Camden Property Trust · NYSE:CPT
Camden Property Trust — Investor Presentation (September 2026)
48 slides from Camden Property Trust's investor presentation, September 2026
Slide 1: Camden Alpharetta – Atlanta Metro Area
Camden Alpharetta – Atlanta Metro Area
Slide 2: Table of Contents
Table of Contents Company Overview 3-13 Recent Updates & Operating Trends 14-19 Multifamily Fundamentals 20-28 Real Estate Investment Activity 29-36 Innovation, Technology & Other Information 37-41 Appendix 42-47 Camden Rainey Street – Austin, TX FORWARD-LOOKING STATEMENTS – In addition to historica
Slide 3: Company Overview
Camden Highland Village – Houston, TX Company Overview INVESTOR PRESENTATION · SEPTEMBER 2026 3 3
Slide 4: Camden is positioned for excellence with a consistent long-term strategy
C O M PA N Y O V E R V I E W — W H Y C A M D E N Camden is positioned for excellence with a consistent long-term strategy The Right Product in the Balance Sheet Right Markets Strength Focus on operating in high-growth Low leverage, ample liquidity, markets with a diverse portfolio of and ability to
Slide 5: 95% of Camden's NOI is derived from the nation's top growth markets
COMPANY OVERVIEW — HIGH-GROWTH MARKETS 95% of Camden’s NOI is derived from the nation’s top growth markets Employment Growth Population Growth Total Migration Rank Market Est. Gain '26–'28 Rank Market Est. Gain '26–'28 Rank Market Est. Gain '26–'28 1 New York City 189,000 1 Houston 245,000 1 Phoenix
Slide 6: Sunbelt in-migration continues as the Coastal markets lose residents
COMPANY OVERVIEW — MIGRATION TAILWINDS Sunbelt in-migration continues as the Coastal markets lose residents 4M 3M +3.9M Cumulative net domestic migration to Sunbelt 2M since 2010 1M M -3.8M Cumulative net domestic out-migration from -1M East and West Coasts since 2010 -2M -3M 1Q10 3Q10 1Q11 3Q11 1Q1
Slide 7: High-quality portfolio across 13 markets
COMPANY OVERVIEW — DIVERSE PORTFOLIO High-quality portfolio across 13 markets (2Q26 results excluding California assets sold on 7/29/26) NOI Contribution by Market ASSET CLASS* (includes all operating communities) Class A 41% Class B 59% Washington DC Metro 14.8% Denver LOCATION* 5.8% Raleigh 6.1% C
Slide 8: Strong capital structure
COMPANY OVERVIEW – BALANCE SHEET STRENGTH Strong capital structure ($ in millions – as of 8/31/26) $15B Total Market Cap Credit Ratings Unsecured Term Loans Senior Debt $389 $1.8B of available liquidity(1) Senior Moody’s Unsecured Notes A3 Stable $17B unencumbered asset pool $3,533 S&P A- Stable 92.
Slide 9: Long-term same property revenue & NOI growth
(6%) (3%) 12% 15% 0% 3% 6% 9% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 0% 1% 2% 3% 4% 5% 6% 7% 2011 REVENUES Average 3.2% 2012 CPT Long Term 1995 2013 INVESTOR PRESENTATION · SEPTEMBER 2026 1996 2014 1997 2015 *Based on midpoint of 2026 guidance provided on 7/3
Slide 10: Strong earnings & dividend growth
COMPANY OVERVIEW — CASH FLOW GROWTH Strong earnings & dividend growth $6.77 SE N I OR UN SE C URE D C RE DI T RA T I N G S +237% cumulative FFO per share $2.01 growth (1994-2025) 1994 2025 Funds from Operations (FFO) per share $4.20 +138% $1.76 cumulative dividend per share growth (1994-2025) +$7 Bi
Slide 11: Strong relative performance vs indices
COMPANY OVERVIEW — LONG-TERM PERFORMANCE Strong relative performance vs indices Average Annual Compounded Total Shareholder Return 10.7% SE N I OR UN SE C URE D C RE DI T10.4% RA T I N G S 8.7% 8.6% Over 10% Average annual compounded total shareholder return for Camden since IPO in 1993 30-Year Retu
Slide 12: Recycling capital into higher-quality assets with stronger growth profiles
