Form 8-K

8-K — CAMDEN PROPERTY TRUST

Accession: 0001628280-26-028942

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0000906345

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cpt-20260430.htm (Primary)

EX-99.1 (exhibit991earningsrelease1.htm)

EX-99.2 (exhibit992supplement1q26.htm)

GRAPHIC (a1q26supplementcoverv2.jpg)

GRAPHIC (image1a01a02a46a.jpg)

GRAPHIC (image2q23.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: cpt-20260430.htm · Sequence: 1

cpt-20260430

0000906345false00009063452026-04-302026-04-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 30, 2026

CAMDEN PROPERTY TRUST

(Exact name of Registrant as Specified in Charter)

TX 1-12110 76-6088377

(State or Other Jurisdiction of

Incorporation) (Commission File Number) (I.R.S. Employer

Identification Number)

2800 Post Oak Boulevard, Suite 2700, Houston, TX 77056

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (713) 354-2500

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common Shares of Beneficial Interest, $.01 par value CPT NYSE

NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2026, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three months ended March 31, 2026. This press release refers to supplemental financial information available on the Company’s website. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Title

99.1

Press Release issued by Camden Property Trust dated April 30, 2026

99.2

Supplemental Financial Information dated April 30, 2026

104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 30, 2026

CAMDEN PROPERTY TRUST

By: /s/ Michael P. Gallagher

Michael P. Gallagher

Senior Vice President - Chief Accounting Officer

EX-99.1

Filename: exhibit991earningsrelease1.htm · Sequence: 2

Document

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 Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three months ended March 31, 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 March 31,

Per Diluted Share 2026 2025

EPS $0.40 $0.36

FFO $1.15 $1.70

Core FFO $1.70 $1.72

Core AFFO $1.55 $1.58

Three Months Ended 1Q26 Guidance 1Q26 Guidance

Per Diluted Share March 31, 2026 Midpoint Variance

EPS(1)

$0.40 $0.24 $0.16

FFO(1)

$1.15 $1.63 ($0.48)

Core FFO $1.70 $1.66 $0.04

(1) The Company's EPS and FFO included approximately $0.48 per diluted share primarily due to litigation-related charges and EPS included approximately $0.64 per diluted share mainly due to the gain on sale of an operating property.

Quarterly Growth Sequential Growth

Same Property Results 1Q26 vs. 1Q25 1Q26 vs. 4Q25

Revenues 0.2% 0.1%

Expenses 1.9% 2.1%

Net Operating Income ("NOI") (0.7)% (1.0)%

Same Property Results 1Q26 1Q25 4Q25

Occupancy 95.1% 95.4% 95.2%

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.

Operating Statistics - Same Property Portfolio

New Lease and Renewal Data - Date Effective (1)

1Q26 1Q25 4Q25

Effective New Lease Rates (5.2)% (3.1)% (5.3)%

Effective Renewal Rates 2.9% 3.3% 2.8%

Effective Blended Lease Rates (1.4)% (0.1)% (1.6)%

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

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 369 $139.4 72 %

Development Communities - Construction Ongoing ($ in millions)

Total Total % Leased

Community Name Location Homes Estimated Cost as of 4/29/2026

Camden South Charlotte Charlotte, NC 420 $157.0 2 %

Camden Blakeney Charlotte, NC 349 151.0

Camden Nations Nashville, TN 393 184.0

Total 1,162 $492.0

Acquisition and Disposition Activity

During the quarter, the Company began marketing for sale 11 operating communities in California. Also during the quarter, the Company disposed of a 516-apartment home community in Irving, TX for approximately $77.0 million and recognized a gain of approximately $67.9 million. Subsequent to quarter end, the Company acquired Camden Alpharetta, a 269-apartment home community located in the Atlanta, GA metropolitan area and Camden at Lake Nona, a 288-apartment home community located in the Orlando, FL metropolitan area for a combined $171.3 million.

Capital Markets Transactions

During the quarter, the Company issued $600 million of senior unsecured notes due 2036. These ten-year notes were issued at 99.936% of par value with a coupon of 4.90%, a yield of 4.908%, and an effective interest rate of 5.03% per annum after giving effect to deducting the underwriting discounts and other expenses of the offering. Also during the quarter, the Company amended and restated its existing unsecured credit facility to remove a $300 million delayed draw unsecured term loan facility and extended the maturity date of the $1.2 billion unsecured revolving credit facility to March 2030.

Share Repurchases

During the quarter, Camden repurchased 2,633,030 common shares at an average price of $105.88 per share for a total of $278.8 million. Subsequent to quarter end, Camden repurchased 1,429,136 common shares at an average price of $100.78 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 $297.8 million remaining under its stock repurchase program.

Liquidity Analysis

As of March 31, 2026, Camden had approximately $881.9 million of liquidity comprised of approximately $40.7 million in cash and cash equivalents, and approximately $841.2 million of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $176.6 million left to fund under its existing wholly-owned development pipeline.

Litigation Update

Subsequent to quarter end, 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 is subject to preliminary and final court approval. The Company recorded this charge within Other Non-Operating Expenses in its consolidated statements of income and comprehensive income during the three months ended March 31, 2026. The settlement payments 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 second quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

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 $0.65 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.

2026 2026 Midpoint

Same Property Growth Guidance Range Current Prior Change

Revenues (0.25)% - 1.75% 0.75% 0.75% 0.00%

Expenses 2.25% - 3.75% 3.00% 3.00% 0.00%

NOI (2.50)% - 1.50% (0.50)% (0.50)% 0.00%

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, May 1, 2026 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 4099400

Webcast: https://investors.camdenliving.com

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 173 properties containing 58,811 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 59,973 apartment homes in 176 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 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 140,069 139,420

Non-property income

Fee and asset management 2,143 2,487

Interest and other income 253 10

(Loss)/income on deferred compensation plans (1,159) 1,198

Total non-property income 1,237 3,695

Other expenses

Property management 10,258 9,895

Fee and asset management 661 671

General and administrative 14,705 16,948

Interest 37,359 33,790

Depreciation and amortization 150,000 149,252

(Benefit)/expense on deferred compensation plans (1,159) 1,198

Other non-operating expenses 60,905 1,760

Total other expenses 272,729 213,514

Gain on sale of operating property, including land 68,100 —

Income from continuing operations before income taxes 45,312 41,326

Income tax expense (938) (559)

Net income 44,374 40,767

Net Income allocated to non-controlling interests (1,925) (1,945)

Net income attributable to common shareholders $42,449 $38,822

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income $44,374 $40,767

Other comprehensive income

Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 357 351

Comprehensive income 44,731 41,118

Net income allocated to non-controlling interests (1,925) (1,945)

Comprehensive income attributable to common shareholders $42,806 $39,173

PER SHARE DATA

Total earnings per common share - basic $0.40 $0.36

Total earnings per common share - diluted 0.40 0.36

Weighted average number of common shares outstanding:

Basic 104,826 108,530

Diluted 104,899 108,597

(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 March 31, 2026, we recognized $388.8 million of property revenue which consisted of approximately $345.7 million of rental revenue and approximately $43.1 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 $390.6 million recognized for the three months ended March 31, 2025, made up of approximately $348.3 million of rental revenue and approximately $42.3 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 $11.4 million for the three months ended March 31, 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 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 to non-controlling interests 1,925 1,945

Gain on sale of operating property (67,878) —

Funds from operations $122,886 $186,935

Plus: Casualty-related expenses (a)

250 130

Plus: Legal costs and settlements (b)(c)

51,192 1,872

Plus: Expensed transaction, development, and other pursuit costs (c)

1,842 881

Plus: Investment losses (b)

4,855 —

Plus: Other miscellaneous items (a)

61 —

Core funds from operations $181,086 $189,818

Less: Recurring capitalized expenditures (d)

(16,150) (16,098)

Core adjusted funds from operations $164,936 $173,720

PER SHARE DATA

Funds from operations - diluted $1.15 $1.70

Core funds from operations - diluted 1.70 1.72

Core adjusted funds from operations - diluted 1.55 1.58

Distributions declared per common share 1.06 1.05

Weighted average number of common shares outstanding:

FFO/Core FFO/Core AFFO - diluted 106,493 110,191

PROPERTY DATA

Total operating properties (end of period) (e)

171 176

Total operating apartment homes in operating properties (end of period) (e)

58,254 59,647

Total operating apartment homes (weighted average) 58,366 59,074

(a) Non-core adjustment generally recorded within Property NOI.

