Camden Property Trust

“We could be negatively impacted by the risks associated with land holdings and related activities. We hold land for future development and may in the future acquire additional land holdings. The risks inherent in purchasing, owning, and developing land increase as demand for apartments, or rental rates, decrease.”

Annual report 2025A · The company itself

“Narrative Description of Business As of December 31, 2025, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,921 apartment homes across the United States.”

Annual report 2025A · The company itself

“Substantially all of our income is derived from rental and other income from our multifamily communities.”

Annual report 2025A · The company itself

“The increase was primarily driven by higher revenues from other income and favorable changes in occupancy, which we believe was primarily attributable to favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets.”

Annual report 2025A · The company itself

“These markets generally feature the following: •strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments; and •an attractive quality of life, which may lead to higher demand and retention for our apartments and allow us to more readily grow revenue.”

Annual report 2025A · The company itself

“Unfavorable changes in economic conditions may have a material adverse impact on our cash flows and operating results.”

Annual report 2025A · The company itself

“Table of Contents We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs.”

Annual report 2025A · The company itself

“Competition could adversely affect our ability to acquire properties. We expect other real estate investors will compete with us to acquire additional operating properties.”

Annual report 2025A · The company itself

“We may acquire additional operating properties on a selective basis.”

Annual report 2025A · The company itself

“Future Outlook Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our operating property and land development portfolios and plan to continue our practice of selective dispositions and redeploying capital as market conditions warrant and opportunities arise.”

Annual report 2025A · The company itself

“Risks Associated with Our Operations Development, repositions, redevelopment and construction risks could impact our profitability. We intend to continue to develop, reposition, redevelop, and construct multifamily apartment communities for our portfolio.”

Annual report 2025A · The company itself

“Additionally, during 2026, we expect to incur costs between approximately $50 million and $60 million related to the start of new development activities, between approximately $77 million and $81 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $113 million and $117 million of additional recurring capital expenditures.”

Annual report 2025A · The company itself

“The $8.6 million increase in same store property expenses for the year ended December 31, 2025, as compared to the same period in 2024, was primarily due to higher salaries and benefits of $3.0 million, higher general and administrative and marketing and leasing expenses of approximately $2.8 million, higher utilities of approximately $2.3 million, and higher repair and maintenance expense of approximately $0.5 million.”

Annual report 2025A · The company itself

“We believe the depth of our organization enables us to deliver quality services, promote resident satisfaction, and retain residents, thereby increasing our operating revenues and reducing our operating expenses. We manage our properties utilizing a staff of professionals and support personnel, including certified property managers, experienced apartment managers and leasing staff, and trained apartment maintenance technicians. Our on-site personnel are trained to deliver high-quality services to our residents and we strive to motivate our on-site employees through incentive compensation arrangements based upon property operational results.”

Annual report 2025A · The company itself

“Under current market conditions, in 2025 we recorded impairment charges on two parcels of land. If there are subsequent changes in the fair market value of our land holdings and the resulting value is less than the carrying basis of our land holdings reflected in our financial statements, we may be required to take future impairment charges which would reduce our net income.”

Annual report 2025A · The company itself

“We could be negatively impacted by the risks associated with land holdings and related activities. We hold land for future development and may in the future acquire additional land holdings. The risks inherent in purchasing, owning, and developing land increase as demand for apartments, or rental rates, decrease.”

Annual report 2025A · The company itself

“We are subject to the risk our indebtedness will not be renewed, repaid, or refinanced when due or the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness.”

Annual report 2025A · The company itself

“Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments.”

Annual report 2025A · The company itself

“Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders.”

Annual report 2025A · The company itself

“An environment of rising interest rates may also result in a decrease in the value of our real estate and a decrease in the market price of our shares, which may lead holders of our securities to seek higher yields through other investments.”

Annual report 2025A · The company itself

“As of the date of this filing, we have an unsecured term loan with varying interest rates dependent upon various market indexes. In addition, we have an unsecured revolving credit facility and utilize a commercial paper program bearing interest at variable rates on all amounts drawn and a senior unsecured note which has been converted into a floating rate instrument through an interest rate swap arrangement. We may incur other additional variable rate debt in the future.”

Annual report 2025A · The company itself

“Interest expense increased approximately $8.4 million for the year ended December 31, 2025 as compared to 2024. The increase was primarily due to increases in interest expense of $16.5 million relating to having higher average balances on our commercial paper program entered into in February 2025 and decreases in capitalized interest expense of $3.8 million due to having lower average balances in assets under construction during the year ended December 31, 2025 as compared to the same period in 2024.”

Annual report 2025A · The company itself

“Ensuring customer satisfaction, increasing rents as market conditions allow, maximizing rent collections (subject to restrictions of applicable law), maintaining property occupancy at optimal levels, and controlling operating costs comprise our principal strategies to maximize property financial results.”

