Camden Property Trust (CPT) Economic Moat Analysis31

Evidence

Executive Summary Camden Property Trust and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities.

2026 second-quarter 10-Q, Executive Summary: multifamily operating scope · Filed 31/07/2026

Our properties compete directly with other multifamily properties as well as condominiums, single-family homes, and third-party providers of short-term rentals, which are available for rent or purchase in the markets in which our communities are located.

2025 10-K, business: direct housing substitutes · Filed 12/02/2026

Our average lease terms are approximately fourteen months, and our individual property marketing plans are structured to respond to local market conditions.

2025 10-K, business: lease duration and local marketing · Filed 12/02/2026

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.

2025 10-K, risk factors: resident departure and market-rent exposure · Filed 12/02/2026

Number of Homes at Year Ended December 31, Change ($ in thousands) 12/31/2025 2025 2024 $ % Property revenues: Same store communities 54,625 $ 1,453,229 $ 1,442,248 $ 10,981 0.8 % Non-same store communities 3,765 78,094 45,542 32,552 71.5 Development and lease-up communities 1,531 2,185 — 2,185 * Dispositions/other — 40,036 56,052 (16,016) (28.6) Total property revenues 59,921 $ 1,573,544 $ 1,543,842 $ 29,702 1.9 % Property expenses: Same store communities 54,625 $ 516,732 $ 508,107 $ 8,625 1.7 % Non-same store communities 3,765 31,491 19,987 11,504 57.6 Development and lease-up communities 1,531 1,500 6 1,494 * Dispositions/other — 16,987 30,705 (13,718) (44.7) Total property expenses 59,921 $ 566,710 $ 558,805 $ 7,905 1.4 % Property NOI: Same store communities 54,625 $ 936,497 $ 934,141 $ 2,356 0.3 % Non-same store communities 3,765 46,603 25,555 21,048 82.4 Development and lease-up communities 1,531 685 (6) 691 * Dispositions/other — 23,049 25,347 (2,298) (9.1) Total property NOI 59,921 $ 1,006,834 $ 985,037 $ 21,797 2.2 %

2025 10-K, property-level operating comparisons · Filed 12/02/2026

($ in thousands) Homes at Three Months Ended June 30, Change Six Months Ended June 30, Change 6/30/2026 2026 2025 $ % 2026 2025 $ % Property revenues: Same store communities 50,485 $ 329,114 $ 329,307 $ (193) (0.1) % $ 655,851 $ 656,098 $ (247) — % Non-same store communities 5,202 25,787 18,942 6,845 36.1 49,091 34,717 14,374 41.4 Development and lease-up communities 1,531 1,646 283 1,363 * 2,927 318 2,609 * Held-for-sale communities 3,620 34,466 33,771 695 2.1 68,692 67,205 1,487 2.2 Dispositions/Other — 1,931 14,206 (12,275) (86.4) 5,156 28,736 (23,580) (82.1) Total property revenues 60,838 $ 392,944 $ 396,509 $ (3,565) (0.9) % $ 781,717 $ 787,074 $ (5,357) (0.7) % Property expenses: Same store communities 50,485 $ 121,687 $ 118,878 $ 2,809 2.4 % $ 238,359 $ 233,770 $ 4,589 2.0 % Non-same store communities 5,202 10,078 7,980 2,098 26.3 19,770 14,760 5,010 33.9 Development and lease-up communities 1,531 604 230 374 * 1,179 261 918 * Held-for-sale communities 3,620 11,897 11,137 760 6.8 23,271 21,926 1,345 6.1 Dispositions/Other — (3,322) 5,447 (8,769) * (1,566) 12,375 (13,941) * Total property expenses 60,838 $ 140,944 $ 143,672 $ (2,728) (1.9) % $ 281,013 $ 283,092 $ (2,079) (0.7) % Property NOI: Same store communities 50,485 $ 207,427 $ 210,429 $ (3,002) (1.4) % $ 417,492 $ 422,328 $ (4,836) (1.1) % Non-same store communities 5,202 15,709 10,962 4,747 43.3 29,321 19,957 9,364 46.9 Development and lease-up communities 1,531 1,042 53 989 * 1,748 57 1,691 * Held-for-sale communities 3,620 22,569 22,634 (65) (0.3) 45,421 45,279 142 0.3 Dispositions/Other — 5,253 8,759 (3,506) (40.0) 6,722 16,361 (9,639) (58.9) Total property NOI 60,838 $ 252,000 $ 252,837 $ (837) (0.3) % $ 500,704 $ 503,982 $ (3,278) (0.7) %

