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The Marriott of apartment communities.

Like Hilton, but for long-term apartment rentals instead of hotel stays.

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• Residential Leasing: Providing apartment homes for rent to individuals and families within their owned multifamily communities.
• Property Management: Managing the daily operations, maintenance, and tenant services for their portfolio of apartment communities.
• Real Estate Development and Construction: Planning and building new multifamily apartment communities from the ground up.
• Real Estate Acquisition and Redevelopment: Purchasing existing apartment properties and enhancing their value through renovations and improvements.

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Camden Property Trust (CPT) primarily serves individual residents and families who rent apartment homes. As a real estate company focused on multifamily apartment communities, its customers are not other companies but rather end-users seeking housing.

The up to three categories of customers that Camden Property Trust serves include:

1. Individuals and Families Seeking Long-Term Rental Housing: This broad category encompasses a diverse demographic of people who choose to rent rather than own, often for reasons such as flexibility, financial considerations, or personal preference for apartment living.
2. Professionals and Relocating Individuals: Many customers are young professionals or individuals relocating for work who seek convenient, amenity-rich housing options with fewer long-term commitments than home ownership, often valuing proximity to urban centers or employment hubs.
3. Residents Valuing Community Amenities and Maintenance-Free Living: A significant portion of Camden's residents are individuals or families who appreciate the comprehensive amenities offered (e.g., fitness centers, pools, communal spaces) and the convenience of a maintenance-free lifestyle provided by professional property management.

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Ric Campo, Chairman of the Board and Chief Executive Officer

Ric Campo has served as Camden's Chief Executive Officer since the Company's initial public offering in 1993. He co-founded Camden's predecessor companies in 1982 with Keith Oden. Under his leadership, Camden has grown from a Texas-based real estate firm with assets valued at $200 million in 1993 to an industry leader with a national footprint and assets valued at more than $16 billion. Prior to co-founding Camden's predecessor companies, Mr. Campo worked in the finance department of Century Development Corporation.

Alex Jessett, President – Chief Financial Officer

Alex Jessett was promoted to President and Chief Financial Officer in April 2024, having previously served as Executive Vice President – Chief Financial Officer since 2013. He joined Camden in 1999 and has held various roles within the company. Since joining Camden, Mr. Jessett has been responsible for over $25 billion of debt and equity issuances and structured real estate transactions. Before joining Camden, he began his career in real estate at Comerica Bank of Texas in the Real Estate Lending department.

Keith Oden, Executive Vice Chairman of the Board

Keith Oden co-founded Camden's predecessor companies in 1982 with Ric Campo. For over twenty years, he has been committed to developing Camden into one of the best multifamily companies in the industry. Under his purview, Camden successfully completed the mergers of three public real estate companies: Paragon, Oasis Residential, and Summit Properties.

Laurie Baker, Executive Vice President – Chief Operating Officer

Laurie Baker is responsible for the oversight and strategy of Camden's Portfolio Operations, as well as Asset Management, Sustainability, Revenue and Business Intelligence, Information Technology, Marketing, and Camden's customer experience. She has held several roles during her time with Camden, including Senior Vice President of Fund & Asset Management, and has been responsible for Camden's reposition and redevelopment program, totaling more than $900 million in property improvements.

Kim Callahan, Senior Vice President – Investor Relations

Kim Callahan serves as the primary point of contact for Camden's investors and analysts and manages all investor communications. She joined Camden in 1996 and previously served as its Director and Vice President of Finance.

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Here are the key risks to Camden Property Trust (CPT):

1. Interest Rate Sensitivity: As a real estate investment trust (REIT) heavily reliant on debt for acquisitions, development, and operations, Camden Property Trust is highly susceptible to fluctuations in interest rates. Rising interest rates directly increase borrowing costs, which can significantly reduce profit margins, make new projects more expensive, and increase the cost of refinancing existing debt. Higher rates can also impact property valuations by increasing capitalization rates, potentially leading to lower asset values and making the company's dividend yields less attractive compared to fixed-income alternatives.

2. Multifamily Market Oversupply and Rent Growth Pressure: Camden Property Trust faces significant headwinds from an oversupply of new multifamily apartment units, particularly in key Sunbelt markets where the company has a substantial presence. This influx of new supply can lead to increased competition, lower occupancy rates, and pressure on rental income and rent growth. For instance, Camden has faced challenges in markets like Austin due to excessive supply impacting Net Operating Income.

3. Escalating Operating and Construction Costs: The company is exposed to the risk of persistently escalating construction costs, which impacts its development activities and capital expenditures. Furthermore, rising operating expenses, including insurance, labor, marketing, repairs, and maintenance, can pressure net operating income and overall profitability for its existing portfolio of apartment communities.

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The addressable market for Camden Property Trust's main products and services, primarily multifamily apartment communities, is substantial within the United States.

The United States multifamily market was valued at approximately $265 billion in 2022 and is projected to grow to $466 billion by 2030, with a compound annual growth rate (CAGR) of 7.31% between 2023 and 2030. This market encompasses various activities including ownership, management, development, and acquisition of multifamily properties.

Specifically, within the apartment rental sector, the industry's revenue in the United States is expected to reach $305.7 billion by the end of 2026. Multifamily rentals constituted 33% of the U.S. rental housing stock in 2024, reaching a record 12.1 million units.

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Camden Property Trust (CPT) is expected to drive future revenue growth over the next two to three years through several strategic initiatives and market dynamics:

1. Strategic Repositioning and Investment in Sun Belt Markets: Camden is actively reallocating capital by divesting lower-growth assets, such as a significant sale of California properties expected to be between $1.5 billion and $2 billion. The proceeds from these sales are being reinvested into higher-growth Sun Belt markets across the United States. This strategic shift is anticipated to enhance revenue as these Sun Belt markets are projected to outperform, driven by strong demand and absorption of supply.
2. Anticipated Market Rent Growth: Despite some recent modest declines in new lease rates, Camden Property Trust anticipates approximately 2% market rent growth for its portfolio in 2026, with the majority of this growth expected in the second half of the year. This growth is largely predicated on the absorption of new multifamily supply that peaked in 2024, leading to tighter market fundamentals and a return of pricing power in key regions like Atlanta, Dallas, Nashville, and Austin.
3. New Development and Portfolio Expansion: The company plans significant development activity in the coming years, with up to $335 million in development starts and approximately $200 million in total development spend in 2026. These new developments, alongside strategic acquisitions, will expand Camden's portfolio of apartment homes, directly contributing to an increase in rental income once these properties are operational and leased.
4. Growth in Other Property-Related Income: Beyond rental revenue, Camden also expects growth from other income streams. This primarily includes utility rebilling to residents and various fee incomes, which are projected to grow around 2% in 2026, adding approximately 20 basis points to same-store revenue growth.

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Share Repurchases

• In February 2026, Camden's Board of Trust Managers authorized a new share repurchase program up to $600.0 million, which remains entirely available for future repurchases.
• During the year ended December 31, 2025, Camden repurchased 2,531,018 common shares for a total of $270.6 million.
• Subsequent to December 31, 2025, an additional 1,096,807 common shares were repurchased for $120.7 million.

Share Issuance

• No significant share issuances were identified over the last 3-5 years; Camden Property Trust's shares outstanding saw a slight decline from 2023 to 2025.

Outbound Investments

• For the full year 2025, Camden sold seven older communities with an average age of 22 years for $375 million.
• In Q4 2025, the company disposed of three communities in Houston and Phoenix for a total of $201 million.
• Subsequent to Q4 2025, Camden began marketing for sale 11 operating communities in Southern California, targeting $1.60 billion to $2.00 billion in dispositions.

Capital Expenditures

• As of December 31, 2025, approximately $213.8 million remained to be funded under Camden's existing wholly-owned development pipeline.
• The primary focus of capital expenditures, particularly "Revenue Enhancing Capex and Repositions," is to improve a community's cash flow and competitive position through upgrades like kitchen and bath renovations or new amenities.