{"id":956908,"date":"2026-04-30T17:26:22","date_gmt":"2026-04-30T21:26:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/camden-property-trust-announces-first-quarter-2026-operating-results\/"},"modified":"2026-04-30T17:26:22","modified_gmt":"2026-04-30T21:26:22","slug":"camden-property-trust-announces-first-quarter-2026-operating-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/camden-property-trust-announces-first-quarter-2026-operating-results\/","title":{"rendered":"Camden Property Trust Announces First Quarter 2026 Operating Results"},"content":{"rendered":"

<\/p>\n

Camden Property Trust Announces First Quarter 2026 Operating Results<\/b><\/p>\n

HOUSTON–(BUSINESS WIRE<\/a>)–
\nCamden Property Trust (NYSE:CPT) (the “Company”) announced today operating results for the three months ended March 31, 2026. Net Income Attributable to Common Shareholders (\u201cEPS\u201d), Funds from Operations (\u201cFFO\u201d), Core Funds from Operations (“Core FFO”), and Core Adjusted Funds from Operations (\u201cCore AFFO\u201d) for the three months ended March 31, 2026 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.<\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nThree Months Ended March 31,<\/p>\n<\/td>\n<\/tr>\n

\n

\nPer Diluted Share<\/p>\n<\/td>\n

\n

\n2026<\/p>\n<\/td>\n

\n

\n2025<\/p>\n<\/td>\n<\/tr>\n

\n

\nEPS<\/p>\n<\/td>\n

\n

\n$0.40<\/p>\n<\/td>\n

\n

\n$0.36<\/p>\n<\/td>\n<\/tr>\n

\n

\nFFO<\/p>\n<\/td>\n

\n

\n$1.15<\/p>\n<\/td>\n

\n

\n$1.70<\/p>\n<\/td>\n<\/tr>\n

\n

\nCore FFO<\/p>\n<\/td>\n

\n

\n$1.70<\/p>\n<\/td>\n

\n

\n$1.72<\/p>\n<\/td>\n<\/tr>\n

\n

\nCore AFFO<\/p>\n<\/td>\n

\n

\n$1.55<\/p>\n<\/td>\n

\n

\n$1.58<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nThree Months Ended<\/p>\n<\/td>\n

\n

\n1Q26 Guidance<\/p>\n<\/td>\n

\n

\n1Q26 Guidance<\/p>\n<\/td>\n<\/tr>\n

\n

\nPer Diluted Share<\/p>\n<\/td>\n

\n

\nMarch 31, 2026<\/p>\n<\/td>\n

\n

\nMidpoint<\/p>\n<\/td>\n

\n

\nVariance<\/p>\n<\/td>\n<\/tr>\n

\n

\nEPS(1)<\/sup><\/p>\n<\/td>\n

\n

\n$0.40<\/p>\n<\/td>\n

\n

\n$0.24<\/p>\n<\/td>\n

\n

\n$0.16<\/p>\n<\/td>\n<\/tr>\n

\n

\nFFO(1)<\/sup><\/p>\n<\/td>\n

\n

\n$1.15<\/p>\n<\/td>\n

\n

\n$1.63<\/p>\n<\/td>\n

\n

\n($0.48)<\/p>\n<\/td>\n<\/tr>\n

\n

\nCore FFO<\/p>\n<\/td>\n

\n

\n$1.70<\/p>\n<\/td>\n

\n

\n$1.66<\/p>\n<\/td>\n

\n

\n$0.04<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

(1) The Company’s EPS and FFO included approximately $0.48 per diluted share primarily due to litigation-related charges and EPS included approximately $0.64 per diluted share mainly due to the gain on sale of an operating property.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nQuarterly Growth<\/p>\n<\/td>\n

\n

\nSequential Growth<\/p>\n<\/td>\n<\/tr>\n

\n

\nSame Property Results<\/p>\n<\/td>\n

\n

\n1Q26 vs. 1Q25<\/p>\n<\/td>\n

\n

\n1Q26 vs. 4Q25<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues<\/p>\n<\/td>\n

\n

\n0.2%<\/p>\n<\/td>\n

\n

\n0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpenses<\/p>\n<\/td>\n

\n

\n1.9%<\/p>\n<\/td>\n

\n

\n2.1%<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Operating Income (“NOI”)<\/p>\n<\/td>\n

\n

\n(0.7)%<\/p>\n<\/td>\n

\n

\n(1.0)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
\n

\nSame Property Results<\/p>\n<\/td>\n

\n

\n1Q26<\/p>\n<\/td>\n

\n

\n1Q25<\/p>\n<\/td>\n

\n

\n4Q25<\/p>\n<\/td>\n<\/tr>\n

\n

\nOccupancy<\/p>\n<\/td>\n

\n

\n95.1%<\/p>\n<\/td>\n

\n

\n95.4%<\/p>\n<\/td>\n

\n

\n95.2%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nFor 2026, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2025, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.<\/p>\n

Operating Statistics – Same Property Portfolio<\/span><\/b><\/p>\n\n\n\n\n\n
\n

\nNew Lease and Renewal Data – Date Effective (1)<\/sup><\/i><\/p>\n<\/td>\n

\n

\n1Q26<\/p>\n<\/td>\n

\n

\n1Q25<\/p>\n<\/td>\n

\n

\n4Q25<\/p>\n<\/td>\n<\/tr>\n

\n

\nEffective New Lease Rates<\/p>\n<\/td>\n

\n

\n(5.2)%<\/p>\n<\/td>\n

\n

\n(3.1)%<\/p>\n<\/td>\n

\n

\n(5.3)%<\/p>\n<\/td>\n<\/tr>\n

\n

\nEffective Renewal Rates<\/p>\n<\/td>\n

\n

\n2.9%<\/p>\n<\/td>\n

\n

\n3.3%<\/p>\n<\/td>\n

\n

\n2.8%<\/p>\n<\/td>\n<\/tr>\n

\n

\nEffective Blended Lease Rates<\/p>\n<\/td>\n

\n

\n(1.4)%<\/p>\n<\/td>\n

\n

\n(0.1)%<\/p>\n<\/td>\n

\n

\n(1.6)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Development Activity<\/span><\/b><\/p>\n

\nDuring the quarter, leasing continued at Camden Village District in Raleigh, NC.<\/p>\n

\nDevelopment Communities – Construction Completed and Project in Lease-Up ($ in millions)<\/p>\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\n% Leased<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommunity Name<\/p>\n<\/td>\n

\n

\nLocation<\/p>\n<\/td>\n

\n

\nHomes<\/p>\n<\/td>\n

\n

\nCost<\/p>\n<\/td>\n

\n

\nas of 4\/29\/2026<\/p>\n<\/td>\n<\/tr>\n

\n

\nCamden Village District<\/p>\n<\/td>\n

\n

\nRaleigh, NC<\/p>\n<\/td>\n

\n

\n369<\/p>\n<\/td>\n

\n

\n$139.4<\/p>\n<\/td>\n

\n

\n72%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nDevelopment Communities – Construction Ongoing ($ in millions)<\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

\n

\nTotal<\/p>\n<\/td>\n

<\/tr>\n
\n

\nCommunity Name<\/p>\n<\/td>\n

\n

\nLocation<\/p>\n<\/td>\n

\n

\nHomes<\/p>\n<\/td>\n

\n

\nEstimated Cost<\/p>\n<\/td>\n

<\/tr>\n
\n

\nCamden South Charlotte<\/p>\n<\/td>\n

\n

\nCharlotte, NC<\/p>\n<\/td>\n

\n

\n420<\/p>\n<\/td>\n

\n

\n$157.0<\/p>\n<\/td>\n

<\/tr>\n
\n

\nCamden Blakeney<\/p>\n<\/td>\n

\n

\nCharlotte, NC<\/p>\n<\/td>\n

\n

\n349<\/p>\n<\/td>\n

\n

\n151.0<\/p>\n<\/td>\n

<\/tr>\n
\n

\nCamden Nations<\/p>\n<\/td>\n

\n

\nNashville, TN<\/p>\n<\/td>\n

\n

\n393<\/p>\n<\/td>\n

\n

\n184.0<\/p>\n<\/td>\n

<\/tr>\n
\n

\nTotal<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,162<\/p>\n<\/td>\n

\n

\n$492.0<\/p>\n<\/td>\n

<\/tr>\n<\/table>\n

Acquisition and Disposition Activity<\/span><\/b><\/p>\n

\nDuring the quarter, the Company began marketing for sale 11 operating communities in California. Also during the quarter, the Company disposed of a 516-apartment home community in Irving, TX for approximately $77.0 million and recognized a gain of approximately $67.9 million. Subsequent to quarter end, the Company acquired Camden Alpharetta, a 269-apartment home community located in the Atlanta, GA metropolitan area and Camden at Lake Nona, a 288-apartment home community located in the Orlando, FL metropolitan area for a combined $171.3 million.<\/p>\n

Capital Markets Transactions<\/span><\/b><\/p>\n

\nDuring the quarter, the Company issued $600 million of senior unsecured notes due 2036. These ten-year notes were issued at 99.936% of par value with a coupon of 4.90%, a yield of 4.908%, and an effective interest rate of 5.03% per annum after giving effect to deducting the underwriting discounts and other expenses of the offering. Also during the quarter, the Company amended and restated its existing unsecured credit facility to remove a $300 million delayed draw unsecured term loan facility and extended the maturity date of the $1.2 billion unsecured revolving credit facility to March 2030.<\/p>\n

Share Repurchases<\/span><\/b><\/p>\n

\nDuring the quarter, Camden repurchased 2,633,030 common shares at an average price of $105.88 per share for a total of $278.8 million. Subsequent to quarter end, Camden repurchased 1,429,136 common shares at an average price of $100.78 for a total of $144.1 million. Year to date, Camden repurchased 4,062,166 common shares at an average price of $104.08 for a total of $422.9 million. The Company currently has $297.8 million remaining under its stock repurchase program.<\/p>\n

Liquidity Analysis<\/span><\/b><\/p>\n

\nAs of March 31, 2026, Camden had approximately $881.9 million of liquidity comprised of approximately $40.7 million in cash and cash equivalents, and approximately $841.2 million of availability under its unsecured credit facility and commercial paper program. At quarter end, the Company had approximately $176.6 million left to fund under its existing wholly-owned development pipeline.<\/p>\n

