Camden Property Trust · NYSE:CPT
Camden Property Trust — Investor Presentation (February 2026)
45 slides from Camden Property Trust's investor presentation, February 2026
Slide 1: Investor Presentation February 2026
Investor Presentation February 2026 Camden Lake Buena Vista – Orlando, FL
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 2026 Highlights/Recent Updates 4-5 Company Overview 6-13 2026 Guidance 14-19 Multifamily Fundamentals 20-26 Capital Recycling 27-33 Other Information 34-38 Appendix 39-44 Camden Tuscany – San Diego, CA FORWARD-LOOKING STATEMENTS – In addition to historical information, this present
Slide 4: 2026 Highlights/Recent Updates
2026 Highlights/Recent Updates • Provided 2026 full-year earnings guidance for Core FFO from $6.60 to $6.90 per share(1) • Disposed of 40-year-old property with 516 apartment homes in Irving, TX for $77 million • Announced planned disposition of Southern California portfolio encompassing 11 operatin
Slide 5: Southern California Disposition Plan
Southern California Disposition Plan • All Camden communities in Southern California currently being marketed for sale • Preliminary indications of value: $1.5 - $2.0 billion for portfolio of 11 assets • Midpoint of 2026 guidance assumes sales proceeds of approximately $1.75 billion o $1.1 billion o
Slide 6: Company Overview
Camden Belleview Station – Denver, CO Company Overview 6
Slide 7: Camden's Strategy
Camden’s Strategy • Focus on high-growth markets (employment, population, migration) • Operate a diverse portfolio of assets (geographical, A/B, urban/suburban) and maintain a high-quality resident profile • Maintain a strong balance sheet with low leverage, ample liquidity, and the ability to capit
Slide 8: Focus on High-Growth Markets
Focus on High-Growth Markets Employment Growth Population Growth Total Migration Estimated Gain 2025-2027 Estimated Gain 2025-2027 Estimated Gain 2025-2027 1 New York City 229,000 1 Houston 345,000 1 Houston 201,000 2 Houston 87,000 2 Dallas 218,000 2 Phoenix 136,000 3 Charlotte 79,000 3 Phoenix 177
Slide 9: Sunbelt Migration Remains Strong - Outflows Continue on East and West Coasts
Sunbelt Migration Remains Strong - Outflows Continue on East and West Coasts Quarterly Net Domestic Migration Cumulative Net Domestic Migration 150k 4m 3m 100k 2m 50k 1m k m -1m -50k -2m -100k -3m 1Q10 4Q10 3Q11 2Q12 1Q13 4Q13 3Q14 2Q15 1Q16 4Q16 3Q17 2Q18 1Q19 4Q19 3Q20 2Q21 1Q22 4Q22 3Q23 2Q24 1Q2
Slide 10: Discount to Rent in CPT Sunbelt/Mountain Markets vs. Major Coastal MSAs
Discount to Rent in CPT Sunbelt/Mountain Markets vs. Major Coastal MSAs Fort Worth -60% Houston -60% Austin -59% Raleigh -57% Phoenix -57% Charlotte -55% Dallas -55% Nashville -54% Atlanta -54% Denver -50% Orlando -50% Tampa -47% Fort Lauderdale -28% West Palm Beach -26% Miami -21% -70% -60% -50% -4
Slide 11: Diverse Portfolio
Asset Class* Diverse Portfolio (as of 4Q25) 38% NOI Contribution by Market (includes all operating communities) 62% Class A Class B Location* Washington DC Metro 13.5% Raleigh Denver Charlotte 5.5% Los Angeles/Orange County 5.6% 5.7% 4.6% Nashville 41% Phoenix 2.1% 7.7% San Diego/Inland Empire 59% 4
Slide 12: Strong Capital Structure
Strong Capital Structure ($ in millions – as of 2/26/26) Total Market Cap = $16B Credit Ratings Unsecured Term • $0.9B available under $1.2B Loans Senior Unsecured Notes Senior Debt unsecured credit facility and $40 $3,534 commercial paper program Moody’s A3 Stable • Unencumbered asset pool of Unsec
Slide 13: 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) 2022 2023 2024 2025 2026 Dividends per share Core AFFO per share Core FFO per share (1) Based on midpoint of 2026 guidance provided on 2/5/26 and announced 1Q26 annualized dividend rate. 13
Slide 14: 2026 Guidance
Camden Southline – Charlotte, NC 2026 Guidance 14
Slide 15: 2026 Guidance
2026 Guidance (as of 2/5/26) Earnings Low Midpoint High EPS per share $0.40 $0.55 $0.70 FFO per share $6.46 $6.61 $6.76 Core FFO per share(1) $6.60 $6.75 $6.90 (1) The Company's 2026 core FFO guidance excludes approximately $0.14 per share of non-core charges for legal costs and settlements and expe
Slide 16: 2026 Same Property Revenue Building Blocks
2026 Same Property Revenue Building Blocks (Midpoint of Guidance Range) 0.8% 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.1% 0.0% (1) (2) Rental Income Other Revenue Growth Income Growth (1) Includes earn-in, net market rent growth, occupancy, and bad debt. (2) Based on midpoint of 2026 guidance provided on 2/5/
Slide 17: 2026 Revenue Guidance by Market
2026 Revenue Guidance by Market Market Expected Revenue Range(1) Washington DC Metro Houston Southern California Nashville 1 - 2% Atlanta Dallas Southeast Florida Orlando Raleigh Charlotte 0% - 1% Tampa Phoenix Denver (1 - 2)% Austin Total Portfolio 0.75% Midpoint (1) Based on 2026 guidance provided
Slide 18: New Leases, Renewals and Blended Rates
New Leases, Renewals and Blended Rates (Results reflect 2026 same property pool of 54,465 units) Date Effective(1) 1Q25 2Q25 3Q25 4Q25 1Q26 Guidance(2) New Lease Rates (3.1)% (2.1)% (2.5)% (5.3)% Slight Improvement Renewal Rates 3.3% 3.8% 3.5% 2.8% vs. 4Q25 Blended Rates (0.1)% 0.7% 0.7% (1.6)% (1)
Slide 19: Same Property Occupancy by Market
Same Property Occupancy by Market (Results reflect 2026 same property pool of 54,465 units) 1Q25 2Q25 3Q25 4Q25 Atlanta 95.1% 95.3% 95.8% 95.2% Austin 94.7% 94.8% 95.1% 95.3% Charlotte 95.2% 95.4% 95.1% 94.6% Dallas 94.9% 95.3% 95.4% 94.8% Denver 95.0% 97.0% 96.6% 95.1% Houston 95.1% 94.9% 94.7% 94.
