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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Texas
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76-6088377
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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11 Greenway Plaza, Suite 2400
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Houston,
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Texas
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77046
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common Shares of Beneficial Interest, $.01 par value
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CPT
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New York Stock Exchange
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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•
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Strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments; and
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•
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An attractive quality of life, which may lead to higher demand and retention for our apartments and allow us to more readily increase rents.
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•
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local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area;
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•
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declines in the financial condition of our residents, which may make it more difficult for us to collect rents from some residents;
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•
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declines in market rental rates;
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•
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low mortgage interest rates and home pricing, making alternative housing more affordable;
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•
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government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive;
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•
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regional economic downturns, including, but not limited to, business layoffs, downsizing and increased unemployment, which may impact one or more of our geographical markets; and
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•
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increased operating costs, if these costs cannot be passed through to our residents.
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•
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inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations;
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•
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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;
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•
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inability to obtain financing with favorable terms;
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•
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inability to complete construction and lease-up of a community on schedule;
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•
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forecasted occupancy and rental rates may differ from the actual results; and
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•
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the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.
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•
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one of our wholly-owned subsidiaries is the general partner of the Funds and has unlimited liability for the third-party debts, obligations, and liabilities of the Funds pursuant to partnership law;
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•
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investors in the Funds (other than us), by majority vote, may remove our subsidiary as the general partner of the Funds with or without cause and the Funds’ advisory boards, by a majority vote of their members, may remove our subsidiary as the general partner of the Funds at any time for cause;
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•
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while we have broad discretion to manage the Funds and make investment decisions on behalf of the Funds, the investors or the Funds' advisory boards must approve certain matters, and as a result we may be unable to make certain investments or implement certain decisions on behalf of the Funds which we consider beneficial;
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•
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our ability to dispose of all or a portion of our investments in the Funds is subject to significant restrictions; and
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•
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we may be liable if the Funds fail to comply with various tax or other regulatory matters.
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•
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we may not be able to successfully integrate acquired properties into our existing operations;
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•
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our estimates of the costs, if any, of repositioning or redeveloping the acquired property may prove inaccurate;
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•
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the expected occupancy, rental rates and operating expenses may differ from the actual results;
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•
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we may not be able to obtain adequate financing; and
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•
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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.
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•
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our vulnerability to general adverse economic and industry conditions is increased; and
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our flexibility in planning for, or reacting to, changes in business and industry conditions is limited.
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•
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delay in resident lease commencements;
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•
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decline in occupancy;
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•
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failure of residents to make rental payments when due;
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•
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the attractiveness of our properties to residents and potential residents;
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our ability to adequately manage and maintain our communities;
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competition from other available apartments and housing alternatives;
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changes in market rents;
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increases in operating expenses; and
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•
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changes in governmental regulations such as rent control or stabilization laws regulating rental housing.
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operating results which vary from the expectations of securities analysts and investors;
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investor interest in our property portfolio;
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the reputation and performance of REITs;
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the attractiveness of REITs as compared to other investment vehicles;
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the results of our financial condition and operations;
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the perception of our growth and earnings potential;
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minimum dividend requirements;
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increases in market interest rates, which may lead purchasers of our common shares to demand a higher yield; and
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changes in financial markets and national and regional economic and general market conditions.
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OPERATING PROPERTIES
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Property and Location
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Year Placed
in Service
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Average Apartment
Size (Sq. Ft.)
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Number of
Apartments
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2019 Average
Occupancy (1) |
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2019 Average
Monthly Rental Rate per Apartment (2) |
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ARIZONA
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Phoenix/Scottsdale
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Camden Chandler
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2016
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1,146
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380
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95.7
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%
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$
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1,462
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Camden Copper Square
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2000
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786
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332
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96.4
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1,223
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Camden Foothills
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2014
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1,032
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220
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95.8
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1,682
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Camden Hayden
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2015
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1,043
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234
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94.9
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1,527
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Camden Legacy
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1996
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1,067
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428
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95.0
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1,384
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Camden Montierra
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1999
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1,071
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249
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96.8
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1,412
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Camden North End (3)
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2019
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921
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441
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Lease-Up
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1,607
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Camden Old Town Scottsdale (4)
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2016
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890
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316
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94.1
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1,719
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OPERATING PROPERTIES
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Property and Location
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Year Placed
in Service
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Average Apartment
Size (Sq. Ft.)
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Number of
Apartments
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2019 Average
Occupancy (1) |
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2019 Average
Monthly Rental Rate per Apartment (2) |
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Camden Pecos Ranch
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2001
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924
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272
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96.6
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%
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$
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1,199
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Camden San Marcos
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1995
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984
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320
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97.2
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1,337
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Camden San Paloma
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1993/1994
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1,042
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324
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96.9
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1,352
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Camden Sotelo
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2008/2012
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1,303
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170
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95.6
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1,551
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CALIFORNIA
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Los Angeles/Orange County
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Camden Crown Valley
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2001
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1,009
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380
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96.8
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2,119
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Camden Glendale
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2015
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882
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303
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95.2
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2,486
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Camden Harbor View (5)
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2004
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981
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546
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94.7
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2,659
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Camden Main and Jamboree
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2008
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1,011
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|
290
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|
96.3
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|
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2,133
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Camden Martinique
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1986
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|
795
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|
714
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96.2
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|
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1,858
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Camden Sea Palms
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1990
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|
891
|
|
138
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96.1
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|
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2,169
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The Camden
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2016
|
|
768
|
|
287
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95.5
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|
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3,202
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San Diego/Inland Empire
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|
|
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Camden Landmark
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2006
|
|
982
|
|
469
|
|
95.6
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|
|
1,672
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Camden Old Creek
|
|
2007
|
|
1,037
|
|
350
|
|
96.7
|
|
|
2,235
|
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Camden Sierra at Otay Ranch
|
|
2003
|
|
962
|
|
422
|
|
94.2
|
|
|
2,053
|
|
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Camden Tuscany
|
|
2003
|
|
896
|
|
160
|
|
95.1
|
|
|
2,643
|
|
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Camden Vineyards
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|
2002
|
|
1,053
|
|
264
|
|
96.4
|
|
|
1,808
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|
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COLORADO
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|
|
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|
|
|
|
|
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||||
Denver
|
|
|
|
|
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|
|
|
|
|
||||
Camden Belleview Station
|
|
2009
|
|
888
|
|
270
|
|
95.9
|
|
|
1,507
|
|
||
Camden Caley
|
|
2000
|
|
925
|
|
218
|
|
94.9
|
|
|
1,516
|
|
||
Camden Denver West
|
|
1997
|
|
1,015
|
|
320
|
|
96.7
|
|
|
1,794
|
|
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Camden Flatirons
|
|
2015
|
|
960
|
|
424
|
|
96.1
|
|
|
1,670
|
|
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Camden Highlands Ridge
|
|
1996
|
|
1,149
|
|
342
|
|
95.3
|
|
|
1,784
|
|
||
Camden Interlocken
|
|
1999
|
|
1,010
|
|
340
|
|
95.9
|
|
|
1,693
|
|
||
Camden Lakeway
|
|
1997
|
|
932
|
|
451
|
|
95.4
|
|
|
1,595
|
|
||
Camden Lincoln Station
|
|
2017
|
|
844
|
|
267
|
|
96.3
|
|
|
1,602
|
|
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WASHINGTON DC METRO
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|
|
|
|
|
|
|
|
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|
||||
Camden Ashburn Farm
|
|
2000
|
|
1,062
|
|
162
|
|
97.3
|
|
|
1,736
|
|
||
Camden College Park
|
|
2008
|
|
942
|
|
508
|
|
96.4
|
|
|
1,614
|
|
||
Camden Dulles Station
|
|
2009
|
|
978
|
|
382
|
|
97.2
|
|
|
1,806
|
|
||
Camden Fair Lakes
|
|
1999
|
|
1,056
|
|
530
|
|
96.8
|
|
|
1,875
|
|
||
Camden Fairfax Corner
|
|
2006
|
|
934
|
|
489
|
|
96.7
|
|
|
1,946
|
|
||
Camden Fallsgrove
|
|
2004
|
|
996
|
|
268
|
|
96.7
|
|
|
1,810
|
|
||
Camden Grand Parc
|
|
2002
|
|
672
|
|
105
|
|
95.9
|
|
|
2,564
|
|
||
Camden Lansdowne
|
|
2002
|
|
1,006
|
|
690
|
|
96.8
|
|
|
1,685
|
|
||
Camden Largo Town Center
|
|
2000/2007
|
|
1,027
|
|
245
|
|
96.1
|
|
|
1,684
|
|
||
Camden Monument Place
|
|
2007
|
|
856
|
|
368
|
|
96.6
|
|
|
1,669
|
|
||
Camden NoMa
|
|
2014
|
|
770
|
|
321
|
|
96.4
|
|
|
2,268
|
|
||
Camden NoMa II
|
|
2017
|
|
759
|
|
405
|
|
95.7
|
|
|
2,349
|
|
||
Camden Potomac Yard (5)
|
|
2008
|
|
835
|
|
378
|
|
95.7
|
|
|
2,057
|
|
|
|
OPERATING PROPERTIES
|
||||||||||||
Property and Location
|
|
Year Placed
in Service
|
|
Average Apartment
Size (Sq. Ft.)
|
|
Number of
Apartments
|
|
2019 Average
Occupancy (1) |
|
2019 Average
Monthly Rental Rate per Apartment (2) |
||||
Camden Roosevelt
|
|
2003
|
|
856
|
|
198
|
|
95.5
|
%
|
|
$
|
2,893
|
|
|
Camden Russett
|
|
2000
|
|
992
|
|
426
|
|
95.9
|
|
|
1,511
|
|
||
Camden Shady Grove (6)
|
|
2018
|
|
877
|
|
457
|
|
95.8
|
|
|
1,739
|
|
||
Camden Silo Creek
|
|
2004
|
|
975
|
|
284
|
|
97.2
|
|
|
1,672
|
|
||
Camden South Capitol (7)
|
|
2013
|
|
821
|
|
281
|
|
96.4
|
|
|
2,324
|
|
||
Camden Washingtonian (6)
|
|
2018
|
|
871
|
|
365
|
|
96.3
|
|
|
1,718
|
|
||
FLORIDA
|
|
|
|
|
|
|
|
|
|
|
||||
Southeast Florida
|
|
|
|
|
|
|
|
|
|
|
||||
Camden Aventura
|
|
1995
|
|
1,108
|
|
379
|
|
95.7
|
|
|
1,987
|
|
||
Camden Boca Raton
|
|
2014
|
|
843
|
|
261
|
|
96.4
|
|
|
1,964
|
|
||
Camden Brickell (5)
|
|
2003
|
|
937
|
|
405
|
|
94.5
|
|
|
2,123
|
|
||
Camden Doral
|
|
1999
|
|
1,120
|
|
260
|
|
97.3
|
|
|
1,958
|
|
||
Camden Doral Villas
|
|
2000
|
|
1,253
|
|
232
|
|
97.0
|
|
|
2,092
|
|
||
Camden Las Olas (5)
|
|
2004
|
|
1,043
|
|
420
|
|
93.8
|
|
|
2,093
|
|
||
Camden Plantation
|
|
1997
|
|
1,201
|
|
502
|
|
96.4
|
|
|
1,709
|
|
||
Camden Portofino
|
|
1995
|
|
1,112
|
|
322
|
|
96.6
|
|
|
1,776
|
|
||
Orlando
|
|
|
|
|
|
|
|
|
|
|
||||
Camden Hunter’s Creek
|
|
2000
|
|
1,075
|
|
270
|
|
97.0
|
|
|
1,466
|
|
||
Camden Lago Vista
|
|
2005
|
|
955
|
|
366
|
|
96.9
|
|
|
1,346
|
|
||
Camden LaVina
|
|
2012
|
|
970
|
|
420
|
|
95.9
|
|
|
1,364
|
|
||
Camden Lee Vista
|
|
2000
|
|
937
|
|
492
|
|
95.9
|
|
|
1,296
|
|
||
Camden North Quarter
|
|
2016
|
|
806
|
|
333
|
|
95.2
|
|
|
1,576
|
|
||
Camden Orange Court
|
|
2008
|
|
817
|
|
268
|
|
96.0
|
|
|
1,376
|
|
||
Camden Thornton Park
|
|
2016
|
|
920
|
|
299
|
|
95.1
|
|
|
1,882
|
|
||
Camden Town Square
|
|
2012
|
|
983
|
|
438
|
|
96.8
|
|
|
1,404
|
|
||
Camden Waterford Lakes (7)
|
|
2014
|
|
971
|
|
300
|
|
96.1
|
|
|
1,454
|
|
||
Camden World Gateway
|
|
2000
|
|
979
|
|
408
|
|
96.8
|
|
|
1,360
|
|
||
Tampa/St. Petersburg
|
|
|
|
|
|
|
|
|
|
|
||||
Camden Bay
|
|
1997/2001
|
|
943
|
|
|
760
|
|
95.5
|
|
|
1,234
|
|
|
Camden Montague
|
|
2012
|
|
975
|
|
|
192
|
|
96.4
|
|
|
1,358
|
|
|
Camden Pier District
|
|
2016
|
|
989
|
|
|
358
|
|
96.1
|
|
|
2,490
|
|
|
Camden Preserve
|
|
1996
|
|
942
|
|
|
276
|
|
95.2
|
|
|
1,459
|
|
|
Camden Royal Palms
|
|
2006
|
|
1,017
|
|
|
352
|
|
95.9
|
|
|
1,244
|
|
|
Camden Visconti (7)
|
|
2007
|
|
1,125
|
|
|
450
|
|
95.7
|
|
|
1,377
|
|
|
Camden Westchase Park
|
|
2012
|
|
992
|
|
|
348
|
|
96.9
|
|
|
1,454
|
|
|
GEORGIA
|
|
|
|
|
|
|
|
|
|
|
||||
Atlanta
|
|
|
|
|
|
|
|
|
|
|
||||
Camden Brookwood
|
|
2002
|
|
912
|
|
|
359
|
|
95.9
|
|
|
1,432
|
|
|
Camden Buckhead Square
|
|
2015
|
|
827
|
|
|
250
|
|
95.9
|
|
|
1,589
|
|
|
Camden Creekstone
|
|
2002
|
|
990
|
|
|
223
|
|
97.0
|
|
|
1,385
|
|
|
Camden Deerfield
|
|
2000
|
|
1,187
|
|
|
292
|
|
95.9
|
|
|
1,432
|
|
|
Camden Dunwoody
|
|
1997
|
|
1,007
|
|
|
324
|
|
96.5
|
|
|
1,363
|
|
|
Camden Fourth Ward
|
|
2014
|
|
847
|
|
|
276
|
|
97.2
|
|
|
1,730
|
|
|
|
OPERATING PROPERTIES
|
||||||||||||
Property and Location
|
|
Year Placed
in Service
|
|
Average Apartment
Size (Sq. Ft.)
|
|
Number of
Apartments
|
|
2019 Average
Occupancy (1) |
|
2019 Average
Monthly Rental Rate per Apartment (2) |
||||
Camden Midtown Atlanta
|
|
2001
|
|
935
|
|
|
296
|
|
96.4
|
%
|
|
$
|
1,532
|
|
Camden Paces
|
|
2015
|
|
1,407
|
|
|
379
|
|
96.1
|
|
|
2,724
|
|
|
Camden Peachtree City
|
|
2001
|
|
1,027
|
|
|
399
|
|
96.7
|
|
|
1,320
|
|
|
Camden Phipps (7)
|
|
1996
|
|
1,018
|
|
|
234
|
|
95.8
|
|
|
1,563
|
|
|
Camden Shiloh
|
|
1999/2002
|
|
1,143
|
|
|
232
|
|
97.1
|
|
|
1,325
|
|
|
Camden St. Clair
|
|
1997
|
|
999
|
|
|
336
|
|
96.0
|
|
|
1,376
|
|
|
Camden Stockbridge
|
|
2003
|
|
1,009
|
|
|
304
|
|
96.1
|
|
|
1,135
|
|
|
Camden Vantage
|
|
2010
|
|
901
|
|
|
592
|
|
95.6
|
|
|
1,462
|
|
|
NORTH CAROLINA
|
|
|
|
|
|
|
|
|
|
|
||||
Charlotte
|
|
|
|
|
|
|
|
|
|
|
||||
Camden Ballantyne
|
|
1998
|
|
1,048
|
|
|
400
|
|
95.9
|
|
|
1,290
|
|
|
Camden Cotton Mills
|
|
2002
|
|
905
|
|
|
180
|
|
95.8
|
|
|
1,485
|
|
|
Camden Dilworth
|
|
2006
|
|
857
|
|
|
145
|
|
95.9
|
|
|
1,467
|
|
|
Camden Fairview
|
|
1983
|
|
1,036
|
|
|
135
|
|
96.6
|
|
|
1,204
|
|
|
Camden Foxcroft
|
|
1979
|
|
940
|
|
|
156
|
|
96.9
|
|
|
1,073
|
|
|
Camden Foxcroft II
|
|
1985
|
|
874
|
|
|
100
|
|
96.4
|
|
|
1,183
|
|
|
Camden Gallery
|
|
2017
|
|
743
|
|
|
323
|
|
96.2
|
|
|
1,583
|
|
|
Camden Grandview
|
|
2000
|
|
1,059
|
|
|
266
|
|
96.1
|
|
|
1,685
|
|
|
Camden Grandview II (3)
|
|
2019
|
|
2,242
|
|
|
28
|
|
Lease-Up
|
|
|
3,968
|
|
|
Camden Sedgebrook
|
|
1999
|
|
972
|
|
|
368
|
|
96.7
|
|
|
1,141
|
|
|
Camden South End
|
|
2003
|
|
882
|
|
|
299
|
|
94.8
|
|
|
1,454
|
|
|
Camden Southline (7)
|
|
2015
|
|
831
|
|
|
266
|
|
96.4
|
|
|
1,572
|
|
|
Camden Stonecrest
|
|
2001
|
|
1,098
|
|
|
306
|
|
96.4
|
|
|
1,324
|
|
|
Camden Touchstone
|
|
1986
|
|
899
|
|
|
132
|
|
96.4
|
|
|
1,091
|
|
|
Raleigh
|
|
|
|
|
|
|
|
|
|
|
||||
Camden Asbury Village (7)
|
|
2009
|
|
1,009
|
|
|
350
|
|
96.0
|
|
|
1,249
|
|
|
Camden Carolinian (3)(4)
|
|
2017
|
|
1,118
|
|
|
186
|
|
Lease-Up
|
|
|
2,331
|
|
|
Camden Crest
|
|
2001
|
|
1,013
|
|
|
438
|
|
97.1
|
|
|
1,068
|
|
|
Camden Governor’s Village
|
|
1999
|
|
1,046
|
|
|
242
|
|
96.1
|
|
|
1,112
|
|
|
Camden Lake Pine
|
|
1999
|
|
1,066
|
|
|
446
|
|
96.6
|
|
|
1,189
|
|
|
Camden Manor Park
|
|
2006
|
|
966
|
|
|
484
|
|
96.1
|
|
|
1,168
|
|
|
Camden Overlook
|
|
2001
|
|
1,060
|
|
|
320
|
|
96.5
|
|
|
1,278
|
|
|
Camden Reunion Park
|
|
2000/2004
|
|
972
|
|
|
420
|
|
95.2
|
|
|
1,079
|
|
|
Camden Westwood
|
|
1999
|
|
1,027
|
|
|
354
|
|
92.8
|
|
|
1,120
|
|
|
TEXAS
|
|
|
|
|
|
|
|
|
|
|
||||
Austin
|
|
|
|
|
|
|
|
|
|
|
||||
Camden Amber Oaks (7)
|
|
2009
|
|
862
|
|
|
348
|
|
96.5
|
|
|
1,121
|
|
|
Camden Amber Oaks II (7)
|
|
2012
|
|
910
|
|
|
244
|
|
96.3
|
|
|
1,178
|
|
|
Camden Brushy Creek (7)
|
|
2008
|
|
882
|
|
|
272
|
|
96.4
|
|
|
1,184
|
|
|
Camden Cedar Hills
|
|
2008
|
|
911
|
|
|
208
|
|
95.7
|
|
|
1,298
|
|
|
Camden Gaines Ranch
|
|
1997
|
|
955
|
|
|
390
|
|
96.8
|
|
|
1,459
|
|
|
Camden Huntingdon
|
|
1995
|
|
903
|
|
|
398
|
|
96.5
|
|
|
1,200
|
|
|
|
OPERATING PROPERTIES
|
||||||||||||
Property and Location
|
|
Year Placed
in Service
|
|
Average Apartment
Size (Sq. Ft.)
