Camden Property Trust Announces Second Quarter 2026 Operating Results

About this update from Camden Property Trust

Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2026. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three and six months ended June 30, 2026 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.   Three Months Ended June 30, Six Months Ended June 30, Per Diluted Share 2026 2025 2026 2025 EPS $0.18 $0.74 $0.59 $1.10 FFO $1.68 $1.67 $2.82 $3.37 Core FFO $1.68 $1.70 $3.39 $3.42 Core AFFO $1.39 $1.43 $2.95 $3.01   Three Months Ended 2Q26 Guidance 2Q26 Guidance Per Diluted Share June 30, 2026 Midpoint Variance EPS $0.18 $0.15 $0.03 FFO $1.68 $1.65 $0.03 Core FFO $1.68 $1.67 $0.01 Sale of California Portfolio As of June 30, 2026, Camden's California portfolio, consisting of 11 operating communities with 3,620 apartment homes, was classified as held for sale and is therefore excluded from the same property results presented below. On July 29, 2026, the Company sold these California communities for an aggregate sales price of approximately $1.625 billion. Approximately $0.9 billion of the proceeds will be used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program. Same Property Results Quarterly Growth (1) Sequential Growth (2) Year-To-Date Growth (3) (Excluding CA) 2Q26 vs. 2Q25 2Q26 vs. 1Q26 2026 vs. 2025 Revenues (0.1)% 0.7% 0.0% Expenses 2.4% 4.3% 2.0% Net Operating Income ("NOI") (1.4)% (1.3)% (1.1)% (1) Quarterly growth for revenues, expenses, and NOI including California were 0.2%, 2.7%, and (1.3)%, respectively. (2) Sequential growth for revenues, expenses, and NOI including California were 0.7%, 4.3%, and (1.2)%, respectively. (3) Year-to-date growth for revenues, expenses, and NOI including California were 0.2%, 2.3%, and (1.0)%, respectively. Operating Statistics - Same Property Portfolio (Excluding CA) New Lease and Renewal Data - Date Effective (1) 2Q26 (2) 2Q25 (3) 1Q26 (4) Effective New Lease Rates (3.3)% (2.1)% (5.5)% Effective Renewal Rates 2.8% 3.7% 2.9% Effective Blended Lease Rates (0.2)% 0.7% (1.6)% Occupancy (5) 95.7% 95.6% 95.1% (1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective. (2) 2Q26 new lease, renewal, and blended growth rate including California were (3.1)%, 2.8%, and (0.1)%, respectively. (3) 2Q25 new lease, renewal, and blended growth rate including California were (2.0)%, 3.8%, and 0.7%, respectively. (4)1Q26 new lease, renewal, and blended growth rate including California were (5.2)%, 2.9%, and (1.4)%, respectively. (5) Occupancy rates including California were unchanged for all periods presented above.   For 2026, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release. Development Activity During the quarter, leasing continued at Camden Village District in Raleigh, NC and we began leasing at Camden South Charlotte in Charlotte, NC. Development Communities - Construction Completed and Project in Lease-Up ($ in millions)     Total Total % Leased Community Name Location Homes Cost as of 7/29/2026 Camden Village District Raleigh, NC 369 $139.4 88% Development Communities - Construction Ongoing ($ in millions)     Total Total % Leased Community Name Location Homes Estimated Cost as of 7/29/2026 Camden South Charlotte Charlotte, NC 420 $157.0 13% Camden Blakeney Charlotte, NC 349 151.0   Camden Nations Nashville, TN 393 184.0   Total   1,162 $492.0   Acquisition Activity During the quarter, the Company acquired five apartment home communities and two land parcels. Subsequent to quarter end, Camden acquired two apartment home communities. The tables below show the recent acquisition activity: Community Name Location Total Homes Closing Date Purchase Price Camden Alpharetta Alpharetta, GA 269 4/30/2026 $89.0 Camden Narcoossee* Orlando, FL 288 4/30/2026 82.3 Camden Franklin Franklin, TN 196 6/16/2026 54.3 Camden Roanoke Roanoke, TX 349 6/23/2026 99.1 Camden Gilbert Gilbert, AZ 320 6/30/2026 124.6 Camden Brandon Tampa, FL 296 7/9/2026 82.1 Camden LoSo Charlotte, NC 343 7/16/2026 114.0 Total   2,061   $645.4 *Formerly known as Camden at Lake Nona Land Parcels   Acres Closing Date Purchase Price Morrisville, NC   17.9 5/25/2026 $19.0 Tampa, FL   64.4 5/27/2026 26.0 Total   82.3   $45.0 Share Repurchases During the quarter, Camden repurchased 1,429,136 common shares at an average price of $100.78 per share for a total of $144.1 million. Year to date, Camden repurchased 4,062,166 common shares at an average price of $104.08 for a total of $422.9 