CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2026 OPERATING RESULTS
CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2026 OPERATING RESULTS Houston, Texas (November 5, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and nine months ended September 30, 2026. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three and nine months ended September 30, 2026 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.
(1) For the three months ended September 30, 2026, EPS included approximately $9.37 per share of gain on sale of the California portfolio, partially offset by $0.83 per share of impairments associated with land development activities. For the three months ended September 30, 2025, EPS included approximately $0.78 per share of gain on sale of operating properties.
Quarterly Growth Sequential Growth Year-To-Date Growth Same Property 3Q26 vs. 3Q25 3Q26 vs. 2Q26 2026 vs. 2025 Results Revenues (0.1)% 0.0% 0.0% Expenses (0.1)% (1.0)% 1.2% Net Operating (0.2)% 0.6% (0.7)% Income ("NOI")
New Lease and Renewal Data - Date 3Q26 3Q25 2Q26 Effective(1) Effective New Lease Rates (2.0)% (2.6)% (3.3)% Effective Renewal Rates 3.6% 3.5% 2.8% Effective Blended Lease Rates 1.0% 0.6% (0.2)% Occupancy 95.6% 95.5% 95.7%
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
For 2026, the Company defines same property communities as communities wholly- owned and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.
During the quarter, construction commenced at Camden RTP in the Raleigh, NC metro area. Additionally, leasing continued at Camden Village District in Raleigh, NC and Camden South Charlotte in Charlotte, NC, and leasing began at Camden Blakeney in Charlotte, NC. 1 Development Communities - Construction Completed and Project in Lease-Up ($ in millions)
Total Total % Leased Community Name Location Homes Cost as of 10/31/2026 Camden Village Raleigh, NC 369 $139.6 88 % District
Total Total % Leased Community Location Homes Estimated as of Name Cost 10/31/2026 Camden Charlotte, South NC 420 $155.0 24 % Charlotte Camden Charlotte, 349 149.0 8 % Blakeney NC Camden Nashville, 393 184.0 Nations TN Camden RTP Morrisville, 398 130.0 NC Total 1,560 $618.0
During the quarter, the Company acquired Camden Brandon, a 296-apartment home community located in Tampa, FL, Camden LoSo, a 343-apartment home community located in Charlotte, NC, and Camden Gulch, a 300-apartment home community located in Nashville, TN for a combined $305.2 million. The Company also acquired a land parcel in Tampa, FL for approximately $18.3 million.
On July 29, 2026, Camden sold its California portfolio, consisting of 11 operating communities with 3,620 apartment homes, for an aggregate sales price of approximately $1.6 billion and recognized a gain of approximately $1.0 billion. Approximately $0.9 billion of the proceeds was used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program.
Subsequent to quarter end, Camden sold 2.6 acres of land in Los Angeles, CA for approximately $10.7 million.
During the quarter, Camden repurchased 474,660 common shares at an average price of $105.34 per share for a total of $50.0 million. Year to date, Camden repurchased 4,536,826 common shares at an average price of $104.22 per share for a total of $472.8 million. The Company currently has $247.9 million remaining under its stock repurchase program.
As of September 30, 2026, Camden had approximately $1.8 billion of liquidity comprised of approximately $0.6 billion in cash and cash equivalents and 1031 related accounts, and approximately $1.2 billion of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $209.3 million left to fund under its existing wholly- owned development pipeline.
During the quarter, the Company issued a $350 million unsecured term loan facility with a maturity date of July 2027 and also extended the maturity date of its $40 million unsecured floating rate term loan to September 2028. Camden also repaid a $12.0 million secured note plus accrued interest.
In October 2026, the Company utilized cash on hand and its commercial paper program to redeem at par its $500 million senior unsecured notes payable that were scheduled to mature in November 2026.
Camden updated its earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.