|
|
Number of
Apartments
|
|
2019 Average
Occupancy (1) |
|
2019 Average
Monthly Rental Rate per Apartment (2) |
||||
Camden La Frontera
|
|
2015
|
|
901
|
|
|
300
|
|
95.7
|
%
|
|
$
|
1,256
|
|
Camden Lamar Heights
|
|
2015
|
|
838
|
|
|
314
|
|
95.7
|
|
|
1,528
|
|
|
Camden Rainey Street (4)
|
|
2016
|
|
873
|
|
|
326
|
|
94.3
|
|
|
2,264
|
|
|
Camden Shadow Brook (7)
|
|
2009
|
|
909
|
|
|
496
|
|
95.6
|
|
|
1,179
|
|
|
Camden Stoneleigh
|
|
2001
|
|
908
|
|
|
390
|
|
97.0
|
|
|
1,305
|
|
|
Dallas/Fort Worth
|
|
|
|
|
|
|
|
|
|
|
||||
Camden Addison
|
|
1996
|
|
942
|
|
|
456
|
|
96.9
|
|
|
1,253
|
|
|
Camden Belmont
|
|
2010/2012
|
|
945
|
|
|
477
|
|
95.5
|
|
|
1,472
|
|
|
Camden Buckingham
|
|
1997
|
|
919
|
|
|
464
|
|
96.3
|
|
|
1,249
|
|
|
Camden Centreport
|
|
1997
|
|
911
|
|
|
268
|
|
96.2
|
|
|
1,209
|
|
|
Camden Cimarron
|
|
1992
|
|
772
|
|
|
286
|
|
96.7
|
|
|
1,244
|
|
|
Camden Design District (7)
|
|
2009
|
|
939
|
|
|
355
|
|
95.8
|
|
|
1,405
|
|
|
Camden Farmers Market
|
|
2001/2005
|
|
932
|
|
|
904
|
|
95.0
|
|
|
1,374
|
|
|
Camden Henderson
|
|
2012
|
|
967
|
|
|
106
|
|
97.0
|
|
|
1,541
|
|
|
Camden Legacy Creek
|
|
1995
|
|
831
|
|
|
240
|
|
96.7
|
|
|
1,303
|
|
|
Camden Legacy Park
|
|
1996
|
|
871
|
|
|
276
|
|
96.0
|
|
|
1,299
|
|
|
Camden Panther Creek (7)
|
|
2009
|
|
946
|
|
|
295
|
|
96.5
|
|
|
1,267
|
|
|
Camden Riverwalk (7)
|
|
2008
|
|
982
|
|
|
600
|
|
95.9
|
|
|
1,485
|
|
|
Camden Valley Park
|
|
1986
|
|
743
|
|
|
516
|
|
96.7
|
|
|
1,093
|
|
|
Camden Victory Park
|
|
2016
|
|
861
|
|
|
423
|
|
96.3
|
|
|
1,665
|
|
|
Houston
|
|
|
|
|
|
|
|
|
|
|
||||
Camden City Centre
|
|
2007
|
|
932
|
|
|
379
|
|
94.2
|
|
|
1,500
|
|
|
Camden City Centre II
|
|
2013
|
|
868
|
|
|
268
|
|
95.7
|
|
|
1,515
|
|
|
Camden Cypress Creek (7)
|
|
2009
|
|
993
|
|
|
310
|
|
96.2
|
|
|
1,326
|
|
|
Camden Downs at Cinco Ranch (7)
|
|
2004
|
|
1,075
|
|
|
318
|
|
95.8
|
|
|
1,269
|
|
|
Camden Grand Harbor (7)
|
|
2008
|
|
959
|
|
|
300
|
|
95.2
|
|
|
1,188
|
|
|
Camden Greenway
|
|
1999
|
|
861
|
|
|
756
|
|
96.2
|
|
|
1,399
|
|
|
Camden Heights (7)
|
|
2004
|
|
927
|
|
|
352
|
|
95.3
|
|
|
1,503
|
|
|
Camden Highland Village (4)
|
|
2014/2015
|
|
1,175
|
|
|
552
|
|
88.0
|
|
|
2,438
|
|
|
Camden Holly Springs
|
|
1999
|
|
934
|
|
|
548
|
|
95.9
|
|
|
1,235
|
|
|
Camden McGowen Station (6)
|
|
2018
|
|
1,007
|
|
|
315
|
|
95.2
|
|
|
2,092
|
|
|
Camden Midtown
|
|
1999
|
|
844
|
|
|
337
|
|
95.3
|
|
|
1,547
|
|
|
Camden Northpointe (7)
|
|
2008
|
|
940
|
|
|
384
|
|
96.2
|
|
|
1,147
|
|
|
Camden Oak Crest
|
|
2003
|
|
870
|
|
|
364
|
|
96.1
|
|
|
1,136
|
|
|
Camden Park
|
|
1995
|
|
866
|
|
|
288
|
|
95.8
|
|
|
1,106
|
|
|
Camden Plaza
|
|
2007
|
|
915
|
|
|
271
|
|
94.4
|
|
|
1,594
|
|
|
Camden Post Oak
|
|
2003
|
|
1,200
|
|
|
356
|
|
95.3
|
|
|
2,460
|
|
|
Camden Royal Oaks
|
|
2006
|
|
923
|
|
|
236
|
|
93.6
|
|
|
1,366
|
|
|
Camden Royal Oaks II
|
|
2012
|
|
1,054
|
|
|
104
|
|
97.6
|
|
|
1,593
|
|
|
Camden Spring Creek (7)
|
|
2004
|
|
1,080
|
|
|
304
|
|
95.4
|
|
|
1,238
|
|
|
Camden Stonebridge
|
|
1993
|
|
845
|
|
|
204
|
|
95.8
|
|
|
1,116
|
|
|
Camden Sugar Grove
|
|
1997
|
|
921
|
|
|
380
|
|
95.4
|
|
|
1,200
|
|
|
|
OPERATING PROPERTIES
|
||||||||||||
Property and Location
|
|
Year Placed
in Service
|
|
Average Apartment
Size (Sq. Ft.)
|
|
Number of
Apartments
|
|
2019 Average
Occupancy (1) |
|
2019 Average
Monthly Rental Rate per Apartment (2) |
||||
Camden Travis Street
|
|
2010
|
|
819
|
|
|
253
|
|
96.6
|
%
|
|
$
|
1,489
|
|
Camden Vanderbilt
|
|
1996/1997
|
|
863
|
|
|
894
|
|
96.1
|
|
|
1,437
|
|
|
Camden Whispering Oaks
|
|
2008
|
|
934
|
|
|
274
|
|
94.9
|
|
|
1,244
|
|
|
Camden Woodson Park (7)
|
|
2008
|
|
916
|
|
|
248
|
|
94.4
|
|
|
1,213
|
|
|
Camden Yorktown (7)
|
|
2008
|
|
995
|
|
|
306
|
|
95.7
|
|
|
1,188
|
|
(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)
|
Property under lease-up at December 31, 2019.
|
(4)
|
Property acquired in 2019 - the average occupancy was calculated from the date the property was acquired.
|
(5)
|
Property under redevelopment at December 31, 2019.
|
(6)
|
Development property stabilized during 2019 - the average occupancy was calculated from the date at which the occupancy exceeded 90% through December 31, 2019.
|
(7)
|
Property owned through an unconsolidated joint venture in which we own a 31.3% interest. The remaining interest is owned by an unaffiliated third-party.
|
|
|
|
|
||||||||||||||||
Index
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
||||||||||
Camden Property Trust
|
$
|
107.92
|
|
|
$
|
128.68
|
|
|
$
|
145.81
|
|
|
$
|
144.33
|
|
|
$
|
179.26
|
|
FTSE NAREIT Equity
|
103.20
|
|
|
111.99
|
|
|
117.84
|
|
|
112.39
|
|
|
141.61
|
|
|||||
S&P 500
|
101.38
|
|
|
113.51
|
|
|
138.29
|
|
|
132.23
|
|
|
173.86
|
|
|||||
Russell 2000
|
95.59
|
|
|
115.95
|
|
|
132.94
|
|
|
118.30
|
|
|
148.49
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(in thousands, except per share amounts and property data)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Operating Data (a)
|
|
|
|
|
|
|
|
|
|
||||||||||
Property revenues
|
$
|
1,028,461
|
|
|
$
|
954,505
|
|
|
$
|
900,896
|
|
|
$
|
876,447
|
|
|
$
|
835,618
|
|
Total property expenses
|
366,347
|
|
|
343,579
|
|
|
328,742
|
|
|
311,355
|
|
|
301,000
|
|
|||||
Total non-property income
|
33,480
|
|
|
2,797
|
|
|
27,795
|
|
|
14,577
|
|
|
7,332
|
|
|||||
Total other expenses
|
522,924
|
|
|
459,441
|
|
|
447,595
|
|
|
425,190
|
|
|
412,022
|
|
|||||
Income from continuing operations attributable to common shareholders
|
219,623
|
|
|
156,128
|
|
|
196,422
|
|
|
436,981
|
|
|
229,565
|
|
|||||
Net income attributable to common shareholders
|
219,623
|
|
|
156,128
|
|
|
196,422
|
|
|
819,823
|
|
|
249,315
|
|
|||||
Earnings per common share from continuing operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
2.23
|
|
|
$
|
1.63
|
|
|
$
|
2.14
|
|
|
$
|
4.81
|
|
|
$
|
2.55
|
|
Diluted
|
2.22
|
|
|
1.63
|
|
|
2.13
|
|
|
4.79
|
|
|
2.54
|
|
|||||
Total earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
2.23
|
|
|
$
|
1.63
|
|
|
$
|
2.14
|
|
|
$
|
9.08
|
|
|
$
|
2.77
|
|
Diluted
|
2.22
|
|
|
1.63
|
|
|
2.13
|
|
|
9.05
|
|
|
2.76
|
|
|||||
Distributions declared per common share
|
$
|
3.20
|
|
|
$
|
3.08
|
|
|
$
|
3.00
|
|
|
$
|
3.00
|
|
|
$
|
2.80
|
|
Special dividend per common share (b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4.25
|
|
|
$
|
—
|
|
Balance Sheet Data (at end of year)
|
|
|
|
|
|
|
|
|
|
||||||||||
Total real estate assets, at cost (c)
|
$
|
9,115,793
|
|
|
$
|
8,328,475
|
|
|
$
|
7,667,743
|
|
|
$
|
7,376,690
|
|
|
$
|
7,387,597
|
|
Total assets
|
6,748,504
|
|
|
6,219,586
|
|
|
6,173,748
|
|
|
6,028,152
|
|
|
6,037,612
|
|
|||||
Notes payable
|
2,524,099
|
|
|
2,321,603
|
|
|
2,204,598
|
|
|
2,480,588
|
|
|
2,724,687
|
|
|||||
Non-qualified deferred compensation share awards
|
—
|
|
|
52,674
|
|
|
77,230
|
|
|
77,037
|
|
|
79,364
|
|
|||||
Equity
|
3,701,724
|
|
|
3,385,104
|
|
|
3,484,714
|
|
|
3,095,553
|
|
|
2,892,896
|
|
|||||
Other Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows provided by (used in):
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating activities
|
$
|
555,597
|
|
|
$
|
503,747
|
|
|
$
|
434,656
|
|
|
$
|
443,063
|
|
|
$
|
423,238
|
|
Investing activities
|
(792,445
|
)
|
|
(640,921
|
)
|
|
(189,754
|
)
|
|
690,412
|
|
|
(293,235
|
)
|
|||||
Financing activities
|
220,744
|
|
|
(197,028
|
)
|
|
(112,923
|
)
|
|
(904,237
|
)
|
|
(273,231
|
)
|
|||||
Funds from operations – diluted (d)
|
505,388
|
|
|
463,982
|
|
|
424,072
|
|
|
425,464
|
|
|
414,497
|
|
|||||
Adjusted funds from operations – diluted (d)
|
433,216
|
|
|
391,686
|
|
|
359,314
|
|
|
366,380
|
|
|
350,328
|
|
|||||
Property Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of operating properties (at the end of year) (e)
|
164
|
|
161
|
|
|
155
|
|
|
152
|
|
|
172
|
|
||||||
Number of operating apartment homes (at end of year)
(e)
|
56,107
|
|
55,160
|
|
|
53,033
|
|
|
52,793
|
|
|
59,792
|
|
||||||
Number of operating apartment homes (weighted average) (e) (f)
|
48,549
|
|
46,925
|
|
|
46,210
|
|
|
46,934
|
|
|
47,088
|
|
||||||
Weighted average monthly total property revenue per apartment home (a) (f)
|
$
|
1,765
|
|
|
$
|
1,695
|
|
|
$
|
1,625
|
|
|
$
|
1,556
|
|
|
$
|
1,479
|
|
Properties under development (at end of period)
|
8
|
|
6
|
|
|
7
|
|
|
7
|
|
|
8
|
|
(a)
|
Excludes discontinued operations. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements," in the Notes to Consolidated Financial Statements for further discussion of discontinued operations.
|
(b)
|
In addition to our 2016 quarterly dividends, our Board of Trust Managers declared a special dividend to our common shareholders of record as of September 23, 2016, consisting of gains on disposition of assets completed in 2016 which was paid on September 30, 2016.
|
(c)
|
Includes operating properties held for sale at net book value and excludes properties from discontinued operations and joint ventures for all periods presented.
|
(d)
|
Management considers Funds from Operations (“FFO”) and adjusted FFO ("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 accounting principles generally accepted in the United States of America (“GAAP”)), excluding gains (or losses) associated with the sale of previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, 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 operating properties, 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. AFFO is calculated utilizing FFO less recurring capitalized expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. We also consider 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 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 and 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 and 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 and AFFO as disclosed by other REITs may not be comparable to our calculation. See "Funds from Operations and Adjusted FFO" in Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" for reconciliations of net income attributable to common shareholders to FFO and AFFO.
|
(e)
|
Includes operating properties held for sale and discontinued operating properties held for sale for all periods presented.
|
(f)
|
Excludes apartment homes owned in joint ventures.
|
•
|
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 expose us to the effects of declining market rents;
|
•
|
Competition could limit our ability to lease apartments or increase or maintain rental income;
|
•
|
We face risks associated with land holdings and related activities;
|
•
|
Development, redevelopment and construction risks could impact our profitability;
|
•
|
Investments through joint ventures and investment funds involve risks not present in investments in which we are the sole investor;
|
•
|
Competition could adversely affect our ability to acquire properties;
|
•
|
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 have recently changed and may continue to change at any time, and any such legislative or other actions could have a negative effect on us;
|
•
|
Litigation risks could affect our business;
|
•
|
Damage from catastrophic weather and other natural events could result in losses;
|
•
|
The implementation of future enhancements to our new enterprise resource planning system could interfere with our business and operations;
|
•
|
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;
|
•
|
We may be adversely affected by changes in LIBOR reporting practices or the method in which LIBOR is determined;
|
•
|
Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distribution to our shareholders, and decrease our share price, if investors seek higher yields through other investments;
|
•
|
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;
|
•
|
Our share price will fluctuate; and
|
•
|
The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations.
|
•
|
In February 2019, we issued approximately 3.4 million common shares in an underwritten equity offering and received approximately $328.4 million in net proceeds.
|
•
|
In March 2019, we amended and restated our $600 million unsecured credit facility to, among other things, extend the maturity date from August 2019 to March 2023, with two options to further extend the facility at our election for two additional six-month periods, and increased the facility from $600 million to $900 million, which may be expanded three times by up to an additional $500 million upon satisfaction of certain conditions.
|
•
|
In February and March 2019, we repaid a total of approximately $439.3 million of secured conventional mortgage debt.
|
•
|
In June 2019, we issued $600 million of senior unsecured notes due July 1, 2029 under our existing shelf registration statement.
|
•
|
In October 2019, we issued $300 million of senior unsecured notes due November 1, 2049 under our existing shelf registration statement.
|
•
|
In October 2019, we redeemed all of our 4.78% $250 million Senior Notes due 2021 and prepaid our 4.38% $45.3 million secured mortgage notes due 2045. In connection with these transactions, we recorded an approximate $12 million loss on early retirement of debt.
|
•
|
In 2019, we issued approximately 0.2 million shares under our 2017 ATM program and received approximately $24.8 million in net proceeds.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||
|
Apartment
Homes
|
|
Properties
|
|
Apartment
Homes
|
|
Properties
|
||||
Operating Properties
|
|
|
|
|
|
|
|
||||
Houston, Texas
|
9,301
|
|
|
26
|
|
|
8,749
|
|
|
25
|
|
Washington, D.C. Metro
|
6,862
|
|
|
19
|
|
|
6,862
|
|
|
19
|
|
Dallas, Texas
|
5,666
|
|
|
14
|
|
|
5,666
|
|
|
14
|
|
Atlanta, Georgia
|
4,496
|
|
|
14
|
|
|
4,496
|
|
|
14
|
|
Phoenix, Arizona
|
3,686
|
|
|
12
|
|
|
2,929
|
|
|
10
|
|
Austin, Texas
|
3,686
|
|
|
11
|
|
|
3,360
|
|
|
10
|
|
Orlando, Florida
|
3,594
|
|
|
10
|
|
|
3,594
|
|
|
10
|
|
Raleigh, North Carolina
|
3,240
|
|
|
9
|
|
|
3,054
|
|
|
8
|
|
Charlotte, North Carolina
|
3,104
|
|
|
14
|
|
|
3,076
|
|
|
13
|
|
Southeast Florida
|
2,781
|
|
|
8
|
|
|
2,781
|
|
|
8
|
|
Tampa, Florida
|
2,736
|
|
|
7
|
|
|
2,736
|
|
|
7
|
|
Los Angeles/Orange County, California
|
2,658
|
|
|
7
|
|
|
2,658
|
|
|
7
|
|
Denver, Colorado
|
2,632
|
|
|
8
|
|
|
2,632
|
|
|
8
|
|
San Diego/Inland Empire, California
|
1,665
|
|
|
5
|
|
|
1,665
|
|
|
5
|
|
Corpus Christi, Texas
|
—
|
|
|
—
|
|
|
902
|
|
|
3
|
|
Total Operating Properties
|
56,107
|
|
|
164
|
|
|
55,160
|
|
|
161
|
|
Properties Under Construction
|
|
|
|
|
|
|
|
||||
Houston, Texas
|
505
|
|
|
2
|
|
|
271
|
|
|
1
|
|
Atlanta, Georgia
|
366
|
|
|
1
|
|
|
365
|
|
|
1
|
|
Orlando, Florida
|
360
|
|
|
1
|
|
|
360
|
|
|
1
|
|
Phoenix, Arizona
|
343
|
|
|
1
|
|
|
441
|
|
|
1
|
|
Southeast Florida
|
269
|
|
|
1
|
|
|
—
|
|
|
—
|
|
Denver, Colorado
|
233
|
|
|
1
|
|
|
233
|
|
|
1
|
|
San Diego/Inland Empire, California
|
132
|
|
|
1
|
|
|
—
|
|
|
—
|
|
Charlotte, North Carolina
|
—
|
|
|
—
|
|
|
28
|
|
|
1
|
|
Total Properties Under Construction
|
2,208
|
|
|
8
|
|
|
1,698
|
|
|
6
|
|
Total Properties
|
58,315
|
|
|
172
|
|
|
56,858
|
|
|
167
|
|
(1)
|
Refer to Note 8, "Investments in Joint Ventures," in the notes to Consolidated Financial Statements for further discussion of our joint venture investments.
