Camden Property Trust Announces First Quarter 2026 Operating Results

Camden Property Trust Announces First Quarter 2026 Operating Results 4/30/2026 Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three months ended March 31, 2026. 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 months ended March 31, 2026 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 March 31, Per Diluted Share 2026 2025 EPS $0.40 $0.36 FFO $1.15 $1.70 Core FFO $1.70 $1.72 Core AFFO $1.55 $1.58 Three Months Ended 1Q26 Guidance 1Q26 Guidance Per Diluted Share March 31, 2026 Midpoint Variance EPS(1) $0.40 $0.24 $0.16 FFO(1) $1.15 $1.63 ($0.48) Core FFO $1.70 $1.66 $0.04 (1) The Company's EPS and FFO included approximately $0.48 per diluted share primarily due to litigation-related charges and EPS included approximately $0.64 per diluted share mainly due to the gain on sale of an operating property. Quarterly Growth Sequential Growth Same Property Results 1Q26 vs. 1Q25 1Q26 vs. 4Q25 Revenues 0.2% 0.1% Expenses 1.9% 2.1% Net Operating Income ("NOI") (0.7)% (1.0)% Same Property Results 1Q26 1Q25 4Q25 Occupancy 95.1% 95.4% 95.2% For 2026, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release. Operating Statistics - Same Property Portfolio New Lease and Renewal Data - Date Effective (1) 1Q26 1Q25 4Q25 Effective New Lease Rates (5.2)% (3.1)% (5.3)% Effective Renewal Rates 2.9% 3.3% 2.8% Effective Blended Lease Rates (1.4)% (0.1)% (1.6)% (1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective. Development Activity During the quarter, leasing continued at Camden Village District in Raleigh, NC. Development Communities - Construction Completed and Project in Lease-Up ($ in millions) Total Total % Leased Community Name Location Homes Cost as of 4/29/2026 Camden Village District Raleigh, NC 369 $139.4 72% Development Communities - Construction Ongoing ($ in millions) Total Total Community Name Location Homes Estimated Cost Camden South Charlotte Charlotte, NC 420 $157.0 Camden Blakeney Charlotte, NC 349 151.0 Camden Nations Nashville, TN 393 184.0 Total 1,162 $492.0 Acquisition and Disposition Activity During the quarter, the Company began marketing for sale 11 operating communities in California. Also during the quarter, the Company disposed of a 516-apartment home community in Irving, TX for approximately $77.0 million and recognized a gain of approximately $67.9 million. Subsequent to quarter end, the Company acquired Camden Alpharetta, a 269-apartment home community located in the Atlanta, GA metropolitan area and Camden at Lake Nona, a 288-apartment home community located in the Orlando, FL metropolitan area for a combined $171.3 million. Capital Markets Transactions During the quarter, the Company issued $600 million of senior unsecured notes due 2036. These ten-year notes were issued at 99.936% of par value with a coupon of 4.90%, a yield of 4.908%, and an effective interest rate of 5.03% per annum after giving effect to deducting the underwriting discounts and other expenses of the offering. Also during the quarter, the Company amended and restated its existing unsecured credit facility to remove a $300 million delayed draw unsecured term loan facility and extended the maturity date of the $1.2 billion unsecured revolving credit facility to March 2030. Share Repurchases During the quarter, Camden repurchased 2,633,030 common shares at an average price of $105.88 per share for a total of $278.8 million. Subsequent to quarter end, Camden repurchased 1,429,136 common shares at an average price of $100.78 for a total of $144.1 million. Year to date, Camden repurchased 4,062,166 common shares at an average price of $104.08 for a total of $422.9 million. The Company currently has $297.8 million remaining under its stock repurchase program. Liquidity Analysis As of March 31, 2026, Camden had approximately $881.9 million of liquidity comprised of approximately $40.7 million in cash and cash equivalents, and approximately $841.2 million of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $176.6 million left to fund under its existing wholly-owned development pipeline. Litigation Update Subsequent to quarter