Camden Property Trust : First Quarter 2024 Earnings Release and Supplemental

CAMDEN	TABLE OF CONTENTS
	Page
Press Release Text	3
Financial Highlights	6
Operating Results	7
Funds from Operations	8
Balance Sheets	9
Portfolio Statistics	10
Components of Property Net Operating Income	11
Sequential Components of Property Net Operating Income	12
"Same Property" First Quarter Comparisons	13
"Same Property" Sequential Quarter Comparisons	14
"Same Property" Operating Expense Detail & Comparisons	15
Current Development Communities	16
Development Pipeline	17
Dispositions	18
Debt Analysis	19
Debt Maturity Analysis	20
Debt Covenant Analysis	21
Capitalized Expenditures & Maintenance Expense	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 FIRST QUARTER 2024 OPERATING RESULTS

Houston, Texas (May 2, 2024) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three months ended March 31, 2024. Net Income Attributable to Common Shareholders ("EPS"), Funds from Operations ("FFO"), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations ("Core AFFO") for the three months ended March 31, 2024 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.

	Three Months Ended March 31,
Per Diluted Share	2024			2023
EPS	$0.77			$0.39
FFO	$1.67			$1.66
Core FFO	$1.70			$1.66
Core AFFO	$1.50			$1.50
	Three Months Ended	1Q24 Guidance		1Q24 Guidance
Per Diluted Share	March 31, 2024		Midpoint			Variance
EPS	$0.77			$0.76		$0.01
FFO	$1.67			$1.64		$0.03
Core FFO	$1.70			$1.67		$0.03
	Quarterly Growth			Sequential Growth
Same Property Results	1Q24 vs. 1Q23				1Q24 vs. 4Q23
Revenues	2.5%			0.5%
Expenses	2.9%			2.3%
Net Operating Income ("NOI")	2.3%			(0.5)%
Same Property Results	1Q24		1Q23			4Q23
Occupancy	95.0%		95.3%			94.9%

"We are pleased to report strong performance for the quarter, with earnings and same property growth exceeding expectations," said Richard J. Campo, Camden's Chairman and CEO. "We have revised our 2024 outlook for property operating expense growth downward from 4.50% to 3.25% at the midpoint of our guidance range as a result of favorable real estate tax valuations, lower core insurance claims, and the successful renewal of our insurance policies on May 1st. However, given the recent rise in interest rates and lowered odds of future rate cuts this year, we expect to incur higher than anticipated interest expense for the remainder of the year. As a result of these events, we are maintaining our full-year 2024 guidance of $6.74 per share for Core FFO at the midpoint of our range."

For 2024, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2023, 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 Signed (1)	April 2024*	April 2023	1Q24	1Q23
Signed New Lease Rates	(1.8)%	2.7%	(4.1)%	2.0%
Signed Renewal Rates	3.4%	6.0%	3.4%	7.0%
Signed Blended Lease Rates	0.6%	4.1%	(0.9)%	4.0%

3

New Lease and Renewal Data - Date Effective (2)	April 2024*	April 2023	1Q24	1Q23
Effective New Lease Rates	(3.4)%	1.8%	(4.4)%	2.0%
Effective Renewal Rates	3.5%	7.2%	3.8%	7.8%
Effective Blended Lease Rates	(0.2)%	3.9%	(1.1)%	4.5%

*Preliminary data as of April 30, 2024

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

Occupancy, Bad Debt and Turnover Data	April 2024*	April 2023	1Q24	1Q23
Occupancy	95.2%	95.4%	95.0%	95.3%
Bad Debt	0.6%	1.9%	0.8%	1.7%
Annualized Gross Turnover	47%	47%	45%	44%
Annualized Net Turnover	36%	37%	34%	36%

*Preliminary data as of April 30, 2024

Development Activity

During the quarter, lease-up was completed at Camden NoDa in Charlotte, NC. Additionally, leasing began at Camden Long Meadow Farms in Richmond, TX and leasing continued at Camden Durham in Durham, NC and Camden Woodmill Creek in The Woodlands, TX.

