Company Quick10K Filing
Camden Property Trust
Price110.37 EPS2
Shares99 P/E65
MCap10,934 P/FCF27
Net Debt2,314 EBIT228
TEV13,248 TEV/EBIT58
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-13
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-07-26
10-K 2012-12-31 Filed 2013-02-15
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-07-29
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-06-04
8-K 2020-05-15
8-K 2020-05-13
8-K 2020-05-07
8-K 2020-05-01
8-K 2020-04-16
8-K 2020-04-15
8-K 2020-04-09
8-K 2020-02-20
8-K 2020-01-30
8-K 2019-10-31
8-K 2019-10-07
8-K 2019-09-23
8-K 2019-07-25
8-K 2019-07-24
8-K 2019-06-17
8-K 2019-06-06
8-K 2019-05-09
8-K 2019-05-02
8-K 2019-03-08
8-K 2019-02-22
8-K 2019-01-31
8-K 2018-10-25
8-K 2018-10-04
8-K 2018-09-14
8-K 2018-08-02
8-K 2018-05-17
8-K 2018-05-03
8-K 2018-02-01

CPT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 cpt6302020-ex311.htm
EX-31.2 cpt6302020-ex312.htm
EX-32.1 cpt6302020ex321.htm

Camden Property Trust Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.30.20.20.10.10.02016201720182020
Rev, G Profit, Net Income
0.60.40.2-0.1-0.3-0.52012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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)
 
 
TX
 
76-6088377
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
11 Greenway Plaza, Suite 2400
Houston,
TX
 
77046
(Address of principal executive offices)
 
(Zip Code)
(713) 354-2500
(Registrant's Telephone Number, Including Area Code)
 
 
N/A
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par value
CPT
NYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", and "small reporting company" in Rule 12b-2 of the Exchange Act. (Check one): 
Large Accelerated 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ý
On July 24, 2020, 97,395,868 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.



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



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) 
(in thousands, except per share amounts)
June 30,
2020
 
December 31, 2019
Assets
 
 
 
Real estate assets, at cost
 
 
 
Land
$
1,206,656

 
$
1,199,384

Buildings and improvements
7,597,165

 
7,404,090

 
$
8,803,821

 
$
8,603,474

Accumulated depreciation
(2,857,124
)
 
(2,686,025
)
Net operating real estate assets
$
5,946,697

 
$
5,917,449

Properties under development, including land
514,336

 
512,319

Investments in joint ventures
21,735

 
20,688

Total real estate assets
$
6,482,768

 
$
6,450,456

Accounts receivable – affiliates
21,432

 
21,833

Other assets, net
211,823

 
248,716

Cash and cash equivalents
601,584

 
23,184

Restricted cash
4,093

 
4,315

Total assets
$
7,321,700

 
$
6,748,504

Liabilities and equity
 
 
 
Liabilities
 
 
 
Notes payable
 
 
 
Unsecured
$
3,224,871

 
$
2,524,099

Accounts payable and accrued expenses
167,453

 
171,719

Accrued real estate taxes
62,499

 
54,408

Distributions payable
84,138

 
80,973

Other liabilities
172,172

 
215,581

Total liabilities
$
3,711,133

 
$
3,046,780

Commitments and contingencies (Note 11)

 

Equity
 
 
 
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 109,110 and 109,110 issued; 106,844 and 106,878 outstanding at June 30, 2020 and December 31, 2019, respectively
1,068

 
1,069

Additional paid-in capital
4,574,387

 
4,566,731

Distributions in excess of net income attributable to common shareholders
(689,809
)
 
(584,167
)
Treasury shares, at cost (9,449 and 9,636 common shares at June 30, 2020 and December 31, 2019, respectively)
(341,637
)
 
(348,419
)
Accumulated other comprehensive loss
(5,797
)
 
(6,529
)
Total common equity
$
3,538,212

 
$
3,628,685

Non-controlling interests
72,355

 
73,039

Total equity
$
3,610,567

 
$
3,701,724

Total liabilities and equity
$
7,321,700

 
$
6,748,504

See Notes to Condensed Consolidated Financial Statements (Unaudited).

