EX-99.23exhibit992supplement4q25.htmEX-99.2 Document
CAMDEN
TABLE OF CONTENTS
Page
Press Release Text
3
Financial Highlights
4
Operating Results
5
Funds from Operations
6
Balance Sheets
7
Portfolio Statistics
8
Components of Property Net Operating Income
9
Sequential Components of Property Net Operating Income
10
"Same Property" Fourth Quarter Comparisons
11
"Same Property" Sequential Quarter Comparisons
12
"Same Property" Year to Date Comparisons
13
"Same Property" Operating Expense Detail & Comparisons
14
Current Development Communities
15
Development Pipeline & Land
16
Acquisitions & Dispositions
17
Debt Analysis
18
Debt Maturity Analysis
19
Debt Covenant Analysis
20
Capitalized Expenditures & Maintenance Expense
21
2026 Financial Outlook
22
Non-GAAP Financial Measures - Definitions & Reconciliations
23
Other Definitions
27
Other Data
28
Community Table
29
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.
2
CAMDEN PROPERTY TRUST ANNOUNCES FOURTH QUARTER 2025 OPERATING RESULTS,
2026 FINANCIAL OUTLOOK, AND FIRST QUARTER 2026 DIVIDEND
Houston, Texas (February 5, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and twelve months ended December 31, 2025. 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 twelve months ended December 31, 2025 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 December 31,
Twelve Months Ended December 31,
Per Diluted Share
2025
2024
2025
2024
EPS(1)
$1.44
$0.37
$3.54
$1.50
FFO
$1.73
$1.68
$6.77
$6.70
Core FFO
$1.76
$1.73
$6.88
$6.85
Core AFFO
$1.46
$1.46
$5.90
$5.88
Three Months Ended
4Q25 Guidance
4Q25 Guidance
Per Diluted Share
December 31, 2025
Midpoint
Variance
EPS(1)
$1.44
$0.35
$1.09
FFO
$1.73
$1.70
$0.03
Core FFO
$1.76
$1.73
$0.03
(1) For the three and twelve months ended December 31, 2025, EPS included approximately $0.12 per share of impairments associated with undeveloped land parcels. For the twelve months ended December 31, 2024, EPS included approximately $0.37 per share of impairments associated with undeveloped land parcels.
Quarterly Growth
Sequential Growth
Year-To-Date Growth
Same Property Results
4Q25 vs. 4Q24
4Q25 vs. 3Q25
2025 vs. 2024
Revenues
0.5%
(0.8)%
0.8%
Expenses
1.5%
(5.1)%
1.7%
Net Operating Income ("NOI")
0.0%
1.7%
0.3%
Same Property Results
4Q25
4Q24
3Q25
Occupancy
95.2%
95.3%
95.5%
For 2025, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.
Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Date Effective (1)
4Q25
4Q24
Effective New Lease Rates
(5.3)%
(4.7)%
Effective Renewal Rates
2.8%
3.3%
Effective Blended Lease Rates
(1.6)%
(1.1)%
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
Occupancy, Bad Debt and Turnover Data
4Q25
4Q24
Occupancy
95.2%
95.3%
Bad Debt
0.7%
0.7%
Annualized Gross Turnover
40%
41%
Annualized Net Turnover
30%
31%
Development Activity
During the quarter, lease-up was completed at Camden Long Meadow Farms in Richmond, TX and leasing continued at Camden Village District in Raleigh, NC.
Development Communities - Construction Completed and Project in Lease-Up ($ in millions)
Total
Total
% Leased
Community Name
Location
Homes
Cost
as of 1/31/2026
Camden Village District
Raleigh, NC
369
$139.2
60
%
Development Communities - Construction Ongoing ($ in millions)
Total
Total
Community Name
Location
Homes
Estimated Cost
Camden South Charlotte
Charlotte, NC
420
$157.0
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 acquired Camden Lake Buena Vista, a 322-apartment home community located in Orlando, FL for approximately $85.2 million. Also during the quarter, the Company disposed of two operating communities that operated as one dual-phased community in Houston, TX and one operating community in Phoenix, AZ comprising a total of 979 apartment homes for approximately $201.0 million and recognized a gain of approximately $128.0 million.
Subsequent to quarter end, the Company began marketing for sale 11 operating communities in California.
Share Repurchase
During the quarter, Camden repurchased 2,065,276 common shares at an average price of $106.82 per share for a total of $220.6 million. Year to date, Camden repurchased 2,531,018 common shares at an average share price of $106.92 for a total of $270.6 million. Subsequent to quarter end, Camden repurchased 1,096,807 common shares at an average price of $110.03 for a total of $120.7 million.
T1In February 2026, Camden's Board of Trust Managers authorized a new share repurchase program up to $600.0 million. The Company currently has $600.0 million remaining under this stock repurchase program.
Liquidity Analysis
T2As of December 31, 2025, Camden had approximately $635.2 million of liquidity comprised of approximately $25.2 million in cash and cash equivalents, and approximately $610.0 million of availability under its unsecured credit facility and commercial paper program. At quarter-end, the Company had approximately $213.8 million left to fund under its existing wholly-owned development pipeline.
Earnings Guidance
T3Camden provided initial earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.
1Q26
2026
Per Diluted Share
Range
Midpoint
Range
Midpoint
EPS
$0.22 - $0.26
$0.24
$0.40 - $0.70
$0.55
FFO
$1.61 - $1.65
$1.63
$6.46 - $6.76
$6.61
Core FFO(1)
$1.64 - $1.68
$1.66
$6.60 - $6.90
$6.75
(1) The Company's 2026 core FFO guidance excludes approximately $0.14 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.
A reconciliation of 2026 Core FFO per share guidance as compared to 2025 actual results is detailed below.
2025 Core FFO per share - actual
$
6.880
Nonrecurring fee and asset management income
(0.040)
Lower same property NOI growth
(0.045)
Higher general overhead and other corporate expenses
(0.045)
2026 Core FFO per share - midpoint guidance
$
6.750
2026
Same Property Growth Guidance
Range
Midpoint
Revenues
(0.25%) - 1.75%
0.75%
Expenses
2.25% - 3.75%
3.00%
NOI
(2.50%) - 1.50%
(0.50)%
For 2026, the Company defines same property communities as communities owned and stabilized since January 1, 2025, including properties currently being marketed for sale.
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.
Quarterly Dividend Declaration
Camden's Board of Trust Managers declared a first quarter 2026 dividend of $1.06 per common share payable on April 17, 2026 to shareholders of record as of March 31, 2026. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company's past performance and future prospects, as described in this press release.
Conference Call
Friday, February 6, 2026 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 7679266
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 172 properties containing 58,759 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 59,921 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 18 consecutive years, most recently ranking #18. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
3
CAMDEN
FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Property revenues
$390,794
$386,319
$1,573,544
$1,543,842
Adjusted EBITDAre
232,194
226,587
912,583
898,753
Net income (loss) attributable to common shareholders
156,036
40,691
384,462
163,293
Per share - basic
1.44
0.37
3.54
1.50
Per share - diluted
1.44
0.37
3.54
1.50
Funds from operations
189,501
185,012
744,829
738,020
Per share - diluted
1.73
1.68
6.77
6.70
Core funds from operations
193,074
190,379
757,225
753,996
Per share - diluted
1.76
1.73
6.88
6.85
Core adjusted funds from operations
160,240
161,272
649,051
647,593
Per share - diluted
1.46
1.46
5.90
5.88
Dividends per share
1.05
1.03
4.20
4.12
Dividend payout ratio (FFO)
60.7
%
61.3
%
62.0
%
61.5
%
Interest expensed
34,079
32,565
138,239
129,815
Interest capitalized
3,505
3,525
14,058
17,871
Total interest incurred
37,584
36,090
152,297
147,686
Net Debt to Annualized Adjusted EBITDAre (a)
4.1x
3.8x
4.1x
3.9x
Interest expense coverage ratio
6.8x
7.0x
6.6x
6.9x
Total interest coverage ratio
6.2x
6.3x
6.0x
6.1x
Fixed charge expense coverage ratio
6.8x
7.0x
6.6x
6.9x
Total fixed charge coverage ratio
6.2x
6.3x
6.0x
6.1x
Unencumbered real estate assets (at cost) to unsecured debt ratio
3.5x
3.8x
3.5x
3.8x
Same property NOI growth (b) (c)
0.0
%
1.2
%
0.3
%
1.1
%
(# of apartment homes included)
54,625
55,866
54,625
55,866
Same property turnover
Gross turnover of apartment homes (annualized)
40
%
41
%
47
%
50
%
Net turnover (excludes on-site transfers and transfers to other Camden communities)
30
%
31
%
36
%
39
%
As of December 31,
As of December 31,
2025
2024
2025
2024
Total assets
$9,042,989
$8,852,144
$9,042,989
$8,852,144
Total debt
$3,900,790
$3,485,591
$3,900,790
$3,485,591
Common and common equivalent shares, outstanding end of period (d)
107,807
110,121
107,807
110,121
Share price, end of period
$110.08
$116.04
$110.08
$116.04
Book equity value, end of period (e)
$4,438,253
$4,747,189
$4,438,253
$4,747,189
Market equity value, end of period (f)
$11,867,395
$12,778,441
$11,867,395
$12,778,441
(a) 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.
(b) "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale.
(c) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.
(d) Includes at December 31, 2025: 106,213 common shares (including 82 common share equivalents related to share awards), plus 1,594 common share equivalents upon the assumed conversion of non-controlling units.
(e) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
(f) Includes: common shares, common units, and common share equivalents.