2026 second-quarter 10-Q, property-level revenue, expense and NOI comparisons · Filed 31/07/2026

New Lease and Renewal Data - Date Effective (1) 2Q26(2) 2Q25(3) 1Q26(4) Effective New Lease Rates (3.3)% (2.1)% (5.5)% Effective Renewal Rates 2.8% 3.7% 2.9% Effective Blended Lease Rates (0.2)% 0.7% (1.6)% Occupancy(5) 95.7% 95.6% 95.1% (1) Average change in same property new lease and renewal rates vs.

2026 second-quarter earnings release, effective lease rates and occupancy · Filed 30/07/2026

expiring lease rates when effective.

2026 second-quarter earnings release, lease-rate comparison basis · Filed 30/07/2026

Operating Statistics - Same Property Portfolio (Excluding CA)

2026 second-quarter earnings release, operating statistics portfolio scope · Filed 30/07/2026

Metro 16.0 % 96.1 % 97.2 % (1.1) % $2,388 $2,341 2.0 % $2,751 $2,680 2.6 % Houston, TX 10.9 % 94.6 % 95.0 % (0.4) % 1,650 1,656 (0.4) % 1,964 1,954 0.5 % Phoenix, AZ 9.3 % 95.8 % 95.1 % 0.7 % 1,954 1,986 (1.6) % 2,321 2,350 (1.2) % SE Florida 8.2 % 95.9 % 95.3 % 0.6 % 2,700 2,698 0.1 % 3,074 3,042 1.0 % Atlanta, GA 8.0 % 95.4 % 95.2 % 0.2 % 1,910 1,900 0.5 % 2,242 2,211 1.4 % Dallas, TX 8.0 % 94.6 % 95.1 % (0.5) % 1,723 1,731 (0.5) % 2,005 1,998 0.4 % Orlando, FL 7.7 % 96.1 % 95.8 % 0.3 % 1,909 1,924 (0.8) % 2,209 2,222 (0.5) % Tampa, FL 7.3 % 95.7 % 96.0 % (0.3) % 2,296 2,319 (1.0) % 2,640 2,655 (0.5) % Charlotte, NC 6.9 % 94.8 % 95.3 % (0.5) % 1,781 1,796 (0.8) % 2,072 2,076 (0.2) % Denver, CO 6.6 % 95.5 % 96.0 % (0.5) % 2,109 2,141 (1.5) % 2,407 2,473 (2.7) % Raleigh, NC 4.9 % 95.2 % 95.8 % (0.6) % 1,603 1,609 (0.4) % 1,898 1,894 0.2 % Austin, TX 4.6 % 95.9 % 94.8 % 1.1 % 1,497 1,563 (4.2) % 1,790 1,855 (3.5) % Nashville, TN 1.6 % 95.1 % 93.6 % 1.5 % 2,163 2,233 (3.1) % 2,362 2,404 (1.7) % Total Same Property 100.0 % 95.4 % 95.5 % (0.1) % $1,948 $1,957 (0.5) % $2,268 $2,266 0.1 %

2026 second-quarter supplement, year-to-date occupancy and rental rates by market · Filed 30/07/2026