COMPANY OVERVIEW — CAPITAL ALLOCATION Recycling capital into higher-quality assets with stronger growth profiles Over the past 15+ years, Camden has significantly improved the quality of its portfolio with minimal cash flow dilution, using disposition proceeds to fund development, acquisitions, asse
Slide 13: Developments and share repurchases created value for shareholders
COMPANY OVERVIEW — VALUE CREATION Developments and share repurchases created value for shareholders over past 15 years (2011-2026) DEVELOPMENTS(1) 44 13,279 Communities Apartment Homes $3.3B $4.4B $1.1B Development Cost Estimated Market Value(2) Value Creation SHARE REPURCHASES(1) 7.1M $744M Nearly
Slide 14: Recent Updates & Operating Trends
Camden Music Row – Nashville, TN Recent Updates & Operating Trends INVESTOR PRESENTATION · SEPTEMBER 2026 14 14
Slide 15: 2026 activity & highlights
R E C E N T U P D AT E S & O P E R AT I N G T R E N D S — H I G H L I G H T S 2026 activity & highlights $755M $1.7B $423M $63M Total acquisitions(1) Total dispositions(1) Total share repurchases(2) Total land acquired for future development(1) 3Q26 operating trends and performance to date are as an
Slide 16: Blended lease rate growth showing improvement
R E C E N T U P D AT E S & O P E R AT I N G T R E N D S — L E A S E R AT E G R O W T H Blended lease rate growth showing improvement (Results reflect current 2026 same-property pool) Effective Rate(1) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 EST 3Q26(2) New Lease (3.2)% (2.1)% (2.6)% (5.6)% (5.5)% (3.3)% (1)%
Slide 17: Same property occupancy by market
R E C E N T U P D AT E S & O P E R AT I N G T R E N D S — O C C U P A N C Y Same property occupancy by market (Results reflect current 2026 same-property pool) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 EST 3Q26(1) Atlanta 95.1% 95.3% 95.8% 95.2% 95.3% 95.5% Austin 94.7% 94.8% 95.1% 95.3% 95.8% 95.9% Charlotte 9
Slide 18: 2026 Guidance ranges
R E C E N T U P D AT E S & O P E R AT I N G T R E N D S — G U I D A N C E R A N G E S 2026 Guidance ranges (as of 7/30/26 and excludes California portfolio sold on 7/29/26) Earnings (per share) Low Midpoint High EPS(1) $9.76 $9.93 $10.10 FFO $6.05 $6.12 $6.19 Core FFO(2) $6.68 $6.75 $6.82 Same-Prope
Slide 19: 2026 Same-property revenue building blocks
R E C E N T U P D AT E S & O P E R AT I N G T R E N D S — S A M E - P R O P E R T Y R E V E N U E G U I D A N C E 2026 Same-property revenue building blocks 0.6% 0.20% 0.50% 0.5% 0.4% 0.05% 0.3% 0.10% 0.2% 0.15% 0.1% 0.00% 0.0% Earn-in Net Market Higher Lower Other Revenue(1) Rent Growth Occupancy B
Slide 20: Multifamily Fundamentals
Camden Central – Tampa, FL Multifamily Fundamentals INVESTOR PRESENTATION · SEPTEMBER 2026 20 20
Slide 21: Starts and completions have fallen by nearly 50% from peaks
MULTIFAMILY FUNDAMENTALS — SUPPLY TRENDS Starts and completions have fallen by nearly 50% from peaks MULTIFAMILY STARTS MULTIFAMILY COMPLETIONS (HISTORICAL AND PROJECTED) (HISTORICAL AND PROJECTED) 700,000 700,000 600,000 600,000 500,000 500,000 400,000 400,000 300,000 300,000 200,000 200,000 100,00
Slide 22: Projected multifamily supply in CPT markets below long-term average
M U L T I F A M I LY F U N D A M E N TA L S — H I S T O R I C A L S U P P LY L E V E L S Projected multifamily supply in CPT markets below long-term average in 2026-2028 MULTIFAMILY COMPLETIONS AS A PERCENTAGE OF INVENTORY (HISTORICAL AND PROJECTED) 4.5% 4.0% 3.5% Completions as a % of Inventory 3.0
Slide 23: Outsized revenue and NOI growth for CPT has followed sharp declines in supply
