EDGAR 10-K Filing

Company CIK: 906345
Filing Year: 2022
Filename: 906345_10-K_2022_0000906345-22-000009.json

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ITEM 1. BUSINESS
Item 1. Business
General
Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (“REIT”), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Unless the context requires otherwise, “we,” “our,” “us,” and the “Company” refer to Camden Property Trust and its consolidated subsidiaries. Our multifamily apartment communities are referred to as “communities,” “multifamily communities,” “properties,” or “multifamily properties” in the following discussion.
Our website is located at www.camdenliving.com and we make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (the “SEC”). We also make available free of charge on our website our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit, Compensation, and Nominating and Corporate Governance Committees. Copies are also available, without charge, from Investor Relations, 11 Greenway Plaza, Suite 2400, Houston, Texas 77046. References to our website in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on or available through our website and therefore such information should not be considered part of this report.
Our annual, quarterly and current reports, proxy statements, and other information are electronically filed with the SEC. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy, and information statements and other information regarding issuers that file electronically with the SEC.
Narrative Description of Business
As of December 31, 2021, we owned interests in, operated, or were developing 176 multifamily properties comprised of 60,073 apartment homes across the United States. Of the 176 properties, five properties were under construction and will consist of a total of 1,773 apartment homes when completed. We also own land holdings which we may develop into communities in the future.
Operating and Business Strategy
We believe producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success. We rely heavily on our sophisticated property management capabilities and innovative operating strategies to maximize the earnings potential of our communities.
Real Estate Investments and Market Balance. We believe we are well-positioned in our current markets and have the expertise to take advantage of new opportunities as they arise. These capabilities, combined with what we believe is a conservative financial structure, should allow us to concentrate our growth efforts toward selective opportunities to enhance our strategy of having a geographically diverse portfolio of assets which meet the requirements of our residents.
We continue to operate in our core markets which we believe provides an advantage due to economies of scale. We believe, where possible, it is best to operate with a strong base of properties in order to benefit from the personnel allocation and the market strength associated with managing multiple properties in the same market. However, consistent with our goal of generating sustained earnings growth, we intend to selectively dispose of properties and redeploy capital for various strategic reasons, including if we determine a property cannot meet our long-term earnings growth expectations.
We try to maximize capital appreciation of our properties by investing in markets characterized by conditions favorable to multifamily property appreciation. These markets generally feature the following:
•Strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments; and,
•An attractive quality of life, which may lead to higher demand and retention for our apartments and allow us to more readily increase rents.
Subject to market conditions, we intend to continue to seek opportunities to develop new communities, and to redevelop, reposition and acquire existing communities. We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash and cash equivalents, cash flows generated from operations, draws on our unsecured credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages.
Sophisticated Property Management. We believe the depth of our organization enables us to deliver quality services, promote resident satisfaction, and retain residents, thereby increasing our operating revenues and reducing our operating expenses. We manage our properties utilizing a staff of professionals and support personnel, including certified property managers, experienced apartment managers and leasing agents, and trained apartment maintenance technicians. Our on-site personnel are trained to deliver high-quality services to our residents and we strive to motivate our on-site employees through incentive compensation arrangements based upon property operational results, rental rate increases, occupancy levels, and level of new leases and lease renewals achieved.
Operations. We believe an intense focus on operations is necessary to realize consistent, sustained earnings growth. Ensuring customer satisfaction, increasing rents as market conditions allow, maximizing rent collections (subject to restrictions of applicable law), maintaining property occupancy at optimal levels, and controlling operating costs comprise our principal strategies to maximize property financial results. We believe our web-based property management and revenue management systems strengthen on-site operations and allow us to quickly adjust rental rates as local market conditions change. Lease terms are generally staggered based on vacancy exposure by apartment type such that lease expirations are matched to each property's seasonal rental patterns. Our average lease terms are approximately fourteen months, and our individual property marketing plans are structured to respond to local market conditions. In addition, we conduct ongoing customer service surveys to help ensure timely responses to customers' changing needs and a high-level of satisfaction.
Investments in Joint Ventures. We have entered into, and may continue in the future to enter into, joint ventures or partnerships, including limited liability companies, through which we own an indirect economic interest in less than 100% of the joint venture or partnership. We account for three investment funds (collectively, the "Funds") utilizing the equity method of accounting. As of December 31, 2021, we had two discretionary investment funds, which are closed to future investments, and a third fund which we formed in March 2015 and, as amended, may be utilized for future multifamily investments of up to $360 million. See Note 8, “Investments in Joint Ventures,” and Note 14, “Commitments and Contingencies,” in the notes to the Consolidated Financial Statements for further discussion of our investments in joint ventures.
Competition
There are numerous housing alternatives which compete with our communities in attracting residents. Our properties compete directly with other multifamily properties as well as condominiums, single-family homes, third-party providers of short-term rentals and serviced apartments, which are available for rent or purchase in the markets in which our communities are located. This competitive environment could have a material adverse effect on our ability to lease apartment homes or on the rents realized at our present properties or any newly-developed or acquired property.
Human Capital Management
Purpose and Culture. We strive to differentiate ourselves by our culture and talent. How we manage our human capital is critical to how we deliver on our strategy and create sustained growth and value for our shareholders and we strive to improve the lives of our team members, customers and shareholders one experience at a time. We recognize a great culture is foundational to the success of this vision. Key components in managing our human capital are listed below.
Camden's Values. We care deeply about our employees, our residents, and the local communities in which we live, work, and play. We are committed to maintaining a high-trust work environment that attracts, retains, and rewards the best and brightest people. We believe our workplace reflects Camden’s nine core values: Customer Focused; People Driven; Team Players; Lead by Example; Results Oriented; Work Smart; Always Do the Right Thing; Act with Integrity; and Have Fun. We believe these values cultivate an environment of respect, fairness, diversity, and fun for all.
A Great Place to Work. In addition to our core values, we are committed to creating a work environment which fosters the well-being, health and happiness of all associates. We believe our team members are given meaningful opportunities to provide feedback and effect change. We are proud of our culture and the recognition we have received as a great place to work, including being named on the list as one of the 100 Best Companies to Work For® by FORTUNE magazine for 14 consecutive years, most recently ranking #8.
Compensation and Benefits. We provide high-quality health benefits and compensation to competitively compensate all employees for their contributions to Camden. We have formal programs intended to positively impact team members such as healthcare, rent discounts, education allowances, and scholarships for children of our employees.
Training and Development. Our mission, vision and values are also incorporated into our employee training and development programs. One of our most cherished mantras is “Never Stop Learning.” We encourage team members to discover their strengths, cultivate new interests, and offer tuition assistance to team members working to earn industry designations from various organizations. We also support team members who continue their education at an accredited educational institution through our Education Assistance Program. In addition to these programs, we also help employees improve their personal and professional lives through training, coaching and mentoring. CamdenU, our in-house learning center, is available to all employees and offers courses in subjects such as leadership, management, fair housing and compliance, and health and safety training. In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with experienced employees to facilitate their on-boarding process and immerse them in Camden’s culture.
Diversity, Equity, and Inclusion. We believe a great workplace fosters an environment where all employees can thrive and grow, and where differences are both encouraged and celebrated. Each Camden team member brings unique skills, experiences and perspectives to Camden, and we continue to promote and encourage diversity, equity and inclusion throughout our organization. Our commitment is to promote a diverse organization which is reflective of our residents and communities. We believe these efforts are socially responsible, foundational to Camden’s success, and essential to delivering on our goal to improve the lives of our team members and residents, one experience at a time.
At December 31, 2021, we had approximately 1,700 employees including executive, administrative, and community personnel. Camden embraces all team members as full and valued members of the organization. Together we innovate and collaborate with the goal of delivering consistently strong business results. Our commitment to furthering diversity, equity, and inclusion initiatives has resulted in our workforce at Camden reflecting a broad base of talent, with true gender, generation, and ethnicity diversity among our team members.
Qualification as a Real Estate Investment Trust
As of December 31, 2021, we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, with the exception of our taxable REIT subsidiaries, we will not be subject to federal income tax to the extent we continue to meet certain requirements of the Code.

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ITEM 1A. RISK FACTORS
Item 1A. Risk Factors
In addition to the other information contained in this Form 10-K, the following risk factors should be considered carefully in evaluating our business. Our business, financial condition, or results of operations could be materially adversely affected by any of these risks.
Risks Associated with Capital Markets, Credit Markets, and Real Estate
Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us.
The capital and credit markets are subject to volatility and disruption. We therefore may not be able to obtain new debt financing or refinance our existing debt on favorable terms or at all, which would adversely affect our liquidity, our ability to make distributions to shareholders, acquire assets and continue our development activities. Other weakened economic conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental rates and occupancy levels. Unfavorable changes in economic conditions may have a material adverse impact on our cash flows and operating results.
Additional key economic risks which may adversely affect conditions in the markets in which we operate include the following:
•risks associated with a pandemic;
•local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area;
•declines in the financial condition of our residents, which may make it more difficult for us to collect rents from some residents;
•declines in market rental rates;
•low mortgage interest rates and home pricing, making alternative housing more affordable;
•government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive;
•regional economic downturns, including, but not limited to, business layoffs, downsizing and increased unemployment, which may impact one or more of our geographical markets; and
•increased operating costs, if these costs cannot be passed through to our residents.
Short-term leases could expose us to the effects of declining market rents.
Our average lease terms are approximately fourteen months. As these leases typically permit the residents to leave at the end of the lease term without penalty, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms.
Competition could limit our ability to lease apartments or increase or maintain rental income.
There are numerous housing alternatives which compete with our properties in attracting residents. Our properties compete directly with other multifamily properties, condominiums, single-family homes, third-party providers of short-term rentals and serviced apartments, which are available for rent or purchase in the markets in which our properties are located. This competitive environment could have a material adverse effect on our ability to lease apartment homes at our present properties or any newly developed or acquired property, as well as on the rents realized.
We could be negatively impacted by the risks associated with land holdings and related activities.
We hold land for future development and may in the future acquire additional land holdings. The risks inherent in purchasing, owning, and developing land increase as demand for apartments, or rental rates, decrease. Real estate markets are highly uncertain and, as a result, the value of undeveloped land may fluctuate significantly. In addition, carrying costs can be significant and can result in losses or reduced profitability. As a result, we hold certain land, and may in the future acquire additional land, in our development pipeline at a cost we may not be able to fully recover or at a cost which may preclude us from developing a profitable multifamily community. If there are subsequent changes in the fair market value of our land holdings which is less than the carrying basis of our land holdings reflected in our financial statements plus estimated costs to sell, we may be required to take future impairment charges which would reduce our net income.
Risks Associated with Our Operations
A pandemic and measures intended to prevent its spread could have a material adverse effect on our business, results of operations, cash flows, and financial condition.
A pandemic and emergence of new variants have negatively impacted the global economy, disrupted financial markets and international trade, and resulted in varying unemployment levels, all of which have negatively impacted the multifamily industry and the Company’s business. Outbreaks have led governments and other authorities around the world, including federal, state and local authorities in the United States, to impose measures intended to mitigate its spread, including restrictions on freedom of movement and business operations such as issuing guidelines, travel bans, border closings, business closures, quarantine orders, and orders not allowing the collection of rents, rent increases, or eviction of non-paying tenants.
The impact of an ongoing pandemic and measures to prevent its spread have negatively impacted and could continue to negatively impact our businesses in a number of ways, including our residents’ ability or willingness to pay rents and the demand for multifamily communities within the markets we operate. In the event of resident nonpayment, default, or bankruptcy, we could incur costs in protecting our investment and re-leasing our property. Additionally, local and national authorities could continue to expand and extend certain measures imposing restrictions on our ability to enforce contractual rental obligations upon our residents and tenants. The restrictions inhibiting our employees’ ability to meet with existing and potential residents has disrupted and could in the future further disrupt our ability to lease apartments which could adversely impact our rental rate and occupancy levels.
