CAMDEN TABLE OF CONTENTS

			Page
Press Release Text			3
Financial Highlights			7
Operating Results			8
Funds from Operations			9
Balance Sheets			10
Portfolio Statistics			11
Components of Property Net Operating Income			12
"Same Property" Fourth Quarter Comparisons			13
"Same Property" Sequential Quarter Comparisons			14
"Same Property" Year to Date Comparisons			15
"Same Property" Operating Expense Detail & Comparisons			16
Joint Venture Operations			17
Current Development Communities			18
Development Pipeline			19
Acquisitions and Dispositions			20
Debt Analysis			21
Debt Maturity Analysis			22
Debt Covenant Analysis			23
Unconsolidated Real Estate Investments Debt Analysis			24
Unconsolidated Real Estate Investments Debt Maturity Analysis			25
Capitalized Expenditures & Maintenance Expense			26
2022 Financial Outlook			27
Non-GAAP Financial Measures - Definitions & Reconciliations			28
Other Data			31
Community Table			32

In addition to historical information, this document 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 (the “Company”) 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 this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

2

CAMDEN PROPERTY TRUST ANNOUNCES 2021 OPERATING RESULTS,

2022 FINANCIAL OUTLOOK, AND FIRST QUARTER 2022 DIVIDEND

Houston, Texas (February 3, 2022) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and twelve months ended December 31, 2021. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and twelve months ended December 31, 2021 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

			Three Months Ended						Twelve Months Ended
			December 31						December 31
Per Diluted Share			2021			2020			2021			2020
EPS			$2.02			$0.29			$2.96			$1.24
FFO			$1.51			$1.21			$5.39			$4.90
AFFO			$1.30			$1.00			$4.68			$4.13

			Quarterly Growth			Sequential Growth			Year-To-Date Growth
Same Property Results*			4Q21 vs. 4Q20			4Q21 vs. 3Q21			2021 vs. 2020
Revenues			8.5%			2.5%			4.3%
Expenses			(2.3)%			(7.5)%			3.5%
Net Operating Income ("NOI")			14.9%			8.4%			4.8%

*Same property results exclude any Pandemic Related Impact.

Same Property Results			4Q21			4Q20			3Q21
Occupancy			97.1%			95.5%			97.3%

For 2021, the Company defines same property communities as communities owned and stabilized since January 1, 2020, 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 Signed (1) (2)			January 2022*			January 2021			4Q21(2)			4Q20(2)
New Lease Rates			17.1%			(3.1)%			16.7%			(4.0)%
Renewal Rates			13.5%			3.0%			14.1%			2.9%
Blended Rates			15.2%			(0.2)%			15.5%			(0.9)%
New Leases			1,311			1,646			1,287			1,398
Renewals			1,472			1,546			1,163			1,145
Total Leases			2,783			3,192			2,450			2,543

3

New Lease and Renewal Data - Date Effective (3) (4)			January 2022*			January 2021			4Q21(4)			4Q20(4)
New Lease Rates			16.7%			(3.4)%			17.8%			(4.3)%
Renewal Rates			14.8%			2.9%			13.6%			2.5%
Blended Rates			15.7%			(1.0)%			15.7%			(1.3)%
New Leases			1,338			1,569			1,379			1,519
Renewals			1,300			973			1,295			1,163
Total Leases			2,638			2,542			2,674			2,682

*Data as of January 30, 2022

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.

(2) Data represents average monthly leases signed during the period.

(3) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

(4) Data represents average monthly leases effective during the period.

Occupancy and Turnover Data			January 2022*			January 2021			4Q21			4Q20
Occupancy			97.2%			95.7%			97.1%			95.5%
Annualized Gross Turnover			36%			47%			42%			47%
Annualized Net Turnover			32%			39%			38%			40%

*Data as of January 30, 2022

Development Activity

During the quarter, construction was completed at Camden Hillcrest in San Diego, CA and lease-up was completed at Camden North End II in Phoenix, AZ.

Development Communities - Construction Completed and Projects in Lease-Up ($ in millions)

						Total			Total			% Leased
Community Name			Location			Homes			Cost			as of 1/30/2022
Camden Lake Eola			Orlando, FL			360			$125.0			96		%
Camden Hillcrest			San Diego, CA			132			89.3			41		%
Total						492			$214.3

Development Communities - Construction Ongoing ($ in millions)

						Total			Total			% Leased
Community Name			Location			Homes			Estimated Cost			as of 1/30/2022
Camden Buckhead			Atlanta, GA			366			$163.5			65		%
Camden Atlantic			Plantation, FL			269			100.0
Camden Tempe II			Tempe, AZ			397			115.0
Camden NoDa			Charlotte, NC			387			105.0
Camden Durham			Durham, NC			354			120.0
Total						1,773			$603.5

Acquisition/Disposition Activity

During the quarter, the Company acquired Camden Greenville, a 558-home apartment community located in Dallas, TX for approximately $165.5 million. During the quarter, Camden also acquired a 5.2-acre land parcel in Denver, CO and a 2.0-acre land parcel in Nashville, TN for approximately $60.6 million for future development purposes.

The Company disposed of three operating communities during the quarter for approximately $260.0 million. Two of the communities sold were located in Houston, TX and one in Laurel, MD and included 1,078 total apartment homes.

4

Equity Issuance

During the quarter, the Company issued approximately 1.1 million common shares through its at-the-market (“ATM”) share offering program at an average price of $167.56 per share, for total net consideration of approximately $179.7 million.

Liquidity Analysis

As of December 31, 2021, Camden had approximately $1.5 billion of liquidity comprised of approximately $613.4 million in cash and cash equivalents, and no amounts outstanding on its $900 million unsecured credit facility. The Company has no scheduled debt maturities until 3Q22, and at quarter-end had $199.4 million left to fund under its existing wholly-owned development pipeline. As of December 31, 2021, Camden had outstanding letters of credit totaling approximately $14.8 million, which reduced the availability under its unsecured credit facility to $885.2 million.

Earnings Guidance

Camden provided initial earnings guidance for 2022 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2022 as detailed below.

			1Q22			2022
Per Diluted Share			Range			Range			Midpoint
EPS			$0.38 - $0.42			$1.65 - $1.95			$1.80
FFO			$1.45 - $1.49			$6.09 - $6.39			$6.24
						2022
Same Property Growth						Range			Midpoint
Revenues						7.75% - 9.75%			8.75%
Expenses						2.25% - 3.75%			3.00%
NOI						10.50% - 13.50%			12.00%

For 2022, the Company defines same property communities as communities owned and stabilized since January 1, 2021,

excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment

as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit,

exterior building, common area, and amenity upgrades. Camden intends to update its earnings guidance to the market on a

quarterly basis. Additional information on the Company’s 2022 financial outlook and a reconciliation of expected EPS to

expected FFO are included in the financial tables accompanying this press release.

Quarterly Dividend Declaration

Camden's Board of Trust Managers declared a first quarter 2022 dividend of $0.94 per common share. The dividend is payable on

April 18, 2022 to shareholders of record as of March 31, 2022. In declaring the dividend, the Board of Trust Managers considered

a number of factors, including the Company's past performance and future prospects, as described in this press release.

Conference Call

Friday, February 4, 2022 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061

Passcode: 1838681

Webcast: https://services.choruscall.com/mediaframe/webcast.html?webcastid=aMGiqn3x

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.

5

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 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 171 properties containing 58,300 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 60,073 apartment homes in 176 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 14 consecutive years, most recently ranking #8.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

6

CAMDEN						FINANCIAL HIGHLIGHTS
						(In thousands, except per share, property data amounts and ratios)

(Unaudited)

			Three Months Ended December 31,									Twelve Months Ended December 31,
			2021			2020						2021			2020
Property revenues (a)			$305,364			$261,554						$1,143,585			$1,043,837
Adjusted EBITDA (b)			182,036			148,426						648,097			598,864
Net income attributable to common shareholders (c)			212,898			29,193						303,907			123,911
Per share - basic			2.03			0.29						2.97			1.24
Per share - diluted			2.02			0.29						2.96			1.24
Funds from operations			160,170			122,435						559,350			495,732
Per share - diluted			1.51			1.21						5.39			4.90
Adjusted funds from operations			137,772			100,816						485,747			418,207
Per share - diluted			1.30			1.00						4.68			4.13
Dividends per share			0.83			0.83						3.32			3.32
Dividend payout ratio (FFO)			55.0		%	68.6		%				61.6		%	67.8		%
Interest expensed			24,582			24,072						97,297			91,526
Interest capitalized			3,917			4,429						16,688			17,385
Total interest incurred			28,499			28,501						113,985			108,911
Net Debt to Annualized Adjusted EBITDA (d)			3.8x			4.7x						4.4x			4.5x
Interest expense coverage ratio			7.4x			6.2x						6.7x			6.5x
Total interest coverage ratio			6.4x			5.2x						5.7x			5.5x
Fixed charge expense coverage ratio			7.4x			6.2x						6.7x			6.5x
Total fixed charge coverage ratio			6.4x			5.2x						5.7x			5.5x
Unencumbered real estate assets (at cost) to unsecured debt ratio			3.3x			3.0x						3.3x			3.0x
Same property NOI growth (e)			14.9		%	(4.6)		%				4.8		%	(0.4)		%
(# of apartment homes included)			44,122			43,710						44,122			43,710
Gross turnover of apartment homes (annualized)			40		%	46		%				49		%	51		%
Net turnover (excludes on-site transfers and transfers to other Camden communities)			35		%	36		%				41		%	41		%
												As of December 31,
												2021			2020
Total assets												$7,976,784			$7,198,952
Total debt												$3,170,367			$3,166,625
Common and common equivalent shares, outstanding end of period (f)												106,970			101,279
Share price, end of period												$178.68			$99.92
Book equity value, end of period (g)												$4,266,255			$3,516,587
Market equity value, end of period (h)												$19,113,400			$10,119,798

(a) Property revenues were negatively impacted for the twelve months ended December 31, 2020 by approximately $9.1 million of Resident Relief Funds. Additionally, property revenues were also negatively impacted for the three and twelve months ended December 31, 2020 by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables.

(b) Adjusted EBITDA for the three and twelve months ended December 31, 2020 excludes the approximate $3.5 million non-cash adjustment to retail straight-line rent receivables. Adjusted EBITDA for the twelve months ended December 31, 2020 also excludes an approximate $14.4 million of Pandemic Related Impact, which consists of the Resident Relief Funds, Employee Relief Fund, directly-related pandemic expenses, and bonuses paid to on-site employees.

(c) Net income attributable to common shareholders was negatively impacted for the three and twelve months ended December 31, 2020 by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables. Net income attributable to common shareholders was also negatively impacted for the twelve months ended December 31, 2020 by an approximate $14.8 million due to Pandemic Related Impact. Please refer to page 28, footnote (a), for additional detail breakdown of the Pandemic Related Impact.

(d) 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. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results.

(e) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2020, excluding communities under redevelopment and properties held for sale.

(f) Includes at December 31, 2021: 105,364 common shares (including 113 common share equivalents related to share awards), plus 1,606 common share equivalents upon the assumed conversion of non-controlling units.

(g) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.

(h) Includes: common shares, common units, and common share equivalents.

