(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 February 3, 2022 | |||||
Supplemental Financial Information dated February 3, 2022. | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Exhibit Number | Title | ||||
Press Release issued by Camden Property Trust dated February 3, 2022. | |||||
Supplemental Financial Information dated February 3, 2022. | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Three Months Ended | Twelve Months Ended | |||||||||||||
December 31 | December 31 | |||||||||||||
Per Diluted Share | 2021 | 2020 | 2021 | 2020 | ||||||||||
EPS | $2.02 | $0.29 | $2.96 | $1.24 | ||||||||||
FFO | $1.51 | $1.21 | $5.39 | $4.90 | ||||||||||
AFFO | $1.30 | $1.00 | $4.68 | $4.13 |
Quarterly Growth | Sequential Growth | Year-To-Date Growth | |||||||||
Same Property Results* | 4Q21 vs. 4Q20 | 4Q21 vs. 3Q21 | 2021 vs. 2020 | ||||||||
Revenues | 8.5% | 2.5% | 4.3% | ||||||||
Expenses | (2.3)% | (7.5)% | 3.5% | ||||||||
Net Operating Income ("NOI") | 14.9% | 8.4% | 4.8% |
Same Property Results | 4Q21 | 4Q20 | 3Q21 | ||||||||
Occupancy | 97.1% | 95.5% | 97.3% |
New Lease and Renewal Data - Date Signed (1) (2) | January 2022* | January 2021 | 4Q21(2) | 4Q20(2) | ||||||||||
New Lease Rates | 17.1% | (3.1)% | 16.7% | (4.0)% | ||||||||||
Renewal Rates | 13.5% | 3.0% | 14.1% | 2.9% | ||||||||||
Blended Rates | 15.2% | (0.2)% | 15.5% | (0.9)% | ||||||||||
New Leases | 1,311 | 1,646 | 1,287 | 1,398 | ||||||||||
Renewals | 1,472 | 1,546 | 1,163 | 1,145 | ||||||||||
Total Leases | 2,783 | 3,192 | 2,450 | 2,543 |
New Lease and Renewal Data - Date Effective (3) (4) | January 2022* | January 2021 | 4Q21(4) | 4Q20(4) | ||||||||||
New Lease Rates | 16.7% | (3.4)% | 17.8% | (4.3)% | ||||||||||
Renewal Rates | 14.8% | 2.9% | 13.6% | 2.5% | ||||||||||
Blended Rates | 15.7% | (1.0)% | 15.7% | (1.3)% | ||||||||||
New Leases | 1,338 | 1,569 | 1,379 | 1,519 | ||||||||||
Renewals | 1,300 | 973 | 1,295 | 1,163 | ||||||||||
Total Leases | 2,638 | 2,542 | 2,674 | 2,682 |
Occupancy and Turnover Data | January 2022* | January 2021 | 4Q21 | 4Q20 | ||||||||||
Occupancy | 97.2% | 95.7% | 97.1% | 95.5% | ||||||||||
Annualized Gross Turnover | 36% | 47% | 42% | 47% | ||||||||||
Annualized Net Turnover | 32% | 39% | 38% | 40% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 1/30/2022 | ||||||||||
Camden Lake Eola | Orlando, FL | 360 | $125.0 | 96 | % | |||||||||
Camden Hillcrest | San Diego, CA | 132 | 89.3 | 41 | % | |||||||||
Total | 492 | $214.3 |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 1/30/2022 | ||||||||||
Camden Buckhead | Atlanta, GA | 366 | $163.5 | 65 | % | |||||||||
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 | 1,773 | $603.5 |
1Q22 | 2022 | ||||||||||
Per Diluted Share | Range | Range | Midpoint | ||||||||
EPS | $0.38 - $0.42 | $1.65 - $1.95 | $1.80 | ||||||||
FFO | $1.45 - $1.49 | $6.09 - $6.39 | $6.24 | ||||||||
2022 | |||||||||||
Same Property Growth | Range | Midpoint | |||||||||
Revenues | 7.75% - 9.75% | 8.75% | |||||||||
Expenses | 2.25% - 3.75% | 3.00% | |||||||||
NOI | 10.50% - 13.50% | 12.00% |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
OPERATING DATA | |||||||||||||||||
Property revenues (a) | $305,364 | $261,554 | $1,143,585 | $1,043,837 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 67,343 | 62,402 | 267,703 | 252,190 | |||||||||||||
Real estate taxes | 35,711 | 37,555 | 149,322 | 142,636 | |||||||||||||
Total property expenses | 103,054 | 99,957 | 417,025 | 394,826 | |||||||||||||
Non-property income | |||||||||||||||||
Fee and asset management | 2,815 | 3,351 | 10,532 | 10,800 | |||||||||||||
Interest and other income | 191 | 347 | 1,223 | 2,949 | |||||||||||||
Income on deferred compensation plans | 5,186 | 10,399 | 14,369 | 12,045 | |||||||||||||
Total non-property income | 8,192 | 14,097 | 26,124 | 25,794 | |||||||||||||
Other expenses | |||||||||||||||||
Property management | 7,139 | 5,841 | 26,339 | 24,201 | |||||||||||||
Fee and asset management | 1,201 | 1,273 | 4,511 | 3,954 | |||||||||||||
General and administrative | 14,940 | 13,274 | 59,368 | 53,624 | |||||||||||||
Interest | 24,582 | 24,072 | 97,297 | 91,526 | |||||||||||||
Depreciation and amortization | 116,503 | 91,925 | 420,692 | 367,162 | |||||||||||||
Expense on deferred compensation plans | 5,186 | 10,399 | 14,369 | 12,045 | |||||||||||||
Total other expenses | 169,551 | 146,784 | 622,576 | 552,512 | |||||||||||||
Loss on early retirement of debt | — | (176) | — | (176) | |||||||||||||
Gain on sale of operating properties, including land | 174,384 | — | 174,384 | 382 | |||||||||||||
Equity in income of joint ventures | 3,125 | 2,143 | 9,777 | 8,052 | |||||||||||||
Income from continuing operations before income taxes | 218,460 | 30,877 | 314,269 | 130,551 | |||||||||||||
Income tax expense | (601) | (496) | (1,893) | (1,972) | |||||||||||||
Net income | 217,859 | 30,381 | 312,376 | 128,579 | |||||||||||||
Less income allocated to non-controlling interests | (4,961) | (1,188) | (8,469) | (4,668) | |||||||||||||
Net income attributable to common shareholders (b) | $212,898 | $29,193 | $303,907 | $123,911 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $217,859 | $30,381 | $312,376 | $128,579 | |||||||||||||
Other comprehensive income | |||||||||||||||||
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation | 154 | (318) | 154 | (318) | |||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 373 | 366 | 1,490 | 1,464 | |||||||||||||
Comprehensive income | 218,386 | 30,429 | 314,020 | 129,725 | |||||||||||||
Less income allocated to non-controlling interests | (4,961) | (1,188) | (8,469) | (4,668) | |||||||||||||
Comprehensive income attributable to common shareholders | $213,425 | $29,241 | $305,551 | $125,057 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Total earnings per common share - basic | $2.03 | $0.29 | $2.97 | $1.24 | |||||||||||||
Total earnings per common share - diluted | 2.02 | 0.29 | 2.96 | 1.24 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 104,611 | 99,422 | 101,999 | 99,385 | |||||||||||||
Diluted | 105,448 | 99,507 | 102,829 | 99,438 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||
Net income attributable to common shareholders (a) | $212,898 | $29,193 | $303,907 | $123,911 | |||||||||||||
Real estate depreciation and amortization | 114,007 | 89,504 | 410,767 | 357,489 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,688 | 2,550 | 10,591 | 9,483 | |||||||||||||
Income allocated to non-controlling interests | 4,961 | 1,188 | 8,469 | 4,849 | |||||||||||||
Gain on sale of operating properties | (174,384) | — | (174,384) | — | |||||||||||||
Funds from operations | $160,170 | $122,435 | $559,350 | $495,732 | |||||||||||||
Less: recurring capitalized expenditures (b) | (22,398) | (21,619) | (73,603) | (77,525) | |||||||||||||
Adjusted funds from operations | $137,772 | $100,816 | $485,747 | $418,207 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Funds from operations - diluted | $1.51 | $1.21 | $5.39 | $4.90 | |||||||||||||
Adjusted funds from operations - diluted | 1.30 | 1.00 | 4.68 | 4.13 | |||||||||||||
Distributions declared per common share | 0.83 | 0.83 | 3.32 | 3.32 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
FFO/AFFO - diluted | 106,322 | 101,255 | 103,747 | 101,186 | |||||||||||||
PROPERTY DATA | |||||||||||||||||
Total operating properties (end of period) (c) | 171 | 167 | 171 | 167 | |||||||||||||
Total operating apartment homes in operating properties (end of period) (c) | 58,300 | 56,850 | 58,300 | 56,850 | |||||||||||||
Total operating apartment homes (weighted average) | 51,313 | 49,270 | 50,479 | 49,128 | |||||||||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | |||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,349,594 | $1,317,431 | $1,285,634 | $1,233,937 | $1,225,214 | ||||||||||||
Buildings and improvements | 8,624,734 | 8,536,620 | 8,288,865 | 7,863,707 | 7,763,748 | ||||||||||||
9,974,328 | 9,854,051 | 9,574,499 | 9,097,644 | 8,988,962 | |||||||||||||
Accumulated depreciation | (3,358,027) | (3,319,206) | (3,219,085) | (3,124,504) | (3,034,186) | ||||||||||||
Net operating real estate assets | 6,616,301 | 6,534,845 | 6,355,414 | 5,973,140 | 5,954,776 | ||||||||||||
Properties under development, including land | 474,739 | 428,622 | 443,100 | 541,958 | 564,215 | ||||||||||||
Investments in joint ventures | 13,730 | 17,788 | 18,415 | 18,800 | 18,994 | ||||||||||||
Total real estate assets | 7,104,770 | 6,981,255 | 6,816,929 | 6,533,898 | 6,537,985 | ||||||||||||
Accounts receivable – affiliates | 18,664 | 18,686 | 19,183 | 19,502 | 20,158 | ||||||||||||
Other assets, net (a) | 234,370 | 252,079 | 241,687 | 213,126 | 216,276 | ||||||||||||
Cash and cash equivalents | 613,391 | 428,226 | 374,556 | 333,402 | 420,441 | ||||||||||||
Restricted cash | 5,589 | 5,321 | 4,762 | 4,105 | 4,092 | ||||||||||||
Total assets | $7,976,784 | $7,685,567 | $7,457,117 | $7,104,033 | $7,198,952 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,170,367 | $3,169,428 | $3,168,492 | $3,167,557 | $3,166,625 | ||||||||||||
Accounts payable and accrued expenses | 191,651 | 191,648 | 155,057 | 159,111 | 175,608 | ||||||||||||
Accrued real estate taxes | 66,673 | 88,116 | 66,696 | 33,155 | 66,156 | ||||||||||||
Distributions payable | 88,786 | 87,919 | 86,689 | 84,282 | 84,147 | ||||||||||||
Other liabilities (b) | 193,052 | 194,634 | 193,975 | 185,852 | 189,829 | ||||||||||||
Total liabilities | 3,710,529 | 3,731,745 | 3,670,909 | 3,629,957 | 3,682,365 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,126 | 1,114 | 1,098 | 1,070 | 1,069 | ||||||||||||
Additional paid-in capital | 5,363,530 | 5,180,783 | 4,953,703 | 4,588,056 | 4,581,710 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (829,453) | (954,880) | (897,761) | (842,628) | (791,079) | ||||||||||||
Treasury shares | (333,974) | (334,066) | (334,161) | (335,511) | (341,412) | ||||||||||||
Accumulated other comprehensive loss (c) | (3,739) | (4,266) | (4,638) | (5,010) | (5,383) | ||||||||||||
Total common equity | 4,197,490 | 3,888,685 | 3,718,241 | 3,405,977 | 3,444,905 | ||||||||||||
Non-controlling interests | 68,765 | 65,137 | 67,967 | 68,099 | 71,682 | ||||||||||||
Total equity | 4,266,255 | 3,953,822 | 3,786,208 | 3,474,076 | 3,516,587 | ||||||||||||
Total liabilities and equity | $7,976,784 | $7,685,567 | $7,457,117 | $7,104,033 | $7,198,952 | ||||||||||||
(a) Includes net deferred charges of: | $969 | $1,336 | $1,655 | $2,031 | $2,299 | ||||||||||||
(b) Includes deferred revenues of: | $334 | $208 | $232 | $256 | $284 | ||||||||||||
(c) Represents the unrealized net gain (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 December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income attributable to common shareholders (a) | $212,898 | $29,193 | $303,907 | $123,911 | |||||||||||||
Real estate depreciation and amortization | 114,007 | 89,504 | 410,767 | 357,489 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,688 | 2,550 | 10,591 | 9,483 | |||||||||||||
Income allocated to non-controlling interests | 4,961 | 1,188 | 8,469 | 4,849 | |||||||||||||
Gain on sale of operating properties | (174,384) | — | (174,384) | — | |||||||||||||
Funds from operations | $160,170 | $122,435 | $559,350 | $495,732 | |||||||||||||
Less: recurring capitalized expenditures | (22,398) | (21,619) | (73,603) | (77,525) | |||||||||||||
Adjusted funds from operations | $137,772 | $100,816 | $485,747 | $418,207 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
EPS diluted | 105,448 | 99,507 | 102,829 | 99,438 | |||||||||||||
FFO/AFFO diluted | 106,322 | 101,255 | 103,747 | 101,186 | |||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Total Earnings Per Common Share - Diluted | $2.02 | $0.29 | $2.96 | $1.24 | |||||||||||||
Real estate depreciation and amortization | 1.07 | 0.88 | 3.96 | 3.53 | |||||||||||||
Adjustments for unconsolidated joint ventures | 0.03 | 0.03 | 0.09 | 0.09 | |||||||||||||
Income allocated to non-controlling interests | 0.03 | 0.01 | 0.06 | 0.04 | |||||||||||||
Gain on sale of operating properties | (1.64) | — | (1.68) | — | |||||||||||||
FFO per common share - Diluted | $1.51 | $1.21 | $5.39 | $4.90 | |||||||||||||
Less: recurring capitalized expenditures | (0.21) | (0.21) | (0.71) | (0.77) | |||||||||||||
AFFO per common share - Diluted | $1.30 | $1.00 | $4.68 | $4.13 | |||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
1Q22 | Range | 2022 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.38 | $0.42 | $1.65 | $1.95 | |||||||||||||
Expected real estate depreciation and amortization | 1.03 | 1.03 | 4.28 | 4.28 | |||||||||||||
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 | 0.06 | 0.06 | |||||||||||||
Expected FFO per share - diluted | $1.45 | $1.49 | $6.09 | $6.39 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document. |
