CPT 10-Q report for 2025-09-30

CPT 10-Q report for 2025-09-30 cpt-20250930 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from  ______________ to _______________                                        Commission file number: 1-12110 CAMDEN PROPERTY TRUST (Exact Name of Registrant as Specified in Its Charter) TX 76-6088377 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2800 Post Oak Boulevard, Suite 2700 Houston, Texas 77056 (Address of principal executive offices) (Zip Code) ( 713 ) 354-2500 (Registrant's Telephone Number, Including Area Code) 11 Greenway Plaza, Suite 2400, Houston, Texas 77046 (Former Address, If Changed Since Last Report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Shares of Beneficial Interest, $.01 par value CPT NYSE Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ý     No   ¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit).     Yes ý     No   ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", and "small reporting company" in Rule 12b-2 of the Exchange Act. (Check one):  Large Accelerated Filer ý Accelerated filer ☐ Non-accelerated filer ¨ Smaller Reporting Company ☐ Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý On October 31, 2025, 106,395,330 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements. Table of Contents CAMDEN PROPERTY TRUST Table of Contents Page PART I FINANCIAL INFORMATION 1 Item 1 Financial Statements 1 Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2025 and December 31, 2024 1 Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024 2 Condensed Consolidated Statements of Equity (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2025 and 2024 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3 Quantitative and Qualitative Disclosures About Market Risk 33 Item 4 Controls and Procedures 33 PART II OTHER INFORMATION 33 Item 1 Legal Proceedings 34 Item 1A Risk Factors 34 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3 Defaults Upon Senior Securities 34 Item 4 Mine Safety Disclosures 34 Item 5 Other Information 34 Item 6 Exhibits 35 SIGNATURES Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share amounts) September 30, 2025 December 31, 2024 Assets Real estate assets, at cost Land $ 1,791,077 $ 1,722,526 Buildings and improvements 11,812,521 11,319,460 $ 13,603,598 $ 13,041,986 Accumulated depreciation ( 5,234,087 ) ( 4,867,422 ) Net operating real estate assets $ 8,369,511 $ 8,174,564 Properties under development and land 384,124 401,542 Total real estate assets $ 8,753,635 $ 8,576,106 Accounts receivable – affiliates 8,889 8,991 Other assets, net 255,333 234,838 Cash and cash equivalents 25,931 21,045 Restricted cash 11,378 11,164 Total assets $ 9,055,166 $ 8,852,144 Liabilities and equity Liabilities Notes Payable        Unsecured $ 3,409,691 $ 3,155,233 Secured 330,536 330,358 Accounts payable and accrued expenses 232,960 215,179 Accrued real estate Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3 Quantitative and Qualitative Disclosures About Market Risk 33 Item 4 Controls and Procedures 33 PART II OTHER INFORMATION 33 Item 1 Legal Proceedings 34 Item 1A Risk Factors 34 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3 Defaults Upon Senior Securities 34 Item 4 Mine Safety Disclosures 34 Item 5 Other Information 34 Item 6 Exhibits 35 SIGNATURES Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share amounts) September 30, 2025 December 31, 2024 Assets Real estate assets, at cost Land $ 1,791,077 $ 1,722,526 Buildings and improvements 11,812,521 11,319,460 $ 13,603,598 $ 13,041,986 Accumulated depreciation ( 5,234,087 ) ( 4,867,422 ) Net operating real estate assets $ 8,369,511 $ 8,174,564 Properties under development and land 384,124 401,542 Total real estate assets $ 8,753,635 $ 8,576,106 Accounts receivable – affiliates 8,889 8,991 Other assets, net 255,333 234,838 Cash and cash equivalents 25,931 21,045 Restricted cash 11,378 11,164 Total assets $ 9,055,166 $ 8,852,144 Liabilities and equity Liabilities Notes Payable        Unsecured $ 3,409,691 $ 3,155,233 Secured 330,536 330,358 Accounts payable and accrued expenses 232,960 215,179 Accrued real estate taxes 129,697 78,529 Distributions payable 115,518 113,549 Other liabilities 224,989 212,107 Total liabilities $ 4,443,391 $ 4,104,955 Commitments and contingencies ( Note 10 ) Equity Common shares of beneficial interest; $ 0.01 par value per share; 175,000,000 shares authorized; 117,737,753 and 117,737,740 issued at September 30, 2025 and December 31, 2024, respectively; 115,710,867 and 115,779,233 outstanding at September 30, 2025 and December 31, 2024, respectively 1,157 1,158 Additional paid-in capital 5,945,277 5,930,729 Distributions in excess of net income attributable to common shareholders ( 1,011,983 ) ( 897,931 ) Treasury shares, at cost ( 9,315,296 and 9,091,081 common shares at September 30, 2025 and December 31, 2024, respectively) ( 400,185 ) ( 359,732 ) Accumulated other comprehensive income 2,027 974 Total common equity $ 4,536,293 $ 4,675,198 Non-controlling interests 75,482 71,991 Total equity $ 4,611,775 $ 4,747,189 Total liabilities and equity $ 9,055,166 $ 8,852,144 See Notes to Condensed Consolidated Financial Statements (Unaudited). 1 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2025 2024 2025 2024 Property revenues $ 395,676 $ 387,232 $ 1,182,750 $ 1,157,523 Property expenses Property operating and maintenance 96,646 95,940 279,375 275,110 Real estate taxes 49,050 47,420 149,413 145,684 Total property expenses $ 145,696 $ 143,360 $ 428,788 $ 420,794 Non-property income Fee and asset management $ 2,565 $ 1,707 $ 7,685 $ 5,597 Interest and other income 78 1,076 156 4,442 Income on deferred compensation plans 6,749 8,248 16,297 15,140 Total non-property income $ 9,392 $ 11,031 $ 24,138 $ 25,179 Other expenses Property management $ 8,863 $ 9,817 $ 28,457 $ 29,057 Fee and asset management 965 623 2,277 1,541 General and administrative 19,612 18,845 59,503 53,692 Interest 34,995 32,486 104,160 97,250 Depreciation and amortization 159,474 145,844 460,834 436,540 Expense on deferred compensation plans 6,749 8,248 16,297 15,140 Total other expenses $ 230,658 $ 215,863 $ 671,528 $ 633,220 Impairment associated with land development activities — ( 40,988 ) — ( 40,988 ) Loss on early retirement of debt — — — ( 921 ) Gain on sale of operating properties 85,645 — 132,938 43,806 Income (loss) from continuing operations before income taxes $ 114,359 $ ( 1,948 ) $ 239,510 $ 130,585 Income tax expense ( 780 ) ( 390 ) ( 2,570 ) ( 2,354 ) Net income (loss) $ 113,579 $ ( 2,338 ) $ 236,940 $ 128,231 Net income allocated to non-controlling interests ( 4,645 ) ( 1,866 ) ( 8,514 ) ( 5,629 ) Net income (loss) attributable to common shareholders $ 108,934 $ ( 4,204 ) $ 228,426 $ 122,602 Earnings (loss) per share – basic $ 1.00 $ ( 0.04 ) $ 2.10 $ 1.13 Earnings (loss) per share – diluted 1.00 ( 0.04 ) 2.10 1.13 Weighted average number of common shares outstanding – basic 108,524 108,426 108,564 108,513 Weighted average number of common shares outstanding – diluted 108,580 108,426 108,617 108,547 Condensed Consolidated Statements of Comprehensive Income Net income (loss) $ 113,579 $ ( 2,338 ) $ 236,940 $ 128,231 Other comprehensive income (loss) Unrealized gain on cash flow hedging activities — — — 85 Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 351 358 1,053 1,808 Comprehensive income (loss) $ 113,930 $ ( 1,980 ) $ 237,993 $ 130,124 Net income allocated to non-controlling interests ( 4,645 ) ( 1,866 ) ( 8,514 ) ( 5,629 ) Comprehensive income (loss) attributable to common shareholders $ 109,285 $ ( 3,846 ) $ 229,479 $ 124,495 See Notes to Condensed Consolidated Financial Statements (Unaudited). 