HOUSTON, May 01, 2025--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three months ended March 31, 2025. 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 months ended March 31, 2025 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 March 31, Per Diluted Share 2025 2024 EPS $0.36 $0.77 FFO $1.70 $1.67 Core FFO $1.72 $1.70 Core AFFO $1.58 $1.50

Three Months Ended 1Q25 Guidance 1Q25 Guidance Per Diluted Share March 31, 2025 Midpoint Variance EPS $0.36 $0.34 $0.02 FFO $1.70 $1.66 $0.04 Core FFO $1.72 $1.68 $0.04

"We are pleased to report strong first quarter results, and a raise to our full-year 2025 earnings guidance," said Richard J. Campo, Camden’s Chairman and CEO. "Core FFO exceeded the midpoint of our guidance by $0.04 per share in the first quarter, with $0.02 resulting from higher than anticipated revenues and the remaining $0.02 from lower interest expense and the timing of other income and expense categories. We are maintaining our guidance for same property growth given recent uncertainty in the macro-economic environment. However, we expect to incur lower than anticipated borrowing costs for the remainder of the year due to our new commercial paper program, resulting in a revised midpoint of $6.78 per share for full-year 2025 Core FFO compared to our original guidance of $6.75 per share."

Quarterly Growth Sequential Growth Same Property Results 1Q25 vs. 1Q24 1Q25 vs. 4Q24 Revenues 0.8% 0.4% Expenses 0.5% 2.2% Net Operating Income ("NOI") 0.9% (0.5)%

Same Property Results 1Q25 1Q24 4Q24 Occupancy 95.4% 95.0% 95.3%

For 2025, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2024, 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 Effective (1) 1Q25 1Q24 4Q24 Effective New Lease Rates (3.1)% (4.2)% (4.6)% Effective Renewal Rates 3.3% 4.0% 3.3% Effective Blended Lease Rates (0.1)% (0.8)% (1.1)%

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.

Occupancy, Bad Debt and Turnover Data 1Q25 1Q24 4Q24 Occupancy 95.4% 95.0% 95.3% Bad Debt 0.6% 0.8% 0.7% Annualized Gross Turnover 40% 45% 41% Annualized Net Turnover 31% 34% 31%

Development Activity

During the quarter, construction commenced at Camden Nations in Nashville, TN. Additionally, leasing began at Camden Village District in Raleigh, NC and leasing continued at Camden Woodmill Creek in Spring, TX, Camden Durham in Durham, NC, and Camden Long Meadow Farms in Richmond, TX.

Story Continues

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

Total Total % Leased Community Name Location Homes Cost as of 4/28/2025 Camden Woodmill Creek Spring, TX 189 $72.4 94% Camden Durham Durham, NC 420 145.2 90% Camden Long Meadow Farms Richmond, TX 188 72.1 64% Total  797 $289.7

Development Communities - Construction Ongoing ($ in millions)

Total Total % Leased Community Name Location Homes Estimated Cost as of 4/28/2025 Camden Village District Raleigh, NC 369 $138.0 14% Camden South Charlotte Charlotte, NC 420 163.0  Camden Blakeney Charlotte, NC 349 154.0  Camden Nations Nashville, TN 393 184.0  Total  1,531 $639.0

Acquisition Activity

During the quarter, the Company acquired Camden Leander, a 352-home apartment community located in the Austin, TX metropolitan area for approximately $67.7 million and Camden West Nashville, a 435-home apartment community located in Nashville, TN for approximately $131.3 million.

Capital Markets Transaction

During the quarter, the Company established a commercial paper program which allows the issuance, from time to time, of commercial paper notes up to a maximum aggregate amount outstanding of $600 million. The net proceeds of the issuances under the commercial paper program are expected to be used for general corporate purposes, which may include property acquisitions and development in the ordinary course of business, capital expenditures, and working capital. As of March 31, 2025, an aggregate of $425.8 million was outstanding under the $600 million commercial paper program.

Liquidity Analysis

As of March 31, 2025, Camden had approximately $772.9 million of liquidity comprised of approximately $26.2 million in cash and cash equivalents, and approximately $746.7 million of availability under its unsecured credit facility and commercial paper program. At quarter-end, the Company had approximately $350.7 million left to fund under its existing wholly-owned development pipeline.

Earnings Guidance

Camden updated its earnings guidance for 2025 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2025 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.

