(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 April 29, 2021. | |||||
Supplemental Financial Information dated April 29, 2021. | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Exhibit Number | Title | ||||
Press Release issued by Camden Property Trust dated April 29, 2021. | |||||
Supplemental Financial Information dated April 29, 2021. | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Three Months Ended | ||||||||
March 31 | ||||||||
Per Diluted Share | 2021 | 2020 | ||||||
EPS | $0.31 | $0.43 | ||||||
FFO | $1.24 | $1.35 | ||||||
AFFO | $1.12 | $1.20 |
Quarterly Growth | Sequential Growth | |||||||
Same Property Results | 1Q21 vs. 1Q20 | 1Q21 vs. 4Q20 | ||||||
Revenues | (0.4)% | 0.1% | ||||||
Expenses | 5.4% | 0.3% | ||||||
Net Operating Income ("NOI") | (3.5)% | 0.1% |
Same Property Results | 1Q21 | 1Q20 | 4Q20 | ||||||||
Occupancy | 96.0% | 96.0% | 95.5% |
Same Property Scheduled Rents* | April 2021 | April 2020 | 1Q21 | 1Q20 | ||||||||||
Collected | 98.0% | 94.3% | 98.4% | 97.9% | ||||||||||
Deferred/Payment Plan Arranged | —% | 2.5% | —% | —% | ||||||||||
Delinquent | 2.0% | 3.2% | 1.6% | 2.1% |
New Lease and Renewal Data - Date Signed (1) (2) | April 2021* | April 2020 | 1Q21(2) | 1Q20(2) | ||||||||||
New Lease Rates | 4.5% | (2.5)% | (0.8)% | 0.4% | ||||||||||
Renewal Rates | 4.7% | 0.1% | 3.4% | 4.3% | ||||||||||
Blended Rates | 4.6% | (0.8)% | 1.2% | 2.5% | ||||||||||
New Leases | 1,692 | 1,366 | 1,734 | 1,529 | ||||||||||
Renewals | 1,590 | 2,568 | 1,604 | 1,768 | ||||||||||
Total Leases | 3,282 | 3,934 | 3,338 | 3,297 |
New Lease and Renewal Data - Date Effective (3) (4) | April 2021* | April 2020 | 1Q21(4) | 1Q20(4) | ||||||||||
New Lease Rates | 1.7% | (1.4)% | (2.2)% | 0.2% | ||||||||||
Renewal Rates | 3.1% | 4.4% | 2.9% | 4.8% | ||||||||||
Blended Rates | 2.4% | 2.1% | 0.2% | 2.4% | ||||||||||
New Leases | 1,456 | 1,124 | 1,539 | 1,463 | ||||||||||
Renewals | 1,464 | 1,720 | 1,378 | 1,405 | ||||||||||
Total Leases | 2,920 | 2,844 | 2,917 | 2,868 |
Occupancy and Turnover Data | April 2021* | April 2020 | 1Q21 | 1Q20 | ||||||||||
Occupancy | 96.6% | 95.5% | 96.0% | 96.0% | ||||||||||
Annualized Gross Turnover | 47% | 47% | 45% | 46% | ||||||||||
Annualized Net Turnover | 37% | 37% | 35% | 37% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 4/26/2021 | ||||||||||
Camden Downtown I | Houston, TX | 271 | $131.5 | 72 | % | |||||||||
Camden RiNo | Denver, CO | 233 | 78.9 | 96 | % | |||||||||
Camden Cypress Creek II (JV) | Cypress, TX | 234 | 31.9 | 87 | % | |||||||||
Total | 738 | $242.3 |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 4/26/2021 | ||||||||||
Camden North End II | Phoenix, AZ | 343 | $90.0 | 48 | % | |||||||||
Camden Lake Eola | Orlando, FL | 360 | 125.0 | 11 | % | |||||||||
Camden Buckhead | Atlanta, GA | 366 | 160.0 | 15 | % | |||||||||
Camden Hillcrest | San Diego, CA | 132 | 95.0 | 3 | % | |||||||||
Camden Atlantic | Plantation, FL | 269 | 100.0 | |||||||||||
Camden Tempe II | Tempe, AZ | 397 | 115.0 | |||||||||||
Camden NoDa | Charlotte, NC | 387 | 105.0 | |||||||||||
Camden Durham | Durham, NC | 354 | 120.0 | |||||||||||
Total | 2,608 | $910.0 |
2Q21 | 2021 | 2021 Midpoint | |||||||||||||||
Per Diluted Share | Range | Range | Current | Prior | Change | ||||||||||||
EPS | $0.25 - $0.31 | $0.84 - $1.14 | $0.99 | $0.91 | $0.08 | ||||||||||||
FFO | $1.22 - $1.28 | $4.94 - $5.24 | $5.09 | $5.00 | $0.09 | ||||||||||||
2021 | 2021 Midpoint | ||||||||||||||||
Same Property Growth | Range | Current | Prior | Change | |||||||||||||
Revenues | 0.85% - 2.35% | 1.60% | 0.75% | 0.85% | |||||||||||||
Expenses | 3.50% - 4.30% | 3.90% | 3.50% | 0.40% | |||||||||||||
NOI | (1.10)% - 1.60% | 0.25% | (0.85)% | 1.10% |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
OPERATING DATA | ||||||||
Property revenues (a) | $267,568 | $265,879 | ||||||
Property expenses | ||||||||
Property operating and maintenance | 63,479 | 59,956 | ||||||
Real estate taxes | 37,453 | 34,180 | ||||||
Total property expenses | 100,932 | 94,136 | ||||||
Non-property income | ||||||||
Fee and asset management | 2,206 | 2,527 | ||||||
Interest and other income | 332 | 329 | ||||||
Income/(loss) on deferred compensation plans | 3,626 | (14,860) | ||||||
Total non-property income | 6,164 | (12,004) | ||||||
Other expenses | ||||||||
Property management | 6,124 | 6,527 | ||||||
Fee and asset management | 1,132 | 843 | ||||||
General and administrative | 14,222 | 13,233 | ||||||
Interest | 23,644 | 19,707 | ||||||
Depreciation and amortization | 93,141 | 91,859 | ||||||
Expense/(benefit) on deferred compensation plans | 3,626 | (14,860) | ||||||
Total other expenses | 141,889 | 117,309 | ||||||
Gain on sale of land | — | 382 | ||||||
Equity in income of joint ventures | 1,914 | 2,122 | ||||||
Income from continuing operations before income taxes | 32,825 | 44,934 | ||||||
Income tax expense | (352) | (467) | ||||||
Net income | 32,473 | 44,467 | ||||||
Less income allocated to non-controlling interests | (1,126) | (1,183) | ||||||
Net income attributable to common shareholders | $31,347 | $43,284 | ||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
Net income | $32,473 | $44,467 | ||||||
Other comprehensive income | ||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 373 | 366 | ||||||
Comprehensive income | 32,846 | 44,833 | ||||||
Less income allocated to non-controlling interests | (1,126) | (1,183) | ||||||
Comprehensive income attributable to common shareholders | $31,720 | $43,650 | ||||||
PER SHARE DATA | ||||||||
Total earnings per common share - basic | $0.31 | $0.43 | ||||||
Total earnings per common share - diluted | 0.31 | 0.43 | ||||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 99,547 | 99,298 | ||||||
Diluted | 99,621 | 99,380 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
FUNDS FROM OPERATIONS | ||||||||
Net income attributable to common shareholders | $31,347 | $43,284 | ||||||
Real estate depreciation and amortization | 90,707 | 89,511 | ||||||
Adjustments for unconsolidated joint ventures | 2,599 | 2,242 | ||||||
Income allocated to non-controlling interests | 1,126 | 1,282 | ||||||
Funds from operations | $125,779 | $136,319 | ||||||
Less: recurring capitalized expenditures (a) | (12,680) | (14,825) | ||||||
Adjusted funds from operations | $113,099 | $121,494 | ||||||
PER SHARE DATA | ||||||||
Funds from operations - diluted | $1.24 | $1.35 | ||||||
Adjusted funds from operations - diluted | 1.12 | 1.20 | ||||||
Distributions declared per common share | 0.83 | 0.83 | ||||||
Weighted average number of common shares outstanding: | ||||||||
FFO/AFFO - diluted | 101,341 | 101,128 | ||||||
PROPERTY DATA | ||||||||
Total operating properties (end of period) (b) | 167 | 164 | ||||||
Total operating apartment homes in operating properties (end of period) (b) | 56,851 | 56,112 | ||||||
Total operating apartment homes (weighted average) | 49,439 | 49,017 | ||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,233,937 | $1,225,214 | $1,216,942 | $1,206,656 | $1,206,130 | ||||||||||||
Buildings and improvements | 7,863,707 | 7,763,748 | 7,677,676 | 7,597,165 | 7,547,150 | ||||||||||||
9,097,644 | 8,988,962 | 8,894,618 | 8,803,821 | 8,753,280 | |||||||||||||
Accumulated depreciation | (3,124,504) | (3,034,186) | (2,944,769) | (2,857,124) | (2,770,848) | ||||||||||||
Net operating real estate assets | 5,973,140 | 5,954,776 | 5,949,849 | 5,946,697 | 5,982,432 | ||||||||||||
Properties under development, including land | 541,958 | 564,215 | 522,664 | 514,336 | 467,288 | ||||||||||||
Investments in joint ventures | 18,800 | 18,994 | 20,992 | 21,735 | 22,318 | ||||||||||||
Total real estate assets | 6,533,898 | 6,537,985 | 6,493,505 | 6,482,768 | 6,472,038 | ||||||||||||
Accounts receivable – affiliates | 19,502 | 20,158 | 20,152 | 21,432 | 20,344 | ||||||||||||
Other assets, net (a) | 213,126 | 216,276 | 217,534 | 211,823 | 196,544 | ||||||||||||
Cash and cash equivalents | 333,402 | 420,441 | 589,614 | 601,584 | 22,277 | ||||||||||||
Restricted cash | 4,105 | 4,092 | 3,918 | 4,093 | 4,367 | ||||||||||||
Total assets | $7,104,033 | $7,198,952 | $7,324,723 | $7,321,700 | $6,715,570 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,167,557 | $3,166,625 | $3,225,799 | $3,224,871 | $2,606,876 | ||||||||||||
Accounts payable and accrued expenses | 159,111 | 175,608 | 183,654 | 167,453 | 156,841 | ||||||||||||
Accrued real estate taxes | 33,155 | 66,156 | 87,159 | 62,499 | 32,365 | ||||||||||||
Distributions payable | 84,282 | 84,147 | 84,137 | 84,138 | 84,112 | ||||||||||||
Other liabilities (b) | 185,852 | 189,829 | 177,967 | 172,172 | 164,052 | ||||||||||||
Total liabilities | 3,629,957 | 3,682,365 | 3,758,716 | 3,711,133 | 3,044,246 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,070 | 1,069 | 1,068 | 1,068 | 1,069 | ||||||||||||
Additional paid-in capital | 4,588,056 | 4,581,710 | 4,577,813 | 4,574,387 | 4,569,995 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (842,628) | (791,079) | (737,556) | (689,809) | (623,570) | ||||||||||||
Treasury shares | (335,511) | (341,412) | (341,831) | (341,637) | (342,778) | ||||||||||||
Accumulated other comprehensive income (loss) (c) | (5,010) | (5,383) | (5,431) | (5,797) | (6,163) | ||||||||||||
Total common equity | 3,405,977 | 3,444,905 | 3,494,063 | 3,538,212 | 3,598,553 | ||||||||||||
Non-controlling interests | 68,099 | 71,682 | 71,944 | 72,355 | 72,771 | ||||||||||||
Total equity | 3,474,076 | 3,516,587 | 3,566,007 | 3,610,567 | 3,671,324 | ||||||||||||
Total liabilities and equity | $7,104,033 | $7,198,952 | $7,324,723 | $7,321,700 | $6,715,570 | ||||||||||||
(a) Includes net deferred charges of: | $2,031 | $2,299 | $2,686 | $3,031 | $3,399 | ||||||||||||
(b) Includes deferred revenues of: | $256 | $284 | $314 | $344 | $375 | ||||||||||||
(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 March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income attributable to common shareholders | $31,347 | $43,284 | |||||||||
Real estate depreciation and amortization | 90,707 | 89,511 | |||||||||
