Camden Property Trust

Management prioritizes internally funded development with measured pipeline risk and opportunistic recycling. In 2025 YTD the company acquired three newer communities, sold older assets in TX, and repurchased $50 million of stock while maintaining a sustainable dividend (63% FFO payout).

Remaining development to fund is modest relative to liquidity, and leverage has been kept conservative. We see a solid track record, though we remain mindful of development timing risk and share repurchases being small relative to potential NAV discounts.