Annual report 2025A · The company itself

“Table of Contents Short-term leases could expose us to the effects of declining market rents. Our average lease terms are approximately fourteen months. As these leases typically permit the residents to leave at the end of the lease term without penalty, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms.”

Annual report 2025A · The company itself

“Business Environment and Current Outlook Our results for the year ended December 31, 2025, reflect an increase in same store revenues of approximately 0.8% as compared to the same period in 2024. The increase was primarily driven by higher revenues from other income and favorable changes in occupancy, which we believe was primarily attributable to favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets.”

Annual report 2025A · The company itself

“A cybersecurity incident and other technology disruptions could negatively impact our business. We use technology in substantially all aspects of our business operations, including internet and cloud-based systems and applications. We also use mobile devices, social networking, outside vendors, and various platforms to connect with our employees, suppliers, and residents.”

Annual report 2025A · The company itself

“Cyber-attacks can include third parties gaining unauthorized access to our data, including sensitive information about our residents, as well as our vendors' data or information technology systems. These attacks may occur through stolen credentials, computer malware, phishing attacks, ransomware, and other deliberate attempts to compromise information security.”

Annual report 2025A · The company itself

“These third parties face potential risks relating to cybersecurity similar to ours which could disrupt their businesses and adversely impact us. While we provide guidance and specific requirements, in some cases, we do not directly control their information technology security operations or the amount of investment they place in guarding against cybersecurity threats.”

Annual report 2025A · The company itself

“Other weakened economic conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental rates and occupancy levels.”

Annual report 2025A · The company itself

“Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, changes in costs, changes in governmental regulations, including tariffs and rent control or rent stabilization laws, sources of financing, the minimum REIT dividend requirements, our ability to complete asset purchases, sales, or developments, the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets.”

Annual report 2025A · The company itself

“Other weakened economic conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental rates and occupancy levels.”

Annual report 2025A · The company itself

“The increase was primarily driven by higher revenues from other income and favorable changes in occupancy, which we believe was primarily attributable to favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets.”

Annual report 2025A · The company itself

“Our development, reposition, redevelopment, and other construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs, and/or decrease our profitability, including the following: •inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations; •disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those arising from tariffs, duties, import-related taxes, or errors and omissions which occur in the design or construction process; •shortages of materials; •inability to obtain financing with favorable terms; •inability to complete construction and/or lease-up of a community on schedule; •forecasted occupancy and rental rates may differ from the actual results; and •the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.”

Annual report 2025A · The company itself

“We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate are manageable and moderating levels of new supply should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.”

Annual report 2025A · The company itself

“Our development, reposition, redevelopment, and other construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs, and/or decrease our profitability, including the following: •inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations; •disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those arising from tariffs, duties, import-related taxes, or errors and omissions which occur in the design or construction process; •shortages of materials; •inability to obtain financing with favorable terms; •inability to complete construction and/or lease-up of a community on schedule; •forecasted occupancy and rental rates may differ from the actual results; and •the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.”

Annual report 2025A · The company itself

“These capabilities, combined with what we believe is a conservative financial structure, should allow us to concentrate our growth efforts toward selective opportunities to enhance our strategy of having a geographically diverse portfolio of assets which meet the requirements of our residents.”

Annual report 2025A · The company itself

“Our operating properties were constructed and placed in service as follows: Year Placed in Service Number of Operating Properties 2021-2025 12 2016-2020 29 2011-2015 20 2006-2010 31 2001-2005 31 Prior to 2001 49 Item 3.”

Annual report 2025A · The company itself

“The increase was primarily driven by higher revenues from other income and favorable changes in occupancy, which we believe was primarily attributable to favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets.”

Annual report 2025A · The company itself

“As of December 31, 2025, we estimate the additional cost to complete the construction of the three projects to be approximately $213.8 million. Of this amount, we expect to incur costs between approximately $135 million and $155 million during 2026 and to incur the remaining costs during 2027 and 2028.”

Annual report 2025A · The company itself

“The $8.6 million increase in same store property expenses for the year ended December 31, 2025, as compared to the same period in 2024, was primarily due to higher salaries and benefits of $3.0 million, higher general and administrative and marketing and leasing expenses of approximately $2.8 million, higher utilities of approximately $2.3 million, and higher repair and maintenance expense of approximately $0.5 million.”

Annual report 2025A · The company itself

“Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, changes in costs, changes in governmental regulations, including tariffs and rent control or rent stabilization laws, sources of financing, the minimum REIT dividend requirements, our ability to complete asset purchases, sales, or developments, the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets.”

Annual report 2025A · The company itself

“Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, changes in costs, changes in governmental regulations, including tariffs and rent control or rent stabilization laws, sources of financing, the minimum REIT dividend requirements, our ability to complete asset purchases, sales, or developments, the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets.”

Annual report 2025A · The company itself