Camden Property Trust · NYSE:CPT
Camden Property Trust — Investor Presentation (March 2025)
41 slides from Camden Property Trust's investor presentation, March 2025
Slide 1: Investor Presentation March 2025
Investor Presentation March 2025 Camden Long Meadow Farms – Richmond, 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 Company Overview 4-9 2025 Guidance 10-15 Multifamily Fundamentals 16-21 Capital Recycling 22-29 Other Information 30-34 Appendix 35-40 Camden Main and Jamboree – Irvine, CA FORWARD-LOOKING STATEMENTS – In addition to historical information, this presentation contains forward-lookin
Slide 4: Company Overview
Camden Grand Parc – Washington, DC Company Overview 4
Slide 5: 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 6: Focus on High-Growth Markets
Focus on High-Growth Markets Employment Growth Population Growth Total Migration Estimated Gain 2024-2026 Estimated Gain 2024-2026 Actual 2022-2023 1 New York City 263,000 1 Houston 510,000 1 Dallas 149,000 2 Houston 146,000 2 Dallas 411,000 2 Phoenix 132,000 3 Dallas 124,000 3 Atlanta 305,000 3 Atl
Slide 7: Diverse Portfolio
Asset Class* Diverse Portfolio (as of 4Q24) 64% NOI Contribution by Market (includes all operating communities) 36% Class A Class B Location* Washington DC Metro 13.1% Raleigh Denver Charlotte 5.4% Los Angeles/Orange County 5.6% 6.0% 4.4% Phoenix Nashville 58% 1.3% 8.6% San Diego/Inland Empire 42% 4
Slide 8: Strong Capital Structure
Strong Capital Structure ($ in millions – as of 02/28/25) Total Market Cap = $17B Senior Unsecured Credit Ratings • $0.7B available under $1.2B Unsecured Notes Term Loans unsecured credit facility $40 $2,939 Moody’s Unsecured Credit • Unencumbered asset pool of Facility A3 approximately $17B $467 St
Slide 9: 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 2/6/25 and announced 1Q25 annualized dividend rate. 9
Slide 10: 2025 Guidance
Camden Carolinian – Raleigh, NC 2025 Guidance 10
Slide 11: 2025 Guidance
2025 Guidance (as of 2/6/25) Earnings Low Midpoint High EPS per share $1.00 $1.15 $1.30 FFO per share $6.50 $6.65 $6.80 Core FFO per share(1) $6.60 $6.75 $6.90 (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 12: 2025 Same Property Revenue Building Blocks
2025 Same Property Revenue Building Blocks (Midpoint of Guidance Range) 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% (1) Earn-In Net Market Higher Lower Incremental Revenue Rent Growth Occupancy Bad Debt Other Income Growth (1) Based on midpoint of 2025 guidance provided on 2/6/25. 12
Slide 13: 2025 Revenue Guidance by Market
2025 Revenue Guidance by Market Market Expected Revenue Range(1) Tampa Los Angeles/Orange County San Diego/Inland Empire 2% - 2.5% Washington DC Metro Houston Denver Atlanta Phoenix Raleigh 0% - 1% Orlando Southeast Florida Dallas Charlotte Nashville 0% - (3)% Austin Total Portfolio 0% - 2% (1) Base
Slide 14: New Leases & Renewals
New Leases & Renewals (Results reflect 2025 same property pool of 57,114 units) 1Q25 results to date reflect an improvement in blended rate growth compared to 4Q24 Date Effective(1) 1Q24 2Q24 3Q24 4Q24 2025 Guidance(2) New Lease Rates (4.2)% (2.5)% (2.1)% (4.6)% Slightly Negative Renewal Rates 4.0%
Slide 15: Same Property Occupancy by Market
Same Property Occupancy by Market (Results reflect 2025 same property pool of 57,114 units) 1Q25 results to date reflect an improvement in occupancy compared to 4Q24 2025 1Q24 2Q24 3Q24 4Q24 Guidance(1) Atlanta 93.9% 94.3% 95.1% 94.3% Austin 93.7% 94.1% 94.7% 94.1% Charlotte 93.9% 94.8% 95.5% 95.1%
Slide 16: Multifamily Fundamentals
Camden La Frontera – Austin, TX Multifamily Fundamentals 16
Slide 17: Camden Resident Profile
Camden Resident Profile Age Range of Camden Residents • Median Age: 31 years 50% 40% • Average Annual Household 30% Income of ~ $122K for New 20% Move-Ins in FY24 10% 0% • Average Rent-to-Income Ratio 0-17 18-24 25-34 35-44 45-64 65+ of 19% for New Move-Ins in FY24 Total Number of Occupants per Apar
Slide 18: Multifamily Supply
