CAMDEN PROPERTY TRUST (Form: 8-K, Received: 04/27/2023 16:36:00)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 27, 2023

CAMDEN PROPERTY TRUST

(Exact name of Registrant as Specified in Charter)


TX	1-12110	76-6088377
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

11 Greenway Plaza, Suite 2400, Houston, TX 77046

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (713) 354-2500

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par value	CPT	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 27, 2023, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three months ended March 31, 2023. This press release refers to supplemental financial information available on the Company’s website. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number			Title

99.1			Press Release issued by Camden Property Trust dated April 27, 2023
99.2			Supplemental Financial Information dated April 27, 2023
104			Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 27, 2023

CAMDEN PROPERTY TRUST

By: /s/ Michael P. Gallagher

Michael P. Gallagher

Senior Vice President - Chief Accounting Officer

CAMDEN PROPERTY TRUST ANNOUNCES FIRST QUARTER 2023 OPERATING RESULTS

Houston, Texas (April 27, 2023) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three months ended March 31, 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 months ended March 31, 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
	March 31,
Per Diluted Share	2023	2022
EPS	$0.39	$0.76
FFO	$1.66	$1.50
Core FFO	$1.66	$1.48
Core AFFO	$1.50	$1.35


	Quarterly Growth	Sequential Growth
Same Property Results	1Q23 vs. 1Q22	1Q23 vs. 4Q22
Revenues	8.0%	0.6%
Expenses	7.8%	6.8%
Net Operating Income ("NOI")	8.1%	(2.5)%


Same Property Results	1Q23	1Q22	4Q22
Occupancy	95.3%	97.0%	95.8%

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)	April 2023*	April 2022	1Q23	1Q22
Signed New Lease Rates	2.7%	14.8%	1.8%	15.5%
Signed Renewal Rates	5.9%	14.1%	6.7%	13.0%
Signed Blended Lease Rates	4.2%	14.5%	4.0%	14.2%
New Lease and Renewal Data - Date Effective (2)	April 2023*	April 2022	1Q23	1Q22
Effective New Lease Rates	1.6%	14.5%	1.7%	15.7%
Effective Renewal Rates	7.1%	13.0%	7.6%	13.9%
Effective Blended Lease Rates	3.9%	13.8%	4.5%	14.8%

*Data as of April 26, 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	April 2023*	April 2022	1Q23	1Q22
Occupancy	95.4%	96.8%	95.3%	97.0%
Annualized Gross Turnover	43%	46%	44%	42%
Annualized Net Turnover	34%	38%	36%	36%

*Data as of April 26, 2023

Development Activity

During the quarter, lease-up was completed at Camden Atlantic in Plantation, FL. Additionally, leasing began at Camden NoDa in Charlotte, NC and leasing continued at Camden Tempe II in Phoenix, AZ.

Development Communities - Construction Ongoing ($ in millions)


		Total	Total	% Leased
Community Name	Location	Homes	Estimated Cost	as of 4/26/2023
Camden Tempe II	Tempe, AZ	397	$115.0	73	%
Camden NoDa	Charlotte, NC	387	108.0	37	%
Camden Durham	Durham, NC	420	145.0
Camden Village District	Raleigh, NC	369	138.0
Camden Woodmill Creek	The Woodlands, TX	189	75.0
Camden Long Meadow Farms	Richmond, TX	188	80.0

Total		1,950	$661.0

Liquidity Analysis

As of March 31, 2023, Camden had approximately $1.1 billion of liquidity comprised of approximately $20.4 million in cash and cash equivalents, and nearly $1.1 billion of availability under its unsecured credit facility. At quarter-end, the Company had $267.7 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 second quarter 2023 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.


	2Q23	2023	2023 Midpoint
Per Diluted Share	Range	Range	Current	Prior	Change
EPS	$0.38 - $0.42	$1.57 - $1.81	$1.69	$1.68	$0.01
FFO	$1.66 - $1.70	$6.74 - $6.98	$6.86	$6.85	$0.01
Core FFO	$1.66 - $1.70	$6.74 - $6.98	$6.86







	2023
Updated Same Property Growth Guidance (1)	Range	Midpoint
Revenues	4.90% - 6.40%	5.65%
Expenses	6.35% - 7.35%	6.85%
NOI	3.75% - 6.25%	5.00%

(1) Revenue and expense guidance updated to 1) reflect our current expectations; and 2) adjust for the 2022 non-core amortization of net below market leases, severance charges, and casualty-related expenses previously included in operating results and impacting prior 2023 same store growth guidance.

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, April 28, 2023 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6444051

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 interests in and operates 172 properties containing 58,702 apartment homes across the United States. Upon completion of 6 properties currently under development, the Company’s portfolio will increase to 60,652 apartment homes in 178 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.



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

(Unaudited)


	Three Months Ended March 31,
	2023	2022
OPERATING DATA




Property revenues (a)	$378,163	$311,359

Property expenses
Property operating and maintenance	85,285	70,437
Real estate taxes	49,396	39,873
Total property expenses	134,681	110,310

Non-property income
Fee and asset management	578	2,450
Interest and other income	62	2,131
Income/(loss) on deferred compensation plans	5,912	(7,497)
Total non-property income/(loss)	6,552	(2,916)

Other expenses
Property management	8,297	7,214
Fee and asset management	413	1,175
General and administrative	15,356	14,790
Interest	32,843	24,542
Depreciation and amortization	142,444	113,138

Expense/(benefit) on deferred compensation plans	5,912	(7,497)
Total other expenses	205,265	153,362


Gain on sale of operating property	—	36,372


Equity in income of joint ventures	—	3,048
Income from continuing operations before income taxes	44,769	84,191
Income tax expense	(1,150)	(590)



Net income	43,619	83,601
Less income allocated to non-controlling interests	(1,702)	(2,856)
Net income attributable to common shareholders	$41,917	$80,745

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$43,619	$83,601
Other comprehensive income


Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	359	369
Comprehensive income	43,978	83,970
Less income allocated to non-controlling interests	(1,702)	(2,856)
Comprehensive income attributable to common shareholders	$42,276	$81,114

PER SHARE DATA

Total earnings per common share - basic	$0.39	$0.77
Total earnings per common share - diluted	0.39	0.76



Weighted average number of common shares outstanding:
Basic	108,568	105,336
Diluted	108,604	106,152

(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended March 31, 2023, we recognized $378.2 million of property revenue which consisted of approximately $337.2 million of rental revenue and approximately $41.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $311.4 million recognized for the three months ended March 31, 2022, made up of approximately $277.0 million of rental revenue and approximately $34.4 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 $8.3 million for the three months ended March 31, 2023 and 2022, respectively.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.



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

(Unaudited)


	Three Months Ended March 31,
	2023	2022
FUNDS FROM OPERATIONS

Net income attributable to common shareholders	$41,917	$80,745
Real estate depreciation and amortization	139,387	110,537

Adjustments for unconsolidated joint ventures	—	2,709
Income allocated to non-controlling interests	1,702	2,856
Gain on sale of operating property	—	(36,372)




Funds from operations	$183,006	$160,475

Plus: Casualty-related expenses, net of (recoveries)	(42)	—
Plus: Severance	—	896
Plus: Legal costs and settlements	84	—
Less: Net below market lease amortization	—	(861)
Less: Miscellaneous (income)/expense (a)	—	(1,877)
Core funds from operations	$183,048	$158,633

Less: recurring capitalized expenditures (b)	(17,579)	(14,251)

Core adjusted funds from operations	$165,469	$144,382

PER SHARE DATA
Funds from operations - diluted	$1.66	$1.50
Core funds from operations - diluted	1.66	1.48
Core adjusted funds from operations - diluted	1.50	1.35
Distributions declared per common share	1.00	0.94


Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted	110,201	107,025

PROPERTY DATA
Total operating properties (end of period) (c)	172	170
Total operating apartment homes in operating properties (end of period) (c)	58,702	58,055
Total operating apartment homes (weighted average)	58,837	50,935

(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.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.



CAMDEN						BALANCE SHEETS
						(In thousands)

(Unaudited)


	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022
ASSETS
Real estate assets, at cost
Land	$1,722,881	$1,716,273	$1,706,396	$1,695,118	$1,343,209
Buildings and improvements	10,778,795	10,674,619	10,574,820	10,440,037	8,651,674
	12,501,676	12,390,892	12,281,216	12,135,155	9,994,883
Accumulated depreciation	(3,987,438)	(3,848,111)	(3,709,487)	(3,572,764)	(3,436,969)
Net operating real estate assets	8,514,238	8,542,781	8,571,729	8,562,391	6,557,914
Properties under development, including land	515,134	524,981	529,076	581,844	488,100
Investments in joint ventures	—	—	—	—	13,181



Total real estate assets	9,029,372	9,067,762	9,100,805	9,144,235	7,059,195
Accounts receivable – affiliates	12,121	13,364	13,258	13,258	13,258
Other assets, net (a)	226,394	229,371	231,645	249,865	254,763

Cash and cash equivalents	20,419	10,687	62,027	72,095	1,129,716
Restricted cash	6,863	6,751	6,390	6,563	5,778
Total assets	$9,295,169	$9,327,935	$9,414,125	$9,486,016	$8,462,710



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured	$3,232,682	$3,165,924	$3,173,198	$3,222,252	$3,671,309
Secured	515,134	514,989	514,843	514,698	—
Accounts payable and accrued expenses	191,468	211,370	212,558	195,070	169,973
Accrued real estate taxes	48,084	95,551	125,210	86,952	36,988
Distributions payable	110,444	103,628	103,620	103,621	100,880
Other liabilities (b)	193,804	179,552	176,334	186,143	197,021
Total liabilities	4,291,616	4,271,014	4,305,763	4,308,736	4,176,171




Equity
Common shares of beneficial interest	1,156	1,156	1,156	1,156	1,127
Additional paid-in capital	5,903,437	5,897,454	5,893,623	5,890,792	5,396,267
Distributions in excess of net income attributable to common shareholders	(648,457)	(581,532)	(525,127)	(452,865)	(848,074)
Treasury shares	(321,431)	(328,684)	(329,027)	(328,975)	(329,521)
Accumulated other comprehensive loss (c)	(1,415)	(1,774)	(2,632)	(3,001)	(3,370)
Total common equity	4,933,290	4,986,620	5,037,993	5,107,107	4,216,429
Non-controlling interests	70,263	70,301	70,369	70,173	70,110
Total equity	5,003,553	5,056,921	5,108,362	5,177,280	4,286,539
Total liabilities and equity	$9,295,169	$9,327,935	$9,414,125	$9,486,016	$8,462,710





(a) Includes net deferred charges of:	$7,710	$8,413	$8,961	$307	$693



(b) Includes deferred revenues of:	$1,348	$304	$331	$358	$384

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.



