10-K 1 cpt-20231231.htm 10-K cpt-20231231
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023
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)
 
Texas76-6088377
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
11 Greenway Plaza, Suite 2400Houston,Texas77046
(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 classTrading SymbolName of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par valueCPTNew 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.    Yes  ý    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  ¨    No  ý
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.    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 such files).    Yes  ý    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 filerýAccelerated filer¨
Non-accelerated filer¨ Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant 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.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) .  
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 $11,576,082,431 based on a June 30, 2023 share price of $108.87.
On February 15, 2024, 106,968,937 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 10, 2024 are incorporated by reference in Part III.
2

TABLE OF CONTENTS
 
  Page
Item 1.
Item 1A.
Item 1B.
Item 1C.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
Item 9C.
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
Item 15.
Item 16.

ii

PART I
Item 1. Business
General
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, reposition, 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 and 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, Corporate Governance and Sustainability 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, 2023, we owned interests in, operated, or were developing 176 multifamily properties comprised of 59,800 apartment homes across the United States. Of the 176 properties, four properties were under construction and will consist of a total of 1,166 apartment homes when completed. We also own land holdings which we may develop into 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 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 grow revenue.
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 short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit
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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 staff, 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.
Operations. We believe an intense focus on operations is necessary to realize consistent, sustained earnings growth. Ensuring customer 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. Our average lease terms are approximately fourteen months, and our individual property marketing plans are structured to respond to local market conditions. In addition, we conduct ongoing customer service surveys to help ensure timely responses to customers' changing needs and a high-level of satisfaction.
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, and third-party providers of short-term rentals, 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. We strive 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 and brightest 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 work 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 16 consecutive years, most recently ranking #33.
Compensation and Benefits. We provide high-quality health benefits and compensation to competitively compensate all employees for their contributions to Camden. 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 and 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 courses in subjects related to leadership, management, and operations. In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with experienced employees to facilitate their on-boarding process and immerse them in Camden’s culture.
Diversity, Equity, and Inclusion. At Camden, diversity, equity, and inclusion ("DEI") is integral to who we are and how we achieve. We are committed to fostering an environment where all are welcome and encouraged to succeed. DEI is promoted and encouraged throughout our organization, with each Camden team member bringing unique skills, experiences, and
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perspectives. We firmly believe DEI builds organizational capacity, and the path forward must ensure DEI is woven into our culture, talent, and business practices. We believe these efforts are socially responsible, foundational to Camden’s success, and essential to delivering on our goal to improve the lives of our team members, customers, and shareholders, one experience at a time.
At December 31, 2023, we had approximately 1,640 employees including executive, community, and administrative personnel. Camden embraces all team members as full and valued members of the organization.
Qualification as a Real Estate Investment Trust
As of December 31, 2023, 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. Throughout 2023, in efforts to curb inflation, the Federal Reserve increased interest rates. Additionally, as a result of concerns about the recent deterioration in the financial markets, including the failures of banks during 2023, the cost of obtaining debt from credit and capital markets increased as many lenders increased interest rates, enacted tighter lending standards, and reduced and, in some cases ceased, to provide funding to borrowers. If we need to incur debt from a source other than our revolving credit facility, we cannot be certain the additional financing will be available to the extent required and on acceptable terms. If debt financing on acceptable terms is not available, we may be unable to fully execute our growth strategy, otherwise take advantage of business opportunities, or respond to competitive pressures, any of which could have a material adverse effect on our results of operations, financial condition (including liquidity), and our ability to make distributions to shareholders.
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:
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;
declines in market rental rates;
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;
increased operating costs, if these costs cannot be passed through to our residents; and
global or locally-targeted pandemics, epidemics, or other health crises, and any related measures enacted to prevent their spread or restricting our ability to enforce contractual rental obligations upon our residents.
Short-term leases could expose us to the effects of declining market rents.
Our average lease terms are approximately fourteen months. 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.
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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, and third-party providers of short-term rentals, 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 could be negatively impacted by the 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 and the resulting value 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
Development, repositions, redevelopment and construction risks could impact our profitability.
We intend to continue to develop, reposition, redevelop, and construct multifamily apartment communities for our portfolio. In 2024, we expect to incur costs between approximately $120 million and $130 million related to the construction of four projects. Additionally, during 2024, we expect to incur costs between approximately $40 million and $60 million related to the start of new development activities, between approximately $90 million and $94 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $101 million and $105 million of additional recurring capital expenditures. Our development, reposition, redevelopment, and other 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:
 
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;
shortages of materials;
inability to obtain financing with favorable terms;
inability to complete construction and/or 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, repositions, 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 between it and third parties. The terms of those construction contracts generally require this subsidiary to estimate the time and costs to complete a project and assumes the risk when these estimates are greater than anticipated. As a result, profitability on those contracts is dependent on the ability to accurately predict these 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.
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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 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 enforce contractual rental obligations, 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 and 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.
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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 such as generative artificial intelligence, machine learning, and remote connectivity solutions give rise to potential cybersecurity risks with increasing sophistication, including but not limited to, security breaches, 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 flaw 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, 2023, we had outstanding debt of approximately $3.7 billion. This indebtedness could have adverse consequences including but not limited to, the following:  
increasing our vulnerability to general adverse economic and industry conditions; and
limiting our flexibility in planning for, or reacting to, changes in business and industry conditions.
The notes related to our properties subject to secured debt, our unsecured term loans, and unsecured revolving 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:
 
delay in resident lease commencements;
decline in occupancy;
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;
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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 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 our 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 increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments.
As of the date of this filing, we have an unsecured term loan with varying interest rates dependent upon various market indexes. In addition, we have an unsecured revolving credit facility bearing interest at variable rates on all amounts drawn and a senior unsecured note which has been converted into a floating rate instrument through an interest rate swap arrangement. We may incur 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 may also result in a decrease in the value of our real estate and a decrease in the market price of our shares, which may lead holders of our securities to seek higher yields through other investments.
Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets.
Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2023. 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.
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
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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
Environmental, social, and governance factors may impose additional costs and/or expose us to new risks
Certain investors, customers, regulators, and other stakeholders are placing increased importance corporate responsibility, specifically related to environmental, social, and governance ("ESG") factors. Additionally, there is increased attention to these matters by various state and federal regulatory authorities, including the SEC, and the expense and activities necessary to comply with new regulations or standards may be significant, which may adversely impact our financial results. Third-party providers of corporate responsibility ratings and reports on companies have increased, resulting in varied, and potentially, inconsistent standards. We may face reputational damage if our corporate responsibility procedures or standards do not meet the standards met by various constituencies. Also, some investors use these factors to guide their investment strategies and, in some cases, may choose not to invest in us based on their assessment of our approach to ESG factors, which could have an adverse impact on the price of our securities.
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 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.
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.
We could be adversely impacted due to our share price fluctuations.
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;
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minimum dividend requirements;
increases in market interest rates may lower the values of our real estate and the price of our shares; and
changes in financial markets and national and regional economic and general market conditions.
Item 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity
Addressing cybersecurity risks is a priority for us. We have in place systems of internal controls as well as business continuity and disaster recovery plans, and we regularly perform assessments of these systems and plans to address cybersecurity and technology. Our cybersecurity program has been developed based on industry standards set by the National Institute of Standards and Technology ("NIST") and includes a comprehensive set of security policies and procedures that guide our protection strategy against threats by utilizing the following measures: identifying critical assets and high-risk threats; implementing cybersecurity detection, controls, and remediation practices; implementing a third-party risk management program to evaluate our cyber position; and, evaluating our cybersecurity program effectiveness by performing both internal and external testing and auditing risk.
In addition to a dedicated information technology cybersecurity team monitoring our daily operations, we annually assess our cybersecurity program against the NIST framework and engage outside security firms to conduct penetration tests and assist with monitoring of daily operations. We require annual cybersecurity awareness training for all of our employees to aid in promptly identifying and reporting potential or actual issues. Additionally, our dedicated information technology cybersecurity team undertakes regular robust cybersecurity training to increase cybersecurity awareness, internal expertise, and readiness efforts. We install and regularly update antivirus software on all Company managed systems and workstations in an effort to detect and prevent malicious code. We conduct ongoing security breach and phishing simulations to raise awareness of various critical security threats. Periodically, we run tabletop exercises involving members of the Company's management team intended to simulate a response to a cybersecurity incident and use the findings to improve our policies and procedures. All third-party service providers or vendors utilized as part of the Company’s cybersecurity framework are required to comply with our policies regarding non-public personal information and information security.
Our cybersecurity program is led by our Senior Vice President - Strategic Services and Chief Information Officer ("CIO"). Our CIO also serves as the Chair of our Cybersecurity Executive Oversight Committee ("CEOC"), comprised of senior executives representing various teams and functions of the Company including legal, finance, accounting, investor relations, and operations. The CEOC supports efforts to evaluate the materiality of any incidents, determines whether notice to third parties such as residents or vendors is required, and determine whether any disclosures to stakeholders are required. The CEOC is also responsible for ensuring the Company's management and Board of Trust Managers ("Board") are fully aware of key activities and events associated with our cybersecurity program on an ongoing basis.
Although our entire Board is actively involved in overseeing risk management, the Audit Committee charter tasks the Audit Committee with providing oversight of management's guidelines and policies to govern the process by which risk assessments and risks are managed, including the Company’s major financial risk exposures and the steps management has taken to monitor and control such exposures. The Audit Committee also discusses with management the processes undertaken to evaluate our systems of disclosure controls and procedures, including those relating to cybersecurity risk management. Our CIO reports quarterly to the Audit Committee and Board regarding cybersecurity matters, which includes emerging cybersecurity threats and the risk landscape, updates on our cybersecurity program and related readiness, resiliency, and response efforts.
Like other businesses, we have been, and expect to continue to be, subject to attempts on unauthorized access, mishandling or misuse, computer viruses or malware, cyber-attacks and intrusions and other events of varying degrees. To date, we have not experienced a cybersecurity breach nor are we aware of any of our third-party outside service providers experiencing a cybersecurity breach.
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.
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Operating Properties
The 172 operating properties in which we owned interests and operated at December 31, 2023 averaged 961 square feet of living area per apartment home. For the year ended December 31, 2023, no single operating property accounted for greater than 1.4% 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, 2023 and 2022, respectively, an average monthly rental rate per apartment home of $1,981 and $1,881 for the same periods, respectively and our average resident lease terms are approximately fourteen months. At December 31, 2023, 155 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:
Year Placed in ServiceNumber of Operating Properties
2019-202313
2014-201832
2009-201321
2004-200831
1999-200345
Prior to 199930








































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Property Table
The following table sets forth information with respect to our 172 operating properties at December 31, 2023:
 
 OPERATING PROPERTIES
Property and LocationYear Placed
in Service
Average Apartment
Size (Sq. Ft.)
Number of
Apartments
2023 Average
Occupancy (1)
2023 Average
Monthly Rental
Rate per
Apartment (2)
ARIZONA
Phoenix/Scottsdale
Camden Chandler 20161,14638094.6 %$1,968 
Camden Copper Square200078633293.2 1,675 
Camden Foothills 20141,03222095.5 2,183 
Camden Legacy19961,06742895.3 2,049 
Camden Montierra19991,07124995.2 1,963 
Camden North End I201992144195.0 2,030 
Camden North End II202188534394.1 2,042 
Camden Old Town Scottsdale201689231694.4 2,297 
Camden Pecos Ranch200194927293.4 1,708 
Camden San Marcos199598432093.2 1,867 
Camden San Paloma1993/19941,04232495.0 2,017 
Camden Sotelo2008/20121,30317093.7 2,048 
Camden Tempe20151,04323494.0 2,027 
Camden Tempe II (3)202398139795.4 1,918 
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley20011,00938095.9 2,664 
Camden Glendale201589330796.8 2,812 
Camden Harbor View2004/201698154793.4 3,014 
Camden Main and Jamboree 20081,01129093.9 2,603 
The Camden201676728792.4 3,215 
San Diego/Inland Empire
Camden Hillcrest20211,22313295.4 3,628 
Camden Landmark200698246994.6 2,215 
Camden Old Creek20071,03735097.6 2,834 
Camden Sierra at Otay Ranch200396242295.6 2,756 
Camden Tuscany200389516095.8 3,178 
Camden Vineyards20021,05326494.8 2,413 
COLORADO
Denver
Camden Belleview Station200988827096.1 1,899 
Camden Caley200092121896.6 1,926 
Camden Denver West19971,01532095.7 2,284 
Camden Flatirons 201596042496.5 2,025 
Camden Highlands Ridge19961,14934296.3 2,265 
Camden Interlocken19991,00234096.2 2,094 
Camden Lakeway199792945996.5 2,008 
Camden Lincoln Station201784426796.4 1,877 
11

 OPERATING PROPERTIES
Property and LocationYear Placed
in Service
Average Apartment
Size (Sq. Ft.)
Number of
Apartments
2023 Average
Occupancy (1)
2023 Average
Monthly Rental
Rate per
Apartment (2)
Camden RiNo202082823396.0 %$2,257 
WASHINGTON DC METRO
Camden Ashburn Farm20001,06216296.9 2,122 
Camden College Park200894250994.0 1,892 
Camden Dulles Station200997738297.7 2,214 
Camden Fair Lakes19991,05653096.8 2,230 
Camden Fairfax Corner200693448996.8 2,247 
Camden Fallsgrove200499626895.7 2,155 
Camden Grand Parc200267210594.6 2,768 
Camden Lansdowne20021,00669096.8 2,127 
Camden Monument Place200785636897.5 1,993 
Camden NoMa201476932196.2 2,299 
Camden NoMa II201775940596.8 2,387 
Camden Potomac Yard200883237896.2 2,310 
Camden Roosevelt200385619897.0 3,096 
Camden Shady Grove 201887745796.8 2,021 
Camden Silo Creek200497528497.0 2,077 
Camden South Capitol201382128195.2 2,440 
Camden Washingtonian201887036596.9 2,058 
FLORIDA
Southeast Florida
Camden Atlantic (3)202291926997.1 2,385 
Camden Aventura19951,10837995.4 2,738 
Camden Boca Raton201484326195.7 2,626 
Camden Brickell200393740595.9 2,897 
Camden Doral19991,12026097.3 2,590 
Camden Doral Villas20001,25323296.6 2,880 
Camden Las Olas20041,04342096.6 2,822 
Camden Plantation19971,20150295.9 2,381 
Camden Portofino19951,11232295.5 2,425 
Orlando
Camden Hunter’s Creek20001,07527095.8 1,933 
Camden Lago Vista200595536696.2 1,805 
Camden Lake Eola202194436095.2 2,398 
Camden LaVina201296942095.1 1,863 
Camden Lee Vista200093749295.6 1,849 
Camden North Quarter201680633396.7 1,854 
Camden Orange Court200881726894.8 1,740 
Camden Thornton Park201692029996.0 2,095 
Camden Town Square201298343895.9 1,875 
Camden Waterford Lakes201497130096.4 1,911 
Camden World Gateway200097940895.6 1,850 
12

 OPERATING PROPERTIES
Property and LocationYear Placed
in Service
Average Apartment
Size (Sq. Ft.)
Number of
Apartments
2023 Average
Occupancy (1)
2023 Average
Monthly Rental
Rate per
Apartment (2)
Tampa/St. Petersburg
Camden Bay1997/2001943 76097.1 %$1,885 
Camden Central2019942 36896.1 3,384 
Camden Montague2012972 19297.2 1,880 
Camden Pier District 2016989 35895.9 3,494 
Camden Preserve1996942 27695.7 2,051 
Camden Royal Palms20061,017 35294.5 1,792 
Camden Visconti20071,125 45095.2 2,059 
Camden Westchase Park2012992 34896.6 2,053 
GEORGIA
Atlanta
Camden Brookwood2002916 35993.8 1,764 
Camden Buckhead20221,087 36688.9 2,574 
Camden Buckhead Square2015827 25093.3 1,850 
Camden Creekstone2002990 22394.4 1,744 
Camden Deerfield20001,187 29294.0 1,901 
Camden Dunwoody19971,007 32493.3 1,773 
Camden Fourth Ward2014844 27696.5 2,066 
Camden Midtown Atlanta2001935 29694.2 1,818 
Camden Paces20151,408 37994.7 2,963 
Camden Peachtree City20011,027 39994.9 1,760 
Camden Phipps19961,010 23477.2 1,810 
Camden Shiloh1999/20021,143 23295.5 1,728 
Camden St. Clair1997999 33693.6 1,745 
Camden Stockbridge20031,009 30494.7 1,624 
Camden Vantage2010901 59292.9 1,752 
NORTH CAROLINA
Charlotte
Camden Ballantyne19981,048 40095.4 1,701 
Camden Cotton Mills2002905 18095.2 1,768 
Camden Dilworth2006857 14594.6 1,845 
Camden Fairview19831,036 13593.5 1,544 
Camden Foxcroft1979940 15694.8 1,425 
Camden Foxcroft II1985874 10094.6 1,538 
Camden Gallery2017743 32394.6 2,002 
Camden Grandview20001,059 26695.8 2,150 
Camden Grandview II20192,241 2890.6 4,151 
Camden NoDa (4)2023789 387Lease-up1,726 
Camden Sedgebrook1999972 36895.4 1,550 
Camden South End2003878 29995.3 1,910 
Camden Southline2015831 26695.1 2,048 
Camden Stonecrest20011,098 30695.8 1,728 
Camden Touchstone1986899 13295.9 1,438 
13

 OPERATING PROPERTIES
Property and LocationYear Placed
in Service
Average Apartment
Size (Sq. Ft.)
Number of
Apartments
2023 Average
Occupancy (1)
2023 Average
Monthly Rental
Rate per
Apartment (2)
Raleigh
Camden Asbury Village20091,009 35096.6 %$1,623 
Camden Carolinian20171,118 18692.3 2,341 
Camden Crest20011,012 44295.3 1,507 
Camden Governor’s Village19991,046 24294.9 1,594 
Camden Lake Pine19991,066 44695.9 1,603 
Camden Manor Park2006966 48494.7 1,557 
Camden Overlook20011,060 32296.2 1,661 
Camden Reunion Park2000/2004972 42095.2 1,450 
Camden Westwood19991,022 36096.1 1,564 
TENNESSEE
Nashville
Camden Franklin Park201896732895.9 2,033 
Camden Music Row201690343095.2 2,502 
TEXAS
Austin
Camden Amber Oaks2009862 34894.8 1,511 
Camden Amber Oaks II2012910 24494.8 1,608 
Camden Brushy Creek2008882 27295.1 1,616 
Camden Cedar Hills2008911 20895.8 1,736 
Camden Gaines Ranch1997955 39094.1 1,911 
Camden Huntingdon1995903 39895.1 1,617 
Camden La Frontera2015901 30095.2 1,640 
Camden Lamar Heights2015838 31494.4 1,836 
Camden Rainey Street2016873 32683.1 2,323 
Camden Shadow Brook2009909 49695.2 1,538 
Camden Stoneleigh2001908 39095.0 1,697 
Dallas/Fort Worth
Camden Addison1996942 45694.4 1,600 
Camden Belmont2010/2012946 47794.4 1,816 
Camden Buckingham1997919 46495.3 1,575 
Camden Centreport1997912 26895.6 1,518 
Camden Cimarron1992772 28695.9 1,564 
Camden Design District2009939 35594.9 1,709 
Camden Farmers Market2001/2005932 90493.1 1,637 
Camden Greenville2017/20181,028 55895.5 2,032 
Camden Henderson2012966 10695.4 1,933 
Camden Legacy Creek1995831 24095.5 1,683 
Camden Legacy Park1996870 27695.6 1,750 
Camden Panther Creek2009946 29595.8 1,716 
Camden Riverwalk2008989 60096.4 1,874 
Camden Valley Park1986743 51695.3 1,428 
Camden Victory Park2016861 42395.5 2,040 
14

