Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2024. Net Income Attributable to Common Shareholders ("EPS"), Funds from Operations ("FFO"), Core Funds from Operations ("Core FFO"), and Core Adjusted Funds from Operations ("Core AFFO") for the three and six months ended June 30, 2024 are detailed below. A reconciliation of EPS to FFO, Core FFO, and Core AFFO is included in the financial tables accompanying this press release.


	Three Months Ended June 30,				Six Months Ended June 30,
Per Diluted Share	2024		2023		2024		2023
EPS	$	0.40	$	0.84	$	1.17	$	1.22
FFO	$	1.71	$	1.67	$	3.37	$	3.33
Core FFO	$	1.71	$	1.70	$	3.41	$	3.36
Core AFFO	$	1.44	$	1.51	$	2.94	$	3.01


	Three Months Ended		2Q24 Guidance		2Q24 Guidance
Per Diluted Share	June 30, 2024		Midpoint		Variance
EPS	$	0.40	$	0.36	$	0.04
FFO	$	1.71	$	1.66	$	0.05
Core FFO	$	1.71	$	1.67	$	0.04


	Quarterly Growth		Sequential Growth		Year-To-Date Growth
Same Property Results	2Q24 vs. 2Q23		2Q24 vs. 1Q24		2024 vs. 2023
Revenues	1.4	%	0.5	%	2.0	%
Expenses	2.5	%	0.8	%	2.7	%
Net Operating Income ("NOI")	0.9	%	0.4	%	1.6	%


Same Property Results	2Q24		2Q23		1Q24
Occupancy	95.3	%	95.5	%	95.0	%

For 2024, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2023, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.


Operating Statistics - Same Property Portfolio

New Lease and Renewal Data - Date Signed ⁽¹⁾	July 2024*		July 2023		2Q24		2Q23
Signed New Lease Rates	(1.6	)%	1.6	%	(1.8	)%	2.4	%
Signed Renewal Rates	4.0	%	5.2	%	3.7	%	6.0	%
Signed Blended Lease Rates	0.9	%	3.3	%	0.8	%	4.0	%
New Lease and Renewal Data - Date Effective ⁽²⁾	July 2024*		July 2023		2Q24		2Q23
Effective New Lease Rates	(1.5	)%	2.0	%	(2.6	)%	2.3	%
Effective Renewal Rates	3.7	%	6.4	%	3.3	%	6.4	%
Effective Blended Lease Rates	1.2	%	4.1	%	0.0	%	4.0	%
*Preliminary data as of July 31, 2024
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.
(2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.


Occupancy, Bad Debt and Turnover Data	July 2024*		July 2023		2Q24		2Q23
Occupancy	95.6	%	95.6	%	95.3	%	95.5	%
Bad Debt	NA		1.7	%	0.8	%	1.5	%
Annualized Gross Turnover	59	%	65	%	53	%	54	%
Annualized Net Turnover	47	%	53	%	42	%	45	%
*Preliminary data as of July 31, 2024

Development Activity

During the quarter, construction was completed at Camden Woodmill Creek in The Woodlands, TX. Construction commenced at Camden South Charlotte in Charlotte, NC and Camden Blakeney in Charlotte, NC. Additionally, leasing continued at Camden Durham in Durham, NC and Camden Long Meadow Farms in Richmond, TX.


Development Communities - Construction Completed and Project in Lease-Up ($ in millions)

		Total	Total		% Leased
Community Name	Location	Homes	Cost		as of 7/31/2024
Camden Woodmill Creek	The Woodlands, TX	189	$	70.9	65	%


Development Communities - Construction Ongoing ($ in millions)

		Total	Total		% Leased
Community Name	Location	Homes	Estimated Cost		as of 7/31/2024
Camden Durham	Durham, NC	420	$	145.0	69	%
Camden Long Meadow Farms	Richmond, TX	188		75.0	32	%
Camden Village District	Raleigh, NC	369		138.0
Camden South Charlotte	Charlotte, NC	420		163.0
Camden Blakeney	Charlotte, NC	349		154.0
Total		1,746	$	675.0

Share Repurchase

During the quarter, Camden repurchased 44,692 common shares at an average price of $96.52 per share for a total of $4.3 million. Year to date, Camden repurchased 515,974 common shares at an average price of $96.88 for approximately $50.0 million. The Company currently has approximately $450.0 million remaining under its stock repurchase program.

