EDGAR 10-K Filing

Company CIK: 906345
Filing Year: 2025
Filename: 906345_10-K_2025_0000906345-25-000008.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 (the "Exchange Act"), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (the "SEC"). We also make available free of charge on our website our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit; Compensation; and Nominating, Corporate Governance and Sustainability Committees. Copies are also available, without charge, from Investor Relations, 11 Greenway Plaza, Suite 2400, Houston, Texas 77046. References to our website in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on or available through our website and therefore such information should not be considered part of this report.
Our annual, quarterly and current reports, proxy statements, and other information are electronically filed with the SEC. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy, and information statements and other information regarding issuers that file electronically with the SEC.
Narrative Description of Business
As of December 31, 2024, we owned interests in, operated, or were developing 177 multifamily properties comprised of 59,996 apartment homes across the United States. Of the 177 properties, three properties were under construction and will consist of a total of 1,138 apartment homes when completed. We also own land holdings which we may develop into communities in the future.
Operating and Business Strategy
We believe producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success. We rely heavily on our sophisticated property management capabilities and innovative operating strategies to maximize the earnings potential of our communities.
Real Estate Investments and Market Balance. We believe we are well-positioned in our current markets and have the expertise to take advantage of new opportunities as they arise. These capabilities, combined with what we believe is a conservative financial structure, should allow us to concentrate our growth efforts toward selective opportunities to enhance our strategy of having a geographically diverse portfolio of assets which meet the requirements of our residents.
We continue to operate in our core markets which we believe provides an advantage due to economies of scale. We believe, where possible, it is best to operate with a strong base of properties in order to benefit from the personnel allocation and the market strength associated with managing multiple properties in the same market. However, consistent with our goal of generating sustained earnings growth, we intend to selectively dispose of properties and redeploy capital for various strategic reasons, including if we determine a property cannot meet our long-term earnings growth expectations.
We try to maximize capital appreciation of our properties by investing in markets characterized by conditions favorable to multifamily property appreciation. These markets generally feature the following:
•strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments; and
•an attractive quality of life, which may lead to higher demand and retention for our apartments and allow us to more readily grow revenue.
Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and
leverage ratios, and controlling overhead costs. We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages.
Sophisticated Property Management. We believe the depth of our organization enables us to deliver quality services, promote resident satisfaction, and retain residents, thereby increasing our operating revenues and reducing our operating expenses. We manage our properties utilizing a staff of professionals and support personnel, including certified property managers, experienced apartment managers and leasing staff, and trained apartment maintenance technicians. Our on-site personnel are trained to deliver high-quality services to our residents and we strive to motivate our on-site employees through incentive compensation arrangements based upon property operational results.
Operations. We believe an intense focus on operations is necessary to realize consistent, sustained earnings growth. Ensuring customer satisfaction, increasing rents as market conditions allow, maximizing rent collections (subject to restrictions of applicable law), maintaining property occupancy at optimal levels, and controlling operating costs comprise our principal strategies to maximize property financial results. Lease terms are generally staggered based on vacancy exposure by apartment type such that lease expirations are matched to each property's seasonal rental patterns. Our average lease terms are approximately fourteen months, and our individual property marketing plans are structured to respond to local market conditions. In addition, we conduct ongoing customer service surveys to help ensure timely responses to customers' changing needs and a high-level of satisfaction.
Competition
There are numerous housing alternatives which compete with our communities in attracting residents. Our properties compete directly with other multifamily properties as well as condominiums, single-family homes, and third-party providers of short-term rentals, which are available for rent or purchase in the markets in which our communities are located. This competitive environment could have a material adverse effect on our ability to lease apartment homes or on the rents realized at our present properties or any newly-developed or acquired property.
Human Capital Management
Purpose and Culture. We strive to differentiate ourselves by our culture and talent. How we manage our human capital is critical to how we deliver on our strategy and create sustained growth and value for our shareholders. We strive to improve the lives of our team members, customers, and shareholders one experience at a time. We recognize a great culture is foundational to the success of this vision. Key components in managing our human capital are listed below.
Camden's Values. We care deeply about our team members, our residents, and the local communities in which we live, work, and play. We are committed to maintaining a high-trust work environment which 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 great working environment that fosters all team members' well-being, health, and happiness. 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 recognized nationally as one of the 100 Best Companies to Work For® by FORTUNE magazine for 17 consecutive years, most recently ranking #24.
Compensation and Benefits. We provide high-quality health benefits and compensation to competitively compensate all team members 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 individual strengths and cultivate new interests. We offer tuition assistance to team members working to earn industry designations from various organizations. We also support team members who want to continue their education at an accredited educational institution through our Education Assistance Program. In addition to these programs, we also help employees improve their personal and professional lives through training, coaching, and mentoring. CamdenU, our in-house learning center, is available to all employees and offers courses in subjects related to leadership, management, and operations. In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with experienced employees to facilitate their on-boarding process and immerse them in Camden’s culture.
At December 31, 2024, we had approximately 1,660 employees including executive, community, and administrative personnel. Camden embraces all team members as full and valued members of the organization.
Qualification as a Real Estate Investment Trust
As of December 31, 2024, 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. If we need to incur debt from a source other than our revolving credit facility, we cannot be certain the additional financing will be available to the extent required and on acceptable terms. If debt financing on acceptable terms is not available, we may be unable to fully execute our growth strategy, otherwise take advantage of business opportunities, or respond to competitive pressures, any of which could have a material adverse effect on our results of operations, financial condition (including liquidity), and our ability to make distributions to shareholders.
Other weakened economic conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental rates and occupancy levels. Unfavorable changes in economic conditions may have a material adverse impact on our cash flows and operating results.
Additional key economic risks which may adversely affect conditions in the markets in which we operate include the following:
•local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area;
•declines in the financial condition of our residents, which may make it more difficult for us to collect rents from some residents;
•declines in market rental rates;
•low mortgage interest rates and home pricing, making alternative housing more affordable;
•government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive;
•regional economic downturns, including, but not limited to, business layoffs, downsizing, and increased unemployment, which may impact one or more of our geographical markets;
•increased operating costs, if these costs cannot be passed through to our residents; and
•global or locally-targeted pandemics, epidemics, or other health crises, and any related measures enacted to prevent their spread or restricting our ability to enforce contractual rental obligations upon our residents.
Short-term leases could expose us to the effects of declining market rents.
Our average lease terms are approximately fourteen months. As these leases typically permit the residents to leave at the end of the lease term without penalty, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms.
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. Under current market conditions, in 2024 we recorded impairment charges on three parcels of land. If there are subsequent changes in the fair market value of our land holdings and the resulting
value is less than the carrying basis of our land holdings reflected in our financial statements, we may be required to take future impairment charges which would reduce our net income.
Risks Associated with Our Operations
Development, repositions, redevelopment and construction risks could impact our profitability.
We intend to continue to develop, reposition, redevelop, and construct multifamily apartment communities for our portfolio. In 2025, we expect to incur costs between approximately $135 million and $155 million related to the construction of three projects. Additionally, during 2025, we expect to incur costs between approximately $100 million and $110 million related to the start of new development activities, between approximately $96 million and $100 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $108 million and $112 million of additional recurring capital expenditures. Our development, reposition, redevelopment, and other construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs, and/or decrease our profitability, including the following:
•inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations;
•disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those costs due to errors and omissions which occur in the design or construction process;
•shortages of materials;
•inability to obtain financing with favorable terms;
•inability to complete construction and/or lease-up of a community on schedule;
•forecasted occupancy and rental rates may differ from the actual results; and
•the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.
Our inability to successfully implement our development, repositions, redevelopment, and construction strategy could adversely affect our results of operations and our ability to satisfy our financial obligations and pay distributions to shareholders.
One of our wholly-owned subsidiaries is engaged in the business of providing general contracting services under construction contracts entered between it and third parties. The terms of those construction contracts generally require this subsidiary to estimate the time and costs to complete a project and assumes the risk when these estimates are greater than anticipated. As a result, profitability on those contracts is dependent on the ability to accurately predict these factors. The time and costs necessary to complete a project may be affected by a variety of factors including, but not limited to, those listed above, many of which are beyond this subsidiary’s control. In addition, the terms of those contracts generally require this subsidiary to warrant its work for a period of time during which it may be required to repair, replace, or rebuild non-conforming work. Further, trailing liabilities, based on various legal theories such as claims of negligent construction, may result from such projects, and these trailing liabilities may go on for a number of years depending on the length of the statute of repose in the applicable jurisdictions.
Our acquisition strategy may not produce the cash flows expected.
We may acquire additional operating properties on a selective basis. Our acquisition activities are subject to a number of risks including, but not limited to, the following:
•we may not be able to successfully integrate acquired properties into our existing operations;
•our estimates of the costs, if any, of repositioning or redeveloping the acquired property may prove inaccurate;
•the expected occupancy, rental rates, and operating expenses may differ from the actual results;
•we may not be able to obtain adequate financing; and
•we may not be able to identify suitable candidates on terms acceptable to us and may not achieve expected returns or other benefits as a result of integration challenges, such as personnel and technology.
Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values.
