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 March 31, 2026, we owned interests in, operated, or were developing 174 multifamily properties comprised of 59,416 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, 2026, we owned interests in, operated, or were developing 179 multifamily properties comprised of 60,838 apartment homes across the United States. Of the 179 properties, three properties were under construction as of June 30, 2026, and will consist of a total of 1,162 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.

Previous wording

Our results for the three months ended March 31, 2026 reflect an increase in same store revenues of approximately 0.2% compared to the same period in 2025, driven primarily by higher other income. We believe resident retention remains strong, supported by favorable demographics trends and continued demand for multifamily housing in our markets.

Current wording

During the three and six months ended June 30, 2026, our results reflect relatively stable same store revenues as compared to the same periods in 2025. The stability was in part due to consistent occupancy, which we believe was primarily attributable to strong resident retention, supported by favorable demographic trends 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 are manageable and 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.

Current wording

We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate are manageable and moderating levels of supply should likely 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 $42.4 million and $38.8 million for the three months ended March 31, 2026 and 2025, respectively. The $3.6 million increase during the three months ended March 31, 2026 as compared to the same period in 2025 was primarily due to a gain on sale of an operating property, including land, of $68.1 million, partially offset by higher other non-operating expenses of approximately $59.1 million primarily due to the settlement of a class action matter and an impairment charge related to certain technology investments. See further discussion of our 2026 operations as compared to 2025 in"Results of Operations," below.

Current wording

Net income attributable to common shareholders was $18.8 million for the three months ended June 30, 2026 as compared to $80.7 million for the same period ended 2025. For the six months ended June 30, 2026, net income attributable to common shareholders was $61.2 million compared to $119.5 million for the same period in 2025. The decrease during the three months ended June 30, 2026 was primarily due to the recognition of a $47.3 million gain on sale of an operating property in June 2025, higher interest expense of $6.0 million associated with our recent debt issuance and other borrowings, and higher depreciation expense of $5.0 million due to nine acquisitions completed in 2025 and 2026. The decrease during the six months ended June 30, 2026 was primarily due to the settlement of a $53.0 million class action matter and a $4.9 million impairment charge related to certain technology investments recognized during the six months ended June 30, 2026. See further discussion of our 2026 operations as compared to 2025 in"Results of Operations," below.

Previous wording

At March 31, 2026, we had a total of three properties under construction comprising 1,162 apartment homes. As of March 31, 2026, we estimated the total additional cost to complete the construction of these three properties was approximately $176.6 million.

Current wording

At June 30, 2026, we had a total of three properties under construction comprised of 1,162 apartment homes. As of June 30, 2026, we estimated the total additional cost to complete the construction of these three properties was approximately $140.1 million.

Previous wording

On April 7, 2026, we entered into a binding term sheet to settle the RealPage class action litigation matter related to the use of a revenue management software. We and the plaintiffs agreed to negotiate and execute a long-form settlement agreement on or before May 7, 2026, which will be subject to preliminary and final approval by the court. Under the term sheet, we agreed to pay an aggregate of $53.0 million to settle all claims which have been asserted, or could have been asserted, against us in the litigation, inclusive of class member recoveries, plaintiffs’ attorneys’ fees, and the costs of administering the settlement.

Current wording

On April 7, 2026, we entered into a binding term sheet to settle the RealPage class action litigation matter related to the use of a revenue management software. Subsequently, the parties executed a definitive settlement agreement, which received the required preliminary court approvals during the three months ending June 30, 2026. Pursuant to the settlement agreement, we agreed to pay an aggregate of $53.0 million to settle all claims which have been asserted, or could have been asserted, against us in the litigation, inclusive of class member recoveries, plaintiffs’ attorneys’ fees, and settlement administration costs. The settlement payment was payable in two equal installments of $26.5 million, the first of which was timely paid during the three months ending June 30, 2026 and the second of which is due during the third quarter of 2026.

Previous wording

In April 2026, we acquired two operating properties, consisting of a 269-apartment home community in the Atlanta, Georgia metropolitan area and a 288-apartment home community in Orlando, Florida for approximately $171.3 million.

Current wording

In July 2026, we acquired two operating properties for an aggregate purchase price of approximately $196.1 million, including a 296-apartment home community in Tampa, Florida and a 343-apartment home community in Charlotte, North Carolina.

Previous wording

During the three months ended March 31, 2026 we sold one operating property in Irving, Texas for approximately $77.0 million and recognized a gain of approximately $67.9 million.

Current wording

During the six months ended June 30, 2026 we sold one operating property in Irving, Texas for approximately $77.0 million in February and recognized a gain of approximately $67.9 million.

