falsedesktopCPT2020-12-31000090634521000010{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Texas\t\t\t76-6088377\n(State or other jurisdiction of incorporation or organization)\t\t\t(I.R.S. Employer Identification No.)\n11 Greenway Plaza Suite 2400\tHouston\tTexas\t77046\n(Address of principal executive offices)\t\t\t(Zip Code)\n", "q10k_tbl_1": "\t\tPage\nPART I\t\t\nItem 1.\tBusiness\t1\nItem 1A.\tRisk Factors\t3\nItem 1B.\tUnresolved Staff Comments\t10\nItem 2.\tProperties\t10\nItem 3.\tLegal Proceedings\t15\nItem 4.\tMine Safety Disclosures\t15\nPART II\t\t\nItem 5.\tMarket for Registrant's Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities\t16\nItem 6.\tReserved\t17\nItem 7.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t18\nItem 7A.\tQuantitative and Qualitative Disclosures About Market Risk\t35\nItem 8.\tFinancial Statements and Supplementary Data\t35\nItem 9.\tChanges in and Disagreements with Accountants on Accounting and Financial Disclosure\t35\nItem 9A.\tControls and Procedures\t35\nItem 9B.\tOther Information\t38\nPART III\t\t\nItem 10.\tDirectors Executive Officers and Corporate Governance\t38\nItem 11.\tExecutive Compensation\t38\nItem 12.\tSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters\t38\nItem 13.\tCertain Relationships and Related Transactions and Director Independence\t38\nItem 14.\tPrincipal Accounting Fees and Services\t38\nPART IV\t\t\nItem 15.\tExhibits and Financial Statement Schedules\t38\nItem 16.\tSummary\t43\nSIGNATURES\t\t44\n", "q10k_tbl_2": "Year Placed in Service\tNumber of Operating Properties\n2016-2020\t20\n2011-2015\t23\n2006-2010\t35\n2001-2005\t31\n1996-2000\t42\nPrior to 1996\t16\n", "q10k_tbl_3": "\tOPERATING PROPERTIES\t\t\t\t\nProperty and Location\tYear Placed in Service\tAverage Apartment Size (Sq. Ft.)\tNumber of Apartments\t2020 Average Occupancy (1)\t2020 Average Monthly Rental Rate per Apartment (2)\nARIZONA\t\t\t\t\t\nPhoenix/Scottsdale\t\t\t\t\t\nCamden Chandler\t2016\t1146\t380\t96.2%\t1535\nCamden Copper Square\t2000\t786\t332\t95.3\t1262\nCamden Foothills\t2014\t1032\t220\t95.9\t1754\nCamden Legacy\t1996\t1067\t428\t96.0\t1469\nCamden Montierra\t1999\t1071\t249\t96.1\t1477\nCamden North End I (3)\t2019\t921\t441\t95.7\t1618\nCamden Old Town Scottsdale\t2016\t892\t316\t95.5\t1760\nCamden Pecos Ranch\t2001\t949\t272\t96.3\t1271\nCamden San Marcos\t1995\t984\t320\t96.1\t1420\nCamden San Paloma\t1993/1994\t1042\t324\t95.6\t1425\nCamden Sotelo\t2008/2012\t1303\t170\t95.5\t1600\nCamden Tempe (4)\t2015\t1033\t234\t95.3\t1583\nCALIFORNIA\t\t\t\t\t\nLos Angeles/Orange County\t\t\t\t\t\nCamden Crown Valley\t2001\t1009\t380\t97.4\t2147\nCamden Glendale\t2015\t893\t307\t93.7\t2447\nCamden Harbor View (5)\t2004\t981\t547\t94.8\t2606\nCamden Main and Jamboree\t2008\t1011\t290\t95.4\t2164\nCamden Martinique\t1986\t795\t714\t95.8\t1890\nCamden Sea Palms\t1990\t891\t138\t96.8\t2171\nThe Camden\t2016\t767\t287\t93.0\t3070\nSan Diego/Inland Empire\t\t\t\t\t\nCamden Landmark\t2006\t982\t469\t95.7\t1709\nCamden Old Creek\t2007\t1037\t350\t96.8\t2279\nCamden Sierra at Otay Ranch\t2003\t962\t422\t94.9\t2120\nCamden Tuscany\t2003\t895\t160\t94.1\t2654\nCamden Vineyards\t2002\t1053\t264\t96.9\t1848\nCOLORADO\t\t\t\t\t\nDenver\t\t\t\t\t\nCamden Belleview Station\t2009\t888\t270\t95.0\t1548\nCamden Caley\t2000\t921\t218\t96.2\t1547\nCamden Denver West\t1997\t1015\t320\t96.0\t1852\nCamden Flatirons\t2015\t960\t424\t95.6\t1700\nCamden Highlands Ridge\t1996\t1149\t342\t96.6\t1824\nCamden Interlocken\t1999\t1002\t340\t95.3\t1723\nCamden Lakeway\t1997\t932\t451\t95.7\t1648\nCamden Lincoln Station\t2017\t844\t267\t95.2\t1619\nCamden RiNo (6)\t2020\t828\t233\tLease-up\t1929\n", "q10k_tbl_4": "\tOPERATING PROPERTIES\t\t\t\t\nProperty and Location\tYear Placed in Service\tAverage Apartment Size (Sq. Ft.)\tNumber of Apartments\t2020 Average Occupancy (1)\t2020 Average Monthly Rental Rate per Apartment (2)\nWASHINGTON DC METRO\t\t\t\t\t\nCamden Ashburn Farm\t2000\t1062\t162\t96.8%\t1767\nCamden College Park\t2008\t942\t508\t96.6\t1655\nCamden Dulles Station\t2009\t977\t382\t96.4\t1869\nCamden Fair Lakes\t1999\t1056\t530\t96.5\t1916\nCamden Fairfax Corner\t2006\t934\t489\t96.3\t2000\nCamden Fallsgrove\t2004\t996\t268\t96.4\t1856\nCamden Grand Parc\t2002\t672\t105\t93.6\t2601\nCamden Lansdowne\t2002\t1006\t690\t97.2\t1735\nCamden Largo Town Center\t2000/2007\t1027\t245\t97.1\t1721\nCamden Monument Place\t2007\t856\t368\t96.1\t1711\nCamden NoMa\t2014\t769\t321\t95.5\t2267\nCamden NoMa II\t2017\t759\t405\t95.2\t2361\nCamden Potomac Yard (5)\t2008\t832\t378\t94.3\t2092\nCamden Roosevelt\t2003\t856\t198\t93.7\t2941\nCamden Russett\t2000\t992\t426\t97.2\t1556\nCamden Shady Grove\t2018\t877\t457\t95.7\t1798\nCamden Silo Creek\t2004\t975\t284\t97.4\t1724\nCamden South Capitol (7)\t2013\t821\t281\t95.6\t2348\nCamden Washingtonian\t2018\t870\t365\t96.2\t1791\nFLORIDA\t\t\t\t\t\nSoutheast Florida\t\t\t\t\t\nCamden Aventura\t1995\t1108\t379\t95.3\t1982\nCamden Boca Raton\t2014\t843\t261\t95.3\t1976\nCamden Brickell (5)\t2003\t937\t405\t93.6\t2140\nCamden Doral\t1999\t1120\t260\t96.8\t1952\nCamden Doral Villas\t2000\t1253\t232\t96.7\t2112\nCamden Las Olas (5)\t2004\t1043\t420\t94.7\t2110\nCamden Plantation\t1997\t1201\t502\t96.9\t1721\nCamden Portofino\t1995\t1112\t322\t97.2\t1799\nOrlando\t\t\t\t\t\nCamden Hunter's Creek\t2000\t1075\t270\t96.0\t1478\nCamden Lago Vista\t2005\t955\t366\t95.6\t1365\nCamden LaVina\t2012\t969\t420\t96.1\t1378\nCamden Lee Vista\t2000\t937\t492\t95.3\t1343\nCamden North Quarter\t2016\t806\t333\t94.4\t1552\nCamden Orange Court\t2008\t817\t268\t94.8\t1370\nCamden Thornton Park\t2016\t920\t299\t87.9\t1781\nCamden Town Square\t2012\t983\t438\t95.4\t1408\nCamden Waterford Lakes (7)\t2014\t971\t300\t95.6\t1461\nCamden World Gateway\t2000\t979\t408\t96.2\t1409\nTampa/St. Petersburg\t\t\t\t\t\nCamden Bay\t1997/2001\t943\t760\t96.1\t1281\n", "q10k_tbl_5": "\tOPERATING PROPERTIES\t\t\t\t\nProperty and Location\tYear Placed in Service\tAverage Apartment Size (Sq. Ft.)\tNumber of Apartments\t2020 Average Occupancy (1)\t2020 Average Monthly Rental Rate per Apartment (2)\nCamden Montague\t2012\t972\t192\t97.1%\t1362\nCamden Pier District\t2016\t989\t358\t94.8\t2547\nCamden Preserve\t1996\t942\t276\t94.5\t1492\nCamden Royal Palms\t2006\t1017\t352\t96.2\t1279\nCamden Visconti (7)\t2007\t1125\t450\t95.3\t1436\nCamden Westchase Park\t2012\t992\t348\t97.1\t1470\nGEORGIA\t\t\t\t\t\nAtlanta\t\t\t\t\t\nCamden Brookwood\t2002\t916\t359\t95.1\t1462\nCamden Buckhead Square\t2015\t827\t250\t95.5\t1568\nCamden Creekstone\t2002\t990\t223\t96.9\t1408\nCamden Deerfield\t2000\t1187\t292\t95.5\t1469\nCamden Dunwoody\t1997\t1007\t324\t96.4\t1392\nCamden Fourth Ward\t2014\t844\t276\t96.6\t1749\nCamden Midtown Atlanta\t2001\t935\t296\t96.4\t1551\nCamden Paces\t2015\t1408\t379\t95.1\t2643\nCamden Peachtree City\t2001\t1027\t399\t96.1\t1355\nCamden Phipps (7)\t1996\t1016\t234\t95.8\t1600\nCamden Shiloh\t1999/2002\t1143\t232\t96.2\t1343\nCamden St. Clair\t1997\t999\t336\t96.5\t1396\nCamden Stockbridge\t2003\t1009\t304\t97.3\t1200\nCamden Vantage\t2010\t901\t592\t94.2\t1480\nNORTH CAROLINA\t\t\t\t\t\nCharlotte\t\t\t\t\t\nCamden Ballantyne\t1998\t1048\t400\t95.4\t1303\nCamden Cotton Mills\t2002\t905\t180\t94.5\t1502\nCamden Dilworth\t2006\t857\t145\t92.2\t1497\nCamden Fairview\t1983\t1036\t135\t95.2\t1223\nCamden Foxcroft\t1979\t940\t156\t95.2\t1100\nCamden Foxcroft II\t1985\t874\t100\t96.7\t1222\nCamden Gallery\t2017\t743\t323\t95.0\t1606\nCamden Grandview\t2000\t1059\t266\t96.7\t1713\nCamden Grandview II (3)\t2019\t2241\t28\t95.1\t3401\nCamden Sedgebrook\t1999\t972\t368\t96.1\t1172\nCamden South End\t2003\t878\t299\t95.4\t1502\nCamden Southline (7)\t2015\t831\t266\t95.2\t1610\nCamden Stonecrest\t2001\t1098\t306\t95.7\t1358\nCamden Touchstone\t1986\t899\t132\t97.2\t1117\nRaleigh\t\t\t\t\t\nCamden Asbury Village (7)\t2009\t1009\t350\t96.2\t1281\nCamden Carolinian (6)\t2017\t1118\t186\tLease-Up\t2338\nCamden Crest\t2001\t1014\t438\t96.9\t1109\nCamden Governor's Village\t1999\t1046\t242\t97.3\t1165\n", "q10k_tbl_6": "\tOPERATING PROPERTIES\t\t\t\t\nProperty and Location\tYear Placed in Service\tAverage Apartment Size (Sq. Ft.)\tNumber of Apartments\t2020 Average Occupancy (1)\t2020 Average Monthly Rental Rate per Apartment (2)\nCamden Lake Pine\t1999\t1066\t446\t96.9%\t1222\nCamden Manor Park\t2006\t966\t484\t96.1\t1218\nCamden Overlook\t2001\t1061\t320\t95.6\t1317\nCamden Reunion Park\t2000/2004\t972\t420\t95.4\t1108\nCamden Westwood\t1999\t1027\t354\t93.6\t1171\nTEXAS\t\t\t\t\t\nAustin\t\t\t\t\t\nCamden Amber Oaks (7)\t2009\t862\t348\t96.9\t1159\nCamden Amber Oaks II (7)\t2012\t910\t244\t95.8\t1228\nCamden Brushy Creek (7)\t2008\t882\t272\t96.3\t1233\nCamden Cedar Hills\t2008\t911\t208\t96.3\t1354\nCamden Gaines Ranch\t1997\t955\t390\t96.8\t1501\nCamden Huntingdon\t1995\t903\t398\t95.1\t1230\nCamden La Frontera\t2015\t901\t300\t96.0\t1283\nCamden Lamar Heights\t2015\t838\t314\t94.9\t1559\nCamden Rainey Street\t2016\t873\t326\t92.0\t2106\nCamden Shadow Brook (7)\t2009\t909\t496\t96.6\t1221\nCamden Stoneleigh\t2001\t908\t390\t96.5\t1342\nDallas/Fort Worth\t\t\t\t\t\nCamden Addison\t1996\t942\t456\t95.0\t1279\nCamden Belmont\t2010/2012\t946\t477\t94.9\t1482\nCamden Buckingham\t1997\t919\t464\t95.5\t1269\nCamden Centreport\t1997\t912\t268\t96.4\t1235\nCamden Cimarron\t1992\t772\t286\t95.9\t1265\nCamden Design District (7)\t2009\t939\t355\t94.9\t1427\nCamden Farmers Market\t2001/2005\t932\t904\t94.9\t1380\nCamden Henderson\t2012\t966\t106\t96.2\t1551\nCamden Legacy Creek\t1995\t831\t240\t96.8\t1330\nCamden Legacy Park\t1996\t870\t276\t95.3\t1319\nCamden Panther Creek (7)\t2009\t946\t295\t96.3\t1310\nCamden Riverwalk (7)\t2008\t989\t600\t95.9\t1492\nCamden Valley Park\t1986\t743\t516\t95.7\t1109\nCamden Victory Park\t2016\t861\t423\t95.4\t1696\nHouston\t\t\t\t\t\nCamden City Centre\t2007\t932\t379\t93.4\t1504\nCamden City Centre II\t2013\t869\t268\t92.5\t1496\nCamden Cypress Creek I (7)\t2009\t993\t310\t95.0\t1347\nCamden Cypress Creek II (6) (7)\t2020\t950\t234\tLease-up\t1356\nCamden Downs at Cinco Ranch (7)\t2004\t1075\t318\t95.5\t1294\nCamden Downtown I (6)\t2020\t1052\t271\tLease-Up\t2647\nCamden Grand Harbor (7)\t2008\t959\t300\t95.8\t1206\nCamden Greenway\t1999\t861\t756\t94.1\t1394\nCamden Heights (7)\t2004\t927\t352\t93.7\t1536\n", "q10k_tbl_7": "\tOPERATING PROPERTIES\t\t\t\t\nProperty and Location\tYear Placed in Service\tAverage Apartment Size (Sq. Ft.)