Camden Property Trust Announces Third Quarter 2026 Operating Results

HOUSTON--(BUSINESS WIRE)-- Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and nine months ended September 30, 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 and nine months ended September 30, 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 September 30, Nine Months Ended September 30, Per Diluted Share 2026 2025 2026 2025 EPS (1) $8.71 $1.00 $9.26 $2.10 FFO $1.70 $1.67 $4.52 $5.04 Core FFO $1.71 $1.70 $5.10 $5.12 Core AFFO $1.42 $1.43 $4.37 $4.44 Three Months Ended 3Q26 Guidance 3Q26 Guidance Per Diluted Share September 30, 2026 Midpoint Variance EPS (1) $8.71 $9.26 ($0.55) FFO $1.70 $1.64 $0.06 Core FFO $1.71 $1.69 $0.02 (1) For the three months ended September 30, 2026, EPS included approximately $9.37 per share of gain on sale of the California portfolio, partially offset by $0.83 per share of impairments associated with land development activities. For the three months ended September 30, 2025, EPS included approximately $0.78 per share of gain on sale of operating properties. Quarterly Growth Sequential Growth Year-To-Date Growth Same Property Results 3Q26 vs. 3Q25 3Q26 vs. 2Q26 2026 vs. 2025 Revenues (0.1)% 0.0% 0.0% Expenses (0.1)% (1.0)% 1.2% Net Operating Income ("NOI") (0.2)% 0.6% (0.7)% Operating Statistics - Same Property Portfolio New Lease and Renewal Data - Date Effective (1) 3Q26 3Q25 2Q26 Effective New Lease Rates (2.0)% (2.6)% (3.3)% Effective Renewal Rates 3.6% 3.5% 2.8% Effective Blended Lease Rates 1.0% 0.6% (0.2)% Occupancy 95.6% 95.5% 95.7% (1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective. For 2026, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release. Development Activity During the quarter, construction commenced at Camden RTP in the Raleigh, NC metro area. Additionally, leasing continued at Camden Village District in Raleigh, NC and Camden South Charlotte in Charlotte, NC, and leasing began at Camden Blakeney in Charlotte, NC. Development Communities - Construction Completed and Project in Lease-Up ($ in millions) Total Total % Leased Community Name Location Homes Cost as of 10/31/2026 Camden Village District Raleigh, NC 369 $139.6 88% Development Communities - Construction Ongoing ($ in millions) Total Total % Leased Community Name Location Homes Estimated Cost as of 10/31/2026 Camden South Charlotte Charlotte, NC 420 $155.0 24% Camden Blakeney Charlotte, NC 349 149.0 8% Camden Nations Nashville, TN 393 184.0 Camden RTP Morrisville, NC 398 130.0 Total 1,560 $618.0 Acquisition and Disposition Activity During the quarter, the Company acquired Camden Brandon, a 296-apartment home community located in Tampa, FL, Camden LoSo, a 343-apartment home community located in Charlotte, NC, and Camden Gulch, a 300-apartment home community located in Nashville, TN for a combined $305.2 million. The Company also acquired a land parcel in Tampa, FL for approximately $18.3 million. On July 29, 2026, Camden sold its California portfolio, consisting of 11 operating communities with 3,620 apartment homes, for an aggregate sales price of approximately $1.6 billion and recognized a gain of approximately $1.0 billion. Approximately $0.9 billion of the proceeds was used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program. Subsequent to quarter end, Camden sold 2.6 acres of land in Los Angeles, CA for approximately $10.7 million. Share Repurchases During the quarter, Camden repurchased 474,660 common shares at an average price of $105.34 per share for a total of $50.0 million. Year to date, Camden repurchased 4,536,826 common shares at an average price of $104.22 per share for a total of $472.8 million. The Company currently has $247.9 million remaining under its stock repurchase program. Liquidity Analysis As of September 30, 2026, Camden had approximately $1.8 billion of liquidity comprised of approximately $0.6 billion in cash and cash equivalents and 1031 related accounts, and approximately $1.2 billion of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $209.3 million left to fund under its existing wholly-owned development pipeline. Capital Markets During the quarter, the Company issued a $350 million unsecured term loan facility with a maturity date of July 2027 and also extended the maturity date of its $40 million unsecured floating rate term loan to September 2028. Camden also repaid a $12.0 million secured note plus accrued interest. In October 2026, the Company utilized cash on hand and its commercial paper program to redeem at par its $500 million senior unsecured notes payable that were scheduled to mature in November 2026. 