Company Overview - Camden is a publicly traded S&P 400 company with a total market capitalization of $16 billion[6] - The company focuses on high-growth markets and operates a diverse portfolio of assets[7] Financial Highlights & Guidance - In 1Q21, same property scheduled rents collected were 98.4%[12] - New lease rates for leases signed in May 2021 increased by 8.9% compared to expiring lease rates[13] - Renewal rates for leases signed in May 2021 increased by 6.5% compared to expiring lease rates[13] - The midpoint of 2021 guidance includes FFO per share of $5.09, revenue growth of 1.60%, expense growth of 3.90%, and NOI growth of 0.25%[19] - The midpoint of 2021 guidance includes acquisitions and dispositions of $450 million each, and development starts of $220 million[19] Portfolio & Transactions - As of 1Q21, Camden's portfolio included 167 operating communities with 56,851 apartment homes and an average occupancy of 96%[35] - The average monthly rental rate per home was $1,589, and the average monthly revenue per occupied home was $1,830[35] - Camden has invested $3.2 billion in total developments since 2011[49] - Camden has completed repositioning of over 33,000 apartment homes to date through 1Q21, with an average cost of $13,700 per home and an average rental rate increase of ~$125 per month[60]

Camden Property Trust (NYSE:CPT) Q1 2021 Earnings Conference Call April 30, 2021 11:00 AM ET Company Participants Kim Callahan – Senior Vice President–Investor Relations Ric Campo – Chairman and Chief Executive Officer Keith Oden – Executive Vice Chairman Alex Jessett – Chief Financial Officer Conference Call Participants Alua Askarbek – Bank of America Neil Malkin – Capital One Securities Alexander Goldfarb – Piper Sandler Nick Joseph – Citi John Kim – BMO Capital Markets Amanda Sweitzer – Baird Brad Heffe ...

PART I FINANCIAL INFORMATION [Item 1 Financial Statements](index=4&type=section&id=Item%201%20Financial%20Statements) Presents Camden Property Trust's unaudited condensed consolidated financial statements and comprehensive notes [Condensed Consolidated Balance Sheets (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) | Metric | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | Change (in thousands) | | :--------------------------- | :---------------------------- | :------------------------------- | :-------------------- | | Total Assets | $7,104,033 | $7,198,952 | $(94,919) | | Total Liabilities | $3,629,957 | $3,682,365 | $(52,408) | | Total Equity | $3,474,076 | $3,516,587 | $(42,511) | | Net Operating Real Estate Assets | $5,973,140 | $5,954,776 | $18,364 | | Properties Under Development | $541,958 | $564,215 | $(22,257) | | Cash and Cash Equivalents | $333,402 | $420,441 | $(87,039) | [Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income%20(Unaudited)) | Metric | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | YoY Change (in thousands) | YoY Change (%) | | :-------------------------------------- | :----------------------------------------------- | :----------------------------------------------- | :------------------------ | :------------- | | Property Revenues | $267,568 | $265,879 | $1,689 | 0.6% | | Total Property Expenses | $100,932 | $94,136 | $6,796 | 7.2% | | Net Income Attributable to Common Shareholders | $31,347 | $43,284 | $(11,937) | (27.6)% | | Earnings Per Share – Basic | $0.31 | $0.43 | $(0.12) | (27.9)% | | Earnings Per Share – Diluted | $0.31 | $0.43 | $(0.12) | (27.9)% | - The decrease in net income was attributed to a **$5.1 million decrease in property operations**, **$3.9 million higher interest expense**, **$1.3 million higher depreciation**, **$1.0 million higher general and administrative expenses**, and a **$0.6 million decrease in net fee and asset management income**[92](index=92&type=chunk) [Condensed Consolidated Statements of Equity (Unaudited)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity%20(Unaudited)) | Metric | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | Change (in thousands) | | :-------------------------------------- | :---------------------------- | :------------------------------- | :-------------------- | | Total Equity | $3,474,076 | $3,516,587 | $(42,511) | | Net Income (attributable to common shareholders) | $31,347 | N/A | N/A | | Cash Distributions Declared | $(82,896) | N/A | N/A | | Net Share Awards | $8,866 | N/A | N/A | [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) | Metric | Three Months Ended March 31, 2021 (in thousands) | Three Months Ended March 31, 2020 (in thousands) | YoY Change (in thousands) | | :-------------------------------------- | :----------------------------------------------- | :----------------------------------------------- | :------------------------ | | Net Cash from Operating Activities | $88,456 | $110,584 | $(22,128) | | Net Cash from Investing Activities | $(92,066) | $(113,676) | $21,610 | | Net Cash from Financing Activities | $(83,416) | $2,237 | $(85,653) | | Net Decrease in Cash, Cash Equivalents, and Restricted Cash | $(87,026) | $(855) | $(86,171) | | Cash, Cash Equivalents, and Restricted Cash, End of Period | $337,507 | $26,644 | $310,863 | - The decrease in operating cash flow was mainly due to **higher real estate tax payments** and **pandemic-related impacts on property revenues and expenses**[128](index=128&type=chunk) - The shift in financing cash flow was driven by **no borrowings on the unsecured credit facility in 2021** compared to **$253 million in borrowings in 2020**, and **increased distributions to shareholders**[24](index=24&type=chunk)[129](index=129&type=chunk) [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) [Note 1. Description of Business](index=9&type=section&id=1.%20Description%20of%20Business) - Camden Property Trust operates **175 multifamily properties** with **59,459 apartment homes** across the U.S[27](index=27&type=chunk) - **Eight properties**, comprising **2,608 apartment homes**, were under construction as of March 31, 2021[27](index=27&type=chunk) [Note 2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies%20and%20Recent%20Accounting%20Pronouncements) - The company consolidates Variable Interest Entities (VIEs) where it is the primary beneficiary and uses a voting interest model otherwise; as of March 31, 2021, **two consolidated operating partnerships were VIEs**[28](index=28&type=chunk) - Real estate assets are carried at cost plus capitalized carrying charges, including approximately **$4.8 million in interest** and **$1.4 million in real estate taxes** for properties under development for the three months ended March 31, 2021[32](index=32&type=chunk) - Property revenues are primarily derived from real estate lease contracts, recognized on a straight-line basis over the lease term; pandemic-related rent concessions were accounted for as deferred payments[38](index=38&type=chunk) | Remaining Property Revenue from Existing Leases (in millions) | Amount | | :---------------------------------------------------------- | :----- | | Remainder of 2021 | $497.2 | | 2022 | $89.3 | | 2023 | $4.2 | | 2024 | $3.4 | | 2025 | $2.7 | | Thereafter | $6.9 | | Total | $603.7 | [Note 3. Per Share Data](index=12&type=section&id=3.%20Per%20Share%20Data) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | | Net Income Attributable to Common Shareholders – Basic (in thousands) | $31,304 | $43,185 | | Total Earnings Per Common Share – Basic | $0.31 | $0.43 | | Weighted Average Common Shares Outstanding – Basic (in thousands) | 99,547 | 99,298 | | Total Earnings Per Common Share – Diluted | $0.31 | $0.43 | | Weighted Average Common Shares Outstanding – Diluted (in thousands) | 99,621 | 99,380 | - Approximately **1.9 million common share equivalent securities** were excluded from diluted EPS calculations for being anti-dilutive in both periods[43](index=43&type=chunk) [Note 4. Common Shares](index=12&type=section&id=4.%20Common%20Shares) - The 2020 ATM share offering program has up to **$362.7 million remaining available for sale**; no shares were sold under this program in Q1 2021[47](index=47&type=chunk) - The company has a repurchase plan with approximately **$269.5 million remaining authorized**; no repurchases occurred in Q1 2021[48](index=48&type=chunk) [Note 5. Acquisitions and Dispositions](index=13&type=section&id=5.%20Acquisitions%20and%20Dispositions) - No land acquisitions or dispositions were made in the three months ended March 31, 2021[50](index=50&type=chunk)[51](index=51&type=chunk) - In Q1 2020, the company acquired **4.9 acres for $18.2 million** and sold **4.7 acres for $0.8 million**, realizing a **$0.4 million gain**[50](index=50&type=chunk)[51](index=51&type=chunk) [Note 6. Investments in Joint Ventures](index=13&type=section&id=6.%20Investments%20in%20Joint%20Ventures) - The company has equity investments in **three unconsolidated joint ventures**, with ownership interests of **31.3% in two funds** and **40% in a third fund**[52](index=52&type=chunk) | Metric (in millions) | March 31, 2021 | December 31, 2020 | | :------------------- | :------------- | :---------------- | | Total Assets | $682.4 | $691.5 | | Total Third-Party Debt | $512.5 | $509.1 | | Total Equity | $148.4 | $149.1 | | Metric (in millions) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :------------------- | :-------------------------------- | :-------------------------------- | | Total Revenues | $33.0 | $32.3 | | Net Income | $3.8 | $4.5 | | Equity in Income | $1.9 | $2.1 | - Fees earned from services to the Funds, net of eliminations, decreased from **$1.8 million in Q1 2020** to **$1.5 million in Q1 2021**[55](index=55&type=chunk) [Note 7. Notes Payable](index=14&type=section&id=7.