\tNumber of Apartments\t2020 Average Occupancy (1)\t2020 Average Monthly Rental Rate per Apartment (2)\nCamden Highland Village\t2014/2015\t1175\t552\t86.3%\t2297\nCamden Holly Springs\t1999\t934\t548\t95.2\t1243\nCamden McGowen Station\t2018\t1004\t315\t90.7\t2025\nCamden Midtown\t1999\t844\t337\t91.9\t1509\nCamden Northpointe (7)\t2008\t940\t384\t95.9\t1163\nCamden Oak Crest\t2003\t870\t364\t94.5\t1145\nCamden Park\t1995\t866\t288\t95.7\t1116\nCamden Plaza\t2007\t915\t271\t94.6\t1609\nCamden Post Oak\t2003\t1200\t356\t95.0\t2443\nCamden Royal Oaks\t2006\t923\t236\t94.0\t1385\nCamden Royal Oaks II\t2012\t1054\t104\t97.1\t1620\nCamden Spring Creek (7)\t2004\t1080\t304\t94.8\t1242\nCamden Stonebridge\t1993\t845\t204\t95.2\t1125\nCamden Sugar Grove\t1997\t921\t380\t95.8\t1207\nCamden Travis Street\t2010\t819\t253\t93.5\t1472\nCamden Vanderbilt\t1996/1997\t863\t894\t90.4\t1404\nCamden Whispering Oaks\t2008\t936\t274\t95.4\t1258\nCamden Woodson Park (7)\t2008\t916\t248\t93.7\t1201\nCamden Yorktown (7)\t2008\t995\t306\t94.0\t1188\n", "q10k_tbl_8": "Index\t2016\t2017\t2018\t2019\t2020\nCamden Property Trust\t119.23\t135.11\t133.74\t166.11\t162.29\nFTSE NAREIT Equity\t108.52\t114.19\t108.91\t137.23\t126.25\nS&P 500\t111.96\t136.40\t130.42\t171.49\t203.04\nRussell 2000\t121.31\t139.08\t123.76\t155.35\t186.36\n", "q10k_tbl_9": "\tDecember 31 2020\t\tDecember 31 2019\t\n\tApartment Homes\tProperties\tApartment Homes\tProperties\nOperating Properties\t\t\t\t\nHouston Texas\t9806\t28\t9301\t26\nWashington D.C. Metro\t6862\t19\t6862\t19\nDallas Texas\t5666\t14\t5666\t14\nAtlanta Georgia\t4496\t14\t4496\t14\nPhoenix Arizona\t3686\t12\t3686\t12\nAustin Texas\t3686\t11\t3686\t11\nOrlando Florida\t3594\t10\t3594\t10\nRaleigh North Carolina\t3240\t9\t3240\t9\nCharlotte North Carolina\t3104\t14\t3104\t14\nDenver Colorado\t2865\t9\t2632\t8\nSoutheast Florida\t2781\t8\t2781\t8\nTampa Florida\t2736\t7\t2736\t7\nLos Angeles/Orange County California\t2663\t7\t2658\t7\nSan Diego/Inland Empire California\t1665\t5\t1665\t5\nTotal Operating Properties\t56850\t167\t56107\t164\n", "q10k_tbl_10": "\tDecember 31 2020\t\tDecember 31 2019\t\n\tApartment Homes\tProperties\tApartment Homes\tProperties\nProperties Under Construction\t\t\t\t\nPhoenix Arizona\t740\t2\t343\t1\nCharlotte North Carolina\t387\t1\t0\t0\nAtlanta Georgia\t366\t1\t366\t1\nOrlando Florida\t360\t1\t360\t1\nSoutheast Florida\t269\t1\t269\t1\nHouston Texas\t0\t0\t505\t2\nDenver Colorado\t0\t0\t233\t1\nSan Diego/Inland Empire California\t132\t1\t132\t1\nTotal Properties Under Construction\t2254\t7\t2208\t8\nTotal Properties\t59104\t174\t58315\t172\n", "q10k_tbl_11": "Less: Unconsolidated Joint Venture Properties (1)\t\t\t\t\nHouston Texas\t2756\t9\t2756\t9\nAustin Texas\t1360\t4\t1360\t4\nDallas Texas\t1250\t3\t1250\t3\nTampa Florida\t450\t1\t450\t1\nRaleigh North Carolina\t350\t1\t350\t1\nOrlando Florida\t300\t1\t300\t1\nWashington D.C. Metro\t281\t1\t281\t1\nCharlotte North Carolina\t266\t1\t266\t1\nAtlanta Georgia\t234\t1\t234\t1\nTotal Unconsolidated Joint Venture Properties\t7247\t22\t7247\t22\nTotal Properties Fully Consolidated\t51857\t152\t51068\t150\n", "q10k_tbl_12": "Stabilized Property and Location\tNumber of Apartment Homes\tDate of Construction Completion\tDate of Stabilization\nConsolidated Operating Property\t\t\t\nCamden Grandview II\t\t\t\nCharlotte NC\t28\t1Q19\t1Q20\nCamden North End I\t\t\t\nPhoenix AZ\t441\t1Q19\t3Q20\nConsolidated total\t469\t\t\n", "q10k_tbl_13": "($ in millions) Property and Location\tNumber of Apartment Homes\tCost Incurred (1)\t% Leased at 2/3/2021\tDate of Construction Completion\tEstimated Date of Stabilization\nConsolidated Operating Properties\t\t\t\t\t\nCamden Downtown I\t\t\t\t\t\nHouston TX\t271\t131.2\t59%\t3Q20\t4Q21\nCamden RiNo\t\t\t\t\t\nDenver CO\t233\t78.9\t70\t4Q20\t2Q21\nConsolidated total\t504\t210.1\t\t\t\nUnconsolidated Operating Property\t\t\t\t\t\nCamden Cypress Creek II (2)\t\t\t\t\t\nCypress TX\t234\t32.2\t51%\t4Q20\t4Q21\n", "q10k_tbl_14": "($ in millions) Property and Location (1)\tNumber of Apartment Homes\tEstimated Cost\tCost Incurred\tIncluded in Properties Under Development\tEstimated Date of Construction Completion\tEstimated Date of Stabilization\nConsolidated Communities Under Construction\t\t\t\t\t\t\nCamden North End II (2) Phoenix AZ\t343\t90.0\t70.4\t50.4\t1Q22\t3Q22\nCamden Lake Eola Orlando FL\t360\t125.0\t116.6\t116.6\t2Q21\t2Q22\nCamden Buckhead Atlanta GA\t366\t160.0\t116.6\t116.6\t1Q22\t3Q22\nCamden Hillcrest San Diego CA\t132\t95.0\t64.3\t64.3\t4Q21\t3Q22\nCamden Atlantic Plantation FL\t269\t100.0\t38.3\t38.3\t4Q22\t4Q23\nCamden Tempe II Tempe AZ\t397\t115.0\t30.7\t30.7\t3Q23\t1Q25\nCamden NoDa Charlotte NC\t387\t105.0\t27.7\t27.7\t3Q23\t1Q25\nConsolidated total\t2254\t790.0\t464.6\t444.6\t\t\n", "q10k_tbl_15": "($ in millions) Property and Location\tProjected Homes\tTotal Estimated Cost (1)\tCost to Date\nCamden Durham\t354\t120.0\t28.4\nDurham NC\t\t\t\nCamden Arts District\t354\t150.0\t33.0\nLos Angeles CA\t\t\t\nCamden Cameron Village\t355\t115.0\t20.8\nRaleigh NC\t\t\t\nCamden Paces III\t350\t100.0\t16.8\nAtlanta GA\t\t\t\nCamden Downtown II\t271\t145.0\t12.1\nHouston TX\t\t\t\nCamden Highland Village II\t300\t100.0\t8.5\nHouston TX\t\t\t\nTotal\t1984\t730.0\t119.6\n", "q10k_tbl_16": "($ in thousands)\t2020\t\t2019\t\nWashington D.C. Metro\t1592592\t16.7%\t1574746\t17.3%\nHouston Texas\t1154915\t12.1\t1126255\t12.3\nAtlanta Georgia\t833172\t8.7\t755323\t8.3\nLos Angeles/Orange County California\t778179\t8.1\t755976\t8.3\nPhoenix Arizona\t764054\t8.0\t708681\t7.7\nSoutheast Florida\t656999\t6.9\t625468\t6.9\nOrlando Florida\t646936\t6.8\t596007\t6.5\nDenver Colorado\t565284\t5.9\t543234\t6.0\nDallas Texas\t529726\t5.5\t519833\t5.7\nCharlotte North Carolina\t451442\t4.7\t429640\t4.7\nRaleigh North Carolina\t427756\t4.5\t371827\t4.1\nSan Diego/Inland Empire California\t420538\t4.4\t392158\t4.3\nTampa Florida\t373326\t3.9\t362334\t4.0\nAustin Texas\t358258\t3.8\t354311\t3.9\nTotal\t9553177\t100.0%\t9115793\t100.0%\n", "q10k_tbl_17": "\t2020\t2019\nAverage monthly property revenue per apartment home (1)\t1771\t1765\nAnnualized total property expenses per apartment home (2)\t8037\t7546\nWeighted average number of operating apartment homes owned 100%\t49128\t48549\nWeighted average occupancy of operating apartment homes owned 100%\t95.3%\t96.0%\n", "q10k_tbl_18": "(in thousands)\t2020\t2019\nNet income\t128579\t224270\nLess: Fee and asset management income\t(10800)\t(8696)\nLess: Interest and other income\t(2949)\t(3090)\nLess: Income on deferred compensation plans\t(12045)\t(21694)\nPlus: Property management expense\t24201\t25290\nPlus: Fee and asset management expense\t3954\t5759\nPlus: General and administrative expense\t53624\t53201\nPlus: Interest expense\t91526\t80706\nPlus: Depreciation and amortization expense\t367162\t336274\nPlus: Expense on deferred compensation plans\t12045\t21694\nPlus: Loss on early retirement of debt\t176\t11995\nLess: Gain on sale of operating properties including land\t(382)\t(49901)\nLess: Equity in income of joint ventures\t(8052)\t(14783)\nPlus: Income tax expense\t1972\t1089\nNet operating income\t649011\t662114\n", "q10k_tbl_19": "\tApartment Homes at\tYear Ended December 31\t\tChange\t\n($ in thousands)\t12/31/2020\t2020\t2019\t$\t%\nProperty revenues:\t\t\t\t\t\nSame store communities\t43710\t914254\t904400\t9854\t1.1%\nNon-same store communities\t5389\t132881\t105289\t27592\t26.2\nDevelopment and lease-up communities\t2758\t2341\t2\t2339\t*\nResident Relief Funds\t0\t(9074)\t0\t(9074)\t*\nDispositions/other\t0\t3435\t18770\t(15335)\t(81.7)\nTotal property revenues\t51857\t1043837\t1028461\t15376\t1.5%\nProperty expenses:\t\t\t\t\t\nSame store communities\t43710\t332623\t320344\t12279\t3.8%\nNon-same store communities\t5389\t51051\t38709\t12342\t31.9\nDevelopment and lease-up communities\t2758\t3065\t0\t3065\t*\nCOVID-19 expenses\t0\t4540\t0\t4540\t*\nDispositions/other\t0\t3547\t7294\t(3747)\t(51.4)\nTotal property expenses\t51857\t394826\t366347\t28479\t7.8%\nProperty NOI:\t\t\t\t\t\nSame store communities\t43710\t581631\t584056\t(2425)\t(0.4)%\nNon-same store communities\t5389\t81830\t66580\t15250\t22.9\nDevelopment and lease-up communities\t2758\t(724)\t2\t(726)\t*\nCOVID-19 Related Impact\t0\t(13614)\t0\t(13614)\t*\nDispositions/other\t0\t(112)\t11476\t(11588)\t(101.0)\nTotal property NOI\t51857\t649011\t662114\t(13103)\t(2.0)%\n", "q10k_tbl_20": "\tFor the year ended December 31\n(in millions)\t2020 compared to 2019\nProperty Revenues\t\nRevenues from acquisitions\t22.2\nRevenues from non-same store stabilized properties\t5.0\nRevenues from development and lease-up properties\t2.3\nOther\t0.4\n\t29.9\nProperty Expenses\t\nExpenses from acquisitions\t10.2\nExpenses from non-same store stabilized properties\t1.0\nExpenses from development and lease-up properties\t3.0\nOther\t1.2\n\t15.4\nProperty NOI\t\nNOI from acquisitions\t12.0\nNOI from non-same store stabilized properties\t4.0\nNOI from development and lease-up properties\t(0.7)\nOther\t(0.8)\n\t14.5\n", "q10k_tbl_21": "\tYear Ended December 31\t\tChange\t\n($ in thousands)\t2020\t2019\t$\t%\t\t\t\t\t\t\t\t\t\t\t\t\nFee and asset management\t10800\t8696\t2104\t24.2%\t\t\t\t\t\t\t\t\t\t\t\t\nInterest and other income\t2949\t3090\t(141)\t(4.6)\t\t\t\t\t\t\t\t\t\t\t\t\nIncome on deferred compensation plans\t12045\t21694\t(9649)\t*\t\t\t\t\t\t\t\t\t\t\t\t\nTotal non-property income\t25794\t33480\t(7686)\t(23.0)%\t\t\t\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_22": "\tYear Ended December 31\t\tChange\t\n($ in thousands)\t2020\t2019\t$\t%\t\t\t\t\t\t\t\t\t\t\t\t\nProperty management\t24201\t25290\t(1089)\t(4.3)%\t\t\t\t\t\t\t\t\t\t\t\t\nFee and asset management\t3954\t5759\t(1805)\t(31.3)\t\t\t\t\t\t\t\t\t\t\t\t\nGeneral and administrative\t53624\t53201\t423\t0.8\t\t\t\t\t\t\t\t\t\t\t\t\nInterest\t91526\t80706\t10820\t13.4\t\t\t\t\t\t\t\t\t\t\t\t\nDepreciation and amortization\t367162\t336274\t30888\t9.2\t\t\t\t\t\t\t\t\t\t\t\t\nExpense on deferred compensation plans\t12045\t21694\t(9649)\t*\t\t\t\t\t\t\t\t\t\t\t\t\nTotal other expenses\t552512\t522924\t29588\t5.7%\t\t\t\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_23": "\tYear Ended December 31\t\tChange\n(in thousands)\t2020\t2019\t$\t\t\t\t\t\t\nLoss on early retirement of debt\t(176)\t(11995)\t11819\t\t\t\t\t\t\nGain on sale of operating properties including land\t382\t49901\t(49519)\t\t\t\t\t\t\nEquity in income of joint ventures\t8052\t14783\t(6731)\t\t\t\t\t\t\nIncome tax expense\t(1972)\t(1089)\t(883)\t\t\t\t\t\t\n", "q10k_tbl_24": "($ in thousands)\t2020\t2019\nFunds from operations\t\t\nNet income attributable to common shareholders (1)\t123911\t219623\nReal estate depreciation and amortization\t357489\t328045\nAdjustments for unconsolidated joint ventures\t9483\t8987\nGain on sale of operating properties\t0\t(49901)\nGain on sale of unconsolidated joint venture operating property\t0\t(6204)\nIncome allocated to non-controlling interests\t4849\t4838\nFunds from operations\t495732\t505388\nLess: recurring capitalized expenditures\t(77525)\t(72172)\nAdjusted funds from operations\t418207\t433216\nWeighted average shares - basic\t99385\t98460\nIncremental shares issuable from assumed conversion of:\t\t\nCommon share options and awards granted\t53\t119\nCommon units\t1748\t1753\nWeighted average shares - diluted\t101186\t100332\n", "q10k_tbl_25": "\tDecember 31\t\n(in millions)\t2020\t2019\nExpenditures for new development including land\t239.9\t217.5\nCapital expenditures\t90.2\t80.9\nReposition expenditures\t48.7\t66.7\nCapitalized interest real estate taxes and other capitalized indirect costs\t31.7\t26.6\nRedevelopment expenditures\t16.7\t15.9\nTotal\t427.2\t407.6\n", "q10k_tbl_26": "(in millions)\tTotal\t2021\t2022\t2023\t2024\t2025\tThereafter\nDebt maturities (1)\t3166.6\t(3.7)\t386.3\t247.3\t497.9\t(1.8)\t2040.6\nInterest payments (2)\t891.1\t108.8\t108.3\t91.3\t73.0\t66.4\t443.3\nNon-cancelable lease payments\t14.5\t3.5\t3.1\t3.0\t2.8\t2.0\t0.1\n\t4072.2\t108.6\t497.7\t341.6\t573.7\t66.6\t2484.0\n", "q10k_tbl_27": "\tDecember 31 2020\t\t\t\tDecember 31 2019\t\t\t\n\tAmount (in millions)\tWeighted Average Maturity (in years)\tWeighted Average Interest Rate\t% Of Total\tAmount (in millions)\tWeighted Average Maturity (in years)\tWeighted Average Interest Rate\t% Of Total\nFixed rate debt\t3126.9\t8.5\t3.6%\t98.7%\t2380.4\t9.3\t3.8%\t94.3%\nVariable rate debt\t39.7\t1.7\t1.9%\t1.3%\t143.7\t2.7\t2.7%\t5.7%\n", "q10k_tbl_28": "(1) Financial Statements:\t\nReport of Independent Registered Public Accounting Firm\tF-1\nConsolidated Balance Sheets as of December 31 2020 and 2019\tF-3\nConsolidated Statements of Income and Comprehensive Income for the Years Ended December 31 2020 2019 and 2018\tF-4\nConsolidated Statements of Equity for the Years Ended December 31 2020 2019 and 2018\tF-6\nConsolidated Statements of Cash Flows for the Years Ended December 31 2020 2019 and 2018\tF-8\nNotes to Consolidated Financial Statements\tF-10\n(2) Financial Statement Schedules:\t\nSchedule III - Real Estate and Accumulated Depreciation\tS-1\nSchedule IV - Mortgage Loans on Real Estate\tS-8\n", "q10k_tbl_29": "Exhibit No.