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

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as 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, 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 March 31,
	2023	2022
Net income attributable to common shareholders	$41,917	$80,745
Real estate depreciation and amortization	139,387	110,537

Adjustments for unconsolidated joint ventures	—	2,709
Income allocated to non-controlling interests	1,702	2,856

Gain on sale of operating property	—	(36,372)


Funds from operations	$183,006	$160,475

Plus: Casualty-related expenses, net of (recoveries)	(42)	—
Plus: Severance	—	896
Plus: Legal costs and settlements	84	—
Less: Net below market lease amortization	—	(861)
Less: Miscellaneous (income)/expense (a)	—	(1,877)
Core funds from operations	$183,048	$158,633

Less: recurring capitalized expenditures	(17,579)	(14,251)

Core adjusted funds from operations	$165,469	$144,382

Weighted average number of common shares outstanding:
EPS diluted	108,604	106,152
FFO/Core FFO/ Core AFFO diluted	110,201	107,025

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



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

(Unaudited)

Reconciliation of FFO, Core FFO, and Core AFFO per share






























	Three Months Ended March 31,
	2023	2022
Total Earnings Per Common Share - Diluted	$0.39	$0.76
Real estate depreciation and amortization	1.26	1.02
Adjustments for unconsolidated joint ventures	—	0.03
Income allocated to non-controlling interests	0.01	0.03
Gain on sale of operating property	—	(0.34)


FFO per common share - Diluted	$1.66	$1.50

Plus: Severance	—	0.01
Less: Net below market lease amortization	—	(0.01)
Less: Miscellaneous income/expense	—	(0.02)
Core FFO per common share - Diluted	$1.66	$1.48

Less: recurring capitalized expenditures	(0.16)	(0.13)

Core AFFO per common share - Diluted	$1.50	$1.35

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:


	2Q23	Range	2023	Range
	Low	High	Low	High
Expected earnings per common share - diluted	$0.38	$0.42	$1.57	$1.81
Expected real estate depreciation and amortization	1.27	1.27	5.12	5.12

Expected income allocated to non-controlling interests	0.01	0.01	0.05	0.05




Expected FFO per share - diluted	$1.66	$1.70	$6.74	$6.98
Anticipated Adjustments to FFO	—	—	—	—
Expected Core FFO per share - diluted	$1.66	$1.70	$6.74	$6.98


Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.



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

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income 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 attributed to common shareholders to net operating income is provided below:


	Three months ended March 31,
	2023	2022
Net income	$43,619	$83,601
Less: Fee and asset management income	(578)	(2,450)
Less: Interest and other income	(62)	(2,131)
Less: Income/(loss) on deferred compensation plans	(5,912)	7,497
Plus: Property management expense	8,297	7,214
Plus: Fee and asset management expense	413	1,175
Plus: General and administrative expense	15,356	14,790
Plus: Interest expense	32,843	24,542
Plus: Depreciation and amortization expense	142,444	113,138

Plus: Expense/(benefit) on deferred compensation plans	5,912	(7,497)

Less: Gain on sale of operating property	—	(36,372)


Less: Equity in income of joint ventures	—	(3,048)
Plus: Income tax expense	1,150	590




NOI	$243,482	$201,049

"Same Property" Communities	$201,405	$186,398
Non-"Same Property" Communities	39,711	12,457
Development and Lease-Up Communities	852	—

Disposition/Other	1,514	2,194
NOI	$243,482	$201,049



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 results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:


	Three months ended March 31,
	2023	2022
Net income	$43,619	$83,601
Plus: Interest expense	32,843	24,542

Plus: Depreciation and amortization expense	142,444	113,138


Plus: Income tax expense	1,150	590


Less: Gain on sale of operating property	—	(36,372)



EBITDAre	$220,056	$185,499
Less: Equity in income of joint ventures	—	(3,048)

Adjusted EBITDAre	$220,056	$182,451
Annualized Adjusted EBITDAre	$880,224	$729,804

Net Debt to Annualized Adjusted EBITDAre

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

Net Debt:


	Average monthly balance for the
	Three months ended March 31,
	2023	2022
Unsecured notes payable	$3,269,763	$3,337,661
Secured notes payable	515,086	—
Total debt	3,784,849	3,337,661
Less: Cash and cash equivalents	(10,524)	(690,159)
Net debt	$3,774,325	$2,647,502

Net Debt to Annualized Adjusted EBITDAre:


	Three months ended March 31,
	2023	2022
Net debt	$3,774,325	$2,647,502
Annualized Adjusted EBITDAre	880,224	729,804
Net Debt to Annualized Adjusted EBITDAre	4.3x	3.6x



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" First Quarter Comparisons			11
"Same Property" Sequential Quarter Comparisons			12

"Same Property" Operating Expense Detail & Comparisons			13

Current Development Communities			14
Development Pipeline			15


Debt Analysis			16
Debt Maturity Analysis			17
Debt Covenant Analysis			18


Capitalized Expenditures & Maintenance Expense			19

Non-GAAP Financial Measures - Definitions & Reconciliations			20
Other Definitions			24
Other Data			25
Community Table			26

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.

CAMDEN PROPERTY TRUST ANNOUNCES FIRST QUARTER 2023 OPERATING RESULTS


	Three Months Ended
	March 31,
Per Diluted Share	2023	2022
EPS	$0.39	$0.76
FFO	$1.66	$1.50
Core FFO	$1.66	$1.48
Core AFFO	$1.50	$1.35


	Quarterly Growth	Sequential Growth
Same Property Results	1Q23 vs. 1Q22	1Q23 vs. 4Q22
Revenues	8.0%	0.6%
Expenses	7.8%	6.8%
Net Operating Income ("NOI")	8.1%	(2.5)%


Same Property Results	1Q23	1Q22	4Q22
Occupancy	95.3%	97.0%	95.8%

Operating Statistics - Same Property Portfolio


New Lease and Renewal Data - Date Signed (1)	April 2023*	April 2022	1Q23	1Q22
Signed New Lease Rates	2.7%	14.8%	1.8%	15.5%
Signed Renewal Rates	5.9%	14.1%	6.7%	13.0%
Signed Blended Lease Rates	4.2%	14.5%	4.0%	14.2%
New Lease and Renewal Data - Date Effective (2)	April 2023*	April 2022	1Q23	1Q22
Effective New Lease Rates	1.6%	14.5%	1.7%	15.7%
Effective Renewal Rates	7.1%	13.0%	7.6%	13.9%
Effective Blended Lease Rates	3.9%	13.8%	4.5%	14.8%

*Data as of April 26, 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	April 2023*	April 2022	1Q23	1Q22
Occupancy	95.4%	96.8%	95.3%	97.0%
Annualized Gross Turnover	43%	46%	44%	42%
Annualized Net Turnover	34%	38%	36%	36%

*Data as of April 26, 2023

Development Activity

During the quarter, lease-up was completed at Camden Atlantic in Plantation, FL. Additionally, leasing began at Camden NoDa in Charlotte, NC and leasing continued at Camden Tempe II in Phoenix, AZ.

Development Communities - Construction Ongoing ($ in millions)


		Total	Total	% Leased
Community Name	Location	Homes	Estimated Cost	as of 4/26/2023
Camden Tempe II	Tempe, AZ	397	$115.0	73	%
Camden NoDa	Charlotte, NC	387	108.0	37	%
Camden Durham	Durham, NC	420	145.0
Camden Village District	Raleigh, NC	369	138.0
Camden Woodmill Creek	The Woodlands, TX	189	75.0
Camden Long Meadow Farms	Richmond, TX	188	80.0

Total		1,950	$661.0

Liquidity Analysis

Earnings Guidance


	2Q23	2023	2023 Midpoint
Per Diluted Share	Range	Range	Current	Prior	Change
EPS	$0.38 - $0.42	$1.57 - $1.81	$1.69	$1.68	$0.01
FFO	$1.66 - $1.70	$6.74 - $6.98	$6.86	$6.85	$0.01
Core FFO	$1.66 - $1.70	$6.74 - $6.98	$6.86







	2023
Updated Same Property Growth Guidance (1)	Range	Midpoint
Revenues	4.90% - 6.40%	5.65%
Expenses	6.35% - 7.35%	6.85%
NOI	3.75% - 6.25%	5.00%

Conference Call

Friday, April 28, 2023 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 6444051

Webcast: https://investors.camdenliving.com

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

About Camden



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

(Unaudited)


	Three Months Ended March 31,
	2023		2022
Property revenues	$378,163		$311,359

Adjusted EBITDAre	220,056		182,451

Net income attributable to common shareholders	41,917		80,745
Per share - basic	0.39		0.77
Per share - diluted	0.39		0.76





Funds from operations	183,006		160,475
Per share - diluted	1.66		1.50

Core funds from operations	183,048		158,633
Per share - diluted	1.66		1.48

Core adjusted funds from operations	165,469		144,382
Per share - diluted	1.50		1.35

Dividends per share	1.00		0.94
Dividend payout ratio (FFO)	60.2	%	62.7	%


Interest expensed	32,843		24,542
Interest capitalized	4,969		3,994
Total interest incurred	37,812		28,536



Net Debt to Annualized Adjusted EBITDAre (a)	4.3x		3.6x
Interest expense coverage ratio	6.7x		7.4x
Total interest coverage ratio	5.8x		6.4x
Fixed charge expense coverage ratio	6.7x		7.4x
Total fixed charge coverage ratio	5.8x		6.4x
Unencumbered real estate assets (at cost) to unsecured debt ratio	3.4x		2.9x

Same property NOI growth (b) (c)	8.1	%	15.5	%
(# of apartment homes included)	48,137		46,544

Gross turnover of apartment homes (annualized)	44	%	42	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)	36	%	36	%

	As of March 31,
	2023		2022
Total assets	$9,295,169		$8,462,710
Total debt	$3,747,816		$3,671,309
Common and common equivalent shares, outstanding end of period (d)	110,248		107,193
Share price, end of period	$104.84		$166.20
Book equity value, end of period (e)	$5,003,553		$4,286,539
Market equity value, end of period (f)	$11,558,400		$17,815,477

(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 4 for quarter 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 March 31, 2023: 108,652 common shares, plus 1,596 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 22 - 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.



