Camden Property Trust · NYSE:CPT
Camden Property Trust — Q1 2026 Earnings Presentation
28 slides from Camden Property Trust's earnings presentation, May 1, 2026
Slide 1: 1Q26 Earnings Release & Supplemental Financial Information
Featured Community: Camden Village District « Raleigh, NC * 369 Apartment Homes ° Year Built 2025 ¢ In Lease-Up CAMDEN 1Q26 Earnings Release & Supplemental Financial Information 2800 Post Oak Boulevard, Suite 2700 * Houston, TX 77056 * (713) 354-2500 * camdenliving.com Investor Relations Contact + K
Slide 2: Table of Contents
CAMDEN TABLE OF CONTENTS Page Press Release Text 3 Financial Highlights 6 Operating Results 7 Funds from Operations 8 Balance Sheets 9 Portfolio Statistics 10 Components of Property Net Operating Income 11 Sequential Components of Property Net Operating Income 12 "Same Property" First Quarter Compar
Slide 3: First Quarter 2026 Operating Results
CAMDEN PROPERTY TRUST ANNOUNCES FIRST QUARTER 2026 OPERATING RESULTS Houston, Texas (April 30, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three months ended March 31, 2026. Net Income Attributable to Common Shareholders (“EPS”), Funds from Oper
Slide 4: Development Activity
Development Activity During the quarter, leasing continued at Camden Village District in Raleigh, NC. Development Communities - Construction Completed and Project in Lease-Up ($ in millions) Total Total % Leased Community Name Location Homes Cost as of 4/29/2026 Camden Village District Raleigh, NC 3
Slide 5: 2026 Guidance
2Q26 2026 2026 Midpoint Per Diluted Share Range Range Current Prior Change EPS $0.13 - $0.17 $0.51 - $0.81 $0.66 $0.55 $0.11 FFO $1.63 - $1.67 $5.95 - $6.25 $6.10 $6.61 ($0.51) Core FFO(1) $1.65 - $1.69 $6.60 - $6.90 $6.75 $6.75 $0.00 (1) The Company's 2026 Core FFO guidance excludes approximately $
Slide 6: Financial Highlights
CAMDEN FINANCIAL HIGHLIGHTS (In thousands, except per share, property data amounts and ratios) (Unaudited) Three Months Ended March 31, 2026 2025 Property revenues $388,773 $390,565 Adjusted EBITDAre 222,771 227,251 Net income attributable to common shareholders 42,449 38,822 Per share - basic 0.40
Slide 7: Operating Results
CAMDEN OPERATING RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2026 2025 OPERATING DATA Property revenues (a) $388,773 $390,565 Property expenses Property operating and maintenance 90,179 89,698 Real estate taxes 49,890 49,722 Total property expenses 140,0
Slide 8: Funds From Operations
CAMDEN FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended March 31, 2026 2025 FUNDS FROM OPERATIONS Net income attributable to common shareholders $42,449 $38,822 Real estate depreciation and amortization 146,390 146,168 Income allocated t
Slide 9: Balance Sheets
CAMDEN BALANCE SHEETS (In thousands) (Unaudited) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2026 2025 2025 2025 2025 ASSETS Real estate assets, at cost Land $1,784,349 $1,787,445 $1,791,077 $1,789,207 $1,763,468 Buildings and improvements 11,801,301 11,792,960 11,812,521 11,763,017 11,550,852 13,585,65
Slide 10: Portfolio Statistics
CAMDEN PORTFOLIO STATISTICS (Unaudited) COMMUNITY PORTFOLIO AT MARCH 31, 2026 (in apartment homes) "Same Property" Non-"Same Property" Completed in Lease-up Under Construction Grand Total D.C. Metro (a) 6,194 — — — 6,194 Houston, TX 7,278 929 — — 8,207 Phoenix, AZ 4,094 — — — 4,094 Dallas, TX 5,148
Slide 11: Components of Property Net Operating Income
CAMDEN COMPONENTS OF PROPERTY NET OPERATING INCOME (In thousands, except property data amounts) (Unaudited) Apartment Three Months Ended March 31, Property Revenues Homes 2026 2025 Change "Same Property" Communities (a) 54,105 $360,009 $359,261 $748 Non-"Same Property" Communities (b) 3,780 23,304 1
Slide 12: Sequential Components of Property Net Operating Income
CAMDEN COMPONENTS OF PROPERTY SEQUENTIAL NET OPERATING INCOME (In thousands, except property data amounts) (Unaudited) Three Months Ended Apartment March 31, December 31, September 30, June 30, March 31, Property Revenues Homes 2026 2025 2025 2025 2025 "Same Property" Communities (a) 54,105 $360,009
Slide 13: Same Property First Quarter Comparisons
CAMDEN "SAME PROPERTY" FIRST QUARTER COMPARISONS March 31, 2026 (In thousands, except property data amounts) (Unaudited) Apartment Homes Revenues Expenses NOI Quarterly Results (a)(b) Included 1Q26 1Q25 Growth 1Q26 1Q25 Growth 1Q26 1Q25 Growth D.C. Metro 6,194 $48,863 $48,130 1.5 % $15,638 $15,432 1