Certain states and local municipalities have adopted rent control or rent stabilization laws and regulations, imposing restrictions on amounts of rent increases which may be charged. There are a number of additional states and local municipalities in which we operate also considering or being urged by advocacy groups to consider imposing rent control or rent stabilization laws and regulations. Such laws and regulations could limit our ability to enforce contractual rental obligations, increase rents, charge certain fees, evict residents, or recover increases in our operating expenses and could make it more difficult to dispose of properties in certain circumstances. The terms of laws and regulations recently enacted, future laws and regulations which may be enacted, as well as any lawsuits against us arising from such issues, could have a significant adverse impact on our results of operations and could reduce the value of our operating properties.
Failure to qualify as a REIT could have adverse consequences.
We may not continue to qualify as a REIT in the future and the Internal Revenue Service may challenge our qualification as a REIT for prior years. If we fail to qualify as a REIT in any taxable year we may be subject to federal and state income taxes for such year and we may not be able to requalify as a REIT for the four subsequent taxable years and may be subject to federal and state income taxes in those years as well. This may also impair our ability to expand our business and raise capital which may adversely affect the value of our common shares.
We may face other tax liabilities in the future which may impact our cash flow. These potential tax liabilities may be calculated on our income or property values at either the corporate or individual property levels. Any additional tax expense incurred would decrease the cash available for cash distributions to our common shareholders and non-controlling interest holders. Additionally, in order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income.
Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us.
Tax laws remain under constant review by persons involved in the legislative process, at the Internal Revenue Service, the U.S. Department of Treasury, and by various state and local tax authorities. Future changes in tax laws including administrative interpretations, enacted tax rates, or new pronouncements relating to accounting for income taxes could adversely affect us in a number of ways, including making it more difficult or more costly for us to qualify as a REIT.
A cybersecurity incident and other technology disruptions could negatively impact our business.
We use technology in substantially all aspects of our business operations, including internet and cloud-based systems and applications. We also use mobile devices, social networking, outside vendors, and other online activities to connect with our employees, suppliers, and residents. Such uses and the on-going advancement in technology such as generative artificial intelligence, machine learning, and remote connectivity solutions give rise to potential cybersecurity risks with increasing sophistication, including but not limited to, security breaches, espionage, system disruption, theft, and inadvertent release of confidential information. Our business involves the storage and transmission of numerous classes of sensitive and confidential information and intellectual property, including residents' and suppliers' personal information, private information about employees, and financial and strategic information about us. Further, as we pursue our strategy to grow through acquisitions and developments and to pursue new initiatives to improve our operations, we are also expanding our information technologies, resulting in a larger technological presence and corresponding exposure to cybersecurity risk. If we fail to assess and identify cybersecurity risks associated with our operations, we may become increasingly vulnerable to such risks and may be liable for the consequential litigation and remediation costs. Additionally, the measures we have implemented to prevent security breaches and cyber incidents may not be effective and there can be no complete assurance of prevention or anticipation of such incidents. The theft, destruction, loss, misappropriation, or release of sensitive data, confidential information or intellectual property, or interference with our information technology systems or the technology systems of third parties on which we rely could result in business disruption, negative publicity, brand damage, violation of privacy laws, loss of residents, potential liability, and competitive disadvantage, any of which could result in a material adverse effect on our financial condition or results of operations.
Our third-party service providers are primarily responsible for the security of their own information technology environments and in certain instances we rely significantly on third-party service providers to supply and store our sensitive data in a secure manner. All of these third parties face potential risks relating to cybersecurity similar to ours which could disrupt their businesses and therefore adversely impact us. While we provide guidance and specific requirements in some cases, we do not directly control any of these parties' information technology security operations, or the amount of investment they place in guarding against cybersecurity threats. Accordingly, we are subject to any flaw or breaches to their information technology systems, or those which they operate for us, which could have a material adverse effect on our financial condition or results of operations.
Risks Associated with Our Indebtedness and Financing
We have significant debt, which could have adverse consequences.
As of December 31, 2024, we had outstanding debt of approximately $3.5 billion. This indebtedness could have adverse consequences including but not limited to, the following:
•increasing our vulnerability to general adverse economic and industry conditions; and
•limiting our flexibility in planning for, or reacting to, changes in business and industry conditions.
The notes related to our properties subject to secured debt, our unsecured term loans, and unsecured revolving credit facility, and the indenture under which our unsecured debt was issued contain customary restrictions, requirements, and other limitations, as well as certain financial and operating covenants including maintenance of certain financial ratios. Maintaining compliance with these provisions could limit our financial flexibility. A default in these provisions, if uncured, could require us to repay the indebtedness before the scheduled maturity date which could adversely affect our liquidity and increase our financing costs.
Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders.
Substantially all of our income is derived from rental and other income from our multifamily communities. As a result, our performance depends in large part on our ability to collect rent from residents, which could be negatively affected by a number of factors including, but not limited to, the following:
•delay in resident lease commencements;
•decline in occupancy;
•failure of residents to make rental payments when due;
•the attractiveness of our properties to residents and potential residents;
•our ability to adequately manage and maintain our communities;
•competition from other available apartments and housing alternatives;
•changes in market rents;
•increases in operating expenses; and
•changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing.
Cash flow could be insufficient to meet required payments of principal and interest with respect to debt financing. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income. This requirement limits the cash available to meet required principal payments on our debt.
Issuances of additional debt may adversely impact our financial condition.
Our capital requirements depend on numerous factors, including the rental and occupancy rates of our multifamily properties, minimum dividend requirements to our equity holders, development, redevelopment and other capital expenditures, costs of operations, and potential acquisitions. If our capital requirements vary materially from our plans, we may require additional financing earlier than anticipated. If we issue more debt we could become more leveraged, resulting in increased risk of default on our obligations and an increase in our debt service requirements, both of which could adversely affect our financial condition and ability to access debt and equity capital markets in the future.
We may be unable to renew, repay, or refinance our outstanding debt.
We are subject to the risk our indebtedness will not be renewed, repaid, or refinanced when due or the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness. If we are unable to refinance our indebtedness on acceptable terms, or at all, we might be forced to dispose of one or more of our properties on disadvantageous terms, which might result in losses to us. Such losses could have a material adverse effect on us and our ability to pay amounts due on our debt and make distributions to our shareholders.
Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments.
As of the date of this filing, we have an unsecured term loan with varying interest rates dependent upon various market indexes. In addition, we have an unsecured revolving credit facility bearing interest at variable rates on all amounts drawn and a senior unsecured note which has been converted into a floating rate instrument through an interest rate swap arrangement. We may incur other additional variable rate debt in the future. Increases in interest rates would increase our interest expense, unless we make arrangements which hedge the risk of rising interest rates, and would increase the costs of refinancing existing debt and of issuing new debt. Accordingly, higher interest rates could adversely affect cash flow, net income, and cash available for payment of our debt obligations and distributions to shareholders.
An environment of rising interest rates may also result in a decrease in the value of our real estate and a decrease in the market price of our shares, which may lead holders of our securities to seek higher yields through other investments.
Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets.
Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2024. These ratings are based on a number of factors, which include their assessment of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flow and earnings. Due to changes in market conditions, we may not be able to maintain our current credit ratings, which could adversely affect our cost of funds and related margins, liquidity, and access to capital markets.
Risks Associated with Our Shares
Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders.
For us to maintain our qualification as a REIT, we must have 100 or more shareholders during the year and not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or fewer individuals. As defined for federal income tax purposes, the term "individuals" includes a number of specified entities. To minimize the possibility of us failing to qualify as a REIT under this test, our declaration of trust includes restrictions on transfers of our shares and ownership limits. The ownership limits, as well as our ability to issue other classes of equity securities, may delay, defer, or prevent a change in 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 are declared at the discretion of our Board of Trust Managers and depend on actual cash from operations, our financial condition, expected future 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 also modify the form, timing, and amount of dividends in the future.
General Risk Factors
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, antitrust, or commercial litigation, which if decided adversely to or settled by us, and not adequately covered by insurance, could result in liabilities which are material to our financial condition or results of operations.
Damage from catastrophic weather and other natural events could result in losses.
A certain number of our properties are located in areas which have experienced and may in the future experience catastrophic weather and other natural events from time-to-time, including fires, snow or ice storms, windstorms, tornadoes, hurricanes, earthquakes, flooding, or other environmental events. These adverse weather or natural events could cause substantial damages or losses to our properties which could exceed our insurance coverage. In the event of a loss in excess of insured limits, we could lose our capital invested in the affected property, anticipated future revenue from the property, and could also continue to be obligated to repay any mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect our business, financial condition and results of operations.
Competition could adversely affect our ability to acquire properties.
We expect other real estate investors will compete with us to acquire additional operating properties. This competition could increase prices for the type of properties we would likely pursue and adversely affect our ability to acquire these properties or achieve the expected profitability of such properties upon acquisition.
We could be adversely impacted due to our share price fluctuations.
The market price and trading volume of our common shares are subject to fluctuation due to general market conditions, the risks discussed in this report and other matters, including, but not limited to, the following:
•operating results which vary from the expectations of securities' analysts and investors;
•investor interest in our property portfolio;
•the reputation and performance of REITs;
•the attractiveness of REITs as compared to other investment vehicles;
•the results of our financial condition and operations;
•the perception of our growth and earnings potential;
•minimum dividend requirements;
•increases in market interest rates may lower the values of our real estate and the price of our shares; and
•changes in financial markets and national and regional economic and general market conditions.