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

(Unaudited)


	Three Months Ended March 31,
	2023	2022
OPERATING DATA




Property revenues (a)	$378,163	$311,359

Property expenses
Property operating and maintenance	85,285	70,437
Real estate taxes	49,396	39,873
Total property expenses	134,681	110,310

Non-property income
Fee and asset management	578	2,450
Interest and other income	62	2,131
Income/(loss) on deferred compensation plans	5,912	(7,497)
Total non-property income/(loss)	6,552	(2,916)

Other expenses
Property management	8,297	7,214
Fee and asset management	413	1,175
General and administrative	15,356	14,790
Interest	32,843	24,542
Depreciation and amortization	142,444	113,138

Expense/(benefit) on deferred compensation plans	5,912	(7,497)
Total other expenses	205,265	153,362


Gain on sale of operating property	—	36,372


Equity in income of joint ventures	—	3,048
Income from continuing operations before income taxes	44,769	84,191
Income tax expense	(1,150)	(590)



Net income	43,619	83,601
Less income allocated to non-controlling interests	(1,702)	(2,856)
Net income attributable to common shareholders	$41,917	$80,745

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$43,619	$83,601
Other comprehensive income


Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	359	369
Comprehensive income	43,978	83,970
Less income allocated to non-controlling interests	(1,702)	(2,856)
Comprehensive income attributable to common shareholders	$42,276	$81,114

PER SHARE DATA

Total earnings per common share - basic	$0.39	$0.77
Total earnings per common share - diluted	0.39	0.76



Weighted average number of common shares outstanding:
Basic	108,568	105,336
Diluted	108,604	106,152

Note: Please refer to pages 22 - 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.



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

(Unaudited)


	Three Months Ended March 31,
	2023	2022
FUNDS FROM OPERATIONS

Net income attributable to common shareholders	$41,917	$80,745
Real estate depreciation and amortization	139,387	110,537

Adjustments for unconsolidated joint ventures	—	2,709
Income allocated to non-controlling interests	1,702	2,856
Gain on sale of operating property	—	(36,372)




Funds from operations	$183,006	$160,475



Plus: Casualty-related expenses, net of (recoveries)	(42)	—
Plus: Severance	—	896
Plus: Legal costs and settlements	84	—
Less: Net below market lease amortization	—	(861)
Less: Miscellaneous (income)/expense (a)	—	(1,877)
Core funds from operations	$183,048	$158,633

Less: recurring capitalized expenditures (b)	(17,579)	(14,251)

Core adjusted funds from operations	$165,469	$144,382

PER SHARE DATA
Funds from operations - diluted	$1.66	$1.50
Core funds from operations - diluted	1.66	1.48
Core adjusted funds from operations - diluted	1.50	1.35
Distributions declared per common share	1.00	0.94


Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted	110,201	107,025

PROPERTY DATA
Total operating properties (end of period) (c)	172	170
Total operating apartment homes in operating properties (end of period) (c)	58,702	58,055
Total operating apartment homes (weighted average)	58,837	50,935

(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.

Note: Please refer to pages 22 - 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.



CAMDEN						BALANCE SHEETS
						(In thousands)

(Unaudited)


	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022
ASSETS
Real estate assets, at cost
Land	$1,722,881	$1,716,273	$1,706,396	$1,695,118	$1,343,209
Buildings and improvements	10,778,795	10,674,619	10,574,820	10,440,037	8,651,674
	12,501,676	12,390,892	12,281,216	12,135,155	9,994,883
Accumulated depreciation	(3,987,438)	(3,848,111)	(3,709,487)	(3,572,764)	(3,436,969)
Net operating real estate assets	8,514,238	8,542,781	8,571,729	8,562,391	6,557,914
Properties under development, including land	515,134	524,981	529,076	581,844	488,100
Investments in joint ventures	—	—	—	—	13,181



Total real estate assets	9,029,372	9,067,762	9,100,805	9,144,235	7,059,195
Accounts receivable – affiliates	12,121	13,364	13,258	13,258	13,258
Other assets, net (a)	226,394	229,371	231,645	249,865	254,763

Cash and cash equivalents	20,419	10,687	62,027	72,095	1,129,716
Restricted cash	6,863	6,751	6,390	6,563	5,778
Total assets	$9,295,169	$9,327,935	$9,414,125	$9,486,016	$8,462,710



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured	$3,232,682	$3,165,924	$3,173,198	$3,222,252	$3,671,309
Secured	515,134	514,989	514,843	514,698	—
Accounts payable and accrued expenses	191,468	211,370	212,558	195,070	169,973
Accrued real estate taxes	48,084	95,551	125,210	86,952	36,988
Distributions payable	110,444	103,628	103,620	103,621	100,880
Other liabilities (b)	193,804	179,552	176,334	186,143	197,021
Total liabilities	4,291,616	4,271,014	4,305,763	4,308,736	4,176,171




Equity
Common shares of beneficial interest	1,156	1,156	1,156	1,156	1,127
Additional paid-in capital	5,903,437	5,897,454	5,893,623	5,890,792	5,396,267
Distributions in excess of net income attributable to common shareholders	(648,457)	(581,532)	(525,127)	(452,865)	(848,074)
Treasury shares	(321,431)	(328,684)	(329,027)	(328,975)	(329,521)
Accumulated other comprehensive loss (c)	(1,415)	(1,774)	(2,632)	(3,001)	(3,370)
Total common equity	4,933,290	4,986,620	5,037,993	5,107,107	4,216,429
Non-controlling interests	70,263	70,301	70,369	70,173	70,110
Total equity	5,003,553	5,056,921	5,108,362	5,177,280	4,286,539
Total liabilities and equity	$9,295,169	$9,327,935	$9,414,125	$9,486,016	$8,462,710





(a) Includes net deferred charges of:	$7,710	$8,413	$8,961	$307	$693



(b) Includes deferred revenues of:	$1,348	$304	$331	$358	$384

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.



CAMDEN						PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT MARCH 31, 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	808	—	—	2,663
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	10,565	—	1,950	60,652

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


FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION					WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c)


	"Same Property" Communities		Operating Communities (b)			Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
D.C. Metro (a)	14.4	%	12.6	%		96.1	%	96.4	%	96.9	%	97.0	%	97.0	%
Houston, TX	9.2	%	10.8	%		94.3	%	95.1	%	95.9	%	96.0	%	96.0	%
Atlanta, GA	7.9	%	8.2	%		93.1	%	94.7	%	96.1	%	96.3	%	96.4	%
Dallas, TX	7.8	%	8.2	%		95.0	%	95.7	%	96.6	%	96.9	%	97.2	%
Phoenix, AZ	9.8	%	8.1	%		94.7	%	95.1	%	95.0	%	95.3	%	96.3	%
SE Florida	6.4	%	6.9	%		96.4	%	96.2	%	96.6	%	97.6	%	97.9	%
Orlando, FL	6.3	%	6.4	%		96.1	%	96.2	%	97.2	%	98.0	%	97.8	%
Los Angeles/Orange County, CA	5.0	%	6.3	%		95.2	%	96.0	%	97.2	%	97.6	%	97.8	%
Tampa, FL	6.5	%	6.2	%		96.6	%	96.7	%	97.3	%	97.9	%	97.5	%
Denver, CO	6.8	%	5.6	%		95.8	%	96.1	%	96.6	%	96.8	%	96.5	%
Charlotte, NC	5.7	%	5.3	%		94.8	%	95.8	%	96.6	%	96.6	%	96.8	%
Raleigh, NC	4.7	%	5.0	%		95.1	%	95.7	%	96.0	%	96.3	%	96.7	%
Austin, TX	3.2	%	4.8	%		94.4	%	95.5	%	96.4	%	96.9	%	97.3	%
San Diego/Inland Empire, CA	4.6	%	4.1	%		95.3	%	96.1	%	97.2	%	97.7	%	98.0	%
Nashville, TN	1.7	%	1.5	%		96.8	%	96.9	%	97.1	%	96.6	%	96.6	%
Total Portfolio	100.0	%	100.0	%		95.1	%	95.7	%	96.5	%	96.8	%	96.9	%

(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.



