Camden Property Trust · NYSE:CPT
Camden Property Trust — Q2 2026 Earnings Presentation
43 slides from Camden Property Trust's earnings presentation, Jul 31, 2026
Slide 1: Investor Presentation
Investor Presentation June 2026 Camden Village District – Raleigh, NC
Slide 2: Why Camden? We're Positioned for Excellence
Why Camden? We’re Positioned for Excellence The Right Product in the Right Markets Balance Sheet Strength and Liquidity Consistent Earnings and Dividend Growth Proven Record of Capital Recycling and Value Creation Innovation, Technology, and Talent = Operational Excellence 2
Slide 3: Table of Contents
Table of Contents 2026 Highlights/Recent Updates 4 Company Overview 5-10 2026 Guidance 11-17 Multifamily Fundamentals 18-24 Capital Recycling 25-31 Other Information 32-36 Appendix 37-42 Camden Franklin Park – Franklin, TN FORWARD-LOOKING STATEMENTS – In addition to historical information, this pres
Slide 4: 2026 Highlights/Recent Updates
2026 Highlights/Recent Updates • Completed two acquisitions during April 2026 for a total of $171 million • Acquired two land sites for future development in May 2026 • Disposed of one older community in February 2026 for $77 million • Southern California disposition portfolio has been awarded to a
Slide 5: Company Overview
Camden Tempe – Tempe, AZ Company Overview 5
Slide 6: Camden's Strategy
Camden’s Strategy • Focus on high-growth markets (employment, population, migration) • Operate a diverse portfolio of assets (geographical, A/B, urban/suburban) and maintain a high-quality resident profile • Maintain a strong balance sheet with low leverage, ample liquidity, and the ability to capit
Slide 7: Focus on High-Growth Markets
Focus on High-Growth Markets Employment Growth Population Growth Total Migration Estimated Gain 2026-2028 Estimated Gain 2026-2028 Estimated Gain 2026-2028 1 New York City 181,000 1 Houston 264,000 1 Houston 133,000 2 Houston 108,000 2 Dallas 201,000 2 Phoenix 133,000 3 Dallas 93,000 3 Phoenix 161,0
Slide 8: Sunbelt Migration Remains Strong - Outflows Continue on East and West Coasts
Sunbelt Migration Remains Strong - Outflows Continue on East and West Coasts Quarterly Net Domestic Migration Cumulative Net Domestic Migration 150k 4m 3m 100k 2m 50k 1m k m -1m -50k -2m -100k -3m 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 1Q26 1Q10 1Q11 1Q12 1Q1
Slide 9: Diverse Portfolio
Asset Class* Diverse Portfolio (as of 1Q26) 39% NOI Contribution by Market (includes all operating communities) 61% Class A Class B Location* Washington DC Metro 13.4% Raleigh Denver Charlotte 5.7% Los Angeles/Orange County 5.8% 5.8% 4.7% Nashville 41% Phoenix 2.0% 8.0% San Diego/Inland Empire 59% 4
Slide 10: Strong Capital Structure
Strong Capital Structure ($ in millions – as of 5/31/26) Total Market Cap = $16B Credit Ratings Unsecured • $0.5B available under $1.2B Term Loans, Senior Senior Debt unsecured credit facility and $40 Unsecured commercial paper program Notes, $3,533 Moody’s A3 Stable • Unencumbered asset pool of S&P
Slide 11: 2026 Guidance
Camden Southline – Charlotte, NC 2026 Guidance 11
Slide 12: 2026 Guidance
2026 Guidance (as of 4/30/26) Earnings Low Midpoint High EPS per share $0.51 $0.66 $0.81 FFO per share $5.95 $6.10 $6.25 Core FFO per share(1) $6.60 $6.75 $6.90 (1) The Company's 2026 core FFO guidance excludes approximately $0.65 per share of non-core charges for legal costs and settlements and exp
Slide 13: 2026 Same Property Revenue Building Blocks
2026 Same Property Revenue Building Blocks (Midpoint of Guidance Range) 0.8% 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.1% 0.0% (1) (2) Rental Income Other Revenue Growth Income Growth (1) Includes earn-in, net market rent growth, occupancy, and bad debt. (2) Based on midpoint of 2026 guidance provided on 2/5/
Slide 14: New Leases, Renewals and Blended Rates