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income (a) | $217,859 | $30,381 | $312,376 | $128,579 | |||||||||||||
Less: Fee and asset management income | (2,815) | (3,351) | (10,532) | (10,800) | |||||||||||||
Less: Interest and other income | (191) | (347) | (1,223) | (2,949) | |||||||||||||
Less: Income on deferred compensation plans | (5,186) | (10,399) | (14,369) | (12,045) | |||||||||||||
Plus: Property management expense | 7,139 | 5,841 | 26,339 | 24,201 | |||||||||||||
Plus: Fee and asset management expense | 1,201 | 1,273 | 4,511 | 3,954 | |||||||||||||
Plus: General and administrative expense | 14,940 | 13,274 | 59,368 | 53,624 | |||||||||||||
Plus: Interest expense | 24,582 | 24,072 | 97,297 | 91,526 | |||||||||||||
Plus: Depreciation and amortization expense | 116,503 | 91,925 | 420,692 | 367,162 | |||||||||||||
Plus: Expense on deferred compensation plans | 5,186 | 10,399 | 14,369 | 12,045 | |||||||||||||
Plus: Loss on early retirement of debt | — | 176 | — | 176 | |||||||||||||
Less: Gain on sale of operating properties, including land | (174,384) | — | (174,384) | (382) | |||||||||||||
Less: Equity in income of joint ventures | (3,125) | (2,143) | (9,777) | (8,052) | |||||||||||||
Plus: Income tax expense | 601 | 496 | 1,893 | 1,972 | |||||||||||||
NOI (b) (c) | $202,310 | $161,597 | $726,560 | $649,011 | |||||||||||||
"Same Property" Communities | $168,342 | $146,564 | $620,662 | $592,495 | |||||||||||||
Non-"Same Property" Communities | 28,174 | 15,085 | 86,160 | 58,885 | |||||||||||||
Development and Lease-Up Communities | 2,867 | (4) | 4,876 | (7) | |||||||||||||
Pandemic Related Impact (b) (c) | — | — | — | (13,614) | |||||||||||||
Other | 2,927 | (48) | 14,862 | 11,252 | |||||||||||||
NOI (b) (c) (d) | $202,310 | $161,597 | $726,560 | $649,011 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income attributable to common shareholders (a) | $212,898 | $29,193 | $303,907 | $123,911 | |||||||||||||
Plus: Interest expense | 24,582 | 24,072 | 97,297 | 91,526 | |||||||||||||
Plus: Depreciation and amortization expense | 116,503 | 91,925 | 420,692 | 367,162 | |||||||||||||
Plus: Income allocated to non-controlling interests | 4,961 | 1,188 | 8,469 | 4,668 | |||||||||||||
Plus: Income tax expense | 601 | 496 | 1,893 | 1,972 | |||||||||||||
Plus: Pandemic Related Impact (b) | — | — | — | 14,364 | |||||||||||||
Plus: Retail straight-line rent receivables adjustment (c) | — | 3,519 | — | 3,519 | |||||||||||||
Less: Gain on sale of operating properties, including land | (174,384) | — | (174,384) | (382) | |||||||||||||
Plus: Loss on early retirement of debt | — | 176 | — | 176 | |||||||||||||
Less: Equity in income of joint ventures | (3,125) | (2,143) | (9,777) | (8,052) | |||||||||||||
Adjusted EBITDA | $182,036 | $148,426 | $648,097 | $598,864 | |||||||||||||
Annualized Adjusted EBITDA | $728,144 | $593,704 | $648,097 | $598,864 |
Average monthly balance for the | Average monthly balance for the | ||||||||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Unsecured notes payable | $3,170,054 | $3,166,316 | $3,168,649 | $3,062,587 | |||||||||||||||||||
Total debt | 3,170,054 | 3,166,316 | 3,168,649 | 3,062,587 | |||||||||||||||||||
Less: Cash and cash equivalents | (385,194) | (403,119) | (329,967) | (376,114) | |||||||||||||||||||
Net debt | $2,784,860 | $2,763,197 | $2,838,682 | $2,686,473 | |||||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net debt | $2,784,860 | $2,763,197 | $2,838,682 | $2,686,473 | |||||||||||||||||||
Annualized Adjusted EBITDA | 728,144 | 593,704 | 648,097 | 598,864 | |||||||||||||||||||
Net Debt to Annualized Adjusted EBITDA | 3.8x | 4.7x | 4.4x | 4.5x | |||||||||||||||||||
CAMDEN | 2022 FINANCIAL OUTLOOK | |||||||
AS OF FEBRUARY 3, 2022 | ||||||||
Earnings Guidance - Per Diluted Share | |||||||||||
Expected FFO per share - diluted | $6.09 - $6.39 | ||||||||||
"Same Property" Communities | |||||||||||
Number of Units - 2022 | 46,789 | ||||||||||
2021 Base Net Operating Income | $668 million | ||||||||||
Total Revenue Growth | 7.75% - 9.75% | ||||||||||
Total Expense Growth | 2.25% - 3.75% | ||||||||||
Net Operating Income Growth | 10.50% - 13.50% | ||||||||||
Impact from 1% change in NOI Growth is approximately $0.062 / share | |||||||||||
Capitalized Expenditures | |||||||||||
Recurring | $80 - $84 million | ||||||||||
Revenue Enhancing Capex, Repositions, Redevelopment, and Repurposes (a) | $62 - $66 million | ||||||||||
Non - Recurring Capital Expenditures | $16 - $18 million | ||||||||||
Acquisitions/Dispositions | |||||||||||
Acquisition Volume (consolidated on balance sheet) | $500 - $700 million | ||||||||||
Disposition Volume (consolidated on balance sheet) | $200 - $300 million | ||||||||||
Development | |||||||||||
Development Starts (consolidated on balance sheet) | $400 - $600 million | ||||||||||
Development Spend (consolidated on balance sheet) | $300 - $330 million | ||||||||||
Equity in Income of Joint Ventures (FFO) | $22 - $24 million | ||||||||||
Non-Property Income | |||||||||||
Non-Property Income | $10 - $12 million | ||||||||||
Includes: Fee and asset management income and interest and other income | |||||||||||
Corporate Expenses | |||||||||||
General and Administrative/Property Management Expenses | $82 - $88 million | ||||||||||
Fee and Asset Management Expense | $4 - $6 million | ||||||||||
Corporate G&A Depreciation/Amortization | $10 - $12 million | ||||||||||
Capital | |||||||||||
Expensed Interest | $95 - $99 million | ||||||||||
Capitalized Interest | $16 - $18 million | ||||||||||
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" Fourth 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 and Dispositions | |||||
Debt Analysis | |||||
Debt Maturity Analysis | |||||
Debt Covenant Analysis | |||||
Unconsolidated Real Estate Investments Debt Analysis | |||||
Unconsolidated Real Estate Investments Debt Maturity Analysis | |||||
Capitalized Expenditures & Maintenance Expense | |||||
2022 Financial Outlook | |||||
Non-GAAP Financial Measures - Definitions & Reconciliations | |||||
Other Data | |||||
Community Table |
Three Months Ended | Twelve Months Ended | |||||||||||||
December 31 | December 31 | |||||||||||||
Per Diluted Share | 2021 | 2020 | 2021 | 2020 | ||||||||||
EPS | $2.02 | $0.29 | $2.96 | $1.24 | ||||||||||
FFO | $1.51 | $1.21 | $5.39 | $4.90 | ||||||||||
AFFO | $1.30 | $1.00 | $4.68 | $4.13 |
Quarterly Growth | Sequential Growth | Year-To-Date Growth | |||||||||
Same Property Results* | 4Q21 vs. 4Q20 | 4Q21 vs. 3Q21 | 2021 vs. 2020 | ||||||||
Revenues | 8.5% | 2.5% | 4.3% | ||||||||
Expenses | (2.3)% | (7.5)% | 3.5% | ||||||||
Net Operating Income ("NOI") | 14.9% | 8.4% | 4.8% |
Same Property Results | 4Q21 | 4Q20 | 3Q21 | ||||||||
Occupancy | 97.1% | 95.5% | 97.3% |
New Lease and Renewal Data - Date Signed (1) (2) | January 2022* | January 2021 | 4Q21(2) | 4Q20(2) | ||||||||||
New Lease Rates | 17.1% | (3.1)% | 16.7% | (4.0)% | ||||||||||
Renewal Rates | 13.5% | 3.0% | 14.1% | 2.9% | ||||||||||
Blended Rates | 15.2% | (0.2)% | 15.5% | (0.9)% | ||||||||||
New Leases | 1,311 | 1,646 | 1,287 | 1,398 | ||||||||||
Renewals | 1,472 | 1,546 | 1,163 | 1,145 | ||||||||||
Total Leases | 2,783 | 3,192 | 2,450 | 2,543 |
New Lease and Renewal Data - Date Effective (3) (4) | January 2022* | January 2021 | 4Q21(4) | 4Q20(4) | ||||||||||
New Lease Rates | 16.7% | (3.4)% | 17.8% | (4.3)% | ||||||||||
Renewal Rates | 14.8% | 2.9% | 13.6% | 2.5% | ||||||||||
Blended Rates | 15.7% | (1.0)% | 15.7% | (1.3)% | ||||||||||
New Leases | 1,338 | 1,569 | 1,379 | 1,519 | ||||||||||
Renewals | 1,300 | 973 | 1,295 | 1,163 | ||||||||||
Total Leases | 2,638 | 2,542 | 2,674 | 2,682 |
Occupancy and Turnover Data | January 2022* | January 2021 | 4Q21 | 4Q20 | ||||||||||
Occupancy | 97.2% | 95.7% | 97.1% | 95.5% | ||||||||||
Annualized Gross Turnover | 36% | 47% | 42% | 47% | ||||||||||
Annualized Net Turnover | 32% | 39% | 38% | 40% |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Cost | as of 1/30/2022 | ||||||||||
Camden Lake Eola | Orlando, FL | 360 | $125.0 | 96 | % | |||||||||
Camden Hillcrest | San Diego, CA | 132 | 89.3 | 41 | % | |||||||||
Total | 492 | $214.3 |
Total | Total | % Leased | ||||||||||||
Community Name | Location | Homes | Estimated Cost | as of 1/30/2022 | ||||||||||
Camden Buckhead | Atlanta, GA | 366 | $163.5 | 65 | % | |||||||||
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 | 1,773 | $603.5 |
1Q22 | 2022 | ||||||||||
Per Diluted Share | Range | Range | Midpoint | ||||||||
EPS | $0.38 - $0.42 | $1.65 - $1.95 | $1.80 | ||||||||
FFO | $1.45 - $1.49 | $6.09 - $6.39 | $6.24 | ||||||||
2022 | |||||||||||
Same Property Growth | Range | Midpoint | |||||||||
Revenues | 7.75% - 9.75% | 8.75% | |||||||||
Expenses | 2.25% - 3.75% | 3.00% | |||||||||
NOI | 10.50% - 13.50% | 12.00% |
CAMDEN | FINANCIAL HIGHLIGHTS | |||||||
(In thousands, except per share, property data amounts and ratios) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Property revenues (a) | $305,364 | $261,554 | $1,143,585 | $1,043,837 | |||||||||||||
Adjusted EBITDA (b) | 182,036 | 148,426 | 648,097 | 598,864 | |||||||||||||
Net income attributable to common shareholders (c) | 212,898 | 29,193 | 303,907 | 123,911 | |||||||||||||
Per share - basic | 2.03 | 0.29 | 2.97 | 1.24 | |||||||||||||
Per share - diluted | 2.02 | 0.29 | 2.96 | 1.24 | |||||||||||||
Funds from operations | 160,170 | 122,435 | 559,350 | 495,732 | |||||||||||||
Per share - diluted | 1.51 | 1.21 | 5.39 | 4.90 | |||||||||||||
Adjusted funds from operations | 137,772 | 100,816 | 485,747 | 418,207 | |||||||||||||
Per share - diluted | 1.30 | 1.00 | 4.68 | 4.13 | |||||||||||||
Dividends per share | 0.83 | 0.83 | 3.32 | 3.32 | |||||||||||||
Dividend payout ratio (FFO) | 55.0 | % | 68.6 | % | 61.6 | % | 67.8 | % | |||||||||
Interest expensed | 24,582 | 24,072 | 97,297 | 91,526 | |||||||||||||
Interest capitalized | 3,917 | 4,429 | 16,688 | 17,385 | |||||||||||||
Total interest incurred | 28,499 | 28,501 | 113,985 | 108,911 | |||||||||||||
Net Debt to Annualized Adjusted EBITDA (d) | 3.8x | 4.7x | 4.4x | 4.5x | |||||||||||||
Interest expense coverage ratio | 7.4x | 6.2x | 6.7x | 6.5x | |||||||||||||
Total interest coverage ratio | 6.4x | 5.2x | 5.7x | 5.5x | |||||||||||||
Fixed charge expense coverage ratio | 7.4x | 6.2x | 6.7x | 6.5x | |||||||||||||
Total fixed charge coverage ratio | 6.4x | 5.2x | 5.7x | 5.5x | |||||||||||||
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.3x | 3.0x | 3.3x | 3.0x | |||||||||||||
Same property NOI growth (e) | 14.9 | % | (4.6) | % | 4.8 | % | (0.4) | % | |||||||||
(# of apartment homes included) | 44,122 | 43,710 | 44,122 | 43,710 | |||||||||||||
Gross turnover of apartment homes (annualized) | 40 | % | 46 | % | 49 | % | 51 | % | |||||||||
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 35 | % | 36 | % | 41 | % | 41 | % | |||||||||
As of December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Total assets | $7,976,784 | $7,198,952 | |||||||||||||||
Total debt | $3,170,367 | $3,166,625 | |||||||||||||||
Common and common equivalent shares, outstanding end of period (f) | 106,970 | 101,279 | |||||||||||||||
Share price, end of period | $178.68 | $99.92 | |||||||||||||||
Book equity value, end of period (g) | $4,266,255 | $3,516,587 | |||||||||||||||
Market equity value, end of period (h) | $19,113,400 | $10,119,798 |
CAMDEN | OPERATING RESULTS | |||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
OPERATING DATA | |||||||||||||||||
Property revenues (a) | $305,364 | $261,554 | $1,143,585 | $1,043,837 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 67,343 | 62,402 | 267,703 | 252,190 | |||||||||||||
Real estate taxes | 35,711 | 37,555 | 149,322 | 142,636 | |||||||||||||
Total property expenses | 103,054 | 99,957 | 417,025 | 394,826 | |||||||||||||
Non-property income | |||||||||||||||||
Fee and asset management | 2,815 | 3,351 | 10,532 | 10,800 | |||||||||||||
Interest and other income | 191 | 347 | 1,223 | 2,949 | |||||||||||||
Income on deferred compensation plans | 5,186 | 10,399 | 14,369 | 12,045 | |||||||||||||
Total non-property income | 8,192 | 14,097 | 26,124 | 25,794 | |||||||||||||
Other expenses | |||||||||||||||||
Property management | 7,139 | 5,841 | 26,339 | 24,201 | |||||||||||||
Fee and asset management | 1,201 | 1,273 | 4,511 | 3,954 | |||||||||||||
General and administrative | 14,940 | 13,274 | 59,368 | 53,624 | |||||||||||||
Interest | 24,582 | 24,072 | 97,297 | 91,526 | |||||||||||||
Depreciation and amortization | 116,503 | 91,925 | 420,692 | 367,162 | |||||||||||||
Expense on deferred compensation plans | 5,186 | 10,399 | 14,369 | 12,045 | |||||||||||||
Total other expenses | 169,551 | 146,784 | 622,576 | 552,512 | |||||||||||||
Loss on early retirement of debt | — | (176) | — | (176) | |||||||||||||
Gain on sale of operating properties, including land | 174,384 | — | 174,384 | 382 | |||||||||||||