1


CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands, except per share amounts)
2020
 
2019
 
2020
 
2019
Property revenues
$
250,683

 
$
255,761

 
$
516,562

 
$
504,328

Property expenses
 
 
 
 
 
 
 
Property operating and maintenance
$
64,641

 
$
58,147

 
$
124,597

 
$
115,095

Real estate taxes
35,040

 
33,080

 
69,220

 
66,970

Total property expenses
$
99,681

 
$
91,227

 
$
193,817

 
$
182,065

Non-property income
 
 
 
 
 
 
 
Fee and asset management
$
2,380

 
$
1,867

 
$
4,907

 
$
3,710

Interest and other income
325

 
331

 
654

 
629

Income/(loss) on deferred compensation plans
11,435

 
3,856

 
(3,425
)
 
14,212

Total non-property income
$
14,140

 
$
6,054

 
$
2,136

 
$
18,551

Other expenses
 
 
 
 
 
 
 
Property management
$
5,939

 
$
6,093

 
$
12,466

 
$
12,750

Fee and asset management
820

 
1,522

 
1,663

 
2,706

General and administrative
14,391

 
13,261

 
27,624

 
26,569

Interest
23,482

 
19,349

 
43,189

 
39,819

Depreciation and amortization
92,803

 
84,646

 
184,662

 
164,920

Expense/(benefit) on deferred compensation plans
11,435

 
3,856

 
(3,425
)
 
14,212

Total other expenses
$
148,870

 
$
128,727

 
$
266,179

 
$
260,976

Gain on sale of land

 

 
382

 

Equity in income of joint ventures
1,633

 
1,909

 
3,755

 
3,821

Income from continuing operations before income taxes
$
17,905

 
$
43,770

 
$
62,839

 
$
83,659

Income tax expense
(394
)
 
(228
)
 
(861
)
 
(396
)
Net income
$
17,511

 
$
43,542

 
$
61,978

 
$
83,263

Less income allocated to non-controlling interests
(1,034
)
 
(1,143
)
 
(2,217
)
 
(2,251
)
Net income attributable to common shareholders
$
16,477

 
$
42,399

 
$
59,761

 
$
81,012

Earnings per share – basic
$
0.17

 
$
0.43

 
$
0.60

 
$
0.83

Earnings per share – diluted
$
0.17

 
$
0.43

 
$
0.60

 
$
0.82

Weighted average number of common shares outstanding – basic
99,399

 
98,903

 
99,348

 
97,903

Weighted average number of common shares outstanding – diluted
99,408

 
98,997

 
99,394

 
98,024

Condensed Consolidated Statements of Comprehensive Income
 
 
 
 
 
 
 
Net income
$
17,511

 
$
43,542

 
$
61,978

 
$
83,263

Other comprehensive income
 
 
 
 
 
 
 
Unrealized (loss) on cash flow hedging activities

 
(7,060
)
 

 
(12,998
)
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation
366

 
(351
)
 
732

 
(726
)
Comprehensive income
$
17,877

 
$
36,131

 
$
62,710

 
$
69,539

Less income allocated to non-controlling interests
(1,034
)
 
(1,143
)
 
(2,217
)
 
(2,251
)
Comprehensive income attributable to common shareholders
$
16,843

 
$
34,988

 
$
60,493

 
$
67,288

See Notes to Condensed Consolidated Financial Statements (Unaudited).