MULTIFAMILY FUNDAMENTALS — SUPPLY & SAME PROPERTY GROWTH CORRELATION Outsized revenue and NOI growth for CPT has followed sharp declines in supply 80,000 5.1% Average 15% Revenue Growth 13% 60,000 6.2% Average NOI Growth 11% 40,000 2011-2016 9% YoY Change in Completions Same Property Growth 20,000 7
Slide 24: Strong demographics support rental demand
M U L T I F A M I LY F U N D A M E N TA L S — M U L T I F A M I LY D E M A N D Strong demographics support rental demand U.S. Population by Age 6M CPT’s median resident age is 32 5M 4M 3M 2M 1M M 20 25 30 35 40 45 50 55 60 Generation Z Millennial Generation X Share of Young Adults Living at Home 20%
Slide 25: Young adult lifestyle decisions support sustained rental demand
MULTIFAMILY FUNDAMENTALS — MULTIFAMILY DEMAND Young adult lifestyle decisions support sustained rental demand YOUNG ADULT LIFESTYLE CHANGES 42 Young adults choosing to marry 40 38 and have children later in life, 36 delaying homeownership 34 Age 32 decisions 30 28 26 24 2000 2001 2002 2003 2004 2005
Slide 26: Fewer residents moving out to buy or rent single family homes
MULTIFAMILY FUNDAMENTALS — MOVEOUT ACTIVITY Fewer residents moving out to buy or rent single family homes MOVEOUT RATES FOR HOME PURCHASES CAMDEN’S PORTFOLIO 30% LT Avg 14.7% 20% 10% 0% 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026* Moveout rates for home purchases are ~10% for FY
Slide 27: Camden has a high-quality resident base
M U L T I F A M I LY F U N D A M E N TA L S — R E S I D E N T P R O F I L E Camden has a high-quality resident base ~$118K 19% 32 1.7 Average annual Average rent-to- Median resident age – Average number of household income for income ratio for new prime renter cohort occupants per new move-ins move-
Slide 28: Strong resident retention and customer sentiment
M U L T I F A M I LY F U N D A M E N TA L S — R E S I D E N T R E T E N T I O N & C U S T O M E R S E N T I M E N T Strong resident retention and customer sentiment Resident Retention Rate(1) Camden’s Portfolio 70% 65% 60% Resident retention rate well above 55% 50% long-term average 45% 40% 35% 30%
Slide 29: Real Estate Investment Activity
Camden Durham – Raleigh, NC Real Estate Investment Activity INVESTOR PRESENTATION · SEPTEMBER 2026 29 29
Slide 30: 2026 Acquisition activity as of 8/31/26
REAL ESTATE INVESTMENT ACTIVITY — RECENT ACQUISITIONS 2026 Acquisition activity as of 8/31/26 Community Metro Area (MSA) Year Built Total Homes Closing Date Purchase Price ($M) Camden Alpharetta Atlanta, GA 2020 269 4/30/26 $89.0 Camden Narcoossee* Orlando, FL 2018 288 4/30/26 82.3 Camden Franklin N
Slide 31: Acquiring newly-built assets to refresh portfolio
REAL ESTATE INVESTMENT ACTIVITY — RECENT ACQUISITION PHOTOS Acquiring newly-built assets to refresh portfolio Camden Alpharetta Camden Narcoossee* Camden Franklin Camden Roanoke Atlanta Metro Area · Year Built: 2020 Orlando, FL · Year Built: 2018 Nashville Metro Area · Year Built: 2014 Dallas Metro
Slide 32: 2026 Disposition activity as of 8/31/26
REAL ESTATE INVESTMENT ACTIVITY — RECENT DISPOSITIONS 2026 Disposition activity as of 8/31/26 Community Market Total Homes Year Built Closing Date Sales Price ($M) Camden Valley Park Irving, TX 516 1986 2/18/26 $77 Camden Crown Valley Mission Viejo, CA 380 2001 7/29/26 180 Camden Glendale Glendale,
Slide 33: Current development pipeline
REAL ESTATE INVESTMENT ACTIVITY — CURRENT DEVELOPMENT PIPELINE Current development pipeline Estimated/Actual Community Market Total Homes % Leased(1) Est. Stabilization Cost ($M) Camden Village District Raleigh, NC 369 $139 87% 1Q27 Camden South Charlotte Charlotte, NC 420 $157 17% 4Q28 Camden Blake
Slide 34: Building the next generation of high-quality Camden communities