An ongoing pandemic has caused, and could continue to cause, severe economic, market and other disruptions worldwide. These conditions may continue and may worsen as a result of an ongoing pandemic. In addition, the deterioration of economic conditions as a result of a pandemic could ultimately decrease occupancy levels and market rents across our portfolio as residents reduce or defer their spending.
The uncertain duration and severity of a pandemic and its variants, as well as continued periodic spikes in infection rates and local outbreaks of the virus and its variants, in spite of safety measures or vaccinations could cause disruptions to our operations and those of our commercial tenants, suppliers or vendors. For these reasons, we are not able at this time to estimate with any degree of certainty the effect a pandemic or measures intended to curb its spread could have on our business, results of operations, financial condition, and cash flows. Moreover, many of the other risk factors described within this Form 10-K could be more likely to impact us as a result of a pandemic or measures intended to curb its spread.
Development, repositions, redevelopment and construction risks could impact our profitability.
We intend to continue to develop, reposition, redevelop, and construct multifamily apartment communities for our portfolio. In 2022, we expect to incur costs between approximately $150 million and $170 million related to the construction of five consolidated projects. Additionally, during 2022, we expect to incur costs between approximately $150 million and $160 million related to the start of new development activities, between approximately $62 million and $66 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $80 million and $84 million of additional recurring capital expenditures. Our development, reposition, redevelopment and construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs and/or decrease our profitability, including the following:
•inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations;
•disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those costs due to errors and omissions which occur in the design or construction process;
•shortages of materials;
•inability to obtain financing with favorable terms;
•inability to complete construction and/or lease-up of a community on schedule;
•forecasted occupancy and rental rates may differ from the actual results; and
•the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.
Our inability to successfully implement our development, repositions, redevelopment and construction strategy could adversely affect our results of operations and our ability to satisfy our financial obligations and pay distributions to shareholders.
One of our wholly-owned subsidiaries is engaged in the business of providing general contracting services under construction contracts entered into between it and third parties (which may include our nonconsolidated affiliates). The terms of those construction contracts generally require this subsidiary to estimate the time and costs to complete a project, and assumes the risk when these estimates are greater than anticipated. As a result, profitability on those contracts is dependent on the ability to accurately predict these factors. The time and costs necessary to complete a project may be affected by a variety of factors including, but not limited to, those listed above, many of which are beyond this subsidiary’s control. In addition, the terms of those contracts generally require this subsidiary to warrant its work for a period of time during which it may be required to repair, replace, or rebuild non-conforming work. Further, trailing liabilities, based on various legal theories such as claims of negligent construction, may result from such projects, and these trailing liabilities may go on for a number of years depending on the length of the statute of repose in the applicable jurisdictions.
We could be impacted by our investments through joint ventures and investment funds which involve risks not present in investments in which we are the sole investor.
We have invested and may continue to invest as a joint venture partner in joint ventures. These investments involve risks including but not limited to, the possibility the other joint venture partner may have business goals which are inconsistent with ours, possess the ability to take or force action or withhold consent contrary to our requests, or become insolvent and require us to assume and fulfill the joint venture’s financial obligations. We and our joint venture partners may each have the right to initiate a buy-sell arrangement, which could cause us to sell our interest, or acquire a joint venture partner’s interest, at a time when we otherwise would not have entered into such a transaction. Each joint venture agreement is individually negotiated, and our ability to operate, finance, or dispose of a community in our sole discretion may be limited to varying degrees depending on the terms of the applicable joint venture agreement.
The risks associated with our Funds, which we manage as the general partner and advisor, include, but are not limited to, the following:
•one of our wholly-owned subsidiaries is the general partner of the Funds and has unlimited liability for the third-party debts, obligations, and liabilities of the Funds pursuant to partnership law;
•investors in the Funds (other than us) may remove our subsidiary as the general partner of the Funds with or without cause and the Funds’ advisory boards by a majority vote of their members, and may remove our subsidiary as the general partner of the Funds at any time for cause;
•while we have broad discretion to manage the Funds and make investment decisions on behalf of the Funds, the investors of the Funds' advisory boards must approve certain matters, and as a result we may be unable to make certain investments or implement certain decisions on behalf of the Funds which we consider beneficial;
•our ability to dispose of all or a portion of our investments in the Funds is subject to significant restrictions; and,
•we may be liable if the Funds fail to comply with various tax or other regulatory matters.
Our acquisition strategy may not produce the cash flows expected.
We may acquire additional operating properties on a selective basis. Our acquisition activities are subject to a number of risks including, but not limited to, the following:
•we may not be able to successfully integrate acquired properties into our existing operations;
•our estimates of the costs, if any, of repositioning or redeveloping the acquired property may prove inaccurate;
•the expected occupancy, rental rates and operating expenses may differ from the actual results;
•we may not be able to obtain adequate financing; and,
•we may not be able to identify suitable candidates on terms acceptable to us and may not achieve expected returns or other benefits as a result of integration challenges, such as personnel and technology.
Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values.
Certain states and local municipalities have adopted rent control or rent stabilization laws and regulations, imposing restrictions on amounts of rent increases which may be charged. There are a number of additional states and local municipalities in which we operate also considering or being urged by advocacy groups to consider imposing rent control or rent stabilization laws and regulations. Such laws and regulations could limit our ability to increase rents, charge certain fees, evict residents, or recover increases in our operating expenses and could make it more difficult to dispose of properties in certain circumstances. The terms of laws and regulations recently enacted, future laws and regulations which may be enacted, as well as any lawsuits against us arising from such issues, could have a significant adverse impact on our results of operations and could reduce the value of our operating properties.
Failure to qualify as a REIT could have adverse consequences.
We may not continue to qualify as a REIT in the future and the Internal Revenue Service may challenge our qualification as a REIT for prior years. If we fail to qualify as a REIT in any taxable year we may be subject to federal and state income taxes for such year and we may not be able to requalify as a REIT for the four subsequent taxable years and may be subject to federal and state income taxes in those years as well. This may also impair our ability to expand our business and raise capital which may adversely affect the value of our common shares.
We may face other tax liabilities in the future which may impact our cash flow. These potential tax liabilities may be calculated on our income or property values at either the corporate or individual property levels. Any additional tax expense incurred would decrease the cash available for cash distributions to our common shareholders and non-controlling interest holders. Additionally, in order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income.
Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us.
Tax laws remain under constant review by persons involved in the legislative process, at the Internal Revenue Service, the U.S. Department of Treasury, and by various state and local tax authorities. Future changes in tax laws including administrative interpretations, enacted tax rates, or new pronouncements relating to accounting for income taxes could adversely affect us in a number of ways, including making it more difficult or more costly for us to qualify as a REIT.
A cybersecurity incident and other technology disruptions could negatively impact our business.
We use technology in substantially all aspects of our business operations, including internet and cloud-based systems and applications. We also use mobile devices, social networking, outside vendors and other online activities to connect with our employees, suppliers and residents. Such uses and the on-going advancement in technology give rise to potential cybersecurity risks with increasing sophistication, including but not limited to, security breaches, espionage, system disruption, theft and inadvertent release of confidential information. Our business involves the storage and transmission of numerous classes of sensitive and confidential information and intellectual property, including residents' and suppliers' personal information, private information about employees, and financial and strategic information about us. Further, as we pursue our strategy to grow through acquisitions and developments and to pursue new initiatives to improve our operations, we are also expanding our information technologies, resulting in a larger technological presence and corresponding exposure to cybersecurity risk. If we fail to assess and identify cybersecurity risks associated with our operations, we may become increasingly vulnerable to such risks and may be liable for the consequential litigation and remediation costs. Additionally, the measures we have implemented to prevent security breaches and cyber incidents may not be effective and there can be no complete assurance of prevention or anticipation of such incidents. The theft, destruction, loss, misappropriation, or release of sensitive data, confidential information or intellectual property, or interference with our information technology systems or the technology systems of third parties on which we rely could result in business disruption, negative publicity, brand damage, violation of privacy laws, loss of residents, potential liability and competitive disadvantage, any of which could result in a material adverse effect on our financial condition or results of operations.
Our third-party service providers are primarily responsible for the security of their own information technology environments and in certain instances we rely significantly on third-party service providers to supply and store our sensitive data in a secure manner. All of these third parties face potential risks relating to cybersecurity similar to ours which could disrupt their businesses and therefore adversely impact us. While we provide guidance and specific requirements in some cases, we do not directly control any of these parties' information technology security operations, or the amount of investment they place in guarding against cybersecurity threats. Accordingly, we are subject to any flaw or breaches to their information technology systems, or those which they operate for us, which could have a material adverse effect on our financial condition or results of operations.
Risks Associated with Our Indebtedness and Financing
We have significant debt, which could have adverse consequences.
As of December 31, 2021, we had outstanding debt of approximately $3.2 billion. This indebtedness could have adverse consequences including but not limited to, the following:
•our vulnerability to general adverse economic and industry conditions is increased; and
•our flexibility in planning for, or reacting to, changes in business and industry conditions is limited.
Our unsecured credit facility and the indenture under which our unsecured debt was issued contain customary restrictions, requirements, and other limitations, as well as certain financial and operating covenants including maintenance of certain financial ratios. Maintaining compliance with these provisions could limit our financial flexibility. A default in these provisions, if uncured, could require us to repay the indebtedness before the scheduled maturity date which could adversely affect our liquidity and increase our financing costs.
Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders.
Substantially all of our income is derived from rental and other income from our multifamily communities. As a result, our performance depends in large part on our ability to collect rent from residents, which could be negatively affected by a number of factors including, but not limited to, the following:
•delay in resident lease commencements;
•decline in occupancy;
•failure of residents to make rental payments when due;
•the attractiveness of our properties to residents and potential residents;
•our ability to adequately manage and maintain our communities;
•competition from other available apartments and housing alternatives;
•changes in market rents;
•increases in operating expenses; and
•changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing.
Cash flow could be insufficient to meet required payments of principal and interest with respect to debt financing. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income. This requirement limits the cash available to meet required principal payments on our debt.
Issuances of additional debt may adversely impact our financial condition.
Our capital requirements depend on numerous factors, including the rental and occupancy rates of our multifamily properties, minimum dividend requirements to our equity holders, development, redevelopment and other capital expenditures, costs of operations, and potential acquisitions. If our capital requirements vary materially from our plans, we may require additional financing earlier than anticipated. If we issue more debt we could become more leveraged, resulting in increased risk of default on our obligations and an increase in our debt service requirements, both of which could adversely affect our financial condition and ability to access debt and equity capital markets in the future.
We may be unable to renew, repay, or refinance our outstanding debt.
We are subject to the risk our indebtedness will not be renewed, repaid, or refinanced when due or the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness. If we are unable to refinance our indebtedness on acceptable terms, or at all, we might be forced to dispose of one or more of our properties on disadvantageous terms, which might result in losses to us. Such losses could have a material adverse effect on us and our ability to pay amounts due on our debt and make distributions to our shareholders.
Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distribution to our shareholders, and decrease our share price, if investors seek higher yields through other investments.
We have an unsecured credit facility and an unsecured term loan bearing interest at variable rates on all amounts drawn. We may incur mortgage debt or other additional variable rate debt in the future. Increases in interest rates would increase our interest expense, unless we make arrangements which hedge the risk of rising interest rates, and would increase the costs of refinancing existing debt and of issuing new debt. Accordingly, higher interest rates could adversely affect cash flow, net income, and cash available for payment of our debt obligations and distributions to shareholders.