2


CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
For the six months ended June 30, 2020
 
 
Common Shareholders
 
 
 
 
(in thousands)
Common
shares of
beneficial
interest
 
Additional
paid-in
capital
 
Distributions
in excess of
net income
 
Treasury
shares, at
cost
 
Accumulated
other
comprehensive
(loss)/income
 
Non-controlling interests
 
Total equity
Equity, December 31, 2019
$
1,069

 
$
4,566,731

 
$
(584,167
)
 
$
(348,419
)
 
$
(6,529
)
 
$
73,039


$
3,701,724

Net income
 
 
 
 
59,761

 
 
 
 
 
2,217

 
61,978

Other comprehensive income
 
 
 
 
 
 
 
 
732

 
 
 
732

Net share awards
 
 
7,146

 
 
 
6,379

 
 
 
 
 
13,525

Employee share purchase plan
 
 
640

 
 
 
403

 
 
 
 
 
1,043

Cash distributions declared to equity holders ($1.66 per common share)
 
 
 
 
(165,403
)
 
 
 
 
 
(2,901
)
 
(168,304
)
       Other
(1
)
 
(130
)
 
 
 
 
 
 
 
 
 
(131
)
Equity, June 30, 2020
$
1,068

 
$
4,574,387

 
$
(689,809
)
 
$
(341,637
)
 
$
(5,797
)
 
$
72,355

 
$
3,610,567


See Notes to Condensed Consolidated Financial Statements (Unaudited).

3


CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(Unaudited)
For the three months ended June 30, 2020

 
Common Shareholders
 
 
 
 
(in thousands)
Common
shares of
beneficial
interest
 
Additional
paid-in
capital
 
Distributions
in excess of
net income
 
Treasury
shares, at
cost
 
Accumulated
other
comprehensive
(loss)/income
 
Non-controlling interests
 
Total equity
Equity, March 31, 2020
$
1,069

 
$
4,569,995

 
$
(623,570
)
 
$
(342,778
)
 
$
(6,163
)
 
$
72,771

 
$
3,671,324

Net income
 
 
 
 
16,477

 
 
 
 
 
1,034

 
17,511

Other comprehensive income
 
 
 
 
 
 
 
 
366

 
 
 
366

Net share awards
 
 
3,940

 
 
 
738

 
 
 
 
 
4,678

Employee share purchase plan
 
 
558

 
 
 
403

 
 
 
 
 
961

Cash distributions declared to equity holders ($0.83 per common share)
 
 
 
 
(82,716
)
 
 
 
 
 
(1,450
)
 
(84,166
)
       Other
(1
)
 
(106
)
 
 
 
 
 
 
 
 
 
(107
)
Equity, June 30, 2020
$
1,068

 
$
4,574,387

 
$
(689,809
)
 
$
(341,637
)
 
$
(5,797
)
 
$
72,355

 
$
3,610,567


See Notes to Condensed Consolidated Financial Statements (Unaudited).

4


CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
For the six months ended June 30, 2019

 
Common Shareholders
 
 
 
 
(in thousands)
Common
shares of
beneficial
interest
 
 
Additional
paid-in
capital
 
Distributions
in excess of
net income
 
Treasury
shares, at
cost
 
Accumulated
other
comprehensive
loss
 
Non-controlling
interests
 
Total equity
Equity, December 31, 2018
$
1,031

 
 
$
4,154,763

 
$
(495,496
)
 
$
(355,804
)
 
$
6,929

 
$
73,681

 
$
3,385,104

Net income
 
 
 
 
 
81,012

 
 
 
 
 
2,251

 
83,263

Other comprehensive loss
 
 
 
 
 
 
 
 
 
(13,724
)
 
 
 
(13,724
)
Common shares issued
34

 
 
328,340

 
 
 
 
 
 
 
 
 
328,374

Net share awards
 
 
 
5,940

 
 
 
6,730

 
 
 
 
 
12,670

Employee share purchase plan
 
 
 
1,156

 
 
 
594

 
 
 
 
 
1,750

Change in classification of deferred compensation plan
 
 
 
43,311

 
9,363

 
 
 
 
 
 
 
52,674

Conversion of operating partnership units
 
 
 
115

 
 
 
 
 
 
 
(115
)
 

Cash distributions declared to equity holders ($1.60 per common share)
 
 
 
 
 
(158,713
)
 
 
 
 
 
(2,808
)
 
(161,521
)
Other
 
 
 
42

 
 
 
 
 
 
 
136

 
178

Equity, June 30, 2019
$
1,065

 
 
$
4,533,667

 
$
(563,834
)
 
$
(348,480
)
 
$
(6,795
)
 
$
73,145

 
$
3,688,768


See Notes to Condensed Consolidated Financial Statements (Unaudited).



