# EDGAR Filing Document

**Accession Number:** 0000906345
**File Stem:** 0000906345-23-000003
**Filing Date:** 2023-2
**Character Count:** 173121
**Document Hash:** ffd4c9943715b8f873ed375ee375d97e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000906345-23-000003.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0000906345-23-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230202

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAMDEN PROPERTY TRUST
- **CENTRAL INDEX KEY:** 0000906345
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 766088377
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12110
- **FILM NUMBER:** 23581472

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 2400
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7133542500

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 2400
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

?xml version="1.0" ? cpt-20230202

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): February 2, 2023

**CAMDEN PROPERTY TRUST** 

(Exact name of Registrant as Specified in Charter)

TX 1-12110 76-6088377 <br> (State or Other Jurisdiction ofIncorporation) (Commission File Number) (I.R.S. EmployerIdentification Number)

11 Greenway Plaza, Suite 2400, Houston, TX 77046

(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:

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

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

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

☐&nbsp;&nbsp;&nbsp;&nbsp;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 |

---

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**&nbsp;&nbsp;&nbsp;&nbsp;**Results of Operations and Financial Condition.**

On February 2, 2023, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and twelve months ended months ended December 31, 2022. 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**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.

---

| | |
|:---|:---|
| Exhibit <br><u>Number</u> | <u>Title</u> |
| <u>[99.1](exhibit991earningsreleaseq.htm)</u> | Press Release issued by Camden Property Trust dated February 2, 2023 |
| <u>[99.2](exhibit992supplementq422.htm)</u> | Supplemental Financial Information dated February 2, 2023 |
| 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: February 2, 2023

CAMDEN PROPERTY TRUST

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael P. Gallagher&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;

Michael P. Gallagher

Senior Vice President - Chief Accounting Officer

## Exhibit 99.1

![image1a01a02a46.jpg](image1a01a02a46.jpg)

**CAMDEN PROPERTY TRUST ANNOUNCES 2022 OPERATING RESULTS,** 

**2023 FINANCIAL OUTLOOK, AND FIRST QUARTER 2023 DIVIDEND**

Houston, Texas (February 2, 2023) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and twelve months ended December 31, 2022. Net Income Attributable to Common Shareholders ("EPS"), Funds from Operations ("FFO"), and Adjusted Funds from Operations ("AFFO") for the three and twelve months ended December 31, 2022 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
| | December 31, | December 31, | December 31, | December 31, |
| Per Diluted Share | 2022 | 2021 | 2022 | 2021 |
| EPS<sup>(1)(2)</sup> | $0.42 | $2.02 | $6.04 | $2.96 |
| FFO<sup>(1)</sup> | $1.74 | $1.51 | $6.59 | $5.39 |
| AFFO<sup>(1)</sup> | $1.48 | $1.30 | $5.76 | $4.68 |

---

*(1) For the twelve months ended December 31, 2022*, *EPS, FFO, and AFFO included approximately $0.01 per diluted share in storm-related expenses related to Hurricane Ian.*

*(2) For the twelve months ended December 31, 2022*, *EPS included a non-cash gain on acquisition of unconsolidated joint venture interests of approximately $4.37 per diluted share.*

---

| | | | |
|:---|:---|:---|:---|
| | Quarterly Growth | Sequential Growth | Year-To-Date Growth |
| Same Property Results | 4Q22 vs. 4Q21 | 4Q22 vs. 3Q22 | 2022 vs. 2021 |
| Revenues | 9.9% | 0.8% | 11.2% |
| Expenses<sup>(1)</sup> | 8.1% | (3.9)% | 5.1% |
| Net Operating Income ("NOI")<sup>(1)</sup> | 10.9% | 3.3% | 14.6% |

---

*(1) For the twelve months ended December 31, 2022, same property results exclude approximately $1.0 million of storm-related expenses related to Hurricane Ian.*

---

| | | | |
|:---|:---|:---|:---|
| Same Property Results | 4Q22 | 4Q21 | 3Q22 |
| Occupancy | 95.8% | 97.1% | 96.6% |

---

For 2022, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2021, 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.

**<u>Operating Statistics - Same Property Portfolio</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| New Lease and Renewal Data - Date Signed <sup>(1)</sup> | January 2023\* | January 2022 | 4Q22 | 4Q21 |
| New Lease Rates | 2.0% | 16.5% | 4.0% | 16.7% |
| Renewal Rates | 7.3% | 13.5% | 8.4% | 14.2% |
| Blended Rates | 4.2% | 14.9% | 6.1% | 15.5% |
| New Lease and Renewal Data - Date Effective <sup>(2)</sup> | January 2023\* | January 2022 | 4Q22 | 4Q21 |
| New Lease Rates | 1.2% | 16.6% | 5.3% | 17.7% |
| Renewal Rates | 8.4% | 15.0% | 10.1% | 13.6% |
| Blended Rates | 4.8% | 15.8% | 7.6% | 15.7% |

---

*\*Data as of January 30, 2023*

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Occupancy and Turnover Data | January 2023\* | January 2022 | 4Q22 | 4Q21 |
| Occupancy | 95.4% | 97.1% | 95.8% | 97.1% |
| Annualized Gross Turnover | 42% | 43% | 44% | 42% |
| Annualized Net Turnover | 34% | 37% | 37% | 36% |

---

*\*Data as of January 30, 2023*

**<u>Development Activity</u>**

During the quarter, construction was completed at Camden Atlantic in Plantation, FL and leasing continued at Camden Tempe II in Phoenix, AZ.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Total | Total | % Leased |
| Community Name | Location | Homes | Cost | as of 1/30/2023 |
| Camden Atlantic | Plantation, FL | 269 | $100.2 | 87% |

---

Development Communities - Construction Ongoing ($ in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Total | Total | % Leased |
| Community Name | Location | Homes | Estimated Cost | as of 1/30/2023 |
| Camden Tempe II | Tempe, AZ | 397 | $115.0 | 50% |
| Camden NoDa | Charlotte, NC | 387 | 108.0 |  |
| Camden Durham | Durham, NC | 420 | 145.0 |  |
| Camden Village District | Raleigh, NC | 369 | 138.0 |  |
| Camden Woodmill Creek | The Woodlands, TX | 189 | 75.0 |  |
| Camden Long Meadow Farms | Richmond, TX | 188 | 80.0 |  |
| Total |  | 1950 | $661.0 |  |

---

**<u>Capital Markets Transactions</u>**

During the quarter, the Company used the $300 million delayed draw unsecured term loan facility and borrowings from our existing unsecured credit facility to repay the principal amount of our 3.15% senior unsecured note payable which matured on December 15, 2022, for a total of $350.0 million, plus accrued interest. The current weighted average interest rate on our unsecured term loan facility and unsecured credit facility is 5.2%.

**<u>Liquidity Analysis</u>**

As of December 31, 2022, Camden had nearly $1.2 billion of liquidity comprised of approximately $10.7 million in cash and cash equivalents, and over $1.1 billion of availability under its unsecured credit facility. At quarter-end, the Company had $306.7 million left to fund under its existing wholly-owned development pipeline.

**<u>Earnings Guidance</u>**

Camden provided initial earnings guidance for 2023 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2023 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

---

| | | | |
|:---|:---|:---|:---|
| | 1Q23 | 2023 | 2023 |
| Per Diluted Share | Range | Range | Midpoint |
| EPS | $0.36 - $0.40 | $1.53 - $1.83 | $1.68 |
| FFO | $1.63- $1.67 | $6.70 - $7.00 | $6.85 |

---

A reconciliation of 2023 FFO per share guidance as compared to 2022 actual results is detailed below.

------

---

| | |
|:---|:---|
| **2022 FFO per share - actual** | $**6.59** |
| &nbsp;&nbsp;5% Same store NOI growth | 0.36 |
| &nbsp;&nbsp;Additional NOI from Fund acquisition | 0.26 |
| &nbsp;&nbsp;Growth in other non-same store/development communities | 0.16 |
| &nbsp;&nbsp;Increased interest expense | (0.21) |
| &nbsp;&nbsp;2022 Amortization of net below market leases - Fund acquisition | (0.07) |
| &nbsp;&nbsp;2022 Equity in income of joint ventures and management fees - Fund | (0.07) |
| &nbsp;&nbsp;Higher overhead expenses | (0.06) |
| &nbsp;&nbsp;Additional shares outstanding for full year 2023 | (0.06) |
| &nbsp;&nbsp;Other - 2022 Chirp earnout and 2022 disposition | (0.05) |
| **2023 FFO per share - midpoint guidance** | $**6.85** |

---

---

| | | |
|:---|:---|:---|
| | 2023 | 2023 |
| Same Property Growth | Range | Midpoint |
| Revenues | 4.10% - 6.10% | 5.10% |
| Expenses | 4.75% - 6.25% | 5.50% |
| NOI | 3.50% - 6.50% | 5.00% |

---

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company's 2023 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

**<u>Quarterly Dividend Declaration</u>**

Camden's Board of Trust Managers declared a first quarter 2023 dividend of $1.00 per common share payable on April 17, 2023 to shareholders of record as of March 31, 2023. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company's past performance and future prospects, as described in this press release.

**<u>Conference Call</u>**

Friday, February 3, 2023 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 2673669

Webcast: https://investors.camdenliving.com

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.

**<u>Forward-Looking Statements</u>**

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.

**<u>About Camden</u>**

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 interests in and operates 172 properties containing 58,702 apartment homes across the United States. Upon completion of 6 properties currently under development, the Company's portfolio will increase to 60,652 apartment homes in 178 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 15 consecutive years, most recently ranking #26. For additional information, please contact Camden's Investor Relations Department at (713) 354-2787 or access our website at <u>camdenliving.com</u>.

------

---

| | |
|:---|:---|
| **CAMDEN** | **OPERATING RESULTS** |
| | *(In thousands, except per share amounts)* |

---

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **<u>OPERATING DATA</u>** |  |  |  |  |
| **Property revenues** <sup>(a)</sup> | **$375909** | **$305364** | **$1422756** | **$1143585** |
| **Property expenses** <sup>(b)</sup> |  |  |  |  |
| Property operating and maintenance | 81233 | 67343 | 315737 | 267703 |
| Real estate taxes | 45896 | 35711 | 182344 | 149322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property expenses | 127129 | 103054 | 498081 | 417025 |
| **Non-property income** |  |  |  |  |
| Fee and asset management | 931 | 2815 | 5188 | 10532 |
| Interest and other income | 138 | 191 | 3019 | 1223 |
| Income/(loss) on deferred compensation plans | 8813 | 5186 | (19637) | 14369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-property income/(loss) | 9882 | 8192 | (11430) | 26124 |
| **Other expenses** |  |  |  |  |
| Property management | 7373 | 7139 | 28601 | 26339 |
| Fee and asset management | 426 | 1201 | 2516 | 4511 |
| General and administrative | 15887 | 14940 | 60413 | 59368 |
| Interest | 30668 | 24582 | 113424 | 97297 |
| Depreciation and amortization | 147271 | 116503 | 577020 | 420692 |
| Expense/(benefit) on deferred compensation plans | 8813 | 5186 | (19637) | 14369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expenses | 210438 | 169551 | 762337 | 622576 |
| Gain on sale of operating properties |  | 174384 | 36372 | 174384 |
| Gain on acquisition of unconsolidated joint venture interests |  |  | 474146 |  |
| Equity in income of joint ventures |  | 3125 | 3048 | 9777 |
| **Income from continuing operations before income taxes** | **48224** | **218460** | **664474** | **314269** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (753) | (601) | (2966) | (1893) |
| **Net income** | **47471** | **217859** | **661508** | **312376** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less income allocated to non-controlling interests | (1762) | (4961) | (7895) | (8469) |
| **Net income attributable to common shareholders** | **$45709** | **$212898** | **$653613** | **$303907** |
| **<u>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</u>** |  |  |  |  |
| **Net income** | **$47471** | **$217859** | **$661508** | **$312376** |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain and unamortized prior service cost on post retirement obligation | 489 | 154 | 489 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 369 | 373 | 1476 | 1490 |
| **Comprehensive income** | **48329** | **218386** | **663473** | **314020** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less income allocated to non-controlling interests | (1762) | (4961) | (7895) | (8469) |
| **Comprehensive income attributable to common shareholders** | **$46567** | **$213425** | **$655578** | **$305551** |
| **<u>PER SHARE DATA</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earnings per common share - basic | $0.42 | $2.03 | $6.07 | $2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earnings per common share - diluted | 0.42 | 2.02 | 6.04 | 2.96 |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | 108467 | 104611 | 107605 | 101999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | 108512 | 105448 | 108388 | 102829 |

---

*(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 December 31, 2022, we recognized $375.9 million of property revenue which consisted of approximately $336.0 million of rental revenue and approximately $39.9 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 $305.4 million recognized for the three months ended December 31, 2021, made up of approximately $271.4 million of rental revenue and approximately $34.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the twelve months ended December 31, 2022, we recognized $1,422.7 million of property revenue which consisted of approximately $1,265.9 million of rental revenue and approximately $156.8 million of amounts received under contractual terms for other services considered to be non-lease contracts. This compares to the $1,143.6 million of property revenue recognized for the twelve months ended December 31, 2021, made up of approximately $1,009.2 million of rental revenue and approximately $134.4 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 $10.0 million and $8.3 million for the three months ended December 31, 2022 and 2021, respectively and was $37.5 million and $31.5 million for the twelve months ended December 31, 2022 and 2021, respectively.*

*(b) For the twelve months ended December 31, 2022 expenses include approximately $1.0 million in storm-related expenses related to Hurricane Ian.*

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 December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **<u>FUNDS FROM OPERATIONS</u>** |  |  |  |  |
| **Net income attributable to common shareholders** <sup>(a)</sup> | **$45709** | **$212898** | **$653613** | **$303907** |
| Real estate depreciation and amortization | 144105 | 114007 | 565913 | 410767 |
| Adjustments for unconsolidated joint ventures |  | 2688 | 2709 | 10591 |
| Income allocated to non-controlling interests | 1762 | 4961 | 7895 | 8469 |
| Gain on sale of operating property |  | (174384) | (36372) | (174384) |
| Gain on acquisition of unconsolidated joint venture interests |  |  | (474146) |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; Funds from operations** | **$191576** | **$160170** | **$719612** | **$559350** |
| **&nbsp;&nbsp;&nbsp;&nbsp;** Less: recurring capitalized expenditures <sup>(b)</sup> | (29033) | (22398) | (90715) | (73603) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Adjusted funds from operations** | **$162543** | **$137772** | **$628897** | **$485747** |
| **<u>PER SHARE DATA</u>** |  |  |  |  |
| Funds from operations - diluted | $1.74 | $1.51 | $6.59 | $5.39 |
| Adjusted funds from operations - diluted | 1.48 | 1.30 | 5.76 | 4.68 |
| Distributions declared per common share | 0.94 | 0.83 | 3.76 | 3.32 |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| FFO/AFFO - diluted | 110117 | 106322 | 109261 | 103747 |
| **<u>PROPERTY DATA</u>** |  |  |  |  |
| Total operating properties (end of period) <sup>(c)</sup> | 172 | 171 | 172 | 171 |
| Total operating apartment homes in operating properties (end of period) <sup>(c)</sup> | 58702 | 58300 | 58702 | 58300 |
| Total operating apartment homes (weighted average) | 58621 | 51313 | 56566 | 50479 |

---

*(a) Net income attributable to common shareholders for the twelve months ended December 31, 2022 included approximately $1.0 million of storm-related expenses related to Hurricane Ian.*

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

*(c) 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)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dec 31,<br>2022** | **Sep 30,<br>2022** | **Jun 30,<br>2022** | **Mar 31,<br>2022** | **Dec 31,<br>2021** |
| **ASSETS** | | | | | |
| Real estate assets, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $1716273 | $1706396 | $1695118 | $1343209 | $1349594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 10674619 | 10574820 | 10440037 | 8651674 | 8624734 |
|  | 12390892 | 12281216 | 12135155 | 9994883 | 9974328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (3848111) | (3709487) | (3572764) | (3436969) | (3358027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating real estate assets | 8542781 | 8571729 | 8562391 | 6557914 | 6616301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Properties under development, including land | 524981 | 529076 | 581844 | 488100 | 474739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in joint ventures |  |  |  | 13181 | 13730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate assets | 9067762 | 9100805 | 9144235 | 7059195 | 7104770 |
| Accounts receivable – affiliates | 13364 | 13258 | 13258 | 13258 | 18664 |
| Other assets, net <sup>(a)</sup> | 229371 | 231645 | 249865 | 254763 | 234370 |
| Cash and cash equivalents | 10687 | 62027 | 72095 | 1129716 | 613391 |
| Restricted cash | 6751 | 6390 | 6563 | 5778 | 5589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $9327935 | $9414125 | $9486016 | $8462710 | $7976784 |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured | $3165924 | $3173198 | $3222252 | $3671309 | $3170367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured | 514989 | 514843 | 514698 |  |  |
| Accounts payable and accrued expenses | 211370 | 212558 | 195070 | 169973 | 191651 |
| Accrued real estate taxes | 95551 | 125210 | 86952 | 36988 | 66673 |
| Distributions payable | 103628 | 103620 | 103621 | 100880 | 88786 |
| Other liabilities <sup>(b)</sup> | 179552 | 176334 | 186143 | 197021 | 193052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4271014 | 4305763 | 4308736 | 4176171 | 3710529 |
| Equity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares of beneficial interest | 1156 | 1156 | 1156 | 1127 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 5897454 | 5893623 | 5890792 | 5396267 | 5363530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of net income attributable to common shareholders | (581532) | (525127) | (452865) | (848074) | (829453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | (328684) | (329027) | (328975) | (329521) | (333974) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss <sup>(c)</sup> | (1774) | (2632) | (3001) | (3370) | (3739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common equity | 4986620 | 5037993 | 5107107 | 4216429 | 4197490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 70301 | 70369 | 70173 | 70110 | 68765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 5056921 | 5108362 | 5177280 | 4286539 | 4266255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $9327935 | $9414125 | $9486016 | $8462710 | $7976784 |
| *(a) Includes net deferred charges of:* | *$8413* | *$8961* | *$307* | *$693* | *$969* |
| *(b) Includes deferred revenues of:* | *$304* | *$331* | *$358* | *$384* | *$334* |
| *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.* | *(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.