An environment of rising interest rates could also lead holders of our securities to seek higher yields through other investments, which could adversely affect the market price of our shares. One of the factors which may influence the price of our stock in public markets is the annual distribution rate we pay as compared with the yields on alternative investments.
Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets.
Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2021. These ratings are based on a number of factors, which include their assessment of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flow and earnings. Due to changes in market conditions, we may not be able to maintain our current credit ratings, which could adversely affect our cost of funds and related margins, liquidity, and access to capital markets.
We may be adversely affected by the phase out of LIBOR.
Our unsecured credit facility and unsecured term loan are indexed to the London Interbank Offered Rate ("LIBOR"). In late 2021, it was announced LIBOR interest rates will cease publication altogether by June 30, 2023. To address the potential for LIBOR’s cessation, the Federal Reserve Board and the Federal Reserve Bank of New York (FRBNY), in coordination with multiple other regulators and large industry participants, convened the Alternative Reference Rates Committee (“ARRC”). The ARRC has identified the Secured Overnight Financing Rate (SOFR) as the preferred successor rate for LIBOR. We intend to incorporate relatively standardized replacement rate provisions into our LIBOR-indexed debt documents, including a spread adjustment mechanism designed to equate to the current LIBOR "all in" rate. There is significant uncertainty with respect to the implementation of the phase out and what alternative indexes will be adopted which will ultimately be determined by the market as a whole. It therefore remains uncertain how such changes will be implemented and the effects such changes would
have on us and the financial markets generally. These changes may have a material adverse impact on the availability of financing and on our financing costs.
Risks Associated with Our Shares
Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders.
For us to maintain our qualification as a REIT, we must have 100 or more shareholders during the year and not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or fewer individuals. As defined for federal income tax purposes, the term “individuals” includes a number of specified entities. To minimize the possibility of us failing to qualify as a REIT under this test, our declaration of trust includes restrictions on transfers of our shares and ownership limits. The ownership limits, as well as our ability to issue other classes of equity securities, may delay, defer, or prevent a change in control. These provisions may also deter tender offers for our common shares which may be attractive to you or limit your opportunity to receive a premium for your shares which might otherwise exist if a third party were attempting to effect a change in control transaction.
The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations.
The form, timing and amount of dividend distributions will be declared at the discretion of our Board of Trust Managers and will depend on actual cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as the Board of Trust Managers may consider relevant. The Board of Trust Managers may modify the form, timing and amount of dividends from time to time.
General Risk Factors
Competition could adversely affect our ability to acquire properties.
We expect other real estate investors will compete with us to acquire additional operating properties. This competition could increase prices for the type of properties we would likely pursue and adversely affect our ability to acquire these properties or achieve the expected profitability of such properties upon acquisition.
Litigation risks could affect our business.
As an owner, manager and developer of multifamily properties, we may incur liability based on various conditions at our properties and the buildings thereon, and we also have become and in the future may become involved in legal proceedings, including consumer, employment, tort or commercial litigation, which if decided adversely to or settled by us, and not adequately covered by insurance, could result in liability which is material to our financial condition or results of operations.
Damage from catastrophic weather and other natural events could result in losses.
A certain number of our properties are located in areas which have experienced and may in the future experience catastrophic weather and other natural events from time to time, including fires, snow or ice storms, windstorms, tornadoes, hurricanes, earthquakes, flooding or other severe weather, or other environmental events. These adverse weather or natural events could cause substantial damages or losses to our properties which could exceed our insurance coverage. In the event of a loss in excess of insured limits, we could lose our capital invested in the affected property, anticipated future revenue from the property, and could also continue to be obligated to repay any mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect our business, financial condition and results of operations.
We could be adversely impacted due to our share price fluctuations.
The market price and trading volume of our common shares are subject to fluctuation due to general market conditions, the risks discussed in this report and other matters, including, but not limited to, the following:
•operating results which vary from the expectations of securities analysts and investors;
•investor interest in our property portfolio;
•the reputation and performance of REITs;
•the attractiveness of REITs as compared to other investment vehicles;
•the results of our financial condition and operations;
•the perception of our growth and earnings potential;
•minimum dividend requirements;
•increases in market interest rates, which may lead purchasers of our common shares to demand a higher yield; and
•changes in financial markets and national and regional economic and general market conditions.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments
None.

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ITEM 2. PROPERTIES
Item 2. Properties
The Properties
Our properties typically consist of mid-rise buildings or two and three story buildings in a landscaped setting, as well as high-rise buildings, and provide residents with a variety of amenities common to multifamily rental properties.
Operating Properties (including properties held through unconsolidated joint ventures)
The 171 operating properties in which we owned interests and operated at December 31, 2021 averaged 960 square feet of living area per apartment home. For the year ended December 31, 2021, no single operating property accounted for greater than 1.4% of our total revenues. Our stabilized operating properties had a weighted average occupancy rate of approximately 97% and 95% for the years ended December 31, 2021 and 2020, respectively, an average monthly rental revenue per apartment home of $1,671 and $1,599 for the same periods, respectively and our average resident lease terms are approximately fourteen months. At December 31, 2021, 153 of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes. Our operating properties were constructed and placed in service as follows:
Year Placed in Service Number of Operating Properties
2017-2021 18
2012-2016 32
2007-2011 29
2002-2006 27
1997-2001 43
Prior to 1997 22
Property Table
The following table sets forth information with respect to our 171 operating properties at December 31, 2021:
OPERATING PROPERTIES
Property and Location Year Placed
in Service Average Apartment
Size (Sq. Ft.) Number of
Apartments 2021 Average
Occupancy (1) 2021 Average
Monthly Rental
Rate per
Apartment (2)
ARIZONA
Phoenix/Scottsdale
Camden Chandler 2016 1,146 380 97.6 % $ 1,668
Camden Copper Square 2000 786 332 96.3 1,345
Camden Foothills 2014 1,032 220 97.0 1,871
Camden Legacy 1996 1,067 428 96.3 1,632
Camden Montierra 1999 1,071 249 97.7 1,587
Camden North End I 2019 921 441 96.3 1,722
Camden North End II (3) 2021 885 343 97.2 1,808
Camden Old Town Scottsdale 2016 892 316 97.8 1,886
Camden Pecos Ranch 2001 949 272 97.0 1,378
Camden San Marcos 1995 984 320 97.6 1,506
Camden San Paloma 1993/1994 1,042 324 96.8 1,543
Camden Sotelo 2008/2012 1,303 170 97.9 1,694
Camden Tempe 2015 1,033 234 96.7 1,698
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley 2001 1,009 380 98.2 2,230
Camden Glendale 2015 893 307 97.2 2,426
Camden Harbor View 2004 981 547 97.5 2,657
Camden Main and Jamboree 2008 1,011 290 98.0 2,171
Camden Martinique 1986 795 714 97.5 1,946
Camden Sea Palms 1990 891 138 98.6 2,225
The Camden 2016 767 287 95.6 2,921
San Diego/Inland Empire
Camden Hillcrest (4) 2021 1,223 132 Lease-up 4,238
Camden Landmark 2006 982 469 97.2 1,833
Camden Old Creek 2007 1,037 350 98.2 2,376
Camden Sierra at Otay Ranch 2003 962 422 97.1 2,217
Camden Tuscany 2003 895 160 96.1 2,678
Camden Vineyards 2002 1,053 264 97.4 1,987
COLORADO
Denver
Camden Belleview Station 2009 888 270 95.4 1,594
Camden Caley 2000 921 218 96.5 1,593
Camden Denver West 1997 1,015 320 97.0 1,910
Camden Flatirons 2015 960 424 96.6 1,741
Camden Highlands Ridge 1996 1,149 342 97.7 1,908
Camden Interlocken 1999 1,002 340 97.0 1,763
Camden Lakeway 1997 932 451 95.6 1,701
OPERATING PROPERTIES
Property and Location Year Placed
in Service Average Apartment
Size (Sq. Ft.) Number of
Apartments 2021 Average
Occupancy (1) 2021 Average
Monthly Rental
Rate per
Apartment (2)
Camden Lincoln Station 2017 844 267 96.1 % $ 1,649
Camden RiNo (3) 2020 828 233 98.0 1,845
WASHINGTON DC METRO
Camden Ashburn Farm 2000 1,062 162 97.4 1,825
Camden College Park 2008 942 509 96.2 1,691
Camden Dulles Station 2009 977 382 96.9 1,900
Camden Fair Lakes 1999 1,056 530 97.2 1,950
Camden Fairfax Corner 2006 934 489 97.1 1,973
Camden Fallsgrove 2004 996 268 96.8 1,888
Camden Grand Parc 2002 672 105 96.7 2,520
Camden Lansdowne 2002 1,006 690 97.3 1,778
Camden Largo Town Center 2000/2007 1,027 245 97.0 1,776
Camden Monument Place 2007 856 368 96.6 1,719
Camden NoMa 2014 769 321 96.4 2,135
Camden NoMa II 2017 759 405 96.3 2,216
Camden Potomac Yard 2008 832 378 96.5 2,041
Camden Roosevelt 2003 856 198 96.1 2,839
Camden Shady Grove 2018 877 457 96.8 1,822
Camden Silo Creek 2004 975 284 98.0 1,766
Camden South Capitol (5) 2013 821 281 95.9 2,264
Camden Washingtonian 2018 870 365 97.6 1,851
FLORIDA
Southeast Florida
Camden Aventura 1995 1,108 379 97.5 2,063
Camden Boca Raton 2014 843 261 97.1 2,077
Camden Brickell 2003 937 405 97.5 2,218
Camden Doral 1999 1,120 260 98.2 1,972
Camden Doral Villas 2000 1,253 232 98.5 2,182
Camden Las Olas 2004 1,043 420 97.5 2,184
Camden Plantation 1997 1,201 502 98.1 1,804
Camden Portofino 1995 1,112 322 98.5 1,875
Orlando
Camden Hunter’s Creek 2000 1,075 270 98.0 1,483
Camden Lago Vista 2005 955 366 97.5 1,391
Camden Lake Eola (4) 2021 944 360 Lease-up 2,177
Camden LaVina 2012 969 420 96.8 1,418
Camden Lee Vista 2000 937 492 97.0 1,415
Camden North Quarter 2016 806 333 97.2 1,536
Camden Orange Court 2008 817 268 97.1 1,387
Camden Thornton Park 2016 920 299 92.3 1,760
Camden Town Square 2012 983 438 97.1 1,423
Camden Waterford Lakes (5) 2014 971 300 97.3 1,501
Camden World Gateway 2000 979 408 97.4 1,438
OPERATING PROPERTIES
Property and Location Year Placed
in Service Average Apartment
Size (Sq. Ft.) Number of
Apartments 2021 Average
Occupancy (1) 2021 Average
Monthly Rental
Rate per
Apartment (2)
Tampa/St. Petersburg
Camden Bay 1997/2001 943 760 97.3 % $ 1,395
Camden Central (6) 2019 943 368 97.8 3,304
Camden Montague 2012 972 192 98.0 1,440
Camden Pier District 2016 989 358 98.3 2,689
Camden Preserve 1996 942 276 97.7 1,583
Camden Royal Palms 2006 1,017 352 97.7 1,378
Camden Visconti (5) 2007 1,125 450 96.6 1,572
Camden Westchase Park 2012 992 348 98.0 1,555
GEORGIA
Atlanta
Camden Brookwood 2002 916 359 96.7 1,509
Camden Buckhead Square 2015 827 250 96.9 1,607
Camden Creekstone 2002 990 223 98.2 1,466
Camden Deerfield 2000 1,187 292 94.4 1,553
Camden Dunwoody 1997 1,007 324 97.7 1,444
Camden Fourth Ward 2014 844 276 97.5 1,785
Camden Midtown Atlanta 2001 935 296 97.1 1,575
Camden Paces 2015 1,408 379 97.1 2,664
