TX | 1-12110 | 76-6088377 | ||||||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Shares of Beneficial Interest, $.01 par value | CPT | NYSE |
Exhibit
Number
|
Title |
||||
Press Release issued by Camden Property Trust dated February 1, 2024 | |||||
Supplemental Financial Information dated October 26, 2023 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Three Months Ended | Twelve Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
Per Diluted Share | 2023 | 2022 | 2023 | 2022 | ||||||||||
EPS | $2.03 | $0.42 | $3.70 | $6.04 | ||||||||||
FFO | $1.72 | $1.74 | $6.78 | $6.59 | ||||||||||
Core FFO | $1.73 | $1.74 | $6.82 | $6.52 | ||||||||||
Core AFFO | $1.44 | $1.48 | $5.94 | $5.69 |
Three Months Ended | 4Q23 Guidance | 4Q23 Guidance | |||||||||
Per Diluted Share | December 31, 2023 | Midpoint | Variance | ||||||||
EPS | $2.03 | $0.39 | $1.64 | ||||||||
FFO | $1.72 | $1.72 | $0.00 | ||||||||
Core FFO | $1.73 | $1.72 | $0.01 |
Quarterly Growth | Sequential Growth | Year-To-Date Growth | |||||||||
Same Property Results | 4Q23 vs. 4Q22 | 4Q23 vs. 3Q23 | 2023 vs. 2022 | ||||||||
Revenues | 2.6% | (0.6)% | 5.1% | ||||||||
Expenses | 7.7% | (2.2)% | 6.7% | ||||||||
Net Operating Income ("NOI") | 0.0% | 0.3% | 4.3% |
Same Property Results | 4Q23 | 4Q22 | 3Q23 | ||||||||
Occupancy | 94.9% | 95.8% | 95.6% |
New Lease and Renewal Data - Date Signed (1) |
January 2024* | January 2023 | 4Q23 | 4Q22 | ||||||||||
Signed New Lease Rates | (3.8)% | 1.8% | (4.3)% | 4.0% | ||||||||||
Signed Renewal Rates | 3.6% | 7.1% | 3.9% | 8.3% | ||||||||||
Signed Blended Lease Rates | (0.3)% | 4.1% | (0.6)% | 6.1% | ||||||||||
New Lease and Renewal Data - Date Effective (2) |
January 2024* | January 2023 | 4Q23 | 4Q22 | ||||||||||
Effective New Lease Rates | (4.4)% | 1.1% | (3.9)% | 5.2% | ||||||||||
Effective Renewal Rates | 3.7% | 8.4% | 4.4% | 10.2% | ||||||||||
Effective Blended Lease Rates | (0.6)% | 4.8% | 0.1% | 7.5% |
Occupancy, Bad Debt and Turnover Data | January 2024* | January 2023 | 4Q23 | 4Q22 | ||||||||||
Occupancy | 95.0% | 95.3% | 94.9% | 95.8% | ||||||||||
Bad Debt | N/A | 1.6% | 1.1% | 1.6% | ||||||||||
Annualized Gross Turnover | 41% | 44% | 44% | 44% | ||||||||||
Annualized Net Turnover | 31% | 36% | 34% | 37% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 1/31/2024 | ||||||||||
Camden NoDa | Charlotte, NC | 387 | $107.6 | 89 | % |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 1/31/2024 | ||||||||||
Camden Durham | Durham, NC | 420 | $145.0 | 17 | % | |||||||||
Camden Woodmill Creek | The Woodlands, TX | 189 | 75.0 | 15 | % | |||||||||
Camden Village District | Raleigh, NC | 369 | 138.0 | |||||||||||
Camden Long Meadow Farms | Richmond, TX | 188 | 80.0 | |||||||||||
Total | 1,166 | $438.0 |
1Q24 | 2024 | ||||||||||
Per Diluted Share | Range | Range | Midpoint | ||||||||
EPS | $0.74 - $0.78 | $1.72 - $2.02 | $1.87 | ||||||||
FFO | $1.62 - $1.66 | $6.54 - $6.84 | $6.69 | ||||||||
Core FFO(1) | $1.65 - $1.69 | $6.59 - $6.89 | $6.74 |
2024 | |||||||||||
Same Property Growth Guidance | Range | Midpoint | |||||||||
Revenues | 0.50% - 2.50% | 1.50% | |||||||||
Expenses | 3.75% - 5.25% | 4.50% | |||||||||
NOI | (1.50%) - 1.50% | 0.00% |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
OPERATING DATA | |||||||||||||||||
Property revenues (a) |
$387,587 | $375,909 | $1,542,027 | $1,422,756 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 89,873 | 81,233 | 353,911 | 315,737 | |||||||||||||
Real estate taxes | 46,664 | 45,896 | 195,009 | 182,344 | |||||||||||||
Total property expenses | 136,537 | 127,129 | 548,920 | 498,081 | |||||||||||||
Non-property income | |||||||||||||||||
Fee and asset management | 1,078 | 931 | 3,451 | 5,188 | |||||||||||||
Interest and other income | 322 | 138 | 879 | 3,019 | |||||||||||||
Income/(loss) on deferred compensation plans | 9,981 | 8,813 | 15,398 | (19,637) | |||||||||||||
Total non-property income/(loss) | 11,381 | 9,882 | 19,728 | (11,430) | |||||||||||||
Other expenses | |||||||||||||||||
Property management | 8,767 | 7,373 | 33,706 | 28,601 | |||||||||||||
Fee and asset management | 440 | 426 | 1,717 | 2,516 | |||||||||||||
General and administrative | 15,744 | 15,887 | 62,506 | 60,413 | |||||||||||||
Interest | 33,968 | 30,668 | 133,395 | 113,424 | |||||||||||||
Depreciation and amortization | 144,956 | 147,271 | 574,813 | 577,020 | |||||||||||||
Expense/(benefit) on deferred compensation plans | 9,981 | 8,813 | 15,398 | (19,637) | |||||||||||||
Total other expenses | 213,856 | 210,438 | 821,535 | 762,337 | |||||||||||||
Loss on early retirement of debt | — | — | (2,513) | — | |||||||||||||
Gain on sale of operating properties, including land | 176,497 | — | 225,416 | 36,372 | |||||||||||||
Gain on acquisition of unconsolidated joint venture interests | — | — | — | 474,146 | |||||||||||||
Equity in income of joint ventures | — | — | — | 3,048 | |||||||||||||
Income from continuing operations before income taxes | 225,072 | 48,224 | 414,203 | 664,474 | |||||||||||||
Income tax expense | (897) | (753) | (3,650) | (2,966) | |||||||||||||
Net income | 224,175 | 47,471 | 410,553 | 661,508 | |||||||||||||
Less income allocated to non-controlling interests | (1,845) | (1,762) | (7,244) | (7,895) | |||||||||||||
Net income attributable to common shareholders | $222,330 | $45,709 | $403,309 | $653,613 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $224,175 | $47,471 | $410,553 | $661,508 | |||||||||||||
Other comprehensive income | |||||||||||||||||
Unrealized loss on cash flow hedging activities | (728) | — | (728) | — | |||||||||||||
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation | (183) | 489 | (183) | 489 | |||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 358 | 369 | 1,433 | 1,476 | |||||||||||||
Comprehensive income | 223,622 | 48,329 | 411,075 | 663,473 | |||||||||||||
Less income allocated to non-controlling interests | (1,845) | (1,762) | (7,244) | (7,895) | |||||||||||||
Comprehensive income attributable to common shareholders | $221,777 | $46,567 | $403,831 | $655,578 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Total earnings per common share - basic | $2.04 | $0.42 | $3.71 | $6.07 | |||||||||||||
Total earnings per common share - diluted | 2.03 | 0.42 | 3.70 | 6.04 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 108,698 | 108,467 | 108,653 | 107,605 | |||||||||||||
Diluted | 110,312 | 108,512 | 109,399 | 108,388 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||
Net income attributable to common shareholders | $222,330 | $45,709 | $403,309 | $653,613 | |||||||||||||
Real estate depreciation and amortization | 141,892 | 144,105 | 562,654 | 565,913 | |||||||||||||
Adjustments for unconsolidated joint ventures | — | — | — | 2,709 | |||||||||||||
Income allocated to non-controlling interests | 1,845 | 1,762 | 7,244 | 7,895 | |||||||||||||
Gain on sale of operating properties | (176,412) | — | (225,331) | (36,372) | |||||||||||||
Gain on acquisition of unconsolidated joint venture interests | — | — | — | (474,146) | |||||||||||||
Funds from operations | $189,655 | $191,576 | $747,876 | $719,612 | |||||||||||||
Plus: Casualty-related expenses, net of recoveries |
683 | 625 | 1,186 | 2,282 | |||||||||||||
Plus: Severance |
— | — | — | 896 | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
196 | — | 280 | 555 | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 2,513 | — | |||||||||||||
Plus: Expensed development & other pursuit costs |
— | — | 471 | — | |||||||||||||
Less: Net below market lease amortization | — | (722) | — | (8,467) | |||||||||||||
Less: Miscellaneous (income)/expense (a) |
— | — | (364) | (2,071) | |||||||||||||
Core funds from operations | $190,534 | $191,479 | $751,962 | $712,807 | |||||||||||||
Less: recurring capitalized expenditures (b) |
(31,927) | (29,033) | (97,094) | (90,715) | |||||||||||||
Core adjusted funds from operations | $158,607 | $162,446 | $654,868 | $622,092 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Funds from operations - diluted | $1.72 | $1.74 | $6.78 | $6.59 | |||||||||||||
Core funds from operations - diluted | 1.73 | 1.74 | 6.82 | 6.52 | |||||||||||||
Core adjusted funds from operations - diluted | 1.44 | 1.48 | 5.94 | 5.69 | |||||||||||||
Distributions declared per common share | 1.00 | 0.94 | 4.00 | 3.76 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
FFO/Core FFO/Core AFFO - diluted | 110,312 | 110,117 | 110,269 | 109,261 | |||||||||||||
PROPERTY DATA | |||||||||||||||||
Total operating properties (end of period) (c) |
172 | 172 | 172 | 172 | |||||||||||||
Total operating apartment homes in operating properties (end of period) (c) |
58,634 | 58,702 | 58,634 | 58,702 | |||||||||||||
Total operating apartment homes (weighted average) | 59,245 | 58,621 | 59,068 | 56,566 | |||||||||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Dec 31, 2022 |
|||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,711,873 | $1,732,804 | $1,727,182 | $1,722,881 | $1,716,273 | ||||||||||||
Buildings and improvements | 10,993,390 | 10,963,667 | 10,848,837 | 10,778,795 | 10,674,619 | ||||||||||||
12,705,263 | 12,696,471 | 12,576,019 | 12,501,676 | 12,390,892 | |||||||||||||
Accumulated depreciation | (4,332,524) | (4,254,388) | (4,113,095) | (3,987,438) | (3,848,111) | ||||||||||||
Net operating real estate assets | 8,372,739 | 8,442,083 | 8,462,924 | 8,514,238 | 8,542,781 | ||||||||||||
Properties under development, including land | 486,864 | 499,761 | 516,543 | 515,134 | 524,981 | ||||||||||||
Total real estate assets | 8,859,603 | 8,941,844 | 8,979,467 | 9,029,372 | 9,067,762 | ||||||||||||
Accounts receivable – affiliates | 11,905 | 12,057 | 12,121 | 12,121 | 13,364 | ||||||||||||
Other assets, net (a) |
244,182 | 237,594 | 239,958 | 226,394 | 229,371 | ||||||||||||
Cash and cash equivalents | 259,686 | 14,600 | 20,326 | 20,419 | 10,687 | ||||||||||||
Restricted cash | 8,361 | 8,369 | 8,531 | 6,863 | 6,751 | ||||||||||||
Total assets | $9,383,737 | $9,214,464 | $9,260,403 | $9,295,169 | $9,327,935 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,385,309 | $3,323,057 | $3,352,415 | $3,232,682 | $3,165,924 | ||||||||||||
Secured | 330,127 | 330,071 | 330,015 | 515,134 | 514,989 | ||||||||||||
Accounts payable and accrued expenses | 222,599 | 211,759 | 192,613 | 191,468 | 211,370 | ||||||||||||
Accrued real estate taxes | 96,517 | 128,794 | 93,642 | 48,084 | 95,551 | ||||||||||||
Distributions payable | 110,427 | 110,463 | 110,465 | 110,444 | 103,628 | ||||||||||||
Other liabilities (b) |
186,987 | 175,341 | 189,711 | 193,804 | 179,552 | ||||||||||||
Total liabilities | 4,331,966 | 4,279,485 | 4,268,861 | 4,291,616 | 4,271,014 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,156 | 1,156 | 1,156 | 1,156 | 1,156 | ||||||||||||
Additional paid-in capital | 5,914,868 | 5,911,627 | 5,907,828 | 5,903,437 | 5,897,454 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (613,651) | (727,117) | (666,218) | (648,457) | (581,532) | ||||||||||||
Treasury shares | (320,364) | (320,702) | (320,675) | (321,431) | (328,684) | ||||||||||||
Accumulated other comprehensive loss (c) |
(1,252) | (699) | (1,057) | (1,415) | (1,774) | ||||||||||||
Total common equity | 4,980,757 | 4,864,265 | 4,921,034 | 4,933,290 | 4,986,620 | ||||||||||||
Non-controlling interests | 71,014 | 70,714 | 70,508 | 70,263 | 70,301 | ||||||||||||
Total equity | 5,051,771 | 4,934,979 | 4,991,542 | 5,003,553 | 5,056,921 | ||||||||||||
Total liabilities and equity | $9,383,737 | $9,214,464 | $9,260,403 | $9,295,169 | $9,327,935 | ||||||||||||
(a) Includes net deferred charges of: | $5,879 | $6,481 | $7,033 | $7,710 | $8,413 | ||||||||||||
(b) Includes deferred revenues of: | $1,030 | $1,167 | $1,239 | $1,348 | $304 | ||||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities. | |||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Net income attributable to common shareholders | $222,330 | $45,709 | $403,309 | $653,613 | |||||||||||||
Real estate depreciation and amortization | 141,892 | 144,105 | 562,654 | 565,913 | |||||||||||||
Adjustments for unconsolidated joint ventures | — | — | — | 2,709 | |||||||||||||
Income allocated to non-controlling interests | 1,845 | 1,762 | 7,244 | 7,895 | |||||||||||||
Gain on sale of operating properties | (176,412) | — | (225,331) | (36,372) | |||||||||||||
Gain on acquisition of unconsolidated joint venture interests | — | — | — | (474,146) | |||||||||||||
Funds from operations | $189,655 | $191,576 | $747,876 | $719,612 | |||||||||||||
Plus: Casualty-related expenses, net of recoveries |
683 | 625 | 1,186 | 2,282 | |||||||||||||
Plus: Severance |
— | — | — | 896 | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
196 | — | 280 | 555 | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 2,513 | — | |||||||||||||
Plus: Expensed development & other pursuit costs |
— | — | 471 | — | |||||||||||||
Less: Net below market lease amortization | — | (722) | — | (8,467) | |||||||||||||
Less: Miscellaneous (income)/expense (a) |
— | — | (364) | (2,071) | |||||||||||||
Core funds from operations | $190,534 | $191,479 | $751,962 | $712,807 | |||||||||||||
Less: recurring capitalized expenditures | (31,927) | (29,033) | (97,094) | (90,715) | |||||||||||||