**<u>FFO</u>**

The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, 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 or losses on dispositions of depreciable real estate, 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. A reconciliation of net income attributable to common shareholders to FFO is provided below:

**<u>Adjusted FFO</u>**

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing 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 AFFO is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income attributable to common shareholders | $45709 | $212898 | $653613 | $303907 |
| Real estate depreciation and amortization | 144105 | 114007 | 565913 | 410767 |
| Adjustments for unconsolidated joint ventures |  | 2688 | 2709 | 10591 |
| Income allocated to non-controlling interests | 1762 | 4961 | 7895 | 8469 |
| Gain on sale of operating property |  | (174384) | (36372) | (174384) |
| Gain on acquisition of unconsolidated joint venture interests |  |  | (474146) |  |
| **Funds from operations** | **$191576** | **$160170** | **$719612** | **$559350** |
| Less: recurring capitalized expenditures | (29033) | (22398) | (90715) | (73603) |
| **Adjusted funds from operations** | **$162543** | **$137772** | **$628897** | **$485747** |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPS diluted | 108512 | 105448 | 108388 | 102829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO/AFFO diluted | 110117 | 106322 | 109261 | 103747 |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Total Earnings Per Common Share - Diluted | $0.42 | $2.02 | $6.04 | $2.96 |
| Real estate depreciation and amortization | 1.31 | 1.07 | 5.16 | 3.96 |
| Adjustments for unconsolidated joint ventures |  | 0.03 | 0.02 | 0.09 |
| Income allocated to non-controlling interests | 0.01 | 0.03 | 0.04 | 0.06 |
| Gain on sale of operating property |  | (1.64) | (0.33) | (1.68) |
| Gain on acquisition of unconsolidated joint venture interests |  |  | (4.34) |  |
| **FFO per common share - Diluted** | **$1.74** | **$1.51** | **$6.59** | **$5.39** |
| Less: recurring capitalized expenditures | (0.26) | (0.21) | (0.83) | (0.71) |
| **AFFO per common share - Diluted** | **$1.48** | **$1.30** | **$5.76** | **$4.68** |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **NON-GAAP FINANCIAL MEASURES** |
| | **DEFINITIONS & RECONCILIATIONS** |
| | *(In thousands, except per share amounts)* |

---

*(Unaudited)*

**<u>Expected FFO</u>**

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, from real estate transactions not sold as of quarter close due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1Q23** | **Range** | **2023** | **Range** |
| | **Low** | **High** | **Low** | **High** |
| Expected earnings per common share - diluted | $0.36 | $0.40 | $1.53 | $1.83 |
| Expected real estate depreciation and amortization | 1.26 | 1.26 | 5.12 | 5.12 |
| Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.05 | 0.05 |
| Expected FFO per share - diluted | $1.63 | $1.67 | $6.70 | $7.00 |
| Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. | Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. | Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. | Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. | Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. |

---

**<u>Net Operating Income (NOI)</u>**

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. 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 attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income | $47471 | $217859 | $661508 | $312376 |
| Less: Fee and asset management income | (931) | (2815) | (5188) | (10532) |
| Less: Interest and other income | (138) | (191) | (3019) | (1223) |
| Less: Income/(loss) on deferred compensation plans | (8813) | (5186) | 19637 | (14369) |
| Plus: Property management expense | 7373 | 7139 | 28601 | 26339 |
| Plus: Fee and asset management expense | 426 | 1201 | 2516 | 4511 |
| Plus: General and administrative expense | 15887 | 14940 | 60413 | 59368 |
| Plus: Interest expense | 30668 | 24582 | 113424 | 97297 |
| Plus: Depreciation and amortization expense | 147271 | 116503 | 577020 | 420692 |
| Plus: Expense/(benefit) on deferred compensation plans | 8813 | 5186 | (19637) | 14369 |
| Less: Gain on sale of operating properties |  | (174384) | (36372) | (174384) |
| Less: Gain on acquisition of unconsolidated joint venture interests |  |  | (474146) |  |
| Less: Equity in income of joint ventures |  | (3125) | (3048) | (9777) |
| Plus: Income tax expense | 753 | 601 | 2966 | 1893 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | $248780 | $202310 | $924675 | $726560 |
| "Same Property" Communities | $197575 | $178163 | $753204 | $656985 |
| Non-"Same Property" Communities | 48713 | 20238 | 164621 | 51041 |
| Development and Lease-Up Communities | 1025 |  | 1255 | 8 |
| Hurricane Expenses |  |  | (1000) |  |
| Other | 1467 | 3909 | 6595 | 18526 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | $248780 | $202310 | $924675 | $726560 |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **NON-GAAP FINANCIAL MEASURES** |
| | **DEFINITIONS & RECONCILIATIONS** |
| | *(In thousands, except per share amounts)* |

---

*(Unaudited)*

**<u>Adjusted EBITDA</u>**

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on acquisition of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, loss on early retirement of debt, as well as income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income attributable to common shareholders | $45709 | $212898 | $653613 | $303907 |
| Plus: Interest expense | 30668 | 24582 | 113424 | 97297 |
| Plus: Depreciation and amortization expense | 147271 | 116503 | 577020 | 420692 |
| Plus: Income allocated to non-controlling interests | 1762 | 4961 | 7895 | 8469 |
| Plus: Income tax expense | 753 | 601 | 2966 | 1893 |
| Plus: Hurricane expenses |  |  | 1000 |  |
| Less: Gain on sale of operating properties |  | (174384) | (36372) | (174384) |
| Less: Gain on acquisition of unconsolidated joint venture interests |  |  | (474146) |  |
| Less: Equity in income of joint ventures |  | (3125) | (3048) | (9777) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $226163 | $182036 | $842352 | $648097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualized Adjusted EBITDA | $904652 | $728144 | $842352 | $648097 |

---

**<u>Net Debt to Annualized Adjusted EBITDA</u>**

The Company believes Net Debt to Annualized Adjusted EBITDA 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 EBITDA for the following periods:

**<u>Net Debt:</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Average monthly balance for the** | **Average monthly balance for the** | **Average monthly balance for the** | **Average monthly balance for the** |
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Unsecured notes payable | $3188976 | $3170054 | $3242448 | $3168649 |
| Secured notes payable | 514940 |  | 386096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | 3703916 | 3170054 | 3628544 | 3168649 |
| Less: Cash and cash equivalents | (3562) | (385194) | (186178) | (329967) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt | $3700354 | $2784860 | $3442366 | $2838682 |

---

**<u>Net Debt to Annualized Adjusted EBITDA:</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net debt | $3700354 | $2784860 | $3442366 | $2838682 |
| Annualized Adjusted EBITDA | 904652 | 728144 | 842352 | 648097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Debt to Annualized Adjusted EBITDA | 4.1x | 3.8x | 4.1x | 4.4x |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **2023 FINANCIAL OUTLOOK** |
| | **AS OF FEBRUARY 2, 2023** |

---

*(Unaudited)*

---

| | |
|:---|:---|
| **Earnings Guidance - Per Diluted Share** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Expected FFO per share - diluted | $6.70 - $7.00 |
| **"Same Property" Communities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Units - 2023 | 48463 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Base Net Operating Income | $790 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenue Growth | 4.10% - 6.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expense Growth | 4.75% - $6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income Growth | 3.50% - 6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Impact from 1% change in NOI Growth is approximately $0.072 / share* |  |
| **2023 Assumptions** |  |
| &nbsp;&nbsp;&nbsp;Earned-in Rent Growth as of December 31, 2022 & Loss to Lease Capture | 5.00% |
| &nbsp;&nbsp;&nbsp;December 2022 to December 2023 Assumed Market Rent Growth | 3.00% |
| &nbsp;&nbsp;&nbsp;Occupancy | 95.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental Income as a % of Property Revenues | 89% |
| &nbsp;&nbsp;&nbsp;Other Income Growth | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Income as a % of Property Revenues | 11% |
| &nbsp;&nbsp;&nbsp;Property Tax Growth | 6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Tax as a % of Property Expenses | 37% |
| &nbsp;&nbsp;&nbsp;Insurance Growth | 12.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Growth as a % of Property Expenses | 6% |
| **Capitalized Expenditures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring | $96 - $100 million |
| &nbsp;&nbsp;&nbsp;Revenue Enhancing Capex, Repositions, Redevelopment, and Repurposes <sup>(a)</sup> | $93 - $97 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Non - Recurring Capital Expenditures | $26 - $28 million |
| **Acquisitions/Dispositions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition Volume (consolidated on balance sheet) | $0 - $500 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposition Volume (consolidated on balance sheet) | $0 - $500 million |
| **Development** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Starts (consolidated on balance sheet) | $250 - $600 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Spend (consolidated on balance sheet) | $275 - $305 million |
| **Non-Property Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Property Income | $2 - $3 million |
| &nbsp;&nbsp;&nbsp;&nbsp;*Includes: Fee and asset management income and interest and other income* |  |
| **Corporate Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and Administrative Expenses | $60 - $64 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Management Expense | $31 - $35 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and Asset Management Expense | $1 - $2 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate G&A Depreciation/Amortization | $12 - $14 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Expense | $2 - $4 million |
| **Capital** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expensed Interest | $135 - $139 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized Interest | $19 - $21 million |

---

*(a) Capital expenditures that improve a community's cash flow and competitive position, including kitchen and bath upgrades or other new amenities, additional leasable space, and our smart access solution.*

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

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

## Exhibit 99.2

![a4q22supplement.jpg](a4q22supplement.jpg)

------

---

| | |
|:---|:---|
| **CAMDEN** | **TABLE OF CONTENTS** |

---

---

| | |
|:---|:---|
| | **Page** |
| Press Release Text | [3](#ibd0d33308cd24e59ba6fe563aee8e1b8_7) |
| Financial Highlights | [4](#ibd0d33308cd24e59ba6fe563aee8e1b8_10) |
| Operating Results | [5](#ibd0d33308cd24e59ba6fe563aee8e1b8_13) |
| Funds from Operations | [6](#ibd0d33308cd24e59ba6fe563aee8e1b8_16) |
| Balance Sheets | [7](#ibd0d33308cd24e59ba6fe563aee8e1b8_19) |
| Portfolio Statistics | [8](#ibd0d33308cd24e59ba6fe563aee8e1b8_22) |
| Components of Property Net Operating Income | [9](#ibd0d33308cd24e59ba6fe563aee8e1b8_25) |
| Sequential Components of Property Net Operating Income | [10](#ibd0d33308cd24e59ba6fe563aee8e1b8_28) |
| "Same Property" Fourth Quarter Comparisons | [11](#ibd0d33308cd24e59ba6fe563aee8e1b8_31) |
| "Same Property" Sequential Quarter Comparisons | [12](#ibd0d33308cd24e59ba6fe563aee8e1b8_34) |
| "Same Property" Year to Date Comparisons | [13](#ibd0d33308cd24e59ba6fe563aee8e1b8_37) |
| "Same Property" Operating Expense Detail & Comparisons | [14](#ibd0d33308cd24e59ba6fe563aee8e1b8_40) |
| Current Development Communities | [15](#ibd0d33308cd24e59ba6fe563aee8e1b8_46) |
| Development Pipeline | [16](#ibd0d33308cd24e59ba6fe563aee8e1b8_49) |
| Acquisitions and Dispositions | [17](#ibd0d33308cd24e59ba6fe563aee8e1b8_55) |
| Debt Analysis | [18](#ibd0d33308cd24e59ba6fe563aee8e1b8_58) |
| Debt Maturity Analysis | [19](#ibd0d33308cd24e59ba6fe563aee8e1b8_61) |
| Debt Covenant Analysis | [20](#ibd0d33308cd24e59ba6fe563aee8e1b8_64) |
| Capitalized Expenditures & Maintenance Expense | [21](#ibd0d33308cd24e59ba6fe563aee8e1b8_73) |
| 2023 Financial Outlook | [22](#ibd0d33308cd24e59ba6fe563aee8e1b8_76) |
| Non-GAAP Financial Measures - Definitions & Reconciliations | [23](#ibd0d33308cd24e59ba6fe563aee8e1b8_79) |
| Other Data | [26](#ibd0d33308cd24e59ba6fe563aee8e1b8_82) |
| Community Table | [27](#ibd0d33308cd24e59ba6fe563aee8e1b8_85) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

------

![image1a01a02a46a.jpg](image1a01a02a46a.jpg)

**CAMDEN PROPERTY TRUST ANNOUNCES 2022 OPERATING RESULTS,** 

**2023 FINANCIAL OUTLOOK, AND FIRST QUARTER 2023 DIVIDEND**

Houston, Texas (February 2, 2023) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and twelve months ended December 31, 2022. Net Income Attributable to Common Shareholders ("EPS"), Funds from Operations ("FFO"), and Adjusted Funds from Operations ("AFFO") for the three and twelve months ended December 31, 2022 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
| | December 31, | December 31, | December 31, | December 31, |
| Per Diluted Share | 2022 | 2021 | 2022 | 2021 |
| EPS<sup>(1)(2)</sup> | $0.42 | $2.02 | $6.04 | $2.96 |
| FFO<sup>(1)</sup> | $1.74 | $1.51 | $6.59 | $5.39 |
| AFFO<sup>(1)</sup> | $1.48 | $1.30 | $5.76 | $4.68 |

---

*(1) For the twelve months ended December 31, 2022*, *EPS, FFO, and AFFO included approximately $0.01 per diluted share in storm-related expenses related to Hurricane Ian.*

*(2) For the twelve months ended December 31, 2022*, *EPS included a non-cash gain on acquisition of unconsolidated joint venture interests of approximately $4.37 per diluted share.*

---

| | | | |
|:---|:---|:---|:---|
| | Quarterly Growth | Sequential Growth | Year-To-Date Growth |
| Same Property Results | 4Q22 vs. 4Q21 | 4Q22 vs. 3Q22 | 2022 vs. 2021 |
| Revenues | 9.9% | 0.8% | 11.2% |
| Expenses<sup>(1)</sup> | 8.1% | (3.9)% | 5.1% |
| Net Operating Income ("NOI")<sup>(1)</sup> | 10.9% | 3.3% | 14.6% |

---

*(1) For the twelve months ended December 31, 2022, same property results exclude approximately $1.0 million of storm-related expenses related to Hurricane Ian.*

---

| | | | |
|:---|:---|:---|:---|
| Same Property Results | 4Q22 | 4Q21 | 3Q22 |
| Occupancy | 95.8% | 97.1% | 96.6% |

---

For 2022, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2021, 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.

**<u>Operating Statistics - Same Property Portfolio</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| New Lease and Renewal Data - Date Signed <sup>(1)</sup> | January 2023\* | January 2022 | 4Q22 | 4Q21 |
| New Lease Rates | 2.0% | 16.5% | 4.0% | 16.7% |
| Renewal Rates | 7.3% | 13.5% | 8.4% | 14.2% |
| Blended Rates | 4.2% | 14.9% | 6.1% | 15.5% |
| New Lease and Renewal Data - Date Effective <sup>(2)</sup> | January 2023\* | January 2022 | 4Q22 | 4Q21 |
| New Lease Rates | 1.2% | 16.6% | 5.3% | 17.7% |
| Renewal Rates | 8.4% | 15.0% | 10.1% | 13.6% |
| Blended Rates | 4.8% | 15.8% | 7.6% | 15.7% |

---

*\*Data as of January 30, 2023*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Occupancy and Turnover Data | January 2023\* | January 2022 | 4Q22 | 4Q21 |
| Occupancy | 95.4% | 97.1% | 95.8% | 97.1% |
| Annualized Gross Turnover | 42% | 43% | 44% | 42% |
| Annualized Net Turnover | 34% | 37% | 37% | 36% |

---

*\*Data as of January 30, 2023*

**<u>Development Activity</u>**

During the quarter, construction was completed at Camden Atlantic in Plantation, FL and leasing continued at Camden Tempe II in Phoenix, AZ.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Total | Total | % Leased |
| Community Name | Location | Homes | Cost | as of 1/30/2023 |
| Camden Atlantic | Plantation, FL | 269 | $100.2 | 87% |

---

Development Communities - Construction Ongoing ($ in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Total | Total | % Leased |
| Community Name | Location | Homes | Estimated Cost | as of 1/30/2023 |
| Camden Tempe II | Tempe, AZ | 397 | $115.0 | 50% |
| Camden NoDa | Charlotte, NC | 387 | 108.0 |  |
| Camden Durham | Durham, NC | 420 | 145.0 |  |
| Camden Village District | Raleigh, NC | 369 | 138.0 |  |
| Camden Woodmill Creek | The Woodlands, TX | 189 | 75.0 |  |
| Camden Long Meadow Farms | Richmond, TX | 188 | 80.0 |  |
| Total |  | 1950 | $661.0 |  |

---

**<u>Capital Markets Transactions</u>**

During the quarter, the Company used the $300 million delayed draw unsecured term loan facility and borrowings from our existing unsecured credit facility to repay the principal amount of our 3.15% senior unsecured note payable which matured on December 15, 2022, for a total of $350.0 million, plus accrued interest. The current weighted average interest rate on our unsecured term loan facility and unsecured credit facility is 5.2%.