Note: Please refer to pages 28, 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

7

CAMDEN						OPERATING RESULTS
						(In thousands, except per share amounts)

(Unaudited)

			Three Months Ended December 31,									Twelve Months Ended December 31,
			2021			2020						2021			2020
OPERATING DATA
Property revenues (a)			$305,364			$261,554						$1,143,585			$1,043,837
Property expenses
Property operating and maintenance			67,343			62,402						267,703			252,190
Real estate taxes			35,711			37,555						149,322			142,636
Total property expenses			103,054			99,957						417,025			394,826
Non-property income
Fee and asset management			2,815			3,351						10,532			10,800
Interest and other income			191			347						1,223			2,949
Income on deferred compensation plans			5,186			10,399						14,369			12,045
Total non-property income			8,192			14,097						26,124			25,794
Other expenses
Property management			7,139			5,841						26,339			24,201
Fee and asset management			1,201			1,273						4,511			3,954
General and administrative			14,940			13,274						59,368			53,624
Interest			24,582			24,072						97,297			91,526
Depreciation and amortization			116,503			91,925						420,692			367,162
Expense on deferred compensation plans			5,186			10,399						14,369			12,045
Total other expenses			169,551			146,784						622,576			552,512
Loss on early retirement of debt			—			(176)						—			(176)
Gain on sale of operating properties, including land			174,384			—						174,384			382
Equity in income of joint ventures			3,125			2,143						9,777			8,052
Income from continuing operations before income taxes			218,460			30,877						314,269			130,551
Income tax expense			(601)			(496)						(1,893)			(1,972)
Net income			217,859			30,381						312,376			128,579
Less income allocated to non-controlling interests			(4,961)			(1,188)						(8,469)			(4,668)
Net income attributable to common shareholders (b)			$212,898			$29,193						$303,907			$123,911
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income			$217,859			$30,381						$312,376			$128,579
Other comprehensive income
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation			154			(318)						154			(318)
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation			373			366						1,490			1,464
Comprehensive income			218,386			30,429						314,020			129,725
Less income allocated to non-controlling interests			(4,961)			(1,188)						(8,469)			(4,668)
Comprehensive income attributable to common shareholders			$213,425			$29,241						$305,551			$125,057
PER SHARE DATA
Total earnings per common share - basic			$2.03			$0.29						$2.97			$1.24
Total earnings per common share - diluted			2.02			0.29						2.96			1.24
Weighted average number of common shares outstanding:
Basic			104,611			99,422						101,999			99,385
Diluted			105,448			99,507						102,829			99,438

(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 December 31, 2021, we recognized $305.4 million of property revenue which consisted of approximately $271.4 million of rental revenue and approximately $34.0 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 $261.6 million recognized for the three months ended December 31, 2020, made up of approximately $230.8 million of rental revenue, including the negative impact of $3.5 million related to the non-cash adjustment to retail straight-line rent receivables, and approximately $30.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the twelve months ended December 31, 2021, we recognized $1,143.6 million of property revenue which consisted of approximately $1,009.2 million of rental revenue and approximately $134.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to $1,043.8 million of property revenue recognized for the twelve months ended December 31, 2020, made up of approximately $923.0 million of rental revenue, including the combined negative impact of $12.6 million related to the non-cash adjustment to retail straight-line rent receivables and the Resident Relief Funds, and approximately $120.8 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 $8.3 million and $7.5 million for the three months ended December 31, 2021 and 2020, respectively, and was $31.5 million and $28.9 million for the twelve months ended December 31, 2021 and 2020, respectively.

(b) Net income attributable to common shareholders was negatively impacted for the three and twelve months ended December 31, 2020 by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables. Net income attributable to common shareholders was also negatively impacted for the twelve months ended December 31, 2020 by an approximate $14.8 million due to Pandemic Related Impact. Please refer to page 28, footnote (a), for additional detail on the breakdown of the Pandemic Related Impact.

Note: Please refer to pages 28, 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

8

CAMDEN						FUNDS FROM OPERATIONS
						(In thousands, except per share and property data amounts)

(Unaudited)

			Three Months Ended December 31,									Twelve Months Ended December 31,
			2021			2020						2021			2020
FUNDS FROM OPERATIONS
Net income attributable to common shareholders (a)			$212,898			$29,193						$303,907			$123,911
Real estate depreciation and amortization			114,007			89,504						410,767			357,489
Adjustments for unconsolidated joint ventures			2,688			2,550						10,591			9,483
Income allocated to non-controlling interests			4,961			1,188						8,469			4,849
Gain on sale of operating properties			(174,384)			—						(174,384)			—
Funds from operations			$160,170			$122,435						$559,350			$495,732
Less: recurring capitalized expenditures (b)			(22,398)			(21,619)						(73,603)			(77,525)
Adjusted funds from operations			$137,772			$100,816						$485,747			$418,207
PER SHARE DATA
Funds from operations - diluted			$1.51			$1.21						$5.39			$4.90
Adjusted funds from operations - diluted			1.30			1.00						4.68			4.13
Distributions declared per common share			0.83			0.83						3.32			3.32
Weighted average number of common shares outstanding:
FFO/AFFO - diluted			106,322			101,255						103,747			101,186
PROPERTY DATA
Total operating properties (end of period) (c)			171			167						171			167
Total operating apartment homes in operating properties (end of period) (c)			58,300			56,850						58,300			56,850
Total operating apartment homes (weighted average)			51,313			49,270						50,479			49,128

(a) Net income attributable to common shareholders was negatively impacted for the three and twelve months ended December 31, 2020 by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables. Net income attributable to common shareholders was also negatively impacted for the twelve months ended December 31, 2020 by an approximate $14.8 million due to Pandemic Related Impact. Please refer to page 28, footnote (a), for additional detail on the breakdown of the Pandemic Related Impact.

(b) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

(c) Includes joint ventures and properties held for sale, if any.

Note: Please refer to pages 28, 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

9

CAMDEN						BALANCE SHEETS
						(In thousands)

(Unaudited)

			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020
ASSETS
Real estate assets, at cost
Land			$1,349,594			$1,317,431			$1,285,634			$1,233,937			$1,225,214
Buildings and improvements			8,624,734			8,536,620			8,288,865			7,863,707			7,763,748
			9,974,328			9,854,051			9,574,499			9,097,644			8,988,962
Accumulated depreciation			(3,358,027)			(3,319,206)			(3,219,085)			(3,124,504)			(3,034,186)
Net operating real estate assets			6,616,301			6,534,845			6,355,414			5,973,140			5,954,776
Properties under development, including land			474,739			428,622			443,100			541,958			564,215
Investments in joint ventures			13,730			17,788			18,415			18,800			18,994
Total real estate assets			7,104,770			6,981,255			6,816,929			6,533,898			6,537,985
Accounts receivable – affiliates			18,664			18,686			19,183			19,502			20,158
Other assets, net (a)			234,370			252,079			241,687			213,126			216,276
Cash and cash equivalents			613,391			428,226			374,556			333,402			420,441
Restricted cash			5,589			5,321			4,762			4,105			4,092
Total assets			$7,976,784			$7,685,567			$7,457,117			$7,104,033			$7,198,952
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured			$3,170,367			$3,169,428			$3,168,492			$3,167,557			$3,166,625
Accounts payable and accrued expenses			191,651			191,648			155,057			159,111			175,608
Accrued real estate taxes			66,673			88,116			66,696			33,155			66,156
Distributions payable			88,786			87,919			86,689			84,282			84,147
Other liabilities (b)			193,052			194,634			193,975			185,852			189,829
Total liabilities			3,710,529			3,731,745			3,670,909			3,629,957			3,682,365
Equity
Common shares of beneficial interest			1,126			1,114			1,098			1,070			1,069
Additional paid-in capital			5,363,530			5,180,783			4,953,703			4,588,056			4,581,710
Distributions in excess of net income attributable to common shareholders			(829,453)			(954,880)			(897,761)			(842,628)			(791,079)
Treasury shares			(333,974)			(334,066)			(334,161)			(335,511)			(341,412)
Accumulated other comprehensive loss (c)			(3,739)			(4,266)			(4,638)			(5,010)			(5,383)
Total common equity			4,197,490			3,888,685			3,718,241			3,405,977			3,444,905
Non-controlling interests			68,765			65,137			67,967			68,099			71,682
Total equity			4,266,255			3,953,822			3,786,208			3,474,076			3,516,587
Total liabilities and equity			$7,976,784			$7,685,567			$7,457,117			$7,104,033			$7,198,952
(a) Includes net deferred charges of:			$969			$1,336			$1,655			$2,031			$2,299
(b) Includes deferred revenues of:			$334			$208			$232			$256			$284
(c) Represents the unrealized net gain (loss) and unamortized prior service costs on post retirement obligations, and unrealized net gain (loss) on cash flow hedging activities.

10

CAMDEN PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT DECEMBER 31, 2021 (in apartment homes)

			Fully Consolidated																								Non-Consolidated
			"Same Property"			Non-"Same Property"			Completed in Lease-up			Under Construction						Total												Operating												Grand Total
D.C. Metro (a)			5,778			378			—			—						6,156												281												6,437
Houston, TX			5,575			823			—			—						6,398												2,756												9,154
Atlanta, GA			3,970			292			—			366						4,628												234												4,862
Phoenix, AZ			3,245			784			—			397						4,426												—												4,426
Los Angeles/Orange County, CA			2,116			547			—			—						2,663												—												2,663
SE Florida			1,956			825			—			269						3,050												—												3,050
Dallas, TX			4,416			558			—			—						4,974												1,250												6,224
Denver, CO			2,632			233			—			—						2,865												—												2,865
Orlando, FL			2,995			299			360			—						3,654												300												3,954
Charlotte, NC			2,810			28			—			387						3,225												266												3,491
Raleigh, NC			2,352			546			—			354						3,252												350												3,602
Tampa, FL			2,286			368			—			—						2,654												450												3,104
San Diego/Inland Empire, CA			1,665			—			132			—						1,797												—												1,797
Austin, TX			2,326			—			—			—						2,326												1,360												3,686
Nashville, TN			—			758			—			—						758												—												758
Total Portfolio			44,122			6,439			492			1,773						52,826												7,247												60,073

(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.

FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION															WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d)
			"Same Property" Communities			Operating Communities (b)			Incl. JVs at Pro Rata % (c)						Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020
D.C. Metro			15.5		%	14.5		%	14.2		%				97.4		%	97.4		%	96.7		%	96.0		%	95.9		%
Houston, TX			10.0		%	10.3		%	11.1		%				96.2		%	96.4		%	95.7		%	94.0		%	92.7		%
Atlanta, GA			8.6		%	7.7		%	7.6		%				96.3		%	97.2		%	97.4		%	96.5		%	96.2		%
Phoenix, AZ			8.4		%	8.8		%	8.5		%				97.0		%	97.0		%	96.9		%	97.1		%	96.7		%
Los Angeles/Orange County, CA			6.7		%	7.3		%	7.0		%				98.1		%	98.0		%	97.3		%	96.4		%	96.4		%
SE Florida			5.4		%	6.6		%	6.3		%				98.0		%	98.2		%	98.0		%	97.1		%	95.7		%
Dallas, TX			7.8		%	7.5		%	7.8		%				97.3		%	97.5		%	96.6		%	96.0		%	95.3		%
Denver, CO			6.7		%	6.1		%	6.0		%				96.5		%	97.2		%	96.4		%	96.1		%	95.8		%
Orlando, FL			5.9		%	6.2		%	6.2		%				97.7		%	97.5		%	97.1		%	94.9		%	94.1		%
Charlotte, NC			5.8		%	5.1		%	5.1		%				96.6		%	96.8		%	96.3		%	95.6		%	95.3		%
Raleigh, NC			4.4		%	4.6		%	4.6		%				96.7		%	97.5		%	97.1		%	96.3		%	95.9		%
Tampa, FL			5.3		%	5.7		%	5.8		%				97.4		%	97.9		%	97.6		%	97.3		%	96.7		%
San Diego/Inland Empire, CA			5.1		%	4.3		%	4.2		%				97.4		%	96.9		%	97.4		%	97.4		%	97.0		%
Austin, TX			4.4		%	3.8		%	4.2		%				97.5		%	97.6		%	97.3		%	96.3		%	95.6		%
Nashville, TN			—		%	1.5		%	1.4		%				97.0		%	97.5		%	97.0		%	—		%	—		%
Total Portfolio			100.0		%	100.0		%	100.0		%				97.0		%	97.3		%	96.8		%	95.9		%	95.3		%

(b) Operating communities represent all fully-consolidated communities for the period, excluding communities under construction.

(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from unconsolidated joint venture communities.

(d) Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments.