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

(Unaudited)


	Apartment	Three Months Ended March 31,
Property Revenues	Homes	2023	2022	Change
"Same Property" Communities (a)	48,137	$310,126	$287,206	$22,920
Non-"Same Property" Communities (b)	10,565	64,109	19,584	44,525
Development and Lease-Up Communities (c)	1,950	1,344	—	1,344

Disposition/Other (d)	—	2,584	4,569	(1,985)
Total Property Revenues	60,652	$378,163	$311,359	$66,804

Property Expenses
"Same Property" Communities (a)	48,137	$108,721	$100,808	$7,913
Non-"Same Property" Communities (b)	10,565	24,398	7,127	17,271
Development and Lease-Up Communities (c)	1,950	492	—	492

Disposition/Other (d)	—	1,070	2,375	(1,305)
Total Property Expenses	60,652	$134,681	$110,310	$24,371

Property Net Operating Income
"Same Property" Communities (a)	48,137	$201,405	$186,398	$15,007
Non-"Same Property" Communities (b)	10,565	39,711	12,457	27,254
Development and Lease-Up Communities (c)	1,950	852	—	852

Disposition/Other (d)	—	1,514	2,194	(680)
Total Property Net Operating Income	60,652	$243,482	$201,049	$42,433

(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.



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

(Unaudited)


		Three Months Ended
	Apartment	March 31,	December 31,	September 30,	June 30,	March 31,
Property Revenues	Homes	2023	2022	2022	2022	2022
"Same Property" Communities (a)	48,137	$310,126	$308,336	$305,850	$296,727	$287,206
Non-"Same Property" Communities (b)	10,565	64,109	63,401	61,568	59,019	19,584
Development and Lease-Up Communities (c)	1,950	1,344	872	400	21	—

Disposition/Other (d)	—	2,584	3,300	5,954	5,949	4,569
Total Property Revenues	60,652	$378,163	$375,909	$373,772	$361,716	$311,359

Property Expenses
"Same Property" Communities (a)	48,137	$108,721	$101,769	$106,395	$103,662	$100,808
Non-"Same Property" Communities (b)	10,565	24,398	23,320	23,814	22,875	7,127
Development and Lease-Up Communities (c)	1,950	492	296	156	12	—

Disposition/Other (d)	—	1,070	1,744	2,466	1,262	2,375
Total Property Expenses	60,652	$134,681	$127,129	$132,831	$127,811	$110,310

Property Net Operating Income
"Same Property" Communities (a)	48,137	$201,405	$206,567	$199,455	$193,065	$186,398
Non-"Same Property" Communities (b)	10,565	39,711	40,081	37,754	36,144	12,457
Development and Lease-Up Communities (c)	1,950	852	576	244	9	—

Disposition/Other (d)	—	1,514	1,556	3,488	4,687	2,194
Total Property Net Operating Income	60,652	$243,482	$248,780	$240,941	$233,905	$201,049

(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.




CAMDEN						"SAME PROPERTY"
						FIRST QUARTER COMPARISONS
						March 31, 2023
						(In thousands, except property data amounts)

(Unaudited)


	Apartment
	Homes	Revenues				Expenses				NOI
Quarterly Results (a)(b)	Included	1Q23	1Q22	Growth		1Q23	1Q22	Growth		1Q23	1Q22	Growth
D.C. Metro	5,911	$42,105	$39,444	6.7	%	$13,196	$12,661	4.2	%	$28,909	$26,783	7.9	%
Phoenix, AZ	4,029	26,719	24,959	7.1	%	7,057	6,408	10.1	%	19,662	18,551	6.0	%
Houston, TX	6,398	35,534	34,130	4.1	%	17,045	15,567	9.5	%	18,489	18,563	(0.4)	%
Atlanta, GA	3,970	24,010	23,254	3.3	%	8,186	7,532	8.7	%	15,824	15,722	0.6	%
Dallas, TX	4,974	27,512	25,303	8.7	%	11,768	11,216	4.9	%	15,744	14,087	11.8	%
Denver, CO	2,873	19,627	17,951	9.3	%	5,922	5,408	9.5	%	13,705	12,543	9.3	%
SE Florida	2,376	20,094	17,780	13.0	%	6,910	6,019	14.8	%	13,184	11,761	12.1	%
Tampa, FL	2,654	20,084	17,662	13.7	%	7,031	6,533	7.6	%	13,053	11,129	17.3	%
Orlando, FL	3,294	20,135	17,710	13.7	%	7,499	6,506	15.3	%	12,636	11,204	12.8	%
Charlotte, NC	2,838	16,215	14,774	9.8	%	4,827	4,544	6.2	%	11,388	10,230	11.3	%
Los Angeles/Orange County, CA	1,855	14,737	14,391	2.4	%	4,502	4,736	(4.9)	%	10,235	9,655	6.0	%
Raleigh, NC	2,542	13,487	12,352	9.2	%	4,038	3,937	2.6	%	9,449	8,415	12.3	%
San Diego/Inland Empire, CA	1,665	13,152	12,303	6.9	%	3,968	3,553	11.7	%	9,184	8,750	5.0	%
Austin, TX	2,000	11,412	10,423	9.5	%	4,964	4,417	12.4	%	6,448	6,006	7.4	%
Nashville, TN	758	5,303	4,770	11.2	%	1,808	1,771	2.1	%	3,495	2,999	16.5	%

Total Same Property	48,137	$310,126	$287,206	8.0	%	$108,721	$100,808	7.8	%	$201,405	$186,398	8.1	%


									Weighted Average Monthly				Weighted Average Monthly
	% of NOI		Average Occupancy (a)						Rental Rate (c)				Revenue per Occupied Home (d)
Quarterly Results (b)	Contribution		1Q23		1Q22		Growth		1Q23	1Q22	Growth		1Q23	1Q22	Growth
D.C. Metro	14.4	%	96.2	%	97.2	%	(1.0)	%	$2,158	$1,992	8.3	%	$2,468	$2,291	7.7	%
Phoenix, AZ	9.8	%	94.7	%	96.3	%	(1.6)	%	1,987	1,829	8.6	%	2,334	2,146	8.7	%
Houston, TX	9.2	%	94.1	%	95.8	%	(1.7)	%	1,719	1,616	6.4	%	1,967	1,858	5.8	%
Atlanta, GA	7.9	%	94.3	%	97.0	%	(2.7)	%	1,887	1,739	8.5	%	2,138	2,016	6.0	%
Dallas, TX	7.8	%	94.7	%	97.1	%	(2.4)	%	1,692	1,511	12.0	%	1,947	1,752	11.1	%
Denver, CO	6.8	%	95.8	%	96.5	%	(0.7)	%	2,037	1,855	9.8	%	2,377	2,160	10.0	%
SE Florida	6.4	%	96.3	%	97.9	%	(1.6)	%	2,583	2,219	16.4	%	2,928	2,554	14.6	%
Tampa, FL	6.5	%	96.8	%	97.6	%	(0.8)	%	2,307	1,998	15.5	%	2,605	2,274	14.5	%
Orlando, FL	6.3	%	96.3	%	97.9	%	(1.6)	%	1,843	1,587	16.1	%	2,115	1,834	15.3	%
Charlotte, NC	5.7	%	95.1	%	96.8	%	(1.7)	%	1,747	1,542	13.3	%	2,001	1,792	11.5	%
Los Angeles/Orange County, CA	5.0	%	95.5	%	97.7	%	(2.2)	%	2,705	2,499	8.2	%	2,774	2,651	4.6	%
Raleigh, NC	4.7	%	94.7	%	97.2	%	(2.5)	%	1,591	1,419	12.1	%	1,868	1,672	11.7	%
San Diego/Inland Empire, CA	4.6	%	95.3	%	98.0	%	(2.7)	%	2,541	2,288	11.1	%	2,758	2,515	9.6	%
Austin, TX	3.2	%	95.0	%	97.3	%	(2.3)	%	1,730	1,538	12.5	%	2,003	1,791	11.8	%
Nashville, TN	1.7	%	96.8	%	96.6	%	0.2	%	2,271	2,071	9.7	%	2,409	2,171	11.0	%

Total Same Property	100.0	%	95.3	%	97.0	%	(1.7)	%	$1,979	$1,788	10.7	%	$2,252	$2,053	9.7	%

(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.



CAMDEN						"SAME PROPERTY"
						SEQUENTIAL QUARTER COMPARISONS
						March 31, 2023
						(In thousands, except property data amounts)

(Unaudited)


	Apartment
	Homes	Revenues				Expenses				NOI
Quarterly Results (a)(b)	Included	1Q23	4Q22	Growth		1Q23	4Q22	Growth		1Q23	4Q22	Growth
D.C. Metro	5,911	$42,105	$41,925	0.4	%	$13,196	$13,014	1.4	%	$28,909	$28,911	0.0	%
Phoenix, AZ	4,029	26,719	26,583	0.5	%	7,057	6,495	8.7	%	19,662	20,088	(2.1)	%
Houston, TX	6,398	35,534	35,477	0.2	%	17,045	14,536	17.3	%	18,489	20,941	(11.7)	%
Atlanta, GA	3,970	24,010	24,460	(1.8)	%	8,186	8,372	(2.2)	%	15,824	16,088	(1.6)	%
Dallas, TX	4,974	27,512	27,420	0.3	%	11,768	11,250	4.6	%	15,744	16,170	(2.6)	%
Denver, CO	2,873	19,627	19,475	0.8	%	5,922	5,254	12.7	%	13,705	14,221	(3.6)	%
SE Florida	2,376	20,094	19,681	2.1	%	6,910	6,671	3.6	%	13,184	13,010	1.3	%
Tampa, FL	2,654	20,084	19,851	1.2	%	7,031	6,210	13.2	%	13,053	13,641	(4.3)	%
Orlando, FL	3,294	20,135	19,712	2.1	%	7,499	7,102	5.6	%	12,636	12,610	0.2	%
Charlotte, NC	2,838	16,215	16,244	(0.2)	%	4,827	4,588	5.2	%	11,388	11,656	(2.3)	%
Los Angeles/Orange County, CA	1,855	14,737	14,568	1.2	%	4,502	4,501	0.0	%	10,235	10,067	1.7	%
Raleigh, NC	2,542	13,487	13,504	(0.1)	%	4,038	3,816	5.8	%	9,449	9,688	(2.5)	%
San Diego/Inland Empire, CA	1,665	13,152	12,810	2.7	%	3,968	3,699	7.3	%	9,184	9,111	0.8	%
Austin, TX	2,000	11,412	11,387	0.2	%	4,964	4,538	9.4	%	6,448	6,849	(5.9)	%
Nashville, TN	758	5,303	5,239	1.2	%	1,808	1,723	4.9	%	3,495	3,516	(0.6)	%