Development Communities - Construction Ongoing ($ in millions)

		Total	Total	% Leased
Community Name	Location	Homes	Estimated Cost	as of 4/30/2024
Camden Durham	Durham, NC	420	$145.0	41%
Camden Woodmill Creek	The Woodlands, TX	189	75.0	35%
Camden Long Meadow Farms	Richmond, TX	188	80.0	12%
Camden Village District	Raleigh, NC	369	138.0
Total		1,166	$438.0

Disposition Activity

During the quarter, the Company disposed of a 592-apartment home community in Atlanta, GA for approximately $115.0 million and recognized a gain of approximately $43.8 million.

Capital Markets Transactions

During the quarter, the Company issued $400 million of senior unsecured notes due 2034. These ten-year notes were issued at 99.638% of par value with a coupon of 4.900%, a yield of 4.94%, and an effective interest rate of 5.06% per annum after giving effect to deducting the underwriting discounts and other expenses of the offering. Also during the quarter, the Company repaid the outstanding balance on its $300 million unsecured term loan and recognized charges in conjunction with this early retirement of debt of approximately $0.9 million, and repaid its 4.36% $250 million senior unsecured notes payable which matured in January 2024.

Share Repurchase

During the quarter, Camden repurchased 471,282 common shares at an average price of $96.91 per share for a total of

$45.7 million. The Company had approximately $454.3 million remaining under its stock repurchase program as of March 31, 2024. Subsequent to quarter-end, Camden repurchased 44,692 common shares at an average price of $96.52 per share for a total of $4.3 million. Year to date, Camden repurchased 515,974 common shares at an average price of $96.88 for approximately $50.0 million. The Company currently has approximately $450.0 million remaining under its stock repurchase program.

Liquidity Analysis

As of March 31, 2024, Camden had nearly $1.3 billion of liquidity comprised of approximately $92.7 million in cash and cash equivalents, and nearly $1.2 billion of availability under its unsecured credit facility. At quarter-end, the Company had $97.4 million left to fund under its existing wholly-owned development pipeline.

4

Earnings Guidance

Camden provided initial earnings guidance for 2024 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2024 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

	2Q24	2024		2024 Midpoint
Per Diluted Share	Range	Range	Current	Prior	Change
EPS	$0.34 - $0.38	$1.74 - $1.98	$1.86	$1.87	$(0.01)
FFO	$1.64 - $1.68	$6.57 - $6.81	$6.69	$6.69	$0.00
Core FFO(1)	$1.65 - $1.69	$6.62 - $6.86	$6.74	$6.74	$0.00

1. The Company's 2024 core FFO guidance includes approximately $0.05 per share of non-core adjustments for casualty-related expenses, legal costs, loss on early retirement of debt, severance, and expensed pursuit costs.

	2024		2024 Midpoint
Same Property Growth Guidance	Range	Current	Prior	Change
Revenues	0.75% - 2.25%	1.50%	1.50%	0.00%
Expenses	2.75% - 3.75%	3.25%	4.50%	(1.25)%
NOI	(0.75%) - 1.75%	0.50%	0.00%	0.50%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company's 2024 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, May 3, 2024 at 10:00 AM CT

Domestic Dial-In Number: [phone]; International Dial-In Number: [phone]; Passcode: 0739105

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 [phone].

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 171 properties containing 58,061 apartment homes across the United States. Upon completion of 4 properties currently under development, the Company's portfolio will increase to 59,227 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 17 consecutive years, most recently ranking #24. For additional information, please contact Camden's Investor Relations Department at [phone] or access our website at camdenliving.com.