|
(2)
|
Includes a property under construction owned by one of the Funds. See Communities Under Construction below for details.
|
Stabilized Property and Location
|
Number of
Apartment
Homes
|
|
Date of
Construction
Completion
|
|
Date of
Stabilization
|
|
Consolidated Operating Property
|
|
|
|
|
|
|
Camden Shady Grove
|
|
|
|
|
|
|
Rockville, MD
|
457
|
|
|
1Q18
|
|
1Q19
|
Camden Washingtonian
|
|
|
|
|
|
|
Gaithersburg, MD
|
365
|
|
|
4Q18
|
|
2Q19
|
Camden McGowen Station
|
|
|
|
|
|
|
Houston, TX
|
315
|
|
|
4Q18
|
|
4Q19
|
Consolidated total
|
1,137
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
Property and Location
|
Number of
Apartment
Homes
|
|
Cost
Incurred (1)
|
|
% Leased at 1/29/2020
|
|
Date of Construction Completion
|
|
Estimated Date of Stabilization
|
||||
Consolidated Operating Properties
|
|
|
|
|
|
|
|
|
|
||||
Camden North End I
|
|
|
|
|
|
|
|
|
|
||||
Phoenix, AZ
|
441
|
|
|
$
|
98.8
|
|
|
75
|
%
|
|
1Q19
|
|
2Q20
|
Camden Grandview II
|
|
|
|
|
|
|
|
|
|
||||
Charlotte, NC
|
28
|
|
|
22.5
|
|
|
93
|
%
|
|
1Q19
|
|
1Q20
|
|
Consolidated total
|
469
|
|
|
$
|
121.3
|
|
|
|
|
|
|
|
($ in millions)
Property and Location
|
Number of
Apartment Homes |
|
Estimated
Cost |
|
Cost
Incurred |
|
Included in
Properties Under Development |
|
Estimated
Date of Construction Completion |
|
Estimated
Date of Stabilization |
|||||||
Consolidated Communities Under Construction
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Camden Downtown I
Houston, TX |
271
|
|
|
$
|
132.0
|
|
|
$
|
123.4
|
|
|
$
|
123.4
|
|
|
3Q20
|
|
1Q21
|
Camden RiNo
Denver, CO |
233
|
|
|
75.0
|
|
|
66.6
|
|
|
66.6
|
|
|
3Q20
|
|
4Q20
|
|||
Camden Lake Eola
Orlando, FL |
360
|
|
|
120.0
|
|
|
75.0
|
|
|
75.0
|
|
|
4Q20
|
|
3Q21
|
|||
Camden Buckhead
Atlanta, GA |
366
|
|
|
160.0
|
|
|
55.2
|
|
|
55.2
|
|
|
3Q21
|
|
2Q22
|
|||
Camden North End II
Phoenix, AZ |
343
|
|
|
90.0
|
|
|
31.3
|
|
|
31.3
|
|
|
4Q21
|
|
2Q22
|
|||
Camden Hillcrest
San Diego, CA |
132
|
|
|
95.0
|
|
|
42.7
|
|
|
42.7
|
|
|
3Q21
|
|
2Q22
|
|||
Camden Atlantic
Plantation, FL |
269
|
|
|
100.0
|
|
|
19.2
|
|
|
19.2
|
|
|
4Q21
|
|
1Q23
|
|||
Consolidated total
|
1,974
|
|
|
$
|
772.0
|
|
|
$
|
413.4
|
|
|
$
|
413.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Unconsolidated Community Under Construction
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Camden Cypress Creek II (1)
Cypress, TX
|
234
|
|
|
$
|
38.0
|
|
|
$
|
10.4
|
|
|
$
|
10.4
|
|
|
1Q21
|
|
3Q21
|
($ in millions)
Property and Location
|
|
Projected
Homes
|
|
Total Estimated
Cost (1)
|
|
Cost to Date
|
|||||
Camden Hayden II
|
|
400
|
|
|
$
|
110.0
|
|
|
$
|
22.0
|
|
Tempe, AZ
|
|
|
|
|
|
|
|||||
Camden NoDa
|
|
400
|
|
|
100.0
|
|
|
14.8
|
|
||
Charlotte, NC
|
|
|
|
|
|
|
|||||
Camden Arts District
|
|
354
|
|
|
150.0
|
|
|
26.9
|
|
||
Los Angeles, CA
|
|
|
|
|
|
|
|||||
Camden Paces III
|
|
350
|
|
|
100.0
|
|
|
15.8
|
|
||
Atlanta, GA
|
|
|
|
|
|
|
|||||
Camden Downtown II
|
|
271
|
|
|
145.0
|
|
|
11.4
|
|
||
Houston, TX
|
|
|
|
|
|
|
|||||
Camden Highland Village II
|
|
300
|
|
|
100.0
|
|
|
8.0
|
|
||
Houston, TX
|
|
|
|
|
|
|
|||||
Total
|
|
2,075
|
|
|
$
|
705.0
|
|
|
$
|
98.9
|
|
(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.
|
($ in thousands)
|
2019
|
|
2018
|
||||||||||
Washington, D.C. Metro
|
$
|
1,574,746
|
|
|
17.3
|
%
|
|
$
|
1,551,925
|
|
|
18.6
|
%
|
Houston, Texas
|
1,126,255
|
|
|
12.3
|
|
|
899,458
|
|
|
10.8
|
|
||
Los Angeles/Orange County, California
|
755,976
|
|
|
8.3
|
|
|
738,856
|
|
|
8.9
|
|
||
Atlanta, Georgia
|
755,323
|
|
|
8.3
|
|
|
713,931
|
|
|
8.6
|
|
||
Phoenix, Arizona
|
708,681
|
|
|
7.7
|
|
|
563,797
|
|
|
6.8
|
|
||
Southeast Florida
|
625,468
|
|
|
6.9
|
|
|
599,907
|
|
|
7.2
|
|
||
Orlando, Florida
|
596,007
|
|
|
6.5
|
|
|
549,039
|
|
|
6.6
|
|
||
Denver, Colorado
|
543,234
|
|
|
6.0
|
|
|
502,761
|
|
|
6.0
|
|
||
Dallas, Texas
|
519,833
|
|
|
5.7
|
|
|
508,134
|
|
|
6.1
|
|
||
Charlotte, North Carolina
|
429,640
|
|
|
4.7
|
|
|
401,879
|
|
|
4.8
|
|
||
San Diego/Inland Empire, California
|
392,158
|
|
|
4.3
|
|
|
371,186
|
|
|
4.5
|
|
||
Raleigh, North Carolina
|
371,827
|
|
|
4.1
|
|
|
293,961
|
|
|
3.5
|
|
||
Tampa, Florida
|
362,334
|
|
|
4.0
|
|
|
350,517
|
|
|
4.2
|
|
||
Austin, Texas
|
354,311
|
|
|
3.9
|
|
|
234,743
|
|
|
2.8
|
|
||
Corpus Christi, Texas
|
—
|
|
|
—
|
|
|
48,381
|
|
|
0.6
|
|
||
Total
|
$
|
9,115,793
|
|
|
100.0
|
%
|
|
$
|
8,328,475
|
|
|
100.0
|
%
|
|
2019
|
|
2018
|
||||
Average monthly property revenue per apartment home
|
$
|
1,765
|
|
|
$
|
1,695
|
|
Annualized total property expenses per apartment home
|
$
|
7,546
|
|
|
$
|
7,322
|
|
Weighted average number of operating apartment homes owned 100%
|
48,549
|
|
|
46,925
|
|
||
Weighted average occupancy of operating apartment homes owned 100%
|
96.0
|
%
|
|
95.6
|
%
|
(in thousands)
|
|
2019
|
|
2018
|
||||
Net income
|
|
$224,270
|
|
$160,694
|
||||
Less: Fee and asset management income
|
|
(8,696
|
)
|
|
(7,231
|
)
|
||
Less: Interest and other income
|
|
(3,090
|
)
|
|
(2,101
|
)
|
||
Less: (Income)/loss on deferred compensation plans
|
|
(21,694
|
)
|
|
6,535
|
|
||
Plus: Property management expense
|
|
25,290
|
|
|
25,581
|
|
||
Plus: Fee and asset management expense
|
|
5,759
|
|
|
4,451
|
|
||
Plus: General and administrative expense
|
|
53,201
|
|
|
50,735
|
|
||
Plus: Interest expense
|
|
80,706
|
|
|
84,263
|
|
||
Plus: Depreciation and amortization expense
|
|
336,274
|
|
|
300,946
|
|
||
Plus: Expense/(benefit) on deferred compensation plans
|
|
21,694
|
|
|
(6,535
|
)
|
||
Plus: Loss on early retirement of debt
|
|
11,995
|
|
|
—
|
|
||
Less: Gain on sale of operating properties
|
|
(49,901
|
)
|
|
—
|
|
||
Less: Equity in income of joint ventures
|
|
(14,783
|
)
|
|
(7,836
|
)
|
||
Plus: Income tax expense
|
|
1,089
|
|
|
1,424
|
|
||
Net operating income
|
|
$
|
662,114
|
|
|
$
|
610,926
|
|
|
Apartment
Homes at
|
|
Year Ended
December 31,
|
|
Change
|
||||||||||||
($ in thousands)
|
12/31/2019
|
|
2019
|
|
2018
|
|
$
|
|
%
|
||||||||
Property revenues:
|
|
|
|
|
|
|
|
|
|
||||||||
Same store communities
|
41,986
|
|
|
$
|
856,066
|
|
|
$
|
825,606
|
|
|
$
|
30,460
|
|
|
3.7
|
%
|
Non-same store communities
|
6,639
|
|
|
147,259
|
|
|
110,048
|
|
|
37,211
|
|
|
33.8
|
|
|||
Development and lease-up communities
|
2,443
|
|
|
6,936
|
|
|
1,751
|
|
|
5,185
|
|
|
*
|
||||
Dispositions/other
|
—
|
|
|
18,200
|
|
|
17,100
|
|
|
1,100
|
|
|
6.4
|
|
|||
Total property revenues
|
51,068
|
|
|
$
|
1,028,461
|
|
|
$
|
954,505
|
|
|
$
|
73,956
|
|
|
7.7
|
%
|
Property expenses:
|
|
|
|
|
|
|
|
|
|
||||||||
Same store communities
|
41,986
|
|
|
$
|
303,647
|
|
|
$
|
297,826
|
|
|
$
|
5,821
|
|
|
2.0
|
%
|
Non-same store communities
|
6,639
|
|
|
52,822
|
|
|
38,611
|
|
|
14,211
|
|
|
36.8
|
|
|||
Development and lease-up communities
|
2,443
|
|
|
2,685
|
|
|
491
|
|
|
2,194
|
|
|
*
|
||||
Dispositions/other
|
—
|
|
|
7,193
|
|
|
6,651
|
|
|
542
|
|
|
8.1
|
|
|||
Total property expenses
|
51,068
|
|
|
$
|
366,347
|
|
|
$
|
343,579
|
|
|
$
|
22,768
|
|
|
6.6
|
%
|
Property NOI:
|
|
|
|
|
|
|
|
|
|
||||||||
Same store communities
|
41,986
|
|
|
$
|
552,419
|
|
|
$
|
527,780
|
|
|
$
|
24,639
|
|
|
4.7
|
%
|
Non-same store communities
|
6,639
|
|
|
94,437
|
|
|
71,437
|
|
|
23,000
|
|
|
32.2
|
|
|||
Development and lease-up communities
|
2,443
|
|
|
4,251
|
|
|
1,260
|
|
|
2,991
|
|
|
*
|
||||
Dispositions/other
|
—
|
|
|
11,007
|
|
|
10,449
|
|
|
558
|
|
|
5.3
|
|
|||
Total property NOI
|
51,068
|
|
|
$
|
662,114
|
|
|
$
|
610,926
|
|
|
$
|
51,188
|
|
|
8.4
|
%
|
(1)
|
For 2019, same store communities are communities we owned and were stabilized since January 1, 2018, excluding communities under redevelopment and properties held for sale. Non-same store communities are stabilized communities not owned or stabilized since January 1, 2018, 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, 2018, 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.
|
|
|
For the year ended December 31,
|
||
(in millions)
|
|
2019 compared to 2018
|
||
Property Revenues
|
|
|
||
Revenues from non-same store stabilized properties
|
|
$
|
15.7
|
|
Revenues from acquisitions
|
|
19.3
|
|
|
Revenues from development and lease-up properties
|
|
5.2
|
|
|
Other
|
|
2.2
|
|
|
|
|
$
|
42.4
|
|
Property Expenses
|
|
|
||
Expenses from non-same store stabilized properties
|
|
$
|
5.1
|
|
Expenses from acquisitions
|
|
8.2
|
|
|
Expenses from development and lease-up properties
|
|
2.2
|
|
|
Other
|
|
0.9
|
|
|
|
|
$
|
16.4
|
|
Property NOI
|
|
|
||
NOI from non-same store stabilized properties
|
|
$
|
10.6
|
|
NOI from acquisitions
|
|
11.1
|
|
|
NOI from development and lease-up properties
|
|
3.0
|
|
|
Other
|
|
1.3
|
|
|
|
|
$
|
26.0
|
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
($ in thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Fee and asset management
|
$
|
8,696
|
|
|
$
|
7,231
|
|
|
$
|
1,465
|
|
|
20.3
|
%
|
Interest and other income
|
3,090
|
|
|
2,101
|
|
|
989
|
|
|
47.1
|
|
|||
Income (loss) on deferred compensation plans
|
21,694
|
|
|
(6,535
|
)
|
|
28,229
|
|
|
*
|
||||
Total non-property income
|
$
|
33,480
|
|
|
$
|
2,797
|
|
|
$
|
30,683
|
|
|
1,097.0
|
%
|
|
Year Ended
December 31,
|
|
Change
|
|||||||||||
($ in thousands)
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Property management
|
$
|
25,290
|
|
|
$
|
25,581
|
|
|
$
|
(291
|
)
|
|
(1.1
|
)%
|
Fee and asset management
|
5,759
|
|
|
4,451
|
|
|
1,308
|
|
|
29.4
|
|
|||
General and administrative
|
53,201
|
|
|
50,735
|
|
|
2,466
|
|
|
4.9
|
|
|||
Interest
|
80,706
|
|
|
84,263
|
|
|
(3,557
|
)
|
|
(4.2
|
)
|
|||
Depreciation and amortization
|
336,274
|
|
|
300,946
|
|
|
35,328
|
|
|
11.7
|
|
|||
Expense (benefit) on deferred compensation plans
|
21,694
|
|
|
(6,535
|
)
|
|
28,229
|
|
|
*
|
||||
Total other expenses
|
$
|
522,924
|
|
|
$
|
459,441
|
|
|
$
|
63,483
|
|
|
13.8
|
%
|
|
Year Ended
December 31,
|
|
Change
|
||||||||
(in thousands)
|
2019
|
|
2018
|
|
$
|
||||||
Loss on early retirement of debt
|
$
|
(11,995
|
)
|
|
$
|
—
|
|
|
$
|
(11,995
|
)
|
Gain on sale of operating properties
|
$
|
49,901
|
|
|
$
|
—
|
|
|
$
|
49,901
|
|
Equity in income of joint ventures
|
14,783
|
|
|
7,836
|
|
|
6,947
|
|
|||
Income tax expense
|
(1,089
|
)
|
|
(1,424
|
)
|
|
335
|
|
($ in thousands)
|
2019
|
|
2018
|
||||
Funds from operations
|
|
|
|
||||
Net income attributable to common shareholders (1)
|
$
|
219,623
|
|
|
$
|
156,128
|
|
Real estate depreciation and amortization
|
328,045
|
|
|
294,283
|
|
||
Adjustments for unconsolidated joint ventures
|
8,987
|
|
|
8,976
|
|
||
Gain on sale of operating properties
|
(49,901
|
)
|
|
—
|
|
||
Gain on sale of unconsolidated joint venture operating property
|
(6,204
|
)
|
|
—
|
|
||
Income allocated to non-controlling interests
|
4,838
|
|
|
4,595
|
|
||
Funds from operations
|
$
|
505,388
|
|
|
$
|
463,982
|
|
|
|
|
|
||||
Less: recurring capitalized expenditures
|
(72,172
|
)
|
|
(72,296
|
)
|
||
Adjusted funds from operations
|
$
|
433,216
|
|
|
$
|
391,686
|
|
|
|
|
|
||||
Weighted average shares – basic
|
98,460
|
|
|
95,208
|
|
||
Incremental shares issuable from assumed conversion of:
|
|
|
|
||||
Common share options and awards granted
|
119
|
|
|
158
|
|
||
Common units
|
1,753
|
|
|
1,835
|
|
||
Weighted average shares – diluted
|
100,332
|
|
|
97,201
|
|
(1)
|
Net income attributable to common shareholders for the year ended December 31, 2019 included an approximate $12 million loss on early retirement of debt related to the redemption of our 4.78% Senior Notes due 2021 and the prepayment of a 4.38% secured conventional mortgage note due 2045.
|
•
|
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.
|
•
|
normal recurring operating expenses;
|
•
|
current debt service requirements, including debt maturities;
|
•
|
recurring capital expenditures;
|
•
|
reposition expenditures;
|
•
|
funding of property developments, redevelopments, acquisitions, and joint venture investments; and
|
•
|
the minimum dividend payments required to maintain our REIT qualification under the Code.
