CAMDEN PROPERTY TRUST

Previous wording

We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"), both as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items relating to the future; forward-looking statements are not guarantees of future performance, results, or events. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance our expectations will be achieved. Any statements contained herein which are not statements of historical fact should be deemed forward-looking statements. Reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance.

Current wording

We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), both as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical facts, but instead include statements related to expectations, projections, intentions, or other items relating to the future; forward-looking statements are not guarantees of future performance, results, or events. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance our expectations will be achieved. Any statements contained herein which are not statements of historical fact should be deemed forward-looking statements. Reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance.

Previous wording

Camden Property Trust and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. We focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand for our apartments and retention of our residents. As of March 31, 2025, we owned interests in, operated, or were developing 180 multifamily properties comprised of 61,178 apartment homes across the United States. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.

Current wording

Camden Property Trust and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. We focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand for our apartments and retention of our residents. As of June 30, 2025, we owned interests in, operated, or were developing 180 multifamily properties comprised of 61,203 apartment homes across the United States. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.

Previous wording

Our results for the three months ended March 31, 2025, reflect an increase in same store revenues of approximately 0.8% as compared to the same period in 2024. The increase was primarily due to higher occupancy, which we believe was primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, and continued demand for multifamily housing in our markets.

Current wording

Our results for the three and six months ended June 30, 2025, reflect an increase in same store revenues of approximately 1.0% and 0.9%, respectively, as compared to the same periods in 2024. The increases were primarily due to higher occupancy, which we believe was primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, and continued demand for multifamily housing in our markets.

Previous wording

We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate continue to be elevated for the remainder of 2025 and into 2026, but should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.

Current wording

We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate are manageable and these moderating levels of supply should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.

Previous wording

Net income attributable to common shareholders was $38.8 million and $83.9 million for the three months ended March 31, 2025 and 2024, respectively. The $45.1 million decrease during the three months ended March 31, 2025 as compared to the same period in 2024, was primarily due to recognizing a gain of $43.8 million on the sale of one operating property in 2024. See further discussion of our 2025 operations as compared to 2024 in"Results of Operations," below.

Current wording

Net income attributable to common shareholders was $80.7 million and $42.9 million for the three months ended June 30, 2025 and 2024, respectively, and was $119.5 million and $126.8 million for the six months ended June 30, 2025 and 2024, respectively. The $37.8 million increase during the three months ended June 30, 2025, as compared to the same period in 2024, was primarily due to recognizing a gain on sale of one operating property in June 2025 of $47.3 million. The $7.3 million decrease during the six months ended June 30, 2025, as compared to the same period in 2024, was primarily due to higher depreciation expense and amortization of in-place leases relating to the acquisition of three operating properties incurred during the six months ended June 30, 2025, partially offset by recognizing a higher gain on the sale of an operating property during the six months ended June 30, 2025 as compared to the gain on sale recognized during the same period in 2024. See further discussion of our 2025 operations as compared to 2024 in"Results of Operations," below.

Previous wording

At March 31, 2025, we had a total of four properties under construction comprising 1,531 apartment homes. As of March 31, 2025, we estimated the total additional cost to complete the construction of these four properties is approximately $350.7 million.

Current wording

At June 30, 2025, we had a total of four properties under construction comprising 1,531 apartment homes. As of June 30, 2025, we estimated the total additional cost to complete the construction of these four properties was approximately $312.2 million.

Previous wording

In February 2025, we established a commercial paper program under which we may issue the commercial paper notes (the "Notes") under the exemption from registration contained in Section (4)(a) of the Securities Act. Amounts available under the commercial paper program may be borrowed, repaid, and reborrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the Program at any time not to exceed $600.0 million. At March 31, 2025, we had an aggregate of $425.8 million principal amount of Notes outstanding under the commercial paper program which bore interest at 4.67%, and all Notes have individual maturities of less than one month.

Current wording

In February 2025, we established a commercial paper program under which we may issue the commercial paper notes (the "Notes") under the exemption from registration contained in Section (4)(a) of the Securities Act. Amounts available under the commercial paper program may be borrowed, repaid, and reborrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the Program at any time not to exceed $600.0 million. At June 30, 2025, we had an aggregate of $515.6 million principal amount of Notes outstanding under the commercial paper program which had a weighted average interest rate of 4.55%.

Previous wording

As of March 31, 2025, we had approximately $1.2 billion available under our $1.2 billion unsecured revolving credit facility. We plan to use the unsecured revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. At March 31, 2025, we had $425.8 million outstanding under our commercial paper program. As of March 31, 2025, and through the date of this filing, we also had common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under our 2023 ATM program. We believe scheduled repayments of debt are manageable with contractual debt maturities over the next 12 months totaling $437.7 million, of which $425.8 million relates to commercial paper notes. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund future acquisitions, new development, repositions, redevelopment, and other capital requirements including scheduled debt maturities. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements.

Current wording

As of June 30, 2025, we had approximately $1.2 billion available under our $1.2 billion unsecured revolving credit facility. We currently plan to use our unsecured revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. At June 30, 2025, we had $515.6 million outstanding under our commercial paper program. We believe scheduled repayments of debt are manageable with contractual debt maturities over the next 12 months totaling $527.5 million, of which $515.6 million relates to commercial paper notes. As of June 30, 2025, and through the date of this filing, we also had common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under our 2023 ATM program. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund future acquisitions, new development, repositions, redevelopment, and other capital requirements including scheduled debt maturities. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements.

Previous wording

At March 31, 2025, there were three completed operating property in lease up as follows:

Current wording

At June 30, 2025, there were two completed operating properties in lease up as follows:

Previous wording

Our condensed consolidated balance sheet at March 31, 2025 includes approximately $403.7 million related to properties under development and land. Of this amount, approximately $254.7 million related to our projects currently under construction. In addition, we had approximately $149.0 million primarily invested in land held for future development and land holdings, which included approximately $91.2 million related to land held for future development and $57.8 million invested in land which we may develop in the future.

Current wording

Our condensed consolidated balance sheet at June 30, 2025 includes approximately $380.4 million related to properties under development and land. Of this amount, approximately $229.9 million related to our projects currently under construction. In addition, we had approximately $150.5 million primarily invested in land held for future development and land holdings, which included approximately $92.7 million related to land held for future development and $57.8 million invested in land which we may develop in the future.

Previous wording

(1)Property in lease-up was 14% leased at April 28, 2025.

Current wording

(1) Property in lease-up was 37% leased at July 28, 2025.