# EDGAR Filing Document

**Accession Number:** 0000906345
**File Stem:** 0001628280-26-005842
**Filing Date:** 2026-2
**Character Count:** 183058
**Document Hash:** f142def615cb346a5d98c38996ada141
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-005842.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001628280-26-005842

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260205

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAMDEN PROPERTY TRUST
- **CENTRAL INDEX KEY:** 0000906345
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 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:** 26603670

**BUSINESS ADDRESS:**
- **STREET 1:** 2800 POST OAK BOULEVARD
- **STREET 2:** SUITE 2700
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 7133542500

**MAIL ADDRESS:**
- **STREET 1:** 2800 POST OAK BOULEVARD
- **STREET 2:** SUITE 2700
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

?xml version='1.0' encoding='ASCII'? cpt-20260205

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 5, 2026

**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)

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

(Address of Principal Executive Offices) (Zip Code)

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

Not applicable

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

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

☐&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 |
|  |  | NYSE Texas |

---

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

Emerging Growth Company ☐

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

------

**Item 2.02**&nbsp;&nbsp;&nbsp;&nbsp;**Results of Operations and Financial Condition.**

On February 5, 2026, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and twelve months ended December 31, 2025. 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](exhibit991earningsrelease4.htm)</u> | Press Release issued by Camden Property Trust dated February 5, 2026 |
| <u>[99.2](exhibit992supplement4q25.htm)</u> | Supplemental Financial Information dated February 5, 2026 |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

------

**SIGNATURES**

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

Date: February 5, 2026

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

![image2q23.jpg](image2q23.jpg)

**CAMDEN PROPERTY TRUST ANNOUNCES FOURTH QUARTER 2025 OPERATING RESULTS,** 

**2026 FINANCIAL OUTLOOK, AND FIRST QUARTER 2026 DIVIDEND**

Houston, Texas (February 5, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and twelve months ended December 31, 2025. Net Income Attributable to Common Shareholders ("EPS"), Funds from Operations ("FFO"), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations ("Core AFFO") for the three and twelve months ended December 31, 2025 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
| Per Diluted Share | 2025 | 2024 | 2025 | 2024 |
| EPS<sup>(1)</sup> | $1.44 | $0.37 | $3.54 | $1.50 |
| FFO | $1.73 | $1.68 | $6.77 | $6.70 |
| Core FFO | $1.76 | $1.73 | $6.88 | $6.85 |
| Core AFFO | $1.46 | $1.46 | $5.90 | $5.88 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Three Months Ended | 4Q25 Guidance | 4Q25 Guidance |
| Per Diluted Share | December 31, 2025 | Midpoint | Variance |
| EPS<sup>(1)</sup> | $1.44 | $0.35 | $1.09 |
| FFO | $1.73 | $1.70 | $0.03 |
| Core FFO | $1.76 | $1.73 | $0.03 |

---

*(1) For the three and twelve months ended December 31, 2025, EPS included approximately $0.12 per share of impairments associated with undeveloped land parcels. For the twelve months ended December 31, 2024, EPS included approximately $0.37 per share of impairments associated with undeveloped land parcels.*

---

| | | | |
|:---|:---|:---|:---|
| | Quarterly Growth | Sequential Growth | Year-To-Date Growth |
| Same Property Results | 4Q25 vs. 4Q24 | 4Q25 vs. 3Q25 | 2025 vs. 2024 |
| Revenues | 0.5% | (0.8)% | 0.8% |
| Expenses | 1.5% | (5.1)% | 1.7% |
| Net Operating Income ("NOI") | 0.0% | 1.7% | 0.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| Same Property Results | 4Q25 | 4Q24 | 3Q25 |
| Occupancy | 95.2% | 95.3% | 95.5% |

---

For 2025, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2024, 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 Effective <sup>(1)</sup> | 4Q25 | 4Q24 |
| Effective New Lease Rates | (5.3)% | (4.7)% |
| Effective Renewal Rates | 2.8% | 3.3% |
| Effective Blended Lease Rates | (1.6)% | (1.1)% |

---

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

---

| | | |
|:---|:---|:---|
| Occupancy, Bad Debt and Turnover Data | 4Q25 | 4Q24 |
| Occupancy | 95.2% | 95.3% |
| Bad Debt | 0.7% | 0.7% |
| Annualized Gross Turnover | 40% | 41% |
| Annualized Net Turnover | 30% | 31% |

---

------

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

During the quarter, lease-up was completed at Camden Long Meadow Farms in Richmond, TX and leasing continued at Camden Village District in Raleigh, NC.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Total | Total | % Leased |
| Community Name | Location | Homes | Cost | as of 1/31/2026 |
| Camden Village District | Raleigh, NC | 369 | $139.2 | 60% |

---

Development Communities - Construction Ongoing ($ in millions)

---

| | | | |
|:---|:---|:---|:---|
| | | Total | Total |
| Community Name | Location | Homes | Estimated Cost |
| Camden South Charlotte | Charlotte, NC | 420 | $157.0 |
| Camden Blakeney | Charlotte, NC | 349 | 151.0 |
| Camden Nations | Nashville, TN | 393 | 184.0 |
| Total |  | 1162 | $492.0 |

---

**<u>Acquisition and Disposition Activity</u>**

During the quarter, the Company acquired Camden Lake Buena Vista, a 322-apartment home community located in Orlando, FL for approximately $85.2 million. Also during the quarter, the Company disposed of two operating communities that operated as one dual-phased community in Houston, TX and one operating community in Phoenix, AZ comprising a total of 979 apartment homes for approximately $201.0 million and recognized a gain of approximately $128.0 million.

Subsequent to quarter end, the Company began marketing for sale 11 operating communities in California.

**<u>Share Repurchase</u>**

During the quarter, Camden repurchased 2,065,276 common shares at an average price of $106.82 per share for a total of $220.6 million. Year to date, Camden repurchased 2,531,018 common shares at an average share price of $106.92 for a total of $270.6 million. Subsequent to quarter end, Camden repurchased 1,096,807 common shares at an average price of $110.03 for a total of $120.7 million.

In February 2026, Camden's Board of Trust Managers authorized a new share repurchase program up to $600.0 million. The Company currently has $600.0 million remaining under this stock repurchase program.

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

As of December 31, 2025, Camden had approximately $635.2 million of liquidity comprised of approximately $25.2 million in cash and cash equivalents, and approximately $610.0 million of availability under its unsecured credit facility and commercial paper program. At quarter-end, the Company had approximately $213.8 million left to fund under its existing wholly-owned development pipeline.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1Q26 | 1Q26 | 2026 | 2026 |
| Per Diluted Share | Range | Midpoint | Range | Midpoint |
| EPS | $0.22 - $0.26 | $0.24 | $0.40 - $0.70 | $0.55 |
| FFO | $1.61 - $1.65 | $1.63 | $6.46 - $6.76 | $6.61 |
| Core FFO<sup>(1)</sup> | $1.64 - $1.68 | $1.66 | $6.60 - $6.90 | $6.75 |

---

*(1) The Company's 2026 core FFO guidance excludes approximately $0.14 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.*

------

A reconciliation of 2026 Core FFO per share guidance as compared to 2025 actual results is detailed below.

---

| | |
|:---|:---|
| **2025 Core FFO per share - actual** | $**6.880** |
| &nbsp;&nbsp;Nonrecurring fee and asset management income | (0.040) |
| &nbsp;&nbsp;Lower same property NOI growth | (0.045) |
| &nbsp;&nbsp;Higher general overhead and other corporate expenses | (0.045) |
| **2026 Core FFO per share - midpoint guidance** | $**6.750** |

---

---

| | | |
|:---|:---|:---|
| | 2026 | 2026 |
| Same Property Growth Guidance | Range | Midpoint |
| Revenues | (0.25%) - 1.75% | 0.75% |
| Expenses | 2.25% - 3.75% | 3.00% |
| NOI | (2.50%) - 1.50% | (0.50)% |

---

For 2026, the Company defines same property communities as communities owned and stabilized since January 1, 2025, including properties currently being marketed for sale.

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

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

Camden's Board of Trust Managers declared a first quarter 2026 dividend of $1.06 per common share payable on April 17, 2026 to shareholders of record as of March 31, 2026. 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 6, 2026 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 7679266

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 and operates 172 properties containing 58,759 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company's portfolio will increase to 59,921 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 18 consecutive years, most recently ranking #18. 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,** |
| | **2025** | **2024** | **2025** | **2024** |
| **<u>OPERATING DATA</u>** |  |  |  |  |
| **Property revenues** <sup>(a)</sup> | **$390794** | **$386319** | **$1573544** | **$1543842** |
| **Property expenses** |  |  |  |  |
| Property operating and maintenance | 90514 | 90571 | 369889 | 365681 |
| Real estate taxes | 47408 | 47440 | 196821 | 193124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property expenses | 137922 | 138011 | 566710 | 558805 |
| **Non-property income** |  |  |  |  |
| Fee and asset management | 5282 | 1540 | 12967 | 7137 |
| Interest and other income/(loss) | 100 | (22) | 256 | 4420 |
| Income/(loss) on deferred compensation plans | 2963 | (2511) | 19260 | 12629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-property income/(loss) | 8345 | (993) | 32483 | 24186 |
| **Other expenses** |  |  |  |  |
| Property management | 8995 | 9274 | 37452 | 38331 |
| Fee and asset management | 797 | 659 | 3074 | 2200 |
| General and administrative | 19841 | 18673 | 79344 | 72365 |
| Interest | 34079 | 32565 | 138239 | 129815 |
| Depreciation and amortization | 150191 | 145474 | 611025 | 582014 |
| Expense/(benefit) on deferred compensation plans | 2963 | (2511) | 19260 | 12629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expenses | 216866 | 204134 | 888394 | 837354 |
| Impairment associated with land development activities | (12916) |  | (12916) | (40988) |
| Loss on early retirement of debt |  |  |  | (921) |
| Gain on sale of operating properties | 127972 |  | 260910 | 43806 |
| **Income from continuing operations before income taxes** | **159407** | **43181** | **398917** | **173766** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (1449) | (572) | (4019) | (2926) |
| **Net income** | **157958** | **42609** | **394898** | **170840** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income allocated to non-controlling interests | (1922) | (1918) | (10436) | (7547) |
| **Net income attributable to common shareholders** | **$156036** | **$40691** | **$384462** | **$163293** |
| **<u>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</u>** |  |  |  |  |
| **Net income** | **$157958** | **$42609** | **$394898** | **$170840** |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on cash flow hedging activities |  |  |  | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss and unamortized prior service cost on post retirement obligation | (212) | (18) | (212) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 350 | 351 | 1403 | 2159 |
| **Comprehensive income** | **158096** | **42942** | **396089** | **173066** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocated to non-controlling interests | (1922) | (1918) | (10436) | (7547) |
| **Comprehensive income attributable to common shareholders** | **$156174** | **$41024** | **$385653** | **$165519** |
| **<u>PER SHARE DATA</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earnings per common share - basic | $1.44 | $0.37 | $3.54 | $1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earnings per common share - diluted | 1.44 | 0.37 | 3.54 | 1.50 |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | 107821 | 108428 | 108376 | 108491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | 108617 | 108515 | 108434 | 108539 |

---

*(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, 2025, we recognized $390.8 million of property revenue which consisted of approximately $347.7 million of rental revenue and approximately $43.1 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 $386.3 million recognized for the three months ended December 31, 2024, made up of approximately $344.9 million of rental revenue and approximately $41.4 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, 2025, we recognized $1,573.5 million of property revenue which consisted of approximately $1,399.9 million of rental revenue and approximately $173.6 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $1,543.8 million of property revenue recognized for the twelve months ended December 31, 2024, made up of approximately $1,376.0 million of rental revenue and approximately $167.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $12.1 million and $11.0 million for the three months ended December 31, 2025 and 2024, respectively and was $46.9 million and $42.9 million for the twelve months ended December 30, 2025 and 2024, respectively.* 

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

------

---

| | |
|:---|:---|
| **CAMDEN** | **FUNDS FROM OPERATIONS** |
| | *(In thousands, except per share and property data amounts)* |

---

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **<u>FUNDS FROM OPERATIONS</u>** |  |  |  |  |
| **Net income attributable to common shareholders** | **$156036** | **$40691** | **$384462** | **$163293** |
| Real estate depreciation and amortization | 146599 | 142403 | 597925 | 569998 |
| Income allocated to non-controlling interests | 1922 | 1918 | 10436 | 7547 |
| Gain on sale of operating properties | (127972) |  | (260910) | (43806) |
| Impairment associated with land development activities | 12916 |  | 12916 | 40988 |
| &nbsp;&nbsp;**Funds from operations** | **$189501** | **$185012** | **$744829** | **$738020** |
| &nbsp;&nbsp;&nbsp;Less: Casualty-related expenses, net of (recoveries) <sup>(a)</sup> | 59 | 3080 | (1354) | 5849 |
| &nbsp;&nbsp;&nbsp;Plus: Severance <sup>(b)</sup> |  |  |  | 506 |
| &nbsp;&nbsp;&nbsp;Plus: Legal costs and settlements <sup>(b)</sup> | 2277 | 1577 | 8611 | 4844 |
| &nbsp;&nbsp;&nbsp;Plus: Loss on early retirement of debt |  |  |  | 921 |
| &nbsp;&nbsp;&nbsp;Plus: Expensed transaction, development, and other pursuit costs <sup>(b)</sup> | 1131 | 710 | 4789 | 2203 |
| &nbsp;&nbsp;&nbsp;Plus: Advocacy contributions <sup>(c)</sup> |  |  |  | 1653 |
| &nbsp;&nbsp;&nbsp;Plus: Other miscellaneous items <sup>(a)</sup> | 106 |  | 350 |  |
| &nbsp;&nbsp;**Core funds from operations** | **$193074** | **$190379** | **$757225** | **$753996** |
| &nbsp;&nbsp;&nbsp;Less: Recurring capitalized expenditures <sup>(d)</sup> | (32834) | (29107) | (108174) | (106403) |
| &nbsp;&nbsp;**Core adjusted funds from operations** | **$160240** | **$161272** | **$649051** | **$647593** |
| **<u>PER SHARE DATA</u>** |  |  |  |  |
| Funds from operations - diluted | $1.73 | $1.68 | $6.77 | $6.70 |
| Core funds from operations - diluted | 1.76 | 1.73 | 6.88 | 6.85 |
| Core adjusted funds from operations - diluted | 1.46 | 1.46 | 5.90 | 5.88 |
| Distributions declared per common share | 1.05 | 1.03 | 4.20 | 4.12 |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| FFO/Core FFO/Core AFFO - diluted | 109486 | 110109 | 110028 | 110133 |
| **<u>PROPERTY DATA</u>** |  |  |  |  |
| Total operating properties (end of period) <sup>(e)</sup> | 172 | 174 | 172 | 174 |
| Total operating apartment homes in operating properties (end of period) <sup>(e)</sup> | 58759 | 58858 | 58759 | 58858 |
| Total operating apartment homes (weighted average) | 58615 | 58588 | 59095 | 58405 |

---

*.*

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

*(b) Non-core adjustment generally recorded within General and Administrative Expenses.*

*(c) Non-core adjustment generally recorded within Property Management Expenses.*