Three Months Ended March 31, 2026 2025 Property revenues $388,773 $390,565 Adjusted EBITDAre 222,771 227,251 Net income attributable to common shareholders 42,449 38,822 Per share - basic 0.40 0.36 Per share - diluted 0.40 0.36 Funds from operations 122,886 186,935 Per share - diluted 1.15 1.70 Core funds from operations 181,086 189,818 Per share - diluted 1.70 1.72 Core adjusted funds from operations 164,936 173,720 Per share - diluted 1.55 1.58 Dividends per share 1.06 1.05 Dividend payout ratio (FFO) (a) 64.2 % 61.8 % Interest expensed 37,359 33,790 Interest capitalized 3,831 3,554 Total interest incurred 41,190 37,344 Net Debt to Annualized Adjusted EBITDAre (b) 4.7x 4.1x Interest expense coverage ratio 6.0x 6.7x Total interest coverage ratio 5.4x 6.1x Fixed charge expense coverage ratio 6.0x 6.7x Total fixed charge coverage ratio 5.4x 6.1x Unencumbered real estate assets (at cost) to unsecured debt ratio 3.2x 3.6x Same property NOI growth (c) (d) (0.7) % 0.9 % (# of apartment homes included) 54,105 57,116 Same property turnover Gross turnover of apartment homes (annualized) 40 % 40 % Net turnover (excludes on-site transfers and transfers to other Camden communities) 30 % 31 % As of March 31, 2026 2025 Total assets $9,059,627 $8,993,132 Total debt $4,250,469 $3,735,671 Common and common equivalent shares, outstanding end of period (e) 105,290 110,249 Share price, end of period $97.66 $122.30 Book equity value, end of period (f) $4,104,851 $4,687,218 Market equity value, end of period (g) $10,282,621 $13,483,453

2026 first-quarter supplement, leverage, coverage and resident turnover · Filed 30/04/2026

The settlement also includes certain prospective commitments regarding our business practices, including provisions relating to the disclosure and use of non‑public data.

2026 second-quarter 10-Q, settlement business-practice commitments · Filed 31/07/2026

The decrease during the six months ended June 30, 2026 was primarily due to the settlement of a $53.0 million class action matter and a $4.9 million impairment charge related to certain technology investments recognized during the six months ended June 30, 2026.

2026 second-quarter 10-Q, settlement and technology investment impairment · Filed 31/07/2026

The execution of the term sheet and settlement agreement did not and does not constitute an admission of fault or liability, and we do not admit fault or liability.

2026 second-quarter 10-Q, settlement non-admission disclosure · Filed 31/07/2026

•From 2021 through 2025, have returned $2.1 billion to shareholders Capital Recycling •Since 2011, we have significantly improved the quality of our portfolio with minimal cash flow dilution, primarily using disposition proceeds to fund development and acquisitions Innovation and Technology •Enhance resident experience •Streamline operations/improve efficiency Same Property NOI Growth 0.25% ahead of midpoint of guidance range of (1.5%) to 1.5% Net Debt/Adjusted EBITDAre (1) 4.10 x better than target of 4.75 x Weighted Average Yields on Stabilized Developments 6.47% above our targeted proforma 1 A reconciliation of net income attributable to common shareholders to Fund from Operations (“FFO”) and Core FFO, of diluted Earnings Per Share (“EPS”) to FFO and Core FFO per diluted share, of net income to Net Operating Income (“NOI”) and same property net operating income, and of net income to Adjusted earnings before interest, taxes, depreciation, and amortization for Real Estate (“EBITDAre”) for the year ended December 31, 2025 is contained in Appendix A of this proxy statement.

2026 proxy, reported leverage and stabilized development yields · Filed 27/03/2026

