卡姆登物业信托美股招股说明书(2026-02-18版)

$600,000,000 4.900% Notes due 2036 The 4.900% Notes due 2036 offered hereby (the “Notes”) will mature on February28, 2036. Interest on theNotes will be payable on February28and August28 of each year, beginning on August28, 2026. We may redeem the Notes in whole or in part at any time or from time to time at theapplicable redemption price described in the section entitled “Description of the Notes—Optional Redemption.” The Notes will be issued in minimum The Notes will be our direct, senior, unsecured obligations and will rank equally with all our other unsecured and unsubordinated indebtednessfrom time to time outstanding. The Notes are a new issue of securities for which there is currently no trading market. We do not intend to apply for listing of the Notes on anysecurities exchange or for inclusion of the Notes in any automated quotation system. Investing in the Notes involves risk. See “Risk Factors” beginning on page S-5 of this prospectus supplement andincorporated by reference from our Annual Report on Form 10-K for the year ended December31, 2025 and otherperiodic filings with the Securities and Exchange Commission. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes ordetermined that this prospectus supplement or the accompanying prospectus is accurate or complete. Any representation to the contrary is acriminal offense. Public offering priceUnderwriting discount The public offering price and the proceeds, before expenses, to us set forth above do not include accrued interest, if any. Interest on the Notes willaccrue from February19, 2026. We expect that delivery of the Notes will be made to investors through the book-entry delivery system of The Depository Trust Company for theaccounts of its participants, including Clearstream Banking S.A., and Euroclear Bank SA/NV, as operator for the Euroclear System, against payment inNew York, New York on or about February19, 2026. We have not, and the underwriters have not, authorized any person to give any information or to make any representations other than thosecontained or incorporated by reference in this prospectus supplement, the accompanying prospectus or in any free writing prospectus prepared by or onbehalf of us or to which we have referred you, and, if given or made, you must not rely upon such information or representations as having beenauthorized. This prospectus supplement and the accompanying prospectus do not constitute an offer to sell or the solicitation of an offer to buy anysecurities other than the securities described in this prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any TABLE OF CONTENTS Prospectus Supplement Forward-Looking StatementsSummary Where You Can Find More InformationThe CompanyCautionary Statement Concerning Forward-Looking StatementsUse of ProceedsDescription of Capital SharesDescription of WarrantsDescription of Debt SecuritiesPlan of DistributionFederal Income Tax Considerations and Consequences of Your InvestmentLegal MattersExperts FORWARD-LOOKING STATEMENTS We have made statements in this prospectus supplement and the accompanying prospectus which are “forward-looking” in that they do not discusshistorical fact, but instead note future expectations, projections, intentions or other items relating to the future. These forward-looking statements include Reliance should not be placed on these forward-looking statements because they are subject to known and unknown risks, uncertainties and otherfactors which may cause our actual results or performance to differ materially from those contemplated by the forward-looking statements. Many of Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include,but are not limited to, the following: •volatility in capital and credit markets, cost increases, or other unfavorable changes in economic conditions, either nationally or regionallyin one or more of the markets in which we operate, could adversely impact us;•short-term leases could expose us to the effects of declining market rents;•we could be negatively impacted by the risks associated with land holdings and related activities;•development, repositions, redevelopment and construction risks could impact our profitability; •the form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations; These forward-looking statements represent our estimates and assumptions as of the date of this prospectus supplement, and we assume noobligation to update or supplement forward-looking statements because of subsequent events. SUMMARY This summary is not complete and may not contain all of the information that may be important to you in deciding whether to invest in the Notes.To understand this offering fully, you should carefully read the entire