 OPERATING PROPERTIES
Property and LocationYear Placed
in Service
Average Apartment
Size (Sq. Ft.)
Number of
Apartments
2023 Average
Occupancy (1)
2023 Average
Monthly Rental
Rate per
Apartment (2)
Houston
Camden City Centre2007932 37994.9 %$1,599 
Camden City Centre II2013869 26894.1 1,572 
Camden Cypress Creek2009993 31094.2 1,560 
Camden Cypress Creek II2020950 23494.4 1,603 
Camden Downs at Cinco Ranch20041,075 31896.7 1,604 
Camden Downtown20201,052 27189.9 2,612 
Camden Grand Harbor2008959 30094.8 1,451 
Camden Greenway1999861 75695.1 1,513 
Camden Heights2004927 35296.3 1,657 
Camden Highland Village2014/20151,172 55294.1 2,396 
Camden Holly Springs1999934 54894.1 1,453 
Camden McGowen Station20181,004 31594.6 2,116 
Camden Midtown1999844 33794.6 1,574 
Camden Northpointe2008940 38494.5 1,390 
Camden Plaza2007915 27196.2 1,730 
Camden Post Oak20031,200 35695.2 2,576 
Camden Royal Oaks2006923 23696.3 1,493 
Camden Royal Oaks II20121,054 10497.9 1,721 
Camden Spring Creek20041,080 30493.4 1,505 
Camden Stonebridge1993845 20494.6 1,289 
Camden Sugar Grove1997921 38096.1 1,438 
Camden Travis Street2010819 25395.3 1,547 
Camden Vanderbilt1996/1997863 89493.4 1,582 
Camden Whispering Oaks2008936 27495.6 1,469 
Camden Woodson Park 2008916 24894.2 1,369 
Camden Yorktown2008995 30695.3 1,378 
(1)Represents the average physical occupancy for the year except as noted.
(2)The average monthly rental rate per apartment incorporates vacant units and resident concessions calculated on a straight-line basis over the life of the lease.
(3)Development property stabilized during 2023 - the average occupancy was calculated from the date at which the occupancy exceeded 90% through December 31, 2023.
(4)Property under lease-up at December 31, 2023.
Item 3. Legal Proceedings
None.
Item 4. Mine Safety Disclosures
None.
15

PART II
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Our common shares are traded on the New York Stock Exchange under the symbol "CPT." As of February 15, 2024, there were approximately 274 shareholders of record. This number does not include the beneficial owners of our shares which are held by banks, brokers, and other financial institutions.
In the first quarter of 2024, the Company's Board of Trust Managers declared a first quarter dividend of $1.03 per common share to our common shareholders of record as of March 29, 2024. Future dividend payments are paid at the discretion of the Board of Trust Managers and depend on cash flows generated from operations, the Company's financial condition, and capital requirements, distribution requirements under the REIT provisions of the Code and other factors, including the Company's past performance, and future prospects, which may be deemed relevant by our Board of Trust Managers. Assuming similar dividend distributions for the remainder of 2024, our annualized dividend rate for 2024 would be $4.12.
The following graph assumes the investment of $100 on December 31, 2018 and quarterly reinvestment of dividends.
1239
(Source: S&P Global Market Intelligence)
 
Index20192020202120222023
Camden Property Trust$124.21 $121.37 $222.33 $143.23 $132.29 
FTSE NAREIT Equity126.00 115.92 166.04 125.58 142.83 
S&P 500131.49 155.68 200.37 164.08 207.21 
Russell 2000125.53 150.58 172.90 137.56 160.85 


16

In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 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. We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility, 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 2023 ATM program also permits the use of forward sale agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of the applicable shares until a later date. If we enter into a forward sale agreement, we expect the applicable forward purchasers will borrow from third parties and, through the applicable sales agent acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the applicable agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller and would expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). As of the date of this filing, we have not entered into any forward sales agreement and have not sold any shares under the 2023 ATM program.
In May 2022, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2022 ATM program"). In May 2023, we terminated the 2022 ATM program and did not sell any shares under this program.
See Part III, Item 12, for a description of securities authorized for issuance under our equity compensation plans.
In October 2022, our Board of Trust Managers approved to increase the authorization for our common equity securities of approximately $269.5 million remaining under our share repurchase plan to $500.0 million. Under our repurchase plan, the Company is authorized to repurchase our common equity securities through a variety of methods, including open market purchases, block purchases, and privately negotiated transactions, the timing of which will depend upon certain business and financial market conditions. As of the date of this filing, there were no repurchases and the dollar value of our common equity securities authorized to be repurchased under this program remains at $500.0 million pursuant to this authorization. There were no repurchases under the approved share repurchase plan during 2021 or through the date our Board of Trust Managers approved the increase in October 2022.
During the year ended December 31, 2023, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Reserved
N/A.
17

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the consolidated financial statements and notes appearing elsewhere in this report. Historical results and trends which might appear in the consolidated financial statements should not be interpreted as being indicative of future operations.
Discussion of our year-to-date comparisons between 2023 and 2022 is presented below. Year-to-date comparisons between 2022 and 2021 can be found in "Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items relating to the future; forward-looking statements are not guarantees of future performance, results, or events. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance our expectations will be achieved. Any statements contained herein which are not statements of historical fact should be deemed forward-looking statements. Reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance.
Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following:
Volatility in capital and credit markets, 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;
Short-term leases could expose us to the effects of declining market rents;
Competition could limit our ability to lease apartments or increase or maintain rental income;
We could be negatively impacted by the risks associated with land holdings and related activities;
Development, repositions, redevelopment and construction risks could impact our profitability;
Our acquisition strategy may not produce the cash flows expected;
Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values;
Failure to qualify as a REIT could have adverse consequences;
Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us;
A cybersecurity incident and other technology disruptions could negatively impact our business;
We have significant debt, which could have adverse consequences;
Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders;
Issuances of additional debt may adversely impact our financial condition;
We may be unable to renew, repay, or refinance our outstanding debt;
Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments;
Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets;
Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders;
The form, timing, and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations;
Environmental, social, and governance factors may impose additional costs and/or expose us to new risks;
Litigation risks could affect our business;
18

Damage from catastrophic weather and other natural events could result in losses;
Competition could adversely affect our ability to acquire properties; and
We could be adversely impacted due to our share price fluctuations.
These forward-looking statements represent our estimates and assumptions as of the date of this report, and we assume no obligation to update or supplement forward-looking statements because of subsequent events.
Executive Summary
We are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Overall, we focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand and retention of our apartments. As of December 31, 2023, we owned interests in, operated, or were developing 176 multifamily properties comprised of 59,800 apartment homes across the United States as detailed in the Property Portfolio table below. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
Business Environment and Current Outlook
Our results for the year ended December 31, 2023, reflect an increase in same store revenues of approximately 5.1% as compared to the same period in 2022. The increase was primarily due to higher average rental rates which we believe was primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, continued demand for multifamily housing in our markets, and a manageable supply of new multifamily housing.
We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate will likely rise in 2024, but should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.
Consolidated Results
Net income attributable to common shareholders was $403.3 million and $653.6 million for the years ended December 31, 2023 and December 31, 2022, respectively. The decrease during the year ended December 31, 2023 as compared to the same period in 2022 was primarily due to a $474.1 million gain recognized in 2022 as a result of the remeasurement of our previously held 31.3% ownership interest in two unconsolidated Funds (collectively, "the Funds" or "the acquisition of the Funds") upon our acquiring the remaining ownership interests on April 1, 2022. The decrease was also due to higher interest expense incurred during the year ended December 31, 2023 as compared to the same period in 2022. The decrease was partially offset by recognizing a higher gain on sale of two operating properties during the year ended December 31, 2023 of approximately $225.3 million as compared to a gain on sale of one operating property during the year ended December 31, 2022 of approximately $36.4 million. The decrease was further offset by an increase in property operations during the year ended December 31, 2023 as compared to the same period in 2022. See further discussion of our 2023 operations as compared to 2022 in "Results of Operations," below.
Construction Activity
At December 31, 2023, we had a total of four projects under construction to be comprised of 1,166 apartment homes. Initial occupancies of these four projects are currently scheduled to occur within the next nine months. We estimate the additional cost to complete the construction of the four projects to be approximately $137.6 million.
Dispositions
Operating Properties: During the year ended December 31, 2023, we sold two operating properties comprised of an aggregate of 852 apartment homes located in Costa Mesa, California for an aggregate of approximately $293.1 million and recognized a gain of approximately $225.3 million.

Other

In May 2023, 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 $500.0 million (the "2023 ATM program"). As of the date of this filing, we have $500.0 million available for sale under this program.
In May 2023, we utilized draws our unsecured revolving credit facility to retire our $185.2 million secured variable rate notes due in 2024 and 2026. As a result of the early repayments, we recorded a $2.5 million loss on early retirement of debt in
19

our consolidated statements of income and comprehensive income, which was comprised of approximately $1.7 million of prepayment penalties and fees and approximately $0.8 million for the write-off of unamortized fair value adjustments.
In June 2023, we utilized draws on our unsecured revolving credit facility to repay the principal amount of our 5.07% senior unsecured notes payable, which matured on June 15, 2023, for a total of $250.0 million, plus accrued interest.
In November 2023, we issued $500.0 million of 5.85% senior unsecured notes due November 3, 2026. We utilized an interest rate swap with a notional amount of $500.0 million which exposes us to interest rate fluctuations on these notes. This interest rate swap was designated and qualified as a fair value hedging instrument.
Subsequent Events
In January 2024, we issued $400.0 million of 4.90% senior unsecured notes due January 15, 2034. We utilized a portion of the net proceeds from these notes to repay the outstanding balance on our $300 million, 6.21% unsecured term loan due in August 2024.                                 
In January 2024, we utilized cash on hand to repay the principal amount of our 4.36% senior unsecured notes payable, which matured on January 15, 2024, for a total of $250.0 million, plus accrued interest.
In February 2024, we sold one operating property comprised of 592 apartment homes located in Atlanta, Georgia for approximately $115.0 million.
Future Outlook
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 short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, other unsecured borrowings, or secured mortgages.
As of December 31, 2023, we had approximately $1.2 billion available under our unsecured revolving credit facility. As of December 31, 2023 and through the date of this filing, we also had common shares having an aggregate offering price of up to $500.0 million remaining available for sale under our 2023 ATM program. We believe the remaining scheduled payments of debt over the next 12 months are manageable at approximately $290.0 million, which excludes the amortization of debt discounts and debt issuance costs as well as the $550 million of debt we repaid in January 2024, as discussed above. We also believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund new development, redevelopment, and other capital funding requirements. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements.
20

Property Portfolio
Our multifamily property portfolio is summarized as follows:
 December 31, 2023December 31, 2022
Number of
Homes
PropertiesNumber of
Homes
Properties
Operating Properties
Houston, Texas 9,154 26 9,154 26 
Dallas/Fort Worth, Texas6,224 15 6,224 15 
Washington, D.C. Metro 6,192 17 6,192 17 
Atlanta, Georgia 4,862 15 4,862 15 
Phoenix, Arizona 4,426 14 4,029 13 
Orlando, Florida 3,954 11 3,954 11 
Austin, Texas 3,686 11 3,686 11 
Charlotte, North Carolina 3,491 15 3,104 14 
Raleigh, North Carolina 3,252 3,252 
Tampa/St. Petersburg, Florida 3,104 3,104 
Southeast Florida 3,050 3,050 
Denver, Colorado 2,873 2,873 
Los Angeles/Orange County, California 1,811 2,663 
San Diego/Inland Empire, California 1,797 1,797 
Nashville, Tennessee758 758 
Total Operating Properties58,634 172 58,702 172 
Properties Under Construction
Raleigh, North Carolina 789 789 
Houston, Texas 377 377 
Charlotte, North Carolina— — 387 
Phoenix, Arizona — — 397 
Total Properties Under Construction1,166 1,950 
Total Properties59,800 176 60,652 178 

Stabilized Communities
We generally consider a property stabilized once it reaches 90% occupancy. During the year ended December 31, 2023, stabilization was achieved at two operating properties as follows:

Stabilized Properties and Locations
Number of
Homes
Date of
Construction
Completion
Date of
Stabilization
Operating Properties
Camden Atlantic
Plantation, FL2694Q221Q23
Camden Tempe II
Tempe, AZ3972Q233Q23
Total666 




21

Completed Construction in Lease-Up
At December 31, 2023, we had one completed operating property in lease-up as follows:
($ in millions)
Property and Location
Number of
Homes
Cost
Incurred (1)
% Leased at 1/31/2024Date of Construction CompletionEstimated Date of Stabilization
Operating Property
Camden NoDa387 $107.6 89 %4Q232Q24
Charlotte, NC
(1)Excludes leasing costs, which are expensed as incurred.
Properties Under Development
Our consolidated balance sheet at December 31, 2023 included approximately $486.9 million related to properties under development and land. Of this amount, approximately $214.0 million related to our projects currently under construction. In addition, we had approximately $272.9 million primarily invested in land held for future development related to projects we currently expect to begin construction.
Communities Under Construction. At December 31, 2023, we had four properties in various stages of construction as follows:
($ in millions)
Properties and Locations
Number of
Homes
Estimated
Cost
Cost
Incurred
Included in
Properties
Under
Development
Estimated
Date of
Construction
Completion
Estimated
Date of
Stabilization
Communities Under Construction
Camden Durham (1)
420 $145.0 $126.8 $79.3 2Q244Q25
Durham, NC
Camden Woodmill Creek (2)
189 75.0 64.5 25.6 3Q242Q25
The Woodlands, TX
Camden Village District369 138.0 68.4 68.4 2Q254Q26
Raleigh, NC
Camden Long Meadow Farms188 80.0 40.7 40.7 3Q242Q25
Richmond, TX
Total1,166 $438.0 $300.4 $214.0 
(1)Property in lease-up and was 17% leased at January 31, 2024.
(2)Property in lease-up and was 15% leased at January 31, 2024.
22

    Development Pipeline Communities. At December 31, 2023, we had the following communities undergoing development activities:
($ in millions)
Properties and Locations
Projected
Homes
Total Estimated
Cost (1)
Cost to Date
Camden South Charlotte420 $153.0 $32.9 
Charlotte, NC
Camden Blakeney349 145.0 26.0 
Charlotte, NC
Camden Baker435 165.0 33.1 
Denver, CO
Camden Nations393 175.0 39.0 
Nashville, TN
Camden Gulch480 260.0 49.1 
Nashville, TN
Camden Paces III350 100.0 22.5 
Atlanta, GA
Camden Highland Village II300 100.0 10.4 
Houston, TX
Camden Arts District354 150.0 45.5 
Los Angeles, CA
Camden Downtown II271 145.0 14.4 
Houston, TX
3,352 $1,393.0 $272.9 
(1)Represents our estimate of total costs we expect to incur on these projects. However, forward-looking statements are not guarantees of future performance, results, or events. Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted and estimates routinely require adjustment.


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Geographic Diversification
    At December 31, 2023 and 2022, our real estate assets by various markets, excluding depreciation, were as follows:
 
($ in thousands)20232022
Houston, Texas$1,960,825 14.9 %$1,878,221 14.5 %
Washington, D.C. Metro1,633,201 12.4 1,619,826 12.5 
Dallas/Fort Worth, Texas1,117,909 8.5 1,076,941 8.3 
Atlanta, Georgia1,036,351 7.9 1,012,209 7.8 
Phoenix, Arizona899,802 6.8 872,695 6.8 
Orlando, Florida775,393 5.9 761,013 5.9 
Southeast Florida757,434 5.7 740,263 5.7 
Charlotte, North Carolina731,254 5.5 690,767 5.4 
Tampa/St.Petersburg, Florida723,695 5.5 711,552 5.5 
Austin, Texas705,347 5.3 691,830 5.4 
Raleigh, North Carolina699,142 5.3 618,157 4.8 
Los Angeles/Orange County, California687,949 5.2 810,109 6.3 
Denver, Colorado620,916 4.7 611,147 4.7 
San Diego/Inland Empire, California472,464 3.6 463,825 3.6 
Nashville, Tennessee370,445 2.8 357,318 2.8 
Total$13,192,127 100.0 %$12,915,873 100.0 %
Results of Operations
Changes in revenues and expenses related to our operating properties from period-to-period are due primarily to the performance of stabilized properties in the portfolio, the lease-up of newly-constructed properties, acquisitions, and dispositions.
Management considers property net operating income ("NOI") to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without an allocation of corporate level property management overhead or general and administrative costs. We define NOI as total property income less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Property-Level NOI table as seen below. NOI is not defined by accounting principles generally accepted in the United States of America ("GAAP") and should not be considered an alternative to net income as an indication of our operating performance, should not be considered an alternative to net cash from operating activities as a measure of liquidity, and should not be considered an indication of cash available to fund cash needs. Additionally, NOI as disclosed by other REITs may not be comparable to our calculation.

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Reconciliations of net income to NOI for the year ended December 31, 2023 and 2022 are as follows:
(in thousands)20232022
Net income$410,553$661,508
Less: Fee and asset management income
(3,451)(5,188)
Less: Interest and other income
(879)(3,019)
Less: (Income)/loss on deferred compensation plans(15,398)19,637 
Plus: Property management expense
33,706 28,601 
Plus: Fee and asset management expense
1,717 2,516 
Plus: General and administrative expense
62,506 60,413 
Plus: Interest expense
133,395 113,424 
Plus: Depreciation and amortization expense
574,813 577,020 
Plus: Expense/(benefit) on deferred compensation plans15,398 (19,637)
Plus: Loss on early retirement of debt
2,513 — 
Less: Gain on sale of operating properties, including land(225,416)(36,372)
Less: Gain on acquisition of unconsolidated joint venture interests— (474,146)
Less: Equity in income of joint ventures— (3,048)
Plus: Income tax expense
3,650 2,966 
Net operating income$993,107 $924,675 
Property-Level NOI (1)
Property NOI, as reconciled above, is detailed further into the categories below for the year ended December 31, 2023 as compared to 2022:
 