end, the Company entered into a binding term sheet to settle the class action litigation related to the use of a revenue management software and agreed to pay an aggregate of $53.0 million into a settlement fund which is subject to preliminary and final court approval. The Company recorded this charge within Other Non-Operating Expenses in its consolidated statements of income and comprehensive income during the three months ended March 31, 2026. The settlement payments will not impact the Company’s 2026 Core FFO or 2026 Core AFFO as certain legal costs and settlements are excluded from the calculation of these metrics. Earnings Guidance Camden updated its earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions. 2Q26 2026 2026 Midpoint Per Diluted Share Range Range Current Prior Change EPS $0.13 - $0.17 $0.51 - $0.81 $0.66 $0.55 $0.11 FFO $1.63 - $1.67 $5.95 - $6.25 $6.10 $6.61 $(0.51) Core FFO(1) $1.65 - $1.69 $6.60 - $6.90 $6.75 $6.75 $0.00 (1) The Company's 2026 Core FFO guidance excludes approximately $0.65 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs. 2026 2026 Midpoint Same Property Growth Guidance Range Current Prior Change Revenues (0.25)% - 1.75% 0.75% 0.75% 0.00% Expenses 2.25% - 3.75% 3.00% 3.00% 0.00% NOI (2.50)% - 1.50% (0.50)% (0.50)% 0.00% Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2026 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. Conference Call Friday, May 1, 2026 at 10:00 AM CT Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 4099400 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 173 properties containing 58,811 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 59,973 apartment homes in 176 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 19 consecutive years, most recently ranking #13. 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 March 31, 2026 2025 OPERATING DATA Property revenues(a) $388,773 $390,565 Property expenses Property operating and maintenance 90,179 89,698 Real estate taxes 49,890 49,722 Total property expenses 140,069 139,420 Non-property income Fee and asset management 2,143 2,487 Interest and other income 253 10 (Loss)/income on deferred compensation plans (1,159 ) 1,198 Total non-property income 1,237 3,695 Other expenses Property management 10,258 9,895 Fee and asset management 661 671 General and administrative 14,705 16,948 Interest 37,359 33,790 Depreciation and amortization 150,000 149,252 (Benefit)/expense on deferred compensation plans (1,159 ) 1,198 Other non-operating expenses 60,905 1,760 Total other expenses 272,729 213,514 Gain on sale of operating property, including land 68,100 — Income from continuing operations before income taxes 45,312 41,326 Income tax expense (938 ) (559 ) Net income 44,374 40,767 Net Income allocated to non-controlling interests (1,925 ) (1,945 ) Net income attributable to common shareholders $42,449 $38,822 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Net income $44,374 $40,767 Other comprehensive income Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 357 351 Comprehensive income 44,731 41,118 Net income allocated to non-controlling interests (1,925 ) (1,945 ) Comprehensive income attributable to common shareholders $42,806 $39,173 PER SHARE DATA Total earnings per common share - basic $0.40 $0.36 Total earnings per common share - diluted 0.40 0.36 Weighted average number of common shares outstanding: Basic 104,826 108,530 Diluted 104,899 108,597 (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 March 31, 2026, we recognized $388.8 million of property revenue which consisted of approximately $345.7 million of rental revenue and approximately $43.1 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 $390.6 million recognized for the three months ended March 31, 2025, made up of approximately $348.3 million of rental revenue and approximately $42.3 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 $12.2 million and $11.4 million for the three months ended March 31, 2026 and 2025, 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 March 31, 2026 2025 FUNDS FROM OPERATIONS Net income attributable to common shareholders $42,449 $38,822 