11

CAMDEN						COMPONENTS OF PROPERTY
						NET OPERATING INCOME
						(In thousands, except property data amounts)

(Unaudited)

			Apartment						Three Months Ended December 31,																		Twelve Months Ended December 31,
Property Revenues			Homes						2021						2020						Change						2021						2020						Change
"Same Property" Communities (a)			44,122						$252,903						$233,151						$19,752						$971,872						$931,894						$39,978
Non-"Same Property" Communities (b)			6,439						43,763						25,607						18,156						138,605						98,665						39,940
Development and Lease-Up Communities (c)			2,265						3,830						—						3,830						7,571						—						7,571
Resident Relief Funds (d)			—						—						—						—						—						(9,074)						9,074
Disposition/Other (e)			—						4,868						2,796						2,072						25,537						22,352						3,185
Total Property Revenues			52,826						$305,364						$261,554						$43,810						$1,143,585						$1,043,837						$99,748
Property Expenses
"Same Property" Communities (a)			44,122						$84,561						$86,587						($2,026)						$351,210						$339,399						$11,811
Non-"Same Property" Communities (b)			6,439						15,589						10,522						5,067						52,445						39,780						12,665
Development and Lease-Up Communities (c)			2,265						963						4						959						2,695						7						2,688
Pandemic Expenses (f)			—						—						—						—						—						4,540						(4,540)
Disposition/Other (e)			—						1,941						2,844						(903)						10,675						11,100						(425)
Total Property Expenses			52,826						$103,054						$99,957						$3,097						$417,025						$394,826						$22,199
Property Net Operating Income
"Same Property" Communities (a)			44,122						$168,342						$146,564						$21,778						$620,662						$592,495						$28,167
Non-"Same Property" Communities (b)			6,439						28,174						15,085						13,089						86,160						58,885						27,275
Development and Lease-Up Communities (c)			2,265						2,867						(4)						2,871						4,876						(7)						4,883
Pandemic Related Impact (d)(f)			—						—						—						—						—						(13,614)						13,614
Disposition/Other (e)			—						2,927						(48)						2,975						14,862						11,252						3,610
Total Property Net Operating Income			52,826						$202,310						$161,597						$40,713						$726,560						$649,011						$77,549

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2020, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2020, including communities under redevelopment, and excluding properties held for sale.

(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2020, excluding properties held for sale.

(d) Two Resident Relief Funds were established for residents experiencing financial losses caused by the pandemic, and approximately $9.1 million was paid out to approximately 7,100 residents of our wholly-owned communities, which was recognized in 2Q20 as a reduction of property revenues.

(e) "Disposition/Other" includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses. Dispositions/other was negatively impacted by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables for the three and twelve months ended December 30, 2020.

(f) The Company incurred approximately $4.5 million of directly-related pandemic expenses at our operating communities for the twelve months ending December 31, 2020, which included $2.8 million of bonuses paid to on-site employees providing essential services during the pandemic and approximately $1.7 million in other directly-related pandemic expenses.

12

CAMDEN						"SAME PROPERTY"
						FOURTH QUARTER COMPARISONS
						December 31, 2021
						(In thousands, except property data amounts)

(Unaudited)

			Apartment
			Homes						Revenues												Expenses												NOI
Quarterly Results (a)			Included						4Q21			4Q20			Growth						4Q21			4Q20			Growth						4Q21			4Q20			Growth
D.C. Metro			5,778						$37,830			$36,513			3.6		%				$11,694			$11,455			2.1		%				$26,136			$25,058			4.3		%
Houston, TX			5,575						27,677			26,281			5.3		%				10,755			13,073			(17.7)		%				16,922			13,208			28.1		%
Atlanta, GA			3,970						22,764			20,848			9.2		%				8,284			7,460			11.0		%				14,480			13,388			8.2		%
Phoenix, AZ			3,245						19,021			16,877			12.7		%				4,930			4,828			2.1		%				14,091			12,049			16.9		%
Dallas, TX			4,416						21,572			20,132			7.2		%				8,368			9,225			(9.3)		%				13,204			10,907			21.1		%
Denver, CO			2,632						15,921			14,763			7.8		%				4,649			4,610			0.8		%				11,272			10,153			11.0		%
Los Angeles/Orange County, CA			2,116						15,983			14,339			11.5		%				4,781			5,279			(9.4)		%				11,202			9,060			23.6		%
Orlando, FL			2,995						15,267			14,017			8.9		%				5,377			5,212			3.2		%				9,890			8,805			12.3		%
Charlotte, NC			2,810						14,079			12,986			8.4		%				4,358			4,191			4.0		%				9,721			8,795			10.5		%
SE Florida			1,956						13,709			12,396			10.6		%				4,595			4,323			6.3		%				9,114			8,073			12.9		%
Tampa, FL			2,286						13,629			11,993			13.6		%				4,766			4,441			7.3		%				8,863			7,552			17.4		%
San Diego/Inland Empire, CA			1,665						12,115			10,860			11.6		%				3,546			3,562			(0.4)		%				8,569			7,298			17.4		%
Raleigh, NC			2,352						10,811			9,747			10.9		%				3,411			3,367			1.3		%				7,400			6,380			16.0		%
Austin, TX			2,326						12,525			11,399			9.9		%				5,047			5,561			(9.2)		%				7,478			5,838			28.1		%
Total Same Property			44,122						$252,903			$233,151			8.5		%				$84,561			$86,587			(2.3)		%				$168,342			$146,564			14.9		%

																					Weighted Average Monthly												Weighted Average Monthly
			% of NOI						Average Occupancy (a)												Rental Rate (b)												Revenue per Occupied Home (c)
Quarterly Results (a)			Contribution						4Q21			4Q20			Growth						4Q21			4Q20			Growth						4Q21			4Q20			Growth
D.C. Metro			15.5		%				97.4		%	95.9		%	1.5		%				$1,957			$1,911			2.4		%				$2,241			$2,196			2.1		%
Houston, TX			10.0		%				95.9		%	92.0		%	3.9		%				1,492			1,466			1.8		%				1,726			1,703			1.4		%
Atlanta, GA			8.6		%				96.8		%	96.2		%	0.6		%				1,701			1,553			9.5		%				1,975			1,820			8.6		%
Phoenix, AZ			8.4		%				97.0		%	96.8		%	0.2		%				1,719			1,506			14.1		%				2,015			1,791			12.5		%
Dallas, TX			7.8		%				97.5		%	95.2		%	2.3		%				1,432			1,340			6.9		%				1,673			1,595			4.9		%
Denver, CO			6.7		%				96.4		%	95.8		%	0.6		%				1,812			1,690			7.2		%				2,092			1,951			7.2		%
Los Angeles/Orange County, CA			6.7		%				98.2		%	96.3		%	1.9		%				2,315			2,209			4.8		%				2,569			2,345			9.6		%
Orlando, FL			5.9		%				97.7		%	95.4		%	2.3		%				1,503			1,397			7.6		%				1,741			1,634			6.6		%
Charlotte, NC			5.8		%				96.7		%	95.3		%	1.4		%				1,488			1,377			8.1		%				1,728			1,616			7.0		%
SE Florida			5.4		%				98.3		%	96.4		%	1.9		%				2,082			1,885			10.5		%				2,382			2,192			8.7		%
Tampa, FL			5.3		%				97.7		%	96.8		%	0.9		%				1,769			1,547			14.4		%				2,037			1,807			12.7		%
San Diego/Inland Empire, CA			5.1		%				97.4		%	97.0		%	0.4		%				2,237			2,065			8.3		%				2,491			2,242			11.2		%
Raleigh, NC			4.4		%				97.2		%	96.1		%	1.1		%				1,322			1,193			10.8		%				1,578			1,437			9.8		%
Austin, TX			4.4		%				97.3		%	95.0		%	2.3		%				1,596			1,466			8.9		%				1,846			1,717			7.6		%
Total Same Property			100.0		%				97.1		%	95.5		%	1.6		%				$1,707			$1,592			7.2		%				$1,968			$1,842			6.9		%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2020, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. "Same Property" results exclude any Pandemic Related Impact.

(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.

13

CAMDEN						"SAME PROPERTY"
						SEQUENTIAL QUARTER COMPARISONS
						December 31, 2021
						(In thousands, except property data amounts)

(Unaudited)

			Apartment
			Homes						Revenues												Expenses												NOI
Quarterly Results (a)			Included						4Q21			3Q21			Growth						4Q21			3Q21			Growth						4Q21			3Q21			Growth
D.C. Metro			5,778						$37,830			$37,527			0.8		%				$11,694			$11,881			(1.6)		%				$26,136			$25,646			1.9		%
Houston, TX			5,575						27,677			27,407			1.0		%				10,755			13,181			(18.4)		%				16,922			14,226			19.0		%
Atlanta, GA			3,970						22,764			22,058			3.2		%				8,284			8,328			(0.5)		%				14,480			13,730			5.5		%
Phoenix, AZ			3,245						19,021			18,123			5.0		%				4,930			5,307			(7.1)		%				14,091			12,816			9.9		%
Dallas, TX			4,416						21,572			21,198			1.8		%				8,368			9,632			(13.1)		%				13,204			11,566			14.2		%
Denver, CO			2,632						15,921			15,671			1.6		%				4,649			4,951			(6.1)		%				11,272			10,720			5.1		%
Los Angeles/Orange County, CA			2,116						15,983			15,404			3.8		%				4,781			5,068			(5.7)		%				11,202			10,336			8.4		%
Orlando, FL			2,995						15,267			14,815			3.1		%				5,377			5,630			(4.5)		%				9,890			9,185			7.7		%
Charlotte, NC			2,810						14,079			13,744			2.4		%				4,358			4,513			(3.4)		%				9,721			9,231			5.3		%
SE Florida			1,956						13,709			13,309			3.0		%				4,595			4,768			(3.6)		%				9,114			8,541			6.7		%
Tampa, FL			2,286						13,629			13,014			4.7		%				4,766			5,016			(5.0)		%				8,863			7,998			10.8		%
San Diego/Inland Empire, CA			1,665						12,115			11,915			1.7		%				3,546			3,779			(6.2)		%				8,569			8,136			5.3		%
Raleigh, NC			2,352						10,811			10,415			3.8		%				3,411			3,710			(8.1)		%				7,400			6,705			10.4		%
Austin, TX			2,326						12,525			12,142			3.2		%				5,047			5,695			(11.4)		%				7,478			6,447			16.0		%
Total Same Property			44,122						$252,903			$246,742			2.5		%				$84,561			$91,459			(7.5)		%				$168,342			$155,283			8.4		%

																					Weighted Average Monthly												Weighted Average Monthly
			% of NOI						Average Occupancy (a)												Rental Rate (b)												Revenue per Occupied Home (c)
Quarterly Results (a)			Contribution						4Q21			3Q21			Growth						4Q21			3Q21			Growth						4Q21			3Q21			Growth
D.C. Metro			15.5		%				97.4		%	97.4		%	0.0		%				$1,957			$1,926			1.6		%				$2,241			$2,223			0.8		%
Houston, TX			10.0		%				95.9		%	96.0		%	(0.1)		%				1,492			1,469			1.6		%				1,726			1,707			1.1		%
Atlanta, GA			8.6		%				96.8		%	97.4		%	(0.6)		%				1,701			1,632			4.2		%				1,975			1,901			3.8		%
Phoenix, AZ			8.4		%				97.0		%	97.2		%	(0.2)		%				1,719			1,628			5.6		%				2,015			1,916			5.2		%
Dallas, TX			7.8		%				97.5		%	97.5		%	0.0		%				1,432			1,386			3.3		%				1,673			1,643			1.8		%
Denver, CO			6.7		%				96.4		%	97.0		%	(0.6)		%				1,812			1,761			2.9		%				2,092			2,047			2.2		%
Los Angeles/Orange County, CA			6.7		%				98.2		%	97.9		%	0.3		%				2,315			2,259			2.5		%				2,569			2,483			3.5		%
Orlando, FL			5.9		%				97.7		%	97.5		%	0.2		%				1,503			1,439			4.4		%				1,741			1,692			2.9		%
Charlotte, NC			5.8		%				96.7		%	96.9		%	(0.2)		%				1,488			1,443			3.1		%				1,728			1,683			2.6		%
SE Florida			5.4		%				98.3		%	98.4		%	(0.1)		%				2,082			1,985			4.9		%				2,382			2,310			3.1		%
Tampa, FL			5.3		%				97.7		%	98.1		%	(0.4)		%				1,769			1,662			6.4		%				2,037			1,939			5.1		%
San Diego/Inland Empire, CA			5.1		%				97.4		%	96.9		%	0.5		%				2,237			2,175			2.9		%				2,491			2,461			1.2		%
Raleigh, NC			4.4		%				97.2		%	97.5		%	(0.3)		%				1,322			1,267			4.3		%				1,578			1,515			4.1		%
Austin, TX			4.4		%				97.3		%	97.4		%	(0.1)		%				1,596			1,530			4.3		%				1,846			1,786			3.3		%
Total Same Property			100.0		%				97.1		%	97.3		%	(0.2)		%				$1,707			$1,650			3.5		%				$1,968			$1,917			2.7		%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2020, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. "Same Property" results exclude any Pandemic Related Impact.

