.89

Expected income allocated to non-controlling interests 0.02 0.02 0.08 0.08

Expected (gain) on sale of operating properties (9.09) (9.29) (9.68) (9.88)

Expected FFO per share - diluted $1.62 $1.66 $6.05 $6.19

Anticipated Adjustments to FFO 0.05 0.05 0.63 0.63

Expected Core FFO per share - diluted $1.67 $1.71 $6.68 $6.82

Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.

CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net income $20,706 $82,594 $65,080 $123,361

Less: Fee and asset management income (3,131) (2,633) (5,274) (5,120)

Less: Interest and other income (129) (68) (382) (78)

Less: Income on deferred compensation plans (12,595) (8,350) (11,436) (9,548)

Plus: Property management expense 10,134 9,699 20,392 19,594

Plus: Fee and asset management expense 1,840 641 2,501 1,312

Plus: General and administrative expense 22,348 18,996 37,053 35,944

Plus: Interest expense 41,422 35,375 78,781 69,165

Plus: Depreciation and amortization expense 157,134 152,108 307,134 301,360

Plus: Expense on deferred compensation plans 12,595 8,350 11,436 9,548

Plus: Other non-operating expenses 400 2,187 61,305 3,947

Less: Gain on sale of operating property, including land — (47,293) (68,100) (47,293)

Plus: Income tax expense 1,276 1,231 2,214 1,790

NOI $252,000 $252,837 $500,704 $503,982

"Same Property" Communities $207,427 $210,429 $417,492 $422,328

Non-"Same Property" Communities 15,709 10,962 29,321 19,957

Development and Lease-Up Communities 1,042 53 1,748 57

Held for Sale Communities 22,569 22,634 45,421 45,279

Disposition/Other 5,253 8,759 6,722 16,361

NOI $252,000 $252,837 $500,704 $503,982

CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

EBITDAre and Adjusted EBITDAre

Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.

Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net income $20,706 $82,594 $65,080 $123,361

Plus: Interest expense 41,422 35,375 78,781 69,165

Plus: Depreciation and amortization expense 157,134 152,108 307,134 301,360

Plus: Income tax expense 1,276 1,231 2,214 1,790

Less: Gain on sale of operating property, including land — (47,293) (68,100) (47,293)

EBITDAre $220,538 $224,015 $385,109 $448,383

Plus: Casualty-related expenses (3,729) (1,099) (3,479) (969)

Plus: Legal costs and settlements 412 2,311 51,604 4,183

Plus: Expensed transaction, development, and other pursuit costs 4,237 2,082 6,079 2,963

Plus: Investment losses

— — 4,855 —

Plus: Other miscellaneous items 1 76 62 76

Adjusted EBITDAre $221,459 $227,385 $444,230 $454,636

Annualized Adjusted EBITDAre $885,836 $909,540 $888,460 $909,272

Net Debt to Annualized Adjusted EBITDAre

The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net Debt and computes the ratio to Adjusted EBITDAre for the following periods:

Net Debt:

Average monthly balance for the Average monthly balance for the

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Unsecured notes payable $4,362,454 $3,514,627 $4,134,664 $3,459,357

Secured notes payable 318,740 330,456 322,697 330,426

Total average debt 4,681,194 3,845,083 4,457,361 3,789,783

Less: Average cash and cash equivalents (27,369) (18,145) (20,937) (15,223)

Net Debt $4,653,825 $3,826,938 $4,436,424 $3,774,560

Net Debt to Annualized Adjusted EBITDAre:

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net Debt $4,653,825 $3,826,938 $4,436,424 $3,774,560

Annualized Adjusted EBITDAre 885,836 909,540 888,460 909,272

Net Debt to Annualized Adjusted EBITDAre 5.3x 4.2x 5.0x 4.2x

EX-99.2

Filename: exhibit992supplement2q26.htm · Sequence: 3

Document

CAMDEN TABLE OF CONTENTS

Page

Press Release Text

Financial Highlights

Operating Results

Funds from Operations

Balance Sheets

Portfolio Statistics

Components of Property Net Operating Income

Sequential Components of Property Net Operating Income

"Same Property" Second Quarter Comparisons

"Same Property" Sequential Quarter Comparisons

"Same Property" Year to Date Comparisons

"Same Property" Operating Expense Detail & Comparisons

Current Development Communities

Development Pipeline & Land

Acquisitions & Dispositions

Debt Analysis

Debt Maturity Analysis

Debt Covenant Analysis

Capitalized Expenditures & Maintenance Expense

Non-GAAP Financial Measures - Definitions & Reconciliations

Other Definitions

Other Data

In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the “Company”) operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2026 OPERATING RESULTS

Three Months Ended June 30, Six Months Ended June 30,

Per Diluted Share 2026 2025 2026 2025

EPS $0.18 $0.74 $0.59 $1.10

FFO $1.68 $1.67 $2.82 $3.37

Core FFO $1.68 $1.70 $3.39 $3.42

Core AFFO $1.39 $1.43 $2.95 $3.01

Three Months Ended 2Q26 Guidance 2Q26 Guidance

Per Diluted Share June 30, 2026 Midpoint Variance

EPS $0.18 $0.15 $0.03

FFO $1.68 $1.65 $0.03

Core FFO $1.68 $1.67 $0.01

Sale of California Portfolio

Same Property Results

Quarterly Growth(1)

Sequential Growth(2)

Year-To-Date Growth(3)

(Excluding CA) 2Q26 vs. 2Q25 2Q26 vs. 1Q26 2026 vs. 2025

Revenues (0.1)% 0.7% 0.0%

Expenses 2.4% 4.3% 2.0%

Net Operating Income ("NOI") (1.4)% (1.3)% (1.1)%

(1) Quarterly growth for revenues, expenses, and NOI including California were 0.2%, 2.7%, and (1.3)%, respectively.

(2) Sequential growth for revenues, expenses, and NOI including California were 0.7%, 4.3%, and (1.2)%, respectively.

(3) Year-to-date growth for revenues, expenses, and NOI including California were 0.2%, 2.3%, and (1.0)%, respectively.

Operating Statistics - Same Property Portfolio (Excluding CA)

New Lease and Renewal Data - Date Effective(1)

2Q26(2)

2Q25(3)

1Q26(4)

Effective New Lease Rates (3.3)% (2.1)% (5.5)%

Effective Renewal Rates 2.8% 3.7% 2.9%

Effective Blended Lease Rates (0.2)% 0.7% (1.6)%

Occupancy(5)

95.7% 95.6% 95.1%

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

(2) 2Q26 new lease, renewal, and blended growth rate including California were (3.1)%, 2.8%, and (0.1)%, respectively.

(3) 2Q25 new lease, renewal, and blended growth rate including California were (2.0)%, 3.8%, and 0.7%, respectively.

(4)1Q26 new lease, renewal, and blended growth rate including California were (5.2)%, 2.9%, and (1.4)%, respectively.

(5) Occupancy rates including California were unchanged for all periods presented above.

Development Activity

During the quarter, leasing continued at Camden Village District in Raleigh, NC and we began leasing at Camden South Charlotte in Charlotte, NC.

Development Communities - Construction Completed and Project in Lease-Up ($ in millions)

Total Total % Leased

Community Name Location Homes Cost as of 7/29/2026

Camden Village District Raleigh, NC 369 $139.4 88 %

Development Communities - Construction Ongoing ($ in millions)

Total Total % Leased

Community Name Location Homes Estimated Cost as of 7/29/2026

Camden South Charlotte Charlotte, NC 420 $157.0 13 %

Camden Blakeney Charlotte, NC 349 151.0

Camden Nations Nashville, TN 393 184.0

Total 1,162 $492.0

Acquisition Activity

Community Name Location Total Homes Closing Date Purchase Price

Camden Alpharetta Alpharetta, GA

269

4/30/2026 $89.0

Camden Narcoossee* Orlando, FL

288

4/30/2026 82.3

Camden Franklin Franklin, TN 196 6/16/2026 54.3

Camden Roanoke Roanoke, TX 349 6/23/2026 99.1

Camden Gilbert Gilbert, AZ 320 6/30/2026 124.6

Camden Brandon Tampa, FL 296 7/9/2026 82.1

Camden LoSo Charlotte, NC 343 7/16/2026 114.0

Total 2,061 $645.4

*Formerly known as Camden at Lake Nona

Land Parcels Acres Closing Date Purchase Price

Morrisville, NC 17.9 5/25/2026 $19.0

Tampa, FL 64.4 5/27/2026 26.0

Total 82.3 $45.0

Share Repurchases

Liquidity Analysis

Litigation Update

Earnings Guidance

3Q26 2026 2026 Midpoint

Per Diluted Share Range Range Current Prior Change

EPS(1)

$9.14 - $9.38 $9.76 - $10.10 $9.93 $0.66 $9.27

FFO $1.62 - $1.66 $6.05 - $6.19 $6.12 $6.10 $0.02

Core FFO(2)

$1.67 - $1.71 $6.68 - $6.82 $6.75 $6.75 $0.00

(1) The Company's 2026 EPS guidance is adjusted for the anticipated gain on sale of the California portfolio.