|
|
|
December 31,
|
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Expenditures for new development, including land
|
|
$
|
217.5
|
|
|
$
|
177.9
|
|
Capital expenditures
|
|
80.9
|
|
|
83.6
|
|
||
Reposition expenditures
|
|
66.7
|
|
|
49.8
|
|
||
Capitalized interest, real estate taxes, and other capitalized indirect costs
|
|
26.6
|
|
|
24.3
|
|
||
Redevelopment expenditures
|
|
15.9
|
|
|
23.6
|
|
||
Total
|
|
$
|
407.6
|
|
|
$
|
359.2
|
|
(in millions)
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
Debt maturities (1)
|
$
|
2,524.1
|
|
|
$
|
(3.1
|
)
|
|
$
|
(3.1
|
)
|
|
$
|
447.0
|
|
|
$
|
247.9
|
|
|
$
|
542.6
|
|
|
$
|
1,292.8
|
|
Interest payments (2)
|
790.6
|
|
|
91.1
|
|
|
91.1
|
|
|
87.9
|
|
|
71.5
|
|
|
52.2
|
|
|
396.8
|
|
|||||||
Non-cancelable lease payments
|
17.1
|
|
|
3.4
|
|
|
3.2
|
|
|
2.9
|
|
|
2.7
|
|
|
2.8
|
|
|
2.1
|
|
|||||||
|
$
|
3,331.8
|
|
|
$
|
91.4
|
|
|
$
|
91.2
|
|
|
$
|
537.8
|
|
|
$
|
322.1
|
|
|
$
|
597.6
|
|
|
$
|
1,691.7
|
|
(1)
|
Includes all available extension options, amortization of debt discounts and debt issuance costs, net of scheduled principal payments.
|
(2)
|
Includes contractual interest payments for our senior unsecured notes and all available extension options. The interest payments on our unsecured term loan with floating interest rates were calculated based on the interest rates in effect as of December 31, 2019.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||
|
Amount
(in millions)
|
|
Weighted
Average
Maturity
(in years)
|
|
Weighted
Average
Interest
Rate
|
|
% Of
Total
|
|
Amount
(in millions)
|
|
Weighted
Average
Maturity
(in years)
|
|
Weighted
Average
Interest
Rate
|
|
% Of
Total
|
||||||||||
Fixed rate debt
|
$
|
2,380.4
|
|
|
9.3
|
|
|
3.8
|
%
|
|
94.3
|
%
|
|
$
|
2,222.0
|
|
|
5.0
|
|
|
4.3
|
%
|
|
95.7
|
%
|
Variable rate debt
|
143.7
|
|
|
2.7
|
|
|
2.7
|
%
|
|
5.7
|
%
|
|
99.6
|
|
|
3.0
|
|
|
3.3
|
%
|
|
4.3
|
%
|
•
|
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.
|
/s/ DELOITTE & TOUCHE LLP
|
|
Houston, Texas
|
February 20, 2020
|
(1) Financial Statements:
|
|
|
|
|
|
(2) Financial Statement Schedules:
|
|
|
|
Exhibit No.
|
|
Description
|
|
Filed Herewith or Incorporated Herein by Reference (1)
|
|
|
|
||
3.1
|
|
Amended 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 Trust
|
|
Exhibit 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 Trust
|
|
Exhibit 3.1 to Form 8-K filed on May 14, 2012
|
|
|
|
|
||
|
Third Amended and Restated Bylaws of Camden Property Trust
|
|
Exhibit 99.1 to Form 8-K filed on March 12, 2013
|
|
|
|
|
||
|
Fourth Amended and Restated Bylaws of Camden Property Trust
|
|
Exhibit 3.1 to Form 8-K filed on July 25, 2019
|
|
|
|
|
|
|
4.1
|
|
Specimen 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 Trustee
|
|
Exhibit 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 Trustee
|
|
Exhibit 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 Trustee
|
|
Exhibit 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 Trustee
|
|
Exhibit 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 therein
|
|
Form S-4 filed on November 24, 2004 (Registration No. 333-120733)
|
|
|
|
|
|
|
|
Form of Camden Property Trust 2.95% Note due 2022
|
|
Exhibit 4.4 to Form 8-K filed on December 7, 2012
|
|
|
|
|
|
|
|
Form of Camden Property Trust 4.875% Note due 2023
|
|
Exhibit 4.5 to Form 8-K filed on June 3, 2011
|
|
|
|
|
|
|
|
Form of Camden Property Trust 4.250% Note due 2024
|
|
Exhibit 4.1 to Form 8-K filed on December 2, 2013
|
|
|
|
|
|
|
|
Form of Camden Property Trust 3.50% Note due 2024
|
|
Exhibit 4.1 to Form 8-K filed on September 12, 2014
|
|
|
|
|
|
|
|
Form of Camden Property Trust 4.100% Note due 2028
|
|
Exhibit 4.5 to Form 8-K filed on October 4, 2018
|
|
|
|
|
|
|
|
Form of Camden Property Trust 3.150% Note due 2029
|
|
Exhibit 4.5 to Form 8-K filed on June 17, 2019
|
|
|
|
|
|
|
|
Form of Camden Property Trust 3.350% Note due 2049
|
|
Exhibit 4.5 to Form 8-K filed on October 7, 2019
|
|
|
|
|
|
|
10.1
|
|
Form 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. Campo
|
|
Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2003
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Filed Herewith or Incorporated Herein by Reference (1)
|
|
Second Amended and Restated Employment Agreement dated July 11, 2003 between Camden Property Trust and D. Keith Oden
|
|
Exhibit 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 Oden
|
|
Exhibit 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 Oden
|
|
Exhibit 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 officers
|
|
Exhibit 10.13 to Form 10-K for the year ended December 31, 1996
|
|
|
|
|
|
|
|
Second Amended and Restated Employment Agreement, dated November 3, 2008, between Camden Property Trust and H. Malcolm Stewart
|
|
Exhibit 99.1 to Form 8-K filed on November 4, 2008
|
|
|
|
|
|
|
|
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, 2008
|
|
Exhibit 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 key employees
|
|
Exhibit 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 trust managers
|
|
Exhibit 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 employees
|
|
Exhibit 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 managers
|
|
Exhibit 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, 2007
|
|
Exhibit 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, 2007
|
|
Exhibit 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, 1999
|
|
Exhibit 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, 1999
|
|
Exhibit 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, 1999
|
|
Exhibit 10.16 to Form 10-K for the year ended December 31, 1999
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Filed Herewith or Incorporated Herein by Reference (1)
|
|
Form of Fourth Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of January 7, 2000
|
|
Exhibit 10.17 to Form 10-K for the year ended December 31, 1999
|
|
|
|
|
|
|
|
Form of Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of December 1, 2003
|
|
Exhibit 10.19 to Form 10-K for the year ended December 31, 2003
|
|
|
|
|
||
|
Amended and Restated 1993 Share Incentive Plan of Camden Property Trust
|
|
Exhibit 10.18 to Form 10-K for the year ended December 31, 1999
|
|
|
|
|
|
|
|
Amended and Restated Camden Property Trust 1999 Employee Share Purchase Plan
|
|
Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2014
|
|
|
|
|
||
|
Amended and Restated 2002 Share Incentive Plan of Camden Property Trust
|
|
Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2002
|
|
|
|
|
|
|
|
Camden Property Trust 2018 Employee Share Purchase Plan
|
|
Exhibit 99.2 to Form 8-K filed on May 17, 2018
|
|
|
|
|
||
|
Amendment to Amended and Restated 2002 Share Incentive Plan of Camden Property Trust
|
|
Exhibit 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, 2008
|
|
Exhibit 99.1 to Form 8-K filed on July 29, 2008
|
|
|
|
|
||
|
Camden Property Trust 2011 Share Incentive Plan, effective as of May 11, 2011
|
|
Exhibit 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, 2012
|
|
Exhibit 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, 2013
|
|
Exhibit 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, 2015
|
|
Exhibit 99.1 to Form 8-K filed on October 29, 2015
|
|
|
|
|
|
|
|
Camden Property Trust 2018 Share Incentive Plan, effective as of May 17, 2018
|
|
Exhibit 99.1 to Form 8-K filed on May 17, 2018
|
|
|
|
|
|
|
|
Camden Property Trust Short Term Incentive Plan
|
|
Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2002
|
|
|
|
|
||
|
Second Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan
|
|
Exhibit 99.1 to Form 8-K filed on February 21, 2014
|
|
|
|
|
|
|
|
Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan
|
|
Exhibit 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 thereto
|
|
Exhibit 10.5 to Form S-4 filed on November 24, 2004 (Registration No. 333-120733)
|
|
|
|
|
||
|
Form of Tax, Asset and Income Support Agreement among Camden Property Trust, Camden Summit, Inc., Camden Summit Partnership, L.P. and each of the limited partners who has executed a signature page thereto
|
|
Exhibit 10.6 to Form S-4 filed on November 24, 2004 (Registration No. 333-120733)
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Filed Herewith or Incorporated Herein by Reference (1)
|
|
Agreement, dated as of September 14, 2018, among William F. Paulsen, the 2014 Amended and Restated William B. McGuire Junior Revocable Trust, David F. Tufaro, McGuire Family DE 2012 LP, William B. McGuire, Jr., Susanne H. McGuire, Camden Property Trust, Camden Summit, Inc. and Camden Summit Partnership, L.P.
|
|
Exhibit 99.1 to Form 8-K filed by Camden Property Trust on September 17, 2018 (File No. 1-12110)
|
|
|
|
|
|
|
|
Employment Agreement dated February 15, 1999, by and among William B. McGuire, Jr., Summit Properties Inc. and Summit Management Company, as restated on August 24, 2001
|
|
Exhibit 10.1 to Summit Properties Inc.’s Form 10-Q for the quarter ended September 30, 2001 (File No. 000-12792)
|
|
|
|
|
||
|
Amendment Agreement, dated as of June 19, 2004, among William B. McGuire, Jr., Summit Properties Inc. and Summit Management Company
|
|
Exhibit 10.8.2 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2004 (File No. 001-12792)
|
|
|
|
|
|
|
|
Employment Agreement dated February 15, 1999, by and among William F. Paulsen, Summit Properties Inc. and Summit Management Company, as restated on April 3, 2001
|
|
Exhibit 10.1 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2001 (File No. 000-12792)
|
|
|
|
|
|
|
|
Amendment Agreement, dated as of June 19, 2004, among William F. Paulsen, Summit Properties Inc. and Summit Management Company
|
|
Exhibit 10.8.2 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2004 (File No. 001-12792)
|
|
|
|
|
||
|
Separation Agreement, dated as of February 28, 2005, between Camden Property Trust and William B. McGuire, Jr.
|
|
Exhibit 99.1 to Form 8-K filed on April 28, 2005
|
|
|
|
|
||
|
Separation Agreement, dated as of February 28, 2005, between Camden Property Trust and William F. Paulsen
|
|
Exhibit 99.2 to Form 8-K filed on April 28, 2005
|
|
|
|
|
|
|
|
Distribution Agency Agreement, dated May 15, 2017, between Camden Property Trust and Jefferies LLC
|
|
Exhibit 1.1 to Form 8-K filed on May 16, 2017
|
|
|
|
|
|
|
|
Distribution Agency Agreement, dated May 15, 2017, between Camden Property Trust and J.P. Morgan Securities LLC
|
|
Exhibit 1.2 to Form 8-K filed on May 16, 2017
|
|
|
|
|
|
|
|
Distribution Agency Agreement, dated May 15, 2017, between Camden Property Trust and Merrill Lynch, Pierce, Fenner & Smith Incorporated
|
|
Exhibit 1.3 to Form 8-K filed on May 16, 2017
|
|
|
|
|
|
|
|
Distribution Agency Agreement, dated May 15, 2017, between Camden Property Trust and SunTrust Robinson Humphrey, Inc.
|
|
Exhibit 1.4 to Form 8-K filed on May 16, 2017
|
|
|
|
|
|
|
|
Distribution Agency Agreement, dated May 15, 2017, between Camden Property Trust and Wells Fargo Securities, LLC
|
|
Exhibit 1.5 to Form 8-K filed on May 16, 2017
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Filed Herewith or Incorporated Herein by Reference (1)
|
|
Third Amended and Restated Credit Agreement dated as of March 8, 2019 among Camden Property Trust, as the Borrower, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., U.S. Bank National Association, and PNC Bank National Association, as Syndication Agents, The Bank of Nova Scotia, Branch Banking and Trust Company, Deutsche Bank Securities Inc., Regions Bank, SunTrust Bank, and Wells Fargo Bank, National Association, as Documentation Agents, TD Bank N.A., as Managing Agent, and the other lenders party thereto, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Chase Bank N.A., U.S. Bank National Association, and PNC Capital Markets LLC, as Joint Lead Arrangers, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and J.P. Morgan Chase Bank N.A., as Joint Bookrunners
|
|
Exhibit 99.1 to Form 8-K filed on March 8, 2019
|
|
|
|
|
|
|
|
List of Significant Subsidiaries
|
|
Filed Herewith
|
|
|
|
|
||
|
Consent of Deloitte & Touche LLP
|
|
Filed Herewith
|
|
|
|
|
|
|
|
Powers of Attorney for Heather J. Brunner, Mark D. Gibson, Scott S. Ingraham, Renu Khator, William B. McGuire, Jr., William F. Paulsen, Frances Aldrich Sevilla-Sacasa, Steven A. Webster, and Kelvin R. Westbrook
|
|
Filed Herewith
|
|
|
|
|
||
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act
|
|
Filed Herewith
|
|
|
|
|
|
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act
|
|
Filed Herewith
|
|
|
|
|
|
|
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed Herewith
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
XBRL 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.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed Herewith
|
|
|
|
||
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed Herewith
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed Herewith
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed Herewith
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed Herewith
|
|
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
|
Filed Herewith
|
|
|
|
|
|
(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.
|
February 20, 2020
|
|
|
|
CAMDEN PROPERTY TRUST
|
||
|
|
|
|
|||
|
|
|
|
By:
|
|
/s/ Michael P. Gallagher
|
|
|
|
|
|
|
Michael P. Gallagher
|
|
|
|
|
|
|
Senior Vice President — Chief Accounting Officer
|
Name
|
|
Title
|
|
Date
|
|
|
|
||
/s/ Richard J. Campo
|
|
Chairman of the Board of Trust
|
|
February 20, 2020
|
Richard J. Campo
|
|
Managers and Chief Executive
Officer (Principal Executive Officer)
|
|
|
|
|
|
||
/s/ D. Keith Oden
|
|
Executive Vice Chairman of the Board of Trust
|
|
February 20, 2020
|
D. Keith Oden
|
|
Managers
|
|
|
|
|
|
||
/s/ Alexander J. Jessett
|
|
Executive Vice President - Finance,
|
|
February 20, 2020
|
Alexander J. Jessett
|
|
Chief Financial Officer and Treasurer (Principal
Financial Officer)
|
|
|
|
|
|
||
/s/ Michael P. Gallagher
|
|
Senior Vice President - Chief Accounting
|
|
February 20, 2020
|
Michael P. Gallagher
|
|
Officer (Principal Accounting
Officer)
|
|
|
|
|
|
|
|
*
|
|
|
||
Heather J. Brunner
|
|
Trust Manager
|
|
February 20, 2020
|
|
|
|
|
|
*
|
|
|
||
Scott S. Ingraham
|
|
Trust Manager
|
|
February 20, 2020
|
|
|
|
|
|
*
|
|
|
||
Renu Khator
|
|
Trust Manager
|
|
February 20, 2020
|
|
|
|
|
|
*
|
|
|
||
William B. McGuire, Jr.
|
|
Trust Manager
|
|
February 20, 2020
|
|
|
|
|
|
*
|
|
|
||
William F. Paulsen
|
|
Trust Manager
|
|
February 20, 2020
|
|
|
|
|
|
*
|
|
|
||
Frances Aldrich Sevilla-Sacasa
|
|
Trust Manager
|
|
February 20, 2020
|
|
|
|
|
|
*
|
|
|
||
Steven A. Webster
|
|
Trust Manager
|
|
February 20, 2020
|
|
|
|
|
|
*
|
|
|
||
Kelvin R. Westbrook
|
|
Trust Manager
|
|
February 20, 2020
|
|
|
|
|
|
*By: /s/ Alexander J. Jessett
|
|
|
||
Alexander J. Jessett
Attorney-in-fact
|
|
|
|
|
•
|
We tested the effectiveness of controls over management’s process of identifying indicators of asset impairment, including controls over management’s estimates of projected occupancy and market rent, projected construction costs, 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 to market averages from third-party market reports and to the Company’s financial performance for operating properties in the same or nearby markets.
|
◦
|
Discussed with management and read Board of Trust Managers' meeting minutes to determine 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 the properties under development will be sold, not developed, or otherwise disposed of significantly before the end of its previously estimated useful life.
|
◦
|
Performed a retrospective lookback review of completed construction projects to determine if projected costs are reasonable to actual completed construction costs.
|
•
|
We performed a search for negative evidence by reading third-party market reports to evaluate management’s analysis to identify any significant changes in economic factors, industry factors, or other adverse events that may result in an impairment indicator.
|
/s/ DELOITTE & TOUCHE LLP
|
|
Houston, Texas
|
February 20, 2020
|
|
We have served as the Company's auditor since 1993.