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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
The 174 operating properties in which we owned interests and operated at December 31, 2024 averaged 965 square feet of living area per apartment home. For the year ended December 31, 2024, no single operating property accounted for greater than 1.3% of our total revenues. Our stabilized operating properties had a weighted average occupancy rate of approximately 95% for each of the years ended December 31, 2024 and 2023, an average monthly rental rate per apartment home of $1,997 and $1,981 for the same periods, respectively and our average resident lease terms are approximately fourteen months. Our operating properties were constructed and placed in service as follows:
Year Placed in Service Number of Operating Properties
2020-2024 13
2015-2019 29
2010-2014 17
2005-2009 33
2000-2004 39
Prior to 2000 43
Property Table
The following table sets forth information with respect to our 174 operating properties at December 31, 2024:
OPERATING PROPERTIES
Property and Location Year Placed
in Service Average Apartment
Size (Sq. Ft.) Number of
Apartments 2024 Average
Occupancy (1) 2024 Average
Monthly Rental
Rate per
Apartment (2)
ARIZONA
Phoenix/Scottsdale
Camden Chandler 2016 1,146 380 95.7 % $ 1,947
Camden Copper Square 2000 786 332 94.2 1,664
Camden Foothills 2014 1,032 220 96.0 2,156
Camden Legacy 1996 1,067 428 95.5 2,031
Camden Montierra 1999 1,071 249 94.6 1,973
Camden North End 2019 921 441 95.2 2,022
Camden North End II 2021 885 343 95.0 2,051
Camden Old Town Scottsdale 2016 892 316 95.2 2,258
Camden Pecos Ranch 2001 949 272 94.6 1,699
Camden San Marcos 1995 984 320 94.5 1,893
Camden San Paloma 1993/1994 1,042 324 94.7 2,026
Camden Sotelo 2008/2012 1,303 170 93.8 2,033
Camden Tempe 2015 1,043 234 94.3 1,947
Camden Tempe II 2023 981 397 93.1 1,909
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley 2001 1,009 380 95.8 2,764
Camden Glendale 2015 893 307 96.3 2,859
Camden Harbor View 2004/2016 981 547 89.6 2,950
Camden Main and Jamboree 2008 1,011 290 96.3 2,723
The Camden 2016 767 287 92.3 2,997
San Diego/Inland Empire
Camden Hillcrest 2021 1,223 132 93.7 3,665
Camden Landmark 2006 982 469 95.8 2,269
Camden Old Creek 2007 1,037 350 97.2 2,953
Camden Sierra at Otay Ranch 2003 962 422 95.8 2,860
Camden Tuscany 2003 895 160 95.4 3,241
Camden Vineyards 2002 1,053 264 95.0 2,509
COLORADO
Denver
Camden Belleview Station 2009 888 270 96.4 1,967
Camden Caley 2000 921 218 96.8 1,974
Camden Denver West 1997 1,015 320 96.6 2,318
Camden Flatirons 2015 960 424 96.8 2,074
Camden Highlands Ridge 1996 1,149 342 96.2 2,348
Camden Interlocken 1999 1,002 340 96.4 2,130
Camden Lakeway 1997 929 459 96.2 2,089
Camden Lincoln Station 2017 844 267 96.3 1,907
OPERATING PROPERTIES
Property and Location Year Placed
in Service Average Apartment
Size (Sq. Ft.) Number of
Apartments 2024 Average
Occupancy (1) 2024 Average
Monthly Rental
Rate per
Apartment (2)
Camden RiNo 2020 828 233 95.1 % $ 2,244
WASHINGTON DC METRO
Camden Ashburn Farm 2000 1,062 162 98.0 2,204
Camden College Park 2008 942 509 96.3 1,920
Camden Dulles Station 2009 977 382 97.5 2,302
Camden Fair Lakes 1999 1,056 530 97.1 2,325
Camden Fairfax Corner 2006 934 489 96.9 2,314
Camden Fallsgrove 2004 996 268 96.5 2,227
Camden Grand Parc 2002 672 105 94.9 2,820
Camden Lansdowne 2002 1,006 690 97.2 2,234
Camden Monument Place 2007 856 368 97.7 2,085
Camden NoMa 2014 769 321 95.8 2,319
Camden NoMa II 2017 759 405 96.3 2,387
Camden Potomac Yard 2008 832 378 96.8 2,377
Camden Roosevelt 2003 856 198 96.6 3,242
Camden Shady Grove 2018 877 457 96.5 2,113
Camden Silo Creek 2004 975 284 97.5 2,221
Camden South Capitol 2013 821 281 94.7 2,466
Camden Washingtonian 2018 870 365 96.9 2,164
FLORIDA
Southeast Florida
Camden Atlantic 2022 919 269 96.8 2,484
Camden Aventura 1995 1,108 379 95.7 2,756
Camden Boca Raton 2014 843 261 96.9 2,635
Camden Brickell 2003 937 405 97.0 2,996
Camden Doral 1999 1,120 260 95.7 2,688
Camden Doral Villas 2000 1,253 232 96.6 2,945
Camden Las Olas 2004 1,043 420 94.9 2,804
Camden Plantation 1997 1,201 502 95.4 2,444
Camden Portofino 1995 1,112 322 95.9 2,469
Orlando
Camden Hunter’s Creek 2000 1,075 270 96.1 1,936
Camden Lago Vista 2005 955 366 95.9 1,819
Camden Lake Eola 2021 944 360 96.0 2,424
Camden LaVina 2012 969 420 95.2 1,881
Camden Lee Vista 2000 937 492 95.5 1,846
Camden North Quarter 2016 806 333 96.5 1,890
Camden Orange Court 2008 817 268 95.1 1,761
Camden Thornton Park 2016 920 299 95.9 2,098
Camden Town Square 2012 983 438 94.3 1,874
Camden Waterford Lakes 2014 971 300 96.7 1,914
Camden World Gateway 2000 979 408 93.5 1,867
OPERATING PROPERTIES
Property and Location Year Placed
in Service Average Apartment
Size (Sq. Ft.) Number of
Apartments 2024 Average
Occupancy (1) 2024 Average
Monthly Rental
Rate per
Apartment (2)
Tampa/St. Petersburg
Camden Bay 1997/2001 943 760 96.6 % $ 1,885
Camden Central 2019 942 368 96.8 3,378
Camden Montague 2012 972 192 96.4 1,897
Camden Pier District 2016 989 358 96.7 3,507
Camden Preserve 1996 942 276 96.5 2,078
Camden Royal Palms 2006 1,017 352 93.3 1,785
Camden Visconti 2007 1,125 450 95.6 2,041
Camden Westchase Park 2012 992 348 96.3 2,107
GEORGIA
Atlanta
Camden Brookwood 2002 916 359 94.2 1,675
Camden Buckhead 2022 1,087 366 89.5 2,549
Camden Buckhead Square 2015 827 250 93.8 1,764
Camden Creekstone 2002 990 223 96.5 1,704
Camden Deerfield 2000 1,187 292 96.9 1,965
Camden Dunwoody 1997 1,007 324 94.8 1,763
Camden Fourth Ward 2014 844 276 96.6 2,045
Camden Midtown Atlanta 2001 935 296 93.3 1,765
Camden Paces 2015 1,408 379 94.6 2,888
Camden Peachtree City 2001 1,027 399 95.9 1,784
Camden Phipps 1996 1,010 234 77.5 1,761
Camden Shiloh 1999/2002 1,143 232 95.7 1,702
Camden St. Clair 1997 999 336 93.6 1,749
Camden Stockbridge 2003 1,009 304 93.6 1,541
NORTH CAROLINA
Charlotte
Camden Ballantyne 1998 1,048 400 93.4 1,744
Camden Cotton Mills 2002 905 180 94.6 1,753
Camden Dilworth 2006 857 145 96.0 1,827
Camden Fairview 1983 1,036 135 93.2 1,548
Camden Foxcroft 1979 940 156 93.7 1,438
Camden Foxcroft II 1985 874 100 96.4 1,525
Camden Gallery 2017 743 323 95.4 1,972
Camden Grandview 2000 1,060 285 93.4 2,147
Camden Grandview II 2019 2,241 28 93.2 4,149
Camden NoDa (3)
2023 789 387 96.3 1,664
Camden Sedgebrook 1999 972 368 95.9 1,621
Camden South End 2003 878 299 95.5 1,893
Camden Southline 2015 831 266 95.7 2,042
Camden Stonecrest 2001 1,098 306 94.2 1,744
Camden Touchstone 1986 899 132 95.4 1,449
OPERATING PROPERTIES
Property and Location Year Placed
in Service Average Apartment
Size (Sq. Ft.) Number of
Apartments 2024 Average
Occupancy (1) 2024 Average
Monthly Rental
Rate per
Apartment (2)
Raleigh
Camden Asbury Village 2009 1,009 350 96.0 % $ 1,619
Camden Carolinian 2017 1,118 186 93.4 2,321
Camden Crest 2001 1,012 442 94.4 1,514
Camden Durham (4)
2024 892 420 Lease-up 1,909
Camden Governor’s Village 1999 1,046 242 94.3 1,652
Camden Lake Pine 1999 1,066 446 96.6 1,611
Camden Manor Park 2006 966 484 95.1 1,544
Camden Overlook 2001 1,060 322 94.8 1,657
Camden Reunion Park 2000/2004 972 420 95.0 1,455
Camden Westwood 1999 1,022 360 95.7 1,560
TENNESSEE
Nashville
Camden Franklin Park 2018 967 328 93.9 2,052
Camden Music Row 2016 903 430 94.4 2,393
TEXAS
Austin
Camden Amber Oaks 2009 862 348 94.8 1,465
Camden Amber Oaks II 2012 910 244 94.4 1,551
Camden Brushy Creek 2008 882 272 94.4 1,539
Camden Cedar Hills 2008 911 208 96.4 1,691
Camden Gaines Ranch 1997 955 390 94.2 1,893
Camden Huntingdon 1995 903 398 95.4 1,580
Camden La Frontera 2015 901 300 94.8 1,599
Camden Lamar Heights 2015 838 314 94.6 1,786
Camden Rainey Street 2016 873 326 85.3 2,039
Camden Shadow Brook 2009 909 496 90.9 1,448
Camden Stoneleigh 2001 908 390 94.0 1,676
Dallas/Fort Worth
Camden Addison 1996 942 456 95.3 1,582
Camden Belmont 2010/2012 946 477 93.5 1,808
Camden Buckingham 1997 919 464 95.6 1,542
Camden Centreport 1997 912 268 95.3 1,523
Camden Cimarron 1992 772 286 95.8 1,574
Camden Design District 2009 939 355 95.6 1,694
Camden Farmers Market 2001/2005 932 904 93.0 1,572
Camden Greenville 2017/2018 1,028 558 95.4 2,068
Camden Henderson 2012 966 106 95.6 1,971
Camden Legacy Creek 1995 831 240 96.3 1,671
Camden Legacy Park 1996 870 276 94.6 1,755
Camden Panther Creek 2009 946 295 93.9 1,733
Camden Riverwalk 2008 989 600 96.2 1,879
Camden Valley Park 1986 743 516 95.0 1,428
OPERATING PROPERTIES
Property and Location Year Placed
in Service Average Apartment
Size (Sq. Ft.) Number of
Apartments 2024 Average
Occupancy (1) 2024 Average
Monthly Rental
Rate per
Apartment (2)
Camden Victory Park 2016 861 423 96.1 % $ 2,023
Houston
Camden City Centre 2007 932 379 94.7 1,611
Camden City Centre II 2013 869 268 95.2 1,565
Camden Cypress Creek 2009 993 310 95.2 1,559
Camden Cypress Creek II 2020 950 234 94.6 1,602
Camden Downs at Cinco Ranch 2004 1,075 318 95.7 1,656
Camden Downtown 2020 1,052 271 93.3 2,561
Camden Grand Harbor 2008 959 300 93.4 1,485
Camden Greenway 1999 861 756 96.2 1,523
Camden Heights 2004 927 352 96.2 1,688
Camden Highland Village 2014/2015 1,172 552 94.5 2,438
Camden Holly Springs 1999 934 548 95.4 1,465
Camden Long Meadow Farms (4)
2024 1,462 188 Lease-up 2,607
Camden McGowen Station 2018 1,004 315 94.2 2,107
Camden Midtown 1999 844 337 95.2 1,554