2026 2026 Midpoint

Same Property Growth Guidance Range Current (excluding CA) Prior (excluding CA) Prior (including CA)

Revenues 0.00% - 1.00% 0.50% 0.50% 0.75%

Expenses 2.00% - 3.00% 2.50% 3.00% 3.00%

NOI (1.65)% - 0.45% (0.60)% (0.90)% (0.50)%

Conference Call

Friday, July 31, 2026 at 10:00 AM CT Webcast: https://investors.camdenliving.com

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6740665

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements

About Camden

CAMDEN FINANCIAL HIGHLIGHTS

(In thousands, except per share, property data amounts and ratios)

(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Property revenues $392,944 $396,509 $781,717 $787,074

Adjusted EBITDAre 221,459 227,385 444,230 454,636

Net income attributable to common shareholders 18,790 80,670 61,239 119,492

Per share - basic 0.18 0.74 0.59 1.10

Per share - diluted 0.18 0.74 0.59 1.10

Funds from operations 174,157 184,187 297,043 371,122

Per share - diluted 1.68 1.67 2.82 3.37

Core funds from operations 175,078 187,557 356,164 377,375

Per share - diluted 1.68 1.70 3.39 3.42

Core adjusted funds from operations 144,936 157,589 309,872 331,309

Per share - diluted 1.39 1.43 2.95 3.01

Dividends per share 1.06 1.05 2.12 2.10

Dividend payout ratio (FFO) (a)

63.1 % 62.9 % 63.7 % 62.3 %

Interest expensed 41,422 35,375 78,781 69,165

Interest capitalized 4,419 3,473 8,250 7,027

Total interest incurred 45,841 38,848 87,031 76,192

Net Debt to Annualized Adjusted EBITDAre (b)

5.3x 4.2x 5.0x 4.2x

Interest expense coverage ratio 5.3x 6.4x 5.6x 6.6x

Total interest coverage ratio 4.8x 5.9x 5.1x 6.0x

Fixed charge expense coverage ratio 5.3x 6.4x 5.6x 6.6x

Total fixed charge coverage ratio 4.8x 5.9x 5.1x 6.0x

Unencumbered real estate assets (at cost) to unsecured debt ratio 2.9x 3.6x 2.9x 3.6x

Same property NOI growth (c) (d)

(1.4) % 0.2 % (1.1) % 0.6 %

(# of apartment homes included) 50,485 56,781 50,485 56,781

Same property turnover

Gross turnover of apartment homes (annualized) 50 % 51 % 45 % 46 %

Net turnover (excludes on-site transfers and transfers to other Camden communities) 39 % 39 % 35 % 35 %

As of June 30, As of June 30,

2026 2025 2026 2025

Total assets $9,456,080 $9,119,573 $9,456,080 $9,119,573

Total debt $4,848,328 $3,825,963 $4,848,328 $3,825,963

Common and common equivalent shares, outstanding end of period (e)

103,941 110,291 103,941 110,291

Share price, end of period $114.49 $112.69 $114.49 $112.69

Book equity value, end of period (f)

$3,878,315 $4,659,996 $3,878,315 $4,659,996

Market equity value, end of period (g)

$11,900,205 $12,428,693 $11,900,205 $12,428,693

(a) Excludes approximately $53.0 million of certain legal cost related to a litigation settlement for the six months ended June 30, 2026.

(b) Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by either 4 for quarter results or 2 for 6 month results.

(c) "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale.

(d) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.

(e) Includes at June 30, 2026: 102,346 common shares, plus 1,595 common share equivalents upon the assumed conversion of non-controlling units.

(f) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.

(g) Includes: common shares, common units, and common share equivalents.

Note: Please refer to pages 24 - 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN OPERATING RESULTS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

OPERATING DATA

Property revenues (a)

$392,944 $396,509 $781,717 $787,074

Property expenses

Property operating and maintenance 91,303 93,031 181,482 182,729

Real estate taxes 49,641 50,641 99,531 100,363

Total property expenses 140,944 143,672 281,013 283,092

Non-property income

Fee and asset management 3,131 2,633 5,274 5,120

Interest and other income 129 68 382 78

Income on deferred compensation plans 12,595 8,350 11,436 9,548

Total non-property income 15,855 11,051 17,092 14,746

Other expenses

Property management 10,134 9,699 20,392 19,594

Fee and asset management 1,840 641 2,501 1,312

General and administrative 22,348 18,996 37,053 35,944

Interest 41,422 35,375 78,781 69,165

Depreciation and amortization 157,134 152,108 307,134 301,360

Expense on deferred compensation plans 12,595 8,350 11,436 9,548

Other non-operating expenses 400 2,187 61,305 3,947

Total other expenses 245,873 227,356 518,602 440,870

Gain on sale of operating property, including land — 47,293 68,100 47,293

Income from continuing operations before income taxes 21,982 83,825 67,294 125,151

Income tax expense (1,276) (1,231) (2,214) (1,790)

Net income 20,706 82,594 65,080 123,361

Net income allocated to non-controlling interests (1,916) (1,924) (3,841) (3,869)

Net income attributable to common shareholders $18,790 $80,670 $61,239 $119,492

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income $20,706 $82,594 $65,080 $123,361

Other comprehensive income

Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 251 351 608 702

Comprehensive income 20,957 82,945 65,688 124,063

Net income allocated to non-controlling interests (1,916) (1,924) (3,841) (3,869)

Comprehensive income attributable to common shareholders $19,041 $81,021 $61,847 $120,194

PER SHARE DATA

Total earnings per common share - basic $0.18 $0.74 $0.59 $1.10

Total earnings per common share - diluted 0.18 0.74 0.59 1.10

Weighted average number of common shares outstanding:

Basic 102,342 108,636 103,577 108,584

Diluted 102,363 109,400 103,624 108,636

Note: Please refer to pages 24 - 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN FUNDS FROM OPERATIONS

(In thousands, except per share and property data amounts)

(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

FUNDS FROM OPERATIONS

Net income attributable to common shareholders $18,790 $80,670 $61,239 $119,492

Real estate depreciation and amortization 153,451 148,886 299,841 295,054

Income allocated to non-controlling interests 1,916 1,924 3,841 3,869

Gain on sale of operating property — (47,293) (67,878) (47,293)

Funds from operations $174,157 $184,187 $297,043 $371,122

Plus: Casualty-related expenses (a)

(3,729) (1,099) (3,479) (969)

Plus: Legal costs and settlements (b)(c)

412 2,311 51,604 4,183

Plus: Expensed transaction, development, and other pursuit costs (c)

4,237 2,082 6,079 2,963

Plus: Investment losses (b)

— — 4,855 —

Plus: Other miscellaneous items (a)

1 76 62 76

Core funds from operations $175,078 $187,557 $356,164 $377,375

Less: Recurring capitalized expenditures (d)

(30,142) (29,968) (46,292) (46,066)

Core adjusted funds from operations $144,936 $157,589 $309,872 $331,309

PER SHARE DATA

Funds from operations - diluted $1.68 $1.67 $2.82 $3.37

Core funds from operations - diluted 1.68 1.70 3.39 3.42

Core adjusted funds from operations - diluted 1.39 1.43 2.95 3.01

Distributions declared per common share 1.06 1.05 2.12 2.10

Weighted average number of common shares outstanding:

FFO/Core FFO/Core AFFO - diluted 103,957 110,269 105,218 110,230

PROPERTY DATA

Total operating properties (end of period) (e)

176 176 176 176

Total operating apartment homes in operating properties (end of period) (e)

59,676 59,672 59,676 59,672

Total operating apartment homes (weighted average) 58,578 59,633 58,472 59,353

(a) Non-core adjustment generally recorded within Property NOI.

(b) Non-core adjustment generally recorded within Other Non-Operating Expenses.

(d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

(e) Includes joint ventures and properties held for sale, if any.