\tDescription\tFiled Herewith or Incorporated Herein by Reference (1)\n3.1\tAmended and Restated Declaration of Trust of Camden Property Trust (2)\tExhibit 3.1 to Form 10-K for the year ended December 31 1993 - Rule 311-P\n3.2\tAmendment to the Amended and Restated Declaration of Trust of Camden Property Trust\tExhibit 3.1 to Form 10-Q for the quarter ended June 30 1997\n3.3\tAmendment to the Amended and Restated Declaration of Trust of Camden Property Trust\tExhibit 3.1 to Form 8-K filed on May 14 2012\n3.4\tFifth Amended and Restated Bylaws of Camden Property Trust\tExhibit 99.1 to Form 8-K filed on February 2 2021\n4.1\tSpecimen certificate for Common Shares of Beneficial Interest (2)\tForm S-11 filed on September 15 1993 (Registration No. 33-68736) - Rule 311-P\n4.2\tIndenture for Senior Debt Securities dated as of February 11 2003 between Camden Property Trust and U. S. Bank National Association as successor to SunTrust Bank as Trustee\tExhibit 4.1 to Form S-3 filed on February 12 2003 (Registration No. 333-103119)\n4.3\tFirst Supplemental Indenture dated as of May 4 2007 between the Company and U.S. Bank National Association as successor to SunTrust Bank as Trustee\tExhibit 4.2 to Form 8-K filed on May 7 2007\n4.4\tSecond Supplemental Indenture dated as of June 3 2011 between the Company and U.S. Bank National Association as successor to SunTrust Bank as Trustee\tExhibit 4.3 to Form 8-K filed on June 3 2011\n4.5\tThird Supplemental Indenture dated as of October 4 2018 between the Company and U.S. Bank National Association as successor to SunTrust Bank as Trustee\tExhibit 4.4 to Form 8-K filed on October 4 2018\n4.6\tRegistration Rights Agreement dated as of February 28 2005 between Camden Property Trust and the holders named therein\tForm S-4 filed on November 24 2004 (Registration No. 333-120733)\n4.7\tForm of Camden Property Trust 2.95% Note due 2022\tExhibit 4.4 to Form 8-K filed on December 7 2012\n4.8\tForm of Camden Property Trust 4.875% Note due 2023\tExhibit 4.5 to Form 8-K filed on June 3 2011\n4.9\tForm of Camden Property Trust 4.250% Note due 2024\tExhibit 4.1 to Form 8-K filed on December 2 2013\n4.10\tForm of Camden Property Trust 3.50% Note due 2024\tExhibit 4.1 to Form 8-K filed on September 12 2014\n4.11\tForm of Camden Property Trust 4.100% Note due 2028\tExhibit 4.5 to Form 8-K filed on October 4 2018\n4.12\tForm of Camden Property Trust 3.150% Note due 2029\tExhibit 4.5 to Form 8-K filed on June 17 2019\n4.13\tForm of Camden Property Trust 3.350% Note due 2049\tExhibit 4.5 to Form 8-K filed on October 7 2019\n4.14\tForm of Camden Property Trust 2.800% Note due 2030\tExhibit 4.5 to Form 8-K filed on April 21 2020\n4.15\tForm of Camden Property Trust 2.800% Note due 2030\tExhibit 4.6 to Form 8-K filed on April 21 2020\n4.16\tDescription of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934\tExhibit 4.14 to Form 10-K/A filed on March 6 2020\n10.1\tForm of Indemnification Agreement between Camden Property Trust and certain of its trust managers and executive officers (2)\tForm S-11 filed on July 9 1993 (Registration No. 33-63588) - Rule 311-P\n10.2\tSecond Amended and Restated Employment Agreement dated July 11 2003 between Camden Property Trust and Richard J. Campo\tExhibit 10.1 to Form 10-Q for the quarter ended June 30 2003\n", "q10k_tbl_30": "Exhibit No.\tDescription\tFiled Herewith or Incorporated Herein by Reference (1)\n10.3\tSecond Amended and Restated Employment Agreement dated July 11 2003 between Camden Property Trust and D. Keith Oden\tExhibit 10.2 to Form 10-Q for the quarter ended June 30 2003\n10.4\tForm of First Amendment to Second Amended and Restated Employment Agreements effective as of January 1 2008 between Camden Property Trust and each of Richard J. Campo and D. Keith Oden\tExhibit 99.1 to Form 8-K filed on November 30 2007\n10.5\tSecond Amendment to Second Amended and Restated Employment Agreement dated as of March 14 2008 between Camden Property Trust and D. Keith Oden\tExhibit 99.1 to Form 8-K filed on March 18 2008\n10.6\tForm of Employment Agreement by and between Camden Property Trust and certain senior executive officers\tExhibit 10.13 to Form 10-K for the year ended December 31 1996\n10.7\tSecond Amended and Restated Employment Agreement dated November 3 2008 between Camden Property Trust and H. Malcolm Stewart\tExhibit 99.1 to Form 8-K filed on November 4 2008\n10.8\tSecond Amended and Restated Camden Property Trust Key Employee Share Option Plan (KEYSOP™) effective as of January 1 2008\tExhibit 99.5 to Form 8-K filed on November 30 2007\n10.9\tAmendment No. 1 to Second Amended and Restated Camden Property Trust Key Employee Share Option Plan effective as of January 1 2008\tExhibit 99.1 to Form 8-K filed on December 8 2008\n10.10\tForm of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employees\tExhibit 10.7 to Form 10-K for the year ended December 31 2003\n10.11\tForm of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain trust managers\tExhibit 10.8 to Form 10-K for the year ended December 31 2003\n10.12\tForm of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employees\tExhibit 10.9 to Form 10-K for the year ended December 31 2003\n10.13\tForm of Master Exchange Agreement between Camden Property Trust and certain trust managers\tExhibit 10.10 to Form 10-K for the year ended December 31 2003\n10.14\tForm of Amendment No. 1 to Amended and Restated Master Exchange Agreement (Trust Managers) effective November 27 2007\tExhibit 10.1 to Form 10-Q filed on July 30 2010\n10.15\tForm of Amendment No. 1 to Amended and Restated Master Exchange Agreement (Key Employees) effective November 27 2007\tExhibit 10.2 to Form 10-Q filed on July 30 2010\n10.16\tForm of Third Amended and Restated Agreement of Limited Partnership of Camden Operating L.P.\tExhibit 10.1 to Form S-4 filed on February 26 1997 (Registration No. 333-22411)\n10.17\tFirst Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating L.P. dated as of February 23 1999\tExhibit 99.2 to Form 8-K filed on March 10 1999\n10.18\tForm of Second Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating L.P. dated as of August 13 1999\tExhibit 10.15 to Form 10-K for the year ended December 31 1999\n10.19\tForm of Third Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating L.P. dated as of September 7 1999\tExhibit 10.16 to Form 10-K for the year ended December 31 1999\n", "q10k_tbl_31": "Exhibit No.\tDescription\tFiled Herewith or Incorporated Herein by Reference (1)\n10.20\tForm of Fourth Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating L.P. dated as of January 7 2000\tExhibit 10.17 to Form 10-K for the year ended December 31 1999\n10.21\tForm of Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating L.P. dated as of December 1 2003\tExhibit 10.19 to Form 10-K for the year ended December 31 2003\n10.22\tAmended and Restated 1993 Share Incentive Plan of Camden Property Trust\tExhibit 10.18 to Form 10-K for the year ended December 31 1999\n10.23\tAmended and Restated Camden Property Trust 1999 Employee Share Purchase Plan\tExhibit 10.1 to Form 10-Q for the quarter ended June 30 2014\n10.24\tAmended and Restated 2002 Share Incentive Plan of Camden Property Trust\tExhibit 10.1 to Form 10-Q for the quarter ended March 31 2002\n10.25\tCamden Property Trust 2018 Employee Share Purchase Plan\tExhibit 99.2 to Form 8-K filed on May 17 2018\n10.26\tAmendment to Amended and Restated 2002 Share Incentive Plan of Camden Property Trust\tExhibit 99.1 to Form 8-K filed on May 4 2006\n10.27\tAmendment to Amended and Restated 2002 Share Incentive Plan of Camden Property Trust effective as of January 1 2008\tExhibit 99.1 to Form 8-K filed on July 29 2008\n10.28\tCamden Property Trust 2011 Share Incentive Plan effective as of May 11 2011\tExhibit 99.1 to Form 8-K filed on May 12 2011\n10.29\tAmendment No. 1 to 2011 Share Incentive Plan of Camden Property Trust dated as of July 31 2012\tExhibit 99.1 to Form 8-K filed on August 6 2012\n10.30\tAmendment No. 2 to the 2011 Share Incentive Plan of Camden Property Trust dated as of July 30 2013\tExhibit 99.1 to Form 8-K filed on August 5 2013\n10.31\tAmendment No. 3 to the 2011 Share Incentive Plan of Camden Property Trust dated as of October 28 2015\tExhibit 99.1 to Form 8-K filed on October 29 2015\n10.32\tCamden Property Trust 2018 Share Incentive Plan effective as of May 17 2018\tExhibit 99.1 to Form 8-K filed on May 17 2018\n10.33\tCamden Property Trust Short Term Incentive Plan\tExhibit 10.2 to Form 10-Q for the quarter ended March 31 2002\n10.34\tSecond Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan\tExhibit 99.1 to Form 8-K filed on February 21 2014\n10.35\tAmended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan\tExhibit 10.35 to Form 10-K filed on February 15 2019\n10.36\tForm of Second Amended and Restated Agreement of Limited Partnership of Camden Summit Partnership L.P. among Camden Summit Inc. as general partner and the persons whose names are set forth on Exhibit A thereto\tExhibit 10.5 to Form S-4 filed on November 24 2004 (Registration No. 333-120733)\n10.37\tForm of Tax Asset and Income Support Agreement among Camden Property Trust Camden Summit Inc. Camden Summit Partnership L.P. and each of the limited partners who has executed a signature page thereto\tExhibit 10.6 to Form S-4 filed on November 24 2004 (Registration No. 333-120733)\n", "q10k_tbl_32": "Exhibit No.\tDescription\tFiled Herewith or Incorporated Herein by Reference (1)\n10.38\tAgreement dated as of September 14 2018 among William F. Paulsen the 2014 Amended and Restated William B. McGuire Junior Revocable Trust David F. Tufaro McGuire Family DE 2012 LP William B. McGuire Jr. Susanne H. McGuire Camden Property Trust Camden Summit Inc. and Camden Summit Partnership L.P.\tExhibit 99.1 to Form 8-K filed by Camden Property Trust on September 17 2018 (File No. 1-12110)\n10.39\tEmployment Agreement dated February 15 1999 by and among William F. Paulsen Summit Properties Inc. and Summit Management Company as restated on April 3 2001\tExhibit 10.1 to Summit Properties Inc.'s Form 10-Q for the quarter ended June 30 2001 (File No. 000-12792)\n10.40\tAmendment Agreement dated as of June 19 2004 among William F. Paulsen Summit Properties Inc. and Summit Management Company\tExhibit 10.8.2 to Summit Properties Inc.'s Form 10-Q for the quarter ended June 30 2004 (File No. 001-12792)\n10.41\tSeparation Agreement dated as of February 28 2005 between Camden Property Trust and William F. Paulsen\tExhibit 99.2 to Form 8-K filed on April 28 2005\n10.42\tThird Amended and Restated Credit Agreement dated as of March 8 2019 among Camden Property Trust as the Borrower Bank of America N.A. as Administrative Agent JPMorgan Chase Bank N.A. U.S. Bank National Association and PNC Bank National Association as Syndication Agents The Bank of Nova Scotia Branch Banking and Trust Company Deutsche Bank Securities Inc. Regions Bank SunTrust Bank and Wells Fargo Bank National Association as Documentation Agents TD Bank N.A. as Managing Agent and the other lenders party thereto Merrill Lynch Pierce Fenner & Smith Incorporated J.P. Morgan Chase Bank N.A. U.S. Bank National Association and PNC Capital Markets LLC as Joint Lead Arrangers Merrill Lynch Pierce Fenner & Smith Incorporated and J.P. Morgan Chase Bank N.A. as Joint Bookrunners\tExhibit 99.1 to Form 8-K filed on March 8 2019\n10.43\tDistribution Agency Agreement dated June 4 2020 between Camden Property Trust and BofA Securities Inc.\tExhibit 1.1 to Form 8-K filed on June 4 2020\n10.44\tDistribution Agency Agreement dated June 4 2020 between Camden Property Trust and J.P. Morgan Securities LLC\tExhibit 1.2 to Form 8-K filed on June 4 2020\n10.45\tDistribution Agency Agreement dated June 4 2020 between Camden Property Trust and Scotia Capital (USA) Inc.\tExhibit 1.3 to Form 8-K filed on June 4 2020\n10.46\tDistribution Agency Agreement dated June 4 2020 between Camden Property Trust and SunTrust Robinson Humphrey Inc.\tExhibit 1.4 to Form 8-K filed on June 4 2020\n10.47\tDistribution Agency Agreement dated June 4 2020 between Camden Property Trust and Wells Fargo Securities LLC\tExhibit 1.5 to Form 8-K filed on June 4 2020\n21.1\tList of Significant Subsidiaries\tFiled Herewith\n23.1\tConsent of Deloitte & Touche LLP\tFiled Herewith\n24.1\tPowers of Attorney for Heather J. Brunner Mark D. Gibson Scott S. Ingraham Renu Khator William F. Paulsen Frances Aldrich Sevilla-Sacasa Steven A. Webster and Kelvin R. Westbrook\tFiled Herewith\n31.1\tCertification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act\tFiled Herewith\n", "q10k_tbl_33": "Exhibit No.