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 October 31, 2024 | |||||
Supplemental Financial Information dated October 31, 2024 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Per Diluted Share | 2024 | 2023 | 2024 | 2023 | ||||||||||
EPS(1) |
($0.04) | $0.44 | $1.13 | $1.66 | ||||||||||
FFO | $1.65 | $1.73 | $5.02 | $5.06 | ||||||||||
Core FFO | $1.71 | $1.73 | $5.12 | $5.09 | ||||||||||
Core AFFO | $1.48 | $1.49 | $4.42 | $4.50 |
Three Months Ended | 3Q24 Guidance | 3Q24 Guidance | |||||||||
Per Diluted Share | September 30, 2024 | Midpoint | Variance | ||||||||
EPS(1) |
($0.04) | $0.33 | ($0.37) | ||||||||
FFO | $1.65 | $1.65 | $0.00 | ||||||||
Core FFO | $1.71 | $1.68 | $0.03 |
Quarterly Growth | Sequential Growth | Year-To-Date Growth | |||||||||
Same Property Results | 3Q24 vs. 3Q23 | 3Q24 vs. 2Q24 | 2024 vs. 2023 | ||||||||
Revenues | 0.6% | 0.3% | 1.5% | ||||||||
Expenses | 1.8% | 1.5% | 2.4% | ||||||||
Net Operating Income ("NOI") | 0.0% | (0.4)% | 1.0% |
Same Property Results | 3Q24 | 3Q23 | 2Q24 | ||||||||
Occupancy | 95.5% | 95.5% | 95.3% |
New Lease and Renewal Data - Date Signed (1) |
October 2024* | October 2023 | 3Q24 | 3Q23 | ||||||||||
Signed New Lease Rates | (4.8)% | (3.7)% | (2.8)% | 0.2% | ||||||||||
Signed Renewal Rates | 3.0% | 4.1% | 3.6% | 5.0% | ||||||||||
Signed Blended Lease Rates | (1.7)% | (0.9)% | 0.1% | 2.3% | ||||||||||
New Lease and Renewal Data - Date Effective (2) |
October 2024* | October 2023 | 3Q24 | 3Q23 | ||||||||||
Effective New Lease Rates | (4.4)% | (2.6)% | (2.2)% | 0.9% | ||||||||||
Effective Renewal Rates | 3.4% | 4.7% | 3.9% | 5.9% | ||||||||||
Effective Blended Lease Rates | (0.8)% | 1.1% | 0.9% | 3.3% |
Occupancy and Bad Debt | October 2024* | October 2023 | 3Q24 | 3Q23 | ||||||||||
Occupancy | 95.3% | 94.9% | 95.5% | 95.5% | ||||||||||
Bad Debt | NA | 0.9% | 0.9% | 1.4% | ||||||||||
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 10/30/2024 | ||||||||||
Camden Woodmill Creek | Spring, TX | 189 | $71.6 | 79 | % |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 10/30/2024 | ||||||||||
Camden Durham | Durham, NC | 420 | $145.0 | 74 | % | |||||||||
Camden Long Meadow Farms | Richmond, TX | 188 | 75.0 | 46 | % | |||||||||
Camden Village District | Raleigh, NC | 369 | 138.0 | |||||||||||
Camden South Charlotte | Charlotte, NC | 420 | 163.0 | |||||||||||
Camden Blakeney | Charlotte, NC | 349 | 154.0 | |||||||||||
Total | 1,746 | $675.0 |
4Q24 | 2024 | 2024 Midpoint | |||||||||||||||
Per Diluted Share | Range | Range | Current | Prior | Change | ||||||||||||
EPS | $0.34 - $0.38 | $1.46 - $1.50 | $1.48 | $1.88 | $(0.40) | ||||||||||||
FFO | $1.65 - $1.69 | $6.67 - $6.71 | $6.69 | $6.72 | $(0.03) | ||||||||||||
Core FFO(1) |
$1.68 - $1.72 | $6.79 - $6.83 | $6.81 | $6.79 | $0.02 |
2024 | 2024 Midpoint | ||||||||||||||||
Same Property Growth Guidance | Range | Current | Prior | Change | |||||||||||||
Revenues | 1.10% - 1.50% | 1.30% | 1.50% | (0.20)% | |||||||||||||
Expenses | 2.10% - 2.50% | 2.30% | 2.85% | (0.55)% | |||||||||||||
NOI | 0.35% - 1.15% | 0.75% | 0.75% | 0.00% |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
OPERATING DATA | |||||||||||||||||
Property revenues (a) |
$387,232 | $390,778 | $1,157,523 | $1,154,440 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 95,940 | 91,011 | 275,110 | 264,038 | |||||||||||||
Real estate taxes | 47,420 | 49,094 | 145,684 | 148,345 | |||||||||||||
Total property expenses | 143,360 | 140,105 | 420,794 | 412,383 | |||||||||||||
Non-property income | |||||||||||||||||
Fee and asset management | 1,707 | 1,077 | 5,597 | 2,373 | |||||||||||||
Interest and other income | 1,076 | 64 | 4,442 | 557 | |||||||||||||
Income/(loss) on deferred compensation plans | 8,248 | (3,339) | 15,140 | 5,417 | |||||||||||||
Total non-property income | 11,031 | (2,198) | 25,179 | 8,347 | |||||||||||||
Other expenses | |||||||||||||||||
Property management | 9,817 | 7,891 | 29,057 | 24,939 | |||||||||||||
Fee and asset management | 623 | 444 | 1,541 | 1,277 | |||||||||||||
General and administrative | 18,845 | 15,543 | 53,692 | 46,762 | |||||||||||||
Interest | 32,486 | 33,006 | 97,250 | 99,427 | |||||||||||||
Depreciation and amortization | 145,844 | 144,359 | 436,540 | 429,857 | |||||||||||||
Expense/(benefit) on deferred compensation plans | 8,248 | (3,339) | 15,140 | 5,417 | |||||||||||||
Total other expenses | 215,863 | 197,904 | 633,220 | 607,679 | |||||||||||||
Impairment associated with land development activities | (40,988) | — | (40,988) | — | |||||||||||||
Loss on early retirement of debt | — | — | (921) | (2,513) | |||||||||||||
Gain on sale of operating property | — | — | 43,806 | 48,919 | |||||||||||||
Income (loss) from continuing operations before income taxes | (1,948) | 50,571 | 130,585 | 189,131 | |||||||||||||
Income tax expense | (390) | (752) | (2,354) | (2,753) | |||||||||||||
Net income (loss) | (2,338) | 49,819 | 128,231 | 186,378 | |||||||||||||
Less income allocated to non-controlling interests | (1,866) | (1,856) | (5,629) | (5,399) | |||||||||||||
Net income (loss) attributable to common shareholders | ($4,204) | $47,963 | $122,602 | $180,979 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Net income (loss) | ($2,338) | $49,819 | $128,231 | $186,378 | |||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Unrealized gain on cash flow hedging activities | — | — | 85 | — | |||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 358 | 358 | 1,808 | 1,075 | |||||||||||||
Comprehensive income (loss) | (1,980) | 50,177 | 130,124 | 187,453 | |||||||||||||
Less income allocated to non-controlling interests | (1,866) | (1,856) | (5,629) | (5,399) | |||||||||||||
Comprehensive income (loss) attributable to common shareholders | ($3,846) | $48,321 | $124,495 | $182,054 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Total earnings/(loss) per common share - basic | ($0.04) | $0.44 | $1.13 | $1.66 | |||||||||||||
Total earnings/(loss) per common share - diluted | (0.04) | 0.44 | 1.13 | 1.66 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 108,426 | 108,683 | 108,513 | 108,638 | |||||||||||||
Diluted | 108,426 | 108,706 | 108,547 | 108,659 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||
Net income (loss) attributable to common shareholders | ($4,204) | $47,963 | $122,602 | $180,979 | |||||||||||||
Real estate depreciation and amortization | 142,853 | 141,362 | 427,595 | 420,762 | |||||||||||||
Income allocated to non-controlling interests | 1,866 | 1,856 | 5,629 | 5,399 | |||||||||||||
Gain on sale of operating properties | — | — | (43,806) | (48,919) | |||||||||||||
Impairment associated with land development activities | 40,988 | — | 40,988 | — | |||||||||||||
Funds from operations | $181,503 | $191,181 | $553,008 | $558,221 | |||||||||||||
Plus: Casualty-related expenses, net of (recoveries) |
2,833 | (436) | 2,769 | 503 | |||||||||||||
Plus: Severance |
— | — | 506 | — | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
1,301 | — | 3,267 | 84 | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 921 | 2,513 | |||||||||||||
Plus: Expensed development & other pursuit costs |
833 | — | 1,493 | 471 | |||||||||||||
Plus: Advocacy contributions | 1,653 | — | 1,653 | — | |||||||||||||
Less: Miscellaneous (income)/expense |
— | — | — | (364) | |||||||||||||
Core funds from operations | $188,123 | $190,745 | $563,617 | $561,428 | |||||||||||||
Less: recurring capitalized expenditures (a) |
(25,676) | (26,554) | (77,296) | (65,167) | |||||||||||||
Core adjusted funds from operations | $162,447 | $164,191 | $486,321 | $496,261 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Funds from operations - diluted | $1.65 | $1.73 | $5.02 | $5.06 | |||||||||||||
Core funds from operations - diluted | 1.71 | 1.73 | 5.12 | 5.09 | |||||||||||||
Core adjusted funds from operations - diluted | 1.48 | 1.49 | 4.42 | 4.50 | |||||||||||||
Distributions declared per common share | 1.03 | 1.00 | 3.09 | 3.00 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
FFO/Core FFO/Core AFFO - diluted | 110,082 | 110,301 | 110,141 | 110,255 | |||||||||||||
PROPERTY DATA | |||||||||||||||||
Total operating properties (end of period) (b) |
172 | 172 | 172 | 172 | |||||||||||||
Total operating apartment homes in operating properties (end of period) (b) |
58,250 | 58,961 | 58,250 | 58,961 | |||||||||||||
Total operating apartment homes (weighted average) | 58,453 | 59,153 | 58,344 | 59,010 | |||||||||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Sep 30, 2024 |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
|||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,718,185 | $1,716,515 | $1,706,983 | $1,711,873 | $1,732,804 | ||||||||||||
Buildings and improvements | 11,222,261 | 11,148,312 | 11,014,440 | 10,993,390 | 10,963,667 | ||||||||||||
12,940,446 | 12,864,827 | 12,721,423 | 12,705,263 | 12,696,471 | |||||||||||||
Accumulated depreciation | (4,725,152) | (4,582,440) | (4,439,710) | (4,332,524) | (4,254,388) | ||||||||||||
Net operating real estate assets | 8,215,294 | 8,282,387 | 8,281,713 | 8,372,739 | 8,442,083 | ||||||||||||
Properties under development and land | 418,209 | 439,758 | 477,481 | 486,864 | 499,761 | ||||||||||||
Total real estate assets | 8,633,503 | 8,722,145 | 8,759,194 | 8,859,603 | 8,941,844 | ||||||||||||
Accounts receivable – affiliates | 8,993 | 9,903 | 10,350 | 11,905 | 12,057 | ||||||||||||
Other assets, net (a) |
262,339 | 245,625 | 233,137 | 244,182 | 237,594 | ||||||||||||
Cash and cash equivalents | 31,234 | 93,932 | 92,693 | 259,686 | 14,600 | ||||||||||||
Restricted cash | 11,112 | 7,969 | 8,230 | 8,361 | 8,369 | ||||||||||||
Total assets | $8,947,181 | $9,079,574 | $9,103,604 | $9,383,737 | $9,214,464 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,121,499 | $3,222,569 | $3,223,285 | $3,385,309 | $3,323,057 | ||||||||||||
Secured | 330,299 | 330,241 | 330,184 | 330,127 | 330,071 | ||||||||||||
Accounts payable and accrued expenses | 221,880 | 212,247 | 213,896 | 222,599 | 211,759 | ||||||||||||
Accrued real estate taxes | 131,693 | 90,702 | 46,612 | 96,517 | 128,794 | ||||||||||||
Distributions payable | 113,505 | 113,506 | 113,556 | 110,427 | 110,463 | ||||||||||||
Other liabilities (b) |
214,027 | 183,377 | 182,443 | 186,987 | 175,341 | ||||||||||||
Total liabilities | 4,132,903 | 4,152,642 | 4,109,976 | 4,331,966 | 4,279,485 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,158 | 1,157 | 1,157 | 1,156 | 1,156 | ||||||||||||
Additional paid-in capital | 5,927,477 | 5,924,608 | 5,919,851 | 5,914,868 | 5,911,627 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (826,725) | (710,633) | (641,663) | (613,651) | (727,117) | ||||||||||||
Treasury shares | (359,989) | (359,975) | (356,880) | (320,364) | (320,702) | ||||||||||||
Accumulated other comprehensive income/(loss) (c) |
641 | 283 | (78) | (1,252) | (699) | ||||||||||||
Total common equity | 4,742,562 | 4,855,440 | 4,922,387 | 4,980,757 | 4,864,265 | ||||||||||||
Non-controlling interests | 71,716 | 71,492 | 71,241 | 71,014 | 70,714 | ||||||||||||
Total equity | 4,814,278 | 4,926,932 | 4,993,628 | 5,051,771 | 4,934,979 | ||||||||||||
Total liabilities and equity | $8,947,181 | $9,079,574 | $9,103,604 | $9,383,737 | $9,214,464 | ||||||||||||
(a) Includes net deferred charges of: | $3,244 | $3,703 | $4,286 | $5,879 | $6,481 | ||||||||||||
(b) Includes deferred revenues of: | $830 | $894 | $958 | $1,030 | $1,167 | ||||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain/(loss) on cash flow hedging activities. | |||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Net income (loss) attributable to common shareholders | ($4,204) | $47,963 | $122,602 | $180,979 | |||||||||||||
Real estate depreciation and amortization | 142,853 | 141,362 | 427,595 | 420,762 | |||||||||||||
Income allocated to non-controlling interests | 1,866 | 1,856 | 5,629 | 5,399 | |||||||||||||
Gain on sale of operating properties | — | — | (43,806) | (48,919) | |||||||||||||
Impairment associated with land development activities | 40,988 | — | 40,988 | — | |||||||||||||
Funds from operations | $181,503 | $191,181 | $553,008 | $558,221 | |||||||||||||
Plus: Casualty-related expenses, net of (recoveries) |