New Leases, Renewals and Blended Rates (Results reflect 2026 same property pool of 54,105 units) Date Effective(1) 1Q25 2Q25 3Q25 4Q25 1Q26 New Lease Rates (3.1)% (2.0)% (2.5)% (5.3)% (5.2)% Renewal Rates 3.3% 3.8% 3.5% 2.8% 2.9% Blended Rates (0.1)% 0.7% 0.7% (1.6)% (1.4)% (1) Average change in sam
Slide 15: CPT Historical Same Property Results
CPT Historical Same Property Results Revenues NOI 14% 14% Long Term Long Term Average 3.2% Average 3.4% 9% 9% 4% 4% (1%) (1%) (6%) (6%) 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Expe
Slide 16: CPT Same Property Growth vs. YoY Change in Completions
CPT Same Property Growth Outsized revenue and NOI growth have followed sharp declines in multifamily supply 80,000 15% 5.1% Average Revenue Growth 13% 60,000 6.2% Average NOI Growth 11% YoY Change in Completions 40,000 2011-2016 9% Same Property Growth GFC 20,000 7% 5% - 3% (20,000) 1% (1%) (40,000)
Slide 17: Same Property Occupancy by Market
Same Property Occupancy by Market (Results reflect 2026 same property pool of 54,105 units) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26(1) Atlanta 95.1% 95.3% 95.8% 95.2% 95.3% Austin 94.7% 94.8% 95.1% 95.3% 95.8% Charlotte 95.2% 95.4% 95.1% 94.6% 94.5% Dallas 94.9% 95.3% 95.4% 94.8% 94.2% Denver 95.0% 97.0% 96.6
Slide 18: Multifamily Fundamentals
Camden McGowen Station – Houston, TX Multifamily Fundamentals 18
Slide 19: Camden Resident Profile
Camden Resident Profile Age Range of Camden Residents • Median Age: 32 years 50% • Average Age: 35 years 40% 30% • Average Annual Household 20% Income of ~ $119K for New 10% Move-Ins in FY26 to-date 0% • Average Rent-to-Income Ratio 0-17 18-24 25-34 35-44 45-64 65+ of 19% for New Move-Ins in FY26 to
Slide 20: Multifamily Supply
Multifamily Supply • Starts have fallen nearly 50% since 2022 • Completions peaked in 2024 and have declined rapidly Multifamily Starts Multifamily Completions (Historical and Projected) (Historical and Projected) 700,000 700,000 600,000 600,000 500,000 500,000 400,000 400,000 300,000 300,000 200,00
Slide 21: Strong Demand for Multifamily Rental Housing
Strong Demand for Multifamily Rental Housing Favorable Demographic Trends – Aged 20 to 34 ~65% of this age group choose to rent 75 70 Young adults currently number in millions 65 nearly 70 million and will remain a 60 growing source of demand 55 50 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2
Slide 22: Young Adult Lifestyle Decisions
Young Adult Lifestyle Decisions Young Adult Lifestyle Choices 42 40 • Young adults choosing to 38 36 marry and have children later 34 32 Age in life, delaying 30 28 26 homeownership decisions 24 22 20 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 23: High Propensity to Rent
High Propensity to Rent Propensity to Rent Apartments Moveout Rates for Home Purchases • Many people choose to rent by Age Camden’s Portfolio rather than buy with higher 70% 30% 60% propensity to rent in CPT markets 50% 20% 40% vs. U.S. average 30% 10% 20% • Homeownership rate overall 10% 0% 2004 20
Slide 24: Resident Retention & Customer Sentiment High
Resident Retention & Customer Sentiment High Resident Retention Rate(1) Camden’s Portfolio 70% 65% 60% 55% Resident retention rate at historical 50% 45% high vs. long-term average 40% 35% 30% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 25: Capital Recycling
Camden Thornton Park – Orlando, FL Capital Recycling 25
Slide 26: Capital Recycling
Capital Recycling ($ in millions) Over the past 15+ years, we have significantly improved the quality of our portfolio with minimal cash flow dilution, using disposition proceeds to fund development, acquisitions, and share repurchases(1) $3.3B Total Acquisitions(2) Average Age of 4 Years(5) $4.3B T
Slide 27: Recent Acquisitions
Recent Acquisitions Camden Lake Buena Vista Camden Alpharetta Camden at Lake Nona • Located in Orlando • Located in Atlanta • Located in Orlando metropolitan area metropolitan area metropolitan area • Purchase price: $85M • Purchase price: $89M • Purchase price: $82M • Acquired December 2025 • Acqui
Slide 28: Development Value Creation
