CAMDEN PROPERTY TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Trust Managers of Camden Property Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Camden Property Trust and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income and comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 12, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Asset Impairment — Determination of Impairment Indicators and Impairment of Properties Under Development and Land – Refer to Notes 2 , 7, and 11 to the financial statements

Critical Audit Matter Description

The Company’s evaluation of properties under development and land for impairment involves an initial assessment of each property to determine whether events or changes in circumstances indicate that the carrying amount of properties under development and land may not be recoverable. Possible indicators of impairment may include events or changes in circumstances affecting deterioration of market conditions or changes in the Company’s development strategy that may significantly affect key assumptions used including estimates of start date, projected construction costs, and demand for multifamily communities. When impairment exists, the property under development is adjusted to its fair value utilizing appraisals, comparable sales, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant's perspective. For those properties under development where indications of impairment have been identified related to land holdings, fair value is determined utilizing comparable sales.

The Company makes significant assumptions to evaluate the properties under development and land for possible indications of impairment. Changes in these assumptions could have a significant impact on the properties under development and land identified for further analysis. As of December 31, 2025, the Company’s properties under development and land had an aggregate carrying value of approximately $419.2 million, and approximately $12.9 million of impairment loss has been recognized for the year ended December 31, 2025.

We identified the determination of impairment indicators and the impairment of properties under development and land as a critical audit matter because of (1) the significant assumptions management makes when determining whether events or changes in circumstances have occurred indicating that the carrying amount of properties under development and land may not be recoverable and (2) the significant estimates and assumptions management makes to determine fair value for those assets with impairment indicators. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate (1) whether management appropriately identified impairment indicators and (2) the reasonableness of management’s fair value determination.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the evaluation of properties under development and land for possible indicators of impairment and the determination of fair value for those assets with impairment indicators included the following, among others:

•We tested the effectiveness of controls over management’s identification of possible circumstances that may indicate that carrying amount of properties under development and land may not be recoverable, including controls over management’s estimates of projected net operating income and projected construction costs as well as controls over management’s fair value determination for assets with impairment indicators.

•We evaluated the Company’s assessment of impairment indicators by:

◦Developing an independent expectation of impairment indicators and comparing such expectation to those included in the impairment analysis.

◦Comparing projected net operating income and capitalization rate for each property under development to market averages from third party market reports and to the Company’s historical financial performance for operating properties in the same or nearby markets.

◦Analyzing period over period changes in projected construction costs for each property under development and land to evaluate any accumulation of costs significantly in excess of the amount originally expected.

◦Comparing management’s projected costs, construction completion date, and stabilized net operating income for recently completed properties under development to actual results.

◦Discussing with management and reading minutes for Board of Trust Managers and Investment Committee meetings to assess if there were any significant adverse changes in legal factors or in the business climate that could affect management’s plans for properties under development and land, including if it is more likely than not that any property under development and land will be sold, not developed, or otherwise disposed of significantly before the end of its previously estimated useful life.

•With the assistance of our fair value specialists, we evaluated the reasonableness of management's valuation and inspected additional land comparisons provided by the specialists.

•We performed a search for contradictory evidence by reading third party market reports to evaluate management’s analysis to identify any significant changes in economic factors, industry factors, or other events that may result in an impairment indicator.

/s/DELOITTE & TOUCHE LLP

Houston, Texas

February 12, 2026

We have served as the Company's auditor since 1993.