Note: Please refer to pages 25 - 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
4
CAMDEN
OPERATING RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
OPERATING DATA
Property revenues (a)
$390,794
$386,319
$1,573,544
$1,543,842
Property expenses
Property operating and maintenance
90,514
90,571
369,889
365,681
Real estate taxes
47,408
47,440
196,821
193,124
Total property expenses
137,922
138,011
566,710
558,805
Non-property income
Fee and asset management
5,282
1,540
12,967
7,137
Interest and other income/(loss)
100
(22)
256
4,420
Income/(loss) on deferred compensation plans
2,963
(2,511)
19,260
12,629
Total non-property income/(loss)
8,345
(993)
32,483
24,186
Other expenses
Property management
8,995
9,274
37,452
38,331
Fee and asset management
797
659
3,074
2,200
General and administrative
19,841
18,673
79,344
72,365
Interest
34,079
32,565
138,239
129,815
Depreciation and amortization
150,191
145,474
611,025
582,014
Expense/(benefit) on deferred compensation plans
2,963
(2,511)
19,260
12,629
Total other expenses
216,866
204,134
888,394
837,354
Impairment associated with land development activities
(12,916)
—
(12,916)
(40,988)
Loss on early retirement of debt
—
—
—
(921)
Gain on sale of operating properties
127,972
—
260,910
43,806
Income from continuing operations before income taxes
159,407
43,181
398,917
173,766
Income tax expense
(1,449)
(572)
(4,019)
(2,926)
Net income
157,958
42,609
394,898
170,840
Net income allocated to non-controlling interests
(1,922)
(1,918)
(10,436)
(7,547)
Net income attributable to common shareholders
$156,036
$40,691
$384,462
$163,293
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income
$157,958
$42,609
$394,898
$170,840
Other comprehensive income
Unrealized gain on cash flow hedging activities
—
—
—
85
Unrealized loss and unamortized prior service cost on post retirement obligation
(212)
(18)
(212)
(18)
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation
350
351
1,403
2,159
Comprehensive income
158,096
42,942
396,089
173,066
Net income allocated to non-controlling interests
(1,922)
(1,918)
(10,436)
(7,547)
Comprehensive income attributable to common shareholders
$156,174
$41,024
$385,653
$165,519
PER SHARE DATA
Total earnings per common share - basic
$1.44
$0.37
$3.54
$1.50
Total earnings per common share - diluted
1.44
0.37
3.54
1.50
Weighted average number of common shares outstanding:
Basic
107,821
108,428
108,376
108,491
Diluted
108,617
108,515
108,434
108,539
(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 December 31, 2025, we recognized $390.8 million of property revenue which consisted of approximately $347.7 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 $386.3 million recognized for the three months ended December 31, 2024, made up of approximately $344.9 million of rental revenue and approximately $41.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.
For the twelve months ended December 31, 2025, we recognized $1,573.5 million of property revenue which consisted of approximately $1,399.9 million of rental revenue and approximately $173.6 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $1,543.8 million of property revenue recognized for the twelve months ended December 31, 2024, made up of approximately $1,376.0 million of rental revenue and approximately $167.8 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 $12.1 million and $11.0 million for the three months ended December 31, 2025 and 2024, respectively and was $46.9 million and $42.9 million for the twelve months ended December 30, 2025 and 2024, respectively.
Note: Please refer to pages 25 - 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
5
CAMDEN
FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
FUNDS FROM OPERATIONS
Net income attributable to common shareholders
$156,036
$40,691
$384,462
$163,293
Real estate depreciation and amortization
146,599
142,403
597,925
569,998
Income allocated to non-controlling interests
1,922
1,918
10,436
7,547
Gain on sale of operating properties
(127,972)
—
(260,910)
(43,806)
Impairment associated with land development activities
12,916
—
12,916
40,988
Funds from operations
$189,501
$185,012
$744,829
$738,020
Less: Casualty-related expenses, net of (recoveries) (a)
59
3,080
(1,354)
5,849
Plus: Severance (b)
—
—
—
506
Plus: Legal costs and settlements (b)
2,277
1,577
8,611
4,844
Plus: Loss on early retirement of debt
—
—
—
921
Plus: Expensed transaction, development, and other pursuit costs (b)
1,131
710
4,789
2,203
Plus: Advocacy contributions (c)
—
—
—
1,653
Plus: Other miscellaneous items (a)
106
—
350
—
Core funds from operations
$193,074
$190,379
$757,225
$753,996
Less: Recurring capitalized expenditures (d)
(32,834)
(29,107)
(108,174)
(106,403)
Core adjusted funds from operations
$160,240
$161,272
$649,051
$647,593
PER SHARE DATA
Funds from operations - diluted
$1.73
$1.68
$6.77
$6.70
Core funds from operations - diluted
1.76
1.73
6.88
6.85
Core adjusted funds from operations - diluted
1.46
1.46
5.90
5.88
Distributions declared per common share
1.05
1.03
4.20
4.12
Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted
109,486
110,109
110,028
110,133
PROPERTY DATA
Total operating properties (end of period) (e)
172
174
172
174
Total operating apartment homes in operating properties (end of period) (e)
58,759
58,858
58,759
58,858
Total operating apartment homes (weighted average)
58,615
58,588
59,095
58,405
.
(a) Non-core adjustment generally recorded within Property NOI.
(b) Non-core adjustment generally recorded within General and Administrative Expenses.
(c) Non-core adjustment generally recorded within Property Management 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 25 - 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
6
CAMDEN
BALANCE SHEETS
(In thousands)
(Unaudited)
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Mar 31,
2025
Dec 31,
2024
ASSETS
Real estate assets, at cost
Land
$1,787,445
$1,791,077
$1,789,207
$1,763,468
$1,722,526
Buildings and improvements
11,792,960
11,812,521
11,763,017
11,550,852
11,319,460
13,580,405
13,603,598
13,552,224
13,314,320
13,041,986
Accumulated depreciation
(5,296,061)
(5,234,087)
(5,128,622)
(5,011,583)
(4,867,422)
Net operating real estate assets
8,284,344
8,369,511
8,423,602
8,302,737
8,174,564
Properties under development and land
419,227
384,124
380,437
403,657
401,542
Total real estate assets
8,703,571
8,753,635
8,804,039
8,706,394
8,576,106
Accounts receivable – affiliates
8,884
8,889
8,889
8,950
8,991
Other assets, net (a)
293,292
255,333
262,100
239,999
234,838
Cash and cash equivalents
25,203
25,931
33,091
26,182
21,045
Restricted cash
12,039
11,378
11,454
11,607
11,164
Total assets
$9,042,989
$9,055,166
$9,119,573
$8,993,132
$8,852,144
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured
$3,570,193
$3,409,691
$3,495,487
$3,405,255
$3,155,233
Secured
330,597
330,536
330,476
330,416
330,358
Accounts payable and accrued expenses
248,087
232,960
206,018
195,197
215,179
Accrued real estate taxes
92,382
129,697
91,954
46,192
78,529
Distributions payable
114,971
115,518
116,007
115,983
113,549
Other liabilities (b)
248,506
224,989
219,635
212,871
212,107
Total liabilities
4,604,736
4,443,391
4,459,577
4,305,914
4,104,955
Equity
Common shares of beneficial interest
1,157
1,157
1,157
1,157
1,158
Additional paid-in capital
5,948,938
5,945,277
5,941,893
5,936,982
5,930,729
Distributions in excess of net income attributable to common shareholders
(969,240)
(1,011,983)
(1,007,075)
(973,416)
(897,931)
Treasury shares
(620,497)
(400,185)
(350,166)
(351,092)
(359,732)
Accumulated other comprehensive income (c)
2,165
2,027
1,676
1,325
974
Total common equity
4,362,523
4,536,293
4,587,485
4,614,956
4,675,198
Non-controlling interests
75,730
75,482
72,511
72,262
71,991
Total equity
4,438,253
4,611,775
4,659,996
4,687,218
4,747,189
Total liabilities and equity
$9,042,989
$9,055,166
$9,119,573
$8,993,132
$8,852,144
(a) Includes net deferred charges of:
$534
$1,296
$1,953
$2,730
$2,675
(b) Includes deferred revenues of:
$614
$624
$692
$760
$767
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.
7
CAMDEN
PORTFOLIO STATISTICS
(Unaudited)
COMMUNITY PORTFOLIO AT DECEMBER 31, 2025 (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
5,940
—
—
—
5,940
Atlanta, GA
4,036
234
—
—
4,270
SE Florida
3,050
—
—
—
3,050
Orlando, FL
3,954
322
—
—
4,276
Tampa, FL
3,104
360
—
—
3,464
Charlotte, NC
3,123
387
—
769
4,279
Denver, CO
2,873
—
—
—
2,873
Raleigh, NC
3,252
420
369
—
4,041
Austin, TX
3,360
678
—
—
4,038
San Diego/Inland Empire, CA
1,797
—
—
—
1,797
Los Angeles/Orange County, CA
1,812
—
—
—
1,812
Nashville, TN
758
435
—
393
1,586
Total Portfolio
54,625
3,765
369
1,162
59,921
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)
"Same Property" Communities
Operating Communities (b)
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Mar 31,
2025
Dec 31,
2024
D.C. Metro (a)
14.3
%
13.5
%
96.1
%
96.7
%
97.3
%
97.1
%
96.8
%
Houston, TX
9.9
%
10.9
%
94.2
%
94.8
%
95.1
%
95.1
%
95.1
%
Phoenix, AZ
8.3
%
7.7
%
95.0
%
94.9
%
94.4
%
95.4
%
95.4
%
Dallas, TX
7.9
%
7.5
%
94.9
%
95.4
%
95.3
%
95.0
%
94.9
%
Atlanta, GA
7.5
%
7.3
%
95.2
%
95.8
%
95.3
%
95.1
%
93.9
%
SE Florida
7.0
%
6.7
%
95.2
%
95.2
%
95.5
%
95.2
%
94.8
%
Orlando, FL
7.1
%
6.9
%
96.1
%
95.9
%
95.7
%
95.8
%
95.3
%
Tampa, FL
6.3
%
6.7
%
94.9
%
94.9
%
95.4
%
96.3
%
96.9
%
Charlotte, NC
5.4
%
5.7
%
94.6
%
95.1
%
95.4
%
95.2
%
95.2
%
Denver, CO
6.0
%
5.6
%
95.1
%
96.6
%
97.0
%
95.0
%
95.7
%
Raleigh, NC
5.0
%
5.5
%
94.5
%
95.4
%
95.6
%
95.6
%
95.5
%
Austin, TX
4.2
%
4.7
%
95.5
%
95.2
%
94.7
%
93.6
%
93.5
%
San Diego/Inland Empire, CA
4.9
%
4.6
%
95.5
%
95.8
%
96.1
%
95.7
%
95.7
%
Los Angeles/Orange County, CA
4.6
%
4.6
%
95.3
%
95.5
%
95.6
%
94.1
%
93.6
%
Nashville, TN
1.6
%
2.1
%
93.6
%
94.8
%
94.8
%
92.2
%
92.8
%
Total Portfolio
100.0
%
100.0
%
95.1
%
95.5
%
95.6
%
95.3
%
95.2
%
(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.