Core adjusted funds from operations | $158,607 | $162,446 | $654,868 | $622,092 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
EPS diluted | 110,312 | 108,512 | 109,399 | 108,388 | |||||||||||||
FFO/Core FFO/ Core AFFO diluted | 110,312 | 110,117 | 110,269 | 109,261 | |||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Total Earnings Per Common Share - Diluted | $2.03 | $0.42 | $3.70 | $6.04 | |||||||||||||
Real estate depreciation and amortization | 1.28 | 1.31 | 5.07 | 5.15 | |||||||||||||
Adjustments for unconsolidated joint ventures | — | — | — | 0.02 | |||||||||||||
Income allocated to non-controlling interests | 0.01 | 0.01 | 0.05 | 0.05 | |||||||||||||
Gain on sale of operating property | (1.60) | — | (2.04) | (0.33) | |||||||||||||
Gain on acquisition of unconsolidated joint venture interests | — | — | — | (4.34) | |||||||||||||
FFO per common share - Diluted | $1.72 | $1.74 | $6.78 | $6.59 | |||||||||||||
Plus: Casualty-related expenses, net of recoveries |
0.01 | 0.01 | 0.01 | 0.02 | |||||||||||||
Plus: Severance |
— | — | — | 0.01 | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
— | — | — | — | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 0.03 | — | |||||||||||||
Plus: Expensed development & other pursuit costs |
— | — | — | — | |||||||||||||
Less: Net below market lease amortization | — | (0.01) | — | (0.08) | |||||||||||||
Less: Miscellaneous (income)/expense (a) |
— | — | — | (0.02) | |||||||||||||
Core FFO per common share - Diluted | $1.73 | $1.74 | $6.82 | $6.52 | |||||||||||||
Less: recurring capitalized expenditures | (0.29) | (0.26) | (0.88) | (0.83) | |||||||||||||
Core AFFO per common share - Diluted | $1.44 | $1.48 | $5.94 | $5.69 | |||||||||||||
1Q24 | Range | 2024 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.74 | $0.78 | $1.72 | $2.02 | |||||||||||||
Expected real estate depreciation and amortization | 1.28 | 1.28 | 5.17 | 5.17 | |||||||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.06 | 0.06 | |||||||||||||
Expected (gain) on sale of operating properties | (0.41) | (0.41) | (0.41) | (0.41) | |||||||||||||
Expected FFO per share - diluted | $1.62 | $1.66 | $6.54 | $6.84 | |||||||||||||
Anticipated Adjustments to FFO | 0.03 | 0.03 | 0.05 | 0.05 | |||||||||||||
Expected Core FFO per share - diluted | $1.65 | $1.69 | $6.59 | $6.89 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Net income | $224,175 | $47,471 | $410,553 | $661,508 | |||||||||||||
Less: Fee and asset management income | (1,078) | (931) | (3,451) | (5,188) | |||||||||||||
Less: Interest and other income | (322) | (138) | (879) | (3,019) | |||||||||||||
Less: Income/(loss) on deferred compensation plans | (9,981) | (8,813) | (15,398) | 19,637 | |||||||||||||
Plus: Property management expense | 8,767 | 7,373 | 33,706 | 28,601 | |||||||||||||
Plus: Fee and asset management expense | 440 | 426 | 1,717 | 2,516 | |||||||||||||
Plus: General and administrative expense | 15,744 | 15,887 | 62,506 | 60,413 | |||||||||||||
Plus: Interest expense | 33,968 | 30,668 | 133,395 | 113,424 | |||||||||||||
Plus: Depreciation and amortization expense | 144,956 | 147,271 | 574,813 | 577,020 | |||||||||||||
Plus: Expense/(benefit) on deferred compensation plans | 9,981 | 8,813 | 15,398 | (19,637) | |||||||||||||
Plus: Loss on early retirement of debt | — | — | 2,513 | — | |||||||||||||
Less: Gain on sale of operating properties, including land | (176,497) | — | (225,416) | (36,372) | |||||||||||||
Less: Gain on acquisition of unconsolidated joint venture interests | — | — | — | (474,146) | |||||||||||||
Less: Equity in income of joint ventures | — | — | — | (3,048) | |||||||||||||
Plus: Income tax expense | 897 | 753 | 3,650 | 2,966 | |||||||||||||
NOI | $251,050 | $248,780 | $993,107 | $924,675 | |||||||||||||
"Same Property" Communities | $202,942 | $202,930 | $804,175 | $770,987 | |||||||||||||
Non-"Same Property" Communities | 41,983 | 39,753 | 163,983 | 123,942 | |||||||||||||
Development and Lease-Up Communities | 1,262 | 25 | 2,615 | 28 | |||||||||||||
Disposition/Other | 4,863 | 6,072 | 22,334 | 29,718 | |||||||||||||
NOI | $251,050 | $248,780 | $993,107 | $924,675 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Net income | $224,175 | $47,471 | $410,553 | $661,508 | |||||||||||||
Plus: Interest expense | 33,968 | 30,668 | 133,395 | 113,424 | |||||||||||||
Plus: Depreciation and amortization expense | 144,956 | 147,271 | 574,813 | 577,020 | |||||||||||||
Plus: Income tax expense | 897 | 753 | 3,650 | 2,966 | |||||||||||||
Less: Gain on sale of operating properties, including land | (176,497) | — | (225,416) | (36,372) | |||||||||||||
Less: Gain on acquisition of unconsolidated joint venture interests | — | — | — | (474,146) | |||||||||||||
EBITDAre | $227,499 | $226,163 | $896,995 | $844,400 | |||||||||||||
Plus: Loss on early retirement of debt | — | — | 2,513 | — | |||||||||||||
Plus: Casualty-related expenses, net of recoveries |
683 | 625 | 1,186 | 2,282 | |||||||||||||
Plus: Severance |
— | — | — | 896 | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
196 | — | 280 | 555 | |||||||||||||
Plus: Expensed development & other pursuit costs |
— | — | 471 | — | |||||||||||||
Less: Equity in income of joint ventures | — | — | — | (3,048) | |||||||||||||
Less: Net below market lease amortization | — | (722) | — | (8,467) | |||||||||||||
Less: Miscellaneous (income)/expense (a) |
— | — | (364) | (2,071) | |||||||||||||
Adjusted EBITDAre | $228,378 | $226,066 | $901,081 | $834,547 | |||||||||||||
Annualized Adjusted EBITDAre | $913,512 | $904,264 | $901,081 | $834,547 | |||||||||||||
Average monthly balance for the | Average monthly balance for the | ||||||||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Unsecured notes payable | $3,394,948 | $3,188,976 | $3,350,767 | $3,242,448 | |||||||||||||||||||
Secured notes payable | 330,108 | 514,940 | 391,745 | 386,096 | |||||||||||||||||||
Total debt | 3,725,056 | 3,703,916 | 3,742,512 | 3,628,544 | |||||||||||||||||||
Less: Cash and cash equivalents | (95,392) | (3,562) | (30,257) | (186,178) | |||||||||||||||||||
Net debt | $3,629,664 | $3,700,354 | $3,712,255 | $3,442,366 | |||||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net debt | $3,629,664 | $3,700,354 | $3,712,255 | $3,442,366 | |||||||||||||||||||
Annualized Adjusted EBITDAre | 913,512 | 904,264 | 901,081 | 834,547 | |||||||||||||||||||
Net Debt to Annualized Adjusted EBITDAre | 4.0x | 4.1x | 4.1x | 4.1x | |||||||||||||||||||
CAMDEN | 2024 FINANCIAL OUTLOOK | |||||||
AS OF FEBRUARY 1, 2024 | ||||||||
Earnings Guidance - Per Diluted Share | |||||||||||
Expected FFO per share - diluted | $6.54 - $6.84 | ||||||||||
Expected CORE FFO per share - diluted | $6.59 - $6.89 | ||||||||||
"Same Property" Communities | |||||||||||
Number of Units - 2024 | 55,866 | ||||||||||
2023 Base Net Operating Income | $933 million | ||||||||||
Total Revenue Growth | 0.50% - 2.50% | ||||||||||
Total Expense Growth | 3.75% - 5.25% | ||||||||||
Net Operating Income Growth | (1.50%) - 1.50% | ||||||||||
Impact from 1.0% change in NOI Growth is approximately $0.084 / share | |||||||||||
Bad Debt Midpoint | 1.1% | ||||||||||
Capitalized Expenditures | |||||||||||
Recurring | $101 - $105 million | ||||||||||
Revenue Enhancing Capex and Repositions (a) | $90 - $94 million | ||||||||||
Non - Recurring Capital Expenditures | $23 - $25 million | ||||||||||
Acquisitions/Dispositions | |||||||||||
Acquisition Volume (consolidated on balance sheet) | $0 - $500 million | ||||||||||
Disposition Volume (consolidated on balance sheet) | $115 - $615 million | ||||||||||
Development | |||||||||||
Development Starts (consolidated on balance sheet) | $0 - $300 million | ||||||||||
Development Spend (consolidated on balance sheet) | $160 - $190 million | ||||||||||
Non-Property Income | |||||||||||
Non-Property Income | $7 - $8 million | ||||||||||
Includes: Fee and asset management income and interest and other income | |||||||||||
CORE Corporate Expenses | |||||||||||
General and Administrative Expenses | $61 - $65 million | ||||||||||
Property Management Expense | $34 - $37 million | ||||||||||
Fee and Asset Management Expense | $1 - $2 million | ||||||||||
Corporate G&A Depreciation/Amortization | $11 - $14 million | ||||||||||
Income Tax Expense | $3 - $4 million | ||||||||||
Non-CORE Corporate Expenses / Insurance Adjustments | $5 - $6 million | ||||||||||
Capital | |||||||||||
Expensed Interest | $124 - $128 million | ||||||||||
Capitalized Interest | $17 - $18 million | ||||||||||
CAMDEN | TABLE OF CONTENTS | |||||||
Page | |||||
Press Release Text | |||||
Financial Highlights | |||||
Operating Results | |||||
Funds from Operations | |||||
Balance Sheets | |||||
Portfolio Statistics | |||||
Components of Property Net Operating Income | |||||
Sequential Components of Property Net Operating Income | |||||
"Same Property" Fourth Quarter Comparisons | |||||
"Same Property" Sequential Quarter Comparisons | |||||
"Same Property" Year to Date Comparisons | |||||
"Same Property" Operating Expense Detail & Comparisons | |||||
Current Development Communities | |||||
Development Pipeline | |||||
Dispositions | |||||
Debt Analysis | |||||
Debt Maturity Analysis | |||||
Debt Covenant Analysis | |||||
Capitalized Expenditures & Maintenance Expense | |||||
2024 Financial Outlook | |||||
Non-GAAP Financial Measures - Definitions & Reconciliations | |||||
Other Definitions | |||||
Other Data | |||||
Community Table |
Three Months Ended | Twelve Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
Per Diluted Share | 2023 | 2022 | 2023 | 2022 | ||||||||||
EPS | $2.03 | $0.42 | $3.70 | $6.04 | ||||||||||
FFO | $1.72 | $1.74 | $6.78 | $6.59 | ||||||||||
Core FFO | $1.73 | $1.74 | $6.82 | $6.52 | ||||||||||
Core AFFO | $1.44 | $1.48 | $5.94 | $5.69 |
Three Months Ended | 4Q23 Guidance | 4Q23 Guidance | |||||||||
Per Diluted Share | December 31, 2023 | Midpoint | Variance | ||||||||
EPS | $2.03 | $0.39 | $1.64 | ||||||||
FFO | $1.72 | $1.72 | $0.00 | ||||||||
Core FFO | $1.73 | $1.72 | $0.01 |
Quarterly Growth | Sequential Growth | Year-To-Date Growth | |||||||||
Same Property Results | 4Q23 vs. 4Q22 | 4Q23 vs. 3Q23 | 2023 vs. 2022 | ||||||||
Revenues | 2.6% | (0.6)% | 5.1% | ||||||||
Expenses | 7.7% | (2.2)% | 6.7% | ||||||||
Net Operating Income ("NOI") | 0.0% | 0.3% | 4.3% |
Same Property Results | 4Q23 | 4Q22 | 3Q23 | ||||||||
Occupancy | 94.9% | 95.8% | 95.6% |
New Lease and Renewal Data - Date Signed (1) |
January 2024* | January 2023 | 4Q23 | 4Q22 | ||||||||||
Signed New Lease Rates | (3.8)% | 1.8% | (4.3)% | 4.0% | ||||||||||
Signed Renewal Rates | 3.6% | 7.1% | 3.9% | 8.3% | ||||||||||
Signed Blended Lease Rates | (0.3)% | 4.1% | (0.6)% | 6.1% | ||||||||||
New Lease and Renewal Data - Date Effective (2) |
January 2024* | January 2023 | 4Q23 | 4Q22 | ||||||||||
Effective New Lease Rates | (4.4)% | 1.1% | (3.9)% | 5.2% | ||||||||||
Effective Renewal Rates | 3.7% | 8.4% | 4.4% | 10.2% | ||||||||||
Effective Blended Lease Rates | (0.6)% | 4.8% | 0.1% | 7.5% |
Occupancy, Bad Debt and Turnover Data | January 2024* | January 2023 | 4Q23 | 4Q22 | ||||||||||
Occupancy | 95.0% | 95.3% | 94.9% | 95.8% | ||||||||||
Bad Debt | N/A | 1.6% | 1.1% | 1.6% | ||||||||||
Annualized Gross Turnover | 41% | 44% | 44% | 44% | ||||||||||
Annualized Net Turnover | 31% | 36% | 34% | 37% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 1/31/2024 | ||||||||||
Camden NoDa | Charlotte, NC | 387 | $107.6 | 89 | % |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 1/31/2024 | ||||||||||
Camden Durham | Durham, NC | 420 | $145.0 | 17 | % | |||||||||
Camden Woodmill Creek | The Woodlands, TX | 189 | 75.0 | 15 | % | |||||||||
Camden Village District | Raleigh, NC | 369 | 138.0 | |||||||||||
Camden Long Meadow Farms | Richmond, TX | 188 | 80.0 | |||||||||||
Total | 1,166 | $438.0 |
1Q24 | 2024 | ||||||||||
Per Diluted Share | Range | Range | Midpoint | ||||||||
EPS | $0.74 - $0.78 | $1.72 - $2.02 | $1.87 | ||||||||
FFO | $1.62 - $1.66 | $6.54 - $6.84 | $6.69 | ||||||||
Core FFO(1) |
$1.65 - $1.69 | $6.59 - $6.89 | $6.74 |
2024 | |||||||||||
Same Property Growth Guidance | Range | Midpoint | |||||||||
Revenues | 0.50% - 2.50% | 1.50% | |||||||||
Expenses | 3.75% - 5.25% | 4.50% | |||||||||
NOI | (1.50%) - 1.50% | 0.00% |
CAMDEN | FINANCIAL HIGHLIGHTS | |||||||
(In thousands, except per share, property data amounts and ratios) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Property revenues | $387,587 | $375,909 | $1,542,027 | $1,422,756 | |||||||||||||
Adjusted EBITDAre | 228,378 | 226,066 | 901,081 | 834,547 | |||||||||||||
Net income attributable to common shareholders | 222,330 | 45,709 | 403,309 | 653,613 | |||||||||||||
Per share - basic | 2.04 | 0.42 | 3.71 | 6.07 | |||||||||||||
Per share - diluted | 2.03 | 0.42 | 3.70 | 6.04 | |||||||||||||
Funds from operations | 189,655 | 191,576 | 747,876 | 719,612 | |||||||||||||
Per share - diluted | 1.72 | 1.74 | 6.78 | 6.59 | |||||||||||||
Core funds from operations | 190,534 | 191,479 | 751,962 | 712,807 | |||||||||||||
Per share - diluted | 1.73 | 1.74 | 6.82 | 6.52 | |||||||||||||
Core adjusted funds from operations | 158,607 | 162,446 | 654,868 | 622,092 | |||||||||||||
Per share - diluted | 1.44 | 1.48 | 5.94 | 5.69 | |||||||||||||