Westbrook INDEPENDENT President and CEO of KRW Advisors, LLC 70 2008 ü A -Audit Committee NCG&S -Nominating, Corporate Governance, and Sustainability Committee C -Compensation Committee E -Executive Committee -Chair ü -Member 2026 Proxy Statement 4 Table of Contents EXECUTIVE COMPENSATION HIGHLIGHTS Performance Objectives Support the Company’s business strategy and business plan by clearly communicating what is expected of Named Executive Officers (“NEOs”) with respect to goals and results and by rewarding achievement Attract, motivate, and retain NEOs who have the motivation, experience, and skills necessary to lead the Company effectively and deliver on the Company’s profitability, growth, and total return to shareholder objectives Link management’s success in enhancing long-term shareholder value, given market conditions, with executive compensation Key Compensation Practices •Classify a significant portion of our NEOs’ total pay as equity awards to promote retention and tie the value of these awards to future Company share price performance •Use pre-determined objectives to help determine NEO compensation •Apply sizable share ownership guidelines for NEOs •Prohibit NEOs from hedging their Company shares, which precludes entering into any derivative transaction on Company shares (e.g., short sale, forward, option, or collar) •Generally discourage NEOs from holding Company shares in a margin account or pledging Company shares as collateral for a loan •In-depth review of CEO’s and other NEOs’ goals and performance by our Compensation Committee made up of independent members of the Company’s Board of Trust Managers •Utilize an independent compensation consultant •Subject cash incentives and equity awards to clawback and forfeiture provisions In line with our objectives and practices, a very significant portion of 2025 compensation for our NEOs as reported in the Summary Compensation table (page 44) was not guaranteed but was tied directly to performance and/or the value of our shares as depicted in the following pay mix charts: 2026 Proxy Statement 5 Table of Contents CORPORATE RESPONSIBILITY HIGHLIGHTS The Board, both directly and through the Nominating, Corporate Governance, and Sustainability Committee, oversees Camden’s corporate responsibility strategies and initiatives.

2026 proxy, compensation practices and alignment safeguards · Filed 27/03/2026

As described above, the Compensation Committee determined the NEOs’ equity awards for 2025 (granted in February 2026) would be in the form of PSUs which would vest based on the Company’s performance over a three-year period, with 50% of the award tied to the Company’s financial performance against goals established annually by the Compensation Committee and 50% of the award tied to the Company’s TSR compared to the TSRs of FTSE NAREIT equity apartment and equity REIT index companies over the same three-year period.

2026 proxy, February 2026 PSU awards and three-year performance conditions · Filed 27/03/2026

All new share awards granted to individuals after they reach Retirement Eligibility vest on the date of grant.

2026 second-quarter 10-Q, retirement-eligible share-award vesting · Filed 31/07/2026

Under the Company’s Guidelines on Governance, the Lead Independent Trust Manager has the following specific responsibilities, which we believe are consistent with generally accepted requirements for a “countervailing governance structure: when a company does not have an independent board chairman”: 2026 Proxy Statement 21 Table of Contents •presiding at all meetings of the Board, including executive sessions of the independent Trust Managers, at which the Executive Chairman of the Board is not present; •convening, developing the agenda for, and presiding at executive sessions of the independent Trust Managers, and taking the lead role in communicating to the Executive Chairman of the Board any feedback, as appropriate; •assisting in the recruitment of Board candidates; •serving as principal liaison between the independent Trust Managers and the Executive Chairman of the Board; •communicating with Trust Managers between meetings when appropriate; •consulting with the Executive Chairman of the Board regarding the information, agenda, and schedules of the meetings of the Board; •monitoring the quality, quantity, and timeliness of information sent to the Board; •working with committee chairs to ensure committee work is conducted at the committee level and reported to the Board; •facilitating the Board’s approval of the number and frequency of Board meetings, as well as meeting schedules to assure there is sufficient time for discussion of all agenda items; •recommending to the Executive Chairman of the Board the retention of outside advisors and consultants who report directly to the Board on Board-wide issues; •being available, when appropriate, for consultation and direct communication with shareholders and other external constituencies, as needed; and •serving as a contact for shareholders wishing to communicate with the Board other than through the Executive Chairman of the Board.

2026 proxy, lead independent trust manager responsibilities · Filed 27/03/2026

Each Trust Manager attended all meetings of the Board and the committees to which they were appointed in 2025.

2026 proxy, actual 2025 board and committee attendance · Filed 27/03/2026

Pursuant to the Company’s Guidelines on Governance, our independent Trust Managers have regularly scheduled executive sessions in which they meet without the presence of management or employee Trust Managers.

2026 proxy, independent executive sessions · Filed 27/03/2026

Approval, on an Advisory Basis, of Executive Compensation Affirmative Negative Abstentions Broker Non-Votes 85,323,173 5,941,847 766,555 3,805,174 Independent Registered Public Accounting Firm Affirmative Negative Abstentions Broker Non-Votes 91,296,297 4,507,775 32,677 -0- Amended and Restated 2018 Share Incentive Plan Affirmative Negative Abstentions Broker Non-Votes 86,189,971 5,777,922 63,682 3,805,174 Amended and Restated 2018 Employee Share Purchase Plan Affirmative Negative Abstentions Broker Non-Votes 91,935,360 56,524 39,691 3,805,174 Item 9.01 Financial Statements and Exhibits.

