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Press Release: Camden Property Trust Announces -6-

· 02/04/2021 16:15
CONTACT:Three months ended Twelve months ended December 31, December 31, ----------------------- -------------------------- 2020 2019 2020 2019 ---------- ----------- ----------- ------------- Net debt $2,763,197 $2,444,829 $2,686,473 $2,322,648 Annualized Adjusted EBITDA 593,704 622,312 598,864 589,650 ---------- ----------- ----------- ----------- Net Debt to 4.7x 3.9x 4.5x 3.9x Annualized Adjusted EBITDA CAMDEN 2021 FINANCIAL OUTLOOK AS OF FEBRUARY 4, 2021 (Unaudited) Earnings Guidance - Per Diluted Share Expected FFO per share - diluted $4.80 - $5.20 "Same Property" Communities Number of Units - 2021 45,490 2020 Base Net Operating Income $608 million Total Revenue Growth (0.25)% - 1.75% Total Expense Growth 3.00% - 4.00% Net Operating Income Growth (2.70)% - 1.00% Impact from 1% change in NOI Growth is approximately $0.060 / share Capitalized Expenditures Recurring $70 - $74 million Revenue Enhancing Capex and Repositions (a) $58 - $62 million Acquisitions/Dispositions Acquisition Volume (consolidated on balance sheet) $400 - $500 million Disposition Volume (consolidated on balance sheet) $400 - $500 million Development Development Starts (consolidated on balance sheet) $120 - $320 million Development Spend (consolidated on balance sheet) $285 - $315 million Equity in Income of Joint Ventures (FFO) $18 - $20 million Non-Property Income Non-Property Income $10 - $12 million Includes: Fee and asset management income and interest and other income Corporate Expenses General and Administrative Expense $54 - $58 million Property Management Expense $23 - $25 million Fee and Asset Management Expense $4 - $6 million Corporate G&A Depreciation/Amortization $9 - $11 million Capital Expected Capital Transactions $0 - $400 million Expensed Interest $97 - $101 million Capitalized Interest $15 - $17 millionAverage monthly balance Average monthly balance for for the the Three months ended Twelve months ended December December 31, 31, ------------------------ ----------------------------- 2020 2019 2020 2019 ----------- ----------- -------------- ------------- Unsecured notes payable $3,166,316 $2,494,525 $3,062,587 $2,332,764 Secured notes payable -- -- -- 90,699 ---------- ---------- ---------- ---------- Total debt 3,166,316 2,494,525 3,062,587 2,423,463 Less: Cash and cash equivalents (403,119) (49,696) (376,114) (100,815) ---------- ---------- ---------- ---------- Net debt $2,763,197 $2,444,829 $2,686,473 $2,322,648 ========== ========== ========== ==========

Net Debt:

Net Debt to Annualized Adjusted EBITDA:

(a) Revenue Enhancing Capex and Repositions are capital expenditures that improve a community's cash flow and competitive position, typically kitchen and bath upgrades or other new amenities, including our smart access solution.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. Additionally, please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006072/en/

Kim Callahan, 713-354-2549

(END) Dow Jones Newswires

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