Camden Property Trust : March Investor Presentation

Investor Presentation March 2024

Camden Durham - Durham, NC

Camden North End - Phoenix, AZ

Table of Contents

Company Overview	3‐15
2024 Guidance & Recent Updates	16‐24
Multifamily Fundamentals	25‐29
Other Information	30‐33
Appendix	34‐39

FORWARD‐LOOKING STATEMENTS - In addition to historical information, this presentation contains forward‐looking statements under the federal
securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the
"Company") operates, management's beliefs, and assumptions made by management. Forward‐looking statements are not guarantees of future
performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company's actual results or
performance to differ materially from those contemplated by forward‐looking statements are described under the heading "Risk Factors" in Camden's
Annual Report on Form 10‐K and in other filings with the Securities and Exchange Commission ("SEC"). Forward‐looking statements made in this	2
presentation represent management's opinions as of the date of this presentation, and the Company assumes no obligation to update or supplement
these statements because of subsequent events.

Camden Buckhead- Atlanta, GA

Company Overview

3

Camden's Strategy

• Focus on high‐growth markets (employment, population, migration)
• Deliver consistent earnings and dividend growth
• Operate a diverse portfolio of assets (geographical, A/B, urban/suburban) and maintain a high‐quality resident profile
• Recycle capital and create value through acquisitions, dispositions, development, and repositioning/redevelopment/repurpose programs
• Maintain a strong balance sheet with low leverage, ample liquidity, and the ability to capitalize on future opportunities

4

Focus on High‐Growth Markets

Employment Growth

Estimated Gain 2024‐2026

1	Dallas	183,000
2	Houston	142,000
3	Phoenix	137,000
4	Atlanta	119,000
5	Austin	105,000
6	Orlando	100,000
7	Riverside	82,000
8	Nashville	73,000
9	Raleigh	72,000
10	Tampa	72,000
11	Las Vegas	68,000
12	New York City	67,000
13	Philadelphia	67,000
14	Charlotte	65,000
15	Miami	65,000
16	Seattle	61,000
17	Fort Worth	60,000
18	Denver	54,000
19	Washington D.C.	54,000
20	San Antonio	50,000
21	Boston	49,000
22	Fort Lauderdale	45,000
23	Indianapolis	41,000
24	Salt Lake City	41,000
25	Jacksonville	40,000

	Population Growth
	Estimated Gain 2024‐2026
1	Houston	341,000
2	Dallas	295,000
3	Atlanta	250,000
4	Charlotte	148,000
5	Austin	147,000
6	Washington D.C.	132,000
7	Riverside	131,000
8	Phoenix	128,000
9	Orlando	127,000
10	Raleigh	124,000
11	Seattle	118,000
12	Fort Worth	112,000
13	Tampa	107,000
14	Las Vegas	100,000
15	San Antonio	98,000
16	Nashville	78,000
17	Minneapolis	77,000
18	Jacksonville	71,000
19	Columbus	69,000
20	Fort Lauderdale	64,000
21	Indianapolis	62,000
22	Miami	57,000
23	Denver	51,000
24	Kansas City	46,000
25	Portland	45,000

Total Migration

	Actual 2022‐2023
1	Dallas		149,000
2	Phoenix	132,000
3	Atlanta	128,000
4	Houston	127,000
5	Tampa	119,000
6	Austin	94,000
7	Orlando	74,000
8	Charlotte	72,000
9	San Antonio	72,000
10	Raleigh	70,000
	Estimated 2024‐2026
1	Houston	204,000
2	Dallas	199,000
3	Atlanta	187,000
4	Charlotte	122,000
5	Tampa	119,000
6	Orlando	105,000
7	Austin	103,000
8	Raleigh	97,000
9	Phoenix	95,000
10	Las Vegas	84,000

Over 90% of Camden's NOI is derived from these markets

Source: Witten Advisors; Highlighted represents Camden markets.	5

Earnings & Dividend Growth

$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00	(1)	2020 (2)			(3)	2024F(4)
2018	2021	2022
2019	2023
Dividends per share	AFFO per share	FFO per share

1. Includes $0.12 per share non‐core charge related to the early redemption and prepayment of debt.
2. Includes $0.15 per share of pandemic related non‐core charges and $0.035 per share non‐core non‐cash adjustment to retail straight‐line rent receivable.
3. In 2023, we began providing Core FFO and Core AFFO metrics and retroactively provided related 2022 data.
4. Based on midpoint of 2024 guidance provided on 2/1/24 and announced 1Q24 annualized dividend rate.

6

Diverse Portfolio

Asset Class*

(as of 4Q23)

NOI Contribution by Market38% (includes all operating communities)

62%

Class A Class B

					Washington DC Metro
					12.8%
	Denver			Charlotte	Raleigh
Los Angeles/Orange County		Nashville	4.8%
	5.4%
4.1%	5.7%
	1.3%
	Phoenix
San Diego/Inland Empire	8.8%
4.3%	Dallas			Atlanta
			7.3%	Orlando
	8.2%
				6.4%
	Austin			Tampa	Southeast Florida
	4.9%	Houston		6.3%
		12.7%			7.0%

Location*

42%

58%

Urban Suburban

Nearly 59,000 apartment homes located in 15 major markets in the U.S.

Operating	Apartment	Portfolio	Average
Communities	Homes	Average Age	Occupancy
172	58,634	15 years	95%
Average Monthly Rental	Average Monthly Revenue	Development	Development
Rate per Home	per Occupied Home	Communities	Apartment Homes
$1,994	$2,277	4	1,166

*Asset Class is based on the age of each asset, its rental rates compared to its submarket and the overall metro market, as well as subjective factors. Location is based on distance from downtown/CBD, zip code, population density, as well as subjective factors.

Building Type

4%

9%

28% 59%

Low‐Rise Mid‐Rise

High‐Rise Mixed

7

Camden Resident Profile

(results for total portfolio)

• Median Age 31 years
• Average Annual Household Income of ~ $122K for New Move‐Ins in 4Q23
• Average Rent‐to‐Income Ratio of 19% for New Move‐ Ins in 4Q23
• Average Number of Occupants per Apartment Home
  1.7

Age Range of Camden Residents

50%

40%

30%

20%

10%

0%

0‐17 18‐24 25‐34 35‐44 45‐64 65+

Total Number of Occupants per Apartment Home

50%

40%

30%

20%

10%

0%

1

2

3

4+

8

Capital Recycling

($ in millions)

Since 2011 we have significantly improved the quality of our portfolio with minimal cash flow

dilution, using disposition proceeds to fund development and acquisitions(1)

$2.7B Total

Acquisitions(2)

Average Age of 4 Years(4)

$3.7B Total	$3.9B Total
Dispositions	Developments(3)

Average Age of 24 years(4)

Average Age of 6 years(5)

$0.8B Total

Repositions,

Redevelopments,

Repurposes

(1) Totals include wholly‐owned and joint venture activity.

(2) Total acquisitions exclude acquisition of Fund partnership interests.

(3) Estimated market value of developments as of 12/31/23.

(4) Average age at time of purchase or sale as of 12/31/23.

(5) Current age of developments as of 12/31/23.

9

Development Value Creation

Communities

Development Communities Completed and Stabilized

(2011‐2023)

40

Apartment Homes

12,095

Total Cost

$2.9B

Market Value*

$3.9B

Value Creation

$1.0B

Camden NoDa - Year Built 2023

Camden RiNo • Year Built 2020

Camden Lake Eola • Year Built 2021

*Estimated market value of developments assuming current market cap rates ranging from 5.00%‐5.50% for new product in our markets.	10