Litigation Update<\/span><\/b><\/p>\n

\nSubsequent to quarter end, the Company entered into a binding term sheet to settle the class action litigation related to the use of a revenue management software and agreed to pay an aggregate of $53.0 million into a settlement fund which is subject to preliminary and final court approval. The Company recorded this charge within Other Non-Operating Expenses in its consolidated statements of income and comprehensive income during the three months ended March 31, 2026. The settlement payments will not impact the Company\u2019s 2026 Core FFO or 2026 Core AFFO as certain legal costs and settlements are excluded from the calculation of these metrics.<\/p>\n

Earnings Guidance<\/span><\/b><\/p>\n

\nCamden updated its earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.<\/p>\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2Q26<\/p>\n<\/td>\n

\n

\n2026<\/p>\n<\/td>\n

\n

\n2026 Midpoint<\/p>\n<\/td>\n<\/tr>\n

\n

\nPer Diluted Share<\/p>\n<\/td>\n

\n

\nRange<\/p>\n<\/td>\n

\n

\nRange<\/p>\n<\/td>\n

\n

\nCurrent<\/p>\n<\/td>\n

\n

\nPrior<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n<\/tr>\n

\n

\nEPS<\/p>\n<\/td>\n

\n

\n$0.13 – $0.17<\/p>\n<\/td>\n

\n

\n$0.51 – $0.81<\/p>\n<\/td>\n

\n

\n$0.66<\/p>\n<\/td>\n

\n

\n$0.55<\/p>\n<\/td>\n

\n

\n$0.11<\/p>\n<\/td>\n<\/tr>\n

\n

\nFFO<\/p>\n<\/td>\n

\n

\n$1.63 – $1.67<\/p>\n<\/td>\n

\n

\n$5.95 – $6.25<\/p>\n<\/td>\n

\n

\n$6.10<\/p>\n<\/td>\n

\n

\n$6.61<\/p>\n<\/td>\n

\n

\n$(0.51)<\/p>\n<\/td>\n<\/tr>\n

\n

\nCore FFO(1)<\/sup><\/p>\n<\/td>\n

\n

\n$1.65 – $1.69<\/p>\n<\/td>\n

\n

\n$6.60 – $6.90<\/p>\n<\/td>\n

\n

\n$6.75<\/p>\n<\/td>\n

\n

\n$6.75<\/p>\n<\/td>\n

\n

\n$0.00<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

(1) The Company’s 2026 Core FFO guidance excludes approximately $0.65 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2026<\/p>\n<\/td>\n

\n

\n2026 Midpoint<\/p>\n<\/td>\n<\/tr>\n

\n

\nSame Property Growth Guidance<\/p>\n<\/td>\n

\n

\nRange<\/p>\n<\/td>\n

\n

\nCurrent<\/p>\n<\/td>\n

\n

\nPrior<\/p>\n<\/td>\n

\n

\nChange<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues<\/p>\n<\/td>\n

\n

\n(0.25)% – 1.75%<\/p>\n<\/td>\n

\n

\n0.75%<\/p>\n<\/td>\n

\n

\n0.75%<\/p>\n<\/td>\n

\n

\n0.00%<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpenses<\/p>\n<\/td>\n

\n

\n2.25% – 3.75%<\/p>\n<\/td>\n

\n

\n3.00%<\/p>\n<\/td>\n

\n

\n3.00%<\/p>\n<\/td>\n

\n

\n0.00%<\/p>\n<\/td>\n<\/tr>\n

\n

\nNOI<\/p>\n<\/td>\n

\n

\n(2.50)% – 1.50%<\/p>\n<\/td>\n

\n

\n(0.50)%<\/p>\n<\/td>\n

\n

\n(0.50)%<\/p>\n<\/td>\n

\n

\n0.00%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nCamden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company\u2019s 2026 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.<\/p>\n

Conference Call<\/span><\/b><\/p>\n

\nFriday, May 1, 2026 at 10:00 AM CT
\n
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 4099400
\n
Webcast: https:\/\/investors.camdenliving.com<\/a><\/p>\n

\nThe 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.<\/p>\n

\nSupplemental financial information is available in the Investors section of the Company\u2019s website under Earnings Releases or by calling Camden\u2019s Investor Relations Department at (713) 354-2787.<\/p>\n

Forward-Looking Statements<\/span><\/b><\/p>\n

\nIn 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\u2019s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading \u201cRisk Factors\u201d in Camden\u2019s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today\u2019s press release represent management\u2019s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.<\/p>\n

About Camden<\/span><\/b><\/p>\n

\nCamden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 173 properties containing 58,811 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company\u2019s portfolio will increase to 59,973 apartment homes in 176 properties. Camden has been recognized as one of the 100 Best Companies to Work For\u00ae by FORTUNE magazine for 19 consecutive years, most recently ranking #13. For additional information, please contact Camden\u2019s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com<\/a>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CAMDEN<\/b><\/td>\n\n

OPERATING RESULTS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

(In thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

(Unaudited)<\/i><\/p>\n<\/td>\n

<\/tr>\n
\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

OPERATING DATA<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Property revenues (a)<\/sup><\/b><\/p>\n<\/td>\n

\n

$388,773<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$390,565<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Property expenses<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty operating and maintenance<\/p>\n<\/td>\n

\n

\n90,179<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n89,698<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate taxes<\/p>\n<\/td>\n

\n

\n49,890<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n49,722<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal property expenses<\/p>\n<\/td>\n

\n

\n140,069<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n139,420<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Non-property income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFee and asset management<\/p>\n<\/td>\n

\n

\n2,143<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,487<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest and other income<\/p>\n<\/td>\n

\n

\n253<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n10<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Loss)\/income on deferred compensation plans<\/p>\n<\/td>\n

\n

\n(1,159<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n1,198<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal non-property income<\/p>\n<\/td>\n

\n

\n1,237<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,695<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Other expenses<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty management<\/p>\n<\/td>\n

\n

\n10,258<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9,895<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFee and asset management<\/p>\n<\/td>\n

\n

\n661<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n671<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGeneral and administrative<\/p>\n<\/td>\n

\n

\n14,705<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16,948<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest<\/p>\n<\/td>\n

\n

\n37,359<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n33,790<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization<\/p>\n<\/td>\n

\n

\n150,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n149,252<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Benefit)\/expense on deferred compensation plans<\/p>\n<\/td>\n

\n

\n(1,159<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n1,198<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther non-operating expenses<\/p>\n<\/td>\n

\n

\n60,905<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,760<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal other expenses<\/p>\n<\/td>\n

\n

\n272,729<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n213,514<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of operating property, including land<\/p>\n<\/td>\n

\n

\n68,100<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Income from continuing operations before income taxes<\/b><\/p>\n<\/td>\n

\n

45,312<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

41,326<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense<\/p>\n<\/td>\n

\n

\n(938<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(559<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net income<\/b><\/p>\n<\/td>\n

\n

44,374<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

40,767<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Income allocated to non-controlling interests<\/p>\n<\/td>\n

\n

\n(1,925<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(1,945<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Net income attributable to common shareholders<\/b><\/p>\n<\/td>\n

\n

$42,449<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$38,822<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net income<\/b><\/p>\n<\/td>\n

\n

$44,374<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$40,767<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Other comprehensive income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nReclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation<\/p>\n<\/td>\n

\n

\n357<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n351<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Comprehensive income<\/b><\/p>\n<\/td>\n

\n

44,731<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

41,118<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income allocated to non-controlling interests<\/p>\n<\/td>\n

\n

\n(1,925<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(1,945<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

Comprehensive income attributable to common shareholders<\/b><\/p>\n<\/td>\n

\n

$42,806<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$39,173<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

PER SHARE DATA<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal earnings per common share – basic<\/p>\n<\/td>\n

\n

\n$0.40<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$0.36<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal earnings per common share – diluted<\/p>\n<\/td>\n

\n

\n0.40<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.36<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Weighted average number of common shares outstanding:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic<\/p>\n<\/td>\n

\n

\n104,826<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n108,530<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted<\/p>\n<\/td>\n

\n

\n104,899<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n108,597<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

(a)<\/i><\/p>\n<\/td>\n

\n

We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended March 31, 2026, we recognized $388.8 million of property revenue which consisted of approximately $345.7 million of rental revenue and approximately $43.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $390.6 million recognized for the three months ended March 31, 2025, made up of approximately $348.3 million of rental revenue and approximately $42.3 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $12.2 million and $11.4 million for the three months ended March 31, 2026 and 2025, respectively.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

FUNDS FROM OPERATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(In thousands, except per share and property data amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

(Unaudited)<\/i><\/p>\n<\/td>\n

<\/tr>\n
\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

FUNDS FROM OPERATIONS<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Net income attributable to common shareholders<\/b><\/p>\n<\/td>\n

\n

$42,449<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$38,822<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate depreciation and amortization<\/p>\n<\/td>\n

\n

\n146,390<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n146,168<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome allocated to non-controlling interests<\/p>\n<\/td>\n

\n

\n1,925<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,945<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of operating property<\/p>\n<\/td>\n

\n

\n(67,878<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Funds from operations<\/b><\/p>\n<\/td>\n

\n

$122,886<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$186,935<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Casualty-related expenses (a)<\/sup><\/p>\n<\/td>\n

\n

\n250<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n130<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Legal costs and settlements (b)(c)<\/sup><\/p>\n<\/td>\n

\n

\n51,192<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,872<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Expensed transaction, development, and other pursuit costs (c)<\/sup><\/p>\n<\/td>\n

\n

\n1,842<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n881<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Investment losses (b)<\/sup><\/p>\n<\/td>\n

\n

\n4,855<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Other miscellaneous items (a)<\/sup><\/p>\n<\/td>\n

\n

\n61<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Core funds from operations<\/b><\/p>\n<\/td>\n

\n

$181,086<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$189,818<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Recurring capitalized expenditures (d)<\/sup><\/p>\n<\/td>\n

\n

\n(16,150<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(16,098<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Core adjusted funds from operations<\/b><\/p>\n<\/td>\n

\n

$164,936<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$173,720<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

PER SHARE DATA<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFunds from operations – diluted<\/p>\n<\/td>\n

\n

\n$1.15<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1.70<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCore funds from operations – diluted<\/p>\n<\/td>\n