Note: Please refer to pages 24 - 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN BALANCE SHEETS

(In thousands)

(Unaudited)

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025

ASSETS

Real estate assets, at cost

Land $1,695,652 $1,784,349 $1,787,445 $1,791,077 $1,789,207

Buildings and improvements 11,271,829 11,801,301 11,792,960 11,812,521 11,763,017

12,967,481 13,585,650 13,580,405 13,603,598 13,552,224

Accumulated depreciation (5,014,551) (5,407,880) (5,296,061) (5,234,087) (5,128,622)

Net operating real estate assets 7,952,930 8,177,770 8,284,344 8,369,511 8,423,602

Properties under development and land 500,116 457,994 419,227 384,124 380,437

Total real estate assets 8,453,046 8,635,764 8,703,571 8,753,635 8,804,039

Accounts receivable – affiliates 8,053 8,076 8,884 8,889 8,889

Other assets, net (a)

314,199 285,493 293,292 255,333 262,100

Cash and cash equivalents 44,717 40,684 25,203 25,931 33,091

Restricted cash 10,717 89,610 12,039 11,378 11,454

Real estate and other assets held for sale 625,348 — — — —

Total assets $9,456,080 $9,059,627 $9,042,989 $9,055,166 $9,119,573

LIABILITIES AND EQUITY

Liabilities

Notes payable

Unsecured $4,529,573 $3,931,761 $3,570,193 $3,409,691 $3,495,487

Secured 318,755 318,708 330,597 330,536 330,476

Accounts payable and accrued expenses 248,434 269,623 248,087 232,960 206,018

Accrued real estate taxes 99,264 59,818 92,382 129,697 91,954

Distributions payable 110,389 112,156 114,971 115,518 116,007

Other liabilities (b)

264,968 262,710 248,506 224,989 219,635

Liabilities held for sale 6,382 — — — —

Total liabilities 5,577,765 4,954,776 4,604,736 4,443,391 4,459,577

Equity

Common shares of beneficial interest 1,157 1,157 1,157 1,157 1,157

Additional paid-in capital 5,953,409 5,948,511 5,948,938 5,945,277 5,941,893

Distributions in excess of net income attributable to common shareholders (1,127,157) (1,037,252) (969,240) (1,011,983) (1,007,075)

Treasury shares (1,028,058) (886,052) (620,497) (400,185) (350,166)

Accumulated other comprehensive income (c)

2,773 2,522 2,165 2,027 1,676

Total common equity 3,802,124 4,028,886 4,362,523 4,536,293 4,587,485

Non-controlling interests 76,191 75,965 75,730 75,482 72,511

Total equity 3,878,315 4,104,851 4,438,253 4,611,775 4,659,996

Total liabilities and equity $9,456,080 $9,059,627 $9,042,989 $9,055,166 $9,119,573

(a) Includes net deferred charges of: $7,363 $7,969 $534 $1,296 $1,953

(b) Includes deferred revenues of: $1,170 $1,277 $614 $624 $692

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.

CAMDEN PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2026 (in apartment homes)

"Same Property" Non-"Same Property" Completed in Lease-up Under Construction Held for Sale Grand Total

D.C. Metro (a)

6,194 — — — — 6,194

Houston, TX 7,278 929 — — — 8,207

Phoenix, AZ 4,094 320 — — — 4,414

Dallas, TX 5,148 625 — — — 5,773

SE Florida 3,050 — — — — 3,050

Orlando, FL 3,954 610 — — — 4,564

Atlanta, GA 4,270 269 — — — 4,539

Tampa, FL 3,104 360 — — — 3,464

Charlotte, NC 3,510 — — 769 — 4,279

Denver, CO 2,873 — — — — 2,873

Raleigh, NC 2,892 780 369 — — 4,041

Los Angeles/Orange County, CA — — — — 1,823 1,823

San Diego/Inland Empire, CA — — — — 1,797 1,797

Austin, TX 3,360 678 — — — 4,038

Nashville, TN 758 631 — 393 — 1,782

Total Portfolio 50,485 5,202 369 1,162 3,620 60,838

SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION

WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)

"Same Property" Communities

Operating Communities (b)

Jun 30,

2026 Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025

D.C. Metro (a)

16.1 % 13.5 % 96.5 % 95.7 % 96.1 % 96.7 % 97.3 %

Houston, TX 11.0 % 10.8 % 94.7 % 93.8 % 94.2 % 94.8 % 95.1 %

Phoenix, AZ 9.3 % 7.8 % 95.9 % 95.6 % 95.0 % 94.9 % 94.4 %

Dallas, TX 8.1 % 7.3 % 95.1 % 94.3 % 94.9 % 95.4 % 95.3 %

SE Florida 8.4 % 7.1 % 95.9 % 95.8 % 95.2 % 95.2 % 95.5 %

Orlando, FL 7.8 % 7.3 % 96.0 % 96.1 % 96.1 % 95.9 % 95.7 %

Atlanta, GA 7.9 % 6.9 % 95.5 % 95.3 % 95.2 % 95.8 % 95.3 %

Tampa, FL 7.4 % 7.0 % 95.5 % 95.9 % 94.9 % 94.9 % 95.4 %

Charlotte, NC 6.9 % 5.8 % 95.0 % 94.5 % 94.6 % 95.1 % 95.4 %

Denver, CO 6.3 % 5.3 % 96.2 % 94.7 % 95.1 % 96.6 % 97.0 %

Raleigh, NC 4.7 % 5.5 % 94.7 % 94.1 % 94.5 % 95.4 % 95.6 %

Los Angeles/Orange County, CA — % 4.6 % 95.9 % 95.1 % 95.3 % 95.5 % 95.6 %

San Diego/Inland Empire, CA — % 4.5 % 96.4 % 95.5 % 95.5 % 95.8 % 96.1 %

Austin, TX 4.5 % 4.6 % 96.1 % 96.0 % 95.5 % 95.2 % 94.7 %

Nashville, TN 1.6 % 2.0 % 94.8 % 93.1 % 93.6 % 94.8 % 94.8 %

Total Portfolio 100.0 % 100.0 % 95.6 % 95.0 % 95.1 % 95.5 % 95.6 %

(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.

(b) Operating communities represent all fully-consolidated communities for the period, excluding communities under construction.

(c) Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments, if any.

CAMDEN COMPONENTS OF PROPERTY

NET OPERATING INCOME

(In thousands, except property data amounts)

(Unaudited)

Apartment Three Months Ended June 30, Six Months Ended June 30,

Property Revenues Homes 2026 2025 Change 2026 2025 Change

"Same Property" Communities (a)

50,485 $329,114 $329,307 ($193) $655,851 $656,098 ($247)

Non-"Same Property" Communities (b)

5,202 25,787 18,942 6,845 49,091 34,717 14,374

Development and Lease-Up Communities (c)

1,531 1,646 283 1,363 2,927 318 2,609

Held for Sale Communities (d)

3,620 34,466 33,771 695 68,692 67,205 1,487

Disposition/Other (f)

— 1,931 14,206 (12,275) 5,156 28,736 (23,580)

Total Property Revenues 60,838 $392,944 $396,509 ($3,565) $781,717 $787,074 ($5,357)

Property Expenses

"Same Property" Communities (a)

50,485 $121,687 $118,878 $2,809 $238,359 $233,770 $4,589

Non-"Same Property" Communities (b)

5,202 10,078 7,980 2,098 19,770 14,760 5,010

Development and Lease-Up Communities (c)

1,531 604 230 374 1,179 261 918

Held for Sale Communities (d)

3,620 11,897 11,137 760 23,271 21,926 1,345

Disposition/Other (f)

— (3,322) 5,447 (8,769) (1,566) 12,375 (13,941)

Total Property Expenses 60,838 $140,944 $143,672 ($2,728) $281,013 $283,092 ($2,079)

Property Net Operating Income

"Same Property" Communities (a)

50,485 $207,427 $210,429 ($3,002) $417,492 $422,328 ($4,836)

Non-"Same Property" Communities (b)

5,202 15,709 10,962 4,747 29,321 19,957 9,364

Development and Lease-Up Communities (c)

1,531 1,042 53 989 1,748 57 1,691

Held for Sale Communities (d)(e)

3,620 22,569 22,634 (65) 45,421 45,279 142

Disposition/Other (f)

— 5,253 8,759 (3,506) 6,722 16,361 (9,639)

Total Property Net Operating Income 60,838 $252,000 $252,837 ($837) $500,704 $503,982 ($3,278)

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities held for sale. The Company defines properties under redevelopment as communities with capital expenditures which improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is beneficial as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2025, including communities under redevelopment, and excluding properties held for sale.

(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2025, excluding communities held for sale.

(d) "Held for Sale" Communities are communities and associated non-multifamily rental communities we wholly-owned and were stabilized since January 1, 2025, which met the held for sale criteria, but did not meet the criteria to be classified as discontinued operations. As of June 30, 2026, Camden's California communities were the only communities classified as held for sale.

(e) Net Operating Income related to non-multifamily rental communities was $0.453 million and $0.587 million for the three months ended June 30, 2026 and 2025, respectively, and was $0.952 million and $1.058 million for the six months ended in June 30, 2026 and 2025, respectively.

(f) "Disposition/Other" includes communities disposed of which are not classified as discontinued operations, non-multifamily rental communities not classified as held for sale, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including net above-below market leases, casualty-related expenses net of recoveries, and severance related costs.