(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.

14

CAMDEN						"SAME PROPERTY"
						YEAR TO DATE COMPARISONS
						December 31, 2021
						(In thousands, except property data amounts)

(Unaudited)

			Apartment
			Homes						Revenues												Expenses												NOI
Year to Date Results (a)			Included						2021			2020			Growth						2021			2020			Growth						2021			2020			Growth
D.C. Metro			5,778						$148,345			$146,303			1.4		%				$46,873			$45,454			3.1		%				$101,472			$100,849			0.6		%
Houston, TX			5,575						108,057			107,403			0.6		%				49,323			50,100			(1.6)		%				58,734			57,303			2.5		%
Atlanta, GA			3,970						87,422			82,997			5.3		%				31,711			29,073			9.1		%				55,711			53,924			3.3		%
Phoenix, AZ			3,245						71,737			65,537			9.5		%				20,458			19,687			3.9		%				51,279			45,850			11.8		%
Dallas, TX			4,416						83,438			80,455			3.7		%				37,061			35,946			3.1		%				46,377			44,509			4.2		%
Denver, CO			2,632						61,572			58,938			4.5		%				19,242			18,726			2.8		%				42,330			40,212			5.3		%
Los Angeles/Orange County, CA			2,116						59,900			58,040			3.2		%				19,927			18,785			6.1		%				39,973			39,255			1.8		%
Orlando, FL			2,995						58,572			55,930			4.7		%				21,853			20,798			5.1		%				36,719			35,132			4.5		%
Charlotte, NC			2,810						54,027			52,123			3.7		%				17,648			17,004			3.8		%				36,379			35,119			3.6		%
SE Florida			1,956						52,403			48,824			7.3		%				18,379			17,206			6.8		%				34,024			31,618			7.6		%
Tampa, FL			2,286						51,415			47,131			9.1		%				18,947			17,721			6.9		%				32,468			29,410			10.4		%
San Diego/Inland Empire, CA			1,665						45,982			43,407			5.9		%				14,324			14,435			(0.8)		%				31,658			28,972			9.3		%
Raleigh, NC			2,352						41,129			38,867			5.8		%				14,011			13,229			5.9		%				27,118			25,638			5.8		%
Austin, TX			2,326						47,873			45,939			4.2		%				21,453			21,235			1.0		%				26,420			24,704			6.9		%
Total Same Property			44,122						$971,872			$931,894			4.3		%				$351,210			$339,399			3.5		%				$620,662			$592,495			4.8		%

																					Weighted Average Monthly												Weighted Average Monthly
			% of NOI						Average Occupancy (a)												Rental Rate (b)												Revenue per Occupied Home (c)
Year to Date Results (a)			Contribution						2021			2020			Growth						2021			2020			Growth						2021			2020			Growth
D.C. Metro			16.3		%				96.9		%	96.2		%	0.7		%				$1,921			$1,918			0.2		%				$2,208			$2,192			0.7		%
Houston, TX			9.5		%				95.1		%	93.5		%	1.6		%				1,499			1,491			0.5		%				1,698			1,715			(1.0)		%
Atlanta, GA			9.0		%				97.1		%	95.9		%	1.2		%				1,617			1,558			3.8		%				1,891			1,816			4.1		%
Phoenix, AZ			8.3		%				97.1		%	95.8		%	1.3		%				1,610			1,493			7.8		%				1,897			1,754			8.2		%
Dallas, TX			7.5		%				96.8		%	95.4		%	1.4		%				1,375			1,349			1.9		%				1,626			1,591			2.3		%
Denver, CO			6.8		%				96.5		%	95.7		%	0.8		%				1,742			1,691			3.0		%				2,021			1,950			3.7		%
Los Angeles/Orange County, CA			6.4		%				97.4		%	95.4		%	2.0		%				2,248			2,233			0.7		%				2,422			2,395			1.2		%
Orlando, FL			5.9		%				97.2		%	95.5		%	1.7		%				1,434			1,407			1.9		%				1,677			1,629			3.0		%
Charlotte, NC			5.9		%				96.4		%	95.5		%	0.9		%				1,425			1,382			3.1		%				1,663			1,619			2.8		%
SE Florida			5.5		%				98.0		%	96.4		%	1.6		%				1,970			1,896			3.9		%				2,280			2,158			5.7		%
Tampa, FL			5.2		%				97.7		%	96.0		%	1.7		%				1,645			1,539			6.9		%				1,922			1,791			7.4		%
San Diego/Inland Empire, CA			5.0		%				97.3		%	95.8		%	1.5		%				2,150			2,046			5.1		%				2,366			2,268			4.4		%
Raleigh, NC			4.4		%				97.1		%	96.3		%	0.8		%				1,250			1,186			5.4		%				1,501			1,431			5.0		%
Austin, TX			4.3		%				97.0		%	95.4		%	1.6		%				1,515			1,479			2.4		%				1,768			1,724			2.6		%
Total Same Property			100.0		%				96.8		%	95.5		%	1.3		%				$1,642			$1,598			2.8		%				$1,896			$1,841			3.0		%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2020, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. "Same Property" results exclude any Pandemic Related Impact.

(b) Weighted average monthly rental rates are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.

15

CAMDEN						"SAME PROPERTY" OPERATING EXPENSE
						DETAIL AND COMPARISONS
						December 31, 2021
						(In thousands)

(Unaudited)

															% of Actual
															4Q21 Operating
Quarterly Comparison (a)			4Q21			4Q20			$ Change			% Change			Expenses
Property taxes			$29,265			$32,485			($3,220)			(9.9)		%	34.6		%
Salaries and Benefits for On-site Employees			18,492			17,204			1,288			7.5		%	21.9		%
Utilities			17,687			18,122			(435)			(2.4)		%	20.9		%
Repairs and Maintenance			9,590			9,794			(204)			(2.1)		%	11.3		%
Property Insurance			3,716			3,507			209			6.0		%	4.4		%
General and Administrative			3,800			3,302			498			15.1		%	4.5		%
Marketing and Leasing			1,290			1,453			(163)			(11.2)		%	1.5		%
Other			721			720			1			0.1		%	0.9		%
Total Same Property			$84,561			$86,587			($2,026)			(2.3)		%	100.0		%

															% of Actual
															4Q21 Operating
Sequential Comparison (a)			4Q21			3Q21			$ Change			% Change			Expenses
Property taxes			$29,265			$31,936			($2,671)			(8.4)		%	34.6		%
Salaries and Benefits for On-site Employees			18,492			18,843			(351)			(1.9)		%	21.9		%
Utilities			17,687			18,528			(841)			(4.5)		%	20.9		%
Repairs and Maintenance			9,590			11,227			(1,637)			(14.6)		%	11.3		%
Property Insurance			3,716			5,375			(1,659)			(30.9)		%	4.4		%
General and Administrative			3,800			3,422			378			11.0		%	4.5		%
Marketing and Leasing			1,290			1,296			(6)			(0.5)		%	1.5		%
Other			721			832			(111)			(13.3)		%	0.9		%
Total Same Property			$84,561			$91,459			($6,898)			(7.5)		%	100.0		%

																		% of Actual
																		2021 Operating
Year to Date Comparison (a)						2021			2020			$ Change			% Change			Expenses
Property taxes						$125,421			$123,280			$2,141			1.7		%	35.7		%
Salaries and Benefits for On-site Employees						73,168			71,763			1,405			2.0		%	20.8		%
Utilities						72,212			71,197			1,015			1.4		%	20.6		%
Repairs and Maintenance						41,606			39,883			1,723			4.3		%	11.8		%
Property Insurance						16,298			12,302			3,996			32.5		%	4.7		%
General and Administrative						13,886			12,337			1,549			12.6		%	4.0		%
Marketing and Leasing						5,343			5,478			(135)			(2.5)		%	1.5		%
Other						3,276			3,159			117			3.7		%	0.9		%
Total Same Property						$351,210			$339,399			$11,811			3.5		%	100.0		%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2020, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. "Same Property" results exclude any Pandemic Related Impact.

16

CAMDEN						JOINT VENTURE OPERATIONS
						(In thousands, except property data amounts)

(Unaudited)

Company's Pro-Rata Share of Joint Venture Operations:

			Three Months Ended December 31,									Twelve Months Ended December 31,
OPERATING DATA (a)			2021			2020						2021			2020
Property revenues			$11,394			$10,236						$43,522			$40,206
Property expenses
Property operating and maintenance			2,674			2,539						10,887			10,481
Real estate taxes			1,495			1,758						6,801			6,694
Total property expenses			4,169			4,297						17,688			17,175
Net Operating Income			7,225			5,939						25,834			23,031
Other expenses
Interest			1,333			1,362						5,295			5,636
Depreciation and amortization			2,626			2,357						10,289			9,008
Other			141			77						473			335
Total other expenses			4,100			3,796						16,057			14,979
Equity in income of joint ventures			$3,125			$2,143						$9,777			$8,052

			Dec 31, 2021			Sep 30, 2021			Jun 30, 2021			Mar 31, 2021			Dec 31, 2020
BALANCE SHEET DATA (b)
Land			$109,437			$109,437			$109,437			$109,437			$109,437
Building & Improvements			819,843			816,452			811,150			806,374			803,400
			929,280			925,889			920,587			915,811			912,837
Accumulated Depreciation			(287,806)			(279,128)			(270,495)			(261,993)			(253,598)
Net operating real estate assets			641,474			646,761			650,092			653,818			659,239
Cash and other assets, net			37,580			43,885			37,982			28,567			32,270
Total assets			$679,054			$690,646			$688,074			$682,385			$691,509
Notes payable			$513,756			$514,618			$514,454			$512,460			$509,106
Other liabilities			33,426			31,085			26,566			21,537			33,291
Total liabilities			547,182			545,703			541,020			533,997			542,397
Member's equity			131,872			144,943			147,054			148,388			149,112
Total liabilities and members' equity			$679,054			$690,646			$688,074			$682,385			$691,509
Company's equity investment			$13,730			$17,788			$18,415			$18,800			$18,994
Company's pro-rata share of debt			$160,806			$161,076			$161,024			$160,400			$159,349
PROPERTY DATA (end of period)
Total operating properties			22			22			22			22			22
Total operating apartment homes			7,247			7,247			7,247			7,247			7,247
Pro-rata share of operating apartment homes			2,268			2,268			2,268			2,268			2,268
Company's pro-rata ownership			31.3		%	31.3		%	31.3		%	31.3		%	31.3		%

(a) Operating data represents Camden's pro-rata share of revenues and expenses.

(b) Balance sheet and property data reported at 100%.

17

CAMDEN CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF DECEMBER 31, 2021 ($ in millions)

Estimated/Actual Dates for

Completed Communities in Lease-Up

Total

Total

Construction

Initial

Construction

Stabilized

As of 1/30/2022

Homes

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden Lake Eola

360

$125.0

2Q18

1Q21

3Q21

1Q22

96%

93%

Orlando, FL

2.

Camden Hillcrest

132

89.3

3Q19

2Q21

4Q21

4Q22

41%

39%

San Diego, CA

Total Completed Communities in Lease-Up

492

$214.3

81%

79%

Estimated/Actual Dates for

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 1/30/2022

Development Communities

Homes

Estimated Cost

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden Buckhead

366

$163.5

$156.6

$48.8

3Q18

1Q21

2Q22

4Q22

65%

57%

Atlanta, GA

2.

Camden Atlantic

269

100.0

79.1

79.1

3Q20

3Q22

3Q22

4Q23

Plantation, FL

3.

Camden Tempe II

397

115.0

62.2

62.2

3Q20

3Q22

3Q23

1Q25

Tempe, AZ

4.

Camden NoDa

387

105.0

59.6

59.6

3Q20

1Q23

3Q23

1Q25

Charlotte, NC

5.