Camden Northpointe 2008 940 384 93.9 1,405
Camden Plaza 2007 915 271 96.5 1,752
Camden Post Oak 2003 1,200 356 94.9 2,639
Camden Royal Oaks 2006 923 236 95.5 1,551
Camden Royal Oaks II 2012 1,054 104 94.6 1,766
Camden Spring Creek 2004 1,080 304 94.2 1,529
Camden Stonebridge 1993 845 204 95.8 1,292
Camden Sugar Grove 1997 921 380 95.7 1,458
Camden Travis Street 2010 819 253 95.1 1,517
Camden Vanderbilt 1996/1997 863 894 94.6 1,619
Camden Whispering Oaks 2008 936 274 95.8 1,489
Camden Woodmill Creek (4)
2024 1,434 189 Lease-up 2,485
Camden Woodson Park 2008 916 248 94.6 1,382
Camden Yorktown 2008 995 306 94.9 1,403
(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 2024 - the average occupancy was calculated from the date at which the occupancy exceeded 90% through December 31, 2024.
(4)Property under lease-up at December 31, 2024.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings
We incorporate by reference into this Item our litigation disclosures made in Note 13. "Commitments and Contingencies" to our Consolidated Financial Statements.

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures
Not applicable.
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 13, 2025, there were approximately 258 shareholders of record. This number does not include the beneficial owners of our shares which are held by banks, brokers, and other financial institutions.
In the first quarter of 2025, the Company's Board of Trust Managers declared a first quarter dividend of $1.05 per common share to our common shareholders of record as of March 31, 2025. Future dividend payments are paid at the discretion of the Board of Trust Managers and a number of factors are considered, including the Company's past performance and future prospects, which may be deemed relevant by our Board of Trust Managers. Assuming similar dividend distributions for the remainder of 2025, our annualized dividend rate for 2025 would be $4.20.
The following graph assumes the investment of $100 in common stock on December 31, 2019 and quarterly reinvestment of dividends.
(Source: S&P Global Market Intelligence)
5 - Year Total Return Performance of Indices
Index 2020 2021 2022 2023 2024
Camden Property Trust $ 97.72 $ 179.00 $ 115.31 $ 106.51 $ 129.20
FTSE NAREIT Equity REITs Index 92.00 131.78 99.67 113.35 123.25
S&P 500 Index 118.40 152.39 124.79 157.59 197.02
Russell 2000 Index 119.96 137.74 109.59 128.14 142.93
In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.
The 2023 ATM program also permits the use of forward sale agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of the applicable shares until a later date. If we enter into a forward sale agreement, we expect the applicable forward purchasers will borrow from third parties and, through the applicable sales agent acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the applicable agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller and would expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). As of the date of this filing, we have not entered into any forward sales agreement and have not sold any shares under the 2023 ATM program.
In May 2022, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2022 ATM program"). In May 2023, we terminated the 2022 ATM program and did not sell any shares under this program.
Information related to securities authorized for issuance under our equity compensation plans will be included in our Proxy Statement. See Part III, Item 12 for further discussion.
We have a share repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. In 2024, we repurchased 515,974 common shares for approximately $50.0 million, at an average price of $96.88 per share. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was approximately $450.0 million.
During the year ended December 31, 2024, no director or officer (as each such term is defined in Section 16a-1(f) of Exchange Act) of the Company adopted, terminated, or had in place, any contract, instruction, or written plan for the purchase or sale of securities of Camden intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement", as defined in paragraph (c) of Item 408 of Regulation S-K.

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ITEM 6. SELECTED FINANCIAL DATA
Item 6. Reserved
Not applicable.

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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 2024 and 2023 is presented below. Year-to-date comparisons between 2023 and 2022 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, 2023.
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 Exchange Act, 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;
•We could be negatively impacted by the risks associated with land holdings and related activities;
•Development, repositions, redevelopment and construction risks could impact our profitability;
•Our acquisition strategy may not produce the cash flows expected;
•Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values;
•Failure to qualify as a REIT could have adverse consequences;
•Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us;
•A cybersecurity incident and other technology disruptions could negatively impact our business;
•We have significant debt, which could have adverse consequences;
•Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders;
•Issuances of additional debt may adversely impact our financial condition;
•We may be unable to renew, repay, or refinance our outstanding debt;
•Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments;
•Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets;
•Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders;
•The form, timing, and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations;
•Litigation risks could affect our business;
•Damage from catastrophic weather and other natural events could result in losses;
•Competition could adversely affect our ability to acquire properties; and
•We could be adversely impacted due to our share price fluctuations.
These forward-looking statements represent our estimates and assumptions as of the date of this report, and we assume no obligation to update or supplement forward-looking statements because of subsequent events.
Executive Summary
We are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Overall, we focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand and retention of our apartments. As of December 31, 2024, we owned interests in, operated, or were developing 177 multifamily properties comprised of 59,996 apartment homes across the United States as detailed in the Property Portfolio table below. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
Business Environment and Current Outlook
Our results for the year ended December 31, 2024, reflect an increase in same store revenues of approximately 1.3% as compared to the same period in 2023. The increase was due to higher rental income as a result of higher average rental rates and lower uncollectible revenue, which we believe was primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, and continued demand for multifamily housing in our markets.
We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate will continue to be elevated into 2025 but should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.
Consolidated Results
Net income attributable to common shareholders was $163.3 million and $403.3 million for the years ended December 31, 2024 and December 31, 2023, respectively. The decrease during the year ended December 31, 2024 as compared to the same period in 2023 was primarily due to recognizing a higher gain on sale of two operating properties in 2023 of $225.4 million as compared to recognizing a gain on sale of one operating property in 2024 of $43.8 million. The decrease was also due to recognizing a $41.0 million impairment associated with land development activities in 2024 and no impairments recognized in 2023. See further discussion of our 2024 operations as compared to 2023 in "Results of Operations," below.
Construction and Development Activity
At December 31, 2024, we had a total of three projects under construction to be comprised of 1,138 apartment homes. Initial occupancies of these three projects are currently scheduled to occur within the next two years. As of December 31, 2024, we estimated the total additional cost to complete the construction of these three properties is approximately $243.6 million.
In the third quarter of 2024, we stopped development activities for the foreseeable future on four of our developments and recorded approximately $41.0 million of impairment charges on three of these land parcels. We review our long-lived assets on an annual basis or whenever events or circumstances indicated the carrying amount of an asset may not be recoverable and our impairment evaluations take into consideration the current and anticipated economic climate. We currently have three other land parcels held for future development we plan to develop, and the commencement of future developments may be impacted by macroeconomic issues, multifamily market conditions, and other factors. We will continue to evaluate future development starts based on market, economic, and capital market conditions. There can be no assurance we will not have impairments charges in the future.