REAL ESTATE INVESTMENT ACTIVITY — CURRENT DEVELOPMENT PHOTOS Building the next generation of high-quality Camden communities Camden Village District Camden South Charlotte Raleigh, NC Charlotte, NC Camden Blakeney Camden Nations Charlotte, NC Nashville, TN INVESTOR PRESENTATION · SEPTEMBER 2026 34
Slide 35: Future development pipeline
REAL ESTATE INVESTMENT ACTIVITY — FUTURE DEVELOPMENT PIPELINE Future development pipeline Estimated/Potential Community Market Total Homes Est. Total Cost ($M) Start Date Camden RTP Morrisville, NC 398 $126 2026 Camden Gulch II* Nashville, TN 498 301 2027 Camden Baker Denver, CO 434 199 2027 Camden
Slide 36: Updating existing assets to drive cash flow growth
REAL ESTATE INVESTMENT ACTIVITY — REPOSITION/REDEVELOPMENT/REPURPOSE PROGRAMS Updating existing assets to drive cash flow growth Reposition Redevelopment Repurpose 50,000+ homes · $890M(1) 2,000+ homes · $94M(1) 57 new homes created · $20M(1) Renovate well-located 15-20 year- Upgrade 10-15 year-old
Slide 37: Innovation, Technology & Other Information
Camden Belmont – Dallas, TX Innovation, Technology & Other Information INVESTOR PRESENTATION · SEPTEMBER 2026 37 37
Slide 38: Innovation, technology & AI initiatives drive growth
INNOVATION, TECHNOLOGY & OTHER INITIATIVES — EARNINGS GROWTH POTENTIAL Innovation, technology & AI initiatives drive growth 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 ini
Slide 39: Turning artificial intelligence into durable margin expansion
INNOVATION, TECHNOLOGY & OTHER INITIATIVES — AI Turning artificial intelligence into durable margin expansion Enhanced Resident Experience Operational Efficiency & Cost Control AI-driven renewal optimization and pricing; AI agents for acquisition, Process automation across maintenance, onboarding an
Slide 40: Workplace excellence leads to operational excellence
OTHER INFORMATION — RECOGNITION & AWARDS Workplace excellence leads to operational excellence Recognized by FORTUNE Magazine as one of the 100 Best Companies to Work For® Recent Awards & Rankings in America for 19 consecutive years, recently GPTW – FORTUNE Best Workplaces in Texas ranking #13 #1 202
Slide 41: Operating responsibly for residents, teams and shareholders
OTHER INFORMATION — SUSTAINABILITY Operating responsibly for residents, teams and shareholders Camden's purpose is to improve the lives of our team members, residents and shareholders — one experience at a time — while caring deeply for the communities where we live, work and play. Resource Efficien
Slide 42: Appendix
Camden Fourth Ward – Atlanta, GA Appendix INVESTOR PRESENTATION · SEPTEMBER 2026 42 42
Slide 43: Non-GAAP financial measures definitions & reconciliations
APPENDIX 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
Slide 44: Non-GAAP financial measures definitions & reconciliations
APPENDIX Non-GAAP financial measures definitions & reconciliations Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Total Earnings Per Common Share - Diluted $0.18 $0.74 $0.59 $1.10 Real estate depreciation and amortization 1.48 1.35 2.85 2.67 Income allocated to non-control
Slide 45: Non-GAAP financial measures definitions & reconciliations
APPENDIX 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 2Q26 Earnings Release and Supplemental F
Slide 46: Non-GAAP financial measures definitions & reconciliations
APPENDIX 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 accor
Slide 47: Other definitions
APPENDIX 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 transacti
Slide 48: Investor Presentation · September 2026
INVESTOR PRESENTATION · SEPTEMBER 2026 48
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