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What changed in Camden Property Trust's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Camden Property Trust's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+190 added−211 removedSource: 10-K (2025-02-20) vs 10-K (2024-02-22)

Top changes in Camden Property Trust's 2024 10-K

190 paragraphs added · 211 removed · 157 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeWe believe our web-based property management and revenue management systems strengthen on-site operations and allow us to quickly adjust rental rates as local market conditions change. Lease terms are generally staggered based on vacancy exposure by apartment type such that lease expirations are matched to each property's seasonal rental patterns.
Biggest changeLease terms are generally staggered based on vacancy exposure by apartment type such that lease expirations are matched to each property's seasonal rental patterns. Our average lease terms are approximately fourteen months, and our individual property marketing plans are structured to respond to local market conditions.
Our website is located at www.camdenliving.com and we make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S.
Our website is located at www.camdenliving.com and we make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S.
Subject to market conditions, we intend to continue to seek opportunities to develop new communities, and to redevelop, reposition and acquire existing communities. We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
We provide high-quality health benefits and compensation to competitively compensate all employees for their contributions to Camden. We have formal programs intended to positively impact team members such as healthcare, rent discounts, education allowances, and scholarships for children of our employees. Training and Development. Our mission, vision, and values are also incorporated into our employee training and development programs.
We provide high-quality health benefits and compensation to competitively compensate all team members for their contributions to Camden. We have formal programs intended to positively impact team members such as healthcare, rent discounts, education allowances, and scholarships for children of our employees. Training and Development. Our mission, vision, and values are also incorporated into our employee training and development programs.
One of our most cherished mantras is "Never Stop Learning." We encourage team members to discover their strengths and cultivate new interests and offer tuition assistance to team members working to earn industry designations from various organizations. We also support team members who continue their education at an accredited educational institution through our Education Assistance Program.
One of our most cherished mantras is "Never Stop Learning." We encourage team members to discover their individual strengths and cultivate new interests. We offer tuition assistance to team members working to earn industry designations from various organizations. We also support team members who want to continue their education at an accredited educational institution through our Education Assistance Program.
We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit 1 Table of C ontents facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages.
We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages.
Key components in managing our human capital are listed below. Camden's Values. We care deeply about our employees, our residents, and the local communities in which we live, work, and play. We are committed to maintaining a high-trust work environment that attracts, retains, and rewards the best and brightest people.
Key components in managing our human capital are listed below. Camden's Values. We care deeply about our team members, our residents, and the local communities in which we live, work, and play. We are committed to maintaining a high-trust work environment which attracts, retains, and rewards the best and brightest people.
We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs.
We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and 1 Table of Contents leverage ratios, and controlling overhead costs.
We are proud of our culture and the recognition we have received as a great place to work, including being named on the list as one of the 100 Best Companies to Work For® by FORTUNE magazine for 16 consecutive years, most recently ranking #33. Compensation and Benefits.
We are proud of our culture and the recognition we have received as a great place to work, including being recognized nationally as one of the 100 Best Companies to Work For® by FORTUNE magazine for 17 consecutive years, most recently ranking #24. Compensation and Benefits.
Narrative Description of Business As of December 31, 2023, we owned interests in, operated, or were developing 176 multifamily properties comprised of 59,800 apartment homes across the United States. Of the 176 properties, four properties were under construction and will consist of a total of 1,166 apartment homes when completed.
Narrative Description of Business As of December 31, 2024, we owned interests in, operated, or were developing 177 multifamily properties comprised of 59,996 apartment homes across the United States. Of the 177 properties, three properties were under construction and will consist of a total of 1,138 apartment homes when completed.
In addition to our core values, we are committed to creating a work environment which fosters the well-being, health, and happiness of all associates. We believe our team members are given meaningful opportunities to provide feedback and effect change.
In addition to our core values, we are committed to creating a great working environment that fosters all team members' well-being, health, and happiness. We believe our team members are given meaningful opportunities to provide feedback and effect change.
Our average lease terms are approximately fourteen months, and our individual property marketing plans are structured to respond to local market conditions. In addition, we conduct ongoing customer service surveys to help ensure timely responses to customers' changing needs and a high-level of satisfaction. Competition There are numerous housing alternatives which compete with our communities in attracting residents.
In addition, we conduct ongoing customer service surveys to help ensure timely responses to customers' changing needs and a high-level of satisfaction. Competition There are numerous housing alternatives which compete with our communities in attracting residents.
Qualification as a Real Estate Investment Trust As of December 31, 2023, we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code").
Camden embraces all team members as full and valued members of the organization. 2 Table of Contents Qualification as a Real Estate Investment Trust As of December 31, 2024, we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code").
In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with experienced employees to facilitate their on-boarding process and immerse them in Camden’s culture. Diversity, Equity, and Inclusion. At Camden, diversity, equity, and inclusion ("DEI") is integral to who we are and how we achieve.
In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with experienced employees to facilitate their on-boarding process and immerse them in Camden’s culture. At December 31, 2024, we had approximately 1,660 employees including executive, community, and administrative personnel.
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We are committed to fostering an environment where all are welcome and encouraged to succeed. DEI is promoted and encouraged throughout our organization, with each Camden team member bringing unique skills, experiences, and 2 Table of C ontents perspectives.
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We firmly believe DEI builds organizational capacity, and the path forward must ensure DEI is woven into our culture, talent, and business practices. We believe these efforts are socially responsible, foundational to Camden’s success, and essential to delivering on our goal to improve the lives of our team members, customers, and shareholders, one experience at a time.
Removed
At December 31, 2023, we had approximately 1,640 employees including executive, community, and administrative personnel. Camden embraces all team members as full and valued members of the organization.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeAs these l eases typically permit the residents to leave at the end of the lease term without penalty, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms. 3 Table of C ontents Competition could limit our ability to lease apartments or increase or maintain rental income.
Biggest changeShort-term leases could expose us to the effects of declining market rents. Our average lease terms are approximately fourteen months. As these l eases typically permit the residents to leave at the end of the lease term without penalty, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms.
As a result, our performance depends in large part on our ability to collect rent from residents, which could be negatively affected by a number of factors including, but not limited to, the following: • delay in resident lease commencements; • decline in occupancy; • failure of residents to make rental payments when due; • the attractiveness of our properties to residents and potential residents; • our ability to adequately manage and maintain our communities; 6 Table of C ontents • competition from other available apartments and housing alternatives; • changes in market rents; • increases in operating expenses; and • changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing.
As a result, our performance depends in large part on our ability to collect rent from residents, which could be negatively affected by a number of factors including, but not limited to, the following: • delay in resident lease commencements; • decline in occupancy; • failure of residents to make rental payments when due; • the attractiveness of our properties to residents and potential residents; • our ability to adequately manage and maintain our communities; • competition from other available apartments and housing alternatives; • changes in market rents; • increases in operating expenses; and • changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing.
The market price and trading volume of our common shares are subject to fluctuation due to general market conditions, the risks discussed in this report and other matters, including, but not limited to, the following: • operating results which vary from the expectations of securities' analysts and investors; • investor interest in our property portfolio; • the reputation and performance of REITs; • the attractiveness of REITs as compared to other investment vehicles; • the results of our financial condition and operations; • the perception of our growth and earnings potential; 8 Table of C ontents • minimum dividend requirements; • increases in market interest rates may lower the values of our real estate and the price of our shares; and • changes in financial markets and national and regional economic and general market conditions.
The market price and trading volume of our common shares are subject to fluctuation due to general market conditions, the risks discussed in this report and other matters, including, but not limited to, the following: • operating results which vary from the expectations of securities' analysts and investors; • investor interest in our property portfolio; • the reputation and performance of REITs; • the attractiveness of REITs as compared to other investment vehicles; • the results of our financial condition and operations; • the perception of our growth and earnings potential; • minimum dividend requirements; • increases in market interest rates may lower the values of our real estate and the price of our shares; and • changes in financial markets and national and regional economic and general market conditions.
Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2023.
Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2024.
Such losses could have a material adverse effect on us and our ability to pay amounts due on our debt and make distributions to our shareholders. Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments .
Such losses could have a material adverse effect on us and our ability to pay amounts due on our debt and make distributions to our shareholders. 6 Table of Contents Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments .
As an owner, manager, and developer of multifamily properties, we may incur liability based on various conditions at our properties and the buildings thereon, and we also have become and in the future may become involved in legal proceedings, including consumer, employment, tort or commercial litigation, which if decided adversely to or settled by us, and not adequately covered by insurance, could result in liability which is material to our financial condition or results of operations.
As an owner, manager, and developer of multifamily properties, we may incur liability based on various conditions at our properties and the buildings thereon, and we also have become and in the future may become involved in legal proceedings, including consumer, employment, tort, antitrust, or commercial litigation, which if decided adversely to or settled by us, and not adequately covered by insurance, could result in liabilities which are material to our financial condition or results of operations.
Accordingly, we are subject to any flaw or breaches to their information technology systems, or those which they operate for us, which could have a material adverse effect on our financial condition or results of operations. Risks Associated with Our Indebtedness and Financing We have significant debt, which could have adverse consequences.
Accordingly, we are subject to any flaw or breaches to their information technology systems, or those which they operate for us, which could have a material adverse effect on our financial condition or results of operations. 5 Table of Contents Risks Associated with Our Indebtedness and Financing We have significant debt, which could have adverse consequences.
Future changes in tax laws including administrative interpretations, enacted tax rates, or new pronouncements relating to accounting for income taxes could adversely affect us in a number of ways, including making it more difficult or more costly for us to qualify as a REIT. 5 Table of C ontents A cybersecurity incident and other technology disruptions could negatively impact our business.
Future changes in tax laws including administrative interpretations, enacted tax rates, or new pronouncements relating to accounting for income taxes could adversely affect us in a number of ways, including making it more difficult or more costly for us to qualify as a REIT. A cybersecurity incident and other technology disruptions could negatively impact our business.
Any such loss could materially and adversely affect our business, financial condition and results of operations. Competition could adversely affect our ability to acquire properties. We expect other real estate investors will compete with us to acquire additional operating properties.
Any such loss could materially and adversely affect our business, financial condition and results of operations. 7 Table of Contents Competition could adversely affect our ability to acquire properties. We expect other real estate investors will compete with us to acquire additional operating properties.
Further, trailing liabilities, based on various legal theories such as claims of negligent construction, may result from such projects, and these trailing liabilities may go on for a number of years depending on the length of the statute of repose in the applicable jurisdictions. 4 Table of C ontents Our acquisition strategy may not produce the cash flows expected.
Further, trailing liabilities, based on various legal theories such as claims of negligent construction, may result from such projects, and these trailing liabilities may go on for a number of years depending on the length of the statute of repose in the applicable jurisdictions. Our acquisition strategy may not produce the cash flows expected.
As of December 31, 2023, we had outstanding debt of approximately $3.7 billion. This indebtedness could have adverse consequences including but not limited to, the following: • increasing our vulnerability to general adverse economic and industry conditions; and • limiting our flexibility in planning for, or reacting to, changes in business and industry conditions.
As of December 31, 2024, we had outstanding debt of approximately $3.5 billion. This indebtedness could have adverse consequences including but not limited to, the following: • increasing our vulnerability to general adverse economic and industry conditions; and • limiting our flexibility in planning for, or reacting to, changes in business and industry conditions.
To minimize the possibility of us failing to qualify as a REIT under this test, our declaration of trust includes restrictions on transfers of our shares and ownership limits. The ownership limits, as well as our ability to issue other classes of equity securities, may delay, defer, or prevent a change in 7 Table of C ontents control.
To minimize the possibility of us failing to qualify as a REIT under this test, our declaration of trust includes restrictions on transfers of our shares and ownership limits. The ownership limits, as well as our ability to issue other classes of equity securities, may delay, defer, or prevent a change in control.
The form, timing, and amount of dividend distributions will be declared at the discretion of our Board of Trust Managers and will depend on actual cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as the Board of Trust Managers may consider relevant.
The form, timing, and amount of dividend distributions are declared at the discretion of our Board of Trust Managers and depend on actual cash from operations, our financial condition, expected future capital requirements, the annual distribution requirements under the REIT provisions of the Code, and other factors as the Board of Trust Managers may consider relevant.
If there are subsequent changes in the fair market value of our land holdings and the resulting value is less than the carrying basis of our land holdings reflected in our financial statements plus estimated costs to sell, we may be required to take future impairment charges which would reduce our net income.
If there are subsequent changes in the fair market value of our land holdings and the resulting 3 Table of Contents value is less than the carrying basis of our land holdings reflected in our financial statements, we may be required to take future impairment charges which would reduce our net income.
Our acquisition activities are subject to a number of risks including, but not limited to, the following: • we may not be able to successfully integrate acquired properties into our existing operations; • our estimates of the costs, if any, of repositioning or redeveloping the acquired property may prove inaccurate; • the expected occupancy, rental rates, and operating expenses may differ from the actual results; • we may not be able to obtain adequate financing; and • we may not be able to identify suitable candidates on terms acceptable to us and may not achieve expected returns or other benefits as a result of integration challenges, such as personnel and technology.