**<u>Liquidity Analysis</u>**

As of December 31, 2022, Camden had nearly $1.2 billion of liquidity comprised of approximately $10.7 million in cash and cash equivalents, and over $1.1 billion of availability under its unsecured credit facility. At quarter-end, the Company had $306.7 million left to fund under its existing wholly-owned development pipeline.

**<u>Earnings Guidance</u>**

Camden provided initial earnings guidance for 2023 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2023 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

---

| | | | |
|:---|:---|:---|:---|
| | 1Q23 | 2023 | 2023 |
| Per Diluted Share | Range | Range | Midpoint |
| EPS | $0.36 - $0.40 | $1.53 - $1.83 | $1.68 |
| FFO | $1.63- $1.67 | $6.70 - $7.00 | $6.85 |

---

A reconciliation of 2023 FFO per share guidance as compared to 2022 actual results is detailed below.

---

| | |
|:---|:---|
| **2022 FFO per share - actual** | $**6.59** |
| &nbsp;&nbsp;5% Same store NOI growth | 0.36 |
| &nbsp;&nbsp;Additional NOI from Fund acquisition | 0.26 |
| &nbsp;&nbsp;Growth in other non-same store/development communities | 0.16 |
| &nbsp;&nbsp;Increased interest expense | (0.21) |
| &nbsp;&nbsp;2022 Amortization of net below market leases - Fund acquisition | (0.07) |
| &nbsp;&nbsp;2022 Equity in income of joint ventures and management fees - Fund | (0.07) |
| &nbsp;&nbsp;Higher overhead expenses | (0.06) |
| &nbsp;&nbsp;Additional shares outstanding for full year 2023 | (0.06) |
| &nbsp;&nbsp;Other - 2022 Chirp earnout and 2022 disposition | (0.05) |
| **2023 FFO per share - midpoint guidance** | $**6.85** |

---

---

| | | |
|:---|:---|:---|
| | 2023 | 2023 |
| Same Property Growth | Range | Midpoint |
| Revenues | 4.10% - 6.10% | 5.10% |
| Expenses | 4.75% - 6.25% | 5.50% |
| NOI | 3.50% - 6.50% | 5.00% |

---

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company's 2023 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

**<u>Quarterly Dividend Declaration</u>**

Camden's Board of Trust Managers declared a first quarter 2023 dividend of $1.00 per common share payable on April 17, 2023 to shareholders of record as of March 31, 2023. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company's past performance and future prospects, as described in this press release.

**<u>Conference Call</u>**

Friday, February 3, 2023 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 2673669

Webcast: https://investors.camdenliving.com

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.

**<u>Forward-Looking Statements</u>**

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.

**<u>About Camden</u>**

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 interests in and operates 172 properties containing 58,702 apartment homes across the United States. Upon completion of 6 properties currently under development, the Company's portfolio will increase to 60,652 apartment homes in 178 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 15 consecutive years, most recently ranking #26. For additional information, please contact Camden's Investor Relations Department at (713) 354-2787 or access our website at <u>camdenliving.com</u>.

------

---

| | |
|:---|:---|
| **CAMDEN** | **FINANCIAL HIGHLIGHTS** |
| | *(In thousands, except per share, property data amounts and ratios)* |

---

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Property revenues | $375909 | $305364 | $1422756 | $1143585 |
| Adjusted EBITDA | 226163 | 182036 | 842352 | 648097 |
| Net income attributable to common shareholders | 45709 | 212898 | 653613 | 303907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share - basic | 0.42 | 2.03 | 6.07 | 2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share - diluted | 0.42 | 2.02 | 6.04 | 2.96 |
| Funds from operations | 191576 | 160170 | 719612 | 559350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share - diluted | 1.74 | 1.51 | 6.59 | 5.39 |
| Adjusted funds from operations | 162543 | 137772 | 628897 | 485747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share - diluted | 1.48 | 1.30 | 5.76 | 4.68 |
| Dividends per share | 0.94 | 0.83 | 3.76 | 3.32 |
| Dividend payout ratio (FFO) | 54.0% | 55.0% | 57.1% | 61.6% |
| Interest expensed | 30668 | 24582 | 113424 | 97297 |
| Interest capitalized | 4554 | 3917 | 18097 | 16688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest incurred | 35222 | 28499 | 131521 | 113985 |
| Net Debt to Annualized Adjusted EBITDA <sup>(a)</sup> | 4.1x | 3.8x | 4.1x | 4.4x |
| Interest expense coverage ratio | 7.4x | 7.4x | 7.4x | 6.7x |
| Total interest coverage ratio | 6.4x | 6.4x | 6.4x | 5.7x |
| Fixed charge expense coverage ratio | 7.4x | 7.4x | 7.4x | 6.7x |
| Total fixed charge coverage ratio | 6.4x | 6.4x | 6.4x | 5.7x |
| Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.4x | 3.3x | 3.4x | 3.3x |
| Same property NOI growth <sup>(b)</sup> | 10.9% | 14.9% | 14.6% | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;(# of apartment homes included) | 46151 | 44122 | 46151 | 44122 |
| Gross turnover of apartment homes (annualized) | 44% | 40% | 50% | 49% |
| Net turnover (excludes on-site transfers and transfers to other Camden communities) | 37% | 35% | 43% | 41% |
|  |  |  | **As of December 31,** | **As of December 31,** |
|  |  |  | **2022** | **2021** |
| Total assets |  |  | $9327935 | $7976784 |
| Total debt |  |  | $3680913 | $3170367 |
| Common and common equivalent shares, outstanding end of period <sup>(c)</sup> |  |  | 110135 | 106970 |
| Share price, end of period |  |  | $111.88 | $178.68 |
| Book equity value, end of period <sup>(d)</sup> |  |  | $5056921 | $4266255 |
| Market equity value, end of period <sup>(e)</sup> |  |  | $12321904 | $19113400 |

---

*(a) 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 EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results.*

*(b) "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. The twelve months ended December 31, 2022 results exclude approximately $1.0 million of storm-related expenses related to Hurricane Ian.*

*(c) Includes at December 31, 2022: 108,536 common shares (including 53 common share equivalents related to share awards), plus 1,599 common share equivalents upon the assumed conversion of non-controlling units.*

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

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

Note: Please refer to pages 25, 26 and 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 December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **<u>OPERATING DATA</u>** |  |  |  |  |
| **Property revenues** <sup>(a)</sup> | **$375909** | **$305364** | **$1422756** | **$1143585** |
| **Property expenses** <sup>(b)</sup> |  |  |  |  |
| Property operating and maintenance | 81233 | 67343 | 315737 | 267703 |
| Real estate taxes | 45896 | 35711 | 182344 | 149322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property expenses | 127129 | 103054 | 498081 | 417025 |
| **Non-property income** |  |  |  |  |
| Fee and asset management | 931 | 2815 | 5188 | 10532 |
| Interest and other income | 138 | 191 | 3019 | 1223 |
| Income/(loss) on deferred compensation plans | 8813 | 5186 | (19637) | 14369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-property income/(loss) | 9882 | 8192 | (11430) | 26124 |
| **Other expenses** |  |  |  |  |
| Property management | 7373 | 7139 | 28601 | 26339 |
| Fee and asset management | 426 | 1201 | 2516 | 4511 |
| General and administrative | 15887 | 14940 | 60413 | 59368 |
| Interest | 30668 | 24582 | 113424 | 97297 |
| Depreciation and amortization | 147271 | 116503 | 577020 | 420692 |
| Expense/(benefit) on deferred compensation plans | 8813 | 5186 | (19637) | 14369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expenses | 210438 | 169551 | 762337 | 622576 |
| Gain on sale of operating properties |  | 174384 | 36372 | 174384 |
| Gain on acquisition of unconsolidated joint venture interests |  |  | 474146 |  |
| Equity in income of joint ventures |  | 3125 | 3048 | 9777 |
| **Income from continuing operations before income taxes** | **48224** | **218460** | **664474** | **314269** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (753) | (601) | (2966) | (1893) |
| **Net income** | **47471** | **217859** | **661508** | **312376** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less income allocated to non-controlling interests | (1762) | (4961) | (7895) | (8469) |
| **Net income attributable to common shareholders** | **$45709** | **$212898** | **$653613** | **$303907** |
| **<u>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</u>** |  |  |  |  |
| **Net income** | **$47471** | **$217859** | **$661508** | **$312376** |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain and unamortized prior service cost on post retirement obligation | 489 | 154 | 489 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 369 | 373 | 1476 | 1490 |
| **Comprehensive income** | **48329** | **218386** | **663473** | **314020** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less income allocated to non-controlling interests | (1762) | (4961) | (7895) | (8469) |
| **Comprehensive income attributable to common shareholders** | **$46567** | **$213425** | **$655578** | **$305551** |
| **<u>PER SHARE DATA</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earnings per common share - basic | $0.42 | $2.03 | $6.07 | $2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earnings per common share - diluted | 0.42 | 2.02 | 6.04 | 2.96 |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | 108467 | 104611 | 107605 | 101999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | 108512 | 105448 | 108388 | 102829 |

---

*(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 December 31, 2022, we recognized $375.9 million of property revenue which consisted of approximately $336.0 million of rental revenue and approximately $39.9 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 $305.4 million recognized for the three months ended December 31, 2021, made up of approximately $271.4 million of rental revenue and approximately $34.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the twelve months ended December 31, 2022, we recognized $1,422.7 million of property revenue which consisted of approximately $1,265.9 million of rental revenue and approximately $156.8 million of amounts received under contractual terms for other services considered to be non-lease contracts. This compares to the $1,143.6 million of property revenue recognized for the twelve months ended December 31, 2021, made up of approximately $1,009.2 million of rental revenue and approximately $134.4 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 $10.0 million and $8.3 million for the three months ended December 31, 2022 and 2021, respectively and was $37.5 million and $31.5 million for the twelve months ended December 31, 2022 and 2021, respectively.*

*(b) For the twelve months ended December 31, 2022 expenses include approximately $1.0 million in storm-related expenses related to Hurricane Ian.*

Note: Please refer to pages 25, 26 and 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 December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **<u>FUNDS FROM OPERATIONS</u>** |  |  |  |  |
| **Net income attributable to common shareholders** <sup>(a)</sup> | **$45709** | **$212898** | **$653613** | **$303907** |
| Real estate depreciation and amortization | 144105 | 114007 | 565913 | 410767 |
| Adjustments for unconsolidated joint ventures |  | 2688 | 2709 | 10591 |
| Income allocated to non-controlling interests | 1762 | 4961 | 7895 | 8469 |
| Gain on sale of operating property |  | (174384) | (36372) | (174384) |
| Gain on acquisition of unconsolidated joint venture interests |  |  | (474146) |  |
| **&nbsp;&nbsp;&nbsp;&nbsp; Funds from operations** | **$191576** | **$160170** | **$719612** | **$559350** |
| **&nbsp;&nbsp;&nbsp;&nbsp;** Less: recurring capitalized expenditures <sup>(b)</sup> | (29033) | (22398) | (90715) | (73603) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Adjusted funds from operations** | **$162543** | **$137772** | **$628897** | **$485747** |
| **<u>PER SHARE DATA</u>** |  |  |  |  |
| Funds from operations - diluted | $1.74 | $1.51 | $6.59 | $5.39 |
| Adjusted funds from operations - diluted | 1.48 | 1.30 | 5.76 | 4.68 |
| Distributions declared per common share | 0.94 | 0.83 | 3.76 | 3.32 |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| FFO/AFFO - diluted | 110117 | 106322 | 109261 | 103747 |
| **<u>PROPERTY DATA</u>** |  |  |  |  |
| Total operating properties (end of period) <sup>(c)</sup> | 172 | 171 | 172 | 171 |
| Total operating apartment homes in operating properties (end of period) <sup>(c)</sup> | 58702 | 58300 | 58702 | 58300 |
| Total operating apartment homes (weighted average) | 58621 | 51313 | 56566 | 50479 |

---

*(a) Net income attributable to common shareholders for the twelve months ended December 31, 2022 included approximately $1.0 million of storm-related expenses related to Hurricane Ian.* 

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

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

Note: Please refer to pages 25, 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

------

---

| | |
|:---|:---|
| **CAMDEN** | **BALANCE SHEETS** |
| | *(In thousands)* |

---

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dec 31,<br>2022** | **Sep 30,<br>2022** | **Jun 30,<br>2022** | **Mar 31,<br>2022** | **Dec 31,<br>2021** |
| **ASSETS** | | | | | |
| Real estate assets, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $1716273 | $1706396 | $1695118 | $1343209 | $1349594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 10674619 | 10574820 | 10440037 | 8651674 | 8624734 |
|  | 12390892 | 12281216 | 12135155 | 9994883 | 9974328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (3848111) | (3709487) | (3572764) | (3436969) | (3358027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating real estate assets | 8542781 | 8571729 | 8562391 | 6557914 | 6616301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Properties under development, including land | 524981 | 529076 | 581844 | 488100 | 474739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in joint ventures |  |  |  | 13181 | 13730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate assets | 9067762 | 9100805 | 9144235 | 7059195 | 7104770 |
| Accounts receivable – affiliates | 13364 | 13258 | 13258 | 13258 | 18664 |
| Other assets, net <sup>(a)</sup> | 229371 | 231645 | 249865 | 254763 | 234370 |
| Cash and cash equivalents | 10687 | 62027 | 72095 | 1129716 | 613391 |
| Restricted cash | 6751 | 6390 | 6563 | 5778 | 5589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $9327935 | $9414125 | $9486016 | $8462710 | $7976784 |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured | $3165924 | $3173198 | $3222252 | $3671309 | $3170367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured | 514989 | 514843 | 514698 |  |  |
| Accounts payable and accrued expenses | 211370 | 212558 | 195070 | 169973 | 191651 |
| Accrued real estate taxes | 95551 | 125210 | 86952 | 36988 | 66673 |
| Distributions payable | 103628 | 103620 | 103621 | 100880 | 88786 |
| Other liabilities <sup>(b)</sup> | 179552 | 176334 | 186143 | 197021 | 193052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4271014 | 4305763 | 4308736 | 4176171 | 3710529 |
| Equity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares of beneficial interest | 1156 | 1156 | 1156 | 1127 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 5897454 | 5893623 | 5890792 | 5396267 | 5363530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of net income attributable to common shareholders | (581532) | (525127) | (452865) | (848074) | (829453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | (328684) | (329027) | (328975) | (329521) | (333974) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss <sup>(c)</sup> | (1774) | (2632) | (3001) | (3370) | (3739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common equity | 4986620 | 5037993 | 5107107 | 4216429 | 4197490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 70301 | 70369 | 70173 | 70110 | 68765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 5056921 | 5108362 | 5177280 | 4286539 | 4266255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $9327935 | $9414125 | $9486016 | $8462710 | $7976784 |
| *(a) Includes net deferred charges of:* | *$8413* | *$8961* | *$307* | *$693* | *$969* |
| *(b) Includes deferred revenues of:* | *$304* | *$331* | *$358* | *$384* | *$334* |
| *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.* | *(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 DECEMBER 31, 2022 (in apartment homes)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **"Same Property"** | **Non-"Same Property"** | **Completed in Lease-up** | **Under Construction** | **Grand Total** |
| D.C. Metro <sup>(a)</sup> | 5911 | 281 |  |  | 6192 |
| Houston, TX | 6127 | 3027 |  | 377 | 9531 |
| Phoenix, AZ | 3686 | 343 |  | 397 | 4426 |
| Atlanta, GA | 3970 | 892 |  |  | 4862 |
| Dallas, TX | 4416 | 1808 |  |  | 6224 |
| Los Angeles/Orange County, CA | 2373 | 290 |  |  | 2663 |
| SE Florida | 2376 | 405 | 269 |  | 3050 |
| Orlando, FL | 2995 | 959 |  |  | 3954 |
| Denver, CO | 2640 | 233 |  |  | 2873 |
| Tampa, FL | 2286 | 818 |  |  | 3104 |
| Charlotte, NC | 2838 | 266 |  | 387 | 3491 |
| Raleigh, NC | 2542 | 710 |  | 789 | 4041 |
| San Diego/Inland Empire, CA | 1665 | 132 |  |  | 1797 |
| Austin, TX | 2326 | 1360 |  |  | 3686 |
| Nashville, TN |  | 758 |  |  | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Portfolio** | 46151 | 12282 | 269 | 1950 | 60652 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION** | **FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION** | **FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION** | **WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED** <sup>(c)</sup> | **WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED** <sup>(c)</sup> | **WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED** <sup>(c)</sup> | **WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED** <sup>(c)</sup> | **WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED** <sup>(c)</sup> |
| | **"Same Property" Communities** | **Operating Communities** <sup>(b)</sup> | **Dec 31,<br>2022** | **Sep 30,<br>2022** | **Jun 30,<br>2022** | **Mar 31,<br>2022** | **Dec 31,<br>2021** |
| D.C. Metro <sup>(a)</sup> | 14.6% | 12.3% | 96.4% | 96.9% | 97.0% | 97.0% | 97.4% |
| Houston, TX | 10.1% | 11.8% | 95.1% | 95.9% | 96.0% | 96.0% | 96.2% |
| Phoenix, AZ | 9.2% | 8.1% | 95.1% | 95.0% | 95.3% | 96.3% | 97.0% |
| Atlanta, GA | 8.1% | 7.9% | 94.7% | 96.1% | 96.3% | 96.4% | 96.3% |
| Dallas, TX | 7.2% | 8.4% | 95.7% | 96.6% | 96.9% | 97.2% | 97.3% |
| Los Angeles/Orange County, CA | 6.7% | 6.1% | 96.0% | 97.2% | 97.6% | 97.8% | 98.1% |
| SE Florida | 6.6% | 6.3% | 96.2% | 96.6% | 97.6% | 97.9% | 98.0% |
| Orlando, FL | 5.8% | 6.1% | 96.2% | 97.2% | 98.0% | 97.8% | 97.7% |
| Denver, CO | 6.5% | 5.8% | 96.1% | 96.6% | 96.8% | 96.5% | 96.5% |
| Tampa, FL | 5.5% | 6.4% | 96.7% | 97.3% | 97.9% | 97.5% | 97.4% |
| Charlotte, NC | 5.9% | 5.3% | 95.8% | 96.6% | 96.6% | 96.8% | 96.6% |
| Raleigh, NC | 5.0% | 5.0% | 95.7% | 96.0% | 96.3% | 96.7% | 96.7% |
| San Diego/Inland Empire, CA | 4.6% | 3.9% | 96.1% | 97.2% | 97.7% | 98.0% | 97.4% |
| Austin, TX | 4.2% | 5.2% | 95.5% | 96.4% | 96.9% | 97.3% | 97.5% |
| Nashville, TN | —% | 1.4% | 96.9% | 97.1% | 96.6% | 96.6% | 97.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Portfolio** | **100.0%** | **100.0%** | **95.7%** | **96.5%** | **96.8%** | **96.9%** | **97.0%** |

