Camden Property Trust — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net Income Attributable to Common Shareholders was $900.4 million ($8.71 per diluted share) for the three months ended September 30, 2026, compared to $108.9 million ($1.00 per diluted share) in the prior year period.
• For the nine months ended September 30, 2026, Net Income Attributable to Common Shareholders was $961.6 million ($9.26 per diluted share), compared to $228.4 million ($2.10 per diluted share) in the prior year period.
• Funds from Operations (FFO) per diluted share was $1.70 for the quarter (vs. $1.67 in 2025) and $4.52 for the nine months (vs. $5.04 in 2025).
• Core FFO per diluted share was $1.71 for the quarter (vs. $1.70 in 2025) and $5.10 for the nine months (vs. $5.12 in 2025).
• Core Adjusted Funds from Operations (Core AFFO) per diluted share was $1.42 for the quarter (vs. $1.43 in 2025) and $4.37 for the nine months (vs. $4.44 in 2025).
• Property revenues were $381.1 million for the quarter (vs. $395.7 million in 2025) and $1.163 billion for the nine months (vs. $1.183 billion in 2025).
• Net Operating Income (NOI) was $240.3 million for the quarter (vs. $250.0 million in 2025) and $741.0 million for the nine months (vs. $754.0 million in 2025).
• Same Property NOI decreased 0.2% year-over-year for the quarter and 0.7% year-over-year for the nine months.
• Same Property Expenses decreased 0.1% year-over-year for the quarter and increased 1.2% year-over-year for the nine months.
• Total assets were $9.564 billion as of September 30, 2026.
• Total liabilities were $4.936 billion as of September 30, 2026.
• Total common equity was $4.547 billion as of September 30, 2026.
• Net Debt to Annualized Adjusted EBITDAre was 4.0x for the three months ended September 30, 2026, compared to 4.2x in the prior year period.
• Annualized Adjusted EBITDAre was $893.8 million for the three months ended September 30, 2026.

Guidance and Future Outlook:

• Updated 2026 EPS guidance range to $9.42 – $9.46 (midpoint $9.44), a decrease of $0.49 from the prior midpoint of $9.93.
• Updated 2026 FFO guidance range to $6.13 – $6.17 (midpoint $6.15), an increase of $0.03 from the prior midpoint of $6.12.
• Updated 2026 Core FFO guidance range to $6.73 – $6.77 (midpoint $6.75), unchanged from the prior midpoint.
• 2026 Same Property Revenue growth guidance range is -0.25% to 0.25% (midpoint 0.00%), down from a prior midpoint of 0.50%.
• 2026 Same Property Expense growth guidance range is 1.50% to 2.00% (midpoint 1.75%), down from a prior midpoint of 2.50%.
• 2026 Same Property NOI growth guidance range is -1.50% to -0.50% (midpoint -1.00%), down from a prior midpoint of -0.60%.
• Fourth Quarter 2026 EPS guidance range is $0.12 – $0.16.
• Fourth Quarter 2026 FFO guidance range is $1.61 – $1.65.
• Fourth Quarter 2026 Core FFO guidance range is $1.63 – $1.67.
• Expected EPS excludes gains from future real estate transactions.

Business Segments and Product Lines:

• Portfolio consists of 168 operating properties containing 56,995 apartment homes as of September 30, 2026.
• Same Property Occupancy was 95.6% for the quarter, compared to 95.5% in the prior year period and 95.7% in the prior quarter.
• Effective New Lease Rates decreased 2.0% year-over-year and 3.3% sequentially.
• Effective Renewal Rates increased 3.6% year-over-year and 2.8% sequentially.
• Effective Blended Lease Rates increased 1.0% year-over-year and 0.2% sequentially.
• Construction commenced at Camden RTP in the Raleigh, NC metro area.
• Leasing continued at Camden Village District (Raleigh, NC) and Camden South Charlotte (Charlotte, NC); leasing began at Camden Blakeney (Charlotte, NC).
• Camden Village District (Raleigh, NC) has 369 homes with a total cost of $139.6 million and was 88% leased as of October 31, 2026.
• Camden South Charlotte (Charlotte, NC) has 420 homes with an estimated cost of $155.0 million and was 24% leased as of October 31, 2026.
• Camden Blakeney (Charlotte, NC) has 349 homes with an estimated cost of $149.0 million and was 8% leased as of October 31, 2026.
• Camden Nations (Nashville, TN) has 393 homes with an estimated cost of $184.0 million.
• Camden RTP (Morrisville, NC) has 398 homes with an estimated cost of $130.0 million.
• Total ongoing development pipeline includes 1,560 homes with an estimated cost of $618.0 million.

Market and Competitive Landscape:

• The company operates across the United States with a focus on high-barrier-to-entry markets.
• Same property revenue growth was flat (0.0%) year-over-year for the nine months ended September 30, 2026.
• Same property revenue growth was flat (0.0%) year-over-year for the three months ended September 30, 2026.

Risks and Challenges:

• Impairment associated with land development activities was $86.4 million for the quarter and nine months ended September 30, 2026.
• The company faces risks related to general economic conditions and the apartment market, as noted in forward-looking statements.
• Factors causing actual results to differ from forward-looking statements are described in the company's Form 10-K.

Management Commentary and Tone:

• Management updated earnings guidance based on current and expected views of the apartment market and general economic conditions.
• The company reported a significant gain on the sale of its California portfolio, which included a $9.37 per share gain offset by $0.83 per share of impairments.

Other Key Points:

• Sold its California portfolio (11 operating communities, 3,620 apartment homes) on July 29, 2026, for approximately $1.6 billion, recognizing a gain of approximately $1.0 billion.
• Approximately $0.9 billion of proceeds from the California sale was used to retire balances under the unsecured revolving credit facility and commercial paper program.
• Acquired Camden Brandon (Tampa, FL), Camden LoSo (Charlotte, NC), and Camden Gulch (Nashville, TN) for a combined $305.2 million.
• Acquired a land parcel in Tampa, FL for approximately $18.3 million.
• Sold 2.6 acres of land in Los Angeles, CA for approximately $10.7 million subsequent to quarter end.
• Repurchased 474,660 common shares in the quarter for $50.0 million at an average price of $105.34 per share.
• Year-to-date share repurchases totaled 4,536,826 shares for $472.8 million at an average price of $104.22 per share.
• $247.9 million remains under the stock repurchase program.
• Issued a $350 million unsecured term loan facility maturing in July 2027.
• Extended the maturity date of a $40 million unsecured floating rate term loan to September 2028.
• Repaid a $12.0 million secured note plus accrued interest.
• Redeemed $500 million senior unsecured notes payable in October 2026 using cash on hand and the commercial paper program.
• Liquidity as of September 30, 2026, was approximately $1.8 billion ($0.6 billion cash and cash equivalents/1031 accounts and $1.2 billion availability under credit facilities).
• Approximately $209.3 million remained to fund under the existing wholly-owned development pipeline.
• Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 19 consecutive years.