ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Texas | 76-6088377 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
11 Greenway Plaza, Suite 2400 Houston, Texas | 77046 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Shares of Beneficial Interest, $.01 par value | New York Stock Exchange |
Large accelerated filer | ý | Accelerated filer | ¨ | ||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
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• | Strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments; and, |
• | An attractive quality of life, which may lead to higher demand and retention for our apartments and allow us to more readily increase rents. |
• | 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 tenants, which may make it more difficult for us to collect rents from some tenants; |
• | 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; and |
• | increased operating costs, if these costs cannot be passed through to residents. |
• | inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations; |
• | increased materials and labor costs, problems with contractors or subcontractors, or other costs including those costs due to errors and omissions which occur in the design or construction process; |
• | inability to obtain financing with favorable terms; |
• | inability to complete construction and lease-up of a community on schedule; |
• | forecasted occupancy and rental rates may differ from the actual results; and |
• | the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible. |
• | one of our wholly-owned subsidiaries is the general partner of the Funds and has unlimited liability for the third-party debts, obligations, and liabilities of the Funds pursuant to partnership law; |
• | investors in the Funds (other than us), by majority vote, may remove our subsidiary as the general partner of the Funds with or without cause and the Funds’ advisory boards, by a majority vote of their members, may remove our subsidiary as the general partner of the Funds at any time for cause; |
• | while we have broad discretion to manage the Funds and make investment decisions on behalf of the Funds, the investors or the Funds' advisory boards must approve certain matters, and as a result we may be unable to make certain investments or implement certain decisions on behalf of the Funds which we consider beneficial; |
• | our ability to dispose of all or a portion of our investments in the Funds is subject to significant restrictions; and |
• | we may be liable if the Funds fail to comply with various tax or other regulatory matters. |
• | we may not be able to successfully integrate acquired properties into our existing operations; |
• | our estimates of the costs, if any, of repositioning or redeveloping the acquired property may prove inaccurate; |
• | the expected occupancy, rental rates and operating expenses may differ from the actual results; |
• | we may not be able to obtain adequate financing; and |
• | we may not be able to identify suitable candidates on terms acceptable to us and may not achieve expected returns or other benefits as a result of integration challenges, such as personnel and technology. |
• | we would be subject to federal income tax on our taxable income at regular corporate rates, including any applicable alternative minimum tax; |
• | we would be disqualified from treatment as a REIT for the four taxable years following the year in which we failed to qualify, thereby reducing our net income, including any distributions to shareholders, as we would be required to pay significant income taxes for the year or years involved; and, |
• | our ability to expand our business and raise capital would be impaired, which may adversely affect the value of our common shares. |
• | making it more difficult or more costly for us to qualify as a REIT; |
• | decreasing real estate values generally; and, |
• | lowering effective tax rates for non-REIT "C" corporations, which may cause investors to perceive investments in REITs to be less attractive than investments in the stock of non-REIT "C" corporations. |
• | if a property is mortgaged to secure payment of indebtedness, and if we are unable to meet our mortgage obligations, we could sustain a loss as a result of foreclosure on the mortgaged property; |
• | 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. |
• | delay in resident lease commencements; |
• | decline in occupancy; |
• | failure of residents to make rental payments when due; |
• | the attractiveness of our properties to residents and potential residents; |
• | our ability to adequately manage and maintain our communities; |
• | competition from other available apartments and housing alternatives; |
• | changes in market rents; and |
• | increases in operating expenses. |
• | 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. |
Year Placed in Service | Number of Operating Properties |
2012-2016 | 24 |
2007-2011 | 30 |
2002-2006 | 32 |
1997-2001 | 42 |
1992-1996 | 16 |
Prior to 1991 | 8 |
OPERATING PROPERTIES | ||||||||||||||
Property and Location | Year Placed in Service | Average Apartment Size (Sq. Ft.) | Number of Apartments | 2016 Average Occupancy (1) | 2016 Average Monthly Rental Rate per Apartment (2) | |||||||||
ARIZONA | ||||||||||||||
Phoenix/Scottsdale | ||||||||||||||
Camden Chandler (3) | 2015 | 1,146 | 380 | 94.1 | % | $ | 1,310 | |||||||
Camden Copper Square | 2000 | 786 | 332 | 95.7 | 1,084 | |||||||||
Camden Foothills | 2014 | 1,032 | 220 | 92.7 | 1,490 | |||||||||
Camden Hayden | 2015 | 1,043 | 234 | 90.6 | 1,384 | |||||||||
Camden Legacy | 1996 | 1,067 | 428 | 95.4 | 1,144 | |||||||||
Camden Montierra | 1999 | 1,071 | 249 | 95.7 | 1,266 | |||||||||
Camden Pecos Ranch | 2001 | 924 | 272 | 95.1 | 1,002 | |||||||||
Camden San Marcos | 1995 | 984 | 320 | 95.2 | 1,144 | |||||||||
Camden San Paloma | 1993/1994 | 1,042 | 324 | 95.5 | 1,153 | |||||||||
Camden Sotelo | 2008/2012 | 1,303 | 170 | 93.2 | 1,461 | |||||||||
CALIFORNIA | ||||||||||||||
Los Angeles/Orange County | ||||||||||||||
Camden Crown Valley | 2001 | 1,009 | 380 | 95.7 | 1,916 | |||||||||
Camden Glendale (3) | 2015 | 882 | 303 | 95.0 | 2,241 | |||||||||
Camden Harbor View | 2004 | 981 | 546 | 95.6 | 2,412 | |||||||||
Camden Main and Jamboree | 2008 | 1,011 | 290 | 96.2 | 2,026 | |||||||||
Camden Martinique | 1986 | 795 | 714 | 94.8 | 1,646 | |||||||||
Camden Sea Palms | 1990 | 891 | 138 | 96.0 | 1,844 | |||||||||
The Camden (4) | 2016 | 768 | 287 | Lease-up | 3,064 | |||||||||
San Diego/Inland Empire | ||||||||||||||
Camden Landmark | 2006 | 982 | 469 | 94.6 | 1,486 | |||||||||
Camden Old Creek | 2007 | 1,037 | 350 | 95.5 | 1,916 | |||||||||
Camden Sierra at Otay Ranch | 2003 | 962 | 422 | 95.2 | 1,795 | |||||||||
Camden Tuscany | 2003 | 896 | 160 | 95.9 | 2,485 | |||||||||
Camden Vineyards | 2002 | 1,053 | 264 | 96.0 | 1,501 | |||||||||
COLORADO | ||||||||||||||
Denver | ||||||||||||||
Camden Belleview Station | 2009 | 888 | 270 | 94.2 | 1,374 | |||||||||
Camden Caley | 2000 | 925 | 218 | 96.0 | 1,328 | |||||||||
Camden Denver West | 1997 | 1,015 | 320 | 95.3 | 1,566 | |||||||||
Camden Flatirons (3) | 2015 | 960 | 424 | 95.0 | 1,460 | |||||||||
Camden Highlands Ridge | 1996 | 1,149 | 342 | 95.3 | 1,583 | |||||||||
Camden Interlocken | 1999 | 1,010 | 340 | 95.8 | 1,470 | |||||||||
Camden Lakeway | 1997 | 932 | 451 | 95.5 | 1,399 | |||||||||
WASHINGTON DC METRO | ||||||||||||||
Camden Ashburn Farm | 2000 | 1,062 | 162 | 96.0 | 1,542 | |||||||||
Camden College Park | 2008 | 942 | 508 | 93.0 | 1,524 | |||||||||
Camden Dulles Station | 2009 | 978 | 382 | 96.3 | 1,628 | |||||||||
Camden Fair Lakes | 1999 | 1,056 | 530 | 95.8 | 1,715 |
OPERATING PROPERTIES | ||||||||||||||
Property and Location | Year Placed in Service | Average Apartment Size (Sq. Ft.) | Number of Apartments | 2016 Average Occupancy (1) | 2016 Average Monthly Rental Rate per Apartment (2) | |||||||||
Camden Fairfax Corner | 2006 | 934 | 489 | 95.6 | % | $ | 1,773 | |||||||
Camden Fallsgrove | 2004 | 996 | 268 | 95.5 | 1,735 | |||||||||
Camden Grand Parc | 2002 | 674 | 105 | 97.0 | 2,417 | |||||||||
Camden Lansdowne | 2002 | 1,006 | 690 | 95.8 | 1,483 | |||||||||
Camden Largo Town Center | 2000/2007 | 1,027 | 245 | 94.0 | 1,616 | |||||||||
Camden Monument Place | 2007 | 856 | 368 | 95.4 | 1,524 | |||||||||
Camden NoMa | 2014 | 770 | 321 | 95.0 | 2,185 | |||||||||
Camden Potomac Yard | 2008 | 835 | 378 | 95.5 | 1,972 | |||||||||
Camden Roosevelt | 2003 | 856 | 198 | 95.6 | 2,630 | |||||||||
Camden Russett | 2000 | 992 | 426 | 94.9 | 1,451 | |||||||||
Camden Silo Creek | 2004 | 975 | 284 | 96.1 | 1,475 | |||||||||
Camden South Capitol (5) | 2013 | 821 | 281 | 94.3 | 2,130 | |||||||||
FLORIDA | ||||||||||||||
Southeast Florida | ||||||||||||||
Camden Aventura | 1995 | 1,108 | 379 | 95.8 | 1,959 | |||||||||
Camden Boca Raton | 2014 | 843 | 261 | 95.3 | 1,945 | |||||||||
Camden Brickell | 2003 | 937 | 405 | 96.5 | 2,059 | |||||||||
Camden Doral | 1999 | 1,120 | 260 | 96.9 | 1,868 | |||||||||
Camden Doral Villas | 2000 | 1,253 | 232 | 96.4 | 1,992 | |||||||||
Camden Las Olas | 2004 | 1,043 | 420 | 96.3 | 2,031 | |||||||||
Camden Plantation | 1997 | 1,201 | 502 | 96.8 | 1,591 | |||||||||
Camden Portofino | 1995 | 1,112 | 322 | 96.4 | 1,598 | |||||||||
Orlando | ||||||||||||||
Camden Hunter’s Creek | 2000 | 1,075 | 270 | 97.0 | 1,278 | |||||||||
Camden Lago Vista | 2005 | 955 | 366 | 96.4 | 1,130 | |||||||||
Camden LaVina | 2012 | 970 | 420 | 95.3 | 1,179 | |||||||||
Camden Lee Vista | 2000 | 937 | 492 | 96.9 | 1,082 | |||||||||
Camden Orange Court | 2008 | 817 | 268 | 95.1 | 1,288 | |||||||||
Camden Town Square | 2012 | 986 | 438 | 96.2 | 1,241 | |||||||||
Camden Waterford Lakes (5) | 2013 | 971 | 300 | 94.9 | 1,311 | |||||||||
Camden World Gateway | 2000 | 979 | 408 | 96.3 | 1,177 | |||||||||
Tampa/St. Petersburg | ||||||||||||||
Camden Bay | 1997/2001 | 943 | 760 | 95.6 | 1,072 | |||||||||
Camden Montague | 2012 | 975 | 192 | 95.4 | 1,216 | |||||||||
Camden Preserve | 1996 | 942 | 276 | 95.6 | 1,298 | |||||||||
Camden Royal Palms | 2006 | 1,017 | 352 | 96.2 | 1,110 | |||||||||
Camden Visconti (5) | 2007 | 1,125 | 450 | 95.6 | 1,255 | |||||||||
Camden Westchase Park | 2012 | 992 | 348 | 95.4 | 1,347 | |||||||||
GEORGIA | ||||||||||||||
Atlanta | ||||||||||||||
Camden Brookwood | 2002 | 912 | 359 | 96.2 | 1,288 | |||||||||
Camden Creekstone | 2002 | 990 | 223 | 95.6 | 1,200 | |||||||||
Camden Deerfield | 2000 | 1,187 | 292 | 95.1 | 1,324 |
OPERATING PROPERTIES | ||||||||||||||
Property and Location | Year Placed in Service | Average Apartment Size (Sq. Ft.) | Number of Apartments | 2016 Average Occupancy (1) | 2016 Average Monthly Rental Rate per Apartment (2) | |||||||||
Camden Dunwoody | 1997 | 1,007 | 324 | 97.0 | % | $ | 1,219 | |||||||
Camden Fourth Ward | 2014 | 847 | 276 | 96.2 | 1,590 | |||||||||
Camden Midtown Atlanta | 2001 | 935 | 296 | 94.3 | 1,349 | |||||||||
Camden Paces (3) | 2015 | 1,407 | 379 | 94.2 | 2,498 | |||||||||
Camden Peachtree City | 2001 | 1,027 | 399 | 95.5 | 1,198 | |||||||||
Camden Phipps (5) | 1996 | 1,018 | 234 | 94.6 | 1,467 | |||||||||
Camden Shiloh | 1999/2002 | 1,143 | 232 | 96.4 | 1,176 | |||||||||
Camden St. Clair | 1997 | 999 | 336 | 95.5 | 1,234 | |||||||||
Camden Stockbridge | 2003 | 1,009 | 304 | 94.9 | 926 | |||||||||
Camden Vantage | 2010 | 901 | 592 | 95.8 | 1,286 | |||||||||
NORTH CAROLINA | ||||||||||||||
Charlotte | ||||||||||||||
Camden Ballantyne | 1998 | 1,048 | 400 | 95.5 | 1,215 | |||||||||
Camden Cotton Mills | 2002 | 905 | 180 | 96.0 | 1,448 | |||||||||
Camden Dilworth | 2006 | 857 | 145 | 96.2 | 1,431 | |||||||||
Camden Fairview | 1983 | 1,036 | 135 | 96.6 | 1,135 | |||||||||
Camden Foxcroft | 1979 | 940 | 156 | 96.3 | 994 | |||||||||
Camden Foxcroft II (6) | 1985 | 874 | 100 | 96.5 | 1,605 | |||||||||
Camden Grandview | 2000 | 1,059 | 266 | 95.2 | 1,065 | |||||||||
Camden Sedgebrook | 1999 | 972 | 368 | 96.4 | 1,100 | |||||||||
Camden South End | 2003 | 882 | 299 | 96.4 | 1,345 | |||||||||
Camden Southline (3) (5) | 2015 | 831 | 266 | 95.7 | 1,414 | |||||||||
Camden Stonecrest | 2001 | 1,098 | 306 | 95.9 | 1,263 | |||||||||
Camden Touchstone | 1986 | 899 | 132 | 96.6 | 978 | |||||||||
Raleigh | ||||||||||||||
Camden Asbury Village (5) | 2009 | 1,009 | 350 | 95.4 | 1,118 | |||||||||
Camden Crest | 2001 | 1,013 | 438 | 93.8 | 975 | |||||||||
Camden Governor’s Village | 1999 | 1,046 | 242 | 96.1 | 1,001 | |||||||||
Camden Lake Pine | 1999 | 1,066 | 446 | 95.3 | 1,041 | |||||||||
Camden Manor Park | 2006 | 966 | 484 | 96.0 | 1,014 | |||||||||
Camden Overlook | 2001 | 1,060 | 320 | 95.8 | 1,156 | |||||||||
Camden Reunion Park | 2000/2004 | 972 | 420 | 94.1 | 918 | |||||||||
Camden Westwood | 1999 | 1,027 | 354 | 94.4 | 985 | |||||||||
TEXAS | ||||||||||||||
Austin | ||||||||||||||
Camden Amber Oaks (5) | 2009 | 862 | 348 | 95.3 | 1,043 | |||||||||
Camden Amber Oaks II (5) | 2012 | 910 | 244 | 95.6 | 1,112 | |||||||||
Camden Brushy Creek (5) | 2008 | 882 | 272 | 95.8 | 1,091 | |||||||||
Camden Cedar Hills | 2008 | 911 | 208 | 95.8 | 1,220 | |||||||||
Camden Gaines Ranch | 1997 | 955 | 390 | 96.3 | 1,348 | |||||||||
Camden Huntingdon | 1995 | 903 | 398 | 95.5 | 1,071 | |||||||||
Camden La Frontera | 2015 | 901 | 300 | 94.9 | 1,186 | |||||||||
Camden Lamar Heights | 2015 | 838 | 314 | 94.6 | 1,436 |
OPERATING PROPERTIES | ||||||||||||||
Property and Location | Year Placed in Service | Average Apartment Size (Sq. Ft.) | Number of Apartments | 2016 Average Occupancy (1) | 2016 Average Monthly Rental Rate per Apartment (2) | |||||||||
Camden Shadow Brook (5) | 2009 | 909 | 496 | 95.6 | % | $ | 1,117 | |||||||
Camden Stoneleigh | 2001 | 908 | 390 | 95.8 | 1,208 | |||||||||
Corpus Christi | ||||||||||||||
Camden Breakers | 1996 | 868 | 288 | 93.5 | 1,155 | |||||||||
Camden Copper Ridge | 1986 | 775 | 344 | 92.0 | 875 | |||||||||
Camden Miramar (7) | 1994-2014 | 494 | 1,005 | 73.7 | 1,112 | |||||||||
Camden South Bay (5) | 2007 | 1,055 | 270 | 93.8 | 1,260 | |||||||||
Dallas/Fort Worth | ||||||||||||||
Camden Addison | 1996 | 942 | 456 | 96.8 | 1,125 | |||||||||
Camden Belmont | 2010/2012 | 945 | 477 | 95.8 | 1,431 | |||||||||
Camden Buckingham | 1997 | 919 | 464 | 95.9 | 1,151 | |||||||||
Camden Centreport | 1997 | 911 | 268 | 96.6 | 1,058 | |||||||||
Camden Cimarron | 1992 | 772 | 286 | 96.7 | 1,113 | |||||||||
Camden Design District (5) | 2009 | 939 | 355 | 96.4 | 1,351 | |||||||||
Camden Farmers Market | 2001/2005 | 932 | 904 | 95.5 | 1,260 | |||||||||
Camden Henderson | 2012 | 967 | 106 | 95.9 | 1,540 | |||||||||
Camden Legacy Creek | 1995 | 831 | 240 | 96.7 | 1,176 | |||||||||
Camden Legacy Park | 1996 | 871 | 276 | 97.3 | 1,177 | |||||||||
Camden Panther Creek (5) | 2009 | 946 | 295 | 95.6 | 1,160 | |||||||||
Camden Riverwalk (5) | 2008 | 982 | 600 | 94.7 | 1,352 | |||||||||
Camden Valley Park | 1986 | 743 | 516 | 96.5 | 1,029 | |||||||||
Camden Victory Park (4) | 2016 | 861 | 423 | Lease-Up | 1,696 | |||||||||
Houston | ||||||||||||||
Camden City Centre | 2007 | 932 | 379 | 93.1 | 1,592 | |||||||||
Camden City Centre II | 2013 | 868 | 268 | 94.7 | 1,652 | |||||||||
Camden Cypress Creek (5) | 2009 | 993 | 310 | 93.9 | 1,237 | |||||||||
Camden Downs at Cinco Ranch (5) | 2004 | 1,075 | 318 | 93.7 | 1,242 | |||||||||
Camden Grand Harbor (5) | 2008 | 959 | 300 | 94.0 | 1,167 | |||||||||
Camden Greenway | 1999 | 861 | 756 | 95.0 | 1,408 | |||||||||
Camden Heights (5) | 2004 | 927 | 352 | 93.8 | 1,515 | |||||||||
Camden Holly Springs | 1999 | 934 | 548 | 92.9 | 1,249 | |||||||||
Camden Midtown | 1999 | 844 | 337 | 91.9 | 1,652 | |||||||||
Camden Northpointe (5) | 2008 | 940 | 384 | 94.6 | 1,104 | |||||||||
Camden Oak Crest | 2003 | 870 | 364 | 93.7 | 1,133 | |||||||||
Camden Park | 1995 | 866 | 288 | 93.7 | 1,105 | |||||||||
Camden Plaza | 2007 | 915 | 271 | 95.1 | 1,573 | |||||||||
Camden Post Oak | 2003 | 1,200 | 356 | 91.6 | 2,537 | |||||||||
Camden Royal Oaks | 2006 | 923 | 236 | 93.0 | 1,303 | |||||||||
Camden Royal Oaks II | 2012 | 1,054 | 104 | 90.3 | 1,512 | |||||||||
Camden Spring Creek (5) | 2004 | 1,080 | 304 | 93.6 | 1,227 | |||||||||
Camden Stonebridge | 1993 | 845 | 204 | 93.8 | 1,120 | |||||||||
Camden Sugar Grove | 1997 | 921 | 380 | 93.8 | 1,156 | |||||||||
Camden Travis Street | 2010 | 819 | 253 | 93.8 | 1,552 |
OPERATING PROPERTIES | ||||||||||||||
Property and Location | Year Placed in Service | Average Apartment Size (Sq. Ft.) | Number of Apartments | 2016 Average Occupancy (1) | 2016 Average Monthly Rental Rate per Apartment (2) | |||||||||
Camden Vanderbilt | 1996/1997 | 863 | 894 | 94.6 | % | $ | 1,460 | |||||||
Camden Whispering Oaks | 2008 | 934 | 274 | 93.5 | 1,238 | |||||||||
Camden Woodson Park (5) | 2008 | 916 | 248 | 94.4 | 1,173 | |||||||||
Camden Yorktown (5) | 2008 | 995 | 306 | 93.9 | 1,161 |
(1) | Represents average physical occupancy for the year except as noted. |
(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 2016—average occupancy calculated from date at which occupancy exceeded 90% through December 31, 2016. |
(4) | Property under lease-up at December 31, 2016. |
(5) | Property owned through an unconsolidated joint venture in which we currently own a 31.3% interest. The remaining interest is owned by an unaffiliated third party. |
(6) | Formerly known as Camden Simsbury. |
(7) | Miramar is a student housing project for Texas A&M University - Corpus Christi. Average occupancy includes summer months which are normally subject to high vacancies. |
High | Low | Distributions | |||||||||
2016 Quarters: | |||||||||||
First | $ | 84.09 | $ | 70.55 | $ | 0.75 | |||||
Second | 88.42 | 80.08 | 0.75 | ||||||||
Third | 90.67 | 83.69 | 5.00 | ||||||||
Fourth | 84.07 | 76.00 | 0.75 | ||||||||
2015 Quarters: | |||||||||||
First | $ | 80.92 | $ | 72.37 | $ | 0.70 | |||||
Second | 79.11 | 73.03 | 0.70 | ||||||||
Third | 81.28 | 69.45 | 0.70 | ||||||||
Fourth | 79.04 | 73.56 | 0.70 |
Index | 2012 | 2013 | 2014 | 2015 | 2016 | ||||||||||||||
Camden Property Trust | $ | 113.41 | $ | 98.35 | $ | 132.62 | $ | 143.12 | $ | 170.65 | |||||||||
FTSE NAREIT Equity | 118.06 | 120.97 | 157.43 | 162.46 | 176.30 | ||||||||||||||
S&P 500 | 116.00 | 153.57 | 174.60 | 177.01 | 198.18 | ||||||||||||||
Russell 2000 | 116.35 | 161.52 | 169.43 | 161.95 | 196.45 |
Year Ended December 31, | |||||||||||||||||||
(in thousands, except per share amounts and property data) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||
Operating Data (a) | |||||||||||||||||||
Total property revenues | $ | 876,447 | $ | 835,618 | $ | 790,263 | $ | 737,033 | $ | 648,041 | |||||||||
Total property expenses | 311,355 | 301,000 | 285,700 | 266,572 | 237,715 | ||||||||||||||
Total non-property income | 14,577 | 7,332 | 14,611 | 21,197 | 16,407 | ||||||||||||||
Total other expenses | 425,190 | 412,022 | 399,314 | 377,026 | 355,672 | ||||||||||||||
Income from continuing operations attributable to common shareholders | 436,981 | 229,565 | 273,892 | 134,347 | 140,136 | ||||||||||||||
Net income attributable to common shareholders | 819,823 | 249,315 | 292,089 | 336,364 | 283,390 | ||||||||||||||
Earnings per common share from continuing operations: | |||||||||||||||||||
Basic | $ | 4.81 | $ | 2.55 | $ | 3.08 | $ | 1.50 | $ | 1.64 | |||||||||
Diluted | 4.79 | 2.54 | 3.06 | 1.50 | 1.63 | ||||||||||||||
Total earnings per common share: | |||||||||||||||||||
Basic | $ | 9.08 | $ | 2.77 | $ | 3.29 | $ | 3.82 | $ | 3.35 | |||||||||
Diluted | 9.05 | 2.76 | 3.27 | 3.78 | 3.32 | ||||||||||||||
Distributions declared per common share | $ | 3.00 | $ | 2.80 | $ | 2.64 | $ | 2.52 | $ | 2.24 | |||||||||
Special dividend per common share (b) | $ | 4.25 | $ | — | $ | — | $ | — | $ | — | |||||||||
Balance Sheet Data (at end of year) | |||||||||||||||||||
Total real estate assets, at cost (c) | $ | 7,376,690 | $ | 7,387,597 | $ | 7,025,376 | $ | 6,655,139 | $ | 6,262,645 | |||||||||
Total assets | 6,028,152 | 6,037,612 | 6,043,981 | 5,619,354 | 5,372,666 | ||||||||||||||
Notes payable | 2,480,588 | 2,724,687 | 2,730,613 | 2,517,979 | 2,497,962 | ||||||||||||||
Non-qualified deferred compensation share awards | 77,037 | 79,364 | 68,134 | 47,180 | — | ||||||||||||||
Equity | 3,095,553 | 2,892,896 | 2,888,409 | 2,760,181 | 2,626,708 | ||||||||||||||
Other Data | |||||||||||||||||||
Cash flows provided by (used in): | |||||||||||||||||||
Operating activities | $ | 443,063 | $ | 423,238 | $ | 418,528 | $ | 404,291 | $ | 324,267 | |||||||||
Investing activities (d) | 690,412 | (293,235 | ) | (326,587 | ) | (258,377 | ) | (526,770 | ) | ||||||||||
Financing activities | (904,237 | ) | (273,231 | ) | 43,482 | (154,181 | ) | 174,928 | |||||||||||
Funds from operations – diluted (e) | 425,464 | 414,497 | 378,043 | 368,321 | 313,337 | ||||||||||||||
Adjusted funds from operations – diluted (e) | 366,380 | 350,328 | 318,189 | 301,291 | 250,292 | ||||||||||||||
Property Data | |||||||||||||||||||
Number of operating properties (at the end of year) (f) | 152 | 172 | 168 | 170 | 193 | ||||||||||||||
Number of operating apartment homes (at end of year) (f) | 52,793 | 59,792 | 58,948 | 59,899 | 65,775 | ||||||||||||||
Number of operating apartment homes (weighted average) (f) (g) | 46,934 | 47,088 | 47,915 | 46,841 | 43,337 | ||||||||||||||
Weighted average monthly total property revenue per apartment home (a) | $ | 1,556 | $ | 1,479 | $ | 1,374 | $ | 1,311 | $ | 1,246 | |||||||||
Properties under development (at end of period) | 7 | 8 | 13 | 14 | 9 |
(a) | Excludes discontinued operations. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements," and Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," in the notes to Consolidated Financial Statements for further discussion of discontinued operations. |
(b) | A special dividend was paid on September 30, 2016. Refer to Note 4 "Common Shares" in the Notes to the Consolidated Financial Statements for further discussion of the special dividend. |
(c) | Includes operating properties held for sale at net book value and excludes discontinued operating properties and joint ventures for all periods presented. |
(d) | All periods presented have been changed to reflect our adoption of Accounting Standards Update 2016-18 ("ASU 2016-18"),"Statement of Cash Flows: Restricted Cash (A Consensus of the Emerging Issues Task Force)", which required retrospective application. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements" for further discussion. |
(e) | Management considers Funds from Operations (“FFO”) and adjusted FFO ("AFFO") to be appropriate measures of the financial performance of an equity REIT. The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America (“GAAP”)), excluding gains (or losses) associated with previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. 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. AFFO is calculated utilizing FFO less recurring capitalized expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. We also consider AFFO to be a useful supplemental measure because it is frequently used by analysts and investors to evaluate a REIT's operating performance between periods or different companies. 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. 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. 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. See "Funds from Operations and Adjusted FFO" in Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" for reconciliations of net income attributable to common shareholders to FFO and AFFO. |
(f) | Includes operating properties held for sale and discontinued operating properties held for sale for all periods presented. |
(g) | Excludes apartment homes owned in joint ventures. |
• | 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 expose us to the effects of declining market rents; |
• | Competition could limit our ability to lease apartments or increase or maintain rental income; |
• | We face risks associated with land holdings and related activities; |
• | Potential reforms to Fannie Mae and Freddie Mac could adversely affect us; |
• | Development, redevelopment and construction risks could impact our profitability; |
• | Investments through joint ventures and discretionary funds involve risks not present in investments in which we are the sole investor; |
• | Competition could adversely affect our ability to acquire properties; |
• | Our acquisition strategy may not produce the cash flows expected; |
• | Failure to qualify as a REIT could have adverse consequences; |
• | Tax laws and related interpretations may change at any time, and any such legislative or other actions could have a negative effect on us; |
• | Litigation risks could affect our business; |
• | Damage from catastrophic weather and other natural events could result in losses; |
• | 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; |
• | Our share price will fluctuate; and |
• | The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations. |
December 31, 2016 | December 31, 2015 | ||||||||||
Apartment Homes | Properties | Apartment Homes | Properties | ||||||||
Operating Properties | |||||||||||
Houston, Texas | 8,434 | 24 | 8,434 | 24 | |||||||
Dallas, Texas | 5,666 | 14 | 5,243 | 13 | |||||||
Washington, D.C. Metro (1) | 5,635 | 16 | 6,405 | 19 | |||||||
Atlanta, Georgia | 4,246 | 13 | 4,246 | 13 | |||||||
Austin, Texas | 3,360 | 10 | 3,360 | 10 | |||||||
Raleigh, North Carolina | 3,054 | 8 | 3,054 | 8 | |||||||
Orlando, Florida | 2,962 | 8 | 3,540 | 9 | |||||||
Phoenix, Arizona | 2,929 | 10 | 2,549 | 9 | |||||||
Southeast Florida | 2,781 | 8 | 2,781 | 8 | |||||||
Charlotte, North Carolina | 2,753 | 12 | 2,753 | 12 | |||||||
Los Angeles/Orange County, California | 2,658 | 7 | 2,784 | 7 | |||||||
Tampa, Florida | 2,378 | 6 | 3,788 | 9 | |||||||
Denver, Colorado | 2,365 | 7 | 2,365 | 7 | |||||||
Corpus Christi, Texas | 1,907 | 4 | 1,907 | 4 | |||||||
San Diego/Inland Empire, California | 1,665 | 5 | 1,665 | 5 | |||||||
Las Vegas, Nevada (2) | — | — | 4,918 | 15 | |||||||
Total Operating Properties | 52,793 | 152 | 59,792 | 172 |
Properties Under Construction | |||||||||||
Washington, D.C. Metro | 1,227 | 3 | 862 | 2 | |||||||
Phoenix, Arizona | 441 | 1 | 380 | 1 | |||||||
Charlotte, North Carolina | 323 | 1 | 323 | 1 | |||||||
Houston, Texas | 315 | 1 | 315 | 1 | |||||||
Denver, Colorado | 267 | 1 | 267 | 1 | |||||||
Dallas, Texas | — | — | 423 | 1 | |||||||
Los Angeles/Orange County, California | — | — | 287 | 1 | |||||||
Total Properties Under Construction | 2,573 | 7 | 2,857 | 8 | |||||||
Total Properties | 55,366 | 159 | 62,649 | 180 |
December 31, 2016 | December 31, 2015 | ||||||||||
Apartment Homes | Properties | Apartment Homes | Properties | ||||||||
Less: Unconsolidated Joint Venture Properties (3) | |||||||||||
Houston, Texas | 2,522 | 8 | 2,522 | 8 | |||||||
Austin, Texas | 1,360 | 4 | 1,360 | 4 | |||||||
Dallas, Texas | 1,250 | 3 | 1,250 | 3 | |||||||
Tampa, Florida | 450 | 1 | 450 | 1 | |||||||
Raleigh, North Carolina | 350 | 1 | 350 | 1 | |||||||
Orlando, Florida | 300 | 1 | 300 | 1 | |||||||
Washington, D.C. Metro (1) | 281 | 1 | 276 | 1 | |||||||
Corpus Christi, Texas | 270 | 1 | 270 | 1 | |||||||
Charlotte, North Carolina | 266 | 1 | 266 | 1 | |||||||
Atlanta, Georgia | 234 | 1 | 234 | 1 | |||||||
Total Unconsolidated Joint Venture Properties | 7,283 | 22 | 7,278 | 22 | |||||||
Total Properties Fully Consolidated | 48,083 | 137 | 55,371 | 158 |
(1) | In August 2016, one of the Funds completed the conversion of retail space to five apartment homes at one of its operating properties. |
(2) | These 15 operating properties were sold to an unaffiliated third party on April 26, 2016. |
(3) | Refer to Note 8, "Investments in Joint Ventures," in the notes to Consolidated Financial Statements for further discussion of our joint venture investments. |
Dispositions of Consolidated Operating Properties | Location | Number of Apartment Homes | Date of Disposition | ||||
Camden Westshore | Tampa, FL | 278 | 6/28/2016 | ||||
Camden Clearbrook | Frederick, MD | 297 | 7/11/2016 | ||||
Camden Summerfield | Landover, MD | 291 | 7/11/2016 | ||||
Camden Summerfield II | Landover, MD | 187 | 7/11/2016 | ||||
Camden Woods | Tampa, FL | 444 | 8/9/2016 | ||||
Camden Renaissance | Altamonte Springs, FL | 578 | 8/22/2016 | ||||
Camden Parkside | Fullerton, CA | 421 | 8/31/2016 | ||||
Camden Lakes | St. Petersburg, FL | 688 | 9/27/2016 | ||||
Consolidated total | 3,184 |
Stabilized Property and Location | Number of Apartment Homes | Date of Construction Completion | Date of Stabilization | |||
Consolidated Operating Properties | ||||||
Camden Flatirons | ||||||
Denver, CO | 424 | 3Q15 | 1Q16 | |||
Camden Paces | ||||||
Atlanta, GA | 379 | 4Q15 | 2Q16 | |||
Camden Glendale | ||||||
Glendale, CA | 303 | 3Q15 | 3Q16 | |||
Camden Chandler | ||||||
Chandler, AZ | 380 | 1Q16 | 4Q16 | |||
Consolidated total | 1,486 |
Unconsolidated Operating Property | ||||||
Camden Southline | ||||||
Charlotte, NC | 266 | 4Q15 | 1Q16 |
($ in millions) Property and Location | Number of Apartment Homes | Cost Incurred (1) | % Leased at 2/4/2017 | Date of Construction Completion | Estimated Date of Stabilization | ||||||||
Consolidated Operating Properties | |||||||||||||
The Camden | |||||||||||||
Hollywood, CA | 287 | $ | 133.7 | 88 | % | 4Q16 | 2Q17 | ||||||
Camden Victory Park | |||||||||||||
Dallas, TX | 423 | 84.6 | 80 | % | 3Q16 | 4Q17 | |||||||
Consolidated total | 710 | $ | 218.3 |
($ in millions) Property and Location | Number of Apartment Homes | Estimated Cost | Cost Incurred | Included in Properties Under Development | Estimated Date of Construction Completion | Estimated Date of Stabilization | ||||||||||||
Consolidated Communities Under Construction | ||||||||||||||||||
Camden Gallery Charlotte, NC (1) | 323 | $ | 60.0 | $ | 58.4 | $ | 1.3 | 1Q17 | 2Q17 | |||||||||
Camden Lincoln Station Denver, CO (2) | 267 | 56.0 | 50.5 | 32.5 | 2Q17 | 1Q18 | ||||||||||||
Camden NoMa II Washington, DC | 405 | 115.0 | 99.3 | 99.3 | 4Q17 | 4Q19 | ||||||||||||
Camden Shady Grove Rockville, MD | 457 | 116.0 | 90.3 | 90.3 | 1Q18 | 4Q19 | ||||||||||||
Camden McGowen Station Houston, TX | 315 | 90.0 | 35.6 | 35.6 | 2Q18 | 3Q19 | ||||||||||||
Camden Washingtonian Gaithersburg, MD | 365 | 90.0 | 31.8 | 31.8 | 4Q18 | 4Q19 | ||||||||||||
Camden North End I Phoenix, AZ | 441 | 105.0 | 25.5 | 25.5 | 2Q19 | 2Q20 | ||||||||||||
Consolidated total | 2,573 | $ | 632.0 | $ | 391.4 | $ | 316.3 |
($ in millions) Property and Location | Projected Homes | Total Estimated Cost (1) | Cost to Date | ||||||||
Camden Grandview II | 28 | $ | 21.0 | $ | 6.1 | ||||||
Charlotte, NC | |||||||||||
Camden Buckhead | 375 | 104.0 | 14.8 | ||||||||
Atlanta, GA | |||||||||||
Camden RiNo | 230 | 70.0 | 17.0 | ||||||||
Denver, CO | |||||||||||
Camden Gallery II | 5 | 3.0 | 1.0 | ||||||||
Charlotte, NC | |||||||||||
Camden Arts District | 354 | 150.0 | 16.8 | ||||||||
Los Angeles, CA | |||||||||||
Camden Conte (2) | 519 | 170.0 | 22.4 | ||||||||
Houston, TX | |||||||||||
Camden North End II | 326 | 73.0 | 11.5 | ||||||||
Phoenix, AZ | |||||||||||
Camden Atlantic | 286 | 62.0 | 14.2 | ||||||||
Plantation, FL | |||||||||||
Camden Paces III | 350 | 100.0 | 11.1 | ||||||||
Atlanta, GA | |||||||||||
Total | 2,473 | $ | 753.0 | $ | 114.9 |
(1) | Represents our estimate of total costs we expect to incur on these projects. However, forward-looking statements are not guarantees of future performance, results, or events. Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted, and estimates routinely require adjustment. |
(2) | Anticipated to be developed in two phases. The estimated units, estimated cost, and cost to date represent both phases. |
($ in millions) Location | Acres | Cost to Date | ||||
Phoenix, AZ (c) | 14.0 | $ | 11.1 |
($ in thousands) | 2016 | 2015 | |||||||||||
Washington, D.C. Metro | $ | 1,417,255 | 19.2 | % | $ | 1,433,339 | 19.4 | % | |||||
Houston, Texas | 766,801 | 10.4 | 730,576 | 9.9 | |||||||||
Los Angeles/Orange County, California | 709,210 | 9.6 | 740,976 | 10.0 | |||||||||
Atlanta, Georgia | 626,483 | 8.5 | 615,972 | 8.3 | |||||||||
Southeast Florida | 565,369 | 7.7 | 558,521 | 7.5 | |||||||||
Dallas, Texas | 493,477 | 6.7 | 470,629 | 6.4 | |||||||||
Phoenix, Arizona | 492,251 | 6.7 | 478,373 | 6.5 | |||||||||
Denver, Colorado | 440,296 | 6.0 | 383,280 | 5.2 | |||||||||
Charlotte, North Carolina | 371,009 | 5.0 | 351,661 | 4.8 | |||||||||
Orlando, Florida | 341,727 | 4.6 | 387,547 | 5.2 | |||||||||
San Diego/Inland Empire, California | 330,961 | 4.5 | 328,381 | 4.4 | |||||||||
Raleigh, North Carolina | 268,230 | 3.6 | 263,185 | 3.6 | |||||||||
Austin, Texas | 230,351 | 3.1 | 229,306 | 3.1 | |||||||||
Tampa, Florida | 221,428 | 3.0 | 315,643 | 4.3 | |||||||||
Corpus Christi, Texas | 101,842 | 1.4 | 100,208 | 1.4 | |||||||||
Total | $ | 7,376,690 | 100.0 | % | $ | 7,387,597 | 100.0 | % |
2016 | 2015 | 2014 | |||||||||
Average monthly property revenue per apartment home | $ | 1,556 | $ | 1,479 | $ | 1,374 | |||||
Annualized total property expenses per apartment home | $ | 6,634 | $ | 6,392 | $ | 5,963 | |||||
Weighted average number of operating apartment homes owned 100% | 46,934 | 47,088 | 47,915 | ||||||||
Weighted average occupancy of operating apartment homes owned 100% * | 95.3 | % | 95.7 | % | 95.8 | % | |||||
* Our one student housing community is excluded from this calculation. |
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Net income | $838,226 | $258,262 | $ | 301,314 | ||||||||
Less: Fee and asset management income | (6,864 | ) | (6,999 | ) | (9,832 | ) | ||||||
Less: Interest and other income | (2,202 | ) | (597 | ) | (842 | ) | ||||||
Less: Income/(loss) on deferred compensation plans | (5,511 | ) | 264 | (3,937 | ) | |||||||
Plus: Property management expense | 25,125 | 23,055 | 22,070 | |||||||||
Plus: Fee and asset management expense | 3,848 | 4,742 | 5,341 | |||||||||
Plus: General and administrative expense | 47,415 | 46,233 | 51,005 | |||||||||
Plus: Interest expense | 93,145 | 97,312 | 94,906 | |||||||||
Plus: Depreciation and amortization expense | 250,146 | 240,944 | 222,055 | |||||||||
Plus: Expense/(benefit) on deferred compensation plans | 5,511 | (264 | ) | 3,937 | ||||||||
Less: Gain on sale of operating properties, including land | (295,397 | ) | (104,288 | ) | (159,289 | ) | ||||||
Plus: Impairment associated with land holdings | — | — | 1,152 | |||||||||
Less: Equity in income of joint ventures | (7,125 | ) | (6,168 | ) | (7,023 | ) | ||||||
Plus: Income tax expense | 1,617 | 1,872 | 1,903 | |||||||||
Less: Income from discontinued operations | (7,605 | ) | (19,750 | ) | (18,197 | ) | ||||||
Less: Gain on sale of discontinued operations, net of tax | (375,237 | ) | — | — | ||||||||
Net operating income | $ | 565,092 | $ | 534,618 | $ | 504,563 |
Apartment Homes at | Year Ended December 31, | Change | |||||||||||||||
($ in thousands) | 12/31/2016 | 2016 | 2015 | $ | % | ||||||||||||
Property revenues: | |||||||||||||||||
Same store communities | 40,221 | $ | 746,101 | $ | 718,234 | $ | 27,867 | 3.9 | % | ||||||||
Non-same store communities | 4,579 | 84,510 | 60,596 | 23,914 | 39.5 | ||||||||||||
Development and lease-up communities | 3,283 | 9,399 | 1 | 9,398 | * | ||||||||||||
Dispositions/other | — | 36,437 | 56,787 | (20,350 | ) | (35.8 | ) | ||||||||||
Total property revenues | 48,083 | $ | 876,447 | $ | 835,618 | $ | 40,829 | 4.9 | % | ||||||||
Property expenses: | |||||||||||||||||
Same store communities | 40,221 | $ | 263,768 | $ | 257,988 | $ | 5,780 | 2.2 | % | ||||||||
Non-same store communities | 4,579 | 30,907 | 23,169 | 7,738 | 33.4 | ||||||||||||
Development and lease-up communities | 3,283 | 4,363 | 8 | 4,355 | * | ||||||||||||
Dispositions/other | — | 12,317 | 19,835 | (7,518 | ) | (37.9 | ) | ||||||||||
Total property expenses | 48,083 | $ | 311,355 | $ | 301,000 | $ | 10,355 | 3.4 | % | ||||||||
Property NOI: | |||||||||||||||||
Same store communities | 40,221 | $ | 482,333 | $ | 460,246 | $ | 22,087 | 4.8 | % | ||||||||
Non-same store communities | 4,579 | 53,603 | 37,427 | 16,176 | 43.2 | ||||||||||||
Development and lease-up communities | 3,283 | 5,036 | (7 | ) | 5,043 | * | |||||||||||
Dispositions/other | — | 24,120 | 36,952 | (12,832 | ) | (34.7 | ) | ||||||||||
Total property NOI | 48,083 | $ | 565,092 | $ | 534,618 | $ | 30,474 | 5.7 | % |
(1) | Same store communities are communities we owned and were stabilized as of January 1, 2015, excluding assets held for sale. Non-same store communities are stabilized communities not owned or stabilized as of January 1, 2015, excluding assets held for sale. 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 acquired or developed since January 1, 2015, excluding assets held for sale. Dispositions/other includes those communities disposed of or held for sale which are not classified as discontinued operations. Other includes non-multifamily rental properties, below market lease amortization related to acquired communities, and expenses related to land holdings not under active development. |
Apartment Homes at | Year Ended December 31, | Change | |||||||||||||||
($ in thousands) | 12/31/2015 | 2015 | 2014 | $ | % | ||||||||||||
Property revenues: | |||||||||||||||||
Same store communities | 42,700 | $ | 752,983 | $ | 716,613 | $ | 36,370 | 5.1 | % | ||||||||
Non-same store communities | 3,790 | 59,413 | 30,397 | 29,016 | 95.5 | ||||||||||||
Development and lease-up communities | 3,963 | 14,548 | 1,295 | 13,253 | * | ||||||||||||
Dispositions/other | — | 8,674 | 41,958 | (33,284 | ) | (79.3 | ) | ||||||||||
Total property revenues | 50,453 | $ | 835,618 | $ | 790,263 | $ | 45,355 | 5.7 | % | ||||||||
Property expenses: | |||||||||||||||||
Same store communities | 42,700 | $ | 269,445 | $ | 256,395 | $ | 13,050 | 5.1 | % | ||||||||
Non-same store communities | 3,790 | 22,038 | 11,117 | 10,921 | 98.2 | ||||||||||||
Development and lease-up communities | 3,963 | 6,069 | 301 | 5,768 | * | ||||||||||||
Dispositions/other | — | 3,448 | 17,887 | (14,439 | ) | (80.7 | ) | ||||||||||
Total property expenses | 50,453 | $ | 301,000 | $ | 285,700 | $ | 15,300 | 5.4 | % | ||||||||
Property NOI: | |||||||||||||||||
Same store communities | 42,700 | $ | 483,538 | $ | 460,218 | $ | 23,320 | 5.1 | % | ||||||||
Non-same store communities | 3,790 | $ | 37,375 | $ | 19,280 | $ | 18,095 | 93.9 | % | ||||||||
Development and lease-up communities | 3,963 | $ | 8,479 | $ | 994 | $ | 7,485 | * | |||||||||
Dispositions/other | — | $ | 5,226 | $ | 24,071 | $ | (18,845 | ) | (78.3 | )% | |||||||
Total property NOI | 50,453 | $ | 534,618 | $ | 504,563 | $ | 30,055 | 6.0 | % |
(1) | Same store communities are communities we owned and were stabilized as of January 1, 2014, excluding assets held for sale. Non-same store communities are stabilized communities not owned or stabilized as of January 1, 2014, excluding assets held for sale. 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 acquired or developed since January 1, 2014, excluding assets held for sale. Dispositions/other includes those communities disposed of or held for sale which are not classified as discontinued operations. Other includes non-multifamily rental properties, below market lease amortization related to acquired communities, and expenses related to land holdings not under active development. |
Year Ended December 31, | Change | Year Ended December 31, | Change | ||||||||||||||||||||||||||
($ in thousands) | 2016 | 2015 | $ | % | 2015 | 2014 | $ | % | |||||||||||||||||||||
Fee and asset management | $ | 6,864 | $ | 6,999 | $ | (135 | ) | (1.9 | )% | $ | 6,999 | $ | 9,832 | $ | (2,833 | ) | (28.8 | )% | |||||||||||
Interest and other income | 2,202 | 597 | 1,605 | 268.8 | 597 | 842 | (245 | ) | (29.1 | ) | |||||||||||||||||||
Income (loss) on deferred compensation plans | 5,511 | (264 | ) | 5,775 | * | (264 | ) | 3,937 | (4,201 | ) | (106.7 | ) | |||||||||||||||||
Total non-property income | $ | 14,577 | $ | 7,332 | $ | 7,245 | 98.8 | % | $ | 7,332 | $ | 14,611 | $ | (7,279 | ) | (49.8 | )% |
Year Ended December 31, | Change | Year Ended December 31, | Change | ||||||||||||||||||||||||||
($ in thousands) | 2016 | 2015 | $ | % | 2015 | 2014 | $ | % | |||||||||||||||||||||
Property management | $ | 25,125 | $ | 23,055 | $ | 2,070 | 9.0 | % | $ | 23,055 | $ | 22,070 | $ | 985 | 4.5 | % | |||||||||||||
Fee and asset management | 3,848 | 4,742 | (894 | ) | (18.9 | ) | 4,742 | 5,341 | (599 | ) | (11.2 | ) | |||||||||||||||||
General and administrative | 47,415 | 46,233 | 1,182 | 2.6 | 46,233 | 51,005 | (4,772 | ) | (9.4 | ) | |||||||||||||||||||
Interest | 93,145 | 97,312 | (4,167 | ) | (4.3 | ) | 97,312 | 94,906 | 2,406 | 2.5 | |||||||||||||||||||
Depreciation and amortization | 250,146 | 240,944 | 9,202 | 3.8 | 240,944 | 222,055 | 18,889 | 8.5 | |||||||||||||||||||||
Expense (benefit) on deferred compensation plans | 5,511 | (264 | ) | 5,775 | * | (264 | ) | 3,937 | (4,201 | ) | (106.7 | ) | |||||||||||||||||
Total other expenses | $ | 425,190 | $ | 412,022 | $ | 13,168 | 3.2 | % | $ | 412,022 | $ | 399,314 | $ | 12,708 | 3.2 | % |
Year Ended December 31, | Change | Year Ended December 31, | Change | ||||||||||||||||||||
(in thousands) | 2016 | 2015 | $ | 2015 | 2014 | $ | |||||||||||||||||
Gain on sale of operating properties, including land | $ | 295,397 | $ | 104,288 | $ | 191,109 | $ | 104,288 | $ | 159,289 | $ | (55,001 | ) | ||||||||||
Impairment associated with land holdings | — | — | — | — | (1,152 | ) | 1,152 | ||||||||||||||||
Equity in income of joint ventures | 7,125 | 6,168 | 957 | 6,168 | 7,023 | (855 | ) | ||||||||||||||||