Our acquisition activities are subject to a number of risks including, but not limited to, the following: • we may not be able to successfully integrate acquired properties into our existing operations; • our estimates of the costs, if any, of repositioning or redeveloping the acquired property may prove inaccurate; • the expected occupancy, rental rates, and operating expenses may differ from the actual results; • we may not be able to obtain adequate financing; and • we may not be able to identify suitable candidates on terms acceptable to us and may not achieve expected returns or other benefits as a result of integration challenges, such as personnel and technology. 4 Table of Contents Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values .
Risks Associated with Our Operations Development, repositions, redevelopment and construction risks could impact our profitability. We intend to continue to develop, reposition, redevelop, and construct multifamily apartment communities for our portfolio. In 2024, we expect to incur costs between approximately $120 million and $130 million related to the construction of four projects.
Risks Associated with Our Operations Development, repositions, redevelopment and construction risks could impact our profitability. We intend to continue to develop, reposition, redevelop, and construct multifamily apartment communities for our portfolio. In 2025, we expect to incur costs between approximately $135 million and $155 million related to the construction of three projects.
There are a number of additional states and local municipalities in which we operate also considering or being urged by advocacy groups to consider imposing rent control or rent stabilization laws and regulations.
Certain states and local municipalities have adopted rent control or rent stabilization laws and regulations, imposing restrictions on amounts of rent increases which may be charged. There are a number of additional states and local municipalities in which we operate also considering or being urged by advocacy groups to consider imposing rent control or rent stabilization laws and regulations.
Additionally, during 2024, we expect to incur costs between approximately $40 million and $60 million related to the start of new development activities, between approximately $90 million and $94 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $101 million and $105 million of additional recurring capital expenditures.
Additionally, during 2025, we expect to incur costs between approximately $100 million and $110 million related to the start of new development activities, between approximately $96 million and $100 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $108 million and $112 million of additional recurring capital expenditures.
In addition, carrying costs can be significant and can result in losses or reduced profitability. As a result, we hold certain land and may in the future acquire additional land in our development pipeline at a cost we may not be able to fully recover or at a cost which may preclude us from developing a profitable multifamily community.
As a result, we hold certain land and may in the future acquire additional land in our development pipeline at a cost we may not be able to fully recover or at a cost which may preclude us from developing a profitable multifamily community. Under current market conditions, in 2024 we recorded impairment charges on three parcels of land.
We hold land for future development and may in the future acquire additional land holdings. The risks inherent in purchasing, owning, and developing land increase as demand for apartments, or rental rates, decrease. Real estate markets are highly uncertain and, as a result, the value of undeveloped land may fluctuate significantly.
We could be negatively impacted by the risks associated with land holdings and related activities. We hold land for future development and may in the future acquire additional land holdings. The risks inherent in purchasing, owning, and developing land increase as demand for apartments, or rental rates, decrease.
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Throughout 2023, in efforts to curb inflation, the Federal Reserve increased interest rates.
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Real estate markets are highly uncertain and, as a result, the value of undeveloped land may fluctuate significantly. In addition, carrying costs can be significant and can result in losses or reduced profitability.
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Additionally, as a result of concerns about the recent deterioration in the financial markets, including the failures of banks during 2023, the cost of obtaining debt from credit and capital markets increased as many lenders increased interest rates, enacted tighter lending standards, and reduced and, in some cases ceased, to provide funding to borrowers.
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The Board of Trust Managers may also modify the form, timing, and amount of dividends in the future. General Risk Factors Litigation risks could affect our business.
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Short-term leases could expose us to the effects of declining market rents. Our average lease terms are approximately fourteen months.
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There are numerous housing alternatives which compete with our properties in attracting residents. Our properties compete directly with other multifamily properties, condominiums, single-family homes, and third-party providers of short-term rentals, which are available for rent or purchase in the markets in which our properties are located.
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This competitive environment could have a material adverse effect on our ability to lease apartment homes at our present properties or any newly developed or acquired property, as well as on the rents realized. We could be negatively impacted by the risks associated with land holdings and related activities.
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Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values . Certain states and local municipalities have adopted rent control or rent stabilization laws and regulations, imposing restrictions on amounts of rent increases which may be charged.
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The Board of Trust Managers may modify the form, timing, and amount of dividends from time to time. General Risk Factors Environmental, social, and governance factors may impose additional costs and/or expose us to new risks Certain investors, customers, regulators, and other stakeholders are placing increased importance corporate responsibility, specifically related to environmental, social, and governance ("ESG") factors.
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Additionally, there is increased attention to these matters by various state and federal regulatory authorities, including the SEC, and the expense and activities necessary to comply with new regulations or standards may be significant, which may adversely impact our financial results. Third-party providers of corporate responsibility ratings and reports on companies have increased, resulting in varied, and potentially, inconsistent standards.
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We may face reputational damage if our corporate responsibility procedures or standards do not meet the standards met by various constituencies.
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Also, some investors use these factors to guide their investment strategies and, in some cases, may choose not to invest in us based on their assessment of our approach to ESG factors, which could have an adverse impact on the price of our securities. Litigation risks could affect our business.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changePeriodically, we run tabletop exercises involving members of the Company's management team intended to simulate a response to a cybersecurity incident and use the findings to improve our policies and procedures. All third-party service providers or vendors utilized as part of the Company’s cybersecurity framework are required to comply with our policies regarding non-public personal information and information security.
Biggest changeAll third-party service providers or vendors utilized as part of the Company’s cybersecurity framework are required to comply with our policies regarding non-public personal information and information security. Our cybersecurity program is led by our Senior Vice President - Strategic Services and Chief Information Officer ("CIO") and our Chief Information Security Officer ("CISO").
Our cybersecurity program has been developed based on industry standards set by the National Institute of Standards and Technology ("NIST") and includes a comprehensive set of security policies and procedures that guide our protection strategy against threats by utilizing the following measures: identifying critical assets and high-risk threats; implementing cybersecurity detection, controls, and remediation practices; implementing a third-party risk management program to evaluate our cyber position; and, evaluating our cybersecurity program effectiveness by performing both internal and external testing and auditing risk.
Our cybersecurity program has been developed based on industry standards set by the National Institute of Standards and Technology ("NIST") and includes a comprehensive set of security policies and procedures which guide our protection strategy against threats by utilizing the following measures: identifying critical assets and high-risk threats; implementing cybersecurity detection, controls, and remediation practices; implementing a third-party risk management program to evaluate our cyber position; and, evaluating our cybersecurity program effectiveness by auditing risk and performing both internal and external testing.
The CEOC supports efforts to evaluate the materiality of any incidents, determines whether notice to third parties such as residents or vendors is required, and determine whether any disclosures to stakeholders are required.
The CEOC supports efforts to evaluate the materiality of any incidents, determines whether notice to third parties such as residents or vendors is required, and determines whether any disclosures to stakeholders are required.
Like other businesses, we have been, and expect to continue to be, subject to attempts on unauthorized access, mishandling or misuse, computer viruses or malware, cyber-attacks and intrusions and other events of varying degrees. To date, we have not experienced a cybersecurity breach nor are we aware of any of our third-party outside service providers experiencing a cybersecurity breach.
Like other businesses, we have been, and expect to continue to be, subject to attempts on unauthorized access, mishandling or misuse, computer viruses or malware, cyber-attacks, and intrusions and other events of varying degrees. To date, we have not experienced a material cybersecurity incident nor are we aware of any of our third-party outside service providers experiencing such an incident.
Our cybersecurity program is led by our Senior Vice President - Strategic Services and Chief Information Officer ("CIO"). Our CIO also serves as the Chair of our Cybersecurity Executive Oversight Committee ("CEOC"), comprised of senior executives representing various teams and functions of the Company including legal, finance, accounting, investor relations, and operations.
Our CIO also serves as the Chair of our Cybersecurity Executive Oversight Committee ("CEOC"), comprised of our CISO and other senior executives representing various teams and functions of the Company including legal, finance, accounting, investor relations, and operations.
Although our entire Board is actively involved in overseeing risk management, the Audit Committee charter tasks the Audit Committee with providing oversight of management's guidelines and policies to govern the process by which risk assessments and risks are managed, including the Company’s major financial risk exposures and the steps management has taken to monitor and control such exposures.
The CEOC is also responsible for ensuring the Company's management and Board of Trust Managers ("Board") are fully aware of key activities and events associated with our cybersecurity program on an ongoing basis. 8 Table of Contents Our entire Board is actively involved in overseeing risk management and the Audit Committee Charter tasks the Audit Committee with providing oversight of management's guidelines and policies to govern the process by which risk assessments and risks are managed, including the Company’s major financial risk exposures and the steps management has taken to monitor and control such exposures.
The Audit Committee also discusses with management the processes undertaken to evaluate our systems of disclosure controls and procedures, including those relating to cybersecurity risk management. Our CIO reports quarterly to the Audit Committee and Board regarding cybersecurity matters, which includes emerging cybersecurity threats and the risk landscape, updates on our cybersecurity program and related readiness, resiliency, and response efforts.
Our CIO reports quarterly to the Audit Committee and Board regarding cybersecurity matters, which includes emerging cybersecurity threats and the risk landscape as well as updates on our cybersecurity program and related readiness, resiliency, and response efforts.
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The CEOC is also responsible for ensuring the Company's management and Board of Trust Managers ("Board") are fully aware of key activities and events associated with our cybersecurity program on an ongoing basis.
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Periodically, we run tabletop exercises involving members of the Company's management team intended to simulate a response to a cybersecurity incident and use the findings to improve our policies and procedures. In addition to these procedures we have in place, we also maintain cybersecurity insurance to cover certain losses and damages caused by a cybersecurity incident.
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The Audit Committee also discusses with management the processes undertaken to evaluate our systems of disclosure controls and procedures, including those relating to cybersecurity risk management.
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For a discussion on certain of the Company’s cybersecurity-related risks, see Item 1A under the heading “Risk Factors-Risks Associated with Our Operations - A cybersecurity incident and other technology disruptions could negatively impact our business.”