|
|
December 31,
|
||||||
(in thousands, except per share amounts)
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Real estate assets, at cost
|
|
|
|
||||
Land
|
$
|
1,199,384
|
|
|
$
|
1,098,526
|
|
Buildings and improvements
|
7,404,090
|
|
|
6,935,971
|
|
||
|
$
|
8,603,474
|
|
|
$
|
8,034,497
|
|
Accumulated depreciation
|
(2,686,025
|
)
|
|
(2,403,149
|
)
|
||
Net operating real estate assets
|
$
|
5,917,449
|
|
|
$
|
5,631,348
|
|
Properties under development, including land
|
512,319
|
|
|
293,978
|
|
||
Investments in joint ventures
|
20,688
|
|
|
22,283
|
|
||
Total real estate assets
|
$
|
6,450,456
|
|
|
$
|
5,947,609
|
|
Accounts receivable – affiliates
|
21,833
|
|
|
22,920
|
|
||
Other assets, net
|
248,716
|
|
|
205,454
|
|
||
Cash and cash equivalents
|
23,184
|
|
|
34,378
|
|
||
Restricted cash
|
4,315
|
|
|
9,225
|
|
||
Total assets
|
$
|
6,748,504
|
|
|
$
|
6,219,586
|
|
Liabilities and equity
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Notes payable
|
|
|
|
||||
Unsecured
|
$
|
2,524,099
|
|
|
$
|
1,836,427
|
|
Secured
|
—
|
|
|
485,176
|
|
||
Accounts payable and accrued expenses
|
171,719
|
|
|
146,866
|
|
||
Accrued real estate taxes
|
54,408
|
|
|
54,358
|
|
||
Distributions payable
|
80,973
|
|
|
74,982
|
|
||
Other liabilities
|
215,581
|
|
|
183,999
|
|
||
Total liabilities
|
$
|
3,046,780
|
|
|
$
|
2,781,808
|
|
Commitments and contingencies (Note 14)
|
|
|
|
||||
Non-qualified deferred compensation share awards
|
—
|
|
|
52,674
|
|
||
Equity
|
|
|
|
||||
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 109,110 and 105,503 issued; 106,878 and 103,080 outstanding at December 31, 2019 and 2018, respectively
|
1,069
|
|
|
1,031
|
|
||
Additional paid-in capital
|
4,566,731
|
|
|
4,154,763
|
|
||
Distributions in excess of net income attributable to common shareholders
|
(584,167
|
)
|
|
(495,496
|
)
|
||
Treasury shares, at cost (9,636 and 9,841 common shares, at December 31, 2019 and 2018, respectively)
|
(348,419
|
)
|
|
(355,804
|
)
|
||
Accumulated other comprehensive income (loss)
|
(6,529
|
)
|
|
6,929
|
|
||
Total common equity
|
$
|
3,628,685
|
|
|
$
|
3,311,423
|
|
Non-controlling interests
|
73,039
|
|
|
73,681
|
|
||
Total equity
|
$
|
3,701,724
|
|
|
$
|
3,385,104
|
|
Total liabilities and equity
|
$
|
6,748,504
|
|
|
$
|
6,219,586
|
|
|
Year Ended December 31,
|
||||||||||
(in thousands, except per share amounts)
|
2019
|
|
2018
|
|
2017
|
||||||
Property revenues
|
$
|
1,028,461
|
|
|
$
|
954,505
|
|
|
$
|
900,896
|
|
Property expenses
|
|
|
|
|
|
||||||
Property operating and maintenance
|
$
|
235,589
|
|
|
$
|
220,732
|
|
|
$
|
217,817
|
|
Real estate taxes
|
130,758
|
|
|
122,847
|
|
|
110,925
|
|
|||
Total property expenses
|
$
|
366,347
|
|
|
$
|
343,579
|
|
|
$
|
328,742
|
|
Non-property income
|
|
|
|
|
|
||||||
Fee and asset management
|
$
|
8,696
|
|
|
$
|
7,231
|
|
|
$
|
8,176
|
|
Interest and other income
|
3,090
|
|
|
2,101
|
|
|
3,011
|
|
|||
Income (loss) on deferred compensation plans
|
21,694
|
|
|
(6,535
|
)
|
|
16,608
|
|
|||
Total non-property income
|
$
|
33,480
|
|
|
$
|
2,797
|
|
|
$
|
27,795
|
|
Other expenses
|
|
|
|
|
|
||||||
Property management
|
$
|
25,290
|
|
|
$
|
25,581
|
|
|
$
|
25,773
|
|
Fee and asset management
|
5,759
|
|
|
4,451
|
|
|
3,903
|
|
|||
General and administrative
|
53,201
|
|
|
50,735
|
|
|
50,587
|
|
|||
Interest
|
80,706
|
|
|
84,263
|
|
|
86,750
|
|
|||
Depreciation and amortization
|
336,274
|
|
|
300,946
|
|
|
263,974
|
|
|||
Expense (benefit) on deferred compensation plans
|
21,694
|
|
|
(6,535
|
)
|
|
16,608
|
|
|||
Total other expenses
|
$
|
522,924
|
|
|
$
|
459,441
|
|
|
$
|
447,595
|
|
Loss on early retirement of debt
|
(11,995
|
)
|
|
—
|
|
|
(323
|
)
|
|||
Gain on sale of operating properties
|
49,901
|
|
|
—
|
|
|
43,231
|
|
|||
Equity in income of joint ventures
|
14,783
|
|
|
7,836
|
|
|
6,822
|
|
|||
Income from continuing operations before income taxes
|
$
|
225,359
|
|
|
$
|
162,118
|
|
|
$
|
202,084
|
|
Income tax expense
|
(1,089
|
)
|
|
(1,424
|
)
|
|
(1,224
|
)
|
|||
Net income
|
$
|
224,270
|
|
|
$
|
160,694
|
|
|
$
|
200,860
|
|
Less income allocated to non-controlling interests
|
(4,647
|
)
|
|
(4,566
|
)
|
|
(4,438
|
)
|
|||
Net income attributable to common shareholders
|
$
|
219,623
|
|
|
$
|
156,128
|
|
|
$
|
196,422
|
|
Total earnings per share – basic
|
2.23
|
|
|
1.63
|
|
|
2.14
|
|
Total earnings per share – diluted
|
2.22
|
|
|
1.63
|
|
|
2.13
|
|
Weighted average number of common shares outstanding – basic
|
98,460
|
|
|
95,208
|
|
|
91,499
|
|
Weighted average number of common shares outstanding – diluted
|
99,384
|
|
|
95,366
|
|
|
92,515
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands, except per share amounts)
|
2019
|
|
2018
|
|
2017
|
||||||
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
||||||
Net income
|
$
|
224,270
|
|
|
$
|
160,694
|
|
|
$
|
200,860
|
|
Other comprehensive income
|
|
|
|
|
|
||||||
Unrealized gain (loss) on cash flow hedging activities
|
(12,998
|
)
|
|
6,782
|
|
|
1,690
|
|
|||
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation
|
(449
|
)
|
|
450
|
|
|
(20
|
)
|
|||
Reclassification of net (gain) loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation
|
(11
|
)
|
|
(246
|
)
|
|
136
|
|
|||
Comprehensive income
|
$
|
210,812
|
|
|
$
|
167,680
|
|
|
$
|
202,666
|
|
Less income allocated to non-controlling interests
|
(4,647
|
)
|
|
(4,566
|
)
|
|
(4,438
|
)
|
|||
Comprehensive income attributable to common shareholders
|
$
|
206,165
|
|
|
$
|
163,114
|
|
|
$
|
198,228
|
|
|
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, 2016
|
$
|
978
|
|
|
$
|
3,678,277
|
|
|
$
|
(289,180
|
)
|
|
$
|
(373,339
|
)
|
|
$
|
(1,863
|
)
|
|
$
|
80,680
|
|
|
$
|
3,095,553
|
|
Net income
|
|
|
|
|
196,422
|
|
|
|
|
|
|
4,438
|
|
|
200,860
|
|
|||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
1,806
|
|
|
|
|
1,806
|
|
||||||||||||
Common shares issued (4,778 shares)
|
48
|
|
|
444,990
|
|
|
|
|
|
|
|
|
|
|
445,038
|
|
|||||||||||
Net share awards
|
|
|
15,779
|
|
|
|
|
8,177
|
|
|
|
|
|
|
23,956
|
|
|||||||||||
Employee share purchase plan
|
|
|
1,030
|
|
|
|
|
686
|
|
|
|
|
|
|
1,716
|
|
|||||||||||
Common share options exercised (11 shares)
|
|
|
521
|
|
|
|
|
410
|
|
|
|
|
|
|
931
|
|
|||||||||||
Change in classification of deferred compensation plan
|
|
|
(13,388
|
)
|
|
|
|
|
|
|
|
|
|
(13,388
|
)
|
||||||||||||
Change in redemption value of non-qualified share awards
|
|
|
|
|
(10,038
|
)
|
|
|
|
|
|
|
|
(10,038
|
)
|
||||||||||||
Diversification of share awards within deferred compensation plan
|
|
|
10,159
|
|
|
13,074
|
|
|
|
|
|
|
|
|
23,233
|
|
|||||||||||
Conversions of operating partnership unit (3 shares)
|
|
|
117
|
|
|
|
|
|
|
|
|
(117
|
)
|
|
—
|
|
|||||||||||
Cash distributions declared to equity holders ($3.00 per share)
|
|
|
|
|
(278,981
|
)
|
|
|
|
|
|
(5,650
|
)
|
|
(284,631
|
)
|
|||||||||||
Other
|
2
|
|
|
(324
|
)
|
|
|
|
|
|
|
|
|
|
(322
|
)
|
|||||||||||
Equity, December 31, 2017
|
$
|
1,028
|
|
|
$
|
4,137,161
|
|
|
$
|
(368,703
|
)
|
|
$
|
(364,066
|
)
|
|
$
|
(57
|
)
|
|
$
|
79,351
|
|
|
$
|
3,484,714
|
|
Net income
|
|
|
|
|
156,128
|
|
|
|
|
|
|
4,566
|
|
|
160,694
|
|
|||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
6,986
|
|
|
|
|
6,986
|
|
||||||||||||
Net share awards
|
|
|
13,720
|
|
|
|
|
7,961
|
|
|
|
|
|
|
21,681
|
|
|||||||||||
Employee share purchase plan
|
|
|
826
|
|
|
|
|
554
|
|
|
|
|
|
|
1,380
|
|
|||||||||||
Common share options exercised (8 shares)
|
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
41
|
|
|||||||||||
Change in classification of deferred compensation plan
|
|
|
(16,407
|
)
|
|
|
|
|
|
|
|
|
|
(16,407
|
)
|
||||||||||||
Change in redemption value of non-qualified share awards
|
|
|
|
|
669
|
|
|
|
|
|
|
|
|
669
|
|
||||||||||||
Diversification of share awards within deferred compensation plan
|
|
|
29,379
|
|
|
10,915
|
|
|
|
|
|
|
|
|
40,294
|
|
|||||||||||
Common shares repurchased
|
|
|
|
|
|
|
(253
|
)
|
|
|
|
|
|
(253
|
)
|
||||||||||||
Conversion/redemption of operating partnership units (2 shares)
|
|
|
(9,781
|
)
|
|
|
|
|
|
|
|
(4,634
|
)
|
|
(14,415
|
)
|
|||||||||||
Cash distributions declared to equity holders ($3.08 per share)
|
|
|
|
|
(294,505
|
)
|
|
|
|
|
|
(5,602
|
)
|
|
(300,107
|
)
|
|||||||||||
Other
|
3
|
|
|
(176
|
)
|
|
|
|
|
|
|
|
|
|
(173
|
)
|
|||||||||||
Equity, December 31, 2018
|
$
|
1,031
|
|
|
$
|
4,154,763
|
|
|
$
|
(495,496
|
)
|
|
$
|
(355,804
|
)
|
|
$
|
6,929
|
|
|
$
|
73,681
|
|
|
$
|
3,385,104
|
|
|
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, 2018
|
$
|
1,031
|
|
|
$
|
4,154,763
|
|
|
$
|
(495,496
|
)
|
|
$
|
(355,804
|
)
|
|
$
|
6,929
|
|
|
$
|
73,681
|
|
|
$
|
3,385,104
|
|
Net income
|
|
|
|
|
219,623
|
|
|
|
|
|
|
4,647
|
|
|
224,270
|
|
|||||||||||
Other comprehensive (loss)
|
|
|
|
|
|
|
|
|
(13,458
|
)
|
|
|
|
(13,458
|
)
|
||||||||||||
Common shares issued (3,599 shares)
|
36
|
|
|
353,177
|
|
|
|
|
|
|
|
|
|
|
353,213
|
|
|||||||||||
Net share awards
|
|
|
13,609
|
|
|
|
|
6,590
|
|
|
|
|
|
|
20,199
|
|
|||||||||||
Employee share purchase plan
|
|
|
1,538
|
|
|
|
|
795
|
|
|
|
|
|
|
2,333
|
|
|||||||||||
Change in classification of deferred compensation plan (See Note 11)
|
|
|
43,311
|
|
|
9,363
|
|
|
|
|
|
|
|
|
52,674
|
|
|||||||||||
Conversion of operating partnership units (8 shares)
|
|
|
304
|
|
|
|
|
|
|
|
|
(304
|
)
|
|
—
|
|
|||||||||||
Cash distributions declared to equity holders ($3.20 per share)
|
|
|
|
|
(317,657
|
)
|
|
|
|
|
|
(5,607
|
)
|
|
(323,264
|
)
|
|||||||||||
Other
|
2
|
|
|
29
|
|
|
|
|
|
|
|
|
622
|
|
|
653
|
|
||||||||||
Equity, December 31, 2019
|
$
|
1,069
|
|
|
$
|
4,566,731
|
|
|
$
|
(584,167
|
)
|
|
$
|
(348,419
|
)
|
|
$
|
(6,529
|
)
|
|
$
|
73,039
|
|
|
$
|
3,701,724
|
|
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
||||||
Net income
|
$
|
224,270
|
|
|
$
|
160,694
|
|
|
$
|
200,860
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
336,274
|
|
|
300,946
|
|
|
263,974
|
|
|||
Loss on early retirement of debt
|
11,995
|
|
|
—
|
|
|
323
|
|
|||
Gain on sale of operating properties
|
(49,901
|
)
|
|
—
|
|
|
(43,231
|
)
|
|||
Distributions of income from joint ventures
|
14,843
|
|
|
7,736
|
|
|
6,851
|
|
|||
Equity in income of joint ventures
|
(14,783
|
)
|
|
(7,836
|
)
|
|
(6,822
|
)
|
|||
Share-based compensation
|
15,235
|
|
|
16,749
|
|
|
17,547
|
|
|||
Receipts for settlement of forward interest rate swaps
|
(20,430
|
)
|
|
15,905
|
|
|
—
|
|
|||
Net change in operating accounts and other
|
38,094
|
|
|
9,553
|
|
|
(4,846
|
)
|
|||
Net cash from operating activities
|
$
|
555,597
|
|
|
$
|
503,747
|
|
|
$
|
434,656
|
|
Cash flows from investing activities
|
|
|
|
|
|
||||||
Development and capital improvements, including land
|
$
|
(407,558
|
)
|
|
$
|
(359,230
|
)
|
|
$
|
(299,086
|
)
|
Acquisition of operating property
|
(436,305
|
)
|
|
(290,005
|
)
|
|
(58,267
|
)
|
|||
Proceeds from sales of operating properties, including land
|
67,572
|
|
|
11,296
|
|
|
76,902
|
|
|||
Increase in non-real estate assets
|
(17,197
|
)
|
|
(14,503
|
)
|
|
(5,128
|
)
|
|||
Decrease (increase) in notes receivable
|
1,394
|
|
|
9,475
|
|
|
(1,988
|
)
|
|||
Maturity of short-term investments
|
—
|
|
|
—
|
|
|
100,000
|
|
|||
Other
|
(351
|
)
|
|
2,046
|
|
|
(2,187
|
)
|
|||
Net cash from investing activities
|
$
|
(792,445
|
)
|
|
$
|
(640,921
|
)
|
|
$
|
(189,754
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
||||||
Borrowings on unsecured credit facility and other short-term borrowings
|
$
|
1,217,000
|
|
|
$
|
342,000
|
|
|
$
|
465,000
|
|
Repayments on unsecured credit facility and other short-term borrowings
|
(1,173,000
|
)
|
|
(342,000
|
)
|
|
(465,000
|
)
|
|||
Repayment of notes payable, including prepayment penalties
|
(746,730
|
)
|
|
(381,438
|
)
|
|
(278,999
|
)
|
|||
Proceeds from notes payable
|
889,979
|
|
|
495,545
|
|
|
—
|
|
|||
Distributions to common shareholders and non-controlling interests
|
(317,253
|
)
|
|
(298,005
|
)
|
|
(280,761
|
)
|
|||
Payment of deferred financing costs
|
(5,965
|
)
|
|
(914
|
)
|
|
(978
|
)
|
|||
Proceeds from issuance of common shares
|
353,213
|
|
|
—
|
|
|
445,038
|
|
|||
Repurchase of common shares and redemption of units
|
—
|
|
|
(14,668
|
)
|
|
—
|
|
|||
Other
|
3,500
|
|
|
2,452
|
|
|
2,777
|
|
|||
Net cash from financing activities
|
$
|
220,744
|
|
|
$
|
(197,028
|
)
|
|
$
|
(112,923
|
)
|
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
(16,104
|
)
|
|
(334,202
|
)
|
|
131,979
|
|
|||
Cash, cash equivalents, and restricted cash, beginning of year
|
43,603
|
|
|
377,805
|
|
|
245,826
|
|
|||
Cash, cash equivalents, and restricted cash, end of year
|
$
|
27,499
|
|
|
$
|
43,603
|
|
|
$
|
377,805
|
|
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
23,184
|
|
|
$
|
34,378
|
|
|
$
|
368,492
|
|
Restricted cash
|
4,315
|
|
|
9,225
|
|
|
9,313
|
|
|||
Total cash, cash equivalents, and restricted cash, end of year
|
27,499
|
|
|
43,603
|
|
|
377,805
|
|
|||
Supplemental information
|
|
|
|
|
|
||||||
Cash paid for interest, net of interest capitalized
|
$
|
71,248
|
|
|
$
|
81,299
|
|
|
$
|
88,654
|
|
Cash paid for income taxes
|
1,291
|
|
|
1,951
|
|
|
1,705
|
|
|||
Supplemental schedule of noncash investing and financing activities
|
|
|
|
|
|
||||||
Distributions declared but not paid
|
$
|
80,973
|
|
|
$
|
74,982
|
|
|
$
|
72,943
|
|
Value of shares issued under benefit plans, net of cancellations
|
18,249
|
|
|
17,253
|
|
|
18,061
|
|
|||
Accrual associated with construction and capital expenditures
|
27,162
|
|
|
35,588
|
|
|
19,016
|
|
|||
Right-of-use assets obtained in exchange for the use of new operating lease liabilities
|
15,017
|
|
|
—
|
|
|
—
|
|
|
Estimated
Useful Life
|
Buildings and improvements
|
5-35 years
|
Furniture, fixtures, equipment and other
|
3-20 years
|
Intangible assets/liabilities (in-place leases and below market leases)
|
underlying lease term
|
•
|
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.
|
(in millions)
|
|
||
Year ended December 31,
|
Operating Leases
|
|
|
2020
|
$
|
666.0
|
|
2021
|
34.1
|
|
|
2022
|
5.5
|
|
|
2023
|
4.9
|
|
|
2024
|
4.1
|
|
|
Thereafter
|
28.3
|
|
|
Total
|
$
|
742.9
|
|
•
|
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
|
•
|
exclude from lease revenues the sales taxes collected from lessees and certain lessor costs paid directly by the lessee (as of the date of adoption, we did not have material sales tax collected from customers or lessor costs paid by customers).
|
•
|
use hindsight to determine lease terms and impairment of the right-of-use assets for existing lease contracts,
|
•
|
not separate lease and non-lease components by class of underlying asset when certain conditions are met which is consistent with our current accounting, and
|
•
|
not recognize short-term lease contracts with a duration of 12 months or less (short-term leases) in our consolidated balance sheet.