2,833 | (436) | 2,769 | 503 | |||||||||||||
Plus: Severance |
— | — | 506 | — | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
1,301 | — | 3,267 | 84 | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 921 | 2,513 | |||||||||||||
Plus: Expensed development & other pursuit costs |
833 | — | 1,493 | 471 | |||||||||||||
Plus: Advocacy contributions | 1,653 | — | 1,653 | — | |||||||||||||
Less: Miscellaneous (income)/expense |
— | — | — | (364) | |||||||||||||
Core funds from operations | $188,123 | $190,745 | $563,617 | $561,428 | |||||||||||||
Less: recurring capitalized expenditures | (25,676) | (26,554) | (77,296) | (65,167) | |||||||||||||
Core adjusted funds from operations | $162,447 | $164,191 | $486,321 | $496,261 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
EPS diluted | 108,426 | 108,706 | 108,547 | 108,659 | |||||||||||||
FFO/Core FFO/ Core AFFO diluted | 110,082 | 110,301 | 110,141 | 110,255 | |||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Total Earnings Per Common Share - Diluted | ($0.04) | $0.44 | $1.13 | $1.66 | |||||||||||||
Real estate depreciation and amortization | 1.30 | 1.27 | 3.87 | 3.79 | |||||||||||||
Income allocated to non-controlling interests | 0.02 | 0.02 | 0.05 | 0.05 | |||||||||||||
Gain on sale of operating property | — | — | (0.40) | (0.44) | |||||||||||||
Impairment associated with land development activities | 0.37 | — | 0.37 | — | |||||||||||||
FFO per common share - Diluted | $1.65 | $1.73 | $5.02 | $5.06 | |||||||||||||
Plus: Casualty-related expenses, net of (recoveries) |
0.02 | — | 0.03 | — | |||||||||||||
Plus: Severance |
— | — | — | — | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
0.01 | — | 0.03 | — | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 0.01 | 0.03 | |||||||||||||
Plus: Expensed development & other pursuit costs |
0.01 | — | 0.01 | — | |||||||||||||
Plus: Advocacy contributions | 0.02 | — | 0.02 | — | |||||||||||||
Less: Miscellaneous (income)/expense |
— | — | — | — | |||||||||||||
Core FFO per common share - Diluted | $1.71 | $1.73 | $5.12 | $5.09 | |||||||||||||
Less: recurring capitalized expenditures | (0.23) | (0.24) | (0.70) | (0.59) | |||||||||||||
Core AFFO per common share - Diluted | $1.48 | $1.49 | $4.42 | $4.50 | |||||||||||||
4Q24 | Range | 2024 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.34 | $0.38 | $1.46 | $1.50 | |||||||||||||
Expected real estate depreciation and amortization | 1.29 | 1.29 | 5.17 | 5.17 | |||||||||||||
Expected income allocated to non-controlling interests | 0.02 | 0.02 | 0.07 | 0.07 | |||||||||||||
Expected (gain) on sale of operating properties | — | — | (0.40) | (0.40) | |||||||||||||
Impairment associated with land development activities | — | — | 0.37 | 0.37 | |||||||||||||
Expected FFO per share - diluted | $1.65 | $1.69 | $6.67 | $6.71 | |||||||||||||
Anticipated Adjustments to FFO | 0.03 | 0.03 | 0.12 | 0.12 | |||||||||||||
Expected Core FFO per share - diluted | $1.68 | $1.72 | $6.79 | $6.83 | |||||||||||||
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 September 30, | Nine months ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Net income (loss) | ($2,338) | $49,819 | $128,231 | $186,378 | |||||||||||||
Less: Fee and asset management income | (1,707) | (1,077) | (5,597) | (2,373) | |||||||||||||
Less: Interest and other income | (1,076) | (64) | (4,442) | (557) | |||||||||||||
Less: Income/(loss) on deferred compensation plans | (8,248) | 3,339 | (15,140) | (5,417) | |||||||||||||
Plus: Property management expense | 9,817 | 7,891 | 29,057 | 24,939 | |||||||||||||
Plus: Fee and asset management expense | 623 | 444 | 1,541 | 1,277 | |||||||||||||
Plus: General and administrative expense | 18,845 | 15,543 | 53,692 | 46,762 | |||||||||||||
Plus: Interest expense | 32,486 | 33,006 | 97,250 | 99,427 | |||||||||||||
Plus: Depreciation and amortization expense | 145,844 | 144,359 | 436,540 | 429,857 | |||||||||||||
Plus: Expense/(benefit) on deferred compensation plans | 8,248 | (3,339) | 15,140 | 5,417 | |||||||||||||
Plus: Impairment associated with land development activities | 40,988 | — | 40,988 | — | |||||||||||||
Plus: Loss on early retirement of debt | — | — | 921 | 2,513 | |||||||||||||
Less: Gain on sale of operating property | — | — | (43,806) | (48,919) | |||||||||||||
Plus: Income tax expense | 390 | 752 | 2,354 | 2,753 | |||||||||||||
NOI | $243,872 | $250,673 | $736,729 | $742,057 | |||||||||||||
"Same Property" Communities | $234,590 | $234,648 | $704,705 | $697,476 | |||||||||||||
Non-"Same Property" Communities | 9,053 | 8,157 | 27,131 | 21,451 | |||||||||||||
Development and Lease-Up Communities | 1,474 | (12) | 1,925 | (19) | |||||||||||||
Disposition/Other | (1,245) | 7,880 | 2,968 | 23,149 | |||||||||||||
NOI | $243,872 | $250,673 | $736,729 | $742,057 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Net income (loss) | ($2,338) | $49,819 | $128,231 | $186,378 | |||||||||||||
Plus: Interest expense | 32,486 | 33,006 | 97,250 | 99,427 | |||||||||||||
Plus: Depreciation and amortization expense | 145,844 | 144,359 | 436,540 | 429,857 | |||||||||||||
Plus: Income tax expense | 390 | 752 | 2,354 | 2,753 | |||||||||||||
Less: Gain on sale of operating property | — | — | (43,806) | (48,919) | |||||||||||||
Plus: Impairment associated with land development activities | 40,988 | — | 40,988 | — | |||||||||||||
EBITDAre | $217,370 | $227,936 | $661,557 | $669,496 | |||||||||||||
Plus: Casualty-related expenses, net of (recoveries) |
2,833 | (436) | 2,769 | 503 | |||||||||||||
Plus: Severance |
— | — | 506 | — | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
1,301 | — | 3,267 | 84 | |||||||||||||
Plus: Loss on early retirement of debt | — | — | 921 | 2,513 | |||||||||||||
Plus: Expensed development & other pursuit costs |
833 | — | 1,493 | 471 | |||||||||||||
Plus: Advocacy contributions | 1,653 | — | 1,653 | — | |||||||||||||
Less: Miscellaneous (income)/expense |
— | — | — | (364) | |||||||||||||
Adjusted EBITDAre | $223,990 | $227,500 | $672,166 | $672,703 | |||||||||||||
Annualized Adjusted EBITDAre | $895,960 | $910,000 | $896,221 | $896,937 | |||||||||||||
Average monthly balance for the | Average monthly balance for the | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Unsecured notes payable | $3,193,365 | $3,374,176 | $3,219,724 | $3,336,040 | |||||||||||||
Secured notes payable | 330,280 | 330,052 | 330,222 | 412,290 | |||||||||||||
Total debt | 3,523,645 | 3,704,228 | 3,549,946 | 3,748,330 | |||||||||||||
Less: Cash and cash equivalents | (43,414) | (8,338) | (54,702) | (8,546) | |||||||||||||
Net debt | $3,480,231 | $3,695,890 | $3,495,244 | $3,739,784 | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Net debt | $3,480,231 | $3,695,890 | $3,495,244 | $3,739,784 | |||||||||||||
Annualized Adjusted EBITDAre | 895,960 | 910,000 | 896,221 | 896,937 | |||||||||||||
Net Debt to Annualized Adjusted EBITDAre | 3.9x | 4.1x | 3.9x | 4.2x | |||||||||||||
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" Third 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 | |||||
Non-GAAP Financial Measures - Definitions & Reconciliations | |||||
Other Definitions | |||||
Other Data | |||||
Community Table |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Per Diluted Share | 2024 | 2023 | 2024 | 2023 | ||||||||||
EPS(1) |
($0.04) | $0.44 | $1.13 | $1.66 | ||||||||||
FFO | $1.65 | $1.73 | $5.02 | $5.06 | ||||||||||
Core FFO | $1.71 | $1.73 | $5.12 | $5.09 | ||||||||||
Core AFFO | $1.48 | $1.49 | $4.42 | $4.50 |
Three Months Ended | 3Q24 Guidance | 3Q24 Guidance | |||||||||
Per Diluted Share | September 30, 2024 | Midpoint | Variance | ||||||||
EPS(1) |
($0.04) | $0.33 | ($0.37) | ||||||||
FFO | $1.65 | $1.65 | $0.00 | ||||||||
Core FFO | $1.71 | $1.68 | $0.03 |
Quarterly Growth | Sequential Growth | Year-To-Date Growth | |||||||||
Same Property Results | 3Q24 vs. 3Q23 | 3Q24 vs. 2Q24 | 2024 vs. 2023 | ||||||||
Revenues | 0.6% | 0.3% | 1.5% | ||||||||
Expenses | 1.8% | 1.5% | 2.4% | ||||||||
Net Operating Income ("NOI") | 0.0% | (0.4)% | 1.0% |
Same Property Results | 3Q24 | 3Q23 | 2Q24 | ||||||||
Occupancy | 95.5% | 95.5% | 95.3% |
New Lease and Renewal Data - Date Signed (1) |
October 2024* | October 2023 | 3Q24 | 3Q23 | ||||||||||
Signed New Lease Rates | (4.8)% | (3.7)% | (2.8)% | 0.2% | ||||||||||
Signed Renewal Rates | 3.0% | 4.1% | 3.6% | 5.0% | ||||||||||
Signed Blended Lease Rates | (1.7)% | (0.9)% | 0.1% | 2.3% | ||||||||||
New Lease and Renewal Data - Date Effective (2) |
October 2024* | October 2023 | 3Q24 | 3Q23 | ||||||||||
Effective New Lease Rates | (4.4)% | (2.6)% | (2.2)% | 0.9% | ||||||||||
Effective Renewal Rates | 3.4% | 4.7% | 3.9% | 5.9% | ||||||||||
Effective Blended Lease Rates | (0.8)% | 1.1% | 0.9% | 3.3% |
Occupancy and Bad Debt | October 2024* | October 2023 | 3Q24 | 3Q23 | ||||||||||
Occupancy | 95.3% | 94.9% | 95.5% | 95.5% | ||||||||||
Bad Debt | NA | 0.9% | 0.9% | 1.4% | ||||||||||
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 10/30/2024 | ||||||||||
Camden Woodmill Creek | Spring, TX | 189 | $71.6 | 79 | % |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 10/30/2024 | ||||||||||
Camden Durham | Durham, NC | 420 | $145.0 | 74 | % | |||||||||
Camden Long Meadow Farms | Richmond, TX | 188 | 75.0 | 46 | % | |||||||||
Camden Village District | Raleigh, NC | 369 | 138.0 | |||||||||||
Camden South Charlotte | Charlotte, NC | 420 | 163.0 | |||||||||||
Camden Blakeney | Charlotte, NC | 349 | 154.0 | |||||||||||
Total | 1,746 | $675.0 |
4Q24 | 2024 | 2024 Midpoint | |||||||||||||||
Per Diluted Share | Range | Range | Current | Prior | Change | ||||||||||||
EPS | $0.34 - $0.38 | $1.46 - $1.50 | $1.48 | $1.88 | $(0.40) | ||||||||||||
FFO | $1.65 - $1.69 | $6.67 - $6.71 | $6.69 | $6.72 | $(0.03) | ||||||||||||
Core FFO(1) |
$1.68 - $1.72 | $6.79 - $6.83 | $6.81 | $6.79 | $0.02 |
2024 | 2024 Midpoint | ||||||||||||||||
Same Property Growth Guidance | Range | Current | Prior | Change | |||||||||||||
Revenues | 1.10% - 1.50% | 1.30% | 1.50% | (0.20)% | |||||||||||||
Expenses | 2.10% - 2.50% | 2.30% | 2.85% | (0.55)% | |||||||||||||
NOI | 0.35% - 1.15% | 0.75% | 0.75% | 0.00% |
CAMDEN | FINANCIAL HIGHLIGHTS | |||||||
(In thousands, except per share, property data amounts and ratios) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Property revenues | $387,232 | $390,778 | $1,157,523 | $1,154,440 | |||||||||||||
Adjusted EBITDAre | 223,990 | 227,500 | 672,166 | 672,703 | |||||||||||||
Net income (loss) attributable to common shareholders | (4,204) | 47,963 | 122,602 | 180,979 | |||||||||||||
Per share - basic | (0.04) | 0.44 | 1.13 | 1.66 | |||||||||||||
Per share - diluted | (0.04) | 0.44 | 1.13 | 1.66 | |||||||||||||
Funds from operations | 181,503 | 191,181 | 553,008 | 558,221 | |||||||||||||
Per share - diluted | 1.65 | 1.73 | 5.02 | 5.06 | |||||||||||||
Core funds from operations | 188,123 | 190,745 | 563,617 | 561,428 | |||||||||||||
Per share - diluted | 1.71 | 1.73 | 5.12 | 5.09 | |||||||||||||
Core adjusted funds from operations | 162,447 | 164,191 | 486,321 | 496,261 | |||||||||||||
Per share - diluted | 1.48 | 1.49 | 4.42 | 4.50 | |||||||||||||
Dividends per share | 1.03 | 1.00 | 3.09 | 3.00 | |||||||||||||
Dividend payout ratio (FFO) | 62.4 | % | 57.8 | % | 61.6 | % | 59.3 | % | |||||||||
Interest expensed | 32,486 | 33,006 | 97,250 | 99,427 | |||||||||||||
Interest capitalized | 4,586 | 5,239 | 14,345 | 15,201 | |||||||||||||
Total interest incurred | 37,072 | 38,245 | 111,595 | 114,628 | |||||||||||||
Net Debt to Annualized Adjusted EBITDAre (a) |
3.9x | 4.1x | 3.9x | 4.2x | |||||||||||||
Interest expense coverage ratio | 6.9x | 6.9x | 6.9x | 6.8x | |||||||||||||
Total interest coverage ratio | 6.0x | 5.9x | 6.0x | 5.9x | |||||||||||||
Fixed charge expense coverage ratio | 6.9x | 6.9x | 6.9x | 6.8x | |||||||||||||
Total fixed charge coverage ratio | 6.0x | 5.9x | 6.0x | 5.9x | |||||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.8x | 3.6x | 3.8x | 3.6x | |||||||||||||
Same property NOI growth (b) (c) |
0.0 | % | 3.5 | % | 1.0 | % | 5.9 | % | |||||||||
(# of apartment homes included) | 55,866 | 48,137 | 55,866 | 48,137 | |||||||||||||
Same property turnover | |||||||||||||||||