 Number of
Homes at
Year Ended
December 31,
Change
($ in thousands)12/31/202320232022$%
Property revenues:
Same store communities47,423 $1,238,564 $1,178,247 $60,317 5.1 %
Non-same store communities10,824 264,396 200,479 63,917 31.9 
Development and lease-up communities1,553 3,851 — 3,851 *
Dispositions/other— 35,216 44,030 (8,814)(20.0)
Total property revenues59,800 $1,542,027 $1,422,756 $119,271 8.4 %
Property expenses:
Same store communities47,423 $434,389 $407,260 $27,129 6.7 %
Non-same store communities10,824 100,413 76,537 23,876 31.2 
Development and lease-up communities1,553 1,236 (28)1,264 *
Dispositions/other— 12,882 14,312 (1,430)(10.0)
Total property expenses59,800 $548,920 $498,081 $50,839 10.2 %
Property NOI:
Same store communities47,423 $804,175 $770,987 $33,188 4.3 %
Non-same store communities10,824 163,983 123,942 40,041 32.3 
Development and lease-up communities1,553 2,615 28 2,587 *
Dispositions/other— 22,334 29,718 (7,384)(24.8)
Total property NOI59,800 $993,107 $924,675 $68,432 7.4 %
* Not a meaningful percentage.
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(1)    For 2023, same store communities are communities we owned and were stabilized since January 1, 2022, excluding communities under redevelopment and properties held for sale. Non-same store communities are stabilized communities not owned or stabilized since January 1, 2022, including communities under redevelopment and excluding properties held for sale. We define communities under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades. Management believes same store information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. Development and lease-up communities are non-stabilized communities we have developed since January 1, 2022, excluding properties held for sale. Dispositions/other includes those communities disposed of or held for sale which are not classified as discontinued operations, non-multifamily rental properties, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including net below market leases, casualty-related expenses net of recoveries, and severance related costs.
Same Store Analysis
Same store property NOI increased approximately $33.2 million for the year ended December 31, 2023 as compared to the same period in 2022. The increase was due to an increase of approximately $60.3 million in same store property revenues, partially offset by an increase of approximately $27.1 million in same store property expenses, for the year ended December 31, 2023, as compared to the same period in 2022.
The $60.3 million increase in same store property revenues for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to an increase of approximately $56.5 million in rental revenues comprised of a 6.6% increase in average rental rates and higher other rental income. The increase was also due to an increase of approximately $3.3 million related to income from our utility rebilling and ancillary income programs, and an increase of approximately $0.5 million in fees and other income.
The $27.1 million increase in same store property expenses for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to higher insurance expense of approximately $9.7 million primarily due to increased premiums and claims; repairs and maintenance expense of $4.8 million; real estate taxes of $4.6 million due to increased tax rates and property valuations; utilities expense of $3.4 million; and, marketing and leasing expenses of $1.7 million. The increase was also due to higher property general and administrative expenses of $3.4 million, a portion of which was due to centralizing our workforce to manage certain responsibilities for all of our communities during 2022, and was partially offset by a decrease in salaries expense of $0.5 million.
Non-same Store and Development and Lease-up Analysis
Property NOI from non-same store (which includes acquisitions, non-same store stabilized properties, and other) and development and lease-up communities increased $42.6 million for the year ended December 31, 2023, as compared to the same period in 2022. The increase was comprised of an increase from non-same store communities of approximately $40.0 million and an increase from development and lease-up communities of approximately $2.6 million for the year ended December 31, 2023, as compared to the same period in 2022. The increase in property NOI from our non-same store communities was primarily due to our acquisition of the Funds on April 1, 2022, and the stabilization of three operating properties in 2022 and two operating properties in 2023. The increase in property NOI from our development and lease-up communities in fiscal year 2023 was primarily due to the timing of one property under development, which began lease-up during the year ended December 31, 2023.
The following table details the changes, described above, relating to non-same store and development and lease-up NOI:
For the year ended December 31,
(in millions)2023 compared to 2022
Property Revenues
Revenues from acquisitions$43.8 
Revenues from non-same store stabilized properties17.4 
Revenues from development and lease-up properties3.9 
Other2.7 
$67.8 
Property Expenses
Expenses from acquisitions$16.7 
Expenses from non-same store stabilized properties5.1 
Expenses from development and lease-up properties1.3 
Other2.1 
$25.2 
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For the year ended December 31,
(in millions)2023 compared to 2022
Property NOI
NOI from acquisitions$27.1 
NOI from non-same store stabilized properties12.3 
NOI from development and lease-up properties2.6 
Other0.6 
$42.6 
Dispositions/Other Property Analysis
Dispositions/other property NOI decreased approximately $7.4 million for the year ended December 31, 2023 as compared to the same period in 2022. The decrease was comprised of lower NOI related to dispositions of approximately $1.4 million and lower other property NOI of approximately $6.0 million for the year ended December 31, 2023 as compared to the same period in 2022. The decrease in NOI related to dispositions was due to the disposition of two operating properties in 2023, and the disposition of one operating property in March 2022. The lower other property NOI was primarily due to a decrease in revenues in 2023 related to approximately $7.6 million of net below market leases recognized during the year ended December 31, 2022 as a result of the acquisition of the Funds in April 2022. The decrease in other property NOI was partially offset by higher revenues of approximately $1.1 million related to business interruptions received during the year ended December 31, 2023.
Non-Property Income
 
 Year Ended
December 31,
Change
($ in thousands)20232022$%
Fee and asset management$3,451 $5,188 $(1,737)(33.5)%
Interest and other income879 3,019 (2,140)(70.9)
Income/(loss) on deferred compensation plans15,398 (19,637)35,035 *
Total non-property income$19,728 $(11,430)$31,158 (272.6)%
*Not a meaningful percentage.
Fee and asset management income from property management, asset management, construction, and development activities at our joint ventures and our third-party construction projects decreased approximately $1.7 million for the year ended December 31, 2023 as compared to 2022. The decrease was primarily due to the consolidation of the Funds on April 1, 2022, and no longer earning the related fee and asset management income. The decrease was also due to slightly lower fees earned related to a decrease in third-party construction activity during 2023 as compared to 2022.
Interest and other income decreased approximately $2.1 million for the year ended December 31, 2023, as compared to 2022. The decrease was primarily due to a higher earn-out received in 2022 as compared to 2023 related to a technology joint venture sold in September 2020.
Our deferred compensation plans recognized income of approximately $15.4 million in 2023 and incurred a loss of approximately $19.6 million in 2022. The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the expense/(benefit) related to these plans, as discussed below.
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Other Expenses
 Year Ended
December 31,
Change
($ in thousands)20232022$%
Property management$33,706 $28,601 $5,105 17.8 %
Fee and asset management1,717 2,516 (799)(31.8)
General and administrative
62,506 60,413 2,093 3.5 
Interest133,395 113,424 19,971 17.6 
Depreciation and amortization
574,813 577,020 (2,207)(0.4)
Expense/(benefit) on deferred compensation plans15,398 (19,637)35,035 *
Total other expenses$821,535 $762,337 $59,198 7.8 %
*Not a meaningful percentage.
Property management expenses, which primarily represent regional supervision and accounting costs related to property operations, increased approximately $5.1 million for the year ended December 31, 2023 as compared to 2022. The increase was primarily related to higher salary, benefits, and incentive compensation costs and higher travel related costs. Property management expenses were 2.2% and 2.0% of total property revenues for the years ended December 31, 2023 and 2022, respectively.
Fee and asset management expense from property management, asset management, construction, and development activities at our joint ventures and our third-party projects decreased approximately $0.8 million for the year ended December 31, 2023 as compared to 2022. The decrease was primarily due to our consolidating the Funds on April 1, 2022, and no longer having any related fee and asset management expenses.
General and administrative expenses increased approximately $2.1 million for the year ended December 31, 2023 as compared to 2022. Excluding deferred compensation plans, general and administrative expenses were 4.0% and 4.2% of total revenues for the years ended December 31, 2023 and 2022, respectively.
Interest expense increased approximately $20.0 million for the year ended December 31, 2023 as compared to 2022. The increase was primarily due to a $300 million term loan we entered into in December 2022, the issuance of $500 million unsecured notes in November 2023, higher interest expense recognized on our unsecured revolving credit facility resulting from higher interest rates and an increase in average balances outstanding, and higher interest expense recognized on our other variable rate debt outstanding in 2023 due to higher interest rates as compared to the same period in 2022. The increase in 2023 was also due to an increase in interest expense related to our assuming approximately $515 million of secured mortgage debt upon completion of the acquisition of the Funds on April 1, 2022.
The increase in interest expense in 2023 was partially offset by lower interest expense related to the repayment of a $350 million, 3.15% senior unsecured notes payable in December 2022, the repayment of a $250 million, 5.07% senior unsecured notes payable in June 2023, and higher capitalized interest in 2023 resulting from higher interest rates on our unsecured revolving credit facility. The increase in 2023 was also partially offset by lower interest expense in 2023, as compared to the same period in 2022, related to the early retirement of $185.2 million of secured variable rate notes in May 2023.
Depreciation and amortization expense decreased approximately $2.2 million for the year ended December 31, 2023 as compared to 2022. The decrease was primarily due to the amortization of in-place leases incurred related to the acquisition of the Funds in April 2022 being fully amortized by December 31, 2022, and the amortization of in-place leases related to the acquisition of two operating properties in 2021 being fully amortized by March 31, 2022. The decrease was also due to a higher amount of three to five year assets being fully depreciated in 2023 as compared to 2022 and the dispositions of an operating property in March of 2022, June of 2023, and December of 2023. The decrease was partially offset by higher depreciation expense in 2023 related to the acquisition of the Funds on April 1, 2022 and the completion of apartment homes in our development pipeline and completion of repositions during 2022 and 2023.
Our deferred compensation plans incurred an expense of approximately $15.4 million in 2023 and recognized a benefit of approximately $19.6 million in 2022. The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the income/(loss) related to these plans, as discussed in the Non-Property Income section above.
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Other
 Year Ended
December 31,
Change
(in thousands)20232022$
Loss on early retirement of debt$(2,513)$— $(2,513)
Gain on sale of operating properties, including land225,416 36,372 189,044 
Gain on acquisition of unconsolidated joint venture interests— 474,146 (474,146)
Equity in income of joint ventures— 3,048 (3,048)
Income tax expense(3,650)(2,966)(684)
The $2.5 million loss on early retirement of debt during the year ended December 31, 2023 was due to the early repayment of our $185.2 million secured variable rate notes due in 2024 and 2026, and consisted of approximately $1.7 million of prepayment penalties and fees and approximately $0.8 million of unamortized fair value adjustments.
The $225.4 million gain on sale for the year ended December 31, 2023 was primarily due to the disposition of two operating properties located in Costa Mesa, California. The $36.4 million gain on sale for the year ended December 31, 2022 was due to the disposition of one operating property located in Largo, Maryland during the first quarter of 2022.
On April 1, 2022, we acquired the remaining 68.7% ownership interest in the Funds. Prior to the acquisition, we held a 31.3% ownership interest in the Funds, and accounted for these investments under the equity method. As a result of acquiring the remaining ownership interests, we consolidated the Funds and recorded a gain of approximately $474.1 million which represented the difference between the fair market value and the cost basis of our previously owned equity interests.
Equity in income of joint ventures decreased approximately $3.0 million for the year ended December 31, 2023 as compared to 2022. The decrease was primarily due to our consolidating the Funds on April 1, 2022.
Income tax expense increased approximately $0.7 million for the year ended December 31, 2023 as compared to the same period in 2022. The increase was primarily due to higher state income and franchise taxes.
Funds from Operations ("FFO"), Core FFO, and Core Adjusted FFO ("Core AFFO")
Management considers FFO, Core FFO, and Core AFFO to be appropriate supplementary measures of the financial performance of an equity REIT. The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (computed in accordance with GAAP), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains (or losses) from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of depreciable real estate and depreciation, FFO can assist in the comparison of the operating performance of a company's real estate investments between periods or to different companies.
Core FFO represents FFO as further adjusted for items not considered part of our core business operations. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes not only depreciation expense of real estate assets, but it also excludes certain items which, by nature, are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
Core AFFO is calculated utilizing Core FFO less recurring capitalized expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. We also consider Core AFFO to be a useful supplemental measure because it is frequently used by analysts and investors to evaluate a REIT's operating performance between periods or to different companies. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
To facilitate a clear understanding of our consolidated historical operating results, we believe FFO, Core FFO, and Core AFFO should be examined in conjunction with net income attributable to common shareholders as presented in the consolidated statements of income and comprehensive income and data included elsewhere in this report. FFO, Core FFO, and Core AFFO are not defined by GAAP and should not be considered alternatives to net income attributable to common shareholders as an indication of our operating performance. Additionally, FFO, Core FFO, and Core AFFO as disclosed by other REITs may not be comparable to our calculation.
Reconciliations of net income attributable to common shareholders to FFO, Core FFO, and Core AFFO for the years ended December 31, 2023 and 2022 are as follows:
29

($ in thousands)20232022
Funds from operations
Net income attributable to common shareholders$403,309 $653,613 
Real estate depreciation and amortization
562,654 565,913 
Adjustments for unconsolidated joint ventures— 2,709 
Gain on sale of operating properties(225,331)(36,372)
Gain on acquisition of unconsolidated joint venture interests— (474,146)
Income allocated to non-controlling interests7,244 7,895 
Funds from operations$747,876 $719,612 
Casualty-related expenses, net of recoveries1,186 2,282 
Severance— 896 
Legal costs and settlements, net of recoveries 280 555 
Loss on early retirement of debt2,513 — 
Expensed development and other pursuit costs471 — 
Net below market lease amortization— (8,467)
Miscellaneous (income)/expense (1)
(364)(2,071)
Core funds from operations$751,962 $712,807 
Less: recurring capitalized expenditures(97,094)(90,715)
Core adjusted funds from operations$654,868 $622,092 
Weighted average shares – basic108,653 107,605 
Incremental shares issuable from assumed conversion of:
Share awards granted21 50 
Common units1,595 1,606 
Weighted average shares – diluted110,269 109,261 
(1) For the year ended December 31, 2023 and 2022 activity relates to proceeds from a previously sold technology investment.
Liquidity and Capital Resources
Financial Condition and Sources of Liquidity
We intend to maintain a strong balance sheet and preserve our financial flexibility, which we believe should enhance our ability to identify and capitalize on investment opportunities as they become available. We intend to maintain what management believes is a conservative capital structure by:
 
extending and sequencing the maturity dates of our debt where practicable;
managing interest rate exposure using what management believes to be prudent levels of fixed and floating rate debt;
maintaining what management believes to be conservative coverage ratios; and
using what management believes to be a prudent combination of debt and equity.
Our interest expense coverage ratio, net of capitalized interest, was approximately 6.8 and 7.4 times for the years ended December 31, 2023 and 2022, respectively. This ratio is a method for calculating the amount of operating cash flows available to cover interest expense and is calculated by dividing interest expense for the period into the sum of property revenues and expenses, non-property income, and other expenses after adding back depreciation, amortization, and interest expense. Approximately 89.8% and 83.9% of our properties were unencumbered at December 31, 2023 and 2022, respectively. Our weighted average maturity of debt was approximately 5.6 years at December 31, 2023.
We also intend to strengthen our capital and liquidity positions 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.
Our primary sources of liquidity are cash flows generated from operations. Other sources may include one or more of the following: availability under our unsecured revolving credit facility, the use of debt and equity offerings under our automatic
30

shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, and other unsecured borrowings or secured mortgages. We believe our liquidity and financial condition are sufficient to meet all of our reasonably anticipated cash needs over the next 12 months including:
 
normal recurring operating expenses;
current debt service requirements, including debt maturities;
recurring capital expenditures;
reposition expenditures;
funding of property developments, redevelopments, and acquisitions; and
the minimum dividend payments required to maintain our REIT qualification under the Code.
Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, changes in rent control or rent stabilization laws, sources of financing, the minimum REIT dividend requirements, our ability to complete asset purchases, sales, or developments, the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets.
Cash Flows
The following is a discussion of our cash flows for the years ended December 31, 2023 and 2022.
Net cash from operating activities was approximately $795.0 million during the year ended December 31, 2023 as compared to approximately $744.7 million during the year ended December 31, 2022. The increase was primarily due to the increase in cash from non-same store property operations due to the acquisition of the Funds on April 1, 2022, and the growth attributable to our same store, other non-same store and development and lease-up communities. The increase was partially offset by higher real estate tax payments related to the acquisition of the Funds and higher interest payments on our secured and unsecured debt. See further discussions of our 2023 operations as compared to 2022 in "Results of Operations."
Net cash used in investing activities during the year ended December 31, 2023 totaled approximately $127.1 million as compared to $1.5 billion during the year ended December 31, 2022. Cash outflows during 2023 primarily related to amounts paid for property development and capital improvements of approximately $410.9 million. These outflows were partially offset by net proceeds from the sale of two operating properties of approximately $290.7 million. Cash outflows during 2022 primarily related to the acquisition of the Funds for cash consideration of approximately $1.1 billion, and amounts paid for property development and capital improvements of approximately $449.4 million. These outflows were partially offset by net proceeds from the sale of one operating property for approximately $70.5 million in 2022. The decrease in property development and capital improvements for 2023, as compared to the same period in 2022, was primarily due to the acquisition of four parcels of land for development in 2022, partially offset by higher reposition expenditures in 2023 as compared to 2022. The property development and capital improvements during 2023 and 2022, included the following:
December 31,
(in millions)20232022
Expenditures for new development, including land$179.3 $253.0 
Capital expenditures107.1 108.8 
Reposition expenditures88.2 53.0 
Capitalized interest, real estate taxes, and other capitalized indirect costs36.3 34.6 
     Total$410.9 $449.4 
Net cash used in financing activities totaled approximately $417.2 million during the year ended December 31, 2023 as compared to net cash from financing activities of approximately $109.9 million during the year ended December 31, 2022. Cash outflows during 2023 primarily related to $434.9 million used for distributions to common shareholders and non-controlling interest holders, the repayment of $250 million senior unsecured notes and $187.7 million secured variable rate notes, which includes prepayment penalties and fees, and the net repayment of $42.0 million of borrowings from our unsecured revolving credit facility. These outflows were partially offset by net proceeds of approximately $498.2 million from the issuance of $500.0 million senior unsecured notes in November 2023. Cash inflows during 2022 primarily related to net proceeds of approximately $516.8 million from the issuance of approximately 2.9 million common shares from our equity offering and approximately 0.2 million common shares from our ATM programs, as well as net proceeds of approximately $300.0 million of borrowings under our unsecured term loan, and net proceeds of $42.0 million of borrowings from our unsecured revolving credit facility. These cash inflows were partially offset by approximately $396.8 million to pay
31

distributions to common shareholders, and non-controlling interest holders and the repayment of $350.0 million senior unsecured notes in the fourth quarter of 2022.
Financial Flexibility
We have a $1.2 billion unsecured revolving credit facility which matures in August 2026, with two options to extend the facility at our election for two consecutive six-month periods and to expand the facility up to three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rates on our unsecured revolving credit facility and term loan are based upon, at our option, (a) the daily or the one-, three-, or six- months Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s price rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%. Advances under our unsecured revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility and term loan are subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of December 31, 2023 and through the date of this filing.
Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our revolving credit facility, it does reduce the amount available. At December 31, 2023, we had outstanding letters of credit totaling $27.7 million, and approximately $1.2 billion available under our unsecured revolving credit facility.
In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 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. We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions. As of the date of this filing, we have not entered into any forward sales agreements and have not sold any shares under the 2023 ATM program.
We currently have an automatic shelf registration statement which allows us to offer, from time to time, common shares, preferred shares, debt securities, or warrants. Our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At December 31, 2023, we had approximately 106.8 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
We believe our ability to access the capital markets is enhanced by our senior unsecured debt ratings by Fitch, Moody's, and Standard and Poor's, which were A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, as of December 31, 2023. We believe our ability to access the capital markets is also enhanced by our ability to borrow on a secured basis from various institutions including banks, Fannie Mae, Freddie Mac, or life insurance companies. However, we may not be able to maintain our current credit ratings and may not be able to borrow on a secured or unsecured basis in the future.
Future Cash Requirements and Contractual Obligations
One of our principal long-term liquidity requirements includes the repayment of maturing debt, including any future borrowings under our unsecured revolving credit facility. At December 31, 2023, we had outstanding debt of approximately $3.7 billion. In January 2024, we issued $400.0 million of 4.90% senior unsecured notes due January 15, 2034. We utilized a portion of the net proceeds from these notes to repay the outstanding balance on our $300 million, 6.21% unsecured term loan due in August 2024 with a one year extension option to August 2025. In January 2024, we also repaid the $250.0 million principal balance related to the 4.36% senior unsecured notes payable, which matured on January 15, 2024. We believe the remaining scheduled payments of debt over the next 12 months are manageable at approximately $290.0 million, which excludes the amortization of debt discounts and debt issuance costs as well as the $550 million of debt we repaid in January 2024, as discussed above. See Note 9, "Notes Payable," in the notes to Consolidated Financial Statements for further discussion of scheduled maturities beyond 2024. Interest payments related to the debt discussed above and as further discussed in Note 9 will be approximately $123.1 million for the year ended December 31, 2024 and for the years ending 2025 through 2028 will be approximately $115.2 million, $110.6 million, $86.0 million, and $82.5 million, respectively, and approximately $346.5 million in the aggregate thereafter.
We estimate the additional cost to complete the construction of the four projects to be approximately $137.6 million. Of this amount, we expect to incur costs between approximately $120 million and $130 million during 2024 and to incur the
32

remaining costs during 2025. Additionally, we expect to incur costs between approximately $40 million and $60 million related to the start of new development activities, between approximately $90 million and $94 million of repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $101 million and $105 million of additional recurring capital expenditures during 2024.
We anticipate meeting our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, other unsecured borrowings, or secured mortgages. We continue to evaluate our operating properties and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
As a REIT, we are subject to a number of organizational and operational requirements, including a requirement to distribute current dividends to our shareholders equal to a minimum of 90% of our annual taxable income. In order to reduce the amount of income taxes, our general policy is to distribute at least 100% of our taxable income. In December 2023, we announced our Board of Trust Managers had declared a quarterly dividend of $1.00 per common share to our common shareholders of record as of December 15, 2023. This dividend was subsequently paid on January 17, 2024, and we paid equivalent amounts per unit to holders of common operating partnership units. When aggregated with previous 2023 dividends, this distribution to common shareholders and holders of the common operating partnership units equates to an annual dividend rate of $4.00 per share or unit for the year ended December 31, 2023.
In the first quarter of 2024, the Company's Board of Trust Managers declared a first quarter dividend of $1.03 per common share to our common shareholders of record as of March 29, 2024. Future dividend payments are paid at the discretion of the Board of Trust Managers and depend on cash flows generated from operations, the Company's financial condition, and capital requirements, distribution requirements under the REIT provisions of the Code and other factors, including the Company's past performance, and future prospects, which may be deemed relevant by our Board of Trust Managers. Assuming similar dividend distributions for the remainder of 2024, our annualized dividend rate for 2024 would be $4.12.
Critical Accounting Estimates
The preparation of our financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date, and the amounts of revenues and expenses recognized during the reporting period. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. The following is a discussion of our critical accounting policies. For a discussion of all of our significant accounting policies, see Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements," to the accompanying consolidated financial statements.
Valuation of Assets. 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 indicators exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant’s perspective. In addition, we evaluate our equity investments in joint ventures, if any, 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 years ended December 31, 2023, 2022, or 2021.
The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, 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 on our consolidated financial position and results of operations.
33