Real estate depreciation and amortization 146,390 146,168 Income allocated to non-controlling interests 1,925 1,945 Gain on sale of operating property (67,878 ) — Funds from operations $122,886 $186,935 Plus: Casualty-related expenses(a) 250 130 Plus: Legal costs and settlements(b)(c) 51,192 1,872 Plus: Expensed transaction, development, and other pursuit costs(c) 1,842 881 Plus: Investment losses(b) 4,855 — Plus: Other miscellaneous items(a) 61 — Core funds from operations $181,086 $189,818 Less: Recurring capitalized expenditures(d) (16,150 ) (16,098 ) Core adjusted funds from operations $164,936 $173,720 PER SHARE DATA Funds from operations - diluted $1.15 $1.70 Core funds from operations - diluted 1.70 1.72 Core adjusted funds from operations - diluted 1.55 1.58 Distributions declared per common share 1.06 1.05 Weighted average number of common shares outstanding: FFO/Core FFO/Core AFFO - diluted 106,493 110,191 PROPERTY DATA Total operating properties (end of period)(e) 171 176 Total operating apartment homes in operating properties (end of period)(e) 58,254 59,647 Total operating apartment homes (weighted average) 58,366 59,074 (a) Non-core adjustment generally recorded within Property NOI. (b) Non-core adjustment generally recorded within Other Non-Operating Expenses. (c) Non-core adjustment generally recorded within General and Administrative Expenses. (d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities. (e) 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) Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2026 2025 2025 2025 2025 ASSETS Real estate assets, at cost Land $1,784,349 $1,787,445 $1,791,077 $1,789,207 $1,763,468 Buildings and improvements 11,801,301 11,792,960 11,812,521 11,763,017 11,550,852 13,585,650 13,580,405 13,603,598 13,552,224 13,314,320 Accumulated depreciation (5,407,880 ) (5,296,061 ) (5,234,087 ) (5,128,622 ) (5,011,583 ) Net operating real estate assets 8,177,770 8,284,344 8,369,511 8,423,602 8,302,737 Properties under development and land 457,994 419,227 384,124 380,437 403,657 Total real estate assets 8,635,764 8,703,571 8,753,635 8,804,039 8,706,394 Accounts receivable – affiliates 8,076 8,884 8,889 8,889 8,950 Other assets, net(a) 285,493 293,292 255,333 262,100 239,999 Cash and cash equivalents 40,684 25,203 25,931 33,091 26,182 Restricted cash 89,610 12,039 11,378 11,454 11,607 Total assets $9,059,627 $9,042,989 $9,055,166 $9,119,573 $8,993,132 LIABILITIES AND EQUITY Liabilities Notes payable Unsecured $3,931,761 $3,570,193 $3,409,691 $3,495,487 $3,405,255 Secured 318,708 330,597 330,536 330,476 330,416 Accounts payable and accrued expenses 269,623 248,087 232,960 206,018 195,197 Accrued real estate taxes 59,818 92,382 129,697 91,954 46,192 Distributions payable 112,156 114,971 115,518 116,007 115,983 Other liabilities (b) 262,710 248,506 224,989 219,635 212,871 Total liabilities 4,954,776 4,604,736 4,443,391 4,459,577 4,305,914 Equity Common shares of beneficial interest 1,157 1,157 1,157 1,157 1,157 Additional paid-in capital 5,948,511 5,948,938 5,945,277 5,941,893 5,936,982 Distributions in excess of net income attributable to common shareholders (1,037,252 ) (969,240 ) (1,011,983 ) (1,007,075 ) (973,416 ) Treasury shares (886,052 ) (620,497 ) (400,185 ) (350,166 ) (351,092 ) Accumulated other comprehensive income(c) 2,522 2,165 2,027 1,676 1,325 Total common equity 4,028,886 4,362,523 4,536,293 4,587,485 4,614,956 Non-controlling interests 75,965 75,730 75,482 72,511 72,262 Total equity 4,104,851 4,438,253 4,611,775 4,659,996 4,687,218 Total liabilities and equity $9,059,627 $9,042,989 $9,055,166 $9,119,573 $8,993,132 (a) Includes net deferred charges of: $7,969 $534 $1,296 $1,953 $2,730 (b) Includes deferred revenues of: $1,277 $614 $624 $692 $760 (c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net less 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 (calculated 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 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 March 31, 2026 2025 Net income attributable to common shareholders $42,449 $38,822 Real estate depreciation and amortization 146,390 146,168 Income allocated