Multifamily Supply • Starts began to fall in 2022 and should drop 50% by 2025 • Completions peaked in late 2024, then will decline in 2025 and 2026 Multifamily Starts Multifamily Completions (Historical and Projected) (Historical and Projected) 700,000 700,000 600,000 600,000 500,000 500,000 400,000
Slide 19: Strong Demand for Multifamily Rental Housing
Strong Demand for Multifamily Rental Housing Favorable Demographic Trends – Aged 20 to 34 Nearly 70% of this age group choose to rent 75 Young adults currently number 70 in millions more than 69 million and will 65 60 remain a growing source of 55 demand 50 Share of Young Adults Living at Home 20% P
Slide 20: Young Adults Making Lifestyle Decisions
Young Adults Making Lifestyle Decisions Young Adult Lifestyle Choices 38 • Young adults choosing to 36 34 marry and have children later 32 30 Age in life, delaying 28 26 homeownership decisions 24 22 20 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20
Slide 21: Higher Propensity to Rent
Higher Propensity to Rent Propensity to Rent Apartments Moveout Rates for Home Purchases • Many people still choose to rent by Age Camden’s Portfolio 50% rather than buy with higher 30% 40% propensity to rent in CPT markets 20% 30% vs. U.S. average 10% 20% • Homeownership rate overall 10% 0% 2003 20
Slide 22: Capital Recycling
Camden Pier District – St. Petersburg, FL Capital Recycling 22
Slide 23: Capital Recycling
Capital Recycling ($ 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) $2.9B Total Acquisitions(2) Average Age of 4 Years(5) $3.8B Total $4.1B Total Dispositions Deve
Slide 24: Recent Acquisitions
Recent Acquisitions Camden Leander Camden West Nashville • Located in Leander, TX in the Austin • Located in Nashville, TN metropolitan area • Purchase price: $131M • Purchase price: $68M • Acquired in February 2025 • Acquired in January 2025 • 352 Apartment Homes – Year Built: 2023 • 435 Apartment
Slide 25: 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 $1.1B Camden Flatirons – Year Built 2015 Camden Cypress Creek II – Year Built 2020 Camden Paces – Year Built 2015 * Estima
Slide 26: Development Communities
Development Communities Current Development Pipeline Estimated/Actual Total Total Cost Construction Initial Construction Stabilized Name Location % Leased(1) Homes ($ in millions) Start Occupancy Completion Operations Camden Woodmill Creek Spring, TX 189 $72 3Q22 4Q23 2Q24 2Q25 89% Camden Durham Dur
Slide 27: Current Development Communities
Current Development Communities Camden Durham – Durham, NC Camden Village District – Raleigh, NC Camden South Charlotte – Charlotte, NC Camden Blakeney – Charlotte, NC 27
Slide 28: Current BTR Development Communities
Current BTR Development Communities Camden Long Meadow Farms – Richmond, TX Camden Woodmill Creek – Spring, TX 28
Slide 29: 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. Nearly 46,000 apartment homes completed through 4Q24 with a total cost of $759 million. Redevelopment: Upgrade 10
Slide 30: Other Information
Camden Henderson – Dallas, TX Other Information 30
Slide 31: 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 31 Work Mobile Re
Slide 32: 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 33: 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 17 consecutive years, recently ranking #24. Experienced management team with sound business plan and proven history of performance. #1 GPTW – FORTUNE Best
Slide 34: 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 35: Appendix
Camden Royal Palms – Brandon, FL Appendix 35
Slide 36: 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 37: 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 December 31, Twelve Months Ended December 31, FFO/Core FFO/Core AFFO per share 2024 2023 2024 2023 Total Earnings Per Common Share – Diluted $0.37 $2.03 $1.50 $3.70 R
Slide 38: 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 operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11 of the 4Q24 E
Slide 39: 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 40: 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 41: Camden
CAMDEN. ™
Camden Property Trust — Investor Presentation (March 2025) on 6ix