Gross turnover of apartment homes (annualized) | 58 | % | 62 | % | 52 | % | 53 | % | |||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 46 | % | 51 | % | 41 | % | 44 | % | |||||||||
As of September 30, | As of September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Total assets | $8,947,181 | $9,214,464 | $8,947,181 | $9,214,464 | |||||||||||||
Total debt | $3,451,798 | $3,653,128 | $3,451,798 | $3,653,128 | |||||||||||||
Common and common equivalent shares, outstanding end of period (d) |
110,099 | 110,305 | 110,099 | 110,305 | |||||||||||||
Share price, end of period | $123.53 | $94.58 | $123.53 | $94.58 | |||||||||||||
Book equity value, end of period (e) |
$4,814,278 | $4,934,979 | $4,814,278 | $4,934,979 | |||||||||||||
Market equity value, end of period (f) |
$13,600,529 | $10,432,647 | $13,600,529 | $10,432,647 |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
OPERATING DATA | |||||||||||||||||
Property revenues (a) |
$387,232 | $390,778 | $1,157,523 | $1,154,440 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 95,940 | 91,011 | 275,110 | 264,038 | |||||||||||||
Real estate taxes | 47,420 | 49,094 | 145,684 | 148,345 | |||||||||||||
Total property expenses | 143,360 | 140,105 | 420,794 | 412,383 | |||||||||||||
Non-property income | |||||||||||||||||
Fee and asset management | 1,707 | 1,077 | 5,597 | 2,373 | |||||||||||||
Interest and other income | 1,076 | 64 | 4,442 | 557 | |||||||||||||
Income/(loss) on deferred compensation plans | 8,248 | (3,339) | 15,140 | 5,417 | |||||||||||||
Total non-property income | 11,031 | (2,198) | 25,179 | 8,347 | |||||||||||||
Other expenses | |||||||||||||||||
Property management | 9,817 | 7,891 | 29,057 | 24,939 | |||||||||||||
Fee and asset management | 623 | 444 | 1,541 | 1,277 | |||||||||||||
General and administrative | 18,845 | 15,543 | 53,692 | 46,762 | |||||||||||||
Interest | 32,486 | 33,006 | 97,250 | 99,427 | |||||||||||||
Depreciation and amortization | 145,844 | 144,359 | 436,540 | 429,857 | |||||||||||||
Expense/(benefit) on deferred compensation plans | 8,248 | (3,339) | 15,140 | 5,417 | |||||||||||||
Total other expenses | 215,863 | 197,904 | 633,220 | 607,679 | |||||||||||||
Impairment associated with land development activities | (40,988) | — | (40,988) | — | |||||||||||||
Loss on early retirement of debt | — | — | (921) | (2,513) | |||||||||||||
Gain on sale of operating property | — | — | 43,806 | 48,919 | |||||||||||||
Income (loss) from continuing operations before income taxes | (1,948) | 50,571 | 130,585 | 189,131 | |||||||||||||
Income tax expense | (390) | (752) | (2,354) | (2,753) | |||||||||||||
Net income (loss) | (2,338) | 49,819 | 128,231 | 186,378 | |||||||||||||
Less income allocated to non-controlling interests | (1,866) | (1,856) | (5,629) | (5,399) | |||||||||||||
Net income (loss) attributable to common shareholders | ($4,204) | $47,963 | $122,602 | $180,979 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Net income (loss) | ($2,338) | $49,819 | $128,231 | $186,378 | |||||||||||||
Other comprehensive income (loss) | |||||||||||||||||
Unrealized gain on cash flow hedging activities | — | — | 85 | — | |||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 358 | 358 | 1,808 | 1,075 | |||||||||||||
Comprehensive income (loss) | (1,980) | 50,177 | 130,124 | 187,453 | |||||||||||||
Less income allocated to non-controlling interests | (1,866) | (1,856) | (5,629) | (5,399) | |||||||||||||
Comprehensive income (loss) attributable to common shareholders | ($3,846) | $48,321 | $124,495 | $182,054 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Total earnings/(loss) per common share - basic | ($0.04) | $0.44 | $1.13 | $1.66 | |||||||||||||
Total earnings/(loss) per common share - diluted | (0.04) | 0.44 | 1.13 | 1.66 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 108,426 | 108,683 | 108,513 | 108,638 | |||||||||||||
Diluted | 108,426 | 108,706 | 108,547 | 108,659 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||
Net income (loss) attributable to common shareholders | ($4,204) | $47,963 | $122,602 | $180,979 | |||||||||||||
Real estate depreciation and amortization | 142,853 | 141,362 | 427,595 | 420,762 | |||||||||||||
Income allocated to non-controlling interests | 1,866 | 1,856 | 5,629 | 5,399 | |||||||||||||
Gain on sale of operating properties | — | — | (43,806) | (48,919) | |||||||||||||
Impairment associated with land development activities | 40,988 | — | 40,988 | — | |||||||||||||
Funds from operations | $181,503 | $191,181 | $553,008 | $558,221 | |||||||||||||
Plus: Casualty-related expenses, net of (recoveries) |
2,833 | (436) | 2,769 | 503 | |||||||||||||
Plus: Severance |
— | — | 506 | — | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
1,301 | — | 3,267 | 84 | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 921 | 2,513 | |||||||||||||
Plus: Expensed development & other pursuit costs |
833 | — | 1,493 | 471 | |||||||||||||
Plus: Advocacy contributions | 1,653 | — | 1,653 | — | |||||||||||||
Less: Miscellaneous (income)/expense |
— | — | — | (364) | |||||||||||||
Core funds from operations | $188,123 | $190,745 | $563,617 | $561,428 | |||||||||||||
Less: recurring capitalized expenditures (a) |
(25,676) | (26,554) | (77,296) | (65,167) | |||||||||||||
Core adjusted funds from operations | $162,447 | $164,191 | $486,321 | $496,261 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Funds from operations - diluted | $1.65 | $1.73 | $5.02 | $5.06 | |||||||||||||
Core funds from operations - diluted | 1.71 | 1.73 | 5.12 | 5.09 | |||||||||||||
Core adjusted funds from operations - diluted | 1.48 | 1.49 | 4.42 | 4.50 | |||||||||||||
Distributions declared per common share | 1.03 | 1.00 | 3.09 | 3.00 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
FFO/Core FFO/Core AFFO - diluted | 110,082 | 110,301 | 110,141 | 110,255 | |||||||||||||
PROPERTY DATA | |||||||||||||||||
Total operating properties (end of period) (b) |
172 | 172 | 172 | 172 | |||||||||||||
Total operating apartment homes in operating properties (end of period) (b) |
58,250 | 58,961 | 58,250 | 58,961 | |||||||||||||
Total operating apartment homes (weighted average) | 58,453 | 59,153 | 58,344 | 59,010 | |||||||||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Sep 30, 2024 |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
|||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,718,185 | $1,716,515 | $1,706,983 | $1,711,873 | $1,732,804 | ||||||||||||
Buildings and improvements | 11,222,261 | 11,148,312 | 11,014,440 | 10,993,390 | 10,963,667 | ||||||||||||
12,940,446 | 12,864,827 | 12,721,423 | 12,705,263 | 12,696,471 | |||||||||||||
Accumulated depreciation | (4,725,152) | (4,582,440) | (4,439,710) | (4,332,524) | (4,254,388) | ||||||||||||
Net operating real estate assets | 8,215,294 | 8,282,387 | 8,281,713 | 8,372,739 | 8,442,083 | ||||||||||||
Properties under development and land | 418,209 | 439,758 | 477,481 | 486,864 | 499,761 | ||||||||||||
Total real estate assets | 8,633,503 | 8,722,145 | 8,759,194 | 8,859,603 | 8,941,844 | ||||||||||||
Accounts receivable – affiliates | 8,993 | 9,903 | 10,350 | 11,905 | 12,057 | ||||||||||||
Other assets, net (a) |
262,339 | 245,625 | 233,137 | 244,182 | 237,594 | ||||||||||||
Cash and cash equivalents | 31,234 | 93,932 | 92,693 | 259,686 | 14,600 | ||||||||||||
Restricted cash | 11,112 | 7,969 | 8,230 | 8,361 | 8,369 | ||||||||||||
Total assets | $8,947,181 | $9,079,574 | $9,103,604 | $9,383,737 | $9,214,464 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,121,499 | $3,222,569 | $3,223,285 | $3,385,309 | $3,323,057 | ||||||||||||
Secured | 330,299 | 330,241 | 330,184 | 330,127 | 330,071 | ||||||||||||
Accounts payable and accrued expenses | 221,880 | 212,247 | 213,896 | 222,599 | 211,759 | ||||||||||||
Accrued real estate taxes | 131,693 | 90,702 | 46,612 | 96,517 | 128,794 | ||||||||||||
Distributions payable | 113,505 | 113,506 | 113,556 | 110,427 | 110,463 | ||||||||||||
Other liabilities (b) |
214,027 | 183,377 | 182,443 | 186,987 | 175,341 | ||||||||||||
Total liabilities | 4,132,903 | 4,152,642 | 4,109,976 | 4,331,966 | 4,279,485 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,158 | 1,157 | 1,157 | 1,156 | 1,156 | ||||||||||||
Additional paid-in capital | 5,927,477 | 5,924,608 | 5,919,851 | 5,914,868 | 5,911,627 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (826,725) | (710,633) | (641,663) | (613,651) | (727,117) | ||||||||||||
Treasury shares | (359,989) | (359,975) | (356,880) | (320,364) | (320,702) | ||||||||||||
Accumulated other comprehensive income/(loss) (c) |
641 | 283 | (78) | (1,252) | (699) | ||||||||||||
Total common equity | 4,742,562 | 4,855,440 | 4,922,387 | 4,980,757 | 4,864,265 | ||||||||||||
Non-controlling interests | 71,716 | 71,492 | 71,241 | 71,014 | 70,714 | ||||||||||||
Total equity | 4,814,278 | 4,926,932 | 4,993,628 | 5,051,771 | 4,934,979 | ||||||||||||
Total liabilities and equity | $8,947,181 | $9,079,574 | $9,103,604 | $9,383,737 | $9,214,464 | ||||||||||||
(a) Includes net deferred charges of: | $3,244 | $3,703 | $4,286 | $5,879 | $6,481 | ||||||||||||
(b) Includes deferred revenues of: | $830 | $894 | $958 | $1,030 | $1,167 | ||||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain/(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) |
6,192 | — | — | — | 6,192 | ||||||||||||
Houston, TX | 9,154 | — | 189 | 188 | 9,531 | ||||||||||||
Phoenix, AZ | 4,029 | 397 | — | — | 4,426 | ||||||||||||
Dallas, TX | 6,224 | — | — | — | 6,224 | ||||||||||||
SE Florida | 2,781 | 269 | — | — | 3,050 | ||||||||||||
Atlanta, GA | 3,744 | 526 | — | — | 4,270 | ||||||||||||
Orlando, FL | 3,954 | — | — | — | 3,954 | ||||||||||||
Tampa, FL | 3,104 | — | — | — | 3,104 | ||||||||||||
Denver, CO | 2,873 | — | — | — | 2,873 | ||||||||||||
Charlotte, NC | 3,123 | 387 | — | 769 | 4,279 | ||||||||||||
Raleigh, NC | 3,252 | — | — | 789 | 4,041 | ||||||||||||
Austin, TX | 3,360 | 326 | — | — | 3,686 | ||||||||||||
San Diego/Inland Empire, CA | 1,797 | — | — | — | 1,797 | ||||||||||||
Los Angeles/Orange County, CA | 1,521 | 290 | — | — | 1,811 | ||||||||||||
Nashville, TN | 758 | — | — | — | 758 | ||||||||||||
Total Portfolio | 55,866 | 2,195 | 189 | 1,746 | 59,996 |
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (c) |
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"Same Property" Communities | Operating Communities (b) |
Sep 30, 2024 |
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
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D.C. Metro (a) |
13.8 | % | 13.2 | % | 96.7 | % | 96.9 | % | 96.6 | % | 96.7 | % | 96.6 | % | ||||||||||||
Houston, TX | 13.0 | % | 12.6 | % | 95.4 | % | 95.0 | % | 94.6 | % | 94.4 | % | 95.2 | % | ||||||||||||
Phoenix, AZ | 8.1 | % | 8.5 | % | 93.8 | % | 94.7 | % | 95.2 | % | 94.5 | % | 94.5 | % | ||||||||||||
Dallas, TX | 8.7 | % | 8.4 | % | 95.4 | % | 95.0 | % | 94.6 | % | 94.3 | % | 95.4 | % | ||||||||||||
SE Florida | 6.6 | % | 6.9 | % | 96.2 | % | 96.6 | % | 96.5 | % | 96.1 | % | 95.8 | % | ||||||||||||
Atlanta, GA | 6.0 | % | 6.5 | % | 94.3 | % | 93.1 | % | 92.7 | % | 92.3 | % | 93.6 | % | ||||||||||||
Orlando, FL | 6.7 | % | 6.5 | % | 95.7 | % | 95.4 | % | 95.3 | % | 94.9 | % | 95.5 | % | ||||||||||||
Tampa, FL | 6.5 | % | 6.2 | % | 95.6 | % | 95.6 | % | 96.1 | % | 95.5 | % | 95.9 | % | ||||||||||||
Denver, CO | 6.0 | % | 5.7 | % | 96.7 | % | 96.6 | % | 96.4 | % | 96.4 | % | 96.6 | % | ||||||||||||
Charlotte, NC | 5.5 | % | 6.0 | % | 95.5 | % | 95.1 | % | 93.6 | % | 94.7 | % | 95.6 | % | ||||||||||||
Raleigh, NC | 5.1 | % | 4.9 | % | 95.5 | % | 95.0 | % | 94.7 | % | 95.0 | % | 95.6 | % | ||||||||||||
Austin, TX | 4.3 | % | 4.4 | % | 94.0 | % | 93.4 | % | 92.7 | % | 93.1 | % | 94.3 | % | ||||||||||||
San Diego/Inland Empire, CA | 4.6 | % | 4.4 | % | 96.1 | % | 96.1 | % | 95.1 | % | 95.5 | % | 96.1 | % | ||||||||||||
Los Angeles/Orange County, CA | 3.7 | % | 4.4 | % | 94.0 | % | 93.8 | % | 92.7 | % | 93.1 | % | 95.4 | % | ||||||||||||
Nashville, TN | 1.4 | % | 1.4 | % | 94.8 | % | 95.3 | % | 93.9 | % | 93.4 | % | 95.3 | % | ||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 95.4 | % | 95.2 | % | 94.8 | % | 94.7 | % | 95.4 | % |
CAMDEN | COMPONENTS OF PROPERTY | |||||||
