Camden Property Trust (CPT) 10-K risk factor changes: FY2025 vs FY2024

Volatility in capital and credit markets, [added: cost increases,] or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us.

If we need to incur debt from a source other than our revolving credit [removed: facility,] [added: facility or our commercial paper program,] we cannot be certain the additional financing will be available to the extent required and on acceptable terms.

Under current market conditions, in [removed: 2024] [added: 2025] we recorded impairment charges on [removed: three] [added: two] parcels of land.

If there are subsequent changes in the fair market value of our land holdings and the resulting [added: value is less than the carrying basis of our land holdings reflected in our financial statements, we may be required to take future impairment charges which would reduce our net income.]

[Table of [removed: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)][added: Contents](#id7a1b22179d040a89f1761bc0845497d_7)]

In [removed: 2025,] [added: 2026,] we expect to incur costs between approximately $135 million and $155 million related to the construction of three projects.

Additionally, during [removed: 2025,] [added: 2026,] we expect to incur costs between approximately [removed: $100] [added: $50] million and [removed: $110] [added: $60] million related to the start of new development activities, between approximately [removed: $96] [added: $77] million and [removed: $100] [added: $81] million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately [removed: $108] [added: $113] million and [removed: $112] [added: $117] million of additional recurring capital expenditures.

- disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those [removed: costs due to] [added: arising from tariffs, duties, import-related taxes, or] errors and omissions which occur in the design or construction process;

We also use mobile devices, social networking, outside vendors, and [removed: other online activities] [added: various platforms] to connect with our employees, suppliers, and residents.

[removed: Further, as] [added: As] we pursue our strategy to grow through acquisitions and developments and [removed: to pursue] new initiatives to improve our operations, we are also expanding our information technologies, resulting in a larger technological presence and corresponding exposure to cybersecurity risk.

If we fail to assess and identify cybersecurity risks associated with our operations, we may become increasingly vulnerable to such risks and may be liable for [removed: the] consequential litigation and remediation costs.

[removed: Our third-party service providers are primarily responsible for the security of their own information technology environments and] [added: We rely on, or may rely] in [added: the future on,] certain [removed: instances we rely significantly on] third-party service [added: and software] providers to [added: host systems, provide key software, and to] supply and store our sensitive data in a secure manner.

[removed: All of these] [added: These] third parties face potential risks relating to cybersecurity similar to ours which could disrupt their businesses and [removed: therefore] adversely impact us.

While we provide guidance and specific [removed: requirements] [added: requirements,] in some cases, we do not directly control [removed: any of these parties'] [added: their] information technology security [removed: operations,] [added: operations] or the amount of investment they place in guarding against cybersecurity threats.

Accordingly, we are subject to any [removed: flaw] [added: flaws] or breaches [removed: to] [added: in] their information technology systems, or those which they operate for us, which could have a material adverse effect on our financial condition or results of operations.

As of December 31, [removed: 2024,] [added: 2025,] we had outstanding debt of approximately [removed: $3.5] [added: $3.9] billion.

The notes related to our properties subject to secured debt, our unsecured term [removed: loans, and] [added: loan,] unsecured revolving credit facility, and [added: commercial paper program, and] the indenture under which our unsecured debt was issued contain customary restrictions, requirements, and other limitations, as well as certain financial and operating covenants including maintenance of certain financial ratios.

- increases in [removed: operating expenses;] [added: expenses, including from tariffs;] and

In addition, we have an unsecured revolving credit facility [added: and utilize a commercial paper program] bearing interest at variable rates on all amounts drawn and a senior unsecured note which has been converted into a floating rate instrument through an interest rate swap arrangement.

Increases in interest rates would increase our interest expense, unless we make arrangements which hedge [removed: the risk of] [added: against] rising interest rates, and would [added: also] increase the costs [removed: of] [added: associated with] refinancing existing debt and [removed: of] issuing new debt.

Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us [added: investment grade] ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, [removed: 2024.][added: 2025.]

- increased costs, including those driven by tariffs, regulatory changes, or other supplychain cost escalations such as higher prices for materials, equipment, contracted services, compliance requirements, or constraints in global or domestic supply chains; and

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

As we have incorporated and may continue to incorporate the use of generative artificial intelligence and other advancing technologies, any breach, interruption, or security failure of those technologies, or any non-compliance with applicable laws, could have a negative impact on our business operations, results of operations, financial condition, or reputation.

Information security risks have escalated as a result of these emerging technologies and the heightened sophistication and activity levels of cyber-attack perpetrators.

Cyber-attacks can include third parties gaining unauthorized access to our data, including sensitive information about our residents, as well as our vendors' data or information technology systems.

These attacks may occur through stolen credentials, computer malware, phishing attacks, ransomware, and other deliberate attempts to compromise information security.

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

- increased operating costs, if these costs cannot be passed through to our residents; and

value is less than the carrying basis of our land holdings reflected in our financial statements, we may be required to take future impairment charges which would reduce our net income.

Such uses and the on-going advancement in technology such as generative artificial intelligence, machine learning, and remote connectivity solutions give rise to potential cybersecurity risks with increasing sophistication, including but not limited to, security breaches, espionage, system disruption, theft, and inadvertent release of confidential information.

Discussion of our year-to-date comparisons between [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] is presented below.

Year-to-date comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] can be found in "Part II.

Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2023.][added: 2024.]

We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 [added: (the "Securities Act")] and Section 21E of the Exchange Act, both as amended, with respect to our expectations for future periods.

- Volatility in capital and credit markets, [added: cost increases,] or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us;

- Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other [removed: investments;][added: investments.]

- Competition could adversely affect our ability to acquire properties; [removed: and]

[Table of [removed: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)][added: Contents](#id7a1b22179d040a89f1761bc0845497d_7)]

- We could be adversely impacted due to our share price [removed: fluctuations.][added: fluctuations; and]

As of December 31, [removed: 2024,] [added: 2025,] we owned interests in, operated, or were developing [removed: 177] [added: 175] multifamily properties comprised of [removed: 59,996] [added: 59,921] apartment homes across the United States as detailed in the Property Portfolio table below.

Our results for the year ended December 31, [removed: 2024,] [added: 2025,] reflect an increase in same store revenues of approximately [removed: 1.3%] [added: 0.8%] as compared to the same period in [removed: 2023.][added: 2024.]

The increase was [removed: due to] [added: primarily driven by] higher [removed: rental] [added: revenues from other] income [removed: as a result of higher average rental rates] and [removed: lower uncollectible revenue,] [added: favorable changes in occupancy,] which we believe was primarily attributable to [removed: job growth,] favorable demographics with a higher propensity to rent versus [removed: buy,] [added: buy] and continued demand for multifamily housing in our markets.

We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate [removed: will continue to be elevated into 2025 but] [added: are manageable and moderating levels of new supply] should be met with continued demand to absorb these new deliveries.

Net income attributable to common shareholders was [removed: $163.3] [added: $384.5] million and [removed: $403.3] [added: $163.3] million for the years ended December 31, [removed: 2024] [added: 2025] and [removed: December 31, 2023,] [added: 2024,] respectively.

See further discussion of our [removed: 2024] [added: 2025] operations as compared to [removed: 2023] [added: 2024] in ["Results of [removed: Operations,"](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_49)] [added: Operations,"](#id7a1b22179d040a89f1761bc0845497d_49)] below.

At December 31, [removed: 2024,] [added: 2025,] we had a total of three projects under construction to be comprised of [removed: 1,138] [added: 1,162] apartment homes.

Initial [removed: occupancies of] [added: occupancy for] these [removed: three] projects [removed: are currently scheduled] [added: is expected] to [removed: occur] [added: begin] within the next two years.

As of December 31, [removed: 2024,] [added: 2025,] we estimated the [removed: total additional] [added: remaining] cost to complete the construction of these [removed: three] properties [removed: is] [added: to be] approximately [removed: $243.6] [added: $213.8] million.

We review our long-lived assets on an annual basis or whenever events or circumstances [removed: indicated] [added: indicate] the carrying amount of an asset may not be recoverable and our impairment evaluations take into consideration the current and anticipated economic climate.

We currently have [removed: three] [added: two] other land parcels held for future development we plan to develop, and the commencement of future developments may be impacted by macroeconomic issues, multifamily market conditions, and other factors.

There can be no assurance we will not have [removed: impairments] [added: impairment] charges in the future.

We also intend to evaluate our operating property and land development portfolios and plan to continue our practice of selective dispositions [added: and redeploying capital] as market conditions warrant and opportunities arise.

We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit [removed: facility,] [added: facility and commercial paper program,] the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our [removed: ATM programs,] [added: 2023 at-the-market ("ATM") program,] other unsecured borrowings, or secured mortgages.

[removed: As of] [added: At] December 31, [removed: 2024,] [added: 2025,] we had [added: no outstanding letters of credit issued under our unsecured revolving credit facility , and had] approximately [removed: $1.0] [added: $1.2] billion available under our [removed: $1.2 billion] unsecured revolving credit [removed: facility and do not have any debt maturing until April 2026.][added: facility.]

[removed: As] [added: Additionally, as] of December 31, [removed: 2024,] [added: 2025,] and through the date of this filing, we also had common shares having an aggregate offering price of up to $500.0 million remaining available for sale under our 2023 ATM program.

We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund [added: future acquisitions,] new development, redevelopment, and other capital funding requirements.

| | | | December 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | |

| Houston, Texas | | | [removed: 9,531] [added: 8,207] | | | | | | [removed: 28] [added: 23] | | | | | | [removed: 9,154] [added: 9,531] | | | | | | [removed: 26] [added: 28] | | |

| Dallas/Fort Worth, Texas | | | [removed: 6,224] [added: 5,940] | | | | | | [removed: 15] [added: 14] | | | | | | 6,224 | | | | | | 15 | | |

| Washington, D.C. Metro | | | [removed: 6,192] [added: 6,194] | | | | | | 17 | | | | | | 6,192 | | | | | | 17 | | |

| Phoenix, Arizona | | | [removed: 4,426] [added: 4,094] | | | | | | [removed: 14] [added: 13] | | | | | | 4,426 | | | | | | 14 | | |

| Atlanta, Georgia | | | 4,270 | | | | | | 14 | | | | | | [removed: 4,862] [added: 4,270] | | | | | | [removed: 15] [added: 14] | | |

| Orlando, Florida | | | [removed: 3,954] [added: 4,276] | | | | | | [removed: 11] [added: 12] | | | | | | 3,954 | | | | | | 11 | | |

| Austin, Texas | | | [removed: 3,686] [added: 4,038] | | | | | | [removed: 11] [added: 12] | | | | | | 3,686 | | | | | | 11 | | |

| Raleigh, North Carolina | | | [removed: 3,672] [added: 4,041] | | | | | | [removed: 10] [added: 11] | | | | | | [removed: 3,252] [added: 3,672] | | | | | | [removed: 9] [added: 10] | | |

| Charlotte, North Carolina | | | 3,510 | | | | | | 15 | | | | | | [removed: 3,491] [added: 3,510] | | | | | | 15 | | |

| Tampa/St. Petersburg, Florida | | | [removed: 3,104] [added: 3,464] | | | | | | [removed: 8] [added: 9] | | | | | | 3,104 | | | | | | 8 | | |

| Los Angeles/Orange County, California | | | [removed: 1,811] [added: 1,812] | | | | | | 5 | | | | | | 1,811 | | | | | | 5 | | |

| Nashville, Tennessee | | | [removed: 758] [added: 1,193] | | | | | | [removed: 2] [added: 3] | | | | | | 758 | | | | | | 2 | | |

| Total Operating Properties | | | [removed: 58,858] [added: 58,759] | | | | | | [removed: 174] [added: 172] | | | | | | [removed: 58,634] [added: 58,858] | | | | | | [removed: 172] [added: 174] | | |

The increase during the year ended December 31, 2025 as compared to the same period in 2024 was primarily due to an increase in gains on sales of operating properties and a lower impairment charge associated with land development activities in 2025 as compared to 2024.

The increase was partially offset by higher depreciation expense and amortization of in-place leases relating to the acquisition of four operating properties completed in 2025.

In the fourth quarter of 2025, we recorded an impairment charge of approximately $12.9 million related to two undeveloped land parcels as the estimated fair value was less than its book value.

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

*Acquisitions*

In 2025, we acquired four operating properties, consisting of a 352-apartment home community in Leander, Texas in January, a 435-apartment home community in Nashville, Tennessee in February, a 360-apartment home community in Clearwater, Florida in May, and a 322-apartment home community in Orlando, Florida in December for approximately $422.9 million.

*Dispositions*

In 2025, we completed five dispositions consisting of one operating property in Houston, Texas in June, one dual-phased operating property in Houston, Texas and one operating property in Irving, Texas in July, and one dual-phased operating property in Houston, Texas and one operating property in Phoenix, Arizona in November for a total of approximately $374.5 million and recognized a total gain of approximately $260.9 million.

In February 2025, we established a commercial paper program (the "Program") under which we may issue the commercial paper notes (the "Notes") under the exemption from registration contained in Section (4)(1) of the Securities Act.

Amounts available under the Program may be borrowed, repaid, and reborrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the Program at any time not to exceed $600.0 million.

At December 31, 2025, we had an aggregate of $590.0 million principal amount of Notes outstanding under the Program which had a weighted average interest rate of 3.84%.

In 2025, we repurchased 2,531,018 common shares at an average price of $106.92 per share for approximately $270.7 million.

In January 2026, we repurchased 1,096,807 common shares at an average price of $110.03 per share for approximately $120.7 million.

In February 2026, our Board of Trust Managers authorized a new $600.0 million share repurchase plan which allows for the repurchase of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions.

This new plan terminated and replaced our previous share repurchase plan, which had approximately $58.6 million remaining for repurchases at the time it was terminated.

As of the date of this filing, the full $600.0 million authorized under the new plan remained available for repurchases.

As of December 31, 2025, we had approximately $1.2 billion available under our unsecured revolving credit facility, which we have at our option, the ability to extend to August 2027 and the ability to increase the facility up to $500 million subject to certain conditions.

We currently plan to use our unsecured revolving credit facility as a liquidity backstop for borrowings under our commercial paper program.

At December 31, 2025, we had $590.0 million outstanding under our commercial paper program.

Over the next 12 months, contractual debt maturities include these commercial paper borrowings as well as other debt obligations of $567.8 million.

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| Nashville, Tennessee | | | 393 | | | | | | 1 | | | | | | — | | | | | | — | | |

During the year ended December 31, 2025, stabilization was achieved at three operating properties as follows:

| Properties and Locations | | | | | | Number of Homes | | | | | | Date of Construction Completion | | | | | | Date of Stabilization | | |

| Operating Properties | | | | | | | | | | | | | | | | | | | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| Camden Village District | | | 369 | | | | | | $ | 139.2 | | | | | | | | 60 | | % | | | | 3Q25 | | | | | | 1Q27 | | |

| Consolidated total | | | 369 | | | | | | $ | 139.2 | | | | | | | | | | | | | | | | | | | | | | |

| Camden Nations | | | 393 | | | | | | 184.0 | | | | | | 76.6 | | | | | | 76.6 | | | | | | 3Q28 | | | | | | 2Q30 | | |

| Total | | | 1,162 | | | | | | $ | 492.0 | | | | | $ | 278.2 | | | | | $ | 278.2 | | | | | | | | | | | | | |

| | | | | | | 932 | | | | | | $ | 491.0 | | | | | $ | 96.1 | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| | | | | | | | | | | | | | | | | | | | | | | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | |

| Same store communities | | | 54,625 | | | | | | $ | 1,453,229 | | | | | $ | 1,442,248 | | | | | $ | 10,981 | | | | | 0.8 | | % |

| Non-same store communities | | | 3,765 | | | | | | 78,094 | | | | | | 45,542 | | | | | | 32,552 | | | | | | 71.5 | | |

| Dispositions/other | | | — | | | | | | 40,036 | | | | | | 56,052 | | | | | | (16,016) | | | | | | (28.6) | | |

| Total property revenues | | | 59,921 | | | | | | $ | 1,573,544 | | | | | $ | 1,543,842 | | | | | $ | 29,702 | | | | | 1.9 | | % |

The decrease during the year ended December 31, 2024 as compared to the same period in 2023 was primarily due to recognizing a higher gain on sale of two operating properties in 2023 of $225.4 million as compared to recognizing a gain on sale of one operating property in 2024 of $43.8 million.

The decrease was also due to recognizing a $41.0 million impairment associated with land development activities in 2024 and no impairments recognized in 2023.

In the third quarter of 2024, we stopped development activities for the foreseeable future on four of our developments and recorded approximately $41.0 million of impairment charges on three of these land parcels.

*Disposition*

In February 2024, we sold one operating property comprised of 592 apartment homes located in Atlanta, Georgia, for approximately $115.0 million and recognized a gain of approximately $43.8 million.

In January 2024, we issued $400.0 million of 4.90% senior unsecured notes due January 15, 2034.

We utilized a portion of the net proceeds from these notes to repay the outstanding balance on our $300.0 million, 6.21% unsecured term loan due in August 2024.

As a result of this early repayment of the $300.0 million unsecured term loan, we expensed approximately $0.9 million of unamortized loan costs, which are reflected in the loss on early retirement of debt in our consolidated statements of income and comprehensive income.

In September 2024, we extended the maturity date of our $40.0 million unsecured floating rate term loan with an unrelated third party from September 2024 to September 2026.

During the year ended December 31, 2024, we utilized cash on hand and our unsecured revolving credit facility to repay unsecured notes payable totaling $500.0 million, plus accrued interest.