Previous wording

In February 2026, our Board of Trust Managers authorized a new share repurchase plan of up to $600.0 million. During February and March 2026, we repurchased an additional 1,536,223 common shares at an average price of $102.91 per share, and a total cost of approximately $158.1 million under the share repurchase plan authorized in February 2026. In April 2026, we repurchased 1,429,136 common shares at an average price of $100.78 per share for approximately $144.1 million. As of the date of this filing, $297.8 million remained available for repurchases under our share repurchase plan.

Current wording

In February 2026, our Board of Trust Managers authorized a new share repurchase plan of up to $600.0 million of our common shares or equity securities. During February and March 2026, we repurchased an additional 1,536,223 common shares at an average price of $102.91 per share, and a total cost of approximately $158.1 million under the share repurchase plan authorized in February 2026. In the second quarter, we repurchased 1,429,136 common shares at an average price of $100.78 per share for approximately $144.1 million. Through June 30, 2026, we repurchased an aggregate of 2,965,359 common shares under the February 2026 share repurchase plan for approximately $302.1 million. As of the date of this filing, $297.9 million remained available for repurchases under our share repurchase plan.

Previous wording

In April 2026, we created an at-the market ("ATM") share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering price of up to $500.0 million (the "2026 ATM program"). As of the date of this filing, we have $500.0 million available for sale under this program.

Current wording

In April 2026, we renewed our at-the-market ("ATM") share offering program, which was expiring pursuant to its terms in May 2026, and entered into a replacement ATM share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering price of up to $500.0 million (the "2026 ATM program"). As of the date of this filing, we have $500.0 million available for sale under this program.

Previous wording

On March 27, 2026, the Company announced leadership changes effective March 24, 2026. Richard J. Campo, our former Chief Executive Officer and Chairman of the Board of Trust Managers, became the Executive Chairman of the Board of Trust Managers. Additionally, Alexander J. Jessett became the Chief Executive Officer of the Company, Laurie A. Baker became the President and Chief Operating Officer of the Company, and Benjamin D. Fraker became the Executive Vice President-Chief Financial Officer and Treasurer of the Company.

Current wording

Effective March 24, 2026, Richard J. Campo, our former Chief Executive Officer and Chairman of the Board of Trust Managers, became the Executive Chairman of the Board of Trust Managers. Additionally, Alexander J. Jessett became the Chief Executive Officer of the Company, Laurie A. Baker became the President and Chief Operating Officer of the Company, and Benjamin D. Fraker became the Executive Vice President-Chief Financial Officer and Treasurer of the Company.

Previous wording

As of March 31, 2026, we had approximately $1.2 billion available under our unsecured revolving credit facility and currently plan to use our unsecured revolving credit facility as a liquidity backstop for borrowings under the commercial paper program; at March 31, 2026, we had $358.8 million outstanding under our commercial paper program. Over the next 12 months, contractual debt maturities include these commercial paper borrowings as well as other debt obligations of $663.8 million. Additionally, as of the filing date we had common shares with an aggregate offering amount of up to $500.0 million remaining available for sale under our 2026 ATM program. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund future acquisitions, new development, 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

We believe we remain well positioned from a liquidity and capital resources perspective. As of June 30, 2026, we had approximately $842.7 million available under our unsecured revolving credit facility, which also serves as a liquidity backstop for our commercial paper program. At quarter-end, outstanding borrowings under the commercial paper program totaled $600.0 million, and other contractual debt maturities due within the next 12 months totaled approximately $695.3 million. In addition, as of the filing date, up to $500.0 million of common shares remained available for issuance under our 2026 ATM program. Subsequent to quarter-end, we also completed the disposition of 11 California properties, which generated additional liquidity and enhanced our financial flexibility. We believe our strong balance sheet, available liquidity, and access to capital provide sufficient resources to fund future acquisitions, development and redevelopment activities, scheduled debt maturities, and other capital requirements.

Previous wording

Our condensed consolidated balance sheet at March 31, 2026 includes approximately $458.0 million related to properties under development and land. Of this amount, approximately $315.4 million related to our projects currently under construction. In addition, we had approximately $142.6 million primarily invested in land held for future development and land holdings, which included approximately $97.7 million related to land held for future development and $44.9 million invested in land which we may develop in the future.

Current wording

Our condensed consolidated balance sheet at June 30, 2026 includes approximately $500.1 million related to properties under development and land. Of this amount, approximately $301.2 million related to our projects currently under construction. In addition, we had approximately $198.9 million primarily invested in land held for future development and land holdings, which included approximately $154.0 million related to land held for future development and $44.9 million invested in land which we may develop in the future.