to non-controlling interests 1,925 1,945 Gain on sale of operating property (67,878 ) — Funds from operations $122,886 $186,935 Plus: Casualty-related expenses 250 130 Plus: Legal costs and settlements 51,192 1,872 Plus: Expensed transaction, development, and other pursuit costs 1,842 881 Plus: Investment losses 4,855 — Plus: Other miscellaneous items 61 — Core funds from operations $181,086 $189,818 Less: Recurring capitalized expenditures (16,150 ) (16,098 ) Core adjusted funds from operations $164,936 $173,720 Weighted average number of common shares outstanding: EPS diluted 104,899 108,597 FFO/Core FFO/Core AFFO diluted 106,493 110,191 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 March 31, 2026 2025 Total Earnings Per Common Share - Diluted $0.40 $0.36 Real estate depreciation and amortization 1.37 1.32 Income allocated to non-controlling interests 0.02 0.02 Gain on sale of operating property (0.64 ) — FFO per common share - Diluted $1.15 $1.70 Plus: Casualty-related expenses — — Plus: Legal costs and settlements 0.48 0.01 Plus: Expensed transaction, development, and other pursuit costs 0.02 0.01 Plus: Investment losses 0.05 — Plus: Other miscellaneous items — — Core FFO per common share - Diluted $1.70 $1.72 Less: Recurring capitalized expenditures (0.15 ) (0.14 ) Core AFFO per common share - Diluted $1.55 $1.58 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: 2Q26 Range 2026 Range Low High Low High Expected earnings per common share - diluted $0.13 $0.17 $0.51 $0.81 Expected real estate depreciation and amortization 1.48 1.48 6.01 6.01 Expected income allocated to non-controlling interests 0.02 0.02 0.08 0.08 Expected (gain) on sale of operating properties — — (0.65 ) (0.65 ) Expected FFO per share - diluted $1.63 $1.67 $5.95 $6.25 Anticipated Adjustments to FFO 0.02 0.02 0.65 0.65 Expected Core FFO per share - diluted $1.65 $1.69 $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 total property expenses. 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 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 March 31, 2026 2025 Net income $44,374 $40,767 Less: Fee and asset management income (2,143 ) (2,487 ) Less: Interest and other income (253 ) (10 ) Less: Loss/(income) on deferred compensation plans 1,159 (1,198 ) Plus: Property management expense 10,258 9,895 Plus: Fee and asset management expense 661 671 Plus: General and administrative expense 14,705 16,948 Plus: Interest expense 37,359 33,790 Plus: Depreciation and amortization expense 150,000 149,252 Plus: (Benefit)/expense on deferred compensation plans (1,159 ) 1,198 Plus: Other non-operating expenses 60,905 1,760 Less: Gain on sale of operating property, including land (68,100 ) — Plus: Income tax expense 938 559 NOI $248,704 $251,145 "Same Property" Communities $232,418 $234,073 Non-"Same Property" Communities 13,612 8,995 Development and Lease-Up Communities 706 4 Disposition/Other 1,968 8,073 NOI $248,704 $251,145 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 March 31, 2026 2025 Net income $44,374 $40,767 Plus: Interest expense 37,359 33,790 Plus: Depreciation and amortization expense 150,000 149,252 Plus: Income tax expense 938 559 Less: Gain on sale of operating property, including land (68,100 ) — EBITDAre $164,571 $224,368 Plus: Casualty-related expenses 250 130 Plus: Legal costs and settlements 51,192 1,872 Plus: Expensed transaction, development, and other pursuit costs 1,842 881 Plus: Investment losses 4,855 — Plus: Other miscellaneous items 61 — Adjusted EBITDAre $222,771 $227,251 Annualized Adjusted EBITDAre $891,084 $909,004 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 Three months ended March 31, 2026 2025 Unsecured notes payable $3,906,874 $3,404,088 Secured notes payable 326,655 330,396 Total average debt 4,233,529 3,734,484 Less: Average cash and cash equivalents (14,504 ) (12,302 ) Net Debt $4,219,025 $3,722,182 Net Debt to Annualized Adjusted EBITDAre: Three months ended March 31, 2026 2025 Net Debt $4,219,025 $3,722,182 Annualized Adjusted EBITDAre 891,084 909,004 Net Debt to Annualized Adjusted EBITDAre 4.7x 4.1x Kim Callahan, 713-354-2549 Source: Camden Property Trust