During the year ended December 31, 2024, we repurchased 515,974 common shares for approximately $50.0 million at an average price of $96.88 per share under our $500.0 million share repurchase plan.

As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was approximately $450.0 million.

In January 2025, we purchased one operating property comprised of 352 homes located in the Austin, Texas metropolitan area for approximately $67.7 million.

| Houston, Texas | | | — | | | | | | — | | | | | | 377 | | | | | | 2 | | |

During the year ended December 31, 2024, we completed the construction of 387 homes at Camden NoDa in Charlotte, North Carolina and achieved stabilization during the quarter ended March 31, 2024.

| Camden Village District | | | 369 | | | | | | $ | 138.0 | | | | | $ | 121.9 | | | | | $ | 121.9 | | | | | 4Q25 | | | | | | 2Q27 | | |

| Total | | | 1,138 | | | | | | $ | 455.0 | | | | | $ | 211.4 | | | | | $ | 211.4 | | | | | | | | | | | | | |

| Camden Nations | | | | | | 393 | | | | | | $ | 176.0 | | | | | $ | 43.0 | |

| | | | | | | 1,325 | | | | | | $ | 667.0 | | | | | $ | 132.3 | |

NOI is further detailed in the Property-Level NOI table as seen below.

| Same store communities | | | 55,866 | | | | | | $ | 1,463,982 | | | | | $ | 1,444,649 | | | | | $ | 19,333 | | | | | 1.3 | | % |

| Non-same store communities | | | 2,195 | | | | | | 57,001 | | | | | | 49,060 | | | | | | 7,941 | | | | | | 16.2 | | |

| Dispositions/other | | | — | | | | | | 14,570 | | | | | | 48,160 | | | | | | (33,590) | | | | | | (69.7) | | |

| Total property revenues | | | 59,996 | | | | | | $ | 1,543,842 | | | | | $ | 1,542,027 | | | | | $ | 1,815 | | | | | 0.1 | | % |

| Same store communities | | | 55,866 | | | | | | $ | 520,848 | | | | | $ | 511,459 | | | | | $ | 9,389 | | | | | 1.8 | | % |

| Non-same store communities | | | 2,195 | | | | | | 20,277 | | | | | | 19,122 | | | | | | 1,155 | | | | | | 6.0 | | |

| Development and lease-up communities | | | 1,935 | | | | | | 4,290 | | | | | | 172 | | | | | | 4,118 | | | | | | * | | |

| Dispositions/other | | | — | | | | | | 13,390 | | | | | | 18,167 | | | | | | (4,777) | | | | | | (26.3) | | |

| Total property expenses | | | 59,996 | | | | | | $ | 558,805 | | | | | $ | 548,920 | | | | | $ | 9,885 | | | | | 1.8 | | % |

| Same store communities | | | 55,866 | | | | | | $ | 943,134 | | | | | $ | 933,190 | | | | | $ | 9,944 | | | | | 1.1 | | % |

| Non-same store communities | | | 2,195 | | | | | | 36,724 | | | | | | 29,938 | | | | | | 6,786 | | | | | | 22.7 | | |

| Dispositions/other | | | — | | | | | | 1,180 | | | | | | 29,993 | | | | | | (28,813) | | | | | | (96.1) | | |

| Total property NOI | | | 59,996 | | | | | | $ | 985,037 | | | | | $ | 993,107 | | | | | $ | (8,070) | | | | | (0.8) | | % |

The increase was also due to approximately $2.1 million of higher income from our utility and ancillary income programs.

The increase was partially offset by lower property insurance expense of approximately $6.4 million and lower real estate taxes of approximately $0.3 million.

The increase in property NOI from our non-same store communities was primarily due to the stabilization of two operating properties in 2023 and one operating property in 2024.

The increase in property NOI from our development and lease-up communities was primarily due to the timing of three development communities under lease-up, one of which completed construction during the second quarter of 2024 and two of which completed construction during the fourth quarter of 2024.

| | | | | | | $ | 16.1 | | | | | | | |

| | | | | | | $ | 5.3 | | | | | | | |

| | | | | | | $ | 10.8 | | | | | | | |

The table below summarizes our debt as of December 31, [removed: 2024] [added: 2025] and [removed: 2023:][added: 2024:]

| *($ in millions)* | | | December 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Fixed rate debt | | | $ | [removed: 2,764.4] [added: 2,766.9] | | | | | $ | [removed: 2,528.6] [added: 2,629.6] | | | | | [removed: 7.2] [added: 6.2] | | | | | | 3.7 | | % | | | | [removed: 79.3] [added: 70.9] | | % | | | | $ | [removed: 2,866.9] [added: 2,764.4] | | | | | $ | [removed: 2,651.6] [added: 2,528.6] | | | | | [removed: 6.6] [added: 7.2] | | | | | | [removed: 3.6] [added: 3.7] | | % | | | | [removed: 77.2] [added: 79.3] | | % |

| Variable rate debt | | | $ | [removed: 721.2] [added: 1,133.9] | | | | | $ | [removed: 733.0] [added: 1,140.9] | | | | | [removed: 2.0] [added: 0.4] | | | | | | [removed: 5.6] [added: 4.4] | | % | | | | [removed: 20.7] [added: 29.1] | | % | | | | $ | [removed: 848.5] [added: 721.2] | | | | | $ | [removed: 864.9] [added: 733.0] | | | | | [removed: 2.3] [added: 2.0] | | | | | | [removed: 6.5] [added: 5.6] | | % | | | | [removed: 22.8] [added: 20.7] | | % |

At December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] we have an interest rate swap with a notional amount of $500.0 million which converted our $500.0 million principal amount of 5.85% fixed rate senior unsecured notes due November 2026 into a floating rate instrument with an interest rate based on a SOFR index.

The interest rate swap is considered to be effective at achieving offsetting changes in the fair value of the [added: hedged debt and no ineffectiveness is recognized.]

Additionally, at [added: both] December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] we had [added: an] unsecured term [removed: loans] [added: loan] outstanding of approximately $39.9 [removed: million and $339.9 million, respectively.][added: million.]

If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] our annual interest costs would have increased by approximately [removed: $7.2] [added: $11.3] million and [removed: $8.5] [added: $7.2] million, respectively.

Holding other variables constant, if interest rates would have been 100 basis points higher as of December 31, [removed: 2024,] [added: 2025,] the fair value of our fixed rate debt would have decreased by approximately [removed: $131.4] [added: $117.3] million.

At December 31, 2025 we also had an aggregate principal amount of $590.0 million of Notes outstanding under our commercial paper program.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

hedged debt and no ineffectiveness is recognized.

Copies are also available, without charge, from Investor Relations, [removed: 11 Greenway Plaza,] [added: 2800 Post Oak Boulevard,] Suite [removed: 2400,] [added: 2700,] Houston, Texas [removed: 77046.][added: 77056.]

As of December 31, [removed: 2024,] [added: 2025,] we owned interests in, operated, or were developing [removed: 177] [added: 175] multifamily properties comprised of [removed: 59,996] [added: 59,921] apartment homes across the United States.

Of the [removed: 177] [added: 175] properties, three properties were under construction and will consist of a total of [removed: 1,138] [added: 1,162] apartment homes when completed.

We also own land holdings which we may develop into [added: multifamily] communities in the future.

However, consistent with our goal of generating sustained earnings growth, we intend to selectively dispose of properties and redeploy capital for various strategic reasons, including if we determine [removed: a] [added: an individual] property [added: or group of properties or the market in which they are located] cannot meet our long-term earnings growth expectations.

We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions [added: and redeploying capital] as market conditions warrant and opportunities arise.

We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and [added: leverage ratios, and controlling overhead costs.]

[Table of [removed: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)][added: Contents](#id7a1b22179d040a89f1761bc0845497d_7)]

We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit [removed: facility,] [added: facility and through our commercial paper program,] the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages.

We believe these values cultivate an environment of respect, fairness, [removed: diversity,] [added: belonging,] and fun for all.

We are proud of our culture and the recognition we have received as a great place to work, including being recognized nationally as one of the 100 Best Companies to Work For® by FORTUNE magazine for [removed: 17] [added: 18] consecutive years, most recently ranking [removed: #24.][added: #18.]

[removed: *Compensation] [added: *Benefits, Well-Being,] and [removed: Benefits.*] [added: Compensation.*] We provide high-quality health [removed: benefits] [added: programs, benefits,] and compensation to competitively compensate all team members for their contributions to Camden.

We offer tuition assistance to team members working to earn industry [removed: designations from various organizations.]

In addition to these programs, we also help employees improve their personal and professional lives through [removed: training, coaching,] [added: training] and [removed: mentoring.][added: career development, coaching and mentoring, and continuing education programs.]

[removed: CamdenU, our] [added: Our] in-house learning [removed: center, is] [added: centers are] available to all employees and [removed: offers] [added: offer] courses in subjects related to leadership, management, and operations.

In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with experienced employees to facilitate their on-boarding process and immerse them in Camden’s [added: values and] culture.

At December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 1,660] [added: 1,640] employees including executive, community, and administrative personnel.

As of December 31, [removed: 2024,] [added: 2025,] we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code").

Our formal programs, which are intended to positively impact team members, include health insurance, paid time off, team member assistance programs, wellness programs, stock ownership programs, retirement savings programs, adoption benefits, emergency relief funds, estate planning assistance, and education assistance.

Additionally, we are committed to paying team members at or above a living wage in their location and conduct compensation analyses to promote pay equity and eliminate disparities.

*Safety.* Camden prioritizes workplace safety through comprehensive measures, including mandatory training, monthly meetings, and routine inspections.

A safe workplace not only protects our team but also reduces costs, minimizes turnover and absenteeism, and enhances productivity and morale.

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

designations from various organizations.

leverage ratios, and controlling overhead costs.

We have formal programs intended to positively impact team members such as healthcare, rent discounts, education allowances, and scholarships for children of our employees.

"Commitments and [removed: Contingencies"](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_193)] [added: Contingencies"](#id7a1b22179d040a89f1761bc0845497d_193)] to our Consolidated Financial Statements.

[Table of [removed: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)][added: Contents](#id7a1b22179d040a89f1761bc0845497d_7)]

For the fiscal year ended December 31, [removed: 2024][added: 2025]

The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant was [removed: $11,569,433,678] [added: $11,980,283,165] based on a June [removed: 28, 2024] [added: 30, 2025] share price of [removed: $109.11.][added: $112.69.]

On February [removed: 13, 2025, 106,757,212] [added: 5, 2026, 103,408,210] common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.

Portions of the registrant's Proxy Statement in connection with its Annual Meeting of Shareholders to be held [added: on or about] May [removed: 9, 2025] [added: 8, 2026] are incorporated by reference in Part III.

| Item 1. | | | [removed: [Business](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_13)] [added: [Business](#id7a1b22179d040a89f1761bc0845497d_13)] | | | [removed: [1](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_13)] [added: [1](#id7a1b22179d040a89f1761bc0845497d_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_16)] [added: Factors](#id7a1b22179d040a89f1761bc0845497d_16)] | | | [removed: [3](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_16)] [added: [3](#id7a1b22179d040a89f1761bc0845497d_16)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_19)] [added: Comments](#id7a1b22179d040a89f1761bc0845497d_19)] | | | [removed: [8](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_19)] [added: [8](#id7a1b22179d040a89f1761bc0845497d_19)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_22)] [added: [Cybersecurity](#id7a1b22179d040a89f1761bc0845497d_22)] | | | [removed: [8](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_22)] [added: [8](#id7a1b22179d040a89f1761bc0845497d_22)] | | |

| Item 2. | | | [removed: [Properties](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_25)] [added: [Properties](#id7a1b22179d040a89f1761bc0845497d_25)] | | | [removed: [9](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_25)] [added: [9](#id7a1b22179d040a89f1761bc0845497d_25)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_28)] [added: Proceedings](#id7a1b22179d040a89f1761bc0845497d_28)] | | | [removed: [14](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_28)] [added: [10](#id7a1b22179d040a89f1761bc0845497d_28)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_31)] [added: Disclosures](#id7a1b22179d040a89f1761bc0845497d_31)] | | | [removed: [14](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_31)] [added: [10](#id7a1b22179d040a89f1761bc0845497d_31)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_37)] [added: Securities](#id7a1b22179d040a89f1761bc0845497d_37)] | | | [removed: [15](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_37)] [added: [11](#id7a1b22179d040a89f1761bc0845497d_37)] | | |

| Item 6. | | | [removed: [Reserved](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_43)] [added: [Reserved](#id7a1b22179d040a89f1761bc0845497d_43)] | | | [removed: [16](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_43)] [added: [13](#id7a1b22179d040a89f1761bc0845497d_43)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_46)] [added: Operations](#id7a1b22179d040a89f1761bc0845497d_46)] | | | [removed: [17](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_46)] [added: [13](#id7a1b22179d040a89f1761bc0845497d_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_55)] [added: Risk](#id7a1b22179d040a89f1761bc0845497d_55)] | | | [removed: [30](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_55)] [added: [28](#id7a1b22179d040a89f1761bc0845497d_55)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_58)] [added: Data](#id7a1b22179d040a89f1761bc0845497d_58)] | | | [removed: [31](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_58)] [added: [28](#id7a1b22179d040a89f1761bc0845497d_58)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_61)] [added: Disclosure](#id7a1b22179d040a89f1761bc0845497d_61)] | | | [removed: [31](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_61)] [added: [28](#id7a1b22179d040a89f1761bc0845497d_61)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_64)] [added: Procedures](#id7a1b22179d040a89f1761bc0845497d_64)] | | | [removed: [31](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_64)] [added: [28](#id7a1b22179d040a89f1761bc0845497d_64)] | | |

| Item 9B. | | | [Other [removed: Information](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_70)] [added: Information](#id7a1b22179d040a89f1761bc0845497d_70)] | | | [removed: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_70)] [added: [31](#id7a1b22179d040a89f1761bc0845497d_70)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_73)] [added: Inspections](#id7a1b22179d040a89f1761bc0845497d_73)] | | | [removed: [37](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_73)] [added: [37](#id7a1b22179d040a89f1761bc0845497d_73)] | | |

| [PART [removed: III](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_76)] [added: III](#id7a1b22179d040a89f1761bc0845497d_76)] | | | | | | | | |

| Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_79)] [added: Governance](#id7a1b22179d040a89f1761bc0845497d_79)] | | | [removed: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_79)] [added: [31](#id7a1b22179d040a89f1761bc0845497d_79)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_82)] [added: Compensation](#id7a1b22179d040a89f1761bc0845497d_82)] | | | [removed: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_82)] [added: [31](#id7a1b22179d040a89f1761bc0845497d_82)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_85)] [added: Matters](#id7a1b22179d040a89f1761bc0845497d_85)] | | | [removed: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_85)] [added: [31](#id7a1b22179d040a89f1761bc0845497d_85)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_88)] [added: Independence](#id7a1b22179d040a89f1761bc0845497d_88)] | | | [removed: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_88)] [added: [31](#id7a1b22179d040a89f1761bc0845497d_88)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_91)] [added: Services](#id7a1b22179d040a89f1761bc0845497d_91)] | | | [removed: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_91)] [added: [31](#id7a1b22179d040a89f1761bc0845497d_91)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_97)] [added: Schedules](#id7a1b22179d040a89f1761bc0845497d_97)] | | | [removed: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_97)] [added: [31](#id7a1b22179d040a89f1761bc0845497d_97)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_100)] [added: Summary](#id7a1b22179d040a89f1761bc0845497d_100)] | | | [removed: [40](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_100)] [added: [37](#id7a1b22179d040a89f1761bc0845497d_100)] | | |

| [removed: [SIGNATURES](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_103)] [added: [SIGNATURES](#id7a1b22179d040a89f1761bc0845497d_103)] | | | | | | [removed: [41](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_103)] [added: [38](#id7a1b22179d040a89f1761bc0845497d_103)] | | |

| 2800 Post Oak Boulevard, Suite 2700 | | | Houston, | | | Texas | | | | | | 77056 | | |

| | | | | | | NYSE Texas | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| [PART I](#id7a1b22179d040a89f1761bc0845497d_10) | | | | | | | | |

| [PART II](#id7a1b22179d040a89f1761bc0845497d_34) | | | | | | | | |

| [PART IV](#id7a1b22179d040a89f1761bc0845497d_94) | | | | | | | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| 11 Greenway Plaza, Suite 2400 | | | Houston, | | | Texas | | | | | | 77046 | | |

| [PART I](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_10) | | | | | | | | |

| [PART II](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_34) | | | | | | | | |

| [PART IV](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_94) | | | | | | | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

We [removed: have in place] [added: maintain] systems of internal [removed: controls as well as] [added: controls,] business continuity [added: plans,] and disaster recovery plans, and we regularly [removed: perform assessments of] [added: assess] these systems [removed: and plans] to address cybersecurity and [removed: technology.][added: technology related risks.]

We require annual cybersecurity awareness training for all [removed: of our] employees to [removed: aid in promptly identifying] [added: help identify] and [removed: reporting] [added: report] potential or actual [removed: issues.][added: issues promptly.]

[removed: Additionally, our dedicated] [added: Our] information technology cybersecurity team [added: also] undertakes regular [removed: robust cybersecurity] [added: advanced] training to [removed: increase cybersecurity] [added: enhance] awareness, internal expertise, and [removed: readiness efforts.][added: readiness.]

We install and [removed: regularly] [added: routinely] update antivirus software on all [removed: Company managed] [added: Company-managed] systems and workstations [removed: in an effort] to detect and prevent malicious code.

[removed: We] [added: To raise awareness of critical security threats, we] conduct ongoing security breach and phishing [removed: simulations to raise awareness of various critical security threats.][added: simulations.]

Periodically, we run tabletop exercises involving members of the Company's management team [removed: intended] to simulate [removed: a response] [added: responses] to [removed: a] cybersecurity [removed: incident] [added: incidents] and use the findings to [removed: improve] [added: strengthen] our policies and procedures.

[removed: In addition to these procedures we have in place,] [added: Additionally,] we [removed: also] maintain cybersecurity insurance to cover certain losses and damages caused by a cybersecurity incident.

All third-party service providers or vendors [removed: utilized as part of the Company’s] [added: within our] cybersecurity framework are required to comply with our policies regarding non-public personal information and information security.

Our [removed: cybersecurity program] [added: CSP] is led by our Senior Vice President - Strategic Services and Chief Information Officer ("CIO") and our Chief Information Security Officer ("CISO").

The CEOC supports efforts to evaluate the materiality of any [removed: incidents,] [added: incident,] determines whether notice to third parties such as residents or vendors is required, and determines whether any disclosures to stakeholders are required.

The CEOC is also responsible for ensuring [removed: the] Company's management and Board of Trust Managers ("Board") are fully aware of key activities and events associated with our [removed: cybersecurity program] [added: CSP] on an ongoing basis.

Our entire Board is actively involved in overseeing risk management and the Audit [removed: Committee Charter tasks] [added: Committee, in accordance with] the Audit Committee [removed: with providing] [added: Charter, provides] oversight of management's guidelines and policies to govern the process by which risk assessments and risks are managed, including the Company’s major financial risk exposures and the steps management has taken to monitor and control such exposures.

Our CIO reports quarterly to the Audit Committee and Board regarding cybersecurity matters, [removed: which includes] [added: including] emerging cybersecurity [removed: threats and] [added: threats,] the risk [removed: landscape as well as] [added: landscape, and] updates on our [removed: cybersecurity program] [added: CSP] and related readiness, resiliency, and response efforts.

[removed: Like] [added: We, like] other businesses, [removed: we] have been, and expect to continue to be, subject to attempts [removed: on] [added: of] unauthorized access, mishandling or misuse, computer viruses or malware, cyber-attacks, [removed: and intrusions] [added: intrusions,] and other events of varying degrees.

For a discussion on certain of the Company’s cybersecurity-related risks, see [Item [removed: 1A](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_16)] [added: 1A](#id7a1b22179d040a89f1761bc0845497d_16)] under the heading “Risk Factors-Risks Associated with Our Operations - A cybersecurity incident and other technology disruptions could negatively impact our business.”

Our cybersecurity program ("CSP") is evaluated against the National Institute of Standards and Technology's Cybersecurity Framework ("NIST CSF") and the Center for Internet Security control framework.

In addition to a dedicated information technology cybersecurity team monitoring daily operations, we conduct annual assessments of our CSP against NIST CSF benchmarks and prioritize continuous improvement.

We apply factors such as business risk tolerance and external compliance requirements to determine whether a business asset, data, system, process, or service provider should fall within the scope of the CSP.

Our cybersecurity program has been developed based on industry standards set by the National Institute of Standards and Technology ("NIST") and includes a comprehensive set of security policies and procedures which guide our protection strategy against threats by utilizing the following measures: identifying critical assets and high-risk threats; implementing cybersecurity detection, controls, and remediation practices; implementing a third-party risk management program to evaluate our cyber position; and, evaluating our cybersecurity program effectiveness by auditing risk and performing both internal and external testing.

In addition to a dedicated information technology cybersecurity team monitoring our daily operations, we annually assess our cybersecurity program against the NIST framework and engage outside security firms to conduct penetration tests and assist with monitoring of daily operations.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

The [removed: 174] [added: 172] operating properties in which we owned interests and operated at December 31, [removed: 2024] [added: 2025] averaged [removed: 965] [added: 967] square feet of living area per apartment home.

For the year ended December 31, [removed: 2024,] [added: 2025,] no single operating property accounted for greater than [removed: 1.3%] [added: 1.5%] of our total revenues.

Our stabilized operating properties had a weighted average occupancy rate of approximately 95% for each of the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] an average monthly rental rate per apartment home of [removed: $1,997] [added: $2,006] and [removed: $1,981] [added: $1,997] for the same periods, respectively and our average resident lease terms are approximately fourteen months.

[Table of [removed: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)][added: Contents](#id7a1b22179d040a89f1761bc0845497d_7)]

The following table sets forth [added: certain] information with respect to our [removed: 174] [added: 172] operating properties at December 31, [removed: 2024:][added: 2025:]

| [removed: Property and Location] [added: Location] | | | | | | [removed: Year Placed in Service] | | | | | | [removed: Average Apartment Size (Sq. Ft.)] [added: Number of Operating Properties] | | | | | | Number of [removed: Apartments] [added: Homes] | | | | | | [removed: 2024 Average] [added: Average Home Size (Sq. Ft.) | | | | | | Average] Occupancy (1) | | | | | | [removed: 2024 Average] [added: Average] Monthly Rental Rate per [removed: Apartment] [added: Home] (2) | | |

| [removed: Los] [added: Los] Angeles/Orange [removed: County] [added: County, California] | | | | | | | | | | | | [added: 5] | | | | | | [added: 1,812] | | | | | | [added: 942] | | | | | | [added: 95.1] | | | [added: | | | 2,883 | | |]

| [removed: San] [added: San] Diego/Inland [removed: Empire] [added: Empire, California] | | | | | | | | | | | | [added: 6] | | | | | | [added: 1,797] | | | | | | [added: 1,009] | | | | | | [added: 95.8] | | | [added: | | | 2,808 | | |]

*(2)The average monthly rental rate per [removed: apartment] [added: home] incorporates vacant units and resident concessions calculated on a straight-line basis over the life of the lease.*

[removed: *(3)Development property stabilized during 2024 -] [added: *(1)Represents] the average [added: physical] occupancy [removed: was] [added: for the year except for development properties, where average occupancy is] calculated from the date [removed: at which] the [removed: occupancy] [added: property] exceeded 90% [added: occupancy] through December 31, [removed: 2024.*][added: 2025, and for acquisitions, where average occupancy is calculated from the acquisition date.*]

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Atlanta, Georgia | | | | | | | | | | | | 14 | | | | | | 4,270 | | | | | | 1,036 | | | | | | 95.4 | | % | | | | $ | 1,901 | |

| Austin, Texas | | | | | | | | | | | | 12 | | | | | | 4,038 | | | | | | 900 | | | | | | 94.9 | | | | | | 1,569 | | |

| Charlotte, North Carolina | | | | | | | | | | | | 15 | | | | | | 3,510 | | | | | | 936 | | | | | | 95.1 | | | | | | 1,796 | | |

| Dallas/Fort Worth, Texas | | | | | | | | | | | | 14 | | | | | | 5,940 | | | | | | 920 | | | | | | 95.2 | | | | | | 1,699 | | |

| Denver, Colorado | | | | | | | | | | | | 9 | | | | | | 2,873 | | | | | | 957 | | | | | | 95.9 | | | | | | 2,139 | | |

| Houston, Texas | | | | | | | | | | | | 23 | | | | | | 8,207 | | | | | | 986 | | | | | | 94.8 | | | | | | 1,746 | | |

| Nashville, Tennessee | | | | | | | | | | | | 3 | | | | | | 1,193 | | | | | | 891 | | | | | | 93.9 | | | | | | 2,090 | | |

| Orlando, Florida | | | | | | | | | | | | 12 | | | | | | 4,276 | | | | | | 952 | | | | | | 95.9 | | | | | | 1,907 | | |

| Phoenix/Scottsdale, Arizona | | | | | | | | | | | | 13 | | | | | | 4,094 | | | | | | 1,012 | | | | | | 94.9 | | | | | | 1,975 | | |

| Raleigh, North Carolina | | | | | | | | | | | | 11 | | | | | | 4,041 | | | | | | 992 | | | | | | 95.3 | | | | | | 1,649 | | |

| Southeast Florida | | | | | | | | | | | | 9 | | | | | | 3,050 | | | | | | 1,065 | | | | | | 95.3 | | | | | | 2,688 | | |

| Tampa/St. Petersburg, Florida | | | | | | | | | | | | 9 | | | | | | 3,464 | | | | | | 1,003 | | | | | | 95.4 | | | | | | 2,322 | | |

| Washington, D.C. Metro | | | | | | | | | | | | 17 | | | | | | 6,194 | | | | | | 913 | | | | | | 96.8 | | | | | | 2,364 | | |