8
CAMDEN
COMPONENTS OF PROPERTY
NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
Apartment
Three Months Ended December 31,
Twelve Months Ended December 31,
Property Revenues
Homes
2025
2024
Change
2025
2024
Change
"Same Property" Communities (a)
54,625
$362,003
$360,266
$1,737
$1,453,229
$1,442,248
$10,981
Non-"Same Property" Communities (b)
3,765
21,998
13,009
8,989
78,094
45,542
32,552
Development and Lease-Up Communities (c)
1,531
1,077
—
1,077
2,185
—
2,185
Disposition/Other (d)
—
5,716
13,044
(7,328)
40,036
56,052
(16,016)
Total Property Revenues
59,921
$390,794
$386,319
$4,475
$1,573,544
$1,543,842
$29,702
Property Expenses
"Same Property" Communities (a)
54,625
$126,159
$124,332
$1,827
$516,732
$508,107
$8,625
Non-"Same Property" Communities (b)
3,765
8,474
4,885
3,589
31,491
19,987
11,504
Development and Lease-Up Communities (c)
1,531
701
—
701
1,500
6
1,494
Disposition/Other (d)
—
2,588
8,794
(6,206)
16,987
30,705
(13,718)
Total Property Expenses
59,921
$137,922
$138,011
($89)
$566,710
$558,805
$7,905
Property Net Operating Income
"Same Property" Communities (a)
54,625
$235,844
$235,934
($90)
$936,497
$934,141
$2,356
Non-"Same Property" Communities (b)
3,765
13,524
8,124
5,400
46,603
25,555
21,048
Development and Lease-Up Communities (c)
1,531
376
—
376
685
(6)
691
Disposition/Other (d)
—
3,128
4,250
(1,122)
23,049
25,347
(2,298)
Total Property Net Operating Income
59,921
$252,872
$248,308
$4,564
$1,006,834
$985,037
$21,797
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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, 2024, 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, 2024, 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.
9
CAMDEN
COMPONENTS OF PROPERTY
SEQUENTIAL NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
Three Months Ended
Apartment
December 31,
September 30,
June 30,
March 31,
December 31,
Property Revenues
Homes
2025
2025
2025
2025
2024
"Same Property" Communities (a)
54,625
$362,003
$364,954
$364,478
$361,794
$360,266
Non-"Same Property" Communities (b)
3,765
21,998
21,300
19,036
15,760
13,009
Development and Lease-Up Communities (c)
1,531
1,077
790
283
35
—
Disposition/Other (d)
—
5,716
8,632
12,712
12,976
13,044
Total Property Revenues
59,921
$390,794
$395,676
$396,509
$390,565
$386,319
Property Expenses
"Same Property" Communities (a)
54,625
$126,159
$132,982
$130,920
$126,671
$124,332
Non-"Same Property" Communities (b)
3,765
8,474
8,537
7,897
6,583
4,885
Development and Lease-Up Communities (c)
1,531
701
538
230
31
—
Disposition/Other (d)
—
2,588
3,639
4,625
6,135
8,794
Total Property Expenses
59,921
$137,922
$145,696
$143,672
$139,420
$138,011
Property Net Operating Income
"Same Property" Communities (a)
54,625
$235,844
$231,972
$233,558
$235,123
$235,934
Non-"Same Property" Communities (b)
3,765
13,524
12,763
11,139
9,177
8,124
Development and Lease-Up Communities (c)
1,531
376
252
53
4
—
Disposition/Other (d)
—
3,128
4,993
8,087
6,841
4,250
Total Property Net Operating Income
59,921
$252,872
$249,980
$252,837
$251,145
$248,308
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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, 2024, 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, 2024, 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.
10
CAMDEN
"SAME PROPERTY"
FOURTH QUARTER COMPARISONS
December 31, 2025
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes
Revenues
Expenses
NOI
Quarterly Results (a)(b)
Included
4Q25
4Q24
Growth
4Q25
4Q24
Growth
4Q25
4Q24
Growth
D.C. Metro
6,194
$48,873
$47,640
2.6
%
$15,222
$14,717
3.4
%
$33,651
$32,923
2.2
%
Houston, TX
7,278
40,319
40,315
0.0
%
16,969
15,859
7.0
%
23,350
24,456
(4.5)
%
Phoenix, AZ
4,094
27,099
27,489
(1.4)
%
7,605
7,256
4.8
%
19,494
20,233
(3.7)
%
Dallas, TX
5,940
33,208
33,376
(0.5)
%
14,392
13,734
4.8
%
18,816
19,642
(4.2)
%
Atlanta, GA
4,036
25,700
25,243
1.8
%
8,122
9,947
(18.3)
%
17,578
15,296
14.9
%
SE Florida
3,050
26,530
26,313
0.8
%
10,083
9,521
5.9
%
16,447
16,792
(2.1)
%
Orlando, FL
3,954
25,097
24,968
0.5
%
8,250
8,315
(0.8)
%
16,847
16,653
1.2
%
Tampa, FL
3,104
23,577
23,724
(0.6)
%
8,652
8,027
7.8
%
14,925
15,697
(4.9)
%
Denver, CO
2,873
20,304
20,279
0.1
%
6,152
6,065
1.4
%
14,152
14,214
(0.4)
%
Charlotte, NC
3,123
18,391
18,557
(0.9)
%
5,766
5,580
3.3
%
12,625
12,977
(2.7)
%
Raleigh, NC
3,252
17,518
17,588
(0.4)
%
5,629
5,169
8.9
%
11,889
12,419
(4.3)
%
San Diego/Inland Empire, CA
1,797
16,258
15,961
1.9
%
4,672
4,888
(4.4)
%
11,586
11,073
4.6
%
Los Angeles/Orange County, CA
1,812
16,785
15,965
5.1
%
5,832
5,471
6.6
%
10,953
10,494
4.4
%
Austin, TX
3,360
17,268
17,801
(3.0)
%
7,480
7,904
(5.4)
%
9,788
9,897
(1.1)
%
Nashville, TN
758
5,076
5,047
0.6
%
1,333
1,879
(29.1)
%
3,743
3,168
18.2
%
Total Same Property
54,625
$362,003
$360,266
0.5
%
$126,159
$124,332
1.5
%
$235,844
$235,934
0.0
%
Weighted Average Monthly
Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Quarterly Results (b)
Contribution
4Q25
4Q24
Growth
4Q25
4Q24
Growth
4Q25
4Q24
Growth
D.C. Metro
14.3
%
96.1
%
96.8
%
(0.7)
%
$2,390
$2,313
3.3
%
$2,736
$2,649
3.3
%
Houston, TX
9.9
%
94.5
%
95.1
%
(0.6)
%
1,655
1,651
0.2
%
1,954
1,942
0.6
%
Phoenix, AZ
8.3
%
95.2
%
95.4
%
(0.2)
%
1,960
1,991
(1.6)
%
2,319
2,347
(1.2)
%
Dallas, TX
7.9
%
94.9
%
94.9
%
0.0
%
1,697
1,709
(0.7)
%
1,964
1,974
(0.5)
%
Atlanta, GA
7.5
%
95.3
%
94.3
%
1.0
%
1,915
1,914
0.1
%
2,227
2,210
0.8
%
SE Florida
7.0
%
95.2
%
94.8
%
0.4
%
2,698
2,690
0.3
%
3,045
3,034
0.4
%
Orlando, FL
7.1
%
96.1
%
95.3
%
0.8
%
1,916
1,928
(0.6)
%
2,203
2,209
(0.3)
%
Tampa, FL
6.3
%
95.2
%
96.9
%
(1.7)
%
2,318
2,298
0.9
%
2,658
2,630
1.1
%
Denver, CO
6.0
%
95.1
%
95.7
%
(0.6)
%
2,132
2,142
(0.5)
%
2,476
2,457
0.7
%
Charlotte, NC
5.4
%
94.5
%
95.1
%
(0.6)
%
1,797
1,808
(0.6)
%
2,076
2,083
(0.3)
%
Raleigh, NC
5.0
%
94.8
%
95.5
%
(0.7)
%
1,602
1,606
(0.2)
%
1,894
1,888
0.3
%
San Diego/Inland Empire, CA
4.9
%
95.5
%
95.7
%
(0.2)
%
2,817
2,791
0.9
%
3,157
3,095
2.1
%
Los Angeles/Orange County, CA
4.6
%
95.3
%
93.6
%
1.7
%
2,895
2,858
1.3
%
3,241
3,136
3.4
%
Austin, TX
4.2
%
95.3
%
94.1
%
1.2
%
1,513
1,587
(4.7)
%
1,797
1,877
(4.2)
%
Nashville, TN
1.6
%
93.7
%
92.8
%
0.9
%
2,202
2,223
(0.9)
%
2,381
2,389
(0.3)
%
Total Same Property
100.0
%
95.2
%
95.3
%
(0.1)
%
$2,008
$2,006
0.1
%
$2,320
$2,307
0.6
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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) "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.
11
CAMDEN
"SAME PROPERTY"
SEQUENTIAL QUARTER COMPARISONS
December 31, 2025
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes
Revenues
Expenses
NOI
Quarterly Results (a)(b)
Included
4Q25
3Q25
Growth
4Q25
3Q25
Growth
4Q25
3Q25
Growth
D.C. Metro
6,194
$48,873
$49,263
(0.8)
%
$15,222
$15,601
(2.4)
%
$33,651
$33,662
0.0
%
Houston, TX
7,278
40,319
40,591
(0.7)
%
16,969
17,326
(2.1)
%
23,350
23,265
0.4
%
Phoenix, AZ
4,094
27,099
27,310
(0.8)
%
7,605
7,948
(4.3)
%
19,494
19,362
0.7
%
Dallas, TX
5,940
33,208
33,514
(0.9)
%
14,392
14,536
(1.0)
%
18,816
18,978
(0.9)
%
Atlanta, GA
4,036
25,700
25,904
(0.8)
%
8,122
10,057
(19.2)
%
17,578
15,847
10.9
%
SE Florida
3,050
26,530
26,630
(0.4)
%
10,083
10,110
(0.3)
%
16,447
16,520
(0.4)
%
Orlando, FL
3,954
25,097
25,348
(1.0)
%
8,250
8,877
(7.1)
%
16,847
16,471
2.3
%
Tampa, FL
3,104
23,577
23,568
0.0
%
8,652
8,855
(2.3)
%
14,925
14,713
1.4
%
Denver, CO
2,873
20,304
20,805
(2.4)
%
6,152
6,562
(6.2)
%
14,152
14,243
(0.6)
%
Charlotte, NC
3,123
18,391
18,702
(1.7)
%
5,766
5,968
(3.4)
%
12,625
12,734
(0.9)
%
Raleigh, NC
3,252
17,518
17,644
(0.7)
%
5,629
6,117
(8.0)
%
11,889
11,527
3.1
%
San Diego/Inland Empire, CA
1,797
16,258
16,306
(0.3)
%
4,672
5,227
(10.6)
%
11,586
11,079
4.6
%
Los Angeles/Orange County, CA
1,812
16,785
16,689
0.6
%
5,832
5,934
(1.7)
%
10,953
10,755
1.8
%
Austin, TX
3,360
17,268
17,501
(1.3)
%
7,480
8,200
(8.8)
%
9,788
9,301
5.2
%
Nashville, TN
758
5,076
5,179
(2.0)
%
1,333
1,664
(19.9)
%
3,743
3,515
6.5
%
Total Same Property
54,625
$362,003
$364,954
(0.8)
%
$126,159
$132,982
(5.1)
%
$235,844
$231,972
1.7
%
Weighted Average Monthly
Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Quarterly Results (b)
Contribution
4Q25
3Q25
Growth
4Q25
3Q25
Growth
4Q25
3Q25
Growth
D.C. Metro
14.3
%
96.1
%
96.7
%
(0.6)
%
$2,390
$2,387
0.1
%
$2,736
$2,741
(0.2)
%
Houston, TX
9.9
%
94.5
%
94.7
%
(0.2)
%
1,655
1,658
(0.2)
%
1,954
1,963
(0.5)
%
Phoenix, AZ
8.3
%
95.2
%
94.9
%
0.3
%
1,960
1,972
(0.6)
%
2,319
2,344
(1.1)
%
Dallas, TX
7.9
%
94.9
%
95.4
%
(0.5)
%
1,697
1,701
(0.2)
%
1,964
1,971
(0.4)
%
Atlanta, GA
7.5
%
95.3
%
95.9
%
(0.6)
%
1,915
1,914
0.1
%
2,227
2,231
(0.2)
%
SE Florida
7.0
%
95.2
%
95.2
%
0.0
%
2,698
2,704
(0.2)
%
3,045
3,057
(0.4)
%
Orlando, FL
7.1
%
96.1
%
95.9
%
0.2
%
1,916
1,926
(0.5)
%
2,203
2,228
(1.2)
%
Tampa, FL
6.3
%
95.2
%
95.4
%
(0.2)
%
2,318
2,328
(0.4)
%
2,658
2,652
0.2
%
Denver, CO
6.0
%
95.1
%
96.6
%
(1.5)
%
2,132
2,145
(0.6)
%
2,476
2,499
(0.9)
%
Charlotte, NC
5.4
%
94.5
%
95.2
%
(0.7)
%
1,797
1,806
(0.5)
%
2,076
2,096
(1.0)
%
Raleigh, NC
5.0
%
94.8
%
95.4
%
(0.6)
%
1,602
1,605
(0.2)
%
1,894
1,895
(0.1)
%
San Diego/Inland Empire, CA
4.9
%
95.5
%
95.8
%
(0.3)
%
2,817
2,818
0.0
%
3,157
3,156
0.0
%
Los Angeles/Orange County, CA
4.6
%
95.3
%
95.5
%
(0.2)
%
2,895
2,889
0.2
%
3,241
3,215
0.8
%
Austin, TX
4.2
%
95.3
%
95.1
%
0.2
%
1,513
1,536
(1.5)
%
1,797
1,825
(1.5)
%
Nashville, TN
1.6
%
93.7
%
95.4
%
(1.7)
%
2,202
2,224
(1.0)
%
2,381
2,388
(0.3)
%
Total Same Property
100.0
%
95.2
%
95.5
%
(0.3)
%
$2,008
$2,014
(0.3)
%
$2,320
$2,330
(0.5)
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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) "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.