(b) Non-core adjustment generally recorded within Other Non-Operating 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)

Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

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

13,585,650 13,580,405 13,603,598 13,552,224 13,314,320

Accumulated depreciation (5,407,880) (5,296,061) (5,234,087) (5,128,622) (5,011,583)

Net operating real estate assets 8,177,770 8,284,344 8,369,511 8,423,602 8,302,737

Properties under development and land 457,994 419,227 384,124 380,437 403,657

Total real estate assets 8,635,764 8,703,571 8,753,635 8,804,039 8,706,394

Accounts receivable – affiliates 8,076 8,884 8,889 8,889 8,950

Other assets, net (a)

285,493 293,292 255,333 262,100 239,999

Cash and cash equivalents 40,684 25,203 25,931 33,091 26,182

Restricted cash 89,610 12,039 11,378 11,454 11,607

Total assets $9,059,627 $9,042,989 $9,055,166 $9,119,573 $8,993,132

LIABILITIES AND EQUITY

Liabilities

Notes payable

Unsecured $3,931,761 $3,570,193 $3,409,691 $3,495,487 $3,405,255

Secured 318,708 330,597 330,536 330,476 330,416

Accounts payable and accrued expenses 269,623 248,087 232,960 206,018 195,197

Accrued real estate taxes 59,818 92,382 129,697 91,954 46,192

Distributions payable 112,156 114,971 115,518 116,007 115,983

Other liabilities (b)

262,710 248,506 224,989 219,635 212,871

Total liabilities 4,954,776 4,604,736 4,443,391 4,459,577 4,305,914

Equity

Common shares of beneficial interest 1,157 1,157 1,157 1,157 1,157

Additional paid-in capital 5,948,511 5,948,938 5,945,277 5,941,893 5,936,982

Distributions in excess of net income attributable to common shareholders (1,037,252) (969,240) (1,011,983) (1,007,075) (973,416)

Treasury shares (886,052) (620,497) (400,185) (350,166) (351,092)

Accumulated other comprehensive income (c)

2,522 2,165 2,027 1,676 1,325

Total common equity 4,028,886 4,362,523 4,536,293 4,587,485 4,614,956

Non-controlling interests 75,965 75,730 75,482 72,511 72,262

Total equity 4,104,851 4,438,253 4,611,775 4,659,996 4,687,218

Total liabilities and equity $9,059,627 $9,042,989 $9,055,166 $9,119,573 $8,993,132

(a) Includes net deferred charges of: $7,969 $534 $1,296 $1,953 $2,730

(b) Includes deferred revenues of: $1,277 $614 $624 $692 $760

(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 March 31,

2026 2025

Net income attributable to common shareholders $42,449 $38,822

Real estate depreciation and amortization 146,390 146,168

Income allocated to non-controlling interests 1,925 1,945

Gain on sale of operating property (67,878) —

Funds from operations $122,886 $186,935

Plus: Casualty-related expenses 250 130

Plus: Legal costs and settlements 51,192 1,872

Plus: Expensed transaction, development, and other pursuit costs 1,842 881

Plus: Investment losses

4,855 —

Plus: Other miscellaneous items 61 —

Core funds from operations $181,086 $189,818

Less: Recurring capitalized expenditures (16,150) (16,098)

Core adjusted funds from operations $164,936 $173,720

Weighted average number of common shares outstanding:

EPS diluted 104,899 108,597

FFO/Core FFO/Core AFFO diluted 106,493 110,191

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 amortization 1.37 1.32

Income allocated to non-controlling interests 0.02 0.02

Gain on sale of operating property (0.64) —

FFO per common share - Diluted $1.15 $1.70

Plus: Casualty-related expenses — —

Plus: Legal costs and settlements 0.48 0.01

Plus: Expensed transaction, development, and other pursuit costs 0.02 0.01

Plus: Investment losses

0.05 —

Plus: Other miscellaneous items — —

Core FFO per common share - Diluted $1.70 $1.72

Less: Recurring capitalized expenditures (0.15) (0.14)

Core AFFO per common share - Diluted $1.55 $1.58

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:

2Q26 Range 2026 Range

Low High Low High

Expected earnings per common share - diluted $0.13 $0.17 $0.51 $0.81

Expected real estate depreciation and amortization 1.48 1.48 6.01 6.01

Expected income allocated to non-controlling interests 0.02 0.02 0.08 0.08

Expected (gain) on sale of operating properties — — (0.65) (0.65)

Expected FFO per share - diluted $1.63 $1.67 $5.95 $6.25

Anticipated Adjustments to FFO 0.02 0.02 0.65 0.65

Expected Core FFO per share - diluted $1.65 $1.69 $6.60 $6.90

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 March 31,

2026 2025

Net income $44,374 $40,767

Less: Fee and asset management income (2,143) (2,487)

Less: Interest and other income (253) (10)

Less: Loss/(income) on deferred compensation plans 1,159 (1,198)

Plus: Property management expense 10,258 9,895

Plus: Fee and asset management expense 661 671

Plus: General and administrative expense 14,705 16,948

Plus: Interest expense 37,359 33,790

Plus: Depreciation and amortization expense 150,000 149,252

Plus: (Benefit)/expense on deferred compensation plans (1,159) 1,198

Plus: Other non-operating expenses 60,905 1,760

Less: Gain on sale of operating property, including land (68,100) —

Plus: Income tax expense 938 559

NOI $248,704 $251,145

"Same Property" Communities $232,418 $234,073

Non-"Same Property" Communities 13,612 8,995

Development and Lease-Up Communities 706 4

Disposition/Other 1,968 8,073

NOI $248,704 $251,145

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. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:

Three months ended March 31,

2026 2025

Net income $44,374 $40,767

Plus: Interest expense 37,359 33,790

Plus: Depreciation and amortization expense 150,000 149,252

Plus: Income tax expense 938 559

Less: Gain on sale of operating property, including land (68,100) —

EBITDAre $164,571 $224,368

Plus: Casualty-related expenses 250 130

Plus: Legal costs and settlements 51,192 1,872

Plus: Expensed transaction, development, and other pursuit costs 1,842 881

Plus: Investment losses

4,855 —

Plus: Other miscellaneous items 61 —

Adjusted EBITDAre $222,771 $227,251

Annualized Adjusted EBITDAre $891,084 $909,004

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

Three months ended March 31,

2026 2025

Unsecured notes payable $3,906,874 $3,404,088

Secured notes payable 326,655 330,396

Total average debt 4,233,529 3,734,484

Less: Average cash and cash equivalents (14,504) (12,302)

Net Debt $4,219,025 $3,722,182

Net Debt to Annualized Adjusted EBITDAre:

Three months ended March 31,

2026 2025

Net Debt $4,219,025 $3,722,182

Annualized Adjusted EBITDAre 891,084 909,004

Net Debt to Annualized Adjusted EBITDAre 4.7x 4.1x

EX-99.2

Filename: exhibit992supplement1q26.htm · Sequence: 3

Document

CAMDEN TABLE OF CONTENTS

Page

Press Release Text

Financial Highlights

Operating Results

Funds from Operations

Balance Sheets

Portfolio Statistics

Components of Property Net Operating Income

Sequential Components of Property Net Operating Income

"Same Property" First Quarter Comparisons

"Same Property" Sequential Quarter Comparisons

"Same Property" Operating Expense Detail & Comparisons

Current Development Communities

Development Pipeline & Land

Acquisitions & Dispositions

Debt Analysis

Debt Maturity Analysis

Debt Covenant Analysis

Capitalized Expenditures & Maintenance Expense

Non-GAAP Financial Measures - Definitions & Reconciliations

Other Definitions

Other Data

In addition to historical information, this document 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 (the “Company”) 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 this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

CAMDEN PROPERTY TRUST ANNOUNCES FIRST QUARTER 2026 OPERATING RESULTS

Three Months Ended March 31,

Per Diluted Share 2026 2025

EPS $0.40 $0.36

FFO $1.15 $1.70

Core FFO $1.70 $1.72

Core AFFO $1.55 $1.58

Three Months Ended 1Q26 Guidance 1Q26 Guidance

Per Diluted Share March 31, 2026 Midpoint Variance

EPS(1)

$0.40 $0.24 $0.16

FFO(1)

$1.15 $1.63 ($0.48)

Core FFO $1.70 $1.66 $0.04

Quarterly Growth Sequential Growth

Same Property Results 1Q26 vs. 1Q25 1Q26 vs. 4Q25

Revenues 0.2% 0.1%

Expenses 1.9% 2.1%

Net Operating Income ("NOI") (0.7)% (1.0)%

Same Property Results 1Q26 1Q25 4Q25

Occupancy 95.1% 95.4% 95.2%

Operating Statistics - Same Property Portfolio

New Lease and Renewal Data - Date Effective (1)

1Q26 1Q25 4Q25

Effective New Lease Rates (5.2)% (3.1)% (5.3)%

Effective Renewal Rates 2.9% 3.3% 2.8%

Effective Blended Lease Rates (1.4)% (0.1)% (1.6)%

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

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 369 $139.4 72 %

Development Communities - Construction Ongoing ($ in millions)

Total Total % Leased

Community Name Location Homes Estimated Cost as of 4/29/2026

Camden South Charlotte Charlotte, NC 420 $157.0 2 %

Camden Blakeney Charlotte, NC 349 151.0

Camden Nations Nashville, TN 393 184.0

Total 1,162 $492.0

Acquisition and Disposition Activity

Capital Markets Transactions

Share Repurchases

Liquidity Analysis

Litigation Update

Earnings 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 $0.65 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.

2026 2026 Midpoint

Same Property Growth Guidance Range Current Prior Change

Revenues (0.25)% - 1.75% 0.75% 0.75% 0.00%

Expenses 2.25% - 3.75% 3.00% 3.00% 0.00%

NOI (2.50)% - 1.50% (0.50)% (0.50)% 0.00%

Conference Call

Friday, May 1, 2026 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 4099400

Webcast: https://investors.camdenliving.com

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

About Camden

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 0.36

Per share - diluted 0.40 0.36

Funds from operations 122,886 186,935

Per share - diluted 1.15 1.70

Core funds from operations 181,086 189,818

Per share - diluted 1.70 1.72

Core adjusted funds from operations 164,936 173,720

Per share - diluted 1.55 1.58

Dividends per share 1.06 1.05

Dividend payout ratio (FFO) (a)

64.2 % 61.8 %

Interest expensed 37,359 33,790

Interest capitalized 3,831 3,554

Total interest incurred 41,190 37,344

Net Debt to Annualized Adjusted EBITDAre (b)

4.7x 4.1x

Interest expense coverage ratio 6.0x 6.7x

Total interest coverage ratio 5.4x 6.1x

Fixed charge expense coverage ratio 6.0x 6.7x

Total fixed charge coverage ratio 5.4x 6.1x

Unencumbered real estate assets (at cost) to unsecured debt ratio 3.2x 3.6x

Same property NOI growth (c) (d)

(0.7) % 0.9 %

(# of apartment homes included) 54,105 57,116

Same property turnover

Gross turnover of apartment homes (annualized) 40 % 40 %

Net turnover (excludes on-site transfers and transfers to other Camden communities) 30 % 31 %

As of March 31,

2026 2025

Total assets $9,059,627 $8,993,132

Total debt $4,250,469 $3,735,671

Common and common equivalent shares, outstanding end of period (e)

105,290 110,249

Share price, end of period $97.66 $122.30

Book equity value, end of period (f)

$4,104,851 $4,687,218

Market equity value, end of period (g)

$10,282,621 $13,483,453

(a) Excludes approximately $53.0 million of certain legal cost related to a litigation settlement for the three months ended March 31, 2026.

(b) 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. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results.

(c) "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale.

(d) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.

(e) Includes at March 31, 2026: 103,695 common shares, plus 1,595 common share equivalents upon the assumed conversion of non-controlling units.

(f) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.

(g) Includes: common shares, common units, and common share equivalents.

Note: Please refer to pages 23 - 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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 140,069 139,420

Non-property income

Fee and asset management 2,143 2,487

Interest and other income 253 10

(Loss)/income on deferred compensation plans (1,159) 1,198

Total non-property income 1,237 3,695

Other expenses

Property management 10,258 9,895

Fee and asset management 661 671

General and administrative 14,705 16,948

Interest 37,359 33,790

Depreciation and amortization 150,000 149,252

(Benefit)/expense on deferred compensation plans (1,159) 1,198

Other non-operating expenses 60,905 1,760

Total other expenses 272,729 213,514

Gain on sale of operating property, including land 68,100 —

Income from continuing operations before income taxes 45,312 41,326

Income tax expense (938) (559)

Net income 44,374 40,767

Net income allocated to non-controlling interests (1,925) (1,945)

Net income attributable to common shareholders $42,449 $38,822

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net income $44,374 $40,767

Other comprehensive income

Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 357 351

Comprehensive income 44,731 41,118

Net income allocated to non-controlling interests (1,925) (1,945)

Comprehensive income attributable to common shareholders $42,806 $39,173

PER SHARE DATA

Total earnings per common share - basic $0.40 $0.36

Total earnings per common share - diluted 0.40 0.36

Weighted average number of common shares outstanding:

Basic 104,826 108,530

Diluted 104,899 108,597

Note: Please refer to pages 23 - 26 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 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 to non-controlling interests 1,925 1,945

Gain on sale of operating property (67,878) —

Funds from operations $122,886 $186,935

Plus: Casualty-related expenses (a)

250 130

Plus: Legal costs and settlements (b)(c)

51,192 1,872

Plus: Expensed transaction, development, and other pursuit costs (c)

1,842 881

Plus: Investment losses (b)

4,855 —

Plus: Other miscellaneous items (a)

61 —

Core funds from operations $181,086 $189,818

Less: Recurring capitalized expenditures (d)

(16,150) (16,098)

Core adjusted funds from operations $164,936 $173,720

PER SHARE DATA

Funds from operations - diluted $1.15 $1.70

Core funds from operations - diluted 1.70 1.72

Core adjusted funds from operations - diluted 1.55 1.58

Distributions declared per common share 1.06 1.05

Weighted average number of common shares outstanding:

FFO/Core FFO/Core AFFO - diluted 106,493 110,191

PROPERTY DATA

Total operating properties (end of period) (e)

171 176

Total operating apartment homes in operating properties (end of period) (e)

58,254 59,647

Total operating apartment homes (weighted average) 58,366 59,074

(a) Non-core adjustment generally recorded within Property NOI.