\tDescription\tFiled Herewith or Incorporated Herein by Reference (1)\n31.2\tCertification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act\tFiled Herewith\n32.1\tCertification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\tFiled Herewith\n101.INS\tXBRL Instance Document\tXBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document\n101.SCH\tXBRL Taxonomy Extension Schema Document\tFiled Herewith\n101.CAL\tXBRL Taxonomy Extension Calculation Linkbase Document\tFiled Herewith\n101.DEF\tXBRL Taxonomy Extension Definition Linkbase Document\tFiled Herewith\n101.LAB\tXBRL Taxonomy Extension Label Linkbase Document\tFiled Herewith\n101.PRE\tXBRL Taxonomy Extension Presentation Linkbase Document\tFiled Herewith\n104\tCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\tFiled Herewith\n", "q10k_tbl_34": "Name\tTitle\tDate\n/s/ Richard J. Campo\tChairman of the Board of Trust\tFebruary 18 2021\nRichard J. Campo\tManagers and Chief Executive Officer (Principal Executive Officer)\t\n/s/ D. Keith Oden\tExecutive Vice Chairman of the Board of Trust\tFebruary 18 2021\nD. Keith Oden\tManagers\t\n/s/ Alexander J. Jessett\tExecutive Vice President - Finance and\tFebruary 18 2021\nAlexander J. Jessett\tChief Financial Officer (Principal Financial Officer)\t\n/s/ Michael P. Gallagher\tSenior Vice President - Chief Accounting\tFebruary 18 2021\nMichael P. Gallagher\tOfficer (Principal Accounting Officer)\t\n*\t\t\nHeather J. Brunner\tTrust Manager\tFebruary 18 2021\n*\t\t\nMark D. Gibson\tTrust Manager\tFebruary 18 2021\n*\t\t\nScott S. Ingraham\tTrust Manager\tFebruary 18 2021\n*\t\t\nRenu Khator\tTrust Manager\tFebruary 18 2021\n*\t\t\nWilliam F. Paulsen\tTrust Manager\tFebruary 18 2021\n*\t\t\nFrances Aldrich Sevilla-Sacasa\tTrust Manager\tFebruary 18 2021\n*\t\t\nSteven A. Webster\tTrust Manager\tFebruary 18 2021\n*\t\t\nKelvin R. Westbrook\tTrust Manager\tFebruary 18 2021\n*By: /s/ Alexander J. Jessett\t\t\nAlexander J. Jessett Attorney-in-fact\t\t\n", "q10k_tbl_35": "\tDecember 31\t\n(in thousands except per share amounts)\t2020\t2019\nAssets\t\t\nReal estate assets at cost\t\t\nLand\t1225214\t1199384\nBuildings and improvements\t7763748\t7404090\n\t8988962\t8603474\nAccumulated depreciation\t(3034186)\t(2686025)\nNet operating real estate assets\t5954776\t5917449\nProperties under development including land\t564215\t512319\nInvestments in joint ventures\t18994\t20688\nTotal real estate assets\t6537985\t6450456\nAccounts receivable - affiliates\t20158\t21833\nOther assets net\t216276\t248716\nCash and cash equivalents\t420441\t23184\nRestricted cash\t4092\t4315\nTotal assets\t7198952\t6748504\nLiabilities and equity\t\t\nLiabilities\t\t\nNotes payable\t\t\nUnsecured\t3166625\t2524099\nAccounts payable and accrued expenses\t175608\t171719\nAccrued real estate taxes\t66156\t54408\nDistributions payable\t84147\t80973\nOther liabilities\t189829\t215581\nTotal liabilities\t3682365\t3046780\nCommitments and contingencies (Note 14)\t\t\nEquity\t\t\nCommon shares of beneficial interest; $0.01 par value per share; 175000 shares authorized; 109110 and 109110 issued; 106860 and 106878 outstanding at December 31 2020 and 2019 respectively\t1069\t1069\nAdditional paid-in capital\t4581710\t4566731\nDistributions in excess of net income attributable to common shareholders\t(791079)\t(584167)\nTreasury shares at cost (9442 and 9636 common shares at December 31 2020 and 2019 respectively)\t(341412)\t(348419)\nAccumulated other comprehensive loss\t(5383)\t(6529)\nTotal common equity\t3444905\t3628685\nNon-controlling interests\t71682\t73039\nTotal equity\t3516587\t3701724\nTotal liabilities and equity\t7198952\t6748504\n", "q10k_tbl_36": "\tYear Ended December 31\t\t\n(in thousands except per share amounts)\t2020\t2019\t2018\nProperty revenues\t1043837\t1028461\t954505\nProperty expenses\t\t\t\nProperty operating and maintenance\t252190\t235589\t220732\nReal estate taxes\t142636\t130758\t122847\nTotal property expenses\t394826\t366347\t343579\nNon-property income\t\t\t\nFee and asset management\t10800\t8696\t7231\nInterest and other income\t2949\t3090\t2101\nIncome (loss) on deferred compensation plans\t12045\t21694\t(6535)\nTotal non-property income\t25794\t33480\t2797\nOther expenses\t\t\t\nProperty management\t24201\t25290\t25581\nFee and asset management\t3954\t5759\t4451\nGeneral and administrative\t53624\t53201\t50735\nInterest\t91526\t80706\t84263\nDepreciation and amortization\t367162\t336274\t300946\nExpense (benefit) on deferred compensation plans\t12045\t21694\t(6535)\nTotal other expenses\t552512\t522924\t459441\nLoss on early retirement of debt\t(176)\t(11995)\t0\nGain on sale of operating properties including land\t382\t49901\t0\nEquity in income of joint ventures\t8052\t14783\t7836\nIncome from continuing operations before income taxes\t130551\t225359\t162118\nIncome tax expense\t(1972)\t(1089)\t(1424)\nNet income\t128579\t224270\t160694\nLess income allocated to non-controlling interests\t(4668)\t(4647)\t(4566)\nNet income attributable to common shareholders\t123911\t219623\t156128\n", "q10k_tbl_37": "Total earnings per share - basic\t1.24\t2.23\t1.63\nTotal earnings per share - diluted\t1.24\t2.22\t1.63\nWeighted average number of common shares outstanding - basic\t99385\t98460\t95208\nWeighted average number of common shares outstanding - diluted\t99438\t99384\t95366\n", "q10k_tbl_38": "Consolidated Statements of Comprehensive Income\t\t\t\nNet income\t128579\t224270\t160694\nOther comprehensive income\t\t\t\nUnrealized gain (loss) on cash flow hedging activities\t0\t(12998)\t6782\nUnrealized gain (loss) and unamortized prior service cost on post retirement obligation\t(318)\t(449)\t450\nReclassification of net (gain) loss on cash flow hedging activities prior service cost and net loss on post retirement obligation\t1464\t(11)\t(246)\nComprehensive income\t129725\t210812\t167680\nLess income allocated to non-controlling interests\t(4668)\t(4647)\t(4566)\nComprehensive income attributable to common shareholders\t125057\t206165\t163114\n", "q10k_tbl_39": "\tCommon Shareholders\t\t\t\t\t\t\n(in thousands except per share amounts)\tCommon shares of beneficial interest\tAdditional paid-in capital\tDistributions in excess of net income\tTreasury shares at cost\tAccumulated other comprehensive loss\tNon-controlling interests\tTotal equity\nEquity December 31 2017\t1028\t4137161\t(368703)\t(364066)\t(57)\t79351\t3484714\nNet income\t\t\t156128\t\t\t4566\t160694\nOther comprehensive income\t\t\t\t\t6986\t\t6986\nNet share awards\t\t13720\t\t7961\t\t\t21681\nEmployee share purchase plan\t\t826\t\t554\t\t\t1380\nCommon share options exercised (8 shares)\t\t41\t\t\t\t\t41\nChange in classification of deferred compensation plan\t\t(16407)\t\t\t\t\t(16407)\nChange in redemption value of non-qualified share awards\t\t\t669\t\t\t\t669\nDiversification of share awards within deferred compensation plan\t\t29379\t10915\t\t\t\t40294\nCommon shares repurchased\t\t\t\t(253)\t\t\t(253)\nConversions of operating partnership unit (2 shares)\t\t(9781)\t\t\t\t(4634)\t(14415)\nCash distributions declared to equity holders ($3.08 per share)\t\t\t(294505)\t\t\t(5602)\t(300107)\nOther\t3\t(176)\t\t\t\t\t(173)\nEquity December 31 2018\t1031\t4154763\t(495496)\t(355804)\t6929\t73681\t3385104\nNet income\t\t\t219623\t\t\t4647\t224270\nOther comprehensive (loss)\t\t\t\t\t(13458)\t\t(13458)\nCommon shares issued (3599 shares)\t36\t353177\t\t\t\t\t353213\nNet share awards\t\t13609\t\t6590\t\t\t20199\nEmployee share purchase plan\t\t1538\t\t795\t\t\t2333\nChange in classification of deferred compensation plan (See Note 11)\t\t43311\t9363\t\t\t\t52674\nConversion/redemption of operating partnership units (8 shares)\t\t304\t\t\t\t(304)\t0\nCash distributions declared to equity holders ($3.20 per share)\t\t\t(317657)\t\t\t(5607)\t(323264)\nOther\t2\t29\t\t\t\t622\t653\nEquity December 31 2019\t1069\t4566731\t(584167)\t(348419)\t(6529)\t73039\t3701724\n", "q10k_tbl_40": "\tCommon Shareholders\t\t\t\t\t\t\n(in thousands except per share amounts)\tCommon shares of beneficial interest\tAdditional paid-in capital\tDistributions in excess of net income\tTreasury shares at cost\tAccumulated other comprehensive loss\tNon-controlling interests\tTotal equity\nEquity December 31 2019\t1069\t4566731\t(584167)\t(348419)\t(6529)\t73039\t3701724\nNet income\t\t\t123911\t\t\t4668\t128579\nOther comprehensive income\t\t\t\t\t1146\t\t1146\nNet share awards\t\t13986\t\t6195\t\t\t20181\nEmployee share purchase plan\t\t1347\t\t812\t\t\t2159\nCash distributions declared to equity holders ($3.32 per share)\t\t\t(330823)\t\t\t(5803)\t(336626)\nOther\t\t(354)\t\t\t\t(222)\t(576)\nEquity December 31 2020\t1069\t4581710\t(791079)\t(341412)\t(5383)\t71682\t3516587\n", "q10k_tbl_41": "\tYear Ended December 31\t\t\n(in thousands)\t2020\t2019\t2018\nCash flows from operating activities\t\t\t\nNet income\t128579\t224270\t160694\nAdjustments to reconcile net income to net cash from operating activities:\t\t\t\nDepreciation and amortization\t367162\t336274\t300946\nLoss on early retirement of debt\t176\t11995\t0\nGain on sale of operating properties including land\t(382)\t(49901)\t0\nDistributions of income from joint ventures\t8389\t14843\t7736\nEquity in income of joint ventures\t(8052)\t(14783)\t(7836)\nShare-based compensation\t13942\t15235\t16749\nReceipts for settlement of forward interest rate swaps\t0\t(20430)\t15905\nNet change in operating accounts and other\t9505\t38094\t9553\nNet cash from operating activities\t519319\t555597\t503747\nCash flows from investing activities\t\t\t\nDevelopment and capital improvements including land\t(427247)\t(407558)\t(359230)\nAcquisition of operating properties\t0\t(436305)\t(290005)\nProceeds from sales of operating properties including land\t753\t67572\t11296\nIncrease in non-real estate assets\t(7498)\t(17197)\t(14503)\nDecrease in notes receivable\t1449\t1394\t9475\nOther\t2941\t(351)\t2046\nNet cash from investing activities\t(429602)\t(792445)\t(640921)\nCash flows from financing activities\t\t\t\nBorrowings on unsecured credit facility and other short-term borrowings\t358000\t1217000\t342000\nRepayments on unsecured credit facility and other short-term borrowings\t(402000)\t(1173000)\t(342000)\nRepayment of notes payable including prepayment penalties\t(100000)\t(746730)\t(381438)\nProceeds from notes payable\t782823\t889979\t495545\nDistributions to common shareholders and non-controlling interests\t(333360)\t(317253)\t(298005)\nPayment of deferred financing costs\t(1308)\t(5965)\t(914)\nProceeds from issuance of common shares\t0\t353213\t0\nRepurchase of common shares and redemption of units\t0\t0\t(14668)\nOther\t3162\t3500\t2452\nNet cash from financing activities\t307317\t220744\t(197028)\nNet increase (decrease) in cash cash equivalents and restricted cash\t397034\t(16104)\t(334202)\nCash cash equivalents and restricted cash beginning of year\t27499\t43603\t377805\nCash cash equivalents and restricted cash end of year\t424533\t27499\t43603\n", "q10k_tbl_42": "\tYear Ended December 31\t\t\n(in thousands)\t2020\t2019\t2018\nReconciliation of cash cash equivalents and restricted cash to the Consolidated Balance Sheet\t\t\t\nCash and cash equivalents\t420441\t23184\t34378\nRestricted cash\t4092\t4315\t9225\nTotal cash cash equivalents and restricted cash end of year\t424533\t27499\t43603\nSupplemental information\t\t\t\nCash paid for interest net of interest capitalized\t90297\t71248\t81299\nCash paid for income taxes\t2292\t1291\t1951\nSupplemental schedule of noncash investing and financing activities\t\t\t\nDistributions declared but not paid\t84147\t80973\t74982\nValue of shares issued under benefit plans net of cancellations\t19560\t18249\t17253\nAccrual associated with construction and capital expenditures\t29611\t27162\t35588\nRight-of-use assets obtained in exchange for the use of new operating lease liabilities\t676\t15017\t0\n", "q10k_tbl_43": "(in millions)\t\nYear