Disposition
In February 2024, we sold one operating property comprised of 592 apartment homes located in Atlanta, Georgia, for approximately $115.0 million and recognized a gain of approximately $43.8 million.
Capital Market Highlights
In January 2024, we issued $400.0 million of 4.90% senior unsecured notes due January 15, 2034. We utilized a portion of the net proceeds from these notes to repay the outstanding balance on our $300.0 million, 6.21% unsecured term loan due in August 2024. As a result of this early repayment of the $300.0 million unsecured term loan, we expensed approximately $0.9 million of unamortized loan costs, which are reflected in the loss on early retirement of debt in our consolidated statements of income and comprehensive income.
In September 2024, we extended the maturity date of our $40.0 million unsecured floating rate term loan with an unrelated third party from September 2024 to September 2026.
During the year ended December 31, 2024, we utilized cash on hand and our unsecured revolving credit facility to repay unsecured notes payable totaling $500.0 million, plus accrued interest.
During the year ended December 31, 2024, we repurchased 515,974 common shares for approximately $50.0 million at an average price of $96.88 per share under our $500.0 million share repurchase plan. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was approximately $450.0 million.
Subsequent Events
In January 2025, we purchased one operating property comprised of 352 homes located in the Austin, Texas metropolitan area for approximately $67.7 million.
Future Outlook
Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our operating property and land development portfolios and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise. We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, other unsecured borrowings, or secured mortgages.
As of December 31, 2024, we had approximately $1.0 billion available under our $1.2 billion unsecured revolving credit facility and do not have any debt maturing until April 2026. As of December 31, 2024, and through the date of this filing, we also had common shares having an aggregate offering price of up to $500.0 million remaining available for sale under our 2023 ATM program. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund new development, redevelopment, and other capital funding requirements. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements.
Property Portfolio
Our multifamily property portfolio is summarized as follows:
December 31, 2024 December 31, 2023
Number of
Homes Properties Number of
Homes Properties
Operating Properties
Houston, Texas 9,531 28 9,154 26
Dallas/Fort Worth, Texas 6,224 15 6,224 15
Washington, D.C. Metro 6,192 17 6,192 17
Phoenix, Arizona 4,426 14 4,426 14
Atlanta, Georgia 4,270 14 4,862 15
Orlando, Florida 3,954 11 3,954 11
Austin, Texas 3,686 11 3,686 11
Raleigh, North Carolina 3,672 10 3,252 9
Charlotte, North Carolina 3,510 15 3,491 15
Tampa/St. Petersburg, Florida 3,104 8 3,104 8
Southeast Florida 3,050 9 3,050 9
Denver, Colorado 2,873 9 2,873 9
Los Angeles/Orange County, California 1,811 5 1,811 5
San Diego/Inland Empire, California 1,797 6 1,797 6
Nashville, Tennessee 758 2 758 2
Total Operating Properties 58,858 174 58,634 172
Properties Under Construction
Charlotte, North Carolina 769 2 - -
Raleigh, North Carolina 369 1 789 2
Houston, Texas - - 377 2
Total Properties Under Construction 1,138 3 1,166 4
Total Properties 59,996 177 59,800 176
Stabilized Communities
We generally consider a property stabilized once it reaches 90% occupancy. During the year ended December 31, 2024, we completed the construction of 387 homes at Camden NoDa in Charlotte, North Carolina and achieved stabilization during the quarter ended March 31, 2024.
Completed Construction in Lease-Up
At December 31, 2024, there were three completed operating properties in lease-up as follows:
($ in millions)
Property and Location
Number of
Homes Cost
Incurred (1)
% Leased at 1/31/2025 Date of Construction Completion Estimated Date of Stabilization
Operating Property
Camden Woodmill Creek 189 $ 72.2 89 % 2Q24 2Q25
Spring, TX
Camden Durham 420 144.8 78 % 4Q24 3Q25
Durham, NC
Camden Long Meadow Farms 188 71.9 53 % 4Q24 3Q25
Richmond, TX
Consolidated total 797 $ 288.9
(1)Excludes leasing costs, which are expensed as incurred.
Properties Under Development and Land
Our consolidated balance sheet at December 31, 2024 included approximately $401.5 million related to properties under development and land. Of this amount, approximately $211.4 million related to our projects currently under construction. In addition, we had approximately $190.1 million primarily invested in land held for future development and land holdings, which included approximately $132.3 million related to land held for future development and $57.8 million invested in land which we may develop in the future.
Properties Under Construction. At December 31, 2024, we had three properties in various stages of construction as follows:
($ in millions)
Properties and Locations
Number of
Homes Estimated
Cost Cost
Incurred Included in
Properties
Under
Development Estimated
Date of
Construction
Completion Estimated
Date of
Stabilization
Communities Under Construction
Camden Village District 369 $ 138.0 $ 121.9 $ 121.9 4Q25 2Q27
Raleigh, NC
Camden South Charlotte 420 163.0 51.0 51.0 2Q27 4Q28
Charlotte, NC
Camden Blakeney 349 154.0 38.5 38.5 3Q27 3Q28
Charlotte, NC
Total 1,138 $ 455.0 $ 211.4 $ 211.4
Development Pipeline Communities. At December 31, 2024, we had the following communities undergoing development activities:
($ in millions)
Properties and Locations
Projected
Homes Total Estimated
Cost (1)
Cost to Date
Camden Nations 393 $ 176.0 $ 43.0
Nashville, TN
Camden Baker 434 191.0 36.6
Denver, CO
Camden Gulch 498 300.0 52.7
Nashville, TN
1,325 $ 667.0 $ 132.3
(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.
Land Holdings. At December 31, 2024, we also had four undeveloped land tracts with a valuation of approximately $57.8 million.
Geographic Diversification
At December 31, 2024 and 2023, the book value of our real estate assets by various markets, excluding depreciation, were as follows:
($ in thousands) 2024 2023
Houston, Texas $ 2,069,477 15.4 % $ 1,960,825 14.9 %
Washington, D.C. Metro 1,646,169 12.2 1,633,201 12.4
Dallas, Texas 1,102,231 8.2 1,117,909 8.5
Atlanta, Georgia 942,939 7.0 1,036,351 7.9
Phoenix, Arizona 917,771 6.8 899,802 6.8
Orlando, Florida 793,351 5.9 775,393 5.9
Raleigh, North Carolina 782,333 5.8 699,142 5.3
Charlotte, North Carolina 777,256 5.8 731,254 5.5
Southeast Florida 775,031 5.8 757,434 5.7
Tampa, Florida 739,250 5.5 723,695 5.5
Austin, Texas 727,466 5.4 705,347 5.3
Los Angeles/Orange County, California 678,633 5.1 687,949 5.2
Denver, Colorado 632,133 4.7 620,916 4.7
San Diego/Inland Empire, California 479,881 3.6 472,464 3.6
Nashville, Tennessee 379,607 2.8 370,445 2.8
Total $ 13,443,528 100.0 % $ 13,192,127 100.0 %
Results of Operations
Changes in revenues and expenses related to our operating properties from period-to-period are due primarily to the performance of stabilized properties in the portfolio, the lease-up of newly-constructed properties, acquisitions, and dispositions.
Management considers property net operating income ("NOI") to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without an allocation of corporate level property management overhead or general and administrative costs. NOI is defined as total property income less total property operating expenses. 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, 2024 and 2023 are as follows:
(in thousands) 2024 2023
Net income $170,840 $410,553
Less: Fee and asset management income
(7,137) (3,451)
Less: Interest and other income
(4,420) (879)
Less: Income on deferred compensation plans (12,629) (15,398)
Plus: Property management expense
38,331 33,706
Plus: Fee and asset management expense
2,200 1,717
Plus: General and administrative expense
72,365 62,506
Plus: Interest expense
129,815 133,395
Plus: Depreciation and amortization expense
582,014 574,813
Plus: Expense on deferred compensation plans 12,629 15,398
Plus: Impairment associated with land development activities 40,988 -
Plus: Loss on early retirement of debt
921 2,513
Less: Gain on sale of operating properties (43,806) (225,416)
Plus: Income tax expense
2,926 3,650
Net operating income $ 985,037 $ 993,107
Property-Level NOI (1)
Property NOI, as reconciled above, is detailed further into the categories below for the year ended December 31, 2024 as compared to 2023:
Number of
Homes at Year Ended
December 31, Change
($ in thousands) 12/31/2024 2024 2023 $ %
Property revenues:
Same store communities 55,866 $ 1,463,982 $ 1,444,649 $ 19,333 1.3 %
Non-same store communities 2,195 57,001 49,060 7,941 16.2
Development and lease-up communities 1,935 8,289 158 8,131 *
Dispositions/other - 14,570 48,160 (33,590) (69.7)
Total property revenues 59,996 $ 1,543,842 $ 1,542,027 $ 1,815 0.1 %
Property expenses:
Same store communities 55,866 $ 520,848 $ 511,459 $ 9,389 1.8 %
Non-same store communities 2,195 20,277 19,122 1,155 6.0
Development and lease-up communities 1,935 4,290 172 4,118 *
Dispositions/other - 13,390 18,167 (4,777) (26.3)
Total property expenses 59,996 $ 558,805 $ 548,920 $ 9,885 1.8 %
Property NOI:
Same store communities 55,866 $ 943,134 $ 933,190 $ 9,944 1.1 %
Non-same store communities 2,195 36,724 29,938 6,786 22.7
Development and lease-up communities 1,935 3,999 (14) 4,013 *
Dispositions/other - 1,180 29,993 (28,813) (96.1)
Total property NOI 59,996 $ 985,037 $ 993,107 $ (8,070) (0.8) %
* Not a meaningful percentage.