(b) Non-core adjustment generally recorded within Other Non-Operating 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 pages 23 - 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN BALANCE SHEETS

(In thousands)

(Unaudited)

Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

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

13,585,650 13,580,405 13,603,598 13,552,224 13,314,320

Accumulated depreciation (5,407,880) (5,296,061) (5,234,087) (5,128,622) (5,011,583)

Net operating real estate assets 8,177,770 8,284,344 8,369,511 8,423,602 8,302,737

Properties under development and land 457,994 419,227 384,124 380,437 403,657

Total real estate assets 8,635,764 8,703,571 8,753,635 8,804,039 8,706,394

Accounts receivable – affiliates 8,076 8,884 8,889 8,889 8,950

Other assets, net (a)

285,493 293,292 255,333 262,100 239,999

Cash and cash equivalents 40,684 25,203 25,931 33,091 26,182

Restricted cash 89,610 12,039 11,378 11,454 11,607

Total assets $9,059,627 $9,042,989 $9,055,166 $9,119,573 $8,993,132

LIABILITIES AND EQUITY

Liabilities

Notes payable

Unsecured $3,931,761 $3,570,193 $3,409,691 $3,495,487 $3,405,255

Secured 318,708 330,597 330,536 330,476 330,416

Accounts payable and accrued expenses 269,623 248,087 232,960 206,018 195,197

Accrued real estate taxes 59,818 92,382 129,697 91,954 46,192

Distributions payable 112,156 114,971 115,518 116,007 115,983

Other liabilities (b)

262,710 248,506 224,989 219,635 212,871

Total liabilities 4,954,776 4,604,736 4,443,391 4,459,577 4,305,914

Equity

Common shares of beneficial interest 1,157 1,157 1,157 1,157 1,157

Additional paid-in capital 5,948,511 5,948,938 5,945,277 5,941,893 5,936,982

Distributions in excess of net income attributable to common shareholders (1,037,252) (969,240) (1,011,983) (1,007,075) (973,416)

Treasury shares (886,052) (620,497) (400,185) (350,166) (351,092)

Accumulated other comprehensive income (c)

2,522 2,165 2,027 1,676 1,325

Total common equity 4,028,886 4,362,523 4,536,293 4,587,485 4,614,956

Non-controlling interests 75,965 75,730 75,482 72,511 72,262

Total equity 4,104,851 4,438,253 4,611,775 4,659,996 4,687,218

Total liabilities and equity $9,059,627 $9,042,989 $9,055,166 $9,119,573 $8,993,132

(a) Includes net deferred charges of: $7,969 $534 $1,296 $1,953 $2,730

(b) Includes deferred revenues of: $1,277 $614 $624 $692 $760

(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 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 5,148 276 — — 5,424

SE Florida 3,050 — — — 3,050

Orlando, FL 3,954 322 — — 4,276

Atlanta, GA 4,270 — — — 4,270

Tampa, FL 3,104 360 — — 3,464

Charlotte, NC 3,510 — — 769 4,279

Denver, CO 2,873 — — — 2,873

Raleigh, NC 2,892 780 369 — 4,041

Los Angeles/Orange County, CA 1,823 — — — 1,823

San Diego/Inland Empire, CA 1,797 — — — 1,797

Austin, TX 3,360 678 — — 4,038

Nashville, TN 758 435 — 393 1,586

Total Portfolio 54,105 3,780 369 1,162 59,416

FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION

WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)

"Same Property" Communities

Operating Communities (b)

Mar 31,

2026 Dec 31,

2025 Sep 30,

2025 Jun 30,

2025 Mar 31,

2025

D.C. Metro (a)

14.3 % 13.4 % 95.7 % 96.1 % 96.7 % 97.3 % 97.1 %

Houston, TX 9.7 % 10.4 % 93.8 % 94.2 % 94.8 % 95.1 % 95.1 %

Phoenix, AZ 8.4 % 8.0 % 95.6 % 95.0 % 94.9 % 94.4 % 95.4 %

Dallas, TX 7.2 % 7.2 % 94.3 % 94.9 % 95.4 % 95.3 % 95.0 %

SE Florida 7.4 % 7.1 % 95.8 % 95.2 % 95.2 % 95.5 % 95.2 %

Orlando, FL 7.0 % 7.1 % 96.1 % 96.1 % 95.9 % 95.7 % 95.8 %

Atlanta, GA 7.3 % 6.8 % 95.3 % 95.2 % 95.8 % 95.3 % 95.1 %

Tampa, FL 6.5 % 6.8 % 95.9 % 94.9 % 94.9 % 95.4 % 96.3 %

Charlotte, NC 6.2 % 5.8 % 94.5 % 94.6 % 95.1 % 95.4 % 95.2 %

Denver, CO 6.1 % 5.8 % 94.7 % 95.1 % 96.6 % 97.0 % 95.0 %

Raleigh, NC 4.6 % 5.7 % 94.1 % 94.5 % 95.4 % 95.6 % 95.6 %

Los Angeles/Orange County, CA 4.8 % 4.7 % 95.1 % 95.3 % 95.5 % 95.6 % 94.1 %

San Diego/Inland Empire, CA 4.8 % 4.5 % 95.5 % 95.5 % 95.8 % 96.1 % 95.7 %

Austin, TX 4.2 % 4.7 % 96.0 % 95.5 % 95.2 % 94.7 % 93.6 %

Nashville, TN 1.5 % 2.0 % 93.1 % 93.6 % 94.8 % 94.8 % 92.2 %

Total Portfolio 100.0 % 100.0 % 95.0 % 95.1 % 95.5 % 95.6 % 95.3 %

(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.

(b) Operating communities represent all fully-consolidated communities for the period, excluding communities under construction.

(c) Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments, if any.

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 15,775 7,529

Development and Lease-Up Communities (c)

1,531 1,281 35 1,246

Disposition/Other (d)

— 4,179 15,494 (11,315)

Total Property Revenues 59,416 $388,773 $390,565 ($1,792)

Property Expenses

"Same Property" Communities (a)

54,105 $127,591 $125,188 $2,403

Non-"Same Property" Communities (b)

3,780 9,692 6,780 2,912

Development and Lease-Up Communities (c)

1,531 575 31 544

Disposition/Other (d)

— 2,211 7,421 (5,210)

Total Property Expenses 59,416 $140,069 $139,420 $649

Property Net Operating Income

"Same Property" Communities (a)

54,105 $232,418 $234,073 ($1,655)

Non-"Same Property" Communities (b)

3,780 13,612 8,995 4,617

Development and Lease-Up Communities (c)

1,531 706 4 702

Disposition/Other (d)

— 1,968 8,073 (6,105)

Total Property Net Operating Income 59,416 $248,704 $251,145 ($2,441)

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2025, including communities under redevelopment, and excluding properties held for sale.

(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2025, excluding properties held for sale.

(d) "Disposition/Other" includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.