| 2021-2025 | | | 12 | | |

| 2016-2020 | | | 29 | | |

| 2011-2015 | | | 20 | | |

| 2006-2010 | | | 31 | | |

| 2001-2005 | | | 31 | | |

| Prior to 2001 | | | 49 | | |

| 2020-2024 | | | 13 | | |

| 2015-2019 | | | 29 | | |

| 2010-2014 | | | 17 | | |

| 2005-2009 | | | 33 | | |

| 2000-2004 | | | 39 | | |

| Prior to 2000 | | | 43 | | |

*Property Table*

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | OPERATING PROPERTIES | | | | | | | | | | | | | | | | | | | | | | | | | | |

| ARIZONA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Phoenix/Scottsdale | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Camden Chandler | | | | | | 2016 | | | | | | 1,146 | | | | | | 380 | | | | | | 95.7 | | % | | | | $ | 1,947 | |

| Camden Copper Square | | | | | | 2000 | | | | | | 786 | | | | | | 332 | | | | | | 94.2 | | | | | | 1,664 | | |

| Camden Foothills | | | | | | 2014 | | | | | | 1,032 | | | | | | 220 | | | | | | 96.0 | | | | | | 2,156 | | |

| Camden Legacy | | | | | | 1996 | | | | | | 1,067 | | | | | | 428 | | | | | | 95.5 | | | | | | 2,031 | | |

| Camden Montierra | | | | | | 1999 | | | | | | 1,071 | | | | | | 249 | | | | | | 94.6 | | | | | | 1,973 | | |

| Camden North End | | | | | | 2019 | | | | | | 921 | | | | | | 441 | | | | | | 95.2 | | | | | | 2,022 | | |

| Camden North End II | | | | | | 2021 | | | | | | 885 | | | | | | 343 | | | | | | 95.0 | | | | | | 2,051 | | |

| Camden Old Town Scottsdale | | | | | | 2016 | | | | | | 892 | | | | | | 316 | | | | | | 95.2 | | | | | | 2,258 | | |

| Camden Pecos Ranch | | | | | | 2001 | | | | | | 949 | | | | | | 272 | | | | | | 94.6 | | | | | | 1,699 | | |

| Camden San Marcos | | | | | | 1995 | | | | | | 984 | | | | | | 320 | | | | | | 94.5 | | | | | | 1,893 | | |

| Camden San Paloma | | | | | | 1993/1994 | | | | | | 1,042 | | | | | | 324 | | | | | | 94.7 | | | | | | 2,026 | | |

| Camden Sotelo | | | | | | 2008/2012 | | | | | | 1,303 | | | | | | 170 | | | | | | 93.8 | | | | | | 2,033 | | |

| Camden Tempe | | | | | | 2015 | | | | | | 1,043 | | | | | | 234 | | | | | | 94.3 | | | | | | 1,947 | | |

| Camden Tempe II | | | | | | 2023 | | | | | | 981 | | | | | | 397 | | | | | | 93.1 | | | | | | 1,909 | | |

| CALIFORNIA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Camden Crown Valley | | | | | | 2001 | | | | | | 1,009 | | | | | | 380 | | | | | | 95.8 | | | | | | 2,764 | | |

| Camden Glendale | | | | | | 2015 | | | | | | 893 | | | | | | 307 | | | | | | 96.3 | | | | | | 2,859 | | |

| Camden Harbor View | | | | | | 2004/2016 | | | | | | 981 | | | | | | 547 | | | | | | 89.6 | | | | | | 2,950 | | |

| Camden Main and Jamboree | | | | | | 2008 | | | | | | 1,011 | | | | | | 290 | | | | | | 96.3 | | | | | | 2,723 | | |

| The Camden | | | | | | 2016 | | | | | | 767 | | | | | | 287 | | | | | | 92.3 | | | | | | 2,997 | | |

| Camden Hillcrest | | | | | | 2021 | | | | | | 1,223 | | | | | | 132 | | | | | | 93.7 | | | | | | 3,665 | | |

| Camden Landmark | | | | | | 2006 | | | | | | 982 | | | | | | 469 | | | | | | 95.8 | | | | | | 2,269 | | |

| Camden Old Creek | | | | | | 2007 | | | | | | 1,037 | | | | | | 350 | | | | | | 97.2 | | | | | | 2,953 | | |

| Camden Sierra at Otay Ranch | | | | | | 2003 | | | | | | 962 | | | | | | 422 | | | | | | 95.8 | | | | | | 2,860 | | |

| Camden Tuscany | | | | | | 2003 | | | | | | 895 | | | | | | 160 | | | | | | 95.4 | | | | | | 3,241 | | |

| Camden Vineyards | | | | | | 2002 | | | | | | 1,053 | | | | | | 264 | | | | | | 95.0 | | | | | | 2,509 | | |

| COLORADO | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Denver | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

[Table of [removed: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)][added: Contents](#id7a1b22179d040a89f1761bc0845497d_7)]

Our common shares are traded on the New York Stock Exchange [added: and NYSE Texas] under the symbol "CPT." As of February [removed: 13, 2025,] [added: 5, 2026,] there were approximately [removed: 258] [added: 241] shareholders of record.

In the first quarter of [removed: 2025,] [added: 2026,] the Company's Board of Trust Managers declared a first quarter dividend of [removed: $1.05] [added: $1.06] per common share to our common shareholders of record as of March 31, [removed: 2025.][added: 2026.]

Assuming similar dividend distributions for the remainder of [removed: 2025,] [added: 2026,] our annualized dividend rate for [removed: 2025] [added: 2026] would be [removed: $4.20.][added: $4.24.]

The following graph assumes the investment of $100 in common stock on December 31, [removed: 2019] [added: 2020] and quarterly reinvestment of dividends.

[removed: ][added: ]

| 5 - Year Total Return Performance of Indices | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 2020] | | | | | | 2021 | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | [added: | | | 2025 | | |]

[Table of [removed: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)][added: Contents](#id7a1b22179d040a89f1761bc0845497d_7)]

We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit [removed: facility,] [added: facility or commercial paper program,] the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.

See [Part [removed: III,](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_85) [Item 12](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_85)] [added: III, Item 12](#id7a1b22179d040a89f1761bc0845497d_85)] for further discussion.

During the year ended December 31, [removed: 2024, no] [added: 2025, neither the Company nor any] director or officer (as each such term is defined in Section 16a-1(f) of [added: the] Exchange [removed: Act)] [added: Act] of [added: 1934 (the "Exchange Act")) of] the Company adopted, terminated, or had in place, any contract, instruction, or written plan for the purchase or sale of securities of Camden intended to satisfy the [removed: affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement", as defined in paragraph (c) of Item 408 of Regulation S-K.]

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Camden Property Trust | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 183.18 | | | | | $ | 118.01 | | | | | $ | 108.99 | | | | | $ | 132.22 | | | | | $ | 130.26 | |

| FTSE NAREIT Equity REITs Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 143.24 | | | | | | 108.34 | | | | | | 123.21 | | | | | | 133.97 | | | | | | 137.83 | | |

| S&P 500 Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 128.71 | | | | | | 105.40 | | | | | | 133.10 | | | | | | 166.40 | | | | | | 196.16 | | |

| Russell 2000 Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 114.82 | | | | | | 91.35 | | | | | | 106.82 | | | | | | 119.14 | | | | | | 134.40 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

We made the following share repurchases during the three months ended December 31, 2025:

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Period | | | Total Number of Shares Repurchased | | | Average Price Paid per Share (1) | | | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program | | | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Program (2) | | |

| October 1, 2025 - October 31, 2025 | | | — | | | $ | — | | — | | | $ | 400,023,718 | |

| November 1, 2025 - November 30, 2025 | | | 241,237 | | | 102.53 | | | 241,237 | | | 375,289,861 | | |

| December 1, 2025 - December 31, 2025 | | | 1,824,039 | | | 107.39 | | | 1,824,039 | | | 179,409,719 | | |

| Total | | | 2,065,276 | | | $ | 106.82 | | 2,065,276 | | | | | |

*(1) Average Price Paid Per Share excludes cash paid for commissions.*

*(2) We have a share repurchase plan approved by our Board of Trust Managers in October 2022, which allows for the repurchase of up to $500.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions.

The repurchase plan does not specify an expiration date.*

In 2025, we repurchased 2,531,018 common shares at an average price of $106.92 per share for approximately $270.7 million.

In January 2026, we repurchased 1,096,807 common shares at an average price of $110.03 per share for approximately $120.7 million.

In February 2026, our Board of Trust Managers authorized a new $600.0 million share repurchase plan which allows for the repurchase of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions.

This new plan terminated and replaced our previous share repurchase plan, which had approximately $58.6 million remaining for repurchases at the time it was terminated.

As of the date of this filing, the full $600.0 million authorized under the new plan remained available for repurchases.

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement", as defined in paragraph (c) of Item 408 of Regulation S-K.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Camden Property Trust | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 97.72 | | | | | $ | 179.00 | | | | | $ | 115.31 | | | | | $ | 106.51 | | | | | $ | 129.20 | |

| FTSE NAREIT Equity REITs Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 92.00 | | | | | | 131.78 | | | | | | 99.67 | | | | | | 113.35 | | | | | | 123.25 | | |

| S&P 500 Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 118.40 | | | | | | 152.39 | | | | | | 124.79 | | | | | | 157.59 | | | | | | 197.02 | | |

| Russell 2000 Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 119.96 | | | | | | 137.74 | | | | | | 109.59 | | | | | | 128.14 | | | | | | 142.93 | | |

In 2024, we repurchased 515,974 common shares for approximately $50.0 million, at an average price of $96.88 per share.

As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was approximately $450.0 million.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of [removed: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)][added: Contents](#id7a1b22179d040a89f1761bc0845497d_7)]

Management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on our assessment, management concluded our internal control over financial reporting is effective as of December 31, [removed: 2024.][added: 2025.]

We have audited the internal control over financial reporting of Camden Property Trust and subsidiaries (the "Company") as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 20, 2025,] [added: 12, 2026,] expressed an unqualified opinion on those financial statements.

February 12, 2026

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| February 12, 2026 | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

February 20, 2025

| February 20, 2025 | | |

The policy is designed to promote compliance with insider trading laws, rules, and regulations, and the New York Stock Exchange [added: and NYSE Texas] listing standards.

The remaining information required by this Item 10 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, [removed: 2025] [added: 2026] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 9, 2025.][added: 8, 2026.]

A copy of the Company's Insider Trading Blackout Policy is filed as [Exhibit 19.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex191.htm) to this Annual Report on Form 10-K.

Information with respect to this Item 11 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, [removed: 2025] [added: 2026] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 9, 2025.][added: 8, 2026.]

Information with respect to this Item 12 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, [removed: 2025] [added: 2026] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 9, 2025.][added: 8, 2026.]

Information with respect to this Item 13 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, [removed: 2025] [added: 2026] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 9, 2025.][added: 8, 2026.]

Information with respect to this Item 14 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, [removed: 2025] [added: 2026] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 9, 2025.][added: 8, 2026.]

[Table of [removed: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)][added: Contents](#id7a1b22179d040a89f1761bc0845497d_7)]

| [Report of Independent Registered Public Accounting [removed: Firm](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_106)] [added: Firm](#id7a1b22179d040a89f1761bc0845497d_106)] | | | PCAOB ID No. | | | 34 | | | F-1 | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_109)] [added: 2024](#id7a1b22179d040a89f1761bc0845497d_109)] | | | | | | | | | F-3 | | |

| [Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_115)] [added: 2023](#id7a1b22179d040a89f1761bc0845497d_115)] | | | | | | | | | F-4 | | |

| [Consolidated Statements of Equity for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_118)] [added: 2023](#id7a1b22179d040a89f1761bc0845497d_118)] | | | | | | | | | F-6 | | |

| [Consolidated Statements of Cash Flows for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_124)] [added: 2023](#id7a1b22179d040a89f1761bc0845497d_124)] | | | | | | | | | F-8 | | |

| [Notes to Consolidated Financial [removed: Statements](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_127)] [added: Statements](#id7a1b22179d040a89f1761bc0845497d_127)] | | | | | | | | | F-10 | | |

| [Schedule III – Real Estate and Accumulated [removed: Depreciation](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_208)] [added: Depreciation](#id7a1b22179d040a89f1761bc0845497d_211)] | | | | | | | | | S-1 | | |

| [19.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex191.htm) | | | | | | Camden Property Trust Insider Trading Blackout Policy, effective as of 10/25/2023 | | | | | | [removed: Filed Herewith] [added: Exhibit 19.1 to Form 10-K filed on February 20, 2025] | | |

| [removed: [21.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex211.htm)] [added: [21.1](https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt12312025-ex211.htm)] | | | | | | List of Significant Subsidiaries | | | | | | Filed Herewith | | |

| [removed: [23.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex231.htm)] [added: [23.1](https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt12312025-ex231.htm)] | | | | | | Consent of Deloitte & Touche LLP | | | | | | Filed Herewith | | |

| [removed: [24.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex241.htm)] [added: [24.1](https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt12312025-ex241.htm)] | | | | | | Powers of Attorney for Javier E. Benito, Heather J. Brunner, Mark D. Gibson, Scott S. Ingraham, Renu Khator, Frances Aldrich Sevilla-Sacasa, Steven A. Webster, and Kelvin R. Westbrook | | | | | | Filed Herewith | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt12312025-ex311.htm)] | | | | | | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act | | | | | | Filed Herewith | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex312.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt12312025-ex312.htm)] | | | | | | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act | | | | | | Filed Herewith | | |

| [removed: [32.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex321.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/906345/000162828026007697/cpt12312025-ex321.htm)] | | | | | | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | | | | Filed Herewith | | |

| | | | | | | | | | | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| [10.45](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000906345/000090634525000010/cpt-20250225.htm) | | | | | | Form of Commercial Paper Dealer Agreement between the Company, as issuer, and the applicable Dealer party thereto | | | | | | Exhibit 10.1 to Form 8-K filed on February 26, 2025 | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| [Schedule IV – Mortgage Loans on Real Estate](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_214) | | | | | | | | | S-8 | | |

| [10.4](https://www.sec.gov/ix?doc=/Archives/edgar/data/906345/000090634524000035/cpt-20241001.htm)[5](https://www.sec.gov/ix?doc=/Archives/edgar/data/906345/000090634524000035/cpt-20241001.htm) | | | | | | Separation and Release Agreement, dated as of October 1, 2024, between Camden Property Trust and William W. Sengelmann | | | | | | Exhibit 99.1 to Form 8-K filed on October 1, 2024 | | |

[Table of [removed: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)][added: Contents](#id7a1b22179d040a89f1761bc0845497d_7)]

| February [removed: 20, 2025] [added: 12, 2026] | | | | | | | | | | | | CAMDEN PROPERTY TRUST | | | | | | | | |

| /s/ Richard J. Campo | | | | | | Chairman of the Board of Trust | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| /s/ D. Keith Oden | | | | | | Executive Vice Chairman of the Board of Trust | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| /s/ Alexander J. Jessett | | | | | | President and Chief Financial Officer | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| /s/ Michael P. Gallagher | | | | | | Senior Vice President - Chief Accounting | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| Javier E. Benito | | | | | | Trust Manager | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| Heather J. Brunner | | | | | | Trust Manager | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| Mark D. Gibson | | | | | | Trust Manager | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| Scott S. Ingraham | | | | | | Trust Manager | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| Renu Khator | | | | | | Trust Manager | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| Frances Aldrich Sevilla-Sacasa | | | | | | Trust Manager | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| Steven A. Webster | | | | | | Trust Manager | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

| Kelvin R. Westbrook | | | | | | Trust Manager | | | | | | February [removed: 20, 2025] [added: 12, 2026] | | |

We have audited the accompanying consolidated balance sheets of Camden Property Trust and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of income and comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 20, 2025,] [added: 12, 2026,] expressed an unqualified opinion on the Company's internal control over financial reporting.

For those properties under development where indications of impairment have been identified related to [removed: land,] [added: land holdings,] fair value is determined utilizing comparable sales.

Changes in these assumptions could have a significant impact on the properties under development [added: and land] identified for further analysis.

As of December 31, [removed: 2024,] [added: 2025,] the Company’s properties under development and land had an aggregate carrying value of approximately [removed: $401.5] [added: $419.2] million, and approximately [removed: $41.0] [added: $12.9] million of impairment loss has been recognized for the year ended December 31, [removed: 2024.][added: 2025.]

- We tested the effectiveness of controls over management’s identification of possible circumstances that may indicate that carrying amount of properties under development and land may not be recoverable, including controls over management’s estimates of projected [removed: occupancy] [added: net operating income] and [removed: market rent,] projected construction [removed: costs, estimates of demand for multifamily communities, other market and economic assumptions,] [added: costs] as well as controls over management’s fair value determination for assets with impairment indicators.