May 2026 annual-meeting results, compensation and equity-plan votes · Filed 08/05/2026

(in thousands, except share amounts) June 30, 2026 December 31, 2025 Assets Real estate assets, at cost Land $ 1,695,652 $ 1,787,445 Buildings and improvements 11,271,829 11,792,960 $ 12,967,481 $ 13,580,405 Accumulated depreciation (5,014,551) (5,296,061) Net operating real estate assets $ 7,952,930 $ 8,284,344 Properties under development and land 500,116 419,227 Total real estate assets $ 8,453,046 $ 8,703,571 Accounts receivable – affiliates 8,053 8,884 Other assets, net 314,199 293,292 Cash and cash equivalents 44,717 25,203 Restricted cash 10,717 12,039 Real estate and other assets held for sale 625,348 — Total assets $ 9,456,080 $ 9,042,989 Liabilities and equity Liabilities Notes payable Unsecured $ 4,529,573 $ 3,570,193 Secured 318,755 330,597 Accounts payable and accrued expenses 248,434 248,087 Accrued real estate taxes 99,264 92,382 Distributions payable 110,389 114,971 Other liabilities 264,968 248,506 Liabilities held for sale 6,382 — Total liabilities $ 5,577,765 $ 4,604,736 Commitments and contingencies (Note 9) Equity Common shares of beneficial interest; $0.01 par value per share; 175,000,000 shares authorized; 117,737,779 and 117,737,767 issued at June 30, 2026 and December 31, 2025, respectively; 115,732,578 and 115,711,964 outstanding at June 30, 2026 and December 31, 2025, respectively 1,157 1,157 Additional paid-in capital 5,953,409 5,948,938 Distributions in excess of net income attributable to common shareholders (1,127,157) (969,240) Treasury shares, at cost (15,191,591 and 11,373,251 common shares at June 30, 2026 and December 31, 2025, respectively) (1,028,058) (620,497) Accumulated other comprehensive income 2,773 2,165 Total common equity $ 3,802,124 $ 4,362,523 Non-controlling interests 76,191 75,730 Total equity $ 3,878,315 $ 4,438,253 Total liabilities and equity $ 9,456,080 $ 9,042,989

2026 second-quarter 10-Q, consolidated balance sheet · Filed 31/07/2026

Liquidity Analysis As of June 30, 2026, Camden had approximately $287.4 million of liquidity comprised of approximately $44.7 million in cash and cash equivalents, and approximately $242.7 million of availability under its unsecured credit facility and commercial paper program.

2026 second-quarter earnings release, available corporate liquidity · Filed 30/07/2026

At quarter end, the Company had approximately $140.1 million left to fund under its existing wholly-owned development pipeline.

2026 second-quarter earnings release, remaining development funding · Filed 30/07/2026

Subsequent to the quarter end, the Company issued a $350 million unsecured term loan facility with a maturity date of July 2027.

2026 second-quarter earnings release, subsequent unsecured term loan · Filed 30/07/2026

Subsequent to quarter-end, we also completed the disposition of 11 California properties, which generated additional liquidity and enhanced our financial flexibility.

2026 second-quarter 10-Q, completed subsequent California dispositions · Filed 31/07/2026

Approximately $0.9 billion of the proceeds will be used to retire balances outstanding under the Company's unsecured revolving credit facility and commercial paper program.

2026 second-quarter earnings release, intended disposition-proceeds debt repayment · Filed 30/07/2026

•91.5% unsecured debt; 70.9% fixed rate debt

2026 proxy, year-end 2025 unsecured and fixed-rate debt proportions · Filed 27/03/2026

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.

2026 first-quarter earnings release, actual ten-year note financing cost · Filed 30/04/2026

Capital Markets Transactions During the quarter, the Company issued $600 million of senior unsecured notes due 2036.

2026 first-quarter earnings release, senior unsecured note issuance · Filed 30/04/2026

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.