Item 7A. Quantitative and Qualitative Disclosures About Market Risk
We believe the primary market risk we face is interest rate risk. We seek to mitigate this risk by following established risk management policies, which includes (i) maintaining prudent levels of fixed and floating rate debt; and (ii) extending and sequencing the maturity dates of our debt where practicable. We also periodically use derivative financial instruments, primarily interest rate swaps with major financial institutions, to manage our exposure to interest rate changes on our floating-rate debt and fair value changes on certain fixed-rate debt. We do not utilize derivative financial instruments for trading or speculative purposes. The table below summarizes our debt as of December 31, 2023 and 2022:
 ($ in  millions)December 31, 2023December 31, 2022
 Carrying AmountEstimated fair market valueWeighted
Average
Maturity
(in years)
Weighted
Average
Interest
Rate
% Of
Total
Carrying AmountEstimated fair market valueWeighted
Average
Maturity
(in years)
Weighted
Average
Interest
Rate
% Of
Total
Fixed rate debt$2,866.9 $2,651.6 6.63.6 %77.2 %$3,114.0 $2,806.1 7.13.7 %84.6 %
Variable rate debt$848.5 $864.9 2.36.5 %22.8 %$566.9 $566.8 3.05.5 %15.4 %
At December 31, 2023, we have an interest rate swap with a notional amount of $500.0 million which converted our $500.0 million principal amount of 5.85% fixed rate senior unsecured notes due November 2026 into a floating rate instrument with an interest rate based on a SOFR index. This interest rate swap was designated and qualified as a fair value hedging instrument. The interest rate swap is considered to be effective at achieving offsetting changes in the fair value of the hedged debt and no ineffectiveness is recognized. The mark-to-market of this fair value hedge is recorded as a gain or loss in interest expense and equally offset by the gain or loss of the underlying debt, which also is recorded in interest expense.
Additionally, at December 31, 2023 and 2022, we had unsecured term loans outstanding of approximately $339.9 million and $339.8 million, respectively. At December 31, 2022 we also had $42.0 million of borrowings under our unsecured revolving credit facility and approximately $185.1 million secured variable rate notes outstanding. If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout 2023 and 2022, our annual interest costs would have increased by approximately $8.5 million and $5.7 million, respectively.
For fixed rate debt, interest rate changes affect the fair market value but do not impact net income attributable to common shareholders or cash flows. Holding other variables constant, if interest rates would have been 100 basis points higher as of December 31, 2023, the fair value of our fixed rate debt would have decreased by approximately $125.9 million.
Item 8. Financial Statements and Supplementary Data
Our response to this item is included in a separate section at the end of this report beginning on page F-1.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures. We carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Securities Exchange Act ("Exchange Act") Rules 13a-15(e) and 15d-15(e). Based on the evaluation, the Chief Executive Officer and Chief Financial Officer concluded the disclosure controls and procedures as of the end of the period covered by this report are effective to ensure information required to be disclosed by us in our Exchange Act filings is accurately recorded, processed, summarized, and reported within the periods specified in the Securities and Exchange Commission's rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Controls. There were no changes in our internal control over financial reporting (identified in connection with the evaluation required by paragraph (d) in Rules 13a-15 and 15d-15 under the Exchange Act) during our most recent fiscal quarter which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
34

Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Securities Exchange Act of 1934 as follows:
A process designed by, or under the supervision of, the Company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the Company's board of trust managers, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:
 
Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and receipts and expenditures of the Company are being made only in accordance with authorizations of management and Board of Trust Managers of the Company; and
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.
Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2023. In making this assessment, management used the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on our assessment, management concluded our internal control over financial reporting is effective as of December 31, 2023.
Deloitte & Touche LLP, an independent registered public accounting firm, has issued an attestation report regarding the effectiveness of our internal control over financial reporting, which is included herein.

February 22, 2024
35

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Trust Managers of Camden Property Trust

Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Camden Property Trust and subsidiaries (the "Company") as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2023, of the Company and our report dated February 22, 2024, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and Trust Managers of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ DELOITTE & TOUCHE LLP
Houston, Texas
February 22, 2024

36

Item 9B. Other Information
None.
Item 9C. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.
PART III
Item 10. Directors, Executive Officers, and Corporate Governance
Information with respect to this Item 10 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, 2024 in connection with the Annual Meeting of Shareholders to be held on or about May 10, 2024.
Item 11. Executive Compensation
Information with respect to this Item 11 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, 2024 in connection with the Annual Meeting of Shareholders to be held on or about May 10, 2024.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
Information with respect to this Item 12 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, 2024 in connection with the Annual Meeting of Shareholders to be held on or about May 10, 2024.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Information with respect to this Item 13 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, 2024 in connection with the Annual Meeting of Shareholders to be held on or about May 10, 2024.
Item 14. Principal Accountant Fees and Services
Information with respect to this Item 14 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, 2024 in connection with the Annual Meeting of Shareholders to be held on or about May 10, 2024.

PART IV

Item 15. Exhibits and Financial Statement Schedules
The following documents are filed as part of this report:
 
All other schedules have been omitted since the required information is presented in the financial statements and the related notes or is not applicable.
37

(3) Index to Exhibits:
The following exhibits are filed as part of or incorporated by reference into this report:
Exhibit No.DescriptionFiled Herewith or Incorporated Herein by Reference (1)
3.1Amended and Restated Declaration of Trust of Camden Property Trust (2)Exhibit 3.1 to Form 10-K for the year ended December 31, 1993 - Rule 311-P
Amendment to the Amended and Restated Declaration of Trust of Camden Property TrustExhibit 3.1 to Form 10-Q for the quarter ended June 30, 1997
Amendment to the Amended and Restated Declaration of Trust of Camden Property TrustExhibit 3.1 to Form 8-K filed on May 14, 2012
Sixth Amended and Restated Bylaws of Camden Property TrustExhibit 3.1 to Form 8-K filed on February 23, 2023
First Amendment to the Sixth Amended and Restated Bylaws of Camden Property TrustExhibit 3.1 to Form 8-K filed on April 27, 2023
4.1Specimen certificate for Common Shares of Beneficial Interest (2)Form S-11 filed on September 15, 1993 (Registration No. 33-68736) - Rule 311-P
Indenture 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 TrusteeExhibit 4.1 to Form S-3 filed on February 12, 2003 (Registration No. 333-103119)
First Supplemental Indenture dated as of May 4, 2007 between the Company and U.S. Bank National Association, as successor to SunTrust Bank, as TrusteeExhibit 4.2 to Form 8-K filed on May 7, 2007
Second Supplemental Indenture dated as of June 3, 2011 between the Company and U.S. Bank National Association, as successor to SunTrust Bank, as TrusteeExhibit 4.3 to Form 8-K filed on June 3, 2011
Third Supplemental Indenture dated as of October 4, 2018 between the Company and U.S. Bank National Association, as successor to SunTrust Bank, as TrusteeExhibit 4.4 to Form 8-K filed on October 4, 2018
Registration Rights Agreement dated as of February 28, 2005 between Camden Property Trust and the holders named thereinForm S-4 filed on November 24, 2004 (Registration No. 333-120733)
Form of Camden Property Trust 4.250% Note due 2024Exhibit 4.1 to Form 8-K filed on December 2, 2013
Form of Camden Property Trust 3.500% Note due 2024Exhibit 4.1 to Form 8-K filed on September 12, 2014
Form of Camden Property Trust 4.100% Note due 2028Exhibit 4.5 to Form 8-K filed on October 4, 2018
Form of Camden Property Trust 3.150% Note due 2029Exhibit 4.5 to Form 8-K filed on June 17, 2019
Form of Camden Property Trust 3.350% Note due 2049Exhibit 4.5 to Form 8-K filed on October 7, 2019
Form of Camden Property Trust 2.800% Note due 2030Exhibit 4.5 to Form 8-K filed on April 21, 2020
Form of Camden Property Trust 2.800% Note due 2030Exhibit 4.6 to Form 8-K filed on April 21, 2020
Form of Camden Property Trust 5.850% Note due 2026Exhibit 4.5 to Form 8-K filed on November 3, 2023
Form of Camden Property Trust 4.900% Note due 2034Exhibit 4.5 to Form 8-K filed on January 5, 2024
Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934Exhibit 4.14 to Form 10-K/A filed on March 6, 2020
10.1Form of Indemnification Agreement between Camden Property Trust and certain of its trust managers and executive officers (2)Form S-11 filed on July 9, 1993 (Registration No. 33-63588) - Rule 311-P
Second Amended and Restated Employment Agreement dated July 11, 2003 between Camden Property Trust and Richard J. CampoExhibit 10.1 to Form 10-Q for the quarter ended June 30, 2003
38

Exhibit No.DescriptionFiled Herewith or Incorporated Herein by Reference (1)
Second Amended and Restated Employment Agreement dated July 11, 2003 between Camden Property Trust and D. Keith OdenExhibit 10.2 to Form 10-Q for the quarter ended June 30, 2003
Form 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 OdenExhibit 99.1 to Form 8-K filed on November 30, 2007
Second Amendment to Second Amended and Restated Employment Agreement, dated as of March 14, 2008, between Camden Property Trust and D. Keith OdenExhibit 99.1 to Form 8-K filed on March 18, 2008
Form of Employment Agreement by and between Camden Property Trust and certain senior executive officersExhibit 10.13 to Form 10-K for the year ended December 31, 1996
Second Amended and Restated Camden Property Trust Key Employee Share Option Plan (KEYSOP), effective as of January 1, 2008
Exhibit 99.5 to Form 8-K filed on November 30, 2007
Amendment No. 1 to Second Amended and Restated Camden Property Trust Key Employee Share Option Plan, effective as of January 1, 2008Exhibit 99.1 to Form 8-K filed on December 8, 2008
Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain trust managersExhibit 10.7 to Form 10-K for the year ended December 31, 2003
Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employeesExhibit 10.8 to Form 10-K for the year ended December 31, 2003
Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employeesExhibit 10.9 to Form 10-K for the year ended December 31, 2003
Form of Master Exchange Agreement between Camden Property Trust and certain trust managersExhibit 10.10 to Form 10-K for the year ended December 31, 2003
Form of Amendment No. 1 to Amended and Restated Master Exchange Agreement (Trust Managers) effective November 27, 2007Exhibit 10.1 to Form 10-Q filed on July 30, 2010
Form of Amendment No. 1 to Amended and Restated Master Exchange Agreement (Key Employees) effective November 27, 2007Exhibit 10.2 to Form 10-Q filed on July 30, 2010
Form of Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P.Exhibit 10.1 to Form S-4 filed on February 26, 1997 (Registration No. 333-22411)
First Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of February 23, 1999Exhibit 99.2 to Form 8-K filed on March 10, 1999
Form of Second Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of August 13, 1999Exhibit 10.15 to Form 10-K for the year ended December 31, 1999
Form of Third Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of September 7, 1999Exhibit 10.16 to Form 10-K for the year ended December 31, 1999
Form of Fourth Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of January 7, 2000Exhibit 10.17 to Form 10-K for the year ended December 31, 1999
39

Exhibit No.DescriptionFiled Herewith or Incorporated Herein by Reference (1)
Form of Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of December 1, 2003Exhibit 10.19 to Form 10-K for the year ended December 31, 2003
Amended and Restated 1993 Share Incentive Plan of Camden Property TrustExhibit 10.18 to Form 10-K for the year ended December 31, 1999
Amended and Restated Camden Property Trust 1999 Employee Share Purchase PlanExhibit 10.1 to Form 10-Q for the quarter ended June 30, 2014
Amended and Restated 2002 Share Incentive Plan of Camden Property TrustExhibit 10.1 to Form 10-Q for the quarter ended March 31, 2002
Camden Property Trust 2018 Employee Share Purchase PlanExhibit 99.2 to Form 8-K filed on May 17, 2018
Amendment to Amended and Restated 2002 Share Incentive Plan of Camden Property TrustExhibit 99.1 to Form 8-K filed on May 4, 2006
Amendment to Amended and Restated 2002 Share Incentive Plan of Camden Property Trust, effective as of January 1, 2008Exhibit 99.1 to Form 8-K filed on July 29, 2008
Camden Property Trust 2011 Share Incentive Plan, effective as of May 11, 2011Exhibit 99.1 to Form 8-K filed on May 12, 2011
Amendment No. 1 to 2011 Share Incentive Plan of Camden Property Trust, dated as of July 31, 2012Exhibit 99.1 to Form 8-K filed on August 6, 2012
Amendment No. 2 to the 2011 Share Incentive Plan of Camden Property Trust, dated as of July 30, 2013Exhibit 99.1 to Form 8-K filed on August 5, 2013
Amendment No. 3 to the 2011 Share Incentive Plan of Camden Property Trust, dated as of October 28, 2015Exhibit 99.1 to Form 8-K filed on October 29, 2015
Camden Property Trust 2018 Share Incentive Plan, effective as of May 17, 2018Exhibit 99.1 to Form 8-K filed on May 17, 2018
Camden Property Trust Short Term Incentive PlanExhibit 10.2 to Form 10-Q for the quarter ended March 31, 2002
Second Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation PlanExhibit 99.1 to Form 8-K filed on February 21, 2014
Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation PlanExhibit 10.35 to Form 10-K filed on February 15, 2019
Form 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 theretoExhibit 10.5 to Form S-4 filed on November 24, 2004 (Registration No. 333-120733)
Interest Purchase Agreement, dated as of March 17, 2022, among Teacher Retirement System of Texas, Camden Property Trust and Camden Multifamily Value Add Fund GP LLC relating to Camden Multifamily Value Add Fund, L.P. Exhibit 2.1 to Form 8-K filed on March 18, 2022
Interest Purchase Agreement, dated as of March 17, 2022, among Teacher Retirement System of Texas, Camden Property Trust and Camden Multifamily Value Add Fund GP LLC relating to Camden Multifamily Co-Investment Fund, L.P. Exhibit 2.2 to Form 8-K filed on March 18, 2022
Distribution Agency Agreement, dated May 22, 2023, among Camden Property Trust, Deutsche Bank Securities Inc. and Deutsche Bank AG, London Branch Exhibit 1.1 to Form 8-K filed on May 22, 2023
40

Exhibit No.DescriptionFiled Herewith or Incorporated Herein by Reference (1)
Distribution Agency Agreement, dated May 22, 2023, among Camden Property Trust, Scotia Capital (USA) Inc. and The Bank of Nova Scotia Exhibit 1.2 to Form 8-K filed on May 22, 2023
Distribution Agency Agreement, dated May 22, 2023, among Camden Property Trust, Truist Securities, Inc. and Truist Bank Exhibit 1.3 to Form 8-K filed on May 22, 2023
Distribution Agency Agreement, dated May 22, 2023, among Camden Property Trust, Wells Fargo Securities, LLC and Wells Fargo Bank, National AssociationExhibit 1.4 to Form 8-K filed on May 22, 2023
Fourth Amended and Restated Credit Agreement, dated August 31, 2022, among Camden Property Trust, as the Borrower, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., PNC Bank, National Association, Regions Bank, Truist Bank, and U.S. Bank National Association, as Syndication Agents, BMO Harris Bank, N.A., Mizuho Bank, Ltd., TD Bank, N.A., and The Bank of Nova Scotia, as Documentation Agents, and the other lenders party thereto, BofA Securities, Inc., JPMorgan Chase Bank N.A., PNC Capital Markets LLC, Regions Capital Markets, Truist Securities Inc., and U.S. Bank National Association, as Joint Lead Arrangers, BofA Securities, Inc., and JPMorgan Chase Bank N.A., as Joint BookrunnersExhibit 99.1 to Form 8-K filed on September 1, 2022
List of Significant SubsidiariesFiled Herewith
Consent of Deloitte & Touche LLPFiled Herewith
Powers of Attorney for Javier E. Benito, Heather J. Brunner, Mark D. Gibson, Scott S. Ingraham, Renu Khator, Frances Aldrich Sevilla-Sacasa, Steven A. Webster, and Kelvin R. WestbrookFiled Herewith
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange ActFiled Herewith
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange ActFiled Herewith
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002Filed Herewith
Policy relating to recovery of erroneously awarded compensation, as required by applicable listing standards adopted pursuant to 17 CFR 240.10D-1
Filed Herewith
101.INSXBRL Instance DocumentXBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema DocumentFiled Herewith
101.CALXBRL Taxonomy Extension Calculation Linkbase DocumentFiled Herewith
101.DEFXBRL Taxonomy Extension Definition Linkbase DocumentFiled Herewith
101.LABXBRL Taxonomy Extension Label Linkbase DocumentFiled Herewith
101.PREXBRL Taxonomy Extension Presentation Linkbase DocumentFiled Herewith
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)Filed Herewith
41

(1)Unless otherwise indicated, all references to reports or registration statements are to reports or registration statements filed by Camden Property Trust (File No. 1-12110).
(2)Pursuant to SEC Release No. 33-10322 and Rule 311 of Regulation S-T, this exhibit was filed in paper before the mandated electronic filing.
(3)Portions of the exhibit have been omitted pursuant to a request for confidential treatment.

Item 16. Form 10-K Summary
None.
42

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Camden Property Trust has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
 
February 22, 2024  CAMDEN PROPERTY TRUST
  By:/s/ Michael P. Gallagher
  Michael P. Gallagher
  Senior Vice President — Chief Accounting Officer

43

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of Camden Property Trust and in the capacities and on the dates indicated.
 