2Q25 2025 2025 Midpoint Per Diluted Share Range Range Current Prior Change EPS $0.27 - $0.31 $1.01 - $1.31 $1.16 $1.15 $0.01 FFO $1.65 - $1.69 $6.53 - $6.83 $6.68 $6.65 $0.03 Core FFO(1) $1.67 - $1.71 $6.63 - $6.93 $6.78 $6.75 $0.03

(1) The Company's 2025 core FFO guidance excludes approximately $0.10 per share of non-core charges for legal costs and settlements and expensed transaction pursuit costs.

2025 2025 Midpoint Same Property Growth Guidance Range Current Prior Change Revenues 0.00% - 2.00% 1.00% 1.00% 0.00% Expenses 2.25% - 3.75% 3.00% 3.00% 0.00% NOI (1.50%) - 1.50% 0.00% 0.00% 0.00%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2025 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, May 2, 2025 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 5843308
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 176 properties containing 59,647 apartment homes across the United States. Upon completion of 4 properties currently under development, the Company’s portfolio will increase to 61,178 apartment homes in 180 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 18 consecutive years, most recently ranking #18. 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 March 31, 2025   2024  OPERATING DATA   Property revenues (a) $ 390,565  $ 383,141   Property expenses  Property operating and maintenance  89,698   89,044  Real estate taxes  49,722   49,501  Total property expenses  139,420   138,545   Non-property income  Fee and asset management  2,487   1,284  Interest and other income  10   1,768  Income on deferred compensation plans  1,198   5,819  Total non-property income  3,695   8,871   Other expenses  Property management  9,895   9,394  Fee and asset management  671   443  General and administrative  18,708   16,693  Interest  33,790   32,537  Depreciation and amortization  149,252   144,802  Expense on deferred compensation plans  1,198   5,819  Total other expenses  213,514   209,688   Loss on early retirement of debt  —   (921 ) Gain on sale of operating property  —   43,806  Income from continuing operations before income taxes  41,326   86,664  Income tax expense  (559 )  (905 ) Net income  40,767   85,759  Net Income allocated to non-controlling interests  (1,945 )  (1,870 ) Net income attributable to common shareholders $ 38,822  $ 83,889   CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  Net income $ 40,767  $ 85,759  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  351   1,089  Comprehensive income  41,118   86,933  Net income allocated to non-controlling interests  (1,945 )  (1,870 ) Comprehensive income attributable to common shareholders $ 39,173  $ 85,063   PER SHARE DATA   Total earnings per common share - basic $ 0.36  $ 0.77  Total earnings per common share - diluted  0.36   0.77   Weighted average number of common shares outstanding:  Basic  108,530   108,706  Diluted  108,597   108,729

(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 March 31, 2025, we recognized $390.6 million of property revenue which consisted of approximately $348.3 million of rental revenue and approximately $42.3 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 $383.1 million recognized for the three months ended March 31, 2024, made up of approximately $341.5 million of rental revenue and approximately $41.6 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 $11.4 million and $10.7 million for the three months ended March 31, 2025 and 2024,  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 March 31, 2025   2024  FUNDS FROM OPERATIONS   Net income attributable to common shareholders $ 38,822  $ 83,889  Real estate depreciation and amortization  146,168   141,847  Income allocated to non-controlling interests  1,945   1,870  Gain on sale of property  —   (43,806 ) Funds from operations $ 186,935  $ 183,800   Plus: Casualty-related expenses, net of recoveries (a)  130   1,523  Plus: Severance (b)  —   506  Plus: Legal costs and settlements (b)  1,872   852  Plus: Loss on early retirement of debt  —   921  Plus: Expensed transaction, development, and other pursuit costs (b)  881   —  Core funds from operations $ 189,818  $ 187,602   Less: Recurring capitalized expenditures (c)  (16,098 )  (22,025 )  Core adjusted funds from operations $ 173,720  $ 165,577   PER SHARE DATA  Funds from operations - diluted $ 1.70  $ 1.67  Core funds from operations - diluted  1.72   1.70  Core adjusted funds from operations - diluted  1.58   1.50  Distributions declared per common share  1.05   1.03   Weighted average number of common shares outstanding:  FFO/Core FFO/Core AFFO - diluted  110,191   110,323   PROPERTY DATA  Total operating properties (end of period) (d)  176   171  Total operating apartment homes in operating properties (end of period) (d)  59,647   58,061  Total operating apartment homes (weighted average)  59,074   58,336