2026 first-quarter earnings release, revolving facility maturity extension · Filed 30/04/2026

Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Property revenues $ 392,944 $ 396,509 $ 781,717 $ 787,074 Property expenses: Real estate taxes (49,641) (50,641) (99,531) (100,363) Salaries and benefits for on-site employees (27,923) (27,415) (54,268) (53,199) Utilities (28,000) (27,761) (55,626) (55,539) Repairs and maintenance (19,320) (19,432) (36,070) (36,145) Other property and maintenance expenses (a) (16,060) (18,423) (35,518) (37,846) Net operating income $ 252,000 $ 252,837 $ 500,704 $ 503,982 Non-property income 15,855 11,051 17,092 14,746 Other segment expenses (b) (47,317) (39,873) (132,687) (70,345) Interest expense (41,422) (35,375) (78,781) (69,165) Depreciation and amortization (157,134) (152,108) (307,134) (301,360) Gain on sale of operating property, including land — 47,293 68,100 47,293 Income tax expense (1,276) (1,231) (2,214) (1,790) Net income $ 20,706 $ 82,594 $ 65,080 $ 123,361

2026 second-quarter 10-Q, consolidated operating results and interest expense · Filed 31/07/2026

Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Total Earnings Per Common Share - Diluted $0.18 $0.74 $0.59 $1.10 Real estate depreciation and amortization 1.48 1.35 2.85 2.67 Income allocated to non-controlling interests 0.02 0.01 0.03 0.03 Gain on sale of operating property — (0.43) (0.65) (0.43) FFO per common share - Diluted $1.68 $1.67 $2.82 $3.37 Plus: Casualty-related expenses (0.04) (0.01) (0.03) (0.01) Plus: Legal costs and settlements — 0.02 0.49 0.03 Plus: Expensed transaction, development, and other pursuit costs 0.04 0.02 0.06 0.03 Plus: Investment losses — — 0.05 — Plus: Other miscellaneous items — — — — Core FFO per common share - Diluted $1.68 $1.70 $3.39 $3.42 Less: Recurring capitalized expenditures (0.29) (0.27) (0.44) (0.41) Core AFFO per common share - Diluted $1.39 $1.43 $2.95 $3.01

2026 second-quarter earnings release, EPS-to-FFO, Core FFO and Core AFFO reconciliation · Filed 30/07/2026

Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 FUNDS FROM OPERATIONS Net income attributable to common shareholders $18,790 $80,670 $61,239 $119,492 Real estate depreciation and amortization 153,451 148,886 299,841 295,054 Income allocated to non-controlling interests 1,916 1,924 3,841 3,869 Gain on sale of operating property — (47,293) (67,878) (47,293) Funds from operations $174,157 $184,187 $297,043 $371,122 Plus: Casualty-related expenses (a) (3,729) (1,099) (3,479) (969) Plus: Legal costs and settlements (b)(c) 412 2,311 51,604 4,183 Plus: Expensed transaction, development, and other pursuit costs (c) 4,237 2,082 6,079 2,963 Plus: Investment losses (b) — — 4,855 — Plus: Other miscellaneous items (a) 1 76 62 76 Core funds from operations $175,078 $187,557 $356,164 $377,375 Less: Recurring capitalized expenditures (d) (30,142) (29,968) (46,292) (46,066) Core adjusted funds from operations $144,936 $157,589 $309,872 $331,309 PER SHARE DATA Funds from operations - diluted $1.68 $1.67 $2.82 $3.37 Core funds from operations - diluted 1.68 1.70 3.39 3.42 Core adjusted funds from operations - diluted 1.39 1.43 2.95 3.01 Distributions declared per common share 1.06 1.05 2.12 2.10 Weighted average number of common shares outstanding: FFO/Core FFO/Core AFFO - diluted 103,957 110,269 105,218 110,230 PROPERTY DATA Total operating properties (end of period) (e) 176 176 176 176 Total operating apartment homes in operating properties (end of period) (e) 59,676 59,672 59,676 59,672 Total operating apartment homes (weighted average) 58,578 59,633 58,472 59,353

2026 second-quarter earnings release, supplemental performance reconciliation, distributions and diluted shares · Filed 30/07/2026

Year to date, Camden repurchased 4,062,166 common shares at an average price of $104.08 for a total of $422.9 million.