Equity in income of joint ventures | 3,125 | 2,143 | 9,777 | 8,052 | |||||||||||||
Income from continuing operations before income taxes | 218,460 | 30,877 | 314,269 | 130,551 | |||||||||||||
Income tax expense | (601) | (496) | (1,893) | (1,972) | |||||||||||||
Net income | 217,859 | 30,381 | 312,376 | 128,579 | |||||||||||||
Less income allocated to non-controlling interests | (4,961) | (1,188) | (8,469) | (4,668) | |||||||||||||
Net income attributable to common shareholders (b) | $212,898 | $29,193 | $303,907 | $123,911 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Net income | $217,859 | $30,381 | $312,376 | $128,579 | |||||||||||||
Other comprehensive income | |||||||||||||||||
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation | 154 | (318) | 154 | (318) | |||||||||||||
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 373 | 366 | 1,490 | 1,464 | |||||||||||||
Comprehensive income | 218,386 | 30,429 | 314,020 | 129,725 | |||||||||||||
Less income allocated to non-controlling interests | (4,961) | (1,188) | (8,469) | (4,668) | |||||||||||||
Comprehensive income attributable to common shareholders | $213,425 | $29,241 | $305,551 | $125,057 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Total earnings per common share - basic | $2.03 | $0.29 | $2.97 | $1.24 | |||||||||||||
Total earnings per common share - diluted | 2.02 | 0.29 | 2.96 | 1.24 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
Basic | 104,611 | 99,422 | 101,999 | 99,385 | |||||||||||||
Diluted | 105,448 | 99,507 | 102,829 | 99,438 |
CAMDEN | FUNDS FROM OPERATIONS | |||||||
(In thousands, except per share and property data amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
FUNDS FROM OPERATIONS | |||||||||||||||||
Net income attributable to common shareholders (a) | $212,898 | $29,193 | $303,907 | $123,911 | |||||||||||||
Real estate depreciation and amortization | 114,007 | 89,504 | 410,767 | 357,489 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,688 | 2,550 | 10,591 | 9,483 | |||||||||||||
Income allocated to non-controlling interests | 4,961 | 1,188 | 8,469 | 4,849 | |||||||||||||
Gain on sale of operating properties | (174,384) | — | (174,384) | — | |||||||||||||
Funds from operations | $160,170 | $122,435 | $559,350 | $495,732 | |||||||||||||
Less: recurring capitalized expenditures (b) | (22,398) | (21,619) | (73,603) | (77,525) | |||||||||||||
Adjusted funds from operations | $137,772 | $100,816 | $485,747 | $418,207 | |||||||||||||
PER SHARE DATA | |||||||||||||||||
Funds from operations - diluted | $1.51 | $1.21 | $5.39 | $4.90 | |||||||||||||
Adjusted funds from operations - diluted | 1.30 | 1.00 | 4.68 | 4.13 | |||||||||||||
Distributions declared per common share | 0.83 | 0.83 | 3.32 | 3.32 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
FFO/AFFO - diluted | 106,322 | 101,255 | 103,747 | 101,186 | |||||||||||||
PROPERTY DATA | |||||||||||||||||
Total operating properties (end of period) (c) | 171 | 167 | 171 | 167 | |||||||||||||
Total operating apartment homes in operating properties (end of period) (c) | 58,300 | 56,850 | 58,300 | 56,850 | |||||||||||||
Total operating apartment homes (weighted average) | 51,313 | 49,270 | 50,479 | 49,128 | |||||||||||||
CAMDEN | BALANCE SHEETS | |||||||
(In thousands) | ||||||||
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | |||||||||||||
ASSETS | |||||||||||||||||
Real estate assets, at cost | |||||||||||||||||
Land | $1,349,594 | $1,317,431 | $1,285,634 | $1,233,937 | $1,225,214 | ||||||||||||
Buildings and improvements | 8,624,734 | 8,536,620 | 8,288,865 | 7,863,707 | 7,763,748 | ||||||||||||
9,974,328 | 9,854,051 | 9,574,499 | 9,097,644 | 8,988,962 | |||||||||||||
Accumulated depreciation | (3,358,027) | (3,319,206) | (3,219,085) | (3,124,504) | (3,034,186) | ||||||||||||
Net operating real estate assets | 6,616,301 | 6,534,845 | 6,355,414 | 5,973,140 | 5,954,776 | ||||||||||||
Properties under development, including land | 474,739 | 428,622 | 443,100 | 541,958 | 564,215 | ||||||||||||
Investments in joint ventures | 13,730 | 17,788 | 18,415 | 18,800 | 18,994 | ||||||||||||
Total real estate assets | 7,104,770 | 6,981,255 | 6,816,929 | 6,533,898 | 6,537,985 | ||||||||||||
Accounts receivable – affiliates | 18,664 | 18,686 | 19,183 | 19,502 | 20,158 | ||||||||||||
Other assets, net (a) | 234,370 | 252,079 | 241,687 | 213,126 | 216,276 | ||||||||||||
Cash and cash equivalents | 613,391 | 428,226 | 374,556 | 333,402 | 420,441 | ||||||||||||
Restricted cash | 5,589 | 5,321 | 4,762 | 4,105 | 4,092 | ||||||||||||
Total assets | $7,976,784 | $7,685,567 | $7,457,117 | $7,104,033 | $7,198,952 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities | |||||||||||||||||
Notes payable | |||||||||||||||||
Unsecured | $3,170,367 | $3,169,428 | $3,168,492 | $3,167,557 | $3,166,625 | ||||||||||||
Accounts payable and accrued expenses | 191,651 | 191,648 | 155,057 | 159,111 | 175,608 | ||||||||||||
Accrued real estate taxes | 66,673 | 88,116 | 66,696 | 33,155 | 66,156 | ||||||||||||
Distributions payable | 88,786 | 87,919 | 86,689 | 84,282 | 84,147 | ||||||||||||
Other liabilities (b) | 193,052 | 194,634 | 193,975 | 185,852 | 189,829 | ||||||||||||
Total liabilities | 3,710,529 | 3,731,745 | 3,670,909 | 3,629,957 | 3,682,365 | ||||||||||||
Equity | |||||||||||||||||
Common shares of beneficial interest | 1,126 | 1,114 | 1,098 | 1,070 | 1,069 | ||||||||||||
Additional paid-in capital | 5,363,530 | 5,180,783 | 4,953,703 | 4,588,056 | 4,581,710 | ||||||||||||
Distributions in excess of net income attributable to common shareholders | (829,453) | (954,880) | (897,761) | (842,628) | (791,079) | ||||||||||||
Treasury shares | (333,974) | (334,066) | (334,161) | (335,511) | (341,412) | ||||||||||||
Accumulated other comprehensive loss (c) | (3,739) | (4,266) | (4,638) | (5,010) | (5,383) | ||||||||||||
Total common equity | 4,197,490 | 3,888,685 | 3,718,241 | 3,405,977 | 3,444,905 | ||||||||||||
Non-controlling interests | 68,765 | 65,137 | 67,967 | 68,099 | 71,682 | ||||||||||||
Total equity | 4,266,255 | 3,953,822 | 3,786,208 | 3,474,076 | 3,516,587 | ||||||||||||
Total liabilities and equity | $7,976,784 | $7,685,567 | $7,457,117 | $7,104,033 | $7,198,952 | ||||||||||||
(a) Includes net deferred charges of: | $969 | $1,336 | $1,655 | $2,031 | $2,299 | ||||||||||||
(b) Includes deferred revenues of: | $334 | $208 | $232 | $256 | $284 | ||||||||||||
(c) Represents the unrealized net gain (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) | 5,778 | 378 | — | — | 6,156 | 281 | 6,437 | ||||||||||||||||||||||
Houston, TX | 5,575 | 823 | — | — | 6,398 | 2,756 | 9,154 | ||||||||||||||||||||||
Atlanta, GA | 3,970 | 292 | — | 366 | 4,628 | 234 | 4,862 | ||||||||||||||||||||||
Phoenix, AZ | 3,245 | 784 | — | 397 | 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 | 558 | — | — | 4,974 | 1,250 | 6,224 | ||||||||||||||||||||||
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 | 546 | — | 354 | 3,252 | 350 | 3,602 | ||||||||||||||||||||||
Tampa, FL | 2,286 | 368 | — | — | 2,654 | 450 | 3,104 | ||||||||||||||||||||||
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 | 44,122 | 6,439 | 492 | 1,773 | 52,826 | 7,247 | 60,073 |
FOURTH 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) | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | ||||||||||||||||||||||
D.C. Metro | 15.5 | % | 14.5 | % | 14.2 | % | 97.4 | % | 97.4 | % | 96.7 | % | 96.0 | % | 95.9 | % | |||||||||||||
Houston, TX | 10.0 | % | 10.3 | % | 11.1 | % | 96.2 | % | 96.4 | % | 95.7 | % | 94.0 | % | 92.7 | % | |||||||||||||
Atlanta, GA | 8.6 | % | 7.7 | % | 7.6 | % | 96.3 | % | 97.2 | % | 97.4 | % | 96.5 | % | 96.2 | % | |||||||||||||
Phoenix, AZ | 8.4 | % | 8.8 | % | 8.5 | % | 97.0 | % | 97.0 | % | 96.9 | % | 97.1 | % | 96.7 | % | |||||||||||||
Los Angeles/Orange County, CA | 6.7 | % | 7.3 | % | 7.0 | % | 98.1 | % | 98.0 | % | 97.3 | % | 96.4 | % | 96.4 | % | |||||||||||||
SE Florida | 5.4 | % | 6.6 | % | 6.3 | % | 98.0 | % | 98.2 | % | 98.0 | % | 97.1 | % | 95.7 | % | |||||||||||||
Dallas, TX | 7.8 | % | 7.5 | % | 7.8 | % | 97.3 | % | 97.5 | % | 96.6 | % | 96.0 | % | 95.3 | % | |||||||||||||
Denver, CO | 6.7 | % | 6.1 | % | 6.0 | % | 96.5 | % | 97.2 | % | 96.4 | % | 96.1 | % | 95.8 | % | |||||||||||||
Orlando, FL | 5.9 | % | 6.2 | % | 6.2 | % | 97.7 | % | 97.5 | % | 97.1 | % | 94.9 | % | 94.1 | % | |||||||||||||
Charlotte, NC | 5.8 | % | 5.1 | % | 5.1 | % | 96.6 | % | 96.8 | % | 96.3 | % | 95.6 | % | 95.3 | % | |||||||||||||
Raleigh, NC | 4.4 | % | 4.6 | % | 4.6 | % | 96.7 | % | 97.5 | % | 97.1 | % | 96.3 | % | 95.9 | % | |||||||||||||
Tampa, FL | 5.3 | % | 5.7 | % | 5.8 | % | 97.4 | % | 97.9 | % | 97.6 | % | 97.3 | % | 96.7 | % | |||||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 4.3 | % | 4.2 | % | 97.4 | % | 96.9 | % | 97.4 | % | 97.4 | % | 97.0 | % | |||||||||||||
Austin, TX | 4.4 | % | 3.8 | % | 4.2 | % | 97.5 | % | 97.6 | % | 97.3 | % | 96.3 | % | 95.6 | % | |||||||||||||
Nashville, TN | — | % | 1.5 | % | 1.4 | % | 97.0 | % | 97.5 | % | 97.0 | % | — | % | — | % | |||||||||||||
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % | 97.0 | % | 97.3 | % | 96.8 | % | 95.9 | % | 95.3 | % | |||||||||||||
CAMDEN | COMPONENTS OF PROPERTY | |||||||
NET OPERATING INCOME | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||||||||||||||||||
Property Revenues | Homes | 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 44,122 | $252,903 | $233,151 | $19,752 | $971,872 | $931,894 | $39,978 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) | 6,439 | 43,763 | 25,607 | 18,156 | 138,605 | 98,665 | 39,940 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,265 | 3,830 | — | 3,830 | 7,571 | — | 7,571 | ||||||||||||||||||||||||||||||||||
Resident Relief Funds (d) | — | — | — | — | — | (9,074) | 9,074 | ||||||||||||||||||||||||||||||||||
Disposition/Other (e) | — | 4,868 | 2,796 | 2,072 | 25,537 | 22,352 | 3,185 | ||||||||||||||||||||||||||||||||||
Total Property Revenues | 52,826 | $305,364 | $261,554 | $43,810 | $1,143,585 | $1,043,837 | $99,748 | ||||||||||||||||||||||||||||||||||
Property Expenses | |||||||||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 44,122 | $84,561 | $86,587 | ($2,026) | $351,210 | $339,399 | $11,811 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) | 6,439 | 15,589 | 10,522 | 5,067 | 52,445 | 39,780 | 12,665 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,265 | 963 | 4 | 959 | 2,695 | 7 | 2,688 | ||||||||||||||||||||||||||||||||||
Pandemic Expenses (f) | — | — | — | — | — | 4,540 | (4,540) | ||||||||||||||||||||||||||||||||||
Disposition/Other (e) | — | 1,941 | 2,844 | (903) | 10,675 | 11,100 | (425) | ||||||||||||||||||||||||||||||||||
Total Property Expenses | 52,826 | $103,054 | $99,957 | $3,097 | $417,025 | $394,826 | $22,199 | ||||||||||||||||||||||||||||||||||
Property Net Operating Income | |||||||||||||||||||||||||||||||||||||||||
"Same Property" Communities (a) | 44,122 | $168,342 | $146,564 | $21,778 | $620,662 | $592,495 | $28,167 | ||||||||||||||||||||||||||||||||||
Non-"Same Property" Communities (b) | 6,439 | 28,174 | 15,085 | 13,089 | 86,160 | 58,885 | 27,275 | ||||||||||||||||||||||||||||||||||
Development and Lease-Up Communities (c) | 2,265 | 2,867 | (4) | 2,871 | 4,876 | (7) | 4,883 | ||||||||||||||||||||||||||||||||||
Pandemic Related Impact (d)(f) | — | — | — | — | — | (13,614) | 13,614 | ||||||||||||||||||||||||||||||||||
Disposition/Other (e) | — | 2,927 | (48) | 2,975 | 14,862 | 11,252 | 3,610 | ||||||||||||||||||||||||||||||||||
Total Property Net Operating Income | 52,826 | $202,310 | $161,597 | $40,713 | $726,560 | $649,011 | $77,549 | ||||||||||||||||||||||||||||||||||
CAMDEN | "SAME PROPERTY" | |||||||
FOURTH QUARTER COMPARISONS | ||||||||
December 31, 2021 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | 4Q21 | 4Q20 | Growth | 4Q21 | 4Q20 | Growth | 4Q21 | 4Q20 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 5,778 | $37,830 | $36,513 | 3.6 | % | $11,694 | $11,455 | 2.1 | % | $26,136 | $25,058 | 4.3 | % | ||||||||||||||||||||||||||||