ended December 31\tOperating Leases\n2021\t645.9\n2022\t25.1\n2023\t4.0\n2024\t3.1\n2025\t2.5\nThereafter\t6.0\nTotal\t686.6\n", "q10k_tbl_44": "\tYear Ended December 31\t\t\n(in thousands except per share amounts)\t2020\t2019\t2018\nEarnings per common share calculation - basic\t\t\t\nIncome from continuing operations attributable to common shareholders\t123911\t219623\t156128\nAmount allocated to participating securities\t(261)\t(539)\t(1107)\nNet income attributable to common shareholders - basic\t123650\t219084\t155021\nTotal earnings per common share - basic\t1.24\t2.23\t1.63\nWeighted average number of common shares outstanding - basic\t99385\t98460\t95208\n", "q10k_tbl_45": "Earnings per common share calculation - diluted\t\t\t\nIncome from continuing operations attributable to common shareholders net of amount allocated to participating securities\t123650\t219084\t155021\nIncome allocated to common units from continuing operations\t0\t1593\t0\nNet income attributable to common shareholders - diluted\t123650\t220677\t155021\nTotal earnings per common share - diluted\t1.24\t2.22\t1.63\nWeighted average number of common shares outstanding - basic\t99385\t98460\t95208\nIncremental shares issuable from assumed conversion of:\t\t\t\nCommon share options and share awards granted\t53\t119\t158\nCommon units\t0\t805\t0\nWeighted average number of common shares outstanding - diluted\t99438\t99384\t95366\n", "q10k_tbl_46": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nCommon Share Distributions\t\t\t\nOrdinary income\t3.22\t2.53\t2.99\nLong-term capital gain\t0.04\t0.46\t0.09\nReturn of capital\t0.06\t0\t0\nUnrecaptured Sec. 1250 gain\t0\t0.21\t0\nTotal\t3.32\t3.20\t3.08\n", "q10k_tbl_47": "(in millions)\t2020\t2019\nTotal assets\t691.5\t685.0\nTotal third-party debt\t509.1\t496.9\nTotal equity\t149.1\t153.4\n", "q10k_tbl_48": "\t2020\t2019\t2018\nTotal revenues (1)\t128.5\t131.7\t127.4\nGain on sale of operating property (2)\t0\t19.8\t0\nNet income\t15.8\t37.5\t16.4\nEquity in income (3) (4)\t8.1\t14.8\t7.8\n", "q10k_tbl_49": "\tDecember 31\t\n(in millions)\t2020\t2019\nCommercial banks\t\t\nUnsecured credit facility\t0\t44.0\n1.85% Term loan due 2022\t39.7\t99.7\n\t39.7\t143.7\nSenior unsecured notes\t\t\n3.15% Notes due 2022\t348.6\t348.0\n5.07% Notes due 2023\t248.9\t248.4\n4.36% Notes due 2024\t249.2\t249.0\n3.68% Notes due 2024\t248.4\t248.0\n3.74% Notes due 2028\t397.3\t396.7\n3.67% Notes due 2029 (1)\t594.3\t593.7\n2.91% Notes due 2030\t743.5\t0\n3.41% Notes due 2049\t296.7\t296.6\n\t3126.9\t2380.4\nTotal notes payable (2)\t3166.6\t2524.1\n", "q10k_tbl_50": "(in millions) (1)\tAmount (2)\tWeighted Average Interest Rate (3)\n2021\t(3.7)\t-%\n2022\t386.3\t3.0%\n2023\t247.3\t5.1\n2024\t497.9\t4.0\n2025\t(1.8)\t0\nThereafter\t2040.6\t3.4\nTotal\t3166.6\t3.6%\n", "q10k_tbl_51": "(in millions)\tUnrealized Gain (Loss) Recognized in Other Comprehensive Income (\"OCI\") on Derivatives\t\t\tLocation of Gain (Loss) Reclassified from Accumulated OCI into Income\tAmount of Gain (Loss) Reclassified from Accumulated OCI into Income\t\t\nDerivatives in Cash Flow Hedging Relationships\t2020\t2019\t2018\t\t2020\t2019\t2018\t\t\t\nInterest Rate Swaps\t0\t(13.0)\t6.8\tInterest expense\t(1.3)\t0.1\t0.4\t\t\t\n", "q10k_tbl_52": "\tNonvested Share Awards Outstanding\tWeighted Average Exercise / Grant Price\nNonvested share awards outstanding at December 31 2019\t264654\t90.44\nGranted\t181298\t113.46\nExercised/Vested\t(196464)\t95.12\nForfeited\t(9760)\t103.61\nTotal nonvested share awards outstanding at December 31 2020\t239728\t103.48\n", "q10k_tbl_53": "\t2020\t2019\t2018\nShares purchased\t22496\t22032\t15330\nWeighted average fair value of shares purchased\t95.97\t105.93\t90.93\nExpense recorded (in millions)\t0.3\t0.4\t0.2\n", "q10k_tbl_54": "(in thousands)\t2018\nTemporary equity:\t\nBalance at beginning of period\t77230\nChange in classification\t16407\nChange in redemption value\t(669)\nDiversification of share awards (429 shares during December 31 2018)\t(40294)\nBalance at December 31 2018\t52674\n", "q10k_tbl_55": "\tDecember 31 2020\t\t\t\tDecember 31 2019\t\t\t\n(in millions)\tQuoted Prices in Active Markets for Identical Assets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\tTotal\tQuoted Prices in Active Markets for Identical Assets (Level 1)\tSignificant Other Observable Inputs (Level 2)\tSignificant Unobservable Inputs (Level 3)\tTotal\nOther Assets\t\t\t\t\t\t\t\t\nDeferred compensation plan investments (1)\t129.8\t0\t0\t129.8\t151.8\t0\t0\t151.8\n", "q10k_tbl_56": "\tDecember 31 2020\t\tDecember 31 2019\t\n(in millions)\tCarrying Value\tEstimated Fair Value\tCarrying Value\tEstimated Fair Value\nFixed rate notes payable\t3126.9\t3519.9\t2380.4\t2533.5\nFloating rate notes payable (1)\t39.7\t40.0\t143.7\t143.8\n", "q10k_tbl_57": "\tYear Ended December 31\t\t\n(in thousands)\t2020\t2019\t2018\nChange in assets:\t\t\t\nOther assets net\t(5235)\t(6976)\t10364\nChange in liabilities:\t\t\t\nAccounts payable and accrued expenses\t(62)\t19713\t(4133)\nAccrued real estate taxes\t11745\t(1014)\t1910\nOther liabilities\t997\t23119\t(1486)\nOther\t2060\t3252\t2898\nChange in operating accounts and other\t9505\t38094\t9553\n", "q10k_tbl_58": "($ in millions)\t\tAs of December 31\t\nBalance sheet\tClassification\t2020\t2019\nRight-of-use assets net\tOther assets net\t9.2\t10.6\nOperating lease liabilities\tOther liabilities\t13.0\t15.0\n", "q10k_tbl_59": "($ in millions)\t\tYear ended\t\nStatement of income and comprehensive income\tClassification\t2020\t2019\nRent expense related to operating lease liabilities\tGeneral and administrative expenses and property management expenses\t3.0\t2.9\nVariable lease expense\tGeneral and administrative expenses and property management expenses\t1.3\t1.4\nTotal lease expense\t\t4.3\t4.3\n", "q10k_tbl_60": "($ in millions)\t\tYear ended\t\nStatement of cash flows\tClassification\t2020\t2019\nCash flows from operating leases\tNet cash from operating activities\t3.3\t3.1\nSupplemental lease information\t\t\t\nWeighted average remaining lease term (years)\t\t4.4\t5.3\nWeighted average discount rate - operating leases (1)\t\t4.8%\t4.9%\n", "q10k_tbl_61": "(in millions)\t\nYear ended December 31\tOperating Leases\n2021\t3.5\n2022\t3.1\n2023\t3.0\n2024\t2.8\n2025\t2.0\nThereafter\t0.1\nLess: discount for time value\t(1.5)\nLease liability as of December 31 2020\t13.0\n", "q10k_tbl_62": "Camden Property Trust Real Estate and Accumulated Depreciation As of December 31 2020 (in thousands)\t\t\t\t\t\t\t\t\tSchedule III\n\tInitial Cost\t\t\tTotal Cost\t\t\t\t\t\t\t\t\n\tLand\tBuilding/ Construction in Progress & Improvements\tCost Subsequent to Acquisition/ Construction\tLand\tBuilding/ Construction in Progress & Improvements\tTotal\tAccumulated Depreciation\tTotal Cost Net of Accumulated Depreciation\t\tYear of Completion/ Acquisition\t\t\nCurrent communities (1):\t\t\t\t\t\t\t\t\t\t\t\t\nARIZONA\t\t\t\t\t\t\t\t\t\t\t\t\nPhoenix/Scottsdale\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Chandler\t5511\t62429\t753\t5511\t63182\t68693\t14121\t54572\t\t2016\t\t\nCamden Copper Square\t4825\t23672\t9561\t4825\t33233\t38058\t21673\t16385\t\t2000\t\t\nCamden Foothills\t11006\t33712\t458\t11006\t34170\t45176\t8618\t36558\t\t2014\t\t\nCamden Legacy\t4068\t26612\t21934\t4068\t48546\t52614\t31381\t21233\t\t1998\t\t\nCamden Montierra\t13687\t31727\t6195\t13687\t37922\t51609\t12158\t39451\t\t2012\t\t\nCamden North End I\t16108\t82620\t160\t16108\t82780\t98888\t13887\t85001\t\t2019\t\t\nCamden Old Town Scottsdale\t23227\t71784\t2749\t23227\t74533\t97760\t9584\t88176\t\t2019\t\t\nCamden Pecos Ranch\t3362\t24492\t6299\t3362\t30791\t34153\t11785\t22368\t\t2012\t\t\nCamden San Marcos\t11520\t35166\t6737\t11520\t41903\t53423\t13809\t39614\t\t2012\t\t\nCamden San Paloma\t6480\t23045\t11854\t6480\t34899\t41379\t20795\t20584\t\t2002\t\t\nCamden Sotelo\t3376\t30576\t1962\t3376\t32538\t35914\t8630\t27284\t\t2013\t\t\nCamden Tempe (2)\t9248\t35254\t771\t9248\t36025\t45273\t8532\t36741\t\t2015\t\t\nCALIFORNIA\t\t\t\t\t\t\t\t\t\t\t\t\nLos Angeles/Orange County\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Crown Valley\t9381\t54210\t13082\t9381\t67292\t76673\t39866\t36807\t\t2001\t\t\nCamden Glendale\t21492\t96158\t732\t21492\t96890\t118382\t21152\t97230\t\t2015\t\t\nCamden Harbor View\t16079\t127459\t39171\t16079\t166630\t182709\t79336\t103373\t\t2003\t\t\nCamden Main and Jamboree\t17363\t75387\t3129\t17363\t78516\t95879\t25841\t70038\t\t2008\t\t\nCamden Martinique\t28401\t51861\t30528\t28401\t82389\t110790\t52954\t57836\t\t1998\t\t\nCamden Sea Palms\t4336\t9930\t9082\t4336\t19012\t23348\t11732\t11616\t\t1998\t\t\nThe Camden\t18286\t118730\t377\t18286\t119107\t137393\t23120\t114273\t\t2016\t\t\nSan Diego/Inland Empire\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Landmark\t17339\t71315\t4351\t17339\t75666\t93005\t22122\t70883\t\t2012\t\t\nCamden Old Creek\t20360\t71777\t9796\t20360\t81573\t101933\t35368\t66565\t\t2007\t\t\nCamden Sierra at Otay Ranch\t10585\t49781\t14183\t10585\t63964\t74549\t32621\t41928\t\t2003\t\t\nCamden Tuscany\t3330\t36466\t8594\t3330\t45060\t48390\t23277\t25113\t\t2003\t\t\nCamden Vineyards\t4367\t28494\t5550\t4367\t34044\t38411\t19340\t19071\t\t2002\t\t\nCOLORADO\t\t\t\t\t\t\t\t\t\t\t\t\nDenver\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Belleview Station\t8091\t44003\t8474\t8091\t52477\t60568\t14388\t46180\t\t2012\t\t\nCamden Caley\t2047\t17445\t11980\t2047\t29425\t31472\t17033\t14439\t\t2000\t\t\nCamden Denver West\t6396\t51552\t13376\t6396\t64928\t71324\t19601\t51723\t\t2012\t\t\nCamden Flatirons\t6849\t72631\t1244\t6849\t73875\t80724\t18465\t62259\t\t2015\t\t\nCamden Highlands Ridge\t2612\t34726\t23709\t2612\t58435\t61047\t34607\t26440\t\t1996\t\t\nCamden Interlocken\t5293\t31612\t20839\t5293\t52451\t57744\t31535\t26209\t\t1999\t\t\nCamden Lakeway\t3915\t34129\t28057\t3915\t62186\t66101\t38614\t27487\t\t1997\t\t\nCamden Lincoln Station\t4648\t51762\t515\t4648\t52277\t56925\t9960\t46965\t\t2017\t\t\nCamden RiNo\t15989\t62868\t0\t15989\t62868\t78857\t2399\t76458\t\t2020\t\t\nWASHINGTON DC METRO\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Ashburn Farm\t4835\t22604\t6316\t4835\t28920\t33755\t14082\t19673\t\t2005\t\t\nCamden College Park\t16409\t91503\t8253\t16409\t99756\t116165\t32039\t84126\t\t2008\t\t\nCamden Dulles Station\t10807\t61548\t12108\t10807\t73656\t84463\t27856\t56607\t\t2008\t\t\nCamden Fair Lakes\t15515\t104223\t14790\t15515\t119013\t134528\t57384\t77144\t\t2005\t\t\nCamden Fairfax Corner\t8484\t72953\t11140\t8484\t84093\t92577\t39342\t53235\t\t2006\t\t\nCamden Fallsgrove\t9408\t43647\t6683\t9408\t50330\t59738\t24807\t34931\t\t2005\t\t\nCamden Grand Parc\t7688\t35900\t4977\t7688\t40877\t48565\t18742\t29823\t\t2005\t\t\nCamden Lansdowne\t15502\t102267\t27898\t15502\t130165\t145667\t61283\t84384\t\t2005\t\t\nCamden Largo Town Center\t8411\t44163\t5074\t8411\t49237\t57648\t23359\t34289\t\t2005\t\t\nCamden Monument Place\t9030\t54089\t9600\t9030\t63689\t72719\t25689\t47030\t\t2007\t\t\nCamden NoMa\t19442\t82306\t776\t19442\t83082\t102524\t22724\t79800\t\t2014\t\t\nCamden NoMa II\t17331\t91211\t166\t17331\t91377\t108708\t25714\t82994\t\t2017\t\t\nCamden Potomac Yard\t16498\t88317\t15059\t16498\t103376\t119874\t39770\t80104\t\t2008\t\t\nCamden Roosevelt\t11470\t45785\t7065\t11470\t52850\t64320\t23892\t40428\t\t2005\t\t\nCamden Russett\t13460\t61837\t8442\t13460\t70279\t83739\t33871\t49868\t\t2005\t\t\nCamden Shady Grove\t24177\t89820\t342\t24177\t90162\t114339\t21123\t93216\t\t2018\t\t\nCamden Silo Creek\t9707\t45301\t9538\t9707\t54839\t64546\t25354\t39192\t\t2005\t\t\nCamden Washingtonian\t13512\t75134\t70\t13512\t75204\t88716\t12209\t76507\t\t2018\t\t\nFLORIDA\t\t\t\t\t\t\t\t\t\t\t\t\nSoutheast Florida\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Aventura\t12185\t47616\t15563\t12185\t63179\t75364\t32596\t42768\t\t2005\t\t\nCamden Boca Raton\t2201\t50057\t721\t2201\t50778\t52979\t12412\t40567\t\t2014\t\t\nCamden Brickell\t14621\t57031\t35211\t14621\t92242\t106863\t42270\t64593\t\t2005\t\t\nCamden