2026 second-quarter earnings release, actual year-to-date repurchases · Filed 30/07/2026

Real Estate and Accumulated Depreciation As of December 31, 2025 (in thousands) Schedule III The changes in total real estate assets for the years ended December 31: 2025 2024 2023 Balance, beginning of year $ 13,443,528 $ 13,192,127 $ 12,915,873 Additions during period: Acquisition of operating properties 403,361 — — Development and repositions 307,840 281,617 309,678 Improvements 120,328 115,419 109,257 Deductions during the year: Cost of real estate disposed (262,509) (104,647) (142,681) Impairment (12,916) (40,988) — Balance, end of year $ 13,999,632 $ 13,443,528 $ 13,192,127 The changes in accumulated depreciation for the years ended December 31: 2025 2024 2023 Balance, beginning of year $ 4,867,422 $ 4,332,524 $ 3,848,111 Depreciation of real estate assets 582,083 569,409 562,397 Dispositions (153,444) (34,511) (77,984) Balance, end of year $ 5,296,061 $ 4,867,422 $ 4,332,524 The aggregate cost for federal income tax purposes at December 31, 2025 was $11.7 billion.

2025 10-K, acquisitions, development spending and land impairments · Filed 12/02/2026

Camden Village District 369 $139.4 2Q22 1Q25 3Q25 1Q27 88% 85% Raleigh, NC Estimated/Actual Dates for Total Total Cost to Amount Construction Initial Construction Stabilized As of 7/29/2026 Development Communities Homes Estimated Cost Date in CIP Start Occupancy Completion Operations % Leased % Occupied 1.

2026 second-quarter supplement, completed development lease-up progress · Filed 30/07/2026

Camden Village District 369 $139.4 2Q22 1Q25 3Q25 1Q27 72% 65% Raleigh, NC Estimated/Actual Dates for Total Total Cost to Amount Construction Initial Construction Stabilized As of 4/29/2026 Development Communities Homes Estimated Cost Date in CIP Start Occupancy Completion Operations % Leased % Occupied 1.

2026 first-quarter supplement, completed development lease-up progress · Filed 30/04/2026

The tables below show the recent acquisition activity: Community Name Location Total Homes Closing Date Purchase Price Camden Alpharetta Alpharetta, GA 269 4/30/2026 $89.0 Camden Narcoossee* Orlando, FL 288 4/30/2026 82.3 Camden Franklin Franklin, TN 196 6/16/2026 54.3 Camden Roanoke Roanoke, TX 349 6/23/2026 99.1 Camden Gilbert Gilbert, AZ 320 6/30/2026 124.6 Camden Brandon Tampa, FL 296 7/9/2026 82.1 Camden LoSo Charlotte, NC 343 7/16/2026 114.0 Total 2,061 $645.4 *Formerly known as Camden at Lake Nona Land Parcels Acres Closing Date Purchase Price Morrisville, NC 17.9 5/25/2026 $19.0 Tampa, FL 64.4 5/27/2026 26.0 Total 82.3 $45.0 Share Repurchases During the quarter, Camden repurchased 1,429,136 common shares at an average price of $100.78 per share for a total of $144.1 million.

2026 second-quarter earnings release, completed acquisitions and purchase prices · Filed 30/07/2026

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.

2026 first-quarter earnings release, completed property sale and accounting gain · Filed 30/04/2026

Six Months Ended June 30, (in thousands) 2026 2025 Cash flows from operating activities Net income $ 65,080 $ 123,361 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 307,134 301,360 Gain on sale of operating property, including land (68,100) (47,293) Investment losses 4,855 — Share-based compensation 8,121 8,245 Net change in operating accounts and other 42,612 (6,794) Net cash from operating activities $ 359,702 $ 378,879 Cash flows from investing activities

filing-2: Consolidated cash flows; six months ended June 30, 2026 and 2025, in thousands · Filed 31/07/2026