(1) The Company's 2026 Core FFO guidance excludes approximately $0.60 per share of non-core charges for casualty-related expenses, net of recoveries, legal costs and settlements, expensed transaction, development, and other pursuit costs, and investment losses. 2
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.
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.
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.
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 168 properties containing 56,995 apartment homes across the United States. Upon completion of 4 properties currently under development, the Company’s portfolio will increase to 58,555 apartment homes in 172 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 19 consecutive years, most recently ranking #13. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com . 3
(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 September 30, 2026, we recognized $381.1 million of property revenue which consisted of approximately $338.3 million of rental revenue and approximately $42.8 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 $395.7 million recognized for the three months ended September 30, 2025, made up of approximately $351.5 million of rental revenue and approximately $44.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the nine months ended September 30, 2026, we recognized $1,162.8 million of property revenue which consisted of approximately $1,032.8 million of rental revenue and approximately $130.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $1,182.8 million of property revenue recognized for the nine months ended September 30, 2025, made up of approximately $1,052.2 million of rental revenue and approximately $130.6 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 $12.0 million and $11.8 million for the three months ended September 30, 2026 and 2025, respectively, and was $36.4 million and $34.8 million for the nine months ended September 30, 2026 and 2025, respectively.
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. 4
CAMDEN FUNDS FROM OPERATIONS -In thousands, except per share and property data amounts
(c) Non-core adjustment generally recorded within General and Administrative Expenses.
(d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. 5
CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS -In thousands, except per share amounts
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 alternatives to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.
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 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.
In addition to FFO and 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:
CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS -In thousands, except per share amounts
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:
4Q26 Range 2026 Range Low High Low High Expected earnings per $0.12 $0.16 $9.42 $9.46 common share - diluted Expected real estate 1.48 1.48 5.84 5.84 depreci… and amortiz… Expected income allocat… 0.01 0.01 0.01 0.01 to non-con… interes… Expected (gain) on sale — — -9.97 -9.97 of operati… propert… Expected Impairm… associa… with — — 0.83 0.83 land develop… activit… Expected FFO per $1.61 $1.65 $6.13 $6.17 share - diluted Anticip… Adjustm… 0.02 0.02 0.60 0.60 to FFO Expected Core FFO per $1.63 $1.67 $6.73 $6.77 share - diluted Note: This table contains forward… stateme… Please see paragra… regardi… forward… stateme… earlier in this documen…
CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS -In thousands, except per share amounts
NOI is defined by the Company as property revenue less total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:
CAMDEN NON-GAAP FINANCIAL MEASURES DEFINITIONS & RECONCILIATIONS -In thousands, except per share amounts
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.
Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results or 1.33 for 9 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:
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 and 1031 exchange proceeds included in restricted cash during the period. The following tables reconcile average Total Debt to Net Debt and computes the ratio to Adjusted EBITDAre for the following periods:
Full text with the tables
CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2026 OPERATING RESULTS
Houston, Texas (November 5, 2026) - Camden Property Trust (NYSE:CPT) (the
"Company") announced today operating results for the three and nine months ended
September 30, 2026. Net Income Attributable to Common Shareholders (“EPS”),
Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core
Adjusted Funds from Operations (“Core AFFO”) for the three and nine months ended
September 30, 2026 are detailed below. A reconciliation of EPS to FFO, Core FFO,
and Core AFFO is included in the financial tables accompanying this press
release.
Three Months Nine Months Ended
Ended September September 30,
30,
Per Diluted 2026 2025 2026 2025
Share
EPS(1) $8.71 $1.00 $9.26 $2.10
FFO $1.70 $1.67 $4.52 $5.04
Core FFO $1.71 $1.70 $5.10 $5.12
Core AFFO $1.42 $1.43 $4.37 $4.44
Three Months Ended 3Q26 Guidance 3Q26 Guidance
Per Diluted Share September 30, 2026 Midpoint Variance
───────────────────────────────────────────────────────────────────────────
EPS(1) $8.71 $9.26 -$0.55
FFO $1.70 $1.64 $0.06
Core FFO $1.71 $1.69 $0.02
(1) For the three months ended September 30, 2026, EPS included approximately
$9.37 per share of gain on sale of the California portfolio, partially offset by
$0.83 per share of impairments associated with land development activities. For
the three months ended September 30, 2025, EPS included approximately $0.78 per
share of gain on sale of operating properties.
