Camden Property Trust Issues Response to Department of Justice Lawsuit

HOUSTON--(BUSINESS WIRE)-- Camden Property Trust (NYSE:CPT) disagrees with the allegations made in the amended complaint against RealPage, which added Camden and others as defendants. Camden will vigorously defend itself against these claims and intends to move for dismissal.

Camden exists to improve the lives of our employees, residents, and shareholders one experience at a time. Since its founding, Camden has been dedicated to providing Living Excellence to our residents. Much of the Department of Justice claims arise around actions that were taken during the COVID-19 pandemic. This was a time when Camden made the decision not to increase renewal rates, to waive late fees, to freeze evictions, and to take the unprecedented step of providing over $10 million in cash directly to our residents to assist them during that uncertain period, no strings attached. In fact, this support came before federal, state, or local governments had provided any form of financial assistance due to the pandemic. As the name of our philanthropic philosophy indicates, Camden Cares.

Rental rates are a result of many factors, most importantly government regulations limiting housing supply. When supply is limited by government regulations, rents go up. Camden is committed to doing its part in expanding the nation’s housing supply.

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.

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.

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Kim Callahan, 713-354-2549

Source: Camden Property Trust