Camden Peachtree City 2001 1,027 399 96.9 1,473
Camden Phipps (5) 1996 1,016 234 96.2 1,632
Camden Shiloh 1999/2002 1,143 232 98.3 1,422
Camden St. Clair 1997 999 336 96.9 1,454
Camden Stockbridge 2003 1,009 304 97.8 1,329
Camden Vantage 2010 901 592 95.6 1,522
NORTH CAROLINA
Charlotte
Camden Ballantyne 1998 1,048 400 96.6 1,369
Camden Cotton Mills 2002 905 180 96.1 1,503
Camden Dilworth 2006 857 145 95.1 1,516
Camden Fairview 1983 1,036 135 96.6 1,263
Camden Foxcroft 1979 940 156 96.3 1,158
Camden Foxcroft II 1985 874 100 97.0 1,272
Camden Gallery 2017 743 323 95.9 1,605
Camden Grandview 2000 1,059 266 97.4 1,754
Camden Grandview II 2019 2,241 28 97.4 3,544
Camden Sedgebrook 1999 972 368 96.4 1,247
Camden South End 2003 878 299 95.7 1,527
Camden Southline (5) 2015 831 266 95.2 1,613
Camden Stonecrest 2001 1,098 306 96.6 1,416
Camden Touchstone 1986 899 132 97.9 1,170
Raleigh
Camden Asbury Village (5) 2009 1,009 350 97.5 1,336
OPERATING PROPERTIES
Property and Location Year Placed
in Service Average Apartment
Size (Sq. Ft.) Number of
Apartments 2021 Average
Occupancy (1) 2021 Average
Monthly Rental
Rate per
Apartment (2)
Camden Carolinian 2017 1,118 186 95.6 % $ 2,125
Camden Crest 2001 1,014 438 96.6 1,174
Camden Governor’s Village 1999 1,046 242 98.1 1,227
Camden Lake Pine 1999 1,066 446 97.9 1,288
Camden Manor Park 2006 966 484 96.3 1,282
Camden Overlook 2001 1,061 322 97.0 1,363
Camden Reunion Park 2000/2004 972 420 97.0 1,181
Camden Westwood 1999 1,022 360 96.0 1,225
TENNESSEE
Nashville
Camden Franklin Park (6) 2018 967 328 97.5 1,743
Camden Music Row (6) 2016 903 430 97.1 2,198
TEXAS
Austin
Camden Amber Oaks (5) 2009 862 348 97.8 1,212
Camden Amber Oaks II (5) 2012 910 244 97.0 1,299
Camden Brushy Creek (5) 2008 882 272 97.9 1,305
Camden Cedar Hills 2008 911 208 96.5 1,427
Camden Gaines Ranch 1997 955 390 97.4 1,575
Camden Huntingdon 1995 903 398 96.5 1,266
Camden La Frontera 2015 901 300 97.3 1,331
Camden Lamar Heights 2015 838 314 95.6 1,554
Camden Rainey Street 2016 873 326 97.3 2,078
Camden Shadow Brook (5) 2009 909 496 97.4 1,281
Camden Stoneleigh 2001 908 390 98.0 1,399
Dallas/Fort Worth
Camden Addison 1996 942 456 97.1 1,320
Camden Belmont 2010/2012 946 477 97.0 1,496
Camden Buckingham 1997 919 464 97.6 1,310
Camden Centreport 1997 912 268 97.7 1,281
Camden Cimarron 1992 772 286 96.6 1,305
Camden Design District (5) 2009 939 355 96.9 1,436
Camden Farmers Market 2001/2005 932 904 96.1 1,389
Camden Greenville (6) 2017/2018 1,028 558 94.2 2,064
Camden Henderson 2012 966 106 97.6 1,573
Camden Legacy Creek 1995 831 240 96.7 1,376
Camden Legacy Park 1996 870 276 96.2 1,365
Camden Panther Creek (5) 2009 946 295 97.4 1,399
Camden Riverwalk (5) 2008 989 600 97.0 1,543
Camden Valley Park 1986 743 516 97.3 1,131
Camden Victory Park 2016 861 423 96.6 1,699
Houston
Camden City Centre 2007 932 379 94.8 1,447
OPERATING PROPERTIES
Property and Location Year Placed
in Service Average Apartment
Size (Sq. Ft.) Number of
Apartments 2021 Average
Occupancy (1) 2021 Average
Monthly Rental
Rate per
Apartment (2)
Camden City Centre II 2013 869 268 93.1 % $ 1,418
Camden Cypress Creek (5) 2009 993 310 96.1 1,372
Camden Cypress Creek II (3) (5) 2020 950 234 96.7 1,337
Camden Downs at Cinco Ranch (5) 2004 1,075 318 97.8 1,338
Camden Downtown (3) 2020 1,052 271 96.1 2,711
Camden Grand Harbor (5) 2008 959 300 97.6 1,241
Camden Greenway 1999 861 756 95.9 1,353
Camden Heights (5) 2004 927 352 95.4 1,494
Camden Highland Village 2014/2015 1,175 552 94.0 2,158
Camden Holly Springs 1999 934 548 96.2 1,260
Camden McGowen Station 2018 1,004 315 95.8 1,971
Camden Midtown 1999 844 337 94.8 1,449
Camden Northpointe (5) 2008 940 384 97.1 1,192
Camden Plaza 2007 915 271 95.5 1,571
Camden Post Oak 2003 1,200 356 94.5 2,411
Camden Royal Oaks 2006 923 236 93.7 1,399
Camden Royal Oaks II 2012 1,054 104 90.4 1,646
Camden Spring Creek (5) 2004 1,080 304 96.5 1,270
Camden Stonebridge 1993 845 204 96.5 1,134
Camden Sugar Grove 1997 921 380 97.2 1,232
Camden Travis Street 2010 819 253 95.4 1,415
Camden Vanderbilt 1996/1997 863 894 93.7 1,373
Camden Whispering Oaks 2008 936 274 96.9 1,283
Camden Woodson Park (5) 2008 916 248 95.0 1,198
Camden Yorktown (5) 2008 995 306 96.6 1,194
(1)Represents the average physical occupancy for the year except as noted.
(2)The average monthly rental rate per apartment incorporates vacant units and resident concessions calculated on a straight-line basis over the life of the lease.
(3)Development property stabilized during 2021 - the average occupancy was calculated from the date at which the occupancy exceeded 90% through December 31, 2021.
(4)Property under lease-up at December 31, 2021.
(5)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.
(6)Property acquired in 2021 - the average occupancy was calculated from the date the property was acquired.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings
None.

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures
None.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Our common shares are traded on the New York Stock Exchange under the symbol "CPT." As of February 10, 2022, there were approximately 297 shareholders of record and 88,001 beneficial owners of our common shares.
In the first quarter of 2022, the Company's Board of Trust Managers declared a first quarter dividend of $0.94 per common share to our common shareholders of record as of March 31, 2022. Future dividend payments are paid at the discretion of the Board of Trust Managers and depend on cash flows generated from operations, the Company's financial condition and capital requirements, distribution requirements under the REIT provisions of the Code and other factors which may be deemed relevant by our Board of Trust Managers. Assuming similar dividend distributions for the remainder of 2022, our annualized dividend rate for 2022 would be $3.76.
The following graph assumes the investment of $100 on December 31, 2016 and quarterly reinvestment of dividends.
(Source: S&P Global Market Intelligence)
Index 2017 2018 2019 2020 2021
Camden Property Trust $ 113.33 $ 112.22 $ 139.39 $ 136.21 $ 249.51
FTSE NAREIT Equity 105.23 100.36 126.45 116.34 166.64
S&P 500 121.83 116.49 153.17 181.35 233.41
Russell 2000 114.65 102.02 128.06 153.62 176.39
In August 2021, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering price of up to $500.0 million (the "2021 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. The proceeds from the sale of our common shares under the 2021 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under our $900 million unsecured line of credit, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.
The 2021 ATM program also permits the use of forward sale agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of the applicable shares until a later date. If we enter into a forward sale agreement, we expect the applicable forward purchasers will borrow from third parties and, through the applicable sales agent acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the applicable agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller. We would expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). We have not entered into any forward sale agreements under the 2021 ATM program.
During the year ended December 31, 2021, we sold an aggregate of approximately 2.6 million common shares at an average price per share of $157.57, for aggregate net consideration of approximately $400.4 million under the 2021 ATM program. The proceeds from the sale of our common shares under the 2021 ATM program were used for general corporate purposes, which included funding for development activities and financing for acquisitions. We did not sell any additional shares subsequent to December 31, 2021, and we had common shares having an aggregate offering price of up to $97.6 million remaining available for sale under the 2021 ATM program as of the date of this filing.
In June 2020, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering price of up to $362.7 million (the "2020 ATM program"). During the six months ended June 30, 2021, we sold an aggregate of approximately 2.9 million common shares at an average price per share of $126.64, for aggregate net consideration of approximately $358.8 million. In August 2021, we terminated the 2020 ATM program with an aggregate offering price of approximately $0.2 million not sold. There were no additional shares sold under the 2020 ATM program from June 30, 2021 through the date of the termination agreements, and no further common shares were available for sale under this program.
See Part III, Item 12, for a description of securities authorized for issuance under our equity compensation plans.
We have a repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500 million of our common equity securities through open market purchases, block purchases, and privately negotiated transactions. There were no repurchases under this program for the years ended December 31, 2019, 2020, or 2021 or through the date of this filing. The remaining dollar value of our common equity securities authorized to be repurchased under this program was approximately $269.5 million as of the date of this filing.

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ITEM 6. SELECTED FINANCIAL DATA
Item 6. Reserved
N/A.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the consolidated financial statements and notes appearing elsewhere in this report. Historical results and trends which might appear in the consolidated financial statements should not be interpreted as being indicative of future operations.
Discussion of our year-to-date comparisons between 2021 and 2020 is presented below. Year-to-date comparisons between 2020 and 2019 can be found in "Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items relating to the future; forward-looking statements are not guarantees of future performance, results, or events. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance our expectations will be achieved. Any statements contained herein which are not statements of historical fact should be deemed forward-looking statements. Reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance.
Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following:
•Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us;
•Short-term leases could expose us to the effects of declining market rents;
•Competition could limit our ability to lease apartments or increase or maintain rental income;
•We could be negatively impacted by the risks associated with land holdings and related activities;
•A pandemic and measures intended to prevent its spread could have a material adverse effect on our business, results of operations, cash flows, and financial condition;
•Development, repositions, redevelopment and construction risks could impact our profitability;
•We could be impacted by our investments through joint ventures and investment funds which involve risks not present in investments in which we are the sole investor;
•Our acquisition strategy may not produce the cash flows expected;
•Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values;
•Failure to qualify as a REIT could have adverse consequences;
•Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us;
•A cybersecurity incident and other technology disruptions could negatively impact our business;
•We have significant debt, which could have adverse consequences;
•Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders;
•Issuances of additional debt may adversely impact our financial condition;
•We may be unable to renew, repay, or refinance our outstanding debt;
•Rising interest rates could 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;
•We may be adversely affected by the phase out of LIBOR;
•Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders;
•The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations;
•Competition could adversely affect our ability to acquire properties;
•Litigation risks could affect our business;
•Damage from catastrophic weather and other natural events could result in losses; and
•We could be adversely impacted due to our share price fluctuations.
These forward-looking statements represent our estimates and assumptions as of the date of this report, and we assume no obligation to update or supplement forward-looking statements because of subsequent events.