5


CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(Unaudited)
For the three months ended June 30, 2019
 
Common Shareholders
 
 
 
 
(in thousands)
Common
shares of
beneficial
interest
 
Additional
paid-in
capital
 
Distributions
in excess of
net income
 
Treasury
shares, at
cost
 
Accumulated
other
comprehensive
loss
 
Non-controlling
interests
 
Total equity
Equity, March 31, 2019
$
1,064

 
$
4,527,659

 
$
(526,856
)
 
$
(349,655
)
 
$
616

 
$
73,492

 
3,726,320

Net income
 
 
 
 
42,399

 
 
 
 
 
1,143

 
43,542

Other comprehensive loss
 
 
 
 
 
 
 
 
(7,411
)
 
 
 
(7,411
)
Net share awards
 
 
4,807

 
 
 
580

 
 
 
 
 
5,387

Employee share purchase plan
 
 
1,082

 
 
 
595

 
 
 
 
 
1,677

Conversion of operating partnership units
 
 
115

 
 
 
 
 
 
 
(115
)
 

Cash distributions declared to equity holders ($0.80 per common share)
 
 
 
 
(79,377
)
 
 
 
 
 
(1,403
)
 
(80,780
)
Other
1

 
4

 
 
 
 
 
 
 
28

 
33

Equity, June 30, 2019
$
1,065

 
$
4,533,667

 
$
(563,834
)
 
$
(348,480
)
 
$
(6,795
)
 
$
73,145

 
$
3,688,768


See Notes to Condensed Consolidated Financial Statements (Unaudited).



6


CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Six Months Ended
June 30,
(in thousands)
2020
 
2019
Cash flows from operating activities
 
 
 
Net income
$
61,978

 
$
83,263

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
Depreciation and amortization
184,662

 
164,920

Gain on sale of land
(382
)
 

Distributions of income from joint ventures
4,039

 
3,802

Equity in income of joint ventures
(3,755
)
 
(3,821
)
Share-based compensation
7,046

 
8,535

Settlement of forward interest rate swaps

 
(20,430
)
Net change in operating accounts and other
(3,414
)
 
(17,598
)
Net cash from operating activities
$
250,174

 
$
218,671

Cash flows from investing activities
 
 
 
Development and capital improvements, including land
$
(199,598
)
 
$
(206,724
)
Acquisition of operating properties

 
(214,233
)
Proceeds from sale of land
753

 

Increase in non-real estate assets
(4,871
)
 
(9,655
)
Other
(1,920
)
 
505

Net cash from investing activities
$
(205,636
)
 
$
(430,107
)
Cash flows from financing activities
 
 
 
Borrowings on unsecured credit facility and other short-term borrowings
$
358,000

 
$
1,167,000

Repayments on unsecured credit facility and other short-term borrowings
(402,000
)
 
(1,167,000
)
Repayment of notes payable

 
(439,852
)
Proceeds from notes payable
743,103

 
593,409

Distributions to common shareholders and non-controlling interests
(165,085
)
 
(155,723
)
Proceeds from issuance of common shares

 
328,374

Payment of deferred financing costs
(686
)
 
(5,342
)
Other
308

 
1,910

Net cash from financing activities
$
533,640

 
$
322,776

Net increase in cash, cash equivalents, and restricted cash
578,178

 
111,340

Cash, cash equivalents, and restricted cash, beginning of year
27,499

 
43,603

Cash, cash equivalents, and restricted cash, end of period
$
605,677

 
$
154,943

Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets
 
 
 
Cash and cash equivalents
$
601,584

 
$
149,551

Restricted cash
4,093

 
5,392

Total cash, cash equivalents, and restricted cash, end of period
$
605,677

 
$
154,943

Supplemental information
 
 
 
Cash paid for interest, net of interest capitalized
$
40,551

 
$
41,573

Cash paid for income taxes
146

 
1,197

Supplemental schedule of noncash investing and financing activities
 
 
 
Distributions declared but not paid
84,138

 
80,767

Value of shares issued under benefit plans, net of cancellations
20,117

 
18,554

Accrual associated with construction and capital expenditures
27,259

 
33,280

Right-of-use assets obtained in exchange for the use of new operating lease liabilities
69

 
16,249

See Notes to Condensed Consolidated Financial Statements (Unaudited).