---

*(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.* 

------

---

| | |
|:---|:---|
| **CAMDEN** | **COMPONENTS OF PROPERTY** |
| | **NET OPERATING INCOME** |
| | *(In thousands, except property data amounts)* |

---

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Apartment** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| **Property Revenues** | **Homes** | **2022** | **2021** | **Change** | **2022** | **2021** | **Change** |
| "Same Property" Communities <sup>(a)</sup> | 46151 | $294492 | $267854 | $26638 | $1144659 | $1029585 | $115074 |
| Non-"Same Property" Communities <sup>(b)</sup> | 12282 | 77186 | 31081 | 46105 | 264784 | 82553 | 182231 |
| Development and Lease-Up Communities <sup>(c)</sup> | 2219 | 1746 |  | 1746 | 2173 |  | 2173 |
| Disposition/Other <sup>(d)</sup> |  | 2485 | 6429 | (3944) | 11140 | 31447 | (20307) |
| &nbsp;&nbsp;&nbsp;**Total Property Revenues** | **60652** | **$375909** | **$305364** | **$70545** | **$1422756** | **$1143585** | **$279171** |
| **Property Expenses** |  |  |  |  |  |  |  |
| "Same Property" Communities <sup>(a)</sup> | 46151 | $96917 | $89691 | $7226 | $391455 | $372600 | $18855 |
| Non-"Same Property" Communities <sup>(b)</sup> | 12282 | 28473 | 10843 | 17630 | 100163 | 31512 | 68651 |
| Development and Lease-Up Communities <sup>(c)</sup> | 2219 | 721 |  | 721 | 918 | (8) | 926 |
| Hurricane Expenses <sup>(e)</sup> |  |  |  |  | 1000 |  | 1000 |
| Disposition/Other <sup>(d)</sup> |  | 1018 | 2520 | (1502) | 4545 | 12921 | (8376) |
| &nbsp;&nbsp;&nbsp;**Total Property Expenses** | **60652** | **$127129** | **$103054** | **$24075** | **$498081** | **$417025** | **$81056** |
| **Property Net Operating Income** |  |  |  |  |  |  |  |
| "Same Property" Communities <sup>(a)</sup> | 46151 | $197575 | $178163 | $19412 | $753204 | $656985 | $96219 |
| Non-"Same Property" Communities <sup>(b)</sup> | 12282 | 48713 | 20238 | 28475 | 164621 | 51041 | 113580 |
| Development and Lease-Up Communities <sup>(c)</sup> | 2219 | 1025 |  | 1025 | 1255 | 8 | 1247 |
| Hurricane Expenses <sup>(e)</sup> |  |  |  |  | (1000) |  | (1000) |
| Disposition/Other <sup>(d)</sup> |  | 1467 | 3909 | (2442) | 6595 | 18526 | (11931) |
| &nbsp;&nbsp;&nbsp;**Total Property Net Operating Income** | **60652** | **$248780** | **$202310** | **$46470** | **$924675** | **$726560** | **$198115** |

---

*(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties 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) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2021, 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, 2021, excluding properties held for sale.*

*(d) "Disposition/Other" includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses.*

*(e) "Hurricane Expenses" include storm-related expenses related to Hurricane Ian.*

------

---

| | |
|:---|:---|
| **CAMDEN** | **COMPONENTS OF PROPERTY** |
| | **SEQUENTIAL NET OPERATING INCOME** |
| | *(In thousands, except property data amounts)* |

---

*(Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **Apartment** | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| **Property Revenues** | **Homes** | **2022** | **2022** | **2022** | **2022** | **2021** |
| "Same Property" Communities <sup>(a)</sup> | 46151 | $294492 | $292151 | $283418 | $274598 | $267854 |
| Non-"Same Property" Communities <sup>(b)</sup> | 12282 | 77186 | 78725 | 75795 | 33078 | 31081 |
| Development and Lease-Up Communities <sup>(c)</sup> | 2219 | 1746 | 407 | 20 |  |  |
| Disposition/Other <sup>(d)</sup> |  | 2485 | 2489 | 2483 | 3683 | 6429 |
| &nbsp;&nbsp;&nbsp;**Total Property Revenues** | **60652** | **$375909** | **$373772** | **$361716** | **$311359** | **$305364** |
| **Property Expenses** |  |  |  |  |  |  |
| "Same Property" Communities <sup>(a)</sup> | 46151 | $96917 | $100873 | $98120 | $95545 | $89691 |
| Non-"Same Property" Communities <sup>(b)</sup> | 12282 | 28473 | 29746 | 28683 | 13261 | 10843 |
| Development and Lease-Up Communities <sup>(c)</sup> | 2219 | 721 | 177 | 20 |  |  |
| Hurricane Expenses <sup>(e)</sup> |  |  | 1000 |  |  |  |
| Disposition/Other <sup>(d)</sup> |  | 1018 | 1035 | 988 | 1504 | 2520 |
| &nbsp;&nbsp;&nbsp;**Total Property Expenses** | **60652** | **$127129** | **$132831** | **$127811** | **$110310** | **$103054** |
| **Property Net Operating Income** |  |  |  |  |  |  |
| "Same Property" Communities <sup>(a)</sup> | 46151 | $197575 | $191278 | $185298 | $179053 | $178163 |
| Non-"Same Property" Communities <sup>(b)</sup> | 12282 | 48713 | 48979 | 47112 | 19817 | 20238 |
| Development and Lease-Up Communities <sup>(c)</sup> | 2219 | 1025 | 230 |  |  |  |
| Hurricane Expenses <sup>(e)</sup> |  |  | (1000) |  |  |  |
| Disposition/Other <sup>(d)</sup> |  | 1467 | 1454 | 1495 | 2179 | 3909 |
| &nbsp;&nbsp;&nbsp;**Total Property Net Operating Income** | **60652** | **$248780** | **$240941** | **$233905** | **$201049** | **$202310** |

---

*(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties 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) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2021, 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, 2021, excluding properties held for sale.*

*(d) "Disposition/Other" includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses.*

*(e) "Hurricane Expenses" include storm-related expenses related to Hurricane Ian.*

------

---

| | |
|:---|:---|
| **CAMDEN** | **"SAME PROPERTY"** |
| | **FOURTH QUARTER COMPARISONS** |
| | **December 31, 2022** |
| | *(In thousands, except property data amounts)* |

---

*(Unaudited)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Revenues** | **Revenues** | **Revenues** | **Expenses** | **Expenses** | **Expenses** | **NOI** | **NOI** | **NOI** |
| **Quarterly Results** <sup>(a)(b)</sup> | **Apartment**<br>**Homes**<br>**Included** | **4Q22** | **4Q21** | **Growth** | **4Q22** | **4Q21** | **Growth** | **4Q22** | **4Q21** | **Growth** |
| D.C. Metro | 5911 | $41924 | $39071 | 7.3% | $13083 | $12086 | 8.2% | $28841 | $26985 | 6.9% |
| Houston, TX | 6127 | 33467 | 31356 | 6.7% | 13479 | 12284 | 9.7% | 19988 | 19072 | 4.8% |
| Phoenix, AZ | 3686 | 24277 | 21811 | 11.3% | 6013 | 5711 | 5.3% | 18264 | 16100 | 13.4% |
| Atlanta, GA | 3970 | 24460 | 22763 | 7.5% | 8418 | 8283 | 1.6% | 16042 | 14480 | 10.8% |
| SE Florida | 2376 | 19681 | 16919 | 16.3% | 6699 | 5857 | 14.4% | 12982 | 11062 | 17.4% |
| Los Angeles/Orange County, CA | 2373 | 18765 | 18424 | 1.9% | 5594 | 5474 | 2.2% | 13171 | 12950 | 1.7% |
| Dallas, TX | 4416 | 23991 | 21572 | 11.2% | 9788 | 8368 | 17.0% | 14203 | 13204 | 7.6% |
| Denver, CO | 2640 | 17774 | 15921 | 11.6% | 4842 | 4649 | 4.2% | 12932 | 11272 | 14.7% |
| Charlotte, NC | 2838 | 16244 | 14399 | 12.8% | 4621 | 4421 | 4.5% | 11623 | 9978 | 16.5% |
| Orlando, FL | 2995 | 17723 | 15267 | 16.1% | 6192 | 5377 | 15.2% | 11531 | 9890 | 16.6% |
| Tampa, FL | 2286 | 15999 | 13629 | 17.4% | 5074 | 4766 | 6.5% | 10925 | 8863 | 23.3% |
| San Diego/Inland Empire, CA | 1665 | 12811 | 12115 | 5.7% | 3718 | 3546 | 4.9% | 9093 | 8569 | 6.1% |
| Raleigh, NC | 2542 | 13504 | 12082 | 11.8% | 3845 | 3822 | 0.6% | 9659 | 8260 | 16.9% |
| Austin, TX | 2326 | 13872 | 12525 | 10.8% | 5551 | 5047 | 10.0% | 8321 | 7478 | 11.3% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **46151** | **$294492** | **$267854** | **9.9%** | **$96917** | **$89691** | **8.1%** | **$197575** | **$178163** | **10.9%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** |
| | | **Average Occupancy** <sup>(a)</sup> | **Average Occupancy** <sup>(a)</sup> | **Average Occupancy** <sup>(a)</sup> | **Rental Rate** <sup>(b)</sup> | **Rental Rate** <sup>(b)</sup> | **Rental Rate** <sup>(b)</sup> | **Revenue per Occupied Home** <sup>(c)</sup> | **Revenue per Occupied Home** <sup>(c)</sup> | **Revenue per Occupied Home** <sup>(c)</sup> |
| **Quarterly Results** <sup>(b)</sup> |<br>**% of NOI**<br>**Contribution** | **4Q22** | **4Q21** | **Growth** | **4Q22** | **4Q21** | **Growth** | **4Q22** | **4Q21** | **Growth** |
| D.C. Metro | 14.6% | 96.5% | 97.5% | (1.0)% | $2143 | $1970 | 8.8% | $2450 | $2262 | 8.3% |
| Houston, TX | 10.1% | 95.2% | 95.8% | (0.6)% | 1668 | 1555 | 7.3% | 1912 | 1781 | 7.3% |
| Phoenix, AZ | 9.2% | 95.2% | 97.0% | (1.8)% | 1975 | 1737 | 13.7% | 2306 | 2038 | 13.1% |
| Atlanta, GA | 8.1% | 95.4% | 96.8% | (1.4)% | 1886 | 1701 | 10.9% | 2152 | 1975 | 8.9% |
| SE Florida | 6.6% | 96.2% | 98.2% | (2.0)% | 2546 | 2122 | 20.0% | 2869 | 2425 | 18.3% |
| Los Angeles/Orange County, CA | 6.7% | 96.5% | 98.0% | (1.5)% | 2657 | 2421 | 9.7% | 2731 | 2641 | 3.4% |
| Dallas, TX | 7.2% | 95.5% | 97.5% | (2.0)% | 1646 | 1432 | 14.9% | 1895 | 1673 | 13.2% |
| Denver, CO | 6.5% | 96.1% | 96.4% | (0.3)% | 2018 | 1807 | 11.7% | 2335 | 2086 | 11.9% |
| Charlotte, NC | 5.9% | 95.8% | 96.7% | (0.9)% | 1736 | 1509 | 15.0% | 1992 | 1751 | 13.7% |
| Orlando, FL | 5.8% | 96.5% | 97.7% | (1.2)% | 1788 | 1503 | 19.0% | 2044 | 1741 | 17.3% |
| Tampa, FL | 5.5% | 96.7% | 97.7% | (1.0)% | 2116 | 1769 | 19.6% | 2413 | 2037 | 18.4% |
| San Diego/Inland Empire, CA | 4.6% | 96.2% | 97.4% | (1.2)% | 2496 | 2237 | 11.6% | 2664 | 2491 | 6.9% |
| Raleigh, NC | 5.0% | 95.7% | 97.1% | (1.4)% | 1583 | 1381 | 14.6% | 1851 | 1635 | 13.2% |
| Austin, TX | 4.2% | 95.3% | 97.3% | (2.0)% | 1825 | 1596 | 14.3% | 2083 | 1846 | 12.8% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **100.0%** | **95.8%** | **97.1%** | **(1.3)%** | **$1953** | **$1733** | **12.7%** | **$2218** | **$1994** | **11.2%** |

---

*(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties 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) 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.*

*(c) 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** |
| | **December 31, 2022** |
| | *(In thousands, except property data amounts)* |

