CPTCamden Property Trust

3 paragraphs in Risk Factors of the 10-K filed Feb 12, 2026 with nothing like them in the 10-K filed Feb 20, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 29 Real estate companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

•increased costs, including those driven by tariffs, regulatory changes, or other supplychain cost escalations such as higher prices for materials, equipment, contracted services, compliance requirements, or constraints in global or domestic supply chains; and

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We use technology in substantially all aspects of our business operations, including internet and cloud-based systems and applications. We also use mobile devices, social networking, outside vendors, and various platforms to connect with our employees, suppliers, and residents. As we have incorporated and may continue to incorporate the use of generative artificial intelligence and other advancing technologies, any breach, interruption, or security failure of those technologies, or any non-compliance with applicable laws, could have a negative impact on our business operations, results of operations, financial condition, or reputation.

Information security risks have escalated as a result of these emerging technologies and the heightened sophistication and activity levels of cyber-attack perpetrators. Cyber-attacks can include third parties gaining unauthorized access to our data, including sensitive information about our residents, as well as our vendors' data or information technology systems. These attacks may occur through stolen credentials, computer malware, phishing attacks, ransomware, and other deliberate attempts to compromise information security.

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New in the latest 10-Q

16 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

Sale of Operating Properties. During the three months ended September 30, 2026, we sold 11 operating properties, comprised of 3,620 apartment homes in Los Angeles/Orange County and San Diego/Inland Empire, California, for an aggregate of approximately $ 1.6 billion in July 2026. We recognized a gain of approximately $ 973.0 million, which is included in gain on sale of operating properties, including land in our condensed consolidated statements of income and comprehensive income. During the third quarter of 2026, approximately $ 0.9 billion of the proceeds were used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program. As of September 30, 2026, approximately $ 427.0 million of the proceeds remained in restricted cash held by a qualified intermediary in connection with Section 1031 exchange transactions. In addition, approximately $ 121.7 million of additional proceeds from the sale were in cash and cash equivalents as of September 30, 2026.

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In October 2026, we sold approximately 2.6 acres of land in Los Angeles, California for approximately $ 10.7 million.

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Impairments. For the three and nine months ended September 30, 2026, we recognized impairment charges of approximately $85.2 million related to land holdings for two projects we have put on hold for the foreseeable future. These charges reflect the difference between the estimated fair value of each parcel and its carrying value. These impairments included the original purchase price and other capitalized development costs. Additionally, during the three and nine months ended September 30, 2026, we recognized an impairment charge of approximately $1.2 million related to one undeveloped land parcel, as the estimated fair value was less than its book value. We did not record any impairment charges during the three and nine months ended September 30, 2025.

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In September 2026, we extended the maturity date of our $ 40.0 million unsecured floating rate term loan with an unrelated third party from September 2026 to September 2028.

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In October 2026, we repaid, at par, the $ 500.0 million principal amount of our 5.85 % senior unsecured notes due November 2026 prior to maturity and incurred no prepayment penalties in connection with the early repayment. The repayment was funded with a combination of cash on hand and borrowings under our commercial paper program. Concurrent with the repayment, we terminated the related $ 500.0 million notional amount interest rate swap, which had been designated as a fair value hedge of the 5.85 % fixed rate senior unsecured notes due November 2026.

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expenses. The ultimate resolution of the remaining matters may differ from the amounts accrued, and any such differences will be recognized in the period in which they become known.

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Effective August 31, 2026, D. Keith Oden, co-founder of the Company, retired as Executive Vice Chairman of the Board of Trust Managers and continues to serve as a member of the Board of Trust Managers. In connection with his retirement, the Company and Camden Development, Inc., a wholly-owned subsidiary of the Company, entered into a Separation and Release Agreement with Mr. Oden pursuant to which his employment agreement with the Company was terminated. Under the agreement, Mr. Oden received approximately $5.3 million representing compensation previously accrued that he would have been eligible to receive in February 2027 had he remained employed through such date.

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Gain on sale of operating properties, including land 973,508 85,645 1,041,608 132,938

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We stopped development activities for the foreseeable future on two of our developments in the third quarter of 2026 and recorded approximately $85.2 million of impairment charges on these land parcels. Additionally, in the third quarter of 2026, we recorded an impairment charge of approximately $1.2 million related to one undeveloped land parcel as the estimated fair value was less than its book value. We review our long-lived assets on an annual basis or whenever events or circumstances indicated the carrying amount of an asset may not be recoverable and our impairment evaluations take into consideration the current and anticipated economic climate. We currently have two other land parcels held for future development we plan to develop. However, the commencement of future developments may be impacted by macroeconomic issues, multifamily market conditions, and other factors. We will continue to evaluate future development starts based on market, economic, and capital market conditions. However, there can be no assurance we will not have impairment charges in the future.

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payment was payable in two equal installments of $26.5 million, which were timely paid during the three months ended June 30, 2026 and September 30, 2026.

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In September 2026, we extended the maturity date of our $40.0 million unsecured floating rate term loan with an unrelated third party from September 2026 to September 2028.

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In October 2026, we repaid, at par, the $500.0 million principal amount of our 5.85% senior unsecured notes due November 2026 prior to maturity and incurred no prepayment penalties in connection with the early repayment. The repayment was funded with a combination of cash on hand and borrowings under our commercial paper program. Concurrent with the repayment, we terminated the related $500.0 million notional amount interest rate swap, which had been designated as a fair value hedge of the 5.85% fixed rate senior unsecured notes due November 2026.

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During the three months ended September 30, 2026, we sold 11 operating properties, comprised of 3,620 apartment homes in Los Angeles/Orange County and San Diego/Inland Empire, California, for an aggregate of approximately $1.6 billion in July. We recognized a gain of approximately $973.0 million, which is included in gain on sale of operating properties, including land in our condensed consolidated statements of income and comprehensive income. During the third quarter of 2026, approximately $0.9 billion of the proceeds were used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program. As of September 30, 2026, approximately $427.0 million of the proceeds remained in restricted cash held by a qualified intermediary in connection with Section 1031 exchange transactions. In addition, approximately $121.7 million of additional proceeds from the sale were in cash and cash equivalents as of September 30, 2026.

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In October 2026, we sold approximately 2.6 acres of land in Los Angeles, California for approximately $10.7 million.

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Effective August 31, 2026, D. Keith Oden, co-founder of the Company, retired as Executive Vice Chairman of the Board of Trust Managers and continues to serve as a member of the Board of Trust Managers.

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During the three and nine months ended September 30, 2026, we recognized impairment charges of approximately $85.2 million related to land holdings for two projects we have put on hold for the foreseeable future. These charges reflect the difference between the estimated fair value of each parcel and its carrying value. These impairments included the original purchase price and other capitalized development costs. Additionally, during the three and nine months ended September 30, 2026, we recognized an impairment charge of approximately $1.2 million related to one undeveloped land parcel, as the estimated fair value was less than its book value. We did not record any impairment charges during the three and nine months ended September 30, 2025.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 12, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its risk factors:
There have been no material changes to the Risk Factors previously disclosed in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2025.

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1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.