NameTitleDate
/s/ Richard J. CampoChairman of the Board of TrustFebruary 22, 2024
Richard J. CampoManagers and Chief Executive
Officer (Principal Executive Officer)
/s/ D. Keith OdenExecutive Vice Chairman of the Board of TrustFebruary 22, 2024
D. Keith OdenManagers and President
/s/ Alexander J. JessettExecutive Vice President - Chief Financial OfficerFebruary 22, 2024
Alexander J. Jessettand Assistant Secretary (Principal Financial Officer)
/s/ Michael P. GallagherSenior Vice President - Chief AccountingFebruary 22, 2024
Michael P. GallagherOfficer (Principal Accounting
Officer)
*
Javier E. BenitoTrust ManagerFebruary 22, 2024
*
Heather J. BrunnerTrust ManagerFebruary 22, 2024
*
Mark D. GibsonTrust ManagerFebruary 22, 2024
*
Scott S. Ingraham Trust ManagerFebruary 22, 2024
*
Renu KhatorTrust ManagerFebruary 22, 2024
*
Frances Aldrich Sevilla-Sacasa Trust ManagerFebruary 22, 2024
*
Steven A. Webster Trust ManagerFebruary 22, 2024
*
Kelvin R. Westbrook Trust ManagerFebruary 22, 2024
*By: /s/ Alexander J. Jessett
Alexander J. Jessett
Attorney-in-fact
44


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Trust Managers of Camden Property Trust

Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Camden Property Trust and subsidiaries (the "Company") as of December 31, 2023 and 2022, the related consolidated statements of income and comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2023, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 22, 2024, expressed an unqualified opinion on the Company's internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Asset Impairment - Determination of Impairment Indicators of Properties Under Development, Including Land - Refer to Note 2 to the financial statements.
Critical Audit Matter Description
The Company’s evaluation of properties under development, including land ("properties under development") for impairment involves an assessment to determine whether events or changes in circumstances indicate that the carrying amount of properties under development may not be recoverable. Possible indicators of impairment of properties under development may include deterioration of market conditions or changes in the Company’s development strategy that may significantly affect key assumptions used.
The Company considers projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in the assessment of whether impairment indicators exist. The Company makes assumptions regarding expected market conditions, including estimates of the project start date, projected construction costs, as well as estimates of demand for multifamily communities, market rents, economic conditions, and occupancies, to evaluate properties under
F-1

development for possible indicators of impairment. As of December 31, 2023, the Company’s properties under development had an aggregate carrying value of $486.9 million, and no impairment loss has been recognized for the year ended December 31, 2023.
Given the Company’s evaluation of properties under development for impairment indicators requires management to make significant judgments related to the assumptions described above, performing audit procedures to evaluate whether management appropriately identified events or changes in circumstances indicating that the carrying amounts may not be recoverable required a high degree of auditor judgment.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the evaluation of properties under development for possible indicators of impairment included the following, among others:
We tested the effectiveness of controls over management’s process of identifying indicators of impairment, including controls over management’s estimates of projected occupancy and market rent, projected construction costs, estimates of demand for multifamily communities, and other market and economic assumptions.
We evaluated the reasonableness of management’s impairment indicator analysis by performing the following procedures:
Compared projected net operating income growth, occupancy rate, and capitalization rate for each property under development to market averages from third party market reports and to the Company’s historical financial performance for operating properties in the same or nearby markets;
Analyzed period over period changes in projected construction costs for each property under development to evaluate any accumulation of costs significantly in excess of the amount originally expected;
Compared management's projected costs, construction completion date, and stabilized net operating income for recently completed properties under development to actual results;
Discussed with management and read minutes for Board of Trust Managers and Investment Committee meetings to assess if there were any significant adverse changes in legal factors or in the business climate that could affect management’s plans for properties under development, including if it is more likely than not that any property under development will be sold, not developed, or otherwise disposed of significantly before the end of its previously estimated useful life.
We performed a search for contradictory evidence by reading third party market reports to evaluate management’s analysis to identify any significant changes in economic factors, industry factors, or other events that may result in an impairment indicator.
/s/ DELOITTE & TOUCHE LLP
Houston, Texas
February 22, 2024
We have served as the Company's auditor since 1993.

F-2

CAMDEN PROPERTY TRUST
CONSOLIDATED BALANCE SHEETS
 
 December 31,
(in thousands, except share amounts)20232022
Assets
Real estate assets, at cost
Land$1,711,873 $1,716,273 
Buildings and improvements10,993,390 10,674,619 
$12,705,263 $12,390,892 
Accumulated depreciation(4,332,524)(3,848,111)
Net operating real estate assets$8,372,739 $8,542,781 
Properties under development, including land486,864 524,981 
Total real estate assets$8,859,603 $9,067,762 
Accounts receivable – affiliates11,905 13,364 
Other assets, net244,182 229,371 
Cash and cash equivalents259,686 10,687 
Restricted cash8,361 6,751 
Total assets$9,383,737 $9,327,935 
Liabilities and equity
Liabilities
Notes payable
Unsecured$3,385,309 $3,165,924 
Secured330,127 514,989 
Accounts payable and accrued expenses222,599 211,370 
Accrued real estate taxes96,517 95,551 
Distributions payable110,427 103,628 
Other liabilities186,987 179,552 
Total liabilities$4,331,966 $4,271,014 
Commitments and contingencies (Note 14)
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000,000 shares authorized; 117,737,712 and 117,734,479 issued; 115,640,369 and 115,636,215 outstanding at December 31, 2023 and 2022, respectively
1,156 1,156 
Additional paid-in capital5,914,868 5,897,454 
Distributions in excess of net income attributable to common shareholders(613,651)(581,532)
Treasury shares, at cost (8,859,556 and 9,089,926 common shares, at December 31, 2023 and 2022, respectively)
(320,364)(328,684)
Accumulated other comprehensive loss(1,252)(1,774)
Total common equity$4,980,757 $4,986,620 
Non-controlling interests71,014 70,301 
Total equity$5,051,771 $5,056,921 
Total liabilities and equity$9,383,737 $9,327,935 
See Notes to Consolidated Financial Statements.
F-3

CAMDEN PROPERTY TRUST
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
 
 Year Ended December 31,
(in thousands, except share amounts)202320222021
Property revenues$1,542,027 $1,422,756 $1,143,585 
Property expenses
Property operating and maintenance$353,911 $315,737 $267,703 
Real estate taxes195,009 182,344 149,322 
Total property expenses$548,920 $498,081 $417,025 
Non-property income
Fee and asset management$3,451 $5,188 $10,532 
Interest and other income879 3,019 1,223 
Income/(loss) on deferred compensation plans15,398 (19,637)14,369 
Total non-property income/(loss)$19,728 $(11,430)$26,124 
Other expenses
Property management$33,706 $28,601 $26,339 
Fee and asset management1,717 2,516 4,511 
General and administrative62,506 60,413 59,368 
Interest133,395 113,424 97,297 
Depreciation and amortization574,813 577,020 420,692 
Expense/(benefit) on deferred compensation plans15,398 (19,637)14,369 
Total other expenses$821,535 $762,337 $622,576 
Loss on early retirement of debt(2,513)  
Gain on sale of operating properties, including land225,416 36,372 174,384 
Gain on acquisition of unconsolidated joint venture interests— 474,146 — 
Equity in income of joint ventures 3,048 9,777 
Income from continuing operations before income taxes$414,203 $664,474 $314,269 
Income tax expense(3,650)(2,966)(1,893)
Net income$410,553 $661,508 $312,376 
Less income allocated to non-controlling interests(7,244)(7,895)(8,469)
Net income attributable to common shareholders$403,309 $653,613 $303,907 
Total earnings per share – basic3.71 6.07 2.97 
Total earnings per share – diluted3.70 6.04 2.96 
Weighted average number of common shares outstanding – basic108,653 107,605 101,999 
Weighted average number of common shares outstanding – diluted109,399 108,388 102,829 
Consolidated Statements of Comprehensive Income
Net income$410,553 $661,508 $312,376 
Other comprehensive income
Unrealized loss on cash flow hedging activities(728)  
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation(183)489 154 
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation1,433 1,476 1,490 
Comprehensive income$411,075 $663,473 $314,020 
Less income allocated to non-controlling interests(7,244)(7,895)(8,469)
Comprehensive income attributable to common shareholders$403,831 $655,578 $305,551 
See Notes to Consolidated Financial Statements.
F-4

CAMDEN PROPERTY TRUST
CONSOLIDATED STATEMENTS OF EQUITY
 
 Common Shareholders  
(in thousands, except per share amounts)Common
shares of
beneficial
interest
Additional
paid-in capital
Distributions
in excess of
net income
Treasury
shares, at cost
Accumulated
other
comprehensive
loss
Non-controlling
interests
Total
equity
Equity, December 31, 2020$1,069 $4,581,710 $(791,079)$(341,412)$(5,383)$71,682 $3,516,587 
Net income303,907 8,469 312,376 
Other comprehensive income1,644 1,644 
Common shares issued (5,416 shares)54 759,155 759,209 
Net share awards13,800 6,360 20,160 
Employee share purchase plan3,152 1,078 4,230 
Conversion of operating partnership units (142 shares)1 5,935 (5,936) 
Cash distributions declared to equity holders ($3.32 per share)(342,281)(5,450)(347,731)
Other
2 (222) (220)
Equity, December 31, 2021$1,126 $5,363,530 $(829,453)$(333,974)$(3,739)$68,765 $4,266,255 
Net income653,613 7,895 661,508 
Other comprehensive income1,965 1,965 
Common shares issued (3,059 shares)30 516,728 516,758 
Net share awards15,999 4,763 20,762 
Employee share purchase plan1,296 554 1,850 
Conversion of operating partnership units (7 shares)320 (320) 
Cash distributions declared to equity holders ($3.76 per share)(405,692)(6,039)(411,731)
Other
(419)(27)(446)
Equity, December 31, 2022$1,156 $5,897,454 $(581,532)$(328,684)$(1,774)$70,301 $5,056,921 
See Notes to Consolidated Financial Statements.
F-5


CAMDEN PROPERTY TRUST
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
 
 Common Shareholders  
(in thousands, except per share amounts)Common
shares of
beneficial
interest
Additional
paid-in capital
Distributions
in excess of
net income
Treasury
shares, at cost
Accumulated
other
comprehensive
loss
Non-controlling
interests
Total
equity
Equity, December 31, 2022$1,156 $5,897,454 $(581,532)$(328,684)$(1,774)$70,301 $5,056,921 
Net income403,309 7,244 410,553 
Other comprehensive income522 522 
Net share awards16,552 7,695 24,247 
Employee share purchase plan1,187 625 1,812 
Conversion/ redemption of operating partnership units (3 shares)72 (200)(128)
Cash distributions declared to equity holders ($4.00 per share)(435,428)(6,331)(441,759)
Other(397)(397)
Equity, December 31, 2023$1,156 $5,914,868 $(613,651)$(320,364)$(1,252)$71,014 $5,051,771 
See Notes to Consolidated Financial Statements.


F-6

CAMDEN PROPERTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 Year Ended December 31,
(in thousands)202320222021
Cash flows from operating activities
Net income$410,553 $661,508 $312,376 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization574,813 577,020 420,692 
Loss on early retirement of debt2,513   
Gain on sale of operating properties, including land(225,416)(36,372)(174,384)
Gain on acquisition of unconsolidated joint venture interests (474,146) 
Distributions of income from joint ventures 3,015 9,645 
Equity in income of joint ventures (3,048)(9,777)
Share-based compensation14,512 12,822 15,397 
Net change in operating accounts and other17,975 3,913 3,518 
Net cash from operating activities$794,950 $744,712 $577,467 
Cash flows from investing activities
Development and capital improvements, including land$(410,934)$(449,431)$(428,714)
Acquisition of operating properties, including joint venture interests, net of cash acquired (1,066,051)(629,959)
Net proceeds from sales of operating properties, including land290,663 70,536 254,717 
Increase in non-real estate assets(5,597)(4,407)(4,032)
Other(1,259)(6,831)3,597 
Net cash from investing activities$(127,127)$(1,456,184)$(804,391)
Cash flows from financing activities
Borrowings on unsecured revolving credit facility$1,335,000 $758,000 $ 
Repayments on unsecured revolving credit facility(1,377,000)(716,000) 
Repayment of notes payable, including prepayment penalties(437,749)(350,000) 
Proceeds from notes payable498,235 300,000  
Distributions to common shareholders and non-controlling interests(434,875)(396,822)(343,039)
Proceeds from issuance of common shares 516,758 759,209 
Payment of deferred financing costs(3,114)(10,948)(1,346)
Other2,289 8,942 6,547 
Net cash from financing activities$(417,214)$109,930 $421,371 
Net increase (decrease) in cash, cash equivalents, and restricted cash250,609 (601,542)194,447 
Cash, cash equivalents, and restricted cash, beginning of year17,438 618,980 424,533 
Cash, cash equivalents, and restricted cash, end of year$268,047 $17,438 $618,980 
See Notes to Consolidated Financial Statements.

F-7


CAMDEN PROPERTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
 
 Year Ended December 31,
(in thousands)202320222021
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet
Cash and cash equivalents
$259,686 $10,687 $613,391 
Restricted cash
8,361 6,751 5,589 
Total cash, cash equivalents, and restricted cash, end of year
268,047 17,438 618,980 
Supplemental information
Cash paid for interest, net of interest capitalized$128,870 $111,069 $97,301 
Cash paid for income taxes3,591 3,216 2,181 
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid$110,427 $103,628 $88,786 
Value of shares issued under benefit plans, net of cancellations24,850 21,526 18,627 
Accrual associated with construction and capital expenditures23,706 20,151 24,313 
Acquisition of joint venture interests:
Mortgage debt assumed 514,554  
Other liabilities 39,168  
See Notes to Consolidated Financial Statements.
F-8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of December 31, 2023, we owned interests in, operated, or were developing 176 multifamily properties comprised of 59,800 apartment homes across the United States. Of the 176 properties, four properties were under construction, and will consist of a total of 1,166 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 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 December 31, 2023, 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 December 31, 2023, we held approximately 93% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships.
Acquisitions of Real Estate. Upon the acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition; the net carrying value of in-place leases are included in other assets, net, and the net carrying value of above or below market leases are included in other liabilities, net in our consolidated balance sheets.
We did not recognize amortization expense related to in-place leases or revenue related to net below-market leases during the year ended December 31, 2023. We recognized amortization expense related to in-place leases of approximately $50.3 million, and $22.2 million and recognized revenue related to net below-market leases of approximately $8.6 million and $1.1 million for the years ended December 31, 2022 and 2021, respectively.
During the years ended December 31, 2022 and 2021, the weighted average amortization periods for in-place leases was approximately eight months and nine months, respectively, and the weighted average amortization periods for net below-market leases was approximately seven months and ten 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 indicators exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant’s perspective. In addition, we evaluate our equity investments in joint ventures, if any, 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 years ended December 31, 2023, 2022, or 2021.
The value of our properties under development depends on market conditions including estimates of the project start date, projected construction costs, 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.
F-9

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 non-cash charges could have an adverse effect on our consolidated financial position and results of operations.
Cash and Cash Equivalents. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits.
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. 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 activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and certain 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 completed, the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements.
As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $20.2 million, $18.1 million, and $16.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Capitalized real estate taxes were approximately $3.4 million, $4.2 million, and $2.8 million for the years ended December 31, 2023, 2022, and 2021, respectively.
Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating costs associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives.
Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:
 Estimated
Useful Life
Buildings and improvements5-35 years
Furniture, fixtures, equipment and other3-20 years
Intangible assets/liabilities (in-place leases and below market leases)underlying lease term
Derivative Financial Instruments. Derivative financial instruments are recorded in the consolidated balance sheets at fair value and presented on a gross basis for financial reporting purposes even when those instruments are subject to master netting arrangements and may otherwise qualify for net presentation. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Cash flows from derivatives and the related gains and losses are classified as cash flows from operating activities on the consolidated statements of cash flows.
Cash Flow Hedges. For derivative instruments which are designated and qualify as a cash flow hedge, the derivative's gain or loss is reported as a component to other comprehensive income ("OCI") and recorded in accumulated other comprehensive income ("AOCI") on our consolidated balance sheets. The gain or loss is subsequently reclassified into net earnings when the hedged exposure affects net earnings, in the same line item as the underlying hedged item on our consolidated statements of earnings.
Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge. Cash flows from hedging transactions are classified in the same categories as the cash flows from the respective hedged items.
F-10