\n

\n1.70<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1.72<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCore adjusted funds from operations – diluted<\/p>\n<\/td>\n

\n

\n1.55<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1.58<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistributions declared per common share<\/p>\n<\/td>\n

\n

\n1.06<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1.05<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Weighted average number of common shares outstanding:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFFO\/Core FFO\/Core AFFO – diluted<\/p>\n<\/td>\n

\n

\n106,493<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n110,191<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

PROPERTY DATA<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal operating properties (end of period) (e)<\/sup><\/p>\n<\/td>\n

\n

\n171<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n176<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal operating apartment homes in operating properties (end of period) (e)<\/sup><\/p>\n<\/td>\n

\n

\n58,254<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n59,647<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal operating apartment homes (weighted average)<\/p>\n<\/td>\n

\n

\n58,366<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n59,074<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(a)<\/i><\/p>\n<\/td>\n

\n

Non-core adjustment generally recorded within Property NOI.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

(b)<\/i><\/p>\n<\/td>\n

\n

Non-core adjustment generally recorded within Other Non-Operating Expenses.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

(c)<\/i><\/p>\n<\/td>\n

\n

Non-core adjustment generally recorded within General and Administrative Expenses.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

(d)<\/i><\/p>\n<\/td>\n

\n

Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

(e)<\/i><\/p>\n<\/td>\n

\n

Includes joint ventures and properties held for sale, if any.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nNote: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n\n\n

BALANCE SHEETS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n

(In thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Mar 31,<\/b><\/p>\n<\/td>\n

\n

Dec 31,<\/b><\/p>\n<\/td>\n

\n

Sep 30,<\/b><\/p>\n<\/td>\n

\n

Jun 30,<\/b><\/p>\n<\/td>\n

\n

Mar 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

ASSETS<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate assets, at cost<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLand<\/p>\n<\/td>\n

\n

\n$1,784,349<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,787,445<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,791,077<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,789,207<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$1,763,468<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nBuildings and improvements<\/p>\n<\/td>\n

\n

\n11,801,301<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,792,960<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,812,521<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,763,017<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,550,852<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13,585,650<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13,580,405<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13,603,598<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13,552,224<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n13,314,320<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccumulated depreciation<\/p>\n<\/td>\n

\n

\n(5,407,880<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(5,296,061<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(5,234,087<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(5,128,622<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(5,011,583<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet operating real estate assets<\/p>\n<\/td>\n

\n

\n8,177,770<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,284,344<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,369,511<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,423,602<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,302,737<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperties under development and land<\/p>\n<\/td>\n

\n

\n457,994<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n419,227<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n384,124<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n380,437<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n403,657<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal real estate assets<\/p>\n<\/td>\n

\n

\n8,635,764<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,703,571<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,753,635<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,804,039<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,706,394<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts receivable \u2013 affiliates<\/p>\n<\/td>\n

\n

\n8,076<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,884<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,889<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,889<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,950<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther assets, net (a)<\/sup><\/p>\n<\/td>\n

\n

\n285,493<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n293,292<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n255,333<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n262,100<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n239,999<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents<\/p>\n<\/td>\n

\n

\n40,684<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25,203<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n25,931<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n33,091<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n26,182<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestricted cash<\/p>\n<\/td>\n

\n

\n89,610<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n12,039<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,378<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,454<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n11,607<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal assets<\/p>\n<\/td>\n

\n

\n$9,059,627<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$9,042,989<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$9,055,166<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$9,119,573<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$8,993,132<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

LIABILITIES AND EQUITY<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLiabilities<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNotes payable<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nUnsecured<\/p>\n<\/td>\n

\n

\n$3,931,761<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$3,570,193<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$3,409,691<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$3,495,487<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$3,405,255<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSecured<\/p>\n<\/td>\n

\n

\n318,708<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n330,597<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n330,536<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n330,476<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n330,416<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts payable and accrued expenses<\/p>\n<\/td>\n

\n

\n269,623<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n248,087<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n232,960<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n206,018<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n195,197<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued real estate taxes<\/p>\n<\/td>\n

\n

\n59,818<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n92,382<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n129,697<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n91,954<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n46,192<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistributions payable<\/p>\n<\/td>\n

\n

\n112,156<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n114,971<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n115,518<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n116,007<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n115,983<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther liabilities (b)<\/sup><\/p>\n<\/td>\n

\n

\n262,710<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n248,506<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n224,989<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n219,635<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n212,871<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities<\/p>\n<\/td>\n

\n

\n4,954,776<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,604,736<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,443,391<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,459,577<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,305,914<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommon shares of beneficial interest<\/p>\n<\/td>\n

\n

\n1,157<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,157<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,157<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,157<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,157<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdditional paid-in capital<\/p>\n<\/td>\n

\n

\n5,948,511<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,948,938<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,945,277<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,941,893<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n5,936,982<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistributions in excess of net income attributable to common shareholders<\/p>\n<\/td>\n

\n

\n(1,037,252<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(969,240<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(1,011,983<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(1,007,075<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(973,416<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nTreasury shares<\/p>\n<\/td>\n

\n

\n(886,052<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(620,497<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(400,185<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(350,166<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(351,092<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccumulated other comprehensive income (c)<\/sup><\/p>\n<\/td>\n

