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Press Release: Camden Property Trust Announces -2-

· 02/04/2021 16:15
CAMDEN OPERATING RESULTS (In thousands, except per share amounts) (Unaudited) Three Months Ended Twelve Months Ended December December 31, 31, ----------------------- ----------------------------- 2020 2019 2020 2019 ------------ --------- -------------- ------------- OPERATING DATA -------------------- Property revenues (a) $261,554 $263,461 $1,043,837 $1,028,461 Property expenses Property operating and maintenance 62,402 58,217 252,190 235,589 Real estate taxes 37,555 32,192 142,636 130,758 -------- -------- ---------- ---------- Total property expenses 99,957 90,409 394,826 366,347 -------- -------- ---------- ---------- Non-property income Fee and asset management 3,351 2,847 10,800 8,696 Interest and other income 347 976 2,949 3,090 Income on deferred compensation plans 10,399 6,702 12,045 21,694 -------- -------- ---------- ---------- Total non-property income 14,097 10,525 25,794 33,480 -------- -------- ---------- ---------- Other expenses Property management 5,841 6,386 24,201 25,290 Fee and asset management 1,273 1,737 3,954 5,759 General and administrative 13,274 13,174 53,624 53,201 Interest 24,072 20,168 91,526 80,706 Depreciation and amortization 91,925 85,540 367,162 336,274 Expense on deferred compensation plans 10,399 6,702 12,045 21,694 -------- -------- ---------- ---------- Total other expenses 146,784 133,707 552,512 522,924 -------- -------- ---------- ---------- Loss on early retirement of debt (176) (11,995) (176) (11,995) Gain on sale of operating properties, including land -- 49,901 382 49,901 Equity in income of joint ventures 2,143 8,829 8,052 14,783 -------- -------- ---------- ---------- Income from continuing operations before income taxes 30,877 96,605 130,551 225,359 Income tax expense (496) (380) (1,972) (1,089) -------- -------- ---------- ---------- Net income 30,381 96,225 128,579 224,270 Less income allocated to non-controlling interests (1,188) (1,211) (4,668) (4,647) -------- -------- ---------- ---------- Net income attributable to common shareholders (b) $29,193 $95,014 $123,911 $219,623 ======== ======== ========== ========== CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME -------------------- Net income $30,381 $96,225 $128,579 $224,270 Other comprehensive income Unrealized loss on cash flow hedging activities -- -- -- (12,998) Unrealized loss and unamortized prior service cost on post retirement obligation (318) (449) (318) (449) Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation 366 358 1,464 (11) -------- -------- ---------- ---------- Comprehensive income 30,429 96,134 129,725 210,812 Less income allocated to non-controlling interests (1,188) (1,211) (4,668) (4,647) -------- -------- ---------- ---------- Comprehensive income attributable to common shareholders $29,241 $94,923 $125,057 $206,165 ======== ======== ========== ========== PER SHARE DATA -------------------- Total earnings per common share - basic $0.29 $0.96 $1.24 $2.23 Total earnings per common share - diluted 0.29 0.95 1.24 2.22 Weighted average number of common shares outstanding: Basic 99,422 99,055 99,385 98,460 Diluted 99,507 100,932 99,438 99,384NOI (2.70)% - 1.00% (0.85)% ------------------------------------- --------------- --------

For 2021, the Company defines same property communities as communities owned and stabilized since January 1, 2020, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company's 2021 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Quarterly Dividend Declaration

Camden's Board of Trust Managers declared a first quarter 2021 dividend of $0.83 per common share. The dividend is payable on April 16, 2021 to shareholders of record as of March 31, 2021. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company's past performance and future prospects, as described in this press release.

Conference Call

Friday, February 5, 2021 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061

Passcode: 1538225

Webcast: https://services.choruscall.com/links/cpt210205.html

Supplemental financial information is available in the Investors section of the Company's website under Earnings Releases or by calling Camden's Investor Relations Department at (713) 354-2787.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company's actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading "Risk Factors" in Camden's Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today's press release represent management's current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 167 properties containing 56,850 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company's portfolio will increase to 59,104 apartment homes in 174 properties. Camden has been recognized as one of the 100 Best Companies to Work For(R) by FORTUNE magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor Employees' Choice Award in 2020, ranking #25 for large U.S. companies.

For additional information, please contact Camden's Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended December 31, 2020, we recognized $261.6 million of property revenue which consisted of approximately $230.8 million of rental revenue, including the negative impact of $3.5 million related to the non-cash adjustment to retail straight-line rent receivables, and approximately $30.8 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $263.5 million recognized for the three months ended December 31, 2019, made up of approximately $234.1 million of rental revenue and approximately $29.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the twelve months ended December 31, 2020, we recognized $1,043.8 million of property revenue which consisted of approximately $923.0 million of rental revenue, including the combined negative impact of $12.6 million related to the non-cash adjustment to retail straight-line rent receivables

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February 04, 2021 16:15 ET (21:15 GMT)