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 fourth quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions. 4Q26 2026 2026 Midpoint Per Diluted Share Range Range Current Prior Change EPS $0.12 - $0.16 $9.42 - $9.46 $9.44 $9.93 $(0.49) FFO $1.61 - $1.65 $6.13 - $6.17 $6.15 $6.12 $0.03 Core FFO (1) $1.63 - $1.67 $6.73 - $6.77 $6.75 $6.75 $0.00 (1) The Company's 2026 Core FFO guidance excludes approximately $0.60 per share of non-core charges for casualty-related expenses, net of recoveries, legal costs and settlements, expensed transaction, development, and other pursuit costs, and investment losses. 2026 2026 Midpoint Same Property Growth Guidance Range Current Prior Change Revenues (0.25)% - 0.25% 0.00% 0.50% (0.50)% Expenses 1.50% - 2.00% 1.75% 2.50% (0.75)% NOI (1.50)% - (0.50)% (1.00)% (0.60)% (0.40)% 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, November 6, 2026 at 10:00 AM CT Webcast: https://investors.camdenliving.com Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 1517857 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 168 properties containing 56,995 apartment homes across the United States. Upon completion of 4 properties currently under development, the Company’s portfolio will increase to 58,555 apartment homes in 172 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 September 30, Nine Months Ended September 30, 2026 2025 2026 2025 OPERATING DATA Property revenues (a) $ 381,061 $ 395,676 $ 1,162,778 $ 1,182,750 Property expenses Property operating and maintenance 93,674 96,646 275,156 279,375 Real estate taxes 47,115 49,050 146,646 149,413 Total property expenses 140,789 145,696 421,802 428,788 Non-property income Fee and asset management 4,377 2,565 9,651 7,685 Interest and other income 3,709 78 4,091 156 Income/(loss) on deferred compensation plans (2,481 ) 6,749 8,955 16,297 Total non-property income 5,605 9,392 22,697 24,138 Other expenses Property management 8,544 8,863 28,936 28,457 Fee and asset management 856 965 3,357 2,277 General and administrative 18,193 17,835 55,246 53,779 Interest 41,034 34,995 119,815 104,160 Depreciation and amortization 160,032 159,474 467,166 460,834 Expense/(benefit) on deferred compensation plans (2,481 ) 6,749 8,955 16,297 Other non-operating expenses (1,000 ) 1,777 60,305 5,724 Total other expenses 225,178 230,658 743,780 671,528 Impairment associated with land development activities (86,404 ) — (86,404 ) — Gain on sale of operating properties, including land 973,508 85,645 1,041,608 132,938 Income from continuing operations before income taxes 907,803 114,359 975,097 239,510 Income tax expense (1,032 ) (780 ) (3,246 ) (2,570 ) Net income 906,771 113,579 971,851 236,940 Net income allocated to non-controlling interests (6,380 ) (4,645 ) (10,221 ) (8,514 ) Net income attributable to common shareholders $ 900,391 $ 108,934 $ 961,630 $ 228,426 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Net income $ 906,771 $ 113,579 $ 971,851 $ 236,940 Other comprehensive income/(loss) Reclassification of (gain)/loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation (376 ) 351 232 1,053 Comprehensive income 906,395 113,930 972,083 237,993 Net income allocated to non-controlling interests (6,380 ) (4,645 ) (10,221 ) (8,514 ) Comprehensive income attributable to common shareholders $ 900,015 $ 109,285 $ 961,862 $ 229,479 PER SHARE DATA Total earnings per common share - basic $ 8.79 $ 1.00 $ 9.31 $ 2.10 Total earnings per common share - diluted 8.71 