Executive Summary
We are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Overall, we focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand and retention of our apartments. As of December 31, 2021, we owned interests in, operated, or were developing 176 multifamily properties comprised of 60,073 apartment homes across the United States as detailed in the Property Portfolio table below. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
Business Environment and Current Outlook
As a result of the COVID-19 pandemic, we believe the conditions in the multifamily industry market in which we operate have been challenging but continue to show signs of improvement. During the year ended December 31, 2021, our results reflect an increase in same store revenues of approximately 4.3% as compared to the same period in 2020. The increase was primarily due to higher average rental rates and increased occupancy which we believe was primarily attributable to improving job growth, favorable demographics with a higher propensity to rent versus buy, higher demand for multifamily housing in our markets, and a manageable supply of new multifamily housing.
We currently believe U.S. economic and employment growth are likely to continue during 2022 and the supply of multifamily homes will remain at manageable levels. If economic conditions were to worsen, our operating results could be adversely affected.
Consolidated Results
Net income attributable to common shareholders increased approximately $180.0 million for the year ended December 31, 2021, as compared to the same period in 2020. This increase was primarily due to the gains from the sale of three operating properties during the fourth quarter of 2021 and an 11.9% increase in property operations due to the growth attributable to our same store, non-same store, and development and lease-up communities. The increase was partially offset by higher depreciation expense related to the acquisition of four operating properties during 2021. See further discussion of our 2021 operations as compared to 2020 in "Results of Operations," below.
Construction Activity
At December 31, 2021, we had a total of five projects under construction to be comprised of 1,773 apartment homes. Initial occupancies of these five projects are currently scheduled to occur within the next 18 months. We estimate the additional cost to complete the construction of the five projects to be approximately $199.4 million.
Acquisitions
Operating Properties: During the year ended December 31, 2021, we acquired one operating property comprised of 558 apartment homes located in Dallas, Texas for approximately $165.5 million in October and one operating property comprised of 368 apartment homes located in St. Petersburg, Florida for approximately $176.3 million in August. In June 2021, we also acquired one operating property comprised of 328 apartment homes located in Franklin, Tennessee for approximately $105.3 million and one operating property comprised of 430 apartment homes located in Nashville, Tennessee for approximately $186.3 million.
Land: During the year ended December 31, 2021, we acquired approximately 2.0 acres of land in Nashville, Tennessee for approximately $36.6 million, approximately 5.2 acres of land in Denver, Colorado for approximately $24.0 million,
approximately 14.6 acres of land in The Woodlands, Texas for approximately $9.3 million, and approximately 0.2 acres of land in St. Petersburg, Florida for approximately $2.1 million for future development purposes.
Dispositions
Operating Properties: During the fourth quarter of 2021, we sold two operating properties comprised of a total of 652 apartment homes, located in Houston, Texas for approximately $115.0 million and recognized a gain of approximately $81.1 million and one property comprised of 426 apartment homes located in Laurel, Maryland for approximately $145.0 million and recognized a gain of approximately $93.3 million.
Other
In August 2021, we created an at-the market ("ATM") share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering price of up to $500.0 million (the "2021 ATM program").
In 2021, we issued approximately 5.5 million common shares under our 2020 and 2021 ATM programs and received approximately $759.2 million in net proceeds.
Future Outlook
Subject to market conditions, we intend to continue to seek opportunities to develop new communities, and to redevelop, reposition and acquire existing communities. We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise. We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash and cash equivalents, cash flows generated from operations, draws on our unsecured credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, other unsecured borrowings, or secured mortgages.
As of December 31, 2021, we had approximately $613.4 million in cash and cash equivalents, and $885.2 million available under our $900.0 million unsecured credit facility. As of December 31, 2021 and through the date of this filing, we had common shares having an aggregate offering price of up to $97.6 million remaining available for sale under our 2021 ATM program. We believe scheduled repayments of debt during the next 12 months are manageable at approximately $386.3 million which represents approximately 12.2% of our total outstanding debt, and includes amortization of debt discounts and debt issuance costs of approximately $3.7 million. Additionally, as of December 31, 2021 and through the date of this filing, 100% of our consolidated properties were unencumbered. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund new development, redevelopment, and other capital funding requirements. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements.
Property Portfolio
Our multifamily property portfolio is summarized as follows:
December 31, 2021 December 31, 2020
Apartment
Homes Properties Apartment
Homes Properties
Operating Properties
Houston, Texas 9,154 26 9,806 28
Washington, D.C. Metro 6,437 18 6,862 19
Dallas, Texas 6,224 15 5,666 14
Atlanta, Georgia 4,496 14 4,496 14
Phoenix, Arizona 4,029 13 3,686 12
Orlando, Florida 3,954 11 3,594 10
Austin, Texas 3,686 11 3,686 11
Raleigh, North Carolina 3,248 9 3,240 9
Charlotte, North Carolina 3,104 14 3,104 14
Tampa, Florida 3,104 8 2,736 7
Denver, Colorado 2,865 9 2,865 9
Southeast Florida 2,781 8 2,781 8
Los Angeles/Orange County, California 2,663 7 2,663 7
San Diego/Inland Empire, California 1,797 6 1,665 5
Nashville, Tennessee 758 2 - -
Total Operating Properties 58,300 171 56,850 167
Properties Under Construction
Phoenix, Arizona 397 1 740 2
Charlotte, North Carolina 387 1 387 1
Atlanta, Georgia 366 1 366 1
Raleigh, North Carolina 354 1 - -
Southeast Florida 269 1 269 1
San Diego/Inland Empire, California - - 132 1
Orlando, Florida - - 360 1
Total Properties Under Construction 1,773 5 2,254 7
Total Properties 60,073 176 59,104 174
Less: Unconsolidated Joint Venture Properties (1)
Houston, Texas 2,756 9 2,756 9
Austin, Texas 1,360 4 1,360 4
Dallas, Texas 1,250 3 1,250 3
Tampa, Florida 450 1 450 1
Raleigh, North Carolina 350 1 350 1
Orlando, Florida 300 1 300 1
Washington, D.C. Metro 281 1 281 1
Charlotte, North Carolina 266 1 266 1
Atlanta, Georgia 234 1 234 1
Total Unconsolidated Joint Venture Properties 7,247 22 7,247 22
Total Properties Fully Consolidated 52,826 154 51,857 152
(1)Refer to Note 8, "Investments in Joint Ventures," in the notes to Consolidated Financial Statements for further discussion of our joint venture investments.
Stabilized Communities
We generally consider a property stabilized once it reaches 90% occupancy. During the year ended December 31, 2021, stabilization was achieved at three consolidated operating properties and one unconsolidated joint venture operating property as follows:
Stabilized Property and Location
Number of
Apartment
Homes Date of
Construction
Completion Date of
Stabilization
Consolidated Operating Property
Camden North End II
Phoenix, AZ 343 3Q21 4Q21
Camden Downtown I
Houston, TX 271 3Q20 3Q21
Camden RiNo
Denver, CO 233 4Q20 2Q21
Consolidated total 847
Unconsolidated Operating Property
Camden Cypress Creek II
Houston, TX 234 4Q20 2Q21
Completed Construction in Lease-Up
At December 31, 2021, we had two consolidated completed operating properties in lease-up as follows:
($ in millions)
Property and Location
Number of
Apartment
Homes Cost
Incurred (1)
% Leased at 1/30/2022 Date of Construction Completion Estimated Date of Stabilization
Consolidated Operating Properties
Camden Lake Eola (2)
Orlando, FL 360 $ 125.0 96 % 3Q21 1Q22
Camden Hillcrest
San Diego, CA 132 89.3 41 % 4Q21 4Q22
Consolidated total 492 $ 214.3
(1)Excludes leasing costs, which are expensed as incurred.
(2)Stabilization has been achieved at this property subsequent to year-end.
Properties Under Development
Our consolidated balance sheet at December 31, 2021 included approximately $474.7 million related to properties under development and land. Of this amount, approximately $296.3 million related to our projects currently under construction. In addition, we had approximately $178.4 million primarily invested in land held for future development related to projects we currently expect to begin construction.
Communities Under Construction. At December 31, 2021, we had five consolidated properties in various stages of construction as follows:
($ 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 Buckhead (1)
Atlanta, GA
366 $ 163.5 $ 156.6 $ 48.8 2Q22 4Q22
Camden Atlantic
Plantation, FL
269 100.0 79.1 79.1 3Q22 4Q23
Camden Tempe II
Tempe, AZ
397 115.0 62.2 62.2 3Q23 1Q25
Camden NoDa
Charlotte, NC
387 105.0 59.6 59.6 3Q23 1Q25
Camden Durham
Durham, NC
354 120.0 46.6 46.6 4Q23 1Q25
Consolidated total
1,773 $ 603.5 $ 404.1 $ 296.3
(1)Property in lease-up and was 65% leased at January 30, 2022.
Development Pipeline Communities. At December 31, 2021, we had the following consolidated communities undergoing development activities:
($ in millions)
Property and Location
Projected
Homes Total Estimated
Cost (1)
Cost to Date
Camden Woodmill Creek 188 $ 60.0 $ 10.2
The Woodlands, TX
Camden Village District 355 115.0 23.9
Raleigh, NC
Camden Arts District 354 150.0 37.8
Los Angeles, CA
Camden Pier District II 95 50.0 3.5
St. Petersburg, FL
Camden Gulch 480 260.0 37.3
Nashville, TN
Camden Baker 435 165.0 25.9
Denver, CO
Camden Paces III 350 100.0 18.0
Atlanta, GA
Camden Highland Village II 300 100.0 9.0
Houston, TX
Camden Downtown II 271 145.0 12.8
Houston, TX
Total 2,828 $ 1,145.0 $ 178.4
(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.
Geographic Diversification
At December 31, 2021 and 2020, our real estate assets by various markets, excluding depreciation and investments in joint ventures, were as follows:
($ in thousands) 2021 2020
Washington, D.C. Metro $ 1,522,337 14.6 % $ 1,592,592 16.7 %
Houston, Texas 1,121,502 10.7 1,154,915 12.1
Atlanta, Georgia 888,521 8.5 833,172 8.7
Phoenix, Arizona 817,450 7.8 764,054 8.0
Los Angeles/Orange County, California 792,872 7.6 778,179 8.1
Southeast Florida 704,679 6.8 656,999 6.9
Dallas, Texas 699,052 6.7 529,726 5.5
Orlando, Florida 665,242 6.4 646,936 6.8
Denver, Colorado 599,414 5.7 565,284 5.9
Tampa, Florida 557,875 5.3 373,326 3.9
Charlotte, North Carolina 493,337 4.7 451,442 4.7
Raleigh, North Carolina 457,687 4.4 427,756 4.5
San Diego/Inland Empire, California 451,023 4.3 420,538 4.4
Austin, Texas 363,181 3.5 358,258 3.8
Nashville, Tennessee 314,895 3.0 - -
Total $ 10,449,067 100.0 % $ 9,553,177 100.0 %
Results of Operations
Changes in revenues and expenses related to our operating properties from period to period are due primarily to the performance of stabilized properties in the portfolio, the lease-up of newly constructed properties, acquisitions, and dispositions. Where appropriate, comparisons of income and expense for communities included in continuing operations are made on a dollars-per-weighted average apartment home basis in order to adjust for such changes in the number of apartment homes owned during each period. Selected weighted averages for the years ended December 31 are as follows:
2021 2020
Average monthly property revenue per apartment home (1)
$ 1,888 $ 1,771
Annualized total property expenses per apartment home (2)
$ 8,261 $ 8,037
Weighted average number of operating apartment homes owned 100% 50,479 49,128
Weighted average occupancy of operating apartment homes owned 100% 96.8 % 95.3 %
(1)Average monthly property revenue per apartment home for the year ended December 31, 2020 includes approximately $9.1 million of Resident Relief Funds paid to residents at our wholly-owned communities who experienced financial losses caused by the pandemic and was recorded as a reduction to property revenues.