(a) Non-core adjustment generally recorded within Property NOI.  (b) Non-core adjustment generally recorded within General and Administrative Expenses.  (c) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.  (d) 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)  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2025 2024 2024 2024 2024 ASSETS  Real estate assets, at cost  Land $ 1,763,468  $ 1,722,526  $ 1,718,185  $ 1,716,515  $ 1,706,983  Buildings and improvements  11,550,852   11,319,460   11,222,261   11,148,312   11,014,440  13,314,320   13,041,986   12,940,446   12,864,827   12,721,423  Accumulated depreciation  (5,011,583 )  (4,867,422 )  (4,725,152 )  (4,582,440 )  (4,439,710 ) Net operating real estate assets  8,302,737   8,174,564   8,215,294   8,282,387   8,281,713  Properties under development and land  403,657   401,542   418,209   439,758   477,481  Total real estate assets  8,706,394   8,576,106   8,633,503   8,722,145   8,759,194  Accounts receivable – affiliates  8,950   8,991   8,993   9,903   10,350  Other assets, net (a)  239,999   234,838   262,339   245,625   233,137  Cash and cash equivalents  26,182   21,045   31,234   93,932   92,693  Restricted cash  11,607   11,164   11,112   7,969   8,230  Total assets $ 8,993,132  $ 8,852,144  $ 8,947,181  $ 9,079,574  $ 9,103,604     LIABILITIES AND EQUITY  Liabilities  Notes payable  Unsecured $ 3,405,255  $ 3,155,233  $ 3,121,499  $ 3,222,569  $ 3,223,285  Secured  330,416   330,358   330,299   330,241   330,184  Accounts payable and accrued expenses  195,197   215,179   221,880   212,247   213,896  Accrued real estate taxes  46,192   78,529   131,693   90,702   46,612  Distributions payable  115,983   113,549   113,505   113,506   113,556  Other liabilities (b)  212,871   212,107   214,027   183,377   182,443  Total liabilities  4,305,914   4,104,955   4,132,903   4,152,642   4,109,976   Equity  Common shares of beneficial interest  1,157   1,158   1,158   1,157   1,157  Additional paid-in capital  5,936,982   5,930,729   5,927,477   5,924,608   5,919,851  Distributions in excess of net income attributable to common shareholders  (973,416 )  (897,931 )  (826,725 )  (710,633 )  (641,663 ) Treasury shares  (351,092 )  (359,732 )  (359,989 )  (359,975 )  (356,880 ) Accumulated other comprehensive income/(loss) (c)  1,325   974   641   283   (78 ) Total common equity  4,614,956   4,675,198   4,742,562   4,855,440   4,922,387  Non-controlling interests  72,262   71,991   71,716   71,492   71,241  Total equity  4,687,218   4,747,189   4,814,278   4,926,932   4,993,628  Total liabilities and equity $ 8,993,132  $ 8,852,144  $ 8,947,181  $ 9,079,574  $ 9,103,604    (a) Includes net deferred charges of: $ 2,730  $ 2,675  $ 3,244  $ 3,703  $ 4,286   (b) Includes deferred revenues of: $ 760  $ 767  $ 830  $ 894  $ 958   (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 and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, 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 and losses on dispositions of real estate, impairment write-downs of certain real estate assets, 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 Non-Core Adjustments. We consider Core FFO to be a helpful supplemental measure of operating performance as it 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 March 31, 2025   2024  Net income attributable to common shareholders $ 38,822  $ 83,889  Real estate depreciation and amortization  146,168   141,847  Income allocated to non-controlling interests  1,945   1,870  Gain on sale of property  —   (43,806 ) Funds from operations $ 186,935  $ 183,800   Plus: Casualty-related expenses, net of recoveries  130   1,523  Plus: Severance  —   506  Plus: Legal costs and settlements  1,872   852  Plus: Loss on early retirement of debt  —   921  Plus: Expensed transaction, development, and other pursuit costs  881   —  Core funds from operations $ 189,818  $ 187,602   Less: Recurring capitalized expenditures  (16,098 )  (22,025 )  Core adjusted funds from operations $ 173,720  $ 165,577   Weighted average number of common shares outstanding:  EPS diluted  108,597   108,729  FFO/Core FFO/ Core AFFO diluted  110,191   110,323