|
|
|
Year Ended December 31,
|
||||||||||
(in thousands, except per share amounts)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Earnings per common share calculation – basic
|
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common shareholders
|
|
$
|
219,623
|
|
|
$
|
156,128
|
|
|
$
|
196,422
|
|
Amount allocated to participating securities
|
|
(539
|
)
|
|
(1,107
|
)
|
|
(660
|
)
|
|||
Net income attributable to common shareholders – basic
|
|
$
|
219,084
|
|
|
$
|
155,021
|
|
|
$
|
195,762
|
|
|
|
|
|
|
|
|
||||||
Total earnings per common share – basic
|
|
$
|
2.23
|
|
|
$
|
1.63
|
|
|
$
|
2.14
|
|
|
|
|
|
|
|
|
||||||
Weighted average number of common shares outstanding – basic
|
|
98,460
|
|
|
95,208
|
|
|
91,499
|
|
Earnings per common share calculation – diluted
|
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities
|
|
$
|
219,084
|
|
|
$
|
155,021
|
|
|
$
|
195,762
|
|
Income allocated to common units from continuing operations
|
|
1,593
|
|
|
—
|
|
|
1,174
|
|
|||
Net income attributable to common shareholders – diluted
|
|
$
|
220,677
|
|
|
$
|
155,021
|
|
|
$
|
196,936
|
|
|
|
|
|
|
|
|
||||||
Total earnings per common share – diluted
|
|
$
|
2.22
|
|
|
$
|
1.63
|
|
|
$
|
2.13
|
|
|
|
|
|
|
|
|
||||||
Weighted average number of common shares outstanding – basic
|
|
98,460
|
|
|
95,208
|
|
|
91,499
|
|
|||
Incremental shares issuable from assumed conversion of:
|
|
|
|
|
|
|
||||||
Common share options and share awards granted
|
|
119
|
|
|
158
|
|
|
211
|
|
|||
Common units
|
|
805
|
|
|
—
|
|
|
805
|
|
|||
Weighted average number of common shares outstanding – diluted
|
|
99,384
|
|
|
95,366
|
|
|
92,515
|
|
|
Year Ended December 31,
|
||||||
(in thousands, except per share amounts)
|
2019
|
|
2017
|
||||
Total net consideration
|
$
|
24,839.1
|
|
|
$
|
2,513.6
|
|
Common shares sold
|
224.3
|
|
|
28.1
|
|
||
Average price per share
|
$
|
111.88
|
|
|
$
|
90.44
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Common Share Distributions
|
|
|
|
|
|
|
||||||
Ordinary income
|
|
$
|
2.53
|
|
|
$
|
2.99
|
|
|
$
|
2.38
|
|
Long-term capital gain
|
|
0.46
|
|
|
0.09
|
|
|
0.41
|
|
|||
Unrecaptured Sec. 1250 gain
|
|
0.21
|
|
|
—
|
|
|
0.21
|
|
|||
Total
|
|
$
|
3.20
|
|
|
$
|
3.08
|
|
|
$
|
3.00
|
|
(in millions)
|
2019
|
|
2018
|
||||
Total assets
|
$
|
685.0
|
|
|
$
|
695.2
|
|
Total third-party debt
|
496.9
|
|
|
510.7
|
|
||
Total equity
|
153.4
|
|
|
158.4
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Total revenues
|
$
|
131.7
|
|
|
$
|
127.4
|
|
|
$
|
121.9
|
|
Gain on sale of operating property (1)
|
19.8
|
|
|
—
|
|
|
—
|
|
|||
Net income (2)
|
37.5
|
|
|
16.4
|
|
|
13.5
|
|
|||
Equity in income (3) (4)
|
14.8
|
|
|
7.8
|
|
|
6.8
|
|
(1)
|
In December 2019, one of the funds sold one operating property comprised of 270 apartment homes for approximately $38.5 million.
|
(2)
|
Net income for the year ended December 31, 2017 includes approximately $1.3 million of property expense relating to Hurricanes Harvey and Irma in the third quarter of 2017.
|
(3)
|
Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.
|
(4)
|
Equity in income for the year ended December 31, 2019 includes our ownership interest of the gain on sale of the operating property of approximately $6.2 million. Equity in income for the year ended December 31, 2017 includes our ownership interest of the hurricane related insurance recoveries and expenses of approximately $0.4 million.
|
|
|
December 31,
|
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Commercial banks
|
|
|
|
|
||||
Unsecured credit facility
|
|
$
|
44.0
|
|
|
$
|
—
|
|
2.70% Term loan, due 2022
|
|
99.7
|
|
|
99.6
|
|
||
|
|
$
|
143.7
|
|
|
$
|
99.6
|
|
|
|
|
|
|
|
|
||
Senior unsecured notes (1)
|
|
|
|
|
||||
4.78% Notes, due 2021
|
|
$
|
—
|
|
|
$
|
249.1
|
|
3.15% Notes, due 2022
|
|
348.0
|
|
|
347.3
|
|
||
5.07% Notes, due 2023
|
|
248.4
|
|
|
248.0
|
|
||
4.36% Notes, due 2024
|
|
249.0
|
|
|
248.7
|
|
||
3.68% Notes, due 2024
|
|
248.0
|
|
|
247.6
|
|
||
3.74% Notes, due 2028
|
|
396.7
|
|
|
396.1
|
|
||
3.67% Notes, due 2029
|
|
593.7
|
|
|
—
|
|
||
3.41% Notes, due 2049
|
|
296.6
|
|
|
—
|
|
||
|
|
$
|
2,380.4
|
|
|
$
|
1,736.8
|
|
|
|
|
|
|
||||
Total unsecured notes payable
|
|
$
|
2,524.1
|
|
|
$
|
1,836.4
|
|
|
|
|
|
|
||||
Secured notes
|
|
|
|
|
||||
4.38% Conventional Mortgage Loan, due 2045
|
|
$
|
—
|
|
|
$
|
45.9
|
|
5.19% Conventional Mortgage Notes, due 2019
|
|
—
|
|
|
419.9
|
|
||
5.33% Conventional Mortgage Loan, due 2019
|
|
—
|
|
|
19.4
|
|
||
|
|
$
|
—
|
|
|
$
|
485.2
|
|
|
|
|
|
|
||||
Total notes payable (1)
|
|
$
|
2,524.1
|
|
|
$
|
2,321.6
|
|
|
|
|
|
|
||||
Value of real estate assets, at cost, subject to secured notes
|
|
$
|
—
|
|
|
$
|
867.9
|
|
(1)
|
Unamortized debt discounts and debt issuance costs of $19.9 million and $13.9 million are included in senior unsecured and secured notes payable as of December 31, 2019 and 2018, respectively.
|
(in millions) (1)
|
|
Amount (2)
|
|
Weighted Average
Interest Rate (3)
|
|||
2020
|
|
$
|
(3.1
|
)
|
|
—
|
%
|
2021
|
|
(3.1
|
)
|
|
—
|
|
|
2022
|
|
447.0
|
|
|
3.1
|
|
|
2023
|
|
247.9
|
|
|
5.1
|
|
|
2024 (4)
|
|
542.6
|
|
|
3.9
|
|
|
Thereafter
|
|
1,292.8
|
|
|
3.7
|
|
|
Total
|
|
$
|
2,524.1
|
|
|
3.8
|
%
|
(1)
|
Includes all available extension options.
|
(2)
|
Includes amortization of debt discounts and debt issuance costs.
|
(3)
|
Includes the effects of the applicable settled forward interest rate swaps.
|
(4)
|
Includes $44.0 million of borrowings outstanding under our unsecured credit facility.
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||||||
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||
(in millions)
|
Balance Sheet
Location |
|
Fair
Value |
|
Balance Sheet
Location |
|
Fair
Value |
|
Balance Sheet
Location |
|
Fair
Value |
|
Balance Sheet
Location |
|
Fair
Value |
||||||||
Derivatives Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Swaps
|
Other Assets
|
|
$
|
—
|
|
|
Other Assets
|
|
$
|
—
|
|
|
Other Liabilities
|
|
$
|
—
|
|
|
Other Liabilities
|
|
$
|
7.4
|
|
|
|
Nonvested
Share
Awards
Outstanding
|
|
Weighted
Average
Exercise /
Grant Price
|
|||
Nonvested share awards outstanding at December 31, 2018
|
|
390,681
|
|
|
$
|
79.82
|
|
Granted
|
|
199,957
|
|
|
98.84
|
|
|
Exercised/Vested
|
|
(308,514
|
)
|
|
82.65
|
|
|
Forfeited
|
|
(17,470
|
)
|
|
86.64
|
|
|
Total nonvested share awards outstanding at December 31, 2019
|
|
264,654
|
|
|
$
|
90.44
|
|
|
|
Year Ended
December 31, 2018 |
|
Year Ended
December 31, 2017
|
Weighted average fair value of options granted
|
|
$4.11
|
|
$5.25
|
Expected volatility
|
|
15.1%
|
|
18.9%
|
Risk-free interest rate
|
|
2.0%
|
|
1.3%
|
Expected dividend yield
|
|
3.3%
|
|
5.5%
|
Expected life
|
|
1 year
|
|
2 years
|
|
2019
|
|
2018
|
|
2017
|
||||||
Shares purchased
|
22,032
|
|
|
15,330
|
|
|
18,986
|
|
|||
Weighted average fair value of shares purchased
|
$
|
105.93
|
|
|
$
|
90.93
|
|
|
$
|
89.89
|
|
Expense recorded (in millions)
|
$
|
0.4
|
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
(in thousands)
|
|
2018
|
|
2017
|
||||
Temporary equity:
|
|
|
|
|
||||
Balance at beginning of period
|
|
$
|
77,230
|
|
|
$
|
77,037
|
|
Change in classification
|
|
16,407
|
|
|
13,388
|
|
||
Change in redemption value
|
|
(669
|
)
|
|
10,038
|
|
||
Diversification of share awards (429 shares during December 31, 2018)
|
|
(40,294
|
)
|
|
(23,233
|
)
|
||
Balance at December 31
|
|
$
|
52,674
|
|
|
$
|
77,230
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
(in millions)
|
Quoted
Prices in
Active Markets
for Identical
Assets (Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
|
Quoted
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)
|
$
|
151.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
151.8
|
|
|
$
|
144.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
144.7
|
|
Other Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivative financial instruments - forward interest rate swaps
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.4
|
|
|
$
|
—
|
|
|
$
|
7.4
|
|
(1)
|
Approximately $18.0 million and $12.7 million of participant cash was withdrawn from our deferred compensation plan investments during the years ended December 31, 2019 and 2018, respectively. Approximately $40.3 million of shares within the deferred compensation plan were diversified into other deferred compensation plan investments during the year ended 2018.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
(in millions)
|
Carrying
Value
|
|
Estimated
Fair Value
|
|
Carrying
Value
|
|
Estimated
Fair Value
|
||||||||
Fixed rate notes payable
|
$
|
2,380.4
|
|
|
$
|
2,533.5
|
|
|
$
|
2,222.0
|
|
|
$
|
2,265.4
|
|
Floating rate notes payable (1)
|
143.7
|
|
|
143.8
|
|
|
99.6
|
|
|
99.4
|
|
(1)
|
Includes balances outstanding under our unsecured credit facility at December 31, 2019.
|
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Change in assets:
|
|
|
|
|
|
||||||
Other assets, net
|
$
|
(6,976
|
)
|
|
$
|
10,364
|
|
|
$
|
(6,724
|
)
|
Change in liabilities:
|
|
|
|
|
|
||||||
Accounts payable and accrued expenses
|
19,713
|
|
|
(4,133
|
)
|
|
(2,300
|
)
|
|||
Accrued real estate taxes
|
(1,014
|
)
|
|
1,910
|
|
|
2,342
|
|
|||
Other liabilities
|
23,119
|
|
|
(1,486
|
)
|
|
(995
|
)
|
|||
Other
|
3,252
|
|
|
2,898
|
|
|
2,831
|
|
|||
Change in operating accounts and other
|
$
|
38,094
|
|
|
$
|
9,553
|
|
|
$
|
(4,846
|
)
|
($ in millions)
|
|
|
|
As of
|
||
Balance sheet
|
|
Classification
|
|
December 31, 2019
|
||
Right-of-use assets, net
|
|
Other assets, net
|
|
$
|
10.6
|
|
Operating lease liabilities
|
|
Other liabilities
|
|
$
|
15.0
|
|
($ in millions)
|
|
|
|
Year ended
|
||
Statement of income and comprehensive income
|
|
Classification
|
|
December 31, 2019
|
||
Rent expense related to operating lease liabilities
|
|
General and administrative expenses and property management expenses
|
|
$
|
2.9
|
|
Variable lease expense
|
|
General and administrative expenses and property management expenses
|
|
$
|
1.4
|
|
($ in millions)
|
|
|
|
Year ended
|
||
Statement of cash flows
|
|
Classification
|
|
December 31, 2019
|
||
Cash flows from operating leases
|
|
Net cash from operating activities
|
|
$
|
3.1
|
|
Supplemental lease information
|
|
|
|
|
||
Weighted average remaining lease term (years)
|
|
5.3
|
|
|||
Weighted average discount rate - operating leases (1)
|
|
4.9
|
%
|
(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.
|
(in thousands, except per share amounts)
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Total (a)
|
||||||||||
2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
248,567
|
|
|
$
|
255,761
|
|
|
$
|
260,672
|
|
|
$
|
263,461
|
|
|
$
|
1,028,461
|
|
Net income attributable to common shareholders
|
38,613
|
|
|
42,399
|
|
|
43,597
|
|
|
95,014
|
|
(b)
|
219,623
|
|
|||||
Total earnings per share – basic
|
0.40
|
|
|
0.43
|
|
|
0.44
|
|
|
0.96
|
|
(b)
|
2.23
|
|
|||||
Total earnings per share – diluted
|
0.40
|
|
|
0.43
|
|
|
0.44
|
|
|
0.95
|
|
(b)
|
2.22
|
|
|||||
2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
230,683
|
|
|
$
|
237,133
|
|
|
$
|
241,770
|
|
|
$
|
244,919
|
|
|
$
|
954,505
|
|
Net income attributable to common shareholders
|
39,395
|
|
|
38,671
|
|
|
38,866
|
|
|
39,196
|
|
|
156,128
|
|
|||||
Total earnings per share – basic
|
0.41
|
|
|
0.40
|
|
|
0.41
|
|
|
0.41
|
|
|
1.63
|
|
|||||
Total earnings per share – diluted
|
0.41
|
|
|
0.40
|
|
|
0.40
|
|
|
0.41
|
|
|
1.63
|
|
(a)
|
Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.
|
(b)
|
Includes a $11,995 or $0.12 basic and diluted per share, impact related to the loss on early retirement of debt in October 2019. Also includes a $49,901 or $0.50 basic and $0.49 diluted per share, impact related to a gain on sale of two consolidated operating properties.
|
Camden Property Trust
Real Estate and Accumulated Depreciation As of December 31, 2019 (in thousands) |
Schedule III
|
||||||||||||||||||||||||||||||||
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Land
|
|
Building/
Construction
in Progress &
Improvements
|
|
Cost
Subsequent to
Acquisition/
Construction
|
|
Land
|
|
Building/
Construction
in Progress &
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Total Cost,
Net of
Accumulated
Depreciation
|
|
Year of
Completion/
Acquisition
|
||||||||||||||||
Current communities (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
ARIZONA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Phoenix/Scottsdale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Chandler
|
$
|
5,511
|
|
|
$
|
62,429
|
|
|
$
|
353
|
|
|
$
|
5,511
|
|
|
$
|
62,782
|
|
|
$
|
68,293
|
|
|
$
|
11,766
|
|
|
$
|
56,527
|
|
|
2016
|
Camden Copper Square
|
4,825
|
|
|
23,672
|
|
|
8,859
|
|
|
4,825
|
|
|
32,531
|
|
|
37,356
|
|
|
20,332
|
|
|
17,024
|
|
|
2000
|
||||||||
Camden Foothills
|
11,006
|
|
|
33,712
|
|
|
328
|
|
|
11,006
|
|
|
34,040
|
|
|
45,046
|
|
|
7,454
|
|
|
37,592
|
|
|
2014
|
||||||||
Camden Hayden
|
9,248
|
|
|
35,254
|
|
|
262
|
|
|
9,248
|
|
|
35,516
|
|
|
44,764
|
|
|
7,259
|
|
|
37,505
|
|
|
2015
|
||||||||
Camden Legacy
|
4,068
|
|
|
26,612
|
|
|
18,905
|
|
|
4,068
|
|
|
45,517
|
|
|
49,585
|
|
|
28,933
|
|
|
20,652
|
|
|
1998
|
||||||||
Camden Montierra
|
13,687
|
|
|
31,727
|
|
|
5,891
|
|
|
13,687
|
|
|