(2)Annualized total property expenses per apartment home for the year ended December 31, 2020 includes approximately $4.5 million of directly-related pandemic expenses incurred at our operating properties.
Management considers property net operating income ("NOI") to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without an allocation of corporate level property management overhead or general and administrative costs. We define NOI as total property income less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Property-Level NOI table as seen below. NOI is not defined by accounting principles generally accepted in the United States of America ("GAAP") and should not be considered an alternative to net income as an indication of our operating performance, should not be considered an alternative to net cash from operating activities as a measure of liquidity, and should not be considered an indication of cash available to fund cash needs. Additionally, NOI as disclosed by other REITs may not be comparable to our calculation.
Reconciliations of net income to NOI for the year ended December 31, 2021 and 2020 are as follows:
(in thousands) 2021 2020
Net income $312,376 $128,579
Less: Fee and asset management income
(10,532) (10,800)
Less: Interest and other income
(1,223) (2,949)
Less: Income on deferred compensation plans (14,369) (12,045)
Plus: Property management expense
26,339 24,201
Plus: Fee and asset management expense
4,511 3,954
Plus: General and administrative expense
59,368 53,624
Plus: Interest expense
97,297 91,526
Plus: Depreciation and amortization expense
420,692 367,162
Plus: Expense on deferred compensation plans 14,369 12,045
Plus: Loss on early retirement of debt
- 176
Less: Gain on sale of operating properties, including land (174,384) (382)
Less: Equity in income of joint ventures
(9,777) (8,052)
Plus: Income tax expense
1,893 1,972
Net operating income $ 726,560 $ 649,011
Property-Level NOI (1)(2)
Property NOI, as reconciled above, is detailed further into the categories below for the year ended December 31, 2021 as compared to 2020:
Apartment
Homes at Year Ended
December 31, Change
($ in thousands) 12/31/2020 2021 2020 $ %
Property revenues:
Same store communities 44,122 $ 971,872 $ 931,894 $ 39,978 4.3 %
Non-same store communities 6,439 138,605 98,665 39,940 40.5
Development and lease-up communities 2,265 7,571 - 7,571 *
Resident Relief Funds - - (9,074) 9,074 *
Dispositions/other - 25,537 22,352 3,185 14.2
Total property revenues 52,826 $ 1,143,585 $ 1,043,837 $ 99,748 9.6 %
Property expenses:
Same store communities 44,122 $ 351,210 $ 339,399 $ 11,811 3.5 %
Non-same store communities 6,439 52,445 39,780 12,665 31.8
Development and lease-up communities 2,265 2,695 7 2,688 *
Pandemic expenses - - 4,540 (4,540) *
Dispositions/other - 10,675 11,100 (425) (3.8)
Total property expenses 52,826 $ 417,025 $ 394,826 $ 22,199 5.6 %
Property NOI:
Same store communities 44,122 $ 620,662 $ 592,495 $ 28,167 4.8 %
Non-same store communities 6,439 86,160 58,885 27,275 46.3
Development and lease-up communities 2,265 4,876 (7) 4,883 *
Pandemic Related Impact - - (13,614) 13,614 *
Dispositions/other - 14,862 11,252 3,610 32.1
Total property NOI 52,826 $ 726,560 $ 649,011 $ 77,549 11.9 %
* Not a meaningful percentage.
(1) Same store communities are communities we owned and were stabilized since January 1, 2020, excluding communities under redevelopment and properties held for sale. Non-same store communities are stabilized communities not owned or stabilized since January 1, 2020, 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, 2020, excluding properties held for sale. Pandemic Related Impact relates to the Resident Relief Funds which were established for our residents experiencing financial losses caused by the pandemic and includes the amount we paid to residents at our wholly-owned communities as an adjustment to property revenues. The Pandemic Related Impact also includes direct related expenses incurred at our operating properties as a result of the pandemic. 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.
Same Store Analysis
Same store property NOI increased approximately $28.2 million for the year ended December 31, 2021 as compared to the same period in 2020. The increase was due to an increase of approximately $40.0 million in same store property revenues for the year ended December 31, 2021, partially offset by an increase of approximately $11.8 million in same store property expenses for the year ended December 31, 2021, as compared to the same period in 2020.
The $40.0 million increase in same store property revenues for the year ended December 31, 2021, as compared to the same period in 2020, was primarily due to an increase of approximately $30.9 million in rental revenues comprised of a 2.8% increase in average rental rates, higher occupancy, and higher other rental income, partially offset by lower reletting fees, net of uncollectible revenue. The increase was also due to an increase of approximately $5.7 million in income from our bulk internet and other utility rebilling programs as well as an increase of approximately $3.4 million related to fees and other income.
The $11.8 million increase in same store property expenses for the year ended December 31, 2021, as compared to the same period in 2020, was primarily due to higher property insurance expense of approximately $4.0 million due to higher premiums and claims incurred at our communities, higher repairs and maintenance and utility expenses of approximately $2.7 million, higher real estate taxes of approximately $2.2 million as a result of increased property valuations and rates at a number of our communities and lower property tax refunds, higher general and administrative and other property expenses of approximately $1.5 million, and higher salaries expense of approximately $1.4 million.
Non-same Store and Development and Lease-up Analysis
Property NOI from non-same store and development and lease-up communities increased approximately $32.2 million for the year ended December 31, 2021, as compared to the same period in 2020. The increases were comprised of increases from non-same store communities of approximately $27.3 million and increases from development and lease-up communities of approximately $4.9 million for the year ended December 31, 2021, as compared to the same period in 2020. The increase in property NOI from our non-same store communities was primarily due to the acquisition of four operating properties during 2021, five operating properties reaching stabilization during 2020 and 2021, and the stabilization of four redevelopment properties in December 2020. The increase in property NOI from our development and lease-up communities was primarily due to two development communities under lease-up which completed construction during 2021, and the timing of one other development community which was also under lease-up during the year ended December 31, 2021.
The following table details the changes, described above, relating to non-same store and development and lease-up NOI:
For the year ended December 31,
(in millions) 2021 compared to 2020
Property Revenues
Revenues from acquisitions $ 18.3
Revenues from non-same store stabilized properties 18.5
Revenues from development and lease-up properties 7.6
Other 3.1
$ 47.5
Property Expenses
Expenses from acquisitions $ 6.5
Expenses from non-same store stabilized properties 5.0
Expenses from development and lease-up properties 2.7
For the year ended December 31,
(in millions) 2021 compared to 2020
Other 1.1
$ 15.3
Property NOI
NOI from acquisitions $ 11.8
NOI from non-same store stabilized properties 13.5
NOI from development and lease-up properties 4.9
Other 2.0
$ 32.2
Pandemic Related Impact Analysis
The Pandemic Related Impact was approximately $13.6 million for the year ended December 31, 2020 due to the Resident Relief Funds announced in April 2020 for our residents experiencing financial losses and directly-related pandemic expenses. During the year ended December 31, 2020, the Company paid approximately $9.1 million in Resident Relief Funds to approximately 7,100 residents of our wholly-owned communities which was recorded as a reduction to property revenues. Also during the year ended December 31, 2020, we incurred approximately $4.5 million of directly-related pandemic expenses at our operating properties, which included $2.8 million of bonuses paid to on-site employees providing essential services during the pandemic and approximately $1.7 million of other directly-related pandemic expenses.
Dispositions/Other Property Analysis
Dispositions/other property NOI increased approximately $3.6 million for the year ended December 31, 2021 as compared to the same period in 2020. The increase was due to higher NOI from our retail properties primarily due to an approximate $3.5 million non-cash retail straight-line rent receivable adjustments incurred in 2020. The increase was partially offset by the disposition of three consolidated operating properties during the fourth quarter of 2021.
Non-Property Income
Year Ended
December 31, Change
($ in thousands) 2021 2020 $ %
Fee and asset management $ 10,532 $ 10,800 $ (268) (2.5) %
Interest and other income 1,223 2,949 (1,726) (58.5)
Income on deferred compensation plans 14,369 12,045 2,324 19.3
Total non-property income $ 26,124 $ 25,794 $ 330 1.3 %
Fee and asset management income from property management, asset management, construction, and development activities at our joint ventures and our third-party construction projects decreased approximately $0.3 million for the year ended December 31, 2021 as compared to 2020. The decrease for 2021 as compared to 2020 was primarily due to lower fees earned during 2021 due to decreased construction and development activity for one property held by one of the Funds which completed construction in December 2020. The decrease was partially offset by higher fees earned related to an increase in third-party construction activity, and increases in property management fees from the joint ventures in which we manage as a result of increased operating results during 2021 as compared to 2020.
Interest and other income decreased approximately $1.7 million for the year ended December 31, 2021, as compared to 2020. The decrease was primarily due to our sale of a consolidated technology joint venture in September 2020 and recognizing our proportionate share of the gain of approximately $1.5 million. The decrease was also due to lower interest income in 2021 primarily due to reduced interest rates on our investments.
Our deferred compensation plans recognized income of approximately $14.4 million and $12.0 million in 2021 and 2020, respectively. The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the expense related to these plans, as discussed below.
Other Expenses
Year Ended
December 31, Change
($ in thousands) 2021 2020 $ %
Property management $ 26,339 $ 24,201 $ 2,138 8.8 %
Fee and asset management 4,511 3,954 557 14.1
General and administrative
59,368 53,624 5,744 10.7
Interest 97,297 91,526 5,771 6.3
Depreciation and amortization
420,692 367,162 53,530 14.6
Expense on deferred compensation plans 14,369 12,045 2,324 19.3
Total other expenses $ 622,576 $ 552,512 $ 70,064 12.7 %
Property management expenses, which primarily represent regional supervision and accounting costs related to property operations, increased approximately $2.1 million for the year ended December 31, 2021 as compared to 2020. The increase was primarily related to higher salary, benefits, and incentive compensation costs and higher travel related expenses, partially offset by lower marketing and advertising expenses and pandemic related expenses in 2021 as compared to 2020. Property management expenses were 2.3% of total property revenues for each of the years ended December 31, 2021 and 2020.
Fee and asset management expense from property management, asset management, construction, and development activities at our joint ventures and our third-party construction projects increased approximately $0.6 million for the year ended December 31, 2021 as compared to 2020. The increase was primarily due to higher expenses incurred due to an increase in third-party construction activities, partially offset by lower expenses incurred in 2021 as a result of a development property held by one of the Funds completing construction in December 2020.
General and administrative expenses increased approximately $5.7 million for the year ended December 31, 2021 as compared to 2020. The increase was primarily due to higher salary, benefits, and incentive compensation costs and higher acquisition related expenses, partially offset by lower professional fee expenses in 2021 as compared to 2020. Excluding deferred compensation plans, general and administrative expenses were 5.1% of total revenues for each of the years ended December 31, 2021 and 2020.
Interest expense increased approximately $5.8 million for the year ended December 31, 2021 as compared to 2020. The increase in interest expense was primarily due to the issuance of $750 million, 2.91% senior unsecured notes during April 2020, the issuance of a $40.0 million unsecured floating rate term loan during October 2020, and lower capitalized interest resulting from lower average balances in our development pipeline. The increase was partially offset by lower interest expense due to the repayment of our $100.0 million unsecured floating rate term loan in October 2020 and a decrease in interest expense recognized on our unsecured credit facility due to having lower balances outstanding during the year ended December 31, 2021 as compared to 2020.