Liquidity Analysis

As of June 30, 2024, Camden had nearly $1.3 billion of liquidity comprised of approximately $93.9 million in cash and cash equivalents, and $1.2 billion of availability under its unsecured credit facility. At quarter-end, the Company had approximately $297.9 million left to fund under its existing wholly-owned development pipeline.

Hurricane Impact

Subsequent to the quarter-end, Hurricane Beryl impacted several of our multifamily communities in the Houston, TX area. We are currently in the preliminary stage of assessing the effect of this event and expect the storm-related expenses for this incident to be in the range of approximately $2.0 million to $3.0 million, net of insurance proceeds. These estimates are preliminary and may change as we receive additional information.

Earnings Guidance

Camden provided initial earnings guidance for 2024 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2024 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.


	3Q24	2024	2024 Midpoint
Per Diluted Share	Range	Range	Current		Prior		Change
EPS	$0.31 - $0.35	$1.83 - $1.93	$	1.88	$	1.86	$	0.02
FFO	$1.63 - $1.67	$6.67 - $6.77	$	6.72	$	6.69	$	0.03
Core FFO⁽¹⁾	$1.66 - $1.70	$6.74 - $6.84	$	6.79	$	6.74	$	0.05
(1) The Company's 2024 core FFO guidance includes approximately $0.07 per share of non-core adjustments for casualty-related expenses, legal costs, loss on early retirement of debt, severance, and expensed pursuit costs.


	2024	2024 Midpoint
Same Property Growth Guidance	Range	Current		Prior		Change
Revenues	1.00% - 2.00%	1.50	%	1.50	%	0.00	%
Expenses	2.35% - 3.35%	2.85	%	3.25	%	(0.40	)%
NOI	(0.25%) - 1.75%	0.75	%	0.50	%	0.25	%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company's 2024 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO and expected Core FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, August 2, 2024 at 10:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 5174172

Webcast: https://investors.camdenliving.com

The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.

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 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns and operates 172 properties containing 58,250 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company's portfolio will increase to 59,996 apartment homes in 177 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 17 consecutive years, most recently ranking #24. For additional information, please contact Camden's Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.


CAMDEN
OPERATING RESULTS
(In thousands, except per share amounts)

(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
OPERATING DATA

Property revenues ^(a)	$	387,150		$	385,499		$	770,291		$	763,662

Property expenses
Property operating and maintenance		90,126			87,742			179,170			173,027
Real estate taxes		48,763			49,855			98,264			99,251
Total property expenses		138,889			137,597			277,434			272,278

Non-property income
Fee and asset management		2,606			718			3,890			1,296
Interest and other income		1,598			431			3,366			493
Income on deferred compensation plans		1,073			2,844			6,892			8,756
Total non-property income		5,277			3,993			14,148			10,545

Other expenses
Property management		9,846			8,751			19,240			17,048
Fee and asset management		475			420			918			833
General and administrative		18,154			15,863			34,847			31,219
Interest		32,227			33,578			64,764			66,421
Depreciation and amortization		145,894			143,054			290,696			285,498
Expense on deferred compensation plans		1,073			2,844			6,892			8,756
Total other expenses		207,669			204,510			417,357			409,775

Loss on early retirement of debt		—			(2,513	)		(921	)		(2,513	)
Gain on sale of operating property		—			48,919			43,806			48,919
Income from continuing operations before income taxes		45,869			93,791			132,533			138,560
Income tax expense		(1,059	)		(851	)		(1,964	)		(2,001	)
Net income		44,810			92,940			130,569			136,559
Less income allocated to non-controlling interests		(1,893	)		(1,841	)		(3,763	)		(3,543	)
Net income attributable to common shareholders	$	42,917		$	91,099		$	126,806		$	133,016