12
CAMDEN
"SAME PROPERTY"
YEAR TO DATE COMPARISONS
December 31, 2025
(In thousands, except property data amounts)
(Unaudited)
Apartment
Homes
Revenues
Expenses
NOI
Year to Date Results (a)(b)
Included
2025
2024
Growth
2025
2024
Growth
2025
2024
Growth
D.C. Metro
6,194
$194,944
$188,373
3.5
%
$61,204
$59,317
3.2
%
$133,740
$129,056
3.6
%
Houston, TX
7,278
161,970
160,735
0.8
%
69,718
67,095
3.9
%
92,252
93,640
(1.5)
%
Phoenix, AZ
4,094
109,282
109,788
(0.5)
%
30,776
29,154
5.6
%
78,506
80,634
(2.6)
%
Dallas, TX
5,940
133,730
134,360
(0.5)
%
57,816
56,125
3.0
%
75,914
78,235
(3.0)
%
Atlanta, GA
4,036
102,789
102,135
0.6
%
35,388
38,476
(8.0)
%
67,401
63,659
5.9
%
SE Florida
3,050
106,246
106,583
(0.3)
%
39,861
38,918
2.4
%
66,385
67,665
(1.9)
%
Orlando, FL
3,954
100,921
100,675
0.2
%
35,993
36,979
(2.7)
%
64,928
63,696
1.9
%
Tampa, FL
3,104
94,584
93,899
0.7
%
33,954
32,915
3.2
%
60,630
60,984
(0.6)
%
Denver, CO
2,873
82,033
80,929
1.4
%
25,178
24,463
2.9
%
56,855
56,466
0.7
%
Charlotte, NC
3,123
74,339
74,352
0.0
%
23,386
22,390
4.4
%
50,953
51,962
(1.9)
%
Raleigh, NC
3,252
70,425
70,518
(0.1)
%
23,321
21,963
6.2
%
47,104
48,555
(3.0)
%
San Diego/Inland Empire, CA
1,797
64,871
63,023
2.9
%
19,806
19,604
1.0
%
45,065
43,419
3.8
%
Los Angeles/Orange County, CA
1,812
66,403
63,690
4.3
%
22,874
22,187
3.1
%
43,529
41,503
4.9
%
Austin, TX
3,360
70,203
72,574
(3.3)
%
31,366
31,228
0.4
%
38,837
41,346
(6.1)
%
Nashville, TN
758
20,489
20,614
(0.6)
%
6,091
7,293
(16.5)
%
14,398
13,321
8.1
%
Total Same Property
54,625
$1,453,229
$1,442,248
0.8
%
$516,732
$508,107
1.7
%
$936,497
$934,141
0.3
%
Weighted Average Monthly
Weighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (c)
Revenue per Occupied Home (d)
Year to Date Results (b)
Contribution
2025
2024
Growth
2025
2024
Growth
2025
2024
Growth
D.C. Metro
14.3
%
96.8
%
96.7
%
0.1
%
$2,365
$2,278
3.8
%
$2,710
$2,619
3.4
%
Houston, TX
9.9
%
94.8
%
95.0
%
(0.2)
%
1,656
1,647
0.5
%
1,956
1,937
1.0
%
Phoenix, AZ
8.4
%
95.0
%
94.8
%
0.2
%
1,976
1,995
(1.0)
%
2,340
2,358
(0.7)
%
Dallas, TX
8.1
%
95.2
%
95.0
%
0.2
%
1,701
1,719
(1.0)
%
1,971
1,985
(0.7)
%
Atlanta, GA
7.2
%
95.4
%
94.4
%
1.0
%
1,912
1,944
(1.6)
%
2,224
2,233
(0.4)
%
SE Florida
7.1
%
95.3
%
96.0
%
(0.7)
%
2,700
2,687
0.5
%
3,048
3,034
0.4
%
Orlando, FL
7.0
%
95.9
%
95.4
%
0.5
%
1,922
1,933
(0.6)
%
2,218
2,223
(0.3)
%
Tampa, FL
6.5
%
95.6
%
96.1
%
(0.5)
%
2,321
2,303
0.8
%
2,656
2,625
1.2
%
Denver, CO
6.1
%
95.9
%
96.3
%
(0.4)
%
2,140
2,123
0.8
%
2,481
2,439
1.8
%
Charlotte, NC
5.4
%
95.1
%
94.7
%
0.4
%
1,802
1,812
(0.6)
%
2,086
2,094
(0.4)
%
Raleigh, NC
5.0
%
95.3
%
95.2
%
0.1
%
1,603
1,611
(0.5)
%
1,894
1,899
(0.2)
%
San Diego/Inland Empire, CA
4.8
%
95.8
%
95.8
%
0.0
%
2,809
2,765
1.6
%
3,140
3,052
2.9
%
Los Angeles/Orange County, CA
4.6
%
95.1
%
93.5
%
1.6
%
2,885
2,865
0.7
%
3,210
3,127
2.7
%
Austin, TX
4.1
%
95.0
%
94.2
%
0.8
%
1,544
1,619
(4.6)
%
1,833
1,912
(4.1)
%
Nashville, TN
1.5
%
94.1
%
94.2
%
(0.1)
%
2,223
2,246
(1.0)
%
2,395
2,405
(0.5)
%
Total Same Property
100.0
%
95.4
%
95.3
%
0.1
%
$2,010
$2,006
0.2
%
$2,322
$2,306
0.7
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, 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) "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 rates 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.
13
CAMDEN
"SAME PROPERTY" OPERATING EXPENSE
DETAIL AND COMPARISONS
December 31, 2025
(In thousands)
(Unaudited)
% of Actual
4Q25 Operating
Quarterly Comparison (a) (b)
4Q25
4Q24
$ Change
% Change
Expenses
Property Taxes
$43,034
$43,609
($575)
(1.3)
%
34.1
%
Salaries and Benefits for On-site Employees
23,626
23,791
(165)
(0.7)
%
18.8
%
Utilities
25,403
25,353
50
0.2
%
20.1
%
Repairs and Maintenance
15,426
14,884
542
3.6
%
12.2
%
Property Insurance
8,366
6,794
1,572
23.1
%
6.6
%
General and Administrative
6,319
6,227
92
1.5
%
5.0
%
Marketing and Leasing
2,973
2,573
400
15.5
%
2.4
%
Other
1,012
1,101
(89)
(8.1)
%
0.8
%
Total Same Property
$126,159
$124,332
$1,827
1.5
%
100.0
%
% of Actual
4Q25 Operating
Sequential Comparison (a) (b)
4Q25
3Q25
$ Change
% Change
Expenses
Property Taxes
$43,034
$44,596
($1,562)
(3.5)
%
34.1
%
Salaries and Benefits for On-site Employees
23,626
25,300
(1,674)
(6.6)
%
18.8
%
Utilities
25,403
26,051
(648)
(2.5)
%
20.1
%
Repairs and Maintenance
15,426
17,505
(2,079)
(11.9)
%
12.2
%
Property Insurance
8,366
8,273
93
1.1
%
6.6
%
General and Administrative
6,319
6,378
(59)
(0.9)
%
5.0
%
Marketing and Leasing
2,973
3,840
(867)
(22.6)
%
2.4
%
Other
1,012
1,039
(27)
(2.6)
%
0.8
%
Total Same Property
$126,159
$132,982
($6,823)
(5.1)
%
100.0
%
% of Actual
2025 Operating
Year to Date Comparison (a) (b)
2025
2024
$ Change
% Change
Expenses
Property Taxes
$177,511
$177,447
$64
—
%
34.4
%
Salaries and Benefits for On-site Employees
97,042
94,078
2,964
3.2
%
18.8
%
Utilities
102,953
100,669
2,284
2.3
%
19.9
%
Repairs and Maintenance
66,291
65,841
450
0.7
%
12.8
%
Property Insurance
31,366
31,006
360
1.2
%
6.1
%
General and Administrative
25,393
24,098
1,295
5.4
%
4.9
%
Marketing and Leasing
12,007
10,543
1,464
13.9
%
2.3
%
Other
4,169
4,425
(256)
(5.8)
%
0.8
%
Total Same Property
$516,732
$508,107
$8,625
1.7
%
100.0
%
(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
(b) "Same Property" results exclude results from other expenses, including casualty-related expenses net of recoveries and severance related costs.
14
CAMDEN
CURRENT DEVELOPMENT COMMUNITIES
(Unaudited)
AS OF DECEMBER 31, 2025 ($ in millions)
Estimated/Actual Dates for
Completed Communities in Lease-Up
Total
Cost to
Construction
Initial
Construction
Stabilized
As of 1/31/2026
Homes
Date
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden Village District
369
$139.2
2Q22
1Q25
3Q25
1Q27
60%
56%
Raleigh, NC
Estimated/Actual Dates for
Total
Total
Cost to
Amount
Construction
Initial
Construction
Stabilized
As of 1/31/2026
Development Communities
Homes
Estimated Cost
Date
in CIP
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden South Charlotte
420
$157.0
$117.3
$117.3
2Q24
2Q26
2Q27
4Q28
Charlotte, NC
2.
Camden Blakeney
349
151.0
84.3
84.3
2Q24
4Q26
3Q27
3Q28
Charlotte, NC
3.
Camden Nations
393
184.0
76.6
76.6
1Q25
1Q28
3Q28
2Q30
Nashville, TN
Total Development Communities
1,162
$492.0
$278.2
$278.2
—%
—%
Additional Development Pipeline and Land(a)
141.0
Total Properties Under Development and Land (per Balance Sheet)
$419.2
NOI Contribution from Development Communities ($ in millions)
Cost to Date
4Q25 NOI
Communities that Stabilized During Quarter
$72.7
$0.5
Completed Communities in Lease-Up
139.2
0.4
Total Development Communities NOI Contribution
$211.9
$0.9
(a) Please refer to the Development Pipeline Summary on page 18.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
15
CAMDEN
DEVELOPMENT PIPELINE & LAND
(Unaudited)
AS OF DECEMBER 31, 2025 ($ in millions)
Projected
Total
PIPELINE COMMUNITIES
Homes
Estimated Cost (a)
Cost to Date
1.
Camden Baker
434
$191.0
$40.1
Denver, CO
2.
Camden Gulch
498
300.0
56.0
Nashville, TN
Development Pipeline
932
$491.0
$96.1
Other (b)
$44.9
Total Development Pipeline and Land
$141.0
(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking estimates are not guarantees of future performances, results, or events. Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasts and estimates routinely require adjustment.
(b) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
16
CAMDEN
ACQUISITIONS & DISPOSITIONS
(Unaudited)
2025 ACQUISITION & DISPOSITION ACTIVITY ($ in millions, except per unit amounts)
2025 Acquisitions
Location
Purchase Price
Homes
Monthly Rental Rate
Year Built
Closing Date
1.
Camden Leander
Leander, TX
$67.7
352 Homes
$1,401
2023
1/23/2025
2.
Camden West Nashville
Nashville, TN
131.3
435 Homes
1,816
2020
2/27/2025
3.
Camden Clearwater
Clearwater, FL
138.7
360 Homes
2,542
2020
5/22/2025
4.
Camden Lake Buena Vista
Orlando, FL
85.2
322 Homes
1,922
2018
12/4/2025
Total/Average Acquisitions
$422.9
1,469 Homes
$1,918
2025 Dispositions
Location
Sales Price
Homes
Monthly Rental Rate
Year Built
Closing Date
1.
Camden Midtown
Houston, TX
$60.0
337 Homes
$1,545
1999
6/12/2025
2.
Camden Cimarron
Irving, TX
53.5
286 Homes
1,564
1992
7/9/2025
3.
Camden Royal Oaks I/II
Houston, TX
60.0
340 Homes
1,654
2006/2012
7/30/2025
4.
Camden City Centre I/II
Houston, TX
124.0
647 Homes
1,589
2007/2013
11/13/2025
5.
Camden Copper Square
Phoenix, AZ
77.0
332 Homes
1,608
2000
11/20/2025
Total/Average Disposition
$374.5
1,942 Homes
$1,592
17
CAMDEN
DEBT ANALYSIS
(In thousands, except property data amounts)
(Unaudited)
DEBT MATURITIES AS OF DECEMBER 31, 2025:
Future Scheduled Repayments (a)
Year
Amortization
Secured
Maturities
Unsecured Maturities
Total
% of Total
Weighted Average Interest Rate on Maturing Debt (b)
2026
$
(3,386)
$
24,000
$
544,917
$
565,531
14.5
%
5.0
%
2027
(2,433)
174,900
—
172,467
4.4
%
3.9
%
2028
(2,143)
132,025
400,000
529,882
13.6
%
3.8
%
2029
(1,767)
—
600,000
598,233
15.3
%
3.8
%
2030
(939)
—
750,000
749,061
19.2
%
2.9
%
2031
(676)
—
—
(676)
—
%
—
%
2032
(710)
—
—
(710)
—
%
—
%
2033
(746)
—
—
(746)
—
%
—
%
2034
(136)
—
400,000
399,864
10.3
%
5.1
%
2035
(111)
—
—
(111)
—
%
—
%
Thereafter
(2,005)
—
300,000
297,995
7.6
%
3.4
%
Total Maturing Debt
($15,052)
$330,925
$2,994,917
$3,310,790
84.9
%
3.9
%
Unsecured Line of Credit & Commercial Paper Program (c)
$—
$—
$590,000
$590,000
15.1
%
3.8
%
Total Debt
($15,052)
$330,925
$3,584,917
$3,900,790
100.0
%
3.9
%
Weighted Average Maturity of Debt (d)
4.8 Years
Weighted Average
FLOATING vs. FIXED RATE DEBT:
Balance
% of Total
Interest Rate (b)
Time to Maturity (d)
Floating rate debt
$1,133,919
29.1
%
4.4%
1.3 Years
Fixed rate debt
2,766,871
70.9
%
3.7%
6.2 Years
Total
$3,900,790
100.0
%
3.9%
4.8 Years
Weighted Average
SECURED vs. UNSECURED DEBT:
Balance
% of Total
Interest Rate (b)
Time to Maturity (d)
Unsecured debt
$3,570,193
91.5
%
3.9%
5.1 Years
Secured debt
330,597
8.5
%
3.9%
1.6 Years
Total
$3,900,790
100.0
%
3.9%
4.8 Years
REAL ESTATE ASSETS: (e)
Total Homes
% of Total
Total Cost
% of Total
4Q25 NOI
% of Total
Unencumbered real estate assets
55,311
92.3
%
$12,614,579
90.1%
$237,209
93.8
%
Encumbered real estate assets
4,610
7.7
%
1,385,053
9.9%
15,663
6.2
%
Total
59,921
100.0
%
$13,999,632
100.0%
$252,872
100.0
%
Ratio of unencumbered assets at cost to unsecured debt is
3.5x
(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 $590.0 million as of December 31, 2025. 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.
18
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
1Q 2026
($908)
$—
$—
($908)
N/A
2Q 2026
(898)
11,950
—
11,052
4.0
%
3Q 2026
(905)
—
40,000
39,095
5.1
%
4Q 2026
(675)
12,050
504,917
516,292
5.2
%
2026
($3,386)
$24,000
$544,917
$565,531
5.0
%
1Q 2027
($587)
$58,100
$—
$57,513
4.0
%
2Q 2027
(633)
51,350
—
50,717
3.8
%
3Q 2027
(615)
48,950
—
48,335
3.9
%
4Q 2027
(598)
16,500
—
15,902
3.8
%
2027
($2,433)
$174,900
$—
$172,467
3.9
%
(a) Maturities exclude unsecured Line of Credit and Commercial Paper Program.
19
CAMDEN
DEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Gross Asset Value
<
60%
23%
Yes
Secured Debt to Gross Asset Value
<
40%
2%
Yes
Consolidated Adjusted EBITDAre to Total Fixed Charges
>
150%
569%
Yes
Unsecured Debt to Gross Asset Value
<
60%
23%
Yes
SENIOR UNSECURED NOTES
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Total Asset Value
<
60%
27%
Yes
Total Secured Debt to Total Asset Value
<
40%
2%
Yes
Total Unencumbered Asset Value to Total Unsecured Debt
>
150%
362%
Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges
>
150%
607%
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.
20
CAMDEN
CAPITALIZED EXPENDITURES
& MAINTENANCE EXPENSE
(In thousands, except unit data)
(Unaudited)
Fourth Quarter 2025
Recurring Capitalized
Expensed
Item
Weighted Average Useful Life (a)
Total
Per Unit
Total
Per Unit
Interiors
Floor Coverings
4
years
$2,675
$46
$467
$8
Appliances
10
years
1,471
25
510
9
Painting
—
—
—
1,908
33
Cabinetry/Countertops
9
years
295
5
—
—
Other
7
years
2,388
41
1,926
32
Exteriors
Painting
7
years
1,542
26
—
—
Carpentry
10
years
827
14
—
—
Landscaping
5
years
1,563
27
3,157
54
Roofing
19
years
4,910
84
321
5
Site Drainage
10
years
153
2
—
—
Fencing/Stair
10
years
772
13
—
—
Other (b)
8
years
5,567
95
4,622
79
Common Areas
Mech., Elec., Plumbing
9
years
7,226
123
3,413
58
Parking/Paving
4
years
571
10
—
—
Pool/Exercise/Facility
6
years
2,874
49
451
8
Total Recurring (c)
$32,834
$560
$16,775
$286
Weighted Average Apartment Homes
58,615
58,615
Non-recurring & revenue enhancing capitalized expenditures (d)
$3,531
Reposition Expenditures (e)
10
years
$25,840
$34,316
Repositioned Apartment Homes
753
Year to Date 2025
Recurring Capitalized
Expensed
Item
Weighted Average Useful Life (a)
Total
Per Unit
Total
Per Unit
Interiors
Floor Coverings
4
years
$11,223
$190
$2,068
$35
Appliances
10
years
6,426
109
2,103
36
Painting
—
—
—
8,126
137
Cabinetry/Countertops
9
years
767
13
—
—
Other
7
years
9,264
157
7,421
126
Exteriors
Painting
7
years
3,545
60
—
—
Carpentry
10
years
2,297
39
—
—
Landscaping
5
years
4,041
68
14,482
245
Roofing
19
years
12,209
207
1,414
24
Site Drainage
10
years
503
9
—
—
Fencing/Stair
10
years
2,725
46
—
—
Other (b)
8
years
17,819
302
19,470
329
Common Areas
Mech., Elec., Plumbing
9
years
26,109
442
14,833
251
Parking/Paving
4
years
2,050
34
—
—
Pool/Exercise/Facility
6
years
9,196
155
2,242
38
Total Recurring (c)
$108,174
$1,831
$72,159
$1,221
Weighted Average Apartment Homes
59,095
59,095
Non-recurring & revenue enhancing capitalized expenditures (d)
$5,793
Reposition Expenditures (e)
10
years
$89,317
$29,634
Repositioned Apartment Homes
3,014
(a) Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2025.
