EX-99.2 3 exhibit992supplement3q23.htm EX-99.2

CAMDEN |  | TABLE OF CONTENTS

| Page
Press Release Text | 3
Financial Highlights | 4
Operating Results | 5
Funds from Operations | 6
Balance Sheets | 7
Portfolio Statistics | 8
Components of Property Net Operating Income | 9
Sequential Components of Property Net Operating Income | 10
"Same Property" Third Quarter Comparisons | 11
"Same Property" Sequential Quarter Comparisons | 12
"Same Property" Year to Date Comparisons | 13
"Same Property" Operating Expense Detail & Comparisons | 14
Current Development Communities | 15
Development Pipeline | 16
Dispositions | 17
Debt Analysis | 18
Debt Maturity Analysis | 19
Debt Covenant Analysis | 20
Capitalized Expenditures & Maintenance Expense | 21
Non-GAAP Financial Measures - Definitions & Reconciliations | 22
Other Definitions | 26
Other Data | 27
Community Table | 28

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 THIRD QUARTER 2023 OPERATING RESULTS
Houston, Texas (October 26, 2023) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and nine months ended September 30, 2023. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three and nine months ended September 30, 2023 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.

| Three Months Ended | Nine Months Ended
| September 30, | September 30,
Per Diluted Share | 2023 | 2022 | 2023 | 2022
EPS | $0.44 | $0.27 | $1.66 | $5.62
FFO | $1.73 | $1.70 | $5.06 | $4.85
Core FFO | $1.73 | $1.69 | $5.09 | $4.78
Core AFFO | $1.49 | $1.45 | $4.50 | $4.22

| Three Months Ended | 3Q23 Guidance | 3Q23 Guidance
Per Diluted Share | September 30, 2023 | Midpoint | Variance
EPS | $0.44 | $0.43 | $0.01
FFO | $1.73 | $1.73 | $0.00
Core FFO | $1.73 | $1.73 | $0.00

| Quarterly Growth | Sequential Growth | Year-To-Date Growth
Same Property Results | 3Q23 vs. 3Q22 | 3Q23 vs. 2Q23 | 2023 vs. 2022
Revenues | 4.1% | 1.2% | 6.0%
Expenses | 5.3% | 2.2% | 6.3%
Net Operating Income ("NOI") | 3.5% | 0.6% | 5.9%

Same Property Results | 3Q23 | 3Q22 | 2Q23
Occupancy | 95.6% | 96.6% | 95.4%

“Overall, our third quarter 2023 performance was in line with our expectations,” said Richard J. Campo, Camden’s Chairman and CEO. “Recent trends in September and October reflect stronger seasonality than we have experienced over the past few years. We are adjusting our full-year 2023 outlook for higher delinquencies, and slightly lower occupancy and rent growth for the remainder of the year.”
For 2023, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2022, 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) | October 2023* | October 2022 | 3Q23 | 3Q22
Signed New Lease Rates | (3.3)% | 5.0% | 0.1% | 11.6%
Signed Renewal Rates | 4.3% | 9.4% | 5.0% | 11.5%
Signed Blended Lease Rates | (0.4)% | 6.9% | 2.5% | 11.5%
New Lease and Renewal Data - Date Effective (2) | October 2023* | October 2022 | 3Q23 | 3Q22
Effective New Lease Rates | (2.5)% | 7.7% | 0.8% | 14.0%
Effective Renewal Rates | 4.7% | 11.3% | 5.9% | 14.0%
Effective Blended Lease Rates | 1.4% | 9.5% | 3.4% | 14.0%

*Data as of October 25, 2023
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.
(2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

Occupancy and Turnover Data | October 2023* | October 2022 | 3Q23 | 3Q22
Occupancy | 94.9% | 96.1% | 95.6% | 96.6%
Annualized Gross Turnover | 48% | 49% | 62% | 60%
Annualized Net Turnover | 38% | 41% | 50% | 52%

*Data as of October 25, 2023
Development Activity
During the quarter, lease-up was completed at Camden Tempe II in Tempe, AZ and leasing continued at Camden NoDa in Charlotte, NC. Additionally, leasing began at Camden Durham in Durham, NC and subsequent to quarter end at Camden Woodmill Creek in The Woodlands, TX.
Development Communities - Construction Ongoing ($ in millions)

|  | Total | Total | % Leased |
Community Name | Location | Homes | Estimated Cost | as of 10/25/2023 |
Camden NoDa | Charlotte, NC | 387 |  | $108.0 | 82 | % |
Camden Durham | Durham, NC | 420 |  | 145.0 | 6 | % |
Camden Woodmill Creek | The Woodlands, TX | 189 |  | 75.0 | 5 | % |
Camden Village District | Raleigh, NC | 369 |  | 138.0 |  |
Camden Long Meadow Farms | Richmond, TX | 188 |  | 80.0 |  |
Total |  | 1,553 | $546.0 |  |

Liquidity Analysis
As of September 30, 2023, Camden had approximately $739.8 million of liquidity comprised of approximately $14.6 million in cash and cash equivalents, and $725.2 million of availability under its unsecured credit facility. At quarter-end, the Company had $180.6 million left to fund under its existing wholly-owned development pipeline.
Earnings Guidance
Camden updated its earnings guidance for 2023 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2023 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

| 4Q23 | 2023 | 2023 Midpoint
Per Diluted Share | Range | Range | Current | Prior | Change
EPS | $0.37 - $0.41 | $2.03 - $2.07 | $2.05 | $2.12 | $(0.07)
FFO | $1.70 - $1.74 | $6.76 - $6.80 | $6.78 | $6.85 | $(0.07)
Core FFO | $1.70 - $1.74 | $6.79 - $6.83 | $6.81 | $6.88 | $(0.07)

|  | 2023
Updated Same Property Growth Guidance | Range | Midpoint | Prior | Change
Revenues |  | 4.75% - 5.25% | 5.00% | 5.65% | (0.65)%
Expenses |  | 6.25% - 6.75% | 6.50% | 6.85% | (0.35)%
NOI |  | 3.70% - 4.70% | 4.20% | 5.00% | (0.80)%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2023 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.
Conference Call
Friday, October 27, 2023 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 9996059
Webcast: https://investors.camdenliving.com
The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.
Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
About Camden
Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 172 properties containing 58,961 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 60,514 apartment homes in 177 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 16 consecutive years, most recently ranking #33. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
3

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

(Unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 | 2022 |  | 2023 | 2022
Property revenues | $390,778 | $373,772 |  | $1,154,440 | $1,046,847
Adjusted EBITDAre | 227,500 | 218,320 |  | 672,703 | 608,481
Net income attributable to common shareholders | 47,963 | 29,844 |  | 180,979 | 607,904
Per share - basic | 0.44 | 0.27 |  | 1.66 | 5.66
Per share - diluted | 0.44 | 0.27 |  | 1.66 | 5.62
Funds from operations | 191,181 | 187,615 |  | 558,221 | 528,036
Per share - diluted | 1.73 | 1.70 |  | 5.06 | 4.85
Core funds from operations | 190,745 | 185,579 |  | 561,428 | 521,328
Per share - diluted | 1.73 | 1.69 |  | 5.09 | 4.78
Core adjusted funds from operations | 164,191 | 159,578 |  | 496,261 | 459,646
Per share - diluted | 1.49 | 1.45 |  | 4.50 | 4.22
Dividends per share | 1.00 | 0.94 |  | 3.00 | 2.82
Dividend payout ratio (FFO) | 57.8 | % | 55.3 | % |  | 59.3 | % | 58.1 | %
Interest expensed | 33,006 | 29,192 |  | 99,427 | 82,756
Interest capitalized | 5,239 | 5,018 |  | 15,201 | 13,543
Total interest incurred | 38,245 | 34,210 |  | 114,628 | 96,299
Net Debt to Annualized Adjusted EBITDAre (a) | 4.1x | 4.2x |  | 4.2x | 4.1x
Interest expense coverage ratio | 6.9x | 7.5x |  | 6.8x | 7.4x
Total interest coverage ratio | 5.9x | 6.4x |  | 5.9x | 6.3x
Fixed charge expense coverage ratio | 6.9x | 7.5x |  | 6.8x | 7.4x
Total fixed charge coverage ratio | 5.9x | 6.4x |  | 5.9x | 6.3x
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.6x | 3.3x |  | 3.6x | 3.3x
Same property NOI growth (b) (c) | 3.5 | % | 16.3 | % |  | 5.9 | % | 16.0 | %
(# of apartment homes included) | 48,137 |  | 46,151 |  | 48,137 | 46,151 |
Same property turnover |  |  |  |  |
Gross turnover of apartment homes (annualized) | 62 | % | 60 | % |  | 53 | % | 52 | %
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 50 | % | 52 | % |  | 43 | % | 45 | %
| As of September 30, |  | As of September 30,
| 2023 | 2022 |  | 2023 | 2022
Total assets | $9,214,464 |  | $9,414,125 |  |  | $9,214,464 |  | $9,414,125 |
Total debt | $3,653,128 |  | $3,688,041 |  |  | $3,653,128 |  | $3,688,041 |
Common and common equivalent shares, outstanding end of period (d) | 110,305 |  | 110,112 |  |  | 110,305 |  | 110,112 |
Share price, end of period | $94.58 |  | $119.45 |  |  | $94.58 |  | $119.45 |
Book equity value, end of period (e) | $4,934,979 |  | $5,108,362 |  |  | $4,934,979 |  | $5,108,362 |
Market equity value, end of period (f) | $10,432,647 |  | $13,152,878 |  |  | $10,432,647 |  | $13,152,878 |

(a) 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 EBITDAre is Adjusted EBITDAre as reported for the period multiplied by either 4 for quarter results or 1.33 for 9 month results.
(b) "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2022, excluding communities under redevelopment and properties held for sale.
(c) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.
(d) Includes at September 30, 2023: 108,711 common shares (including 15 common share equivalents related to share awards), plus 1,594 common share equivalents upon the assumed conversion of non-controlling units.
(e) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
(f) Includes: common shares, common units, and common share equivalents.
Note: Please refer to pages 24 - 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
4

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

(Unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 | 2022 |  | 2023 | 2022
OPERATING DATA |  |  |  |  |
Property revenues (a) | $390,778 | $373,772 |  | $1,154,440 | $1,046,847
Property expenses |  |  |  |  |
Property operating and maintenance | 91,011 |  | 84,649 |  |  | 264,038 |  | 234,504 |
Real estate taxes | 49,094 |  | 48,182 |  |  | 148,345 |  | 136,448 |
Total property expenses | 140,105 |  | 132,831 |  |  | 412,383 |  | 370,952 |
Non-property income |  |  |  |  |
Fee and asset management | 1,077 |  | 617 |  |  | 2,373 |  | 4,257 |
Interest and other income | 64 |  | 88 |  |  | 557 |  | 2,881 |
Income/(loss) on deferred compensation plans | (3,339) |  | (6,275) |  |  | 5,417 |  | (28,450) |
Total non-property income/(loss) | (2,198) |  | (5,570) |  |  | 8,347 |  | (21,312) |
Other expenses |  |  |  |  |
Property management | 7,891 |  | 6,732 |  |  | 24,939 |  | 21,228 |
Fee and asset management | 444 |  | 556 |  |  | 1,277 |  | 2,090 |
General and administrative | 15,543 |  | 14,002 |  |  | 46,762 |  | 44,526 |
Interest | 33,006 |  | 29,192 |  |  | 99,427 |  | 82,756 |
Depreciation and amortization | 144,359 |  | 158,877 |  |  | 429,857 |  | 429,749 |
Expense/(benefit) on deferred compensation plans | (3,339) |  | (6,275) |  |  | 5,417 |  | (28,450) |
Total other expenses | 197,904 |  | 203,084 |  |  | 607,679 |  | 551,899 |
Loss on early retirement of debt | — |  | — |  |  | (2,513) |  | — |
Gain on sale of operating property | — |  | — |  |  | 48,919 |  | 36,372 |
Gain on acquisition of unconsolidated joint venture interests | — |  | — |  |  | — |  | 474,146 |
Equity in income of joint ventures | — |  | — |  |  | — |  | 3,048 |
Income from continuing operations before income taxes | 50,571 |  | 32,287 |  |  | 189,131 |  | 616,250 |
Income tax expense | (752) |  | (737) |  |  | (2,753) |  | (2,213) |
Net income | 49,819 |  | 31,550 |  |  | 186,378 |  | 614,037 |
Less income allocated to non-controlling interests | (1,856) |  | (1,706) |  |  | (5,399) |  | (6,133) |
Net income attributable to common shareholders | $47,963 |  | $29,844 |  |  | $180,979 |  | $607,904 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |  |  |  |  |
Net income | $49,819 | $31,550 |  | $186,378 | $614,037
Other comprehensive income |  |  |  |  |
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 358 |  | 369 |  |  | 1,075 |  | 1,107 |
Comprehensive income | 50,177 |  | 31,919 |  |  | 187,453 |  | 615,144 |
Less income allocated to non-controlling interests | (1,856) |  | (1,706) |  |  | (5,399) |  | (6,133) |
Comprehensive income attributable to common shareholders | $48,321 |  | $30,213 |  |  | $182,054 |  | $609,011 |
PER SHARE DATA |  |  |  |  |
Total earnings per common share - basic | $0.44 |  | $0.27 |  |  | $1.66 |  | $5.66 |
Total earnings per common share - diluted | 0.44 |  | 0.27 |  |  | 1.66 |  | 5.62 |
Weighted average number of common shares outstanding: |  |  |  |  |
Basic | 108,683 |  | 108,466 |  |  | 108,638 |  | 107,314 |
Diluted | 108,706 |  | 108,506 |  |  | 108,659 |  | 108,099 |

(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended September 30, 2023, we recognized $390.8 million of property revenue which consisted of approximately $347.7 million of rental revenue and approximately $43.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $373.8 million recognized for the three months ended September 30, 2022, made up of approximately $332.1 million of rental revenue and approximately $41.7 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the nine months ended September 30, 2023, we recognized $1,154.4 million of property revenue which consisted of approximately $1,028.0 million of rental revenue and approximately $126.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $1,046.8 million of property revenue recognized for the nine months ended September 30, 2022, made up of approximately $929.9 million of rental revenue and approximately $116.9 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 $10.5 million and $9.8 million for the three months ended September 30, 2023 and 2022, respectively and was $31.3 million and $27.5 million for the nine months ended September 30, 2023 and 2022, respectively.
Note: Please refer to pages 24 - 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
5

