CAMDEN PROPERTY TRUST

Listed Company

CPTCIK 0000906345NYSELarge AcceleratedReal Estate Investment TrustsTexasFY ends Dec 31

Period

FY 2025

Revenue

$12.97M

Net Income

$384.46M

Total Assets

$9.04B

Equity

$4.36B

Shares Out

103.41M

Op. Cash Flow

$826.62M

Business

Camden Property Trust is a real estate investment trust primarily engaged in the ownership, management, development, repositioning, redevelopment, acquisition and construction of multifamily apartment communities. It offers apartment homes and associated services, including leasing, maintenance, resident services, property management, development and construction capabilities. Its key business segments comprise property operations, development and redevelopment, acquisitions and dispositions, and centralized property management and corporate support functions. The company operates across multiple U.S. metropolitan markets, marketing and leasing through on-site teams, digital platforms and third-party channels.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Property revenues	1,574	1,544	1,542	1,423	1,144
Property operating and maintenance	370	366	354	316	268
Real estate taxes	197	193	195	182	149
Total property expenses	567	559	549	498	417
Fee and asset management	13	7	3	5	11
Interest and other income	256,000	4	879,000	3	1
Income on deferred compensation plans	19	13	15	−20	14
Total non-property income	32	24	20	−11	26
Property management	37	38	34	29	26
Fee and asset management	3	2	2	3	5
General and administrative	79	72	63	60	59
Interest	138	130	133	113	97
Depreciation and amortization	611	582	575	577	421
Expense on deferred compensation plans	19	13	15	−20	14
Total other expenses	888	837	822	762	623
Impairment associated with land development activities	−13	−41	0	0	—
Loss on early retirement of debt	0	−921,000	−3	0	0
Gain on sale of operating properties	261	44	225	36	174
Income from continuing operations before income taxes	399	174	414	664	314
Income tax expense	−4	−3	−4	−3	−2
Net income	395	171	411	662	312
Net income allocated to non-controlling interests	−10	−8	−7	−8	−8
Net income attributable to common shareholders	384	163	403	654	304
Total earnings per common share basic	3.54	1.5	3.71	6.07	2.97
Total earnings per common share diluted	3.54	1.5	3.7	6.04	2.96
Weighted average number of common shares outstanding basic	108	108	109	108	102
Weighted average number of common shares outstanding diluted	108	109	109	108	103
Unrealized gain/(loss) on cash flow hedging activities	0	85,000	−728,000	0	0
Unrealized loss and unamortized prior service cost on post retirement obligation	−212,000	−18,000	−183,000	489,000	154,000
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	1	2	1	1	1
Comprehensive income	396	173	411	663	314
Comprehensive income attributable to common shareholders	386	166	404	656	306

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	1,787	1,723	1,712	1,716	1,350
Buildings and improvements	11,793	11,319	10,993	10,675	8,625
Real estate assets, at cost, total	13,580	13,042	12,705	12,391	9,974
Accumulated depreciation	−5,296	−4,867	−4,333	−3,848	−3,358
Net operating real estate assets	8,284	8,175	8,373	8,543	6,616
Properties under development and land	419	402	487	525	475
Total real estate assets	8,704	8,576	8,860	9,068	7,105
Accounts receivable affiliates	9	9	12	13	—
Other assets, net	293	235	244	229	234
Cash and cash equivalents	25	21	260	11	613
Restricted cash	12	11	8	7	6
Total assets	9,043	8,852	9,384	9,328	7,977
Unsecured notes payable	3,570	3,155	3,385	3,166	3,170
Secured Debt	331	330	330	515	0
Accounts payable and accrued expenses	248	215	223	211	192
Accrued real estate taxes	92	79	97	96	67
Distributions payable	115	114	110	104	89
Other liabilities	249	212	187	180	193
Total liabilities	4,605	4,105	4,332	4,271	3,711
Commitments and contingencies (Note 13)	—	—	—	—	—
Common shares of beneficial interest; $0.01 par value per share; 175,000,000 shares authorized; 117,737,767 and 117,737,740 issued at December 31, 2025 and 2024, respectively; 115,711,964 and 115,779,233 outstanding at December 31, 2025 and 2024, respectively	1	1	1	1	1
Additional paid-in capital	5,949	5,931	5,915	5,897	5,364
Distributions in excess of net income attributable to common shareholders	−969	−898	−614	−582	−829
Treasury shares, at cost (11,373,251 and 9,091,081 common shares, at December 31, 2025 and 2024, respectively)	−620	−360	−320	−329	−334
Accumulated other comprehensive income	2	974,000	−1	−2	−4
Total common equity	4,363	4,675	4,981	4,987	4,197
Non-controlling interests	76	72	71	70	69
Total equity	4,438	4,747	5,052	5,057	4,266
Total liabilities and equity	9,043	8,852	9,384	9,328	7,977

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	611	582	575	577	421
Gain on sale of operating properties	−261	−44	−225	−36	−174
Share-based compensation	17	15	15	13	15
Net change in operating accounts and other	52	9	18	4	4
Net cash from operating activities	827	775	795	745	577
Development and capital improvements, including land	−440	−394	−411	−449	−429
Acquisition of operating properties	−419	0	0	−1,066	−630
Net proceeds from sales of operating properties	366	114	291	71	255
Increase in non-real estate assets	−2	−4	−6	−4	−4
Other	−3	−2	−1	−7	4
Net cash from investing activities	−500	−285	−127	−1,456	−804
Borrowings on unsecured revolving credit facility	588	586	1,335	758	0
Repayments on unsecured revolving credit facility	−766	−408	−1,377	−716	0
Proceeds from (Repayments of) Commercial Paper	588	0	0	—	—
Repayment of notes payable, including prepayment penalties	0	−800	−438	−350	0
Proceeds from notes payable	0	396	498	300	0
Distributions to common shareholders and non-controlling interests	−461	−451	−435	−397	−343
Payment of deferred financing costs	−2	−3	−3	−11	−1
Repurchase of common shares	−271	−50	0	0	—
Other	2	4	2	9	7
Net cash from financing activities	−322	−725	−417	110	421
Net increase (decrease) in cash, cash equivalents, and restricted cash	5	−236	251	−602	194
Cash paid for interest, net of interest capitalized	140	130	129	111	97
Cash paid for income taxes	3	3	4	3	2
Distributions declared but not paid	115	114	110	104	89
Value of shares issued under benefit plans, net of cancellations	28	25	25	22	19
Accrual associated with construction and capital expenditures	31	24	24	20	24
Right-of-use assets obtained in exchange for the use of new operating lease liabilities	22	0	0	0	0

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