(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(c) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(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 and twelve months ended December 31, 2025 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.
21
CAMDEN
2026 FINANCIAL OUTLOOK
AS OF FEBRUARY 5, 2026
(Unaudited)
Earnings Guidance - Per Diluted Share
Expected FFO per share - diluted
$6.46 - $6.76
Expected CORE FFO per share - diluted
$6.60 - $6.90
"Same Property" Communities
Number of Units - 2026
54,970
2025 Base Net Operating Income
$942 million
Total Revenue Growth
(0.25%) - 1.75%
Total Expense Growth
2.25% - 3.75%
Net Operating Income Growth
(2.50%) - 1.50%
Impact from 1.0% change in NOI Growth is approximately $0.09 / share
Capitalized Expenditures
T4Recurring
$113 - $117 million
Revenue Enhancing Capex and Repositions (a)
$77 - $81 million
Acquisitions/Dispositions
T5Acquisition Volume
$1.0 - $1.2 billion
Disposition Volume
$1.6 - $2.0 billion
Development
T6Development Starts
$140 - $335 million
Development Spend
$185 - $215 million
Non-Property Income
Fee and Asset Management Income
$8 - $10 million
Interest Income (b)
$2 - $4 million
Corporate Expenses
General and Administrative (G&A) Expenses
$81 - $85 million
Non-Core Adjustments included above in G&A (c)
$14 - $15 million
Property Management Expenses
$36 - $40 million
Fee and Asset Management Expenses
$2 - $3 million
Corporate G&A Depreciation/Amortization
$14 - $16 million
Income Tax Expenses
$3 - $4 million
Capital
Expected Share Repurchases (d)
$350 - $400 million
Expected Debt Transactions
$400 - $800 million
Expensed Interest
$142 - $146 million
Capitalized Interest
$16 - $18 million
(a) Revenue Enhancing Capex and Repositions are capital expenditures that improve a community's cash flow and competitive position, typically kitchen and bath upgrades, or other new amenities.
(b) Income anticipated to be earned from deposits on 1031 disposition proceeds.
(c) Non-Core Adjustments are items not considered part of our core business operations. Items recorded to General and Administrative Expenses generally includes legal costs and settlements and expensed transaction pursuit costs.
(d) Includes $120.7 million repurchased in January 2026.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. Additionally,
please refer to pages 25 - 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
22
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 December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Net income attributable to common shareholders
$156,036
$40,691
$384,462
$163,293
Real estate depreciation and amortization
146,599
142,403
597,925
569,998
Income allocated to non-controlling interests
1,922
1,918
10,436
7,547
Gain on sale of operating properties
(127,972)
—
(260,910)
(43,806)
Impairment associated with land development activities
12,916
—
12,916
40,988
Funds from operations
$189,501
$185,012
$744,829
$738,020
Less: Casualty-related expenses, net of (recoveries)
59
3,080
(1,354)
5,849
Plus: Severance
—
—
—
506
Plus: Legal costs and settlements
2,277
1,577
8,611
4,844
Plus: Loss on early retirement of debt
—
—
—
921
Plus: Expensed transaction, development, and other pursuit costs
1,131
710
4,789
2,203
Plus: Advocacy contributions
—
—
—
1,653
Plus: Miscellaneous other items
106
—
350
—
Core funds from operations
$193,074
$190,379
$757,225
$753,996
Less: Recurring capitalized expenditures
(32,834)
(29,107)
(108,174)
(106,403)
Core adjusted funds from operations
$160,240
$161,272
$649,051
$647,593
Weighted average number of common shares outstanding:
EPS diluted
108,617
108,515
108,434
108,539
FFO/Core FFO/ Core AFFO diluted
109,486
110,109
110,028
110,133
23
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 December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Total Earnings Per Common Share - Diluted
$1.44
$0.37
$3.54
$1.50
Real estate depreciation and amortization
1.33
1.28
5.39
5.16
Income allocated to non-controlling interests
0.01
0.03
0.09
0.07
Gain on sale of operating properties
(1.17)
—
(2.37)
(0.40)
Impairment associated with land development activities
0.12
—
0.12
0.37
FFO per common share - Diluted
$1.73
$1.68
$6.77
$6.70
Less: Casualty-related expenses, net of (recoveries)
—
0.03
(0.01)
0.05
Plus: Severance
—
—
—
—
Plus: Legal costs and settlements
0.02
0.01
0.08
0.04
Plus: Loss on early retirement of debt
—
—
—
0.02
Plus: Expensed transaction, development, and other pursuit costs
0.01
0.01
0.04
0.02
Plus: Advocacy contributions
—
—
—
0.02
Plus: Miscellaneous other items
—
—
—
—
Core FFO per common share - Diluted
$1.76
$1.73
$6.88
$6.85
Less: Recurring capitalized expenditures
(0.30)
(0.27)
(0.98)
(0.97)
Core AFFO per common share - Diluted
$1.46
$1.46
$5.90
$5.88
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:
1Q26
Range
2026
Range
Low
High
Low
High
Expected earnings per common share - diluted
$0.22
$0.26
$0.40
$0.70
Expected real estate depreciation and amortization
1.37
1.37
5.99
5.99
Expected income allocated to non-controlling interests
0.02
0.02
0.07
0.07
Expected FFO per share - diluted
$1.61
$1.65
$6.46
$6.76
Anticipated Adjustments to FFO
0.03
0.03
0.14
0.14
Expected Core FFO per share - diluted
$1.64
$1.68
$6.60
$6.90
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.
24
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 December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Net income
$157,958
$42,609
$394,898
$170,840
Less: Fee and asset management income
(5,282)
(1,540)
(12,967)
(7,137)
Less: Interest and other income/(loss)
(100)
22
(256)
(4,420)
Less: Income/(loss) on deferred compensation plans
(2,963)
2,511
(19,260)
(12,629)
Plus: Property management expense
8,995
9,274
37,452
38,331
Plus: Fee and asset management expense
797
659
3,074
2,200
Plus: General and administrative expense
19,841
18,673
79,344
72,365
Plus: Interest expense
34,079
32,565
138,239
129,815
Plus: Depreciation and amortization expense
150,191
145,474
611,025
582,014
Plus: Expense/(benefit) on deferred compensation plans
2,963
(2,511)
19,260
12,629
Plus: Impairment associated with land development activities
12,916
—
12,916
40,988
Plus: Loss on early retirement of debt
—
—
—
921
Less: Gain on sale of operating properties
(127,972)
—
(260,910)
(43,806)
Plus: Income tax expense
1,449
572
4,019
2,926
NOI
$252,872
$248,308
$1,006,834
$985,037
"Same Property" Communities
$235,844
$235,934
$936,497
$934,141
Non-"Same Property" Communities
13,524
8,124
46,603
25,555
Development and Lease-Up Communities
376
—
685
(6)
Disposition/Other
3,128
4,250
23,049
25,347
NOI
$252,872
$248,308
$1,006,834
$985,037
25
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 December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Net income
$157,958
$42,609
$394,898
$170,840
Plus: Interest expense
34,079
32,565
138,239
129,815
Plus: Depreciation and amortization expense
150,191
145,474
611,025
582,014
Plus: Income tax expense
1,449
572
4,019
2,926
Less: Gain on sale of operating properties
(127,972)
—
(260,910)
(43,806)
Plus: Impairment associated with land development activities
12,916
—
12,916
40,988
EBITDAre
$228,621
$221,220
$900,187
$882,777
Less: Casualty-related expenses, net of (recoveries)
59
3,080
(1,354)
5,849
Plus: Severance
—
—
—
506
Plus: Legal costs and settlements
2,277
1,577
8,611
4,844
Plus: Loss on early retirement of debt
—
—
—
921
Plus: Expensed transaction, development, and other pursuit costs
1,131
710
4,789
2,203
Plus: Advocacy contributions
—
—
—
1,653
Plus: Miscellaneous other items
106
—
350
—
Adjusted EBITDAre
$232,194
$226,587
$912,583
$898,753
Annualized Adjusted EBITDAre
$928,776
$906,348
$912,583
$898,753
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 December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Unsecured notes payable
$3,485,644
$3,169,511
$3,459,543
$3,207,170
Secured notes payable
330,577
330,338
330,486
330,251
Total average debt
3,816,221
3,499,849
3,790,029
3,537,421
Less: Average cash and cash equivalents
(12,428)
(11,022)
(13,654)
(43,782)
Net debt
$3,803,793
$3,488,827
$3,776,375
$3,493,639
Net Debt to Annualized Adjusted EBITDAre:
Three months ended December 31,
Twelve months ended December 31,
2025
2024
2025
2024
Net debt
$3,803,793
$3,488,827
$3,776,375
$3,493,639
Annualized Adjusted EBITDAre
928,776
906,348
912,583
898,753
Net Debt to Annualized Adjusted EBITDAre
4.1x
3.8x
4.1x
3.9x
26
CAMDEN
OTHER DEFINITIONS
(Unaudited)
Bad Debt: Represents bad debt expense and reserves as a percentage of rental revenues.
Core FFO: Represents FFO as further adjusted for items not considered part of our core business operations, such as casualty-related expenses, net of recoveries, severance, legal costs and settlements, net of recoveries, loss on early retirement of debt, expensed transaction, development and other pursuit costs, net of recoveries, 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 includes severance, legal costs and settlements, net of recoveries, and expensed transaction, developments, and other pursuit costs. Items recorded to Property Management Expenses may include advocacy contributions. Items recorded to Interest and Other Income may include miscellaneous revenues/expenses.
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: For 2025, stabilized communities not owned or stabilized since January 1, 2024, 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: For 2025, communities wholly owned by the Company and stabilized since January 1, 2024, 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.
27
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:
Q1 '26
Q2 '26
Q3 '26
Q4 '26
Earnings Release & Conference Call
Late April
Late July
Early November
Early February
Dividend Information - Common Shares:
Q1 '25
Q2 '25
Q3 '25
Q4 '25
Declaration Date
2/6/2025
6/16/2025
9/15/2025
12/3/2025
Record Date
3/31/2025
6/30/2025
9/30/2025
12/17/2025
Payment Date
4/17/2025
7/17/2025
10/17/2025
1/16/2026
Distributions Per Share
$1.05
$1.05
$1.05
$1.05
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.