Fair Value Hedges. For derivative instruments which are designated and qualify as a fair value hedge, the changes in fair value of the derivative instrument and the offsetting changes in fair value of the underlying hedged item due to changes in the hedged risk are recorded to interest expense on our consolidated statements of earnings.
Counterparty Credit Risk. Fair values of our derivatives can change significantly from period to period based on, among other factors, market movements and changes in our positions. We manage counterparty credit risk (the risk counterparties will default and not make payments to us according to the terms of our agreements) on an individual counterparty basis.
Gains or losses on sales of real estate. The Company recognizes the sale, and associated gain or loss from the disposition, when the criteria for derecognition of an asset is met, including when a contract exists and the buyer obtained control of the nonfinancial asset sold, in accordance with accounting principles generally accepted in the United States of America ("GAAP").
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 receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. 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.
Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis:
Derivative Financial Instruments. The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market-standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including our own nonperformance risk and the respective counterparty’s nonperformance risk.
Although we have determined the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
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 consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy.
Non-recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value when they are acquired, including the remeasurement of previously held ownership interests, using fair value methodologies described above at "Acquisitions of Real Estate," or if the long-lived assets are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy.
Financial Instrument Fair Value Disclosures. As of December 31, 2023 and 2022, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and distributions payable represent 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
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of our assessment of the ability to recover these amounts. The carrying value of our notes receivable, which are included in other assets, net in our consolidated balance sheets, approximates their fair value. The estimated fair values 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 which are accounted for pursuant to ASC 842, "Leases," and presented as property revenues, and include rental revenue under contractual terms for other services provided to our customers. As a lessor, we made elections pursuant to ASC 842 to 1) not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and 2) exclude from lease revenues the sales taxes collected from lessees and certain lessor costs paid directly by the lessee. Our other revenue streams include fee and asset management income in accordance with other revenue guidance, ASC 606, Revenues from Contracts with Customers. A detail of our material revenue streams are discussed below:
Property Revenue. 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 also earn revenues under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new, separate contract and will be recognized at the time the option is exercised on a straight-line basis over the renewal period.
As of December 31, 2023, our average residential lease term was approximately fourteen months with all other commercial leases averaging longer lease terms. We anticipate property revenue from existing leases as follows:
(in millions)
Year ended December 31,Operating Leases
2024$865.9 
202540.4 
20263.8 
20273.3 
20283.0 
Thereafter6.3 
Total$922.7 
Credit Risk. We believe there is no significant concentration of credit risk due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms.
Insurance. Our primary lines of insurance coverage are property, general liability, health, workers compensation, and cybersecurity. We believe our insurance coverage adequately insures our properties against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils and adequately insures us against other risks. Losses are accrued based upon our estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on our experience.
Other Assets, Net. Other assets in our consolidated financial statements include investments under deferred compensation plans, deferred financing costs, technology investments, non-real estate leasehold improvements and equipment, notes receivable, derivatives, operating lease right-of-use assets, prepaid expenses, and other miscellaneous receivables. Investments under deferred compensation plans are classified as trading securities and are adjusted to fair market value at period end. For a further discussion of our investments under deferred compensation plans, see Note 11, "Share-based Compensation and Benefit Plans." Deferred financing costs are related to our unsecured revolving credit facility, and are amortized no longer than the terms of the related facility on the straight-line method, which approximates the effective interest method. Corporate leasehold improvements and equipment includes expenditures related to renovation and construction of office space we lease. These leasehold improvements are depreciated using the straight-line method over the shorter of the expected useful lives or the lease terms which generally range from three to ten years.
Investments. We hold equity interests in certain technology funds which are not accounted for using the equity method because we have virtually no influence over these entities and their fair values are not readily determinable. These investments are recorded using the measurement alternative in which our equity interests are recorded at cost, adjusted for impairments and observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting period, we reassess whether these investments continue to qualify for this measurement alternative. We had investments
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recorded at cost of approximately $14.3 million and $11.1 million at December 31, 2023 and 2022, respectively. These investments are included in other assets, net in our consolidated balance sheets and we did not record any impairments during the years ended December 31, 2023, 2022, or 2021 relating to these investments.
Reportable Segments. We operate in a single reportable segment which includes the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size, or type. Our multifamily apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. Further, all material operations are within the United States and no multifamily apartment community comprises more than 10% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment. Our multifamily communities generate property revenue through the leasing of apartment homes, which comprised approximately 99% of our total property revenues and total non-property income, excluding income (loss) on deferred compensation plans, for each of the years ended December 31, 2023, 2022, and 2021.
Restricted Cash. Restricted cash consists of escrow deposits held by lenders for property taxes, insurance and replacement reserves, cash required to be segregated for the repayment of residents’ security deposits, and escrowed amounts related to our development and acquisition activities. Substantially all restricted cash is invested in demand and short-term instruments.
Share-based Compensation. Compensation expense associated with share-based awards is recognized in our consolidated statements of income and comprehensive income using the grant-date fair values. Compensation cost for all share-based awards, including options, requires measurement at estimated fair value on the grant date and recognition of compensation expense over the requisite service period for awards expected to vest. The fair value of stock option grants is estimated using the Black-Scholes valuation model. Valuation models require the input of assumptions, including judgments to estimate the expected stock price volatility, expected life, and forfeiture rate. The compensation cost for share-based awards is based on the market value of the shares on the date of grant and is adjusted as actual forfeitures occur.
Use of Estimates. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment.
Recent Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 is intended to enhance disclosures regarding a public entity's reportable segments by requiring public entities, who have a single reportable segment or multiple reportable segments, to disclose significant segment expenses which are regularly provided to the chief operating decision maker ("CODM"), the title or position of the CODM, and how the CODM utilizes segment information to assess performance and allocate resources. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods for fiscal years beginning after December 15, 2024, and early adoption is permitted. This standard must be applied using the retrospective transition method upon adoption. We expect to adopt ASU 2023-07 in our 2024 Form 10-K and in the interim periods thereafter. The adoption of ASU 2023-07 will require additional disclosures, but we do not believe the adoption will materially impact our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures to enhance the transparency regarding income tax information through the use of a rate reconciliation table and disclosure of net taxes paid, detailed by federal, state, and foreign taxes and, if applicable, further detailed by specific jurisdictions if the amount exceeds a qualitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. This standard may be applied either on a prospective basis or on a retrospective basis. We expect to adopt ASU 2023-09 in our 2025 Form 10-K and expect the enhanced presentation of income tax disclosures will have no impact on our consolidated financial statements.
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3. Per Share Data
Basic earnings per share are computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect common shares issuable from the assumed conversion of common share options and share awards granted and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sale agreement will be considered in our calculation for diluted earnings-per-share until settlement, using the treasury stock method. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.0 million for each of the years ended December 31, 2023 and 2022, and 2021. These securities, which include share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculation as they are anti-dilutive.
The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:
 Year Ended December 31,
(in thousands, except per share amounts)202320222021
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders
$403,309 $653,613 $303,907 
Amount allocated to participating securities(646)(990)(545)
Net income attributable to common shareholders – basic$402,663 $652,623 $303,362 
Total earnings per common share – basic
$3.71 $6.07 $2.97 
Weighted average number of common shares outstanding – basic108,653 107,605 101,999 
Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities
$402,663 $652,623 $303,362 
Income allocated to common units from continuing operations2,086 1,452 1,190 
Net income attributable to common shareholders – diluted$404,749 $654,075 $304,552 
Total earnings per common share – diluted
$3.70 $6.04 $2.96 
Weighted average number of common shares outstanding – basic108,653 107,605 101,999 
Incremental shares issuable from assumed conversion of:
Share awards granted21 50 87 
Common units725 733 743 
Weighted average number of common shares outstanding – diluted109,399 108,388 102,829 
4. Common Shares
In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 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. We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.
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The 2023 ATM program also permits the use of forward sale agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of the applicable shares until a later date. If we enter into a forward sale agreement, we expect the applicable forward purchasers will borrow from third parties and, through the applicable sales agent acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the applicable agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller and would expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). As of the date of this filing, we have not entered into any forward sales agreement and have not sold any shares under the 2023 ATM program.
In May 2022, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2022 ATM program"). In May 2023, we terminated the 2022 ATM program and did not sell any shares under this program.
In August 2021, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering price of up to $500.0 million (the "2021 ATM program"). In May 2022, we terminated the 2021 ATM program with an aggregate offering amount of approximately $71.3 million remaining available for sale and, upon termination, no further common shares were available for sale.
We have a share repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. As of the date of this filing, there were no repurchases and the dollar value of our common equity securities authorized to be repurchased under this program remains at $500.0 million.
We currently have an automatic shelf registration statement which allows us to offer, from time to time, common shares, preferred shares, debt securities, or warrants. Our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At December 31, 2023, we had approximately 106.8 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
In the first quarter of 2024, the Company's Board of Trust Managers declared a first quarter dividend of $1.03 per common share to our common shareholders of record as of March 29, 2024.
5. Operating Partnerships
At December 31, 2023, approximately 4% of our consolidated multifamily apartment homes were held in Camden Operating, L.P. ("Camden Operating" or the "operating partnership"). Camden Operating has 11.9 million outstanding common limited partnership units and as of December 31, 2023, we held approximately 93% of the outstanding common limited partnership units and the sole 1% general partnership interest of the operating partnership. The remaining common limited partnership units, comprising approximately 0.7 million units, are primarily held by former officers, directors, and investors of Paragon Group, Inc., which we acquired in 1997. Each common limited partnership unit is redeemable for one common share of Camden Property Trust or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Operating common limited partnership units.
At December 31, 2023, approximately 26% of our consolidated multifamily apartment homes were held in Camden Summit Partnership, L.P. (the "Camden Summit Partnership"). Camden Summit Partnership has 22.8 million outstanding common limited partnership units and as of December 31, 2023, we held approximately 95% of the outstanding common limited partnership units and the sole 1% general partnership interest of Camden Summit Partnership. The remaining common limited partnership units, comprising approximately 0.9 million units, are primarily held by former officers, directors, and investors of Summit Properties Inc., which we acquired in 2005. Each common limited partnership unit is redeemable for one common share of Camden Property Trust or cash at our election and holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Summit Partnership common limited partnership units.
We have Tax Protection Agreements, as amended, protecting the negative tax capital of certain holders of common units of limited partnership interest in the Camden Summit Partnership, including a former Trust Manager who retired from our Board effective May 2022. The negative tax capital accounts of these certain unitholders totaled approximately $23.8 million in the aggregate as of December 31, 2023. We currently have a $40.0 million two-year unsecured floating rate term loan with an unrelated third party which supports the negative tax capital accounts.
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6. Income Taxes
We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. 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. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. 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. Historically, we have incurred only state and local income, franchise, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income taxes. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level.
We have recorded income, franchise, and excise taxes in the consolidated statements of income and comprehensive income for the years ended December 31, 2023, 2022, and 2021 as income tax expense. Income taxes for the years ended December 31, 2023, 2022, and 2021, primarily related to state income tax and federal taxes on certain of our taxable REIT subsidiaries. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries.
For income tax purposes, distributions to common shareholders are characterized as ordinary income, capital gains, or return of capital. A summary of the income tax characterization of our distributions paid per common share for the years ended December 31, 2023, 2022, and 2021 is set forth in the following table:
 Year Ended December 31,
 202320222021
Common Share Distributions (1)
Ordinary income$2.54 $ $2.06 
Long-term capital gain1.90 0.48 1.14 
Return of capital 2.26  
Unrecaptured Sec. 1250 gain0.50 0.08 0.12 
Total$4.94 $2.82 $3.32 
(1) The $1.00 distribution per share paid on January 17, 2024 will be considered a 2023 distribution for federal income tax purposes and will be subject to taxation based on our 2023 earnings. The $0.94 distribution per share paid on January 17, 2023 was also considered a 2023 distribution for federal income tax purposes and was also subject to taxation based on our 2023 earnings.
The carrying value of net assets reported in our consolidated financial statements at December 31, 2023 exceeded the tax basis by approximately $1.6 billion.
Income Tax Expense. We had income tax expense of approximately $3.7 million, $3.0 million, and $1.9 million for the tax years ended December 31, 2023, 2022, and 2021, respectively, which was comprised mainly of state income and franchise taxes related to our taxable REIT subsidiaries.
Income Tax Expense – Deferred. For the years ended December 31, 2023, 2022, and 2021, our deferred tax expense was not significant.
The income tax returns of Camden Property Trust and its subsidiaries are subject to examination by federal, state, and local tax jurisdictions for years 2020 through 2022. Tax attributes generated in years prior to 2020 are also subject to challenge in any examination of those tax years. We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the periods presented.
Tax Reform. The 2022 Inflation Reduction Act ("the 2022 Act") was passed on August 16, 2022, which is generally applicable for taxable years beginning after December 31, 2022, and included changes to the corporate income tax system. As a REIT, we are generally exempt from the majority of the provisions under the 2022 Act and do not believe the provisions will have a material impact on our consolidated financial statements.




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7. Acquisitions and Dispositions
Acquisitions of Land. We did not acquire any land during the year ended December 31, 2023. During the year ended December 31, 2022, we acquired for future development purposes two parcels of land totaling approximately 42.6 acres in Charlotte, North Carolina for an aggregate cost of approximately $32.7 million; approximately 3.8 acres of land in Nashville, Tennessee for approximately $30.5 million; and approximately 15.9 acres of land in Richmond, Texas for approximately $7.8 million.
During the year ended December 31, 2021, we acquired for future development purposes approximately 2.0 acres of land in Nashville, Tennessee for $36.6 million; approximately 5.2 acres of land in Denver, Colorado for $24.0 million; approximately 14.6 acres of land in The Woodlands, Texas for $9.3 million; and approximately 0.2 acres of land in St. Petersburg, Florida for $2.1 million.
Asset Acquisition of Operating Properties. We did not acquire any operating properties during the year ended December 31, 2023. On April 1, 2022, we purchased the remaining 68.7% ownership interests in two unconsolidated discretionary investment funds (collectively, "the Funds" or "the acquisition of the Funds") for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $515.0 million of existing secured mortgage debt of the Funds which remained outstanding. As a result of this acquisition, we now own 100% ownership interests in 22 multifamily communities comprised of 7,247 units located in Houston, Austin, Dallas, Tampa, Raleigh, Orlando, Washington D.C., Charlotte, and Atlanta. Prior to the acquisition, we accounted for our 31.3% ownership interests in each of these Funds in accordance with the equity method of accounting.
We accounted for this transaction as an asset acquisition and remeasured our previously held 31.3% ownership interests in the Funds to fair value at the acquisition date. As a result of this remeasurement, we recognized a gain of approximately $474.1 million. Upon consolidation, the total consideration was allocated to assets and liabilities based on relative fair value, resulting in an increase in assets comprised of $2.1 billion of real estate assets, $44.0 million of in-place leases and $24.7 million of other assets and an increase in liabilities made up of $514.6 million of secured debt, $39.2 million of other liabilities, and approximately $7.6 million of net below market leases.
During the year ended December 31, 2021, we acquired one operating property comprised of 558 apartment homes located in Dallas, Texas for approximately $165.5 million in October and one operating property comprised of 368 apartment homes located in St. Petersburg, Florida for approximately $176.3 million in August. In June 2021, we also acquired one operating property comprised of 328 apartment homes located in Franklin, Tennessee for approximately $105.3 million and one operating property comprised of 430 apartment homes located in Nashville, Tennessee for approximately $186.3 million.
Sale of Operating Properties. During the year ended December 31, 2023, we sold two operating properties comprised of an aggregate of 852 apartment homes located in Costa Mesa, California for an aggregate of approximately $293.1 million and recognized a gain of approximately $225.3 million. In February 2024, we sold one operating property comprised of 592 apartment homes located in Atlanta, Georgia for approximately $115.0 million.
During the year ended December 31, 2022, we sold one operating property comprised of 245 apartment homes located in Largo, Maryland for approximately $71.9 million and recognized a gain of approximately $36.4 million. During the year ended December 31, 2021, we sold two operating properties comprised of an aggregate of 652 apartment homes located in Houston, Texas for an aggregate of approximately $115.0 million and recognized a gain of approximately $81.1 million and one property comprised of 426 apartment homes, located in Laurel, Maryland for approximately $145.0 million and recognized a gain of approximately $93.3 million.
8. Investments in Joint Ventures
On April 1, 2022, the Company acquired 100% of the ownership interests in the Funds and consolidated the Funds as of the acquisition date, as discussed in Note 7, "Acquisitions and Dispositions," above. Prior to the acquisition, we held a 31.3% ownership interest in the Funds, and accounted for these investments under the equity method. The following table summarizes the statement of income data for the Funds for the period accounted for under the equity method.
 
 2023
2022 (1)
2021
Total revenues$ $37.2 $139.0 
Net income 7.1 21.3 
Equity in income (2)
 3.0 9.8 
(1)Results for 2022 related to activity during the first quarter. We consolidated the operations of the Funds as of April 1, 2022.
(2)Equity in income excluded our ownership interest of fee income from various services provided by us to the Funds.
Prior to the acquisition of the remaining interests in the Funds, we earned fees for property and asset management, construction, development, and other services related to the Funds, and we eliminated fee income for services provided to the
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Funds to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.7 million and $6.6 million for the years ended December 31, 2022 and 2021, respectively. After the acquisition of the Funds on April 1, 2022, we no longer earn these fees.
9. Notes Payable
The following is a summary of our indebtedness:
 December 31,
(in millions)20232022
Commercial banks
6.57% Term loan, due 2024
$39.9 $39.8 
6.21% Term loan, due 2024
300.0 300.0 
6.13% Unsecured revolving credit facility
 42.0 
$339.9 $381.8 
Senior unsecured notes
5.07% Notes, due 2023
$ $249.8 
4.36% Notes, due 2024
250.0 249.7 
3.68% Notes, due 2024
249.7 249.2 
6.69% Notes, due 2026 (3)
508.6  
3.74% Notes, due 2028
398.7 398.3 
3.67% Notes, due 2029 (1)
596.1 595.5 
2.91% Notes, due 2030
745.4 744.8 
3.41% Notes, due 2049
296.9 296.8 
$3,045.4 $2,784.1 
Total unsecured notes payable$3,385.3 $3,165.9 
Secured notes
  Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
$291.3 $291.2 
6.69% Variable Rate Notes, due 2026
 166.2 
6.99% Variable Rate Construction Note, due 2024
 18.9 
3.87% note, due 2028
38.8 38.7 
Total secured notes payable$330.1 $515.0 
Total notes payable (2)
$3,715.4 $3,680.9 
Value of real estate assets, at cost, subject to secured notes$1,342.2 $2,080.9 
(1)The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.
(2)Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $5.5 million and $18.0 million are included in senior unsecured and secured notes payable as of December 31, 2023 and 2022, respectively.
(3)Amount includes an $11.6 million cumulative fair value adjustment due to changes in benchmark interest rates related to our 2026 Notes. See further discussion below.
At December 31, 2023 we had a $300 million, 6.21% unsecured term loan which matured in August 2024, with one option to extend at our election to August 2025. In January 2024, we utilized a portion of the net proceeds from the notes due January 15, 2034 (the "2034 Notes") to repay the outstanding balance. See further discussion below. We also have a $1.2 billion unsecured revolving credit facility which matures in August 2026, with two options to extend the facility at our election for two consecutive six-month periods and to expand the facility up to three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rates on our unsecured revolving credit facility and term loan are based upon, at our option, (a) the daily or the one-, three-, or six- months Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s price rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%. Advances under our unsecured revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid
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rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility and term loan are subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of December 31, 2023 and through the date of this filing.
Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our revolving credit facility, it does reduce the amount available. At December 31, 2023, we had outstanding letters of credit totaling $27.7 million and approximately $1.2 billion available under our unsecured revolving credit facility.
In November 2023, we issued $500.0 million aggregate principal amount of 5.85% senior unsecured notes due November 3, 2026 (the "2026 Notes") under our existing shell registration statement. The 2026 Notes were offered to the public 99.997% of their face amount with a stated rate of 5.85% and a yield to maturity of 5.851%. After deducting underwriting discounts and other offering expenses, the net proceeds from the sale of the 2026 Notes was approximately $496.9 million. Interest on the 2026 Notes is payable semi-annually on May 3 and November 3, beginning May 3, 2024. We may redeem the 2026 Notes, in whole or in part, at anytime at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem the 2026 Notes on or after one month prior to their maturity date, the redemption price will equal 100% of the principal amount of the 2026 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2026 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness. At December 31, 2023, the carrying value of the notes was $508.6 million, which included the cumulative fair value adjustment of $11.6 million. We used the net proceeds to repay the outstanding balance on our unsecured revolving credit facility.
In connection with the 2026 Notes, we initiated an interest rate swap agreement with an aggregate notional amount of $500.0 million. Under the interest rate swap agreement, we pay a floating interest rate of daily compounded SOFR plus 1.12%. See Note 10, "Derivative Financial Instruments and Hedging Activities," for further discussion of the interest rate swap designated as a fair value hedge.
As a result of the acquisition of the Funds on April 1, 2022, we assumed approximately $514.6 million of secured mortgage loans with maturity dates ranging from 2024 to 2028 and effective interest rates on the date of acquisition ranging from 2.47% to 4.04%. These secured mortgage loans consisted of a variable rate construction loan, a fixed rate cross-collateralized and cross-defaulted note between three operating properties, and two cross-collateralized and cross-defaulted master credit facilities with Fannie Mae, which included both fixed conventional mortgage notes and variable rate notes.
In connection with the assumed secured mortgage loans discussed above, we recorded an approximate $2.4 million fair value adjustment as a decrease to the note balances, which is being amortized over the respective debt terms as an increase to interest expense. Due to the repayment of the secured variable rate notes discussed below, approximately $0.8 million of the unamortized fair value adjustment was written-off and expensed as part of the loss on the early retirement of debt. During each of the years ended December 31, 2023 and 2022, we also recorded amortization of the fair value adjustment of approximately $0.4 million. The remaining unamortized fair value adjustment at December 31, 2023 was approximately $0.8 million.
In May 2023, we utilized draws our unsecured revolving credit facility to retire our $185.2 million secured variable rate notes due in 2024 and 2026. As a result of the early repayments, we recorded a $2.5 million loss on early retirement of debt in our consolidated statements of income and comprehensive income, which was comprised of approximately $1.7 million of prepayment penalties and fees and approximately $0.8 million for the write-off of unamortized fair value adjustments.
In June 2023, we utilized draws on our unsecured revolving credit facility to repay the principal amount of our 5.07% senior unsecured notes payable, which matured on June 15, 2023, for a total of $250.0 million, plus accrued interest.
At December 31, 2023 we had outstanding floating rate debt of approximately $848.5 million, which includes the 2026 Notes which have been converted to floating rate debt through the issuance of the interest rate swap discussed above. We had floating rate debt of approximately $566.9 million at December 31, 2022, which includes balances outstanding under our unsecured revolving credit facility. The weighted average interest rate on such debt was approximately 6.5% and 5.5% at December 31, 2023 and 2022, respectively.
Our indebtedness had a weighted average maturity of 5.6 years at December 31, 2023. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at December 31, 2023:
F-19

(in millions) (1)
Amount (2)
Weighted Average
Interest Rate (3)
2024 (4)
$536.6 4.2 %
2025 (5)
296.9 6.2 
2026532.7 6.6 
2027172.9 3.9 
2028530.4 3.8 
Thereafter 1,645.9 3.3 
Total$3,715.4 4.2 %
(1)Includes all available extension options.
(2)Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments.
(3)Includes the effects of the applicable settled derivatives.
(4)In January 2024, we repaid the $250.0 million principal balance related to the 4.36% senior unsecured notes. See further discussion below.
(5)In January 2024, we repaid the $300 million, 6.21% unsecured term loan. See further discussion below.
In January 2024, we issued $400.0 million aggregate principal amount of 4.90% senior unsecured notes due January 15, 2034 under our existing shell registration statement. The 2034 Notes were offered to the public 99.638% of their face amount with a stated rate of 4.90% and a yield to maturity of 4.946%. After deducting underwriting discounts and other offering expenses, the net proceeds from the sale of the 2034 Notes was approximately $394.8 million. Interest on the 2034 Notes is payable semi-annually on January 15 and July 15, beginning July 15, 2024. We may redeem the 2034 Notes, in whole or in part, at anytime at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem the 2034 Notes on or after three months prior to their maturity date, the redemption price will equal 100% of the principal amount of the 2034 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2034 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness. In January 2024, we utilized a portion of the net proceeds from the 2034 Notes to repay the $300.0 million, 6.21% unsecured term loan due in August 2024 with a one year extension option to August 2025.
In January 2024, we utilized cash on hand to repay the principal amount of our 4.36% senior unsecured notes payable, which matured on January 15, 2024, for a total of $250.0 million, plus accrued interest.
10. Derivative Financial Instruments and Hedging Activities
Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings. We do not utilize derivative financial instruments for trading or speculative purposes. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements" for a further discussion of derivative financial instruments.
Cash Flow Hedges. From time to time, we enter into designated cash flow hedges to manage the variability in cash flows due to changes in benchmark interest rates. We enter into interest rate swap agreements, including forward interest rate swaps and treasury locks, settled in cash based upon the difference between an agreed-up benchmark rate and the prevailing benchmark rate at settlement. The agreements are generally settled around the time of the pricing of the related debt. Each derivative agreement’s gain or loss is recorded to OCI and is subsequently reclassified to interest expense over the life of the related debt. We did not have any material cash flow hedges outstanding as of December 31, 2023 and had no cash flow hedges outstanding as of December 31, 2022 and 2021.
At December 31, 2023 an unrealized loss of $0.7 million was recognized in other comprehensive income. There were no unrealized gains or losses recognized for the years ended December 31, 2022 and 2021. During the year ended December 31, 2023, approximately $1.4 million was reclassified from AOCI as an increase to interest expense for derivative financial instruments settled in prior periods. Approximately $1.3 million was reclassified for each of the years ended December 31, 2022 and 2021.
Fair Value Hedges. From time to time we utilize interest rate swaps to achieve an additional level of floating rate debt relative to fixed rate debt as we deem appropriate. We designate fixed to floating interest rate swaps as fair value hedges. The changes in fair values of these derivative instruments and the offsetting changes in fair values of the underlying hedged debt due to changes in the relevant benchmark interest rates are recorded in interest expense. Refer to Note 9, "Notes Payable" for additional information on our long-term debt.
F-20