Dividends per share | 1.00 | 0.94 | 4.00 | 3.76 | |||||||||||||
Dividend payout ratio (FFO) | 58.1 | % | 54.0 | % | 59.0 | % | 57.1 | % | |||||||||
Interest expensed | 33,968 | 30,668 | 133,395 | 113,424 | |||||||||||||
Interest capitalized | 5,034 | 4,554 | 20,235 | 18,097 | |||||||||||||
Total interest incurred | 39,002 | 35,222 | 153,630 | 131,521 | |||||||||||||
Net Debt to Annualized Adjusted EBITDAre (a) |
4.0x | 4.1x | 4.1x | 4.1x | |||||||||||||
Interest expense coverage ratio | 6.7x | 7.4x | 6.8x | 7.4x | |||||||||||||
Total interest coverage ratio | 5.9x | 6.4x | 5.9x | 6.3x | |||||||||||||
Fixed charge expense coverage ratio | 6.7x | 7.4x | 6.8x | 7.4x | |||||||||||||
Total fixed charge coverage ratio | 5.9x | 6.4x | 5.9x | 6.3x | |||||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.5x | 3.4x | 3.5x | 3.4x | |||||||||||||
Same property NOI growth (b) (c) |
0.0 | % | 10.9 | % | 4.3 | % | 14.6 | % | |||||||||
(# of apartment homes included) | 47,423 | 46,151 | 47,423 | 46,151 | |||||||||||||
Same property turnover | |||||||||||||||||
Gross turnover of apartment homes (annualized) | 44 | % | 44 | % | 51 | % | 50 | % | |||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 34 | % | 37 | % | 41 | % | 43 | % | |||||||||
As of December 31, | As of December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Total assets | $9,383,737 | $9,327,935 | $9,383,737 | $9,327,935 | |||||||||||||
Total debt | $3,715,436 | $3,680,913 | $3,715,436 | $3,680,913 | |||||||||||||
Common and common equivalent shares, outstanding end of period (d) |
110,336 | 110,135 | 110,336 | 110,135 | |||||||||||||
Share price, end of period | $99.29 | $111.88 | $99.29 | $111.88 | |||||||||||||
Book equity value, end of period (e) |
$5,051,771 | $5,056,921 | $5,051,771 | $5,056,921 | |||||||||||||
Market equity value, end of period (f) |
$10,955,261 | $12,321,904 | $10,955,261 | $12,321,904 |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
OPERATING DATA | |||||||||||||||||
Property revenues (a) |
$387,587 | $375,909 | $1,542,027 | $1,422,756 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 89,873 | 81,233 | 353,911 | 315,737 | |||||||||||||
Real estate taxes | 46,664 | 45,896 | 195,009 | 182,344 | |||||||||||||
Total property expenses | 136,537 | 127,129 | 548,920 | 498,081 | |||||||||||||
Non-property income | |||||||||||||||||
Fee and asset management | 1,078 | 931 | 3,451 | 5,188 | |||||||||||||
Interest and other income | 322 | 138 | 879 | 3,019 | |||||||||||||
Income/(loss) on deferred compensation plans | 9,981 | 8,813 | 15,398 | (19,637) | |||||||||||||
Total non-property income/(loss) | 11,381 | 9,882 | 19,728 | (11,430) | |||||||||||||
Other expenses | |||||||||||||||||
Property management | 8,767 | 7,373 | 33,706 | 28,601 | |||||||||||||
Fee and asset management | 440 | 426 | 1,717 | 2,516 | |||||||||||||
General and administrative | 15,744 | 15,887 | 62,506 | 60,413 | |||||||||||||
Interest | 33,968 | 30,668 | 133,395 | 113,424 | |||||||||||||
Depreciation and amortization | 144,956 | 147,271 | 574,813 | 577,020 | |||||||||||||
Expense/(benefit) on deferred compensation plans | 9,981 | 8,813 | 15,398 | (19,637) | |||||||||||||
Total other expenses | 213,856 | 210,438 | 821,535 | 762,337 | |||||||||||||
Loss on early retirement of debt | — | — | (2,513) | — | |||||||||||||
Gain on sale of operating properties, including land | 176,497 | — | 225,416 | 36,372 | |||||||||||||
Gain on acquisition of unconsolidated joint venture interests | — | — | — | 474,146 | |||||||||||||
Equity in income of joint ventures | — | — | — | 3,048 | |||||||||||||
Income from continuing operations before income taxes | 225,072 | 48,224 | 414,203 | 664,474 | |||||||||||||
Income tax expense | (897) | (753) | (3,650) | (2,966) | |||||||||||||
Net income | 224,175 | 47,471 | 410,553 | 661,508 | |||||||||||||
Less income allocated to non-controlling interests | (1,845) | (1,762) | (7,244) | (7,895) | |||||||||||||
Net income attributable to common shareholders | $222,330 | $45,709 | $403,309 | $653,613 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $224,175 | $47,471 | $410,553 | $661,508 | |||||||||||||
Other comprehensive income | |||||||||||||||||
Unrealized loss on cash flow hedging activities | (728) | — | (728) | — | |||||||||||||
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation | (183) | 489 | (183) | 489 | |||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 358 | 369 | 1,433 | 1,476 | |||||||||||||
Comprehensive income | 223,622 | 48,329 | 411,075 | 663,473 | |||||||||||||
Less income allocated to non-controlling interests | (1,845) | (1,762) | (7,244) | (7,895) | |||||||||||||
Comprehensive income attributable to common shareholders | $221,777 | $46,567 | $403,831 | $655,578 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Total earnings per common share - basic | $2.04 | $0.42 | $3.71 | $6.07 | |||||||||||||
Total earnings per common share - diluted | 2.03 | 0.42 | 3.70 | 6.04 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 108,698 | 108,467 | 108,653 | 107,605 | |||||||||||||
Diluted | 110,312 | 108,512 | 109,399 | 108,388 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||
Net income attributable to common shareholders | $222,330 | $45,709 | $403,309 | $653,613 | |||||||||||||
Real estate depreciation and amortization | 141,892 | 144,105 | 562,654 | 565,913 | |||||||||||||
Adjustments for unconsolidated joint ventures | — | — | — | 2,709 | |||||||||||||
Income allocated to non-controlling interests | 1,845 | 1,762 | 7,244 | 7,895 | |||||||||||||
Gain on sale of operating properties | (176,412) | — | (225,331) | (36,372) | |||||||||||||
Gain on acquisition of unconsolidated joint venture interests | — | — | — | (474,146) | |||||||||||||
Funds from operations | $189,655 | $191,576 | $747,876 | $719,612 | |||||||||||||
Plus: Casualty-related expenses, net of recoveries |
683 | 625 | 1,186 | 2,282 | |||||||||||||
Plus: Severance |
— | — | — | 896 | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
196 | — | 280 | 555 | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 2,513 | — | |||||||||||||
Plus: Expensed development & other pursuit costs |
— | — | 471 | — | |||||||||||||
Less: Net below market lease amortization | — | (722) | — | (8,467) | |||||||||||||
Less: Miscellaneous (income)/expense (a) |
— | — | (364) | (2,071) | |||||||||||||
Core funds from operations | $190,534 | $191,479 | $751,962 | $712,807 | |||||||||||||
Less: recurring capitalized expenditures (b) |
(31,927) | (29,033) | (97,094) | (90,715) | |||||||||||||
Core adjusted funds from operations | $158,607 | $162,446 | $654,868 | $622,092 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Funds from operations - diluted | $1.72 | $1.74 | $6.78 | $6.59 | |||||||||||||
Core funds from operations - diluted | 1.73 | 1.74 | 6.82 | 6.52 | |||||||||||||
Core adjusted funds from operations - diluted | 1.44 | 1.48 | 5.94 | 5.69 | |||||||||||||
Distributions declared per common share | 1.00 | 0.94 | 4.00 | 3.76 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
FFO/Core FFO/Core AFFO - diluted | 110,312 | 110,117 | 110,269 | 109,261 | |||||||||||||
PROPERTY DATA | |||||||||||||||||
Total operating properties (end of period) (c) |
172 | 172 | 172 | 172 | |||||||||||||
Total operating apartment homes in operating properties (end of period) (c) |
58,634 | 58,702 | 58,634 | 58,702 | |||||||||||||
Total operating apartment homes (weighted average) | 59,245 | 58,621 | 59,068 | 56,566 | |||||||||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Dec 31, 2022 |
|||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,711,873 | $1,732,804 | $1,727,182 | $1,722,881 | $1,716,273 | ||||||||||||
Buildings and improvements | 10,993,390 | 10,963,667 | 10,848,837 | 10,778,795 | 10,674,619 | ||||||||||||
12,705,263 | 12,696,471 | 12,576,019 | 12,501,676 | 12,390,892 | |||||||||||||
Accumulated depreciation | (4,332,524) | (4,254,388) | (4,113,095) | (3,987,438) | (3,848,111) | ||||||||||||
Net operating real estate assets | 8,372,739 | 8,442,083 | 8,462,924 | 8,514,238 | 8,542,781 | ||||||||||||
Properties under development, including land | 486,864 | 499,761 | 516,543 | 515,134 | 524,981 | ||||||||||||
Total real estate assets | 8,859,603 | 8,941,844 | 8,979,467 | 9,029,372 | 9,067,762 | ||||||||||||
Accounts receivable – affiliates | 11,905 | 12,057 | 12,121 | 12,121 | 13,364 | ||||||||||||
Other assets, net (a) |
244,182 | 237,594 | 239,958 | 226,394 | 229,371 | ||||||||||||
Cash and cash equivalents | 259,686 | 14,600 | 20,326 | 20,419 | 10,687 | ||||||||||||
Restricted cash | 8,361 | 8,369 | 8,531 | 6,863 | 6,751 | ||||||||||||
Total assets | $9,383,737 | $9,214,464 | $9,260,403 | $9,295,169 | $9,327,935 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,385,309 | $3,323,057 | $3,352,415 | $3,232,682 | $3,165,924 | ||||||||||||
Secured | 330,127 | 330,071 | 330,015 | 515,134 | 514,989 | ||||||||||||
Accounts payable and accrued expenses | 222,599 | 211,759 | 192,613 | 191,468 | 211,370 | ||||||||||||
Accrued real estate taxes | 96,517 | 128,794 | 93,642 | 48,084 | 95,551 | ||||||||||||
Distributions payable | 110,427 | 110,463 | 110,465 | 110,444 | 103,628 | ||||||||||||
Other liabilities (b) |
186,987 | 175,341 | 189,711 | 193,804 | 179,552 | ||||||||||||
Total liabilities | 4,331,966 | 4,279,485 | 4,268,861 | 4,291,616 | 4,271,014 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,156 | 1,156 | 1,156 | 1,156 | 1,156 | ||||||||||||
Additional paid-in capital | 5,914,868 | 5,911,627 | 5,907,828 | 5,903,437 | 5,897,454 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (613,651) | (727,117) | (666,218) | (648,457) | (581,532) | ||||||||||||
Treasury shares | (320,364) | (320,702) | (320,675) | (321,431) | (328,684) | ||||||||||||
Accumulated other comprehensive loss (c) |
(1,252) | (699) | (1,057) | (1,415) | (1,774) | ||||||||||||
Total common equity | 4,980,757 | 4,864,265 | 4,921,034 | 4,933,290 | 4,986,620 | ||||||||||||
Non-controlling interests | 71,014 | 70,714 | 70,508 | 70,263 | 70,301 | ||||||||||||
Total equity | 5,051,771 | 4,934,979 | 4,991,542 | 5,003,553 | 5,056,921 | ||||||||||||
Total liabilities and equity | $9,383,737 | $9,214,464 | $9,260,403 | $9,295,169 | $9,327,935 | ||||||||||||
(a) Includes net deferred charges of: | $5,879 | $6,481 | $7,033 | $7,710 | $8,413 | ||||||||||||
(b) Includes deferred revenues of: | $1,030 | $1,167 | $1,239 | $1,348 | $304 | ||||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities. | |||||||||||||||||
CAMDEN | PORTFOLIO STATISTICS | |||||||
"Same Property" | Non-"Same Property" | Completed in Lease-up | Under Construction | Grand Total | |||||||||||||
D.C. Metro (a) |
5,911 | 281 | — | — | 6,192 | ||||||||||||
Houston, TX | 6,398 | 2,756 | — | 377 | 9,531 | ||||||||||||
Atlanta, GA | 3,970 | 892 | — | — | 4,862 | ||||||||||||
Dallas, TX | 4,974 | 1,250 | — | — | 6,224 | ||||||||||||
Phoenix, AZ | 4,029 | 397 | — | — | 4,426 | ||||||||||||
SE Florida | 2,376 | 674 | — | — | 3,050 | ||||||||||||
Orlando, FL | 3,294 | 660 | — | — | 3,954 | ||||||||||||
Los Angeles/Orange County, CA | 1,141 | 670 | — | — | 1,811 | ||||||||||||
Tampa, FL | 2,654 | 450 | — | — | 3,104 | ||||||||||||
Denver, CO | 2,873 | — | — | — | 2,873 | ||||||||||||
Charlotte, NC | 2,838 | 266 | 387 | — | 3,491 | ||||||||||||
Raleigh, NC | 2,542 | 710 | — | 789 | 4,041 | ||||||||||||
Austin, TX | 2,000 | 1,686 | — | — | 3,686 | ||||||||||||
San Diego/Inland Empire, CA | 1,665 | 132 | — | — | 1,797 | ||||||||||||
Nashville, TN | 758 | — | — | — | 758 | ||||||||||||
Total Portfolio | 47,423 | 10,824 | 387 | 1,166 | 59,800 |
FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c) |
|||||||||||||||||||||||||
"Same Property" Communities | Operating Communities (b) |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Mar 31, 2023 |
Dec 31, 2022 |
||||||||||||||||||||
D.C. Metro (a) |
14.7 | % | 12.8 | % | 96.7 | % | 96.6 | % | 96.5 | % | 96.1 | % | 96.4 | % | ||||||||||||
Houston, TX | 11.0 | % | 12.7 | % | 94.4 | % | 95.2 | % | 94.8 | % | 94.3 | % | 95.1 | % | ||||||||||||
Atlanta, GA | 7.5 | % | 7.3 | % | 92.3 | % | 93.6 | % | 92.9 | % | 93.1 | % | 94.7 | % | ||||||||||||
Dallas, TX | 7.7 | % | 8.2 | % | 94.3 | % | 95.4 | % | 95.5 | % | 95.0 | % | 95.7 | % | ||||||||||||
Phoenix, AZ | 9.7 | % | 8.8 | % | 94.5 | % | 94.5 | % | 94.0 | % | 94.7 | % | 95.1 | % | ||||||||||||
SE Florida | 6.6 | % | 7.0 | % | 96.1 | % | 95.8 | % | 96.3 | % | 96.4 | % | 96.2 | % | ||||||||||||
Orlando, FL | 6.2 | % | 6.4 | % | 94.9 | % | 95.5 | % | 96.6 | % | 96.1 | % | 96.2 | % | ||||||||||||
Los Angeles/Orange County, CA | 3.0 | % | 4.1 | % | 93.1 | % | 95.4 | % | 94.6 | % | 95.0 | % | 96.0 | % | ||||||||||||
Tampa, FL | 6.6 | % | 6.3 | % | 95.5 | % | 95.9 | % | 96.3 | % | 96.6 | % | 96.7 | % | ||||||||||||
Denver, CO | 6.9 | % | 5.7 | % | 96.4 | % | 96.6 | % | 96.3 | % | 95.8 | % | 96.1 | % | ||||||||||||
Charlotte, NC | 5.8 | % | 5.4 | % | 94.7 | % | 95.6 | % | 95.4 | % | 94.8 | % | 95.8 | % | ||||||||||||
Raleigh, NC | 4.5 | % | 4.8 | % | 95.0 | % | 95.6 | % | 95.8 | % | 95.1 | % | 95.7 | % | ||||||||||||
Austin, TX | 3.4 | % | 4.9 | % | 93.1 | % | 94.3 | % | 93.7 | % | 94.4 | % | 95.5 | % | ||||||||||||