28
CAMDEN
COMMUNITY TABLE
Community statistics as of 12/31/2025
(Unaudited)
4Q25 Avg Monthly
4Q25 Avg Monthly
Year Placed
Average
Apartment
4Q25 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
Camden Chandler
Chandler
AZ
2016
1,146
380
95%
$1,900
$1.66
$2,258
$1.97
Camden Foothills
Scottsdale
AZ
2014
1,032
220
97%
2,157
2.09
2,589
2.51
Camden Legacy
Scottsdale
AZ
1996
1,067
428
96%
1,980
1.85
2,332
2.19
Camden Montierra
Scottsdale
AZ
1999
1,071
249
96%
1,934
1.81
2,316
2.16
Camden North End
Phoenix
AZ
2019
921
441
95%
1,993
2.16
2,376
2.58
Camden North End II
Phoenix
AZ
2021
885
343
95%
2,020
2.28
2,365
2.67
Camden Old Town Scottsdale
Scottsdale
AZ
2016
892
316
95%
2,174
2.44
2,478
2.78
Camden Pecos Ranch
Chandler
AZ
2001
949
272
95%
1,673
1.76
2,011
2.12
Camden San Marcos
Scottsdale
AZ
1995
984
320
94%
1,868
1.90
2,189
2.22
Camden San Paloma
Scottsdale
AZ
1993/1994
1,042
324
97%
2,006
1.93
2,352
2.26
Camden Sotelo
Tempe
AZ
2008/2012
1,303
170
95%
1,931
1.48
2,395
1.84
Camden Tempe
Tempe
AZ
2015
1,043
234
92%
1,900
1.82
2,304
2.21
Camden Tempe II
Tempe
AZ
2023
981
397
95%
1,926
1.96
2,243
2.29
TOTAL ARIZONA
13
Properties
1,012
4,094
95%
1,960
1.94
2,319
2.29
Camden Crown Valley
Mission Viejo
CA
2001
1,009
380
95%
2,901
2.88
3,220
3.19
Camden Glendale
Glendale
CA
2015
893
307
95%
2,866
3.21
3,189
3.57
Camden Harbor View
Long Beach
CA
2004/2016
980
548
95%
2,938
3.00
3,325
3.39
Camden Main and Jamboree
Irvine
CA
2008
1,011
290
96%
2,849
2.82
3,208
3.17
The Camden
Hollywood
CA
2016
767
287
96%
2,881
3.76
3,188
4.16
Total Los Angeles/Orange County
5
Properties
942
1,812
95%
2,895
3.07
3,241
3.44
Camden Hillcrest
San Diego
CA
2021
1,223
132
97%
3,679
3.01
4,084
3.34
Camden Landmark
Ontario
CA
2006
982
469
96%
2,343
2.38
2,645
2.69
Camden Old Creek
San Marcos
CA
2007
1,037
350
95%
3,057
2.95
3,389
3.27
Camden Sierra at Otay Ranch
Chula Vista
CA
2003
962
422
95%
2,932
3.05
3,270
3.40
Camden Tuscany
San Diego
CA
2003
895
160
95%
3,210
3.59
3,596
4.02
Camden Vineyards
Murrieta
CA
2002
1,053
264
95%
2,490
2.37
2,860
2.72
Total San Diego/Inland Empire
6
Properties
1,009
1,797
96%
2,817
2.79
3,157
3.13
TOTAL CALIFORNIA
11
Properties
975
3,609
95%
2,856
2.93
3,198
3.28
Camden Belleview Station
Denver
CO
2009
888
270
97%
1,949
2.19
2,250
2.53
Camden Caley
Englewood
CO
2000
921
218
96%
1,963
2.13
2,256
2.45
Camden Denver West
Golden
CO
1997
1,015
320
95%
2,376
2.34
2,735
2.69
Camden Flatirons
Denver
CO
2015
960
424
95%
2,068
2.16
2,476
2.58
Camden Highlands Ridge
Highlands Ranch
CO
1996
1,149
342
95%
2,372
2.06
2,736
2.38
Camden Interlocken
Broomfield
CO
1999
1,002
340
95%
2,149
2.15
2,535
2.53
Camden Lakeway
Littleton
CO
1997
929
459
94%
2,147
2.31
2,470
2.66
Camden Lincoln Station
Lone Tree
CO
2017
844
267
96%
1,898
2.25
2,172
2.57
Camden RiNo
Denver
CO
2020
828
233
96%
2,146
2.59
2,507
3.03
TOTAL COLORADO
9
Properties
957
2,873
95%
2,132
2.23
2,476
2.59
Camden Ashburn Farm
Ashburn
VA
2000
1,062
162
95%
2,368
2.23
2,669
2.51
Camden College Park
College Park
MD
2008
945
509
96%
1,980
2.10
2,302
2.44
Camden Dulles Station
Oak Hill
VA
2009
977
382
97%
2,444
2.50
2,769
2.83
Camden Fair Lakes
Fairfax
VA
1999
1,056
530
95%
2,449
2.32
2,824
2.68
Camden Fairfax Corner
Fairfax
VA
2006
934
489
96%
2,442
2.61
2,827
3.03
Camden Fallsgrove
Rockville
MD
2004
996
268
98%
2,306
2.32
2,629
2.64
Camden Grand Parc
Washington
DC
2002
671
107
98%
2,924
4.36
3,318
4.94
Camden Lansdowne
Leesburg
VA
2002
1,006
690
96%
2,392
2.38
2,721
2.71
Camden Monument Place
Fairfax
VA
2007
856
368
98%
2,208
2.58
2,522
2.95
Camden Noma
Washington
DC
2014
769
321
96%
2,381
3.09
2,755
3.58
Camden Noma II
Washington
DC
2017
759
405
96%
2,428
3.20
2,792
3.68
Camden Potomac Yard
Arlington
VA
2008
832
378
97%
2,518
3.02
2,885
3.47
Camden Roosevelt
Washington
DC
2003
856
198
95%
3,395
3.96
3,837
4.48
Camden Shady Grove
Rockville
MD
2018
877
457
95%
2,196
2.50
2,501
2.85
Camden Silo Creek
Ashburn
VA
2004
975
284
97%
2,379
2.44
2,727
2.80
Camden South Capitol
Washington
DC
2013
821
281
94%
2,539
3.09
2,988
3.64
Camden Washingtonian
Gaithersburg
MD
2018
870
365
97%
2,264
2.60
2,558
2.94
TOTAL DC METRO
17
Properties
913
6,194
96%
2,390
2.62
2,736
3.00
Camden Atlantic
Plantation
FL
2022
919
269
98%
2,554
2.78
2,865
3.12
Camden Aventura
Aventura
FL
1995
1,108
379
94%
2,640
2.38
3,040
2.74
Camden Boca Raton
Boca Raton
FL
2014
843
261
98%
2,679
3.18
3,008
3.57
Camden Brickell
Miami
FL
2003
937
405
94%
3,062
3.27
3,364
3.59
Camden Doral
Miami
FL
1999
1,120
260
93%
2,734
2.44
3,071
2.74
Camden Doral Villas
Miami
FL
2000
1,253
232
96%
2,947
2.35
3,233
2.58
Camden Las Olas
Ft. Lauderdale
FL
2004
1,043
420
97%
2,777
2.66
3,185
3.05
Camden Plantation
Plantation
FL
1997
1,201
502
94%
2,464
2.05
2,806
2.34
Camden Portofino
Pembroke Pines
FL
1995
1,112
322
93%
2,496
2.24
2,866
2.58
Total Southeast Florida
9
Properties
1,065
3,050
95%
2,698
2.53
3,045
2.86
29
CAMDEN
COMMUNITY TABLE
Community statistics as of 12/31/2025
(Unaudited)
4Q25 Avg Monthly
4Q25 Avg Monthly
Year Placed
Average
Apartment
4Q25 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
Camden Hunters Creek
Orlando
FL
2000
1,075
270
96%
$1,856
$1.73
$2,170
$2.02
Camden Lago Vista
Orlando
FL
2005
955
366
96%
1,798
1.88
2,107
2.21
Camden Lake Buena Vista
Orlando
FL
2018
1,056
322
97%
1,922
1.82
636
0.60
Camden Lake Eola
Orlando
FL
2021
944
360
97%
2,454
2.60
2,796
2.96
Camden LaVina
Orlando
FL
2012
969
420
96%
1,852
1.91
2,152
2.22
Camden Lee Vista
Orlando
FL
2000
937
492
97%
1,814
1.94
2,122
2.26
Camden North Quarter
Orlando
FL
2016
806
333
97%
1,897
2.35
2,107
2.62
Camden Orange Court
Orlando
FL
2008
817
268
97%
1,765
2.16
2,051
2.51
Camden Thornton Park
Orlando
FL
2016
920
299
96%
2,127
2.31
2,408
2.62
Camden Town Square
Orlando
FL
2012
983
438
96%
1,816
1.85
2,070
2.10
Camden Waterford Lakes
Orlando
FL
2014
971
300
95%
1,922
1.98
2,186
2.25
Camden World Gateway
Orlando
FL
2000
979
408
94%
1,841
1.88
2,113
2.16
Total Orlando
12
Properties
952
4,276
96%
1,917
2.01
2,083
2.19
Camden Bay
Tampa
FL
1997/2001
943
760
96%
1,855
1.97
2,203
2.34
Camden Central
St. Petersburg
FL
2019
942
368
96%
3,478
3.69
3,939
4.18
Camden Clearwater
Clearwater
FL
2020
1,111
360
93%
2,542
2.29
2,825
2.54
Camden Montague
Tampa
FL
2012
972
192
96%
1,931
1.99
2,232
2.30
Camden Pier District
St. Petersburg
FL
2016
989
358
95%
3,572
3.61
3,810
3.85
Camden Preserve
Tampa
FL
1996
942
276
94%
2,117
2.25
2,478
2.63
Camden Royal Palms
Brandon
FL
2006
1,017
352
94%
1,772
1.74
2,092
2.06
Camden Visconti
Tampa
FL
2007
1,125
450
94%
2,014
1.79
2,344
2.08
Camden Westchase Park
Tampa
FL
2012
992
348
96%
2,136
2.15
2,470
2.49
Total Tampa
9
Properties
1,003
3,464
95%
2,342
2.34
2,677
2.67
TOTAL FLORIDA
30
Properties
1,000
10,790
95%
2,274
2.27
2,544
2.54
Camden Brookwood
Atlanta
GA
2002
916
359
94%
1,618
1.77
1,934
2.11
Camden Buckhead
Atlanta
GA
2022
1,087
366
97%
2,458
2.26
2,794
2.57
Camden Buckhead Square
Atlanta
GA
2015
827
250
95%
1,708
2.07
1,922
2.32
Camden Creekstone
Atlanta
GA
2002
990
223
94%
1,673
1.69
1,972
1.99
Camden Deerfield
Alpharetta
GA
2000
1,187
292
98%
1,987
1.67
2,312
1.95
Camden Dunwoody
Atlanta
GA
1997
1,007
324
97%
1,759
1.75
2,091
2.08
Camden Fourth Ward
Atlanta
GA
2014
844
276
98%
2,039
2.41
2,314
2.74