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

(Unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 | 2022 |  | 2023 | 2022
FUNDS FROM OPERATIONS |  |  |  |  |
Net income attributable to common shareholders | $47,963 |  | $29,844 |  |  | $180,979 |  | $607,904 |
Real estate depreciation and amortization | 141,362 |  | 156,065 |  |  | 420,762 |  | 421,808 |
Adjustments for unconsolidated joint ventures | — |  | — |  |  | — |  | 2,709 |
Income allocated to non-controlling interests | 1,856 |  | 1,706 |  |  | 5,399 |  | 6,133 |
Gain on sale of operating property | — |  | — |  |  | (48,919) |  | (36,372) |
Gain on acquisition of unconsolidated joint venture interests | — |  | — |  |  | — |  | (474,146) |
Funds from operations | $191,181 |  | $187,615 |  |  | $558,221 |  | $528,036 |
Plus: Casualty-related expenses, net of (recoveries) | (436) |  | 1,406 |  |  | 503 |  | 1,657 |
Plus: Severance | — |  | — |  |  | — |  | 896 |
Plus: Legal costs and settlements | — |  | — |  |  | 84 |  | 555 |
Plus: Loss on early retirement of debt | — |  | — |  |  | 2,513 |  | — |
Plus: Expensed development & other pursuit costs | — |  | — |  |  | 471 |  | — |
Less: Net below market lease amortization | — |  | (3,442) |  |  | — |  | (7,745) |
Less: Miscellaneous (income)/expense (a) | — |  | — |  |  | (364) |  | (2,071) |
Core funds from operations | $190,745 |  | $185,579 |  |  | $561,428 |  | $521,328 |
Less: recurring capitalized expenditures (b) | (26,554) |  | (26,001) |  |  | (65,167) |  | (61,682) |
Core adjusted funds from operations | $164,191 |  | $159,578 |  |  | $496,261 |  | $459,646 |
PER SHARE DATA |  |  |  |  |
Funds from operations - diluted | $1.73 |  | $1.70 |  |  | $5.06 |  | $4.85 |
Core funds from operations - diluted | 1.73 |  | 1.69 |  |  | 5.09 |  | 4.78 |
Core adjusted funds from operations - diluted | 1.49 |  | 1.45 |  |  | 4.50 |  | 4.22 |
Distributions declared per common share | 1.00 |  | 0.94 |  |  | 3.00 |  | 2.82 |
Weighted average number of common shares outstanding: |  |  |  |  |
FFO/Core FFO/Core AFFO - diluted | 110,301 |  | 110,112 |  |  | 110,255 |  | 108,972 |
PROPERTY DATA |  |  |  |  |
Total operating properties (end of period) (c) | 172 |  | 171 |  |  | 172 |  | 171 |
Total operating apartment homes in operating properties (end of period) (c) | 58,961 |  | 58,433 |  |  | 58,961 |  | 58,433 |
Total operating apartment homes (weighted average) | 59,153 |  | 58,427 |  |  | 59,010 |  | 55,881 |

(a) Activity relates to proceeds from an earn-out from a previously sold technology investment.
(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 24 - 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
6

CAMDEN |  | BALANCE SHEETS
|  | (In thousands)

(Unaudited)

| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022
ASSETS |  |  |  |  |
Real estate assets, at cost |  |  |  |  |
Land | $1,732,804 |  | $1,727,182 |  | $1,722,881 |  | $1,716,273 |  | $1,706,396 |
Buildings and improvements | 10,963,667 |  | 10,848,837 |  | 10,778,795 |  | 10,674,619 |  | 10,574,820 |
| 12,696,471 |  | 12,576,019 |  | 12,501,676 |  | 12,390,892 |  | 12,281,216 |
Accumulated depreciation | (4,254,388) |  | (4,113,095) |  | (3,987,438) |  | (3,848,111) |  | (3,709,487) |
Net operating real estate assets | 8,442,083 |  | 8,462,924 |  | 8,514,238 |  | 8,542,781 |  | 8,571,729 |
Properties under development, including land | 499,761 |  | 516,543 |  | 515,134 |  | 524,981 |  | 529,076 |
Total real estate assets | 8,941,844 |  | 8,979,467 |  | 9,029,372 |  | 9,067,762 |  | 9,100,805 |
Accounts receivable – affiliates | 12,057 |  | 12,121 |  | 12,121 |  | 13,364 |  | 13,258 |
Other assets, net (a) | 237,594 |  | 239,958 |  | 226,394 |  | 229,371 |  | 231,645 |
Cash and cash equivalents | 14,600 |  | 20,326 |  | 20,419 |  | 10,687 |  | 62,027 |
Restricted cash | 8,369 |  | 8,531 |  | 6,863 |  | 6,751 |  | 6,390 |
Total assets | $9,214,464 |  | $9,260,403 |  | $9,295,169 |  | $9,327,935 |  | $9,414,125 |
LIABILITIES AND EQUITY |  |  |  |  |
Liabilities |  |  |  |  |
Notes payable |  |  |  |  |
Unsecured | $3,323,057 |  | $3,352,415 |  | $3,232,682 |  | $3,165,924 |  | $3,173,198 |
Secured | 330,071 |  | 330,015 |  | 515,134 |  | 514,989 |  | 514,843 |
Accounts payable and accrued expenses | 211,759 |  | 192,613 |  | 191,468 |  | 211,370 |  | 212,558 |
Accrued real estate taxes | 128,794 |  | 93,642 |  | 48,084 |  | 95,551 |  | 125,210 |
Distributions payable | 110,463 |  | 110,465 |  | 110,444 |  | 103,628 |  | 103,620 |
Other liabilities (b) | 175,341 |  | 189,711 |  | 193,804 |  | 179,552 |  | 176,334 |
Total liabilities | 4,279,485 |  | 4,268,861 |  | 4,291,616 |  | 4,271,014 |  | 4,305,763 |
Equity |  |  |  |  |
Common shares of beneficial interest | 1,156 |  | 1,156 |  | 1,156 |  | 1,156 |  | 1,156 |
Additional paid-in capital | 5,911,627 |  | 5,907,828 |  | 5,903,437 |  | 5,897,454 |  | 5,893,623 |
Distributions in excess of net income attributable to common shareholders | (727,117) |  | (666,218) |  | (648,457) |  | (581,532) |  | (525,127) |
Treasury shares | (320,702) |  | (320,675) |  | (321,431) |  | (328,684) |  | (329,027) |
Accumulated other comprehensive loss (c) | (699) |  | (1,057) |  | (1,415) |  | (1,774) |  | (2,632) |
Total common equity | 4,864,265 |  | 4,921,034 |  | 4,933,290 |  | 4,986,620 |  | 5,037,993 |
Non-controlling interests | 70,714 |  | 70,508 |  | 70,263 |  | 70,301 |  | 70,369 |
Total equity | 4,934,979 |  | 4,991,542 |  | 5,003,553 |  | 5,056,921 |  | 5,108,362 |
Total liabilities and equity | $9,214,464 |  | $9,260,403 |  | $9,295,169 |  | $9,327,935 |  | $9,414,125 |
(a) Includes net deferred charges of: | $6,481 |  | $7,033 |  | $7,710 |  | $8,413 |  | $8,961 |
(b) Includes deferred revenues of: | $1,167 |  | $1,239 |  | $1,348 |  | $304 |  | $331 |
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.

7

CAMDEN |  | PORTFOLIO STATISTICS

(Unaudited)
COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2023 (in apartment homes)

| "Same Property" | Non-"Same Property" | Completed in Lease-up | Under Construction |  | Grand Total |
D.C. Metro (a) | 5,911 |  | 281 |  | — |  | — |  |  | 6,192 |  |
Houston, TX | 6,398 |  | 2,756 |  | — |  | 377 |  |  | 9,531 |  |
Atlanta, GA | 3,970 |  | 892 |  | — |  | — |  |  | 4,862 |  |
Dallas, TX | 4,974 |  | 1,250 |  | — |  | — |  |  | 6,224 |  |
Phoenix, AZ | 4,029 |  | 397 |  | — |  | — |  |  | 4,426 |  |
SE Florida | 2,376 |  | 674 |  | — |  | — |  |  | 3,050 |  |
Orlando, FL | 3,294 |  | 660 |  | — |  | — |  |  | 3,954 |  |
Los Angeles/Orange County, CA | 1,855 |  | 670 |  | — |  | — |  |  | 2,525 |  |
Tampa, FL | 2,654 |  | 450 |  | — |  | — |  |  | 3,104 |  |
Denver, CO | 2,873 |  | — |  | — |  | — |  |  | 2,873 |  |
Charlotte, NC | 2,838 |  | 266 |  | — |  | 387 |  |  | 3,491 |  |
Raleigh, NC | 2,542 |  | 710 |  | — |  | 789 |  |  | 4,041 |  |
Austin, TX | 2,000 |  | 1,686 |  | — |  | — |  |  | 3,686 |  |
San Diego/Inland Empire, CA | 1,665 |  | 132 |  | — |  | — |  |  | 1,797 |  |
Nashville, TN | 758 |  | — |  | — |  | — |  |  | 758 |  |
Total Portfolio | 48,137 |  | 10,824 |  | — |  | 1,553 |  |  | 60,514 |  |

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

THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION |  | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)
| "Same Property" Communities | Operating Communities (b) |  |  | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022
D.C. Metro (a) | 14.5 | % | 12.7 | % |  |  | 96.6 | % | 96.5 | % | 96.1 | % | 96.4 | % | 96.9 | %
Houston, TX | 10.0 | % | 11.6 | % |  |  | 95.2 | % | 94.8 | % | 94.3 | % | 95.1 | % | 95.9 | %
Atlanta, GA | 7.4 | % | 7.3 | % |  |  | 93.6 | % | 92.9 | % | 93.1 | % | 94.7 | % | 96.1 | %
Dallas, TX | 7.7 | % | 8.2 | % |  |  | 95.4 | % | 95.5 | % | 95.0 | % | 95.7 | % | 96.6 | %
Phoenix, AZ | 9.4 | % | 8.5 | % |  |  | 94.5 | % | 94.0 | % | 94.7 | % | 95.1 | % | 95.0 | %
SE Florida | 6.4 | % | 6.8 | % |  |  | 95.8 | % | 96.3 | % | 96.4 | % | 96.2 | % | 96.6 | %
Orlando, FL | 6.3 | % | 6.4 | % |  |  | 95.5 | % | 96.6 | % | 96.1 | % | 96.2 | % | 97.2 | %
Los Angeles/Orange County, CA | 5.0 | % | 5.9 | % |  |  | 95.4 | % | 94.6 | % | 95.0 | % | 96.0 | % | 97.2 | %
Tampa, FL | 6.4 | % | 6.2 | % |  |  | 95.9 | % | 96.3 | % | 96.6 | % | 96.7 | % | 97.3 | %
Denver, CO | 6.8 | % | 5.6 | % |  |  | 96.6 | % | 96.3 | % | 95.8 | % | 96.1 | % | 96.6 | %
Charlotte, NC | 5.8 | % | 5.4 | % |  |  | 95.6 | % | 95.4 | % | 94.8 | % | 95.8 | % | 96.6 | %
Raleigh, NC | 4.6 | % | 4.9 | % |  |  | 95.6 | % | 95.8 | % | 95.1 | % | 95.7 | % | 96.0 | %
Austin, TX | 3.4 | % | 5.0 | % |  |  | 94.3 | % | 93.7 | % | 94.4 | % | 95.5 | % | 96.4 | %
San Diego/Inland Empire, CA | 4.6 | % | 4.1 | % |  |  | 96.1 | % | 95.6 | % | 95.3 | % | 96.1 | % | 97.2 | %
Nashville, TN | 1.7 | % | 1.4 | % |  |  | 95.3 | % | 96.5 | % | 96.8 | % | 96.9 | % | 97.1 | %
Total Portfolio | 100.0 | % | 100.0 | % |  |  | 95.4 | % | 95.2 | % | 95.1 | % | 95.7 | % | 96.5 | %

(b) Operating communities represent all fully-consolidated communities for the period, excluding communities under construction.
(c) Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments.
8

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

(Unaudited)

| Apartment |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Property Revenues | Homes |  | 2023 |  | 2022 |  | Change |  | 2023 |  | 2022 |  | Change
"Same Property" Communities (a) | 48,137 |  |  | $318,403 |  |  | $305,851 |  |  | $12,552 |  |  | $943,235 |  |  | $889,785 |  |  | $53,450 |
Non-"Same Property" Communities (b) | 10,824 |  |  | 67,398 |  |  | 60,844 |  |  | 6,554 |  |  | 197,910 |  |  | 137,356 |  |  | 60,554 |
Development and Lease-Up Communities (c) | 1,553 |  |  | 1,315 |  |  | — |  |  | 1,315 |  |  | 1,965 |  |  | — |  |  | 1,965 |
Disposition/Other (d) | — |  |  | 3,662 |  |  | 7,077 |  |  | (3,415) |  |  | 11,330 |  |  | 19,706 |  |  | (8,376) |
Total Property Revenues | 60,514 |  |  | $390,778 |  |  | $373,772 |  |  | $17,006 |  |  | $1,154,440 |  |  | $1,046,847 |  |  | $107,593 |
Property Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
"Same Property" Communities (a) | 48,137 |  |  | $112,036 |  |  | $106,396 |  |  | $5,640 |  |  | $330,409 |  |  | $310,866 |  |  | $19,543 |
Non-"Same Property" Communities (b) | 10,824 |  |  | 25,915 |  |  | 23,703 |  |  | 2,212 |  |  | 75,910 |  |  | 53,167 |  |  | 22,743 |
Development and Lease-Up Communities (c) | 1,553 |  |  | 408 |  |  | 5 |  |  | 403 |  |  | 612 |  |  | (3) |  |  | 615 |
Disposition/Other (d) | — |  |  | 1,746 |  |  | 2,727 |  |  | (981) |  |  | 5,452 |  |  | 6,922 |  |  | (1,470) |
Total Property Expenses | 60,514 |  |  | $140,105 |  |  | $132,831 |  |  | $7,274 |  |  | $412,383 |  |  | $370,952 |  |  | $41,431 |
Property Net Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |
"Same Property" Communities (a) | 48,137 |  |  | $206,367 |  |  | $199,455 |  |  | $6,912 |  |  | $612,826 |  |  | $578,919 |  |  | $33,907 |
Non-"Same Property" Communities (b) | 10,824 |  |  | 41,483 |  |  | 37,141 |  |  | 4,342 |  |  | 122,000 |  |  | 84,189 |  |  | 37,811 |
Development and Lease-Up Communities (c) | 1,553 |  |  | 907 |  |  | (5) |  |  | 912 |  |  | 1,353 |  |  | 3 |  |  | 1,350 |
Disposition/Other (d) | — |  |  | 1,916 |  |  | 4,350 |  |  | (2,434) |  |  | 5,878 |  |  | 12,784 |  |  | (6,906) |
Total Property Net Operating Income | 60,514 |  |  | $250,673 |  |  | $240,941 |  |  | $9,732 |  |  | $742,057 |  |  | $675,895 |  |  | $66,162 |

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2022, 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, 2022, 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, 2022, excluding properties held for sale.
(d) "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, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.
9

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

(Unaudited)

|  |  | Three Months Ended
| Apartment |  | September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30,
Property Revenues | Homes |  | 2023 |  | 2023 |  | 2023 |  | 2022 |  | 2022
"Same Property" Communities (a) | 48,137 |  |  | $318,403 |  |  | $314,706 |  |  | $310,126 |  |  | $308,336 |  |  | $305,851 |
Non-"Same Property" Communities (b) | 10,824 |  |  | 67,398 |  |  | 66,258 |  |  | 64,254 |  |  | 63,123 |  |  | 60,844 |
Development and Lease-Up Communities (c) | 1,553 |  |  | 1,315 |  |  | 597 |  |  | 53 |  |  | — |  |  | — |
Disposition/Other (d) | — |  |  | 3,662 |  |  | 3,938 |  |  | 3,730 |  |  | 4,450 |  |  | 7,077 |
Total Property Revenues | 60,514 |  |  | $390,778 |  |  | $385,499 |  |  | $378,163 |  |  | $375,909 |  |  | $373,772 |
Property Expenses |  |  |  |  |  |  |  |  |  |  |
"Same Property" Communities (a) | 48,137 |  |  | $112,036 |  |  | $109,652 |  |  | $108,721 |  |  | $101,769 |  |  | $106,396 |
Non-"Same Property" Communities (b) | 10,824 |  |  | 25,915 |  |  | 24,801 |  |  | 24,572 |  |  | 23,370 |  |  | 23,703 |
Development and Lease-Up Communities (c) | 1,553 |  |  | 408 |  |  | 796 |  |  | 30 |  |  | (25) |  |  | 5 |
Disposition/Other (d) | — |  |  | 1,746 |  |  | 2,348 |  |  | 1,358 |  |  | 2,015 |  |  | 2,727 |
Total Property Expenses | 60,514 |  |  | $140,105 |  |  | $137,597 |  |  | $134,681 |  |  | $127,129 |  |  | $132,831 |
Property Net Operating Income |  |  |  |  |  |  |  |  |  |  |
"Same Property" Communities (a) | 48,137 |  |  | $206,367 |  |  | $205,054 |  |  | $201,405 |  |  | $206,567 |  |  | $199,455 |
Non-"Same Property" Communities (b) | 10,824 |  |  | 41,483 |  |  | 41,457 |  |  | 39,682 |  |  | 39,753 |  |  | 37,141 |
Development and Lease-Up Communities (c) | 1,553 |  |  | 907 |  |  | (199) |  |  | 23 |  |  | 25 |  |  | (5) |
Disposition/Other (d) | — |  |  | 1,916 |  |  | 1,590 |  |  | 2,372 |  |  | 2,435 |  |  | 4,350 |
Total Property Net Operating Income | 60,514 |  |  | $250,673 |  |  | $247,902 |  |  | $243,482 |  |  | $248,780 |  |  | $240,941 |

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2022, 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, 2022, 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, 2022, excluding properties held for sale.
(d) "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, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.
10

CAMDEN |  | "SAME PROPERTY"
|  | THIRD QUARTER COMPARISONS
|  | September 30, 2023
|  | (In thousands, except property data amounts)

(Unaudited)

| Apartment |  |  |  |  |  |  |  |  |  |  |  |
| Homes |  | Revenues |  | Expenses |  | NOI
Quarterly Results (a)(b) | Included |  | 3Q23 | 3Q22 | Growth |  | 3Q23 | 3Q22 | Growth |  | 3Q23 | 3Q22 | Growth
D.C. Metro | 5,911 |  |  | $43,628 |  | $41,703 |  | 4.6 | % |  | $13,761 |  | $12,949 |  | 6.3 | % |  | $29,867 |  | $28,754 |  | 3.9 | %
Phoenix, AZ | 4,029 |  |  | 26,840 |  | 26,126 |  | 2.7 | % |  | 7,455 |  | 6,887 |  | 8.2 | % |  | 19,385 |  | 19,239 |  | 0.8 | %
Houston, TX | 6,398 |  |  | 36,878 |  | 35,817 |  | 3.0 | % |  | 16,234 |  | 16,567 |  | (2.0) | % |  | 20,644 |  | 19,250 |  | 7.2 | %
Atlanta, GA | 3,970 |  |  | 24,568 |  | 24,656 |  | (0.4) | % |  | 9,401 |  | 8,497 |  | 10.6 | % |  | 15,167 |  | 16,159 |  | (6.1) | %
Dallas, TX | 4,974 |  |  | 28,013 |  | 27,209 |  | 3.0 | % |  | 12,056 |  | 11,846 |  | 1.8 | % |  | 15,957 |  | 15,363 |  | 3.9 | %
Denver, CO | 2,873 |  |  | 20,150 |  | 19,293 |  | 4.4 | % |  | 6,173 |  | 5,476 |  | 12.7 | % |  | 13,977 |  | 13,817 |  | 1.2 | %
SE Florida | 2,376 |  |  | 20,355 |  | 19,188 |  | 6.1 | % |  | 7,130 |  | 6,489 |  | 9.9 | % |  | 13,225 |  | 12,699 |  | 4.1 | %
Tampa, FL | 2,654 |  |  | 20,359 |  | 19,250 |  | 5.8 | % |  | 7,071 |  | 6,365 |  | 11.1 | % |  | 13,288 |  | 12,885 |  | 3.1 | %
Orlando, FL | 3,294 |  |  | 20,540 |  | 19,375 |  | 6.0 | % |  | 7,544 |  | 7,043 |  | 7.1 | % |  | 12,996 |  | 12,332 |  | 5.4 | %
Charlotte, NC | 2,838 |  |  | 16,843 |  | 15,929 |  | 5.7 | % |  | 4,959 |  | 4,825 |  | 2.8 | % |  | 11,884 |  | 11,104 |  | 7.0 | %
Los Angeles/Orange County, CA | 1,855 |  |  | 15,525 |  | 14,737 |  | 5.3 | % |  | 5,123 |  | 4,907 |  | 4.4 | % |  | 10,402 |  | 9,830 |  | 5.8 | %
Raleigh, NC | 2,542 |  |  | 13,905 |  | 13,383 |  | 3.9 | % |  | 4,356 |  | 4,053 |  | 7.5 | % |  | 9,549 |  | 9,330 |  | 2.3 | %
San Diego/Inland Empire, CA | 1,665 |  |  | 13,748 |  | 12,772 |  | 7.6 | % |  | 4,256 |  | 3,832 |  | 11.1 | % |  | 9,492 |  | 8,940 |  | 6.2 | %
Austin, TX | 2,000 |  |  | 11,643 |  | 11,267 |  | 3.3 | % |  | 4,660 |  | 4,840 |  | (3.7) | % |  | 6,983 |  | 6,427 |  | 8.7 | %
Nashville, TN | 758 |  |  | 5,408 |  | 5,146 |  | 5.1 | % |  | 1,857 |  | 1,820 |  | 2.0 | % |  | 3,551 |  | 3,326 |  | 6.8 | %
Total Same Property | 48,137 |  |  | $318,403 |  | $305,851 |  | 4.1 | % |  | $112,036 |  | $106,396 |  | 5.3 | % |  | $206,367 |  | $199,455 |  | 3.5 | %

|  |  |  |  |  |  | Weighted Average Monthly |  | Weighted Average Monthly
| % of NOI |  | Average Occupancy (a) |  | Rental Rate (c) |  | Revenue per Occupied Home (d)
Quarterly Results (b) | Contribution |  | 3Q23 | 3Q22 | Growth |  | 3Q23 | 3Q22 | Growth |  | 3Q23 | 3Q22 | Growth
D.C. Metro | 14.5 | % |  | 96.6 | % | 96.9 | % | (0.3) | % |  | $2,209 |  | $2,104 |  | 5.0 | % |  | $2,546 |  | $2,426 |  | 4.9 | %
Phoenix, AZ | 9.4 | % |  | 94.4 | % | 95.0 | % | (0.6) | % |  | 1,989 |  | 1,945 |  | 2.3 | % |  | 2,353 |  | 2,277 |  | 3.3 | %
Houston, TX | 10.0 | % |  | 95.2 | % | 95.9 | % | (0.7) | % |  | 1,751 |  | 1,685 |  | 3.9 | % |  | 2,019 |  | 1,946 |  | 3.7 | %
Atlanta, GA | 7.4 | % |  | 94.7 | % | 96.6 | % | (1.9) | % |  | 1,901 |  | 1,847 |  | 2.9 | % |  | 2,177 |  | 2,142 |  | 1.5 | %
Dallas, TX | 7.7 | % |  | 95.3 | % | 96.7 | % | (1.4) | % |  | 1,716 |  | 1,643 |  | 4.4 | % |  | 1,969 |  | 1,886 |  | 4.4 | %
Denver, CO | 6.8 | % |  | 96.6 | % | 96.6 | % | 0.0 | % |  | 2,091 |  | 1,988 |  | 5.2 | % |  | 2,420 |  | 2,317 |  | 4.4 | %
SE Florida | 6.4 | % |  | 95.8 | % | 96.6 | % | (0.8) | % |  | 2,635 |  | 2,459 |  | 7.2 | % |  | 2,982 |  | 2,786 |  | 6.9 | %
Tampa, FL | 6.4 | % |  | 96.0 | % | 97.4 | % | (1.4) | % |  | 2,349 |  | 2,200 |  | 6.8 | % |  | 2,665 |  | 2,484 |  | 7.2 | %
Orlando, FL | 6.3 | % |  | 95.6 | % | 97.3 | % | (1.7) | % |  | 1,892 |  | 1,751 |  | 8.1 | % |  | 2,173 |  | 2,017 |  | 7.7 | %
Charlotte, NC | 5.8 | % |  | 95.6 | % | 96.6 | % | (1.0) | % |  | 1,795 |  | 1,692 |  | 6.1 | % |  | 2,069 |  | 1,936 |  | 6.7 | %
Los Angeles/Orange County, CA | 5.0 | % |  | 95.1 | % | 97.6 | % | (2.5) | % |  | 2,748 |  | 2,620 |  | 4.9 | % |  | 2,933 |  | 2,720 |  | 7.8 | %
Raleigh, NC | 4.6 | % |  | 95.4 | % | 96.3 | % | (0.9) | % |  | 1,626 |  | 1,549 |  | 5.0 | % |  | 1,911 |  | 1,823 |  | 4.8 | %
San Diego/Inland Empire, CA | 4.6 | % |  | 96.3 | % | 97.2 | % | (0.9) | % |  | 2,636 |  | 2,429 |  | 8.5 | % |  | 2,857 |  | 2,631 |  | 8.5 | %
Austin, TX | 3.4 | % |  | 95.8 | % | 96.5 | % | (0.7) | % |  | 1,747 |  | 1,673 |  | 4.4 | % |  | 2,026 |  | 1,947 |  | 4.0 | %
Nashville, TN | 1.7 | % |  | 95.3 | % | 97.1 | % | (1.8) | % |  | 2,323 |  | 2,204 |  | 5.4 | % |  | 2,495 |  | 2,333 |  | 6.9 | %
Total Same Property | 100.0 | % |  | 95.6 | % | 96.6 | % | (1.0) | % |  | $2,016 |  | $1,919 |  | 5.1 | % |  | $2,306 |  | $2,193 |  | 5.1 | %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2022, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.
(c) 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.
(d) 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.
11

CAMDEN |  | "SAME PROPERTY"
|  | SEQUENTIAL QUARTER COMPARISONS
|  | September 30, 2023
|  | (In thousands, except property data amounts)

(Unaudited)

| Apartment |  |  |  |  |  |  |  |  |  |  |  |
| Homes |  | Revenues |  | Expenses |  | NOI
Quarterly Results (a)(b) | Included |  | 3Q23 | 2Q23 | Growth |  | 3Q23 | 2Q23 | Growth |  | 3Q23 | 2Q23 | Growth
D.C. Metro | 5,911 |  |  | $43,628 |  | $42,797 |  | 1.9 | % |  | $13,761 |  | $13,329 |  | 3.2 | % |  | $29,867 |  | $29,468 |  | 1.4 | %
Phoenix, AZ | 4,029 |  |  | 26,840 |  | 26,693 |  | 0.6 | % |  | 7,455 |  | 7,119 |  | 4.7 | % |  | 19,385 |  | 19,574 |  | (1.0) | %
Houston, TX | 6,398 |  |  | 36,878 |  | 36,443 |  | 1.2 | % |  | 16,234 |  | 16,752 |  | (3.1) | % |  | 20,644 |  | 19,691 |  | 4.8 | %
Atlanta, GA | 3,970 |  |  | 24,568 |  | 24,359 |  | 0.9 | % |  | 9,401 |  | 9,104 |  | 3.3 | % |  | 15,167 |  | 15,255 |  | (0.6) | %
Dallas, TX | 4,974 |  |  | 28,013 |  | 27,816 |  | 0.7 | % |  | 12,056 |  | 11,187 |  | 7.8 | % |  | 15,957 |  | 16,629 |  | (4.0) | %
Denver, CO | 2,873 |  |  | 20,150 |  | 19,804 |  | 1.7 | % |  | 6,173 |  | 5,997 |  | 2.9 | % |  | 13,977 |  | 13,807 |  | 1.2 | %
SE Florida | 2,376 |  |  | 20,355 |  | 20,243 |  | 0.6 | % |  | 7,130 |  | 6,685 |  | 6.7 | % |  | 13,225 |  | 13,558 |  | (2.5) | %
Tampa, FL | 2,654 |  |  | 20,359 |  | 20,300 |  | 0.3 | % |  | 7,071 |  | 7,161 |  | (1.3) | % |  | 13,288 |  | 13,139 |  | 1.1 | %
Orlando, FL | 3,294 |  |  | 20,540 |  | 20,489 |  | 0.2 | % |  | 7,544 |  | 7,597 |  | (0.7) | % |  | 12,996 |  | 12,892 |  | 0.8 | %
Charlotte, NC | 2,838 |  |  | 16,843 |  | 16,728 |  | 0.7 | % |  | 4,959 |  | 4,908 |  | 1.0 | % |  | 11,884 |  | 11,820 |  | 0.5 | %
Los Angeles/Orange County, CA | 1,855 |  |  | 15,525 |  | 14,958 |  | 3.8 | % |  | 5,123 |  | 4,864 |  | 5.3 | % |  | 10,402 |  | 10,094 |  | 3.1 | %
Raleigh, NC | 2,542 |  |  | 13,905 |  | 13,784 |  | 0.9 | % |  | 4,356 |  | 4,243 |  | 2.7 | % |  | 9,549 |  | 9,541 |  | 0.1 | %
San Diego/Inland Empire, CA | 1,665 |  |  | 13,748 |  | 13,386 |  | 2.7 | % |  | 4,256 |  | 4,141 |  | 2.8 | % |  | 9,492 |  | 9,245 |  | 2.7 | %
Austin, TX | 2,000 |  |  | 11,643 |  | 11,501 |  | 1.2 | % |  | 4,660 |  | 4,765 |  | (2.2) | % |  | 6,983 |  | 6,736 |  | 3.7 | %
Nashville, TN | 758 |  |  | 5,408 |  | 5,405 |  | 0.1 | % |  | 1,857 |  | 1,800 |  | 3.2 | % |  | 3,551 |  | 3,605 |  | (1.5) | %
Total Same Property | 48,137 |  |  | $318,403 |  | $314,706 |  | 1.2 | % |  | $112,036 |  | $109,652 |  | 2.2 | % |  | $206,367 |  | $205,054 |  | 0.6 | %

|  |  |  |  |  |  | Weighted Average Monthly |  | Weighted Average Monthly
| % of NOI |  | Average Occupancy (a) |  | Rental Rate (c) |  | Revenue per Occupied Home (d)
Quarterly Results (b) | Contribution |  | 3Q23 | 2Q23 | Growth |  | 3Q23 | 2Q23 | Growth |  | 3Q23 | 2Q23 | Growth
D.C. Metro | 14.5 | % |  | 96.6 | % | 96.6 | % | 0.0 | % |  | $2,209 |  | $2,179 |  | 1.4 | % |  | $2,546 |  | $2,499 |  | 1.9 | %
Phoenix, AZ | 9.4 | % |  | 94.4 | % | 94.0 | % | 0.4 | % |  | 1,989 |  | 1,988 |  | 0.1 | % |  | 2,353 |  | 2,349 |  | 0.2 | %
Houston, TX | 10.0 | % |  | 95.2 | % | 94.7 | % | 0.5 | % |  | 1,751 |  | 1,734 |  | 1.0 | % |  | 2,019 |  | 2,006 |  | 0.7 | %
Atlanta, GA | 7.4 | % |  | 94.7 | % | 94.2 | % | 0.5 | % |  | 1,901 |  | 1,890 |  | 0.6 | % |  | 2,177 |  | 2,169 |  | 0.4 | %
Dallas, TX | 7.7 | % |  | 95.3 | % | 95.3 | % | 0.0 | % |  | 1,716 |  | 1,706 |  | 0.6 | % |  | 1,969 |  | 1,956 |  | 0.7 | %
Denver, CO | 6.8 | % |  | 96.6 | % | 96.3 | % | 0.3 | % |  | 2,091 |  | 2,063 |  | 1.4 | % |  | 2,420 |  | 2,387 |  | 1.4 | %
SE Florida | 6.4 | % |  | 95.8 | % | 96.3 | % | (0.5) | % |  | 2,635 |  | 2,612 |  | 0.9 | % |  | 2,982 |  | 2,949 |  | 1.1 | %
Tampa, FL | 6.4 | % |  | 96.0 | % | 96.5 | % | (0.5) | % |  | 2,349 |  | 2,331 |  | 0.8 | % |  | 2,665 |  | 2,643 |  | 0.8 | %
Orlando, FL | 6.3 | % |  | 95.6 | % | 96.6 | % | (1.0) | % |  | 1,892 |  | 1,867 |  | 1.3 | % |  | 2,173 |  | 2,147 |  | 1.2 | %
Charlotte, NC | 5.8 | % |  | 95.6 | % | 95.4 | % | 0.2 | % |  | 1,795 |  | 1,771 |  | 1.4 | % |  | 2,069 |  | 2,058 |  | 0.5 | %
Los Angeles/Orange County, CA | 5.0 | % |  | 95.1 | % | 94.6 | % | 0.5 | % |  | 2,748 |  | 2,728 |  | 0.7 | % |  | 2,933 |  | 2,840 |  | 3.3 | %
Raleigh, NC | 4.6 | % |  | 95.4 | % | 95.7 | % | (0.3) | % |  | 1,626 |  | 1,607 |  | 1.2 | % |  | 1,911 |  | 1,889 |  | 1.2 | %
San Diego/Inland Empire, CA | 4.6 | % |  | 96.3 | % | 95.5 | % | 0.8 | % |  | 2,636 |  | 2,589 |  | 1.8 | % |  | 2,857 |  | 2,803 |  | 1.9 | %
Austin, TX | 3.4 | % |  | 95.8 | % | 94.2 | % | 1.6 | % |  | 1,747 |  | 1,742 |  | 0.3 | % |  | 2,026 |  | 2,034 |  | (0.4) | %
Nashville, TN | 1.7 | % |  | 95.3 | % | 96.5 | % | (1.2) | % |  | 2,323 |  | 2,305 |  | 0.8 | % |  | 2,495 |  | 2,463 |  | 1.3 | %
Total Same Property | 100.0 | % |  | 95.6 | % | 95.4 | % | 0.2 | % |  | $2,016 |  | $1,998 |  | 0.9 | % |  | $2,306 |  | $2,282 |  | 1.0 | %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2022, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.
(c) 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.
(d) 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.
12

CAMDEN |  | "SAME PROPERTY"
|  | YEAR TO DATE COMPARISONS
|  | September 30, 2023
|  | (In thousands, except property data amounts)

(Unaudited)

| Apartment |  |  |  |  |  |  |  |  |  |  |  |
| Homes |  | Revenues |  | Expenses |  | NOI
Year to Date Results (a)(b) | Included |  | 2023 | 2022 | Growth |  | 2023 | 2022 | Growth |  | 2023 | 2022 | Growth
D.C. Metro | 5,911 |  |  | $128,530 |  | $121,549 |  | 5.7 | % |  | $40,286 |  | $38,233 |  | 5.4 | % |  | $88,243 |  | $83,316 |  | 5.9 | %
Phoenix, AZ | 4,029 |  |  | 80,252 |  | 76,832 |  | 4.5 | % |  | 21,631 |  | 19,989 |  | 8.2 | % |  | 58,621 |  | 56,843 |  | 3.1 | %
Houston, TX | 6,398 |  |  | 108,855 |  | 104,763 |  | 3.9 | % |  | 50,031 |  | 48,019 |  | 4.2 | % |  | 58,824 |  | 56,744 |  | 3.7 | %
Atlanta, GA | 3,970 |  |  | 72,937 |  | 71,970 |  | 1.3 | % |  | 26,691 |  | 24,711 |  | 8.0 | % |  | 46,246 |  | 47,259 |  | (2.1) | %
Dallas, TX | 4,974 |  |  | 83,341 |  | 78,601 |  | 6.0 | % |  | 35,011 |  | 33,842 |  | 3.5 | % |  | 48,330 |  | 44,759 |  | 8.0 | %
Denver, CO | 2,873 |  |  | 59,581 |  | 55,667 |  | 7.0 | % |  | 18,092 |  | 16,243 |  | 11.4 | % |  | 41,489 |  | 39,424 |  | 5.2 | %
SE Florida | 2,376 |  |  | 60,692 |  | 55,400 |  | 9.6 | % |  | 20,725 |  | 18,839 |  | 10.0 | % |  | 39,967 |  | 36,561 |  | 9.3 | %
Tampa, FL | 2,654 |  |  | 60,743 |  | 55,264 |  | 9.9 | % |  | 21,263 |  | 19,616 |  | 8.4 | % |  | 39,480 |  | 35,648 |  | 10.7 | %
Orlando, FL | 3,294 |  |  | 61,164 |  | 55,662 |  | 9.9 | % |  | 22,640 |  | 20,366 |  | 11.2 | % |  | 38,524 |  | 35,296 |  | 9.1 | %
Charlotte, NC | 2,838 |  |  | 49,786 |  | 46,011 |  | 8.2 | % |  | 14,694 |  | 13,956 |  | 5.3 | % |  | 35,092 |  | 32,055 |  | 9.5 | %
Los Angeles/Orange County, CA | 1,855 |  |  | 45,220 |  | 44,231 |  | 2.2 | % |  | 14,489 |  | 14,338 |  | 1.1 | % |  | 30,731 |  | 29,893 |  | 2.8 | %
Raleigh, NC | 2,542 |  |  | 41,176 |  | 38,567 |  | 6.8 | % |  | 12,637 |  | 11,963 |  | 5.6 | % |  | 28,539 |  | 26,604 |  | 7.3 | %
San Diego/Inland Empire, CA | 1,665 |  |  | 40,286 |  | 37,792 |  | 6.6 | % |  | 12,365 |  | 11,067 |  | 11.7 | % |  | 27,921 |  | 26,725 |  | 4.5 | %
Austin, TX | 2,000 |  |  | 34,556 |  | 32,604 |  | 6.0 | % |  | 14,389 |  | 14,280 |  | 0.8 | % |  | 20,167 |  | 18,324 |  | 10.1 | %
Nashville, TN | 758 |  |  | 16,116 |  | 14,872 |  | 8.4 | % |  | 5,465 |  | 5,404 |  | 1.1 | % |  | 10,651 |  | 9,468 |  | 12.5 | %
Total Same Property | 48,137 |  |  | $943,235 |  | $889,785 |  | 6.0 | % |  | $330,409 |  | $310,866 |  | 6.3 | % |  | $612,825 |  | $578,919 |  | 5.9 | %

|  |  |  |  |  |  | Weighted Average Monthly |  | Weighted Average Monthly
| % of NOI |  | Average Occupancy (a) |  | Rental Rate (c) |  | Revenue per Occupied Home (d)
Year to Date Results (b) | Contribution |  | 2023 | 2022 | Growth |  | 2023 | 2022 | Growth |  | 2023 | 2022 | Growth
D.C. Metro | 14.4 | % |  | 96.4 | % | 97.1 | % | (0.7) | % |  | $2,182 |  | $2,044 |  | 6.8 | % |  | $2,505 |  | $2,354 |  | 6.4 | %
Phoenix, AZ | 9.6 | % |  | 94.4 | % | 95.5 | % | (1.1) | % |  | 1,988 |  | 1,889 |  | 5.2 | % |  | 2,343 |  | 2,218 |  | 5.6 | %
Houston, TX | 9.6 | % |  | 94.7 | % | 95.8 | % | (1.1) | % |  | 1,735 |  | 1,649 |  | 5.2 | % |  | 1,994 |  | 1,898 |  | 5.0 | %
Atlanta, GA | 7.5 | % |  | 94.4 | % | 96.9 | % | (2.5) | % |  | 1,893 |  | 1,789 |  | 5.8 | % |  | 2,159 |  | 2,079 |  | 3.8 | %
Dallas, TX | 7.9 | % |  | 95.1 | % | 96.8 | % | (1.7) | % |  | 1,705 |  | 1,574 |  | 8.3 | % |  | 1,954 |  | 1,813 |  | 7.7 | %
Denver, CO | 6.8 | % |  | 96.2 | % | 96.6 | % | (0.4) | % |  | 2,064 |  | 1,917 |  | 7.7 | % |  | 2,394 |  | 2,228 |  | 7.4 | %
SE Florida | 6.5 | % |  | 96.1 | % | 97.3 | % | (1.2) | % |  | 2,610 |  | 2,334 |  | 11.8 | % |  | 2,950 |  | 2,661 |  | 10.8 | %
Tampa, FL | 6.4 | % |  | 96.4 | % | 97.7 | % | (1.3) | % |  | 2,329 |  | 2,091 |  | 11.4 | % |  | 2,634 |  | 2,367 |  | 11.2 | %
Orlando, FL | 6.3 | % |  | 96.2 | % | 97.7 | % | (1.5) | % |  | 1,867 |  | 1,664 |  | 12.2 | % |  | 2,142 |  | 1,922 |  | 11.4 | %
Charlotte, NC | 5.7 | % |  | 95.3 | % | 96.7 | % | (1.4) | % |  | 1,771 |  | 1,611 |  | 9.9 | % |  | 2,043 |  | 1,863 |  | 9.6 | %
Los Angeles/Orange County, CA | 5.0 | % |  | 95.1 | % | 97.6 | % | (2.5) | % |  | 2,727 |  | 2,558 |  | 6.6 | % |  | 2,843 |  | 2,714 |  | 4.7 | %
Raleigh, NC | 4.7 | % |  | 95.3 | % | 96.7 | % | (1.4) | % |  | 1,608 |  | 1,479 |  | 8.7 | % |  | 1,887 |  | 1,743 |  | 8.2 | %
San Diego/Inland Empire, CA | 4.6 | % |  | 95.7 | % | 97.6 | % | (1.9) | % |  | 2,588 |  | 2,356 |  | 9.8 | % |  | 2,809 |  | 2,588 |  | 8.5 | %
Austin, TX | 3.3 | % |  | 95.0 | % | 96.9 | % | (1.9) | % |  | 1,740 |  | 1,603 |  | 8.5 | % |  | 2,017 |  | 1,869 |  | 7.9 | %
Nashville, TN | 1.7 | % |  | 96.2 | % | 96.8 | % | (0.6) | % |  | 2,300 |  | 2,134 |  | 7.8 | % |  | 2,456 |  | 2,253 |  | 9.0 | %
Total Same Property | 100.0 | % |  | 95.4 | % | 96.8 | % | (1.4) | % |  | $1,998 |  | $1,850 |  | 8.0 | % |  | $2,278 |  | $2,121 |  | 7.4 | %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2022, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.
(c) 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.
(d) 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" OPERATING EXPENSE
|  | DETAIL AND COMPARISONS
|  | September 30, 2023
|  | (In thousands)

(Unaudited)

|  |  |  |  | % of Actual
|  |  |  |  | 3Q23 Operating
Quarterly Comparison (a) (b) | 3Q23 | 3Q22 | $ Change | % Change | Expenses
Property taxes | $38,928 |  | $38,537 |  | $391 |  | 1.0 | % | 34.7 | %
Salaries and Benefits for On-site Employees | 19,129 |  | 18,839 |  | 290 |  | 1.5 | % | 17.1 | %
Utilities | 21,585 |  | 21,264 |  | 321 |  | 1.5 | % | 19.3 | %
Repairs and Maintenance | 14,734 |  | 13,657 |  | 1,077 |  | 7.9 | % | 13.2 | %
Property Insurance | 8,238 |  | 6,368 |  | 1,870 |  | 29.4 | % | 7.3 | %
General and Administrative | 6,145 |  | 5,342 |  | 803 |  | 15.0 | % | 5.5 | %
Marketing and Leasing | 2,296 |  | 1,446 |  | 850 |  | 58.8 | % | 2.0 | %
Other | 981 |  | 943 |  | 38 |  | 4.0 | % | 0.9 | %
Total Same Property | $112,036 |  | $106,396 |  | $5,640 |  | 5.3 | % | 100.0 | %

|  |  |  |  | % of Actual
|  |  |  |  | 3Q23 Operating
Sequential Comparison (a) (b) | 3Q23 | 2Q23 | $ Change | % Change | Expenses
Property taxes | $38,928 |  | $39,429 |  | ($501) |  | (1.3) | % | 34.7 | %
Salaries and Benefits for On-site Employees | 19,129 |  | 18,672 |  | 457 |  | 2.4 | % | 17.1 | %
Utilities | 21,585 |  | 20,538 |  | 1,047 |  | 5.1 | % | 19.3 | %
Repairs and Maintenance | 14,734 |  | 14,636 |  | 98 |  | 0.7 | % | 13.2 | %
Property Insurance | 8,238 |  | 7,714 |  | 524 |  | 6.8 | % | 7.3 | %
General and Administrative | 6,145 |  | 6,040 |  | 105 |  | 1.7 | % | 5.5 | %
Marketing and Leasing | 2,296 |  | 1,662 |  | 634 |  | 38.1 | % | 2.0 | %
Other | 981 |  | 961 |  | 20 |  | 2.1 | % | 0.9 | %
Total Same Property | $112,036 |  | $109,652 |  | $2,384 |  | 2.2 | % | 100.0 | %

|  |  |  |  |  | % of Actual
|  |  |  |  |  | 2023 Operating
Year to Date Comparison (a) (b) |  | 2023 | 2022 | $ Change | % Change | Expenses
Property taxes |  | $117,799 |  | $114,069 |  | $3,730 |  | 3.3 | % | 35.7 | %
Salaries and Benefits for On-site Employees |  | 55,562 |  | 57,320 |  | (1,758) |  | (3.1) | % | 16.8 | %
Utilities |  | 63,342 |  | 60,794 |  | 2,548 |  | 4.2 | % | 19.2 | %
Repairs and Maintenance |  | 43,057 |  | 39,207 |  | 3,850 |  | 9.8 | % | 13.0 | %
Property Insurance |  | 23,894 |  | 16,707 |  | 7,187 |  | 43.0 | % | 7.2 | %
General and Administrative |  | 18,244 |  | 15,370 |  | 2,874 |  | 18.7 | % | 5.5 | %
Marketing and Leasing |  | 5,544 |  | 4,520 |  | 1,024 |  | 22.7 | % | 1.7 | %
Other |  | 2,967 |  | 2,879 |  | 88 |  | 3.1 | % | 0.9 | %
Total Same Property |  | $330,409 |  | $310,866 |  | $19,543 |  | 6.3 | % | 100.0 | %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2022, 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) "Same Property" results exclude results from other miscellaneous revenues and expenses, including the amortization of net below market leases, casualty-related expenses net of recoveries, and severance related costs.
14

CAMDEN |  | CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)
AS OF SEPTEMBER 30, 2023 ($ in millions)

|  |  |  |  |  | Estimated/Actual Dates for |  |
|  | Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 10/25/2023
Development Communities | Homes | Estimated Cost | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied
1. | Camden NoDa | 387 | $108.0 | $107.6 | $5.2 | 3Q20 | 1Q23 | 4Q23 | 2Q24 | 82% | 75%
| Charlotte, NC |  |  |  |  |  |  |  |  |  |
2. | Camden Durham | 420 | 145.0 | 119.0 | 101.9 | 1Q21 | 3Q23 | 2Q24 | 4Q25 | 6% | 3%
| Durham, NC |  |  |  |  |  |  |  |  |  |
3. | Camden Woodmill Creek | 189 | 75.0 | 48.0 | 39.5 | 3Q22 | 4Q23 | 3Q24 | 4Q24 | 5% | 1%
| The Woodlands, TX |  |  |  |  |  |  |  |  |  |
4. | Camden Village District | 369 | 138.0 | 61.6 | 61.6 | 2Q22 | 3Q24 | 2Q25 | 4Q26 |  |
| Raleigh, NC |  |  |  |  |  |  |  |  |  |
5. | Camden Long Meadow Farms | 188 | 80.0 | 29.2 | 29.2 | 3Q22 | 4Q23 | 3Q24 | 4Q24 |  |
| Richmond, TX |  |  |  |  |  |  |  |  |  |
Total Development Communities | 1,553 | $546.0 | $365.4 | $237.4 |  |  |  |  | 35% | 31%
Additional Development Pipeline and Land(a) | 262.4 |  |  |  |  |  |
Total Properties Under Development and Land (per Balance Sheet) | $499.8 |  |  |  |  |  |
NOI Contribution from Development Communities ($ in millions) |  |  |  |  | Cost to Date | 3Q23 NOI |  |
Communities that Stabilized During Quarter |  |  |  |  | $107.4 | $1.8 |  |
Development Communities in Lease-Up |  |  |  |  | 274.6 |  | 0.9 |  |  |
Total Development Communities NOI Contribution |  |  |  |  | $382.0 |  | $2.7 |  |  |

(a) Please refer to the Development Pipeline Summary on page 18.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
15

CAMDEN |  | DEVELOPMENT PIPELINE

(Unaudited)
AS OF SEPTEMBER 30, 2023 ($ in millions)

|  |  | Projected | Total |
PIPELINE COMMUNITIES |  | Homes | Estimated Cost (a) | Cost to Date
1. | Camden South Charlotte |  | 420 | $153.0 | $28.5
| Charlotte, NC |  |  |  |
2. | Camden Blakeney |  | 349 | 145.0 | 25.1
| Charlotte, NC |  |  |  |
3. | Camden Baker |  | 435 | 165.0 | 32.2
| Denver, CO |  |  |  |
4. | Camden Nations |  | 393 | 175.0 | 38.6
| Nashville, TN |  |  |  |
5. | Camden Gulch |  | 480 | 260.0 | 47.9
| Nashville, TN |  |  |  |
6. | Camden Paces III |  | 350 | 100.0 | 22.0
| Atlanta, GA |  |  |  |
7. | Camden Highland Village II |  | 300 | 100.0 | 10.3
| Houston, TX |  |  |  |
8. | Camden Arts District |  | 354 | 150.0 | 43.7
| Los Angeles, CA |  |  |  |
9. | Camden Downtown II |  | 271 | 145.0 | 14.1
| Houston, TX |  |  |  |
Development Pipeline |  | 3,352 | $1,393.0 | $262.4

(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.
16

CAMDEN |  | DISPOSITIONS

(Unaudited)
2023 DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

|  |  |  |  | Apartment | Weighted Average |  |
2023 Dispositions |  | Location | Sales Price | Homes | Monthly Rental Rate | Year Built | Closing Date
1. | Camden Sea Palms |  | Costa Mesa, CA | $61.1 | 138 Homes | $2,588 | 1990 | 6/29/2023
Total/Average Disposition |  |  | $61.1 | 138 Homes | $2,588 |  |

17

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

(Unaudited)
DEBT MATURITIES AS OF SEPTEMBER 30, 2023:

|  | Future Scheduled Repayments (a) |  |
Year |  | Amortization | Secured Maturities | Unsecured Maturities | Total | % of Total | Weighted Average Interest Rate on Maturing Debt (b)
2023 |  | ($698) |  | $— |  | $— |  | ($698) |  | — | % | N/A
2024 |  | (2,381) |  | — |  | 540,000 |  | 537,619 |  | 14.7 | % | 4.2 | %
2025(c) |  | (2,014) |  | — |  | 300,000 |  | 297,986 |  | 8.2 | % | 6.2 | %
2026 |  | (1,941) |  | 24,000 |  | — |  | 22,059 |  | 0.6 | % | 4.0 | %
2027 |  | (1,960) |  | 174,900 |  | — |  | 172,940 |  | 4.7 | % | 3.9 | %
Thereafter |  | (5,803) |  | 132,025 |  | 2,050,000 |  | 2,176,222 |  | 59.6 | % | 3.4 | %
Total Maturing Debt |  | ($14,797) |  | $330,925 |  | $2,890,000 |  | $3,206,128 |  | 87.8 | % | 3.9 | %
Unsecured Line of Credit |  | $— |  | $— |  | $447,000 |  | $447,000 |  | 12.2 | % | 6.1 | %
Total Debt |  | ($14,797) |  | $330,925 |  | $3,337,000 |  | $3,653,128 |  | 100.0 | % | 4.1 | %
Weighted Average Maturity of Debt |  |  | 6.0 Years |  |  |  |
|  |  |  | Weighted Average |  |
FLOATING vs. FIXED RATE DEBT: |  | Balance | % of Total | Interest Rate (b) | Time to Maturity |  |
Floating rate debt |  | $786,917 |  | 21.5 | % | 6.2% | 3.0 Years |  |
Fixed rate debt |  | 2,866,211 |  | 78.5 | % | 3.6% | 6.9 Years |  |
Total |  | $3,653,128 |  | 100.0 | % | 4.1% | 6.0 Years |  |
|  |  |  | Weighted Average |  |
SECURED vs. UNSECURED DEBT: |  | Balance | % of Total | Interest Rate (b) | Time to Maturity |  |
Unsecured debt |  | $3,323,057 |  | 91.0 | % | 4.2% | 6.3 Years |  |
Secured debt |  | 330,071 |  | 9.0 | % | 3.9% | 3.9 Years |  |
Total |  | $3,653,128 |  | 100.0 | % | 4.1% | 6.0 Years |  |
REAL ESTATE ASSETS: (d) |  | Total Homes | % of Total | Total Cost | % of Total | 3Q23 NOI | % of Total
Unencumbered real estate assets |  | 55,904 | 92.4 | % | $11,857,046 | 89.9% | $234,355 | 93.5 | %
Encumbered real estate assets |  | 4,610 |  | 7.6 | % | 1,339,186 | 10.1% | 16,318 | 6.5 | %
Total |  | 60,514 | 100.0 | % | $13,196,232 | 100.0% | $250,673 | 100.0 | %
|  |  | Ratio of unencumbered assets at cost to unsecured debt is | 3.6x

(a) Includes all available extension options.
(b) Includes the effects of the applicable settled forward interest rate swaps.
(c) 2025 maturities include $300 million term loan funded in December 2022.
(d) Real estate assets include communities under development and properties held for sale.
18

CAMDEN |  | DEBT MATURITY ANALYSIS
|  | (In thousands)

(Unaudited)
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2023 AND 2024:

|  |  | Future Scheduled Repayments |  | Weighted Average Interest on Maturing Debt
Quarter |  | Amortization | Secured Maturities | Unsecured Maturities | Total
4Q 2023 |  | ($698) |  | $— |  | $— |  | ($698) |  | N/A
2023 |  | ($698) |  | $— |  | $— |  | ($698) |  | N/A
1Q 2024 |  | ($636) |  | $— |  | $250,000 |  | $249,364 |  | 4.4 | %
2Q 2024 |  | (635) |  | — |  | — |  | (635) |  | N/A
3Q 2024 |  | (608) |  | — |  | 290,000 |  | 289,392 |  | 4.1 | %
4Q 2024 |  | (502) |  | — |  | — |  | (502) |  | N/A
2024 |  | ($2,381) |  | $— |  | $540,000 |  | $537,619 |  | 4.2 | %

19

CAMDEN |  | DEBT COVENANT ANALYSIS |

(Unaudited)

UNSECURED LINE OF CREDIT |  |  |  |  |  |  |
Covenant (a) |  | Required |  | Actual (b) |  | Compliance
Total Consolidated Debt to Gross Asset Value |  | < | 60% |  | 22% |  | Yes
Secured Debt to Gross Asset Value |  | < | 40% |  | 2% |  | Yes
Consolidated Adjusted EBITDAre to Total Fixed Charges |  | > | 150% |  | 553% |  | Yes
Unsecured Debt to Gross Asset Value |  | < | 60% |  | 22% |  | Yes
SENIOR UNSECURED NOTES |  |  |  |  |  |  |
Covenant (a) |  | Required |  | Actual (b) |  | Compliance
Total Consolidated Debt to Total Asset Value |  | < | 60% |  | 27% |  | Yes
Total Secured Debt to Total Asset Value |  | < | 40% |  | 2% |  | Yes
Total Unencumbered Asset Value to Total Unsecured Debt |  | > | 150% |  | 364% |  | Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges |  | > | 150% |  | 589% |  | 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.
20

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

(Unaudited)

|  |  | Third Quarter 2023
|  |  | Recurring Capitalized |  | Expensed
Item |  |  | Weighted Average Useful Life (a) |  | Total | Per Unit |  | Total | Per Unit
Interiors |  |  |  |  |  |  |  |  |
Floor Coverings |  |  | 4 | years |  | $3,359 |  | $57 |  |  | $496 |  | $8 |
Appliances |  |  | 10 | years |  | 1,402 |  | 24 |  |  | 415 |  | 7 |
Painting |  |  | — |  |  | — |  | — |  |  | 2,518 |  | 43 |
Cabinetry/Countertops |  |  | 8 | years |  | 157 |  | 3 |  |  | — |  | — |
Other |  |  | 7 | years |  | 1,982 |  | 33 |  |  | 1,066 |  | 18 |
Exteriors |  |  |  |  |  |  |  |  |
Painting |  |  | 5 | years |  | 656 |  | 11 |  |  | — |  | — |
Carpentry |  |  | 10 | years |  | 402 |  | 7 |  |  | — |  | — |
Landscaping |  |  | 6 | years |  | 947 |  | 16 |  |  | 3,263 |  | 55 |
Roofing |  |  | 19 | years |  | 666 |  | 11 |  |  | 137 |  | 2 |
Site Drainage |  |  | 10 | years |  | 754 |  | 13 |  |  | — |  | — |
Fencing/Stair |  |  | 10 | years |  | 598 |  | 10 |  |  | — |  | — |
Other (b) |  |  | 10 | years |  | 5,432 |  | 91 |  |  | 6,492 |  | 109 |
Common Areas |  |  |  |  |  |  |  |  |
Mech., Elec., Plumbing |  |  | 9 | years |  | 5,905 |  | 100 |  |  | 3,218 |  | 55 |
Parking/Paving |  |  | 5 | years |  | 345 |  | 6 |  |  | — |  | — |
Pool/Exercise/Facility |  |  | 6 | years |  | 3,949 |  | 67 |  |  | 643 |  | 11 |
Total Recurring (c) |  |  |  |  | $26,554 |  | $449 |  |  | $18,248 |  | $308 |
Weighted Average Apartment Homes |  |  |  |  |  | 59,153 |  |  |  | 59,153 |
Non-recurring & revenue enhancing capitalized expenditures (d) |  |  |  |  | $359 |  |  |  |  |
Reposition Expenditures (e) |  |  | 10 | years |  | $22,557 |  | $28,845 |  |
Repositioned Apartment Homes |  |  |  |  |  | 782 |  |  |  |
|  |  | Year to Date 2023
|  |  | Recurring Capitalized |  | Expensed
Item |  |  | Weighted Average Useful Life (a) |  | Total | Per Unit |  | Total | Per Unit
Interiors |  |  |  |  |  |  |  |  |
Floor Coverings |  |  | 4 | years |  | $8,791 |  | $149 |  |  | $1,337 |  | $23 |
Appliances |  |  | 10 | years |  | 4,423 |  | 75 |  |  | 1,233 |  | 21 |
Painting |  |  | — |  |  | — |  | — |  |  | 6,375 |  | 108 |
Cabinetry/Countertops |  |  | 8 | years |  | 460 |  | 8 |  |  | — |  | — |
Other |  |  | 7 | years |  | 6,674 |  | 113 |  |  | 3,619 |  | 61 |
Exteriors |  |  |  |  |  |  |  |  |
Painting |  |  | 5 | years |  | 1,152 |  | 20 |  |  | — |  | — |
Carpentry |  |  | 10 | years |  | 1,711 |  | 29 |  |  | — |  | — |
Landscaping |  |  | 6 | years |  | 2,323 |  | 39 |  |  | 10,314 |  | 175 |
Roofing |  |  | 19 | years |  | 2,201 |  | 37 |  |  | 621 |  | 10 |
Site Drainage |  |  | 10 | years |  | 1,251 |  | 21 |  |  | — |  | — |
Fencing/Stair |  |  | 10 | years |  | 1,447 |  | 25 |  |  | — |  | — |
Other (b) |  |  | 10 | years |  | 13,085 |  | 222 |  |  | 18,818 |  | 319 |
Common Areas |  |  |  |  |  |  |  |  |
Mech., Elec., Plumbing |  |  | 9 | years |  | 14,120 |  | 239 |  |  | 9,016 |  | 153 |
Parking/Paving |  |  | 5 | years |  | 945 |  | 16 |  |  | — |  | — |
Pool/Exercise/Facility |  |  | 6 | years |  | 6,584 |  | 112 |  |  | 1,662 |  | 28 |
Total Recurring (c) |  |  |  |  | $65,167 |  | $1,105 |  |  | $52,995 |  | $898 |
Weighted Average Apartment Homes |  |  |  |  |  | 59,010 |  |  |  | 59,010 |
Non-recurring & revenue enhancing capitalized expenditures (d) |  |  |  |  | $1,204 |  |  |  |  |
Reposition Expenditures (e) |  |  | 10 | years |  | $60,420 |  | $30,362 |  |
Repositioned Apartment Homes |  |  |  |  |  | 1,990 |  |  |  |

(a) Weighted average useful life of capitalized expenses for the three and nine months ended September 30, 2023.
(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 nine months ended September 30, 2023 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.
21

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.
Core FFO
Core FFO represents FFO as further adjusted for items not considered part of our core business operations, such as casualty-related expenses, net of (recoveries), severance, legal costs and settlements, loss on early retirement of debt, expensed development and other pursuit costs, net below market lease amortization, and miscellaneous (income)/expense adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes not only depreciation expense of real estate assets, but it also excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
Core Adjusted FFO
In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 | 2022 |  | 2023 | 2022
Net income attributable to common shareholders | $47,963 |  | $29,844 |  |  | $180,979 |  | $607,904 |
Real estate depreciation and amortization | 141,362 |  | 156,065 |  |  | 420,762 |  | 421,808 |
Adjustments for unconsolidated joint ventures | — |  | — |  |  | — |  | 2,709 |
Income allocated to non-controlling interests | 1,856 |  | 1,706 |  |  | 5,399 |  | 6,133 |
Gain on sale of operating property | — |  | — |  |  | (48,919) |  | (36,372) |
Gain on acquisition of unconsolidated joint venture interests | — |  | — |  |  | — |  | (474,146) |
Funds from operations | $191,181 |  | $187,615 |  |  | $558,221 |  | $528,036 |
Plus: Casualty-related expenses, net of (recoveries) | (436) |  | 1,406 |  |  | 503 |  | 1,657 |
Plus: Severance | — |  | — |  |  | — |  | 896 |
Plus: Legal costs and settlements | — |  | — |  |  | 84 |  | 555 |
Plus: Loss on early retirement of debt | — |  | — |  |  | 2,513 |  | — |
Plus: Expensed development & other pursuit costs | — |  | — |  |  | 471 |  | — |
Less: Net below market lease amortization | — |  | (3,442) |  |  | — |  | (7,745) |
Less: Miscellaneous (income)/expense (a) | — |  | — |  |  | (364) |  | (2,071) |
Core funds from operations | $190,745 |  | $185,579 |  |  | $561,428 |  | $521,328 |
Less: recurring capitalized expenditures | (26,554) |  | (26,001) |  |  | (65,167) |  | (61,682) |
Core adjusted funds from operations | $164,191 |  | $159,578 |  |  | $496,261 |  | $459,646 |
Weighted average number of common shares outstanding: |  |  |  |  |
EPS diluted | 108,706 |  | 108,506 |  |  | 108,659 |  | 108,099 |
FFO/Core FFO/ Core AFFO diluted | 110,301 |  | 110,112 |  |  | 110,255 |  | 108,972 |

a) Activity relates to proceeds from an earn-out from a previously sold technology investment
22

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

(Unaudited)
Reconciliation of FFO, Core FFO, and Core AFFO per share

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 | 2022 |  | 2023 | 2022
Total Earnings Per Common Share - Diluted | $0.44 |  | $0.27 |  |  | $1.66 |  | $5.62 |
Real estate depreciation and amortization | 1.27 |  | 1.42 |  |  | 3.79 |  | 3.84 |
Adjustments for unconsolidated joint ventures | — |  | — |  |  | — |  | 0.02 |
Income allocated to non-controlling interests | 0.02 |  | 0.01 |  |  | 0.05 |  | 0.05 |
Gain on sale of operating property | — |  | — |  |  | (0.44) |  | (0.33) |
Gain on acquisition of unconsolidated joint venture interests | — |  | — |  |  | — |  | (4.35) |
FFO per common share - Diluted | $1.73 |  | $1.70 |  |  | $5.06 |  | $4.85 |
Plus: Casualty-related expenses, net of (recoveries) | — |  | 0.01 |  |  | — |  | 0.02 |
Plus: Severance | — |  | — |  |  | — |  | — |
Plus: Legal costs and settlements | — |  | — |  |  | — |  | — |
Plus: Loss on early retirement of debt | — |  | — |  |  | 0.03 |  | — |
Plus: Expensed development & other pursuit costs | — |  | — |  |  | — |  | — |
Less: Net below market lease amortization | — |  | (0.02) |  |  | — |  | (0.07) |
Less: Miscellaneous (income)/expense (a) | — |  | — |  |  | — |  | (0.02) |
Core FFO per common share - Diluted | $1.73 |  | $1.69 |  |  | $5.09 |  | $4.78 |
Less: recurring capitalized expenditures | (0.24) |  | (0.24) |  |  | (0.59) |  | (0.56) |
Core AFFO per common share - Diluted | $1.49 |  | $1.45 |  |  | $4.50 |  | $4.22 |

Expected FFO & Core FFO
Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, from real estate transactions not sold as of quarter close 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 and expected Core FFO per diluted share is provided below:

| 4Q23 | Range |  | 2023 | Range
| Low | High |  | Low | High
Expected earnings per common share - diluted | $0.37 |  | $0.41 |  |  | $2.03 |  | $2.07 |
Expected real estate depreciation and amortization | 1.32 |  | 1.32 |  |  | 5.11 |  | 5.11 |
Expected income allocated to non-controlling interests | 0.01 |  | 0.01 |  |  | 0.06 |  | 0.06 |
Reported (gain) on sale of operating properties | — |  | — |  |  | (0.44) |  | (0.44) |
Expected FFO per share - diluted | $1.70 |  | $1.74 |  |  | $6.76 |  | $6.80 |
Anticipated Adjustments to FFO | — |  | — |  |  | 0.03 |  | 0.03 |
Expected Core FFO per share - diluted | $1.70 |  | $1.74 |  |  | $6.79 |  | $6.83 |
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.

23

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

(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11. 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. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:

| Three months ended September 30, |  | Nine months ended September 30,
| 2023 | 2022 |  | 2023 | 2022
Net income | $49,819 |  | $31,550 |  |  | $186,378 |  | $614,037 |
Less: Fee and asset management income | (1,077) |  | (617) |  |  | (2,373) |  | (4,257) |
Less: Interest and other income | (64) |  | (88) |  |  | (557) |  | (2,881) |
Less: (Income)/loss on deferred compensation plans | 3,339 |  | 6,275 |  |  | (5,417) |  | 28,450 |
Plus: Property management expense | 7,891 |  | 6,732 |  |  | 24,939 |  | 21,228 |
Plus: Fee and asset management expense | 444 |  | 556 |  |  | 1,277 |  | 2,090 |
Plus: General and administrative expense | 15,543 |  | 14,002 |  |  | 46,762 |  | 44,526 |
Plus: Interest expense | 33,006 |  | 29,192 |  |  | 99,427 |  | 82,756 |
Plus: Depreciation and amortization expense | 144,359 |  | 158,877 |  |  | 429,857 |  | 429,749 |
Plus: Expense/(benefit) on deferred compensation plans | (3,339) |  | (6,275) |  |  | 5,417 |  | (28,450) |
Plus: Loss on early retirement of debt | — |  | — |  |  | 2,513 |  | — |
Less: Gain on sale of operating property | — |  | — |  |  | (48,919) |  | (36,372) |
Less: Gain on acquisition of unconsolidated joint venture interests | — |  | — |  |  | — |  | (474,146) |
Less: Equity in income of joint ventures | — |  | — |  |  | — |  | (3,048) |
Plus: Income tax expense | 752 |  | 737 |  |  | 2,753 |  | 2,213 |
NOI | $250,673 |  | $240,941 |  |  | $742,057 |  | $675,895 |
"Same Property" Communities | $206,367 |  | $199,455 |  |  | $612,826 |  | $578,919 |
Non-"Same Property" Communities | 41,483 |  | 37,141 |  |  | 122,000 |  | 84,189 |
Development and Lease-Up Communities | 907 |  | (5) |  |  | 1,353 |  | 3 |
Disposition/Other | 1,916 |  | 4,350 |  |  | 5,878 |  | 12,784 |
NOI | $250,673 |  | $240,941 |  |  | $742,057 |  | $675,895 |

24

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

(Unaudited)
EBITDAre and Adjusted EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains on the disposition of depreciated property, including gains (losses) on change of control, plus impairment write-downs of depreciated property with adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.
Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. Adjusted EBITDAre excludes equity in (income) loss of joint ventures, (gain) loss on land, and loss on early retirement of debt. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter result and by 1.33 for nine month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:

| Three months ended September 30, |  | Nine months ended September 30,
| 2023 | 2022 |  | 2023 | 2022
Net income | $49,819 |  | $31,550 |  |  | $186,378 |  | $614,037 |
Plus: Interest expense | 33,006 |  | 29,192 |  |  | 99,427 |  | 82,756 |
Plus: Depreciation and amortization expense | 144,359 |  | 158,877 |  |  | 429,857 |  | 429,749 |
Plus: Income tax expense | 752 |  | 737 |  |  | 2,753 |  | 2,213 |
Less: Gain on sale of operating property | — |  | — |  |  | (48,919) |  | (36,372) |
Less: Gain on acquisition of unconsolidated joint venture interests | — |  | — |  |  | — |  | (474,146) |
EBITDAre | $227,936 |  | $220,356 |  |  | $669,496 |  | $618,237 |
Plus: Loss on early retirement of debt | — |  | — |  |  | 2,513 |  | — |
Plus: Casualty-related expenses, net of (recoveries) | (436) |  | 1,406 |  |  | 503 |  | 1,657 |
Plus: Severance | — |  | — |  |  | — |  | 896 |
Plus: Legal costs and settlements | — |  | — |  |  | 84 |  | 555 |
Plus: Expensed development & other pursuit costs | — |  | — |  |  | 471 |  | — |
Less: Equity in income of joint ventures | — |  | — |  |  | — |  | (3,048) |
Less: Net below market lease amortization | — |  | (3,442) |  |  | — |  | (7,745) |
Less: Miscellaneous (income)/expense (a) | — |  | — |  |  | (364) |  | (2,071) |
Adjusted EBITDAre | $227,500 |  | $218,320 |  |  | $672,703 |  | $608,481 |
Annualized Adjusted EBITDAre | $910,000 |  | $873,280 |  |  | $896,937 |  | $811,308 |

Net Debt to Annualized Adjusted EBITDAre
The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDAre for the following periods:
Net Debt:

|  |  | Average monthly balance for the |  | Average monthly balance for the
|  |  | Three months ended September 30, |  | Nine months ended September 30,
|  |  | 2023 | 2022 |  | 2023 | 2022
Unsecured notes payable |  |  | $3,374,176 |  | $3,211,216 |  |  | $3,336,040 |  | $3,260,272 |
Secured notes payable |  |  | 330,052 |  | 514,795 |  |  | 412,290 |  | 343,148 |
Total debt |  |  | 3,704,228 |  | 3,726,011 |  |  | 3,748,330 |  | 3,603,420 |
Less: Cash and cash equivalents |  |  | (8,338) |  | (29,853) |  |  | (8,546) |  | (250,438) |
Net debt |  |  | $3,695,890 |  | $3,696,158 |  |  | $3,739,784 |  | $3,352,982 |

Net Debt to Annualized Adjusted EBITDAre:

|  |  | Three months ended September 30, |  | Nine months ended September 30,
|  |  | 2023 | 2022 |  | 2023 | 2022
Net debt |  |  | $3,695,890 |  | $3,696,158 |  |  | $3,739,784 |  | $3,352,982 |
Annualized Adjusted EBITDAre |  |  | 910,000 |  | 873,280 |  |  | 896,937 |  | 811,308 |
Net Debt to Annualized Adjusted EBITDAre |  |  | 4.1x | 4.2x |  | 4.2x | 4.1x

25

CAMDEN |  | OTHER DEFINITIONS

(Unaudited)
Core FFO: Represents FFO as further adjusted for items not considered part of our core business operations, such as casualty-related expenses, net of (recoveries), severance, legal costs, loss on early retirement of debt, expensed development and other pursuit costs, net below market lease amortization, and miscellaneous (income)/expense adjustments.
Development Communities: Non-stabilized communities which are under development or have been recently developed, excluding properties held for sale.
Effective Blended Lease Rates: Average change in same property combined new lease and renewal rates versus expiring lease rates when effective, regardless of lease term. Effective blended lease rates are the weighted average of effective new lease rates and effective renewal rates achieved.
Effective New Lease Rates: Average change in same property new lease rates versus expiring lease rates when effective, regardless of lease term.
Effective Renewal Rates: Average change in same property renewal rates versus expiring lease rates when effective, regardless of lease term.
Encumbered Real Estate Assets: Assets subject to a mortgage, deed of trust, lien, pledge, security interest, security agreement or encumbrance of any kind.
Gross Turnover: Total resident moveouts for the period annualized as a percentage of total apartment homes.
Lease-Up Communities: Non-stabilized communities which are in the leasing process and have not yet reached a stabilized level of occupancy.
Net Debt: Average monthly balance of total debt during the period, less the average monthly balance of cash and cash equivalents during the period.
Net Turnover: Total resident move-outs excluding on-site transfers and transfers to other Camden communities for the period annualized as a percentage of total apartment homes.
Non-Recurring & Revenue Enhancing Capitalized Expenditures: Capital expenditures primarily composed of non-recurring or one-time additions such as smart access solutions, LED lighting programs, and other non-routine items.
Non-Same Property Communities: Stabilized communities not owned or stabilized since January 1, 2022, including communities under redevelopment, and excluding properties held for sale.
Occupancy: Number of physically occupied apartment homes for the period divided by total apartment homes.
Operating Communities: Wholly owned communities, excluding communities under construction.
Recurring Capital Expenditures: Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
Redevelopment Communities: Communities with capital expenditures that improve cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades.
Reposition Expenditures: Capital expenditures for apartment unit renovations, including kitchen and bath upgrades or other new amenities, designed to position assets for higher rental levels in their respective markets.
Same Property Communities: Communities wholly owned by the Company and stabilized since January 1, 2022, excluding communities under redevelopment and properties held for sale.
Signed Blended Lease Rates: Average change in same property combined new lease and renewal rates versus expiring lease rates when signed, regardless of lease term. Signed blended lease rates are the weighted average of signed new lease rates and signed renewal rates achieved.
Signed New Lease Rates: Average change in same property new lease rates versus expiring lease rates when signed, regardless of lease term.
Signed Renewal Rates: Average change in same property renewal rates versus expiring lease rates when signed, regardless of lease term.
Stabilized Communities: Communities which have reached and maintained an occupancy level at or above 90% for the prior 30 days.
Unencumbered Real Estate Assets: Assets free and clear of any mortgage, deed of trust, lien, pledge, security interest, security agreement or encumbrance of any kind.
Weighted Average Monthly Rental Rate: Rental rate for leases in place and vacant units at market rate after loss to lease and concessions, but before vacancy and bad debt.
Weighted Average Monthly Revenue Per Occupied Home: Reported revenues divided by average occupied homes for the period on a monthly basis.
26

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: |  | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 |
Earnings Release & Conference Call |  | Early February | Late April | Late July | Late October |
Dividend Information - Common Shares: |  | Q1 '23 | Q2 '23 | Q3 '23 |  |
Declaration Date |  | 2/2/2023 | 6/15/2023 | 9/15/2023 |  |
Record Date |  | 3/31/2023 | 6/30/2023 | 9/29/2023 |  |
Payment Date |  | 4/17/2023 | 7/17/2023 | 10/17/2023 |  |
Distributions Per Share |  | $1.00 | $1.00 | $1.00 |  |

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 |

27

CAMDEN |  | COMMUNITY TABLE
|  | Community statistics as of 9/30/2023

(Unaudited) |  |  |  |  |  |  | 3Q23 Avg Monthly | 3Q23 Avg Monthly |  |
|  |  | Year Placed | Average | Apartment | 3Q23 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 |  | 96% | $1,967 |  | $1.72 |  | $2,322 |  | $2.03 |  |  |
Camden Copper Square | Phoenix | AZ | 2000 | 786 |  | 332 |  | 93% | 1,687 |  | 2.15 |  | 2,051 |  | 2.61 |  |  |
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 |  | 220 |  | 94% | 2,186 |  | 2.12 |  | 2,670 |  | 2.59 |  |  |
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 |  | 428 |  | 94% | 2,046 |  | 1.92 |  | 2,372 |  | 2.22 |  |  |
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 |  | 249 |  | 96% | 1,960 |  | 1.83 |  | 2,360 |  | 2.20 |  |  |
Camden North End I | Phoenix | AZ | 2019 | 921 |  | 441 |  | 95% | 2,018 |  | 2.19 |  | 2,418 |  | 2.63 |  |  |
Camden North End II | Phoenix | AZ | 2021 | 885 |  | 343 |  | 95% | 2,037 |  | 2.30 |  | 2,407 |  | 2.72 |  |  |
Camden Old Town Scottsdale | Scottsdale | AZ | 2016 | 892 |  | 316 |  | 95% | 2,303 |  | 2.58 |  | 2,578 |  | 2.89 |  |  |
Camden Pecos Ranch | Chandler | AZ | 2001 | 949 |  | 272 |  | 94% | 1,714 |  | 1.80 |  | 2,022 |  | 2.13 |  |  |
Camden San Marcos | Scottsdale | AZ | 1995 | 984 |  | 320 |  | 90% | 1,872 |  | 1.90 |  | 2,221 |  | 2.26 |  |  |
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 |  | 324 |  | 95% | 2,028 |  | 1.95 |  | 2,386 |  | 2.29 |  |  |
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 |  | 170 |  | 95% | 2,059 |  | 1.58 |  | 2,438 |  | 1.87 |  |  |
Camden Tempe | Tempe | AZ | 2015 | 1,043 |  | 234 |  | 95% | 2,029 |  | 1.94 |  | 2,412 |  | 2.31 |  |  |
Camden Tempe II | Tempe | AZ | 2023 | 981 |  | 397 |  | 96% | 1,859 |  | 1.90 |  | 2,124 |  | 2.16 |  |  |
TOTAL ARIZONA | 14 |  | Properties | 995 |  | 4,426 |  | 95% | 1,978 |  | 1.99 |  | 2,331 |  | 2.34 |  |  |
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 |  | 380 |  | 96% | 2,688 |  | 2.67 |  | 2,933 |  | 2.91 |  |  |
Camden Glendale | Glendale | CA | 2015 | 893 |  | 307 |  | 97% | 2,835 |  | 3.18 |  | 3,076 |  | 3.45 |  |  |
Camden Harbor View | Long Beach | CA | 2004 | 981 |  | 547 |  | 95% | 3,034 |  | 3.09 |  | 3,154 |  | 3.22 |  |  |
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 |  | 290 |  | 96% | 2,616 |  | 2.59 |  | 2,920 |  | 2.89 |  |  |
Camden Martinique | Costa Mesa | CA | 1986 | 795 |  | 714 |  | 96% | 2,304 |  | 2.90 |  | 2,642 |  | 3.32 |  |  |
The Camden | Hollywood | CA | 2016 | 767 |  | 287 |  | 91% | 3,217 |  | 4.19 |  | 3,096 |  | 4.04 |  |  |
Total Los Angeles/Orange County | 6 |  | Properties | 901 |  | 2,525 |  | 95% | 2,724 |  | 3.02 |  | 2,932 |  | 3.25 |  |  |
Camden Hillcrest | San Diego | CA | 2021 | 1,223 |  | 132 |  | 93% | 3,621 |  | 2.96 |  | 3,798 |  | 3.11 |  |  |
Camden Landmark | Ontario | CA | 2006 | 982 |  | 469 |  | 95% | 2,232 |  | 2.27 |  | 2,381 |  | 2.42 |  |  |
Camden Old Creek | San Marcos | CA | 2007 | 1,037 |  | 350 |  | 98% | 2,866 |  | 2.76 |  | 3,127 |  | 3.01 |  |  |
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 |  | 422 |  | 97% | 2,803 |  | 2.91 |  | 3,035 |  | 3.15 |  |  |
Camden Tuscany | San Diego | CA | 2003 | 895 |  | 160 |  | 97% | 3,205 |  | 3.58 |  | 3,429 |  | 3.83 |  |  |
Camden Vineyards | Murrieta | CA | 2002 | 1,053 |  | 264 |  | 95% | 2,436 |  | 2.31 |  | 2,690 |  | 2.56 |  |  |
Total San Diego/Inland Empire | 6 |  | Properties | 1,009 |  | 1,797 |  | 96% | 2,708 |  | 2.69 |  | 2,924 |  | 2.90 |  |  |
TOTAL CALIFORNIA | 12 |  | Properties | 944 |  | 4,322 |  | 96% | 2,717 |  | 2.87 |  | 2,928 |  | 3.10 |  |  |
Camden Belleview Station | Denver | CO | 2009 | 888 |  | 270 |  | 96% | 1,914 |  | 2.16 |  | 2,254 |  | 2.54 |  |  |
Camden Caley | Englewood | CO | 2000 | 921 |  | 218 |  | 97% | 1,944 |  | 2.11 |  | 2,259 |  | 2.45 |  |  |
Camden Denver West | Golden | CO | 1997 | 1,015 |  | 320 |  | 96% | 2,308 |  | 2.27 |  | 2,619 |  | 2.58 |  |  |
Camden Flatirons | Denver | CO | 2015 | 960 |  | 424 |  | 97% | 2,037 |  | 2.12 |  | 2,386 |  | 2.49 |  |  |
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 |  | 342 |  | 97% | 2,289 |  | 1.99 |  | 2,634 |  | 2.29 |  |  |
Camden Interlocken | Broomfield | CO | 1999 | 1,002 |  | 340 |  | 97% | 2,121 |  | 2.12 |  | 2,455 |  | 2.45 |  |  |
Camden Lakeway | Littleton | CO | 1997 | 929 |  | 459 |  | 96% | 2,020 |  | 2.18 |  | 2,332 |  | 2.51 |  |  |
Camden Lincoln Station | Lone Tree | CO | 2017 | 844 |  | 267 |  | 97% | 1,885 |  | 2.23 |  | 2,119 |  | 2.51 |  |  |
Camden RiNo | Denver | CO | 2020 | 828 |  | 233 |  | 96% | 2,275 |  | 2.75 |  | 2,713 |  | 3.28 |  |  |
TOTAL COLORADO | 9 |  | Properties | 957 |  | 2,873 |  | 97% | 2,091 |  | 2.18 |  | 2,420 |  | 2.53 |  |  |
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 |  | 162 |  | 96% | 2,140 |  | 2.02 |  | 2,447 |  | 2.30 |  |  |
Camden College Park | College Park | MD | 2008 | 942 |  | 509 |  | 95% | 1,895 |  | 2.01 |  | 2,208 |  | 2.34 |  |  |
Camden Dulles Station | Oak Hill | VA | 2009 | 977 |  | 382 |  | 98% | 2,239 |  | 2.29 |  | 2,577 |  | 2.64 |  |  |
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 |  | 530 |  | 97% | 2,248 |  | 2.13 |  | 2,580 |  | 2.44 |  |  |
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 |  | 489 |  | 97% | 2,262 |  | 2.42 |  | 2,628 |  | 2.81 |  |  |
Camden Fallsgrove | Rockville | MD | 2004 | 996 |  | 268 |  | 94% | 2,162 |  | 2.17 |  | 2,434 |  | 2.44 |  |  |
Camden Grand Parc | Washington | DC | 2002 | 672 |  | 105 |  | 96% | 2,807 |  | 4.18 |  | 3,171 |  | 4.72 |  |  |
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 |  | 690 |  | 97% | 2,149 |  | 2.14 |  | 2,473 |  | 2.46 |  |  |
Camden Monument Place | Fairfax | VA | 2007 | 856 |  | 368 |  | 98% | 2,007 |  | 2.34 |  | 2,340 |  | 2.73 |  |  |
Camden Noma | Washington | DC | 2014 | 769 |  | 321 |  | 97% | 2,318 |  | 3.01 |  | 2,717 |  | 3.53 |  |  |
Camden Noma II | Washington | DC | 2017 | 759 |  | 405 |  | 98% | 2,406 |  | 3.17 |  | 2,828 |  | 3.72 |  |  |
Camden Potomac Yard | Arlington | VA | 2008 | 832 |  | 378 |  | 96% | 2,316 |  | 2.78 |  | 2,695 |  | 3.24 |  |  |
Camden Roosevelt | Washington | DC | 2003 | 856 |  | 198 |  | 95% | 3,130 |  | 3.66 |  | 3,568 |  | 4.17 |  |  |
Camden Shady Grove | Rockville | MD | 2018 | 877 |  | 457 |  | 96% | 2,033 |  | 2.32 |  | 2,315 |  | 2.64 |  |  |
Camden Silo Creek | Ashburn | VA | 2004 | 975 |  | 284 |  | 98% | 2,089 |  | 2.14 |  | 2,414 |  | 2.48 |  |  |
Camden South Capitol | Washington | DC | 2013 | 821 |  | 281 |  | 96% | 2,458 |  | 2.99 |  | 2,939 |  | 3.58 |  |  |
Camden Washingtonian | Gaithersburg | MD | 2018 | 870 |  | 365 |  | 97% | 2,079 |  | 2.39 |  | 2,335 |  | 2.69 |  |  |
TOTAL DC METRO | 17 |  | Properties | 913 |  | 6,192 |  | 97% | 2,220 |  | 2.43 |  | 2,564 |  | 2.81 |  |  |
Camden Atlantic | Plantation | FL | 2022 | 919 |  | 269 |  | 97% | 2,391 |  | 2.60 |  | 2,599 |  | 2.83 |  |  |
Camden Aventura | Aventura | FL | 1995 | 1,108 |  | 379 |  | 95% | 2,758 |  | 2.49 |  | 3,196 |  | 2.88 |  |  |
Camden Boca Raton | Boca Raton | FL | 2014 | 843 |  | 261 |  | 95% | 2,622 |  | 3.11 |  | 2,938 |  | 3.49 |  |  |
Camden Brickell | Miami | FL | 2003 | 937 |  | 405 |  | 95% | 2,937 |  | 3.13 |  | 3,237 |  | 3.45 |  |  |
Camden Doral | Miami | FL | 1999 | 1,120 |  | 260 |  | 98% | 2,613 |  | 2.33 |  | 2,909 |  | 2.60 |  |  |
Camden Doral Villas | Miami | FL | 2000 | 1,253 |  | 232 |  | 96% | 2,896 |  | 2.31 |  | 3,189 |  | 2.54 |  |  |
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 |  | 420 |  | 96% | 2,835 |  | 2.72 |  | 3,190 |  | 3.06 |  |  |
Camden Plantation | Plantation | FL | 1997 | 1,201 |  | 502 |  | 96% | 2,400 |  | 2.00 |  | 2,742 |  | 2.28 |  |  |
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 |  | 322 |  | 94% | 2,438 |  | 2.19 |  | 2,776 |  | 2.50 |  |  |
Total Southeast Florida | 9 |  | Properties | 1,065 |  | 3,050 |  | 96% | 2,654 |  | 2.49 |  | 2,981 |  | 2.80 |  |  |

28

CAMDEN |  | COMMUNITY TABLE
|  | Community statistics as of 9/30/2023

(Unaudited) |  |  |  |  |  |  | 3Q23 Avg Monthly | 3Q23 Avg Monthly
|  |  | Year Placed | Average | Apartment | 3Q23 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 |  | 95% | $1,955 |  | $1.82 |  | $2,273 |  | $2.11 |
Camden Lago Vista | Orlando | FL | 2005 | 955 |  | 366 |  | 96% | 1,824 |  | 1.91 |  | 2,128 |  | 2.23 |
Camden Lake Eola | Orlando | FL | 2021 | 944 |  | 360 |  | 95% | 2,423 |  | 2.57 |  | 2,689 |  | 2.85 |
Camden LaVina | Orlando | FL | 2012 | 969 |  | 420 |  | 95% | 1,883 |  | 1.94 |  | 2,238 |  | 2.31 |
Camden Lee Vista | Orlando | FL | 2000 | 937 |  | 492 |  | 96% | 1,857 |  | 1.98 |  | 2,168 |  | 2.31 |
Camden North Quarter | Orlando | FL | 2016 | 806 |  | 333 |  | 97% | 1,870 |  | 2.32 |  | 2,061 |  | 2.56 |
Camden Orange Court | Orlando | FL | 2008 | 817 |  | 268 |  | 94% | 1,758 |  | 2.15 |  | 2,042 |  | 2.50 |
Camden Thornton Park | Orlando | FL | 2016 | 920 |  | 299 |  | 96% | 2,152 |  | 2.34 |  | 2,406 |  | 2.62 |
Camden Town Square | Orlando | FL | 2012 | 983 |  | 438 |  | 96% | 1,898 |  | 1.93 |  | 2,156 |  | 2.19 |
Camden Waterford Lakes | Orlando | FL | 2014 | 971 |  | 300 |  | 96% | 1,923 |  | 1.98 |  | 2,220 |  | 2.29 |
Camden World Gateway | Orlando | FL | 2000 | 979 |  | 408 |  | 96% | 1,868 |  | 1.91 |  | 2,129 |  | 2.17 |
Total Orlando | 11 |  | Properties | 944 |  | 3,954 |  | 96% | 1,942 |  | 2.06 |  | 2,225 |  | 2.36 |
Camden Bay | Tampa | FL | 1997/2001 | 943 |  | 760 |  | 97% | 1,900 |  | 2.01 |  | 2,244 |  | 2.38 |
Camden Central | St. Petersburg | FL | 2019 | 942 |  | 368 |  | 96% | 3,400 |  | 3.61 |  | 3,752 |  | 3.98 |
Camden Montague | Tampa | FL | 2012 | 972 |  | 192 |  | 97% | 1,890 |  | 1.94 |  | 2,231 |  | 2.29 |
Camden Pier District | St. Petersburg | FL | 2016 | 989 |  | 358 |  | 95% | 3,508 |  | 3.55 |  | 3,710 |  | 3.75 |
Camden Preserve | Tampa | FL | 1996 | 942 |  | 276 |  | 97% | 2,059 |  | 2.19 |  | 2,368 |  | 2.52 |
Camden Royal Palms | Brandon | FL | 2006 | 1,017 |  | 352 |  | 95% | 1,798 |  | 1.77 |  | 2,118 |  | 2.08 |
Camden Visconti | Tampa | FL | 2007 | 1,125 |  | 450 |  | 96% | 2,068 |  | 1.84 |  | 2,360 |  | 2.10 |
Camden Westchase Park | Tampa | FL | 2012 | 992 |  | 348 |  | 96% | 2,071 |  | 2.09 |  | 2,405 |  | 2.42 |
Total Tampa | 8 | Properties | 990 |  | 3,104 |  | 96% | 2,309 |  | 2.33 |  | 2,620 |  | 2.65 |
TOTAL FLORIDA | 28 | Properties | 995 |  | 10,108 |  | 96% | 2,270 |  | 2.28 |  | 2,575 |  | 2.59 |
Camden Brookwood | Atlanta | GA | 2002 | 916 |  | 359 |  | 95% | 1,773 |  | 1.93 |  | 2,069 |  | 2.26 |
Camden Buckhead | Atlanta | GA | 2022 | 1,087 |  | 366 |  | 88% | 2,593 |  | 2.39 |  | 2,699 |  | 2.48 |
Camden Buckhead Square | Atlanta | GA | 2015 | 827 |  | 250 |  | 95% | 1,851 |  | 2.24 |  | 1,962 |  | 2.37 |
Camden Creekstone | Atlanta | GA | 2002 | 990 |  | 223 |  | 94% | 1,750 |  | 1.77 |  | 1,962 |  | 1.98 |
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 |  | 292 |  | 99% | 1,909 |  | 1.61 |  | 2,197 |  | 1.85 |
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 |  | 324 |  | 93% | 1,781 |  | 1.77 |  | 2,054 |  | 2.04 |
Camden Fourth Ward | Atlanta | GA | 2014 | 844 |  | 276 |  | 96% | 2,068 |  | 2.45 |  | 2,399 |  | 2.84 |
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 |  | 296 |  | 96% | 1,825 |  | 1.95 |  | 2,160 |  | 2.31 |
Camden Paces | Atlanta | GA | 2015 | 1,408 |  | 379 |  | 95% | 2,985 |  | 2.12 |  | 3,322 |  | 2.36 |
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 |  | 399 |  | 96% | 1,771 |  | 1.72 |  | 2,095 |  | 2.04 |
Camden Phipps | Atlanta | GA | 1996 | 1,010 |  | 234 |  | 76% | 1,775 |  | 1.76 |  | 1,973 |  | 1.95 |
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 |  | 232 |  | 97% | 1,734 |  | 1.52 |  | 2,055 |  | 1.80 |
Camden St. Clair | Atlanta | GA | 1997 | 999 |  | 336 |  | 93% | 1,753 |  | 1.76 |  | 2,043 |  | 2.05 |
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 |  | 304 |  | 93% | 1,635 |  | 1.62 |  | 1,905 |  | 1.89 |
Camden Vantage | Atlanta | GA | 2010 | 901 |  | 592 |  | 95% | 1,764 |  | 1.96 |  | 1,972 |  | 2.19 |
TOTAL GEORGIA | 15 | Properties | 1,020 |  | 4,862 |  | 94% | 1,948 |  | 1.91 |  | 2,208 |  | 2.17 |
Camden Ballantyne | Charlotte | NC | 1998 | 1,048 |  | 400 |  | 97% | 1,720 |  | 1.64 |  | 2,004 |  | 1.91 |
Camden Cotton Mills | Charlotte | NC | 2002 | 905 |  | 180 |  | 96% | 1,777 |  | 1.96 |  | 2,072 |  | 2.29 |
Camden Dilworth | Charlotte | NC | 2006 | 857 |  | 145 |  | 95% | 1,855 |  | 2.17 |  | 2,111 |  | 2.46 |
Camden Fairview | Charlotte | NC | 1983 | 1,036 |  | 135 |  | 96% | 1,563 |  | 1.51 |  | 1,807 |  | 1.74 |
Camden Foxcroft | Charlotte | NC | 1979 | 940 |  | 156 |  | 94% | 1,438 |  | 1.53 |  | 1,703 |  | 1.81 |
Camden Foxcroft II | Charlotte | NC | 1985 | 874 |  | 100 |  | 94% | 1,549 |  | 1.77 |  | 1,843 |  | 2.11 |
Camden Gallery | Charlotte | NC | 2017 | 743 |  | 323 |  | 96% | 2,016 |  | 2.71 |  | 2,255 |  | 3.03 |
Camden Grandview | Charlotte | NC | 2000 | 1,059 |  | 266 |  | 95% | 2,174 |  | 2.05 |  | 2,453 |  | 2.32 |
Camden Grandview II | Charlotte | NC | 2019 | 2,241 |  | 28 |  | 88% | 4,196 |  | 1.87 |  | 4,443 |  | 1.98 |
Camden Sedgebrook | Charlotte | NC | 1999 | 972 |  | 368 |  | 96% | 1,572 |  | 1.62 |  | 1,875 |  | 1.93 |
Camden South End | Charlotte | NC | 2003 | 878 |  | 299 |  | 97% | 1,931 |  | 2.20 |  | 2,198 |  | 2.50 |
Camden Southline | Charlotte | NC | 2015 | 831 |  | 266 |  | 96% | 2,072 |  | 2.49 |  | 2,378 |  | 2.86 |
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 |  | 306 |  | 96% | 1,740 |  | 1.58 |  | 2,059 |  | 1.88 |
Camden Touchstone | Charlotte | NC | 1986 | 899 |  | 132 |  | 96% | 1,449 |  | 1.61 |  | 1,674 |  | 1.86 |
Total Charlotte | 14 | Properties | 954 |  | 3,104 |  | 96% | 1,818 |  | 1.91 |  | 2,096 |  | 2.20 |
Camden Asbury Village | Raleigh | NC | 2009 | 1,009 |  | 350 |  | 96% | 1,638 |  | 1.62 |  | 1,928 |  | 1.91 |
Camden Carolinian | Raleigh | NC | 2017 | 1,118 |  | 186 |  | 94% | 2,346 |  | 2.10 |  | 2,540 |  | 2.27 |
Camden Crest | Raleigh | NC | 2001 | 1,012 |  | 442 |  | 95% | 1,525 |  | 1.51 |  | 1,799 |  | 1.78 |
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 |  | 242 |  | 97% | 1,606 |  | 1.54 |  | 1,932 |  | 1.85 |
Camden Lake Pine | Apex | NC | 1999 | 1,066 |  | 446 |  | 95% | 1,615 |  | 1.52 |  | 1,926 |  | 1.81 |
Camden Manor Park | Raleigh | NC | 2006 | 966 |  | 484 |  | 95% | 1,566 |  | 1.62 |  | 1,857 |  | 1.92 |
Camden Overlook | Raleigh | NC | 2001 | 1,060 |  | 322 |  | 96% | 1,681 |  | 1.59 |  | 1,974 |  | 1.86 |
Camden Reunion Park | Apex | NC | 2000/2004 | 972 |  | 420 |  | 96% | 1,462 |  | 1.50 |  | 1,739 |  | 1.79 |
Camden Westwood | Morrisville | NC | 1999 | 1,022 |  | 360 |  | 96% | 1,559 |  | 1.53 |  | 1,837 |  | 1.80 |
Total Raleigh | 9 | Properties | 1,022 |  | 3,252 |  | 96% | 1,620 |  | 1.59 |  | 1,904 |  | 1.86 |
TOTAL NORTH CAROLINA | 23 | Properties | 988 |  | 6,356 |  | 96% | 1,717 |  | 1.74 |  | 1,998 |  | 2.02 |
Camden Franklin Park | Franklin | TN | 2018 | 967 |  | 328 |  | 96% | 2,061 |  | 2.13 |  | 2,229 |  | 2.30 |
Camden Music Row | Nashville | TN | 2016 | 903 |  | 430 |  | 95% | 2,522 |  | 2.79 |  | 2,699 |  | 2.99 |
TOTAL TENNESSEE | 2 | Properties | 931 |  | 758 |  | 95% | 2,323 |  | 2.49 |  | 2,495 |  | 2.68 |

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CAMDEN |  | COMMUNITY TABLE
|  | Community statistics as of 9/30/2023

(Unaudited) |  |  |  |  |  |  | 3Q23 Avg Monthly | 3Q23 Avg Monthly
|  |  | Year Placed | Average | Apartment | 3Q23 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 | Austin | TX | 2009 | 862 |  | 348 |  | 96% | $1,516 |  | $1.76 |  | $1,837 |  | $2.13 |
Camden Amber Oaks II | Austin | TX | 2012 | 910 |  | 244 |  | 96% | 1,615 |  | 1.77 |  | 1,965 |  | 2.16 |
Camden Brushy Creek | Cedar Park | TX | 2008 | 882 |  | 272 |  | 95% | 1,622 |  | 1.84 |  | 1,847 |  | 2.09 |
Camden Cedar Hills | Austin | TX | 2008 | 911 |  | 208 |  | 96% | 1,736 |  | 1.91 |  | 2,018 |  | 2.22 |
Camden Gaines Ranch | Austin | TX | 1997 | 955 |  | 390 |  | 95% | 1,914 |  | 2.00 |  | 2,231 |  | 2.34 |
Camden Huntingdon | Austin | TX | 1995 | 903 |  | 398 |  | 95% | 1,629 |  | 1.80 |  | 1,936 |  | 2.14 |
Camden La Frontera | Austin | TX | 2015 | 901 |  | 300 |  | 96% | 1,650 |  | 1.83 |  | 1,899 |  | 2.11 |
Camden Lamar Heights | Austin | TX | 2015 | 838 |  | 314 |  | 97% | 1,851 |  | 2.21 |  | 2,055 |  | 2.45 |
Camden Rainey Street | Austin | TX | 2016 | 873 |  | 326 |  | 81% | 2,279 |  | 2.61 |  | 2,610 |  | 2.99 |
Camden Shadow Brook | Austin | TX | 2009 | 909 |  | 496 |  | 95% | 1,538 |  | 1.69 |  | 1,799 |  | 1.98 |
Camden Stoneleigh | Austin | TX | 2001 | 908 |  | 390 |  | 95% | 1,698 |  | 1.87 |  | 1,989 |  | 2.19 |
Total Austin | 11 |  | Properties | 897 |  | 3,686 |  | 94% | 1,726 |  | 1.92 |  | 2,004 |  | 2.23 |
Camden Addison | Addison | TX | 1996 | 942 |  | 456 |  | 95% | 1,608 |  | 1.71 |  | 1,830 |  | 1.94 |
Camden Belmont | Dallas | TX | 2010/2012 | 946 |  | 477 |  | 95% | 1,834 |  | 1.94 |  | 2,115 |  | 2.24 |
Camden Buckingham | Richardson | TX | 1997 | 919 |  | 464 |  | 95% | 1,581 |  | 1.72 |  | 1,881 |  | 2.05 |
Camden Centreport | Ft. Worth | TX | 1997 | 912 |  | 268 |  | 96% | 1,527 |  | 1.67 |  | 1,812 |  | 1.99 |
Camden Cimarron | Irving | TX | 1992 | 772 |  | 286 |  | 97% | 1,573 |  | 2.04 |  | 1,798 |  | 2.33 |
Camden Design District | Dallas | TX | 2009 | 939 |  | 355 |  | 95% | 1,721 |  | 1.83 |  | 1,900 |  | 2.02 |
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 |  | 904 |  | 94% | 1,642 |  | 1.76 |  | 1,873 |  | 2.01 |
Camden Greenville | Dallas | TX | 2017/2018 | 1,028 |  | 558 |  | 96% | 2,045 |  | 1.99 |  | 2,210 |  | 2.15 |
Camden Henderson | Dallas | TX | 2012 | 966 |  | 106 |  | 95% | 1,954 |  | 2.02 |  | 2,229 |  | 2.31 |
Camden Legacy Creek | Plano | TX | 1995 | 831 |  | 240 |  | 96% | 1,685 |  | 2.03 |  | 1,994 |  | 2.40 |
Camden Legacy Park | Plano | TX | 1996 | 870 |  | 276 |  | 95% | 1,765 |  | 2.03 |  | 2,094 |  | 2.41 |
Camden Panther Creek | Frisco | TX | 2009 | 946 |  | 295 |  | 96% | 1,725 |  | 1.82 |  | 2,022 |  | 2.14 |
Camden Riverwalk | Grapevine | TX | 2008 | 989 |  | 600 |  | 96% | 1,890 |  | 1.91 |  | 2,182 |  | 2.21 |
Camden Valley Park | Irving | TX | 1986 | 743 |  | 516 |  | 96% | 1,435 |  | 1.93 |  | 1,707 |  | 2.30 |
Camden Victory Park | Dallas | TX | 2016 | 861 |  | 423 |  | 96% | 2,056 |  | 2.39 |  | 2,310 |  | 2.68 |
Total Dallas/Ft. Worth | 15 |  | Properties | 913 |  | 6,224 |  | 95% | 1,733 |  | 1.90 |  | 1,989 |  | 2.18 |
Camden City Centre | Houston | TX | 2007 | 932 |  | 379 |  | 95% | 1,618 |  | 1.74 |  | 1,917 |  | 2.06 |
Camden City Centre II | Houston | TX | 2013 | 869 |  | 268 |  | 96% | 1,585 |  | 1.82 |  | 1,877 |  | 2.16 |
Camden Cypress Creek | Cypress | TX | 2009 | 993 |  | 310 |  | 96% | 1,564 |  | 1.57 |  | 1,848 |  | 1.86 |
Camden Cypress Creek II | Cypress | TX | 2020 | 950 |  | 234 |  | 94% | 1,616 |  | 1.70 |  | 1,912 |  | 2.01 |
Camden Downs at Cinco Ranch | Katy | TX | 2004 | 1,075 |  | 318 |  | 97% | 1,624 |  | 1.51 |  | 1,914 |  | 1.78 |
Camden Downtown | Houston | TX | 2020 | 1,052 |  | 271 |  | 92% | 2,631 |  | 2.50 |  | 2,831 |  | 2.69 |
Camden Grand Harbor | Katy | TX | 2008 | 959 |  | 300 |  | 95% | 1,461 |  | 1.52 |  | 1,725 |  | 1.80 |
Camden Greenway | Houston | TX | 1999 | 861 |  | 756 |  | 96% | 1,523 |  | 1.77 |  | 1,814 |  | 2.11 |
Camden Heights | Houston | TX | 2004 | 927 |  | 352 |  | 97% | 1,667 |  | 1.80 |  | 1,969 |  | 2.12 |
Camden Highland Village | Houston | TX | 2014/2015 | 1,172 |  | 552 |  | 95% | 2,415 |  | 2.06 |  | 2,605 |  | 2.22 |
Camden Holly Springs | Houston | TX | 1999 | 934 |  | 548 |  | 95% | 1,460 |  | 1.56 |  | 1,728 |  | 1.85 |
Camden McGowen Station | Houston | TX | 2018 | 1,004 |  | 315 |  | 95% | 2,127 |  | 2.12 |  | 2,398 |  | 2.39 |
Camden Midtown | Houston | TX | 1999 | 844 |  | 337 |  | 95% | 1,585 |  | 1.88 |  | 1,900 |  | 2.25 |
Camden Northpointe | Tomball | TX | 2008 | 940 |  | 384 |  | 96% | 1,395 |  | 1.48 |  | 1,692 |  | 1.80 |
Camden Plaza | Houston | TX | 2007 | 915 |  | 271 |  | 95% | 1,744 |  | 1.91 |  | 2,071 |  | 2.26 |
Camden Post Oak | Houston | TX | 2003 | 1,200 |  | 356 |  | 96% | 2,580 |  | 2.15 |  | 2,906 |  | 2.42 |
Camden Royal Oaks | Houston | TX | 2006 | 923 |  | 236 |  | 97% | 1,500 |  | 1.62 |  | 1,593 |  | 1.72 |
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 |  | 104 |  | 98% | 1,723 |  | 1.63 |  | 1,789 |  | 1.70 |
Camden Spring Creek | Spring | TX | 2004 | 1,080 |  | 304 |  | 91% | 1,515 |  | 1.40 |  | 1,811 |  | 1.68 |
Camden Stonebridge | Houston | TX | 1993 | 845 |  | 204 |  | 95% | 1,298 |  | 1.54 |  | 1,570 |  | 1.86 |
Camden Sugar Grove | Stafford | TX | 1997 | 921 |  | 380 |  | 98% | 1,446 |  | 1.57 |  | 1,693 |  | 1.84 |
Camden Travis Street | Houston | TX | 2010 | 819 |  | 253 |  | 94% | 1,555 |  | 1.90 |  | 1,858 |  | 2.27 |
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 |  | 894 |  | 94% | 1,595 |  | 1.85 |  | 1,907 |  | 2.21 |
Camden Whispering Oaks | Houston | TX | 2008 | 936 |  | 274 |  | 95% | 1,475 |  | 1.58 |  | 1,738 |  | 1.86 |
Camden Woodson Park | Houston | TX | 2008 | 916 |  | 248 |  | 95% | 1,377 |  | 1.50 |  | 1,633 |  | 1.78 |
Camden Yorktown | Houston | TX | 2008 | 995 |  | 306 |  | 97% | 1,388 |  | 1.40 |  | 1,628 |  | 1.64 |
Total Houston | 26 |  | Properties | 956 |  | 9,154 |  | 95% | 1,679 |  | 1.76 |  | 1,951 |  | 2.04 |
TOTAL TEXAS | 52 |  | Properties | 931 |  | 19,064 |  | 95% | 1,706 |  | 1.83 |  | 1,973 |  | 2.12 |
TOTAL PROPERTIES | 172 |  | Properties | 961 |  | 58,961 |  | 95% | $1,999 |  | $2.08 |  | $2,287 |  | $2.38 |

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