CAMDEN PROPERTY TRUST

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 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.

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 September 30, 2025, we owned interests in, operated, or were developing 177 multifamily properties comprised of 60,578 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 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.

Current wording

Our results for the three and nine months ended September 30, 2025 reflect an increase in same store revenues of approximately 0.8% 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 favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets.

Previous 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.

Current wording

Net income (loss) attributable to common shareholders was $108.9 million and $(4.2) million for the three months ended September 30, 2025 and 2024, respectively, and was $228.4 million and $122.6 million for the nine months ended September 30, 2025 and 2024, respectively. The $113.1 million and $105.8 million increases during the three and nine months ended September 30, 2025, as compared to the same periods in 2024 were primarily due to increases in gains on sales of operating properties, as well as the recognition of a $41.0 million impairment charge in 2024 associated with land development activities. These increases were partially offset by higher depreciation expense and the amortization of in-place leases relating to the acquisition of three operating properties completed during the nine months ended September 30, 2025. See further discussion of our 2025 operations as compared to 2024 in"Results of Operations," below.

Previous 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.

Current wording

At September 30, 2025, we had a total of three properties under construction comprising 1,162 apartment homes. As of September 30, 2025, we estimated the total additional cost to complete the construction of these three properties was approximately $269.1 million.

Previous wording

During the six months ended June 30, 2025, we purchased the following operating properties:

Current wording

During the nine months ended September 30, 2025, we purchased the following operating properties:

Previous wording

During the six months ended June 30, 2025, we sold the following operating property:

Current wording

During the nine months ended September 30, 2025, we sold the following operating properties:

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 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%.

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 September 30, 2025, we had an aggregate of $429.6 million principal amount of Notes outstanding under the commercial paper program which had a weighted average interest rate of 4.21%.

Previous 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.

Current wording

As of September 30, 2025, we had approximately $1.2 billion available under our 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 September 30, 2025, we had $429.6 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 $493.3 million, of which $429.6 million relates to commercial paper notes. As of September 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

We generally consider a property stabilized once it reaches 90% occupancy. During the second quarter of 2024, we completed the construction of Camden Woodmill Creek in Spring, Texas, which has 189 homes, and stabilization was achieved during the second quarter of 2025.

Current wording

We generally consider a property stabilized once it reaches 90% occupancy. During the fourth quarter of 2024, we completed the construction of Camden Durham in Durham, North Carolina, which has 420 homes, and stabilization was achieved during the third quarter of 2025.

Previous 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.

Current wording

Our condensed consolidated balance sheet at September 30, 2025 includes approximately $384.1 million related to properties under development and land. Of this amount, approximately $231.9 million related to our projects currently under construction. In addition, we had approximately $152.2 million primarily invested in land held for future development and land holdings, which included approximately $94.4 million related to land held for future development and $57.8 million invested in land which we may develop in the future.

Previous wording

Properties Under Construction. At June 30, 2025, we had four properties in various stages of construction as follows:

Current wording

Properties Under Construction. At September 30, 2025, we had three properties in various stages of construction as follows: