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What changed in Camden Property Trust's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Camden Property Trust's 2024 and 2025 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 2025 report.

+209 added−207 removedSource: 10-K (2026-02-12) vs 10-K (2025-02-20)

Top changes in Camden Property Trust's 2025 10-K

209 paragraphs added · 207 removed · 167 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeIn addition to these programs, we also help employees improve their personal and professional lives through training, coaching, and mentoring. CamdenU, our in-house learning center, is available to all employees and offers courses in subjects related to leadership, management, and operations.
Biggest changeWe also support team members who want to continue their education at an accredited educational institution through our Education Assistance Program. In addition to these programs, we also help employees improve their personal and professional lives through training and career development, coaching and mentoring, and continuing education programs.
We also own land holdings which we may develop into communities in the future. Operating and Business Strategy We believe producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success.
We also own land holdings which we may develop into multifamily communities in the future. Operating and Business Strategy We believe producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success.
We believe our workplace reflects Camden’s nine core values: Customer Focused; People Driven; Team Players; Lead by Example; Results Oriented; Work Smart; Always Do the Right Thing; Act with Integrity; and Have Fun. We believe these values cultivate an environment of respect, fairness, diversity, and fun for all. A Great Place to Work.
We believe our workplace reflects Camden’s nine core values: Customer Focused; People Driven; Team Players; Lead by Example; Results Oriented; Work Smart; Always Do the Right Thing; Act with Integrity; and Have Fun. We believe these values cultivate an environment of respect, fairness, belonging, and fun for all. A Great Place to Work.
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.
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 and through our commercial paper program, 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 are proud of our culture and the recognition we have received as a great place to work, including being recognized nationally as one of the 100 Best Companies to Work For® by FORTUNE magazine for 17 consecutive years, most recently ranking #24. Compensation and Benefits.
We 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 18 consecutive years, most recently ranking #18. Benefits, Well-Being, and Compensation.
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.
Narrative Description of Business As of December 31, 2025, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,921 apartment homes across the United States. Of the 175 properties, three properties were under construction and will consist of a total of 1,162 apartment homes when completed.
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.
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 2 Table of Contents designations from various organizations.
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 also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions and redeploying capital as market conditions warrant and opportunities arise. 1 Table of Contents 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.
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").
Qualification as a Real Estate Investment Trust As of December 31, 2025, we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code").
However, consistent with our goal of generating sustained earnings growth, we intend to selectively dispose of properties and redeploy capital for various strategic reasons, including if we determine a property cannot meet our long-term earnings growth expectations. We try to maximize capital appreciation of our properties by investing in markets characterized by conditions favorable to multifamily property appreciation.
However, consistent with our goal of generating sustained earnings growth, we intend to selectively dispose of properties and redeploy capital for various strategic reasons, including if we determine an individual property or group of properties or the market in which they are located cannot meet our long-term earnings growth expectations.
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.
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.
Copies are also available, without charge, from Investor Relations, 11 Greenway Plaza, Suite 2400, Houston, Texas 77046.
Copies are also available, without charge, from Investor Relations, 2800 Post Oak Boulevard, Suite 2700, Houston, Texas 77056.
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.
Our in-house learning centers are available to all employees and offer courses in subjects related to leadership, management, and operations. In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with experienced employees to facilitate their on-boarding process and immerse them in Camden’s values and culture.
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.
We provide high-quality health programs, benefits, and compensation to competitively compensate all team members for their contributions to Camden. Our formal programs, which are intended to positively impact team members, include health insurance, paid time off, team member assistance programs, wellness programs, stock ownership programs, retirement savings programs, adoption benefits, emergency relief funds, estate planning assistance, and education assistance.
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We try to maximize capital appreciation of our properties by investing in markets characterized by conditions favorable to multifamily property appreciation.
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Additionally, we are committed to paying team members at or above a living wage in their location and conduct compensation analyses to promote pay equity and eliminate disparities. Safety. Camden prioritizes workplace safety through comprehensive measures, including mandatory training, monthly meetings, and routine inspections.
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A safe workplace not only protects our team but also reduces costs, minimizes turnover and absenteeism, and enhances productivity and morale. Training and Development. Our mission, vision, and values are also incorporated into our employee training and development programs.
Added
At December 31, 2025, 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 changeSuch 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 .
Biggest changeRising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments . As of the date of this filing, we have an unsecured term loan with varying interest rates dependent upon various market indexes.
Further, as we pursue our strategy to grow through acquisitions and developments and to pursue new initiatives to improve our operations, we are also expanding our information technologies, resulting in a larger technological presence and corresponding exposure to cybersecurity risk.
As we pursue our strategy to grow through acquisitions and developments and new initiatives to improve our operations, we are also expanding our information technologies, resulting in a larger technological presence and corresponding exposure to cybersecurity risk.
If we fail to assess and identify cybersecurity risks associated with our operations, we may become increasingly vulnerable to such risks and may be liable for the consequential litigation and remediation costs.
If we fail to assess and identify cybersecurity risks associated with our operations, we may become increasingly vulnerable to such risks and may be liable for consequential litigation and remediation costs.
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.
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 2026, we expect to incur costs between approximately $135 million and $155 million related to the construction of three projects.
Risks Associated with Capital Markets, Credit Markets, and Real Estate Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us. The capital and credit markets are subject to volatility and disruption.
Risks Associated with Capital Markets, Credit Markets, and Real Estate Volatility in capital and credit markets, cost increases, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us. The capital and credit markets are subject to volatility and disruption.
Our development, reposition, redevelopment, and other construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs, and/or decrease our profitability, including the following: • inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations; • disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those costs due to errors and omissions which occur in the design or construction process; • shortages of materials; • inability to obtain financing with favorable terms; • inability to complete construction and/or lease-up of a community on schedule; • forecasted occupancy and rental rates may differ from the actual results; and • the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.
Our development, reposition, redevelopment, and other construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs, and/or decrease our profitability, including the following: • inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations; • disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those arising from tariffs, duties, import-related taxes, or errors and omissions which occur in the design or construction process; • shortages of materials; • inability to obtain financing with favorable terms; • inability to complete construction and/or lease-up of a community on schedule; • forecasted occupancy and rental rates may differ from the actual results; and • the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.
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.
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 Contents Our acquisition strategy may not produce the cash flows expected.
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.
If there are subsequent changes in the fair market value of our land holdings and the resulting value is less than the carrying basis of our land holdings reflected in our financial statements, we may be required to take future impairment charges which would reduce our net income.
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.
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 2025 we recorded impairment charges on two parcels of land.
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.
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.
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.
As of December 31, 2025, we had outstanding debt of approximately $3.9 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.
Damage from catastrophic weather and other natural events could result in losses. A certain number of our properties are located in areas which have experienced and may in the future experience catastrophic weather and other natural events from time-to-time, including fires, snow or ice storms, windstorms, tornadoes, hurricanes, earthquakes, flooding, or other environmental events.
A certain number of our properties are located in areas which have experienced and may in the future experience catastrophic weather and other natural events from time-to-time, including fires, snow or ice storms, windstorms, tornadoes, hurricanes, earthquakes, flooding, or other environmental events.
A default in these provisions, if uncured, could require us to repay the indebtedness before the scheduled maturity date which could adversely affect our liquidity and increase our financing costs. Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders.
Maintaining compliance with these provisions could limit our financial flexibility. A default in these provisions, if uncured, could require us to repay the indebtedness before the scheduled maturity date which could adversely affect our liquidity and increase our financing costs. Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders.