San Diego/Inland Empire, CA | 4.8 | % | 4.3 | % | 95.5 | % | 96.1 | % | 95.6 | % | 95.3 | % | 96.1 | % | ||||||||||||
Nashville, TN | 1.6 | % | 1.3 | % | 93.4 | % | 95.3 | % | 96.5 | % | 96.8 | % | 96.9 | % | ||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 94.7 | % | 95.4 | % | 95.2 | % | 95.1 | % | 95.7 | % |
CAMDEN | COMPONENTS OF PROPERTY | |||||||
NET OPERATING INCOME | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||
Property Revenues | Homes | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
47,423 | $311,087 | $303,301 | $7,786 | $1,238,564 | $1,178,247 | $60,317 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
10,824 | 66,486 | 63,123 | 3,363 | 264,396 | 200,479 | 63,917 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,553 | 1,886 | — | 1,886 | 3,851 | — | 3,851 | ||||||||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 8,128 | 9,485 | (1,357) | 35,216 | 44,030 | (8,814) | ||||||||||||||||||||||||||||||||||
Total Property Revenues | 59,800 | $387,587 | $375,909 | $11,678 | $1,542,027 | $1,422,756 | $119,271 | ||||||||||||||||||||||||||||||||||
Property Expenses | |||||||||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
47,423 | $108,145 | $100,371 | $7,774 | $434,389 | $407,260 | $27,129 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
10,824 | 24,503 | 23,370 | 1,133 | 100,413 | 76,537 | 23,876 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,553 | 624 | (25) | 649 | 1,236 | (28) | 1,264 | ||||||||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 3,265 | 3,413 | (148) | 12,882 | 14,312 | (1,430) | ||||||||||||||||||||||||||||||||||
Total Property Expenses | 59,800 | $136,537 | $127,129 | $9,408 | $548,920 | $498,081 | $50,839 | ||||||||||||||||||||||||||||||||||
Property Net Operating Income | |||||||||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
47,423 | $202,942 | $202,930 | $12 | $804,175 | $770,987 | $33,188 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
10,824 | 41,983 | 39,753 | 2,230 | 163,983 | 123,942 | 40,041 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,553 | 1,262 | 25 | 1,237 | 2,615 | 28 | 2,587 | ||||||||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 4,863 | 6,072 | (1,209) | 22,334 | 29,718 | (7,384) | ||||||||||||||||||||||||||||||||||
Total Property Net Operating Income | 59,800 | $251,050 | $248,780 | $2,270 | $993,107 | $924,675 | $68,432 | ||||||||||||||||||||||||||||||||||
CAMDEN | COMPONENTS OF PROPERTY | |||||||
SEQUENTIAL NET OPERATING INCOME | ||||||||
(In thousands, except property data amounts) | ||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Apartment | December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||||||||
Property Revenues | Homes | 2023 | 2023 | 2023 | 2023 | 2022 | |||||||||||||||||||||||||||||
"Same Property" Communities (a) |
47,423 | $311,087 | $312,965 | $309,516 | $304,996 | $303,301 | |||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
10,824 | 66,486 | 67,398 | 66,258 | 64,254 | 63,123 | |||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,553 | 1,886 | 1,315 | 597 | 53 | — | |||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 8,128 | 9,100 | 9,128 | 8,860 | 9,485 | |||||||||||||||||||||||||||||
Total Property Revenues | 59,800 | $387,587 | $390,778 | $385,499 | $378,163 | $375,909 | |||||||||||||||||||||||||||||
Property Expenses | |||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
47,423 | $108,145 | $110,627 | $108,308 | $107,309 | $100,371 | |||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
10,824 | 24,503 | 25,915 | 25,423 | 24,572 | 23,370 | |||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,553 | 624 | 408 | 174 | 30 | (25) | |||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 3,265 | 3,155 | 3,692 | 2,770 | 3,413 | |||||||||||||||||||||||||||||
Total Property Expenses | 59,800 | $136,537 | $140,105 | $137,597 | $134,681 | $127,129 | |||||||||||||||||||||||||||||
Property Net Operating Income | |||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
47,423 | $202,942 | $202,338 | $201,208 | $197,687 | $202,930 | |||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
10,824 | 41,983 | 41,483 | 40,835 | 39,682 | 39,753 | |||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,553 | 1,262 | 907 | 423 | 23 | 25 | |||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 4,863 | 5,945 | 5,436 | 6,090 | 6,072 | |||||||||||||||||||||||||||||
Total Property Net Operating Income | 59,800 | $251,050 | $250,673 | $247,902 | $243,482 | $248,780 | |||||||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" | |||||||
FOURTH QUARTER COMPARISONS | ||||||||
December 31, 2023 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a)(b) |
Included | 4Q23 | 4Q22 | Growth | 4Q23 | 4Q22 | Growth | 4Q23 | 4Q22 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 5,911 | $43,691 | $41,924 | 4.2 | % | $13,809 | $13,014 | 6.1 | % | $29,882 | $28,910 | 3.4 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 4,029 | 26,813 | 26,583 | 0.9 | % | 7,207 | 6,495 | 11.0 | % | 19,606 | 20,088 | (2.4) | % | ||||||||||||||||||||||||||||
Houston, TX | 6,398 | 36,669 | 35,478 | 3.4 | % | 14,413 | 14,537 | (0.9) | % | 22,256 | 20,941 | 6.3 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,970 | 24,266 | 24,460 | (0.8) | % | 9,036 | 8,372 | 7.9 | % | 15,230 | 16,088 | (5.3) | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,974 | 27,606 | 27,420 | 0.7 | % | 11,950 | 11,250 | 6.2 | % | 15,656 | 16,170 | (3.2) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,873 | 20,111 | 19,475 | 3.3 | % | 6,041 | 5,254 | 15.0 | % | 14,070 | 14,221 | (1.1) | % | ||||||||||||||||||||||||||||
SE Florida | 2,376 | 20,513 | 19,681 | 4.2 | % | 7,236 | 6,671 | 8.5 | % | 13,277 | 13,010 | 2.1 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,654 | 20,371 | 19,851 | 2.6 | % | 6,952 | 6,210 | 11.9 | % | 13,419 | 13,641 | (1.6) | % | ||||||||||||||||||||||||||||
Orlando, FL | 3,294 | 20,187 | 19,712 | 2.4 | % | 7,522 | 7,102 | 5.9 | % | 12,665 | 12,610 | 0.4 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,838 | 16,718 | 16,244 | 2.9 | % | 4,971 | 4,588 | 8.3 | % | 11,747 | 11,656 | 0.8 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,141 | 9,878 | 9,532 | 3.6 | % | 3,868 | 3,102 | 24.7 | % | 6,010 | 6,430 | (6.5) | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,542 | 13,674 | 13,504 | 1.3 | % | 4,514 | 3,816 | 18.3 | % | 9,160 | 9,688 | (5.5) | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 13,910 | 12,811 | 8.6 | % | 4,176 | 3,699 | 12.9 | % | 9,734 | 9,112 | 6.8 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,000 | 11,505 | 11,387 | 1.0 | % | 4,576 | 4,538 | 0.8 | % | 6,929 | 6,849 | 1.2 | % | ||||||||||||||||||||||||||||
Nashville, TN | 758 | 5,175 | 5,239 | (1.2) | % | 1,874 | 1,723 | 8.8 | % | 3,301 | 3,516 | (6.1) | % | ||||||||||||||||||||||||||||
Total Same Property | 47,423 | $311,087 | $303,301 | 2.6 | % | $108,145 | $100,371 | 7.7 | % | $202,942 | $202,930 | 0.0 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) |
Rental Rate (c) |
Revenue per Occupied Home (d) |
||||||||||||||||||||||||||||||||||||||
Quarterly Results (b) |
Contribution | 4Q23 | 4Q22 | Growth | 4Q23 | 4Q22 | Growth | 4Q23 | 4Q22 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 14.7 | % | 96.8 | % | 96.5 | % | 0.3 | % | $2,223 | $2,143 | 3.7 | % | $2,545 | $2,450 | 3.9 | % | |||||||||||||||||||||||||
Phoenix, AZ | 9.7 | % | 94.5 | % | 95.1 | % | (0.6) | % | 1,988 | 1,980 | 0.4 | % | 2,347 | 2,312 | 1.5 | % | |||||||||||||||||||||||||
Houston, TX | 11.0 | % | 94.4 | % | 95.0 | % | (0.6) | % | 1,754 | 1,708 | 2.7 | % | 2,023 | 1,946 | 4.0 | % | |||||||||||||||||||||||||
Atlanta, GA | 7.5 | % | 93.5 | % | 95.4 | % | (1.9) | % | 1,889 | 1,886 | 0.2 | % | 2,178 | 2,153 | 1.1 | % | |||||||||||||||||||||||||
Dallas, TX | 7.7 | % | 94.1 | % | 95.4 | % | (1.3) | % | 1,710 | 1,684 | 1.5 | % | 1,964 | 1,927 | 2.0 | % | |||||||||||||||||||||||||
Denver, CO | 6.9 | % | 96.4 | % | 96.1 | % | 0.3 | % | 2,103 | 2,026 | 3.8 | % | 2,421 | 2,351 | 3.0 | % | |||||||||||||||||||||||||
SE Florida | 6.6 | % | 96.0 | % | 96.2 | % | (0.2) | % | 2,651 | 2,546 | 4.1 | % | 2,998 | 2,871 | 4.4 | % | |||||||||||||||||||||||||
Tampa, FL | 6.6 | % | 95.7 | % | 96.7 | % | (1.0) | % | 2,358 | 2,279 | 3.5 | % | 2,674 | 2,580 | 3.6 | % | |||||||||||||||||||||||||
Orlando, FL | 6.2 | % | 94.6 | % | 96.4 | % | (1.8) | % | 1,880 | 1,817 | 3.5 | % | 2,159 | 2,071 | 4.2 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.8 | % | 94.5 | % | 95.8 | % | (1.3) | % | 1,797 | 1,736 | 3.5 | % | 2,077 | 1,992 | 4.2 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 3.0 | % | 91.6 | % | 96.2 | % | (4.6) | % | 3,013 | 2,962 | 1.7 | % | 3,145 | 2,905 | 8.2 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.5 | % | 94.7 | % | 95.7 | % | (1.0) | % | 1,626 | 1,583 | 2.7 | % | 1,892 | 1,851 | 2.3 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.8 | % | 95.5 | % | 96.2 | % | (0.7) | % | 2,659 | 2,496 | 6.5 | % | 2,915 | 2,666 | 9.3 | % | |||||||||||||||||||||||||
Austin, TX | 3.4 | % | 94.5 | % | 95.8 | % | (1.3) | % | 1,742 | 1,717 | 1.5 | % | 2,027 | 1,981 | 2.3 | % | |||||||||||||||||||||||||
Nashville, TN | 1.6 | % | 93.4 | % | 96.9 | % | (3.5) | % | 2,298 | 2,247 | 2.3 | % | 2,434 | 2,378 | 2.3 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 94.9 | % | 95.8 | % | (0.9) | % | $2,014 | $1,960 | 2.8 | % | $2,303 | $2,225 | 3.5 | % | |||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" | |||||||
SEQUENTIAL QUARTER COMPARISONS | ||||||||
December 31, 2023 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a)(b) |
Included | 4Q23 | 3Q23 | Growth | 4Q23 | 3Q23 | Growth | 4Q23 | 3Q23 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 5,911 | $43,691 | $43,628 | 0.1 | % | $13,809 | $13,761 | 0.3 | % | $29,882 | $29,867 | 0.1 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 4,029 | 26,813 | 26,840 | (0.1) | % | 7,207 | 7,455 | (3.3) | % | 19,606 | 19,385 | 1.1 | % | ||||||||||||||||||||||||||||
Houston, TX | 6,398 | 36,669 | 36,878 | (0.6) | % | 14,413 | 16,234 | (11.2) | % | 22,256 | 20,644 | 7.8 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,970 | 24,266 | 24,568 | (1.2) | % | 9,036 | 9,401 | (3.9) | % | 15,230 | 15,167 | 0.4 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,974 | 27,606 | 28,013 | (1.5) | % | 11,950 | 12,056 | (0.9) | % | 15,656 | 15,957 | (1.9) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,873 | 20,111 | 20,150 | (0.2) | % | 6,041 | 6,173 | (2.1) | % | 14,070 | 13,977 | 0.7 | % | ||||||||||||||||||||||||||||
SE Florida | 2,376 | 20,513 | 20,355 | 0.8 | % | 7,236 | 7,130 | 1.5 | % | 13,277 | 13,225 | 0.4 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,654 | 20,371 | 20,359 | 0.1 | % | 6,952 | 7,071 | (1.7) | % | 13,419 | 13,288 | 1.0 | % | ||||||||||||||||||||||||||||
Orlando, FL | 3,294 | 20,187 | 20,540 | (1.7) | % | 7,522 | 7,544 | (0.3) | % | 12,665 | 12,996 | (2.5) | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,838 | 16,718 | 16,843 | (0.7) | % | 4,971 | 4,959 | 0.2 | % | 11,747 | 11,884 | (1.2) | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,141 | 9,878 | 10,087 | (2.1) | % | 3,868 | 3,714 | 4.1 | % | 6,010 | 6,373 | (5.7) | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,542 | 13,674 | 13,905 | (1.7) | % | 4,514 | 4,356 | 3.6 | % | 9,160 | 9,549 | (4.1) | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 13,910 | 13,748 | 1.2 | % | 4,176 | 4,256 | (1.9) | % | 9,734 | 9,492 | 2.5 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,000 | 11,505 | 11,643 | (1.2) | % | 4,576 | 4,660 | (1.8) | % | 6,929 | 6,983 | (0.8) | % | ||||||||||||||||||||||||||||
Nashville, TN | 758 | 5,175 | 5,408 | (4.3) | % | 1,874 | 1,857 | 0.9 | % | 3,301 | 3,551 | (7.0) | % | ||||||||||||||||||||||||||||
Total Same Property | 47,423 | $311,087 | $312,965 | (0.6) | % | $108,145 | $110,627 | (2.2) | % | $202,942 | $202,338 | 0.3 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) |
Rental Rate (c) |
Revenue per Occupied Home (d) |
||||||||||||||||||||||||||||||||||||||
Quarterly Results (b) |
Contribution | 4Q23 | 3Q23 | Growth | 4Q23 | 3Q23 | Growth | 4Q23 | 3Q23 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 14.7 | % | 96.8 | % | 96.6 | % | 0.2 | % | $2,223 | $2,209 | 0.6 | % | $2,545 | $2,546 | (0.1) | % | |||||||||||||||||||||||||
Phoenix, AZ | 9.7 | % | 94.5 | % | 94.4 | % | 0.1 | % | 1,988 | 1,989 | (0.1) | % | 2,347 | 2,353 | (0.2) | % | |||||||||||||||||||||||||
Houston, TX | 11.0 | % | 94.4 | % | 95.2 | % | (0.8) | % | 1,754 | 1,751 | 0.2 | % | 2,023 | 2,019 | 0.2 | % | |||||||||||||||||||||||||
Atlanta, GA | 7.5 | % | 93.5 | % | 94.7 | % | (1.2) | % | 1,889 | 1,901 | (0.6) | % | 2,178 | 2,177 | 0.0 | % | |||||||||||||||||||||||||
Dallas, TX | 7.7 | % | 94.1 | % | 95.3 | % | (1.2) | % | 1,710 | 1,716 | (0.3) | % | 1,964 | 1,969 | (0.3) | % | |||||||||||||||||||||||||
Denver, CO | 6.9 | % | 96.4 | % | 96.6 | % | (0.2) | % | 2,103 | 2,091 | 0.6 | % | 2,421 | 2,420 | 0.0 | % | |||||||||||||||||||||||||
SE Florida | 6.6 | % | 96.0 | % | 95.8 | % | 0.2 | % | 2,651 | 2,635 | 0.6 | % | 2,998 | 2,982 | 0.6 | % | |||||||||||||||||||||||||
Tampa, FL | 6.6 | % | 95.7 | % | 96.0 | % | (0.3) | % | 2,358 | 2,349 | 0.4 | % | 2,674 | 2,665 | 0.4 | % | |||||||||||||||||||||||||