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 $359,634 $362,590 $362,074 $359,261

Non-"Same Property" Communities (b)

3,780 23,304 21,916 21,187 18,942 15,775

Development and Lease-Up Communities (c)

1,531 1,281 1,077 790 283 35

Disposition/Other (d)

— 4,179 8,167 11,109 15,210 15,494

Total Property Revenues 59,416 $388,773 $390,794 $395,676 $396,509 $390,565

Property Expenses

"Same Property" Communities (a)

54,105 $127,591 $124,942 $131,579 $129,597 $125,188

Non-"Same Property" Communities (b)

3,780 9,692 8,410 8,589 7,980 6,780

Development and Lease-Up Communities (c)

1,531 575 701 539 230 31

Disposition/Other (d)

— 2,211 3,869 4,989 5,865 7,421

Total Property Expenses 59,416 $140,069 $137,922 $145,696 $143,672 $139,420

Property Net Operating Income

"Same Property" Communities (a)

54,105 $232,418 $234,692 $231,011 $232,477 $234,073

Non-"Same Property" Communities (b)

3,780 13,612 13,506 12,598 10,962 8,995

Development and Lease-Up Communities (c)

1,531 706 376 251 53 4

Disposition/Other (d)

— 1,968 4,298 6,120 9,345 8,073

Total Property Net Operating Income 59,416 $248,704 $252,872 $249,980 $252,837 $251,145

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2025, including communities under redevelopment, and excluding properties held for sale.

(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2025, excluding properties held for sale.

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 1.3 % $33,225 $32,698 1.6 %

Houston, TX 7,278 40,249 40,411 (0.4) % 17,772 17,672 0.6 % 22,477 22,739 (1.2) %

Phoenix, AZ 4,094 27,253 27,457 (0.7) % 7,671 7,381 3.9 % 19,582 20,076 (2.5) %

SE Florida 3,050 26,901 26,353 2.1 % 9,671 9,872 (2.0) % 17,230 16,481 4.5 %

Atlanta, GA 4,270 27,310 26,816 1.8 % 10,346 7,939 30.3 % 16,964 18,877 (10.1) %

Dallas, TX 5,148 29,121 29,257 (0.5) % 12,396 12,440 (0.4) % 16,725 16,817 (0.5) %

Orlando, FL 3,954 25,219 25,213 0.0 % 8,873 9,390 (5.5) % 16,346 15,823 3.3 %

Tampa, FL 3,104 23,610 23,778 (0.7) % 8,576 8,112 5.7 % 15,034 15,666 (4.0) %

Charlotte, NC 3,510 20,551 20,697 (0.7) % 6,216 6,285 (1.1) % 14,335 14,412 (0.5) %

Denver, CO 2,873 19,729 20,201 (2.3) % 5,444 5,962 (8.7) % 14,285 14,239 0.3 %

Los Angeles/Orange County, CA 1,823 16,925 16,339 3.6 % 5,830 5,443 7.1 % 11,095 10,896 1.8 %

San Diego/Inland Empire, CA 1,797 16,347 16,131 1.3 % 5,089 4,853 4.9 % 11,258 11,278 (0.2) %

Raleigh, NC 2,892 15,586 15,692 (0.7) % 4,942 5,120 (3.5) % 10,644 10,572 0.7 %

Austin, TX 3,360 17,260 17,746 (2.7) % 7,519 7,723 (2.6) % 9,741 10,023 (2.8) %

Nashville, TN 758 5,085 5,040 0.9 % 1,608 1,564 2.8 % 3,477 3,476 0.0 %

Total Same Property 54,105 $360,009 $359,261 0.2 % $127,591 $125,188 1.9 % $232,418 $234,073 (0.7) %

Weighted Average Monthly Weighted Average Monthly

% of NOI

Average Occupancy (a)

Rental Rate (c)

Revenue per Occupied Home (d)

Quarterly Results (b)

Contribution 1Q26 1Q25 Growth 1Q26 1Q25 Growth 1Q26 1Q25 Growth

D.C. Metro 14.3 % 95.7 % 97.1 % (1.4) % $2,385 $2,327 2.5 % $2,746 $2,668 2.9 %

Houston, TX 9.7 % 94.1 % 95.1 % (1.0) % 1,651 1,654 (0.2) % 1,959 1,947 0.6 %

Phoenix, AZ 8.4 % 95.6 % 95.6 % 0.0 % 1,956 1,989 (1.7) % 2,322 2,339 (0.7) %

SE Florida 7.4 % 95.8 % 95.2 % 0.6 % 2,699 2,672 1.0 % 3,070 3,026 1.5 %

Atlanta, GA 7.3 % 95.3 % 95.1 % 0.2 % 1,906 1,898 0.4 % 2,237 2,201 1.6 %

Dallas, TX 7.2 % 94.2 % 94.9 % (0.7) % 1,722 1,731 (0.5) % 2,001 1,997 0.2 %

Orlando, FL 7.0 % 96.0 % 95.8 % 0.2 % 1,910 1,922 (0.6) % 2,215 2,219 (0.2) %

Tampa, FL 6.5 % 95.9 % 96.3 % (0.4) % 2,302 2,312 (0.4) % 2,644 2,651 (0.3) %

Charlotte, NC 6.2 % 94.5 % 95.2 % (0.7) % 1,783 1,792 (0.5) % 2,065 2,065 0.0 %

Denver, CO 6.1 % 94.7 % 95.0 % (0.3) % 2,115 2,140 (1.2) % 2,418 2,466 (2.0) %

Los Angeles/Orange County, CA 4.8 % 95.1 % 94.1 % 1.0 % 2,898 2,859 1.4 % 3,255 3,174 2.6 %

San Diego/Inland Empire, CA 4.8 % 95.5 % 95.7 % (0.2) % 2,815 2,795 0.7 % 3,174 3,127 1.5 %

Raleigh, NC 4.6 % 94.6 % 95.7 % (1.1) % 1,603 1,607 (0.2) % 1,898 1,889 0.4 %

Austin, TX 4.2 % 95.8 % 94.7 % 1.1 % 1,503 1,570 (4.3) % 1,788 1,859 (3.8) %

Nashville, TN 1.5 % 94.3 % 91.9 % 2.4 % 2,170 2,235 (2.9) % 2,371 2,408 (1.5) %

Total Same Property 100.0 % 95.1 % 95.4 % (0.3) % $2,010 $2,011 0.0 % $2,331 $2,319 0.5 %

(b) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net above/below market leases, casualty-related expenses net of recoveries, and severance related costs.

(c) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(d) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.

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 $15,222 2.7 % $33,225 $33,651 (1.3) %

Houston, TX 7,278 40,249 40,319 (0.2) % 17,772 16,969 4.7 % 22,477 23,350 (3.7) %

Phoenix, AZ 4,094 27,253 27,099 0.6 % 7,671 7,605 0.9 % 19,582 19,494 0.5 %

SE Florida 3,050 26,901 26,530 1.4 % 9,671 10,083 (4.1) % 17,230 16,447 4.8 %

Atlanta, GA 4,270 27,310 27,063 0.9 % 10,346 8,741 18.4 % 16,964 18,322 (7.4) %

Dallas, TX 5,148 29,121 29,147 (0.1) % 12,396 12,519 (1.0) % 16,725 16,628 0.6 %

Orlando, FL 3,954 25,219 25,097 0.5 % 8,873 8,250 7.6 % 16,346 16,847 (3.0) %

Tampa, FL 3,104 23,610 23,577 0.1 % 8,576 8,652 (0.9) % 15,034 14,925 0.7 %

Charlotte, NC 3,510 20,551 20,603 (0.3) % 6,216 6,393 (2.8) % 14,335 14,210 0.9 %

Denver, CO 2,873 19,729 20,304 (2.8) % 5,444 6,152 (11.5) % 14,285 14,152 0.9 %

Los Angeles/Orange County, CA 1,823 16,925 16,785 0.8 % 5,830 5,832 0.0 % 11,095 10,953 1.3 %