Depreciation and amortization expense increased approximately $53.5 million for the year ended December 31, 2021 as compared to 2020. The increase was primarily due to higher depreciation and amortization of in-place leases related to four acquisitions completed in 2021, the completion of units in our development pipeline, the completion of repositions during 2020 and 2021, and the completion of redevelopments during 2020. The increase was partially offset by lower amortization of in-place leases related to the acquisition of two operating properties in December 2019, which was fully amortized during 2020.
Our deferred compensation plans incurred an expense of approximately $14.4 million and $12.0 million in 2021 and 2020, respectively. These changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the income related to these plans, as discussed in the non-property income section above.
Other
Year Ended
December 31, Change
(in thousands) 2021 2020 $
Loss on early retirement of debt $ - $ (176) $ 176
Gain on sale of operating properties, including land 174,384 382 174,002
Equity in income of joint ventures 9,777 8,052 1,725
Income tax expense (1,893) (1,972) 79
The loss on early retirement of debt for the year ended December 31, 2020 related to the early retirement of our $100 million unsecured term loan which was scheduled to mature in 2022; this loss is primarily related to the applicable unamortized loan costs.
The $174.4 million gain on sale for the year ended December 31, 2021 was due to the sale of two operating properties located in Houston, Texas and the sale of one operating property located in Laurel, Maryland during the fourth quarter. The $0.4 million gain on sale in 2020 related to the sale of approximately 4.7 acres of land adjacent to one of our operating properties in Raleigh, North Carolina for approximately $0.8 million.
Equity in income of joint ventures increased approximately $1.7 million for the year ended December 31, 2021 as compared to 2020. The increase was primarily due to an increase in earnings recognized during 2021 primarily relating to higher revenues from the stabilized operating properties owned by the Funds. The increase in 2021 was partially offset by a decrease in earnings related to one property held by one of the Funds which completed construction in December 2020 and was under lease up through June 30, 2021, at which time it reached stabilization. We recognized our proportionate share of the loss while this property was in the lease-up phase of operations.
Funds from Operations (“FFO”) and Adjusted FFO ("AFFO")
Management considers FFO and AFFO to be appropriate supplementary measures of the financial performance of an equity REIT. The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with GAAP), excluding 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.
Reconciliations of net income attributable to common shareholders to FFO and AFFO for the years ended December 31 are as follows:
($ in thousands) 2021 2020
Funds from operations
Net income attributable to common shareholders (1)
$ 303,907 $ 123,911
Real estate depreciation and amortization
410,767 357,489
Adjustments for unconsolidated joint ventures 10,591 9,483
Gain on sale of operating properties (174,384) -
Income allocated to non-controlling interests 8,469 4,849
Funds from operations $ 559,350 $ 495,732
Less: recurring capitalized expenditures (73,603) (77,525)
Adjusted funds from operations $ 485,747 $ 418,207
Weighted average shares - basic 101,999 99,385
Incremental shares issuable from assumed conversion of:
Common share options and awards granted 87 53
Common units 1,661 1,748
Weighted average shares - diluted (2)
103,747 101,186
(1) Net income attributable to common shareholders for the year ended December 31, 2020 includes an approximate $3.5 million non-cash adjustment to retail straight-line rent receivable and an approximate $14.8 million Pandemic Related Impact. The total Pandemic Related Impact for the year ended December 31, 2020 was comprised of $9.5 million related to the Resident Relief Funds which were established in April 2020. Of this amount, approximately $9.1 million was paid to residents at our wholly-owned communities and was recorded as a reduction to property revenues, and approximately $1.3 million of Resident Relief Funds paid to residents of the operating communities owned by our unconsolidated joint ventures, of which we recognized our ownership interest of $0.4 million in equity in income of joint ventures. Additionally, we incurred approximately $4.5 million of pandemic expenses at our operating communities, which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.7 million in other directly-related pandemic expenses. We also incurred approximately $0.8 million related to the Employee Relief Fund we established to help our employees impacted by the pandemic.
(2) FFO diluted shares includes approximately 2.3 million weighted average share impact related to activity from our ATM Programs during the year ended December 31, 2021. There was no ATM activity during the year-ended December 31, 2020.
Liquidity and Capital Resources
Financial Condition and Sources of Liquidity
We intend to maintain a strong balance sheet and preserve our financial flexibility, which we believe should enhance our ability to identify and capitalize on investment opportunities as they become available. We intend to maintain what management believes is a conservative capital structure by:
•extending and sequencing the maturity dates of our debt where practicable;
•managing interest rate exposure using what management believes to be prudent levels of fixed and floating rate debt;
•maintaining what management believes to be conservative coverage ratios; and
•using what management believes to be a prudent combination of debt and equity.
Our interest expense coverage ratio, net of capitalized interest, was approximately 6.7 and 6.5 times for the years ended December 31, 2021 and 2020, respectively. This ratio is a method for calculating the amount of operating cash flows available to cover interest expense and is calculated by dividing interest expense for the period into the sum of property revenues and expenses, non-property income, and other expenses after adding back depreciation, amortization, and interest expense. All of our properties were unencumbered at both December 31, 2021 and 2020. Our weighted average maturity of debt was approximately 7.4 years at December 31, 2021.
We also intend to strengthen our capital and liquidity positions by continuing to focus on our core fundamentals, which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs.
Our primary sources of liquidity are cash and cash equivalents on hand and cash flow generated from operations. Other sources may include one or more of the following: availability under our unsecured credit facility, the use of debt and equity
offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, and other unsecured borrowings or secured mortgages. We believe our liquidity and financial condition are sufficient to meet all of our reasonably anticipated cash needs over the next 12 months including:
•normal recurring operating expenses;
•current debt service requirements, including debt maturities;
•recurring capital expenditures;
•reposition expenditures;
•funding of property developments, redevelopments, acquisitions, and joint venture investments; and
•the minimum dividend payments required to maintain our REIT qualification under the Code.
Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, changes in rent control or rent stabilization laws, sources of financing, the minimum REIT dividend requirements, our ability to complete asset purchases, sales, or developments, the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets. A variety of these factors, among others, could also be affected by the continuation of the pandemic.
Cash Flows
The following is a discussion of our cash flows for the years ended December 31, 2021 and 2020.
Net cash from operating activities was approximately $577.5 million during the year ended December 31, 2021 as compared to approximately $519.3 million during the year ended December 31, 2020. The increase was primarily due to the increase in property operations due to the growth attributable to our same store, non-same store, and development and lease-up communities. See further discussions of our 2021 operations as compared to 2020 in "Results of Operations." The increase was partially offset by lower cash inflows from operating accounts due to lower prepayment of rental income received from our residents, higher interest payments on our unsecured debt, and higher real estate tax payments in 2021 as compared to 2020.
Net cash used in investing activities during the year ended December 31, 2021 totaled approximately $804.4 million as compared to $429.6 million during the year ended December 31, 2020. Cash outflows during 2021 primarily related to the acquisition of four operating properties for approximately $630.0 million, and property development and capital improvements of approximately $428.7 million. These outflows were partially offset by net proceeds from the sale of three operating properties of approximately $254.7 million. Cash outflows during 2020 primarily related to property development and capital improvements of approximately $427.2 million, and increases in non-real estate assets of $7.5 million. The increase in property development and capital improvements for 2021, as compared to the same period in 2020, was primarily due to the acquisition of four land parcels in 2021, partially offset by a decrease in redevelopment activity and lower capital expenditures, capitalized interest, real estate taxes and other capitalized indirect costs. The property development and capital improvements during 2021 and 2020, included the following:
December 31,
(in millions) 2021 2020
Expenditures for new development, including land $ 265.4 $ 239.9
Capital expenditures 87.0 90.2
Reposition expenditures 47.6 48.7
Capitalized interest, real estate taxes, and other capitalized indirect costs 28.7 31.7
Redevelopment expenditures - 16.7
Total $ 428.7 $ 427.2
Net cash from financing activities totaled approximately $421.4 million during the year ended December 31, 2021 as compared to approximately $307.3 million during the year ended December 31, 2020. Cash inflows during 2021 primarily related to net proceeds of $759.2 million from the issuance of approximately 5.4 million common shares from our ATM programs. These cash inflows were partially offset by approximately $343.0 million to pay distributions to common shareholders and non-controlling interest holders Cash inflows during 2020 primarily related to net proceeds of approximately $782.8 million from the issuance of $750.0 million senior unsecured notes in April 2020 and a $40.0 million unsecured floating-rate term loan in October 2020. These cash inflows were partially offset by approximately $333.4 million to pay distributions to common shareholders and non-controlling interest holders, the repayment of an unsecured floating-rate term
loan of approximately $100.0 million in the fourth quarter of 2020, and net payment of $44.0 million of borrowings from our unsecured line of credit.
Financial Flexibility
We have a $900 million unsecured credit facility which matures in March 2023 with two separate options to extend the facility for a period of six-months and may be expanded three times by up to an additional $500 million in the aggregate upon the satisfaction of certain conditions. The interest rate on our unsecured credit facility is currently based upon LIBOR plus a margin which is subject to change as our credit ratings change. Advances under our credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $450 million or the remaining amount available under our credit facility. Our credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of December 31, 2021 and through the date of this filing.
Our credit facility provides us with the ability to issue up to $50.0 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At December 31, 2021, we had no borrowings outstanding on our $900.0 million credit facility and we had outstanding letters of credit totaling approximately $14.8 million, leaving approximately $885.2 million available under our credit facility.
In August 2021, we created an ATM share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering price of up to $500.0 million (the "2021 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. The proceeds from the sale of our common shares under the 2021 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under our $900 million unsecured line of credit, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions. We issued approximately 2.6 million shares under our 2021 ATM program during the year ended December 31, 2021 and received approximately $400.4 million in net proceeds. As of December 31, 2021 and through the date of this filing, we had common shares having an aggregate offering price of up to $97.6 million remaining available for sale under the 2021 ATM program.
We currently have an automatic shelf registration statement which allows us to offer common shares, preferred shares, debt securities, or warrants, and our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At December 31, 2021, we had approximately 103.3 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
We believe our ability to access capital markets is enhanced by our senior unsecured debt ratings by Fitch, Moody's, and Standard and Poor's, which were A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, as of December 31, 2021. We believe our ability to access capital markets is also enhanced by our ability to borrow on a secured basis from various institutions including banks, Fannie Mae, Freddie Mac, or life insurance companies. However, we may not be able to maintain our current credit ratings and may not be able to borrow on a secured or unsecured basis in the future.
Future Cash Requirements and Contractual Obligations
One of our principal long-term liquidity requirements includes the repayment of maturing debt, including any future borrowings under our unsecured credit facility. We believe scheduled repayments of debt during the next 12 months are manageable at approximately $386.3 million which represents approximately 12.2% of our total outstanding debt, and includes amortization of debt discounts and debt issuance costs of approximately $3.7 million. See Note 9, “Notes Payable,” in the notes to Consolidated Financial Statements for further discussion of scheduled maturities beyond 2022. Interest payments related to the debt discussed above and as further discussed in Note 9 will be approximately $108.2 million for the year ended December 31, 2022 and for the years ending 2023 through 2026 will be approximately $91.3 million, $73.0 million, $66.4 million and $66.4 million, respectively, and approximately $376.9 million in the aggregate thereafter.
We estimate the additional cost to complete the construction of the five consolidated projects to be approximately $199.4 million. Of this amount, we expect to incur costs between approximately $150 million and $170 million during 2022 and to incur the remaining costs during 2023. Additionally, we expect to incur costs between approximately $150 million and $160 million related to the start of new development activities, between approximately $62 million and $66 million of repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $80 million and $84 million of additional recurring capital expenditures.
