Camden Property Trust (CPT) investor relations material

Executive summary

• Completed strategic exit from California, selling 11 properties for $1.625 billion and reallocating capital to Sun Belt and high-growth markets, with proceeds used for acquisitions, share repurchases, and debt reduction.

• Net income attributable to common shareholders was $18.8M for Q2 2026, down from $80.7M in Q2 2025, due to lower property sale gains, higher interest and depreciation, and a $53M legal settlement.

• Repurchased 4.06M shares in 2026 at an average price of $104.08/share, totaling $423M; $694M in share repurchases completed in 2025 and 2026.

• Acquired five operating properties for $449.3M and two land parcels for $45M in H1 2026; sold one property for $77M, recognizing a $67.9M gain.

• Innovation and technology initiatives delivered $55M incremental annual NOI through 2025, with $90M future impact identified for 2026–2030.

Financial highlights

• Q2 2026 Core FFO per share was $1.68, flat year-over-year and $0.01 above guidance midpoint; Q2 2026 FFO was $174.2M (down 5.4% YoY).

• Property revenues for Q2 2026 were $392.9M, down 0.9% YoY; NOI was $252.0M, down 0.3% YoY.

• Repurchased $694M of shares at a 6.4% FFO yield and $105.17 average price, below consensus NAV of $130.

• Net Debt to Annualized Adjusted EBITDAre was 5.3x as of Q2 2026.

• Dividend per share for Q2 2026 was $1.06; payout ratio (FFO) was 63.1%.

Outlook and guidance

• 2026 Core FFO guidance midpoint is $6.75 per share; FFO guidance midpoint is $6.12; EPS guidance midpoint is $9.76.

• Same property revenue growth guidance for 2026 is 0.5%, expense growth 2.5%, and NOI growth -0.6%.

• Q3 2026 Core FFO per share guidance is $1.67–$1.71.

• 2026 acquisitions guidance: $1.0B–$1.2B; dispositions: $1.6B–$2.0B.

• Estimated $140.1M remaining to complete three properties under construction.