Adjustments for unconsolidated joint ventures | 2,599 | 2,242 | |||||||||
Income allocated to non-controlling interests | 1,126 | 1,282 | |||||||||
Funds from operations | $125,779 | $136,319 | |||||||||
Less: recurring capitalized expenditures | (12,680) | (14,825) | |||||||||
Adjusted funds from operations | $113,099 | $121,494 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||
EPS diluted | 99,621 | 99,380 | |||||||||
FFO/AFFO diluted | 101,341 | 101,128 | |||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Total Earnings Per Common Share - Diluted | $0.31 | $0.43 | |||||||||
Real estate depreciation and amortization | 0.89 | 0.89 | |||||||||
Adjustments for unconsolidated joint ventures | 0.03 | 0.02 | |||||||||
Income allocated to non-controlling interests | 0.01 | 0.01 | |||||||||
FFO per common share - Diluted | $1.24 | $1.35 | |||||||||
Less: recurring capitalized expenditures | (0.12) | (0.15) | |||||||||
AFFO per common share - Diluted | $1.12 | $1.20 | |||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
2Q21 | Range | 2021 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.25 | $0.31 | $0.84 | $1.14 | |||||||||||||
Expected real estate depreciation and amortization | 0.93 | 0.93 | 3.95 | 3.95 | |||||||||||||
Expected adjustments for unconsolidated joint ventures | 0.03 | 0.03 | 0.10 | 0.10 | |||||||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.05 | 0.05 | |||||||||||||
Expected FFO per share - diluted | $1.22 | $1.28 | $4.94 | $5.24 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. |
Three months ended March 31, | ||||||||
2021 | 2020 | |||||||
Net income | $32,473 | $44,467 | ||||||
Less: Fee and asset management income | (2,206) | (2,527) | ||||||
Less: Interest and other income | (332) | (329) | ||||||
Less: (Income)/loss on deferred compensation plans | (3,626) | 14,860 | ||||||
Plus: Property management expense | 6,124 | 6,527 | ||||||
Plus: Fee and asset management expense | 1,132 | 843 | ||||||
Plus: General and administrative expense | 14,222 | 13,233 | ||||||
Plus: Interest expense | 23,644 | 19,707 | ||||||
Plus: Depreciation and amortization expense | 93,141 | 91,859 | ||||||
Plus: Expense/(benefit) on deferred compensation plans | 3,626 | (14,860) | ||||||
Less: Gain on sale of land | — | (382) | ||||||
Less: Equity in income of joint ventures | (1,914) | (2,122) | ||||||
Plus: Income tax expense | 352 | 467 | ||||||
NOI | $166,636 | $171,743 | ||||||
"Same Property" Communities | $150,483 | $155,954 | ||||||
Non-"Same Property" Communities | 14,155 | 14,427 | ||||||
Development and Lease-Up Communities | 1,440 | (75) | ||||||
Dispositions/Other | 558 | 1,437 | ||||||
NOI | $166,636 | $171,743 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended March 31, | ||||||||
2021 | 2020 | |||||||
Net income attributable to common shareholders | $31,347 | $43,284 | ||||||
Plus: Interest expense | 23,644 | 19,707 | ||||||
Plus: Depreciation and amortization expense | 93,141 | 91,859 | ||||||
Plus: Income allocated to non-controlling interests | 1,126 | 1,183 | ||||||
Plus: Income tax expense | 352 | 467 | ||||||
Less: Gain on sale of land | — | (382) | ||||||
Less: Equity in income of joint ventures | (1,914) | (2,122) | ||||||
Adjusted EBITDA | $147,696 | $153,996 | ||||||
Annualized Adjusted EBITDA | $590,784 | $615,984 |
Average monthly balance for the | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Unsecured notes payable | $3,167,246 | $2,633,950 | ||||||||||||
Total debt | 3,167,246 | 2,633,950 | ||||||||||||
Less: Cash and cash equivalents | (289,901) | (20,184) | ||||||||||||
Net debt | $2,877,345 | $2,613,766 | ||||||||||||
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net debt | $2,877,345 | $2,613,766 | ||||||||||||
Annualized Adjusted EBITDA | 590,784 | 615,984 | ||||||||||||
Net Debt to Annualized Adjusted EBITDA | 4.9x | 4.2x | ||||||||||||
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" First Quarter Comparisons | |||||
"Same Property" Sequential Quarter Comparisons | |||||
"Same Property" Operating Expense Detail & Comparisons | |||||
Joint Venture Operations | |||||
Current Development Communities | |||||
Development Pipeline | |||||
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 | ||||||||
March 31 | ||||||||
Per Diluted Share | 2021 | 2020 | ||||||
EPS | $0.31 | $0.43 | ||||||
FFO | $1.24 | $1.35 | ||||||
AFFO | $1.12 | $1.20 |
Quarterly Growth | Sequential Growth | |||||||
Same Property Results | 1Q21 vs. 1Q20 | 1Q21 vs. 4Q20 | ||||||
Revenues | (0.4)% | 0.1% | ||||||
Expenses | 5.4% | 0.3% | ||||||
Net Operating Income ("NOI") | (3.5)% | 0.1% |
Same Property Results | 1Q21 | 1Q20 | 4Q20 | ||||||||
Occupancy | 96.0% | 96.0% | 95.5% |
Same Property Scheduled Rents* | April 2021 | April 2020 | 1Q21 | 1Q20 | ||||||||||
Collected | 98.0% | 94.3% | 98.4% | 97.9% | ||||||||||
Deferred/Payment Plan Arranged | —% | 2.5% | —% | —% | ||||||||||
Delinquent | 2.0% | 3.2% | 1.6% | 2.1% |
New Lease and Renewal Data - Date Signed (1) (2) | April 2021* | April 2020 | 1Q21(2) | 1Q20(2) | ||||||||||
New Lease Rates | 4.5% | (2.5)% | (0.8)% | 0.4% | ||||||||||
Renewal Rates | 4.7% | 0.1% | 3.4% | 4.3% | ||||||||||
Blended Rates | 4.6% | (0.8)% | 1.2% | 2.5% | ||||||||||
New Leases | 1,692 | 1,366 | 1,734 | 1,529 | ||||||||||
Renewals | 1,590 | 2,568 | 1,604 | 1,768 | ||||||||||
Total Leases | 3,282 | 3,934 | 3,338 | 3,297 |
New Lease and Renewal Data - Date Effective (3) (4) | April 2021* | April 2020 | 1Q21(4) | 1Q20(4) | ||||||||||
New Lease Rates | 1.7% | (1.4)% | (2.2)% | 0.2% | ||||||||||
Renewal Rates | 3.1% | 4.4% | 2.9% | 4.8% | ||||||||||
Blended Rates | 2.4% | 2.1% | 0.2% | 2.4% | ||||||||||
New Leases | 1,456 | 1,124 | 1,539 | 1,463 | ||||||||||
Renewals | 1,464 | 1,720 | 1,378 | 1,405 | ||||||||||
Total Leases | 2,920 | 2,844 | 2,917 | 2,868 |
Occupancy and Turnover Data | April 2021* | April 2020 | 1Q21 | 1Q20 | ||||||||||
Occupancy | 96.6% | 95.5% | 96.0% | 96.0% | ||||||||||
Annualized Gross Turnover | 47% | 47% | 45% | 46% | ||||||||||
Annualized Net Turnover | 37% | 37% | 35% | 37% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 4/26/2021 | ||||||||||
Camden Downtown I | Houston, TX | 271 | $131.5 | 72 | % | |||||||||
Camden RiNo | Denver, CO | 233 | 78.9 | 96 | % | |||||||||
Camden Cypress Creek II (JV) | Cypress, TX | 234 | 31.9 | 87 | % | |||||||||
Total | 738 | $242.3 |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 4/26/2021 | ||||||||||
Camden North End II | Phoenix, AZ | 343 | $90.0 | 48 | % | |||||||||
Camden Lake Eola | Orlando, FL | 360 | 125.0 | 11 | % | |||||||||
Camden Buckhead | Atlanta, GA | 366 | 160.0 | 15 | % | |||||||||
Camden Hillcrest | San Diego, CA | 132 | 95.0 | 3 | % | |||||||||
Camden Atlantic | Plantation, FL | 269 | 100.0 | |||||||||||
Camden Tempe II | Tempe, AZ | 397 | 115.0 | |||||||||||
Camden NoDa | Charlotte, NC | 387 | 105.0 | |||||||||||
Camden Durham | Durham, NC | 354 | 120.0 | |||||||||||
Total | 2,608 | $910.0 |
2Q21 | 2021 | 2021 Midpoint | |||||||||||||||
Per Diluted Share | Range | Range | Current | Prior | Change | ||||||||||||
EPS | $0.25 - $0.31 | $0.84 - $1.14 | $0.99 | $0.91 | $0.08 | ||||||||||||
FFO | $1.22 - $1.28 | $4.94 - $5.24 | $5.09 | $5.00 | $0.09 | ||||||||||||
2021 | 2021 Midpoint | ||||||||||||||||
Same Property Growth | Range | Current | Prior | Change | |||||||||||||
Revenues | 0.85% - 2.35% | 1.60% | 0.75% | 0.85% | |||||||||||||
Expenses | 3.50% - 4.30% | 3.90% | 3.50% | 0.40% | |||||||||||||
NOI | (1.10)% - 1.60% | 0.25% | (0.85)% | 1.10% |
CAMDEN | FINANCIAL HIGHLIGHTS | |||||||
(In thousands, except per share, property data amounts and ratios) | ||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Property revenues | $267,568 | $265,879 | ||||||
Adjusted EBITDA | 147,696 | 153,996 | ||||||
Net income attributable to common shareholders | 31,347 | 43,284 | ||||||
Per share - basic | 0.31 | 0.43 | ||||||
Per share - diluted | 0.31 | 0.43 | ||||||
Funds from operations | 125,779 | 136,319 | ||||||
Per share - diluted | 1.24 | 1.35 | ||||||
Adjusted funds from operations | 113,099 | 121,494 | ||||||
Per share - diluted | 1.12 | 1.20 | ||||||
Dividends per share | 0.83 | 0.83 | ||||||
Dividend payout ratio (FFO) | 66.9 | % | 61.5 | % | ||||
Interest expensed | 23,644 | 19,707 | ||||||
Interest capitalized | 4,846 | 4,529 | ||||||
Total interest incurred | 28,490 | 24,236 | ||||||
Net Debt to Annualized Adjusted EBITDA (a) | 4.9x | 4.2x | ||||||
Interest expense coverage ratio | 6.2x | 7.8x | ||||||
Total interest coverage ratio | 5.2x | 6.4x | ||||||
Fixed charge expense coverage ratio | 6.2x | 7.8x | ||||||
Total fixed charge coverage ratio | 5.2x | 6.4x | ||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.0x | 3.5x | ||||||
Same property NOI growth (b) | (3.5) | % | 5.7 | % | ||||
(# of apartment homes included) | 45,490 | 43,710 | ||||||
Gross turnover of apartment homes (annualized) | 46 | % | 46 | % | ||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 35 | % | 37 | % | ||||
As of March 31, | ||||||||
2021 | 2020 | |||||||
Total assets | $7,104,033 | $6,715,570 | ||||||
Total debt | $3,167,557 | $2,606,876 | ||||||
Common and common equivalent shares, outstanding end of period (c) | 101,375 | 101,135 | ||||||
Share price, end of period | $109.91 | $79.24 | ||||||
Book equity value, end of period (d) | $3,474,076 | $3,671,324 | ||||||
Market equity value, end of period (e) | $11,142,126 | $8,013,937 |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
OPERATING DATA | ||||||||
Property revenues (a) | $267,568 | $265,879 | ||||||
Property expenses | ||||||||
Property operating and maintenance | 63,479 | 59,956 | ||||||
Real estate taxes | 37,453 | 34,180 | ||||||
Total property expenses | 100,932 | 94,136 | ||||||
Non-property income | ||||||||
Fee and asset management | 2,206 | 2,527 | ||||||
Interest and other income | 332 | 329 | ||||||
Income/(loss) on deferred compensation plans | 3,626 | (14,860) | ||||||
Total non-property income | 6,164 | (12,004) | ||||||
Other expenses | ||||||||
Property management | 6,124 | 6,527 | ||||||
Fee and asset management | 1,132 | 843 | ||||||
