Camden National Corporation · NASDAQ:CAC

Camden National — Camden Property Trust — Q1 2025 Earnings Presentation

13 slides from Camden National's earnings presentation, May 2, 2025

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

   1Q25 Camden Property Trust Earnings Call

2. Slide 2: Camden Leander

   CAMDEN LEANDER Leander, Texas  352 UNITS  $68M  IN LEASE-UP

3. Slide 3: Camden West Nashville

   CAMDEN WEST NASHVILLE Nashville, Tennessee  435 UNITS  $131M  ~94% OCCUPIED

4. Slide 4: Camden Nations

   CAMDEN NATIONS Nashville, Tennessee  393 UNITS  $184M  UNDER CONSTRUCTION

5. Slide 5: Development Communities in Lease-Up

   DEVELOPMENT COMMUNITIES IN LEASE-UP CAMDEN WOODMILL CREEK CAMDEN LONG MEADOW FARMS Spring, Texas Richmond, Texas  189 UNITS  188 UNITS  $72M  $72M  ~92% OCCUPIED  ~62% OCCUPIED

6. Slide 6: Development Communities in Lease-Up

   DEVELOPMENT COMMUNITIES IN LEASE-UP CAMDEN DURHAM CAMDEN VILLAGE DISTRICT Durham, North Carolina Raleigh, North Carolina  420 UNITS  369 UNITS  $145M  $138M  ~82% OCCUPIED  ~8% OCCUPIED

7. Slide 7: 2025 Acquisitions and Dispositions

   2025 ACQUISITIONS AND DISPOSITIONS Midpoint of Guidance Range $750M ACQUISITIONS DISPOSITIONS $750M

8. Slide 8: 2025 Developments

   2025 DEVELOPMENTS Guidance Range DEVELOPMENT STARTS $175M TO $675M

9. Slide 9: Commercial Paper Program

   COMMERCIAL PAPER PROGRAM • $600M CAPACITY • $426M OUTSTANDING AT 3/31/25 • LINE OF CREDIT SERVES AS LIQUIDITY BACKSTOP

10. Slide 10: 1Q25 Core FFO per Share

    1Q25 CORE FFO PER SHARE $1.72 4¢ per share $1.68 from 1Q25 ACTUAL 1Q25 GUIDANCE RESULTS MIDPOINT 2.0¢ LOWER BAD DEBT, AND HIGHER OCCUPANCY AND OTHER INCOME 1.0¢ TIMING OF REPAIR & MAINTENANCE EXPENSES AND PROPERTY TAX REFUNDS 1.0¢ LOWER INTEREST EXPENSE AND OTHER INCOME/EXPENSE TIMING 4.0¢

11. Slide 11: 2025 Expected Core FFO per Share

    2025 EXPECTED CORE FFO PER SHARE Midpoint of Guidance Range $6.75 3¢ per share $6.78 from 2025 PRIOR 2025 UPDATED GUIDANCE MIDPOINT GUIDANCE MIDPOINT 3.0¢ PRIMARILY LOWER INTEREST EXPENSE FROM NEW COMMERCIAL PAPER PROGRAM

12. Slide 12: 2Q25 Expected Core FFO per Share

    2Q25 EXPECTED CORE FFO PER SHARE Midpoint of Guidance Range $1.69 3¢ per share $1.72 from 2Q25 GUIDANCE 1Q25 ACTUAL MIDPOINT RESULTS ( 2.0¢) REPAIR & MAINTENANCE EXPENSES AND ANNUAL SALARY INCREASES ( 2.0¢) INTEREST EXPENSE FROM HIGHER BORROWINGS ( 1.0¢) TIMING OF PUBLIC COMPANY FEES 2.0¢ ADDITIONAL

13. Slide 13: Camden Property Trust 1Q25 Earnings Call

    1Q25 Camden Property Trust Earnings Call

Camden Property Trust — Q1 2025 Earnings Presentation on 6ix