(1) For 2024, same store communities are communities we owned and were stabilized since January 1, 2023, excluding communities under redevelopment and properties held for sale. Non-same store communities are stabilized communities not owned or stabilized since January 1, 2023, 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, 2023, excluding properties held for sale. Dispositions/other includes those communities disposed of or held for sale which are not classified as discontinued operations, non-multifamily rental properties, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including net below market leases, casualty-related expenses net of recoveries, and severance related costs.
Same Store Analysis
Same store property NOI increased approximately $9.9 million for the year ended December 31, 2024 as compared to the same period in 2023. The increase was due to an increase of approximately $19.3 million in same store property revenues, partially offset by an increase of approximately $9.4 million in same store property expenses, for the year ended December 31, 2024, as compared to the same period in 2023.
The $19.3 million increase in same store property revenues for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to higher rental revenue due to higher average rental rates of approximately $9.0 million, lower uncollectible revenue of approximately $6.5 million, and higher other rental income of approximately $1.6 million. The increase was also due to approximately $2.1 million of higher income from our utility and ancillary income programs.
The $9.4 million increase in same store property expenses for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to higher salaries and benefits of approximately $5.7 million, higher utilities expense and expenses associated with our ancillary programs of approximately $4.8 million, higher marketing, leasing, and other expenses of approximately $2.4 million, higher repairs and maintenance expense of approximately $2.3 million, and higher property general and administrative expenses of approximately $0.9 million. The increase was partially offset by lower property insurance expense of approximately $6.4 million and lower real estate taxes of approximately $0.3 million.
Non-same Store and Development and Lease-up Analysis
Property NOI from non-same store and development and lease-up communities increased $10.8 million for the year ended December 31, 2024, as compared to the same period in 2023. The increase was primarily due to an increase from non-same store communities of approximately $6.8 million and an increase from development and lease-up communities of approximately $4.0 million for the year ended December 31, 2024, as compared to the same period in 2023. The increase in property NOI from our non-same store communities was primarily due to the stabilization of two operating properties in 2023 and one operating property in 2024. The increase in property NOI from our development and lease-up communities was primarily due to the timing of three development communities under lease-up, one of which completed construction during the second quarter of 2024 and two of which completed construction during the fourth quarter of 2024.
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) 2024 compared to 2023
Property Revenues:
Revenues from non-same store stabilized properties $ 7.5
Revenues from development and lease-up properties 8.1
Other non same-store 0.5
$ 16.1
Property Expenses:
Expenses from non-same store stabilized properties $ 1.2
Expenses from development and lease-up properties 4.1
Other non same-store -
$ 5.3
Property NOI:
NOI from non-same store stabilized properties $ 6.3
NOI from development and lease-up properties 4.0
Other non same-store 0.5
$ 10.8
Dispositions/Other Property Analysis
Dispositions/other property NOI decreased approximately $28.8 million for the year ended December 31, 2024 as compared to the same period in 2023. The decrease was comprised of lower NOI related to dispositions of approximately $24.3 million due to the dispositions of one operating property in each of June 2023, December 2023, and February 2024. The decrease was also due to lower other property NOI of approximately $4.5 million primarily due to higher storm-related insurance expenses of approximately $5.6 million, partially offset by approximately $1.1 million of higher revenues related to business interruption proceeds for the year ended December 31, 2024 as compared to the same period in 2023.
Non-Property Income
Year Ended
December 31, Change
($ in thousands) 2024 2023 $ %
Fee and asset management $ 7,137 $ 3,451 $ 3,686 106.8 %
Interest and other income 4,420 879 3,541 *
Income on deferred compensation plans 12,629 15,398 (2,769) (18.0)
Total non-property income $ 24,186 $ 19,728 $ 4,458 22.6 %
*Not a meaningful percentage.
Fee and asset management income from construction and development activities at our third-party construction projects increased approximately $3.7 million for the year ended December 31, 2024 as compared to 2023. The increase was primarily related to higher fees earned on third-party construction projects due to higher activity during 2024 as compared to 2023.
Interest and other income increased approximately $3.5 million for the year ended December 31, 2024, as compared to 2023. The increase was primarily due to higher investment interest income earned due to having higher average cash balances in 2024 as compared to 2023.
Our deferred compensation plans recognized income of approximately $12.6 million and $15.4 million in 2024 and 2023, respectively. The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the expense related to these plans, as discussed below.
Other Expenses
Year Ended
December 31, Change
($ in thousands) 2024 2023 $ %
Property management $ 38,331 $ 33,706 $ 4,625 13.7 %
Fee and asset management 2,200 1,717 483 28.1
General and administrative
72,365 62,506 9,859 15.8
Interest 129,815 133,395 (3,580) (2.7)
Depreciation and amortization
582,014 574,813 7,201 1.3
Expense on deferred compensation plans 12,629 15,398 (2,769) (18.0)
Total other expenses $ 837,354 $ 821,535 $ 15,819 1.9 %
Property management expenses, which primarily represent regional supervision and accounting costs related to property operations, increased approximately $4.6 million for the year ended December 31, 2024 as compared to 2023. The increase was primarily related to higher salary, benefits, and incentive compensation costs, and higher advocacy contributions. Property management expenses were 2.5% and 2.2% of total property revenues for the years ended December 31, 2024 and 2023, respectively.
Fee and asset management expense from construction and development activities at our third-party projects increased approximately $0.5 million for the year ended December 31, 2024 as compared to 2023 primarily due to the increase in third-party construction activity in 2024.
General and administrative expenses increased approximately $9.9 million for the year ended December 31, 2024 as compared to 2023. The increase was primarily related to higher salaries, benefits, and incentive compensation costs, higher legal expenses, and higher abandoned acquisition and development pursuit costs. Excluding income on deferred compensation plans, general and administrative expenses were 4.7% and 4.0% of total revenues for the years ended December 31, 2024 and 2023, respectively.
Interest expense decreased approximately $3.6 million for the year ended December 31, 2024 as compared to 2023. The decrease was primarily due to the repayments of a $300 million, 6.21% unsecured term loan and $250.0 million, 4.36% senior unsecured notes in January 2024, and the repayment of a $250 million, 3.68% senior unsecured notes in September 2024, and lower interest expense recognized on our unsecured revolving credit facility resulting from lower average balances outstanding during the year ended December 31, 2024 as compared to the same period in 2023. The decrease was also due to the early retirement of $185.2 million of secured variable rate notes in May 2023 and the repayment of $250 million, 5.07% senior unsecured notes in June 2023. The decrease was partially offset by increases in interest expense due to the issuance of $500 million senior unsecured notes in November 2023, the issuance of $400 million senior unsecured notes in January 2024 and decreases in capitalized interest expense primarily due to having lower average balances in assets under construction during the year ended December 31, 2024 as compared to the same period in 2023.
Depreciation and amortization expense increased approximately $7.2 million for the year ended December 31, 2024 as compared to 2023. The increase was primarily due to the completion of apartment homes in our development pipeline and the completion of capitalized improvements during 2023 and 2024. The increase was partially offset by the disposition of one operating property in each of June 2023, December 2023, and February 2024.
Our deferred compensation plans incurred an expense of approximately $12.6 million and $15.4 million in 2024 and 2023, respectively. The 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) 2024 2023 $
Impairment associated with land development activities $ (40,988) $ - $ (40,988)
Loss on early retirement of debt $ (921) $ (2,513) $ 1,592
Gain on sale of operating properties $ 43,806 $ 225,416 $ (181,610)
Income tax expense $ (2,926) $ (3,650) $ 724
The impairment expense associated with land development activities for the year ended December 31, 2024 of approximately $41.0 million related to three projects we have put on hold. These impairment charges represent the difference between each parcel's estimated fair value and the carrying value, which included the original purchase price and other capitalized development costs.
The $0.9 million loss on early retirement of debt during the year ended December 31, 2024 was due to the write-off of unamortized loan costs related to the early retirement of our $300 million unsecured term loan in January 2024, which was scheduled to mature in August 2024. The $2.5 million loss on early retirement of debt during the year ended December 31, 2023 was due to the early repayment of our $185.2 million secured variable rate notes due in 2024 and 2026, and consisted of approximately $1.7 million of prepayment penalties and fees and approximately $0.8 million of unamortized fair value adjustments.
The $43.8 million gain on sale for the year ended December 31, 2024 was due to the disposition of one operating property located in Atlanta, Georgia in February 2024. The $225.4 million gain on sale for the year ended December 31, 2023 was primarily due to the disposition of two operating properties located in Costa Mesa, California.
Income tax expense decreased approximately $0.7 million for the year ended December 31, 2024 as compared to the same period in 2023. The decrease was primarily due to lower state income and franchise income taxes relating to recent tax legislation changes in certain state jurisdictions, offset by an increase in taxable income due to higher third-party construction activities within a taxable REIT subsidiary.
Funds from Operations ("FFO"), Core FFO, and Core Adjusted FFO ("Core AFFO")
Management considers FFO, Core FFO, and Core AFFO to be appropriate supplementary measures of the financial performance of an equity REIT. The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (computed in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, 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 and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company's real estate investments between periods or to different companies.