CAMDEN COMPONENTS OF PROPERTY

SEQUENTIAL NET OPERATING INCOME

(In thousands, except property data amounts)

(Unaudited)

Three Months Ended

Apartment June 30, March 31, December 31, September 30, June 30,

Property Revenues Homes 2026 2026 2025 2025 2025

"Same Property" Communities (a)

50,485 $329,114 $326,737 $326,591 $329,595 $329,307

Non-"Same Property" Communities (b)

5,202 25,787 23,304 21,916 21,187 18,942

Development and Lease-Up Communities (c)

1,531 1,646 1,281 1,077 790 283

Held for Sale Communities (d)

3,620 34,466 34,226 34,008 33,932 33,771

Disposition/Other (f)

— 1,931 3,225 7,202 10,172 14,206

Total Property Revenues 60,838 $392,944 $388,773 $390,794 $395,676 $396,509

Property Expenses

"Same Property" Communities (a)

50,485 $121,687 $116,672 $114,438 $120,418 $118,878

Non-"Same Property" Communities (b)

5,202 10,078 9,692 8,410 8,589 7,980

Development and Lease-Up Communities (c)

1,531 604 575 701 539 230

Held for Sale Communities (d)

3,620 11,897 11,374 10,939 11,628 11,137

Disposition/Other (f)

— (3,322) 1,756 3,434 4,522 5,447

Total Property Expenses 60,838 $140,944 $140,069 $137,922 $145,696 $143,672

Property Net Operating Income

"Same Property" Communities (a)

50,485 $207,427 $210,065 $212,153 $209,177 $210,429

Non-"Same Property" Communities (b)

5,202 15,709 13,612 13,506 12,598 10,962

Development and Lease-Up Communities (c)

1,531 1,042 706 376 251 53

Held for Sale Communities (d)(e)

3,620 22,569 22,852 23,069 22,304 22,634

Disposition/Other (f)

— 5,253 1,469 3,768 5,650 8,759

Total Property Net Operating Income 60,838 $252,000 $248,704 $252,872 $249,980 $252,837

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2025, including communities under redevelopment, and excluding properties held for sale.

(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2025, excluding communities held for sale.

(e) Net Operating Income related to non-multifamily rental communities was $0.453 million for the three months ended June 30, 2026, $0.499 million for the three months ended March 31, 2026, $0.530 million for the three months ended December 31, 2025, $0.470 million for the three months ended September 30, 2025, and $0.587 million for the three months ended June 30, 2025.

CAMDEN "SAME PROPERTY"

SECOND QUARTER COMPARISONS

June 30, 2026

(In thousands, except property data amounts)

(Unaudited)

Apartment

Homes Revenues Expenses NOI

Quarterly Results (a)(b)

Included 2Q26 2Q25 Growth 2Q26 2Q25 Growth 2Q26 2Q25 Growth

D.C. Metro 6,194 $49,373 $48,678 1.4 % $15,969 $14,949 6.8 % $33,404 $33,729 (1.0) %

Houston, TX 7,278 40,872 40,649 0.5 % 17,982 17,751 1.3 % 22,890 22,898 0.0 %

Phoenix, AZ 4,094 27,353 27,416 (0.2) % 8,063 7,842 2.8 % 19,290 19,574 (1.5) %

SE Florida 3,050 27,034 26,733 1.1 % 9,903 9,796 1.1 % 17,131 16,937 1.1 %

Atlanta, GA 4,270 27,471 27,117 1.3 % 11,132 10,340 7.7 % 16,339 16,777 (2.6) %

Dallas, TX 5,148 29,499 29,430 0.2 % 12,637 12,760 (1.0) % 16,862 16,670 1.2 %

Orlando, FL 3,954 25,152 25,263 (0.4) % 8,879 9,476 (6.3) % 16,273 15,787 3.1 %

Tampa, FL 3,104 23,449 23,661 (0.9) % 8,029 8,335 (3.7) % 15,420 15,326 0.6 %

Charlotte, NC 3,510 20,805 20,966 (0.8) % 6,459 6,434 0.4 % 14,346 14,532 (1.3) %

Denver, CO 2,873 19,868 20,723 (4.1) % 6,719 6,502 3.3 % 13,149 14,221 (7.5) %

Raleigh, NC 2,892 15,774 15,789 (0.1) % 6,029 5,200 15.9 % 9,745 10,589 (8.0) %

Austin, TX 3,360 17,334 17,688 (2.0) % 7,979 7,963 0.2 % 9,355 9,725 (3.8) %

Nashville, TN 758 5,130 5,194 (1.2) % 1,907 1,530 24.6 % 3,223 3,664 (12.0) %

Total Same Property 50,485 $329,114 $329,307 (0.1) % $121,687 $118,878 2.4 % $207,427 $210,429 (1.4) %

Weighted Average Monthly Weighted Average Monthly

% of NOI

Average Occupancy (a)

Rental Rate (c)

Revenue per Occupied Home (d)

Quarterly Results (b)

Contribution 2Q26 2Q25 Growth 2Q26 2Q25 Growth 2Q26 2Q25 Growth

D.C. Metro 16.1 % 96.5 % 97.3 % (0.8) % $2,392 $2,354 1.6 % $2,752 $2,692 2.2 %

Houston, TX 11.0 % 95.1 % 94.9 % 0.2 % 1,650 1,658 (0.5) % 1,969 1,962 0.3 %

Phoenix, AZ 9.3 % 95.9 % 94.6 % 1.3 % 1,952 1,982 (1.5) % 2,324 2,360 (1.5) %

SE Florida 8.4 % 95.9 % 95.5 % 0.4 % 2,701 2,701 0.0 % 3,081 3,058 0.7 %

Atlanta, GA 7.9 % 95.5 % 95.3 % 0.2 % 1,913 1,900 0.7 % 2,246 2,221 1.1 %

Dallas, TX 8.1 % 95.1 % 95.3 % (0.2) % 1,724 1,729 (0.3) % 2,008 2,000 0.4 %

Orlando, FL 7.8 % 96.2 % 95.7 % 0.5 % 1,909 1,925 (0.8) % 2,204 2,225 (0.9) %

Tampa, FL 7.4 % 95.5 % 95.6 % (0.1) % 2,291 2,324 (1.4) % 2,636 2,658 (0.8) %

Charlotte, NC 6.9 % 95.0 % 95.4 % (0.4) % 1,779 1,799 (1.1) % 2,080 2,087 (0.4) %

Denver, CO 6.3 % 96.2 % 97.0 % (0.8) % 2,104 2,141 (1.7) % 2,397 2,480 (3.3) %

Raleigh, NC 4.7 % 95.9 % 95.8 % 0.1 % 1,604 1,610 (0.4) % 1,896 1,899 (0.2) %

Austin, TX 4.5 % 95.9 % 94.8 % 1.1 % 1,492 1,556 (4.1) % 1,793 1,851 (3.1) %

Nashville, TN 1.6 % 95.8 % 95.3 % 0.5 % 2,156 2,230 (3.3) % 2,357 2,399 (1.7) %

Total Same Property 100.0 % 95.7 % 95.6 % 0.1 % $1,948 $1,959 (0.6) % $2,270 $2,273 (0.2) %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.

(c) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(d) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.

CAMDEN "SAME PROPERTY"

SEQUENTIAL QUARTER COMPARISONS

June 30, 2026

(In thousands, except property data amounts)

(Unaudited)

Apartment

Homes Revenues Expenses NOI

Quarterly Results (a)(b)

Included 2Q26 1Q26 Growth 2Q26 1Q26 Growth 2Q26 1Q26 Growth

D.C. Metro 6,194 $49,373 $48,863 1.0 % $15,969 $15,638 2.1 % $33,404 $33,225 0.5 %

Houston, TX 7,278 40,872 40,249 1.5 % 17,982 17,772 1.2 % 22,890 22,477 1.8 %

Phoenix, AZ 4,094 27,353 27,253 0.4 % 8,063 7,671 5.1 % 19,290 19,582 (1.5) %

SE Florida 3,050 27,034 26,901 0.5 % 9,903 9,671 2.4 % 17,131 17,230 (0.6) %

Atlanta, GA 4,270 27,471 27,310 0.6 % 11,132 10,346 7.6 % 16,339 16,964 (3.7) %

Dallas, TX 5,148 29,499 29,121 1.3 % 12,637 12,396 1.9 % 16,862 16,725 0.8 %

Orlando, FL 3,954 25,152 25,219 (0.3) % 8,879 8,873 0.1 % 16,273 16,346 (0.4) %

Tampa, FL 3,104 23,449 23,610 (0.7) % 8,029 8,576 (6.4) % 15,420 15,034 2.6 %

Charlotte, NC 3,510 20,805 20,551 1.2 % 6,459 6,216 3.9 % 14,346 14,335 0.1 %

Denver, CO 2,873 19,868 19,729 0.7 % 6,719 5,444 23.4 % 13,149 14,285 (8.0) %

Raleigh, NC 2,892 15,774 15,586 1.2 % 6,029 4,942 22.0 % 9,745 10,644 (8.4) %

Austin, TX 3,360 17,334 17,260 0.4 % 7,979 7,519 6.1 % 9,355 9,741 (4.0) %

Nashville, TN 758 5,130 5,085 0.9 % 1,907 1,608 18.6 % 3,223 3,477 (7.3) %

Total Same Property 50,485 $329,114 $326,737 0.7 % $121,687 $116,672 4.3 % $207,427 $210,065 (1.3) %