Houston, TX | 5,575 | 27,677 | 26,281 | 5.3 | % | 10,755 | 13,073 | (17.7) | % | 16,922 | 13,208 | 28.1 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,970 | 22,764 | 20,848 | 9.2 | % | 8,284 | 7,460 | 11.0 | % | 14,480 | 13,388 | 8.2 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 3,245 | 19,021 | 16,877 | 12.7 | % | 4,930 | 4,828 | 2.1 | % | 14,091 | 12,049 | 16.9 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 21,572 | 20,132 | 7.2 | % | 8,368 | 9,225 | (9.3) | % | 13,204 | 10,907 | 21.1 | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 15,921 | 14,763 | 7.8 | % | 4,649 | 4,610 | 0.8 | % | 11,272 | 10,153 | 11.0 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 15,983 | 14,339 | 11.5 | % | 4,781 | 5,279 | (9.4) | % | 11,202 | 9,060 | 23.6 | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 15,267 | 14,017 | 8.9 | % | 5,377 | 5,212 | 3.2 | % | 9,890 | 8,805 | 12.3 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 14,079 | 12,986 | 8.4 | % | 4,358 | 4,191 | 4.0 | % | 9,721 | 8,795 | 10.5 | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 13,709 | 12,396 | 10.6 | % | 4,595 | 4,323 | 6.3 | % | 9,114 | 8,073 | 12.9 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 13,629 | 11,993 | 13.6 | % | 4,766 | 4,441 | 7.3 | % | 8,863 | 7,552 | 17.4 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 12,115 | 10,860 | 11.6 | % | 3,546 | 3,562 | (0.4) | % | 8,569 | 7,298 | 17.4 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,352 | 10,811 | 9,747 | 10.9 | % | 3,411 | 3,367 | 1.3 | % | 7,400 | 6,380 | 16.0 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,326 | 12,525 | 11,399 | 9.9 | % | 5,047 | 5,561 | (9.2) | % | 7,478 | 5,838 | 28.1 | % | ||||||||||||||||||||||||||||
Total Same Property | 44,122 | $252,903 | $233,151 | 8.5 | % | $84,561 | $86,587 | (2.3) | % | $168,342 | $146,564 | 14.9 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 4Q21 | 4Q20 | Growth | 4Q21 | 4Q20 | Growth | 4Q21 | 4Q20 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 15.5 | % | 97.4 | % | 95.9 | % | 1.5 | % | $1,957 | $1,911 | 2.4 | % | $2,241 | $2,196 | 2.1 | % | |||||||||||||||||||||||||
Houston, TX | 10.0 | % | 95.9 | % | 92.0 | % | 3.9 | % | 1,492 | 1,466 | 1.8 | % | 1,726 | 1,703 | 1.4 | % | |||||||||||||||||||||||||
Atlanta, GA | 8.6 | % | 96.8 | % | 96.2 | % | 0.6 | % | 1,701 | 1,553 | 9.5 | % | 1,975 | 1,820 | 8.6 | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.4 | % | 97.0 | % | 96.8 | % | 0.2 | % | 1,719 | 1,506 | 14.1 | % | 2,015 | 1,791 | 12.5 | % | |||||||||||||||||||||||||
Dallas, TX | 7.8 | % | 97.5 | % | 95.2 | % | 2.3 | % | 1,432 | 1,340 | 6.9 | % | 1,673 | 1,595 | 4.9 | % | |||||||||||||||||||||||||
Denver, CO | 6.7 | % | 96.4 | % | 95.8 | % | 0.6 | % | 1,812 | 1,690 | 7.2 | % | 2,092 | 1,951 | 7.2 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.7 | % | 98.2 | % | 96.3 | % | 1.9 | % | 2,315 | 2,209 | 4.8 | % | 2,569 | 2,345 | 9.6 | % | |||||||||||||||||||||||||
Orlando, FL | 5.9 | % | 97.7 | % | 95.4 | % | 2.3 | % | 1,503 | 1,397 | 7.6 | % | 1,741 | 1,634 | 6.6 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.8 | % | 96.7 | % | 95.3 | % | 1.4 | % | 1,488 | 1,377 | 8.1 | % | 1,728 | 1,616 | 7.0 | % | |||||||||||||||||||||||||
SE Florida | 5.4 | % | 98.3 | % | 96.4 | % | 1.9 | % | 2,082 | 1,885 | 10.5 | % | 2,382 | 2,192 | 8.7 | % | |||||||||||||||||||||||||
Tampa, FL | 5.3 | % | 97.7 | % | 96.8 | % | 0.9 | % | 1,769 | 1,547 | 14.4 | % | 2,037 | 1,807 | 12.7 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 97.4 | % | 97.0 | % | 0.4 | % | 2,237 | 2,065 | 8.3 | % | 2,491 | 2,242 | 11.2 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.4 | % | 97.2 | % | 96.1 | % | 1.1 | % | 1,322 | 1,193 | 10.8 | % | 1,578 | 1,437 | 9.8 | % | |||||||||||||||||||||||||
Austin, TX | 4.4 | % | 97.3 | % | 95.0 | % | 2.3 | % | 1,596 | 1,466 | 8.9 | % | 1,846 | 1,717 | 7.6 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 97.1 | % | 95.5 | % | 1.6 | % | $1,707 | $1,592 | 7.2 | % | $1,968 | $1,842 | 6.9 | % |
CAMDEN | "SAME PROPERTY" | |||||||
SEQUENTIAL QUARTER COMPARISONS | ||||||||
December 31, 2021 | ||||||||
(In thousands, except property data amounts) | ||||||||
Apartment | |||||||||||||||||||||||||||||||||||||||||
Homes | Revenues | Expenses | NOI | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Included | 4Q21 | 3Q21 | Growth | 4Q21 | 3Q21 | Growth | 4Q21 | 3Q21 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 5,778 | $37,830 | $37,527 | 0.8 | % | $11,694 | $11,881 | (1.6) | % | $26,136 | $25,646 | 1.9 | % | ||||||||||||||||||||||||||||
Houston, TX | 5,575 | 27,677 | 27,407 | 1.0 | % | 10,755 | 13,181 | (18.4) | % | 16,922 | 14,226 | 19.0 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,970 | 22,764 | 22,058 | 3.2 | % | 8,284 | 8,328 | (0.5) | % | 14,480 | 13,730 | 5.5 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 3,245 | 19,021 | 18,123 | 5.0 | % | 4,930 | 5,307 | (7.1) | % | 14,091 | 12,816 | 9.9 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 21,572 | 21,198 | 1.8 | % | 8,368 | 9,632 | (13.1) | % | 13,204 | 11,566 | 14.2 | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 15,921 | 15,671 | 1.6 | % | 4,649 | 4,951 | (6.1) | % | 11,272 | 10,720 | 5.1 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 15,983 | 15,404 | 3.8 | % | 4,781 | 5,068 | (5.7) | % | 11,202 | 10,336 | 8.4 | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 15,267 | 14,815 | 3.1 | % | 5,377 | 5,630 | (4.5) | % | 9,890 | 9,185 | 7.7 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 14,079 | 13,744 | 2.4 | % | 4,358 | 4,513 | (3.4) | % | 9,721 | 9,231 | 5.3 | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 13,709 | 13,309 | 3.0 | % | 4,595 | 4,768 | (3.6) | % | 9,114 | 8,541 | 6.7 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 13,629 | 13,014 | 4.7 | % | 4,766 | 5,016 | (5.0) | % | 8,863 | 7,998 | 10.8 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 12,115 | 11,915 | 1.7 | % | 3,546 | 3,779 | (6.2) | % | 8,569 | 8,136 | 5.3 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,352 | 10,811 | 10,415 | 3.8 | % | 3,411 | 3,710 | (8.1) | % | 7,400 | 6,705 | 10.4 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,326 | 12,525 | 12,142 | 3.2 | % | 5,047 | 5,695 | (11.4) | % | 7,478 | 6,447 | 16.0 | % | ||||||||||||||||||||||||||||
Total Same Property | 44,122 | $252,903 | $246,742 | 2.5 | % | $84,561 | $91,459 | (7.5) | % | $168,342 | $155,283 | 8.4 | % |
Weighted Average Monthly | Weighted Average Monthly | ||||||||||||||||||||||||||||||||||||||||
% of NOI | Average Occupancy (a) | Rental Rate (b) | Revenue per Occupied Home (c) | ||||||||||||||||||||||||||||||||||||||
Quarterly Results (a) | Contribution | 4Q21 | 3Q21 | Growth | 4Q21 | 3Q21 | Growth | 4Q21 | 3Q21 | Growth | |||||||||||||||||||||||||||||||
D.C. Metro | 15.5 | % | 97.4 | % | 97.4 | % | 0.0 | % | $1,957 | $1,926 | 1.6 | % | $2,241 | $2,223 | 0.8 | % | |||||||||||||||||||||||||
Houston, TX | 10.0 | % | 95.9 | % | 96.0 | % | (0.1) | % | 1,492 | 1,469 | 1.6 | % | 1,726 | 1,707 | 1.1 | % | |||||||||||||||||||||||||
Atlanta, GA | 8.6 | % | 96.8 | % | 97.4 | % | (0.6) | % | 1,701 | 1,632 | 4.2 | % | 1,975 | 1,901 | 3.8 | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.4 | % | 97.0 | % | 97.2 | % | (0.2) | % | 1,719 | 1,628 | 5.6 | % | 2,015 | 1,916 | 5.2 | % | |||||||||||||||||||||||||
Dallas, TX | 7.8 | % | 97.5 | % | 97.5 | % | 0.0 | % | 1,432 | 1,386 | 3.3 | % | 1,673 | 1,643 | 1.8 | % | |||||||||||||||||||||||||
Denver, CO | 6.7 | % | 96.4 | % | 97.0 | % | (0.6) | % | 1,812 | 1,761 | 2.9 | % | 2,092 | 2,047 | 2.2 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.7 | % | 98.2 | % | 97.9 | % | 0.3 | % | 2,315 | 2,259 | 2.5 | % | 2,569 | 2,483 | 3.5 | % | |||||||||||||||||||||||||
Orlando, FL | 5.9 | % | 97.7 | % | 97.5 | % | 0.2 | % | 1,503 | 1,439 | 4.4 | % | 1,741 | 1,692 | 2.9 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.8 | % | 96.7 | % | 96.9 | % | (0.2) | % | 1,488 | 1,443 | 3.1 | % | 1,728 | 1,683 | 2.6 | % | |||||||||||||||||||||||||
SE Florida | 5.4 | % | 98.3 | % | 98.4 | % | (0.1) | % | 2,082 | 1,985 | 4.9 | % | 2,382 | 2,310 | 3.1 | % | |||||||||||||||||||||||||
Tampa, FL | 5.3 | % | 97.7 | % | 98.1 | % | (0.4) | % | 1,769 | 1,662 | 6.4 | % | 2,037 | 1,939 | 5.1 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5.1 | % | 97.4 | % | 96.9 | % | 0.5 | % | 2,237 | 2,175 | 2.9 | % | 2,491 | 2,461 | 1.2 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.4 | % | 97.2 | % | 97.5 | % | (0.3) | % | 1,322 | 1,267 | 4.3 | % | 1,578 | 1,515 | 4.1 | % | |||||||||||||||||||||||||
Austin, TX | 4.4 | % | 97.3 | % | 97.4 | % | (0.1) | % | 1,596 | 1,530 | 4.3 | % | 1,846 | 1,786 | 3.3 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 97.1 | % | 97.3 | % | (0.2) | % | $1,707 | $1,650 | 3.5 | % | $1,968 | $1,917 | 2.7 | % |
CAMDEN | "SAME PROPERTY" | |||||||
YEAR TO DATE COMPARISONS | ||||||||
December 31, 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 | 5,778 | $148,345 | $146,303 | 1.4 | % | $46,873 | $45,454 | 3.1 | % | $101,472 | $100,849 | 0.6 | % | ||||||||||||||||||||||||||||
Houston, TX | 5,575 | 108,057 | 107,403 | 0.6 | % | 49,323 | 50,100 | (1.6) | % | 58,734 | 57,303 | 2.5 | % | ||||||||||||||||||||||||||||
Atlanta, GA | 3,970 | 87,422 | 82,997 | 5.3 | % | 31,711 | 29,073 | 9.1 | % | 55,711 | 53,924 | 3.3 | % | ||||||||||||||||||||||||||||
Phoenix, AZ | 3,245 | 71,737 | 65,537 | 9.5 | % | 20,458 | 19,687 | 3.9 | % | 51,279 | 45,850 | 11.8 | % | ||||||||||||||||||||||||||||
Dallas, TX | 4,416 | 83,438 | 80,455 | 3.7 | % | 37,061 | 35,946 | 3.1 | % | 46,377 | 44,509 | 4.2 | % | ||||||||||||||||||||||||||||
Denver, CO | 2,632 | 61,572 | 58,938 | 4.5 | % | 19,242 | 18,726 | 2.8 | % | 42,330 | 40,212 | 5.3 | % | ||||||||||||||||||||||||||||
Los Angeles/Orange County, CA | 2,116 | 59,900 | 58,040 | 3.2 | % | 19,927 | 18,785 | 6.1 | % | 39,973 | 39,255 | 1.8 | % | ||||||||||||||||||||||||||||
Orlando, FL | 2,995 | 58,572 | 55,930 | 4.7 | % | 21,853 | 20,798 | 5.1 | % | 36,719 | 35,132 | 4.5 | % | ||||||||||||||||||||||||||||
Charlotte, NC | 2,810 | 54,027 | 52,123 | 3.7 | % | 17,648 | 17,004 | 3.8 | % | 36,379 | 35,119 | 3.6 | % | ||||||||||||||||||||||||||||
SE Florida | 1,956 | 52,403 | 48,824 | 7.3 | % | 18,379 | 17,206 | 6.8 | % | 34,024 | 31,618 | 7.6 | % | ||||||||||||||||||||||||||||
Tampa, FL | 2,286 | 51,415 | 47,131 | 9.1 | % | 18,947 | 17,721 | 6.9 | % | 32,468 | 29,410 | 10.4 | % | ||||||||||||||||||||||||||||
San Diego/Inland Empire, CA | 1,665 | 45,982 | 43,407 | 5.9 | % | 14,324 | 14,435 | (0.8) | % | 31,658 | 28,972 | 9.3 | % | ||||||||||||||||||||||||||||
Raleigh, NC | 2,352 | 41,129 | 38,867 | 5.8 | % | 14,011 | 13,229 | 5.9 | % | 27,118 | 25,638 | 5.8 | % | ||||||||||||||||||||||||||||
Austin, TX | 2,326 | 47,873 | 45,939 | 4.2 | % | 21,453 | 21,235 | 1.0 | % | 26,420 | 24,704 | 6.9 | % | ||||||||||||||||||||||||||||
Total Same Property | 44,122 | $971,872 | $931,894 | 4.3 | % | $351,210 | $339,399 | 3.5 | % | $620,662 | $592,495 | 4.8 | % |
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 | 16.3 | % | 96.9 | % | 96.2 | % | 0.7 | % | $1,921 | $1,918 | 0.2 | % | $2,208 | $2,192 | 0.7 | % | |||||||||||||||||||||||||
Houston, TX | 9.5 | % | 95.1 | % | 93.5 | % | 1.6 | % | 1,499 | 1,491 | 0.5 | % | 1,698 | 1,715 | (1.0) | % | |||||||||||||||||||||||||
Atlanta, GA | 9.0 | % | 97.1 | % | 95.9 | % | 1.2 | % | 1,617 | 1,558 | 3.8 | % | 1,891 | 1,816 | 4.1 | % | |||||||||||||||||||||||||
Phoenix, AZ | 8.3 | % | 97.1 | % | 95.8 | % | 1.3 | % | 1,610 | 1,493 | 7.8 | % | 1,897 | 1,754 | 8.2 | % | |||||||||||||||||||||||||
Dallas, TX | 7.5 | % | 96.8 | % | 95.4 | % | 1.4 | % | 1,375 | 1,349 | 1.9 | % | 1,626 | 1,591 | 2.3 | % | |||||||||||||||||||||||||
Denver, CO | 6.8 | % | 96.5 | % | 95.7 | % | 0.8 | % | 1,742 | 1,691 | 3.0 | % | 2,021 | 1,950 | 3.7 | % | |||||||||||||||||||||||||
Los Angeles/Orange County, CA | 6.4 | % | 97.4 | % | 95.4 | % | 2.0 | % | 2,248 | 2,233 | 0.7 | % | 2,422 | 2,395 | 1.2 | % | |||||||||||||||||||||||||
Orlando, FL | 5.9 | % | 97.2 | % | 95.5 | % | 1.7 | % | 1,434 | 1,407 | 1.9 | % | 1,677 | 1,629 | 3.0 | % | |||||||||||||||||||||||||
Charlotte, NC | 5.9 | % | 96.4 | % | 95.5 | % | 0.9 | % | 1,425 | 1,382 | 3.1 | % | 1,663 | 1,619 | 2.8 | % | |||||||||||||||||||||||||
SE Florida | 5.5 | % | 98.0 | % | 96.4 | % | 1.6 | % | 1,970 | 1,896 | 3.9 | % | 2,280 | 2,158 | 5.7 | % | |||||||||||||||||||||||||
Tampa, FL | 5.2 | % | 97.7 | % | 96.0 | % | 1.7 | % | 1,645 | 1,539 | 6.9 | % | 1,922 | 1,791 | 7.4 | % | |||||||||||||||||||||||||
San Diego/Inland Empire, CA | 5.0 | % | 97.3 | % | 95.8 | % | 1.5 | % | 2,150 | 2,046 | 5.1 | % | 2,366 | 2,268 | 4.4 | % | |||||||||||||||||||||||||
Raleigh, NC | 4.4 | % | 97.1 | % | 96.3 | % | 0.8 | % | 1,250 | 1,186 | 5.4 | % | 1,501 | 1,431 | 5.0 | % | |||||||||||||||||||||||||
Austin, TX | 4.3 | % | 97.0 | % | 95.4 | % | 1.6 | % | 1,515 | 1,479 | 2.4 | % | 1,768 | 1,724 | 2.6 | % | |||||||||||||||||||||||||
Total Same Property | 100.0 | % | 96.8 | % | 95.5 | % | 1.3 | % | $1,642 | $1,598 | 2.8 | % | $1,896 | $1,841 | 3.0 | % |
CAMDEN | "SAME PROPERTY" OPERATING EXPENSE | |||||||
DETAIL AND COMPARISONS | ||||||||
December 31, 2021 | ||||||||
(In thousands) | ||||||||
% of Actual | |||||||||||||||||
4Q21 Operating | |||||||||||||||||
Quarterly Comparison (a) | 4Q21 | 4Q20 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $29,265 | $32,485 | ($3,220) | (9.9) | % | 34.6 | % | ||||||||||
Salaries and Benefits for On-site Employees | 18,492 | 17,204 | 1,288 | 7.5 | % | 21.9 | % | ||||||||||
Utilities | 17,687 | 18,122 | (435) | (2.4) | % | 20.9 | % | ||||||||||
Repairs and Maintenance | 9,590 | 9,794 | (204) | (2.1) | % | 11.3 | % | ||||||||||
Property Insurance | 3,716 | 3,507 | 209 | 6.0 | % | 4.4 | % | ||||||||||
General and Administrative | 3,800 | 3,302 | 498 | 15.1 | % | 4.5 | % | ||||||||||
Marketing and Leasing | 1,290 | 1,453 | (163) | (11.2) | % | 1.5 | % | ||||||||||
Other | 721 | 720 | 1 | 0.1 | % | 0.9 | % | ||||||||||
Total Same Property | $84,561 | $86,587 | ($2,026) | (2.3) | % | 100.0 | % |
% of Actual | |||||||||||||||||
4Q21 Operating | |||||||||||||||||
Sequential Comparison (a) | 4Q21 | 3Q21 | $ Change | % Change | Expenses | ||||||||||||
Property taxes | $29,265 | $31,936 | ($2,671) | (8.4) | % | 34.6 | % | ||||||||||
Salaries and Benefits for On-site Employees | 18,492 | 18,843 | (351) | (1.9) | % | 21.9 | % | ||||||||||
Utilities | 17,687 | 18,528 | (841) | (4.5) | % | 20.9 | % | ||||||||||
Repairs and Maintenance | 9,590 | 11,227 | (1,637) | (14.6) | % | 11.3 | % | ||||||||||
Property Insurance | 3,716 | 5,375 | (1,659) | (30.9) | % | 4.4 | % | ||||||||||
General and Administrative | 3,800 | 3,422 | 378 | 11.0 | % | 4.5 | % | ||||||||||
Marketing and Leasing | 1,290 | 1,296 | (6) | (0.5) | % | 1.5 | % | ||||||||||
Other | 721 | 832 | (111) | (13.3) | % | 0.9 | % | ||||||||||
Total Same Property | $84,561 | $91,459 | ($6,898) | (7.5) | % | 100.0 | % |
% of Actual | ||||||||||||||||||||
2021 Operating | ||||||||||||||||||||
Year to Date Comparison (a) | 2021 | 2020 | $ Change | % Change | Expenses | |||||||||||||||
Property taxes | $125,421 | $123,280 | $2,141 | 1.7 | % | 35.7 | % | |||||||||||||
Salaries and Benefits for On-site Employees | 73,168 | 71,763 | 1,405 | 2.0 | % | 20.8 | % | |||||||||||||
Utilities | 72,212 | 71,197 | 1,015 | 1.4 | % | 20.6 | % | |||||||||||||
Repairs and Maintenance | 41,606 | 39,883 | 1,723 | 4.3 | % | 11.8 | % | |||||||||||||
Property Insurance | 16,298 | 12,302 | 3,996 | 32.5 | % | 4.7 | % | |||||||||||||
General and Administrative | 13,886 | 12,337 | 1,549 | 12.6 | % | 4.0 | % | |||||||||||||
Marketing and Leasing | 5,343 | 5,478 | (135) | (2.5) | % | 1.5 | % | |||||||||||||
Other | 3,276 | 3,159 | 117 | 3.7 | % | 0.9 | % | |||||||||||||
Total Same Property | $351,210 | $339,399 | $11,811 | 3.5 | % | 100.0 | % | |||||||||||||
CAMDEN | JOINT VENTURE OPERATIONS | |||||||
(In thousands, except property data amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
OPERATING DATA (a) | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Property revenues | $11,394 | $10,236 | $43,522 | $40,206 | |||||||||||||
Property expenses | |||||||||||||||||
Property operating and maintenance | 2,674 | 2,539 | 10,887 | 10,481 | |||||||||||||
Real estate taxes | 1,495 | 1,758 | 6,801 | 6,694 | |||||||||||||
Total property expenses | 4,169 | 4,297 | 17,688 | 17,175 | |||||||||||||
Net Operating Income | 7,225 | 5,939 | 25,834 | 23,031 | |||||||||||||
Other expenses | |||||||||||||||||
Interest | 1,333 | 1,362 | 5,295 | 5,636 | |||||||||||||
Depreciation and amortization | 2,626 | 2,357 | 10,289 | 9,008 | |||||||||||||
Other | 141 | 77 | 473 | 335 | |||||||||||||
Total other expenses | 4,100 | 3,796 | 16,057 | 14,979 | |||||||||||||
Equity in income of joint ventures | $3,125 | $2,143 | $9,777 | $8,052 |
Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | |||||||||||||
BALANCE SHEET DATA (b) | |||||||||||||||||
Land | $109,437 | $109,437 | $109,437 | $109,437 | $109,437 | ||||||||||||
Building & Improvements | 819,843 | 816,452 | 811,150 | 806,374 | 803,400 | ||||||||||||
929,280 | 925,889 | 920,587 | 915,811 | 912,837 | |||||||||||||
Accumulated Depreciation | (287,806) | (279,128) | (270,495) | (261,993) | (253,598) | ||||||||||||
Net operating real estate assets | 641,474 | 646,761 | 650,092 | 653,818 | 659,239 | ||||||||||||
Cash and other assets, net | 37,580 | 43,885 | 37,982 | 28,567 | 32,270 | ||||||||||||
Total assets | $679,054 | $690,646 | $688,074 | $682,385 | $691,509 | ||||||||||||
Notes payable | $513,756 | $514,618 | $514,454 | $512,460 | $509,106 | ||||||||||||
Other liabilities | 33,426 | 31,085 | 26,566 | 21,537 | 33,291 | ||||||||||||
Total liabilities | 547,182 | 545,703 | 541,020 | 533,997 | 542,397 | ||||||||||||
Member's equity | 131,872 | 144,943 | 147,054 | 148,388 | 149,112 | ||||||||||||
Total liabilities and members' equity | $679,054 | $690,646 | $688,074 | $682,385 | $691,509 | ||||||||||||
Company's equity investment | $13,730 | $17,788 | $18,415 | $18,800 | $18,994 | ||||||||||||
Company's pro-rata share of debt | $160,806 | $161,076 | $161,024 | $160,400 | $159,349 | ||||||||||||
PROPERTY DATA (end of period) | |||||||||||||||||
Total operating properties | 22 | 22 | 22 | 22 | 22 | ||||||||||||
Total operating apartment homes | 7,247 | 7,247 | 7,247 | 7,247 | 7,247 | ||||||||||||
Pro-rata share of operating apartment homes | 2,268 | 2,268 | 2,268 | 2,268 | 2,268 | ||||||||||||
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 1/30/2022 | ||||||||||||||||||||||||||||
Homes | Cost | Start | Occupancy | Completion | Operations | % Leased | % Occupied | ||||||||||||||||||||||||||||
1. | Camden Lake Eola | 360 | $125.0 | 2Q18 | 1Q21 | 3Q21 | 1Q22 | 96% | 93% | ||||||||||||||||||||||||||
Orlando, FL | |||||||||||||||||||||||||||||||||||
2. | Camden Hillcrest | 132 | 89.3 | 3Q19 | 2Q21 | 4Q21 | 4Q22 | 41% | 39% | ||||||||||||||||||||||||||
San Diego, CA | |||||||||||||||||||||||||||||||||||
Total Completed Communities in Lease-Up | 492 | $214.3 | 81% | 79% | |||||||||||||||||||||||||||||||
Estimated/Actual Dates for | |||||||||||||||||||||||||||||||||||
Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 1/30/2022 | |||||||||||||||||||||||||||
Development Communities | Homes | Estimated Cost | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied | |||||||||||||||||||||||||
1. | Camden Buckhead | 366 | $163.5 | $156.6 | $48.8 | 3Q18 | 1Q21 | 2Q22 | 4Q22 | 65% | 57% | ||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||
2. | Camden Atlantic | 269 | 100.0 | 79.1 | 79.1 | 3Q20 | 3Q22 | 3Q22 | 4Q23 | ||||||||||||||||||||||||||
Plantation, FL | |||||||||||||||||||||||||||||||||||
3. | Camden Tempe II | 397 | 115.0 | 62.2 | 62.2 | 3Q20 | 3Q22 | 3Q23 | 1Q25 | ||||||||||||||||||||||||||
Tempe, AZ | |||||||||||||||||||||||||||||||||||
4. | Camden NoDa | 387 | 105.0 | 59.6 | 59.6 | 3Q20 | 1Q23 | 3Q23 | 1Q25 | ||||||||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||||||||||||||||
5. | Camden Durham | 354 | 120.0 | 46.6 | 46.6 | 1Q21 | 2Q23 | 4Q23 | 1Q25 | ||||||||||||||||||||||||||
Durham, NC | |||||||||||||||||||||||||||||||||||
Total Development Communities | 1,773 | $603.5 | $404.1 | $296.3 | 65% | 57% | |||||||||||||||||||||||||||||
Additional Development Pipeline (a) | 178.4 | ||||||||||||||||||||||||||||||||||
Total Properties Under Development and Land (per Balance Sheet) | $474.7 | ||||||||||||||||||||||||||||||||||
NOI Contribution from Development Communities ($ in millions) | Cost to Date | 4Q21 NOI | |||||||||||||||||||||||||||||||||
Communities that Stabilized During Quarter | $79.6 | $1.7 | |||||||||||||||||||||||||||||||||
Completed Communities in Lease-Up | 214.3 | 1.8 | |||||||||||||||||||||||||||||||||
Development Communities in Lease-Up | 156.6 | 1.1 | |||||||||||||||||||||||||||||||||
Total Development Communities NOI Contribution | $450.5 | $4.6 | |||||||||||||||||||||||||||||||||
CAMDEN | DEVELOPMENT PIPELINE | |||||||
Projected | Total | ||||||||||||||||
PIPELINE COMMUNITIES | Homes | Estimated Cost (a) | Cost to Date | ||||||||||||||
1. | Camden Woodmill Creek | 188 | $60.0 | $10.2 | |||||||||||||
The Woodlands, TX | |||||||||||||||||
2. | Camden Village District | 355 | 115.0 | 23.9 | |||||||||||||
Raleigh, NC | |||||||||||||||||
3. | Camden Arts District | 354 | 150.0 | 37.8 | |||||||||||||
Los Angeles, CA | |||||||||||||||||
4. | Camden Pier District II | 95 | 50.0 | 3.5 | |||||||||||||
St. Petersburg, FL | |||||||||||||||||
5. | Camden Gulch | 480 | 260.0 | 37.3 | |||||||||||||
Nashville, TN | |||||||||||||||||
6. | Camden Baker | 435 | 165.0 | 25.9 | |||||||||||||
Denver, CO | |||||||||||||||||
7. | Camden Paces III | 350 | 100.0 | 18.0 | |||||||||||||
Atlanta, GA | |||||||||||||||||
8 | Camden Highland Village II | 300 | 100.0 | 9.0 | |||||||||||||
Houston, TX | |||||||||||||||||
9 | Camden Downtown II | 271 | 145.0 | 12.8 | |||||||||||||
Houston, TX | |||||||||||||||||
Development Pipeline | 2,828 | $1,145.0 | $178.4 | ||||||||||||||
CAMDEN | ACQUISITIONS & DISPOSITIONS | |||||||
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 | $1,793 | 2018 | 6/2/2021 | |||||||||||||||||||
2. | Camden Music Row | Nashville, TN | 186.3 | 430 Homes | 2,215 | 2016 | 6/22/2021 | |||||||||||||||||||
3. | Camden Central | St. Petersburg, FL | 176.3 | 368 Homes | 2,787 | 2019 | 8/24/2021 | |||||||||||||||||||
4. | Camden Greenville | Dallas, TX | 165.5 | 558 Homes | 1,783 | 2017/2018 | 10/14/2021 | |||||||||||||||||||
Total/Average Acquisitions | $633.4 | 1,684 Homes | $2,115 | |||||||||||||||||||||||
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 | |||||||||||||||||||||
3. | Camden Baker | Denver, CO | 24.0 | 5.2 | 10/25/2021 | |||||||||||||||||||||
4. | Camden Gulch | Nashville, TN | 36.6 | 2.0 | 12/9/2021 | |||||||||||||||||||||
Total/Average Land Acquisitions | $72.0 | 22.0 Acres | ||||||||||||||||||||||||
Apartment | Weighted Average | |||||||||||||||||||||||||
2021 Dispositions | Location | Sales Price | Homes | Monthly Rental Rate | Year Built | Closing Date | ||||||||||||||||||||
1. | Camden Oak Crest | Houston, TX | $65.3 | 364 Homes | $1,168 | 2003 | 11/9/2021 | |||||||||||||||||||
2. | Camden Park | Houston, TX | 49.7 | 288 Homes | 1,135 | 1995 | 11/9/2021 | |||||||||||||||||||
3. | Camden Russett | Laurel, MD | 145.0 | 426 Homes | 1,645 | 2000 | 12/2/2021 | |||||||||||||||||||
Total/Average Dispositions | $260.0 | 1,078 Homes | $1,348 | |||||||||||||||||||||||
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) | |||||||||||||||||
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 | ||||||||||||||||
2026 | (1,772) | — | — | (1,772) | (0.1) | % | N/A | ||||||||||||||||
Thereafter | (7,605) | — | 2,050,000 | 2,042,395 | 64.5 | % | 3.4 | % | |||||||||||||||
Total Debt | ($19,633) | $— | $3,190,000 | $3,170,367 | 100.0 | % | 3.6 | % | |||||||||||||||
Weighted Average Maturity of Debt | 7.4 Years | ||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate (b) | Time to Maturity | |||||||||||||||||||
Floating rate debt | $39,895 | 1.3 | % | 1.9 | % | 0.7 Years | |||||||||||||||||
Fixed rate debt | 3,130,472 | 98.7 | % | 3.6 | % | 7.5 Years | |||||||||||||||||
Total | $3,170,367 | 100.0 | % | 3.6 | % | 7.4 Years | |||||||||||||||||
Weighted Average | |||||||||||||||||||||||
SECURED vs. UNSECURED DEBT: | Balance | % of Total | Interest Rate (b) | Time to Maturity | |||||||||||||||||||
Unsecured debt | $3,170,367 | 100.0 | % | 3.6 | % | 7.4 Years | |||||||||||||||||
Secured debt | — | — | % | N/A | N/A | ||||||||||||||||||
Total | $3,170,367 | 100.0 | % | 3.6 | % | 7.4 Years | |||||||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | % of Total | Total Cost | % of Total | 4Q21 NOI | % of Total | |||||||||||||||||
Unencumbered real estate assets | 52,826 | 100.0 | % | $10,449,067 | 100.0 | % | $202,310 | 100.0 | % | ||||||||||||||
Encumbered real estate assets | — | — | % | — | — | % | — | — | % | ||||||||||||||
Total | 52,826 | 100.0 | % | $10,449,067 | 100.0 | % | $202,310 | 100.0 | % | ||||||||||||||
Ratio of unencumbered assets at cost to unsecured debt is | 3.3x |
CAMDEN | DEBT MATURITY ANALYSIS | |||||||
(In thousands) | ||||||||
Future Scheduled Repayments | Weighted Average Interest on Maturing Debt | |||||||||||||||||||
Quarter | Amortization | Secured Maturities | Unsecured Maturities | Total | ||||||||||||||||
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 | % | ||||||||||||||
1Q 2023 | ($737) | $— | $— | ($737) | N/A | |||||||||||||||
2Q 2023 | (712) | — | 250,000 | 249,288 | 5.1 | % | ||||||||||||||
3Q 2023 | (621) | — | — | (621) | N/A | |||||||||||||||
4Q 2023 | (621) | — | — | (621) | N/A | |||||||||||||||
2023 | ($2,691) | $— | $250,000 | $247,309 | 5.1 | % | ||||||||||||||
CAMDEN | DEBT COVENANT ANALYSIS | |||||||
UNSECURED LINE OF CREDIT | |||||||||||||||||||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||||||||||||||||||
Total Consolidated Debt to Gross Asset Value | < | 60% | 19% | Yes | |||||||||||||||||||
Secured Debt to Gross Asset Value | < | 40% | —% | Yes | |||||||||||||||||||
Consolidated Adjusted EBITDA to Total Fixed Charges | > | 150% | 605% | Yes | |||||||||||||||||||
Unsecured Debt to Gross Asset Value | < | 60% | 20% | Yes | |||||||||||||||||||
SENIOR UNSECURED NOTES | |||||||||||||||||||||||
Covenant (a) | Required | Actual (b) | Compliance | ||||||||||||||||||||
Total Consolidated Debt to Total Asset Value | < | 60% | 28% | Yes | |||||||||||||||||||
Total Secured Debt to Total Asset Value | < | 40% | —% | Yes | |||||||||||||||||||
Total Unencumbered Asset Value to Total Unsecured Debt | > | 150% | 356% | Yes | |||||||||||||||||||
Consolidated Income Available for Debt Service to Total Annual Service Charges | > | 150% | 610% | 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 | ||||||||||||||||
2022 | ($174) | $— | ($174) | (0.1) | % | N/A | ||||||||||||||
2023 | (181) | — | (181) | (0.1) | % | N/A | ||||||||||||||
2024 | (187) | 5,986 | 5,799 | 3.6 | % | 1.5 | % | |||||||||||||
2025 | (193) | — | (193) | (0.1) | % | N/A | ||||||||||||||
2026 | (160) | 59,747 | 59,587 | 37.0 | % | 2.3 | % | |||||||||||||
Thereafter | (99) | 96,067 | 95,968 | 59.7 | % | 4.0 | % | |||||||||||||
Total Maturing Debt | ($994) | $161,800 | $160,806 | 100.0 | % | 3.2 | % | |||||||||||||
Weighted Average Maturity of Debt | 5.1 Years | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
FLOATING vs. FIXED RATE DEBT: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Floating rate debt | $57,966 | 36.0 | % | 2.0 | % | 4.3 Years | ||||||||||||||
Fixed rate debt | 102,840 | 64.0 | % | 3.9 | % | 5.6 Years | ||||||||||||||
Total | $160,806 | 100.0 | % | 3.2 | % | 5.1 Years | ||||||||||||||
Weighted Average | ||||||||||||||||||||
DEBT DETAIL: | Balance | % of Total | Interest Rate | Time to Maturity | ||||||||||||||||
Conventional fixed-rate mortgage debt | $102,840 | 64.0 | % | 3.9 | % | 5.6 Years | ||||||||||||||
Conventional variable-rate mortgage debt | 51,980 | 32.3 | % | 2.1 | % | 4.5 Years | ||||||||||||||
Variable-rate construction loans | 5,986 | 3.7 | % | 1.5 | % | 2.5 Years | ||||||||||||||
Total | $160,806 | 100.0 | % | 3.2 | % | 5.1 Years | ||||||||||||||
REAL ESTATE ASSETS: (c) | Total Homes | Total Cost | ||||||||||||||||||
Operating real estate assets | 7,247 | $929,280 | ||||||||||||||||||
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 | ||||||||||||||
1Q 2022 | ($43) | $— | ($43) | N/A | |||||||||||||
2Q 2022 | (43) | — | (43) | N/A | |||||||||||||
3Q 2022 | (44) | — | (44) | N/A | |||||||||||||
4Q 2022 | (44) | — | (44) | N/A | |||||||||||||
2022 | ($174) | $— | ($174) | N/A | |||||||||||||
1Q 2023 | ($44) | $— | ($44) | N/A | |||||||||||||
2Q 2023 | (45) | — | (45) | N/A | |||||||||||||
3Q 2023 | (46) | — | (46) | N/A | |||||||||||||
4Q 2023 | (46) | — | (46) | N/A | |||||||||||||
2023 | ($181) | $— | ($181) | N/A | |||||||||||||
CAMDEN | CAPITALIZED EXPENDITURES | |||||||
& MAINTENANCE EXPENSE | ||||||||
(In thousands, except unit data) | ||||||||
Fourth Quarter 2021 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 5 | years | $2,134 | $42 | $348 | $7 | |||||||||||||||||||||||
Appliances | 10 | years | 911 | 18 | 257 | 5 | |||||||||||||||||||||||
Painting | — | — | — | 1,471 | 29 | ||||||||||||||||||||||||
Cabinetry/Countertops | 10 | years | 188 | 4 | — | — | |||||||||||||||||||||||
Other | 9 | years | 1,251 | 24 | 627 | 12 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 5 | years | 1,717 | 33 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 393 | 8 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 1,807 | 35 | 2,358 | 46 | |||||||||||||||||||||||
Roofing | 18 | years | 618 | 12 | 125 | 2 | |||||||||||||||||||||||
Site Drainage | 10 | years | 478 | 9 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 600 | 12 | — | — | |||||||||||||||||||||||
Other (b) | 9 | years | 4,078 | 79 | 4,315 | 84 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 3,470 | 68 | 1,999 | 39 | |||||||||||||||||||||||
Parking/Paving | 5 | years | 1,284 | 25 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 7 | years | 2,984 | 58 | 299 | 6 | |||||||||||||||||||||||
Total Recurring (c) | $21,913 | $427 | $11,799 | $230 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 51,313 | 51,313 | |||||||||||||||||||||||||||
Non-recurring & revenue enhancing capitalized expenditures (d) | $4,857 | ||||||||||||||||||||||||||||
Reposition Expenditures (e) | 10 | years | $15,814 | $27,360 | |||||||||||||||||||||||||
Repositioned Apartment Homes | 578 | ||||||||||||||||||||||||||||
Pro-Rata Joint Venture Total Recurring (f) | $485 | $214 | $439 | $194 | |||||||||||||||||||||||||
Year to Date 2021 | |||||||||||||||||||||||||||||
Recurring Capitalized | Expensed | ||||||||||||||||||||||||||||
Item | Weighted Average Useful Life (a) | Total | Per Unit | Total | Per Unit | ||||||||||||||||||||||||
Interiors | |||||||||||||||||||||||||||||
Floor Coverings | 5 | years | $8,900 | $176 | $1,382 | $27 | |||||||||||||||||||||||
Appliances | 10 | years | 3,709 | 73 | 995 | 20 | |||||||||||||||||||||||
Painting | — | — | — | 5,784 | 115 | ||||||||||||||||||||||||
Cabinetry/Countertops | 10 | years | 562 | 11 | — | — | |||||||||||||||||||||||
Other | 9 | years | 5,017 | 99 | 3,241 | 64 | |||||||||||||||||||||||
Exteriors | |||||||||||||||||||||||||||||
Painting | 5 | years | 4,111 | 81 | — | — | |||||||||||||||||||||||
Carpentry | 10 | years | 3,105 | 62 | — | — | |||||||||||||||||||||||
Landscaping | 6 | years | 3,220 | 64 | 10,394 | 206 | |||||||||||||||||||||||
Roofing | 18 | years | 4,585 | 91 | 575 | 11 | |||||||||||||||||||||||
Site Drainage | 10 | years | 708 | 14 | — | — | |||||||||||||||||||||||
Fencing/Stair | 10 | years | 1,869 | 37 | — | — | |||||||||||||||||||||||
Other (b) | 9 | years | 12,058 | 239 | 16,648 | 330 | |||||||||||||||||||||||
Common Areas | |||||||||||||||||||||||||||||
Mech., Elec., Plumbing | 9 | years | 13,160 | 261 | 8,485 | 168 | |||||||||||||||||||||||
Parking/Paving | 5 | years | 3,918 | 78 | — | — | |||||||||||||||||||||||
Pool/Exercise/Facility | 7 | years | 6,016 | 119 | 1,458 | 29 | |||||||||||||||||||||||
Total Recurring (c) | $70,938 | $1,405 | $48,962 | $970 | |||||||||||||||||||||||||
Weighted Average Apartment Homes | 50,479 | 50,479 | |||||||||||||||||||||||||||
Non-recurring & revenue enhancing capitalized expenditures (d) | $15,330 | ||||||||||||||||||||||||||||
Reposition Expenditures (e) | 10 | years | $48,612 | $22,402 | |||||||||||||||||||||||||
Repositioned Apartment Homes | 2,170 | ||||||||||||||||||||||||||||
Pro-Rata Joint Venture Total Recurring (f) | $2,665 | $1,175 | $1,951 | $860 | |||||||||||||||||||||||||
CAMDEN | 2022 FINANCIAL OUTLOOK | |||||||
AS OF FEBRUARY 3, 2022 | ||||||||
Earnings Guidance - Per Diluted Share | |||||||||||
Expected FFO per share - diluted | $6.09 - $6.39 | ||||||||||
"Same Property" Communities | |||||||||||
Number of Units - 2022 | 46,789 | ||||||||||
2021 Base Net Operating Income | $668 million | ||||||||||
Total Revenue Growth | 7.75% - 9.75% | ||||||||||
Total Expense Growth | 2.25% - 3.75% | ||||||||||
Net Operating Income Growth | 10.50% - 13.50% | ||||||||||
Impact from 1% change in NOI Growth is approximately $0.062 / share | |||||||||||
Capitalized Expenditures | |||||||||||
Recurring | $80 - $84 million | ||||||||||
Revenue Enhancing Capex, Repositions, Redevelopment, and Repurposes (a) | $62 - $66 million | ||||||||||
Non - Recurring Capital Expenditures | $16 - $18 million | ||||||||||
Acquisitions/Dispositions | |||||||||||
Acquisition Volume (consolidated on balance sheet) | $500 - $700 million | ||||||||||
Disposition Volume (consolidated on balance sheet) | $200 - $300 million | ||||||||||
Development | |||||||||||
Development Starts (consolidated on balance sheet) | $400 - $600 million | ||||||||||
Development Spend (consolidated on balance sheet) | $300 - $330 million | ||||||||||
Equity in Income of Joint Ventures (FFO) | $22 - $24 million | ||||||||||
Non-Property Income | |||||||||||
Non-Property Income | $10 - $12 million | ||||||||||
Includes: Fee and asset management income and interest and other income | |||||||||||
Corporate Expenses | |||||||||||
General and Administrative/Property Management Expenses | $82 - $88 million | ||||||||||
Fee and Asset Management Expense | $4 - $6 million | ||||||||||
Corporate G&A Depreciation/Amortization | $10 - $12 million | ||||||||||
Capital | |||||||||||
Expensed Interest | $95 - $99 million | ||||||||||
Capitalized Interest | $16 - $18 million | ||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income attributable to common shareholders (a) | $212,898 | $29,193 | $303,907 | $123,911 | |||||||||||||
Real estate depreciation and amortization | 114,007 | 89,504 | 410,767 | 357,489 | |||||||||||||
Adjustments for unconsolidated joint ventures | 2,688 | 2,550 | 10,591 | 9,483 | |||||||||||||
Income allocated to non-controlling interests | 4,961 | 1,188 | 8,469 | 4,849 | |||||||||||||
Gain on sale of operating properties | (174,384) | — | (174,384) | — | |||||||||||||
Funds from operations | $160,170 | $122,435 | $559,350 | $495,732 | |||||||||||||
Less: recurring capitalized expenditures | (22,398) | (21,619) | (73,603) | (77,525) | |||||||||||||
Adjusted funds from operations | $137,772 | $100,816 | $485,747 | $418,207 | |||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||
EPS diluted | 105,448 | 99,507 | 102,829 | 99,438 | |||||||||||||
FFO/AFFO diluted | 106,322 | 101,255 | 103,747 | 101,186 | |||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Total Earnings Per Common Share - Diluted | $2.02 | $0.29 | $2.96 | $1.24 | |||||||||||||
Real estate depreciation and amortization | 1.07 | 0.88 | 3.96 | 3.53 | |||||||||||||
Adjustments for unconsolidated joint ventures | 0.03 | 0.03 | 0.09 | 0.09 | |||||||||||||
Income allocated to non-controlling interests | 0.03 | 0.01 | 0.06 | 0.04 | |||||||||||||
Gain on sale of operating properties | (1.64) | — | (1.68) | — | |||||||||||||
FFO per common share - Diluted | $1.51 | $1.21 | $5.39 | $4.90 | |||||||||||||
Less: recurring capitalized expenditures | (0.21) | (0.21) | (0.71) | (0.77) | |||||||||||||
AFFO per common share - Diluted | $1.30 | $1.00 | $4.68 | $4.13 | |||||||||||||
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
1Q22 | Range | 2022 | Range | ||||||||||||||
Low | High | Low | High | ||||||||||||||
Expected earnings per common share - diluted | $0.38 | $0.42 | $1.65 | $1.95 | |||||||||||||
Expected real estate depreciation and amortization | 1.03 | 1.03 | 4.28 | 4.28 | |||||||||||||
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 | 0.06 | 0.06 | |||||||||||||
Expected FFO per share - diluted | $1.45 | $1.49 | $6.09 | $6.39 | |||||||||||||
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document. |
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income (a) | $217,859 | $30,381 | $312,376 | $128,579 | |||||||||||||
Less: Fee and asset management income | (2,815) | (3,351) | (10,532) | (10,800) | |||||||||||||
Less: Interest and other income | (191) | (347) | (1,223) | (2,949) | |||||||||||||
Less: Income on deferred compensation plans | (5,186) | (10,399) | (14,369) | (12,045) | |||||||||||||
Plus: Property management expense | 7,139 | 5,841 | 26,339 | 24,201 | |||||||||||||
Plus: Fee and asset management expense | 1,201 | 1,273 | 4,511 | 3,954 | |||||||||||||
Plus: General and administrative expense | 14,940 | 13,274 | 59,368 | 53,624 | |||||||||||||
Plus: Interest expense | 24,582 | 24,072 | 97,297 | 91,526 | |||||||||||||
Plus: Depreciation and amortization expense | 116,503 | 91,925 | 420,692 | 367,162 | |||||||||||||
Plus: Expense on deferred compensation plans | 5,186 | 10,399 | 14,369 | 12,045 | |||||||||||||
Plus: Loss on early retirement of debt | — | 176 | — | 176 | |||||||||||||
Less: Gain on sale of operating properties, including land | (174,384) | — | (174,384) | (382) | |||||||||||||
Less: Equity in income of joint ventures | (3,125) | (2,143) | (9,777) | (8,052) | |||||||||||||
Plus: Income tax expense | 601 | 496 | 1,893 | 1,972 | |||||||||||||
NOI (b) (c) | $202,310 | $161,597 | $726,560 | $649,011 | |||||||||||||
"Same Property" Communities | $168,342 | $146,564 | $620,662 | $592,495 | |||||||||||||
Non-"Same Property" Communities | 28,174 | 15,085 | 86,160 | 58,885 | |||||||||||||
Development and Lease-Up Communities | 2,867 | (4) | 4,876 | (7) | |||||||||||||
Pandemic Related Impact (b) (c) | — | — | — | (13,614) | |||||||||||||
Other | 2,927 | (48) | 14,862 | 11,252 | |||||||||||||
NOI (b) (c) (d) | $202,310 | $161,597 | $726,560 | $649,011 |
CAMDEN | NON-GAAP FINANCIAL MEASURES | |||||||
DEFINITIONS & RECONCILIATIONS | ||||||||
(In thousands, except per share amounts) | ||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Net income attributable to common shareholders (a) | $212,898 | $29,193 | $303,907 | $123,911 | |||||||||||||
Plus: Interest expense | 24,582 | 24,072 | 97,297 | 91,526 | |||||||||||||
Plus: Depreciation and amortization expense | 116,503 | 91,925 | 420,692 | 367,162 | |||||||||||||
Plus: Income allocated to non-controlling interests | 4,961 | 1,188 | 8,469 | 4,668 | |||||||||||||
Plus: Income tax expense | 601 | 496 | 1,893 | 1,972 | |||||||||||||
Plus: Pandemic Related Impact (b) | — | — | — | 14,364 | |||||||||||||
Plus: Retail straight-line rent receivables adjustment (c) | — | 3,519 | — | 3,519 | |||||||||||||
Less: Gain on sale of operating properties, including land | (174,384) | — | (174,384) | (382) | |||||||||||||
Plus: Loss on early retirement of debt | — | 176 | — | 176 | |||||||||||||
Less: Equity in income of joint ventures | (3,125) | (2,143) | (9,777) | (8,052) | |||||||||||||
Adjusted EBITDA | $182,036 | $148,426 | $648,097 | $598,864 | |||||||||||||
Annualized Adjusted EBITDA | $728,144 | $593,704 | $648,097 | $598,864 |
Average monthly balance for the | Average monthly balance for the | ||||||||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Unsecured notes payable | $3,170,054 | $3,166,316 | $3,168,649 | $3,062,587 | |||||||||||||||||||
Total debt | 3,170,054 | 3,166,316 | 3,168,649 | 3,062,587 | |||||||||||||||||||
Less: Cash and cash equivalents | (385,194) | (403,119) | (329,967) | (376,114) | |||||||||||||||||||
Net debt | $2,784,860 | $2,763,197 | $2,838,682 | $2,686,473 | |||||||||||||||||||
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net debt | $2,784,860 | $2,763,197 | $2,838,682 | $2,686,473 | |||||||||||||||||||
Annualized Adjusted EBITDA | 728,144 | 593,704 | 648,097 | 598,864 | |||||||||||||||||||
Net Debt to Annualized Adjusted EBITDA | 3.8x | 4.7x | 4.4x | 4.5x | |||||||||||||||||||
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: | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | ||||||||||||||||
Earnings Release & Conference Call | Late April | Late July | Late October | Early February | ||||||||||||||||
Dividend Information - Common Shares: | Q1 '21 | Q2 '21 | Q3 '21 | Q4 '21 | ||||||||||||||||
Declaration Date | 2/4/2021 | 6/15/2021 | 9/15/2021 | 12/1/2021 | ||||||||||||||||
Record Date | 3/31/2021 | 6/30/2021 | 9/30/2021 | 12/16/2021 | ||||||||||||||||
Payment Date | 4/16/2021 | 7/16/2021 | 10/18/2021 | 1/18/2022 | ||||||||||||||||
Distributions Per Share | $0.83 | $0.83 | $0.83 | $0.83 |
Investor Relations Data: | ||||||||||||||
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request. | ||||||||||||||
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787. | ||||||||||||||
To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com. | ||||||||||||||
For questions contact: | ||||||||||||||
Richard J. Campo | Chief Executive Officer & Chairman | |||||||||||||
D. Keith Oden | President & Executive Vice Chairman | |||||||||||||
Alexander J. Jessett | Chief Financial Officer | |||||||||||||
Laurie A. Baker | Chief Operating Officer | |||||||||||||
Kimberly A. Callahan | Senior Vice President - Investor Relations |
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 12/31/2021 |
(Unaudited) | 4Q21 Avg Monthly | 4Q21 Avg Monthly | ||||||||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 4Q21 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 | 98% | $1,780 | $1.55 | $2,049 | $1.79 | ||||||||||||||||||||||||||||
Camden Copper Square | Phoenix | AZ | 2000 | 786 | 332 | 95% | 1,441 | 1.83 | 1,731 | 2.20 | ||||||||||||||||||||||||||||
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 | 220 | 97% | 1,983 | 1.92 | 2,318 | 2.25 | ||||||||||||||||||||||||||||
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 | 428 | 98% | 1,737 | 1.63 | 2,040 | 1.91 | ||||||||||||||||||||||||||||
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 | 249 | 97% | 1,716 | 1.60 | 2,071 | 1.93 | ||||||||||||||||||||||||||||
Camden North End I | Phoenix | AZ | 2019 | 921 | 441 | 97% | 1,865 | 2.03 | 2,171 | 2.36 | ||||||||||||||||||||||||||||
Camden North End II | Phoenix | AZ | 2021 | 885 | 343 | 96% | 1,874 | 2.12 | 2,169 | 2.45 | ||||||||||||||||||||||||||||
Camden Old Town Scottsdale | Scottsdale | AZ | 2016 | 892 | 316 | 98% | 2,011 | 2.26 | 2,187 | 2.45 | ||||||||||||||||||||||||||||
Camden Pecos Ranch | Chandler | AZ | 2001 | 949 | 272 | 96% | 1,470 | 1.55 | 1,734 | 1.83 | ||||||||||||||||||||||||||||
Camden San Marcos | Scottsdale | AZ | 1995 | 984 | 320 | 98% | 1,598 | 1.62 | 1,865 | 1.90 | ||||||||||||||||||||||||||||
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 | 324 | 95% | 1,671 | 1.60 | 1,975 | 1.90 | ||||||||||||||||||||||||||||
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 | 170 | 98% | 1,800 | 1.38 | 2,189 | 1.68 | ||||||||||||||||||||||||||||
Camden Tempe | Tempe | AZ | 2015 | 1,033 | 234 | 96% | 1,810 | 1.75 | 2,189 | 2.12 | ||||||||||||||||||||||||||||
TOTAL ARIZONA | 13 | Properties | 996 | 4,029 | 97% | 1,748 | 1.76 | 2,045 | 2.05 | |||||||||||||||||||||||||||||
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 | 380 | 98% | 2,323 | 2.30 | 2,649 | 2.63 | ||||||||||||||||||||||||||||
Camden Glendale | Glendale | CA | 2015 | 893 | 307 | 98% | 2,485 | 2.78 | 2,626 | 2.94 | ||||||||||||||||||||||||||||
Camden Harbor View | Long Beach | CA | 2004 | 981 | 547 | 98% | 2,729 | 2.78 | 2,909 | 2.97 | ||||||||||||||||||||||||||||
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 | 290 | 99% | 2,234 | 2.21 | 2,573 | 2.55 | ||||||||||||||||||||||||||||
Camden Martinique | Costa Mesa | CA | 1986 | 795 | 714 | 98% | 2,021 | 2.54 | 2,282 | 2.87 | ||||||||||||||||||||||||||||
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 | 138 | 100% | 2,283 | 2.56 | 2,546 | 2.86 | ||||||||||||||||||||||||||||
The Camden | Hollywood | CA | 2016 | 767 | 287 | 97% | 2,954 | 3.85 | 3,082 | 4.02 | ||||||||||||||||||||||||||||
Total Los Angeles/Orange County | 7 | Properties | 900 | 2,663 | 98% | 2,400 | 2.67 | 2,634 | 2.93 | |||||||||||||||||||||||||||||
Camden Hillcrest (1) | San Diego | CA | 2021 | 1,223 | 132 | Lease-Up | 4,178 | 3.42 | 3,065 | 2.51 | ||||||||||||||||||||||||||||
Camden Landmark | Ontario | CA | 2006 | 982 | 469 | 97% | 1,921 | 1.95 | 2,201 | 2.24 | ||||||||||||||||||||||||||||
Camden Old Creek | San Marcos | CA | 2007 | 1,037 | 350 | 97% | 2,464 | 2.38 | 2,677 | 2.58 | ||||||||||||||||||||||||||||
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 | 422 | 97% | 2,301 | 2.39 | 2,622 | 2.72 | ||||||||||||||||||||||||||||
Camden Tuscany | San Diego | CA | 2003 | 895 | 160 | 98% | 2,750 | 3.07 | 2,982 | 3.33 | ||||||||||||||||||||||||||||
Camden Vineyards | Murrieta | CA | 2002 | 1,053 | 264 | 97% | 2,086 | 1.98 | 2,246 | 2.13 | ||||||||||||||||||||||||||||
Total San Diego/Inland Empire | 6 | Properties | 1,009 | 1,797 | 97% | 2,380 | 2.36 | 2,505 | 2.48 | |||||||||||||||||||||||||||||
TOTAL CALIFORNIA | 13 | Properties | 944 | 4,460 | 98% | 2,392 | 2.53 | 2,584 | 2.74 | |||||||||||||||||||||||||||||
Camden Belleview Station | Denver | CO | 2009 | 888 | 270 | 95% | 1,653 | 1.86 | 1,942 | 2.19 | ||||||||||||||||||||||||||||
Camden Caley | Englewood | CO | 2000 | 921 | 218 | 96% | 1,645 | 1.79 | 1,943 | 2.11 | ||||||||||||||||||||||||||||
Camden Denver West | Golden | CO | 1997 | 1,015 | 320 | 96% | 1,983 | 1.95 | 2,232 | 2.20 | ||||||||||||||||||||||||||||
Camden Flatirons | Denver | CO | 2015 | 960 | 424 | 97% | 1,806 | 1.88 | 2,112 | 2.20 | ||||||||||||||||||||||||||||
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 | 342 | 97% | 2,007 | 1.75 | 2,292 | 2.00 | ||||||||||||||||||||||||||||
Camden Interlocken | Broomfield | CO | 1999 | 1,002 | 340 | 97% | 1,830 | 1.83 | 2,117 | 2.11 | ||||||||||||||||||||||||||||
Camden Lakeway | Littleton | CO | 1997 | 932 | 451 | 96% | 1,770 | 1.90 | 2,054 | 2.20 | ||||||||||||||||||||||||||||
Camden Lincoln Station | Lone Tree | CO | 2017 | 844 | 267 | 96% | 1,713 | 2.03 | 1,940 | 2.30 | ||||||||||||||||||||||||||||
Camden RiNo | Denver | CO | 2020 | 828 | 233 | 97% | 1,884 | 2.28 | 2,228 | 2.69 | ||||||||||||||||||||||||||||
TOTAL COLORADO | 9 | Properties | 958 | 2,865 | 97% | 1,818 | 1.90 | 2,101 | 2.19 | |||||||||||||||||||||||||||||
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 | 162 | 97% | 1,888 | 1.78 | 2,169 | 2.04 | ||||||||||||||||||||||||||||
Camden College Park | College Park | MD | 2008 | 942 | 509 | 97% | 1,731 | 1.84 | 1,957 | 2.08 | ||||||||||||||||||||||||||||
Camden Dulles Station | Oak Hill | VA | 2009 | 977 | 382 | 97% | 1,962 | 2.01 | 2,285 | 2.34 | ||||||||||||||||||||||||||||
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 | 530 | 97% | 2,008 | 1.90 | 2,349 | 2.22 | ||||||||||||||||||||||||||||
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 | 489 | 98% | 2,011 | 2.15 | 2,372 | 2.54 | ||||||||||||||||||||||||||||
Camden Fallsgrove | Rockville | MD | 2004 | 996 | 268 | 97% | 1,924 | 1.93 | 2,155 | 2.16 | ||||||||||||||||||||||||||||
Camden Grand Parc | Washington | DC | 2002 | 672 | 105 | 98% | 2,536 | 3.77 | 2,817 | 4.19 | ||||||||||||||||||||||||||||
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 | 690 | 97% | 1,835 | 1.83 | 2,083 | 2.07 | ||||||||||||||||||||||||||||
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 | 245 | 96% | 1,824 | 1.78 | 2,057 | 2.00 | ||||||||||||||||||||||||||||
Camden Monument Place | Fairfax | VA | 2007 | 856 | 368 | 98% | 1,757 | 2.05 | 2,031 | 2.37 | ||||||||||||||||||||||||||||
Camden Noma | Washington | DC | 2014 | 769 | 321 | 98% | 2,119 | 2.75 | 2,421 | 3.15 | ||||||||||||||||||||||||||||
Camden Noma II | Washington | DC | 2017 | 759 | 405 | 97% | 2,200 | 2.90 | 2,505 | 3.30 | ||||||||||||||||||||||||||||
Camden Potomac Yard | Arlington | VA | 2008 | 832 | 378 | 98% | 2,067 | 2.48 | 2,439 | 2.93 | ||||||||||||||||||||||||||||
Camden Roosevelt | Washington | DC | 2003 | 856 | 198 | 99% | 2,840 | 3.32 | 3,271 | 3.82 | ||||||||||||||||||||||||||||
Camden Shady Grove | Rockville | MD | 2018 | 877 | 457 | 98% | 1,845 | 2.10 | 2,089 | 2.38 | ||||||||||||||||||||||||||||
Camden Silo Creek | Ashburn | VA | 2004 | 975 | 284 | 98% | 1,819 | 1.86 | 2,085 | 2.14 | ||||||||||||||||||||||||||||
Camden South Capitol (2) | Washington | DC | 2013 | 821 | 281 | 97% | 2,268 | 2.76 | 2,737 | 3.33 | ||||||||||||||||||||||||||||
Camden Washingtonian | Gaithersburg | MD | 2018 | 870 | 365 | 98% | 1,888 | 2.17 | 2,105 | 2.42 | ||||||||||||||||||||||||||||
TOTAL DC METRO | 18 | Properties | 917 | 6,437 | 97% | 1,977 | 2.16 | 2,274 | 2.48 | |||||||||||||||||||||||||||||
Camden Aventura | Aventura | FL | 1995 | 1,108 | 379 | 98% | 2,202 | 1.99 | 2,554 | 2.30 | ||||||||||||||||||||||||||||
Camden Boca Raton | Boca Raton | FL | 2014 | 843 | 261 | 98% | 2,217 | 2.63 | 2,443 | 2.90 | ||||||||||||||||||||||||||||
Camden Brickell | Miami | FL | 2003 | 937 | 405 | 97% | 2,375 | 2.53 | 2,594 | 2.77 | ||||||||||||||||||||||||||||
Camden Doral | Miami | FL | 1999 | 1,120 | 260 | 99% | 2,050 | 1.83 | 2,295 | 2.05 | ||||||||||||||||||||||||||||
Camden Doral Villas | Miami | FL | 2000 | 1,253 | 232 | 98% | 2,299 | 1.83 | 2,561 | 2.04 | ||||||||||||||||||||||||||||
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 | 420 | 98% | 2,312 | 2.22 | 2,607 | 2.50 | ||||||||||||||||||||||||||||
Camden Plantation | Plantation | FL | 1997 | 1,201 | 502 | 98% | 1,902 | 1.58 | 2,208 | 1.84 | ||||||||||||||||||||||||||||
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 | 322 | 98% | 1,980 | 1.78 | 2,312 | 2.08 | ||||||||||||||||||||||||||||
Total Southeast Florida | 8 | Properties | 1,079 | 2,781 | 98% | 2,159 | 2.00 | 2,443 | 2.26 | |||||||||||||||||||||||||||||
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 12/31/2021 |
(Unaudited) | 4Q21 Avg Monthly | 4Q21 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 4Q21 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Hunters Creek | Orlando | FL | 2000 | 1,075 | 270 | 99% | $1,536 | $1.43 | $1,767 | $1.64 | ||||||||||||||||||||||
Camden Lago Vista | Orlando | FL | 2005 | 955 | 366 | 98% | 1,452 | 1.52 | 1,712 | 1.79 | ||||||||||||||||||||||
Camden Lake Eola (1) | Orlando | FL | 2021 | 944 | 360 | Lease-Up | 2,144 | 2.27 | 2,371 | 2.51 | ||||||||||||||||||||||
Camden LaVina | Orlando | FL | 2012 | 969 | 420 | 98% | 1,487 | 1.54 | 1,758 | 1.82 | ||||||||||||||||||||||
Camden Lee Vista | Orlando | FL | 2000 | 937 | 492 | 96% | 1,513 | 1.61 | 1,784 | 1.90 | ||||||||||||||||||||||
Camden North Quarter | Orlando | FL | 2016 | 806 | 333 | 98% | 1,592 | 1.98 | 1,751 | 2.17 | ||||||||||||||||||||||
Camden Orange Court | Orlando | FL | 2008 | 817 | 268 | 98% | 1,443 | 1.77 | 1,686 | 2.06 | ||||||||||||||||||||||
Camden Thornton Park | Orlando | FL | 2016 | 920 | 299 | 98% | 1,846 | 2.01 | 2,055 | 2.23 | ||||||||||||||||||||||
Camden Town Square | Orlando | FL | 2012 | 983 | 438 | 98% | 1,493 | 1.52 | 1,708 | 1.74 | ||||||||||||||||||||||
Camden Waterford Lakes (2) | Orlando | FL | 2014 | 971 | 300 | 98% | 1,579 | 1.63 | 1,811 | 1.86 | ||||||||||||||||||||||
Camden World Gateway | Orlando | FL | 2000 | 979 | 408 | 98% | 1,505 | 1.54 | 1,734 | 1.77 | ||||||||||||||||||||||
Total Orlando | 11 | Properties | 944 | 3,954 | 98% | 1,593 | 1.69 | 1,817 | 1.93 | |||||||||||||||||||||||
Camden Bay | Tampa | FL | 1997/2001 | 943 | 760 | 97% | 1,505 | 1.60 | 1,782 | 1.89 | ||||||||||||||||||||||
Camden Central | St. Petersburg | FL | 2019 | 943 | 368 | 97% | 2,787 | 2.96 | 3,004 | 3.19 | ||||||||||||||||||||||
