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Analogies for Camden Property Trust (CPT):

• Marriott for apartments

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• Residential Apartment Leasing: Camden Property Trust's primary service involves providing rental housing units, specifically apartment homes, to individuals and families across their portfolio of communities.

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Camden Property Trust (CPT) is a Real Estate Investment Trust (REIT) focused on the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. As such, it sells primarily to **individuals** rather than other companies.

Camden Property Trust serves a diverse base of residents. Its customers can be broadly categorized into the following groups:

• Young Professionals and Career-Focused Individuals: This segment typically includes millennials and Gen Z individuals who are early in their careers or establishing themselves. They often seek modern amenities, convenient locations close to employment centers, urban entertainment, and public transportation, prioritizing flexibility and a vibrant community lifestyle over homeownership.

• Relocating Individuals and Families: This category encompasses people moving for new job opportunities, temporary assignments, or lifestyle changes. They may opt for rental properties due to the flexibility it offers, uncertainty about long-term location, or as an interim solution before purchasing a home. Camden's presence in major, high-growth markets makes it a common choice for this group.

• Empty Nesters and Active Adults: These are often older individuals or couples whose children have moved out, and they are looking to downsize from larger homes. They typically seek maintenance-free living, access to upscale amenities, and often prefer walkable communities or locations close to cultural attractions and services. They value convenience and a simplified lifestyle.

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Richard J. Campo, Chairman of the Board and Chief Executive Officer

Richard J. Campo co-founded Camden Property Trust's predecessor companies in 1982 with D. Keith Oden and has served as Chairman and Chief Executive Officer since the company's initial public offering in 1993. Under his leadership, Camden has grown significantly, with assets expanding from $200 million in 1993 to over $16 billion. Before co-founding Camden, he worked in the finance department of Century Development Corporation, starting as a staff accountant in 1976. Campo is a Certified Public Accountant and holds a Bachelor's Degree in Accounting from Oregon State University. He is actively involved in various organizations, including serving as Chairman of the Port Commission of the Port of Houston Authority.

Alexander J. Jessett, President – Chief Financial Officer

Alexander J. Jessett was appointed President and Chief Financial Officer in April 2024. He joined Camden's finance department in 1999 and has held various roles within the company. Prior to his tenure at Camden, Jessett gained experience in the Real Estate Lending Department at Comerica Bank of Texas. His responsibilities include overseeing all Real Estate Investments, Legal, Construction, Finance, Accounting, Risk Management, and Internal Audit teams, as well as Operations and Operations-related teams. He has been instrumental in over $25 billion of debt and equity issuances and structured real estate transactions for Camden. Jessett holds a Bachelor of Business Administration in Finance from The University of Texas at Austin and a Master of Business Administration in Finance from the University of Houston.

D. Keith Oden, Executive Vice Chairman of the Board

D. Keith Oden co-founded Camden's predecessor companies in 1982 alongside Richard J. Campo. He has served as Executive Vice Chairman of the Board since July 2019 and previously held the position of President of the company from 1993. His career prior to Camden included roles as Director of Financial Planning at Century Development Corporation and a Management Consultant with Deloitte, Haskins and Sells. Oden has played a key role in Camden's strategic initiatives, including the successful mergers of three public real estate companies. He earned both his Bachelor's Degree in Business Administration and an MBA from the University of Texas at Austin.

Laurie A. Baker, Executive Vice President – Chief Operating Officer

Laurie A. Baker has served as Executive Vice President – Chief Operating Officer since 2021. She is responsible for the oversight and strategic direction of Camden's Portfolio Operations, encompassing Asset Management, Sustainability, Revenue and Business Intelligence, Information Technology, Marketing, and customer experience.

Michael Gallagher, Senior Vice President – Chief Accounting Officer

Michael Gallagher has been the Senior Vice President – Chief Accounting Officer of Camden Property Trust since 2013. His background includes serving as the Chief Financial Officer of a NASDAQ-traded telecommunications company, Controller of a General Electric Co. subsidiary, and an Engagement Manager for Fortune 500 clients at Price Waterhouse. He is a Certified Public Accountant with an MBA from Texas A&M University and a BBA in Accounting from The University of Texas at Tyler.

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The key business risks for Camden Property Trust (CPT) primarily revolve around economic fluctuations, interest rate changes, and competitive market dynamics.

1. Economic Downturns and Market Volatility

   A significant risk for Camden Property Trust is its susceptibility to economic downturns and broader market volatility. A slowdown in economic activity can lead to decreased demand for apartment homes, which in turn affects occupancy rates and rental income. This includes factors such as job losses, high unemployment levels, and stock market volatility, all of which can materially and adversely impact CPT's cash flows and operating results. Economic disruptions can also influence the availability and cost of capital, thereby impeding the company's growth initiatives and financial flexibility.