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

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

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

------

---

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

---

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dec 31,<br>2025** | **Sep 30,<br>2025** | **Jun 30,<br>2025** | **Mar 31,<br>2025** | **Dec 31,<br>2024** |
| **ASSETS** | | | | | |
| Real estate assets, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $1787445 | $1791077 | $1789207 | $1763468 | $1722526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 11792960 | 11812521 | 11763017 | 11550852 | 11319460 |
|  | 13580405 | 13603598 | 13552224 | 13314320 | 13041986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (5296061) | (5234087) | (5128622) | (5011583) | (4867422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating real estate assets | 8284344 | 8369511 | 8423602 | 8302737 | 8174564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Properties under development and land | 419227 | 384124 | 380437 | 403657 | 401542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate assets | 8703571 | 8753635 | 8804039 | 8706394 | 8576106 |
| Accounts receivable – affiliates | 8884 | 8889 | 8889 | 8950 | 8991 |
| Other assets, net <sup>(a)</sup> | 293292 | 255333 | 262100 | 239999 | 234838 |
| Cash and cash equivalents | 25203 | 25931 | 33091 | 26182 | 21045 |
| Restricted cash | 12039 | 11378 | 11454 | 11607 | 11164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $9042989 | $9055166 | $9119573 | $8993132 | $8852144 |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured | $3570193 | $3409691 | $3495487 | $3405255 | $3155233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured | 330597 | 330536 | 330476 | 330416 | 330358 |
| Accounts payable and accrued expenses | 248087 | 232960 | 206018 | 195197 | 215179 |
| Accrued real estate taxes | 92382 | 129697 | 91954 | 46192 | 78529 |
| Distributions payable | 114971 | 115518 | 116007 | 115983 | 113549 |
| Other liabilities <sup>(b)</sup> | 248506 | 224989 | 219635 | 212871 | 212107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4604736 | 4443391 | 4459577 | 4305914 | 4104955 |
| Equity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares of beneficial interest | 1157 | 1157 | 1157 | 1157 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 5948938 | 5945277 | 5941893 | 5936982 | 5930729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of net income attributable to common shareholders | (969240) | (1011983) | (1007075) | (973416) | (897931) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | (620497) | (400185) | (350166) | (351092) | (359732) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income <sup>(c)</sup> | 2165 | 2027 | 1676 | 1325 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common equity | 4362523 | 4536293 | 4587485 | 4614956 | 4675198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 75730 | 75482 | 72511 | 72262 | 71991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 4438253 | 4611775 | 4659996 | 4687218 | 4747189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $9042989 | $9055166 | $9119573 | $8993132 | $8852144 |
| *(a) Includes net deferred charges of:* | *$534* | *$1296* | *$1953* | *$2730* | *$2675* |
| *(b) Includes deferred revenues of:* | *$614* | *$624* | *$692* | *$760* | *$767* |
| *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain 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 (calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company's real estate investments between periods or to different companies.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income attributable to common shareholders** | $156036 | $40691 | $384462 | $163293 |
| Real estate depreciation and amortization | 146599 | 142403 | 597925 | 569998 |
| Income allocated to non-controlling interests | 1922 | 1918 | 10436 | 7547 |
| Gain on sale of operating properties | (127972) |  | (260910) | (43806) |
| Impairment associated with land development activities | 12916 |  | 12916 | 40988 |
| **Funds from operations** | **$189501** | **$185012** | **$744829** | **$738020** |
| &nbsp;&nbsp;&nbsp;Less: Casualty-related expenses, net of (recoveries) | 59 | 3080 | (1354) | 5849 |
| &nbsp;&nbsp;&nbsp;Plus: Severance |  |  |  | 506 |
| &nbsp;&nbsp;&nbsp;Plus: Legal costs and settlements | 2277 | 1577 | 8611 | 4844 |
| &nbsp;&nbsp;&nbsp;Plus: Loss on early retirement of debt |  |  |  | 921 |
| &nbsp;&nbsp;&nbsp;Plus: Expensed transaction, development, and other pursuit costs | 1131 | 710 | 4789 | 2203 |
| &nbsp;&nbsp;&nbsp;Plus: Advocacy contributions |  |  |  | 1653 |
| &nbsp;&nbsp;&nbsp;Plus: Miscellaneous other items | 106 |  | 350 |  |
| &nbsp;&nbsp;**Core funds from operations** | **$193074** | **$190379** | **$757225** | **$753996** |
| Less: Recurring capitalized expenditures | (32834) | (29107) | (108174) | (106403) |
| **Core adjusted funds from operations** | **$160240** | **$161272** | **$649051** | **$647593** |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPS diluted | 108617 | 108515 | 108434 | 108539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO/Core FFO/ Core AFFO diluted | 109486 | 110109 | 110028 | 110133 |

---

------

---

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

---

*(Unaudited)*

**<u>Reconciliation of FFO, Core FFO, and Core AFFO per share</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Total Earnings Per Common Share - Diluted | $1.44 | $0.37 | $3.54 | $1.50 |
| Real estate depreciation and amortization | 1.33 | 1.28 | 5.39 | 5.16 |
| Income allocated to non-controlling interests | 0.01 | 0.03 | 0.09 | 0.07 |
| Gain on sale of operating properties | (1.17) |  | (2.37) | (0.40) |
| Impairment associated with land development activities | 0.12 |  | 0.12 | 0.37 |
| **FFO per common share - Diluted** | **$1.73** | **$1.68** | **$6.77** | **$6.70** |
| &nbsp;&nbsp;&nbsp;Less: Casualty-related expenses, net of (recoveries) |  | 0.03 | (0.01) | 0.05 |
| &nbsp;&nbsp;&nbsp;Plus: Severance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Plus: Legal costs and settlements | 0.02 | 0.01 | 0.08 | 0.04 |
| &nbsp;&nbsp;&nbsp;Plus: Loss on early retirement of debt |  |  |  | 0.02 |
| &nbsp;&nbsp;&nbsp;Plus: Expensed transaction, development, and other pursuit costs | 0.01 | 0.01 | 0.04 | 0.02 |
| &nbsp;&nbsp;&nbsp;Plus: Advocacy contributions |  |  |  | 0.02 |
| &nbsp;&nbsp;&nbsp;Plus: Miscellaneous other items |  |  |  |  |
| **Core FFO per common share - Diluted** | **$1.76** | **$1.73** | **$6.88** | **$6.85** |
| Less: Recurring capitalized expenditures | (0.30) | (0.27) | (0.98) | (0.97) |
| **Core AFFO per common share - Diluted** | **$1.46** | **$1.46** | **$5.90** | **$5.88** |

---

**<u>Expected FFO & Core FFO</u>**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1Q26** | **Range** | **2026** | **Range** |
| | **Low** | **High** | **Low** | **High** |
| Expected earnings per common share - diluted | $0.22 | $0.26 | $0.40 | $0.70 |
| Expected real estate depreciation and amortization | 1.37 | 1.37 | 5.99 | 5.99 |
| Expected income allocated to non-controlling interests | 0.02 | 0.02 | 0.07 | 0.07 |
| Expected FFO per share - diluted | $1.61 | $1.65 | $6.46 | $6.76 |
| Anticipated Adjustments to FFO | 0.03 | 0.03 | 0.14 | 0.14 |
| Expected Core FFO per share - diluted | $1.64 | $1.68 | $6.60 | $6.90 |
| 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. |

---

------

---

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

---

*(Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $157958 | $42609 | $394898 | $170840 |
| Less: Fee and asset management income | (5282) | (1540) | (12967) | (7137) |
| Less: Interest and other income/(loss) | (100) | 22 | (256) | (4420) |
| Less: Income/(loss) on deferred compensation plans | (2963) | 2511 | (19260) | (12629) |
| Plus: Property management expense | 8995 | 9274 | 37452 | 38331 |
| Plus: Fee and asset management expense | 797 | 659 | 3074 | 2200 |
| Plus: General and administrative expense | 19841 | 18673 | 79344 | 72365 |
| Plus: Interest expense | 34079 | 32565 | 138239 | 129815 |
| Plus: Depreciation and amortization expense | 150191 | 145474 | 611025 | 582014 |
| Plus: Expense/(benefit) on deferred compensation plans | 2963 | (2511) | 19260 | 12629 |
| Plus: Impairment associated with land development activities | 12916 |  | 12916 | 40988 |
| Plus: Loss on early retirement of debt |  |  |  | 921 |
| Less: Gain on sale of operating properties | (127972) |  | (260910) | (43806) |
| Plus: Income tax expense | 1449 | 572 | 4019 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | $252872 | $248308 | $1006834 | $985037 |
| "Same Property" Communities | $235844 | $235934 | $936497 | $934141 |
| Non-"Same Property" Communities | 13524 | 8124 | 46603 | 25555 |
| Development and Lease-Up Communities | 376 |  | 685 | (6) |
| Disposition/Other | 3128 | 4250 | 23049 | 25347 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | $252872 | $248308 | $1006834 | $985037 |

---

------

---

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

---

*(Unaudited)*

**<u>EBITDAre and Adjusted EBITDAre</u>**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $157958 | $42609 | $394898 | $170840 |
| Plus: Interest expense | 34079 | 32565 | 138239 | 129815 |
| Plus: Depreciation and amortization expense | 150191 | 145474 | 611025 | 582014 |
| Plus: Income tax expense | 1449 | 572 | 4019 | 2926 |
| Less: Gain on sale of operating properties | (127972) |  | (260910) | (43806) |
| Plus: Impairment associated with land development activities | 12916 |  | 12916 | 40988 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDAre | $228621 | $221220 | $900187 | $882777 |
| Less: Casualty-related expenses, net of (recoveries) | 59 | 3080 | (1354) | 5849 |
| Plus: Severance |  |  |  | 506 |
| Plus: Legal costs and settlements | 2277 | 1577 | 8611 | 4844 |
| Plus: Loss on early retirement of debt |  |  |  | 921 |
| Plus: Expensed transaction, development, and other pursuit costs | 1131 | 710 | 4789 | 2203 |
| Plus: Advocacy contributions |  |  |  | 1653 |
| Plus: Miscellaneous other items | 106 |  | 350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDAre | $232194 | $226587 | $912583 | $898753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualized Adjusted EBITDAre | $928776 | $906348 | $912583 | $898753 |

---

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

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

**<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,** |
| | **2025** | **2024** | **2025** | **2024** |
| Unsecured notes payable | $3485644 | $3169511 | $3459543 | $3207170 |
| Secured notes payable | 330577 | 330338 | 330486 | 330251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total average debt | 3816221 | 3499849 | 3790029 | 3537421 |
| Less: Average cash and cash equivalents | (12428) | (11022) | (13654) | (43782) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt | $3803793 | $3488827 | $3776375 | $3493639 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net debt | $3803793 | $3488827 | $3776375 | $3493639 |
| Annualized Adjusted EBITDAre | 928776 | 906348 | 912583 | 898753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Debt to Annualized Adjusted EBITDAre | 4.1x | 3.8x | 4.1x | 3.9x |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **2026 FINANCIAL OUTLOOK** |
| | **AS OF FEBRUARY 5, 2026** |

---

*(Unaudited)*

---

| | |
|:---|:---|
| **Earnings Guidance - Per Diluted Share** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Expected FFO per share - diluted | $6.46 - $6.76 |
| &nbsp;&nbsp;&nbsp; Expected CORE FFO per share - diluted | $6.60 - $6.90 |
| **"Same Property" Communities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Units - 2026 | 54970 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Base Net Operating Income | $942 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenue Growth | (0.25%) - 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expense Growth | 2.25% - 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income Growth | (2.50%) - 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Impact from 1.0% change in NOI Growth is approximately $0.09 / share* |  |
| **Capitalized Expenditures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring | $113 - $117 million |
| &nbsp;&nbsp;&nbsp;Revenue Enhancing Capex and Repositions <sup>(a)</sup> | $77 - $81 million |
| **Acquisitions/Dispositions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition Volume | $1.0 - $1.2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposition Volume | $1.6 - $2.0 billion |
| **Development** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Starts | $140 - $335 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Spend | $185 - $215 million |
| **Non-Property Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and Asset Management Income | $8 - $10 million |
| &nbsp;&nbsp;&nbsp;&nbsp;*Interest Income* <sup>(b)</sup> | $2 - $4 million |
| **Corporate Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and Administrative (G&A) Expenses | $81 - $85 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Core Adjustments included above in G&A <sup>(c)</sup> | $14 - $15 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Management Expenses | $36 - $40 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and Asset Management Expenses | $2 - $3 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate G&A Depreciation/Amortization | $14 - $16 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Expenses | $3 - $4 million |
| **Capital** |  |
| &nbsp;&nbsp;&nbsp;Expected Share Repurchases <sup>(d)</sup> | $350 - $400 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected Debt Transactions | $400 - $800 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Expensed Interest | $142 - $146 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized Interest | $16 - $18 million |

---

*(a) Revenue Enhancing Capex and Repositions are capital expenditures that improve a community's cash flow and competitive position, typically kitchen and bath upgrades, or other new amenities.*

*(b) Income anticipated to be earned from deposits on 1031 disposition proceeds.*

*(c) Non-Core Adjustments are items not considered part of our core business operations*. *Items recorded to General and Administrative Expenses generally includes legal costs and settlements and expensed transaction pursuit costs.*

*(d) Includes $120.7 million repurchased in January 2026.*

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

![a4q25supplementcoveracquira.jpg](a4q25supplementcoveracquira.jpg)

------

---

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

---

---

| | |
|:---|:---|
| | **Page** |
| Press Release Text | [3](#i39be0c9e5dd340fe89711a6f459e76c2_7) |
| Financial Highlights | [4](#i39be0c9e5dd340fe89711a6f459e76c2_10) |
| Operating Results | [5](#i39be0c9e5dd340fe89711a6f459e76c2_13) |
| Funds from Operations | [6](#i39be0c9e5dd340fe89711a6f459e76c2_16) |
| Balance Sheets | [7](#i39be0c9e5dd340fe89711a6f459e76c2_19) |
| Portfolio Statistics | [8](#i39be0c9e5dd340fe89711a6f459e76c2_22) |
| Components of Property Net Operating Income | [9](#i39be0c9e5dd340fe89711a6f459e76c2_25) |
| Sequential Components of Property Net Operating Income | [10](#i39be0c9e5dd340fe89711a6f459e76c2_28) |
| "Same Property" Fourth Quarter Comparisons | [11](#i39be0c9e5dd340fe89711a6f459e76c2_31) |
| "Same Property" Sequential Quarter Comparisons | [12](#i39be0c9e5dd340fe89711a6f459e76c2_34) |
| "Same Property" Year to Date Comparisons | [13](#i39be0c9e5dd340fe89711a6f459e76c2_37) |
| "Same Property" Operating Expense Detail & Comparisons | [14](#i39be0c9e5dd340fe89711a6f459e76c2_49) |
| Current Development Communities | [15](#i39be0c9e5dd340fe89711a6f459e76c2_55) |
| Development Pipeline & Land | [16](#i39be0c9e5dd340fe89711a6f459e76c2_58) |
| Acquisitions & Dispositions | [17](#i39be0c9e5dd340fe89711a6f459e76c2_64) |
| Debt Analysis | [18](#i39be0c9e5dd340fe89711a6f459e76c2_67) |
| Debt Maturity Analysis | [19](#i39be0c9e5dd340fe89711a6f459e76c2_70) |
| Debt Covenant Analysis | [20](#i39be0c9e5dd340fe89711a6f459e76c2_73) |
| Capitalized Expenditures & Maintenance Expense | [21](#i39be0c9e5dd340fe89711a6f459e76c2_82) |
| 2026 Financial Outlook | [22](#i39be0c9e5dd340fe89711a6f459e76c2_85) |
| Non-GAAP Financial Measures - Definitions & Reconciliations | [23](#i39be0c9e5dd340fe89711a6f459e76c2_88) |
| Other Definitions | [27](#i39be0c9e5dd340fe89711a6f459e76c2_94) |
| Other Data | [28](#i39be0c9e5dd340fe89711a6f459e76c2_97) |
| Community Table | [29](#i39be0c9e5dd340fe89711a6f459e76c2_100) |

---

&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.