Camden Durham

354

120.0

46.6

46.6

1Q21

2Q23

4Q23

1Q25

Durham, NC

Total Development Communities

1,773

$603.5

$404.1

$296.3

65%

57%

Additional Development Pipeline (a)

178.4

Total Properties Under Development and Land (per Balance Sheet)

$474.7

NOI Contribution from Development Communities ($ in millions)

Cost to Date

4Q21 NOI

Communities that Stabilized During Quarter

$79.6

$1.7

Completed Communities in Lease-Up

214.3

1.8

Development Communities in Lease-Up

156.6

1.1

Total Development Communities NOI Contribution

$450.5

$4.6

(a) Please refer to the Development Pipeline Summary on page 19.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

18

CAMDEN DEVELOPMENT PIPELINE

(Unaudited)

AS OF DECEMBER 31, 2021 ($ in millions)

									Projected			Total
PIPELINE COMMUNITIES									Homes			Estimated Cost (a)			Cost to Date
1.			Camden Woodmill Creek						188			$60.0			$10.2
			The Woodlands, TX
2.			Camden Village District						355			115.0			23.9
			Raleigh, NC
3.			Camden Arts District						354			150.0			37.8
			Los Angeles, CA
4.			Camden Pier District II						95			50.0			3.5
			St. Petersburg, FL
5.			Camden Gulch						480			260.0			37.3
			Nashville, TN
6.			Camden Baker						435			165.0			25.9
			Denver, CO
7.			Camden Paces III						350			100.0			18.0
			Atlanta, GA
8			Camden Highland Village II						300			100.0			9.0
			Houston, TX
9			Camden Downtown II						271			145.0			12.8
			Houston, TX
Development Pipeline									2,828			$1,145.0			$178.4

(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking estimates are not guarantees of future performances, results, or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecast and estimates routinely require adjustment.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

19

CAMDEN ACQUISITIONS & DISPOSITIONS

(Unaudited)

2021 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

Apartment

Weighted Average

2021 Acquisitions

Location

Purchase Price

Homes

Monthly Rental Rate

Year Built

Closing Date

1.

Camden Franklin Park

Franklin, TN

$105.3

328 Homes

$1,793

2018

6/2/2021

2.

Camden Music Row

Nashville, TN

186.3

430 Homes

2,215

2016

6/22/2021

3.

Camden Central

St. Petersburg, FL

176.3

368 Homes

2,787

2019

8/24/2021

4.

Camden Greenville

Dallas, TX

165.5

558 Homes

1,783

2017/2018

10/14/2021

Total/Average Acquisitions

$633.4

1,684 Homes

$2,115

2021 Land Acquisitions

Location

Purchase Price

Acres

Closing Date

1.

Camden Woodmill Creek

The Woodlands, TX

$9.3

14.6

6/1/2021

2.

Camden Pier District II

St. Petersburg, FL

2.1

0.2

6/29/2021

3.

Camden Baker

Denver, CO

24.0

5.2

10/25/2021

4.

Camden Gulch

Nashville, TN

36.6

2.0

12/9/2021

Total/Average Land Acquisitions

$72.0

22.0 Acres

Apartment

Weighted Average

2021 Dispositions

Location

Sales Price

Homes

Monthly Rental Rate

Year Built

Closing Date

1.

Camden Oak Crest

Houston, TX

$65.3

364 Homes

$1,168

2003

11/9/2021

2.

Camden Park

Houston, TX

49.7

288 Homes

1,135

1995

11/9/2021

3.

Camden Russett

Laurel, MD

145.0

426 Homes

1,645

2000

12/2/2021

Total/Average Dispositions

$260.0

1,078 Homes

$1,348

20

CAMDEN						DEBT ANALYSIS
						(In thousands, except property data amounts)

(Unaudited)

DEBT MATURITIES AS OF DECEMBER 31, 2021:

						Future Scheduled Repayments (a)
Year						Amortization			Secured Maturities			Unsecured Maturities			Total			% of Total			Weighted Average Interest Rate on Maturing Debt (b)
2022						($3,703)			—			$390,000			$386,297			12.2		%	3.0		%
2023						(2,691)			—			250,000			247,309			7.8		%	5.1		%
2024						(2,088)			—			500,000			497,912			15.7		%	4.0		%
2025						(1,774)			—			—			(1,774)			(0.1)		%	N/A
2026						(1,772)			—			—			(1,772)			(0.1)		%	N/A
Thereafter						(7,605)			—			2,050,000			2,042,395			64.5		%	3.4		%
Total Debt						($19,633)			$—			$3,190,000			$3,170,367			100.0		%	3.6		%
Weighted Average Maturity of Debt									7.4 Years
												Weighted Average
FLOATING vs. FIXED RATE DEBT:						Balance			% of Total			Interest Rate (b)			Time to Maturity
Floating rate debt						$39,895			1.3		%	1.9		%	0.7 Years
Fixed rate debt						3,130,472			98.7		%	3.6		%	7.5 Years
Total						$3,170,367			100.0		%	3.6		%	7.4 Years
												Weighted Average
SECURED vs. UNSECURED DEBT:						Balance			% of Total			Interest Rate (b)			Time to Maturity
Unsecured debt						$3,170,367			100.0		%	3.6		%	7.4 Years
Secured debt						—			—		%	N/A			N/A
Total						$3,170,367			100.0		%	3.6		%	7.4 Years
REAL ESTATE ASSETS: (c)						Total Homes			% of Total			Total Cost			% of Total			4Q21 NOI			% of Total
Unencumbered real estate assets						52,826			100.0		%	$10,449,067			100.0		%	$202,310			100.0		%
Encumbered real estate assets						—			—		%	—			—		%	—			—		%
Total						52,826			100.0		%	$10,449,067			100.0		%	$202,310			100.0		%
									Ratio of unencumbered assets at cost to unsecured debt is												3.3x

(a) Includes all available extension options.

(b) Includes the effects of the applicable settled forward interest rate swaps.

(c) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.

21

CAMDEN						DEBT MATURITY ANALYSIS
						(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2022 AND 2023:

									Future Scheduled Repayments									Weighted Average Interest on Maturing Debt
Quarter						Amortization			Secured Maturities			Unsecured Maturities			Total
1Q 2022						($941)			$—			$—			($941)			N/A
2Q 2022						(944)			—			—			(944)			N/A
3Q 2022						(946)			—			40,000			39,054			1.9		%
4Q 2022						(872)			—			350,000			349,128			3.2		%
2022						($3,703)			$—			$390,000			$386,297			3.0		%
1Q 2023						($737)			$—			$—			($737)			N/A
2Q 2023						(712)			—			250,000			249,288			5.1		%
3Q 2023						(621)			—			—			(621)			N/A
4Q 2023						(621)			—			—			(621)			N/A
2023						($2,691)			$—			$250,000			$247,309			5.1		%

22

CAMDEN DEBT COVENANT ANALYSIS

(Unaudited)

UNSECURED LINE OF CREDIT

Covenant (a)

Required

Actual (b)

Compliance

Total Consolidated Debt to Gross Asset Value

<

60%

19%

Yes

Secured Debt to Gross Asset Value

<

40%

—%

Yes

Consolidated Adjusted EBITDA to Total Fixed Charges

>

150%

605%

Yes

Unsecured Debt to Gross Asset Value

<

60%

20%

Yes

SENIOR UNSECURED NOTES

Covenant (a)

Required

Actual (b)

Compliance

Total Consolidated Debt to Total Asset Value

<

60%

28%

Yes

Total Secured Debt to Total Asset Value

<

40%

—%

Yes

Total Unencumbered Asset Value to Total Unsecured Debt

>

150%

356%

Yes

Consolidated Income Available for Debt Service to Total Annual Service Charges

>

150%

610%

Yes

(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

23

CAMDEN						UNCONSOLIDATED REAL ESTATE INVESTMENTS
						DEBT ANALYSIS
						(In thousands, except property data amounts)

(Unaudited)

PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF DECEMBER 31, 2021: (a)

						Future Scheduled Repayments (b)												Weighted Average Interest on Maturing Debt
Year						Amortization			Secured Maturities			Total			% of Total
2022						($174)			$—			($174)			(0.1)		%	N/A
2023						(181)			—			(181)			(0.1)		%	N/A
2024						(187)			5,986			5,799			3.6		%	1.5		%
2025						(193)			—			(193)			(0.1)		%	N/A
2026						(160)			59,747			59,587			37.0		%	2.3		%
Thereafter						(99)			96,067			95,968			59.7		%	4.0		%
Total Maturing Debt						($994)			$161,800			$160,806			100.0		%	3.2		%
Weighted Average Maturity of Debt									5.1 Years
															Weighted Average
FLOATING vs. FIXED RATE DEBT:									Balance			% of Total			Interest Rate			Time to Maturity
Floating rate debt									$57,966			36.0		%	2.0		%	4.3 Years
Fixed rate debt									102,840			64.0		%	3.9		%	5.6 Years
Total									$160,806			100.0		%	3.2		%	5.1 Years
															Weighted Average
DEBT DETAIL:									Balance			% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt									$102,840			64.0		%	3.9		%	5.6 Years
Conventional variable-rate mortgage debt									51,980			32.3		%	2.1		%	4.5 Years
Variable-rate construction loans									5,986			3.7		%	1.5		%	2.5 Years
Total									$160,806			100.0		%	3.2		%	5.1 Years
REAL ESTATE ASSETS: (c)									Total Homes			Total Cost
Operating real estate assets									7,247			$929,280

(a) Company's pro-rata ownership is 31.3%.

(b) Includes all available extension options.

(c) Balance sheet and property data reported at 100%.

24

CAMDEN						UNCONSOLIDATED REAL ESTATE INVESTMENTS
						DEBT MATURITY ANALYSIS
						(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2022 AND 2023: (a)

						Future Scheduled Repayments (b)									Weighted Average Interest on Maturing Debt
Quarter						Amortization			Secured Maturities			Total
1Q 2022						($43)			$—			($43)			N/A
2Q 2022						(43)			—			(43)			N/A
3Q 2022						(44)			—			(44)			N/A
4Q 2022						(44)			—			(44)			N/A
2022						($174)			$—			($174)			N/A
1Q 2023						($44)			$—			($44)			N/A
2Q 2023						(45)			—			(45)			N/A
3Q 2023						(46)			—			(46)			N/A
4Q 2023						(46)			—			(46)			N/A
2023						($181)			$—			($181)			N/A

(a) Company's pro-rata ownership is 31.3%.

(b) Includes all available extension options.

25

CAMDEN						CAPITALIZED EXPENDITURES
						& MAINTENANCE EXPENSE
						(In thousands, except unit data)

(Unaudited)

									Fourth Quarter 2021
									Recurring Capitalized															Expensed
Item									Weighted Average Useful Life (a)						Total			Per Unit						Total			Per Unit
Interiors
Floor Coverings									5		years				$2,134			$42						$348			$7
Appliances									10		years				911			18						257			5
Painting									—						—			—						1,471			29
Cabinetry/Countertops									10		years				188			4						—			—
Other									9		years				1,251			24						627			12
Exteriors
Painting									5		years				1,717			33						—			—
Carpentry									10		years				393			8						—			—
Landscaping									6		years				1,807			35						2,358			46
Roofing									18		years				618			12						125			2
Site Drainage									10		years				478			9						—			—
Fencing/Stair									10		years				600			12						—			—
Other (b)									9		years				4,078			79						4,315			84
Common Areas
Mech., Elec., Plumbing									9		years				3,470			68						1,999			39
Parking/Paving									5		years				1,284			25						—			—
Pool/Exercise/Facility									7		years				2,984			58						299			6
Total Recurring (c)															$21,913			$427						$11,799			$230
Weighted Average Apartment Homes																		51,313									51,313
Non-recurring & revenue enhancing capitalized expenditures (d)															$4,857
Reposition Expenditures (e)									10		years				$15,814			$27,360
Repositioned Apartment Homes																		578
Pro-Rata Joint Venture Total Recurring (f)															$485			$214						$439			$194
									Year to Date 2021
									Recurring Capitalized															Expensed
Item									Weighted Average Useful Life (a)						Total			Per Unit						Total			Per Unit
Interiors
Floor Coverings									5		years				$8,900			$176						$1,382			$27
Appliances									10		years				3,709			73						995			20
Painting									—						—			—						5,784			115
Cabinetry/Countertops									10		years				562			11						—			—
Other									9		years				5,017			99						3,241			64
Exteriors
Painting									5		years				4,111			81						—			—
Carpentry									10		years				3,105			62						—			—
Landscaping									6		years				3,220			64						10,394			206
Roofing									18		years				4,585			91						575			11
Site Drainage									10		years				708			14						—			—
Fencing/Stair									10		years				1,869			37						—			—
Other (b)									9		years				12,058			239						16,648			330
Common Areas
Mech., Elec., Plumbing									9		years				13,160			261						8,485			168
Parking/Paving									5		years				3,918			78						—			—
Pool/Exercise/Facility									7		years				6,016			119						1,458			29
Total Recurring (c)															$70,938			$1,405						$48,962			$970
Weighted Average Apartment Homes																		50,479									50,479
Non-recurring & revenue enhancing capitalized expenditures (d)															$15,330
Reposition Expenditures (e)									10		years				$48,612			$22,402
Repositioned Apartment Homes																		2,170
Pro-Rata Joint Venture Total Recurring (f)															$2,665			$1,175						$1,951			$860

(a) Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2021.

(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

(c) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

(d) Capital expenditures primarily composed of non-recurring or one-time additions such as our smart access solution, LED lighting programs, and other non-routine items.

(e) Represents capital expenditures for the three and twelve months ended December 31, 2021 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.

(f) Company's pro-rata ownership is 31.3%.

26

CAMDEN						2022 FINANCIAL OUTLOOK
						AS OF FEBRUARY 3, 2022

(Unaudited)

Earnings Guidance - Per Diluted Share
Expected FFO per share - diluted									$6.09 - $6.39
"Same Property" Communities
Number of Units - 2022									46,789
2021 Base Net Operating Income									$668 million
Total Revenue Growth									7.75% - 9.75%
Total Expense Growth									2.25% - 3.75%
Net Operating Income Growth									10.50% - 13.50%
Impact from 1% change in NOI Growth is approximately $0.062 / share
Capitalized Expenditures
Recurring									$80 - $84 million
Revenue Enhancing Capex, Repositions, Redevelopment, and Repurposes (a)									$62 - $66 million
Non - Recurring Capital Expenditures									$16 - $18 million
Acquisitions/Dispositions
Acquisition Volume (consolidated on balance sheet)									$500 - $700 million
Disposition Volume (consolidated on balance sheet)									$200 - $300 million
Development
Development Starts (consolidated on balance sheet)									$400 - $600 million
Development Spend (consolidated on balance sheet)									$300 - $330 million
Equity in Income of Joint Ventures (FFO)									$22 - $24 million
Non-Property Income
Non-Property Income									$10 - $12 million
Includes: Fee and asset management income and interest and other income
Corporate Expenses
General and Administrative/Property Management Expenses									$82 - $88 million
Fee and Asset Management Expense									$4 - $6 million
Corporate G&A Depreciation/Amortization									$10 - $12 million
Capital
Expensed Interest									$95 - $99 million
Capitalized Interest									$16 - $18 million

(a) Capital expenditures that improve a community's cash flow and competitive position, including kitchen and bath upgrades or other new amenities, additional leasable space, and our smart access solution.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. Additionally,

please refer to pages 28, 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

27

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 (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, 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 or losses on dispositions of depreciable real estate, 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. A reconciliation of net income attributable to common shareholders to FFO is provided below:

Adjusted FFO

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing 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 AFFO is provided below:

			Three Months Ended December 31,									Twelve Months Ended December 31,
			2021			2020						2021			2020
Net income attributable to common shareholders (a)			$212,898			$29,193						$303,907			$123,911
Real estate depreciation and amortization			114,007			89,504						410,767			357,489
Adjustments for unconsolidated joint ventures			2,688			2,550						10,591			9,483
Income allocated to non-controlling interests			4,961			1,188						8,469			4,849
Gain on sale of operating properties			(174,384)			—						(174,384)			—
Funds from operations			$160,170			$122,435						$559,350			$495,732
Less: recurring capitalized expenditures			(22,398)			(21,619)						(73,603)			(77,525)
Adjusted funds from operations			$137,772			$100,816						$485,747			$418,207
Weighted average number of common shares outstanding:
EPS diluted			105,448			99,507						102,829			99,438
FFO/AFFO diluted			106,322			101,255						103,747			101,186
			Three Months Ended December 31,									Twelve Months Ended December 31,
			2021			2020						2021			2020
Total Earnings Per Common Share - Diluted			$2.02			$0.29						$2.96			$1.24
Real estate depreciation and amortization			1.07			0.88						3.96			3.53
Adjustments for unconsolidated joint ventures			0.03			0.03						0.09			0.09
Income allocated to non-controlling interests			0.03			0.01						0.06			0.04
Gain on sale of operating properties			(1.64)			—						(1.68)			—
FFO per common share - Diluted			$1.51			$1.21						$5.39			$4.90
Less: recurring capitalized expenditures			(0.21)			(0.21)						(0.71)			(0.77)
AFFO per common share - Diluted			$1.30			$1.00						$4.68			$4.13

(a) Net income attributable to common shareholders was negatively impacted for the three and twelve months ended December 31, 2020 by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables. Net income attributable to common shareholders was also negatively impacted for the twelve months ended December 31, 2020 by an approximate $14.8 million due to Pandemic Related Impact.The total Pandemic Related Impact for the twelve months ended December 31, 2020 was comprised of $9.5 million related to the Resident Relief Funds which were established in April 2020. Of this amount, approximately $9.1 million was paid to residents at our wholly-owned communities and approximately $1.3 million of Resident Relief Funds paid to residents of the operating communities owned by our unconsolidated joint ventures. Additionally, we incurred approximately $4.5 million of pandemic expenses at our operating communities during the third and fourth of 2020, which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.7 million in other directly-related pandemic expenses for the twelve months ended December 31, 2020. We also incurred approximately $0.8 million related to the Employee Relief Fund we established to help our employees impacted by the pandemic during the twelve months ended December 31, 2020.

28

CAMDEN						NON-GAAP FINANCIAL MEASURES
						DEFINITIONS & RECONCILIATIONS
						(In thousands, except per share amounts)

(Unaudited)

Expected FFO

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, on properties not currently held for sale due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:

			1Q22			Range						2022			Range
			Low			High						Low			High
Expected earnings per common share - diluted			$0.38			$0.42						$1.65			$1.95
Expected real estate depreciation and amortization			1.03			1.03						4.28			4.28
Expected adjustments for unconsolidated joint ventures			0.03			0.03						0.10			0.10
Expected income allocated to non-controlling interests			0.01			0.01						0.06			0.06
Expected FFO per share - diluted			$1.45			$1.49						$6.09			$6.39
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 12. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

			Three months ended December 31,									Twelve months ended December 31,
			2021			2020						2021			2020
Net income (a)			$217,859			$30,381						$312,376			$128,579
Less: Fee and asset management income			(2,815)			(3,351)						(10,532)			(10,800)
Less: Interest and other income			(191)			(347)						(1,223)			(2,949)
Less: Income on deferred compensation plans			(5,186)			(10,399)						(14,369)			(12,045)
Plus: Property management expense			7,139			5,841						26,339			24,201
Plus: Fee and asset management expense			1,201			1,273						4,511			3,954
Plus: General and administrative expense			14,940			13,274						59,368			53,624
Plus: Interest expense			24,582			24,072						97,297			91,526
Plus: Depreciation and amortization expense			116,503			91,925						420,692			367,162
Plus: Expense on deferred compensation plans			5,186			10,399						14,369			12,045
Plus: Loss on early retirement of debt			—			176						—			176
Less: Gain on sale of operating properties, including land			(174,384)			—						(174,384)			(382)
Less: Equity in income of joint ventures			(3,125)			(2,143)						(9,777)			(8,052)
Plus: Income tax expense			601			496						1,893			1,972
NOI (b) (c)			$202,310			$161,597						$726,560			$649,011
"Same Property" Communities			$168,342			$146,564						$620,662			$592,495
Non-"Same Property" Communities			28,174			15,085						86,160			58,885
Development and Lease-Up Communities			2,867			(4)						4,876			(7)
Pandemic Related Impact (b) (c)			—			—						—			(13,614)
Other			2,927			(48)						14,862			11,252
NOI (b) (c) (d)			$202,310			$161,597						$726,560			$649,011

(a) Net income was negatively impacted for the three and twelve months ended December 31, 2020 by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables. Net income was also negatively impacted for the twelve months ended December 31, 2020 by an approximate $14.8 million due to Pandemic Related Impact. Please refer to page 28, footnote (a), for additional detail on the breakdown of the Pandemic Related Impact.

(b) Two Resident Relief Funds were established for residents experiencing financial losses caused by the pandemic, and paid out approximately $9.1 million

to approximately 7,100 Camden residents of our wholly-owned communities, which were recognized in 2Q20 as a reduction of property revenues.

(c) We incurred approximately $4.5 million of directly-related pandemic related expenses at our operating communities for the twelve months ended December 31, 2020, which included $2.8 million of bonuses paid to employees providing essential services during the pandemic and approximately $1.7 million in other directly-related pandemic expenses.

(d) For the three and twelve months ended December 31, 2020, NOI was negatively impacted by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables.

29

CAMDEN						NON-GAAP FINANCIAL MEASURES
						DEFINITIONS & RECONCILIATIONS
						(In thousands, except per share amounts)

(Unaudited)

Adjusted EBITDA

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, loss on early retirement of debt, income (loss) allocated to non-controlling interests, as well as the direct Pandemic Related Impact. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:

			Three months ended December 31,									Twelve months ended December 31,
			2021			2020						2021			2020
Net income attributable to common shareholders (a)			$212,898			$29,193						$303,907			$123,911
Plus: Interest expense			24,582			24,072						97,297			91,526
Plus: Depreciation and amortization expense			116,503			91,925						420,692			367,162
Plus: Income allocated to non-controlling interests			4,961			1,188						8,469			4,668
Plus: Income tax expense			601			496						1,893			1,972
Plus: Pandemic Related Impact (b)			—			—						—			14,364
Plus: Retail straight-line rent receivables adjustment (c)			—			3,519						—			3,519
Less: Gain on sale of operating properties, including land			(174,384)			—						(174,384)			(382)
Plus: Loss on early retirement of debt			—			176						—			176
Less: Equity in income of joint ventures			(3,125)			(2,143)						(9,777)			(8,052)
Adjusted EBITDA			$182,036			$148,426						$648,097			$598,864
Annualized Adjusted EBITDA			$728,144			$593,704						$648,097			$598,864

(a) Net income attributable to common shareholders was negatively impacted for the three and twelve months ended December 31, 2020 by an approximate $3.5 million non-cash adjustment to retail straight-line rent receivables. Net income attributable to common shareholders was also negatively impacted for the twelve months ended December 31, 2020 by an approximate $14.8 million due to Pandemic Related Impact. Please refer to page 28, footnote (a), for additional detail on the breakdown of the Pandemic Related Impact.

(b) Approximately $14.4 million of the stated Pandemic Related Impact, which consists of the Resident Relief Funds, Employee Relief Fund, directly-related pandemic expenses, and bonuses paid to on-site employees, has been added back to the Adjusted EBITDA calculation for the twelve months ended December 31, 2020, respectively.

(c ) During 4Q20, we took an approximately $3.5 million negative non-cash adjustment to retail straight-line rent receivables as a result of our assessing collectability by tenant and determining it was no longer probable substantially all leasing revenue would be collected from certain retail tenants. This adjustment has been added back to the Adjusted EBITDA calculation for the three and twelve months ended December 31, 2020.

