Camden Property Trust Announces Fourth Quarter 2024 Operating Results, 2025 Financial Outlook, and First Quarter 2025 Dividend

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and twelve months ended December 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 and twelve months ended December 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 December 31, Twelve Months Ended December 31, Per Diluted Share 2024 2023 2024 2023 EPS $0.37 $2.03 $1.50 $3.70 FFO $1.68 $1.72 $6.70 $6.78 Core FFO $1.73 $1.73 $6.85 $6.82 Core AFFO $1.46 $1.44 $5.88 $5.94 Three Months Ended 4Q24 Guidance 4Q24 Guidance Per Diluted Share December 31, 2024 Midpoint Variance EPS $0.37 $0.36 $0.01 FFO $1.68 $1.67 $0.01 Core FFO $1.73 $1.70 $0.03 Quarterly Growth Sequential Growth Year-To-Date Growth Same Property Results 4Q24 vs. 4Q23 4Q24 vs. 3Q24 2024 vs. 2023 Revenues 0.8% (0.5)% 1.3% Expenses 0.2% (4.3)% 1.8% Net Operating Income ("NOI") 1.2% 1.6% 1.1% Same Property Results 4Q24 4Q23 3Q24 Occupancy 95.3% 94.9% 95.5% For 2024, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2023, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release. Operating Statistics - Same Property Portfolio New Lease and Renewal Data - Date Signed (1) 4Q24 4Q23 Signed New Lease Rates (4.7)% (4.1)% Signed Renewal Rates 3.2% 3.9% Signed Blended Lease Rates (1.2)% (0.8)% New Lease and Renewal Data - Date Effective (2) 4Q24 4Q23 Effective New Lease Rates (4.7)% (3.6)% Effective Renewal Rates 3.3% 4.4% Effective Blended Lease Rates (1.1)% (0.1)% (1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed. (2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective. Occupancy and Bad Debt 4Q24 4Q23 Occupancy 95.3% 94.9% Bad Debt 0.7% 1.1% Development Activity During the quarter, construction was completed at Camden Durham in Durham, NC and Camden Long Meadow Farms in Richmond, TX. Additionally, leasing continued at Camden Woodmill Creek in Spring, TX. Development Communities - Construction Completed and Project in Lease-Up ($ in millions) Total Total % Leased Community Name Location Homes Cost as of 1/31/2025 Camden Woodmill Creek Spring, TX 189 $72.2 89% Camden Durham Durham, NC 420 144.8 78% Camden Long Meadow Farms Richmond, TX 188 71.9 53% Total 797 $288.9 Development Communities - Construction Ongoing ($ in millions) Total Total Community Name Location Homes Estimated Cost Camden Village District Raleigh, NC 369 $138.0 Camden South Charlotte Charlotte, NC 420 163.0 Camden Blakeney Charlotte, NC 349 154.0 Total 1,138 $455.0 Acquisition Activity Subsequent to quarter-end, the Company acquired Camden Leander, a 352-home apartment community located in the Austin, TX metropolitan area for approximately $67.7 million. Liquidity Analysis As of December 31, 2024, Camden had over $1.0 billion of liquidity comprised of approximately $21.0 million in cash and cash equivalents, and nearly $1.0 billion of availability under its unsecured credit facility. At quarter-end, the Company had approximately $243.6 million left to fund under its existing wholly-owned development pipeline and no debt maturities until April 2026. Earnings Guidance Camden provided initial earnings guidance for 2025 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2025 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions. 1Q25 2025 Per Diluted Share Range Range Midpoint EPS $0.32 - $0.36 $1.00 - $1.30 $1.15 FFO $1.64 - $1.68 $6.50 - $6.80 $6.65 Core FFO(1) $1.66 - $1.70 $6.60 - $6.90 $6.75 (1) The Company's 2025 core FFO guidance excludes approximately $0.10 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs. 2025 Same Property Growth Guidance Range Midpoint Revenues 0.00% - 2.00% 1.00% Expenses 2.25% - 3.75% 3.00% NOI (1.50%) - 1.50% 0.00% For 2025, the Company defines same property communities as communities owned and stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale. Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2025 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 2025 dividend of $1.05 per common share payable on April 17, 2025 to shareholders of record as of March 31, 2025. 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 7, 2025 at 10:00 AM CT Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6537406 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 175 properties containing 59,210 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 60,348 apartment homes in 178 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 (713) 354-2787 or access our website at camdenliving.com. CAMDEN OPERATING RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 OPERATING DATA Property revenues (a) $ 386,319 $ 387,587 $ 1,543,842 $ 1,542,027 Property expenses Property operating and maintenance 90,571 89,873 365,681 353,911 Real estate taxes 47,440 46,664 193,124 195,009 Total property expenses 138,011 136,537 558,805 548,920 Non-property income Fee and asset management 1,540 1,078 7,137 3,451 Interest and other income/(loss) (22 ) 322 4,420 879 Income/(loss) on deferred compensation plans (2,511 ) 9,981 12,629 15,398 Total non-property income/(loss) (993 ) 11,381 24,186 19,728 Other expenses Property management 9,274 8,767 38,331 33,706 Fee and asset management 659 440 2,200 1,717 General and administrative 18,673 15,744 72,365 62,506 Interest 32,565 33,968 129,815 133,395 Depreciation and amortization 145,474 144,956 582,014 574,813 Expense/(benefit) on deferred compensation plans (2,511 ) 9,981 12,629 15,398 Total other expenses 204,134 213,856 837,354 821,535 Impairment associated with land development activities — — (40,988 ) — Loss on early retirement of debt — — (921 ) (2,513 ) Gain on sale of operating properties — 176,497 43,806 225,416 Income from continuing operations before income taxes 43,181 225,072 173,766 414,203 Income tax expense (572 ) (897 ) (2,926 ) (3,650 ) Net income 42,609 224,175 170,840 410,553 Less income allocated to non-controlling interests (1,918 ) (1,845 ) (7,547 ) (7,244 ) Net income attributable to common shareholders $ 40,691 $ 222,330 $ 163,293 $ 403,309 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Net income $ 42,609 $ 224,175 $ 170,840 $ 410,553 Other comprehensive income Unrealized gain/(loss) on cash flow hedging activities — (728 ) 85 (728 ) Unrealized loss and unamortized prior service cost on post retirement obligation (18 ) (183 ) (18 ) (183 ) Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 351 358 2,159 1,433 Comprehensive income 42,942 223,622 173,066 411,075 Net income allocated to non-controlling interests (1,918 ) (1,845 ) (7,547 ) (7,244 ) Comprehensive income attributable to common shareholders $ 41,024 $ 221,777 $ 165,519 $ 403,831 PER SHARE DATA Total earnings per common share - basic $ 0.37 $ 2.04 $ 1.50 $ 3.71 Total earnings per common share - diluted 0.37 2.03 1.50 3.70 Weighted average number of common shares outstanding: Basic 108,428 108,698 108,491 108,653 Diluted 108,515 110,312 108,539 109,399 (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, 2024, we recognized $386.3 million of property revenue which consisted 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. This compares to property revenue of $387.6 million recognized for the three months ended December 31, 2023, made up of approximately $346.0 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. For the twelve months ended December 31, 2024, we recognized $1,543.8 million of property revenue which consisted 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. This compared to the $1,542.0 million of property revenue recognized for the twelve months ended December 31, 2023, made up of approximately $1,374.0 million of rental revenue and approximately $168.0 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 $11.0 million and $10.7 million for the three months ended December 31, 2024 and 2023, respectively and was $42.9 million and $42.0 million for the twelve months ended December 31 2024 and 2023, respectively. Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document. CAMDEN FUNDS FROM OPERATIONS (In thousands, except per share and property data amounts) (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 FUNDS FROM OPERATIONS Net income attributable to common shareholders $ 40,691 $ 222,330 $ 163,293 $ 403,309 Real estate depreciation and amortization 142,403 141,892 569,998 562,654 Income allocated to non-controlling interests 1,918 1,845 7,547 7,244 Gain on sale of operating properties — (176,412 ) (43,806 ) (225,331 ) Impairment associated with land development activities — — 40,988 — Funds from operations $ 185,012 $ 189,655 $ 738,020 $ 747,876 Plus: Casualty-related expenses, net of recoveries (a) 3,080 683 5,849 1,186 Plus: Severance (b) — — 506 — Plus: Legal costs and settlements (b) 1,577 196 4,844 280 Plus: Loss on early retirement of debt — — 921 2,513 Plus: Expensed transaction, development, and other pursuit costs (b) 710 — 2,203 471 Plus: Advocacy contributions (c) — — 1,653 — Less: Miscellaneous (income)/expense (d) — — — (364 ) Core funds from operations $ 190,379 $ 190,534 $ 753,996 $ 751,962 Less: recurring capitalized expenditures (e) (29,107 ) (31,927 ) (106,403 ) (97,094 ) Core adjusted funds from operations $ 161,272 $ 158,607 $ 647,593 $ 654,868 PER SHARE DATA Funds from operations - diluted $ 1.68 $ 1.72 $ 6.70 $ 6.78 Core funds from operations - diluted 1.73 1.73 6.85 6.82 Core adjusted funds from operations - diluted 1.46 1.44 5.88 5.94 Distributions declared per common share 1.03 1.00 4.12 4.00 Weighted average number of common shares outstanding: FFO/Core FFO/Core AFFO - diluted 110,109 110,312 110,133 110,269 PROPERTY DATA Total operating properties (end of period) (f) 174 172 174 172 Total operating apartment homes in operating properties (end of period) (f) 58,858 58,634 58,858 58,634 Total operating apartment homes (weighted average) 58,588 59,245 58,405 59,068 (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) Non-core adjustment generally recorded within Interest and Other Income. (e) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities. (f) 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. CAMDEN BALANCE SHEETS (In thousands) (Unaudited) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 ASSETS Real estate assets, at cost Land $ 1,722,526 $ 1,718,185 $ 1,716,515 $ 1,706,983 $ 1,711,873 Buildings and improvements 11,319,460 11,222,261 11,148,312 11,014,440 10,993,390 13,041,986 12,940,446 12,864,827 12,721,423 12,705,263 Accumulated depreciation (4,867,422 ) (4,725,152 ) (4,582,440 ) (4,439,710 ) (4,332,524 ) Net operating real estate assets 8,174,564 8,215,294 8,282,387 8,281,713 8,372,739 Properties under development and land 401,542 418,209 439,758 477,481 486,864 Total real estate assets 8,576,106 8,633,503 8,722,145 8,759,194 8,859,603 Accounts receivable – affiliates 8,991 8,993 9,903 10,350 11,905 Other assets, net (a) 234,838 262,339 245,625 233,137 244,182 Cash and cash equivalents 21,045 31,234 93,932 92,693 259,686 Restricted cash 11,164 11,112 7,969 8,230 8,361 Total assets $ 8,852,144 $ 8,947,181 $ 9,079,574 $ 9,103,604 $ 9,383,737 LIABILITIES AND EQUITY Liabilities Notes payable Unsecured $ 3,155,233 $ 3,121,499 $ 3,222,569 $ 3,223,285 $ 3,385,309 Secured 330,358 330,299 330,241 330,184 330,127 Accounts payable and accrued expenses 215,179 221,880 212,247 213,896 222,599 Accrued real estate taxes 78,529 131,693 90,702 46,612 96,517 Distributions payable 113,549 113,505 113,506 113,556 110,427 Other liabilities (b) 212,107 214,027 183,377 182,443 186,987 Total liabilities 4,104,955 4,132,903 4,152,642 4,109,976 4,331,966 Equity Common shares of beneficial interest 1,158 1,158 1,157 1,157 1,156 Additional paid-in capital 5,930,729 5,927,477 5,924,608 5,919,851 5,914,868 Distributions in excess of net income attributable to common shareholders (897,931 ) (826,725 ) (710,633 ) (641,663 ) (613,651 ) Treasury shares (359,732 ) (359,989 ) (359,975 ) (356,880 ) (320,364 ) Accumulated other comprehensive income/(loss) (c) 974 641 283 (78 ) (1,252 ) Total common equity 4,675,198 4,742,562 4,855,440 4,922,387 4,980,757 Non-controlling interests 71,991 71,716 71,492 71,241 71,014 Total equity 4,747,189 4,814,278 4,926,932 4,993,628 5,051,771 Total liabilities and equity $ 8,852,144 $ 8,947,181 $ 9,079,574 $ 9,103,604 $ 9,383,737 (a) Includes net deferred charges of: $ 2,675 $ 3,244 $ 3,703 $ 4,286 $ 5,879 (b) Includes deferred revenues of: $ 767 $ 830 $ 894 $ 958 $ 1,030 (c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain/(loss) on cash flow hedging activities. 