◦Comparing projected net operating income [removed: growth, occupancy rate,] and capitalization rate for each property under development to market averages from third party market reports and to the Company’s historical financial performance for operating properties in the same or nearby markets.

| *(in thousands, except [added: per] share amounts)* | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Land | | | $ | [removed: 1,722,526] [added: 1,787,445] | | | | | $ | [removed: 1,711,873] [added: 1,722,526] | |

| Buildings and improvements | | | [removed: 11,319,460] [added: 11,792,960] | | | | | | [removed: 10,993,390] [added: 11,319,460] | | |

| Accumulated depreciation | | | [removed: (4,867,422)] [added: (5,296,061)] | | | | | | [removed: (4,332,524)] [added: (4,867,422)] | | |

| Net operating real estate assets | | | $ | [removed: 8,174,564] [added: 8,284,344] | | | | | $ | [removed: 8,372,739] [added: 8,174,564] | |

| Properties under development and land | | | [removed: 401,542] [added: 419,227] | | | | | | [removed: 486,864] [added: 401,542] | | |

| Total real estate assets | | | $ | [removed: 8,576,106] [added: 8,703,571] | | | | | $ | [removed: 8,859,603] [added: 8,576,106] | |

| Accounts receivable – affiliates | | | [removed: 8,991] [added: 8,884] | | | | | | [removed: 11,905] [added: 8,991] | | |

| Other assets, net | | | [removed: 234,838] [added: 293,292] | | | | | | [removed: 244,182] [added: 234,838] | | |

| Cash and cash equivalents | | | [added: $ | 25,203 | | | | | $ |] 21,045 | | | | | [added: $] | 259,686 | | [removed: |]

| Restricted cash | | | [added: 12,039 | | | | | |] 11,164 | | | | | | 8,361 | | |

| Total assets | | | $ | [removed: 8,852,144] [added: 9,042,989] | | | | | $ | [removed: 9,383,737] [added: 8,852,144] | |

| Unsecured | | | $ | [removed: 3,155,233] [added: 3,570,193] | | | | | $ | [removed: 3,385,309] [added: 3,155,233] | |

| Secured | | | [removed: 330,358] [added: 330,597] | | | | | | [removed: 330,127] [added: 330,358] | | |

| Accounts payable and accrued expenses | | | [removed: 215,179] [added: 248,087] | | | | | | [removed: 222,599] [added: 215,179] | | |

| Accrued real estate taxes | | | [removed: 78,529] [added: 92,382] | | | | | | [removed: 96,517] [added: 78,529] | | |

| Distributions payable | | | [removed: 113,549] [added: 114,971] | | | | | | [removed: 110,427] [added: 113,549] | | |

| Other liabilities | | | [removed: 212,107] [added: 248,506] | | | | | | [removed: 186,987] [added: 212,107] | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

- With the assistance of our fair value specialists, we evaluated the reasonableness of management's valuation and inspected additional land comparisons provided by the specialists.

February 12, 2026

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| | | | $ | 13,580,405 | | | | | $ | 13,041,986 | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| Net income allocated to non-controlling interests | | | (10,436) | | | | | | (7,547) | | | | | | (7,244) | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Equity, December 31, 2024 | | | $ | 1,158 | | | | | $ | 5,930,729 | | | | | $ | (897,931) | | | | | $ | (359,732) | | | | | $ | 974 | | | | | $ | 71,991 | | | | | $ | 4,747,189 | | | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| Net income | | | | | | | | | | | | | | | 384,462 | | | | | | | | | | | | | | | | | | 10,436 | | | | | | 394,898 | | |

| Net share awards | | | | | | | | | 17,039 | | | | | | | | | | | | 9,141 | | | | | | | | | | | | | | | | | | 26,180 | | |

| Common shares repurchased | | | | | | | | | | | | | | | | | | | | | (270,654) | | | | | | | | | | | | | | | | | | (270,654) | | |

| Cash distributions declared to equity holders ($4.20 per share) | | | | | | | | | | | | | | | (455,771) | | | | | | | | | | | | | | | | | | (6,697) | | | | | | (462,468) | | |

| Equity, December 31, 2025 | | | $ | 1,157 | | | | | $ | 5,948,938 | | | | | $ | (969,240) | | | | | $ | (620,497) | | | | | $ | 2,165 | | | | | $ | 75,730 | | | | | $ | 4,438,253 | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| Proceeds from commercial paper program, net | | | 588,108 | | | | | | — | | | | | | — | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| Right-of-use assets obtained in exchange for the use of new operating lease liabilities | | | 22,005 | | | | | | — | | | | | | — | | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

Our acquisitions of real estate assets are generally accounted for as asset acquisitions.

Net above-market leases were approximately $0.3 million for the year ended December 31, 2025.

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| 2026 | | | $ | 871.1 | |

| 2027 | | | 43.9 | | |

| 2030 | | | 1.9 | | |

| Total | | | $ | 924.2 | |

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

observable price changes in orderly transactions for an identical or similar investment of the same issuer.

We have elected to be taxed as a REIT and, accordingly, are not subject to federal income taxes on our taxable income at the REIT level to the extent such income is distributed to our shareholders annually.

Taxable income from non-REIT corporate subsidiaries is subject to federal income taxes and such amounts are not material.

[Table of Contents](#id7a1b22179d040a89f1761bc0845497d_7)

| Weighted average number of common shares outstanding – basic | | | | | | 108,376 | | | | | | 108,491 | | | | | | 108,653 | | |

In 2025, we repurchased 2,531,018 common shares at an average price of $106.92 per share for approximately $270.7 million.

In January 2026, we repurchased 1,096,807 common shares at an average price of $110.03 per share for approximately $120.7 million under this plan.

| | | | | | | | | | | | | | | |

- We evaluated the Company’s determination of fair value by performing the following:

◦With the assistance of our fair value specialists, we evaluated the reasonableness of the (1) valuation methodology; (2) significant assumptions made; and (3) mathematical accuracy of the calculation by developing a range of independent estimates and comparing our estimates to those used by management.

February 20, 2025

| | | | $ | 13,041,986 | | | | | $ | 12,705,263 | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Gain on acquisition of unconsolidated joint venture interests | | | — | | | | | | — | | | | | | 474,146 | | |

| Equity in income of joint ventures | | | — | | | | | | — | | | | | | 3,048 | | |

| Equity, December 31, 2021 | | | $ | 1,126 | | | | | $ | 5,363,530 | | | | | $ | (829,453) | | | | | $ | (333,974) | | | | | $ | (3,739) | | | | | $ | 68,765 | | | | | $ | 4,266,255 | | | | |

| Net income | | | | | | | | | | | | | | | 653,613 | | | | | | | | | | | | | | | | | | 7,895 | | | | | | 661,508 | | | | | |

| Common shares issued (3,059 shares) | | | 30 | | | | | | 516,728 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 516,758 | | | | | |

| Net share awards | | | | | | | | | 15,999 | | | | | | | | | | | | 4,763 | | | | | | | | | | | | | | | | | | 20,762 | | | | | |

| Cash distributions declared to equity holders ($3.76 per share) | | | | | | | | | | | | | | | (405,692) | | | | | | | | | | | | | | | | | | (6,039) | | | | | | (411,731) | | | | | |

| Other | | | | | | | | | (419) | | | | | | | | | | | | (27) | | | | | | | | | | | | | | | | | | (446) | | | | | |

| Conversion/redemption of operating partnership units (3 shares) | | | | | | | | | 72 | | | | | | | | | | | | | | | | | | | | | | | | (200) | | | | | | (128) | | | | | |

| Equity, December 31, 2023 | | | $ | 1,156 | | | | | $ | 5,914,868 | | | | | $ | (613,651) | | | | | $ | (320,364) | | | | | $ | (1,252) | | | | | $ | 71,014 | | | | | $ | 5,051,771 | |

| Gain on acquisition of unconsolidated joint venture interests | | | — | | | | | | — | | | | | | (474,146) | | |

| Distributions of income from joint ventures | | | — | | | | | | — | | | | | | 3,015 | | |

| Equity in income of joint ventures | | | — | | | | | | — | | | | | | (3,048) | | |

| Acquisition of operating properties, including joint venture interests, net of cash acquired | | | — | | | | | | — | | | | | | (1,066,051) | | |

| Proceeds from issuance of common shares | | | — | | | | | | — | | | | | | 516,758 | | |

| Acquisition of joint venture interests: | | | | | | | | | | | | | | | | | |

| Mortgage debt assumed | | | — | | | | | | — | | | | | | 514,554 | | |

| Other liabilities | | | — | | | | | | — | | | | | | 39,168 | | |

| 2025 | | | $ | 871.6 | |

| 2026 | | | 51.2 | | |

| 2027 | | | 3.3 | | |

| Thereafter | | | 3.6 | | |

| Total | | | $ | 935.3 | |

We had investments

The standard does not change the definition of a reportable segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments.

We have adopted ASU 2023-07 in our 2024 Form 10-K, as disclosed in [Note 14.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): *Improvements to Income Tax Disclosures*.

ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted.

This standard may be applied either on a prospective basis or on a retrospective basis.

In 2024, we repurchased 515,974 common shares for approximately $50.0 million, at an average price of $96.88 per share.

As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was approximately $450.0 million.

We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the periods presented.

During the year ended December 31, 2022, we acquired for future development purposes two parcels of land totaling approximately 42.6 acres in Charlotte, North Carolina for an aggregate cost of approximately $32.7 million; approximately 3.8 acres of land in Nashville, Tennessee for approximately $30.5 million; and approximately 15.9 acres of land in Richmond, Texas for approximately $7.8 million.

*Asset Acquisition of Operating Properties.* We did not acquire any operating properties during the years ended December 31, 2024 and 2023.