Net Debt to Annualized Adjusted EBITDA

The Company believes Net Debt to Annualized Adjusted EBITDA 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 EBITDA for the following periods:

Net Debt:

									Average monthly balance for the									Average monthly balance for the
									Three months ended December 31,									Twelve months ended December 31,
									2021			2020						2021			2020
Unsecured notes payable									$3,170,054			$3,166,316						$3,168,649			$3,062,587
Total debt									3,170,054			3,166,316						3,168,649			3,062,587
Less: Cash and cash equivalents									(385,194)			(403,119)						(329,967)			(376,114)
Net debt									$2,784,860			$2,763,197						$2,838,682			$2,686,473

Net Debt to Annualized Adjusted EBITDA:

									Three months ended December 31,									Twelve months ended December 31,
									2021			2020						2021			2020
Net debt									$2,784,860			$2,763,197						$2,838,682			$2,686,473
Annualized Adjusted EBITDA									728,144			593,704						648,097			598,864
Net Debt to Annualized Adjusted EBITDA									3.8x			4.7x						4.4x			4.5x

30

CAMDEN OTHER DATA

(Unaudited)

Stock Symbol:

CPT

Exchange Traded:

NYSE

Senior Unsecured Debt Ratings:

Rating

Outlook

Fitch

A-

Stable

Moody's

A3

Stable

Standard & Poor's

A-

Stable

Estimated Future Dates:

Q1 '22

Q2 '22

Q3 '22

Q4 '22

Earnings Release & Conference Call

Late April

Late July

Late October

Early February

Dividend Information - Common Shares:

Q1 '21

Q2 '21

Q3 '21

Q4 '21

Declaration Date

2/4/2021

6/15/2021

9/15/2021

12/1/2021

Record Date

3/31/2021

6/30/2021

9/30/2021

12/16/2021

Payment Date

4/16/2021

7/16/2021

10/18/2021

1/18/2022

Distributions Per Share

$0.83

$0.83

$0.83

$0.83

Investor Relations Data:

Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request.

For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787.

To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com.

For questions contact:

Richard J. Campo

Chief Executive Officer & Chairman

D. Keith Oden

President & Executive Vice Chairman

Alexander J. Jessett

Chief Financial Officer

Laurie A. Baker

Chief Operating Officer

Kimberly A. Callahan

Senior Vice President - Investor Relations

31

CAMDEN						COMMUNITY TABLE
						Community statistics as of 12/31/2021

(Unaudited)																					4Q21 Avg Monthly						4Q21 Avg Monthly
									Year Placed			Average			Apartment			4Q21 Avg			Rental Rates per						Revenue per Occupied
Community Name			City			State			In Service			Size			Homes			Occupancy			Home			Sq. Ft.			Home			Sq. Ft.
Camden Chandler			Chandler			AZ			2016			1,146			380			98%			$1,780			$1.55			$2,049			$1.79
Camden Copper Square			Phoenix			AZ			2000			786			332			95%			1,441			1.83			1,731			2.20
Camden Foothills			Scottsdale			AZ			2014			1,032			220			97%			1,983			1.92			2,318			2.25
Camden Legacy			Scottsdale			AZ			1996			1,067			428			98%			1,737			1.63			2,040			1.91
Camden Montierra			Scottsdale			AZ			1999			1,071			249			97%			1,716			1.60			2,071			1.93
Camden North End I			Phoenix			AZ			2019			921			441			97%			1,865			2.03			2,171			2.36
Camden North End II			Phoenix			AZ			2021			885			343			96%			1,874			2.12			2,169			2.45
Camden Old Town Scottsdale			Scottsdale			AZ			2016			892			316			98%			2,011			2.26			2,187			2.45
Camden Pecos Ranch			Chandler			AZ			2001			949			272			96%			1,470			1.55			1,734			1.83
Camden San Marcos			Scottsdale			AZ			1995			984			320			98%			1,598			1.62			1,865			1.90
Camden San Paloma			Scottsdale			AZ			1993/1994			1,042			324			95%			1,671			1.60			1,975			1.90
Camden Sotelo			Tempe			AZ			2008/2012			1,303			170			98%			1,800			1.38			2,189			1.68
Camden Tempe			Tempe			AZ			2015			1,033			234			96%			1,810			1.75			2,189			2.12
TOTAL ARIZONA			13			Properties						996			4,029			97%			1,748			1.76			2,045			2.05
Camden Crown Valley			Mission Viejo			CA			2001			1,009			380			98%			2,323			2.30			2,649			2.63
Camden Glendale			Glendale			CA			2015			893			307			98%			2,485			2.78			2,626			2.94
Camden Harbor View			Long Beach			CA			2004			981			547			98%			2,729			2.78			2,909			2.97
Camden Main and Jamboree			Irvine			CA			2008			1,011			290			99%			2,234			2.21			2,573			2.55
Camden Martinique			Costa Mesa			CA			1986			795			714			98%			2,021			2.54			2,282			2.87
Camden Sea Palms			Costa Mesa			CA			1990			891			138			100%			2,283			2.56			2,546			2.86
The Camden			Hollywood			CA			2016			767			287			97%			2,954			3.85			3,082			4.02
Total Los Angeles/Orange County			7			Properties						900			2,663			98%			2,400			2.67			2,634			2.93
Camden Hillcrest (1)			San Diego			CA			2021			1,223			132			Lease-Up			4,178			3.42			3,065			2.51
Camden Landmark			Ontario			CA			2006			982			469			97%			1,921			1.95			2,201			2.24
Camden Old Creek			San Marcos			CA			2007			1,037			350			97%			2,464			2.38			2,677			2.58
Camden Sierra at Otay Ranch			Chula Vista			CA			2003			962			422			97%			2,301			2.39			2,622			2.72
Camden Tuscany			San Diego			CA			2003			895			160			98%			2,750			3.07			2,982			3.33
Camden Vineyards			Murrieta			CA			2002			1,053			264			97%			2,086			1.98			2,246			2.13
Total San Diego/Inland Empire			6			Properties						1,009			1,797			97%			2,380			2.36			2,505			2.48
TOTAL CALIFORNIA			13			Properties						944			4,460			98%			2,392			2.53			2,584			2.74
Camden Belleview Station			Denver			CO			2009			888			270			95%			1,653			1.86			1,942			2.19
Camden Caley			Englewood			CO			2000			921			218			96%			1,645			1.79			1,943			2.11
Camden Denver West			Golden			CO			1997			1,015			320			96%			1,983			1.95			2,232			2.20
Camden Flatirons			Denver			CO			2015			960			424			97%			1,806			1.88			2,112			2.20
Camden Highlands Ridge			Highlands Ranch			CO			1996			1,149			342			97%			2,007			1.75			2,292			2.00
Camden Interlocken			Broomfield			CO			1999			1,002			340			97%			1,830			1.83			2,117			2.11
Camden Lakeway			Littleton			CO			1997			932			451			96%			1,770			1.90			2,054			2.20
Camden Lincoln Station			Lone Tree			CO			2017			844			267			96%			1,713			2.03			1,940			2.30
Camden RiNo			Denver			CO			2020			828			233			97%			1,884			2.28			2,228			2.69
TOTAL COLORADO			9			Properties						958			2,865			97%			1,818			1.90			2,101			2.19
Camden Ashburn Farm			Ashburn			VA			2000			1,062			162			97%			1,888			1.78			2,169			2.04
Camden College Park			College Park			MD			2008			942			509			97%			1,731			1.84			1,957			2.08
Camden Dulles Station			Oak Hill			VA			2009			977			382			97%			1,962			2.01			2,285			2.34
Camden Fair Lakes			Fairfax			VA			1999			1,056			530			97%			2,008			1.90			2,349			2.22
Camden Fairfax Corner			Fairfax			VA			2006			934			489			98%			2,011			2.15			2,372			2.54
Camden Fallsgrove			Rockville			MD			2004			996			268			97%			1,924			1.93			2,155			2.16
Camden Grand Parc			Washington			DC			2002			672			105			98%			2,536			3.77			2,817			4.19
Camden Lansdowne			Leesburg			VA			2002			1,006			690			97%			1,835			1.83			2,083			2.07
Camden Largo Town Center			Largo			MD			2000/2007			1,027			245			96%			1,824			1.78			2,057			2.00
Camden Monument Place			Fairfax			VA			2007			856			368			98%			1,757			2.05			2,031			2.37
Camden Noma			Washington			DC			2014			769			321			98%			2,119			2.75			2,421			3.15
Camden Noma II			Washington			DC			2017			759			405			97%			2,200			2.90			2,505			3.30
Camden Potomac Yard			Arlington			VA			2008			832			378			98%			2,067			2.48			2,439			2.93
Camden Roosevelt			Washington			DC			2003			856			198			99%			2,840			3.32			3,271			3.82
Camden Shady Grove			Rockville			MD			2018			877			457			98%			1,845			2.10			2,089			2.38
Camden Silo Creek			Ashburn			VA			2004			975			284			98%			1,819			1.86			2,085			2.14
Camden South Capitol (2)			Washington			DC			2013			821			281			97%			2,268			2.76			2,737			3.33
Camden Washingtonian			Gaithersburg			MD			2018			870			365			98%			1,888			2.17			2,105			2.42
TOTAL DC METRO			18			Properties						917			6,437			97%			1,977			2.16			2,274			2.48
Camden Aventura			Aventura			FL			1995			1,108			379			98%			2,202			1.99			2,554			2.30
Camden Boca Raton			Boca Raton			FL			2014			843			261			98%			2,217			2.63			2,443			2.90
Camden Brickell			Miami			FL			2003			937			405			97%			2,375			2.53			2,594			2.77
Camden Doral			Miami			FL			1999			1,120			260			99%			2,050			1.83			2,295			2.05
Camden Doral Villas			Miami			FL			2000			1,253			232			98%			2,299			1.83			2,561			2.04
Camden Las Olas			Ft. Lauderdale			FL			2004			1,043			420			98%			2,312			2.22			2,607			2.50
Camden Plantation			Plantation			FL			1997			1,201			502			98%			1,902			1.58			2,208			1.84
Camden Portofino			Pembroke Pines			FL			1995			1,112			322			98%			1,980			1.78			2,312			2.08
Total Southeast Florida			8			Properties						1,079			2,781			98%			2,159			2.00			2,443			2.26