\n

\n2,522<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,165<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n2,027<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,676<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,325<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal common equity<\/p>\n<\/td>\n

\n

\n4,028,886<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,362,523<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,536,293<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,587,485<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,614,956<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-controlling interests<\/p>\n<\/td>\n

\n

\n75,965<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n75,730<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n75,482<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n72,511<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n72,262<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal equity<\/p>\n<\/td>\n

\n

\n4,104,851<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,438,253<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,611,775<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,659,996<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4,687,218<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities and equity<\/p>\n<\/td>\n

\n

\n$9,059,627<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$9,042,989<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$9,055,166<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$9,119,573<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$8,993,132<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

(a) Includes net deferred charges of:<\/i><\/p>\n<\/td>\n

\n

$7,969<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$534<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$1,296<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$1,953<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$2,730<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

(b) Includes deferred revenues of:<\/i><\/p>\n<\/td>\n

\n

$1,277<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$614<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$624<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$692<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$760<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net less on cash flow hedging activities.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

DEFINITIONS & RECONCILIATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(In thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n

\nThis 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.<\/p>\n

FFO<\/span><\/b><\/p>\n

\nThe National Association of Real Estate Investment Trusts (\u201cNAREIT\u201d) currently defines FFO as net income (calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company\u2019s real estate investments between periods or to different companies.<\/p>\n

Core FFO<\/span><\/b><\/p>\n

\nCore FFO represents FFO as further adjusted for Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.<\/p>\n

Core Adjusted FFO<\/span><\/b><\/p>\n

\nIn 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:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Net income attributable to common shareholders<\/b><\/p>\n<\/td>\n

\n

\n$42,449<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$38,822<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate depreciation and amortization<\/p>\n<\/td>\n

\n

\n146,390<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n146,168<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome allocated to non-controlling interests<\/p>\n<\/td>\n

\n

\n1,925<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,945<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of operating property<\/p>\n<\/td>\n

\n

\n(67,878<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Funds from operations<\/b><\/p>\n<\/td>\n

\n

$122,886<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$186,935<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Casualty-related expenses<\/p>\n<\/td>\n

\n

\n250<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n130<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Legal costs and settlements<\/p>\n<\/td>\n

\n

\n51,192<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,872<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Expensed transaction, development, and other pursuit costs<\/p>\n<\/td>\n

\n

\n1,842<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n881<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Investment losses<\/p>\n<\/td>\n

\n

\n4,855<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Other miscellaneous items<\/p>\n<\/td>\n

\n

\n61<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Core funds from operations<\/b><\/p>\n<\/td>\n

\n

$181,086<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$189,818<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Recurring capitalized expenditures<\/p>\n<\/td>\n

\n

\n(16,150<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(16,098<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Core adjusted funds from operations<\/b><\/p>\n<\/td>\n

\n

$164,936<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$173,720<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average number of common shares outstanding:<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nEPS diluted<\/p>\n<\/td>\n

\n

\n104,899<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n108,597<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nFFO\/Core FFO\/Core AFFO diluted<\/p>\n<\/td>\n

\n

\n106,493<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n110,191<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

DEFINITIONS & RECONCILIATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

(In thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

(Unaudited)<\/i><\/p>\n<\/td>\n

<\/tr>\n
\n\u00a0<\/td>\n<\/tr>\n
\n

Reconciliation of FFO, Core FFO, and Core AFFO per share<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Earnings Per Common Share – Diluted<\/p>\n<\/td>\n

\n

\n$0.40<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$0.36<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate depreciation and amortization<\/p>\n<\/td>\n

\n

\n1.37<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1.32<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome allocated to non-controlling interests<\/p>\n<\/td>\n

\n

\n0.02<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.02<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of operating property<\/p>\n<\/td>\n

\n

\n(0.64<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

FFO per common share – Diluted<\/b><\/p>\n<\/td>\n

\n

$1.15<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$1.70<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Casualty-related expenses<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Legal costs and settlements<\/p>\n<\/td>\n

\n

\n0.48<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.01<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Expensed transaction, development, and other pursuit costs<\/p>\n<\/td>\n

\n

\n0.02<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.01<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Investment losses<\/p>\n<\/td>\n

\n

\n0.05<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Other miscellaneous items<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Core FFO per common share – Diluted<\/b><\/p>\n<\/td>\n

\n

$1.70<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$1.72<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Recurring capitalized expenditures<\/p>\n<\/td>\n

\n

\n(0.15<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(0.14<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Core AFFO per common share – Diluted<\/b><\/p>\n<\/td>\n

\n

$1.55<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$1.58<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Expected FFO & Core FFO<\/span><\/b><\/p>\n

\nExpected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

2Q26<\/b><\/p>\n<\/td>\n

\n

Range<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

Range<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Low<\/b><\/p>\n<\/td>\n

\n

High<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Low<\/b><\/p>\n<\/td>\n

\n

High<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected earnings per common share – diluted<\/p>\n<\/td>\n

\n

\n$0.13<\/p>\n<\/td>\n

\n\n

\n$0.17<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$0.51<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$0.81<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected real estate depreciation and amortization<\/p>\n<\/td>\n

