Camden Property Trust is a REIT that owns, operates, and develops multifamily apartment communities across the U.S. As of year-end 2025, Camden owned or operated 175 properties with roughly 59,921 apartment homes, with three communities under construction. Camden's portfolio is concentrated in Sun Belt markets — Texas, Florida, the Southeast, and Southwest — with smaller exposure to Washington D.C., Southern California, and Denver. Camden targets financially healthy renters, with average resident household income of roughly $121,000 and rent-to-income ratios around 19%. Camden leases apartments through on-site teams and digital marketing, with average lease terms of roughly 14 months and occupancy consistently around 95%. Revenue is primarily rental income, driven by occupied units, average rent, and lease trade-outs on new leases and renewals. Camden's largest operating expenses are property taxes, insurance, payroll, and utilities. Camden's capital allocation strategy centers on selling older, higher-CapEx assets and redeploying proceeds into newer communities through acquisitions and development. Camden is currently marketing its 11 California communities for sale at preliminary valuations of $1.5B-$2B, with proceeds targeted for Sun Belt acquisitions via 1031 exchanges and share repurchases. Camden also runs an apartment repositioning program — kitchen and bath renovations — on older assets to improve competitiveness. As a REIT, Camden distributes the majority of its taxable income to shareholders and measures performance primarily through core funds from operations (FFO) per share.