NET OPERATING INCOME | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
Property Revenues | Homes | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $367,488 | $365,148 | $2,340 | $1,098,390 | $1,081,992 | $16,398 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 14,324 | 13,204 | 1,120 | 42,506 | 35,662 | 6,844 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,935 | 2,787 | 6 | 2,781 | 4,747 | 6 | 4,741 | ||||||||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 2,633 | 12,420 | (9,787) | 11,880 | 36,780 | (24,900) | ||||||||||||||||||||||||||||||||||
Total Property Revenues | 59,996 | $387,232 | $390,778 | ($3,546) | $1,157,523 | $1,154,440 | $3,083 | ||||||||||||||||||||||||||||||||||
Property Expenses | |||||||||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $132,898 | $130,500 | $2,398 | $393,685 | $384,516 | $9,169 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 5,271 | 5,047 | 224 | 15,375 | 14,211 | 1,164 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,935 | 1,313 | 18 | 1,295 | 2,822 | 25 | 2,797 | ||||||||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 3,878 | 4,540 | (662) | 8,912 | 13,631 | (4,719) | ||||||||||||||||||||||||||||||||||
Total Property Expenses | 59,996 | $143,360 | $140,105 | $3,255 | $420,794 | $412,383 | $8,411 | ||||||||||||||||||||||||||||||||||
Property Net Operating Income | |||||||||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $234,590 | $234,648 | ($58) | $704,705 | $697,476 | $7,229 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 9,053 | 8,157 | 896 | 27,131 | 21,451 | 5,680 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,935 | 1,474 | (12) | 1,486 | 1,925 | (19) | 1,944 | ||||||||||||||||||||||||||||||||||
Disposition/Other (d) |
— | (1,245) | 7,880 | (9,125) | 2,968 | 23,149 | (20,181) | ||||||||||||||||||||||||||||||||||
Total Property Net Operating Income | 59,996 | $243,872 | $250,673 | ($6,801) | $736,729 | $742,057 | ($5,328) | ||||||||||||||||||||||||||||||||||
CAMDEN | COMPONENTS OF PROPERTY | |||||||
SEQUENTIAL NET OPERATING INCOME | ||||||||
(In thousands, except property data amounts) | ||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
Apartment | September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||||||||||||||||
Property Revenues | Homes | 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $367,488 | $366,424 | $364,478 | $362,657 | $365,148 | |||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 14,324 | 14,215 | 13,967 | 13,398 | 13,204 | |||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,935 | 2,787 | 1,358 | 602 | 152 | 6 | |||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 2,633 | 5,153 | 4,094 | 11,380 | 12,420 | |||||||||||||||||||||||||||||
Total Property Revenues | 59,996 | $387,232 | $387,150 | $383,141 | $387,587 | $390,778 | |||||||||||||||||||||||||||||
Property Expenses | |||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $132,898 | $130,943 | $129,844 | $126,943 | $130,500 | |||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 5,271 | 5,280 | 4,824 | 4,911 | 5,047 | |||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,935 | 1,313 | 909 | 600 | 147 | 18 | |||||||||||||||||||||||||||||
Disposition/Other (d) |
— | 3,878 | 1,757 | 3,277 | 4,536 | 4,540 | |||||||||||||||||||||||||||||
Total Property Expenses | 59,996 | $143,360 | $138,889 | $138,545 | $136,537 | $140,105 | |||||||||||||||||||||||||||||
Property Net Operating Income | |||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) |
55,866 | $234,590 | $235,481 | $234,634 | $235,714 | $234,648 | |||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) |
2,195 | 9,053 | 8,935 | 9,143 | 8,487 | 8,157 | |||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) |
1,935 | 1,474 | 449 | 2 | 5 | (12) | |||||||||||||||||||||||||||||
Disposition/Other (d) |
— | (1,245) | 3,396 | 817 | 6,844 | 7,880 | |||||||||||||||||||||||||||||
Total Property Net Operating Income | 59,996 | $243,872 | $248,261 | $244,596 | $251,050 | $250,673 | |||||||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" | |||||||
THIRD QUARTER COMPARISONS | ||||||||
September 30, 2024 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a)(b) |
Included | 3Q24 | 3Q23 | Growth | 3Q24 | 3Q23 | Growth | 3Q24 | 3Q23 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 6,192 | $47,403 | $45,997 | 3.1 | % | $15,105 | $14,572 | 3.7 | % | $32,298 | $31,425 | 2.8 | % | ||||||||||||||||||||||||||||
Houston, TX | 9,154 | 51,557 | 51,008 | 1.1 | % | 21,028 | 22,115 | (4.9) | % | 30,529 | 28,893 | 5.7 | % | ||||||||||||||||||||||||||||
Dallas, TX | 6,224 | 35,228 | 35,436 | (0.6) | % | 14,695 | 14,958 | (1.8) | % | 20,533 | 20,478 | 0.3 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 4,029 | 26,709 | 26,840 | (0.5) | % | 7,671 | 7,455 | 2.9 | % | 19,038 | 19,385 | (1.8) | % | ||||||||||||||||||||||||||||
SE Florida | 2,781 | 24,570 | 24,100 | 2.0 | % | 9,156 | 8,426 | 8.7 | % | 15,414 | 15,674 | (1.7) | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,744 | 23,616 | 23,859 | (1.0) | % | 9,582 | 9,357 | 2.4 | % | 14,034 | 14,502 | (3.2) | % | ||||||||||||||||||||||||||||
Orlando, FL | 3,954 | 25,240 | 25,214 | 0.1 | % | 9,459 | 9,389 | 0.7 | % | 15,781 | 15,825 | (0.3) | % | ||||||||||||||||||||||||||||
Tampa, FL | 3,104 | 23,435 | 23,409 | 0.1 | % | 8,280 | 8,082 | 2.4 | % | 15,155 | 15,327 | (1.1) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,873 | 20,413 | 20,150 | 1.3 | % | 6,383 | 6,173 | 3.4 | % | 14,030 | 13,977 | 0.4 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 3,123 | 18,787 | 18,668 | 0.6 | % | 5,936 | 5,432 | 9.3 | % | 12,851 | 13,236 | (2.9) | % | ||||||||||||||||||||||||||||
Raleigh, NC | 3,252 | 17,705 | 17,767 | (0.3) | % | 5,698 | 5,511 | 3.4 | % | 12,007 | 12,256 | (2.0) | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,797 | 15,905 | 15,148 | 5.0 | % | 5,114 | 4,905 | 4.3 | % | 10,791 | 10,243 | 5.3 | % | ||||||||||||||||||||||||||||
Austin, TX | 3,360 | 18,167 | 18,840 | (3.6) | % | 8,093 | 7,685 | 5.3 | % | 10,074 | 11,155 | (9.7) | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,521 | 13,535 | 13,304 | 1.7 | % | 4,857 | 4,583 | 6.0 | % | 8,678 | 8,721 | (0.5) | % | ||||||||||||||||||||||||||||
Nashville, TN | 758 | 5,218 | 5,408 | (3.5) | % | 1,841 | 1,857 | (0.9) | % | 3,377 | 3,551 | (4.9) | % | ||||||||||||||||||||||||||||
Total Same Property | 55,866 | $367,488 | $365,148 | 0.6 | % | $132,898 | $130,500 | 1.8 | % | $234,590 | $234,648 | 0.0 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) |
Rental Rate (c) |
Revenue per Occupied Home (d) |
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Quarterly Results (b) |
Contribution | 3Q24 | 3Q23 | Growth | 3Q24 | 3Q23 | Growth | 3Q24 | 3Q23 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 13.8 | % | 96.7 | % | 96.6 | % | 0.1 | % | $2,297 | $2,220 | 3.5 | % | $2,639 | $2,563 | 3.0 | % | |||||||||||||||||||||||||
Houston, TX | 13.0 | % | 95.4 | % | 95.2 | % | 0.2 | % | 1,689 | 1,679 | 0.6 | % | 1,968 | 1,951 | 0.9 | % | |||||||||||||||||||||||||
Dallas, TX | 8.7 | % | 95.4 | % | 95.4 | % | 0.0 | % | 1,711 | 1,733 | (1.3) | % | 1,978 | 1,989 | (0.6) | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.1 | % | 94.0 | % | 94.4 | % | (0.4) | % | 1,973 | 1,989 | (0.8) | % | 2,351 | 2,353 | (0.1) | % | |||||||||||||||||||||||||
SE Florida | 6.6 | % | 96.1 | % | 95.7 | % | 0.4 | % | 2,715 | 2,679 | 1.3 | % | 3,064 | 3,018 | 1.6 | % | |||||||||||||||||||||||||
Atlanta, GA | 6.0 | % | 94.9 | % | 94.1 | % | 0.8 | % | 1,935 | 1,991 | (2.8) | % | 2,217 | 2,258 | (1.8) | % | |||||||||||||||||||||||||
Orlando, FL | 6.7 | % | 95.7 | % | 95.5 | % | 0.2 | % | 1,933 | 1,942 | (0.5) | % | 2,224 | 2,225 | (0.1) | % | |||||||||||||||||||||||||
Tampa, FL | 6.5 | % | 95.6 | % | 95.9 | % | (0.3) | % | 2,301 | 2,309 | (0.3) | % | 2,633 | 2,621 | 0.4 | % | |||||||||||||||||||||||||
Denver, CO | 6.0 | % | 96.7 | % | 96.6 | % | 0.1 | % | 2,137 | 2,091 | 2.2 | % | 2,450 | 2,420 | 1.2 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.5 | % | 95.5 | % | 95.6 | % | (0.1) | % | 1,817 | 1,807 | 0.6 | % | 2,101 | 2,086 | 0.7 | % | |||||||||||||||||||||||||
Raleigh, NC | 5.1 | % | 95.5 | % | 95.6 | % | (0.1) | % | 1,614 | 1,620 | (0.4) | % | 1,900 | 1,904 | (0.2) | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.6 | % | 96.1 | % | 96.1 | % | 0.0 | % | 2,779 | 2,708 | 2.6 | % | 3,071 | 2,924 | 5.0 | % | |||||||||||||||||||||||||
Austin, TX | 4.3 | % | 94.7 | % | 95.7 | % | (1.0) | % | 1,611 | 1,673 | (3.7) | % | 1,904 | 1,954 | (2.6) | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 3.7 | % | 93.6 | % | 94.9 | % | (1.3) | % | 2,902 | 2,942 | (1.4) | % | 3,169 | 3,075 | 3.0 | % | |||||||||||||||||||||||||
Nashville, TN | 1.4 | % | 94.8 | % | 95.3 | % | (0.5) | % | 2,243 | 2,323 | (3.4) | % | 2,421 | 2,495 | (3.0) | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 95.5 | % | 95.5 | % | 0.0 | % | $1,995 | $1,992 | 0.2 | % | $2,296 | $2,281 | 0.6 | % | |||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" | |||||||
SEQUENTIAL QUARTER COMPARISONS | ||||||||
September 30, 2024 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a)(b) |
Included | 3Q24 | 2Q24 | Growth | 3Q24 | 2Q24 | Growth | 3Q24 | 2Q24 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 6,192 | $47,403 | $46,932 | 1.0 | % | $15,105 | $14,743 | 2.5 | % | $32,298 | $32,189 | 0.3 | % | ||||||||||||||||||||||||||||
Houston, TX | 9,154 | 51,557 | 51,376 | 0.4 | % | 21,028 | 22,128 | (5.0) | % | 30,529 | 29,248 | 4.4 | % | ||||||||||||||||||||||||||||
Dallas, TX | 6,224 | 35,228 | 35,254 | (0.1) | % | 14,695 | 15,201 | (3.3) | % | 20,533 | 20,053 | 2.4 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 4,029 | 26,709 | 26,956 | (0.9) | % | 7,671 | 7,287 | 5.3 | % | 19,038 | 19,669 | (3.2) | % | ||||||||||||||||||||||||||||
SE Florida | 2,781 | 24,570 | 24,576 | 0.0 | % | 9,156 | 8,717 | 5.0 | % | 15,414 | 15,859 | (2.8) | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,744 | 23,616 | 23,766 | (0.6) | % | 9,582 | 8,823 | 8.6 | % | 14,034 | 14,943 | (6.1) | % | ||||||||||||||||||||||||||||
Orlando, FL | 3,954 | 25,240 | 25,289 | (0.2) | % | 9,459 | 9,567 | (1.1) | % | 15,781 | 15,722 | 0.4 | % | ||||||||||||||||||||||||||||
Tampa, FL | 3,104 | 23,435 | 23,259 | 0.8 | % | 8,280 | 8,290 | (0.1) | % | 15,155 | 14,969 | 1.2 | % | ||||||||||||||||||||||||||||
Denver, CO | 2,873 | 20,413 | 20,141 | 1.4 | % | 6,383 | 6,356 | 0.4 | % | 14,030 | 13,785 | 1.8 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 3,123 | 18,787 | 18,692 | 0.5 | % | 5,936 | 5,569 | 6.6 | % | 12,851 | 13,123 | (2.1) | % | ||||||||||||||||||||||||||||
Raleigh, NC | 3,252 | 17,705 | 17,691 | 0.1 | % | 5,698 | 5,509 | 3.4 | % | 12,007 | 12,182 | (1.4) | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,797 | 15,905 | 15,722 | 1.2 | % | 5,114 | 4,842 | 5.6 | % | 10,791 | 10,880 | (0.8) | % | ||||||||||||||||||||||||||||
Austin, TX | 3,360 | 18,167 | 18,254 | (0.5) | % | 8,093 | 7,452 | 8.6 | % | 10,074 | 10,802 | (6.7) | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,521 | 13,535 | 13,345 | 1.4 | % | 4,857 | 4,723 | 2.8 | % | 8,678 | 8,622 | 0.6 | % | ||||||||||||||||||||||||||||
Nashville, TN | 758 | 5,218 | 5,171 | 0.9 | % | 1,841 | 1,736 | 6.0 | % | 3,377 | 3,435 | (1.7) | % | ||||||||||||||||||||||||||||
Total Same Property | 55,866 | $367,488 | $366,424 | 0.3 | % | $132,898 | $130,943 | 1.5 | % | $234,590 | $235,481 | (0.4) | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) |
Rental Rate (c) |
Revenue per Occupied Home (d) |
||||||||||||||||||||||||||||||||||||||
Quarterly Results (b) |
Contribution | 3Q24 | 2Q24 | Growth | 3Q24 | 2Q24 | Growth | 3Q24 | 2Q24 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 13.8 | % | 96.7 | % | 96.9 | % | (0.2) | % | $2,297 | $2,263 | 1.5 | % | $2,639 | $2,609 | 1.2 | % | |||||||||||||||||||||||||
Houston, TX | 13.0 | % | 95.4 | % | 95.0 | % | 0.4 | % | 1,689 | 1,683 | 0.4 | % | 1,968 | 1,969 | 0.0 | % | |||||||||||||||||||||||||
Dallas, TX | 8.7 | % | 95.4 | % | 95.0 | % | 0.4 | % | 1,711 | 1,715 | (0.2) | % | 1,978 | 1,988 | (0.5) | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.1 | % | 94.0 | % | 94.8 | % | (0.8) | % | 1,973 | 1,981 | (0.4) | % | 2,351 | 2,353 | (0.1) | % | |||||||||||||||||||||||||