------

![image1a01a02a46.jpg](image1a01a02a46.jpg)

**CAMDEN PROPERTY TRUST ANNOUNCES FOURTH QUARTER 2025 OPERATING RESULTS,** 

**2026 FINANCIAL OUTLOOK, AND FIRST QUARTER 2026 DIVIDEND**

Houston, Texas (February 5, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and twelve months ended December 31, 2025. Net Income Attributable to Common Shareholders ("EPS"), Funds from Operations ("FFO"), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations ("Core AFFO") for the three and twelve months ended December 31, 2025 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
| Per Diluted Share | 2025 | 2024 | 2025 | 2024 |
| EPS<sup>(1)</sup> | $1.44 | $0.37 | $3.54 | $1.50 |
| FFO | $1.73 | $1.68 | $6.77 | $6.70 |
| Core FFO | $1.76 | $1.73 | $6.88 | $6.85 |
| Core AFFO | $1.46 | $1.46 | $5.90 | $5.88 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Three Months Ended | 4Q25 Guidance | 4Q25 Guidance |
| Per Diluted Share | December 31, 2025 | Midpoint | Variance |
| EPS<sup>(1)</sup> | $1.44 | $0.35 | $1.09 |
| FFO | $1.73 | $1.70 | $0.03 |
| Core FFO | $1.76 | $1.73 | $0.03 |

---

*(1) For the three and twelve months ended December 31, 2025, EPS included approximately $0.12 per share of impairments associated with undeveloped land parcels. For the twelve months ended December 31, 2024, EPS included approximately $0.37 per share of impairments associated with undeveloped land parcels.* 

---

| | | | |
|:---|:---|:---|:---|
| | Quarterly Growth | Sequential Growth | Year-To-Date Growth |
| Same Property Results | 4Q25 vs. 4Q24 | 4Q25 vs. 3Q25 | 2025 vs. 2024 |
| Revenues | 0.5% | (0.8)% | 0.8% |
| Expenses | 1.5% | (5.1)% | 1.7% |
| Net Operating Income ("NOI") | 0.0% | 1.7% | 0.3% |

---

---

| | | | |
|:---|:---|:---|:---|
| Same Property Results | 4Q25 | 4Q24 | 3Q25 |
| Occupancy | 95.2% | 95.3% | 95.5% |

---

For 2025, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2024, 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 Effective <sup>(1)</sup> | 4Q25 | 4Q24 |
| Effective New Lease Rates | (5.3)% | (4.7)% |
| Effective Renewal Rates | 2.8% | 3.3% |
| Effective Blended Lease Rates | (1.6)% | (1.1)% |

---

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

---

| | | |
|:---|:---|:---|
| Occupancy, Bad Debt and Turnover Data | 4Q25 | 4Q24 |
| Occupancy | 95.2% | 95.3% |
| Bad Debt | 0.7% | 0.7% |
| Annualized Gross Turnover | 40% | 41% |
| Annualized Net Turnover | 30% | 31% |

---

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

During the quarter, lease-up was completed at Camden Long Meadow Farms in Richmond, TX and leasing continued at Camden Village District in Raleigh, NC.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Total | Total | % Leased |
| Community Name | Location | Homes | Cost | as of 1/31/2026 |
| Camden Village District | Raleigh, NC | 369 | $139.2 | 60% |

---

Development Communities - Construction Ongoing ($ in millions)

---

| | | | |
|:---|:---|:---|:---|
| | | Total | Total |
| Community Name | Location | Homes | Estimated Cost |
| Camden South Charlotte | Charlotte, NC | 420 | $157.0 |
| Camden Blakeney | Charlotte, NC | 349 | 151.0 |
| Camden Nations | Nashville, TN | 393 | 184.0 |
| Total |  | 1162 | $492.0 |

---

**<u>Acquisition and Disposition Activity</u>**

During the quarter, the Company acquired Camden Lake Buena Vista, a 322-apartment home community located in Orlando, FL for approximately $85.2 million. Also during the quarter, the Company disposed of two operating communities that operated as one dual-phased community in Houston, TX and one operating community in Phoenix, AZ comprising a total of 979 apartment homes for approximately $201.0 million and recognized a gain of approximately $128.0 million.

Subsequent to quarter end, the Company began marketing for sale 11 operating communities in California.

**<u>Share Repurchase</u>**

During the quarter, Camden repurchased 2,065,276 common shares at an average price of $106.82 per share for a total of $220.6 million. Year to date, Camden repurchased 2,531,018 common shares at an average share price of $106.92 for a total of $270.6 million. Subsequent to quarter end, Camden repurchased 1,096,807 common shares at an average price of $110.03 for a total of $120.7 million.

In February 2026, Camden's Board of Trust Managers authorized a new share repurchase program up to $600.0 million. The Company currently has $600.0 million remaining under this stock repurchase program.

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

As of December 31, 2025, Camden had approximately $635.2 million of liquidity comprised of approximately $25.2 million in cash and cash equivalents, and approximately $610.0 million of availability under its unsecured credit facility and commercial paper program. At quarter-end, the Company had approximately $213.8 million left to fund under its existing wholly-owned development pipeline.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1Q26 | 1Q26 | 2026 | 2026 |
| Per Diluted Share | Range | Midpoint | Range | Midpoint |
| EPS | $0.22 - $0.26 | $0.24 | $0.40 - $0.70 | $0.55 |
| FFO | $1.61 - $1.65 | $1.63 | $6.46 - $6.76 | $6.61 |
| Core FFO<sup>(1)</sup> | $1.64 - $1.68 | $1.66 | $6.60 - $6.90 | $6.75 |

---

*(1) The Company's 2026 core FFO guidance excludes approximately $0.14 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.*

A reconciliation of 2026 Core FFO per share guidance as compared to 2025 actual results is detailed below.

---

| | |
|:---|:---|
| **2025 Core FFO per share - actual** | $**6.880** |
| &nbsp;&nbsp;Nonrecurring fee and asset management income | (0.040) |
| &nbsp;&nbsp;Lower same property NOI growth | (0.045) |
| &nbsp;&nbsp;Higher general overhead and other corporate expenses | (0.045) |
| **2026 Core FFO per share - midpoint guidance** | $**6.750** |

---

---

| | | |
|:---|:---|:---|
| | 2026 | 2026 |
| Same Property Growth Guidance | Range | Midpoint |
| Revenues | (0.25%) - 1.75% | 0.75% |
| Expenses | 2.25% - 3.75% | 3.00% |
| NOI | (2.50%) - 1.50% | (0.50)% |

---

For 2026, the Company defines same property communities as communities owned and stabilized since January 1, 2025, including properties currently being marketed for sale.

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

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

Camden's Board of Trust Managers declared a first quarter 2026 dividend of $1.06 per common share payable on April 17, 2026 to shareholders of record as of March 31, 2026. 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 6, 2026 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 7679266

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 and operates 172 properties containing 58,759 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company's portfolio will increase to 59,921 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 18 consecutive years, most recently ranking #18. 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,** |
| | **2025** | **2024** | **2025** | **2024** |
| Property revenues | $390794 | $386319 | $1573544 | $1543842 |
| Adjusted EBITDAre | 232194 | 226587 | 912583 | 898753 |
| Net income (loss) attributable to common shareholders | 156036 | 40691 | 384462 | 163293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share - basic | 1.44 | 0.37 | 3.54 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share - diluted | 1.44 | 0.37 | 3.54 | 1.50 |
| Funds from operations | 189501 | 185012 | 744829 | 738020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share - diluted | 1.73 | 1.68 | 6.77 | 6.70 |
| Core funds from operations | 193074 | 190379 | 757225 | 753996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per share - diluted | 1.76 | 1.73 | 6.88 | 6.85 |
| Core adjusted funds from operations | 160240 | 161272 | 649051 | 647593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Per share - diluted | 1.46 | 1.46 | 5.90 | 5.88 |
| Dividends per share | 1.05 | 1.03 | 4.20 | 4.12 |
| Dividend payout ratio (FFO) | 60.7% | 61.3% | 62.0% | 61.5% |
| Interest expensed | 34079 | 32565 | 138239 | 129815 |
| Interest capitalized | 3505 | 3525 | 14058 | 17871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest incurred | 37584 | 36090 | 152297 | 147686 |
| Net Debt to Annualized Adjusted EBITDAre <sup>(a)</sup> | 4.1x | 3.8x | 4.1x | 3.9x |
| Interest expense coverage ratio | 6.8x | 7.0x | 6.6x | 6.9x |
| Total interest coverage ratio | 6.2x | 6.3x | 6.0x | 6.1x |
| Fixed charge expense coverage ratio | 6.8x | 7.0x | 6.6x | 6.9x |
| Total fixed charge coverage ratio | 6.2x | 6.3x | 6.0x | 6.1x |
| Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.5x | 3.8x | 3.5x | 3.8x |
| Same property NOI growth <sup>(b) (c)</sup> | 0.0% | 1.2% | 0.3% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;(# of apartment homes included) | 54625 | 55866 | 54625 | 55866 |
| Same property turnover |  |  |  |  |
| Gross turnover of apartment homes (annualized) | 40% | 41% | 47% | 50% |
| Net turnover (excludes on-site transfers and transfers to other Camden communities) | 30% | 31% | 36% | 39% |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total assets | $9042989 | $8852144 | $9042989 | $8852144 |
| Total debt | $3900790 | $3485591 | $3900790 | $3485591 |
| Common and common equivalent shares, outstanding end of period <sup>(d)</sup> | 107807 | 110121 | 107807 | 110121 |
| Share price, end of period | $110.08 | $116.04 | $110.08 | $116.04 |
| Book equity value, end of period <sup>(e)</sup> | $4438253 | $4747189 | $4438253 | $4747189 |
| Market equity value, end of period <sup>(f)</sup> | $11867395 | $12778441 | $11867395 | $12778441 |

---

*(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 EBITDAre is Adjusted EBITDAre 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, 2024, excluding communities under redevelopment and properties held for sale.*

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

*(d) Includes at December 31, 2025: 106,213 common shares (including 82 common share equivalents related to share awards), plus 1,594 common share equivalents upon the assumed conversion of non-controlling units.*

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

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

Note: Please refer to pages 25 - 28 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,** |
| | **2025** | **2024** | **2025** | **2024** |
| **<u>OPERATING DATA</u>** |  |  |  |  |
| **Property revenues** <sup>(a)</sup> | **$390794** | **$386319** | **$1573544** | **$1543842** |
| **Property expenses** |  |  |  |  |
| Property operating and maintenance | 90514 | 90571 | 369889 | 365681 |
| Real estate taxes | 47408 | 47440 | 196821 | 193124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property expenses | 137922 | 138011 | 566710 | 558805 |
| **Non-property income** |  |  |  |  |
| Fee and asset management | 5282 | 1540 | 12967 | 7137 |
| Interest and other income/(loss) | 100 | (22) | 256 | 4420 |
| Income/(loss) on deferred compensation plans | 2963 | (2511) | 19260 | 12629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-property income/(loss) | 8345 | (993) | 32483 | 24186 |
| **Other expenses** |  |  |  |  |
| Property management | 8995 | 9274 | 37452 | 38331 |
| Fee and asset management | 797 | 659 | 3074 | 2200 |
| General and administrative | 19841 | 18673 | 79344 | 72365 |
| Interest | 34079 | 32565 | 138239 | 129815 |
| Depreciation and amortization | 150191 | 145474 | 611025 | 582014 |
| Expense/(benefit) on deferred compensation plans | 2963 | (2511) | 19260 | 12629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expenses | 216866 | 204134 | 888394 | 837354 |
| Impairment associated with land development activities | (12916) |  | (12916) | (40988) |
| Loss on early retirement of debt |  |  |  | (921) |
| Gain on sale of operating properties | 127972 |  | 260910 | 43806 |
| **Income from continuing operations before income taxes** | **159407** | **43181** | **398917** | **173766** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (1449) | (572) | (4019) | (2926) |
| **Net income** | **157958** | **42609** | **394898** | **170840** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocated to non-controlling interests | (1922) | (1918) | (10436) | (7547) |
| **Net income attributable to common shareholders** | **$156036** | **$40691** | **$384462** | **$163293** |
| **<u>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</u>** |  |  |  |  |
| **Net income** | **$157958** | **$42609** | **$394898** | **$170840** |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on cash flow hedging activities |  |  |  | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss and unamortized prior service cost on post retirement obligation | (212) | (18) | (212) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 350 | 351 | 1403 | 2159 |
| **Comprehensive income** | **158096** | **42942** | **396089** | **173066** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocated to non-controlling interests | (1922) | (1918) | (10436) | (7547) |
| **Comprehensive income attributable to common shareholders** | **$156174** | **$41024** | **$385653** | **$165519** |
| **<u>PER SHARE DATA</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earnings per common share - basic | $1.44 | $0.37 | $3.54 | $1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total earnings per common share - diluted | 1.44 | 0.37 | 3.54 | 1.50 |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | 107821 | 108428 | 108376 | 108491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | 108617 | 108515 | 108434 | 108539 |

---

*(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, 2025, we recognized $390.8 million of property revenue which consisted of approximately $347.7 million of rental revenue and approximately $43.1 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 $386.3 million recognized for the three months ended December 31, 2024, made up of approximately $344.9 million of rental revenue and approximately $41.4 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, 2025, we recognized $1,573.5 million of property revenue which consisted of approximately $1,399.9 million of rental revenue and approximately $173.6 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $1,543.8 million of property revenue recognized for the twelve months ended December 31, 2024, made up of approximately $1,376.0 million of rental revenue and approximately $167.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $12.1 million and $11.0 million for the three months ended December 31, 2025 and 2024, respectively and was $46.9 million and $42.9 million for the twelve months ended December 30, 2025 and 2024, respectively.* 

Note: Please refer to pages 25 - 28 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,** |
| | **2025** | **2024** | **2025** | **2024** |
| **<u>FUNDS FROM OPERATIONS</u>** |  |  |  |  |
| **Net income attributable to common shareholders** | **$156036** | **$40691** | **$384462** | **$163293** |
| Real estate depreciation and amortization | 146599 | 142403 | 597925 | 569998 |
| Income allocated to non-controlling interests | 1922 | 1918 | 10436 | 7547 |
| Gain on sale of operating properties | (127972) |  | (260910) | (43806) |
| Impairment associated with land development activities | 12916 |  | 12916 | 40988 |
| &nbsp;&nbsp;**Funds from operations** | **$189501** | **$185012** | **$744829** | **$738020** |
| &nbsp;&nbsp;&nbsp;Less: Casualty-related expenses, net of (recoveries) <sup>(a)</sup> | 59 | 3080 | (1354) | 5849 |
| &nbsp;&nbsp;&nbsp;Plus: Severance <sup>(b)</sup> |  |  |  | 506 |
| &nbsp;&nbsp;&nbsp;Plus: Legal costs and settlements <sup>(b)</sup> | 2277 | 1577 | 8611 | 4844 |
| &nbsp;&nbsp;&nbsp;Plus: Loss on early retirement of debt |  |  |  | 921 |
| &nbsp;&nbsp;&nbsp;Plus: Expensed transaction, development, and other pursuit costs <sup>(b)</sup> | 1131 | 710 | 4789 | 2203 |
| &nbsp;&nbsp;&nbsp;Plus: Advocacy contributions <sup>(c)</sup> |  |  |  | 1653 |
| &nbsp;&nbsp;&nbsp;Plus: Other miscellaneous items <sup>(a)</sup> | 106 |  | 350 |  |
| &nbsp;&nbsp;**Core funds from operations** | **$193074** | **$190379** | **$757225** | **$753996** |
| &nbsp;&nbsp;&nbsp;Less: Recurring capitalized expenditures <sup>(d)</sup> | (32834) | (29107) | (108174) | (106403) |
| &nbsp;&nbsp;**Core adjusted funds from operations** | **$160240** | **$161272** | **$649051** | **$647593** |
| **<u>PER SHARE DATA</u>** |  |  |  |  |
| Funds from operations - diluted | $1.73 | $1.68 | $6.77 | $6.70 |
| Core funds from operations - diluted | 1.76 | 1.73 | 6.88 | 6.85 |
| Core adjusted funds from operations - diluted | 1.46 | 1.46 | 5.90 | 5.88 |
| Distributions declared per common share | 1.05 | 1.03 | 4.20 | 4.12 |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| FFO/Core FFO/Core AFFO - diluted | 109486 | 110109 | 110028 | 110133 |
| **<u>PROPERTY DATA</u>** |  |  |  |  |
| Total operating properties (end of period) <sup>(e)</sup> | 172 | 174 | 172 | 174 |
| Total operating apartment homes in operating properties (end of period) <sup>(e)</sup> | 58759 | 58858 | 58759 | 58858 |
| Total operating apartment homes (weighted average) | 58615 | 58588 | 59095 | 58405 |

---

*.* 

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

*(b) Non-core adjustment generally recorded within General and Administrative Expenses.*

*(c) Non-core adjustment generally recorded within Property Management Expenses.*

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

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

Note: Please refer to pages 25 - 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