Slide 14: Same Property Sequential Quarter Comparisons
CAMDEN "SAME PROPERTY" SEQUENTIAL QUARTER COMPARISONS March 31, 2026 (In thousands, except property data amounts) (Unaudited) Apartment Homes Revenues Expenses NOI Quarterly Results (a)(b) Included 1Q26 4Q25 Growth 1Q26 4Q25 Growth 1Q26 4Q25 Growth D.C. Metro 6,194 $48,863 $48,873 0.0 % $15,638 $15,
Slide 15: Same Property Operating Expense Detail & Comparisons
CAMDEN "SAME PROPERTY" OPERATING EXPENSE DETAIL AND COMPARISONS March 31, 2026 (In thousands) (Unaudited) % of Actual 1Q26 Operating Quarterly Comparison (a) (b) 1Q26 1Q25 $ Change % Change Expenses Property Taxes $44,925 $43,996 $929 2.1 % 35.2 % Salaries and Benefits for On-site Employees 24,092 2
Slide 16: Current Development Communities
CAMDEN CURRENT DEVELOPMENT COMMUNITIES (Unaudited) AS OF MARCH 31, 2026 ($ in millions) Estimated/Actual Dates for Total Cost to Construction Initial Construction Stabilized As of 4/29/2026 Completed Communities in Lease-Up Homes Date Start Occupancy Completion Operations % Leased % Occupied 1. Camd
Slide 17: Development Pipeline & Land
CAMDEN DEVELOPMENT PIPELINE & LAND (Unaudited) AS OF MARCH 31, 2026 ($ in millions) Projected Total PIPELINE COMMUNITIES Homes Estimated Cost (a) Cost to Date 1. Camden Baker 434 $191.0 $40.9 Denver, CO 2. Camden Gulch 498 300.0 56.8 Nashville, TN Development Pipeline 932 $491.0 $97.7 Other (b) $44.
Slide 18: Acquisitions & Dispositions
CAMDEN ACQUISITIONS & DISPOSITIONS (Unaudited) 2026 ACQUISITION & DISPOSITION ACTIVITY ($ in millions, except per unit amounts) 2026 Acquisitions Location Purchase Price Homes Monthly Rental Rate Year Built Closing Date 1. Camden Alpharetta Alpharetta, GA $89.0 269 Homes $2,028 2020 4/30/2026 2. Cam
Slide 19: Debt Analysis
CAMDEN DEBT ANALYSIS (In thousands, except property data amounts) (Unaudited) DEBT MATURITIES AS OF MARCH 31, 2026: Future Scheduled Repayments (a) Weighted Average Secured Unsecured Interest Rate on Year Amortization Maturities Maturities Total % of Total Maturing Debt (b) 2026 ($2,830) $12,050 $54
Slide 20: Debt Maturity Analysis
CAMDEN DEBT MATURITY ANALYSIS (In thousands) (Unaudited) ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2026 AND 2027: Future Scheduled Repayments(a) Weighted Average Secured Unsecured Interest on Quarter Amortization Maturities Maturities Total Maturing Debt 2Q 2026 ($1,014) $— $— ($1,014) N/A 3Q 2026 (1
Slide 21: Debt Covenant Analysis
CAMDEN DEBT COVENANT ANALYSIS (Unaudited) UNSECURED LINE OF CREDIT Covenant (a) Required Actual (b) Compliance Total Consolidated Debt to Gross Asset Value < 60% 25% Yes Secured Debt to Gross Asset Value < 40% 2% Yes Consolidated Adjusted EBITDAre to Total Fixed Charges > 150% 504% Yes Unsecured Deb
Slide 22: Capitalized Expenditures & Maintenance Expense
CAMDEN CAPITALIZED EXPENDITURES & MAINTENANCE EXPENSE (In thousands, except unit data) (Unaudited) First Quarter 2026 Recurring Capitalized Expensed Item Weighted Average Useful Life (a) Total Per Unit Total Per Unit Interiors Floor Coverings 4 years $2,340 $40 $474 $8 Appliances 9 years 1,532 26 58
Slide 23: Non-GAAP Financial Measures - Definitions & Reconciliations
CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) 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-GAA
Slide 24: Non-GAAP Financial Measures - Definitions & Reconciliations
CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) Reconciliation of FFO, Core FFO, and Core AFFO per share Three Months Ended March 31, 2026 2025 Total Earnings Per Common Share - Diluted $0.40 $0.36 Real estate depreciation and amo
Slide 25: Non-GAAP Financial Measures - Definitions & Reconciliations
CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) 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
Slide 26: Non-GAAP Financial Measures - Definitions & Reconciliations
CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) EBITDAre and Adjusted EBITDAre Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our fin
Slide 27: Other Definitions
CAMDEN OTHER DEFINITIONS (Unaudited) 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
Slide 28: Other Data
CAMDEN OTHER DATA (Unaudited) Stock Symbol: CPT Exchange Traded: NYSE NYSE Texas Unsecured Debt Ratings: Senior Debt Outlook Commercial Paper Fitch A- Stable NA Moody's A3 Stable P-2 Standard & Poor's A- Stable A-2 Estimated Future Dates: Q2 '26 Q3 '26 Q4 '26 Q1 '27 Earnings Release & Conference Cal
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