1.00 9.26 2.10 Weighted average number of common shares outstanding: Basic 102,163 108,524 103,101 108,564 Diluted 103,826 108,580 104,749 108,617 (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 September 30, 2026, we recognized $381.1 million of property revenue which consisted of approximately $338.3 million of rental revenue and approximately $42.8 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 $395.7 million recognized for the three months ended September 30, 2025, made up of approximately $351.5 million of rental revenue and approximately $44.2 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the nine months ended September 30, 2026, we recognized $1,162.8 million of property revenue which consisted of approximately $1,032.8 million of rental revenue and approximately $130.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $1,182.8 million of property revenue recognized for the nine months ended September 30, 2025, made up of approximately $1,052.2 million of rental revenue and approximately $130.6 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 $12.0 million and $11.8 million for the three months ended September 30, 2026 and 2025, respectively, and was $36.4 million and $34.8 million for the nine months ended September 30, 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 September 30, Nine Months Ended September 30, 2026 2025 2026 2025 FUNDS FROM OPERATIONS Net income attributable to common shareholders $ 900,391 $ 108,934 $ 961,630 $ 228,426 Real estate depreciation and amortization 156,148 156,272 455,989 451,326 Income allocated to non-controlling interests 6,380 4,645 10,221 8,514 Gain on sale of operating properties (972,971 ) (85,645 ) (1,040,849 ) (132,938 ) Impairment associated with land development activities 86,404 — 86,404 — Funds from operations $ 176,352 $ 184,206 $ 473,395 $ 555,328 Less: Gain on sale of land (537 ) — (537 ) — Plus: Casualty-related expenses, net of (recoveries) (a) — (444 ) (3,479 ) (1,413 ) Plus: Legal costs and settlements (b)(c) (985 ) 2,151 50,619 6,334 Plus: Expensed transaction, development, and other pursuit costs (c) 3,233 695 9,312 3,658 Plus: Investment losses (b) — — 4,855 — Plus: Other miscellaneous items (a) (36 ) 168 26 244 Core funds from operations $ 178,027 $ 186,776 $ 534,191 $ 564,151 Less: Recurring capitalized expenditures (d) (30,338 ) (29,274 ) (76,630 ) (75,340 ) Core adjusted funds from operations $ 147,689 $ 157,502 $ 457,561 $ 488,811 PER SHARE DATA Funds from operations - diluted $ 1.70 $ 1.67 $ 4.52 $ 5.04 Core funds from operations - diluted 1.71 1.70 5.10 5.12 Core adjusted funds from operations - diluted 1.42 1.43 4.37 4.44 Distributions declared per common share 1.06 1.05 3.18 3.15 Weighted average number of common shares outstanding: FFO/Core FFO/Core AFFO - diluted 103,826 110,174 104,749 110,211 PROPERTY DATA Total operating properties (end of period) (e) 168 174 168 174 Total operating apartment homes in operating properties (end of period) (e) 56,995 59,416 56,995 59,416 Total operating apartment homes (weighted average) 57,807 59,059 58,250 59,255 (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) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 ASSETS Real estate assets, at cost Land $ 1,746,214 $ 1,695,652 $ 1,784,349 $ 1,787,445 $ 1,791,077 Buildings and improvements 11,644,192 11,271,829 11,801,301 11,792,960 11,812,521 13,390,406 12,967,481 13,585,650 13,580,405 13,603,598 Accumulated depreciation (5,157,790 ) (5,014,551 ) (5,407,880 ) (5,296,061 ) (5,234,087 ) Net operating real estate assets 8,232,616 7,952,930 8,177,770 8,284,344 8,369,511 Properties under development and land 402,848 500,116 457,994 419,227 384,124 Total real estate assets 8,635,464 8,453,046 8,635,764 8,703,571 8,753,635 Accounts receivable – affiliates 8,053 8,053 8,076 8,884 8,889 Other assets, net (a) 313,260 314,199 285,493 293,292 255,333 Cash and cash equivalents 168,704 44,717 40,684 25,203 25,931 Restricted cash 438,648 10,717 89,610 12,039 11,378 Real estate and other assets held for sale — 