Slide 20: Multifamily Fundamentals
Camden McGowen Station – Houston, TX Multifamily Fundamentals 20
Slide 21: Camden Resident Profile
Camden Resident Profile Age Range of Camden Residents • Median Age: 32 years 50% • Average Age: 35 years 40% 30% • Average Annual Household 20% Income of ~ $118K for New 10% Move-Ins in 1Q26 to date 0% • Average Rent-to-Income Ratio 0-17 18-24 25-34 35-44 45-64 65+ of 19% for New Move-Ins in 1Q26 to
Slide 22: Multifamily Supply
Multifamily Supply • Starts have fallen nearly 50% since 2022 • Completions peaked in 2024 and are declining rapidly Multifamily Starts Multifamily Completions (Historical and Projected) (Historical and Projected) 700,000 700,000 600,000 600,000 500,000 500,000 400,000 400,000 300,000 300,000 200,00
Slide 23: Strong Demand for Multifamily Rental Housing
Strong Demand for Multifamily Rental Housing Favorable Demographic Trends – Aged 20 to 34 ~65% of this age group choose to rent 75 70 Young adults currently number in millions 65 nearly 70 million and will remain a 60 growing source of demand 55 50 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2
Slide 24: Young Adult Lifestyle Decisions
Young Adult Lifestyle Decisions Young Adult Lifestyle Choices 42 40 • Young adults choosing to 38 36 marry and have children later 34 32 Age in life, delaying 30 28 26 homeownership decisions 24 22 20 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 25: High Propensity to Rent
High Propensity to Rent Propensity to Rent Apartments Moveout Rates for Home Purchases • Many people choose to rent by Age Camden’s Portfolio rather than buy with higher 70% 30% 60% propensity to rent in CPT markets 50% 20% 40% vs. U.S. average 30% 10% 20% • Homeownership rate overall 10% 0% 2004 20
Slide 26: Resident Retention & Customer Sentiment High
Resident Retention & Customer Sentiment High Resident Retention Rate(1) Camden’s Portfolio 70% 65% 60% 55% Resident retention rate at historical 50% 45% high vs. long-term average 40% 35% 30% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 27: Capital Recycling
Camden Thornton Park – Orlando, FL Capital Recycling 27
Slide 28: Capital Recycling
Capital Recycling ($ in millions) Over the past 15 years, we have significantly improved the quality of our portfolio with minimal cash flow dilution, using disposition proceeds to fund development and acquisitions(1) $3.1B Total Acquisitions(2) Average Age of 4 Years(5) $4.3B Total $4.4B Total Disp
Slide 29: Recent Acquisitions
Recent Acquisitions Camden Leander Camden West Nashville Camden Clearwater Camden Lake Buena Vista • Located in Austin • Located in Nashville • Located in Tampa • Located in Orlando metropolitan area metropolitan area metropolitan area metropolitan area • Purchase price: $68M • Purchase price: $131M
Slide 30: Development Value Creation
Development Value Creation Development Communities Completed and Stabilized (2011-2025) Communities 44 Apartment Homes 13,279 Total Cost $3.3B Market Value* $4.4B Value Creation $1.1B Camden Tempe II – Year Built 2023 Camden Cypress Creek II – Year Built 2020 Camden Buckhead – Year Built 2022 * Esti
Slide 31: Development Communities
Development Communities Current Development Pipeline Estimated/Actual Total Total Cost Construction Initial Construction Stabilized % Name Location Homes ($ in millions) Start Occupancy Completion Operations Leased(1) Camden Village District Raleigh, NC 369 $139 2Q22 1Q25 3Q25 1Q27 61% Camden South
Slide 32: Current Development Communities
Current Development Communities Camden Village District – Raleigh, NC Camden South Charlotte – Charlotte, NC Camden Blakeney – Charlotte, NC Camden Nations – Nashville, TN 32
Slide 33: 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 49,000 apartment homes completed through 4Q25 with a total cost of $849 million. Redevelopment: Upgrade 10
Slide 34: Other Information
Camden Belmont – Dallas, TX Other Information 34
Slide 35: 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 35 Work Mobile Re
Slide 36: 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 37: 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 38: Sustainability
Sustainability Camden's purpose is to improve the lives of our team members, residents, and shareholders, one experience at a time, and we care deeply about the local communities in which we live, work and play. We are committed to being the best multifamily company in the industry by providing Livi
Slide 39: Appendix
Camden Fourth Ward – Atlanta, GA Appendix 39
Slide 40: 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 41: 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 2025 2024 2025 2024 Total Earnings Per Common Share - Diluted $1.44 $0.37 $3.54 $1.50 R
Slide 42: 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 total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11 of the 4Q25 Earnings Release and Supplemental Financial
Slide 43: 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 44: 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 45: CAMDEN.
CAMDEN. ™
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