2 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) For the nine months ended September 30, 2025 Common Shareholders (in thousands, except per share amounts) Common shares of beneficial interest Additional paid-in capital Distributions in excess of net income attributable to common shareholders Treasury shares, at cost Accumulated other comprehensive income Non-controlling interests Total equity Equity, December 31, 2024 $ 1,158 $ 5,930,729 $ ( 897,931 ) $ ( 359,732 ) $ 974 $ 71,991 $ 4,747,189 Net income 228,426 8,514 236,940 Other comprehensive income 1,053 1,053 Net share awards 13,820 9,217 23,037 Employee share purchase plan 727 329 1,056 Common shares repurchased ( 49,999 ) ( 49,999 ) Cash distributions declared to equity holders ($ 3.15 per common share) ( 342,478 ) ( 5,023 ) ( 347,501 )        Other ( 1 ) 1 — Equity, September 30, 2025 $ 1,157 $ 5,945,277 $ ( 1,011,983 ) $ ( 400,185 ) $ 2,027 $ 75,482 $ 4,611,775 See Notes to Condensed Consolidated Financial Statements (Unaudited). 3 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) For the three months ended September 30, 2025 Common Shareholders (in thousands, except per share amounts) Common shares of beneficial interest Additional paid-in capital Distributions in excess of net income attributable to common shareholders Treasury shares, at cost Accumulated other comprehensive income Non-controlling interests Total equity Equity, June 30, 2025 $ 1,157 $ 5,941,893 $ ( 1,007,075 ) $ ( 350,166 ) $ 1,676 $ 72,511 $ 4,659,996 Net income 108,934 4,645 113,579 Other comprehensive income 351 351 Net share awards 3,297 ( 20 ) 3,277 Employee share purchase plan 87 87 Common shares repurchased ( 49,999 ) ( 49,999 ) Cash distributions declared to equity holders ($ 1.05 per common share) ( 113,842 ) ( 1,674 ) ( 115,516 ) Equity, September 30, 2025 $ 1,157 $ 5,945,277 $ ( 1,011,983 ) $ ( 400,185 ) $ 2,027 $ 75,482 $ 4,611,775 See Notes to Condensed Consolidated Financial Statements (Unaudited). 4 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued) (Unaudited) For the nine months ended September 30, 2024 Common Shareholders (in thousands, except per share amounts) Common shares of beneficial interest Additional paid-in capital Distributions in excess of net income attributable to common shareholders Treasury shares, at cost Accumulated other comprehensive (loss) income Non-controlling interests Total equity Equity, December 31, 2023 $ 1,156 $ 5,914,868 $ ( 613,651 ) $ ( 320,364 ) $ ( 1,252 ) $ 71,014 $ 5,051,771 Net income 122,602 5,629 128,231 Other comprehensive income 1,893 1,893 Net share awards 11,566 9,818 21,384 Employee share purchase plan 1,045 554 1,599 Common shares repurchased ( 49,997 ) ( 49,997 ) Cash distributions declared to equity holders ($ 3.09 per common share) ( 335,676 ) ( 4,927 ) ( 340,603 )        Other 2 ( 2 ) — Equity, September 30, 2024 $ 1,158 $ 5,927,477 $ ( 826,725 ) $ ( 359,989 ) $ 641 $ 71,716 $ 4,814,278 See Notes to Condensed Consolidated Financial Statements (Unaudited). 5 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued) (Unaudited) For the three months ended September 30, 2024 Common Shareholders (in thousands, except per share amounts) Common shares of beneficial interest Additional paid-in capital Distributions in excess of net income attributable to common shareholders Treasury shares, at cost Accumulated other comprehensive  income Non-controlling interests Total equity Equity, June 30, 2024 $ 1,157 $ 5,924,608 $ ( 710,633 ) $ ( 359,975 ) $ 283 $ 71,492 $ 4,926,932 Net income (loss) ( 4,204 ) 1,866 ( 2,338 ) Other comprehensive income 358 358 Net share awards 2,785 ( 14 ) 2,771 Employee share purchase plan 85 85 Cash distributions declared to equity holders ($ 1.03 per common share) ( 111,888 ) ( 1,642 ) ( 113,530 )        Other 1 ( 1 ) — Equity, September 30, 2024 $ 1,158 $ 5,927,477 $ ( 826,725 ) $ ( 359,989 ) $ 641 $ 71,716 $ 4,814,278 See Notes to Condensed Consolidated Financial Statements (Unaudited). 