------

---

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

---

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Dec 31,<br>2025** | **Sep 30,<br>2025** | **Jun 30,<br>2025** | **Mar 31,<br>2025** | **Dec 31,<br>2024** |
| **ASSETS** | | | | | |
| Real estate assets, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $1787445 | $1791077 | $1789207 | $1763468 | $1722526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 11792960 | 11812521 | 11763017 | 11550852 | 11319460 |
|  | 13580405 | 13603598 | 13552224 | 13314320 | 13041986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (5296061) | (5234087) | (5128622) | (5011583) | (4867422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating real estate assets | 8284344 | 8369511 | 8423602 | 8302737 | 8174564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Properties under development and land | 419227 | 384124 | 380437 | 403657 | 401542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate assets | 8703571 | 8753635 | 8804039 | 8706394 | 8576106 |
| Accounts receivable – affiliates | 8884 | 8889 | 8889 | 8950 | 8991 |
| Other assets, net <sup>(a)</sup> | 293292 | 255333 | 262100 | 239999 | 234838 |
| Cash and cash equivalents | 25203 | 25931 | 33091 | 26182 | 21045 |
| Restricted cash | 12039 | 11378 | 11454 | 11607 | 11164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $9042989 | $9055166 | $9119573 | $8993132 | $8852144 |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured | $3570193 | $3409691 | $3495487 | $3405255 | $3155233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured | 330597 | 330536 | 330476 | 330416 | 330358 |
| Accounts payable and accrued expenses | 248087 | 232960 | 206018 | 195197 | 215179 |
| Accrued real estate taxes | 92382 | 129697 | 91954 | 46192 | 78529 |
| Distributions payable | 114971 | 115518 | 116007 | 115983 | 113549 |
| Other liabilities <sup>(b)</sup> | 248506 | 224989 | 219635 | 212871 | 212107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4604736 | 4443391 | 4459577 | 4305914 | 4104955 |
| Equity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares of beneficial interest | 1157 | 1157 | 1157 | 1157 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 5948938 | 5945277 | 5941893 | 5936982 | 5930729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of net income attributable to common shareholders | (969240) | (1011983) | (1007075) | (973416) | (897931) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | (620497) | (400185) | (350166) | (351092) | (359732) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income <sup>(c)</sup> | 2165 | 2027 | 1676 | 1325 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total common equity | 4362523 | 4536293 | 4587485 | 4614956 | 4675198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 75730 | 75482 | 72511 | 72262 | 71991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 4438253 | 4611775 | 4659996 | 4687218 | 4747189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $9042989 | $9055166 | $9119573 | $8993132 | $8852144 |
| *(a) Includes net deferred charges of:* | *$534* | *$1296* | *$1953* | *$2730* | *$2675* |
| *(b) Includes deferred revenues of:* | *$614* | *$624* | *$692* | *$760* | *$767* |
| *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* | *(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.* |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **PORTFOLIO STATISTICS** |

---

*(Unaudited)*

**COMMUNITY PORTFOLIO AT DECEMBER 31, 2025 (in apartment homes)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **"Same Property"** | **Non-"Same Property"** | **Completed in Lease-up** | **Under Construction** | **Grand Total** |
| D.C. Metro <sup>(a)</sup> | 6194 |  |  |  | 6194 |
| Houston, TX | 7278 | 929 |  |  | 8207 |
| Phoenix, AZ | 4094 |  |  |  | 4094 |
| Dallas, TX | 5940 |  |  |  | 5940 |
| Atlanta, GA | 4036 | 234 |  |  | 4270 |
| SE Florida | 3050 |  |  |  | 3050 |
| Orlando, FL | 3954 | 322 |  |  | 4276 |
| Tampa, FL | 3104 | 360 |  |  | 3464 |
| Charlotte, NC | 3123 | 387 |  | 769 | 4279 |
| Denver, CO | 2873 |  |  |  | 2873 |
| Raleigh, NC | 3252 | 420 | 369 |  | 4041 |
| Austin, TX | 3360 | 678 |  |  | 4038 |
| San Diego/Inland Empire, CA | 1797 |  |  |  | 1797 |
| Los Angeles/Orange County, CA | 1812 |  |  |  | 1812 |
| Nashville, TN | 758 | 435 |  | 393 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Portfolio** | 54625 | 3765 | 369 | 1162 | 59921 |

---

*(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>2025** | **Sep 30,<br>2025** | **Jun 30,<br>2025** | **Mar 31,<br>2025** | **Dec 31,<br>2024** |
| D.C. Metro <sup>(a)</sup> | 14.3% | 13.5% | 96.1% | 96.7% | 97.3% | 97.1% | 96.8% |
| Houston, TX | 9.9% | 10.9% | 94.2% | 94.8% | 95.1% | 95.1% | 95.1% |
| Phoenix, AZ | 8.3% | 7.7% | 95.0% | 94.9% | 94.4% | 95.4% | 95.4% |
| Dallas, TX | 7.9% | 7.5% | 94.9% | 95.4% | 95.3% | 95.0% | 94.9% |
| Atlanta, GA | 7.5% | 7.3% | 95.2% | 95.8% | 95.3% | 95.1% | 93.9% |
| SE Florida | 7.0% | 6.7% | 95.2% | 95.2% | 95.5% | 95.2% | 94.8% |
| Orlando, FL | 7.1% | 6.9% | 96.1% | 95.9% | 95.7% | 95.8% | 95.3% |
| Tampa, FL | 6.3% | 6.7% | 94.9% | 94.9% | 95.4% | 96.3% | 96.9% |
| Charlotte, NC | 5.4% | 5.7% | 94.6% | 95.1% | 95.4% | 95.2% | 95.2% |
| Denver, CO | 6.0% | 5.6% | 95.1% | 96.6% | 97.0% | 95.0% | 95.7% |
| Raleigh, NC | 5.0% | 5.5% | 94.5% | 95.4% | 95.6% | 95.6% | 95.5% |
| Austin, TX | 4.2% | 4.7% | 95.5% | 95.2% | 94.7% | 93.6% | 93.5% |
| San Diego/Inland Empire, CA | 4.9% | 4.6% | 95.5% | 95.8% | 96.1% | 95.7% | 95.7% |
| Los Angeles/Orange County, CA | 4.6% | 4.6% | 95.3% | 95.5% | 95.6% | 94.1% | 93.6% |
| Nashville, TN | 1.6% | 2.1% | 93.6% | 94.8% | 94.8% | 92.2% | 92.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Portfolio** | **100.0%** | **100.0%** | **95.1%** | **95.5%** | **95.6%** | **95.3%** | **95.2%** |

---

*(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** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| "Same Property" Communities <sup>(a)</sup> | 54625 | $362003 | $360266 | $1737 | $1453229 | $1442248 | $10981 |
| Non-"Same Property" Communities <sup>(b)</sup> | 3765 | 21998 | 13009 | 8989 | 78094 | 45542 | 32552 |
| Development and Lease-Up Communities <sup>(c)</sup> | 1531 | 1077 |  | 1077 | 2185 |  | 2185 |
| Disposition/Other <sup>(d)</sup> |  | 5716 | 13044 | (7328) | 40036 | 56052 | (16016) |
| &nbsp;&nbsp;&nbsp;**Total Property Revenues** | **59921** | **$390794** | **$386319** | **$4475** | **$1573544** | **$1543842** | **$29702** |
| **Property Expenses** |  |  |  |  |  |  |  |
| "Same Property" Communities <sup>(a)</sup> | 54625 | $126159 | $124332 | $1827 | $516732 | $508107 | $8625 |
| Non-"Same Property" Communities <sup>(b)</sup> | 3765 | 8474 | 4885 | 3589 | 31491 | 19987 | 11504 |
| Development and Lease-Up Communities <sup>(c)</sup> | 1531 | 701 |  | 701 | 1500 | 6 | 1494 |
| Disposition/Other <sup>(d)</sup> |  | 2588 | 8794 | (6206) | 16987 | 30705 | (13718) |
| &nbsp;&nbsp;&nbsp;**Total Property Expenses** | **59921** | **$137922** | **$138011** | **($89)** | **$566710** | **$558805** | **$7905** |
| **Property Net Operating Income** |  |  |  |  |  |  |  |
| "Same Property" Communities <sup>(a)</sup> | 54625 | $235844 | $235934 | ($90) | $936497 | $934141 | $2356 |
| Non-"Same Property" Communities <sup>(b)</sup> | 3765 | 13524 | 8124 | 5400 | 46603 | 25555 | 21048 |
| Development and Lease-Up Communities <sup>(c)</sup> | 1531 | 376 |  | 376 | 685 | (6) | 691 |
| Disposition/Other <sup>(d)</sup> |  | 3128 | 4250 | (1122) | 23049 | 25347 | (2298) |
| &nbsp;&nbsp;&nbsp;**Total Property Net Operating Income** | **59921** | **$252872** | **$248308** | **$4564** | **$1006834** | **$985037** | **$21797** |

---

*(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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, 2024, 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, 2024, 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, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.*

------

---

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

---

*(Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **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** | **2025** | **2025** | **2025** | **2025** | **2024** |
| "Same Property" Communities <sup>(a)</sup> | 54625 | $362003 | $364954 | $364478 | $361794 | $360266 |
| Non-"Same Property" Communities <sup>(b)</sup> | 3765 | 21998 | 21300 | 19036 | 15760 | 13009 |
| Development and Lease-Up Communities <sup>(c)</sup> | 1531 | 1077 | 790 | 283 | 35 |  |
| Disposition/Other <sup>(d)</sup> |  | 5716 | 8632 | 12712 | 12976 | 13044 |
| &nbsp;&nbsp;&nbsp;**Total Property Revenues** | **59921** | **$390794** | **$395676** | **$396509** | **$390565** | **$386319** |
| **Property Expenses** |  |  |  |  |  |  |
| "Same Property" Communities <sup>(a)</sup> | 54625 | $126159 | $132982 | $130920 | $126671 | $124332 |
| Non-"Same Property" Communities <sup>(b)</sup> | 3765 | 8474 | 8537 | 7897 | 6583 | 4885 |
| Development and Lease-Up Communities <sup>(c)</sup> | 1531 | 701 | 538 | 230 | 31 |  |
| Disposition/Other <sup>(d)</sup> |  | 2588 | 3639 | 4625 | 6135 | 8794 |
| &nbsp;&nbsp;&nbsp;**Total Property Expenses** | **59921** | **$137922** | **$145696** | **$143672** | **$139420** | **$138011** |
| **Property Net Operating Income** |  |  |  |  |  |  |
| "Same Property" Communities <sup>(a)</sup> | 54625 | $235844 | $231972 | $233558 | $235123 | $235934 |
| Non-"Same Property" Communities <sup>(b)</sup> | 3765 | 13524 | 12763 | 11139 | 9177 | 8124 |
| Development and Lease-Up Communities <sup>(c)</sup> | 1531 | 376 | 252 | 53 | 4 |  |
| Disposition/Other <sup>(d)</sup> |  | 3128 | 4993 | 8087 | 6841 | 4250 |
| &nbsp;&nbsp;&nbsp;**Total Property Net Operating Income** | **59921** | **$252872** | **$249980** | **$252837** | **$251145** | **$248308** |

---

*(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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, 2024, 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, 2024, 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, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.*

------

---

| | |
|:---|:---|
| **CAMDEN** | **"SAME PROPERTY"** |
| | **FOURTH QUARTER COMPARISONS** |
| | **December 31, 2025** |
| | *(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** | **4Q25** | **4Q24** | **Growth** | **4Q25** | **4Q24** | **Growth** | **4Q25** | **4Q24** | **Growth** |
| D.C. Metro | 6194 | $48873 | $47640 | 2.6% | $15222 | $14717 | 3.4% | $33651 | $32923 | 2.2% |
| Houston, TX | 7278 | 40319 | 40315 | 0.0% | 16969 | 15859 | 7.0% | 23350 | 24456 | (4.5)% |
| Phoenix, AZ | 4094 | 27099 | 27489 | (1.4)% | 7605 | 7256 | 4.8% | 19494 | 20233 | (3.7)% |
| Dallas, TX | 5940 | 33208 | 33376 | (0.5)% | 14392 | 13734 | 4.8% | 18816 | 19642 | (4.2)% |
| Atlanta, GA | 4036 | 25700 | 25243 | 1.8% | 8122 | 9947 | (18.3)% | 17578 | 15296 | 14.9% |
| SE Florida | 3050 | 26530 | 26313 | 0.8% | 10083 | 9521 | 5.9% | 16447 | 16792 | (2.1)% |
| Orlando, FL | 3954 | 25097 | 24968 | 0.5% | 8250 | 8315 | (0.8)% | 16847 | 16653 | 1.2% |
| Tampa, FL | 3104 | 23577 | 23724 | (0.6)% | 8652 | 8027 | 7.8% | 14925 | 15697 | (4.9)% |
| Denver, CO | 2873 | 20304 | 20279 | 0.1% | 6152 | 6065 | 1.4% | 14152 | 14214 | (0.4)% |
| Charlotte, NC | 3123 | 18391 | 18557 | (0.9)% | 5766 | 5580 | 3.3% | 12625 | 12977 | (2.7)% |
| Raleigh, NC | 3252 | 17518 | 17588 | (0.4)% | 5629 | 5169 | 8.9% | 11889 | 12419 | (4.3)% |
| San Diego/Inland Empire, CA | 1797 | 16258 | 15961 | 1.9% | 4672 | 4888 | (4.4)% | 11586 | 11073 | 4.6% |
| Los Angeles/Orange County, CA | 1812 | 16785 | 15965 | 5.1% | 5832 | 5471 | 6.6% | 10953 | 10494 | 4.4% |
| Austin, TX | 3360 | 17268 | 17801 | (3.0)% | 7480 | 7904 | (5.4)% | 9788 | 9897 | (1.1)% |
| Nashville, TN | 758 | 5076 | 5047 | 0.6% | 1333 | 1879 | (29.1)% | 3743 | 3168 | 18.2% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **54625** | **$362003** | **$360266** | **0.5%** | **$126159** | **$124332** | **1.5%** | **$235844** | **$235934** | **0.0%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **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>(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** | **4Q25** | **4Q24** | **Growth** | **4Q25** | **4Q24** | **Growth** | **4Q25** | **4Q24** | **Growth** |
| D.C. Metro | 14.3% | 96.1% | 96.8% | (0.7)% | $2390 | $2313 | 3.3% | $2736 | $2649 | 3.3% |
| Houston, TX | 9.9% | 94.5% | 95.1% | (0.6)% | 1655 | 1651 | 0.2% | 1954 | 1942 | 0.6% |
| Phoenix, AZ | 8.3% | 95.2% | 95.4% | (0.2)% | 1960 | 1991 | (1.6)% | 2319 | 2347 | (1.2)% |
| Dallas, TX | 7.9% | 94.9% | 94.9% | 0.0% | 1697 | 1709 | (0.7)% | 1964 | 1974 | (0.5)% |
| Atlanta, GA | 7.5% | 95.3% | 94.3% | 1.0% | 1915 | 1914 | 0.1% | 2227 | 2210 | 0.8% |
| SE Florida | 7.0% | 95.2% | 94.8% | 0.4% | 2698 | 2690 | 0.3% | 3045 | 3034 | 0.4% |
| Orlando, FL | 7.1% | 96.1% | 95.3% | 0.8% | 1916 | 1928 | (0.6)% | 2203 | 2209 | (0.3)% |
| Tampa, FL | 6.3% | 95.2% | 96.9% | (1.7)% | 2318 | 2298 | 0.9% | 2658 | 2630 | 1.1% |
| Denver, CO | 6.0% | 95.1% | 95.7% | (0.6)% | 2132 | 2142 | (0.5)% | 2476 | 2457 | 0.7% |
| Charlotte, NC | 5.4% | 94.5% | 95.1% | (0.6)% | 1797 | 1808 | (0.6)% | 2076 | 2083 | (0.3)% |
| Raleigh, NC | 5.0% | 94.8% | 95.5% | (0.7)% | 1602 | 1606 | (0.2)% | 1894 | 1888 | 0.3% |
| San Diego/Inland Empire, CA | 4.9% | 95.5% | 95.7% | (0.2)% | 2817 | 2791 | 0.9% | 3157 | 3095 | 2.1% |
| Los Angeles/Orange County, CA | 4.6% | 95.3% | 93.6% | 1.7% | 2895 | 2858 | 1.3% | 3241 | 3136 | 3.4% |
| Austin, TX | 4.2% | 95.3% | 94.1% | 1.2% | 1513 | 1587 | (4.7)% | 1797 | 1877 | (4.2)% |
| Nashville, TN | 1.6% | 93.7% | 92.8% | 0.9% | 2202 | 2223 | (0.9)% | 2381 | 2389 | (0.3)% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **100.0%** | **95.2%** | **95.3%** | **(0.1)%** | **$2008** | **$2006** | **0.1%** | **$2320** | **$2307** | **0.6%** |

---

*(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.*

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

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

------

---

| | |
|:---|:---|
| **CAMDEN** | **"SAME PROPERTY"** |
| | **SEQUENTIAL QUARTER COMPARISONS** |
| | **December 31, 2025** |
| | *(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** | **4Q25** | **3Q25** | **Growth** | **4Q25** | **3Q25** | **Growth** | **4Q25** | **3Q25** | **Growth** |
| D.C. Metro | 6194 | $48873 | $49263 | (0.8)% | $15222 | $15601 | (2.4)% | $33651 | $33662 | 0.0% |
| Houston, TX | 7278 | 40319 | 40591 | (0.7)% | 16969 | 17326 | (2.1)% | 23350 | 23265 | 0.4% |
| Phoenix, AZ | 4094 | 27099 | 27310 | (0.8)% | 7605 | 7948 | (4.3)% | 19494 | 19362 | 0.7% |
| Dallas, TX | 5940 | 33208 | 33514 | (0.9)% | 14392 | 14536 | (1.0)% | 18816 | 18978 | (0.9)% |
| Atlanta, GA | 4036 | 25700 | 25904 | (0.8)% | 8122 | 10057 | (19.2)% | 17578 | 15847 | 10.9% |
| SE Florida | 3050 | 26530 | 26630 | (0.4)% | 10083 | 10110 | (0.3)% | 16447 | 16520 | (0.4)% |
| Orlando, FL | 3954 | 25097 | 25348 | (1.0)% | 8250 | 8877 | (7.1)% | 16847 | 16471 | 2.3% |
| Tampa, FL | 3104 | 23577 | 23568 | 0.0% | 8652 | 8855 | (2.3)% | 14925 | 14713 | 1.4% |
| Denver, CO | 2873 | 20304 | 20805 | (2.4)% | 6152 | 6562 | (6.2)% | 14152 | 14243 | (0.6)% |
| Charlotte, NC | 3123 | 18391 | 18702 | (1.7)% | 5766 | 5968 | (3.4)% | 12625 | 12734 | (0.9)% |
| Raleigh, NC | 3252 | 17518 | 17644 | (0.7)% | 5629 | 6117 | (8.0)% | 11889 | 11527 | 3.1% |
| San Diego/Inland Empire, CA | 1797 | 16258 | 16306 | (0.3)% | 4672 | 5227 | (10.6)% | 11586 | 11079 | 4.6% |
| Los Angeles/Orange County, CA | 1812 | 16785 | 16689 | 0.6% | 5832 | 5934 | (1.7)% | 10953 | 10755 | 1.8% |
| Austin, TX | 3360 | 17268 | 17501 | (1.3)% | 7480 | 8200 | (8.8)% | 9788 | 9301 | 5.2% |
| Nashville, TN | 758 | 5076 | 5179 | (2.0)% | 1333 | 1664 | (19.9)% | 3743 | 3515 | 6.5% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **54625** | **$362003** | **$364954** | **(0.8)%** | **$126159** | **$132982** | **(5.1)%** | **$235844** | **$231972** | **1.7%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **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>(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** | **4Q25** | **3Q25** | **Growth** | **4Q25** | **3Q25** | **Growth** | **4Q25** | **3Q25** | **Growth** |
| D.C. Metro | 14.3% | 96.1% | 96.7% | (0.6)% | $2390 | $2387 | 0.1% | $2736 | $2741 | (0.2)% |
| Houston, TX | 9.9% | 94.5% | 94.7% | (0.2)% | 1655 | 1658 | (0.2)% | 1954 | 1963 | (0.5)% |
| Phoenix, AZ | 8.3% | 95.2% | 94.9% | 0.3% | 1960 | 1972 | (0.6)% | 2319 | 2344 | (1.1)% |
| Dallas, TX | 7.9% | 94.9% | 95.4% | (0.5)% | 1697 | 1701 | (0.2)% | 1964 | 1971 | (0.4)% |
| Atlanta, GA | 7.5% | 95.3% | 95.9% | (0.6)% | 1915 | 1914 | 0.1% | 2227 | 2231 | (0.2)% |
| SE Florida | 7.0% | 95.2% | 95.2% | 0.0% | 2698 | 2704 | (0.2)% | 3045 | 3057 | (0.4)% |
| Orlando, FL | 7.1% | 96.1% | 95.9% | 0.2% | 1916 | 1926 | (0.5)% | 2203 | 2228 | (1.2)% |
| Tampa, FL | 6.3% | 95.2% | 95.4% | (0.2)% | 2318 | 2328 | (0.4)% | 2658 | 2652 | 0.2% |
| Denver, CO | 6.0% | 95.1% | 96.6% | (1.5)% | 2132 | 2145 | (0.6)% | 2476 | 2499 | (0.9)% |
| Charlotte, NC | 5.4% | 94.5% | 95.2% | (0.7)% | 1797 | 1806 | (0.5)% | 2076 | 2096 | (1.0)% |
| Raleigh, NC | 5.0% | 94.8% | 95.4% | (0.6)% | 1602 | 1605 | (0.2)% | 1894 | 1895 | (0.1)% |
| San Diego/Inland Empire, CA | 4.9% | 95.5% | 95.8% | (0.3)% | 2817 | 2818 | 0.0% | 3157 | 3156 | 0.0% |
| Los Angeles/Orange County, CA | 4.6% | 95.3% | 95.5% | (0.2)% | 2895 | 2889 | 0.2% | 3241 | 3215 | 0.8% |
| Austin, TX | 4.2% | 95.3% | 95.1% | 0.2% | 1513 | 1536 | (1.5)% | 1797 | 1825 | (1.5)% |
| Nashville, TN | 1.6% | 93.7% | 95.4% | (1.7)% | 2202 | 2224 | (1.0)% | 2381 | 2388 | (0.3)% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **100.0%** | **95.2%** | **95.5%** | **(0.3)%** | **$2008** | **$2014** | **(0.3)%** | **$2320** | **$2330** | **(0.5)%** |

---

*(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.*

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

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

------

---

| | |
|:---|:---|
| **CAMDEN** | **"SAME PROPERTY"** |
| | **YEAR TO DATE COMPARISONS** |
| | **December 31, 2025** |
| | *(In thousands, except property data amounts)* |

---

*(Unaudited)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Apartment** | | | | | | | | | |
| | **Homes** | **Revenues** | **Revenues** | **Revenues** | **Expenses** | **Expenses** | **Expenses** | **NOI** | **NOI** | **NOI** |
| **Year to Date Results** <sup>(a)(b)</sup> | **Included** | **2025** | **2024** | **Growth** | **2025** | **2024** | **Growth** | **2025** | **2024** | **Growth** |
| D.C. Metro | 6194 | $194944 | $188373 | 3.5% | $61204 | $59317 | 3.2% | $133740 | $129056 | 3.6% |
| Houston, TX | 7278 | 161970 | 160735 | 0.8% | 69718 | 67095 | 3.9% | 92252 | 93640 | (1.5)% |
| Phoenix, AZ | 4094 | 109282 | 109788 | (0.5)% | 30776 | 29154 | 5.6% | 78506 | 80634 | (2.6)% |
| Dallas, TX | 5940 | 133730 | 134360 | (0.5)% | 57816 | 56125 | 3.0% | 75914 | 78235 | (3.0)% |
| Atlanta, GA | 4036 | 102789 | 102135 | 0.6% | 35388 | 38476 | (8.0)% | 67401 | 63659 | 5.9% |
| SE Florida | 3050 | 106246 | 106583 | (0.3)% | 39861 | 38918 | 2.4% | 66385 | 67665 | (1.9)% |
| Orlando, FL | 3954 | 100921 | 100675 | 0.2% | 35993 | 36979 | (2.7)% | 64928 | 63696 | 1.9% |
| Tampa, FL | 3104 | 94584 | 93899 | 0.7% | 33954 | 32915 | 3.2% | 60630 | 60984 | (0.6)% |
| Denver, CO | 2873 | 82033 | 80929 | 1.4% | 25178 | 24463 | 2.9% | 56855 | 56466 | 0.7% |
| Charlotte, NC | 3123 | 74339 | 74352 | 0.0% | 23386 | 22390 | 4.4% | 50953 | 51962 | (1.9)% |
| Raleigh, NC | 3252 | 70425 | 70518 | (0.1)% | 23321 | 21963 | 6.2% | 47104 | 48555 | (3.0)% |
| San Diego/Inland Empire, CA | 1797 | 64871 | 63023 | 2.9% | 19806 | 19604 | 1.0% | 45065 | 43419 | 3.8% |
| Los Angeles/Orange County, CA | 1812 | 66403 | 63690 | 4.3% | 22874 | 22187 | 3.1% | 43529 | 41503 | 4.9% |
| Austin, TX | 3360 | 70203 | 72574 | (3.3)% | 31366 | 31228 | 0.4% | 38837 | 41346 | (6.1)% |
| Nashville, TN | 758 | 20489 | 20614 | (0.6)% | 6091 | 7293 | (16.5)% | 14398 | 13321 | 8.1% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **54625** | **$1453229** | **$1442248** | **0.8%** | **$516732** | **$508107** | **1.7%** | **$936497** | **$934141** | **0.3%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** | **Weighted Average Monthly** |
| | **% of NOI** | **Average Occupancy** <sup>(a)</sup> | **Average Occupancy** <sup>(a)</sup> | **Average Occupancy** <sup>(a)</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** | **2025** | **2024** | **Growth** | **2025** | **2024** | **Growth** | **2025** | **2024** | **Growth** |
| D.C. Metro | 14.3% | 96.8% | 96.7% | 0.1% | $2365 | $2278 | 3.8% | $2710 | $2619 | 3.4% |
| Houston, TX | 9.9% | 94.8% | 95.0% | (0.2)% | 1656 | 1647 | 0.5% | 1956 | 1937 | 1.0% |
| Phoenix, AZ | 8.4% | 95.0% | 94.8% | 0.2% | 1976 | 1995 | (1.0)% | 2340 | 2358 | (0.7)% |
| Dallas, TX | 8.1% | 95.2% | 95.0% | 0.2% | 1701 | 1719 | (1.0)% | 1971 | 1985 | (0.7)% |
| Atlanta, GA | 7.2% | 95.4% | 94.4% | 1.0% | 1912 | 1944 | (1.6)% | 2224 | 2233 | (0.4)% |
| SE Florida | 7.1% | 95.3% | 96.0% | (0.7)% | 2700 | 2687 | 0.5% | 3048 | 3034 | 0.4% |
| Orlando, FL | 7.0% | 95.9% | 95.4% | 0.5% | 1922 | 1933 | (0.6)% | 2218 | 2223 | (0.3)% |
| Tampa, FL | 6.5% | 95.6% | 96.1% | (0.5)% | 2321 | 2303 | 0.8% | 2656 | 2625 | 1.2% |
| Denver, CO | 6.1% | 95.9% | 96.3% | (0.4)% | 2140 | 2123 | 0.8% | 2481 | 2439 | 1.8% |
| Charlotte, NC | 5.4% | 95.1% | 94.7% | 0.4% | 1802 | 1812 | (0.6)% | 2086 | 2094 | (0.4)% |
| Raleigh, NC | 5.0% | 95.3% | 95.2% | 0.1% | 1603 | 1611 | (0.5)% | 1894 | 1899 | (0.2)% |
| San Diego/Inland Empire, CA | 4.8% | 95.8% | 95.8% | 0.0% | 2809 | 2765 | 1.6% | 3140 | 3052 | 2.9% |
| Los Angeles/Orange County, CA | 4.6% | 95.1% | 93.5% | 1.6% | 2885 | 2865 | 0.7% | 3210 | 3127 | 2.7% |
| Austin, TX | 4.1% | 95.0% | 94.2% | 0.8% | 1544 | 1619 | (4.6)% | 1833 | 1912 | (4.1)% |
| Nashville, TN | 1.5% | 94.1% | 94.2% | (0.1)% | 2223 | 2246 | (1.0)% | 2395 | 2405 | (0.5)% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **100.0%** | **95.4%** | **95.3%** | **0.1%** | **$2010** | **$2006** | **0.2%** | **$2322** | **$2306** | **0.7%** |

---

*(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.*

*(c) Weighted average monthly rental 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, 2025** |
| | *(In thousands)* |

---

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Quarterly Comparison** <sup>(a) (b)</sup> |<br>**4Q25** |<br>**4Q24** |<br>**$ Change** |<br>**% Change** | **% of Actual**<br>**4Q25 Operating**<br>**Expenses** |
| Property Taxes | $43034 | $43609 | ($575) | (1.3)% | 34.1% |
| Salaries and Benefits for On-site Employees | 23626 | 23791 | (165) | (0.7)% | 18.8% |
| Utilities | 25403 | 25353 | 50 | 0.2% | 20.1% |
| Repairs and Maintenance | 15426 | 14884 | 542 | 3.6% | 12.2% |
| Property Insurance | 8366 | 6794 | 1572 | 23.1% | 6.6% |
| General and Administrative | 6319 | 6227 | 92 | 1.5% | 5.0% |
| Marketing and Leasing | 2973 | 2573 | 400 | 15.5% | 2.4% |
| Other | 1012 | 1101 | (89) | (8.1)% | 0.8% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **$126159** | **$124332** | **$1827** | **1.5%** | **100.0%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Sequential Comparison** <sup>(a) (b)</sup> |<br>**4Q25** |<br>**3Q25** |<br>**$ Change** |<br>**% Change** | **% of Actual**<br>**4Q25 Operating**<br>&nbsp;&nbsp;**Expenses** |
| Property Taxes | $43034 | $44596 | ($1562) | (3.5)% | 34.1% |
| Salaries and Benefits for On-site Employees | 23626 | 25300 | (1674) | (6.6)% | 18.8% |
| Utilities | 25403 | 26051 | (648) | (2.5)% | 20.1% |
| Repairs and Maintenance | 15426 | 17505 | (2079) | (11.9)% | 12.2% |
| Property Insurance | 8366 | 8273 | 93 | 1.1% | 6.6% |
| General and Administrative | 6319 | 6378 | (59) | (0.9)% | 5.0% |
| Marketing and Leasing | 2973 | 3840 | (867) | (22.6)% | 2.4% |
| Other | 1012 | 1039 | (27) | (2.6)% | 0.8% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **$126159** | **$132982** | **($6823)** | **(5.1)%** | **100.0%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Year to Date Comparison** <sup>(a) (b)</sup> | **2025** | **2024** |<br>**$ Change** |<br>**% Change** | **% of Actual**<br>**2025 Operating**<br>&nbsp;&nbsp;**Expenses** |
| Property Taxes | $177511 | $177447 | $64 | —% | 34.4% |
| Salaries and Benefits for On-site Employees | 97042 | 94078 | 2964 | 3.2% | 18.8% |
| Utilities | 102953 | 100669 | 2284 | 2.3% | 19.9% |
| Repairs and Maintenance | 66291 | 65841 | 450 | 0.7% | 12.8% |
| Property Insurance | 31366 | 31006 | 360 | 1.2% | 6.1% |
| General and Administrative | 25393 | 24098 | 1295 | 5.4% | 4.9% |
| Marketing and Leasing | 12007 | 10543 | 1464 | 13.9% | 2.3% |
| Other | 4169 | 4425 | (256) | (5.8)% | 0.8% |
| &nbsp;&nbsp;&nbsp;**Total Same Property** | **$516732** | **$508107** | **$8625** | **1.7%** | **100.0%** |

---

*(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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) "Same Property" results exclude results from other expenses, including casualty-related expenses net of recoveries and severance related costs.*

------

---

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

---

*(Unaudited)*

**AS OF DECEMBER 31, 2025 ($ 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 1/31/2026** | **As of 1/31/2026** |
| **Completed Communities in Lease-Up** | **Completed Communities in Lease-Up** |<br>**Total**<br>**Homes** |<br>**Cost to**<br>**Date** | | | **Construction**<br>**Start** | **Initial**<br>**Occupancy** | **Construction**<br>**Completion** | **Stabilized**<br>**Operations** | **% Leased** | **% Occupied** |
| 1. | Camden Village District | 369 | $139.2 |  |  | 2Q22 | 1Q25 | 3Q25 | 1Q27 | 60% | 56% |
|  | *Raleigh, NC* |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | **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 1/31/2026** | **As of 1/31/2026** |
| **Development Communities** | **Development Communities** | **Homes** | **Estimated Cost** | **Date** | **in CIP** | **Start** | **Occupancy** | **Completion** | **Operations** | **% Leased** | **% Occupied** |
| 1. | Camden South Charlotte | 420 | $157.0 | $117.3 | $117.3 | 2Q24 | 2Q26 | 2Q27 | 4Q28 |  |  |
|  | *Charlotte, NC* |  |  |  |  |  |  |  |  |  |  |
| 2. | Camden Blakeney | 349 | 151.0 | 84.3 | 84.3 | 2Q24 | 4Q26 | 3Q27 | 3Q28 |  |  |
|  | *Charlotte, NC* |  |  |  |  |  |  |  |  |  |  |
| 3. | Camden Nations | <u>393</u> | <u>184.0</u> | <u>76.6</u> | <u>76.6</u> | 1Q25 | 1Q28 | 3Q28 | 2Q30 |  |  |
|  | *Nashville, TN* |  |  |  |  |  |  |  |  |  |  |
| **Total Development Communities** | **Total Development Communities** | **1162** | **$492.0** | **$278.2** | **$278.2** |  |  |  |  | **—%** | **—%** |
| 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>141.0</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) | **$419.2** |  |  |  |  |  |  |
| **NOI Contribution from Development Communities ($ 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** | **4Q25 NOI** |  |  |
| Communities that Stabilized During Quarter | Communities that Stabilized During Quarter | Communities that Stabilized During Quarter | Communities that Stabilized During Quarter |  |  |  |  | $72.7 | $0.5 |  |  |
| Completed Communities in Lease-Up | Completed Communities in Lease-Up | Completed Communities in Lease-Up | Completed Communities in Lease-Up |  |  |  |  | 139.2 | 0.4 |  |  |
| &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** |  |  |  |  | **$211.9** | **$0.9** |  |  |

---

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

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

------

---

| | |
|:---|:---|
| **CAMDEN** | **DEVELOPMENT PIPELINE & LAND** |

---

*(Unaudited)*

**AS OF DECEMBER 31, 2025 ($ in millions)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PIPELINE COMMUNITIES** | **PIPELINE COMMUNITIES** | **Projected**<br>**Homes** | **Total**<br>**Estimated Cost** <sup>(a)</sup> |<br>**Cost to Date** |
| 1. | Camden Baker | 434 | $191.0 | $40.1 |
|  | *Denver, CO* |  |  |  |
| 2. | Camden Gulch | <u>498</u> | <u>300.0</u> | <u>56.0</u> |
|  | *Nashville, TN* |  |  |  |
| **Development Pipeline** | **Development Pipeline** | **932** | **$491.0** | **$96.1** |
| **Other** <sup>(b)</sup> | **Other** <sup>(b)</sup> |  |  | **$44.9** |
| **Total Development Pipeline and Land** | **Total Development Pipeline and Land** |  |  | **$141.0** |

---

*(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 forecasts and estimates routinely require adjustment.*

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

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

------

---

| | |
|:---|:---|
| **CAMDEN** | **ACQUISITIONS & DISPOSITIONS** |

---

*(Unaudited)*

**2025 ACQUISITION & DISPOSITION ACTIVITY ($ in millions, except per unit amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>2025 Acquisitions</u>** | **<u>2025 Acquisitions</u>** | **<u>Location</u>** | **<u>Purchase Price</u>** | **<u>Homes</u>** | **<u>Monthly Rental Rate</u>** | **<u>Year Built</u>** | **<u>Closing Date</u>** |
| 1. | Camden Leander | Leander, TX | $67.7 | 352 Homes | $1401 | 2023 | 1/23/2025 |
| 2. | Camden West Nashville | Nashville, TN | 131.3 | 435 Homes | 1816 | 2020 | 2/27/2025 |
| 3. | Camden Clearwater | Clearwater, FL | 138.7 | 360 Homes | 2542 | 2020 | 5/22/2025 |
| 4. | Camden Lake Buena Vista | Orlando, FL | <u>85.2</u> | <u>322 Homes</u> | <u>1922</u> | 2018 | 12/4/2025 |
| **Total/Average Acquisitions** | **Total/Average Acquisitions** |  | **$422.9** | **1,469 Homes** | **$1918** |  |  |
| **<u>2025 Dispositions</u>** | **<u>2025 Dispositions</u>** | **<u>Location</u>** | **<u>Sales Price</u>** | **<u>Homes</u>** | **<u>Monthly Rental Rate</u>** | **<u>Year Built</u>** | **<u>Closing Date</u>** |
| 1. | Camden Midtown | Houston, TX | $60.0 | 337 Homes | $1545 | 1999 | 6/12/2025 |
| 2. | Camden Cimarron | Irving, TX | 53.5 | 286 Homes | 1564 | 1992 | 7/9/2025 |
| 3. | Camden Royal Oaks I/II | Houston, TX | 60.0 | 340 Homes | 1654 | 2006/2012 | 7/30/2025 |
| 4. | Camden City Centre I/II | Houston, TX | 124.0 | 647 Homes | 1589 | 2007/2013 | 11/13/2025 |
| 5. | Camden Copper Square | Phoenix, AZ | <u>77.0</u> | <u>332 Homes</u> | <u>1608</u> | 2000 | 11/20/2025 |
| **Total/Average Disposition** | **Total/Average Disposition** |  | **$374.5** | **1,942 Homes** | **$1592** |  |  |

---

------

---

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

---

*(Unaudited)*

**DEBT MATURITIES AS OF DECEMBER 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Future Scheduled Repayments** <sup>(a)</sup> | **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** | **Secured <br>Maturities** | **Unsecured Maturities** | **Total** |<br>**% of Total** |<br>**Weighted Average Interest Rate on Maturing Debt** <sup>(b)</sup> |
| 2026 | $(3386) | $| 24000 | 544917 | 565531 | 14.5% | 5.0% |
| 2027 | (2433) | 174900 | 174900 |  | 172467 | 4.4% | 3.9% |
| 2028 | (2143) | 132025 | 132025 | 400000 | 529882 | 13.6% | 3.8% |
| 2029 | (1767) |  |  | 600000 | 598233 | 15.3% | 3.8% |
| 2030 | (939) |  |  | 750000 | 749061 | 19.2% | 2.9% |
| 2031 | (676) |  |  |  | (676) | —% | —% |
| 2032 | (710) |  |  |  | (710) | —% | —% |
| 2033 | (746) |  |  |  | (746) | —% | —% |
| 2034 | (136) |  |  | 400000 | 399864 | 10.3% | 5.1% |
| 2035 | (111) |  |  |  | (111) | —% | —% |
| Thereafter | (2005) |  |  | 300000 | 297995 | 7.6% | 3.4% |
| Total Maturing Debt | ($15052) | $330925 | $330925 | $2994917 | $3310790 | 84.9% | 3.9% |
| Unsecured Line of Credit & Commercial Paper Program <sup>(c)</sup> | $— | $— | $— | $590000 | $590000 | 15.1% | 3.8% |
| Total Debt | ($15052) | $330925 | $330925 | $3584917 | $3900790 | 100.0% | 3.9% |
| Weighted Average Maturity of Debt <sup>(d)</sup> |  | 4.8 Years | 4.8 Years |  |  |  |  |
|  |  |  |  | **Weighted Average** | **Weighted Average** |  |  |
| **FLOATING vs. FIXED RATE DEBT:** | **Balance** | **% of Total** | **% of Total** | **Interest Rate** <sup>(b)</sup> | **Time to Maturity** <sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating rate debt | $1133919 | 29.1 | 29.1% | 4.4% | 1.3 Years |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate debt | 2766871 | 70.9 | 70.9% | 3.7% | 6.2 Years |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3900790 | 100.0 | 100.0% | 3.9% | 4.8 Years |  |  |
|  |  |  |  | **Weighted Average** | **Weighted Average** |  |  |
| **SECURED vs. UNSECURED DEBT:** | **Balance** | **% of Total** | **% of Total** | **Interest Rate** <sup>(b)</sup> | **Time to Maturity** <sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured debt | $3570193 | 91.5 | 91.5% | 3.9% | 5.1 Years |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Secured debt | 330597 | 8.5 | 8.5% | 3.9% | 1.6 Years |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3900790 | 100.0 | 100.0% | 3.9% | 4.8 Years |  |  |
| **REAL ESTATE ASSETS:** <sup>(e)</sup> | **Total Homes** | **% of Total** | **% of Total** | **Total Cost** | **% of Total** | **4Q25 NOI** | **% of Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Unencumbered real estate assets | 55311 | 92.3 | 92.3% | $12614579 | 90.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$237209 | 93.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encumbered real estate assets | 4610 | 7.7 | 7.7% | 1385053 | 9.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15663 | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | 59921 | 100.0 | 100.0% | $13999632 | 100.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$252872 | 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** | **Ratio of unencumbered assets at cost to unsecured debt is** | &nbsp;&nbsp;&nbsp;**3.5x** |

---

*(a) Includes all available extension options.*

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

*(c) Represents our outstanding commercial paper program amount of $590.0 million as of December 31, 2025. Under the terms of this program, we may issue up to a maximum aggregate amount of $600.0 million, which is backstopped by our $1.2 billion Line of Credit.*

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

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

------

---

| | |
|:---|:---|
| **CAMDEN** | **DEBT MATURITY ANALYSIS** |
| | *(In thousands)* |

---

*(Unaudited)*

**ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2026 AND 2027:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Future Scheduled Repayments**<sup>(a)</sup> | **Future Scheduled Repayments**<sup>(a)</sup> | | **Weighted Average Interest on Maturing Debt** |
|<br>**Quarter** | **Amortization** | **Secured Maturities** | **Unsecured Maturities** | **Total** | **Weighted Average Interest on Maturing Debt** |
| 1Q 2026 | ($908) | $— | $— | ($908) | N/A |
| 2Q 2026 | (898) | 11950 |  | 11052 | 4.0% |
| 3Q 2026 | (905) |  | 40000 | 39095 | 5.1% |
| 4Q 2026 | (675) | 12050 | 504917 | 516292 | 5.2% |
| **2026** | **($3386)** | **$24000** | **$544917** | **$565531** | **5.0%** |
| 1Q 2027 | ($587) | $58100 | $— | $57513 | 4.0% |
| 2Q 2027 | (633) | 51350 |  | 50717 | 3.8% |
| 3Q 2027 | (615) | 48950 |  | 48335 | 3.9% |
| 4Q 2027 | (598) | 16500 |  | 15902 | 3.8% |
| **2027** | **($2433)** | **$174900** | **$—** | **$172467** | **3.9%** |

---

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

------

---

| | |
|:---|:---|
| **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% | 23% | Yes |
| Secured Debt to Gross Asset Value | <u><</u> | 40% | 2% | Yes |
| Consolidated Adjusted EBITDAre to Total Fixed Charges | <u>></u> | 150% | 569% | Yes |
| Unsecured Debt to Gross Asset Value | <u><</u> | 60% | 23% | 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% | 27% | Yes |
| Total Secured Debt to Total Asset Value | <u><</u> | 40% | 2% | Yes |
| Total Unencumbered Asset Value to Total Unsecured Debt | <u>></u> | 150% | 362% | Yes |
| Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 607% | 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 2025** | **Fourth Quarter 2025** | **Fourth Quarter 2025** | **Fourth Quarter 2025** | **Fourth Quarter 2025** |
| | **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 | 4 years | $2675 | $46 | $467 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Appliances | 10 years | 1471 | 25 | 510 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Painting |  |  |  | 1908 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cabinetry/Countertops | 9 years | 295 | 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 7 years | 2388 | 41 | 1926 | 32 |
| **Exteriors** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Painting | 7 years | 1542 | 26 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpentry | 10 years | 827 | 14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Landscaping | 5 years | 1563 | 27 | 3157 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roofing | 19 years | 4910 | 84 | 321 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Site Drainage | 10 years | 153 | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fencing/Stair | 10 years | 772 | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(b)</sup> | 8 years | 5567 | 95 | 4622 | 79 |
| **Common Areas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mech., Elec., Plumbing | 9 years | 7226 | 123 | 3413 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking/Paving | 4 years | 571 | 10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool/Exercise/Facility | 6 years | 2874 | 49 | 451 | 8 |
| **Total Recurring** <sup>(c)</sup> |  | **$32834** | **$560** | **$16775** | **$286** |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted Average Apartment Homes |  |  | 58615 |  | 58615 |
| **Non-recurring & revenue enhancing capitalized expenditures** <sup>(d)</sup> |  | **$3531** |  |  |  |
| **Reposition Expenditures** <sup>(e)</sup> | 10 years | **$25840** | **$34316** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repositioned Apartment Homes |  |  | 753 |  |  |
|  | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** | **Year to Date 2025** |
|  | **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 | 4 years | $11223 | $190 | $2068 | $35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Appliances | 10 years | 6426 | 109 | 2103 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Painting |  |  |  | 8126 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cabinetry/Countertops | 9 years | 767 | 13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 7 years | 9264 | 157 | 7421 | 126 |
| **Exteriors** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Painting | 7 years | 3545 | 60 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpentry | 10 years | 2297 | 39 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Landscaping | 5 years | 4041 | 68 | 14482 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roofing | 19 years | 12209 | 207 | 1414 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Site Drainage | 10 years | 503 | 9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fencing/Stair | 10 years | 2725 | 46 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(b)</sup> | 8 years | 17819 | 302 | 19470 | 329 |
| **Common Areas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mech., Elec., Plumbing | 9 years | 26109 | 442 | 14833 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parking/Paving | 4 years | 2050 | 34 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool/Exercise/Facility | 6 years | 9196 | 155 | 2242 | 38 |
| **Total Recurring** <sup>(c)</sup> |  | **$108174** | **$1831** | **$72159** | **$1221** |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted Average Apartment Homes |  |  | 59095 |  | 59095 |
| **Non-recurring & revenue enhancing capitalized expenditures** <sup>(d)</sup> |  | **$5793** |  |  |  |
| **Reposition Expenditures** <sup>(e)</sup> | 10 years | **$89317** | **$29634** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repositioned Apartment Homes |  |  | 3014 |  |  |

---

*(a) Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2025.* 

*(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, 2025 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.* 

------

---

| | |
|:---|:---|
| **CAMDEN** | **2026 FINANCIAL OUTLOOK** |
| | **AS OF FEBRUARY 5, 2026** |

---

*(Unaudited)*

---

| | |
|:---|:---|
| **Earnings Guidance - Per Diluted Share** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Expected FFO per share - diluted | $6.46 - $6.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expected CORE FFO per share - diluted | $6.60 - $6.90 |
| **"Same Property" Communities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of Units - 2026 | 54970 |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Base Net Operating Income | $942 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenue Growth | (0.25%) - 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expense Growth | 2.25% - 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Operating Income Growth | (2.50%) - 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Impact from 1.0% change in NOI Growth is approximately $0.09 / share* |  |
| **Capitalized Expenditures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recurring | $113 - $117 million |
| &nbsp;&nbsp;&nbsp;Revenue Enhancing Capex and Repositions <sup>(a)</sup> | $77 - $81 million |
| **Acquisitions/Dispositions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition Volume | $1.0 - $1.2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposition Volume | $1.6 - $2.0 billion |
| **Development** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Starts | $140 - $335 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Development Spend | $185 - $215 million |
| **Non-Property Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and Asset Management Income | $8 - $10 million |
| &nbsp;&nbsp;&nbsp;Interest Income <sup>(b)</sup> | $2 - $4 million |
| **Corporate Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and Administrative (G&A) Expenses | $81 - $85 million |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Core Adjustments included above in G&A <sup>(c)</sup> | $14 - $15 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Management Expenses | $36 - $40 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and Asset Management Expenses | $2 - $3 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate G&A Depreciation/Amortization | $14 - $16 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax Expenses | $3 - $4 million |
| **Capital** |  |
| &nbsp;&nbsp;&nbsp;Expected Share Repurchases <sup>(d)</sup> | $350 - $400 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected Debt Transactions | $400 - $800 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Expensed Interest | $142 - $146 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized Interest | $16 - $18 million |

---

*(a) Revenue Enhancing Capex and Repositions are capital expenditures that improve a community's cash flow and competitive position, typically kitchen and bath upgrades, or other new amenities.*

*(b) Income anticipated to be earned from deposits on 1031 disposition proceeds.*

*(c) Non-Core Adjustments are items not considered part of our core business operations*. *Items recorded to General and Administrative Expenses generally includes legal costs and settlements and expensed transaction pursuit costs.*

*(d) Includes $120.7 million repurchased in January 2026.*

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income attributable to common shareholders** | $156036 | $40691 | $384462 | $163293 |
| Real estate depreciation and amortization | 146599 | 142403 | 597925 | 569998 |
| Income allocated to non-controlling interests | 1922 | 1918 | 10436 | 7547 |
| Gain on sale of operating properties | (127972) |  | (260910) | (43806) |
| Impairment associated with land development activities | 12916 |  | 12916 | 40988 |
| **Funds from operations** | **$189501** | **$185012** | **$744829** | **$738020** |
| &nbsp;&nbsp;&nbsp;Less: Casualty-related expenses, net of (recoveries) | 59 | 3080 | (1354) | 5849 |
| &nbsp;&nbsp;&nbsp;Plus: Severance |  |  |  | 506 |
| &nbsp;&nbsp;&nbsp;Plus: Legal costs and settlements | 2277 | 1577 | 8611 | 4844 |
| &nbsp;&nbsp;&nbsp;Plus: Loss on early retirement of debt |  |  |  | 921 |
| &nbsp;&nbsp;&nbsp;Plus: Expensed transaction, development, and other pursuit costs | 1131 | 710 | 4789 | 2203 |
| &nbsp;&nbsp;&nbsp;Plus: Advocacy contributions |  |  |  | 1653 |
| &nbsp;&nbsp;&nbsp;Plus: Miscellaneous other items | 106 |  | 350 |  |
| &nbsp;&nbsp;**Core funds from operations** | **$193074** | **$190379** | **$757225** | **$753996** |
| Less: Recurring capitalized expenditures | (32834) | (29107) | (108174) | (106403) |
| **Core adjusted funds from operations** | **$160240** | **$161272** | **$649051** | **$647593** |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPS diluted | 108617 | 108515 | 108434 | 108539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FFO/Core FFO/ Core AFFO diluted | 109486 | 110109 | 110028 | 110133 |

---

------

---

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

---

*(Unaudited)*

**<u>Reconciliation of FFO, Core FFO, and Core AFFO per share</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Total Earnings Per Common Share - Diluted | $1.44 | $0.37 | $3.54 | $1.50 |
| Real estate depreciation and amortization | 1.33 | 1.28 | 5.39 | 5.16 |
| Income allocated to non-controlling interests | 0.01 | 0.03 | 0.09 | 0.07 |
| Gain on sale of operating properties | (1.17) |  | (2.37) | (0.40) |
| Impairment associated with land development activities | 0.12 |  | 0.12 | 0.37 |
| **FFO per common share - Diluted** | **$1.73** | **$1.68** | **$6.77** | **$6.70** |
| &nbsp;&nbsp;&nbsp;Less: Casualty-related expenses, net of (recoveries) |  | 0.03 | (0.01) | 0.05 |
| &nbsp;&nbsp;&nbsp;Plus: Severance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Plus: Legal costs and settlements | 0.02 | 0.01 | 0.08 | 0.04 |
| &nbsp;&nbsp;&nbsp;Plus: Loss on early retirement of debt |  |  |  | 0.02 |
| &nbsp;&nbsp;&nbsp;Plus: Expensed transaction, development, and other pursuit costs | 0.01 | 0.01 | 0.04 | 0.02 |
| &nbsp;&nbsp;&nbsp;Plus: Advocacy contributions |  |  |  | 0.02 |
| &nbsp;&nbsp;&nbsp;Plus: Miscellaneous other items |  |  |  |  |
| **Core FFO per common share - Diluted** | **$1.76** | **$1.73** | **$6.88** | **$6.85** |
| &nbsp;&nbsp;&nbsp;Less: Recurring capitalized expenditures | (0.30) | (0.27) | (0.98) | (0.97) |
| **Core AFFO per common share - Diluted** | **$1.46** | **$1.46** | **$5.90** | **$5.88** |

---

**<u>Expected FFO & Core FFO</u>**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1Q26** | **Range** | **2026** | **Range** |
| | **Low** | **High** | **Low** | **High** |
| Expected earnings per common share - diluted | $0.22 | $0.26 | $0.40 | $0.70 |
| Expected real estate depreciation and amortization | 1.37 | 1.37 | 5.99 | 5.99 |
| Expected income allocated to non-controlling interests | 0.02 | 0.02 | 0.07 | 0.07 |
| Expected FFO per share - diluted | $1.61 | $1.65 | $6.46 | $6.76 |
| Anticipated Adjustments to FFO | 0.03 | 0.03 | 0.14 | 0.14 |
| Expected Core FFO per share - diluted | $1.64 | $1.68 | $6.60 | $6.90 |
| 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. |

---

------

---

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

---

*(Unaudited)*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $157958 | $42609 | $394898 | $170840 |
| Less: Fee and asset management income | (5282) | (1540) | (12967) | (7137) |
| Less: Interest and other income/(loss) | (100) | 22 | (256) | (4420) |
| Less: Income/(loss) on deferred compensation plans | (2963) | 2511 | (19260) | (12629) |
| Plus: Property management expense | 8995 | 9274 | 37452 | 38331 |
| Plus: Fee and asset management expense | 797 | 659 | 3074 | 2200 |
| Plus: General and administrative expense | 19841 | 18673 | 79344 | 72365 |
| Plus: Interest expense | 34079 | 32565 | 138239 | 129815 |
| Plus: Depreciation and amortization expense | 150191 | 145474 | 611025 | 582014 |
| Plus: Expense/(benefit) on deferred compensation plans | 2963 | (2511) | 19260 | 12629 |
| Plus: Impairment associated with land development activities | 12916 |  | 12916 | 40988 |
| Plus: Loss on early retirement of debt |  |  |  | 921 |
| Less: Gain on sale of operating properties | (127972) |  | (260910) | (43806) |
| Plus: Income tax expense | 1449 | 572 | 4019 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | $252872 | $248308 | $1006834 | $985037 |
| "Same Property" Communities | $235844 | $235934 | $936497 | $934141 |
| Non-"Same Property" Communities | 13524 | 8124 | 46603 | 25555 |
| Development and Lease-Up Communities | 376 |  | 685 | (6) |
| Disposition/Other | 3128 | 4250 | 23049 | 25347 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | $252872 | $248308 | $1006834 | $985037 |

---

------

---

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

---

*(Unaudited)*

**<u>EBITDAre and Adjusted EBITDAre</u>**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $157958 | $42609 | $394898 | $170840 |
| Plus: Interest expense | 34079 | 32565 | 138239 | 129815 |
| Plus: Depreciation and amortization expense | 150191 | 145474 | 611025 | 582014 |
| Plus: Income tax expense | 1449 | 572 | 4019 | 2926 |
| Less: Gain on sale of operating properties | (127972) |  | (260910) | (43806) |
| Plus: Impairment associated with land development activities | 12916 |  | 12916 | 40988 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDAre | $228621 | $221220 | $900187 | $882777 |
| Less: Casualty-related expenses, net of (recoveries) | 59 | 3080 | (1354) | 5849 |
| Plus: Severance |  |  |  | 506 |
| Plus: Legal costs and settlements | 2277 | 1577 | 8611 | 4844 |
| Plus: Loss on early retirement of debt |  |  |  | 921 |
| Plus: Expensed transaction, development, and other pursuit costs | 1131 | 710 | 4789 | 2203 |
| Plus: Advocacy contributions |  |  |  | 1653 |
| Plus: Miscellaneous other items | 106 |  | 350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDAre | $232194 | $226587 | $912583 | $898753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Annualized Adjusted EBITDAre | $928776 | $906348 | $912583 | $898753 |

---

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

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

**<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,** |
| | **2025** | **2024** | **2025** | **2024** |
| Unsecured notes payable | $3485644 | $3169511 | $3459543 | $3207170 |
| Secured notes payable | 330577 | 330338 | 330486 | 330251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total average debt | 3816221 | 3499849 | 3790029 | 3537421 |
| Less: Average cash and cash equivalents | (12428) | (11022) | (13654) | (43782) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt | $3803793 | $3488827 | $3776375 | $3493639 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net debt | $3803793 | $3488827 | $3776375 | $3493639 |
| Annualized Adjusted EBITDAre | 928776 | 906348 | 912583 | 898753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Debt to Annualized Adjusted EBITDAre | 4.1x | 3.8x | 4.1x | 3.9x |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **OTHER DEFINITIONS** |

---

*(Unaudited)*

**Bad Debt:** Represents bad debt expense and reserves as a percentage of rental revenues.

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

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

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

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

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

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

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

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

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

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

**Non-Core Adjustments:** Items not considered part of our core business operations. Items recorded to General and Administrative Expenses generally includes severance, legal costs and settlements, net of recoveries, and expensed transaction, developments, and other pursuit costs. Items recorded to Property Management Expenses may include advocacy contributions. Items recorded to Interest and Other Income may include miscellaneous revenues/expenses.

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

**Non-Same Property Communities:** For 2025, stabilized communities not owned or stabilized since January 1, 2024, including communities under redevelopment, and excluding properties held for sale.

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

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

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

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

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

**Same Property Communities:** For 2025, communities wholly owned by the Company and stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale.

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

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

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

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

------

---

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

---

 *(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stock Symbol:** | CPT |  |  |  |
| **Exchange Traded:** | NYSE |  |  |  |
|  | NYSE Texas |  |  |  |
| **Unsecured Debt Ratings:** |  | **<u>Senior Debt</u>** | **<u>Outlook</u>** | **<u>Commercial Paper</u>** |
|  | Fitch | A- | Stable | NA |
|  | Moody's | A3 | Stable | P-2 |
|  | Standard & Poor's | A- | Stable | A-2 |
| **Estimated Future Dates:** | **<u>Q1 '26</u>** | **<u>Q2 '26</u>** | **<u>Q3 '26</u>** | **<u>Q4 '26</u>** |
| **Earnings Release & Conference Call** | Late April | Late July | Early November | Early February |
| **Dividend Information - Common Shares:** | **<u>Q1 '25</u>** | **<u>Q2 '25</u>** | **<u>Q3 '25</u>** | **<u>Q4 '25</u>** |
| **Declaration Date** | 2/6/2025 | 6/16/2025 | 9/15/2025 | 12/3/2025 |
| **Record Date** | 3/31/2025 | 6/30/2025 | 9/30/2025 | 12/17/2025 |
| **Payment Date** | 4/17/2025 | 7/17/2025 | 10/17/2025 | 1/16/2026 |
| **Distributions Per Share** | $1.05 | $1.05 | $1.05 | $1.05 |

---

---

| |
|:---|
| **Investor Relations Data:** |
| Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request. |
| For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787. |
| To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com. |

---

------

---

| | |
|:---|:---|
| **CAMDEN** | **COMMUNITY TABLE** |
| | Community statistics as of 12/31/2025 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Unaudited)* |  |  |  |  |  |  | **4Q25 Avg Monthly** | **4Q25 Avg Monthly** | **4Q25 Avg Monthly** | **4Q25 Avg Monthly** |
|  |  |  | **Year Placed** | **Average** | **Apartment** | **4Q25 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 | 95% | $1900 | $1.66 | $2258 | $1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Foothills | Scottsdale | AZ | 2014 | 1032 | 220 | 97% | 2157 | 2.09 | 2589 | 2.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Legacy | Scottsdale | AZ | 1996 | 1067 | 428 | 96% | 1980 | 1.85 | 2332 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Montierra | Scottsdale | AZ | 1999 | 1071 | 249 | 96% | 1934 | 1.81 | 2316 | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden North End | Phoenix | AZ | 2019 | 921 | 441 | 95% | 1993 | 2.16 | 2376 | 2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden North End II | Phoenix | AZ | 2021 | 885 | 343 | 95% | 2020 | 2.28 | 2365 | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Old Town Scottsdale | Scottsdale | AZ | 2016 | 892 | 316 | 95% | 2174 | 2.44 | 2478 | 2.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Pecos Ranch | Chandler | AZ | 2001 | 949 | 272 | 95% | 1673 | 1.76 | 2011 | 2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 94% | 1868 | 1.90 | 2189 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1042 | 324 | 97% | 2006 | 1.93 | 2352 | 2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Sotelo | Tempe | AZ | 2008/2012 | 1303 | 170 | 95% | 1931 | 1.48 | 2395 | 1.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Tempe | Tempe | AZ | 2015 | 1043 | 234 | 92% | 1900 | 1.82 | 2304 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Tempe II | Tempe | AZ | 2023 | 981 | 397 | 95% | 1926 | 1.96 | 2243 | 2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ARIZONA** | **13** | **Properties** | **Properties** | **1012** | **4094** | **95%** | **1960** | **1.94** | **2319** | **2.29** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Crown Valley | Mission Viejo | CA | 2001 | 1009 | 380 | 95% | 2901 | 2.88 | 3220 | 3.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Glendale | Glendale | CA | 2015 | 893 | 307 | 95% | 2866 | 3.21 | 3189 | 3.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Harbor View | Long Beach | CA | 2004/2016 | 980 | 548 | 95% | 2938 | 3.00 | 3325 | 3.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Main and Jamboree | Irvine | CA | 2008 | 1011 | 290 | 96% | 2849 | 2.82 | 3208 | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Camden | Hollywood | CA | 2016 | 767 | 287 | 96% | 2881 | 3.76 | 3188 | 4.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Los Angeles/Orange County** | **5** | **Properties** | **Properties** | **942** | **1812** | **95%** | **2895** | **3.07** | **3241** | **3.44** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Hillcrest | San Diego | CA | 2021 | 1223 | 132 | 97% | 3679 | 3.01 | 4084 | 3.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 96% | 2343 | 2.38 | 2645 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Old Creek | San Marcos | CA | 2007 | 1037 | 350 | 95% | 3057 | 2.95 | 3389 | 3.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 95% | 2932 | 3.05 | 3270 | 3.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Tuscany | San Diego | CA | 2003 | 895 | 160 | 95% | 3210 | 3.59 | 3596 | 4.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Vineyards | Murrieta | CA | 2002 | 1053 | 264 | 95% | 2490 | 2.37 | 2860 | 2.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total San Diego/Inland Empire** | **6** | **Properties** | **Properties** | **1009** | **1797** | **96%** | **2817** | **2.79** | **3157** | **3.13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CALIFORNIA** | **11** | **Properties** | **Properties** | **975** | **3609** | **95%** | **2856** | **2.93** | **3198** | **3.28** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 97% | 1949 | 2.19 | 2250 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Caley | Englewood | CO | 2000 | 921 | 218 | 96% | 1963 | 2.13 | 2256 | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Denver West | Golden | CO | 1997 | 1015 | 320 | 95% | 2376 | 2.34 | 2735 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 95% | 2068 | 2.16 | 2476 | 2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1149 | 342 | 95% | 2372 | 2.06 | 2736 | 2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Interlocken | Broomfield | CO | 1999 | 1002 | 340 | 95% | 2149 | 2.15 | 2535 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lakeway | Littleton | CO | 1997 | 929 | 459 | 94% | 2147 | 2.31 | 2470 | 2.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lincoln Station | Lone Tree | CO | 2017 | 844 | 267 | 96% | 1898 | 2.25 | 2172 | 2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden RiNo | Denver | CO | 2020 | 828 | 233 | 96% | 2146 | 2.59 | 2507 | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COLORADO** | **9** | **Properties** | **Properties** | **957** | **2873** | **95%** | **2132** | **2.23** | **2476** | **2.59** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Ashburn Farm | Ashburn | VA | 2000 | 1062 | 162 | 95% | 2368 | 2.23 | 2669 | 2.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden College Park | College Park | MD | 2008 | 945 | 509 | 96% | 1980 | 2.10 | 2302 | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Dulles Station | Oak Hill | VA | 2009 | 977 | 382 | 97% | 2444 | 2.50 | 2769 | 2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Fair Lakes | Fairfax | VA | 1999 | 1056 | 530 | 95% | 2449 | 2.32 | 2824 | 2.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 96% | 2442 | 2.61 | 2827 | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 98% | 2306 | 2.32 | 2629 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Grand Parc | Washington | DC | 2002 | 671 | 107 | 98% | 2924 | 4.36 | 3318 | 4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lansdowne | Leesburg | VA | 2002 | 1006 | 690 | 96% | 2392 | 2.38 | 2721 | 2.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 98% | 2208 | 2.58 | 2522 | 2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Noma | Washington | DC | 2014 | 769 | 321 | 96% | 2381 | 3.09 | 2755 | 3.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Noma II | Washington | DC | 2017 | 759 | 405 | 96% | 2428 | 3.20 | 2792 | 3.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Potomac Yard | Arlington | VA | 2008 | 832 | 378 | 97% | 2518 | 3.02 | 2885 | 3.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 95% | 3395 | 3.96 | 3837 | 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Shady Grove | Rockville | MD | 2018 | 877 | 457 | 95% | 2196 | 2.50 | 2501 | 2.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 97% | 2379 | 2.44 | 2727 | 2.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden South Capitol | Washington | DC | 2013 | 821 | 281 | 94% | 2539 | 3.09 | 2988 | 3.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Washingtonian | Gaithersburg | MD | 2018 | 870 | 365 | 97% | 2264 | 2.60 | 2558 | 2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL DC METRO** | **17** | **Properties** | **Properties** | **913** | **6194** | **96%** | **2390** | **2.62** | **2736** | **3.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Atlantic | Plantation | FL | 2022 | 919 | 269 | 98% | 2554 | 2.78 | 2865 | 3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Aventura | Aventura | FL | 1995 | 1108 | 379 | 94% | 2640 | 2.38 | 3040 | 2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 98% | 2679 | 3.18 | 3008 | 3.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Brickell | Miami | FL | 2003 | 937 | 405 | 94% | 3062 | 3.27 | 3364 | 3.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Doral | Miami | FL | 1999 | 1120 | 260 | 93% | 2734 | 2.44 | 3071 | 2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Doral Villas | Miami | FL | 2000 | 1253 | 232 | 96% | 2947 | 2.35 | 3233 | 2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1043 | 420 | 97% | 2777 | 2.66 | 3185 | 3.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Plantation | Plantation | FL | 1997 | 1201 | 502 | 94% | 2464 | 2.05 | 2806 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Portofino | Pembroke Pines | FL | 1995 | 1112 | 322 | 93% | 2496 | 2.24 | 2866 | 2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Southeast Florida** | **9** | **Properties** | **Properties** | **1065** | **3050** | **95%** | **2698** | **2.53** | **3045** | **2.86** |