\n

\n1.48<\/p>\n<\/td>\n

\n\n

\n1.48<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6.01<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n6.01<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected income allocated to non-controlling interests<\/p>\n<\/td>\n

\n

\n0.02<\/p>\n<\/td>\n

\n\n

\n0.02<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.08<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.08<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected (gain) on sale of operating properties<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n\n

\n\u2014<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(0.65<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(0.65<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected FFO per share – diluted<\/p>\n<\/td>\n

\n

\n$1.63<\/p>\n<\/td>\n

\n\n

\n$1.67<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$5.95<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$6.25<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nAnticipated Adjustments to FFO<\/p>\n<\/td>\n

\n

\n0.02<\/p>\n<\/td>\n

\n\n

\n0.02<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.65<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n0.65<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected Core FFO per share – diluted<\/p>\n<\/td>\n

\n

\n$1.65<\/p>\n<\/td>\n

\n\n

\n$1.69<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$6.60<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$6.90<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNote: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

DEFINITIONS & RECONCILIATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(In thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n

Net Operating Income (NOI)<\/span><\/b><\/p>\n

\nNOI is defined by the Company as property revenue less total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income<\/p>\n<\/td>\n

\n

\n$44,374<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$40,767<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Fee and asset management income<\/p>\n<\/td>\n

\n

\n(2,143<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(2,487<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Interest and other income<\/p>\n<\/td>\n

\n

\n(253<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(10<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Loss\/(income) on deferred compensation plans<\/p>\n<\/td>\n

\n

\n1,159<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n(1,198<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Property management expense<\/p>\n<\/td>\n

\n

\n10,258<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n9,895<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Fee and asset management expense<\/p>\n<\/td>\n

\n

\n661<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n671<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: General and administrative expense<\/p>\n<\/td>\n

\n

\n14,705<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n16,948<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Interest expense<\/p>\n<\/td>\n

\n

\n37,359<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n33,790<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Depreciation and amortization expense<\/p>\n<\/td>\n

\n

\n150,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n149,252<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: (Benefit)\/expense on deferred compensation plans<\/p>\n<\/td>\n

\n

\n(1,159<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n1,198<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Other non-operating expenses<\/p>\n<\/td>\n

\n

\n60,905<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,760<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Gain on sale of operating property, including land<\/p>\n<\/td>\n

\n

\n(68,100<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Income tax expense<\/p>\n<\/td>\n

\n

\n938<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n559<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNOI<\/p>\n<\/td>\n

\n

\n$248,704<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$251,145<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n“Same Property” Communities<\/p>\n<\/td>\n

\n

\n$232,418<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$234,073<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-“Same Property” Communities<\/p>\n<\/td>\n

\n

\n13,612<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,995<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDevelopment and Lease-Up Communities<\/p>\n<\/td>\n

\n

\n706<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n4<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDisposition\/Other<\/p>\n<\/td>\n

\n

\n1,968<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n8,073<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nNOI<\/p>\n<\/td>\n

\n

\n$248,704<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$251,145<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

DEFINITIONS & RECONCILIATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

(In thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n

EBITDAre and Adjusted EBITDAre<\/span><\/b><\/p>\n

\nEarnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (\u201cEBITDAre\u201d) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains\/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company\u2019s share of EBITDAre of unconsolidated joint ventures.<\/p>\n

\nAdjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income<\/p>\n<\/td>\n

\n

\n$44,374<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$40,767<\/p>\n<\/td>\n

<\/tr>\n
\n

\nPlus: Interest expense<\/p>\n<\/td>\n

\n

\n37,359<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n33,790<\/p>\n<\/td>\n

<\/tr>\n
\n

\nPlus: Depreciation and amortization expense<\/p>\n<\/td>\n

\n

\n150,000<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n149,252<\/p>\n<\/td>\n

<\/tr>\n
\n

\nPlus: Income tax expense<\/p>\n<\/td>\n

\n

\n938<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n559<\/p>\n<\/td>\n

<\/tr>\n
\n

\nLess: Gain on sale of operating property, including land<\/p>\n<\/td>\n

\n

\n(68,100<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

<\/tr>\n
\n

\nEBITDAre<\/p>\n<\/td>\n

\n

\n$164,571<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$224,368<\/p>\n<\/td>\n

<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

<\/tr>\n
\n

\nPlus: Casualty-related expenses<\/p>\n<\/td>\n

\n

\n250<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n130<\/p>\n<\/td>\n

<\/tr>\n
\n

\nPlus: Legal costs and settlements<\/p>\n<\/td>\n

\n

\n51,192<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1,872<\/p>\n<\/td>\n

<\/tr>\n
\n

\nPlus: Expensed transaction, development, and other pursuit costs<\/p>\n<\/td>\n

\n

\n1,842<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n881<\/p>\n<\/td>\n

<\/tr>\n
\n

\nPlus: Investment losses<\/p>\n<\/td>\n

\n

\n4,855<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

<\/tr>\n
\n

\nPlus: Other miscellaneous items<\/p>\n<\/td>\n

\n

\n61<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u2014<\/p>\n<\/td>\n

<\/tr>\n
\n

\nAdjusted EBITDAre<\/p>\n<\/td>\n

\n

\n$222,771<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$227,251<\/p>\n<\/td>\n