In November 2023, we utilized an interest rate swap with a notional amount of $500.0 million which exposes us to interest rate fluctuations on our 2026 Notes.This interest rate swap was designated and qualified as a fair value hedging instrument. At December 31, 2023, the carrying value of the notes was $508.6 million, which included the cumulative fair value adjustment of $11.6 million. There were no outstanding fair value hedges at December 31, 2022 or 2021.
Refer to Note 12, "Fair Value Measurements" for the outstanding derivative instruments and the corresponding fair value classifications.
11. Share-based Compensation and Benefit Plans
Incentive Compensation. We currently maintain the 2018 Share Incentive Plan (the "2018 Share Plan"), which was approved by the Company’s shareholders. The shares available for awards under the 2018 Share Plan are, subject to certain other limits under the plan, generally available for any type of award authorized under the 2018 Share Plan, including stock options, stock appreciation rights, restricted stock awards, stock bonuses and other stock-based awards. Persons eligible to receive awards under the 2018 Share Plan include officers and employees of the Company or any of its subsidiaries, Trust Managers of the Company, and certain consultants and advisors to the Company or any of its subsidiaries. A total of 9.7 million shares ("Share Limit") was authorized under the 2018 Share Plan. Shares issued or to be issued are counted against the Share Limit as set forth as (1) 3.45 to 1.0 for every share award, excluding stock options and share appreciation rights, granted, and (2) 1.0 to 1.0 for every share of stock option or share appreciation right granted. As of December 31, 2023, there were approximately 5.2 million common shares available under the 2018 Share Plan, which would result in approximately 1.5 million shares which could be granted pursuant to full value awards conversion ratios as defined under the plan.
Total compensation cost for share awards charged against income was approximately $15.8 million, $14.2 million, and $16.1 million for 2023, 2022, and 2021, respectively. Total capitalized compensation cost for share awards was approximately $5.9 million, $4.5 million, and $3.8 million for the years ended December 31, 2023, 2022, and 2021, respectively.
A summary of activity under our share incentive plans for the year ended December 31, 2023 is shown below:
Nonvested
Share
Awards
Outstanding
Weighted
Average
Exercise /
Grant Price
Nonvested share awards outstanding at December 31, 2022164,647 $132.99 
Granted219,250 117.02 
Exercised/Vested(203,547)121.46 
Forfeited(6,186)130.31 
Total nonvested share awards outstanding at December 31, 2023174,164 $126.46 
Share Awards and Vesting. Share awards for employees generally vest over three years and are valued at the market value of the shares on the grant date. In the event the holder of the share awards attains at least age 65, and with respect to employees, also attain at least ten or more years of service ("Retirement Eligibility") before the term in which the awards are scheduled to vest, the value of the share awards is amortized from the date of grant to the individual's Retirement Eligibility date. All new share awards granted after reaching Retirement Eligibility vest on the date of grant.
At December 31, 2023, 2022 and 2021, the weighted average fair value of share awards granted was $117.02, $161.91 and $105.87, respectively. The total fair value of shares vested during the years ended December 31, 2023, 2022 and 2021 was approximately $24.7 million, $19.4 million, and $23.6 million, respectively. At December 31, 2023, the unamortized value of previously issued unvested share awards was approximately $12.7 million which is expected to be amortized over the next two years.
Employee Share Purchase Plan ("ESPP"). In May 2018, our shareholders approved the 2018 Employee Share Purchase Plan (the "2018 ESPP") which amends and restates our 1999 Employee Share Purchase Plan effective with the offering period commencing in June 2018. Under the 2018 ESPP, we may issue up to a total of approximately 500,000 common shares. The 2018 ESPP permits eligible employees to purchase our common shares either through payroll deductions or through semi-annual contributions. Each offering period has a six month duration commencing in June and December for which shares may be purchased at 85% of the market value, as defined on the first or last day of the offering period, whichever price is lower. We currently use treasury shares to satisfy ESPP share requirements. Each participant must hold the shares purchased for nine months in order to receive the discount, and a participant may not purchase more than $25,000 in value of shares during any plan year, as defined. The following table presents information related to our ESPP:
F-21

202320222021
Shares purchased17,306 15,353 29,857 
Weighted average fair value of shares purchased$104.26 $119.15 $141.64 
Expense recorded (in millions)$0.2 $0.2 $1.2 
Rabbi Trust. We established a rabbi trust for a select group of participants in which share awards granted under the share incentive plan and salary and other cash amounts earned may be deposited. The rabbi trust was only in use for deferrals made prior to 2005, including bonuses related to service in 2004 but paid in 2005. The rabbi trust was an irrevocable trust and no portion of the trust fund may be used for any purpose other than the delivery of those assets to the participants. The assets held in the rabbi trust are subject to the claims of our general creditors in the event of bankruptcy or insolvency.
The value of the assets of the rabbi trust is consolidated into our financial statements. Granted share awards held by the rabbi trust are classified in equity in a manner similar to the manner in which treasury stock is accounted. Subsequent changes in the fair value of the shares are not recognized. The deferred compensation obligation is classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. At December 31, 2023 and 2022, approximately 1.0 million and 1.1 million share awards, respectively, were held in the rabbi trust. Additionally, as of December 31, 2023 and 2022, the rabbi trust held trading securities totaling approximately $9.7 million and $8.9 million, respectively, which represents cash deferrals made by plan participants. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly.
At December 31, 2023 and December 31, 2022, approximately $11.9 million and $13.3 million, respectively, was required to be paid to us by plan participants upon the withdrawal of any assets from the rabbi trust, and is included in "Accounts receivable-affiliates" in our consolidated financial statements.
Non-Qualified Deferred Compensation. In 2004, we established a Non-Qualified Deferred Compensation Plan which is an unfunded arrangement established and maintained primarily for the benefit of a select group of participants. Eligible participants commence participation in this plan on the date the deferral election first becomes effective. We credit to the participant's account an amount equal to the amount designated as the participant's deferral for the plan year as indicated in the participant's deferral election(s). Any modification to or termination of the plan will not reduce a participant's right to any vested amounts already credited to his or her account. Approximately 1.1 million and 1.0 million share awards were held in the plan at December 31, 2023 and 2022, respectively. Additionally, as of December 31, 2023 and 2022, the plan held trading securities totaling approximately $122.3 million and $111.7 million, respectively, which represents cash deferrals made by plan participants and diversification of share awards within the plan to trading securities. The value of this plan is recorded in other assets, net, within our consolidated balance sheets. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly. The assets held in the Non-Qualified Deferred Compensation Plan are subject to the claims of our general creditors in the event of bankruptcy or insolvency.
401(k) Savings Plan. We have a 401(k) savings plan which is a voluntary defined contribution plan, and provides participating employees the ability to elect to contribute up to 60 percent of eligible compensation, subject to limitations as defined by the federal tax code, with the Company making matching contributions up to a predetermined limit. The matching contributions made for the years ended December 31, 2023, 2022, and 2021 were approximately $3.4 million, $3.4 million, and $3.3 million, respectively. Employees become vested in our matching contributions 33% after one year of service, 67% after two years of service and 100% after three years of service.
F-22

12. Fair Value Measurements
Recurring Fair Value Disclosures. The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2023 and 2022 using the inputs and fair value hierarchy discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements":
Financial Instruments Measured at Fair Value on a Recurring Basis
 December 31, 2023December 31, 2022
 (in millions)Quoted 
Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs 
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
TotalQuoted
 Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs
 (Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Assets
Deferred compensation plan investments (1)
$132.0 $ $ $132.0 $120.7 $ $ $120.7 
Derivative financial instruments (fair value hedge) 11.6  $11.6    $ 
Other Liabilities
Derivative financial instruments (cash flow hedge) 0.7  $0.7    $ 

(1)Approximately $10.9 million and $3.6 million of participant cash was withdrawn from our deferred compensation plan investments during the years ended December 31, 2023 and 2022, respectively.
Nonrecurring Fair Value Disclosures. The nonrecurring fair value disclosures inputs under the fair value hierarchy are discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." We did not have any asset acquisitions of operating properties in 2023 or impairments in 2023, 2022, or 2021. During the year ended December 31, 2022, we acquired the remaining 68.7% ownership interests in the Funds, which owned 22 multifamily communities. We consolidated these properties upon obtaining 100% ownership interests and recorded the real estate assets and identifiable above and below-market and in-place leases at their relative fair values based upon methods similar to those used by independent appraisers of income-producing properties. Our previously held 31.3% equity interests in the Funds were also remeasured to fair value utilizing these same techniques. The fair value measurements associated with the valuation of these acquired assets represent Level 3 measurements within the fair value hierarchy. See Note 7, "Acquisitions and Dispositions" for a further discussion about these acquisitions.
Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at December 31, 2023 and 2022, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
 
 December 31, 2023December 31, 2022
(in millions)Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Fixed rate notes payable$2,866.9 $2,651.6 $3,114.0 $2,806.1 
Floating rate notes payable (1)
848.5 864.9 566.9 566.8 
(1)Includes the 2026 Notes at December 31, 2023, and includes balances outstanding under our unsecured revolving credit facility at December 31, 2022.
13. Net Change in Operating Accounts
The effect of changes in the operating accounts and other on cash flows from operating activities is as follows:
 
F-23

 Year Ended December 31,
(in thousands)202320222021
Change in assets:
Other assets, net$(1,951)$(13,950)$(12,068)
Change in liabilities:
Accounts payable and accrued expenses13,639 (2,990)14,786 
Accrued real estate taxes968 22,901 (809)
Other liabilities2,018 (6,207)(2,133)
Other3,301 4,159 3,742 
Change in operating accounts and other$17,975 $3,913 $3,518 
14. Commitments and Contingencies
Construction Contracts. As of December 31, 2023, we estimate the additional cost to complete the four projects currently under construction to be approximately $137.6 million. We expect to fund this amount through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, other unsecured borrowings, or secured mortgages.
Litigation. We are subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which arise out of allegation of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management currently believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements.
We have been named as a defendant in several cases alleging antitrust violations by a seller of revenue management software and owners and/or operators of multi-family housing, including us, which utilize this software. The complaints allege collusion among the defendants to fix rents in violation of Section 1 of the Sherman Act. The U.S. Judicial Panel on Multidistrict Litigation has consolidated 43 cases, including those filed against us, into a single action in the United States District Court for the Middle District of Tennessee. We and our co-defendants formed a joint defense group that allows free communication and strategizing among us and our attorneys, and allows us to combine efforts in drafting motions. Separate and apart from these private causes of action, on November 1, 2023, we, along with 13 other owners and/or operators of multi-family housing and a seller of revenue management software were named as defendants in a lawsuit centering around the use of said revenue management software by the Attorney General of the District of Columbia. We believe these lawsuits are without merit and intend to vigorously defend these actions. Additionally, we have been informed by federal and state regulators they are investigating this matter. At this stage of the proceedings, it is not possible to predict or determine the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision on any of these matters.
Other Commitments and Contingencies. In the ordinary course of our business, we issue letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or we will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. We are then at risk under a real property acquisition contract, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract. At December 31, 2023, we had approximately $0.6 million of earnest money deposits for potential acquisitions of land included in other assets, net in our consolidated balance sheet of which $0.5 million is non-refundable.
Lease Commitments. Substantially all of our operating leases recorded in our consolidated balance sheets are related to office facility leases. We had no significant changes to our lessee lease commitments for the year ended December 31, 2023. The lease and non-lease components, excluding short-term lease contracts with a duration of 12 months or less, are accounted for as a combined single component based upon the standalone price at the time the applicable lease is commenced and is recognized as a lease expense on a straight-line basis over the lease term. Most of our office facility leases include options to renew and generally are not included in the operating lease liabilities or right-of-use ("ROU") assets as they are not reasonably certain of being exercised. If an option to renew is exercised, it would be considered a separate contract and recognized based
F-24

upon the standalone price at the time the option to renew is exercised. Variable lease payments which values are not known at lease commencement, such as executory costs of real estate taxes, property insurance, and common area maintenance, are expensed as incurred.
The following is a summary of our operating lease related information:
($ in millions)As of December 31,
Balance sheetClassification20232022
   Right-of-use assets, netOther assets, net$4.4 $6.0 
   Operating lease liabilitiesOther liabilities$6.0 $8.4 
($ in millions)Year ended
Statement of income and comprehensive incomeClassification20232022
Rent expense related to operating lease liabilities
General and administrative expenses and property management expenses$2.7 $2.7 
   Variable lease expenseGeneral and administrative expenses and property management expenses1.2 1.3 
Total lease expense$3.9 $4.0 
($ in millions)Year ended
Statement of cash flowsClassification20232022
   Cash flows from operating leasesNet cash from operating activities$2.6$2.5 
Supplemental lease information
   Weighted average remaining lease term (years)2.42.9
   Weighted average discount rate - operating leases (1)
5.1 %4.6 %
(1)We use a secured incremental borrowing rate, as defined by ASC 842 based on an estimated secured rate with applicable adjustments, as most of our lease contracts do not provide a readily determinable implicit rate.
The following is a summary of our maturities of our lease liabilities as of December 31, 2023:
(in millions)
Year ended December 31,Operating Leases
2024$3.3 
20252.4 
20260.5 
20270.2 
2028 
Thereafter 
Less: discount for time value(0.4)
Lease liability as of December 31, 2023$6.0 
Employment Agreements. At December 31, 2023, we had employment agreements with 12 of our senior officers, the terms of which expire at various times through August 20, 2024. These agreements provide for minimum salary levels as well as various incentive compensation arrangements, which are payable based on the attainment of specific goals. The agreements also provide for severance payments and 11 provide a gross-up payment if certain situations occur, such as termination without cause or termination due to a change of control. In the case of 10 of the agreements, the severance payment equals one times the respective current annual base salary in the case of termination without cause and 2.99 times the respective average annual base salary over the previous three fiscal years in the case of a change of control and a termination of employment or a material adverse change in the scope of their duties. In the case of the other two agreements, the severance payment generally equals 2.99 times the respective average annual compensation over the previous three fiscal years in connection with, among other things, a termination without cause or a change of control, and the officer would be entitled to receive continuation and vesting of certain benefits in the case of such termination.
F-25