Orlando, FL | 6.2 | % | 94.6 | % | 95.6 | % | (1.0) | % | 1,880 | 1,892 | (0.6) | % | 2,159 | 2,173 | (0.7) | % | |||||||||||||||||||||||||
Charlotte, NC | 5.8 | % | 94.5 | % | 95.6 | % | (1.1) | % | 1,797 | 1,795 | 0.1 | % | 2,077 | 2,069 | 0.4 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 3.0 | % | 91.6 | % | 94.5 | % | (2.9) | % | 3,013 | 3,027 | (0.5) | % | 3,145 | 3,119 | 0.8 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.5 | % | 94.7 | % | 95.4 | % | (0.7) | % | 1,626 | 1,626 | 0.0 | % | 1,892 | 1,911 | (1.0) | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.8 | % | 95.5 | % | 96.3 | % | (0.8) | % | 2,659 | 2,636 | 0.9 | % | 2,915 | 2,857 | 2.0 | % | |||||||||||||||||||||||||
Austin, TX | 3.4 | % | 94.5 | % | 95.8 | % | (1.3) | % | 1,742 | 1,747 | (0.3) | % | 2,027 | 2,026 | 0.1 | % | |||||||||||||||||||||||||
Nashville, TN | 1.6 | % | 93.4 | % | 95.3 | % | (1.9) | % | 2,298 | 2,323 | (1.1) | % | 2,434 | 2,495 | (2.4) | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 94.9 | % | 95.6 | % | (0.7) | % | $2,014 | $2,012 | 0.1 | % | $2,303 | $2,301 | 0.1 | % |
CAMDEN | "SAME PROPERTY" | |||||||
YEAR TO DATE COMPARISONS | ||||||||
December 31, 2023 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Year to Date Results (a)(b) |
Included | 2023 | 2022 | Growth | 2023 | 2022 | Growth | 2023 | 2022 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 5,911 | $172,221 | $163,473 | 5.4 | % | $54,095 | $51,247 | 5.6 | % | $118,126 | $112,226 | 5.3 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 4,029 | 107,065 | 103,414 | 3.5 | % | 28,838 | 26,484 | 8.9 | % | 78,227 | 76,930 | 1.7 | % | ||||||||||||||||||||||||||||
Houston, TX | 6,398 | 145,524 | 140,241 | 3.8 | % | 64,444 | 62,556 | 3.0 | % | 81,080 | 77,685 | 4.4 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,970 | 97,203 | 96,430 | 0.8 | % | 35,727 | 33,083 | 8.0 | % | 61,476 | 63,347 | (3.0) | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,974 | 110,947 | 106,021 | 4.6 | % | 46,961 | 45,092 | 4.1 | % | 63,986 | 60,929 | 5.0 | % | ||||||||||||||||||||||||||||
Denver, CO | 2,873 | 79,692 | 75,142 | 6.1 | % | 24,133 | 21,496 | 12.3 | % | 55,559 | 53,646 | 3.6 | % | ||||||||||||||||||||||||||||
SE Florida | 2,376 | 81,205 | 75,081 | 8.2 | % | 27,961 | 25,510 | 9.6 | % | 53,244 | 49,571 | 7.4 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,654 | 81,114 | 75,116 | 8.0 | % | 28,215 | 25,826 | 9.3 | % | 52,899 | 49,290 | 7.3 | % | ||||||||||||||||||||||||||||
Orlando, FL | 3,294 | 81,351 | 75,374 | 7.9 | % | 30,162 | 27,468 | 9.8 | % | 51,189 | 47,906 | 6.9 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,838 | 66,504 | 62,254 | 6.8 | % | 19,665 | 18,544 | 6.0 | % | 46,839 | 43,710 | 7.2 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,141 | 39,340 | 38,924 | 1.1 | % | 14,192 | 13,464 | 5.4 | % | 25,148 | 25,460 | (1.2) | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,542 | 54,850 | 52,072 | 5.3 | % | 17,151 | 15,779 | 8.7 | % | 37,699 | 36,293 | 3.9 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 54,196 | 50,602 | 7.1 | % | 16,541 | 14,766 | 12.0 | % | 37,655 | 35,836 | 5.1 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,000 | 46,061 | 43,991 | 4.7 | % | 18,965 | 18,818 | 0.8 | % | 27,096 | 25,173 | 7.6 | % | ||||||||||||||||||||||||||||
Nashville, TN | 758 | 21,291 | 20,112 | 5.9 | % | 7,339 | 7,127 | 3.0 | % | 13,952 | 12,985 | 7.4 | % | ||||||||||||||||||||||||||||
Total Same Property | 47,423 | $1,238,564 | $1,178,247 | 5.1 | % | $434,389 | $407,260 | 6.7 | % | $804,175 | $770,987 | 4.3 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) |
Rental Rate (c) |
Revenue per Occupied Home (d) |
||||||||||||||||||||||||||||||||||||||
Year to Date Results (b) |
Contribution | 2023 | 2022 | Growth | 2023 | 2022 | Growth | 2023 | 2022 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 14.7 | % | 96.5 | % | 96.9 | % | (0.4) | % | $2,192 | $2,069 | 5.9 | % | $2,515 | $2,378 | 5.8 | % | |||||||||||||||||||||||||
Phoenix, AZ | 9.7 | % | 94.4 | % | 95.4 | % | (1.0) | % | 1,988 | 1,911 | 4.0 | % | 2,343 | 2,241 | 4.5 | % | |||||||||||||||||||||||||
Houston, TX | 10.1 | % | 94.6 | % | 95.6 | % | (1.0) | % | 1,740 | 1,664 | 4.6 | % | 2,003 | 1,910 | 4.8 | % | |||||||||||||||||||||||||
Atlanta, GA | 7.6 | % | 94.2 | % | 96.5 | % | (2.3) | % | 1,892 | 1,813 | 4.4 | % | 2,163 | 2,097 | 3.1 | % | |||||||||||||||||||||||||
Dallas, TX | 8.0 | % | 94.9 | % | 96.5 | % | (1.6) | % | 1,706 | 1,602 | 6.5 | % | 1,956 | 1,841 | 6.2 | % | |||||||||||||||||||||||||
Denver, CO | 6.9 | % | 96.3 | % | 96.5 | % | (0.2) | % | 2,074 | 1,944 | 6.7 | % | 2,401 | 2,259 | 6.3 | % | |||||||||||||||||||||||||
SE Florida | 6.6 | % | 96.1 | % | 97.1 | % | (1.0) | % | 2,620 | 2,387 | 9.8 | % | 2,964 | 2,713 | 9.2 | % | |||||||||||||||||||||||||
Tampa, FL | 6.6 | % | 96.2 | % | 97.5 | % | (1.3) | % | 2,336 | 2,138 | 9.3 | % | 2,646 | 2,420 | 9.3 | % | |||||||||||||||||||||||||
Orlando, FL | 6.4 | % | 95.8 | % | 97.4 | % | (1.6) | % | 1,870 | 1,702 | 9.9 | % | 2,145 | 1,958 | 9.5 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.8 | % | 95.1 | % | 96.5 | % | (1.4) | % | 1,778 | 1,642 | 8.3 | % | 2,051 | 1,895 | 8.2 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 3.1 | % | 94.1 | % | 97.3 | % | (3.2) | % | 3,010 | 2,864 | 5.1 | % | 3,049 | 2,922 | 4.3 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.7 | % | 95.1 | % | 96.5 | % | (1.4) | % | 1,613 | 1,505 | 7.2 | % | 1,889 | 1,770 | 6.7 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.7 | % | 95.7 | % | 97.3 | % | (1.6) | % | 2,606 | 2,391 | 9.0 | % | 2,832 | 2,604 | 8.7 | % | |||||||||||||||||||||||||
Austin, TX | 3.4 | % | 94.9 | % | 96.7 | % | (1.8) | % | 1,740 | 1,631 | 6.7 | % | 2,021 | 1,896 | 6.5 | % | |||||||||||||||||||||||||
Nashville, TN | 1.7 | % | 95.5 | % | 96.8 | % | (1.3) | % | 2,299 | 2,162 | 6.3 | % | 2,450 | 2,284 | 7.2 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 95.3 | % | 96.5 | % | (1.2) | % | $1,999 | $1,875 | 6.6 | % | $2,283 | $2,147 | 6.3 | % | |||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |||||||
DETAIL AND COMPARISONS | ||||||||
December 31, 2023 | ||||||||
(In thousands) | ||||||||
% of Actual | |||||||||||||||||
4Q23 Operating | |||||||||||||||||
Quarterly Comparison (a) (b) |
4Q23 | 4Q22 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $37,153 | $36,253 | $900 | 2.5 | % | 34.4 | % | ||||||||||
Salaries and Benefits for On-site Employees | 19,305 | 18,124 | 1,181 | 6.5 | % | 17.9 | % | ||||||||||
Utilities | 21,305 | 20,415 | 890 | 4.4 | % | 19.7 | % | ||||||||||
Repairs and Maintenance | 13,038 | 12,024 | 1,014 | 8.4 | % | 12.1 | % | ||||||||||
Property Insurance | 8,286 | 5,747 | 2,539 | 44.2 | % | 7.6 | % | ||||||||||
General and Administrative | 6,093 | 5,493 | 600 | 10.9 | % | 5.6 | % | ||||||||||
Marketing and Leasing | 1,986 | 1,358 | 628 | 46.2 | % | 1.8 | % | ||||||||||
Other | 979 | 957 | 22 | 2.3 | % | 0.9 | % | ||||||||||
Total Same Property | $108,145 | $100,371 | $7,774 | 7.7 | % | 100.0 | % |
% of Actual | |||||||||||||||||
4Q23 Operating | |||||||||||||||||
Sequential Comparison (a) (b) |
4Q23 | 3Q23 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $37,153 | $38,615 | ($1,462) | (3.8) | % | 34.4 | % | ||||||||||
Salaries and Benefits for On-site Employees | 19,305 | 18,872 | 433 | 2.3 | % | 17.9 | % | ||||||||||
Utilities | 21,305 | 21,197 | 108 | 0.5 | % | 19.7 | % | ||||||||||
Repairs and Maintenance | 13,038 | 14,474 | (1,436) | (9.9) | % | 12.1 | % | ||||||||||
Property Insurance | 8,286 | 8,161 | 125 | 1.5 | % | 7.6 | % | ||||||||||
General and Administrative | 6,093 | 6,068 | 25 | 0.4 | % | 5.6 | % | ||||||||||
Marketing and Leasing | 1,986 | 2,262 | (276) | (12.2) | % | 1.8 | % | ||||||||||
Other | 979 | 978 | 1 | 0.1 | % | 0.9 | % | ||||||||||
Total Same Property | $108,145 | $110,627 | ($2,482) | (2.2) | % | 100.0 | % |
% of Actual | ||||||||||||||||||||
2023 Operating | ||||||||||||||||||||
Year to Date Comparison (a) (b) |
2023 | 2022 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $154,026 | $149,433 | $4,593 | 3.1 | % | 35.5 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 74,079 | 74,602 | (523) | (0.7) | % | 17.1 | % | |||||||||||||
Utilities | 83,527 | 80,114 | 3,413 | 4.3 | % | 19.2 | % | |||||||||||||
Repairs and Maintenance | 55,323 | 50,552 | 4,771 | 9.4 | % | 12.7 | % | |||||||||||||
Property Insurance | 31,948 | 22,287 | 9,661 | 43.3 | % | 7.4 | % | |||||||||||||
General and Administrative | 24,094 | 20,640 | 3,454 | 16.7 | % | 5.5 | % | |||||||||||||
Marketing and Leasing | 7,451 | 5,814 | 1,637 | 28.2 | % | 1.7 | % | |||||||||||||
Other | 3,941 | 3,818 | 123 | 3.2 | % | 0.9 | % | |||||||||||||
Total Same Property | $434,389 | $407,260 | $27,129 | 6.7 | % | 100.0 | % | |||||||||||||
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | Total | Cost to | Construction | Initial | Construction | Stabilized | As of 1/31/2024 | ||||||||||||||||||||||||||||
Homes | Date | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||
1. | Camden NoDa | 387 | $107.6 | 3Q20 | 1Q23 | 4Q23 | 2Q24 | 89% | 90% | ||||||||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||||||||||||||||
Total Completed Communities in Lease-Up | 387 | $107.6 | 89% | 90% | |||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 1/31/2024 | |||||||||||||||||||||||||||
Development Communities | Homes | Estimated Cost | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||
1. | Camden Durham | 420 | $145.0 | $126.8 | $79.3 | 1Q21 | 3Q23 | 2Q24 | 4Q25 | 17% | 13% | ||||||||||||||||||||||||
Durham, NC | |||||||||||||||||||||||||||||||||||
2. | Camden Woodmill Creek | 189 | 75.0 | 64.5 | 25.6 | 3Q22 | 4Q23 | 3Q24 | 2Q25 | 15% | 10% | ||||||||||||||||||||||||
The Woodlands, TX | |||||||||||||||||||||||||||||||||||
3. | Camden Village District | 369 | 138.0 | 68.4 | 68.4 | 2Q22 | 3Q24 | 2Q25 | 4Q26 | ||||||||||||||||||||||||||
Raleigh, NC | |||||||||||||||||||||||||||||||||||
4. | Camden Long Meadow Farms | 188 | 80.0 | 40.7 | 40.7 | 3Q22 | 1Q24 | 3Q24 | 2Q25 | ||||||||||||||||||||||||||
Richmond, TX | |||||||||||||||||||||||||||||||||||
Total Development Communities | 1,166 | $438.0 | $300.4 | $214.0 | 16% | 12% | |||||||||||||||||||||||||||||
Additional Development Pipeline and Land(a) |
272.9 | ||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) |
$486.9 | ||||||||||||||||||||||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 4Q23 NOI | |||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | $107.6 | $1.3 | |||||||||||||||||||||||||||||||||
Development Communities in Lease-Up | 191.3 | — | |||||||||||||||||||||||||||||||||
Total Development Communities NOI Contribution | $298.9 | $1.3 | |||||||||||||||||||||||||||||||||
CAMDEN | DEVELOPMENT PIPELINE | |||||||
Projected | Total | ||||||||||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) |
Cost to Date | ||||||||||||||
1. | Camden South Charlotte | 420 | $153.0 | $32.9 | |||||||||||||
Charlotte, NC | |||||||||||||||||
2. | Camden Blakeney | 349 | 145.0 | 26.0 | |||||||||||||
Charlotte, NC | |||||||||||||||||
3. | Camden Baker | 435 | 165.0 | 33.1 | |||||||||||||
Denver, CO | |||||||||||||||||
4. | Camden Nations | 393 | 175.0 | 39.0 | |||||||||||||
Nashville, TN | |||||||||||||||||
5. | Camden Gulch | 480 | 260.0 | 49.1 | |||||||||||||
Nashville, TN | |||||||||||||||||
6. | Camden Paces III | 350 | 100.0 | 22.5 | |||||||||||||
Atlanta, GA | |||||||||||||||||
7. | Camden Highland Village II | 300 | 100.0 | 10.4 | |||||||||||||
Houston, TX | |||||||||||||||||
8. | Camden Arts District | 354 | 150.0 | 45.5 | |||||||||||||
Los Angeles, CA | |||||||||||||||||
9. | Camden Downtown II | 271 | 145.0 | 14.4 | |||||||||||||
Houston, TX | |||||||||||||||||
Development Pipeline | 3,352 | $1,393.0 | $272.9 | ||||||||||||||
CAMDEN | DISPOSITIONS | |||||||
Apartment | Weighted Average | |||||||||||||||||||||||||
2023 Dispositions | Location | Sales Price | Homes | Monthly Rental Rate | Year Built | Closing Date | ||||||||||||||||||||
1. | Camden Sea Palms | Costa Mesa, CA | $61.1 | 138 Homes | $2,588 | 1990 | 6/29/2023 | |||||||||||||||||||
2. | Camden Martinique | Costa Mesa, CA | 232.0 | 714 Homes | 2,304 | 1986 | 12/28/2023 | |||||||||||||||||||
Total/Average Disposition | $293.1 | 852 Homes | $2,350 | |||||||||||||||||||||||
CAMDEN | DEBT ANALYSIS | |||||||
(In thousands, except property data amounts) | ||||||||
Future Scheduled Repayments (a) |
|||||||||||||||||||||||
Year | Amortization | Secured Maturities |
Unsecured Maturities | Total | % of Total | Weighted Average Interest Rate on Maturing Debt (b) |
|||||||||||||||||
2024(c) |
($3,375) | $— | $540,000 | $536,625 | 14.4 | % | 4.2 | % | |||||||||||||||
2025(d) |
(3,070) | — | 300,000 | 296,930 | 8.0 | % | 6.2 | % | |||||||||||||||
2026 | (2,881) | 24,000 | 511,599 | 532,718 | 14.3 | % | 6.6 | % | |||||||||||||||
2027 | (1,959) | 174,900 | — | 172,941 | 4.7 | % | 3.9 | % | |||||||||||||||
2028 | (1,646) | 132,025 | 400,000 | 530,379 | 14.3 | % | 3.8 | % | |||||||||||||||
Thereafter | (4,157) | — | 1,650,000 | 1,645,843 | 44.3 | % | 3.3 | % | |||||||||||||||
Total Maturing Debt | ($17,088) | $330,925 | $3,401,599 | $3,715,436 | 100.0 | % | 4.2 | % | |||||||||||||||