Weighted Average Monthly Weighted Average Monthly

% of NOI

Average Occupancy (a)

Rental Rate (c)

Revenue per Occupied Home (d)

Quarterly Results (b)

Contribution 2Q26 1Q26 Growth 2Q26 1Q26 Growth 2Q26 1Q26 Growth

D.C. Metro 16.1 % 96.5 % 95.7 % 0.8 % $2,392 $2,385 0.3 % $2,752 $2,746 0.2 %

Houston, TX 11.0 % 95.1 % 94.1 % 1.0 % 1,650 1,651 (0.1) % 1,969 1,959 0.5 %

Phoenix, AZ 9.3 % 95.9 % 95.6 % 0.3 % 1,952 1,956 (0.2) % 2,324 2,322 0.1 %

SE Florida 8.4 % 95.9 % 95.8 % 0.1 % 2,701 2,699 0.1 % 3,081 3,070 0.4 %

Atlanta, GA 7.9 % 95.5 % 95.3 % 0.2 % 1,913 1,906 0.4 % 2,246 2,237 0.4 %

Dallas, TX 8.1 % 95.1 % 94.2 % 0.9 % 1,724 1,722 0.1 % 2,008 2,001 0.4 %

Orlando, FL 7.8 % 96.2 % 96.0 % 0.2 % 1,909 1,910 (0.1) % 2,204 2,215 (0.5) %

Tampa, FL 7.4 % 95.5 % 95.9 % (0.4) % 2,291 2,302 (0.5) % 2,636 2,644 (0.3) %

Charlotte, NC 6.9 % 95.0 % 94.5 % 0.5 % 1,779 1,783 (0.2) % 2,080 2,065 0.7 %

Denver, CO 6.3 % 96.2 % 94.7 % 1.5 % 2,104 2,115 (0.5) % 2,397 2,418 (0.8) %

Raleigh, NC 4.7 % 95.9 % 94.6 % 1.3 % 1,604 1,603 0.1 % 1,896 1,898 (0.1) %

Austin, TX 4.5 % 95.9 % 95.8 % 0.1 % 1,492 1,503 (0.7) % 1,793 1,788 0.3 %

Nashville, TN 1.6 % 95.8 % 94.3 % 1.5 % 2,156 2,170 (0.6) % 2,357 2,371 (0.6) %

Total Same Property 100.0 % 95.7 % 95.1 % 0.6 % $1,948 $1,949 (0.1) % $2,270 $2,267 0.1 %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(c) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(d) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.

CAMDEN "SAME PROPERTY"

YEAR TO DATE COMPARISONS

June 30, 2026

(In thousands, except property data amounts)

(Unaudited)

Apartment

Homes Revenues Expenses NOI

Year to Date Results (a)(b)

Included 2026 2025 Growth 2026 2025 Growth 2026 2025 Growth

D.C. Metro 6,194 $98,236 $96,808 1.5 % $31,607 $30,381 4.0 % $66,629 $66,427 0.3 %

Houston, TX 7,278 81,121 81,060 0.1 % 35,754 35,423 0.9 % 45,367 45,637 (0.6) %

Phoenix, AZ 4,094 54,606 54,873 (0.5) % 15,734 15,223 3.4 % 38,872 39,650 (2.0) %

SE Florida 3,050 53,935 53,086 1.6 % 19,574 19,668 (0.5) % 34,361 33,418 2.8 %

Atlanta, GA 4,270 54,781 53,933 1.6 % 21,478 18,279 17.5 % 33,303 35,654 (6.6) %

Dallas, TX 5,148 58,620 58,687 (0.1) % 25,033 25,200 (0.7) % 33,587 33,487 0.3 %

Orlando, FL 3,954 50,371 50,476 (0.2) % 17,752 18,866 (5.9) % 32,619 31,610 3.2 %

Tampa, FL 3,104 47,059 47,439 (0.8) % 16,605 16,447 1.0 % 30,454 30,992 (1.7) %

Charlotte, NC 3,510 41,356 41,663 (0.7) % 12,675 12,719 (0.3) % 28,681 28,944 (0.9) %

Denver, CO 2,873 39,597 40,924 (3.2) % 12,163 12,464 (2.4) % 27,434 28,460 (3.6) %

Raleigh, NC 2,892 31,360 31,481 (0.4) % 10,971 10,320 6.3 % 20,389 21,161 (3.6) %

Austin, TX 3,360 34,594 35,434 (2.4) % 15,498 15,686 (1.2) % 19,096 19,748 (3.3) %

Nashville, TN 758 10,215 10,234 (0.2) % 3,515 3,094 13.6 % 6,700 7,140 (6.2) %

Total Same Property 50,485 $655,851 $656,098 0.0 % $238,359 $233,770 2.0 % $417,492 $422,328 (1.1) %

Weighted Average Monthly Weighted Average Monthly

% of NOI

Average Occupancy (a)

Rental Rate (c)

Revenue per Occupied Home (d)

Year to Date Results (b)

Contribution 2026 2025 Growth 2026 2025 Growth 2026 2025 Growth

D.C. Metro 16.0 % 96.1 % 97.2 % (1.1) % $2,388 $2,341 2.0 % $2,751 $2,680 2.6 %

Houston, TX 10.9 % 94.6 % 95.0 % (0.4) % 1,650 1,656 (0.4) % 1,964 1,954 0.5 %

Phoenix, AZ 9.3 % 95.8 % 95.1 % 0.7 % 1,954 1,986 (1.6) % 2,321 2,350 (1.2) %

SE Florida 8.2 % 95.9 % 95.3 % 0.6 % 2,700 2,698 0.1 % 3,074 3,042 1.0 %

Atlanta, GA 8.0 % 95.4 % 95.2 % 0.2 % 1,910 1,900 0.5 % 2,242 2,211 1.4 %

Dallas, TX 8.0 % 94.6 % 95.1 % (0.5) % 1,723 1,731 (0.5) % 2,005 1,998 0.4 %

Orlando, FL 7.7 % 96.1 % 95.8 % 0.3 % 1,909 1,924 (0.8) % 2,209 2,222 (0.5) %

Tampa, FL 7.3 % 95.7 % 96.0 % (0.3) % 2,296 2,319 (1.0) % 2,640 2,655 (0.5) %

Charlotte, NC 6.9 % 94.8 % 95.3 % (0.5) % 1,781 1,796 (0.8) % 2,072 2,076 (0.2) %

Denver, CO 6.6 % 95.5 % 96.0 % (0.5) % 2,109 2,141 (1.5) % 2,407 2,473 (2.7) %

Raleigh, NC 4.9 % 95.2 % 95.8 % (0.6) % 1,603 1,609 (0.4) % 1,898 1,894 0.2 %

Austin, TX 4.6 % 95.9 % 94.8 % 1.1 % 1,497 1,563 (4.2) % 1,790 1,855 (3.5) %

Nashville, TN 1.6 % 95.1 % 93.6 % 1.5 % 2,163 2,233 (3.1) % 2,362 2,404 (1.7) %

Total Same Property 100.0 % 95.4 % 95.5 % (0.1) % $1,948 $1,957 (0.5) % $2,268 $2,266 0.1 %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(c) Weighted average monthly rental rates are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(d) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.