6 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, (in thousands) 2025 2024 Cash flows from operating activities Net income $ 236,940 $ 128,231 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 460,834 436,540 Impairment associated with land development activities — 40,988 Loss on early retirement of debt — 921 Gain on sale of operating properties ( 132,938 ) ( 43,806 ) Share-based compensation 12,716 10,789 Net change in operating accounts and other 52,254 48,856 Net cash from operating activities $ 629,806 $ 622,519 Cash flows from investing activities Development and capital improvements, including land $ ( 310,388 ) $ ( 306,612 ) Acquisition of operating properties ( 334,216 ) — Net proceeds from sale of operating properties 169,408 114,474 Increase in non-real estate assets ( 1,474 ) ( 3,812 ) Other ( 1,895 ) ( 92 ) Net cash from investing activities $ ( 478,565 ) $ ( 196,042 ) Cash flows from financing activities Borrowings on unsecured revolving credit facility $ 588,000 $ 258,000 Repayments on unsecured revolving credit facility ( 766,000 ) ( 120,000 ) Proceeds from commercial paper program, net 428,273 — Proceeds from notes payable — 395,952 Repayment of notes payable — ( 800,000 ) Distributions to common shareholders and non-controlling interests ( 345,465 ) ( 337,456 ) Repurchase of common shares and units ( 49,999 ) ( 49,997 ) Other ( 950 ) 1,323 Net cash from financing activities $ ( 146,141 ) $ ( 652,178 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 5,100 ( 225,701 ) Cash, cash equivalents, and restricted cash, beginning of period 32,209 268,047 Cash, cash equivalents, and restricted cash, end of period $ 37,309 $ 42,346 Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets Cash and cash equivalents $ 25,931 $ 31,234 Restricted cash 11,378 11,112 Total cash, cash equivalents, and restricted cash, end of period $ 37,309 $ 42,346 Supplemental information Cash paid for interest, net of interest capitalized $ 95,930 $ 86,528 Cash paid for income taxes, net of refunds 3,122 2,811 Supplemental schedule of noncash investing and financing activities Distributions declared but not paid $ 115,518 $ 113,505 Value of shares issued under benefit plans, net of cancellations 27,734 25,232 Accrual associated with construction and capital expenditures 31,872 28,834 See Notes to Condensed Consolidated Financial Statements (Unaudited). 7 Table of Contents CAMDEN PROPERTY TRUST Notes to Condensed Consolidated Financial Statements (Unaudited) 1. Description of Business Business . Formed on May 25, 1993, Camden Property Trust ("CPT"), a Texas real estate investment trust ("REIT"), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of September 30, 2025, we owned interests in, operated, or were developing 177 multifamily properties comprised of 60,578 apartment homes across the United States. Of the 177 properties, three properties were under construction as of September 30, 2025, and will consist of a total of 1,162 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future. 2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements Principles of Consolidation . Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determin Item 1A Risk Factors 34 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3 Defaults Upon Senior Securities 34 Item 4 Mine Safety Disclosures 34 Item 5 Other Information 34 Item 6 Exhibits 35 SIGNATURES Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share amounts) September 30, 2025 December 31, 2024 Assets Real estate assets, at cost Land $ 1,791,077 $ 1,722,526 Buildings and improvements 11,812,521 11,319,460 $ 13,603,598 $ 13,041,986 Accumulated depreciation ( 5,234,087 ) ( 4,867,422 ) Net operating real estate assets $ 