Total Same Property	48,137	$310,126	$308,336	0.6	%	$108,721	$101,769	6.8	%	$201,405	$206,567	(2.5)	%


									Weighted Average Monthly				Weighted Average Monthly
	% of NOI		Average Occupancy (a)						Rental Rate (c)				Revenue per Occupied Home (d)
Quarterly Results (b)	Contribution		1Q23		4Q22		Growth		1Q23	4Q22	Growth		1Q23	4Q22	Growth
D.C. Metro	14.4	%	96.2	%	96.5	%	(0.3)	%	$2,158	$2,143	0.7	%	$2,468	$2,450	0.7	%
Phoenix, AZ	9.8	%	94.7	%	95.1	%	(0.4)	%	1,987	1,980	0.4	%	2,334	2,312	0.9	%
Houston, TX	9.2	%	94.1	%	95.0	%	(0.9)	%	1,719	1,708	0.6	%	1,967	1,946	1.1	%
Atlanta, GA	7.9	%	94.3	%	95.4	%	(1.1)	%	1,887	1,886	0.1	%	2,138	2,152	(0.7)	%
Dallas, TX	7.8	%	94.7	%	95.4	%	(0.7)	%	1,692	1,684	0.5	%	1,947	1,927	1.0	%
Denver, CO	6.8	%	95.8	%	96.1	%	(0.3)	%	2,037	2,026	0.5	%	2,377	2,351	1.1	%
SE Florida	6.4	%	96.3	%	96.2	%	0.1	%	2,583	2,546	1.5	%	2,928	2,869	2.0	%
Tampa, FL	6.5	%	96.8	%	96.7	%	0.1	%	2,307	2,279	1.2	%	2,605	2,577	1.1	%
Orlando, FL	6.3	%	96.3	%	96.4	%	(0.1)	%	1,843	1,817	1.4	%	2,115	2,069	2.2	%
Charlotte, NC	5.7	%	95.1	%	95.8	%	(0.7)	%	1,747	1,736	0.6	%	2,001	1,992	0.5	%
Los Angeles/Orange County, CA	5.0	%	95.5	%	96.2	%	(0.7)	%	2,705	2,682	0.9	%	2,774	2,721	1.9	%
Raleigh, NC	4.7	%	94.7	%	95.7	%	(1.0)	%	1,591	1,583	0.5	%	1,868	1,851	0.9	%
San Diego/Inland Empire, CA	4.6	%	95.3	%	96.2	%	(0.9)	%	2,541	2,496	1.8	%	2,758	2,664	3.6	%
Austin, TX	3.2	%	95.0	%	95.8	%	(0.8)	%	1,730	1,717	0.8	%	2,003	1,982	1.0	%
Nashville, TN	1.7	%	96.8	%	96.9	%	(0.1)	%	2,271	2,247	1.1	%	2,409	2,378	1.3	%

Total Same Property	100.0	%	95.3	%	95.8	%	(0.5)	%	$1,979	$1,964	0.8	%	$2,252	$2,227	1.1	%

(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.



CAMDEN						"SAME PROPERTY" OPERATING EXPENSE
						DETAIL AND COMPARISONS
						March 31, 2023
						(In thousands)

(Unaudited)


						% of Actual
						1Q23 Operating
Quarterly Comparison (a) (b)	1Q23	1Q22	$ Change	% Change		Expenses

Property taxes	$39,443	$36,739	$2,704	7.4	%	36.3	%
Salaries and Benefits for On-site Employees	17,763	19,617	(1,854)	(9.5)	%	16.3	%
Utilities	21,219	20,018	1,201	6.0	%	19.5	%
Repairs and Maintenance	13,686	12,105	1,581	13.1	%	12.6	%
Property Insurance	7,942	5,186	2,756	53.1	%	7.3	%
General and Administrative	6,059	4,670	1,389	29.7	%	5.6	%
Marketing and Leasing	1,585	1,497	88	5.9	%	1.5	%
Other	1,024	976	48	4.9	%	0.9	%

Total Same Property	$108,721	$100,808	$7,913	7.8	%	100.0	%


						% of Actual
						1Q23 Operating
Sequential Comparison (a) (b)	1Q23	4Q22	$ Change	% Change		Expenses

Property taxes	$39,443	$36,567	$2,876	7.9	%	36.3	%
Salaries and Benefits for On-site Employees	17,763	18,413	(650)	(3.5)	%	16.3	%
Utilities	21,219	20,794	425	2.0	%	19.5	%
Repairs and Maintenance	13,686	12,286	1,400	11.4	%	12.6	%
Property Insurance	7,942	5,806	2,136	36.8	%	7.3	%
General and Administrative	6,059	5,567	492	8.8	%	5.6	%
Marketing and Leasing	1,585	1,378	207	15.0	%	1.5	%
Other	1,024	958	66	6.9	%	0.9	%

Total Same Property	$108,721	$101,769	$6,952	6.8	%	100.0	%



CAMDEN						CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF MARCH 31, 2023 ($ in millions)












						Estimated/Actual Dates for
		Total	Total	Cost to	Amount	Construction	Initial	Construction	Stabilized	As of 4/26/2023
Development Communities		Homes	Estimated Cost	Date	in CIP	Start	Occupancy	Completion	Operations	% Leased	% Occupied
1.	Camden Tempe II	397	$115.0	$104.4	$16.7	3Q20	2Q22	3Q23	2Q24	73%	64%
	Tempe, AZ
2.	Camden NoDa	387	108.0	101.6	66.1	3Q20	1Q23	4Q23	1Q25	37%	15%
	Charlotte, NC
3.	Camden Durham	420	145.0	95.7	95.7	1Q21	3Q23	2Q24	4Q25
	Durham, NC
4.	Camden Village District	369	138.0	45.4	45.4	2Q22	3Q24	2Q25	4Q26
	Raleigh, NC
5.	Camden Woodmill Creek	189	75.0	28.9	28.9	3Q22	3Q23	3Q24	4Q24
	The Woodlands, TX
6.	Camden Long Meadow Farms	188	80.0	17.3	17.3	3Q22	4Q23	3Q24	4Q24
	Richmond, TX




Total Development Communities		1,950	$661.0	$393.3	$270.1					55%	40%

Additional Development Pipeline and Land(a)					245.0

Total Properties Under Development and Land (per Balance Sheet)					$515.1

NOI Contribution from Development Communities ($ in millions)								Cost to Date	1Q23 NOI
Communities that Stabilized During Quarter								$101.4	$0.8

Development Communities in Lease-Up								206.0	0.9
Total Development Communities NOI Contribution								$307.4	$1.7

(a) Please refer to the Development Pipeline Summary on page 17.

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



CAMDEN						DEVELOPMENT PIPELINE

(Unaudited)

AS OF MARCH 31, 2023 ($ in millions)


		Projected	Total
PIPELINE COMMUNITIES		Homes	Estimated Cost (a)	Cost to Date

1.	Camden Blakeney	349	$120.0	$22.7
	Charlotte, NC
2.	Camden South Charlotte	420	135.0	25.7
	Charlotte, NC
3.	Camden Nations	393	175.0	35.1
	Nashville, TN
4.	Camden Baker	435	165.0	30.3
	Denver, CO
5.	Camden Paces III	350	100.0	21.0
	Atlanta, GA
6.	Camden Highland Village II	300	100.0	9.9
	Houston, TX
7.	Camden Arts District	354	150.0	41.7
	Los Angeles, CA
8.	Camden Gulch	480	260.0	44.9
	Nashville, TN
9.	Camden Downtown II	271	145.0	13.7
	Houston, TX






Development Pipeline		3,352	$1,350.0	$245.0

(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.



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

(Unaudited)

DEBT MATURITIES AS OF MARCH 31, 2023:


	Future Scheduled Repayments (a)
Year	Amortization	Secured Maturities		Unsecured Maturities	Total	% of Total		Weighted Average Interest Rate on Maturing Debt (b)

2023	($2,464)	$—		$250,000	$247,536	6.6	%	5.1	%
2024	(2,663)	19,122		540,000	556,459	14.8	%	4.2	%
2025(c)	(2,211)	—		300,000	297,789	7.9	%	5.7	%
2026	(2,015)	190,885		—	188,870	5.0	%	6.4	%
2027	(1,960)	174,900		—	172,940	4.6	%	3.9	%



Thereafter	(5,803)	132,025		2,050,000	2,176,222	58.2	%	3.4	%
Total Maturing Debt	($17,116)	$516,932		$3,140,000	$3,639,816	97.1	%	4.0	%

Unsecured Line of Credit	$—	$—		$108,000	$108,000	2.9	%	5.6	%

Total Debt	($17,116)	$516,932		$3,248,000	$3,747,816	100.0	%	4.1	%

Weighted Average Maturity of Debt		6.1 Years

				Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance	% of Total		Interest Rate (b)	Time to Maturity
Floating rate debt	$633,048	16.9	%	6.0%	2.9 Years
Fixed rate debt	3,114,768	83.1	%	3.7%	6.8 Years
Total	$3,747,816	100.0	%	4.1%	6.1 Years

				Weighted Average
SECURED vs. UNSECURED DEBT:	Balance	% of Total		Interest Rate (b)	Time to Maturity
Unsecured debt	$3,232,682	86.3	%	4.0%	6.5 Years
Secured debt	515,134	13.7	%	4.9%	3.9 Years
Total	$3,747,816	100.0	%	4.1%	6.1 Years









REAL ESTATE ASSETS: (d)	Total Homes	% of Total		Total Cost	% of Total	1Q23 NOI		% of Total
Unencumbered real estate assets	53,405	88.1	%	$10,931,127	84.0%	$219,741		90.2	%
Encumbered real estate assets	7,247	11.9	%	2,085,683	16.0%	23,741		9.8	%
Total	60,652	100.0	%	$13,016,810	100.0%	$243,482		100.0	%

		Ratio of unencumbered assets at cost to unsecured debt is						3.4x

(a) Includes all available extension options.