SE Florida | 6.6 | % | 96.1 | % | 96.4 | % | (0.3) | % | 2,715 | 2,700 | 0.6 | % | 3,064 | 3,056 | 0.3 | % | |||||||||||||||||||||||||
Atlanta, GA | 6.0 | % | 94.9 | % | 94.1 | % | 0.8 | % | 1,935 | 1,949 | (0.7) | % | 2,217 | 2,249 | (1.4) | % | |||||||||||||||||||||||||
Orlando, FL | 6.7 | % | 95.7 | % | 95.4 | % | 0.3 | % | 1,933 | 1,934 | (0.1) | % | 2,224 | 2,234 | (0.5) | % | |||||||||||||||||||||||||
Tampa, FL | 6.5 | % | 95.6 | % | 95.6 | % | 0.0 | % | 2,301 | 2,306 | (0.2) | % | 2,633 | 2,612 | 0.8 | % | |||||||||||||||||||||||||
Denver, CO | 6.0 | % | 96.7 | % | 96.6 | % | 0.1 | % | 2,137 | 2,110 | 1.3 | % | 2,450 | 2,419 | 1.3 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.5 | % | 95.5 | % | 94.8 | % | 0.7 | % | 1,817 | 1,814 | 0.2 | % | 2,101 | 2,107 | (0.2) | % | |||||||||||||||||||||||||
Raleigh, NC | 5.1 | % | 95.5 | % | 95.0 | % | 0.5 | % | 1,614 | 1,611 | 0.2 | % | 1,900 | 1,909 | (0.4) | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.6 | % | 96.1 | % | 96.1 | % | 0.0 | % | 2,779 | 2,751 | 1.0 | % | 3,071 | 3,036 | 1.2 | % | |||||||||||||||||||||||||
Austin, TX | 4.3 | % | 94.7 | % | 94.1 | % | 0.6 | % | 1,611 | 1,630 | (1.2) | % | 1,904 | 1,924 | (1.1) | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 3.7 | % | 93.6 | % | 93.3 | % | 0.3 | % | 2,902 | 2,885 | 0.6 | % | 3,169 | 3,136 | 1.1 | % | |||||||||||||||||||||||||
Nashville, TN | 1.4 | % | 94.8 | % | 95.3 | % | (0.5) | % | 2,243 | 2,240 | 0.1 | % | 2,421 | 2,386 | 1.4 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 95.5 | % | 95.3 | % | 0.2 | % | $1,995 | $1,990 | 0.3 | % | $2,296 | $2,294 | 0.1 | % |
CAMDEN | "SAME PROPERTY" | |||||||
YEAR TO DATE COMPARISONS | ||||||||
September 30, 2024 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Year to Date Results (a)(b) |
Included | 2024 | 2023 | Growth | 2024 | 2023 | Growth | 2024 | 2023 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 6,192 | $140,733 | $135,571 | 3.8 | % | $44,600 | $42,742 | 4.3 | % | $96,133 | $92,829 | 3.6 | % | ||||||||||||||||||||||||||||
Houston, TX | 9,154 | 153,793 | 150,555 | 2.2 | % | 65,853 | 67,766 | (2.8) | % | 87,940 | 82,789 | 6.2 | % | ||||||||||||||||||||||||||||
Dallas, TX | 6,224 | 105,544 | 105,281 | 0.2 | % | 44,452 | 43,501 | 2.2 | % | 61,092 | 61,780 | (1.1) | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 4,029 | 80,605 | 80,252 | 0.4 | % | 22,156 | 21,631 | 2.4 | % | 58,449 | 58,621 | (0.3) | % | ||||||||||||||||||||||||||||
SE Florida | 2,781 | 73,808 | 71,714 | 2.9 | % | 26,522 | 24,471 | 8.4 | % | 47,286 | 47,243 | 0.1 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,744 | 71,093 | 71,100 | 0.0 | % | 26,717 | 25,755 | 3.7 | % | 44,376 | 45,345 | (2.1) | % | ||||||||||||||||||||||||||||
Orlando, FL | 3,954 | 75,707 | 74,920 | 1.1 | % | 28,664 | 27,913 | 2.7 | % | 47,043 | 47,007 | 0.1 | % | ||||||||||||||||||||||||||||
Tampa, FL | 3,104 | 70,175 | 69,828 | 0.5 | % | 24,888 | 24,263 | 2.6 | % | 45,287 | 45,565 | (0.6) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,873 | 60,650 | 59,581 | 1.8 | % | 18,398 | 18,092 | 1.7 | % | 42,252 | 41,489 | 1.8 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 3,123 | 55,795 | 55,014 | 1.4 | % | 16,810 | 16,069 | 4.6 | % | 38,985 | 38,945 | 0.1 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 3,252 | 52,930 | 52,641 | 0.5 | % | 16,794 | 16,042 | 4.7 | % | 36,136 | 36,599 | (1.3) | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,797 | 47,062 | 44,501 | 5.8 | % | 14,716 | 14,344 | 2.6 | % | 32,346 | 30,157 | 7.3 | % | ||||||||||||||||||||||||||||
Austin, TX | 3,360 | 54,773 | 55,944 | (2.1) | % | 23,324 | 23,546 | (0.9) | % | 31,449 | 32,398 | (2.9) | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 1,521 | 40,155 | 38,974 | 3.0 | % | 14,377 | 12,916 | 11.3 | % | 25,778 | 26,058 | (1.1) | % | ||||||||||||||||||||||||||||
Nashville, TN | 758 | 15,567 | 16,116 | (3.4) | % | 5,414 | 5,465 | (0.9) | % | 10,153 | 10,651 | (4.7) | % | ||||||||||||||||||||||||||||
Total Same Property | 55,866 | $1,098,390 | $1,081,992 | 1.5 | % | $393,685 | $384,516 | 2.4 | % | $704,705 | $697,476 | 1.0 | % |
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 | 2024 | 2023 | Growth | 2024 | 2023 | Growth | 2024 | 2023 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 13.6 | % | 96.7 | % | 96.4 | % | 0.3 | % | $2,267 | $2,193 | 3.4 | % | $2,611 | $2,523 | 3.5 | % | |||||||||||||||||||||||||
Houston, TX | 12.5 | % | 95.0 | % | 94.8 | % | 0.2 | % | 1,684 | 1,663 | 1.3 | % | 1,965 | 1,927 | 2.0 | % | |||||||||||||||||||||||||
Dallas, TX | 8.7 | % | 95.0 | % | 95.3 | % | (0.3) | % | 1,716 | 1,721 | (0.3) | % | 1,984 | 1,973 | 0.5 | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.3 | % | 94.7 | % | 94.4 | % | 0.3 | % | 1,979 | 1,988 | (0.5) | % | 2,345 | 2,343 | 0.1 | % | |||||||||||||||||||||||||
SE Florida | 6.7 | % | 96.3 | % | 96.1 | % | 0.2 | % | 2,706 | 2,649 | 2.2 | % | 3,062 | 2,982 | 2.7 | % | |||||||||||||||||||||||||
Atlanta, GA | 6.3 | % | 94.2 | % | 94.2 | % | 0.0 | % | 1,953 | 1,985 | (1.6) | % | 2,240 | 2,240 | 0.0 | % | |||||||||||||||||||||||||
Orlando, FL | 6.7 | % | 95.5 | % | 96.1 | % | (0.6) | % | 1,935 | 1,918 | 0.9 | % | 2,228 | 2,192 | 1.7 | % | |||||||||||||||||||||||||
Tampa, FL | 6.4 | % | 95.8 | % | 96.3 | % | (0.5) | % | 2,305 | 2,290 | 0.7 | % | 2,623 | 2,596 | 1.0 | % | |||||||||||||||||||||||||
Denver, CO | 6.0 | % | 96.6 | % | 96.2 | % | 0.4 | % | 2,117 | 2,064 | 2.6 | % | 2,428 | 2,394 | 1.4 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.5 | % | 94.6 | % | 95.3 | % | (0.7) | % | 1,814 | 1,783 | 1.7 | % | 2,098 | 2,054 | 2.1 | % | |||||||||||||||||||||||||
Raleigh, NC | 5.1 | % | 95.1 | % | 95.5 | % | (0.4) | % | 1,612 | 1,602 | 0.6 | % | 1,902 | 1,884 | 0.9 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.6 | % | 95.8 | % | 95.7 | % | 0.1 | % | 2,757 | 2,664 | 3.5 | % | 3,039 | 2,876 | 5.7 | % | |||||||||||||||||||||||||
Austin, TX | 4.5 | % | 94.2 | % | 95.1 | % | (0.9) | % | 1,629 | 1,668 | (2.3) | % | 1,923 | 1,946 | (1.2) | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 3.7 | % | 93.0 | % | 95.2 | % | (2.2) | % | 2,900 | 2,919 | (0.7) | % | 3,152 | 2,995 | 5.2 | % | |||||||||||||||||||||||||
Nashville, TN | 1.4 | % | 94.6 | % | 96.2 | % | (1.6) | % | 2,253 | 2,300 | (2.0) | % | 2,411 | 2,456 | (1.8) | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 95.2 | % | 95.4 | % | (0.2) | % | $1,992 | $1,974 | 0.9 | % | $2,294 | $2,255 | 1.7 | % | |||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |||||||
DETAIL AND COMPARISONS | ||||||||
September 30, 2024 | ||||||||
(In thousands) | ||||||||
% of Actual | |||||||||||||||||
3Q24 Operating | |||||||||||||||||
Quarterly Comparison (a) (b) |
3Q24 | 3Q23 | $ Change | % Change | Expenses | ||||||||||||
Property Taxes | $44,812 | $46,110 | ($1,298) | (2.8) | % | 33.7 | % | ||||||||||
Salaries and Benefits for On-site Employees | 24,907 | 23,084 | 1,823 | 7.9 | % | 18.7 | % | ||||||||||
Utilities | 26,605 | 24,721 | 1,884 | 7.6 | % | 20.0 | % | ||||||||||
Repairs and Maintenance | 18,375 | 17,102 | 1,273 | 7.4 | % | 13.8 | % | ||||||||||
Property Insurance | 7,773 | 9,704 | (1,931) | (19.9) | % | 5.8 | % | ||||||||||
General and Administrative | 6,074 | 6,083 | (9) | (0.1) | % | 4.7 | % | ||||||||||
Marketing and Leasing | 3,117 | 2,668 | 449 | 16.8 | % | 2.4 | % | ||||||||||
Other | 1,235 | 1,028 | 207 | 20.1 | % | 0.9 | % | ||||||||||
Total Same Property | $132,898 | $130,500 | $2,398 | 1.8 | % | 100.0 | % |
% of Actual | |||||||||||||||||
3Q24 Operating | |||||||||||||||||
Sequential Comparison (a) (b) |
3Q24 | 2Q24 | $ Change | % Change | Expenses | ||||||||||||
Property Taxes | $44,812 | $46,266 | ($1,454) | (3.1) | % | 33.7 | % | ||||||||||
Salaries and Benefits for On-site Employees | 24,907 | 24,073 | 834 | 3.5 | % | 18.7 | % | ||||||||||
Utilities | 26,605 | 24,834 | 1,771 | 7.1 | % | 20.0 | % | ||||||||||
Repairs and Maintenance | 18,375 | 17,683 | 692 | 3.9 | % | 13.8 | % | ||||||||||
Property Insurance | 7,773 | 8,086 | (313) | (3.9) | % | 5.8 | % | ||||||||||
General and Administrative | 6,074 | 6,201 | (127) | (2.0) | % | 4.7 | % | ||||||||||
Marketing and Leasing | 3,117 | 2,736 | 381 | 13.9 | % | 2.4 | % | ||||||||||
Other | 1,235 | 1,064 | 171 | 16.1 | % | 0.9 | % | ||||||||||
Total Same Property | $132,898 | $130,943 | $1,955 | 1.5 | % | 100.0 | % |
% of Actual | ||||||||||||||||||||
2024 Operating | ||||||||||||||||||||
Year to Date Comparison (a) (b) |
2024 | 2023 | $ Change | % Change | Expenses | |||||||||||||||
Property Taxes | $138,193 | $139,350 | ($1,157) | (0.8) | % | 35.1 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 72,098 | 67,145 | 4,953 | 7.4 | % | 18.3 | % | |||||||||||||
Utilities | 76,538 | 72,653 | 3,885 | 5.3 | % | 19.4 | % | |||||||||||||
Repairs and Maintenance | 52,143 | 49,730 | 2,413 | 4.9 | % | 13.2 | % | |||||||||||||
Property Insurance | 24,635 | 28,101 | (3,466) | (12.3) | % | 6.3 | % | |||||||||||||
General and Administrative | 18,535 | 17,951 | 584 | 3.3 | % | 4.7 | % | |||||||||||||
Marketing and Leasing | 8,156 | 6,459 | 1,697 | 26.3 | % | 2.1 | % | |||||||||||||
Other | 3,387 | 3,127 | 260 | 8.3 | % | 0.9 | % | |||||||||||||
Total Same Property | $393,685 | $384,516 | $9,169 | 2.4 | % | 100.0 | % | |||||||||||||
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | Total | Cost to | Construction | Initial | Construction | Stabilized | As of 10/30/2024 | ||||||||||||||||||||||||||||
Homes | Date | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||
1. | Camden Woodmill Creek | 189 | $71.6 | 3Q22 | 4Q23 | 2Q24 | 2Q25 | 79% | 71% | ||||||||||||||||||||||||||
Spring, TX | |||||||||||||||||||||||||||||||||||
Total Completed Communities in Lease-Up | 189 | $71.6 | 79% | 71% | |||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 10/30/2024 | |||||||||||||||||||||||||||
Development Communities | Homes | Estimated Cost | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||
1. | Camden Durham | 420 | $145.0 | $144.0 | $23.5 | 1Q21 | 3Q23 | 4Q24 | 4Q25 | 74% | 74% | ||||||||||||||||||||||||
Durham, NC | |||||||||||||||||||||||||||||||||||
2. | Camden Long Meadow Farms | 188 | 75.0 | 72.6 | 16.0 | 3Q22 | 1Q24 | 4Q24 | 3Q25 | 46% | 43% | ||||||||||||||||||||||||
Richmond, TX | |||||||||||||||||||||||||||||||||||
3. | Camden Village District | 369 | 138.0 | 111.5 | 111.5 | 2Q22 | 1Q25 | 4Q25 | 2Q27 | ||||||||||||||||||||||||||
Raleigh, NC | |||||||||||||||||||||||||||||||||||
4. | Camden South Charlotte | 420 | 163.0 | 47.1 | 47.1 | 2Q24 | 2Q26 | 2Q27 | 4Q28 | ||||||||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||||||||||||||||
5. | Camden Blakeney | 349 | 154.0 | 32.8 | 32.8 | 2Q24 | 4Q26 | 3Q27 | 3Q28 | ||||||||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||||||||||||||||
Total Development Communities | 1,746 | $675.0 | $408.0 | $230.9 | 65% | 64% | |||||||||||||||||||||||||||||
Additional Development Pipeline and Land(a) |
187.3 | ||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) |
$418.2 | ||||||||||||||||||||||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 3Q24 NOI | |||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | $71.6 | $0.4 | |||||||||||||||||||||||||||||||||
Development Communities in Lease-Up | 216.6 | 1.1 | |||||||||||||||||||||||||||||||||
Total Development Communities NOI Contribution | $288.2 | $1.5 | |||||||||||||||||||||||||||||||||
CAMDEN | DEVELOPMENT PIPELINE & LAND | |||||||
Projected | Total | ||||||||||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) |
Cost to Date | ||||||||||||||
1. | Camden Baker | 434 | $195.0 | $35.6 | |||||||||||||
Denver, CO | |||||||||||||||||
2. | Camden Nations | 393 | 178.0 | 42.0 | |||||||||||||
Nashville, TN | |||||||||||||||||
3. | Camden Gulch | 498 | 300.0 | 51.9 | |||||||||||||
Nashville, TN | |||||||||||||||||
Development Pipeline | 1,325 | $673.0 | $129.5 | ||||||||||||||
Other (b) |
$57.8 | ||||||||||||||||
Total Development Pipeline and Land | $187.3 | ||||||||||||||||
CAMDEN | DISPOSITIONS | |||||||
Apartment | Weighted Average | |||||||||||||||||||||||||