---

*(Unaudited)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Revenues** | **Revenues** | **Revenues** | **Expenses** <sup>(a)</sup> | **Expenses** <sup>(a)</sup> | **Expenses** <sup>(a)</sup> | **NOI** | **NOI** | **NOI** |
| **Quarterly Results** <sup>(a)(b)</sup> | **Apartment**<br>**Homes**<br>**Included** | **4Q22** | **3Q22** | **Growth** | **4Q22** | **3Q22** | **Growth** | **4Q22** | **3Q22** | **Growth** |
| D.C. Metro | 5911 | $41924 | $41703 | 0.5% | $13083 | $12988 | 0.7% | $28841 | $28715 | 0.4% |
| Houston, TX | 6127 | 33467 | 33607 | (0.4)% | 13479 | 15417 | (12.6)% | 19988 | 18190 | 9.9% |
| Phoenix, AZ | 3686 | 24277 | 23839 | 1.8% | 6013 | 6340 | (5.2)% | 18264 | 17499 | 4.4% |
| Atlanta, GA | 3970 | 24460 | 24656 | (0.8)% | 8418 | 8524 | (1.2)% | 16042 | 16132 | (0.6)% |
| SE Florida | 2376 | 19681 | 19188 | 2.6% | 6699 | 6505 | 3.0% | 12982 | 12683 | 2.4% |
| Los Angeles/Orange County, CA | 2373 | 18765 | 18964 | (1.0)% | 5594 | 5952 | (6.0)% | 13171 | 13012 | 1.2% |
| Dallas, TX | 4416 | 23991 | 23837 | 0.6% | 9788 | 10167 | (3.7)% | 14203 | 13670 | 3.9% |
| Denver, CO | 2640 | 17774 | 17556 | 1.2% | 4842 | 5023 | (3.6)% | 12932 | 12533 | 3.2% |
| Charlotte, NC | 2838 | 16244 | 15929 | 2.0% | 4621 | 4844 | (4.6)% | 11623 | 11085 | 4.9% |
| Orlando, FL | 2995 | 17723 | 17380 | 2.0% | 6192 | 6122 | 1.1% | 11531 | 11258 | 2.4% |
| Tampa, FL | 2286 | 15999 | 15507 | 3.2% | 5074 | 5161 | (1.7)% | 10925 | 10346 | 5.6% |
| San Diego/Inland Empire, CA | 1665 | 12811 | 12772 | 0.3% | 3718 | 3843 | (3.3)% | 9093 | 8929 | 1.8% |
| Raleigh, NC | 2542 | 13504 | 13384 | 0.9% | 3845 | 4070 | (5.5)% | 9659 | 9314 | 3.7% |
| Austin, TX | 2326 | 13872 | 13829 | 0.3% | 5551 | 5917 | (6.2)% | 8321 | 7912 | 5.2% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **46151** | **$294492** | **$292151** | **0.8%** | **$96917** | **$100873** | **(3.9)%** | **$197575** | **$191278** | **3.3%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** |
| | | **Average Occupancy** <sup>(b)</sup> | **Average Occupancy** <sup>(b)</sup> | **Average Occupancy** <sup>(b)</sup> | **Rental Rate** <sup>(c)</sup> | **Rental Rate** <sup>(c)</sup> | **Rental Rate** <sup>(c)</sup> | **Revenue per Occupied Home** <sup>(d)</sup> | **Revenue per Occupied Home** <sup>(d)</sup> | **Revenue per Occupied Home** <sup>(d)</sup> |
| **Quarterly Results** <sup>(b)</sup> |<br>**% of NOI**<br>**Contribution** | **4Q22** | **3Q22** | **Growth** | **4Q22** | **3Q22** | **Growth** | **4Q22** | **3Q22** | **Growth** |
| D.C. Metro | 14.6% | 96.5% | 96.9% | (0.4)% | $2143 | $2104 | 1.9% | $2450 | $2426 | 0.9% |
| Houston, TX | 10.1% | 95.2% | 96.1% | (0.9)% | 1668 | 1645 | 1.4% | 1912 | 1902 | 0.5% |
| Phoenix, AZ | 9.2% | 95.2% | 95.0% | 0.2% | 1975 | 1940 | 1.8% | 2306 | 2269 | 1.6% |
| Atlanta, GA | 8.1% | 95.4% | 96.6% | (1.2)% | 1886 | 1847 | 2.1% | 2152 | 2142 | 0.4% |
| SE Florida | 6.6% | 96.2% | 96.6% | (0.4)% | 2546 | 2459 | 3.5% | 2869 | 2786 | 3.0% |
| Los Angeles/Orange County, CA | 6.7% | 96.5% | 97.6% | (1.1)% | 2657 | 2594 | 2.4% | 2731 | 2730 | 0.1% |
| Dallas, TX | 7.2% | 95.5% | 96.8% | (1.3)% | 1646 | 1604 | 2.6% | 1895 | 1860 | 1.9% |
| Denver, CO | 6.5% | 96.1% | 96.6% | (0.5)% | 2018 | 1973 | 2.3% | 2335 | 2295 | 1.7% |
| Charlotte, NC | 5.9% | 95.8% | 96.6% | (0.8)% | 1736 | 1692 | 2.6% | 1992 | 1936 | 2.8% |
| Orlando, FL | 5.8% | 96.5% | 97.4% | (0.9)% | 1788 | 1720 | 4.0% | 2044 | 1987 | 2.9% |
| Tampa, FL | 5.5% | 96.7% | 97.4% | (0.7)% | 2116 | 2040 | 3.7% | 2413 | 2323 | 3.9% |
| San Diego/Inland Empire, CA | 4.6% | 96.2% | 97.2% | (1.0)% | 2496 | 2429 | 2.8% | 2664 | 2631 | 1.3% |
| Raleigh, NC | 5.0% | 95.7% | 96.3% | (0.6)% | 1583 | 1549 | 2.2% | 1851 | 1823 | 1.5% |
| Austin, TX | 4.2% | 95.3% | 96.4% | (1.1)% | 1825 | 1784 | 2.3% | 2083 | 2054 | 1.4% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **100.0%** | **95.8%** | **96.6%** | **(0.8)%** | **$1953** | **$1908** | **2.4%** | **$2218** | **$2184** | **1.6%** |

---

*(a) The three months ended September 30, 2022 results exclude approximately $1.0 million of storm-related expenses related to Hurricane Ian.*

*(b) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties 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** |
| | **December 31, 2022** |
| | *(In thousands, except property data amounts)* |

---

*(Unaudited)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Apartment** | | | | | | | | | |
| | **Homes** | **Revenues** | **Revenues** | **Revenues** | **Expenses** <sup>(a)</sup> | **Expenses** <sup>(a)</sup> | **Expenses** <sup>(a)</sup> | **NOI** | **NOI** | **NOI** |
| **Year to Date Results** <sup>(a)(b)</sup> | **Included** | **2022** | **2021** | **Growth** | **2022** | **2021** | **Growth** | **2022** | **2021** | **Growth** |
| D.C. Metro | 5911 | $163473 | $153098 | 6.8% | $51393 | $48570 | 5.8% | $112080 | $104528 | 7.2% |
| Houston, TX | 6127 | 131740 | 122414 | 7.6% | 58253 | 56339 | 3.4% | 73487 | 66075 | 11.2% |
| Phoenix, AZ | 3686 | 94385 | 82065 | 15.0% | 24653 | 23568 | 4.6% | 69732 | 58497 | 19.2% |
| Atlanta, GA | 3970 | 96430 | 87422 | 10.3% | 33268 | 31710 | 4.9% | 63162 | 55712 | 13.4% |
| SE Florida | 2376 | 75081 | 64668 | 16.1% | 25621 | 23334 | 9.8% | 49460 | 41334 | 19.7% |
| Los Angeles/Orange County, CA | 2373 | 75278 | 69795 | 7.9% | 22961 | 22659 | 1.3% | 52317 | 47136 | 11.0% |
| Dallas, TX | 4416 | 92860 | 83438 | 11.3% | 38785 | 37061 | 4.7% | 54075 | 46377 | 16.6% |
| Denver, CO | 2640 | 68396 | 61573 | 11.1% | 19697 | 19242 | 2.4% | 48699 | 42331 | 15.0% |
| Charlotte, NC | 2838 | 62254 | 55268 | 12.6% | 18646 | 17891 | 4.2% | 43608 | 37377 | 16.7% |
| Orlando, FL | 2995 | 67587 | 58572 | 15.4% | 23989 | 21853 | 9.8% | 43598 | 36719 | 18.7% |
| Tampa, FL | 2286 | 60597 | 51415 | 17.9% | 20425 | 18946 | 7.8% | 40172 | 32469 | 23.7% |
| San Diego/Inland Empire, CA | 1665 | 50602 | 45982 | 10.0% | 14836 | 14324 | 3.6% | 35766 | 31658 | 13.0% |
| Raleigh, NC | 2542 | 52073 | 46003 | 13.2% | 15862 | 15650 | 1.4% | 36211 | 30353 | 19.3% |
| Austin, TX | 2326 | 53903 | 47872 | 12.6% | 23066 | 21453 | 7.5% | 30837 | 26419 | 16.7% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **46151** | **$1144659** | **$1029585** | **11.2%** | **$391455** | **$372600** | **5.1%** | **$753204** | **$656985** | **14.6%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** |
| | **% of NOI** | **Average Occupancy** <sup>(b)</sup> | **Average Occupancy** <sup>(b)</sup> | **Average Occupancy** <sup>(b)</sup> | **Rental Rate** <sup>(c)</sup> | **Rental Rate** <sup>(c)</sup> | **Rental Rate** <sup>(c)</sup> | **Revenue per Occupied Home** <sup>(d)</sup> | **Revenue per Occupied Home** <sup>(d)</sup> | **Revenue per Occupied Home** <sup>(d)</sup> |
| **Year to Date Results** <sup>(b)</sup> | **Contribution** | **2022** | **2021** | **Growth** | **2022** | **2021** | **Growth** | **2022** | **2021** | **Growth** |
| D.C. Metro | 14.9% | 96.9% | 96.9% | 0.0% | $2069 | $1935 | 6.9% | $2378 | $2227 | 6.8% |
| Houston, TX | 9.8% | 95.8% | 95.0% | 0.8% | 1623 | 1509 | 7.6% | 1871 | 1752 | 6.8% |
| Phoenix, AZ | 9.3% | 95.5% | 97.0% | (1.5)% | 1905 | 1623 | 17.4% | 2234 | 1917 | 16.5% |
| Atlanta, GA | 8.4% | 96.5% | 97.1% | (0.6)% | 1813 | 1617 | 12.1% | 2097 | 1891 | 10.9% |
| SE Florida | 6.6% | 97.1% | 97.9% | (0.8)% | 2387 | 2007 | 18.9% | 2713 | 2320 | 16.9% |
| Los Angeles/Orange County, CA | 6.9% | 97.4% | 97.4% | 0.0% | 2562 | 2352 | 8.9% | 2715 | 2516 | 7.9% |
| Dallas, TX | 7.2% | 96.6% | 96.8% | (0.2)% | 1562 | 1375 | 13.6% | 1814 | 1626 | 11.5% |
| Denver, CO | 6.5% | 96.5% | 96.5% | 0.0% | 1932 | 1737 | 11.2% | 2237 | 2014 | 11.1% |
| Charlotte, NC | 5.8% | 96.5% | 96.4% | 0.1% | 1642 | 1446 | 13.6% | 1895 | 1684 | 12.5% |
| Orlando, FL | 5.8% | 97.4% | 97.2% | 0.2% | 1671 | 1434 | 16.5% | 1931 | 1677 | 15.2% |
| Tampa, FL | 5.2% | 97.5% | 97.7% | (0.2)% | 1981 | 1645 | 20.4% | 2268 | 1922 | 18.1% |
| San Diego/Inland Empire, CA | 4.7% | 97.3% | 97.3% | 0.0% | 2391 | 2150 | 11.2% | 2604 | 2366 | 10.0% |
| Raleigh, NC | 4.8% | 96.5% | 97.0% | (0.5)% | 1505 | 1312 | 14.7% | 1770 | 1556 | 13.7% |
| Austin, TX | 4.1% | 96.4% | 97.0% | (0.6)% | 1741 | 1515 | 14.9% | 2003 | 1768 | 13.2% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **100.0%** | **96.6%** | **96.8%** | **(0.2)%** | **$1868** | **$1662** | **12.4%** | **$2139** | **$1921** | **11.4%** |

---

*(a) The twelve months ended December 31, 2022 results exclude approximately $1.0 million of storm-related expenses related to Hurricane Ian.*

*(b) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties 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** |
| | **December 31, 2022** |
| | *(In thousands)* |

---

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Quarterly Comparison** <sup>(a)</sup> |<br>**4Q22** |<br>**4Q21** |<br>**$ Change** |<br>**% Change** | **% of Actual**<br>**4Q22 Operating**<br>&nbsp;&nbsp;**Expenses** |
| Property taxes | $34041 | $31212 | $2829 | 9.1% | 35.1% |
| Salaries and Benefits for On-site Employees | 17612 | 19353 | (1741) | (9.0)% | 18.2% |
| Utilities | 20191 | 18547 | 1644 | 8.9% | 20.8% |
| Repairs and Maintenance | 11752 | 10177 | 1575 | 15.5% | 12.1% |
| Property Insurance | 5927 | 4042 | 1885 | 46.6% | 6.1% |
| General and Administrative | 5175 | 4152 | 1023 | 24.6% | 5.3% |
| Marketing and Leasing | 1277 | 1440 | (163) | (11.3)% | 1.3% |
| Other | 942 | 768 | 174 | 22.7% | 1.1% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **$96917** | **$89691** | **$7226** | **8.1%** | **100.0%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Sequential Comparison** <sup>(a)(b)</sup> |<br>**4Q22** |<br>**3Q22** |<br>**$ Change** |<br>**% Change** | **% of Actual**<br>**4Q22 Operating**<br>&nbsp;&nbsp;**Expenses** |
| Property taxes | $34041 | $35962 | ($1921) | (5.3)% | 35.1% |
| Salaries and Benefits for On-site Employees | 17612 | 17968 | (356) | (2.0)% | 18.2% |
| Utilities | 20191 | 20530 | (339) | (1.7)% | 20.8% |
| Repairs and Maintenance | 11752 | 12974 | (1222) | (9.4)% | 12.1% |
| Property Insurance | 5927 | 6242 | (315) | (5.0)% | 6.1% |
| General and Administrative | 5175 | 4944 | 231 | 4.7% | 5.3% |
| Marketing and Leasing | 1277 | 1330 | (53) | (4.0)% | 1.3% |
| Other | 942 | 923 | 19 | 2.1% | 1.1% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **$96917** | **$100873** | **($3956)** | **(3.9)%** | **100.0%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Year to Date Comparison** <sup>(a)(c)</sup> | **2022** | **2021** |<br>**$ Change** |<br>**% Change** | **% of Actual**<br>**2022 Operating**<br>&nbsp;&nbsp;**Expenses** |
| Property taxes | $139906 | $134133 | $5773 | 4.3% | 35.7% |
| Salaries and Benefits for On-site Employees | 73121 | 76641 | (3520) | (4.6)% | 18.7% |
| Utilities | 79011 | 75676 | 3335 | 4.4% | 20.2% |
| Repairs and Maintenance | 48957 | 43947 | 5010 | 11.4% | 12.4% |
| Property Insurance | 21986 | 17605 | 4381 | 24.9% | 5.6% |
| General and Administrative | 19381 | 15206 | 4175 | 27.5% | 5.0% |
| Marketing and Leasing | 5321 | 5927 | (606) | (10.2)% | 1.4% |
| Other | 3772 | 3465 | 307 | 8.9% | 1.0% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **$391455** | **$372600** | **$18855** | **5.1%** | **100.0%** |

---

*(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties 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) The three months ended September 30, 2022 results exclude approximately $1.0 million of storm-related expenses related to Hurricane Ian.*

*(c)The twelve months ended December 31, 2022 results exclude approximately $1.0 million of storm-related expenses related to Hurricane Ian.*

------

---

| | |
|:---|:---|
| **CAMDEN** | **CURRENT DEVELOPMENT COMMUNITIES** |

---

*(Unaudited)*

**AS OF DECEMBER 31, 2022 ($ in millions)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Estimated/Actual Dates for** | **Estimated/Actual Dates for** | **Estimated/Actual Dates for** | **Estimated/Actual Dates for** | | |
| **Completed Communities in Lease-Up** | **Completed Communities in Lease-Up** | | | | | | | | | **As of 1/30/2023** | **As of 1/30/2023** |
| **Completed Communities in Lease-Up** | **Completed Communities in Lease-Up** |<br>**Total**<br>**Homes** |<br>**Total**<br>**Cost** | | | **Construction**<br>**Start** | **Initial**<br>**Occupancy** | **Construction**<br>**Completion** | **Stabilized**<br>**Operations** | **% Leased** | **% Occupied** |
| 1. | Camden Atlantic | <u>269</u> | <u>$100.2</u> |  |  | 3Q20 | 3Q22 | 4Q22 | 2Q23 | <u>87%</u> | <u>77%</u> |
|  | *Plantation, FL* |  |  |  |  |  |  |  |  |  |  |
| **Total Completed Communities in Lease-Up** | **Total Completed Communities in Lease-Up** | **269** | **$100.2** |  |  |  |  |  |  | **87%** | **77%** |
|  |  |  |  |  |  | **Estimated/Actual Dates for** | **Estimated/Actual Dates for** | **Estimated/Actual Dates for** | **Estimated/Actual Dates for** |  |  |
|  |  | **Total** | **Total** | **Cost to** | **Amount** | **Construction** | **Initial** | **Construction** | **Stabilized** | **As of 1/30/2023** | **As of 1/30/2023** |
| **Development Communities** | **Development Communities** | **Homes** | **Estimated Cost** | **Date** | **in CIP** | **Start** | **Occupancy** | **Completion** | **Operations** | **% Leased** | **% Occupied** |
| 1. | Camden Tempe II | 397 | $115.0 | $101.3 | $34.1 | 3Q20 | 2Q22 | 3Q23 | 1Q25 | <u>50%</u> | <u>46%</u> |
|  | *Tempe, AZ* |  |  |  |  |  |  |  |  |  |  |
| 2. | Camden NoDa | 387 | 108.0 | 95.6 | 95.5 | 3Q20 | 1Q23 | 4Q23 | 1Q25 |  |  |
|  | *Charlotte, NC* |  |  |  |  |  |  |  |  |  |  |
| 3. | Camden Durham | 420 | 145.0 | 82.6 | 82.6 | 1Q21 | 2Q23 | 2Q24 | 4Q25 |  |  |
|  | *Durham, NC* |  |  |  |  |  |  |  |  |  |  |
| 4. | Camden Village District | 369 | 138.0 | 41.0 | 41.0 | 2Q22 | 3Q24 | 2Q25 | 4Q26 |  |  |
|  | *Raleigh, NC* |  |  |  |  |  |  |  |  |  |  |
| 5. | Camden Woodmill Creek | 189 | 75.0 | 19.2 | 19.2 | 3Q22 | 3Q23 | 3Q24 | 4Q24 |  |  |
|  | *The Woodlands, TX* |  |  |  |  |  |  |  |  |  |  |
| 6. | Camden Long Meadow Farms | <u>188</u> | <u>80.0</u> | <u>14.6</u> | <u>14.6</u> | 3Q22 | 3Q23 | 3Q24 | 4Q24 |  |  |
|  | *Richmond, TX* |  |  |  |  |  |  |  |  |  |  |
| Total Development Communities | Total Development Communities | **1950** | **$661.0** | **$354.3** | **$287.0** |  |  |  |  | **50%** | **46%** |
| Additional Development Pipeline and Land<sup>(a)</sup> | Additional Development Pipeline and Land<sup>(a)</sup> | Additional Development Pipeline and Land<sup>(a)</sup> | Additional Development Pipeline and Land<sup>(a)</sup> | Additional Development Pipeline and Land<sup>(a)</sup> | <u>238.0</u> |  |  |  |  |  |  |
| **Total Properties Under Development and Land** (per Balance Sheet) | **Total Properties Under Development and Land** (per Balance Sheet) | **Total Properties Under Development and Land** (per Balance Sheet) | **Total Properties Under Development and Land** (per Balance Sheet) | **Total Properties Under Development and Land** (per Balance Sheet) | **$525.0** |  |  |  |  |  |  |
| **NOI Contribution from Development Communities ($ in millions)** | **NOI Contribution from Development Communities ($ in millions)** | **NOI Contribution from Development Communities ($ in millions)** | **NOI Contribution from Development Communities ($ in millions)** |  |  |  |  | **Cost to Date** | **4Q22 NOI** |  |  |
| Completed Communities in Lease-Up | Completed Communities in Lease-Up | Completed Communities in Lease-Up | Completed Communities in Lease-Up |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.5 |  |  |
| Development Communities in Lease-Up | Development Communities in Lease-Up | Development Communities in Lease-Up | Development Communities in Lease-Up |  |  |  |  | 101.3 | 0.5 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Development Communities NOI Contribution** | &nbsp;&nbsp;&nbsp;**Total Development Communities NOI Contribution** | &nbsp;&nbsp;&nbsp;**Total Development Communities NOI Contribution** | &nbsp;&nbsp;&nbsp;**Total Development Communities NOI Contribution** |  |  |  |  | **$201.5** | **$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** |