Unsecured Line of Credit | $— | $— | $— | $— | — | % | — | % | |||||||||||||||
Total Debt | ($17,088) | $330,925 | $3,401,599 | $3,715,436 | 100.0 | % | 4.2 | % | |||||||||||||||
Weighted Average Maturity of Debt(e) |
5.6 Years | ||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate (b) |
Time to Maturity | |||||||||||||||||||
Floating rate debt | $848,547 | 22.8 | % | 6.5% | 2.3 Years | ||||||||||||||||||
Fixed rate debt | 2,866,889 | 77.2 | % | 3.6% | 6.6 Years | ||||||||||||||||||
Total | $3,715,436 | 100.0 | % | 4.2% | 5.6 Years | ||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate (b) |
Time to Maturity | |||||||||||||||||||
Unsecured debt | $3,385,309 | 91.1 | % | 4.3% | 5.8 Years | ||||||||||||||||||
Secured debt | 330,127 | 8.9 | % | 3.9% | 3.6 Years | ||||||||||||||||||
Total | $3,715,436 | 100.0 | % | 4.2% | 5.6 Years | ||||||||||||||||||
REAL ESTATE ASSETS: (f) |
Total Homes | % of Total | Total Cost | % of Total | 4Q23 NOI | % of Total | |||||||||||||||||
Unencumbered real estate assets | 55,190 | 92.3 | % | $11,849,895 | 89.8% | $234,430 | 93.4 | % | |||||||||||||||
Encumbered real estate assets | 4,610 | 7.7 | % | 1,342,232 | 10.2% | 16,620 | 6.6 | % | |||||||||||||||
Total | 59,800 | 100.0 | % | $13,192,127 | 100.0% | $251,050 | 100.0 | % | |||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 3.5x |
CAMDEN | DEBT MATURITY ANALYSIS | |||||||
(In thousands) | ||||||||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | ||||||||||||||||
1Q 2024(a) |
($879) | $— | $250,000 | $249,121 | 4.4 | % | ||||||||||||||
2Q 2024 | (881) | — | — | (881) | N/A | |||||||||||||||
3Q 2024 | (858) | — | 290,000 | 289,142 | 4.1 | % | ||||||||||||||
4Q 2024 | (757) | — | — | (757) | N/A | |||||||||||||||
2024 | ($3,375) | $— | $540,000 | $536,625 | 4.2 | % | ||||||||||||||
1Q 2025 | ($760) | $— | $— | ($760) | N/A | |||||||||||||||
2Q 2025 | (765) | — | — | (765) | N/A | |||||||||||||||
3Q 2025(b) |
(771) | — | 300,000 | 299,229 | 6.2 | % | ||||||||||||||
4Q 2025 | (774) | — | — | (774) | N/A | |||||||||||||||
2025 | ($3,070) | $— | $300,000 | $296,930 | 6.2 | % | ||||||||||||||
CAMDEN | DEBT COVENANT ANALYSIS | |||||||
UNSECURED LINE OF CREDIT | |||||||||||||||||||||||
Covenant (a) |
Required | Actual (b) |
Compliance | ||||||||||||||||||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 21% | Yes | |||||||||||||||||||
Secured Debt to Gross Asset Value | < | 40% | 2% | Yes | |||||||||||||||||||
Consolidated Adjusted EBITDAre to Total Fixed Charges | > | 150% | 544% | Yes | |||||||||||||||||||
Unsecured Debt to Gross Asset Value | < | 60% | 21% | Yes | |||||||||||||||||||
SENIOR UNSECURED NOTES | |||||||||||||||||||||||
Covenant (a) |
Required | Actual (b) |
Compliance | ||||||||||||||||||||
Total Consolidated Debt to Total Asset Value | < | 60% | 27% | Yes | |||||||||||||||||||
Total Secured Debt to Total Asset Value | < | 40% | 2% | Yes | |||||||||||||||||||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 365% | Yes | |||||||||||||||||||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 622% | Yes | |||||||||||||||||||
CAMDEN | CAPITALIZED EXPENDITURES | |||||||
& MAINTENANCE EXPENSE | ||||||||
(In thousands, except unit data) | ||||||||
Fourth Quarter 2023 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) |
Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 4 | years | $2,995 | $50 | $415 | $7 | |||||||||||||||||||||||
Appliances | 10 | years | 1,471 | 25 | 431 | 7 | |||||||||||||||||||||||
Painting | — | — | — | 1,952 | 33 | ||||||||||||||||||||||||
Cabinetry/Countertops | 8 | years | 219 | 4 | — | — | |||||||||||||||||||||||
Other | 7 | years | 2,361 | 40 | 936 | 16 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 5 | years | 1,903 | 32 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 1,104 | 19 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 2,100 | 35 | 2,983 | 50 | |||||||||||||||||||||||
Roofing | 18 | years | 2,402 | 41 | 255 | 4 | |||||||||||||||||||||||
Site Drainage | 10 | years | 546 | 9 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 447 | 8 | — | — | |||||||||||||||||||||||
Other (b) |
10 | years | 6,366 | 107 | 6,371 | 108 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 6,237 | 105 | 2,663 | 45 | |||||||||||||||||||||||
Parking/Paving | 5 | years | 404 | 7 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 6 | years | 3,372 | 57 | 433 | 7 | |||||||||||||||||||||||
Total Recurring (c) |
$31,927 | $539 | $16,439 | $277 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 59,245 | 59,245 | |||||||||||||||||||||||||||
Non-recurring & revenue enhancing capitalized expenditures (d) |
$455 | ||||||||||||||||||||||||||||
Reposition Expenditures (e) |
10 | years | $23,703 | $31,859 | |||||||||||||||||||||||||
Repositioned Apartment Homes | 744 | ||||||||||||||||||||||||||||
Year to Date 2023 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) |
Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 4 | years | $11,786 | $200 | $1,752 | $30 | |||||||||||||||||||||||
Appliances | 10 | years | 5,894 | 100 | 1,664 | 28 | |||||||||||||||||||||||
Painting | — | — | — | 8,327 | 141 | ||||||||||||||||||||||||
Cabinetry/Countertops | 8 | years | 679 | 11 | — | — | |||||||||||||||||||||||
Other | 7 | years | 9,034 | 153 | 4,556 | 77 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 5 | years | 3,056 | 52 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 2,815 | 47 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 4,423 | 75 | 13,297 | 225 | |||||||||||||||||||||||
Roofing | 18 | years | 4,604 | 78 | 876 | 15 | |||||||||||||||||||||||
Site Drainage | 10 | years | 1,797 | 30 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 1,894 | 32 | — | — | |||||||||||||||||||||||
Other (b) |
10 | years | 19,451 | 329 | 25,188 | 426 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 20,357 | 345 | 11,679 | 198 | |||||||||||||||||||||||
Parking/Paving | 5 | years | 1,349 | 23 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 6 | years | 9,955 | 169 | 2,095 | 35 | |||||||||||||||||||||||
Total Recurring (c) |
$97,094 | $1,644 | $69,434 | $1,175 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 59,068 | 59,068 | |||||||||||||||||||||||||||
Non-recurring & revenue enhancing capitalized expenditures (d) |
$1,659 | ||||||||||||||||||||||||||||
Reposition Expenditures (e) |
10 | years | $84,123 | $30,769 | |||||||||||||||||||||||||
Repositioned Apartment Homes | 2,734 | ||||||||||||||||||||||||||||
CAMDEN | 2024 FINANCIAL OUTLOOK | |||||||
AS OF FEBRUARY 1, 2024 | ||||||||
Earnings Guidance - Per Diluted Share | |||||||||||
Expected FFO per share - diluted | $6.54 - $6.84 | ||||||||||
Expected CORE FFO per share - diluted | $6.59 - $6.89 | ||||||||||
"Same Property" Communities | |||||||||||
Number of Units - 2024 | 55,866 | ||||||||||
2023 Base Net Operating Income | $933 million | ||||||||||
Total Revenue Growth | 0.50% - 2.50% | ||||||||||
Total Expense Growth | 3.75% - 5.25% | ||||||||||
Net Operating Income Growth | (1.50%) - 1.50% | ||||||||||
Impact from 1.0% change in NOI Growth is approximately $0.084 / share | |||||||||||
Bad Debt Midpoint | 1.1% | ||||||||||
Capitalized Expenditures | |||||||||||
Recurring | $101 - $105 million | ||||||||||
Revenue Enhancing Capex and Repositions (a) |
$90 - $94 million | ||||||||||
Non - Recurring Capital Expenditures | $23 - $25 million | ||||||||||
Acquisitions/Dispositions | |||||||||||
Acquisition Volume (consolidated on balance sheet) | $0 - $500 million | ||||||||||
Disposition Volume (consolidated on balance sheet) | $115 - $615 million | ||||||||||
Development | |||||||||||
Development Starts (consolidated on balance sheet) | $0 - $300 million | ||||||||||
Development Spend (consolidated on balance sheet) | $160 - $190 million | ||||||||||
Non-Property Income | |||||||||||
Non-Property Income | $7 - $8 million | ||||||||||
Includes: Fee and asset management income and interest and other income | |||||||||||
CORE Corporate Expenses | |||||||||||
General and Administrative Expenses | $61 - $65 million | ||||||||||
Property Management Expense | $34 - $37 million | ||||||||||
Fee and Asset Management Expense | $1 - $2 million | ||||||||||
Corporate G&A Depreciation/Amortization | $11 - $14 million | ||||||||||
Income Tax Expense | $3 - $4 million | ||||||||||
Non-CORE Corporate Expenses / Insurance Adjustments | $5 - $6 million | ||||||||||
Capital | |||||||||||
Expensed Interest | $124 - $128 million | ||||||||||
Capitalized Interest | $17 - $18 million | ||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Net income attributable to common shareholders | $222,330 | $45,709 | $403,309 | $653,613 | |||||||||||||
Real estate depreciation and amortization | 141,892 | 144,105 | 562,654 | 565,913 | |||||||||||||
Adjustments for unconsolidated joint ventures | — | — | — | 2,709 | |||||||||||||
Income allocated to non-controlling interests | 1,845 | 1,762 | 7,244 | 7,895 | |||||||||||||
Gain on sale of operating properties | (176,412) | — | (225,331) | (36,372) | |||||||||||||
Gain on acquisition of unconsolidated joint venture interests | — | — | — | (474,146) | |||||||||||||
Funds from operations | $189,655 | $191,576 | $747,876 | $719,612 | |||||||||||||
Plus: Casualty-related expenses, net of recoveries |
683 | 625 | 1,186 | 2,282 | |||||||||||||
Plus: Severance |
— | — | — | 896 | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
196 | — | 280 | 555 | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 2,513 | — | |||||||||||||
Plus: Expensed development & other pursuit costs |
— | — | 471 | — | |||||||||||||
Less: Net below market lease amortization | — | (722) | — | (8,467) | |||||||||||||
Less: Miscellaneous (income)/expense (a) |
— | — | (364) | (2,071) | |||||||||||||
Core funds from operations | $190,534 | $191,479 | $751,962 | $712,807 | |||||||||||||
Less: recurring capitalized expenditures | (31,927) | (29,033) | (97,094) | (90,715) | |||||||||||||
Core adjusted funds from operations | $158,607 | $162,446 | $654,868 | $622,092 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
EPS diluted | 110,312 | 108,512 | 109,399 | 108,388 | |||||||||||||
FFO/Core FFO/ Core AFFO diluted | 110,312 | 110,117 | 110,269 | 109,261 | |||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Total Earnings Per Common Share - Diluted | $2.03 | $0.42 | $3.70 | $6.04 | |||||||||||||
Real estate depreciation and amortization | 1.28 | 1.31 | 5.07 | 5.15 | |||||||||||||
Adjustments for unconsolidated joint ventures | — | — | — | 0.02 | |||||||||||||
Income allocated to non-controlling interests | 0.01 | 0.01 | 0.05 | 0.05 | |||||||||||||
Gain on sale of operating property | (1.60) | — | (2.04) | (0.33) | |||||||||||||
Gain on acquisition of unconsolidated joint venture interests | — | — | — | (4.34) | |||||||||||||
FFO per common share - Diluted | $1.72 | $1.74 | $6.78 | $6.59 | |||||||||||||
Plus: Casualty-related expenses, net of recoveries |
0.01 | 0.01 | 0.01 | 0.02 | |||||||||||||
Plus: Severance |
— | — | — | 0.01 | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
— | — | — | — | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 0.03 | — | |||||||||||||
Plus: Expensed development & other pursuit costs |
— | — | — | — | |||||||||||||
Less: Net below market lease amortization | — | (0.01) | — | (0.08) | |||||||||||||
Less: Miscellaneous (income)/expense (a) |
— | — | — | (0.02) | |||||||||||||
Core FFO per common share - Diluted | $1.73 | $1.74 | $6.82 | $6.52 | |||||||||||||
Less: recurring capitalized expenditures | (0.29) | (0.26) | (0.88) | (0.83) | |||||||||||||
Core AFFO per common share - Diluted | $1.44 | $1.48 | $5.94 | $5.69 | |||||||||||||
1Q24 | Range | 2024 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.74 | $0.78 | $1.72 | $2.02 | |||||||||||||
Expected real estate depreciation and amortization | 1.28 | 1.28 | 5.17 | 5.17 | |||||||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.06 | 0.06 | |||||||||||||
Expected (gain) on sale of operating properties | (0.41) | (0.41) | (0.41) | (0.41) | |||||||||||||
Expected FFO per share - diluted | $1.62 | $1.66 | $6.54 | $6.84 | |||||||||||||
Anticipated Adjustments to FFO | 0.03 | 0.03 | 0.05 | 0.05 | |||||||||||||
Expected Core FFO per share - diluted | $1.65 | $1.69 | $6.59 | $6.89 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. | |||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Net income | $224,175 | $47,471 | $410,553 | $661,508 | |||||||||||||
Less: Fee and asset management income | (1,078) | (931) | (3,451) | (5,188) | |||||||||||||
Less: Interest and other income | (322) | (138) | (879) | (3,019) | |||||||||||||
Less: (Income)/loss on deferred compensation plans | (9,981) | (8,813) | (15,398) | 19,637 | |||||||||||||
Plus: Property management expense | 8,767 | 7,373 | 33,706 | 28,601 | |||||||||||||
Plus: Fee and asset management expense | 440 | 426 | 1,717 | 2,516 | |||||||||||||
Plus: General and administrative expense | 15,744 | 15,887 | 62,506 | 60,413 | |||||||||||||
Plus: Interest expense | 33,968 | 30,668 | 133,395 | 113,424 | |||||||||||||
Plus: Depreciation and amortization expense | 144,956 | 147,271 | 574,813 | 577,020 | |||||||||||||
Plus: Expense/(benefit) on deferred compensation plans | 9,981 | 8,813 | 15,398 | (19,637) | |||||||||||||