7


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

1. Description of Business
Business. Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust ("REIT"), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of June 30, 2020, we owned interests in, operated, or were developing 171 multifamily properties comprised of 58,051 apartment homes across the United States. Of the 171 properties, seven properties were under construction as of June 30, 2020, and will consist of a total of 1,939 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.

2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Principles of Consolidation. Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, authority to make decisions, kick-out rights and participating rights. As of June 30, 2020, two of our consolidated operating partnerships are VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships.  As of June 30, 2020, we held approximately 92% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships.
Interim Financial Reporting. We have prepared these unaudited financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim unaudited financial statements should be read in conjunction with the audited financial statements and notes included in our 2019 Annual Report on Form 10-K.
Acquisitions of Real Estate. Upon acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. We generally believe acquisitions of operating properties are asset acquisitions, which include the capitalization of transaction costs. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition; the net carrying value of in-place leases are included in other assets, net and the net carrying value of above or below market leases are included in other liabilities, net in our condensed consolidated balance sheets.
We recognized amortization expense related to in-place leases of approximately $4.2 million and $3.6 million for the three months ended June 30, 2020 and 2019, respectively, and approximately $8.8 million and $5.5 million for the six months ended June 30, 2020 and 2019, respectively. We recognized no amortization related to market leases for either the three or six months ended June 30, 2020 and recognized approximately $0.1 million of amortization related to net below market leases for each of the three and six months ended June 30, 2019. During the three and six months ended June 30, 2020, the weighted average amortization periods for in-place leases and net below market leases were approximately six months and seven months, respectively. During the three and six months ended June 30, 2019, the weighted average amortization period for in-place net below market leases were approximately six months and five months, respectively.
Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions

8


regarding a number of factors including, but not limited to, market rents, economic conditions, and occupancies could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant's perspective. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the three or six months ended June 30, 2020 or 2019.
The value of our properties under development depends on market conditions, including estimates of the project start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses it is possible actual results could differ substantially from those estimated.
We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect in our consolidated financial position and results of operations.
Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt and was approximately $4.1 million and $3.2 million for the three months ended June 30, 2020 and 2019, respectively, and was approximately $8.6 million and $5.9 million for the six months ended June 30, 2020 and 2019, respectively. Capitalized real estate taxes were approximately $1.3 million and $0.7 million for the three months ended June 30, 2020 and 2019, respectively, and were approximately $2.8 million and $2.0 million for the six months ended June 30, 2020 and 2019, respectively.
Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and certain activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are substantially completed the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements.
Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:
 
Estimated
Useful Life
Buildings and improvements
5-35 years
Furniture, fixtures, equipment, and other
3-20 years
Intangible assets/liabilities (in-place leases and above and below market leases)
underlying lease term

Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.
In determining fair value, observable inputs reflect market data obtained from independent sources while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Level 1:    Quoted prices for identical instruments in active markets.
Level 2:    Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3:    Significant inputs to the valuation model are unobservable.

