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What changed in Camden Property Trust's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of Camden Property Trust's 2022 and 2023 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 2023 report.

+212 added−205 removedSource: 10-K (2024-02-22) vs 10-K (2023-02-23)

Top changes in Camden Property Trust's 2023 10-K

212 paragraphs added · 205 removed · 170 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeWe believe these efforts are socially responsible, foundational to Camden’s success, and essential to delivering on our goal to improve the lives of our team members, customers and shareholders, one experience at a time. At December 31, 2022, we had approximately 1,650 employees including executive, community, and administrative personnel.
Biggest changeWe firmly believe DEI builds organizational capacity, and the path forward must ensure DEI is woven into our culture, talent, and business practices. We believe these efforts are socially responsible, foundational to Camden’s success, and essential to delivering on our goal to improve the lives of our team members, customers, and shareholders, one experience at a time.
Sophisticated Property Management . We believe the depth of our organization enables us to deliver quality services, promote resident satisfaction, and retain residents, thereby increasing our operating revenues and reducing our operating expenses. We manage our properties utilizing a staff of professionals and support personnel, including certified property managers, experienced apartment managers and leasing agents, and trained apartment maintenance technicians.
Sophisticated Property Management . We believe the depth of our organization enables us to deliver quality services, promote resident satisfaction, and retain residents, thereby increasing our operating revenues and reducing our operating expenses. We manage our properties utilizing a staff of professionals and support personnel, including certified property managers, experienced apartment managers and leasing staff, and trained apartment maintenance technicians.
Our properties compete directly with other multifamily properties as well as condominiums, single-family homes, third-party providers of short-term rentals and serviced apartments, which are available for rent or purchase in the markets in which our communities are located.
Our properties compete directly with other multifamily properties as well as condominiums, single-family homes, and third-party providers of short-term rentals, which are available for rent or purchase in the markets in which our communities are located.
One of our most cherished mantras is “Never Stop Learning.” We encourage team members to discover their strengths and cultivate new interests, and offer tuition assistance to team members working to earn industry designations from various organizations. We also support team members who continue their education at an accredited educational institution through our Education Assistance Program.
One of our most cherished mantras is "Never Stop Learning." We encourage team members to discover their strengths and cultivate new interests and offer tuition assistance to team members working to earn industry designations from various organizations. We also support team members who continue their education at an accredited educational institution through our Education Assistance Program.
Securities and Exchange Commission (the “SEC”). We also make available free of charge on our website our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit, Compensation, and Nominating and Corporate Governance Committees.
Securities and Exchange Commission (the "SEC"). We also make available free of charge on our website our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit; Compensation; and Nominating, Corporate Governance and Sustainability Committees.
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 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 1 Table of C ontents facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages.
We are proud of our culture and the recognition we have received as a great place to work, including being named on the list as one of the 100 Best Companies to Work For® by FORTUNE magazine for 15 consecutive years, most recently ranking #26. Compensation and Benefits.
We are proud of our culture and the recognition we have received as a great place to work, including being named on the list as one of the 100 Best Companies to Work For® by FORTUNE magazine for 16 consecutive years, most recently ranking #33. Compensation and Benefits.
Item 1. Business General Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (“REIT”), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Unless the context requires otherwise, “we,” “our,” “us,” and the “Company” refer to Camden Property Trust and its consolidated subsidiaries.
Item 1. Business General Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust ("REIT"), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Unless the context requires otherwise, "we," "our," "us," and the "Company" refer to Camden Property Trust and its consolidated subsidiaries.
Narrative Description of Business As of December 31, 2022, we owned interests in, operated, or were developing 178 multifamily properties comprised of 60,652 apartment homes across the United States. Of the 178 properties, six properties were under construction and will consist of a total of 1,950 apartment homes when completed.
Narrative Description of Business As of December 31, 2023, we owned interests in, operated, or were developing 176 multifamily properties comprised of 59,800 apartment homes across the United States. Of the 176 properties, four properties were under construction and will consist of a total of 1,166 apartment homes when completed.
In addition to these programs, we also help employees improve their personal and professional lives through training, coaching and mentoring. CamdenU, our in-house learning center, is available to all employees and offers courses in subjects such as leadership, management, fair housing and compliance, and health and 2 Table of Contents safety training.
In addition to these programs, we also help employees improve their personal and professional lives through training, coaching, and mentoring. CamdenU, our in-house learning center, is available to all employees and offers courses in subjects related to leadership, management, and operations.
Our multifamily apartment communities are referred to as “communities,” “multifamily communities,” “properties,” or “multifamily properties” in the following discussion.
Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion.
Camden embraces all team members as full and valued members of the organization. Qualification as a Real Estate Investment Trust As of December 31, 2022, 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, 2023, we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code").
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. 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.
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.
In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with experienced employees to facilitate their on-boarding process and immerse them in Camden’s culture. Diversity, Equity, and Inclusion. We believe a great workplace fosters an environment where all employees can thrive and grow, and where differences are both encouraged and celebrated.
In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with experienced employees to facilitate their on-boarding process and immerse them in Camden’s culture. Diversity, Equity, and Inclusion. At Camden, diversity, equity, and inclusion ("DEI") is integral to who we are and how we achieve.
Subject to market conditions, we intend to continue to seek opportunities to develop new communities, and to redevelop, reposition and acquire existing communities.
Subject to market conditions, we intend to continue to seek opportunities to develop new communities, and to redevelop, reposition and acquire existing communities. We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
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Each Camden team member brings unique skills, experiences and perspectives to Camden, and we continue to promote and encourage diversity, equity and inclusion throughout our organization. Our commitment is to promote a diverse organization which is reflective of our residents and communities.
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We are committed to fostering an environment where all are welcome and encouraged to succeed. DEI is promoted and encouraged throughout our organization, with each Camden team member bringing unique skills, experiences, and 2 Table of C ontents perspectives.
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At December 31, 2023, we had approximately 1,640 employees including executive, community, and administrative personnel. Camden embraces all team members as full and valued members of the organization.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeIn addition, we have an unsecured credit facility bearing interest at variable rates on all amounts drawn. We may incur other additional variable rate debt in the future.
Biggest changeAs 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.
For us to maintain our qualification as a REIT, we must have 100 or more shareholders during the year and not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or fewer individuals. As defined for federal income tax purposes, the term “individuals” includes a number of specified entities.
For us to maintain our qualification as a REIT, we must have 100 or more shareholders during the year and not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or fewer individuals. As defined for federal income tax purposes, the term "individuals" includes a number of specified entities.
Our inability to successfully implement our development, repositions, redevelopment and construction strategy could adversely affect our results of operations and our ability to satisfy our financial obligations and pay distributions to shareholders. One of our wholly-owned subsidiaries is engaged in the business of providing general contracting services under construction contracts entered into between it and third parties.
Our inability to successfully implement our development, repositions, redevelopment, and construction strategy could adversely affect our results of operations and our ability to satisfy our financial obligations and pay distributions to shareholders. One of our wholly-owned subsidiaries is engaged in the business of providing general contracting services under construction contracts entered between it and third parties.
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; 6 Table of Contents • 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; 6 Table of C ontents • competition from other available apartments and housing alternatives; • changes in market rents; • increases in operating expenses; and • changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing.
There are numerous housing alternatives which compete with our properties in attracting residents. Our properties compete directly with other multifamily properties, condominiums, single-family homes, third-party providers of short-term rentals and serviced apartments, which are available for rent or purchase in the markets in which our properties are located.
There are numerous housing alternatives which compete with our properties in attracting residents. Our properties compete directly with other multifamily properties, condominiums, single-family homes, and third-party providers of short-term rentals, which are available for rent or purchase in the markets in which our properties are located.
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. 3 Table of Contents Competition could limit our ability to lease apartments or increase or maintain rental income.
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. 3 Table of C ontents Competition could limit our ability to lease apartments or increase or maintain rental income.
Future changes in tax laws including administrative interpretations, enacted tax rates, or new pronouncements relating to accounting for income taxes could adversely affect us in a number of ways, including making it more difficult or more costly for us to qualify as a REIT. 5 Table of Contents A cybersecurity incident and other technology disruptions could negatively impact our business.
Future changes in tax laws including administrative interpretations, enacted tax rates, or new pronouncements relating to accounting for income taxes could adversely affect us in a number of ways, including making it more difficult or more costly for us to qualify as a REIT. 5 Table of C ontents A cybersecurity incident and other technology disruptions could negatively impact our business.
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, 2022.
Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2023.
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.
Further, trailing liabilities, based on various legal theories such as claims of negligent construction, may result from such projects, and these trailing liabilities may go on for a number of years depending on the length of the statute of repose in the applicable jurisdictions. 4 Table of C ontents Our acquisition strategy may not produce the cash flows expected.
The notes related to our properties subject to secured debt, our unsecured 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 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.
Any such loss could materially and adversely affect our business, financial condition and results of operations. 8 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.
To minimize the possibility of us failing to qualify as a REIT under this test, our declaration of trust includes restrictions on transfers of our shares and ownership limits. The ownership limits, as well as our ability to issue other classes of equity securities, may delay, defer, or prevent a change in control.
To minimize the possibility of us failing to qualify as a REIT under this test, our declaration of trust includes restrictions on transfers of our shares and ownership limits. The ownership limits, as well as our ability to issue other classes of equity securities, may delay, defer, or prevent a change in 7 Table of C ontents control.
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.
Damage from catastrophic weather and other natural events could result in losses. A certain number of our properties are located in areas which have experienced and may in the future experience catastrophic weather and other natural events from time to time, including fires, snow or ice storms, windstorms, tornadoes, hurricanes, earthquakes, flooding, or other environmental events.
These provisions may also deter tender offers for our common shares which may be attractive to you or limit your 7 Table of Contents opportunity to receive a premium for your shares which might otherwise exist if a third party were attempting to effect a change in control transaction.
These provisions may also deter tender offers for our common shares which may be attractive to you or limit your opportunity to receive a premium for your shares which might otherwise exist if a third party were attempting to effect a change in control transaction.
As of December 31, 2022, we had outstanding debt of approximately $3.7 billion. This indebtedness could have adverse consequences including but not limited to, the following: • our vulnerability to general adverse economic and industry conditions is increased; and • our flexibility in planning for, or reacting to, changes in business and industry conditions is limited.
As of December 31, 2023, we had outstanding debt of approximately $3.7 billion. This indebtedness could have adverse consequences including but not limited to, the following: • increasing our vulnerability to general adverse economic and industry conditions; and • limiting our flexibility in planning for, or reacting to, changes in business and industry conditions.
The market price and trading volume of our common shares are subject to fluctuation due to general market conditions, the risks discussed in this report and other matters, including, but not limited to, the following: • operating results which vary from the expectations of securities analysts and investors; • investor interest in our property portfolio; • the reputation and performance of REITs; • the attractiveness of REITs as compared to other investment vehicles; • the results of our financial condition and operations; • the perception of our growth and earnings potential; • minimum dividend requirements; • increases in market interest rates, which may lead purchasers of our common shares to demand a higher yield; and • changes in financial markets and national and regional economic and general market conditions.
The market price and trading volume of our common shares are subject to fluctuation due to general market conditions, the risks discussed in this report and other matters, including, but not limited to, the following: • operating results which vary from the expectations of securities' analysts and investors; • investor interest in our property portfolio; • the reputation and performance of REITs; • the attractiveness of REITs as compared to other investment vehicles; • the results of our financial condition and operations; • the perception of our growth and earnings potential; 8 Table of C ontents • minimum dividend requirements; • increases in market interest rates may lower the values of our real estate and the price of our shares; and • changes in financial markets and national and regional economic and general market conditions.
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 2023, we expect to incur costs between approximately $190 million and $200 million related to the construction of six consolidated 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 2024, we expect to incur costs between approximately $120 million and $130 million related to the construction of four projects.
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 • risks associated with a pandemic.
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.
The Board of Trust Managers may modify the form, timing and amount of dividends from time to time. General Risk Factors Environmental, Social and Governance factors may impose additional costs and/or expose us to new risks Certain investors, customers, regulators and other stakeholders have focused more on corporate responsibility, specifically related to environmental, social and governance (“ESG”) factors.
The Board of Trust Managers may modify the form, timing, and amount of dividends from time to time. General Risk Factors Environmental, social, and governance factors may impose additional costs and/or expose us to new risks Certain investors, customers, regulators, and other stakeholders are placing increased importance corporate responsibility, specifically related to environmental, social, and governance ("ESG") factors.
Such uses and the on-going advancement in technology 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.
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.
Additionally, there is increased attention on these matters by various regulatory authorities, including the SEC, and the expense and activities necessary to comply with new regulations or standards may be significant. Third-party providers of corporate responsibility ratings and reports on companies have also increased in number, resulting in varied, and in some cases, inconsistent standards.
Additionally, there is increased attention to these matters by various state and federal regulatory authorities, including the SEC, and the expense and activities necessary to comply with new regulations or standards may be significant, which may adversely impact our financial results. Third-party providers of corporate responsibility ratings and reports on companies have increased, resulting in varied, and potentially, inconsistent standards.
Additionally, during 2023, we expect to incur costs between approximately $85 million and $105 million related to the start of new development activities, between approximately $93 million and $97 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $96 million and $100 million of additional recurring capital expenditures.
Additionally, during 2024, we expect to incur costs between approximately $40 million and $60 million related to the start of new development activities, between approximately $90 million and $94 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $101 million and $105 million of additional recurring capital expenditures.
Increases in interest rates would increase our interest expense, unless we make arrangements which hedge the risk of rising interest rates, and would increase the costs of refinancing existing debt and of issuing new debt. Accordingly, higher interest rates could adversely affect cash flow, net income, and cash available for payment of our debt obligations and distributions to shareholders.
Accordingly, higher interest rates could adversely affect cash flow, net income, and cash available for payment of our debt obligations and distributions to shareholders.
An environment of rising interest rates could also lead holders of our securities to seek higher yields through other investments, which could adversely affect the market price of our shares. One of the factors which may influence the price of our stock in public markets is the annual distribution rate we pay as compared with the yields on alternative investments.
An environment of rising interest rates may also result in a decrease in the value of our real estate and a decrease in the market price of our shares, which may lead holders of our securities to seek higher yields through other investments.
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.
Such losses could have a material adverse effect on us and our ability to pay amounts due on our debt and make distributions to our shareholders. Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments .
Some investors use these factors to guide their investment strategies and, in some cases, may choose not to invest in us if they believe our policies relating to ESG are inadequate. The regulations and criteria for assessing corporate responsibility practices are evolving, which could result in our undertaking costly initiatives and activities to meet any new regulations or criteria.
Also, some investors use these factors to guide their investment strategies and, in some cases, may choose not to invest in us based on their assessment of our approach to ESG factors, which could have an adverse impact on the price of our securities. Litigation risks could affect our business.
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We therefore may not be able to obtain new debt financing or refinance our existing debt on favorable terms or at all, which would adversely affect our liquidity, our ability to make distributions to shareholders, acquire assets and continue our development activities.
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Throughout 2023, in efforts to curb inflation, the Federal Reserve increased interest rates.
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Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distribution to our shareholders, and decrease our share price, if investors seek higher yields through other investments . We have secured notes with varying interest rates dependent upon various market indexes.
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Additionally, as a result of concerns about the recent deterioration in the financial markets, including the failures of banks during 2023, the cost of obtaining debt from credit and capital markets increased as many lenders increased interest rates, enacted tighter lending standards, and reduced and, in some cases ceased, to provide funding to borrowers.
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Additionally, if we are unable to or elect not to satisfy any new regulation or criteria, or do not meet the criteria of a specific third-party provider, some investors may conclude our policies with respect to ESG are inadequate, and we may face reputational damage.
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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.
Removed
We have communicated certain initiatives and goals regarding ESG matters in our 2021-2022 Corporate Responsibility Report on our website, and we may communicate revised or additional initiatives or goals in the future.
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If debt financing on acceptable terms is not available, we may be unable to fully execute our growth strategy, otherwise take advantage of business opportunities, or respond to competitive pressures, any of which could have a material adverse effect on our results of operations, financial condition (including liquidity), and our ability to make distributions to shareholders.
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We could be unsuccessful or perceived to be unsuccessful in the achievement of our ESG initiatives or goals, or we could be criticized for the scope of our initiatives or goals.
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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.
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If we fail to meet the expectations of investors, customers, regulators, and other stakeholders; our initiatives are not executed as planned; or we do not achieve our goals, our reputation and financial results could be adversely impacted. Litigation risks could affect our business.
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We may face reputational damage if our corporate responsibility procedures or standards do not meet the standards met by various constituencies.
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A pandemic and measures intended to prevent its spread could negatively impact our business. The impact of a new pandemic outbreak and measures to prevent its spread could negatively impact our businesses in a number of ways, including our residents’ ability or willingness to pay rents and the demand for multifamily communities within the markets we operate.
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Additionally, local and national authorities could continue to expand and extend certain measures imposing restrictions on our ability to enforce contractual rental obligations upon our residents and tenants. An ongoing pandemic could continue to cause severe economic, market and other disruptions worldwide.
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In addition, the deterioration of economic conditions as a result of a pandemic could ultimately decrease occupancy levels and market rents across our portfolio as residents reduce or defer their spending. Damage from catastrophic weather and other natural events could result in losses.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeFt.) Number of Apartments 2022 Average Occupancy (1) 2022 Average Monthly Rental Rate per Apartment (2) ARIZONA Phoenix/Scottsdale Camden Chandler 2016 1,146 380 95.8 % $ 1,923 Camden Copper Square 2000 786 332 94.3 1,588 Camden Foothills 2014 1,032 220 96.3 2,123 Camden Legacy 1996 1,067 428 95.8 1,948 Camden Montierra 1999 1,071 249 96.0 1,878 Camden North End I 2019 921 441 94.8 1,995 Camden North End II 2021 885 343 94.6 1,983 Camden Old Town Scottsdale 2016 892 316 96.3 2,222 Camden Pecos Ranch 2001 949 272 94.6 1,619 Camden San Marcos 1995 984 320 95.8 1,767 Camden San Paloma 1993/1994 1,042 324 95.7 1,873 Camden Sotelo 2008/2012 1,303 170 96.2 1,985 Camden Tempe 2015 1,043 234 95.1 1,979 CALIFORNIA Los Angeles/Orange County Camden Crown Valley 2001 1,009 380 97.6 2,474 Camden Glendale 2015 893 307 98.1 2,624 Camden Harbor View 2004 981 547 97.1 2,859 Camden Main and Jamboree 2008 1,011 290 95.6 2,396 Camden Martinique 1986 795 714 97.2 2,150 Camden Sea Palms 1990 891 138 98.3 2,432 The Camden 2016 767 287 96.8 3,132 San Diego/Inland Empire Camden Hillcrest (3) 2021 1,223 132 94.7 3,730 Camden Landmark 2006 982 469 96.3 2,047 Camden Old Creek 2007 1,037 350 98.4 2,624 Camden Sierra at Otay Ranch 2003 962 422 97.5 2,485 Camden Tuscany 2003 895 160 97.7 2,923 Camden Vineyards 2002 1,053 264 96.8 2,219 COLORADO Denver Camden Belleview Station 2009 888 270 96.2 1,781 Camden Caley 2000 921 218 97.0 1,773 Camden Denver West 1997 1,015 320 95.9 2,130 Camden Flatirons 2015 960 424 96.2 1,911 Camden Highlands Ridge 1996 1,149 342 97.0 2,128 Camden Interlocken 1999 1,002 340 96.7 1,960 Camden Lakeway 1997 929 459 96.5 1,890 10 Table of Contents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Biggest changeFt.) Number of Apartments 2023 Average Occupancy (1) 2023 Average Monthly Rental Rate per Apartment (2) ARIZONA Phoenix/Scottsdale Camden Chandler 2016 1,146 380 94.6 % $ 1,968 Camden Copper Square 2000 786 332 93.2 1,675 Camden Foothills 2014 1,032 220 95.5 2,183 Camden Legacy 1996 1,067 428 95.3 2,049 Camden Montierra 1999 1,071 249 95.2 1,963 Camden North End I 2019 921 441 95.0 2,030 Camden North End II 2021 885 343 94.1 2,042 Camden Old Town Scottsdale 2016 892 316 94.4 2,297 Camden Pecos Ranch 2001 949 272 93.4 1,708 Camden San Marcos 1995 984 320 93.2 1,867 Camden San Paloma 1993/1994 1,042 324 95.0 2,017 Camden Sotelo 2008/2012 1,303 170 93.7 2,048 Camden Tempe 2015 1,043 234 94.0 2,027 Camden Tempe II (3) 2023 981 397 95.4 1,918 CALIFORNIA Los Angeles/Orange County Camden Crown Valley 2001 1,009 380 95.9 2,664 Camden Glendale 2015 893 307 96.8 2,812 Camden Harbor View 2004/2016 981 547 93.4 3,014 Camden Main and Jamboree 2008 1,011 290 93.9 2,603 The Camden 2016 767 287 92.4 3,215 San Diego/Inland Empire Camden Hillcrest 2021 1,223 132 95.4 3,628 Camden Landmark 2006 982 469 94.6 2,215 Camden Old Creek 2007 1,037 350 97.6 2,834 Camden Sierra at Otay Ranch 2003 962 422 95.6 2,756 Camden Tuscany 2003 895 160 95.8 3,178 Camden Vineyards 2002 1,053 264 94.8 2,413 COLORADO Denver Camden Belleview Station 2009 888 270 96.1 1,899 Camden Caley 2000 921 218 96.6 1,926 Camden Denver West 1997 1,015 320 95.7 2,284 Camden Flatirons 2015 960 424 96.5 2,025 Camden Highlands Ridge 1996 1,149 342 96.3 2,265 Camden Interlocken 1999 1,002 340 96.2 2,094 Camden Lakeway 1997 929 459 96.5 2,008 Camden Lincoln Station 2017 844 267 96.4 1,877 11 Table of C ontents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Ft.) Number of Apartments 2022 Average Occupancy (1) 2022 Average Monthly Rental Rate per Apartment (2) Tampa/St.
Ft.) Number of Apartments 2023 Average Occupancy (1) 2023 Average Monthly Rental Rate per Apartment (2) Tampa/St.
(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 2022 - the average occupancy was calculated from the date at which the occupancy exceeded 90% through December 31, 2022.
(2) The average monthly rental rate per apartment incorporates vacant units and resident concessions calculated on a straight-line basis over the life of the lease. (3) Development property stabilized during 2023 - the average occupancy was calculated from the date at which the occupancy exceeded 90% through December 31, 2023. (4) Property under lease-up at December 31, 2023. Item 3.
Our stabilized operating properties had a weighted average occupancy rate of approximately 96% and 97% for the years ended December 31, 2022 and 2021, respectively, an average monthly rental rate per apartment home of $1,881 and $1,671 for the same periods, respectively and our average resident lease terms are approximately fourteen months.
Our stabilized operating properties had a weighted average occupancy rate of approximately 95% and 96% for the years ended December 31, 2023 and 2022, respectively, an average monthly rental rate per apartment home of $1,981 and $1,881 for the same periods, respectively and our average resident lease terms are approximately fourteen months.
At December 31, 2022, 154 of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes.
At December 31, 2023, 155 of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes.
Ft.) Number of Apartments 2022 Average Occupancy (1) 2022 Average Monthly Rental Rate per Apartment (2) Houston Camden City Centre 2007 932 379 95.5 % $ 1,532 Camden City Centre II 2013 869 268 95.6 1,512 Camden Cypress Creek (4) 2009 993 310 96.2 1,531 Camden Cypress Creek II (4) 2020 950 234 95.3 1,518 Camden Downs at Cinco Ranch (4) 2004 1,075 318 96.4 1,542 Camden Downtown 2020 1,052 271 92.3 2,573 Camden Grand Harbor (4) 2008 959 300 97.1 1,412 Camden Greenway 1999 861 756 96.8 1,443 Camden Heights (4) 2004 927 352 96.0 1,625 Camden Highland Village 2014/2015 1,172 552 94.9 2,280 Camden Holly Springs 1999 934 548 96.0 1,378 Camden McGowen Station 2018 1,004 315 94.7 2,060 Camden Midtown 1999 844 337 94.5 1,530 Camden Northpointe (4) 2008 940 384 96.7 1,386 Camden Plaza 2007 915 271 96.6 1,645 Camden Post Oak 2003 1,200 356 94.9 2,489 Camden Royal Oaks 2006 923 236 96.4 1,439 Camden Royal Oaks II 2012 1,054 104 95.5 1,671 Camden Spring Creek (4) 2004 1,080 304 94.6 1,445 Camden Stonebridge 1993 845 204 96.7 1,222 Camden Sugar Grove 1997 921 380 97.3 1,351 Camden Travis Street 2010 819 253 95.9 1,498 Camden Vanderbilt 1996/1997 863 894 95.0 1,481 Camden Whispering Oaks 2008 936 274 97.0 1,390 Camden Woodson Park (4) 2008 916 248 95.9 1,331 Camden Yorktown (4) 2008 995 306 95.7 1,384 (1) Represents the average physical occupancy for the year except as noted.
Ft.) Number of Apartments 2023 Average Occupancy (1) 2023 Average Monthly Rental Rate per Apartment (2) Houston Camden City Centre 2007 932 379 94.9 % $ 1,599 Camden City Centre II 2013 869 268 94.1 1,572 Camden Cypress Creek 2009 993 310 94.2 1,560 Camden Cypress Creek II 2020 950 234 94.4 1,603 Camden Downs at Cinco Ranch 2004 1,075 318 96.7 1,604 Camden Downtown 2020 1,052 271 89.9 2,612 Camden Grand Harbor 2008 959 300 94.8 1,451 Camden Greenway 1999 861 756 95.1 1,513 Camden Heights 2004 927 352 96.3 1,657 Camden Highland Village 2014/2015 1,172 552 94.1 2,396 Camden Holly Springs 1999 934 548 94.1 1,453 Camden McGowen Station 2018 1,004 315 94.6 2,116 Camden Midtown 1999 844 337 94.6 1,574 Camden Northpointe 2008 940 384 94.5 1,390 Camden Plaza 2007 915 271 96.2 1,730 Camden Post Oak 2003 1,200 356 95.2 2,576 Camden Royal Oaks 2006 923 236 96.3 1,493 Camden Royal Oaks II 2012 1,054 104 97.9 1,721 Camden Spring Creek 2004 1,080 304 93.4 1,505 Camden Stonebridge 1993 845 204 94.6 1,289 Camden Sugar Grove 1997 921 380 96.1 1,438 Camden Travis Street 2010 819 253 95.3 1,547 Camden Vanderbilt 1996/1997 863 894 93.4 1,582 Camden Whispering Oaks 2008 936 274 95.6 1,469 Camden Woodson Park 2008 916 248 94.2 1,369 Camden Yorktown 2008 995 306 95.3 1,378 (1) Represents the average physical occupancy for the year except as noted.
Ft.) Number of Apartments 2022 Average Occupancy (1) 2022 Average Monthly Rental Rate per Apartment (2) Raleigh Camden Asbury Village (4) 2009 1,009 350 96.6 % $ 1,594 Camden Carolinian 2017 1,118 186 94.8 2,263 Camden Crest 2001 1,012 442 96.5 1,374 Camden Governor’s Village 1999 1,046 242 96.6 1,446 Camden Lake Pine 1999 1,066 446 97.0 1,488 Camden Manor Park 2006 966 484 96.2 1,476 Camden Overlook 2001 1,060 322 96.8 1,549 Camden Reunion Park 2000/2004 972 420 96.5 1,360 Camden Westwood 1999 1,022 360 94.0 1,424 TENNESSEE Nashville Camden Franklin Park 2018 967 328 97.0 1,876 Camden Music Row 2016 903 430 96.6 2,378 TEXAS Austin Camden Amber Oaks (4) 2009 862 348 96.9 1,550 Camden Amber Oaks II (4) 2012 910 244 96.2 1,675 Camden Brushy Creek (4) 2008 882 272 97.1 1,600 Camden Cedar Hills 2008 911 208 97.6 1,621 Camden Gaines Ranch 1997 955 390 96.3 1,801 Camden Huntingdon 1995 903 398 95.5 1,482 Camden La Frontera 2015 901 300 97.0 1,533 Camden Lamar Heights 2015 838 314 96.8 1,734 Camden Rainey Street 2016 873 326 95.0 2,412 Camden Shadow Brook (4) 2009 909 496 96.5 1,608 Camden Stoneleigh 2001 908 390 97.3 1,610 Dallas/Fort Worth Camden Addison 1996 942 456 96.2 1,507 Camden Belmont 2010/2012 946 477 96.7 1,705 Camden Buckingham 1997 919 464 96.5 1,489 Camden Centreport 1997 912 268 96.9 1,436 Camden Cimarron 1992 772 286 96.8 1,480 Camden Design District (4) 2009 939 355 97.1 1,672 Camden Farmers Market 2001/2005 932 904 95.8 1,559 Camden Greenville 2017/2018 1,028 558 95.6 1,957 Camden Henderson 2012 966 106 98.3 1,775 Camden Legacy Creek 1995 831 240 97.4 1,580 Camden Legacy Park 1996 870 276 96.5 1,576 Camden Panther Creek (4) 2009 946 295 97.3 1,780 Camden Riverwalk (4) 2008 989 600 97.0 1,840 Camden Valley Park 1986 743 516 97.2 1,310 Camden Victory Park 2016 861 423 96.8 1,919 13 Table of Contents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Ft.) Number of Apartments 2023 Average Occupancy (1) 2023 Average Monthly Rental Rate per Apartment (2) Raleigh Camden Asbury Village 2009 1,009 350 96.6 % $ 1,623 Camden Carolinian 2017 1,118 186 92.3 2,341 Camden Crest 2001 1,012 442 95.3 1,507 Camden Governor’s Village 1999 1,046 242 94.9 1,594 Camden Lake Pine 1999 1,066 446 95.9 1,603 Camden Manor Park 2006 966 484 94.7 1,557 Camden Overlook 2001 1,060 322 96.2 1,661 Camden Reunion Park 2000/2004 972 420 95.2 1,450 Camden Westwood 1999 1,022 360 96.1 1,564 TENNESSEE Nashville Camden Franklin Park 2018 967 328 95.9 2,033 Camden Music Row 2016 903 430 95.2 2,502 TEXAS Austin Camden Amber Oaks 2009 862 348 94.8 1,511 Camden Amber Oaks II 2012 910 244 94.8 1,608 Camden Brushy Creek 2008 882 272 95.1 1,616 Camden Cedar Hills 2008 911 208 95.8 1,736 Camden Gaines Ranch 1997 955 390 94.1 1,911 Camden Huntingdon 1995 903 398 95.1 1,617 Camden La Frontera 2015 901 300 95.2 1,640 Camden Lamar Heights 2015 838 314 94.4 1,836 Camden Rainey Street 2016 873 326 83.1 2,323 Camden Shadow Brook 2009 909 496 95.2 1,538 Camden Stoneleigh 2001 908 390 95.0 1,697 Dallas/Fort Worth Camden Addison 1996 942 456 94.4 1,600 Camden Belmont 2010/2012 946 477 94.4 1,816 Camden Buckingham 1997 919 464 95.3 1,575 Camden Centreport 1997 912 268 95.6 1,518 Camden Cimarron 1992 772 286 95.9 1,564 Camden Design District 2009 939 355 94.9 1,709 Camden Farmers Market 2001/2005 932 904 93.1 1,637 Camden Greenville 2017/2018 1,028 558 95.5 2,032 Camden Henderson 2012 966 106 95.4 1,933 Camden Legacy Creek 1995 831 240 95.5 1,683 Camden Legacy Park 1996 870 276 95.6 1,750 Camden Panther Creek 2009 946 295 95.8 1,716 Camden Riverwalk 2008 989 600 96.4 1,874 Camden Valley Park 1986 743 516 95.3 1,428 Camden Victory Park 2016 861 423 95.5 2,040 14 Table of C ontents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Ft.) Number of Apartments 2022 Average Occupancy (1) 2022 Average Monthly Rental Rate per Apartment (2) Camden Lincoln Station 2017 844 267 96.8 % $ 1,802 Camden RiNo 2020 828 233 96.4 2,107 WASHINGTON DC METRO Camden Ashburn Farm 2000 1,062 162 97.2 1,988 Camden College Park 2008 942 509 95.3 1,805 Camden Dulles Station 2009 977 382 97.4 2,080 Camden Fair Lakes 1999 1,056 530 97.3 2,103 Camden Fairfax Corner 2006 934 489 97.5 2,129 Camden Fallsgrove 2004 996 268 96.3 2,020 Camden Grand Parc 2002 672 105 96.4 2,559 Camden Lansdowne 2002 1,006 690 97.2 1,970 Camden Monument Place 2007 856 368 97.8 1,871 Camden NoMa 2014 769 321 96.1 2,192 Camden NoMa II 2017 759 405 96.2 2,281 Camden Potomac Yard 2008 832 378 96.2 2,201 Camden Roosevelt 2003 856 198 97.6 2,940 Camden Shady Grove 2018 877 457 97.5 1,902 Camden Silo Creek 2004 975 284 97.4 1,949 Camden South Capitol (4) 2013 821 281 95.4 2,413 Camden Washingtonian 2018 870 365 97.1 1,943 FLORIDA Southeast Florida Camden Atlantic (5) 2022 919 269 Lease-up 2,389 Camden Aventura 1995 1,108 379 96.8 2,494 Camden Boca Raton 2014 843 261 96.6 2,479 Camden Brickell 2003 937 405 97.0 2,617 Camden Doral 1999 1,120 260 98.4 2,308 Camden Doral Villas 2000 1,253 232 98.2 2,601 Camden Las Olas 2004 1,043 420 97.0 2,604 Camden Plantation 1997 1,201 502 96.1 2,137 Camden Portofino 1995 1,112 322 97.3 2,204 Orlando Camden Hunter’s Creek 2000 1,075 270 98.5 1,715 Camden Lago Vista 2005 955 366 97.8 1,621 Camden Lake Eola (3) 2021 944 360 96.0 2,153 Camden LaVina 2012 969 420 96.6 1,666 Camden Lee Vista 2000 937 492 97.0 1,690 Camden North Quarter 2016 806 333 97.6 1,723 Camden Orange Court 2008 817 268 95.9 1,584 Camden Thornton Park 2016 920 299 97.1 2,007 Camden Town Square 2012 983 438 97.5 1,687 Camden Waterford Lakes (4) 2014 971 300 97.8 1,912 Camden World Gateway 2000 979 408 98.2 1,669 11 Table of Contents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Ft.) Number of Apartments 2023 Average Occupancy (1) 2023 Average Monthly Rental Rate per Apartment (2) Camden RiNo 2020 828 233 96.0 % $ 2,257 WASHINGTON DC METRO Camden Ashburn Farm 2000 1,062 162 96.9 2,122 Camden College Park 2008 942 509 94.0 1,892 Camden Dulles Station 2009 977 382 97.7 2,214 Camden Fair Lakes 1999 1,056 530 96.8 2,230 Camden Fairfax Corner 2006 934 489 96.8 2,247 Camden Fallsgrove 2004 996 268 95.7 2,155 Camden Grand Parc 2002 672 105 94.6 2,768 Camden Lansdowne 2002 1,006 690 96.8 2,127 Camden Monument Place 2007 856 368 97.5 1,993 Camden NoMa 2014 769 321 96.2 2,299 Camden NoMa II 2017 759 405 96.8 2,387 Camden Potomac Yard 2008 832 378 96.2 2,310 Camden Roosevelt 2003 856 198 97.0 3,096 Camden Shady Grove 2018 877 457 96.8 2,021 Camden Silo Creek 2004 975 284 97.0 2,077 Camden South Capitol 2013 821 281 95.2 2,440 Camden Washingtonian 2018 870 365 96.9 2,058 FLORIDA Southeast Florida Camden Atlantic (3) 2022 919 269 97.1 2,385 Camden Aventura 1995 1,108 379 95.4 2,738 Camden Boca Raton 2014 843 261 95.7 2,626 Camden Brickell 2003 937 405 95.9 2,897 Camden Doral 1999 1,120 260 97.3 2,590 Camden Doral Villas 2000 1,253 232 96.6 2,880 Camden Las Olas 2004 1,043 420 96.6 2,822 Camden Plantation 1997 1,201 502 95.9 2,381 Camden Portofino 1995 1,112 322 95.5 2,425 Orlando Camden Hunter’s Creek 2000 1,075 270 95.8 1,933 Camden Lago Vista 2005 955 366 96.2 1,805 Camden Lake Eola 2021 944 360 95.2 2,398 Camden LaVina 2012 969 420 95.1 1,863 Camden Lee Vista 2000 937 492 95.6 1,849 Camden North Quarter 2016 806 333 96.7 1,854 Camden Orange Court 2008 817 268 94.8 1,740 Camden Thornton Park 2016 920 299 96.0 2,095 Camden Town Square 2012 983 438 95.9 1,875 Camden Waterford Lakes 2014 971 300 96.4 1,911 Camden World Gateway 2000 979 408 95.6 1,850 12 Table of C ontents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Petersburg Camden Bay 1997/2001 943 760 97.9 % $ 1,716 Camden Central 2019 942 368 97.5 3,245 Camden Montague 2012 972 192 98.3 1,707 Camden Pier District 2016 989 358 97.8 3,201 Camden Preserve 1996 942 276 96.9 1,900 Camden Royal Palms 2006 1,017 352 96.8 1,662 Camden Visconti (4) 2007 1,125 450 96.6 2,081 Camden Westchase Park 2012 992 348 97.0 1,846 GEORGIA Atlanta Camden Brookwood 2002 916 359 96.8 1,700 Camden Buckhead (3) 2022 1,087 366 94.2 2,645 Camden Buckhead Square 2015 827 250 96.9 1,801 Camden Creekstone 2002 990 223 97.3 1,662 Camden Deerfield 2000 1,187 292 87.6 1,791 Camden Dunwoody 1997 1,007 324 96.6 1,658 Camden Fourth Ward 2014 844 276 97.7 1,985 Camden Midtown Atlanta 2001 935 296 96.7 1,738 Camden Paces 2015 1,408 379 96.7 2,866 Camden Peachtree City 2001 1,027 399 95.7 1,690 Camden Phipps (4) 1996 1,010 234 95.4 1,869 Camden Shiloh 1999/2002 1,143 232 97.7 1,631 Camden St.
Petersburg Camden Bay 1997/2001 943 760 97.1 % $ 1,885 Camden Central 2019 942 368 96.1 3,384 Camden Montague 2012 972 192 97.2 1,880 Camden Pier District 2016 989 358 95.9 3,494 Camden Preserve 1996 942 276 95.7 2,051 Camden Royal Palms 2006 1,017 352 94.5 1,792 Camden Visconti 2007 1,125 450 95.2 2,059 Camden Westchase Park 2012 992 348 96.6 2,053 GEORGIA Atlanta Camden Brookwood 2002 916 359 93.8 1,764 Camden Buckhead 2022 1,087 366 88.9 2,574 Camden Buckhead Square 2015 827 250 93.3 1,850 Camden Creekstone 2002 990 223 94.4 1,744 Camden Deerfield 2000 1,187 292 94.0 1,901 Camden Dunwoody 1997 1,007 324 93.3 1,773 Camden Fourth Ward 2014 844 276 96.5 2,066 Camden Midtown Atlanta 2001 935 296 94.2 1,818 Camden Paces 2015 1,408 379 94.7 2,963 Camden Peachtree City 2001 1,027 399 94.9 1,760 Camden Phipps 1996 1,010 234 77.2 1,810 Camden Shiloh 1999/2002 1,143 232 95.5 1,728 Camden St.
Clair 1997 999 336 96.7 1,649 Camden Stockbridge 2003 1,009 304 97.2 1,526 Camden Vantage 2010 901 592 94.7 1,708 NORTH CAROLINA Charlotte Camden Ballantyne 1998 1,048 400 96.7 1,562 Camden Cotton Mills 2002 905 180 96.7 1,669 Camden Dilworth 2006 857 145 96.2 1,723 Camden Fairview 1983 1,036 135 93.7 1,426 Camden Foxcroft 1979 940 156 96.6 1,301 Camden Foxcroft II 1985 874 100 95.9 1,432 Camden Gallery 2017 743 323 96.2 1,850 Camden Grandview 2000 1,059 266 98.0 1,985 Camden Grandview II 2019 2,241 28 95.1 3,846 Camden Sedgebrook 1999 972 368 95.6 1,427 Camden South End 2003 878 299 97.3 1,747 Camden Southline (4) 2015 831 266 96.4 1,949 Camden Stonecrest 2001 1,098 306 96.5 1,601 Camden Touchstone 1986 899 132 97.0 1,334 12 Table of Contents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Clair 1997 999 336 93.6 1,745 Camden Stockbridge 2003 1,009 304 94.7 1,624 Camden Vantage 2010 901 592 92.9 1,752 NORTH CAROLINA Charlotte Camden Ballantyne 1998 1,048 400 95.4 1,701 Camden Cotton Mills 2002 905 180 95.2 1,768 Camden Dilworth 2006 857 145 94.6 1,845 Camden Fairview 1983 1,036 135 93.5 1,544 Camden Foxcroft 1979 940 156 94.8 1,425 Camden Foxcroft II 1985 874 100 94.6 1,538 Camden Gallery 2017 743 323 94.6 2,002 Camden Grandview 2000 1,059 266 95.8 2,150 Camden Grandview II 2019 2,241 28 90.6 4,151 Camden NoDa (4) 2023 789 387 Lease-up 1,726 Camden Sedgebrook 1999 972 368 95.4 1,550 Camden South End 2003 878 299 95.3 1,910 Camden Southline 2015 831 266 95.1 2,048 Camden Stonecrest 2001 1,098 306 95.8 1,728 Camden Touchstone 1986 899 132 95.9 1,438 13 Table of C ontents OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Our operating properties were constructed and placed in service as follows: Year Placed in Service Number of Operating Properties 2018-2022 15 2013-2017 30 2008-2012 31 2003-2007 26 1998-2002 39 Prior to 1998 31 9 Table of Contents Property Table The following table sets forth information with respect to our 172 operating properties at December 31, 2022: OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Our operating properties were constructed and placed in service as follows: Year Placed in Service Number of Operating Properties 2019-2023 13 2014-2018 32 2009-2013 21 2004-2008 31 1999-2003 45 Prior to 1999 30 10 Table of C ontents Property Table The following table sets forth information with respect to our 172 operating properties at December 31, 2023: OPERATING PROPERTIES Property and Location Year Placed in Service Average Apartment Size (Sq.
Item 2. Properties The Properties Our properties typically consist of mid-rise buildings or two and three story buildings in a landscaped setting, as well as high-rise buildings, and provide residents with a variety of amenities common to multifamily rental properties.
Properties The Properties Our properties typically consist of mid-rise buildings or two and three story buildings in a landscaped setting, as well as high-rise buildings, and provide residents with a variety of amenities common to multifamily rental properties. 9 Table of C ontents Operating Properties The 172 operating properties in which we owned interests and operated at December 31, 2023 averaged 961 square feet of living area per apartment home.
Operating Properties The 172 operating properties in which we owned interests and operated at December 31, 2022 averaged 960 square feet of living area per apartment home. For the year ended December 31, 2022, no single operating property accounted for greater than 1.4% of our total revenues.
For the year ended December 31, 2023, no single operating property accounted for greater than 1.4% of our total revenues.
Removed
(4) Property formerly owned through an unconsolidated joint venture in which we owned a 31.3% interest. We acquired the remaining 68.7% ownership interest on April 1, 2022 from an unaffiliated third-party. (5) Property under lease-up at December 31, 2022. Item 3. Legal Proceedings None. Item 4. Mine Safety Disclosures None. 14 Table of Contents PART II
Added
Legal Proceedings None. Item 4. Mine Safety Disclosures None. 15 Table of C ontents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

11 edited+2 added−3 removed5 unchanged
Biggest changeIn October 2022, our Board of Trust Managers approved an increase to the authorization for our common equity securities by approximately $230.5 million to a total of $500.0 million. There were no repurchases under this plan for the year ended December 31, 2022 or through the date of this filing. Item 6. Reserved N/A. 16 Table of Contents
Biggest changeSee Part III, Item 12, for a description of securities authorized for issuance under our equity compensation plans. In October 2022, our Board of Trust Managers approved to increase the authorization for our common equity securities of approximately $269.5 million remaining under our share repurchase plan to $500.0 million.
The 2022 ATM program also permits the use of forward sale agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of the applicable shares until a later date.
The 2023 ATM program also permits the use of forward sale agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of the applicable shares until a later date.
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 2023, the Company's Board of Trust Managers declared a first quarter dividend of $1.00 per common share to our common shareholders of record as of March 31, 2023.
This number does not include the beneficial owners of our shares which are held by banks, brokers, and other financial institutions. In the first quarter of 2024, the Company's Board of Trust Managers declared a first quarter dividend of $1.03 per common share to our common shareholders of record as of March 29, 2024.
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 16, 2023, there were approximately 281 shareholders of record.
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities Our common shares are traded on the New York Stock Exchange under the symbol "CPT." As of February 15, 2024, there were approximately 274 shareholders of record.
Assuming similar dividend distributions for the remainder of 2023, our annualized dividend rate for 2023 would be $4.00. The following graph assumes the investment of $100 on December 31, 2017 and quarterly reinvestment of dividends.
Assuming similar dividend distributions for the remainder of 2024, our annualized dividend rate for 2024 would be $4.12. The following graph assumes the investment of $100 on December 31, 2018 and quarterly reinvestment of dividends.
The proceeds from any sale of our common shares under the 2022 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under our unsecured 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, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.
In August 2021, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering price of up to $500.0 million (the "2021 ATM program").
In May 2022, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2022 ATM program"). In May 2023, we terminated the 2022 ATM program and did not sell any shares under this program.
As of the date of this filing, we have not entered into any forward sales agreement and have common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under this ATM program.
As of the date of this filing, we have not entered into any forward sales agreement and have not sold any shares under the 2023 ATM program.
As of December 31, 2020 and 2021, the remaining dollar value of our common equity securities authorized to be repurchased under this program was approximately $269.5 million, and there were no repurchases during either year.
As of the date of this filing, there were no repurchases and the dollar value of our common equity securities authorized to be repurchased under this program remains at $500.0 million pursuant to this authorization.
(Source: S&P Global Market Intelligence) Index 2018 2019 2020 2021 2022 Camden Property Trust $ 99.02 $ 122.99 $ 120.19 $ 220.16 $ 141.82 FTSE NAREIT Equity 95.38 120.17 110.56 158.36 119.77 S&P 500 95.62 125.72 148.85 191.58 156.88 Russell 2000 88.99 111.70 134.00 153.85 122.41 15 Table of Contents In May 2022, 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 "2022 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions.
(Source: S&P Global Market Intelligence) Index 2019 2020 2021 2022 2023 Camden Property Trust $ 124.21 $ 121.37 $ 222.33 $ 143.23 $ 132.29 FTSE NAREIT Equity 126.00 115.92 166.04 125.58 142.83 S&P 500 131.49 155.68 200.37 164.08 207.21 Russell 2000 125.53 150.58 172.90 137.56 160.85 16 Table of C ontents In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions.
We have a repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500 million of our common equity securities through open market purchases, block purchases, and privately negotiated transactions.
Under our repurchase plan, the Company is authorized to repurchase our common equity securities through a variety of methods, including open market purchases, block purchases, and privately negotiated transactions, the timing of which will depend upon certain business and financial market conditions.
Removed
In May 2022, we terminated the 2021 ATM program with an aggregate offering amount of approximately $71.3 million remaining available for sale and, upon termination, no further common shares were available for sale.
Added
There were no repurchases under the approved share repurchase plan during 2021 or through the date our Board of Trust Managers approved the increase in October 2022.
Removed
In June 2020, we created an ATM share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering price of up to $362.7 million (the "2020 ATM program").
Added
During the year ended December 31, 2023, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
Removed
In August 2021, we terminated the 2020 ATM program with an aggregate offering price of approximately $0.2 million remaining available for sale and, upon termination, no further common shares were available for sale. See Part III, Item 12, for a description of securities authorized for issuance under our equity compensation plans.

Item 7. Management's Discussion & Analysis

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

100 edited+29 added−19 removed31 unchanged
Biggest changeAdditionally, NOI as disclosed by other REITs may not be comparable to our calculation. 23 Table of Contents Reconciliations of net income to NOI for the year ended December 31, 2022 and 2021 are as follows: (in thousands) 2022 2021 Net income $661,508 $312,376 Less: Fee and asset management income (5,188) (10,532) Less: Interest and other income (3,019) (1,223) Less: (Income)/loss on deferred compensation plans 19,637 (14,369) Plus: Property management expense 28,601 26,339 Plus: Fee and asset management expense 2,516 4,511 Plus: General and administrative expense 60,413 59,368 Plus: Interest expense 113,424 97,297 Plus: Depreciation and amortization expense 577,020 420,692 Plus: Expense/(benefit) on deferred compensation plans (19,637) 14,369 Less: Gain on sale of operating properties, including land (36,372) (174,384) Less: Gain on acquisition of unconsolidated joint venture interests (474,146) — Less: Equity in income of joint ventures (3,048) (9,777) Plus: Income tax expense 2,966 1,893 Net operating income $ 924,675 $ 726,560 Property-Level NOI (1) Property NOI, as reconciled above, is detailed further into the categories below for the year ended December 31, 2022 as compared to 2021: Number of Homes at Year Ended December 31, Change ($ in thousands) 12/31/2022 2022 2021 $ % Property revenues: Same store communities 46,151 $ 1,144,659 $ 1,029,585 $ 115,074 11.2 % Non-same store communities 12,282 264,784 82,553 182,231 220.7 Development and lease-up communities 2,219 2,173 — 2,173 * Dispositions/other — 11,140 31,447 (20,307) (64.6) Total property revenues 60,652 $ 1,422,756 $ 1,143,585 $ 279,171 24.4 % Property expenses: Same store communities 46,151 $ 391,455 $ 372,600 $ 18,855 5.1 % Non-same store communities 12,282 100,163 31,512 68,651 217.9 Development and lease-up communities 2,219 918 (8) 926 * Hurricane expenses — 1,000 — 1,000 * Dispositions/other — 4,545 12,921 (8,376) (64.8) Total property expenses 60,652 $ 498,081 $ 417,025 $ 81,056 19.4 % Property NOI: Same store communities 46,151 $ 753,204 $ 656,985 $ 96,219 14.6 % Non-same store communities 12,282 164,621 51,041 113,580 222.5 Development and lease-up communities 2,219 1,255 8 1,247 * Hurricane expenses — (1,000) — (1,000) * Dispositions/other — 6,595 18,526 (11,931) (64.4) Total property NOI 60,652 $ 924,675 $ 726,560 $ 198,115 27.3 % * Not a meaningful percentage. 24 Table of Contents (1) Same store communities are communities we owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale.
Biggest changeAdditionally, NOI as disclosed by other REITs may not be comparable to our calculation. 24 Table of C ontents Reconciliations of net income to NOI for the year ended December 31, 2023 and 2022 are as follows: (in thousands) 2023 2022 Net income $410,553 $661,508 Less: Fee and asset management income (3,451) (5,188) Less: Interest and other income (879) (3,019) Less: (Income)/loss on deferred compensation plans (15,398) 19,637 Plus: Property management expense 33,706 28,601 Plus: Fee and asset management expense 1,717 2,516 Plus: General and administrative expense 62,506 60,413 Plus: Interest expense 133,395 113,424 Plus: Depreciation and amortization expense 574,813 577,020 Plus: Expense/(benefit) on deferred compensation plans 15,398 (19,637) Plus: Loss on early retirement of debt 2,513 — Less: Gain on sale of operating properties, including land (225,416) (36,372) Less: Gain on acquisition of unconsolidated joint venture interests — (474,146) Less: Equity in income of joint ventures — (3,048) Plus: Income tax expense 3,650 2,966 Net operating income $ 993,107 $ 924,675 Property-Level NOI (1) Property NOI, as reconciled above, is detailed further into the categories below for the year ended December 31, 2023 as compared to 2022: Number of Homes at Year Ended December 31, Change ($ in thousands) 12/31/2023 2023 2022 $ % Property revenues: Same store communities 47,423 $ 1,238,564 $ 1,178,247 $ 60,317 5.1 % Non-same store communities 10,824 264,396 200,479 63,917 31.9 Development and lease-up communities 1,553 3,851 — 3,851 * Dispositions/other — 35,216 44,030 (8,814) (20.0) Total property revenues 59,800 $ 1,542,027 $ 1,422,756 $ 119,271 8.4 % Property expenses: Same store communities 47,423 $ 434,389 $ 407,260 $ 27,129 6.7 % Non-same store communities 10,824 100,413 76,537 23,876 31.2 Development and lease-up communities 1,553 1,236 (28) 1,264 * Dispositions/other — 12,882 14,312 (1,430) (10.0) Total property expenses 59,800 $ 548,920 $ 498,081 $ 50,839 10.2 % Property NOI: Same store communities 47,423 $ 804,175 $ 770,987 $ 33,188 4.3 % Non-same store communities 10,824 163,983 123,942 40,041 32.3 Development and lease-up communities 1,553 2,615 28 2,587 * Dispositions/other — 22,334 29,718 (7,384) (24.8) Total property NOI 59,800 $ 993,107 $ 924,675 $ 68,432 7.4 % * Not a meaningful percentage. 25 Table of C ontents (1) For 2023, s ame store communities are communities we owned and were stabilized since January 1, 2022, excluding communities under redevelopment and properties held for sale.
Cash inflows during 2022 primarily related to net proceeds of $516.8 million from the issuance of approximately 2.9 million common shares from our equity offering and approximately 0.2 million common shares from our ATM programs, as well as net proceeds of approximately $300.0 million of borrowings under our unsecured term loan, and net proceeds of $42.0 million of borrowings from our unsecured revolving credit facility.
Cash inflows during 2022 primarily related to net proceeds of approximately $516.8 million from the issuance of approximately 2.9 million common shares from our equity offering and approximately 0.2 million common shares from our ATM programs, as well as net proceeds of approximately $300.0 million of borrowings under our unsecured term loan, and net proceeds of $42.0 million of borrowings from our unsecured revolving credit facility.
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 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, 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.
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 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. 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.
Cash outflows during 2022 primarily related to the acquisition of the Funds for cash consideration of approximately $1.1 billion, and amounts paid for property development and capital improvements of approximately $449.4 million. These outflows were partially offset by net proceeds from the sale of one operating property of approximately $70.5 million.
Cash outflows during 2022 primarily related to the acquisition of the Funds for cash consideration of approximately $1.1 billion, and amounts paid for property development and capital improvements of approximately $449.4 million. These outflows were partially offset by net proceeds from the sale of one operating property for approximately $70.5 million in 2022.
To facilitate a clear understanding of our consolidated historical operating results, we believe FFO and AFFO should be examined in conjunction with net income attributable to common shareholders as presented in the consolidated statements of income and comprehensive income and data included elsewhere in this report.
To facilitate a clear understanding of our consolidated historical operating results, we believe FFO, Core FFO, and Core AFFO should be examined in conjunction with net income attributable to common shareholders as presented in the consolidated statements of income and comprehensive income and data included elsewhere in this report.
FFO and 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 and AFFO as disclosed by other REITs may not be comparable to our calculation.
FFO, Core FFO, and Core AFFO are not defined by GAAP and should not be considered alternatives to net income attributable to common shareholders as an indication of our operating performance. Additionally, FFO, Core FFO, and Core AFFO as disclosed by other REITs may not be comparable to our calculation.
Non-same store communities are stabilized communities not owned or stabilized since January 1, 2021, including communities under redevelopment and excluding properties held for sale. We define communities under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades.
Non-same store communities are stabilized communities not owned or stabilized since January 1, 2022, including communities under redevelopment and excluding properties held for sale. We define communities under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades.
In May 2022, we created an 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 "2022 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions.
In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions.
In addition, we evaluate our equity investments in joint ventures, if any, and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the years ended December 31, 2022, 2021, or 2020.
In addition, we evaluate our equity investments in joint ventures, if any, and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the years ended December 31, 2023, 2022, or 2021.
As of December 31, 2022, we had approximately $1.1 billion available under our $1.2 billion unsecured revolving credit facility. As of December 31, 2022 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 2022 ATM program.
As of December 31, 2023, we had approximately $1.2 billion available under our unsecured revolving credit facility. As of December 31, 2023 and through the date of this filing, we also had common shares having an aggregate offering price of up to $500.0 million remaining available for sale under our 2023 ATM program.
Discussion of our year-to-date comparisons between 2022 and 2021 is presented below. Year-to-date comparisons between 2021 and 2020 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, 2021.
Discussion of our year-to-date comparisons between 2023 and 2022 is presented below. Year-to-date comparisons between 2022 and 2021 can be found in "Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
The increase was primarily due to higher average rental rates which we believe was primarily attributable to improving job growth, favorable demographics with a higher propensity to rent versus buy, higher demand for multifamily housing in our markets, and a manageable supply of new multifamily housing.
The increase was primarily due to higher average rental rates which we believe was primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, continued demand for multifamily housing in our markets, and a manageable supply of new multifamily housing.
We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies.
We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of depreciable real estate and depreciation, FFO can assist in the comparison of the operating performance of a company's real estate investments between periods or to different companies.
These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our revolving credit facility. Our revolving credit facility and delayed term loan are subject to customary financial covenants and limitations.
These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility and term loan are subject to customary financial covenants and limitations.
We believe we are in compliance with all such financial covenants and limitations as of December 31, 2022 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, 2023 and through the date of this filing. Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit.
We believe 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, 2022.
We believe our ability to access the capital markets is enhanced by our senior unsecured debt ratings by Fitch, Moody's, and Standard and Poor's, which were A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, as of December 31, 2023.
We believe our 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; 29 Table of Contents • current debt service requirements, including debt maturities; • recurring capital expenditures; • reposition expenditures; • funding of property developments, redevelopments, and acquisitions; and • the minimum dividend payments required to maintain our REIT qualification under the Code.
We believe our liquidity and financial condition are sufficient to meet all of our reasonably anticipated cash needs over the next 12 months including: • normal recurring operating expenses; • current debt service requirements, including debt maturities; • recurring capital expenditures; • reposition expenditures; • funding of property developments, redevelopments, and acquisitions; and • the minimum dividend payments required to maintain our REIT qualification under the Code.
We 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 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, 31 Table of Contents 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, 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.
The decrease was primarily due to the consolidation of the Funds on April 1, 2022, and no longer earning the related fee and asset management income. The decrease was also due to lower fees earned related to a decrease in third-party construction activity during 2022 as compared to 2021.
The decrease was primarily due to the consolidation of the Funds on April 1, 2022, and no longer earning the related fee and asset management income. The decrease was also due to slightly lower fees earned related to a decrease in third-party construction activity during 2023 as compared to 2022.
Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following: • Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us; • Short-term leases could expose us to the effects of declining market rents; • Competition could limit our ability to lease apartments or increase or maintain rental income; • We could be negatively impacted by the risks associated with land holdings and related activities; • Development, repositions, redevelopment and construction risks could impact our profitability; • Our acquisition strategy may not produce the cash flows expected; • Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values; • Failure to qualify as a REIT could have adverse consequences; • Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us; • A cybersecurity incident and other technology disruptions could negatively impact our business; • We have significant debt, which could have adverse consequences; • Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders; • Issuances of additional debt may adversely impact our financial condition; • We may be unable to renew, repay, or refinance our outstanding debt; • Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distribution to our shareholders, and decrease our share price, if investors 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; 17 Table of Contents • Environmental, Social and Governance factors may impose additional costs and/or expose us to new risks; • Litigation risks could affect our business; • A pandemic and measures intended to prevent its spread could negatively impact our business; • Damage from catastrophic weather and other natural events could result in losses; • Competition could adversely affect our ability to acquire properties; and • We could be adversely impacted due to our share price fluctuations.
Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following: • Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us; • Short-term leases could expose us to the effects of declining market rents; • Competition could limit our ability to lease apartments or increase or maintain rental income; • We could be negatively impacted by the risks associated with land holdings and related activities; • Development, repositions, redevelopment and construction risks could impact our profitability; • Our acquisition strategy may not produce the cash flows expected; • Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values; • Failure to qualify as a REIT could have adverse consequences; • Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us; • A cybersecurity incident and other technology disruptions could negatively impact our business; • We have significant debt, which could have adverse consequences; • Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders; • Issuances of additional debt may adversely impact our financial condition; • We may be unable to renew, repay, or refinance our outstanding debt; • Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments; • Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets; • Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders; • The form, timing, and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations; • Environmental, social, and governance factors may impose additional costs and/or expose us to new risks; • Litigation risks could affect our business; 18 Table of C ontents • Damage from catastrophic weather and other natural events could result in losses; • Competition could adversely affect our ability to acquire properties; and • We could be adversely impacted due to our share price fluctuations.
These cash inflows were partially offset by approximately $396.8 million to pay distributions to common shareholders and non-controlling interest holders, and the repayment of $350.0 million senior unsecured notes in the fourth quarter of 2022.
These cash inflows were partially offset by approximately $396.8 million to pay 31 Table of C ontents distributions to common shareholders, and non-controlling interest holders and the repayment of $350.0 million senior unsecured notes in the fourth quarter of 2022.
Assuming similar dividend distributions for the remainder of 2023, our annualized dividend rate for 2023 would be $4.00. Critical Accounting Estimates The preparation of our financial statements in conformity with GAAP requires management to make certain estimates and assumptions.
Assuming similar dividend distributions for the remainder of 2024, our annualized dividend rate for 2024 would be $4.12. Critical Accounting Estimates The preparation of our financial statements in conformity with GAAP requires management to make certain estimates and assumptions.
Our interest expense coverage ratio, net of capitalized interest, was approximately 7.4 and 6.7 times for the years ended December 31, 2022 and 2021, respectively.
Our interest expense coverage ratio, net of capitalized interest, was approximately 6.8 and 7.4 times for the years ended December 31, 2023 and 2022, respectively.
Equity in income of joint ventures decreased approximately $6.7 million for the year ended December 31, 2022 as compared to 2021. The decrease was primarily due to our consolidating the Funds on April 1, 2022. Income tax expense increased approximately $1.1 million for the year ended December 31, 2022 as compared to the same period in 2021.
Equity in income of joint ventures decreased approximately $3.0 million for the year ended December 31, 2023 as compared to 2022. The decrease was primarily due to our consolidating the Funds on April 1, 2022. Income tax expense increased approximately $0.7 million for the year ended December 31, 2023 as compared to the same period in 2022.
Other sources may include one or more of the following: availability under our unsecured 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, and other unsecured borrowings or secured mortgages.
Other sources may include one or more of the following: availability under our unsecured revolving credit facility, the use of debt and equity offerings under our automatic 30 Table of C ontents shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, and other unsecured borrowings or secured mortgages.
See further discussions of our 2022 operations as compared to 2021 in "Results of Operations." Net cash used in investing activities during the year ended December 31, 2022 totaled approximately $1.5 billion as compared to $804.4 million during the year ended December 31, 2021.
See further discussions of our 2023 operations as compared to 2022 in "Results of Operations." Net cash used in investing activities during the year ended December 31, 2023 totaled approximately $127.1 million as compared to $1.5 billion during the year ended December 31, 2022.
We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements. 19 Table of Contents Property Portfolio Our multifamily property portfolio is summarized as follows: December 31, 2022 December 31, 2021 Number of Homes Properties Number of Homes Properties Operating Properties Houston, Texas 9,154 26 9,154 26 Dallas, Texas 6,224 15 6,224 15 Washington, D.C.
We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements. 20 Table of C ontents Property Portfolio Our multifamily property portfolio is summarized as follows: December 31, 2023 December 31, 2022 Number of Homes Properties Number of Homes Properties Operating Properties Houston, Texas 9,154 26 9,154 26 Dallas/Fort Worth, Texas 6,224 15 6,224 15 Washington, D.C.
The decrease was primarily due to our consolidating the Funds on April 1, 2022, and no longer incurring any related fee and asset management expenses. General and administrative expenses increased approximately $1.0 million for the year ended December 31, 2022 as compared to 2021.
The decrease was primarily due to our consolidating the Funds on April 1, 2022, and no longer having any related fee and asset management expenses. General and administrative expenses increased approximately $2.1 million for the year ended December 31, 2023 as compared to 2022.
Same Store Analysis Same store property NOI increased approximately $96.2 million for the year ended December 31, 2022 as compared to the same period in 2021.
Same Store Analysis Same store property NOI increased approximately $33.2 million for the year ended December 31, 2023 as compared to the same period in 2022.
When aggregated with previous 2022 dividends, this distribution to common shareholders and holders of the common operating partnership units equates to an annual dividend rate of $3.76 per share or unit for the year ended December 31, 2022.
When aggregated with previous 2023 dividends, this distribution to common shareholders and holders of the common operating partnership units equates to an annual dividend rate of $4.00 per share or unit for the year ended December 31, 2023.
Fee and asset management income from property management, asset management, construction, and development activities at our joint ventures and our third-party construction projects decreased approximately $5.3 million for the year ended December 31, 2022 as compared to 2021.
Fee and asset management income from property management, asset management, construction, and development activities at our joint ventures and our third-party construction projects decreased approximately $1.7 million for the year ended December 31, 2023 as compared to 2022.
Cash Flows The following is a discussion of our cash flows for the years ended December 31, 2022 and 2021. Net cash from operating activities was approximately $744.7 million during the year ended December 31, 2022 as compared to approximately $577.5 million during the year ended December 31, 2021.
Cash Flows The following is a discussion of our cash flows for the years ended December 31, 2023 and 2022. Net cash from operating activities was approximately $795.0 million during the year ended December 31, 2023 as compared to approximately $744.7 million during the year ended December 31, 2022.
The increase was also due to an increase of property general and administrative expense of $4.2 million, a portion of which was due to centralizing our workforce to manage certain responsibilities for all of our communities, partially offset by a decrease in salaries of $3.5 million.
The increase was also due to higher property general and administrative expenses of $3.4 million, a portion of which was due to centralizing our workforce to manage certain responsibilities for all of our communities during 2022, and was partially offset by a decrease in salaries expense of $0.5 million.
Our deferred compensation plans recognized a benefit of approximately $19.6 million in 2022 and incurred an expense of approximately $14.4 million in 2021.
Our deferred compensation plans incurred an expense of approximately $15.4 million in 2023 and recognized a benefit of approximately $19.6 million in 2022.
As of December 31, 2022, we owned interests in, operated, or were developing 178 multifamily properties comprised of 60,652 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, 2023, we owned interests in, operated, or were developing 176 multifamily properties comprised of 59,800 apartment homes across the United States as detailed in the Property Portfolio table below. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
In December 2022, we announced our Board of Trust Managers had declared a quarterly dividend of $0.94 per common share to our common shareholders of record as of December 16, 2022. This dividend was subsequently paid on January 17, 2023, and we paid equivalent amounts per unit to holders of common operating partnership units.
In December 2023, we announced our Board of Trust Managers had declared a quarterly dividend of $1.00 per common share to our common shareholders of record as of December 15, 2023. This dividend was subsequently paid on January 17, 2024, and we paid equivalent amounts per unit to holders of common operating partnership units.
Business Environment and Current Outlook Our results for the year ended December 31, 2022, reflect an increase in same store revenues of approximately 11.2% as compared to the same period in 2021.
Business Environment and Current Outlook Our results for the year ended December 31, 2023, reflect an increase in same store revenues of approximately 5.1% as compared to the same period in 2022.
Our deferred compensation plans incurred a loss of approximately $19.6 million in 2022 and recognized income of approximately $14.4 million in 2021.
Our deferred compensation plans recognized income of approximately $15.4 million in 2023 and incurred a loss of approximately $19.6 million in 2022.
Excluding deferred compensation plans, general and administrative expenses were 4.2% and 5.1% of total revenues for the years ended December 31, 2022 and 2021, respectively. Interest expense increased approximately $16.1 million for the year ended December 31, 2022 as compared to 2021.
Excluding deferred compensation plans, general and administrative expenses were 4.0% and 4.2% of total revenues for the years ended December 31, 2023 and 2022, respectively. Interest expense increased approximately $20.0 million for the year ended December 31, 2023 as compared to 2022.
Management believes same store information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. Development and lease-up communities are non-stabilized communities we have developed since January 1, 2021, excluding properties held for sale. Hurricane expenses include storm-related damages related to Hurricane Ian in September 2022.
Management believes same store information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. Development and lease-up communities are non-stabilized communities we have developed since January 1, 2022, excluding properties held for sale.
The proceeds from any sale of our common shares under the 2022 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under our unsecured 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, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.
Properties Under Development Our consolidated balance sheet at December 31, 2022 included approximately $525.0 million related to properties under development and land. Of this amount, approximately $287.0 million related to our projects currently under construction. In addition, we had approximately $238.0 million primarily invested in land held for future development related to projects we currently expect to begin construction.
Properties Under Development Our consolidated balance sheet at December 31, 2023 included approximately $486.9 million related to properties under development and land. Of this amount, approximately $214.0 million related to our projects currently under construction. In addition, we had approximately $272.9 million primarily invested in land held for future development related to projects we currently expect to begin construction.
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.
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.
In the first quarter of 2023, the Company's Board of Trust Managers declared a first quarter dividend of $1.00 per common share to our common shareholders of record as of March 31, 2023.
In the first quarter of 2024, the Company's Board of Trust Managers declared a first quarter dividend of $1.03 per common share to our common shareholders of record as of March 29, 2024.
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, 2022, we had outstanding letters of credit totaling $14.2 million, approximately $1.1 billion available under our unsecured revolving credit facility, and approximately $300 million outstanding on our term loan.
While our issuance of letters of credit does not increase our borrowings outstanding under our revolving credit facility, it does reduce the amount available. At December 31, 2023, we had outstanding letters of credit totaling $27.7 million, and approximately $1.2 billion available under our unsecured revolving credit facility.
The increase was due to an increase of approximately $115.1 million in same store property revenues, partially offset by an increase of approximately $18.9 million in same store property expenses, for the year ended December 31, 2022, as compared to the same period in 2021.
The increase was due to an increase of approximately $60.3 million in same store property revenues, partially offset by an increase of approximately $27.1 million in same store property expenses, for the year ended December 31, 2023, as compared to the same period in 2022.
The increase during the year ended December 31, 2022 as compared to the same period in 2021 was primarily due to a $474.1 million gain recognized as a result of the remeasurement of our previously held 31.3% ownership interest in two unconsolidated investment funds (collectively, the "Funds") upon our acquiring the remaining ownership interests in these Funds on April 1, 2022, and an increase in property operations.
The decrease during the year ended December 31, 2023 as compared to the same period in 2022 was primarily due to a $474.1 million gain recognized in 2022 as a result of the remeasurement of our previously held 31.3% ownership interest in two unconsolidated Funds (collectively, "the Funds" or "the acquisition of the Funds") upon our acquiring the remaining ownership interests on April 1, 2022.
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) associated with the sale of previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis.
The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (computed in accordance with GAAP), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains (or losses) from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis.
Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted and estimates routinely require adjustment. 22 Table of Contents Geographic Diversification At December 31, 2022 and 2021, our real estate assets by various markets, excluding depreciation and investments in joint ventures, were as follows: ($ in thousands) 2022 2021 Houston, Texas $ 1,878,221 14.5 % $ 1,121,502 10.7 % Washington, D.C.
Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted and estimates routinely require adjustment. 23 Table of C ontents Geographic Diversification At December 31, 2023 and 2022, our real estate assets by various markets, excluding depreciation, were as follows: ($ in thousands) 2023 2022 Houston, Texas $ 1,960,825 14.9 % $ 1,878,221 14.5 % Washington, D.C.
Interest and other income increased approximately $1.8 million for the year ended December 31, 2022, as compared to 2021. The increase was primarily due to an earn-out received in 2022 related to a technology joint venture sold in September 2020.
Interest and other income decreased approximately $2.1 million for the year ended December 31, 2023, as compared to 2022. The decrease was primarily due to a higher earn-out received in 2022 as compared to 2023 related to a technology joint venture sold in September 2020.
Fee and asset management expense from property management, asset management, construction, and development activities at our joint ventures and our third-party projects decreased approximately $2.0 million for the year ended December 31, 2022 as compared to 2021.
Property management expenses were 2.2% and 2.0% of total property revenues for the years ended December 31, 2023 and 2022, respectively. Fee and asset management expense from property management, asset management, construction, and development activities at our joint ventures and our third-party projects decreased approximately $0.8 million for the year ended December 31, 2023 as compared to 2022.
At December 31, 2022, we had the following communities undergoing development activities: ($ in millions) Properties and Locations Projected Homes Total Estimated Cost (1) Cost to Date Camden Blakeney 349 $ 120.0 $ 21.7 Charlotte, NC Camden South Charlotte 420 135.0 24.8 Charlotte, NC Camden Nations 393 175.0 33.3 Nashville, TN Camden Baker 435 165.0 29.5 Denver, CO Camden Highland Village II 300 100.0 9.7 Houston, TX Camden Gulch 480 260.0 43.8 Nashville, TN Camden Paces III 350 100.0 20.6 Atlanta, GA Camden Arts District 354 150.0 41.1 Los Angeles, CA Camden Downtown II 271 145.0 13.5 Houston, TX Total 3,352 $ 1,350.0 $ 238.0 (1) Represents our estimate of total costs we expect to incur on these projects.
At December 31, 2023, we had the following communities undergoing development activities: ($ in millions) Properties and Locations Projected Homes Total Estimated Cost (1) Cost to Date Camden South Charlotte 420 $ 153.0 $ 32.9 Charlotte, NC Camden Blakeney 349 145.0 26.0 Charlotte, NC Camden Baker 435 165.0 33.1 Denver, CO Camden Nations 393 175.0 39.0 Nashville, TN Camden Gulch 480 260.0 49.1 Nashville, TN Camden Paces III 350 100.0 22.5 Atlanta, GA Camden Highland Village II 300 100.0 10.4 Houston, TX Camden Arts District 354 150.0 45.5 Los Angeles, CA Camden Downtown II 271 145.0 14.4 Houston, TX 3,352 $ 1,393.0 $ 272.9 (1) Represents our estimate of total costs we expect to incur on these projects.
Approximately 83.9% and 100% of our properties were unencumbered at December 31, 2022 and 2021, respectively. Our weighted average maturity of debt was approximately 6.4 years at December 31, 2022.
Approximately 89.8% and 83.9% of our properties were unencumbered at December 31, 2023 and 2022, respectively. Our weighted average maturity of debt was approximately 5.6 years at December 31, 2023.
Construction Activity At December 31, 2022, we had a total of six projects under construction to be comprised of 1,950 apartment homes. Initial occupancies of these six projects are currently scheduled to occur within the next 18 months. We estimate the additional cost to complete the construction of the six projects to be approximately $306.7 million.
Construction Activity At December 31, 2023, we had a total of four projects under construction to be comprised of 1,166 apartment homes. Initial occupancies of these four projects are currently scheduled to occur within the next nine months. We estimate the additional cost to complete the construction of the four projects to be approximately $137.6 million.
The property development and capital improvements during 2022 and 2021, included the following: December 31, (in millions) 2022 2021 Expenditures for new development, including land $ 253.0 $ 265.4 Capital expenditures 108.8 87.0 Reposition expenditures 53.0 47.6 Capitalized interest, real estate taxes, and other capitalized indirect costs 34.6 28.7 Total $ 449.4 $ 428.7 Net cash from financing activities totaled approximately $109.9 million during the year ended December 31, 2022 as compared to approximately $421.4 million during the year ended December 31, 2021.
The property development and capital improvements during 2023 and 2022, included the following: December 31, (in millions) 2023 2022 Expenditures for new development, including land $ 179.3 $ 253.0 Capital expenditures 107.1 108.8 Reposition expenditures 88.2 53.0 Capitalized interest, real estate taxes, and other capitalized indirect costs 36.3 34.6 Total $ 410.9 $ 449.4 Net cash used in financing activities totaled approximately $417.2 million during the year ended December 31, 2023 as compared to net cash from financing activities of approximately $109.9 million during the year ended December 31, 2022.
The increase was due to higher property NOI from non-same store communities of approximately $113.6 million and higher property NOI from development and lease-up communities of approximately $1.2 million for the year ended December 31, 2022, as compared to the same period in 2021.
The increase was comprised of an increase from non-same store communities of approximately $40.0 million and an increase from development and lease-up communities of approximately $2.6 million for the year ended December 31, 2023, as compared to the same period in 2022.
Additionally, we expect to incur costs between approximately $85 million and $105 million related to the start of new development activities, between approximately $93 million and $97 million of repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $96 million and $100 million of additional recurring capital expenditures during 2023.
Additionally, we expect to incur costs between approximately $40 million and $60 million related to the start of new development activities, between approximately $90 million and $94 million of repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $101 million and $105 million of additional recurring capital expenditures during 2024.
Cash outflows during 2021 primarily related to the acquisition of four operating properties for approximately $630.0 million, and amounts paid for property development and capital improvements of approximately $428.7 million. These outflows were partially offset by net proceeds from the sale of three operating properties of approximately $254.7 million.
Cash outflows during 2023 primarily related to amounts paid for property development and capital improvements of approximately $410.9 million. These outflows were partially offset by net proceeds from the sale of two operating properties of approximately $290.7 million.
The increase was primarily due to the increase in cash from property operations due to our acquiring the remaining interests in the Funds, and the growth attributable to our same store, non-same store and development and lease-up communities.
The increase was primarily due to the increase in cash from non-same store property operations due to the acquisition of the Funds on April 1, 2022, and the growth attributable to our same store, other non-same store and development and lease-up communities.
Non-same Store and Development and Lease-up Analysis Property NOI from non-same store and development and lease-up communities increased $114.8 million for the year ended December 31, 2022, as compared to the same period in 2021.
Non-same Store and Development and Lease-up Analysis Property NOI from non-same store (which includes acquisitions, non-same store stabilized properties, and other) and development and lease-up communities increased $42.6 million for the year ended December 31, 2023, as compared to the same period in 2022.
However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations.
However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets.
Funds from Operations (“FFO”) and Adjusted FFO ("AFFO") Management considers FFO and AFFO to be appropriate supplementary measures of the financial performance of an equity REIT.
The increase was primarily due to higher state income and franchise taxes. Funds from Operations ("FFO"), Core FFO, and Core Adjusted FFO ("Core AFFO") Management considers FFO, Core FFO, and Core AFFO to be appropriate supplementary measures of the financial performance of an equity REIT.
Property management expenses, which primarily represent regional supervision and accounting costs related to property operations, increased approximately $2.3 million for the year ended December 31, 2022 as compared to 2021.
Property management expenses, which primarily represent regional supervision and accounting costs related to property operations, increased approximately $5.1 million for the year ended December 31, 2023 as compared to 2022. The increase was primarily related to higher salary, benefits, and incentive compensation costs and higher travel related costs.
The $18.9 million increase in same store property expenses for the year ended December 31, 2022, as compared to the same period in 2021, was primarily due to higher real estate taxes of $5.8 million as a result of increased property valuations, higher repairs and maintenance expenses of $5.0 million, higher property insurance of $4.4 million, and higher utilities and other property expenses of $3.0 million.
The $27.1 million increase in same store property expenses for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to higher insurance expense of approximately $9.7 million primarily due to increased premiums and claims; repairs and maintenance expense of $4.8 million; real estate taxes of $4.6 million due to increased tax rates and property valuations; utilities expense of $3.4 million; and, marketing and leasing expenses of $1.7 million.
The increase was also due to higher income from our utility and other rebilling programs of $5.1 million and higher fees and other income of $1.8 million.
The increase was also due to an increase of approximately $3.3 million related to income from our utility rebilling and ancillary income programs, and an increase of approximately $0.5 million in fees and other income.
Metro 1,619,826 12.5 1,522,337 14.6 Dallas, Texas 1,076,941 8.3 699,052 6.7 Atlanta, Georgia 1,012,209 7.8 888,521 8.5 Phoenix, Arizona 872,695 6.8 817,450 7.8 Los Angeles/Orange County, California 810,109 6.3 792,872 7.6 Orlando, Florida 761,013 5.9 665,242 6.4 Southeast Florida 740,263 5.7 704,679 6.8 Tampa, Florida 711,552 5.5 557,875 5.3 Austin, Texas 691,830 5.4 363,181 3.5 Charlotte, North Carolina 690,767 5.4 493,337 4.7 Raleigh, North Carolina 618,157 4.8 457,687 4.4 Denver, Colorado 611,147 4.7 599,414 5.7 San Diego/Inland Empire, California 463,825 3.6 451,023 4.3 Nashville, Tennessee 357,318 2.8 314,895 3.0 Total $ 12,915,873 100.0 % $ 10,449,067 100.0 % Results of Operations Changes in revenues and expenses related to our operating properties from period to period are due primarily to the performance of stabilized properties in the portfolio, the lease-up of newly constructed properties, acquisitions, and dispositions.
Metro 1,633,201 12.4 1,619,826 12.5 Dallas/Fort Worth, Texas 1,117,909 8.5 1,076,941 8.3 Atlanta, Georgia 1,036,351 7.9 1,012,209 7.8 Phoenix, Arizona 899,802 6.8 872,695 6.8 Orlando, Florida 775,393 5.9 761,013 5.9 Southeast Florida 757,434 5.7 740,263 5.7 Charlotte, North Carolina 731,254 5.5 690,767 5.4 Tampa/St.Petersburg, Florida 723,695 5.5 711,552 5.5 Austin, Texas 705,347 5.3 691,830 5.4 Raleigh, North Carolina 699,142 5.3 618,157 4.8 Los Angeles/Orange County, California 687,949 5.2 810,109 6.3 Denver, Colorado 620,916 4.7 611,147 4.7 San Diego/Inland Empire, California 472,464 3.6 463,825 3.6 Nashville, Tennessee 370,445 2.8 357,318 2.8 Total $ 13,192,127 100.0 % $ 12,915,873 100.0 % Results of Operations Changes in revenues and expenses related to our operating properties from period-to-period are due primarily to the performance of stabilized properties in the portfolio, the lease-up of newly-constructed properties, acquisitions, and dispositions.
Interest payments related to the debt discussed above and as further discussed in Note 9 will be approximately $111.1 million for the year ended December 31, 2023 and for the years ending 2024 through 2027 will be approximately $92.3 million, $80.3 million, $68.5 million and $67.8 million, respectively, and approximately $310.6 million in the aggregate thereafter.
Interest payments related to the debt discussed above and as further discussed in Note 9 will be approximately $123.1 million for the year ended December 31, 2024 and for the years ending 2025 through 2028 will be approximately $115.2 million, $110.6 million, $86.0 million, and $82.5 million, respectively, and approximately $346.5 million in the aggregate thereafter.
The $115.1 million increase in same store property revenues for the year ended December 31, 2022, as compared to the same period in 2021, was primarily due to an increase of approximately $108.2 million in rental revenues comprised of a 12.4% increase in average rental rates and higher other rental income, partially offset by a decrease in reletting income, net of uncollectible revenue.
The $60.3 million increase in same store property revenues for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to an increase of approximately $56.5 million in rental revenues comprised of a 6.6% increase in average rental rates and higher other rental income.
The increase in interest expense was primarily related to our assuming approximately $515 million of secured mortgage debt upon completion of the acquisition of the remaining ownership interests in the Funds on April 1, 2022 with average interest rates of approximately 4.7% as of December 31, 2022.
The increase in 2023 was also due to an increase in interest expense related to our assuming approximately $515 million of secured mortgage debt upon completion of the acquisition of the Funds on April 1, 2022.
The increase in property NOI from our non-same store communities was primarily due to our acquiring the remaining ownership interests in the Funds on April 1, 2022, and the acquisition of four operating properties during 2021. The increases were also due to three operating properties reaching stabilization during each of the years ended December 31, 2021 and December 31, 2022.
The increase in property NOI from our non-same store communities was primarily due to our acquisition of the Funds on April 1, 2022, and the stabilization of three operating properties in 2022 and two operating properties in 2023.
At December 31, 2022, we had six properties in various stages of construction as follows: ($ 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 Tempe II (1) Tempe, AZ 397 $ 115.0 $ 101.3 $ 34.1 3Q23 1Q25 Camden NoDa Charlotte, NC 387 108.0 95.6 95.5 4Q23 1Q25 Camden Durham Durham, NC 420 145.0 82.6 82.6 2Q24 4Q25 Camden Village District Raleigh, NC 369 138.0 41.0 41.0 2Q25 4Q26 Camden Woodmill Creek The Woodlands, TX 189 75.0 19.2 19.2 3Q24 4Q24 Camden Long Meadow Farms Richmond, TX 188 80.0 14.6 14.6 3Q24 4Q24 Total 1,950 $ 661.0 $ 354.3 $ 287.0 (1) Property in lease-up and was 50% leased at January 30, 2023. 21 Table of Contents Development Pipeline Communities .
At December 31, 2023, we had four 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 Durham (1) 420 $ 145.0 $ 126.8 $ 79.3 2Q24 4Q25 Durham, NC Camden Woodmill Creek (2) 189 75.0 64.5 25.6 3Q24 2Q25 The Woodlands, TX Camden Village District 369 138.0 68.4 68.4 2Q25 4Q26 Raleigh, NC Camden Long Meadow Farms 188 80.0 40.7 40.7 3Q24 2Q25 Richmond, TX Total 1,166 $ 438.0 $ 300.4 $ 214.0 (1) Property in lease-up and was 17% leased at January 31, 2024.
We estimate the additional cost to complete the construction of the six consolidated projects to be approximately $306.7 million. Of this amount, we expect to incur costs between approximately $190 million and $200 million during 2023 and to incur the remaining costs during 2024.
We estimate the additional cost to complete the construction of the four projects to be approximately $137.6 million. Of this amount, we expect to incur costs between approximately $120 million and $130 million during 2024 and to incur the 32 Table of C ontents remaining costs during 2025.
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) 2022 compared to 2021 Property Revenues Revenues from acquisitions $ 155.9 Revenues from non-same store stabilized properties 21.6 Revenues from development and lease-up properties 2.2 Other 4.7 $ 184.4 Property Expenses Expenses from acquisitions $ 58.6 Expenses from non-same store stabilized properties 9.5 Expenses from development and lease-up properties 0.9 Other 0.6 $ 69.6 25 Table of Contents For the year ended December 31, (in millions) 2022 compared to 2021 Property NOI NOI from acquisitions $ 97.3 NOI from non-same store stabilized properties 12.1 NOI from development and lease-up properties 1.3 Other 4.1 $ 114.8 Hurricane Expenses Our communities impacted by Hurricane Ian in September 2022 incurred approximately $1.0 million of storm related expenses, with no related insurance recoveries for the year ended December 31, 2022.
The following table details the changes, described above, relating to non-same store and development and lease-up NOI: For the year ended December 31, (in millions) 2023 compared to 2022 Property Revenues Revenues from acquisitions $ 43.8 Revenues from non-same store stabilized properties 17.4 Revenues from development and lease-up properties 3.9 Other 2.7 $ 67.8 Property Expenses Expenses from acquisitions $ 16.7 Expenses from non-same store stabilized properties 5.1 Expenses from development and lease-up properties 1.3 Other 2.1 $ 25.2 26 Table of C ontents For the year ended December 31, (in millions) 2023 compared to 2022 Property NOI NOI from acquisitions $ 27.1 NOI from non-same store stabilized properties 12.3 NOI from development and lease-up properties 2.6 Other 0.6 $ 42.6 Dispositions/Other Property Analysis Dispositions/other property NOI decreased approximately $7.4 million for the year ended December 31, 2023 as compared to the same period in 2022.
Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. Core AFFO is calculated utilizing Core FFO less recurring capitalized expenditures which are necessary to help preserve the value of and maintain the functionality at our communities.
The interest rates on our unsecured revolving credit facility and delayed term loan are based upon SOFR plus a margin which is subject to change as our credit ratings change. Advances under our revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates.
Advances under our unsecured revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates.
At December 31, 2022, we had approximately 106.5 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, 2023, we had approximately 106.8 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the expense/(benefit) related to these plans, as discussed below. 26 Table of Contents Other Expenses Year Ended December 31, Change ($ in thousands) 2022 2021 $ % Property management $ 28,601 $ 26,339 $ 2,262 8.6 % Fee and asset management 2,516 4,511 (1,995) (44.2) General and administrative 60,413 59,368 1,045 1.8 Interest 113,424 97,297 16,127 16.6 Depreciation and amortization 577,020 420,692 156,328 37.2 Expense/(benefit) on deferred compensation plans (19,637) 14,369 (34,006) * Total other expenses $ 762,337 $ 622,576 $ 139,761 22.4 % *Not a meaningful percentage.
The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the expense/(benefit) related to these plans, as discussed below. 27 Table of C ontents Other Expenses Year Ended December 31, Change ($ in thousands) 2023 2022 $ % Property management $ 33,706 $ 28,601 $ 5,105 17.8 % Fee and asset management 1,717 2,516 (799) (31.8) General and administrative 62,506 60,413 2,093 3.5 Interest 133,395 113,424 19,971 17.6 Depreciation and amortization 574,813 577,020 (2,207) (0.4) Expense/(benefit) on deferred compensation plans 15,398 (19,637) 35,035 * Total other expenses $ 821,535 $ 762,337 $ 59,198 7.8 % *Not a meaningful percentage.
The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the income/(loss) related to these plans, as discussed in the Non-Property Income section above. 27 Table of Contents Other Year Ended December 31, Change (in thousands) 2022 2021 $ Gain on sale of operating properties, including land $ 36,372 $ 174,384 $ (138,012) Gain on acquisition of unconsolidated joint venture interests 474,146 — 474,146 Equity in income of joint ventures 3,048 9,777 (6,729) Income tax expense (2,966) (1,893) (1,073) The $36.4 million gain on sale for the year ended December 31, 2022 was due to the disposition of one operating property located in Largo, Maryland during the first quarter of 2022.
The changes were related to the performance of the investments held in deferred compensation plans for participants and were directly offset by the income/(loss) related to these plans, as discussed in the Non-Property Income section above. 28 Table of C ontents Other Year Ended December 31, Change (in thousands) 2023 2022 $ Loss on early retirement of debt $ (2,513) $ — $ (2,513) Gain on sale of operating properties, including land 225,416 36,372 189,044 Gain on acquisition of unconsolidated joint venture interests — 474,146 (474,146) Equity in income of joint ventures — 3,048 (3,048) Income tax expense (3,650) (2,966) (684) The $2.5 million loss on early retirement of debt during the year ended December 31, 2023 was due to the early repayment of our $185.2 million secured variable rate notes due in 2024 and 2026, and consisted of approximately $1.7 million of prepayment penalties and fees and approximately $0.8 million of unamortized fair value adjustments.
See further discussion of our 2022 operations as compared to 2021 in "Results of Operations," below. The increase was partially offset by recognizing a higher gain on sale of two operating properties in 2021 of $174.4 million as compared to a $36.4 million gain on sale of one operating property in 2022.
The decrease was partially offset by recognizing a higher gain on sale of two operating properties during the year ended December 31, 2023 of approximately $225.3 million as compared to a gain on sale of one operating property during the year ended December 31, 2022 of approximately $36.4 million.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe table below summarizes our debt as of December 31, 2022 and 2021: 32 Table of Contents ($ in millions) December 31, 2022 December 31, 2021 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 $ 3,114.0 $ 2,806.1 7.1 3.7 % 84.6 % $ 3,130.5 $ 3,363.7 7.5 3.6 % 98.7 % Variable rate debt 566.9 566.8 3.0 5.5 % 15.4 % 39.9 40.1 0.7 1.9 % 1.3 % In order to manage interest rate exposure, we have previously utilized interest rate swap agreements to protect against unfavorable interest rate changes relating to forecasted debt transactions.
Biggest changeThe table below summarizes our debt as of December 31, 2023 and 2022: ($ in millions) December 31, 2023 December 31, 2022 Carrying Amount Estimated fair market value Weighted Average Maturity (in years) Weighted Average Interest Rate % Of Total Carrying Amount Estimated fair market value Weighted Average Maturity (in years) Weighted Average Interest Rate % Of Total Fixed rate debt $ 2,866.9 $ 2,651.6 6.6 3.6 % 77.2 % $ 3,114.0 $ 2,806.1 7.1 3.7 % 84.6 % Variable rate debt $ 848.5 $ 864.9 2.3 6.5 % 22.8 % $ 566.9 $ 566.8 3.0 5.5 % 15.4 % At December 31, 2023, we have an interest rate swap with a notional amount of $500.0 million which converted our $500.0 million principal amount of 5.85% fixed rate senior unsecured notes due November 2026 into a floating rate instrument with an interest rate based on a SOFR index.
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, 2022, the fair value of our fixed rate debt would have decreased by approximately $139.6 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, 2023, the fair value of our fixed rate debt would have decreased by approximately $125.9 million.
If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout 2022 and 2021, our annual interest costs would have increased by approximately $5.7 million and $0.4 million, respectively.
If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout 2023 and 2022, our annual interest costs would have increased by approximately $8.5 million and $5.7 million, respectively.
We also periodically use derivative financial instruments, primarily interest rate swaps with major financial institutions, to manage a portion of this risk. We do not utilize derivative financial instruments for trading or speculative purposes.
We also periodically use derivative financial instruments, primarily interest rate swaps with major financial institutions, to manage our exposure to interest rate changes on our floating-rate debt and fair value changes on certain fixed-rate debt. We do not utilize derivative financial instruments for trading or speculative purposes.
At December 31, 2022 we also had secured variable rate notes outstanding of approximately $185.1 million and did not have any amounts outstanding at December 31, 2021.
At December 31, 2022 we also had $42.0 million of borrowings under our unsecured revolving credit facility and approximately $185.1 million secured variable rate notes outstanding.
Removed
These swaps, which are settled upon issuance of the related debt, are designated as cash flow hedges and the gains and/or losses are deferred in other comprehensive income and recognized as an adjustment to interest expense over the same period the hedged interest payments affect earnings. As of December 31, 2022, we had no hedges outstanding.
Added
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.
Removed
At December 31, 2022, we had approximately $42.0 million of borrowings outstanding under our unsecured revolving credit facility and did not have any amounts outstanding under our unsecured revolving credit facility at December 31, 2021. At December 31, 2022 and 2021, we had unsecured term loans outstanding of approximately $339.8 million and $39.9 million, respectively.
Added
The mark-to-market of this fair value hedge is recorded as a gain or loss in interest expense and equally offset by the gain or loss of the underlying debt, which also is recorded in interest expense. Additionally, at December 31, 2023 and 2022, we had unsecured term loans outstanding of approximately $339.9 million and $339.8 million, respectively.

Other CPT 10-K year-over-year comparisons