Development and capital improvements, including land $ (239,940) $ (195,217) Acquisition of operating properties (446,484) (334,216) Net proceeds from sale of operating property and land 76,694 58,775 Other (9,033) (2,799) Net cash from investing activities $ (618,763) $ (473,457) Cash flows from financing activities

filing-2: Consolidated cash flows; investing activities, same period and units as q83 · Filed 31/07/2026

Borrowings on unsecured revolving credit facility $ 864,000 $ 588,000 Repayments on unsecured revolving credit facility (507,000) (766,000) Proceeds from commercial paper program, net 8,731 514,821 Repayment of notes payable (11,950) — Proceeds from notes payable 595,716 — Distributions to common shareholders and non-controlling interests (227,076) (229,490) Repurchase of common shares (433,048) — Payment of deferred financing costs (10,733) (1,477) Other 1,899 1,060 Net cash from financing activities $ 280,539 $ 106,914 Net increase in cash, cash equivalents, and restricted cash 21,478 12,336 Cash, cash equivalents, and restricted cash, beginning of period 37,242 32,209 Cash, cash equivalents, and restricted cash, end of period $ 58,720 $ 44,545 Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets Cash and cash equivalents $ 44,717 $ 33,091 Restricted cash 10,717 11,454 Restricted cash included in real estate and other assets held for sale 3,286 — Total cash, cash equivalents, and restricted cash, end of period $ 58,720 $ 44,545 Supplemental information Cash paid for interest, net of interest capitalized $ 67,884 $ 70,330 Net cash paid for income taxes 3,968 2,531 Supplemental schedule of noncash investing and financing activities

filing-2: Consolidated cash flows; financing activities and cash reconciliation, same period and units as q83 · Filed 31/07/2026

Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Funds from operations Net income attributable to common shareholders $ 18,790 $ 80,670 $ 61,239 $ 119,492 Real estate depreciation and amortization 153,451 148,886 299,841 295,054 Gain on sale of operating property — (47,293) (67,878) (47,293) Income allocated to non-controlling interests 1,916 1,924 3,841 3,869 Funds from operations $ 174,157 $ 184,187 $ 297,043 $ 371,122 Casualty-related expenses, net of (recoveries) (3,729) (1,099) (3,479) (969) Legal costs and settlements 412 2,311 51,604 4,183 Expensed transaction, development, and other pursuit costs 4,237 2,082 6,079 2,963 Investment losses — — 4,855 — Other miscellaneous items 1 76 62 76 Core funds from operations $ 175,078 $ 187,557 $ 356,164 $ 377,375 Less: recurring capitalized expenditures (30,142) (29,968) (46,292) (46,066) Core adjusted funds from operations $ 144,936 $ 157,589 $ 309,872 $ 331,309 Weighted average shares – basic 102,342 108,636 103,577 108,584 Incremental shares issuable from assumed conversion of: Awards granted 21 39 47 52 Common units 1,594 1,594 1,594 1,594 Weighted average shares – diluted 103,957 110,269 105,218 110,230

filing-2: FFO reconciliation and recurring capitalized expenditures; in thousands · Filed 31/07/2026

Recurring Capital Expenditures: Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

filing-8: Definition of recurring capital expenditures · Filed 30/07/2026

Development Communities - Construction Ongoing ($ in millions) Total Total % Leased Community Name Location Homes Estimated Cost as of 7/29/2026 Camden South Charlotte Charlotte, NC 420 $157.0 13 % Camden Blakeney Charlotte, NC 349 151.0 Camden Nations Nashville, TN 393 184.0 Total 1,162 $492.0 Acquisition Activity During the quarter, the Company acquired five apartment home communities and two land parcels.

filing-7: Ongoing development; total estimated costs in millions · Filed 30/07/2026

Publication history

Sources

• filing-1 · Filed 12/02/2026
• filing-2 · Filed 31/07/2026
• filing-3 · Filed 27/03/2026
• filing-7 · Filed 30/07/2026
• filing-8 · Filed 30/07/2026
• filing-9 · Filed 30/04/2026
• filing-10 · Filed 30/04/2026
• filing-12 · Filed 08/05/2026
• filing-11 · Filed 20/02/2025
• filing-13 · Filed 31/08/2026