9


Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis:
Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy.
Non-Recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value if they are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." Non-recurring fair value disclosures are not provided for impairments on assets disposed during the period because they are no longer owned by us. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy.
Financial Instrument Fair Value Disclosures. As of June 30, 2020 and December 31, 2019, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represented fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. The carrying values of our notes receivable also approximate their fair values, which are based on certain factors, such as market interest rates, terms of the note and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.
Income Recognition. The majority of our revenues are derived from real estate lease contracts and presented as property revenues, which include rental revenue and revenue from amounts received under contractual terms for other services provided to our customers.
Property Revenues: We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets which is our only underlying asset class. We recognize rental revenues from these lease contracts on a straight-line basis over the applicable lease term, net of amounts related to lease contracts identified as uncollectible. We also earn revenues from amounts received under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new, separate contract and will be recognized at the time the option is exercised on a straight-line basis over the renewal period.
In April 2020, we announced Resident Relief Funds for our residents experiencing financial losses caused by COVID-19, which were intended to help impacted residents by providing immediate financial assistance for living expenses such as food, utilities, medical, insurance, childcare, and transportation. During the three and six months ended June 30, 2020, the Resident Relief Funds paid approximately $10.4 million to approximately 8,200 Camden residents. Of this amount, approximately $9.1 million was paid to approximately 7,100 residents of our wholly-owned communities and recorded as a reduction of property revenues, and approximately $1.3 million was paid to approximately 1,100 residents of the operating communities owned by our unconsolidated joint ventures. For the amounts paid to residents of the operating communities at our unconsolidated joint ventures, we recognized our ownership interest of $0.4 million in equity in income of joint ventures. Additionally, we also made arrangements to defer payments over many residents'/tenants' existing lease terms. For the deferred rent payment plans offered, we continue to recognize property revenue on the existing straight-line basis over the remaining lease term and recognize any changes in payment through lease receivables, which is recorded in other assets, net, in our condensed consolidated balance sheet.
As of June 30, 2020, our average residential lease term was approximately fourteen months with all other commercial leases averaging longer lease terms. We currently anticipate property revenue from existing leases as follows:

10


(in millions)
 
Year ended December 31,
Operating Leases

Remainder of 2020
$
426.7

2021
239.5

2022
5.9

2023
5.2

2024
4.4

Thereafter
30.1

Total
$
711.8


Credit Risk. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.
Note Receivable. We have one note receivable included in other assets, net, in our condensed consolidated balance sheets, relating to a real estate secured loan made to an unaffiliated third party. This note receivable matures on October 1, 2025. At both June 30, 2020 and December 31, 2019, the outstanding note receivable principal balance was approximately $7.9 million. The weighted average interest rate was approximately 7.0% for both the three and six months ended June 30, 2020 and 2019, respectively. Interest is recognized over the life of the note and included in interest and other income in our condensed consolidated statements of income and comprehensive income. We will provide for an allowance on our note receivable for expected losses if it becomes apparent conditions exist which may lead to our inability to collect all contractual amounts due. Conditions may include challenging economic factors, delinquent or late payments on the receivable, deterioration in the on-going relationship with the borrower, and other relevant factors. No allowance has been recognized on this note receivable as of June 30, 2020.
Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides temporary relief to simplify the accounting for modifying contracts to transition away from referenced rates such as LIBOR and other interbank offered rates. To be eligible for these accounting reliefs, the modifications i) must change, or have the potential to change, the amount or timing of contractual cash flows and ii) be related to the replacement of the referenced rate expected to be discontinued. When the contracts have met the criteria above, modified contracts can be accounted for as a continuation of the existing contract and applied prospectively adjusting the effective interest rate in the agreement. ASU 2020-04 is effective for interim periods beginning January 1, 2020, and the contracts electing to use the optional relief must be entered into prior to December 31, 2022. We adopted ASU 2020-04 as of March 31, 2020 and will apply this guidance for modifications, if any, during the interim period and prospectively through December 31, 2022. We do not expect our adoption of ASU 2020-04 to have a material impact on our consolidated financial statements as our only outstanding debt indexed to LIBOR are our unsecured credit facility and unsecured term loan.
In April 2020, the FASB's staff issued a question and answer document ("Q&A") focused on the application of lease modification accounting as a result of COVID-19. The Q&A allows companies, assuming the total payments of modified leases are substantially the same as or less than the total payments of the existing lease, to elect to bypass a lease-by-lease analysis, and instead either apply the lease modification accounting framework or not. The election is to be applied consistently to leases with similar characteristics and similar circumstances. Having met the required criteria as defined in the Q&A, we elected to not account for concessions as lease modifications. As disclosed above, the cash payments provided to residents relating to the Resident Relief Funds of approximately $9.1 million was recognized as a reduction to property revenues during the three and six months ended June 30, 2020 and amounts paid to residents of the operating communities owned by our unconsolidated joint ventures, of which, we recognized our ownership interest of $0.4 million in equity in income of joint ventures. We also elected to account for all other concessions provided to our residents/tenants, which were primarily related to a change of timing of rent payments with no significant changes to total payments or term, as a deferred payment in which we continue to recognize property revenue on the existing straight-line basis over the remaining lease term and recognize any changes in payment through lease receivables, which is recorded in other assets, net, in our condensed consolidated balance sheet.