San Diego/Inland Empire, CA 1,797 16,347 16,258 0.5 % 5,089 4,672 8.9 % 11,258 11,586 (2.8) %

Raleigh, NC 2,892 15,586 15,635 (0.3) % 4,942 5,039 (1.9) % 10,644 10,596 0.5 %

Austin, TX 3,360 17,260 17,268 0.0 % 7,519 7,480 0.5 % 9,741 9,788 (0.5) %

Nashville, TN 758 5,085 5,076 0.2 % 1,608 1,333 20.6 % 3,477 3,743 (7.1) %

Total Same Property 54,105 $360,009 $359,634 0.1 % $127,591 $124,942 2.1 % $232,418 $234,692 (1.0) %

Weighted Average Monthly Weighted Average Monthly

% of NOI

Average Occupancy (a)

Rental Rate (c)

Revenue per Occupied Home (d)

Quarterly Results (b)

Contribution 1Q26 4Q25 Growth 1Q26 4Q25 Growth 1Q26 4Q25 Growth

D.C. Metro 14.3 % 95.7 % 96.1 % (0.4) % $2,385 $2,390 (0.2) % $2,746 $2,736 0.4 %

Houston, TX 9.7 % 94.1 % 94.5 % (0.4) % 1,651 1,655 (0.2) % 1,959 1,954 0.2 %

Phoenix, AZ 8.4 % 95.6 % 95.2 % 0.4 % 1,956 1,960 (0.2) % 2,322 2,319 0.2 %

SE Florida 7.4 % 95.8 % 95.2 % 0.6 % 2,699 2,698 0.0 % 3,070 3,045 0.8 %

Atlanta, GA 7.3 % 95.3 % 95.2 % 0.1 % 1,906 1,907 (0.1) % 2,237 2,220 0.8 %

Dallas, TX 7.2 % 94.2 % 94.8 % (0.6) % 1,722 1,726 (0.2) % 2,001 1,991 0.5 %

Orlando, FL 7.0 % 96.0 % 96.1 % (0.1) % 1,910 1,916 (0.3) % 2,215 2,203 0.6 %

Tampa, FL 6.5 % 95.9 % 95.2 % 0.7 % 2,302 2,318 (0.7) % 2,644 2,658 (0.6) %

Charlotte, NC 6.2 % 94.5 % 94.6 % (0.1) % 1,783 1,792 (0.5) % 2,065 2,069 (0.2) %

Denver, CO 6.1 % 94.7 % 95.1 % (0.4) % 2,115 2,132 (0.8) % 2,418 2,476 (2.4) %

Los Angeles/Orange County, CA 4.8 % 95.1 % 95.3 % (0.2) % 2,898 2,877 0.7 % 3,255 3,221 1.0 %

San Diego/Inland Empire, CA 4.8 % 95.5 % 95.5 % 0.0 % 2,815 2,817 (0.1) % 3,174 3,157 0.5 %

Raleigh, NC 4.6 % 94.6 % 94.8 % (0.2) % 1,603 1,609 (0.4) % 1,898 1,901 (0.1) %

Austin, TX 4.2 % 95.8 % 95.3 % 0.5 % 1,503 1,513 (0.7) % 1,788 1,797 (0.5) %

Nashville, TN 1.5 % 94.3 % 93.7 % 0.6 % 2,170 2,202 (1.5) % 2,371 2,381 (0.4) %

Total Same Property 100.0 % 95.1 % 95.2 % (0.1) % $2,010 $2,015 (0.2) % $2,331 $2,327 0.2 %

(c) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(d) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.

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 23,273 819 3.5 % 18.9 %

Utilities 25,816 25,520 296 1.2 % 20.2 %

Repairs and Maintenance 15,332 15,244 88 0.6 % 12.0 %

Property Insurance 7,471 7,685 (214) (2.8) % 5.9 %

General and Administrative 6,571 6,283 288 4.6 % 5.2 %

Marketing and Leasing 2,352 2,176 176 8.1 % 1.8 %

Other 1,032 1,011 21 2.1 % 0.8 %

Total Same Property $127,591 $125,188 $2,403 1.9 % 100.0 %

% of Actual

1Q26 Operating

Sequential Comparison (a) (b)

1Q26 4Q25 $ Change % Change Expenses

Property Taxes $44,925 $42,444 $2,481 5.8 % 35.2 %

Salaries and Benefits for On-site Employees 24,092 23,457 635 2.7 % 18.9 %

Utilities 25,816 25,093 723 2.9 % 20.2 %

Repairs and Maintenance 15,332 15,315 17 0.1 % 12.0 %

Property Insurance 7,471 8,323 (852) (10.2) % 5.9 %

General and Administrative 6,571 6,385 186 2.9 % 5.2 %

Marketing and Leasing 2,352 2,941 (589) (20.0) % 1.8 %

Other 1,032 984 48 4.9 % 0.8 %

Total Same Property $127,591 $124,942 $2,649 2.1 % 100.0 %

(b) "Same Property" results exclude results from other expenses, including casualty-related expenses net of recoveries and severance related costs.

CAMDEN CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF MARCH 31, 2026 ($ in millions)

Estimated/Actual Dates for

Completed Communities in Lease-Up Total Cost to Construction Initial Construction Stabilized As of 4/29/2026

Homes Date Start Occupancy Completion Operations % Leased % Occupied

1. Camden Village District 369 $139.4 2Q22 1Q25 3Q25 1Q27 72% 65%

Raleigh, NC

Estimated/Actual Dates for

Total Total Cost to Amount Construction Initial Construction Stabilized As of 4/29/2026

Development Communities Homes Estimated Cost Date in CIP Start Occupancy Completion Operations % Leased % Occupied

1. Camden South Charlotte 420 $157.0 $128.0 $128.0 2Q24 2Q26 2Q27 4Q28 2% 1%

Charlotte, NC

2. Camden Blakeney 349 151.0 103.0 103.0 2Q24 4Q26 3Q27 3Q28

Charlotte, NC

3. Camden Nations 393 184.0 84.4 84.4 1Q25 1Q28 3Q28 2Q30

Nashville, TN

Total Development Communities 1,162 $492.0 $315.4 $315.4 2% 1%

Additional Development Pipeline and Land(a)

142.6

Total Properties Under Development and Land (per Balance Sheet)

$458.0

NOI Contribution from Development Communities ($ in millions) Cost to Date 1Q26 NOI

Completed Communities in Lease-Up $ 139.4 $ 0.7

(a) Please refer to the Development Pipeline Summary on page 17.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

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)

$44.9

Total Development Pipeline and Land $142.6

(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking estimates are not guarantees of future performances, results, or events. Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasts and estimates routinely require adjustment.