Camden Montague | Tampa | FL | 2012 | 972 | 192 | 98% | 1,536 | 1.58 | 1,838 | 1.89 | ||||||||||||||||||||||
Camden Pier District | St. Petersburg | FL | 2016 | 989 | 358 | 98% | 2,884 | 2.92 | 3,051 | 3.08 | ||||||||||||||||||||||
Camden Preserve | Tampa | FL | 1996 | 942 | 276 | 98% | 1,703 | 1.81 | 1,966 | 2.09 | ||||||||||||||||||||||
Camden Royal Palms | Brandon | FL | 2006 | 1,017 | 352 | 98% | 1,485 | 1.46 | 1,765 | 1.74 | ||||||||||||||||||||||
Camden Visconti (2) | Tampa | FL | 2007 | 1,125 | 450 | 95% | 1,707 | 1.52 | 1,989 | 1.77 | ||||||||||||||||||||||
Camden Westchase Park | Tampa | FL | 2012 | 992 | 348 | 98% | 1,664 | 1.68 | 1,960 | 1.98 | ||||||||||||||||||||||
Total Tampa | 8 | Properties | 990 | 3,104 | 97% | 1,880 | 1.90 | 2,142 | 2.16 | |||||||||||||||||||||||
TOTAL FLORIDA | 27 | Properties | 997 | 9,839 | 98% | 1,844 | 1.85 | 2,099 | 2.11 | |||||||||||||||||||||||
Camden Brookwood | Atlanta | GA | 2002 | 916 | 359 | 96% | 1,579 | 1.72 | 1,856 | 2.03 | ||||||||||||||||||||||
Camden Buckhead Square | Atlanta | GA | 2015 | 827 | 250 | 96% | 1,678 | 2.03 | 1,840 | 2.22 | ||||||||||||||||||||||
Camden Creekstone | Atlanta | GA | 2002 | 990 | 223 | 98% | 1,534 | 1.55 | 1,757 | 1.78 | ||||||||||||||||||||||
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 | 292 | 89% | 1,659 | 1.40 | 1,934 | 1.63 | ||||||||||||||||||||||
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 | 324 | 98% | 1,521 | 1.51 | 1,770 | 1.76 | ||||||||||||||||||||||
Camden Fourth Ward | Atlanta | GA | 2014 | 844 | 276 | 97% | 1,880 | 2.23 | 2,160 | 2.56 | ||||||||||||||||||||||
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 | 296 | 97% | 1,632 | 1.75 | 1,945 | 2.08 | ||||||||||||||||||||||
Camden Paces | Atlanta | GA | 2015 | 1,408 | 379 | 97% | 2,775 | 1.97 | 3,098 | 2.20 | ||||||||||||||||||||||
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 | 399 | 96% | 1,583 | 1.54 | 1,913 | 1.86 | ||||||||||||||||||||||
Camden Phipps (2) | Atlanta | GA | 1996 | 1,016 | 234 | 96% | 1,684 | 1.66 | 1,965 | 1.93 | ||||||||||||||||||||||
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 | 232 | 98% | 1,514 | 1.32 | 1,824 | 1.60 | ||||||||||||||||||||||
Camden St. Clair | Atlanta | GA | 1997 | 999 | 336 | 97% | 1,543 | 1.54 | 1,794 | 1.80 | ||||||||||||||||||||||
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 | 304 | 97% | 1,409 | 1.40 | 1,686 | 1.67 | ||||||||||||||||||||||
Camden Vantage | Atlanta | GA | 2010 | 901 | 592 | 95% | 1,603 | 1.78 | 1,855 | 2.06 | ||||||||||||||||||||||
TOTAL GEORGIA | 14 | Properties | 1,014 | 4,496 | 96% | 1,698 | 1.67 | 1,971 | 1.94 | |||||||||||||||||||||||
Camden Ballantyne | Charlotte | NC | 1998 | 1,048 | 400 | 97% | 1,442 | 1.38 | 1,719 | 1.64 | ||||||||||||||||||||||
Camden Cotton Mills | Charlotte | NC | 2002 | 905 | 180 | 97% | 1,553 | 1.72 | 1,814 | 2.00 | ||||||||||||||||||||||
Camden Dilworth | Charlotte | NC | 2006 | 857 | 145 | 96% | 1,563 | 1.83 | 1,813 | 2.12 | ||||||||||||||||||||||
Camden Fairview | Charlotte | NC | 1983 | 1,036 | 135 | 96% | 1,291 | 1.25 | 1,511 | 1.46 | ||||||||||||||||||||||
Camden Foxcroft | Charlotte | NC | 1979 | 940 | 156 | 97% | 1,200 | 1.28 | 1,429 | 1.52 | ||||||||||||||||||||||
Camden Foxcroft II | Charlotte | NC | 1985 | 874 | 100 | 97% | 1,328 | 1.52 | 1,565 | 1.79 | ||||||||||||||||||||||
Camden Gallery | Charlotte | NC | 2017 | 743 | 323 | 97% | 1,675 | 2.25 | 1,872 | 2.52 | ||||||||||||||||||||||
Camden Grandview | Charlotte | NC | 2000 | 1,059 | 266 | 98% | 1,825 | 1.72 | 2,069 | 1.95 | ||||||||||||||||||||||
Camden Grandview II | Charlotte | NC | 2019 | 2,241 | 28 | 99% | 3,626 | 1.62 | 3,846 | 1.72 | ||||||||||||||||||||||
Camden Sedgebrook | Charlotte | NC | 1999 | 972 | 368 | 96% | 1,321 | 1.36 | 1,560 | 1.60 | ||||||||||||||||||||||
Camden South End | Charlotte | NC | 2003 | 878 | 299 | 96% | 1,590 | 1.81 | 1,800 | 2.05 | ||||||||||||||||||||||
Camden Southline (2) | Charlotte | NC | 2015 | 831 | 266 | 96% | 1,689 | 2.03 | 1,912 | 2.30 | ||||||||||||||||||||||
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 | 306 | 96% | 1,483 | 1.35 | 1,730 | 1.58 | ||||||||||||||||||||||
Camden Touchstone | Charlotte | NC | 1986 | 899 | 132 | 98% | 1,227 | 1.36 | 1,483 | 1.65 | ||||||||||||||||||||||
Total Charlotte | 14 | Properties | 954 | 3,104 | 97% | 1,524 | 1.60 | 1,763 | 1.85 | |||||||||||||||||||||||
Camden Asbury Village (2) | Raleigh | NC | 2009 | 1,009 | 350 | 97% | 1,400 | 1.39 | 1,619 | 1.60 | ||||||||||||||||||||||
Camden Carolinian | Raleigh | NC | 2017 | 1,118 | 186 | 97% | 2,157 | 1.93 | 2,350 | 2.10 | ||||||||||||||||||||||
Camden Crest | Raleigh | NC | 2001 | 1,014 | 438 | 96% | 1,244 | 1.23 | 1,490 | 1.47 | ||||||||||||||||||||||
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 | 242 | 98% | 1,303 | 1.25 | 1,573 | 1.50 | ||||||||||||||||||||||
Camden Lake Pine | Apex | NC | 1999 | 1,066 | 446 | 98% | 1,356 | 1.27 | 1,610 | 1.51 | ||||||||||||||||||||||
Camden Manor Park | Raleigh | NC | 2006 | 966 | 484 | 97% | 1,354 | 1.40 | 1,624 | 1.68 | ||||||||||||||||||||||
Camden Overlook | Raleigh | NC | 2001 | 1,061 | 322 | 97% | 1,433 | 1.35 | 1,692 | 1.60 | ||||||||||||||||||||||
Camden Reunion Park | Apex | NC | 2000/2004 | 972 | 420 | 97% | 1,255 | 1.29 | 1,491 | 1.53 | ||||||||||||||||||||||
Camden Westwood | Morrisville | NC | 1999 | 1,022 | 360 | 94% | 1,286 | 1.26 | 1,577 | 1.54 | ||||||||||||||||||||||
Total Raleigh | 9 | Properties | 1,022 | 3,248 | 97% | 1,374 | 1.34 | 1,626 | 1.59 | |||||||||||||||||||||||
TOTAL NORTH CAROLINA | 23 | Properties | 989 | 6,352 | 97% | 1,448 | 1.46 | 1,693 | 1.71 | |||||||||||||||||||||||
Camden Franklin Park | Franklin | TN | 2018 | 967 | 328 | 98% | 1,793 | 1.85 | 1,891 | 1.96 | ||||||||||||||||||||||
Camden Music Row | Nashville | TN | 2016 | 903 | 430 | 97% | 2,215 | 2.45 | 2,296 | 2.54 | ||||||||||||||||||||||
TOTAL TENNESSEE | 2 | Properties | 931 | 758 | 97% | 2,032 | 2.18 | 2,120 | 2.28 |
CAMDEN | COMMUNITY TABLE | |||||||
Community statistics as of 12/31/2021 |
(Unaudited) | 4Q21 Avg Monthly | 4Q21 Avg Monthly | ||||||||||||||||||||||||||||||
Year Placed | Average | Apartment | 4Q21 Avg | Rental Rates per | Revenue per Occupied | |||||||||||||||||||||||||||
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft. | ||||||||||||||||||||||
Camden Amber Oaks (2) | Austin | TX | 2009 | 862 | 348 | 98% | $1,290 | $1.50 | $1,592 | $1.85 | ||||||||||||||||||||||
Camden Amber Oaks II (2) | Austin | TX | 2012 | 910 | 244 | 97% | 1,390 | 1.53 | 1,678 | 1.84 | ||||||||||||||||||||||
Camden Brushy Creek (2) | Cedar Park | TX | 2008 | 882 | 272 | 98% | 1,384 | 1.57 | 1,556 | 1.76 | ||||||||||||||||||||||
Camden Cedar Hills | Austin | TX | 2008 | 911 | 208 | 98% | 1,492 | 1.64 | 1,727 | 1.90 | ||||||||||||||||||||||
Camden Gaines Ranch | Austin | TX | 1997 | 955 | 390 | 98% | 1,665 | 1.74 | 1,945 | 2.04 | ||||||||||||||||||||||
Camden Huntingdon | Austin | TX | 1995 | 903 | 398 | 97% | 1,339 | 1.48 | 1,580 | 1.75 | ||||||||||||||||||||||
Camden La Frontera | Austin | TX | 2015 | 901 | 300 | 97% | 1,404 | 1.56 | 1,671 | 1.85 | ||||||||||||||||||||||
Camden Lamar Heights | Austin | TX | 2015 | 838 | 314 | 96% | 1,608 | 1.92 | 1,796 | 2.14 | ||||||||||||||||||||||
Camden Rainey Street | Austin | TX | 2016 | 873 | 326 | 97% | 2,206 | 2.53 | 2,463 | 2.82 | ||||||||||||||||||||||
Camden Shadow Brook (2) | Austin | TX | 2009 | 909 | 496 | 98% | 1,355 | 1.49 | 1,556 | 1.71 | ||||||||||||||||||||||
Camden Stoneleigh | Austin | TX | 2001 | 908 | 390 | 98% | 1,475 | 1.62 | 1,736 | 1.91 | ||||||||||||||||||||||
Total Austin | 11 | Properties | 897 | 3,686 | 98% | 1,506 | 1.68 | 1,749 | 1.95 | |||||||||||||||||||||||
Camden Addison | Addison | TX | 1996 | 942 | 456 | 97% | 1,389 | 1.47 | 1,619 | 1.72 | ||||||||||||||||||||||
Camden Belmont | Dallas | TX | 2010/2012 | 946 | 477 | 97% | 1,557 | 1.65 | 1,816 | 1.92 | ||||||||||||||||||||||
Camden Buckingham | Richardson | TX | 1997 | 919 | 464 | 98% | 1,367 | 1.49 | 1,653 | 1.80 | ||||||||||||||||||||||
Camden Centreport | Ft. Worth | TX | 1997 | 912 | 268 | 98% | 1,337 | 1.47 | 1,598 | 1.75 | ||||||||||||||||||||||
Camden Cimarron | Irving | TX | 1992 | 772 | 286 | 97% | 1,369 | 1.77 | 1,616 | 2.09 | ||||||||||||||||||||||
Camden Design District (2) | Dallas | TX | 2009 | 939 | 355 | 98% | 1,480 | 1.58 | 1,665 | 1.77 | ||||||||||||||||||||||
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 | 904 | 97% | 1,440 | 1.54 | 1,658 | 1.78 | ||||||||||||||||||||||
Camden Greenville | Dallas | TX | 2017/2018 | 1,028 | 558 | 94% | 1,783 | 1.73 | 1,880 | 1.83 | ||||||||||||||||||||||
Camden Henderson | Dallas | TX | 2012 | 966 | 106 | 97% | 1,637 | 1.69 | 1,874 | 1.94 | ||||||||||||||||||||||
Camden Legacy Creek | Plano | TX | 1995 | 831 | 240 | 98% | 1,441 | 1.73 | 1,678 | 2.02 | ||||||||||||||||||||||
Camden Legacy Park | Plano | TX | 1996 | 870 | 276 | 97% | 1,429 | 1.64 | 1,650 | 1.90 | ||||||||||||||||||||||
Camden Panther Creek (2) | Frisco | TX | 2009 | 946 | 295 | 98% | 1,482 | 1.57 | 1,724 | 1.82 | ||||||||||||||||||||||
Camden Riverwalk (2) | Grapevine | TX | 2008 | 989 | 600 | 97% | 1,609 | 1.63 | 1,882 | 1.90 | ||||||||||||||||||||||
Camden Valley Park | Irving | TX | 1986 | 743 | 516 | 99% | 1,170 | 1.57 | 1,406 | 1.89 | ||||||||||||||||||||||
Camden Victory Park | Dallas | TX | 2016 | 861 | 423 | 97% | 1,764 | 2.05 | 1,975 | 2.29 | ||||||||||||||||||||||
Total Dallas/Ft. Worth | 15 | Properties | 913 | 6,224 | 97% | 1,486 | 1.63 | 1,711 | 1.87 | |||||||||||||||||||||||
Camden City Centre | Houston | TX | 2007 | 932 | 379 | 96% | 1,474 | 1.58 | 1,730 | 1.86 | ||||||||||||||||||||||
Camden City Centre II | Houston | TX | 2013 | 869 | 268 | 94% | 1,440 | 1.66 | 1,697 | 1.95 | ||||||||||||||||||||||
Camden Cypress Creek (2) | Cypress | TX | 2009 | 993 | 310 | 97% | 1,426 | 1.44 | 1,692 | 1.70 | ||||||||||||||||||||||
Camden Cypress Creek II (2) | Cypress | TX | 2020 | 950 | 234 | 95% | 1,380 | 1.45 | 1,579 | 1.66 | ||||||||||||||||||||||
Camden Downs at Cinco Ranch (2) | Katy | TX | 2004 | 1,075 | 318 | 98% | 1,394 | 1.30 | 1,639 | 1.52 | ||||||||||||||||||||||
Camden Downtown | Houston | TX | 2020 | 1,052 | 271 | 96% | 2,490 | 2.37 | 2,630 | 2.50 | ||||||||||||||||||||||
Camden Grand Harbor (2) | Katy | TX | 2008 | 959 | 300 | 98% | 1,285 | 1.34 | 1,510 | 1.57 | ||||||||||||||||||||||
Camden Greenway | Houston | TX | 1999 | 861 | 756 | 97% | 1,375 | 1.60 | 1,616 | 1.88 | ||||||||||||||||||||||
Camden Heights (2) | Houston | TX | 2004 | 927 | 352 | 96% | 1,507 | 1.63 | 1,754 | 1.89 | ||||||||||||||||||||||
Camden Highland Village | Houston | TX | 2014/2015 | 1,175 | 552 | 95% | 2,198 | 1.87 | 2,343 | 1.99 | ||||||||||||||||||||||
Camden Holly Springs | Houston | TX | 1999 | 934 | 548 | 97% | 1,295 | 1.39 | 1,535 | 1.64 | ||||||||||||||||||||||
Camden McGowen Station | Houston | TX | 2018 | 1,004 | 315 | 96% | 1,995 | 1.99 | 2,207 | 2.20 | ||||||||||||||||||||||
Camden Midtown | Houston | TX | 1999 | 844 | 337 | 95% | 1,475 | 1.75 | 1,712 | 2.03 | ||||||||||||||||||||||
Camden Northpointe (2) | Tomball | TX | 2008 | 940 | 384 | 98% | 1,238 | 1.32 | 1,523 | 1.62 | ||||||||||||||||||||||
Camden Plaza | Houston | TX | 2007 | 915 | 271 | 96% | 1,576 | 1.72 | 1,810 | 1.98 | ||||||||||||||||||||||
Camden Post Oak | Houston | TX | 2003 | 1,200 | 356 | 94% | 2,433 | 2.03 | 2,729 | 2.27 | ||||||||||||||||||||||
Camden Royal Oaks | Houston | TX | 2006 | 923 | 236 | 94% | 1,409 | 1.53 | 1,471 | 1.59 | ||||||||||||||||||||||
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 | 104 | 91% | 1,651 | 1.57 | 1,750 | 1.66 | ||||||||||||||||||||||
Camden Spring Creek (2) | Spring | TX | 2004 | 1,080 | 304 | 96% | 1,321 | 1.22 | 1,615 | 1.50 | ||||||||||||||||||||||
Camden Stonebridge | Houston | TX | 1993 | 845 | 204 | 98% | 1,159 | 1.37 | 1,418 | 1.68 | ||||||||||||||||||||||
Camden Sugar Grove | Stafford | TX | 1997 | 921 | 380 | 98% | 1,269 | 1.38 | 1,491 | 1.62 | ||||||||||||||||||||||
Camden Travis Street | Houston | TX | 2010 | 819 | 253 | 97% | 1,442 | 1.76 | 1,707 | 2.08 | ||||||||||||||||||||||
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 | 894 | 95% | 1,404 | 1.63 | 1,659 | 1.92 | ||||||||||||||||||||||
Camden Whispering Oaks | Houston | TX | 2008 | 936 | 274 | 97% | 1,322 | 1.41 | 1,551 | 1.66 | ||||||||||||||||||||||
Camden Woodson Park (2) | Houston | TX | 2008 | 916 | 248 | 97% | 1,220 | 1.33 | 1,509 | 1.65 | ||||||||||||||||||||||
Camden Yorktown (2) | Houston | TX | 2008 | 995 | 306 | 97% | 1,220 | 1.23 | 1,459 | 1.47 | ||||||||||||||||||||||
Total Houston | 26 | Properties | 956 | 9,154 | 96% | 1,517 | 1.59 | 1,748 | 1.83 | |||||||||||||||||||||||
TOTAL TEXAS | 52 | Properties | 931 | 19,064 | 97% | 1,504 | 1.62 | 1,736 | 1.87 | |||||||||||||||||||||||
TOTAL PROPERTIES | 171 | Properties | 960 | 58,300 | 97% | $1,730 | $1.80 | $2,005 | $2.09 | |||||||||||||||||||||||
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