2. Interest Rate Sensitivity and Cost of Debt

   As a real estate investment trust (REIT) with substantial debt, Camden Property Trust is exposed to risks associated with interest rate fluctuations. Higher interest rates can increase the cost of servicing its existing debt and make new financing for acquisitions and developments more expensive. This can adversely affect cash flow, net income, and the cash available for debt obligations and distributions to shareholders. A rising interest rate environment can also lead to a decrease in the value of the company's real estate assets and a decline in its share price.

3. Intense Competition and Oversupply in Specific Markets

   Camden Property Trust operates in a highly competitive landscape, facing direct competition from other multifamily properties and various housing alternatives. This competition can impact the company's ability to lease apartment homes and achieve expected rental rates. Furthermore, an oversupply of new apartments in specific markets where CPT operates, such as Austin, can lead to prolonged periods of lower occupancy rates and reduced rental income, negatively affecting the company's overall financial performance.

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The institutionalization and rapid growth of the single-family rental (SFR) market presents an emerging threat to Camden Property Trust. While CPT focuses on traditional multifamily apartments, the rise of professionally managed, purpose-built single-family rental communities offers a distinct and increasingly popular housing alternative for renters, particularly those seeking more space, privacy, and a yard without the commitment of homeownership. This segment directly competes for a portion of CPT's potential renter pool, potentially impacting occupancy rates, rental pricing power, and resident retention, especially in suburban areas where both multifamily and SFR properties are present or being developed.

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1. Market Rental Rate Increases: Camden Property Trust anticipates future revenue growth through its ability to implement rental rate increases across its portfolio. Although blended lease rates have shown some fluctuation, with Q1 2025 experiencing a blended rate of negative 0.1%, the company expects improvement, and renewal offers for subsequent months have shown average increases (e.g., 4.2% for June and July 2024, and May, June, July 2025). Management commentary also points to an anticipated acceleration in market rent growth for 2026-2027.
2. Stabilization and Lease-Up of New Development Properties: The completion and successful lease-up of new apartment communities will directly contribute to revenue. For instance, Camden NoDa, a 387-unit community, stabilized in Q1 2024 and was 99% occupied, generating an approximate 6.5% yield. Camden has commenced construction on approximately $320 million worth of new developments in the second half of 2024 and plans to start an additional $375 million in early 2025, with further projects slated for late 2025 or early 2026.
3. High Occupancy Rates: Maintaining strong occupancy levels is a critical driver for consistent rental income. Camden has consistently reported high occupancy, with an average of 95.4% in Q1 2025, and expects it to remain relatively stable in the mid-95% range for the remainder of the year. These sustained high occupancy rates ensure a consistent stream of rental revenue from existing properties.
4. Strategic Focus on High-Growth Sunbelt Markets: Camden's portfolio is concentrated in Sunbelt markets, which are characterized by robust job and population growth. This strategic geographical focus allows the company to capitalize on strong apartment demand and affordability, positioning it well to overcome broader economic headwinds and drive sustained revenue growth.
5. Strong Resident Retention and Low Turnover: High resident retention and historically low turnover rates contribute to revenue stability by minimizing vacant units and reducing the costs associated with re-leasing. The company reported a net turnover for Q1 2025 of 31%, one of the lowest in its history. This focus on resident satisfaction and retention helps preserve existing revenue streams and indirectly supports growth by reducing expenses.

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[1] Share Repurchases

• During the third quarter of 2025, Camden repurchased 465,742 common shares for a total of $50.0 million at an average price of $107.33 per share.
• Approximately $400.0 million remains under the company's current stock repurchase program.
• In October 2022, the Board of Trust Managers approved an increase to the share repurchase authorization, bringing the total remaining under the plan to $500.0 million.

[2] Share Issuance

• In June 2020, Camden established an at-the-market (ATM) share offering program, allowing for the potential sale of common shares for an aggregate offering price of up to $362.7 million.
• Camden Property Trust's shares outstanding for the second quarter of 2025 were 0.109 billion, representing a 0.9% increase year-over-year.
• Shares outstanding in 2022 were 0.108 billion, marking a 5.41% increase from 2021.

[4] Outbound Investments

• During the second quarter of 2025, Camden acquired Camden Clearwater, a 360-unit waterfront community in the Tampa market, for $139 million.
• In the second quarter of 2025 and subsequently, the company disposed of four older communities (three in Houston and one in Dallas) for a total of $174 million.
• As of 2025, Camden has acquired 787 units, including Camden Leander in Austin and Camden West Nashville.

[5] Capital Expenditures

• As of September 30, 2025, Camden had approximately $269.1 million remaining to fund its existing wholly-owned development pipeline.
• Construction on 1,531 units, totaling $639 million, is currently underway in 2025.
• Capital expenditures are primarily focused on preserving the value and maintaining the functionality of the company's communities.