10-Q 1 cpt-20220630.htm 10-Q cpt-20220630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ______________ to _______________                                       
Commission file number: 1-12110 
CAMDEN PROPERTY TRUST
(Exact Name of Registrant as Specified in Its Charter)
TX76-6088377
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
11 Greenway Plaza, Suite 2400 Houston,
Texas
77046
(Address of principal executive offices)(Zip Code)
(713) 354-2500
(Registrant's Telephone Number, Including Area Code)
 N/A
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par valueCPTNYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", and "small reporting company" in Rule 12b-2 of the Exchange Act. (Check one): 
Large Accelerated FilerýAccelerated filer
Non-accelerated filer¨ Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ý
On July 22, 2022, 106,528,076 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.


CAMDEN PROPERTY TRUST
Table of Contents
 
  Page
PART I
Item 1
Item 2
Item 3
Item 4
PART II
Item 1
Item 1A
Item 2
Item 3
Item 4
Item 5
Item 6


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) 
(in thousands, except per share amounts)June 30,
2022
December 31, 2021
Assets
Real estate assets, at cost
Land$1,695,118 $1,349,594 
Buildings and improvements10,440,037 8,624,734 
$12,135,155 $9,974,328 
Accumulated depreciation(3,572,764)(3,358,027)
Net operating real estate assets$8,562,391 $6,616,301 
Properties under development, including land581,844 474,739 
Investments in joint ventures 13,730 
Total real estate assets$9,144,235 $7,104,770 
Accounts receivable – affiliates13,258 18,664 
Other assets, net249,865 234,370 
Cash and cash equivalents72,095 613,391 
Restricted cash6,563 5,589 
Total assets$9,486,016 $7,976,784 
Liabilities and equity
Liabilities
Note Payable
       Unsecured$3,222,252 $3,170,367 
Secured514,698  
Accounts payable and accrued expenses195,070 191,651 
Accrued real estate taxes86,952 66,673 
Distributions payable103,621 88,786 
Other liabilities186,143 193,052 
Total liabilities$4,308,736 $3,710,529 
Commitments and contingencies (Note 11)
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 117,727 and 114,668 issued; 115,626 and 112,578 outstanding at June 30, 2022 and December 31, 2021, respectively
1,156 1,126 
Additional paid-in capital5,890,792 5,363,530 
Distributions in excess of net income attributable to common shareholders(452,865)(829,453)
Treasury shares, at cost (9,098 and 9,236 common shares at June 30, 2022 and December 31, 2021, respectively)
(328,975)(333,974)
Accumulated other comprehensive loss(3,001)(3,739)
Total common equity$5,107,107 $4,197,490 
Non-controlling interests70,173 68,765 
Total equity$5,177,280 $4,266,255 
Total liabilities and equity$9,486,016 $7,976,784 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
1

CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands, except per share amounts)2022202120222021
Property revenues$361,716 $276,523 $673,075 $544,091 
Property expenses
Property operating and maintenance$79,418 $65,544 $149,855 $129,023 
Real estate taxes48,393 37,427 88,266 74,880 
Total property expenses$127,811 $102,971 $238,121 $203,903 
Non-property income
Fee and asset management$1,190 $2,263 $3,640 $4,469 
Interest and other income662 257 2,793 589 
Income/(loss) on deferred compensation plans(14,678)6,400 (22,175)10,026 
Total non-property income/(loss)$(12,826)$8,920 $(15,742)$15,084 
Other expenses
Property management$7,282 $6,436 $14,496 $12,560 
Fee and asset management359 1,019 1,534 2,151 
General and administrative15,734 15,246 30,524 29,468 
Interest29,022 24,084 53,564 47,728 
Depreciation and amortization157,734 99,586 270,872 192,727 
Expense/(benefit) on deferred compensation plans(14,678)6,400 (22,175)10,026 
Total other expenses$195,453 $152,771 $348,815 $294,660 
Gain on sale of operating property  36,372  
Gain on acquisition of unconsolidated joint venture interests474,146 — 474,146 — 
Equity in income of joint ventures 2,198 3,048 4,112 
Income from continuing operations before income taxes
$499,772 $31,899 $583,963 $64,724 
Income tax expense(886)(460)(1,476)(812)
Net income$498,886 $31,439 $582,487 $63,912 
Less income allocated to non-controlling interests
(1,571)(1,260)(4,427)(2,386)
Net income attributable to common shareholders
$497,315 $30,179 $578,060 $61,526 
Earnings per share – basic$4.59 $0.30 $5.41 $0.61 
Earnings per share – diluted$4.54 $0.30 $5.37 $0.61 
Weighted average number of common shares outstanding – basic108,106 100,701 106,729 100,127 
Weighted average number of common shares outstanding – diluted109,745 100,767 108,393 100,197 
Condensed Consolidated Statements of Comprehensive Income
Net income$498,886 $31,439 $582,487 $63,912 
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation369 372 738 745 
Comprehensive income$499,255 $31,811 $583,225 $64,657 
Less income allocated to non-controlling interests(1,571)(1,260)(4,427)(2,386)
Comprehensive income attributable to common shareholders$497,684 $30,551 $578,798 $62,271 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
2

CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
For the six months ended June 30, 2022
 
 Common Shareholders 
(in thousands, except per share amounts)Common
shares of
beneficial
interest
Additional
paid-in
capital
Distributions
in excess of
net income
Treasury
shares, at
cost
Accumulated
other
comprehensive
(loss)/income
Non-controlling interestsTotal equity
Equity, December 31, 2021$1,126 $5,363,530 $(829,453)$(333,974)$(3,739)$68,765 $4,266,255 
Net income578,060 4,427 582,487 
Other comprehensive income738 738 
Common shares issued30 516,728 516,758 
Net share awards10,383 4,822 15,205 
Employee share purchase plan453 177 630 
Cash distributions declared to equity holders ($1.88 per common share)
(201,472)(3,019)(204,491)
       Other(302) (302)
Equity, June 30, 2022$1,156 $5,890,792 $(452,865)$(328,975)$(3,001)$70,173 $5,177,280 

See Notes to Condensed Consolidated Financial Statements (Unaudited).
3

CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
For the three months ended June 30, 2022

 Common Shareholders 
(in thousands, except per share amounts)Common
shares of
beneficial
interest
Additional
paid-in
capital
Distributions
in excess of
net income
Treasury
shares, at
cost
Accumulated
other
comprehensive
(loss)/income
Non-controlling interestsTotal equity
Equity, March 31, 2022$1,127 $5,396,267 $(848,074)$(329,521)$(3,370)$70,110 $4,286,539 
Net income497,315 1,571 498,886 
Other comprehensive income369 369 
Common shares issued29 490,564 490,593 
Net share awards3,906 369 4,275 
Employee share purchase plan319 177 496 
Cash distributions declared to equity holders ($0.94 per common share)
(102,106)(1,508)(103,614)
       Other(264) (264)
Equity, June 30, 2022$1,156 $5,890,792 $(452,865)$(328,975)$(3,001)$70,173 $5,177,280 

See Notes to Condensed Consolidated Financial Statements (Unaudited).
4

CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(Unaudited)
For the six months ended June 30, 2021

 Common Shareholders 
(in thousands, except per share amounts)Common
shares of
beneficial
interest
Additional
paid-in
capital
Distributions
in excess of
net income
Treasury
shares, at
cost
Accumulated
other
comprehensive
(loss)/income
Non-controlling interestsTotal equity
Equity, December 31, 2020$1,069 $4,581,710 $(791,079)$(341,412)$(5,383)$71,682 $3,516,587 
Net income61,526 2,386 63,912 
Other comprehensive income745 745 
Common shares issued29 358,814 358,843 
Net share awards7,483 6,355 13,838 
Employee share purchase plan2,439 896 3,335 
Conversion of operating partnership units1 3,316 (3,317) 
Cash distributions declared to equity holders ($1.66 per common share)
(168,208)(2,784)(170,992)
       Other(1)(59)(60)
Equity, June 30, 2021$1,098 $4,953,703 $(897,761)$(334,161)$(4,638)$67,967 $3,786,208 