CAMDEN "SAME PROPERTY" OPERATING EXPENSE

DETAIL AND COMPARISONS

June 30, 2026

(In thousands)

(Unaudited)

% of Actual

2Q26 Operating

Quarterly Comparison (a) (b)

2Q26 2Q25 $ Change % Change Expenses

Property Taxes $41,928 $41,245 $683 1.7 % 34.5 %

Salaries and Benefits for On-site Employees 23,622 22,685 937 4.1 % 19.4 %

Utilities 23,696 23,002 694 3.0 % 19.5 %

Repairs and Maintenance 15,893 16,031 (138) (0.9) % 13.1 %

Property Insurance 6,870 6,645 225 3.4 % 5.6 %

General and Administrative 5,640 5,673 (33) (0.6) % 4.6 %

Marketing and Leasing 3,188 2,760 428 15.5 % 2.6 %

Other 850 837 13 1.6 % 0.7 %

Total Same Property $121,687 $118,878 $2,809 2.4 % 100.0 %

% of Actual

2Q26 Operating

Sequential Comparison (a) (b)

2Q26 1Q26 $ Change % Change Expenses

Property Taxes $41,928 $41,500 $428 1.0 % 34.5 %

Salaries and Benefits for On-site Employees 23,622 22,209 1,413 6.4 % 19.4 %

Utilities 23,696 23,318 378 1.6 % 19.5 %

Repairs and Maintenance 15,893 13,637 2,256 16.5 % 13.1 %

Property Insurance 6,870 7,106 (236) (3.3) % 5.6 %

General and Administrative 5,640 5,910 (270) (4.6) % 4.6 %

Marketing and Leasing 3,188 2,188 1,000 45.7 % 2.6 %

Other 850 804 46 5.7 % 0.7 %

Total Same Property $121,687 $116,672 $5,015 4.3 % 100.0 %

% of Actual

2026 Operating

Year to Date Comparison (a) (b)

2026 2025 $ Change % Change Expenses

Property Taxes $83,428 $81,978 $1,450 1.8 % 35.0 %

Salaries and Benefits for On-site Employees 45,831 44,230 1,601 3.6 % 19.2 %

Utilities 47,014 46,088 926 2.0 % 19.7 %

Repairs and Maintenance 29,530 29,764 (234) (0.8) % 12.4 %

Property Insurance 13,976 13,971 5 0.0 % 5.9 %

General and Administrative 11,550 11,297 253 2.2 % 4.8 %

Marketing and Leasing 5,376 4,789 587 12.3 % 2.3 %

Other 1,654 1,653 1 0.1 % 0.7 %

Total Same Property $238,359 $233,770 $4,589 2.0 % 100.0 %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and communities held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) "Same Property" results exclude results from other expenses, including casualty-related expenses net of recoveries and severance related costs.

CAMDEN CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF JUNE 30, 2026 ($ in millions)

Estimated/Actual Dates for

Completed Communities in Lease-Up Total Cost to Construction Initial Construction Stabilized As of 7/29/2026

Homes Date Start Occupancy Completion Operations % Leased % Occupied

1. Camden Village District 369 $139.4 2Q22 1Q25 3Q25 1Q27 88% 85%

Raleigh, NC

Estimated/Actual Dates for

Total Total Cost to Amount Construction Initial Construction Stabilized As of 7/29/2026

Development Communities Homes Estimated Cost Date in CIP Start Occupancy Completion Operations % Leased % Occupied

1. Camden South Charlotte 420 $157.0 $136.5 $85.8 2Q24 2Q26 2Q27 4Q28 13% 10%

Charlotte, NC

2. Camden Blakeney 349 151.0 118.3 118.3 2Q24 3Q26 3Q27 3Q28

Charlotte, NC

3. Camden Nations 393 184.0 97.1 97.1 1Q25 1Q28 3Q28 2Q30

Nashville, TN

Total Development Communities 1,162 $492.0 $351.9 $301.2 13% 10%

Additional Development Pipeline and Land(a)

198.9

Total Properties Under Development and Land (per Balance Sheet)

$500.1

NOI Contribution from Development Communities ($ in millions) Cost to Date 2Q26 NOI

Completed Communities in Lease-Up $ 139.4 $ 1.0

Development Communities in Lease-Up 136.5 —

Total Development Communities NOI Contribution $275.9 $1.0

(a) Please refer to the Development Pipeline Summary on page 18.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

CAMDEN DEVELOPMENT PIPELINE & LAND

(Unaudited)

AS OF JUNE 30, 2026 ($ in millions)

Projected Total

PIPELINE COMMUNITIES Homes

Estimated Cost (a)

Cost to Date

1. Camden RTP 398 $126.0 $20.9

Morrisville, NC

2. Camden Gulch 498 301.0 57.6

Nashville, TN

3. Camden Baker 434 199.0 41.5

Denver, CO

4. Camden Riverview 765 242.0 34.0

Tampa, FL

Development Pipeline 2,095 $868.0 $154.0

Other (b)

$44.9

Total Development Pipeline and Land $198.9

(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking estimates are not guarantees of future performances, results, or events. Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasts and estimates routinely require adjustment.

(b) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

CAMDEN ACQUISITIONS & DISPOSITIONS

(Unaudited)

2026 ACQUISITION & DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

2026 Land Acquisitions Location Purchase Price Acres Closing Date

1. Camden RTP Morrisville, NC $19.0 17.9 5/25/2026

2. Camden Riverview Tampa, FL 26.0 64.4 5/27/2026

Total Land Acquisitions $45.0 82.3 Acres

2026 Acquisitions Location Purchase Price Homes Monthly Rental Rate Year Built Closing Date

1. Camden Alpharetta Alpharetta, GA $89.0 269 Homes $2,027 2020 4/30/2026

2. Camden Narcoossee* Orlando, FL 82.3 288 Homes 1,897 2018 4/30/2026

3. Camden Franklin Franklin, TN 54.3 196 Homes 1,784 2014 6/16/2026

4. Camden Roanoke Roanoke, TX 99.1 349 Homes 1,972 2024 6/23/2026

5. Camden Gilbert Gilbert, AZ 124.6 320 Homes 2,245 2022 6/30/2026

6. Camden Brandon Tampa, FL 82.1 296 Homes 2,008 2022 7/9/2026

7. Camden LoSo Charlotte, NC 114.0 343 Homes 1,966 2024 7/16/2026

Total/Average Acquisitions $645.4 2,061 Homes $1,997 2021

* Formerly known as Camden at Lake Nona

2026 Dispositions Location Sales Price Homes Monthly Rental Rate Year Built Closing Date

1. Camden Valley Park Irving, TX $77.0 516 Homes $1,371 1986 2/18/2026

2. Camden Crown Valley Mission Viejo, CA 180.0 380 Homes 2,928 2001 7/29/2026

3. Camden Glendale Glendale, CA 136.0 307 Homes 2,841 2015 7/29/2026

4. Camden Harbor View Long Beach, CA 233.0 559 Homes 2,947 2004/2016 7/29/2026

5. Camden Hillcrest San Diego, CA 73.0 132 Homes 3,705 2021 7/29/2026

6. Camden Landmark Ontario, CA 177.0 469 Homes 2,347 2006 7/29/2026

7. Camden Main and Jamboree Irvine, CA 139.0 290 Homes 2,879 2008 7/29/2026

8. Camden Old Creek San Marcos, CA 176.0 350 Homes 3,067 2007 7/29/2026

9. Camden Sierra at Otay Ranch Chula Vista, CA 196.0 422 Homes 2,926 2003 7/29/2026

10. The Camden Costa Mesa, CA 141.0 287 Homes 2,891 2016 7/29/2026

11. Camden Tuscany San Diego, CA 72.0 160 Homes 3,187 2003 7/29/2026

12. Camden Vineyards Murrieta, CA 102.0 264 Homes 2,479 2002 7/29/2026

Total/Average California Dispositions $1,625.0 3,620 Homes $2,862 2007

Total/Average Dispositions $1,702.0 4,136 Homes $2,676 2006

CAMDEN DEBT ANALYSIS

(In thousands, except property data amounts)

(Unaudited)

DEBT MATURITIES AS OF JUNE 30, 2026:

Future Scheduled Repayments (a)

Year Amortization Secured

Maturities Unsecured Maturities Total % of Total

Weighted Average Interest Rate on Maturing Debt (b)

2026 ($1,816) $12,050 $541,363 $551,597 11.4 % 4.9 %

2027 (2,921) 174,900 — 171,979 3.5 % 3.9 %

2028 (2,656) 132,025 400,000 529,369 10.9 % 3.8 %

2029 (2,306) — 600,000 597,694 12.3 % 3.8 %

2030 (1,506) — 750,000 748,494 15.4 % 2.9 %

2031 (1,272) — — (1,272) — % — %

2032 (1,336) — — (1,336) — % — %

2033 (1,403) — — (1,403) — % — %

2034 (828) — 400,000 399,172 8.2 % 5.1 %

2035 (839) — — (839) — % — %

Thereafter (2,127) — 900,000 897,873 18.6 % 4.5 %

Total Maturing Debt ($19,010) $318,975 $3,591,363 $3,891,328 80.3 % 4.1 %

Unsecured Line of Credit & Commercial Paper Program (c)

$— $— $957,000 $957,000 19.7 % 4.0 %

Total Debt ($19,010) $318,975 $4,548,363 $4,848,328 100.0 % 4.1 %

Weighted Average Maturity of Debt (d)

5.4 Years

Weighted Average

FLOATING vs. FIXED RATE DEBT: Balance % of Total

Interest Rate (b)

Maturity (d)

Floating rate debt $1,497,956 30.9 % 4.3% 3.1 Years

Fixed rate debt 3,350,372 69.1 % 3.9% 6.5 Years

Total $4,848,328 100.0 % 4.1% 5.4 Years

Weighted Average

SECURED vs. UNSECURED DEBT: Balance % of Total

Interest Rate (b)

Time to Maturity (d)

Unsecured debt $4,529,573 93.4 % 4.1% 5.7 Years

Secured debt 318,755 6.6 % 3.9% 1.2 Years

Total $4,848,328 100.0 % 4.1% 5.4 Years

REAL ESTATE ASSETS: (e)

Total Homes % of Total Total Cost % of Total 2Q26 NOI % of Total

Unencumbered real estate assets 56,476 92.8 % $13,301,683 90.9% $237,709 94.3 %

Encumbered real estate assets 4,362 7.2 % 1,329,405 9.1% 14,291 5.7 %

Total 60,838 100.0 % $14,631,088 100.0% $252,000 100.0 %

Ratio of unencumbered assets at cost to unsecured debt is 2.9x

(a) Includes all available extension options.

