Camden Property Trust · NYSE:CPT
Camden Property Trust — Q2 2025 Earnings Presentation
44 slides from Camden Property Trust's earnings presentation, Aug 1, 2025
Slide 1: Investor Presentation May 2025
Investor Presentation May 2025 Camden Leander – Leander, TX
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 2025 Highlights/Recent Updates 4 Company Overview 5-12 2025 Guidance 13-16 Multifamily Fundamentals 17-23 Capital Recycling 25-32 Other Information 33-37 Appendix 38-43 Camden Main and Jamboree – Irvine, CA FORWARD-LOOKING STATEMENTS – In addition to historical information, this pr
Slide 4: 2025 Highlights/Recent Updates
2025 Highlights/Recent Updates • Raised 2025 full-year earnings guidance for Core FFO from $6.75 to $6.78 per share • Completed two acquisitions during 1Q25 and one in late May for a total of $338 million • Marketing several older assets for sale with expected closings in 2Q25 and 3Q25 • Commenced c
Slide 5: Company Overview
Camden Grand Parc – Washington, DC 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 2025-2027 Estimated Gain 2025-2027 Estimated Gain 2025-2027 1 New York City 235,000 1 Houston 398,000 1 Houston 246,000 2 Houston 159,000 2 Dallas 251,000 2 Phoenix 149,000 3 Dallas 121,000 3 Phoenix 186,
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 4Q10 3Q11 2Q12 1Q13 4Q13 3Q14 2Q15 1Q16 4Q16 3Q17 2Q18 1Q19 4Q19 3Q20 2Q21 1Q22 4Q22 3Q23 2Q24 1Q2
Slide 9: Discount to Rent in Sunbelt Markets vs. Major Coastal MSAs
Discount to Rent in Sunbelt Markets vs. Major Coastal MSAs Houston -60% Fort Worth -59% Austin -56% Raleigh -56% Phoenix -55% Dallas -54% Charlotte -54% Atlanta -53% Nashville -52% Orlando -48% Denver -46% Tampa -45% Fort Lauderdale -27% West Palm Beach -27% Miami -21% -70% -60% -50% -40% -30% -20%
Slide 10: Diverse Portfolio
Asset Class* Diverse Portfolio (as of 1Q25) 37% NOI Contribution by Market (includes all operating communities) 63% Class A Class B Location* Washington DC Metro 13.0% Raleigh Denver Charlotte 5.3% Los Angeles/Orange County 5.6% 5.9% 4.5% Phoenix Nashville 41% 1.6% 8.4% San Diego/Inland Empire 59% 4
Slide 11: Strong Capital Structure
Strong Capital Structure ($ in millions – as of 5/29/25) Total Market Cap = $17B Unsecured Term Credit Ratings Senior Unsecured Notes • $0.6B available under $1.2B Loans $2,939 $40 Senior Debt unsecured credit facility and Unsecured Credit commercial paper program Facility and Moody’s Commercial Pap
Slide 12: Consistent Earnings & Dividend Growth
Consistent Earnings & Dividend Growth $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 (1) 2021 2022 2023 2024 2025 Dividends per share Core AFFO per share Core FFO per share (1) Based on midpoint of 2025 guidance provided on 5/1/25 and announced 1Q25 annualized dividend rate. 12
Slide 13: 2025 Guidance
Camden Carolinian – Raleigh, NC 2025 Guidance 13
Slide 14: 2025 Guidance
2025 Guidance (as of 5/1/25) Earnings Low Midpoint High EPS per share $1.01 $1.16 $1.31 FFO per share $6.53 $6.68 $6.83 Core FFO per share(1) $6.63 $6.78 $6.93 (1) The Company's 2025 core FFO guidance excludes approximately $0.10 per share of non-core charges for legal costs and settlements and expe
Slide 15: New Leases & Renewals
New Leases & Renewals (Results reflect 2025 same property pool of 57,116 units) 2Q25 guidance reflects an improvement in rate growth compared to 1Q25 2Q25 2025 Date Effective(1) 1Q24 2Q24 3Q24 4Q24 1Q25 Guidance(2) Guidance(2) New Lease Rates (4.2)% (2.5)% (2.1)% (4.6)% (3.1)% Slightly Negative Slig
Slide 16: Same Property Occupancy by Market
Same Property Occupancy by Market (Results reflect 2025 same property pool of 57,116 units) 2Q25 results to date reflect an improvement in occupancy compared to 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25(2) Atlanta 93.9% 94.3% 95.1% 94.3% 95.2% Austin 93.7% 94.1% 94.7% 94.1% 94.7% Charlotte 93.6% 94.8% 95.5
Slide 17: Multifamily Fundamentals
Camden La Frontera – Austin, TX Multifamily Fundamentals 17
Slide 18: Camden Resident Profile
Camden Resident Profile Age Range of Camden Residents • Median Age: 31 years 50% 40% • Average Annual Household 30% Income of ~ $120K for New 20% Move-Ins in FY25 to date 10% 0% • Average Rent-to-Income Ratio 0-17 18-24 25-34 35-44 45-64 65+ of 19% for New Move-Ins in FY25 to date Total Number of Oc
Slide 19: Multifamily Supply
Multifamily Supply • Starts began to fall in 2022 and should drop 50% by the end of 2025 • Completions peaked in late 2024 and have begun to decline Multifamily Starts Multifamily Completions (Historical and Projected) (Historical and Projected) 700,000 700,000 600,000 600,000 500,000 500,000 400,00
Slide 20: Trailing 12-Month Apartment Starts Compared to 2021-23 Cycle Peak
Trailing 12-Month Apartment Starts Compared to 2021-23 Cycle Peak Down 80%+ Down 65-80% Down 50-65% Down 20-50% Austin Atlanta Anaheim Miami Charlotte Dallas Denver Fort Lauderdale Houston Fort Worth Nashville Los Angeles Raleigh Orlando Riverside Phoenix Raleigh San Diego Washington, DC Tampa West