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$	44,810		$	92,940		$	130,569		$	136,559
Other comprehensive income
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		361			358			1,450			717
Comprehensive income		45,171			93,298			132,104			137,276
Less income allocated to non-controlling interests		(1,893	)		(1,841	)		(3,763	)		(3,543	)
Comprehensive income attributable to common shareholders	$	43,278		$	91,457		$	128,341		$	133,733

PER SHARE DATA

Total earnings per common share - basic	$	0.40		$	0.84		$	1.17		$	1.22
Total earnings per common share - diluted		0.40			0.84			1.17			1.22

Weighted average number of common shares outstanding:
Basic		108,406			108,663			108,556			108,616
Diluted		108,424			109,392			108,577			108,636

(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 June 30, 2024, we recognized $387.2 million of property revenue which consisted of approximately $344.6 million of rental revenue and approximately $42.6 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 $385.5 million recognized for the three months ended June 30, 2023, made up of approximately $343.1 million of rental revenue and approximately $42.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2024, we recognized $770.3 million of property revenue which consisted of approximately $686.2 million of rental revenue and approximately $84.1 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compared to the $763.7 million of property revenue recognized for the six months ended June 30, 2023, made up of approximately $680.3 million of rental revenue and approximately $83.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $10.5 million and $10.3 million for the three months ended June 30, 2024 and 2023, respectively and was $21.2 million and $20.8 million for the six months ended June 30 2024 and 2023, respectively.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.


CAMDEN
FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)

(Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
FUNDS FROM OPERATIONS

Net income attributable to common shareholders	$	42,917		$	91,099		$	126,806		$	133,016
Real estate depreciation and amortization		142,895			140,013			284,742			279,400
Income allocated to non-controlling interests		1,893			1,841			3,763			3,543
Gain on sale of operating properties		—			(48,919	)		(43,806	)		(48,919	)
Funds from operations	$	187,705		$	184,034		$	371,505		$	367,040

Plus: Casualty-related expenses, net of (recoveries)		(1,587	)		981			(64	)		939
Plus: Severance		—			—			506			—
Plus: Legal costs and settlements, net of recoveries		1,114			—			1,966			84
Plus: Loss on early retirement of debt		—			2,513			921			2,513
Plus: Expensed development & other pursuit costs		660			471			660			471
Less: Miscellaneous (income)/expense		—			(364	)		—			(364	)
Core funds from operations	$	187,892		$	187,635		$	375,494		$	370,683

Less: recurring capitalized expenditures^(a)		(29,595	)		(21,034	)		(51,620	)		(38,613	)

Core adjusted funds from operations	$	158,297		$	166,601		$	323,874		$	332,070

PER SHARE DATA
Funds from operations - diluted	$	1.71		$	1.67		$	3.37		$	3.33
Core funds from operations - diluted		1.71			1.70			3.41			3.36
Core adjusted funds from operations - diluted		1.44			1.51			2.94			3.01
Distributions declared per common share		1.03			1.00			2.06			2.00

Weighted average number of common shares outstanding:
FFO/Core FFO/Core AFFO - diluted		110,018			110,262			110,171			110,232

PROPERTY DATA
Total operating properties (end of period) ^(b)		172			172			172			172
Total operating apartment homes in operating properties (end of period) ^(b)		58,250			58,961			58,250			58,961
Total operating apartment homes (weighted average)		58,244			59,039			58,290			58,938

(a) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(b) Includes joint ventures and properties held for sale, if any.
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.