Doral\t10260\t40416\t8224\t10260\t48640\t58900\t24218\t34682\t\t2005\t\t\nCamden Doral Villas\t6476\t25543\t8210\t6476\t33753\t40229\t17672\t22557\t\t2005\t\t\nCamden Las Olas\t12395\t79518\t31588\t12395\t111106\t123501\t50458\t73043\t\t2005\t\t\nCamden Plantation\t6299\t77964\t16862\t6299\t94826\t101125\t44773\t56352\t\t2005\t\t\nCamden Portofino\t9867\t38702\t11171\t9867\t49873\t59740\t24477\t35263\t\t2005\t\t\nOrlando\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Hunter's Creek\t4156\t20925\t6990\t4156\t27915\t32071\t14517\t17554\t\t2005\t\t\nCamden Lago Vista\t3497\t29623\t6651\t3497\t36274\t39771\t18649\t21122\t\t2005\t\t\nCamden LaVina\t12907\t42617\t1714\t12907\t44331\t57238\t14767\t42471\t\t2012\t\t\nCamden Lee Vista\t4350\t34643\t15586\t4350\t50229\t54579\t28486\t26093\t\t2000\t\t\nCamden North Quarter\t9990\t68471\t1372\t9990\t69843\t79833\t12524\t67309\t\t2018\t\t\nCamden Orange Court\t5319\t40733\t4298\t5319\t45031\t50350\t18787\t31563\t\t2008\t\t\nCamden Thornton Park\t11711\t74628\t2677\t11711\t77305\t89016\t10633\t78383\t\t2018\t\t\nCamden Town Square\t13127\t45997\t1509\t13127\t47506\t60633\t14502\t46131\t\t2012\t\t\nCamden World Gateway\t5785\t51821\t9172\t5785\t60993\t66778\t29826\t36952\t\t2005\t\t\nTampa/St. Petersburg\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Bay\t7450\t63283\t30526\t7450\t93809\t101259\t52322\t48937\t\t1998/2002\t\t\nCamden Montague\t3576\t16534\t1041\t3576\t17575\t21151\t5954\t15197\t\t2012\t\t\nCamden Pier District\t16704\t105383\t1496\t16704\t106879\t123583\t19447\t104136\t\t2018\t\t\nCamden Preserve\t1206\t17982\t13397\t1206\t31379\t32585\t20879\t11706\t\t1997\t\t\nCamden Royal Palms\t2147\t38339\t4787\t2147\t43126\t45273\t18719\t26554\t\t2007\t\t\nCamden Westchase Park\t11955\t36254\t1267\t11955\t37521\t49476\t11743\t37733\t\t2012\t\t\nGEORGIA\t\t\t\t\t\t\t\t\t\t\t\t\nAtlanta\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Brookwood\t7174\t31984\t14571\t7174\t46555\t53729\t22761\t30968\t\t2005\t\t\nCamden Buckhead Square\t13200\t43785\t1312\t13200\t45097\t58297\t6976\t51321\t\t2017\t\t\nCamden Creekstone\t5017\t19912\t5784\t5017\t25696\t30713\t8458\t22255\t\t2012\t\t\nCamden Deerfield\t4895\t21922\t12895\t4895\t34817\t39712\t17201\t22511\t\t2005\t\t\nCamden Dunwoody\t5290\t23642\t10388\t5290\t34030\t39320\t18313\t21007\t\t2005\t\t\nCamden Fourth Ward\t10477\t51258\t1948\t10477\t53206\t63683\t13726\t49957\t\t2014\t\t\nCamden Midtown Atlanta\t6196\t33828\t11848\t6196\t45676\t51872\t23659\t28213\t\t2005\t\t\nCamden Paces\t15262\t102521\t1597\t15262\t104118\t119380\t26304\t93076\t\t2015\t\t\nCamden Peachtree City\t6536\t29063\t9033\t6536\t38096\t44632\t19559\t25073\t\t2005\t\t\nCamden Shiloh\t4181\t18798\t6492\t4181\t25290\t29471\t13746\t15725\t\t2005\t\t\nCamden St. Clair\t7526\t27486\t9090\t7526\t36576\t44102\t19637\t24465\t\t2005\t\t\nCamden Stockbridge\t5071\t22693\t5789\t5071\t28482\t33553\t14670\t18883\t\t2005\t\t\nCamden Vantage\t11787\t68822\t10630\t11787\t79452\t91239\t21013\t70226\t\t2013\t\t\nNORTH CAROLINA\t\t\t\t\t\t\t\t\t\t\t\t\nCharlotte\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Ballantyne\t4503\t30250\t10512\t4503\t40762\t45265\t21701\t23564\t\t2005\t\t\nCamden Cotton Mills\t4246\t19147\t7938\t4246\t27085\t31331\t14770\t16561\t\t2005\t\t\nCoWork by Camden\t814\t3422\t24\t814\t3446\t4260\t428\t3832\t\t2019\t\t\nCamden Dilworth\t516\t16633\t4820\t516\t21453\t21969\t9736\t12233\t\t2006\t\t\nCamden Fairview\t1283\t7223\t4933\t1283\t12156\t13439\t7198\t6241\t\t2005\t\t\nCamden Foxcroft\t1408\t7919\t5158\t1408\t13077\t14485\t7619\t6866\t\t2005\t\t\nCamden Foxcroft II\t1152\t6499\t3983\t1152\t10482\t11634\t5627\t6007\t\t2005\t\t\nCamden Gallery\t7930\t51957\t967\t7930\t52924\t60854\t10823\t50031\t\t2017\t\t\nCamden Grandview\t7570\t33859\t14721\t7570\t48580\t56150\t24553\t31597\t\t2005\t\t\nCamden Grandview II\t4617\t17852\t86\t4617\t17938\t22555\t2151\t20404\t\t2019\t\t\nCamden Sedgebrook\t5266\t29211\t8851\t5266\t38062\t43328\t20286\t23042\t\t2005\t\t\nCamden South End\t6625\t29175\t16872\t6625\t46047\t52672\t22233\t30439\t\t2005\t\t\nCamden Stonecrest\t3941\t22021\t7713\t3941\t29734\t33675\t16079\t17596\t\t2005\t\t\nCamden Touchstone\t1203\t6772\t4101\t1203\t10873\t12076\t6238\t5838\t\t2005\t\t\nRaleigh\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Carolinian\t14765\t56674\t710\t14765\t57384\t72149\t3536\t68613\t\t2019\t\t\nCamden Crest\t4412\t31108\t8522\t4412\t39630\t44042\t19295\t24747\t\t2005\t\t\nCamden Governor's Village\t3669\t20508\t8108\t3669\t28616\t32285\t14146\t18139\t\t2005\t\t\nCamden Lake Pine\t5746\t31714\t15747\t5746\t47461\t53207\t24639\t28568\t\t2005\t\t\nCamden Manor Park\t2535\t47159\t12352\t2535\t59511\t62046\t26958\t35088\t\t2006\t\t\nCamden Overlook\t4591\t25563\t10955\t4591\t36518\t41109\t20155\t20954\t\t2005\t\t\nCamden Reunion Park\t2931\t18457\t11917\t2931\t30374\t33305\t16168\t17137\t\t2005\t\t\nCamden Westwood\t4567\t25519\t10304\t4567\t35823\t40390\t17997\t22393\t\t2005\t\t\nTEXAS\t\t\t\t\t\t\t\t\t\t\t\t\nAustin\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Cedar Hills\t2684\t20931\t4520\t2684\t25451\t28135\t10403\t17732\t\t2008\t\t\nCamden Gaines Ranch\t5094\t37100\t11274\t5094\t48374\t53468\t25261\t28207\t\t2005\t\t\nCamden Huntingdon\t2289\t17393\t11233\t2289\t28626\t30915\t21695\t9220\t\t1995\t\t\nCamden La Frontera\t3250\t32376\t872\t3250\t33248\t36498\t8815\t27683\t\t2015\t\t\nCamden Lamar Heights\t3988\t42773\t1025\t3988\t43798\t47786\t11477\t36309\t\t2015\t\t\nCamden Rainey Street\t30044\t85477\t1783\t30044\t87260\t117304\t8397\t108907\t\t2019\t\t\nCamden Stoneleigh\t3498\t31285\t9372\t3498\t40657\t44155\t20705\t23450\t\t2006\t\t\nDallas/Fort Worth\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Addison\t11516\t29332\t9493\t11516\t38825\t50341\t15406\t34935\t\t2012\t\t\nCamden Belmont\t12521\t61522\t7295\t12521\t68817\t81338\t20709\t60629\t\t2012\t\t\nCamden Buckingham\t2704\t21251\t12005\t2704\t33256\t35960\t23104\t12856\t\t1997\t\t\nCamden Centreport\t1613\t12644\t7708\t1613\t20352\t21965\t13890\t8075\t\t1997\t\t\nCamden Cimarron\t2231\t14092\t9005\t2231\t23097\t25328\t18002\t7326\t\t1997\t\t\nCamden Farmers Market\t17341\t74193\t31968\t17341\t106161\t123502\t59444\t64058\t\t2001/2005\t\t\nCamden Henderson\t3842\t15256\t983\t3842\t16239\t20081\t5229\t14852\t\t2012\t\t\nCamden Legacy Creek\t2052\t12896\t7782\t2052\t20678\t22730\t15174\t7556\t\t1997\t\t\nCamden Legacy Park\t2560\t15449\t9104\t2560\t24553\t27113\t17669\t9444\t\t1997\t\t\nCamden Valley Park\t3096\t14667\t17619\t3096\t32286\t35382\t29242\t6140\t\t1994\t\t\nCamden Victory Park\t13445\t71735\t808\t13445\t72543\t85988\t15742\t70246\t\t2016\t\t\nHouston\t\t\t\t\t\t\t\t\t\t\t\t\nCamden City Centre\t4976\t44735\t12248\t4976\t56983\t61959\t22860\t39099\t\t2007\t\t\nCamden City Centre II\t5101\t28131\t716\t5101\t28847\t33948\t9105\t24843\t\t2013\t\t\nCamden Downtown I\t7813\t123397\t0\t7813\t123397\t131210\t8257\t122953\t\t2020\t\t\nCamden Greenway\t16916\t43933\t23290\t16916\t67223\t84139\t45687\t38452\t\t1999\t\t\nCamden Highland Village\t28536\t111802\t4176\t28536\t115978\t144514\t7860\t136654\t\t2019\t\t\nCamden Holly Springs\t11108\t42852\t13726\t11108\t56578\t67686\t21516\t46170\t\t2012\t\t\nCamden McGowen Station\t6089\t85038\t178\t6089\t85216\t91305\t14948\t76357\t\t2018\t\t\nCamden Midtown\t4583\t18026\t12575\t4583\t30601\t35184\t21009\t14175\t\t1999\t\t\nCamden Oak Crest\t2078\t20941\t7084\t2078\t28025\t30103\t16305\t13798\t\t2003\t\t\nCamden Park\t4922\t16453\t7146\t4922\t23599\t28521\t9217\t19304\t\t2012\t\t\nCamden Plaza\t7204\t31044\t6834\t7204\t37878\t45082\t12052\t33030\t\t2007\t\t\nCamden Post Oak\t14056\t92515\t20524\t14056\t113039\t127095\t33081\t94014\t\t2013\t\t\nCamden Royal Oaks\t1055\t20046\t4439\t1055\t24485\t25540\t11402\t14138\t\t2006\t\t\nCamden Royal Oaks II\t587\t12743\t28\t587\t12771\t13358\t4124\t9234\t\t2012\t\t\nCamden Stonebridge\t1016\t7137\t7598\t1016\t14735\t15751\t10920\t4831\t\t1993\t\t\nCamden Sugar Grove\t7614\t27594\t5874\t7614\t33468\t41082\t11264\t29818\t\t2012\t\t\nCamden Travis Street\t1780\t29104\t2391\t1780\t31495\t33275\t12163\t21112\t\t2010\t\t\nCamden Vanderbilt\t16076\t44918\t28762\t16076\t73680\t89756\t52831\t36925\t\t1994/1997\t\t\nCamden Whispering Oaks\t1188\t26242\t2559\t1188\t28801\t29989\t12279\t17710\t\t2008\t\t\nTotal current communities:\t1222815\t6461452\t1279200\t1222815\t7740652\t8963467\t3033778\t5929689\t\t\t\t\nCommunities under construction:\t\t\t\t\t\t\t\t\t\t\t\t\nName / location\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Atlantic Plantation FL\t\t38297\t\t\t38297\t38297\t\t38297\t\tN/A\t\t\nCamden Buckhead Atlanta GA\t\t116645\t\t\t116645\t116645\t4\t116641\t\tN/A\t\t\nCamden Hillcrest San Diego CA\t\t64251\t\t\t64251\t64251\t\t64251\t\tN/A\t\t\nCamden Lake Eola Orlando FL\t\t116667\t\t\t116667\t116667\t33\t116634\t\tN/A\t\t\nCamden NoDa Charlotte NC\t\t27749\t\t\t27749\t27749\t\t27749\t\tN/A\t\t\nCamden North End II (3) Phoenix AZ\t\t70378\t\t\t70378\t70378\t371\t70007\t\tN/A\t\t\nCamden Tempe II Tempe AZ\t\t30735\t\t\t30735\t30735\t\t30735\t\tN/A\t\t\nTotal communities under construction:\t0\t464722\t0\t0\t464722\t464722\t408\t464314\t\t\t\t\nDevelopment pipeline communities:\t\t\t\t\t\t\t\t\t\t\t\t\nName/location\t\t\t\t\t\t\t\t\t\t\t\t\nCamden Arts District Los Angeles CA\t\t33001\t\t\t33001\t33001\t\t33001\t\tN/A\t\t\nCamden Cameron Village Raleigh NC\t\t20852\t\t\t20852\t20852\t\t20852\t\tN/A\t\t\nCamden Downtown II Houston TX\t\t12057\t\t\t12057\t12057\t\t12057\t\tN/A\t\t\nCamden Durham Durham NC\t\t28373\t\t\t28373\t28373\t\t28373\t\tN/A\t\t\nCamden Highland Village II Houston TX\t\t8507\t\t\t8507\t8507\t\t8507\t\tN/A\t\t\nCamden Paces III Atlanta GA\t\t16825\t\t\t16825\t16825\t\t16825\t\tN/A\t\t\nTotal development pipeline communities:\t0\t119615\t0\t0\t119615\t119615\t0\t119615\t\t\t\t\nCorporate\t\t5373\t\t0\t5373\t5373\t\t5373\t\tN/A\t\t\n\t0\t5373\t0\t0\t5373\t5373\t0\t5373\t\t\t\t\nTOTAL\t1222815\t7051162\t1279200\t1222815\t8330362\t9553177\t3034186\t6518991\t\t\t\t\n", "q10k_tbl_63": "\t2020\t2019\t2018\nBalance beginning of period\t9115793\t8328475\t7667743\nAdditions during period:\t\t\t\nAcquisition of operating properties\t0\t422309\t286901\nDevelopment and repositions\t349890\t341236\t300294\nImprovements\t87865\t75360\t84841\nDeductions during period:\t\t\t\nCost of real estate sold - other\t(371)\t(51587)\t(11304)\nBalance end of period\t9553177\t9115793\t8328475\nThe changes in accumulated depreciation for the years ended December 31:\t\t\t\n\t2020\t2019\t2018\nBalance beginning of period\t2686025\t2403149\t2118839\nDepreciation of real estate assets\t348161\t317026\t284310\nDispositions\t0\t(34150)\t0\nBalance end of period\t3034186\t2686025\t2403149\n", "q10k_tbl_64": "\t2020\t2019\t2018\nBalance beginning of period\t7868\t9314\t18790\nAdditions:\t\t\t\nAdvances under real estate loans\t0\t0\t0\nDeductions:\t\t\t\nCollections of principal\t(1445)\t(1446)\t(9476)\nBalance end of period\t6423\t7868\t9314\n"}{"bs": "q10k_tbl_35", "is": "q10k_tbl_18", "cf": "q10k_tbl_41"}None
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
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)
Texas
76-6088377
(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)
Registrant’s telephone number, including area code: (713)354-2500
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par value
CPT
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yesý No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨Noý
Indicate by check mark whether 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. Yesý 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 such files). Yesý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):
Large accelerated filer
ý
Accelerated 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
Indicate by check mark whether the registrant is a shell company (as defined in the Rule 12b-2 of the Act). Yes ☐ No ý
The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant was $8,830,473,560 based on a June 30, 2020 share price of $91.22.