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.
Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us investment grade 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, 2025.
If we need to incur debt from a source other than our revolving credit facility, we cannot be certain the additional financing will be available to the extent required and on acceptable terms.
If we need to incur debt from a source other than our revolving credit facility or our commercial paper program, we cannot be certain the additional financing will be available to the extent required and on acceptable terms.
Short-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.
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.
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.
Accordingly, we are subject to any flaws or breaches in 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.
We use technology in substantially all aspects of our business operations, including internet and cloud-based systems and applications. We also use mobile devices, social networking, outside vendors, and other online activities to connect with our employees, suppliers, and residents.
We use technology in substantially all aspects of our business operations, including internet and cloud-based systems and applications. We also use mobile devices, social networking, outside vendors, and various platforms to connect with our employees, suppliers, and residents.
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.
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. 7 Table of Contents Damage from catastrophic weather and other natural events could result in losses.
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 .
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.
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.
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 expenses, including from tariffs; and • changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing. 6 Table of Contents Cash flow could be insufficient to meet required payments of principal and interest with respect to debt financing.
This requirement limits the cash available to meet required principal payments on our debt. Issuances of additional debt may adversely impact our financial condition. Our capital requirements depend on numerous factors, including the rental and occupancy rates of our multifamily properties, minimum dividend requirements to our equity holders, development, redevelopment and other capital expenditures, costs of operations, and potential acquisitions.
Issuances of additional debt may adversely impact our financial condition. Our capital requirements depend on numerous factors, including the rental and occupancy rates of our multifamily properties, minimum dividend requirements to our equity holders, development, redevelopment and other capital expenditures, costs of operations, and potential acquisitions.
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.
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.
Cash flow could be insufficient to meet required payments of principal and interest with respect to debt financing. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income.
In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income. This requirement limits the cash available to meet required principal payments on our debt.
Additional key economic risks which may adversely affect conditions in the markets in which we operate include the following: • local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; • declines in the financial condition of our residents, which may make it more difficult for us to collect rents from some residents; • declines in market rental rates; • low mortgage interest rates and home pricing, making alternative housing more affordable; • government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive; • regional economic downturns, including, but not limited to, business layoffs, downsizing, and increased unemployment, which may impact one or more of our geographical markets; • increased operating costs, if these costs cannot be passed through to our residents; and • global or locally-targeted pandemics, epidemics, or other health crises, and any related measures enacted to prevent their spread or restricting our ability to enforce contractual rental obligations upon our residents.
Additional key economic risks which may adversely affect conditions in the markets in which we operate include the following: • local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area; • declines in the financial condition of our residents, which may make it more difficult for us to collect rents from some residents; • declines in market rental rates; • low mortgage interest rates and home pricing, making alternative housing more affordable; • government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive; • regional economic downturns, including, but not limited to, business layoffs, downsizing, and increased unemployment, which may impact one or more of our geographical markets; • increased costs, including those driven by tariffs, regulatory changes, or other supplychain cost escalations such as higher prices for materials, equipment, contracted services, compliance requirements, or constraints in global or domestic supply chains; and • global or locally-targeted pandemics, epidemics, or other health crises, and any related measures enacted to prevent their spread or restricting our ability to enforce contractual rental obligations upon our residents. 3 Table of Contents Short-term leases could expose us to the effects of declining market rents.
The notes related to our properties subject to secured debt, our unsecured term loans, and unsecured revolving credit facility, and the indenture under which our unsecured debt was issued contain customary restrictions, requirements, and other limitations, as well as certain financial and operating covenants including maintenance of certain financial ratios. Maintaining compliance with these provisions could limit our financial flexibility.
The notes related to our properties subject to secured debt, our unsecured term loan, unsecured revolving credit facility, and commercial paper program, and the indenture under which our unsecured debt was issued contain customary restrictions, requirements, and other limitations, as well as certain financial and operating covenants including maintenance of certain financial ratios.
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.
Additionally, during 2026, we expect to incur costs between approximately $50 million and $60 million related to the start of new development activities, between approximately $77 million and $81 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $113 million and $117 million of additional recurring capital expenditures.
All of these third parties face potential risks relating to cybersecurity similar to ours which could disrupt their businesses and therefore adversely impact us. While we provide guidance and specific requirements in some cases, we do not directly control any of these parties' information technology security operations, or the amount of investment they place in guarding against cybersecurity threats.
While we provide guidance and specific requirements, in some cases, we do not directly control their information technology security operations or the amount of investment they place in guarding against cybersecurity threats.
As of the date of this filing, we have an unsecured term loan with varying interest rates dependent upon various market indexes. In addition, we have an unsecured revolving credit facility bearing interest at variable rates on all amounts drawn and a senior unsecured note which has been converted into a floating rate instrument through an interest rate swap arrangement.
In addition, we have an unsecured revolving credit facility and utilize a commercial paper program bearing interest at variable rates on all amounts drawn and a senior unsecured note which has been converted into a floating rate instrument through an interest rate swap arrangement. We may incur other additional variable rate debt in the future.
Our business involves the storage and transmission of numerous classes of sensitive and confidential information and intellectual property, including residents' and suppliers' personal information, private information about employees, and financial and strategic information about us.
These attacks may occur through stolen credentials, computer malware, phishing attacks, ransomware, and other deliberate attempts to compromise information security. 5 Table of Contents Our business involves the storage and transmission of numerous classes of sensitive and confidential information and intellectual property, including residents' and suppliers' personal information, private information about employees, and financial and strategic information about us.
Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets.
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. Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets.
Accordingly, higher interest rates could adversely affect cash flow, net income, and cash available for payment of our debt obligations and distributions to shareholders.
Increases in interest rates would increase our interest expense, unless we make arrangements which hedge against rising interest rates, and would also increase the costs associated with refinancing existing debt and issuing new debt. Accordingly, higher interest rates could adversely affect cash flow, net income, and cash available for payment of our debt obligations and distributions to shareholders.
Our third-party service providers are primarily responsible for the security of their own information technology environments and in certain instances we rely significantly on third-party service providers to supply and store our sensitive data in a secure manner.
We rely on, or may rely in the future on, certain third-party service and software providers to host systems, provide key software, and to supply and store our sensitive data in a secure manner. These third parties face potential risks relating to cybersecurity similar to ours which could disrupt their businesses and adversely impact us.
Removed
Such uses and the on-going advancement in technology such as generative artificial intelligence, machine learning, and remote connectivity solutions give rise to potential cybersecurity risks with increasing sophistication, including but not limited to, security breaches, espionage, system disruption, theft, and inadvertent release of confidential information.
Added
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.
Removed
We may incur other additional variable rate debt in the future. Increases in interest rates would increase our interest expense, unless we make arrangements which hedge the risk of rising interest rates, and would increase the costs of refinancing existing debt and of issuing new debt.
Added
As we have incorporated and may continue to incorporate the use of generative artificial intelligence and other advancing technologies, any breach, interruption, or security failure of those technologies, or any non-compliance with applicable laws, could have a negative impact on our business operations, results of operations, financial condition, or reputation.
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Information security risks have escalated as a result of these emerging technologies and the heightened sophistication and activity levels of cyber-attack perpetrators. Cyber-attacks can include third parties gaining unauthorized access to our data, including sensitive information about our residents, as well as our vendors' data or information technology systems.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeIn addition to a dedicated information technology cybersecurity team monitoring our daily operations, we annually assess our cybersecurity program against the NIST framework and engage outside security firms to conduct penetration tests and assist with monitoring of daily operations.
Biggest changeOur cybersecurity program ("CSP") is evaluated against the National Institute of Standards and Technology's Cybersecurity Framework ("NIST CSF") and the Center for Internet Security control framework. In addition to a dedicated information technology cybersecurity team monitoring daily operations, we conduct annual assessments of our CSP against NIST CSF benchmarks and prioritize continuous improvement.
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.
We, like other businesses, have been, and expect to continue to be, subject to attempts of unauthorized access, mishandling or misuse, computer viruses or malware, cyber-attacks, 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.
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.
The CEOC supports efforts to evaluate the materiality of any incident, determines whether notice to third parties such as residents or vendors is required, and determines whether any disclosures to stakeholders are required.
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. Our cybersecurity program is led by our Senior Vice President - Strategic Services and Chief Information Officer ("CIO") and our Chief Information Security Officer ("CISO").
All third-party service providers or vendors within our cybersecurity framework are required to comply with our policies regarding non-public personal information and information security. Our CSP is led by our Senior Vice President - Strategic Services and Chief Information Officer ("CIO") and our Chief Information Security Officer ("CISO").
Item 1C. Cybersecurity Addressing cybersecurity risks is a priority for us. We have in place systems of internal controls as well as business continuity and disaster recovery plans, and we regularly perform assessments of these systems and plans to address cybersecurity and technology.
Item 1C. Cybersecurity Addressing cybersecurity risks is a priority for us. We maintain systems of internal controls, business continuity plans, and disaster recovery plans, and we regularly assess these systems to address cybersecurity and technology related risks.
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.
Periodically, we run tabletop exercises involving members of the Company's management team to simulate responses to cybersecurity incidents and use the findings to strengthen our policies and procedures. Additionally, we maintain cybersecurity insurance to cover certain losses and damages caused by a cybersecurity incident.
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.
Our entire Board is actively involved in overseeing risk management and the Audit Committee, in accordance with the Audit Committee Charter, provides 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.
We install and regularly update antivirus software on all Company managed systems and workstations in an effort to detect and prevent malicious code. We conduct ongoing security breach and phishing simulations to raise awareness of various critical security threats.
Our information technology cybersecurity team also undertakes regular advanced training to enhance awareness, internal expertise, and readiness. We install and routinely update antivirus software on all Company-managed systems and workstations to detect and prevent malicious code. To raise awareness of critical security threats, we conduct ongoing security breach and phishing simulations.
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.
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, including emerging cybersecurity threats, the risk landscape, and updates on our CSP and related readiness, resiliency, and response efforts.
Removed
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.
Added
We apply factors such as business risk tolerance and external compliance requirements to determine whether a business asset, data, system, process, or service provider should fall within the scope of the CSP. We require annual cybersecurity awareness training for all employees to help identify and report potential or actual issues promptly.
Removed
We require annual cybersecurity awareness training for all of our employees to aid in promptly identifying and reporting potential or actual issues. Additionally, our dedicated information technology cybersecurity team undertakes regular robust cybersecurity training to increase cybersecurity awareness, internal expertise, and readiness efforts.
Added
The CEOC is also responsible for ensuring Company's management and Board of Trust Managers ("Board") are fully aware of key activities and events associated with our CSP on an ongoing basis.
Removed
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.

Item 2. Properties

Properties — owned and leased real estate

2 edited+3 added−9 removed1 unchanged
Biggest changeOur 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.
Biggest changeOur stabilized operating properties had a weighted average occupancy rate of approximately 95% for each of the years ended December 31, 2025 and 2024, an average monthly rental rate per apartment home of $2,006 and $1,997 for the same periods, respectively and our average resident lease terms are approximately fourteen months. 9 Table of Contents The following table sets forth certain information with respect to our 172 operating properties at December 31, 2025: Location Number of Operating Properties Number of Homes Average Home Size (Sq.
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.
Operating Properties The 172 operating properties in which we owned interests and operated at December 31, 2025 averaged 967 square feet of living area per apartment home. For the year ended December 31, 2025, no single operating property accounted for greater than 1.5% of our total revenues.
Removed
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.
Added
Ft.) Average Occupancy (1) Average Monthly Rental Rate per Home (2) Atlanta, Georgia 14 4,270 1,036 95.4 % $ 1,901 Austin, Texas 12 4,038 900 94.9 1,569 Charlotte, North Carolina 15 3,510 936 95.1 1,796 Dallas/Fort Worth, Texas 14 5,940 920 95.2 1,699 Denver, Colorado 9 2,873 957 95.9 2,139 Houston, Texas 23 8,207 986 94.8 1,746 Los Angeles/Orange County, California 5 1,812 942 95.1 2,883 Nashville, Tennessee 3 1,193 891 93.9 2,090 Orlando, Florida 12 4,276 952 95.9 1,907 Phoenix/Scottsdale, Arizona 13 4,094 1,012 94.9 1,975 Raleigh, North Carolina 11 4,041 992 95.3 1,649 San Diego/Inland Empire, California 6 1,797 1,009 95.8 2,808 Southeast Florida 9 3,050 1,065 95.3 2,688 Tampa/St.
Removed
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.
Added
Petersburg, Florida 9 3,464 1,003 95.4 2,322 Washington, D.C. Metro 17 6,194 913 96.8 2,364 (1) Represents the average physical occupancy for the year except for development properties, where average occupancy is calculated from the date the property exceeded 90% occupancy through December 31, 2025, and for acquisitions, where average occupancy is calculated from the acquisition date.
Removed
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.
Added
(2) The average monthly rental rate per home incorporates vacant units and resident concessions calculated on a straight-line basis over the life of the lease. Our operating properties were constructed and placed in service as follows: Year Placed in Service Number of Operating Properties 2021-2025 12 2016-2020 29 2011-2015 20 2006-2010 31 2001-2005 31 Prior to 2001 49
Removed
Ft.) Number of Apartments 2024 Average Occupancy (1) 2024 Average Monthly Rental Rate per Apartment (2) Tampa/St.
Removed
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.
Removed
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.
Removed
Ft.) Number of Apartments 2024 Average Occupancy (1) 2024 Average Monthly Rental Rate per Apartment (2) Raleigh Camden Asbury Village 2009 1,009 350 96.0 % $ 1,619 Camden Carolinian 2017 1,118 186 93.4 2,321 Camden Crest 2001 1,012 442 94.4 1,514 Camden Durham (4) 2024 892 420 Lease-up 1,909 Camden Governor’s Village 1999 1,046 242 94.3 1,652 Camden Lake Pine 1999 1,066 446 96.6 1,611 Camden Manor Park 2006 966 484 95.1 1,544 Camden Overlook 2001 1,060 322 94.8 1,657 Camden Reunion Park 2000/2004 972 420 95.0 1,455 Camden Westwood 1999 1,022 360 95.7 1,560 TENNESSEE Nashville Camden Franklin Park 2018 967 328 93.9 2,052 Camden Music Row 2016 903 430 94.4 2,393 TEXAS Austin Camden Amber Oaks 2009 862 348 94.8 1,465 Camden Amber Oaks II 2012 910 244 94.4 1,551 Camden Brushy Creek 2008 882 272 94.4 1,539 Camden Cedar Hills 2008 911 208 96.4 1,691 Camden Gaines Ranch 1997 955 390 94.2 1,893 Camden Huntingdon 1995 903 398 95.4 1,580 Camden La Frontera 2015 901 300 94.8 1,599 Camden Lamar Heights 2015 838 314 94.6 1,786 Camden Rainey Street 2016 873 326 85.3 2,039 Camden Shadow Brook 2009 909 496 90.9 1,448 Camden Stoneleigh 2001 908 390 94.0 1,676 Dallas/Fort Worth Camden Addison 1996 942 456 95.3 1,582 Camden Belmont 2010/2012 946 477 93.5 1,808 Camden Buckingham 1997 919 464 95.6 1,542 Camden Centreport 1997 912 268 95.3 1,523 Camden Cimarron 1992 772 286 95.8 1,574 Camden Design District 2009 939 355 95.6 1,694 Camden Farmers Market 2001/2005 932 904 93.0 1,572 Camden Greenville 2017/2018 1,028 558 95.4 2,068 Camden Henderson 2012 966 106 95.6 1,971 Camden Legacy Creek 1995 831 240 96.3 1,671 Camden Legacy Park 1996 870 276 94.6 1,755 Camden Panther Creek 2009 946 295 93.9 1,733 Camden Riverwalk 2008 989 600 96.2 1,879 Camden Valley Park 1986 743 516 95.0 1,428 13 Table of Contents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Removed
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.
Removed
(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.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

9 edited+4 added−1 removed8 unchanged
Biggest change(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.
Biggest changeIn 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.
We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.
We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility or commercial paper program, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.
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.
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 2026, the Company's Board of Trust Managers declared a first quarter dividend of $1.06 per common share to our common shareholders of record as of March 31, 2026.
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.
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 2026, our annualized dividend rate for 2026 would be $4.24.
The following graph assumes the investment of $100 in common stock on December 31, 2019 and quarterly reinvestment of dividends.
The following graph assumes the investment of $100 in common stock on December 31, 2020 and quarterly reinvestment of dividends.
During the year ended December 31, 2024, no director or officer (as each such term is defined in Section 16a-1(f) of Exchange Act) of the Company adopted, terminated, or had in place, any contract, instruction, or written plan for the purchase or sale of securities of Camden intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement", as defined in paragraph (c) of Item 408 of Regulation S-K.
During the year ended December 31, 2025, neither the Company nor any director or officer (as each such term is defined in Section 16a-1(f) of the Exchange Act of 1934 (the "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 12 Table of Contents 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.
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.
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 and NYSE Texas under the symbol "CPT." As of February 5, 2026, there were approximately 241 shareholders of record.
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.
(2) We have a share repurchase plan approved by our Board of Trust Managers in October 2022, 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. The repurchase plan does not specify an expiration date.
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.
As of the date of this filing, the full $600.0 million authorized under the new plan remained available for repurchases.
Removed
Item 6. Reserved Not applicable. 16 Table of Contents
Added
(Source: S&P Global Market Intelligence) 5 - Year Total Return Performance of Indices Index 2021 2022 2023 2024 2025 Camden Property Trust $ 183.18 $ 118.01 $ 108.99 $ 132.22 $ 130.26 FTSE NAREIT Equity REITs Index 143.24 108.34 123.21 133.97 137.83 S&P 500 Index 128.71 105.40 133.10 166.40 196.16 Russell 2000 Index 114.82 91.35 106.82 119.14 134.40 11 Table of Contents 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.
Added
We made the following share repurchases during the three months ended December 31, 2025: Period Total Number of Shares Repurchased Average Price Paid per Share (1) Total Number of Shares Purchased as Part of Publicly Announced Plan or Program Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Program (2) October 1, 2025 - October 31, 2025 — $ — — $ 400,023,718 November 1, 2025 - November 30, 2025 241,237 102.53 241,237 375,289,861 December 1, 2025 - December 31, 2025 1,824,039 107.39 1,824,039 179,409,719 Total 2,065,276 $ 106.82 2,065,276 (1) Average Price Paid Per Share excludes cash paid for commissions.
Added
In 2025, we repurchased 2,531,018 common shares at an average price of $106.92 per share for approximately $270.7 million. In January 2026, we repurchased 1,096,807 common shares at an average price of $110.03 per share for approximately $120.7 million.
Added
In February 2026, our Board of Trust Managers authorized a new $600.0 million share repurchase plan which allows for the repurchase of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. This new plan terminated and replaced our previous share repurchase plan, which had approximately $58.6 million remaining for repurchases at the time it was terminated.

Item 7. Management's Discussion & Analysis

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

95 edited+25 added−25 removed31 unchanged
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.
Biggest changeAdditionally, NOI as disclosed by other REITs may not be comparable to our calculation. 18 Table of Contents Reconciliations of net income to NOI for the year ended December 31, 2025 and 2024 are as follows: (in thousands) 2025 2024 Net income $394,898 $170,840 Less: Fee and asset management income (12,967) (7,137) Less: Interest and other income (256) (4,420) Less: Income on deferred compensation plans (19,260) (12,629) Plus: Property management expense 37,452 38,331 Plus: Fee and asset management expense 3,074 2,200 Plus: General and administrative expense 79,344 72,365 Plus: Interest expense 138,239 129,815 Plus: Depreciation and amortization expense 611,025 582,014 Plus: Expense on deferred compensation plans 19,260 12,629 Plus: Impairment associated with land development activities 12,916 40,988 Plus: Loss on early retirement of debt — 921 Less: Gain on sale of operating properties (260,910) (43,806) Plus: Income tax expense 4,019 2,926 Net operating income $ 1,006,834 $ 985,037 Property-Level NOI (1) Property NOI, as reconciled above, is detailed further into the categories below for the year ended December 31, 2025 as compared to 2024: Number of Homes at Year Ended December 31, Change ($ in thousands) 12/31/2025 2025 2024 $ % Property revenues: Same store communities 54,625 $ 1,453,229 $ 1,442,248 $ 10,981 0.8 % Non-same store communities 3,765 78,094 45,542 32,552 71.5 Development and lease-up communities 1,531 2,185 — 2,185 * Dispositions/other — 40,036 56,052 (16,016) (28.6) Total property revenues 59,921 $ 1,573,544 $ 1,543,842 $ 29,702 1.9 % Property expenses: Same store communities 54,625 $ 516,732 $ 508,107 $ 8,625 1.7 % Non-same store communities 3,765 31,491 19,987 11,504 57.6 Development and lease-up communities 1,531 1,500 6 1,494 * Dispositions/other — 16,987 30,705 (13,718) (44.7) Total property expenses 59,921 $ 566,710 $ 558,805 $ 7,905 1.4 % Property NOI: Same store communities 54,625 $ 936,497 $ 934,141 $ 2,356 0.3 % Non-same store communities 3,765 46,603 25,555 21,048 82.4 Development and lease-up communities 1,531 685 (6) 691 * Dispositions/other — 23,049 25,347 (2,298) (9.1) Total property NOI 59,921 $ 1,006,834 $ 985,037 $ 21,797 2.2 % * Not a meaningful percentage. 19 Table of Contents (1) For 2025, same store communities are communities we owned and were stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale.
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.
We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Exchange Act, both as amended, with respect to our expectations for future periods.
Cash outflows during 2024 primarily related to amounts paid for property development and capital improvements of approximately $393.7 million, partially offset by net proceeds from the sale of one operating property of approximately $114.5 million.
Cash outflows during 2024 primarily related to the 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.
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.
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, cost increases, 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; • 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; 13 Table of Contents • Damage from catastrophic weather and other natural events could result in losses; • Competition could adversely affect our ability to acquire properties; • We could be adversely impacted due to our share price fluctuations; and • 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.
Dispositions/other includes those communities disposed of or held for sale which are not classified as discontinued operations, non-multifamily rental properties, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including net below market leases, casualty-related expenses net of recoveries, and severance related costs.
Dispositions/other includes those communities disposed of or held for sale which are not classified as discontinued operations, non-multifamily rental properties, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including net above or below market leases, casualty-related expenses net of recoveries, and severance related costs.
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.
The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (calculated 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.
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.
Discussion of our year-to-date comparisons between 2025 and 2024 is presented below. Year-to-date comparisons between 2024 and 2023 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, 2024.
We also intend to strengthen our capital and liquidity positions by continuing to focus on our core fundamentals, which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. Our primary source of liquidity is cash flows generated from operations.
We also intend to maintain or 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 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.
We continue to evaluate our portfolio and plan to continue our practice of selective dispositions and redeploying capital 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.
We currently have three other land parcels held for future development we plan to develop, and the commencement of future developments may be impacted by macroeconomic issues, multifamily market conditions, and other factors. We will continue to evaluate future development starts based on market, economic, and capital market conditions.
We currently have two other land parcels held for future development we plan to develop, and the commencement of future developments may be impacted by macroeconomic issues, multifamily market conditions, and other factors. We will continue to evaluate future development starts based on market, economic, and capital market conditions.
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.
We believe we are in compliance with all such financial covenants and limitations as of December 31, 2025 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 review our long-lived assets on an annual basis or whenever events or circumstances indicated the carrying amount of an asset may not be recoverable and our impairment evaluations take into consideration the current and anticipated economic climate.
We review our long-lived assets on an annual basis or whenever events or circumstances indicate the carrying amount of an asset may not be recoverable and our impairment evaluations take into consideration the current and anticipated economic climate.
We believe our ability to access the capital markets is enhanced by our senior unsecured debt ratings by Fitch, Moody's, and Standard and Poor's, which were A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, as of December 31, 2024.
We believe our ability to access the capital markets is 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, 2025.
We anticipate meeting our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, other unsecured borrowings or secured mortgages.
We anticipate meeting our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility and through our commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, and other unsecured borrowings or secured mortgages.
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%.
The interest rate on our unsecured revolving credit facility is based upon, at our option, (a) the daily or the one-, three-, or six- months Secured Overnight Financing Rate ("SOFR") plus, in each case, a 25 Table of Contents 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 prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%.
Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, changes in rent control or rent stabilization laws, sources of financing, the minimum REIT dividend requirements, our ability to complete asset purchases, sales, or developments, the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets.
Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, changes in costs, changes in governmental regulations, including tariffs and rent control or rent stabilization laws, sources of financing, the minimum REIT dividend requirements, our ability to complete asset purchases, sales, or developments, the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets.
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.
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 2026, our annualized dividend rate for 2026 would be $4.24.
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.
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. 27 Table of Contents
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.
Other sources may include one or more of the following: availability under our unsecured revolving credit facility and commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our 2023 ATM program, and other unsecured borrowings or secured mortgages.
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.
Our interest expense coverage ratio, net of capitalized interest, was approximately 6.6 and 6.9 times for the years ended December 31, 2025 and 2024, respectively.
Fee and asset management expense from construction and development activities at our third-party projects increased approximately $0.5 million for the year ended December 31, 2024 as compared to 2023 primarily due to the increase in third-party construction activity in 2024. General and administrative expenses increased approximately $9.9 million for the year ended December 31, 2024 as compared to 2023.
Fee and asset management expense from construction and development activities at our third-party projects increased approximately $0.9 million for the year ended December 31, 2025 as compared to 2024 primarily due to the increase in third-party construction activity in 2025. General and administrative expense increased approximately $7.0 million for the year ended December 31, 2025 as compared to 2024.
We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, other unsecured borrowings, or secured mortgages.
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 and commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our 2023 at-the-market ("ATM") program, other unsecured borrowings, or secured mortgages.
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.
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 revenue less total property operating expenses.
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.
As of December 31, 2025, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,921 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.
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.
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, 2025, we had approximately 104.3 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
In order to reduce the amount of income taxes, our general policy is to distribute at least 100% of our taxable income. In December 2024, we announced our Board of Trust Managers had declared a quarterly dividend of $1.03 per common share to our common shareholders of record as of December 18, 2024.
In order to reduce the amount of income taxes, our general policy is to distribute at least 100% of our taxable income. In December 2025, we announced our Board of Trust Managers had declared a quarterly dividend of $1.05 per common share to our common shareholders of record as of December 17, 2025.
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.
In the first quarter of 2026, the Company's Board of Trust Managers declared a first quarter dividend of $1.06 per common share to our common shareholders of record as of March 31, 2026.
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.
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, 2025, we recorded an impairment of approximately $12.9 million related to two undeveloped land parcels.
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.
We believe our liquidity and financial condition are sufficient to meet all of our reasonably anticipated cash needs over the next 12 months from our filing date including: • normal recurring operating expenses; 24 Table of Contents • current debt service requirements, including scheduled debt maturities; • recurring and non-recurring capital expenditures; • funding of property developments, repositions, redevelopments, and acquisitions; • the minimum dividend payments required to maintain our REIT qualification under the Internal Revenue Code; and • funding share repurchases.
This dividend was subsequently paid on January 17, 2025, and we paid equivalent amounts per unit to holders of common operating partnership units.
This dividend was subsequently paid on January 16, 2026, and we paid equivalent amounts per unit to holders of common operating partnership units.
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.
See further discussions of our 2025 operations as compared to 2024 in "Results of Operations." Net cash used in investing activities during the year ended December 31, 2025 totaled approximately $499.5 million as compared to $285.2 million during the year ended December 31, 2024.
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.
When aggregated with previous 2025 dividends, this distribution to common shareholders and holders of the common operating partnership units equates to an annual dividend rate of $4.20 per share or unit for the year ended December 31, 2025.
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 believe the levels of new multifamily supply in the submarkets and asset classes in which we operate are manageable and moderating levels of new supply 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.
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.
Business Environment and Current Outlook Our results for the year ended December 31, 2025, reflect an increase in same store revenues of approximately 0.8% as compared to the same period in 2024.
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.
Consolidated Results Net income attributable to common shareholders was $384.5 million and $163.3 million for the years ended December 31, 2025 and 2024, respectively.
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.
Same Store Analysis Same store property NOI increased approximately $2.4 million for the year ended December 31, 2025 as compared to the same period in 2024.
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.
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.
The following table details the changes, described above, relating to non-same store and development and lease-up NOI: For the year ended December 31, (in millions) 2024 compared to 2023 Property Revenues: Revenues from non-same store stabilized properties $ 7.5 Revenues from development and lease-up properties 8.1 Other non same-store 0.5 $ 16.1 Property Expenses: Expenses from non-same store stabilized properties $ 1.2 Expenses from development and lease-up properties 4.1 Other non same-store — $ 5.3 Property NOI: NOI from non-same store stabilized properties $ 6.3 NOI from development and lease-up properties 4.0 Other non same-store 0.5 $ 10.8 Dispositions/Other Property Analysis Dispositions/other property NOI decreased approximately $28.8 million for the year ended December 31, 2024 as compared to the same period in 2023.
The 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) 2025 compared to 2024 Property Revenues: Revenues from acquisitions $ 21.0 Revenues from non-same store stabilized properties 9.9 Revenues from development and lease-up properties 2.2 Other non-same store 1.6 $ 34.7 Property Expenses: Expenses from acquisitions $ 8.6 Expenses from non-same store stabilized properties 3.4 Expenses from development and lease-up properties 1.5 Other non-same store (0.5) $ 13.0 20 Table of Contents For the year ended December 31, (in millions) 2025 compared to 2024 Property NOI: NOI from acquisitions $ 12.4 NOI from non-same store stabilized properties 6.5 NOI from development and lease-up properties 0.7 Other non-same store 2.1 $ 21.7 Dispositions/Other Property Analysis Dispositions/other property NOI decreased approximately $2.3 million for the year ended December 31, 2025 as compared to the same period in 2024.
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.
Cash Flows The following is a discussion of our cash flows for the years ended December 31, 2025 and 2024. Net cash from operating activities was approximately $826.6 million for the year ended December 31, 2025, compared to approximately $774.9 million for the year ended December 31, 2024.
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 property development and capital improvements during 2025 and 2024, included the following: December 31, (in millions) 2025 2024 Expenditures for new development, including land $ 206.3 $ 163.2 Capital expenditures 118.5 112.2 Reposition expenditures 89.7 87.9 Direct real estate taxes and capitalized interest and other indirect costs 25.9 30.4 Total $ 440.4 $ 393.7 Net cash used in financing activities totaled approximately $322.0 million during the year ended December 31, 2025 as compared to approximately $725.5 million during the year ended December 31, 2024.
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.
While our issuance of letters of credit does not increase our borrowings outstanding under our unsecured revolving credit facility, it does reduce the amount available. At December 31, 2025, we had no outstanding letters of credit issued under our unsecured revolving credit facility , and had approximately $1.2 billion available under our unsecured revolving credit facility.
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.
Petersburg, Florida 3,464 9 3,104 8 Southeast Florida 3,050 9 3,050 9 Denver, Colorado 2,873 9 2,873 9 Los Angeles/Orange County, California 1,812 5 1,811 5 San Diego/Inland Empire, California 1,797 6 1,797 6 Nashville, Tennessee 1,193 3 758 2 Total Operating Properties 58,759 172 58,858 174 Properties Under Construction Charlotte, North Carolina 769 2 769 2 Nashville, Tennessee 393 1 — — Raleigh, North Carolina — — 369 1 Total Properties Under Construction 1,162 3 1,138 3 Total Properties 59,921 175 59,996 177 Stabilized Communities We generally consider a property stabilized once it reaches 90% occupancy.
The $9.4 million increase in same store property expenses for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to higher salaries and benefits of approximately $5.7 million, higher utilities expense and expenses associated with our ancillary programs of approximately $4.8 million, higher marketing, leasing, and other expenses of approximately $2.4 million, higher repairs and maintenance expense of approximately $2.3 million, and higher property general and administrative expenses of approximately $0.9 million.
The $8.6 million increase in same store property expenses for the year ended December 31, 2025, as compared to the same period in 2024, was primarily due to higher salaries and benefits of $3.0 million, higher general and administrative and marketing and leasing expenses of approximately $2.8 million, higher utilities of approximately $2.3 million, and higher repair and maintenance expense of approximately $0.5 million.
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.
Fee and asset management income from construction and development activities at our third-party construction projects increased approximately $5.8 million for the year ended December 31, 2025 as compared to 2024. The increase was primarily related to higher fees earned on the completion of third-party construction projects during 2025 as compared to the same period in 2024.
The increase was due to an increase of approximately $19.3 million in same store property revenues, partially offset by an increase of approximately $9.4 million in same store property expenses, for the year ended December 31, 2024, as compared to the same period in 2023.
The increase was due to an increase of approximately $11.0 million in same store property revenues, partially offset by an increase of approximately $8.6 million in same store property expenses, for the year ended December 31, 2025, as compared to the same period in 2024.
In addition, we had approximately $190.1 million primarily invested in land held for future development and land holdings, which included approximately $132.3 million related to land held for future development and $57.8 million invested in land which we may develop in the future. Properties Under Construction.
In addition, we had approximately $141.0 million primarily invested in land held for future development and land holdings, which included approximately $96.1 million related to land held for future development and $44.9 million invested in land which we may develop in the future. Properties Under 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.
Properties Under Development and Land Our consolidated balance sheet at December 31, 2025 included approximately $419.2 million related to properties under development and land. Of this amount, approximately $278.2 million related to our projects currently under construction.
At December 31, 2024, we had the following communities undergoing development activities: ($ 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.
At December 31, 2025, we had the following communities undergoing development activities: ($ in millions) Properties and Locations Projected Homes Total Estimated Cost (1) Cost to Date Camden Baker 434 $ 191.0 $ 40.1 Denver, CO Camden Gulch 498 300.0 56.0 Nashville, TN 932 $ 491.0 $ 96.1 (1) Represents our estimate of total costs we expect to incur on these projects.
The decrease in property development and capital improvements for 2024, as compared to the same period in 2023, was primarily due to lower property development expenditures in 2024 as compared to 2023.
The increase in property development and capital improvements for 2025, as compared to the same period in 2024, was primarily due to higher expenditures for new development, as well as higher capital expenditures in 2025 as compared to 2024.
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.
Approximately 90.1% and 89.9% of our properties were unencumbered at December 31, 2025 and 2024, respectively. Our weighted average maturity of debt was approximately 4.5 years at December 31, 2025.
However, forward-looking statements are not guarantees of future performance, results, or events. Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted and estimates routinely require adjustment. Land Holdings . At December 31, 2024, we also had four undeveloped land tracts with a valuation of approximately $57.8 million.
However, forward-looking statements are not guarantees of future performance, results, or events. Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted and estimates routinely require adjustment. Land Holdings .
We consider Core FFO to be a helpful supplemental measure of operating performance as it excludes not only depreciation expense of real estate assets, but it also excludes certain items which, by nature, are not comparable period over period and therefore tends to obscure actual operating performance.
Core FFO represents FFO as further adjusted for items not considered part of our core business operations. We consider Core FFO to be a helpful supplemental measure of operating performance as it also excludes certain items which, by nature, are not comparable period over period and therefore tends to obscure actual operating performance.
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.
The increase was primarily related to higher legal expenses and higher acquisition pursuit costs. Excluding income on deferred compensation plans, general and administrative expense was 5.0% and 4.7% of total revenues for the years ended December 31, 2025 and 2024, respectively. Interest expense increased approximately $8.4 million for the year ended December 31, 2025 as compared to 2024.
NOI is not defined by accounting principles generally accepted in the United States of America ("GAAP") and should not be considered an alternative to net income as an indication of our operating performance, should not be considered an alternative to net cash from operating activities as a measure of liquidity, and should not be considered an indication of cash available to fund cash needs.
NOI is further detailed in the Property-Level NOI table as seen below, and is not defined by accounting principles generally accepted in the United States of America ("GAAP") and should not be considered an alternative to net income as an indication of our operating performance.
Completed Construction in Lease-Up At December 31, 2024, there were three completed operating properties in lease-up as follows: ($ in millions) Property and Location Number of Homes Cost Incurred (1) % Leased at 1/31/2025 Date of Construction Completion Estimated Date of Stabilization Operating Property Camden Woodmill Creek 189 $ 72.2 89 % 2Q24 2Q25 Spring, TX Camden Durham 420 144.8 78 % 4Q24 3Q25 Durham, NC Camden Long Meadow Farms 188 71.9 53 % 4Q24 3Q25 Richmond, TX Consolidated total 797 $ 288.9 (1) Excludes leasing costs, which are expensed as incurred.
During the year ended December 31, 2025, stabilization was achieved at three operating properties as follows: Properties and Locations Number of Homes Date of Construction Completion Date of Stabilization Operating Properties Camden Woodmill Creek 189 2Q24 2Q25 Spring, TX Camden Durham 420 4Q24 3Q25 Durham, NC Camden Long Meadow Farms 188 4Q24 4Q25 Richmond, TX Total 797 16 Table of Contents Completed Construction in Lease-Up At December 31, 2025, there was one completed operating property in lease-up as follows: ($ in millions) Property and Location Number of Homes Cost Incurred (1) % Leased at 1/31/2026 Date of Construction Completion Estimated Date of Stabilization Operating Property Camden Village District 369 $ 139.2 60 % 3Q25 1Q27 Raleigh, NC Consolidated total 369 $ 139.2 (1) Excludes leasing costs, which are expensed as incurred.
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.
Future Outlook Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our operating property and land development portfolios and plan to continue our practice of selective dispositions and redeploying capital as market conditions warrant and opportunities arise.
The $19.3 million increase in same store property revenues for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to higher rental revenue due to higher average rental rates of approximately $9.0 million, lower uncollectible revenue of approximately $6.5 million, and higher other rental income of approximately $1.6 million.
The $11.0 million increase in same store property revenues for the year ended December 31, 2025, as compared to the same period in 2024, was primarily due to an increase of approximately $4.5 million from our utility and ancillary income programs, approximately $3.6 million due to favorable changes in occupancy, $1.9 million of lower uncollectible revenues, and approximately $0.8 million increase from other rental income.
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.
Metro 6,194 17 6,192 17 Dallas/Fort Worth, Texas 5,940 14 6,224 15 Orlando, Florida 4,276 12 3,954 11 Atlanta, Georgia 4,270 14 4,270 14 Phoenix, Arizona 4,094 13 4,426 14 Raleigh, North Carolina 4,041 11 3,672 10 Austin, Texas 4,038 12 3,686 11 Charlotte, North Carolina 3,510 15 3,510 15 Tampa/St.
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.
Additionally, we expect to incur costs between approximately $50 million and $60 million related to the start of new development activities, between approximately $77 26 Table of Contents million and $81 million of repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $113 million and $117 million of additional recurring capital expenditures during 2026.
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.
Metro 1,663,030 11.9 1,646,169 12.2 Dallas, Texas 1,099,083 7.8 1,102,231 8.2 Atlanta, Georgia 961,372 6.9 942,939 7.0 Charlotte, North Carolina 901,258 6.4 777,256 5.8 Orlando, Florida 890,023 6.3 793,351 5.9 Tampa, Florida 886,794 6.3 739,250 5.5 Phoenix, Arizona 882,210 6.3 917,771 6.8 Austin, Texas 815,747 5.8 727,466 5.4 Raleigh, North Carolina 812,772 5.8 782,333 5.8 Southeast Florida 794,104 5.7 775,031 5.8 Los Angeles/Orange County, California 682,145 4.9 678,633 5.1 Denver, Colorado 652,238 4.7 632,133 4.7 Nashville, Tennessee 547,047 3.9 379,607 2.8 San Diego/Inland Empire, California 485,450 3.5 479,881 3.6 Total $ 13,999,632 100.0 % $ 13,443,528 100.0 % 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, and the impact of acquisitions and dispositions.
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.
The decrease was primarily related to lower advocacy contributions during the year ended December 31, 2025 as compared to the same period in 2024, partially offset by higher salaries, benefits, and incentive compensation costs. Property management expenses were 2.4% and 2.5% of total property revenues for the years ended December 31, 2025 and 2024, respectively.
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.
Cash outflows during 2025 primarily related to the acquisition of four operating properties for approximately $419.2 million and amounts paid for property development and capital improvements of approximately $440.4 million. These outflows were partially offset by net proceeds from the sale of two dual-phased operating properties and three other operating properties of approximately $365.9 million.
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.
Additionally, as of December 31, 2025, 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.
Cash outflows during 2024 primarily related to the repayment of our $250 million senior unsecured notes in September 2024 and the repayment of our $300 million unsecured term loan and the $250 million senior unsecured notes in January 2024.
These outflows were partially offset by net proceeds of approximately $588.1 million of borrowings from our commercial paper program. Cash outflows during 2024 primarily related to the repayment of our $250 million senior unsecured notes in September 2024 and the repayment of our $300 million unsecured term loan and the $250 million senior unsecured notes in January 2024.
Geographic Diversification At December 31, 2024 and 2023, the book value of our real estate assets by various markets, excluding depreciation, were as follows: ($ in thousands) 2024 2023 Houston, Texas $ 2,069,477 15.4 % $ 1,960,825 14.9 % Washington, D.C.
At December 31, 2025, we also had four undeveloped land tracts with a valuation of approximately $44.9 million. 17 Table of Contents Geographic Diversification At December 31, 2025 and 2024, the book value of our real estate assets by various markets, excluding depreciation, were as follows: ($ in thousands) 2025 2024 Houston, Texas $ 1,926,359 13.8 % $ 2,069,477 15.4 % Washington, D.C.
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.
The increase was primarily driven by higher revenues from other income and favorable changes in occupancy, which we believe was primarily attributable to favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets.
The decrease was primarily due to the repayments of a $300 million, 6.21% unsecured term loan and $250.0 million, 4.36% senior unsecured notes in January 2024, and the repayment of a $250 million, 3.68% senior unsecured notes in September 2024, and lower interest expense recognized on our unsecured revolving credit facility resulting from lower average balances outstanding during the year ended December 31, 2024 as compared to the same period in 2023.
The increase was partially offset by lower interest expense of $11.9 million relating to debt repayments during 2024, including $250 million, 3.68% senior unsecured notes in September, and a $300 million, 6.21% unsecured term loan and $250.0 million of 4.36% senior unsecured notes in January, as well as lower variable rate interest expense recognized on the $500 million senior unsecured notes during the year ended December 31, 2025 as compared to the same period in 2024.
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.
As of December 31, 2025, we estimate the additional cost to complete the construction of the three projects to be approximately $213.8 million. Of this amount, we expect to incur costs between approximately $135 million and $155 million during 2026 and to incur the remaining costs during 2027 and 2028.
The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the expense related to these plans, as discussed below.
Our deferred compensation plans recognized income of approximately $19.3 million and $12.6 million in 2025 and 2024, respectively. The change was related to the performance of the investments held in deferred compensation plans for participants and was directly offset by the expense related to these plans, as discussed below.
The increase was primarily due to an increase from non-same store communities of approximately $6.8 million and an increase from development and lease-up communities of approximately $4.0 million for the year ended December 31, 2024, as compared to the same period in 2023.
The increase was related to higher NOI from our non-same store communities of approximately $21.0 million for the year ended December 31, 2025, as compared to the same period in 2024.
Non-Property Income Year Ended December 31, Change ($ 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.
Non-Property Income Year Ended December 31, Change ($ in thousands) 2025 2024 $ % Fee and asset management $ 12,967 $ 7,137 $ 5,830 81.7 % Interest and other income 256 4,420 (4,164) * Income on deferred compensation plans 19,260 12,629 6,631 52.5 Total non-property income $ 32,483 $ 24,186 $ 8,297 34.3 % *Not a meaningful percentage.
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.
Reconciliations of net income attributable to common shareholders to FFO, Core FFO, and Core AFFO for the years ended December 31, 2025 and 2024 are as follows: 23 Table of Contents ($ in thousands) 2025 2024 Funds from operations Net income attributable to common shareholders $ 384,462 $ 163,293 Real estate depreciation and amortization 597,925 569,998 Impairment associated with land development activities 12,916 40,988 Gain on sale of operating properties (260,910) (43,806) Income allocated to non-controlling interests 10,436 7,547 Funds from operations $ 744,829 $ 738,020 Casualty-related expenses, net of (recoveries) (1,354) 5,849 Severance — 506 Legal costs and settlements 8,611 4,844 Loss on early retirement of debt — 921 Expensed transaction, development, and other pursuit costs 4,789 2,203 Advocacy contributions — 1,653 Other miscellaneous items 350 — Core funds from operations $ 757,225 $ 753,996 Less: recurring capitalized expenditures (108,174) (106,403) Core adjusted funds from operations $ 649,051 $ 647,593 Weighted average shares – basic 108,376 108,491 Incremental shares issuable from assumed conversion of: Share awards granted 58 48 Common units 1,594 1,594 Weighted average shares – diluted 110,028 110,133 Liquidity and Capital Resources Financial Condition and Sources of Liquidity We intend to maintain a strong balance sheet and preserve our financial flexibility, which we believe should enhance our ability to identify and capitalize on investment opportunities as they become available.
The decrease was primarily due to lower state income and franchise income taxes relating to recent tax legislation changes in certain state jurisdictions, offset by an increase in taxable income due to higher third-party construction activities within a taxable REIT subsidiary.
The increase was primarily due to higher taxable income resulting from increased third-party construction activities within a taxable REIT subsidiary. The increase was also due to higher state and franchise income taxes for the year ended December 31, 2025 as compared to the same period in 2024 primarily due to tax legislation changes enacted in certain state jurisdictions in 2024.
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.
Construction and Development Activity At December 31, 2025, we had a total of three projects under construction to be comprised of 1,162 apartment homes. Initial occupancy for these projects is expected to begin within the next two years. As of December 31, 2025, we estimated the remaining cost to complete the construction of these properties to be approximately $213.8 million.
At December 31, 2024, we had three properties in various stages of construction as follows: ($ in millions) Properties and Locations Number of Homes Estimated Cost Cost Incurred Included in Properties Under Development Estimated Date of Construction Completion Estimated Date of Stabilization Communities Under Construction Camden Village District 369 $ 138.0 $ 121.9 $ 121.9 4Q25 2Q27 Raleigh, NC Camden South Charlotte 420 163.0 51.0 51.0 2Q27 4Q28 Charlotte, NC Camden Blakeney 349 154.0 38.5 38.5 3Q27 3Q28 Charlotte, NC Total 1,138 $ 455.0 $ 211.4 $ 211.4 20 Table of Contents Development Pipeline Communities .
At December 31, 2025, we had three properties in various stages of construction as follows: ($ in millions) Properties and Locations Number of Homes Estimated Cost Cost Incurred Included in Properties Under Development Estimated Date of Construction Completion Estimated Date of Stabilization Communities Under Construction Camden South Charlotte 420 $ 157.0 $ 117.3 $ 117.3 2Q27 4Q28 Charlotte, NC Camden Blakeney 349 151.0 84.3 84.3 3Q27 3Q28 Charlotte, NC Camden Nations 393 184.0 76.6 76.6 3Q28 2Q30 Nashville, TN Total 1,162 $ 492.0 $ 278.2 $ 278.2 Development Pipeline Communities .
However, we may not be able to maintain our current credit ratings and may not be able to borrow on a secured or unsecured basis in the future. Future Cash Requirements and Contractual Obligations One of our principal long-term liquidity requirements includes the repayment of maturing debt, including any future borrowings under our unsecured revolving credit facility.
However, we may not be able to maintain our current credit ratings and may not be able to borrow on a secured or unsecured basis in the future.
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.
Non-same Store and Development and Lease-up Analysis Property NOI from non-same store and development and lease-up communities increased approximately $21.7 million for the year ended December 31, 2025, as compared to the same period in 2024.
The decrease was partially offset by increases in interest expense due to the issuance of $500 million senior unsecured notes in November 2023, the issuance of $400 million senior unsecured notes in January 2024 and decreases in capitalized interest expense primarily due to having lower average balances in assets under construction during the year ended December 31, 2024 as compared to the same period in 2023.
The increase was primarily due to increases in interest expense of $16.5 million relating to having higher average balances on our commercial paper program entered into in February 2025 and decreases in capitalized interest expense of $3.8 million due to having lower average balances in assets under construction during the year ended December 31, 2025 as compared to the same period in 2024.
The decrease was also due to lower other property NOI of approximately $4.5 million primarily due to higher storm-related insurance expenses of approximately $5.6 million, partially offset by approximately $1.1 million of higher revenues related to business interruption proceeds for the year ended December 31, 2024 as compared to the same period in 2023.
The decrease was due to lower NOI of approximately $8.0 million related to five dispositions completed in 2025, partially offset by higher other property NOI of approximately $5.7 million, primarily driven by lower storm-related expenses during the year ended December 31, 2025.
Cash outflows during 2023 primarily related to $434.9 million used for distributions to common shareholders and non-controlling interest holders, the repayment of $250 million senior unsecured notes and $187.7 million secured variable rate notes, which includes prepayment penalties and fees, and the net repayment of $42.0 million of borrowings from our unsecured revolving credit facility.
Cash outflows during the year ended December 31, 2025 primarily related to $461.0 million used for distributions to common shareholders and non-controlling interest holders, $270.7 million used for common share repurchases, and net payments of $178.0 million of borrowings from our unsecured revolving credit facility.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

5 edited+1 added−0 removed3 unchanged
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 $500.0 million principal amount of 5.85% fixed rate senior unsecured notes due November 2026 into a floating rate instrument with an interest rate based on a SOFR index.
Biggest changeThe table below summarizes our debt as of December 31, 2025 and 2024: ($ in millions) December 31, 2025 December 31, 2024 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 $ 2,766.9 $ 2,629.6 6.2 3.7 % 70.9 % $ 2,764.4 $ 2,528.6 7.2 3.7 % 79.3 % Variable rate debt $ 1,133.9 $ 1,140.9 0.4 4.4 % 29.1 % $ 721.2 $ 733.0 2.0 5.6 % 20.7 % At December 31, 2025 and 2024, we have an interest rate swap with a notional amount of $500.0 million which converted our $500.0 million principal amount of 5.85% fixed rate senior unsecured notes due November 2026 into a floating rate instrument with an interest rate based on a SOFR index.
This interest rate swap was designated and qualified as a fair value hedging instrument. The interest rate swap is considered to be effective at achieving offsetting changes in the fair value of the 30 Table of Contents 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 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, 2024, the fair value of our fixed rate debt would have decreased by approximately $131.4 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, 2025, the fair value of our fixed rate debt would have decreased by approximately $117.3 million.
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.
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 both December 31, 2025 and 2024, we had an unsecured term loan outstanding of approximately $39.9 million.
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.
If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout 2025 and 2024, our annual interest costs would have increased by approximately $11.3 million and $7.2 million, respectively.
Added
At December 31, 2025 we also had an aggregate principal amount of $590.0 million of Notes outstanding under our commercial paper program. At December 31, 2024 we also had $178.0 million of borrowings under our unsecured revolving credit facility.

Other CPT 10-K year-over-year comparisons