Plus: Loss on early retirement of debt | — | — | 2,513 | — | |||||||||||||
Less: Gain on sale of operating properties, including land | (176,497) | — | (225,416) | (36,372) | |||||||||||||
Less: Gain on acquisition of unconsolidated joint venture interests | — | — | — | (474,146) | |||||||||||||
Less: Equity in income of joint ventures | — | — | — | (3,048) | |||||||||||||
Plus: Income tax expense | 897 | 753 | 3,650 | 2,966 | |||||||||||||
NOI | $251,050 | $248,780 | $993,107 | $924,675 | |||||||||||||
"Same Property" Communities | $202,942 | $202,930 | $804,175 | $770,987 | |||||||||||||
Non-"Same Property" Communities | 41,983 | 39,753 | 163,983 | 123,942 | |||||||||||||
Development and Lease-Up Communities | 1,262 | 25 | 2,615 | 28 | |||||||||||||
Disposition/Other | 4,863 | 6,072 | 22,334 | 29,718 | |||||||||||||
NOI | $251,050 | $248,780 | $993,107 | $924,675 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Net income | $224,175 | $47,471 | $410,553 | $661,508 | |||||||||||||
Plus: Interest expense | 33,968 | 30,668 | 133,395 | 113,424 | |||||||||||||
Plus: Depreciation and amortization expense | 144,956 | 147,271 | 574,813 | 577,020 | |||||||||||||
Plus: Income tax expense | 897 | 753 | 3,650 | 2,966 | |||||||||||||
Less: Gain on sale of operating properties, including land | (176,497) | — | (225,416) | (36,372) | |||||||||||||
Less: Gain on acquisition of unconsolidated joint venture interests | — | — | — | (474,146) | |||||||||||||
EBITDAre | $227,499 | $226,163 | $896,995 | $844,400 | |||||||||||||
Plus: Loss on early retirement of debt | — | — | 2,513 | — | |||||||||||||
Plus: Casualty-related expenses, net of recoveries |
683 | 625 | 1,186 | 2,282 | |||||||||||||
Plus: Severance |
— | — | — | 896 | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
196 | — | 280 | 555 | |||||||||||||
Plus: Expensed development & other pursuit costs |
— | — | 471 | — | |||||||||||||
Less: Equity in income of joint ventures | — | — | — | (3,048) | |||||||||||||
Less: Net below market lease amortization | — | (722) | — | (8,467) | |||||||||||||
Less: Miscellaneous (income)/expense (a) |
— | — | (364) | (2,071) | |||||||||||||
Adjusted EBITDAre | $228,378 | $226,066 | $901,081 | $834,547 | |||||||||||||
Annualized Adjusted EBITDAre | $913,512 | $904,264 | $901,081 | $834,547 | |||||||||||||
Average monthly balance for the | Average monthly balance for the | ||||||||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Unsecured notes payable | $3,394,948 | $3,188,976 | $3,350,767 | $3,242,448 | |||||||||||||||||||
Secured notes payable | 330,108 | 514,940 | 391,745 | 386,096 | |||||||||||||||||||
Total debt | 3,725,056 | 3,703,916 | 3,742,512 | 3,628,544 | |||||||||||||||||||
Less: Cash and cash equivalents | (95,392) | (3,562) | (30,257) | (186,178) | |||||||||||||||||||
Net debt | $3,629,664 | $3,700,354 | $3,712,255 | $3,442,366 | |||||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net debt | $3,629,664 | $3,700,354 | $3,712,255 | $3,442,366 | |||||||||||||||||||
Annualized Adjusted EBITDAre | 913,512 | 904,264 | 901,081 | 834,547 | |||||||||||||||||||
Net Debt to Annualized Adjusted EBITDAre | 4.0x | 4.1x | 4.1x | 4.1x | |||||||||||||||||||
CAMDEN | OTHER DEFINITIONS | |||||||
CAMDEN | OTHER DATA | |||||||
Stock Symbol: | CPT | |||||||||||||||||||
Exchange Traded: | NYSE | |||||||||||||||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | ||||||||||||||||||
Fitch | A- | Stable | ||||||||||||||||||
Moody's | A3 | Stable | ||||||||||||||||||
Standard & Poor's | A- | Stable | ||||||||||||||||||
Estimated Future Dates: | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | ||||||||||||||||
Earnings Release & Conference Call | Early May | Early August | Late October | Early February | ||||||||||||||||
Dividend Information - Common Shares: | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | ||||||||||||||||
Declaration Date | 2/2/2023 | 6/15/2023 | 9/15/2023 | 12/1/2023 | ||||||||||||||||
Record Date | 3/31/2023 | 6/30/2023 | 9/29/2023 | 12/15/2023 | ||||||||||||||||
Payment Date | 4/17/2023 | 7/17/2023 | 10/17/2023 | 1/17/2024 | ||||||||||||||||
Distributions Per Share | $1.00 | $1.00 | $1.00 | $1.00 |
Investor Relations Data: | ||||||||||||||
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request. | ||||||||||||||
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787. | ||||||||||||||
To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com. | ||||||||||||||
For questions contact: | ||||||||||||||
Richard J. Campo | Chief Executive Officer & Chairman | |||||||||||||
D. Keith Oden | President & Executive Vice Chairman | |||||||||||||
Alexander J. Jessett | Chief Financial Officer | |||||||||||||
Laurie A. Baker | Chief Operating Officer | |||||||||||||
Kimberly A. Callahan | Senior Vice President - Investor Relations |
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 12/31/2023 |
(Unaudited) | 4Q23 Avg Monthly | 4Q23 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 4Q23 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Chandler | Chandler | AZ | 2016 | 1,146 | 380 | 95% | $1,955 | $1.71 | $2,291 | $2.00 | ||||||||||||||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 93% | 1,685 | 2.14 | 2,041 | 2.60 | ||||||||||||||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 95% | 2,171 | 2.10 | 2,602 | 2.52 | ||||||||||||||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 96% | 2,040 | 1.91 | 2,385 | 2.23 | ||||||||||||||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 94% | 1,986 | 1.85 | 2,379 | 2.22 | ||||||||||||||||||||||
Camden North End I | Phoenix | AZ | 2019 | 921 | 441 | 96% | 2,025 | 2.20 | 2,426 | 2.64 | ||||||||||||||||||||||
Camden North End II | Phoenix | AZ | 2021 | 885 | 343 | 95% | 2,045 | 2.31 | 2,426 | 2.74 | ||||||||||||||||||||||
Camden Old Town Scottsdale | Scottsdale | AZ | 2016 | 892 | 316 | 93% | 2,281 | 2.56 | 2,575 | 2.89 | ||||||||||||||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 949 | 272 | 93% | 1,715 | 1.81 | 2,053 | 2.16 | ||||||||||||||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 96% | 1,878 | 1.91 | 2,189 | 2.22 | ||||||||||||||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 95% | 2,040 | 1.96 | 2,397 | 2.30 | ||||||||||||||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 92% | 2,047 | 1.57 | 2,435 | 1.87 | ||||||||||||||||||||||
Camden Tempe | Tempe | AZ | 2015 | 1,043 | 234 | 93% | 2,003 | 1.92 | 2,387 | 2.29 | ||||||||||||||||||||||
Camden Tempe II | Tempe | AZ | 2023 | 981 | 397 | 96% | 1,837 | 1.87 | 2,072 | 2.11 | ||||||||||||||||||||||
TOTAL ARIZONA | 14 | Properties | 995 | 4,426 | 95% | 1,974 | 1.98 | 2,323 | 2.33 | |||||||||||||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 95% | 2,712 | 2.69 | 2,995 | 2.97 | ||||||||||||||||||||||
Camden Glendale | Glendale | CA | 2015 | 893 | 307 | 96% | 2,854 | 3.20 | 3,086 | 3.46 | ||||||||||||||||||||||
Camden Harbor View | Long Beach | CA | 2004/2016 | 981 | 547 | 89% | 3,026 | 3.09 | 3,207 | 3.27 | ||||||||||||||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 97% | 2,657 | 2.63 | 2,877 | 2.85 | ||||||||||||||||||||||
The Camden | Hollywood | CA | 2016 | 767 | 287 | 91% | 3,160 | 4.12 | 3,115 | 4.06 | ||||||||||||||||||||||
Total Los Angeles/Orange County | 5 | Properties | 943 | 1,811 | 93% | 2,893 | 3.07 | 3,071 | 3.26 | |||||||||||||||||||||||
Camden Hillcrest | San Diego | CA | 2021 | 1,223 | 132 | 96% | 3,680 | 3.01 | 3,836 | 3.14 | ||||||||||||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 95% | 2,241 | 2.28 | 2,445 | 2.49 | ||||||||||||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 98% | 2,904 | 2.80 | 3,165 | 3.05 | ||||||||||||||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 94% | 2,829 | 2.94 | 3,154 | 3.28 | ||||||||||||||||||||||
Camden Tuscany | San Diego | CA | 2003 | 895 | 160 | 95% | 3,228 | 3.61 | 3,491 | 3.90 | ||||||||||||||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 97% | 2,460 | 2.34 | 2,699 | 2.56 | ||||||||||||||||||||||
Total San Diego/Inland Empire | 6 | Properties | 1,009 | 1,797 | 96% | 2,734 | 2.71 | 2,985 | 2.96 | |||||||||||||||||||||||
TOTAL CALIFORNIA | 11 | Properties | 975 | 3,608 | 94% | 2,814 | 2.88 | 3,028 | 3.10 | |||||||||||||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 97% | 1,930 | 2.17 | 2,231 | 2.51 | ||||||||||||||||||||||
Camden Caley | Englewood | CO | 2000 | 921 | 218 | 97% | 1,959 | 2.13 | 2,247 | 2.44 | ||||||||||||||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 96% | 2,314 | 2.28 | 2,668 | 2.63 | ||||||||||||||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 97% | 2,053 | 2.14 | 2,372 | 2.47 | ||||||||||||||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 96% | 2,306 | 2.01 | 2,650 | 2.31 | ||||||||||||||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,002 | 340 | 95% | 2,118 | 2.11 | 2,446 | 2.44 | ||||||||||||||||||||||
Camden Lakeway | Littleton | CO | 1997 | 929 | 459 | 97% | 2,044 | 2.20 | 2,341 | 2.52 | ||||||||||||||||||||||
Camden Lincoln Station | Lone Tree | CO | 2017 | 844 | 267 | 97% | 1,892 | 2.24 | 2,121 | 2.51 | ||||||||||||||||||||||
Camden RiNo | Denver | CO | 2020 | 828 | 233 | 96% | 2,279 | 2.75 | 2,696 | 3.25 | ||||||||||||||||||||||
TOTAL COLORADO | 9 | Properties | 957 | 2,873 | 96% | 2,103 | 2.20 | 2,421 | 2.53 | |||||||||||||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 97% | 2,143 | 2.02 | 2,454 | 2.31 | ||||||||||||||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 509 | 96% | 1,900 | 2.02 | 2,193 | 2.33 | ||||||||||||||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 977 | 382 | 98% | 2,258 | 2.31 | 2,582 | 2.64 | ||||||||||||||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 97% | 2,265 | 2.15 | 2,598 | 2.46 | ||||||||||||||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 97% | 2,268 | 2.43 | 2,637 | 2.82 | ||||||||||||||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 96% | 2,184 | 2.19 | 2,491 | 2.50 | ||||||||||||||||||||||
Camden Grand Parc | Washington | DC | 2002 | 672 | 105 | 95% | 2,775 | 4.13 | 3,052 | 4.54 | ||||||||||||||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 97% | 2,167 | 2.15 | 2,478 | 2.46 | ||||||||||||||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 98% | 2,033 | 2.38 | 2,329 | 2.72 | ||||||||||||||||||||||
Camden Noma | Washington | DC | 2014 | 769 | 321 | 96% | 2,311 | 3.00 | 2,698 | 3.51 | ||||||||||||||||||||||
Camden Noma II | Washington | DC | 2017 | 759 | 405 | 98% | 2,397 | 3.16 | 2,794 | 3.68 | ||||||||||||||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 832 | 378 | 97% | 2,334 | 2.80 | 2,716 | 3.26 | ||||||||||||||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 97% | 3,159 | 3.69 | 3,541 | 4.14 | ||||||||||||||||||||||
Camden Shady Grove | Rockville | MD | 2018 | 877 | 457 | 96% | 2,059 | 2.35 | 2,312 | 2.64 | ||||||||||||||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 96% | 2,120 | 2.17 | 2,399 | 2.46 | ||||||||||||||||||||||
Camden South Capitol | Washington | DC | 2013 | 821 | 281 | 94% | 2,459 | 2.99 | 2,928 | 3.56 | ||||||||||||||||||||||
Camden Washingtonian | Gaithersburg | MD | 2018 | 870 | 365 | 97% | 2,106 | 2.42 | 2,364 | 2.72 | ||||||||||||||||||||||
TOTAL DC METRO | 17 | Properties | 913 | 6,192 | 97% | 2,233 | 2.45 | 2,563 | 2.81 | |||||||||||||||||||||||
Camden Atlantic | Plantation | FL | 2022 | 919 | 269 | 97% | 2,400 | 2.61 | 2,642 | 2.87 | ||||||||||||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 96% | 2,767 | 2.50 | 3,173 | 2.86 | ||||||||||||||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 97% | 2,619 | 3.11 | 2,917 | 3.46 | ||||||||||||||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 96% | 2,953 | 3.15 | 3,221 | 3.44 | ||||||||||||||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 97% | 2,639 | 2.36 | 2,914 | 2.60 | ||||||||||||||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 95% | 2,923 | 2.33 | 3,241 | 2.59 | ||||||||||||||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 97% | 2,857 | 2.74 | 3,227 | 3.09 | ||||||||||||||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 96% | 2,420 | 2.01 | 2,747 | 2.29 | ||||||||||||||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 95% | 2,447 | 2.20 | 2,836 | 2.55 | ||||||||||||||||||||||
Total Southeast Florida | 9 | Properties | 1,065 | 3,050 | 96% | 2,669 | 2.51 | 2,995 | 2.81 |
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 12/31/2023 |
(Unaudited) | 4Q23 Avg Monthly | 4Q23 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 4Q23 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Hunters Creek | Orlando | FL | 2000 | 1,075 | 270 | 95% | $1,957 | $1.82 | $2,253 | $2.10 | ||||||||||||||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 96% | 1,825 | 1.91 | 2,095 | 2.19 | ||||||||||||||||||||||
Camden Lake Eola | Orlando | FL | 2021 | 944 | 360 | 97% | 2,420 | 2.56 | 2,689 | 2.85 | ||||||||||||||||||||||
Camden LaVina | Orlando | FL | 2012 | 969 | 420 | 94% | 1,889 | 1.95 | 2,218 | 2.29 | ||||||||||||||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 95% | 1,860 | 1.98 | 2,169 | 2.31 | ||||||||||||||||||||||
Camden North Quarter | Orlando | FL | 2016 | 806 | 333 | 96% | 1,882 | 2.34 | 2,096 | 2.60 | ||||||||||||||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 94% | 1,769 | 2.17 | 2,067 | 2.53 | ||||||||||||||||||||||