See Notes to Condensed Consolidated Financial Statements (Unaudited).
5

CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
For the three months ended June 30, 2021

 Common Shareholders 
(in thousands, except per share amounts)Common
shares of
beneficial
interest
Additional
paid-in
capital
Distributions
in excess of
net income
Treasury
shares, at
cost
Accumulated
other
comprehensive
(loss)/income
Non-controlling interestsTotal equity
Equity, March 31, 2021$1,070 $4,588,056 $(842,628)$(335,511)$(5,010)$68,099 $3,474,076 
Net income30,179 1,260 31,439 
Other comprehensive income372 372 
Common shares issued29 358,814 358,843 
Net share awards4,518 454 4,972 
Employee share purchase plan2,352 896 3,248 
Cash distributions declared to equity holders ($0.83 per common share)
(85,312)(1,392)(86,704)
       Other(1)(37) (38)
Equity, June 30, 2021$1,098 $4,953,703 $(897,761)$(334,161)$(4,638)$67,967 $3,786,208 

See Notes to Condensed Consolidated Financial Statements (Unaudited).
6

CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended
June 30,
(in thousands)20222021
Cash flows from operating activities
Net income$582,487 $63,912 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization270,872 192,727 
Gain on sale of operating property(36,372) 
Gain on acquisition of unconsolidated joint venture interests(474,146)— 
Distributions of income from joint ventures3,015 4,046 
Equity in income of joint ventures(3,048)(4,112)
Share-based compensation6,442 8,428 
Net change in operating accounts and other(18,616)(21,332)
Net cash from operating activities$330,634 $243,669 
Cash flows from investing activities
Development and capital improvements, including land$(250,988)$(188,170)
Acquisition of operating properties, including joint venture interests, net of cash acquired(1,066,051)(289,447)
Proceeds from sale of operating property70,536  
Other(8,001)(5,290)
Net cash from investing activities$(1,254,504)$(482,907)
Cash flows from financing activities
Borrowings on unsecured credit facility$560,000 $ 
Repayments on unsecured credit facility and other short-term borrowings(510,000) 
Proceeds from issuance of common shares516,758 358,843 
Distributions to common shareholders and non-controlling interests(189,638)(168,429)
Other6,428 3,609 
Net cash from financing activities$383,548 $194,023 
Net decrease in cash, cash equivalents, and restricted cash(540,322)(45,215)
Cash, cash equivalents, and restricted cash, beginning of period618,980 424,533 
Cash, cash equivalents, and restricted cash, end of period$78,658 $379,318 
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents$72,095 $374,556 
Restricted cash6,563 4,762 
Total cash, cash equivalents, and restricted cash, end of period$78,658 $379,318 
Supplemental information
Cash paid for interest, net of interest capitalized$51,941 $47,733 
Cash paid for income taxes2,818 1,746 
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid103,621 86,689 
Value of shares issued under benefit plans, net of cancellations21,739 18,498 
Conversion of operating partnership units to common shares 3,317 
Accrual associated with construction and capital expenditures23,262 23,916 
Acquisition of joint venture interests:
          Mortgage debt assumed514,554  
          Other liabilities39,168  
See Notes to Condensed Consolidated Financial Statements (Unaudited).
7