---

*(Unaudited)*

**AS OF DECEMBER 31, 2022 ($ in millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PIPELINE COMMUNITIES** | **PIPELINE COMMUNITIES** | **Projected**<br>**Homes** | **Total**<br>**Estimated Cost** <sup>(a)</sup> |<br>**Cost to Date** |
| 1. | Camden Blakeney | 349 | $120.0 | $21.7 |
|  | *Charlotte, NC* |  |  |  |
| 2. | Camden South Charlotte | 420 | 135.0 | 24.8 |
|  | *Charlotte, NC* |  |  |  |
| 3. | Camden Nations | 393 | 175.0 | 33.3 |
|  | *Nashville, TN* |  |  |  |
| 4. | Camden Baker | 435 | 165.0 | 29.5 |
|  | *Denver, CO* |  |  |  |
| 5. | Camden Highland Village II | 300 | 100.0 | 9.7 |
|  | *Houston, TX* |  |  |  |
| 6. | Camden Gulch | 480 | 260.0 | 43.8 |
|  | *Nashville, TN* |  |  |  |
| 7. | Camden Paces III | 350 | 100.0 | 20.6 |
|  | *Atlanta, GA* |  |  |  |
| 8. | Camden Arts District | 354 | 150.0 | 41.1 |
|  | *Los Angeles, CA* |  |  |  |
| 9. | Camden Downtown II | <u>271</u> | <u>145.0</u> | <u>13.5</u> |
|  | *Houston, TX* |  |  |  |
| **Development Pipeline** | **Development Pipeline** | **3352** | **$1350.0** | **$238.0** |

---

*(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 forecast and estimates routinely require adjustment.*

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)*

**2022 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per unit amounts)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>2022 Land Acquisitions</u>** | **<u>2022 Land Acquisitions</u>** | **<u>Location</u>** | **<u>Acres</u>** | **<u>Closing Date</u>** | | |
| 1. | Camden Long Meadow Farms | Richmond, TX | 15.9 | 3/8/2022 |  |  |
| 2. | Camden Blakeney | Charlotte, NC | 21.7 | 4/7/2022 |  |  |
| 3. | Camden South Charlotte | Charlotte, NC | 20.9 | 4/7/2022 |  |  |
| 4. | Camden Nations | Nashville, TN | <u>3.8</u> | 6/8/2022 |  |  |
| **Total Land Acquisitions** | **Total Land Acquisitions** |  | **62.3 Acres** |  |  |  |
| **Purchase Price** | **Purchase Price** | **$71.0** |  |  |  |  |
|  |  |  | **Apartment** | **Weighted Average** |  |  |
| **<u>2022 Dispositions</u>** | **<u>2022 Dispositions</u>** | **<u>Location</u>** | **<u>Homes</u>** | **<u>Monthly Rental Rate</u>** | **<u>Year Built</u>** | **<u>Closing Date</u>** |
| 1. | Camden Largo Town Center | Largo, MD | <u>245 Homes</u> | <u>$1824</u> | 2000/2007 | 3/24/2022 |
| **Total/Average Dispositions** | **Total/Average Dispositions** |  | **245 Homes** | **$1824** |  |  |
| **Sales Price** | **Sales Price** | **$71.9** |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Apartment** | **Weighted Average** | | |
| **<u>2022 Acquisitions of Joint Ventures</u>**<sup>(a)</sup> | **<u>2022 Acquisitions of Joint Ventures</u>**<sup>(a)</sup> | **<u>Location</u>** | **<u>Homes</u>** | **<u>Monthly Rental Rate</u>** | **<u>Year Built</u>** | **<u>Closing Date</u>** |
| 1. | Camden Amber Oaks I | Austin, TX | 348 Homes | $1499 | 2009 | 4/1/2022 |
| 2. | Camden Amber Oaks II | Austin, TX | 244 Homes | 1611 | 2012 | 4/1/2022 |
| 3. | Camden Asbury Village | Raleigh, NC | 350 Homes | 1594 | 2009 | 4/1/2022 |
| 4. | Camden Brushy Creek | Cedar Park, TX | 272 Homes | 1594 | 2008 | 4/1/2022 |
| 5. | Camden Cypress Creek | Cypress, TX | 310 Homes | 1544 | 2009 | 4/1/2022 |
| 6. | Camden Cypress Creek II | Cypress, TX | 234 Homes | 1569 | 2020 | 4/1/2022 |
| 7. | Camden Design District | Dallas, TX | 355 Homes | 1683 | 2009 | 4/1/2022 |
| 8. | Camden Downs at Cinco Ranch | Katy, TX | 318 Homes | 1552 | 2004 | 4/1/2022 |
| 9. | Camden Grand Harbor | Katy, TX | 300 Homes | 1422 | 2008 | 4/1/2022 |
| 10. | Camden Heights | Houston, TX | 352 Homes | 1627 | 2004 | 4/1/2022 |
| 11. | Camden Northpointe | Tomball, TX | 384 Homes | 1373 | 2008 | 4/1/2022 |
| 12. | Camden Panther Creek | Frisco, TX | 295 Homes | 1683 | 2009 | 4/1/2022 |
| 13. | Camden Phipps | Atlanta, GA | 234 Homes | 1812 | 1996 | 4/1/2022 |
| 14. | Camden Riverwalk | Grapevine, TX | 600 Homes | 1831 | 2008 | 4/1/2022 |
| 15. | Camden Shadow Brook | Austin, TX | 496 Homes | 1543 | 2009 | 4/1/2022 |
| 16. | Camden South Capitol | Washington, DC | 281 Homes | 2411 | 2013 | 4/1/2022 |
| 17. | Camden Southline | Charlotte, NC | 266 Homes | 1995 | 2015 | 4/1/2022 |
| 18. | Camden Spring Creek | Spring, TX | 304 Homes | 1467 | 2004 | 4/1/2022 |
| 19. | Camden Visconti | Tampa, FL | 450 Homes | 2049 | 2007 | 4/1/2022 |
| 20. | Camden Waterford Lakes | Orlando, FL | 300 Homes | 1884 | 2014 | 4/1/2022 |
| 21. | Camden Woodson Park | Houston, TX | 248 Homes | 1344 | 2008 | 4/1/2022 |
| 22. | Camden Yorktown | Houston, TX | <u>306 Homes</u> | <u>1345</u> | 2008 | 4/1/2022 |
| **Total/Average Acquisitions** | **Total/Average Acquisitions** |  | **7,247 Homes** | **$1661** |  |  |
| **Gross Asset Valuation** | **Gross Asset Valuation** | **$2125** <sup>(b)</sup> |  |  |  |  |

---

*(a) On April 1, 2022, we purchased the remaining 68.7% ownership interests in our two discretionary investment funds. Apartment homes were previously included in Camden's unit count.*

*(b) Represents the gross asset valuation of the communities acquired.*

------

---

| | |
|:---|:---|
| **CAMDEN** | **DEBT ANALYSIS** |
| | *(In thousands, except property data amounts)* |

---

*(Unaudited)*

**DEBT MATURITIES AS OF DECEMBER 31, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Future Scheduled Repayments** <sup>(a)</sup> | **Future Scheduled Repayments** <sup>(a)</sup> | **Future Scheduled Repayments** <sup>(a)</sup> | **Future Scheduled Repayments** <sup>(a)</sup> | | |
|<br>**Year** | **Amortization** | **Secured <br>Maturities** | **Unsecured Maturities** | **Total** |<br>**% of Total** |<br>**Weighted Average Interest Rate on Maturing Debt** <sup>(b)</sup> |
| 2023 | ($3367) | $— | $250000 | $246633 | 6.7% | 5.1% |
| 2024 | (2663) | 19122 | 540000 | 556459 | 15.1% | 4.2% |
| 2025<sup>(c)</sup> | (2211) |  | 300000 | 297789 | 8.1% | 5.2% |
| 2026 | (2015) | 190885 |  | 188870 | 5.1% | 5.9% |
| 2027 | (1960) | 174900 |  | 172940 | 4.7% | 3.9% |
| Thereafter | (5803) | 132025 | 2050000 | 2176222 | 59.2% | 3.4% |
| Total Maturing Debt | ($18019) | $516932 | $3140000 | $3638913 | 98.9% | 4.0% |
| Unsecured Line of Credit | $— | $— | $42000 | $42000 | 1.1% | 5.1% |
| Total Debt | ($18019) | $516932 | $3182000 | $3680913 | 100.0% | 4.0% |
| Weighted Average Maturity of Debt |  | 6.4 Years |  |  |  |  |
|  |  |  | **Weighted Average** | **Weighted Average** |  |  |
| **FLOATING vs. FIXED RATE DEBT:** | **Balance** | **% of Total** | **Interest Rate** <sup>(b)</sup> | **Time to Maturity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating rate debt | $566937 | 15.4% | 5.5% | 3.0 Years |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate debt | 3113976 | 84.6% | 3.7% | 7.1 Years |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3680913 | 100.0% | 4.0% | 6.4 Years |  |  |
|  |  |  | **Weighted Average** | **Weighted Average** |  |  |
| **SECURED vs. UNSECURED DEBT:** | **Balance** | **% of Total** | **Interest Rate** <sup>(b)</sup> | **Time to Maturity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured debt | $3165924 | 86.0% | 3.9% | 6.8 Years |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured debt | 514989 | 14.0% | 4.7% | 4.1 Years |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3680913 | 100.0% | 4.0% | 6.4 Years |  |  |
| **REAL ESTATE ASSETS:** <sup>(d)</sup> | **Total Homes** | **% of Total** | **Total Cost** | **% of Total** | **4Q22 NOI** | **% of Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Unencumbered real estate assets | 53405 | 88.1% | $10834964 | 83.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$222860 | 89.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encumbered real estate assets | 7247 | 11.9% | 2080909 | 16.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25920 | 10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 60652 | 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12915873 | 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$248780 | 100.0% |
|  |  | **Ratio of unencumbered assets at cost to unsecured debt is** | **Ratio of unencumbered assets at cost to unsecured debt is** | **Ratio of unencumbered assets at cost to unsecured debt is** | **Ratio of unencumbered assets at cost to unsecured debt is** | &nbsp;&nbsp;&nbsp;**3.4x** |

---

*(a) Includes all available extension options.*

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

*(c) 2025 maturities include $300 million term loan funded in December 2022.*

*(d) 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 2023 AND 2024:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Future Scheduled Repayments** | **Future Scheduled Repayments** | | **Weighted Average Interest on Maturing Debt** |
|<br>**Quarter** | **Amortization** | **Secured Maturities** | **Unsecured Maturities** | **Total** | **Weighted Average Interest on Maturing Debt** |
| 1Q 2023 | ($903) | $— | $— | ($903) | N/A |
| 2Q 2023 | (880) |  | 250000 | 249120 | 5.1% |
| 3Q 2023 | (791) |  |  | (791) | N/A |
| 4Q 2023 | (793) |  |  | (793) | N/A |
| **2023** | **($3367)** | **$—** | **$250000** | **$246633** | **5.1%** |
| 1Q 2024 | ($730) | $— | $250000 | $249270 | 4.4% |
| 2Q 2024 | (724) | 19122 |  | 18398 | 6.5% |
| 3Q 2024 | (657) |  | 290000 | 289343 | 3.9% |
| 4Q 2024 | (552) |  |  | (552) | N/A |
| **2024** | **($2663)** | **$19122** | **$540000** | **$556459** | **4.2%** |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **DEBT COVENANT ANALYSIS** |

---

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UNSECURED LINE OF CREDIT** | | | | |
| **<u>Covenant</u>** <sup>(a)</sup> | **Required** | **Required** |<br>**Actual** <sup>(b)</sup> |<br>**Compliance** |
| Total Consolidated Debt to Gross Asset Value | <u><</u> | 60% | 21% | Yes |
| Secured Debt to Gross Asset Value | <u><</u> | 40% | 3% | Yes |
| Consolidated Adjusted EBITDA to Total Fixed Charges | <u>></u> | 150% | 593% | Yes |
| Unsecured Debt to Gross Asset Value | <u><</u> | 60% | 20% | Yes |
| **SENIOR UNSECURED NOTES** |  |  |  |  |
| **<u>Covenant</u>** <sup>(a)</sup> | **Required** | **Required** | **Actual** <sup>(b)</sup> | **Compliance** |
| Total Consolidated Debt to Total Asset Value | <u><</u> | 60% | 28% | Yes |
| Total Secured Debt to Total Asset Value | <u><</u> | 40% | 4% | Yes |
| Total Unencumbered Asset Value to Total Unsecured Debt | <u>></u> | 150% | 349% | Yes |
| Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 635% | 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)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** | **Fourth Quarter 2022** |
| | **Recurring Capitalized** | **Recurring Capitalized** | **Recurring Capitalized** | **Expensed** | **Expensed** |
|<br>**Item** | **Weighted Average Useful Life** <sup>(a)</sup> | **Total** | **Per Unit** | **Total** | **Per Unit** |
| **Interiors** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Floor Coverings | 5 years | $3068 | $52 | $344 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Appliances | 10 years | 1429 | 24 | 303 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Painting |  |  |  | 1806 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cabinetry/Countertops | 10 years | 325 | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 9 years | 1965 | 33 | 949 | 16 |
| **Exteriors** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Painting | 5 years | 4615 | 79 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpentry | 10 years | 1613 | 27 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Landscaping | 6 years | 1712 | 29 | 2907 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roofing | 16 years | 505 | 9 | 180 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Site Drainage | 10 years | 544 | 9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fencing/Stair | 10 years | 974 | 17 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(b)</sup> | 9 years | 4024 | 69 | 5568 | 95 |
| **Common Areas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mech., Elec., Plumbing | 9 years | 4911 | 84 | 2498 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking/Paving | 4 years | 1031 | 18 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool/Exercise/Facility | 7 years | 2317 | 40 | 388 | 7 |
| **Total Recurring** <sup>(c)</sup> |  | **$29033** | **$495** | **$14943** | **$255** |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted Average Apartment Homes |  |  | 58621 |  | 58621 |
| **Non-recurring & revenue enhancing capitalized expenditures** <sup>(d)</sup> |  | **$747** |  |  |  |
| **Reposition Expenditures** <sup>(e)</sup> | 10 years | **$13563** | **$20866** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repositioned Apartment Homes |  |  | 650 |  |  |
|  | **Year to Date 2022** | **Year to Date 2022** | **Year to Date 2022** | **Year to Date 2022** | **Year to Date 2022** |
|  | **Recurring Capitalized** | **Recurring Capitalized** | **Recurring Capitalized** | **Expensed** | **Expensed** |
| **Item** | **Weighted Average Useful Life** <sup>(a)</sup> | **Total** | **Per Unit** | **Total** | **Per Unit** |
| **Interiors** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Floor Coverings | 5 years | $12048 | $213 | $1504 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Appliances | 10 years | 4882 | 86 | 1227 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Painting |  |  |  | 7173 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cabinetry/Countertops | 10 years | 729 | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 9 years | 6486 | 115 | 4236 | 75 |
| **Exteriors** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Painting | 5 years | 10272 | 182 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpentry | 10 years | 2911 | 50 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Landscaping | 6 years | 3888 | 69 | 12270 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roofing | 16 years | 5025 | 89 | 821 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Site Drainage | 10 years | 1105 | 20 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fencing/Stair | 10 years | 2664 | 47 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(b)</sup> | 9 years | 13217 | 234 | 20857 | 369 |
| **Common Areas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mech., Elec., Plumbing | 9 years | 17093 | 302 | 11156 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking/Paving | 4 years | 2417 | 43 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool/Exercise/Facility | 7 years | 7486 | 132 | 1897 | 33 |
| **Total Recurring** <sup>(c)</sup> |  | **$90223** | **$1595** | **$61141** | **$1081** |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted Average Apartment Homes |  |  | 56566 |  | 56566 |
| **Non-recurring & revenue enhancing capitalized expenditures** <sup>(d)</sup> |  | **$3235** |  |  |  |
| **Reposition Expenditures** <sup>(e)</sup> | 10 years | **$49732** | **$22585** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repositioned Apartment Homes |  |  | 2202 |  |  |