37,618
|
|
|
51,305
|
|
|
10,733
|
|
|
40,572
|
|
|
2012
|
||||||||
Camden North End
|
16,108
|
|
|
82,620
|
|
|
68
|
|
|
16,108
|
|
|
82,688
|
|
|
98,796
|
|
|
8,346
|
|
|
90,450
|
|
|
2019
|
||||||||
Camden Old Town Scottsdale
|
23,227
|
|
|
71,784
|
|
|
1,832
|
|
|
23,227
|
|
|
73,616
|
|
|
96,843
|
|
|
4,211
|
|
|
92,632
|
|
|
2019
|
||||||||
Camden Pecos Ranch
|
3,362
|
|
|
24,492
|
|
|
6,044
|
|
|
3,362
|
|
|
30,536
|
|
|
33,898
|
|
|
10,541
|
|
|
23,357
|
|
|
2012
|
||||||||
Camden San Marcos
|
11,520
|
|
|
35,166
|
|
|
6,441
|
|
|
11,520
|
|
|
41,607
|
|
|
53,127
|
|
|
12,171
|
|
|
40,956
|
|
|
2012
|
||||||||
Camden San Paloma
|
6,480
|
|
|
23,045
|
|
|
11,173
|
|
|
6,480
|
|
|
34,218
|
|
|
40,698
|
|
|
19,292
|
|
|
21,406
|
|
|
2002
|
||||||||
Camden Sotelo
|
3,376
|
|
|
30,576
|
|
|
1,665
|
|
|
3,376
|
|
|
32,241
|
|
|
35,617
|
|
|
7,522
|
|
|
28,095
|
|
|
2013
|
||||||||
CALIFORNIA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Los Angeles/Orange County
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Crown Valley
|
9,381
|
|
|
54,210
|
|
|
11,280
|
|
|
9,381
|
|
|
65,490
|
|
|
74,871
|
|
|
37,277
|
|
|
37,594
|
|
|
2001
|
||||||||
Camden Glendale
|
21,492
|
|
|
96,158
|
|
|
180
|
|
|
21,492
|
|
|
96,338
|
|
|
117,830
|
|
|
17,563
|
|
|
100,267
|
|
|
2015
|
||||||||
Camden Harbor View
|
16,079
|
|
|
127,459
|
|
|
29,477
|
|
|
16,079
|
|
|
156,936
|
|
|
173,015
|
|
|
72,266
|
|
|
100,749
|
|
|
2003
|
||||||||
Camden Main and Jamboree
|
17,363
|
|
|
75,387
|
|
|
2,782
|
|
|
17,363
|
|
|
78,169
|
|
|
95,532
|
|
|
23,382
|
|
|
72,150
|
|
|
2008
|
||||||||
Camden Martinique
|
28,401
|
|
|
51,861
|
|
|
27,676
|
|
|
28,401
|
|
|
79,537
|
|
|
107,938
|
|
|
49,477
|
|
|
58,461
|
|
|
1998
|
||||||||
Camden Sea Palms
|
4,336
|
|
|
9,930
|
|
|
8,280
|
|
|
4,336
|
|
|
18,210
|
|
|
22,546
|
|
|
10,683
|
|
|
11,863
|
|
|
1998
|
||||||||
The Camden
|
18,286
|
|
|
118,730
|
|
|
337
|
|
|
18,286
|
|
|
119,067
|
|
|
137,353
|
|
|
18,101
|
|
|
119,252
|
|
|
2016
|
||||||||
San Diego/Inland Empire
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Landmark
|
17,339
|
|
|
71,315
|
|
|
3,789
|
|
|
17,339
|
|
|
75,104
|
|
|
92,443
|
|
|
19,580
|
|
|
72,863
|
|
|
2012
|
||||||||
Camden Old Creek
|
20,360
|
|
|
71,777
|
|
|
9,397
|
|
|
20,360
|
|
|
81,174
|
|
|
101,534
|
|
|
32,105
|
|
|
69,429
|
|
|
2007
|
||||||||
Camden Sierra at Otay Ranch
|
10,585
|
|
|
49,781
|
|
|
10,662
|
|
|
10,585
|
|
|
60,443
|
|
|
71,028
|
|
|
29,713
|
|
|
41,315
|
|
|
2003
|
||||||||
Camden Tuscany
|
3,330
|
|
|
36,466
|
|
|
6,639
|
|
|
3,330
|
|
|
43,105
|
|
|
46,435
|
|
|
21,530
|
|
|
24,905
|
|
|
2003
|
||||||||
Camden Vineyards
|
4,367
|
|
|
28,494
|
|
|
5,189
|
|
|
4,367
|
|
|
33,683
|
|
|
38,050
|
|
|
18,091
|
|
|
19,959
|
|
|
2002
|
||||||||
COLORADO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Denver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Belleview Station
|
8,091
|
|
|
44,003
|
|
|
5,790
|
|
|
8,091
|
|
|
49,793
|
|
|
57,884
|
|
|
12,182
|
|
|
45,702
|
|
|
2012
|
||||||||
Camden Caley
|
2,047
|
|
|
17,445
|
|
|
10,096
|
|
|
2,047
|
|
|
27,541
|
|
|
29,588
|
|
|
15,303
|
|
|
14,285
|
|
|
2000
|
||||||||
Camden Denver West
|
$
|
6,396
|
|
|
$
|
51,552
|
|
|
$
|
12,633
|
|
|
$
|
6,396
|
|
|
$
|
64,185
|
|
|
$
|
70,581
|
|
|
$
|
16,661
|
|
|
$
|
53,920
|
|
|
2012
|
Camden Flatirons
|
6,849
|
|
|
72,631
|
|
|
855
|
|
|
6,849
|
|
|
73,486
|
|
|
80,335
|
|
|
15,824
|
|
|
64,511
|
|
|
2015
|
||||||||
Camden Highlands Ridge
|
2,612
|
|
|
34,726
|
|
|
22,996
|
|
|
2,612
|
|
|
57,722
|
|
|
60,334
|
|
|
31,611
|
|
|
28,723
|
|
|
1996
|
||||||||
Camden Interlocken
|
5,293
|
|
|
31,612
|
|
|
19,410
|
|
|
5,293
|
|
|
51,022
|
|
|
56,315
|
|
|
28,633
|
|
|
27,682
|
|
|
1999
|
||||||||
Camden Lakeway
|
3,915
|
|
|
34,129
|
|
|
26,754
|
|
|
3,915
|
|
|
60,883
|
|
|
64,798
|
|
|
34,940
|
|
|
29,858
|
|
|
1997
|
||||||||
Camden Lincoln Station
|
4,648
|
|
|
51,762
|
|
|
309
|
|
|
4,648
|
|
|
52,071
|
|
|
56,719
|
|
|
7,503
|
|
|
49,216
|
|
|
2017
|
||||||||
WASHINGTON DC METRO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Ashburn Farm
|
4,835
|
|
|
22,604
|
|
|
6,009
|
|
|
4,835
|
|
|
28,613
|
|
|
33,448
|
|
|
12,767
|
|
|
20,681
|
|
|
2005
|
||||||||
Camden College Park
|
16,409
|
|
|
91,503
|
|
|
7,579
|
|
|
16,409
|
|
|
99,082
|
|
|
115,491
|
|
|
28,675
|
|
|
86,816
|
|
|
2008
|
||||||||
Camden Dulles Station
|
10,807
|
|
|
61,548
|
|
|
9,357
|
|
|
10,807
|
|
|
70,905
|
|
|
81,712
|
|
|
24,907
|
|
|
56,805
|
|
|
2008
|
||||||||
Camden Fair Lakes
|
15,515
|
|
|
104,223
|
|
|
14,105
|
|
|
15,515
|
|
|
118,328
|
|
|
133,843
|
|
|
53,166
|
|
|
80,677
|
|
|
2005
|
||||||||
Camden Fairfax Corner
|
8,484
|
|
|
72,953
|
|
|
10,162
|
|
|
8,484
|
|
|
83,115
|
|
|
91,599
|
|
|
36,257
|
|
|
55,342
|
|
|
2006
|
||||||||
Camden Fallsgrove
|
9,408
|
|
|
43,647
|
|
|
6,107
|
|
|
9,408
|
|
|
49,754
|
|
|
59,162
|
|
|
23,071
|
|
|
36,091
|
|
|
2005
|
||||||||
Camden Grand Parc
|
7,688
|
|
|
35,900
|
|
|
3,891
|
|
|
7,688
|
|
|
39,791
|
|
|
47,479
|
|
|
17,257
|
|
|
30,222
|
|
|
2005
|
||||||||
Camden Lansdowne
|
15,502
|
|
|
102,267
|
|
|
26,380
|
|
|
15,502
|
|
|
128,647
|
|
|
144,149
|
|
|
55,180
|
|
|
88,969
|
|
|
2005
|
||||||||
Camden Largo Town Center
|
8,411
|
|
|
44,163
|
|
|
4,661
|
|
|
8,411
|
|
|
48,824
|
|
|
57,235
|
|
|
21,706
|
|
|
35,529
|
|
|
2005
|
||||||||
Camden Monument Place
|
9,030
|
|
|
54,089
|
|
|
7,618
|
|
|
9,030
|
|
|
61,707
|
|
|
70,737
|
|
|
23,110
|
|
|
47,627
|
|
|
2007
|
||||||||
Camden NoMa
|
19,442
|
|
|
82,306
|
|
|
405
|
|
|
19,442
|
|
|
82,711
|
|
|
102,153
|
|
|
20,114
|
|
|
82,039
|
|
|
2014
|
||||||||
Camden NoMa II
|
17,331
|
|
|
91,211
|
|
|
102
|
|
|
17,331
|
|
|
91,313
|
|
|
108,644
|
|
|
19,201
|
|
|
89,443
|
|
|
2017
|
||||||||
Camden Potomac Yard
|
16,498
|
|
|
88,317
|
|
|
11,856
|
|
|
16,498
|
|
|
100,173
|
|
|
116,671
|
|
|
35,674
|
|
|
80,997
|
|
|
2008
|
||||||||
Camden Roosevelt
|
11,470
|
|
|
45,785
|
|
|
5,669
|
|
|
11,470
|
|
|
51,454
|
|
|
62,924
|
|
|
21,963
|
|
|
40,961
|
|
|
2005
|
||||||||
Camden Russett
|
13,460
|
|
|
61,837
|
|
|
7,631
|
|
|
13,460
|
|
|
69,468
|
|
|
82,928
|
|
|
31,431
|
|
|
51,497
|
|
|
2005
|
||||||||
Camden Shady Grove
|
24,177
|
|
|
89,820
|
|
|
236
|
|
|
24,177
|
|
|
90,056
|
|
|
114,233
|
|
|
15,388
|
|
|
98,845
|
|
|
2018
|
||||||||
Camden Silo Creek
|
9,707
|
|
|
45,301
|
|
|
8,646
|
|
|
9,707
|
|
|
53,947
|
|
|
63,654
|
|
|
22,983
|
|
|
40,671
|
|
|
2005
|
||||||||
Camden Washingtonian
|
13,512
|
|
|
75,134
|
|
|
38
|
|
|
13,512
|
|
|
75,172
|
|
|
88,684
|
|
|
7,453
|
|
|
81,231
|
|
|
2018
|
||||||||
FLORIDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Southeast Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Aventura
|
12,185
|
|
|
47,616
|
|
|
14,567
|
|
|
12,185
|
|
|
62,183
|
|
|
74,368
|
|
|
30,092
|
|
|
44,276
|
|
|
2005
|
||||||||
Camden Boca Raton
|
2,201
|
|
|
50,057
|
|
|
435
|
|
|
2,201
|
|
|
50,492
|
|
|
52,693
|
|
|
10,690
|
|
|
42,003
|
|
|
2014
|
||||||||
Camden Brickell
|
14,621
|
|
|
57,031
|
|
|
32,064
|
|
|
14,621
|
|
|
89,095
|
|
|
103,716
|
|
|
36,848
|
|
|
66,868
|
|
|
2005
|
||||||||
Camden Doral
|
10,260
|
|
|
40,416
|
|
|
7,769
|
|
|
10,260
|
|
|
48,185
|
|
|
58,445
|
|
|
22,353
|
|
|
36,092
|
|
|
2005
|
||||||||
Camden Doral Villas
|
6,476
|
|
|
25,543
|
|
|
7,881
|
|
|
6,476
|
|
|
33,424
|
|
|
39,900
|
|
|
16,294
|
|
|
23,606
|
|
|
2005
|
||||||||
Camden Las Olas
|
12,395
|
|
|
79,518
|
|
|
28,185
|
|
|
12,395
|
|
|
107,703
|
|
|
120,098
|
|
|
44,737
|
|
|
75,361
|
|
|
2005
|
||||||||
Camden Plantation
|
6,299
|
|
|
77,964
|
|
|
13,767
|
|
|
6,299
|
|
|
91,731
|
|
|
98,030
|
|
|
41,354
|
|
|
56,676
|
|
|
2005
|
||||||||
Camden Portofino
|
9,867
|
|
|
38,702
|
|
|
10,387
|
|
|
9,867
|
|
|
49,089
|
|
|
58,956
|
|
|
22,310
|
|
|
36,646
|
|
|
2005
|
||||||||
Orlando
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Hunter's Creek
|
$
|
4,156
|
|
|
$
|
20,925
|
|
|
$
|
6,337
|
|
|
$
|
4,156
|
|
|
$
|
27,262
|
|
|
$
|
31,418
|
|
|
$
|
13,356
|
|
|
$
|
18,062
|
|
|
2005
|
Camden Lago Vista
|
3,497
|
|
|
29,623
|
|
|
6,301
|
|
|
3,497
|
|
|
35,924
|
|
|
39,421
|
|
|
17,112
|
|
|
22,309
|
|
|
2005
|
||||||||
Camden LaVina
|
12,907
|
|
|
42,617
|
|
|
1,306
|
|
|
12,907
|
|
|
43,923
|
|
|
56,830
|
|
|
13,395
|
|
|
43,435
|
|
|
2012
|
||||||||
Camden Lee Vista
|
4,350
|
|
|
34,643
|
|
|
11,443
|
|
|
4,350
|
|
|
46,086
|
|
|
50,436
|
|
|
26,129
|
|
|
24,307
|
|
|
2000
|
||||||||
Camden North Quarter
|
9,990
|
|
|
68,471
|
|
|
1,038
|
|
|
9,990
|
|
|
69,509
|
|
|
79,499
|
|
|
8,057
|
|
|
71,442
|
|
|
2018
|
||||||||
Camden Orange Court
|
5,319
|
|
|
40,733
|
|
|
3,813
|
|
|
5,319
|
|
|
44,546
|
|
|
49,865
|
|
|
17,210
|
|
|
32,655
|
|
|
2008
|
||||||||
Camden Thornton Park
|
11,711
|
|
|
74,628
|
|
|
764
|
|
|
11,711
|
|
|
75,392
|
|
|
87,103
|
|
|
5,843
|
|
|
81,260
|
|
|
2018
|
||||||||
Camden Town Square
|
13,127
|
|
|
45,997
|
|
|
1,093
|
|
|
13,127
|
|
|
47,090
|
|
|
60,217
|
|
|
13,085
|
|
|
47,132
|
|
|
2012
|
||||||||
Camden World Gateway
|
5,785
|
|
|
51,821
|
|
|
8,612
|
|
|
5,785
|
|
|
60,433
|
|
|
66,218
|
|
|
27,663
|
|
|
38,555
|
|
|
2005
|
||||||||
Tampa/St. Petersburg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Bay
|
7,450
|
|
|
63,283
|
|
|
23,090
|
|
|
7,450
|
|
|
86,373
|
|
|
93,823
|
|
|
47,472
|
|
|
46,351
|
|
|
1998/2002
|
||||||||
Camden Montague
|
3,576
|
|
|
16,534
|
|
|
785
|
|
|
3,576
|
|
|
17,319
|
|
|
20,895
|
|
|
5,376
|
|
|
15,519
|
|
|
2012
|
||||||||
Camden Pier District
|
16,704
|
|
|
105,383
|
|
|
1,271
|
|
|
16,704
|
|
|
106,654
|
|
|
123,358
|
|
|
12,714
|
|
|
110,644
|
|
|
2018
|
||||||||
Camden Preserve
|
1,206
|
|
|
17,982
|
|
|
11,267
|
|
|
1,206
|
|
|
29,249
|
|
|
30,455
|
|
|
18,995
|
|
|
11,460
|
|
|
1997
|
||||||||
Camden Royal Palms
|
2,147
|
|
|
38,339
|
|
|
4,283
|
|
|
2,147
|
|
|
42,622
|
|
|
44,769
|
|
|
17,259
|
|
|
27,510
|
|
|
2007
|
||||||||
Camden Westchase Park
|
11,955
|
|
|
36,254
|
|
|
825
|
|
|
11,955
|
|
|
37,079
|
|
|
49,034
|
|
|
10,626
|
|
|
38,408
|
|
|
2012
|
||||||||
GEORGIA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Atlanta
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Brookwood
|
7,174
|
|
|
31,984
|
|
|
10,702
|
|
|
7,174
|
|
|
42,686
|
|
|
49,860
|
|
|
20,559
|
|
|
29,301
|
|
|
2005
|
||||||||
Camden Buckhead Square
|
13,200
|
|
|
43,785
|
|
|
894
|
|
|
13,200
|
|
|
44,679
|
|
|
57,879
|
|
|
4,930
|
|
|
52,949
|
|
|
2017
|
||||||||
Camden Creekstone
|
5,017
|
|
|
19,912
|
|
|
5,492
|
|
|
5,017
|
|
|
25,404
|
|
|
30,421
|
|
|
7,137
|
|
|
23,284
|
|
|
2012
|
||||||||
Camden Deerfield
|
4,895
|
|
|
21,922
|
|
|
9,717
|
|
|
4,895
|
|
|
31,639
|
|
|
36,534
|
|
|
15,389
|
|
|
21,145
|
|
|
2005
|
||||||||
Camden Dunwoody
|
5,290
|
|
|
23,642
|
|
|
9,812
|
|
|
5,290
|
|
|
33,454
|
|
|
38,744
|
|
|
16,870
|
|
|
21,874
|
|
|
2005
|
||||||||
Camden Fourth Ward
|
10,477
|
|
|
51,258
|
|
|
1,621
|
|
|
10,477
|
|
|
52,879
|
|
|
63,356
|
|
|
11,789
|
|
|
51,567
|
|
|
2014
|
||||||||
Camden Midtown Atlanta
|
6,196
|
|
|
33,828
|
|
|
11,097
|
|
|
6,196
|
|
|
44,925
|
|
|
51,121
|
|
|
21,671
|
|
|
29,450
|
|
|
2005
|
||||||||
Camden Paces
|
15,262
|
|
|
102,521
|
|
|
1,218
|
|
|
15,262
|
|
|
103,739
|
|
|
119,001
|
|
|
22,448
|
|
|
96,553
|
|
|
2015
|
||||||||
Camden Peachtree City
|
6,536
|
|
|
29,063
|
|
|
8,323
|
|
|
6,536
|
|
|
37,386
|
|
|
43,922
|
|
|
17,992
|
|
|
25,930
|
|
|
2005
|
||||||||
Camden Shiloh
|
4,181
|
|
|
18,798
|
|
|
6,220
|
|
|
4,181
|
|
|
25,018
|
|
|
29,199
|
|
|
12,697
|
|
|
16,502
|
|
|
2005
|
||||||||
Camden St. Clair
|
7,526
|
|
|
27,486
|
|
|
8,316
|
|
|
7,526
|
|
|
35,802
|
|
|
43,328
|
|
|
18,251
|
|
|
25,077
|
|
|
2005
|
||||||||
Camden Stockbridge
|
5,071
|
|
|
22,693
|
|
|
5,281
|
|
|
5,071
|
|
|
27,974
|
|
|
33,045
|
|
|
13,537
|
|
|
19,508
|
|
|
2005
|
||||||||
Camden Vantage
|
11,787
|
|
|
68,822
|
|
|
7,354
|
|
|
11,787
|
|
|
76,176
|
|
|
87,963
|
|
|
17,762
|
|
|
70,201
|
|
|
2013
|
||||||||
NORTH CAROLINA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Charlotte
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Ballantyne
|
$
|
4,503
|
|
|
$
|
30,250
|
|
|
$
|
9,801
|
|
|
$
|
4,503
|
|
|
$
|
40,051
|
|
|
$
|
44,554
|
|
|
$
|
20,131
|
|
|
$
|
24,423
|
|
|
2005
|
Camden Cotton Mills
|
4,246
|
|
|
19,147
|
|
|
7,548
|
|
|
4,246
|
|
|
26,695
|
|
|
30,941
|
|
|
13,703
|
|
|
17,238
|
|
|
2005
|
||||||||
CoWork by Camden
|
814
|
|
|
3,422
|
|
|
9
|
|
|
814
|
|
|
3,431
|
|
|
4,245
|
|
|
172
|
|
|
4,073
|
|
|
2019
|
||||||||
Camden Dilworth
|
516
|
|
|
16,633
|
|
|
3,421
|
|
|
516
|
|
|
20,054
|
|
|
20,570
|
|
|
8,836
|
|
|
11,734
|
|
|
2006
|
||||||||
Camden Fairview
|
1,283
|
|
|
7,223
|
|
|
4,639
|
|
|
1,283
|
|
|
11,862
|
|
|
13,145
|
|
|
6,692
|
|
|
6,453
|
|
|
2005
|
||||||||
Camden Foxcroft
|
1,408
|
|
|
7,919
|
|
|
4,898
|
|
|
1,408
|
|
|
12,817
|
|
|
14,225
|
|
|
7,103
|
|
|
7,122
|
|
|
2005
|
||||||||
Camden Foxcroft II
|
1,152
|
|
|
6,499
|
|
|
3,698
|
|
|
1,152
|
|
|
10,197
|
|
|
11,349
|
|
|
5,096
|
|
|
6,253
|
|
|
2005
|
||||||||
Camden Gallery
|
7,930
|
|
|
51,957
|
|
|
637
|
|
|
7,930
|
|
|
52,594
|
|
|
60,524
|
|
|
8,449
|
|
|
52,075
|
|
|
2017
|
||||||||
Camden Grandview
|
7,570
|
|
|
33,859
|
|
|
13,278
|
|
|
7,570
|
|
|
47,137
|
|
|
54,707
|
|
|
22,302
|
|
|
32,405
|
|
|
2005
|
||||||||
Camden Grandview II
|
4,617
|
|
|
17,852
|
|
|
26
|
|
|