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 38 • Young adults choosing to 36 34 marry and have children later 32 30 Age in life, delaying 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 2020
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 50% 30% 40% propensity to rent in CPT markets 20% 30% vs. U.S. average 20% 10% 10% • Homeownership rate overall 0% 2003 2005 2007
Slide 24: Resident Retention & Customer Sentiment High
Resident Retention & Customer Sentiment High Resident Retention Rate(1) Camden’s Portfolio 70% 65% Resident retention rate at historical 60% 55% high of 70% vs. long-term average 50% of 55% 45% 40% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20
Slide 25: Capital Recycling
Camden Pier District – St. Petersburg, FL Capital Recycling 25
Slide 26: Capital Recycling
Capital Recycling ($ in millions) Since 2011 we have significantly improved the quality of our portfolio with minimal cash flow dilution, using disposition proceeds to fund development and acquisitions(1) $3.0B Total Acquisitions(2) Average Age of 4 Years(5) $3.8B Total $4.1B Total Dispositions Deve
Slide 27: Recent Acquisitions
Recent Acquisitions Camden Leander Camden West Nashville Camden Clearwater • Located in Austin • Located in Nashville • Located in Tampa metropolitan area metropolitan area metropolitan area • Purchase price: $68M • Purchase price: $131M • Purchase price: $139M • Acquired in January 2025 • Acquired
Slide 28: Development Value Creation
Development Value Creation Development Communities Completed and Stabilized (2011-2024) Communities 41 Apartment Homes 12,482 Total Cost $3.0B Market Value* $4.1B Value Creation $1.1B Camden Flatirons – Year Built 2015 Camden Cypress Creek II – Year Built 2020 Camden Paces – Year Built 2015 * Estima
Slide 29: Development Communities
Development Communities Current Development Pipeline Estimated/Actual Total Total Cost Construction Initial Construction Stabilized % Name Location Homes ($ in millions) Start Occupancy Completion Operations Leased(1) Camden Woodmill Creek Spring, TX 189 $72 3Q22 4Q23 2Q24 2Q25 96% Camden Durham Dur
Slide 30: Current Development Communities
Current Development Communities Camden Durham – Durham, NC Camden Village District – Raleigh, NC Camden South Charlotte - Charlotte, NC Camden Blakeney – Charlotte, NC Camden Nations – Nashville, TN 30
Slide 31: Current BTR Development Communities
Current BTR Development Communities Camden Long Meadow Farms – Richmond, TX Camden Woodmill Creek – Spring, TX 31
Slide 32: 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 46,000 apartment homes completed through 1Q25 with a total cost of $779 million. Redevelopment: Upgrade 10-
Slide 33: Other Information
Camden Henderson – Dallas, TX Other Information 33
Slide 34: Innovation & Technology Initiatives Drive NOI
Innovation & Technology Initiatives Drive NOI ENHANCE RESIDENT EXPERIENCE ANNUAL NOI GENERATED Technology Front-Door Chirp “4 $ 44 M Package Waste Access System Collection + STREAMLINE OPERATIONS/IMPROVE EFFICIENCY Digital Shared Move-In Team Services Assistant O: ZG): eReATSrPlari 34 Work Mobile Re
Slide 35: Other Initiatives
Other Initiatives Gide. | SEUNNEL | Copilot LEASING ASSISTANT THIRD-PARTY PROPTECH INVESTMENT FIFTH| WALL | Xi veNTURE FUND | BILT | MOD=RN= | SFUNNEL VENTURES RENTER-CENTRIC = eg lo] Bbe9& == tt ‘tyt Community WiFi to Continued focus on Use of smart enhance resident insurance savings through progra
Slide 36: 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 18 consecutive years, recently ranking #18. Experienced management team with sound business plan and proven history of performance. #1 GPTW – FORTUNE Best
Slide 37: Sustainability
Sustainability Camden’s purpose is to improve the lives of our team members, customers and shareholders, one experience at a time. We are committed to creating long-term value and integrating sustainable practices into all aspects of our business. We strive to operate in an environmentally responsib
Slide 38: Appendix
Camden Royal Palms – Brandon, FL Appendix 38
Slide 39: 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 40: 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 2025 2024 Total Earnings Per Common Share - Diluted $0.36 $0.77 Real estate depreciation and amortization 1.32 1.28 Income
Slide 41: 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 property total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11 of the 1Q25 Earnings Release and Supplemental F
Slide 42: 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 43: Other Definitions
Other Definitions Bad Debt: Represents bad debt expense and reserves as a percentage of rental revenues. 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 settle
Slide 44: CAMDEN
CAMDEN. ™
Camden Property Trust — Q2 2025 Earnings Presentation on 6ix