%20Notes%20Payable) | Indebtedness (in millions) | March 31, 2021 | December 31, 2020 | | :------------------------- | :------------- | :---------------- | | Total Unsecured Notes Payable | $3,167.6 | $3,166.6 | - The company has a **$900 million unsecured credit facility**, with **$887.8 million available** and **no outstanding borrowings** as of March 31, 2021[57](index=57&type=chunk) - Weighted average maturity of debt was approximately **8.2 years** at March 31, 2021[60](index=60&type=chunk) | Maturity Year | Amount (in millions) | Weighted Average Interest Rate (%) | | :------------ | :------------------- | :--------------------------------- | | Remainder of 2021 | $(2.8) | — | | 2022 | $386.3 | 3.0 | | 2023 | $247.3 | 5.1 | | 2024 | $497.9 | 4.0 | | 2025 | $(1.7) | — | | Thereafter | $2,040.6 | 3.4 | | Total | $3,167.6 | 3.6 | [Note 8. Derivative Financial Instruments and Hedging Activities](index=15&type=section&id=8.%20Derivative%20Financial%20Instruments%20and%20Hedging%20Activities) - The company uses interest rate swaps to manage interest rate risk but had **no designated hedges outstanding** in Q1 2021 or Q1 2020[61](index=61&type=chunk) | Metric (in millions) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :------------------- | :-------------------------------- | :-------------------------------- | | Interest Rate Swaps (Reclassified from Accumulated OCI into Income) | $(0.3) | $(0.3) | [Note 9. Share-Based Compensation and Non-Qualified Deferred Compensation Plan](index=16&type=section&id=9.%20Share-Based%20Compensation%20and%20Non-Qualified%20Deferred%20Compensation%20Plan) | Metric (in millions) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :------------------- | :-------------------------------- | :-------------------------------- | | Total Compensation Cost for Share Awards (charged against income) | $4.0 | $3.7 | | Total Capitalized Compensation Costs for Share Awards | $0.9 | $0.7 | - The unamortized value of previously issued unvested share awards was approximately **$20.9 million** at March 31, 2021, expected to be amortized over the next three years[65](index=65&type=chunk) [Note 10. Net Change in Operating Accounts](index=16&type=section&id=10.%20Net%20Change%20in%20Operating%20Accounts) | Metric (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Change in Operating Accounts and Other | $(40,802) | $(28,681) | [Note 11. Commitments and Contingencies](index=17&type=section&id=11.%20Commitments%20and%20Contingencies) - Estimated additional cost to complete **eight properties under construction** is approximately **$357.9 million**[68](index=68&type=chunk) - The company had **$1.3 million in earnest money deposits** for potential land acquisitions, of which **$0.8 million was non-refundable**[68](index=68&type=chunk) | Lease Liabilities (in millions) | Amount | | :------------------------------ | :----- | | Remainder of 2021 | $2.6 | | 2022 | $3.1 | | 2023 | $3.0 | | 2024 | $2.8 | | 2025 | $2.0 | | Thereafter | $0.1 | | Less: discount for time value | $(1.4) | | Lease liability as of March 31, 2021 | $12.2 | [Note 12. Income Taxes](index=18&type=section&id=12.%20Income%20Taxes) - The company maintains its REIT election, requiring distribution of at least **90% of annual taxable income** to avoid corporate-level federal income tax[75](index=75&type=chunk) - Income tax expense for Q1 2021 primarily related to **state income tax** and **federal taxes on taxable REIT subsidiaries**[75](index=75&type=chunk) [Note 13. Fair Value Measurements](index=18&type=section&id=13.%20Fair%20Value%20Measurements) | Financial Instrument (in millions) | March 31, 2021 Carrying Value | March 31, 2021 Estimated Fair Value | December 31, 2020 Carrying Value | December 31, 2020 Estimated Fair Value | | :--------------------------------- | :------------------------------ | :---------------------------------- | :------------------------------- | :------------------------------------- | | Fixed rate notes payable | $3,127.8 | $3,346.7 | $3,126.9 | $3,519.9 | | Floating rate notes payable | $39.8 | $40.1 | $39.7 | $40.0 | - Deferred compensation plan investments are measured at fair value using **Level 1 inputs** (quoted market prices)[35](index=35&type=chunk) [Note 14. Related Party Transaction](index=19&type=section&id=14.%20Related%20Party%20Transaction) - An amended agreement was entered into with certain common unit holders of Camden Summit Partnership, L.P., including a Trust Manager, concerning tax liabilities[81](index=81&type=chunk) - A **$40 million unsecured debt term loan** supports these related party obligations[81](index=81&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, operations, business environment, property portfolio, FFO, AFFO, liquidity, and capital resources [Forward-Looking Statements and Risk Factors](index=20&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) - Forward-looking statements are subject to **known and unknown risks, uncertainties, and other factors** beyond the company's control[84](index=84&type=chunk) - Key risk factors include **volatility in capital markets**, **short-term leases**, **competition**, **development/redevelopment risks**, the **ongoing pandemic's adverse effects**, and **significant debt**[85](index=85&type=chunk) [Executive Summary](index=21&type=section&id=Executive%20Summary) - The