(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 July 29, 2021. | |||||
Supplemental Financial Information dated July 29, 2021. | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Exhibit Number | Title | ||||
Press Release issued by Camden Property Trust dated July 29, 2021. | |||||
Supplemental Financial Information dated July 29, 2021. | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Three Months Ended | Six Months Ended | |||||||||||||
June 30 | June 30 | |||||||||||||
Per Diluted Share | 2021 | 2020 | 2021 | 2020 | ||||||||||
EPS | $0.30 | $0.17 | $0.61 | $0.60 | ||||||||||
FFO | $1.28 | $1.09 | $2.52 | $2.44 | ||||||||||
AFFO | $1.10 | $0.91 | $2.21 | $2.11 |
Quarterly Growth | Sequential Growth | Year-To-Date Growth | |||||||||
Same Property Results | 2Q21 vs. 2Q20 | 2Q21 vs. 1Q21 | 2021 vs. 2020 | ||||||||
Revenues | 4.1% | 2.3% | 1.9% | ||||||||
Expenses | 6.2% | 1.7% | 5.8% | ||||||||
Net Operating Income ("NOI") | 3.0% | 2.7% | (0.3)% |
Same Property Results | 2Q21 | 2Q20 | 1Q21 | ||||||||
Occupancy | 96.9% | 95.1% | 96.0% |
Same Property Scheduled Rents* | July 2021 | July 2020 | 2Q21 | 2Q20 | ||||||||||
Collected | 97.9% | 98.7% | 98.7% | 97.3% | ||||||||||
Deferred/Payment Plan Arranged | —% | —% | —% | 1.1% | ||||||||||
Delinquent | 2.1% | 1.3% | 1.3% | 1.6% |
New Lease and Renewal Data - Date Signed (1) (2) | July 2021* | July 2020 | 2Q21(2) | 2Q20(2) | ||||||||||
New Lease Rates | 18.7% | (2.2)% | 9.3% | (2.8)% | ||||||||||
Renewal Rates | 10.5% | 1.1% | 6.7% | 0.3% | ||||||||||
Blended Rates | 14.6% | (0.7)% | 8.0% | (1.1)% | ||||||||||
New Leases | 1,530 | 1,839 | 2,099 | 1,834 | ||||||||||
Renewals | 1,606 | 1,790 | 2,173 | 2,169 | ||||||||||
Total Leases | 3,136 | 3,629 | 4,272 | 4,003 |
New Lease and Renewal Data - Date Effective (3) (4) | July 2021* | July 2020 | 2Q21(4) | 2Q20(4) | ||||||||||
New Lease Rates | 13.3% | (2.5)% | 5.4% | (2.3)% | ||||||||||
Renewal Rates | 6.4% | 0.1% | 4.0% | 2.3% | ||||||||||
Blended Rates | 9.8% | (1.2)% | 4.7% | 0.2% | ||||||||||
New Leases | 2,296 | 2,286 | 1,880 | 1,571 | ||||||||||
Renewals | 2,378 | 2,502 | 1,765 | 1,977 | ||||||||||
Total Leases | 4,674 | 4,788 | 3,645 | 3,548 |
Occupancy and Turnover Data | July 2021* | July 2020 | 2Q21 | 2Q20 | ||||||||||
Occupancy | 97.1% | 95.2% | 96.9% | 95.1% | ||||||||||
Annualized Gross Turnover | 56% | 61% | 54% | 54% | ||||||||||
Annualized Net Turnover | 47% | 48% | 45% | 44% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 7/25/2021 | ||||||||||
Camden Downtown I | Houston, TX | 271 | $131.6 | 92 | % |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 7/25/2021 | ||||||||||
Camden North End II | Phoenix, AZ | 343 | $87.0 | 76 | % | |||||||||
Camden Lake Eola | Orlando, FL | 360 | 125.0 | 57 | % | |||||||||
Camden Buckhead | Atlanta, GA | 366 | 160.0 | 43 | % | |||||||||
Camden Hillcrest | San Diego, CA | 132 | 95.0 | 16 | % | |||||||||
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 | $907.0 |
3Q21 | 2021 | 2021 Midpoint | |||||||||||||||
Per Diluted Share | Range | Range | Current | Prior | Change | ||||||||||||
EPS | $0.22 - $0.28 | $1.09 - $1.29 | $1.19 | $0.99 | $0.20 | ||||||||||||
FFO | $1.30 - $1.36 | $5.17 - $5.37 | $5.27 | $5.09 | $0.18 | ||||||||||||
2021 | 2021 Midpoint | ||||||||||||||||
Same Property Growth | Range | Current | Prior | Change | |||||||||||||
Revenues | 3.25% - 4.25% | 3.75% | 1.60% | 2.15% | |||||||||||||
Expenses | 3.35% - 4.15% | 3.75% | 3.90% | (0.15)% | |||||||||||||
NOI | 2.75% - 4.75% | 3.75% | 0.25% | 3.50% |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
OPERATING DATA | |||||||||||||||||
Property revenues (a) | $276,523 | $250,683 | $544,091 | $516,562 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 65,544 | 64,641 | 129,023 | 124,597 | |||||||||||||
Real estate taxes | 37,427 | 35,040 | 74,880 | 69,220 | |||||||||||||
Total property expenses | 102,971 | 99,681 | 203,903 | 193,817 | |||||||||||||
Non-property income | |||||||||||||||||
Fee and asset management | 2,263 | 2,380 | 4,469 | 4,907 | |||||||||||||
Interest and other income | 257 | 325 | 589 | 654 | |||||||||||||
Income/(loss) on deferred compensation plans | 6,400 | 11,435 | 10,026 | (3,425) | |||||||||||||
Total non-property income | 8,920 | 14,140 | 15,084 | 2,136 | |||||||||||||
Other expenses | |||||||||||||||||
Property management | 6,436 | 5,939 | 12,560 | 12,466 | |||||||||||||
Fee and asset management | 1,019 | 820 | 2,151 | 1,663 | |||||||||||||
General and administrative | 15,246 | 14,391 | 29,468 | 27,624 | |||||||||||||
Interest | 24,084 | 23,482 | 47,728 | 43,189 | |||||||||||||
Depreciation and amortization | 99,586 | 92,803 | 192,727 | 184,662 | |||||||||||||
Expense/(benefit) on deferred compensation plans | 6,400 | 11,435 | 10,026 | (3,425) | |||||||||||||
Total other expenses | 152,771 | 148,870 | 294,660 | 266,179 | |||||||||||||
Gain on sale of land | — | — | — | 382 | |||||||||||||
Equity in income of joint ventures | 2,198 | 1,633 | 4,112 | 3,755 | |||||||||||||
Income from continuing operations before income taxes | 31,899 | 17,905 | 64,724 | 62,839 | |||||||||||||
Income tax expense | (460) | (394) | (812) | (861) | |||||||||||||
Net income | 31,439 | 17,511 | 63,912 | 61,978 | |||||||||||||
Less income allocated to non-controlling interests | (1,260) | (1,034) | (2,386) | (2,217) | |||||||||||||
Net income attributable to common shareholders (b) | $30,179 | $16,477 | $61,526 | $59,761 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $31,439 | $17,511 | $63,912 | $61,978 | |||||||||||||
Other comprehensive income | |||||||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 372 | 366 | 745 | 732 | |||||||||||||
Comprehensive income | 31,811 | 17,877 | 64,657 | 62,710 | |||||||||||||
Less income allocated to non-controlling interests | (1,260) | (1,034) | (2,386) | (2,217) | |||||||||||||
Comprehensive income attributable to common shareholders | $30,551 | $16,843 | $62,271 | $60,493 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Total earnings per common share - basic | $0.30 | $0.17 | $0.61 | $0.60 | |||||||||||||
Total earnings per common share - diluted | 0.30 | 0.17 | 0.61 | 0.60 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 100,701 | 99,399 | 100,127 | 99,348 | |||||||||||||
Diluted | 100,767 | 99,408 | 100,197 | 99,394 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||
Net income attributable to common shareholders (a) | $30,179 | $16,477 | $61,526 | $59,761 | |||||||||||||
Real estate depreciation and amortization | 97,122 | 90,500 | 187,829 | 180,011 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,630 | 2,287 | 5,229 | 4,529 | |||||||||||||
Income allocated to non-controlling interests | 1,260 | 1,103 | 2,386 | 2,385 | |||||||||||||
Funds from operations | $131,191 | $110,367 | $256,970 | $246,686 | |||||||||||||
Less: recurring capitalized expenditures (b) | (18,808) | (18,782) | (31,488) | (33,607) | |||||||||||||
Adjusted funds from operations | $112,383 | $91,585 | $225,482 | $213,079 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Funds from operations - diluted | $1.28 | $1.09 | $2.52 | $2.44 | |||||||||||||
Adjusted funds from operations - diluted | 1.10 | 0.91 | 2.21 | 2.11 | |||||||||||||
Distributions declared per common share | 0.83 | 0.83 | 1.66 | 1.66 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
FFO/AFFO - diluted | 102,444 | 101,156 | 101,896 | 101,142 | |||||||||||||
PROPERTY DATA | |||||||||||||||||
Total operating properties (end of period) (c) | 169 | 164 | 169 | 164 | |||||||||||||
Total operating apartment homes in operating properties (end of period) (c) | 57,611 | 56,112 | 57,611 | 56,112 | |||||||||||||
Total operating apartment homes (weighted average) | 49,887 | 49,069 | 49,663 | 49,043 | |||||||||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | |||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,285,634 | $1,233,937 | $1,225,214 | $1,216,942 | $1,206,656 | ||||||||||||
Buildings and improvements | 8,288,865 | 7,863,707 | 7,763,748 | 7,677,676 | 7,597,165 | ||||||||||||
9,574,499 | 9,097,644 | 8,988,962 | 8,894,618 | 8,803,821 | |||||||||||||
Accumulated depreciation | (3,219,085) | (3,124,504) | (3,034,186) | (2,944,769) | (2,857,124) | ||||||||||||
Net operating real estate assets | 6,355,414 | 5,973,140 | 5,954,776 | 5,949,849 | 5,946,697 | ||||||||||||
Properties under development, including land | 443,100 | 541,958 | 564,215 | 522,664 | 514,336 | ||||||||||||
Investments in joint ventures | 18,415 | 18,800 | 18,994 | 20,992 | 21,735 | ||||||||||||
Total real estate assets | 6,816,929 | 6,533,898 | 6,537,985 | 6,493,505 | 6,482,768 | ||||||||||||
Accounts receivable – affiliates | 19,183 | 19,502 | 20,158 | 20,152 | 21,432 | ||||||||||||
Other assets, net (a) | 241,687 | 213,126 | 216,276 | 217,534 | 211,823 | ||||||||||||
Cash and cash equivalents | 374,556 | 333,402 | 420,441 | 589,614 | 601,584 | ||||||||||||
Restricted cash | 4,762 | 4,105 | 4,092 | 3,918 | 4,093 | ||||||||||||
Total assets | $7,457,117 | $7,104,033 | $7,198,952 | $7,324,723 | $7,321,700 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,168,492 | $3,167,557 | $3,166,625 | $3,225,799 | $3,224,871 | ||||||||||||
Accounts payable and accrued expenses | 155,057 | 159,111 | 175,608 | 183,654 | 167,453 | ||||||||||||
Accrued real estate taxes | 66,696 | 33,155 | 66,156 | 87,159 | 62,499 | ||||||||||||
Distributions payable | 86,689 | 84,282 | 84,147 | 84,137 | 84,138 | ||||||||||||
Other liabilities (b) | 193,975 | 185,852 | 189,829 | 177,967 | 172,172 | ||||||||||||
Total liabilities | 3,670,909 | 3,629,957 | 3,682,365 | 3,758,716 | 3,711,133 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,098 | 1,070 | 1,069 | 1,068 | 1,068 | ||||||||||||
Additional paid-in capital | 4,953,703 | 4,588,056 | 4,581,710 | 4,577,813 | 4,574,387 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (897,761) | (842,628) | (791,079) | (737,556) | (689,809) | ||||||||||||
Treasury shares | (334,161) | (335,511) | (341,412) | (341,831) | (341,637) | ||||||||||||
Accumulated other comprehensive income (loss) (c) | (4,638) | (5,010) | (5,383) | (5,431) | (5,797) | ||||||||||||
Total common equity | 3,718,241 | 3,405,977 | 3,444,905 | 3,494,063 | 3,538,212 | ||||||||||||
Non-controlling interests | 67,967 | 68,099 | 71,682 | 71,944 | 72,355 | ||||||||||||
Total equity | 3,786,208 | 3,474,076 | 3,516,587 | 3,566,007 | 3,610,567 | ||||||||||||
Total liabilities and equity | $7,457,117 | $7,104,033 | $7,198,952 | $7,324,723 | $7,321,700 | ||||||||||||
(a) Includes net deferred charges of: | $1,655 | $2,031 | $2,299 | $2,686 | $3,031 | ||||||||||||
(b) Includes deferred revenues of: | $232 | $256 | $284 | $314 | $344 | ||||||||||||
(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 June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income attributable to common shareholders (a) | $30,179 | $16,477 | $61,526 | $59,761 | |||||||||||||
Real estate depreciation and amortization | 97,122 | 90,500 | 187,829 | 180,011 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,630 | 2,287 | 5,229 | 4,529 | |||||||||||||
Income allocated to non-controlling interests | 1,260 | 1,103 | 2,386 | 2,385 | |||||||||||||
Funds from operations | $131,191 | $110,367 | $256,970 | $246,686 | |||||||||||||
Less: recurring capitalized expenditures | (18,808) | (18,782) | (31,488) | (33,607) | |||||||||||||
Adjusted funds from operations | $112,383 | $91,585 | $225,482 | $213,079 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
EPS diluted | 100,767 | 99,408 | 100,197 | 99,394 | |||||||||||||
FFO/AFFO diluted | 102,444 | 101,156 | 101,896 | 101,142 | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Total Earnings Per Common Share - Diluted | $0.30 | $0.17 | $0.61 | $0.60 | |||||||||||||
Real estate depreciation and amortization | 0.95 | 0.89 | 1.84 | 1.78 | |||||||||||||
Adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.05 | 0.04 | |||||||||||||
Income allocated to non-controlling interests | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||||
FFO per common share - Diluted | $1.28 | $1.09 | $2.52 | $2.44 | |||||||||||||
Less: recurring capitalized expenditures | (0.18) | (0.18) | (0.31) | (0.33) | |||||||||||||
AFFO per common share - Diluted | $1.10 | $0.91 | $2.21 | $2.11 | |||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
3Q21 | Range | 2021 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.22 | $0.28 | $1.09 | $1.29 | |||||||||||||
Expected real estate depreciation and amortization | 1.04 | 1.04 | 3.93 | 3.93 | |||||||||||||
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 | $1.30 | $1.36 | $5.17 | $5.37 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income (a) | $31,439 | $17,511 | $63,912 | $61,978 | |||||||||||||
Less: Fee and asset management income | (2,263) | (2,380) | (4,469) | (4,907) | |||||||||||||
Less: Interest and other income | (257) | (325) | (589) | (654) | |||||||||||||
Less: (Income)/loss on deferred compensation plans | (6,400) | (11,435) | (10,026) | 3,425 | |||||||||||||
Plus: Property management expense | 6,436 | 5,939 | 12,560 | 12,466 | |||||||||||||
Plus: Fee and asset management expense | 1,019 | 820 | 2,151 | 1,663 | |||||||||||||
Plus: General and administrative expense | 15,246 | 14,391 | 29,468 | 27,624 | |||||||||||||
Plus: Interest expense | 24,084 | 23,482 | 47,728 | 43,189 | |||||||||||||
Plus: Depreciation and amortization expense | 99,586 | 92,803 | 192,727 | 184,662 | |||||||||||||
Plus: Expense/(benefit) on deferred compensation plans | 6,400 | 11,435 | 10,026 | (3,425) | |||||||||||||
Less: Gain on sale of land | — | — | — | (382) | |||||||||||||
Less: Equity in income of joint ventures | (2,198) | (1,633) | (4,112) | (3,755) | |||||||||||||
Plus: Income tax expense | 460 | 394 | 812 | 861 | |||||||||||||
NOI (b) (c) | $173,552 | $151,002 | $340,188 | $322,745 | |||||||||||||
"Same Property" Communities | $154,560 | $150,102 | $305,043 | $306,056 | |||||||||||||
Non-"Same Property" Communities | 15,995 | 13,687 | 30,485 | 28,114 | |||||||||||||
Development and Lease-Up Communities | 1,888 | (339) | 2,993 | (414) | |||||||||||||
Pandemic Related Impact (b) (c) | — | (13,170) | — | (13,170) | |||||||||||||
Other | 1,109 | 722 | 1,667 | 2,159 | |||||||||||||
NOI (b) (c) | $173,552 | $151,002 | $340,188 | $322,745 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income attributable to common shareholders (a) | $30,179 | $16,477 | $61,526 | $59,761 | |||||||||||||
Plus: Interest expense | 24,084 | 23,482 | 47,728 | 43,189 | |||||||||||||
Plus: Depreciation and amortization expense | 99,586 | 92,803 | 192,727 | 184,662 | |||||||||||||
Plus: Income allocated to non-controlling interests | 1,260 | 1,034 | 2,386 | 2,217 | |||||||||||||
Plus: Income tax expense | 460 | 394 | 812 | 861 | |||||||||||||
Plus: Pandemic Related Impact (b) | — | 13,920 | — | 13,920 | |||||||||||||
Less: Gain on sale of land | — | — | — | (382) | |||||||||||||
Less: Equity in income of joint ventures | (2,198) | (1,633) | (4,112) | (3,755) | |||||||||||||
Adjusted EBITDA | $153,371 | $146,477 | $301,067 | $300,473 | |||||||||||||
Annualized Adjusted EBITDA | $613,484 | $585,908 | $602,134 | $600,946 |
Average monthly balance for the | Average monthly balance for the | ||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Unsecured notes payable | $3,168,180 | $3,224,594 | $3,167,713 | $2,929,272 | |||||||||||||||||||
Total debt | 3,168,180 | 3,224,594 | 3,167,713 | 2,929,272 | |||||||||||||||||||
Less: Cash and cash equivalents | (347,724) | (558,090) | (318,812) | (282,409) | |||||||||||||||||||
Net debt | $2,820,456 | $2,666,504 | $2,848,901 | $2,646,863 | |||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net debt | $2,820,456 | $2,666,504 | $2,848,901 | $2,646,863 | |||||||||||||||||||
Annualized Adjusted EBITDA | 613,484 | 585,908 | 602,134 | 600,946 | |||||||||||||||||||
Net Debt to Annualized Adjusted EBITDA | 4.6x | 4.6x | 4.7x | 4.4x | |||||||||||||||||||
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" Second 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 | |||||
Acquisitions | |||||
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 | Six Months Ended | |||||||||||||
June 30 | June 30 | |||||||||||||
Per Diluted Share | 2021 | 2020 | 2021 | 2020 | ||||||||||
EPS | $0.30 | $0.17 | $0.61 | $0.60 | ||||||||||
FFO | $1.28 | $1.09 | $2.52 | $2.44 | ||||||||||
AFFO | $1.10 | $0.91 | $2.21 | $2.11 |
Quarterly Growth | Sequential Growth | Year-To-Date Growth | |||||||||
Same Property Results | 2Q21 vs. 2Q20 | 2Q21 vs. 1Q21 | 2021 vs. 2020 | ||||||||
Revenues | 4.1% | 2.3% | 1.9% | ||||||||
Expenses | 6.2% | 1.7% | 5.8% | ||||||||
Net Operating Income ("NOI") | 3.0% | 2.7% | (0.3)% |
Same Property Results | 2Q21 | 2Q20 | 1Q21 | ||||||||
Occupancy | 96.9% | 95.1% | 96.0% |
Same Property Scheduled Rents* | July 2021 | July 2020 | 2Q21 | 2Q20 | ||||||||||
Collected | 97.9% | 98.7% | 98.7% | 97.3% | ||||||||||
Deferred/Payment Plan Arranged | —% | —% | —% | 1.1% | ||||||||||
Delinquent | 2.1% | 1.3% | 1.3% | 1.6% |
New Lease and Renewal Data - Date Signed (1) (2) | July 2021* | July 2020 | 2Q21(2) | 2Q20(2) | ||||||||||
New Lease Rates | 18.7% | (2.2)% | 9.3% | (2.8)% | ||||||||||
Renewal Rates | 10.5% | 1.1% | 6.7% | 0.3% | ||||||||||
Blended Rates | 14.6% | (0.7)% | 8.0% | (1.1)% | ||||||||||
New Leases | 1,530 | 1,839 | 2,099 | 1,834 | ||||||||||
Renewals | 1,606 | 1,790 | 2,173 | 2,169 | ||||||||||
Total Leases | 3,136 | 3,629 | 4,272 | 4,003 |
New Lease and Renewal Data - Date Effective (3) (4) | July 2021* | July 2020 | 2Q21(4) | 2Q20(4) | ||||||||||
New Lease Rates | 13.3% | (2.5)% | 5.4% | (2.3)% | ||||||||||
Renewal Rates | 6.4% | 0.1% | 4.0% | 2.3% | ||||||||||
Blended Rates | 9.8% | (1.2)% | 4.7% | 0.2% | ||||||||||
New Leases | 2,296 | 2,286 | 1,880 | 1,571 | ||||||||||
Renewals | 2,378 | 2,502 | 1,765 | 1,977 | ||||||||||
Total Leases | 4,674 | 4,788 | 3,645 | 3,548 |
Occupancy and Turnover Data | July 2021* | July 2020 | 2Q21 | 2Q20 | ||||||||||
Occupancy | 97.1% | 95.2% | 96.9% | 95.1% | ||||||||||
Annualized Gross Turnover | 56% | 61% | 54% | 54% | ||||||||||
Annualized Net Turnover | 47% | 48% | 45% | 44% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 7/25/2021 | ||||||||||
Camden Downtown I | Houston, TX | 271 | $131.6 | 92 | % |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 7/25/2021 | ||||||||||
Camden North End II | Phoenix, AZ | 343 | $87.0 | 76 | % | |||||||||
Camden Lake Eola | Orlando, FL | 360 | 125.0 | 57 | % | |||||||||
Camden Buckhead | Atlanta, GA | 366 | 160.0 | 43 | % | |||||||||
Camden Hillcrest | San Diego, CA | 132 | 95.0 | 16 | % | |||||||||
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 | $907.0 |
3Q21 | 2021 | 2021 Midpoint | |||||||||||||||
Per Diluted Share | Range | Range | Current | Prior | Change | ||||||||||||
EPS | $0.22 - $0.28 | $1.09 - $1.29 | $1.19 | $0.99 | $0.20 | ||||||||||||
FFO | $1.30 - $1.36 | $5.17 - $5.37 | $5.27 | $5.09 | $0.18 | ||||||||||||
2021 | 2021 Midpoint | ||||||||||||||||
Same Property Growth | Range | Current | Prior | Change | |||||||||||||
Revenues | 3.25% - 4.25% | 3.75% | 1.60% | 2.15% | |||||||||||||
Expenses | 3.35% - 4.15% | 3.75% | 3.90% | (0.15)% | |||||||||||||
NOI | 2.75% - 4.75% | 3.75% | 0.25% | 3.50% |
CAMDEN | FINANCIAL HIGHLIGHTS | |||||||
(In thousands, except per share, property data amounts and ratios) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Property revenues (a) | $276,523 | $250,683 | $544,091 | $516,562 | |||||||||||||
Adjusted EBITDA (b) | 153,371 | 146,477 | 301,067 | 300,473 | |||||||||||||
Net income attributable to common shareholders (c) | 30,179 | 16,477 | 61,526 | 59,761 | |||||||||||||
Per share - basic | 0.30 | 0.17 | 0.61 | 0.60 | |||||||||||||
Per share - diluted | 0.30 | 0.17 | 0.61 | 0.60 | |||||||||||||
Funds from operations | 131,191 | 110,367 | 256,970 | 246,686 | |||||||||||||
Per share - diluted | 1.28 | 1.09 | 2.52 | 2.44 | |||||||||||||
Adjusted funds from operations | 112,383 | 91,585 | 225,482 | 213,079 | |||||||||||||
Per share - diluted | 1.10 | 0.91 | 2.21 | 2.11 | |||||||||||||
Dividends per share | 0.83 | 0.83 | 1.66 | 1.66 | |||||||||||||
Dividend payout ratio (FFO) | 64.8 | % | 76.1 | % | 65.9 | % | 68.0 | % | |||||||||
Interest expensed | 24,084 | 23,482 | 47,728 | 43,189 | |||||||||||||
Interest capitalized | 4,409 | 4,087 | 9,255 | 8,617 | |||||||||||||
Total interest incurred | 28,493 | 27,569 | 56,983 | 51,806 | |||||||||||||
Net Debt to Annualized Adjusted EBITDA (d) | 4.6x | 4.6x | 4.7x | 4.4x | |||||||||||||
Interest expense coverage ratio | 6.4x | 6.2x | 6.3x | 7.0x | |||||||||||||
Total interest coverage ratio | 5.4x | 5.3x | 5.3x | 5.8x | |||||||||||||
Fixed charge expense coverage ratio | 6.4x | 6.2x | 6.3x | 7.0x | |||||||||||||
Total fixed charge coverage ratio | 5.4x | 5.3x | 5.3x | 5.8x | |||||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.2x | 2.9x | 3.2x | 2.9x | |||||||||||||
Same property NOI growth (e) | 3.0 | % | (1.1) | % | (0.3) | % | 2.2 | % | |||||||||
(# of apartment homes included) | 45,492 | 43,710 | 45,492 | 43,710 | |||||||||||||
Gross turnover of apartment homes (annualized) | 54 | % | 51 | % | 50 | % | 49 | % | |||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 45 | % | 41 | % | 40 | % | 39 | % | |||||||||
As of June 30, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Total assets | $7,457,117 | $7,321,700 | |||||||||||||||
Total debt | $3,168,492 | $3,224,871 | |||||||||||||||
Common and common equivalent shares, outstanding end of period (f) | 104,344 | 101,192 | |||||||||||||||
Share price, end of period | $132.67 | $91.22 | |||||||||||||||
Book equity value, end of period (g) | $3,786,208 | $3,610,567 | |||||||||||||||
Market equity value, end of period (h) | $13,843,318 | $9,230,734 |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
OPERATING DATA | |||||||||||||||||
Property revenues (a) | $276,523 | $250,683 | $544,091 | $516,562 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 65,544 | 64,641 | 129,023 | 124,597 | |||||||||||||
Real estate taxes | 37,427 | 35,040 | 74,880 | 69,220 | |||||||||||||
Total property expenses | 102,971 | 99,681 | 203,903 | 193,817 | |||||||||||||
Non-property income | |||||||||||||||||
Fee and asset management | 2,263 | 2,380 | 4,469 | 4,907 | |||||||||||||
Interest and other income | 257 | 325 | 589 | 654 | |||||||||||||
Income/(loss) on deferred compensation plans | 6,400 | 11,435 | 10,026 | (3,425) | |||||||||||||
Total non-property income | 8,920 | 14,140 | 15,084 | 2,136 | |||||||||||||
Other expenses | |||||||||||||||||
Property management | 6,436 | 5,939 | 12,560 | 12,466 | |||||||||||||
Fee and asset management | 1,019 | 820 | 2,151 | 1,663 | |||||||||||||
General and administrative | 15,246 | 14,391 | 29,468 | 27,624 | |||||||||||||
Interest | 24,084 | 23,482 | 47,728 | 43,189 | |||||||||||||
Depreciation and amortization | 99,586 | 92,803 | 192,727 | 184,662 | |||||||||||||
Expense/(benefit) on deferred compensation plans | 6,400 | 11,435 | 10,026 | (3,425) | |||||||||||||
Total other expenses | 152,771 | 148,870 | 294,660 | 266,179 | |||||||||||||
Gain on sale of land | — | — | — | 382 | |||||||||||||
Equity in income of joint ventures | 2,198 | 1,633 | 4,112 | 3,755 | |||||||||||||
Income from continuing operations before income taxes | 31,899 | 17,905 | 64,724 | 62,839 | |||||||||||||
Income tax expense | (460) | (394) | (812) | (861) | |||||||||||||
Net income | 31,439 | 17,511 | 63,912 | 61,978 | |||||||||||||
Less income allocated to non-controlling interests | (1,260) | (1,034) | (2,386) | (2,217) | |||||||||||||
Net income attributable to common shareholders (b) | $30,179 | $16,477 | $61,526 | $59,761 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $31,439 | $17,511 | $63,912 | $61,978 | |||||||||||||
Other comprehensive income | |||||||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 372 | 366 | 745 | 732 | |||||||||||||
Comprehensive income | 31,811 | 17,877 | 64,657 | 62,710 | |||||||||||||
Less income allocated to non-controlling interests | (1,260) | (1,034) | (2,386) | (2,217) | |||||||||||||
Comprehensive income attributable to common shareholders | $30,551 | $16,843 | $62,271 | $60,493 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Total earnings per common share - basic | $0.30 | $0.17 | $0.61 | $0.60 | |||||||||||||
Total earnings per common share - diluted | 0.30 | 0.17 | 0.61 | 0.60 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 100,701 | 99,399 | 100,127 | 99,348 | |||||||||||||
Diluted | 100,767 | 99,408 | 100,197 | 99,394 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||
Net income attributable to common shareholders (a) | $30,179 | $16,477 | $61,526 | $59,761 | |||||||||||||
Real estate depreciation and amortization | 97,122 | 90,500 | 187,829 | 180,011 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,630 | 2,287 | 5,229 | 4,529 | |||||||||||||
Income allocated to non-controlling interests | 1,260 | 1,103 | 2,386 | 2,385 | |||||||||||||
Funds from operations | $131,191 | $110,367 | $256,970 | $246,686 | |||||||||||||
Less: recurring capitalized expenditures (b) | (18,808) | (18,782) | (31,488) | (33,607) | |||||||||||||
Adjusted funds from operations | $112,383 | $91,585 | $225,482 | $213,079 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Funds from operations - diluted | $1.28 | $1.09 | $2.52 | $2.44 | |||||||||||||
Adjusted funds from operations - diluted | 1.10 | 0.91 | 2.21 | 2.11 | |||||||||||||
Distributions declared per common share | 0.83 | 0.83 | 1.66 | 1.66 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
FFO/AFFO - diluted | 102,444 | 101,156 | 101,896 | 101,142 | |||||||||||||
PROPERTY DATA | |||||||||||||||||
Total operating properties (end of period) (c) | 169 | 164 | 169 | 164 | |||||||||||||
Total operating apartment homes in operating properties (end of period) (c) | 57,611 | 56,112 | 57,611 | 56,112 | |||||||||||||
Total operating apartment homes (weighted average) | 49,887 | 49,069 | 49,663 | 49,043 | |||||||||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | |||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,285,634 | $1,233,937 | $1,225,214 | $1,216,942 | $1,206,656 | ||||||||||||
Buildings and improvements | 8,288,865 | 7,863,707 | 7,763,748 | 7,677,676 | 7,597,165 | ||||||||||||
9,574,499 | 9,097,644 | 8,988,962 | 8,894,618 | 8,803,821 | |||||||||||||
Accumulated depreciation | (3,219,085) | (3,124,504) | (3,034,186) | (2,944,769) | (2,857,124) | ||||||||||||
Net operating real estate assets | 6,355,414 | 5,973,140 | 5,954,776 | 5,949,849 | 5,946,697 | ||||||||||||
Properties under development, including land | 443,100 | 541,958 | 564,215 | 522,664 | 514,336 | ||||||||||||
Investments in joint ventures | 18,415 | 18,800 | 18,994 | 20,992 | 21,735 | ||||||||||||
Total real estate assets | 6,816,929 | 6,533,898 | 6,537,985 | 6,493,505 | 6,482,768 | ||||||||||||
Accounts receivable – affiliates | 19,183 | 19,502 | 20,158 | 20,152 | 21,432 | ||||||||||||
Other assets, net (a) | 241,687 | 213,126 | 216,276 | 217,534 | 211,823 | ||||||||||||
Cash and cash equivalents | 374,556 | 333,402 | 420,441 | 589,614 | 601,584 | ||||||||||||
Restricted cash | 4,762 | 4,105 | 4,092 | 3,918 | 4,093 | ||||||||||||
Total assets | $7,457,117 | $7,104,033 | $7,198,952 | $7,324,723 | $7,321,700 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,168,492 | $3,167,557 | $3,166,625 | $3,225,799 | $3,224,871 | ||||||||||||
Accounts payable and accrued expenses | 155,057 | 159,111 | 175,608 | 183,654 | 167,453 | ||||||||||||
Accrued real estate taxes | 66,696 | 33,155 | 66,156 | 87,159 | 62,499 | ||||||||||||
Distributions payable | 86,689 | 84,282 | 84,147 | 84,137 | 84,138 | ||||||||||||
Other liabilities (b) | 193,975 | 185,852 | 189,829 | 177,967 | 172,172 | ||||||||||||
Total liabilities | 3,670,909 | 3,629,957 | 3,682,365 | 3,758,716 | 3,711,133 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,098 | 1,070 | 1,069 | 1,068 | 1,068 | ||||||||||||
Additional paid-in capital | 4,953,703 | 4,588,056 | 4,581,710 | 4,577,813 | 4,574,387 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (897,761) | (842,628) | (791,079) | (737,556) | (689,809) | ||||||||||||
Treasury shares | (334,161) | (335,511) | (341,412) | (341,831) | (341,637) | ||||||||||||
Accumulated other comprehensive income (loss) (c) | (4,638) | (5,010) | (5,383) | (5,431) | (5,797) | ||||||||||||
Total common equity | 3,718,241 | 3,405,977 | 3,444,905 | 3,494,063 | 3,538,212 | ||||||||||||
Non-controlling interests | 67,967 | 68,099 | 71,682 | 71,944 | 72,355 | ||||||||||||
Total equity | 3,786,208 | 3,474,076 | 3,516,587 | 3,566,007 | 3,610,567 | ||||||||||||
Total liabilities and equity | $7,457,117 | $7,104,033 | $7,198,952 | $7,324,723 | $7,321,700 | ||||||||||||
(a) Includes net deferred charges of: | $1,655 | $2,031 | $2,299 | $2,686 | $3,031 | ||||||||||||
(b) Includes deferred revenues of: | $232 | $256 | $284 | $314 | $344 | ||||||||||||
(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" | Completed in Lease-up | Under Construction | Total | Operating | Grand Total | |||||||||||||||||||||||
D.C. Metro (a) | 6,204 | 378 | — | — | 6,582 | 281 | 6,863 | ||||||||||||||||||||||
Houston, TX | 6,227 | 552 | 271 | — | 7,050 | 2,756 | 9,806 | ||||||||||||||||||||||
Atlanta, GA | 4,262 | — | — | 366 | 4,628 | 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 | 5,666 | ||||||||||||||||||||||
Denver, CO | 2,632 | 233 | — | — | 2,865 | — | 2,865 | ||||||||||||||||||||||
Orlando, FL | 2,995 | 299 | — | 360 | 3,654 | 300 | 3,954 | ||||||||||||||||||||||
Charlotte, NC | 2,810 | 28 | — | 387 | 3,225 | 266 | 3,491 | ||||||||||||||||||||||
Raleigh, NC | 2,352 | 540 | — | 354 | 3,246 | 350 | 3,596 | ||||||||||||||||||||||
Tampa, FL | 2,286 | — | — | — | 2,286 | 450 | 2,736 | ||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | — | — | 132 | 1,797 | — | 1,797 | ||||||||||||||||||||||
Austin, TX | 2,326 | — | — | — | 2,326 | 1,360 | 3,686 | ||||||||||||||||||||||
Nashville, TN | — | 758 | — | — | 758 | — | 758 | ||||||||||||||||||||||
Total Portfolio | 45,492 | 4,601 | 271 | 2,608 | 52,972 | 7,247 | 60,219 |
SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION | WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d) | ||||||||||||||||||||||||||||
"Same Property" Communities | Operating Communities (b) | Incl. JVs at Pro Rata % (c) | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | ||||||||||||||||||||||
D.C. Metro (a) | 17.3 | % | 16.6 | % | 16.3 | % | 96.7 | % | 96.0 | % | 95.9 | % | 96.3 | % | 95.8 | % | |||||||||||||
Houston, TX | 10.0 | % | 10.4 | % | 11.1 | % | 95.7 | % | 94.0 | % | 92.7 | % | 93.3 | % | 93.4 | % | |||||||||||||
Atlanta, GA | 9.6 | % | 8.6 | % | 8.5 | % | 97.4 | % | 96.5 | % | 96.2 | % | 96.0 | % | 95.5 | % | |||||||||||||
Phoenix, AZ | 7.9 | % | 8.1 | % | 7.8 | % | 96.9 | % | 97.1 | % | 96.7 | % | 95.2 | % | 94.5 | % | |||||||||||||
Los Angeles/Orange County, CA | 6.1 | % | 7.3 | % | 7.0 | % | 97.3 | % | 96.4 | % | 96.4 | % | 95.5 | % | 94.2 | % | |||||||||||||
SE Florida | 5.4 | % | 7.1 | % | 6.8 | % | 98.0 | % | 97.1 | % | 95.7 | % | 95.3 | % | 95.0 | % | |||||||||||||
Dallas, TX | 7.1 | % | 6.4 | % | 6.8 | % | 96.6 | % | 96.0 | % | 95.3 | % | 95.3 | % | 95.2 | % | |||||||||||||
Denver, CO | 6.6 | % | 6.4 | % | 6.2 | % | 96.4 | % | 96.1 | % | 95.8 | % | 96.0 | % | 95.5 | % | |||||||||||||
Orlando, FL | 5.8 | % | 5.7 | % | 5.7 | % | 97.1 | % | 94.9 | % | 94.1 | % | 94.7 | % | 94.5 | % | |||||||||||||
Charlotte, NC | 5.7 | % | 5.4 | % | 5.3 | % | 96.3 | % | 95.6 | % | 95.3 | % | 95.3 | % | 94.9 | % | |||||||||||||
Raleigh, NC | 4.3 | % | 4.9 | % | 4.9 | % | 97.1 | % | 96.3 | % | 95.9 | % | 96.4 | % | 96.0 | % | |||||||||||||
Tampa, FL | 5.1 | % | 4.6 | % | 4.7 | % | 97.6 | % | 97.3 | % | 96.7 | % | 95.7 | % | 95.1 | % | |||||||||||||
San Diego/Inland Empire, CA | 4.9 | % | 4.4 | % | 4.3 | % | 97.4 | % | 97.4 | % | 97.0 | % | 96.3 | % | 95.4 | % | |||||||||||||
Austin, TX | 4.2 | % | 3.8 | % | 4.3 | % | 97.3 | % | 96.3 | % | 95.6 | % | 95.7 | % | 95.4 | % | |||||||||||||
Nashville, TN | — | % | 0.3 | % | 0.3 | % | 97.0 | % | — | % | — | % | — | % | — | % | |||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 96.8 | % | 95.9 | % | 95.3 | % | 95.3 | % | 94.9 | % | |||||||||||||
CAMDEN | COMPONENTS OF PROPERTY | |||||||
NET OPERATING INCOME | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
Property Revenues | Homes | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 45,492 | $245,330 | $235,606 | $9,724 | $485,042 | $476,211 | $8,831 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) | 4,601 | 25,531 | 22,274 | 3,257 | 49,368 | 45,257 | 4,111 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,879 | 3,567 | 304 | 3,263 | 6,001 | 379 | 5,622 | ||||||||||||||||||||||||||||||||||
Resident Relief Funds (d) | — | — | (9,074) | 9,074 | — | (9,074) | 9,074 | ||||||||||||||||||||||||||||||||||
Other (e) | — | 2,095 | 1,573 | 522 | 3,680 | 3,789 | (109) | ||||||||||||||||||||||||||||||||||
Total Property Revenues | 52,972 | $276,523 | $250,683 | $25,840 | $544,091 | $516,562 | $27,529 | ||||||||||||||||||||||||||||||||||
Property Expenses | |||||||||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 45,492 | $90,770 | $85,504 | $5,266 | $179,999 | $170,155 | $9,844 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) | 4,601 | 9,536 | 8,587 | 949 | 18,883 | 17,143 | 1,740 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,879 | 1,679 | 643 | 1,036 | 3,008 | 793 | 2,215 | ||||||||||||||||||||||||||||||||||
Pandemic Expenses (f) | — | — | 4,096 | (4,096) | — | 4,096 | (4,096) | ||||||||||||||||||||||||||||||||||
Other (e) | — | 986 | 851 | 135 | 2,013 | 1,630 | 383 | ||||||||||||||||||||||||||||||||||
Total Property Expenses | 52,972 | $102,971 | $99,681 | $3,290 | $203,903 | $193,817 | $10,086 | ||||||||||||||||||||||||||||||||||
Property Net Operating Income | |||||||||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 45,492 | $154,560 | $150,102 | $4,458 | $305,043 | $306,056 | ($1,013) | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) | 4,601 | 15,995 | 13,687 | 2,308 | 30,485 | 28,114 | 2,371 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,879 | 1,888 | (339) | 2,227 | 2,993 | (414) | 3,407 | ||||||||||||||||||||||||||||||||||
Pandemic Related Impact (d) (f) | — | — | (13,170) | 13,170 | — | (13,170) | 13,170 | ||||||||||||||||||||||||||||||||||
Other (e) | — | 1,109 | 722 | 387 | 1,667 | 2,159 | (492) | ||||||||||||||||||||||||||||||||||
Total Property Net Operating Income | 52,972 | $173,552 | $151,002 | $22,550 | $340,188 | $322,745 | $17,443 | ||||||||||||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" | |||||||
SECOND QUARTER COMPARISONS | ||||||||
June 30, 2021 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | 2Q21 | 2Q20 | Growth | 2Q21 | 2Q20 | Growth | 2Q21 | 2Q20 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 6,204 | $39,006 | $38,306 | 1.8 | % | $12,187 | $11,762 | 3.6 | % | $26,819 | $26,544 | 1.0 | % | ||||||||||||||||||||||||||||
Houston, TX | 6,227 | 29,543 | 29,119 | 1.5 | % | 14,086 | 13,455 | 4.7 | % | 15,457 | 15,664 | (1.3) | % | ||||||||||||||||||||||||||||
Atlanta, GA | 4,262 | 23,120 | 21,880 | 5.7 | % | 8,336 | 7,520 | 10.9 | % | 14,784 | 14,360 | 3.0 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 3,245 | 17,492 | 16,029 | 9.1 | % | 5,206 | 4,822 | 8.0 | % | 12,286 | 11,207 | 9.6 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 20,601 | 19,874 | 3.7 | % | 9,584 | 8,977 | 6.8 | % | 11,017 | 10,897 | 1.1 | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 15,138 | 14,564 | 3.9 | % | 4,978 | 4,825 | 3.2 | % | 10,160 | 9,739 | 4.3 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 14,415 | 14,159 | 1.8 | % | 4,982 | 4,252 | 17.2 | % | 9,433 | 9,907 | (4.8) | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 14,365 | 13,753 | 4.4 | % | 5,415 | 5,098 | 6.2 | % | 8,950 | 8,655 | 3.4 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 13,268 | 12,910 | 2.8 | % | 4,449 | 4,223 | 5.4 | % | 8,819 | 8,687 | 1.5 | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 12,873 | 11,855 | 8.6 | % | 4,567 | 4,346 | 5.1 | % | 8,306 | 7,509 | 10.6 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 12,526 | 11,482 | 9.1 | % | 4,679 | 4,390 | 6.6 | % | 7,847 | 7,092 | 10.6 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 11,071 | 10,690 | 3.6 | % | 3,504 | 3,593 | (2.5) | % | 7,567 | 7,097 | 6.6 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,352 | 10,103 | 9,659 | 4.6 | % | 3,468 | 3,248 | 6.8 | % | 6,635 | 6,411 | 3.5 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,326 | 11,809 | 11,326 | 4.3 | % | 5,329 | 4,993 | 6.7 | % | 6,480 | 6,333 | 2.3 | % | ||||||||||||||||||||||||||||
Total Same Property | 45,492 | $245,330 | $235,606 | 4.1 | % | $90,770 | $85,504 | 6.2 | % | $154,560 | $150,102 | 3.0 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 2Q21 | 2Q20 | Growth | 2Q21 | 2Q20 | Growth | 2Q21 | 2Q20 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 17.3 | % | 96.8 | % | 96.0 | % | 0.8 | % | $1,880 | $1,899 | (1.0) | % | $2,164 | $2,144 | 1.0 | % | |||||||||||||||||||||||||
Houston, TX | 10.0 | % | 95.6 | % | 93.5 | % | 2.1 | % | 1,412 | 1,467 | (3.7) | % | 1,657 | 1,666 | (0.6) | % | |||||||||||||||||||||||||
Atlanta, GA | 9.6 | % | 97.4 | % | 95.5 | % | 1.9 | % | 1,571 | 1,555 | 1.0 | % | 1,858 | 1,791 | 3.8 | % | |||||||||||||||||||||||||
Phoenix, AZ | 7.9 | % | 97.0 | % | 94.5 | % | 2.5 | % | 1,562 | 1,492 | 4.7 | % | 1,852 | 1,738 | 6.6 | % | |||||||||||||||||||||||||
Dallas, TX | 7.1 | % | 96.5 | % | 95.2 | % | 1.3 | % | 1,347 | 1,354 | (0.5) | % | 1,613 | 1,576 | 2.4 | % | |||||||||||||||||||||||||
Denver, CO | 6.6 | % | 96.4 | % | 95.5 | % | 0.9 | % | 1,707 | 1,693 | 0.8 | % | 1,988 | 1,931 | 3.0 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.1 | % | 97.3 | % | 94.3 | % | 3.0 | % | 2,210 | 2,247 | (1.6) | % | 2,335 | 2,365 | (1.2) | % | |||||||||||||||||||||||||
Orlando, FL | 5.8 | % | 97.7 | % | 94.9 | % | 2.8 | % | 1,400 | 1,413 | (0.9) | % | 1,638 | 1,613 | 1.6 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.7 | % | 96.5 | % | 94.8 | % | 1.7 | % | 1,393 | 1,386 | 0.5 | % | 1,631 | 1,615 | 1.1 | % | |||||||||||||||||||||||||
SE Florida | 5.4 | % | 98.0 | % | 95.7 | % | 2.3 | % | 1,919 | 1,899 | 1.1 | % | 2,241 | 2,108 | 6.3 | % | |||||||||||||||||||||||||
Tampa, FL | 5.1 | % | 97.7 | % | 95.2 | % | 2.5 | % | 1,589 | 1,538 | 3.3 | % | 1,871 | 1,755 | 6.6 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.9 | % | 97.4 | % | 95.4 | % | 2.0 | % | 2,106 | 2,039 | 3.3 | % | 2,276 | 2,240 | 1.6 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.3 | % | 97.3 | % | 96.3 | % | 1.0 | % | 1,215 | 1,186 | 2.4 | % | 1,473 | 1,422 | 3.6 | % | |||||||||||||||||||||||||
Austin, TX | 4.2 | % | 97.2 | % | 94.9 | % | 2.3 | % | 1,477 | 1,485 | (0.5) | % | 1,741 | 1,707 | 2.0 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 96.9 | % | 95.1 | % | 1.8 | % | $1,596 | $1,595 | 0.1 | % | $1,856 | $1,814 | 2.3 | % |
CAMDEN | "SAME PROPERTY" | |||||||
SEQUENTIAL QUARTER COMPARISONS | ||||||||
June 30, 2021 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | 2Q21 | 1Q21 | Growth | 2Q21 | 1Q21 | Growth | 2Q21 | 1Q21 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 6,204 | $39,006 | $38,584 | 1.1 | % | $12,187 | $12,519 | (2.7) | % | $26,819 | $26,065 | 2.9 | % | ||||||||||||||||||||||||||||
Houston, TX | 6,227 | 29,543 | 28,606 | 3.3 | % | 14,086 | 13,667 | 3.1 | % | 15,457 | 14,939 | 3.5 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 4,262 | 23,120 | 22,518 | 2.7 | % | 8,336 | 7,798 | 6.9 | % | 14,784 | 14,720 | 0.4 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 3,245 | 17,492 | 17,101 | 2.3 | % | 5,206 | 5,015 | 3.8 | % | 12,286 | 12,086 | 1.7 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 20,601 | 20,067 | 2.7 | % | 9,584 | 9,477 | 1.1 | % | 11,017 | 10,590 | 4.0 | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 15,138 | 14,842 | 2.0 | % | 4,978 | 4,664 | 6.7 | % | 10,160 | 10,178 | (0.2) | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 14,415 | 14,098 | 2.2 | % | 4,982 | 5,096 | (2.2) | % | 9,433 | 9,002 | 4.8 | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 14,365 | 14,125 | 1.7 | % | 5,415 | 5,431 | (0.3) | % | 8,950 | 8,694 | 2.9 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 13,268 | 12,936 | 2.6 | % | 4,449 | 4,328 | 2.8 | % | 8,819 | 8,608 | 2.5 | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 12,873 | 12,512 | 2.9 | % | 4,567 | 4,449 | 2.7 | % | 8,306 | 8,063 | 3.0 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 12,526 | 12,246 | 2.3 | % | 4,679 | 4,486 | 4.3 | % | 7,847 | 7,760 | 1.1 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 11,071 | 10,881 | 1.7 | % | 3,504 | 3,495 | 0.3 | % | 7,567 | 7,386 | 2.5 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,352 | 10,103 | 9,800 | 3.1 | % | 3,468 | 3,422 | 1.3 | % | 6,635 | 6,378 | 4.0 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,326 | 11,809 | 11,396 | 3.6 | % | 5,329 | 5,382 | (1.0) | % | 6,480 | 6,014 | 7.7 | % | ||||||||||||||||||||||||||||
Total Same Property | 45,492 | $245,330 | $239,712 | 2.3 | % | $90,770 | $89,229 | 1.7 | % | $154,560 | $150,483 | 2.7 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 2Q21 | 1Q21 | Growth | 2Q21 | 1Q21 | Growth | 2Q21 | 1Q21 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 17.3 | % | 96.8 | % | 96.2 | % | 0.6 | % | $1,880 | $1,879 | 0.1 | % | $2,164 | $2,155 | 0.5 | % | |||||||||||||||||||||||||
Houston, TX | 10.0 | % | 95.6 | % | 93.4 | % | 2.2 | % | 1,412 | 1,377 | 2.5 | % | 1,657 | 1,640 | 1.1 | % | |||||||||||||||||||||||||
Atlanta, GA | 9.6 | % | 97.4 | % | 96.6 | % | 0.8 | % | 1,571 | 1,554 | 1.1 | % | 1,858 | 1,824 | 1.9 | % | |||||||||||||||||||||||||
Phoenix, AZ | 7.9 | % | 97.0 | % | 97.3 | % | (0.3) | % | 1,562 | 1,530 | 2.1 | % | 1,852 | 1,806 | 2.6 | % | |||||||||||||||||||||||||
Dallas, TX | 7.1 | % | 96.5 | % | 95.8 | % | 0.7 | % | 1,347 | 1,334 | 1.0 | % | 1,613 | 1,580 | 2.0 | % | |||||||||||||||||||||||||
Denver, CO | 6.6 | % | 96.4 | % | 96.1 | % | 0.3 | % | 1,707 | 1,690 | 1.0 | % | 1,988 | 1,956 | 1.7 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.1 | % | 97.3 | % | 96.3 | % | 1.0 | % | 2,210 | 2,207 | 0.1 | % | 2,335 | 2,306 | 1.2 | % | |||||||||||||||||||||||||
Orlando, FL | 5.8 | % | 97.7 | % | 96.0 | % | 1.7 | % | 1,400 | 1,394 | 0.4 | % | 1,638 | 1,637 | 0.0 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.7 | % | 96.5 | % | 95.6 | % | 0.9 | % | 1,393 | 1,377 | 1.2 | % | 1,631 | 1,605 | 1.7 | % | |||||||||||||||||||||||||
SE Florida | 5.4 | % | 98.0 | % | 97.2 | % | 0.8 | % | 1,919 | 1,893 | 1.4 | % | 2,241 | 2,193 | 2.1 | % | |||||||||||||||||||||||||
Tampa, FL | 5.1 | % | 97.7 | % | 97.4 | % | 0.3 | % | 1,589 | 1,562 | 1.7 | % | 1,871 | 1,833 | 2.0 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.9 | % | 97.4 | % | 97.4 | % | 0.0 | % | 2,106 | 2,081 | 1.2 | % | 2,276 | 2,237 | 1.7 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.3 | % | 97.3 | % | 96.3 | % | 1.0 | % | 1,215 | 1,198 | 1.4 | % | 1,473 | 1,444 | 2.1 | % | |||||||||||||||||||||||||
Austin, TX | 4.2 | % | 97.2 | % | 96.0 | % | 1.2 | % | 1,477 | 1,459 | 1.2 | % | 1,741 | 1,701 | 2.4 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 96.9 | % | 96.0 | % | 0.9 | % | $1,596 | $1,579 | 1.1 | % | $1,856 | $1,829 | 1.4 | % |
CAMDEN | "SAME PROPERTY" | |||||||
YEAR TO DATE COMPARISONS | ||||||||
June 30, 2021 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Year to Date Results (a) | Included | 2021 | 2020 | Growth | 2021 | 2020 | Growth | 2021 | 2020 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 6,204 | $77,590 | $77,031 | 0.7 | % | $24,706 | $23,785 | 3.9 | % | $52,884 | $53,246 | (0.7) | % | ||||||||||||||||||||||||||||
Houston, TX | 6,227 | 58,149 | 59,225 | (1.8) | % | 27,753 | 26,638 | 4.2 | % | 30,396 | 32,587 | (6.7) | % | ||||||||||||||||||||||||||||
Atlanta, GA | 4,262 | 45,638 | 43,914 | 3.9 | % | 16,134 | 14,962 | 7.8 | % | 29,504 | 28,952 | 1.9 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 3,245 | 34,593 | 32,198 | 7.4 | % | 10,221 | 9,666 | 5.7 | % | 24,372 | 22,532 | 8.2 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 40,668 | 40,061 | 1.5 | % | 19,061 | 17,558 | 8.6 | % | 21,607 | 22,503 | (4.0) | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 29,980 | 29,209 | 2.6 | % | 9,642 | 9,289 | 3.8 | % | 20,338 | 19,920 | 2.1 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 28,513 | 29,266 | (2.6) | % | 10,078 | 8,576 | 17.5 | % | 18,435 | 20,690 | (10.9) | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 28,490 | 27,951 | 1.9 | % | 10,846 | 10,296 | 5.3 | % | 17,644 | 17,655 | (0.1) | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 26,204 | 25,999 | 0.8 | % | 8,777 | 8,415 | 4.3 | % | 17,427 | 17,584 | (0.9) | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 25,385 | 24,339 | 4.3 | % | 9,016 | 8,496 | 6.1 | % | 16,369 | 15,843 | 3.3 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 24,772 | 23,253 | 6.5 | % | 9,165 | 8,762 | 4.6 | % | 15,607 | 14,491 | 7.7 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 21,952 | 21,549 | 1.9 | % | 6,999 | 7,216 | (3.0) | % | 14,953 | 14,333 | 4.3 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,352 | 19,903 | 19,277 | 3.2 | % | 6,890 | 6,476 | 6.4 | % | 13,013 | 12,801 | 1.7 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,326 | 23,205 | 22,939 | 1.2 | % | 10,711 | 10,020 | 6.9 | % | 12,494 | 12,919 | (3.3) | % | ||||||||||||||||||||||||||||
Total Same Property | 45,492 | $485,042 | $476,211 | 1.9 | % | $179,999 | $170,155 | 5.8 | % | $305,043 | $306,056 | (0.3) | % |
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 | 2021 | 2020 | Growth | 2021 | 2020 | Growth | 2021 | 2020 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 17.3 | % | 96.5 | % | 96.3 | % | 0.2 | % | $1,879 | $1,893 | (0.7) | % | $2,160 | $2,148 | 0.5 | % | |||||||||||||||||||||||||
Houston, TX | 9.9 | % | 94.5 | % | 94.5 | % | 0.0 | % | 1,395 | 1,468 | (5.0) | % | 1,647 | 1,677 | (1.8) | % | |||||||||||||||||||||||||
Atlanta, GA | 9.7 | % | 97.0 | % | 95.5 | % | 1.5 | % | 1,563 | 1,556 | 0.4 | % | 1,840 | 1,798 | 2.4 | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.0 | % | 97.1 | % | 95.6 | % | 1.5 | % | 1,546 | 1,485 | 4.1 | % | 1,829 | 1,728 | 5.9 | % | |||||||||||||||||||||||||
Dallas, TX | 7.1 | % | 96.2 | % | 95.7 | % | 0.5 | % | 1,341 | 1,353 | (0.9) | % | 1,596 | 1,580 | 1.0 | % | |||||||||||||||||||||||||
Denver, CO | 6.7 | % | 96.3 | % | 95.5 | % | 0.8 | % | 1,698 | 1,691 | 0.4 | % | 1,972 | 1,936 | 1.8 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.0 | % | 96.8 | % | 94.9 | % | 1.9 | % | 2,209 | 2,249 | (1.8) | % | 2,320 | 2,430 | (4.5) | % | |||||||||||||||||||||||||
Orlando, FL | 5.8 | % | 96.8 | % | 95.6 | % | 1.2 | % | 1,397 | 1,412 | (1.1) | % | 1,637 | 1,627 | 0.7 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.7 | % | 96.1 | % | 95.6 | % | 0.5 | % | 1,385 | 1,384 | 0.1 | % | 1,618 | 1,612 | 0.3 | % | |||||||||||||||||||||||||
SE Florida | 5.4 | % | 97.6 | % | 96.4 | % | 1.2 | % | 1,906 | 1,904 | 0.1 | % | 2,216 | 2,151 | 3.1 | % | |||||||||||||||||||||||||
Tampa, FL | 5.1 | % | 97.5 | % | 95.6 | % | 1.9 | % | 1,575 | 1,535 | 2.6 | % | 1,854 | 1,774 | 4.6 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 4.9 | % | 97.4 | % | 94.8 | % | 2.6 | % | 2,094 | 2,036 | 2.8 | % | 2,257 | 2,274 | (0.7) | % | |||||||||||||||||||||||||
Raleigh, NC | 4.3 | % | 96.8 | % | 96.3 | % | 0.5 | % | 1,206 | 1,182 | 2.0 | % | 1,457 | 1,419 | 2.7 | % | |||||||||||||||||||||||||
Austin, TX | 4.1 | % | 96.6 | % | 95.5 | % | 1.1 | % | 1,468 | 1,487 | (1.3) | % | 1,721 | 1,721 | 0.1 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 96.4 | % | 95.6 | % | 0.8 | % | $1,588 | $1,594 | (0.4) | % | $1,843 | $1,823 | 1.1 | % |
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |||||||
DETAIL AND COMPARISONS | ||||||||
June 30, 2021 | ||||||||
(In thousands) | ||||||||
% of Actual | |||||||||||||||||
2Q21 Operating | |||||||||||||||||
Quarterly Comparison (a) | 2Q21 | 2Q20 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $32,801 | $30,937 | $1,864 | 6.0 | % | 36.1 | % | ||||||||||
Salaries and Benefits for On-site Employees | 18,514 | 18,428 | 86 | 0.5 | % | 20.4 | % | ||||||||||
Utilities | 18,237 | 18,081 | 156 | 0.9 | % | 20.1 | % | ||||||||||
Repairs and Maintenance | 11,279 | 10,164 | 1,115 | 11.0 | % | 12.4 | % | ||||||||||
Property Insurance | 4,125 | 2,774 | 1,351 | 48.7 | % | 4.6 | % | ||||||||||
General and Administrative | 3,472 | 2,953 | 519 | 17.6 | % | 3.8 | % | ||||||||||
Marketing and Leasing | 1,439 | 1,335 | 104 | 7.8 | % | 1.6 | % | ||||||||||
Other | 903 | 832 | 71 | 8.5 | % | 1.0 | % | ||||||||||
Total Same Property | $90,770 | $85,504 | $5,266 | 6.2 | % | 100.0 | % |
% of Actual | |||||||||||||||||
2Q21 Operating | |||||||||||||||||
Sequential Comparison (a) | 2Q21 | 1Q21 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $32,801 | $33,033 | ($232) | (0.7) | % | 36.1 | % | ||||||||||
Salaries and Benefits for On-site Employees | 18,514 | 18,389 | 125 | 0.7 | % | 20.4 | % | ||||||||||
Utilities | 18,237 | 18,859 | (622) | (3.3) | % | 20.1 | % | ||||||||||
Repairs and Maintenance | 11,279 | 10,046 | 1,233 | 12.3 | % | 12.4 | % | ||||||||||
Property Insurance | 4,125 | 3,271 | 854 | 26.1 | % | 4.6 | % | ||||||||||
General and Administrative | 3,472 | 3,372 | 100 | 3.0 | % | 3.8 | % | ||||||||||
Marketing and Leasing | 1,439 | 1,393 | 46 | 3.3 | % | 1.6 | % | ||||||||||
Other | 903 | 866 | 37 | 4.3 | % | 1.0 | % | ||||||||||
Total Same Property | $90,770 | $89,229 | $1,541 | 1.7 | % | 100.0 | % |
% of Actual | ||||||||||||||||||||
2021 Operating | ||||||||||||||||||||
Year to Date Comparison (a) | 2021 | 2020 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $65,834 | $61,369 | $4,465 | 7.3 | % | 36.6 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 36,903 | 36,586 | 317 | 0.9 | % | 20.5 | % | |||||||||||||
Utilities | 37,096 | 36,127 | 969 | 2.7 | % | 20.6 | % | |||||||||||||
Repairs and Maintenance | 21,325 | 19,814 | 1,511 | 7.6 | % | 11.8 | % | |||||||||||||
Property Insurance | 7,396 | 5,641 | 1,755 | 31.1 | % | 4.1 | % | |||||||||||||
General and Administrative | 6,844 | 6,267 | 577 | 9.2 | % | 3.8 | % | |||||||||||||
Marketing and Leasing | 2,832 | 2,706 | 126 | 4.7 | % | 1.6 | % | |||||||||||||
Other | 1,769 | 1,645 | 124 | 7.5 | % | 1.0 | % | |||||||||||||
Total Same Property | $179,999 | $170,155 | $9,844 | 5.8 | % | 100.0 | % | |||||||||||||
CAMDEN | JOINT VENTURE OPERATIONS | |||||||
(In thousands, except property data amounts) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
OPERATING DATA (a) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Property revenues | $10,690 | $9,617 | $21,034 | $19,726 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 2,736 | 2,719 | 5,471 | 5,234 | |||||||||||||
Real estate taxes | 1,770 | 1,628 | 3,522 | 3,279 | |||||||||||||
4,506 | 4,347 | 8,993 | 8,513 | ||||||||||||||
Net Operating Income | 6,184 | 5,270 | 12,041 | 11,213 | |||||||||||||
Other expenses | |||||||||||||||||
Interest | 1,321 | 1,384 | 2,627 | 2,922 | |||||||||||||
Depreciation and amortization | 2,568 | 2,165 | 5,106 | 4,362 | |||||||||||||
Other | 97 | 88 | 196 | 174 | |||||||||||||
Total other expenses | 3,986 | 3,637 | 7,929 | 7,458 | |||||||||||||
Equity in income of joint ventures (b) | $2,198 | $1,633 | $4,112 | $3,755 |
Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | |||||||||||||
BALANCE SHEET DATA (c) | |||||||||||||||||
Land | $109,437 | $109,437 | $109,437 | $108,735 | $108,294 | ||||||||||||
Building & Improvements | 811,150 | 806,374 | 803,400 | 784,414 | 765,983 | ||||||||||||
920,587 | 915,811 | 912,837 | 893,149 | 874,277 | |||||||||||||
Accumulated Depreciation | (270,495) | (261,993) | (253,598) | (245,359) | (237,590) | ||||||||||||
Net operating real estate assets | 650,092 | 653,818 | 659,239 | 647,790 | 636,687 | ||||||||||||
Properties under development and land | — | — | — | 14,579 | 21,720 | ||||||||||||
Cash and other assets, net | 37,982 | 28,567 | 32,270 | 34,906 | 30,156 | ||||||||||||
Total assets | $688,074 | $682,385 | $691,509 | $697,275 | $688,563 | ||||||||||||
Notes payable | $514,454 | $512,460 | $509,106 | $507,222 | $501,601 | ||||||||||||
Other liabilities | 26,566 | 21,537 | 33,291 | 34,545 | 29,262 | ||||||||||||
Total liabilities | 541,020 | 533,997 | 542,397 | 541,767 | 530,863 | ||||||||||||
Member's equity | 147,054 | 148,388 | 149,112 | 155,508 | 157,700 | ||||||||||||
Total liabilities and members' equity | $688,074 | $682,385 | $691,509 | $697,275 | $688,563 | ||||||||||||
Company's equity investment | $18,415 | $18,800 | $18,994 | $20,992 | $21,735 | ||||||||||||
Company's pro-rata share of debt | $161,024 | $160,400 | $159,349 | $158,760 | $157,001 | ||||||||||||
PROPERTY DATA (end of period) | |||||||||||||||||
Total operating properties | 22 | 22 | 22 | 21 | 21 | ||||||||||||
Total operating apartment homes | 7,247 | 7,247 | 7,247 | 7,013 | 7,013 | ||||||||||||
Pro-rata share of operating apartment homes | 2,268 | 2,268 | 2,268 | 2,195 | 2,195 | ||||||||||||
Total development properties | — | — | — | 1 | 1 | ||||||||||||
Total development apartment homes | — | — | — | 234 | 234 | ||||||||||||
Pro-rata share of development apartment homes | — | — | — | 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 | Total | Total | Construction | Initial | Construction | Stabilized | As of 7/25/2021 | ||||||||||||||||||||||||||||
Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||
1. | Camden Downtown I | 271 | $131.6 | 4Q17 | 1Q20 | 3Q20 | 4Q21 | 92% | 90% | ||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||
Total Completed Communities in Lease-Up | 271 | $131.6 | 92% | 90% | |||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 7/25/2021 | |||||||||||||||||||||||||||
Development Communities | Homes | Estimated Cost | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||
1. | Camden North End II | 343 | $87.0 | $77.9 | $7.2 | 1Q19 | 4Q20 | 4Q21 | 2Q22 | 76% | 71% | ||||||||||||||||||||||||
Phoenix, AZ | |||||||||||||||||||||||||||||||||||
2. | Camden Lake Eola | 360 | 125.0 | 124.0 | 27.9 | 2Q18 | 1Q21 | 3Q21 | 2Q22 | 57% | 44% | ||||||||||||||||||||||||
Orlando, FL | |||||||||||||||||||||||||||||||||||
3. | Camden Buckhead | 366 | 160.0 | 140.0 | 69.3 | 3Q18 | 1Q21 | 1Q22 | 3Q22 | 43% | 32% | ||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||
4. | Camden Hillcrest | 132 | 95.0 | 80.2 | 46.6 | 3Q19 | 2Q21 | 4Q21 | 3Q22 | 16% | 11% | ||||||||||||||||||||||||
San Diego, CA | |||||||||||||||||||||||||||||||||||
5. | Camden Atlantic | 269 | 100.0 | 61.9 | 61.9 | 3Q20 | 4Q22 | 4Q22 | 4Q23 | ||||||||||||||||||||||||||
Plantation, FL | |||||||||||||||||||||||||||||||||||
6. | Camden Tempe II | 397 | 115.0 | 41.8 | 41.8 | 3Q20 | 4Q22 | 3Q23 | 1Q25 | ||||||||||||||||||||||||||
Tempe, AZ | |||||||||||||||||||||||||||||||||||
7. | Camden NoDa | 387 | 105.0 | 41.2 | 41.2 | 3Q20 | 1Q23 | 3Q23 | 1Q25 | ||||||||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||||||||||||||||
8. | Camden Durham | 354 | 120.0 | 38.4 | 38.4 | 1Q21 | 2Q23 | 4Q23 | 1Q25 | ||||||||||||||||||||||||||
Durham, NC | |||||||||||||||||||||||||||||||||||
Total Development Communities | 2,608 | $907.0 | $605.4 | $334.3 | 54% | 44% | |||||||||||||||||||||||||||||
Additional Development Pipeline (a) | 108.8 | ||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $443.1 | ||||||||||||||||||||||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 2Q21 NOI | |||||||||||||||||||||||||||||||||
Communities that Stabilized During Quarter | $79.1 | $0.8 | |||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | 131.6 | 0.6 | |||||||||||||||||||||||||||||||||
Development Communities in Lease-Up | 422.1 | 1.3 | |||||||||||||||||||||||||||||||||
Total Development Communities NOI Contribution | $632.8 | $2.7 | |||||||||||||||||||||||||||||||||
CAMDEN | DEVELOPMENT PIPELINE | |||||||
Projected | Total | ||||||||||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) | Cost to Date | ||||||||||||||
1. | Camden Village District | 355 | $115.0 | $22.3 | |||||||||||||
Raleigh, NC | |||||||||||||||||
2. | Camden Woodmill Creek | 188 | 60.0 | 9.6 | |||||||||||||
The Woodlands, TX | |||||||||||||||||
3. | Camden Arts District | 354 | 150.0 | 35.9 | |||||||||||||
Los Angeles, CA | |||||||||||||||||
4. | Camden Pier District II | 95 | 50.0 | 2.4 | |||||||||||||
St. Petersburg, FL | |||||||||||||||||
5. | Camden Paces III | 350 | 100.0 | 17.4 | |||||||||||||
Atlanta, GA | |||||||||||||||||
6. | Camden Downtown II | 271 | 145.0 | 12.4 | |||||||||||||
Houston, TX | |||||||||||||||||
7. | Camden Highland Village II | 300 | 100.0 | 8.8 | |||||||||||||
Houston, TX | |||||||||||||||||
Development Pipeline | 1,913 | $720.0 | $108.8 | ||||||||||||||
CAMDEN | ACQUISITIONS | |||||||
Apartment | Weighted Average | |||||||||||||||||||||||||
2021 Acquisitions | Location | Purchase Price | Homes | Monthly Rental Rate | Year Built | Closing Date | ||||||||||||||||||||
1. | Camden Franklin Park | Franklin, TN | $105.3 | 328 Homes | $1,742 | 2018 | 6/2/2021 | |||||||||||||||||||
2. | Camden Music Row | Nashville, TN | 186.3 | 430 Homes | 2,039 | 2016 | 6/22/2021 | |||||||||||||||||||
Total/Average Acquisitions | $291.6 | 758 Homes | $1,910 | |||||||||||||||||||||||
2021 Land Acquisitions | Location | Purchase Price | Acres | Closing Date | ||||||||||||||||||||||
1. | Camden Woodmill Creek | The Woodlands, TX | $9.3 | 14.6 | 6/1/2021 | |||||||||||||||||||||
2. | Camden Pier District II | St. Petersburg, FL | 2.1 | 0.2 | 6/29/2021 | |||||||||||||||||||||
Total/Average Land Acquisitions | $11.4 | 14.8 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) | |||||||||||||||||
2021 | ($1,875) | $— | $— | ($1,875) | (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 | ($21,508) | $— | $3,190,000 | $3,168,492 | 100.0 | % | 3.6 | % | |||||||||||||||
Weighted Average Maturity of Debt | 7.9 Years | ||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate (b) | Time to Maturity | |||||||||||||||||||
Floating rate debt | $39,825 | 1.3 | % | 1.9 | % | 1.3 Years | |||||||||||||||||
Fixed rate debt | 3,128,667 | 98.7 | % | 3.6 | % | 8.0 Years | |||||||||||||||||
Total | $3,168,492 | 100.0 | % | 3.6 | % | 7.9 Years | |||||||||||||||||
Weighted Average | |||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate (b) | Time to Maturity | |||||||||||||||||||
Unsecured debt | $3,168,492 | 100.0 | % | 3.6 | % | 7.9 Years | |||||||||||||||||
Secured debt | — | — | % | N/A | N/A | ||||||||||||||||||
Total | $3,168,492 | 100.0 | % | 3.6 | % | 7.9 Years | |||||||||||||||||
Weighted Average | |||||||||||||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | % of Total | Total Cost | % of Total | 2Q21 NOI | % of Total | |||||||||||||||||
Unencumbered real estate assets | 52,972 | 100.0 | % | $10,017,599 | 100.0 | % | $173,552 | 100.0 | % | ||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 3.2x |
CAMDEN | DEBT MATURITY ANALYSIS | |||||||
(In thousands) | ||||||||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | ||||||||||||||||
3Q 2021 | ($936) | $— | $— | ($936) | N/A | |||||||||||||||
4Q 2021 | (939) | — | — | (939) | N/A | |||||||||||||||
2021 | ($1,875) | $— | $— | ($1,875) | 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% | 23% | Yes | |||||||||||||||||||
Secured Debt to Gross Asset Value | < | 40% | —% | Yes | |||||||||||||||||||
Consolidated Adjusted EBITDA to Total Fixed Charges | > | 150% | 510% | Yes | |||||||||||||||||||
Unsecured Debt to Gross Asset Value | < | 60% | 24% | Yes | |||||||||||||||||||
SENIOR UNSECURED NOTES | |||||||||||||||||||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||||||||||||||||||
Total Consolidated Debt to Total Asset Value | < | 60% | 30% | Yes | |||||||||||||||||||
Total Secured Debt to Total Asset Value | < | 40% | —% | Yes | |||||||||||||||||||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 335% | Yes | |||||||||||||||||||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 540% | 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 | ($86) | $— | ($86) | (0.1) | % | N/A | ||||||||||||||
2022 | (174) | — | (174) | (0.1) | % | N/A | ||||||||||||||
2023 | (181) | — | (181) | (0.1) | % | N/A | ||||||||||||||
2024 | (187) | 5,977 | 5,790 | 3.6 | % | 1.4 | % | |||||||||||||
2025 | (193) | — | (193) | (0.1) | % | N/A | ||||||||||||||
Thereafter | (259) | 155,814 | 155,555 | 96.6 | % | 3.3 | % | |||||||||||||
Total Maturing Debt | ($1,080) | $161,791 | $160,711 | 99.8 | % | 3.2 | % | |||||||||||||
Unsecured lines of credit (c) | $— | $313 | $313 | 0.2 | % | 3.3 | % | |||||||||||||
Total Debt | ($1,080) | $162,104 | $161,024 | 100.0 | % | 3.2 | % | |||||||||||||
Weighted Average Maturity of Debt | 5.6 Years | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Floating rate debt | $58,242 | 36.2 | % | 2.0 | % | 4.8 Years | ||||||||||||||
Fixed rate debt | 102,782 | 63.8 | % | 3.9 | % | 6.1 Years | ||||||||||||||
Total | $161,024 | 100.0 | % | 3.2 | % | 5.6 Years | ||||||||||||||
Weighted Average | ||||||||||||||||||||
DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Conventional fixed-rate mortgage debt | $102,781 | 63.8 | % | 3.9 | % | 6.1 Years | ||||||||||||||
Conventional variable-rate mortgage debt | 51,953 | 32.3 | % | 2.1 | % | 5.0 Years | ||||||||||||||
Variable-rate construction loans | 5,977 | 3.7 | % | 1.4 | % | 3.0 Years | ||||||||||||||
Unsecured lines of credit | 313 | 0.2 | % | 3.3 | % | 0.6 Years | ||||||||||||||
Total | $161,024 | 100.0 | % | 3.2 | % | 5.6 Years | ||||||||||||||
REAL ESTATE ASSETS: (d) | Total Homes | Total Cost | ||||||||||||||||||
Operating real estate assets | 7,247 | $920,587 | ||||||||||||||||||
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 | ||||||||||||||
3Q 2021 | ($43) | $— | ($43) | N/A | |||||||||||||
4Q 2021 | (43) | — | (43) | N/A | |||||||||||||
2021 | ($86) | $— | ($86) | N/A | |||||||||||||
1Q 2022 (c) | ($43) | $313 | $270 | 3.3 | % | ||||||||||||
2Q 2022 | (43) | — | (43) | N/A | |||||||||||||
3Q 2022 | (44) | — | (44) | N/A | |||||||||||||
4Q 2022 | (44) | — | (44) | N/A | |||||||||||||
2022 | ($174) | $313 | $139 | 3.3 | % | ||||||||||||
CAMDEN | CAPITALIZED EXPENDITURES | |||||||
& MAINTENANCE EXPENSE | ||||||||
(In thousands, except unit data) | ||||||||
Second Quarter 2021 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 5 | years | $2,155 | $43 | $332 | $7 | |||||||||||||||||||||||
Appliances | 10 | years | 741 | 15 | 232 | 5 | |||||||||||||||||||||||
Painting | — | — | — | 1,365 | 27 | ||||||||||||||||||||||||
Cabinetry/Countertops | 10 | years | 114 | 2 | — | — | |||||||||||||||||||||||
Other | 9 | years | 1,488 | 30 | 983 | 20 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 5 | years | 257 | 5 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 984 | 20 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 426 | 9 | 2,872 | 57 | |||||||||||||||||||||||
Roofing | 17 | years | 1,884 | 38 | 135 | 3 | |||||||||||||||||||||||
Site Drainage | 10 | years | 116 | 2 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 535 | 11 | — | — | |||||||||||||||||||||||
Other (b) | 8 | years | 2,872 | 57 | 4,135 | 82 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 3,981 | 80 | 2,157 | 43 | |||||||||||||||||||||||
Parking/Paving | 4 | years | 1,316 | 26 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 7 | years | 1,152 | 23 | 425 | 9 | |||||||||||||||||||||||
Total Recurring (c) | $18,021 | $361 | $12,636 | $253 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 49,887 | 49,887 | |||||||||||||||||||||||||||
Non-recurring & revenue enhancing capitalized expenditures (d) | $3,110 | ||||||||||||||||||||||||||||
Reposition Expenditures (e) | 10 | years | $9,438 | $20,081 | |||||||||||||||||||||||||
Repositioned Apartment Homes | 470 | ||||||||||||||||||||||||||||
Pro-Rata Joint Venture Total Recurring (f) | $787 | $347 | $518 | $228 | |||||||||||||||||||||||||
Year to Date 2021 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 5 | years | $4,164 | $84 | $640 | $13 | |||||||||||||||||||||||
Appliances | 10 | years | 1,600 | 32 | 462 | 9 | |||||||||||||||||||||||
Painting | — | — | — | 2,571 | 52 | ||||||||||||||||||||||||
Cabinetry/Countertops | 10 | years | 219 | 4 | — | — | |||||||||||||||||||||||
Other | 9 | years | 2,593 | 52 | 1,756 | 35 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 5 | years | 1,184 | 24 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 1,426 | 29 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 681 | 14 | 5,423 | 108 | |||||||||||||||||||||||
Roofing | 17 | years | 3,025 | 61 | 284 | 6 | |||||||||||||||||||||||
Site Drainage | 10 | years | 156 | 3 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 829 | 17 | — | — | |||||||||||||||||||||||
Other (b) | 8 | years | 4,530 | 90 | 8,010 | 162 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 6,438 | 130 | 4,103 | 83 | |||||||||||||||||||||||
Parking/Paving | 4 | years | 1,529 | 31 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 7 | years | 1,930 | 39 | 729 | 15 | |||||||||||||||||||||||
Pandemic Expenses | — | — | — | — | — | ||||||||||||||||||||||||
Total Recurring (c) | $30,304 | $610 | $23,978 | $483 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 49,663 | 49,663 | |||||||||||||||||||||||||||
Non-recurring & revenue enhancing capitalized expenditures (d) | $6,585 | ||||||||||||||||||||||||||||
Reposition Expenditures (e) | 10 | years | $17,318 | $21,756 | |||||||||||||||||||||||||
Repositioned Apartment Homes | 796 | ||||||||||||||||||||||||||||
Pro-Rata Joint Venture Total Recurring (f) | $1,184 | $261 | $1,003 | $221 | |||||||||||||||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income attributable to common shareholders (a) | $30,179 | $16,477 | $61,526 | $59,761 | |||||||||||||
Real estate depreciation and amortization | 97,122 | 90,500 | 187,829 | 180,011 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,630 | 2,287 | 5,229 | 4,529 | |||||||||||||
Income allocated to non-controlling interests | 1,260 | 1,103 | 2,386 | 2,385 | |||||||||||||
Funds from operations | $131,191 | $110,367 | $256,970 | $246,686 | |||||||||||||
Less: recurring capitalized expenditures | (18,808) | (18,782) | (31,488) | (33,607) | |||||||||||||
Adjusted funds from operations | $112,383 | $91,585 | $225,482 | $213,079 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
EPS diluted | 100,767 | 99,408 | 100,197 | 99,394 | |||||||||||||
FFO/AFFO diluted | 102,444 | 101,156 | 101,896 | 101,142 | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Total Earnings Per Common Share - Diluted | $0.30 | $0.17 | $0.61 | $0.60 | |||||||||||||
Real estate depreciation and amortization | 0.95 | 0.89 | 1.84 | 1.78 | |||||||||||||
Adjustments for unconsolidated joint ventures | 0.02 | 0.02 | 0.05 | 0.04 | |||||||||||||
Income allocated to non-controlling interests | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||||
FFO per common share - Diluted | $1.28 | $1.09 | $2.52 | $2.44 | |||||||||||||
Less: recurring capitalized expenditures | (0.18) | (0.18) | (0.31) | (0.33) | |||||||||||||
AFFO per common share - Diluted | $1.10 | $0.91 | $2.21 | $2.11 | |||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
3Q21 | Range | 2021 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.22 | $0.28 | $1.09 | $1.29 | |||||||||||||
Expected real estate depreciation and amortization | 1.04 | 1.04 | 3.93 | 3.93 | |||||||||||||
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 | $1.30 | $1.36 | $5.17 | $5.37 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income (a) | $31,439 | $17,511 | $63,912 | $61,978 | |||||||||||||
Less: Fee and asset management income | (2,263) | (2,380) | (4,469) | (4,907) | |||||||||||||
Less: Interest and other income | (257) | (325) | (589) | (654) | |||||||||||||
Less: (Income)/loss on deferred compensation plans | (6,400) | (11,435) | (10,026) | 3,425 | |||||||||||||
Plus: Property management expense | 6,436 | 5,939 | 12,560 | 12,466 | |||||||||||||
Plus: Fee and asset management expense | 1,019 | 820 | 2,151 | 1,663 | |||||||||||||
Plus: General and administrative expense | 15,246 | 14,391 | 29,468 | 27,624 | |||||||||||||
Plus: Interest expense | 24,084 | 23,482 | 47,728 | 43,189 | |||||||||||||
Plus: Depreciation and amortization expense | 99,586 | 92,803 | 192,727 | 184,662 | |||||||||||||
Plus: Expense/(benefit) on deferred compensation plans | 6,400 | 11,435 | 10,026 | (3,425) | |||||||||||||
Less: Gain on sale of land | — | — | — | (382) | |||||||||||||
Less: Equity in income of joint ventures | (2,198) | (1,633) | (4,112) | (3,755) | |||||||||||||
Plus: Income tax expense | 460 | 394 | 812 | 861 | |||||||||||||
NOI (b) (c) | $173,552 | $151,002 | $340,188 | $322,745 | |||||||||||||
"Same Property" Communities | $154,560 | $150,102 | $305,043 | $306,056 | |||||||||||||
Non-"Same Property" Communities | 15,995 | 13,687 | 30,485 | 28,114 | |||||||||||||
Development and Lease-Up Communities | 1,888 | (339) | 2,993 | (414) | |||||||||||||
Pandemic Related Impact (b) (c) | — | (13,170) | — | (13,170) | |||||||||||||
Other | 1,109 | 722 | 1,667 | 2,159 | |||||||||||||
NOI (b) (c) | $173,552 | $151,002 | $340,188 | $322,745 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income attributable to common shareholders (a) | $30,179 | $16,477 | $61,526 | $59,761 | |||||||||||||
Plus: Interest expense | 24,084 | 23,482 | 47,728 | 43,189 | |||||||||||||
Plus: Depreciation and amortization expense | 99,586 | 92,803 | 192,727 | 184,662 | |||||||||||||
Plus: Income allocated to non-controlling interests | 1,260 | 1,034 | 2,386 | 2,217 | |||||||||||||
Plus: Income tax expense | 460 | 394 | 812 | 861 | |||||||||||||
Plus: Pandemic Related Impact (b) | — | 13,920 | — | 13,920 | |||||||||||||
Less: Gain on sale of land | — | — | — | (382) | |||||||||||||
Less: Equity in income of joint ventures | (2,198) | (1,633) | (4,112) | (3,755) | |||||||||||||
Adjusted EBITDA | $153,371 | $146,477 | $301,067 | $300,473 | |||||||||||||
Annualized Adjusted EBITDA | $613,484 | $585,908 | $602,134 | $600,946 |
Average monthly balance for the | Average monthly balance for the | ||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Unsecured notes payable | $3,168,180 | $3,224,594 | $3,167,713 | $2,929,272 | |||||||||||||||||||
Total debt | 3,168,180 | 3,224,594 | 3,167,713 | 2,929,272 | |||||||||||||||||||
Less: Cash and cash equivalents | (347,724) | (558,090) | (318,812) | (282,409) | |||||||||||||||||||
Net debt | $2,820,456 | $2,666,504 | $2,848,901 | $2,646,863 | |||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net debt | $2,820,456 | $2,666,504 | $2,848,901 | $2,646,863 | |||||||||||||||||||
Annualized Adjusted EBITDA | 613,484 | 585,908 | 602,134 | 600,946 | |||||||||||||||||||
Net Debt to Annualized Adjusted EBITDA | 4.6x | 4.6x | 4.7x | 4.4x | |||||||||||||||||||
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: | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | ||||||||||||||||
Earnings Release & Conference Call | Late October | Early February | Late April | Late July | ||||||||||||||||
Dividend Information - Common Shares: | Q1 '21 | Q2 '21 | ||||||||||||||||||
Declaration Date | 2/4/2021 | 6/15/2021 | ||||||||||||||||||
Record Date | 3/31/2021 | 6/30/2021 | ||||||||||||||||||
Payment Date | 4/16/2021 | 7/16/2021 | ||||||||||||||||||
Distributions Per Share | $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 6/30/2021 |
(Unaudited) | 2Q21 Avg Monthly | 2Q21 Avg Monthly | ||||||||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 2Q21 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% | $1,623 | $1.42 | $1,856 | $1.62 | ||||||||||||||||||||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 97% | 1,296 | 1.65 | 1,608 | 2.05 | ||||||||||||||||||||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 97% | 1,824 | 1.77 | 2,230 | 2.16 | ||||||||||||||||||||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 95% | 1,589 | 1.49 | 1,893 | 1.77 | ||||||||||||||||||||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 97% | 1,532 | 1.43 | 1,812 | 1.69 | ||||||||||||||||||||||||||||
Camden North End I | Phoenix | AZ | 2019 | 921 | 441 | 96% | 1,657 | 1.80 | 1,960 | 2.13 | ||||||||||||||||||||||||||||
Camden Old Town Scottsdale | Scottsdale | AZ | 2016 | 892 | 316 | 98% | 1,829 | 2.05 | 2,012 | 2.26 | ||||||||||||||||||||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 949 | 272 | 98% | 1,339 | 1.41 | 1,610 | 1.70 | ||||||||||||||||||||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 97% | 1,464 | 1.49 | 1,711 | 1.74 | ||||||||||||||||||||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 98% | 1,488 | 1.43 | 1,804 | 1.73 | ||||||||||||||||||||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 98% | 1,642 | 1.26 | 2,048 | 1.57 | ||||||||||||||||||||||||||||
Camden Tempe | Tempe | AZ | 2015 | 1,033 | 234 | 96% | 1,648 | 1.60 | 1,986 | 1.92 | ||||||||||||||||||||||||||||
TOTAL ARIZONA | 12 | Properties | 1,006 | 3,686 | 97% | 1,573 | 1.56 | 1,865 | 1.85 | |||||||||||||||||||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 98% | 2,187 | 2.17 | 2,409 | 2.39 | ||||||||||||||||||||||||||||
Camden Glendale | Glendale | CA | 2015 | 893 | 307 | 96% | 2,388 | 2.67 | 2,542 | 2.85 | ||||||||||||||||||||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 981 | 547 | 97% | 2,621 | 2.67 | 2,725 | 2.78 | ||||||||||||||||||||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 97% | 2,140 | 2.12 | 2,364 | 2.34 | ||||||||||||||||||||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 795 | 714 | 98% | 1,906 | 2.40 | 2,120 | 2.67 | ||||||||||||||||||||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 98% | 2,200 | 2.47 | 2,354 | 2.64 | ||||||||||||||||||||||||||||
The Camden | Hollywood | CA | 2016 | 767 | 287 | 96% | 2,882 | 3.76 | 2,510 | 3.27 | ||||||||||||||||||||||||||||
Total Los Angeles/Orange County | 7 | Properties | 900 | 2,663 | 97% | 2,294 | 2.55 | 2,415 | 2.68 | |||||||||||||||||||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 98% | 1,789 | 1.82 | 1,842 | 1.88 | ||||||||||||||||||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 99% | 2,336 | 2.25 | 2,541 | 2.45 | ||||||||||||||||||||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 97% | 2,170 | 2.26 | 2,433 | 2.53 | ||||||||||||||||||||||||||||
Camden Tuscany | San Diego | CA | 2003 | 895 | 160 | 95% | 2,630 | 2.94 | 2,951 | 3.30 | ||||||||||||||||||||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 98% | 1,944 | 1.85 | 2,040 | 1.94 | ||||||||||||||||||||||||||||
Total San Diego/Inland Empire | 5 | Properties | 992 | 1,665 | 97% | 2,106 | 2.12 | 2,275 | 2.29 | |||||||||||||||||||||||||||||
TOTAL CALIFORNIA | 12 | Properties | 935 | 4,328 | 97% | 2,222 | 2.38 | 2,361 | 2.52 | |||||||||||||||||||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 96% | 1,565 | 1.76 | 1,859 | 2.09 | ||||||||||||||||||||||||||||
Camden Caley | Englewood | CO | 2000 | 921 | 218 | 97% | 1,570 | 1.71 | 1,873 | 2.03 | ||||||||||||||||||||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 98% | 1,870 | 1.84 | 2,129 | 2.10 | ||||||||||||||||||||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 96% | 1,706 | 1.78 | 2,001 | 2.09 | ||||||||||||||||||||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 98% | 1,858 | 1.62 | 2,161 | 1.88 | ||||||||||||||||||||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,002 | 340 | 97% | 1,729 | 1.73 | 1,997 | 1.99 | ||||||||||||||||||||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 95% | 1,666 | 1.79 | 1,945 | 2.09 | ||||||||||||||||||||||||||||
Camden Lincoln Station | Lone Tree | CO | 2017 | 844 | 267 | 96% | 1,614 | 1.91 | 1,854 | 2.20 | ||||||||||||||||||||||||||||
Camden RiNo | Denver | CO | 2020 | 828 | 233 | 99% | 1,829 | 2.21 | 2,105 | 2.54 | ||||||||||||||||||||||||||||
TOTAL COLORADO | 9 | Properties | 958 | 2,865 | 96% | 1,717 | 1.79 | 1,997 | 2.08 | |||||||||||||||||||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 98% | 1,795 | 1.69 | 2,100 | 1.98 | ||||||||||||||||||||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 509 | 96% | 1,669 | 1.77 | 1,877 | 1.99 | ||||||||||||||||||||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 977 | 382 | 96% | 1,869 | 1.91 | 2,176 | 2.23 | ||||||||||||||||||||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 98% | 1,924 | 1.82 | 2,230 | 2.11 | ||||||||||||||||||||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 97% | 1,948 | 2.09 | 2,308 | 2.47 | ||||||||||||||||||||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 97% | 1,867 | 1.87 | 2,117 | 2.13 | ||||||||||||||||||||||||||||
Camden Grand Parc | Washington | DC | 2002 | 672 | 105 | 96% | 2,509 | 3.73 | 2,875 | 4.28 | ||||||||||||||||||||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 98% | 1,747 | 1.74 | 2,051 | 2.04 | ||||||||||||||||||||||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 97% | 1,753 | 1.71 | 1,969 | 1.92 | ||||||||||||||||||||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 96% | 1,694 | 1.98 | 1,984 | 2.32 | ||||||||||||||||||||||||||||
Camden Noma | Washington | DC | 2014 | 769 | 321 | 96% | 2,131 | 2.77 | 2,398 | 3.12 | ||||||||||||||||||||||||||||
Camden Noma II | Washington | DC | 2017 | 759 | 405 | 95% | 2,213 | 2.92 | 2,574 | 3.39 | ||||||||||||||||||||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 832 | 378 | 96% | 2,022 | 2.43 | 2,379 | 2.86 | ||||||||||||||||||||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 95% | 2,832 | 3.31 | 3,230 | 3.77 | ||||||||||||||||||||||||||||
Camden Russett | Laurel | MD | 2000 | 992 | 426 | 98% | 1,603 | 1.62 | 1,858 | 1.87 | ||||||||||||||||||||||||||||
Camden Shady Grove | Rockville | MD | 2018 | 877 | 457 | 97% | 1,808 | 2.06 | 2,037 | 2.32 | ||||||||||||||||||||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 98% | 1,738 | 1.78 | 2,023 | 2.07 | ||||||||||||||||||||||||||||
Camden South Capitol (1) | Washington | DC | 2013 | 821 | 281 | 95% | 2,253 | 2.74 | 2,767 | 3.37 | ||||||||||||||||||||||||||||
Camden Washingtonian | Gaithersburg | MD | 2018 | 870 | 365 | 98% | 1,832 | 2.11 | 2,064 | 2.37 | ||||||||||||||||||||||||||||
TOTAL DC METRO | 19 | Properties | 922 | 6,863 | 97% | 1,903 | 2.06 | 2,200 | 2.39 | |||||||||||||||||||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 97% | 1,996 | 1.80 | 2,381 | 2.15 | ||||||||||||||||||||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 97% | 2,017 | 2.39 | 2,334 | 2.77 | ||||||||||||||||||||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 98% | 2,141 | 2.28 | 2,394 | 2.55 | ||||||||||||||||||||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 98% | 1,935 | 1.73 | 2,173 | 1.94 | ||||||||||||||||||||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 99% | 2,132 | 1.70 | 2,498 | 1.99 | ||||||||||||||||||||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 98% | 2,132 | 2.04 | 2,449 | 2.35 | ||||||||||||||||||||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 98% | 1,757 | 1.46 | 2,063 | 1.72 | ||||||||||||||||||||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 99% | 1,835 | 1.65 | 2,140 | 1.92 | ||||||||||||||||||||||||||||
Total Southeast Florida | 8 | Properties | 1,079 | 2,781 | 98% | 1,983 | 1.84 | 2,293 | 2.13 | |||||||||||||||||||||||||||||
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 6/30/2021 |
(Unaudited) | 2Q21 Avg Monthly | 2Q21 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 2Q21 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 | 99% | $1,459 | $1.36 | $1,721 | $1.60 | ||||||||||||||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 98% | 1,361 | 1.43 | 1,616 | 1.69 | ||||||||||||||||||||||
Camden LaVina | Orlando | FL | 2012 | 969 | 420 | 98% | 1,379 | 1.42 | 1,647 | 1.70 | ||||||||||||||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 98% | 1,368 | 1.46 | 1,624 | 1.73 | ||||||||||||||||||||||
Camden North Quarter | Orlando | FL | 2016 | 806 | 333 | 98% | 1,505 | 1.87 | 1,651 | 2.05 | ||||||||||||||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 97% | 1,359 | 1.66 | 1,635 | 2.00 | ||||||||||||||||||||||
Camden Thornton Park | Orlando | FL | 2016 | 920 | 299 | 92% | 1,715 | 1.86 | 1,900 | 2.07 | ||||||||||||||||||||||
Camden Town Square | Orlando | FL | 2012 | 983 | 438 | 97% | 1,392 | 1.42 | 1,595 | 1.62 | ||||||||||||||||||||||
Camden Waterford Lakes (1) | Orlando | FL | 2014 | 971 | 300 | 97% | 1,461 | 1.50 | 1,751 | 1.80 | ||||||||||||||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 98% | 1,403 | 1.43 | 1,640 | 1.67 | ||||||||||||||||||||||
Total Orlando | 10 | Properties | 944 | 3,594 | 97% | 1,431 | 1.52 | 1,667 | 1.77 | |||||||||||||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 97% | 1,345 | 1.43 | 1,639 | 1.74 | ||||||||||||||||||||||
Camden Montague | Tampa | FL | 2012 | 972 | 192 | 98% | 1,395 | 1.44 | 1,704 | 1.75 | ||||||||||||||||||||||
Camden Pier District | St. Petersburg | FL | 2016 | 989 | 358 | 98% | 2,603 | 2.63 | 2,781 | 2.81 | ||||||||||||||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 97% | 1,529 | 1.62 | 1,809 | 1.92 | ||||||||||||||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 98% | 1,323 | 1.30 | 1,627 | 1.60 | ||||||||||||||||||||||
Camden Visconti (1) | Tampa | FL | 2007 | 1,125 | 450 | 97% | 1,512 | 1.34 | 1,797 | 1.60 | ||||||||||||||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 98% | 1,505 | 1.52 | 1,815 | 1.83 | ||||||||||||||||||||||
Total Tampa | 7 | Properties | 997 | 2,736 | 98% | 1,576 | 1.58 | 1,858 | 1.86 | |||||||||||||||||||||||
TOTAL FLORIDA | 25 | Properties | 1,001 | 9,111 | 98% | 1,643 | 1.64 | 1,916 | 1.91 | |||||||||||||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 916 | 359 | 97% | 1,474 | 1.61 | 1,756 | 1.92 | ||||||||||||||||||||||
Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 97% | 1,573 | 1.90 | 1,799 | 2.17 | ||||||||||||||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 98% | 1,433 | 1.45 | 1,688 | 1.71 | ||||||||||||||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 98% | 1,519 | 1.28 | 1,808 | 1.52 | ||||||||||||||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 98% | 1,409 | 1.40 | 1,690 | 1.68 | ||||||||||||||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 844 | 276 | 98% | 1,737 | 2.06 | 2,007 | 2.38 | ||||||||||||||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 98% | 1,549 | 1.66 | 1,905 | 2.04 | ||||||||||||||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,408 | 379 | 98% | 2,607 | 1.85 | 2,937 | 2.09 | ||||||||||||||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 98% | 1,420 | 1.38 | 1,725 | 1.68 | ||||||||||||||||||||||
Camden Phipps (1) | Atlanta | GA | 1996 | 1,016 | 234 | 96% | 1,601 | 1.58 | 1,919 | 1.89 | ||||||||||||||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 98% | 1,375 | 1.20 | 1,665 | 1.46 | ||||||||||||||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 97% | 1,407 | 1.41 | 1,694 | 1.70 | ||||||||||||||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 99% | 1,290 | 1.28 | 1,561 | 1.55 | ||||||||||||||||||||||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 96% | 1,481 | 1.64 | 1,738 | 1.93 | ||||||||||||||||||||||
TOTAL GEORGIA | 14 | Properties | 1,014 | 4,496 | 97% | 1,572 | 1.55 | 1,859 | 1.83 | |||||||||||||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,048 | 400 | 97% | 1,326 | 1.27 | 1,573 | 1.50 | ||||||||||||||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 97% | 1,474 | 1.63 | 1,710 | 1.89 | ||||||||||||||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 95% | 1,499 | 1.75 | 1,760 | 2.05 | ||||||||||||||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 97% | 1,252 | 1.21 | 1,477 | 1.43 | ||||||||||||||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 97% | 1,139 | 1.21 | 1,352 | 1.44 | ||||||||||||||||||||||
Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 96% | 1,245 | 1.42 | 1,484 | 1.70 | ||||||||||||||||||||||
Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 96% | 1,567 | 2.11 | 1,799 | 2.42 | ||||||||||||||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,059 | 266 | 97% | 1,720 | 1.62 | 1,961 | 1.85 | ||||||||||||||||||||||
Camden Grandview II | Charlotte | NC | 2019 | 2,241 | 28 | 98% | 3,505 | 1.56 | 3,755 | 1.68 | ||||||||||||||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 97% | 1,206 | 1.24 | 1,432 | 1.47 | ||||||||||||||||||||||
Camden South End | Charlotte | NC | 2003 | 878 | 299 | 96% | 1,492 | 1.70 | 1,735 | 1.98 | ||||||||||||||||||||||
Camden Southline (1) | Charlotte | NC | 2015 | 831 | 266 | 94% | 1,552 | 1.87 | 1,794 | 2.16 | ||||||||||||||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 97% | 1,386 | 1.26 | 1,641 | 1.49 | ||||||||||||||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 98% | 1,144 | 1.27 | 1,383 | 1.54 | ||||||||||||||||||||||
Total Charlotte | 14 | Properties | 954 | 3,104 | 96% | 1,425 | 1.49 | 1,664 | 1.74 | |||||||||||||||||||||||
Camden Asbury Village (1) | Raleigh | NC | 2009 | 1,009 | 350 | 97% | 1,303 | 1.29 | 1,550 | 1.54 | ||||||||||||||||||||||
Camden Carolinian | Raleigh | NC | 2017 | 1,118 | 186 | 95% | 2,101 | 1.88 | 2,238 | 2.00 | ||||||||||||||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,014 | 438 | 97% | 1,139 | 1.12 | 1,377 | 1.36 | ||||||||||||||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 98% | 1,186 | 1.13 | 1,466 | 1.40 | ||||||||||||||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 99% | 1,257 | 1.18 | 1,492 | 1.40 | ||||||||||||||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 95% | 1,246 | 1.29 | 1,496 | 1.55 | ||||||||||||||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,061 | 322 | 97% | 1,329 | 1.25 | 1,610 | 1.52 | ||||||||||||||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 98% | 1,146 | 1.18 | 1,421 | 1.46 | ||||||||||||||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,027 | 354 | 97% | 1,205 | 1.17 | 1,442 | 1.40 | ||||||||||||||||||||||
Total Raleigh | 9 | Properties | 1,022 | 3,242 | 97% | 1,275 | 1.25 | 1,520 | 1.49 | |||||||||||||||||||||||
TOTAL NORTH CAROLINA | 23 | Properties | 989 | 6,346 | 97% | 1,348 | 1.36 | 1,590 | 1.61 | |||||||||||||||||||||||
Camden Franklin Park | Franklin | TN | 2018 | 967 | 328 | 97% | 1,742 | 1.80 | 1,767 | 1.83 | ||||||||||||||||||||||
Camden Music Row | Nashville | TN | 2016 | 903 | 430 | 98% | 2,039 | 2.26 | 2,060 | 2.28 | ||||||||||||||||||||||
TOTAL TENNESSEE | 2 | Properties | 931 | 758 | 97% | 1,911 | 2.05 | 1,933 | 2.08 |
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 6/30/2021 |
(Unaudited) | 2Q21 Avg Monthly | 2Q21 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 2Q21 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 (1) | Austin | TX | 2009 | 862 | 348 | 98% | $1,177 | $1.37 | $1,427 | $1.65 | ||||||||||||||||||||||
Camden Amber Oaks II (1) | Austin | TX | 2012 | 910 | 244 | 97% | 1,254 | 1.38 | 1,543 | 1.69 | ||||||||||||||||||||||
Camden Brushy Creek (1) | Cedar Park | TX | 2008 | 882 | 272 | 98% | 1,264 | 1.43 | 1,394 | 1.58 | ||||||||||||||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 95% | 1,396 | 1.53 | 1,682 | 1.85 | ||||||||||||||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 97% | 1,535 | 1.61 | 1,845 | 1.93 | ||||||||||||||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 97% | 1,229 | 1.36 | 1,511 | 1.67 | ||||||||||||||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 98% | 1,296 | 1.44 | 1,519 | 1.69 | ||||||||||||||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 96% | 1,523 | 1.82 | 1,725 | 2.06 | ||||||||||||||||||||||
Camden Rainey Street | Austin | TX | 2016 | 873 | 326 | 98% | 2,015 | 2.31 | 2,306 | 2.64 | ||||||||||||||||||||||
Camden Shadow Brook (1) | Austin | TX | 2009 | 909 | 496 | 97% | 1,244 | 1.37 | 1,410 | 1.55 | ||||||||||||||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 98% | 1,365 | 1.50 | 1,611 | 1.77 | ||||||||||||||||||||||
Total Austin | 11 | Properties | 897 | 3,686 | 97% | 1,387 | 1.55 | 1,627 | 1.81 | |||||||||||||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 98% | 1,289 | 1.37 | 1,521 | 1.61 | ||||||||||||||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 946 | 477 | 97% | 1,467 | 1.55 | 1,752 | 1.85 | ||||||||||||||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 98% | 1,281 | 1.39 | 1,559 | 1.70 | ||||||||||||||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 912 | 268 | 98% | 1,255 | 1.38 | 1,551 | 1.70 | ||||||||||||||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 97% | 1,272 | 1.65 | 1,529 | 1.98 | ||||||||||||||||||||||
Camden Design District (1) | Dallas | TX | 2009 | 939 | 355 | 96% | 1,412 | 1.50 | 1,602 | 1.71 | ||||||||||||||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 96% | 1,362 | 1.46 | 1,651 | 1.77 | ||||||||||||||||||||||
Camden Henderson | Dallas | TX | 2012 | 966 | 106 | 98% | 1,541 | 1.59 | 1,770 | 1.83 | ||||||||||||||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 95% | 1,343 | 1.62 | 1,582 | 1.90 | ||||||||||||||||||||||
Camden Legacy Park | Plano | TX | 1996 | 870 | 276 | 96% | 1,333 | 1.53 | 1,572 | 1.81 | ||||||||||||||||||||||
Camden Panther Creek (1) | Frisco | TX | 2009 | 946 | 295 | 98% | 1,364 | 1.44 | 1,552 | 1.64 | ||||||||||||||||||||||
Camden Riverwalk (1) | Grapevine | TX | 2008 | 989 | 600 | 97% | 1,511 | 1.53 | 1,770 | 1.79 | ||||||||||||||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 96% | 1,111 | 1.49 | 1,355 | 1.82 | ||||||||||||||||||||||
Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 96% | 1,674 | 1.94 | 1,933 | 2.25 | ||||||||||||||||||||||
Total Dallas/Ft. Worth | 14 | Properties | 902 | 5,666 | 97% | 1,369 | 1.52 | 1,624 | 1.80 | |||||||||||||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 96% | 1,422 | 1.53 | 1,658 | 1.78 | ||||||||||||||||||||||
Camden City Centre II | Houston | TX | 2013 | 869 | 268 | 94% | 1,401 | 1.61 | 1,660 | 1.91 | ||||||||||||||||||||||
Camden Cypress Creek (1) | Cypress | TX | 2009 | 993 | 310 | 95% | 1,344 | 1.35 | 1,587 | 1.60 | ||||||||||||||||||||||
Camden Cypress Creek II (1) | Cypress | TX | 2020 | 950 | 234 | 98% | 1,320 | 1.39 | 1,496 | 1.57 | ||||||||||||||||||||||
Camden Downs at Cinco Ranch (1) | Katy | TX | 2004 | 1,075 | 318 | 98% | 1,310 | 1.22 | 1,586 | 1.47 | ||||||||||||||||||||||
Camden Downtown (2) | Houston | TX | 2020 | 1,052 | 271 | Lease-Up | 2,433 | 2.31 | 2,731 | 2.60 | ||||||||||||||||||||||
Camden Grand Harbor (1) | Katy | TX | 2008 | 959 | 300 | 97% | 1,220 | 1.27 | 1,483 | 1.55 | ||||||||||||||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 96% | 1,334 | 1.55 | 1,583 | 1.84 | ||||||||||||||||||||||
Camden Heights (1) | Houston | TX | 2004 | 927 | 352 | 95% | 1,481 | 1.60 | 1,767 | 1.91 | ||||||||||||||||||||||
Camden Highland Village | Houston | TX | 2014/2015 | 1,175 | 552 | 95% | 2,134 | 1.82 | 2,275 | 1.94 | ||||||||||||||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 97% | 1,244 | 1.33 | 1,502 | 1.61 | ||||||||||||||||||||||
Camden McGowen Station | Houston | TX | 2018 | 1,004 | 315 | 95% | 1,956 | 1.95 | 2,197 | 2.19 | ||||||||||||||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 95% | 1,434 | 1.70 | 1,679 | 1.99 | ||||||||||||||||||||||
Camden Northpointe (1) | Tomball | TX | 2008 | 940 | 384 | 97% | 1,170 | 1.24 | 1,450 | 1.54 | ||||||||||||||||||||||
Camden Oak Crest | Houston | TX | 2003 | 870 | 364 | 97% | 1,145 | 1.32 | 1,412 | 1.62 | ||||||||||||||||||||||
Camden Park | Houston | TX | 1995 | 866 | 288 | 97% | 1,105 | 1.28 | 1,356 | 1.57 | ||||||||||||||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 97% | 1,564 | 1.71 | 1,796 | 1.96 | ||||||||||||||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 95% | 2,386 | 1.99 | 2,647 | 2.21 | ||||||||||||||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 94% | 1,394 | 1.51 | 1,449 | 1.57 | ||||||||||||||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 89% | 1,645 | 1.56 | 1,723 | 1.63 | ||||||||||||||||||||||
Camden Spring Creek (1) | Spring | TX | 2004 | 1,080 | 304 | 96% | 1,246 | 1.15 | 1,511 | 1.40 | ||||||||||||||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 96% | 1,122 | 1.33 | 1,366 | 1.62 | ||||||||||||||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 98% | 1,214 | 1.32 | 1,438 | 1.56 | ||||||||||||||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 95% | 1,397 | 1.71 | 1,679 | 2.05 | ||||||||||||||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 94% | 1,360 | 1.58 | 1,606 | 1.86 | ||||||||||||||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 936 | 274 | 98% | 1,265 | 1.35 | 1,530 | 1.63 | ||||||||||||||||||||||
Camden Woodson Park (1) | Houston | TX | 2008 | 916 | 248 | 94% | 1,186 | 1.30 | 1,456 | 1.59 | ||||||||||||||||||||||
Camden Yorktown (1) | Houston | TX | 2008 | 995 | 306 | 96% | 1,181 | 1.19 | 1,407 | 1.41 | ||||||||||||||||||||||
Total Houston | 28 | Properties | 950 | 9,806 | 96% | 1,445 | 1.52 | 1,677 | 1.76 | |||||||||||||||||||||||
TOTAL TEXAS | 53 | Properties | 926 | 19,158 | 96% | 1,411 | 1.52 | 1,652 | 1.78 | |||||||||||||||||||||||
TOTAL PROPERTIES | 169 | Properties | 959 | 57,611 | 97% | $1,605 | $1.67 | $1,882 | $1.96 | |||||||||||||||||||||||
8" ,>M>E2]G;W6<%7VGVD99_V?N^E6;6!X2LH1NN%XXS5G3]
M4GT=I(S9QS,3_P M$!*_0UUED=/U>"*Y9?*VN'(4\!A[5I.;BM49TX*3WL9,
M>K#Q3=VEI=VYENE.U=G!-=;IOP>C2:2:]G\RVD&1"JE=I^M=1I=IHNG-'=^3
M"Q W1RH!O&>I/O70)/:WT&^*8NJ\[1V^M>=4Q$E\&AZ$:2^UJ<-"72KC21
M';1^7-'G]^I)+>A^M9,_P2BO--+V.J$ZBJ_,DZ?+GOTY%>A030_:22_E@=R<
M5=\@73%XIMC-QN0=:PC7JQ=TS25&F^A\Z:]H6I^![N.ROTBS(GF(\;%E]P#Q
MS6)-,9F#8Q@8^45])^(/"-EXHL5M=75V,#;XY4.& ]C_ $KSOQE\&&L0USHD
M^Z#:6,,Y^;/;:<<_0UZE+$TYZ3T9Y]3#RB[QV/,)%63:PPK U,;1H[6X(
MM;EK8,2/+=CC\3DUE]8DB_8P['S8GASQS)A1HV3G R4&3]?2I[KP?X\MY!YF
MA0GC)^:/&/PKZ!ET#4FCDDEN8L C)A?=D>@Q6S8^&Y+BV=;ZU^U,&&T2R8&,
M=*/K,F+V4%T/EYM!\81+YLF@6>W<$ZJ1N/\ P*K&F^$?&FI--'!X9LI&CP6:
M4*" [1\8Z?X4\6SWUW&NF7,D"74\<RA^@I\=N7[5:CL?8U@X-%*2936$MUJ.Z C3 7%:T=J?2F76G^8
MO2G%
>'<%3F^AS*>
MM3+Z^M;LWP^U^WC#_81(O^PX)^M8>TJQ5P58'!##!%4I*6S$X2COH)@G@*6/
M0*HR36_I_@R^U"%)/-CMQ(#L60')K)A+VRBX215*G /-:NC75WJEY#9I(L\
MLC#$TC%=H[_6HG)I:,UIQCM)7)H_!NL?:$@\@/'G)?<-O^?:O0['1;(6L;V<
M$D=Q$-H9S@KCKQ4]A6^3=D2A&]&KDVUYIE\NU;
#Y1/)CIR:&: ;EF@D4,/XAM(IK0M"H;8P0]
M&(KI336QFU)/1C2QD;+%G_WF-7(=4GA4J 'CZ!6)JLN,?X5>AT[SA@RJO&
8^
M./#+6\*SV\$,RCC$G3ZUX[J$WE76)E5&W8VJI(KV;XB:M#Y*P0R '/K_ $KQ
M'7I5DN"JL05Y+8K]JR7GJTDYL_GGBBG3IUVZ91U*99T/RC@]A6,X .<5T6FZ
M3