Core FFO represents FFO as further adjusted for items not considered part of our core business operations. We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes not only depreciation expense of real estate assets, but it also excludes certain items which, by nature, are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
Core AFFO is calculated utilizing Core FFO less recurring capitalized expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. We also consider Core AFFO to be a useful supplemental measure because it is frequently used by analysts and investors to evaluate a REIT's operating performance between periods or to different companies. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
To facilitate a clear understanding of our consolidated historical operating results, we believe FFO, Core FFO, and Core AFFO should be examined in conjunction with net income attributable to common shareholders as presented in the consolidated statements of income and comprehensive income and data included elsewhere in this report. FFO, Core FFO, and Core AFFO are not defined by GAAP and should not be considered alternatives to net income attributable to common shareholders as an indication of our operating performance. Additionally, FFO, Core FFO, and Core AFFO as disclosed by other REITs may not be comparable to our calculation.
Reconciliations of net income attributable to common shareholders to FFO, Core FFO, and Core AFFO for the years ended December 31, 2024 and 2023 are as follows:
($ in thousands) 2024 2023
Funds from operations
Net income attributable to common shareholders $ 163,293 $ 403,309
Real estate depreciation and amortization
569,998 562,654
Impairment associated with land development activities 40,988 -
Gain on sale of operating properties (43,806) (225,331)
Income allocated to non-controlling interests 7,547 7,244
Funds from operations $ 738,020 $ 747,876
Casualty-related expenses, net of recoveries 5,849 1,186
Severance 506 -
Legal costs and settlements 4,844 280
Loss on early retirement of debt 921 2,513
Expensed transaction, development, and other pursuit costs 2,203 471
Advocacy contributions 1,653 -
Miscellaneous (income)/expense (1)
- (364)
Core funds from operations $ 753,996 $ 751,962
Less: recurring capitalized expenditures (106,403) (97,094)
Core adjusted funds from operations $ 647,593 $ 654,868
Weighted average shares - basic 108,491 108,653
Incremental shares issuable from assumed conversion of:
Share awards granted 48 21
Common units 1,594 1,595
Weighted average shares - diluted 110,133 110,269
(1) For the year ended December 31, 2023, activity relates to proceeds from an earn-out from a previously sold technology investment.
Liquidity and Capital Resources
Financial Condition and Sources of Liquidity
We intend to maintain a strong balance sheet and preserve our financial flexibility, which we believe should enhance our ability to identify and capitalize on investment opportunities as they become available. We intend to maintain what management believes is a conservative capital structure by:
•extending and sequencing the maturity dates of our debt where practicable;
•managing interest rate exposure using what management believes to be prudent levels of fixed and floating rate debt;
•maintaining what management believes to be conservative coverage ratios; and
•using what management believes to be a prudent combination of debt and equity.
Our interest expense coverage ratio, net of capitalized interest, was approximately 6.9 and 6.8 times for the years ended December 31, 2024 and 2023, respectively. This ratio is a method for calculating the amount of operating cash flows available to cover interest expense and is calculated by dividing interest expense for the period into the sum of property revenues and expenses, non-property income, and other expenses after adding back depreciation, amortization, and interest expense. Approximately 89.9% and 89.8% of our properties were unencumbered at December 31, 2024 and 2023, respectively. Our weighted average maturity of debt was approximately 6.2 years at December 31, 2024.
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 source of liquidity is cash flows generated from operations. Other sources may include one or more of the following: availability under our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our 2023 ATM program, 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 scheduled debt maturities;
•recurring and non-recurring capital expenditures;
•funding of property developments, repositions, redevelopments, and acquisitions; and
•the minimum dividend payments required to maintain our REIT qualification under the Code.
Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, changes in rent control or rent stabilization laws, sources of financing, the minimum REIT dividend requirements, our ability to complete asset purchases, sales, or developments, the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets.
Cash Flows
The following is a discussion of our cash flows for the years ended December 31, 2024 and 2023.
Net cash from operating activities was approximately $774.9 million during the year ended December 31, 2024 as compared to approximately $795.0 million during the year ended December 31, 2023. The decrease was primarily due to a decrease in cash from property operations due to the sale of two operating properties in 2023 and one operating property in 2024, and higher real estate tax payments in 2024 as compared to 2023. The decrease was partially offset by the growth attributable to our same store and non-same store communities. See further discussions of our 2024 operations as compared to 2023 in "Results of Operations."
Net cash used in investing activities during the year ended December 31, 2024 totaled approximately $285.2 million as compared to $127.1 million during the year ended December 31, 2023. Cash outflows during 2024 primarily related to amounts paid for property development and capital improvements of approximately $393.7 million, partially offset by net proceeds from the sale of one operating property of approximately $114.5 million. Cash outflows during 2023 primarily related to the amounts paid for property development and capital improvements of approximately $410.9 million, partially offset by net proceeds from the sale of two operating properties of approximately $290.7 million. The decrease in property development and capital improvements for 2024, as compared to the same period in 2023, was primarily due to lower property development expenditures in 2024 as compared to 2023. The property development and capital improvements during 2024 and 2023, included the following:
December 31,
(in millions) 2024 2023
Expenditures for new development, including land $ 163.2 $ 179.3
Capital expenditures 112.2 107.1
Reposition expenditures 87.9 88.2
Direct real estate taxes and capitalized interest and other indirect costs 30.4 36.3
Total $ 393.7 $ 410.9
Net cash used in financing activities totaled approximately $725.5 million during the year ended December 31, 2024 as compared to approximately $417.2 million during the year ended December 31, 2023. Cash outflows during 2024 primarily related to the repayment of our $250 million senior unsecured notes in September 2024 and the repayment of our $300 million unsecured term loan and the $250 million senior unsecured notes in January 2024. Cash outflows also related to $451.0 million used for distributions to common shareholders and non-controlling interest holders, and $50.0 million used for common share repurchases. These outflows were partially offset by net proceeds of approximately $396.0 million from the issuance of $400.0 million senior unsecured notes in January 2024, and net proceeds of $178.0 million of borrowings from our unsecured revolving credit facility. Cash outflows during 2023 primarily related to $434.9 million used for distributions to common shareholders and non-controlling interest holders, the repayment of $250 million senior unsecured notes and $187.7 million secured variable rate notes, which includes prepayment penalties and fees, and the net repayment of $42.0 million of borrowings from our unsecured revolving credit facility. These outflows were partially offset by net proceeds of approximately $498.2 million from the issuance of $500.0 million senior unsecured notes in November 2023.
Financial Flexibility
We have a $1.2 billion unsecured revolving credit facility which matures in August 2026, with two options to extend the facility at our election for two consecutive six-month periods and to expand the facility up to three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rate on our unsecured revolving credit facility is based upon,
at our option, (a) the daily or the one-, three-, or six- months Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s price rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%. Advances under our unsecured revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility 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, 2024 and through the date of this filing.
Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our revolving credit facility, it does reduce the amount available. At December 31, 2024, we had outstanding letters of credit totaling $27.5 million, and approximately $1.0 billion available under our unsecured revolving credit facility.
In May 2023, we created the 2023 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 amount of up to $500.0 million, in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions. As of the date of this filing, we have not entered into any forward sales agreements and have not sold any shares under the 2023 ATM program.
We currently have an automatic shelf registration statement which allows us to offer, from time to time, common shares, preferred shares, debt securities, or warrants. Our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At December 31, 2024, we had approximately 106.7 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
We believe our ability to access the capital markets is enhanced by our senior unsecured debt ratings by Fitch, Moody's, and Standard and Poor's, which were A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, as of December 31, 2024. We believe our ability to access the capital markets is also enhanced by our ability to borrow on a secured basis from various institutions including banks, Fannie Mae, Freddie Mac, or life insurance companies. However, we may not be able to maintain our current credit ratings and may not be able to borrow on a secured or unsecured basis in the future.
Future Cash Requirements and Contractual Obligations
One of our principal long-term liquidity requirements includes the repayment of maturing debt, including any future borrowings under our unsecured revolving credit facility. As of the date of this filing, we did not have any debt maturing until April 2026. See Note 8. "Notes Payable," in the notes to Consolidated Financial Statements for further discussion of our scheduled maturities.
As of December 31, 2024, we estimate the additional cost to complete the construction of the three projects to be approximately $243.6 million. Of this amount, we expect to incur costs between approximately $135 million and $155 million during 2025 and to incur the remaining costs during 2026 and 2027. Additionally, we expect to incur costs between approximately $100 million and $110 million related to the start of new development activities, between approximately $96 million and $100 million of repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $108 million and $112 million of additional recurring capital expenditures during 2025.
We anticipate meeting our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, other unsecured borrowings or secured mortgages. We continue to evaluate our 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 2024, we announced our Board of Trust Managers had declared a quarterly dividend of $1.03 per common share to our common shareholders of record as of December 18, 2024. This dividend was subsequently paid on January 17, 2025, and we paid equivalent amounts per unit to holders of common operating partnership units. When aggregated with previous 2024 dividends,
this distribution to common shareholders and holders of the common operating partnership units equates to an annual dividend rate of $4.12 per share or unit for the year ended December 31, 2024.
In the first quarter of 2025, the Company's Board of Trust Managers declared a first quarter dividend of $1.05 per common share to our common shareholders of record as of March 31, 2025. Future dividend payments are paid at the discretion of the Board of Trust Managers and a number of factors are considered, including the Company's past performance and future prospects, which may be deemed relevant by our Board of Trust Managers. Assuming similar dividend distributions for the remainder of 2025, our annualized dividend rate for 2025 would be $4.20.
