Camden Property Trust · NYSE:CPT

Camden Property Trust — Q4 2025 Earnings Presentation

12 slides from Camden Property Trust's earnings presentation, Feb 6, 2026

  1. Slide 1: Camden Property Trust 4Q25 Earnings Call

    4Q25 Camden Property Trust Earnings Call

  2. Slide 2: Camden's 2026 Market Grades

    CAMDEN’S 2026 MARKET GRADES GRADE OUTLOOK EXPECTED REVENUE Total Portfolio B Stable/Improving 0.75% Midpoint Washington DC Metro A- Moderating 1 – 2% Houston B+ Stable 1 – 2% Southern California B+ Moderating 1 – 2% Denver B+ Moderating (1 – 2)% Nashville B Improving 1 – 2% Atlanta B Improving 1 – 2

  3. Slide 3: Camden's 2026 Market Grades

    CAMDEN’S 2026 MARKET GRADES GRADE OUTLOOK EXPECTED REVENUE Orlando B Stable 0 – 1% Raleigh B Stable 0 – 1% Charlotte B Stable 0 – 1% Tampa B Moderating 0 – 1% Phoenix B- Stable 0 – 1% Austin C+ Improving (1 – 2)%

  4. Slide 4: 4Q25 Real Estate Activity

    4Q25 REAL ESTATE ACTIVITY  DISPOSED OF 3 COMMUNITIES IN HOUSTON AND PHOENIX FOR $201M  ACQUIRED ORLANDO COMMUNITY FOR $85M  STABILIZED CAMDEN LONG MEADOW FARMS IN HOUSTON TOTAL TRANSACTIONS FOR 2025  DISPOSED OF 7 COMMUNITIES  AVERAGE AGE OF 22 YEARS FOR $375M  ACQUIRED 4 COMMUNITIES  AVERAGE

  5. Slide 5: Potential California Transaction

    POTENTIAL CALIFORNIA TRANSACTION  SALE OF 11 OPERATING COMMUNITIES  PRELIMINARY VALUE RANGE - $1.5B TO $2.0B; MID-YEAR CLOSING  PROCEEDS TO BE REINVESTED  60% OF PROCEEDS FOR 1031 EXCHANGES  ~$1.1B OF ACQUISITIONS  40% SHARE REPURCHASES  ~$650M OF SHARE REPURCHASES  NO ACCRETION OR DILUTION

  6. Slide 6: 4Q25 Core FFO Per Share

    4Q25 CORE FFO PER SHARE $1.73 3¢ per share $1.70 from 4Q25 ACTUAL 4Q25 GUIDANCE RESULTS MIDPOINT 3.0¢ HIGHER NONRECURRING FEE AND ASSET MANAGEMENT INCOME

  7. Slide 7: 2026 Expected Core FFO Per Share

    2026 EXPECTED CORE FFO PER SHARE Midpoint of Guidance Range $6.75 13¢ per $6.88 share from 2026 GUIDANCE 2025 ACTUAL MIDPOINT RESULTS ( 4.0¢) DECREASE IN FEE AND ASSET MANAGEMENT INCOME ( 4.5¢) INCREASE IN GENERAL OVERHEAD AND OTHER CORPORATE EXPENSES ( 4.5¢) DECREASE IN SAME STORE NOI (13.0¢)

  8. Slide 8: 2026 Expected Same Store Growth

    2026 EXPECTED SAME STORE GROWTH Midpoint of Guidance Range REVENUES 0.75% EXPENSES 3.00% NOI (0.50)%

  9. Slide 9: 2026 Expected Same Store Revenue Growth

    2026 EXPECTED SAME STORE REVENUE GROWTH Midpoint of Guidance Range 0.75% REVENUE GROWTH  0.55% FROM RENTAL INCOME  0.20% FROM OTHER INCOME

  10. Slide 10: 2026 Developments

    2026 DEVELOPMENTS Guidance Ranges DEVELOPMENT STARTS $140M TO $335M DEVELOPMENT SPEND $185M TO $215M

  11. Slide 11: 1Q26 Expected Core FFO Per Share

    1Q26 EXPECTED CORE FFO PER SHARE Midpoint of Guidance Range $1.66 10¢ per $1.76 share from 1Q26 GUIDANCE 4Q25 ACTUAL MIDPOINT RESULTS ( 5.0¢) EXPENSE DRIVEN DECREASE IN SAME STORE NOI ( 4.0¢) DECREASE IN FEE AND ASSET MANAGEMENT INCOME ( 4.0¢) HIGHER INTEREST EXPENSE PRIMARILY FROM SHARE REPURCHASES

  12. Slide 12: Camden Property Trust 4Q25 Earnings Call

    4Q25 Camden Property Trust Earnings Call

Camden Property Trust — Q4 2025 Earnings Presentation on 6ix