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3. Per Share Data
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards, units convertible into common shares, and shares which could be settled under equity forward sales agreements. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sales agreement will be considered in our calculation for diluted earnings-per-share until settlement, using the treasury stock method. The number of common share equivalent securities excluded from the diluted earnings per share calculation were approximately 2.0 million and 1.9 million for the three and six months ended June 30, 2020 and approximately 2.0 million for each of the three and six months ended June 30, 2019. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculations as they are anti-dilutive. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands, except per share amounts)
 
2020
 
2019
 
2020
 
2019
Earnings per common share calculation – basic
 
 
 
 
 
 
 
 
Income from continuing operations attributable to common shareholders
 
$
16,477

 
$
42,399

 
$
59,761

 
$
81,012

Amount allocated to participating securities
 
(35
)
 
(117
)
 
(134
)
 
(186
)
Net income attributable to common shareholders – basic
 
$
16,442

 
$
42,282

 
$
59,627

 
$
80,826

 
 
 
 
 
 
 
 
 
Total earnings per common share – basic
 
$
0.17

 
$
0.43

 
$
0.60

 
$
0.83

 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding – basic
 
99,399

 
98,903

 
99,348

 
97,903

 
 
 
 
 
 
 
 
 
Earnings per common share calculation – diluted
 
 
 
 
 
 
 
 
Net income attributable to common shareholders – diluted
 
$
16,442

 
$
42,282

 
$
59,627

 
$
80,826

 
 
 
 
 
 
 
 
 
Total earnings per common share – diluted
 
$
0.17

 
$
0.43

 
$
0.60

 
$
0.82

 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding – basic
 
99,399

 
98,903

 
99,348

 
97,903

Incremental shares issuable from assumed conversion of:
 
 
 
 
 
 
 
 
Common share options and share awards granted
 
9

 
94

 
46

 
121

Weighted average number of common shares outstanding – diluted
 
99,408

 
98,997

 
99,394

 
98,024


4. Common Shares
In June 2020, we created an at-the market ("ATM") share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering price of up to $362.7 million (the "2020 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. The proceeds from the sale of our common shares under the 2020 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under our $900 million unsecured line of credit, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions. 
The 2020 ATM program permits the use of forward sales agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of shares until a later date. If we enter into a forward sale agreement, we expect the relevant forward purchasers will borrow from third parties and, through the relevant sales agent, acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller. We expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity

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date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). During the three months ended June 30, 2020 and through the date of this filing, we did not enter into any forward sale agreements nor were there any shares sold under the 2020 ATM program. As of the date of this filing, we had common shares having an aggregate offering price of up to $362.7 million remaining available for sale under the 2020 ATM program.
In May 2017, we created an ATM share offering program through which we could, but have no obligation to, sell common shares having an aggregate offering price of up to $315.3 million (the "2017 ATM program"). We terminated the 2017 ATM program in the second quarter of 2020, with $287.7 million remaining available for sale. Upon termination, no further common shares were available for sale under the 2017 ATM program.
We have a repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. There were no repurchases during the three and six months ended June 30, 2020. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this program was approximately $