Item 2. Properties

Properties — owned and leased real estate

12 edited+0 added−2 removed0 unchanged
Biggest changeFt.) Number of Apartments 2023 Average Occupancy (1) 2023 Average Monthly Rental Rate per Apartment (2) Raleigh Camden Asbury Village 2009 1,009 350 96.6 % $ 1,623 Camden Carolinian 2017 1,118 186 92.3 2,341 Camden Crest 2001 1,012 442 95.3 1,507 Camden Governor’s Village 1999 1,046 242 94.9 1,594 Camden Lake Pine 1999 1,066 446 95.9 1,603 Camden Manor Park 2006 966 484 94.7 1,557 Camden Overlook 2001 1,060 322 96.2 1,661 Camden Reunion Park 2000/2004 972 420 95.2 1,450 Camden Westwood 1999 1,022 360 96.1 1,564 TENNESSEE Nashville Camden Franklin Park 2018 967 328 95.9 2,033 Camden Music Row 2016 903 430 95.2 2,502 TEXAS Austin Camden Amber Oaks 2009 862 348 94.8 1,511 Camden Amber Oaks II 2012 910 244 94.8 1,608 Camden Brushy Creek 2008 882 272 95.1 1,616 Camden Cedar Hills 2008 911 208 95.8 1,736 Camden Gaines Ranch 1997 955 390 94.1 1,911 Camden Huntingdon 1995 903 398 95.1 1,617 Camden La Frontera 2015 901 300 95.2 1,640 Camden Lamar Heights 2015 838 314 94.4 1,836 Camden Rainey Street 2016 873 326 83.1 2,323 Camden Shadow Brook 2009 909 496 95.2 1,538 Camden Stoneleigh 2001 908 390 95.0 1,697 Dallas/Fort Worth Camden Addison 1996 942 456 94.4 1,600 Camden Belmont 2010/2012 946 477 94.4 1,816 Camden Buckingham 1997 919 464 95.3 1,575 Camden Centreport 1997 912 268 95.6 1,518 Camden Cimarron 1992 772 286 95.9 1,564 Camden Design District 2009 939 355 94.9 1,709 Camden Farmers Market 2001/2005 932 904 93.1 1,637 Camden Greenville 2017/2018 1,028 558 95.5 2,032 Camden Henderson 2012 966 106 95.4 1,933 Camden Legacy Creek 1995 831 240 95.5 1,683 Camden Legacy Park 1996 870 276 95.6 1,750 Camden Panther Creek 2009 946 295 95.8 1,716 Camden Riverwalk 2008 989 600 96.4 1,874 Camden Valley Park 1986 743 516 95.3 1,428 Camden Victory Park 2016 861 423 95.5 2,040 14 Table of C ontents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Biggest changeFt.) Number of Apartments 2024 Average Occupancy (1) 2024 Average Monthly Rental Rate per Apartment (2) Raleigh Camden Asbury Village 2009 1,009 350 96.0 % $ 1,619 Camden Carolinian 2017 1,118 186 93.4 2,321 Camden Crest 2001 1,012 442 94.4 1,514 Camden Durham (4) 2024 892 420 Lease-up 1,909 Camden Governor’s Village 1999 1,046 242 94.3 1,652 Camden Lake Pine 1999 1,066 446 96.6 1,611 Camden Manor Park 2006 966 484 95.1 1,544 Camden Overlook 2001 1,060 322 94.8 1,657 Camden Reunion Park 2000/2004 972 420 95.0 1,455 Camden Westwood 1999 1,022 360 95.7 1,560 TENNESSEE Nashville Camden Franklin Park 2018 967 328 93.9 2,052 Camden Music Row 2016 903 430 94.4 2,393 TEXAS Austin Camden Amber Oaks 2009 862 348 94.8 1,465 Camden Amber Oaks II 2012 910 244 94.4 1,551 Camden Brushy Creek 2008 882 272 94.4 1,539 Camden Cedar Hills 2008 911 208 96.4 1,691 Camden Gaines Ranch 1997 955 390 94.2 1,893 Camden Huntingdon 1995 903 398 95.4 1,580 Camden La Frontera 2015 901 300 94.8 1,599 Camden Lamar Heights 2015 838 314 94.6 1,786 Camden Rainey Street 2016 873 326 85.3 2,039 Camden Shadow Brook 2009 909 496 90.9 1,448 Camden Stoneleigh 2001 908 390 94.0 1,676 Dallas/Fort Worth Camden Addison 1996 942 456 95.3 1,582 Camden Belmont 2010/2012 946 477 93.5 1,808 Camden Buckingham 1997 919 464 95.6 1,542 Camden Centreport 1997 912 268 95.3 1,523 Camden Cimarron 1992 772 286 95.8 1,574 Camden Design District 2009 939 355 95.6 1,694 Camden Farmers Market 2001/2005 932 904 93.0 1,572 Camden Greenville 2017/2018 1,028 558 95.4 2,068 Camden Henderson 2012 966 106 95.6 1,971 Camden Legacy Creek 1995 831 240 96.3 1,671 Camden Legacy Park 1996 870 276 94.6 1,755 Camden Panther Creek 2009 946 295 93.9 1,733 Camden Riverwalk 2008 989 600 96.2 1,879 Camden Valley Park 1986 743 516 95.0 1,428 13 Table of Contents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
(2) The average monthly rental rate per apartment incorporates vacant units and resident concessions calculated on a straight-line basis over the life of the lease. (3) Development property stabilized during 2023 - the average occupancy was calculated from the date at which the occupancy exceeded 90% through December 31, 2023. (4) Property under lease-up at December 31, 2023. Item 3.
(2) The average monthly rental rate per apartment incorporates vacant units and resident concessions calculated on a straight-line basis over the life of the lease. (3) Development property stabilized during 2024 - the average occupancy was calculated from the date at which the occupancy exceeded 90% through December 31, 2024. (4) Property under lease-up at December 31, 2024.
Ft.) Number of Apartments 2023 Average Occupancy (1) 2023 Average Monthly Rental Rate per Apartment (2) Tampa/St.
Ft.) Number of Apartments 2024 Average Occupancy (1) 2024 Average Monthly Rental Rate per Apartment (2) Tampa/St.
Our stabilized operating properties had a weighted average occupancy rate of approximately 95% and 96% for the years ended December 31, 2023 and 2022, respectively, an average monthly rental rate per apartment home of $1,981 and $1,881 for the same periods, respectively and our average resident lease terms are approximately fourteen months.
Our stabilized operating properties had a weighted average occupancy rate of approximately 95% for each of the years ended December 31, 2024 and 2023, an average monthly rental rate per apartment home of $1,997 and $1,981 for the same periods, respectively and our average resident lease terms are approximately fourteen months.
Ft.) Number of Apartments 2023 Average Occupancy (1) 2023 Average Monthly Rental Rate per Apartment (2) ARIZONA Phoenix/Scottsdale Camden Chandler 2016 1,146 380 94.6 % $ 1,968 Camden Copper Square 2000 786 332 93.2 1,675 Camden Foothills 2014 1,032 220 95.5 2,183 Camden Legacy 1996 1,067 428 95.3 2,049 Camden Montierra 1999 1,071 249 95.2 1,963 Camden North End I 2019 921 441 95.0 2,030 Camden North End II 2021 885 343 94.1 2,042 Camden Old Town Scottsdale 2016 892 316 94.4 2,297 Camden Pecos Ranch 2001 949 272 93.4 1,708 Camden San Marcos 1995 984 320 93.2 1,867 Camden San Paloma 1993/1994 1,042 324 95.0 2,017 Camden Sotelo 2008/2012 1,303 170 93.7 2,048 Camden Tempe 2015 1,043 234 94.0 2,027 Camden Tempe II (3) 2023 981 397 95.4 1,918 CALIFORNIA Los Angeles/Orange County Camden Crown Valley 2001 1,009 380 95.9 2,664 Camden Glendale 2015 893 307 96.8 2,812 Camden Harbor View 2004/2016 981 547 93.4 3,014 Camden Main and Jamboree 2008 1,011 290 93.9 2,603 The Camden 2016 767 287 92.4 3,215 San Diego/Inland Empire Camden Hillcrest 2021 1,223 132 95.4 3,628 Camden Landmark 2006 982 469 94.6 2,215 Camden Old Creek 2007 1,037 350 97.6 2,834 Camden Sierra at Otay Ranch 2003 962 422 95.6 2,756 Camden Tuscany 2003 895 160 95.8 3,178 Camden Vineyards 2002 1,053 264 94.8 2,413 COLORADO Denver Camden Belleview Station 2009 888 270 96.1 1,899 Camden Caley 2000 921 218 96.6 1,926 Camden Denver West 1997 1,015 320 95.7 2,284 Camden Flatirons 2015 960 424 96.5 2,025 Camden Highlands Ridge 1996 1,149 342 96.3 2,265 Camden Interlocken 1999 1,002 340 96.2 2,094 Camden Lakeway 1997 929 459 96.5 2,008 Camden Lincoln Station 2017 844 267 96.4 1,877 11 Table of C ontents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Ft.) Number of Apartments 2024 Average Occupancy (1) 2024 Average Monthly Rental Rate per Apartment (2) ARIZONA Phoenix/Scottsdale Camden Chandler 2016 1,146 380 95.7 % $ 1,947 Camden Copper Square 2000 786 332 94.2 1,664 Camden Foothills 2014 1,032 220 96.0 2,156 Camden Legacy 1996 1,067 428 95.5 2,031 Camden Montierra 1999 1,071 249 94.6 1,973 Camden North End 2019 921 441 95.2 2,022 Camden North End II 2021 885 343 95.0 2,051 Camden Old Town Scottsdale 2016 892 316 95.2 2,258 Camden Pecos Ranch 2001 949 272 94.6 1,699 Camden San Marcos 1995 984 320 94.5 1,893 Camden San Paloma 1993/1994 1,042 324 94.7 2,026 Camden Sotelo 2008/2012 1,303 170 93.8 2,033 Camden Tempe 2015 1,043 234 94.3 1,947 Camden Tempe II 2023 981 397 93.1 1,909 CALIFORNIA Los Angeles/Orange County Camden Crown Valley 2001 1,009 380 95.8 2,764 Camden Glendale 2015 893 307 96.3 2,859 Camden Harbor View 2004/2016 981 547 89.6 2,950 Camden Main and Jamboree 2008 1,011 290 96.3 2,723 The Camden 2016 767 287 92.3 2,997 San Diego/Inland Empire Camden Hillcrest 2021 1,223 132 93.7 3,665 Camden Landmark 2006 982 469 95.8 2,269 Camden Old Creek 2007 1,037 350 97.2 2,953 Camden Sierra at Otay Ranch 2003 962 422 95.8 2,860 Camden Tuscany 2003 895 160 95.4 3,241 Camden Vineyards 2002 1,053 264 95.0 2,509 COLORADO Denver Camden Belleview Station 2009 888 270 96.4 1,967 Camden Caley 2000 921 218 96.8 1,974 Camden Denver West 1997 1,015 320 96.6 2,318 Camden Flatirons 2015 960 424 96.8 2,074 Camden Highlands Ridge 1996 1,149 342 96.2 2,348 Camden Interlocken 1999 1,002 340 96.4 2,130 Camden Lakeway 1997 929 459 96.2 2,089 Camden Lincoln Station 2017 844 267 96.3 1,907 10 Table of Contents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Petersburg Camden Bay 1997/2001 943 760 97.1 % $ 1,885 Camden Central 2019 942 368 96.1 3,384 Camden Montague 2012 972 192 97.2 1,880 Camden Pier District 2016 989 358 95.9 3,494 Camden Preserve 1996 942 276 95.7 2,051 Camden Royal Palms 2006 1,017 352 94.5 1,792 Camden Visconti 2007 1,125 450 95.2 2,059 Camden Westchase Park 2012 992 348 96.6 2,053 GEORGIA Atlanta Camden Brookwood 2002 916 359 93.8 1,764 Camden Buckhead 2022 1,087 366 88.9 2,574 Camden Buckhead Square 2015 827 250 93.3 1,850 Camden Creekstone 2002 990 223 94.4 1,744 Camden Deerfield 2000 1,187 292 94.0 1,901 Camden Dunwoody 1997 1,007 324 93.3 1,773 Camden Fourth Ward 2014 844 276 96.5 2,066 Camden Midtown Atlanta 2001 935 296 94.2 1,818 Camden Paces 2015 1,408 379 94.7 2,963 Camden Peachtree City 2001 1,027 399 94.9 1,760 Camden Phipps 1996 1,010 234 77.2 1,810 Camden Shiloh 1999/2002 1,143 232 95.5 1,728 Camden St.
Petersburg Camden Bay 1997/2001 943 760 96.6 % $ 1,885 Camden Central 2019 942 368 96.8 3,378 Camden Montague 2012 972 192 96.4 1,897 Camden Pier District 2016 989 358 96.7 3,507 Camden Preserve 1996 942 276 96.5 2,078 Camden Royal Palms 2006 1,017 352 93.3 1,785 Camden Visconti 2007 1,125 450 95.6 2,041 Camden Westchase Park 2012 992 348 96.3 2,107 GEORGIA Atlanta Camden Brookwood 2002 916 359 94.2 1,675 Camden Buckhead 2022 1,087 366 89.5 2,549 Camden Buckhead Square 2015 827 250 93.8 1,764 Camden Creekstone 2002 990 223 96.5 1,704 Camden Deerfield 2000 1,187 292 96.9 1,965 Camden Dunwoody 1997 1,007 324 94.8 1,763 Camden Fourth Ward 2014 844 276 96.6 2,045 Camden Midtown Atlanta 2001 935 296 93.3 1,765 Camden Paces 2015 1,408 379 94.6 2,888 Camden Peachtree City 2001 1,027 399 95.9 1,784 Camden Phipps 1996 1,010 234 77.5 1,761 Camden Shiloh 1999/2002 1,143 232 95.7 1,702 Camden St.
