Camden Property Trust : Fixed Income Presentation

Fixed Income Investor Presentation

February 2021

Camden Rainey Street Austin, TX

Disclaimer This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained herein shall form the basis of any contract or commitment. 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 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. 2

4Q20 Highlights

• • Collected 96.9% of January 2021 same property scheduled rents, as compared to 97.8% in January 2020 and 98.6% in 4Q20

• • FFO per diluted share of $1.21 and AFFO per diluted share of $1.00

  • • FFO and AFFO were negatively impacted by a $3.5 million or $0.035 per diluted share non‐cash adjustment to retail straight‐line rent receivables during the fourth quarter of 2020

• • Same property revenue growth of (0.1)% and same property NOI growth of (4.6)%

• • Completed construction at Camden RiNo, a 233‐unit wholly‐owned community in Denver, CO

• • Completed construction at Camden Cypress Creek II, a 234‐unit joint‐venture community in Cypress, TX

• • Commenced lease‐up at Camden North End II, a 343‐unit wholly‐owned community in Phoenix, AZ

Strong Leverage Metrics

• • 4.7x Net Debt‐to‐Annualized Adjusted EBITDA

• • 5.2x Total Fixed Charge Coverage Ratio

• • 3.0x Unencumbered Real Estate Assets (at Cost) to Unsecured Debt Ratio

• • 0% Total Secured Debt to Total Asset Value

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Strong Capital Structure

($ in millions - as of 1/31/21)

• • 3.6% weighted average interest rate on all debt

• • 98.7% fixed rate debt

• • 100.0% unsecured debt

• • 8.4 years weighted average maturity of debt

• • $288M in cash and cash equivalents

• • $888M available under $900M unsecured credit facility

• • Unencumbered asset pool of approximately $15B

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