CAMDEN
BALANCE SHEETS
(In thousands)

(Unaudited)
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
ASSETS
Real estate assets, at cost
Land	$	1,716,515		$	1,706,983		$	1,711,873		$	1,732,804		$	1,727,182
Buildings and improvements		11,148,312			11,014,440			10,993,390			10,963,667			10,848,837
		12,864,827			12,721,423			12,705,263			12,696,471			12,576,019
Accumulated depreciation		(4,582,440	)		(4,439,710	)		(4,332,524	)		(4,254,388	)		(4,113,095	)
Net operating real estate assets		8,282,387			8,281,713			8,372,739			8,442,083			8,462,924
Properties under development, including land		439,758			477,481			486,864			499,761			516,543
Total real estate assets		8,722,145			8,759,194			8,859,603			8,941,844			8,979,467
Accounts receivable – affiliates		9,903			10,350			11,905			12,057			12,121
Other assets, net ^(a)		245,625			233,137			244,182			237,594			239,958
Cash and cash equivalents		93,932			92,693			259,686			14,600			20,326
Restricted cash		7,969			8,230			8,361			8,369			8,531
Total assets	$	9,079,574		$	9,103,604		$	9,383,737		$	9,214,464		$	9,260,403



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured	$	3,222,569		$	3,223,285		$	3,385,309		$	3,323,057		$	3,352,415
Secured		330,241			330,184			330,127			330,071			330,015
Accounts payable and accrued expenses		212,247			213,896			222,599			211,759			192,613
Accrued real estate taxes		90,702			46,612			96,517			128,794			93,642
Distributions payable		113,506			113,556			110,427			110,463			110,465
Other liabilities^(b)		183,377			182,443			186,987			175,341			189,711
Total liabilities		4,152,642			4,109,976			4,331,966			4,279,485			4,268,861

Equity
Common shares of beneficial interest		1,157			1,157			1,156			1,156			1,156
Additional paid-in capital		5,924,608			5,919,851			5,914,868			5,911,627			5,907,828
Distributions in excess of net income attributable to common shareholders		(710,633	)		(641,663	)		(613,651	)		(727,117	)		(666,218	)
Treasury shares		(359,975	)		(356,880	)		(320,364	)		(320,702	)		(320,675	)
Accumulated other comprehensive income/(loss) ^(c)		283			(78	)		(1,252	)		(699	)		(1,057	)
Total common equity		4,855,440			4,922,387			4,980,757			4,864,265			4,921,034
Non-controlling interests		71,492			71,241			71,014			70,714			70,508
Total equity		4,926,932			4,993,628			5,051,771			4,934,979			4,991,542
Total liabilities and equity	$	9,079,574		$	9,103,604		$	9,383,737		$	9,214,464		$	9,260,403





(a) Includes net deferred charges of:	$	3,703		$	4,286		$	5,879		$	6,481		$	7,033

(b) Includes deferred revenues of:	$	894		$	958		$	1,030		$	1,167		$	1,239

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain/(loss) on cash flow hedging activities.



CAMDEN		NON-GAAP FINANCIAL MEASURES
		DEFINITIONS & RECONCILIATIONS
		(In thousands, except per share amounts)

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of depreciable real estate, and depreciation, FFO can assist in the comparison of the operating performance of a company's real estate investments between periods or to different companies.

Core FFO

Core FFO represents FFO as further adjusted for items not considered part of our core business operations, such as casualty-related expenses, net of recoveries, severance, legal costs and settlements, net of recoveries, loss on early retirement of debt, expensed transaction, development and other pursuit costs, net of recoveries, net below market lease amortization, pandemic resident relief, (gain)/loss on sale of land, advocacy contributions, and miscellaneous (income)/expense adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes not only depreciation expense of real estate assets, but it also excludes certain items which by their nature are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.