company focuses on **high-growth economic markets** with strong employment and attractive quality of life for its multifamily apartment communities[88](index=88&type=chunk) - As of March 31, 2021, the company owned interests in, operated, or was developing **175 multifamily properties** comprising **59,459 apartment homes**[88](index=88&type=chunk) [Business Environment and Current Outlook](index=21&type=section&id=Business%20Environment%20and%20Current%20Outlook) - The pandemic continues to pose challenges to the multifamily industry, impacting revenues and expenses[89](index=89&type=chunk) | Metric | Q1 2021 Collections | April 2021 Collections (as of April 25) | | :----------------- | :------------------ | :-------------------------------------- | | Scheduled Rents Collected | 98.4% | 98.0% | | Delinquent Rents | 1.6% | 2.0% | - Factors like **weak consumer confidence**, **high unemployment**, and **government-imposed moratoriums** on rent collection or evictions continue to adversely affect demand and rents[90](index=90&type=chunk) [Consolidated Results](index=21&type=section&id=Consolidated%20Results) - Net income attributable to common shareholders decreased by approximately **$11.9 million** year-over-year[91](index=91&type=chunk) - The decrease was driven by a **$5.1 million decline in property operations**, **$3.9 million higher interest expense**, **$1.3 million higher depreciation**, **$1.0 million higher general and administrative expenses**, and a **$0.6 million decrease in net fee and asset management income**[92](index=92&type=chunk) [Property Operations](index=21&type=section&id=Property%20Operations) - Same store revenues decreased by **0.4%** year-over-year in Q1 2021[93](index=93&type=chunk) - The decrease was primarily due to **lower average rental rates** and **higher uncollectible revenue**, partially offset by **increased income from bulk internet/utility rebilling programs**, **fee income**, and **slightly higher occupancy**[93](index=93&type=chunk) [Construction Activity](index=21&type=section&id=Construction%20Activity) - **Eight properties**, comprising **2,608 apartment homes**, were under construction as of March 31, 2021[94](index=94&type=chunk) - The estimated additional cost to complete these properties is approximately **$357.9 million**[94](index=94&type=chunk) - The pandemic may adversely affect timely completion and final project costs due to potential **construction halts**, **permit delays**, or **disruptions in material/labor supply**[94](index=94&type=chunk) [Future Outlook](index=21&type=section&id=Future%20Outlook) - The company intends to continue developing new communities and redeveloping, repositioning, and acquiring existing communities, alongside selective dispositions[95](index=95&type=chunk) - Liquidity will be maintained through **cash**, **operating cash flows**, **draws on the unsecured credit facility**, **debt and equity offerings**, **property dispositions**, and other **unsecured borrowings or secured mortgages**[96](index=96&type=chunk) | Metric (as of March 31, 2021) | Amount (in millions) | | :---------------------------- | :------------------- | | Cash and Cash Equivalents | $333.4 | | Available under Unsecured Credit Facilities | $887.8 | | Available under 2020 ATM Program | $362.7 | - **100% of consolidated properties were unencumbered** as of March 31, 2021, and there is **no debt maturing until September 2022**[96](index=96&type=chunk) [Property Portfolio](index=22&type=section&id=Property%20Portfolio) | Property Type | Apartment Homes (March 31, 2021) | Properties (March 31, 2021) | Apartment Homes (December 31, 2020) | Properties (December 31, 2020) | | :------------------------ | :------------------------------- | :-------------------------- | :---------------------------------- | :----------------------------- | | Operating Properties | 56,851 | 167 | 56,850 | 167 | | Properties Under Construction | 2,608 | 8 | 2,254 | 7 | | Total Properties | 59,459 | 175 | 59,104 | 174 | - Top operating markets by apartment homes include **Houston, TX (9,806 homes)**, **Washington, D.C. Metro (6,863 homes)**, and **Dallas, TX (5,666 homes)**[96](index=96&type=chunk) | Unconsolidated Joint Venture Properties (March 31, 2021) | Apartment Homes | Properties | | :------------------------------------------------------- | :-------------- | :--------- | | Total | 7,247 | 22 | - As of March 31, 2021, there were **two consolidated operating properties** and **one unconsolidated joint venture property in lease-up**[99](index=99&type=chunk) - The condensed consolidated balance sheet included **$542.0 million related to properties under development and land**, with **$448.0 million for properties under construction** and **$94.0 million for land held for future development**[100](index=100&type=chunk) | Properties Under Construction (March 31, 2021) | Number of Apartment Homes | Estimated Cost (in millions) | Cost Incurred (in millions) | Estimated Date of Construction Completion | | :--------------------------------------------- | :------------------------ | :--------------------------- | :-------------------------- | :---------------------------------------- | | Camden North End II, Phoenix, AZ | 343 | $90.0 | $75.8 | 1Q22 | | Camden Lake Eola, Orlando, FL | 360 | $125.0 | $122.2 | 2Q21 | | Camden Buckhead, Atlanta, GA | 366 | $160.0 | $130.9 | 1Q22 | | Camden Hillcrest, San Diego, CA | 132 | $95.0 | $73.6 | 4Q21 | | Camden Atlantic, Plantation, FL | 269 | $100.0 | $50.4 | 4Q22 | | Camden Tempe II, Tempe, AZ | 397 | $115.0 | $36.2 | 3Q23 | | Camden NoDa, Charlotte, NC | 387 | $105.0 | $32.5 | 3Q23 | | Camden Durham, Durham, NC | 354 | $120.0 | $30.5 | 4Q23 | | Total | 2,608 | $910.0 | $552.1 | | | Development Pipeline Communities (March 31, 2021) | Projected Homes | Total Estimated Cost (in millions) | Cost to Date (in millions) | | :------------------------------------------------ | :-------------- | :--------------------------------- | :------------------------- | | Camden Arts District, Los Angeles, CA | 354 | $150.0 | $34.4 | | Camden Village District, Raleigh, NC | 355 | $115.0 | $21.6 | | Camden Paces III, Atlanta, GA | 350 | $100.0 | $17.1 | | Camden Downtown II, Houston, TX | 271 | $145.0 | $12.2 | | Camden Highland II Village, Houston, TX | 300 | $100.0 | $8.7 | | Total | 1,630 | $610.0 | $94.0 | [Results of Operations](index=25&type=section&id=Results%20of%20Operations) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | YoY Change (in thousands) | YoY Change (%) | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | :------------------------ | :------------- | | Average monthly property revenue per apartment home | $1,804 | $1,808 | $(4) | (0.2)% | | Annualized total property expenses per apartment home | $8,166 | $7,682 | $484 | 6.3% | | Weighted average occupancy of operating apartment homes owned 100% | 95.9% | 95.9% | 0.0% | 0.0% | | Metric (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | YoY Change (in thousands) | YoY Change (%) | | :-------------------- | :-------------------------------- | :-------------------------------- | :------------------------ | :------------- | | Net Operating Income | $166,636 | $171,743 | $(5,107) | (3.0)% | [Property-Level NOI](index=25&type=section&id=Property-Level%20NOI) | Property NOI Category (in thousands) | March 31, 2021 | March 31, 2020 | Change ($) | Change (%) | | :----------------------------------- | :------------- | :------------- | :--------- | :--------- | | Same store communities | $150,483 | $155,954 | $(5,471) | (3.5)% | | Non-same store communities | $14,155 | $14,427 | $(272) | (1.9)% | | Development and lease-up communities | $1,440 | $(75) | $1,515 | * | | Dispositions/other | $558 | $1,437 | $(879) | (61.2)% | | Total property NOI | $166,636 | $171,743 | $(5,107) | (3.0)% | [Same Store Analysis](index=26&type=section&id=Same%20Store%20Analysis) - Same store property NOI decreased by **$5.5 million (3.5%)** year-over-year[109](index=109&type=chunk) - Property expenses increased by **$4.6 million**, primarily due to **higher real estate taxes ($2.6M)**, **utility expenses ($0.8M)**, and **property insurance/repairs ($0.8M)**[109](index=109&type=chunk) - Property revenues decreased by **$0.9 million**, mainly due to **$2.0 million higher uncollectible revenue** and a **0.8% decrease in average rental rates**, partially offset by a **$1.1 million increase from bulk internet/utility rebilling programs**[109](index=109&type=chunk) [Non-same Store and Development and Lease-up Analysis](index=27&type=section&id=Non-same%20Store%20and%20Development%20and%20Lease-up%20Analysis) - Property NOI from non-same store and development/lease-up communities increased by approximately **$1.2 million** year-over-year[110](index=110&type=chunk) - Development and lease-up communities contributed a **$1.5 million increase in NOI** due to the timing of completion and partial lease-up of two development properties[110](index=110&type=chunk) - Non-same store communities experienced a **$0.3 million decrease in NOI** due to higher repairs and maintenance, utilities, and property insurance expenses[110](index=110&type=chunk) [Dispositions/Other Property Analysis](index=27&type=section&id=Dispositions%2FOther%20Property%20Analysis) - Dispositions/other property NOI decreased by approximately **$0.9 million** year-over-year[111](index=111&type=chunk) - The decrease was attributed to **lower NOI from retail communities** due to **higher uncollectible revenue** and **lower occupancy** resulting from the pandemic[111](index=111&type=chunk) [Non-Property Income](index=27&type=section&id=Non-Property%20Income) | Metric (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | YoY Change ($) | YoY Change (%) | | :-------------------- | :-------------------------------- | :-------------------------------- | :------------- | :------------- | | Fee and asset management | $2,206 | $2,527 | $(321) | (12.7)% | | Income/(loss) on deferred compensation plans | $3,626 | $(14,860) | $18,486 | * | | Total non-property income | $6,164 | $(12,004) | $18,168 | (151.3)% | - The significant increase in non-property income was primarily driven by a **positive swing of $18.5 million in income from deferred compensation plans**, which directly offset related expenses[113](index=113&type=chunk) [Other Expenses](index=27&type=section&id=Other%20Expenses) | Metric (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | YoY Change ($) | YoY Change (%) | | :-------------------- | :-------------------------------- | :-------------------------------- | :------------- | :------------- | | Property management | $6,124 | $6,527 | $(403) | (6.2)% | | General and administrative | $14,222 | $13,233 | $989 | 7.5% | | Interest | $23,644 | $19,707 | $3,937 | 20.0% | | Depreciation and amortization | $93,141 | $91,859 | $1,282 | 1.4% | | Expense/(benefit) on deferred compensation plans | $3,626 | $(14,860) | $18,486 | * | | Total other expenses | $141,889 | $117,309 | $24,580 | 21.0% | - Interest expense increased by **$3.9 million** due to the issuance of **$750 million senior unsecured notes in April 2020** and a **$40 million term loan in October 2020**, partially offset by lower credit facility balances and higher capitalized interest[118](index=118&type=chunk) - General and administrative expense increased by **$1.0 million**, primarily due to **higher salaries, benefits, and incentive compensation costs**[118](index=118&type=chunk) [Other](index=28&type=section&id=Other) | Metric (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | YoY Change ($) | YoY Change (%) | | :-------------------- | :-------------------------------- | :-------------------------------- | :------------- | :------------- | | Gain on sale of land | $0 | $382 | $(382) | (100.0)% | | Equity in income of joint ventures | $1,914 | $2,122 | $(208) | (9.8)% | | Income tax expense | $(352) | $(467) | $115 | (24.6)% | - The decrease in equity in income of joint ventures was primarily due to a property completing construction in December 2020 and being in the lease-up phase, resulting in a proportionate share of loss[119](index=119&type=chunk) [Funds from Operations ("FFO") and Adjusted FFO ("AFFO")](index=28&type=section&id=Funds%20from%20Operations%20(%22FFO%22)%20and%20Adjusted%20FFO%20(%22AFFO%22)) | Metric (in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | YoY Change ($) | YoY Change (%) | | :-------------------- | :-------------------------------- | :-------------------------------- | :------------- | :------------- | | Funds from Operations (FFO) | $125,779 | $136,319 | $(10,540) | (7.7)% | | Adjusted Funds from Operations (AFFO) | $113,099 | $121,494 | $(8,395) | (6.9)% | - FFO and AFFO are supplementary non-GAAP measures used to compare operating performance of real estate investments and evaluate a REIT's operating performance[120](index=120&type=chunk)[123](index=123&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's strategy includes **extending debt maturities**, **managing interest rate exposure**, **maintaining conservative coverage ratios**, and using a **prudent mix of debt and equity**[124](index=124&type=chunk) - Interest expense coverage ratio, net of capitalized interest, was approximately **6.2 for Q1 2021**, down from **7.8 in Q1 2020**[125](index=125&type=chunk) - All consolidated properties were **unencumbered** at March 31, 2021[125](index=125&type=chunk) [Financial Condition and Sources of Liquidity](index=29&type=section&id=Financial%20Condition%20and%20Sources%20of%20Liquidity) - Primary liquidity sources are **cash and cash equivalents**, **cash flows from operations**, and **availability under the unsecured credit facility**[125](index=125&type=chunk) - Future liquidity could be impacted by **capital market volatility**, **changes in rent control laws**, **financing sources**, **REIT dividend requirements**, and the **pandemic**[127](index=127&type=chunk) [Cash Flows](index=30&type=section&id=Cash%20Flows) - Net cash from operating activities decreased by **$22.1 million**, primarily due to **higher real estate tax payments** and **pandemic-related impacts**[128](index=128&type=chunk) - Net cash used in investing activities decreased by **$21.6 million**, mainly due to **lower property development and capital improvements**[129](index=129&type=chunk) | Investing Activities Expenditures (in millions) | 2021 | 2020 | | :---------------------------------------------- | :--- | :--- | | Expenditures for new development, including land | $55.4 | $64.8 | | Capital expenditures | $17.8 | $17.2 | | Reposition expenditures | $8.7 | $13.3 | | Capitalized interest, real estate taxes, and other capitalized indirect costs | $8.4 | $8.2 | | Redevelopment expenditures | $0 | $6.1 | | Total | $90.3 | $109.6 | - Net cash from financing activities shifted to an **$83.4 million outflow** from a **$2.2 million inflow**, primarily due to **no borrowings on the unsecured credit facility in 2021** and **higher distributions**[129](index=129&type=chunk) [Financial