CAMDEN PROPERTY TRUST (CPT)

Camden Property Trust is a Texas real estate investment trust formed on May 25, 1993. Together with its consolidated subsidiaries, it is primarily engaged in the ownership, management, development, repositioning, redevelopment, acquisition, and construction of multifamily apartment communities. It qualified as a REIT under the Internal Revenue Code as of December 31, 2025, so apart from its taxable REIT subsidiaries it is not subject to federal income tax as long as it continues to meet the Code's requirements.

As of December 31, 2025, the company owned interests in, operated, or was developing 175 multifamily properties with 59,921 apartment homes across the United States. Three of those properties were under construction and will total 1,162 apartment homes when completed. It also holds land that it may develop into multifamily communities in the future. Its strategy centers on steady earnings growth through property operations, development and acquisitions, market balance, and capital recycling. This includes selectively acquiring operating communities, developing new ones, redeveloping and repositioning existing ones, and selling properties to redeploy capital.

Camden's customers are residents who rent its apartment homes. It targets markets with strong economic growth, household and job formation, and an attractive quality of life, and it concentrates on core markets to gain economies of scale. Average lease terms are about fourteen months, with expirations staggered to match each property's seasonal rental patterns. Its communities compete with other multifamily properties, condominiums, single-family homes, and third-party short-term rental providers.

Camden manages its properties with its own staff, including certified property managers, apartment managers, leasing staff, and maintenance technicians. On-site employees receive incentive compensation tied to property results. The company had about 1,640 employees at December 31, 2025. It plans to fund its liquidity needs through operating cash flow, an unsecured revolving credit facility, a commercial paper program, debt and equity offerings under an automatic shelf registration, at-the-market share offerings, property sales, other unsecured borrowings, or secured mortgages. Its headquarters are at 2800 Post Oak Boulevard, Suite 2700, Houston, Texas.