<\/tr>\n
\n

\nAnnualized Adjusted EBITDAre<\/p>\n<\/td>\n

\n

\n$891,084<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$909,004<\/p>\n<\/td>\n

<\/tr>\n<\/table>\n

Net Debt to Annualized Adjusted EBITDAre<\/span><\/b><\/p>\n

\nThe 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:<\/p>\n

Net Debt:<\/span><\/b><\/p>\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Average monthly balance for the<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nUnsecured notes payable<\/p>\n<\/td>\n

\n

\n$3,906,874<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$3,404,088<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSecured notes payable<\/p>\n<\/td>\n

\n

\n326,655<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n330,396<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal average debt<\/p>\n<\/td>\n

\n

\n4,233,529<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n3,734,484<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Average cash and cash equivalents<\/p>\n<\/td>\n

\n

\n(14,504<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n

\n

\n(12,302<\/p>\n<\/td>\n

\n

\n)<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Debt<\/p>\n<\/td>\n

\n

\n$4,219,025<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n$3,722,182<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Net Debt to Annualized Adjusted EBITDAre:<\/span><\/b><\/p>\n\n\n\n\n\n\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2026<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Debt<\/p>\n<\/td>\n

\n

\n$4,219,025<\/p>\n<\/td>\n

\n\n

\n$3,722,182<\/p>\n<\/td>\n

<\/tr>\n
\n

\nAnnualized Adjusted EBITDAre<\/p>\n<\/td>\n

\n

\n891,084<\/p>\n<\/td>\n

\n\n

\n909,004<\/p>\n<\/td>\n

<\/tr>\n
\n

\nNet Debt to Annualized Adjusted EBITDAre<\/p>\n<\/td>\n

\n

\n4.7x<\/p>\n<\/td>\n

\n\n

\n4.1x<\/p>\n<\/td>\n

<\/tr>\n<\/table>\n

\n\u00a0<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260430230148\/en\/<\/a><\/span><\/p>\n

\nKim Callahan, 713-354-2549<\/p>\n

KEYWORDS:<\/b> Texas United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Other Construction & Property Residential Building & Real Estate Construction & Property REIT<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
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Camden Property Trust Announces First Quarter 2026 Operating Results HOUSTON–(BUSINESS WIRE)– Camden Property Trust (NYSE:CPT) (the “Company”) announced today operating results for the three months ended March 31, 2026. Net Income Attributable to Common Shareholders (\u201cEPS\u201d), Funds from Operations (\u201cFFO\u201d), Core Funds from Operations (“Core FFO”), and Core Adjusted Funds from Operations (\u201cCore AFFO\u201d) for the three months ended March 31, 2026 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release. \u00a0 Three Months Ended March 31, Per Diluted Share 2026 2025 EPS $0.40 $0.36 FFO $1.15 $1.70 Core FFO $1.70 $1.72 Core AFFO $1.55 $1.58 \u00a0 Three Months Ended 1Q26 Guidance 1Q26 Guidance Per … <\/p>\n

Continue reading “Camden Property Trust Announces First Quarter 2026 Operating Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-956908","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCamden Property Trust Announces First Quarter 2026 Operating Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/camden-property-trust-announces-first-quarter-2026-operating-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Camden Property Trust Announces First Quarter 2026 Operating Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Camden Property Trust Announces First Quarter 2026 Operating Results HOUSTON–(BUSINESS WIRE)– Camden Property Trust (NYSE:CPT) (the “Company”) announced today operating results for the three months ended March 31, 2026. Net Income Attributable to Common Shareholders (\u201cEPS\u201d), Funds from Operations (\u201cFFO\u201d), Core Funds from Operations (“Core FFO”), and Core Adjusted Funds from Operations (\u201cCore AFFO\u201d) for the three months ended March 31, 2026 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release. \u00a0 Three Months Ended March 31, Per Diluted Share 2026 2025 EPS $0.40 $0.36 FFO $1.15 $1.70 Core FFO $1.70 $1.72 Core AFFO $1.55 $1.58 \u00a0 Three Months Ended 1Q26 Guidance 1Q26 Guidance Per … Continue reading "Camden Property Trust Announces First Quarter 2026 Operating Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/camden-property-trust-announces-first-quarter-2026-operating-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-30T21:26:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20260430230148r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"16 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/camden-property-trust-announces-first-quarter-2026-operating-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/camden-property-trust-announces-first-quarter-2026-operating-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Camden Property Trust Announces First Quarter 2026 Operating Results\",\"datePublished\":\"2026-04-30T21:26:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/camden-property-trust-announces-first-quarter-2026-operating-results\\\/\"},\"wordCount\":3316,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/camden-property-trust-announces-first-quarter-2026-operating-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20260430230148r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/camden-property-trust-announces-first-quarter-2026-operating-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/camden-property-trust-announces-first-quarter-2026-operating-results\\\/\",\"name\":\"Camden Property Trust Announces First Quarter 2026 Operating Results - 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Net Income Attributable to Common Shareholders (\u201cEPS\u201d), Funds from Operations (\u201cFFO\u201d), Core Funds from Operations (“Core FFO”), and Core Adjusted Funds from Operations (\u201cCore AFFO\u201d) for the three months ended March 31, 2026 are detailed below. 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