Quarterly Growth Sequential Growth Year-To-Date
Growth
Same Property 3Q26 vs. 3Q25 3Q26 vs. 2Q26 2026 vs. 2025
Results
Revenues (0.1)% 0.0% 0.0%
Expenses (0.1)% (1.0)% 1.2%
Net Operating (0.2)% 0.6% (0.7)%
Income ("NOI")
Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Date 3Q26 3Q25 2Q26
Effective(1)
Effective New Lease Rates (2.0)% (2.6)% (3.3)%
Effective Renewal Rates 3.6% 3.5% 2.8%
Effective Blended Lease Rates 1.0% 0.6% (0.2)%
Occupancy 95.6% 95.5% 95.7%
(1) Average change in same property new lease and renewal rates vs. expiring
lease rates when effective.
For 2026, the Company defines same property communities as communities wholly-
owned and stabilized since January 1, 2025, excluding communities under
redevelopment and properties held for sale. A reconciliation of net income to
NOI and same property NOI is included in the financial tables accompanying this
press release.
Development Activity
During the quarter, construction commenced at Camden RTP in the Raleigh, NC
metro area. Additionally, leasing continued at Camden Village District in
Raleigh, NC and Camden South Charlotte in Charlotte, NC, and leasing began at
Camden Blakeney in Charlotte, NC.
1
Development Communities - Construction Completed and Project in Lease-Up ($ in
millions)
Total Total % Leased
Community Name Location Homes Cost as of
10/31/2026
Camden Village Raleigh, NC 369 $139.6 88 %
District
Development Communities - Construction Ongoing ($ in millions)
Total Total % Leased
Community Location Homes Estimated as of
Name Cost 10/31/2026
Camden Charlotte,
South NC 420 $155.0 24 %
Charlotte
Camden Charlotte, 349 149.0 8 %
Blakeney NC
Camden Nashville, 393 184.0
Nations TN
Camden RTP Morrisville, 398 130.0
NC
Total 1,560 $618.0
Acquisition and Disposition Activity
During the quarter, the Company acquired Camden Brandon, a 296-apartment home
community located in Tampa, FL, Camden LoSo, a 343-apartment home community
located in Charlotte, NC, and Camden Gulch, a 300-apartment home community
located in Nashville, TN for a combined $305.2 million. The Company also
acquired a land parcel in Tampa, FL for approximately $18.3 million.
On July 29, 2026, Camden sold its California portfolio, consisting of 11
operating communities with 3,620 apartment homes, for an aggregate sales price
of approximately $1.6 billion and recognized a gain of approximately $1.0
billion. Approximately $0.9 billion of the proceeds was used to retire balances
outstanding under the Company's unsecured revolving credit facility and
commercial paper program.
Subsequent to quarter end, Camden sold 2.6 acres of land in Los Angeles, CA for
approximately $10.7 million.
Share Repurchases
During the quarter, Camden repurchased 474,660 common shares at an average price
of $105.34 per share for a total of $50.0 million. Year to date, Camden
repurchased 4,536,826 common shares at an average price of $104.22 per share for
a total of $472.8 million. The Company currently has $247.9 million remaining
under its stock repurchase program.
Liquidity Analysis
As of September 30, 2026, Camden had approximately $1.8 billion of liquidity
comprised of approximately $0.6 billion in cash and cash equivalents and 1031
related accounts, and approximately $1.2 billion of availability under its
unsecured credit facility and commercial paper program. At quarter end, the
Company had approximately $209.3 million left to fund under its existing wholly-
owned development pipeline.
Capital Markets
During the quarter, the Company issued a $350 million unsecured term loan
facility with a maturity date of July 2027 and also extended the maturity date
of its $40 million unsecured floating rate term loan to September 2028. Camden
also repaid a $12.0 million secured note plus accrued interest.
In October 2026, the Company utilized cash on hand and its commercial paper
program to redeem at par its $500 million senior unsecured notes payable that
were scheduled to mature in November 2026.
Earnings Guidance
Camden updated its earnings guidance for 2026 based on its current and expected
views of the apartment market and general economic conditions, and provided
guidance for fourth quarter 2026 as detailed below. Expected EPS excludes gains,
if any, from future real estate transactions.
4Q26 2026 2026
Midpoint
Per
Diluted Range Range Current Prior Change
Share
EPS $0.12 - $9.42 - $9.44 $9.93 $(0.49)
$0.16 $9.46
FFO $1.61 - $6.13 - $6.15 $6.12 $0.03
$1.65 $6.17
Core $1.63 - $6.73 - $6.75 $6.75 $0.00
FFO(1) $1.67 $6.77
(1) The Company's 2026 Core FFO guidance excludes approximately $0.60 per share
of non-core charges for casualty-related expenses, net of recoveries, legal
costs and settlements, expensed transaction, development, and other pursuit
costs, and investment losses.
2
2026 2026 Midpoint
Same Property Range Current Prior Change
Growth Guidance
Revenues (0.25)% - 0.25% 0.00% 0.50% (0.50)%
Expenses 1.50% - 2.00% 1.75% 2.50% (0.75)%
NOI (1.50)% - (0.50)% (1.00)% (0.60)% (0.40)%
Camden intends to update its earnings guidance to the market on a quarterly
basis. Additional information on the Company’s 2026 financial outlook including
key assumptions for same property growth and a reconciliation of expected EPS to
expected FFO and expected Core FFO are included in the financial tables
accompanying this press release.
Conference Call
Friday, November 6, 2026 at 10:00 AM CT Webcast:
https://investors.camdenliving.com
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412)
317-6061; Passcode: 1517857
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
168 properties containing 56,995 apartment homes across the United States. Upon
completion of 4 properties currently under development, the Company’s portfolio
will increase to 58,555 apartment homes in 172 properties. Camden has been
recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for
19 consecutive years, most recently ranking #13. For additional information,
please contact Camden’s Investor Relations Department at (713) 354-2787 or
access our website at camdenliving.com .
3
CAMDEN OPERATING RESULTS
-In thousands, except per share amounts
(Unaudited)
Thr… Nine
Mon… Mon…
End… End…
Sep… Sep…
30, 30,
2026 2025 2026 20…
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(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 September 30, 2026, we
recognized $381.1 million of property revenue which consisted of approximately
$338.3 million of rental revenue and approximately $42.8 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
$395.7 million recognized for the three months ended September 30, 2025, made up
of approximately $351.5 million of rental revenue and approximately $44.2
million of amounts received under contractual terms for other services
considered to be non-lease components within our lease contracts. For the nine
months ended September 30, 2026, we recognized $1,162.8 million of property
revenue which consisted of approximately $1,032.8 million of rental revenue and
approximately $130.0 million of amounts received under contractual terms for
other services considered to be non-lease components within our lease contracts.
This compares to the $1,182.8 million of property revenue recognized for the
nine months ended September 30, 2025, made up of approximately $1,052.2 million
of rental revenue and approximately $130.6 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 $12.0 million and $11.8 million for the three months ended September 30,
2026 and 2025, respectively, and was $36.4 million and $34.8 million for the
nine months ended September 30, 2026 and 2025, respectively.
Note: Please refer to the following pages for definitions and reconciliations of
all non-GAAP financial measures presented in this document.
4
CAMDEN FUNDS FROM OPERATIONS
-In thousands, except per share and property data amounts
(Unaudited)
Three Nine
Months Months
Ended Ended
Septe… Septem…
30, 30,
2026 2025 2026 2025
FUNDS
FROM
OPER…
Net
inco…
attr… $900,3… $108,… $961,… $228,4…
to
comm…
shar…
Real
esta…
depr… 156,148 156,2… 455,9… 451,326
and
amor…
Inco…
allo…
to 6,380 4,645 10,221 8,514
non-…
inte…
Gain
on
sale -972,9… -85,6… -1,04… -132,9…
of
oper…
prop…
Impa…
asso…
with 86,404 — 86,404 —
land
deve…
acti…
Funds
from $176,3… $184,… $473,… $555,3…
oper…
Less:
Gain
on -537 — -537 —
sale
of
land
Plus:
Casu…
expe… — -444 -3,479 -1,413
net
of
(rec…
Plus:
Legal
costs -985 2,151 50,619 6,334
and
sett…
Plus:
Expe…
tran…
deve… 3,233 695 9,312 3,658
and
other
purs…
cost…
Plus:
Inve… — — 4,855 —
loss…
Plus:
Other -36 168 26 244
misc…
item…
Core
funds $178,0… $186,… $534,… $564,1…
from
oper…
Less:
Recu… -30,338 -29,2… -76,6… -75,340
capi…
expe…
Core
adju…
funds $147,6… $157,… $457,… $488,8…
from
oper…
PER
SHARE
DATA
Funds
from
oper… $1.70 $1.67 $4.52 $5.04
-
dilu…
Core
funds
from 1.71 1.70 5.10 5.12
oper…
-
dilu…
Core
adju…
funds
from 1.42 1.43 4.37 4.44
oper…
-
dilu…
Dist…
decl…
per 1.06 1.05 3.18 3.15
comm…
share
Weig…
aver…
numb…
of
comm…
shar…
outs…
FFO/…
FFO/…
AFFO 103,826 110,1… 104,7… 110,211
-
dilu…
PROP…
DATA
Total
oper…
prop… 168 174 168 174
(end
of
peri…
Total
oper…
apar…
homes
in 56,995 59,416 56,995 59,416
oper…
prop…
(end
of
peri…
Total
oper…
apar… 57,807 59,059 58,250 59,255
homes
(wei…
aver…
(a) Non-core adjustment generally recorded within Property NOI.
(b) Non-core adjustment generally recorded within Other Non-Operating Expenses.
(c) Non-core adjustment generally recorded within General and Administrative
Expenses.
(d) Capital expenditures necessary to help preserve the value of and maintain
the functionality at our communities.
(e) Includes joint ventures and properties held for sale, if any.
Note: Please refer to the following pages for definitions and reconciliations of
all non-GAAP financial measures presented in this document.
5
CAMDEN BALANCE SHEETS
-In thousands
(Unaudited)
Sep Jun Mar Dec Sep
30, 30, 31, 31, 30,
2026 2026 2026 2025 2025
──────────────────────────────────────────────────────────────────────────────
AS…
Re…
es…
as…
at
co…
La… $1,… $1,… $1,7… $1,7… $1,7…
Bu…
and 11,… 11,… 11,8… 11,7… 11,8…
im…
13,… 12,… 13,5… 13,5… 13,6…
Ac… -5,… -5,… -5,4… -5,2… -5,2…
de…
Net
op…
re… 8,2… 7,9… 8,17… 8,28… 8,36…
es…
as…
Pr…
un…
de… 402… 500… 457,… 419,… 384,…
and
la…
To…
re… 8,6… 8,4… 8,63… 8,70… 8,75…
es…
as…
Ac…
re… 8,0… 8,0… 8,076 8,884 8,889
–
af…
Ot…
as… 313… 314… 285,… 293,… 255,…
ne…
Ca…
and 168… 44,… 40,6… 25,2… 25,9…
ca…
eq…
Re… 438… 10,… 89,6… 12,0… 11,3…
ca…
Re…
es…
and
ot… — 625… — — —
as…
he…
for
sa…
To… $9,… $9,… $9,0… $9,0… $9,0…
as…
LI…
AND
EQ…
Li…
No…
pa…
Un… $3,… $4,… $3,9… $3,5… $3,4…
Se… 306… 318… 318,… 330,… 330,…
Ac…
pa…
and 209… 248… 269,… 248,… 232,…
ac…
ex…
Ac…
re… 129… 99,… 59,8… 92,3… 129,…
es…
ta…
Di… 109… 110… 112,… 114,… 115,…
pa…
Ot… 259… 264… 262,… 248,… 224,…
li…
Li…
he… — 6,3… — — —
for
sa…
To… 4,9… 5,5… 4,95… 4,60… 4,44…
li…
Eq…
Co…
sh…
of 1,1… 1,1… 1,157 1,157 1,157
be…
in…
Ad…
pa… 5,9… 5,9… 5,94… 5,94… 5,94…
ca…
Di…
in
ex…
of
net -33… -1,… -1,0… -969… -1,0…
in…
at…
to
co…
sh…
Tr… -1,… -1,… -886… -620… -400…
sh…
Ac…
ot… 2,3… 2,7… 2,522 2,165 2,027
co…
in…
To…
co… 4,5… 3,8… 4,02… 4,36… 4,53…
eq…
No… 80,… 76,… 75,9… 75,7… 75,4…
in…
To… 4,6… 3,8… 4,10… 4,43… 4,61…
eq…
To…
li… $9,… $9,… $9,0… $9,0… $9,0…
and
eq…
(a)
In…
net $6,… $7,… $7,9… $534 $1,2…
de…
ch…
of:
(b)
In…
de… $1,… $1,… $1,2… $614 $624
re…
of:
(c)
Re…
the
un…
net
lo…
and
un…
pr…
se…
co…
on
po…
re…
ob…
and
un…
net
lo…
on
ca…
fl…
he…
ac…
6
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 alternatives 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 and 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 Nine
Months Months
Ended Ended
Septe… Septem…
30, 30,
2026 2025 2026 2025
Net
inco…
attr… $900,3… $108,… $961,… $228,4…
to
comm…
shar…
Real
esta…
depr… 156,148 156,2… 455,9… 451,326
and
amor…
Inco…
allo…
to 6,380 4,645 10,221 8,514
non-…
inte…
Gain
on
sale -972,9… -85,6… -1,04… -132,9…
of
oper…
prop…
Impa…
asso…
with 86,404 — 86,404 —
land
deve…
acti…
Funds
from $176,3… $184,… $473,… $555,3…
oper…
Less:
Gain
on -537 — -537 —
sale
of
land
Plus:
Casu…
expe… — -444 -3,479 -1,413
net
of
(rec…
Plus:
Legal
costs -985 2,151 50,619 6,334
and
sett…
Plus:
Expe…
tran…
deve… 3,233 695 9,312 3,658
and
other
purs…
costs
Plus:
Inve… — — 4,855 —
loss…
Plus:
Other -36 168 26 244
misc…
items
Core
funds $178,0… $186,… $534,… $564,1…
from
oper…
Less:
Recu… -30,338 -29,2… -76,6… -75,340
capi…
expe…
Core
adju…
funds $147,6… $157,… $457,… $488,8…
from
oper…
Weig…
aver…
numb…
of
comm…
shar…
outs…
EPS 103,826 108,5… 104,7… 108,617
dilu…
FFO/…
FFO/… 103,826 110,1… 104,7… 110,211
AFFO
dilu…
7
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 Nine
Months Months
Ended Ended
September Septemb…
30, 30,
2026 2025 2026 2025
Total
Earnin…
Per $8.71 $1.00 $9.26 $2.10
Common
Share -
Diluted
Real
estate
deprec… 1.53 1.41 4.38 4.08
and
amorti…
Income
alloca…
to — 0.04 — 0.07
non-co…
intere…
Gain on
sale of -9.37 -0.78 -9.94 -1.21
operat…
proper…
Impair…
associ…
with 0.83 — 0.82 —
land
develo…
activi…
FFO per
common $1.70 $1.67 $4.52 $5.04
share -
Diluted
Less:
Gain on -0.01 — -0.01 —
sale of
land
Plus:
Casual…
expens… — — -0.03 -0.01
net of
(recov…
Plus:
Legal
costs -0.01 0.02 0.48 0.06
and
settle…
Plus:
Expens…
transa…
develo… 0.03 0.01 0.09 0.03
and
other
pursuit
costs
Plus:
Invest… — — 0.05 —
losses
Plus:
Other — — — —
miscel…
items
Core
FFO per