 
Camden Property Trust
Real Estate and Accumulated Depreciation
As of December 31, 2023
(in thousands)
Schedule III
 Initial Cost Total Cost    
 LandBuilding/
Construction
in Progress &
Improvements
Cost 
Subsequent to
Acquisition/
Construction
LandBuilding/
Construction
in Progress &
Improvements
TotalAccumulated
Depreciation
Total Cost,
Net of
Accumulated
Depreciation
EncumbrancesYear of
Completion/
Acquisition
Current communities:
ARIZONA
       Phoenix/Scottsdale
           Camden Chandler$5,511 $62,429 $1,937 $5,511 $64,366 $69,877 $20,993 $48,884 $— 2016
           Camden Copper Square4,825 23,672 18,415 4,825 42,087 46,912 27,156 19,756 — 2000
           Camden Foothills11,006 33,712 1,633 11,006 35,345 46,351 12,409 33,942 — 2014
           Camden Legacy4,068 26,612 28,213 4,068 54,825 58,893 40,577 18,316 — 1998
           Camden Montierra13,687 31,727 9,295 13,687 41,022 54,709 16,733 37,976 — 2012
           Camden North End I16,108 82,620 497 16,108 83,117 99,225 28,923 70,302 — 2019
Camden North End II10,176 70,097 363 10,176 70,460 80,636 16,335 64,301 — 2021
           Camden Old Town Scottsdale23,227 71,784 4,309 23,227 76,093 99,320 25,023 74,297 — 2019
           Camden Pecos Ranch3,362 24,492 12,905 3,362 37,397 40,759 16,374 24,385 — 2012
           Camden San Marcos11,520 35,166 14,693 11,520 49,859 61,379 19,113 42,266 — 2012
           Camden San Paloma6,480 23,045 21,017 6,480 44,062 50,542 26,478 24,064 — 2002
           Camden Sotelo3,376 30,576 3,270 3,376 33,846 37,222 12,106 25,116 — 2013
           Camden Tempe9,248 35,254 1,403 9,248 36,657 45,905 12,551 33,354 — 2015
Camden Tempe II18,429 89,334 9 18,429 89,343 107,772 8,811 98,961 — 2023
CALIFORNIA
       Los Angeles/Orange County
           Camden Crown Valley9,381 54,210 20,724 9,381 74,934 84,315 48,434 35,881 — 2001
           Camden Glendale21,492 96,158 4,173 21,492 100,331 121,823 31,732 90,091 — 2015
           Camden Harbor View16,079 127,459 45,262 16,079 172,721 188,800 102,606 86,194 — 2003
           Camden Main and Jamboree17,363 75,387 15,680 17,363 91,067 108,430 34,967 73,463 — 2008
           The Camden 18,286 118,730 2,082 18,286 120,812 139,098 35,935 103,163 — 2016
       San Diego/Inland Empire
           Camden Hillcrest20,409 72,487 488 20,409 72,975 93,384 12,037 81,347 — 2021
           Camden Landmark17,339 71,315 13,185 17,339 84,500 101,839 31,102 70,737 — 2012
           Camden Old Creek20,360 71,777 10,821 20,360 82,598 102,958 44,484 58,474 — 2007
           Camden Sierra at Otay Ranch10,585 49,781 17,108 10,585 66,889 77,474 41,772 35,702 — 2003
           Camden Tuscany3,330 36,466 11,713 3,330 48,179 51,509 29,318 22,191 — 2003
           Camden Vineyards4,367 28,494 12,439 4,367 40,933 45,300 24,144 21,156 — 2002
COLORADO
       Denver
           Camden Belleview Station8,091 44,003 12,614 8,091 56,617 64,708 22,392 42,316 — 2012
           Camden Caley2,047 17,445 13,806 2,047 31,251 33,298 22,427 10,871 — 2000
           Camden Denver West$6,396 $51,552 $15,273 $6,396 $66,825 $73,221 $28,080 $45,141 $— 2012
           Camden Flatirons6,849 72,631 2,283 6,849 74,914 81,763 26,517 55,246 — 2015
           Camden Highlands Ridge2,612 34,726 26,486 2,612 61,212 63,824 42,947 20,877 — 1996
           Camden Interlocken5,293 31,612 24,696 5,293 56,308 61,601 39,918 21,683 — 1999
           Camden Lakeway3,915 34,129 34,556 3,915 68,685 72,600 48,529 24,071 — 1997
           Camden Lincoln Station4,648 51,762 922 4,648 52,684 57,332 16,791 40,541 — 2017
           Camden RiNo15,989 63,147 317 15,989 63,464 79,453 16,502 62,951 — 2020
WASHINGTON DC METRO
           Camden Ashburn Farm4,835 22,604 7,392 4,835 29,996 34,831 17,866 16,965 — 2005
           Camden College Park16,409 91,503 15,980 16,409 107,483 123,892 42,953 80,939 — 2008
           Camden Dulles Station10,807 61,548 15,240 10,807 76,788 87,595 37,723 49,872 — 2008
           Camden Fair Lakes15,515 104,223 18,499 15,515 122,722 138,237 69,971 68,266 — 2005
           Camden Fairfax Corner8,484 72,953 14,996 8,484 87,949 96,433 48,720 47,713 — 2006
           Camden Fallsgrove9,408 43,647 8,908 9,408 52,555 61,963 30,251 31,712 — 2005
           Camden Grand Parc7,688 35,900 7,546 7,688 43,446 51,134 23,754 27,380 — 2005
           Camden Lansdowne15,502 102,267 30,796 15,502 133,063 148,565 78,568 69,997 — 2005
           Camden Monument Place9,030 54,089 12,566 9,030 66,655 75,685 34,225 41,460 — 2007
           Camden NoMa19,442 82,306 2,504 19,442 84,810 104,252 30,936 73,316 — 2014
           Camden NoMa II17,331 91,211 493 17,331 91,704 109,035 40,485 68,550 — 2017
           Camden Potomac Yard16,498 88,317 16,638 16,498 104,955 121,453 52,560 68,893 — 2008
           Camden Roosevelt11,470 45,785 8,714 11,470 54,499 65,969 30,344 35,625 — 2005
           Camden Shady Grove24,177 89,820 1,690 24,177 91,510 115,687 35,916 79,771 — 2018
           Camden Silo Creek9,707 45,301 11,242 9,707 56,543 66,250 32,157 34,093 — 2005
           Camden South Capitol24,829 117,638 514 24,829 118,152 142,981 13,322 129,659 51,669 2022
           Camden Washingtonian13,512 75,134 592 13,512 75,726 89,238 25,203 64,035 — 2018
FLORIDA
       Southeast Florida
           Camden Atlantic9,000 93,340 39 9,000 93,379 102,379 7,906 94,473 — 2022
           Camden Aventura12,185 47,616 18,320 12,185 65,936 78,121 39,814 38,307 — 2005
           Camden Boca Raton2,201 50,057 2,215 2,201 52,272 54,473 17,930 36,543 — 2014
           Camden Brickell14,621 57,031 45,174 14,621 102,205 116,826 58,162 58,664 — 2005
           Camden Doral10,260 40,416 9,964 10,260 50,380 60,640 29,679 30,961 — 2005
           Camden Doral Villas6,476 25,543 9,770 6,476 35,313 41,789 21,727 20,062 — 2005
           Camden Las Olas12,395 79,518 39,526 12,395 119,044 131,439 67,482 63,957 — 2005
           Camden Plantation6,299 77,964 24,040 6,299 102,004 108,303 56,073 52,230 — 2005
           Camden Portofino 9,867 38,702 14,895 9,867 53,597 63,464 30,804 32,660 — 2005
       Orlando
           Camden Hunter's Creek4,156 20,925 8,648 4,156 29,573 33,729 18,104 15,625 — 2005
           Camden Lago Vista$3,497 $29,623 $7,729 $3,497 $37,352 $40,849 $22,974 $17,875 $— 2005
           Camden Lake Eola11,374 113,700 585 11,374 114,285 125,659 21,516 104,143 — 2021
           Camden LaVina12,907 42,617 11,198 12,907 53,815 66,722 20,536 46,186 — 2012
           Camden Lee Vista4,350 34,643 21,699 4,350 56,342 60,692 37,580 23,112 — 2000
           Camden North Quarter9,990 68,471 2,309 9,990 70,780 80,770 23,781 56,989 — 2018
           Camden Orange Court5,319 40,733 9,453 5,319 50,186 55,505 23,945 31,560 — 2008
           Camden Thornton Park11,711 74,628 6,825 11,711 81,453 93,164 25,162 68,002 — 2018
           Camden Town Square13,127 45,997 2,712 13,127 48,709 61,836 19,026 42,810 — 2012
           Camden Waterford Lakes19,504 65,647 862 19,504 66,509 86,013 9,576 76,437 29,347 2022
           Camden World Gateway5,785 51,821 12,847 5,785 64,668 70,453 36,495 33,958 — 2005
       Tampa/St. Petersburg
           Camden Bay7,450 63,283 40,783 7,450 104,066 111,516 69,573 41,943 — 1998/2002
Camden Central21,780 149,251 2,670 21,780 151,921 173,701 25,675 148,026 — 2021
           Camden Montague3,576 16,534 1,641 3,576 18,175 21,751 7,776 13,975 — 2012
           Camden Pier District21,149 105,383 4,419 21,149 109,802 130,951 36,658 94,293 — 2018
           Camden Preserve1,206 17,982 15,715 1,206 33,697 34,903 26,739 8,164 — 1997
           Camden Royal Palms2,147 38,339 7,005 2,147 45,344 47,491 23,381 24,110 — 2007
           Camden Visconti27,031 114,061 3,296 27,031 117,357 144,388 15,258 129,130 38,245 2022
           Camden Westchase Park11,955 36,254 7,592 11,955 43,846 55,801 15,768 40,033 — 2012
GEORGIA
       Atlanta
           Camden Brookwood7,174 31,984 19,938 7,174 51,922 59,096 30,873 28,223 — 2005
           Camden Buckhead7,761 156,926 519 7,761 157,445 165,206 27,846 137,360 — 2022
           Camden Buckhead Square13,200 43,785 2,792 13,200 46,577 59,777 13,255 46,522 — 2017
           Camden Creekstone5,017 19,912 7,312 5,017 27,224 32,241 12,099 20,142 — 2012
           Camden Deerfield4,895 21,922 17,453 4,895 39,375 44,270 23,481 20,789 — 2005
           Camden Dunwoody5,290 23,642 17,197 5,290 40,839 46,129 23,082 23,047 — 2005
           Camden Fourth Ward10,477 51,258 2,849 10,477 54,107 64,584 19,628 44,956 — 2014
           Camden Midtown Atlanta6,196 33,828 14,495 6,196 48,323 54,519 29,720 24,799 — 2005
           Camden Paces15,262 102,521 3,229 15,262 105,750 121,012 37,227 83,785 — 2015
           Camden Peachtree City6,536 29,063 10,535 6,536 39,598 46,134 24,231 21,903 — 2005
           Camden Phipps26,840 71,006 7,069 26,840 78,075 104,915 8,883 96,032 — 2022
           Camden Shiloh4,181 18,798 7,529 4,181 26,327 30,508 16,792 13,716 — 2005
           Camden St. Clair7,526 27,486 12,085 7,526 39,571 47,097 23,898 23,199 — 2005
           Camden Stockbridge5,071 22,693 7,050 5,071 29,743 34,814 17,921 16,893 — 2005
           Camden Vantage11,787 68,822 22,955 11,787 91,777 103,564 34,106 69,458 — 2013
NORTH CAROLINA
       Charlotte
           Camden Ballantyne$4,503 $30,250 $14,055 $4,503 $44,305 $48,808 $26,266 $22,542 $— 2005
           Camden Cotton Mills4,246 19,147 9,370 4,246 28,517 32,763 17,951 14,812 — 2005
           CoWork by Camden814 3,422 25 814 3,447 4,261 1,132 3,129 — 2019
           Camden Dilworth516 16,633 6,717 516 23,350 23,866 13,035 10,831 — 2006
           Camden Fairview1,283 7,223 8,944 1,283 16,167 17,450 9,005 8,445 — 2005
           Camden Foxcroft 1,408 7,919 7,618 1,408 15,537 16,945 9,402 7,543 — 2005
           Camden Foxcroft II1,152 6,499 5,020 1,152 11,519 12,671 7,219 5,452 — 2005
           Camden Gallery7,930 51,957 1,672 7,930 53,629 61,559 17,076 44,483 — 2017
           Camden Grandview7,570 33,859 21,134 7,570 54,993 62,563 31,305 31,258 — 2005
           Camden Grandview II4,656 17,852 241 4,656 18,093 22,749 5,031 17,718 — 2019
           Camden NoDa10,926 96,714 2 10,926 96,716 107,642 4,699 102,943 — 2023
           Camden Sedgebrook5,266 29,211 18,235 5,266 47,446 52,712 25,744 26,968 — 2005
           Camden South End6,625 29,175 19,564 6,625 48,739 55,364 29,788 25,576 — 2005
           Camden Southline29,754 74,533 383 29,754 74,916 104,670 8,875 95,795 32,414 2022
           Camden Stonecrest3,941 22,021 9,227 3,941 31,248 35,189 19,446 15,743 — 2005
           Camden Touchstone1,203 6,772 5,244 1,203 12,016 13,219 7,576 5,643 — 2005
       Raleigh
           Camden Asbury Village17,510 79,585 1,108 17,510 80,693 98,203 10,400 87,803 29,246 2022
           Camden Carolinian14,765 56,674 1,915 14,765 58,589 73,354 13,474 59,880 — 2019
           Camden Crest4,412 31,108 19,986 4,412 51,094 55,506 25,734 29,772 — 2005
           Camden Governor's Village3,669 20,508 10,190 3,669 30,698 34,367 18,147 16,220 — 2005
           Camden Lake Pine5,746 31,714 18,125 5,746 49,839 55,585 31,181 24,404 — 2005
           Camden Manor Park2,535 47,159 14,305 2,535 61,464 63,999 34,986 29,013 — 2006
           Camden Overlook4,591 25,563 13,141 4,591 38,704 43,295 24,710 18,585 — 2005
           Camden Reunion Park2,931 18,457 14,177 2,931 32,634 35,565 20,808 14,757 — 2005
           Camden Westwood4,567 25,519 13,911 4,567 39,430 43,997 23,134 20,863 — 2005
TENNESSEE
 Nashville
Camden Franklin Park13,785 88,573 3,594 13,785 92,167 105,952 17,597 88,355 — 2021
Camden Music Row21,802 152,340 2,164 21,802 154,504 176,306 27,264 149,042 — 2021
TEXAS
       Austin
           Camden Amber Oaks9,987 68,719 1,000 9,987 69,719 79,706 10,291 69,415 — 2022
           Camden Amber Oaks II7,973 50,052 503 7,973 50,555 58,528 7,471 51,057 — 2022
           Camden Brushy Creek9,618 54,076 703 9,618 54,779 64,397 7,062 57,335 12,107 2022
           Camden Cedar Hills2,684 20,931 5,982 2,684 26,913 29,597 14,164 15,433 — 2008
           Camden Gaines Ranch5,094 37,100 17,259 5,094 54,359 59,453 30,993 28,460 — 2005
           Camden Huntingdon2,289 17,393 20,775 2,289 38,168 40,457 26,679 13,778 — 1995
           Camden La Frontera $3,250 $32,376 $1,928 $3,250 $34,304 $37,554 $12,759 $24,795 $— 2015
           Camden Lamar Heights3,988 42,773 1,779 3,988 44,552 48,540 16,282 32,258 — 2015
           Camden Rainey Street30,044 85,477 3,257 30,044 88,734 118,778 24,238 94,540 — 2019
           Camden Shadow Brook18,039 101,572 1,664 18,039 103,236 121,275 13,286 107,989 23,348 2022
           Camden Stoneleigh3,498 31,285 12,282 3,498 43,567 47,065 25,405 21,660 — 2006
       Dallas/Fort Worth
           Camden Addison11,516 29,332 11,256 11,516 40,588 52,104 20,428 31,676 — 2012
           Camden Belmont12,521 61,522 9,056 12,521 70,578 83,099 28,516 54,583 — 2012
           Camden Buckingham2,704 21,251 14,806 2,704 36,057 38,761 27,526 11,235 — 1997
           Camden Centreport1,613 12,644 9,055 1,613 21,699 23,312 16,608 6,704 — 1997
           Camden Cimarron2,231 14,092 10,094 2,231 24,186 26,417 21,032 5,385 — 1997
           Camden Design District30,004 90,678 1,001 30,004 91,679 121,683 10,946 110,737 — 2022
           Camden Farmers Market17,341 74,193 39,758 17,341 113,951 131,292 75,475 55,817 — 2001/2005
Camden Greenville42,645 116,923 3,417 42,645 120,340 162,985 13,676 149,309 — 2021
           Camden Henderson3,842 15,256 1,455 3,842 16,711 20,553 6,915 13,638 — 2012
           Camden Legacy Creek2,052 12,896 9,338 2,052 22,234 24,286 17,945 6,341 — 1997
           Camden Legacy Park2,560 15,449 16,120 2,560 31,569 34,129 21,823 12,306 — 1997
           Camden Panther Creek8,850 62,860 758 8,850 63,618 72,468 8,185 64,283 14,373 2022
           Camden Riverwalk24,961 133,698 1,821 24,961 135,519 160,480 17,487 142,993 — 2022
           Camden Valley Park3,096 14,667 20,236 3,096 34,903 37,999 31,275 6,724 — 1994
           Camden Victory Park 13,445 71,735 2,449 13,445 74,184 87,629 23,998 63,631 — 2016
       Houston
           Camden City Centre4,976 44,735 15,995 4,976 60,730 65,706 31,853 33,853 — 2007
           Camden City Centre II5,101 28,131 1,485 5,101 29,616 34,717 11,675 23,042 — 2013
Camden Cypress Creek8,282 69,368 818 8,282 70,186 78,468 9,047 69,421 12,343 2022
Camden Cypress Creek II5,940 50,102 121 5,940 50,223 56,163 6,469 49,694 — 2022
Camden Downs at Cinco Ranch8,285 77,053 1,169 8,285 78,222 86,507 10,120 76,387 — 2022
Camden Downtown7,813 123,819 774 7,813 124,593 132,406 35,045 97,361 — 2020
           Camden Grand Harbor7,841 64,834 1,492 7,841 66,326 74,167 8,466 65,701 11,701 2022
           Camden Greenway16,916 43,933 27,038 16,916 70,971 87,887 53,775 34,112 — 1999
           Camden Heights34,079 88,824 1,291 34,079 90,115 124,194 10,779 113,415 31,703 2022
           Camden Highland Village28,536 111,802 7,991 28,536 119,793 148,329 31,342 116,987 — 2019
           Camden Holly Springs11,108 42,852 16,691 11,108 59,543 70,651 28,752 41,899 — 2012
           Camden McGowen Station6,089 85,038 3,610 6,089 88,648 94,737 30,297 64,440 — 2018
           Camden Midtown4,583 18,026 14,026 4,583 32,052 36,635 24,971 11,664 — 1999
           Camden Northpointe5,593 81,289 990 5,593 82,279 87,872 10,613 77,259 15,639 2022
           Camden Plaza7,204 31,044 10,728 7,204 41,772 48,976 18,037 30,939 — 2007
           Camden Post Oak14,056 92,515 23,515 14,056 116,030 130,086 47,427 82,659 — 2013
           Camden Royal Oaks$1,055 $20,046 $6,124 $1,055 $26,170 $27,225 $14,795 $12,430 $— 2006
           Camden Royal Oaks II 587 12,743 39 587 12,782 13,369 5,127 8,242 — 2012
           Camden Spring Creek12,317 73,942 4,299 12,317 78,241 90,558 9,934 80,624 — 2022
           Camden Stonebridge1,016 7,137 8,529 1,016 15,666 16,682 13,074 3,608 — 1993
           Camden Sugar Grove7,614 27,594 7,564 7,614 35,158 42,772 15,536 27,236 — 2012
           Camden Travis Street1,780 29,104 3,156 1,780 32,260 34,040 15,393 18,647 — 2010
           Camden Vanderbilt16,076 44,918 46,145 16,076 91,063 107,139 63,297 43,842 — 1994/1997
           Camden Whispering Oaks1,188 26,242 3,868 1,188 30,110 31,298 15,383 15,915 — 2008
           Camden Woodson Park3,995 62,430 643 3,995 63,073 67,068 8,067 59,001 11,821 2022
           Camden Yorktown6,673 68,568 827 6,673 69,395 76,068 8,933 67,135 16,171 2022
Total current communities:$1,701,683 $9,177,188 $1,728,582 $1,701,683 $10,905,770 $12,607,453 $4,330,969 $8,276,484 $330,127 
Communities under construction:
       Name / location
Camden Durham (1)
        Durham, NC
$— $126,829 $— $— $126,829 $126,829 $957 $125,872 $— N/A
Camden Woodmill Creek (1)
        The Woodlands, TX
— 64,506 — — 64,506 64,506 589 63,917 — N/A
Camden Village District
        Raleigh, NC
— 68,443 — — 68,443 68,443 — 68,443 — N/A
Camden Long Meadow Farms
        Richmond, TX
— 40,715 — — 40,715 40,715 9 40,706 — N/A
Total communities under construction:$ $300,493 $ $ $300,493 $300,493 $1,555 $298,938 $ 
Development pipeline communities:
       Name/location
Camden South Charlotte,
        Charlotte, NC
$— $32,858 $— $— $32,858 $32,858 $— $32,858 $— N/A
Camden Blakeney
        Charlotte, NC
— 25,964 — — 25,964 25,964 — 25,964 — N/A
Camden Baker
        Denver, CO
— 33,116 — — 33,116 33,116 — 33,116 — N/A
Camden Nations
        Nashville, TN
— 39,031 — — 39,031 39,031 — 39,031 — N/A
Camden Gulch
        Nashville, TN
— 49,156 — — 49,156 49,156 — 49,156 — N/A
Camden Paces III
        Atlanta, GA
— 22,485 — — 22,485 22,485 — 22,485 — N/A
Camden Highland Village II
        Houston, TX
— 10,451 — — 10,451 10,451 — 10,451 — N/A
Camden Arts District
        Los Angeles, CA
$— $45,479 $— $— $45,479 $45,479 $— $45,479 $— N/A
Camden Downtown II
        Houston, TX
— 14,364 — — 14,364 14,364 — 14,364 — N/A
Total development pipeline communities:$ $272,904 $ $ $272,904 $272,904 $ $272,904 $ 
Corporate$ $11,277 $ $ $11,277 $11,277 $ $11,277 $— N/A
$ $11,277 $ $ $11,277 $11,277 $ $11,277 $ 
TOTAL$1,701,683 $9,761,862 $1,728,582 $1,701,683 $11,490,444 $13,192,127 $4,332,524 $8,859,603 $330,127 
(1)Property is in lease-up at December 31, 2023. Balances presented here include costs which are included in buildings and improvements and land on the consolidated balance sheet at December 31, 2023. These costs related to completed unit turns for this property.
S-1

Camden Property Trust
Real Estate and Accumulated Depreciation
As of December 31, 2023
(in thousands)
Schedule III
 
The changes in total real estate assets for the years ended December 31:
 
202320222021
Balance, beginning of period$12,915,873 $10,449,067 $9,553,177 
Additions during period:
Acquisition of operating properties 2,068,440 607,099 
Development and repositions309,678 352,174 346,173 
Improvements109,257 105,321 87,297 
Deductions during period:
Cost of real estate sold(142,681)(59,129)(144,679)
Balance, end of period$13,192,127 $12,915,873 $10,449,067 
 
The changes in accumulated depreciation for the years ended December 31:
 
 202320222021
Balance, beginning of period$3,848,111 $3,358,027 $3,034,186 
Depreciation of real estate assets562,397 515,413 387,432 
Dispositions(77,984)(25,329)(63,591)
Balance, end of period$4,332,524 $3,848,111 $3,358,027 
The aggregate cost for federal income tax purposes at December 31, 2023 was $11.0 billion.
S-2

Camden Property Trust
Mortgage Loans on Real Estate
As of December 31, 2023
Schedule IV
($ in thousands)

Description
Interest RateFinal Maturity DatePeriodic payment termsFace amount of
mortgages
Carrying amount of
mortgages (a)
Parking Garage
Developer advances
Houston, TX
(b)October 1, 2025(c)$18,790 $2,087 

(a)    The aggregate cost at December 31, 2023 for federal income tax purposes was approximately $2,087.
(b)    This loan currently bears interest at 7% on any unpaid principal balance.
(c)    Payments will consist of annual interest and principal payments from October 1, 2021 to October 1, 2025.

Changes in mortgage loans for the years ended December 31 are summarized below:
202320222021
Balance, beginning of period$3,532 $4,978 $6,423 
Deductions:
Collections of principal(1,445)(1,446)(1,445)
Balance, end of period$2,087 $3,532 $4,978 
S-3