Core Adjusted FFO

In addition to FFO & Core FFO, we compute Core Adjusted FFO ("Core AFFO") as a supplemental measure of operating performance. Core AFFO is calculated utilizing Core FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to Core FFO and Core AFFO is provided below:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net income attributable to common shareholders	$	42,917		$	91,099		$	126,806		$	133,016
Real estate depreciation and amortization		142,895			140,013			284,742			279,400
Income allocated to non-controlling interests		1,893			1,841			3,763			3,543
Gain on sale of operating properties		—			(48,919	)		(43,806	)		(48,919	)
Funds from operations	$	187,705		$	184,034		$	371,505		$	367,040

Plus: Casualty-related expenses, net of (recoveries)		(1,587	)		981			(64	)		939
Plus: Severance		—			—			506			—
Plus: Legal costs and settlements, net of recoveries		1,114			—			1,966			84
Plus: Loss on early retirement of debt		—			2,513			921			2,513
Plus: Expensed development & other pursuit costs		660			471			660			471
Less: Miscellaneous (income)/expense		—			(364	)		—			(364	)
Core funds from operations	$	187,892		$	187,635		$	375,494		$	370,683

Less: recurring capitalized expenditures		(29,595	)		(21,034	)		(51,620	)		(38,613	)

Core adjusted funds from operations	$	158,297		$	166,601		$	323,874		$	332,070

Weighted average number of common shares outstanding:
EPS diluted		108,424			109,392			108,577			108,636
FFO/Core FFO/ Core AFFO diluted		110,018			110,262			110,171			110,232


CAMDEN
NON-GAAP FINANCIAL MEASURES
DEFINITIONS & RECONCILIATIONS
(In thousands, except per share amounts)

(Unaudited)

Reconciliation of FFO, Core FFO, and Core AFFO per share
	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Total Earnings Per Common Share - Diluted	$	0.40		$	0.84		$	1.17		$	1.22
Real estate depreciation and amortization		1.29			1.26			2.57			2.52
Income allocated to non-controlling interests		0.02			0.01			0.03			0.03
Gain on sale of operating property		—			(0.44	)		(0.40	)		(0.44	)
FFO per common share - Diluted	$	1.71		$	1.67		$	3.37		$	3.33

Plus: Casualty-related expenses, net of (recoveries)		(0.02	)		0.01			—			0.01
Plus: Severance		—			—			—			—
Plus: Legal costs and settlements, net of recoveries		0.01			—			0.02			—
Plus: Loss on early retirement of debt		—			0.02			0.01			0.02
Plus: Expensed development & other pursuit costs		0.01			—			0.01			—
Less: Miscellaneous (income)/expense		—			—			—			—
Core FFO per common share - Diluted	$	1.71		$	1.70		$	3.41		$	3.36

Less: recurring capitalized expenditures		(0.27	)		(0.19	)		(0.47	)		(0.35	)

Core AFFO per common share - Diluted	$	1.44		$	1.51		$	2.94		$	3.01

Expected FFO & Core FFO

Expected FFO and Core FFO is calculated in a method consistent with historical FFO and Core FFO, and is considered appropriate supplemental measures of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO and expected Core FFO per diluted share is provided below:

	3Q24		Range		2024			Range
	Low		High		Low			High
Expected earnings per common share - diluted	$	0.31	$	0.35	$	1.83		$	1.93
Expected real estate depreciation and amortization		1.30		1.30		5.17			5.17
Expected income allocated to non-controlling interests		0.02		0.02		0.07			0.07
Expected (gain) on sale of operating properties		—		—		(0.40	)		(0.40	)
Expected FFO per share - diluted	$	1.63	$	1.67	$	6.67		$	6.77
Anticipated Adjustments to FFO		0.03		0.03		0.07			0.07
Expected Core FFO per share - diluted	$	1.66	$	1.70	$	6.74		$	6.84

Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.


CAMDEN		NON-GAAP FINANCIAL MEASURES
		DEFINITIONS & RECONCILIATIONS
		(In thousands, except per share amounts)

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. Our definition of NOI may differ from other REITs and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of net income to net operating income is provided below:


	Three months ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
Net income	$	44,810		$	92,940		$	130,569		$	136,559
Less: Fee and asset management income		(2,606	)		(718	)		(3,890	)		(1,296	)
Less: Interest and other income		(1,598	)		(431	)		(3,366	)		(493	)
Less: Income on deferred compensation plans		(1,073	)		(2,844	)		(6,892	)		(8,756	)
Plus: Property management expense		9,846			8,751			19,240			17,048
Plus: Fee and asset management expense		475			420			918			833
Plus: General and administrative expense		18,154			15,863			34,847			31,219
Plus: Interest expense		32,227			33,578			64,764			66,421
Plus: Depreciation and amortization expense		145,894			143,054			290,696			285,498
Plus: Expense on deferred compensation plans		1,073			2,844			6,892			8,756
Plus: Loss on early retirement of debt		—			2,513			921			2,513
Less: Gain on sale of operating property		—			(48,919	)		(43,806	)		(48,919	)
Plus: Income tax expense		1,059			851			1,964			2,001
NOI	$	248,261		$	247,902		$	492,857		$	491,384

"Same Property" Communities	$	235,481		$	233,450		$	470,115		$	462,828
Non-"Same Property" Communities		8,935			7,124			18,078			13,294
Development and Lease-Up Communities		449			(4	)		451			(7	)
Disposition/Other		3,396			7,332			4,213			15,269
NOI	$	248,261		$	247,902		$	492,857		$	491,384


CAMDEN		NON-GAAP FINANCIAL MEASURES
		DEFINITIONS & RECONCILIATIONS
		(In thousands, except per share amounts)

(Unaudited)

EBITDAre and Adjusted EBITDAre

Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDAre are supplemental measures of our financial performance. EBITDAre is calculated in accordance with the definition adopted by NAREIT as earnings before interest, taxes, depreciation and amortization plus or minus losses and gains on the disposition of depreciated property, including gains (losses) on change of control, plus impairment write-downs of depreciated property with adjustments to reflect the Company's share of EBITDAre of unconsolidated joint ventures.

Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. Adjusted EBITDAre excludes equity in (income) loss of joint ventures, (gain) loss on land, and loss on early retirement of debt. The Company considers EBITDAre and Adjusted EBITDAre to be appropriate supplemental measures of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:

	Three months ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
Net income	$	44,810		$	92,940		$	130,569		$	136,559
Plus: Interest expense		32,227			33,578			64,764			66,421
Plus: Depreciation and amortization expense		145,894			143,054			290,696			285,498
Plus: Income tax expense		1,059			851			1,964			2,001
Less: Gain on sale of operating property		—			(48,919	)		(43,806	)		(48,919	)
EBITDAre	$	223,990		$	221,504		$	444,187		$	441,560
Plus: Casualty-related expenses, net of (recoveries)		(1,587	)		981			(64	)		939
Plus: Severance		—			—			506			—
Plus: Legal costs and settlements, net of recoveries		1,114			—			1,966			84
Plus: Loss on early retirement of debt		—			2,513			921			2,513
Plus: Expensed development & other pursuit costs		660			471			660			471
Less: Miscellaneous (income)/expense		—			(364	)		—			(364	)
Adjusted EBITDAre	$	224,177		$	225,105		$	448,176		$	445,203
Annualized Adjusted EBITDAre	$	896,708		$	900,420		$	896,352		$	890,406

Net Debt to Annualized Adjusted EBITDAre

The Company believes Net Debt to Annualized Adjusted EBITDAre to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDAre for the following periods:


Net Debt:
	Average monthly balance for the						Average monthly balance for the
	Three months ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
Unsecured notes payable	$	3,220,334		$	3,364,180		$	3,232,903		$	3,316,971
Secured notes payable		330,222			391,732			330,194			453,409
Total debt		3,550,556			3,755,912			3,563,097			3,770,380
Less: Cash and cash equivalents		(54,686	)		(6,775	)		(60,347	)		(8,650	)
Net debt	$	3,495,870		$	3,749,137		$	3,502,750		$	3,761,730


Net Debt to Annualized Adjusted EBITDAre:
	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Net debt	$	3,495,870	$	3,749,137	$	3,502,750	$	3,761,730
Annualized Adjusted EBITDAre		896,708		900,420		896,352		890,406
Net Debt to Annualized Adjusted EBITDAre	3.9x		4.2x		3.9x		4.2x

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Camden Property Trust Announces Second Quarter 2024 Operating Results