(b) Includes the effects of the applicable settled forward interest rate swaps.

(c) Represents our outstanding commercial paper program amount of $600.0 million as of June 30, 2026. Under the terms of this program, we may issue up to a maximum aggregate amount of $600.0 million, which is backstopped by our $1.2 billion Line of Credit.

(d) Assumes Commercial Paper will be refinanced using our unsecured Line of Credit with exercisable extension options.

(e) Real estate assets include communities under development and properties held for sale.

CAMDEN DEBT MATURITY ANALYSIS

(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2026 AND 2027:

Future Scheduled Repayments(a)

Weighted Average Interest on Maturing Debt

Quarter Amortization Secured Maturities Unsecured Maturities Total

3Q 2026 ($1,022) $— $40,000 $38,978 4.8 %

4Q 2026 (794) 12,050 501,363 512,619 4.9 %

2026 ($1,816) $12,050 $541,363 $551,597 4.9 %

1Q 2027 ($707) $58,100 $— $57,393 4.0 %

2Q 2027 (754) 51,350 — 50,596 3.8 %

3Q 2027 (738) 48,950 — 48,212 3.9 %

4Q 2027 (722) 16,500 — 15,778 3.8 %

2027 ($2,921) $174,900 $— $171,979 3.9 %

(a) Maturities exclude unsecured Line of Credit and Commercial Paper Program.

CAMDEN DEBT COVENANT ANALYSIS

(Unaudited)

UNSECURED LINE OF CREDIT

Covenant (a)

Required

Actual (b)

Compliance

Total Consolidated Debt to Gross Asset Value < 60% 28% Yes

Secured Debt to Gross Asset Value < 40% 2% Yes

Consolidated Adjusted EBITDAre to Total Fixed Charges > 150% 454% Yes

Unsecured Debt to Gross Asset Value < 60% 28% Yes

SENIOR UNSECURED NOTES

Covenant (a)

Required

Actual (b)

Compliance

Total Consolidated Debt to Total Asset Value < 60% 34% Yes

Total Secured Debt to Total Asset Value < 40% 2% Yes

Total Unencumbered Asset Value to Total Unsecured Debt > 150% 290% Yes

Consolidated Income Available for Debt Service to Total Annual Service Charges > 150% 476% Yes

(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

CAMDEN CAPITALIZED EXPENDITURES

& MAINTENANCE EXPENSE

(In thousands, except unit data)

(Unaudited)

Second Quarter 2026

Recurring Capitalized Expensed

Item

Weighted Average Useful Life (a)

Total Per Unit Total Per Unit

Interiors

Floor Coverings 4 years $2,626 $45 $480 $8

Appliances 9 years 1,435 25 575 10

Painting — — — 2,067 35

Cabinetry/Countertops 8 years 254 4 — —

Other 8 years 2,488 42 1,639 28

Exteriors

Painting 6 years 230 4 — —

Carpentry 10 years 844 14 — —

Landscaping 6 years 636 11 4,083 70

Roofing 10 years 4,326 74 391 7

Site Drainage 10 years 81 1 — —

Fencing/Stair 10 years 758 13 — —

Other (b)

8 years 4,539 78 5,970 102

Common Areas

Mech., Elec., Plumbing 9 years 8,177 140 3,705 63

Parking/Paving 5 years 408 7 — —

Pool/Exercise/Facility 6 years 3,340 57 410 7

Total Recurring (c)

$30,142 $515 $19,320 $330

Weighted Average Apartment Homes 58,578 58,578

Non-recurring & revenue enhancing capitalized expenditures (d)

$738

Reposition Expenditures (e)

10 years $20,478 $34,017

Repositioned Apartment Homes 602

Year to Date 2026

Recurring Capitalized Expensed

Item

Weighted Average Useful Life (a)

Total Per Unit Total Per Unit

Interiors

Floor Coverings 4 years $4,966 $85 $954 $16

Appliances 9 years 2,967 51 1,162 20

Painting — — — 3,708 63

Cabinetry/Countertops 8 years 422 7 — —

Other 8 years 4,690 80 3,029 52

Exteriors

Painting 6 years 267 5 — —

Carpentry 10 years 962 17 — —

Landscaping 6 years 1,158 20 7,777 133

Roofing 10 years 5,570 95 652 11

Site Drainage 10 years 188 3 — —

Fencing/Stair 10 years 1,009 17 — —

Other (b)

8 years 7,251 124 10,750 184

Common Areas

Mech., Elec., Plumbing 9 years 12,177 208 7,178 123

Parking/Paving 5 years 542 9 — —

Pool/Exercise/Facility 6 years 4,123 71 860 15

Total Recurring (c)

$46,292 $792 $36,070 $617

Weighted Average Apartment Homes 58,472 58,472

Non-recurring & revenue enhancing capitalized expenditures (d)

$956

Reposition Expenditures (e)

10 years $41,933 $35,810

Repositioned Apartment Homes 1,171

(a) Weighted average useful life of capitalized expenses for the three and six months ended June 30, 2026.

(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

(d) Capital expenditures primarily composed of non-recurring or one-time additions such as our smart access solution, LED lighting programs, and other non-routine items.

(e) Represents capital expenditures for the three and six months ended June 30, 2026 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.

CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

FFO

Core FFO

Core Adjusted FFO

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net income attributable to common shareholders $18,790 $80,670 $61,239 $119,492

Real estate depreciation and amortization 153,451 148,886 299,841 295,054

Income allocated to non-controlling interests 1,916 1,924 3,841 3,869

Gain on sale of operating property — (47,293) (67,878) (47,293)

Funds from operations $174,157 $184,187 $297,043 $371,122

Plus: Casualty-related expenses

(3,729) (1,099) (3,479) (969)

Plus: Legal costs and settlements

412 2,311 51,604 4,183

Plus: Expensed transaction, development, and other pursuit costs

4,237 2,082 6,079 2,963

Plus: Investment losses

— — 4,855 —

Plus: Other miscellaneous items 1 76 62 76

Core funds from operations $175,078 $187,557 $356,164 $377,375

Less: Recurring capitalized expenditures (30,142) (29,968) (46,292) (46,066)

Core adjusted funds from operations $144,936 $157,589 $309,872 $331,309

Weighted average number of common shares outstanding:

EPS diluted 102,363 109,400 103,624 108,636

FFO/Core FFO/Core AFFO diluted 103,957 110,269 105,218 110,230

CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

Reconciliation of FFO, Core FFO, and Core AFFO per share

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Total Earnings Per Common Share - Diluted $0.18 $0.74 $0.59 $1.10

Real estate depreciation and amortization 1.48 1.35 2.85 2.67

Income allocated to non-controlling interests 0.02 0.01 0.03 0.03

Gain on sale of operating property — (0.43) (0.65) (0.43)

FFO per common share - Diluted $1.68 $1.67 $2.82 $3.37

Plus: Casualty-related expenses (0.04) (0.01) (0.03) (0.01)

Plus: Legal costs and settlements — 0.02 0.49 0.03

Plus: Expensed transaction, development, and other pursuit costs 0.04 0.02 0.06 0.03

Plus: Investment losses

— — 0.05 —

Plus: Other miscellaneous items — — — —

Core FFO per common share - Diluted $1.68 $1.70 $3.39 $3.42

Less: Recurring capitalized expenditures

(0.29) (0.27) (0.44) (0.41)

Core AFFO per common share - Diluted $1.39 $1.43 $2.95 $3.01

Expected FFO & Core FFO

3Q26 Range 2026 Range

Low High Low High

Expected earnings per common share - diluted $9.14 $9.38 $9.76 $10.10

Expected real estate depreciation and amortization 1.55 1.55 5.89 5.89

Expected income allocated to non-controlling interests 0.02 0.02 0.08 0.08

Expected (gain) on sale of operating properties (9.09) (9.29) (9.68) (9.88)

Expected FFO per share - diluted $1.62 $1.66 $6.05 $6.19

Anticipated Adjustments to FFO 0.05 0.05 0.63 0.63

Expected Core FFO per share - diluted $1.67 $1.71 $6.68 $6.82

Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.

CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net income $20,706 $82,594 $65,080 $123,361

Less: Fee and asset management income (3,131) (2,633) (5,274) (5,120)

Less: Interest and other income (129) (68) (382) (78)

Less: Income on deferred compensation plans (12,595) (8,350) (11,436) (9,548)

Plus: Property management expense 10,134 9,699 20,392 19,594

Plus: Fee and asset management expense 1,840 641 2,501 1,312

Plus: General and administrative expense 22,348 18,996 37,053 35,944

Plus: Interest expense 41,422 35,375 78,781 69,165

Plus: Depreciation and amortization expense 157,134 152,108 307,134 301,360

Plus: Expense on deferred compensation plans 12,595 8,350 11,436 9,548

Plus: Other non-operating expenses 400 2,187 61,305 3,947

Less: Gain on sale of operating property, including land — (47,293) (68,100) (47,293)

Plus: Income tax expense 1,276 1,231 2,214 1,790

NOI $252,000 $252,837 $500,704 $503,982

"Same Property" Communities $207,427 $210,429 $417,492 $422,328

Non-"Same Property" Communities 15,709 10,962 29,321 19,957

Development and Lease-Up Communities 1,042 53 1,748 57

Held for Sale Communities 22,569 22,634 45,421 45,279

Disposition/Other 5,253 8,759 6,722 16,361

NOI $252,000 $252,837 $500,704 $503,982

CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

EBITDAre and Adjusted EBITDAre

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net income $20,706 $82,594 $65,080 $123,361

Plus: Interest expense 41,422 35,375 78,781 69,165

Plus: Depreciation and amortization expense 157,134 152,108 307,134 301,360

Plus: Income tax expense 1,276 1,231 2,214 1,790

Less: Gain on sale of operating property, including land — (47,293) (68,100) (47,293)

EBITDAre $220,538 $224,015 $385,109 $448,383

Plus: Casualty-related expenses (3,729) (1,099) (3,479) (969)

Plus: Legal costs and settlements 412 2,311 51,604 4,183

Plus: Expensed transaction, development, and other pursuit costs 4,237 2,082 6,079 2,963

Plus: Investment losses

— — 4,855 —

Plus: Other miscellaneous items 1 76 62 76

Adjusted EBITDAre $221,459 $227,385 $444,230 $454,636

Annualized Adjusted EBITDAre $885,836 $909,540 $888,460 $909,272

Net Debt to Annualized Adjusted EBITDAre

Net Debt:

Average monthly balance for the Average monthly balance for the

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Unsecured notes payable $4,362,454 $3,514,627 $4,134,664 $3,459,357

Secured notes payable 318,740 330,456 322,697 330,426

Total average debt 4,681,194 3,845,083 4,457,361 3,789,783

Less: Average cash and cash equivalents (27,369) (18,145) (20,937) (15,223)

Net Debt $4,653,825 $3,826,938 $4,436,424 $3,774,560

Net Debt to Annualized Adjusted EBITDAre:

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net Debt $4,653,825 $3,826,938 $4,436,424 $3,774,560

Annualized Adjusted EBITDAre 885,836 909,540 888,460 909,272

Net Debt to Annualized Adjusted EBITDAre 5.3x 4.2x 5.0x 4.2x

CAMDEN OTHER DEFINITIONS

(Unaudited)

Core FFO: Represents FFO as further adjusted for items not considered part of our core business operations, such as casualty-related expenses, net of recoveries, severance, legal costs and settlements, net of recoveries, loss on early retirement of debt, expensed transaction, development and other pursuit costs, net above/below market lease amortization, advocacy contributions, and miscellaneous income/expense adjustments.

Development Communities: Non-stabilized communities which are under development or have been recently developed, excluding properties held for sale.

Effective Blended Lease Rates: Average change in same property combined new lease and renewal rates versus expiring lease rates when effective, regardless of lease term. Effective blended lease rates are the weighted average of effective new lease rates and effective renewal rates achieved.

Effective New Lease Rates: Average change in same property new lease rates versus expiring lease rates when effective, regardless of lease term.

Effective Renewal Rates: Average change in same property renewal rates versus expiring lease rates when effective, regardless of lease term.

Encumbered Real Estate Assets: Assets subject to a mortgage, deed of trust, lien, pledge, security interest, security agreement or encumbrance of any kind.

Gross Turnover: Total resident moveouts for the period annualized as a percentage of total apartment homes.

Held for Sale Communities: Communities and associated non-multifamily rental communities we wholly-owned and were stabilized since January 1, 2025, which met the held for sale criteria, but did not meet the criteria to be classified as discontinued operations.

Lease-Up Communities: Non-stabilized communities which are in the leasing process and have not yet reached a stabilized level of occupancy.

Net Debt: Average monthly balance of total debt during the period, less the average monthly balance of cash and cash equivalents during the period.

Net Turnover: Total resident move-outs excluding on-site transfers and transfers to other Camden communities for the period annualized as a percentage of total apartment homes.

Non-Core Adjustments: Items not considered part of our core business operations. Items recorded to General and Administrative Expenses generally include severance, legal costs and settlements, net of recoveries, and expensed transaction, development, and other pursuit costs. Items recorded to Property Management Expenses may include advocacy contributions. Items recorded to Interest and Other Income may include miscellaneous income/expense adjustments. Items recorded to Property Revenues may include net above/below market lease amortization. Items recorded to Property Expenses generally include casualty-related expenses, net of recoveries, and may include severance-related costs. Other Non-Operating Expenses include certain litigation settlements and other associated litigation matters, as well as investment charges.

Non-Recurring & Revenue Enhancing Capitalized Expenditures: Capital expenditures primarily composed of non-recurring or one-time additions such as smart access solutions, LED lighting programs, and other non-routine items.

Non-Same Property Communities: Stabilized communities not owned or stabilized since January 1, 2025, including communities under redevelopment, and excluding properties held for sale.

Occupancy: Number of physically occupied apartment homes for the period divided by total apartment homes.

Operating Communities: Wholly owned communities, excluding communities under construction.

Recurring Capital Expenditures: Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

Redevelopment Communities: Communities with capital expenditures that improve cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades.

Reposition Expenditures: Capital expenditures for apartment unit renovations, including kitchen and bath upgrades or other new amenities, designed to position assets for higher rental levels in their respective markets.

Same Property Communities: Communities wholly owned by the Company and stabilized since January 1, 2025, excluding communities under redevelopment and communities held for sale.

Stabilized Communities: Communities which have reached and maintained an occupancy level at or above 90% for the prior 30 days.

Unencumbered Real Estate Assets: Assets free and clear of any mortgage, deed of trust, lien, pledge, security interest, security agreement or encumbrance of any kind.

Weighted Average Monthly Rental Rate: Rental rate for leases in place and vacant units at market rate after loss to lease and concessions, but before vacancy and bad debt.

Weighted Average Monthly Revenue Per Occupied Home: Reported revenues divided by average occupied homes for the period on a monthly basis.

CAMDEN OTHER DATA

(Unaudited)

Stock Symbol: CPT

Exchange Traded: NYSE

NYSE Texas

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

Estimated Future Dates: Q3 '26 Q4 '26 Q1 '27 Q2 '27

Earnings Release & Conference Call Early November Early February Early May Late July

Dividend Information - Common Shares: Q1 '26 Q2 '26

Declaration Date 2/5/2026 6/15/2026

Record Date 3/31/2026 6/30/2026

Payment Date 4/17/2026 7/17/2026

Distributions Per Share $1.06 $1.06

Investor Relations Data:

Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request.

For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787.

To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com.

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Filename: R1.htm · Sequence: 11

v3.26.1

Document and Entity Information Document and Entity Information

Jul. 30, 2026

Document And Entity Information [Abstract]

Title of 12(b) Security

Common Shares of Beneficial Interest, $.01 par value

Entity Incorporation, State or Country Code

Entity Central Index Key

0000906345

Entity Emerging Growth Company

false

Document Type

8-K

Document Period End Date

Jul. 30, 2026

Entity Registrant Name

CAMDEN PROPERTY TRUST

Entity Address, Address Line One

2800 Post Oak Boulevard, Suite 2700

Entity Address, City or Town

Houston

Entity Address, State or Province

Entity Address, Postal Zip Code

77056

City Area Code

713

Local Phone Number

354-2500

Entity File Number

1-12110

Entity Tax Identification Number

76-6088377

Trading Symbol

CPT

Security Exchange Name

NYSE

Amendment Flag

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Soliciting Material

false

Written Communications

false

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Document and Entity Information.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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