---

*(a) Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2022.* 

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

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

*(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 twelve months ended December 31, 2022 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.* 

------

---

| | |
|:---|:---|
| **CAMDEN** | **2023 FINANCIAL OUTLOOK** |
| | **AS OF FEBRUARY 2, 2023** |

---

*(Unaudited)*

---

| | |
|:---|:---|
| **Earnings Guidance - Per Diluted Share** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Expected FFO per share - diluted | $6.70 - $7.00 |
| **"Same Property" Communities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Units - 2023 | 48463 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Base Net Operating Income | $790 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenue Growth | 4.10% - 6.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expense Growth | 4.75% - $6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income Growth | 3.50% - 6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Impact from 1% change in NOI Growth is approximately $0.072 / share* |  |
| &nbsp;&nbsp;&nbsp;**<u>2023 Assumptions</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earned-in Rent Growth as of December 31, 2022 & Loss to Lease Capture | 5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;December 2022 to December 2023 Assumed Market Rent Growth | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy | 95.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental Income as a % of Property Revenues | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Income Growth | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Income as a % of Property Revenues | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Tax Growth | 6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Tax as a % of Property Expenses | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance Growth | 12.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Growth as a % of Property Expenses | 6% |
| **Capitalized Expenditures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring | $96 - $100 million |
| &nbsp;&nbsp;&nbsp;Revenue Enhancing Capex, Repositions, Redevelopment, and Repurposes <sup>(a)</sup> | $93 - $97 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Non - Recurring Capital Expenditures | $26 - $28 million |
| **Acquisitions/Dispositions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition Volume (consolidated on balance sheet) | $0 - $500 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposition Volume (consolidated on balance sheet) | $0 - $500 million |
| **Development** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Starts (consolidated on balance sheet) | $250 - $600 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Spend (consolidated on balance sheet) | $275 - $305 million |
| **Non-Property Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Property Income | $2 - $3 million |
| &nbsp;&nbsp;&nbsp;&nbsp;*Includes: Fee and asset management income and interest and other income* |  |
| **Corporate Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and Administrative Expenses | $60 - $64 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Management Expense | $31 - $35 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and Asset Management Expense | $1 - $2 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate G&A Depreciation/Amortization | $12 - $14 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Expense | $2 - $4 million |
| **Capital** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expensed Interest | $135 - $139 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized Interest | $19 - $21 million |

---

*(a) Capital expenditures that improve a community's cash flow and competitive position, including kitchen and bath upgrades or other new amenities, additional leasable space, and our smart access solution.*

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

please refer to pages 25, 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

------

---

| | |
|:---|:---|
| **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.

**<u>FFO</u>**

The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, 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 or losses on dispositions of depreciable real estate, 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. A reconciliation of net income attributable to common shareholders to FFO is provided below:

**<u>Adjusted FFO</u>**

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing 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 AFFO is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income attributable to common shareholders | $45709 | $212898 | $653613 | $303907 |
| Real estate depreciation and amortization | 144105 | 114007 | 565913 | 410767 |
| Adjustments for unconsolidated joint ventures |  | 2688 | 2709 | 10591 |
| Income allocated to non-controlling interests | 1762 | 4961 | 7895 | 8469 |
| Gain on sale of operating property |  | (174384) | (36372) | (174384) |
| Gain on acquisition of unconsolidated joint venture interests |  |  | (474146) |  |
| **Funds from operations** | **$191576** | **$160170** | **$719612** | **$559350** |
| Less: recurring capitalized expenditures | (29033) | (22398) | (90715) | (73603) |
| **Adjusted funds from operations** | **$162543** | **$137772** | **$628897** | **$485747** |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPS diluted | 108512 | 105448 | 108388 | 102829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO/AFFO diluted | 110117 | 106322 | 109261 | 103747 |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Total Earnings Per Common Share - Diluted | $0.42 | $2.02 | $6.04 | $2.96 |
| Real estate depreciation and amortization | 1.31 | 1.07 | 5.16 | 3.96 |
| Adjustments for unconsolidated joint ventures |  | 0.03 | 0.02 | 0.09 |
| Income allocated to non-controlling interests | 0.01 | 0.03 | 0.04 | 0.06 |
| Gain on sale of operating property |  | (1.64) | (0.33) | (1.68) |
| Gain on acquisition of unconsolidated joint venture interests |  |  | (4.34) |  |
| **FFO per common share - Diluted** | **$1.74** | **$1.51** | **$6.59** | **$5.39** |
| Less: recurring capitalized expenditures | (0.26) | (0.21) | (0.83) | (0.71) |
| **AFFO per common share - Diluted** | **$1.48** | **$1.30** | **$5.76** | **$4.68** |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **NON-GAAP FINANCIAL MEASURES** |
| | **DEFINITIONS & RECONCILIATIONS** |
| | *(In thousands, except per share amounts)* |

---

*(Unaudited)*

**<u>Expected FFO</u>**

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, from real estate transactions not sold as of quarter close due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1Q23** | **Range** | **2023** | **Range** |
| | **Low** | **High** | **Low** | **High** |
| Expected earnings per common share - diluted | $0.36 | $0.40 | $1.53 | $1.83 |
| Expected real estate depreciation and amortization | 1.26 | 1.26 | 5.12 | 5.12 |
| Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.05 | 0.05 |
| Expected FFO per share - diluted | $1.63 | $1.67 | $6.70 | $7.00 |
| Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. | Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. | Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. | Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. | Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. |

---

**<u>Net Operating Income (NOI)</u>**

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. 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 attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income | $47471 | $217859 | $661508 | $312376 |
| Less: Fee and asset management income | (931) | (2815) | (5188) | (10532) |
| Less: Interest and other income | (138) | (191) | (3019) | (1223) |
| Less: Income/(loss) on deferred compensation plans | (8813) | (5186) | 19637 | (14369) |
| Plus: Property management expense | 7373 | 7139 | 28601 | 26339 |
| Plus: Fee and asset management expense | 426 | 1201 | 2516 | 4511 |
| Plus: General and administrative expense | 15887 | 14940 | 60413 | 59368 |
| Plus: Interest expense | 30668 | 24582 | 113424 | 97297 |
| Plus: Depreciation and amortization expense | 147271 | 116503 | 577020 | 420692 |
| Plus: Expense/(benefit) on deferred compensation plans | 8813 | 5186 | (19637) | 14369 |
| Less: Gain on sale of operating properties |  | (174384) | (36372) | (174384) |
| Less: Gain on acquisition of unconsolidated joint venture interests |  |  | (474146) |  |
| Less: Equity in income of joint ventures |  | (3125) | (3048) | (9777) |
| Plus: Income tax expense | 753 | 601 | 2966 | 1893 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | $248780 | $202310 | $924675 | $726560 |
| "Same Property" Communities | $197575 | $178163 | $753204 | $656985 |
| Non-"Same Property" Communities | 48713 | 20238 | 164621 | 51041 |
| Development and Lease-Up Communities | 1025 |  | 1255 | 8 |
| Hurricane Expenses |  |  | (1000) |  |
| Other | 1467 | 3909 | 6595 | 18526 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | $248780 | $202310 | $924675 | $726560 |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **NON-GAAP FINANCIAL MEASURES** |
| | **DEFINITIONS & RECONCILIATIONS** |
| | *(In thousands, except per share amounts)* |

---

*(Unaudited)*

**<u>Adjusted EBITDA</u>**

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on acquisition of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, loss on early retirement of debt, as well as income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income attributable to common shareholders | $45709 | $212898 | $653613 | $303907 |
| Plus: Interest expense | 30668 | 24582 | 113424 | 97297 |
| Plus: Depreciation and amortization expense | 147271 | 116503 | 577020 | 420692 |
| Plus: Income allocated to non-controlling interests | 1762 | 4961 | 7895 | 8469 |
| Plus: Income tax expense | 753 | 601 | 2966 | 1893 |
| Plus: Hurricane expenses |  |  | 1000 |  |
| Less: Gain on sale of operating properties |  | (174384) | (36372) | (174384) |
| Less: Gain on acquisition of unconsolidated joint venture interests |  |  | (474146) |  |
| Less: Equity in income of joint ventures |  | (3125) | (3048) | (9777) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $226163 | $182036 | $842352 | $648097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualized Adjusted EBITDA | $904652 | $728144 | $842352 | $648097 |

---

**<u>Net Debt to Annualized Adjusted EBITDA</u>**

The Company believes Net Debt to Annualized Adjusted EBITDA 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 EBITDA for the following periods:

**<u>Net Debt:</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Average monthly balance for the** | **Average monthly balance for the** | **Average monthly balance for the** | **Average monthly balance for the** |
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Unsecured notes payable | $3188976 | $3170054 | $3242448 | $3168649 |
| Secured notes payable | 514940 |  | 386096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt | 3703916 | 3170054 | 3628544 | 3168649 |
| Less: Cash and cash equivalents | (3562) | (385194) | (186178) | (329967) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt | $3700354 | $2784860 | $3442366 | $2838682 |

---

**<u>Net Debt to Annualized Adjusted EBITDA:</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net debt | $3700354 | $2784860 | $3442366 | $2838682 |
| Annualized Adjusted EBITDA | 904652 | 728144 | 842352 | 648097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Debt to Annualized Adjusted EBITDA | 4.1x | 3.8x | 4.1x | 4.4x |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **OTHER DATA** |

---

 *(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stock Symbol:** | CPT |  |  |  |
| **Exchange Traded:** | NYSE |  |  |  |
| **Senior Unsecured Debt Ratings:** |  | **<u>Rating</u>** | **<u>Outlook</u>** |  |
|  | Fitch | A- | Stable |  |
|  | Moody's | A3 | Stable |  |
|  | Standard & Poor's | A- | Stable |  |
| **Estimated Future Dates:** | **<u>Q1 '23</u>** | **<u>Q2 '23</u>** | **<u>Q3 '23</u>** | **<u>Q4 '23</u>** |
| **Earnings Release & Conference Call** | Late April | Late July | Late October | Early February |
| **Dividend Information - Common Shares:** | **<u>Q1 '22</u>** | **<u>Q2 '22</u>** | **<u>Q3 '22</u>** | **<u>Q4 '22</u>** |
| **Declaration Date** | 2/3/2022 | 6/15/2022 | 9/15/2022 | 12/1/2022 |
| **Record Date** | 3/31/2022 | 6/30/2022 | 9/30/2022 | 12/16/2022 |
| **Payment Date** | 4/18/2022 | 7/15/2022 | 10/17/2022 | 1/17/2023 |
| **Distributions Per Share** | $0.94 | $0.94 | $0.94 | $0.94 |