On February 11, 2021, 97,562,909 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant's Proxy Statement in connection with its Annual Meeting of Shareholders to be held May 13, 2021 are incorporated by reference in Part III.
Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (“REIT”), and all its consolidated subsidiaries are primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Unless the context requires otherwise, “we,” “our,” “us,” and the “Company” refer to Camden Property Trust and its consolidated subsidiaries. Our multifamily apartment communities are referred to as “communities,” “multifamily communities,” “properties,” or “multifamily properties” in the following discussion.
Our website is located at www.camdenliving.com. We make available free of charge through our website, our annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (the “SEC”). We also make available, free of charge on our website, our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit, Compensation, and Nominating and Corporate Governance Committees. Copies are also available, without charge, from Investor Relations, 11 Greenway Plaza, Suite 2400, Houston, Texas 77046. References to our website in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on, or available through our website, and therefore such information should not be considered part of this report.
Our annual, quarterly, and current reports, proxy statements, and other information are electronically filed with the SEC. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy, and information statements and other information regarding issuers that file electronically with the SEC.
Narrative Description of Business
As of December 31, 2020, we owned interests in, operated, or were developing 174 multifamily properties comprised of 59,104 apartment homes across the United States. Of the 174 properties, seven properties were under construction and will consist of a total of 2,254 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.
Operating and Business Strategy
We believe producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success. We rely heavily on our sophisticated property management capabilities and innovative operating strategies to help us maximize the earnings potential of our communities.
Real Estate Investments and Market Balance. We believe we are well positioned in our current markets and have the expertise to take advantage of new opportunities as they arise. These capabilities, combined with what we believe is a conservative financial structure, should allow us to concentrate our growth efforts toward selective opportunities to enhance our strategy of having a geographically diverse portfolio of assets which meet the requirements of our residents.
We continue to operate in our core markets which we believe provides an advantage due to economies of scale. We believe, where possible, it is best to operate with a strong base of properties in order to benefit from the personnel allocation and the market strength associated with managing multiple properties in the same market. However, consistent with our goal of generating sustained earnings growth, we intend to selectively dispose of properties and redeploy capital for various strategic reasons, including if we determine a property cannot meet our long-term earnings growth expectations.
We try to maximize capital appreciation of our properties by investing in markets characterized by conditions favorable to multifamily property appreciation. These markets generally feature the following:
•Strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments; and
•An attractive quality of life, which may lead to higher demand and retention for our apartments and allow us to more readily increase rents.
Subject to market conditions, we intend to continue to seek opportunities to develop new communities, and to redevelop, reposition and acquire existing communities. We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our near-term liquidity requirements through a combination of one or more of the following: cash and cash equivalents, cash flows generated from operations, draws on our unsecured credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages.
Sophisticated Property Management. We believe the depth of our organization enables us to deliver quality services, promote resident satisfaction, and retain residents, thereby increasing our operating revenues and reducing our operating expenses. We manage our properties utilizing a staff of professionals and support personnel, including certified property managers, experienced apartment managers and leasing agents, and trained apartment maintenance technicians. Our on-site personnel are trained to deliver high-quality services to our residents, and we strive to motivate our on-site employees through incentive compensation arrangements based upon property operational results, rental rate increases, occupancy levels, and level of new leases and lease renewals achieved.
Operations. We believe an intense focus on operations is necessary to realize consistent, sustained earnings growth. Ensuring resident satisfaction, increasing rents as market conditions allow, maximizing rent collections (subject to restrictions of applicable law), maintaining property occupancy at optimal levels, and controlling operating costs comprise our principal strategies to maximize property financial results. We believe our web-based property management and revenue management systems strengthen on-site operations and allow us to quickly adjust rental rates as local market conditions change. Lease terms are generally staggered based on vacancy exposure by apartment type such that lease expirations are matched to each property's seasonal rental patterns. We generally offer average lease terms of approximately fourteen months with individual property marketing plans structured to respond to local market conditions. In addition, we conduct ongoing customer service surveys to help ensure timely response to residents' changing needs and a high level of satisfaction.
Investments in Joint Ventures. We have entered into, and may continue in the future to enter into, joint ventures or partnerships, including limited liability companies, through which we own an indirect economic interest in less than 100% of the community or land owned by the joint venture or partnership. We account for three investment funds (collectively, the "Funds") utilizing the equity method of accounting. As of December 31, 2020, we had two discretionary investment funds, which are closed to future investments, and a third fund which we formed in March 2015 and, as amended, may be utilized for future multifamily investments of up to $360 million. See Note 8, “Investments in Joint Ventures,” and Note 14, “Commitments and Contingencies,” in the notes to the Consolidated Financial Statements for further discussion of our investments in joint ventures.
Competition
There are numerous housing alternatives which compete with our communities in attracting residents. Our properties compete directly with other multifamily properties as well as condominiums, single-family homes, third-party providers of short-term rentals and serviced apartments, which are available for rent or purchase in the markets in which our communities are located. This competitive environment could have a material adverse effect on our ability to lease apartment homes or on the rents realized at our present properties or any newly developed or acquired property.
Human Capital Management
Purpose and Culture. We strive to differentiate ourselves by our culture and talent. How we manage our human capital is critical to how we deliver on our strategy and create sustained growth and value for our shareholders. Our purpose is to improve the lives of our team members, customers and shareholders, one experience at a time. We recognize a great culture is foundational to the success of this vision. Key components in managing our human capital are listed below.
Camden's Values. We care deeply about our employees, our residents, and the local communities in which we live, work, and play. We are committed to maintaining a high-trust work environment that attracts, retains, and rewards the best andbrightest people. We believe our workplace reflects Camden’s nine core values: Customer Focused; People Driven; Team Players; Lead by Example; Results Oriented; Work Smart; Always Do the Right Thing; Act with Integrity; and Have Fun.We believe these values cultivate an environment of respect, fairness, diversity, and fun for all.
A Great Place to Work. In addition to our core values, we are committed to creating a great working environment which fosters the well-being, health and happiness of all associates. We believe our team members are given meaningful opportunities to provide feedback and effect change. We are proud of our culture and the recognition we have received as a great place to work, including being named on the list as one of the 100 Best Companies to Work For® by FORTUNE magazine for 13 consecutive years, most recently ranking #18.
Compensation and Benefits. We provide high-quality health benefits and compensation to competitively compensate all employees for their contributions to Camden. We are passionate about promoting a healthy lifestyle at Camden and are proud to offer valuable and inclusive benefits. We have formal programs intended to positively impact team members such as healthcare, rent discounts, education allowances, and scholarships for children of our employees.
Training and Development. Our mission, vision and values are also incorporated into our employee training and development programs.One of our most cherished mantras is “Never Stop Learning.” We encourage team members to discover their strengths and cultivate new interests. We offer tuition assistance to team members working to earn industry designations from various organizations. We also support team members who continue their education at an accredited educational institution through our Education Assistance Program. In addition to these programs, we also help employees improve their personal and professional lives through training, coaching and mentoring. CamdenU, our in-house learning center, is available to all employees and offers over 8,000 courses in subjects such as leadership, management, fair housing and compliance, and health and safety training. In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with an experienced employee to facilitate their on-boarding process and immerse them in Camden’s culture.
Diversity, Equity, and Inclusion. We believe a great workplace fosters an environment where all employees can thrive and grow, and where differences are both encouraged and celebrated. Each Camden team member brings unique skills, experiences and perspectives to Camden, and we continue to promote and encourage diversity, equity and inclusion throughout our organization. Our commitment is to promote a diverse organization which is reflective of our residents and communities. We believe these efforts are socially responsible, foundational to Camden’s success, and essential to delivering on our purpose to improve the lives of our team members, customers and shareholders, one experience at a time.
At December 31, 2020, we had approximately 1,700 employees, including executive, administrative, and community personnel. Camden embraces all team members as full and valued members of the organization. Together we innovate and collaborate with the goal of delivering consistently strong business results. Our continued commitment to furthering diversity, equity, and inclusion initiatives has resulted in our workforce at Camden reflecting a broad base of talent, with true diversity amongst our team members in aspects of gender, generation, and ethnicity.
Qualification as a Real Estate Investment Trust
As of December 31, 2020, we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, with the exception of our taxable REIT subsidiaries, we will not be subject to federal income tax to the extent we continue to meet certain requirements of the Code.
Item 1A. Risk Factors
In addition to the other information contained in this Form 10-K, the following risk factors should be considered carefully in evaluating our business. Our business, financial condition, or results of operations could be materially adversely affected by any of these risks.
Risks Associated with Capital Markets, Credit Markets, and Real Estate
Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us.
The capital and credit markets are subject to volatility and disruption. We therefore may not be able to obtain new debt financing or refinance our existing debt on favorable terms or at all, which would adversely affect our liquidity, our ability to make distributions to shareholders, acquire assets and continue our development activities. Other weakened economic conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental rates and occupancy levels. Unfavorable changes in economic conditions may have a material adverse impact on our cash flows and operating results.
Additional key economic risks which may adversely affect conditions in the markets in which we operate include the following:
•risks associated with the COVID-19 pandemic, as discussed below;
•local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area;
•declines in the financial condition of our residents, which may make it more difficult for us to collect rents from some residents;
•low mortgage interest rates and home pricing, making alternative housing more affordable;
•government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive;
•regional economic downturns, including, but not limited to, business layoffs, downsizing and increased unemployment, which may impact one or more of our geographical markets; and
•increased operating costs, if these costs cannot be passed through to our residents.
Short-term leases expose us to the effects of declining market rents.
Our apartment leases are generally for a term of fourteen months or less. As these leases typically permit the residents to leave at the end of the lease term without penalty, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms.
Competition could limit our ability to lease apartments or increase or maintain rental income.
There are numerous housing alternatives which compete with our properties in attracting residents. Our properties compete directly with other multifamily properties, condominiums, single-family homes, third-party providers of short-term rentals and serviced apartments, which are available for rent or purchase in the markets in which our properties are located. This competitive environment could have a material adverse effect on our ability to lease apartment homes at our present properties or any newly developed or acquired property, as well as on the rents realized.
We face risks associated with land holdings and related activities.
We hold land for future development and may in the future acquire additional land holdings. The risks inherent in purchasing, owning, and developing land increase as demand for apartments, or rental rates, decrease. Real estate markets are highly uncertain and, as a result, the value of undeveloped land may fluctuate significantly. In addition, carrying costs can be significant and can result in losses or reduced profitability. As a result, we hold certain land, and may in the future acquire additional land, in our development pipeline at a cost we may not be able to fully recover or at a cost which may preclude us from developing a profitable multifamily community. If there are subsequent changes in the fair market value of our land holdings which is less than the carrying basis of our land holdings reflected in our financial statements plus estimated costs to sell, we may be required to take future impairment charges which would reduce our net income.
Risks Associated with Our Operations
The ongoing COVID-19 pandemic and measures intended to prevent its spread and impact have and continue to have a material adverse effect on our business, results of operations, cash flows, and financial condition.
In December 2019, COVID-19 was first reported in Wuhan, China, and in March 2020, the World Health Organization declared COVID-19 a pandemic. The COVID-19 pandemic has negatively impacted the global economy, disrupted financial markets and international trade, and resulted in increased unemployment levels, all of which negatively impacted the multifamily industry and the Company’s business. The outbreak has led governments and other authorities around the world, including federal, state and local authorities in the United States, to impose measures intended to control its spread, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, quarantines and shelter-in-place orders.
The impact of the COVID-19 pandemic and measures to prevent its spread has negatively impacted and could continue to negatively impact our businesses in a number of ways, including our residents’ ability or willingness to pay rents and the demand for multifamily communities within the markets we operate. In some cases, we have and may continue to restructure residents’ rent obligations, which may be on terms not as favorable to us as those currently in place. In the event of resident nonpayment, default, or bankruptcy, we may incur costs in protecting our investment and re-leasing our property. Additionally, local and national authorities may continue to expand and extend certain measures imposing restrictions on our ability to enforce contractual rental obligations upon our residents and tenants. The restrictions inhibiting our employees’ ability to meet with existing and potential residents has disrupted and could in the future further disrupt our ability to lease apartments which has adversely impacted and could continue to adversely impact our rental rate and occupancy levels.
For the safety of our employees as a result of COVID-19, we have also directed most of our personnel to work remotely and we have generally restricted on-site staff to only those personnel who perform essential activities which must be completed on-site. Our increased reliance on personnel working remotely pose challenges for our employees and our IT systems and extended periods of remote work arrangements could strain our business continuity plans, introduce operational risk, including cybersecurity and IT systems management risks, any of which could adversely impact our business operations.
The COVID-19 pandemic has also caused, and is likely to continue to cause, severe economic, market and other disruptions worldwide. We cannot assure you conditions will not continue to deteriorate as a result of the pandemic. In addition, the deterioration of economic conditions as a result of the pandemic may ultimately further decrease occupancy levels and market rents across our portfolio as residents reduce or defer their spending.
The situation surrounding the COVID-19 pandemic continues to evolve and the potential for a material adverse impact on our operational and financial performance increases the longer the virus impacts activities in the United States and globally. For this reason, we are not able at this time to estimate to any degree of certainty the effect COVID-19 may have on our business, results of operations, financial condition, and cash flows, all of which will depend on future developments, including the duration of the outbreak, business and workforce disruptions, and the effectiveness of actions taken to contain and treat the disease.
Moreover, many of the other risk factors described within this Form 10-K may be more likely to impact us as a result of the COVID-19 pandemic and the responses to curb its spread.
Development, redevelopment and construction risks could impact our profitability.
We intend to continue to develop, redevelop and construct multifamily apartment communities for our portfolio. In 2021, we expect to incur costs between approximately $220 million and $240 million related to the construction of seven consolidated projects. Additionally, during 2021, we expect to incur costs between approximately $65 million and $75 million related to the start of new development activities, between approximately $58 million and $62 million related to repositions and revenue enhancing expenditures of existing properties and between approximately $70 million and $74 million of additional recurring capital expenditures. Our development, redevelopment and construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs and/or decrease our profitability, including the following:
•"shelter in place," "stay at home," or similar orders adopted by state and local authorities in response to COVID-19, which may require us to temporarily cease construction and have other adverse effects;
•inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations;
•disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those costs due to errors and omissions which occur in the design or construction process;
•inability to obtain financing with favorable terms;
•inability to complete construction and lease-up of a community on schedule;
•forecasted occupancy and rental rates may differ from the actual results; and
•the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.
