Camden(CPT) - 2021 Q2 - Quarterly Report

Financial Performance - Total property revenues for Q2 2021 reached $276,523, an increase of 10.8% compared to $250,683 in Q2 2020[11] - Net income attributable to common shareholders for the six months ended June 30, 2021, was $61,526, up 3.0% from $59,761 in the same period of 2020[11] - Earnings per share (EPS) for Q2 2021 was $0.30, compared to $0.17 in Q2 2020, reflecting a growth of 76.5%[11] - Comprehensive income for the six months ended June 30, 2021, was $64,657, compared to $62,710 in the same period of 2020, an increase of 3.1%[11] - Net income for the six months ended June 30, 2021, was $63,912,000, compared to $61,978,000 for the same period in 2020, reflecting a year-over-year increase of 3.1%[28] - Net income for the three months ended June 30, 2021, was $31,439,000, an increase from $17,511,000 in the same period of 2020, representing an increase of 79.5%[108] - Funds from Operations (FFO) for the three months ended June 30, 2021, was $131.2 million, up from $110.4 million in the same period of 2020, reflecting a 18.8% increase[125] - Adjusted Funds from Operations (AFFO) for the three months ended June 30, 2021, was $112.4 million, compared to $91.6 million for the same period in 2020, indicating a 22.7% increase[125] Assets and Liabilities - Total assets increased to $7,457,117 as of June 30, 2021, up from $7,198,952 at the end of 2020, representing a growth of 3.6%[8] - Total liabilities decreased slightly to $3,670,909 from $3,682,365 at the end of 2020, a reduction of 0.3%[8] - The company had approximately $900 million in an unsecured credit facility, with no borrowings outstanding and approximately $887.8 million available[60] - As of June 30, 2021, the company's total outstanding debt was approximately $3,168.5 million with a weighted average interest rate of 3.6%[62] - The company's unsecured notes payable stood at $3.17 billion as of June 30, 2021, slightly up from $3.17 billion at the end of 2020[8] Cash Flow and Distributions - Cash and cash equivalents as of June 30, 2021, were $374,556, down from $420,441 at the end of 2020, a decrease of 10.9%[8] - Cash distributions declared to equity holders amounted to $168,429,000 for the six months ended June 30, 2021, compared to $165,085,000 for the same period in 2020[28] - The company declared cash distributions of $1.66 per common share, totaling $168,208 for the six months ended June 30, 2021[14] - Cash inflows from financing activities for the six months ended June 30, 2021, totaled approximately $194.0 million, down from $533.6 million in the same period of 2020[130] Property Operations - Property operating and maintenance expenses for Q2 2021 were $65,544, a slight increase from $64,641 in Q2 2020[11] - The company reported net cash from operating activities of $243,669,000 for the six months ended June 30, 2021, compared to $250,174,000 for the same period in 2020[28] - Property operating expenses increased by $10.1 million for the six months ended June 30, 2021, compared to the same period in 2020[89] - Same store revenues increased by approximately 4.1% for the three months ended June 30, 2021, driven by higher occupancy and rental rates[86] - The average monthly property revenue per apartment home for the three months ended June 30, 2021, was $1,848, compared to $1,703 for the same period in 2020, reflecting an increase of 8.5%[105] Development and Acquisitions - Camden Property Trust incurred $289,447,000 in acquisitions of operating properties during the six months ended June 30, 2021[28] - The company is currently developing eight properties that will consist of a total of 2,608 apartment homes upon completion[32] - The company acquired two operating properties for a total of approximately $291.6 million during June 2021, including 328 apartment homes in Franklin, Tennessee, and 430 apartment homes in Nashville, Tennessee[52] - The company expects to complete eight properties currently under construction at an estimated additional cost of approximately $301.6 million, funded through various sources including cash flows and debt offerings[69] Shareholder Information - The company has a share repurchase plan authorized for up to $500 million, with approximately $269.5 million remaining as of the date of the filing[50] - The company issued approximately 2.9 million shares under its 2020 at-the-market program during the three months ended June 30, 2021, receiving approximately $358.8 million in net proceeds[94] - The weighted average number of common shares outstanding for the three months ended June 30, 2021, was 100,701, an increase from 99,399 in the same period of 2020[11] - The company has approximately 100.6 million common shares outstanding as of June 30, 2021, net of treasury shares[51] Market Conditions - The multifamily industry market conditions are showing signs of improvement, with expectations for continued economic and employment growth in 2021[86] - The company anticipates property revenue of $734.9 million in total from existing leases through 2025 and thereafter[45] Expenses - Depreciation and amortization expenses for the six months ended June 30, 2021, were $192,727,000, compared to $184,662,000 for the same period in 2020[28] - General and administrative expenses increased by approximately $0.9 million and $1.8 million for the three and six months ended June 30, 2021, respectively, compared to the same periods in 2020[121] - Interest expense increased by approximately $0.6 million and $4.5 million for the three and six months ended June 30, 2021, respectively, compared to the same periods in 2020[121]