million. The Company currently has $297.9 million remaining under its stock repurchase program. Liquidity Analysis As of June 30, 2026, Camden had approximately $287.4 million of liquidity comprised of approximately $44.7 million in cash and cash equivalents, and approximately $242.7 million of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $140.1 million left to fund under its existing wholly-owned development pipeline. Subsequent to the quarter end, the Company issued a $350 million unsecured term loan facility with a maturity date of July 2027. Litigation Update During the quarter, the Company entered into a binding term sheet to settle the class action litigation related to the use of a revenue management software and agreed to pay an aggregate of $53.0 million into a settlement fund which received preliminary court approval. The settlement will not impact the Company’s 2026 Core FFO or 2026 Core AFFO as certain legal costs and settlements are excluded from the calculation of these metrics. Earnings Guidance Camden updated its earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.   3Q26 2026 2026 Midpoint Per Diluted Share Range Range Current Prior Change EPS (1) $9.14 - $9.38 $9.76 - $10.10 $9.93 $0.66 $9.27 FFO $1.62 - $1.66 $6.05 - $6.19 $6.12 $6.10 $0.02 Core FFO (2) $1.67 - $1.71 $6.68 - $6.82 $6.75 $6.75 $0.00 (1) The Company's 2026 EPS guidance is adjusted for the anticipated gain on sale of the California portfolio. (2) The Company's 2026 Core FFO guidance excludes approximately $0.63 per share of non-core charges for casualty-related expenses, legal costs and settlements, expensed transaction pursuit costs, and investment losses.     2026 2026 Midpoint Same Property Growth Guidance Range Current (excluding CA) Prior (excluding CA) Prior (including CA) Revenues   0.00% - 1.00% 0.50% 0.50% 0.75% Expenses   2.00% - 3.00% 2.50% 3.00% 3.00% NOI   (1.65)% - 0.45% (0.60)% (0.90)% (0.50)% Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2026 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release. Conference Call Friday, July 31, 2026 at 10:00 AM CT Webcast: https://investors.camdenliving.com Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6740665 The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call. Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events. About Camden Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 167 properties containing 56,695 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 57,857 apartment homes in 170 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 19 consecutive years, most recently ranking #13. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com .   CAMDEN OPERATING RESULTS (In thousands, except per share amounts)   (Unaudited)   Three Months Ended June 30,   Six Months Ended June 30,   2026 2025   2026 2025 OPERATING DATA                       Property revenues (a) $392,944 $396,509   $781,717 $787,074             Property expenses           Property operating and maintenance 91,303 93,031   181,482 182,729 Real estate taxes 49,641 50,641   99,531 100,363 Total property expenses 140,944 143,672   281,013 283,092             Non-property income           Fee and asset management 3,131 2,633   5,274 5,120 Interest and other income 129 68   382 78 Income on deferred compensation plans 12,595 8,350   11,436 9,548 Total non-property income 15,855 11,051   17,092 14,746             Other expenses           Property management 10,134 9,699   20,392 19,594 Fee and asset management 1,840 641   2,501 1,312 General and administrative 22,348 18,996   37,053 35,944 Interest 41,422 35,375   78,781 69,165 Depreciation and amortization 157,134 152,108   307,134 301,360 Expense on deferred compensation plans 12,595 8,350   11,436 9,548 Other non-operating expenses 400 2,187   61,305 3,947 Total other expenses 245,873 227,356   518,602 440,870             Gain on sale of operating property, including land — 47,293   68,100 47,293 Income from continuing operations before income taxes 21,982 83,825   67,294 125,151 Income tax expense (1,276) (1,231)   (2,214) (1,790) Net income 20,706 82,594   65,080 123,361 Net Income allocated to non-controlling interests (1,916) (1,924)   (3,841) (3,869) Net income attributable to common shareholders $18,790 $80,670   $61,239 $119,492             CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME           Net income $20,706 $82,594   $65,080 $123,361 Other comprehensive income           Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 251 351   608 702 Comprehensive income 20,957 82,945   65,688 124,063 Net income allocated to non-controlling interests (1,916) (1,924)   (3,841) (3,869) Comprehensive income attributable to common shareholders $19,041 $81,021   $61,847 $120,194             PER SHARE DATA                       Total earnings per common share - basic $0.18 $0.74   $0.59 $1.10 Total earnings per common share - diluted 0.18 0.74   0.59 1.10             Weighted average number of common shares outstanding:           Basic 102,342 108,636   103,577 108,584 Diluted 102,363 109,400   103,624 108,636 (a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended June 30, 2026, we recognized $392.9 million of property revenue which consisted of approximately $348.7 million of rental revenue and approximately $44.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $396.5 million recognized for the three months ended June 30, 2025, made up of approximately $352.4 million of rental revenue and approximately $44.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2026, we recognized $781.7 million of property revenue which consisted of approximately $694.5 million of rental revenue and approximately $87.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $787.1 million of property revenue recognized for the six months ended June 30, 2025, made up of approximately $700.7 million of rental revenue and approximately $86.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $12.2 million and $11.6 million for the three months ended June 30, 2026 and 2025, respectively, and was $24.4 million and $23.0 million for the six months ended June 30, 2026 and 2025, respectively.   Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.   CAMDEN FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts)   (Unaudited)     Three Months Ended June 30,   Six Months Ended June 30,   2026 2025   2026 2025 FUNDS FROM OPERATIONS                       Net income attributable to common shareholders $18,790 $80,670   $61,239 $119,492 Real estate depreciation and amortization 153,451 148,886   299,841 295,054 Income allocated to non-controlling interests 1,916 1,924   3,841 3,869 Gain on sale of operating property — (47,293)   (67,878) (47,293) Funds from operations $174,157 $184,187   $297,043 $371,122             Plus: Casualty-related expenses (a) (3,729) (1,099)   (3,479) (969) Plus: Legal costs and settlements (b)(c) 412 2,311   51,604 4,183 Plus: Expensed transaction, development, and other pursuit costs (c) 4,237 2,082   6,079 2,963 Plus: Investment losses (b) — —   4,855 — Plus: Other miscellaneous items (a) 1 76   62 76 Core funds from operations $175,078 $187,557   $356,164 $377,375             Less: Recurring capitalized expenditures (d) (30,142) (29,968)   (46,292) (46,066)             Core adjusted funds from operations $144,936 $157,589   $309,872 $331,309             PER SHARE DATA           Funds from operations - diluted $1.68 $1.67   $2.82 $3.37 Core funds from operations - diluted 1.68 1.70   3.39 3.42 Core adjusted funds from operations - diluted 1.39 1.43   2.95 3.01 Distributions declared per common share 1.06 1.05   2.12 2.10             Weighted average number of common shares outstanding:           FFO/Core FFO/Core AFFO - diluted 103,957 110,269   105,218 110,230             PROPERTY DATA           Total operating properties (end of period) (e) 176 176   176 176 Total operating apartment homes in operating properties (end of period) (e) 59,676 59,672   59,676 59,672 Total operating apartment homes (weighted average) 58,578 59,633   58,472 59,353 (a) Non-core adjustment generally recorded within Property NOI.   (b) Non-core adjustment generally recorded within Other Non-Operating Expenses.   (c) Non-core adjustment generally recorded within General and Administrative Expenses.   (d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.   (e) Includes joint ventures and properties held for sale, if any.   Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.     