Camden Midtown Atlanta
Atlanta
GA
2001
935
296
90%
1,726
1.85
2,051
2.19
Camden Paces
Atlanta
GA
2015
1,408
379
97%
2,849
2.02
3,161
2.25
Camden Peachtree City
Peachtree City
GA
2001
1,027
399
95%
1,796
1.75
2,105
2.05
Camden Phipps
Atlanta
GA
1996
1,010
234
94%
1,779
1.76
2,071
2.05
Camden Shiloh
Kennesaw
GA
1999/2002
1,143
232
95%
1,657
1.45
1,947
1.70
Camden St. Clair
Atlanta
GA
1997
999
336
95%
1,735
1.74
2,064
2.07
Camden Stockbridge
Stockbridge
GA
2003
1,009
304
91%
1,514
1.50
1,812
1.80
TOTAL GEORGIA
14
Properties
1,036
4,270
95%
1,907
1.84
2,220
2.14
Camden Ballantyne
Charlotte
NC
1998
1,048
400
94%
1,767
1.69
2,079
1.98
Camden Cotton Mills
Charlotte
NC
2002
905
180
93%
1,708
1.89
2,038
2.25
Camden Dilworth
Charlotte
NC
2006
857
145
93%
1,765
2.06
2,073
2.42
Camden Fairview
Charlotte
NC
1983
1,036
135
94%
1,553
1.50
1,826
1.76
Camden Foxcroft
Charlotte
NC
1979
940
156
93%
1,429
1.52
1,698
1.81
Camden Foxcroft II
Charlotte
NC
1985
874
100
93%
1,550
1.77
1,861
2.13
Camden Gallery
Charlotte
NC
2017
743
323
96%
1,903
2.56
2,166
2.92
Camden Grandview
Charlotte
NC
2000
1,060
285
93%
2,120
2.00
2,363
2.23
Camden Grandview II
Charlotte
NC
2019
2,241
28
86%
4,001
1.79
4,227
1.89
Camden NoDa
Charlotte
NC
2023
789
387
95%
1,754
2.22
1,999
2.53
Camden Sedgebrook
Charlotte
NC
1999
972
368
96%
1,649
1.70
1,952
2.01
Camden South End
Charlotte
NC
2003
878
299
94%
1,841
2.10
2,105
2.40
Camden Southline
Charlotte
NC
2015
831
266
97%
2,030
2.44
2,272
2.74
Camden Stonecrest
Charlotte
NC
2001
1,098
306
96%
1,756
1.60
2,048
1.87
Camden Touchstone
Charlotte
NC
1986
899
132
93%
1,437
1.60
1,707
1.90
Total Charlotte
15
Properties
936
3,510
95%
1,792
1.91
2,069
2.21
Camden Asbury Village
Raleigh
NC
2009
1,009
350
96%
1,570
1.56
1,821
1.80
Camden Carolinian
Raleigh
NC
2017
1,118
186
93%
2,328
2.08
2,509
2.24
Camden Crest
Raleigh
NC
2001
1,012
442
95%
1,496
1.48
1,808
1.79
Camden Durham
Durham
NC
2024
892
420
93%
1,687
1.89
1,884
2.11
Camden Governor's Village
Chapel Hill
NC
1999
1,046
242
94%
1,675
1.60
2,014
1.93
Camden Lake Pine
Apex
NC
1999
1,066
446
97%
1,634
1.53
1,953
1.83
Camden Manor Park
Raleigh
NC
2006
966
484
92%
1,522
1.57
1,804
1.87
Camden Overlook
Raleigh
NC
2001
1,060
322
94%
1,649
1.56
1,946
1.84
Camden Reunion Park
Apex
NC
2000/2004
972
420
95%
1,448
1.49
1,754
1.81
Camden Village District
Raleigh
NC
2025
844
369
Lease-Up
1,922
2.28
1,104
1.31
Camden Westwood
Morrisville
NC
1999
1,022
360
94%
1,548
1.51
1,850
1.81
Total Raleigh
11
Properties
992
4,041
95%
1,640
1.65
1,826
1.84
TOTAL NORTH CAROLINA
26
Properties
966
7,551
95%
1,711
1.77
1,939
2.01
30
CAMDEN
COMMUNITY TABLE
Community statistics as of 12/31/2025
(Unaudited)
4Q25 Avg Monthly
4Q25 Avg Monthly
Year Placed
Average
Apartment
4Q25 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
Camden Franklin Park
Franklin
TN
2018
967
328
94%
2,010
2.08
2,201
2.28
Camden Music Row
Nashville
TN
2016
903
430
93%
2,349
2.60
2,524
2.79
Camden West Nashville
Nashville
TN
2020
822
435
93%
1,816
2.21
2,016
2.45
TOTAL TENNESSEE
3
Properties
891
1,193
94%
2,062
2.31
2,249
2.52
Camden Amber Oaks
Austin
TX
2009
862
348
95%
$1,350
$1.57
$1,664
$1.93
Camden Amber Oaks II
Austin
TX
2012
910
244
94%
1,424
1.56
1,752
1.92
Camden Brushy Creek
Cedar Park
TX
2008
882
272
95%
1,409
1.60
1,650
1.87
Camden Cedar Hills
Austin
TX
2008
911
208
97%
1,569
1.72
1,867
2.05
Camden Gaines Ranch
Austin
TX
1997
955
390
97%
1,842
1.93
2,176
2.28
Camden Huntingdon
Austin
TX
1995
903
398
95%
1,476
1.63
1,778
1.97
Camden La Frontera
Austin
TX
2015
901
300
95%
1,447
1.61
1,684
1.87
Camden Lamar Heights
Austin
TX
2015
838
314
97%
1,714
2.05
1,929
2.30
Camden Leander
Leander
TX
2023
931
352
Lease-Up
1,401
1.50
1,517
1.63
Camden Rainey Street
Austin
TX
2016
873
326
97%
2,015
2.31
2,259
2.59
Camden Shadow Brook
Austin
TX
2009
909
496
94%
1,336
1.47
1,600
1.76
Camden Stoneleigh
Austin
TX
2001
908
390
94%
1,582
1.74
1,872
2.06
Total Austin
12
Properties
900
4,038
96%
1,544
1.72
1,813
2.01
Camden Addison
Addison
TX
1996
942
456
94%
1,582
1.68
1,852
1.97
Camden Belmont
Dallas
TX
2010/2012
946
477
93%
1,801
1.90
2,056
2.17
Camden Buckingham
Richardson
TX
1997
919
464
96%
1,524
1.66
1,845
2.01
Camden Centreport
Ft. Worth
TX
1997
912
268
92%
1,518
1.66
1,828
2.00
Camden Design District
Dallas
TX
2009
939
355
95%
1,672
1.78
1,910
2.03
Camden Farmers Market
Dallas
TX
2001/2005
934
906
95%
1,516
1.62
1,766
1.89
Camden Greenville
Dallas
TX
2017/2018
1,028
558
97%
2,084
2.03
2,249
2.19
Camden Henderson
Dallas
TX
2012
966
106
93%
1,953
2.02
2,226
2.30
Camden Legacy Creek
Plano
TX
1995
831
240
96%
1,653
1.99
1,925
2.32
Camden Legacy Park
Plano
TX
1996
870
276
95%
1,766
2.03
2,042
2.35
Camden Panther Creek
Frisco
TX
2009
946
295
94%
1,679
1.78
2,004
2.12
Camden Riverwalk
Grapevine
TX
2008
989
600
95%
1,845
1.87
2,138
2.16
Camden Valley Park
Irving
TX
1986
743
516
95%
1,371
1.84
1,661
2.23
Camden Victory Park
Dallas
TX
2016
861
423
97%
2,019
2.34
2,277
2.64
Total Dallas/Ft. Worth
14
Properties
920
5,940
95%
1,697
1.84
1,964
2.13
Camden Cypress Creek
Cypress
TX
2009
993
310
93%
1,538
1.55
1,814
1.83
Camden Cypress Creek II
Cypress
TX
2020
950
234
94%
1,588
1.67
1,883
1.98
Camden Downs at Cinco Ranch
Katy
TX
2004
1,075
318
93%
1,637
1.52
1,928
1.79
Camden Downtown
Houston
TX
2020
1,052
271
97%
2,583
2.46
2,922
2.78
Camden Grand Harbor
Katy
TX
2008
959
300
95%
1,478
1.54
1,729
1.80
Camden Greenway
Houston
TX
1999
861
756
97%
1,549
1.80
1,846
2.14
Camden Heights
Houston
TX
2004
927
352
95%
1,661
1.79
1,966
2.12
Camden Highland Village
Houston
TX
2014/2015
1,172
552
91%
2,507
2.14
2,729
2.33
Camden Holly Springs
Houston
TX
1999
934
548
95%
1,454
1.56
1,748
1.87
Camden Long Meadow Farms
Richmond
TX
2024
1,462
188
95%
2,363
1.62
2,363
1.62
Camden McGowen Station
Houston
TX
2018
1,004
315
95%
2,078
2.07
2,375
2.36
Camden Northpointe
Tomball
TX
2008
940
384
94%
1,416
1.51
1,709
1.82
Camden Plaza
Houston
TX
2007
915
271
95%
1,799
1.97
2,080
2.27
Camden Post Oak
Houston
TX
2003
1,200
356
97%
2,694
2.25
3,037
2.53
Camden Spring Creek
Spring
TX
2004
1,080
304
95%
1,528
1.42
1,811
1.68
Camden Stonebridge
Houston
TX
1993
845
204
94%
1,293
1.53
1,572
1.86
Camden Sugar Grove
Stafford
TX
1997
921
380
94%
1,448
1.57
1,705
1.85
Camden Travis Street
Houston
TX
2010
819
253
91%
1,499
1.83
1,790
2.19
Camden Vanderbilt
Houston
TX
1996/1997
863
894
94%
1,671
1.94
1,996
2.31
Camden Whispering Oaks
Houston
TX
2008
936
274
97%
1,487
1.59
1,779
1.90
Camden Woodmill Creek
Spring
TX
2024
1,434
189
93%
2,405
1.68
2,674
1.86
Camden Woodson Park
Houston
TX
2008
916
248
93%
1,394
1.52
1,701
1.86
Camden Yorktown
Houston
TX
2008
995
306
88%
1,413
1.42
1,677
1.69
Total Houston
23
Properties
986
8,207
94%
1,746
1.77
2,030
2.06
TOTAL TEXAS
49
Properties
946
18,185
95%
1,685
1.78
1,960
2.07
TOTAL PROPERTIES
172
Properties
967
58,759
95%
$2,008
$2.08
$2,300
$2.38
31
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 3 | — | 5 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Same property NOI pressure
“For 2026, Same Property NOI growth is expected to be between (2.50%) and 1.50%.”
Theme · Effective new lease rates decline
“Effective New Lease Rates (5.3)% for 4Q25 vs. (4.7)% for 4Q24.”
Source: SEC EDGAR · public domain · Highlights by Palanor