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

(d) Real estate assets include communities under development and properties held for sale.



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

2Q 2023	($880)	$—	$250,000	$249,120	5.1	%
3Q 2023	(791)	—	—	(791)	N/A
4Q 2023	(793)	—	—	(793)	N/A
2023	($2,464)	$—	$250,000	$247,536	5.1	%

1Q 2024	($730)	$—	$250,000	$249,270	4.4	%
2Q 2024	(724)	19,122	—	18,398	7.0	%
3Q 2024	(657)	—	290,000	289,343	4.0	%
4Q 2024	(552)	—	—	(552)	N/A
2024	($2,663)	$19,122	$540,000	$556,459	4.2	%



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%

Yes

Consolidated Adjusted EBITDAre to Total Fixed Charges

150%

540%

Yes

Unsecured Debt to Gross Asset Value

60%

21%

Yes

SENIOR UNSECURED NOTES

Covenant (a)

Required

Actual (b)

Compliance

Total Consolidated Debt to Total Asset Value

60%

28%

Yes

Total Secured Debt to Total Asset Value

40%

Yes

Total Unencumbered Asset Value to Total Unsecured Debt

150%

346%

Yes

Consolidated Income Available for Debt Service to Total Annual Service Charges

150%

574%

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.



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

(Unaudited)


	First Quarter 2023
	Recurring Capitalized				Expensed
Item	Weighted Average Useful Life (a)		Total	Per Unit	Total	Per Unit
Interiors
Floor Coverings	6	years	$2,867	$49	$350	$6
Appliances	10	years	1,731	30	423	7
Painting	—		—	—	1,775	30
Cabinetry/Countertops	10	years	116	2	—	—
Other	8	years	2,835	48	1,237	21
Exteriors
Painting	5	years	22	—	—	—
Carpentry	10	years	319	5	—	—
Landscaping	6	years	394	7	3,275	56
Roofing	18	years	562	10	252	4
Site Drainage	10	years	229	4	—	—
Fencing/Stair	10	years	305	5	—	—
Other (b)	9	years	3,112	53	6,213	106
Common Areas
Mech., Elec., Plumbing	10	years	3,642	62	2,774	47
Parking/Paving	5	years	130	2	—	—
Pool/Exercise/Facility	6	years	1,315	22	436	7

Total Recurring (c)			$17,579	$299	$16,735	$284
Weighted Average Apartment Homes				58,837		58,837

Non-recurring & revenue enhancing capitalized expenditures (d)			$573

Reposition Expenditures (e)	10	years	$21,955	$36,776
Repositioned Apartment Homes				597

(a) Weighted average useful life of capitalized expenses for the three months ended March 31, 2023.

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

(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 months ended March 31, 2023 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.



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

(Unaudited)

FFO

Core FFO

Core Adjusted FFO


	Three Months Ended March 31,
	2023	2022
Net income attributable to common shareholders	$41,917	$80,745
Real estate depreciation and amortization	139,387	110,537

Adjustments for unconsolidated joint ventures	—	2,709
Income allocated to non-controlling interests	1,702	2,856

Gain on sale of operating property	—	(36,372)


Funds from operations	$183,006	$160,475

Plus: Casualty-related expenses, net of (recoveries)	(42)	—
Plus: Severance	—	896
Plus: Legal costs and settlements	84	—
Less: Net below market lease amortization	—	(861)
Less: Miscellaneous (income)/expense (a)	—	(1,877)
Core funds from operations	$183,048	$158,633

Less: recurring capitalized expenditures	(17,579)	(14,251)

Core adjusted funds from operations	$165,469	$144,382

Weighted average number of common shares outstanding:
EPS diluted	108,604	106,152
FFO/Core FFO/ Core AFFO diluted	110,201	107,025

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



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

(Unaudited)

Reconciliation of FFO, Core FFO, and Core AFFO per share






























	Three Months Ended March 31,
	2023	2022
Total Earnings Per Common Share - Diluted	$0.39	$0.76
Real estate depreciation and amortization	1.26	1.02
Adjustments for unconsolidated joint ventures	—	0.03
Income allocated to non-controlling interests	0.01	0.03
Gain on sale of operating property	—	(0.34)


FFO per common share - Diluted	$1.66	$1.50


Plus: Severance	—	0.01
Less: Net below market lease amortization	—	(0.01)
Less: Miscellaneous income/expense	—	(0.02)
Core FFO per common share - Diluted	$1.66	$1.48

Less: recurring capitalized expenditures	(0.16)	(0.13)

Core AFFO per common share - Diluted	$1.50	$1.35

Expected FFO & Core FFO


	2Q23	Range	2023	Range
	Low	High	Low	High
Expected earnings per common share - diluted	$0.38	$0.42	$1.57	$1.81
Expected real estate depreciation and amortization	1.27	1.27	5.12	5.12

Expected income allocated to non-controlling interests	0.01	0.01	0.05	0.05




Expected FFO per share - diluted	$1.66	$1.70	$6.74	$6.98
Anticipated Adjustments to FFO	—	—	—	—
Expected Core FFO per share - diluted	$1.66	$1.70	$6.74	$6.98


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



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

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less 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 attributed to common shareholders to net operating income is provided below:


	Three months ended March 31,
	2023	2022
Net income	$43,619	$83,601
Less: Fee and asset management income	(578)	(2,450)
Less: Interest and other income	(62)	(2,131)
Less: (Income)/loss on deferred compensation plans	(5,912)	7,497
Plus: Property management expense	8,297	7,214
Plus: Fee and asset management expense	413	1,175
Plus: General and administrative expense	15,356	14,790
Plus: Interest expense	32,843	24,542
Plus: Depreciation and amortization expense	142,444	113,138

Plus: Expense/(benefit) on deferred compensation plans	5,912	(7,497)

Less: Gain on sale of operating property	—	(36,372)


Less: Equity in income of joint ventures	—	(3,048)
Plus: Income tax expense	1,150	590




NOI	$243,482	$201,049

"Same Property" Communities	$201,405	$186,398
Non-"Same Property" Communities	39,711	12,457
Development and Lease-Up Communities	852	—

Disposition/Other	1,514	2,194
NOI	$243,482	$201,049



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

(Unaudited)

EBITDAre and Adjusted EBITDAre


	Three months ended March 31,
	2023	2022
Net income	$43,619	$83,601
Plus: Interest expense	32,843	24,542

Plus: Depreciation and amortization expense	142,444	113,138


Plus: Income tax expense	1,150	590



Less: Gain on sale of operating property	—	(36,372)



EBITDAre	$220,056	$185,499
Less: Equity in income of joint ventures	—	(3,048)

Adjusted EBITDAre	$220,056	$182,451
Annualized Adjusted EBITDAre	$880,224	$729,804

Net Debt to Annualized Adjusted EBITDAre

Net Debt:


	Average monthly balance for the
	Three months ended March 31,
	2023	2022
Unsecured notes payable	$3,269,763	$3,337,661
Secured notes payable	515,086	—
Total debt	3,784,849	3,337,661
Less: Cash and cash equivalents	(10,524)	(690,159)
Net debt	$3,774,325	$2,647,502

Net Debt to Annualized Adjusted EBITDAre:


	Three months ended March 31,
	2023	2022
Net debt	$3,774,325	$2,647,502
Annualized Adjusted EBITDAre	880,224	729,804
Net Debt to Annualized Adjusted EBITDAre	4.3x	3.6x



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, 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.



CAMDEN						OTHER DATA

(Unaudited)

Stock Symbol:

CPT

Exchange Traded:

NYSE

Senior Unsecured Debt Ratings:

Rating

Outlook

Fitch

A-

Stable

Moody's

Stable

Standard & Poor's

A-

Stable

Estimated Future Dates:

Q2 '23

Q3 '23

Q4 '23

Q1 '24

Earnings Release & Conference Call

Early August

Late October

Early February

Late April

Dividend Information - Common Shares:

Q1 '23

Declaration Date

2/2/2023

Record Date

3/31/2023

Payment Date

4/17/2023

Distributions Per Share

$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



CAMDEN						COMMUNITY TABLE
						Community statistics as of 3/31/2023


(Unaudited)							1Q23 Avg Monthly		1Q23 Avg Monthly
			Year Placed	Average	Apartment	1Q23 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	94%	$1,982	$1.73	$2,345	$2.05
Camden Copper Square	Phoenix	AZ	2000	786	332	93%	1,657	2.11	2,002	2.55
Camden Foothills	Scottsdale	AZ	2014	1,032	220	97%	2,188	2.12	2,615	2.53
Camden Legacy	Scottsdale	AZ	1996	1,067	428	96%	2,056	1.93	2,390	2.24
Camden Montierra	Scottsdale	AZ	1999	1,071	249	96%	1,948	1.82	2,327	2.17
Camden North End I	Phoenix	AZ	2019	921	441	95%	2,045	2.22	2,404	2.61
Camden North End II	Phoenix	AZ	2021	885	343	94%	2,049	2.31	2,374	2.68
Camden Old Town Scottsdale	Scottsdale	AZ	2016	892	316	95%	2,305	2.58	2,575	2.89
Camden Pecos Ranch	Chandler	AZ	2001	949	272	94%	1,702	1.79	2,032	2.14
Camden San Marcos	Scottsdale	AZ	1995	984	320	95%	1,855	1.88	2,161	2.20
Camden San Paloma	Scottsdale	AZ	1993/1994	1,042	324	95%	1,994	1.91	2,351	2.26
Camden Sotelo	Tempe	AZ	2008/2012	1,303	170	92%	2,036	1.56	2,435	1.87
Camden Tempe	Tempe	AZ	2015	1,043	234	94%	2,032	1.95	2,389	2.29
TOTAL ARIZONA	13	Properties		996	4,029	95%	1,987	1.99	2,334	2.34

Camden Crown Valley	Mission Viejo	CA	2001	1,009	380	97%	2,611	2.59	2,856	2.83
Camden Glendale	Glendale	CA	2015	893	307	97%	2,760	3.09	2,817	3.16
Camden Harbor View	Long Beach	CA	2004	981	547	95%	2,987	3.05	3,033	3.09
Camden Main and Jamboree	Irvine	CA	2008	1,011	290	90%	2,562	2.54	2,842	2.81
Camden Martinique	Costa Mesa	CA	1986	795	714	95%	2,255	2.84	2,513	3.16
Camden Sea Palms	Costa Mesa	CA	1990	891	138	98%	2,588	2.91	2,830	3.18
The Camden	Hollywood	CA	2016	767	287	96%	3,231	4.21	2,887	3.76
Total Los Angeles/Orange County	7	Properties		900	2,663	95%	2,670	2.97	2,790	3.10

Camden Hillcrest	San Diego	CA	2021	1,223	132	96%	3,580	2.93	3,650	2.99
Camden Landmark	Ontario	CA	2006	982	469	94%	2,175	2.21	2,299	2.34
Camden Old Creek	San Marcos	CA	2007	1,037	350	97%	2,760	2.66	3,002	2.89
Camden Sierra at Otay Ranch	Chula Vista	CA	2003	962	422	96%	2,662	2.77	2,884	3.00
Camden Tuscany	San Diego	CA	2003	895	160	96%	3,113	3.48	3,393	3.79
Camden Vineyards	Murrieta	CA	2002	1,053	264	92%	2,358	2.24	2,677	2.54
Total San Diego/Inland Empire	6	Properties		1,009	1,797	95%	2,617	2.59	2,829	2.81

TOTAL CALIFORNIA	13	Properties		944	4,460	95%	2,649	2.81	2,806	2.97

Camden Belleview Station	Denver	CO	2009	888	270	96%	1,867	2.10	2,241	2.52
Camden Caley	Englewood	CO	2000	921	218	97%	1,882	2.04	2,231	2.42
Camden Denver West	Golden	CO	1997	1,015	320	95%	2,239	2.21	2,544	2.51
Camden Flatirons	Denver	CO	2015	960	424	95%	1,995	2.08	2,384	2.48
Camden Highlands Ridge	Highlands Ranch	CO	1996	1,149	342	95%	2,219	1.93	2,534	2.21
Camden Interlocken	Broomfield	CO	1999	1,002	340	96%	2,054	2.05	2,382	2.38
Camden Lakeway	Littleton	CO	1997	929	459	96%	1,971	2.12	2,269	2.44
Camden Lincoln Station	Lone Tree	CO	2017	844	267	95%	1,860	2.20	2,166	2.57
Camden RiNo	Denver	CO	2020	828	233	96%	2,222	2.68	2,653	3.20
TOTAL COLORADO	9	Properties		957	2,873	96%	2,037	2.13	2,377	2.48

Camden Ashburn Farm	Ashburn	VA	2000	1,062	162	97%	2,095	1.97	2,371	2.23
Camden College Park	College Park	MD	2008	942	509	92%	1,881	2.00	2,157	2.29
Camden Dulles Station	Oak Hill	VA	2009	977	382	97%	2,169	2.22	2,487	2.54
Camden Fair Lakes	Fairfax	VA	1999	1,056	530	96%	2,190	2.07	2,535	2.40
Camden Fairfax Corner	Fairfax	VA	2006	934	489	97%	2,218	2.37	2,571	2.75
Camden Fallsgrove	Rockville	MD	2004	996	268	96%	2,128	2.14	2,377	2.39
Camden Grand Parc	Washington	DC	2002	672	105	94%	2,740	4.08	3,042	4.53
Camden Lansdowne	Leesburg	VA	2002	1,006	690	97%	2,082	2.07	2,380	2.37

Camden Monument Place	Fairfax	VA	2007	856	368	97%	1,955	2.28	2,250	2.63
Camden Noma	Washington	DC	2014	769	321	96%	2,274	2.96	2,638	3.43
Camden Noma II	Washington	DC	2017	759	405	96%	2,357	3.10	2,766	3.64
Camden Potomac Yard	Arlington	VA	2008	832	378	96%	2,294	2.76	2,659	3.19
Camden Roosevelt	Washington	DC	2003	856	198	99%	3,028	3.54	3,413	3.99

Camden Shady Grove	Rockville	MD	2018	877	457	97%	1,983	2.26	2,230	2.54
Camden Silo Creek	Ashburn	VA	2004	975	284	96%	2,040	2.09	2,313	2.37
Camden South Capitol	Washington	DC	2013	821	281	96%	2,411	2.93	2,867	3.49
Camden Washingtonian	Gaithersburg	MD	2018	870	365	97%	2,010	2.31	2,210	2.54
TOTAL DC METRO	17	Properties		913	6,192	96%	2,169	2.38	2,487	2.72

Camden Atlantic	Plantation	FL	2022	919	269	96%	2,370	2.58	2,610	2.84
Camden Aventura	Aventura	FL	1995	1,108	379	94%	2,693	2.43	3,108	2.80
Camden Boca Raton	Boca Raton	FL	2014	843	261	96%	2,630	3.12	2,940	3.49
Camden Brickell	Miami	FL	2003	937	405	97%	2,815	3.00	3,068	3.27
Camden Doral	Miami	FL	1999	1,120	260	97%	2,534	2.26	2,811	2.51
Camden Doral Villas	Miami	FL	2000	1,253	232	98%	2,837	2.26	3,145	2.51
Camden Las Olas	Ft. Lauderdale	FL	2004	1,043	420	97%	2,785	2.67	3,145	3.02
Camden Plantation	Plantation	FL	1997	1,201	502	96%	2,337	1.95	2,645	2.20
Camden Portofino	Pembroke Pines	FL	1995	1,112	322	97%	2,390	2.15	2,808	2.53
Total Southeast Florida	9	Properties		1,065	3,050	96%	2,595	2.44	2,923	2.74



CAMDEN						COMMUNITY TABLE
						Community statistics as of 3/31/2023


(Unaudited)							1Q23 Avg Monthly		1Q23 Avg Monthly
			Year Placed	Average	Apartment	1Q23 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	96%	$1,892	$1.76	$2,151	$2.00
Camden Lago Vista	Orlando	FL	2005	955	366	97%	1,775	1.86	2,078	2.18
Camden Lake Eola	Orlando	FL	2021	944	360	93%	2,351	2.49	2,580	2.73
Camden LaVina	Orlando	FL	2012	969	420	96%	1,827	1.89	2,121	2.19
Camden Lee Vista	Orlando	FL	2000	937	492	96%	1,830	1.95	2,161	2.31
Camden North Quarter	Orlando	FL	2016	806	333	97%	1,825	2.27	2,059	2.56
Camden Orange Court	Orlando	FL	2008	817	268	95%	1,704	2.09	1,986	2.43
Camden Thornton Park	Orlando	FL	2016	920	299	96%	2,123	2.31	2,340	2.54
Camden Town Square	Orlando	FL	2012	983	438	97%	1,833	1.86	2,056	2.09
Camden Waterford Lakes	Orlando	FL	2014	971	300	97%	1,894	1.95	2,118	2.18
Camden World Gateway	Orlando	FL	2000	979	408	97%	1,815	1.85	2,095	2.14
Total Orlando	11	Properties		944	3,954	96%	1,893	2.01	2,157	2.29

Camden Bay	Tampa	FL	1997/2001	943	760	97%	1,860	1.97	2,175	2.31
Camden Central	St. Petersburg	FL	2019	942	368	97%	3,342	3.55	3,639	3.86
Camden Montague	Tampa	FL	2012	972	192	97%	1,852	1.91	2,158	2.22
Camden Pier District	St. Petersburg	FL	2016	989	358	97%	3,465	3.50	3,669	3.71
Camden Preserve	Tampa	FL	1996	942	276	95%	2,032	2.16	2,341	2.49
Camden Royal Palms	Brandon	FL	2006	1,017	352	97%	1,777	1.75	2,100	2.06
Camden Visconti	Tampa	FL	2007	1,125	450	95%	2,051	1.82	2,304	2.05
Camden Westchase Park	Tampa	FL	2012	992	348	97%	2,006	2.02	2,317	2.34
Total Tampa	8	Properties		990	3,104	97%	2,270	2.29	2,561	2.59

TOTAL FLORIDA	28	Properties		995	10,108	96%	2,221	2.23	2,511	2.52

Camden Brookwood	Atlanta	GA	2002	916	359	95%	1,773	1.93	2,007	2.19
Camden Buckhead	Atlanta	GA	2022	1,087	366	91%	2,573	2.37	2,620	2.41
Camden Buckhead Square	Atlanta	GA	2015	827	250	93%	1,875	2.27	1,939	2.34
Camden Creekstone	Atlanta	GA	2002	990	223	95%	1,755	1.77	1,937	1.96
Camden Deerfield	Alpharetta	GA	2000	1,187	292	88%	1,873	1.58	2,182	1.84
Camden Dunwoody	Atlanta	GA	1997	1,007	324	94%	1,762	1.75	2,022	2.01
Camden Fourth Ward	Atlanta	GA	2014	844	276	97%	2,066	2.45	2,356	2.79
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	95%	1,818	1.94	2,082	2.23
Camden Paces	Atlanta	GA	2015	1,408	379	96%	2,937	2.09	3,221	2.29
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	93%	1,744	1.70	2,053	2.00
Camden Phipps	Atlanta	GA	1996	1,010	234	83%	1,811	1.79	2,024	2.00
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	95%	1,724	1.51	2,030	1.78
Camden St. Clair	Atlanta	GA	1997	999	336	94%	1,735	1.74	2,057	2.06
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	96%	1,612	1.60	1,887	1.87
Camden Vantage	Atlanta	GA	2010	901	592	92%	1,748	1.94	1,929	2.14
TOTAL GEORGIA	15	Properties		1,020	4,862	93%	1,934	1.90	2,171	2.13