CAMDEN PROPERTY TRUST
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1. Description of Business
Business. Formed on May 25, 1993, Camden Property Trust ("CPT"), a Texas real estate investment trust ("REIT"), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of June 30, 2022, we owned interests in, operated, or were developing 176 multifamily properties comprised of 60,267 apartment homes across the United States. Of the 176 properties, five properties were under construction as of June 30, 2022, and will consist of a total of 1,842 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.
2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Principles of Consolidation. Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, decision making authority, kick-out rights and participating rights. As of June 30, 2022, two of our consolidated operating partnerships were VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships.  As of June 30, 2022, we held between approximately 93% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships.
Interim Financial Reporting. We have prepared these unaudited financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim unaudited financial statements should be read in conjunction with the audited financial statements and notes included in our 2021 Annual Report on Form 10-K.
Acquisitions of Real Estate. Upon an acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition; the net carrying value of in-place leases are included in other assets, net and the net carrying value of above or below market leases are included in other liabilities, net in our condensed consolidated balance sheets.
We recognized amortization expense related to in-place leases of approximately $19.4 million and $2.5 million for the three months ended June 30, 2022 and 2021, respectively, and approximately $25.6 million and $2.5 million for the six months ended June 30, 2022 and 2021, respectively. The unamortized value of in-place leases at June 30, 2022 was approximately $24.9 million, and is expected to be fully amortized by December 31, 2022. We recognized revenue related to net below-market leases of $3.4 million and $4.3 million for the three and six months ended June 30, 2022, respectively, and did not recognize significant revenue related to net below-market leases for either the three or six months ended June 30, 2021.
During the three and six months ended June 30, 2022, the weighted average amortization periods for in-place leases were approximately nine months and eight months, respectively, and were approximately six months and eleven months for the three and six months ended June 30, 2021, respectively. During the three and six months ended June 30, 2022, the weighted average amortization periods for net below-market leases were approximately eight months and seven months, respectively.
Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We
8

consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant's perspective. In addition, we evaluate our equity investments in joint ventures and record an impairment charge if we believe there is an other than temporary decline in market value below the carrying value of our investment. We did not record any impairment charges for the three or six months ended June 30, 2022 or 2021.
The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, and demand for multifamily communities. We have reviewed market trends and other marketplace information and incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.
We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect in our consolidated financial position and results of operations.
Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt and was approximately $4.5 million and $4.4 million for the three months ended June 30, 2022 and 2021, respectively, and was approximately $8.5 million and $9.2 million for the six months ended June 30, 2022 and 2021, respectively. Capitalized real estate taxes were approximately $1.2 million and $1.1 million for the three months ended June 30, 2022 and 2021, respectively, and were approximately $2.5 million for both of the six months ended June 30, 2022 and 2021.
Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and certain activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are substantially completed the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements.
Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:
Estimated
Useful Life
Buildings and improvements5-35 years
Furniture, fixtures, equipment, and other3-20 years
Intangible assets/liabilities (in-place leases and above and below-market leases)underlying lease term
Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.
In determining fair value, observable inputs reflect market data obtained from independent sources while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Level 1:    Quoted prices for identical instruments in active markets.
Level 2:    Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
9

Level 3:    Significant inputs to the valuation model are unobservable.
Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis:
Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments, excluding the value of Company shares, are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy.
Non-Recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value when they are acquired, including the remeasurement of previously held ownership interests, using fair value methodologies described above at "Acquisitions of Real Estate," or if the long-lived assets are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy.
Financial Instrument Fair Value Disclosures. As of June 30, 2022 and December 31, 2021, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represented fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.
Income Recognition. The majority of our revenues are derived from real estate lease contracts and presented as property revenues, and include rental revenue as well as revenue from amounts received under contractual terms for other services provided to our customers. As a lessor, we have also elected practical expedients to: i) not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and ii) exclude from lease revenues the sales taxes collected from lessees and certain lessor costs paid directly by the lessee. Our other revenue streams include fee and asset management income in accordance with other revenue guidance, ASC 606, Revenues from Contracts with Customers. Details of our material revenue streams are discussed below:
Property Revenues: We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets, which is our only underlying asset class. We recognize rental revenues from these lease contracts on a straight-line basis over the applicable lease term, net of amounts related to lease contracts identified as uncollectible. We also earn revenues from amounts received under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new and separate contract which will be recognized at the time the option is exercised on a straight-line basis over the renewal period.
As of June 30, 2022, our average residential lease term was approximately fourteen months with all non-residential commercial leases averaging longer lease terms. We currently anticipate property revenue from existing leases as follows:
(in millions)
Year ended December 31,Operating Leases
Remainder of 2022$536.9 
2023328.2 
20244.1 
20253.3 
20263.0 
Thereafter8.5 
Total$884.0 
Credit Risk. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.
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3. Per Share Data
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards, and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sale agreement will be considered in our calculation for diluted earnings-per-share until settlement, using the if-converted method. The number of common share equivalent securities excluded from the diluted earnings per share calculation were approximately 0.1 million for each of the three and six months ended June 30, 2022, and approximately 1.8 million and 1.9 million for the three and six months ended June 30, 2021, respectively. These securities, which include share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculations as they are anti-dilutive. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:
 Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands, except per share amounts)2022202120222021
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders$497,315 $30,179 $578,060 $61,526 
Amount allocated to participating securities(740)(50)(900)(82)
Net income attributable to common shareholders – basic$496,575 $30,129 $577,160 $61,444 
Total earnings per common share – basic$4.59 $0.30 $5.41 $0.61 
Weighted average number of common shares outstanding – basic108,106 100,701 106,729 100,127 
Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities$496,575 $30,129 $577,160 $61,444 
Income allocated to common units from continuing operations1,571  4,427  
Net income attributable to common shareholders – diluted$498,146 $30,129 $581,587 $61,444 
Total earnings per common share – diluted$4.54 $0.30 $5.37 $0.61 
Weighted average number of common shares outstanding – basic108,106 100,701 106,729 100,127 
Incremental shares issuable from assumed conversion of:
Share awards granted33 66 58 70 
Common units1,606  1,606  
Weighted average number of common shares outstanding – diluted109,745 100,767 108,393 100,197 
4. Common Shares
In May 2022, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2022 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. The proceeds from the sale of our common shares under the 2022 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under our unsecured line of credit, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.
11

The 2022 ATM program also permits the use of forward sale agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of the applicable shares until a later date. If we enter into a forward sale agreement, we expect the applicable forward purchasers will borrow from third parties and, through the applicable sales agent acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the applicable agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller. We expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). As of the date of this filing, we have not entered into any forward sales agreement and have common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under this ATM program.
In August 2021, we created an ATM share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering amount of up to $500.0 million (the "2021 ATM program"). During the three months March 31, 2022, we sold an aggregate of approximately 0.2 million common shares at an average price per share of $165.01, for aggregate net consideration of approximately $26.2 million under the 2021 ATM program. In May 2022, we terminated the 2021 ATM program with an aggregate offering amount of approximately $71.3 million remaining available for sale and, upon termination, no further common shares were available for sale. There were no additional shares sold under the 2021 ATM program from March 31, 2022 through the date of the applicable termination agreements.
In June 2020, we created an ATM share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering amount of up to $362.7 million (the "2020 ATM program"). During the three and six months ended June 30, 2021, we sold an aggregate of approximately 2.9 million common shares at an average price per share of $126.64, for aggregate net consideration of approximately $358.8 million. In August 2021, we terminated the 2020 ATM program with an aggregate offering amount of approximately $0.2 million not sold. There were no additional shares sold under the 2020 ATM program from June 30, 2021 through the date of the applicable termination agreements.
We have a share repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. There were no repurchases during the three and six months ended June 30, 2022. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this program was approximately $269.5 million.
We currently have an automatic shelf registration statement which allows us to offer common shares, preferred shares, debt securities, or warrants, and our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. In April 2022, we issued 2.9 million common shares in a public equity offering and received approximately $490.3 million in net proceeds, which we used to reduce borrowings under our $900 million unsecured line of credit. At June 30, 2022, we had approximately 106.5 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
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5. Acquisitions and Dispositions
Acquisition of Land. During the three months ended June 30, 2022, we acquired for future development purposes two parcels of land totaling approximately 42.6 acres in Charlotte, North Carolina for an aggregate consideration of approximately $32.7 million, and approximately 3.8 acres of land in Nashville, Tennessee for approximately $30.5 million. During the six months ended June 30, 2022, we also acquired for future development purposes approximately 15.9 acres of land in Richmond, Texas for approximately $7.8 million. During the three and six months ended June 30, 2021, we acquired for future development purposes approximately 14.6 acres of land in The Woodlands, Texas for approximately $9.3 million and approximately 0.2 acres of land in St. Petersburg, Florida for approximately $2.1 million.
Asset Acquisition of Operating Properties. On April 1, 2022, we purchased the remaining 68.7% ownership interests in two unconsolidated discretionary investment funds (collectively, the "Funds") for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $515 million of existing secured mortgage debt of the Funds which remained outstanding. As a result of this acquisition, we now own 100% ownership interests in 22 multifamily communities comprised of 7,247 units located in Houston, Austin, Dallas, Tampa, Raleigh, Orlando, Washington D.C., Charlotte, and Atlanta. After obtaining 100% of the ownership interests, we consolidated the Funds as of April 1, 2022. Prior to the acquisition, we accounted for our 31.3% ownership interests in each of these Funds in accordance with the equity method of accounting.