Flexibility](index=31&type=section&id=Financial%20Flexibility) - The company has a **$900 million unsecured credit facility** with **$887.8 million available** and **no outstanding borrowings** as of March 31, 2021[132](index=132&type=chunk) - The 2020 ATM share offering program has up to **$362.7 million remaining available for sale**, with no shares sold in Q1 2021[133](index=133&type=chunk) - Senior unsecured debt ratings are **A3 (Moody's)**, **A- (Fitch)**, and **A- (Standard and Poor's)**, all with stable outlooks[134](index=134&type=chunk) [Future Cash Requirements and Contractual Obligations](index=31&type=section&id=Future%20Cash%20Requirements%20and%20Contractual%20Obligations) - No debt maturities are scheduled until **September 2022**[135](index=135&type=chunk) - Estimated additional cost to complete **eight properties under construction is $357.9 million**, with **$185-$200 million expected in the remainder of 2021**[136](index=136&type=chunk) - Planned expenditures for the remainder of 2021 include **$60-$64 million for repositions**, **$22-$28 million for new development activities**, and **$57-$60 million for recurring capital expenditures**[136](index=136&type=chunk) - The company's policy is to distribute at least **100% of taxable income** to maintain REIT qualification and minimize income taxes[139](index=139&type=chunk) - A quarterly dividend of **$0.83 per common share** was declared in February 2021, implying an annualized rate of **$3.32 per share/unit**[139](index=139&type=chunk) [Off-Balance Sheet Arrangements](index=32&type=section&id=Off-Balance%20Sheet%20Arrangements) - Unconsolidated joint ventures had approximately **$512.5 million in outstanding secured third-party debt** as of March 31, 2021[140](index=140&type=chunk) - The company had **no outstanding guarantees** related to the debt of its unconsolidated joint ventures[140](index=140&type=chunk) [Inflation](index=32&type=section&id=Inflation) - The short-term nature of apartment leases (average **14 months**) helps mitigate inflation risk by allowing for rent increases upon renewal or new leases[141](index=141&type=chunk) [Critical Accounting Policies](index=32&type=section&id=Critical%20Accounting%20Policies) - Critical accounting policies have not changed from the **2020 Annual Report on Form 10-K**[142](index=142&type=chunk) [Item 3 Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposures have occurred since the 2020 Annual Report on Form 10-K - No material changes to market risk exposures since the **2020 Annual Report on Form 10-K**[143](index=143&type=chunk) [Item 4 Controls and Procedures](index=32&type=section&id=Item%204%20Controls%20and%20Procedures) Disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the quarter - Disclosure controls and procedures were evaluated and deemed **effective** as of March 31, 2021[144](index=144&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[144](index=144&type=chunk) PART II OTHER INFORMATION [Item 1 Legal Proceedings](index=32&type=section&id=Item%201%20Legal%20Proceedings) No legal proceedings were reported for the period - No legal proceedings were reported[145](index=145&type=chunk) [Item 1A Risk Factors](index=32&type=section&id=Item%201A%20Risk%20Factors) No material changes to risk factors were reported since the 2020 Annual Report on Form 10-K - No material changes to the risk factors previously disclosed in the **2020 Annual Report on Form 10-K**[145](index=145&type=chunk) [Item 2 Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred in the first quarter of 2021 - No unregistered sales of equity securities occurred in Q1 2021[145](index=145&type=chunk) [Item 3 Defaults Upon Senior Securities](index=32&type=section&id=Item%203%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported for the period - No defaults upon senior securities were reported[146](index=146&type=chunk) [Item 4 Mine Safety Disclosures](index=33&type=section&id=Item%204%20Mine%20Safety%20Disclosures) No mine safety disclosures were reported for the period - No mine safety disclosures were reported[147](index=147&type=chunk) [Item 5 Other Information](index=33&type=section&id=Item%205%20Other%20Information) No other information was reported for the period - No other information was reported[147](index=147&type=chunk) [Item 6 Exhibits](index=34&type=section&id=Item%206%20Exhibits) Lists exhibits filed with Form 10-Q, including CEO/CFO certifications, XBRL data, and a deferred compensation plan agreement - Exhibits include **certifications (CEO, CFO)**, **XBRL interactive data files**, and an **amended agreement related to the William Camden 2021 deferred compensation plan**[148](index=148&type=chunk) SIGNATURES - The report was signed by **Michael P. Gallagher, Senior Vice President – Chief Accounting Officer**, on April 30, 2021[151](index=151&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-12110 CAMDEN PROPERTY TRUST (Exact name of registrant as specified in its charter) Texas 76-6088377 (State or other ...

Camden Property Trust (NYSE:CPT) Q4 2020 Earnings Conference Call February 5, 2021 11:00 AM ET Company Participants Kim Callahan - Senior Vice President, Investor Relations Ric Campo - Chairman and Chief Executive Officer Keith Oden - Executive Vice Chairman Alex Jessett - Chief Financial Officer Conference Call Participants Alua Askarbek - Bank of America Neil Malkin - Capital One Derek Johnston - Deutsche Bank Sumit Sharma - Scotiabank Alexander Goldfarb - Piper Sandler Austin Wurschmidt - KeyBanc Nick Jo ...

Company Overview - Camden is a publicly traded company since 1993 with a total market capitalization of $12.5 billion[6] - Camden focuses on high-growth markets and operates a diverse portfolio of assets[8] Financial Highlights & COVID-19 Impact - In Q3 2020, Camden's same property scheduled rents collected were 99.4%, with 0.6% delinquent[11] - In October 2020, same property scheduled rents collected were 98.5%, with 1.5% delinquent[11] - New lease rates for same properties in Q3 2020 decreased by 2.4%, while renewal rates increased by 0.6%, resulting in blended rates decreasing by 0.9% (date effective)[12] - New lease rates for same properties in October 2020 decreased by 3.5%, while renewal rates increased by 2.1%, resulting in blended rates decreasing by 1.0% (date effective)[12] - Camden estimates a $14.8 million total cost impact from COVID-19 in 2020, including $9.1 million for resident relief funds (wholly-owned), $0.4 million for resident relief funds (JV allocation at pro-rata), $0.8 million for employee relief fund, $2.8 million for frontline bonuses, and $1.7 million for COVID-19 expenses[25] Portfolio & Development - Camden's portfolio consists of over 56,000 apartment homes in 14 major US markets[38] - The average monthly rental rate per home is $1,598, and the average monthly revenue per occupied home is $1,848[38] - Camden has $3.1 billion in total dispositions and $2.1 billion in total acquisitions since 2011[51, 53] - Camden has completed/stabilized 31 development communities from 2011-2020, with a total cost of $2.0 billion and a market value of $3.1 billion, creating $1.1 billion in value[55] Capital Structure - Camden has a 3.6% weighted average interest rate on all debt and 98.7% fixed-rate debt[62] - Camden has $441 million in cash and cash equivalents and $888 million available under its $900 million unsecured credit facility[62]

Camden Property Trust (NYSE:CPT) Q3 2020 Earnings Conference Call October 30, 2020 11:00 AM ET Company Participants Kim Callahan – Senior Vice President-Investor Relations Ric Campo – Chairman and Chief Executive Officer Keith Oden – Executive Vice Chairman Alex Jessett – Chief Financial Officer Conference Call Participants Sumit Sharma – Scotiabank Alua Askarbek – Bank of America Nick Joseph – Citi Alexander Goldfarb – Piper Sandler Austin Wurschmidt – KeyBanc Rich Hightower – Evercore Neil Malkin – Capita ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission file number: 1-12110 CAMDEN PROPERTY TRUST (Exact Name of Registrant as Specified in Its Ch ...

Camden Property Trust (NYSE:CPT) Q2 2020 Earnings Conference Call July 31, 2020 11:00 AM ET Company Participants Kim Callahan - Senior Vice President of Investor Relations Ric Campo - Chairman and Chief Executive Officer Keith Oden - Executive Vice Chairman Alex Jessett - Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Jeff Spector - Bank of America Nick Yulico - Scotiabank Austin Wurschmidt - KeyBanc Alexander Goldfarb - Piper Sandler Nick Joseph - Citi Neil Mal ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |----------------------------------------------------------------------------------------------------------|------------------------------------------| | | | ...