8,369,511 $ 8,174,564 Properties under development and land 384,124 401,542 Total real estate assets $ 8,753,635 $ 8,576,106 Accounts receivable – affiliates 8,889 8,991 Other assets, net 255,333 234,838 Cash and cash equivalents 25,931 21,045 Restricted cash 11,378 11,164 Total assets $ 9,055,166 $ 8,852,144 Liabilities and equity Liabilities Notes Payable        Unsecured $ 3,409,691 $ 3,155,233 Secured 330,536 330,358 Accounts payable and accrued expenses 232,960 215,179 Accrued real estate taxes 129,697 78,529 Distributions payable 115,518 113,549 Other liabilities 224,989 212,107 Total liabilities $ 4,443,391 $ 4,104,955 Commitments and contingencies ( Note 10 ) Equity Common shares of beneficial interest; $ 0.01 par value per share; 175,000,000 shares authorized; 117,737,753 and 117,737,740 issued at September 30, 2025 and December 31, 2024, respectively; 115,710,867 and 115,779,233 outstanding at September 30, 2025 and December 31, 2024, respectively 1,157 1,158 Additional paid-in capital 5,945,277 5,930,729 Distributions in excess of net income attributable to common shareholders ( 1,011,983 ) ( 897,931 ) Treasury shares, at cost ( 9,315,296 and 9,091,081 common shares at September 30, 2025 and December 31, 2024, respectively) ( 400,185 ) ( 359,732 ) Accumulated other comprehensive income 2,027 974 Total common equity $ 4,536,293 $ 4,675,198 Non-controlling interests 75,482 71,991 Total equity $ 4,611,775 $ 4,747,189 Total liabilities and equity $ 9,055,166 $ 8,852,144 See Notes to Condensed Consolidated Financial Statements (Unaudited). 1 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2025 2024 2025 2024 Property revenues $ 395,676 $ 387,232 $ 1,182,750 $ 1,157,523 Property expenses Property operating and maintenance 96,646 95,940 279,375 275,110 Real estate taxes 49,050 47,420 149,413 145,684 Total property expenses $ 145,696 $ 143,360 $ 428,788 $ 420,794 Non-property income Fee and asset management $ 2,565 $ 1,707 $ 7,685 $ 5,597 Interest and other income 78 1,076 156 4,442 Income on deferred compensation plans 6,749 8,248 16,297 15,140 Total non-property income $ 9,392 $ 11,031 $ 24,138 $ 25,179 Other expenses Property management $ 8,863 $ 9,817 $ 28,457 $ 29,057 Fee and asset management 965 623 2,277 1,541 General and administrative 19,612 18,845 59,503 53,692 Interest 34,995 32,486 104,160 97,250 Depreciation and amortization 159,474 145,844 460,834 436,540 Expense on deferred compensation plans 6,749 8,248 16,297 15,140 Total other expenses $ 230,658 $ 215,863 $ 671,528 $ 633,220 Impairment associated with land development activities — ( 40,988 ) — ( 40,988 ) Loss on early retirement of debt — — — ( 921 ) Gain on sale of operating properties 85,645 — 132,938 43,806 Income (loss) from continuing operations before income taxes $ 114,359 $ ( 1,948 ) $ 239,510 $ 130,585 Income tax expense ( 780 ) ( 390 ) ( 2,570 ) ( 2,354 ) Net income (loss) $ 113,579 $ ( 2,338 ) $ 236,940 $ 128,231 Net income allocated to non-controlling interests ( 4,645 ) ( 1,866 ) ( 8,514 ) ( 5,629 ) Net income (loss) attributable to common shareholders $ 108,934 $ ( 4,204 ) $ 228,426 $ 122,602 Earnings (loss) per share – basic $ 1.00 $ ( 0.04 ) $ 2.10 $ 1.13 Earnings (loss) per share – diluted 1.00 ( 0.04 ) 2.10 1.13 Weighted average number of common shares outstanding – basic 108,524 108,426 108,564 108,513 Weighted average number of common shares outstanding – diluted 108,580 108,426 108,617 108,547 Condensed Consolidated Statements of Comprehensive Income Net income (loss) $ 113,579 $ ( 2,338 ) $ 236,940 $ 128,231 Other comprehensive income (loss) Unrealized gain on cash flow hedging activities — — — 85 Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 351 358 1,053 1,808 Comprehensive income (loss) $ 113,930 $ ( 1,980 ) $ 237,993 $ 130,124 Net income allocated to non-controlling interests ( 4,645 ) ( 1,866 ) ( 8,514 ) ( 5,629 ) Comprehensive income (loss) attributable to common shareholders $ 109,285 $ ( 3,846 ) $ 229,479 $ 124,495 See Notes to Condensed Consolidated Financial Statements (Unaudited). 