We anticipate meeting our short-term and long-term liquidity requirements through a combination of one or more of the following: cash and cash equivalents, cash flows generated from operations, draws on our unsecured credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, other unsecured borrowings, or secured mortgages. We continue to evaluate our operating properties and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
As a REIT, we are subject to a number of organizational and operational requirements, including a requirement to distribute current dividends to our shareholders equal to a minimum of 90% of our annual taxable income. In order to reduce the amount of income taxes, our general policy is to distribute at least 100% of our taxable income. In December 2021, we announced our Board of Trust Managers had declared a quarterly dividend of $0.83 per common share to our common shareholders of record as of December 16, 2021. This dividend was subsequently paid on January 18, 2022, and we paid equivalent amounts per unit to holders of common operating partnership units. When aggregated with previous 2021 dividends, this distribution to common shareholders and holders of the common operating partnership units equates to an annual dividend rate of $3.32 per share or unit for the year ended December 31, 2021.
In the first quarter of 2022, the Company's Board of Trust Managers declared a first quarter dividend of $0.94 per common share to our common shareholders of record as of March 31, 2022. Future dividend payments are paid at the discretion of the Board of Trust Managers and depend on cash flows generated from operations, the Company's financial condition and capital requirements, distribution requirements under the REIT provisions of the Code and other factors which may be deemed relevant by our Board of Trust Managers. Assuming similar dividend distributions for the remainder of 2022, our annualized dividend rate for 2022 would be $3.76.
The joint ventures in which we have an interest have been funded in part with secured, third-party debt. At December 31, 2021, our unconsolidated joint ventures had outstanding debt of approximately $513.8 million. As of December 31, 2021, we had no outstanding guarantees related to the loans of our unconsolidated joint ventures.
Critical Accounting Estimates
The preparation of our financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date, and the amounts of revenues and expenses recognized during the reporting period. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. The following is a discussion of our critical accounting policies. For a discussion of all of our significant accounting policies, see Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements," to the accompanying consolidated financial statements.
Valuation of Assets. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment indicators exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant’s perspective. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the years ended December 31, 2021, 2020, or 2019.
The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.
We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
We believe the primary market risk we face is interest rate risk. We seek to mitigate this risk by following established risk management policies, which includes (i) maintaining prudent levels of fixed and floating rate debt; and (ii) extending and sequencing the maturity dates of our debt where practicable. We also periodically use derivative financial instruments, primarily interest rate swaps with major financial institutions, to manage a portion of this risk. We do not utilize derivative financial instruments for trading or speculative purposes. The table below summarizes our debt as of December 31, 2021 and 2020:
($ in millions) December 31, 2021 December 31, 2020
Carrying Amount Estimated fair market value Weighted
Average
Maturity
(in years) Weighted
Average
Interest
Rate % Of
Total Carrying Amount Estimated fair market value Weighted
Average
Maturity
(in years) Weighted
Average
Interest
Rate % Of
Total
Fixed rate debt $ 3,130.5 $ 3,363.7 7.5 3.6 % 98.7 % $ 3,126.9 $ 3,519.9 8.5 3.6 % 98.7 %
Variable rate debt 39.9 40.1 0.7 1.9 % 1.3 % 39.7 $ 40.0 1.7 1.9 % 1.3 %
In order to manage interest rate exposure, we have utilized interest rate swap agreements to protect against unfavorable interest rate changes relating to forecasted debt transactions. These swaps, which are settled upon issuance of the related debt, are designated as cash flow hedges and the gains and/or losses are deferred in other comprehensive income and recognized as an adjustment to interest expense over the same period the hedged interest payments affect earnings. As of December 31, 2021, we had no hedges outstanding.
We did not have any borrowings outstanding under our unsecured credit facility at December 31, 2021 or 2020. At December 31, 2021 and 2020, we had a term loan outstanding of approximately $39.9 million and $39.7 million, respectively. If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout 2021 and 2020, our annual interest costs would have increased by approximately $0.4 million for each period.
For fixed rate debt, interest rate changes affect the fair market value but do not impact net income attributable to common shareholders or cash flows. Holding other variables constant, if interest rates would have been 100 basis points higher as of December 31, 2021, the fair value of our fixed rate debt would have decreased by approximately $198.8 million.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Financial Statements and Supplementary Data
Our response to this item is included in a separate section at the end of this report beginning on page.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures. We carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Securities Exchange Act ("Exchange Act") Rules 13a-15(e) and 15d-15(e). Based on the evaluation, the Chief Executive Officer and Chief Financial Officer concluded the disclosure controls and procedures as of the end of the period covered by this report are effective to ensure information required to be disclosed by us in our Exchange Act filings is accurately recorded, processed, summarized, and reported within the periods specified in the Securities and Exchange Commission's rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Controls. There were no changes in our internal control over financial reporting (identified in connection with the evaluation required by paragraph (d) in Rules 13a-15 and 15d-15 under the Exchange Act) during our most recent fiscal quarter which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Securities Exchange Act of 1934 as follows:
A process designed by, or under the supervision of, the Company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the Company's board of trust managers, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:
•Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
•Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and receipts and expenditures of the Company are being made only in accordance with authorizations of management and Board of Trust Managers of the Company; and
•Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.
Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2021. In making this assessment, management used the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on our assessment, management concluded our internal control over financial reporting is effective as of December 31, 2021.
Deloitte & Touche LLP, an independent registered public accounting firm, has issued an attestation report regarding the effectiveness of our internal control over financial reporting, which is included herein.
February 17, 2022
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trust Managers of Camden Property Trust
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Camden Property Trust and subsidiaries (the “Company”) as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2021, of the Company and our report dated February 17, 2022, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and Trust Managers of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ DELOITTE & TOUCHE LLP
Houston, Texas
February 17, 2022

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information
None.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers, and Corporate Governance
Information with respect to this Item 10 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 24, 2022 in connection with the Annual Meeting of Shareholders to be held on or about May 12, 2022.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation
Information with respect to this Item 11 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 24, 2022 in connection with the Annual Meeting of Shareholders to be held on or about May 12, 2022.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
Information with respect to this Item 12 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 24, 2022 in connection with the Annual Meeting of Shareholders to be held on or about May 12, 2022.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions, and Director Independence
Information with respect to this Item 13 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 24, 2022 in connection with the Annual Meeting of Shareholders to be held on or about May 12, 2022.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accounting Fees and Services
Information with respect to this Item 14 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 24, 2022 in connection with the Annual Meeting of Shareholders to be held on or about May 12, 2022.
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits and Financial Statement Schedules
The following documents are filed as part of this report:
(1) Financial Statements:
Report of Independent Registered Public Accounting Firm
PCAOB ID No. 34
Consolidated Balance Sheets as of December 31, 2021 and 2020
Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2021, 2020, and 2019
Consolidated Statements of Equity for the Years Ended December 31, 2021, 2020, and 2019
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020, and 2019
Notes to Consolidated Financial Statements
(2) Financial Statement Schedules:
Schedule III - Real Estate and Accumulated Depreciation
S-1
Schedule IV - Mortgage Loans on Real Estate
S-8
All other schedules have been omitted since the required information is presented in the financial statements and the related notes or is not applicable.
(3) Index to Exhibits:
The following exhibits are filed as part of or incorporated by reference into this report:
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
3.2
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
3.3
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
3.4
Fifth Amended and Restated Bylaws of Camden Property Trust Exhibit 99.1 to Form 8-K filed on February 2, 2021
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
4.2
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)
4.3
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
4.4
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
4.5
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
4.6
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)
4.7
Form of Camden Property Trust 2.95% Note due 2022 Exhibit 4.4 to Form 8-K filed on December 7, 2012
4.8
Form of Camden Property Trust 4.875% Note due 2023 Exhibit 4.5 to Form 8-K filed on June 3, 2011
4.9
Form of Camden Property Trust 4.250% Note due 2024 Exhibit 4.1 to Form 8-K filed on December 2, 2013
4.10
Form of Camden Property Trust 3.50% Note due 2024 Exhibit 4.1 to Form 8-K filed on September 12, 2014
4.11
Form of Camden Property Trust 4.100% Note due 2028 Exhibit 4.5 to Form 8-K filed on October 4, 2018
4.12
Form of Camden Property Trust 3.150% Note due 2029 Exhibit 4.5 to Form 8-K filed on June 17, 2019
4.13
Form of Camden Property Trust 3.350% Note due 2049 Exhibit 4.5 to Form 8-K filed on October 7, 2019
4.14
Form of Camden Property Trust 2.800% Note due 2030 Exhibit 4.5 to Form 8-K filed on April 21, 2020
4.15
Form of Camden Property Trust 2.800% Note due 2030 Exhibit 4.6 to Form 8-K filed on April 21, 2020
4.16
Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 Exhibit 4.14 to Form 10-K/A filed on March 6, 2020
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
10.2
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)
10.3
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
10.4
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
10.5
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
10.6
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
10.7
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
10.8
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
10.9
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
10.10
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
10.11
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
10.12
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
10.13
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
10.14
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
10.15
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
10.16
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)
10.17
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
10.18
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
10.19
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)
10.20
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
10.21
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
10.22
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
10.23
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
10.24
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
10.25
Camden Property Trust 2018 Employee Share Purchase Plan Exhibit 99.2 to Form 8-K filed on May 17, 2018
10.26
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
10.27
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
10.28
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
10.29
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
10.30
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
10.31
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
10.32
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
10.33
Camden Property Trust Short Term Incentive Plan Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2002
10.34
Second Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan Exhibit 99.1 to Form 8-K filed on February 21, 2014
10.35
Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan Exhibit 10.35 to Form 10-K filed on February 15, 2019
10.36
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)
10.37
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)
10.38
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)
10.39
Agreement, dated as of March 8, 2021 among William F. Paulsen, the 2014 Amended and Restated William B. McGuire Jr. Revocable Trust, 2012 DE CPT LLC, WBM CPT 2020 LLC, David F. Tufaro, 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 March 11, 2021 (File No. 1-12110)
10.40
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)
10.41
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)
10.42
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
10.43
Separation Agreement, dated as of December 31, 2021, between Camden Property Trust and H. Malcolm Stewart Exhibit 99.1 to Form 8-K filed on January 6, 2022
10.44
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
10.45
Distribution Agency Agreement, dated August 2, 2021, between Camden Property Trust and Deutsche Bank Securities Inc. Exhibit 1.1 to Form 8-K filed on August 2, 2021
10.46
Distribution Agency Agreement, dated August 2, 2021, between Camden Property Trust and Regions Securities LLC Exhibit 1.2 to Form 8-K filed on August 2, 2021
10.47
Distribution Agency Agreement, dated August 2, 2021 between Camden Property Trust, Scotia Capital (USA) Inc. and The Bank of Nova Scotia Exhibit 1.3 to Form 8-K filed on August 2, 2021
10.48
Distribution Agency Agreement, dated August 2, 2021 between Camden Property Trust, TD Securities (USA) LLC and The Toronto-Dominion Bank Exhibit 1.4 to Form 8-K filed on August 2, 2021
21.1
List of Significant Subsidiaries Filed Herewith
23.1
Consent of Deloitte & Touche LLP Filed Herewith
Exhibit No. Description Filed Herewith or Incorporated Herein by Reference (1)
24.1
Powers of Attorney for Javier E. Benito, Heather J. Brunner, Mark D. Gibson, Scott S. Ingraham, Renu Khator, William F. Paulsen, Frances Aldrich Sevilla-Sacasa, Steven A. Webster, and Kelvin R. Westbrook Filed Herewith
31.1
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act Filed Herewith
31.2
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act Filed Herewith
32.1
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.