Income tax expense | (1,617 | ) | (1,872 | ) | 255 | (1,872 | ) | (1,903 | ) | 31 |
($ in thousands) | 2016 | 2015 | 2014 | ||||||||
Funds from operations | |||||||||||
Net income attributable to common shareholders | $ | 819,823 | $ | 249,315 | $ | 292,089 | |||||
Real estate depreciation and amortization, including discontinued operations | 248,235 | 251,104 | 230,638 | ||||||||
Adjustments for unconsolidated joint ventures | 9,194 | 9,146 | 5,337 | ||||||||
Gain on sale of unconsolidated joint venture properties (1) | — | — | (3,566 | ) | |||||||
Gain on sale of operating properties, net of tax | (294,954 | ) | (104,015 | ) | (155,680 | ) | |||||
Gain on sale of discontinued operations, net of tax | (375,237 | ) | — | — | |||||||
Income allocated to non-controlling interests | 18,403 | 8,947 | 9,225 | ||||||||
Funds from operations | $ | 425,464 | $ | 414,497 | $ | 378,043 | |||||
Less: recurring capitalized expenditures | (59,084 | ) | (64,169 | ) | (59,854 | ) | |||||
Adjusted funds from operations | $ | 366,380 | $ | 350,328 | $ | 318,189 | |||||
Weighted average shares – basic | 89,580 | 89,120 | 88,084 | ||||||||
Incremental shares issuable from assumed conversion of: | |||||||||||
Common share options and awards granted | 323 | 370 | 384 | ||||||||
Common units | 1,891 | 1,896 | 1,898 | ||||||||
Weighted average shares – diluted | 91,794 | 91,386 | 90,366 |
• | extending and sequencing the maturity dates of our debt where practicable; |
• | managing interest rate exposure using what management believes to be prudent levels of fixed and floating rate debt; |
• | maintaining what management believes to be conservative coverage ratios; and, |
• | using what management believes to be a prudent combination of debt and equity. |
• | normal recurring operating expenses; |
• | current debt service requirements, including debt maturities; |
• | recurring capital expenditures; |
• | reposition expenditures; |
• | funding of property developments, redevelopments, acquisitions, and joint venture investments; and, |
• | the minimum dividend payments required to maintain our REIT qualification under the Code. |
December 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Expenditures for new development, including land | $ | 220.4 | $ | 285.8 | ||||
Capitalized interest, real estate taxes, and other capitalized indirect costs | 29.8 | 30.9 | ||||||
Reposition expenditures | 23.1 | 31.2 | ||||||
Capital expenditures | 69.7 | 63.9 | ||||||
Total | $ | 343.0 | $ | 411.8 |
December 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Expenditures for new development, including land | $ | 285.8 | $ | 342.1 | ||||
Capitalized interest, real estate taxes, and other capitalized indirect costs | 30.9 | 34.1 | ||||||
Reposition expenditures | 31.2 | 64.4 | ||||||
Capital expenditures | 63.9 | 56.5 | ||||||
Total | $ | 411.8 | $ | 497.1 |
(in millions) | Total | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | ||||||||||||||||||||
Debt maturities (1)(2) | $ | 2,480.6 | $ | 276.0 | $ | 173.8 | $ | 643.2 | $ | (1.1 | ) | $ | 249.1 | $ | 1,139.6 | ||||||||||||
Interest payments (2)(3) | 454.1 | 98.3 | 89.1 | 63.2 | 55.4 | 49.1 | 99.0 | ||||||||||||||||||||
Non-cancelable lease payments | 21.7 | 2.9 | 2.7 | 2.5 | 2.5 | 2.5 | 8.6 | ||||||||||||||||||||
Unfunded commitments under notes receivable | 0.8 | 0.8 | — | — | — | — | — | ||||||||||||||||||||
$ | 2,957.2 | $ | 378.0 | $ | 265.6 | $ | 708.9 | $ | 56.8 | $ | 300.7 | $ | 1,247.2 |
(1) | Includes scheduled principal payments and amortization of debt discounts and debt issuance costs. |
(2) | Subsequent to December 31, 2016, we gave notice of advance repayment on our tax-exempt secured note payable of approximately $30.7 million in February 2017, which was initially due to mature in 2028. This table reflects this repayment in 2017. |
(3) | Includes contractual interest payments for our senior unsecured notes and secured notes. The interest payments on certain secured notes with floating interest rates were calculated based on the interest rates in effect as of December 31, 2016. |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||||
Amount (in millions) | Weighted Average Maturity (in years) | Weighted Average Interest Rate | % Of Total | Amount (in millions) | Weighted Average Maturity (in years) | Weighted Average Interest Rate | % Of Total | ||||||||||||||||||
Fixed rate debt | $ | 2,274.9 | 5.0 | 4.7 | % | 91.7 | % | $ | 2,273.3 | 6.0 | 4.7 | % | 83.4 | % | |||||||||||
Variable rate debt | 205.7 | 3.2 | 1.4 | 8.3 | 451.4 | 3.8 | 1.2 | % | 16.6 | % |
• | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; |
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and receipts and expenditures of the Company are being made only in accordance with authorizations of management and Board of Trust Managers of the Company; and |
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements. |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))(c) | ||||||
Equity compensation plans approved by security holders | 105,066 | $ | 48.27 | 1,057,960 | |||||
Equity compensation plans not approved by security holders | — | — | — | ||||||
Total | 105,066 | $ | 48.27 | 1,057,960 |
• | Each share issued or to be issued in connection with an award, other than an option, right or other award which does not deliver the full value at grant of the underlying shares, will be counted against the Fungible Pool Limit as 3.45 fungible pool units; |
• | Options and other awards which do not deliver the full value at grant of the underlying shares and which expire more than five years from date of grant will be counted against the Fungible Pool Limit as one fungible pool unit; and |
• | Options, rights and other awards which do not deliver the full value at grant and expire five years or less from the date of grant will be counted against the Fungible Pool Limit as 0.83 of a fungible pool unit. |
(1) Financial Statements: | |
(2) Financial Statement Schedules: | |
Exhibit No. | Description | Filed Herewith or Incorporated Herein by Reference (1) | ||
3.1 | Amended and Restated Declaration of Trust of Camden Property Trust | Exhibit 3.1 to Form 10-K for the year ended December 31, 1993 | ||
3.2 | Amendment to the Amended and Restated Declaration of Trust of Camden Property Trust | Exhibit 3.1 to Form 10-Q for the quarter ended June 30, 1997 | ||
3.3 | Amendment to the Amended and Restated Declaration of Trust of Camden Property Trust | Exhibit 3.1 to Form 8-K filed on May 14, 2012 | ||
3.4 | Third Amended and Restated Bylaws of Camden Property Trust | Exhibit 99.1 to Form 8-K filed on March 11, 2013 | ||
4.1 | Specimen certificate for Common Shares of Beneficial Interest | Form S-11 filed on September 15, 1993 (Registration No. 33-68736) | ||
4.2 | Indenture for Senior Debt Securities dated as of February 11, 2003 between Camden Property Trust and U. S. Bank National Association, as successor to SunTrust Bank, as Trustee | Exhibit 4.1 to Form S-3 filed on February 12, 2003 (Registration No. 333-103119) | ||
4.3 | First Supplemental Indenture dated as of May 4, 2007 between the Company and U.S. Bank National Association, as successor to SunTrust Bank, as Trustee | Exhibit 4.2 to Form 8-K filed on May 7, 2007 | ||
Exhibit No. | Description | Filed Herewith or Incorporated Herein by Reference (1) | ||
4.4 | Second Supplemental Indenture dated as of June 3, 2011 between the Company and U.S. Bank National Association, as successor to SunTrust Bank, as Trustee | Exhibit 4.3 to Form 8-K filed on June 3, 2011 | ||
4.5 | Registration Rights Agreement dated as of February 28, 2005 between Camden Property Trust and the holders named therein | Form S-4 filed on November 24, 2004 (Registration No. 333-120733) | ||
4.6 | Form of Camden Property Trust 5.700% Note due 2017 | Exhibit 4.3 to Form 8-K filed on May 7, 2007 | ||
4.7 | Form of Camden Property Trust 4.625% Note due 2021 | Exhibit 4.4 to Form 8-K filed on May 31, 2011 | ||
4.8 | Form of Camden Property Trust 2.95% Note due 2022 | Exhibit 4.4 to Form 8-K filed on December 7, 2012 | ||
4.9 | Form of Camden Property Trust 4.875% Note due 2023 | Exhibit 4.5 to Form 8-K filed on May 31, 2011 | ||
4.10 | Form of Camden Property Trust 4.250% Notes due 2024 | Exhibit 4.1 to Form 8-K filed on December 2, 2013 | ||
4.11 | Form of Camden Property Trust 3.50% Notes due 2024 | Exhibit 4.1 to Form 8-K filed on September 12, 2014 | ||
10.1 | Form of Indemnification Agreement between Camden Property Trust and certain of its trust managers and executive officers | Form S-11 filed on July 9, 1993 (Registration No. 33-63588) | ||
10.2 | Second Amended and Restated Employment Agreement dated July 11, 2003 between Camden Property Trust and Richard J. Campo | Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2003 | ||
10.3 | Second Amended and Restated Employment Agreement dated July 11, 2003 between Camden Property Trust and D. Keith Oden | Exhibit 10.2 to Form 10-Q for the quarter ended June 30, 2003 | ||
10.4 | Form of First Amendment to Second Amended and Restated Employment Agreements, effective as of January 1, 2008, between Camden Property Trust and each of Richard J. Campo and D. Keith Oden | Exhibit 99.1 to Form 8-K filed on November 30, 2007 | ||
10.5 | Second Amendment to Second Amended and Restated Employment Agreement, dated as of March 14, 2008, between Camden Property Trust and D. Keith Oden | Exhibit 99.1 to Form 8-K filed on March 18, 2008 | ||
10.6 | Form of Employment Agreement by and between Camden Property Trust and certain senior executive officers | Exhibit 10.13 to Form 10-K for the year ended December 31, 1996 | ||
10.7 | Second Amended and Restated Employment Agreement, dated November 3, 2008, between Camden Property Trust and H. Malcolm Stewart | Exhibit 99.1 to Form 8-K filed on November 4, 2008 | ||
10.8 | Second Amended and Restated Camden Property Trust Key Employee Share Option Plan (KEYSOP™), effective as of January 1, 2008 | Exhibit 99.5 to Form 8-K filed on November 30, 2007 | ||
10.9 | Amendment No. 1 to Second Amended and Restated Camden Property Trust Key Employee Share Option Plan, effective as of January 1, 2008 | Exhibit 99.1 to Form 8-K filed on December 8, 2008 | ||
10.10 | Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employees | Exhibit 10.7 to Form 10-K for the year ended December 31, 2003 | ||
10.11 | Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain trust managers | Exhibit 10.8 to Form 10-K for the year ended December 31, 2003 | ||
Exhibit No. | Description | Filed Herewith or Incorporated Herein by Reference (1) | ||
10.12 | Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employees | Exhibit 10.9 to Form 10-K for the year ended December 31, 2003 | ||
10.13 | Form of Master Exchange Agreement between Camden Property Trust and certain trust managers | Exhibit 10.10 to Form 10-K for the year ended December 31, 2003 | ||
10.14 | Form of Amendment No. 1 to Amended and Restated Master Exchange Agreement (Trust Managers) effective November 27, 2007 | Exhibit 10.1 to Form 10-Q filed on July 30, 2010 | ||
10.15 | Form of Amendment No. 1 to Amended and Restated Master Exchange Agreement (Key Employees) effective November 27, 2007 | Exhibit 10.2 to Form 10-Q filed on July 30, 2010 | ||
10.16 | Form of Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P. | Exhibit 10.1 to Form S-4 filed on February 26, 1997 (Registration No. 333-22411) | ||
10.17 | First Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of February 23, 1999 | Exhibit 99.2 to Form 8-K filed on March 10, 1999 | ||
10.18 | Form of Second Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of August 13, 1999 | Exhibit 10.15 to Form 10-K for the year ended December 31, 1999 | ||
10.19 | Form of Third Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of September 7, 1999 | Exhibit 10.16 to Form 10-K for the year ended December 31, 1999 | ||
10.20 | Form of Fourth Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of January 7, 2000 | Exhibit 10.17 to Form 10-K for the year ended December 31, 1999 | ||
10.21 | Form of Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of December 1, 2003 | Exhibit 10.19 to Form 10-K for the year ended December 31, 2003 | ||
10.22 | Amended and Restated 1993 Share Incentive Plan of Camden Property Trust | Exhibit 10.18 to Form 10-K for the year ended December 31, 1999 | ||
10.23 | Amended and Restated Camden Property Trust 1999 Employee Share Purchase Plan | Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2014 | ||
10.24 | Amended and Restated 2002 Share Incentive Plan of Camden Property Trust | Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2002 | ||
10.25 | Amendment to Amended and Restated 2002 Share Incentive Plan of Camden Property Trust | Exhibit 99.1 to Form 8-K filed on May 4, 2006 | ||
10.26 | Amendment to Amended and Restated 2002 Share Incentive Plan of Camden Property Trust, effective as of January 1, 2008 | Exhibit 99.1 to Form 8-K filed on July 29, 2008 | ||
10.27 | Camden Property Trust 2011 Share Incentive Plan, effective as of May 11, 2011 | Exhibit 99.1 to Form 8-K filed on May 12, 2011 | ||
10.28 | Amendment No. 1 to 2011 Share Incentive Plan of Camden Property Trust, dated as of July 31, 2012 | Exhibit 99.1 to Form 8-K filed on August 6, 2012 | ||
10.29 | Amendment No. 2 to the 2011 Share Incentive Plan of Camden Property Trust, dated as of July 30, 2013 | Exhibit 99.1 to Form 8-K filed on August 5, 2013 | ||
10.30 | Amendment No. 3 to the 2011 Share Incentive Plan of Camden Property Trust, dated as of October 28, 2015 | Exhibit 99.1 to Form 8-K filed on October 29, 2015 | ||
Exhibit No. | Description | Filed Herewith or Incorporated Herein by Reference (1) | ||
10.31 | Camden Property Trust Short Term Incentive Plan | Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2002 | ||
10.32 | Second Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan | Exhibit 99.1 to Form 8-K filed on February 21, 2014 | ||
10.33 | Form of Second Amended and Restated Agreement of Limited Partnership of Camden Summit Partnership, L.P. among Camden Summit, Inc., as general partner, and the persons whose names are set forth on Exhibit A thereto | Exhibit 10.4 to Form S-4 filed on November 24, 2004 (Registration No. 333-120733) | ||
10.34 | Form of Tax, Asset and Income Support Agreement among Camden Property Trust, Camden Summit, Inc., Camden Summit Partnership, L.P. and each of the limited partners who has executed a signature page thereto | Exhibit 10.5 to Form S-4 filed on November 24, 2004 (Registration No. 333-120733) | ||
10.35 | Employment Agreement dated February 15, 1999, by and among William B. McGuire, Jr., Summit Properties Inc. and Summit Management Company, as restated on August 24, 2001 | Exhibit 10.1 to Summit Properties Inc.’s Form 10-Q for the quarter ended September 30, 2001 (File No. 000-12792) | ||
10.36 | Amendment Agreement, dated as of June 19, 2004, among William B. McGuire, Jr., Summit Properties Inc. and Summit Management Company | Exhibit 10.8.2 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2004 (File No. 001-12792) | ||
10.37 | Employment Agreement dated February 15, 1999, by and among William F. Paulsen, Summit Properties Inc. and Summit Management Company, as restated on April 3, 2001 | Exhibit 10.1 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2001 (File No. 000-12792) | ||
10.38 | Amendment Agreement, dated as of June 19, 2004, among William F. Paulsen, Summit Properties Inc. and Summit Management Company | Exhibit 10.8.2 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2004 (File No. 001-12792) | ||
10.39 | Separation Agreement, dated as of February 28, 2005, between Camden Property Trust and William B. McGuire, Jr. | Exhibit 99.1 to Form 8-K filed on April 28, 2005 | ||
10.40 | Separation Agreement, dated as of February 28, 2005, between Camden Property Trust and William F. Paulsen | Exhibit 99.2 to Form 8-K filed on April 28, 2005 | ||
10.41 | Master Credit Agreement, dated as of September 24, 2008, among CSP Community Owner, LLC, CPT Community Owner, LLC, and Red Mortgage Capital, Inc. (2) | Exhibit 10.4 to Form 10-Q filed on July 30, 2010 | ||
10.42 | Form of Master Credit Facility Agreement, dated as of April 17, 2009, among Summit Russett, LLC, 2009 CPT Community Owner, LLC, 2009 CUSA Community Owner, LLC, 2009 CSP Community Owner LLC, and 2009 COLP Community Owner, LLC, as borrowers, Camden Property Trust, as guarantor, and Red Mortgage Capital, Inc., as lender (2) | Exhibit 10.5 to Form 10-Q filed on July 30, 2010 | ||
10.43 | Distribution Agency Agreement, dated November 3, 2014, between Camden Property Trust and Jefferies LLC | Exhibit 1.1 to Form 8-K filed on November 5, 2014 | ||
10.44 | Distribution Agency Agreement, dated November 3, 2014, between Camden Property Trust and J.P. Morgan Securities LLC | Exhibit 1.2 to Form 8-K filed on November 5, 2014 | ||
Exhibit No. | Description | Filed Herewith or Incorporated Herein by Reference (1) | ||
10.45 | Distribution Agency Agreement, dated November 3, 2014, between Camden Property Trust and Merrill Lynch, Pierce, Fenner & Smith Incorporated | Exhibit 1.3 to Form 8-K filed on November 5, 2014 | ||
10.46 | Distribution Agency Agreement, dated November 3, 2014, between Camden Property Trust and SunTrust Robinson Humphrey, Inc. | Exhibit 1.4 to Form 8-K filed on November 5, 2014 | ||
10.47 | Distribution Agency Agreement, dated November 3, 2014, between Camden Property Trust and Wells Fargo Securities, LLC | Exhibit 1.5 to Form 8-K filed on November 5, 2014 | ||
10.48 | Second Amended and Restated Credit Agreement dated as of August 7, 2015 among Camden Property Trust, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, Deutsche Bank Securities Inc., PNC Bank National Association, Regions Bank, SunTrust Bank, The Bank of Nova Scotia, U.S. Bank National Association, and Wells Fargo Bank, National Association, as Documentation Agents, Branch Banking and Trust Company, Credit Suisse AG, Cayman Islands Branch, and The Bank of Tokyo-Mitsubishi UFJ, LTD., as Managing Agents, and the other lenders party thereto, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, and J.P. Morgan Securities LLC, as Joint Lead Arrangers and Joint Bookrunners | Exhibit 99.1 to Form 8-K filed on August 11, 2015 | ||
12.1 | Statement Regarding Computation of Ratios | Filed Herewith | ||
21.1 | List of Significant Subsidiaries | Filed Herewith | ||
23.1 | Consent of Deloitte & Touche LLP | Filed Herewith | ||
24.1 | Powers of Attorney for Heather J. Brunner, Scott S. Ingraham, Renu Khator, Lewis A. Levey, William B. McGuire, Jr., F. Gardner Parker, William F. Paulsen, Frances Aldrich Sevilla-Sacasa, Steven A. Webster, and Kelvin R. Westbrook | Filed Herewith | ||
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act | Filed Herewith | ||
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act | Filed Herewith | ||
32.1 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed Herewith | ||
101.INS | XBRL Instance Document | Filed Herewith | ||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed Herewith | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed Herewith | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed Herewith | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed Herewith | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed Herewith | ||
(1) | Unless otherwise indicated, all references to reports or registration statements are to reports or registration statements filed by Camden Property Trust (File No. 1-12110). |
(2) | Portions of the exhibit have been omitted pursuant to a request for confidential treatment. |
February 13, 2017 | CAMDEN PROPERTY TRUST | |||||
By: | /s/ Michael P. Gallagher | |||||
Michael P. Gallagher | ||||||
Senior Vice President — Chief Accounting Officer |
Name | Title | Date | ||
/s/ Richard J. Campo | Chairman of the Board of Trust | February 13, 2017 | ||
Richard J. Campo | Managers and Chief Executive Officer (Principal Executive Officer) | |||
/s/ D. Keith Oden | President and Trust Manager | February 13, 2017 | ||
D. Keith Oden | ||||
/s/ Alexander J. Jessett | Executive Vice President - Finance, | February 13, 2017 | ||
Alexander J. Jessett | Chief Financial Officer and Treasurer (Principal Financial Officer) | |||
/s/ Michael P. Gallagher | Senior Vice President - Chief Accounting | February 13, 2017 | ||
Michael P. Gallagher | Officer (Principal Accounting Officer) | |||
* | ||||
Heather J. Brunner | Trust Manager | February 13, 2017 | ||
* | ||||
Scott S. Ingraham | Trust Manager | February 13, 2017 | ||
* | ||||
Renu Khator | Trust Manager | February 13, 2017 | ||
* | ||||
Lewis A. Levey | Trust Manager | February 13, 2017 | ||
* | ||||
William B. McGuire, Jr. | Trust Manager | February 13, 2017 | ||
* | ||||
F. Gardner Parker | Trust Manager | February 13, 2017 | ||
* | ||||
William F. Paulsen | Trust Manager | February 13, 2017 | ||
* | ||||
Frances Aldrich Sevilla-Sacasa | Trust Manager | February 13, 2017 | ||
* | ||||
Steven A. Webster | Trust Manager | February 13, 2017 | ||
* | ||||
Kelvin R. Westbrook | Trust Manager | February 13, 2017 | ||
*By: /s/ Alexander J. Jessett | ||||
Alexander J. Jessett Attorney-in-fact |
/s/ DELOITTE & TOUCHE LLP |
Houston, Texas |
February 13, 2017 |
December 31, | |||||||
(in thousands, except per share amounts) | 2016 | 2015 | |||||
Assets | |||||||
Real estate assets, at cost | |||||||
Land | $ | 967,375 | $ | 989,247 | |||
Buildings and improvements | 5,967,023 | 5,911,432 | |||||
$ | 6,934,398 | $ | 6,900,679 | ||||
Accumulated depreciation | (1,890,656 | ) | (1,780,694 | ) | |||
Net operating real estate assets | $ | 5,043,742 | $ | 5,119,985 | |||
Properties under development, including land | 442,292 | 486,918 | |||||
Investments in joint ventures | 30,254 | 33,698 | |||||
Discontinued operations held for sale, including land | — | 239,063 | |||||
Total real estate assets | $ | 5,516,288 | $ | 5,879,664 | |||
Accounts receivable – affiliates | 24,028 | 25,100 | |||||
Other assets, net | 142,010 | 116,260 | |||||
Short-term investments | 100,000 | — | |||||
Cash and cash equivalents | 237,364 | 10,617 | |||||
Restricted cash | 8,462 | 5,971 | |||||
Total assets | $ | 6,028,152 | $ | 6,037,612 | |||
Liabilities and equity | |||||||
Liabilities | |||||||
Notes payable | |||||||
Unsecured | $ | 1,583,236 | $ | 1,824,930 | |||
Secured | 897,352 | 899,757 | |||||
Accounts payable and accrued expenses | 137,813 | 133,353 | |||||
Accrued real estate taxes | 49,041 | 45,223 | |||||
Distributions payable | 69,161 | 64,275 | |||||
Other liabilities | 118,959 | 97,814 | |||||
Total liabilities | $ | 2,855,562 | $ | 3,065,352 | |||
Commitments and contingencies (Note 13) | |||||||
Non-qualified deferred compensation share awards | 77,037 | 79,364 | |||||
Equity | |||||||
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 100,694 and 100,636 issued; 97,818 and 97,571 outstanding at December 31, 2016 and 2015, respectively | 978 | 976 | |||||
Additional paid-in capital | 3,678,277 | 3,662,864 | |||||
Distributions in excess of net income attributable to common shareholders | (289,180 | ) | (458,577 | ) | |||
Treasury shares, at cost (10,330 and 10,703 common shares, at December 31, 2016 and 2015, respectively) | (373,339 | ) | (386,793 | ) | |||
Accumulated other comprehensive loss | (1,863 | ) | (1,913 | ) | |||
Total common equity | $ | 3,014,873 | $ | 2,816,557 | |||
Non-controlling interests | 80,680 | 76,339 | |||||
Total equity | $ | 3,095,553 | $ | 2,892,896 | |||
Total liabilities and equity | $ | 6,028,152 | $ | 6,037,612 |
Year Ended December 31, | |||||||||||
(in thousands, except per share amounts) | 2016 | 2015 | 2014 | ||||||||
Property revenues | |||||||||||
Rental revenues | $ | 750,597 | $ | 721,816 | $ | 686,642 | |||||
Other property revenues | 125,850 | 113,802 | 103,621 | ||||||||
Total property revenues | $ | 876,447 | $ | 835,618 | $ | 790,263 | |||||
Property expenses | |||||||||||
Property operating and maintenance | $ | 206,780 | $ | 202,105 | $ | 194,574 | |||||
Real estate taxes | 104,575 | 98,895 | 91,126 | ||||||||
Total property expenses | $ | 311,355 | $ | 301,000 | $ | 285,700 | |||||
Non-property income | |||||||||||
Fee and asset management | $ | 6,864 | $ | 6,999 | $ | 9,832 | |||||
Interest and other income | 2,202 | 597 | 842 | ||||||||
Income (loss) on deferred compensation plans | 5,511 | (264 | ) | 3,937 | |||||||
Total non-property income | $ | 14,577 | $ | 7,332 | $ | 14,611 | |||||
Other expenses | |||||||||||
Property management | $ | 25,125 | $ | 23,055 | $ | 22,070 | |||||
Fee and asset management | 3,848 | 4,742 | 5,341 | ||||||||
General and administrative | 47,415 | 46,233 | 51,005 | ||||||||
Interest | 93,145 | 97,312 | 94,906 | ||||||||
Depreciation and amortization | 250,146 | 240,944 | 222,055 | ||||||||
Expense (benefit) on deferred compensation plans | 5,511 | (264 | ) | 3,937 | |||||||
Total other expenses | $ | 425,190 | $ | 412,022 | $ | 399,314 | |||||
Gain on sale of operating properties, including land | 295,397 | 104,288 | 159,289 | ||||||||
Impairment associated with land holdings | — | — | (1,152 | ) | |||||||
Equity in income of joint ventures | 7,125 | 6,168 | 7,023 | ||||||||
Income from continuing operations before income taxes | $ | 457,001 | $ | 240,384 | $ | 285,020 | |||||
Income tax expense | (1,617 | ) | (1,872 | ) | (1,903 | ) | |||||
Income from continuing operations | $ | 455,384 | $ | 238,512 | $ | 283,117 | |||||
Income from discontinued operations | 7,605 | 19,750 | 18,197 | ||||||||
Gain on sale of discontinued operations, net of tax | 375,237 | — | — | ||||||||
Net income | $ | 838,226 | $ | 258,262 | $ | 301,314 | |||||
Less income allocated to non-controlling interests from continuing operations | (18,403 | ) | (8,947 | ) | (9,225 | ) | |||||
Net income attributable to common shareholders | $ | 819,823 | $ | 249,315 | $ | 292,089 |
Year Ended December 31, | |||||||||||
(In thousands, except per share amounts) | 2016 | 2015 | 2014 | ||||||||
Earnings per share – basic | |||||||||||
Earnings per common share from continuing operations | $ | 4.81 | $ | 2.55 | $ | 3.08 | |||||
Earnings per common share from discontinued operations | 4.27 | 0.22 | 0.21 | ||||||||
Total earnings per common share – basic | $ | 9.08 | $ | 2.77 | $ | 3.29 | |||||
Earnings per share – diluted | |||||||||||
Earnings per common share from continuing operations | $ | 4.79 | $ | 2.54 | $ | 3.06 | |||||
Earnings per common share from discontinued operations | 4.26 | 0.22 | 0.21 | ||||||||
Total earnings per common share – diluted | $ | 9.05 | $ | 2.76 | $ | 3.27 | |||||
Weighted average number of common shares outstanding – basic | 89,580 | 89,120 | 88,084 | ||||||||
Weighted average number of common shares outstanding – diluted | 89,903 | 89,490 | 88,468 | ||||||||
Net income attributable to common shareholders | |||||||||||
Income from continuing operations | $ | 455,384 | $ | 238,512 | $ | 283,117 | |||||
Less income allocated to non-controlling interests from continuing operations | (18,403 | ) | (8,947 | ) | (9,225 | ) | |||||
Income from continuing operations attributable to common shareholders | $ | 436,981 | $ | 229,565 | $ | 273,892 | |||||
Income from discontinued operations, including gain on sale | $ | 382,842 | $ | 19,750 | $ | 18,197 | |||||
Net income attributable to common shareholders | $ | 819,823 | $ | 249,315 | $ | 292,089 | |||||
Consolidated Statements of Comprehensive Income | |||||||||||
Net income | $ | 838,226 | $ | 258,262 | $ | 301,314 | |||||
Other comprehensive income | |||||||||||
Unrealized loss on cash flow hedging activities | — | — | (417 | ) | |||||||
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation | (80 | ) | 357 | (970 | ) | ||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 130 | 149 | 74 | ||||||||
Comprehensive income | $ | 838,276 | $ | 258,768 | $ | 300,001 | |||||
Less income allocated to non-controlling interests from continuing operations | (18,403 | ) | (8,947 | ) | (9,225 | ) | |||||
Comprehensive income attributable to common shareholders | $ | 819,873 | $ | 249,821 | $ | 290,776 |
Common Shareholders | |||||||||||||||||||||||||||
(in thousands, except per share amounts) | Common shares of beneficial interest | Additional paid-in capital | Distributions in excess of net income | Treasury shares, at cost | Accumulated other comprehensive loss | Non-controlling interests | Total equity | ||||||||||||||||||||
Equity, December 31, 2013 | $ | 967 | $ | 3,596,069 | $ | (494,167 | ) | $ | (410,227 | ) | $ | (1,106 | ) | $ | 68,645 | $ | 2,760,181 | ||||||||||
Net income | 292,089 | 9,225 | 301,314 | ||||||||||||||||||||||||
Other comprehensive loss | (1,313 | ) | (1,313 | ) | |||||||||||||||||||||||
Common shares issued (898 shares) | 9 | 66,216 | 66,225 | ||||||||||||||||||||||||
Net share awards | 8,010 | 11,358 | 19,368 | ||||||||||||||||||||||||
Employee share purchase plan | 1,012 | 1,259 | 2,271 | ||||||||||||||||||||||||
Common share options exercised (55 shares) | 1 | 517 | 984 | 1,502 | |||||||||||||||||||||||
Change in classification of deferred compensation plan | (7,702 | ) | (7,702 | ) | |||||||||||||||||||||||
Change in redemption value of non-qualified share awards | (17,921 | ) | (17,921 | ) | |||||||||||||||||||||||
Diversification of share awards within deferred compensation plan | 3,273 | 1,396 | 4,669 | ||||||||||||||||||||||||
Conversions of operating partnership units (1 share) | 52 | (52 | ) | — | |||||||||||||||||||||||
Cash distributions declared to equity holders ($2.64 per share) | (235,174 | ) | (5,011 | ) | (240,185 | ) | |||||||||||||||||||||
Other | (1 | ) | 1 | — | |||||||||||||||||||||||
Equity, December 31, 2014 | $ | 976 | $ | 3,667,448 | $ | (453,777 | ) | $ | (396,626 | ) | $ | (2,419 | ) | $ | 72,807 | $ | 2,888,409 | ||||||||||
Net income | 249,315 | 8,947 | 258,262 | ||||||||||||||||||||||||
Other comprehensive income | 506 | 506 | |||||||||||||||||||||||||
Net share awards | 13,020 | 9,305 | 22,325 | ||||||||||||||||||||||||
Employee share purchase plan | 583 | 528 | 1,111 | ||||||||||||||||||||||||
Common share options exercised | 176 | 176 | |||||||||||||||||||||||||
Change in classification of deferred compensation plan | (10,999 | ) | (10,999 | ) | |||||||||||||||||||||||
Change in redemption value of non-qualified share awards | (3,788 | ) | (3,788 | ) | |||||||||||||||||||||||
Diversification of share awards within deferred compensation plan | 2,134 | 1,423 | 3,557 | ||||||||||||||||||||||||
Conversions of operating partnership units (2 shares) | 86 | (86 | ) | — | |||||||||||||||||||||||
Cash distributions declared to equity holders ($2.80 per share) | (251,750 | ) | (5,309 | ) | (257,059 | ) | |||||||||||||||||||||
Purchase of non-controlling interests | (9,480 | ) | (20 | ) | (9,500 | ) | |||||||||||||||||||||
Other | (104 | ) | (104 | ) | |||||||||||||||||||||||
Equity, December 31, 2015 | $ | 976 | $ | 3,662,864 | $ | (458,577 | ) | $ | (386,793 | ) | $ | (1,913 | ) | $ | 76,339 | $ | 2,892,896 |
Common Shareholders | |||||||||||||||||||||||||||
(in thousands, except per share amounts) | Common shares of beneficial interest | Additional paid-in capital | Distributions in excess of net income | Treasury shares, at cost | Accumulated other comprehensive loss | Non-controlling interests | Total equity | ||||||||||||||||||||
Equity, December 31, 2015 | $ | 976 | $ | 3,662,864 | $ | (458,577 | ) | $ | (386,793 | ) | $ | (1,913 | ) | $ | 76,339 | $ | 2,892,896 | ||||||||||
Net income | 819,823 | 18,403 | 838,226 | ||||||||||||||||||||||||
Other comprehensive income | 50 | 50 | |||||||||||||||||||||||||
Net share awards | 15,213 | 9,783 | 24,996 | ||||||||||||||||||||||||
Employee share purchase plan | 944 | 753 | 1,697 | ||||||||||||||||||||||||
Common share options exercised (45 shares) | 1,003 | 2,918 | 3,921 | ||||||||||||||||||||||||
Change in classification of deferred compensation plan | (13,956 | ) | (13,956 | ) | |||||||||||||||||||||||
Change in redemption value of non-qualified share awards | (9,145 | ) | (9,145 | ) | |||||||||||||||||||||||
Diversification of share awards within deferred compensation plan | 11,931 | 13,497 | 25,428 | ||||||||||||||||||||||||
Conversions and redemptions of operating partnership units (8 shares) | 290 | (370 | ) | (80 | ) | ||||||||||||||||||||||
Cash distributions declared to equity holders ($7.25 per share) | (654,778 | ) | (13,692 | ) | (668,470 | ) | |||||||||||||||||||||
Other | 2 | (12 | ) | (10 | ) | ||||||||||||||||||||||
Equity, December 31, 2016 | $ | 978 | $ | 3,678,277 | $ | (289,180 | ) | $ | (373,339 | ) | $ | (1,863 | ) | $ | 80,680 | $ | 3,095,553 |
Year Ended December 31, | |||||||||||
(in thousands) | 2016 | 2015 | 2014 | ||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 838,226 | $ | 258,262 | $ | 301,314 | |||||
Net income from discontinued operations, including gain on sale | (382,842 | ) | (19,750 | ) | (18,197 | ) | |||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 250,146 | 240,944 | 222,055 | ||||||||
Gain on sale of operating properties, including land | (295,397 | ) | (104,288 | ) | (159,289 | ) | |||||
Impairment associated with land holdings | — | — | 1,152 | ||||||||
Distributions of income from joint ventures | 7,057 | 6,387 | 7,399 | ||||||||
Equity in income of joint ventures | (7,125 | ) | (6,168 | ) | (7,023 | ) | |||||
Share-based compensation | 20,123 | 17,674 | 15,552 | ||||||||
Net change in operating accounts and other | 281 | (5,761 | ) | 22,298 | |||||||
Net cash from continuing operating activities | $ | 430,469 | $ | 387,300 | $ | 385,261 | |||||
Net cash from discontinued operating activities | 12,594 | 35,938 | 33,267 | ||||||||
Net cash from operating activities | $ | 443,063 | $ | 423,238 | $ | 418,528 | |||||
Cash flows from investing activities | |||||||||||
Development and capital improvements | $ | (342,952 | ) | $ | (411,799 | ) | $ | (497,124 | ) | ||
Acquisition of operating properties | — | — | (62,260 | ) | |||||||
Proceeds from sales of operating properties, including land | 515,754 | 145,044 | 237,625 | ||||||||
Purchase of short-term investments | (100,000 | ) | — | — | |||||||
Distributions from investments in joint ventures | 3,512 | 2,512 | 6,350 | ||||||||
Other | (6,994 | ) | (15,217 | ) | (4,945 | ) | |||||
Net cash from continuing investing activities | $ | 69,320 | $ | (279,460 | ) | $ | (320,354 | ) | |||
Proceeds from discontinued operations | 622,982 | — | — | ||||||||
Net cash from discontinued investing activities | (1,890 | ) | (13,775 | ) | (6,233 | ) | |||||
Net cash from investing activities | $ | 690,412 | $ | (293,235 | ) | $ | (326,587 | ) |
Year Ended December 31, | |||||||||||
(in thousands) | 2016 | 2015 | 2014 | ||||||||
Cash flows from financing activities | |||||||||||
Borrowings on unsecured credit facility and other short-term borrowings | $ | 1,305,000 | $ | 1,466,000 | $ | 2,246,000 | |||||
Repayments on unsecured credit facility and other short-term borrowings | (1,549,000 | ) | (1,222,000 | ) | (2,246,000 | ) | |||||
Proceeds from notes payable | — | — | 248,078 | ||||||||
Repayment of notes payable | (3,077 | ) | (253,043 | ) | (36,340 | ) | |||||
Distributions to common shareholders and non-controlling interests | (663,363 | ) | (253,129 | ) | (236,514 | ) | |||||
Purchase of non-controlling interests | — | (9,500 | ) | — | |||||||
Proceeds from issuance of common shares | — | — | 66,225 | ||||||||
Other | 6,203 | (1,559 | ) | 2,033 | |||||||
Net cash from financing activities | $ | (904,237 | ) | $ | (273,231 | ) | $ | 43,482 | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 229,238 | (143,228 | ) | 135,423 | |||||||
Cash, cash equivalents, and restricted cash, beginning of year | 16,588 | 159,816 | 24,393 | ||||||||
Cash, cash equivalents, and restricted cash, end of year | $ | 245,826 | $ | 16,588 | $ | 159,816 | |||||
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet | |||||||||||
Cash and cash equivalents | $ | 237,364 | $ | 10,617 | $ | 153,918 | |||||
Restricted cash | 8,462 | 5,971 | 5,898 | ||||||||
Total cash, cash equivalents, and restricted cash, end of year | 245,826 | 16,588 | 159,816 | ||||||||
Supplemental information | |||||||||||
Cash paid for interest, net of interest capitalized | $ | 93,302 | $ | 96,179 | $ | 86,711 | |||||
Cash paid for income taxes | 2,424 | 1,889 | 1,658 | ||||||||
Supplemental schedule of noncash investing and financing activities | |||||||||||
Distributions declared but not paid | $ | 69,161 | $ | 64,275 | $ | 60,386 | |||||
Value of shares issued under benefit plans, net of cancellations | 19,006 | 18,336 | 19,310 | ||||||||
Accrual associated with construction and capital expenditures | 22,762 | 24,175 | 22,456 |
December 31, | ||||||||||||
(in millions) | 2016 | 2015 | 2014 | |||||||||
Revenues related to below market leases | $ | — | $ | 0.1 | $ | 0.2 | ||||||
Amortization of in-place leases | $ | — | $ | 0.5 | $ | 1.4 |
Estimated Useful Life | |
Buildings and improvements | 5-35 years |
Furniture, fixtures, equipment and other | 3-20 years |
Intangible assets/liabilities (in-place leases and below market leases) | underlying lease term |
• | Level 1: Quoted prices for identical instruments in active markets. |
• | Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. |
• | Level 3: Significant inputs to the valuation model are unobservable. |
Year Ended December 31, | ||||||||||||
(in thousands, except per share amounts) | 2016 | 2015 | 2014 | |||||||||
Earnings per common share calculation – basic | ||||||||||||
Income from continuing operations attributable to common shareholders | $ | 436,981 | $ | 229,565 | $ | 273,892 | ||||||
Amount allocated to participating securities | (6,304 | ) | (2,052 | ) | (2,687 | ) | ||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 430,677 | $ | 227,513 | $ | 271,205 | ||||||
Discontinued operations, including gain on sale, attributable to common shareholders | 382,842 | 19,750 | 18,197 | |||||||||
Net income attributable to common shareholders – basic | $ | 813,519 | $ | 247,263 | $ | 289,402 | ||||||
Earnings per common share from continuing operations | $ | 4.81 | $ | 2.55 | $ | 3.08 | ||||||
Earnings per common share from discontinued operations | 4.27 | 0.22 | 0.21 | |||||||||
Total earnings per common share – basic | $ | 9.08 | $ | 2.77 | $ | 3.29 | ||||||
Weighted average number of common shares outstanding – basic | 89,580 | 89,120 | 88,084 |
Earnings per common share calculation – diluted | ||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | $ | 430,677 | $ | 227,513 | $ | 271,205 | ||||||
Discontinued operations, including gain on sale, attributable to common shareholders | 382,842 | 19,750 | 18,197 | |||||||||
Net income attributable to common shareholders – diluted | $ | 813,519 | $ | 247,263 | $ | 289,402 | ||||||
Earnings per common share from continuing operations | $ | 4.79 | $ | 2.54 | $ | 3.06 | ||||||
Earnings per common share from discontinued operations | 4.26 | 0.22 | 0.21 | |||||||||
Total earnings per common share – diluted | $ | 9.05 | $ | 2.76 | $ | 3.27 | ||||||
Weighted average number of common shares outstanding – basic | 89,580 | 89,120 | 88,084 | |||||||||
Incremental shares issuable from assumed conversion of: | ||||||||||||
Common share options and share awards granted | 323 | 370 | 384 | |||||||||
Weighted average number of common shares outstanding – diluted | 89,903 | 89,490 | 88,468 |
(in thousands, except per share amounts) | Year Ended December 31, 2014 | ||
Total net consideration | $ | 15,690.2 | |
Common shares sold | 209.7 | ||
Average price per share | $ | 76.28 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Common Share Distributions | ||||||||||||
Ordinary income | $ | — | $ | 1.88 | $ | 1.23 | ||||||
Long-term capital gain | 5.02 | 0.70 | 1.02 | |||||||||
Unrecaptured Sec. 1250 gain | 2.23 | 0.22 | 0.39 | |||||||||
Total | $ | 7.25 | $ | 2.80 | $ | 2.64 | ||||||
Percentage of distributions representing tax preference items | 0.34 | % | 3.73 | % | 4.17 | % |
(in thousands) | December 31, 2015 | |||
Land | $ | 59,438 | ||
Buildings and improvements | 373,419 | |||
$ | 432,857 | |||
Accumulated depreciation | (197,996 | ) | ||
Net operating real estate assets | $ | 234,861 | ||
Properties under development, including land | 4,202 | |||
Discontinued operations held for sale, including land | $ | 239,063 | ||
Other assets related to properties held for sale | 1,191 | |||
Total assets held for sale | $ | 240,254 | ||
Liabilities related to assets held for sale | $ | 1,654 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2016 | 2015 | 2014 | |||||||||
Property revenues | $ | 19,184 | $ | 57,310 | $ | 53,715 | ||||||
Property expenses | (6,898 | ) | (20,716 | ) | (19,608 | ) | ||||||
$ | 12,286 | $ | 36,594 | $ | 34,107 | |||||||
Property management expense | (242 | ) | (706 | ) | (619 | ) | ||||||
Depreciation and amortization | (4,327 | ) | (16,138 | ) | (15,291 | ) | ||||||
Income tax expense | (112) | — | — | |||||||||
Income from discontinued operations | $ | 7,605 | $ | 19,750 | $ | 18,197 | ||||||
Gain on sale of discontinued operations, net of tax | $ | 375,237 | $ | — | $ | — |
(in millions) | 2016 | 2015 | |||||
Total assets | $ | 726.9 | $ | 748.0 | |||
Total third-party debt | 518.7 | 527.0 | |||||
Total equity | 184.0 | 195.3 |
2016 | 2015 | 2014 | |||||||||
Total revenues | $ | 119.8 | $ | 114.5 | $ | 105.6 | |||||
Gain on sale of operating properties, net of tax | — | — | 18.5 | ||||||||
Net income | 14.8 | 12.0 | 26.9 | ||||||||
Equity in income (1) | 7.1 | 6.2 | 7.0 |
(1) | Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds. |
December 31, | ||||||||
(in millions) | 2016 | 2015 | ||||||
Commercial banks | ||||||||
Unsecured credit facility | $ | — | $ | 225.0 | ||||
Unsecured short-term borrowings | — | 19.0 | ||||||
$ | — | $ | 244.0 | |||||
Senior unsecured notes (1) | ||||||||
5.83% Notes, due 2017 | $ | 246.6 | $ | 246.3 | ||||
4.78% Notes, due 2021 | 248.4 | 248.0 | ||||||
3.15% Notes, due 2022 | 346.0 | 345.4 | ||||||
5.07% Notes, due 2023 | 247.2 | 246.8 | ||||||
4.36% Notes, due 2024 | 248.2 | 248.0 | ||||||
3.68% Notes, due 2024 | 246.8 | 246.4 | ||||||
$ | 1,583.2 | $ | 1,580.9 | |||||
Total unsecured notes payable | 1,583.2 | 1,824.9 | ||||||
Secured notes (1) | ||||||||
1.25% – 5.77% Conventional Mortgage Notes, due 2018 – 2045 | 866.7 | 867.4 | ||||||
Tax-exempt Mortgage Note, originally due 2028 (2.18% floating rate) | 30.7 | 32.4 | ||||||
897.4 | 899.8 | |||||||
Total notes payable | $ | 2,480.6 | $ | 2,724.7 | ||||
Other floating rate debt included in secured notes (1.25%) | $ | 175.0 | $ | 175.0 | ||||
Value of real estate assets, at cost, subject to secured notes | $ | 1,598.9 | $ | 1,568.9 |
(1) | Unamortized debt discounts and debt issuance costs of $15.7 million and $18.6 million are included in senior unsecured and secured notes payable as of December 31, 2016 and 2015, respectively. |
(in millions) | Amount | Weighted Average Interest Rate | |||||
2017 (1) | $ | 276.0 | 5.4 | % | |||
2018 | 173.8 | 1.2 | |||||
2019 | 643.2 | 5.4 | |||||
2020 (2) | (1.1 | ) | — | ||||
2021 | 249.1 | 4.8 | |||||
Thereafter (1) | 1,139.6 | 4.0 | |||||
Total | $ | 2,480.6 | 4.4 | % |
(1) | Subsequent to December 31, 2016, we gave notice of advance repayment on our tax-exempt secured note payable of approximately $30.7 million in February 2017, which was initially due to mature in 2028. This table reflects this repayment in 2017. |
(2) | Includes amortization of debt discounts and debt issuance costs, net of scheduled principal payments. |
• | Each share issued or to be issued in connection with an award, other than an option, right or other award which does not deliver the full value at grant of the underlying shares, will be counted against the Fungible Pool Limit as 3.45 fungible pool units; |
• | Options and other awards which do not deliver the full value at grant of the underlying shares and which expire more than five years from date of grant will be counted against the Fungible Pool Limit as one fungible pool unit; and |
• | Options, rights and other awards which do not deliver the full value at grant and expire five years or less from the date of grant will be counted against the Fungible Pool Limit as 0.83 of a fungible pool unit. |
Options Outstanding and Exercisable (1) | |||||||
Exercise Prices | Number | Weighted Average Price | |||||
$30.06 | 65,460 | $ | 30.06 | ||||
$75.17 | 26,752 | 75.17 | |||||
$85.05 | 12,854 | 85.05 | |||||
Total options | 105,066 | $ | 48.27 |
(1) | The aggregate intrinsic value of options outstanding and exercisable at December 31, 2016 was approximately $3.8 million. The aggregate intrinsic value was calculated as the excess, if any, between our closing share price of $84.07 per share on December 31, 2016 and the strike price of the underlying award. |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | ||||
Weighted average fair value of options granted | $6.71 | $5.52 - $7.38 | $3.55 - $8.17 | |||
Expected volatility | 18.0% | 16.5% - 18.8% | 22.6% - 23.2% | |||
Risk-free interest rate | 0.9% | 1.0% - 1.3% | 0.1% - 1.1% | |||
Expected dividend yield | 3.8% | 3.5% - 3.7% | 3.5% | |||
Expected life | 3 years | 3 years - 4 years | 6 months - 4 years |
Options Outstanding | Weighted Average Exercise / Grant Price | Nonvested Share Awards Outstanding | Weighted Average Exercise / Grant Price | ||||||||||
Options and nonvested share awards outstanding at December 31, 2013 | 634,361 | $ | 41.59 | 831,298 | $ | 59.77 | |||||||
Granted | 84,452 | 64.75 | 314,614 | 65.78 | |||||||||
Exercised/Vested | (375,316 | ) | 47.85 | (305,372 | ) | 55.97 | |||||||
Forfeited | (21,686 | ) | 62.32 | (21,597 | ) | 64.14 | |||||||
Balance at December 31, 2014 | 321,811 | $ | 38.97 | 818,943 | $ | 63.39 | |||||||
Granted | 26,752 | 75.17 | 257,749 | 74.53 | |||||||||
Exercised/Vested | (53,358 | ) | 37.69 | (313,628 | ) | 61.10 | |||||||
Forfeited | — | — | (12,818 | ) | 67.96 | ||||||||
Balance at December 31, 2015 | 295,205 | $ | 42.49 | 750,246 | $ | 68.09 | |||||||
Granted | 12,854 | 85.05 | 270,978 | 74.92 | |||||||||
Exercised/Vested | (202,993 | ) | 42.19 | (398,492 | ) | 68.16 | |||||||
Forfeited | — | — | (18,245 | ) | 70.63 | ||||||||
Total options and nonvested share awards outstanding at December 31, 2016 | 105,066 | $ | 48.27 | 604,487 | $ | 71.03 |
2016 | 2015 | 2014 | |||||||||
Shares purchased | 20,797 | 14,655 | 25,728 | ||||||||
Weighted average fair value of shares purchased | $ | 82.33 | $ | 74.66 | $ | 71.19 | |||||
Expense recorded (in millions) | $ | 0.4 | $ | 0.2 | $ | 0.5 |
(in thousands) | 2016 | 2015 | ||||||
Temporary equity: | ||||||||
Balance at inception/beginning of period | $ | 79,364 | $ | 68,134 | ||||
Change in classification | 13,956 | 10,999 | ||||||
Change in redemption value | 9,145 | 3,788 | ||||||
Diversification of share awards | (25,428 | ) | (3,557 | ) | ||||
Balance at December 31 | $ | 77,037 | $ | 79,364 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||||||||||
(in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Deferred compensation plan investments (1) | $ | 80.6 | $ | — | $ | — | $ | 80.6 | $ | 53.6 | $ | — | $ | — | $ | 53.6 |
(1) | Approximately $8.3 million and $8.4 million of participant cash was withdrawn from our deferred compensation plan investments during the years ended December 31, 2016 and 2015, respectively. Approximately $25.4 million and $3.6 million of shares in the compensation plan were diversified into the deferred compensation plan investments during the nine months ended December 31, 2016 and the year ended December 31, 2015, respectively. |
December 31, 2016 | December 31, 2015 | ||||||||||||||
(in millions) | Carrying Value | Estimated Fair Value | Carrying Value (1) | Estimated Fair Value | |||||||||||
Fixed rate notes payable | $ | 2,274.9 | $ | 2,347.0 | $ | 2,273.3 | $ | 2,358.8 | |||||||
Floating rate notes payable (1) | 205.7 | 200.5 | 451.4 | 441.3 |
(1) | Includes balances outstanding under our unsecured credit facility and unsecured short-term borrowings at December 31, 2015. |
Year Ended December 31, | |||||||||||
(in thousands) | 2016 | 2015 | 2014 | ||||||||
Change in assets: | |||||||||||
Other assets, net | $ | (3,551 | ) | $ | (1,687 | ) | $ | (1,951 | ) | ||
Change in liabilities: | |||||||||||
Accounts payable and accrued expenses | (2,309 | ) | (15,478 | ) | 19,342 | ||||||
Accrued real estate taxes | 5,526 | 6,386 | 4,025 | ||||||||
Other liabilities | (2,361 | ) | 2,245 | (1,701 | ) | ||||||
Other | 2,976 | 2,773 | 2,583 | ||||||||
Change in operating accounts and other | $ | 281 | $ | (5,761 | ) | $ | 22,298 |
(in thousands) | 2016 | 2015 | 2014 | ||||||||
Net income attributable to common shareholders | $ | 819,823 | $ | 249,315 | $ | 292,089 | |||||
Transfers from non-controlling interests: | |||||||||||
Increase in equity for conversion of operating partnership units | 290 | 86 | 52 | ||||||||
Decrease in additional paid-in-capital for purchase of remaining non-controlling ownership interests in two consolidated joint ventures (1) | — | (9,480 | ) | — | |||||||
Change in common equity and net transfers from non-controlling interests | $ | 820,113 | $ | 239,921 | $ | 292,141 |
(1) | Refer to Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," for further discussion of acquisitions. |
(in thousands, except per share amounts) | First | Second | Third | Fourth | Total (a) | ||||||||||||||
2016: | |||||||||||||||||||
Revenues | $ | 217,595 | $ | 221,478 | $ | 220,235 | $ | 217,139 | $ | 876,447 | |||||||||
Net income attributable to common shareholders | 41,730 | 446,302 | 290,898 | 40,893 | 819,823 | ||||||||||||||
Net income attributable to common shareholders per share – basic | 0.46 | 4.94 | (b) | 3.23 | (c) | 0.45 | 9.08 | ||||||||||||
Net income attributable to common shareholders per share – diluted | 0.46 | 4.92 | (b) | 3.21 | (c) | 0.45 | 9.05 | ||||||||||||
2015: | |||||||||||||||||||
Revenues | $ | 201,608 | $ | 206,432 | $ | 212,593 | $ | 214,985 | $ | 835,618 | |||||||||
Net income attributable to common shareholders | 115,599 | 36,079 | 37,044 | 60,593 | 249,315 | ||||||||||||||
Net income attributable to common shareholders per share – basic | 1.29 | (d) | 0.40 | 0.41 | 0.67 | (e) | 2.77 | ||||||||||||
Net income attributable to common shareholders per share – diluted | 1.27 | (d) | 0.40 | 0.41 | 0.67 | (e) | 2.76 |
(a) | Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year. |
(b) | Includes a $32,235, or $0.36 basic and diluted per share, impact related to a gain on sale of one operating property. |
(c) | Includes a $262,719, or $2.93 basic and $2.92 diluted per share, impact related to a gain on sale of one dual-phased operating property and five other operating properties. |
(d) | Includes an $85,192, or $0.96 basic and $0.94 diluted per share, impact related to a gain on sale of two operating properties and land. |
(e) | Includes an $18,870, or $0.21 basic and diluted per share, impact related to a gain on sale of one operating property. |
Camden Property Trust Real Estate and Accumulated Depreciation As of December 31, 2016 (in thousands) | Schedule III | ||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||
Land | Building/ Construction in Progress & Improvements | Cost Subsequent to Acquisition/ Construction | Land | Building/ Construction in Progress & Improvements | Total | Accumulated Depreciation | Total Cost, Net of Accumulated Depreciation | Encumbrances | Year of Completion/ Acquisition | ||||||||||||||||||||||||||||
Current communities: | |||||||||||||||||||||||||||||||||||||
ARIZONA | |||||||||||||||||||||||||||||||||||||
Phoenix/Scottsdale | |||||||||||||||||||||||||||||||||||||
Camden Chandler | $ | 5,511 | $ | 62,435 | $ | 11 | $ | 5,511 | $ | 62,446 | $ | 67,957 | $ | 4,247 | $ | 63,710 | 2016 | ||||||||||||||||||||
Camden Copper Square | 4,825 | 23,672 | 7,033 | 4,825 | 30,705 | 35,530 | 16,530 | 19,000 | 2000 | ||||||||||||||||||||||||||||
Camden Foothills | 11,006 | 33,712 | 1 | 11,006 | 33,713 | 44,719 | 3,381 | 41,338 | 2014 | ||||||||||||||||||||||||||||
Camden Hayden | 9,248 | 35,255 | 18 | 9,248 | 35,273 | 44,521 | 2,948 | 41,573 | 2015 | ||||||||||||||||||||||||||||
Camden Legacy | 4,068 | 26,612 | 12,341 | 4,068 | 38,953 | 43,021 | 23,323 | 19,698 | 1998 | ||||||||||||||||||||||||||||
Camden Montierra | 13,687 | 31,727 | 5,020 | 13,687 | 36,747 | 50,434 | 6,095 | 44,339 | 2012 | ||||||||||||||||||||||||||||
Camden Pecos Ranch | 3,362 | 24,492 | 4,836 | 3,362 | 29,328 | 32,690 | 6,611 | 26,079 | 2012 | ||||||||||||||||||||||||||||
Camden San Marcos | 11,520 | 35,166 | 5,445 | 11,520 | 40,611 | 52,131 | 6,921 | 45,210 | 2012 | ||||||||||||||||||||||||||||
Camden San Paloma | 6,480 | 23,045 | 8,925 | 6,480 | 31,970 | 38,450 | 15,154 | 23,296 | 2002 | ||||||||||||||||||||||||||||
Camden Sotelo | 3,376 | 30,576 | 802 | 3,376 | 31,378 | 34,754 | 3,965 | 30,789 | 2013 | ||||||||||||||||||||||||||||
CALIFORNIA | |||||||||||||||||||||||||||||||||||||
Los Angeles/Orange County | |||||||||||||||||||||||||||||||||||||
Camden Crown Valley | 9,381 | 54,210 | 9,377 | 9,381 | 63,587 | 72,968 | 29,769 | 43,199 | 2001 | ||||||||||||||||||||||||||||
Camden Glendale | 21,492 | 93,554 | 20 | 21,492 | 93,574 | 115,066 | 6,270 | 108,796 | 2015 | ||||||||||||||||||||||||||||
Camden Harbor View | 16,079 | 127,459 | 15,608 | 16,079 | 143,067 | 159,146 | 55,185 | 103,961 | $ | 92,562 | 2003 | ||||||||||||||||||||||||||
Camden Main and Jamboree | 17,363 | 75,387 | 1,394 | 17,363 | 76,781 | 94,144 | 16,182 | 77,962 | 47,573 | 2008 | |||||||||||||||||||||||||||
Camden Martinique | 28,401 | 51,861 | 18,959 | 28,401 | 70,820 | 99,221 | 39,941 | 59,280 | 30,691 | 1998 | |||||||||||||||||||||||||||
Camden Sea Palms | 4,336 | 9,930 | 3,961 | 4,336 | 13,891 | 18,227 | 8,110 | 10,117 | 1998 | ||||||||||||||||||||||||||||
The Camden | 18,286 | 115,376 | 3 | 18,286 | 115,379 | 133,665 | 3,189 | 130,476 | 2016 | ||||||||||||||||||||||||||||
San Diego/Inland Empire | |||||||||||||||||||||||||||||||||||||
Camden Landmark | 17,339 | 71,315 | 1,798 | 17,339 | 73,113 | 90,452 | 11,721 | 78,731 | 2012 | ||||||||||||||||||||||||||||
Camden Old Creek | 20,360 | 71,777 | 2,506 | 20,360 | 74,283 | 94,643 | 23,303 | 71,340 | 2007 | ||||||||||||||||||||||||||||
Camden Sierra at Otay Ranch | 10,585 | 49,781 | 5,091 | 10,585 | 54,872 | 65,457 | 23,362 | 42,095 | 2003 | ||||||||||||||||||||||||||||
Camden Tuscany | 3,330 | 36,466 | 4,423 | 3,330 | 40,889 | 44,219 | 16,895 | 27,324 | 2003 | ||||||||||||||||||||||||||||
Camden Vineyards | 4,367 | 28,494 | 3,137 | 4,367 | 31,631 | 35,998 | 14,234 | 21,764 | 2002 | ||||||||||||||||||||||||||||
COLORADO | |||||||||||||||||||||||||||||||||||||
Denver | |||||||||||||||||||||||||||||||||||||
Camden Belleview Station | 8,091 | 44,003 | 1,579 | 8,091 | 45,582 | 53,673 | 6,840 | 46,833 | 2012 | ||||||||||||||||||||||||||||
Camden Caley | 2,047 | 17,445 | 6,064 | 2,047 | 23,509 | 25,556 | 11,661 | 13,895 | 15,326 | 2000 | |||||||||||||||||||||||||||
Camden Denver West | 6,396 | 51,552 | 7,835 | 6,396 | 59,387 | 65,783 | 8,016 | 57,767 | 2012 | ||||||||||||||||||||||||||||
Camden Flatirons | $ | 6,849 | $ | 72,493 | $ | 20 | $ | 6,849 | $ | 72,513 | $ | 79,362 | $ | 6,833 | $ | 72,529 | 2015 | ||||||||||||||||||||
Camden Highlands Ridge | 2,612 | 34,726 | 12,041 | 2,612 | 46,767 | 49,379 | 23,600 | 25,779 | 1996 | ||||||||||||||||||||||||||||
Camden Interlocken | 5,293 | 31,612 | 10,057 | 5,293 | 41,669 | 46,962 | 21,790 | 25,172 | $ | 27,386 | 1999 | ||||||||||||||||||||||||||
Camden Lakeway | 3,915 | 34,129 | 14,000 | 3,915 | 48,129 | 52,044 | 25,949 | 26,095 | 29,219 | 1997 | |||||||||||||||||||||||||||
WASHINGTON DC METRO | |||||||||||||||||||||||||||||||||||||
Camden Ashburn Farm | 4,835 | 22,604 | 2,573 | 4,835 | 25,177 | 30,012 | 9,042 | 20,970 | 2005 | ||||||||||||||||||||||||||||
Camden College Park | 16,409 | 91,503 | 7,398 | 16,409 | 98,901 | 115,310 | 19,027 | 96,283 | 2008 | ||||||||||||||||||||||||||||
Camden Dulles Station | 10,807 | 61,548 | 3,376 | 10,807 | 64,924 | 75,731 | 18,163 | 57,568 | 2008 | ||||||||||||||||||||||||||||
Camden Fair Lakes | 15,515 | 104,223 | 10,403 | 15,515 | 114,626 | 130,141 | 40,501 | 89,640 | 2005 | ||||||||||||||||||||||||||||
Camden Fairfax Corner | 8,484 | 72,953 | 8,130 | 8,484 | 81,083 | 89,567 | 26,850 | 62,717 | 2006 | ||||||||||||||||||||||||||||
Camden Fallsgrove | 9,408 | 43,647 | 4,788 | 9,408 | 48,435 | 57,843 | 17,834 | 40,009 | 2005 | ||||||||||||||||||||||||||||
Camden Grand Parc | 7,688 | 35,900 | 2,401 | 7,688 | 38,301 | 45,989 | 13,396 | 32,593 | 2005 | ||||||||||||||||||||||||||||
Camden Lansdowne | 15,502 | 102,267 | 8,473 | 15,502 | 110,740 | 126,242 | 39,777 | 86,465 | 2005 | ||||||||||||||||||||||||||||
Camden Largo Town Center | 8,411 | 44,163 | 3,549 | 8,411 | 47,712 | 56,123 | 16,852 | 39,271 | 2005 | ||||||||||||||||||||||||||||
Camden Monument Place | 9,030 | 54,089 | 1,464 | 9,030 | 55,553 | 64,583 | 17,281 | 47,302 | 2007 | ||||||||||||||||||||||||||||
Camden NoMa | 19,442 | 82,302 | 51 | 19,442 | 82,353 | 101,795 | 10,455 | 91,340 | 2014 | ||||||||||||||||||||||||||||
Camden Potomac Yard | 16,498 | 88,317 | 1,478 | 16,498 | 89,795 | 106,293 | 26,233 | 80,060 | 2008 | ||||||||||||||||||||||||||||
Camden Roosevelt | 11,470 | 45,785 | 1,267 | 11,470 | 47,052 | 58,522 | 16,956 | 41,566 | 2005 | ||||||||||||||||||||||||||||
Camden Russett | 13,460 | 61,837 | 5,203 | 13,460 | 67,040 | 80,500 | 24,330 | 56,170 | 45,003 | 2005 | |||||||||||||||||||||||||||
Camden Silo Creek | 9,707 | 45,301 | 2,245 | 9,707 | 47,546 | 57,253 | 17,040 | 40,213 | 2005 | ||||||||||||||||||||||||||||
FLORIDA | |||||||||||||||||||||||||||||||||||||
Southeast Florida | |||||||||||||||||||||||||||||||||||||
Camden Aventura | 12,185 | 47,616 | 11,393 | 12,185 | 59,009 | 71,194 | 22,702 | 48,492 | 2005 | ||||||||||||||||||||||||||||
Camden Boca Raton | 2,201 | 50,062 | 62 | 2,201 | 50,124 | 52,325 | 4,723 | 47,602 | 2014 | ||||||||||||||||||||||||||||
Camden Brickell | 14,621 | 57,031 | 11,728 | 14,621 | 68,759 | 83,380 | 25,949 | 57,431 | 2005 | ||||||||||||||||||||||||||||
Camden Doral | 10,260 | 40,416 | 6,527 | 10,260 | 46,943 | 57,203 | 16,683 | 40,520 | 2005 | ||||||||||||||||||||||||||||
Camden Doral Villas | 6,476 | 25,543 | 6,659 | 6,476 | 32,202 | 38,678 | 11,988 | 26,690 | 2005 | ||||||||||||||||||||||||||||
Camden Las Olas | 12,395 | 79,518 | 9,380 | 12,395 | 88,898 | 101,293 | 32,491 | 68,802 | 2005 | ||||||||||||||||||||||||||||
Camden Plantation | 6,299 | 77,964 | 8,533 | 6,299 | 86,497 | 92,796 | 31,702 | 61,094 | 2005 | ||||||||||||||||||||||||||||
Camden Portofino | 9,867 | 38,702 | 5,706 | 9,867 | 44,408 | 54,275 | 16,319 | 37,956 | 2005 | ||||||||||||||||||||||||||||
Orlando | |||||||||||||||||||||||||||||||||||||
Camden Hunter's Creek | 4,156 | 20,925 | 5,145 | 4,156 | 26,070 | 30,226 | 9,747 | 20,479 | 2005 | ||||||||||||||||||||||||||||
Camden Lago Vista | $ | 3,497 | $ | 29,623 | $ | 4,481 | $ | 3,497 | $ | 34,104 | $ | 37,601 | $ | 12,642 | $ | 24,959 | 2005 | ||||||||||||||||||||
Camden LaVina | 12,907 | 42,617 | 209 | 12,907 | 42,826 | 55,733 | 9,653 | 46,080 | 2012 | ||||||||||||||||||||||||||||
Camden Lee Vista | 4,350 | 34,643 | 6,117 | 4,350 | 40,760 | 45,110 | 21,084 | 24,026 | 2000 | ||||||||||||||||||||||||||||
Camden Orange Court | 5,319 | 40,733 | 2,636 | 5,319 | 43,369 | 48,688 | 12,631 | 36,057 | 2008 | ||||||||||||||||||||||||||||
Camden Town Square | 13,127 | 45,997 | 175 | 13,127 | 46,172 | 59,299 | 8,758 | 50,541 | 2012 | ||||||||||||||||||||||||||||
Camden World Gateway | 5,785 | 51,821 | 7,464 | 5,785 | 59,285 | 65,070 | 20,801 | 44,269 | 2005 | ||||||||||||||||||||||||||||
Tampa/St. Petersburg | |||||||||||||||||||||||||||||||||||||
Camden Bay | 7,450 | 63,283 | 12,145 | 7,450 | 75,428 | 82,878 | 37,207 | 45,671 | 1998/2002 | ||||||||||||||||||||||||||||
Camden Montague | 3,576 | 16,534 | 184 | 3,576 | 16,718 | 20,294 | 3,821 | 16,473 | 2012 | ||||||||||||||||||||||||||||
Camden Preserve | 1,206 | 17,982 | 7,447 | 1,206 | 25,429 | 26,635 | 14,567 | 12,068 | 1997 | ||||||||||||||||||||||||||||
Camden Royal Palms | 2,147 | 38,339 | 2,758 | 2,147 | 41,097 | 43,244 | 12,789 | 30,455 | 2007 | ||||||||||||||||||||||||||||
Camden Westchase Park | 11,955 | 36,254 | 169 | 11,955 | 36,423 | 48,378 | 7,287 | 41,091 | 2012 | ||||||||||||||||||||||||||||
GEORGIA | |||||||||||||||||||||||||||||||||||||
Atlanta | |||||||||||||||||||||||||||||||||||||
Camden Brookwood | 7,174 | 31,984 | 7,438 | 7,174 | 39,422 | 46,596 | 15,322 | 31,274 | $ | 22,590 | 2005 | ||||||||||||||||||||||||||
Camden Creekstone | 5,017 | 19,912 | 2,067 | 5,017 | 21,979 | 26,996 | 3,532 | 23,464 | 2012 | ||||||||||||||||||||||||||||
Camden Deerfield | 4,895 | 21,922 | 6,955 | 4,895 | 28,877 | 33,772 | 11,072 | 22,700 | 19,191 | 2005 | |||||||||||||||||||||||||||
Camden Dunwoody | 5,290 | 23,642 | 8,056 | 5,290 | 31,698 | 36,988 | 12,410 | 24,578 | 21,136 | 2005 | |||||||||||||||||||||||||||
Camden Fourth Ward | 10,477 | 51,258 | 462 | 10,477 | 51,720 | 62,197 | 4,810 | 57,387 | 2014 | ||||||||||||||||||||||||||||
Camden Midtown Atlanta | 6,196 | 33,828 | 9,290 | 6,196 | 43,118 | 49,314 | 15,596 | 33,718 | 20,534 | 2005 | |||||||||||||||||||||||||||
Camden Paces | 15,262 | 102,377 | 124 | 15,262 | 102,501 | 117,763 | 8,789 | 108,974 | 2015 | ||||||||||||||||||||||||||||
Camden Peachtree City | 6,536 | 29,063 | 6,459 | 6,536 | 35,522 | 42,058 | 13,187 | 28,871 | 2005 | ||||||||||||||||||||||||||||
Camden Shiloh | 4,181 | 18,798 | 5,130 | 4,181 | 23,928 | 28,109 | 9,352 | 18,757 | 10,483 | 2005 | |||||||||||||||||||||||||||
Camden St. Clair | 7,526 | 27,486 | 7,278 | 7,526 | 34,764 | 42,290 | 13,860 | 28,430 | 21,614 | 2005 | |||||||||||||||||||||||||||
Camden Stockbridge | 5,071 | 22,693 | 3,837 | 5,071 | 26,530 | 31,601 | 10,234 | 21,367 | 14,311 | 2005 | |||||||||||||||||||||||||||
Camden Vantage | 11,787 | 68,822 | 2,226 | 11,787 | 71,048 | 82,835 | 9,245 | 73,590 | 2013 | ||||||||||||||||||||||||||||
NORTH CAROLINA | |||||||||||||||||||||||||||||||||||||
Charlotte | |||||||||||||||||||||||||||||||||||||
Camden Ballantyne | $ | 4,503 | $ | 30,250 | $ | 7,866 | $ | 4,503 | $ | 38,116 | $ | 42,619 | $ | 15,357 | $ | 27,262 | $ | 25,986 | 2005 | ||||||||||||||||||
Camden Cotton Mills | 4,246 | 19,147 | 5,918 | 4,246 | 25,065 | 29,311 | 10,341 | 18,970 | 2005 | ||||||||||||||||||||||||||||
Camden Dilworth | 516 | 16,633 | 2,195 | 516 | 18,828 | 19,344 | 6,611 | 12,733 | 13,053 | 2006 | |||||||||||||||||||||||||||
Camden Fairview | 1,283 | 7,223 | 3,939 | 1,283 | 11,162 | 12,445 | 5,098 | 7,347 | 2005 | ||||||||||||||||||||||||||||
Camden Foxcroft | 1,408 | 7,919 | 4,099 | 1,408 | 12,018 | 13,426 | 5,483 | 7,943 | 2005 | ||||||||||||||||||||||||||||
Camden Foxcroft II | 1,152 | 6,499 | 2,489 | 1,152 | 8,988 | 10,140 | 3,723 | 6,417 | 2005 | ||||||||||||||||||||||||||||
Camden Grandview | 7,570 | 33,859 | 8,128 | 7,570 | 41,987 | 49,557 | 16,267 | 33,290 | 2005 | ||||||||||||||||||||||||||||
Camden Sedgebrook | 5,266 | 29,211 | 7,003 | 5,266 | 36,214 | 41,480 | 14,502 | 26,978 | 21,274 | 2005 | |||||||||||||||||||||||||||
Camden South End Square | 6,625 | 29,175 | 8,732 | 6,625 | 37,907 | 44,532 | 13,976 | 30,556 | 2005 | ||||||||||||||||||||||||||||
Camden Stonecrest | 3,941 | 22,021 | 5,776 | 3,941 | 27,797 | 31,738 | 11,479 | 20,259 | 2005 | ||||||||||||||||||||||||||||
Camden Touchstone | 1,203 | 6,772 | 2,925 | 1,203 | 9,697 | 10,900 | 4,581 | 6,319 | 2005 | ||||||||||||||||||||||||||||
Raleigh | |||||||||||||||||||||||||||||||||||||
Camden Crest | 4,412 | 31,108 | 5,551 | 4,412 | 36,659 | 41,071 | 13,417 | 27,654 | 2005 | ||||||||||||||||||||||||||||
Camden Governor's Village | 3,669 | 20,508 | 3,566 | 3,669 | 24,074 | 27,743 | 9,404 | 18,339 | 12,984 | 2005 | |||||||||||||||||||||||||||
Camden Lake Pine | 5,746 | 31,714 | 8,333 | 5,746 | 40,047 | 45,793 | 15,924 | 29,869 | 26,172 | 2005 | |||||||||||||||||||||||||||
Camden Manor Park | 2,535 | 47,159 | 2,448 | 2,535 | 49,607 | 52,142 | 17,650 | 34,492 | 29,631 | 2006 | |||||||||||||||||||||||||||
Camden Overlook | 4,591 | 25,563 | 8,409 | 4,591 | 33,972 | 38,563 | 13,724 | 24,839 | 2005 | ||||||||||||||||||||||||||||
Camden Reunion Park | 3,302 | 18,457 | 6,037 | 3,302 | 24,494 | 27,796 | 9,797 | 17,999 | 19,931 | 2005 | |||||||||||||||||||||||||||
Camden Westwood | 4,567 | 25,519 | 5,037 | 4,567 | 30,556 | 35,123 | 11,839 | 23,284 | 19,878 | 2005 | |||||||||||||||||||||||||||
TEXAS | |||||||||||||||||||||||||||||||||||||
Austin | |||||||||||||||||||||||||||||||||||||
Camden Cedar Hills | 2,684 | 20,931 | 696 | 2,684 | 21,627 | 24,311 | 6,893 | 17,418 | 2008 | ||||||||||||||||||||||||||||
Camden Gaines Ranch | 5,094 | 37,100 | 9,595 | 5,094 | 46,695 | 51,789 | 17,738 | 34,051 | 2005 | ||||||||||||||||||||||||||||
Camden Huntingdon | 2,289 | 17,393 | 9,781 | 2,289 | 27,174 | 29,463 | 16,392 | 13,071 | 1995 | ||||||||||||||||||||||||||||
Camden La Frontera | 3,250 | 32,376 | 7 | 3,250 | 32,383 | 35,633 | 3,377 | 32,256 | 2015 | ||||||||||||||||||||||||||||
Camden Lamar Heights | 3,988 | 42,773 | 34 | 3,988 | 42,807 | 46,795 | 4,359 | 42,436 | 2015 | ||||||||||||||||||||||||||||
Camden Stoneleigh | 3,498 | 31,285 | 7,578 | 3,498 | 38,863 | 42,361 | 14,188 | 28,173 | 2006 | ||||||||||||||||||||||||||||
Corpus Christi | |||||||||||||||||||||||||||||||||||||
Camden Breakers | 1,055 | 13,024 | 9,004 | 1,055 | 22,028 | 23,083 | 13,403 | 9,680 | 1996 | ||||||||||||||||||||||||||||
Camden Copper Ridge | 1,204 | 9,180 | 8,508 | 1,204 | 17,688 | 18,892 | 13,757 | 5,135 | 1993 | ||||||||||||||||||||||||||||
Camden Miramar | — | 38,784 | 21,083 | — | 59,867 | 59,867 | 25,274 | 34,593 | 1994-2014 | ||||||||||||||||||||||||||||
Dallas/Fort Worth | |||||||||||||||||||||||||||||||||||||
Camden Addison | $ | 11,516 | $ | 29,332 | $ | 7,250 | $ | 11,516 | $ | 36,582 | $ | 48,098 | $ | 8,298 | $ | 39,800 | 2012 | ||||||||||||||||||||
Camden Belmont | 12,521 | 61,522 | 2,227 | 12,521 | 63,749 | 76,270 | 10,514 | 65,756 | 2012 | ||||||||||||||||||||||||||||
Camden Buckingham | 2,704 | 21,251 | 9,438 | 2,704 | 30,689 | 33,393 | 17,237 | 16,156 | 1997 | ||||||||||||||||||||||||||||
Camden Centreport | 1,613 | 12,644 | 6,240 | 1,613 | 18,884 | 20,497 | 10,497 | 10,000 | 1997 | ||||||||||||||||||||||||||||
Camden Cimarron | 2,231 | 14,092 | 7,115 | 2,231 | 21,207 | 23,438 | 13,663 | 9,775 | 1997 | ||||||||||||||||||||||||||||
Camden Farmers Market | 17,341 | 74,193 | 18,121 | 17,341 | 92,314 | 109,655 | 41,654 | 68,001 | $ | 50,643 | 2001/2005 | ||||||||||||||||||||||||||
Camden Henderson | 3,842 | 15,256 | 335 | 3,842 | 15,591 | 19,433 | 2,969 | 16,464 | 2012 | ||||||||||||||||||||||||||||
Camden Legacy Creek | 2,052 | 12,896 | 6,212 | 2,052 | 19,108 | 21,160 | 11,448 | 9,712 | 1997 | ||||||||||||||||||||||||||||
Camden Legacy Park | 2,560 | 15,449 | 7,279 | 2,560 | 22,728 | 25,288 | 13,368 | 11,920 | 13,843 | 1997 | |||||||||||||||||||||||||||
Camden Valley Park | 3,096 | 14,667 | 13,924 | 3,096 | 28,591 | 31,687 | 26,535 | 5,152 | 1994 | ||||||||||||||||||||||||||||
Camden Victory Park | 13,445 | 71,113 | 2 | 13,445 | 71,115 | 84,560 | 2,432 | 82,128 | 2016 | ||||||||||||||||||||||||||||
Houston | |||||||||||||||||||||||||||||||||||||
Camden City Centre | 4,976 | 44,735 | 2,318 | 4,976 | 47,053 | 52,029 | 14,801 | 37,228 | 33,749 | 2007 | |||||||||||||||||||||||||||
Camden City Centre II | 5,101 | 28,131 | 52 | 5,101 | 28,183 | 33,284 | 5,304 | 27,980 | 2013 | ||||||||||||||||||||||||||||
Camden Greenway | 16,916 | 43,933 | 18,563 | 16,916 | 62,496 | 79,412 | 33,584 | 45,828 | 52,320 | 1999 | |||||||||||||||||||||||||||
Camden Holly Springs | 11,108 | 42,852 | 10,939 | 11,108 | 53,791 | 64,899 | 11,147 | 53,752 | 2012 | ||||||||||||||||||||||||||||
Camden Midtown | 4,583 | 18,026 | 9,292 | 4,583 | 27,318 | 31,901 | 15,458 | 16,443 | 28,020 | 1999 | |||||||||||||||||||||||||||
Camden Oak Crest | 2,078 | 20,941 | 5,256 | 2,078 | 26,197 | 28,275 | 11,560 | 16,715 | 17,295 | 2003 | |||||||||||||||||||||||||||
Camden Park | 4,922 | 16,453 | 4,906 | 4,922 | 21,359 | 26,281 | 4,359 | 21,922 | 2012 | ||||||||||||||||||||||||||||
Camden Plaza | 7,204 | 31,044 | 1,774 | 7,204 | 32,818 | 40,022 | 6,912 | 33,110 | 20,288 | 2007 | |||||||||||||||||||||||||||
Camden Post Oak | 14,056 | 92,515 | 11,936 | 14,056 | 104,451 | 118,507 | 13,277 | 105,230 | 2013 | ||||||||||||||||||||||||||||
Camden Royal Oaks | 1,055 | 20,046 | 1,369 | 1,055 | 21,415 | 22,470 | 7,796 | 14,674 | 2006 | ||||||||||||||||||||||||||||
Camden Royal Oaks II | 587 | 12,743 | 16 | 587 | 12,759 | 13,346 | 2,760 | 10,586 | 2012 | ||||||||||||||||||||||||||||
Camden Stonebridge | 1,016 | 7,137 | 5,162 | 1,016 | 12,299 | 13,315 | 7,942 | 5,373 | 1993 | ||||||||||||||||||||||||||||
Camden Sugar Grove | 7,614 | 27,594 | 2,728 | 7,614 | 30,322 | 37,936 | 5,784 | 32,152 | 2012 | ||||||||||||||||||||||||||||
Camden Travis Street | 1,780 | 29,104 | 784 | 1,780 | 29,888 | 31,668 | 8,306 | 23,362 | 21,598 | 2010 | |||||||||||||||||||||||||||
Camden Vanderbilt | 16,076 | 44,918 | 21,333 | 16,076 | 66,251 | 82,327 | 41,401 | 40,926 | 73,068 | 1994/1997 | |||||||||||||||||||||||||||
Camden Whispering Oaks | 1,188 | 26,242 | 1,149 | 1,188 | 27,391 | 28,579 | 8,608 | 19,971 | 2008 | ||||||||||||||||||||||||||||
Total current communities: | $ | 958,240 | $ | 5,162,501 | $ | 733,801 | $ | 958,240 | $ | 5,896,302 | $ | 6,854,542 | $ | 1,888,883 | $ | 4,965,659 | $ | 897,352 | |||||||||||||||||||
Communities under construction: | |||||||||||||||||||||||||||||||||||||
Name / location | |||||||||||||||||||||||||||||||||||||
Camden Gallery (1) Charlotte, NC | $ | 58,444 | $ | 58,444 | $ | 58,444 | $ | 1,527 | $ | 56,917 | N/A | ||||||||||||||||||||||||||
Camden Lincoln Station (1) Denver, CO | 50,521 | 50,521 | 50,521 | 239 | 50,282 | N/A | |||||||||||||||||||||||||||||||
Camden NoMa II Washington, DC | 99,254 | 99,254 | 99,254 | — | 99,254 | N/A | |||||||||||||||||||||||||||||||
Camden Shady Grove Rockville, MD | 90,345 | 90,345 | 90,345 | 7 | 90,338 | N/A | |||||||||||||||||||||||||||||||
Camden McGowen Station Houston, TX | 35,646 | 35,646 | 35,646 | — | 35,646 | N/A | |||||||||||||||||||||||||||||||
Camden Washingtonian Gaithersburg, MD | 31,753 | 31,753 | 31,753 | — | 31,753 | N/A | |||||||||||||||||||||||||||||||
Camden North End I Phoenix, AZ | 25,530 | 25,530 | 25,530 | — | 25,530 | N/A | |||||||||||||||||||||||||||||||
Total communities under construction: | $ | — | $ | 391,493 | $ | — | $ | — | $ | 391,493 | $ | 391,493 | $ | 1,773 | $ | 389,720 | $ | — | |||||||||||||||||||
Development pipeline communities: | |||||||||||||||||||||||||||||||||||||
Name/location | |||||||||||||||||||||||||||||||||||||
Camden Grandview II Charlotte, NC | $ | 6,073 | $ | 6,073 | $ | 6,073 | $ | 6,073 | N/A | ||||||||||||||||||||||||||||
Camden Buckhead Atlanta, GA | 14,836 | 14,836 | 14,836 | 14,836 | N/A | ||||||||||||||||||||||||||||||||
Camden RiNo Denver, CO | 17,014 | 17,014 | 17,014 | 17,014 | N/A | ||||||||||||||||||||||||||||||||
Camden Gallery II Charlotte, NC | 998 | 998 | 998 | 998 | N/A | ||||||||||||||||||||||||||||||||
Camden Arts District Los Angeles, CA | 16,770 | 16,770 | 16,770 | 16,770 | N/A | ||||||||||||||||||||||||||||||||
Camden Conte Houston, TX | 22,422 | 22,422 | 22,422 | 22,422 | N/A | ||||||||||||||||||||||||||||||||
Camden North End II Phoenix, AZ | 11,457 | 11,457 | 11,457 | 11,457 | N/A | ||||||||||||||||||||||||||||||||
Camden Atlantic Plantation, FL | 14,224 | 14,224 | 14,224 | 14,224 | N/A | ||||||||||||||||||||||||||||||||
Camden Paces III Atlanta, GA | 11,127 | 11,127 | 11,127 | 11,127 | N/A | ||||||||||||||||||||||||||||||||
Total development pipeline communities: | $ | — | $ | 114,921 | $ | — | $ | — | $ | 114,921 | $ | 114,921 | $ | — | $ | 114,921 | $ | — | |||||||||||||||||||
Land Holdings | $ | — | $ | 11,058 | $ | — | $ | 11,058 | $ | 11,058 | $ | 11,058 | N/A | ||||||||||||||||||||||||
Corporate | — | 4,676 | — | 4,676 | 4,676 | 4,676 | N/A | ||||||||||||||||||||||||||||||
$ | — | $ | 15,734 | $ | — | $ | — | $ | 15,734 | $ | 15,734 | $ | — | $ | 15,734 | $ | — | ||||||||||||||||||||
TOTAL | $ | 958,240 | $ | 5,684,649 | $ | 733,801 | $ | 958,240 | $ | 6,418,450 | $ | 7,376,690 | $ | 1,890,656 | $ | 5,486,034 | $ | 897,352 |
(1) | Property is in lease-up at December 31, 2016. Balances presented here includes costs which are included in buildings and improvements and land on the consolidated balance sheet at December 31, 2016. These costs related to completed unit turns for these properties. |
Camden Property Trust Real Estate and Accumulated Depreciation As of December 31, 2016 (in thousands) | Schedule III |
2016 | 2015 | 2014 | |||||||||
Balance, beginning of period | $ | 7,387,597 | $ | 6,998,233 | $ | 6,655,139 | |||||
Additions during period: | |||||||||||
Acquisition of operating properties and unconsolidated joint ventures | — | — | 61,736 | ||||||||
Development and repositions | 278,447 | 347,429 | 469,040 | ||||||||
Improvements | 65,892 | 66,640 | 52,000 | ||||||||
Deductions during period: | |||||||||||
Cost of real estate sold – other | (355,246 | ) | (24,705 | ) | (172,475 | ) | |||||
Classification to held for sale | — | — | (67,207 | ) | |||||||
Balance, end of period | $ | 7,376,690 | $ | 7,387,597 | $ | 6,998,233 | |||||
The changes in accumulated depreciation for the years ended December 31: | |||||||||||
2016 | 2015 | 2014 | |||||||||
Balance, beginning of period | $ | 1,780,694 | $ | 1,557,004 | $ | 1,477,147 | |||||
Depreciation of real estate assets | 243,403 | 233,955 | 213,964 | ||||||||
Dispositions | (133,441 | ) | (10,265 | ) | (94,043 | ) | |||||
Transfers to held for sale | — | — | (40,064 | ) | |||||||
Balance, end of period | $ | 1,890,656 | $ | 1,780,694 | $ | 1,557,004 |
Camden Property Trust Mortgage Loans on Real Estate As of December 31, 2016 | Schedule IV | |||||||||||||
($ in thousands) Description | Interest Rate | Final Maturity Date | Periodic payment terms | Face amount of mortgages | Carry amount of mortgages (a) | |||||||||
Parking Garage Developer advances Houston, TX | (b) | (c) | (d) | $ | 18,000 | $ | 17,224 |
(a) | The aggregate cost at December 31, 2016 for federal income tax purposes was approximately $17,224. |
(b) | This loan currently bears interest at 4% and will increase to 7% on any unpaid principal balance on the later of January 1, 2018 or January 1 of the year following completion of our planned apartment project at an adjacent location. |
(c) | This loan matures on October 1 in the 13th year following the year of completion of the parking garage. |
(d) | Periodic payments are currently interest only, and will consist of interest and principal payments following the year of completion of the parking garage through maturity. |
2016 | 2015 | 2014 | |||||||||
Balance, beginning of period | $ | 13,161 | $ | 3,395 | $ | 3,395 | |||||
Additions: | |||||||||||
Advances under real estate loans | 7,458 | 9,766 | — | ||||||||
Deductions: | |||||||||||
Collections of principal and loan payoff | (3,395 | ) | — | — | |||||||
Balance, end of period | $ | 17,224 | $ | 13,161 | $ | 3,395 |
(in thousands, except for ratio amounts) | 2016 (1) | 2015 (2) | 2014 (3) | 2013 (4) | 2012 (5) | |||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 457,001 | $ | 240,384 | $ | 285,020 | $ | 140,195 | $ | 148,654 | ||||||||||
Less: Equity in income of joint ventures | 7,125 | 6,168 | 7,023 | 24,865 | 20,175 | |||||||||||||||
449,876 | 234,216 | 277,997 | 115,330 | 128,479 | ||||||||||||||||
Add: Distributed income of joint ventures | 7,057 | 6,387 | 7,399 | 8,884 | 6,321 | |||||||||||||||
Less: Interest capitalized | 18,184 | 19,271 | 22,185 | 15,698 | 12,649 | |||||||||||||||
Less: Preferred distribution of subsidiaries | — | — | — | — | 776 | |||||||||||||||
Total earnings before fixed charges | 438,749 | 221,332 | 263,211 | 108,516 | 121,375 | |||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense | 93,145 | 97,312 | 94,906 | 99,784 | 105,801 | |||||||||||||||
Interest capitalized | 18,184 | 19,271 | 22,185 | 15,698 | 12,649 | |||||||||||||||
Accretion of discount | 1,032 | 1,080 | 1,035 | 1,051 | 816 | |||||||||||||||
Interest portion of rental expense | 244 | 202 | 179 | 167 | 156 | |||||||||||||||
Preferred distribution of subsidiaries | — | — | — | — | 776 | |||||||||||||||
Total fixed charges | 112,605 | 117,865 | 118,305 | 116,700 | 120,198 | |||||||||||||||
Total earnings and fixed charges | $ | 551,354 | $ | 339,197 | $ | 381,516 | $ | 225,216 | $ | 241,573 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 4.90 | 2.88 | 3.22 | 1.93 | 2.01 |
(1) | Earnings include a $295,397 impact related to a gain on sale of operating properties, including land. Excluding this impact, the ratio would be 2.27. |
(2) | Earnings include a $104,288 impact related to a gain on sale of operating properties, including land. Excluding this impact, the ratio would be 1.99. |
(3) | Earnings include a $159,289 impact related to a gain on sale of operating properties, including land, a $10,000 impact related to incentive compensation expense as a result of joint venture restructuring, and a $1,152 impact related to an impairment charge associated with land holdings. Excluding these impacts, the ratio would be 1.97. |
(4) | Earnings include a $1,000 impact related to non-recurring fee income and a $698 impact related to gain on sale of land. Excluding these impacts, the ratio would be 1.92. |
(5) | Earnings include a $57,418 impact related to a gain on acquisition of controlling interest in joint ventures. Excluding this impact, the ratio would be 1.53. |
(in thousands, except for ratio amounts) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
INTEREST COVERAGE RATIO | ||||||||||||||||||||
Total revenues | $ | 891,024 | $ | 842,950 | $ | 804,874 | $ | 758,230 | $ | 664,448 | ||||||||||
Total expenses | (736,545 | ) | (713,022 | ) | (685,014 | ) | (643,598 | ) | (593,387 | ) | ||||||||||
Income from discontinued operations | 7,605 | 19,750 | 18,197 | 25,762 | 31,386 | |||||||||||||||
Add: Depreciation and amortization | 250,146 | 240,944 | 222,055 | 201,428 | 180,074 | |||||||||||||||
Add: Depreciation of discontinued operations | 4,327 | 16,138 | 15,291 | 20,115 | 31,782 | |||||||||||||||
Add: Interest expense | 93,145 | 97,312 | 94,906 | 99,784 | 105,801 | |||||||||||||||
Add: Interest expense of discontinued operations | — | — | — | — | 105 | |||||||||||||||
Total | $ | 509,702 | $ | 504,072 | $ | 470,309 | $ | 461,721 | $ | 420,209 | ||||||||||
Total interest expense | $ | 93,145 | $ | 97,312 | $ | 94,906 | $ | 99,784 | $ | 105,906 | ||||||||||
INTEREST COVERAGE RATIO | 5.5 | 5.2 | 5.0 | 4.6 | 4.0 |
Names of Significant Subsidiaries | State of Incorporation/ Organization | Name Under Which Business is Done | ||
1. Camden Operating, L.P. | Delaware | Camden Operating, L.P. | ||
2. Camden USA, Inc. | Delaware | Camden USA, Inc. | ||
3. Camden Development, Inc. | Delaware | Camden Development, Inc. | ||
4. Camden Summit Partnership, L.P. | Delaware | Camden Summit Partnership, L.P. |
/s/ Heather J. Brunner |
Signature |
Heather J. Brunner |
Print Name |
/s/ Scott S. Ingraham |
Signature |
Scott S. Ingraham |
Print Name |
/s/ Renu Khator |
Signature |
Renu Khator |
Print Name |
/s/ Lewis A. Levy |
Signature |
Lewis A. Levy |
Print Name |
/s/ William B. McGuire, Jr. |
Signature |
William B. McGuire, Jr. |
Print Name |
/s/ F. Gardner Parker |
Signature |
F. Gardner Parker |
Print Name |
/s/ William F. Paulsen |
Signature |
William F. Paulsen |
Print Name |
/s/ Frances Aldrich Sevilla-Sacasa |
Signature |
Frances Aldrich Sevilla-Sacasa |
Print Name |
/s/ Steven A. Webster |
Signature |
Steven A. Webster |
Print Name |
/s/ Kelvin R. Westbrook |
Signature |
Kelvin R. Westbrook |
Print Name |
1. | I have reviewed this annual report on Form 10-K of Camden Property Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: February 13, 2017 | /s/ Richard J. Campo |
Richard J. Campo | |
Chairman of the Board of Trust Managers and | |
Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K of Camden Property Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: February 13, 2017 | /s/ Alexander J. Jessett |
Alexander J. Jessett | |
Executive Vice President-Finance, | |
Chief Financial Officer and Treasurer |
1. | The Annual Report on Form 10-K of the Company for the period ended December 31, 2016 (“the Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Richard J. Campo | |
Richard J. Campo | |
Chairman of the Board of Trust Managers and | |
Chief Executive Officer | |
/s/ Alexander J. Jessett | |
Alexander J. Jessett | |
Executive Vice President-Finance, | |
Chief Financial Officer and Treasurer |
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Document And Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Feb. 10, 2017 |
Jun. 30, 2016 |
|
Entity Information [Line Items] | |||
Entity Public Float | $ 7,646,700,508 | ||
Share Price | $ 84.07 | $ 88.42 | |
Entity Registrant Name | CAMDEN PROPERTY TRUST | ||
Entity Central Index Key | 0000906345 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 87,526,221 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common shares, par value, per share | $ 0.01 | $ 0.01 |
Common shares, authorized | 175,000 | 175,000 |
Common shares, issued | 100,694 | 100,636 |
Common shares, outstanding | 97,818 | 97,571 |
Treasury shares, at cost | 10,330 | 10,703 |
Consolidated Statements Of Equity - USD ($) $ in Thousands |
Total |
Common Shares Of Beneficial Interest |
Additional Paid-In Capital |
Distributions In Excess Of Net Income |
Treasury Shares, At Cost |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests |
---|---|---|---|---|---|---|---|
Equity, Beginning Balance at Dec. 31, 2013 | $ 2,760,181 | $ 967 | $ 3,596,069 | $ (494,167) | $ (410,227) | $ (1,106) | $ 68,645 |
Net Income | 301,314 | 292,089 | 9,225 | ||||
Other comprehensive loss | (1,313) | (1,313) | |||||
Common shares issued | 66,225 | 9 | 66,216 | ||||
Net share awards | 19,368 | 8,010 | 11,358 | ||||
Employee share purchase plan | 2,271 | 1,012 | 1,259 | ||||
Common share options exercised | 1,502 | 1 | 517 | 984 | |||
Change in classification of deferred compensation plan | (7,702) | (7,702) | |||||
Change in redemption value of non-qualified share awards | (17,921) | (17,921) | |||||
Diversification of share awards within deferred compensation plan | 4,669 | 3,273 | 1,396 | ||||
Conversions and redemptions of operating partnership units | 0 | 52 | (52) | ||||
Cash distributions declared to equity holders | (240,185) | (235,174) | (5,011) | ||||
Other | (1) | 1 | |||||
Equity, Ending Balance at Dec. 31, 2014 | 2,888,409 | 976 | 3,667,448 | (453,777) | (396,626) | (2,419) | 72,807 |
Net Income | 258,262 | 249,315 | 8,947 | ||||
Other comprehensive loss | 506 | 506 | |||||
Net share awards | 22,325 | 13,020 | 9,305 | ||||
Employee share purchase plan | 1,111 | 583 | 528 | ||||
Common share options exercised | 176 | 176 | |||||
Change in classification of deferred compensation plan | (10,999) | (10,999) | |||||
Change in redemption value of non-qualified share awards | (3,788) | (3,788) | |||||
Diversification of share awards within deferred compensation plan | 3,557 | 2,134 | 1,423 | ||||
Conversions and redemptions of operating partnership units | 0 | 86 | (86) | ||||
Cash distributions declared to equity holders | (257,059) | (251,750) | (5,309) | ||||
Purchase of non-controlling interests | (9,500) | (9,480) | (20) | ||||
Other | (104) | (104) | |||||
Equity, Ending Balance at Dec. 31, 2015 | 2,892,896 | 976 | 3,662,864 | (458,577) | (386,793) | (1,913) | 76,339 |
Net Income | 838,226 | 819,823 | 18,403 | ||||
Other comprehensive loss | 50 | 50 | |||||
Net share awards | 24,996 | 15,213 | 9,783 | ||||
Employee share purchase plan | 1,697 | 944 | 753 | ||||
Common share options exercised | 3,921 | 1,003 | 2,918 | ||||
Change in classification of deferred compensation plan | (13,956) | (13,956) | |||||
Change in redemption value of non-qualified share awards | (9,145) | (9,145) | |||||
Diversification of share awards within deferred compensation plan | 25,428 | 11,931 | 13,497 | ||||
Conversions and redemptions of operating partnership units | (80) | 290 | (370) | ||||
Cash distributions declared to equity holders | (668,470) | (654,778) | (13,692) | ||||
Other | (10) | 2 | (12) | ||||
Equity, Ending Balance at Dec. 31, 2016 | $ 3,095,553 | $ 978 | $ 3,678,277 | $ (289,180) | $ (373,339) | $ (1,863) | $ 80,680 |
Consolidated Statements Of Equity (Parentheticals) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Common shares issued | 0 | 0 | 898 |
Common share options exercised | 202,993 | 53,358 | 375,316 |
Conversions and redemptions of operating partnership units | 8 | 2 | 1 |
Cash distributions declared to equity holders per share | $ 7.25 | $ 2.80 | $ 2.64 |
Additional Paid-In Capital | |||
Common share options exercised | 45 | 0 | 55 |
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Cash flows from operating activities | |||||
Net income | $ 838,226 | $ 258,262 | $ 301,314 | ||
Net income from discontinued operations, including gain on sale | (382,842) | (19,750) | (18,197) | ||
Adjustments to reconcile net income to net cash from operating activities: | |||||
Depreciation and amortization | 250,146 | 240,944 | 222,055 | ||
Gain on sale of operating properties, including land | (295,397) | (104,288) | (159,289) | ||
Impairment associated with land holdings | 0 | 0 | 1,152 | ||
Distributions of income from joint ventures | 7,057 | 6,387 | 7,399 | ||
Equity in income of joint ventures | [1] | (7,125) | (6,168) | (7,023) | |
Share-based compensation | 20,123 | 17,674 | 15,552 | ||
Net change in operating accounts and other | 281 | (5,761) | 22,298 | ||
Net cash from continuing operating activities | 430,469 | 387,300 | 385,261 | ||
Net cash from discontinued operating activities | 12,594 | 35,938 | 33,267 | ||
Net cash from operating activities | 443,063 | 423,238 | 418,528 | ||
Cash flows from investing activities | |||||
Development and capital improvements | (342,952) | (411,799) | (497,124) | ||
Acquisition of operating properties | 0 | 0 | (62,260) | ||
Proceeds from sale of operating properties, including land | 515,754 | 145,044 | 237,625 | ||
Purchase of short-term investments | (100,000) | 0 | 0 | ||
Distributions from investments in joint ventures | 3,512 | 2,512 | 6,350 | ||
Other | (6,994) | (15,217) | (4,945) | ||
Net cash from continuing investing activities | 69,320 | (279,460) | (320,354) | ||
Proceeds from discontinued operations | 622,982 | 0 | 0 | ||
Net cash from discontinued investing activities | (1,890) | (13,775) | (6,233) | ||
Net cash from investing activities | 690,412 | (293,235) | (326,587) | ||
Cash flows from financing activities | |||||
Borrowings on unsecured line of credit and other short-term borrowings | 1,305,000 | 1,466,000 | 2,246,000 | ||
Repayments on unsecured line of credit and other short-term borrowings | (1,549,000) | (1,222,000) | (2,246,000) | ||
Proceeds from notes payable | 0 | 0 | 248,078 | ||
Repayment of notes payable | (3,077) | (253,043) | (36,340) | ||
Distributions to common shareholders and non-controlling interests | (663,363) | (253,129) | (236,514) | ||
Purchase of non-controlling interests | 0 | (9,500) | 0 | ||
Proceeds from issuance of common shares | 0 | 0 | 66,225 | ||
Other | 6,203 | (1,559) | 2,033 | ||
Net cash from financing activities | (904,237) | (273,231) | 43,482 | ||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 229,238 | (143,228) | 135,423 | ||
Cash, cash equivalents, and restricted cash, beginning of year | 16,588 | 159,816 | 24,393 | ||
Cash, cash equivalents, and restricted cash, end of year | 245,826 | 16,588 | 159,816 | ||
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets [Abstract] | |||||
Total cash, cash equivalents, and restricted cash | 16,588 | 159,816 | 24,393 | ||
Supplemental information | |||||
Cash paid for interest, net of interest capitalized | 93,302 | 96,179 | 86,711 | ||
Cash paid for income taxes | 2,424 | 1,889 | 1,658 | ||
Supplemental schedule of noncash investing and financing activities | |||||
Value of shares issued under benefit plans, net of cancellations | 19,006 | 18,336 | 19,310 | ||
Accrual associated with construction and capital expenditures | $ 22,762 | $ 24,175 | $ 22,456 | ||
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Description Of Business |
12 Months Ended |
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Dec. 31, 2016 | |
Description of Business [Abstract] | |
Description Of Business | 1. Description of Business Business. Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (“REIT”), is primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as “communities,” “multifamily communities,” “properties,” or “multifamily properties” in the following discussion. As of December 31, 2016, we owned interests in, operated, or were developing 159 multifamily properties comprised of 55,366 apartment homes across the United States. Of the 159 properties, seven properties were under construction, and will consist of a total of 2,573 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future. |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | 2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements Principles of Consolidation. Our consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, authority to make decisions, kick-out rights and participating rights. At December 31, 2016, two of our consolidated operating partnerships are VIEs, of which we held between 92% and 94% of the outstanding common limited partnership units and the sole 1% general partnership interest of each consolidated operating partnership. As we are considered the primary beneficiary, we continue to consolidate these operating partnerships. Acquisitions of Real Estate. Upon acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Upon the acquisition of a controlling interest of an investment in an unconsolidated joint venture, such joint venture is consolidated and our initial equity investment is remeasured to fair value at the date the controlling interest is acquired; any difference between the carrying value of the previously held equity investment and the fair value is recognized in earnings at the time of obtaining control. Upon our adoption of Accounting Standard Update 2017-01 ("ASU 2017-01") on January 1, 2017, as discussed below in Recent Accounting Pronouncements, we believe most future transaction costs relating to acquisition of operating assets will be capitalized. Prior to our adoption of ASU 2017-01 transaction costs associated with the acquisition of operating assets were expensed as incurred. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition. The net carrying value of below market leases is included in other liabilities in our consolidated balance sheets and the net carrying value of in-place leases is included in other assets, net in our consolidated balance sheets. Revenues recognized related to below market leases and amortization expense related to in-place leases for the years ended December 31, 2016, 2015 and 2014 are as follows:
The weighted average amortization period of below market leases and in-place leases was approximately eight months and seven months for the years ended and December 31, 2015 and 2014, respectively. There were no below market leases or in-place leases during the year ended December 31, 2016. Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant’s perspective. When impairment exists, the long-lived asset is adjusted to its fair value. In addition, we evaluate our equity investments in joint ventures 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, 2016 or 2015. See Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," for discussion of impairment during the year ended December 31, 2014. The value of our properties under development depends on market conditions, including estimates of the project start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated. We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. 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. Short-term Investments. At December 31, 2016, our short-term investments consists of certificates of deposit which have original maturities of more than three months but less than one year. The carrying value of our short-term investments approximate their fair values due to the short-term nature of these investments. Cash and Cash Equivalents. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits. Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are completed, the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements. As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $18.2 million, $19.3 million, and $22.2 million for the years ended December 31, 2016, 2015, and 2014, respectively. Capitalized real estate taxes were approximately $4.5 million, $3.6 million, and $4.4 million for the years ended December 31, 2016, 2015, and 2014, respectively. Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating expenses associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives. We also incur expenditures related to renovation and construction of office space we lease and we capitalize these leasehold improvements as furniture, fixtures, equipment and other. We depreciate these costs using the straight-line method over the shorter of the lease term or the useful life of the improvement. Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:
Discontinued Operations. A property is classified as a discontinued operation when the disposal represents a strategic shift, such as disposal of a major line of business, a major geographical area or a major equity investment. The results of operations for properties sold during the period or classified as held for sale at the end of the period, and meeting the above criteria of discontinued operations, are classified as discontinued operations for all periods presented. The property-specific components of earnings classified as discontinued operations include separately identifiable property-specific revenues, expenses, depreciation, and interest expense, if any. The gain or loss resulting from the eventual disposal of the held for sale properties meeting the criteria of discontinued operations is also classified within discontinued operations. Real estate assets held for sale are measured at the lower of carrying amount or fair value less costs to sell and are presented separately in the accompanying consolidated balance sheets. Subsequent to classification of a property as held for sale, no further depreciation is recorded. Consolidated operating properties sold or classified as held for sale, which do not meet the above criteria of discontinued operations are not included in discontinued operations and the related gains and losses are included in continuing operations. Properties sold by our unconsolidated entities which do not meet the above criteria of discontinued operations are not included in discontinued operations and related gains or losses are reported as a component of equity in income of joint ventures. Gains on sale of real estate are recognized using the full accrual or partial sale methods, as applicable, in accordance with accounting principles generally accepted in the United States of America ("GAAP"), provided various criteria relating to the terms of sale and any subsequent involvement with the real estate sold are satisfied. See Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," for discussion of discontinued operations for the year ended December 31, 2016, 2015 and 2014. Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Recurring Fair Value Measurements. The valuation methodology we use to measure our deferred compensation plan investments is based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded at fair value on a recurring basis and included in other assets in our consolidated balance sheets. Non-recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value if they are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." Non-recurring fair value disclosures are not provided for impairments on assets disposed during the period because they are no longer owned by us. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy. Financial Instrument Fair Value Disclosures. As of December 31, 2016 and 2015, the carrying values of cash and cash equivalents, short-term investments, accounts receivable, accounts payable, accrued expenses and distributions payable represent fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. The carrying value of our notes receivable, which are included in other assets, net in our consolidated balance sheets, approximates their fair value. The estimated fair values are based on certain factors, such as market interest rates, terms of the note and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Income Recognition. Our rental and other property revenue is recorded when due from residents and is recognized monthly as it is earned. Other property revenue consists primarily of utility rebillings and administrative, application, and other transactional fees charged to our residents. Our apartment homes are rented to residents on lease terms generally ranging from six to eighteen months, with monthly payments due in advance. All other sources of income, including interest and fee and asset management income, are recognized as earned. Operations of multifamily properties acquired are recorded from the date of acquisition in accordance with the acquisition method of accounting. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk. Reclassifications. Certain reclassifications have been made to amounts in prior period financial statements to conform to the current period presentation. We reclassified certain insignificant amounts in the consolidated statements of cash flows for the years ended December 31, 2015 and 2014. These reclassifications had no impact on our consolidated cash flows from operating, investing or financing activities. Additionally, we adopted Accounting Standards Update 2016-18 ("ASU 2016-18"), "Statement of Cash Flows: Restricted Cash (a consensus of the Emerging Issues Task Force)." as of December 31, 2016. ASU 2016-18 requires the change in restricted cash to be reported with cash and cash equivalents when reconciling between beginning and ending amounts shown on our consolidated statement of cash flows, and is to be applied retrospectively for all periods presented. See Recent Accounting Pronouncements below for the impact of the reclassifications made in prior periods as a result of our adoption of ASU 2016-18. Insurance. Our primary lines of insurance coverage are property, general liability, health, and workers’ compensation. We believe our insurance coverage adequately insures our properties against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils and adequately insures us against other risks. Losses are accrued based upon our estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. Other Assets, Net. Other assets in our consolidated financial statements include investments under deferred compensation plans, deferred financing costs, non-real estate leasehold improvements and equipment, notes receivable, prepaid expenses, the value of in-place leases net of related accumulated amortization, and other miscellaneous receivables. Investments under deferred compensation plans are classified as trading securities and are adjusted to fair market value at period end. For a further discussion of our investments under deferred compensation plans, see Note 10, “Share-based Compensation and Benefit Plans.” Deferred financing costs are related to our unsecured credit facility and unsecured short-term borrowing facility, and are amortized no longer than the terms of the related facilities on the straight-line method, which approximates the effective interest method. Corporate leasehold improvements and equipment are depreciated using the straight-line method over the shorter of the expected useful lives or the lease terms which generally range from three to ten years. Our notes receivable relate to real estate secured loans to unaffiliated third parties. At December 31, 2016, we had one outstanding notes receivable balance of approximately $17.2 million and at December 31, 2015, we had two outstanding notes receivable balances of an aggregate of approximately $13.2 million. The weighted average interest rates were approximately 4.1% for each of the years ended December 31, 2016 and 2015, respectively, related to such notes. At December 31, 2016, we were also committed to funding an additional $0.8 million under the note. Interest is recognized over the lives of the notes and is included in interest and other income in our consolidated statements of income and comprehensive income. We consider a note receivable to be impaired if it is probable we will not collect all contractually due principal and interest. We do not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest which is not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. There were no impairments as of December 31, 2016 or 2015. Reportable Segments. We operate in a single reportable segment which includes the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size or type. Our multifamily apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. Further, all material operations are within the United States and no multifamily apartment community comprises more than 10% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment. Our multifamily communities generate rental revenue and other income through the leasing of apartment homes, which comprised approximately 99% of our total property revenues and total non-property income, excluding income on deferred compensation plans, for each of the years ended December 31, 2016, 2015, and 2014. Restricted Cash. Restricted cash consists of escrow deposits held by lenders for property taxes, insurance and replacement reserves, cash required to be segregated for the repayment of residents’ security deposits, and escrowed amounts related to our development and acquisition activities. Substantially all restricted cash is invested in demand and short-term instruments. Share-based Compensation. Compensation expense associated with share-based awards is recognized in our consolidated statements of income and comprehensive income using the grant-date fair values. Compensation cost for all share-based awards, including options, requires measurement at estimated fair value on the grant date and recognition of compensation expense over the requisite service period for awards expected to vest. The fair value of stock option grants is estimated using the Black-Scholes valuation model. Valuation models require the input of assumptions, including judgments to estimate the expected stock price volatility, expected life, and forfeiture rate. The compensation cost for share-based awards is based on the market value of the shares on the date of grant. Use of Estimates. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment. Recent Accounting Pronouncements. In the second quarter of 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09 (“ASU 2014-09”), "Revenue from Contracts with Customers." ASU 2014-09 prescribes a single, common revenue standard to replace most existing revenue recognition guidance in GAAP, including most industry-specific requirements. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. Several ASUs have been issued since the issuance of ASU 2014-09 which modify certain sections of the new revenue recognition standard, and are intended to promote a more consistent interpretation and application of the principles outlined in the standard. We will adopt ASU 2014-09 effective January 1, 2018 using the modified retrospective with cumulative-effect transition method. We have identified our revenue streams and are in the process of evaluating the impact on our consolidated financial statements and internal accounting processes; however, as the majority of our revenue is derived from real estate lease contracts we do not expect the adoption of ASU 2014-09 or related amendments and modifications by the FASB will have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases" ("ASU 2016-02"). ASU 2016-02 supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting, (ii) eliminates most real estate specific lease provisions, and, (iii) aligns many of the underlying lessor model principles with those in the new revenue standard. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within. Entities are required to use a modified retrospective approach when transitioning to ASU 2016-02 for leases that exist as of or are entered into after the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted and we plan to early adopt ASU 2016-02 as of January 1, 2018 in conjunction with the adoption of ASU 2014-09 discussed above. Based on a preliminary assessment, we expect most of our operating lease commitments will be subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in an immaterial increase in the assets and liabilities on our consolidated balance sheets. We are continuing our evaluation, which may identify additional impacts this standard will have on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, accrual of compensation cost, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. The amendments in this standard must be applied prospectively, retrospectively, or as of the beginning of the earliest comparative period presented in the year of adoption, depending on the type of amendment. We adopted ASU 2016-09 as of January 1, 2017, and it will not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)." ASU 2016-15 clarifies how several specific cash receipts and cash payments are to be presented and classified on the statement of cash flows, including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration made after a business combination, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of predominance principle. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. Each amendment in this standard must be applied prospectively, retrospectively, or as of the beginning of the earliest comparative period presented in the year of adoption, depending on the type of amendment. We expect to adopt ASU 2016-15 as of January 1, 2018, and we are currently evaluating the impact this standard may have on our consolidated financial statements upon adoption. In November 2016, the FASB issued ASU 2016-18, which requires restricted cash to be presented with cash and cash equivalents when reconciling the beginning and ending amounts in the statements of cash flows. ASU 2016-18 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The update should be applied retrospectively to each period presented. We adopted ASU 2016-18 as of December 31, 2016. Prior to our adoption of ASU 2016-18, we reported the change in restricted cash within the investing activities in our consolidated statement of cash flows. As a result of our adoption of ASU 2016-18, cash and cash equivalents in our consolidated statements of cash flows increased by approximately $6.0 million and $5.9 million in 2015 and 2014, respectively, to reflect the restricted cash balances. Additionally, net cash used in investing activities decreased by approximately $0.1 million in 2015 and increased by approximately $0.7 million in 2014. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business (Topic 805)." ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The update should be applied prospectively. We adopted ASU 2017-01 as of January 1, 2017 and the adoption did not require any additional disclosures. We believe most of our future acquisitions of operating properties will qualify as asset acquisitions and most future transaction costs associated with these acquisitions will be capitalized. |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Share Data | 3. Per Share Data Basic earnings per share are computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect common shares issuable from the assumed conversion of common share options and share awards granted and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 2.4 million, 2.6 million, and 2.8 million for the years ended December 31, 2016, 2015, and 2014, respectively. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculation as they are anti-dilutive. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:
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Common Shares |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||
Common Shares [Text Block] | 4. Common Shares In November 2014, we created an at-the-market share offering program (the "ATM program") through which we can, but have no obligation to, sell common shares having an aggregate offering price of up to $331.3 million, in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the net proceeds from any future sales under the ATM program 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, redevelopment and investment projects and financing for acquisitions. As of the date of this filing, we had common shares having an aggregate offering price of up to $315.3 million remaining available for sale under the ATM program. There were no shares sold during the years ended December 31, 2016 and 2015, and no shares have been sold through the date of this filing under the ATM program. The following table presents activity under our ATM program for the year ended December 31, 2014:
In January 2008, our Board of Trust Managers approved a plan to allow for the repurchase of up to $500.0 million of our common equity securities through open market purchases, block purchases, and privately negotiated transactions. Under this program, we repurchased 4.3 million shares for a total of approximately $230.2 million from April 2007 through December 31, 2008 and there have not been any shares repurchased subsequent to that date. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under the program was approximately $269.8 million. We currently have an automatic shelf registration statement which allows us to offer, from time to time, common shares, preferred shares, debt securities, or warrants. 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, 2016, we had approximately 87.5 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding. In addition to our quarterly dividends, our Board of Trust Managers declared a special dividend of $4.25 per common share to our common shareholders of record as of September 23, 2016, consisting of gains on dispositions of assets completed in 2016, which was paid on September 30, 2016. We also paid equivalent amounts per unit to holders of the common operating partnership units. |
Operating Partnerships |
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Operating Partnerships [Abstract] | |
Operating Partnerships [Text Block] | 5. Operating Partnerships At December 31, 2016, approximately 4% of our consolidated multifamily apartment homes were held in Camden Operating, L.P. (“Camden Operating” or the “operating partnership”). Camden Operating has 11.9 million outstanding common limited partnership units and as of December 31, 2016, we held 92% of the outstanding common limited partnership units and the sole 1% general partnership interest of the operating partnership. The remaining common limited partnership units, comprising approximately 0.8 million units, are primarily held by former officers, directors, and investors of Paragon Group, Inc., which we acquired in 1997. Each common limited partnership unit is redeemable for one common share of Camden or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Operating common limited partnership units, and one of our 12 trust managers owns Camden Operating common limited partnership units. At December 31, 2016, approximately 34% of our consolidated multifamily apartment homes were held in Camden Summit Partnership, L.P. (the “Camden Summit Partnership”). The Camden Summit Partnership has 22.8 million outstanding common limited partnership units and as of December 31, 2016, we held 94% of the outstanding common limited partnership units and the sole 1% general partnership interest of the Camden Summit Partnership. The remaining common limited partnership units, comprising approximately 1.1 million units, are primarily held by former officers, directors, and investors of Summit Properties Inc., which we acquired in 2005. Each common limited partnership unit is redeemable for one common share of Camden or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Summit Partnership common limited partnership units, and two of our 12 trust managers own Camden Summit Partnership common limited partnership units. |
Income Taxes |
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Income Taxes | 6. Income Taxes We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income taxes at regular corporate rates, including any applicable alternative minimum tax. In addition, we may not be able to requalify as a REIT for the four subsequent taxable years. Historically, we have incurred only state and local income, franchise, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income taxes. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. We have recorded income, franchise, and excise taxes in the consolidated statements of income and comprehensive income for the years ended December 31, 2016, 2015 and 2014 as income tax expense. Income taxes for the years ended December 31, 2016, 2015 and 2014, primarily related to state income tax and federal taxes on certain of our taxable REIT subsidiaries. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries. For income tax purposes, distributions to common shareholders are characterized as ordinary income, capital gains or as a return of a shareholder's invested capital. A summary of the income tax characterization of our distributions paid per common share for the years ended December 31, 2016, 2015 and 2014 is set forth in the following table:
We have taxable REIT subsidiaries which are subject to federal and state income taxes. At December 31, 2016, our taxable REIT subsidiaries had net operating loss carryforwards (“NOL’s”) of approximately $0.1 million which expire in years 2034 to 2036. Because NOL’s are subject to certain change of ownership, continuity of business, and separate return year limitations, and because we believe it is unlikely the available NOL’s will be utilized or if utilized, any amounts will be immaterial, no benefits related to these NOL’s have been recognized in our consolidated financial statements. The carrying value of net assets reported in our consolidated financial statements at December 31, 2016 exceeded the tax basis by approximately $1.5 billion. Income Tax Expense. For the tax year ended December 31, 2016 , we had income tax expense of approximately $1.6 million, and for each of the tax years ended December 31, 2015 and 2014, we had income tax expense of approximately $1.9 million. Income tax for the years ended December 31, 2016, 2015, and 2014 was comprised mainly of state income tax and federal income tax related to one of our taxable REIT subsidiaries. Income Tax Expense – Deferred. For the years ended December 31, 2016, 2015, and 2014, our deferred tax expense was not significant. Camden Property Trust's and our subsidiaries’ income tax returns are subject to examination by federal, state and local tax jurisdictions for years 2013 through 2015. NOL's and other tax attributes generated in years prior to 2013 are also subject to challenge in any examination of those tax years. We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the periods presented. |
Acquisitions, Dispositions, Impairment, and Discontinued Operations |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions, Dispositions, Impairment, and Discontinued Operations [Text Block] | 7. Acquisitions, Dispositions, Impairment, and Discontinued Operations Acquisitions of Land. During the year ended December 31, 2016, we acquired an aggregate of approximately 4.6 acres of land located in Denver, Colorado and Charlotte, North Carolina for approximately $19.9 million. The acquisition of 2.4 acres in Denver, Colorado in September 2016 was funded with cash on hand and from the use of $13.0 million which we had placed with a qualified intermediary in connection with a like-kind exchange related to the sale of one of the Las Vegas properties discussed below. All of the land parcels acquired in 2016 are currently in development as of December 31, 2016. During the year ended December 31, 2015, we acquired approximately 58.1 acres of land located in Phoenix, Arizona, Los Angeles, California, and Gaithersburg, Maryland for approximately $59.1 million. Acquisition of Non-controlling Ownership Interest. We did not acquire any additional non-controlling ownership interest in 2016. In March 2015, we purchased the remaining 0.01% non-controlling interest in two fully consolidated joint ventures, which own an aggregate of 798 apartment homes located in College Park, Maryland and Irvine, California, for approximately $9.5 million. The acquisitions of the remaining ownership interests were recorded as equity transactions and, as a result, the carrying balances of the non-controlling interest were eliminated and the remaining difference between the purchase price and carrying balance was recorded as a reduction in additional paid-in capital. See Note 14, "Non-controlling Interests," for the effect of changes in ownership interests of these former joint ventures on the equity attributable to common shareholders. Land Holding Dispositions and Impairment. During the year ended December 31, 2016, we sold approximately 6.3 acres of land adjacent to an operating property in Tampa, Florida for approximately $2.2 million and recognized a gain of approximately $0.4 million. During the year ended December 31, 2015, we sold two land holdings adjacent to operating properties in Dallas and Houston, Texas for approximately $1.1 million and recognized a gain of approximately $0.3 million. In 2014, we sold approximately 2.4 acres of land adjacent to an operating property in Dallas, Texas for approximately $0.8 million. We recognized a $1.2 million impairment charge related to this land parcel, which represented the difference between the land holding’s carrying value and the sales price. During the year ended December 31, 2014, we also sold approximately 26.9 acres of land adjacent to current development and operating communities located in Atlanta, Georgia and Houston and Dallas, Texas for approximately $22.9 million and recognized a gain of approximately $3.6 million related to these land sales. Sale of Operating Properties. During the year ended December 31, 2016, we sold one dual-phased property and six other operating properties comprised of an aggregate of 3,184 apartment homes with an average age of 24 years, located in Landover and Frederick, Maryland; Fullerton, California; and Tampa, Altamonte Springs, and St. Petersburg, Florida for an aggregate of approximately $523.4 million, and recognized a gain of approximately $294.9 million. In 2015, we sold three operating properties, comprised of an aggregate of 1,376 apartment homes located in Brandon and Tampa, Florida and Austin, Texas for an aggregate of approximately $147.4 million and we recognized a gain of approximately $104.0 million relating to these property sales. During the year ended December 31, 2014, we sold five operating properties comprised of 1,847 apartment homes located in Atlanta, Georgia, Dallas, Texas, Orlando and Tampa, Florida and Charlotte, North Carolina for approximately $218.3 million and we recognized a gain of approximately $155.7 million relating to these property sales. Discontinued Operations and Assets Held for Sale. In April 2016, we sold 15 operating properties, comprised of an aggregate of 4,918 apartment homes, with an average age of 23 years, a retail center and approximately 19.6 acres of land, all located in Las Vegas, Nevada, to an unaffiliated third party for an aggregate of approximately $630.0 million and recognized a gain of approximately $375.2 million, net of closing costs. We placed $13.0 million of the proceeds from this disposition with a qualified intermediary for use in a like-kind exchange and, in September 2016, the exchange was successfully completed with the Denver, Colorado land purchase described above. There were no additional discontinued operations during the years ended December 31, 2015 or 2014. The operating properties, retail center, and land discussed above were classified as held for sale in the condensed consolidated balance sheet at December 31, 2015, and were made up of the following:
The following is a summary of income from discontinued operations for the years ended December 31, 2016, 2015, and 2014 relating to the 15 operating properties and the retail center sold in April 2016:
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Investments In Joint Ventures |
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Investments In Joint Ventures | 8. Investments in Joint Ventures Our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of three discretionary investment funds (collectively, "the Funds") at December 31, 2016 and 2015, and two Funds at December 31, 2014, with our ownership interest ranging from 20.0% to 31.3%. In March 2015, we completed the formation of a third fund with an unaffiliated third party for additional multifamily investments of up to $450.0 million. We have a 20.0% ownership interest in this third fund, and it did not own any properties in 2016 or 2015. We provide property and asset management and other services to the Funds which own operating properties and we may also provide construction and development services to the Funds which own properties under development. The following table summarizes the combined balance sheet and statement of income data for the Funds as of and for the periods presented:
In December 2014, the partnership agreements for two of the Funds were amended, resulting in the extension of the term of each Fund to December 31, 2026 and our ownership interests in the Funds were increased from 20.0% to 31.3% effective December 23, 2014. The Funds in which we have a partial interest have been funded in part with secured third-party debt. As of December 31, 2016, we had no outstanding guarantees related to loans of the Funds. We may earn fees for property and asset management, construction, development, and other services related to joint ventures in which we own an equity interest and may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to these joint ventures to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $5.3 million, $5.8 million, and $8.8 million for the years ended December 31, 2016, 2015, and 2014, respectively. In February 2014, two of the Funds each sold an operating property, comprised of 558 apartment homes, for approximately $65.6 million. Our proportionate share of the gains on these transactions was approximately $3.6 million and was reported as a component of equity in income of joint ventures in the consolidated statements of income and comprehensive income. |
Notes Payable |
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Notes Payable | 9. Notes Payable The following is a summary of our indebtedness:
In August 2015, we amended and restated our $500 million unsecured credit facility, which extended the maturity date from September 2015 to August 2019, with two six-month options to extend the maturity date at our election to August 2020, and increased the availability to $600 million, with the option to further increase it to $900 million by either adding additional banks to the facility or obtaining the agreement of the existing banks to increase their commitments. The interest rate on this credit facility is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under this 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. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $300 million or the remaining amount available under the credit facility. This credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations on the date of this filing. Our credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At December 31, 2016, we had no balances outstanding on our $600 million credit facility and we had outstanding letters of credit totaling approximately $12.7 million, leaving approximately $587.3 million available under our credit facility. At December 31, 2016 and 2015, we had outstanding floating rate debt of approximately $205.7 million and $451.4 million, respectively, which included our unsecured credit facility and unsecured short-term borrowings, and the weighted average interest rate on this debt was approximately 1.4% and 1.2% for the years ended December 31, 2016 and 2015, respectively. Our indebtedness, which includes our unsecured credit facility, had a weighted average maturity of 4.9 years at December 31, 2016. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at December 31, 2016:
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Share-Based Compensation and Benefit Plans |
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Share-Based Compensation and Benefit Plans | 10. Share-based Compensation and Benefit Plans Incentive Compensation. During the second quarter of 2011, our Board of Trust Managers adopted, and our shareholders approved, the 2011 Share Incentive Plan of Camden Property Trust (as amended, the “2011 Share Plan”). Under the 2011 Share Plan, we may issue up to a total of approximately 9.1 million fungible units (the “Fungible Pool Limit”), which is comprised of approximately 5.8 million new fungible units plus approximately 3.3 million fungible units previously available for issuance under our 2002 share incentive plan based on a 3.45 to 1.0 fungible unit to full value award conversion ratio. Fungible units represent the baseline for the number of shares available for issuance under the 2011 Share Plan. Different types of awards are counted differently against the Fungible Pool Limit, as follows:
At December 31, 2016, approximately 3.6 million fungible units were available under the 2011 Share Plan, which results in approximately 1.1 million common shares which may be granted pursuant to full value awards based on the 3.45 to 1.0 fungible unit to full value award conversion ratio. Awards which may be granted under the 2011 Share Plan include incentive share options, non-qualified share options (which may be granted separately or in connection with an option), share awards, dividends and dividend equivalents and other equity based awards. Persons eligible to receive awards under the 2011 Share Plan are trust managers, directors of our affiliates, executive and other officers, key employees and consultants, as determined by the Compensation Committee of our Board of Trust Managers. The 2011 Share Plan will expire on May 11, 2021. Options. New options are exercisable, subject to the terms and conditions of the plan, in increments ranging from 20% to 33.33% per year on each of the anniversaries of the date of grant. The plan provides that the exercise price of an option will be determined by the Compensation Committee of the Board of Trust Managers on the day of grant, and to date all options have been granted at an exercise price that equals the fair market value on the date of grant. Approximately 0.2 million, 0.1 million and 0.4 million options were exercised during the years ended December 31, 2016, 2015, and 2014, respectively. The total intrinsic value of options exercised was approximately $8.9 million, $2.0 million, and $7.4 million during the years ended December 31, 2016, 2015 and 2014, respectively. At December 31, 2016, there was no unrecognized compensation cost related to unvested options. At December 31, 2016, all options outstanding were exercisable and had a weighted average remaining life of approximately 2.0 years. The following table summarizes outstanding share options, all of which were exercisable, at December 31, 2016:
Options Granted and Valuation Assumptions. During the years ended December 31, 2016, 2015, and 2014, we granted approximately 12.9 thousand, 26.8 thousand and 84.5 thousand reload options, respectively. Reload options are granted for the number of shares tendered as payment for the exercise price upon the exercise of an option with a reload provision. The reload options granted have an exercise price equal to the fair market value of a common share on the date of grant and expire on the same date as the original options which were exercised. The reload options granted during the years ended December 31, 2016, 2015 and 2014 vested immediately. Approximately $0.1 million, $0.2 million and $0.3 million was expensed in 2016 and 2015, and 2014 respectively, on the reload date. We estimate the fair values of each option award including reloads on the date of grant using the Black-Scholes option pricing model. The following assumptions were used for the reload options granted during the years ended December 31, 2016, 2015 and 2014:
Our computations of expected volatility for 2016, 2015, and 2014 are based on the historical volatility of our common shares over a time period equal to the expected life of the option and ending on the grant date, and the interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield on our common shares is based on the historical dividend yield over the expected term of the options granted. Our computation of expected life is based upon historical experience of similar awards, giving consideration to the contractual terms of the share-based awards. Share Awards and Vesting. Share awards for employees generally have a vesting period of three to five years. The compensation cost for share awards is generally based on the market value of the shares on the date of grant and is amortized over the vesting period. In the event the holder of the share awards will reach both the retirement eligibility age of 65 years and the service requirements as defined in the 2011 Share Plan before the term in which the awards are scheduled to vest, the value of the share awards is amortized from the date of grant to the individual's retirement eligibility date. To estimate forfeitures, we use actual forfeiture history. At December 31, 2016, the unamortized value of previously issued unvested share awards was approximately $25.7 million which is expected to be amortized over the next two years. The total fair value of shares vested during the years ended December 31, 2016, 2015 and 2014 was approximately $27.2 million, $19.2 million, and $17.1 million, respectively. Total compensation cost for option and share awards charged against income was approximately $21.3 million, $18.6 million, and $16.0 million for 2016, 2015 and 2014, respectively. Total capitalized compensation cost for option and share awards was approximately $3.8 million, $3.5 million, and $2.7 million for 2016, 2015 and 2014, respectively. The following table summarizes activity under our share incentive plans for the three years ended December 31:
Employee Share Purchase Plan (“ESPP”). We have established an ESPP for all active employees and officers who have completed one year of continuous service. Participants may elect to purchase our common shares through payroll deductions and/or through semi-annual contributions. At the end of each six-month offering period, each participant’s account balance is applied to acquire common shares at 85% of the market value, as defined, on the first or last day of the offering period, whichever price is lower. We currently use treasury shares to satisfy ESPP share requirements. Each participant must hold the shares purchased for nine months in order to receive the discount, and a participant may not purchase more than $25,000 in value of shares during any plan year, as defined. The following table presents information related to our ESPP:
Rabbi Trust. We established a rabbi trust for a select group of participants in which share awards granted under the share incentive plan and salary and other cash amounts earned may be deposited. The rabbi trust is only in use for deferrals made prior to 2005, including bonuses related to service in 2004 but paid in 2005. The rabbi trust is an irrevocable trust and no portion of the trust fund may be used for any purpose other than the delivery of those assets to the participants. The assets held in the rabbi trust are subject to the claims of our general creditors in the event of bankruptcy or insolvency. The value of the assets of the rabbi trust is consolidated into our financial statements. Granted share awards held by the rabbi trust are classified in equity in a manner similar to the manner in which treasury stock is accounted. Subsequent changes in the fair value of the shares are not recognized. The deferred compensation obligation is classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. At December 31, 2016 and 2015, approximately 1.8 million share awards were held in the rabbi trust. Additionally, as of December 31, 2016 and 2015, the rabbi trust held trading securities totaling approximately $34.5 million and $37.1 million, respectively, which represents cash deferrals made by plan participants. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly. At December 31, 2016 and 2015, approximately $22.7 million and $23.6 million, respectively, was required to be paid to us by plan participants upon the withdrawal of any assets from the rabbi trust, and is included in “Accounts receivable-affiliates” in our consolidated financial statements. Non-Qualified Deferred Compensation Share Awards. In 2004, we established a Non-Qualified Deferred Compensation Plan which is an unfunded arrangement established and maintained primarily for the benefit of a select group of participants. Eligible participants commence participation in this plan on the date the deferral election first becomes effective. We credit to the participant's account an amount equal to the amount designated as the participant's deferral for the plan year as indicated in the participant's deferral election(s). Any modification to or termination of the plan will not reduce a participant's right to any vested amounts already credited to his or her account. Approximately 1.1 million and 1.3 million share awards were held in the plan at December 31, 2016 and 2015, respectively. Additionally, as of December 31, 2016 and 2015, the plan held trading securities totaling approximately $59.5 million and $30.8 million, respectively, which represents cash deferrals made by plan participants. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly. The assets held in the Non-Qualified Deferred Compensation Plan are subject to the claims of our general creditors in the event of bankruptcy or insolvency. In July 2013, we amended and restated the plan to permit diversification of fully vested share awards into other equity securities subject to a six month holding period. In February 2014, we adopted the Second Amendment and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan to clarify certain terms in the existing plan relating to the deferral of performance based compensation. Balances within temporary equity in our consolidated balance sheets relate to fully vested awards and the proportionate share of nonvested awards of participants within our Non-Qualified Deferred Compensation Plan who are permitted to diversify their shares into other equity securities. The following table summarizes the eligible share award activity for the twelve months ended December 31:
401(k) Savings Plan. We have a 401(k) savings plan, which is a voluntary defined contribution plan. Under the savings plan, every employee is eligible to participate, beginning on the date the employee has completed six months of continuous service with us. Each participant may make contributions to the savings plan by means of a pre-tax salary deferral, which may not be less than 1% or more than 60% of the participant’s compensation, subject to limitations. The federal tax code limits the annual amount of salary deferrals which may be made by any participant. We may make matching contributions on the participant’s behalf up to a predetermined limit. The matching contribution made for each of the years ended December 31, 2016, 2015 and 2014 was approximately $2.7 million, $2.6 million and $2.2 million, respectively. A participant’s salary deferral contribution is 100% vested and nonforfeitable. A participant will become vested in our matching contributions 33% after one year of service, 67% after two years of service and 100% after three years of service. Administrative expenses under the savings plan were paid by us and were not significant for all periods presented. |
Fair Value Measurements |
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Fair Value Measurements | 11. Fair Value Measurements Recurring Fair Value Disclosures. The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2016 and 2015 using the inputs and fair value hierarchy discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements”: Financial Instruments Measured at Fair Value on a Recurring Basis
Nonrecurring Fair Value Disclosures. The nonrecurring fair value disclosures inputs under the fair value hierarchy are discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements.” There were no non-recurring fair value adjustments during the years ended December 31, 2016 or 2015. Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at December 31, 2016 and 2015, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
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Net Change In Operating Accounts |
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Net Change In Operating Accounts | 12. Net Change in Operating Accounts The effect of changes in the operating accounts and other on cash flows from operating activities is as follows:
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Commitments And Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 13. Commitments and Contingencies Construction Contracts. As of December 31, 2016, we estimate the additional cost to complete the seven consolidated projects currently under construction to be approximately $240.6 million. We intend to fund this amount through a combination of one or more of the following: cash and cash equivalents, short-term investments, cash flows generated from operations, draws on our unsecured credit facility, proceeds from property dispositions, the use of debt and equity offerings under our automatic shelf registration statement, equity issued from our ATM program, other unsecured borrowings, and secured mortgages. Litigation. We are also subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements. Other Commitments and Contingencies. In the ordinary course of our business, we issue letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or we will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. We are then at risk under a real property acquisition contract, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract. At December 31, 2016, we had $0.6 million in refundable earnest money deposits for potential acquisitions of land which are included in other assets, net in our consolidated balance sheets. Lease Commitments. At December 31, 2016, we had long-term leases covering certain land, office facilities and equipment. Rental expense totaled approximately $4.1 million, $3.4 million, and $3.0 million for the years ended December 31, 2016, 2015 and 2014, respectively. Minimum annual rental commitments for the years ending December 31, 2017 through 2021 are approximately $2.9 million, $2.7 million, $2.5 million, $2.5 million and $2.5 million, respectively, and approximately $8.6 million in the aggregate thereafter. Investments in Joint Ventures. We have entered into, and may continue in the future to enter into, joint ventures or partnerships (including limited liability companies) through which we own an indirect economic interest in less than 100% of the community or land owned directly by the joint venture or partnership. Our decision whether to hold the entire interest in an apartment community or land ourselves, or to have an indirect interest in the community or land through a joint venture or partnership, is based on a variety of factors and considerations, including: (i) our projection, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a joint venture or partnership vehicle is used; (ii) our desire to diversify our portfolio of investments by market; (iii) our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and (iv) the economic and tax terms required by a seller of land or of a community, who may prefer or who may require less payment if the land or community is contributed to a joint venture or partnership. Investments in joint ventures or partnerships are not limited to a specified percentage of our assets. Each joint venture or partnership agreement is individually negotiated, and our ability to operate or dispose of land or of a community in our sole discretion may be limited to varying degrees in our existing joint venture agreements and may be limited to varying degrees depending on the terms of future joint venture agreements. Employment Agreements. At December 31, 2016, we had employment agreements with 13 of our senior officers, the terms of which expire at various times through August 20, 2017. Such agreements provide for minimum salary levels as well as various incentive compensation arrangements, which are payable based on the attainment of specific goals. The agreements also provide for severance payments plus a gross-up payment if certain situations occur, such as termination without cause or a change of control. In the case of 10 of the agreements, the severance payment equals one times the respective current annual base salary in the case of termination without cause and 2.99 times the respective average annual base salary over the previous three fiscal years in the case of a change of control and a termination of employment or a material adverse change in the scope of their duties. In the case of one agreement, the severance payment equals one times the respective current annual base salary for termination without cause and 2.99 times the greater of current gross income or average gross income over the previous three fiscal years in the case of a change of control. In the case of the other two agreements, the severance payment generally equals 2.99 times the respective average annual compensation over the previous three fiscal years in connection with, among other things, a termination without cause or a change of control, and the officer would be entitled to receive continuation and vesting of certain benefits in the case of such termination. |
Non-controlling Interests |
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Non-controlling Interests [Text Block] | 14. Non-controlling Interests The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to common shareholders for each of the years ended December 31:
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Quarterly Financial Data (Unaudited) |
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Quarterly Financial Data [Text Block] | 15. Quarterly Financial Data (unaudited) Summarized quarterly financial data, which has been adjusted for discontinued operations as discussed in Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations" for the years ended December 31, 2016 and 2015, is as follows:
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Schedule III - Real Estate and Accumulated Depreciation |
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Schedule III - Real Estate and Accumulated Depreciation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation [Text Block] |
The changes in total real estate assets as adjusted for discontinued operations for the years ended December 31:
The aggregate cost for federal income tax purposes at December 31, 2016 was $6.2 billion. |
Schedule IV - Mortgage Loans on Real Estate |
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Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule IV - Mortgage Loans on Real Estate [Text Block] |
Changes in mortgage loans for the years ended December 31 are summarized below:
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Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles Of Consolidation | Principles of Consolidation. Our consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, authority to make decisions, kick-out rights and participating rights. At December 31, 2016, two of our consolidated operating partnerships are VIEs, of which we held between 92% and 94% of the outstanding common limited partnership units and the sole 1% general partnership interest of each consolidated operating partnership. As we are considered the primary beneficiary, we continue to consolidate these operating partnerships. |
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Acquisitions of Real Estate | Acquisitions of Real Estate. Upon acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Upon the acquisition of a controlling interest of an investment in an unconsolidated joint venture, such joint venture is consolidated and our initial equity investment is remeasured to fair value at the date the controlling interest is acquired; any difference between the carrying value of the previously held equity investment and the fair value is recognized in earnings at the time of obtaining control. Upon our adoption of Accounting Standard Update 2017-01 ("ASU 2017-01") on January 1, 2017, as discussed below in Recent Accounting Pronouncements, we believe most future transaction costs relating to acquisition of operating assets will be capitalized. Prior to our adoption of ASU 2017-01 transaction costs associated with the acquisition of operating assets were expensed as incurred. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition. The net carrying value of below market leases is included in other liabilities in our consolidated balance sheets and the net carrying value of in-place leases is included in other assets, net in our consolidated balance sheets. Revenues recognized related to below market leases and amortization expense related to in-place leases for the years ended December 31, 2016, 2015 and 2014 are as follows:
The weighted average amortization period of below market leases and in-place leases was approximately eight months and seven months for the years ended and December 31, 2015 and 2014, respectively. There were no below market leases or in-place leases during the year ended December 31, 2016. |
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Asset Impairment | Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant’s perspective. When impairment exists, the long-lived asset is adjusted to its fair value. In addition, we evaluate our equity investments in joint ventures 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, 2016 or 2015. See Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," for discussion of impairment during the year ended December 31, 2014. The value of our properties under development depends on market conditions, including estimates of the project start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated. We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. 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. |
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Cash, Cash Equivalents, and Short-term Investments | Short-term Investments. At December 31, 2016, our short-term investments consists of certificates of deposit which have original maturities of more than three months but less than one year. The carrying value of our short-term investments approximate their fair values due to the short-term nature of these investments. Cash and Cash Equivalents. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits. |
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Cost Capitalization | Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are completed, the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements. As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $18.2 million, $19.3 million, and $22.2 million for the years ended December 31, 2016, 2015, and 2014, respectively. Capitalized real estate taxes were approximately $4.5 million, $3.6 million, and $4.4 million for the years ended December 31, 2016, 2015, and 2014, respectively. Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating expenses associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives. We also incur expenditures related to renovation and construction of office space we lease and we capitalize these leasehold improvements as furniture, fixtures, equipment and other. We depreciate these costs using the straight-line method over the shorter of the lease term or the useful life of the improvement. Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:
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Discontinued Operations | Discontinued Operations. A property is classified as a discontinued operation when the disposal represents a strategic shift, such as disposal of a major line of business, a major geographical area or a major equity investment. The results of operations for properties sold during the period or classified as held for sale at the end of the period, and meeting the above criteria of discontinued operations, are classified as discontinued operations for all periods presented. The property-specific components of earnings classified as discontinued operations include separately identifiable property-specific revenues, expenses, depreciation, and interest expense, if any. The gain or loss resulting from the eventual disposal of the held for sale properties meeting the criteria of discontinued operations is also classified within discontinued operations. Real estate assets held for sale are measured at the lower of carrying amount or fair value less costs to sell and are presented separately in the accompanying consolidated balance sheets. Subsequent to classification of a property as held for sale, no further depreciation is recorded. Consolidated operating properties sold or classified as held for sale, which do not meet the above criteria of discontinued operations are not included in discontinued operations and the related gains and losses are included in continuing operations. Properties sold by our unconsolidated entities which do not meet the above criteria of discontinued operations are not included in discontinued operations and related gains or losses are reported as a component of equity in income of joint ventures. Gains on sale of real estate are recognized using the full accrual or partial sale methods, as applicable, in accordance with accounting principles generally accepted in the United States of America ("GAAP"), provided various criteria relating to the terms of sale and any subsequent involvement with the real estate sold are satisfied. See Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," for discussion of discontinued operations for the year ended December 31, 2016, 2015 and 2014. |
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Fair Value | Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Recurring Fair Value Measurements. The valuation methodology we use to measure our deferred compensation plan investments is based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded at fair value on a recurring basis and included in other assets in our consolidated balance sheets. Non-recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value if they are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." Non-recurring fair value disclosures are not provided for impairments on assets disposed during the period because they are no longer owned by us. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy. Financial Instrument Fair Value Disclosures. As of December 31, 2016 and 2015, the carrying values of cash and cash equivalents, short-term investments, accounts receivable, accounts payable, accrued expenses and distributions payable represent fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. The carrying value of our notes receivable, which are included in other assets, net in our consolidated balance sheets, approximates their fair value. The estimated fair values are based on certain factors, such as market interest rates, terms of the note and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. |
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Income Recognition | Income Recognition. Our rental and other property revenue is recorded when due from residents and is recognized monthly as it is earned. Other property revenue consists primarily of utility rebillings and administrative, application, and other transactional fees charged to our residents. Our apartment homes are rented to residents on lease terms generally ranging from six to eighteen months, with monthly payments due in advance. All other sources of income, including interest and fee and asset management income, are recognized as earned. Operations of multifamily properties acquired are recorded from the date of acquisition in accordance with the acquisition method of accounting. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk. |
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Reclassifications | Reclassifications. Certain reclassifications have been made to amounts in prior period financial statements to conform to the current period presentation. We reclassified certain insignificant amounts in the consolidated statements of cash flows for the years ended December 31, 2015 and 2014. These reclassifications had no impact on our consolidated cash flows from operating, investing or financing activities. Additionally, we adopted Accounting Standards Update 2016-18 ("ASU 2016-18"), "Statement of Cash Flows: Restricted Cash (a consensus of the Emerging Issues Task Force)." as of December 31, 2016. ASU 2016-18 requires the change in restricted cash to be reported with cash and cash equivalents when reconciling between beginning and ending amounts shown on our consolidated statement of cash flows, and is to be applied retrospectively for all periods presented. See Recent Accounting Pronouncements below for the impact of the reclassifications made in prior periods as a result of our adoption of ASU 2016-18. |
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Insurance | Insurance. Our primary lines of insurance coverage are property, general liability, health, and workers’ compensation. We believe our insurance coverage adequately insures our properties against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils and adequately insures us against other risks. Losses are accrued based upon our estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on our experience. |
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Other Assets, Net | Other Assets, Net. Other assets in our consolidated financial statements include investments under deferred compensation plans, deferred financing costs, non-real estate leasehold improvements and equipment, notes receivable, prepaid expenses, the value of in-place leases net of related accumulated amortization, and other miscellaneous receivables. Investments under deferred compensation plans are classified as trading securities and are adjusted to fair market value at period end. For a further discussion of our investments under deferred compensation plans, see Note 10, “Share-based Compensation and Benefit Plans.” Deferred financing costs are related to our unsecured credit facility and unsecured short-term borrowing facility, and are amortized no longer than the terms of the related facilities on the straight-line method, which approximates the effective interest method. Corporate leasehold improvements and equipment are depreciated using the straight-line method over the shorter of the expected useful lives or the lease terms which generally range from three to ten years. Our notes receivable relate to real estate secured loans to unaffiliated third parties. At December 31, 2016, we had one outstanding notes receivable balance of approximately $17.2 million and at December 31, 2015, we had two outstanding notes receivable balances of an aggregate of approximately $13.2 million. The weighted average interest rates were approximately 4.1% for each of the years ended December 31, 2016 and 2015, respectively, related to such notes. At December 31, 2016, we were also committed to funding an additional $0.8 million under the note. Interest is recognized over the lives of the notes and is included in interest and other income in our consolidated statements of income and comprehensive income. We consider a note receivable to be impaired if it is probable we will not collect all contractually due principal and interest. We do not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest which is not believed to be collectible. All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. There were no impairments as of December 31, 2016 or 2015. |
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Reportable Segments | Reportable Segments. We operate in a single reportable segment which includes the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size or type. Our multifamily apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. Further, all material operations are within the United States and no multifamily apartment community comprises more than 10% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment. Our multifamily communities generate rental revenue and other income through the leasing of apartment homes, which comprised approximately 99% of our total property revenues and total non-property income, excluding income on deferred compensation plans, for each of the years ended December 31, 2016, 2015, and 2014. |
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Restricted Cash | Restricted Cash. Restricted cash consists of escrow deposits held by lenders for property taxes, insurance and replacement reserves, cash required to be segregated for the repayment of residents’ security deposits, and escrowed amounts related to our development and acquisition activities. Substantially all restricted cash is invested in demand and short-term instruments. |
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Share-based Compensation | Share-based Compensation. Compensation expense associated with share-based awards is recognized in our consolidated statements of income and comprehensive income using the grant-date fair values. Compensation cost for all share-based awards, including options, requires measurement at estimated fair value on the grant date and recognition of compensation expense over the requisite service period for awards expected to vest. The fair value of stock option grants is estimated using the Black-Scholes valuation model. Valuation models require the input of assumptions, including judgments to estimate the expected stock price volatility, expected life, and forfeiture rate. The compensation cost for share-based awards is based on the market value of the shares on the date of grant. |
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Use of Estimates | Use of Estimates. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment. |
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Recent Accounting Pronouncements | Recent Accounting Pronouncements. In the second quarter of 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09 (“ASU 2014-09”), "Revenue from Contracts with Customers." ASU 2014-09 prescribes a single, common revenue standard to replace most existing revenue recognition guidance in GAAP, including most industry-specific requirements. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. Several ASUs have been issued since the issuance of ASU 2014-09 which modify certain sections of the new revenue recognition standard, and are intended to promote a more consistent interpretation and application of the principles outlined in the standard. We will adopt ASU 2014-09 effective January 1, 2018 using the modified retrospective with cumulative-effect transition method. We have identified our revenue streams and are in the process of evaluating the impact on our consolidated financial statements and internal accounting processes; however, as the majority of our revenue is derived from real estate lease contracts we do not expect the adoption of ASU 2014-09 or related amendments and modifications by the FASB will have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases" ("ASU 2016-02"). ASU 2016-02 supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting, (ii) eliminates most real estate specific lease provisions, and, (iii) aligns many of the underlying lessor model principles with those in the new revenue standard. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within. Entities are required to use a modified retrospective approach when transitioning to ASU 2016-02 for leases that exist as of or are entered into after the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted and we plan to early adopt ASU 2016-02 as of January 1, 2018 in conjunction with the adoption of ASU 2014-09 discussed above. Based on a preliminary assessment, we expect most of our operating lease commitments will be subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in an immaterial increase in the assets and liabilities on our consolidated balance sheets. We are continuing our evaluation, which may identify additional impacts this standard will have on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, accrual of compensation cost, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. The amendments in this standard must be applied prospectively, retrospectively, or as of the beginning of the earliest comparative period presented in the year of adoption, depending on the type of amendment. We adopted ASU 2016-09 as of January 1, 2017, and it will not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)." ASU 2016-15 clarifies how several specific cash receipts and cash payments are to be presented and classified on the statement of cash flows, including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration made after a business combination, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of predominance principle. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. Each amendment in this standard must be applied prospectively, retrospectively, or as of the beginning of the earliest comparative period presented in the year of adoption, depending on the type of amendment. We expect to adopt ASU 2016-15 as of January 1, 2018, and we are currently evaluating the impact this standard may have on our consolidated financial statements upon adoption. In November 2016, the FASB issued ASU 2016-18, which requires restricted cash to be presented with cash and cash equivalents when reconciling the beginning and ending amounts in the statements of cash flows. ASU 2016-18 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The update should be applied retrospectively to each period presented. We adopted ASU 2016-18 as of December 31, 2016. Prior to our adoption of ASU 2016-18, we reported the change in restricted cash within the investing activities in our consolidated statement of cash flows. As a result of our adoption of ASU 2016-18, cash and cash equivalents in our consolidated statements of cash flows increased by approximately $6.0 million and $5.9 million in 2015 and 2014, respectively, to reflect the restricted cash balances. Additionally, net cash used in investing activities decreased by approximately $0.1 million in 2015 and increased by approximately $0.7 million in 2014. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business (Topic 805)." ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The update should be applied prospectively. We adopted ASU 2017-01 as of January 1, 2017 and the adoption did not require any additional disclosures. We believe most of our future acquisitions of operating properties will qualify as asset acquisitions and most future transaction costs associated with these acquisitions will be capitalized. |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues recognized related to below market leases and amortization expense related to in-place leases [Table Text Block] | Revenues recognized related to below market leases and amortization expense related to in-place leases for the years ended December 31, 2016, 2015 and 2014 are as follows:
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Expected Useful Lives Of Depreciable Property | Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:
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Per Share Data (Tables) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation Of Basic And Diluted Earnings Per Share | The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:
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Common Shares (Tables) |
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Activity Under At-The-Market Share Offering Program | The following table presents activity under our ATM program for the year ended December 31, 2014:
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Income Taxes Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Tax Components Of Common And Preferred Dividends Declared And Distributions [Table Text Block] | A summary of the income tax characterization of our distributions paid per common share for the years ended December 31, 2016, 2015 and 2014 is set forth in the following table:
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Acquisitions, Dispositions, Impairment, and Discontinued operations (Tables) |
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Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The operating properties, retail center, and land discussed above were classified as held for sale in the condensed consolidated balance sheet at December 31, 2015, and were made up of the following:
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Disposal Groups, Including Discontinued Operations [Table Text Block] | The following is a summary of income from discontinued operations for the years ended December 31, 2016, 2015, and 2014 relating to the 15 operating properties and the retail center sold in April 2016:
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Investments In Joint Ventures (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures | The following table summarizes the combined balance sheet and statement of income data for the Funds as of and for the periods presented:
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Notes Payable (Tables) |
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Notes Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Indebtedness | The following is a summary of our indebtedness:
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Scheduled Repayments On Outstanding Debt | The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at December 31, 2016:
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Share-Based Compensation and Benefit Plans (Tables) |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range And Intrinsic Value | The following table summarizes outstanding share options, all of which were exercisable, at December 31, 2016:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following assumptions were used for the reload options granted during the years ended December 31, 2016, 2015 and 2014:
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Summary Of Share Incentive Plans | The following table summarizes activity under our share incentive plans for the three years ended December 31:
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Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | The following table presents information related to our ESPP:
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Temporary Equity [Table Text Block] | The following table summarizes the eligible share award activity for the twelve months ended December 31:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets And Liabilities Measured At Fair Value | The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2016 and 2015 using the inputs and fair value hierarchy discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements”: Financial Instruments Measured at Fair Value on a Recurring Basis
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Fair Value Of Notes Payable | The following table presents the carrying and estimated fair values of our notes payable at December 31, 2016 and 2015, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
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Net Change In Operating Accounts (Tables) |
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Effect Of Changes In The Operating Accounts On Cash Flows From Operating Activities | The effect of changes in the operating accounts and other on cash flows from operating activities is as follows:
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Non-controlling Interests (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling Interest [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling Interests [Table Text Block] | The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to common shareholders for each of the years ended December 31:
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Quarterly Financial Data (Unaudited) (Tables) |
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Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Data [Table Text Block] | Summarized quarterly financial data, which has been adjusted for discontinued operations as discussed in Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations" for the years ended December 31, 2016 and 2015, is as follows:
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Schedule III - Real Estate and Accumulated Depreciation (Summary) (Tables) |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation [Text Block] |
The changes in total real estate assets as adjusted for discontinued operations for the years ended December 31:
The aggregate cost for federal income tax purposes at December 31, 2016 was $6.2 billion. |
Schedule IV - Mortgage Loans on Real Estate (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate Table [Table Text Block] |
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Changes in Mortgage Loans [Table Text Block] | Changes in mortgage loans for the years ended December 31 are summarized below:
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Description Of Business (Details) |
Dec. 31, 2016 |
---|---|
Description of Business [Abstract] | |
Number of multifamily communities comprising of apartment homes | 159 |
Total number of apartment homes in multifamily communities | 55,366 |
Number of multifamily properties under development | 7 |
Total number of apartment homes in multifamily properties upon completion of development | 2,573 |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Average amortization period for below market leases and in-place leases | 8 months | 7 months | ||
Capitalized interest | $ 18,200 | $ 19,300 | $ 22,200 | |
Capitalized real estate taxes | 4,500 | 3,600 | 4,400 | |
Outstanding notes receivable | $ 17,224 | $ 13,161 | $ 3,395 | $ 3,395 |
Weighted average interest rate on outstanding notes receivable | 4.10% | 4.10% | ||
Remaining Commitment Under Notes Receivable | $ 800 | |||
Percentage Of Rental Revenue And Other Income From Leasing Of Apartment Homes | 99.00% | 99.00% | 99.00% | |
Adjustment to cash and cash equivalents on the cash flow statement | $ 6,000 | $ 5,900 | ||
Adjustment to change in investing activities on the cash flow statement | $ (100) | $ 700 |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Amortization of below market leases and in-place leases) Table (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accounting Policies [Abstract] | |||
Revenues related to below market leases | $ 0.0 | $ 0.1 | $ 0.2 |
Amortization of in-place leases | $ 0.0 | $ 0.5 | $ 1.4 |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Expected Useful Lives Of Depreciable Property) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Intangible assets/liabilities (in-place leases and below market leases) | underlying lease term |
Minimum [Member] | Buildings And Improvements [Member] | |
Estimated Useful Life (in years) | 5 years |
Minimum [Member] | Furniture, Fixtures, Equipment, And Other [Member] | |
Estimated Useful Life (in years) | 3 years |
Maximum [Member] | Buildings And Improvements [Member] | |
Estimated Useful Life (in years) | 35 years |
Maximum [Member] | Furniture, Fixtures, Equipment, And Other [Member] | |
Estimated Useful Life (in years) | 20 years |
Per Share Data (Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
[1] | Jun. 30, 2016 |
[2] | Mar. 31, 2016 |
Dec. 31, 2015 |
[3] | Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
[4] | Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||
Number of common share equivalent securities excluded from the diluted earnings per share calculation | 2,400 | 2,600 | 2,800 | ||||||||||||||||||||||||
Income from continuing operations attributable to common shareholders | $ 436,981 | $ 229,565 | $ 273,892 | ||||||||||||||||||||||||
Amount allocated to participating securities | (6,304) | (2,052) | (2,687) | ||||||||||||||||||||||||
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities | 430,677 | 227,513 | 271,205 | ||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 382,842 | 19,750 | 18,197 | ||||||||||||||||||||||||
Net income attributable to common shareholders - basic | $ 813,519 | $ 247,263 | $ 289,402 | ||||||||||||||||||||||||
Earnings per common share from continuing operations | $ 4.81 | $ 2.55 | $ 3.08 | ||||||||||||||||||||||||
Earnings per common share from discontinued operations | 4.27 | 0.22 | 0.21 | ||||||||||||||||||||||||
Total earnings per common share - basic | $ 0.45 | $ 3.23 | $ 4.94 | $ 0.46 | $ 0.67 | $ 0.41 | $ 0.40 | $ 1.29 | $ 9.08 | [5] | $ 2.77 | [5] | $ 3.29 | ||||||||||||||
Weighted average number of common shares outstanding - basic | 89,580 | 89,120 | 88,084 | ||||||||||||||||||||||||
Net income attributable to common shareholders - diluted | $ 813,519 | $ 247,263 | $ 289,402 | ||||||||||||||||||||||||
Earnings per common share from continuing operations | $ 4.79 | $ 2.54 | $ 3.06 | ||||||||||||||||||||||||
Earnings per common share from discontinued operations | 4.26 | 0.22 | 0.21 | ||||||||||||||||||||||||
Total earnings per common share - diluted | $ 0.45 | $ 3.21 | $ 4.92 | $ 0.46 | $ 0.67 | $ 0.41 | $ 0.40 | $ 1.27 | $ 9.05 | [5] | $ 2.76 | [5] | $ 3.27 | ||||||||||||||
Common share options and share awards granted | 323 | 370 | 384 | ||||||||||||||||||||||||
Weighted average number of common shares outstanding - diluted | 89,903 | 89,490 | 88,468 | ||||||||||||||||||||||||
|
Common Shares (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Nov. 30, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Feb. 13, 2017 |
Sep. 23, 2016 |
|
Treasury Stock, Shares | 10,330,000 | 10,703,000 | ||||
Treasury Stock, Value | $ 373,339 | $ 386,793 | ||||
Number of common and preferred stock authorized to issue | 185,000,000 | |||||
Common shares, authorized | 175,000,000 | 175,000,000 | ||||
Preferred shares, authorized | 10,000,000 | |||||
Common Stock, Shares, Outstanding | 87,500,000 | |||||
Preferred Stock, Shares Outstanding | 0 | |||||
Common shares issued | 0 | 0 | 898 | |||
Special Dividend, Per Share | $ 4.25 | |||||
2014 ATM program [Member] | ||||||
Maximum aggregate offering price of common shares | $ 331,300 | |||||
Common shares issued | 209,700 | |||||
Subsequent Event [Member] | 2014 ATM program [Member] | ||||||
Maximum aggregate offering price of remaining common shares available for sale | $ 315,300 | |||||
April 2007 Repurchase Plan [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 500,000 | |||||
Treasury Stock, Shares | 4,300,000 | |||||
Treasury Stock, Value | $ 230,200 | |||||
April 2007 Repurchase Plan [Member] | Subsequent Event [Member] | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 269,800 |
Common Shares (Activity Under At-The-Market Share Offering Program) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Total net consideration | $ 66,225,000 | ||
Common shares sold | 0 | 0 | 898 |
2014 ATM program [Member] | |||
Total net consideration | $ 15,690,200 | ||
Common shares sold | 209,700 | ||
Average price per common share sold | $ 76.28 |
Operating Partnerships (Details) shares in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
shares
| |
Camden Operating L P [Member] | |
Percentage Of Real Estate Properties Held With Operating Partnership | 4.00% |
Units of Partnership Interest, Amount | 11.9 |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 92.00% |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.00% |
Limited Partners' Capital Account, Units Outstanding | 0.8 |
Camden Summit Partnership L P [Member] | |
Percentage Of Real Estate Properties Held With Operating Partnership | 34.00% |
Units of Partnership Interest, Amount | 22.8 |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 94.00% |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.00% |
Limited Partners' Capital Account, Units Outstanding | 1.1 |
Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Annual dividends distribution percentage to shareholders to qualify as a REIT | 90.00% | ||
Significant temporary differences or tax credits associated with our taxable REIT subsidiaries | $ 0 | ||
Operating Loss Carryforwards | 100 | ||
Difference Between Carry Value Of Net Assets And Tax Basis Of Net Assets | 1,500,000 | ||
Income tax expense | 1,617 | $ 1,872 | $ 1,903 |
Uncertain tax positions or unrecognized tax benefits | $ 0 | ||
Minimum [Member] | |||
Operating Loss Carryforwards, Expiration Dates | Jan. 01, 2034 | ||
Maximum [Member] | |||
Operating Loss Carryforwards, Expiration Dates | Jan. 01, 2036 |
Income Taxes (Schedule of Per Share Distributions Reported to Shareholders) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||
Ordinary Income | $ 0.00 | $ 1.88 | $ 1.23 |
Long-term capital gain | 5.02 | 0.70 | 1.02 |
Unrecaptured Sec. 1250 gain | 2.23 | 0.22 | 0.39 |
Total common share distributions | $ 7.25 | $ 2.80 | $ 2.64 |
Percentage Of Distributions Representing Tax Preference Items | 0.34% | 3.73% | 4.17% |
Acquisitions, Dispositions, Impairment, and Discontinued Operations (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2016
USD ($)
|
Feb. 29, 2016
USD ($)
a
|
Mar. 31, 2015
USD ($)
|
Jul. 31, 2014
USD ($)
a
|
Sep. 30, 2016
USD ($)
a
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
a
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
a
|
Dec. 31, 2015
USD ($)
a
|
Dec. 31, 2014
USD ($)
a
|
Apr. 26, 2016
a
|
|
Property, Plant and Equipment [Line Items] | ||||||||||||
Number of joint ventures accounted for under equity method investments | 3 | 2 | ||||||||||
Equity Method Investment, Ownership Percentage | 31.30% | 31.30% | 20.00% | |||||||||
Area of Land | a | 2.4 | 58.1 | 4.6 | 58.1 | ||||||||
Proceeds from disposition included in restricted cash | $ 13,000,000 | |||||||||||
Purchase price of land acquired | $ 19,900,000 | $ 59,100,000 | ||||||||||
Impairment associated with land holdings | 0 | 0 | $ 1,152,000 | |||||||||
Gain (Loss) on Sale of Properties | $ 262,719,000 | $ 32,235,000 | $ 18,870,000 | $ 85,192,000 | ||||||||
Noncontrolling Interest, Increase from Business Combination | 0 | 9,500,000 | 0 | |||||||||
Gain on sale of discontinued operations, net of tax | 375,237,000 | 0 | $ 0 | |||||||||
Corporate Joint Venture [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 0.01% | 0.01% | ||||||||||
Number of Businesses Acquired | 2 | |||||||||||
Number of Units in Real Estate Property | 798 | 798 | ||||||||||
Noncontrolling Interest, Increase from Business Combination | $ 9,500,000 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Area of Land | a | 6.3 | 2.4 | 26.9 | |||||||||
Proceeds from Sale of Land Held-for-investment | $ 2,200,000 | $ 800,000 | 1,100,000 | $ 22,900,000 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 400,000 | $ 300,000 | $ 3,600,000 | |||||||||
Number of Real Estate Properties | 2 | 5 | 1 | 3 | 2 | 6 | 3 | 5 | ||||
Number of Units in Real Estate Property | 1,376 | 3,184 | 1,376 | 1,847 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 523,400,000 | $ 147,400,000 | $ 218,300,000 | |||||||||
Gain (Loss) on Sale of Properties | $ 294,900,000 | $ 104,000,000 | $ 155,700,000 | |||||||||
Weighted average age of operating properties | 24 | |||||||||||
Land | 2 | |||||||||||
Dual-Phase Property Sale [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Number of Real Estate Properties | 1 | 1 | ||||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Area of Land | a | 19.6 | |||||||||||
Number of Real Estate Properties | 15 | |||||||||||
Number of Units in Real Estate Property | 4,918 | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 630,000,000 | |||||||||||
Weighted average age of operating properties | 23 |
Acquisitions, Dispositions, Impairment, and Discontinued Operations (Fair value of assets acquired and liabilities assumed) (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Land | $ 967,375 | $ 989,247 |
Buildings and Improvements | 5,967,023 | 5,911,432 |
Real estate assets, at cost, total | 6,934,398 | 6,900,679 |
Accumulated depreciation | (1,890,656) | (1,780,694) |
Net operating real estate assets | 5,043,742 | 5,119,985 |
Properties under development, including land | 442,292 | 486,918 |
Total assets held for sale | $ 0 | 239,063 |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | 59,438 | |
Buildings and Improvements | 373,419 | |
Real estate assets, at cost, total | 432,857 | |
Accumulated depreciation | (197,996) | |
Net operating real estate assets | 234,861 | |
Properties under development, including land | 4,202 | |
Discontinued operations held for sale, including land | 239,063 | |
Other assets related to properties held for sale | 1,191 | |
Total assets held for sale | 240,254 | |
Liabilities related to assets held for sale | $ 1,654 |
Acquisitions, Dispositions, Impairment, and Discontinued Operations (Summary Of Income From Discontinued Operations) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Property, Plant and Equipment [Abstract] | |||
Property revenues | $ 19,184 | $ 57,310 | $ 53,715 |
Property expenses | (6,898) | (20,716) | (19,608) |
Property revenues less property expenses | 12,286 | 36,594 | 34,107 |
Property Management Expense | (242) | (706) | (619) |
Depreciation and amortization | (4,327) | (16,138) | (15,291) |
Income tax expense | 112 | 0 | 0 |
Income from discontinued operations | 7,605 | 19,750 | 18,197 |
Gain on sale of discontinued operations, net of tax | $ 375,237 | $ 0 | $ 0 |
Investments In Joint Ventures (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Feb. 28, 2014
USD ($)
|
Mar. 31, 2014
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Number of joint ventures accounted for under equity method investments | 3 | 2 | |||
Equity method investment ownership percentage | 31.30% | 20.00% | |||
Maximum guaranteed amount of loans utilized for construction and development activities for joint ventures | $ 0 | ||||
Fees earned for property and asset management, construction, development, and other services to joint ventures | 5,300,000 | $ 5,800,000 | $ 8,800,000 | ||
Maximum Investments by Formed Unconsolidated Joint Venture | $ 450,000,000 | ||||
Minimum [Member] | |||||
Equity method investment ownership percentage | 20.00% | ||||
Maximum [Member] | |||||
Equity method investment ownership percentage | 31.30% | ||||
Sale of two operating properties within the funds in 2014 [Member] | |||||
Number of Real Estate Properties | 2 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 65,600,000 | ||||
Gain on sale of property by unconsolidated joint venture | $ 3,600,000 | ||||
Number of Units in Real Estate Property | 558 |
Investments In Joint Ventures (Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Schedule of Equity Method Investments [Line Items] | |||||
Total assets | $ 726,900 | $ 748,000 | |||
Total third party debt | 518,700 | 527,000 | |||
Total equity | 184,000 | 195,300 | |||
Total revenues | 119,800 | 114,500 | $ 105,600 | ||
Gain On Sale Of Joint Venture Operating Property Net Of Tax | 0 | 0 | 18,500 | ||
Net income | 14,800 | 12,000 | 26,900 | ||
Equity in income of joint ventures | [1] | $ 7,125 | $ 6,168 | $ 7,023 | |
|
Notes Payable (Summary Of Indebtedness) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Unsecured Debt | $ 1,583,236 | $ 1,824,930 |
Secured notes payable | 897,352 | 899,757 |
Total notes payable | 2,480,600 | 2,724,700 |
Value Of Real Estate Assets At Cost Subject To Secured Notes | 1,598,900 | 1,568,900 |
Commercial Banks [Member] | ||
Unsecured Debt | 0 | 244,000 |
Senior Unsecured Notes [Member] | ||
Unsecured Debt | 1,583,200 | 1,580,900 |
5.83% Notes Due 2017 | Senior Unsecured Notes [Member] | ||
Unsecured Debt | $ 246,600 | 246,300 |
Notes payable, effective interest rate | 5.83% | |
Debt Instrument, Maturity Date | May 15, 2017 | |
4.78% Notes Due 2021 | Senior Unsecured Notes [Member] | ||
Unsecured Debt | $ 248,400 | 248,000 |
Notes payable, effective interest rate | 4.78% | |
Debt Instrument, Maturity Date | Jun. 15, 2021 | |
3.15% Notes Due 2022 | Senior Unsecured Notes [Member] | ||
Unsecured Debt | $ 346,000 | 345,400 |
Notes payable, effective interest rate | 3.15% | |
Debt Instrument, Maturity Date | Dec. 15, 2022 | |
5.07% Notes Due 2023 | Senior Unsecured Notes [Member] | ||
Unsecured Debt | $ 247,200 | 246,800 |
Notes payable, effective interest rate | 5.07% | |
Debt Instrument, Maturity Date | Jun. 15, 2023 | |
4.36% Notes Due 2024 | Senior Unsecured Notes [Member] | ||
Unsecured Debt | $ 248,200 | 248,000 |
Notes payable, effective interest rate | 4.36% | |
Debt Instrument, Maturity Date | Jan. 15, 2024 | |
3.68% Notes Due 2024 | Senior Unsecured Notes [Member] | ||
Unsecured Debt | $ 246,800 | 246,400 |
Notes payable, effective interest rate | 3.68% | |
Debt Instrument, Maturity Date | Sep. 15, 2024 | |
Secured Notes 1.25% to 5.77% Conventional Mortgage Notes Due 2018 to 2045 [Member] [Member] | Secured Debt [Member] | ||
Secured notes payable | $ 866,700 | 867,400 |
Secured Notes 2.18% Floating Rate Tax Exempt Mortgage Note Due 2028 | Secured Debt [Member] | ||
Secured notes payable | $ 30,700 | 32,400 |
Notes payable, effective interest rate | 2.28% | |
Debt Instrument, Maturity Date | Jun. 15, 2028 | |
Secured Notes 1.25% Floating Rate [Member] | Secured Debt [Member] | ||
Secured notes payable | $ 175,000 | 175,000 |
Minimum [Member] | Secured Notes 1.25% to 5.77% Conventional Mortgage Notes Due 2018 to 2045 [Member] [Member] | Secured Debt [Member] | ||
Notes payable, effective interest rate | 1.25% | |
Debt Instrument, Maturity Date | Oct. 01, 2018 | |
Minimum [Member] | Secured Notes 1.25% Floating Rate [Member] | Secured Debt [Member] | ||
Notes payable, effective interest rate | 1.25% | |
Maximum [Member] | Secured Notes 1.25% to 5.77% Conventional Mortgage Notes Due 2018 to 2045 [Member] [Member] | Secured Debt [Member] | ||
Notes payable, effective interest rate | 5.77% | |
Debt Instrument, Maturity Date | Sep. 01, 2045 | |
Short-term Debt [Member] | Commercial Banks [Member] | ||
Unsecured Debt | $ 0 | 19,000 |
Unsecured Credit Facility [Member] | Commercial Banks [Member] | ||
Unsecured Debt | $ 0 | $ 225,000 |
Notes Payable (Narrative) (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Aug. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
yr
|
Dec. 31, 2015
USD ($)
|
|
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 15,700 | $ 18,600 | |
Unsecured Debt | 1,583,236 | 1,824,930 | |
Total notes payable | $ 2,480,600 | 2,724,700 | |
Weighted average interest rate on floating rate debt | 4.40% | ||
Weighted average maturity of indebtedness (including unsecured credit facility and unsecured short-term borrowings) (in years) | yr | 4.9 | ||
Letter Of Credit [Member] | |||
Maximum Ability to Issue Letters of Credit Under Unsecured Credit Facility | $ 50,000 | ||
Outstanding balance under credit facility | 12,700 | ||
Senior Unsecured Notes [Member] | |||
Unsecured Debt | 1,583,200 | 1,580,900 | |
Commercial Banks [Member] | |||
Unsecured Debt | 0 | 244,000 | |
Commercial Banks [Member] | Short-term Debt [Member] | |||
Unsecured Debt | 0 | 19,000 | |
Commercial Banks [Member] | Unsecured Credit Facility [Member] | |||
Unsecured Debt | 0 | 225,000 | |
Unsecured Credit Facility [Member] | |||
Value not exceeding the amount available under the unsecured credit facility | 300,000 | ||
Amount of current borrowing capacity under unsecured credit facility | $ 500,000 | 600,000 | |
Maximum borrowing capacity under unsecured credit facility | $ 900,000 | ||
Terms Of Bid Rate Loans | 180 | ||
Available amount under unsecured credit facility | $ 587,300 | ||
Unsecured Credit Facility, Expiration Date | Sep. 22, 2015 | Aug. 07, 2019 | |
Option to extend the period of unsecured credit facility | August 2020 | ||
Floating Rate Notes Payable [Member] | |||
Total notes payable | $ 205,700 | $ 451,400 | |
Weighted average interest rate on floating rate debt | 1.40% | 1.20% |
Notes Payable (Scheduled Repayments On Outstanding Debt) (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
|||||
---|---|---|---|---|---|---|
2017 | $ 276.0 | [1] | ||||
2018 | 173.8 | |||||
2019 | 643.2 | |||||
2020 | (1.1) | [2] | ||||
2021 | 249.1 | |||||
Thereafter | 1,139.6 | [1] | ||||
Total notes payable | $ 2,480.6 | |||||
Weighted Average Interest Rate | 4.40% | |||||
Maturities Due In 2017 [Member] | ||||||
Weighted Average Interest Rate | 5.40% | [1] | ||||
Maturities Due In 2018 [Member] | ||||||
Weighted Average Interest Rate | 1.20% | |||||
Maturities Due In 2019 [Member] | ||||||
Weighted Average Interest Rate | 5.40% | |||||
Maturities Due In 2020 [Member] | ||||||
Weighted Average Interest Rate | 0.00% | [2] | ||||
Maturities due in 2021 [Member] | ||||||
Weighted Average Interest Rate | 4.80% | |||||
Maturities Due Thereafter [Member] | ||||||
Weighted Average Interest Rate | 4.00% | [1] | ||||
|
Share-Based Compensation and Benefit Plans (Narrative) (Details) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
shares
|
Dec. 31, 2016
USD ($)
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 202,993 | 53,358 | 375,316 | |
Granted, Options Outstanding | shares | 12,854 | 26,752 | 84,452 | |
Total compensation cost for option and share awards | $ 21,300,000 | $ 18,600,000 | $ 16,000,000 | |
Total capitalized compensation cost for option and share awards | $ 3,800,000 | $ 3,500,000 | 2,700,000 | |
Percentage Of Market Value Per Share At Which Shares Purchased Under Employee Share Purchase Plan | 85.00% | |||
Employee Share Purchase Plan, Maximum Authorized Amount Per Participant | $ 25,000 | |||
Share Awards Held In Employee Trust Shares | shares | 1,800,000 | 1,800,000 | ||
Share Awards Held In Non Qualified Deferred Compensation Plan Shares | $ 34,500,000 | $ 37,100,000 | ||
Cash Required By Plan Participants Upon Withdrawal | $ 22,700,000 | $ 23,600,000 | ||
Share Awards Held In Non Qualified Deferred Compensation Plan Shares | shares | 1,100,000 | 1,300,000 | ||
Trading Securities Held In Non Qualified Deferred Compensation Plan Value | $ 59,500,000 | $ 30,800,000 | ||
Defined Contribution Plan, Cost Recognized | $ 2,700,000 | $ 2,600,000 | $ 2,200,000 | |
Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 200,000 | 100,000 | 400,000 | |
Total intrinsic value of options exercised during the period | $ 8,900,000 | $ 2,000,000 | $ 7,400,000 | |
Remaining weighted average contractual life (years) outstanding options | 2 years | |||
Remaining weighted average contractual life (years) exercisable options | 2 years | |||
Allocated Share-based Compensation Expense | $ 100,000 | 200,000 | 300,000 | |
Share Awards and Vesting [Member] | ||||
Total unrecognized compensation cost related to unvested options which is expected to be amortized | 25,700,000 | |||
Fair value of shares vested | $ 27,200,000 | $ 19,200,000 | $ 17,100,000 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||
Minimum [Member] | Share Awards and Vesting [Member] | ||||
Vesting period, years | 3 years | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||
Maximum [Member] | Share Awards and Vesting [Member] | ||||
Vesting period, years | 5 years | |||
2011 Share Incentive Plan [Member] | ||||
Total fungible units to be issued | shares | 9,100,000 | 3,600,000 | ||
Units available under the 2011 Share Plan | shares | 5,800,000 | |||
Fungible units transferred from the 2002 Share Plan to the 2011 Share Plan | shares | 3,300,000 | |||
Fungible Units To Full Value Award Conversion Ratio | 3.45 | |||
Full Value award in the fungible unit conversion ratio | shares | 1.0 | |||
Expiration value of option right or other award | 0.83 | |||
Common shares which could be granted pursuant to full value awards | shares | 1,100,000 |
Share-Based Compensation and Benefit Plans (Summary Of Share Options Outstanding And Exercisable) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Outstanding Options, Number | 105,066 | [1] | 295,205 | 321,811 | 634,361 | ||
Outstanding Options, Weighted Average Price | $ 48.27 | $ 42.49 | $ 38.97 | $ 41.59 | |||
Aggregate intrinsic value of outstanding options | $ 3.8 | ||||||
Aggregate Intrinsic Value of Exercisable Options | $ 3.8 | ||||||
Exercise Price Thirty Point Zero Six Member [Domain] | |||||||
Range of exercise prices, minimum | $ 30.06 | ||||||
Range of exercise prices, maximum | $ 30.06 | ||||||
Exercisable Options, Number | 65,460 | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 30.06 | ||||||
Range Of Exercise Prices Forty One Point One Six To Forty Three Point Nine Four [Domain] | |||||||
Range of exercise prices, minimum | 75.17 | ||||||
Range of exercise prices, maximum | $ 75.17 | ||||||
Exercisable Options, Number | 26,752 | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 75.17 | ||||||
Range Of Exercise Prices Forty Eight Point Zero Two To Seventy five Point Seventeen Member [Domain] | |||||||
Range of exercise prices, minimum | 85.05 | ||||||
Range of exercise prices, maximum | $ 85.05 | ||||||
Exercisable Options, Number | 12,854 | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 85.05 | ||||||
|
Share-Based Compensation and Benefit Plans (Summary Of Share Incentive Plans) (Details) - $ / shares |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Outstanding Options, Number | 295,205 | 321,811 | 634,361 | |||
Granted, Options Outstanding | 12,854 | 26,752 | 84,452 | |||
Exercised/Vested, Options Outstanding | (202,993) | (53,358) | (375,316) | |||
Forfeited, Options Outstanding | 0 | 0 | (21,686) | |||
Outstanding Options, Number | 105,066 | [1] | 295,205 | 321,811 | ||
Weighted Average Exercise/Grant Price, balance | $ 42.49 | $ 38.97 | $ 41.59 | |||
Granted, Weighted Average Exercise/Grant Price | 85.05 | 75.17 | 64.75 | |||
Exercised/Vested, Weighted Average Exercise/Grant Price | 42.19 | 37.69 | 47.85 | |||
Forfeited, Weighted Average Exercise/Grant Price | 0.00 | 0.00 | 62.32 | |||
Weighted Average Exercise/Grant Price, balance | $ 48.27 | $ 42.49 | $ 38.97 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||||
Nonvested share awards outstanding, Share Awards Outstanding | 750,246 | 818,943 | 831,298 | |||
Granted, Share Awards Outstanding | 270,978 | 257,749 | 314,614 | |||
Exercised/Vested, Share Awards Outstanding | (398,492) | (313,628) | (305,372) | |||
Forfeited, Share Awards Outstanding | (18,245) | (12,818) | (21,597) | |||
Nonvested share awards outstanding, Share Awards Outstanding | 604,487 | 750,246 | 818,943 | |||
Nonvested share awards outstanding, Weighted Average Exercise/Grant Price | $ 68.09 | $ 63.39 | $ 59.77 | |||
Granted, Weighted Average Exercise/Grant Price | 74.92 | 74.53 | 65.78 | |||
Exercised/Vested, Weighted Average Exercise/Grant Price | 68.16 | 61.10 | 55.97 | |||
Forfeited, Weighted Average Exercise/Grant Price | 70.63 | 67.96 | 64.14 | |||
Nonvested share awards outstanding, Weighted Average Exercise/Grant Price | $ 71.03 | $ 68.09 | $ 63.39 | |||
|
Share-Based Compensation and Benefit Plans (Employee Share Purchase Plan Activity) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation [Abstract] | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 20,797 | 14,655 | 25,728 |
Weighted Average Fair Value Of Shares Purchased Under Employee Share Purchase Plan | $ 82.33 | $ 74.66 | $ 71.19 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 0.4 | $ 0.2 | $ 0.5 |
Share-Based Compensation and Benefit Plans (Deferred Compensation Plan Shares Table) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share Based Compensation Awards (Deferred Compensation Plan Awards) Table [Abstract] | |||
Non-qualified deferred compensation share awards | $ 79,364 | $ 68,134 | |
Change in classification | 13,956 | 10,999 | $ 7,702 |
Change in redemption value | 9,145 | 3,788 | 17,921 |
Diversification of share awards | (25,428) | (3,557) | (4,669) |
Non-qualified deferred compensation share awards | $ 77,037 | $ 79,364 | $ 68,134 |
Share-Based Compensation and Benefit Plans (Schedule of share-based payment award, stock options, valuation assumptions) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 18.00% | 16.50% | 22.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 18.00% | 18.80% | 23.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.90% | 1.00% | 0.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.90% | 1.30% | 1.10% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.71 | $ 5.52 | $ 3.55 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.80% | 3.50% | 3.50% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | 3 years | 6 months |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.71 | $ 7.38 | $ 8.17 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.80% | 3.70% | 3.50% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | 4 years | 4 years |
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
Current Fiscal Year End Date | --12-31 | |||||
Deferred compensation plan investments | $ 80,600 | [1] | $ 53,600 | |||
Participant Withdrawals From Deferred Compensation Plan Investments | 8,300 | 8,400 | ||||
Diversification of share awards within deferred compensation plan (Equity) | 25,428 | 3,557 | $ 4,669 | |||
Level 1 [Member] | ||||||
Deferred compensation plan investments | 80,600 | 53,600 | ||||
Level 2 [Member] | ||||||
Deferred compensation plan investments | 0 | 0 | ||||
Level 3 [Member] | ||||||
Deferred compensation plan investments | $ 0 | $ 0 | ||||
|
Fair Value Measurements (Fair Value Of Notes Payable) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Current Fiscal Year End Date | --12-31 | |
Carrying Value | $ 2,480.6 | $ 2,724.7 |
Fixed Rate Notes Payable [Member] | ||
Carrying Value | 2,274.9 | 2,273.3 |
Estimated Fair Value | 2,347.0 | 2,358.8 |
Floating Rate Notes Payable [Member] | ||
Carrying Value | 205.7 | 451.4 |
Estimated Fair Value | $ 200.5 | $ 441.3 |
Fair Value Measurements (Narrative) (Details) - USD ($) |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Non-recurring fair value measurements [Abstract] | ||
Fair Value Adjustments, Nonrecurring | $ 0 | $ 0 |
Net Change In Operating Accounts (Effect Of Changes In The Operating Accounts On Cash Flows From Operating Activities) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Increase (Decrease) in Operating Capital [Abstract] | |||
Other assets, net | $ (3,551) | $ (1,687) | $ (1,951) |
Accounts payable and accrued expenses | (2,309) | (15,478) | 19,342 |
Accrued real estate taxes | 5,526 | 6,386 | 4,025 |
Other liabilities | (2,361) | 2,245 | (1,701) |
Other | 2,976 | 2,773 | 2,583 |
Change in operating accounts and other | $ 281 | $ (5,761) | $ 22,298 |
Commitments And Contingencies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Number of consolidated projects under construction | 7 | ||
Anticipated expenditures relating to completion of construction type contracts | $ 240.6 | ||
Earnest Money Deposits | 0.6 | ||
Rental expense | 4.1 | $ 3.4 | $ 3.0 |
Minimum annual rental commitments, 2017 | 2.9 | ||
Minimum annual rental commitments, 2018 | 2.7 | ||
Minimum annual rental commitments, 2019 | 2.5 | ||
Minimum annual rental commitments, 2020 | 2.5 | ||
Minimum annual rental commitments, 2021 | 2.5 | ||
Minimum annual rental commitments, thereafter | $ 8.6 | ||
Partnership Interest [Member] | Maximum [Member] | |||
Less than joint venture economic interest noted | 100.00% |
Non-controlling Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
Non-controlling Interest [Line Items] | ||||||||||||||
Net income attributable to common shareholders | $ 40,893 | $ 290,898 | $ 446,302 | $ 41,730 | $ 60,593 | $ 37,044 | $ 36,079 | $ 115,599 | $ 819,823 | $ 249,315 | $ 292,089 | |||
Increase in equity for conversion of operating partnership units | 290 | 86 | 52 | |||||||||||
Decrease in additional paid-in capital for purchase of remaining non-controlling ownership interests in two consolidated joint ventures | 0 | (9,480) | [1] | 0 | ||||||||||
Change in common equity and net transfers from non-controlling interests | $ 820,113 | $ 239,921 | $ 292,141 | |||||||||||
|
Quarterly Financial Data (unaudited) (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
$ / shares
|
Sep. 30, 2016
USD ($)
$ / shares
|
Jun. 30, 2016
USD ($)
$ / shares
|
Mar. 31, 2016
USD ($)
$ / shares
|
Dec. 31, 2015
USD ($)
$ / shares
|
Sep. 30, 2015
USD ($)
$ / shares
|
Jun. 30, 2015
USD ($)
$ / shares
|
Mar. 31, 2015
USD ($)
$ / shares
|
Dec. 31, 2016
USD ($)
$ / shares
|
Dec. 31, 2015
USD ($)
$ / shares
|
Dec. 31, 2014
USD ($)
$ / shares
|
|||||||||||||||||
Current Fiscal Year End Date | --12-31 | ||||||||||||||||||||||||||
Revenues | $ | $ 217,139 | $ 220,235 | $ 221,478 | $ 217,595 | $ 214,985 | $ 212,593 | $ 206,432 | $ 201,608 | $ 876,447 | $ 835,618 | $ 790,263 | ||||||||||||||||
Net income attributable to common shareholders | $ | $ 40,893 | $ 290,898 | $ 446,302 | $ 41,730 | $ 60,593 | $ 37,044 | $ 36,079 | $ 115,599 | $ 819,823 | $ 249,315 | $ 292,089 | ||||||||||||||||
Total earnings per common share - basic | $ / shares | $ 0.45 | $ 3.23 | [1] | $ 4.94 | [2] | $ 0.46 | $ 0.67 | [3] | $ 0.41 | $ 0.40 | $ 1.29 | [4] | $ 9.08 | [5] | $ 2.77 | [5] | $ 3.29 | ||||||||||
Total earnings per common share - diluted | $ / shares | $ 0.45 | $ 3.21 | [1] | $ 4.92 | [2] | $ 0.46 | $ 0.67 | [3] | $ 0.41 | $ 0.40 | $ 1.27 | [4] | $ 9.05 | [5] | $ 2.76 | [5] | $ 3.27 | ||||||||||
Gain (Loss) on Sale of Properties | $ | $ 262,719 | $ 32,235 | $ 18,870 | $ 85,192 | |||||||||||||||||||||||
Income loss due to disposition of operating properties per basic share | $ / shares | $ 2.93 | $ 0.36 | $ 0.21 | $ 0.96 | |||||||||||||||||||||||
Income loss due to disposition of operating properties per diluted share | $ / shares | $ 2.92 | $ 0.36 | $ 0.21 | $ 0.94 | |||||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||||||||||||
Gain (Loss) on Sale of Properties | $ | $ 294,900 | $ 104,000 | $ 155,700 | ||||||||||||||||||||||||
Number of operating properties sold | 6 | 5 | 1 | 3 | 2 | 6 | 3 | 5 | |||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Camden Providence Lakes [Member] | |||||||||||||||||||||||||||
Number of operating properties sold | 1 | 1 | |||||||||||||||||||||||||
Dual-Phase Property Sale [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||||||||||||||
Number of operating properties sold | 1 | 1 | 1 | ||||||||||||||||||||||||
|
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 958,240,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,684,649,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 733,801,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 958,240,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 6,418,450,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 7,376,690,000 | $ 7,387,597,000 | $ 6,998,233,000 | $ 6,655,139,000 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,890,656,000 | $ 1,780,694,000 | $ 1,557,004,000 | $ 1,477,147,000 |
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 5,486,034,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 897,352,000 | |||
Current Communities [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 958,240,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,162,501,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 733,801,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 958,240,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 5,896,302,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 6,854,542,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,888,883,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 4,965,659,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 897,352,000 | |||
Current Communities [Member] | Camden Chandler [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,511,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 62,435,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 11,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,511,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 62,446,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 67,957,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 4,247,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 63,710,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2016 | |||
Current Communities [Member] | Camden Copper Square [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,825,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,672,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,033,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,825,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 30,705,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 35,530,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,530,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 19,000,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2000 | |||
Current Communities [Member] | Camden Foothills [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 11,006,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,712,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,006,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 33,713,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 44,719,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,381,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 41,338,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2014 | |||
Current Communities [Member] | Camden Hayden [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 9,248,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,255,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 18,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,248,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 35,273,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 44,521,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,948,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 41,573,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2015 | |||
Current Communities [Member] | Camden Legacy [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,068,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,612,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 12,341,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,068,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 38,953,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 43,021,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 23,323,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 19,698,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1998 | |||
Current Communities [Member] | Camden Montierra [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 13,687,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,727,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,020,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,687,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 36,747,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 50,434,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 6,095,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 44,339,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Pecos Ranch [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,362,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,492,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,836,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,362,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 29,328,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 32,690,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 6,611,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 26,079,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden San Marcos [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 11,520,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,166,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,445,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,520,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 40,611,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 52,131,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 6,921,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 45,210,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden San Paloma [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 6,480,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,045,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,925,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,480,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,970,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 38,450,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 15,154,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 23,296,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2002 | |||
Current Communities [Member] | Camden Sotelo [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,376,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,576,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 802,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,376,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,378,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 34,754,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,965,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 30,789,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2013 | |||
Current Communities [Member] | Camden Crown Valley [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 9,381,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 54,210,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 9,377,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,381,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 63,587,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 72,968,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 29,769,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 43,199,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2001 | |||
Current Communities [Member] | Camden Glendale [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 21,492,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 93,554,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 20,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 21,492,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 93,574,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 115,066,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 6,270,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 108,796,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2015 | |||
Current Communities [Member] | Camden Harbor View [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 16,079,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 127,459,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 15,608,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 16,079,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 143,067,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 159,146,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 55,185,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 103,961,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 92,562,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2003 | |||
Current Communities [Member] | Camden Main Jamboree [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 17,363,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,387,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,394,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 17,363,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 76,781,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 94,144,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,182,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 77,962,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 47,573,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2008 | |||
Current Communities [Member] | Camden Martinique [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 28,401,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,861,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 18,959,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 28,401,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 70,820,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 99,221,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 39,941,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 59,280,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 30,691,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1998 | |||
Current Communities [Member] | Camden Sea Palms [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,336,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,930,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,961,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,336,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,891,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 18,227,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,110,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 10,117,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1998 | |||
Current Communities [Member] | The Camden [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 18,286,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 115,376,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 18,286,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 115,379,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 133,665,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,189,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 130,476,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2016 | |||
Current Communities [Member] | Camden Landmark [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 17,339,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,315,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,798,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 17,339,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 73,113,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 90,452,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 11,721,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 78,731,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Old Creek [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 20,360,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,777,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,506,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 20,360,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 74,283,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 94,643,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 23,303,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 71,340,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2007 | |||
Current Communities [Member] | Camden Sierra At Otay Ranch [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 10,585,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,781,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,091,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,585,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 54,872,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 65,457,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 23,362,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 42,095,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2003 | |||
Current Communities [Member] | Camden Tuscany [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,330,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,466,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,423,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,330,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 40,889,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 44,219,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,895,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 27,324,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2003 | |||
Current Communities [Member] | Camden Vineyards [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,367,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,494,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,137,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,367,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,631,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 35,998,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 14,234,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 21,764,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2002 | |||
Current Communities [Member] | Camden Belleview Station [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 8,091,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,003,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,579,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,091,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 45,582,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 53,673,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 6,840,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 46,833,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Caley [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,047,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,445,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,064,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,047,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 23,509,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 25,556,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 11,661,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 13,895,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 15,326,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2000 | |||
Current Communities [Member] | Camden Denver West [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 6,396,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,552,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,835,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,396,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 59,387,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 65,783,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,016,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 57,767,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Flatirons [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 6,849,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 72,493,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 20,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,849,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 72,513,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 79,362,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 6,833,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 72,529,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2015 | |||
Current Communities [Member] | Camden Highlands Ridge [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,612,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,726,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 12,041,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,612,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 46,767,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 49,379,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 23,600,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 25,779,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1996 | |||
Current Communities [Member] | Camden Interlocken [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 5,293,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,612,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 10,057,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,293,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 41,669,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 46,962,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 21,790,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 25,172,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 27,386,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1999 | |||
Current Communities [Member] | Camden Lakeway [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,915,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,129,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 14,000,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,915,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 48,129,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 52,044,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 25,949,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 26,095,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 29,219,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1997 | |||
Current Communities [Member] | Camden Ashburn Farms [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,835,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,604,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,573,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,835,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 25,177,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 30,012,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 9,042,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 20,970,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden College Park [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 16,409,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 91,503,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,398,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 16,409,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 98,901,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 115,310,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 19,027,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 96,283,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2008 | |||
Current Communities [Member] | Camden Dulles Station [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 10,807,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,548,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,376,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,807,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 64,924,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 75,731,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 18,163,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 57,568,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2008 | |||
Current Communities [Member] | Camden Fair Lakes [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 15,515,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 104,223,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 10,403,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 15,515,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 114,626,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 130,141,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 40,501,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 89,640,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Fairfax Corner [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 8,484,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 72,953,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,130,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,484,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 81,083,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 89,567,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 26,850,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 62,717,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2006 | |||
Current Communities [Member] | Camden Fallsgrove [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 9,408,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,647,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,788,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,408,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 48,435,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 57,843,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 17,834,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 40,009,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Grand Parc [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 7,688,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,900,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,401,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,688,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 38,301,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 45,989,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,396,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 32,593,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Landsdowne [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 15,502,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,267,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,473,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 15,502,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 110,740,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 126,242,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 39,777,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 86,465,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Largo Town Center [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 8,411,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,163,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,549,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,411,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 47,712,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 56,123,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,852,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 39,271,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Monument Place [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 9,030,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 54,089,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,464,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,030,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 55,553,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 64,583,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 17,281,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 47,302,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2007 | |||
Current Communities [Member] | Camden NoMa [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 19,442,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 82,302,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 51,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 19,442,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 82,353,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 101,795,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 10,455,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 91,340,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2014 | |||
Current Communities [Member] | Camden Potomac Yard [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 16,498,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 88,317,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,478,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 16,498,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 89,795,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 106,293,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 26,233,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 80,060,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2008 | |||
Current Communities [Member] | Camden Roosevelt [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 11,470,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 45,785,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,267,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,470,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 47,052,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 58,522,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,956,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 41,566,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Russett [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 13,460,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,837,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,203,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,460,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 67,040,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 80,500,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 24,330,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 56,170,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 45,003,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Silo Creek [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 9,707,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 45,301,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,245,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,707,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 47,546,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 57,253,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 17,040,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 40,213,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Aventura [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 12,185,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,616,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 11,393,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,185,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 59,009,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 71,194,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 22,702,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 48,492,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Boca Raton [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,201,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,062,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 62,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,201,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 50,124,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 52,325,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 4,723,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 47,602,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2014 | |||
Current Communities [Member] | Camden Brickell [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 14,621,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,031,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 11,728,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 14,621,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 68,759,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 83,380,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 25,949,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 57,431,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Doral [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 10,260,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,416,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,527,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,260,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 46,943,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 57,203,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,683,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 40,520,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Doral Villas [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 6,476,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,543,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,659,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,476,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 32,202,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 38,678,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 11,988,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 26,690,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Las Olas [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 12,395,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 79,518,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 9,380,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,395,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 88,898,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 101,293,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 32,491,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 68,802,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Plantation [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 6,299,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,964,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,533,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,299,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 86,497,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 92,796,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 31,702,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 61,094,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Portofino [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 9,867,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 38,702,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,706,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,867,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 44,408,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 54,275,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,319,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 37,956,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Hunters Creek [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,156,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,925,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,145,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,156,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 26,070,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 30,226,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 9,747,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 20,479,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Lago Vista [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,497,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,623,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,481,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,497,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,104,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 37,601,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 12,642,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 24,959,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden LaVina [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 12,907,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,617,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 209,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,907,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,826,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 55,733,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 9,653,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 46,080,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Lee Vista [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,350,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,643,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,117,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,350,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 40,760,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 45,110,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 21,084,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 24,026,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2000 | |||
Current Communities [Member] | Camden Orange Court [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 5,319,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,733,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,636,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,319,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 43,369,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 48,688,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 12,631,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 36,057,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2008 | |||
Current Communities [Member] | Camden Town Square [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 13,127,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 45,997,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 175,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,127,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 46,172,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 59,299,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,758,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 50,541,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden World Gateway [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 5,785,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,821,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,464,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,785,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 59,285,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 65,070,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 20,801,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 44,269,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Bay [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 7,450,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,283,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 12,145,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,450,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 75,428,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 82,878,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 37,207,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 45,671,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1998/2002 | |||
Current Communities [Member] | Camden Montague [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,576,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,534,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 184,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,576,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 16,718,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 20,294,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,821,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 16,473,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Preserve [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,206,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,982,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,447,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,206,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 25,429,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 26,635,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 14,567,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 12,068,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1997 | |||
Current Communities [Member] | Camden Royal Palms [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,147,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 38,339,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,758,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,147,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 41,097,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 43,244,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 12,789,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 30,455,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2007 | |||
Current Communities [Member] | Camden Westchase Park [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 11,955,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,254,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 169,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,955,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 36,423,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 48,378,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,287,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 41,091,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Brookwood [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 7,174,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,984,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,438,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,174,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 39,422,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 46,596,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 15,322,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 31,274,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 22,590,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Creekstone [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 5,017,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,912,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,067,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,017,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 21,979,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 26,996,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,532,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 23,464,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Deerfield [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,895,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,922,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,955,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,895,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 28,877,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 33,772,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 11,072,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 22,700,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 19,191,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Dunwoody [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 5,290,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,642,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,056,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,290,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,698,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 36,988,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 12,410,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 24,578,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 21,136,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Fourth Ward [Member] [Domain] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 10,477,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,258,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 462,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,477,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 51,720,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 62,197,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 4,810,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 57,387,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2014 | |||
Current Communities [Member] | Camden Midtown Atlanta [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 6,196,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,828,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 9,290,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,196,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 43,118,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 49,314,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 15,596,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 33,718,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 20,534,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Paces [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 15,262,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 102,377,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 124,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 15,262,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 102,501,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 117,763,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,789,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 108,974,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2015 | |||
Current Communities [Member] | Camden Peachtree City [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 6,536,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,063,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,459,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,536,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 35,522,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 42,058,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,187,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 28,871,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Shiloh [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,181,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,798,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,130,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,181,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 23,928,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 28,109,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 9,352,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 18,757,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 10,483,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden St Clair [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 7,526,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,486,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,278,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,526,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,764,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 42,290,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,860,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 28,430,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 21,614,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Stockbridge [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 5,071,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,693,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,837,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,071,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 26,530,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 31,601,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 10,234,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 21,367,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 14,311,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Vantage [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 11,787,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 68,822,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,226,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,787,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 71,048,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 82,835,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 9,245,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 73,590,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2013 | |||
Current Communities [Member] | Camden Ballantyne [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,503,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,250,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,866,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,503,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 38,116,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 42,619,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 15,357,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 27,262,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 25,986,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Cotton Mills [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,246,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,147,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,918,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,246,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 25,065,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 29,311,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 10,341,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 18,970,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Dilworth [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 516,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,633,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,195,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 516,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 18,828,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 19,344,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 6,611,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 12,733,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 13,053,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2006 | |||
Current Communities [Member] | Camden Fairview [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,283,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,223,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,939,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,283,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 11,162,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 12,445,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 5,098,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 7,347,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Foxcroft [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,408,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,919,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,099,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,408,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 12,018,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 13,426,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 5,483,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 7,943,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Foxcroft II [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,152,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,499,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,489,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,152,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 8,988,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 10,140,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,723,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 6,417,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Grandview [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 7,570,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,859,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,128,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,570,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 41,987,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 49,557,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,267,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 33,290,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Sedgebrook [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 5,266,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,211,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,003,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,266,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 36,214,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 41,480,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 14,502,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 26,978,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 21,274,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden South End Square [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 6,625,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,175,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,732,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,625,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 37,907,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 44,532,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,976,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 30,556,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Stonecrest [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,941,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,021,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,776,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,941,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 27,797,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 31,738,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 11,479,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 20,259,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Touchstone [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,203,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,772,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,925,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,203,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 9,697,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 10,900,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 4,581,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 6,319,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Crest [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,412,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,108,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,551,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,412,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 36,659,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 41,071,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,417,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 27,654,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Governors Village [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,669,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,508,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,566,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,669,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 24,074,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 27,743,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 9,404,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 18,339,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 12,984,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Lake Pine [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 5,746,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,714,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,333,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,746,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 40,047,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 45,793,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 15,924,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 29,869,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 26,172,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Manor Park [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,535,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,159,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,448,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,535,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 49,607,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 52,142,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 17,650,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 34,492,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 29,631,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2006 | |||
Current Communities [Member] | Camden Overlook [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,591,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,563,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,409,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,591,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 33,972,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 38,563,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,724,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 24,839,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Reunion Park [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,302,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,457,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,037,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,302,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 24,494,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 27,796,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 9,797,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 17,999,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 19,931,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Westwood [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,567,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,519,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,037,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,567,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 30,556,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 35,123,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 11,839,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 23,284,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 19,878,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Cedar Hills [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,684,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,931,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 696,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,684,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 21,627,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 24,311,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 6,893,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 17,418,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2008 | |||
Current Communities [Member] | Camden Gaines Ranch [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 5,094,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,100,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 9,595,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,094,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 46,695,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 51,789,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 17,738,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 34,051,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2005 | |||
Current Communities [Member] | Camden Huntingdon [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,289,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,393,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 9,781,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,289,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 27,174,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 29,463,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,392,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 13,071,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1995 | |||
Current Communities [Member] | Camden La Frontera [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 32,376,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,250,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 32,383,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 35,633,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 3,377,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 32,256,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2015 | |||
Current Communities [Member] | Camden Lamar Heights [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,988,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,773,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 34,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,988,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,807,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 46,795,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 4,359,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 42,436,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2015 | |||
Current Communities [Member] | Camden Stoneleigh [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,498,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,285,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,578,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,498,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 38,863,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 42,361,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 14,188,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 28,173,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2006 | |||
Current Communities [Member] | Camden Breakers [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,055,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,024,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 9,004,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,055,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,028,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 23,083,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,403,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 9,680,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1996 | |||
Current Communities [Member] | Camden Copper Ridge [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,204,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,180,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,508,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,204,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 17,688,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 18,892,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,757,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 5,135,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1993 | |||
Current Communities [Member] | Camden Miramar [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 38,784,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 21,083,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 59,867,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 59,867,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 25,274,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 34,593,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1994-2014 | |||
Current Communities [Member] | Camden Addison [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 11,516,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,332,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,250,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,516,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 36,582,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 48,098,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,298,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 39,800,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Belmont [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 12,521,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 61,522,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,227,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,521,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 63,749,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 76,270,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 10,514,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 65,756,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Buckingham [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,704,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,251,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 9,438,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,704,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 30,689,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 33,393,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 17,237,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 16,156,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1997 | |||
Current Communities [Member] | Camden Centreport [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,613,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,644,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,240,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,613,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 18,884,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 20,497,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 10,497,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 10,000,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1997 | |||
Current Communities [Member] | Camden Cimarron [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,231,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,092,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,115,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,231,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 21,207,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 23,438,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,663,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 9,775,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1997 | |||
Current Communities [Member] | Camden Farmers Market [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 17,341,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 74,193,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 18,121,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 17,341,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 92,314,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 109,655,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 41,654,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 68,001,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 50,643,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2001/2005 | |||
Current Communities [Member] | Camden Henderson [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,842,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,256,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 335,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,842,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 15,591,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 19,433,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,969,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 16,464,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Legacy Creek [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,052,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,896,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,212,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,052,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 19,108,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 21,160,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 11,448,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 9,712,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1997 | |||
Current Communities [Member] | Camden Legacy Park [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,560,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,449,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7,279,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,560,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,728,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 25,288,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,368,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 11,920,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 13,843,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1997 | |||
Current Communities [Member] | Camden Valley Park [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 3,096,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,667,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 13,924,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,096,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 28,591,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 31,687,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 26,535,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 5,152,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1994 | |||
Current Communities [Member] | Camden Victory Park [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 13,445,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,113,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,445,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 71,115,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 84,560,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,432,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 82,128,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2016 | |||
Current Communities [Member] | Camden City Centre [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,976,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,735,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,318,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,976,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 47,053,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 52,029,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 14,801,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 37,228,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 33,749,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2007 | |||
Current Communities [Member] | Camden City Centre II [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 5,101,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,131,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 52,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,101,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 28,183,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 33,284,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 5,304,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 27,980,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2013 | |||
Current Communities [Member] | Camden Greenway [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 16,916,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,933,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 18,563,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 16,916,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 62,496,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 79,412,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 33,584,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 45,828,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 52,320,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1999 | |||
Current Communities [Member] | Camden Holly Springs [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 11,108,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,852,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 10,939,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,108,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 53,791,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 64,899,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 11,147,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 53,752,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Midtown [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,583,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,026,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 9,292,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,583,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 27,318,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 31,901,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 15,458,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 16,443,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 28,020,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1999 | |||
Current Communities [Member] | Camden Oak Crest [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 2,078,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,941,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,256,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,078,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 26,197,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 28,275,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 11,560,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 16,715,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 17,295,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2003 | |||
Current Communities [Member] | Camden Park [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 4,922,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,453,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,906,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,922,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 21,359,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 26,281,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 4,359,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 21,922,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Plaza [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 7,204,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,044,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,774,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,204,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 32,818,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 40,022,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 6,912,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 33,110,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 20,288,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2007 | |||
Current Communities [Member] | Camden Post Oak [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 14,056,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 92,515,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 11,936,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 14,056,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 104,451,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 118,507,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13,277,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 105,230,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2013 | |||
Current Communities [Member] | Camden Royal Oaks [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,055,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,046,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,369,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,055,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 21,415,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 22,470,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,796,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 14,674,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2006 | |||
Current Communities [Member] | Camden Royal Oaks II [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 587,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,743,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 16,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 587,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 12,759,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 13,346,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2,760,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 10,586,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Stonebridge [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,016,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,137,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,162,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,016,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 12,299,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 13,315,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,942,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 5,373,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1993 | |||
Current Communities [Member] | Camden Sugar Grove [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 7,614,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,594,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,728,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,614,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 30,322,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 37,936,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 5,784,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 32,152,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2012 | |||
Current Communities [Member] | Camden Travis Street [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,780,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,104,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 784,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,780,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 29,888,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 31,668,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,306,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 23,362,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 21,598,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2010 | |||
Current Communities [Member] | Camden Vanderbilt [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 16,076,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,918,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 21,333,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 16,076,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 66,251,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 82,327,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 41,401,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 40,926,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 73,068,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 1994/1997 | |||
Current Communities [Member] | Camden Whispering Oaks [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 1,188,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,242,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,149,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,188,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 27,391,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 28,579,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 8,608,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 19,971,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | 2008 | |||
Construction Communities [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 391,493,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 391,493,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 391,493,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,773,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 389,720,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||
Construction Communities [Member] | Camden Gallery [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 58,444,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 58,444,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 58,444,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1,527,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 56,917,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Construction Communities [Member] | Camden Lincoln Station [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 50,521,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 50,521,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 50,521,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 239,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 50,282,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Construction Communities [Member] | Camden NoMa II [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 99,254,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 99,254,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 99,254,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 99,254,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Construction Communities [Member] | Camden Shady Grove [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 90,345,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 90,345,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 90,345,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 7,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 90,338,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Construction Communities [Member] | Camden McGowen Station [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 35,646,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 35,646,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 35,646,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 35,646,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Construction Communities [Member] | Camden Washingtonian [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 31,753,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,753,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 31,753,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 31,753,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Construction Communities [Member] | Camden North End I [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 25,530,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 25,530,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 25,530,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 25,530,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Development Pipeline Communities [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 114,921,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 114,921,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 114,921,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 114,921,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||
Development Pipeline Communities [Member] | Camden Grandview II [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,073,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 6,073,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 6,073,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 6,073,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Development Pipeline Communities [Member] | Camden Buckhead [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 14,836,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 14,836,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 14,836,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 14,836,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Development Pipeline Communities [Member] | Camden RiNo [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 17,014,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 17,014,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 17,014,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 17,014,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Development Pipeline Communities [Member] | Camden Gallery II [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 998,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 998,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 998,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 998,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Development Pipeline Communities [Member] | Camden Arts District [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 16,770,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 16,770,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 16,770,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 16,770,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Development Pipeline Communities [Member] | Camden Conte [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 22,422,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,422,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 22,422,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 22,422,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Development Pipeline Communities [Member] | Camden North End II [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 11,457,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 11,457,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 11,457,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 11,457,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Development Pipeline Communities [Member] | Camden Atlantic [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 14,224,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 14,224,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 14,224,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 14,224,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Development Pipeline Communities [Member] | Camden Paces III [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | $ 11,127,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 11,127,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 11,127,000 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 11,127,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Land Holdings [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,058,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 11,058,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 11,058,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | ||||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 11,058,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Corporate [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,676,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,676,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 4,676,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | ||||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | $ 4,676,000 | |||
Real Estate And Accumulated Depreciation Construction Completion Or Acquisition Date | N/A | |||
Total Land Holdings and Corporate [Member] | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,734,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 15,734,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 15,734,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Real Estate And Accumulated Depreciation Total Cost Of Real Estate Assets Net Of Accumulated Depreciation | 15,734,000 | |||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 |
Schedule III - Real Estate and Accumulated Depreciation (Changes in Total Real Estate Assets and Accumulated Depreciation) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule III - Real Estate and Accumulated Depreciation [Abstract] | |||
Balance, beginning of period | $ 7,387,597 | $ 6,998,233 | $ 6,655,139 |
Acquisition of operating properties and unconsolidated joint ventures | 0 | 0 | 61,736 |
Development and repositions | 278,447 | 347,429 | 469,040 |
Improvements | 65,892 | 66,640 | 52,000 |
Cost of real estate sold – other | (355,246) | (24,705) | (172,475) |
Classification to held for sale | 0 | 0 | (67,207) |
Balance, end of period | 7,376,690 | 7,387,597 | 6,998,233 |
Balance, Beginning of period | 1,780,694 | 1,557,004 | 1,477,147 |
Depreciation of real estate assets | 243,403 | 233,955 | 213,964 |
Dispositions | (133,441) | (10,265) | (94,043) |
Transfers to held for sale | 0 | 0 | (40,064) |
Balance, End of period | 1,890,656 | $ 1,780,694 | $ 1,557,004 |
Real Estate, Federal Income Tax Basis | $ 6,200,000 |
Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule IV - Mortgage Loans on Real Estate [Line Items] | ||||
Federal Income Tax Basis | $ 17,224 | |||
Carrying amount of mortgages | $ 17,224 | $ 13,161 | $ 3,395 | $ 3,395 |
Interest Rate on Mortgage Loans | 4.10% | 4.10% | ||
Parking Garage, Developer Advances [Member] | ||||
Schedule IV - Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount of Mortgage Loans | $ 18,000 | |||
Carrying amount of mortgages | $ 17,224 | |||
Minimum [Member] | Parking Garage, Developer Advances [Member] | ||||
Schedule IV - Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate on Mortgage Loans | 4.00% | |||
Maximum [Member] | Parking Garage, Developer Advances [Member] | ||||
Schedule IV - Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate on Mortgage Loans | 7.00% |
Schedule IV - Mortgage Loans on Real Estate (Changes in Mortgage Loans) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Mortgage Loans on Real Estate [Abstract] | |||
Balance, beginning of period | $ 13,161 | $ 3,395 | $ 3,395 |
Advances under real estate loans | 7,458 | 9,766 | 0 |
Deductions | (3,395) | 0 | 0 |
Balance, end of period | $ 17,224 | $ 13,161 | $ 3,395 |
Label | Element | Value |
---|---|---|
Dividends Payable | us-gaap_DividendsPayableCurrentAndNoncurrent | $ 60,386,000 |
Dividends Payable | us-gaap_DividendsPayableCurrentAndNoncurrent | 64,275,000 |
Dividends Payable | us-gaap_DividendsPayableCurrentAndNoncurrent | $ 69,161,000 |
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