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 March 31, 2025   2024  Total Earnings Per Common Share - Diluted $ 0.36  $ 0.77  Real estate depreciation and amortization  1.32   1.28  Income allocated to non-controlling interests  0.02   0.02  Gain on sale of operating property  —   (0.40 ) FFO per common share - Diluted $ 1.70  $ 1.67   Plus: Casualty-related expenses, net of recoveries  —   0.01  Plus: Severance  —   —  Plus: Legal costs and settlements  0.01   0.01  Plus: Loss on early retirement of debt  —   0.01  Plus: Expensed transaction, development, and other pursuit costs  0.01   —  Core FFO per common share - Diluted $ 1.72  $ 1.70   Less: Recurring capitalized expenditures  (0.14 )  (0.20 )  Core AFFO per common share - Diluted $ 1.58  $ 1.50

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:

2Q25 Range  2025Range Low High  Low High Expected earnings per common share - diluted $ 0.27 $ 0.31  $ 1.01 $ 1.31 Expected real estate depreciation and amortization  1.36  1.36   5.45  5.45 Expected income allocated to non-controlling interests  0.02  0.02   0.07  0.07 Expected FFO per share - diluted $ 1.65 $ 1.69  $ 6.53 $ 6.83 Anticipated Adjustments to FFO  0.02  0.02   0.10  0.10 Expected Core FFO per share - diluted $ 1.67 $ 1.71  $ 6.63 $ 6.93  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 total property expenses. 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 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 March 31, 2025   2024  Net income $ 40,767  $ 85,759  Less: Fee and asset management income  (2,487 )  (1,284 ) Less: Interest and other income  (10 )  (1,768 ) Less: Income on deferred compensation plans  (1,198 )  (5,819 ) Plus: Property management expense  9,895   9,394  Plus: Fee and asset management expense  671   443  Plus: General and administrative expense  18,708   16,693  Plus: Interest expense  33,790   32,537  Plus: Depreciation and amortization expense  149,252   144,802  Plus: Expense on deferred compensation plans  1,198   5,819  Plus: Loss on early retirement of debt  —   921  Less: Gain on sale of operating property  —   (43,806 ) Plus: Income tax expense  559   905  NOI $ 251,145  $ 244,596   "Same Property" Communities $ 243,369  $ 241,165  Non-"Same Property" Communities  4,759   2,596  Development and Lease-Up Communities  2,013   2  Disposition/Other  1,004   833  NOI $ 251,145  $ 244,596

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 from the sale of certain real estate assets, including gains/losses on change of control, plus impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated joint ventures.

Adjusted EBITDAre represents EBITDAre as further adjusted for non-core items. 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, and impairment write-downs of certain real estate assets. Annualized Adjusted EBITDAre is Adjusted EBITDAre as reported for the period multiplied by 4 for quarter results. A reconciliation of net income to EBITDAre and adjusted EBITDAre is provided below:

Three months ended March 31, 2025   2024  Net income $ 40,767  $ 85,759  Plus: Interest expense  33,790   32,537  Plus: Depreciation and amortization expense  149,252   144,802  Plus: Income tax expense  559   905  Less: Gain on sale of operating property  —   (43,806 ) EBITDAre $ 224,368  $ 220,197   Plus: Casualty-related expenses, net of recoveries  130   1,523  Plus: Severance  —   506  Plus: Legal costs and settlements  1,872   852  Plus: Loss on early retirement of debt  —   921  Plus: Expensed transaction, development, and other pursuit costs  881   —  Adjusted EBITDAre $ 227,251  $ 223,999  Annualized Adjusted EBITDAre $ 909,004  $ 895,996

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 Three months ended March 31, 2025   2024  Unsecured notes payable $ 3,404,088  $ 3,245,471  Secured notes payable  330,396   330,165  Total average debt  3,734,484   3,575,636  Less: Average cash and cash equivalents  (12,302 )  (66,007 ) Net debt $ 3,722,182  $ 3,509,629

Net Debt to Annualized Adjusted EBITDAre:

Three months ended March 31, 2025   2024  Net debt $ 3,722,182  $ 3,509,629  Annualized Adjusted EBITDAre  909,004   895,996  Net Debt to Annualized Adjusted EBITDAre  4.1x   3.9x

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Contacts

Kim Callahan, 713-354-2549

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