Development Value Creation Development Communities Completed and Stabilized (2011-2025) Communities 44 Apartment Homes 13,279 Total Cost $3.3B Market Value* $4.3B Value Creation $1.0B Camden Tempe II – Year Built 2023 Camden Cypress Creek II – Year Built 2020 Camden Buckhead – Year Built 2022 Camden
Slide 29: Development Communities
Development Communities Current Development Pipeline Estimated/Actual Total Total Cost Construction Initial Construction Stabilized % Name Location Homes ($ in millions) Start Occupancy Completion Operations Leased(1) Camden Village District Raleigh, NC 369 $139 2Q22 1Q25 3Q25 1Q27 77% Camden South
Slide 30: Current Development Communities
Current Development Communities Camden Village District – Raleigh, NC Camden South Charlotte – Charlotte, NC Camden Blakeney – Charlotte, NC Camden Nations – Nashville, TN 30
Slide 31: Reposition/Redevelopment/Repurpose Programs
Reposition/Redevelopment/Repurpose Programs Reposition: Renovate well-located 15- to 20-year-old assets by updating kitchen and bath areas, appliances, flooring, fixtures, lighting, etc. Over 49,000 apartment homes completed through 1Q26 with a total cost of $870 million. Redevelopment: Upgrade 10-
Slide 32: Other Information
Camden Belmont – Dallas, TX Other Information 32
Slide 33: Innovation, Technology & AI Initiatives Drive NOI
Innovation, Technology & AI Initiatives Drive NOI Delivered Through 2025 Identified for 2026-2030 Incremental Annual NOI Incremental NOI Future CapEx Savings Future G&A Savings $55M $46M $25M $19M Innovation and technology initiatives Enhancing resident have driven NOI experience to drive through: S
Slide 34: Future AI & Technology Initiatives
Future AI & Technology Initiatives Enhanced Resident Experience Drives Smarter Capital Allocation & Revenue Growth Investment Analytics • Data and AI-driven renewal optimization • Data-driven CapEx forecasting and capital and pricing decisions deployment optimization • AI agents improve customer acq
Slide 35: Workplace Excellence Leads to Operational Excellence
Workplace Excellence Leads to Operational Excellence Recognized by FORTUNE Magazine as one of the 100 Best Companies to Work For® in America for 19 consecutive years, recently ranking #13. Experienced management team with sound business plan and proven history of performance. #1 GPTW – FORTUNE Best
Slide 36: Sustainability
Sustainability Camden's purpose is to improve the lives of our team members, residents, and shareholders, one experience at a time, and we care deeply about the local communities in which we live, work and play. We are committed to being the best multifamily company in the industry by providing Livi
Slide 37: Appendix
Camden Fourth Ward – Atlanta, GA Appendix 37
Slide 38: Non-GAAP Financial Measures Definitions & Reconciliations
Non-GAAP Financial Measures Definitions & Reconciliations 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 REI
Slide 39: Non-GAAP Financial Measures Definitions & Reconciliations
Non-GAAP Financial Measures Definitions & Reconciliations Reconciliation of FFO, Core FFO, and Core AFFO per share Three Months Ended March 31, FFO/Core FFO/Core AFFO per share 2026 2025 Total Earnings Per Common Share - Diluted $0.40 $0.36 Real estate depreciation and amortization 1.37 1.32 Income
Slide 40: Non-GAAP Financial Measures Definitions & Reconciliations
Non-GAAP Financial Measures Definitions & Reconciliations Net Operating Income (NOI) 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 1Q26 Earnings Release and Supplemental Financial
Slide 41: Non-GAAP Financial Measures Definitions & Reconciliations
Non-GAAP Financial Measures Definitions & Reconciliations EBITDAre and Adjusted EBITDAre 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 wit
Slide 42: Other Definitions
Other Definitions 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, devel
Slide 43: CAMDEN.
CAMDEN. ™
Camden Property Trust — Q2 2026 Earnings Presentation on 6ix