4,617
|
|
|
17,878
|
|
|
22,495
|
|
|
1,120
|
|
|
21,375
|
|
|
2019
|
||||||||
Camden Sedgebrook
|
5,266
|
|
|
29,211
|
|
|
8,192
|
|
|
5,266
|
|
|
37,403
|
|
|
42,669
|
|
|
18,878
|
|
|
23,791
|
|
|
2005
|
||||||||
Camden South End
|
6,625
|
|
|
29,175
|
|
|
14,961
|
|
|
6,625
|
|
|
44,136
|
|
|
50,761
|
|
|
19,757
|
|
|
31,004
|
|
|
2005
|
||||||||
Camden Stonecrest
|
3,941
|
|
|
22,021
|
|
|
6,962
|
|
|
3,941
|
|
|
28,983
|
|
|
32,924
|
|
|
14,930
|
|
|
17,994
|
|
|
2005
|
||||||||
Camden Touchstone
|
1,203
|
|
|
6,772
|
|
|
3,807
|
|
|
1,203
|
|
|
10,579
|
|
|
11,782
|
|
|
5,818
|
|
|
5,964
|
|
|
2005
|
||||||||
Raleigh
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Carolinian
|
14,765
|
|
|
56,674
|
|
|
39
|
|
|
14,765
|
|
|
56,713
|
|
|
71,478
|
|
|
267
|
|
|
71,211
|
|
|
2019
|
||||||||
Camden Crest
|
4,412
|
|
|
31,108
|
|
|
7,473
|
|
|
4,412
|
|
|
38,581
|
|
|
42,993
|
|
|
17,807
|
|
|
25,186
|
|
|
2005
|
||||||||
Camden Governor's Village
|
3,669
|
|
|
20,508
|
|
|
7,066
|
|
|
3,669
|
|
|
27,574
|
|
|
31,243
|
|
|
12,827
|
|
|
18,416
|
|
|
2005
|
||||||||
Camden Lake Pine
|
5,746
|
|
|
31,714
|
|
|
14,563
|
|
|
5,746
|
|
|
46,277
|
|
|
52,023
|
|
|
22,328
|
|
|
29,695
|
|
|
2005
|
||||||||
Camden Manor Park
|
2,535
|
|
|
47,159
|
|
|
11,213
|
|
|
2,535
|
|
|
58,372
|
|
|
60,907
|
|
|
24,147
|
|
|
36,760
|
|
|
2006
|
||||||||
Camden Overlook
|
4,591
|
|
|
25,563
|
|
|
10,347
|
|
|
4,591
|
|
|
35,910
|
|
|
40,501
|
|
|
18,586
|
|
|
21,915
|
|
|
2005
|
||||||||
Camden Reunion Park
|
3,302
|
|
|
18,457
|
|
|
11,358
|
|
|
3,302
|
|
|
29,815
|
|
|
33,117
|
|
|
14,502
|
|
|
18,615
|
|
|
2005
|
||||||||
Camden Westwood
|
4,567
|
|
|
25,519
|
|
|
9,115
|
|
|
4,567
|
|
|
34,634
|
|
|
39,201
|
|
|
16,292
|
|
|
22,909
|
|
|
2005
|
||||||||
TEXAS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Austin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Cedar Hills
|
2,684
|
|
|
20,931
|
|
|
3,503
|
|
|
2,684
|
|
|
24,434
|
|
|
27,118
|
|
|
9,295
|
|
|
17,823
|
|
|
2008
|
||||||||
Camden Gaines Ranch
|
5,094
|
|
|
37,100
|
|
|
10,909
|
|
|
5,094
|
|
|
48,009
|
|
|
53,103
|
|
|
23,458
|
|
|
29,645
|
|
|
2005
|
||||||||
Camden Huntingdon
|
2,289
|
|
|
17,393
|
|
|
10,791
|
|
|
2,289
|
|
|
28,184
|
|
|
30,473
|
|
|
20,459
|
|
|
10,014
|
|
|
1995
|
||||||||
Camden La Frontera
|
3,250
|
|
|
32,376
|
|
|
543
|
|
|
3,250
|
|
|
32,919
|
|
|
36,169
|
|
|
7,610
|
|
|
28,559
|
|
|
2015
|
||||||||
Camden Lamar Heights
|
3,988
|
|
|
42,773
|
|
|
531
|
|
|
3,988
|
|
|
43,304
|
|
|
47,292
|
|
|
9,938
|
|
|
37,354
|
|
|
2015
|
||||||||
Camden Rainey Street
|
30,044
|
|
|
85,477
|
|
|
887
|
|
|
30,044
|
|
|
86,364
|
|
|
116,408
|
|
|
3,040
|
|
|
113,368
|
|
|
2019
|
||||||||
Camden Stoneleigh
|
3,498
|
|
|
31,285
|
|
|
8,966
|
|
|
3,498
|
|
|
40,251
|
|
|
43,749
|
|
|
19,167
|
|
|
24,582
|
|
|
2006
|
||||||||
Dallas/Fort Worth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Addison
|
$
|
11,516
|
|
|
$
|
29,332
|
|
|
$
|
8,735
|
|
|
$
|
11,516
|
|
|
$
|
38,067
|
|
|
$
|
49,583
|
|
|
$
|
13,673
|
|
|
$
|
35,910
|
|
|
2012
|
Camden Belmont
|
12,521
|
|
|
61,522
|
|
|
6,530
|
|
|
12,521
|
|
|
68,052
|
|
|
80,573
|
|
|
17,987
|
|
|
62,586
|
|
|
2012
|
||||||||
Camden Buckingham
|
2,704
|
|
|
21,251
|
|
|
11,413
|
|
|
2,704
|
|
|
32,664
|
|
|
35,368
|
|
|
21,634
|
|
|
13,734
|
|
|
1997
|
||||||||
Camden Centreport
|
1,613
|
|
|
12,644
|
|
|
7,459
|
|
|
1,613
|
|
|
20,103
|
|
|
21,716
|
|
|
12,961
|
|
|
8,755
|
|
|
1997
|
||||||||
Camden Cimarron
|
2,231
|
|
|
14,092
|
|
|
8,406
|
|
|
2,231
|
|
|
22,498
|
|
|
24,729
|
|
|
16,936
|
|
|
7,793
|
|
|
1997
|
||||||||
Camden Farmers Market
|
17,341
|
|
|
74,193
|
|
|
28,144
|
|
|
17,341
|
|
|
102,337
|
|
|
119,678
|
|
|
54,327
|
|
|
65,351
|
|
|
2001/2005
|
||||||||
Camden Henderson
|
3,842
|
|
|
15,256
|
|
|
801
|
|
|
3,842
|
|
|
16,057
|
|
|
19,899
|
|
|
4,680
|
|
|
15,219
|
|
|
2012
|
||||||||
Camden Legacy Creek
|
2,052
|
|
|
12,896
|
|
|
7,420
|
|
|
2,052
|
|
|
20,316
|
|
|
22,368
|
|
|
14,235
|
|
|
8,133
|
|
|
1997
|
||||||||
Camden Legacy Park
|
2,560
|
|
|
15,449
|
|
|
8,588
|
|
|
2,560
|
|
|
24,037
|
|
|
26,597
|
|
|
16,591
|
|
|
10,006
|
|
|
1997
|
||||||||
Camden Valley Park
|
3,096
|
|
|
14,667
|
|
|
15,989
|
|
|
3,096
|
|
|
30,656
|
|
|
33,752
|
|
|
28,700
|
|
|
5,052
|
|
|
1994
|
||||||||
Camden Victory Park
|
13,445
|
|
|
71,735
|
|
|
391
|
|
|
13,445
|
|
|
72,126
|
|
|
85,571
|
|
|
12,393
|
|
|
73,178
|
|
|
2016
|
||||||||
Houston
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden City Centre
|
4,976
|
|
|
44,735
|
|
|
8,861
|
|
|
4,976
|
|
|
53,596
|
|
|
58,572
|
|
|
20,203
|
|
|
38,369
|
|
|
2007
|
||||||||
Camden City Centre II
|
5,101
|
|
|
28,131
|
|
|
576
|
|
|
5,101
|
|
|
28,707
|
|
|
33,808
|
|
|
8,299
|
|
|
25,509
|
|
|
2013
|
||||||||
Camden Greenway
|
16,916
|
|
|
43,933
|
|
|
21,492
|
|
|
16,916
|
|
|
65,425
|
|
|
82,341
|
|
|
42,848
|
|
|
39,493
|
|
|
1999
|
||||||||
Camden Highland Village
|
28,536
|
|
|
111,802
|
|
|
34
|
|
|
28,536
|
|
|
111,836
|
|
|
140,372
|
|
|
586
|
|
|
139,786
|
|
|
2019
|
||||||||
Camden Holly Springs
|
11,108
|
|
|
42,852
|
|
|
12,811
|
|
|
11,108
|
|
|
55,663
|
|
|
66,771
|
|
|
19,048
|
|
|
47,723
|
|
|
2012
|
||||||||
Camden McGowen Station
|
6,089
|
|
|
85,038
|
|
|
18
|
|
|
6,089
|
|
|
85,056
|
|
|
91,145
|
|
|
9,284
|
|
|
81,861
|
|
|
2018
|
||||||||
Camden Midtown
|
4,583
|
|
|
18,026
|
|
|
11,861
|
|
|
4,583
|
|
|
29,887
|
|
|
34,470
|
|
|
19,581
|
|
|
14,889
|
|
|
1999
|
||||||||
Camden Oak Crest
|
2,078
|
|
|
20,941
|
|
|
6,437
|
|
|
2,078
|
|
|
27,378
|
|
|
29,456
|
|
|
15,113
|
|
|
14,343
|
|
|
2003
|
||||||||
Camden Park
|
4,922
|
|
|
16,453
|
|
|
6,443
|
|
|
4,922
|
|
|
22,896
|
|
|
27,818
|
|
|
8,015
|
|
|
19,803
|
|
|
2012
|
||||||||
Camden Plaza
|
7,204
|
|
|
31,044
|
|
|
4,528
|
|
|
7,204
|
|
|
35,572
|
|
|
42,776
|
|
|
10,443
|
|
|
32,333
|
|
|
2007
|
||||||||
Camden Post Oak
|
14,056
|
|
|
92,515
|
|
|
19,339
|
|
|
14,056
|
|
|
111,854
|
|
|
125,910
|
|
|
27,955
|
|
|
97,955
|
|
|
2013
|
||||||||
Camden Royal Oaks
|
1,055
|
|
|
20,046
|
|
|
3,829
|
|
|
1,055
|
|
|
23,875
|
|
|
24,930
|
|
|
10,362
|
|
|
14,568
|
|
|
2006
|
||||||||
Camden Royal Oaks II
|
587
|
|
|
12,743
|
|
|
28
|
|
|
587
|
|
|
12,771
|
|
|
13,358
|
|
|
3,791
|
|
|
9,567
|
|
|
2012
|
||||||||
Camden Stonebridge
|
1,016
|
|
|
7,137
|
|
|
7,076
|
|
|
1,016
|
|
|
14,213
|
|
|
15,229
|
|
|
10,152
|
|
|
5,077
|
|
|
1993
|
||||||||
Camden Sugar Grove
|
7,614
|
|
|
27,594
|
|
|
5,004
|
|
|
7,614
|
|
|
32,598
|
|
|
40,212
|
|
|
9,840
|
|
|
30,372
|
|
|
2012
|
||||||||
Camden Travis Street
|
1,780
|
|
|
29,104
|
|
|
2,028
|
|
|
1,780
|
|
|
31,132
|
|
|
32,912
|
|
|
11,104
|
|
|
21,808
|
|
|
2010
|
||||||||
Camden Vanderbilt
|
16,076
|
|
|
44,918
|
|
|
26,933
|
|
|
16,076
|
|
|
71,851
|
|
|
87,927
|
|
|
49,883
|
|
|
38,044
|
|
|
1994/1997
|
||||||||
Camden Whispering Oaks
|
1,188
|
|
|
26,242
|
|
|
2,016
|
|
|
1,188
|
|
|
28,258
|
|
|
29,446
|
|
|
11,332
|
|
|
18,114
|
|
|
2008
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total current communities:
|
$
|
1,199,384
|
|
|
$
|
6,275,187
|
|
|
$
|
1,122,505
|
|
|
$
|
1,199,384
|
|
|
$
|
7,397,692
|
|
|
$
|
8,597,076
|
|
|
$
|
2,685,956
|
|
|
$
|
5,911,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Communities under construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Name / location
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Atlantic
Plantation, FL |
|
|
$
|
19,259
|
|
|
|
|
|
|
$
|
19,259
|
|
|
$
|
19,259
|
|
|
|
|
$
|
19,259
|
|
|
N/A
|
||||||||
Camden Buckhead
Atlanta, GA |
|
|
55,166
|
|
|
|
|
|
|
55,166
|
|
|
55,166
|
|
|
|
|
55,166
|
|
|
N/A
|
||||||||||||
Camden Downtown I
Houston, TX |
|
|
123,465
|
|
|
|
|
|
|
123,465
|
|
|
123,465
|
|
|
48
|
|
|
123,417
|
|
|
N/A
|
|||||||||||
Camden Hillcrest
San Diego, CA |
|
|
42,669
|
|
|
|
|
|
|
42,669
|
|
|
42,669
|
|
|
|
|
42,669
|
|
|
N/A
|
||||||||||||
Camden Lake Eola
Orlando, FL |
|
|
75,000
|
|
|
|
|
|
|
75,000
|
|
|
75,000
|
|
|
|
|
75,000
|
|
|
N/A
|
||||||||||||
Camden North End II
Phoenix, AZ |
|
|
31,350
|
|
|
|
|
|
|
31,350
|
|
|
31,350
|
|
|
|
|
31,350
|
|
|
N/A
|
||||||||||||
Camden RiNo
Denver, CO |
|
|
66,530
|
|
|
|
|
|
|
66,530
|
|
|
66,530
|
|
|
$21
|
|
66,509
|
|
|
N/A
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total communities under construction:
|
$
|
—
|
|
|
$
|
413,439
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
413,439
|
|
|
$
|
413,439
|
|
|
$
|
69
|
|
|
$
|
413,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Development pipeline communities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Name/location
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Camden Arts District
Los Angeles, CA |
|
|
$
|
26,888
|
|
|
|
|
|
|
$
|
26,888
|
|
|
$
|
26,888
|
|
|
|
|
$
|
26,888
|
|
|
N/A
|
||||||||
Camden Downtown II
Houston, TX |
|
|
11,406
|
|
|
|
|
|
|
11,406
|
|
|
11,406
|
|
|
|
|
11,406
|
|
|
N/A
|
||||||||||||
Camden Hayden II
Phoenix, AZ |
|
|
22,004
|
|
|
|
|
|
|
22,004
|
|
|
22,004
|
|
|
|
|
22,004
|
|
|
N/A
|
||||||||||||
Camden Highland Village II
Houston, TX |
|
|
8,025
|
|
|
|
|
|
|
8,025
|
|
|
8,025
|
|
|
|
|
8,025
|
|
|
N/A
|
||||||||||||
Camden NoDa
Charlotte, NC |
|
|
14,748
|
|
|
|
|
|
|
14,748
|
|
|
14,748
|
|
|
|
|
14,748
|
|
|
N/A
|
||||||||||||
Camden Paces III
Atlanta, GA |
|
|
15,783
|
|
|
|
|
|
|
15,783
|
|
|
15,783
|
|
|
|
|
15,783
|
|
|
N/A
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total development pipeline communities:
|
$
|
—
|
|
|
$
|
98,854
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
98,854
|
|
|
$
|
98,854
|
|
|
$
|
—
|
|
|
$
|
98,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate
|
|
|
|
6,424
|
|
|
|
|
—
|
|
|
6,424
|
|
|
6,424
|
|
|
|
|
6,424
|
|
|
N/A
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
$
|
—
|
|
|
$
|
6,424
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,424
|
|
|
$
|
6,424
|
|
|
$
|
—
|
|
|
$
|
6,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
TOTAL
|
$
|
1,199,384
|
|
|
$
|
6,793,904
|
|
|
$
|
1,122,505
|
|
|
$
|
1,199,384
|
|
|
$
|
7,916,409
|
|
|
$
|
9,115,793
|
|
|
$
|
2,686,025
|
|
|
$
|
6,429,768
|
|
|
|
(1)
|
All communities were unencumbered at December 31, 2019.
|
Camden Property Trust
Real Estate and Accumulated Depreciation
As of December 31, 2019
(in thousands)
|
Schedule III
|
Camden Property Trust
Mortgage Loans on Real Estate
As of December 31, 2019
|
Schedule IV
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
($ in thousands)
Description
|
|
Interest Rate
|
|
Final Maturity Date
|
|
Periodic payment terms
|
|
Face amount of
mortgages
|
|
Carry amount of
mortgages (a)
|
||||
Parking Garage
Developer advances
Houston, TX
|
|
(b)
|
|
October 1, 2025
|
|
(c)
|
|
$
|
7,868
|
|
|
$
|
7,868
|
|
(a)
|
The aggregate cost at December 31, 2019 for federal income tax purposes was approximately $7,868.
|
(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, 2019 to October 1, 2025.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance, beginning of period
|
$
|
9,314
|
|
|
$
|
18,790
|
|
|
$
|
17,224
|
|
Additions:
|
|
|
|
|
|
||||||
Advances under real estate loans
|
—
|
|
|
—
|
|
|
1,566
|
|
|||
Deductions:
|
|
|
|
|
|
||||||
Collections of principal and loan payoff
|
(1,446
|
)
|
|
(9,476
|
)
|
|
—
|
|
|||
Balance, end of period
|
$
|
7,868
|
|
|
$
|
9,314
|
|
|
$
|
18,790
|
|
|
|
|
|
|
Names of Significant Subsidiaries
|
|
State of
Incorporation/
Organization
|
|
Name Under Which
Business is Done
|
|
|
|
||
1. Camden Operating, L.P.
|
|
Delaware
|
|
Camden Operating, L.P.
|
|
|
|
||
2. Camden USA, Inc.
|
|
Delaware
|
|
Camden USA, Inc.
|
|
|
|
||
3. Camden Development, Inc.
|
|
Delaware
|
|
Camden Development, Inc.
|
|
|
|
||
4. Camden Summit Partnership, L.P.
|
|
Delaware
|
|
Camden Summit Partnership, L.P.
|
|
/s/ Heather J. Brunner
|
Signature
|
|
Heather J. Brunner
|
Print Name
|
|
/s/ Scott S. Ingraham
|
Signature
|
|
Scott S. Ingraham
|
Print Name
|
|
/s/ Renu Khator
|
Signature
|
|
Renu Khator
|
Print Name
|
|
/s/ William B. McGuire, Jr.
|
Signature
|
|
William B. McGuire, Jr.
|
Print Name
|
|
/s/ William F. Paulsen
|
Signature
|
|
William F. Paulsen
|
Print Name
|
|
/s/ Frances Aldrich Sevilla-Sacasa
|
Signature
|
|
Frances Aldrich Sevilla-Sacasa
|
Print Name
|
|
/s/ Steven A. Webster
|
Signature
|
|
Steven A. Webster
|
Print Name
|
|
/s/ Kelvin R. Westbrook
|
Signature
|
|
Kelvin R. Westbrook
|
Print Name
|
1.
|
I have reviewed this annual report on Form 10-K of Camden Property Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: February 20, 2020
|
/s/ Richard J. Campo
|
|
Richard J. Campo
|
|
Chairman of the Board of Trust Managers and
|
|
Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Camden Property Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: February 20, 2020
|
/s/ Alexander J. Jessett
|
|
Alexander J. Jessett
|
|
Executive Vice President-Finance,
|
|
Chief Financial Officer and Treasurer
|
1.
|
The Annual Report on Form 10-K of the Company for the period ended December 31, 2019 (“the Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ Richard J. Campo
|
|
Richard J. Campo
|
|
Chairman of the Board of Trust Managers and
|
|
Chief Executive Officer
|
|
|
|
/s/ Alexander J. Jessett
|
|
Alexander J. Jessett
|
|
Executive Vice President-Finance,
|
|
Chief Financial Officer and Treasurer
|