2024 Dispositions | Location | Sales Price | Homes | Monthly Rental Rate | Year Built | Closing Date | ||||||||||||||||||||
1. | Camden Vantage | Atlanta, GA | $115.0 | 592 Homes | $1,745 | 2010 | 2/7/2024 | |||||||||||||||||||
Total/Average Disposition | $115.0 | 592 Homes | $1,745 | |||||||||||||||||||||||
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 | ($879) | $— | $— | ($879) | — | % | — | % | |||||||||||||||
2025 | (3,572) | — | — | (3,572) | (0.1) | % | — | % | |||||||||||||||
2026 | (3,386) | 24,000 | 552,374 | 572,988 | 16.6 | % | 6.2 | % | |||||||||||||||
2027 | (2,433) | 174,900 | — | 172,467 | 5.0 | % | 3.9 | % | |||||||||||||||
2028 | (2,143) | 132,025 | 400,000 | 529,882 | 15.4 | % | 3.8 | % | |||||||||||||||
Thereafter | (7,088) | — | 2,050,000 | 2,042,912 | 59.1 | % | 3.7 | % | |||||||||||||||
Total Maturing Debt | ($19,501) | $330,925 | $3,002,374 | $3,313,798 | 96.0 | % | 4.1 | % | |||||||||||||||
Unsecured Line of Credit | $— | $— | $138,000 | $138,000 | 4.0 | % | 5.7 | % | |||||||||||||||
Total Debt | ($19,501) | $330,925 | $3,140,374 | $3,451,798 | 100.0 | % | 4.2 | % | |||||||||||||||
Weighted Average Maturity of Debt | 6.5 Years | ||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate (b) |
Time to Maturity | |||||||||||||||||||
Floating rate debt | $687,975 | 19.9 | % | 6.2% | 2.3 Years | ||||||||||||||||||
Fixed rate debt | 2,763,823 | 80.1 | % | 3.7% | 7.5 Years | ||||||||||||||||||
Total | $3,451,798 | 100.0 | % | 4.2% | 6.5 Years | ||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate (b) |
Time to Maturity | |||||||||||||||||||
Unsecured debt | $3,121,499 | 90.4 | % | 4.2% | 6.8 Years | ||||||||||||||||||
Secured debt | 330,299 | 9.6 | % | 3.9% | 2.9 Years | ||||||||||||||||||
Total | $3,451,798 | 100.0 | % | 4.2% | 6.5 Years | ||||||||||||||||||
REAL ESTATE ASSETS: (c) |
Total Homes | % of Total | Total Cost | % of Total | 3Q24 NOI | % of Total | |||||||||||||||||
Unencumbered real estate assets | 55,386 | 92.3 | % | $12,004,061 | 89.9% | $227,554 | 93.3 | % | |||||||||||||||
Encumbered real estate assets | 4,610 | 7.7 | % | 1,354,594 | 10.1% | 16,318 | 6.7 | % | |||||||||||||||
Total | 59,996 | 100.0 | % | $13,358,655 | 100.0% | $243,872 | 100.0 | % | |||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 3.8x |
CAMDEN | DEBT MATURITY ANALYSIS | |||||||
(In thousands) | ||||||||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | ||||||||||||||||
4Q 2024 | ($879) | $— | $— | ($879) | N/A | |||||||||||||||
2024 | ($879) | $— | $— | ($879) | — | % | ||||||||||||||
1Q 2025 | ($884) | $— | $— | ($884) | N/A | |||||||||||||||
2Q 2025 | (890) | — | — | (890) | N/A | |||||||||||||||
3Q 2025 | (896) | — | — | (896) | N/A | |||||||||||||||
4Q 2025 | (902) | — | — | (902) | N/A | |||||||||||||||
2025 | ($3,572) | $— | $— | ($3,572) | — | % | ||||||||||||||
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% | 560% | 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% | 25% | Yes | |||||||||||||||||||
Total Secured Debt to Total Asset Value | < | 40% | 2% | Yes | |||||||||||||||||||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 394% | Yes | |||||||||||||||||||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 580% | Yes | |||||||||||||||||||
CAMDEN | CAPITALIZED EXPENDITURES | |||||||
& MAINTENANCE EXPENSE | ||||||||
(In thousands, except unit data) | ||||||||
Third Quarter 2024 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) |
Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 4 | years | $3,573 | $61 | $594 | $10 | |||||||||||||||||||||||
Appliances | 10 | years | 1,568 | 27 | 558 | 10 | |||||||||||||||||||||||
Painting | — | — | — | 2,461 | 42 | ||||||||||||||||||||||||
Cabinetry/Countertops | 8 | years | 121 | 2 | — | — | |||||||||||||||||||||||
Other | 7 | years | 2,146 | 37 | 1,481 | 25 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 7 | years | 1,193 | 20 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 359 | 6 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 864 | 15 | 3,501 | 60 | |||||||||||||||||||||||
Roofing | 16 | years | 2,208 | 38 | 296 | 5 | |||||||||||||||||||||||
Site Drainage | 10 | years | 97 | 2 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 504 | 9 | — | — | |||||||||||||||||||||||
Other (b) |
9 | years | 4,054 | 69 | 5,227 | 89 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 6,900 | 118 | 4,498 | 77 | |||||||||||||||||||||||
Parking/Paving | 5 | years | 335 | 5 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 7 | years | 1,754 | 30 | 639 | 11 | |||||||||||||||||||||||
Total Recurring (c) |
$25,676 | $439 | $19,255 | $329 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 58,453 | 58,453 | |||||||||||||||||||||||||||
Non-recurring & revenue enhancing capitalized expenditures (d) |
$658 | ||||||||||||||||||||||||||||
Reposition Expenditures (e) |
10 | years | $23,739 | $33,155 | |||||||||||||||||||||||||
Repositioned Apartment Homes | 716 | ||||||||||||||||||||||||||||
Year to Date 2024 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) |
Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 4 | years | $9,310 | $159 | $1,545 | $26 | |||||||||||||||||||||||
Appliances | 10 | years | 4,194 | 72 | 1,463 | 25 | |||||||||||||||||||||||
Painting | — | — | — | 6,350 | 109 | ||||||||||||||||||||||||
Cabinetry/Countertops | 8 | years | 447 | 8 | — | — | |||||||||||||||||||||||
Other | 7 | years | 6,986 | 120 | 3,947 | 68 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 7 | years | 3,128 | 54 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 1,651 | 28 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 2,411 | 41 | 10,662 | 183 | |||||||||||||||||||||||
Roofing | 16 | years | 7,949 | 136 | 950 | 16 | |||||||||||||||||||||||
Site Drainage | 10 | years | 263 | 5 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 1,418 | 24 | — | — | |||||||||||||||||||||||
Other (b) |
9 | years | 13,779 | 236 | 15,099 | 259 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 18,992 | 326 | 12,850 | 220 | |||||||||||||||||||||||
Parking/Paving | 5 | years | 1,256 | 22 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 7 | years | 5,512 | 94 | 1,707 | 29 | |||||||||||||||||||||||
Total Recurring (c) |
$77,296 | $1,325 | $54,573 | $935 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 58,344 | 58,344 | |||||||||||||||||||||||||||
Non-recurring & revenue enhancing capitalized expenditures (d) |
$1,880 | ||||||||||||||||||||||||||||
Reposition Expenditures (e) |
10 | years | $68,031 | $31,452 | |||||||||||||||||||||||||
Repositioned Apartment Homes | 2,163 | ||||||||||||||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Net income (loss) attributable to common shareholders | ($4,204) | $47,963 | $122,602 | $180,979 | |||||||||||||
Real estate depreciation and amortization | 142,853 | 141,362 | 427,595 | 420,762 | |||||||||||||
Income allocated to non-controlling interests | 1,866 | 1,856 | 5,629 | 5,399 | |||||||||||||
Gain on sale of operating properties | — | — | (43,806) | (48,919) | |||||||||||||
Impairment associated with land development activities | 40,988 | — | 40,988 | — | |||||||||||||
Funds from operations | $181,503 | $191,181 | $553,008 | $558,221 | |||||||||||||
Plus: Casualty-related expenses, net of (recoveries) |
2,833 | (436) | 2,769 | 503 | |||||||||||||
Plus: Severance |
— | — | 506 | — | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
1,301 | — | 3,267 | 84 | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 921 | 2,513 | |||||||||||||
Plus: Expensed development & other pursuit costs |
833 | — | 1,493 | 471 | |||||||||||||
Plus: Advocacy contributions | 1,653 | — | 1,653 | — | |||||||||||||
Less: Miscellaneous (income)/expense |
— | — | — | (364) | |||||||||||||
Core funds from operations | $188,123 | $190,745 | $563,617 | $561,428 | |||||||||||||
Less: recurring capitalized expenditures | (25,676) | (26,554) | (77,296) | (65,167) | |||||||||||||
Core adjusted funds from operations | $162,447 | $164,191 | $486,321 | $496,261 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
EPS diluted | 108,426 | 108,706 | 108,547 | 108,659 | |||||||||||||
FFO/Core FFO/ Core AFFO diluted | 110,082 | 110,301 | 110,141 | 110,255 | |||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Total Earnings Per Common Share - Diluted | ($0.04) | $0.44 | $1.13 | $1.66 | |||||||||||||
Real estate depreciation and amortization | 1.30 | 1.27 | 3.87 | 3.79 | |||||||||||||
Income allocated to non-controlling interests | 0.02 | 0.02 | 0.05 | 0.05 | |||||||||||||
Gain on sale of operating property | — | — | (0.40) | (0.44) | |||||||||||||
Impairment associated with land development activities | 0.37 | — | 0.37 | — | |||||||||||||
FFO per common share - Diluted | $1.65 | $1.73 | $5.02 | $5.06 | |||||||||||||
Plus: Casualty-related expenses, net of (recoveries) |
0.02 | — | 0.03 | — | |||||||||||||
Plus: Severance |
— | — | — | — | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
0.01 | — | 0.03 | — | |||||||||||||
Plus: Loss on early retirement of debt |
— | — | 0.01 | 0.03 | |||||||||||||
Plus: Expensed development & other pursuit costs |
0.01 | — | 0.01 | — | |||||||||||||
Plus: Advocacy contributions | 0.02 | — | 0.02 | — | |||||||||||||
Less: Miscellaneous (income)/expense |
— | — | — | — | |||||||||||||
Core FFO per common share - Diluted | $1.71 | $1.73 | $5.12 | $5.09 | |||||||||||||
Less: recurring capitalized expenditures | (0.23) | (0.24) | (0.70) | (0.59) | |||||||||||||
Core AFFO per common share - Diluted | $1.48 | $1.49 | $4.42 | $4.50 | |||||||||||||
4Q24 | Range | 2024 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.34 | $0.38 | $1.46 | $1.50 | |||||||||||||
Expected real estate depreciation and amortization | 1.29 | 1.29 | 5.17 | 5.17 | |||||||||||||
Expected income allocated to non-controlling interests | 0.02 | 0.02 | 0.07 | 0.07 | |||||||||||||
Expected (gain) on sale of operating properties | — | — | (0.40) | (0.40) | |||||||||||||
Impairment associated with land development activities | — | — | 0.37 | 0.37 | |||||||||||||
Expected FFO per share - diluted | $1.65 | $1.69 | $6.67 | $6.71 | |||||||||||||
Anticipated Adjustments to FFO | 0.03 | 0.03 | 0.12 | 0.12 | |||||||||||||
Expected Core FFO per share - diluted | $1.68 | $1.72 | $6.79 | $6.83 | |||||||||||||
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 September 30, | Nine months ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Net income (loss) | ($2,338) | $49,819 | $128,231 | $186,378 | |||||||||||||
Less: Fee and asset management income | (1,707) | (1,077) | (5,597) | (2,373) | |||||||||||||
Less: Interest and other income | (1,076) | (64) | (4,442) | (557) | |||||||||||||
Less: Income/(loss) on deferred compensation plans | (8,248) | 3,339 | (15,140) | (5,417) | |||||||||||||
Plus: Property management expense | 9,817 | 7,891 | 29,057 | 24,939 | |||||||||||||
Plus: Fee and asset management expense | 623 | 444 | 1,541 | 1,277 | |||||||||||||
Plus: General and administrative expense | 18,845 | 15,543 | 53,692 | 46,762 | |||||||||||||
Plus: Interest expense | 32,486 | 33,006 | 97,250 | 99,427 | |||||||||||||
Plus: Depreciation and amortization expense | 145,844 | 144,359 | 436,540 | 429,857 | |||||||||||||
Plus: Expense/(benefit) on deferred compensation plans | 8,248 | (3,339) | 15,140 | 5,417 | |||||||||||||
Plus: Impairment associated with land development activities | 40,988 | — | 40,988 | — | |||||||||||||
Plus: Loss on early retirement of debt | — | — | 921 | 2,513 | |||||||||||||
Less: Gain on sale of operating property | — | — | (43,806) | (48,919) | |||||||||||||
Plus: Income tax expense | 390 | 752 | 2,354 | 2,753 | |||||||||||||
NOI | $243,872 | $250,673 | $736,729 | $742,057 | |||||||||||||
"Same Property" Communities | $234,590 | $234,648 | $704,705 | $697,476 | |||||||||||||
Non-"Same Property" Communities | 9,053 | 8,157 | 27,131 | 21,451 | |||||||||||||
Development and Lease-Up Communities | 1,474 | (12) | 1,925 | (19) | |||||||||||||
Disposition/Other | (1,245) | 7,880 | 2,968 | 23,149 | |||||||||||||
NOI | $243,872 | $250,673 | $736,729 | $742,057 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Net income (loss) | ($2,338) | $49,819 | $128,231 | $186,378 | |||||||||||||