Ft.) Number of Apartments 2023 Average Occupancy (1) 2023 Average Monthly Rental Rate per Apartment (2) Camden RiNo 2020 828 233 96.0 % $ 2,257 WASHINGTON DC METRO Camden Ashburn Farm 2000 1,062 162 96.9 2,122 Camden College Park 2008 942 509 94.0 1,892 Camden Dulles Station 2009 977 382 97.7 2,214 Camden Fair Lakes 1999 1,056 530 96.8 2,230 Camden Fairfax Corner 2006 934 489 96.8 2,247 Camden Fallsgrove 2004 996 268 95.7 2,155 Camden Grand Parc 2002 672 105 94.6 2,768 Camden Lansdowne 2002 1,006 690 96.8 2,127 Camden Monument Place 2007 856 368 97.5 1,993 Camden NoMa 2014 769 321 96.2 2,299 Camden NoMa II 2017 759 405 96.8 2,387 Camden Potomac Yard 2008 832 378 96.2 2,310 Camden Roosevelt 2003 856 198 97.0 3,096 Camden Shady Grove 2018 877 457 96.8 2,021 Camden Silo Creek 2004 975 284 97.0 2,077 Camden South Capitol 2013 821 281 95.2 2,440 Camden Washingtonian 2018 870 365 96.9 2,058 FLORIDA Southeast Florida Camden Atlantic (3) 2022 919 269 97.1 2,385 Camden Aventura 1995 1,108 379 95.4 2,738 Camden Boca Raton 2014 843 261 95.7 2,626 Camden Brickell 2003 937 405 95.9 2,897 Camden Doral 1999 1,120 260 97.3 2,590 Camden Doral Villas 2000 1,253 232 96.6 2,880 Camden Las Olas 2004 1,043 420 96.6 2,822 Camden Plantation 1997 1,201 502 95.9 2,381 Camden Portofino 1995 1,112 322 95.5 2,425 Orlando Camden Hunter’s Creek 2000 1,075 270 95.8 1,933 Camden Lago Vista 2005 955 366 96.2 1,805 Camden Lake Eola 2021 944 360 95.2 2,398 Camden LaVina 2012 969 420 95.1 1,863 Camden Lee Vista 2000 937 492 95.6 1,849 Camden North Quarter 2016 806 333 96.7 1,854 Camden Orange Court 2008 817 268 94.8 1,740 Camden Thornton Park 2016 920 299 96.0 2,095 Camden Town Square 2012 983 438 95.9 1,875 Camden Waterford Lakes 2014 971 300 96.4 1,911 Camden World Gateway 2000 979 408 95.6 1,850 12 Table of C ontents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Ft.) Number of Apartments 2024 Average Occupancy (1) 2024 Average Monthly Rental Rate per Apartment (2) Camden RiNo 2020 828 233 95.1 % $ 2,244 WASHINGTON DC METRO Camden Ashburn Farm 2000 1,062 162 98.0 2,204 Camden College Park 2008 942 509 96.3 1,920 Camden Dulles Station 2009 977 382 97.5 2,302 Camden Fair Lakes 1999 1,056 530 97.1 2,325 Camden Fairfax Corner 2006 934 489 96.9 2,314 Camden Fallsgrove 2004 996 268 96.5 2,227 Camden Grand Parc 2002 672 105 94.9 2,820 Camden Lansdowne 2002 1,006 690 97.2 2,234 Camden Monument Place 2007 856 368 97.7 2,085 Camden NoMa 2014 769 321 95.8 2,319 Camden NoMa II 2017 759 405 96.3 2,387 Camden Potomac Yard 2008 832 378 96.8 2,377 Camden Roosevelt 2003 856 198 96.6 3,242 Camden Shady Grove 2018 877 457 96.5 2,113 Camden Silo Creek 2004 975 284 97.5 2,221 Camden South Capitol 2013 821 281 94.7 2,466 Camden Washingtonian 2018 870 365 96.9 2,164 FLORIDA Southeast Florida Camden Atlantic 2022 919 269 96.8 2,484 Camden Aventura 1995 1,108 379 95.7 2,756 Camden Boca Raton 2014 843 261 96.9 2,635 Camden Brickell 2003 937 405 97.0 2,996 Camden Doral 1999 1,120 260 95.7 2,688 Camden Doral Villas 2000 1,253 232 96.6 2,945 Camden Las Olas 2004 1,043 420 94.9 2,804 Camden Plantation 1997 1,201 502 95.4 2,444 Camden Portofino 1995 1,112 322 95.9 2,469 Orlando Camden Hunter’s Creek 2000 1,075 270 96.1 1,936 Camden Lago Vista 2005 955 366 95.9 1,819 Camden Lake Eola 2021 944 360 96.0 2,424 Camden LaVina 2012 969 420 95.2 1,881 Camden Lee Vista 2000 937 492 95.5 1,846 Camden North Quarter 2016 806 333 96.5 1,890 Camden Orange Court 2008 817 268 95.1 1,761 Camden Thornton Park 2016 920 299 95.9 2,098 Camden Town Square 2012 983 438 94.3 1,874 Camden Waterford Lakes 2014 971 300 96.7 1,914 Camden World Gateway 2000 979 408 93.5 1,867 11 Table of Contents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Ft.) Number of Apartments 2023 Average Occupancy (1) 2023 Average Monthly Rental Rate per Apartment (2) Houston Camden City Centre 2007 932 379 94.9 % $ 1,599 Camden City Centre II 2013 869 268 94.1 1,572 Camden Cypress Creek 2009 993 310 94.2 1,560 Camden Cypress Creek II 2020 950 234 94.4 1,603 Camden Downs at Cinco Ranch 2004 1,075 318 96.7 1,604 Camden Downtown 2020 1,052 271 89.9 2,612 Camden Grand Harbor 2008 959 300 94.8 1,451 Camden Greenway 1999 861 756 95.1 1,513 Camden Heights 2004 927 352 96.3 1,657 Camden Highland Village 2014/2015 1,172 552 94.1 2,396 Camden Holly Springs 1999 934 548 94.1 1,453 Camden McGowen Station 2018 1,004 315 94.6 2,116 Camden Midtown 1999 844 337 94.6 1,574 Camden Northpointe 2008 940 384 94.5 1,390 Camden Plaza 2007 915 271 96.2 1,730 Camden Post Oak 2003 1,200 356 95.2 2,576 Camden Royal Oaks 2006 923 236 96.3 1,493 Camden Royal Oaks II 2012 1,054 104 97.9 1,721 Camden Spring Creek 2004 1,080 304 93.4 1,505 Camden Stonebridge 1993 845 204 94.6 1,289 Camden Sugar Grove 1997 921 380 96.1 1,438 Camden Travis Street 2010 819 253 95.3 1,547 Camden Vanderbilt 1996/1997 863 894 93.4 1,582 Camden Whispering Oaks 2008 936 274 95.6 1,469 Camden Woodson Park 2008 916 248 94.2 1,369 Camden Yorktown 2008 995 306 95.3 1,378 (1) Represents the average physical occupancy for the year except as noted.
Ft.) Number of Apartments 2024 Average Occupancy (1) 2024 Average Monthly Rental Rate per Apartment (2) Camden Victory Park 2016 861 423 96.1 % $ 2,023 Houston Camden City Centre 2007 932 379 94.7 1,611 Camden City Centre II 2013 869 268 95.2 1,565 Camden Cypress Creek 2009 993 310 95.2 1,559 Camden Cypress Creek II 2020 950 234 94.6 1,602 Camden Downs at Cinco Ranch 2004 1,075 318 95.7 1,656 Camden Downtown 2020 1,052 271 93.3 2,561 Camden Grand Harbor 2008 959 300 93.4 1,485 Camden Greenway 1999 861 756 96.2 1,523 Camden Heights 2004 927 352 96.2 1,688 Camden Highland Village 2014/2015 1,172 552 94.5 2,438 Camden Holly Springs 1999 934 548 95.4 1,465 Camden Long Meadow Farms (4) 2024 1,462 188 Lease-up 2,607 Camden McGowen Station 2018 1,004 315 94.2 2,107 Camden Midtown 1999 844 337 95.2 1,554 Camden Northpointe 2008 940 384 93.9 1,405 Camden Plaza 2007 915 271 96.5 1,752 Camden Post Oak 2003 1,200 356 94.9 2,639 Camden Royal Oaks 2006 923 236 95.5 1,551 Camden Royal Oaks II 2012 1,054 104 94.6 1,766 Camden Spring Creek 2004 1,080 304 94.2 1,529 Camden Stonebridge 1993 845 204 95.8 1,292 Camden Sugar Grove 1997 921 380 95.7 1,458 Camden Travis Street 2010 819 253 95.1 1,517 Camden Vanderbilt 1996/1997 863 894 94.6 1,619 Camden Whispering Oaks 2008 936 274 95.8 1,489 Camden Woodmill Creek (4) 2024 1,434 189 Lease-up 2,485 Camden Woodson Park 2008 916 248 94.6 1,382 Camden Yorktown 2008 995 306 94.9 1,403 (1) Represents the average physical occupancy for the year except as noted.
Clair 1997 999 336 93.6 1,745 Camden Stockbridge 2003 1,009 304 94.7 1,624 Camden Vantage 2010 901 592 92.9 1,752 NORTH CAROLINA Charlotte Camden Ballantyne 1998 1,048 400 95.4 1,701 Camden Cotton Mills 2002 905 180 95.2 1,768 Camden Dilworth 2006 857 145 94.6 1,845 Camden Fairview 1983 1,036 135 93.5 1,544 Camden Foxcroft 1979 940 156 94.8 1,425 Camden Foxcroft II 1985 874 100 94.6 1,538 Camden Gallery 2017 743 323 94.6 2,002 Camden Grandview 2000 1,059 266 95.8 2,150 Camden Grandview II 2019 2,241 28 90.6 4,151 Camden NoDa (4) 2023 789 387 Lease-up 1,726 Camden Sedgebrook 1999 972 368 95.4 1,550 Camden South End 2003 878 299 95.3 1,910 Camden Southline 2015 831 266 95.1 2,048 Camden Stonecrest 2001 1,098 306 95.8 1,728 Camden Touchstone 1986 899 132 95.9 1,438 13 Table of C ontents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Clair 1997 999 336 93.6 1,749 Camden Stockbridge 2003 1,009 304 93.6 1,541 NORTH CAROLINA Charlotte Camden Ballantyne 1998 1,048 400 93.4 1,744 Camden Cotton Mills 2002 905 180 94.6 1,753 Camden Dilworth 2006 857 145 96.0 1,827 Camden Fairview 1983 1,036 135 93.2 1,548 Camden Foxcroft 1979 940 156 93.7 1,438 Camden Foxcroft II 1985 874 100 96.4 1,525 Camden Gallery 2017 743 323 95.4 1,972 Camden Grandview 2000 1,060 285 93.4 2,147 Camden Grandview II 2019 2,241 28 93.2 4,149 Camden NoDa (3) 2023 789 387 96.3 1,664 Camden Sedgebrook 1999 972 368 95.9 1,621 Camden South End 2003 878 299 95.5 1,893 Camden Southline 2015 831 266 95.7 2,042 Camden Stonecrest 2001 1,098 306 94.2 1,744 Camden Touchstone 1986 899 132 95.4 1,449 12 Table of Contents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Our operating properties were constructed and placed in service as follows: Year Placed in Service Number of Operating Properties 2019-2023 13 2014-2018 32 2009-2013 21 2004-2008 31 1999-2003 45 Prior to 1999 30 10 Table of C ontents Property Table The following table sets forth information with respect to our 172 operating properties at December 31, 2023: OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Our operating properties were constructed and placed in service as follows: Year Placed in Service Number of Operating Properties 2020-2024 13 2015-2019 29 2010-2014 17 2005-2009 33 2000-2004 39 Prior to 2000 43 Property Table 9 Table of Contents The following table sets forth information with respect to our 174 operating properties at December 31, 2024: OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Properties The Properties Our properties typically consist of mid-rise buildings or two and three story buildings in a landscaped setting, as well as high-rise buildings, and provide residents with a variety of amenities common to multifamily rental properties. 9 Table of C ontents Operating Properties The 172 operating properties in which we owned interests and operated at December 31, 2023 averaged 961 square feet of living area per apartment home.
Item 2. Properties The Properties Our properties typically consist of mid-rise buildings or two and three-story buildings in a landscaped setting, as well as high-rise buildings, and provide residents with a variety of amenities common to multifamily rental properties.
For the year ended December 31, 2023, no single operating property accounted for greater than 1.4% of our total revenues.
Operating Properties The 174 operating properties in which we owned interests and operated at December 31, 2024 averaged 965 square feet of living area per apartment home. For the year ended December 31, 2024, no single operating property accounted for greater than 1.3% of our total revenues.
Removed
At December 31, 2023, 155 of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes.
Removed
Legal Proceedings None. Item 4. Mine Safety Disclosures None. 15 Table of C ontents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

7 edited+3 added−3 removed8 unchanged
Biggest changeDuring the year ended December 31, 2023, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
Biggest changeDuring the year ended December 31, 2024, no director or officer (as each such term is defined in Section 16a-1(f) of Exchange Act) of the Company adopted, terminated, or had in place, any contract, instruction, or written plan for the purchase or sale of securities of Camden intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement", as defined in paragraph (c) of Item 408 of Regulation S-K.
This number does not include the beneficial owners of our shares which are held by banks, brokers, and other financial institutions. In the first quarter of 2024, the Company's Board of Trust Managers declared a first quarter dividend of $1.03 per common share to our common shareholders of record as of March 29, 2024.
This number does not include the beneficial owners of our shares which are held by banks, brokers, and other financial institutions. In the first quarter of 2025, the Company's Board of Trust Managers declared a first quarter dividend of $1.05 per common share to our common shareholders of record as of March 31, 2025.
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities Our common shares are traded on the New York Stock Exchange under the symbol "CPT." As of February 15, 2024, there were approximately 274 shareholders of record.
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities Our common shares are traded on the New York Stock Exchange under the symbol "CPT." As of February 13, 2025, there were approximately 258 shareholders of record.
As of the date of this filing, there were no repurchases and the dollar value of our common equity securities authorized to be repurchased under this program remains at $500.0 million pursuant to this authorization.
As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was approximately $450.0 million.
(Source: S&P Global Market Intelligence) Index 2019 2020 2021 2022 2023 Camden Property Trust $ 124.21 $ 121.37 $ 222.33 $ 143.23 $ 132.29 FTSE NAREIT Equity 126.00 115.92 166.04 125.58 142.83 S&P 500 131.49 155.68 200.37 164.08 207.21 Russell 2000 125.53 150.58 172.90 137.56 160.85 16 Table of C ontents In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions.
(Source: S&P Global Market Intelligence) 5 - Year Total Return Performance of Indices Index 2020 2021 2022 2023 2024 Camden Property Trust $ 97.72 $ 179.00 $ 115.31 $ 106.51 $ 129.20 FTSE NAREIT Equity REITs Index 92.00 131.78 99.67 113.35 123.25 S&P 500 Index 118.40 152.39 124.79 157.59 197.02 Russell 2000 Index 119.96 137.74 109.59 128.14 142.93 15 Table of Contents In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions.
Future dividend payments are paid at the discretion of the Board of Trust Managers and depend on cash flows generated from operations, the Company's financial condition, and capital requirements, distribution requirements under the REIT provisions of the Code and other factors, including the Company's past performance, and future prospects, which may be deemed relevant by our Board of Trust Managers.
Future dividend payments are paid at the discretion of the Board of Trust Managers and a number of factors are considered, including the Company's past performance and future prospects, which may be deemed relevant by our Board of Trust Managers. Assuming similar dividend distributions for the remainder of 2025, our annualized dividend rate for 2025 would be $4.20.
Assuming similar dividend distributions for the remainder of 2024, our annualized dividend rate for 2024 would be $4.12. The following graph assumes the investment of $100 on December 31, 2018 and quarterly reinvestment of dividends.
The following graph assumes the investment of $100 in common stock on December 31, 2019 and quarterly reinvestment of dividends.
Removed
See Part III, Item 12, for a description of securities authorized for issuance under our equity compensation plans. In October 2022, our Board of Trust Managers approved to increase the authorization for our common equity securities of approximately $269.5 million remaining under our share repurchase plan to $500.0 million.
Added
Information related to securities authorized for issuance under our equity compensation plans will be included in our Proxy Statement. See Part III, Item 12 for further discussion.
Removed
Under our repurchase plan, the Company is authorized to repurchase our common equity securities through a variety of methods, including open market purchases, block purchases, and privately negotiated transactions, the timing of which will depend upon certain business and financial market conditions.
Added
We have a share repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. In 2024, we repurchased 515,974 common shares for approximately $50.0 million, at an average price of $96.88 per share.
Removed
There were no repurchases under the approved share repurchase plan during 2021 or through the date our Board of Trust Managers approved the increase in October 2022.
Added
Item 6. Reserved Not applicable. 16 Table of Contents

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

92 edited+25 added−34 removed34 unchanged
Biggest changeAdditionally, NOI as disclosed by other REITs may not be comparable to our calculation. 24 Table of C ontents Reconciliations of net income to NOI for the year ended December 31, 2023 and 2022 are as follows: (in thousands) 2023 2022 Net income $410,553 $661,508 Less: Fee and asset management income (3,451) (5,188) Less: Interest and other income (879) (3,019) Less: (Income)/loss on deferred compensation plans (15,398) 19,637 Plus: Property management expense 33,706 28,601 Plus: Fee and asset management expense 1,717 2,516 Plus: General and administrative expense 62,506 60,413 Plus: Interest expense 133,395 113,424 Plus: Depreciation and amortization expense 574,813 577,020 Plus: Expense/(benefit) on deferred compensation plans 15,398 (19,637) Plus: Loss on early retirement of debt 2,513 — Less: Gain on sale of operating properties, including land (225,416) (36,372) Less: Gain on acquisition of unconsolidated joint venture interests — (474,146) Less: Equity in income of joint ventures — (3,048) Plus: Income tax expense 3,650 2,966 Net operating income $ 993,107 $ 924,675 Property-Level NOI (1) Property NOI, as reconciled above, is detailed further into the categories below for the year ended December 31, 2023 as compared to 2022: Number of Homes at Year Ended December 31, Change ($ in thousands) 12/31/2023 2023 2022 $ % Property revenues: Same store communities 47,423 $ 1,238,564 $ 1,178,247 $ 60,317 5.1 % Non-same store communities 10,824 264,396 200,479 63,917 31.9 Development and lease-up communities 1,553 3,851 — 3,851 * Dispositions/other — 35,216 44,030 (8,814) (20.0) Total property revenues 59,800 $ 1,542,027 $ 1,422,756 $ 119,271 8.4 % Property expenses: Same store communities 47,423 $ 434,389 $ 407,260 $ 27,129 6.7 % Non-same store communities 10,824 100,413 76,537 23,876 31.2 Development and lease-up communities 1,553 1,236 (28) 1,264 * Dispositions/other — 12,882 14,312 (1,430) (10.0) Total property expenses 59,800 $ 548,920 $ 498,081 $ 50,839 10.2 % Property NOI: Same store communities 47,423 $ 804,175 $ 770,987 $ 33,188 4.3 % Non-same store communities 10,824 163,983 123,942 40,041 32.3 Development and lease-up communities 1,553 2,615 28 2,587 * Dispositions/other — 22,334 29,718 (7,384) (24.8) Total property NOI 59,800 $ 993,107 $ 924,675 $ 68,432 7.4 % * Not a meaningful percentage. 25 Table of C ontents (1) For 2023, s ame store communities are communities we owned and were stabilized since January 1, 2022, excluding communities under redevelopment and properties held for sale.
Biggest changeReconciliations of net income to NOI for the year ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Net income $170,840 $410,553 Less: Fee and asset management income (7,137) (3,451) Less: Interest and other income (4,420) (879) Less: Income on deferred compensation plans (12,629) (15,398) Plus: Property management expense 38,331 33,706 Plus: Fee and asset management expense 2,200 1,717 Plus: General and administrative expense 72,365 62,506 Plus: Interest expense 129,815 133,395 Plus: Depreciation and amortization expense 582,014 574,813 Plus: Expense on deferred compensation plans 12,629 15,398 Plus: Impairment associated with land development activities 40,988 — Plus: Loss on early retirement of debt 921 2,513 Less: Gain on sale of operating properties (43,806) (225,416) Plus: Income tax expense 2,926 3,650 Net operating income $ 985,037 $ 993,107 22 Table of Contents Property-Level NOI (1) Property NOI, as reconciled above, is detailed further into the categories below for the year ended December 31, 2024 as compared to 2023: Number of Homes at Year Ended December 31, Change ($ in thousands) 12/31/2024 2024 2023 $ % Property revenues: Same store communities 55,866 $ 1,463,982 $ 1,444,649 $ 19,333 1.3 % Non-same store communities 2,195 57,001 49,060 7,941 16.2 Development and lease-up communities 1,935 8,289 158 8,131 * Dispositions/other — 14,570 48,160 (33,590) (69.7) Total property revenues 59,996 $ 1,543,842 $ 1,542,027 $ 1,815 0.1 % Property expenses: Same store communities 55,866 $ 520,848 $ 511,459 $ 9,389 1.8 % Non-same store communities 2,195 20,277 19,122 1,155 6.0 Development and lease-up communities 1,935 4,290 172 4,118 * Dispositions/other — 13,390 18,167 (4,777) (26.3) Total property expenses 59,996 $ 558,805 $ 548,920 $ 9,885 1.8 % Property NOI: Same store communities 55,866 $ 943,134 $ 933,190 $ 9,944 1.1 % Non-same store communities 2,195 36,724 29,938 6,786 22.7 Development and lease-up communities 1,935 3,999 (14) 4,013 * Dispositions/other — 1,180 29,993 (28,813) (96.1) Total property NOI 59,996 $ 985,037 $ 993,107 $ (8,070) (0.8) % * Not a meaningful percentage.
We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment indicators exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates.
We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates.
We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to our expectations for future periods.
We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act, both as amended, with respect to our expectations for future periods.
Discussion of our year-to-date comparisons between 2023 and 2022 is presented below. Year-to-date comparisons between 2022 and 2021 can be found in "Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Discussion of our year-to-date comparisons between 2024 and 2023 is presented below. Year-to-date comparisons between 2023 and 2022 can be found in "Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
We believe we are in compliance with all such financial covenants and limitations as of December 31, 2023 and through the date of this filing. Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit.
We believe we are in compliance with all such financial covenants and limitations as of December 31, 2024 and through the date of this filing. Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit.
Cash outflows during 2023 primarily related to amounts paid for property development and capital improvements of approximately $410.9 million. These outflows were partially offset by net proceeds from the sale of two operating properties of approximately $290.7 million.
Cash outflows during 2023 primarily related to the amounts paid for property development and capital improvements of approximately $410.9 million, partially offset by net proceeds from the sale of two operating properties of approximately $290.7 million.
We believe our ability to access the capital markets is enhanced by our senior unsecured debt ratings by Fitch, Moody's, and Standard and Poor's, which were A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, as of December 31, 2023.
We believe our ability to access the capital markets is enhanced by our senior unsecured debt ratings by Fitch, Moody's, and Standard and Poor's, which were A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, as of December 31, 2024.
Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following: • Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us; • Short-term leases could expose us to the effects of declining market rents; • Competition could limit our ability to lease apartments or increase or maintain rental income; • We could be negatively impacted by the risks associated with land holdings and related activities; • Development, repositions, redevelopment and construction risks could impact our profitability; • Our acquisition strategy may not produce the cash flows expected; • Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values; • Failure to qualify as a REIT could have adverse consequences; • Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us; • A cybersecurity incident and other technology disruptions could negatively impact our business; • We have significant debt, which could have adverse consequences; • Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders; • Issuances of additional debt may adversely impact our financial condition; • We may be unable to renew, repay, or refinance our outstanding debt; • Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments; • Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets; • Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders; • The form, timing, and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations; • Environmental, social, and governance factors may impose additional costs and/or expose us to new risks; • Litigation risks could affect our business; 18 Table of C ontents • Damage from catastrophic weather and other natural events could result in losses; • Competition could adversely affect our ability to acquire properties; and • We could be adversely impacted due to our share price fluctuations.
Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following: • Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us; • Short-term leases could expose us to the effects of declining market rents; • We could be negatively impacted by the risks associated with land holdings and related activities; • Development, repositions, redevelopment and construction risks could impact our profitability; • Our acquisition strategy may not produce the cash flows expected; • Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values; • Failure to qualify as a REIT could have adverse consequences; • Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us; • A cybersecurity incident and other technology disruptions could negatively impact our business; • We have significant debt, which could have adverse consequences; • Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders; • Issuances of additional debt may adversely impact our financial condition; • We may be unable to renew, repay, or refinance our outstanding debt; • Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments; • Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets; • Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders; • The form, timing, and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations; • Litigation risks could affect our business; • Damage from catastrophic weather and other natural events could result in losses; • Competition could adversely affect our ability to acquire properties; and 17 Table of Contents • We could be adversely impacted due to our share price fluctuations.
We also intend to strengthen our capital and liquidity positions by continuing to focus on our core fundamentals, which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. Our primary sources of liquidity are cash flows generated from operations.
We also intend to strengthen our capital and liquidity positions by continuing to focus on our core fundamentals, which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. Our primary source of liquidity is cash flows generated from operations.
We believe our liquidity and financial condition are sufficient to meet all of our reasonably anticipated cash needs over the next 12 months including: • normal recurring operating expenses; • current debt service requirements, including debt maturities; • recurring capital expenditures; • reposition expenditures; • funding of property developments, redevelopments, and acquisitions; and • the minimum dividend payments required to maintain our REIT qualification under the Code.
We believe our liquidity and financial condition are sufficient to meet all of our reasonably anticipated cash needs over the next 12 months including: • normal recurring operating expenses; • current debt service requirements, including scheduled debt maturities; • recurring and non-recurring capital expenditures; • funding of property developments, repositions, redevelopments, and acquisitions; and • the minimum dividend payments required to maintain our REIT qualification under the Code.
Our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At December 31, 2023, we had approximately 106.8 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
Our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At December 31, 2024, we had approximately 106.7 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility and term loan are subject to customary financial covenants and limitations.
These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility is subject to customary financial covenants and limitations.
The interest rates on our unsecured revolving credit facility and term loan are based upon, at our option, (a) the daily or the one-, three-, or six- months Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s price rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%.
The interest rate on our unsecured revolving credit facility is based upon, 28 Table of Contents at our option, (a) the daily or the one-, three-, or six- months Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s price rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%.
Business Environment and Current Outlook Our results for the year ended December 31, 2023, reflect an increase in same store revenues of approximately 5.1% as compared to the same period in 2022.
Business Environment and Current Outlook Our results for the year ended December 31, 2024, reflect an increase in same store revenues of approximately 1.3% as compared to the same period in 2023.
As of December 31, 2023, we owned interests in, operated, or were developing 176 multifamily properties comprised of 59,800 apartment homes across the United States as detailed in the Property Portfolio table below. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
As of December 31, 2024, we owned interests in, operated, or were developing 177 multifamily properties comprised of 59,996 apartment homes across the United States as detailed in the Property Portfolio table below. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate will likely rise in 2024, but should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.
We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate will continue to be elevated into 2025 but should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.
We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of depreciable real estate and depreciation, FFO can assist in the comparison of the operating performance of a company's real estate investments between periods or to different companies.
We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company's real estate investments between periods or to different companies.
In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions.
In May 2023, we created the 2023 ATM share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering amount of up to $500.0 million, in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions.
While our issuance of letters of credit does not increase our borrowings outstanding under our revolving credit facility, it does reduce the amount available. At December 31, 2023, we had outstanding letters of credit totaling $27.7 million, and approximately $1.2 billion available under our unsecured revolving credit facility.
While our issuance of letters of credit does not increase our borrowings outstanding under our revolving credit facility, it does reduce the amount available. At December 31, 2024, we had outstanding letters of credit totaling $27.5 million, and approximately $1.0 billion available under our unsecured revolving credit facility.
Cash Flows The following is a discussion of our cash flows for the years ended December 31, 2023 and 2022. Net cash from operating activities was approximately $795.0 million during the year ended December 31, 2023 as compared to approximately $744.7 million during the year ended December 31, 2022.
Cash Flows The following is a discussion of our cash flows for the years ended December 31, 2024 and 2023. Net cash from operating activities was approximately $774.9 million during the year ended December 31, 2024 as compared to approximately $795.0 million during the year ended December 31, 2023.
See further discussions of our 2023 operations as compared to 2022 in "Results of Operations." Net cash used in investing activities during the year ended December 31, 2023 totaled approximately $127.1 million as compared to $1.5 billion during the year ended December 31, 2022.
See further discussions of our 2024 operations as compared to 2023 in "Results of Operations." Net cash used in investing activities during the year ended December 31, 2024 totaled approximately $285.2 million as compared to $127.1 million during the year ended December 31, 2023.
When aggregated with previous 2023 dividends, this distribution to common shareholders and holders of the common operating partnership units equates to an annual dividend rate of $4.00 per share or unit for the year ended December 31, 2023.
When aggregated with previous 2024 dividends, 29 Table of Contents this distribution to common shareholders and holders of the common operating partnership units equates to an annual dividend rate of $4.12 per share or unit for the year ended December 31, 2024.
Other sources may include one or more of the following: availability under our unsecured revolving credit facility, the use of debt and equity offerings under our automatic 30 Table of C ontents shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, and other unsecured borrowings or secured mortgages.
Other sources may include one or more of the following: availability under our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our 2023 ATM program, and other 27 Table of Contents unsecured borrowings or secured mortgages.
Our interest expense coverage ratio, net of capitalized interest, was approximately 6.8 and 7.4 times for the years ended December 31, 2023 and 2022, respectively.
Our interest expense coverage ratio, net of capitalized interest, was approximately 6.9 and 6.8 times for the years ended December 31, 2024 and 2023, respectively.
Approximately 89.8% and 83.9% of our properties were unencumbered at December 31, 2023 and 2022, respectively. Our weighted average maturity of debt was approximately 5.6 years at December 31, 2023.
Approximately 89.9% and 89.8% of our properties were unencumbered at December 31, 2024 and 2023, respectively. Our weighted average maturity of debt was approximately 6.2 years at December 31, 2024.
Management considers property net operating income ("NOI") to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without an allocation of corporate level property management overhead or general and administrative costs. We define NOI as total property income less property operating and maintenance expenses less real estate taxes.
Management considers property net operating income ("NOI") to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without an allocation of corporate level property management overhead or general and administrative costs. NOI is defined as total property income less total property operating expenses.
Metro 6,192 17 6,192 17 Atlanta, Georgia 4,862 15 4,862 15 Phoenix, Arizona 4,426 14 4,029 13 Orlando, Florida 3,954 11 3,954 11 Austin, Texas 3,686 11 3,686 11 Charlotte, North Carolina 3,491 15 3,104 14 Raleigh, North Carolina 3,252 9 3,252 9 Tampa/St.
Metro 6,192 17 6,192 17 Phoenix, Arizona 4,426 14 4,426 14 Atlanta, Georgia 4,270 14 4,862 15 Orlando, Florida 3,954 11 3,954 11 Austin, Texas 3,686 11 3,686 11 Raleigh, North Carolina 3,672 10 3,252 9 Charlotte, North Carolina 3,510 15 3,491 15 Tampa/St.
Consolidated Results Net income attributable to common shareholders was $403.3 million and $653.6 million for the years ended December 31, 2023 and December 31, 2022, respectively.
Consolidated Results Net income attributable to common shareholders was $163.3 million and $403.3 million for the years ended December 31, 2024 and December 31, 2023, respectively.
Same Store Analysis Same store property NOI increased approximately $33.2 million for the year ended December 31, 2023 as compared to the same period in 2022.
Same Store Analysis Same store property NOI increased approximately $9.9 million for the year ended December 31, 2024 as compared to the same period in 2023.
The increase was primarily due to higher average rental rates which we believe was primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, continued demand for multifamily housing in our markets, and a manageable supply of new multifamily housing.
The increase was due to higher rental income as a result of higher average rental rates and lower uncollectible revenue, which we believe was primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, and continued demand for multifamily housing in our markets.
FFO, Core FFO, and Core AFFO are not defined by GAAP and should not be considered alternatives to net income attributable to common shareholders as an indication of our operating performance. Additionally, FFO, Core FFO, and Core AFFO as disclosed by other REITs may not be comparable to our calculation.
FFO, Core FFO, and Core AFFO are not defined by GAAP and should not be considered alternatives to net income attributable to common shareholders as an indication of our operating performance.
In the first quarter of 2024, the Company's Board of Trust Managers declared a first quarter dividend of $1.03 per common share to our common shareholders of record as of March 29, 2024.
In the first quarter of 2025, the Company's Board of Trust Managers declared a first quarter dividend of $1.05 per common share to our common shareholders of record as of March 31, 2025.
The increase was due to an increase of approximately $60.3 million in same store property revenues, partially offset by an increase of approximately $27.1 million in same store property expenses, for the year ended December 31, 2023, as compared to the same period in 2022.
The increase was due to an increase of approximately $19.3 million in same store property revenues, partially offset by an increase of approximately $9.4 million in same store property expenses, for the year ended December 31, 2024, as compared to the same period in 2023.
We continue to evaluate our operating properties and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
We also intend to evaluate our operating property and land development portfolios and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
The increase was comprised of an increase from non-same store communities of approximately $40.0 million and an increase from development and lease-up communities of approximately $2.6 million for the year ended December 31, 2023, as compared to the same period in 2022.
The increase was primarily due to an increase from non-same store communities of approximately $6.8 million and an increase from development and lease-up communities of approximately $4.0 million for the year ended December 31, 2024, as compared to the same period in 2023.
The following table details the changes, described above, relating to non-same store and development and lease-up NOI: For the year ended December 31, (in millions) 2023 compared to 2022 Property Revenues Revenues from acquisitions $ 43.8 Revenues from non-same store stabilized properties 17.4 Revenues from development and lease-up properties 3.9 Other 2.7 $ 67.8 Property Expenses Expenses from acquisitions $ 16.7 Expenses from non-same store stabilized properties 5.1 Expenses from development and lease-up properties 1.3 Other 2.1 $ 25.2 26 Table of C ontents For the year ended December 31, (in millions) 2023 compared to 2022 Property NOI NOI from acquisitions $ 27.1 NOI from non-same store stabilized properties 12.3 NOI from development and lease-up properties 2.6 Other 0.6 $ 42.6 Dispositions/Other Property Analysis Dispositions/other property NOI decreased approximately $7.4 million for the year ended December 31, 2023 as compared to the same period in 2022.
The following table details the changes, described above, relating to non-same store and development and lease-up NOI: For the year ended December 31, (in millions) 2024 compared to 2023 Property Revenues: Revenues from non-same store stabilized properties $ 7.5 Revenues from development and lease-up properties 8.1 Other non same-store 0.5 $ 16.1 Property Expenses: Expenses from non-same store stabilized properties $ 1.2 Expenses from development and lease-up properties 4.1 Other non same-store — $ 5.3 Property NOI: NOI from non-same store stabilized properties $ 6.3 NOI from development and lease-up properties 4.0 Other non same-store 0.5 $ 10.8 Dispositions/Other Property Analysis Dispositions/other property NOI decreased approximately $28.8 million for the year ended December 31, 2024 as compared to the same period in 2023.
Petersburg, Florida 3,104 8 3,104 8 Southeast Florida 3,050 9 3,050 9 Denver, Colorado 2,873 9 2,873 9 Los Angeles/Orange County, California 1,811 5 2,663 7 San Diego/Inland Empire, California 1,797 6 1,797 6 Nashville, Tennessee 758 2 758 2 Total Operating Properties 58,634 172 58,702 172 Properties Under Construction Raleigh, North Carolina 789 2 789 2 Houston, Texas 377 2 377 2 Charlotte, North Carolina — — 387 1 Phoenix, Arizona — — 397 1 Total Properties Under Construction 1,166 4 1,950 6 Total Properties 59,800 176 60,652 178 Stabilized Communities We generally consider a property stabilized once it reaches 90% occupancy.
Petersburg, Florida 3,104 8 3,104 8 Southeast Florida 3,050 9 3,050 9 Denver, Colorado 2,873 9 2,873 9 Los Angeles/Orange County, California 1,811 5 1,811 5 San Diego/Inland Empire, California 1,797 6 1,797 6 Nashville, Tennessee 758 2 758 2 Total Operating Properties 58,858 174 58,634 172 19 Table of Contents Properties Under Construction Charlotte, North Carolina 769 2 — — Raleigh, North Carolina 369 1 789 2 Houston, Texas — — 377 2 Total Properties Under Construction 1,138 3 1,166 4 Total Properties 59,996 177 59,800 176 Stabilized Communities We generally consider a property stabilized once it reaches 90% occupancy.
The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (computed in accordance with GAAP), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains (or losses) from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis.
The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (computed in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis.
Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations. 33 Table of C ontents
Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations and therefore could reduce net income.
The increase in property NOI from our non-same store communities was primarily due to our acquisition of the Funds on April 1, 2022, and the stabilization of three operating properties in 2022 and two operating properties in 2023.
The increase in property NOI from our non-same store communities was primarily due to the stabilization of two operating properties in 2023 and one operating property in 2024.
The increase was primarily due to higher state income and franchise taxes. Funds from Operations ("FFO"), Core FFO, and Core Adjusted FFO ("Core AFFO") Management considers FFO, Core FFO, and Core AFFO to be appropriate supplementary measures of the financial performance of an equity REIT.
Funds from Operations ("FFO"), Core FFO, and Core Adjusted FFO ("Core AFFO") Management considers FFO, Core FFO, and Core AFFO to be appropriate supplementary measures of the financial performance of an equity REIT.
The property development and capital improvements during 2023 and 2022, included the following: December 31, (in millions) 2023 2022 Expenditures for new development, including land $ 179.3 $ 253.0 Capital expenditures 107.1 108.8 Reposition expenditures 88.2 53.0 Capitalized interest, real estate taxes, and other capitalized indirect costs 36.3 34.6 Total $ 410.9 $ 449.4 Net cash used in financing activities totaled approximately $417.2 million during the year ended December 31, 2023 as compared to net cash from financing activities of approximately $109.9 million during the year ended December 31, 2022.
The property development and capital improvements during 2024 and 2023, included the following: December 31, (in millions) 2024 2023 Expenditures for new development, including land $ 163.2 $ 179.3 Capital expenditures 112.2 107.1 Reposition expenditures 87.9 88.2 Direct real estate taxes and capitalized interest and other indirect costs 30.4 36.3 Total $ 393.7 $ 410.9 Net cash used in financing activities totaled approximately $725.5 million during the year ended December 31, 2024 as compared to approximately $417.2 million during the year ended December 31, 2023.
The $60.3 million increase in same store property revenues for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to an increase of approximately $56.5 million in rental revenues comprised of a 6.6% increase in average rental rates and higher other rental income.
The $19.3 million increase in same store property revenues for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to higher rental revenue due to higher average rental rates of approximately $9.0 million, lower uncollectible revenue of approximately $6.5 million, and higher other rental income of approximately $1.6 million.
We utilized a portion of the net proceeds from these notes to repay the outstanding balance on our $300 million, 6.21% unsecured term loan due in August 2024.
Capital Market Highlights In January 2024, we issued $400.0 million of 4.90% senior unsecured notes due January 15, 2034. We utilized a portion of the net proceeds from these notes to repay the outstanding balance on our $300.0 million, 6.21% unsecured term loan due in August 2024.
The $225.4 million gain on sale for the year ended December 31, 2023 was primarily due to the disposition of two operating properties located in Costa Mesa, California. The $36.4 million gain on sale for the year ended December 31, 2022 was due to the disposition of one operating property located in Largo, Maryland during the first quarter of 2022.
The $43.8 million gain on sale for the year ended December 31, 2024 was due to the disposition of one operating property located in Atlanta, Georgia in February 2024. The $225.4 million gain on sale for the year ended December 31, 2023 was primarily due to the disposition of two operating properties located in Costa Mesa, California.
Additionally, we expect to incur costs between approximately $40 million and $60 million related to the start of new development activities, between approximately $90 million and $94 million of repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $101 million and $105 million of additional recurring capital expenditures during 2024.
Additionally, we expect to incur costs between approximately $100 million and $110 million related to the start of new development activities, between approximately $96 million and $100 million of repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $108 million and $112 million of additional recurring capital expenditures during 2025.
The following is a discussion of our critical accounting policies. For a discussion of all of our significant accounting policies, see Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements," to the accompanying consolidated financial statements. Valuation of Assets .
These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. The following is a discussion of our critical accounting policies. For a discussion of all of our significant accounting policies, see Note 2. "Summary of Significant Accounting Policies and Recent Accounting Pronouncements," to the accompanying consolidated financial statements. Valuation of Assets .
The decrease was partially offset by recognizing a higher gain on sale of two operating properties during the year ended December 31, 2023 of approximately $225.3 million as compared to a gain on sale of one operating property during the year ended December 31, 2022 of approximately $36.4 million.
The decrease during the year ended December 31, 2024 as compared to the same period in 2023 was primarily due to recognizing a higher gain on sale of two operating properties in 2023 of $225.4 million as compared to recognizing a gain on sale of one operating property in 2024 of $43.8 million.
Cash outflows during 2022 primarily related to the acquisition of the Funds for cash consideration of approximately $1.1 billion, and amounts paid for property development and capital improvements of approximately $449.4 million. These outflows were partially offset by net proceeds from the sale of one operating property for approximately $70.5 million in 2022.
Cash outflows during 2024 primarily related to amounts paid for property development and capital improvements of approximately $393.7 million, partially offset by net proceeds from the sale of one operating property of approximately $114.5 million.
Metro 1,633,201 12.4 1,619,826 12.5 Dallas/Fort Worth, Texas 1,117,909 8.5 1,076,941 8.3 Atlanta, Georgia 1,036,351 7.9 1,012,209 7.8 Phoenix, Arizona 899,802 6.8 872,695 6.8 Orlando, Florida 775,393 5.9 761,013 5.9 Southeast Florida 757,434 5.7 740,263 5.7 Charlotte, North Carolina 731,254 5.5 690,767 5.4 Tampa/St.Petersburg, Florida 723,695 5.5 711,552 5.5 Austin, Texas 705,347 5.3 691,830 5.4 Raleigh, North Carolina 699,142 5.3 618,157 4.8 Los Angeles/Orange County, California 687,949 5.2 810,109 6.3 Denver, Colorado 620,916 4.7 611,147 4.7 San Diego/Inland Empire, California 472,464 3.6 463,825 3.6 Nashville, Tennessee 370,445 2.8 357,318 2.8 Total $ 13,192,127 100.0 % $ 12,915,873 100.0 % Results of Operations Changes in revenues and expenses related to our operating properties from period-to-period are due primarily to the performance of stabilized properties in the portfolio, the lease-up of newly-constructed properties, acquisitions, and dispositions.
Metro 1,646,169 12.2 1,633,201 12.4 Dallas, Texas 1,102,231 8.2 1,117,909 8.5 Atlanta, Georgia 942,939 7.0 1,036,351 7.9 Phoenix, Arizona 917,771 6.8 899,802 6.8 Orlando, Florida 793,351 5.9 775,393 5.9 Raleigh, North Carolina 782,333 5.8 699,142 5.3 Charlotte, North Carolina 777,256 5.8 731,254 5.5 Southeast Florida 775,031 5.8 757,434 5.7 Tampa, Florida 739,250 5.5 723,695 5.5 Austin, Texas 727,466 5.4 705,347 5.3 Los Angeles/Orange County, California 678,633 5.1 687,949 5.2 Denver, Colorado 632,133 4.7 620,916 4.7 San Diego/Inland Empire, California 479,881 3.6 472,464 3.6 Nashville, Tennessee 379,607 2.8 370,445 2.8 Total $ 13,443,528 100.0 % $ 13,192,127 100.0 % 21 Table of Contents Results of Operations Changes in revenues and expenses related to our operating properties from period-to-period are due primarily to the performance of stabilized properties in the portfolio, the lease-up of newly-constructed properties, acquisitions, and dispositions.
When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant’s perspective.
When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, comparable sales, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant’s perspective. During the year ended December 31, 2024, we recorded an impairment of approximately $41.0 million related to three parcels of land.
The increase in property NOI from our development and lease-up communities in fiscal year 2023 was primarily due to the timing of one property under development, which began lease-up during the year ended December 31, 2023.
The increase in property NOI from our development and lease-up communities was primarily due to the timing of three development communities under lease-up, one of which completed construction during the second quarter of 2024 and two of which completed construction during the fourth quarter of 2024.
The decrease in property development and capital improvements for 2023, as compared to the same period in 2022, was primarily due to the acquisition of four parcels of land for development in 2022, partially offset by higher reposition expenditures in 2023 as compared to 2022.
The decrease in property development and capital improvements for 2024, as compared to the same period in 2023, was primarily due to lower property development expenditures in 2024 as compared to 2023.
Construction Activity At December 31, 2023, we had a total of four projects under construction to be comprised of 1,166 apartment homes. Initial occupancies of these four projects are currently scheduled to occur within the next nine months. We estimate the additional cost to complete the construction of the four projects to be approximately $137.6 million.
Construction and Development Activity At December 31, 2024, we had a total of three projects under construction to be comprised of 1,138 apartment homes. Initial occupancies of these three projects are currently scheduled to occur within the next two years.
Fee and asset management income from property management, asset management, construction, and development activities at our joint ventures and our third-party construction projects decreased approximately $1.7 million for the year ended December 31, 2023 as compared to 2022.
Fee and asset management income from construction and development activities at our third-party construction projects increased approximately $3.7 million for the year ended December 31, 2024 as compared to 2023. The increase was primarily related to higher fees earned on third-party construction projects due to higher activity during 2024 as compared to 2023.
The increase was also due to an increase of approximately $3.3 million related to income from our utility rebilling and ancillary income programs, and an increase of approximately $0.5 million in fees and other income.
The increase was also due to approximately $2.1 million of higher income from our utility and ancillary income programs.
The $27.1 million increase in same store property expenses for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to higher insurance expense of approximately $9.7 million primarily due to increased premiums and claims; repairs and maintenance expense of $4.8 million; real estate taxes of $4.6 million due to increased tax rates and property valuations; utilities expense of $3.4 million; and, marketing and leasing expenses of $1.7 million.
The $9.4 million increase in same store property expenses for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to higher salaries and benefits of approximately $5.7 million, higher utilities expense and expenses associated with our ancillary programs of approximately $4.8 million, higher marketing, leasing, and other expenses of approximately $2.4 million, higher repairs and maintenance expense of approximately $2.3 million, and higher property general and administrative expenses of approximately $0.9 million.
We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements. 20 Table of C ontents Property Portfolio Our multifamily property portfolio is summarized as follows: December 31, 2023 December 31, 2022 Number of Homes Properties Number of Homes Properties Operating Properties Houston, Texas 9,154 26 9,154 26 Dallas/Fort Worth, Texas 6,224 15 6,224 15 Washington, D.C.
Property Portfolio Our multifamily property portfolio is summarized as follows: December 31, 2024 December 31, 2023 Number of Homes Properties Number of Homes Properties Operating Properties Houston, Texas 9,531 28 9,154 26 Dallas/Fort Worth, Texas 6,224 15 6,224 15 Washington, D.C.
The decrease was comprised of lower NOI related to dispositions of approximately $1.4 million and lower other property NOI of approximately $6.0 million for the year ended December 31, 2023 as compared to the same period in 2022.
The decrease was also due to lower other property NOI of approximately $4.5 million primarily due to higher storm-related insurance expenses of approximately $5.6 million, partially offset by approximately $1.1 million of higher revenues related to business interruption proceeds for the year ended December 31, 2024 as compared to the same period in 2023.
Reconciliations of net income attributable to common shareholders to FFO, Core FFO, and Core AFFO for the years ended December 31, 2023 and 2022 are as follows: 29 Table of C ontents ($ in thousands) 2023 2022 Funds from operations Net income attributable to common shareholders $ 403,309 $ 653,613 Real estate depreciation and amortization 562,654 565,913 Adjustments for unconsolidated joint ventures — 2,709 Gain on sale of operating properties (225,331) (36,372) Gain on acquisition of unconsolidated joint venture interests — (474,146) Income allocated to non-controlling interests 7,244 7,895 Funds from operations $ 747,876 $ 719,612 Casualty-related expenses, net of recoveries 1,186 2,282 Severance — 896 Legal costs and settlements, net of recoveries 280 555 Loss on early retirement of debt 2,513 — Expensed development and other pursuit costs 471 — Net below market lease amortization — (8,467) Miscellaneous (income)/expense (1) (364) (2,071) Core funds from operations $ 751,962 $ 712,807 Less: recurring capitalized expenditures (97,094) (90,715) Core adjusted funds from operations $ 654,868 $ 622,092 Weighted average shares – basic 108,653 107,605 Incremental shares issuable from assumed conversion of: Share awards granted 21 50 Common units 1,595 1,606 Weighted average shares – diluted 110,269 109,261 (1) For the year ended December 31, 2023 and 2022 activity relates to proceeds from a previously sold technology investment.
Additionally, FFO, Core FFO, and Core AFFO as disclosed by other REITs may not be comparable to our calculation. 26 Table of Contents Reconciliations of net income attributable to common shareholders to FFO, Core FFO, and Core AFFO for the years ended December 31, 2024 and 2023 are as follows: ($ in thousands) 2024 2023 Funds from operations Net income attributable to common shareholders $ 163,293 $ 403,309 Real estate depreciation and amortization 569,998 562,654 Impairment associated with land development activities 40,988 — Gain on sale of operating properties (43,806) (225,331) Income allocated to non-controlling interests 7,547 7,244 Funds from operations $ 738,020 $ 747,876 Casualty-related expenses, net of recoveries 5,849 1,186 Severance 506 — Legal costs and settlements 4,844 280 Loss on early retirement of debt 921 2,513 Expensed transaction, development, and other pursuit costs 2,203 471 Advocacy contributions 1,653 — Miscellaneous (income)/expense (1) — (364) Core funds from operations $ 753,996 $ 751,962 Less: recurring capitalized expenditures (106,403) (97,094) Core adjusted funds from operations $ 647,593 $ 654,868 Weighted average shares – basic 108,491 108,653 Incremental shares issuable from assumed conversion of: Share awards granted 48 21 Common units 1,594 1,595 Weighted average shares – diluted 110,133 110,269 (1) For the year ended December 31, 2023, activity relates to proceeds from an earn-out from a previously sold technology investment.
As of December 31, 2023, we had approximately $1.2 billion available under our unsecured revolving credit facility. As of December 31, 2023 and through the date of this filing, we also had common shares having an aggregate offering price of up to $500.0 million remaining available for sale under our 2023 ATM program.
As of December 31, 2024, and through the date of this filing, we also had common shares having an aggregate offering price of up to $500.0 million remaining available for sale under our 2023 ATM program. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund new development, redevelopment, and other capital funding requirements.
Property management expenses were 2.2% and 2.0% of total property revenues for the years ended December 31, 2023 and 2022, respectively. Fee and asset management expense from property management, asset management, construction, and development activities at our joint ventures and our third-party projects decreased approximately $0.8 million for the year ended December 31, 2023 as compared to 2022.
Fee and asset management expense from construction and development activities at our third-party projects increased approximately $0.5 million for the year ended December 31, 2024 as compared to 2023 primarily due to the increase in third-party construction activity in 2024. General and administrative expenses increased approximately $9.9 million for the year ended December 31, 2024 as compared to 2023.
Equity in income of joint ventures decreased approximately $3.0 million for the year ended December 31, 2023 as compared to 2022. The decrease was primarily due to our consolidating the Funds on April 1, 2022. Income tax expense increased approximately $0.7 million for the year ended December 31, 2023 as compared to the same period in 2022.
Income tax expense decreased approximately $0.7 million for the year ended December 31, 2024 as compared to the same period in 2023.
As a REIT, we are subject to a number of organizational and operational requirements, including a requirement to distribute current dividends to our shareholders equal to a minimum of 90% of our annual taxable income. In order to reduce the amount of income taxes, our general policy is to distribute at least 100% of our taxable income.
We continue to evaluate our portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise. As a REIT, we are subject to a number of organizational and operational requirements, including a requirement to distribute current dividends to our shareholders equal to a minimum of 90% of our annual taxable income.
Properties Under Development Our consolidated balance sheet at December 31, 2023 included approximately $486.9 million related to properties under development and land. Of this amount, approximately $214.0 million related to our projects currently under construction. In addition, we had approximately $272.9 million primarily invested in land held for future development related to projects we currently expect to begin construction.
Properties Under Development and Land Our consolidated balance sheet at December 31, 2024 included approximately $401.5 million related to properties under development and land. Of this amount, approximately $211.4 million related to our projects currently under construction.
In December 2023, we announced our Board of Trust Managers had declared a quarterly dividend of $1.00 per common share to our common shareholders of record as of December 15, 2023. This dividend was subsequently paid on January 17, 2024, and we paid equivalent amounts per unit to holders of common operating partnership units.
This dividend was subsequently paid on January 17, 2025, and we paid equivalent amounts per unit to holders of common operating partnership units.
Non-Property Income Year Ended December 31, Change ($ in thousands) 2023 2022 $ % Fee and asset management $ 3,451 $ 5,188 $ (1,737) (33.5) % Interest and other income 879 3,019 (2,140) (70.9) Income/(loss) on deferred compensation plans 15,398 (19,637) 35,035 * Total non-property income $ 19,728 $ (11,430) $ 31,158 (272.6) % *Not a meaningful percentage.
Non-Property Income Year Ended December 31, Change ($ in thousands) 2024 2023 $ % Fee and asset management $ 7,137 $ 3,451 $ 3,686 106.8 % Interest and other income 4,420 879 3,541 * Income on deferred compensation plans 12,629 15,398 (2,769) (18.0) Total non-property income $ 24,186 $ 19,728 $ 4,458 22.6 % *Not a meaningful percentage.
The increase was primarily due to a $300 million term loan we entered into in December 2022, the issuance of $500 million unsecured notes in November 2023, higher interest expense recognized on our unsecured revolving credit facility resulting from higher interest rates and an increase in average balances outstanding, and higher interest expense recognized on our other variable rate debt outstanding in 2023 due to higher interest rates as compared to the same period in 2022.
The decrease was primarily due to the repayments of a $300 million, 6.21% unsecured term loan and $250.0 million, 4.36% senior unsecured notes in January 2024, and the repayment of a $250 million, 3.68% senior unsecured notes in September 2024, and lower interest expense recognized on our unsecured revolving credit facility resulting from lower average balances outstanding during the year ended December 31, 2024 as compared to the same period in 2023.
These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date, and the amounts of revenues and expenses recognized during the reporting period. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances.
Critical Accounting Estimates The preparation of our financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date, and the amounts of revenues and expenses recognized during the reporting period.
The decrease in NOI related to dispositions was due to the disposition of two operating properties in 2023, and the disposition of one operating property in March 2022.
The decrease was comprised of lower NOI related to dispositions of approximately $24.3 million due to the dispositions of one operating property in each of June 2023, December 2023, and February 2024.
Non-same Store and Development and Lease-up Analysis Property NOI from non-same store (which includes acquisitions, non-same store stabilized properties, and other) and development and lease-up communities increased $42.6 million for the year ended December 31, 2023, as compared to the same period in 2022.
The increase was partially offset by lower property insurance expense of approximately $6.4 million and lower real estate taxes of approximately $0.3 million. 23 Table of Contents Non-same Store and Development and Lease-up Analysis Property NOI from non-same store and development and lease-up communities increased $10.8 million for the year ended December 31, 2024, as compared to the same period in 2023.
Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted and estimates routinely require adjustment. 23 Table of C ontents Geographic Diversification At December 31, 2023 and 2022, our real estate assets by various markets, excluding depreciation, were as follows: ($ in thousands) 2023 2022 Houston, Texas $ 1,960,825 14.9 % $ 1,878,221 14.5 % Washington, D.C.
Geographic Diversification At December 31, 2024 and 2023, the book value of our real estate assets by various markets, excluding depreciation, were as follows: ($ in thousands) 2024 2023 Houston, Texas $ 2,069,477 15.4 % $ 1,960,825 14.9 % Washington, D.C.
Non-same store communities are stabilized communities not owned or stabilized since January 1, 2022, including communities under redevelopment and excluding properties held for sale. We define communities under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades.
We define communities under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades. Management believes same store information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.
The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the income/(loss) related to these plans, as discussed in the Non-Property Income section above. 28 Table of C ontents Other Year Ended December 31, Change (in thousands) 2023 2022 $ Loss on early retirement of debt $ (2,513) $ — $ (2,513) Gain on sale of operating properties, including land 225,416 36,372 189,044 Gain on acquisition of unconsolidated joint venture interests — 474,146 (474,146) Equity in income of joint ventures — 3,048 (3,048) Income tax expense (3,650) (2,966) (684) The $2.5 million loss on early retirement of debt during the year ended December 31, 2023 was due to the early repayment of our $185.2 million secured variable rate notes due in 2024 and 2026, and consisted of approximately $1.7 million of prepayment penalties and fees and approximately $0.8 million of unamortized fair value adjustments.
The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the income related to these plans, as discussed in the Non-Property Income section above. 25 Table of Contents Other Year Ended December 31, Change (in thousands) 2024 2023 $ Impairment associated with land development activities $ (40,988) $ — $ (40,988) Loss on early retirement of debt $ (921) $ (2,513) $ 1,592 Gain on sale of operating properties $ 43,806 $ 225,416 $ (181,610) Income tax expense $ (2,926) $ (3,650) $ 724 The impairment expense associated with land development activities for the year ended December 31, 2024 of approximately $41.0 million related to three projects we have put on hold.
Property management expenses, which primarily represent regional supervision and accounting costs related to property operations, increased approximately $5.1 million for the year ended December 31, 2023 as compared to 2022. The increase was primarily related to higher salary, benefits, and incentive compensation costs and higher travel related costs.
The increase was primarily related to higher salary, benefits, and incentive compensation costs, and higher advocacy contributions. Property management expenses were 2.5% and 2.2% of total property revenues for the years ended December 31, 2024 and 2023, respectively.
Future dividend payments are paid at the discretion of the Board of Trust Managers and depend on cash flows generated from operations, the Company's financial condition, and capital requirements, distribution requirements under the REIT provisions of the Code and other factors, including the Company's past performance, and future prospects, which may be deemed relevant by our Board of Trust Managers.
Future dividend payments are paid at the discretion of the Board of Trust Managers and a number of factors are considered, including the Company's past performance and future prospects, which may be deemed relevant by our Board of Trust Managers. Assuming similar dividend distributions for the remainder of 2025, our annualized dividend rate for 2025 would be $4.20.
Excluding deferred compensation plans, general and administrative expenses were 4.0% and 4.2% of total revenues for the years ended December 31, 2023 and 2022, respectively. Interest expense increased approximately $20.0 million for the year ended December 31, 2023 as compared to 2022.
The increase was primarily related to higher salaries, benefits, and incentive compensation costs, higher legal expenses, and higher abandoned acquisition and development pursuit costs. Excluding income on deferred compensation plans, general and administrative expenses were 4.7% and 4.0% of total revenues for the years ended December 31, 2024 and 2023, respectively.
We estimate the additional cost to complete the construction of the four projects to be approximately $137.6 million. Of this amount, we expect to incur costs between approximately $120 million and $130 million during 2024 and to incur the 32 Table of C ontents remaining costs during 2025.
Of this amount, we expect to incur costs between approximately $135 million and $155 million during 2025 and to incur the remaining costs during 2026 and 2027.
Management believes same store information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. Development and lease-up communities are non-stabilized communities we have developed since January 1, 2022, excluding properties held for sale.
Development and lease-up communities are non-stabilized communities we have developed since January 1, 2023, excluding properties held for sale.
At December 31, 2023, we had the following communities undergoing development activities: ($ in millions) Properties and Locations Projected Homes Total Estimated Cost (1) Cost to Date Camden South Charlotte 420 $ 153.0 $ 32.9 Charlotte, NC Camden Blakeney 349 145.0 26.0 Charlotte, NC Camden Baker 435 165.0 33.1 Denver, CO Camden Nations 393 175.0 39.0 Nashville, TN Camden Gulch 480 260.0 49.1 Nashville, TN Camden Paces III 350 100.0 22.5 Atlanta, GA Camden Highland Village II 300 100.0 10.4 Houston, TX Camden Arts District 354 150.0 45.5 Los Angeles, CA Camden Downtown II 271 145.0 14.4 Houston, TX 3,352 $ 1,393.0 $ 272.9 (1) Represents our estimate of total costs we expect to incur on these projects.
At December 31, 2024, we had the following communities undergoing development activities: ($ in millions) Properties and Locations Projected Homes Total Estimated Cost (1) Cost to Date Camden Nations 393 $ 176.0 $ 43.0 Nashville, TN Camden Baker 434 191.0 36.6 Denver, CO Camden Gulch 498 300.0 52.7 Nashville, TN 1,325 $ 667.0 $ 132.3 (1) Represents our estimate of total costs we expect to incur on these projects.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

5 edited+0 added−1 removed3 unchanged
Biggest changeThe table below summarizes our debt as of December 31, 2023 and 2022: ($ in millions) December 31, 2023 December 31, 2022 Carrying Amount Estimated fair market value Weighted Average Maturity (in years) Weighted Average Interest Rate % Of Total Carrying Amount Estimated fair market value Weighted Average Maturity (in years) Weighted Average Interest Rate % Of Total Fixed rate debt $ 2,866.9 $ 2,651.6 6.6 3.6 % 77.2 % $ 3,114.0 $ 2,806.1 7.1 3.7 % 84.6 % Variable rate debt $ 848.5 $ 864.9 2.3 6.5 % 22.8 % $ 566.9 $ 566.8 3.0 5.5 % 15.4 % At December 31, 2023, we have an interest rate swap with a notional amount of $500.0 million which converted our $500.0 million principal amount of 5.85% fixed rate senior unsecured notes due November 2026 into a floating rate instrument with an interest rate based on a SOFR index.
Biggest changeThe table below summarizes our debt as of December 31, 2024 and 2023: ($ in millions) December 31, 2024 December 31, 2023 Carrying Amount Estimated fair market value Weighted Average Maturity (in years) Weighted Average Interest Rate % Of Total Carrying Amount Estimated fair market value Weighted Average Maturity (in years) Weighted Average Interest Rate % Of Total Fixed rate debt $ 2,764.4 $ 2,528.6 7.2 3.7 % 79.3 % $ 2,866.9 $ 2,651.6 6.6 3.6 % 77.2 % Variable rate debt $ 721.2 $ 733.0 2.0 5.6 % 20.7 % $ 848.5 $ 864.9 2.3 6.5 % 22.8 % At December 31, 2024 and 2023, we have an interest rate swap with a notional amount of $500.0 million which converted our $500.0 million principal amount of 5.85% fixed rate senior unsecured notes due November 2026 into a floating rate instrument with an interest rate based on a SOFR index.
The mark-to-market of this fair value hedge is recorded as a gain or loss in interest expense and equally offset by the gain or loss of the underlying debt, which also is recorded in interest expense. Additionally, at December 31, 2023 and 2022, we had unsecured term loans outstanding of approximately $339.9 million and $339.8 million, respectively.
The mark-to-market of this fair value hedge is recorded as a gain or loss in interest expense and equally offset by the gain or loss of the underlying debt, which also is recorded in interest expense. Additionally, at December 31, 2024 and 2023, we had unsecured term loans outstanding of approximately $39.9 million and $339.9 million, respectively.
This interest rate swap was designated and qualified as a fair value hedging instrument. The interest rate swap is considered to be effective at achieving offsetting changes in the fair value of the hedged debt and no ineffectiveness is recognized.
This interest rate swap was designated and qualified as a fair value hedging instrument. The interest rate swap is considered to be effective at achieving offsetting changes in the fair value of the 30 Table of Contents hedged debt and no ineffectiveness is recognized.
For fixed rate debt, interest rate changes affect the fair market value but do not impact net income attributable to common shareholders or cash flows. Holding other variables constant, if interest rates would have been 100 basis points higher as of December 31, 2023, the fair value of our fixed rate debt would have decreased by approximately $125.9 million.
For fixed rate debt, interest rate changes affect the fair market value but do not impact net income attributable to common shareholders or cash flows. Holding other variables constant, if interest rates would have been 100 basis points higher as of December 31, 2024, the fair value of our fixed rate debt would have decreased by approximately $131.4 million.
If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout 2023 and 2022, our annual interest costs would have increased by approximately $8.5 million and $5.7 million, respectively.
At December 31, 2024 we also had $178.0 million of borrowings under our unsecured revolving credit facility. If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout 2024 and 2023, our annual interest costs would have increased by approximately $7.2 million and $8.5 million, respectively.
Removed
At December 31, 2022 we also had $42.0 million of borrowings under our unsecured revolving credit facility and approximately $185.1 million secured variable rate notes outstanding.

Other CPT 10-K year-over-year comparisons