5

CAMDEN

FINANCIAL HIGHLIGHTS

(In thousands, except per share, property data amounts and ratios)

(Unaudited)

Three Months Ended March 31,

Property revenues

Adjusted EBITDAre

Net income attributable to common shareholders

Per share - basic

Per share - diluted

Funds from operations

Per share - diluted

Core funds from operations

Per share - diluted

Core adjusted funds from operations

Per share - diluted

Dividends per share

Dividend payout ratio (FFO)

Interest expensed

Interest capitalized

Total interest incurred

Net Debt to Annualized Adjusted EBITDAre (a) Interest expense coverage ratio

Total interest coverage ratio

Fixed charge expense coverage ratio Total fixed charge coverage ratio

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

Same property NOI growth (b) (c) (# of apartment homes included)

Same property turnover

Gross turnover of apartment homes (annualized)

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

Total assets Total debt

Common and common equivalent shares, outstanding end of period (d) Share price, end of period

Book equity value, end of period (e) Market equity value, end of period (f)

2024	2023
$383,141	$378,163
223,999	220,098
83,889	41,917
0.77	0.39
0.77	0.39

183,800 183,006

1.671.66

187,602 183,048

1.701.66

165,577 165,469

1.501.50

1.031.00

61.7 %60.2 %

32,537	32,843
4,974	4,969
37,511	37,812
3.9x	4.3x
6.9x	6.7x
6.0x	5.8x
6.9x	6.7x
6.0x	5.8x
3.7x	3.4x
2.3 %	8.1 %
55,866	48,137
45 %	44 %
34 %	36 %

As of March 31,

20242023

$9,103,604 $9,295,169

$3,553,469 $3,747,816

110,032 110,248

$98.40 $104.84

$4,993,628 $5,003,553

$10,827,149 $11,558,400

1. 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.
2. "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2023, excluding communities under redevelopment and properties held for sale.
3. "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.
4. Includes at March 31, 2024: 108,438 common shares, plus 1,594 common share equivalents upon the assumed conversion of non-controlling units.
5. Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
6. Includes: common shares, common units, and common share equivalents.

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

6

CAMDEN

OPERATING RESULTS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended March 31,
	2024	2023
OPERATING DATA
Property revenues (a)	$383,141	$378,163
Property expenses
Property operating and maintenance	89,044	85,285
Real estate taxes	49,501	49,396
Total property expenses	138,545	134,681
Non-property income
Fee and asset management	1,284	578
Interest and other income	1,768	62
Income on deferred compensation plans	5,819	5,912
Total non-property income	8,871	6,552
Other expenses
Property management	9,394	8,297
Fee and asset management	443	413
General and administrative	16,693	15,356
Interest	32,537	32,843
Depreciation and amortization	144,802	142,444
Expense on deferred compensation plans	5,819	5,912
Total other expenses	209,688	205,265
Loss on early retirement of debt	(921)	-
Gain on sale of operating property	43,806	-
Income from continuing operations before income taxes	86,664	44,769
Income tax expense	(905)	(1,150)
Net income	85,759	43,619
Less income allocated to non-controlling interests	(1,870)	(1,702)
Net income attributable to common shareholders	$83,889	$41,917
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$85,759	$43,619
Other comprehensive income
Unrealized gain on cash flow hedging activities	85	-
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	1,089	359
Comprehensive income	86,933	43,978
Less income allocated to non-controlling interests	(1,870)	(1,702)
Comprehensive income attributable to common shareholders	$85,063	$42,276
PER SHARE DATA
Total earnings per common share - basic	$0.77	$0.39
Total earnings per common share - diluted	0.77	0.39
Weighted average number of common shares outstanding:
Basic	108,706	108,568
Diluted	108,729	108,604

1. We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended March 31, 2024, we recognized $383.1 million of property revenue which consisted of approximately $341.5 million of rental revenue and approximately $41.6 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 $378.2 million recognized for the three months ended March 31, 2023, made up of approximately $337.2 million of rental revenue and approximately $41.0 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 $10.7 million and $10.5 million for the three months ended March 31, 2024 and 2023, respectively

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

7

CAMDEN

FUNDS FROM OPERATIONS

(In thousands, except per share and property data amounts)

