Third Quarter 2025 Earnings Presentation

3Q25

Earnings Call

2 Houston communities

1 Dallas community

• $114M total

• Average age 24 years old

• Sold at average AFFO yield of ~ 5%

• Proceeds used in part to repurchase ~$50M of shares

  • Average purchase price of $107.33 = 6.4% FFO yield and 6.2% cap rate

Durham, North Carolina

• 420 UNITS

• $146M

• 96% OCCUPIED

  CAMDEN VILLAGE DISTRICT
  
  
  

  Raleigh, North Carolina

  • 369 UNITS

  • $139M

  • 50% LEASED

    CAMDEN LONG MEADOW FARMS
    
    
    

    Richmond, Texas

  • 188 UNITS

  • $73M

  • 89% LEASED

Revised Midpoint of Guidance Range

Prior Midpoint of Guidance Range

4Q25

Guidance

$750M

$425M

$87M

ACQUISITIONS

$750M

$450M

$276M

DISPOSITIONS

$1.70

1¢ per share from

$1.69

3Q25 ACTUAL RESULTS

3Q25 GUIDANCE MIDPOINT

1.0¢ HIGHER FEE AND ASSET MANAGEMENT INCOME AND LOWER INTEREST EXPENSE

Midpoint of Guidance Range

REVENUES

Prior Guidance Updated Guidance

2.5%

1.75%

1.0%

0.75%

EXPENSES

0.25%

0.25%

NOI

Midpoint of Guidance Range

$6.85

4¢ per share from

$6.81

2025 UPDATED GUIDANCE MIDPOINT

2025 PRIOR GUIDANCE MIDPOINT

4.0¢ PRIMARILY DECREASED TRANSACTION ACTIVITY AND LOWER FLOATING RATE INTEREST EXPENSE

Midpoint of Guidance Range

$1.70

3¢ per share from

$1.73

3Q25 ACTUAL RESULTS

4Q25 GUIDANCE MIDPOINT

3.0¢ SEASONAL DECREASE IN PROPERTY OPERATING EXPENSE, LOWER TAXES AND LOWER INTEREST EXPENSE OFFSET BY IMPACT OF 4Q NET DISPOSITIONS

• 3Q25 NET DEBT TO EBITDA = 4.2X

• NO SIGNFICANT DEBT MATURITIES UNTIL 4Q26

• NO DILUTIVE DEBT MATURITIES UNTIL 2027

Earnings Call