32

CAMDEN						COMMUNITY TABLE
						Community statistics as of 12/31/2021

(Unaudited)																					4Q21 Avg Monthly						4Q21 Avg Monthly
									Year Placed			Average			Apartment			4Q21 Avg			Rental Rates per						Revenue per Occupied
Community Name			City			State			In Service			Size			Homes			Occupancy			Home			Sq. Ft.			Home			Sq. Ft.
Camden Hunters Creek			Orlando			FL			2000			1,075			270			99%			$1,536			$1.43			$1,767			$1.64
Camden Lago Vista			Orlando			FL			2005			955			366			98%			1,452			1.52			1,712			1.79
Camden Lake Eola (1)			Orlando			FL			2021			944			360			Lease-Up			2,144			2.27			2,371			2.51
Camden LaVina			Orlando			FL			2012			969			420			98%			1,487			1.54			1,758			1.82
Camden Lee Vista			Orlando			FL			2000			937			492			96%			1,513			1.61			1,784			1.90
Camden North Quarter			Orlando			FL			2016			806			333			98%			1,592			1.98			1,751			2.17
Camden Orange Court			Orlando			FL			2008			817			268			98%			1,443			1.77			1,686			2.06
Camden Thornton Park			Orlando			FL			2016			920			299			98%			1,846			2.01			2,055			2.23
Camden Town Square			Orlando			FL			2012			983			438			98%			1,493			1.52			1,708			1.74
Camden Waterford Lakes (2)			Orlando			FL			2014			971			300			98%			1,579			1.63			1,811			1.86
Camden World Gateway			Orlando			FL			2000			979			408			98%			1,505			1.54			1,734			1.77
Total Orlando			11			Properties						944			3,954			98%			1,593			1.69			1,817			1.93
Camden Bay			Tampa			FL			1997/2001			943			760			97%			1,505			1.60			1,782			1.89
Camden Central			St. Petersburg			FL			2019			943			368			97%			2,787			2.96			3,004			3.19
Camden Montague			Tampa			FL			2012			972			192			98%			1,536			1.58			1,838			1.89
Camden Pier District			St. Petersburg			FL			2016			989			358			98%			2,884			2.92			3,051			3.08
Camden Preserve			Tampa			FL			1996			942			276			98%			1,703			1.81			1,966			2.09
Camden Royal Palms			Brandon			FL			2006			1,017			352			98%			1,485			1.46			1,765			1.74
Camden Visconti (2)			Tampa			FL			2007			1,125			450			95%			1,707			1.52			1,989			1.77
Camden Westchase Park			Tampa			FL			2012			992			348			98%			1,664			1.68			1,960			1.98
Total Tampa			8			Properties						990			3,104			97%			1,880			1.90			2,142			2.16
TOTAL FLORIDA			27			Properties						997			9,839			98%			1,844			1.85			2,099			2.11
Camden Brookwood			Atlanta			GA			2002			916			359			96%			1,579			1.72			1,856			2.03
Camden Buckhead Square			Atlanta			GA			2015			827			250			96%			1,678			2.03			1,840			2.22
Camden Creekstone			Atlanta			GA			2002			990			223			98%			1,534			1.55			1,757			1.78
Camden Deerfield			Alpharetta			GA			2000			1,187			292			89%			1,659			1.40			1,934			1.63
Camden Dunwoody			Atlanta			GA			1997			1,007			324			98%			1,521			1.51			1,770			1.76
Camden Fourth Ward			Atlanta			GA			2014			844			276			97%			1,880			2.23			2,160			2.56
Camden Midtown Atlanta			Atlanta			GA			2001			935			296			97%			1,632			1.75			1,945			2.08
Camden Paces			Atlanta			GA			2015			1,408			379			97%			2,775			1.97			3,098			2.20
Camden Peachtree City			Peachtree City			GA			2001			1,027			399			96%			1,583			1.54			1,913			1.86
Camden Phipps (2)			Atlanta			GA			1996			1,016			234			96%			1,684			1.66			1,965			1.93
Camden Shiloh			Kennesaw			GA			1999/2002			1,143			232			98%			1,514			1.32			1,824			1.60
Camden St. Clair			Atlanta			GA			1997			999			336			97%			1,543			1.54			1,794			1.80
Camden Stockbridge			Stockbridge			GA			2003			1,009			304			97%			1,409			1.40			1,686			1.67
Camden Vantage			Atlanta			GA			2010			901			592			95%			1,603			1.78			1,855			2.06
TOTAL GEORGIA			14			Properties						1,014			4,496			96%			1,698			1.67			1,971			1.94
Camden Ballantyne			Charlotte			NC			1998			1,048			400			97%			1,442			1.38			1,719			1.64
Camden Cotton Mills			Charlotte			NC			2002			905			180			97%			1,553			1.72			1,814			2.00
Camden Dilworth			Charlotte			NC			2006			857			145			96%			1,563			1.83			1,813			2.12
Camden Fairview			Charlotte			NC			1983			1,036			135			96%			1,291			1.25			1,511			1.46
Camden Foxcroft			Charlotte			NC			1979			940			156			97%			1,200			1.28			1,429			1.52
Camden Foxcroft II			Charlotte			NC			1985			874			100			97%			1,328			1.52			1,565			1.79
Camden Gallery			Charlotte			NC			2017			743			323			97%			1,675			2.25			1,872			2.52
Camden Grandview			Charlotte			NC			2000			1,059			266			98%			1,825			1.72			2,069			1.95
Camden Grandview II			Charlotte			NC			2019			2,241			28			99%			3,626			1.62			3,846			1.72
Camden Sedgebrook			Charlotte			NC			1999			972			368			96%			1,321			1.36			1,560			1.60
Camden South End			Charlotte			NC			2003			878			299			96%			1,590			1.81			1,800			2.05
Camden Southline (2)			Charlotte			NC			2015			831			266			96%			1,689			2.03			1,912			2.30
Camden Stonecrest			Charlotte			NC			2001			1,098			306			96%			1,483			1.35			1,730			1.58
Camden Touchstone			Charlotte			NC			1986			899			132			98%			1,227			1.36			1,483			1.65
Total Charlotte			14			Properties						954			3,104			97%			1,524			1.60			1,763			1.85
Camden Asbury Village (2)			Raleigh			NC			2009			1,009			350			97%			1,400			1.39			1,619			1.60
Camden Carolinian			Raleigh			NC			2017			1,118			186			97%			2,157			1.93			2,350			2.10
Camden Crest			Raleigh			NC			2001			1,014			438			96%			1,244			1.23			1,490			1.47
Camden Governor's Village			Chapel Hill			NC			1999			1,046			242			98%			1,303			1.25			1,573			1.50
Camden Lake Pine			Apex			NC			1999			1,066			446			98%			1,356			1.27			1,610			1.51
Camden Manor Park			Raleigh			NC			2006			966			484			97%			1,354			1.40			1,624			1.68
Camden Overlook			Raleigh			NC			2001			1,061			322			97%			1,433			1.35			1,692			1.60
Camden Reunion Park			Apex			NC			2000/2004			972			420			97%			1,255			1.29			1,491			1.53
Camden Westwood			Morrisville			NC			1999			1,022			360			94%			1,286			1.26			1,577			1.54
Total Raleigh			9			Properties						1,022			3,248			97%			1,374			1.34			1,626			1.59
TOTAL NORTH CAROLINA			23			Properties						989			6,352			97%			1,448			1.46			1,693			1.71
Camden Franklin Park			Franklin			TN			2018			967			328			98%			1,793			1.85			1,891			1.96
Camden Music Row			Nashville			TN			2016			903			430			97%			2,215			2.45			2,296			2.54
TOTAL TENNESSEE			2			Properties						931			758			97%			2,032			2.18			2,120			2.28

33

CAMDEN						COMMUNITY TABLE
						Community statistics as of 12/31/2021

(Unaudited)																					4Q21 Avg Monthly						4Q21 Avg Monthly
									Year Placed			Average			Apartment			4Q21 Avg			Rental Rates per						Revenue per Occupied
Community Name			City			State			In Service			Size			Homes			Occupancy			Home			Sq. Ft.			Home			Sq. Ft.
Camden Amber Oaks (2)			Austin			TX			2009			862			348			98%			$1,290			$1.50			$1,592			$1.85
Camden Amber Oaks II (2)			Austin			TX			2012			910			244			97%			1,390			1.53			1,678			1.84
Camden Brushy Creek (2)			Cedar Park			TX			2008			882			272			98%			1,384			1.57			1,556			1.76
Camden Cedar Hills			Austin			TX			2008			911			208			98%			1,492			1.64			1,727			1.90
Camden Gaines Ranch			Austin			TX			1997			955			390			98%			1,665			1.74			1,945			2.04
Camden Huntingdon			Austin			TX			1995			903			398			97%			1,339			1.48			1,580			1.75
Camden La Frontera			Austin			TX			2015			901			300			97%			1,404			1.56			1,671			1.85
Camden Lamar Heights			Austin			TX			2015			838			314			96%			1,608			1.92			1,796			2.14
Camden Rainey Street			Austin			TX			2016			873			326			97%			2,206			2.53			2,463			2.82
Camden Shadow Brook (2)			Austin			TX			2009			909			496			98%			1,355			1.49			1,556			1.71
Camden Stoneleigh			Austin			TX			2001			908			390			98%			1,475			1.62			1,736			1.91
Total Austin			11			Properties						897			3,686			98%			1,506			1.68			1,749			1.95
Camden Addison			Addison			TX			1996			942			456			97%			1,389			1.47			1,619			1.72
Camden Belmont			Dallas			TX			2010/2012			946			477			97%			1,557			1.65			1,816			1.92
Camden Buckingham			Richardson			TX			1997			919			464			98%			1,367			1.49			1,653			1.80
Camden Centreport			Ft. Worth			TX			1997			912			268			98%			1,337			1.47			1,598			1.75
Camden Cimarron			Irving			TX			1992			772			286			97%			1,369			1.77			1,616			2.09
Camden Design District (2)			Dallas			TX			2009			939			355			98%			1,480			1.58			1,665			1.77
Camden Farmers Market			Dallas			TX			2001/2005			932			904			97%			1,440			1.54			1,658			1.78
Camden Greenville			Dallas			TX			2017/2018			1,028			558			94%			1,783			1.73			1,880			1.83
Camden Henderson			Dallas			TX			2012			966			106			97%			1,637			1.69			1,874			1.94
Camden Legacy Creek			Plano			TX			1995			831			240			98%			1,441			1.73			1,678			2.02
Camden Legacy Park			Plano			TX			1996			870			276			97%			1,429			1.64			1,650			1.90
Camden Panther Creek (2)			Frisco			TX			2009			946			295			98%			1,482			1.57			1,724			1.82
Camden Riverwalk (2)			Grapevine			TX			2008			989			600			97%			1,609			1.63			1,882			1.90
Camden Valley Park			Irving			TX			1986			743			516			99%			1,170			1.57			1,406			1.89
Camden Victory Park			Dallas			TX			2016			861			423			97%			1,764			2.05			1,975			2.29
Total Dallas/Ft. Worth			15			Properties						913			6,224			97%			1,486			1.63			1,711			1.87
Camden City Centre			Houston			TX			2007			932			379			96%			1,474			1.58			1,730			1.86
Camden City Centre II			Houston			TX			2013			869			268			94%			1,440			1.66			1,697			1.95
Camden Cypress Creek (2)			Cypress			TX			2009			993			310			97%			1,426			1.44			1,692			1.70
Camden Cypress Creek II (2)			Cypress			TX			2020			950			234			95%			1,380			1.45			1,579			1.66
Camden Downs at Cinco Ranch (2)			Katy			TX			2004			1,075			318			98%			1,394			1.30			1,639			1.52
Camden Downtown			Houston			TX			2020			1,052			271			96%			2,490			2.37			2,630			2.50
Camden Grand Harbor (2)			Katy			TX			2008			959			300			98%			1,285			1.34			1,510			1.57
Camden Greenway			Houston			TX			1999			861			756			97%			1,375			1.60			1,616			1.88
Camden Heights (2)			Houston			TX			2004			927			352			96%			1,507			1.63			1,754			1.89
Camden Highland Village			Houston			TX			2014/2015			1,175			552			95%			2,198			1.87			2,343			1.99
Camden Holly Springs			Houston			TX			1999			934			548			97%			1,295			1.39			1,535			1.64
Camden McGowen Station			Houston			TX			2018			1,004			315			96%			1,995			1.99			2,207			2.20
Camden Midtown			Houston			TX			1999			844			337			95%			1,475			1.75			1,712			2.03
Camden Northpointe (2)			Tomball			TX			2008			940			384			98%			1,238			1.32			1,523			1.62
Camden Plaza			Houston			TX			2007			915			271			96%			1,576			1.72			1,810			1.98
Camden Post Oak			Houston			TX			2003			1,200			356			94%			2,433			2.03			2,729			2.27
Camden Royal Oaks			Houston			TX			2006			923			236			94%			1,409			1.53			1,471			1.59
Camden Royal Oaks II			Houston			TX			2012			1,054			104			91%			1,651			1.57			1,750			1.66
Camden Spring Creek (2)			Spring			TX			2004			1,080			304			96%			1,321			1.22			1,615			1.50
Camden Stonebridge			Houston			TX			1993			845			204			98%			1,159			1.37			1,418			1.68
Camden Sugar Grove			Stafford			TX			1997			921			380			98%			1,269			1.38			1,491			1.62
Camden Travis Street			Houston			TX			2010			819			253			97%			1,442			1.76			1,707			2.08
Camden Vanderbilt			Houston			TX			1996/1997			863			894			95%			1,404			1.63			1,659			1.92
Camden Whispering Oaks			Houston			TX			2008			936			274			97%			1,322			1.41			1,551			1.66
Camden Woodson Park (2)			Houston			TX			2008			916			248			97%			1,220			1.33			1,509			1.65
Camden Yorktown (2)			Houston			TX			2008			995			306			97%			1,220			1.23			1,459			1.47
Total Houston			26			Properties						956			9,154			96%			1,517			1.59			1,748			1.83
TOTAL TEXAS			52			Properties						931			19,064			97%			1,504			1.62			1,736			1.87
TOTAL PROPERTIES			171			Properties						960			58,300			97%			$1,730			$1.80			$2,005			$2.09

(1) Completed communities in lease-up as of December 31, 2021 are excluded from total occupancy numbers.

(2) Communities owned through investment in joint venture. Pro-Rata ownership is 31.3%.

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