(b) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

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. Camden at Lake Nona Orlando, FL 82.3 288 Homes 1,966 2018 4/30/2026

Total/Average Acquisitions $171.3 557 Homes $1,996

2026 Dispositions Location Sales Price Homes Monthly Rental Rate Year Built Closing Date

1. Camden Valley Park Irving, TX $77.0 516 Homes $1,371 1986 2/18/2026

CAMDEN DEBT ANALYSIS

(In thousands, except property data amounts)

(Unaudited)

DEBT MATURITIES AS OF MARCH 31, 2026:

Future Scheduled Repayments (a)

Year Amortization Secured

Maturities Unsecured Maturities Total % of Total

Weighted Average Interest Rate on Maturing Debt (b)

2026 ($2,830) $12,050 $542,748 $551,968 13.0 % 4.9 %

2027 (2,921) 174,900 — 171,979 4.0 % 3.9 %

2028 (2,656) 132,025 400,000 529,369 12.5 % 3.8 %

2029 (2,306) — 600,000 597,694 14.1 % 3.8 %

2030 (1,506) — 750,000 748,494 17.6 % 2.9 %

2031 (1,272) — — (1,272) — % — %

2032 (1,336) — — (1,336) — % — %

2033 (1,403) — — (1,403) — % — %

2034 (828) — 400,000 399,172 9.4 % 5.1 %

2035 (839) — — (839) — % — %

Thereafter (2,127) — 900,000 897,873 21.0 % 4.5 %

Total Maturing Debt ($20,024) $318,975 $3,592,748 $3,891,699 91.6 % 4.1 %

Unsecured Line of Credit & Commercial Paper Program (c)

$— $— $358,770 $358,770 8.4 % 3.9 %

Total Debt ($20,024) $318,975 $3,951,518 $4,250,469 100.0 % 4.1 %

Weighted Average Maturity of Debt (d)

5.8 Years

Weighted Average

FLOATING vs. FIXED RATE DEBT: Balance % of Total

Interest Rate (b)

Maturity (d)

Floating rate debt $900,814 21.2 % 4.5% 2.3 Years

Fixed rate debt 3,349,655 78.8 % 3.9% 6.7 Years

Total $4,250,469 100.0 % 4.1% 5.8 Years

Weighted Average

SECURED vs. UNSECURED DEBT: Balance % of Total

Interest Rate (b)

Time to Maturity (d)

Unsecured debt $3,931,761 92.5 % 4.1% 6.1 Years

Secured debt 318,708 7.5 % 3.9% 1.4 Years

Total $4,250,469 100.0 % 4.1% 5.8 Years

REAL ESTATE ASSETS: (e)

Total Homes % of Total Total Cost % of Total 1Q26 NOI % of Total

Unencumbered real estate assets 55,054 92.7 % $12,721,346 90.6% $233,774 94.0 %

Encumbered real estate assets 4,362 7.3 % 1,322,298 9.4% 14,930 6.0 %

Total 59,416 100.0 % $14,043,644 100.0% $248,704 100.0 %

Ratio of unencumbered assets at cost to unsecured debt is 3.2x

(a) Includes all available extension options.

(b) Includes the effects of the applicable settled forward interest rate swaps.

(c) Represents our outstanding commercial paper program amount of $358.8 million as of March 31, 2026. Under the terms of this program, we may issue up to a maximum aggregate amount of $600.0 million, which is backstopped by our $1.2 billion Line of Credit.

(d) Assumes Commercial Paper will be refinanced using our unsecured Line of Credit with exercisable extension options.

(e) Real estate assets include communities under development and properties held for sale.

CAMDEN DEBT MATURITY ANALYSIS

(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2026 AND 2027:

Future Scheduled Repayments(a)

Weighted Average Interest on Maturing Debt

Quarter Amortization Secured Maturities Unsecured Maturities Total

2Q 2026 ($1,014) $— $— ($1,014) N/A

3Q 2026 (1,022) — 40,000 38,978 4.8 %

4Q 2026 (794) 12,050 502,748 514,004 5.0 %

2026 ($2,830) $12,050 $542,748 $551,968 4.9 %

1Q 2027 ($707) $58,100 $— $57,393 4.0 %

2Q 2027 (754) 51,350 — 50,596 3.8 %

3Q 2027 (738) 48,950 — 48,212 3.9 %

4Q 2027 (722) 16,500 — 15,778 3.8 %

2027 ($2,921) $174,900 $— $171,979 3.9 %

(a) Maturities exclude unsecured Line of Credit and Commercial Paper Program.

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 Debt to Gross Asset Value < 60% 25% Yes

SENIOR UNSECURED NOTES

Covenant (a)

Required

Actual (b)

Compliance

Total Consolidated Debt to Total Asset Value < 60% 29% Yes

Total Secured Debt to Total Asset Value < 40% 2% Yes

Total Unencumbered Asset Value to Total Unsecured Debt > 150% 334% Yes

Consolidated Income Available for Debt Service to Total Annual Service Charges > 150% 538% Yes

(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

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 26 587 10

Painting — — — 1,641 28

Cabinetry/Countertops 8 years 168 3 — —

Other 8 years 2,202 38 1,391 24

Exteriors

Painting 5 years 38 1 — —

Carpentry 10 years 117 2 — —

Landscaping 5 years 522 9 3,693 63

Roofing 10 years 1,244 21 261 4

Site Drainage 10 years 107 2 — —

Fencing/Stair 10 years 251 4 — —

Other (b)

7 years 2,711 47 4,780 82

Common Areas

Mech., Elec., Plumbing 9 years 4,001 69 3,474 60

Parking/Paving 5 years 134 2 — —

Pool/Exercise/Facility 6 years 783 13 450 8

Total Recurring (c)

$16,150 $277 $16,751 $287

Weighted Average Apartment Homes 58,366 58,366

Non-recurring & revenue enhancing capitalized expenditures (d)

$218

Reposition Expenditures (e)

10 years $21,455 $37,707

Repositioned Apartment Homes 569

(a) Weighted average useful life of capitalized expenses for three months ended March 31, 2026.

(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

(d) Capital expenditures primarily composed of non-recurring or one-time additions such as our smart access solution, LED lighting programs, and other non-routine items.

(e) Represents capital expenditures for the three months ended March 31, 2026 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.

CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

FFO

Core FFO

Core Adjusted FFO

Three Months Ended March 31,

2026 2025

Net income attributable to common shareholders $42,449 $38,822

Real estate depreciation and amortization 146,390 146,168

Income allocated to non-controlling interests 1,925 1,945

Gain on sale of operating property (67,878) —

Funds from operations $122,886 $186,935

Plus: Casualty-related expenses

250 130

Plus: Legal costs and settlements

51,192 1,872

Plus: Expensed transaction, development, and other pursuit costs

1,842 881

Plus: Investment losses

4,855 —

Plus: Other miscellaneous items 61 —

Core funds from operations $181,086 $189,818

Less: Recurring capitalized expenditures (16,150) (16,098)

Core adjusted funds from operations $164,936 $173,720

Weighted average number of common shares outstanding:

EPS diluted 104,899 108,597

FFO/Core FFO/Core AFFO diluted 106,493 110,191

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 amortization 1.37 1.32

Income allocated to non-controlling interests 0.02 0.02

Gain on sale of operating property (0.64) —

FFO per common share - Diluted $1.15 $1.70

Plus: Casualty-related expenses — —

Plus: Legal costs and settlements 0.48 0.01

Plus: Expensed transaction, development, and other pursuit costs 0.02 0.01

Plus: Investment losses

0.05 —

Plus: Other miscellaneous items — —

Core FFO per common share - Diluted $1.70 $1.72

Less: Recurring capitalized expenditures

(0.15) (0.14)

Core AFFO per common share - Diluted $1.55 $1.58

Expected FFO & Core FFO

2Q26 Range 2026 Range

Low High Low High

Expected earnings per common share - diluted $0.13 $0.17 $0.51 $0.81

Expected real estate depreciation and amortization 1.48 1.48 6.01 6.01

Expected income allocated to non-controlling interests 0.02 0.02 0.08 0.08

Expected (gain) on sale of operating properties — — (0.65) (0.65)

Expected FFO per share - diluted $1.63 $1.67 $5.95 $6.25

Anticipated Adjustments to FFO 0.02 0.02 0.65 0.65

Expected Core FFO per share - diluted $1.65 $1.69 $6.60 $6.90

Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of 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. 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 March 31,