---

------

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| | |
|:---|:---|
| **CAMDEN** | **COMMUNITY TABLE** |
| | Community statistics as of 12/31/2025 |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Unaudited)* |  |  |  |  |  |  | **4Q25 Avg Monthly** | **4Q25 Avg Monthly** | **4Q25 Avg Monthly** | **4Q25 Avg Monthly** |
|  |  |  | **Year Placed** | **Average** | **Apartment** | **4Q25 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 | 96% | $1856 | $1.73 | $2170 | $2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 96% | 1798 | 1.88 | 2107 | 2.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lake Buena Vista | Orlando | FL | 2018 | 1056 | 322 | 97% | 1922 | 1.82 | 636 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lake Eola | Orlando | FL | 2021 | 944 | 360 | 97% | 2454 | 2.60 | 2796 | 2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden LaVina | Orlando | FL | 2012 | 969 | 420 | 96% | 1852 | 1.91 | 2152 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 97% | 1814 | 1.94 | 2122 | 2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden North Quarter | Orlando | FL | 2016 | 806 | 333 | 97% | 1897 | 2.35 | 2107 | 2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 97% | 1765 | 2.16 | 2051 | 2.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Thornton Park | Orlando | FL | 2016 | 920 | 299 | 96% | 2127 | 2.31 | 2408 | 2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Town Square | Orlando | FL | 2012 | 983 | 438 | 96% | 1816 | 1.85 | 2070 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Waterford Lakes | Orlando | FL | 2014 | 971 | 300 | 95% | 1922 | 1.98 | 2186 | 2.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 94% | 1841 | 1.88 | 2113 | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Orlando** | **12** | **Properties** | **Properties** | **952** | **4276** | **96%** | **1917** | **2.01** | **2083** | **2.19** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 96% | 1855 | 1.97 | 2203 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Central | St. Petersburg | FL | 2019 | 942 | 368 | 96% | 3478 | 3.69 | 3939 | 4.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Clearwater | Clearwater | FL | 2020 | 1111 | 360 | 93% | 2542 | 2.29 | 2825 | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Montague | Tampa | FL | 2012 | 972 | 192 | 96% | 1931 | 1.99 | 2232 | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Pier District | St. Petersburg | FL | 2016 | 989 | 358 | 95% | 3572 | 3.61 | 3810 | 3.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 94% | 2117 | 2.25 | 2478 | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Royal Palms | Brandon | FL | 2006 | 1017 | 352 | 94% | 1772 | 1.74 | 2092 | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Visconti | Tampa | FL | 2007 | 1125 | 450 | 94% | 2014 | 1.79 | 2344 | 2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 96% | 2136 | 2.15 | 2470 | 2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Tampa** | **9** | **Properties** | **Properties** | **1003** | **3464** | **95%** | **2342** | **2.34** | **2677** | **2.67** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL FLORIDA** | **30** | **Properties** | **Properties** | **1000** | **10790** | **95%** | **2274** | **2.27** | **2544** | **2.54** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Brookwood | Atlanta | GA | 2002 | 916 | 359 | 94% | 1618 | 1.77 | 1934 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Buckhead | Atlanta | GA | 2022 | 1087 | 366 | 97% | 2458 | 2.26 | 2794 | 2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 95% | 1708 | 2.07 | 1922 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 94% | 1673 | 1.69 | 1972 | 1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Deerfield | Alpharetta | GA | 2000 | 1187 | 292 | 98% | 1987 | 1.67 | 2312 | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Dunwoody | Atlanta | GA | 1997 | 1007 | 324 | 97% | 1759 | 1.75 | 2091 | 2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Fourth Ward | Atlanta | GA | 2014 | 844 | 276 | 98% | 2039 | 2.41 | 2314 | 2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 90% | 1726 | 1.85 | 2051 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Paces | Atlanta | GA | 2015 | 1408 | 379 | 97% | 2849 | 2.02 | 3161 | 2.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Peachtree City | Peachtree City | GA | 2001 | 1027 | 399 | 95% | 1796 | 1.75 | 2105 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Phipps | Atlanta | GA | 1996 | 1010 | 234 | 94% | 1779 | 1.76 | 2071 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Shiloh | Kennesaw | GA | 1999/2002 | 1143 | 232 | 95% | 1657 | 1.45 | 1947 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 95% | 1735 | 1.74 | 2064 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Stockbridge | Stockbridge | GA | 2003 | 1009 | 304 | 91% | 1514 | 1.50 | 1812 | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL GEORGIA** | **14** | **Properties** | **Properties** | **1036** | **4270** | **95%** | **1907** | **1.84** | **2220** | **2.14** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Ballantyne | Charlotte | NC | 1998 | 1048 | 400 | 94% | 1767 | 1.69 | 2079 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 93% | 1708 | 1.89 | 2038 | 2.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 93% | 1765 | 2.06 | 2073 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Fairview | Charlotte | NC | 1983 | 1036 | 135 | 94% | 1553 | 1.50 | 1826 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 93% | 1429 | 1.52 | 1698 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 93% | 1550 | 1.77 | 1861 | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 96% | 1903 | 2.56 | 2166 | 2.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Grandview | Charlotte | NC | 2000 | 1060 | 285 | 93% | 2120 | 2.00 | 2363 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Grandview II | Charlotte | NC | 2019 | 2241 | 28 | 86% | 4001 | 1.79 | 4227 | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden NoDa | Charlotte | NC | 2023 | 789 | 387 | 95% | 1754 | 2.22 | 1999 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96% | 1649 | 1.70 | 1952 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden South End | Charlotte | NC | 2003 | 878 | 299 | 94% | 1841 | 2.10 | 2105 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Southline | Charlotte | NC | 2015 | 831 | 266 | 97% | 2030 | 2.44 | 2272 | 2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Stonecrest | Charlotte | NC | 2001 | 1098 | 306 | 96% | 1756 | 1.60 | 2048 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 93% | 1437 | 1.60 | 1707 | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Charlotte** | **15** | **Properties** | **Properties** | **936** | **3510** | **95%** | **1792** | **1.91** | **2069** | **2.21** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Asbury Village | Raleigh | NC | 2009 | 1009 | 350 | 96% | 1570 | 1.56 | 1821 | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Carolinian | Raleigh | NC | 2017 | 1118 | 186 | 93% | 2328 | 2.08 | 2509 | 2.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Crest | Raleigh | NC | 2001 | 1012 | 442 | 95% | 1496 | 1.48 | 1808 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Durham | Durham | NC | 2024 | 892 | 420 | 93% | 1687 | 1.89 | 1884 | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Governor's Village | Chapel Hill | NC | 1999 | 1046 | 242 | 94% | 1675 | 1.60 | 2014 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lake Pine | Apex | NC | 1999 | 1066 | 446 | 97% | 1634 | 1.53 | 1953 | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 92% | 1522 | 1.57 | 1804 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Overlook | Raleigh | NC | 2001 | 1060 | 322 | 94% | 1649 | 1.56 | 1946 | 1.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 95% | 1448 | 1.49 | 1754 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Village District | Raleigh | NC | 2025 | 844 | 369 | Lease-Up | 1922 | 2.28 | 1104 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Westwood | Morrisville | NC | 1999 | 1022 | 360 | 94% | 1548 | 1.51 | 1850 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Raleigh** | **11** | **Properties** | **Properties** | **992** | **4041** | **95%** | **1640** | **1.65** | **1826** | **1.84** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NORTH CAROLINA** | **26** | **Properties** | **Properties** | **966** | **7551** | **95%** | **1711** | **1.77** | **1939** | **2.01** |

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| | |
|:---|:---|
| **CAMDEN** | **COMMUNITY TABLE** |
| | Community statistics as of 12/31/2025 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Unaudited)* |  |  |  |  |  |  | **4Q25 Avg Monthly** | **4Q25 Avg Monthly** | **4Q25 Avg Monthly** | **4Q25 Avg Monthly** |
|  |  |  | **Year Placed** | **Average** | **Apartment** | **4Q25 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 Franklin Park | Franklin | TN | 2018 | 967 | 328 | 94% | 2010 | 2.08 | 2201 | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Music Row | Nashville | TN | 2016 | 903 | 430 | 93% | 2349 | 2.60 | 2524 | 2.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden West Nashville | Nashville | TN | 2020 | 822 | 435 | 93% | 1816 | 2.21 | 2016 | 2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL TENNESSEE** | **3** | **Properties** | **Properties** | **891** | **1193** | **94%** | **2062** | **2.31** | **2249** | **2.52** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Amber Oaks | Austin | TX | 2009 | 862 | 348 | 95% | $1350 | $1.57 | $1664 | $1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Amber Oaks II | Austin | TX | 2012 | 910 | 244 | 94% | 1424 | 1.56 | 1752 | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Brushy Creek | Cedar Park | TX | 2008 | 882 | 272 | 95% | 1409 | 1.60 | 1650 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 97% | 1569 | 1.72 | 1867 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 97% | 1842 | 1.93 | 2176 | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 95% | 1476 | 1.63 | 1778 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 95% | 1447 | 1.61 | 1684 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 97% | 1714 | 2.05 | 1929 | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Leander | Leander | TX | 2023 | 931 | 352 | Lease-Up | 1401 | 1.50 | 1517 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Rainey Street | Austin | TX | 2016 | 873 | 326 | 97% | 2015 | 2.31 | 2259 | 2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Shadow Brook | Austin | TX | 2009 | 909 | 496 | 94% | 1336 | 1.47 | 1600 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 94% | 1582 | 1.74 | 1872 | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Austin** | **12** | **Properties** | **Properties** | **900** | **4038** | **96%** | **1544** | **1.72** | **1813** | **2.01** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Addison | Addison | TX | 1996 | 942 | 456 | 94% | 1582 | 1.68 | 1852 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Belmont | Dallas | TX | 2010/2012 | 946 | 477 | 93% | 1801 | 1.90 | 2056 | 2.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 96% | 1524 | 1.66 | 1845 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Centreport | Ft. Worth | TX | 1997 | 912 | 268 | 92% | 1518 | 1.66 | 1828 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Design District | Dallas | TX | 2009 | 939 | 355 | 95% | 1672 | 1.78 | 1910 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Farmers Market | Dallas | TX | 2001/2005 | 934 | 906 | 95% | 1516 | 1.62 | 1766 | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Greenville | Dallas | TX | 2017/2018 | 1028 | 558 | 97% | 2084 | 2.03 | 2249 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Henderson | Dallas | TX | 2012 | 966 | 106 | 93% | 1953 | 2.02 | 2226 | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96% | 1653 | 1.99 | 1925 | 2.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Legacy Park | Plano | TX | 1996 | 870 | 276 | 95% | 1766 | 2.03 | 2042 | 2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Panther Creek | Frisco | TX | 2009 | 946 | 295 | 94% | 1679 | 1.78 | 2004 | 2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Riverwalk | Grapevine | TX | 2008 | 989 | 600 | 95% | 1845 | 1.87 | 2138 | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 95% | 1371 | 1.84 | 1661 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 97% | 2019 | 2.34 | 2277 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Dallas/Ft. Worth** | **14** | **Properties** | **Properties** | **920** | **5940** | **95%** | **1697** | **1.84** | **1964** | **2.13** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Cypress Creek | Cypress | TX | 2009 | 993 | 310 | 93% | 1538 | 1.55 | 1814 | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Cypress Creek II | Cypress | TX | 2020 | 950 | 234 | 94% | 1588 | 1.67 | 1883 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Downs at Cinco Ranch | Katy | TX | 2004 | 1075 | 318 | 93% | 1637 | 1.52 | 1928 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Downtown | Houston | TX | 2020 | 1052 | 271 | 97% | 2583 | 2.46 | 2922 | 2.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Grand Harbor | Katy | TX | 2008 | 959 | 300 | 95% | 1478 | 1.54 | 1729 | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Greenway | Houston | TX | 1999 | 861 | 756 | 97% | 1549 | 1.80 | 1846 | 2.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Heights | Houston | TX | 2004 | 927 | 352 | 95% | 1661 | 1.79 | 1966 | 2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Highland Village | Houston | TX | 2014/2015 | 1172 | 552 | 91% | 2507 | 2.14 | 2729 | 2.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 95% | 1454 | 1.56 | 1748 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Long Meadow Farms | Richmond | TX | 2024 | 1462 | 188 | 95% | 2363 | 1.62 | 2363 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden McGowen Station | Houston | TX | 2018 | 1004 | 315 | 95% | 2078 | 2.07 | 2375 | 2.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Northpointe | Tomball | TX | 2008 | 940 | 384 | 94% | 1416 | 1.51 | 1709 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Plaza | Houston | TX | 2007 | 915 | 271 | 95% | 1799 | 1.97 | 2080 | 2.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Post Oak | Houston | TX | 2003 | 1200 | 356 | 97% | 2694 | 2.25 | 3037 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Spring Creek | Spring | TX | 2004 | 1080 | 304 | 95% | 1528 | 1.42 | 1811 | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 94% | 1293 | 1.53 | 1572 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 94% | 1448 | 1.57 | 1705 | 1.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 91% | 1499 | 1.83 | 1790 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 94% | 1671 | 1.94 | 1996 | 2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Whispering Oaks | Houston | TX | 2008 | 936 | 274 | 97% | 1487 | 1.59 | 1779 | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Woodmill Creek | Spring | TX | 2024 | 1434 | 189 | 93% | 2405 | 1.68 | 2674 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Woodson Park | Houston | TX | 2008 | 916 | 248 | 93% | 1394 | 1.52 | 1701 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden Yorktown | Houston | TX | 2008 | 995 | 306 | 88% | 1413 | 1.42 | 1677 | 1.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Houston** | **23** | **Properties** | **Properties** | **986** | **8207** | **94%** | **1746** | **1.77** | **2030** | **2.06** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL TEXAS** | **49** | **Properties** | **Properties** | **946** | **18185** | **95%** | **1685** | **1.78** | **1960** | **2.07** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PROPERTIES** | **172** | **Properties** | **Properties** | **967** | **58759** | **95%** | **$2008** | **$2.08** | **$2300** | **$2.38** |

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