(Unaudited)

	Three Months Ended March 31,
	2024	2023
FUNDS FROM OPERATIONS
Net income attributable to common shareholders	$83,889	$41,917
Real estate depreciation and amortization	141,847	139,387
Income allocated to non-controlling interests	1,870	1,702
Gain on sale of operating properties	(43,806)	-
Funds from operations	$183,800	$183,006
Plus: Casualty-related expenses, net of recoveries	1,523	(42)
Plus: Severance	506	-
Plus: Legal costs and settlements, net of recoveries	852	84
Plus: Loss on early retirement of debt	921	-
Core funds from operations	$187,602	$183,048
Less: recurring capitalized expenditures (a)	(22,025)	(17,579)
Core adjusted funds from operations	$165,577	$165,469
PER SHARE DATA
Funds from operations - diluted	$1.67	$1.66
Core funds from operations - diluted	1.70	1.66
Core adjusted funds from operations - diluted	1.50	1.50
Distributions declared per common share	1.03	1.00
Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted	110,323	110,201
PROPERTY DATA
Total operating properties (end of period) (b)	171	172
Total operating apartment homes in operating properties (end of period) (b)	58,061	58,702
Total operating apartment homes (weighted average)	58,336	58,837

.

1. Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
2. Includes joint ventures and properties held for sale, if any.
   Note: Please refer to pages 23 - 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

8

CAMDEN

BALANCE SHEETS

(In thousands)

(Unaudited)
	Mar 31,	Dec 31,	Sep 30,	Jun 30,	Mar 31,
	2024	2023	2023	2023	2023
ASSETS
Real estate assets, at cost
Land	$1,706,983	$1,711,873	$1,732,804	$1,727,182	$1,722,881
Buildings and improvements	11,014,440	10,993,390	10,963,667	10,848,837	10,778,795
	12,721,423	12,705,263	12,696,471	12,576,019	12,501,676
Accumulated depreciation	(4,439,710)	(4,332,524)	(4,254,388)	(4,113,095)	(3,987,438)
Net operating real estate assets	8,281,713	8,372,739	8,442,083	8,462,924	8,514,238
Properties under development, including land	477,481	486,864	499,761	516,543	515,134
Total real estate assets	8,759,194	8,859,603	8,941,844	8,979,467	9,029,372
Accounts receivable - affiliates	10,350	11,905	12,057	12,121	12,121
Other assets, net (a)	233,137	244,182	237,594	239,958	226,394
Cash and cash equivalents	92,693	259,686	14,600	20,326	20,419
Restricted cash	8,230	8,361	8,369	8,531	6,863
Total assets	$9,103,604	$9,383,737	$9,214,464	$9,260,403	$9,295,169
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured	$3,223,285	$3,385,309	$3,323,057	$3,352,415	$3,232,682
Secured	330,184	330,127	330,071	330,015	515,134
Accounts payable and accrued expenses	213,896	222,599	211,759	192,613	191,468
Accrued real estate taxes	46,612	96,517	128,794	93,642	48,084
Distributions payable	113,556	110,427	110,463	110,465	110,444
Other liabilities (b)	182,443	186,987	175,341	189,711	193,804
Total liabilities	4,109,976	4,331,966	4,279,485	4,268,861	4,291,616
Equity
Common shares of beneficial interest	1,157	1,156	1,156	1,156	1,156
Additional paid-in capital	5,919,851	5,914,868	5,911,627	5,907,828	5,903,437
Distributions in excess of net income attributable to common shareholders	(641,663)	(613,651)	(727,117)	(666,218)	(648,457)
Treasury shares	(356,880)	(320,364)	(320,702)	(320,675)	(321,431)
Accumulated other comprehensive loss (c)	(78)	(1,252)	(699)	(1,057)	(1,415)
Total common equity	4,922,387	4,980,757	4,864,265	4,921,034	4,933,290
Non-controlling interests	71,241	71,014	70,714	70,508	70,263
Total equity	4,993,628	5,051,771	4,934,979	4,991,542	5,003,553
Total liabilities and equity	$9,103,604	$9,383,737	$9,214,464	$9,260,403	$9,295,169
(a) Includes net deferred charges of:	$4,286	$5,879	$6,481	$7,033	$7,710
(b) Includes deferred revenues of:	$958	$1,030	$1,167	$1,239	$1,348

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.