2026 2025

Net income $44,374 $40,767

Less: Fee and asset management income (2,143) (2,487)

Less: Interest and other income (253) (10)

Less: Loss/(income) on deferred compensation plans 1,159 (1,198)

Plus: Property management expense 10,258 9,895

Plus: Fee and asset management expense 661 671

Plus: General and administrative expense 14,705 16,948

Plus: Interest expense 37,359 33,790

Plus: Depreciation and amortization expense 150,000 149,252

Plus: (Benefit)/expense on deferred compensation plans (1,159) 1,198

Plus: Other non-operating expenses 60,905 1,760

Less: Gain on sale of operating property, including land (68,100) —

Plus: Income tax expense 938 559

NOI $248,704 $251,145

"Same Property" Communities $232,418 $234,073

Non-"Same Property" Communities 13,612 8,995

Development and Lease-Up Communities 706 4

Disposition/Other 1,968 8,073

NOI $248,704 $251,145

CAMDEN NON-GAAP FINANCIAL MEASURES

DEFINITIONS & RECONCILIATIONS

(In thousands, except per share amounts)

(Unaudited)

EBITDAre and Adjusted EBITDAre

Three months ended March 31,

2026 2025

Net income $44,374 $40,767

Plus: Interest expense 37,359 33,790

Plus: Depreciation and amortization expense 150,000 149,252

Plus: Income tax expense 938 559

Less: Gain on sale of operating property, including land (68,100) —

EBITDAre $164,571 $224,368

Plus: Casualty-related expenses 250 130

Plus: Legal costs and settlements 51,192 1,872

Plus: Expensed transaction, development, and other pursuit costs 1,842 881

Plus: Investment losses

4,855 —

Plus: Other miscellaneous items 61 —

Adjusted EBITDAre $222,771 $227,251

Annualized Adjusted EBITDAre $891,084 $909,004

Net Debt to Annualized Adjusted EBITDAre

Net Debt:

Average monthly balance for the

Three months ended March 31,

2026 2025

Unsecured notes payable $3,906,874 $3,404,088

Secured notes payable 326,655 330,396

Total average debt 4,233,529 3,734,484

Less: Average cash and cash equivalents (14,504) (12,302)

Net Debt $4,219,025 $3,722,182

Net Debt to Annualized Adjusted EBITDAre:

Three months ended March 31,

2026 2025

Net Debt $4,219,025 $3,722,182

Annualized Adjusted EBITDAre 891,084 909,004

Net Debt to Annualized Adjusted EBITDAre 4.7x 4.1x

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 transaction, development and other pursuit costs, net above/below market lease amortization, advocacy contributions, and miscellaneous income/expense adjustments.

Development Communities: Non-stabilized communities which are under development or have been recently developed, excluding properties held for sale.

Effective Blended Lease Rates: Average change in same property combined new lease and renewal rates versus expiring lease rates when effective, regardless of lease term. Effective blended lease rates are the weighted average of effective new lease rates and effective renewal rates achieved.

Effective New Lease Rates: Average change in same property new lease rates versus expiring lease rates when effective, regardless of lease term.

Effective Renewal Rates: Average change in same property renewal rates versus expiring lease rates when effective, regardless of lease term.

Encumbered Real Estate Assets: Assets subject to a mortgage, deed of trust, lien, pledge, security interest, security agreement or encumbrance of any kind.

Gross Turnover: Total resident moveouts for the period annualized as a percentage of total apartment homes.

Lease-Up Communities: Non-stabilized communities which are in the leasing process and have not yet reached a stabilized level of occupancy.

Net Debt: Average monthly balance of total debt during the period, less the average monthly balance of cash and cash equivalents during the period.

Net Turnover: Total resident move-outs excluding on-site transfers and transfers to other Camden communities for the period annualized as a percentage of total apartment homes.

Non-Core Adjustments: Items not considered part of our core business operations. Items recorded to General and Administrative Expenses generally include severance, legal costs and settlements, net of recoveries, and expensed transaction, development, and other pursuit costs. Items recorded to Property Management Expenses may include advocacy contributions. Items recorded to Interest and Other Income may include miscellaneous income/expense adjustments. Items recorded to Property Revenues may include net above/below market lease amortization. Items recorded to Property Expenses generally include casualty-related expenses, net of recoveries, and may include severance-related costs. Other Non-Operating Expenses include certain litigation settlements and other associated litigation matters, as well as investment charges.

Non-Recurring & Revenue Enhancing Capitalized Expenditures: Capital expenditures primarily composed of non-recurring or one-time additions such as smart access solutions, LED lighting programs, and other non-routine items.

Non-Same Property Communities: Stabilized communities not owned or stabilized since January 1, 2025, including communities under redevelopment, and excluding properties held for sale.

Occupancy: Number of physically occupied apartment homes for the period divided by total apartment homes.

Operating Communities: Wholly owned communities, excluding communities under construction.

Recurring Capital Expenditures: Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

Redevelopment Communities: Communities with capital expenditures that improve cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades.

Reposition Expenditures: Capital expenditures for apartment unit renovations, including kitchen and bath upgrades or other new amenities, designed to position assets for higher rental levels in their respective markets.

Same Property Communities: Communities wholly owned by the Company and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale.

Stabilized Communities: Communities which have reached and maintained an occupancy level at or above 90% for the prior 30 days.

Unencumbered Real Estate Assets: Assets free and clear of any mortgage, deed of trust, lien, pledge, security interest, security agreement or encumbrance of any kind.

Weighted Average Monthly Rental Rate: Rental rate for leases in place and vacant units at market rate after loss to lease and concessions, but before vacancy and bad debt.

Weighted Average Monthly Revenue Per Occupied Home: Reported revenues divided by average occupied homes for the period on a monthly basis.

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 Call Late July Early November Early February Early May

Dividend Information - Common Shares: Q1 '26

Declaration Date 2/5/2026

Record Date 3/31/2026

Payment Date 4/17/2026

Distributions Per Share $1.06

Investor Relations Data:

Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request.

For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787.

To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com.

GRAPHIC

Filename: a1q26supplementcoverv2.jpg · Sequence: 7

Binary file (15188576 bytes)

Download a1q26supplementcoverv2.jpg

GRAPHIC

Filename: image1a01a02a46a.jpg · Sequence: 8

Binary file (9545 bytes)

Download image1a01a02a46a.jpg

GRAPHIC

Filename: image2q23.jpg · Sequence: 9

Binary file (9545 bytes)

Download image2q23.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 11

v3.26.1

Document and Entity Information Document and Entity Information

Apr. 30, 2026

Document And Entity Information [Abstract]

Title of 12(b) Security

Common Shares of Beneficial Interest, $.01 par value

Entity Incorporation, State or Country Code

Entity Central Index Key

0000906345

Entity Emerging Growth Company

false

Document Type

8-K

Document Period End Date

Apr. 30, 2026

Entity Registrant Name

CAMDEN PROPERTY TRUST

Entity Address, Address Line One

2800 Post Oak Boulevard, Suite 2700

Entity Address, City or Town

Houston

Entity Address, State or Province

Entity Address, Postal Zip Code

77056

City Area Code

713

Local Phone Number

354-2500

Entity File Number

1-12110

Entity Tax Identification Number

76-6088377

Trading Symbol

CPT

Security Exchange Name

NYSE

Amendment Flag

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Soliciting Material

false

Written Communications

false

- Definition

Document and Entity Information.

+ References

No definition available.

+ Details

Name:

cpt_DocumentAndEntityInformationAbstract

Namespace Prefix:

cpt_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration