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CAMDEN PROPERTY TRUST ANNOUNCES FOURTH QUARTER 2025 OPERATING RESULTS,
2026 FINANCIAL OUTLOOK, AND FIRST QUARTER 2026 DIVIDEND
Houston, Texas (February 5, 2026) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and twelve months ended December 31, 2025. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations (“Core AFFO”) for the three and twelve months ended December 31, 2025 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.
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| Three Months Ended December 31, | Twelve Months Ended December 31, |
| | |
| Per Diluted Share | 2025 | 2024 | 2025 | 2024 |
EPS(1) | $1.44 | $0.37 | $3.54 | $1.50 |
| FFO | $1.73 | $1.68 | $6.77 | $6.70 |
| Core FFO | $1.76 | $1.73 | $6.88 | $6.85 |
| Core AFFO | $1.46 | $1.46 | $5.90 | $5.88 |
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| Three Months Ended | 4Q25 Guidance | 4Q25 Guidance |
| Per Diluted Share | December 31, 2025 | Midpoint | Variance |
EPS(1) | $1.44 | $0.35 | $1.09 |
| FFO | $1.73 | $1.70 | $0.03 |
| Core FFO | $1.76 | $1.73 | $0.03 |
(1) For the three and twelve months ended December 31, 2025, EPS included approximately $0.12 per share of impairments associated with undeveloped land parcels. For the twelve months ended December 31, 2024, EPS included approximately $0.37 per share of impairments associated with undeveloped land parcels.
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| Quarterly Growth | Sequential Growth | Year-To-Date Growth |
| Same Property Results | 4Q25 vs. 4Q24 | 4Q25 vs. 3Q25 | 2025 vs. 2024 |
| Revenues | 0.5% | (0.8)% | 0.8% |
| Expenses | 1.5% | (5.1)% | 1.7% |
| Net Operating Income ("NOI") | 0.0% | 1.7% | 0.3% |
| | | | | | | | | | | |
| Same Property Results | 4Q25 | 4Q24 | 3Q25 |
| Occupancy | 95.2% | 95.3% | 95.5% |
For 2025, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.
Operating Statistics - Same Property Portfolio
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New Lease and Renewal Data - Date Effective (1) | | | 4Q25 | 4Q24 | |
| Effective New Lease Rates | | | (5.3)% | (4.7)% | |
| Effective Renewal Rates | | | 2.8% | 3.3% | |
| Effective Blended Lease Rates | | | (1.6)% | (1.1)% | |
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
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| Occupancy, Bad Debt and Turnover Data | | | 4Q25 | 4Q24 | |
| Occupancy | | | 95.2% | 95.3% | |
| Bad Debt | | | 0.7% | 0.7% | |
| Annualized Gross Turnover | | | 40% | 41% | |
| Annualized Net Turnover | | | 30% | 31% | |
Development Activity
During the quarter, lease-up was completed at Camden Long Meadow Farms in Richmond, TX and leasing continued at Camden Village District in Raleigh, NC.
Development Communities - Construction Completed and Project in Lease-Up ($ in millions)
| | | | | | | | | | | | | | |
| | Total | Total | % Leased |
| Community Name | Location | Homes | Cost | as of 1/31/2026 |
| Camden Village District | Raleigh, NC | 369 | | $139.2 | 60 | % |
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Development Communities - Construction Ongoing ($ in millions)
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| | Total | Total | |
| Community Name | Location | Homes | Estimated Cost | |
| | | | |
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| Camden South Charlotte | Charlotte, NC | 420 | | $157.0 | |
| Camden Blakeney | Charlotte, NC | 349 | | 151.0 | |
| Camden Nations | Nashville, TN | 393 | | 184.0 | |
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| Total | | 1,162 | $492.0 | |
Acquisition and Disposition Activity
During the quarter, the Company acquired Camden Lake Buena Vista, a 322-apartment home community located in Orlando, FL for approximately $85.2 million. Also during the quarter, the Company disposed of two operating communities that operated as one dual-phased community in Houston, TX and one operating community in Phoenix, AZ comprising a total of 979 apartment homes for approximately $201.0 million and recognized a gain of approximately $128.0 million.
Subsequent to quarter end, the Company began marketing for sale 11 operating communities in California.
Share Repurchase
During the quarter, Camden repurchased 2,065,276 common shares at an average price of $106.82 per share for a total of $220.6 million. Year to date, Camden repurchased 2,531,018 common shares at an average share price of $106.92 for a total of $270.6 million. Subsequent to quarter end, Camden repurchased 1,096,807 common shares at an average price of $110.03 for a total of $120.7 million.
In February 2026, Camden's Board of Trust Managers authorized a new share repurchase program up to $600.0 million. The Company currently has $600.0 million remaining under this stock repurchase program.
Liquidity Analysis
As of December 31, 2025, Camden had approximately $635.2 million of liquidity comprised of approximately $25.2 million in cash and cash equivalents, and approximately $610.0 million of availability under its unsecured credit facility and commercial paper program. At quarter-end, the Company had approximately $213.8 million left to fund under its existing wholly-owned development pipeline.
Earnings Guidance
Camden provided initial earnings guidance for 2026 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2026 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.
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| 1Q26 | 2026 | | |
| Per Diluted Share | Range | Midpoint | Range | Midpoint | | |
| EPS | $0.22 - $0.26 | $0.24 | $0.40 - $0.70 | $0.55 | | |
| FFO | $1.61 - $1.65 | $1.63 | $6.46 - $6.76 | $6.61 | | |
Core FFO(1) | $1.64 - $1.68 | $1.66 | $6.60 - $6.90 | $6.75 | | |
(1) The Company's 2026 core FFO guidance excludes approximately $0.14 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.
A reconciliation of 2026 Core FFO per share guidance as compared to 2025 actual results is detailed below.
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| 2025 Core FFO per share - actual | $ | 6.880 | |
| Nonrecurring fee and asset management income | (0.040) | |
| Lower same property NOI growth | (0.045) | |
| Higher general overhead and other corporate expenses | (0.045) | |
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| 2026 Core FFO per share - midpoint guidance | $ | 6.750 | |
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| | 2026 | | |
| Same Property Growth Guidance | Range | Midpoint | | |
| Revenues | | (0.25%) - 1.75% | 0.75% | | |
| Expenses | | 2.25% - 3.75% | 3.00% | | |
| NOI | | (2.50%) - 1.50% | (0.50)% | | |
For 2026, the Company defines same property communities as communities owned and stabilized since January 1, 2025, including properties currently being marketed for sale.
Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2026 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.
Quarterly Dividend Declaration
Camden's Board of Trust Managers declared a first quarter 2026 dividend of $1.06 per common share payable on April 17, 2026 to shareholders of record as of March 31, 2026. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company's past performance and future prospects, as described in this press release.
Conference Call
Friday, February 6, 2026 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 7679266
Webcast: https://investors.camdenliving.com
The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.
Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.
Forward-Looking Statements
In addition to historical information, this press release 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 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 today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
About Camden
Camden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 172 properties containing 58,759 apartment homes across the United States. Upon completion of 3 properties currently under development, the Company’s portfolio will increase to 59,921 apartment homes in 175 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 18 consecutive years, most recently ranking #18. For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
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| CAMDEN | | OPERATING RESULTS |
| | (In thousands, except per share amounts) |
| | |
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | Twelve Months Ended December 31, |
| 2025 | 2024 | | 2025 | 2024 |
| OPERATING DATA | | | | | |
| | | | | |
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Property revenues (a) | $390,794 | $386,319 | | $1,573,544 | $1,543,842 |
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| Property expenses | | | | | |
| Property operating and maintenance | 90,514 | | 90,571 | | | 369,889 | | 365,681 | |
| Real estate taxes | 47,408 | | 47,440 | | | 196,821 | | 193,124 | |
| Total property expenses | 137,922 | | 138,011 | | | 566,710 | | 558,805 | |
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| Non-property income | | | | | |
| Fee and asset management | 5,282 | | 1,540 | | | 12,967 | | 7,137 | |
| Interest and other income/(loss) | 100 | | (22) | | | 256 | | 4,420 | |
| Income/(loss) on deferred compensation plans | 2,963 | | (2,511) | | | 19,260 | | 12,629 | |
| Total non-property income/(loss) | 8,345 | | (993) | | | 32,483 | | 24,186 | |
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| Other expenses | | | | | |
| Property management | 8,995 | | 9,274 | | | 37,452 | | 38,331 | |
| Fee and asset management | 797 | | 659 | | | 3,074 | | 2,200 | |
| General and administrative | 19,841 | | 18,673 | | | 79,344 | | 72,365 | |
| Interest | 34,079 | | 32,565 | | | 138,239 | | 129,815 | |
| Depreciation and amortization | 150,191 | | 145,474 | | | 611,025 | | 582,014 | |
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| Expense/(benefit) on deferred compensation plans | 2,963 | | (2,511) | | | 19,260 | | 12,629 | |
| Total other expenses | 216,866 | | 204,134 | | | 888,394 | | 837,354 | |
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| Impairment associated with land development activities | (12,916) | | — | | | (12,916) | | (40,988) | |
| Loss on early retirement of debt | — | | — | | | — | | (921) | |
| Gain on sale of operating properties | 127,972 | | — | | | 260,910 | | 43,806 | |
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| Income from continuing operations before income taxes | 159,407 | | 43,181 | | | 398,917 | | 173,766 | |
| Income tax expense | (1,449) | | (572) | | | (4,019) | | (2,926) | |
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| Net income | 157,958 | | 42,609 | | | 394,898 | | 170,840 | |
| Net Income allocated to non-controlling interests | (1,922) | | (1,918) | | | (10,436) | | (7,547) | |
| Net income attributable to common shareholders | $156,036 | | $40,691 | | | $384,462 | | $163,293 | |
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| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | | | | | |
| Net income | $157,958 | $42,609 | | $394,898 | $170,840 |
| Other comprehensive income | | | | | |
| Unrealized gain on cash flow hedging activities | — | | — | | | — | | 85 | |
| Unrealized loss and unamortized prior service cost on post retirement obligation | (212) | | (18) | | | (212) | | (18) | |
| Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 350 | | 351 | | | 1,403 | | 2,159 | |
| Comprehensive income | 158,096 | | 42,942 | | | 396,089 | | 173,066 | |
| Net income allocated to non-controlling interests | (1,922) | | (1,918) | | | (10,436) | | (7,547) | |
| Comprehensive income attributable to common shareholders | $156,174 | | $41,024 | | | $385,653 | | $165,519 | |
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| PER SHARE DATA | | | | | |
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| Total earnings per common share - basic | $1.44 | | $0.37 | | | $3.54 | | $1.50 | |
| Total earnings per common share - diluted | 1.44 | | 0.37 | | | 3.54 | | 1.50 | |
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| Weighted average number of common shares outstanding: | | | | | |
| Basic | 107,821 | | 108,428 | | | 108,376 | | 108,491 | |
| Diluted | 108,617 | | 108,515 | | | 108,434 | | 108,539 | |
(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended December 31, 2025, we recognized $390.8 million of property revenue which consisted of approximately $347.7 million of rental revenue and approximately $43.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $386.3 million recognized for the three months ended December 31, 2024, made up of approximately $344.9 million of rental revenue and approximately $41.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the twelve months ended December 31, 2025, we recognized $1,573.5 million of property revenue which consisted of approximately $1,399.9 million of rental revenue and approximately $173.6 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to the $1,543.8 million of property revenue recognized for the twelve months ended December 31, 2024, made up of approximately $1,376.0 million of rental revenue and approximately $167.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $12.1 million and $11.0 million for the three months ended December 31, 2025 and 2024, respectively and was $46.9 million and $42.9 million for the twelve months ended December 30, 2025 and 2024, respectively.
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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| CAMDEN | | FUNDS FROM OPERATIONS |
| | (In thousands, except per share and property data amounts) |
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(Unaudited)
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| Three Months Ended December 31, | | Twelve Months Ended December 31, |
| 2025 | 2024 | | 2025 | 2024 |
| FUNDS FROM OPERATIONS | | | | | |
| | | | | |
| Net income attributable to common shareholders | $156,036 | | $40,691 | | | $384,462 | | $163,293 | |
| Real estate depreciation and amortization | 146,599 | | 142,403 | | | 597,925 | | 569,998 | |
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| Income allocated to non-controlling interests | 1,922 | | 1,918 | | | 10,436 | | 7,547 | |
| Gain on sale of operating properties | (127,972) | | — | | | (260,910) | | (43,806) | |
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| Impairment associated with land development activities | 12,916 | | — | | | 12,916 | | 40,988 | |
| Funds from operations | $189,501 | | $185,012 | | | $744,829 | | $738,020 | |
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Less: Casualty-related expenses, net of (recoveries) (a) | 59 | | 3,080 | | | (1,354) | | 5,849 | |
Plus: Severance (b) | — | | — | | | — | | 506 | |
Plus: Legal costs and settlements (b) | 2,277 | | 1,577 | | | 8,611 | | 4,844 | |
Plus: Loss on early retirement of debt | — | | — | | | — | | 921 | |
Plus: Expensed transaction, development, and other pursuit costs (b) | 1,131 | | 710 | | | 4,789 | | 2,203 | |
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Plus: Advocacy contributions (c) | — | | — | | | — | | 1,653 | |
Plus: Other miscellaneous items (a) | 106 | | — | | | 350 | | — | |
| Core funds from operations | $193,074 | | $190,379 | | | $757,225 | | $753,996 | |
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Less: Recurring capitalized expenditures (d) | (32,834) | | (29,107) | | | (108,174) | | (106,403) | |
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| Core adjusted funds from operations | $160,240 | | $161,272 | | | $649,051 | | $647,593 | |
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| PER SHARE DATA | | | | | |
| Funds from operations - diluted | $1.73 | | $1.68 | | | $6.77 | | $6.70 | |
| Core funds from operations - diluted | 1.76 | | 1.73 | | | 6.88 | | 6.85 | |
| Core adjusted funds from operations - diluted | 1.46 | | 1.46 | | | 5.90 | | 5.88 | |
| Distributions declared per common share | 1.05 | | 1.03 | | | 4.20 | | 4.12 | |
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| Weighted average number of common shares outstanding: | | | | | |
| FFO/Core FFO/Core AFFO - diluted | 109,486 | | 110,109 | | | 110,028 | | 110,133 | |
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| PROPERTY DATA | | | | | |
Total operating properties (end of period) (e) | 172 | | 174 | | | 172 | | 174 | |
Total operating apartment homes in operating properties (end of period) (e) | 58,759 | | 58,858 | | | 58,759 | | 58,858 | |
| Total operating apartment homes (weighted average) | 58,615 | | 58,588 | | | 59,095 | | 58,405 | |
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.
(a) Non-core adjustment generally recorded within Property NOI.
(b) Non-core adjustment generally recorded within General and Administrative Expenses.
(c) Non-core adjustment generally recorded within Property Management Expenses.
(d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(e) Includes joint ventures and properties held for sale, if any.
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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| CAMDEN | | BALANCE SHEETS |
| | (In thousands) |
| | |
(Unaudited)
| | | | | | | | | | | | | | | | | |
| Dec 31,
2025 | Sep 30,
2025 | Jun 30,
2025 | Mar 31,
2025 | Dec 31,
2024 |
| ASSETS | | | | | |
| Real estate assets, at cost | | | | | |
| Land | $1,787,445 | | $1,791,077 | | $1,789,207 | | $1,763,468 | | $1,722,526 | |
| Buildings and improvements | 11,792,960 | | 11,812,521 | | 11,763,017 | | 11,550,852 | | 11,319,460 | |
| 13,580,405 | | 13,603,598 | | 13,552,224 | | 13,314,320 | | 13,041,986 | |
| Accumulated depreciation | (5,296,061) | | (5,234,087) | | (5,128,622) | | (5,011,583) | | (4,867,422) | |
| Net operating real estate assets | 8,284,344 | | 8,369,511 | | 8,423,602 | | 8,302,737 | | 8,174,564 | |
| Properties under development and land | 419,227 | | 384,124 | | 380,437 | | 403,657 | | 401,542 | |
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| Total real estate assets | 8,703,571 | | 8,753,635 | | 8,804,039 | | 8,706,394 | | 8,576,106 | |
| Accounts receivable – affiliates | 8,884 | | 8,889 | | 8,889 | | 8,950 | | 8,991 | |
Other assets, net (a) | 293,292 | | 255,333 | | 262,100 | | 239,999 | | 234,838 | |
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| Cash and cash equivalents | 25,203 | | 25,931 | | 33,091 | | 26,182 | | 21,045 | |
| Restricted cash | 12,039 | | 11,378 | | 11,454 | | 11,607 | | 11,164 | |
| Total assets | $9,042,989 | | $9,055,166 | | $9,119,573 | | $8,993,132 | | $8,852,144 | |
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| LIABILITIES AND EQUITY | | | | | |
| Liabilities | | | | | |
| Notes payable | | | | | |
| Unsecured | $3,570,193 | | $3,409,691 | | $3,495,487 | | $3,405,255 | | $3,155,233 | |
| Secured | 330,597 | | 330,536 | | 330,476 | | 330,416 | | 330,358 | |
| Accounts payable and accrued expenses | 248,087 | | 232,960 | | 206,018 | | 195,197 | | 215,179 | |
| Accrued real estate taxes | 92,382 | | 129,697 | | 91,954 | | 46,192 | | 78,529 | |
| Distributions payable | 114,971 | | 115,518 | | 116,007 | | 115,983 | | 113,549 | |
Other liabilities (b) | 248,506 | | 224,989 | | 219,635 | | 212,871 | | 212,107 | |
| Total liabilities | 4,604,736 | | 4,443,391 | | 4,459,577 | | 4,305,914 | | 4,104,955 | |
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| Equity | | | | | |
| Common shares of beneficial interest | 1,157 | | 1,157 | | 1,157 | | 1,157 | | 1,158 | |
| Additional paid-in capital | 5,948,938 | | 5,945,277 | | 5,941,893 | | 5,936,982 | | 5,930,729 | |
| Distributions in excess of net income attributable to common shareholders | (969,240) | | (1,011,983) | | (1,007,075) | | (973,416) | | (897,931) | |
| Treasury shares | (620,497) | | (400,185) | | (350,166) | | (351,092) | | (359,732) | |
Accumulated other comprehensive income (c) | 2,165 | | 2,027 | | 1,676 | | 1,325 | | 974 | |
| Total common equity | 4,362,523 | | 4,536,293 | | 4,587,485 | | 4,614,956 | | 4,675,198 | |
| Non-controlling interests | 75,730 | | 75,482 | | 72,511 | | 72,262 | | 71,991 | |
| Total equity | 4,438,253 | | 4,611,775 | | 4,659,996 | | 4,687,218 | | 4,747,189 | |
| Total liabilities and equity | $9,042,989 | | $9,055,166 | | $9,119,573 | | $8,993,132 | | $8,852,144 | |
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| (a) Includes net deferred charges of: | $534 | | $1,296 | | $1,953 | | $2,730 | | $2,675 | |
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| (b) Includes deferred revenues of: | $614 | | $624 | | $692 | | $760 | | $767 | |
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| (c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities. |
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| CAMDEN | | NON-GAAP FINANCIAL MEASURES |
| | DEFINITIONS & RECONCILIATIONS |
| | (In thousands, except per share amounts) |
| | |
(Unaudited)
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies.
Core FFO
Core FFO represents FFO as further adjusted for Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
Core Adjusted FFO
In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:
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| Three Months Ended December 31, | | Twelve Months Ended December 31, |
| 2025 | 2024 | | 2025 | 2024 |
| Net income attributable to common shareholders | $156,036 | | $40,691 | | | $384,462 | | $163,293 | |
| Real estate depreciation and amortization | 146,599 | | 142,403 | | | 597,925 | | 569,998 | |
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| Income allocated to non-controlling interests | 1,922 | | 1,918 | | | 10,436 | | 7,547 | |
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| Gain on sale of operating properties | (127,972) | | — | | | (260,910) | | (43,806) | |
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| Impairment associated with land development activities | 12,916 | | — | | | 12,916 | | 40,988 | |
| Funds from operations | $189,501 | | $185,012 | | | $744,829 | | $738,020 | |
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| Less: Casualty-related expenses, net of (recoveries) | 59 | | 3,080 | | | (1,354) | | 5,849 | |
| Plus: Severance | — | | — | | | — | | 506 | |
| Plus: Legal costs and settlements | 2,277 | | 1,577 | | | 8,611 | | 4,844 | |
| Plus: Loss on early retirement of debt | — | | — | | | — | | 921 | |
| Plus: Expensed transaction, development, and other pursuit costs | 1,131 | | 710 | | | 4,789 | | 2,203 | |
| Plus: Advocacy contributions | — | | — | | | — | | 1,653 | |
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| Plus: Miscellaneous other items | 106 | | — | | | 350 | | — | |
| Core funds from operations | $193,074 | | $190,379 | | | $757,225 | | $753,996 | |
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| Less: Recurring capitalized expenditures | (32,834) | | (29,107) | | | (108,174) | | (106,403) | |
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| Core adjusted funds from operations | $160,240 | | $161,272 | | | $649,051 | | $647,593 | |
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| Weighted average number of common shares outstanding: | | | | | |
| EPS diluted | 108,617 | | 108,515 | | | 108,434 | | 108,539 | |
| FFO/Core FFO/ Core AFFO diluted | 109,486 | | 110,109 | | | 110,028 | | 110,133 | |
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| CAMDEN | | NON-GAAP FINANCIAL MEASURES |
| | DEFINITIONS & RECONCILIATIONS |
| | (In thousands, except per share amounts) |
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(Unaudited)
Reconciliation of FFO, Core FFO, and Core AFFO per share
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| Three Months Ended December 31, | | Twelve Months Ended December 31, |
| 2025 | 2024 | | 2025 | 2024 |
| Total Earnings Per Common Share - Diluted | $1.44 | | $0.37 | | | $3.54 | | $1.50 | |
| Real estate depreciation and amortization | 1.33 | | 1.28 | | | 5.39 | | 5.16 | |
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| Income allocated to non-controlling interests | 0.01 | | 0.03 | | | 0.09 | | 0.07 | |
| Gain on sale of operating properties | (1.17) | | — | | | (2.37) | | (0.40) | |
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| Impairment associated with land development activities | 0.12 | | — | | | 0.12 | | 0.37 | |
| FFO per common share - Diluted | $1.73 | | $1.68 | | | $6.77 | | $6.70 | |
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| Less: Casualty-related expenses, net of (recoveries) | — | | 0.03 | | | (0.01) | | 0.05 | |
| Plus: Severance | — | | — | | | — | | — | |
| Plus: Legal costs and settlements | 0.02 | | 0.01 | | | 0.08 | | 0.04 | |
| Plus: Loss on early retirement of debt | — | | — | | | — | | 0.02 | |
| Plus: Expensed transaction, development, and other pursuit costs | 0.01 | | 0.01 | | | 0.04 | | 0.02 | |
| Plus: Advocacy contributions | — | | — | | | — | | 0.02 | |
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| Plus: Miscellaneous other items | — | | — | | | — | | — | |
| Core FFO per common share - Diluted | $1.76 | | $1.73 | | | $6.88 | | $6.85 | |
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| Less: Recurring capitalized expenditures | (0.30) | | (0.27) | | | (0.98) | | (0.97) | |
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| Core AFFO per common share - Diluted | $1.46 | | $1.46 | | | $5.90 | | $5.88 | |
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Expected FFO & Core FFO
Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:
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| 1Q26 | Range | | 2026 | Range |
| Low | High | | Low | High |
| Expected earnings per common share - diluted | $0.22 | | $0.26 | | | $0.40 | | $0.70 | |
| Expected real estate depreciation and amortization | 1.37 | | 1.37 | | | 5.99 | | 5.99 | |
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| Expected income allocated to non-controlling interests | 0.02 | | 0.02 | | | 0.07 | | 0.07 | |
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| Expected FFO per share - diluted | $1.61 | | $1.65 | | | $6.46 | | $6.76 | |
| Anticipated Adjustments to FFO | 0.03 | | 0.03 | | | 0.14 | | 0.14 | |
| Expected Core FFO per share - diluted | $1.64 | | $1.68 | | | $6.60 | | $6.90 | |
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| Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. |
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| CAMDEN | | NON-GAAP FINANCIAL MEASURES |
| | DEFINITIONS & RECONCILIATIONS |
| | (In thousands, except per share amounts) |
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(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as property revenue less total property expenses. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:
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| Three months ended December 31, | | Twelve months ended December 31, |
| 2025 | 2024 | | 2025 | 2024 |
| Net income | $157,958 | | $42,609 | | | $394,898 | | $170,840 | |
| Less: Fee and asset management income | (5,282) | | (1,540) | | | (12,967) | | (7,137) | |
| Less: Interest and other income/(loss) | (100) | | 22 | | | (256) | | (4,420) | |
| Less: Income/(loss) on deferred compensation plans | (2,963) | | 2,511 | | | (19,260) | | (12,629) | |
| Plus: Property management expense | 8,995 | | 9,274 | | | 37,452 | | 38,331 | |
| Plus: Fee and asset management expense | 797 | | 659 | | | 3,074 | | 2,200 | |
| Plus: General and administrative expense | 19,841 | | 18,673 | | | 79,344 | | 72,365 | |
| Plus: Interest expense | 34,079 | | 32,565 | | | 138,239 | | 129,815 | |
| Plus: Depreciation and amortization expense | 150,191 | | 145,474 | | | 611,025 | | 582,014 | |
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| Plus: Expense/(benefit) on deferred compensation plans | 2,963 | | (2,511) | | | 19,260 | | 12,629 | |
| Plus: Impairment associated with land development activities | 12,916 | | — | | | 12,916 | | 40,988 | |
| Plus: Loss on early retirement of debt | — | | — | | | — | | 921 | |
| Less: Gain on sale of operating properties | (127,972) | | — | | | (260,910) | | (43,806) | |
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| Plus: Income tax expense | 1,449 | | 572 | | | 4,019 | | 2,926 | |
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| NOI | $252,872 | | $248,308 | | | $1,006,834 | | $985,037 | |
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| "Same Property" Communities | $235,844 | | $235,934 | | | $936,497 | | $934,141 | |
| Non-"Same Property" Communities | 13,524 | | 8,124 | | | 46,603 | | 25,555 | |
| Development and Lease-Up Communities | 376 | | — | | | 685 | | (6) | |
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| Disposition/Other | 3,128 | | 4,250 | | | 23,049 | | 25,347 | |
| NOI | $252,872 | | $248,308 | | | $1,006,834 | | $985,037 | |
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| CAMDEN | | NON-GAAP FINANCIAL MEASURES |
| | DEFINITIONS & RECONCILIATIONS |
| | (In thousands, except per share amounts) |
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(Unaudited)
EBITDAre and Adjusted EBITDAre
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.
Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:
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| Three months ended December 31, | | Twelve months ended December 31, |
| 2025 | 2024 | | 2025 | 2024 |
| Net income | $157,958 | | $42,609 | | | $394,898 | | $170,840 | |
| Plus: Interest expense | 34,079 | | 32,565 | | | 138,239 | | 129,815 | |
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| Plus: Depreciation and amortization expense | 150,191 | | 145,474 | | | 611,025 | | 582,014 | |
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| Plus: Income tax expense | 1,449 | | 572 | | | 4,019 | | 2,926 | |
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| Less: Gain on sale of operating properties | (127,972) | | — | | | (260,910) | | (43,806) | |
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| Plus: Impairment associated with land development activities | 12,916 | | — | | | 12,916 | | 40,988 | |
| EBITDAre | $228,621 | | $221,220 | | | $900,187 | | $882,777 | |
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| Less: Casualty-related expenses, net of (recoveries) | 59 | | 3,080 | | | (1,354) | | 5,849 | |
| Plus: Severance | — | | — | | | — | | 506 | |
| Plus: Legal costs and settlements | 2,277 | | 1,577 | | | 8,611 | | 4,844 | |
| Plus: Loss on early retirement of debt | — | | — | | | — | | 921 | |
| Plus: Expensed transaction, development, and other pursuit costs | 1,131 | | 710 | | | 4,789 | | 2,203 | |