9

CAMDEN

PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT MARCH 31, 2024 (in apartment homes)

D.C. Metro (a)	"Same Property"	Non-"Same Property"	Completed in Lease-up	Under Construction	Grand Total
6,192	-	-	-	6,192
Houston, TX	9,154	-	-	377	9,531
Phoenix, AZ	4,029	397	-	-	4,426
Dallas, TX	6,224	-	-	-	6,224
SE Florida	2,781	269	-	-	3,050
Atlanta, GA	3,744	526	-	-	4,270
Orlando, FL	3,954	-	-	-	3,954
Tampa, FL	3,104	-	-	-	3,104
Denver, CO	2,873	-	-	-	2,873
Charlotte, NC	3,123	387	-	-	3,510
Raleigh, NC	3,252	-	-	789	4,041
Austin, TX	3,360	326	-	-	3,686
San Diego/Inland Empire, CA	1,797	-	-	-	1,797
Los Angeles/Orange County, CA	1,521	290	-	-	1,811
Nashville, TN	758	-	-	-	758
Total Portfolio	55,866	2,195	-	1,166	59,227

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

FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION			WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)
	"Same Property"	Operating		Mar 31,	Dec 31,	Sep 30,	Jun 30,	Mar 31,
D.C. Metro (a)	Communities	Communities (b)	2024	2023	2023	2023	2023
13.5 %	13.0 %		96.6 %	96.7 %	96.6 %	96.5 %	96.1 %
Houston, TX	12.0 %	11.5 %	94.6 %	94.4 %	95.2 %	94.8 %	94.3 %
Phoenix, AZ	8.4 %	9.0 %	95.2 %	94.5 %	94.5 %	94.0 %	94.7 %
Dallas, TX	8.8 %	8.4 %	94.6 %	94.3 %	95.4 %	95.5 %	95.0 %
SE Florida	6.8 %	7.1 %	96.5 %	96.1 %	95.8 %	96.3 %	96.4 %
Atlanta, GA	6.6 %	7.0 %	92.7 %	92.3 %	93.6 %	92.9 %	93.1 %
Orlando, FL	6.6 %	6.4 %	95.3 %	94.9 %	95.5 %	96.6 %	96.1 %
Tampa, FL	6.5 %	6.1 %	96.1 %	95.5 %	95.9 %	96.3 %	96.6 %
Denver, CO	6.2 %	5.9 %	96.4 %	96.4 %	96.6 %	96.3 %	95.8 %
Charlotte, NC	5.5 %	5.9 %	93.6 %	94.7 %	95.6 %	95.4 %	94.8 %
Raleigh, NC	5.1 %	4.9 %	94.7 %	95.0 %	95.6 %	95.8 %	95.1 %
Austin, TX	4.5 %	4.8 %	92.7 %	93.1 %	94.3 %	93.7 %	94.4 %
San Diego/Inland Empire, CA	4.5 %	4.4 %	95.1 %	95.5 %	96.1 %	95.6 %	95.3 %
Los Angeles/Orange County, CA	3.6 %	4.2 %	92.7 %	93.1 %	95.4 %	94.6 %	95.0 %
Nashville, TN	1.4 %	1.4 %	93.9 %	93.4 %	95.3 %	96.5 %	96.8 %
Total Portfolio	100.0 %	100.0 %	94.8 %	94.7 %	95.4 %	95.2 %	95.1 %

1. Operating communities represent all fully-consolidated communities for the period, excluding communities under construction.
2. Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments.

10