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 conditions 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, comparable sales, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant’s perspective. During the year ended December 31, 2024, we recorded an impairment of approximately $41.0 million related to three parcels of land.
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 and therefore could reduce net income.

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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 our exposure to interest rate changes on our floating-rate debt and fair value changes on certain fixed-rate debt. We do not utilize derivative financial instruments for trading or speculative purposes. The table below summarizes our debt as of December 31, 2024 and 2023:
($ in millions) December 31, 2024 December 31, 2023
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 $ 2,764.4 $ 2,528.6 7.2 3.7 % 79.3 % $ 2,866.9 $ 2,651.6 6.6 3.6 % 77.2 %
Variable rate debt $ 721.2 $ 733.0 2.0 5.6 % 20.7 % $ 848.5 $ 864.9 2.3 6.5 % 22.8 %
At December 31, 2024 and 2023, we have an interest rate swap with a notional amount of $500.0 million which converted our $500.0 million principal amount of 5.85% fixed rate senior unsecured notes due November 2026 into a floating rate instrument with an interest rate based on a SOFR index. This interest rate swap was designated and qualified as a fair value hedging instrument. The interest rate swap is considered to be effective at achieving offsetting changes in the fair value of the
hedged debt and no ineffectiveness is recognized. The mark-to-market of this fair value hedge is recorded as a gain or loss in interest expense and equally offset by the gain or loss of the underlying debt, which also is recorded in interest expense.
Additionally, at December 31, 2024 and 2023, we had unsecured term loans outstanding of approximately $39.9 million and $339.9 million, respectively. At December 31, 2024 we also had $178.0 million of borrowings under our unsecured revolving credit facility. If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout 2024 and 2023, our annual interest costs would have increased by approximately $7.2 million and $8.5 million, respectively.
For fixed rate debt, interest rate changes affect the fair market value but do not impact net income attributable to common shareholders or cash flows. Holding other variables constant, if interest rates would have been 100 basis points higher as of December 31, 2024, the fair value of our fixed rate debt would have decreased by approximately $131.4 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 the Exchange Act Rules. 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, 2024. 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, 2024.
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 20, 2025
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Trust Managers of Camden Property Trust
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Camden Property Trust and subsidiaries (the "Company") as of December 31, 2024, 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, 2024, 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, 2024, of the Company and our report dated February 20, 2025, 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 20, 2025

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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
The Company has adopted an Insider Trading and Blackout Policy which governs the purchase, sale, and other dispositions of the Company’s securities that applies to all Company personnel, including trust managers, officers, and employees. The Company also follows procedures for the repurchase of its securities. The policy is designed to promote compliance with insider trading laws, rules, and regulations, and the New York Stock Exchange listing standards. A copy of the Company's Insider Trading Blackout Policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.
The remaining information required by this Item 10 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, 2025 in connection with the Annual Meeting of Shareholders to be held on or about May 9, 2025.

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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 25, 2025 in connection with the Annual Meeting of Shareholders to be held on or about May 9, 2025.

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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 25, 2025 in connection with the Annual Meeting of Shareholders to be held on or about May 9, 2025.

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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 25, 2025 in connection with the Annual Meeting of Shareholders to be held on or about May 9, 2025.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accountant Fees and Services
Information with respect to this Item 14 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, 2025 in connection with the Annual Meeting of Shareholders to be held on or about May 9, 2025.
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, 2024 and 2023
Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2024, 2023, and 2022
Consolidated Statements of Equity for the Years Ended December 31, 2024, 2023, and 2022
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023, and 2022
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
Sixth Amended and Restated Bylaws of Camden Property Trust Exhibit 3.1 to Form 8-K filed on February 23, 2023
3.5
First Amendment to the Sixth Amended and Restated Bylaws of Camden Property Trust Exhibit 3.1 to Form 8-K filed on April 27, 2023
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 4.100% Note due 2028 Exhibit 4.5 to Form 8-K filed on October 4, 2018
4.8
Form of Camden Property Trust 3.150% Note due 2029 Exhibit 4.5 to Form 8-K filed on June 17, 2019
4.9
Form of Camden Property Trust 3.350% Note due 2049 Exhibit 4.5 to Form 8-K filed on October 7, 2019
4.10
Form of Camden Property Trust 2.800% Note due 2030 Exhibit 4.5 to Form 8-K filed on April 21, 2020
4.11
Form of Camden Property Trust 2.800% Note due 2030 Exhibit 4.6 to Form 8-K filed on April 21, 2020
4.12
Form of Camden Property Trust 5.850% Note due 2026 Exhibit 4.5 to Form 8-K filed on November 3, 2023
4.13
Form of Camden Property Trust 4.900% Note due 2034 Exhibit 4.5 to Form 8-K filed on January 5, 2024
4.14
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
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
Exhibit No. Description Filed Herewith or Incorporated Herein by Reference (1)
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 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
10.8
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
10.9
Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain trust managers Exhibit 10.7 to Form 10-K for the year ended December 31, 2003
10.10
Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employees Exhibit 10.8 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 key employees Exhibit 10.9 to Form 10-K for the year ended December 31, 2003
10.12
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
10.13
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
10.14
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
10.15
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)
10.16
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
10.17
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
10.18
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
10.19
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
10.20
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
10.21
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
Exhibit No. Description Filed Herewith or Incorporated Herein by Reference (1)
10.22
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
10.23
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
10.24
Camden Property Trust 2018 Employee Share Purchase Plan Exhibit 99.2 to Form 8-K filed on May 17, 2018
10.25
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
10.26
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
10.27
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
10.28
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
10.29
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
10.30
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
10.31
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
10.32
Camden Property Trust Short Term Incentive Plan Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2002
10.33
Second Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan Exhibit 99.1 to Form 8-K filed on February 21, 2014
10.34
Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan Exhibit 10.35 to Form 10-K filed on February 15, 2019
10.35
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)
10.36
Interest Purchase Agreement, dated as of March 17, 2022, among Teacher Retirement System of Texas, Camden Property Trust and Camden Multifamily Value Add Fund GP LLC relating to Camden Multifamily Value Add Fund, L.P. Exhibit 2.1 to Form 8-K filed on March 18, 2022
10.37
Interest Purchase Agreement, dated as of March 17, 2022, among Teacher Retirement System of Texas, Camden Property Trust and Camden Multifamily Value Add Fund GP LLC relating to Camden Multifamily Co-Investment Fund, L.P. Exhibit 2.2 to Form 8-K filed on March 18, 2022
10.38
Distribution Agency Agreement, dated May 22, 2023, among Camden Property Trust, Deutsche Bank Securities Inc. and Deutsche Bank AG, London Branch Exhibit 1.1 to Form 8-K filed on May 22, 2023
10.39
Distribution Agency Agreement, dated May 22, 2023, among Camden Property Trust, Scotia Capital (USA) Inc. and The Bank of Nova Scotia Exhibit 1.2 to Form 8-K filed on May 22, 2023
10.40
Distribution Agency Agreement, dated May 22, 2023, among Camden Property Trust, Truist Securities, Inc. and Truist Bank Exhibit 1.3 to Form 8-K filed on May 22, 2023
Exhibit No. Description Filed Herewith or Incorporated Herein by Reference (1)
10.41
Distribution Agency Agreement, dated May 22, 2023, among Camden Property Trust, Wells Fargo Securities, LLC and Wells Fargo Bank, National Association Exhibit 1.4 to Form 8-K filed on May 22, 2023
10.42
Fourth Amended and Restated Credit Agreement, dated August 31, 2022, among Camden Property Trust, as the Borrower, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., PNC Bank, National Association, Regions Bank, Truist Bank, and U.S. Bank National Association, as Syndication Agents, BMO Harris Bank, N.A., Mizuho Bank, Ltd., TD Bank, N.A., and The Bank of Nova Scotia, as Documentation Agents, and the other lenders party thereto, BofA Securities, Inc., JPMorgan Chase Bank N.A., PNC Capital Markets LLC, Regions Capital Markets, Truist Securities Inc., and U.S. Bank National Association, as Joint Lead Arrangers, BofA Securities, Inc., and JPMorgan Chase Bank N.A., as Joint Bookrunners Exhibit 99.1 to Form 8-K filed on September 1, 2022
10.43
Employment Letter Agreement dated April 17, 2024 between Camden Property Trust and Alexander J. Jessett Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2024
10.44
Employment Letter Agreement dated April 17, 2024 between Camden Property Trust and D. Keith Oden Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2024
10.45
Separation and Release Agreement, dated as of October 1, 2024, between Camden Property Trust and William W. Sengelmann Exhibit 99.1 to Form 8-K filed on October 1, 2024
19.1
Camden Property Trust Insider Trading Blackout Policy, effective as of 10/25/2023 Filed Herewith
21.1
List of Significant Subsidiaries Filed Herewith
23.1
Consent of Deloitte & Touche LLP Filed Herewith
24.1
Powers of Attorney for Javier E. Benito, Heather J. Brunner, Mark D. Gibson, Scott S. Ingraham, Renu Khator, Frances Aldrich Sevilla-Sacasa, Steven A. Webster, and Kelvin R. 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
97.1
Policy relating to recovery of erroneously awarded compensation
Exhibit 97.1 to Form 10-K filed on February 22, 2024
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
Exhibit No. Description Filed Herewith or Incorporated Herein by Reference (1)
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.