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 (computed 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 not only depreciation expense of real estate assets, but it also 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, 2024 2023 2024 2023 Net income attributable to common shareholders $ 40,691 $ 222,330 $ 163,293 $ 403,309 Real estate depreciation and amortization 142,403 141,892 569,998 562,654 Income allocated to non-controlling interests 1,918 1,845 7,547 7,244 Gain on sale of operating properties — (176,412 ) (43,806 ) (225,331 ) Impairment associated with land development activities — — 40,988 — Funds from operations $ 185,012 $ 189,655 $ 738,020 $ 747,876 Plus: Casualty-related expenses, net of recoveries 3,080 683 5,849 1,186 Plus: Severance — — 506 — Plus: Legal costs and settlements 1,577 196 4,844 280 Plus: Loss on early retirement of debt — — 921 2,513 Plus: Expensed transaction, development, and other pursuit costs 710 — 2,203 471 Plus: Advocacy contributions — — 1,653 — Less: Miscellaneous (income)/expense — — — (364 ) Core funds from operations $ 190,379 $ 190,534 $ 753,996 $ 751,962 Less: recurring capitalized expenditures (29,107 ) (31,927 ) (106,403 ) (97,094 ) Core adjusted funds from operations $ 161,272 $ 158,607 $ 647,593 $ 654,868 Weighted average number of common shares outstanding: EPS diluted 108,515 110,312 108,539 109,399 FFO/Core FFO/ Core AFFO diluted 110,109 110,312 110,133 110,269 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, 2024 2023 2024 2023 Total Earnings Per Common Share - Diluted $ 0.37 $ 2.03 $ 1.50 $ 3.70 Real estate depreciation and amortization 1.28 1.28 5.16 5.07 Income allocated to non-controlling interests 0.03 0.01 0.07 0.05 Gain on sale of operating properties — (1.60 ) (0.40 ) (2.04 ) Impairment associated with land development activities — — 0.37 — FFO per common share - Diluted $ 1.68 $ 1.72 $ 6.70 $ 6.78 Plus: Casualty-related expenses, net of recoveries 0.03 0.01 0.05 0.01 Plus: Severance — — — — Plus: Legal costs and settlements 0.01 — 0.04 — Plus: Loss on early retirement of debt — — 0.02 0.03 Plus: Expensed transaction, development, and other pursuit costs 0.01 — 0.02 — Plus: Advocacy contributions — — 0.02 — Less: Miscellaneous (income)/expense — — — — Core FFO per common share - Diluted $ 1.73 $ 1.73 $ 6.85 $ 6.82 Less: recurring capitalized expenditures (0.27 ) (0.29 ) (0.97 ) (0.88 ) Core AFFO per common share - Diluted $ 1.46 $ 1.44 $ 5.88 $ 5.94 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: 1Q25 Range 2025 Range Low High Low High Expected earnings per common share - diluted $ 0.32 $ 0.36 $ 1.00 $ 1.30 Expected real estate depreciation and amortization 1.30 1.30 5.43 5.43 Expected income allocated to non-controlling interests 0.02 0.02 0.07 0.07 Expected FFO per share - diluted $ 1.64 $ 1.68 $ 6.50 $ 6.80 Anticipated Adjustments to FFO 0.02 0.02 0.10 0.10 Expected Core FFO per share - diluted $ 1.66 $ 1.70 $ 6.60 $ 6.90 Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. 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 property operating and maintenance expenses less real estate taxes. 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 attributable to common shareholders 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, 2024 2023 2024 2023 Net income $ 42,609 $ 224,175 $ 170,840 $ 410,553 Less: Fee and asset management income (1,540 ) (1,078 ) (7,137 ) (3,451 ) Less: Interest and other income/(loss) 22 (322 ) (4,420 ) (879 ) Less: Income/(loss) on deferred compensation plans 2,511 (9,981 ) (12,629 ) (15,398 ) Plus: Property management expense 9,274 8,767 38,331 33,706 Plus: Fee and asset management expense 659 440 2,200 1,717 Plus: General and administrative expense 18,673 15,744 72,365 62,506 Plus: Interest expense 32,565 33,968 129,815 133,395 Plus: Depreciation and amortization expense 145,474 144,956 582,014 574,813 Plus: Expense/(benefit) on deferred compensation plans (2,511 ) 9,981 12,629 15,398 Plus: Impairment associated with land development activities — — 40,988 — Plus: Loss on early retirement of debt — — 921 2,513 Less: Gain on sale of operating properties — (176,497 ) (43,806 ) (225,416 ) Plus: Income tax expense 572 897 2,926 3,650 NOI $ 248,308 $ 251,050 $ 985,037 $ 993,107 "Same Property" Communities $ 238,429 $ 235,714 $ 943,134 $ 933,190 Non-"Same Property" Communities 9,593 8,487 36,724 29,938 Development and Lease-Up Communities 2,074 5 3,999 (14 ) Disposition/Other (1,788 ) 6,844 1,180 29,993 NOI $ 248,308 $ 251,050 $ 985,037 $ 993,107 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, 2024 2023 2024 2023 Net income $ 42,609 $ 224,175 $ 170,840 $ 410,553 Plus: Interest expense 32,565 33,968 129,815 133,395 Plus: Depreciation and amortization expense 145,474 144,956 582,014 574,813 Plus: Income tax expense 572 897 2,926 3,650 Less: Gain on sale of operating properties — (176,497 ) (43,806 ) (225,416 ) Plus: Impairment associated with land development activities — — 40,988 — EBITDAre $ 221,220 $ 227,499 $ 882,777 $ 896,995 Plus: Casualty-related expenses, net of recoveries 3,080 683 5,849 1,186 Plus: Severance — — 506 — Plus: Legal costs and settlements 1,577 196 4,844 280 Plus: Loss on early retirement of debt — — 921 2,513 Plus: Expensed transaction, development, and other pursuit costs 710 — 2,203 471 Plus: Advocacy contributions — — 1,653 — Less: Miscellaneous (income)/expense — — — (364 ) Adjusted EBITDAre $ 226,587 $ 228,378 $ 898,753 $ 901,081 Annualized Adjusted EBITDAre $ 906,348 $ 913,512 $ 898,753 $ 901,081 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, 2024 2023 2024 2023 Unsecured notes payable $ 3,169,511 $ 3,394,948 $ 3,207,170 $ 3,350,767 Secured notes payable 330,338 330,108 330,251 391,745 Total debt 3,499,849 3,725,056 3,537,421 3,742,512 Less: Cash and cash equivalents (11,022 ) (95,392 ) (43,782 ) (30,257 ) Net debt $ 3,488,827 $ 3,629,664 $ 3,493,639 $ 3,712,255 Net Debt to Annualized Adjusted EBITDAre: Three months ended December 31, Twelve months ended December 31, 2024 2023 2024 2023 Net debt $ 3,488,827 $ 3,629,664 $ 3,493,639 $ 3,712,255 Annualized Adjusted EBITDAre 906,348 913,512 898,753 901,081 Net Debt to Annualized Adjusted EBITDAre 3.8x 4.0x 3.9x 4.1x CAMDEN 2025 FINANCIAL OUTLOOK AS OF FEBRUARY 6, 2025 (Unaudited) Earnings Guidance - Per Diluted Share Expected FFO per share - diluted $6.50 - $6.80 Expected CORE FFO per share - diluted $6.60 - $6.90 "Same Property" Communities Number of Units - 2025 57,114 2024 Base Net Operating Income $968 million Primary Components of Revenue Growth: 2025 Rental Rate Earn-In based on 2024 Results 0.0% December 2024 to December 2025 Assumed Market Rent Growth (1/2 Typically Achieved) 0.00% - 2.80% Occupancy Improvement 0.00% - 0.40% Occupancy Midpoint 95.4% Bad Debt Improvement 0.00% - 0.20% Bad Debt Midpoint 0.7% Total Revenue Growth 0.00% - 2.00% Total Expense Growth 2.25% - 3.75% Net Operating Income Growth (1.50%) - 1.50% Impact from 1.0% change in NOI Growth is approximately $0.09 / share Capitalized Expenditures Recurring $108 - $112 million Revenue Enhancing Capex and Repositions (a) $96 - $100 million Non - Recurring Capital Expenditures $27 - $29 million Acquisitions/Dispositions Acquisition Volume $600 - $900 million Disposition Volume $600 - $900 million Development Development Starts $175 - $675 million Development Spend $270 - $300 million Non-Property Income Non-Property Income $7 - $9 million Includes: Fee and asset management income and interest and other income Corporate Expenses General and Administrative (G&A) Expenses $76 - $80 million Non-Core Adjustments included above in G&A (b) $10 - $11 million Property Management Expenses $34 - $38 million Fee and Asset Management Expenses $2 - $3 million Corporate G&A Depreciation/Amortization $11 - $13 million Income Tax Expenses $3 - $4 million Capital Expensed Interest $139 - $143 million Capitalized Interest $15 - $17 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) 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. 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 the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

Camden Property Trust Announces Fourth Quarter 2024 Operating Results, 2025 Financial Outlook, and First Quarter 2025 Dividend

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