CAMDEN BALANCE SHEETS (In thousands)   (Unaudited)     Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 ASSETS           Real estate assets, at cost           Land $1,695,652 $1,784,349 $1,787,445 $1,791,077 $1,789,207 Buildings and improvements 11,271,829 11,801,301 11,792,960 11,812,521 11,763,017   12,967,481 13,585,650 13,580,405 13,603,598 13,552,224 Accumulated depreciation (5,014,551) (5,407,880) (5,296,061) (5,234,087) (5,128,622) Net operating real estate assets 7,952,930 8,177,770 8,284,344 8,369,511 8,423,602 Properties under development and land 500,116 457,994 419,227 384,124 380,437 Total real estate assets 8,453,046 8,635,764 8,703,571 8,753,635 8,804,039 Accounts receivable – affiliates 8,053 8,076 8,884 8,889 8,889 Other assets, net (a) 314,199 285,493 293,292 255,333 262,100 Cash and cash equivalents 44,717 40,684 25,203 25,931 33,091 Restricted cash 10,717 89,610 12,039 11,378 11,454 Real estate and other assets held for sale 625,348 — — — — Total assets $9,456,080 $9,059,627 $9,042,989 $9,055,166 $9,119,573                                     LIABILITIES AND EQUITY           Liabilities           Notes payable           Unsecured $4,529,573 $3,931,761 $3,570,193 $3,409,691 $3,495,487 Secured 318,755 318,708 330,597 330,536 330,476 Accounts payable and accrued expenses 248,434 269,623 248,087 232,960 206,018 Accrued real estate taxes 99,264 59,818 92,382 129,697 91,954 Distributions payable 110,389 112,156 114,971 115,518 116,007 Other liabilities (b) 264,968 262,710 248,506 224,989 219,635 Liabilities held for sale 6,382 — — — — Total liabilities 5,577,765 4,954,776 4,604,736 4,443,391 4,459,577             Equity           Common shares of beneficial interest 1,157 1,157 1,157 1,157 1,157 Additional paid-in capital 5,953,409 5,948,511 5,948,938 5,945,277 5,941,893 Distributions in excess of net income attributable to common shareholders (1,127,157) (1,037,252) (969,240) (1,011,983) (1,007,075) Treasury shares (1,028,058) (886,052) (620,497) (400,185) (350,166) Accumulated other comprehensive income (c) 2,773 2,522 2,165 2,027 1,676 Total common equity 3,802,124 4,028,886 4,362,523 4,536,293 4,587,485 Non-controlling interests 76,191 75,965 75,730 75,482 72,511 Total equity 3,878,315 4,104,851 4,438,253 4,611,775 4,659,996 Total liabilities and equity $9,456,080 $9,059,627 $9,042,989 $9,055,166 $9,119,573                                                   (a) Includes net deferred charges of: $7,363 $7,969 $534 $1,296 $1,953             (b) Includes deferred revenues of: $1,170 $1,277 $614 $624 $692             (c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.               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-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity. FFO The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. Core FFO Core FFO represents FFO as further adjusted for Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. Core Adjusted FFO In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:   Three Months Ended June 30,   Six Months Ended June 30,   2026 2025   2026 2025 Net income attributable to common shareholders $18,790 $80,670   $61,239 $119,492 Real estate depreciation and amortization 153,451 148,886   299,841 295,054 Income allocated to non-controlling interests 1,916 1,924   3,841 3,869 Gain on sale of operating property — (47,293)   (67,878) (47,293) Funds from operations $174,157 $184,187   $297,043 $371,122             Plus: Casualty-related expenses (3,729) (1,099)   (3,479) (969) Plus: Legal costs and settlements 412 2,311   51,604 4,183 Plus: Expensed transaction, development, and other pursuit costs 4,237 2,082   6,079 2,963 Plus: Investment losses — —   4,855 — Plus: Other miscellaneous items 1 76   62 76 Core funds from operations $175,078 $187,557   $356,164 $377,375             Less: Recurring capitalized expenditures (30,142) (29,968)   (46,292) (46,066)             Core adjusted funds from operations $144,936 $157,589   $309,872 $331,309             Weighted average number of common shares outstanding:           EPS diluted 102,363 109,400   103,624 108,636 FFO/Core FFO/Core AFFO diluted 103,957 110,269   105,218 110,230   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 June 30,   Six Months Ended June 30,   2026 2025   2026 2025 Total Earnings Per Common Share - Diluted $0.18 $0.74   $0.59 $1.10 Real estate depreciation and amortization 1.48 1.35   2.85 2.67 Income allocated to non-controlling interests 0.02 0.01   0.03 0.03 Gain on sale of operating property — (0.43)   (0.65) (0.43) FFO per common share - Diluted $1.68 $1.67   $2.82 $3.37             Plus: Casualty-related expenses (0.04) (0.01)   (0.03) (0.01) Plus: Legal costs and settlements — 0.02   0.49 0.03 Plus: Expensed transaction, development, and other pursuit costs 0.04 0.02   0.06 0.03 Plus: Investment losses — —   0.05 — Plus: Other miscellaneous items — —   — — Core FFO per common share - Diluted $1.68 $1.70   $3.39 $3.42             Less: Recurring capitalized expenditures (0.29) (0.27)   (0.44) (0.41)             Core AFFO per common share - Diluted $1.39 $1.43   $2.95 $3.01             Expected FFO & Core FFO Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:   3Q26 Range   2026 Range   Low High   Low High Expected earnings per common share - diluted $9.14 $9.38   $9.76 $10.10 Expected real estate depreciation and amortization 1.55 1.55   5.89 5.89 Expected income allocated to non-controlling interests 0.02 0.02   0.08 0.08 Expected (gain) on sale of operating properties (9.09) (9.29)   (9.68) (9.88) Expected FFO per share - diluted $1.62 $1.66   $6.05 $6.19 Anticipated Adjustments to FFO 0.05 0.05   0.63 0.63 Expected Core FFO per share - diluted $1.67 $1.71   $6.68 $6.82                         Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.   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 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:   Three months ended June 30,   Six months ended June 30,   2026 2025   2026 2025 Net income $20,706 $82,594   $65,080 $123,361 Less: Fee and asset management income (3,131) (2,633)   (5,274) (5,120) Less: Interest and other income (129) (68)   (382) (78) Less: Income on deferred compensation plans (12,595) (8,350)   (11,436) (9,548) Plus: Property management expense 10,134 9,699   20,392 19,594 Plus: Fee and asset management expense 1,840 641   2,501 1,312 Plus: General and administrative expense 22,348 18,996   37,053 35,944 Plus: Interest expense 41,422 35,375   78,781 69,165 Plus: Depreciation and amortization expense 157,134 152,108   307,134 301,360 Plus: Expense on deferred compensation plans 12,595 8,350   11,436 9,548 Plus: Other non-operating expenses 400 2,187   61,305 3,947 Less: Gain on sale of operating property, including land — (47,293)   (68,100) (47,293) Plus: Income tax expense 1,276 1,231   2,214 1,790 NOI $252,000 $252,837   $500,704 $503,982             "Same Property" Communities $207,427 $210,429   $417,492 $422,328 Non-"Same Property" Communities 15,709 10,962   29,321 19,957 Development and Lease-Up Communities 1,042 53   1,748 57 Held for Sale Communities 22,569 22,634   45,421 45,279 Disposition/Other 5,253 8,759   6,722 16,361 NOI $252,000 $252,837   $500,704 $503,982     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 financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures. Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:   Three months ended June 30,   Six months ended June 30,   2026 2025   2026 2025 Net income $20,706 $82,594   $65,080 $123,361 Plus: Interest expense 41,422 35,375   78,781 69,165 Plus: Depreciation and amortization expense 157,134 152,108   307,134 301,360 Plus: Income tax expense 1,276 1,231   2,214 1,790 Less: Gain on sale of operating property, including land — (47,293)   (68,100) (47,293) EBITDAre $220,538 $224,015   $385,109 $448,383             Plus: Casualty-related expenses (3,729) (1,099)   (3,479) (969) Plus: Legal costs and settlements 412 2,311   51,604 4,183 Plus: Expensed transaction, development, and other pursuit costs 4,237 2,082   6,079 2,963 Plus: Investment losses — —   4,855 — Plus: Other miscellaneous items 1 76   62 76 Adjusted EBITDAre $221,459 $227,385   $444,230 $454,636 Annualized Adjusted EBITDAre $885,836 $909,540   $888,460 $909,272             Net Debt to Annualized Adjusted EBITDAre The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net Debt and computes the ratio to Adjusted EBITDAre for the following periods: Net Debt:   Average monthly balance for the   Average monthly balance for the   Three months ended June 30,   Six months ended June 30,   2026 2025   2026 2025 Unsecured notes payable $4,362,454 $3,514,627   $4,134,664 $3,459,357 Secured notes payable 318,740 330,456   322,697 330,426 Total average debt 4,681,194 3,845,083   4,457,361 3,789,783 Less: Average cash and cash equivalents (27,369) (18,145)   (20,937) (15,223) Net Debt $4,653,825 $3,826,938   $4,436,424 $3,774,560             Net Debt to Annualized Adjusted EBITDAre:   Three months ended June 30,   Six months ended June 30,   2026 2025   2026 2025 Net Debt $4,653,825 $3,826,938   $4,436,424 $3,774,560 Annualized Adjusted EBITDAre 885,836 909,540   888,460 909,272 Net Debt to Annualized Adjusted EBITDAre 5.3x 4.2x   5.0x 4.2x   View source version on businesswire.com: https://www.businesswire.com/news/home/20260730052798/en/

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