Plus: Interest expense | 32,486 | 33,006 | 97,250 | 99,427 | |||||||||||||
Plus: Depreciation and amortization expense | 145,844 | 144,359 | 436,540 | 429,857 | |||||||||||||
Plus: Income tax expense | 390 | 752 | 2,354 | 2,753 | |||||||||||||
Less: Gain on sale of operating property | — | — | (43,806) | (48,919) | |||||||||||||
Plus: Impairment associated with land development activities | 40,988 | — | 40,988 | — | |||||||||||||
EBITDAre | $217,370 | $227,936 | $661,557 | $669,496 | |||||||||||||
Plus: Casualty-related expenses, net of (recoveries) |
2,833 | (436) | 2,769 | 503 | |||||||||||||
Plus: Severance |
— | — | 506 | — | |||||||||||||
Plus: Legal costs and settlements, net of recoveries |
1,301 | — | 3,267 | 84 | |||||||||||||
Plus: Loss on early retirement of debt | — | — | 921 | 2,513 | |||||||||||||
Plus: Expensed development & other pursuit costs |
833 | — | 1,493 | 471 | |||||||||||||
Plus: Advocacy contributions | 1,653 | — | 1,653 | — | |||||||||||||
Less: Miscellaneous (income)/expense |
— | — | — | (364) | |||||||||||||
Adjusted EBITDAre | $223,990 | $227,500 | $672,166 | $672,703 | |||||||||||||
Annualized Adjusted EBITDAre | $895,960 | $910,000 | $896,221 | $896,937 | |||||||||||||
Average monthly balance for the | Average monthly balance for the | ||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Unsecured notes payable | $3,193,365 | $3,374,176 | $3,219,724 | $3,336,040 | |||||||||||||||||||
Secured notes payable | 330,280 | 330,052 | 330,222 | 412,290 | |||||||||||||||||||
Total debt | 3,523,645 | 3,704,228 | 3,549,946 | 3,748,330 | |||||||||||||||||||
Less: Cash and cash equivalents | (43,414) | (8,338) | (54,702) | (8,546) | |||||||||||||||||||
Net debt | $3,480,231 | $3,695,890 | $3,495,244 | $3,739,784 | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net debt | $3,480,231 | $3,695,890 | $3,495,244 | $3,739,784 | |||||||||||||||||||
Annualized Adjusted EBITDAre | 895,960 | 910,000 | 896,221 | 896,937 | |||||||||||||||||||
Net Debt to Annualized Adjusted EBITDAre | 3.9x | 4.1x | 3.9x | 4.2x | |||||||||||||||||||
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: | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | ||||||||||||||||
Earnings Release & Conference Call | Early February | Early May | Late July | Late October | ||||||||||||||||
Dividend Information - Common Shares: | Q1 '24 | Q2 '24 | Q3 '24 | |||||||||||||||||
Declaration Date | 2/1/2024 | 6/14/2024 | 9/16/2024 | |||||||||||||||||
Record Date | 3/29/2024 | 6/28/2024 | 9/30/2024 | |||||||||||||||||
Payment Date | 4/17/2024 | 7/17/2024 | 10/17/2024 | |||||||||||||||||
Distributions Per Share | $1.03 | $1.03 | $1.03 |
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 | Executive Vice Chairman | |||||||||||||
Alexander J. Jessett | President & Chief Financial Officer | |||||||||||||
Laurie A. Baker | Chief Operating Officer | |||||||||||||
Kimberly A. Callahan | Senior Vice President - Investor Relations |
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 9/30/2024 |
(Unaudited) | 3Q24 Avg Monthly | 3Q24 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 3Q24 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% | $1,952 | $1.70 | $2,315 | $2.02 | ||||||||||||||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 94% | 1,665 | 2.12 | 2,023 | 2.57 | ||||||||||||||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 94% | 2,146 | 2.08 | 2,565 | 2.49 | ||||||||||||||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 94% | 2,023 | 1.90 | 2,382 | 2.23 | ||||||||||||||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 94% | 1,973 | 1.84 | 2,364 | 2.21 | ||||||||||||||||||||||
Camden North End I | Phoenix | AZ | 2019 | 921 | 441 | 94% | 2,018 | 2.19 | 2,438 | 2.65 | ||||||||||||||||||||||
Camden North End II | Phoenix | AZ | 2021 | 885 | 343 | 93% | 2,048 | 2.31 | 2,465 | 2.78 | ||||||||||||||||||||||
Camden Old Town Scottsdale | Scottsdale | AZ | 2016 | 892 | 316 | 92% | 2,252 | 2.53 | 2,573 | 2.89 | ||||||||||||||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 949 | 272 | 94% | 1,701 | 1.79 | 2,043 | 2.15 | ||||||||||||||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 94% | 1,895 | 1.93 | 2,220 | 2.26 | ||||||||||||||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 94% | 2,016 | 1.94 | 2,410 | 2.31 | ||||||||||||||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 93% | 2,035 | 1.56 | 2,492 | 1.91 | ||||||||||||||||||||||
Camden Tempe | Tempe | AZ | 2015 | 1,043 | 234 | 94% | 1,936 | 1.86 | 2,341 | 2.24 | ||||||||||||||||||||||
Camden Tempe II | Tempe | AZ | 2023 | 981 | 397 | 93% | 1,948 | 1.99 | 2,277 | 2.32 | ||||||||||||||||||||||
TOTAL ARIZONA | 14 | Properties | 995 | 4,426 | 94% | 1,971 | 1.98 | 2,345 | 2.36 | |||||||||||||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 96% | 2,776 | 2.75 | 3,076 | 3.05 | ||||||||||||||||||||||
Camden Glendale | Glendale | CA | 2015 | 893 | 307 | 96% | 2,858 | 3.20 | 3,160 | 3.54 | ||||||||||||||||||||||
Camden Harbor View | Long Beach | CA | 2004/2016 | 981 | 547 | 91% | 2,975 | 3.03 | 3,229 | 3.29 | ||||||||||||||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96% | 2,743 | 2.71 | 3,058 | 3.03 | ||||||||||||||||||||||
The Camden | Hollywood | CA | 2016 | 767 | 287 | 93% | 2,978 | 3.88 | 3,193 | 4.16 | ||||||||||||||||||||||
Total Los Angeles/Orange County | 5 | Properties | 943 | 1,811 | 94% | 2,877 | 3.05 | 3,151 | 3.34 | |||||||||||||||||||||||
Camden Hillcrest | San Diego | CA | 2021 | 1,223 | 132 | 95% | 3,678 | 3.01 | 3,927 | 3.21 | ||||||||||||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 95% | 2,275 | 2.32 | 2,525 | 2.57 | ||||||||||||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 97% | 2,974 | 2.87 | 3,270 | 3.15 | ||||||||||||||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 96% | 2,876 | 2.99 | 3,203 | 3.33 | ||||||||||||||||||||||
Camden Tuscany | San Diego | CA | 2003 | 895 | 160 | 96% | 3,245 | 3.62 | 3,561 | 3.98 | ||||||||||||||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 96% | 2,533 | 2.41 | 2,840 | 2.70 | ||||||||||||||||||||||
Total San Diego/Inland Empire | 6 | Properties | 1,009 | 1,797 | 96% | 2,779 | 2.76 | 3,071 | 3.05 | |||||||||||||||||||||||
TOTAL CALIFORNIA | 11 | Properties | 975 | 3,608 | 95% | 2,828 | 2.90 | 3,111 | 3.19 | |||||||||||||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 96% | 1,978 | 2.23 | 2,267 | 2.55 | ||||||||||||||||||||||
Camden Caley | Englewood | CO | 2000 | 921 | 218 | 98% | 1,985 | 2.16 | 2,242 | 2.43 | ||||||||||||||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 97% | 2,328 | 2.29 | 2,644 | 2.60 | ||||||||||||||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 97% | 2,084 | 2.17 | 2,411 | 2.51 | ||||||||||||||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 96% | 2,366 | 2.06 | 2,758 | 2.40 | ||||||||||||||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,002 | 340 | 97% | 2,138 | 2.13 | 2,443 | 2.44 | ||||||||||||||||||||||
Camden Lakeway | Littleton | CO | 1997 | 929 | 459 | 96% | 2,108 | 2.27 | 2,403 | 2.59 | ||||||||||||||||||||||
Camden Lincoln Station | Lone Tree | CO | 2017 | 844 | 267 | 97% | 1,920 | 2.28 | 2,153 | 2.55 | ||||||||||||||||||||||
Camden RiNo | Denver | CO | 2020 | 828 | 233 | 96% | 2,271 | 2.74 | 2,657 | 3.21 | ||||||||||||||||||||||
TOTAL COLORADO | 9 | Properties | 957 | 2,873 | 97% | 2,137 | 2.23 | 2,450 | 2.56 | |||||||||||||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 98% | 2,231 | 2.10 | 2,529 | 2.38 | ||||||||||||||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 509 | 96% | 1,928 | 2.05 | 2,265 | 2.40 | ||||||||||||||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 977 | 382 | 97% | 2,325 | 2.38 | 2,653 | 2.71 | ||||||||||||||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 97% | 2,352 | 2.23 | 2,709 | 2.57 | ||||||||||||||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 97% | 2,335 | 2.50 | 2,695 | 2.89 | ||||||||||||||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 96% | 2,246 | 2.26 | 2,596 | 2.61 | ||||||||||||||||||||||
Camden Grand Parc | Washington | DC | 2002 | 672 | 105 | 96% | 2,826 | 4.21 | 3,079 | 4.58 | ||||||||||||||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 97% | 2,264 | 2.25 | 2,606 | 2.59 | ||||||||||||||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 97% | 2,102 | 2.46 | 2,389 | 2.79 | ||||||||||||||||||||||
Camden Noma | Washington | DC | 2014 | 769 | 321 | 96% | 2,325 | 3.02 | 2,684 | 3.49 | ||||||||||||||||||||||
Camden Noma II | Washington | DC | 2017 | 759 | 405 | 96% | 2,395 | 3.15 | 2,741 | 3.61 | ||||||||||||||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 832 | 378 | 97% | 2,395 | 2.88 | 2,764 | 3.32 | ||||||||||||||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 95% | 3,258 | 3.81 | 3,671 | 4.29 | ||||||||||||||||||||||
Camden Shady Grove | Rockville | MD | 2018 | 877 | 457 | 97% | 2,133 | 2.43 | 2,422 | 2.76 | ||||||||||||||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 97% | 2,253 | 2.31 | 2,584 | 2.65 | ||||||||||||||||||||||
Camden South Capitol | Washington | DC | 2013 | 821 | 281 | 94% | 2,469 | 3.01 | 2,952 | 3.59 | ||||||||||||||||||||||
Camden Washingtonian | Gaithersburg | MD | 2018 | 870 | 365 | 97% | 2,178 | 2.50 | 2,466 | 2.84 | ||||||||||||||||||||||
TOTAL DC METRO | 17 | Properties | 913 | 6,192 | 97% | 2,297 | 2.52 | 2,639 | 2.89 | |||||||||||||||||||||||
Camden Atlantic | Plantation | FL | 2022 | 919 | 269 | 97% | 2,504 | 2.72 | 2,744 | 2.99 | ||||||||||||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 96% | 2,754 | 2.48 | 3,171 | 2.86 | ||||||||||||||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 97% | 2,632 | 3.12 | 2,984 | 3.54 | ||||||||||||||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 96% | 3,009 | 3.21 | 3,349 | 3.57 | ||||||||||||||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 95% | 2,705 | 2.41 | 2,976 | 2.66 | ||||||||||||||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 98% | 2,959 | 2.36 | 3,264 | 2.61 | ||||||||||||||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 96% | 2,810 | 2.69 | 3,211 | 3.08 | ||||||||||||||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 95% | 2,458 | 2.05 | 2,770 | 2.31 | ||||||||||||||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 97% | 2,475 | 2.23 | 2,838 | 2.55 | ||||||||||||||||||||||
Total Southeast Florida | 9 | Properties | 1,065 | 3,050 | 96% | 2,696 | 2.53 | 3,036 | 2.85 |
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 9/30/2024 |
(Unaudited) | 3Q24 Avg Monthly | 3Q24 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 3Q24 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 | 97% | $1,935 | $1.80 | $2,246 | $2.09 | ||||||||||||||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 97% | 1,818 | 1.90 | 2,129 | 2.23 | ||||||||||||||||||||||
Camden Lake Eola | Orlando | FL | 2021 | 944 | 360 | 95% | 2,420 | 2.56 | 2,722 | 2.88 | ||||||||||||||||||||||
Camden LaVina | Orlando | FL | 2012 | 969 | 420 | 96% | 1,878 | 1.94 | 2,232 | 2.30 | ||||||||||||||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 96% | 1,847 | 1.97 | 2,170 | 2.31 | ||||||||||||||||||||||
Camden North Quarter | Orlando | FL | 2016 | 806 | 333 | 97% | 1,890 | 2.35 | 2,126 | 2.64 | ||||||||||||||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 95% | 1,763 | 2.16 | 2,039 | 2.50 | ||||||||||||||||||||||
Camden Thornton Park | Orlando | FL | 2016 | 920 | 299 | 96% | 2,103 | 2.29 | 2,367 | 2.57 | ||||||||||||||||||||||
Camden Town Square | Orlando | FL | 2012 | 983 | 438 | 94% | 1,869 | 1.90 | 2,138 | 2.17 | ||||||||||||||||||||||
Camden Waterford Lakes | Orlando | FL | 2014 | 971 | 300 | 97% | 1,918 | 1.97 | 2,185 | 2.25 | ||||||||||||||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 94% | 1,867 | 1.91 | 2,129 | 2.18 | ||||||||||||||||||||||
Total Orlando | 11 | Properties | 944 | 3,954 | 96% | 1,933 | 2.05 | 2,224 | 2.36 | |||||||||||||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 96% | 1,884 | 2.00 | 2,224 | 2.36 | ||||||||||||||||||||||
Camden Central | St. Petersburg | FL | 2019 | 942 | 368 | 97% | 3,360 | 3.56 | 3,738 | 3.97 | ||||||||||||||||||||||
Camden Montague | Tampa | FL | 2012 | 972 | 192 | 95% | 1,895 | 1.95 | 2,199 | 2.26 | ||||||||||||||||||||||