General and administrative | 14,222 | 13,233 | ||||||
Interest | 23,644 | 19,707 | ||||||
Depreciation and amortization | 93,141 | 91,859 | ||||||
Expense/(benefit) on deferred compensation plans | 3,626 | (14,860) | ||||||
Total other expenses | 141,889 | 117,309 | ||||||
Gain on sale of land | — | 382 | ||||||
Equity in income of joint ventures | 1,914 | 2,122 | ||||||
Income from continuing operations before income taxes | 32,825 | 44,934 | ||||||
Income tax expense | (352) | (467) | ||||||
Net income | 32,473 | 44,467 | ||||||
Less income allocated to non-controlling interests | (1,126) | (1,183) | ||||||
Net income attributable to common shareholders | $31,347 | $43,284 | ||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
Net income | $32,473 | $44,467 | ||||||
Other comprehensive income | ||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 373 | 366 | ||||||
Comprehensive income | 32,846 | 44,833 | ||||||
Less income allocated to non-controlling interests | (1,126) | (1,183) | ||||||
Comprehensive income attributable to common shareholders | $31,720 | $43,650 | ||||||
PER SHARE DATA | ||||||||
Total earnings per common share - basic | $0.31 | $0.43 | ||||||
Total earnings per common share - diluted | 0.31 | 0.43 | ||||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 99,547 | 99,298 | ||||||
Diluted | 99,621 | 99,380 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
FUNDS FROM OPERATIONS | ||||||||
Net income attributable to common shareholders | $31,347 | $43,284 | ||||||
Real estate depreciation and amortization | 90,707 | 89,511 | ||||||
Adjustments for unconsolidated joint ventures | 2,599 | 2,242 | ||||||
Income allocated to non-controlling interests | 1,126 | 1,282 | ||||||
Funds from operations | $125,779 | $136,319 | ||||||
Less: recurring capitalized expenditures (a) | (12,680) | (14,825) | ||||||
Adjusted funds from operations | $113,099 | $121,494 | ||||||
PER SHARE DATA | ||||||||
Funds from operations - diluted | $1.24 | $1.35 | ||||||
Adjusted funds from operations - diluted | 1.12 | 1.20 | ||||||
Distributions declared per common share | 0.83 | 0.83 | ||||||
Weighted average number of common shares outstanding: | ||||||||
FFO/AFFO - diluted | 101,341 | 101,128 | ||||||
PROPERTY DATA | ||||||||
Total operating properties (end of period) (b) | 167 | 164 | ||||||
Total operating apartment homes in operating properties (end of period) (b) | 56,851 | 56,112 | ||||||
Total operating apartment homes (weighted average) | 49,439 | 49,017 | ||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,233,937 | $1,225,214 | $1,216,942 | $1,206,656 | $1,206,130 | ||||||||||||
Buildings and improvements | 7,863,707 | 7,763,748 | 7,677,676 | 7,597,165 | 7,547,150 | ||||||||||||
9,097,644 | 8,988,962 | 8,894,618 | 8,803,821 | 8,753,280 | |||||||||||||
Accumulated depreciation | (3,124,504) | (3,034,186) | (2,944,769) | (2,857,124) | (2,770,848) | ||||||||||||
Net operating real estate assets | 5,973,140 | 5,954,776 | 5,949,849 | 5,946,697 | 5,982,432 | ||||||||||||
Properties under development, including land | 541,958 | 564,215 | 522,664 | 514,336 | 467,288 | ||||||||||||
Investments in joint ventures | 18,800 | 18,994 | 20,992 | 21,735 | 22,318 | ||||||||||||
Total real estate assets | 6,533,898 | 6,537,985 | 6,493,505 | 6,482,768 | 6,472,038 | ||||||||||||
Accounts receivable – affiliates | 19,502 | 20,158 | 20,152 | 21,432 | 20,344 | ||||||||||||
Other assets, net (a) | 213,126 | 216,276 | 217,534 | 211,823 | 196,544 | ||||||||||||
Cash and cash equivalents | 333,402 | 420,441 | 589,614 | 601,584 | 22,277 | ||||||||||||
Restricted cash | 4,105 | 4,092 | 3,918 | 4,093 | 4,367 | ||||||||||||
Total assets | $7,104,033 | $7,198,952 | $7,324,723 | $7,321,700 | $6,715,570 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,167,557 | $3,166,625 | $3,225,799 | $3,224,871 | $2,606,876 | ||||||||||||
Accounts payable and accrued expenses | 159,111 | 175,608 | 183,654 | 167,453 | 156,841 | ||||||||||||
Accrued real estate taxes | 33,155 | 66,156 | 87,159 | 62,499 | 32,365 | ||||||||||||
Distributions payable | 84,282 | 84,147 | 84,137 | 84,138 | 84,112 | ||||||||||||
Other liabilities (b) | 185,852 | 189,829 | 177,967 | 172,172 | 164,052 | ||||||||||||
Total liabilities | 3,629,957 | 3,682,365 | 3,758,716 | 3,711,133 | 3,044,246 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,070 | 1,069 | 1,068 | 1,068 | 1,069 | ||||||||||||
Additional paid-in capital | 4,588,056 | 4,581,710 | 4,577,813 | 4,574,387 | 4,569,995 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (842,628) | (791,079) | (737,556) | (689,809) | (623,570) | ||||||||||||
Treasury shares | (335,511) | (341,412) | (341,831) | (341,637) | (342,778) | ||||||||||||
Accumulated other comprehensive income (loss) (c) | (5,010) | (5,383) | (5,431) | (5,797) | (6,163) | ||||||||||||
Total common equity | 3,405,977 | 3,444,905 | 3,494,063 | 3,538,212 | 3,598,553 | ||||||||||||
Non-controlling interests | 68,099 | 71,682 | 71,944 | 72,355 | 72,771 | ||||||||||||
Total equity | 3,474,076 | 3,516,587 | 3,566,007 | 3,610,567 | 3,671,324 | ||||||||||||
Total liabilities and equity | $7,104,033 | $7,198,952 | $7,324,723 | $7,321,700 | $6,715,570 | ||||||||||||
(a) Includes net deferred charges of: | $2,031 | $2,299 | $2,686 | $3,031 | $3,399 | ||||||||||||
(b) Includes deferred revenues of: | $256 | $284 | $314 | $344 | $375 | ||||||||||||
(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 | Completed in Lease-up | Total | Grand Total | |||||||||||||||||||||||||||
D.C. Metro (b) | 6,204 | 378 | — | — | 6,582 | 281 | — | 281 | 6,863 | ||||||||||||||||||||||||||
Houston, TX | 6,227 | 552 | 271 | — | 7,050 | 2,522 | 234 | 2,756 | 9,806 | ||||||||||||||||||||||||||
Atlanta, GA | 4,262 | — | — | 366 | 4,628 | 234 | — | 234 | 4,862 | ||||||||||||||||||||||||||
Phoenix, AZ | 3,245 | 441 | — | 740 | 4,426 | — | — | — | 4,426 | ||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 547 | — | — | 2,663 | — | — | — | 2,663 | ||||||||||||||||||||||||||
SE Florida | 1,956 | 825 | — | 269 | 3,050 | — | — | — | 3,050 | ||||||||||||||||||||||||||
Dallas, TX | 4,416 | — | — | — | 4,416 | 1,250 | — | 1,250 | 5,666 | ||||||||||||||||||||||||||
Denver, CO | 2,632 | — | 233 | — | 2,865 | — | — | — | 2,865 | ||||||||||||||||||||||||||
Orlando, FL | 2,995 | 299 | — | 360 | 3,654 | 300 | — | 300 | 3,954 | ||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 28 | — | 387 | 3,225 | 266 | — | 266 | 3,491 | ||||||||||||||||||||||||||
Raleigh, NC | 2,350 | 540 | — | 354 | 3,244 | 350 | — | 350 | 3,594 | ||||||||||||||||||||||||||
Tampa, FL | 2,286 | — | — | — | 2,286 | 450 | — | 450 | 2,736 | ||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | — | — | 132 | 1,797 | — | — | — | 1,797 | ||||||||||||||||||||||||||
Austin, TX | 2,326 | — | — | — | 2,326 | 1,360 | — | 1,360 | 3,686 | ||||||||||||||||||||||||||
Total Portfolio | 45,490 | 3,610 | 504 | 2,608 | 52,212 | 7,013 | 234 | 7,247 | 59,459 |
FIRST 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) | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||||||||||||||||
D.C. Metro | 17.3 | % | 16.6 | % | 16.3 | % | 96.0 | % | 95.9 | % | 96.3 | % | 95.8 | % | 96.6 | % | |||||||||||||
Houston, TX | 9.9 | % | 10.4 | % | 11.2 | % | 94.0 | % | 92.7 | % | 93.3 | % | 93.4 | % | 94.7 | % | |||||||||||||
Atlanta, GA | 9.8 | % | 8.9 | % | 8.7 | % | 96.5 | % | 96.2 | % | 96.0 | % | 95.5 | % | 95.6 | % | |||||||||||||
Phoenix, AZ | 8.0 | % | 8.3 | % | 8.0 | % | 97.1 | % | 96.7 | % | 95.2 | % | 94.5 | % | 96.6 | % | |||||||||||||
Los Angeles/Orange County, CA | 6.0 | % | 7.1 | % | 6.9 | % | 96.4 | % | 96.4 | % | 95.5 | % | 94.2 | % | 95.2 | % | |||||||||||||
SE Florida | 5.4 | % | 7.1 | % | 6.9 | % | 97.1 | % | 95.7 | % | 95.3 | % | 95.0 | % | 96.7 | % | |||||||||||||
Dallas, TX | 7.0 | % | 6.4 | % | 6.7 | % | 96.0 | % | 95.3 | % | 95.3 | % | 95.2 | % | 96.2 | % | |||||||||||||
Denver, CO | 6.8 | % | 6.3 | % | 6.1 | % | 96.1 | % | 95.8 | % | 96.0 | % | 95.5 | % | 95.5 | % | |||||||||||||
Orlando, FL | 5.8 | % | 5.6 | % | 5.6 | % | 94.9 | % | 94.1 | % | 94.7 | % | 94.5 | % | 96.2 | % | |||||||||||||
Charlotte, NC | 5.7 | % | 5.5 | % | 5.5 | % | 95.6 | % | 95.3 | % | 95.3 | % | 94.9 | % | 96.4 | % | |||||||||||||
Raleigh, NC | 4.2 | % | 4.9 | % | 4.9 | % | 96.3 | % | 95.9 | % | 96.4 | % | 96.0 | % | 95.8 | % | |||||||||||||
Tampa, FL | 5.2 | % | 4.7 | % | 4.8 | % | 97.3 | % | 96.7 | % | 95.7 | % | 95.1 | % | 95.9 | % | |||||||||||||
San Diego/Inland Empire, CA | 4.9 | % | 4.5 | % | 4.3 | % | 97.4 | % | 97.0 | % | 96.3 | % | 95.4 | % | 94.3 | % | |||||||||||||
Austin, TX | 4.0 | % | 3.7 | % | 4.1 | % | 96.3 | % | 95.6 | % | 95.7 | % | 95.4 | % | 96.5 | % | |||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 95.9 | % | 95.3 | % | 95.3 | % | 94.9 | % | 95.9 | % | |||||||||||||
CAMDEN | COMPONENTS OF PROPERTY | |||||||
NET OPERATING INCOME | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | Three Months Ended March 31, | ||||||||||||||||||||||
Property Revenues | Homes | 2021 | 2020 | Change | |||||||||||||||||||
"Same Property" Communities (a) | 45,490 | $239,712 | $240,605 | ($893) | |||||||||||||||||||
Non-"Same Property" Communities (b) | 3,610 | 22,959 | 22,983 | (24) | |||||||||||||||||||
Development and Lease-Up Communities (c) | 3,112 | 3,312 | 75 | 3,237 | |||||||||||||||||||
Disposition/Other (d) | — | 1,585 | 2,216 | (631) | |||||||||||||||||||
Total Property Revenues | 52,212 | $267,568 | $265,879 | $1,689 | |||||||||||||||||||
Property Expenses | |||||||||||||||||||||||
"Same Property" Communities (a) | 45,490 | $89,229 | $84,651 | $4,578 | |||||||||||||||||||
Non-"Same Property" Communities (b) | 3,610 | 8,804 | 8,556 | 248 | |||||||||||||||||||
Development and Lease-Up Communities (c) | 3,112 | 1,872 | 150 | 1,722 | |||||||||||||||||||
Disposition/Other (d) | — | 1,027 | 779 | 248 | |||||||||||||||||||
Total Property Expenses | 52,212 | $100,932 | $94,136 | $6,796 | |||||||||||||||||||
Property Net Operating Income | |||||||||||||||||||||||
"Same Property" Communities (a) | 45,490 | $150,483 | $155,954 | ($5,471) | |||||||||||||||||||
Non-"Same Property" Communities (b) | 3,610 | 14,155 | 14,427 | (272) | |||||||||||||||||||
Development and Lease-Up Communities (c) | 3,112 | 1,440 | (75) | 1,515 | |||||||||||||||||||
Disposition/Other (d) | — | 558 | 1,437 | (879) | |||||||||||||||||||
Total Property Net Operating Income | 52,212 | $166,636 | $171,743 | ($5,107) | |||||||||||||||||||
CAMDEN | "SAME PROPERTY" | |||||||
FIRST QUARTER COMPARISONS | ||||||||
March 31, 2021 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | 1Q21 | 1Q20 | Growth | 1Q21 | 1Q20 | Growth | 1Q21 | 1Q20 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 6,204 | $38,584 | $38,725 | (0.4) | % | $12,519 | $12,023 | 4.1 | % | $26,065 | $26,702 | (2.4) | % | ||||||||||||||||||||||||||||
Houston, TX | 6,227 | 28,606 | 30,106 | (5.0) | % | 13,667 | 13,183 | 3.7 | % | 14,939 | 16,923 | (11.7) | % | ||||||||||||||||||||||||||||
Atlanta, GA | 4,262 | 22,518 | 22,034 | 2.2 | % | 7,798 | 7,442 | 4.8 | % | 14,720 | 14,592 | 0.9 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 3,245 | 17,101 | 16,169 | 5.8 | % | 5,015 | 4,844 | 3.5 | % | 12,086 | 11,325 | 6.7 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 20,067 | 20,187 | (0.6) | % | 9,477 | 8,581 | 10.4 | % | 10,590 | 11,606 | (8.8) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 14,842 | 14,645 | 1.3 | % | 4,664 | 4,464 | 4.5 | % | 10,178 | 10,181 | 0.0 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 14,098 | 15,107 | (6.7) | % | 5,096 | 4,324 | 17.9 | % | 9,002 | 10,783 | (16.5) | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 14,125 | 14,198 | (0.5) | % | 5,431 | 5,198 | 4.5 | % | 8,694 | 9,000 | (3.4) | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 12,936 | 13,089 | (1.2) | % | 4,328 | 4,192 | 3.2 | % | 8,608 | 8,897 | (3.2) | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 12,512 | 12,484 | 0.2 | % | 4,449 | 4,150 | 7.2 | % | 8,063 | 8,334 | (3.3) | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 12,246 | 11,771 | 4.0 | % | 4,486 | 4,372 | 2.6 | % | 7,760 | 7,399 | 4.9 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 10,881 | 10,859 | 0.2 | % | 3,495 | 3,623 | (3.5) | % | 7,386 | 7,236 | 2.1 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,350 | 9,800 | 9,618 | 1.9 | % | 3,422 | 3,228 | 6.0 | % | 6,378 | 6,390 | (0.2) | % | ||||||||||||||||||||||||||||
Austin, TX | 2,326 | 11,396 | 11,613 | (1.9) | % | 5,382 | 5,027 | 7.1 | % | 6,014 | 6,586 | (8.7) | % | ||||||||||||||||||||||||||||
Total Same Property | 45,490 | $239,712 | $240,605 | (0.4) | % | $89,229 | $84,651 | 5.4 | % | $150,483 | $155,954 | (3.5) | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 1Q21 | 1Q20 | Growth | 1Q21 | 1Q20 | Growth | 1Q21 | 1Q20 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 17.3 | % | 96.2 | % | 96.7 | % | (0.5) | % | $1,879 | $1,888 | (0.5) | % | $2,155 | $2,153 | 0.1 | % | |||||||||||||||||||||||||
Houston, TX | 9.9 | % | 93.4 | % | 95.5 | % | (2.1) | % | 1,377 | 1,469 | (6.3) | % | 1,640 | 1,688 | (2.9) | % | |||||||||||||||||||||||||
Atlanta, GA | 9.8 | % | 96.6 | % | 95.6 | % | 1.0 | % | 1,554 | 1,557 | (0.2) | % | 1,824 | 1,802 | 1.2 | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.0 | % | 97.3 | % | 96.6 | % | 0.7 | % | 1,530 | 1,478 | 3.5 | % | 1,806 | 1,719 | 5.1 | % | |||||||||||||||||||||||||
Dallas, TX | 7.0 | % | 95.8 | % | 96.2 | % | (0.4) | % | 1,334 | 1,352 | (1.3) | % | 1,580 | 1,584 | (0.2) | % | |||||||||||||||||||||||||
Denver, CO | 6.8 | % | 96.1 | % | 95.5 | % | 0.6 | % | 1,690 | 1,689 | 0.1 | % | 1,956 | 1,942 | 0.7 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.0 | % | 96.3 | % | 95.4 | % | 0.9 | % | 2,207 | 2,251 | (2.0) | % | 2,306 | 2,494 | (7.6) | % | |||||||||||||||||||||||||
Orlando, FL | 5.8 | % | 96.0 | % | 96.3 | % | (0.3) | % | 1,394 | 1,411 | (1.2) | % | 1,637 | 1,641 | (0.2) | % | |||||||||||||||||||||||||
Charlotte, NC | 5.7 | % | 95.6 | % | 96.4 | % | (0.8) | % | 1,377 | 1,381 | (0.3) | % | 1,605 | 1,611 | (0.4) | % | |||||||||||||||||||||||||
SE Florida | 5.4 | % | 97.2 | % | 97.1 | % | 0.1 | % | 1,893 | 1,909 | (0.8) | % | 2,193 | 2,190 | 0.1 | % | |||||||||||||||||||||||||
Tampa, FL | 5.2 | % | 97.4 | % | 96.0 | % | 1.4 | % | 1,562 | 1,533 | 1.9 | % | 1,833 | 1,788 | 2.6 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.9 | % | 97.4 | % | 94.3 | % | 3.1 | % | 2,081 | 2,032 | 2.4 | % | 2,237 | 2,305 | (2.9) | % | |||||||||||||||||||||||||
Raleigh, NC | 4.2 | % | 96.3 | % | 96.3 | % | 0.0 | % | 1,198 | 1,177 | 1.8 | % | 1,444 | 1,417 | 1.9 | % | |||||||||||||||||||||||||
Austin, TX | 4.0 | % | 96.0 | % | 96.1 | % | (0.1) | % | 1,459 | 1,490 | (2.1) | % | 1,701 | 1,732 | (1.8) | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 96.0 | % | 96.0 | % | 0.0 | % | $1,579 | $1,592 | (0.8) | % | $1,829 | $1,836 | (0.4) | % |
CAMDEN | "SAME PROPERTY" | |||||||
SEQUENTIAL QUARTER COMPARISONS | ||||||||
March 31, 2021 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | 1Q21 | 4Q20 | Growth | 1Q21 | 4Q20 | Growth | 1Q21 | 4Q20 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 6,204 | $38,584 | $38,757 | (0.4) | % | $12,519 | $12,150 | 3.0 | % | $26,065 | $26,607 | (2.0) | % | ||||||||||||||||||||||||||||
Houston, TX | 6,227 | 28,606 | 28,811 | (0.7) | % | 13,667 | 14,282 | (4.3) | % | 14,939 | 14,529 | 2.8 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 4,262 | 22,518 | 22,305 | 1.0 | % | 7,798 | 7,950 | (1.9) | % | 14,720 | 14,355 | 2.5 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 3,245 | 17,101 | 16,877 | 1.3 | % | 5,015 | 4,828 | 3.9 | % | 12,086 | 12,049 | 0.3 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 20,067 | 20,132 | (0.3) | % | 9,477 | 9,225 | 2.7 | % | 10,590 | 10,907 | (2.9) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 14,842 | 14,763 | 0.5 | % | 4,664 | 4,610 | 1.2 | % | 10,178 | 10,153 | 0.2 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 14,098 | 14,340 | (1.7) | % | 5,096 | 5,280 | (3.5) | % | 9,002 | 9,060 | (0.6) | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 14,125 | 14,016 | 0.8 | % | 5,431 | 5,211 | 4.2 | % | 8,694 | 8,805 | (1.3) | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 12,936 | 12,986 | (0.4) | % | 4,328 | 4,191 | 3.3 | % | 8,608 | 8,795 | (2.1) | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 12,512 | 12,396 | 0.9 | % | 4,449 | 4,323 | 2.9 | % | 8,063 | 8,073 | (0.1) | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 12,246 | 11,993 | 2.1 | % | 4,486 | 4,441 | 1.0 | % | 7,760 | 7,552 | 2.8 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 10,881 | 10,860 | 0.2 | % | 3,495 | 3,562 | (1.9) | % | 7,386 | 7,298 | 1.2 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,350 | 9,800 | 9,747 | 0.5 | % | 3,422 | 3,367 | 1.6 | % | 6,378 | 6,380 | 0.0 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,326 | 11,396 | 11,399 | 0.0 | % | 5,382 | 5,561 | (3.2) | % | 6,014 | 5,838 | 3.0 | % | ||||||||||||||||||||||||||||
Total Same Property | 45,490 | $239,712 | $239,382 | 0.1 | % | $89,229 | $88,981 | 0.3 | % | $150,483 | $150,401 | 0.1 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 1Q21 | 4Q20 | Growth | 1Q21 | 4Q20 | Growth | 1Q21 | 4Q20 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 17.3 | % | 96.2 | % | 96.1 | % | 0.1 | % | $1,879 | $1,888 | (0.5) | % | $2,155 | $2,166 | (0.5) | % | |||||||||||||||||||||||||
Houston, TX | 9.9 | % | 93.4 | % | 92.3 | % | 1.1 | % | 1,377 | 1,431 | (3.8) | % | 1,640 | 1,670 | (1.8) | % | |||||||||||||||||||||||||
Atlanta, GA | 9.8 | % | 96.6 | % | 96.2 | % | 0.4 | % | 1,554 | 1,548 | 0.4 | % | 1,824 | 1,814 | 0.6 | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.0 | % | 97.3 | % | 96.8 | % | 0.5 | % | 1,530 | 1,506 | 1.6 | % | 1,806 | 1,792 | 0.8 | % | |||||||||||||||||||||||||
Dallas, TX | 7.0 | % | 95.8 | % | 95.2 | % | 0.6 | % | 1,334 | 1,340 | (0.4) | % | 1,580 | 1,595 | (0.9) | % | |||||||||||||||||||||||||
Denver, CO | 6.8 | % | 96.1 | % | 95.8 | % | 0.3 | % | 1,690 | 1,690 | 0.0 | % | 1,956 | 1,951 | 0.2 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.0 | % | 96.3 | % | 96.3 | % | 0.0 | % | 2,207 | 2,209 | (0.1) | % | 2,306 | 2,345 | (1.7) | % | |||||||||||||||||||||||||
Orlando, FL | 5.8 | % | 96.0 | % | 95.4 | % | 0.6 | % | 1,394 | 1,397 | (0.2) | % | 1,637 | 1,634 | 0.2 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.7 | % | 95.6 | % | 95.3 | % | 0.3 | % | 1,377 | 1,377 | 0.0 | % | 1,605 | 1,616 | (0.7) | % | |||||||||||||||||||||||||
SE Florida | 5.4 | % | 97.2 | % | 96.4 | % | 0.8 | % | 1,893 | 1,885 | 0.4 | % | 2,193 | 2,192 | 0.1 | % | |||||||||||||||||||||||||
Tampa, FL | 5.2 | % | 97.4 | % | 96.8 | % | 0.6 | % | 1,562 | 1,547 | 1.0 | % | 1,833 | 1,807 | 1.5 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.9 | % | 97.4 | % | 97.0 | % | 0.4 | % | 2,081 | 2,065 | 0.8 | % | 2,237 | 2,242 | (0.2) | % | |||||||||||||||||||||||||
Raleigh, NC | 4.2 | % | 96.3 | % | 96.1 | % | 0.2 | % | 1,198 | 1,172 | 2.2 | % | 1,444 | 1,439 | 0.3 | % | |||||||||||||||||||||||||
Austin, TX | 4.0 | % | 96.0 | % | 95.0 | % | 1.0 | % | 1,459 | 1,466 | (0.5) | % | 1,701 | 1,719 | (1.0) | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 96.0 | % | 95.5 | % | 0.5 | % | $1,579 | $1,583 | (0.3) | % | $1,829 | $1,835 | (0.4) | % |
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |||||||
DETAIL AND COMPARISONS | ||||||||
March 31, 2021 | ||||||||
(In thousands) | ||||||||
% of Actual | |||||||||||||||||
1Q21 Operating | |||||||||||||||||
Quarterly Comparison (a) | 1Q21 | 1Q20 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $33,033 | $30,431 | $2,602 | 8.6 | % | 37.0 | % | ||||||||||
Salaries and Benefits for On-site Employees | 18,389 | 18,157 | 232 | 1.3 | % | 20.6 | % | ||||||||||
Utilities | 18,859 | 18,046 | 813 | 4.5 | % | 21.1 | % | ||||||||||
Repairs and Maintenance | 10,046 | 9,651 | 395 | 4.1 | % | 11.3 | % | ||||||||||
Property Insurance | 3,271 | 2,868 | 403 | 14.1 | % | 3.7 | % | ||||||||||
General and Administrative | 3,372 | 3,314 | 58 | 1.8 | % | 3.7 | % | ||||||||||
Marketing and Leasing | 1,393 | 1,371 | 22 | 1.6 | % | 1.6 | % | ||||||||||
Other | 866 | 813 | 53 | 6.5 | % | 1.0 | % | ||||||||||
Total Same Property | $89,229 | $84,651 | $4,578 | 5.4 | % | 100.0 | % |
% of Actual | |||||||||||||||||
1Q21 Operating | |||||||||||||||||
Sequential Comparison (a) | 1Q21 | 4Q20 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $33,033 | $33,321 | ($288) | (0.9) | % | 37.0 | % | ||||||||||
Salaries and Benefits for On-site Employees | 18,389 | 17,705 | 684 | 3.9 | % | 20.6 | % | ||||||||||
Utilities | 18,859 | 18,687 | 172 | 0.9 | % | 21.1 | % | ||||||||||
Repairs and Maintenance | 10,046 | 10,048 | (2) | 0.0 | % | 11.3 | % | ||||||||||
Property Insurance | 3,271 | 3,600 | (329) | (9.1) | % | 3.7 | % | ||||||||||
General and Administrative | 3,372 | 3,392 | (20) | (0.6) | % | 3.7 | % | ||||||||||
Marketing and Leasing | 1,393 | 1,489 | (96) | (6.4) | % | 1.6 | % | ||||||||||
Other | 866 | 739 | 127 | 17.2 | % | 1.0 | % | ||||||||||
Total Same Property | $89,229 | $88,981 | $248 | 0.3 | % | 100.0 | % |
CAMDEN | JOINT VENTURE OPERATIONS | |||||||
(In thousands, except property data amounts) | ||||||||
Three Months Ended March 31, | ||||||||
OPERATING DATA (a) | 2021 | 2020 | ||||||
Property revenues | $10,344 | $10,109 | ||||||
Property expenses | ||||||||
Property operating and maintenance | 2,735 | 2,515 | ||||||
Real estate taxes | 1,752 | 1,651 | ||||||
4,487 | 4,166 | |||||||
Net Operating Income | 5,857 | 5,943 | ||||||
Other expenses | ||||||||
Interest | 1,306 | 1,538 | ||||||
Depreciation and amortization | 2,538 | 2,197 | ||||||
Other | 99 | 86 | ||||||
Total other expenses | 3,943 | 3,821 | ||||||
Equity in income of joint ventures | $1,914 | $2,122 |
Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||||||||
BALANCE SHEET DATA (b) | |||||||||||||||||
Land | $109,437 | $109,437 | $108,735 | $108,294 | $108,172 | ||||||||||||
Building & Improvements | 806,374 | 803,400 | 784,414 | 765,983 | 756,683 | ||||||||||||
915,811 | 912,837 | 893,149 | 874,277 | 864,855 | |||||||||||||
Accumulated Depreciation | (261,993) | (253,598) | (245,359) | (237,590) | (230,190) | ||||||||||||
Net operating real estate assets | 653,818 | 659,239 | 647,790 | 636,687 | 634,665 | ||||||||||||
Properties under development and land | — | — | 14,579 | 21,720 | 18,722 | ||||||||||||
Cash and other assets, net | 28,567 | 32,270 | 34,906 | 30,156 | 26,556 | ||||||||||||
Total assets | $682,385 | $691,509 | $697,275 | $688,563 | $679,943 | ||||||||||||
Notes payable | $512,460 | $509,106 | $507,222 | $501,601 | $496,907 | ||||||||||||
Other liabilities | 21,537 | 33,291 | 34,545 | 29,262 | 23,956 | ||||||||||||
Total liabilities | 533,997 | 542,397 | 541,767 | 530,863 | 520,863 | ||||||||||||
Member's equity | 148,388 | 149,112 | 155,508 | 157,700 | 159,080 | ||||||||||||
Total liabilities and members' equity | $682,385 | $691,509 | $697,275 | $688,563 | $679,943 | ||||||||||||
Company's equity investment | $18,800 | $18,994 | $20,992 | $21,735 | $22,318 | ||||||||||||
Company's pro-rata share of debt | $160,400 | $159,349 | $158,760 | $157,001 | $155,532 | ||||||||||||
PROPERTY DATA (end of period) | |||||||||||||||||
Total operating properties | 22 | 22 | 21 | 21 | 21 | ||||||||||||
Total operating apartment homes | 7,247 | 7,247 | 7,013 | 7,013 | 7,013 | ||||||||||||
Pro-rata share of operating apartment homes | 2,268 | 2,268 | 2,195 | 2,195 | 2,195 | ||||||||||||
Total development properties | — | — | 1 | 1 | 1 | ||||||||||||
Total development apartment homes | — | — | 234 | 234 | 234 | ||||||||||||
Pro-rata share of development apartment homes | — | — | 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 4/26/2021 | ||||||||||||||||||||||||||||
Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||
1. | Camden Downtown I | 271 | $131.5 | 4Q17 | 1Q20 | 3Q20 | 4Q21 | 72% | 64% | ||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||
2. | Camden RiNo | 233 | 78.9 | 3Q17 | 3Q20 | 4Q20 | 2Q21 | 96% | 84% | ||||||||||||||||||||||||||
Denver, CO | |||||||||||||||||||||||||||||||||||
Total Completed Communities in Lease-Up | 504 | $210.4 | 83% | 73% | |||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 4/26/2021 | |||||||||||||||||||||||||||
Development Communities (a) | Homes | Estimated Cost | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||
1. | Camden North End II | 343 | $90.0 | $75.8 | $39.7 | 1Q19 | 4Q20 | 1Q22 | 3Q22 | 48% | 41% | ||||||||||||||||||||||||
Phoenix, AZ | |||||||||||||||||||||||||||||||||||
2. | Camden Lake Eola | 360 | 125.0 | 122.2 | 101.3 | 2Q18 | 1Q21 | 2Q21 | 2Q22 | 11% | 6% | ||||||||||||||||||||||||
Orlando, FL | |||||||||||||||||||||||||||||||||||
3. | Camden Buckhead | 366 | 160.0 | 130.9 | 97.0 | 3Q18 | 1Q21 | 1Q22 | 3Q22 | 15% | 9% | ||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||
4. | Camden Hillcrest | 132 | 95.0 | 73.6 | 60.4 | 3Q19 | 2Q21 | 4Q21 | 3Q22 | 3% | 2% | ||||||||||||||||||||||||
San Diego, CA | |||||||||||||||||||||||||||||||||||
5. | Camden Atlantic | 269 | 100.0 | 50.4 | 50.4 | 3Q20 | 4Q22 | 4Q22 | 4Q23 | ||||||||||||||||||||||||||
Plantation, FL | |||||||||||||||||||||||||||||||||||
6. | Camden Tempe II | 397 | 115.0 | 36.2 | 36.2 | 3Q20 | 4Q22 | 3Q23 | 1Q25 | ||||||||||||||||||||||||||
Tempe, AZ | |||||||||||||||||||||||||||||||||||
7. | Camden NoDa | 387 | 105.0 | 32.5 | 32.5 | 3Q20 | 1Q23 | 3Q23 | 1Q25 | ||||||||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||||||||||||||||
8. | Camden Durham | 354 | 120.0 | 30.5 | 30.5 | 1Q21 | 2Q23 | 4Q23 | 1Q25 | ||||||||||||||||||||||||||
Durham, NC | |||||||||||||||||||||||||||||||||||
Total Development Communities | 2,608 | $910.0 | $552.1 | $448.0 | 22% | 16% | |||||||||||||||||||||||||||||
Additional Development Pipeline (b) | 94.0 | ||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $542.0 | ||||||||||||||||||||||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 1Q21 NOI | |||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | $210.4 | $1.1 | |||||||||||||||||||||||||||||||||
Development Communities in Lease-Up | 402.5 | 0.3 | |||||||||||||||||||||||||||||||||
Total Development Communities NOI Contribution | $612.9 | $1.4 | |||||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Joint Venture Completed Community in Lease-Up (a) | Total | Total | Construction | Initial | Construction | Stabilized | As of 4/26/2021 | ||||||||||||||||||||||||||||
Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||
1. | Camden Cypress Creek II (c) | 234 | $31.9 | 2Q19 | 2Q20 | 4Q20 | 3Q21 | 87% | 79% | ||||||||||||||||||||||||||
Cypress, TX | |||||||||||||||||||||||||||||||||||
Total Joint Venture Completed Community in Lease-Up | 234 | $31.9 | 87% | 79% | |||||||||||||||||||||||||||||||
CAMDEN | DEVELOPMENT PIPELINE | |||||||
Projected | Total | ||||||||||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) | Cost to Date | ||||||||||||||
1. | Camden Arts District | 354 | $150.0 | $34.4 | |||||||||||||
Los Angeles, CA | |||||||||||||||||
2. | Camden Village District (b) | 355 | 115.0 | 21.6 | |||||||||||||
Raleigh, NC | |||||||||||||||||
3. | Camden Paces III | 350 | 100.0 | 17.1 | |||||||||||||
Atlanta, GA | |||||||||||||||||
4. | Camden Downtown II | 271 | 145.0 | 12.2 | |||||||||||||
Houston, TX | |||||||||||||||||
5. | Camden Highland Village II | 300 | 100.0 | 8.7 | |||||||||||||
Houston, TX | |||||||||||||||||
Development Pipeline | 1,630 | $610.0 | $94.0 | ||||||||||||||
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) | |||||||||||||||||
2021 | ($2,810) | $— | $— | ($2,810) | (0.1) | % | N/A | ||||||||||||||||
2022 | (3,703) | — | 390,000 | 386,297 | 12.2 | % | 3.0 | % | |||||||||||||||
2023 | (2,691) | — | 250,000 | 247,309 | 7.8 | % | 5.1 | % | |||||||||||||||
2024 | (2,088) | — | 500,000 | 497,912 | 15.7 | % | 4.0 | % | |||||||||||||||
2025 | (1,774) | — | — | (1,774) | (0.1) | % | N/A | ||||||||||||||||
Thereafter | (9,377) | — | 2,050,000 | 2,040,623 | 64.5 | % | 3.4 | % | |||||||||||||||
Total Debt | ($22,443) | $— | $3,190,000 | $3,167,557 | 100.0 | % | 3.6 | % | |||||||||||||||
Weighted Average Maturity of Debt | 8.2 Years | ||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate (b) | Time to Maturity | |||||||||||||||||||
Floating rate debt | $39,790 | 1.3 | % | 1.9 | % | 1.5 Years | |||||||||||||||||
Fixed rate debt | 3,127,767 | 98.7 | % | 3.6 | % | 8.3 Years | |||||||||||||||||
Total | $3,167,557 | 100.0 | % | 3.6 | % | 8.2 Years | |||||||||||||||||
Weighted Average | |||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate (b) | Time to Maturity | |||||||||||||||||||
Unsecured debt | $3,167,557 | 100.0 | % | 3.6 | % | 8.2 Years | |||||||||||||||||
Secured debt | — | — | % | N/A | N/A | ||||||||||||||||||
Total | $3,167,557 | 100.0 | % | 3.6 | % | 8.2 Years | |||||||||||||||||
Weighted Average | |||||||||||||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | % of Total | Total Cost | % of Total | 1Q21 NOI | % of Total | |||||||||||||||||
Unencumbered real estate assets | 52,212 | 100.0 | % | $9,639,602 | 100.0 | % | $166,636 | 100.0 | % | ||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 3.0x |
CAMDEN | DEBT MATURITY ANALYSIS | |||||||
(In thousands) | ||||||||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | ||||||||||||||||
2Q 2021 | ($934) | $— | $— | ($934) | N/A | |||||||||||||||
3Q 2021 | (937) | — | — | (937) | N/A | |||||||||||||||
4Q 2021 | (939) | — | — | (939) | N/A | |||||||||||||||
2021 | ($2,810) | $— | $— | ($2,810) | N/A | |||||||||||||||
1Q 2022 | ($941) | $— | $— | ($941) | N/A | |||||||||||||||
2Q 2022 | (944) | — | — | (944) | N/A | |||||||||||||||
3Q 2022 | (946) | — | 40,000 | 39,054 | 1.9 | % | ||||||||||||||
4Q 2022 | (872) | — | 350,000 | 349,128 | 3.2 | % | ||||||||||||||
2022 | ($3,703) | $— | $390,000 | $386,297 | 3.0 | % | ||||||||||||||
CAMDEN | DEBT COVENANT ANALYSIS | |||||||
UNSECURED LINE OF CREDIT | |||||||||||||||||||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||||||||||||||||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 25% | Yes | |||||||||||||||||||
Secured Debt to Gross Asset Value | < | 40% | —% | Yes | |||||||||||||||||||
Consolidated Adjusted EBITDA to Total Fixed Charges | > | 150% | 491% | Yes | |||||||||||||||||||
Unsecured Debt to Gross Asset Value | < | 60% | 26% | Yes | |||||||||||||||||||
SENIOR UNSECURED NOTES | |||||||||||||||||||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||||||||||||||||||
Total Consolidated Debt to Total Asset Value | < | 60% | 31% | Yes | |||||||||||||||||||
Total Secured Debt to Total Asset Value | < | 40% | —% | Yes | |||||||||||||||||||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 321% | Yes | |||||||||||||||||||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 510% | 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 | ||||||||||||||||
2021 | ($127) | $— | ($127) | (0.1) | % | N/A | ||||||||||||||
2022 | (174) | — | (174) | (0.1) | % | N/A | ||||||||||||||
2023 | (181) | — | (181) | (0.1) | % | N/A | ||||||||||||||
2024 | (187) | 5,707 | 5,520 | 3.4 | % | 1.5 | % | |||||||||||||
2025 | (193) | — | (193) | (0.1) | % | N/A | ||||||||||||||
Thereafter | (259) | 155,814 | 155,555 | 97.0 | % | 3.3 | % | |||||||||||||
Total Debt | ($1,121) | $161,521 | $160,400 | 100.0 | % | 3.3 | % | |||||||||||||
Weighted Average Maturity of Debt | 5.9 Years | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Floating rate debt | $57,647 | 35.9 | % | 2.1 | % | 5.1 Years | ||||||||||||||
Fixed rate debt | 102,753 | 64.1 | % | 3.9 | % | 6.4 Years | ||||||||||||||
Total | $160,400 | 100.0 | % | 3.3 | % | 5.9 Years | ||||||||||||||
Weighted Average | ||||||||||||||||||||
DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Conventional fixed-rate mortgage debt | $102,753 | 64.1 | % | 3.9 | % | 6.4 Years | ||||||||||||||
Conventional variable-rate mortgage debt | 51,940 | 32.4 | % | 2.1 | % | 5.3 Years | ||||||||||||||
Variable-rate construction loans | 5,707 | 3.5 | % | 1.5 | % | 3.2 Years | ||||||||||||||
Total | $160,400 | 100.0 | % | 3.3 | % | 5.9 Years | ||||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||||||||
Operating real estate assets | 7,247 | $915,811 | ||||||||||||||||||
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 | ||||||||||||||
2Q 2021 | ($41) | $— | ($41) | N/A | |||||||||||||
3Q 2021 | (43) | — | (43) | N/A | |||||||||||||
4Q 2021 | (43) | — | (43) | N/A | |||||||||||||
2021 | ($127) | $— | ($127) | N/A | |||||||||||||
1Q 2022 | ($43) | $— | ($43) | N/A | |||||||||||||
2Q 2022 | (43) | — | (43) | N/A | |||||||||||||
3Q 2022 | (44) | — | (44) | N/A | |||||||||||||
4Q 2022 | (44) | — | (44) | N/A | |||||||||||||
2022 | ($174) | $— | ($174) | N/A | |||||||||||||
CAMDEN | CAPITALIZED EXPENDITURES | |||||||
& MAINTENANCE EXPENSE | ||||||||
(In thousands, except unit data) | ||||||||
First Quarter 2021 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 6 | years | $2,009 | $41 | $308 | $6 | |||||||||||||||||||||||
Appliances | 9 | years | 860 | 17 | 230 | 5 | |||||||||||||||||||||||
Painting | — | — | — | 1,207 | 24 | ||||||||||||||||||||||||
Cabinetry/Countertops | 10 | years | 106 | 2 | — | — | |||||||||||||||||||||||
Other | 9 | years | 1,105 | 22 | 773 | 16 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 5 | years | 927 | 19 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 442 | 9 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 253 | 5 | 2,551 | 51 | |||||||||||||||||||||||
Roofing | 17 | years | 1,141 | 23 | 149 | 3 | |||||||||||||||||||||||
Site Drainage | 10 | years | 40 | 1 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 295 | 6 | — | — | |||||||||||||||||||||||
Other (b) | 8 | years | 1,657 | 34 | 3,875 | 79 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 2,457 | 50 | 1,946 | 39 | |||||||||||||||||||||||
Parking/Paving | 4 | years | 213 | 4 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 7 | years | 778 | 16 | 303 | 6 | |||||||||||||||||||||||
Total Recurring (c) | $12,283 | $249 | $11,342 | $229 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 49,439 | 49,439 | |||||||||||||||||||||||||||
Non-recurring & revenue enhancing capitalized expenditures (d) | $3,475 | ||||||||||||||||||||||||||||
Reposition Expenditures (e) | 10 | years | $7,880 | $24,172 | |||||||||||||||||||||||||
Repositioned Apartment Homes | 326 | ||||||||||||||||||||||||||||
Pro-Rata Joint Venture Total Recurring (f) | $397 | $175 | $485 | $214 | |||||||||||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income attributable to common shareholders | $31,347 | $43,284 | |||||||||
Real estate depreciation and amortization | 90,707 | 89,511 | |||||||||
Adjustments for unconsolidated joint ventures | 2,599 | 2,242 | |||||||||
Income allocated to non-controlling interests | 1,126 | 1,282 | |||||||||
Funds from operations | $125,779 | $136,319 | |||||||||
Less: recurring capitalized expenditures | (12,680) | (14,825) | |||||||||
Adjusted funds from operations | $113,099 | $121,494 | |||||||||
Weighted average number of common shares outstanding: | |||||||||||
EPS diluted | 99,621 | 99,380 | |||||||||
FFO/AFFO diluted | 101,341 | 101,128 | |||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Total Earnings Per Common Share - Diluted | $0.31 | $0.43 | |||||||||
Real estate depreciation and amortization | 0.89 | 0.89 | |||||||||
Adjustments for unconsolidated joint ventures | 0.03 | 0.02 | |||||||||
Income allocated to non-controlling interests | 0.01 | 0.01 | |||||||||
FFO per common share - Diluted | $1.24 | $1.35 | |||||||||
Less: recurring capitalized expenditures | (0.12) | (0.15) | |||||||||
AFFO per common share - Diluted | $1.12 | $1.20 | |||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
2Q21 | Range | 2021 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.25 | $0.31 | $0.84 | $1.14 | |||||||||||||
Expected real estate depreciation and amortization | 0.93 | 0.93 | 3.95 | 3.95 | |||||||||||||
Expected adjustments for unconsolidated joint ventures | 0.03 | 0.03 | 0.10 | 0.10 | |||||||||||||
Expected income allocated to non-controlling interests | 0.01 | 0.01 | 0.05 | 0.05 | |||||||||||||
Expected FFO per share - diluted | $1.22 | $1.28 | $4.94 | $5.24 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. |
Three months ended March 31, | ||||||||
2021 | 2020 | |||||||
Net income | $32,473 | $44,467 | ||||||
Less: Fee and asset management income | (2,206) | (2,527) | ||||||
Less: Interest and other income | (332) | (329) | ||||||
Less: (Income)/loss on deferred compensation plans | (3,626) | 14,860 | ||||||
Plus: Property management expense | 6,124 | 6,527 | ||||||
Plus: Fee and asset management expense | 1,132 | 843 | ||||||
Plus: General and administrative expense | 14,222 | 13,233 | ||||||
Plus: Interest expense | 23,644 | 19,707 | ||||||
Plus: Depreciation and amortization expense | 93,141 | 91,859 | ||||||
Plus: Expense/(benefit) on deferred compensation plans | 3,626 | (14,860) | ||||||
Less: Gain on sale of land | — | (382) | ||||||
Less: Equity in income of joint ventures | (1,914) | (2,122) | ||||||
Plus: Income tax expense | 352 | 467 | ||||||
NOI | $166,636 | $171,743 | ||||||
"Same Property" Communities | $150,483 | $155,954 | ||||||
Non-"Same Property" Communities | 14,155 | 14,427 | ||||||
Development and Lease-Up Communities | 1,440 | (75) | ||||||
Dispositions/Other | 558 | 1,437 | ||||||
NOI | $166,636 | $171,743 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended March 31, | ||||||||
2021 | 2020 | |||||||
Net income attributable to common shareholders | $31,347 | $43,284 | ||||||
Plus: Interest expense | 23,644 | 19,707 | ||||||
Plus: Depreciation and amortization expense | 93,141 | 91,859 | ||||||
Plus: Income allocated to non-controlling interests | 1,126 | 1,183 | ||||||
Plus: Income tax expense | 352 | 467 | ||||||
Less: Gain on sale of land | — | (382) | ||||||
Less: Equity in income of joint ventures | (1,914) | (2,122) | ||||||
Adjusted EBITDA | $147,696 | $153,996 | ||||||
Annualized Adjusted EBITDA | $590,784 | $615,984 |
Average monthly balance for the | ||||||||||||||
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Unsecured notes payable | $3,167,246 | $2,633,950 | ||||||||||||
Total debt | 3,167,246 | 2,633,950 | ||||||||||||
Less: Cash and cash equivalents | (289,901) | (20,184) | ||||||||||||
Net debt | $2,877,345 | $2,613,766 | ||||||||||||
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net debt | $2,877,345 | $2,613,766 | ||||||||||||
Annualized Adjusted EBITDA | 590,784 | 615,984 | ||||||||||||
Net Debt to Annualized Adjusted EBITDA | 4.9x | 4.2x | ||||||||||||
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: | Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | ||||||||||||||||
Earnings Release & Conference Call | Late July | Late October | Early February | Late April | ||||||||||||||||
Dividend Information - Common Shares: | Q1 '21 | |||||||||||||||||||
Declaration Date | 2/4/2021 | |||||||||||||||||||
Record Date | 3/31/2021 | |||||||||||||||||||
Payment Date | 4/16/2021 | |||||||||||||||||||
Distributions Per Share | $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 3/31/2021 |
(Unaudited) | 1Q21 Avg Monthly | 1Q21 Avg Monthly | ||||||||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 1Q21 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 | 97% | $1,581 | $1.38 | $1,823 | $1.59 | ||||||||||||||||||||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 98% | 1,272 | 1.62 | 1,561 | 1.99 | ||||||||||||||||||||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 96% | 1,797 | 1.74 | 2,144 | 2.08 | ||||||||||||||||||||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 95% | 1,536 | 1.44 | 1,844 | 1.73 | ||||||||||||||||||||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 98% | 1,503 | 1.40 | 1,754 | 1.64 | ||||||||||||||||||||||||||||
Camden North End I | Phoenix | AZ | 2019 | 921 | 441 | 96% | 1,618 | 1.76 | 1,908 | 2.07 | ||||||||||||||||||||||||||||
Camden Old Town Scottsdale | Scottsdale | AZ | 2016 | 892 | 316 | 98% | 1,798 | 2.02 | 1,978 | 2.22 | ||||||||||||||||||||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 949 | 272 | 98% | 1,311 | 1.38 | 1,575 | 1.66 | ||||||||||||||||||||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 97% | 1,448 | 1.47 | 1,714 | 1.74 | ||||||||||||||||||||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 98% | 1,456 | 1.40 | 1,767 | 1.70 | ||||||||||||||||||||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 98% | 1,623 | 1.25 | 1,999 | 1.53 | ||||||||||||||||||||||||||||
Camden Tempe | Tempe | AZ | 2015 | 1,033 | 234 | 98% | 1,618 | 1.57 | 1,880 | 1.82 | ||||||||||||||||||||||||||||
TOTAL ARIZONA | 12 | Properties | 1,006 | 3,686 | 97% | 1,540 | 1.53 | 1,818 | 1.81 | |||||||||||||||||||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 98% | 2,168 | 2.15 | 2,310 | 2.29 | ||||||||||||||||||||||||||||
Camden Glendale | Glendale | CA | 2015 | 893 | 307 | 96% | 2,386 | 2.67 | 2,496 | 2.80 | ||||||||||||||||||||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 981 | 547 | 97% | 2,606 | 2.66 | 2,745 | 2.80 | ||||||||||||||||||||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 96% | 2,138 | 2.12 | 2,365 | 2.34 | ||||||||||||||||||||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 795 | 714 | 97% | 1,897 | 2.39 | 2,099 | 2.64 | ||||||||||||||||||||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 98% | 2,178 | 2.45 | 2,373 | 2.66 | ||||||||||||||||||||||||||||
The Camden | Hollywood | CA | 2016 | 767 | 287 | 93% | 2,926 | 3.82 | 2,532 | 3.30 | ||||||||||||||||||||||||||||
Total Los Angeles/Orange County | 7 | Properties | 900 | 2,663 | 96% | 2,289 | 2.54 | 2,397 | 2.66 | |||||||||||||||||||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 97% | 1,759 | 1.79 | 1,857 | 1.89 | ||||||||||||||||||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 98% | 2,308 | 2.23 | 2,514 | 2.42 | ||||||||||||||||||||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 97% | 2,153 | 2.24 | 2,392 | 2.49 | ||||||||||||||||||||||||||||
Camden Tuscany | San Diego | CA | 2003 | 895 | 160 | 95% | 2,638 | 2.95 | 2,869 | 3.20 | ||||||||||||||||||||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 99% | 1,902 | 1.81 | 1,925 | 1.83 | ||||||||||||||||||||||||||||
Total San Diego/Inland Empire | 5 | Properties | 992 | 1,665 | 97% | 2,081 | 2.10 | 2,237 | 2.26 | |||||||||||||||||||||||||||||
TOTAL CALIFORNIA | 12 | Properties | 935 | 4,328 | 97% | 2,209 | 2.36 | 2,335 | 2.50 | |||||||||||||||||||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 95% | 1,547 | 1.74 | 1,837 | 2.07 | ||||||||||||||||||||||||||||
Camden Caley | Englewood | CO | 2000 | 921 | 218 | 96% | 1,549 | 1.68 | 1,820 | 1.98 | ||||||||||||||||||||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 97% | 1,855 | 1.83 | 2,089 | 2.06 | ||||||||||||||||||||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 96% | 1,694 | 1.76 | 1,984 | 2.07 | ||||||||||||||||||||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 97% | 1,834 | 1.60 | 2,105 | 1.83 | ||||||||||||||||||||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,002 | 340 | 97% | 1,710 | 1.71 | 1,984 | 1.98 | ||||||||||||||||||||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 95% | 1,650 | 1.77 | 1,915 | 2.05 | ||||||||||||||||||||||||||||
Camden Lincoln Station | Lone Tree | CO | 2017 | 844 | 267 | 96% | 1,605 | 1.90 | 1,827 | 2.16 | ||||||||||||||||||||||||||||
Camden RiNo (1) | Denver | CO | 2020 | 828 | 233 | Lease-Up | 1,856 | 2.24 | 2,029 | 2.45 | ||||||||||||||||||||||||||||
TOTAL COLORADO | 9 | Properties | 958 | 2,865 | 96% | 1,704 | 1.78 | 1,961 | 2.05 | |||||||||||||||||||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 97% | 1,785 | 1.68 | 2,038 | 1.92 | ||||||||||||||||||||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 509 | 96% | 1,661 | 1.76 | 1,921 | 2.04 | ||||||||||||||||||||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 977 | 382 | 97% | 1,859 | 1.90 | 2,135 | 2.18 | ||||||||||||||||||||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 96% | 1,909 | 1.81 | 2,230 | 2.11 | ||||||||||||||||||||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 96% | 1,957 | 2.10 | 2,264 | 2.42 | ||||||||||||||||||||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 96% | 1,866 | 1.87 | 2,127 | 2.14 | ||||||||||||||||||||||||||||
Camden Grand Parc | Washington | DC | 2002 | 672 | 105 | 94% | 2,522 | 3.75 | 2,826 | 4.21 | ||||||||||||||||||||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 97% | 1,741 | 1.73 | 2,012 | 2.00 | ||||||||||||||||||||||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 97% | 1,740 | 1.69 | 1,983 | 1.93 | ||||||||||||||||||||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 95% | 1,699 | 1.98 | 1,975 | 2.31 | ||||||||||||||||||||||||||||
Camden Noma | Washington | DC | 2014 | 769 | 321 | 95% | 2,168 | 2.82 | 2,457 | 3.19 | ||||||||||||||||||||||||||||
Camden Noma II | Washington | DC | 2017 | 759 | 405 | 96% | 2,250 | 2.96 | 2,569 | 3.38 | ||||||||||||||||||||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 832 | 378 | 95% | 2,034 | 2.44 | 2,387 | 2.87 | ||||||||||||||||||||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 93% | 2,850 | 3.33 | 3,219 | 3.76 | ||||||||||||||||||||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 98% | 1,585 | 1.60 | 1,828 | 1.84 | ||||||||||||||||||||||||||||
Camden Shady Grove | Rockville | MD | 2018 | 877 | 457 | 96% | 1,806 | 2.06 | 2,053 | 2.34 | ||||||||||||||||||||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 97% | 1,728 | 1.77 | 1,986 | 2.04 | ||||||||||||||||||||||||||||
Camden South Capitol (2) | Washington | DC | 2013 | 821 | 281 | 95% | 2,276 | 2.77 | 2,732 | 3.33 | ||||||||||||||||||||||||||||
Camden Washingtonian | Gaithersburg | MD | 2018 | 870 | 365 | 97% | 1,819 | 2.09 | 2,071 | 2.38 | ||||||||||||||||||||||||||||
TOTAL DC METRO | 19 | Properties | 922 | 6,863 | 96% | 1,904 | 2.07 | 2,191 | 2.38 | |||||||||||||||||||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 97% | 1,970 | 1.78 | 2,301 | 2.08 | ||||||||||||||||||||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 96% | 1,975 | 2.34 | 2,247 | 2.67 | ||||||||||||||||||||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 97% | 2,113 | 2.25 | 2,383 | 2.54 | ||||||||||||||||||||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 97% | 1,924 | 1.72 | 2,167 | 1.93 | ||||||||||||||||||||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 98% | 2,106 | 1.68 | 2,430 | 1.94 | ||||||||||||||||||||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 97% | 2,099 | 2.01 | 2,406 | 2.31 | ||||||||||||||||||||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 98% | 1,731 | 1.44 | 2,051 | 1.71 | ||||||||||||||||||||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 98% | 1,809 | 1.63 | 2,095 | 1.88 | ||||||||||||||||||||||||||||
Total Southeast Florida | 8 | Properties | 1,079 | 2,781 | 97% | 1,956 | 1.81 | 2,252 | 2.09 | |||||||||||||||||||||||||||||
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 3/31/2021 |
(Unaudited) | 1Q21 Avg Monthly | 1Q21 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 1Q21 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% | $1,452 | $1.35 | $1,716 | $1.60 | ||||||||||||||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 96% | 1,356 | 1.42 | 1,627 | 1.70 | ||||||||||||||||||||||
Camden LaVina | Orlando | FL | 2012 | 969 | 420 | 97% | 1,373 | 1.42 | 1,641 | 1.69 | ||||||||||||||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 97% | 1,357 | 1.45 | 1,626 | 1.73 | ||||||||||||||||||||||
Camden North Quarter | Orlando | FL | 2016 | 806 | 333 | 95% | 1,507 | 1.87 | 1,650 | 2.05 | ||||||||||||||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 95% | 1,350 | 1.65 | 1,635 | 2.00 | ||||||||||||||||||||||
Camden Thornton Park | Orlando | FL | 2016 | 920 | 299 | 83% | 1,700 | 1.85 | 1,909 | 2.08 | ||||||||||||||||||||||
Camden Town Square | Orlando | FL | 2012 | 983 | 438 | 96% | 1,383 | 1.41 | 1,581 | 1.61 | ||||||||||||||||||||||
Camden Waterford Lakes (2) | Orlando | FL | 2014 | 971 | 300 | 96% | 1,453 | 1.50 | 1,729 | 1.78 | ||||||||||||||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 96% | 1,408 | 1.44 | 1,657 | 1.69 | ||||||||||||||||||||||
Total Orlando | 10 | Properties | 944 | 3,594 | 95% | 1,425 | 1.51 | 1,665 | 1.76 | |||||||||||||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 97% | 1,315 | 1.39 | 1,604 | 1.70 | ||||||||||||||||||||||
Camden Montague | Tampa | FL | 2012 | 972 | 192 | 97% | 1,378 | 1.42 | 1,666 | 1.71 | ||||||||||||||||||||||
Camden Pier District | St. Petersburg | FL | 2016 | 989 | 358 | 98% | 2,565 | 2.59 | 2,725 | 2.75 | ||||||||||||||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 97% | 1,497 | 1.59 | 1,761 | 1.87 | ||||||||||||||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 97% | 1,301 | 1.28 | 1,601 | 1.57 | ||||||||||||||||||||||
Camden Visconti (2) | Tampa | FL | 2007 | 1,125 | 450 | 97% | 1,473 | 1.31 | 1,737 | 1.54 | ||||||||||||||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 98% | 1,483 | 1.49 | 1,782 | 1.80 | ||||||||||||||||||||||
Total Tampa | 7 | Properties | 997 | 2,736 | 97% | 1,547 | 1.55 | 1,817 | 1.82 | |||||||||||||||||||||||
TOTAL FLORIDA | 25 | Properties | 1,001 | 9,111 | 96% | 1,624 | 1.62 | 1,892 | 1.89 | |||||||||||||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 916 | 359 | 97% | 1,464 | 1.60 | 1,718 | 1.87 | ||||||||||||||||||||||
Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 97% | 1,567 | 1.89 | 1,723 | 2.08 | ||||||||||||||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 98% | 1,419 | 1.43 | 1,673 | 1.69 | ||||||||||||||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 98% | 1,493 | 1.26 | 1,744 | 1.47 | ||||||||||||||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 97% | 1,396 | 1.39 | 1,658 | 1.65 | ||||||||||||||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 844 | 276 | 97% | 1,724 | 2.04 | 2,007 | 2.38 | ||||||||||||||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 97% | 1,532 | 1.64 | 1,845 | 1.97 | ||||||||||||||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,408 | 379 | 96% | 2,593 | 1.84 | 2,928 | 2.08 | ||||||||||||||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 96% | 1,387 | 1.35 | 1,674 | 1.63 | ||||||||||||||||||||||
Camden Phipps (2) | Atlanta | GA | 1996 | 1,016 | 234 | 95% | 1,605 | 1.58 | 1,903 | 1.87 | ||||||||||||||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 98% | 1,358 | 1.19 | 1,618 | 1.42 | ||||||||||||||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 96% | 1,399 | 1.40 | 1,658 | 1.66 | ||||||||||||||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 97% | 1,261 | 1.25 | 1,488 | 1.47 | ||||||||||||||||||||||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 95% | 1,466 | 1.63 | 1,766 | 1.96 | ||||||||||||||||||||||
TOTAL GEORGIA | 14 | Properties | 1,014 | 4,496 | 97% | 1,557 | 1.53 | 1,827 | 1.80 | |||||||||||||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,048 | 400 | 96% | 1,308 | 1.25 | 1,545 | 1.47 | ||||||||||||||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 94% | 1,472 | 1.63 | 1,724 | 1.91 | ||||||||||||||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 95% | 1,478 | 1.73 | 1,718 | 2.01 | ||||||||||||||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 96% | 1,227 | 1.18 | 1,417 | 1.37 | ||||||||||||||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 96% | 1,112 | 1.18 | 1,316 | 1.40 | ||||||||||||||||||||||
Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 97% | 1,228 | 1.40 | 1,430 | 1.64 | ||||||||||||||||||||||
Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 94% | 1,561 | 2.10 | 1,809 | 2.43 | ||||||||||||||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,059 | 266 | 96% | 1,704 | 1.61 | 1,945 | 1.84 | ||||||||||||||||||||||
Camden Grandview II | Charlotte | NC | 2019 | 2,241 | 28 | 96% | 3,477 | 1.55 | 3,780 | 1.69 | ||||||||||||||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96% | 1,197 | 1.23 | 1,423 | 1.46 | ||||||||||||||||||||||
Camden South End | Charlotte | NC | 2003 | 878 | 299 | 95% | 1,481 | 1.69 | 1,713 | 1.95 | ||||||||||||||||||||||
Camden Southline (2) | Charlotte | NC | 2015 | 831 | 266 | 95% | 1,581 | 1.90 | 1,828 | 2.20 | ||||||||||||||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 97% | 1,359 | 1.24 | 1,578 | 1.44 | ||||||||||||||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 97% | 1,131 | 1.26 | 1,333 | 1.48 | ||||||||||||||||||||||
Total Charlotte | 14 | Properties | 954 | 3,104 | 96% | 1,414 | 1.48 | 1,644 | 1.72 | |||||||||||||||||||||||
Camden Asbury Village (2) | Raleigh | NC | 2009 | 1,009 | 350 | 98% | 1,283 | 1.27 | 1,508 | 1.49 | ||||||||||||||||||||||
Camden Carolinian | Raleigh | NC | 2017 | 1,118 | 186 | 93% | 2,132 | 1.91 | 2,283 | 2.04 | ||||||||||||||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,014 | 438 | 97% | 1,126 | 1.11 | 1,392 | 1.37 | ||||||||||||||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 97% | 1,178 | 1.13 | 1,432 | 1.37 | ||||||||||||||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 97% | 1,233 | 1.16 | 1,499 | 1.41 | ||||||||||||||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 96% | 1,229 | 1.27 | 1,452 | 1.50 | ||||||||||||||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,061 | 320 | 95% | 1,315 | 1.24 | 1,577 | 1.49 | ||||||||||||||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 95% | 1,121 | 1.15 | 1,338 | 1.38 | ||||||||||||||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 96% | 1,206 | 1.17 | 1,453 | 1.41 | ||||||||||||||||||||||
Total Raleigh | 9 | Properties | 1,022 | 3,240 | 96% | 1,262 | 1.23 | 1,499 | 1.47 | |||||||||||||||||||||||
TOTAL NORTH CAROLINA | 23 | Properties | 989 | 6,344 | 96% | 1,336 | 1.35 | 1,569 | 1.59 | |||||||||||||||||||||||
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 3/31/2021 |
(Unaudited) | 1Q21 Avg Monthly | 1Q21 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 1Q21 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 (2) | Austin | TX | 2009 | 862 | 348 | 97% | $1,160 | $1.34 | $1,409 | $1.63 | ||||||||||||||||||||||
Camden Amber Oaks II (2) | Austin | TX | 2012 | 910 | 244 | 96% | 1,235 | 1.36 | 1,482 | 1.63 | ||||||||||||||||||||||
Camden Brushy Creek (2) | Cedar Park | TX | 2008 | 882 | 272 | 98% | 1,248 | 1.41 | 1,410 | 1.60 | ||||||||||||||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 95% | 1,379 | 1.51 | 1,649 | 1.81 | ||||||||||||||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 97% | 1,509 | 1.58 | 1,747 | 1.83 | ||||||||||||||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 96% | 1,212 | 1.34 | 1,474 | 1.63 | ||||||||||||||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 96% | 1,279 | 1.42 | 1,500 | 1.66 | ||||||||||||||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 94% | 1,522 | 1.82 | 1,753 | 2.09 | ||||||||||||||||||||||
Camden Rainey Street | Austin | TX | 2016 | 873 | 326 | 96% | 1,991 | 2.28 | 2,214 | 2.53 | ||||||||||||||||||||||
Camden Shadow Brook (2) | Austin | TX | 2009 | 909 | 496 | 96% | 1,232 | 1.36 | 1,389 | 1.53 | ||||||||||||||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 97% | 1,349 | 1.49 | 1,598 | 1.76 | ||||||||||||||||||||||
Total Austin | 11 | Properties | 897 | 3,686 | 96% | 1,370 | 1.53 | 1,595 | 1.78 | |||||||||||||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 96% | 1,272 | 1.35 | 1,490 | 1.58 | ||||||||||||||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 946 | 477 | 96% | 1,457 | 1.54 | 1,698 | 1.80 | ||||||||||||||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 97% | 1,268 | 1.38 | 1,539 | 1.67 | ||||||||||||||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 912 | 268 | 97% | 1,239 | 1.36 | 1,514 | 1.66 | ||||||||||||||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 95% | 1,265 | 1.64 | 1,493 | 1.94 | ||||||||||||||||||||||
Camden Design District (2) | Dallas | TX | 2009 | 939 | 355 | 96% | 1,408 | 1.50 | 1,552 | 1.65 | ||||||||||||||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 95% | 1,353 | 1.45 | 1,590 | 1.71 | ||||||||||||||||||||||
Camden Henderson | Dallas | TX | 2012 | 966 | 106 | 97% | 1,526 | 1.58 | 1,785 | 1.85 | ||||||||||||||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 96% | 1,330 | 1.60 | 1,580 | 1.90 | ||||||||||||||||||||||
Camden Legacy Park | Plano | TX | 1996 | 870 | 276 | 95% | 1,317 | 1.51 | 1,559 | 1.79 | ||||||||||||||||||||||
Camden Panther Creek (2) | Frisco | TX | 2009 | 946 | 295 | 96% | 1,334 | 1.41 | 1,519 | 1.61 | ||||||||||||||||||||||
Camden Riverwalk (2) | Grapevine | TX | 2008 | 989 | 600 | 97% | 1,490 | 1.51 | 1,723 | 1.74 | ||||||||||||||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 96% | 1,108 | 1.49 | 1,346 | 1.81 | ||||||||||||||||||||||
Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 96% | 1,645 | 1.91 | 1,921 | 2.23 | ||||||||||||||||||||||
Total Dallas/Ft. Worth | 14 | Properties | 902 | 5,666 | 96% | 1,355 | 1.50 | 1,591 | 1.76 | |||||||||||||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 93% | 1,444 | 1.55 | 1,666 | 1.79 | ||||||||||||||||||||||
Camden City Centre II | Houston | TX | 2013 | 869 | 268 | 90% | 1,412 | 1.63 | 1,669 | 1.92 | ||||||||||||||||||||||
Camden Cypress Creek (2) | Cypress | TX | 2009 | 993 | 310 | 95% | 1,331 | 1.34 | 1,575 | 1.59 | ||||||||||||||||||||||
Camden Cypress Creek II (1) (2) | Cypress | TX | 2020 | 950 | 234 | Lease-Up | 1,329 | 1.40 | 1,481 | 1.56 | ||||||||||||||||||||||
Camden Downs at Cinco Ranch (2) | Katy | TX | 2004 | 1,075 | 318 | 98% | 1,296 | 1.20 | 1,516 | 1.41 | ||||||||||||||||||||||
Camden Downtown (1) | Houston | TX | 2020 | 1,052 | 271 | Lease-Up | 2,421 | 2.30 | 2,635 | 2.51 | ||||||||||||||||||||||
Camden Grand Harbor (2) | Katy | TX | 2008 | 959 | 300 | 97% | 1,208 | 1.26 | 1,410 | 1.47 | ||||||||||||||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 94% | 1,346 | 1.56 | 1,587 | 1.84 | ||||||||||||||||||||||
Camden Heights (2) | Houston | TX | 2004 | 927 | 352 | 94% | 1,500 | 1.62 | 1,773 | 1.91 | ||||||||||||||||||||||
Camden Highland Village | Houston | TX | 2014/2015 | 1,175 | 552 | 93% | 2,139 | 1.82 | 2,272 | 1.93 | ||||||||||||||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 94% | 1,237 | 1.32 | 1,484 | 1.59 | ||||||||||||||||||||||
Camden McGowen Station | Houston | TX | 2018 | 1,004 | 315 | 96% | 1,949 | 1.94 | 2,132 | 2.12 | ||||||||||||||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 93% | 1,437 | 1.70 | 1,647 | 1.95 | ||||||||||||||||||||||
Camden Northpointe (2) | Tomball | TX | 2008 | 940 | 384 | 97% | 1,158 | 1.23 | 1,427 | 1.52 | ||||||||||||||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 96% | 1,143 | 1.31 | 1,390 | 1.60 | ||||||||||||||||||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 94% | 1,114 | 1.29 | 1,331 | 1.54 | ||||||||||||||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 94% | 1,574 | 1.72 | 1,805 | 1.97 | ||||||||||||||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 94% | 2,419 | 2.02 | 2,623 | 2.19 | ||||||||||||||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 93% | 1,392 | 1.51 | 1,463 | 1.59 | ||||||||||||||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 92% | 1,638 | 1.55 | 1,709 | 1.62 | ||||||||||||||||||||||
Camden Spring Creek (2) | Spring | TX | 2004 | 1,080 | 304 | 96% | 1,234 | 1.14 | 1,452 | 1.34 | ||||||||||||||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 95% | 1,117 | 1.32 | 1,337 | 1.58 | ||||||||||||||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 96% | 1,209 | 1.31 | 1,432 | 1.55 | ||||||||||||||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 93% | 1,399 | 1.71 | 1,648 | 2.01 | ||||||||||||||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 89% | 1,348 | 1.56 | 1,581 | 1.83 | ||||||||||||||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 936 | 274 | 95% | 1,257 | 1.34 | 1,488 | 1.59 | ||||||||||||||||||||||
Camden Woodson Park (2) | Houston | TX | 2008 | 916 | 248 | 94% | 1,180 | 1.29 | 1,413 | 1.54 | ||||||||||||||||||||||
Camden Yorktown (2) | Houston | TX | 2008 | 995 | 306 | 95% | 1,177 | 1.18 | 1,391 | 1.40 | ||||||||||||||||||||||
Total Houston | 28 | Properties | 950 | 9,806 | 94% | 1,445 | 1.52 | 1,652 | 1.74 | |||||||||||||||||||||||
TOTAL TEXAS | 53 | Properties | 926 | 19,158 | 95% | 1,404 | 1.52 | 1,622 | 1.75 | |||||||||||||||||||||||
TOTAL PROPERTIES | 167 | Properties | 959 | 56,851 | 96% | $1,589 | $1.66 | $1,830 | $1.91 | |||||||||||||||||||||||
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