Camden Thornton Park | Orlando | FL | 2016 | 920 | 299 | 95% | 1,970 | 2.14 | 2,253 | 2.45 | ||||||||||||||||||||||
Camden Town Square | Orlando | FL | 2012 | 983 | 438 | 94% | 1,898 | 1.93 | 2,135 | 2.17 | ||||||||||||||||||||||
Camden Waterford Lakes | Orlando | FL | 2014 | 971 | 300 | 96% | 1,928 | 1.99 | 2,172 | 2.24 | ||||||||||||||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 92% | 1,877 | 1.92 | 2,161 | 2.21 | ||||||||||||||||||||||
Total Orlando | 11 | Properties | 944 | 3,954 | 95% | 1,933 | 2.05 | 2,210 | 2.34 | |||||||||||||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 97% | 1,907 | 2.02 | 2,240 | 2.38 | ||||||||||||||||||||||
Camden Central | St. Petersburg | FL | 2019 | 942 | 368 | 96% | 3,404 | 3.61 | 3,783 | 4.01 | ||||||||||||||||||||||
Camden Montague | Tampa | FL | 2012 | 972 | 192 | 97% | 1,905 | 1.96 | 2,210 | 2.27 | ||||||||||||||||||||||
Camden Pier District | St. Petersburg | FL | 2016 | 989 | 358 | 96% | 3,508 | 3.55 | 3,691 | 3.73 | ||||||||||||||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 95% | 2,066 | 2.19 | 2,363 | 2.51 | ||||||||||||||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 92% | 1,804 | 1.77 | 2,136 | 2.10 | ||||||||||||||||||||||
Camden Visconti | Tampa | FL | 2007 | 1,125 | 450 | 94% | 2,062 | 1.83 | 2,378 | 2.11 | ||||||||||||||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 97% | 2,095 | 2.11 | 2,431 | 2.45 | ||||||||||||||||||||||
Total Tampa | 8 | Properties | 990 | 3,104 | 96% | 2,315 | 2.34 | 2,631 | 2.66 | |||||||||||||||||||||||
TOTAL FLORIDA | 28 | Properties | 995 | 10,108 | 95% | 2,272 | 2.28 | 2,578 | 2.59 | |||||||||||||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 916 | 359 | 92% | 1,740 | 1.90 | 2,073 | 2.26 | ||||||||||||||||||||||
Camden Buckhead | Atlanta | GA | 2022 | 1,087 | 366 | 86% | 2,481 | 2.28 | 2,472 | 2.27 | ||||||||||||||||||||||
Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 93% | 1,815 | 2.19 | 1,934 | 2.34 | ||||||||||||||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 95% | 1,718 | 1.74 | 2,021 | 2.04 | ||||||||||||||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 98% | 1,935 | 1.63 | 2,228 | 1.88 | ||||||||||||||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 93% | 1,779 | 1.77 | 2,057 | 2.04 | ||||||||||||||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 844 | 276 | 96% | 2,068 | 2.45 | 2,376 | 2.82 | ||||||||||||||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 93% | 1,811 | 1.94 | 2,135 | 2.28 | ||||||||||||||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,408 | 379 | 93% | 2,979 | 2.12 | 3,309 | 2.35 | ||||||||||||||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 94% | 1,775 | 1.73 | 2,080 | 2.03 | ||||||||||||||||||||||
Camden Phipps | Atlanta | GA | 1996 | 1,010 | 234 | 74% | 1,818 | 1.80 | 2,044 | 2.02 | ||||||||||||||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 96% | 1,735 | 1.52 | 2,060 | 1.80 | ||||||||||||||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 92% | 1,753 | 1.76 | 2,074 | 2.08 | ||||||||||||||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 94% | 1,620 | 1.61 | 1,928 | 1.91 | ||||||||||||||||||||||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 93% | 1,745 | 1.94 | 1,977 | 2.19 | ||||||||||||||||||||||
TOTAL GEORGIA | 15 | Properties | 1,020 | 4,862 | 92% | 1,933 | 1.90 | 2,197 | 2.15 | |||||||||||||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,048 | 400 | 93% | 1,739 | 1.66 | 2,044 | 1.95 | ||||||||||||||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 94% | 1,775 | 1.96 | 2,043 | 2.26 | ||||||||||||||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 95% | 1,843 | 2.15 | 2,130 | 2.49 | ||||||||||||||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 93% | 1,554 | 1.50 | 1,813 | 1.75 | ||||||||||||||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 94% | 1,450 | 1.54 | 1,730 | 1.84 | ||||||||||||||||||||||
Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 95% | 1,545 | 1.77 | 1,825 | 2.09 | ||||||||||||||||||||||
Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 95% | 2,008 | 2.70 | 2,253 | 3.03 | ||||||||||||||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,059 | 266 | 96% | 2,160 | 2.04 | 2,434 | 2.30 | ||||||||||||||||||||||
Camden Grandview II | Charlotte | NC | 2019 | 2,241 | 28 | 96% | 4,121 | 1.84 | 4,415 | 1.97 | ||||||||||||||||||||||
Camden NoDa | Charlotte | NC | 2023 | 789 | 387 | Lease-Up | 1,680 | 2.13 | 1,859 | 2.36 | ||||||||||||||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 95% | 1,601 | 1.65 | 1,875 | 1.93 | ||||||||||||||||||||||
Camden South End | Charlotte | NC | 2003 | 878 | 299 | 93% | 1,918 | 2.18 | 2,216 | 2.52 | ||||||||||||||||||||||
Camden Southline | Charlotte | NC | 2015 | 831 | 266 | 96% | 2,073 | 2.50 | 2,329 | 2.80 | ||||||||||||||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 95% | 1,748 | 1.59 | 2,045 | 1.86 | ||||||||||||||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 97% | 1,454 | 1.62 | 1,704 | 1.89 | ||||||||||||||||||||||
Total Charlotte | 15 | Properties | 936 | 3,491 | 95% | 1,805 | 1.93 | 2,038 | 2.18 | |||||||||||||||||||||||
Camden Asbury Village | Raleigh | NC | 2009 | 1,009 | 350 | 97% | 1,632 | 1.62 | 1,878 | 1.86 | ||||||||||||||||||||||
Camden Carolinian | Raleigh | NC | 2017 | 1,118 | 186 | 92% | 2,341 | 2.09 | 2,520 | 2.25 | ||||||||||||||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,012 | 442 | 95% | 1,531 | 1.51 | 1,779 | 1.76 | ||||||||||||||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 94% | 1,630 | 1.56 | 1,943 | 1.86 | ||||||||||||||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 95% | 1,619 | 1.52 | 1,906 | 1.79 | ||||||||||||||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 95% | 1,556 | 1.61 | 1,820 | 1.88 | ||||||||||||||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 322 | 95% | 1,674 | 1.58 | 1,950 | 1.84 | ||||||||||||||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 95% | 1,459 | 1.50 | 1,746 | 1.80 | ||||||||||||||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,022 | 360 | 95% | 1,563 | 1.53 | 1,831 | 1.79 | ||||||||||||||||||||||
Total Raleigh | 9 | Properties | 1,022 | 3,252 | 95% | 1,620 | 1.59 | 1,885 | 1.85 | |||||||||||||||||||||||
TOTAL NORTH CAROLINA | 24 | Properties | 988 | 6,743 | 95% | 1,716 | 1.76 | 1,964 | 2.01 | |||||||||||||||||||||||
Camden Franklin Park | Franklin | TN | 2018 | 967 | 328 | 94% | 2,056 | 2.13 | 2,214 | 2.29 | ||||||||||||||||||||||
Camden Music Row | Nashville | TN | 2016 | 903 | 430 | 93% | 2,482 | 2.75 | 2,606 | 2.88 | ||||||||||||||||||||||
TOTAL TENNESSEE | 2 | Properties | 931 | 758 | 93% | 2,298 | 2.47 | 2,436 | 2.62 | |||||||||||||||||||||||
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 12/31/2023 |
(Unaudited) | 4Q23 Avg Monthly | 4Q23 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 4Q23 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Amber Oaks | Austin | TX | 2009 | 862 | 348 | 95% | $1,503 | $1.74 | $1,820 | $2.11 | ||||||||||||||||||||||
Camden Amber Oaks II | Austin | TX | 2012 | 910 | 244 | 93% | 1,594 | 1.75 | 1,926 | 2.12 | ||||||||||||||||||||||
Camden Brushy Creek | Cedar Park | TX | 2008 | 882 | 272 | 94% | 1,611 | 1.83 | 1,838 | 2.08 | ||||||||||||||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 97% | 1,732 | 1.90 | 2,023 | 2.22 | ||||||||||||||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 94% | 1,915 | 2.01 | 2,252 | 2.36 | ||||||||||||||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 96% | 1,626 | 1.80 | 1,921 | 2.13 | ||||||||||||||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 94% | 1,637 | 1.82 | 1,896 | 2.10 | ||||||||||||||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 93% | 1,834 | 2.19 | 2,088 | 2.49 | ||||||||||||||||||||||
Camden Rainey Street | Austin | TX | 2016 | 873 | 326 | 80% | 2,131 | 2.44 | 2,378 | 2.72 | ||||||||||||||||||||||
Camden Shadow Brook | Austin | TX | 2009 | 909 | 496 | 95% | 1,522 | 1.67 | 1,761 | 1.94 | ||||||||||||||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 94% | 1,699 | 1.87 | 1,980 | 2.18 | ||||||||||||||||||||||
Total Austin | 11 | Properties | 897 | 3,686 | 93% | 1,705 | 1.90 | 1,978 | 2.20 | |||||||||||||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 93% | 1,603 | 1.70 | 1,841 | 1.95 | ||||||||||||||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 946 | 477 | 93% | 1,802 | 1.91 | 2,040 | 2.16 | ||||||||||||||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 95% | 1,565 | 1.70 | 1,842 | 2.00 | ||||||||||||||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 912 | 268 | 96% | 1,528 | 1.68 | 1,826 | 2.00 | ||||||||||||||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 96% | 1,570 | 2.03 | 1,770 | 2.29 | ||||||||||||||||||||||
Camden Design District | Dallas | TX | 2009 | 939 | 355 | 95% | 1,713 | 1.82 | 1,951 | 2.08 | ||||||||||||||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 92% | 1,625 | 1.74 | 1,875 | 2.01 | ||||||||||||||||||||||
Camden Greenville | Dallas | TX | 2017/2018 | 1,028 | 558 | 95% | 2,059 | 2.00 | 2,246 | 2.18 | ||||||||||||||||||||||
Camden Henderson | Dallas | TX | 2012 | 966 | 106 | 91% | 1,972 | 2.04 | 2,305 | 2.38 | ||||||||||||||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96% | 1,688 | 2.03 | 1,948 | 2.34 | ||||||||||||||||||||||
Camden Legacy Park | Plano | TX | 1996 | 870 | 276 | 96% | 1,774 | 2.04 | 2,066 | 2.37 | ||||||||||||||||||||||
Camden Panther Creek | Frisco | TX | 2009 | 946 | 295 | 95% | 1,734 | 1.83 | 2,001 | 2.12 | ||||||||||||||||||||||
Camden Riverwalk | Grapevine | TX | 2008 | 989 | 600 | 96% | 1,889 | 1.91 | 2,169 | 2.19 | ||||||||||||||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 94% | 1,444 | 1.94 | 1,735 | 2.33 | ||||||||||||||||||||||
Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 95% | 2,041 | 2.37 | 2,330 | 2.71 | ||||||||||||||||||||||
Total Dallas/Ft. Worth | 15 | Properties | 913 | 6,224 | 94% | 1,729 | 1.89 | 1,986 | 2.17 | |||||||||||||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 93% | 1,616 | 1.73 | 1,924 | 2.06 | ||||||||||||||||||||||
Camden City Centre II | Houston | TX | 2013 | 869 | 268 | 93% | 1,578 | 1.82 | 1,842 | 2.12 | ||||||||||||||||||||||
Camden Cypress Creek | Cypress | TX | 2009 | 993 | 310 | 93% | 1,567 | 1.58 | 1,842 | 1.85 | ||||||||||||||||||||||
Camden Cypress Creek II | Cypress | TX | 2020 | 950 | 234 | 95% | 1,619 | 1.70 | 1,894 | 1.99 | ||||||||||||||||||||||
Camden Downs at Cinco Ranch | Katy | TX | 2004 | 1,075 | 318 | 96% | 1,638 | 1.52 | 1,926 | 1.79 | ||||||||||||||||||||||
Camden Downtown | Houston | TX | 2020 | 1,052 | 271 | 89% | 2,599 | 2.47 | 2,855 | 2.71 | ||||||||||||||||||||||
Camden Grand Harbor | Katy | TX | 2008 | 959 | 300 | 93% | 1,469 | 1.53 | 1,727 | 1.80 | ||||||||||||||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 95% | 1,528 | 1.78 | 1,802 | 2.09 | ||||||||||||||||||||||
Camden Heights | Houston | TX | 2004 | 927 | 352 | 97% | 1,681 | 1.81 | 1,997 | 2.15 | ||||||||||||||||||||||
Camden Highland Village | Houston | TX | 2014/2015 | 1,172 | 552 | 95% | 2,423 | 2.07 | 2,651 | 2.26 | ||||||||||||||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 93% | 1,456 | 1.56 | 1,742 | 1.86 | ||||||||||||||||||||||
Camden McGowen Station | Houston | TX | 2018 | 1,004 | 315 | 95% | 2,126 | 2.12 | 2,417 | 2.41 | ||||||||||||||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 94% | 1,575 | 1.86 | 1,897 | 2.25 | ||||||||||||||||||||||
Camden Northpointe | Tomball | TX | 2008 | 940 | 384 | 94% | 1,401 | 1.49 | 1,681 | 1.79 | ||||||||||||||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96% | 1,745 | 1.91 | 2,006 | 2.19 | ||||||||||||||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 96% | 2,631 | 2.19 | 2,956 | 2.46 | ||||||||||||||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 95% | 1,514 | 1.64 | 1,586 | 1.72 | ||||||||||||||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 98% | 1,736 | 1.65 | 1,801 | 1.71 | ||||||||||||||||||||||
Camden Spring Creek | Spring | TX | 2004 | 1,080 | 304 | 95% | 1,520 | 1.41 | 1,791 | 1.66 | ||||||||||||||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 95% | 1,291 | 1.53 | 1,557 | 1.84 | ||||||||||||||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 95% | 1,455 | 1.58 | 1,717 | 1.86 | ||||||||||||||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 94% | 1,536 | 1.88 | 1,840 | 2.25 | ||||||||||||||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 94% | 1,606 | 1.86 | 1,912 | 2.22 | ||||||||||||||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 936 | 274 | 95% | 1,482 | 1.58 | 1,738 | 1.86 | ||||||||||||||||||||||
Camden Woodson Park | Houston | TX | 2008 | 916 | 248 | 94% | 1,381 | 1.51 | 1,605 | 1.75 | ||||||||||||||||||||||
Camden Yorktown | Houston | TX | 2008 | 995 | 306 | 95% | 1,404 | 1.41 | 1,630 | 1.64 | ||||||||||||||||||||||
Total Houston | 26 | Properties | 956 | 9,154 | 94% | 1,684 | 1.76 | 1,954 | 2.04 | |||||||||||||||||||||||
TOTAL TEXAS | 52 | Properties | 931 | 19,064 | 94% | 1,703 | 1.83 | 1,969 | 2.12 | |||||||||||||||||||||||
TOTAL PROPERTIES | 172 | Properties | 961 | 58,634 | 94% | $1,994 | $2.07 | $2,277 | $2.37 | |||||||||||||||||||||||