625,348 — — — Total assets $ 9,564,129 $ 9,456,080 $ 9,059,627 $ 9,042,989 $ 9,055,166 LIABILITIES AND EQUITY Liabilities Notes payable Unsecured $ 3,921,524 $ 4,529,573 $ 3,931,761 $ 3,570,193 $ 3,409,691 Secured 306,753 318,755 318,708 330,597 330,536 Accounts payable and accrued expenses 209,089 248,434 269,623 248,087 232,960 Accrued real estate taxes 129,373 99,264 59,818 92,382 129,697 Distributions payable 109,651 110,389 112,156 114,971 115,518 Other liabilities (b) 259,390 264,968 262,710 248,506 224,989 Liabilities held for sale — 6,382 — — — Total liabilities 4,935,780 5,577,765 4,954,776 4,604,736 4,443,391 Equity Common shares of beneficial interest 1,157 1,157 1,157 1,157 1,157 Additional paid-in capital 5,957,428 5,953,409 5,948,511 5,948,938 5,945,277 Distributions in excess of net income attributable to common shareholders (334,938 ) (1,127,157 ) (1,037,252 ) (969,240 ) (1,011,983 ) Treasury shares (1,078,576 ) (1,028,058 ) (886,052 ) (620,497 ) (400,185 ) Accumulated other comprehensive income (c) 2,397 2,773 2,522 2,165 2,027 Total common equity 4,547,468 3,802,124 4,028,886 4,362,523 4,536,293 Non-controlling interests 80,881 76,191 75,965 75,730 75,482 Total equity 4,628,349 3,878,315 4,104,851 4,438,253 4,611,775 Total liabilities and equity $ 9,564,129 $ 9,456,080 $ 9,059,627 $ 9,042,989 $ 9,055,166 (a) Includes net deferred charges of: $ 6,765 $ 7,363 $ 7,969 $ 534 $ 1,296 (b) Includes deferred revenues of: $ 1,056 $ 1,170 $ 1,277 $ 614 $ 624 (c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net 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 alternatives 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 and 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 September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income attributable to common shareholders $ 900,391 $ 108,934 $ 961,630 $ 228,426 Real estate depreciation and amortization 156,148 156,272 455,989 451,326 Income allocated to non-controlling interests 6,380 4,645 10,221 8,514 Gain on sale of operating properties (972,971 ) (85,645 ) (1,040,849 ) (132,938 ) Impairment associated with land development activities 86,404 — 86,404 — Funds from operations $ 176,352 $ 184,206 $ 473,395 $ 555,328 Less: Gain on sale of land (537 ) — (537 ) — Plus: Casualty-related expenses, net of (recoveries) — (444 ) (3,479 ) (1,413 ) Plus: Legal costs and settlements (985 ) 2,151 50,619 6,334 Plus: Expensed transaction, development, and other pursuit costs 3,233 695 9,312 3,658 Plus: Investment losses — — 4,855 — Plus: Other miscellaneous items (36 ) 168 26 244 Core funds from operations $ 178,027 $ 186,776 $ 534,191 $ 564,151 Less: Recurring capitalized expenditures (30,338 ) (29,274 ) (76,630 ) (75,340 ) Core adjusted funds from operations $ 147,689 $ 157,502 $ 457,561 $ 488,811 Weighted average number of common shares outstanding: EPS diluted 103,826 108,580 104,749 108,617 FFO/Core FFO/Core AFFO diluted 103,826 110,174 104,749 110,211 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 September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Total Earnings Per Common Share - Diluted $ 8.71 $ 1.00 $ 9.26 $ 2.10 Real estate depreciation and amortization 1.53 1.41 4.38 4.08 Income allocated to non-controlling interests — 0.04 — 0.07 Gain on sale of operating properties (9.37 ) (0.78 ) (9.94 ) (1.21 ) Impairment associated with land development activities 0.83 — 0.82 — FFO per common share - Diluted $ 1.70 $ 1.67 $ 4.52 $ 5.04 Less: Gain on sale of land (0.01 ) — (0.01 ) — Plus: Casualty-related expenses, net of (recoveries) — — (0.03 ) (0.01 ) Plus: Legal costs and settlements (0.01 ) 0.02 0.48 0.06 Plus: Expensed transaction, development, and other pursuit costs 0.03 0.01 0.09 0.03 Plus: Investment losses — — 0.05 — Plus: Other miscellaneous items — — — — Core FFO per common share - Diluted $ 1.71 $ 1.70 $ 5.10 $ 5.12 Less: Recurring capitalized expenditures (0.29 ) (0.27 ) (0.73 ) (0.68 ) Core AFFO per common share - Diluted $ 1.42 $ 1.43 $ 4.37 $ 4.44 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: 