| Plus: Advocacy contributions | — | | — | | | — | | 1,653 | |
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| Plus: Miscellaneous other items | 106 | | — | | | 350 | | — | |
| Adjusted EBITDAre | $232,194 | | $226,587 | | | $912,583 | | $898,753 | |
| Annualized Adjusted EBITDAre | $928,776 | | $906,348 | | | $912,583 | | $898,753 | |
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Net Debt to Annualized Adjusted EBITDAre
The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net Debt and computes the ratio to Adjusted EBITDAre for the following periods:
Net Debt:
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| Average monthly balance for the | | Average monthly balance for the |
| Three months ended December 31, | | Twelve months ended December 31, |
| 2025 | 2024 | | 2025 | 2024 |
| Unsecured notes payable | $3,485,644 | | $3,169,511 | | | $3,459,543 | | $3,207,170 | |
| Secured notes payable | 330,577 | | 330,338 | | | 330,486 | | 330,251 | |
| Total average debt | 3,816,221 | | 3,499,849 | | | 3,790,029 | | 3,537,421 | |
| Less: Average cash and cash equivalents | (12,428) | | (11,022) | | | (13,654) | | (43,782) | |
| Net debt | $3,803,793 | | $3,488,827 | | | $3,776,375 | | $3,493,639 | |
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| Three months ended December 31, | | Twelve months ended December 31, |
| 2025 | 2024 | | 2025 | 2024 |
| Net debt | $3,803,793 | | $3,488,827 | | | $3,776,375 | | $3,493,639 | |
| Annualized Adjusted EBITDAre | 928,776 | | 906,348 | | | 912,583 | | 898,753 | |
| Net Debt to Annualized Adjusted EBITDAre | 4.1x | 3.8x | | 4.1x | 3.9x |
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| CAMDEN | | 2026 FINANCIAL OUTLOOK |
| | AS OF FEBRUARY 5, 2026 |
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(Unaudited)
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| Earnings Guidance - Per Diluted Share | | | |
| Expected FFO per share - diluted | | | $6.46 - $6.76 |
| Expected CORE FFO per share - diluted | | | $6.60 - $6.90 |
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| "Same Property" Communities | | | |
| Number of Units - 2026 | | | 54,970 |
| 2025 Base Net Operating Income | | | $942 million |
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| Total Revenue Growth | | | (0.25%) - 1.75% |
| Total Expense Growth | | | 2.25% - 3.75% |
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| Net Operating Income Growth | | | (2.50%) - 1.50% |
| Impact from 1.0% change in NOI Growth is approximately $0.09 / share | | | |
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| Capitalized Expenditures | | | |
| Recurring | | | $113 - $117 million |
Revenue Enhancing Capex and Repositions (a) | | | $77 - $81 million |
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| Acquisitions/Dispositions | | | |
| Acquisition Volume | | | $1.0 - $1.2 billion |
| Disposition Volume | | | $1.6 - $2.0 billion |
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| Development | | | |
| Development Starts | | | $140 - $335 million |
| Development Spend | | | $185 - $215 million |
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| Non-Property Income | | | |
| Fee and Asset Management Income | | | $8 - $10 million |
Interest Income (b) | | | $2 - $4 million |
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| Corporate Expenses | | | |
| General and Administrative (G&A) Expenses | | | $81 - $85 million |
Non-Core Adjustments included above in G&A (c) | | | $14 - $15 million |
| Property Management Expenses | | | $36 - $40 million |
| Fee and Asset Management Expenses | | | $2 - $3 million |
| Corporate G&A Depreciation/Amortization | | | $14 - $16 million |
| Income Tax Expenses | | | $3 - $4 million |
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| Capital | | | |
Expected Share Repurchases (d) | | | $350 - $400 million |
| Expected Debt Transactions | | | $400 - $800 million |
| Expensed Interest | | | $142 - $146 million |
| Capitalized Interest | | | $16 - $18 million |
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(a) Revenue Enhancing Capex and Repositions are capital expenditures that improve a community's cash flow and competitive position, typically kitchen and bath upgrades, or other new amenities.
(b) Income anticipated to be earned from deposits on 1031 disposition proceeds.
(c) Non-Core Adjustments are items not considered part of our core business operations. Items recorded to General and Administrative Expenses generally includes legal costs and settlements and expensed transaction pursuit costs.
(d) Includes $120.7 million repurchased in January 2026.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. Additionally,
please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.