common $1.71 $1.70 $5.10 $5.12
share -
Diluted
Less:
Recurr… -0.29 -0.27 -0.73 -0.68
capita…
expend…
Core
AFFO
per $1.42 $1.43 $4.37 $4.44
common
share -
Diluted
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:
4Q26 Range 2026 Range
Low High Low High
Expected
earnings
per $0.12 $0.16 $9.42 $9.46
common
share -
diluted
Expected
real
estate 1.48 1.48 5.84 5.84
depreci…
and
amortiz…
Expected
income
allocat… 0.01 0.01 0.01 0.01
to
non-con…
interes…
Expected
(gain)
on sale — — -9.97 -9.97
of
operati…
propert…
Expected
Impairm…
associa…
with — — 0.83 0.83
land
develop…
activit…
Expected
FFO per $1.61 $1.65 $6.13 $6.17
share -
diluted
Anticip…
Adjustm… 0.02 0.02 0.60 0.60
to FFO
Expected
Core FFO
per $1.63 $1.67 $6.73 $6.77
share -
diluted
Note:
This
table
contains
forward…
stateme…
Please
see
paragra…
regardi…
forward…
stateme…
earlier
in this
documen…
8
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
-In thousands, except per share amounts
(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as property revenue less total property expenses.
NOI is further detailed in the Components of Property NOI schedules on page 11
of the supplement. The Company considers NOI to be an appropriate supplemental
measure of operating performance to net income because it reflects the operating
performance of our communities without allocation of corporate level property
management overhead or general and administrative costs. Our definition of NOI
may differ from other REITs and there can be no assurance our basis for
computing this measure is comparable to other REITs. A reconciliation of net
income to net operating income is provided below:
Three Nine
months months
ended ended
Septe… Septem…
30, 30,
2026 2025 2026 2025
Net $906,7… $113,… $971,… $236,9…
inco…
Less:
Fee
and -4,377 -2,565 -9,651 -7,685
asset
mana…
inco…
Less:
Inte…
and -3,709 -78 -4,091 -156
other
inco…
Less:
Inco…
on 2,481 -6,749 -8,955 -16,297
defe…
comp…
plans
Plus:
Prop… 8,544 8,863 28,936 28,457
mana…
expe…
Plus:
Fee
and 856 965 3,357 2,277
asset
mana…
expe…
Plus:
Gene…
and 18,193 17,835 55,246 53,779
admi…
expe…
Plus:
Inte… 41,034 34,995 119,8… 104,160
expe…
Plus:
Depr…
and 160,032 159,4… 467,1… 460,834
amor…
expe…
Plus:
Expe…
on -2,481 6,749 8,955 16,297
defe…
comp…
plans
Plus:
Other -1,000 1,777 60,305 5,724
non-…
expe…
Plus:
Impa…
asso…
with 86,404 — 86,404 —
land
deve…
acti…
Less:
Gain
on
sale
of -973,5… -85,6… -1,04… -132,9…
oper…
prop…
incl…
land
Plus:
Inco… 1,032 780 3,246 2,570
tax
expe…
NOI $240,2… $249,… $740,… $753,9…
"Same
Prop… $210,9… $211,… $632,… $637,6…
Comm…
Non-…
Prop… 20,085 10,523 44,825 26,394
Comm…
Deve…
and 1,455 251 3,203 308
Leas…
Comm…
Disp… 7,807 27,954 59,950 89,594
NOI $240,2… $249,… $740,… $753,9…
9
CAMDEN NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
-In thousands, except per share amounts
(Unaudited)
EBITDAre and Adjusted EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate
(“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial
performance. EBITDAre is calculated in accordance with the definition adopted by
NAREIT as earnings before interest, taxes, depreciation and amortization plus or
minus losses and gains from the sale of certain real estate assets, including
gains/losses on change of control, plus impairment write-downs of certain real
estate assets and investments in entities when the impairment is directly
attributable to decreases in the value of depreciable real estate held by the
entity, and adjustments to reflect the Company’s share of EBITDAre of
unconsolidated joint ventures.
Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items.
The Company considers EBITDAre and Adjusted EBITDAre to be appropriate
supplemental measures of operating performance to net income because it
represents income before non-cash depreciation and the cost of debt, and
excludes gains or losses from property dispositions, and impairment write-downs
of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre
as reported for the period multiplied by 4 for quarter results or 1.33 for 9
month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre
is provided below:
Three Nine
months months
ended ended
Septe… Septem…
30, 30,
2026 2025 2026 2025
Net $906,7… $113,… $971,… $236,9…
inco…
Plus:
Inte… 41,034 34,995 119,8… 104,160
expe…
Plus:
Depr…
and 160,032 159,4… 467,1… 460,834
amor…
expe…
Plus:
Inco… 1,032 780 3,246 2,570
tax
expe…
Less:
Gain
on
sale
of -973,5… -85,6… -1,04… -132,9…
oper…
prop…
incl…
land
Plus:
Impa…
asso…
with 86,404 — 86,404 —
land
deve…
acti…
EBIT… $221,7… $223,… $606,… $671,5…
Less:
Gain
on -537 — -537 —
sale
of
land
Plus:
Casu…
expe… — -444 -3,479 -1,413
net
of
(rec…
Plus:
Legal
costs -985 2,151 50,619 6,334
and
sett…
Plus:
Expe…
tran…
deve… 3,233 695 9,312 3,658
and
other
purs…
costs
Plus:
Inve… — — 4,855 —
loss…
Plus:
Other -36 168 26 244
misc…
items
Adju… $223,4… $225,… $667,… $680,3…
EBIT…
Annu…
Adju… $893,7… $903,… $890,… $907,1…
EBIT…
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 and
1031 exchange proceeds included in restricted cash 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:
Avera… Average
month… monthly
balan… balance
for for the
the
Three Nine
months months
ended ended
Septe… Septem…
30, 30,
2026 2025 2026 2025
Unse…
notes $3,921… $3,43… $4,06… $3,450…
paya…
Secu…
notes 314,770 330,5… 320,0… 330,456
paya…
Total
aver… 4,236,… 3,764… 4,383… 3,781,…
debt
Less:
Aver…
cash -180,4… -11,7… -74,0… -14,063
and
cash
equi…
Less:
1031
exch…
proc… -465,3… — -172,… —
incl…
in
rest…
cash
Net $3,590… $3,75… $4,13… $3,767…
Debt
Net Debt to Annualized Adjusted EBITDAre:
Thr… Nine
mon… mon…
end… end…
Sep… Sep…
30, 30,
2026 2025 2026 20…
Net $3,… $3,… $4… $3,…
De…
An…
Ad… 893… 903… 89… 907…
EB…
Net
De…
to 4.0x 4.2x 4.6x 4.…
An…
Ad…
EB…
10