Camden Ballantyne	Charlotte	NC	1998	1,048	400	96%	1,658	1.58	1,942	1.85
Camden Cotton Mills	Charlotte	NC	2002	905	180	95%	1,753	1.94	2,034	2.25
Camden Dilworth	Charlotte	NC	2006	857	145	94%	1,825	2.13	2,110	2.46
Camden Fairview	Charlotte	NC	1983	1,036	135	92%	1,515	1.46	1,734	1.67
Camden Foxcroft	Charlotte	NC	1979	940	156	96%	1,392	1.48	1,643	1.75
Camden Foxcroft II	Charlotte	NC	1985	874	100	95%	1,523	1.74	1,789	2.05
Camden Gallery	Charlotte	NC	2017	743	323	94%	1,979	2.66	2,200	2.96
Camden Grandview	Charlotte	NC	2000	1,059	266	97%	2,117	2.00	2,347	2.22
Camden Grandview II	Charlotte	NC	2019	2,241	28	87%	4,123	1.84	4,109	1.83
Camden Sedgebrook	Charlotte	NC	1999	972	368	95%	1,500	1.54	1,769	1.82
Camden South End	Charlotte	NC	2003	878	299	95%	1,883	2.14	2,139	2.44
Camden Southline	Charlotte	NC	2015	831	266	93%	2,005	2.41	2,250	2.71
Camden Stonecrest	Charlotte	NC	2001	1,098	306	96%	1,704	1.55	1,986	1.81
Camden Touchstone	Charlotte	NC	1986	899	132	95%	1,418	1.58	1,698	1.89
Total Charlotte	14	Properties		954	3,104	95%	1,769	1.85	2,024	2.12

Camden Asbury Village	Raleigh	NC	2009	1,009	350	97%	1,599	1.58	1,864	1.85
Camden Carolinian	Raleigh	NC	2017	1,118	186	91%	2,331	2.08	2,521	2.25
Camden Crest	Raleigh	NC	2001	1,012	442	95%	1,474	1.46	1,750	1.73
Camden Governor's Village	Chapel Hill	NC	1999	1,046	242	93%	1,563	1.49	1,910	1.83
Camden Lake Pine	Apex	NC	1999	1,066	446	96%	1,581	1.48	1,861	1.75
Camden Manor Park	Raleigh	NC	2006	966	484	94%	1,549	1.60	1,830	1.89
Camden Overlook	Raleigh	NC	2001	1,060	322	97%	1,633	1.54	1,919	1.81
Camden Reunion Park	Apex	NC	2000/2004	972	420	94%	1,431	1.47	1,699	1.75
Camden Westwood	Morrisville	NC	1999	1,022	360	96%	1,519	1.49	1,791	1.75
Total Raleigh	9	Properties		1,022	3,252	95%	1,584	1.55	1,859	1.82

TOTAL NORTH CAROLINA	23	Properties		988	6,356	95%	1,675	1.69	1,939	1.96

Camden Franklin Park	Franklin	TN	2018	967	328	98%	1,985	2.05	2,136	2.21
Camden Music Row	Nashville	TN	2016	903	430	96%	2,490	2.76	2,620	2.90
TOTAL TENNESSEE	2	Properties		931	758	97%	2,271	2.44	2,409	2.59



CAMDEN						COMMUNITY TABLE
						Community statistics as of 3/31/2023


(Unaudited)							1Q23 Avg Monthly		1Q23 Avg Monthly
			Year Placed	Average	Apartment	1Q23 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	94%	$1,505	$1.74	$1,787	$2.07
Camden Amber Oaks II	Austin	TX	2012	910	244	94%	1,611	1.77	1,902	2.09
Camden Brushy Creek	Cedar Park	TX	2008	882	272	95%	1,608	1.82	1,828	2.07
Camden Cedar Hills	Austin	TX	2008	911	208	96%	1,740	1.91	2,010	2.21
Camden Gaines Ranch	Austin	TX	1997	955	390	94%	1,901	1.99	2,231	2.34
Camden Huntingdon	Austin	TX	1995	903	398	94%	1,597	1.77	1,878	2.08
Camden La Frontera	Austin	TX	2015	901	300	96%	1,632	1.81	1,860	2.06
Camden Lamar Heights	Austin	TX	2015	838	314	95%	1,818	2.17	2,044	2.44
Camden Rainey Street	Austin	TX	2016	873	326	88%	2,470	2.83	2,734	3.13
Camden Shadow Brook	Austin	TX	2009	909	496	96%	1,546	1.70	1,791	1.97
Camden Stoneleigh	Austin	TX	2001	908	390	95%	1,693	1.86	1,978	2.18
Total Austin	11	Properties		897	3,686	94%	1,732	1.93	1,994	2.22

Camden Addison	Addison	TX	1996	942	456	94%	1,589	1.69	1,822	1.93
Camden Belmont	Dallas	TX	2010/2012	946	477	95%	1,804	1.91	2,111	2.23
Camden Buckingham	Richardson	TX	1997	919	464	97%	1,570	1.71	1,878	2.04
Camden Centreport	Ft. Worth	TX	1997	912	268	95%	1,503	1.65	1,793	1.97
Camden Cimarron	Irving	TX	1992	772	286	95%	1,552	2.01	1,798	2.33
Camden Design District	Dallas	TX	2009	939	355	94%	1,694	1.80	1,852	1.97
Camden Farmers Market	Dallas	TX	2001/2005	932	904	92%	1,639	1.76	1,851	1.99
Camden Greenville	Dallas	TX	2017/2018	1,028	558	95%	2,001	1.95	2,193	2.13
Camden Henderson	Dallas	TX	2012	966	106	98%	1,888	1.95	2,160	2.24
Camden Legacy Creek	Plano	TX	1995	831	240	95%	1,676	2.02	1,934	2.33
Camden Legacy Park	Plano	TX	1996	870	276	96%	1,718	1.97	2,004	2.30
Camden Panther Creek	Frisco	TX	2009	946	295	97%	1,693	1.79	1,954	2.07
Camden Riverwalk	Grapevine	TX	2008	989	600	97%	1,849	1.87	2,085	2.11
Camden Valley Park	Irving	TX	1986	743	516	96%	1,411	1.90	1,688	2.27
Camden Victory Park	Dallas	TX	2016	861	423	95%	2,020	2.35	2,277	2.64
Total Dallas/Ft. Worth	15	Properties		913	6,224	95%	1,708	1.87	1,955	2.14

Camden City Centre	Houston	TX	2007	932	379	95%	1,568	1.68	1,853	1.99
Camden City Centre II	Houston	TX	2013	869	268	92%	1,557	1.79	1,844	2.12
Camden Cypress Creek	Cypress	TX	2009	993	310	94%	1,558	1.57	1,814	1.83
Camden Cypress Creek II	Cypress	TX	2020	950	234	95%	1,584	1.67	1,860	1.96
Camden Downs at Cinco Ranch	Katy	TX	2004	1,075	318	97%	1,567	1.46	1,834	1.70
Camden Downtown	Houston	TX	2020	1,052	271	87%	2,601	2.47	2,851	2.71
Camden Grand Harbor	Katy	TX	2008	959	300	96%	1,430	1.49	1,647	1.72
Camden Greenway	Houston	TX	1999	861	756	95%	1,495	1.74	1,753	2.04
Camden Heights	Houston	TX	2004	927	352	96%	1,632	1.76	1,910	2.06
Camden Highland Village	Houston	TX	2014/2015	1,172	552	93%	2,363	2.02	2,566	2.19
Camden Holly Springs	Houston	TX	1999	934	548	95%	1,443	1.54	1,706	1.83
Camden McGowen Station	Houston	TX	2018	1,004	315	94%	2,095	2.09	2,306	2.30
Camden Midtown	Houston	TX	1999	844	337	95%	1,565	1.85	1,834	2.17
Camden Northpointe	Tomball	TX	2008	940	384	94%	1,381	1.47	1,674	1.78


Camden Plaza	Houston	TX	2007	915	271	97%	1,707	1.87	1,984	2.17
Camden Post Oak	Houston	TX	2003	1,200	356	95%	2,536	2.11	2,848	2.37
Camden Royal Oaks	Houston	TX	2006	923	236	96%	1,475	1.60	1,553	1.68
Camden Royal Oaks II	Houston	TX	2012	1,054	104	98%	1,708	1.62	1,799	1.71
Camden Spring Creek	Spring	TX	2004	1,080	304	93%	1,482	1.37	1,720	1.59
Camden Stonebridge	Houston	TX	1993	845	204	95%	1,281	1.51	1,527	1.81
Camden Sugar Grove	Stafford	TX	1997	921	380	96%	1,420	1.54	1,656	1.80
Camden Travis Street	Houston	TX	2010	819	253	97%	1,535	1.87	1,811	2.21
Camden Vanderbilt	Houston	TX	1996/1997	863	894	91%	1,555	1.80	1,848	2.14
Camden Whispering Oaks	Houston	TX	2008	936	274	96%	1,455	1.55	1,715	1.83
Camden Woodson Park	Houston	TX	2008	916	248	94%	1,353	1.48	1,612	1.76
Camden Yorktown	Houston	TX	2008	995	306	94%	1,354	1.36	1,592	1.60
Total Houston	26	Properties		956	9,154	94%	1,648	1.72	1,899	1.99

TOTAL TEXAS	52	Properties		931	19,064	95%	1,684	1.81	1,936	2.08

TOTAL PROPERTIES	172	Properties		960	58,702	95%	$1,966	$2.05	$2,266	$2.36