We accounted for this transaction as an asset acquisition and remeasured our previously held 31.3% ownership interests in the Funds to fair value at the acquisition date. As a result of this remeasurement, we recognized a gain of approximately $474.1 million. Upon consolidation, the total consideration was allocated to assets and liabilities based on relative fair value, resulting in an increase in assets comprised of $2.1 billion of real estate assets, $44.0 million of in-place leases and $24.7 million of other assets and an increase in liabilities made up of $514.6 million of secured debt, $39.2 million of other liabilities, and approximately $7.6 million of net below market leases.
In June 2021, we acquired one operating property comprised of 328 apartment homes located in Franklin, Tennessee for approximately $105.3 million and one operating property comprised of 430 apartment homes located in Nashville, Tennessee for approximately $186.3 million.
Sale of Operating Property. During the six months ended June 30, 2022, we sold one operating property comprised of 245 apartment homes located in Largo, Maryland for approximately $71.9 million and recognized a gain of approximately $36.4 million. We did not sell any operating properties during the three months ended June 30, 2022 or the three or six months ended June 30, 2021.
6. Investments in Joint Ventures
On April 1, 2022, the Company obtained 100% of the ownership interests in the Funds and, as discussed in Note 5, "Acquisitions and Dispositions," above, consolidated the Funds as of the acquisition date. Prior to the acquisition, we held a 31.3% ownership interest in the Funds, and accounted for these investments under the equity method. The following table summarizes the combined balance sheets and statements of income data for the Funds as of and for the periods presented:
(in millions)June 30, 2022December 31, 2021
Total assets$ $679.1 
Total third-party debt 513.8 
Total equity 131.9 
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)
2022 (1)
202120222021
Total revenues$ $34.2 $37.2 $67.2 
Net income 4.7 7.1 8.4 
Equity in income (2)
 2.2 3.0 4.1 
(1)We consolidated the operations of the Funds as of April 1, 2022 and therefore results are $0 for the three months ended June 30, 2022.
(2)Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.
Prior to the acquisition of the Funds, we earned fees for property and asset management, construction, development, and other services related to the Funds, and we eliminated fee income for services provided to the Funds to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.7 million for the six months ended June 30, 2022, and approximately $1.5 million and $3.1 million for the three and six months ended June 30, 2021, respectively. There were no fees earned during the three months ended June 30, 2022 due to the acquisition on April 1, 2022.
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7. Notes Payable
The following is a summary of our indebtedness:
(in millions)June 30,
2022
December 31, 2021
Commercial banks
2.88% Term Loan, due 2022
$40.0 $39.9 
2.03% Unsecured credit facility
50.0  
$90.0 $39.9 
Senior unsecured notes
3.15% Notes, due 2022
$349.7 $349.3 
5.07% Notes, due 2023
249.6 249.3 
4.36% Notes, due 2024
249.6 249.5 
3.68% Notes, due 2024
249.0 248.8 
3.74% Notes, due 2028
398.0 397.8 
3.67% Notes, due 2029 (1)
595.2 594.9 
2.91% Notes, due 2030
744.4 744.1 
3.41% Notes, due 2049
296.8 296.8 
$3,132.3 $3,130.5 
Total unsecured notes payable$3,222.3 $3,170.4 
Secured notes
  Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
$291.2 $ 
3.14% Variable Rate Notes, due 2026
166.1  
3.44% Variable Rate Construction Note, due 2024
18.8  
3.87% note, due 2028
38.6  
Total secured notes payable$514.7 $ 
Total notes payable (2)
$3,737.0 $3,170.4 
(1)    The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.
(2)