2 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) For the nine months ended September 30, 2025 Common Shareholders (in thousands, except per share amounts) Common shares of beneficial interest Additional paid-in capital Distributions in excess of net income attributable to common shareholders Treasury shares, at cost Accumulated other comprehensive income Non-controlling interests Total equity Equity, December 31, 2024 $ 1,158 $ 5,930,729 $ ( 897,931 ) $ ( 359,732 ) $ 974 $ 71,991 $ 4,747,189 Net income 228,426 8,514 236,940 Other comprehensive income 1,053 1,053 Net share awards 13,820 9,217 23,037 Employee share purchase plan 727 329 1,056 Common shares repurchased ( 49,999 ) ( 49,999 ) Cash distributions declared to equity holders ($ 3.15 per common share) ( 342,478 ) ( 5,023 ) ( 347,501 )        Other ( 1 ) 1 — Equity, September 30, 2025 $ 1,157 $ 5,945,277 $ ( 1,011,983 ) $ ( 400,185 ) $ 2,027 $ 75,482 $ 4,611,775 See Notes to Condensed Consolidated Financial Statements (Unaudited). 3 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) For the three months ended September 30, 2025 Common Shareholders (in thousands, except per share amounts) Common shares of beneficial interest Additional paid-in capital Distributions in excess of net income attributable to common shareholders Treasury shares, at cost Accumulated other comprehensive income Non-controlling interests Total equity Equity, June 30, 2025 $ 1,157 $ 5,941,893 $ ( 1,007,075 ) $ ( 350,166 ) $ 1,676 $ 72,511 $ 4,659,996 Net income 108,934 4,645 113,579 Other comprehensive income 351 351 Net share awards 3,297 ( 20 ) 3,277 Employee share purchase plan 87 87 Common shares repurchased ( 49,999 ) ( 49,999 ) Cash distributions declared to equity holders ($ 1.05 per common share) ( 113,842 ) ( 1,674 ) ( 115,516 ) Equity, September 30, 2025 $ 1,157 $ 5,945,277 $ ( 1,011,983 ) $ ( 400,185 ) $ 2,027 $ 75,482 $ 4,611,775 See Notes to Condensed Consolidated Financial Statements (Unaudited). 4 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued) (Unaudited) For the nine months ended September 30, 2024 Common Shareholders (in thousands, except per share amounts) Common shares of beneficial interest Additional paid-in capital Distributions in excess of net income attributable to common shareholders Treasury shares, at cost Accumulated other comprehensive (loss) income Non-controlling interests Total equity Equity, December 31, 2023 $ 1,156 $ 5,914,868 $ ( 613,651 ) $ ( 320,364 ) $ ( 1,252 ) $ 71,014 $ 5,051,771 Net income 122,602 5,629 128,231 Other comprehensive income 1,893 1,893 Net share awards 11,566 9,818 21,384 Employee share purch Results of Operations 21 Item 3 Quantitative and Qualitative Disclosures About Market Risk 33 Item 4 Controls and Procedures 33 PART II OTHER INFORMATION 33 Item 1 Legal Proceedings 34 Item 1A Risk Factors 34 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3 Defaults Upon Senior Securities 34 Item 4 Mine Safety Disclosures 34 Item 5 Other Information 34 Item 6 Exhibits 35 SIGNATURES Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share amounts) September 30, 2025 December 31, 2024 Assets Real estate assets, at cost Land $ 1,791,077 $ 1,722,526 Buildings and improvements 11,812,521 11,319,460 $ 13,603,598 $ 13,041,986 Accumulated depreciation ( 5,234,087 ) ( 4,867,422 ) Net operating real estate assets $ 8,369,511 $ 8,174,564 Properties under development and land 384,124 401,542 Total real estate assets $ 8,753,635 $ 8,576,106 Accounts receivable – affiliates 8,889 8,991 Other assets, net 255,333 234,838 Cash and cash equivalents 25,931 21,045 Restricted cash 11,378 11,164 Total assets $ 9,055,166 $ 8,852,144 Liabilities and equity Liabilities Notes Payable        Unsecured $ 3,409,691 $ 3,155,233 Secured 330,536 330,358 Accounts payable and accrued expenses 232,960 215,179 Accrued real estate taxes 129,697 78,529 Distributions payable 115,518 113,549 Other liabilities 224,989 212,107 Total liabilities $ 4,443,391 $ 4,104,955 Commitments and contingencies ( Note 10 ) Equity Common shares of beneficial interest; $ 0.01 par value per share; 175,000,000 shares authorized; 117,737,753 and 117,737,740 issued at September 30, 2025 and December 31, 2024, respectively; 115,710,867 and 115,779,233 outstanding at September 30, 2025 and December 31, 2024, respectively 1,157 1,158 Additional paid-in capital 5,945,277 5,930,729 Distributions in excess of net income attributable to common shareholders ( 1,011,983 ) ( 897,931 ) Treasury shares, at cost ( 9,315,296 and 9,091,081 common shares at September 30, 2025 and December 31, 2024, respectively) ( 400,185 ) ( 359,732 ) Accumulated other comprehensive income 2,027 974 Total common equity $ 4,536,293 $ 4,675,198 Non-controlling interests 75,482 71,991 Total equity $ 4,611,775 $ 4,747,189 Total liabilities and equity $ 9,055,166 $ 8,852,144 See Notes to Condensed Consolidated Financial Statements (Unaudited). 1 Table of Contents CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2025 2024 2025 2024 Property revenues $ 395,676 $ 387,232 $ 1,182,750 $ 1,157,523 Property expenses Property operating and maintenance 96,646 95,940 279,375 275,110 Real estate taxes 49,050 47,420 149,413 145,684 Total property expenses $ 145,696 $ 143,360 $ 428,788 $ 420,794 Non-property income Fee and asset management $ 2,565 $ 1,707 $ 7,685 $ 5,597 Interest and other income 78 1,076 156 4,442 Income on deferred compensation plans 6,749 8,248 16,297 15,140 Total non-property income $ 9,392 $ 11,031 $ 24,138 $ 25,179 Other expenses Property management $ 8,863 $ 9,817 $ 28,457 $ 29,057 Fee and asset management 965 623 2,277 1,541 General and administrative 19,612 18,845 59,503 53,692 Interest 34,995 32,486 104,160 97,250 Depreciation and amortization 159,474 145,844 460,834 436,540 Expense on deferred compensation plans 6,749 8,248 16,297 15,140 Total other expenses $ 230,658 $ 215,863 $ 671,528 $ 633,220 Impairment associated with land development activities — ( 40,988 ) — ( 40,988 ) Loss on early retirement of debt — — — ( 921 ) Gain on sale of operating properties 85,645 — 132,938 43,806 Income (loss) from continuing operations before income taxes $ 114,359 $ ( 1,948 ) $ 239,510 $ 130,585 Income tax expense ( 780 ) ( 390 ) ( 2,570 ) ( 2,354 ) Net income (loss) $ 113,579 $ ( 2,338 ) $ 236,940 $ 128,231 Net income allocated to non-controlling interests ( 4,645 ) ( 1,866 ) ( 8,514 ) ( 5,629 ) Net income (loss) attributable to common shareholders $ 108,934 $ ( 4,204 ) $ 228,426 $ 122,602 Earnings (loss) per share – basic $ 1.00 $ ( 0.04 ) $ 2.10 $ 1.13 Earnings (loss) per share – diluted 1.00 ( 0.04 ) 2.10 1.13 Weighted average number of common shares outstanding – basic 108,524 108,426 108,564 108,513 Weighted average number of common shares outstanding – diluted 108,580 108,426 108,617 108,547 Condensed Consolidated Statements of Comprehensive Income Net income (loss) $ 113,579 $ ( 2,338 ) $ 236,940 $ 128,231 Other comprehensive income (loss) Unrealized gain on cash flow hedging activities — — — 85 Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 351

The provided excerpt is only the Form 10‑Q cover page for GE Vernova Inc. (GEV) for quarter ended 2026‑06‑30, with no financial statements, MD&A, segment results, guidance, backlog, risks, or other performance details included. As-is, it contains almost no trade-relevant incremental information beyond confirming the filing/period and listing details.

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.