---

---

| | |
|:---|:---|
| **Investor Relations Data:** | **Investor Relations Data:** |
| Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request. | 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. | 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. | To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com. |
| For questions contact: | For questions contact: |
| Richard J. Campo | Chief Executive Officer & Chairman |
| D. Keith Oden | President & Executive Vice Chairman |
| Alexander J. Jessett | Chief Financial Officer |
| Laurie A. Baker | Chief Operating Officer |
| Kimberly A. Callahan | Senior Vice President - Investor Relations |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **COMMUNITY TABLE** |
| | Community statistics as of 12/31/2022 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Unaudited)* |  |  |  |  |  |  | **4Q22 Avg Monthly** | **4Q22 Avg Monthly** | **4Q22 Avg Monthly** | **4Q22 Avg Monthly** |
|  |  |  | **Year Placed** | **Average** | **Apartment** | **4Q22 Avg** | **Rental Rates per** | **Rental Rates per** | **Revenue per Occupied** | **Revenue per Occupied** |
| **Community Name** | **City** | **State** | **In Service** | **Size** | **Homes** | **Occupancy** | **Home** | **Sq. Ft.** | **Home** | **Sq. Ft.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Chandler | Chandler | AZ | 2016 | 1146 | 380 | 94% | $1992 | $1.74 | $2308 | $2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 95% | 1657 | 2.11 | 1969 | 2.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Foothills | Scottsdale | AZ | 2014 | 1032 | 220 | 97% | 2166 | 2.10 | 2536 | 2.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Legacy | Scottsdale | AZ | 1996 | 1067 | 428 | 95% | 2048 | 1.92 | 2369 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Montierra | Scottsdale | AZ | 1999 | 1071 | 249 | 96% | 1943 | 1.81 | 2338 | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden North End I | Phoenix | AZ | 2019 | 921 | 441 | 96% | 2039 | 2.21 | 2398 | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden North End II | Phoenix | AZ | 2021 | 885 | 343 | 94% | 2037 | 2.30 | 2371 | 2.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Old Town Scottsdale | Scottsdale | AZ | 2016 | 892 | 316 | 96% | 2295 | 2.57 | 2557 | 2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Pecos Ranch | Chandler | AZ | 2001 | 949 | 272 | 94% | 1693 | 1.78 | 1992 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 94% | 1845 | 1.87 | 2139 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1042 | 324 | 96% | 1964 | 1.89 | 2270 | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Sotelo | Tempe | AZ | 2008/2012 | 1303 | 170 | 95% | 2053 | 1.58 | 2440 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Tempe | Tempe | AZ | 2015 | 1043 | 234 | 94% | 2035 | 1.95 | 2431 | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ARIZONA** | **13** | **Properties** | **Properties** | **996** | **4029** | **95%** | **1980** | **1.99** | **2311** | **2.32** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Crown Valley | Mission Viejo | CA | 2001 | 1009 | 380 | 97% | 2572 | 2.55 | 2751 | 2.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Glendale | Glendale | CA | 2015 | 893 | 307 | 98% | 2731 | 3.06 | 2764 | 3.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Harbor View | Long Beach | CA | 2004 | 981 | 547 | 96% | 2959 | 3.02 | 3045 | 3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Main and Jamboree | Irvine | CA | 2008 | 1011 | 290 | 92% | 2533 | 2.51 | 2745 | 2.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Martinique | Costa Mesa | CA | 1986 | 795 | 714 | 96% | 2235 | 2.81 | 2442 | 3.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 99% | 2547 | 2.86 | 2816 | 3.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Camden | Hollywood | CA | 2016 | 767 | 287 | 96% | 3218 | 4.20 | 2755 | 3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Los Angeles/Orange County** | **7** | **Properties** | **Properties** | **900** | **2663** | **96%** | **2643** | **2.94** | **2727** | **3.03** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Hillcrest | San Diego | CA | 2021 | 1223 | 132 | 95% | 3447 | 2.82 | 3507 | 2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 94% | 2136 | 2.17 | 2148 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Old Creek | San Marcos | CA | 2007 | 1037 | 350 | 98% | 2725 | 2.63 | 2987 | 2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 97% | 2609 | 2.71 | 2819 | 2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Tuscany | San Diego | CA | 2003 | 895 | 160 | 98% | 3052 | 3.41 | 3260 | 3.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Vineyards | Murrieta | CA | 2002 | 1053 | 264 | 95% | 2312 | 2.20 | 2522 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total San Diego/Inland Empire** | **6** | **Properties** | **Properties** | **1009** | **1797** | **96%** | **2566** | **2.54** | **2727** | **2.70** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CALIFORNIA** | **13** | **Properties** | **Properties** | **944** | **4460** | **96%** | **2612** | **2.77** | **2727** | **2.89** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 96% | 1856 | 2.09 | 2164 | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Caley | Englewood | CO | 2000 | 921 | 218 | 97% | 1856 | 2.02 | 2130 | 2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Denver West | Golden | CO | 1997 | 1015 | 320 | 96% | 2220 | 2.19 | 2528 | 2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 95% | 1982 | 2.07 | 2346 | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1149 | 342 | 96% | 2206 | 1.92 | 2513 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Interlocken | Broomfield | CO | 1999 | 1002 | 340 | 97% | 2051 | 2.05 | 2395 | 2.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lakeway | Littleton | CO | 1997 | 929 | 459 | 96% | 1957 | 2.11 | 2263 | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lincoln Station | Lone Tree | CO | 2017 | 844 | 267 | 97% | 1859 | 2.20 | 2149 | 2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden RiNo | Denver | CO | 2020 | 828 | 233 | 96% | 2219 | 2.68 | 2644 | 3.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COLORADO** | **9** | **Properties** | **Properties** | **957** | **2873** | **96%** | **2026** | **2.12** | **2351** | **2.46** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Ashburn Farm | Ashburn | VA | 2000 | 1062 | 162 | 96% | 2088 | 1.97 | 2362 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden College Park | College Park | MD | 2008 | 942 | 509 | 94% | 1868 | 1.98 | 2169 | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Dulles Station | Oak Hill | VA | 2009 | 977 | 382 | 97% | 2161 | 2.21 | 2486 | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Fair Lakes | Fairfax | VA | 1999 | 1056 | 530 | 97% | 2178 | 2.06 | 2515 | 2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 97% | 2204 | 2.36 | 2551 | 2.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 95% | 2101 | 2.11 | 2352 | 2.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Grand Parc | Washington | DC | 2002 | 672 | 105 | 98% | 2692 | 4.01 | 2918 | 4.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lansdowne | Leesburg | VA | 2002 | 1006 | 690 | 97% | 2063 | 2.05 | 2336 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 98% | 1950 | 2.28 | 2223 | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Noma | Washington | DC | 2014 | 769 | 321 | 95% | 2262 | 2.94 | 2616 | 3.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Noma II | Washington | DC | 2017 | 759 | 405 | 97% | 2343 | 3.09 | 2707 | 3.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Potomac Yard | Arlington | VA | 2008 | 832 | 378 | 96% | 2288 | 2.75 | 2657 | 3.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 98% | 3009 | 3.51 | 3410 | 3.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Shady Grove | Rockville | MD | 2018 | 877 | 457 | 97% | 1958 | 2.23 | 2224 | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 97% | 2037 | 2.09 | 2340 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden South Capitol | Washington | DC | 2013 | 821 | 281 | 95% | 2411 | 2.94 | 2884 | 3.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Washingtonian | Gaithersburg | MD | 2018 | 870 | 365 | 96% | 1989 | 2.29 | 2198 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL DC METRO** | **17** | **Properties** | **Properties** | **913** | **6192** | **96%** | **2155** | **2.36** | **2470** | **2.71** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Atlantic (1) | Plantation | FL | 2022 | 919 | 269 | Lease-Up | 2405 | 2.62 | 2959 | 3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Aventura | Aventura | FL | 1995 | 1108 | 379 | 96% | 2665 | 2.40 | 3064 | 2.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 97% | 2603 | 3.09 | 2876 | 3.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Brickell | Miami | FL | 2003 | 937 | 405 | 96% | 2770 | 2.96 | 3045 | 3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Doral | Miami | FL | 1999 | 1120 | 260 | 99% | 2488 | 2.22 | 2747 | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Doral Villas | Miami | FL | 2000 | 1253 | 232 | 97% | 2785 | 2.22 | 3093 | 2.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1043 | 420 | 96% | 2761 | 2.65 | 3128 | 3.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Plantation | Plantation | FL | 1997 | 1201 | 502 | 95% | 2288 | 1.90 | 2611 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Portofino | Pembroke Pines | FL | 1995 | 1112 | 322 | 95% | 2358 | 2.12 | 2629 | 2.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Southeast Florida** | **9** | **Properties** | **Properties** | **1065** | **3050** | **96%** | **2564** | **2.41** | **2897** | **2.72** |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **COMMUNITY TABLE** |
| | Community statistics as of 12/31/2022 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Unaudited)* |  |  |  |  |  |  | **4Q22 Avg Monthly** | **4Q22 Avg Monthly** | **4Q22 Avg Monthly** | **4Q22 Avg Monthly** |
|  |  |  | **Year Placed** | **Average** | **Apartment** | **4Q22 Avg** | **Rental Rates per** | **Rental Rates per** | **Revenue per Occupied** | **Revenue per Occupied** |
| **Community Name** | **City** | **State** | **In Service** | **Size** | **Homes** | **Occupancy** | **Home** | **Sq. Ft.** | **Home** | **Sq. Ft.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Hunters Creek | Orlando | FL | 2000 | 1075 | 270 | 98% | $1855 | $1.72 | $2101 | $1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 98% | 1745 | 1.83 | 2041 | 2.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lake Eola | Orlando | FL | 2021 | 944 | 360 | 94% | 2291 | 2.43 | 2490 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden LaVina | Orlando | FL | 2012 | 969 | 420 | 96% | 1787 | 1.84 | 2084 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 96% | 1805 | 1.93 | 2083 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden North Quarter | Orlando | FL | 2016 | 806 | 333 | 97% | 1812 | 2.25 | 1994 | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 93% | 1683 | 2.06 | 1940 | 2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Thornton Park | Orlando | FL | 2016 | 920 | 299 | 95% | 2112 | 2.30 | 2326 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Town Square | Orlando | FL | 2012 | 983 | 438 | 97% | 1813 | 1.84 | 2055 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Waterford Lakes | Orlando | FL | 2014 | 971 | 300 | 97% | 1884 | 1.94 | 2118 | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 98% | 1785 | 1.82 | 2013 | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Orlando** | **11** | **Properties** | **Properties** | **944** | **3954** | **96%** | **1865** | **1.98** | **2110** | **2.24** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 98% | 1836 | 1.95 | 2133 | 2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Central | St. Petersburg | FL | 2019 | 942 | 368 | 97% | 3292 | 3.49 | 3593 | 3.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Montague | Tampa | FL | 2012 | 972 | 192 | 97% | 1828 | 1.88 | 2157 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Pier District | St. Petersburg | FL | 2016 | 989 | 358 | 98% | 3412 | 3.45 | 3632 | 3.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 94% | 2022 | 2.15 | 2318 | 2.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Royal Palms | Brandon | FL | 2006 | 1017 | 352 | 96% | 1765 | 1.74 | 2078 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Visconti | Tampa | FL | 2007 | 1125 | 450 | 97% | 2049 | 1.82 | 2322 | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 96% | 1980 | 2.00 | 2315 | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Tampa** | **8** | **Properties** | **Properties** | **990** | **3104** | **97%** | **2245** | **2.27** | **2540** | **2.57** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL FLORIDA** | **28** | **Properties** | **Properties** | **995** | **10108** | **96%** | **2193** | **2.20** | **2473** | **2.49** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Brookwood | Atlanta | GA | 2002 | 916 | 359 | 96% | 1775 | 1.94 | 2036 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Buckhead | Atlanta | GA | 2022 | 1087 | 366 | 94% | 2604 | 2.40 | 2743 | 2.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 96% | 1882 | 2.28 | 2012 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 97% | 1744 | 1.76 | 1946 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Deerfield | Alpharetta | GA | 2000 | 1187 | 292 | 89% | 1861 | 1.57 | 2164 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Dunwoody | Atlanta | GA | 1997 | 1007 | 324 | 95% | 1759 | 1.75 | 2005 | 1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Fourth Ward | Atlanta | GA | 2014 | 844 | 276 | 97% | 2062 | 2.44 | 2361 | 2.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 96% | 1807 | 1.93 | 2097 | 2.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Paces | Atlanta | GA | 2015 | 1408 | 379 | 96% | 2931 | 2.08 | 3233 | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Peachtree City | Peachtree City | GA | 2001 | 1027 | 399 | 95% | 1753 | 1.71 | 2061 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Phipps | Atlanta | GA | 1996 | 1010 | 234 | 91% | 1812 | 1.79 | 2048 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Shiloh | Kennesaw | GA | 1999/2002 | 1143 | 232 | 96% | 1722 | 1.51 | 2085 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 95% | 1729 | 1.73 | 2043 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Stockbridge | Stockbridge | GA | 2003 | 1009 | 304 | 96% | 1593 | 1.58 | 1870 | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 93% | 1761 | 1.95 | 1972 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL GEORGIA** | **15** | **Properties** | **Properties** | **1020** | **4862** | **95%** | **1935** | **1.90** | **2193** | **2.15** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Ballantyne | Charlotte | NC | 1998 | 1048 | 400 | 97% | 1648 | 1.57 | 1938 | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 94% | 1744 | 1.93 | 1996 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 95% | 1819 | 2.12 | 2085 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Fairview | Charlotte | NC | 1983 | 1036 | 135 | 90% | 1502 | 1.45 | 1745 | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 96% | 1375 | 1.46 | 1623 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 94% | 1519 | 1.74 | 1765 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 96% | 1976 | 2.66 | 2201 | 2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Grandview | Charlotte | NC | 2000 | 1059 | 266 | 98% | 2105 | 1.99 | 2349 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Grandview II | Charlotte | NC | 2019 | 2241 | 28 | 89% | 4013 | 1.79 | 4170 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96% | 1490 | 1.53 | 1747 | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden South End | Charlotte | NC | 2003 | 878 | 299 | 97% | 1872 | 2.13 | 2136 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Southline | Charlotte | NC | 2015 | 831 | 266 | 96% | 1995 | 2.40 | 2237 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Stonecrest | Charlotte | NC | 2001 | 1098 | 306 | 96% | 1687 | 1.54 | 1966 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 96% | 1408 | 1.57 | 1646 | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Charlotte** | **14** | **Properties** | **Properties** | **954** | **3104** | **96%** | **1758** | **1.84** | **2013** | **2.11** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Asbury Village | Raleigh | NC | 2009 | 1009 | 350 | 97% | 1594 | 1.58 | 1830 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Carolinian | Raleigh | NC | 2017 | 1118 | 186 | 93% | 2336 | 2.09 | 2550 | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Crest | Raleigh | NC | 2001 | 1012 | 442 | 97% | 1459 | 1.44 | 1728 | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Governor's Village | Chapel Hill | NC | 1999 | 1046 | 242 | 96% | 1550 | 1.48 | 1838 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lake Pine | Apex | NC | 1999 | 1066 | 446 | 96% | 1573 | 1.48 | 1842 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 95% | 1542 | 1.60 | 1801 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Overlook | Raleigh | NC | 2001 | 1060 | 322 | 96% | 1622 | 1.53 | 1907 | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 96% | 1427 | 1.47 | 1713 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Westwood | Morrisville | NC | 1999 | 1022 | 360 | 95% | 1502 | 1.47 | 1775 | 1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Raleigh** | **9** | **Properties** | **Properties** | **1022** | **3252** | **96%** | **1575** | **1.54** | **1841** | **1.80** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NORTH CAROLINA** | **23** | **Properties** | **Properties** | **988** | **6356** | **96%** | **1665** | **1.68** | **1925** | **1.95** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Franklin Park | Franklin | TN | 2018 | 967 | 328 | 97% | 1955 | 2.02 | 2093 | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Music Row | Nashville | TN | 2016 | 903 | 430 | 96% | 2469 | 2.73 | 2599 | 2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL TENNESSEE** | **2** | **Properties** | **Properties** | **931** | **758** | **97%** | **2247** | **2.41** | **2379** | **2.56** |

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| | |
|:---|:---|
| **CAMDEN** | **COMMUNITY TABLE** |
| | Community statistics as of 12/31/2022 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Unaudited)* |  |  |  |  |  |  | **4Q22 Avg Monthly** | **4Q22 Avg Monthly** | **4Q22 Avg Monthly** | **4Q22 Avg Monthly** |
|  |  |  | **Year Placed** | **Average** | **Apartment** | **4Q22 Avg** | **Rental Rates per** | **Rental Rates per** | **Revenue per Occupied** | **Revenue per Occupied** |
| **Community Name** | **City** | **State** | **In Service** | **Size** | **Homes** | **Occupancy** | **Home** | **Sq. Ft.** | **Home** | **Sq. Ft.** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Amber Oaks | Austin | TX | 2009 | 862 | 348 | 96% | $1499 | $1.74 | $1774 | $2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Amber Oaks II | Austin | TX | 2012 | 910 | 244 | 95% | 1611 | 1.77 | 1905 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Brushy Creek | Cedar Park | TX | 2008 | 882 | 272 | 97% | 1594 | 1.81 | 1780 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 96% | 1720 | 1.89 | 2005 | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 95% | 1883 | 1.97 | 2217 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 94% | 1578 | 1.75 | 1857 | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 97% | 1617 | 1.79 | 1815 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 97% | 1810 | 2.16 | 2014 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Rainey Street | Austin | TX | 2016 | 873 | 326 | 92% | 2488 | 2.85 | 2763 | 3.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Shadow Brook | Austin | TX | 2009 | 909 | 496 | 96% | 1543 | 1.70 | 1782 | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 96% | 1690 | 1.86 | 1958 | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Austin** | **11** | **Properties** | **Properties** | **897** | **3686** | **96%** | **1725** | **1.92** | **1981** | **2.21** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Addison | Addison | TX | 1996 | 942 | 456 | 94% | 1580 | 1.68 | 1824 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Belmont | Dallas | TX | 2010/2012 | 946 | 477 | 96% | 1803 | 1.91 | 2082 | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 95% | 1563 | 1.70 | 1865 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Centreport | Ft. Worth | TX | 1997 | 912 | 268 | 97% | 1497 | 1.64 | 1783 | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 96% | 1553 | 2.01 | 1791 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Design District | Dallas | TX | 2009 | 939 | 355 | 96% | 1683 | 1.79 | 1831 | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 94% | 1635 | 1.75 | 1848 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Greenville | Dallas | TX | 2017/2018 | 1028 | 558 | 95% | 1991 | 1.94 | 2164 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Henderson | Dallas | TX | 2012 | 966 | 106 | 98% | 1874 | 1.94 | 2110 | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96% | 1672 | 2.01 | 1930 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Legacy Park | Plano | TX | 1996 | 870 | 276 | 96% | 1681 | 1.93 | 1931 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Panther Creek | Frisco | TX | 2009 | 946 | 295 | 97% | 1683 | 1.78 | 1933 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Riverwalk | Grapevine | TX | 2008 | 989 | 600 | 97% | 1831 | 1.85 | 2098 | 2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 97% | 1396 | 1.88 | 1662 | 2.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 96% | 2018 | 2.34 | 2244 | 2.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Dallas/Ft. Worth** | **15** | **Properties** | **Properties** | **913** | **6224** | **96%** | **1698** | **1.86** | **1938** | **2.12** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden City Centre | Houston | TX | 2007 | 932 | 379 | 95% | 1573 | 1.69 | 1845 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden City Centre II | Houston | TX | 2013 | 869 | 268 | 96% | 1552 | 1.79 | 1798 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Cypress Creek | Cypress | TX | 2009 | 993 | 310 | 97% | 1544 | 1.55 | 1816 | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Cypress Creek II | Cypress | TX | 2020 | 950 | 234 | 96% | 1569 | 1.65 | 1822 | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Downs at Cinco Ranch | Katy | TX | 2004 | 1075 | 318 | 96% | 1552 | 1.44 | 1827 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Downtown | Houston | TX | 2020 | 1052 | 271 | 90% | 2618 | 2.49 | 2761 | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Grand Harbor | Katy | TX | 2008 | 959 | 300 | 95% | 1422 | 1.48 | 1681 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1486 | 1.73 | 1732 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Heights | Houston | TX | 2004 | 927 | 352 | 96% | 1627 | 1.75 | 1886 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Highland Village | Houston | TX | 2014/2015 | 1172 | 552 | 95% | 2335 | 1.99 | 2516 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 95% | 1435 | 1.54 | 1705 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden McGowen Station | Houston | TX | 2018 | 1004 | 315 | 93% | 2087 | 2.08 | 2299 | 2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Midtown | Houston | TX | 1999 | 844 | 337 | 94% | 1563 | 1.85 | 1846 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Northpointe | Tomball | TX | 2008 | 940 | 384 | 95% | 1373 | 1.46 | 1658 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96% | 1692 | 1.85 | 1949 | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Post Oak | Houston | TX | 2003 | 1200 | 356 | 95% | 2522 | 2.10 | 2856 | 2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 97% | 1464 | 1.59 | 1534 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Royal Oaks II | Houston | TX | 2012 | 1054 | 104 | 97% | 1693 | 1.61 | 1763 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Spring Creek | Spring | TX | 2004 | 1080 | 304 | 93% | 1467 | 1.36 | 1688 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 96% | 1269 | 1.50 | 1507 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 96% | 1408 | 1.53 | 1630 | 1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 95% | 1519 | 1.85 | 1774 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 94% | 1537 | 1.78 | 1824 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Whispering Oaks | Houston | TX | 2008 | 936 | 274 | 96% | 1436 | 1.53 | 1704 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Woodson Park | Houston | TX | 2008 | 916 | 248 | 95% | 1344 | 1.47 | 1591 | 1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Yorktown | Houston | TX | 2008 | 995 | 306 | 95% | 1345 | 1.35 | 1536 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Houston** | **26** | **Properties** | **Properties** | **956** | **9154** | **95%** | **1637** | **1.71** | **1879** | **1.97** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL TEXAS** | **52** | **Properties** | **Properties** | **931** | **19064** | **95%** | **1674** | **1.80** | **1918** | **2.06** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PROPERTIES** | **172** | **Properties** | **Properties** | **960** | **58702** | **96%** | **$1952** | **$2.03** | **$2241** | **$2.33** |

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*(1) Completed communities in lease-up as of December 31, 2022 are excluded from total occupancy numbers.*