Our inability to successfully implement our development, redevelopment and construction strategy could adversely affect our results of operations and our ability to satisfy our financial obligations and pay distributions to shareholders.
One of our wholly-owned subsidiaries is engaged in the business of providing general contracting services under construction contracts entered into between it and third parties (which may include our nonconsolidated affiliates). The terms of those construction contracts generally require this subsidiary to estimate the time and costs to complete a project to calculate the cost plus margin for the project fee, but not to exceed a maximum amount, and to assume the risk when these estimates may be greater than anticipated. As a result, profitability on those contracts is dependent on the ability to accurately predict such factors. The time and costs necessary to complete a project may be affected by a variety of factors, including, but not limited to, those listed above, many of which are beyond this subsidiary’s control. In addition, the terms of those contracts generally require this subsidiary to warrant its work for a period of time during which it may be required to repair, replace, or rebuild non-conforming work. Further, trailing liabilities, based on various legal theories such as claims of negligent construction, may result from such projects, and these trailing liabilities may go on for a number of years depending on the length of the statute of repose in the applicable jurisdictions.
Investments through joint ventures and investment funds involve risks not present in investments in which we are the sole investor.
We have invested and may continue to invest as a joint venture partner in joint ventures. These investments involve risks including, but not limited to, the possibility the other joint venture partner may have business goals which are inconsistent with ours, possess the ability to take or force action or withhold consent contrary to our requests, or become insolvent and require us
to assume and fulfill the joint venture’s financial obligations. We and our joint venture partners may each have the right to initiate a buy-sell arrangement, which could cause us to sell our interest, or acquire a joint venture partner’s interest, at a time when we otherwise would not have entered into such a transaction. Each joint venture agreement is individually negotiated, and our ability to operate, finance, or dispose of a community in our sole discretion may be limited to varying degrees depending on the terms of the applicable joint venture agreement. We account for three investment funds (collectively, the "Funds") utilizing the equity method of accounting. As of December 31, 2020, we had two discretionary investment funds, and in March 2015, we completed the formation of a third fund with an unaffiliated third party which has not owned any properties since its formation. The risks associated with our Funds, which we manage as the general partner and advisor, include, but are not limited to, the following:
•one of our wholly-owned subsidiaries is the general partner of the Funds and has unlimited liability for the third-party debts, obligations, and liabilities of the Funds pursuant to partnership law;
•investors in the Funds (other than us) may remove our subsidiary as the general partner of the Funds with or without cause and the Funds’ advisory boards, by a majority vote of their members, may remove our subsidiary as the general partner of the Funds at any time for cause;
•while we have broad discretion to manage the Funds and make investment decisions on behalf of the Funds, the investors or the Funds' advisory boards must approve certain matters, and as a result we may be unable to make certain investments or implement certain decisions on behalf of the Funds which we consider beneficial;
•our ability to dispose of all or a portion of our investments in the Funds is subject to significant restrictions; and
•we may be liable if the Funds fail to comply with various tax or other regulatory matters.
Our acquisition strategy may not produce the cash flows expected.
We may acquire additional operating properties on a selective basis. Our acquisition activities are subject to a number of risks including, but not limited to, the following:
•we may not be able to successfully integrate acquired properties into our existing operations;
•our estimates of the costs, if any, of repositioning or redeveloping the acquired property may prove inaccurate;
•the expected occupancy, rental rates and operating expenses may differ from the actual results;
•we may not be able to obtain adequate financing; and
•we may not be able to identify suitable candidates on terms acceptable to us and may not achieve expected returns or other benefits as a result of integration challenges, such as personnel and technology.
Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values.
Certain states and local municipalities have recently adopted rent control or rent stabilization laws and regulations, imposing restrictions on amounts of rent increases which may be charged. There are a number of additional states and local municipalities in which we operate also considering or being urged by advocacy groups to consider imposing rent control or rent stabilization laws and regulations. Such laws and regulations could limit our ability to increase rents, charge certain fees, evict residents, or recover increases in our operating expenses and could make it more difficult to dispose of properties in certain circumstances. The terms of laws and regulations recently enacted, future laws and regulations which may be enacted, as well as any lawsuits against us arising from such issues, could have a significant adverse impact on our results of operations and could reduce the value of our operating properties.
Failure to qualify as a REIT could have adverse consequences.
We may not continue to qualify as a REIT in the future and the Internal Revenue Service may challenge our qualification as a REIT for prior years. If we fail to qualify as a REIT in any taxable year we may be subject to federal and state income taxes for such year. In addition, we may not be able to requalify as a REIT for the four subsequent taxable years and may be subject to federal and state income taxes in those years as well. This may also impair our ability to expand our business and raise capital which may adversely affect the value of our common shares.
We may face other tax liabilities in the future which may impact our cash flow. These potential tax liabilities may be calculated on our income or property values at either the corporate or individual property levels. Any additional tax expense incurred would decrease the cash available for cash distributions to our common shareholders and non-controlling interest holders. Additionally, in order for us to continue to qualify as a REIT we must meet a number of organizational and operational
requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income.
Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us.
Tax laws remain under constant review by persons involved in the legislative process, at the Internal Revenue Service, the U.S. Department of Treasury, and by various state and local tax authorities. Future changes in tax laws including administrative interpretations, enacted tax rates, or new pronouncements relating to accounting for income taxes could adversely affect us in a number of ways, including making it more difficult or more costly for us to qualify as a REIT.
A cybersecurity incident and other technology disruptions could negatively impact our business.
We use technology in substantially all aspects of our business operations, including internet and cloud-based systems and applications. We also use mobile devices, social networking, outside vendors and other online activities to connect with our employees, suppliers and residents. Such uses and the on-going advancement in technology give rise to potential cybersecurity risks with increasing sophistication, including but not limited to, security breach, espionage, system disruption, theft and inadvertent release of confidential information. Our business involves the storage and transmission of numerous classes of sensitive and confidential information and intellectual property, including residents' and suppliers' personal information, private information about employees, and financial and strategic information about us. Further, as we pursue our strategy to grow through acquisitions and developments and to pursue new initiatives to improve our operations, we are also expanding our information technologies, resulting in a larger technological presence and corresponding exposure to cybersecurity risk. If we fail to assess and identify cybersecurity risks associated with our operations, we may become increasingly vulnerable to such risks and may be liable for the consequential litigation and remediation costs. Additionally, the measures we have implemented to prevent security breaches and cyber incidents may not be effective and there can be no complete assurance of prevention or anticipation of such incidents. The theft, destruction, loss, misappropriation, or release of sensitive data, confidential information or intellectual property, or interference with our information technology systems or the technology systems of third parties on which we rely could result in business disruption, negative publicity, brand damage, violation of privacy laws, loss of residents, potential liability and competitive disadvantage, any of which could result in a material adverse effect on our financial condition or results of operations.
Our third-party service providers are primarily responsible for the security of their own information technology environments and in certain instances we rely significantly on third-party service providers to supply and store our sensitive data in a secure manner. All of these third parties face potential risks relating to cybersecurity similar to ours which could disrupt their businesses and therefore adversely impact us. While we provide guidance and specific requirements in some cases, we do not directly control any of these parties' information technology security operations, or the amount of investment they place in guarding against cybersecurity threats. Accordingly, we are subject to any flaws in or breaches to their information technology systems or those which they operate for us which could have a material adverse effect on our financial condition or results of operations.
Risks Associated with Our Indebtedness and Financing
We have significant debt, which could have adverse consequences.
As of December 31, 2020, we had outstanding debt of approximately $3.2 billion. This indebtedness could have adverse consequences including but not limited to, the following:
•our vulnerability to general adverse economic and industry conditions is increased; and
•our flexibility in planning for, or reacting to, changes in business and industry conditions is limited.
Our unsecured credit facility and the indenture under which our unsecured debt was issued contain customary restrictions, requirements, and other limitations, as well as certain financial and operating covenants including maintenance of certain financial ratios. Maintaining compliance with these provisions could limit our financial flexibility. A default in these provisions, if uncured, could require us to repay the indebtedness before the scheduled maturity date which could adversely affect our liquidity and increase our financing costs.
Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders.
Substantially all of our income is derived from rental and other income from our multifamily communities. As a result, our performance depends in large part on our ability to collect rent from residents, which could be negatively affected by a number of factors including, but not limited to, the following:
•failure of residents to make rental payments when due;
•the attractiveness of our properties to residents and potential residents;
•our ability to adequately manage and maintain our communities;
•competition from other available apartments and housing alternatives;
•changes in market rents;
•increases in operating expenses; and
•changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing.
Cash flow could be insufficient to meet required payments of principal and interest with respect to debt financing. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income. This requirement limits the cash available to meet required principal payments on our debt.
Issuances of additional debt may adversely impact our financial condition.
Our capital requirements depend on numerous factors, including the rental and occupancy rates of our multifamily properties, minimum dividend requirements to our equity holders, development, redevelopment and other capital expenditures, costs of operations, and potential acquisitions. If our capital requirements vary materially from our plans, we may require additional financing earlier than anticipated. If we issue more debt, we could become more leveraged, resulting in increased risk of default on our obligations and an increase in our debt service requirements, both of which could adversely affect our financial condition and ability to access debt and equity capital markets in the future.
We may be unable to renew, repay, or refinance our outstanding debt.
We are subject to the risk our unsecured indebtedness will not be renewed, repaid, or refinanced when due or the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness. If we are unable to refinance our indebtedness on acceptable terms, or at all, we might be forced to dispose of one or more of the properties on disadvantageous terms, which might result in losses to us. Such losses could have a material adverse effect on us and our ability to pay amounts due on our debt and make distributions to our shareholders.
Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distribution to our shareholders, and decrease our share price, if investors seek higher yields through other investments.
We have an unsecured credit facility and an unsecured term loan bearing interest at variable rates on all amounts drawn. We may incur mortgage debt or other additional variable rate debt in the future. Increases in interest rates would increase our interest expense, unless we make arrangements which hedge the risk of rising interest rates, and would increase the costs of refinancing existing debt and of issuing new debt. Accordingly, higher interest rates could adversely affect cash flow, net income, and cash available for payment of our debt obligations and distributions to shareholders.
An environment of rising interest rates could also lead holders of our securities to seek higher yields through other investments, which could adversely affect the market price of our shares. One of the factors which may influence the price of our stock in public markets is the annual distribution rate we pay as compared with the yields on alternative investments.
Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets.
Moody’s, Fitch, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A3 with stable outlook, A- with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2020. These ratings are based on a number of factors, which include their assessment of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flow and earnings. Due to changes in market conditions, we may not be able to maintain our current credit ratings, which could adversely affect our cost of funds and related margins, liquidity, and access to capital markets.
We may be adversely affected by changes in LIBOR reporting practices or the method in which LIBOR is determined.
Our unsecured credit facility and unsecured term loan are indexed to the London Interbank Offered Rate ("LIBOR"). Many market participants anticipate that in the near future LIBOR will cease being a widely used benchmark interest rate and may cease being published altogether. To address the potential for LIBOR’s cessation, the Federal Reserve Board and the Federal Reserve Bank of New York (FRBNY), in coordination with multiple other regulators and large industry participants, convened the Alternative Reference Rates Committee (“ARRC”). The ARRC has identified the Secured Overnight Financing Rate (SOFR) as the preferred successor rate for LIBOR. We are closely monitoring the progress of the phase-out of LIBOR and incorporating relatively standardized fallback language into our LIBOR-indexed debt documents for transitioning to an alternative index (which is defined to be the index that becomes generally used by lenders and other market participants) and a spread adjustment mechanism to prevent lenders from receiving a lower rate upon transition. There is significant uncertainty with respect to how the phase-out will be implemented and what alternative index will be adopted, which will ultimately be determined by the market as a whole. It therefore remains uncertain how such changes will be implemented and the effects such changes would have on us and the financial markets generally. These changes may have a material adverse impact on the availability of financing and on our financing costs.
Risks Associated with Our Shares
Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders.
For us to maintain our qualification as a REIT, we must have 100 or more shareholders during the year and not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or fewer individuals. As defined for federal income tax purposes, the term “individuals” includes a number of specified entities. To minimize the possibility of us failing to qualify as a REIT under this test, our declaration of trust includes restrictions on transfers of our shares and ownership limits. The ownership limits, as well as our ability to issue other classes of equity securities, may delay, defer, or prevent a change in control. These provisions may also deter tender offers for our common shares which may be attractive to you or limit your opportunity to receive a premium for your shares which might otherwise exist if a third party were attempting to effect a change in control transaction.
The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations.
The form, timing and amount of dividend distributions will be declared at the discretion of our Board of Trust Managers and will depend on actual cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as the Board of Trust Managers may consider relevant. The Board of Trust Managers may modify the form, timing and amount of dividends from time to time.
General Risk Factors
Competition could adversely affect our ability to acquire properties.
We expect other real estate investors will compete with us to acquire additional operating properties. This competition could increase prices for the type of properties we would likely pursue and adversely affect our ability to acquire these properties or achieve the expected profitability of such properties upon acquisition.
Litigation risks could affect our business.
As an owner, manager and developer of multifamily properties, we may incur liability based on various conditions at our properties and the buildings thereon, and we also have become and in the future may become involved in legal proceedings, including consumer, employment, tort or commercial litigation, which if decided adversely to or settled by us, and not adequately covered by insurance, could result in liability which is material to our financial condition or results of operations.
Damage from catastrophic weather and other natural events could result in losses.
A certain number of our properties are located in areas which have experienced and may in the future experience catastrophic weather and other natural events from time to time, including fires, snow or ice storms, windstorms, tornadoes, hurricanes, earthquakes, flooding or other severe weather, or other environmental events. These adverse weather or natural events could cause substantial damages or losses to our properties which could exceed our insurance coverage. In the event of a loss in excess of insured limits, we could lose our capital invested in the affected property, anticipated future revenue from the property, and could also continue to be obligated to repay any mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect our business, financial condition and results of operations.
The market price and trading volume of our common shares are subject to fluctuation due to general market conditions, the risks discussed in this report and other matters, including, but not limited to, the following:
•operating results which vary from the expectations of securities analysts and investors;
•investor interest in our property portfolio;
•the reputation and performance of REITs;
•the attractiveness of REITs as compared to other investment vehicles;
•the results of our financial condition and operations;
•the perception of our growth and earnings potential;
•minimum dividend requirements;
•increases in market interest rates, which may lead purchasers of our common shares to demand a higher yield; and
•changes in financial markets and national and regional economic and general market conditions.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties
The Properties
Our properties typically consist of mid-rise buildings or two and three story buildings in a landscaped setting, as well as high-rise buildings, and provide residents with a variety of amenities common to multifamily rental properties.
Operating Properties (including properties held through unconsolidated joint ventures)
The 167 operating properties in which we owned interests and operated at December 31, 2020 averaged 959 square feet of living area per apartment home. For the year ended December 31, 2020, no single operating property accounted for greater than 1.5% of our total revenues. Our stabilized operating properties had a weighted average occupancy rate of approximately 95% and 96% for the years ended December 31, 2020 and 2019, respectively, and an average monthly rental revenue per apartment home of $1,599 and $1,562 for the same periods, respectively. Our average resident lease terms are approximately fourteen months. At December 31, 2020, 150 of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes. Our operating properties were constructed and placed in service as follows: