(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Exhibit Number | Title | ||||
Press Release issued by Camden Property Trust dated October 29, 2020. | |||||
Supplemental Financial Information dated October 29, 2020. | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Exhibit Number | Title | ||||
Press Release issued by Camden Property Trust dated October 29, 2020. | |||||
Supplemental Financial Information dated October 29, 2020. | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30 | September 30 | |||||||||||||
Per Diluted Share | 2020 | 2019 | 2020 | 2019 | ||||||||||
EPS | $0.35 | $0.44 | $0.95 | $1.26 | ||||||||||
FFO | $1.25 | $1.29 | $3.69 | $3.79 | ||||||||||
AFFO | $1.03 | $1.09 | $3.14 | $3.28 |
Quarterly Growth | Sequential Growth | Year-To-Date Growth | |||||||||
Same Property Results* | 3Q20 vs. 3Q19 | 3Q20 vs. 2Q20 | 2020 vs. 2019 | ||||||||
Revenues | 0.8% | 2.2% | 1.5% | ||||||||
Expenses | 4.7% | 4.9% | 2.4% | ||||||||
Net Operating Income ("NOI") | (1.3)% | 0.6% | 1.0% |
Same Property Results | 3Q20 | 3Q19 | 2Q20 | ||||||||
Occupancy | 95.6% | 96.3% | 95.2% |
Same Property Scheduled Rents* | October 2020 | October 2019 | 3Q20 | 3Q19 | ||||||||||
Collected | 98.1% | 98.2% | 99.4% | 98.3% | ||||||||||
Deferred/Payment Plan Arranged | —% | —% | —% | —% | ||||||||||
Delinquent | 1.9% | 1.8% | 0.6% | 1.7% |
New Lease and Renewal Data - Date Signed (1) (2) | October 2020* | October 2019 | 3Q20(2) | 3Q19(2) | ||||||||||
New Lease Rates | (3.1)% | (0.4)% | (3.0)% | 2.5% | ||||||||||
Renewal Rates | 3.0% | 5.0% | 1.7% | 5.1% | ||||||||||
Blended Rates | (0.8)% | 1.8% | (0.9)% | 3.7% | ||||||||||
New Leases | 1,248 | 1,415 | 1,760 | 1,686 | ||||||||||
Renewals | 838 | 995 | 1,467 | 1,418 | ||||||||||
Total Leases | 2,086 | 2,410 | 3,227 | 3,104 |
New Lease and Renewal Data - Date Effective (3) (4) | October 2020* | October 2019 | 3Q20(4) | 3Q19(4) | ||||||||||
New Lease Rates | (3.5)% | 0.4% | (2.4)% | 3.4% | ||||||||||
Renewal Rates | 2.1% | 4.7% | 0.6% | 5.4% | ||||||||||
Blended Rates | (1.0)% | 2.5% | (0.9)% | 4.4% | ||||||||||
New Leases | 1,698 | 1,487 | 1,943 | 2,003 | ||||||||||
Renewals | 1,338 | 1,379 | 2,087 | 2,106 | ||||||||||
Total Leases | 3,036 | 2,866 | 4,030 | 4,109 |
Occupancy and Turnover Data | October 2020* | October 2019 | 3Q20 | 3Q19 | ||||||||||
Occupancy | 95.4% | 96.1% | 95.6% | 96.3% | ||||||||||
Annualized Gross Turnover | 50% | 48% | 60% | 62% | ||||||||||
Annualized Net Turnover | 39% | 39% | 49% | 52% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 10/27/2020 | ||||||||||
Camden Downtown I | Houston, TX | 271 | $131.2 | 39 | % |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 10/27/2020 | ||||||||||
Camden RiNo | Denver, CO | 233 | $79.0 | 40 | % | |||||||||
Camden North End II | Phoenix, AZ | 343 | 90.0 | 1 | % | |||||||||
Camden Lake Eola | Orlando, FL | 360 | 125.0 | |||||||||||
Camden Buckhead | Atlanta, GA | 366 | 160.0 | |||||||||||
Camden Hillcrest | San Diego, CA | 132 | 95.0 | |||||||||||
Camden Atlantic | Plantation, FL | 269 | 100.0 | |||||||||||
Camden Tempe II | Tempe, AZ | 397 | 115.0 | |||||||||||
Camden NoDa | Charlotte, NC | 387 | 105.0 | |||||||||||
Camden Cypress Creek II (JV) | Cypress, TX | 234 | 38.0 | 33 | % | |||||||||
Total | 2,721 | $907.0 |
Per Diluted Share | 4Q20 Range | 2020 Range | ||||||
EPS | $0.30 - $0.36 | $1.25 - $1.31 | ||||||
FFO | $1.21 - $1.27 | $4.90 - $4.96 | ||||||
Same Property Growth | 2020 Range | |||||||
Revenues | 0.75% - 1.25% | |||||||
Expenses | 3.20% - 3.60% | |||||||
NOI | (0.75)% - 0.15% |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
OPERATING DATA | |||||||||||||||||
Property revenues (a) | $265,721 | $260,672 | $782,283 | $765,000 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 65,191 | 62,277 | 189,788 | 177,372 | |||||||||||||
Real estate taxes | 35,861 | 31,596 | 105,081 | 98,566 | |||||||||||||
Total property expenses | 101,052 | 93,873 | 294,869 | 275,938 | |||||||||||||
Non-property income | |||||||||||||||||
Fee and asset management | 2,542 | 2,139 | 7,449 | 5,849 | |||||||||||||
Interest and other income | 1,948 | 1,485 | 2,602 | 2,114 | |||||||||||||
Income on deferred compensation plans | 5,071 | 780 | 1,646 | 14,992 | |||||||||||||
Total non-property income | 9,561 | 4,404 | 11,697 | 22,955 | |||||||||||||
Other expenses | |||||||||||||||||
Property management | 5,894 | 6,154 | 18,360 | 18,904 | |||||||||||||
Fee and asset management | 1,018 | 1,316 | 2,681 | 4,022 | |||||||||||||
General and administrative | 12,726 | 13,458 | 40,350 | 40,027 | |||||||||||||
Interest | 24,265 | 20,719 | 67,454 | 60,538 | |||||||||||||
Depreciation and amortization | 90,575 | 85,814 | 275,237 | 250,734 | |||||||||||||
Expense on deferred compensation plans | 5,071 | 780 | 1,646 | 14,992 | |||||||||||||
Total other expenses | 139,549 | 128,241 | 405,728 | 389,217 | |||||||||||||
Gain on sale of land | — | — | 382 | — | |||||||||||||
Equity in income of joint ventures | 2,154 | 2,133 | 5,909 | 5,954 | |||||||||||||
Income from continuing operations before income taxes | 36,835 | 45,095 | 99,674 | 128,754 | |||||||||||||
Income tax expense | (615) | (313) | (1,476) | (709) | |||||||||||||
Net income | 36,220 | 44,782 | 98,198 | 128,045 | |||||||||||||
Less income allocated to non-controlling interests | (1,263) | (1,185) | (3,480) | (3,436) | |||||||||||||
Net income attributable to common shareholders (b) | $34,957 | $43,597 | $94,718 | $124,609 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $36,220 | $44,782 | $98,198 | $128,045 | |||||||||||||
Other comprehensive income | |||||||||||||||||
Unrealized (loss) on cash flow hedging activities | — | — | — | (12,998) | |||||||||||||
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 366 | 357 | 1,098 | (369) | |||||||||||||
Comprehensive income | 36,586 | 45,139 | 99,296 | 114,678 | |||||||||||||
Less income allocated to non-controlling interests | (1,263) | (1,185) | (3,480) | (3,436) | |||||||||||||
Comprehensive income attributable to common shareholders | $35,323 | $43,954 | $95,816 | $111,242 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Total earnings per common share - basic | $0.35 | $0.44 | $0.95 | $1.27 | |||||||||||||
Total earnings per common share - diluted | 0.35 | 0.44 | 0.95 | 1.26 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 99,419 | 98,959 | 99,372 | 98,259 | |||||||||||||
Diluted | 99,455 | 99,066 | 99,414 | 98,375 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||
Net income attributable to common shareholders (a) | $34,957 | $43,597 | $94,718 | $124,609 | |||||||||||||
Real estate depreciation and amortization | 87,974 | 83,437 | 267,985 | 244,908 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,404 | 2,245 | 6,933 | 6,736 | |||||||||||||
Income allocated to non-controlling interests | 1,276 | 1,225 | 3,661 | 3,549 | |||||||||||||
Funds from operations | $126,611 | $130,504 | $373,297 | $379,802 | |||||||||||||
Less: recurring capitalized expenditures (b) | (22,299) | (20,242) | (55,906) | (51,063) | |||||||||||||
Adjusted funds from operations | $104,312 | $110,262 | $317,391 | $328,739 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Funds from operations - diluted | $1.25 | $1.29 | $3.69 | $3.79 | |||||||||||||
Adjusted funds from operations - diluted | 1.03 | 1.09 | 3.14 | 3.28 | |||||||||||||
Distributions declared per common share | 0.83 | 0.80 | 2.49 | 2.40 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
FFO/AFFO - diluted | 101,203 | 100,819 | 101,162 | 100,129 | |||||||||||||
PROPERTY DATA | |||||||||||||||||
Total operating properties (end of period) (c) | 165 | 165 | 165 | 165 | |||||||||||||
Total operating apartment homes in operating properties (end of period) (c) | 56,383 | 56,271 | 56,383 | 56,271 | |||||||||||||
Total operating apartment homes (weighted average) | 49,158 | 48,801 | 49,081 | 48,441 | |||||||||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | |||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,216,942 | $1,206,656 | $1,206,130 | $1,199,384 | $1,158,342 | ||||||||||||
Buildings and improvements | 7,677,676 | 7,597,165 | 7,547,150 | 7,404,090 | 7,242,256 | ||||||||||||
8,894,618 | 8,803,821 | 8,753,280 | 8,603,474 | 8,400,598 | |||||||||||||
Accumulated depreciation | (2,944,769) | (2,857,124) | (2,770,848) | (2,686,025) | (2,638,693) | ||||||||||||
Net operating real estate assets | 5,949,849 | 5,946,697 | 5,982,432 | 5,917,449 | 5,761,905 | ||||||||||||
Properties under development, including land | 522,664 | 514,336 | 467,288 | 512,319 | 440,917 | ||||||||||||
Investments in joint ventures | 20,992 | 21,735 | 22,318 | 20,688 | 21,715 | ||||||||||||
Total real estate assets | 6,493,505 | 6,482,768 | 6,472,038 | 6,450,456 | 6,224,537 | ||||||||||||
Accounts receivable – affiliates | 20,152 | 21,432 | 20,344 | 21,833 | 23,170 | ||||||||||||
Other assets, net (a) | 217,534 | 211,823 | 196,544 | 248,716 | 238,014 | ||||||||||||
Cash and cash equivalents | 589,614 | 601,584 | 22,277 | 23,184 | 157,239 | ||||||||||||
Restricted cash | 3,918 | 4,093 | 4,367 | 4,315 | 5,686 | ||||||||||||
Total assets | $7,324,723 | $7,321,700 | $6,715,570 | $6,748,504 | $6,648,646 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,225,799 | $3,224,871 | $2,606,876 | $2,524,099 | $2,432,137 | ||||||||||||
Secured | — | — | — | — | 45,250 | ||||||||||||
Accounts payable and accrued expenses | 183,654 | 167,453 | 156,841 | 171,719 | 170,689 | ||||||||||||
Accrued real estate taxes | 87,159 | 62,499 | 32,365 | 54,408 | 74,658 | ||||||||||||
Distributions payable | 84,137 | 84,138 | 84,112 | 80,973 | 80,764 | ||||||||||||
Other liabilities (b) | 177,967 | 172,172 | 164,052 | 215,581 | 187,367 | ||||||||||||
Total liabilities | 3,758,716 | 3,711,133 | 3,044,246 | 3,046,780 | 2,990,865 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,068 | 1,068 | 1,069 | 1,069 | 1,065 | ||||||||||||
Additional paid-in capital | 4,577,813 | 4,574,387 | 4,569,995 | 4,566,731 | 4,538,422 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (737,556) | (689,809) | (623,570) | (584,167) | (599,615) | ||||||||||||
Treasury shares, at cost | (341,831) | (341,637) | (342,778) | (348,419) | (348,556) | ||||||||||||
Accumulated other comprehensive income (loss) (c) | (5,431) | (5,797) | (6,163) | (6,529) | (6,438) | ||||||||||||
Total common equity | 3,494,063 | 3,538,212 | 3,598,553 | 3,628,685 | 3,584,878 | ||||||||||||
Non-controlling interests | 71,944 | 72,355 | 72,771 | 73,039 | 72,903 | ||||||||||||
Total equity | 3,566,007 | 3,610,567 | 3,671,324 | 3,701,724 | 3,657,781 | ||||||||||||
Total liabilities and equity | $7,324,723 | $7,321,700 | $6,715,570 | $6,748,504 | $6,648,646 | ||||||||||||
(a) Includes net deferred charges of: | $2,686 | $3,031 | $3,399 | $3,658 | $4,358 | ||||||||||||
(b) Includes deferred revenues of: | $314 | $344 | $375 | $408 | $497 | ||||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain (loss) on cash flow hedging activities. |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Net income attributable to common shareholders (a) | $34,957 | $43,597 | $94,718 | $124,609 | |||||||||||||
Real estate depreciation and amortization | 87,974 | 83,437 | 267,985 | 244,908 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,404 | 2,245 | 6,933 | 6,736 | |||||||||||||
Income allocated to non-controlling interests | 1,276 | 1,225 | 3,661 | 3,549 | |||||||||||||
Funds from operations | $126,611 | $130,504 | $373,297 | $379,802 | |||||||||||||
Less: recurring capitalized expenditures | (22,299) | (20,242) | (55,906) | (51,063) | |||||||||||||
Adjusted funds from operations | $104,312 | $110,262 | $317,391 | $328,739 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
EPS diluted | 99,455 | 99,066 | 99,414 | 98,375 | |||||||||||||
FFO/AFFO diluted | 101,203 | 100,819 | 101,162 | 100,129 | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Total Earnings Per Common Share - Diluted | $0.35 | $0.44 | $0.95 | $1.26 | |||||||||||||
Real estate depreciation and amortization | 0.87 | 0.83 | 2.65 | 2.45 | |||||||||||||
Adjustments for unconsolidated joint ventures | 0.02 | 0.01 | 0.06 | 0.05 | |||||||||||||
Income allocated to non-controlling interests | 0.01 | 0.01 | 0.03 | 0.03 | |||||||||||||
FFO per common share - Diluted | $1.25 | $1.29 | $3.69 | $3.79 | |||||||||||||
Less: recurring capitalized expenditures | (0.22) | (0.20) | (0.55) | (0.51) | |||||||||||||
AFFO per common share - Diluted | $1.03 | $1.09 | $3.14 | $3.28 | |||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
4Q20 | Range | 2020 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.30 | $0.36 | $1.25 | $1.31 | |||||||||||||
Expected real estate depreciation and amortization | 0.88 | 0.88 | 3.53 | 3.53 | |||||||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.08 | 0.08 | |||||||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.04 | 0.04 | |||||||||||||
Expected FFO per share - diluted | $1.21 | $1.27 | $4.90 | $4.96 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Net income (a) | $36,220 | $44,782 | $98,198 | $128,045 | |||||||||||||
Less: Fee and asset management income | (2,542) | (2,139) | (7,449) | (5,849) | |||||||||||||
Less: Interest and other income | (1,948) | (1,485) | (2,602) | (2,114) | |||||||||||||
Less: (Income)/Loss on deferred compensation plans | (5,071) | (780) | (1,646) | (14,992) | |||||||||||||
Plus: Property management expense | 5,894 | 6,154 | 18,360 | 18,904 | |||||||||||||
Plus: Fee and asset management expense | 1,018 | 1,316 | 2,681 | 4,022 | |||||||||||||
Plus: General and administrative expense | 12,726 | 13,458 | 40,350 | 40,027 | |||||||||||||
Plus: Interest expense | 24,265 | 20,719 | 67,454 | 60,538 | |||||||||||||
Plus: Depreciation and amortization expense | 90,575 | 85,814 | 275,237 | 250,734 | |||||||||||||
Plus: Expense on deferred compensation plans | 5,071 | 780 | 1,646 | 14,992 | |||||||||||||
Less: Gain on sale of land | — | — | (382) | — | |||||||||||||
Less: Equity in income of joint ventures | (2,154) | (2,133) | (5,909) | (5,954) | |||||||||||||
Plus: Income tax expense | 615 | 313 | 1,476 | 709 | |||||||||||||
NOI (b) (c) | $164,669 | $166,799 | $487,414 | $489,062 | |||||||||||||
"Same Property" Communities | $144,737 | $146,686 | $437,678 | $433,237 | |||||||||||||
Non-"Same Property" Communities | 20,072 | 17,413 | 61,279 | 47,588 | |||||||||||||
Development and Lease-Up Communities | (354) | (11) | (739) | (13) | |||||||||||||
COVID-19 Related Impact (b) (c) | (444) | — | (13,614) | — | |||||||||||||
Dispositions/Other | 658 | 2,711 | 2,810 | 8,250 | |||||||||||||
NOI (b) (c) | $164,669 | $166,799 | $487,414 | $489,062 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Net income attributable to common shareholders (a) | $34,957 | $43,597 | $94,718 | $124,609 | |||||||||||||
Plus: Interest expense | 24,265 | 20,719 | 67,454 | 60,538 | |||||||||||||
Plus: Depreciation and amortization expense | 90,575 | 85,814 | 275,237 | 250,734 | |||||||||||||
Plus: Income allocated to non-controlling interests | 1,263 | 1,185 | 3,480 | 3,436 | |||||||||||||
Plus: Income tax expense | 615 | 313 | 1,476 | 709 | |||||||||||||
Plus: COVID-19 Related Impact (b) | 444 | — | 14,364 | — | |||||||||||||
Less: Gain on sale of land | — | — | (382) | — | |||||||||||||
Less: Equity in income of joint ventures | (2,154) | (2,133) | (5,909) | (5,954) | |||||||||||||
Adjusted EBITDA | $149,965 | $149,495 | $450,438 | $434,072 | |||||||||||||
Annualized Adjusted EBITDA | $599,860 | $597,980 | $600,584 | $578,763 |
Average monthly balance for | Average monthly balance for | ||||||||||||||||||||||
the three months ended September 30, | the nine months ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Unsecured notes payable | $3,225,490 | $2,431,858 | $3,028,011 | $2,278,843 | |||||||||||||||||||
Secured notes payable | — | 45,322 | — | 120,933 | |||||||||||||||||||
Total debt | 3,225,490 | 2,477,180 | 3,028,011 | 2,399,776 | |||||||||||||||||||
Less: Cash and cash equivalents | (536,520) | (124,936) | (367,113) | (117,855) | |||||||||||||||||||
Net debt | $2,688,970 | $2,352,244 | $2,660,898 | $2,281,921 | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net debt | $2,688,970 | $2,352,244 | $2,660,898 | $2,281,921 | |||||||||||||||||||
Annualized Adjusted EBITDA | 599,860 | 597,980 | 600,584 | 578,763 | |||||||||||||||||||
Net Debt to Annualized Adjusted EBITDA | 4.5x | 3.9x | 4.4x | 3.9x | |||||||||||||||||||
CAMDEN | TABLE OF CONTENTS | |||||||
Page | |||||
Press Release Text | |||||
Financial Highlights | |||||
Operating Results | |||||
Funds from Operations | |||||
Balance Sheets | |||||
Portfolio Statistics | |||||
Components of Property Net Operating Income | |||||
"Same Property" Third Quarter Comparisons | |||||
"Same Property" Sequential Quarter Comparisons | |||||
"Same Property" Year to Date Comparisons | |||||
"Same Property" Operating Expense Detail & Comparisons | |||||
Joint Venture Operations | |||||
Current Development Communities | |||||
Development Pipeline | |||||
Redevelopment Summary | |||||
Acquisitions and Dispositions | |||||
Debt Analysis | |||||
Debt Maturity Analysis | |||||
Debt Covenant Analysis | |||||
Unconsolidated Real Estate Investments Debt Analysis | |||||
Unconsolidated Real Estate Investments Debt Maturity Analysis | |||||
Capitalized Expenditures & Maintenance Expense | |||||
Non-GAAP Financial Measures - Definitions & Reconciliations | |||||
Other Data | |||||
Community Table |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30 | September 30 | |||||||||||||
Per Diluted Share | 2020 | 2019 | 2020 | 2019 | ||||||||||
EPS | $0.35 | $0.44 | $0.95 | $1.26 | ||||||||||
FFO | $1.25 | $1.29 | $3.69 | $3.79 | ||||||||||
AFFO | $1.03 | $1.09 | $3.14 | $3.28 |
Quarterly Growth | Sequential Growth | Year-To-Date Growth | |||||||||
Same Property Results* | 3Q20 vs. 3Q19 | 3Q20 vs. 2Q20 | 2020 vs. 2019 | ||||||||
Revenues | 0.8% | 2.2% | 1.5% | ||||||||
Expenses | 4.7% | 4.9% | 2.4% | ||||||||
Net Operating Income ("NOI") | (1.3)% | 0.6% | 1.0% |
Same Property Results | 3Q20 | 3Q19 | 2Q20 | ||||||||
Occupancy | 95.6% | 96.3% | 95.2% |
Same Property Scheduled Rents* | October 2020 | October 2019 | 3Q20 | 3Q19 | ||||||||||
Collected | 98.1% | 98.2% | 99.4% | 98.3% | ||||||||||
Deferred/Payment Plan Arranged | —% | —% | —% | —% | ||||||||||
Delinquent | 1.9% | 1.8% | 0.6% | 1.7% |
New Lease and Renewal Data - Date Signed (1) (2) | October 2020* | October 2019 | 3Q20(2) | 3Q19(2) | ||||||||||
New Lease Rates | (3.1)% | (0.4)% | (3.0)% | 2.5% | ||||||||||
Renewal Rates | 3.0% | 5.0% | 1.7% | 5.1% | ||||||||||
Blended Rates | (0.8)% | 1.8% | (0.9)% | 3.7% | ||||||||||
New Leases | 1,248 | 1,415 | 1,760 | 1,686 | ||||||||||
Renewals | 838 | 995 | 1,467 | 1,418 | ||||||||||
Total Leases | 2,086 | 2,410 | 3,227 | 3,104 |
New Lease and Renewal Data - Date Effective (3) (4) | October 2020* | October 2019 | 3Q20(4) | 3Q19(4) | ||||||||||
New Lease Rates | (3.5)% | 0.4% | (2.4)% | 3.4% | ||||||||||
Renewal Rates | 2.1% | 4.7% | 0.6% | 5.4% | ||||||||||
Blended Rates | (1.0)% | 2.5% | (0.9)% | 4.4% | ||||||||||
New Leases | 1,698 | 1,487 | 1,943 | 2,003 | ||||||||||
Renewals | 1,338 | 1,379 | 2,087 | 2,106 | ||||||||||
Total Leases | 3,036 | 2,866 | 4,030 | 4,109 |
Occupancy and Turnover Data | October 2020* | October 2019 | 3Q20 | 3Q19 | ||||||||||
Occupancy | 95.4% | 96.1% | 95.6% | 96.3% | ||||||||||
Annualized Gross Turnover | 50% | 48% | 60% | 62% | ||||||||||
Annualized Net Turnover | 39% | 39% | 49% | 52% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 10/27/2020 | ||||||||||
Camden Downtown I | Houston, TX | 271 | $131.2 | 39 | % |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 10/27/2020 | ||||||||||
Camden RiNo | Denver, CO | 233 | $79.0 | 40 | % | |||||||||
Camden North End II | Phoenix, AZ | 343 | 90.0 | 1 | % | |||||||||
Camden Lake Eola | Orlando, FL | 360 | 125.0 | |||||||||||
Camden Buckhead | Atlanta, GA | 366 | 160.0 | |||||||||||
Camden Hillcrest | San Diego, CA | 132 | 95.0 | |||||||||||
Camden Atlantic | Plantation, FL | 269 | 100.0 | |||||||||||
Camden Tempe II | Tempe, AZ | 397 | 115.0 | |||||||||||
Camden NoDa | Charlotte, NC | 387 | 105.0 | |||||||||||
Camden Cypress Creek II (JV) | Cypress, TX | 234 | 38.0 | 33 | % | |||||||||
Total | 2,721 | $907.0 |
Per Diluted Share | 4Q20 Range | 2020 Range | ||||||
EPS | $0.30 - $0.36 | $1.25 - $1.31 | ||||||
FFO | $1.21 - $1.27 | $4.90 - $4.96 | ||||||
Same Property Growth | 2020 Range | |||||||
Revenues | 0.75% - 1.25% | |||||||
Expenses | 3.20% - 3.60% | |||||||
NOI | (0.75)% - 0.15% |
CAMDEN | FINANCIAL HIGHLIGHTS | |||||||
(In thousands, except per share, property data amounts and ratios) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Property revenues | $265,721 | $260,672 | $782,283 | $765,000 | |||||||||||||
Adjusted EBITDA (a) | 149,965 | 149,495 | 450,438 | 434,072 | |||||||||||||
Net income attributable to common shareholders (b) | 34,957 | 43,597 | 94,718 | 124,609 | |||||||||||||
Per share - basic | 0.35 | 0.44 | 0.95 | 1.27 | |||||||||||||
Per share - diluted | 0.35 | 0.44 | 0.95 | 1.26 | |||||||||||||
Funds from operations | 126,611 | 130,504 | 373,297 | 379,802 | |||||||||||||
Per share - diluted | 1.25 | 1.29 | 3.69 | 3.79 | |||||||||||||
Adjusted funds from operations | 104,312 | 110,262 | 317,391 | 328,739 | |||||||||||||
Per share - diluted | 1.03 | 1.09 | 3.14 | 3.28 | |||||||||||||
Dividends per share | 0.83 | 0.80 | 2.49 | 2.40 | |||||||||||||
Dividend payout ratio (FFO) | 66.4 | % | 62.0 | % | 67.5 | % | 63.3 | % | |||||||||
Interest expensed | 24,265 | 20,719 | 67,454 | 60,538 | |||||||||||||
Interest capitalized | 4,339 | 4,001 | 12,955 | 9,927 | |||||||||||||
Total interest incurred | 28,604 | 24,720 | 80,409 | 70,465 | |||||||||||||
Principal amortization | — | 218 | — | 699 | |||||||||||||
Net Debt to Annualized Adjusted EBITDA (c) | 4.5x | 3.9x | 4.4x | 3.9x | |||||||||||||
Interest expense coverage ratio | 6.2x | 7.2x | 6.7x | 7.2x | |||||||||||||
Total interest coverage ratio | 5.2x | 6.0x | 5.6x | 6.2x | |||||||||||||
Fixed charge expense coverage ratio | 6.2x | 7.1x | 6.7x | 7.1x | |||||||||||||
Total fixed charge coverage ratio | 5.2x | 6.0x | 5.6x | 6.1x | |||||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 2.9x | 3.6x | 2.9x | 3.6x | |||||||||||||
Same property NOI increase (d) | (1.3) | % | 4.7 | % | 1.0 | % | 4.2 | % | |||||||||
(# of apartment homes included) | 43,710 | 42,618 | 43,710 | 42,618 | |||||||||||||
Gross turnover of apartment homes (annualized) | 60 | % | 61 | % | 52 | % | 55 | % | |||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 48 | % | 51 | % | 42 | % | 45 | % | |||||||||
As of September 30, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Total assets | $7,324,723 | $6,648,646 | |||||||||||||||
Total debt | $3,225,799 | $2,477,387 | |||||||||||||||
Common and common equivalent shares, outstanding end of period (e) | 101,211 | 100,839 | |||||||||||||||
Share price, end of period | $88.98 | $111.01 | |||||||||||||||
Book equity value, end of period (f) | $3,566,007 | $3,657,781 | |||||||||||||||
Market equity value, end of period (g) | $9,005,755 | $11,194,137 |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
OPERATING DATA | |||||||||||||||||
Property revenues (a) | $265,721 | $260,672 | $782,283 | $765,000 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 65,191 | 62,277 | 189,788 | 177,372 | |||||||||||||
Real estate taxes | 35,861 | 31,596 | 105,081 | 98,566 | |||||||||||||
Total property expenses | 101,052 | 93,873 | 294,869 | 275,938 | |||||||||||||
Non-property income | |||||||||||||||||
Fee and asset management | 2,542 | 2,139 | 7,449 | 5,849 | |||||||||||||
Interest and other income | 1,948 | 1,485 | 2,602 | 2,114 | |||||||||||||
Income on deferred compensation plans | 5,071 | 780 | 1,646 | 14,992 | |||||||||||||
Total non-property income | 9,561 | 4,404 | 11,697 | 22,955 | |||||||||||||
Other expenses | |||||||||||||||||
Property management | 5,894 | 6,154 | 18,360 | 18,904 | |||||||||||||
Fee and asset management | 1,018 | 1,316 | 2,681 | 4,022 | |||||||||||||
General and administrative | 12,726 | 13,458 | 40,350 | 40,027 | |||||||||||||
Interest | 24,265 | 20,719 | 67,454 | 60,538 | |||||||||||||
Depreciation and amortization | 90,575 | 85,814 | 275,237 | 250,734 | |||||||||||||
Expense on deferred compensation plans | 5,071 | 780 | 1,646 | 14,992 | |||||||||||||
Total other expenses | 139,549 | 128,241 | 405,728 | 389,217 | |||||||||||||
Gain on sale of land | — | — | 382 | — | |||||||||||||
Equity in income of joint ventures | 2,154 | 2,133 | 5,909 | 5,954 | |||||||||||||
Income from continuing operations before income taxes | 36,835 | 45,095 | 99,674 | 128,754 | |||||||||||||
Income tax expense | (615) | (313) | (1,476) | (709) | |||||||||||||
Net income | 36,220 | 44,782 | 98,198 | 128,045 | |||||||||||||
Less income allocated to non-controlling interests | (1,263) | (1,185) | (3,480) | (3,436) | |||||||||||||
Net income attributable to common shareholders (b) | $34,957 | $43,597 | $94,718 | $124,609 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $36,220 | $44,782 | $98,198 | $128,045 | |||||||||||||
Other comprehensive income | |||||||||||||||||
Unrealized (loss) on cash flow hedging activities | — | — | — | (12,998) | |||||||||||||
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 366 | 357 | 1,098 | (369) | |||||||||||||
Comprehensive income | 36,586 | 45,139 | 99,296 | 114,678 | |||||||||||||
Less income allocated to non-controlling interests | (1,263) | (1,185) | (3,480) | (3,436) | |||||||||||||
Comprehensive income attributable to common shareholders | $35,323 | $43,954 | $95,816 | $111,242 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Total earnings per common share - basic | $0.35 | $0.44 | $0.95 | $1.27 | |||||||||||||
Total earnings per common share - diluted | 0.35 | 0.44 | 0.95 | 1.26 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 99,419 | 98,959 | 99,372 | 98,259 | |||||||||||||
Diluted | 99,455 | 99,066 | 99,414 | 98,375 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||
Net income attributable to common shareholders (a) | $34,957 | $43,597 | $94,718 | $124,609 | |||||||||||||
Real estate depreciation and amortization | 87,974 | 83,437 | 267,985 | 244,908 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,404 | 2,245 | 6,933 | 6,736 | |||||||||||||
Income allocated to non-controlling interests | 1,276 | 1,225 | 3,661 | 3,549 | |||||||||||||
Funds from operations | $126,611 | $130,504 | $373,297 | $379,802 | |||||||||||||
Less: recurring capitalized expenditures (b) | (22,299) | (20,242) | (55,906) | (51,063) | |||||||||||||
Adjusted funds from operations | $104,312 | $110,262 | $317,391 | $328,739 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Funds from operations - diluted | $1.25 | $1.29 | $3.69 | $3.79 | |||||||||||||
Adjusted funds from operations - diluted | 1.03 | 1.09 | 3.14 | 3.28 | |||||||||||||
Distributions declared per common share | 0.83 | 0.80 | 2.49 | 2.40 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
FFO/AFFO - diluted | 101,203 | 100,819 | 101,162 | 100,129 | |||||||||||||
PROPERTY DATA | |||||||||||||||||
Total operating properties (end of period) (c) | 165 | 165 | 165 | 165 | |||||||||||||
Total operating apartment homes in operating properties (end of period) (c) | 56,383 | 56,271 | 56,383 | 56,271 | |||||||||||||
Total operating apartment homes (weighted average) | 49,158 | 48,801 | 49,081 | 48,441 | |||||||||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | |||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,216,942 | $1,206,656 | $1,206,130 | $1,199,384 | $1,158,342 | ||||||||||||
Buildings and improvements | 7,677,676 | 7,597,165 | 7,547,150 | 7,404,090 | 7,242,256 | ||||||||||||
8,894,618 | 8,803,821 | 8,753,280 | 8,603,474 | 8,400,598 | |||||||||||||
Accumulated depreciation | (2,944,769) | (2,857,124) | (2,770,848) | (2,686,025) | (2,638,693) | ||||||||||||
Net operating real estate assets | 5,949,849 | 5,946,697 | 5,982,432 | 5,917,449 | 5,761,905 | ||||||||||||
Properties under development, including land | 522,664 | 514,336 | 467,288 | 512,319 | 440,917 | ||||||||||||
Investments in joint ventures | 20,992 | 21,735 | 22,318 | 20,688 | 21,715 | ||||||||||||
Total real estate assets | 6,493,505 | 6,482,768 | 6,472,038 | 6,450,456 | 6,224,537 | ||||||||||||
Accounts receivable – affiliates | 20,152 | 21,432 | 20,344 | 21,833 | 23,170 | ||||||||||||
Other assets, net (a) | 217,534 | 211,823 | 196,544 | 248,716 | 238,014 | ||||||||||||
Cash and cash equivalents | 589,614 | 601,584 | 22,277 | 23,184 | 157,239 | ||||||||||||
Restricted cash | 3,918 | 4,093 | 4,367 | 4,315 | 5,686 | ||||||||||||
Total assets | $7,324,723 | $7,321,700 | $6,715,570 | $6,748,504 | $6,648,646 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,225,799 | $3,224,871 | $2,606,876 | $2,524,099 | $2,432,137 | ||||||||||||
Secured | — | — | — | — | 45,250 | ||||||||||||
Accounts payable and accrued expenses | 183,654 | 167,453 | 156,841 | 171,719 | 170,689 | ||||||||||||
Accrued real estate taxes | 87,159 | 62,499 | 32,365 | 54,408 | 74,658 | ||||||||||||
Distributions payable | 84,137 | 84,138 | 84,112 | 80,973 | 80,764 | ||||||||||||
Other liabilities (b) | 177,967 | 172,172 | 164,052 | 215,581 | 187,367 | ||||||||||||
Total liabilities | 3,758,716 | 3,711,133 | 3,044,246 | 3,046,780 | 2,990,865 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,068 | 1,068 | 1,069 | 1,069 | 1,065 | ||||||||||||
Additional paid-in capital | 4,577,813 | 4,574,387 | 4,569,995 | 4,566,731 | 4,538,422 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (737,556) | (689,809) | (623,570) | (584,167) | (599,615) | ||||||||||||
Treasury shares, at cost | (341,831) | (341,637) | (342,778) | (348,419) | (348,556) | ||||||||||||
Accumulated other comprehensive income (loss) (c) | (5,431) | (5,797) | (6,163) | (6,529) | (6,438) | ||||||||||||
Total common equity | 3,494,063 | 3,538,212 | 3,598,553 | 3,628,685 | 3,584,878 | ||||||||||||
Non-controlling interests | 71,944 | 72,355 | 72,771 | 73,039 | 72,903 | ||||||||||||
Total equity | 3,566,007 | 3,610,567 | 3,671,324 | 3,701,724 | 3,657,781 | ||||||||||||
Total liabilities and equity | $7,324,723 | $7,321,700 | $6,715,570 | $6,748,504 | $6,648,646 | ||||||||||||
(a) Includes net deferred charges of: | $2,686 | $3,031 | $3,399 | $3,658 | $4,358 | ||||||||||||
(b) Includes deferred revenues of: | $314 | $344 | $375 | $408 | $497 | ||||||||||||
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain (loss) on cash flow hedging activities. |
CAMDEN | PORTFOLIO STATISTICS | |||||||
Fully Consolidated | Non-Consolidated | ||||||||||||||||||||||||||||||||||
"Same Property" | Non-"Same Property" (a) | Completed in Lease-up | Under Construction | Total | Operating | Under Construction | Total | Grand Total | |||||||||||||||||||||||||||
D.C. Metro (b) | 5,381 | 1,200 | — | — | 6,581 | 281 | — | 281 | 6,862 | ||||||||||||||||||||||||||
Houston, TX | 5,912 | 867 | 271 | — | 7,050 | 2,522 | 234 | 2,756 | 9,806 | ||||||||||||||||||||||||||
Atlanta, GA | 4,262 | — | — | 366 | 4,628 | 234 | — | 234 | 4,862 | ||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 547 | — | — | 2,663 | — | — | — | 2,663 | ||||||||||||||||||||||||||
Dallas, TX | 4,416 | — | — | — | 4,416 | 1,250 | — | 1,250 | 5,666 | ||||||||||||||||||||||||||
Phoenix, AZ | 2,929 | 757 | — | 740 | 4,426 | — | — | — | 4,426 | ||||||||||||||||||||||||||
SE Florida | 1,956 | 825 | — | 269 | 3,050 | — | — | — | 3,050 | ||||||||||||||||||||||||||
Orlando, FL | 2,995 | 299 | — | 360 | 3,654 | 300 | — | 300 | 3,954 | ||||||||||||||||||||||||||
Denver, CO | 2,632 | — | — | 233 | 2,865 | — | — | — | 2,865 | ||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 28 | — | 387 | 3,225 | 266 | — | 266 | 3,491 | ||||||||||||||||||||||||||
Raleigh, NC | 2,350 | 540 | — | — | 2,890 | 350 | — | 350 | 3,240 | ||||||||||||||||||||||||||
Tampa, FL | 2,286 | — | — | — | 2,286 | 450 | — | 450 | 2,736 | ||||||||||||||||||||||||||
Austin, TX | 2,000 | 326 | — | — | 2,326 | 1,360 | — | 1,360 | 3,686 | ||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | — | — | 132 | 1,797 | — | — | — | 1,797 | ||||||||||||||||||||||||||
Total Portfolio | 43,710 | 5,389 | 271 | 2,487 | 51,857 | 7,013 | 234 | 7,247 | 59,104 |
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (e) | ||||||||||||||||||||||||||||
"Same Property" Communities | Operating Communities (c) | Incl. JVs at Pro Rata % (d) | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||||||||||||||||
D.C. Metro | 16.3 | % | 17.4 | % | 17.1 | % | 96.3 | % | 95.8 | % | 96.6 | % | 96.3 | % | 96.7 | % | |||||||||||||
Houston, TX | 10.2 | % | 10.2 | % | 11.0 | % | 93.3 | % | 93.4 | % | 94.7 | % | 95.7 | % | 95.5 | % | |||||||||||||
Atlanta, GA | 9.9 | % | 8.7 | % | 8.6 | % | 96.0 | % | 95.5 | % | 95.6 | % | 96.0 | % | 96.2 | % | |||||||||||||
Los Angeles/Orange County, CA | 6.6 | % | 7.4 | % | 7.1 | % | 95.5 | % | 94.2 | % | 95.2 | % | 95.9 | % | 96.1 | % | |||||||||||||
Dallas, TX | 7.7 | % | 6.7 | % | 7.1 | % | 95.3 | % | 95.2 | % | 96.2 | % | 96.3 | % | 96.3 | % | |||||||||||||
Phoenix, AZ | 6.9 | % | 7.7 | % | 7.4 | % | 95.2 | % | 94.5 | % | 96.6 | % | 96.5 | % | 96.0 | % | |||||||||||||
SE Florida | 5.3 | % | 6.8 | % | 6.6 | % | 95.3 | % | 95.0 | % | 96.7 | % | 96.1 | % | 95.9 | % | |||||||||||||
Orlando, FL | 6.0 | % | 5.7 | % | 5.7 | % | 94.7 | % | 94.5 | % | 96.2 | % | 95.9 | % | 96.6 | % | |||||||||||||
Denver, CO | 7.0 | % | 6.2 | % | 5.9 | % | 96.0 | % | 95.5 | % | 95.5 | % | 96.3 | % | 96.0 | % | |||||||||||||
Charlotte, NC | 6.0 | % | 5.6 | % | 5.6 | % | 95.3 | % | 94.9 | % | 96.4 | % | 96.0 | % | 96.5 | % | |||||||||||||
Raleigh, NC | 4.5 | % | 5.0 | % | 5.0 | % | 96.4 | % | 96.0 | % | 95.8 | % | 96.0 | % | 96.1 | % | |||||||||||||
Tampa, FL | 5.1 | % | 4.4 | % | 4.5 | % | 95.7 | % | 95.1 | % | 95.9 | % | 95.9 | % | 95.8 | % | |||||||||||||
Austin, TX | 3.4 | % | 3.7 | % | 4.1 | % | 95.7 | % | 95.4 | % | 96.5 | % | 96.1 | % | 96.6 | % | |||||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 4.5 | % | 4.3 | % | 96.3 | % | 95.4 | % | 94.3 | % | 95.8 | % | 95.7 | % | |||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 95.3 | % | 94.9 | % | 95.9 | % | 96.1 | % | 96.1 | % | |||||||||||||
CAMDEN | COMPONENTS OF PROPERTY | |||||||
NET OPERATING INCOME | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
Property Revenues | Homes | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 43,710 | $230,257 | $228,389 | $1,868 | $685,548 | $675,407 | $10,141 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) | 5,389 | 33,224 | 27,704 | 5,520 | 99,400 | 75,948 | 23,452 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,758 | 615 | — | 615 | 996 | — | 996 | ||||||||||||||||||||||||||||||||||
Resident Relief Funds (d) | — | — | — | — | (9,074) | — | (9,074) | ||||||||||||||||||||||||||||||||||
Disposition/Other (e) | — | 1,625 | 4,579 | (2,954) | 5,413 | 13,645 | (8,232) | ||||||||||||||||||||||||||||||||||
Total Property Revenues | 51,857 | $265,721 | $260,672 | $5,049 | $782,283 | $765,000 | $17,283 | ||||||||||||||||||||||||||||||||||
Property Expenses | |||||||||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 43,710 | $85,520 | $81,703 | $3,817 | $247,870 | $242,170 | $5,700 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) | 5,389 | 13,152 | 10,291 | 2,861 | 38,121 | 28,360 | 9,761 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,758 | 969 | 11 | 958 | 1,735 | 13 | 1,722 | ||||||||||||||||||||||||||||||||||
COVID-19 Expenses (f) | — | 444 | — | 444 | 4,540 | — | 4,540 | ||||||||||||||||||||||||||||||||||
Disposition/Other (e) | — | 967 | 1,868 | (901) | 2,603 | 5,395 | (2,792) | ||||||||||||||||||||||||||||||||||
Total Property Expenses | 51,857 | $101,052 | $93,873 | $7,179 | $294,869 | $275,938 | $18,931 | ||||||||||||||||||||||||||||||||||
Property Net Operating Income | |||||||||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 43,710 | $144,737 | $146,686 | ($1,949) | $437,678 | $433,237 | $4,441 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) | 5,389 | 20,072 | 17,413 | 2,659 | 61,279 | 47,588 | 13,691 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,758 | (354) | (11) | (343) | (739) | (13) | (726) | ||||||||||||||||||||||||||||||||||
COVID-19 Related Impact (d) (f) | — | (444) | — | (444) | (13,614) | — | (13,614) | ||||||||||||||||||||||||||||||||||
Disposition/Other (e) | — | 658 | 2,711 | (2,053) | 2,810 | 8,250 | (5,440) | ||||||||||||||||||||||||||||||||||
Total Property Net Operating Income | 51,857 | $164,669 | $166,799 | ($2,130) | $487,414 | $489,062 | ($1,648) | ||||||||||||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" | |||||||
THIRD QUARTER COMPARISONS | ||||||||
September 30, 2020 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | 3Q20 | 3Q19 | Growth | 3Q20 | 3Q19 | Growth | 3Q20 | 3Q19 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 5,381 | $34,419 | $33,704 | 2.1 | % | $10,847 | $10,502 | 3.3 | % | $23,572 | $23,202 | 1.6 | % | ||||||||||||||||||||||||||||
Houston, TX | 5,912 | 27,573 | 28,089 | (1.8) | % | 12,855 | 11,536 | 11.4 | % | 14,718 | 16,553 | (11.1) | % | ||||||||||||||||||||||||||||
Atlanta, GA | 4,262 | 22,472 | 22,019 | 2.1 | % | 8,072 | 6,825 | 18.3 | % | 14,400 | 15,194 | (5.2) | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 20,262 | 20,197 | 0.3 | % | 9,163 | 9,433 | (2.9) | % | 11,099 | 10,764 | 3.1 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 14,435 | 15,053 | (4.1) | % | 4,931 | 4,847 | 1.7 | % | 9,504 | 10,206 | (6.9) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 14,966 | 14,595 | 2.5 | % | 4,826 | 4,773 | 1.1 | % | 10,140 | 9,822 | 3.2 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 2,929 | 14,715 | 14,161 | 3.9 | % | 4,677 | 4,472 | 4.6 | % | 10,038 | 9,689 | 3.6 | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 13,962 | 13,988 | (0.2) | % | 5,292 | 5,121 | 3.3 | % | 8,670 | 8,867 | (2.2) | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 13,138 | 12,978 | 1.2 | % | 4,398 | 4,343 | 1.3 | % | 8,740 | 8,635 | 1.2 | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 12,089 | 12,290 | (1.6) | % | 4,388 | 4,399 | (0.3) | % | 7,701 | 7,891 | (2.4) | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 11,885 | 11,616 | 2.3 | % | 4,518 | 4,346 | 4.0 | % | 7,367 | 7,270 | 1.3 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 10,998 | 10,869 | 1.2 | % | 3,658 | 3,625 | 0.9 | % | 7,340 | 7,244 | 1.3 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,350 | 9,844 | 9,531 | 3.3 | % | 3,387 | 3,359 | 0.8 | % | 6,457 | 6,172 | 4.6 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,000 | 9,499 | 9,299 | 2.2 | % | 4,508 | 4,122 | 9.4 | % | 4,991 | 5,177 | (3.6) | % | ||||||||||||||||||||||||||||
Total Same Property | 43,710 | $230,257 | $228,389 | 0.8 | % | $85,520 | $81,703 | 4.7 | % | $144,737 | $146,686 | (1.3) | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 3Q20 | 3Q19 | Growth | 3Q20 | 3Q19 | Growth | 3Q20 | 3Q19 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 16.3 | % | 96.5 | % | 96.7 | % | (0.2) | % | $1,913 | $1,886 | 1.4 | % | $2,209 | $2,159 | 2.3 | % | |||||||||||||||||||||||||
Houston, TX | 10.2 | % | 93.5 | % | 95.6 | % | (2.1) | % | 1,419 | 1,433 | (1.0) | % | 1,664 | 1,660 | 0.3 | % | |||||||||||||||||||||||||
Atlanta, GA | 9.9 | % | 96.0 | % | 96.3 | % | (0.3) | % | 1,549 | 1,549 | 0.0 | % | 1,831 | 1,788 | 2.4 | % | |||||||||||||||||||||||||
Dallas, TX | 7.7 | % | 95.1 | % | 96.3 | % | (1.2) | % | 1,349 | 1,339 | 0.7 | % | 1,608 | 1,583 | 1.5 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.6 | % | 95.7 | % | 96.6 | % | (0.9) | % | 2,225 | 2,246 | (0.9) | % | 2,377 | 2,454 | (3.2) | % | |||||||||||||||||||||||||
Denver, CO | 7.0 | % | 96.0 | % | 96.0 | % | 0.0 | % | 1,694 | 1,667 | 1.6 | % | 1,975 | 1,926 | 2.5 | % | |||||||||||||||||||||||||
Phoenix, AZ | 6.9 | % | 95.3 | % | 96.4 | % | (1.1) | % | 1,468 | 1,408 | 4.3 | % | 1,757 | 1,672 | 5.0 | % | |||||||||||||||||||||||||
Orlando, FL | 6.0 | % | 95.4 | % | 96.5 | % | (1.1) | % | 1,406 | 1,398 | 0.6 | % | 1,628 | 1,614 | 0.9 | % | |||||||||||||||||||||||||
Charlotte, NC | 6.0 | % | 95.4 | % | 96.5 | % | (1.1) | % | 1,384 | 1,367 | 1.2 | % | 1,634 | 1,596 | 2.3 | % | |||||||||||||||||||||||||
SE Florida | 5.3 | % | 96.3 | % | 96.5 | % | (0.2) | % | 1,889 | 1,890 | (0.1) | % | 2,140 | 2,170 | (1.4) | % | |||||||||||||||||||||||||
Tampa, FL | 5.1 | % | 95.9 | % | 95.9 | % | 0.0 | % | 1,540 | 1,511 | 1.9 | % | 1,808 | 1,767 | 2.3 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 96.3 | % | 95.7 | % | 0.6 | % | 2,047 | 2,015 | 1.6 | % | 2,287 | 2,273 | 0.6 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.5 | % | 96.6 | % | 96.7 | % | (0.1) | % | 1,191 | 1,162 | 2.5 | % | 1,446 | 1,398 | 3.4 | % | |||||||||||||||||||||||||
Austin, TX | 3.4 | % | 96.1 | % | 96.5 | % | (0.4) | % | 1,381 | 1,353 | 2.1 | % | 1,648 | 1,606 | 2.6 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 95.6 | % | 96.3 | % | (0.7) | % | $1,579 | $1,564 | 1.0 | % | $1,837 | $1,809 | 1.5 | % |
CAMDEN | "SAME PROPERTY" | |||||||
SEQUENTIAL QUARTER COMPARISONS | ||||||||
September 30, 2020 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | 3Q20 | 2Q20 | Growth | 3Q20 | 2Q20 | Growth | 3Q20 | 2Q20 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 5,381 | $34,419 | $33,622 | 2.4 | % | $10,847 | $10,368 | 4.6 | % | $23,572 | $23,254 | 1.4 | % | ||||||||||||||||||||||||||||
Houston, TX | 5,912 | 27,573 | 27,267 | 1.1 | % | 12,855 | 12,469 | 3.1 | % | 14,718 | 14,798 | (0.5) | % | ||||||||||||||||||||||||||||
Atlanta, GA | 4,262 | 22,472 | 21,880 | 2.7 | % | 8,072 | 7,520 | 7.3 | % | 14,400 | 14,360 | 0.3 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 20,262 | 19,873 | 2.0 | % | 9,163 | 8,977 | 2.1 | % | 11,099 | 10,896 | 1.9 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 14,435 | 14,159 | 1.9 | % | 4,931 | 4,251 | 16.0 | % | 9,504 | 9,908 | (4.1) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 14,966 | 14,564 | 2.8 | % | 4,826 | 4,825 | 0.0 | % | 10,140 | 9,739 | 4.1 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 2,929 | 14,715 | 14,360 | 2.5 | % | 4,677 | 4,319 | 8.3 | % | 10,038 | 10,041 | 0.0 | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 13,962 | 13,753 | 1.5 | % | 5,292 | 5,097 | 3.8 | % | 8,670 | 8,656 | 0.2 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 13,138 | 12,910 | 1.8 | % | 4,398 | 4,222 | 4.2 | % | 8,740 | 8,688 | 0.6 | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 12,089 | 11,855 | 2.0 | % | 4,388 | 4,346 | 1.0 | % | 7,701 | 7,509 | 2.6 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 11,885 | 11,483 | 3.5 | % | 4,518 | 4,390 | 2.9 | % | 7,367 | 7,093 | 3.9 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 10,998 | 10,690 | 2.9 | % | 3,658 | 3,593 | 1.8 | % | 7,340 | 7,097 | 3.4 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,350 | 9,844 | 9,659 | 1.9 | % | 3,387 | 3,246 | 4.3 | % | 6,457 | 6,413 | 0.7 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,000 | 9,499 | 9,307 | 2.1 | % | 4,508 | 3,922 | 14.9 | % | 4,991 | 5,385 | (7.3) | % | ||||||||||||||||||||||||||||
Total Same Property | 43,710 | $230,257 | $225,382 | 2.2 | % | $85,520 | $81,545 | 4.9 | % | $144,737 | $143,837 | 0.6 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 3Q20 | 2Q20 | Growth | 3Q20 | 2Q20 | Growth | 3Q20 | 2Q20 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 16.3 | % | 96.5 | % | 96.1 | % | 0.4 | % | $1,913 | $1,916 | (0.2) | % | $2,209 | $2,167 | 2.0 | % | |||||||||||||||||||||||||
Houston, TX | 10.2 | % | 93.5 | % | 93.9 | % | (0.4) | % | 1,419 | 1,434 | (1.0) | % | 1,664 | 1,639 | 1.5 | % | |||||||||||||||||||||||||
Atlanta, GA | 9.9 | % | 96.0 | % | 95.5 | % | 0.5 | % | 1,549 | 1,555 | (0.4) | % | 1,831 | 1,791 | 2.2 | % | |||||||||||||||||||||||||
Dallas, TX | 7.7 | % | 95.1 | % | 95.2 | % | (0.1) | % | 1,349 | 1,354 | (0.4) | % | 1,608 | 1,576 | 2.1 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.6 | % | 95.7 | % | 94.3 | % | 1.4 | % | 2,225 | 2,247 | (1.0) | % | 2,377 | 2,365 | 0.5 | % | |||||||||||||||||||||||||
Denver, CO | 7.0 | % | 96.0 | % | 95.5 | % | 0.5 | % | 1,694 | 1,693 | 0.1 | % | 1,975 | 1,931 | 2.3 | % | |||||||||||||||||||||||||
Phoenix, AZ | 6.9 | % | 95.3 | % | 94.6 | % | 0.7 | % | 1,468 | 1,463 | 0.3 | % | 1,757 | 1,726 | 1.8 | % | |||||||||||||||||||||||||
Orlando, FL | 6.0 | % | 95.4 | % | 94.9 | % | 0.5 | % | 1,406 | 1,413 | (0.5) | % | 1,628 | 1,613 | 1.0 | % | |||||||||||||||||||||||||
Charlotte, NC | 6.0 | % | 95.4 | % | 94.8 | % | 0.6 | % | 1,384 | 1,386 | (0.1) | % | 1,634 | 1,615 | 1.2 | % | |||||||||||||||||||||||||
SE Florida | 5.3 | % | 96.3 | % | 95.7 | % | 0.6 | % | 1,889 | 1,899 | (0.5) | % | 2,140 | 2,111 | 1.4 | % | |||||||||||||||||||||||||
Tampa, FL | 5.1 | % | 95.9 | % | 95.2 | % | 0.7 | % | 1,540 | 1,538 | 0.1 | % | 1,808 | 1,759 | 2.8 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 96.3 | % | 95.4 | % | 0.9 | % | 2,047 | 2,039 | 0.4 | % | 2,287 | 2,243 | 2.0 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.5 | % | 96.6 | % | 96.3 | % | 0.3 | % | 1,191 | 1,186 | 0.4 | % | 1,446 | 1,422 | 1.6 | % | |||||||||||||||||||||||||
Austin, TX | 3.4 | % | 96.1 | % | 95.8 | % | 0.3 | % | 1,381 | 1,380 | 0.1 | % | 1,648 | 1,620 | 1.8 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 95.6 | % | 95.2 | % | 0.4 | % | $1,579 | $1,583 | (0.3) | % | $1,837 | $1,806 | 1.8 | % |
CAMDEN | "SAME PROPERTY" | |||||||
YEAR TO DATE COMPARISONS | ||||||||
September 30, 2020 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Year to Date Results (a) | Included | 2020 | 2019 | Growth | 2020 | 2019 | Growth | 2020 | 2019 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 5,381 | $102,059 | $99,408 | 2.7 | % | $31,820 | $30,901 | 3.0 | % | $70,239 | $68,507 | 2.5 | % | ||||||||||||||||||||||||||||
Houston, TX | 5,912 | 82,918 | 83,637 | (0.9) | % | 37,535 | 36,105 | 4.0 | % | 45,383 | 47,532 | (4.5) | % | ||||||||||||||||||||||||||||
Atlanta, GA | 4,262 | 66,386 | 65,253 | 1.7 | % | 23,034 | 22,212 | 3.7 | % | 43,352 | 43,041 | 0.7 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 60,323 | 59,560 | 1.3 | % | 26,721 | 27,053 | (1.2) | % | 33,602 | 32,507 | 3.4 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 43,701 | 44,492 | (1.8) | % | 13,506 | 13,895 | (2.8) | % | 30,195 | 30,597 | (1.3) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 44,176 | 43,149 | 2.4 | % | 14,116 | 13,937 | 1.3 | % | 30,060 | 29,212 | 2.9 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 2,929 | 43,508 | 41,571 | 4.7 | % | 13,378 | 13,075 | 2.3 | % | 30,130 | 28,496 | 5.7 | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 41,913 | 41,487 | 1.0 | % | 15,586 | 15,115 | 3.1 | % | 26,327 | 26,372 | (0.2) | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 39,137 | 38,310 | 2.2 | % | 12,812 | 12,410 | 3.2 | % | 26,325 | 25,900 | 1.6 | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 36,428 | 36,694 | (0.7) | % | 12,884 | 12,479 | 3.2 | % | 23,544 | 24,215 | (2.8) | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 35,138 | 34,529 | 1.8 | % | 13,280 | 12,985 | 2.3 | % | 21,858 | 21,544 | 1.5 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 32,547 | 31,931 | 1.9 | % | 10,874 | 10,430 | 4.3 | % | 21,673 | 21,501 | 0.8 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,350 | 29,121 | 27,891 | 4.4 | % | 9,862 | 9,473 | 4.1 | % | 19,259 | 18,418 | 4.6 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,000 | 28,193 | 27,495 | 2.5 | % | 12,462 | 12,100 | 3.0 | % | 15,731 | 15,395 | 2.2 | % | ||||||||||||||||||||||||||||
Total Same Property | 43,710 | $685,548 | $675,407 | 1.5 | % | $247,870 | $242,170 | 2.4 | % | $437,678 | $433,237 | 1.0 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||||||||||||||||
Year to Date Results (a) | Contribution | 2020 | 2019 | Growth | 2020 | 2019 | Growth | 2020 | 2019 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 16.0 | % | 96.5 | % | 96.6 | % | (0.1) | % | $1,912 | $1,857 | 3.0 | % | $2,185 | $2,126 | 2.8 | % | |||||||||||||||||||||||||
Houston, TX | 10.4 | % | 94.3 | % | 95.5 | % | (1.2) | % | 1,430 | 1,426 | 0.3 | % | 1,653 | 1,649 | 0.3 | % | |||||||||||||||||||||||||
Atlanta, GA | 9.9 | % | 95.7 | % | 96.3 | % | (0.6) | % | 1,554 | 1,530 | 1.6 | % | 1,808 | 1,766 | 2.3 | % | |||||||||||||||||||||||||
Dallas, TX | 7.7 | % | 95.5 | % | 96.0 | % | (0.5) | % | 1,352 | 1,326 | 2.0 | % | 1,589 | 1,560 | 1.8 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.9 | % | 95.2 | % | 96.0 | % | (0.8) | % | 2,241 | 2,226 | 0.7 | % | 2,412 | 2,435 | (1.0) | % | |||||||||||||||||||||||||
Denver, CO | 6.9 | % | 95.7 | % | 95.7 | % | 0.0 | % | 1,692 | 1,644 | 2.9 | % | 1,949 | 1,904 | 2.4 | % | |||||||||||||||||||||||||
Phoenix, AZ | 6.9 | % | 95.5 | % | 96.0 | % | (0.5) | % | 1,460 | 1,385 | 5.4 | % | 1,728 | 1,643 | 5.2 | % | |||||||||||||||||||||||||
Orlando, FL | 6.0 | % | 95.5 | % | 96.4 | % | (0.9) | % | 1,410 | 1,384 | 1.9 | % | 1,627 | 1,596 | 1.9 | % | |||||||||||||||||||||||||
Charlotte, NC | 6.0 | % | 95.6 | % | 96.2 | % | (0.6) | % | 1,384 | 1,348 | 2.7 | % | 1,619 | 1,575 | 2.8 | % | |||||||||||||||||||||||||
SE Florida | 5.4 | % | 96.4 | % | 96.5 | % | (0.1) | % | 1,899 | 1,882 | 0.9 | % | 2,147 | 2,161 | (0.6) | % | |||||||||||||||||||||||||
Tampa, FL | 5.0 | % | 95.7 | % | 95.9 | % | (0.2) | % | 1,537 | 1,497 | 2.7 | % | 1,785 | 1,751 | 2.0 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.9 | % | 95.4 | % | 95.5 | % | (0.1) | % | 2,039 | 1,993 | 2.3 | % | 2,277 | 2,231 | 2.0 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.4 | % | 96.4 | % | 96.2 | % | 0.2 | % | 1,185 | 1,138 | 4.1 | % | 1,429 | 1,372 | 4.2 | % | |||||||||||||||||||||||||
Austin, TX | 3.6 | % | 96.2 | % | 96.4 | % | (0.2) | % | 1,378 | 1,332 | 3.5 | % | 1,628 | 1,584 | 2.7 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 95.6 | % | 96.1 | % | (0.5) | % | $1,580 | $1,546 | 2.2 | % | $1,822 | $1,787 | 2.0 | % |
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |||||||
DETAIL AND COMPARISONS | ||||||||
September 30, 2020 | ||||||||
(In thousands) | ||||||||
% of Actual | |||||||||||||||||
3Q20 Operating | |||||||||||||||||
Quarterly Comparison (a) | 3Q20 | 3Q19 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $30,024 | $27,387 | $2,637 | 9.6 | % | 35.1 | % | ||||||||||
Salaries and Benefits for On-site Employees | 18,718 | 18,059 | 659 | 3.6 | % | 21.9 | % | ||||||||||
Utilities | 17,944 | 17,734 | 210 | 1.2 | % | 21.0 | % | ||||||||||
Repairs and Maintenance | 10,587 | 10,892 | (305) | (2.8) | % | 12.4 | % | ||||||||||
Property Insurance | 3,262 | 2,413 | 849 | 35.2 | % | 3.8 | % | ||||||||||
General and Administrative | 2,884 | 3,026 | (142) | (4.7) | % | 3.3 | % | ||||||||||
Marketing and Leasing | 1,275 | 1,418 | (143) | (10.1) | % | 1.5 | % | ||||||||||
Other | 826 | 774 | 52 | 6.7 | % | 1.0 | % | ||||||||||
Total Same Property | $85,520 | $81,703 | $3,817 | 4.7 | % | 100.0 | % |
% of Actual | |||||||||||||||||
3Q20 Operating | |||||||||||||||||
Sequential Comparison (a) | 3Q20 | 2Q20 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $30,024 | $29,306 | $718 | 2.5 | % | 35.1 | % | ||||||||||
Salaries and Benefits for On-site Employees | 18,718 | 17,643 | 1,075 | 6.1 | % | 21.9 | % | ||||||||||
Utilities | 17,944 | 17,414 | 530 | 3.0 | % | 21.0 | % | ||||||||||
Repairs and Maintenance | 10,587 | 9,669 | 918 | 9.5 | % | 12.4 | % | ||||||||||
Property Insurance | 3,262 | 2,667 | 595 | 22.3 | % | 3.8 | % | ||||||||||
General and Administrative | 2,884 | 2,808 | 76 | 2.7 | % | 3.3 | % | ||||||||||
Marketing and Leasing | 1,275 | 1,225 | 50 | 4.1 | % | 1.5 | % | ||||||||||
Other | 826 | 813 | 13 | 1.6 | % | 1.0 | % | ||||||||||
Total Same Property | $85,520 | $81,545 | $3,975 | 4.9 | % | 100.0 | % |
% of Actual | ||||||||||||||||||||
2020 Operating | ||||||||||||||||||||
Year to Date Comparison (a) | 2020 | 2019 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $88,168 | $86,296 | $1,872 | 2.2 | % | 35.6 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 53,783 | 51,570 | 2,213 | 4.3 | % | 21.7 | % | |||||||||||||
Utilities | 52,712 | 51,648 | 1,064 | 2.1 | % | 21.3 | % | |||||||||||||
Repairs and Maintenance | 29,479 | 29,955 | (476) | (1.6) | % | 11.9 | % | |||||||||||||
Property Insurance | 8,689 | 7,369 | 1,320 | 17.9 | % | 3.5 | % | |||||||||||||
General and Administrative | 8,844 | 8,943 | (99) | (1.1) | % | 3.5 | % | |||||||||||||
Marketing and Leasing | 3,767 | 3,989 | (222) | (5.6) | % | 1.5 | % | |||||||||||||
Other | 2,428 | 2,400 | 28 | 1.2 | % | 1.0 | % | |||||||||||||
Total Same Property | $247,870 | $242,170 | $5,700 | 2.4 | % | 100.0 | % | |||||||||||||
CAMDEN | JOINT VENTURE OPERATIONS | |||||||
(In thousands, except property data amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
OPERATING DATA (a) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Property revenues | $10,244 | $10,428 | $29,970 | $30,832 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 2,708 | 2,716 | 7,942 | 7,807 | |||||||||||||
Real estate taxes | 1,657 | 1,623 | 4,936 | 5,095 | |||||||||||||
4,365 | 4,339 | 12,878 | 12,902 | ||||||||||||||
Net Operating Income | 5,879 | 6,089 | 17,092 | 17,930 | |||||||||||||
Other expenses | |||||||||||||||||
Interest | 1,352 | 1,691 | 4,274 | 5,074 | |||||||||||||
Depreciation and amortization | 2,289 | 2,179 | 6,651 | 6,626 | |||||||||||||
Other | 84 | 86 | 258 | 276 | |||||||||||||
Total other expenses | 3,725 | 3,956 | 11,183 | 11,976 | |||||||||||||
Equity in income of joint ventures | $2,154 | $2,133 | $5,909 | $5,954 |
Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | |||||||||||||
BALANCE SHEET DATA (b) | |||||||||||||||||
Land | $108,735 | $108,294 | $108,172 | $108,172 | $109,912 | ||||||||||||
Building & Improvements | 784,414 | 765,983 | 756,683 | 752,781 | 769,928 | ||||||||||||
893,149 | 874,277 | 864,855 | 860,953 | 879,840 | |||||||||||||
Accumulated Depreciation | (245,359) | (237,590) | (230,190) | (222,937) | (223,391) | ||||||||||||
Net operating real estate assets | 647,790 | 636,687 | 634,665 | 638,016 | 656,449 | ||||||||||||
Properties under development and land | 14,579 | 21,720 | 18,722 | 10,432 | 5,105 | ||||||||||||
Cash and other assets, net | 34,906 | 30,156 | 26,556 | 36,588 | 37,336 | ||||||||||||
Total assets | $697,275 | $688,563 | $679,943 | $685,036 | $698,890 | ||||||||||||
Notes payable | $507,222 | $501,601 | $496,907 | $496,901 | $514,073 | ||||||||||||
Other liabilities | 34,545 | 29,262 | 23,956 | 34,686 | 28,279 | ||||||||||||
Total liabilities | 541,767 | 530,863 | 520,863 | 531,587 | 542,352 | ||||||||||||
Member's equity | 155,508 | 157,700 | 159,080 | 153,449 | 156,538 | ||||||||||||
Total liabilities and members' equity | $697,275 | $688,563 | $679,943 | $685,036 | $698,890 | ||||||||||||
Company's equity investment | $20,992 | $21,735 | $22,318 | $20,688 | $21,715 | ||||||||||||
Company's pro-rata share of debt | $158,760 | $157,001 | $155,532 | $155,530 | $160,905 | ||||||||||||
PROPERTY DATA (end of period) | |||||||||||||||||
Total operating properties | 21 | 21 | 21 | 21 | 22 | ||||||||||||
Total operating apartment homes | 7,013 | 7,013 | 7,013 | 7,013 | 7,283 | ||||||||||||
Pro-rata share of operating apartment homes | 2,195 | 2,195 | 2,195 | 2,195 | 2,280 | ||||||||||||
Total development properties | 1 | 1 | 1 | 1 | 1 | ||||||||||||
Total development apartment homes | 234 | 234 | 234 | 234 | 234 | ||||||||||||
Pro-rata share of development apartment homes | 73 | 73 | 73 | 73 | 73 | ||||||||||||
Company's pro-rata ownership | 31.3 | % | 31.3 | % | 31.3 | % | 31.3 | % | 31.3 | % | |||||||
CAMDEN | CURRENT DEVELOPMENT COMMUNITIES | |||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up (a) | Total | Total | Construction | Initial | Construction | Stabilized | As of 10/27/2020 | ||||||||||||||||||||||||||||
Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||
1. | Camden Downtown I | 271 | $131.2 | 4Q17 | 1Q20 | 3Q20 | 4Q21 | 39% | 33% | ||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||
Total Completed Communities in Lease-Up | 271 | $131.2 | 39% | 33% | |||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 10/27/2020 | |||||||||||||||||||||||||||
Development Communities (a) | Homes | Estimated Cost | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||
1. | Camden RiNo | 233 | $79.0 | $78.3 | $26.5 | 3Q17 | 3Q20 | 4Q20 | 2Q21 | 40% | 28% | ||||||||||||||||||||||||
Denver, CO | |||||||||||||||||||||||||||||||||||
2. | Camden North End II | 343 | 90.0 | 63.9 | 63.9 | 1Q19 | 4Q20 | 1Q22 | 3Q22 | 1% | 1% | ||||||||||||||||||||||||
Phoenix, AZ | |||||||||||||||||||||||||||||||||||
3. | Camden Lake Eola | 360 | 125.0 | 112.2 | 112.2 | 2Q18 | 1Q21 | 2Q21 | 2Q22 | ||||||||||||||||||||||||||
Orlando, FL | |||||||||||||||||||||||||||||||||||
4. | Camden Buckhead | 366 | 160.0 | 99.4 | 99.4 | 3Q18 | 1Q21 | 1Q22 | 3Q22 | ||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||
5. | Camden Hillcrest | 132 | 95.0 | 55.8 | 55.8 | 3Q19 | 3Q21 | 4Q21 | 3Q22 | ||||||||||||||||||||||||||
San Diego, CA | |||||||||||||||||||||||||||||||||||
6. | Camden Atlantic | 269 | 100.0 | 30.6 | 30.6 | 3Q20 | 4Q22 | 4Q22 | 4Q23 | ||||||||||||||||||||||||||
Plantation, FL | |||||||||||||||||||||||||||||||||||
7. | Camden Tempe II | 397 | 115.0 | 26.2 | 26.2 | 3Q20 | 4Q22 | 3Q23 | 1Q25 | ||||||||||||||||||||||||||
Tempe, AZ | |||||||||||||||||||||||||||||||||||
8. | Camden NoDa | 387 | 105.0 | 18.9 | 18.9 | 3Q20 | 1Q21 | 3Q23 | 1Q25 | ||||||||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||||||||||||||||
Total Development Communities | 2,487 | $869.0 | $485.3 | $433.5 | 22% | 16% | |||||||||||||||||||||||||||||
Additional Development Pipeline (b) | 89.2 | ||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $522.7 | ||||||||||||||||||||||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 3Q20 NOI | |||||||||||||||||||||||||||||||||
Communities that Stabilized During Quarter | $98.9 | $1.4 | |||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | 131.2 | (0.4) | |||||||||||||||||||||||||||||||||
Development Communities in Lease-Up | 78.3 | — | |||||||||||||||||||||||||||||||||
Total Development Communities NOI Contribution | $308.4 | $1.0 | |||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Joint Venture Development Communities (a) | Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 10/27/2020 | ||||||||||||||||||||||||||
Homes | Estimated Cost | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||
1. | Camden Cypress Creek II (c) | 234 | $38.0 | $31.8 | $14.6 | 2Q19 | 2Q20 | 4Q20 | 4Q21 | 33% | 30% | ||||||||||||||||||||||||
Cypress, TX | |||||||||||||||||||||||||||||||||||
Total Joint Venture Development Communities | 234 | $38.0 | $31.8 | $14.6 | 33% | 30% | |||||||||||||||||||||||||||||
CAMDEN | DEVELOPMENT PIPELINE | |||||||
Projected | Total | ||||||||||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) | Cost to Date | ||||||||||||||
1. | Camden Arts District | 354 | $150.0 | $32.0 | |||||||||||||
Los Angeles, CA | |||||||||||||||||
2. | Camden Paces III | 350 | 100.0 | 16.6 | |||||||||||||
Atlanta, GA | |||||||||||||||||
3. | Camden Downtown II | 271 | 145.0 | 11.9 | |||||||||||||
Houston, TX | |||||||||||||||||
4. | Camden Cameron Village | 355 | 115.0 | 20.3 | |||||||||||||
Raleigh, NC | |||||||||||||||||
5. | Camden Highland Village II | 300 | 100.0 | 8.4 | |||||||||||||
Houston, TX | |||||||||||||||||
Development Pipeline | 1,630 | $610.0 | $89.2 | ||||||||||||||
CAMDEN | REDEVELOPMENT SUMMARY | |||||||
Homes | Estimated | ||||||||||||||||||||||||||||||||||
Total | Redeveloped | Total Estimated Cost | Cost to Date | Dates for | |||||||||||||||||||||||||||||||
COMMUNITIES (a) | Homes | To Date | Interior | Exterior | Total | Interior | Exterior | Total | Start | Completion | |||||||||||||||||||||||||
1. | Camden Brickell | 405 | 393 | $12.4 | $9.9 | $22.3 | $11.0 | $9.8 | $20.8 | 1Q18 | 4Q20 | ||||||||||||||||||||||||
Miami, FL | |||||||||||||||||||||||||||||||||||
2. | Camden Las Olas | 420 | 405 | 13.0 | 7.8 | 20.8 | 11.2 | 7.8 | 19.0 | 1Q18 | 4Q20 | ||||||||||||||||||||||||
Ft. Lauderdale, FL | |||||||||||||||||||||||||||||||||||
3. | Camden Potomac Yard | 378 | 366 | 9.7 | 2.4 | 12.1 | 9.2 | 2.4 | 11.6 | 1Q18 | 1Q21 | ||||||||||||||||||||||||
Arlington, VA | |||||||||||||||||||||||||||||||||||
4. | Camden Harbor View | 547 | 547 | 0.0 | 15.3 | 15.3 | 0.0 | 13.5 | 13.5 | 1Q19 | 4Q20 | ||||||||||||||||||||||||
Los Angeles, CA | |||||||||||||||||||||||||||||||||||
Total | 1,750 | 1,711 | $35.1 | $35.4 | $70.5 | $31.4 | $33.5 | $64.9 | |||||||||||||||||||||||||||
CAMDEN | ACQUISITIONS & DISPOSITIONS | |||||||
2020 Land Acquisitions | Location | Purchase Price | Acres | Closing Date | ||||||||||||||||||||||
1. | Camden Cameron Village | Raleigh, NC | $18.2 | 4.9 | 1/13/2020 | |||||||||||||||||||||
Total/Average Land Acquisitions | $18.2 | 4.9 Acres | ||||||||||||||||||||||||
2020 Land Dispositions | Location | Sales Price | Acres | Closing Date | ||||||||||||||||||||||
1. | Camden Reunion Park (a) | Raleigh, NC | $0.8 | 4.7 | 3/3/2020 | |||||||||||||||||||||
Total/Average Land Dispositions | $0.8 | 4.7 Acres | ||||||||||||||||||||||||
CAMDEN | DEBT ANALYSIS | |||||||
(In thousands, except property data amounts) | ||||||||
Future Scheduled Repayments (a) | |||||||||||||||||||||||
Year | Amortization | Secured Maturities | Unsecured Maturities | Total | % of Total | Weighted Average Interest Rate on Maturing Debt (b) | |||||||||||||||||
2020 (c) | ($1,071) | $— | $100,000 | $98,929 | 3.1 | % | 1.2 | % | |||||||||||||||
2021 | (3,602) | — | — | (3,602) | (0.1) | % | N/A | ||||||||||||||||
2022 | (3,598) | — | 350,000 | 346,402 | 10.7 | % | 3.2 | % | |||||||||||||||
2023 | (2,691) | — | 250,000 | 247,309 | 7.7 | % | 5.1 | % | |||||||||||||||
2024 | (2,088) | — | 500,000 | 497,912 | 15.4 | % | 4.0 | % | |||||||||||||||
Thereafter | (11,151) | — | 2,050,000 | 2,038,849 | 63.2 | % | 3.4 | % | |||||||||||||||
Total Debt | ($24,201) | $— | $3,250,000 | $3,225,799 | 100.0 | % | 3.5 | % | |||||||||||||||
Weighted Average Maturity of Debt | 8.5 Years | ||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate (b) | Time to Maturity | |||||||||||||||||||
Floating rate debt | $99,824 | 3.1 | % | 1.2 | % | 0.1 Years | |||||||||||||||||
Fixed rate debt | 3,125,975 | 96.9 | % | 3.6 | % | 8.8 Years | |||||||||||||||||
Total | $3,225,799 | 100.0 | % | 3.5 | % | 8.5 Years | |||||||||||||||||
Weighted Average | |||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate (b) | Time to Maturity | |||||||||||||||||||
Unsecured debt | $3,225,799 | 100.0 | % | 3.5 | % | 8.5 Years | |||||||||||||||||
Secured debt | — | — | % | N/A | N/A | ||||||||||||||||||
Total | $3,225,799 | 100.0 | % | 3.5 | % | 8.5 Years | |||||||||||||||||
Weighted Average | |||||||||||||||||||||||
REAL ESTATE ASSETS: (d) | Total Homes | % of Total | Total Cost | % of Total | 3Q20 NOI | % of Total | |||||||||||||||||
Unencumbered real estate assets | 51,857 | 100.0 | % | $9,417,282 | 100.0 | % | $164,669 | 100.0 | % | ||||||||||||||
Encumbered real estate assets | — | — | % | — | — | % | — | — | % | ||||||||||||||
Total | 51,857 | 100.0 | % | $9,417,282 | 100.0 | % | $164,669 | 100.0 | % | ||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 2.9x |
CAMDEN | DEBT MATURITY ANALYSIS | |||||||
(In thousands) | ||||||||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | ||||||||||||||||
4Q 2020 (a) | ($1,071) | $— | $100,000 | $98,929 | 1.2 | % | ||||||||||||||
2020 | ($1,071) | $— | $100,000 | $98,929 | 1.2 | % | ||||||||||||||
1Q 2021 | ($897) | $— | $— | ($897) | N/A | |||||||||||||||
2Q 2021 | (899) | — | — | (899) | N/A | |||||||||||||||
3Q 2021 | (902) | — | — | (902) | N/A | |||||||||||||||
4Q 2021 | (904) | — | — | (904) | N/A | |||||||||||||||
2021 | ($3,602) | $— | $— | ($3,602) | N/A | |||||||||||||||
CAMDEN | DEBT COVENANT ANALYSIS | |||||||
UNSECURED LINE OF CREDIT | |||||||||||||||||||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||||||||||||||||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 26% | Yes | |||||||||||||||||||
Secured Debt to Gross Asset Value | < | 40% | —% | Yes | |||||||||||||||||||
Consolidated Adjusted EBITDA to Total Fixed Charges | > | 150% | 492% | Yes | |||||||||||||||||||
Unsecured Debt to Gross Asset Value | < | 60% | 28% | Yes | |||||||||||||||||||
SENIOR UNSECURED NOTES | |||||||||||||||||||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||||||||||||||||||
Total Consolidated Debt to Total Asset Value | < | 60% | 32% | Yes | |||||||||||||||||||
Total Secured Debt to Total Asset Value | < | 40% | —% | Yes | |||||||||||||||||||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 316% | Yes | |||||||||||||||||||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 512% | Yes | |||||||||||||||||||
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |||||||
DEBT ANALYSIS | ||||||||
(In thousands, except property data amounts) | ||||||||
Future Scheduled Repayments (b) | Weighted Average Interest on Maturing Debt | |||||||||||||||||||
Year | Amortization | Secured Maturities | Total | % of Total | ||||||||||||||||
2020 | ($2) | $— | ($2) | — | % | N/A | ||||||||||||||
2021 | (149) | 5,160 | 5,011 | 3.2 | % | 4.8 | % | |||||||||||||
2022 | (165) | — | (165) | (0.1) | % | N/A | ||||||||||||||
2023 | (171) | — | (171) | (0.1) | % | N/A | ||||||||||||||
2024 | (177) | 3,254 | 3,077 | 1.9 | % | 1.5 | % | |||||||||||||
Thereafter | (422) | 150,650 | 150,228 | 94.6 | % | 3.4 | % | |||||||||||||
Total Maturing Debt | ($1,086) | $159,064 | $157,978 | 99.5 | % | 3.4 | % | |||||||||||||
Unsecured lines of credit (c) | $— | $782 | $782 | 0.5 | % | 3.1 | % | |||||||||||||
Total Debt | ($1,086) | $159,846 | $158,760 | 100.0 | % | 3.4 | % | |||||||||||||
Weighted Average Maturity of Debt | 6.2 Years | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Floating rate debt | $55,950 | 35.2 | % | 2.2 | % | 5.6 Years | ||||||||||||||
Fixed rate debt | 102,810 | 64.8 | % | 4.0 | % | 6.5 Years | ||||||||||||||
Total | $158,760 | 100.0 | % | 3.4 | % | 6.2 Years | ||||||||||||||
Weighted Average | ||||||||||||||||||||
DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Conventional fixed-rate mortgage debt | $102,810 | 64.8 | % | 4.0 | % | 6.5 Years | ||||||||||||||
Conventional variable-rate mortgage debt | 51,914 | 32.7 | % | 2.2 | % | 5.8 Years | ||||||||||||||
Variable-rate construction loans | 3,254 | 2.0 | % | 1.5 | % | 3.7 Years | ||||||||||||||
Unsecured lines of credit | 782 | 0.5 | % | 3.1 | % | 0.4 Years | ||||||||||||||
Total | $158,760 | 100.0 | % | 3.4 | % | 6.2 Years | ||||||||||||||
REAL ESTATE ASSETS: (d) | Total Homes | Total Cost | ||||||||||||||||||
Operating real estate assets | 7,013 | $893,149 | ||||||||||||||||||
Properties under development and land | 234 | 14,579 | ||||||||||||||||||
Total | 7,247 | $907,728 | ||||||||||||||||||
CAMDEN | UNCONSOLIDATED REAL ESTATE INVESTMENTS | |||||||
DEBT MATURITY ANALYSIS | ||||||||
(In thousands) | ||||||||
Future Scheduled Repayments (b) | Weighted Average Interest on Maturing Debt | ||||||||||||||||
Quarter | Amortization | Secured Maturities | Total | ||||||||||||||
4Q 2020 | ($2) | $— | ($2) | N/A | |||||||||||||
2020 | ($2) | $— | ($2) | N/A | |||||||||||||
1Q 2021 (c) | ($28) | $5,942 | $5,914 | 4.5 | % | ||||||||||||
2Q 2021 | (40) | — | (40) | N/A | |||||||||||||
3Q 2021 | (40) | — | (40) | N/A | |||||||||||||
4Q 2021 | (41) | — | (41) | N/A | |||||||||||||
2021 | ($149) | $5,942 | $5,793 | 4.5 | % | ||||||||||||
CAMDEN | CAPITALIZED EXPENDITURES | |||||||
& MAINTENANCE EXPENSE | ||||||||
(In thousands, except unit data) | ||||||||
Third Quarter 2020 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 5 | years | $2,541 | $52 | $483 | $10 | |||||||||||||||||||||||
Appliances | 9 | years | 829 | 17 | 291 | 6 | |||||||||||||||||||||||
Painting | — | — | — | 1,750 | 36 | ||||||||||||||||||||||||
Cabinetry/Countertops | 10 | years | 120 | 2 | — | — | |||||||||||||||||||||||
Other | 9 | years | 1,223 | 25 | 743 | 15 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 5 | years | 1,610 | 33 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 1,394 | 28 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 1,599 | 33 | 2,579 | 52 | |||||||||||||||||||||||
Roofing | 20 | years | 671 | 14 | 126 | 2 | |||||||||||||||||||||||
Site Drainage | 10 | years | 92 | 2 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 551 | 11 | — | — | |||||||||||||||||||||||
Other (b) | 9 | years | 3,155 | 64 | 3,684 | 75 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 3,613 | 73 | 2,250 | 46 | |||||||||||||||||||||||
Parking/Paving | 5 | years | 700 | 14 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 6 | years | 3,427 | 70 | 378 | 8 | |||||||||||||||||||||||
COVID-19 Expenses | — | — | — | 444 | 9 | ||||||||||||||||||||||||
Total Recurring (c) | $21,525 | $438 | $12,728 | $259 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 49,158 | 49,158 | |||||||||||||||||||||||||||
Non-recurring capitalized expenditures (d) | $1,242 | ||||||||||||||||||||||||||||
Revenue Enhancing Expenditures (e) | 10 | years | $10,565 | $21,300 | |||||||||||||||||||||||||
Revenue Enhanced Apartment Homes | 496 | ||||||||||||||||||||||||||||
Pro-Rata Joint Venture Total Recurring (f) | $774 | $353 | $520 | $237 | |||||||||||||||||||||||||
Year to Date 2020 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 5 | years | $6,628 | $135 | $1,271 | $26 | |||||||||||||||||||||||
Appliances | 9 | years | 2,279 | 46 | 719 | 15 | |||||||||||||||||||||||
Painting | — | — | — | 4,333 | 88 | ||||||||||||||||||||||||
Cabinetry/Countertops | 10 | years | 341 | 7 | — | — | |||||||||||||||||||||||
Other | 9 | years | 3,573 | 73 | 2,159 | 44 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 5 | years | 3,617 | 74 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 3,357 | 68 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 3,460 | 70 | 7,903 | 161 | |||||||||||||||||||||||
Roofing | 20 | years | 4,543 | 93 | 406 | 8 | |||||||||||||||||||||||
Site Drainage | 10 | years | 200 | 4 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 1,531 | 31 | — | — | |||||||||||||||||||||||
Other (b) | 9 | years | 7,216 | 147 | 10,471 | 214 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 9,046 | 184 | 5,934 | 121 | |||||||||||||||||||||||
Parking/Paving | 5 | years | 1,081 | 22 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 6 | years | 6,948 | 142 | 1,034 | 21 | |||||||||||||||||||||||
COVID-19 Expenses | — | — | — | 1,736 | 35 | ||||||||||||||||||||||||
Total Recurring (c) | $53,820 | $1,096 | $35,966 | $733 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 49,081 | 49,081 | |||||||||||||||||||||||||||
Non-recurring capitalized expenditures (d) | $2,552 | ||||||||||||||||||||||||||||
Revenue Enhancing Expenditures (e) | 10 | years | $35,548 | $23,604 | |||||||||||||||||||||||||
Revenue Enhanced Apartment Homes | 1,506 | ||||||||||||||||||||||||||||
Pro-Rata Joint Venture Total Recurring (f) | $2,086 | $950 | $1,478 | $673 | |||||||||||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Net income attributable to common shareholders (a) | $34,957 | $43,597 | $94,718 | $124,609 | |||||||||||||
Real estate depreciation and amortization | 87,974 | 83,437 | 267,985 | 244,908 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,404 | 2,245 | 6,933 | 6,736 | |||||||||||||
Income allocated to non-controlling interests | 1,276 | 1,225 | 3,661 | 3,549 | |||||||||||||
Funds from operations | $126,611 | $130,504 | $373,297 | $379,802 | |||||||||||||
Less: recurring capitalized expenditures | (22,299) | (20,242) | (55,906) | (51,063) | |||||||||||||
Adjusted funds from operations | $104,312 | $110,262 | $317,391 | $328,739 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
EPS diluted | 99,455 | 99,066 | 99,414 | 98,375 | |||||||||||||
FFO/AFFO diluted | 101,203 | 100,819 | 101,162 | 100,129 | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Total Earnings Per Common Share - Diluted | $0.35 | $0.44 | $0.95 | $1.26 | |||||||||||||
Real estate depreciation and amortization | 0.87 | 0.83 | 2.65 | 2.45 | |||||||||||||
Adjustments for unconsolidated joint ventures | 0.02 | 0.01 | 0.06 | 0.05 | |||||||||||||
Income allocated to non-controlling interests | 0.01 | 0.01 | 0.03 | 0.03 | |||||||||||||
FFO per common share - Diluted | $1.25 | $1.29 | $3.69 | $3.79 | |||||||||||||
Less: recurring capitalized expenditures | (0.22) | (0.20) | (0.55) | (0.51) | |||||||||||||
AFFO per common share - Diluted | $1.03 | $1.09 | $3.14 | $3.28 | |||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
4Q20 | Range | 2020 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.30 | $0.36 | $1.25 | $1.31 | |||||||||||||
Expected real estate depreciation and amortization | 0.88 | 0.88 | 3.53 | 3.53 | |||||||||||||
Expected adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.08 | 0.08 | |||||||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.04 | 0.04 | |||||||||||||
Expected FFO per share - diluted | $1.21 | $1.27 | $4.90 | $4.96 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Net income (a) | $36,220 | $44,782 | $98,198 | $128,045 | |||||||||||||
Less: Fee and asset management income | (2,542) | (2,139) | (7,449) | (5,849) | |||||||||||||
Less: Interest and other income | (1,948) | (1,485) | (2,602) | (2,114) | |||||||||||||
Less: (Income)/Loss on deferred compensation plans | (5,071) | (780) | (1,646) | (14,992) | |||||||||||||
Plus: Property management expense | 5,894 | 6,154 | 18,360 | 18,904 | |||||||||||||
Plus: Fee and asset management expense | 1,018 | 1,316 | 2,681 | 4,022 | |||||||||||||
Plus: General and administrative expense | 12,726 | 13,458 | 40,350 | 40,027 | |||||||||||||
Plus: Interest expense | 24,265 | 20,719 | 67,454 | 60,538 | |||||||||||||
Plus: Depreciation and amortization expense | 90,575 | 85,814 | 275,237 | 250,734 | |||||||||||||
Plus: Expense on deferred compensation plans | 5,071 | 780 | 1,646 | 14,992 | |||||||||||||
Less: Gain on sale of land | — | — | (382) | — | |||||||||||||
Less: Equity in income of joint ventures | (2,154) | (2,133) | (5,909) | (5,954) | |||||||||||||
Plus: Income tax expense | 615 | 313 | 1,476 | 709 | |||||||||||||
NOI (b) (c) | $164,669 | $166,799 | $487,414 | $489,062 | |||||||||||||
"Same Property" Communities | $144,737 | $146,686 | $437,678 | $433,237 | |||||||||||||
Non-"Same Property" Communities | 20,072 | 17,413 | 61,279 | 47,588 | |||||||||||||
Development and Lease-Up Communities | (354) | (11) | (739) | (13) | |||||||||||||
COVID-19 Related Impact (b) (c) | (444) | — | (13,614) | — | |||||||||||||
Dispositions/Other | 658 | 2,711 | 2,810 | 8,250 | |||||||||||||
NOI (b) (c) | $164,669 | $166,799 | $487,414 | $489,062 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Net income attributable to common shareholders (a) | $34,957 | $43,597 | $94,718 | $124,609 | |||||||||||||
Plus: Interest expense | 24,265 | 20,719 | 67,454 | 60,538 | |||||||||||||
Plus: Depreciation and amortization expense | 90,575 | 85,814 | 275,237 | 250,734 | |||||||||||||
Plus: Income allocated to non-controlling interests | 1,263 | 1,185 | 3,480 | 3,436 | |||||||||||||
Plus: Income tax expense | 615 | 313 | 1,476 | 709 | |||||||||||||
Plus: COVID-19 Related Impact (b) | 444 | — | 14,364 | — | |||||||||||||
Less: Gain on sale of land | — | — | (382) | — | |||||||||||||
Less: Equity in income of joint ventures | (2,154) | (2,133) | (5,909) | (5,954) | |||||||||||||
Adjusted EBITDA | $149,965 | $149,495 | $450,438 | $434,072 | |||||||||||||
Annualized Adjusted EBITDA | $599,860 | $597,980 | $600,584 | $578,763 |
Average monthly balance for | Average monthly balance for | ||||||||||||||||||||||
the three months ended September 30, | the nine months ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Unsecured notes payable | $3,225,490 | $2,431,858 | $3,028,011 | $2,278,843 | |||||||||||||||||||
Secured notes payable | — | 45,322 | — | 120,933 | |||||||||||||||||||
Total debt | 3,225,490 | 2,477,180 | 3,028,011 | 2,399,776 | |||||||||||||||||||
Less: Cash and cash equivalents | (536,520) | (124,936) | (367,113) | (117,855) | |||||||||||||||||||
Net debt | $2,688,970 | $2,352,244 | $2,660,898 | $2,281,921 | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net debt | $2,688,970 | $2,352,244 | $2,660,898 | $2,281,921 | |||||||||||||||||||
Annualized Adjusted EBITDA | 599,860 | 597,980 | 600,584 | 578,763 | |||||||||||||||||||
Net Debt to Annualized Adjusted EBITDA | 4.5x | 3.9x | 4.4x | 3.9x | |||||||||||||||||||
CAMDEN | OTHER DATA | |||||||
Stock Symbol: | CPT | |||||||||||||||||||
Exchange Traded: | NYSE | |||||||||||||||||||
Senior Unsecured Debt Ratings: | Rating | Outlook | ||||||||||||||||||
Fitch | A- | Stable | ||||||||||||||||||
Moody's | A3 | Stable | ||||||||||||||||||
Standard & Poor's | A- | Stable | ||||||||||||||||||
Estimated Future Dates: | Q4 '20 | Q1 '21 | Q2 '21 | Q3 '21 | ||||||||||||||||
Earnings Release & Conference Call | Late January | Late April | Late July | Late October | ||||||||||||||||
Dividend Information - Common Shares: | Q1 '20 | Q2 '20 | Q3 '20 | |||||||||||||||||
Declaration Date | 1/30/2020 | 6/15/2020 | 9/15/2020 | |||||||||||||||||
Record Date | 3/31/2020 | 6/30/2020 | 9/30/2020 | |||||||||||||||||
Payment Date | 4/17/2020 | 7/17/2020 | 10/16/2020 | |||||||||||||||||
Distributions Per Share | $0.83 | $0.83 | $0.83 |
Investor Relations Data: | ||||||||||||||
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request. | ||||||||||||||
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787. | ||||||||||||||
To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com. | ||||||||||||||
For questions contact: | ||||||||||||||
Richard J. Campo | Chairman & Chief Executive Officer | |||||||||||||
D. Keith Oden | Executive Vice Chairman | |||||||||||||
H. Malcolm Stewart | President & Chief Operating Officer | |||||||||||||
Alexander J. Jessett | Chief Financial Officer | |||||||||||||
Kimberly A. Callahan | Senior Vice President - Investor Relations |
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 9/30/2020 |
(Unaudited) | 3Q20 Avg Monthly | 3Q20 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 3Q20 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Chandler | Chandler | AZ | 2016 | 1,146 | 380 | 96% | $1,535 | $1.34 | $1,768 | $1.54 | ||||||||||||||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 95% | 1,262 | 1.61 | 1,568 | 1.99 | ||||||||||||||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 95% | 1,751 | 1.70 | 2,077 | 2.01 | ||||||||||||||||||||||
Camden Tempe (1) | Tempe | AZ | 2015 | 1,033 | 234 | 96% | 1,585 | 1.53 | 1,894 | 1.83 | ||||||||||||||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 95% | 1,475 | 1.38 | 1,754 | 1.64 | ||||||||||||||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 96% | 1,480 | 1.38 | 1,762 | 1.65 | ||||||||||||||||||||||
Camden North End I | Phoenix | AZ | 2019 | 921 | 441 | 94% | 1,605 | 1.74 | 1,863 | 2.02 | ||||||||||||||||||||||
Camden Old Town Scottsdale | Scottsdale | AZ | 2016 | 892 | 316 | 95% | 1,761 | 1.98 | 1,938 | 2.17 | ||||||||||||||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 949 | 272 | 96% | 1,276 | 1.34 | 1,547 | 1.63 | ||||||||||||||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 95% | 1,427 | 1.45 | 1,672 | 1.70 | ||||||||||||||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 95% | 1,436 | 1.38 | 1,753 | 1.68 | ||||||||||||||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 94% | 1,603 | 1.23 | 2,004 | 1.54 | ||||||||||||||||||||||
TOTAL ARIZONA | 12 | Properties | 1,006 | 3,686 | 95% | 1,509 | 1.50 | 1,785 | 1.77 | |||||||||||||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 98% | 2,147 | 2.13 | 2,388 | 2.37 | ||||||||||||||||||||||
Camden Glendale | Glendale | CA | 2015 | 893 | 307 | 94% | 2,427 | 2.72 | 2,527 | 2.83 | ||||||||||||||||||||||
Camden Harbor View (2) | Long Beach | CA | 2004 | 981 | 547 | 95% | 2,592 | 2.64 | 2,739 | 2.79 | ||||||||||||||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96% | 2,160 | 2.14 | 2,438 | 2.41 | ||||||||||||||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 795 | 714 | 96% | 1,890 | 2.38 | 2,133 | 2.68 | ||||||||||||||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 98% | 2,173 | 2.44 | 2,361 | 2.65 | ||||||||||||||||||||||
The Camden | Hollywood | CA | 2016 | 767 | 287 | 93% | 3,034 | 3.96 | 2,765 | 3.60 | ||||||||||||||||||||||
Total Los Angeles/Orange County | 7 | Properties | 900 | 2,663 | 96% | 2,300 | 2.55 | 2,450 | 2.72 | |||||||||||||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 97% | 1,711 | 1.74 | 1,909 | 1.94 | ||||||||||||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 97% | 2,280 | 2.20 | 2,532 | 2.44 | ||||||||||||||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 95% | 2,124 | 2.21 | 2,441 | 2.54 | ||||||||||||||||||||||
Camden Tuscany | San Diego | CA | 2003 | 895 | 160 | 94% | 2,644 | 2.95 | 2,854 | 3.19 | ||||||||||||||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 98% | 1,851 | 1.76 | 2,059 | 1.96 | ||||||||||||||||||||||
Total San Diego/Inland Empire | 5 | Properties | 992 | 1,665 | 96% | 2,047 | 2.06 | 2,287 | 2.31 | |||||||||||||||||||||||
TOTAL CALIFORNIA | 12 | Properties | 935 | 4,328 | 96% | 2,203 | 2.35 | 2,387 | 2.55 | |||||||||||||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 95% | 1,553 | 1.75 | 1,865 | 2.10 | ||||||||||||||||||||||
Camden Caley | Englewood | CO | 2000 | 921 | 218 | 97% | 1,550 | 1.68 | 1,798 | 1.95 | ||||||||||||||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 97% | 1,857 | 1.83 | 2,158 | 2.13 | ||||||||||||||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 96% | 1,702 | 1.77 | 1,988 | 2.07 | ||||||||||||||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 97% | 1,826 | 1.59 | 2,070 | 1.80 | ||||||||||||||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,002 | 340 | 96% | 1,721 | 1.72 | 1,999 | 2.00 | ||||||||||||||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 95% | 1,652 | 1.77 | 1,940 | 2.08 | ||||||||||||||||||||||
Camden Lincoln Station | Lone Tree | CO | 2017 | 844 | 267 | 96% | 1,617 | 1.92 | 1,892 | 2.24 | ||||||||||||||||||||||
TOTAL COLORADO | 8 | Properties | 969 | 2,632 | 96% | 1,694 | 1.75 | 1,975 | 2.04 | |||||||||||||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 98% | 1,768 | 1.66 | 2,014 | 1.90 | ||||||||||||||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 508 | 97% | 1,662 | 1.76 | 1,946 | 2.07 | ||||||||||||||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 977 | 382 | 97% | 1,872 | 1.92 | 2,177 | 2.23 | ||||||||||||||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 97% | 1,923 | 1.82 | 2,266 | 2.15 | ||||||||||||||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 96% | 2,007 | 2.15 | 2,344 | 2.51 | ||||||||||||||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 97% | 1,862 | 1.87 | 2,140 | 2.15 | ||||||||||||||||||||||
Camden Grand Parc | Washington | DC | 2002 | 672 | 105 | 94% | 2,609 | 3.88 | 2,919 | 4.34 | ||||||||||||||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 97% | 1,739 | 1.73 | 1,997 | 1.99 | ||||||||||||||||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 97% | 1,726 | 1.68 | 1,921 | 1.87 | ||||||||||||||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96% | 1,714 | 2.00 | 2,014 | 2.35 | ||||||||||||||||||||||
Camden Noma | Washington | DC | 2014 | 769 | 321 | 95% | 2,267 | 2.95 | 2,551 | 3.32 | ||||||||||||||||||||||
Camden Noma II | Washington | DC | 2017 | 759 | 405 | 95% | 2,353 | 3.10 | 2,759 | 3.63 | ||||||||||||||||||||||
Camden Potomac Yard (2) | Arlington | VA | 2008 | 832 | 378 | 94% | 2,097 | 2.52 | 2,450 | 2.94 | ||||||||||||||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 93% | 2,946 | 3.44 | 3,352 | 3.92 | ||||||||||||||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 98% | 1,562 | 1.57 | 1,820 | 1.83 | ||||||||||||||||||||||
Camden Shady Grove | Rockville | MD | 2018 | 877 | 457 | 96% | 1,811 | 2.07 | 2,047 | 2.33 | ||||||||||||||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 99% | 1,733 | 1.78 | 2,010 | 2.06 | ||||||||||||||||||||||
Camden South Capitol (3) | Washington | DC | 2013 | 821 | 281 | 95% | 2,350 | 2.86 | 2,812 | 3.42 | ||||||||||||||||||||||
Camden Washingtonian | Gaithersburg | MD | 2018 | 870 | 365 | 96% | 1,812 | 2.08 | 2,085 | 2.40 | ||||||||||||||||||||||
TOTAL DC METRO | 19 | Properties | 922 | 6,862 | 96% | 1,929 | 2.09 | 2,230 | 2.42 | |||||||||||||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 95% | 1,976 | 1.78 | 2,309 | 2.08 | ||||||||||||||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 94% | 1,948 | 2.31 | 2,193 | 2.60 | ||||||||||||||||||||||
Camden Brickell (2) | Miami | FL | 2003 | 937 | 405 | 93% | 2,146 | 2.29 | 2,333 | 2.49 | ||||||||||||||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 97% | 1,947 | 1.74 | 2,202 | 1.97 | ||||||||||||||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 96% | 2,104 | 1.68 | 2,269 | 1.81 | ||||||||||||||||||||||
Camden Las Olas (2) | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 94% | 2,107 | 2.02 | 2,446 | 2.35 | ||||||||||||||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 97% | 1,720 | 1.43 | 1,950 | 1.62 | ||||||||||||||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 98% | 1,800 | 1.62 | 2,056 | 1.85 | ||||||||||||||||||||||
Total Southeast Florida | 8 | Properties | 1,079 | 2,781 | 95% | 1,959 | 1.82 | 2,212 | 2.05 | |||||||||||||||||||||||
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 9/30/2020 |
(Unaudited) | 3Q20 Avg Monthly | 3Q20 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 3Q20 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 | 270 | 96% | $1,477 | $1.37 | $1,688 | $1.57 | ||||||||||||||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 95% | 1,363 | 1.43 | 1,629 | 1.70 | ||||||||||||||||||||||
Camden LaVina | Orlando | FL | 2012 | 969 | 420 | 96% | 1,373 | 1.42 | 1,644 | 1.70 | ||||||||||||||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 95% | 1,352 | 1.44 | 1,591 | 1.70 | ||||||||||||||||||||||
Camden North Quarter | Orlando | FL | 2016 | 806 | 333 | 95% | 1,539 | 1.91 | 1,676 | 2.08 | ||||||||||||||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 95% | 1,369 | 1.68 | 1,630 | 2.00 | ||||||||||||||||||||||
Camden Thornton Park | Orlando | FL | 2016 | 920 | 299 | 86% | 1,784 | 1.94 | 1,934 | 2.10 | ||||||||||||||||||||||
Camden Town Square | Orlando | FL | 2012 | 983 | 438 | 96% | 1,406 | 1.43 | 1,595 | 1.62 | ||||||||||||||||||||||
Camden Waterford Lakes (3) | Orlando | FL | 2014 | 971 | 300 | 96% | 1,463 | 1.51 | 1,725 | 1.78 | ||||||||||||||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 96% | 1,414 | 1.44 | 1,612 | 1.65 | ||||||||||||||||||||||
Total Orlando | 10 | Properties | 944 | 3,594 | 95% | 1,442 | 1.53 | 1,660 | 1.76 | |||||||||||||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 97% | 1,287 | 1.36 | 1,568 | 1.66 | ||||||||||||||||||||||
Camden Montague | Tampa | FL | 2012 | 972 | 192 | 97% | 1,362 | 1.40 | 1,641 | 1.69 | ||||||||||||||||||||||
Camden Pier District | St. Petersburg | FL | 2016 | 989 | 358 | 94% | 2,541 | 2.57 | 2,725 | 2.75 | ||||||||||||||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 93% | 1,489 | 1.58 | 1,758 | 1.87 | ||||||||||||||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 96% | 1,279 | 1.26 | 1,570 | 1.54 | ||||||||||||||||||||||
Camden Visconti (3) | Tampa | FL | 2007 | 1,125 | 450 | 95% | 1,445 | 1.28 | 1,694 | 1.51 | ||||||||||||||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 97% | 1,468 | 1.48 | 1,773 | 1.79 | ||||||||||||||||||||||
Total Tampa | 7 | Properties | 997 | 2,736 | 96% | 1,525 | 1.53 | 1,788 | 1.79 | |||||||||||||||||||||||
TOTAL FLORIDA | 25 | Properties | 1,001 | 9,111 | 95% | 1,625 | 1.62 | 1,867 | 1.87 | |||||||||||||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 916 | 359 | 96% | 1,461 | 1.59 | 1,757 | 1.92 | ||||||||||||||||||||||
Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 96% | 1,562 | 1.89 | 1,779 | 2.15 | ||||||||||||||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 97% | 1,405 | 1.42 | 1,642 | 1.66 | ||||||||||||||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 96% | 1,468 | 1.24 | 1,721 | 1.45 | ||||||||||||||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 96% | 1,390 | 1.38 | 1,663 | 1.65 | ||||||||||||||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 844 | 276 | 97% | 1,747 | 2.07 | 2,017 | 2.39 | ||||||||||||||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 97% | 1,547 | 1.65 | 1,856 | 1.99 | ||||||||||||||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,408 | 379 | 94% | 2,621 | 1.86 | 3,027 | 2.15 | ||||||||||||||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 97% | 1,353 | 1.32 | 1,637 | 1.59 | ||||||||||||||||||||||
Camden Phipps (3) | Atlanta | GA | 1996 | 1,016 | 234 | 96% | 1,600 | 1.57 | 1,938 | 1.91 | ||||||||||||||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 96% | 1,340 | 1.17 | 1,621 | 1.42 | ||||||||||||||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 97% | 1,393 | 1.39 | 1,697 | 1.70 | ||||||||||||||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 97% | 1,205 | 1.19 | 1,493 | 1.48 | ||||||||||||||||||||||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 95% | 1,480 | 1.64 | 1,723 | 1.91 | ||||||||||||||||||||||
TOTAL GEORGIA | 14 | Properties | 1,014 | 4,496 | 96% | 1,552 | 1.53 | 1,835 | 1.81 | |||||||||||||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,048 | 400 | 94% | 1,300 | 1.24 | 1,573 | 1.50 | ||||||||||||||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 95% | 1,503 | 1.66 | 1,778 | 1.96 | ||||||||||||||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 91% | 1,496 | 1.75 | 1,789 | 2.09 | ||||||||||||||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 96% | 1,225 | 1.18 | 1,429 | 1.38 | ||||||||||||||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 96% | 1,105 | 1.18 | 1,342 | 1.43 | ||||||||||||||||||||||
Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 97% | 1,217 | 1.39 | 1,431 | 1.64 | ||||||||||||||||||||||
Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 95% | 1,605 | 2.16 | 1,875 | 2.52 | ||||||||||||||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,059 | 266 | 97% | 1,720 | 1.62 | 1,976 | 1.87 | ||||||||||||||||||||||
Camden Grandview II | Charlotte | NC | 2019 | 2,241 | 28 | 90% | 3,385 | 1.51 | 3,695 | 1.65 | ||||||||||||||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96% | 1,174 | 1.21 | 1,414 | 1.45 | ||||||||||||||||||||||
Camden South End | Charlotte | NC | 2003 | 878 | 299 | 95% | 1,507 | 1.72 | 1,731 | 1.97 | ||||||||||||||||||||||
Camden Southline (3) | Charlotte | NC | 2015 | 831 | 266 | 95% | 1,611 | 1.94 | 1,872 | 2.25 | ||||||||||||||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 96% | 1,360 | 1.24 | 1,615 | 1.47 | ||||||||||||||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 97% | 1,120 | 1.25 | 1,319 | 1.47 | ||||||||||||||||||||||
Total Charlotte | 14 | Properties | 954 | 3,104 | 95% | 1,422 | 1.49 | 1,671 | 1.75 | |||||||||||||||||||||||
Camden Asbury Village (3) | Raleigh | NC | 2009 | 1,009 | 350 | 96% | 1,284 | 1.27 | 1,503 | 1.49 | ||||||||||||||||||||||
Camden Carolinian (4) | Raleigh | NC | 2017 | 1,118 | 186 | Lease-Up | 2,247 | 2.01 | 2,316 | 2.07 | ||||||||||||||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,014 | 438 | 97% | 1,113 | 1.10 | 1,352 | 1.33 | ||||||||||||||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 98% | 1,176 | 1.12 | 1,436 | 1.37 | ||||||||||||||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 97% | 1,222 | 1.15 | 1,483 | 1.39 | ||||||||||||||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 96% | 1,223 | 1.27 | 1,499 | 1.55 | ||||||||||||||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,061 | 320 | 95% | 1,322 | 1.25 | 1,610 | 1.52 | ||||||||||||||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 96% | 1,111 | 1.14 | 1,326 | 1.36 | ||||||||||||||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 96% | 1,175 | 1.14 | 1,467 | 1.43 | ||||||||||||||||||||||
Total Raleigh | 9 | Properties | 1,022 | 3,240 | 96% | 1,260 | 1.23 | 1,501 | 1.47 | |||||||||||||||||||||||
TOTAL NORTH CAROLINA | 23 | Properties | 989 | 6,344 | 96% | 1,339 | 1.35 | 1,584 | 1.60 | |||||||||||||||||||||||
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 9/30/2020 |
(Unaudited) | 3Q20 Avg Monthly | 3Q20 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 3Q20 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Amber Oaks (3) | Austin | TX | 2009 | 862 | 348 | 97% | $1,162 | $1.35 | $1,428 | $1.66 | ||||||||||||||||||||||
Camden Amber Oaks II (3) | Austin | TX | 2012 | 910 | 244 | 95% | 1,232 | 1.35 | 1,521 | 1.67 | ||||||||||||||||||||||
Camden Brushy Creek (3) | Cedar Park | TX | 2008 | 882 | 272 | 95% | 1,237 | 1.40 | 1,421 | 1.61 | ||||||||||||||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 97% | 1,361 | 1.49 | 1,620 | 1.78 | ||||||||||||||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 97% | 1,506 | 1.58 | 1,797 | 1.88 | ||||||||||||||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 95% | 1,232 | 1.36 | 1,517 | 1.68 | ||||||||||||||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 96% | 1,283 | 1.42 | 1,523 | 1.69 | ||||||||||||||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 95% | 1,567 | 1.87 | 1,812 | 2.16 | ||||||||||||||||||||||
Camden Rainey Street | Austin | TX | 2016 | 873 | 326 | 92% | 2,071 | 2.37 | 2,336 | 2.67 | ||||||||||||||||||||||
Camden Shadow Brook (3) | Austin | TX | 2009 | 909 | 496 | 96% | 1,226 | 1.35 | 1,393 | 1.53 | ||||||||||||||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 97% | 1,343 | 1.48 | 1,604 | 1.77 | ||||||||||||||||||||||
Total Austin | 11 | Properties | 897 | 3,686 | 96% | 1,380 | 1.54 | 1,625 | 1.81 | |||||||||||||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 95% | 1,278 | 1.36 | 1,496 | 1.59 | ||||||||||||||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 946 | 477 | 95% | 1,481 | 1.57 | 1,759 | 1.86 | ||||||||||||||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 95% | 1,268 | 1.38 | 1,573 | 1.71 | ||||||||||||||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 912 | 268 | 96% | 1,238 | 1.36 | 1,493 | 1.64 | ||||||||||||||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 95% | 1,262 | 1.64 | 1,520 | 1.97 | ||||||||||||||||||||||
Camden Design District (3) | Dallas | TX | 2009 | 939 | 355 | 94% | 1,430 | 1.52 | 1,609 | 1.71 | ||||||||||||||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95% | 1,380 | 1.48 | 1,631 | 1.75 | ||||||||||||||||||||||
Camden Henderson | Dallas | TX | 2012 | 966 | 106 | 98% | 1,554 | 1.61 | 1,847 | 1.91 | ||||||||||||||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96% | 1,332 | 1.60 | 1,570 | 1.89 | ||||||||||||||||||||||
Camden Legacy Park | Plano | TX | 1996 | 870 | 276 | 95% | 1,320 | 1.52 | 1,559 | 1.79 | ||||||||||||||||||||||
Camden Panther Creek (3) | Frisco | TX | 2009 | 946 | 295 | 98% | 1,316 | 1.39 | 1,501 | 1.59 | ||||||||||||||||||||||
Camden Riverwalk (3) | Grapevine | TX | 2008 | 989 | 600 | 96% | 1,492 | 1.51 | 1,736 | 1.76 | ||||||||||||||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 95% | 1,110 | 1.49 | 1,356 | 1.82 | ||||||||||||||||||||||
Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 95% | 1,702 | 1.98 | 1,985 | 2.31 | ||||||||||||||||||||||
Total Dallas/Ft. Worth | 14 | Properties | 902 | 5,666 | 95% | 1,368 | 1.52 | 1,617 | 1.79 | |||||||||||||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 94% | 1,499 | 1.61 | 1,766 | 1.89 | ||||||||||||||||||||||
Camden City Centre II | Houston | TX | 2013 | 869 | 268 | 93% | 1,490 | 1.71 | 1,779 | 2.05 | ||||||||||||||||||||||
Camden Cypress Creek (3) | Cypress | TX | 2009 | 993 | 310 | 95% | 1,346 | 1.36 | 1,623 | 1.63 | ||||||||||||||||||||||
Camden Downs at Cinco Ranch (3) | Katy | TX | 2004 | 1,075 | 318 | 95% | 1,297 | 1.21 | 1,569 | 1.46 | ||||||||||||||||||||||
Camden Downtown (4) | Houston | TX | 2020 | 1,052 | 271 | Lease-Up | 2,512 | 2.39 | 2,988 | 2.84 | ||||||||||||||||||||||
Camden Grand Harbor (3) | Katy | TX | 2008 | 959 | 300 | 97% | 1,207 | 1.26 | 1,441 | 1.50 | ||||||||||||||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 94% | 1,390 | 1.62 | 1,645 | 1.91 | ||||||||||||||||||||||
Camden Heights (3) | Houston | TX | 2004 | 927 | 352 | 93% | 1,542 | 1.66 | 1,806 | 1.95 | ||||||||||||||||||||||
Camden Highland Village | Houston | TX | 2014/2015 | 1,175 | 552 | 86% | 2,293 | 1.95 | 2,458 | 2.09 | ||||||||||||||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 96% | 1,243 | 1.33 | 1,502 | 1.61 | ||||||||||||||||||||||
Camden McGowen Station | Houston | TX | 2018 | 1,004 | 315 | 90% | 1,971 | 1.96 | 2,250 | 2.24 | ||||||||||||||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 90% | 1,495 | 1.77 | 1,757 | 2.08 | ||||||||||||||||||||||
Camden Northpointe (3) | Tomball | TX | 2008 | 940 | 384 | 97% | 1,164 | 1.24 | 1,415 | 1.51 | ||||||||||||||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 96% | 1,146 | 1.32 | 1,395 | 1.60 | ||||||||||||||||||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 96% | 1,117 | 1.29 | 1,361 | 1.57 | ||||||||||||||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 95% | 1,616 | 1.77 | 1,859 | 2.03 | ||||||||||||||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 94% | 2,449 | 2.04 | 2,725 | 2.27 | ||||||||||||||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 93% | 1,389 | 1.50 | 1,457 | 1.58 | ||||||||||||||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 97% | 1,623 | 1.54 | 1,699 | 1.61 | ||||||||||||||||||||||
Camden Spring Creek (3) | Spring | TX | 2004 | 1,080 | 304 | 95% | 1,241 | 1.15 | 1,461 | 1.35 | ||||||||||||||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 95% | 1,127 | 1.33 | 1,378 | 1.63 | ||||||||||||||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 97% | 1,206 | 1.31 | 1,428 | 1.55 | ||||||||||||||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 92% | 1,463 | 1.79 | 1,737 | 2.12 | ||||||||||||||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 88% | 1,385 | 1.61 | 1,638 | 1.90 | ||||||||||||||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 936 | 274 | 96% | 1,259 | 1.34 | 1,505 | 1.61 | ||||||||||||||||||||||
Camden Woodson Park (3) | Houston | TX | 2008 | 916 | 248 | 95% | 1,198 | 1.31 | 1,440 | 1.57 | ||||||||||||||||||||||
Camden Yorktown (3) | Houston | TX | 2008 | 995 | 306 | 93% | 1,181 | 1.19 | 1,418 | 1.43 | ||||||||||||||||||||||
Total Houston | 27 | Properties | 950 | 9,572 | 93% | 1,481 | 1.56 | 1,696 | 1.79 | |||||||||||||||||||||||
TOTAL TEXAS | 52 | Properties | 925 | 18,924 | 94% | 1,427 | 1.54 | 1,658 | 1.79 | |||||||||||||||||||||||
TOTAL PROPERTIES | 165 | Properties | 959 | 56,383 | 95% | $1,598 | $1.67 | $1,848 | $1.93 | |||||||||||||||||||||||
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