Camden Pier District | St. Petersburg | FL | 2016 | 989 | 358 | 97% | 3,500 | 3.54 | 3,718 | 3.76 | ||||||||||||||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 96% | 2,083 | 2.21 | 2,382 | 2.53 | ||||||||||||||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 92% | 1,785 | 1.75 | 2,127 | 2.09 | ||||||||||||||||||||||
Camden Visconti | Tampa | FL | 2007 | 1,125 | 450 | 95% | 2,041 | 1.81 | 2,381 | 2.12 | ||||||||||||||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 96% | 2,112 | 2.13 | 2,474 | 2.49 | ||||||||||||||||||||||
Total Tampa | 8 | Properties | 990 | 3,104 | 96% | 2,301 | 2.32 | 2,633 | 2.66 | |||||||||||||||||||||||
TOTAL FLORIDA | 28 | Properties | 995 | 10,108 | 96% | 2,276 | 2.29 | 2,595 | 2.61 | |||||||||||||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 916 | 359 | 96% | 1,650 | 1.80 | 1,958 | 2.14 | ||||||||||||||||||||||
Camden Buckhead | Atlanta | GA | 2022 | 1,087 | 366 | 89% | 2,540 | 2.34 | 2,730 | 2.51 | ||||||||||||||||||||||
Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 95% | 1,759 | 2.13 | 1,909 | 2.31 | ||||||||||||||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 97% | 1,708 | 1.72 | 1,991 | 2.01 | ||||||||||||||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 98% | 1,971 | 1.66 | 2,267 | 1.91 | ||||||||||||||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 95% | 1,764 | 1.75 | 2,067 | 2.05 | ||||||||||||||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 844 | 276 | 97% | 2,046 | 2.42 | 2,351 | 2.78 | ||||||||||||||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 95% | 1,766 | 1.89 | 2,041 | 2.18 | ||||||||||||||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,408 | 379 | 96% | 2,847 | 2.02 | 3,155 | 2.24 | ||||||||||||||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 97% | 1,793 | 1.75 | 2,090 | 2.04 | ||||||||||||||||||||||
Camden Phipps | Atlanta | GA | 1996 | 1,010 | 234 | 80% | 1,761 | 1.74 | 2,085 | 2.06 | ||||||||||||||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 96% | 1,707 | 1.49 | 2,040 | 1.79 | ||||||||||||||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 93% | 1,753 | 1.75 | 2,084 | 2.09 | ||||||||||||||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 93% | 1,528 | 1.51 | 1,823 | 1.81 | ||||||||||||||||||||||
TOTAL GEORGIA | 14 | Properties | 1,036 | 4,270 | 94% | 1,928 | 1.86 | 2,214 | 2.14 | |||||||||||||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,048 | 400 | 95% | 1,748 | 1.67 | 2,037 | 1.94 | ||||||||||||||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 95% | 1,756 | 1.94 | 2,033 | 2.25 | ||||||||||||||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 95% | 1,822 | 2.13 | 2,111 | 2.46 | ||||||||||||||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 94% | 1,546 | 1.49 | 1,845 | 1.78 | ||||||||||||||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 92% | 1,438 | 1.53 | 1,728 | 1.84 | ||||||||||||||||||||||
Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 98% | 1,529 | 1.75 | 1,800 | 2.06 | ||||||||||||||||||||||
Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 96% | 1,975 | 2.66 | 2,238 | 3.01 | ||||||||||||||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,060 | 285 | 96% | 2,172 | 2.05 | 2,433 | 2.30 | ||||||||||||||||||||||
Camden Grandview II | Charlotte | NC | 2019 | 2,241 | 28 | 96% | 4,149 | 1.85 | 4,156 | 1.85 | ||||||||||||||||||||||
Camden NoDa | Charlotte | NC | 2023 | 789 | 387 | 96% | 1,665 | 2.11 | 1,911 | 2.42 | ||||||||||||||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96% | 1,629 | 1.68 | 1,933 | 1.99 | ||||||||||||||||||||||
Camden South End | Charlotte | NC | 2003 | 878 | 299 | 96% | 1,898 | 2.16 | 2,175 | 2.48 | ||||||||||||||||||||||
Camden Southline | Charlotte | NC | 2015 | 831 | 266 | 96% | 2,038 | 2.45 | 2,310 | 2.78 | ||||||||||||||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 96% | 1,751 | 1.59 | 2,070 | 1.88 | ||||||||||||||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 95% | 1,450 | 1.61 | 1,729 | 1.92 | ||||||||||||||||||||||
Total Charlotte | 15 | Properties | 936 | 3,510 | 96% | 1,800 | 1.92 | 2,079 | 2.22 | |||||||||||||||||||||||
Camden Asbury Village | Raleigh | NC | 2009 | 1,009 | 350 | 96% | 1,621 | 1.61 | 1,907 | 1.89 | ||||||||||||||||||||||
Camden Carolinian | Raleigh | NC | 2017 | 1,118 | 186 | 95% | 2,325 | 2.08 | 2,514 | 2.25 | ||||||||||||||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,012 | 442 | 95% | 1,513 | 1.49 | 1,782 | 1.76 | ||||||||||||||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 93% | 1,660 | 1.59 | 1,989 | 1.90 | ||||||||||||||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 97% | 1,613 | 1.51 | 1,909 | 1.79 | ||||||||||||||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 95% | 1,548 | 1.60 | 1,832 | 1.90 | ||||||||||||||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,060 | 322 | 96% | 1,661 | 1.57 | 1,962 | 1.85 | ||||||||||||||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 95% | 1,459 | 1.50 | 1,749 | 1.80 | ||||||||||||||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,022 | 360 | 95% | 1,565 | 1.53 | 1,864 | 1.82 | ||||||||||||||||||||||
Total Raleigh | 9 | Properties | 1,022 | 3,252 | 96% | 1,614 | 1.58 | 1,900 | 1.86 | |||||||||||||||||||||||
TOTAL NORTH CAROLINA | 24 | Properties | 977 | 6,762 | 96% | 1,711 | 1.75 | 1,993 | 2.04 | |||||||||||||||||||||||
Camden Franklin Park | Franklin | TN | 2018 | 967 | 328 | 94% | 2,074 | 2.14 | 2,269 | 2.35 | ||||||||||||||||||||||
Camden Music Row | Nashville | TN | 2016 | 903 | 430 | 96% | 2,373 | 2.63 | 2,534 | 2.81 | ||||||||||||||||||||||
TOTAL TENNESSEE | 2 | Properties | 931 | 758 | 95% | 2,243 | 2.41 | 2,421 | 2.60 | |||||||||||||||||||||||
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 9/30/2024 |
(Unaudited) | 3Q24 Avg Monthly | 3Q24 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 3Q24 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% | $1,461 | $1.69 | $1,775 | $2.06 | ||||||||||||||||||||||
Camden Amber Oaks II | Austin | TX | 2012 | 910 | 244 | 95% | 1,548 | 1.70 | 1,870 | 2.05 | ||||||||||||||||||||||
Camden Brushy Creek | Cedar Park | TX | 2008 | 882 | 272 | 96% | 1,524 | 1.73 | 1,753 | 1.99 | ||||||||||||||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 97% | 1,685 | 1.85 | 1,998 | 2.19 | ||||||||||||||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 94% | 1,891 | 1.98 | 2,223 | 2.33 | ||||||||||||||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 96% | 1,571 | 1.74 | 1,892 | 2.09 | ||||||||||||||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 94% | 1,594 | 1.77 | 1,858 | 2.06 | ||||||||||||||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 96% | 1,775 | 2.12 | 2,014 | 2.40 | ||||||||||||||||||||||
Camden Rainey Street | Austin | TX | 2016 | 873 | 326 | 87% | 1,927 | 2.21 | 2,172 | 2.49 | ||||||||||||||||||||||
Camden Shadow Brook | Austin | TX | 2009 | 909 | 496 | 93% | 1,430 | 1.57 | 1,696 | 1.87 | ||||||||||||||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 93% | 1,674 | 1.84 | 1,993 | 2.19 | ||||||||||||||||||||||
Total Austin | 11 | Properties | 897 | 3,686 | 94% | 1,639 | 1.83 | 1,925 | 2.15 | |||||||||||||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 95% | 1,578 | 1.68 | 1,842 | 1.96 | ||||||||||||||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 946 | 477 | 95% | 1,811 | 1.91 | 2,057 | 2.18 | ||||||||||||||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 97% | 1,541 | 1.68 | 1,825 | 1.98 | ||||||||||||||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 912 | 268 | 96% | 1,526 | 1.67 | 1,828 | 2.00 | ||||||||||||||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 96% | 1,578 | 2.05 | 1,849 | 2.40 | ||||||||||||||||||||||
Camden Design District | Dallas | TX | 2009 | 939 | 355 | 95% | 1,695 | 1.81 | 1,942 | 2.07 | ||||||||||||||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 94% | 1,560 | 1.67 | 1,801 | 1.93 | ||||||||||||||||||||||
Camden Greenville | Dallas | TX | 2017/2018 | 1,028 | 558 | 96% | 2,072 | 2.01 | 2,258 | 2.20 | ||||||||||||||||||||||
Camden Henderson | Dallas | TX | 2012 | 966 | 106 | 97% | 1,982 | 2.05 | 2,304 | 2.38 | ||||||||||||||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96% | 1,665 | 2.00 | 1,945 | 2.34 | ||||||||||||||||||||||
Camden Legacy Park | Plano | TX | 1996 | 870 | 276 | 94% | 1,752 | 2.01 | 2,065 | 2.37 | ||||||||||||||||||||||
Camden Panther Creek | Frisco | TX | 2009 | 946 | 295 | 93% | 1,732 | 1.83 | 2,019 | 2.13 | ||||||||||||||||||||||
Camden Riverwalk | Grapevine | TX | 2008 | 989 | 600 | 96% | 1,880 | 1.90 | 2,158 | 2.18 | ||||||||||||||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 95% | 1,426 | 1.92 | 1,736 | 2.33 | ||||||||||||||||||||||
Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 97% | 2,025 | 2.35 | 2,298 | 2.67 | ||||||||||||||||||||||
Total Dallas/Ft. Worth | 15 | Properties | 913 | 6,224 | 95% | 1,711 | 1.87 | 1,978 | 2.17 | |||||||||||||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 96% | 1,618 | 1.74 | 1,938 | 2.08 | ||||||||||||||||||||||
Camden City Centre II | Houston | TX | 2013 | 869 | 268 | 96% | 1,571 | 1.81 | 1,861 | 2.14 | ||||||||||||||||||||||
Camden Cypress Creek | Cypress | TX | 2009 | 993 | 310 | 97% | 1,565 | 1.58 | 1,832 | 1.84 | ||||||||||||||||||||||
Camden Cypress Creek II | Cypress | TX | 2020 | 950 | 234 | 95% | 1,601 | 1.68 | 1,911 | 2.01 | ||||||||||||||||||||||
Camden Downs at Cinco Ranch | Katy | TX | 2004 | 1,075 | 318 | 96% | 1,660 | 1.54 | 1,945 | 1.81 | ||||||||||||||||||||||
Camden Downtown | Houston | TX | 2020 | 1,052 | 271 | 93% | 2,558 | 2.43 | 2,850 | 2.71 | ||||||||||||||||||||||
Camden Grand Harbor | Katy | TX | 2008 | 959 | 300 | 94% | 1,487 | 1.55 | 1,779 | 1.85 | ||||||||||||||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1,525 | 1.77 | 1,813 | 2.11 | ||||||||||||||||||||||
Camden Heights | Houston | TX | 2004 | 927 | 352 | 97% | 1,694 | 1.83 | 1,998 | 2.15 | ||||||||||||||||||||||
Camden Highland Village | Houston | TX | 2014/2015 | 1,172 | 552 | 95% | 2,453 | 2.09 | 2,692 | 2.30 | ||||||||||||||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 95% | 1,467 | 1.57 | 1,746 | 1.87 | ||||||||||||||||||||||
Camden McGowen Station | Houston | TX | 2018 | 1,004 | 315 | 95% | 2,113 | 2.10 | 2,366 | 2.36 | ||||||||||||||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 94% | 1,555 | 1.84 | 1,869 | 2.21 | ||||||||||||||||||||||
Camden Northpointe | Tomball | TX | 2008 | 940 | 384 | 96% | 1,409 | 1.50 | 1,723 | 1.83 | ||||||||||||||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96% | 1,755 | 1.92 | 2,038 | 2.23 | ||||||||||||||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 96% | 2,613 | 2.18 | 2,893 | 2.41 | ||||||||||||||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 95% | 1,559 | 1.69 | 1,643 | 1.78 | ||||||||||||||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 93% | 1,772 | 1.68 | 1,870 | 1.77 | ||||||||||||||||||||||
Camden Spring Creek | Spring | TX | 2004 | 1,080 | 304 | 95% | 1,536 | 1.42 | 1,805 | 1.67 | ||||||||||||||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 96% | 1,291 | 1.53 | 1,570 | 1.86 | ||||||||||||||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 96% | 1,464 | 1.59 | 1,730 | 1.88 | ||||||||||||||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 95% | 1,515 | 1.85 | 1,823 | 2.23 | ||||||||||||||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 95% | 1,627 | 1.89 | 1,920 | 2.23 | ||||||||||||||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 936 | 274 | 96% | 1,495 | 1.60 | 1,788 | 1.91 | ||||||||||||||||||||||
Camden Woodmill Creek | Spring | TX | 2024 | 1,434 | 189 | Lease-Up | 2,451 | 1.71 | 2,715 | 1.89 | ||||||||||||||||||||||
Camden Woodson Park | Houston | TX | 2008 | 916 | 248 | 94% | 1,384 | 1.51 | 1,674 | 1.83 | ||||||||||||||||||||||
Camden Yorktown | Houston | TX | 2008 | 995 | 306 | 95% | 1,403 | 1.41 | 1,690 | 1.70 | ||||||||||||||||||||||
Total Houston | 27 | Properties | 965 | 9,343 | 95% | 1,705 | 1.77 | 1,976 | 2.05 | |||||||||||||||||||||||
TOTAL TEXAS | 53 | Properties | 935 | 19,253 | 95% | 1,694 | 1.81 | 1,967 | 2.10 | |||||||||||||||||||||||
TOTAL PROPERTIES | 172 | Properties | 964 | 58,250 | 95% | $1,999 | $2.07 | $2,299 | $2.39 | |||||||||||||||||||||||