4Q26 Range 2026 Range Low High Low High Expected earnings per common share - diluted $0.12 $0.16 $9.42 $9.46 Expected real estate depreciation and amortization 1.48 1.48 5.84 5.84 Expected income allocated to non-controlling interests 0.01 0.01 0.01 0.01 Expected (gain) on sale of operating properties — — (9.97) (9.97) Expected Impairment associated with land development activities — — 0.83 0.83 Expected FFO per share - diluted $1.61 $1.65 $6.13 $6.17 Anticipated Adjustments to FFO 0.02 0.02 0.60 0.60 Expected Core FFO per share - diluted $1.63 $1.67 $6.73 $6.77 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 September 30, Nine months ended September 30, 2026 2025 2026 2025 Net income $ 906,771 $ 113,579 $ 971,851 $ 236,940 Less: Fee and asset management income (4,377 ) (2,565 ) (9,651 ) (7,685 ) Less: Interest and other income (3,709 ) (78 ) (4,091 ) (156 ) Less: Income/(loss) on deferred compensation plans 2,481 (6,749 ) (8,955 ) (16,297 ) Plus: Property management expense 8,544 8,863 28,936 28,457 Plus: Fee and asset management expense 856 965 3,357 2,277 Plus: General and administrative expense 18,193 17,835 55,246 53,779 Plus: Interest expense 41,034 34,995 119,815 104,160 Plus: Depreciation and amortization expense 160,032 159,474 467,166 460,834 Plus: Expense/(benefit) on deferred compensation plans (2,481 ) 6,749 8,955 16,297 Plus: Other non-operating expenses (1,000 ) 1,777 60,305 5,724 Plus: Impairment associated with land development activities 86,404 — 86,404 — Less: Gain on sale of operating properties, including land (973,508 ) (85,645 ) (1,041,608 ) (132,938 ) Plus: Income tax expense 1,032 780 3,246 2,570 NOI $ 240,272 $ 249,980 $ 740,976 $ 753,962 "Same Property" Communities $ 210,925 $ 211,252 $ 632,998 $ 637,666 Non-"Same Property" Communities 20,085 10,523 44,825 26,394 Development and Lease-Up Communities 1,455 251 3,203 308 Disposition/Other 7,807 27,954 59,950 89,594 NOI $ 240,272 $ 249,980 $ 740,976 $ 753,962 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 or 1.33 for 9 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below: Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net income $ 906,771 $ 113,579 $ 971,851 $ 236,940 Plus: Interest expense 41,034 34,995 119,815 104,160 Plus: Depreciation and amortization expense 160,032 159,474 467,166 460,834 Plus: Income tax expense 1,032 780 3,246 2,570 Less: Gain on sale of operating properties, including land (973,508 ) (85,645 ) (1,041,608 ) (132,938 ) Plus: Impairment associated with land development activities 86,404 — 86,404 — EBITDAre $ 221,765 $ 223,183 $ 606,874 $ 671,566 Less: Gain on sale of land (537 ) — (537 ) — Plus: Casualty-related expenses, net of (recoveries) — (444 ) (3,479 ) (1,413 ) Plus: Legal costs and settlements (985 ) 2,151 50,619 6,334 Plus: Expensed transaction, development, and other pursuit costs 3,233 695 9,312 3,658 Plus: Investment losses — — 4,855 — Plus: Other miscellaneous items (36 ) 168 26 244 Adjusted EBITDAre $ 223,440 $ 225,753 $ 667,670 $ 680,389 Annualized Adjusted EBITDAre $ 893,760 $ 903,012 $ 890,227 $ 907,185 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 and 1031 exchange proceeds included in restricted cash 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 September 30, Nine months ended September 30, 2026 2025 2026 2025 Unsecured notes payable $ 3,921,610 $ 3,433,812 $ 4,063,646 $ 3,450,842 Secured notes payable 314,770 330,516 320,055 330,456 Total average debt 4,236,380 3,764,328 4,383,701 3,781,298 Less: Average cash and cash equivalents (180,416 ) (11,741 ) (74,012 ) (14,063 ) Less: 1031 exchange proceeds included in restricted cash (465,392 ) — (172,145 ) — Net Debt $ 3,590,572 $ 3,752,587 $ 4,137,544 $ 3,767,235 Net Debt to Annualized Adjusted EBITDAre: Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Net Debt $ 3,590,572 $ 3,752,587 $ 4,137,544 $ 3,767,235 Annualized Adjusted EBITDAre 893,760 903,012 890,227 907,185 Net Debt to Annualized Adjusted EBITDAre 4.0x 4.2x 4.6x 4.2x Kim Callahan, 713-354-2549 Source: Camden Property Trust