Document
false0000906345 0000906345 2020-07-30 2020-07-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 30, 2020
CAMDEN PROPERTY TRUST
(Exact name of Registrant as Specified in Charter)
TX
1-12110
76-6088377
(State or Other Jurisdiction of
Incorporation)
(Commission File Number)
(I.R.S. Employer
Identification Number)
11 Greenway Plaza, Suite 2400, Houston, TX 77046
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: -713 354-2500
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par value
CPT
NYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act.





Item 2.02    Results of Operations and Financial Condition.

On July 30, 2020, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and six months ended June 30, 2020. This press release refers to supplemental financial information available on the Company’s website. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01    Financial Statements and Exhibits.

(c)    Exhibits.

Exhibit
Number
Title
 
 
Press Release issued by Camden Property Trust dated July 30, 2020.
Supplemental Financial Information dated July 30, 2020.
104
Cover Page Interactive Data File (formatted as Inline XBRL)






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 30, 2020
CAMDEN PROPERTY TRUST



By:    /s/ Michael P. Gallagher        
Michael P. Gallagher
Senior Vice President - Chief Accounting Officer






EXHIBIT INDEX


Exhibit
Number
Title
 
 
Press Release issued by Camden Property Trust dated July 30, 2020.
Supplemental Financial Information dated July 30, 2020.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).



Exhibit

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2020 OPERATING RESULTS

Houston, Texas (July 30, 2020) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2020. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and six months ended June 30, 2020 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

 
Three Months Ended
Six Months Ended
 
June 30
June 30
Per Diluted Share
2020
2019
2020
2019
EPS
$0.17
$0.43
$0.60
$0.82
FFO
$1.09
$1.28
$2.44
$2.50
AFFO
$0.91
$1.07
$2.11
$2.19

EPS, FFO and AFFO include an approximate $0.14 per diluted share impact of non-recurring charges from COVID-19 Related Impact for the three and six months ended June 30, 2020 as detailed below.

COVID-19 Related Impact
Per Diluted Share
Income Statement Line Item
Resident Relief Funds (Wholly-Owned)
$0.090
Property revenues
Resident Relief Funds (JV Allocation at Pro-rata)
$0.004
Equity in income of joint ventures
Employee Relief Fund
$0.007
General & administrative expense
Frontline Bonus
$0.028
Property operating & maintenance expense
2Q COVID-19 Expenses
$0.013
Property operating & maintenance expense
Total
$0.142
 

 
Quarterly Growth
Sequential Growth
Year-To-Date Growth
Same Property Results*
2Q20 vs. 2Q19
2Q20 vs. 1Q20
2020 vs. 2019
Revenues
0.1%
(2.0)%
1.9%
Expenses
2.3%
0.9%
1.2%
Net Operating Income ("NOI")
(1.1)%
(3.5)%
2.2%

*Same property results exclude COVID-19 Related Impact described above.

Same Property Results
2Q20
2Q19
1Q20
Occupancy
95.2%
96.1%
96.1%

For 2020, the Company defines same property communities as communities owned and stabilized since January 1, 2019, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.


1


July Collections
Same Property Scheduled Rents*
July 2020
July 2019
2Q20
2Q19
Collected
98.7%
98.4%
97.7%
98.6%
Deferred/Payment Plan Arranged
—%
—%
1.1%
—%
Delinquent
1.3%
1.6%
1.2%
1.4%

*Rent is recognized as earned. The Company evaluates collectability on an ongoing basis and any accounts considered uncollectible are subsequently reserved against property revenues.

Retail revenues are not included above and comprise approximately 0.7% of total property revenues. The Company collected 46% and 48% of its retail billings for the second quarter of 2020 and July 2020, respectively.

Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Signed (1) (2)
July 2020*
July 2019
2Q20(2)
2Q19(2)
New Lease Rates
(2.0)%
4.0%
(2.8)%
4.0%
Renewal Rates
1.1%
5.3%
0.3%
5.7%
Blended Rates
(0.6)%
4.6%
(1.1)%
4.8%
 
 
 
 
 
New Leases
1,733
1,773
1,759
2,054
Renewals
1,716
1,692
2,096
1,962
Total Leases
3,449
3,465
3,855
4,016
New Lease and Renewal Data - Effective (3) (4)
July 2020*
July 2019
2Q20(4)
2Q19(4)
New Lease Rates
(2.0)%
4.4%
(2.1)%
3.2%
Renewal Rates
0.2%
5.6%
2.3%
5.4%
Blended Rates
(0.9)%
5.0%
0.3%
4.3%
 
 
 
 
 
New Leases
2,180
2,080
1,510
1,860
Renewals
2,404
2,400
1,898
1,714
Total Leases
4,584
4,480
3,408
3,574
*Data as of July 29, 2020
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.
(2) Data represents average monthly leases signed during the period.
(3) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
(4) Data represents average monthly leases effective during the period.

Occupancy and Turnover Data
July 2020*
July 2019
2Q20
2Q19
Occupancy
95.3%
96.3%
95.2%
96.1%
Annualized Gross Turnover
57%
66%
54%
57%
Annualized Net Turnover
46%
58%
43%
50%
*Data as of July 29, 2020

Development Activity
Leasing began during the quarter at Camden Cypress Creek II in Cypress, TX, a joint venture project with 234 apartment homes.

Development Community - Construction Completed and Project in Lease-Up ($ in millions)
 
 
Total
Total
% Leased

Community Name
Location
Homes
Cost
as of 7/29/2020

Camden North End I
Phoenix, AZ
441
$98.8
89
%


2


Development Communities - Construction Ongoing ($ in millions)
 
 
Total
Total
% Leased

Community Name
Location
Homes
Estimated Cost
as of 7/29/2020

Camden Downtown I
Houston, TX
271
$132.0
24
%
Camden RiNo
Denver, CO
233
78.0
 
Camden Lake Eola
Orlando, FL
360
120.0
 
Camden Buckhead
Atlanta, GA
366
160.0
 
Camden North End II
Phoenix, AZ
343
90.0
 
Camden Hillcrest
San Diego, CA
132
95.0
 
Camden Cypress Creek II (JV)
Cypress, TX
234
38.0
6
%
Total
 
1,939
$713.0
 

Capital Markets Transactions
During the quarter, the Company issued $750.0 million of senior unsecured notes under its existing shelf registration statement. These 10-year notes were offered to the public at 99.929% of par value with a coupon of 2.800%. Camden received net proceeds of approximately $743.1 million, net of underwriting discounts and other estimated offering expenses.

Liquidity Analysis
As of June 30, 2020, the Company had approximately $1.5 billion of liquidity comprised of $602 million in cash and cash equivalents and no amounts outstanding on its $900 million unsecured credit facility. The Company has no scheduled debt maturities until 2022, and had $184.7 million left to fund under its existing wholly-owned development pipeline at quarter-end.

Earnings Guidance
Camden provided guidance for third quarter 2020 based on its current and expected views of the apartment market and general economic conditions as detailed below.

3Q20 Guidance
 
 
3Q20 vs. 3Q19 Same Property Growth
Per Diluted Share
 
Revenues
(2.2)% - (1.0)%
EPS
$0.27 - $0.33
 
Expenses
3.5% - 5.5%
FFO
$1.14 - $1.20
 
NOI
(6.5)% - (3.5)%

Conference Call
Friday, July 31, 2020 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 4385387
Webcast: https://services.choruscall.com/links/cpt200731.html

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.



3


About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 164 properties containing 56,112 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 58,051 apartment homes in 171 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor Employeesʼ Choice Award in 2020, ranking #25 for large U.S. companies.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.





4



 
 
 
CAMDEN
 
OPERATING RESULTS
 
 
(In thousands, except per share amounts)
 
 
 

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
2019
 
2020
2019
OPERATING DATA
 
 
 
 
 
 
 
 
 
 
 
Property revenues (a)
$250,683
$255,761
 
$516,562
$504,328
 
 
 
 
 
 
Property expenses
 
 
 
 
 
Property operating and maintenance
64,641

58,147

 
124,597

115,095

Real estate taxes
35,040

33,080

 
69,220

66,970

Total property expenses
99,681

91,227

 
193,817

182,065

 
 
 
 
 
 
Non-property income
 
 
 
 
 
Fee and asset management
2,380

1,867

 
4,907

3,710

Interest and other income
325

331

 
654

629

Income/(Loss) on deferred compensation plans
11,435

3,856

 
(3,425
)
14,212

Total non-property income
14,140

6,054

 
2,136

18,551

 
 
 
 
 
 
Other expenses
 
 
 
 
 
Property management
5,939

6,093

 
12,466

12,750

Fee and asset management
820

1,522

 
1,663

2,706

General and administrative
14,391

13,261

 
27,624

26,569

Interest
23,482

19,349

 
43,189

39,819

Depreciation and amortization
92,803

84,646

 
184,662

164,920

Expense/(Benefit) on deferred compensation plans
11,435

3,856

 
(3,425
)
14,212

Total other expenses
148,870

128,727

 
266,179

260,976

 
 
 
 
 
 
Gain on sale of land


 
382


Equity in income of joint ventures
1,633

1,909

 
3,755

3,821

Income from continuing operations before income taxes
17,905

43,770

 
62,839

83,659

Income tax expense
(394
)
(228
)
 
(861
)
(396
)
Net income
17,511

43,542

 
61,978

83,263

Less income allocated to non-controlling interests
(1,034
)
(1,143
)
 
(2,217
)
(2,251
)
Net income attributable to common shareholders (b)

$16,477


$42,399

 

$59,761


$81,012

 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
 
 
 
Net income
$17,511
$43,542
 
$61,978
$83,263
Other comprehensive income
 
 
 
 
 
Unrealized (loss) on cash flow hedging activities

(7,060
)
 

(12,998
)
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation
366

(351
)
 
732

(726
)
Comprehensive income
17,877

36,131

 
62,710

69,539

Less income allocated to non-controlling interests
(1,034
)
(1,143
)
 
(2,217
)
(2,251
)
Comprehensive income attributable to common shareholders

$16,843


$34,988

 

$60,493


$67,288

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
 
 
 
 
 
 
Total earnings per common share - basic

$0.17


$0.43

 

$0.60


$0.83

Total earnings per common share - diluted
0.17

0.43

 
0.60

0.82

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
     Basic
99,399

98,903

 
99,348

97,903

     Diluted
99,408

98,997

 
99,394

98,024


(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income.  For the three months ended June 30, 2020, we recognized $250.7 million of property revenue which consisted of approximately $221.4 million of rental revenue, net of $9.1 million related to the Resident Relief Funds, and approximately $29.3 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.  This compares to property revenue of $255.8 million recognized for the three months ended June 30, 2019, made up of approximately $226.3 million of rental revenue and approximately $29.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2020, we recognized $516.6 million of property revenue which consisted of approximately $458.0 million of rental revenue, net of $9.1 million related to the Resident Relief Funds, and approximately $58.6 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.  This compares to property revenue of $504.3 million recognized for the six months ended June 30, 2019, made up of approximately $446.3 million of rental revenue and approximately $58.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $7.1 million and $6.4 million for the three months ended June 30, 2020 and 2019, respectively. For the six months ended June 30, 2020 we recognized $14.0 million of revenue related to utility rebilling to residents. This compares to revenue related to utility rebilling to residents of $12.9 million for the six months ended June 30, 2019.

(b) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28 of the supplement, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

5



 
 
 
CAMDEN
 
FUNDS FROM OPERATIONS
 
 
(In thousands, except per share and property data amounts)
 
 
 

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
2019
 
2020
2019
FUNDS FROM OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common shareholders (a)

$16,477


$42,399

 

$59,761


$81,012

 Real estate depreciation and amortization
90,500

82,796

 
180,011

161,471

 Adjustments for unconsolidated joint ventures
2,287

2,260

 
4,529

4,491

 Income allocated to non-controlling interests
1,103

1,180

 
2,385

2,324

     Funds from operations

$110,367


$128,635

 

$246,686


$249,298

 
 
 
 
 
 
     Less: recurring capitalized expenditures (b)
(18,782
)
(21,166
)
 
(33,607
)
(30,821
)
 
 
 
 
 
 
     Adjusted funds from operations

$91,585


$107,469

 

$213,079


$218,477

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
Funds from operations - diluted

$1.09


$1.28

 

$2.44


$2.50

Adjusted funds from operations - diluted
0.91

1.07

 
2.11

2.19

Distributions declared per common share
0.83

0.80

 
1.66

1.60

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
FFO/AFFO - diluted
101,156

100,750

 
101,142

99,779

 
 
 
 
 
 
PROPERTY DATA
 
 
 
 
 
Total operating properties (end of period) (c)
164

165

 
164

165

Total operating apartment homes in operating properties (end of period) (c)
56,112

56,271

 
56,112

56,271

Total operating apartment homes (weighted average)
49,069

48,565

 
49,043

48,261


(a) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28 of the supplement, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

(b) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

(c) Includes joint ventures and properties held for sale, if any.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.


6



 
 
 
CAMDEN
 
BALANCE SHEETS
 
 
(In thousands)
 
 
 

(Unaudited)
 
Jun 30,
2020

Mar 31,
2020

Dec 31,
2019

Sep 30,
2019

Jun 30,
2019

ASSETS
 
 
 
 
 
Real estate assets, at cost
 
 
 
 
 
Land

$1,206,656


$1,206,130


$1,199,384


$1,158,342


$1,158,342

Buildings and improvements
7,597,165

7,547,150

7,404,090

7,242,256

7,192,644

 
8,803,821

8,753,280

8,603,474

8,400,598

8,350,986

Accumulated depreciation
(2,857,124
)
(2,770,848
)
(2,686,025
)
(2,638,693
)
(2,558,690
)
Net operating real estate assets
5,946,697

5,982,432

5,917,449

5,761,905

5,792,296

Properties under development, including land
514,336

467,288

512,319

440,917

397,418

Investments in joint ventures
21,735

22,318

20,688

21,715

21,313

Total real estate assets
6,482,768

6,472,038

6,450,456

6,224,537

6,211,027

Accounts receivable – affiliates
21,432

20,344

21,833

23,170

22,297

Other assets, net (a)
211,823

196,544

248,716

238,014

233,335

Cash and cash equivalents
601,584

22,277

23,184

157,239

149,551

Restricted cash
4,093

4,367

4,315

5,686

5,392

Total assets

$7,321,700


$6,715,570


$6,748,504


$6,648,646


$6,621,602

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
Liabilities
 
 
 
 
 
Notes payable
 
 
 
 
 
Unsecured

$3,224,871


$2,606,876


$2,524,099


$2,432,137


$2,431,336

Secured



45,250

45,467

Accounts payable and accrued expenses
167,453

156,841

171,719

170,689

128,371

Accrued real estate taxes
62,499

32,365

54,408

74,658

59,525

Distributions payable
84,138

84,112

80,973

80,764

80,767

Other liabilities (b)
172,172

164,052

215,581

187,367

187,368

Total liabilities
3,711,133

3,044,246

3,046,780

2,990,865

2,932,834

 
 
 
 
 
 
Equity
 
 
 
 
 
Common shares of beneficial interest
1,068

1,069

1,069

1,065

1,065

Additional paid-in capital
4,574,387

4,569,995

4,566,731

4,538,422

4,533,667

Distributions in excess of net income attributable to common shareholders
(689,809
)
(623,570
)
(584,167
)
(599,615
)
(563,834
)
Treasury shares, at cost
(341,637
)
(342,778
)
(348,419
)
(348,556
)
(348,480
)
Accumulated other comprehensive income (loss) (c)
(5,797
)
(6,163
)
(6,529
)
(6,438
)
(6,795
)
Total common equity
3,538,212

3,598,553

3,628,685

3,584,878

3,615,623

Non-controlling interests
72,355

72,771

73,039

72,903

73,145

Total equity
3,610,567

3,671,324

3,701,724

3,657,781

3,688,768

Total liabilities and equity

$7,321,700


$6,715,570


$6,748,504


$6,648,646


$6,621,602

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 

 
 
 
 
 
 
(a) Includes net deferred charges of:

$3,031


$3,399


$3,658


$4,358


$4,345

 
 
 
 
 
 
(b) Includes deferred revenues of:

$344


$375


$408


$497


$581

 
 
 
 
 
 
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain (loss) on cash flow hedging activities.


7



 
CAMDEN
 
NON-GAAP FINANCIAL MEASURES
 
 
DEFINITIONS & RECONCILIATIONS
 
 
(In thousands, except per share amounts)
 
 
 

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of depreciable real estate, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

Adjusted FFO

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to AFFO is provided below:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
2019
 
2020
2019
Net income attributable to common shareholders (a)

$16,477


$42,399

 

$59,761


$81,012

 Real estate depreciation and amortization
90,500

82,796

 
180,011

161,471

 Adjustments for unconsolidated joint ventures
2,287

2,260

 
4,529

4,491

 Income allocated to non-controlling interests
1,103

1,180

 
2,385

2,324

Funds from operations

$110,367


$128,635

 

$246,686


$249,298

 
 
 
 
 
 
Less: recurring capitalized expenditures
(18,782
)
(21,166
)
 
(33,607
)
(30,821
)
 
 
 
 
 
 
Adjusted funds from operations

$91,585


$107,469

 

$213,079


$218,477

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
EPS diluted
99,408

98,997

 
99,394

98,024

FFO/AFFO diluted
101,156

100,750

 
101,142

99,779

 
 
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
2019
 
2020
2019
Total Earnings Per Common Share - Diluted

$0.17


$0.43

 

$0.60


$0.82

 Real estate depreciation and amortization
0.89

0.82

 
1.78

1.62

 Adjustments for unconsolidated joint ventures
0.02

0.02

 
0.04

0.05

 Income allocated to non-controlling interests
0.01

0.01

 
0.02

0.01

FFO per common share - Diluted

$1.09


$1.28

 

$2.44


$2.50

 
 
 
 
 
 
Less: recurring capitalized expenditures
(0.18
)
(0.21
)
 
(0.33
)
(0.31
)
 
 
 
 
 
 
AFFO per common share - Diluted

$0.91


$1.07

 

$2.11


$2.19

 

(a) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. The total COVID-19 Related Impact was comprised of $9.5 million related to the Resident Relief Funds which were established in April 2020. Of this amount, approximately $9.1 million was paid to residents at our wholly-owned communities and approximately $1.3 million of Resident Relief Funds paid to residents of the operating communities owned by our unconsolidated joint ventures, of which, we recognized our ownership interest of $0.4 million in equity in income of joint ventures. Additionally, we incurred approximately $4.1 million of COVID-19 expenses at our operating communities, which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.3 million in other directly related COVID-19 expenses. We also incurred approximately $0.8 million related to the Employee Relief Fund we established to help our employees impacted by COVID-19.






8



 
CAMDEN
 
NON-GAAP FINANCIAL MEASURES
 
 
DEFINITIONS & RECONCILIATIONS
 
 
(In thousands, except per share amounts)
 
 
 

(Unaudited)
 
3Q20

Range
 
Low
High
Expected earnings per common share - diluted

$0.27


$0.33

Expected real estate depreciation and amortization
0.84

0.84

Expected adjustments for unconsolidated joint ventures
0.02

0.02

Expected income allocated to non-controlling interests
0.01

0.01

Expected FFO per share - diluted

$1.14


$1.20

 
 
 
 
 
 
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.
Net Operating Income (NOI)

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 12 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:
 
Three months ended June 30,
 
Six months ended June 30,
 
2020
2019
 
2020
2019
Net income (a)

$17,511


$43,542

 

$61,978


$83,263

Less: Fee and asset management income
(2,380
)
(1,867
)
 
(4,907
)
(3,710
)
Less: Interest and other income
(325
)
(331
)
 
(654
)
(629
)
Less: (Income)/Loss on deferred compensation plans
(11,435
)
(3,856
)
 
3,425

(14,212
)
Plus: Property management expense
5,939

6,093

 
12,466

12,750

Plus: Fee and asset management expense
820

1,522

 
1,663

2,706

Plus: General and administrative expense
14,391

13,261

 
27,624

26,569

Plus: Interest expense
23,482

19,349

 
43,189

39,819

Plus: Depreciation and amortization expense
92,803

84,646

 
184,662

164,920

Plus: Expense/(Benefit) on deferred compensation plans
11,435

3,856

 
(3,425
)
14,212

Less: Gain on sale of land


 
(382
)

Less: Equity in income of joint ventures
(1,633
)
(1,909
)
 
(3,755
)
(3,821
)
Plus: Income tax expense
394

228

 
861

396

NOI (b) (c)

$151,002


$164,534

 

$322,745


$322,263

 
 
 
 
 
 
"Same Property" Communities

$143,837


$145,508

 

$292,941


$286,551

Non-"Same Property" Communities
18,530

15,349

 
38,498

28,467

Development and Lease-Up Communities
1,089

927

 
2,324

1,706

COVID-19 Related Impact (b) (c)
(13,170
)

 
(13,170
)

Dispositions/Other
716

2,750

 
2,152

5,539

NOI (b) (c)

$151,002


$164,534

 

$322,745


$322,263



(a) Net income includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28 of the supplement, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

(b) Two Resident Relief Funds were established for residents experiencing financial losses caused by the COVID-19 pandemic, and paid out approximately $9.1 million to approximately 7,100 Camden residents of our wholly-owned communities. All charges related to these funds were recognized in 2Q20 as a reduction of revenue.

(c) We incurred approximately $4.1 million of COVID-19 expenses at our operating communities, which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.3 million in other directly related COVID-19 expenses, for the three and six months ended June 30, 2020.







9



 
CAMDEN
 
NON-GAAP FINANCIAL MEASURES
 
 
DEFINITIONS & RECONCILIATIONS
 
 
(In thousands, except per share amounts)
 
 
 

(Unaudited)

Adjusted EBITDA

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, net of tax, loss on early retirement of debt and income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:
 
Three months ended June 30,
 
Six months ended June 30,
 
2020
2019
 
2020
2019
Net income attributable to common shareholders (a)

$16,477


$42,399

 

$59,761


$81,012

Plus: Interest expense
23,482

19,349

 
43,189

39,819

Plus: Depreciation and amortization expense
92,803

84,646

 
184,662

164,920

Plus: Income allocated to non-controlling interests
1,034

1,143

 
2,217

2,251

Plus: Income tax expense
394

228

 
861

396

Plus: COVID-19 Related Impact (b)
13,920


 
13,920


Less: Gain on sale of land


 
(382
)

Less: Equity in income of joint ventures
(1,633
)
(1,909
)
 
(3,755
)
(3,821
)
Adjusted EBITDA

$146,477


$145,856

 

$300,473


$284,577

Annualized Adjusted EBITDA

$585,908


$583,424

 

$600,946


$569,154



(a) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28 of the supplement, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

(b) Approximately $13.9 million of the stated COVID-19 Related Impact, which consists of the Resident Relief Funds, Employee Relief Fund, direct COVID-19 expenses, and bonus paid to on-site employees, has been added back to the Adjusted EBITDA calculation.

Net Debt to Annualized Adjusted EBITDA

The Company believes Net Debt to Annualized Adjusted EBITDA to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDA for the following periods:


Net Debt:

 
 
 
Average monthly balance for
 
Average monthly balance for
 
 
 
the three months ended June 30,
 
the six months ended June 30,
 
 
 
2020
2019
 
2020
2019
Unsecured notes payable
 
 

$3,224,594


$2,323,439

 

$2,929,272


$2,202,336

Secured notes payable
 
 

45,539

 

158,737

Total debt
 
 
3,224,594

2,368,978

 
2,929,272

2,361,073

Less: Cash and cash equivalents
 
 
(558,090
)
(89,879
)
 
(282,409
)
(114,314
)
Net debt
 
 

$2,666,504


$2,279,099

 

$2,646,863


$2,246,759


Net Debt to Annualized Adjusted EBITDA:

 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
 
2020
2019
 
2020
2019
Net debt
 
 

$2,666,504


$2,279,099

 

$2,646,863


$2,246,759

Annualized Adjusted EBITDA
 
 
585,908

583,424

 
600,946

569,154

Net Debt to Annualized Adjusted EBITDA
 
 
4.6x

3.9x

 
4.4x

3.9x



10
Exhibit






 
 
 
CAMDEN
 
TABLE OF CONTENTS
 
 
 


Page
Press Release Text
Financial Highlights
Operating Results
Funds from Operations
Balance Sheets
Portfolio Statistics
Components of Property Net Operating Income
"Same Property" Second Quarter Comparisons
"Same Property" Sequential Quarter Comparisons
"Same Property" Year to Date Comparisons
"Same Property" Operating Expense Detail & Comparisons
Joint Venture Operations
Current Development Communities
Development Pipeline
Redevelopment Summary
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
Non-GAAP Financial Measures - Definitions & Reconciliations
Other Data
Community Table
            





In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the “Company”) operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.


2




CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2020 OPERATING RESULTS

Houston, Texas (July 30, 2020) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2020. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and six months ended June 30, 2020 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

 
Three Months Ended
Six Months Ended
 
June 30
June 30
Per Diluted Share
2020
2019
2020
2019
EPS
$0.17
$0.43
$0.60
$0.82
FFO
$1.09
$1.28
$2.44
$2.50
AFFO
$0.91
$1.07
$2.11
$2.19

EPS, FFO and AFFO include an approximate $0.14 per diluted share impact of non-recurring charges from COVID-19 Related Impact for the three and six months ended June 30, 2020 as detailed below.

COVID-19 Related Impact
Per Diluted Share
Income Statement Line Item
Resident Relief Funds (Wholly-Owned)
$0.090
Property revenues
Resident Relief Funds (JV Allocation at Pro-rata)
$0.004
Equity in income of joint ventures
Employee Relief Fund
$0.007
General & administrative expense
Frontline Bonus
$0.028
Property operating & maintenance expense
2Q COVID-19 Expenses
$0.013
Property operating & maintenance expense
Total
$0.142
 

 
Quarterly Growth
Sequential Growth
Year-To-Date Growth
Same Property Results*
2Q20 vs. 2Q19
2Q20 vs. 1Q20
2020 vs. 2019
Revenues
0.1%
(2.0)%
1.9%
Expenses
2.3%
0.9%
1.2%
Net Operating Income ("NOI")
(1.1)%
(3.5)%
2.2%

*Same property results exclude COVID-19 Related Impact described above.

Same Property Results
2Q20
2Q19
1Q20
Occupancy
95.2%
96.1%
96.1%

For 2020, the Company defines same property communities as communities owned and stabilized since January 1, 2019, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.


3



July Collections
Same Property Scheduled Rents*
July 2020
July 2019
2Q20
2Q19
Collected
98.7%
98.4%
97.7%
98.6%
Deferred/Payment Plan Arranged
—%
—%
1.1%
—%
Delinquent
1.3%
1.6%
1.2%
1.4%

*Rent is recognized as earned. The Company evaluates collectability on an ongoing basis and any accounts considered uncollectible are subsequently reserved against property revenues.

Retail revenues are not included above and comprise approximately 0.7% of total property revenues. The Company collected 46% and 48% of its retail billings for the second quarter of 2020 and July 2020, respectively.

Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Signed (1) (2)
July 2020*
July 2019
2Q20(2)
2Q19(2)
New Lease Rates
(2.0)%
4.0%
(2.8)%
4.0%
Renewal Rates
1.1%
5.3%
0.3%
5.7%
Blended Rates
(0.6)%
4.6%
(1.1)%
4.8%
 
 
 
 
 
New Leases
1,733
1,773
1,759
2,054
Renewals
1,716
1,692
2,096
1,962
Total Leases
3,449
3,465
3,855
4,016
New Lease and Renewal Data - Effective (3) (4)
July 2020*
July 2019
2Q20(4)
2Q19(4)
New Lease Rates
(2.0)%
4.4%
(2.1)%
3.2%
Renewal Rates
0.2%
5.6%
2.3%
5.4%
Blended Rates
(0.9)%
5.0%
0.3%
4.3%
 
 
 
 
 
New Leases
2,180
2,080
1,510
1,860
Renewals
2,404
2,400
1,898
1,714
Total Leases
4,584
4,480
3,408
3,574
*Data as of July 29, 2020
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.
(2) Data represents average monthly leases signed during the period.
(3) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
(4) Data represents average monthly leases effective during the period.

Occupancy and Turnover Data
July 2020*
July 2019
2Q20
2Q19
Occupancy
95.3%
96.3%
95.2%
96.1%
Annualized Gross Turnover
57%
66%
54%
57%
Annualized Net Turnover
46%
58%
43%
50%
*Data as of July 29, 2020

Development Activity
Leasing began during the quarter at Camden Cypress Creek II in Cypress, TX, a joint venture project with 234 apartment homes.

Development Community - Construction Completed and Project in Lease-Up ($ in millions)
 
 
Total
Total
% Leased

Community Name
Location
Homes
Cost
as of 7/29/2020

Camden North End I
Phoenix, AZ
441
$98.8
89
%


4



Development Communities - Construction Ongoing ($ in millions)
 
 
Total
Total
% Leased

Community Name
Location
Homes
Estimated Cost
as of 7/29/2020

Camden Downtown I
Houston, TX
271
$132.0
24
%
Camden RiNo
Denver, CO
233
78.0
 
Camden Lake Eola
Orlando, FL
360
120.0
 
Camden Buckhead
Atlanta, GA
366
160.0
 
Camden North End II
Phoenix, AZ
343
90.0
 
Camden Hillcrest
San Diego, CA
132
95.0
 
Camden Cypress Creek II (JV)
Cypress, TX
234
38.0
6
%
Total
 
1,939
$713.0
 

Capital Markets Transactions
During the quarter, the Company issued $750.0 million of senior unsecured notes under its existing shelf registration statement. These 10-year notes were offered to the public at 99.929% of par value with a coupon of 2.800%. Camden received net proceeds of approximately $743.1 million, net of underwriting discounts and other estimated offering expenses.

Liquidity Analysis
As of June 30, 2020, the Company had approximately $1.5 billion of liquidity comprised of $602 million in cash and cash equivalents and no amounts outstanding on its $900 million unsecured credit facility. The Company has no scheduled debt maturities until 2022, and had $184.7 million left to fund under its existing wholly-owned development pipeline at quarter-end.

Earnings Guidance
Camden provided guidance for third quarter 2020 based on its current and expected views of the apartment market and general economic conditions as detailed below.

3Q20 Guidance
 
 
3Q20 vs. 3Q19 Same Property Growth
Per Diluted Share
 
Revenues
(2.2)% - (1.0)%
EPS
$0.27 - $0.33
 
Expenses
3.5% - 5.5%
FFO
$1.14 - $1.20
 
NOI
(6.5)% - (3.5)%

Conference Call
Friday, July 31, 2020 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 4385387
Webcast: https://services.choruscall.com/links/cpt200731.html

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.



5



About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 164 properties containing 56,112 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 58,051 apartment homes in 171 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor Employeesʼ Choice Award in 2020, ranking #25 for large U.S. companies.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

6


 
 
 
CAMDEN
 
FINANCIAL HIGHLIGHTS
 
 
(In thousands, except per share, property data amounts and ratios)
 
 
 

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
2019
 
2020
2019
Property revenues

$250,683


$255,761

 

$516,562


$504,328

 
 
 
 
 
 
Adjusted EBITDA (a)
146,477

145,856

 
300,473

284,577

 
 
 
 
 
 
Net income attributable to common shareholders (b)
16,477

42,399

 
59,761

81,012

      Per share - basic
0.17

0.43

 
0.60

0.83

      Per share - diluted
0.17

0.43

 
0.60

0.82

 
 
 
 
 
 
Funds from operations
110,367

128,635

 
246,686

249,298

       Per share - diluted
1.09

1.28

 
2.44

2.50

 
 
 
 
 
 
Adjusted funds from operations
91,585

107,469

 
213,079

218,477

       Per share - diluted
0.91

1.07

 
2.11

2.19

 
 
 
 
 
 
Dividends per share
0.83

0.80

 
1.66

1.60

Dividend payout ratio (FFO)
76.1
 %
62.5
%
 
68.0
%
64.0
%
 
 
 
 
 
 
Interest expensed
23,482

19,349

 
43,189

39,819

Interest capitalized
4,087

3,194

 
8,617

5,926

    Total interest incurred
27,569

22,543

 
51,806

45,745

 
 
 
 
 
 
Principal amortization

215

 

481

 
 
 
 
 
 
Net Debt to Annualized Adjusted EBITDA (c)
4.6x

3.9x

 
4.4x

3.9x

Interest expense coverage ratio
6.2x

7.5x

 
7.0x

7.1x

Total interest coverage ratio
5.3x

6.5x

 
5.8x

6.2x

Fixed charge expense coverage ratio
6.2x

7.5x

 
7.0x

7.1x

Total fixed charge coverage ratio
5.3x

6.4x

 
5.8x

6.2x

Unencumbered real estate assets (at cost) to unsecured debt ratio
2.9x

3.6x

 
2.9x

3.6x

 
 

 
 
 
Same property NOI increase (d)
(1.1
)%
4.2
%
 
2.2
%
3.9
%
  (# of apartment homes included)
43,710

42,618

 
43,710

42,618

 
 
 
 
 
 
Gross turnover of apartment homes (annualized)
51
 %
56
%
 
49
%
52
%
Net turnover (excludes on-site transfers and transfers to other Camden communities)
41
 %
46
%
 
39
%
42
%
 
 
 
 
 
 
 
 
 
As of June 30,
 
 
 
 
2020
2019
Total assets
 
 
 

$7,321,700


$6,621,602

Total debt
 
 
 

$3,224,871


$2,476,803

Common and common equivalent shares, outstanding end of period (e)
 
 
 
101,192

100,789

Share price, end of period
 
 
 

$91.22


$104.39

Book equity value, end of period (f)
 
 
 

$3,610,567


$3,688,768

Market equity value, end of period (g)
 
 
 

$9,230,734


$10,521,364

 
(a) Adjusted EBITDA excludes approximately $13.9 million of COVID-19 Related Impact, which consists of the Resident Relief Funds, Employee Relief Fund, direct COVID-19 expenses, and bonus paid to on-site employees.

(b) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

(c) Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by either 4 for quarter results or 2 for 6 month results.
   
(d) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2019, excluding communities under redevelopment and properties held for sale.
  
(e) Includes at June 30, 2020: 99,444 common shares (including 27 common share equivalents related to share awards), plus 1,748 common share equivalents upon the assumed conversion of non-controlling units.
 
(f) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
 
(g) Includes: common shares, common units, and common share equivalents.
 
Note: Please refer to pages 28, 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

7


 
 
 
CAMDEN
 
OPERATING RESULTS
 
 
(In thousands, except per share amounts)
 
 
 

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
2019
 
2020
2019
OPERATING DATA
 
 
 
 
 
 
 
 
 
 
 
Property revenues (a)
$250,683
$255,761
 
$516,562
$504,328
 
 
 
 
 
 
Property expenses
 
 
 
 
 
Property operating and maintenance
64,641

58,147

 
124,597

115,095

Real estate taxes
35,040

33,080

 
69,220

66,970

Total property expenses
99,681

91,227

 
193,817

182,065

 
 
 
 
 
 
Non-property income
 
 
 
 
 
Fee and asset management
2,380

1,867

 
4,907

3,710

Interest and other income
325

331

 
654

629

Income/(Loss) on deferred compensation plans
11,435

3,856

 
(3,425
)
14,212

Total non-property income
14,140

6,054

 
2,136

18,551

 
 
 
 
 
 
Other expenses
 
 
 
 
 
Property management
5,939

6,093

 
12,466

12,750

Fee and asset management
820

1,522

 
1,663

2,706

General and administrative
14,391

13,261

 
27,624

26,569

Interest
23,482

19,349

 
43,189

39,819

Depreciation and amortization
92,803

84,646

 
184,662

164,920

Expense/(Benefit) on deferred compensation plans
11,435

3,856

 
(3,425
)
14,212

Total other expenses
148,870

128,727

 
266,179

260,976

 
 
 
 
 
 
Gain on sale of land


 
382


Equity in income of joint ventures
1,633

1,909

 
3,755

3,821

Income from continuing operations before income taxes
17,905

43,770

 
62,839

83,659

Income tax expense
(394
)
(228
)
 
(861
)
(396
)
Net income
17,511

43,542

 
61,978

83,263

Less income allocated to non-controlling interests
(1,034
)
(1,143
)
 
(2,217
)
(2,251
)
Net income attributable to common shareholders (b)

$16,477


$42,399

 

$59,761


$81,012

 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
 
 
 
Net income
$17,511
$43,542
 
$61,978
$83,263
Other comprehensive income
 
 
 
 
 
Unrealized (loss) on cash flow hedging activities

(7,060
)
 

(12,998
)
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation
366

(351
)
 
732

(726
)
Comprehensive income
17,877

36,131

 
62,710

69,539

Less income allocated to non-controlling interests
(1,034
)
(1,143
)
 
(2,217
)
(2,251
)
Comprehensive income attributable to common shareholders

$16,843


$34,988

 

$60,493


$67,288

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
 
 
 
 
 
 
Total earnings per common share - basic

$0.17


$0.43

 

$0.60


$0.83

Total earnings per common share - diluted
0.17

0.43

 
0.60

0.82

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
     Basic
99,399

98,903

 
99,348

97,903

     Diluted
99,408

98,997

 
99,394

98,024


(a) We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income.  For the three months ended June 30, 2020, we recognized $250.7 million of property revenue which consisted of approximately $221.4 million of rental revenue, net of $9.1 million related to the Resident Relief Funds, and approximately $29.3 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.  This compares to property revenue of $255.8 million recognized for the three months ended June 30, 2019, made up of approximately $226.3 million of rental revenue and approximately $29.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2020, we recognized $516.6 million of property revenue which consisted of approximately $458.0 million of rental revenue, net of $9.1 million related to the Resident Relief Funds, and approximately $58.6 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.  This compares to property revenue of $504.3 million recognized for the six months ended June 30, 2019, made up of approximately $446.3 million of rental revenue and approximately $58.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $7.1 million and $6.4 million for the three months ended June 30, 2020 and 2019, respectively. For the six months ended June 30, 2020 we recognized $14.0 million of revenue related to utility rebilling to residents. This compares to revenue related to utility rebilling to residents of $12.9 million for the six months ended June 30, 2019.

(b) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

Note: Please refer to pages 28, 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

8


 
 
 
CAMDEN
 
FUNDS FROM OPERATIONS
 
 
(In thousands, except per share and property data amounts)
 
 
 

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
2019
 
2020
2019
FUNDS FROM OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common shareholders (a)

$16,477


$42,399

 

$59,761


$81,012

 Real estate depreciation and amortization
90,500

82,796

 
180,011

161,471

 Adjustments for unconsolidated joint ventures
2,287

2,260

 
4,529

4,491

 Income allocated to non-controlling interests
1,103

1,180

 
2,385

2,324

     Funds from operations

$110,367


$128,635

 

$246,686


$249,298

 
 
 
 
 
 
     Less: recurring capitalized expenditures (b)
(18,782
)
(21,166
)
 
(33,607
)
(30,821
)
 
 
 
 
 
 
     Adjusted funds from operations

$91,585


$107,469

 

$213,079


$218,477

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
Funds from operations - diluted

$1.09


$1.28

 

$2.44


$2.50

Adjusted funds from operations - diluted
0.91

1.07

 
2.11

2.19

Distributions declared per common share
0.83

0.80

 
1.66

1.60

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
FFO/AFFO - diluted
101,156

100,750

 
101,142

99,779

 
 
 
 
 
 
PROPERTY DATA
 
 
 
 
 
Total operating properties (end of period) (c)
164

165

 
164

165

Total operating apartment homes in operating properties (end of period) (c)
56,112

56,271

 
56,112

56,271

Total operating apartment homes (weighted average)
49,069

48,565

 
49,043

48,261


(a) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

(b) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

(c) Includes joint ventures and properties held for sale, if any.

Note: Please refer to pages 28, 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

9


 
 
 
CAMDEN
 
BALANCE SHEETS
 
 
(In thousands)
 
 
 

(Unaudited)
 
Jun 30,
2020

Mar 31,
2020

Dec 31,
2019

Sep 30,
2019

Jun 30,
2019

ASSETS
 
 
 
 
 
Real estate assets, at cost
 
 
 
 
 
Land

$1,206,656


$1,206,130


$1,199,384


$1,158,342


$1,158,342

Buildings and improvements
7,597,165

7,547,150

7,404,090

7,242,256

7,192,644

 
8,803,821

8,753,280

8,603,474

8,400,598

8,350,986

Accumulated depreciation
(2,857,124
)
(2,770,848
)
(2,686,025
)
(2,638,693
)
(2,558,690
)
Net operating real estate assets
5,946,697

5,982,432

5,917,449

5,761,905

5,792,296

Properties under development, including land
514,336

467,288

512,319

440,917

397,418

Investments in joint ventures
21,735

22,318

20,688

21,715

21,313

Total real estate assets
6,482,768

6,472,038

6,450,456

6,224,537

6,211,027

Accounts receivable – affiliates
21,432

20,344

21,833

23,170

22,297

Other assets, net (a)
211,823

196,544

248,716

238,014

233,335

Cash and cash equivalents
601,584

22,277

23,184

157,239

149,551

Restricted cash
4,093

4,367

4,315

5,686

5,392

Total assets

$7,321,700


$6,715,570


$6,748,504


$6,648,646


$6,621,602

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
Liabilities
 
 
 
 
 
Notes payable
 
 
 
 
 
Unsecured

$3,224,871


$2,606,876


$2,524,099


$2,432,137


$2,431,336

Secured



45,250

45,467

Accounts payable and accrued expenses
167,453

156,841

171,719

170,689

128,371

Accrued real estate taxes
62,499

32,365

54,408

74,658

59,525

Distributions payable
84,138

84,112

80,973

80,764

80,767

Other liabilities (b)
172,172

164,052

215,581

187,367

187,368

Total liabilities
3,711,133

3,044,246

3,046,780

2,990,865

2,932,834

 
 
 
 
 
 
Equity
 
 
 
 
 
Common shares of beneficial interest
1,068

1,069

1,069

1,065

1,065

Additional paid-in capital
4,574,387

4,569,995

4,566,731

4,538,422

4,533,667

Distributions in excess of net income attributable to common shareholders
(689,809
)
(623,570
)
(584,167
)
(599,615
)
(563,834
)
Treasury shares, at cost
(341,637
)
(342,778
)
(348,419
)
(348,556
)
(348,480
)
Accumulated other comprehensive income (loss) (c)
(5,797
)
(6,163
)
(6,529
)
(6,438
)
(6,795
)
Total common equity
3,538,212

3,598,553

3,628,685

3,584,878

3,615,623

Non-controlling interests
72,355

72,771

73,039

72,903

73,145

Total equity
3,610,567

3,671,324

3,701,724

3,657,781

3,688,768

Total liabilities and equity

$7,321,700


$6,715,570


$6,748,504


$6,648,646


$6,621,602

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 

 
 
 
 
 
 
(a) Includes net deferred charges of:

$3,031


$3,399


$3,658


$4,358


$4,345

 
 
 
 
 
 
(b) Includes deferred revenues of:

$344


$375


$408


$497


$581

 
 
 
 
 
 
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain (loss) on cash flow hedging activities.

10


 
 
 
CAMDEN
 
PORTFOLIO STATISTICS
 
 
 

(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2020 (in apartment homes)
 
Fully Consolidated
 
Non-Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property"
Non-"Same Property" (a)
Completed in Lease-up
Under Construction
Total
 
Operating
Under Construction
Total
 
Grand Total
D.C. Metro (b)
5,381

1,200



6,581

 
281


281

 
6,862

Houston, TX
5,912

867


271

7,050

 
2,522

234

2,756

 
9,806

Atlanta, GA
4,262



366

4,628

 
234


234

 
4,862

Los Angeles/Orange County, CA
2,116

547



2,663

 



 
2,663

Dallas, TX
4,416




4,416

 
1,250


1,250

 
5,666

Phoenix, AZ
2,929

316

441

343

4,029

 



 
4,029

SE Florida
1,956

825



2,781

 



 
2,781

Orlando, FL
2,995

299


360

3,654

 
300


300

 
3,954

Denver, CO
2,632



233

2,865

 



 
2,865

Charlotte, NC
2,810

28



2,838

 
266


266

 
3,104

Raleigh, NC
2,350

540



2,890

 
350


350

 
3,240

Tampa, FL
2,286




2,286

 
450


450

 
2,736

Austin, TX
2,000

326



2,326

 
1,360


1,360

 
3,686

San Diego/Inland Empire, CA
1,665



132

1,797

 



 
1,797

Total Portfolio
43,710

4,948

441

1,705

50,804

 
7,013

234

7,247

 
58,051


(a) Includes redevelopment properties.

(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.

SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
 
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (e)
 
 
 
 
 
 
 
 
 
 
 
"Same Property" Communities
Operating Communities (c)
Incl. JVs at Pro Rata % (d)
 
Jun 30,
2020

Mar 31,
2020

Dec 31,
2019

Sep 30,
2019

Jun 30,
2019

D.C. Metro
16.2
%
17.2
%
16.9
%
 
95.8
%
96.6
%
96.3
%
96.7
%
96.7
%
Houston, TX
10.3
%
10.5
%
11.2
%
 
93.4
%
94.7
%
95.7
%
95.5
%
95.9
%
Atlanta, GA
10.0
%
8.8
%
8.6
%
 
95.5
%
95.6
%
96.0
%
96.2
%
96.3
%
Los Angeles/Orange County, CA
6.9
%
7.8
%
7.5
%
 
94.2
%
95.2
%
95.9
%
96.1
%
95.5
%
Dallas, TX
7.6
%
6.6
%
7.0
%
 
95.2
%
96.2
%
96.3
%
96.3
%
96.0
%
Phoenix, AZ
7.0
%
7.7
%
7.4
%
 
94.5
%
96.6
%
96.5
%
96.0
%
95.3
%
SE Florida
5.2
%
6.6
%
6.4
%
 
95.0
%
96.7
%
96.1
%
95.9
%
95.7
%
Orlando, FL
6.0
%
5.8
%
5.7
%
 
94.5
%
96.2
%
95.9
%
96.6
%
96.5
%
Denver, CO
6.8
%
5.9
%
5.7
%
 
95.5
%
95.5
%
96.3
%
96.0
%
95.5
%
Charlotte, NC
6.0
%
5.6
%
5.6
%
 
94.9
%
96.4
%
96.0
%
96.5
%
96.1
%
Raleigh, NC
4.5
%
4.9
%
5.0
%
 
96.0
%
95.8
%
96.0
%
96.1
%
95.7
%
Tampa, FL
4.9
%
4.4
%
4.5
%
 
95.1
%
95.9
%
95.9
%
95.8
%
95.6
%
Austin, TX
3.7
%
3.9
%
4.3
%
 
95.4
%
96.5
%
96.1
%
96.6
%
96.3
%
San Diego/Inland Empire, CA
4.9
%
4.3
%
4.2
%
 
95.4
%
94.3
%
95.8
%
95.7
%
95.7
%
Total Portfolio
100.0
%
100.0
%
100.0
%
 
94.9
%
95.9
%
96.1
%
96.1
%
96.0
%
 
 
 
 
 
 
 
 
 
 

(c) Operating communities represent all fully-consolidated communities for the period, excluding communities under construction.

(d) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from unconsolidated joint venture communities.

(e) Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments.

11


 
 
 
CAMDEN
 
COMPONENTS OF PROPERTY
 
 
NET OPERATING INCOME
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)
 
Apartment
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Property Revenues
Homes
 
2020
 
2019
 
Change
 
2020
 
2019
 
Change
"Same Property" Communities (a)
43,710

 

$225,382

 

$225,211

 

$171

 

$455,291

 

$447,018

 

$8,273

Non-"Same Property" Communities (b)
4,948

 
30,381

 
24,484

 
5,897

 
62,055

 
45,479

 
16,576

Development and Lease-Up Communities (c)
2,146

 
2,422

 
1,504

 
918

 
4,502

 
2,765

 
1,737

Resident Relief Funds (d)

 
(9,074
)
 

 
(9,074
)
 
(9,074
)
 

 
(9,074
)
Disposition/Other (e)

 
1,572

 
4,562

 
(2,990
)
 
3,788

 
9,066

 
(5,278
)
Total Property Revenues
50,804

 

$250,683

 

$255,761

 

($5,078
)
 

$516,562

 

$504,328

 

$12,234

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property" Communities (a)
43,710

 

$81,545

 

$79,703

 

$1,842

 

$162,350

 

$160,467

 

$1,883

Non-"Same Property" Communities (b)
4,948

 
11,851

 
9,135

 
2,716

 
23,557

 
17,012

 
6,545

Development and Lease-Up Communities (c)
2,146

 
1,333

 
577

 
756

 
2,178

 
1,059

 
1,119

COVID-19 Expenses (f)

 
4,096

 

 
4,096

 
4,096

 

 
4,096

Disposition/Other (e)

 
856

 
1,812

 
(956
)
 
1,636

 
3,527

 
(1,891
)
Total Property Expenses
50,804

 

$99,681

 

$91,227

 

$8,454

 

$193,817

 

$182,065

 

$11,752

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Net Operating Income
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property" Communities (a)
43,710

 

$143,837

 

$145,508

 

($1,671
)
 

$292,941

 

$286,551

 

$6,390

Non-"Same Property" Communities (b)
4,948

 
18,530

 
15,349

 
3,181

 
38,498

 
28,467

 
10,031

Development and Lease-Up Communities (c)
2,146

 
1,089

 
927

 
162

 
2,324

 
1,706

 
618

COVID-19 Related Impact (d) (f)

 
(13,170
)
 

 
(13,170
)
 
(13,170
)
 

 
(13,170
)
Disposition/Other (e)

 
716

 
2,750

 
(2,034
)
 
2,152

 
5,539

 
(3,387
)
Total Property Net Operating Income
50,804

 

$151,002

 

$164,534

 

($13,532
)
 

$322,745

 

$322,263

 

$482

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2019, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2019, including communities under redevelopment, and excluding properties held for sale.

(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2019, excluding properties held for sale.

(d) Two Resident Relief Funds were established for residents experiencing financial losses caused by the COVID-19 pandemic, and was paid out to approximately 7,100 residents of our wholly-owned communities. All charges related to these funds were recognized in 2Q20 as a reduction of revenue.

(e) Disposition/Other includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses.

(f) We incurred approximately $4.1 million of COVID-19 expenses at our operating communities, which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.3 million in other directly related COVID-19 expenses, for the three and six months ended June 30, 2020.




12


 
 
 
CAMDEN
 
"SAME PROPERTY"
 
 
SECOND QUARTER COMPARISONS
 
 
June 30, 2020
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)
 
Apartment
 
 
 
 
 
 
 
 
 
 
 
 
 
Homes
 
Revenues
 
Expenses
 
NOI
Quarterly Results (a)
Included
 
2Q20

2Q19

Growth

 
2Q20

2Q19

Growth

 
2Q20

2Q19

Growth

D.C. Metro
5,381

 

$33,622


$33,190

1.3
 %
 

$10,368


$10,139

2.3
 %
 

$23,254


$23,051

0.9
 %
Houston, TX
5,912

 
27,267

27,977

(2.5
)%
 
12,469

12,178

2.4
 %
 
14,798

15,799

(6.3
)%
Atlanta, GA
4,262

 
21,880

21,795

0.4
 %
 
7,520

7,466

0.7
 %
 
14,360

14,329

0.2
 %
Dallas, TX
4,416

 
19,873

19,805

0.3
 %
 
8,977

8,601

4.4
 %
 
10,896

11,204

(2.7
)%
Los Angeles/Orange County, CA
2,116

 
14,159

14,816

(4.4
)%
 
4,251

4,542

(6.4
)%
 
9,908

10,274

(3.6
)%
Denver, CO
2,632

 
14,564

14,407

1.1
 %
 
4,825

4,548

6.1
 %
 
9,739

9,859

(1.2
)%
Phoenix, AZ
2,929

 
14,360

13,837

3.8
 %
 
4,319

4,256

1.5
 %
 
10,041

9,581

4.8
 %
Orlando, FL
2,995

 
13,753

13,818

(0.5
)%
 
5,097

4,943

3.1
 %
 
8,656

8,875

(2.5
)%
Charlotte, NC
2,810

 
12,910

12,728

1.4
 %
 
4,222

4,126

2.3
 %
 
8,688

8,602

1.0
 %
SE Florida
1,956

 
11,855

12,223

(3.0
)%
 
4,346

4,061

7.0
 %
 
7,509

8,162

(8.0
)%
Tampa, FL
2,286

 
11,483

11,491

(0.1
)%
 
4,390

4,314

1.8
 %
 
7,093

7,177

(1.2
)%
San Diego/Inland Empire, CA
1,665

 
10,690

10,628

0.6
 %
 
3,593

3,388

6.1
 %
 
7,097

7,240

(2.0
)%
Raleigh, NC
2,350

 
9,659

9,293

3.9
 %
 
3,246

3,137

3.5
 %
 
6,413

6,156

4.2
 %
Austin, TX
2,000

 
9,307

9,203

1.1
 %
 
3,922

4,004

(2.0
)%
 
5,385

5,199

3.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
43,710

 

$225,382


$225,211

0.1
 %
 

$81,545


$79,703

2.3
 %
 

$143,837


$145,508

(1.1
)%


 
 
 
 
 
 
 
Weighted Average Monthly
 
Weighted Average Monthly
 
% of NOI
 
Average Occupancy (a)
 
Rental Rate (b)
 
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution
 
2Q20

2Q19

Growth

 
2Q20

2Q19

Growth

 
2Q20

2Q19

Growth

D.C. Metro
16.2
%
 
96.1
%
96.9
%
(0.8
)%
 

$1,916


$1,853

3.4
%
 

$2,167


$2,122

2.1
 %
Houston, TX
10.3
%
 
93.9
%
95.9
%
(2.0
)%
 
1,434

1,424

0.7
%
 
1,639

1,649

(0.5
)%
Atlanta, GA
10.0
%
 
95.5
%
96.3
%
(0.8
)%
 
1,555

1,529

1.7
%
 
1,791

1,769

1.2
 %
Dallas, TX
7.6
%
 
95.2
%
96.0
%
(0.8
)%
 
1,354

1,324

2.3
%
 
1,576

1,558

1.1
 %
Los Angeles/Orange County, CA
6.9
%
 
94.3
%
95.5
%
(1.2
)%
 
2,247

2,226

0.9
%
 
2,365

2,444

(3.2
)%
Denver, CO
6.8
%
 
95.5
%
95.5
%
0.0
 %
 
1,693

1,643

3.0
%
 
1,931

1,910

1.1
 %
Phoenix, AZ
7.0
%
 
94.6
%
95.5
%
(0.9
)%
 
1,463

1,384

5.7
%
 
1,726

1,648

4.7
 %
Orlando, FL
6.0
%
 
94.9
%
96.7
%
(1.8
)%
 
1,413

1,383

2.2
%
 
1,613

1,592

1.3
 %
Charlotte, NC
6.0
%
 
94.8
%
96.0
%
(1.2
)%
 
1,386

1,346

3.0
%
 
1,615

1,573

2.6
 %
SE Florida
5.2
%
 
95.7
%
96.5
%
(0.8
)%
 
1,899

1,881

1.0
%
 
2,111

2,159

(2.2
)%
Tampa, FL
4.9
%
 
95.2
%
95.6
%
(0.4
)%
 
1,538

1,497

2.7
%
 
1,759

1,753

0.3
 %
San Diego/Inland Empire, CA
4.9
%
 
95.4
%
95.7
%
(0.3
)%
 
2,039

1,991

2.4
%
 
2,243

2,223

0.9
 %
Raleigh, NC
4.5
%
 
96.3
%
96.2
%
0.1
 %
 
1,186

1,135

4.5
%
 
1,422

1,370

3.8
 %
Austin, TX
3.7
%
 
95.8
%
96.7
%
(0.9
)%
 
1,380

1,331

3.7
%
 
1,620

1,587

2.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
95.2
%
96.1
%
(0.9
)%
 

$1,583


$1,545

2.5
%
 

$1,806


$1,787

1.0
 %


(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2019, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. "Same Property" results exclude any COVID-19 Related Impact.

(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.


13


 
 
 
CAMDEN
 
"SAME PROPERTY"
 
 
SEQUENTIAL QUARTER COMPARISONS
 
 
June 30, 2020
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)
 
Apartment
 
 
 
 
 
 
 
 
 
 
 
 
 
Homes
 
Revenues
 
Expenses
 
NOI
Quarterly Results (a)
Included
 
2Q20

1Q20

Growth

 
2Q20

1Q20

Growth

 
2Q20

1Q20

Growth

D.C. Metro
5,381

 

$33,622


$34,018

(1.2
)%
 

$10,368


$10,606

(2.2
)%
 

$23,254


$23,412

(0.7
)%
Houston, TX
5,912

 
27,267

28,079

(2.9
)%
 
12,469

12,211

2.1
 %
 
14,798

15,868

(6.7
)%
Atlanta, GA
4,262

 
21,880

22,034

(0.7
)%
 
7,520

7,441

1.1
 %
 
14,360

14,593

(1.6
)%
Dallas, TX
4,416

 
19,873

20,187

(1.6
)%
 
8,977

8,581

4.6
 %
 
10,896

11,606

(6.1
)%
Los Angeles/Orange County, CA
2,116

 
14,159

15,107

(6.3
)%
 
4,251

4,325

(1.7
)%
 
9,908

10,782

(8.1
)%
Denver, CO
2,632

 
14,564

14,645

(0.6
)%
 
4,825

4,464

8.1
 %
 
9,739

10,181

(4.3
)%
Phoenix, AZ
2,929

 
14,360

14,433

(0.5
)%
 
4,319

4,382

(1.4
)%
 
10,041

10,051

(0.1
)%
Orlando, FL
2,995

 
13,753

14,198

(3.1
)%
 
5,097

5,198

(1.9
)%
 
8,656

9,000

(3.8
)%
Charlotte, NC
2,810

 
12,910

13,089

(1.4
)%
 
4,222

4,192

0.7
 %
 
8,688

8,897

(2.3
)%
SE Florida
1,956

 
11,855

12,484

(5.0
)%
 
4,346

4,150

4.7
 %
 
7,509

8,334

(9.9
)%
Tampa, FL
2,286

 
11,483

11,771

(2.4
)%
 
4,390

4,372

0.4
 %
 
7,093

7,399

(4.1
)%
San Diego/Inland Empire, CA
1,665

 
10,690

10,859

(1.6
)%
 
3,593

3,623

(0.8
)%
 
7,097

7,236

(1.9
)%
Raleigh, NC
2,350

 
9,659

9,618

0.4
 %
 
3,246

3,228

0.6
 %
 
6,413

6,390

0.4
 %
Austin, TX
2,000

 
9,307

9,387

(0.9
)%
 
3,922

4,032

(2.7
)%
 
5,385

5,355

0.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
43,710

 

$225,382


$229,909

(2.0
)%
 

$81,545


$80,805

0.9
 %
 

$143,837


$149,104

(3.5
)%


 
 
 
 
 
 
 
Weighted Average Monthly
 
Weighted Average Monthly
 
% of NOI
 
Average Occupancy (a)
 
Rental Rate (b)
 
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution
 
2Q20

1Q20

Growth

 
2Q20

1Q20

Growth

 
2Q20

1Q20

Growth

D.C. Metro
16.2
%
 
96.1
%
96.8
%
(0.7
)%
 

$1,916


$1,907

0.5
 %
 

$2,167


$2,177

(0.5
)%
Houston, TX
10.3
%
 
93.9
%
95.6
%
(1.7
)%
 
1,434

1,437

(0.2
)%
 
1,639

1,658

(1.2
)%
Atlanta, GA
10.0
%
 
95.5
%
95.6
%
(0.1
)%
 
1,555

1,557

(0.1
)%
 
1,791

1,802

(0.6
)%
Dallas, TX
7.6
%
 
95.2
%
96.2
%
(1.0
)%
 
1,354

1,352

0.1
 %
 
1,576

1,584

(0.6
)%
Los Angeles/Orange County, CA
6.9
%
 
94.3
%
95.4
%
(1.1
)%
 
2,247

2,251

(0.2
)%
 
2,365

2,494

(5.2
)%
Denver, CO
6.8
%
 
95.5
%
95.5
%
0.0
 %
 
1,693

1,689

0.2
 %
 
1,931

1,942

(0.6
)%
Phoenix, AZ
7.0
%
 
94.6
%
96.6
%
(2.0
)%
 
1,463

1,449

1.0
 %
 
1,726

1,700

1.5
 %
Orlando, FL
6.0
%
 
94.9
%
96.3
%
(1.4
)%
 
1,413

1,411

0.1
 %
 
1,613

1,641

(1.7
)%
Charlotte, NC
6.0
%
 
94.8
%
96.4
%
(1.6
)%
 
1,386

1,381

0.4
 %
 
1,615

1,611

0.2
 %
SE Florida
5.2
%
 
95.7
%
97.1
%
(1.4
)%
 
1,899

1,909

(0.5
)%
 
2,111

2,190

(3.6
)%
Tampa, FL
4.9
%
 
95.2
%
96.0
%
(0.8
)%
 
1,538

1,533

0.3
 %
 
1,759

1,788

(1.6
)%
San Diego/Inland Empire, CA
4.9
%
 
95.4
%
94.3
%
1.1
 %
 
2,039

2,032

0.3
 %
 
2,243

2,305

(2.7
)%
Raleigh, NC
4.5
%
 
96.3
%
96.3
%
0.0
 %
 
1,186

1,177

0.8
 %
 
1,422

1,417

0.4
 %
Austin, TX
3.7
%
 
95.8
%
96.6
%
(0.8
)%
 
1,380

1,373

0.5
 %
 
1,620

1,621

(0.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
95.2
%
96.1
%
(0.9
)%
 

$1,583


$1,580

0.2
 %
 

$1,806


$1,825

(1.1
)%


(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2019, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. "Same Property" results exclude any COVID-19 Related Impact.

(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.



14


 
 
 
CAMDEN
 
"SAME PROPERTY"
 
 
YEAR TO DATE COMPARISONS
 
 
June 30, 2020
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)
 
Apartment
 
 
 
 
 
 
 
 
 
 
 
 
 
Homes
 
Revenues
 
Expenses
 
NOI
Year to Date Results (a)
Included
 
2020

2019

Growth

 
2020

2019

Growth

 
2020

2019

Growth

D.C. Metro
5,381

 

$67,640


$65,703

2.9
 %
 

$20,973


$20,399

2.8
 %
 

$46,667


$45,304

3.0
 %
Houston, TX
5,912

 
55,345

55,549

(0.4
)%
 
24,680

24,570

0.4
 %
 
30,665

30,979

(1.0
)%
Atlanta, GA
4,262

 
43,914

43,234

1.6
 %
 
14,961

15,387

(2.8
)%
 
28,953

27,847

4.0
 %
Dallas, TX
4,416

 
40,060

39,362

1.8
 %
 
17,558

17,619

(0.3
)%
 
22,502

21,743

3.5
 %
Los Angeles/Orange County, CA
2,116

 
29,266

29,439

(0.6
)%
 
8,576

9,049

(5.2
)%
 
20,690

20,390

1.5
 %
Denver, CO
2,632

 
29,209

28,554

2.3
 %
 
9,289

9,164

1.4
 %
 
19,920

19,390

2.7
 %
Phoenix, AZ
2,929

 
28,793

27,409

5.0
 %
 
8,701

8,603

1.1
 %
 
20,092

18,806

6.8
 %
Orlando, FL
2,995

 
27,951

27,500

1.6
 %
 
10,295

9,994

3.0
 %
 
17,656

17,506

0.9
 %
Charlotte, NC
2,810

 
25,999

25,332

2.6
 %
 
8,414

8,067

4.3
 %
 
17,585

17,265

1.9
 %
SE Florida
1,956

 
24,339

24,405

(0.3
)%
 
8,496

8,080

5.1
 %
 
15,843

16,325

(3.0
)%
Tampa, FL
2,286

 
23,254

22,913

1.5
 %
 
8,762

8,638

1.4
 %
 
14,492

14,275

1.5
 %
San Diego/Inland Empire, CA
1,665

 
21,549

21,062

2.3
 %
 
7,215

6,806

6.0
 %
 
14,334

14,256

0.5
 %
Raleigh, NC
2,350

 
19,277

18,360

5.0
 %
 
6,476

6,113

5.9
 %
 
12,801

12,247

4.5
 %
Austin, TX
2,000

 
18,695

18,196

2.7
 %
 
7,954

7,978

(0.3
)%
 
10,741

10,218

5.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
43,710

 

$455,291


$447,018

1.9
 %
 

$162,350


$160,467

1.2
 %
 

$292,941


$286,551

2.2
 %


 
 
 
 
 
 
 
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
 
2020

2019

Growth

 
2020

2019

Growth

 
2020

2019

Growth

D.C. Metro
15.9
%
 
96.5
%
96.5
%
0.0
 %
 

$1,912


$1,842

3.8
%
 

$2,172


$2,110

2.9
 %
Houston, TX
10.5
%
 
94.7
%
95.5
%
(0.8
)%
 
1,436

1,422

1.0
%
 
1,650

1,644

0.4
 %
Atlanta, GA
9.9
%
 
95.5
%
96.4
%
(0.9
)%
 
1,556

1,521

2.3
%
 
1,798

1,754

2.5
 %
Dallas, TX
7.6
%
 
95.7
%
95.9
%
(0.2
)%
 
1,353

1,319

2.6
%
 
1,580

1,549

2.0
 %
Los Angeles/Orange County, CA
7.1
%
 
94.9
%
95.7
%
(0.8
)%
 
2,249

2,216

1.5
%
 
2,430

2,424

0.2
 %
Denver, CO
6.8
%
 
95.5
%
95.5
%
0.0
 %
 
1,691

1,633

3.6
%
 
1,936

1,893

2.3
 %
Phoenix, AZ
6.9
%
 
95.6
%
95.8
%
(0.2
)%
 
1,456

1,374

6.0
%
 
1,714

1,629

5.2
 %
Orlando, FL
6.0
%
 
95.6
%
96.4
%
(0.8
)%
 
1,412

1,376

2.6
%
 
1,627

1,588

2.4
 %
Charlotte, NC
6.0
%
 
95.6
%
96.0
%
(0.4
)%
 
1,384

1,339

3.4
%
 
1,612

1,566

3.0
 %
SE Florida
5.4
%
 
96.4
%
96.4
%
0.0
 %
 
1,904

1,878

1.4
%
 
2,151

2,156

(0.3
)%
Tampa, FL
4.9
%
 
95.6
%
95.9
%
(0.3
)%
 
1,535

1,490

3.0
%
 
1,774

1,743

1.8
 %
San Diego/Inland Empire, CA
4.9
%
 
94.8
%
95.4
%
(0.6
)%
 
2,036

1,982

2.7
%
 
2,274

2,210

2.9
 %
Raleigh, NC
4.4
%
 
96.3
%
95.9
%
0.4
 %
 
1,182

1,127

4.9
%
 
1,419

1,358

4.6
 %
Austin, TX
3.7
%
 
96.2
%
96.4
%
(0.2
)%
 
1,377

1,322

4.2
%
 
1,620

1,573

2.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
95.6
%
96.0
%
(0.4
)%
 

$1,581


$1,537

2.9
%
 

$1,816


$1,776

2.3
 %


(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2019, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. "Same Property" results exclude any COVID-19 Related Impact.

(b) Weighted average monthly rental rates are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.



15


 
 
 
CAMDEN
 
"SAME PROPERTY" OPERATING EXPENSE
 
 
 DETAIL AND COMPARISONS
 
 
June 30, 2020
 
 
(In thousands)
 
 
 

(Unaudited)
 
 
 
 
 
% of Actual
 
 
 
 
 
2Q20 Operating
Quarterly Comparison (a)
2Q20
2Q19
$ Change
% Change
Expenses
 
 
 
 
 
 
Property taxes

$29,306


$28,829


$477

1.7
 %
35.9
%
Salaries and Benefits for On-site Employees
17,643

16,373

1,270

7.8
 %
21.6
%
Utilities
17,414

16,838

576

3.4
 %
21.4
%
Repairs and Maintenance
9,669

10,327

(658
)
(6.4
)%
11.9
%
Property Insurance
2,667

2,328

339

14.6
 %
3.3
%
General and Administrative
2,808

2,916

(108
)
(3.7
)%
3.4
%
Marketing and Leasing
1,225

1,294

(69
)
(5.3
)%
1.5
%
Other
813

798

15

1.9
 %
1.0
%
 
 
 
 
 
 
Total Same Property

$81,545


$79,703


$1,842

2.3
 %
100.0
%


 
 
 
 
 
% of Actual
 
 
 
 
 
2Q20 Operating
Sequential Comparison (a)
2Q20
1Q20
$ Change
% Change
Expenses
 
 
 
 
 
 
Property taxes

$29,306


$28,839


$467

1.6
 %
35.9
%
Salaries and Benefits for On-site Employees
17,643

17,422

221

1.3
 %
21.6
%
Utilities
17,414

17,354

60

0.3
 %
21.4
%
Repairs and Maintenance
9,669

9,223

446

4.8
 %
11.9
%
Property Insurance
2,667

2,760

(93
)
(3.4
)%
3.3
%
General and Administrative
2,808

3,151

(343
)
(10.9
)%
3.4
%
Marketing and Leasing
1,225

1,267

(42
)
(3.3
)%
1.5
%
Other
813

789

24

3.0
 %
1.0
%
 
 
 
 
 
 
Total Same Property

$81,545


$80,805


$740

0.9
 %
100.0
%


 
 
 
 
 
 
% of Actual
 
 
 
 
 
 
2020 Operating
Year to Date Comparison (a)
 
2020
2019
$ Change
% Change
Expenses
 
 
 
 
 
 
 
Property taxes
 

$58,144


$58,909


($765
)
(1.3
)%
35.8
%
Salaries and Benefits for On-site Employees
 
35,066

33,511

1,555

4.6
 %
21.6
%
Utilities
 
34,767

33,914

853

2.5
 %
21.4
%
Repairs and Maintenance
 
18,892

19,063

(171
)
(0.9
)%
11.7
%
Property Insurance
 
5,427

4,956

471

9.5
 %
3.3
%
General and Administrative
 
5,960

5,917

43

0.7
 %
3.7
%
Marketing and Leasing
 
2,492

2,571

(79
)
(3.1
)%
1.5
%
Other
 
1,602

1,626

(24
)
(1.5
)%
1.0
%
 
 
 
 
 
 
 
Total Same Property
 

$162,350


$160,467


$1,883

1.2
 %
100.0
%
 
 
 
 
 
 
 

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2019, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities. "Same Property" results exclude any COVID-19 Related Impact.


16


 
CAMDEN
 
JOINT VENTURE OPERATIONS
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)

Company's Pro-Rata Share of Joint Venture Operations:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
OPERATING DATA (a)
2020
2019
 
2020
2019
 
 
 
 
 
 
Property revenues

$9,617


$10,266

 

$19,726


$20,404

 
 
 
 
 
 
Property expenses
 
 
 
 
 
   Property operating and maintenance
2,719

2,571

 
5,234

5,091

   Real estate taxes
1,628

1,745

 
3,279

3,472

 
4,347

4,316

 
8,513

8,563

 
 
 
 
 
 
Net Operating Income
5,270

5,950

 
11,213

11,841

 
 
 
 
 
 
Other expenses
 
 
 
 
 
   Interest
1,384

1,691

 
2,922

3,383

   Depreciation and amortization
2,165

2,231

 
4,362

4,447

   Other
88

119

 
174

190

   Total other expenses
3,637

4,041

 
7,458

8,020

 
 
 
 
 
 
 
 
 
 
 
 
Equity in income of joint ventures (b)

$1,633


$1,909

 

$3,755


$3,821

 
Jun 30,
2020

Mar 31,
2020

Dec 31,
2019

Sep 30,
2019

Jun 30,
2019

BALANCE SHEET DATA (c)
 
 
 
 
 
Land

$108,294


$108,172


$108,172


$109,912


$109,912

Building & Improvements
765,983

756,683

752,781

769,928

765,550

 
874,277

864,855

860,953

879,840

875,462

Accumulated Depreciation
(237,590
)
(230,190
)
(222,937
)
(223,391
)
(216,126
)
Net operating real estate assets
636,687

634,665

638,016

656,449

659,336

Properties under development and land
21,720

18,722

10,432

5,105

2,432

Cash and other assets, net
30,156

26,556

36,588

37,336

26,007

Total assets

$688,563


$679,943


$685,036


$698,890


$687,775

 
 
 
 
 
 
Notes payable

$501,601


$496,907


$496,901


$514,073


$510,881

Other liabilities
29,262

23,956

34,686

28,279

21,700

Total liabilities
530,863

520,863

531,587

542,352

532,581

 
 
 
 
 
 
Member's equity
157,700

159,080

153,449

156,538

155,194

   Total liabilities and members' equity

$688,563


$679,943


$685,036


$698,890


$687,775

 
 
 
 
 
 
Company's equity investment

$21,735


$22,318


$20,688


$21,715


$21,313

 
 
 
 
 
 
Company's pro-rata share of debt

$157,001


$155,532


$155,530


$160,905


$159,906

 
 

 
 
 
 
 
 
 
 
 
PROPERTY DATA (end of period)
 
 
 
 
 
Total operating properties
21
21
21
22
22
Total operating apartment homes
7,013
7,013
7,013
7,283
7,283
Pro-rata share of operating apartment homes
2,195
2,195
2,195
2,280
2,280
Total development properties
1

1

1

1

1

Total development apartment homes
234

234

234

234

234

Pro-rata share of development apartment homes
73

73

73

73

73

Company's pro-rata ownership
31.3
%
31.3
%
31.3
%
31.3
%
31.3
%


(a) Operating data represents Camden's pro-rata share of revenues and expenses.

(b) Includes a reduction of property revenues of approximately $0.4 million (Camden's pro-rata share) related to our Resident Relief Funds that provided financial assistance to approximately 1,100 residents of our joint venture communities that are experiencing financial losses caused by COVID-19 pandemic, for the three and six months ended June 30, 2020.

(c) Balance sheet and property data reported at 100%.


17


 
 
CAMDEN
 
CURRENT DEVELOPMENT COMMUNITIES
 
 
 

(Unaudited)

AS OF JUNE 30, 2020 ($ in millions)
 
 
 
 
 
 
Estimated/Actual Dates for
 
 
Completed Communities in Lease-Up (a)
Total
Total
 
 
Construction
Initial
Construction
Stabilized
As of 7/29/2020
Homes
Cost
 
 
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden North End I
441
$98.8
 
 
4Q16
2Q18
1Q19
4Q20
89%
92%
 
Phoenix, AZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Completed Communities in Lease-Up
441
$98.8
 

 
 
 
 
89%
92%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated/Actual Dates for
 
 
 
 
Total
Total
Cost to
Amount
Construction
Initial
Construction
Stabilized
As of 7/29/2020
Development Communities (a)
Homes
Estimated Cost
Date
in CIP
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden Downtown I
271
$132.0
$131.8
$2.4
4Q17
1Q20
3Q20
3Q21
24%
20%
 
Houston, TX
 
 
 
 
 
 
 
 
 
 
2.
Camden RiNo
233
78.0
76.7
76.7
3Q17
3Q20
4Q20
2Q21

 
 
Denver, CO
 
 
 
 
 
 
 
 
 
 
3.
Camden Lake Eola
360
120.0
101.9
101.9
2Q18
4Q20
1Q21
1Q22
 
 
 
Orlando, FL
 
 
 
 
 
 
 
 
 
 
4.
Camden Buckhead
366
160.0
82.5
82.5
3Q18
1Q21
1Q22
3Q22
 
 
 
Atlanta, GA
 
 
 
 
 
 
 
 
 
 
5.
Camden North End II
343
90.0
48.4
48.4
1Q19
1Q21
1Q22
3Q22
 
 
 
Phoenix, AZ
 
 
 
 
 
 
 
 
 
 
6.
Camden Hillcrest
132
95.0
49.0
49.0
3Q19
3Q21
4Q21
3Q22
 
 
 
San Diego, CA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Development Communities
1,705
$675.0
$490.3
$360.9
 
 
 
 
24%
20%
 
 
 
 
 
 
 
 
 
 
 
 
Additional Development Pipeline (b)
153.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Properties Under Development and Land (per Balance Sheet)
$514.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI Contribution from Development Communities ($ in millions)
 
 
 
 
Cost to Date

2Q20 NOI

 
 
Completed Communities in Lease-Up
 
 
 
 
$98.8

$1.4

 
 
Development Communities in Lease-Up
 
 
 
 
131.8

(0.3
)
 
 
Total Development Communities NOI Contribution
 
 
 
 

$230.6


$1.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated/Actual Dates for
 
 
Joint Venture Development Communities (a)
Total
Total
Cost to
Amount
Construction
Initial
Construction
Stabilized
As of 7/29/2020
Homes
Estimated Cost
Date
in CIP
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden Cypress Creek II (c)
234
$38.0
$25.5
$21.7
2Q19
2Q20
2Q21
4Q21
6%
5%
 
Cypress, TX
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Joint Venture Development Communities
234
$38.0
$25.5
$21.7
 
 
 
 
6%
5%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(a) The locations of these projects may currently be subject to “shelter in place,” “stay at home,” or similar orders adopted by state and local authorities in response to COVID-19. Some of these orders may adversely affect the timely completion and final project costs of some or all of our projects under development if, for example, we are required to temporarily cease construction entirely, experience delays in obtaining governmental permits and authorizations, or experience disruption in the supply of materials or labor.

(b) Please refer to the Development Pipeline Summary on page 19.

(c) Property owned through an unconsolidated joint venture in which we own a 31.3% interest.


Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

18


 
 
 
CAMDEN
 
DEVELOPMENT PIPELINE
 
 
 

(Unaudited)

AS OF JUNE 30, 2020 ($ in millions)

 
 
 
Projected
Total
 
PIPELINE COMMUNITIES
 
Homes
Estimated Cost (a)
Cost to Date
 
 
 
 
 
 
1.
Camden Atlantic (b)
 
269
$100.0
$27.3
 
Plantation, FL
 
 
 
 
2.
Camden Tempe II
 
400
110.0
23.3
 
Tempe, AZ
 
 
 
 
3.
Camden NoDa
 
400
100.0
16.6
 
Charlotte, NC
 
 
 
 
4.
Camden Arts District

354
150.0
30.0
 
Los Angeles, CA




5.
Camden Paces III

350
100.0
16.3
 
Atlanta, GA




6.
Camden Downtown II

271
145.0
11.7
 
Houston, TX
 
 
 
 
7.
Camden Cameron Village
 
355
115.0
19.9
 
Raleigh, NC
 
 
 
 
8.
Camden Highland Village II
 
300
100.0
8.3
 
Houston, TX
 
 
 
 
 
 
 
 
 
 
Development Pipeline
 
2,699
$920.0
$153.4
 
 
 
 
 
 


(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking estimates are not guarantees of future performances, results, or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecast and estimates routinely require adjustment. In addition, the locations of these projects may currently be subject to “shelter in place,” “stay at home,” or similar orders adopted by state and local authorities in response to COVID-19. Some of these orders may adversely affect the timely completion and final project costs of some or all of our projects under development if, for example, we are required to temporarily cease construction entirely, experience delays in obtaining governmental permits and authorizations, or experience disruption in the supply of materials or labor.

(b) While the Company is still actively engaged in the development of this asset through continued coordination with the general contractor and the completion of required permits and project design, we have temporarily suspended the on-site construction until further notice. Accordingly, this asset was moved from our development communities to our pipeline communities effective March 31, 2020.


Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

19


 
CAMDEN
 
REDEVELOPMENT SUMMARY
 
 
 

(Unaudited)

REDEVELOPMENT SUMMARY AS OF JUNE 30, 2020 ($ in millions)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homes
 
 
 
 
 
 
 
Estimated
 
 
Total
Redeveloped
Total Estimated Cost
Cost to Date
 
Dates for
 
COMMUNITIES (a)
Homes
To Date
Interior
Exterior
Total
Interior
Exterior
Total
Start
Completion
1.
Camden Brickell
405
366
$12.4
$9.9
$22.3
$10.3
$9.9
$20.2
1Q18
4Q20
 
Miami, FL
 
 
 
 
 
 
 
 
 
 
2.
Camden Las Olas
420
377
13.0
7.8
20.8
11.0
7.8
18.8
1Q18
4Q20
 
Ft. Lauderdale, FL
 
 
 
 
 
 
 
 
 
 
3.
Camden Potomac Yard
378
341
9.7
2.4
12.1
8.4
2.4
10.8
1Q18
1Q21
 
Arlington, VA
 
 
 
 
 
 
 
 
 
 
4.
Camden Harbor View
547
547
0.0
15.3
15.3
0.0
11.6
11.6
1Q19
4Q20
 
Los Angeles, CA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
1,750
1,631
$35.1
$35.4
$70.5
$29.7
$31.7
$61.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(a) The locations of these projects may currently be subject to “shelter in place,” “stay at home,” or similar orders adopted by state and local authorities in response to COVID-19. Some of these orders may adversely affect the timely completion and final project costs of some or all of our projects under development if, for example, we are required to temporarily cease construction entirely, experience delays in obtaining governmental permits and authorizations, or experience disruption in the supply of materials or labor.


Redevelopments are communities with capital expenditures that improve a community's cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

20


 
 
 
CAMDEN
 
ACQUISITIONS & DISPOSITIONS
 
 
 

(Unaudited)

2020 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

 
 
 
 
 
 
 
 
 
2020 Land Acquisitions
 
Location
Purchase Price
Acres
Closing Date
 
 
1.
Camden Cameron Village
 
Raleigh, NC
$18.2
4.9
1/13/2020
 
 
 
 
 
 
 
 
 
 
 
Total/Average Land Acquisitions
 
 
$18.2
4.9 Acres
 
 
 
 
 
 
 
 
 
 
 
 
2020 Land Dispositions
 
Location
Sales Price
Acres
Closing Date

 
1.
Camden Reunion Park (a)
 
Raleigh, NC
$0.8
4.7
3/3/2020
 

 
 
 
 
 
 
 

 
Total/Average Land Dispositions
 
 
$0.8
4.7 Acres


 
 
 
 
 
 
 
 
 
 

(a) Partial land sale was approximately 4.7 acres of land adjacent to one of our operating properties.

21


 
CAMDEN
 
DEBT ANALYSIS
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)

DEBT MATURITIES AS OF JUNE 30, 2020:

 
 
Future Scheduled Repayments (a)
 
 
Year
 
Amortization

Secured
Maturities

Unsecured Maturities

Total

% of Total

Weighted Average Interest Rate on Maturing Debt (b)

2020
 

($1,858
)

$—


$—


($1,858
)
(0.1
)%
N/A

2021
 
(3,743
)


(3,743
)
(0.1
)%
N/A

2022
 
(3,598
)

450,000

446,402

13.8
 %
2.7
%
2023
 
(2,691
)

250,000

247,309

7.8
 %
5.1
%
2024
 
(2,088
)

500,000

497,912

15.4
 %
4.0
%
Thereafter
 
(11,151
)

2,050,000

2,038,849

63.2
 %
3.4
%
Total Debt
 

($25,129
)

$—


$3,250,000


$3,224,871

100.0
 %
3.5
%
 
 
 
 
 
 
 
 
Weighted Average Maturity of Debt
 
 
8.8 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
 
 
FLOATING vs. FIXED RATE DEBT:
 
Balance

% of Total

Interest Rate (b)
Time to Maturity
 
 
  Floating rate debt
 

$99,789

3.1
%
1.2
%
1.5 Years

 
 
  Fixed rate debt
 
3,125,082

96.9
%
3.6
%
9.0 Years

 
 
      Total
 

$3,224,871

100.0
%
3.5
%
8.8 Years

 
 
 
 
 


 
 
 
 
 
 
 
 
Weighted Average
 
 
SECURED vs. UNSECURED DEBT:
 
Balance

% of Total

Interest Rate (b)
Time to Maturity
 
 
  Unsecured debt
 

$3,224,871

100.0
%
3.5
%
8.8 Years

 
 
  Secured debt
 

%
N/A

N/A

 
 
      Total
 

$3,224,871

100.0
%
3.5
%
8.8 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
 
 
 
 
 
 
 
 
 
REAL ESTATE ASSETS: (c)
 
Total Homes

% of Total

Total Cost

% of Total

2Q20 NOI

% of Total

  Unencumbered real estate assets
 
50,804
100.0
%

$9,318,157

100.0
%

$151,002

100.0
%
  Encumbered real estate assets
 

%

%

%
      Total
 
50,804
100.0
%

$9,318,157

100.0
%

$151,002

100.0
%
 
 
 
 
 
 
 
 
 
 
 
Ratio of unencumbered assets at cost to unsecured debt is
 
2.9x
 
(a) Includes all available extension options.

(b) Includes the effects of the applicable settled forward interest rate swaps.

(c) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.









22


 
CAMDEN
 
DEBT MATURITY ANALYSIS
 
 
(In thousands)
 
 
 

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2020 AND 2021:

 
 
 
Future Scheduled Repayments
 
Weighted Average Interest on Maturing Debt
Quarter
 
Amortization

Secured Maturities

Unsecured Maturities

Total

3Q 2020
 

($928
)

$—


$—


($928
)
N/A
4Q 2020
 
(930
)


(930
)
N/A
2020
 

($1,858
)

$—


$—


($1,858
)
N/A
 
 
 
 
 
 
 
1Q 2021
 

($932
)

$—


$—


($932
)
N/A
2Q 2021
 
(935
)


(935
)
N/A
3Q 2021
 
(937
)


(937
)
N/A
4Q 2021
 
(939
)


(939
)
N/A
2021
 

($3,743
)

$—


$—


($3,743
)
N/A
 
 
 
 
 
 
 




23


 
CAMDEN
 
DEBT COVENANT ANALYSIS
 
 
 
 
 
 

(Unaudited)
UNSECURED LINE OF CREDIT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenant (a)
 
Required
 
Actual (b)
 
Compliance
 
 
 
 
 
 
 
 
Total Consolidated Debt to Gross Asset Value
 
<
60%
 
27%
 
Yes
 
 
 
 
 
 
 
 
Secured Debt to Gross Asset Value
 
<
40%
 
—%
 
Yes
 
 
 
 
 
 
 
 
Consolidated Adjusted EBITDA to Total Fixed Charges
 
>
150%
 
502%
 
Yes
 
 
 
 
 
 
 
 
Unsecured Debt to Gross Asset Value
 
<
60%
 
29%
 
Yes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SENIOR UNSECURED NOTES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenant (a)
 
Required
 
Actual (b)
 
Compliance
 
 
 
 
 
 
 
 
Total Consolidated Debt to Total Asset Value
 
<
60%
 
32%
 
Yes
 
 
 
 
 
 
 
 
Total Secured Debt to Total Asset Value
 
<
40%
 
—%
 
Yes
 
 
 
 
 
 
 
 
Total Unencumbered Asset Value to Total Unsecured Debt
 
>
150%
 
314%
 
Yes
 
 
 
 
 
 
 
 
Consolidated Income Available for Debt Service to Total Annual Service Charges
 
>
150%
 
471%
 
Yes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

24


 
CAMDEN
 
UNCONSOLIDATED REAL ESTATE INVESTMENTS
 
 
DEBT ANALYSIS
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)

PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF JUNE 30, 2020: (a) 

 
 
Future Scheduled Repayments (b)
 
Weighted Average Interest on Maturing Debt

Year
 
Amortization

Secured Maturities

Total

% of Total

2020
 

($5
)

$—


($5
)
 %
N/A

2021
 
(149
)
5,160

5,011

3.2
 %
4.8
%
2022
 
(165
)

(165
)
(0.1
)%
N/A

2023
 
(171
)

(171
)
(0.1
)%
N/A

2024
 
(177
)
1,466

1,289

0.8
 %
1.5
%
Thereafter
 
(422
)
150,650

150,228

95.7
 %
3.4
%
Total Maturing Debt
 

($1,089
)

$157,276


$156,187

99.5
 %
3.4
%
 
 
 
 
 
 
 
Unsecured lines of credit (c)
 

$—


$814


$814

0.5
 %
3.1
%
Total Debt
 

($1,089
)

$158,090


$157,001

100.0
 %
3.4
%
 
 
 
 
 
 
 
Weighted Average Maturity of Debt
 
 
6.5 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
FLOATING vs. FIXED RATE DEBT:
 
 
Balance

% of Total

Interest Rate
Time to Maturity
Floating rate debt
 
 

$54,181

34.5
%
2.2
 %
5.9 Years

Fixed rate debt
 
 
102,820

65.5
%
4.0
 %
6.8 Years

Total
 
 
$157,001
100.0
%
3.4
 %
6.5 Years

 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
DEBT DETAIL:
 
 
Balance

% of Total

Interest Rate
Time to Maturity
Conventional fixed-rate mortgage debt
 
 

$102,820

65.5
%
4.0
 %
6.8 Years

Conventional variable-rate mortgage debt
 
 
51,901

33.1
%
2.2
 %
6.0 Years

Variable-rate construction loans
 
 
1,466

0.9
%
1.5
 %
4.0 Years

Unsecured lines of credit
 
 
814

0.5
%
3.1
 %
0.6 Years

Total
 
 
$157,001
100.0
%
3.4
 %
6.5 Years

 
 
 
 
 
 
 
REAL ESTATE ASSETS: (d)
 
 
Total Homes

Total Cost

 
 
Operating real estate assets
 
 
7,013

$874,277

 
 
Properties under development and land
 
 
234
21,720

 
 
Total
 
 
7,247

$895,997

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


(a) Company's pro-rata ownership is 31.3%.

(b) Includes all available extension options.

(c) As of June 30, 2020 these borrowings were drawn under the lines of credit with $7.0 million in total capacity.

(d) Balance sheet and property data reported at 100%.


25


 
CAMDEN
 
UNCONSOLIDATED REAL ESTATE INVESTMENTS
 
 
DEBT MATURITY ANALYSIS
 
 
(In thousands)
 
 
 

(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2020 AND 2021: (a) 

 
 
Future Scheduled Repayments (b)
Weighted Average Interest on
Maturing Debt

Quarter
 
Amortization

Secured Maturities

Total

3Q 2020
 

($3
)

$—


($3
)
N/A

4Q 2020
 
(2
)

(2
)
N/A

2020
 

($5
)

$—


($5
)
N/A

 
 
 
 
 
 
1Q 2021 (c)
 

($28
)

$5,974


$5,946

4.5
%
2Q 2021
 
(40
)

(40
)
N/A

3Q 2021
 
(40
)

(40
)
N/A

4Q 2021
 
(41
)

(41
)
N/A

2021
 

($149
)

$5,974


$5,825

4.5
%
 
 
 
 
 
 

(a) Company's pro-rata ownership is 31.3%.

(b) Includes all available extension options.

(c) 1Q 2021 maturities includes unsecured lines of credit with $0.8 million (Camden's pro-rata share) outstanding as of June 30, 2020. The lines of credit have $7.0 million in total capacity.




26


 
CAMDEN
 
CAPITALIZED EXPENDITURES
 
 
& MAINTENANCE EXPENSE
 
 
(In thousands, except unit data)
 
 
 

(Unaudited)
 
 
 
Second Quarter 2020
 
 
 
Recurring Capitalized
 
Expensed
Item
 
 
Weighted Average Useful Life (a)

 
Total

Per Unit

 
Total

Per Unit

Interiors
 
 
 
 
 
 
 
 
 
Floor Coverings
 
 
5
 years
 

$2,041


$42

 

$380


$8

Appliances
 
 
9
 years
 
635

13

 
232

5

Painting
 
 

 


 
1,317

27

Cabinetry/Countertops
 
 
10
 years
 
107

2

 


Other
 
 
9
 years
 
979

20

 
789

16

Exteriors
 
 

 
 
 
 
 
 
Painting
 
 
5
 years
 
1,444

29

 


Carpentry
 
 
10
 years
 
1,461

30

 


Landscaping
 
 
6
 years
 
1,286

26

 
2,721

55

Roofing
 
 
20
 years
 
1,965

40

 
159

3

Site Drainage
 
 
10
 years
 
76

2

 


Fencing/Stair
 
 
10
 years
 
672

14

 


Other (b)
 
 
9
 years
 
2,218

45

 
3,326

67

Common Areas
 
 

 
 
 
 
 
 
Mech., Elec., Plumbing
 
 
9
 years
 
2,806

57

 
1,912

40

Parking/Paving
 
 
5
 years
 
157

2

 


Pool/Exercise/Facility
 
 
7
 years
 
2,042

42

 
359

7

COVID-19 Expenses
 
 

 


 
1,293

26

Total Recurring (c)
 
 
 
 

$17,889


$364

 

$12,488


$254

Weighted Average Apartment Homes
 
 
 
 
 
49,069

 
 
49,069

 
 
 
 
 
 
 
 
 
 
Non-recurring capitalized expenditures (d)
 
 
 
 

$977

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue Enhancing Expenditures (e)
 
 
10
 years
 

$10,764


$22,757

 
Revenue Enhanced Apartment Homes
 
 
 
 
 
473

 
 
 
 
 
 
 
 
 
 
 
 
 
Pro-Rata Joint Venture Total Recurring (f)
 
 
 
 

$893


$407

 

$502


$229

 
 
 
 
 
 
 
 
 
 
 
 
 
Year to Date 2020
 
 
 
Recurring Capitalized
 
Expensed
Item
 
 
Weighted Average Useful Life (a)

 
Total

Per Unit

 
Total

Per Unit

Interiors
 
 
 
 
 
 
 
 
 
Floor Coverings
 
 
5
 years
 

$4,088


$83

 

$788


$16

Appliances
 
 
9
 years
 
1,450

30

 
427

8

Painting
 
 

 


 
2,582

53

Cabinetry/Countertops
 
 
10
 years
 
220

6

 


Other
 
 
9
 years
 
2,350

48

 
1,416

29

Exteriors
 
 
 
 
 
 
 
 
 
Painting
 
 
5
 years
 
2,007

40

 


Carpentry
 
 
10
 years
 
1,963

40

 


Landscaping
 
 
6
 years
 
1,861

38

 
5,325

109

Roofing
 
 
20
 years
 
3,872

79

 
280

6

Site Drainage
 
 
10
 years
 
108

2

 


Fencing/Stair
 
 
10
 years
 
980

20

 


Other (b)
 
 
9
 years
 
4,061

83

 
6,787

138

Common Areas
 
 
 
 
 
 
 
 
 
Mech., Elec., Plumbing
 
 
9
 years
 
5,434

111

 
3,684

75

Parking/Paving
 
 
5
 years
 
380

7

 


Pool/Exercise/Facility
 
 
7
 years
 
3,521

72

 
656

14

COVID-19 Expenses
 
 

 


 
1,293

26

Total Recurring (c)
 
 
 
 

$32,295


$659

 

$23,238


$474

Weighted Average Apartment Homes
 
 
 
 
 
49,043

 
 
49,043

 
 
 
 
 
 
 
 
 
 
Non-recurring capitalized expenditures (d)
 
 
 
 

$1,310

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue Enhancing Expenditures (e)
 
 
10
 years
 

$24,982


$24,735

 
Revenue Enhanced Apartment Homes
 
 
 
 

1,010

 
 
 
 
 
 
 
 
 
 
 
 
 
Pro-Rata Joint Venture Total Recurring (f)
 
 
 
 

$1,312


$598

 

$958


$437

(a) Weighted average useful life of capitalized expenses for the six months ended June 30, 2020.
(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(c) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(d) Capital expenditures primarily composed of non-recurring or one-time additions such as LED lighting programs for 2020 in addition to other, non-routine items.
(e) Represents capital expenditures for the three and six months ended June 30, 2020 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets. Redevelopment costs are not included in this table and can be found in the Redevelopment Summary on page 20.
(f) Company's pro-rata ownership is 31.3%.

27


 
CAMDEN
 
NON-GAAP FINANCIAL MEASURES
 
 
DEFINITIONS & RECONCILIATIONS
 
 
(In thousands, except per share amounts)
 
 
 

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of depreciable real estate, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

Adjusted FFO

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to AFFO is provided below:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
2019
 
2020
2019
Net income attributable to common shareholders (a)

$16,477


$42,399

 

$59,761


$81,012

 Real estate depreciation and amortization
90,500

82,796

 
180,011

161,471

 Adjustments for unconsolidated joint ventures
2,287

2,260

 
4,529

4,491

 Income allocated to non-controlling interests
1,103

1,180

 
2,385

2,324

Funds from operations

$110,367


$128,635

 

$246,686


$249,298

 
 
 
 
 
 
Less: recurring capitalized expenditures
(18,782
)
(21,166
)
 
(33,607
)
(30,821
)
 
 
 
 
 
 
Adjusted funds from operations

$91,585


$107,469

 

$213,079


$218,477

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
EPS diluted
99,408

98,997

 
99,394

98,024

FFO/AFFO diluted
101,156

100,750

 
101,142

99,779

 
 
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
2019
 
2020
2019
Total Earnings Per Common Share - Diluted

$0.17


$0.43

 

$0.60


$0.82

 Real estate depreciation and amortization
0.89

0.82

 
1.78

1.62

 Adjustments for unconsolidated joint ventures
0.02

0.02

 
0.04

0.05

 Income allocated to non-controlling interests
0.01

0.01

 
0.02

0.01

FFO per common share - Diluted

$1.09


$1.28

 

$2.44


$2.50

 
 
 
 
 
 
Less: recurring capitalized expenditures
(0.18
)
(0.21
)
 
(0.33
)
(0.31
)
 
 
 
 
 
 
AFFO per common share - Diluted

$0.91


$1.07

 

$2.11


$2.19

 

(a) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. The total COVID-19 Related Impact was comprised of $9.5 million related to the Resident Relief Funds which were established in April 2020. Of this amount, approximately $9.1 million was paid to residents at our wholly-owned communities and approximately $1.3 million of Resident Relief Funds paid to residents of the operating communities owned by our unconsolidated joint ventures, of which, we recognized our ownership interest of $0.4 million in equity in income of joint ventures. Additionally, we incurred approximately $4.1 million of COVID-19 expenses at our operating communities, which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.3 million in other directly related COVID-19 expenses. We also incurred approximately $0.8 million related to the Employee Relief Fund we established to help our employees impacted by COVID-19.






28


 
CAMDEN
 
NON-GAAP FINANCIAL MEASURES
 
 
DEFINITIONS & RECONCILIATIONS
 
 
(In thousands, except per share amounts)
 
 
 

(Unaudited)
 
3Q20

Range
 
Low
High
Expected earnings per common share - diluted

$0.27


$0.33

Expected real estate depreciation and amortization
0.84

0.84

Expected adjustments for unconsolidated joint ventures
0.02

0.02

Expected income allocated to non-controlling interests
0.01

0.01

Expected FFO per share - diluted

$1.14


$1.20

 
 
 
 
 
 
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.
Net Operating Income (NOI)

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 12. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:
 
Three months ended June 30,
 
Six months ended June 30,
 
2020
2019
 
2020
2019
Net income (a)

$17,511


$43,542

 

$61,978


$83,263

Less: Fee and asset management income
(2,380
)
(1,867
)
 
(4,907
)
(3,710
)
Less: Interest and other income
(325
)
(331
)
 
(654
)
(629
)
Less: (Income)/Loss on deferred compensation plans
(11,435
)
(3,856
)
 
3,425

(14,212
)
Plus: Property management expense
5,939

6,093

 
12,466

12,750

Plus: Fee and asset management expense
820

1,522

 
1,663

2,706

Plus: General and administrative expense
14,391

13,261

 
27,624

26,569

Plus: Interest expense
23,482

19,349

 
43,189

39,819

Plus: Depreciation and amortization expense
92,803

84,646

 
184,662

164,920

Plus: Expense/(Benefit) on deferred compensation plans
11,435

3,856

 
(3,425
)
14,212

Less: Gain on sale of land


 
(382
)

Less: Equity in income of joint ventures
(1,633
)
(1,909
)
 
(3,755
)
(3,821
)
Plus: Income tax expense
394

228

 
861

396

NOI (b) (c)

$151,002


$164,534

 

$322,745


$322,263

 
 
 
 
 
 
"Same Property" Communities

$143,837


$145,508

 

$292,941


$286,551

Non-"Same Property" Communities
18,530

15,349

 
38,498

28,467

Development and Lease-Up Communities
1,089

927

 
2,324

1,706

COVID-19 Related Impact (b) (c)
(13,170
)

 
(13,170
)

Dispositions/Other
716

2,750

 
2,152

5,539

NOI (b) (c)

$151,002


$164,534

 

$322,745


$322,263



(a) Net income includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

(b) Two Resident Relief Funds were established for residents experiencing financial losses caused by the COVID-19 pandemic, and paid out approximately $9.1 million to approximately 7,100 Camden residents of our wholly-owned communities. All charges related to these funds were recognized in 2Q20 as a reduction of revenue.

(c) We incurred approximately $4.1 million of COVID-19 expenses at our operating communities, which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.3 million in other directly related COVID-19 expenses, for the three and six months ended June 30, 2020.







29


 
CAMDEN
 
NON-GAAP FINANCIAL MEASURES
 
 
DEFINITIONS & RECONCILIATIONS
 
 
(In thousands, except per share amounts)
 
 
 

(Unaudited)

Adjusted EBITDA

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, net of tax, loss on early retirement of debt and income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:
 
Three months ended June 30,
 
Six months ended June 30,
 
2020
2019
 
2020
2019
Net income attributable to common shareholders (a)

$16,477


$42,399

 

$59,761


$81,012

Plus: Interest expense
23,482

19,349

 
43,189

39,819

Plus: Depreciation and amortization expense
92,803

84,646

 
184,662

164,920

Plus: Income allocated to non-controlling interests
1,034

1,143

 
2,217

2,251

Plus: Income tax expense
394

228

 
861

396

Plus: COVID-19 Related Impact (b)
13,920


 
13,920


Less: Gain on sale of land


 
(382
)

Less: Equity in income of joint ventures
(1,633
)
(1,909
)
 
(3,755
)
(3,821
)
Adjusted EBITDA

$146,477


$145,856

 

$300,473


$284,577

Annualized Adjusted EBITDA

$585,908


$583,424

 

$600,946


$569,154



(a) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

(b) Approximately $13.9 million of the stated COVID-19 Related Impact, which consists of the Resident Relief Funds, Employee Relief Fund, direct COVID-19 expenses, and bonus paid to on-site employees, has been added back to the Adjusted EBITDA calculation.

Net Debt to Annualized Adjusted EBITDA

The Company believes Net Debt to Annualized Adjusted EBITDA to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDA for the following periods:


Net Debt:

 
 
 
Average monthly balance for
 
Average monthly balance for
 
 
 
the three months ended June 30,
 
the six months ended June 30,
 
 
 
2020
2019
 
2020
2019
Unsecured notes payable
 
 

$3,224,594


$2,323,439

 

$2,929,272


$2,202,336

Secured notes payable
 
 

45,539

 

158,737

Total debt
 
 
3,224,594

2,368,978

 
2,929,272

2,361,073

Less: Cash and cash equivalents
 
 
(558,090
)
(89,879
)
 
(282,409
)
(114,314
)
Net debt
 
 

$2,666,504


$2,279,099

 

$2,646,863


$2,246,759


Net Debt to Annualized Adjusted EBITDA:

 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
 
2020
2019
 
2020
2019
Net debt
 
 

$2,666,504


$2,279,099

 

$2,646,863


$2,246,759

Annualized Adjusted EBITDA
 
 
585,908

583,424

 
600,946

569,154

Net Debt to Annualized Adjusted EBITDA
 
 
4.6x

3.9x

 
4.4x

3.9x


30


 
CAMDEN
 
OTHER DATA
 
 
 


(Unaudited)
Stock Symbol:
 
CPT
 
 
 
 
 
 
 
 
 
 
 
Exchange Traded:
 
NYSE
 
 
 
 
 
 
 
 
 
 
 
Senior Unsecured Debt Ratings:
 
 
Rating
Outlook
 
 
 
 
Fitch
A-
Stable
 
 
 
 
Moody's
A3
Stable
 
 
 
 
Standard & Poor's
A-
Stable
 
 
 
 
 
 
 
 
 
Estimated Future Dates:
 
Q3 '20
Q4 '20
Q1 '21
Q2 '21
 
  Earnings Release & Conference Call
 
Late October
Late January
Late April
Late July
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
 
Q1 '20
Q2 '20
 
 
 
  Declaration Date
 
1/30/2020
6/15/2020
 
 
 
  Record Date
 
3/31/2020
6/30/2020
 
 
 
  Payment Date
 
4/17/2020
7/17/2020
 
 
 
  Distributions Per Share
 
$0.83
$0.83
 
 
 

Investor Relations Data:
 
 
 
 
 
 
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request.
 
 
 
 
 
 
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787.
 
 
 
 
 
 
To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com.
 
 
 
 
 
 
For questions contact:
 
 
 
 
 
 
 
Richard J. Campo
Chairman & Chief Executive Officer
 
 
 
D. Keith Oden
Executive Vice Chairman
 
 
 
H. Malcolm Stewart
President & Chief Operating Officer
 
 
 
Alexander J. Jessett
Chief Financial Officer
 
 
 
Kimberly A. Callahan
Senior Vice President - Investor Relations
 


31


 
CAMDEN
 
COMMUNITY TABLE
 
 
Community statistics as of 6/30/2020

(Unaudited)
 
 
 
 
 
 
2Q20 Avg Monthly
2Q20 Avg Monthly
 
 
 
Year Placed
Average
Apartment
2Q20 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

95%

$1,531


$1.34


$1,768


$1.54

Camden Copper Square
Phoenix
AZ
2000
786

332

94%
1,262

1.61

1,565

1.99

Camden Foothills
Scottsdale
AZ
2014
1,032

220

93%
1,761

1.71

2,053

1.99

Camden Tempe (1)
Tempe
AZ
2015
1,033

234

93%
1,579

1.53

1,857

1.80

Camden Legacy
Scottsdale
AZ
1996
1,067

428

95%
1,462

1.37

1,716

1.61

Camden Montierra
Scottsdale
AZ
1999
1,071

249

95%
1,477

1.38

1,736

1.62

Camden North End I (2)
Phoenix
AZ
2019
921

441

Lease-Up
1,631

1.77

1,853

2.01

Camden Old Town Scottsdale
Scottsdale
AZ
2016
892

316

94%
1,759

1.97

1,871

2.10

Camden Pecos Ranch
Chandler
AZ
2001
949

272

96%
1,267

1.33

1,496

1.58

Camden San Marcos
Scottsdale
AZ
1995
984

320

95%
1,421

1.44

1,660

1.69

Camden San Paloma
Scottsdale
AZ
1993/1994
1,042

324

94%
1,428

1.37

1,709

1.64

Camden Sotelo
Tempe
AZ
2008/2012
1,303

170

95%
1,598

1.23

1,922

1.48

TOTAL ARIZONA
12

Properties
1,006

3,686

95%
1,508

1.50

1,754

1.74

 
 
 
 
 
 
 
 
 
 
 
Camden Crown Valley
Mission Viejo
CA
2001
1,009

380

97%
2,149

2.13

2,315

2.30

Camden Glendale
Glendale
CA
2015
893

307

92%
2,475

2.77

2,517

2.82

Camden Harbor View (3)
Long Beach
CA
2004
981

547

94%
2,614

2.67

2,701

2.75

Camden Main and Jamboree
Irvine
CA
2008
1,011

290

95%
2,178

2.15

2,426

2.40

Camden Martinique
Costa Mesa
CA
1986
795

714

95%
1,891

2.38

2,129

2.68

Camden Sea Palms
Costa Mesa
CA
1990
891

138

96%
2,171

2.44

2,372

2.66

The Camden
Hollywood
CA
2016
767

287

90%
3,125

4.07

2,817

3.67

Total Los Angeles/Orange County
7

Properties
900

2,663

94%
2,322

2.58

2,434

2.70

 
 
 
 
 
 
 
 
 
 
 
Camden Landmark
Ontario
CA
2006
982

469

94%
1,696

1.73

1,853

1.89

Camden Old Creek
San Marcos
CA
2007
1,037

350

96%
2,277

2.20

2,501

2.41

Camden Sierra at Otay Ranch
Chula Vista
CA
2003
962

422

95%
2,114

2.20

2,382

2.48

Camden Tuscany
San Diego
CA
2003
895

160

94%
2,663

2.97

2,879

3.22

Camden Vineyards
Murrieta
CA
2002
1,053

264

97%
1,836

1.74

1,986

1.89

Total San Diego/Inland Empire
5

Properties
992

1,665

95%
2,039

2.06

2,243

2.26

 
 
 
 
 
 
 
 
 
 
 
TOTAL CALIFORNIA
12

Properties
935

4,328

95%
2,213

2.37

2,360

2.52

 
 
 
 
 
 
 
 
 
 
 
Camden Belleview Station
Denver
CO
2009
888

270

96%
1,547

1.74

1,778

2.00

Camden Caley
Englewood
CO
2000
921

218

96%
1,547

1.68

1,794

1.95

Camden Denver West
Golden
CO
1997
1,015

320

96%
1,848

1.82

2,067

2.04

Camden Flatirons
Denver
CO
2015
960

424

95%
1,703

1.78

1,971

2.05

Camden Highlands Ridge
Highlands Ranch
CO
1996
1,149

342

96%
1,823

1.59

2,055

1.79

Camden Interlocken
Broomfield
CO
1999
1,002

340

94%
1,728

1.73

1,971

1.97

Camden Lakeway
Littleton
CO
1997
932

451

96%
1,644

1.76

1,891

2.03

Camden Lincoln Station
Lone Tree
CO
2017
844

267

95%
1,627

1.93

1,829

2.17

TOTAL COLORADO
8

Properties
969

2,632

96%
1,693

1.75

1,931

1.99

 
 
 
 
 
 
 
 
 
 
 
Camden Ashburn Farm
Ashburn
VA
2000
1,062

162

96%
1,769

1.67

2,037

1.92

Camden College Park
College Park
MD
2008
942

508

97%
1,652

1.75

1,873

1.99

Camden Dulles Station
Oak Hill
VA
2009
977

382

96%
1,878

1.92

2,143

2.19

Camden Fair Lakes
Fairfax
VA
1999
1,056

530

96%
1,920

1.82

2,210

2.09

Camden Fairfax Corner
Fairfax
VA
2006
934

489

96%
2,010

2.15

2,312

2.48

Camden Fallsgrove
Rockville
MD
2004
996

268

95%
1,858

1.87

2,068

2.08

Camden Grand Parc
Washington
DC
2002
672

105

96%
2,623

3.90

2,938

4.37

Camden Lansdowne
Leesburg
VA
2002
1,006

690

98%
1,737

1.73

1,966

1.96

Camden Largo Town Center
Largo
MD
2000/2007
1,027

245

98%
1,720

1.67

1,867

1.82

Camden Monument Place
Fairfax
VA
2007
856

368

96%
1,720

2.01

1,975

2.31

Camden Noma
Washington
DC
2014
769

321

96%
2,293

2.98

2,600

3.38

Camden Noma II
Washington
DC
2017
759

405

93%
2,394

3.15

2,714

3.58

Camden Potomac Yard (3)
Arlington
VA
2008
832

378

93%
2,106

2.53

2,424

2.91

Camden Roosevelt
Washington
DC
2003
856

198

94%
2,964

3.46

3,338

3.90

Camden Russett
Laurel
MD
2000
992

426

97%
1,550

1.56

1,698

1.71

Camden Shady Grove
Rockville
MD
2018
877

457

95%
1,794

2.05

2,010

2.29

Camden Silo Creek
Ashburn
VA
2004
975

284

98%
1,718

1.76

1,947

2.00

Camden South Capitol (4)
Washington
DC
2013
821

281

96%
2,364

2.88

2,774

3.38

Camden Washingtonian
Gaithersburg
MD
2018
870

365

95%
1,777

2.04

1,982

2.28

TOTAL DC METRO
19

Properties
922

6,862

96%
1,929

2.09

2,185

2.37

 
 
 
 
 
 
 
 
 
 
 
Camden Aventura
Aventura
FL
1995
1,108

379

95%
1,986

1.79

2,227

2.01

Camden Boca Raton
Boca Raton
FL
2014
843

261

93%
1,984

2.35

2,235

2.65

Camden Brickell (3)
Miami
FL
2003
937

405

94%
2,151

2.30

2,347

2.50

Camden Doral
Miami
FL
1999
1,120

260

96%
1,960

1.75

2,135

1.91

Camden Doral Villas
Miami
FL
2000
1,253

232

96%
2,118

1.69

2,243

1.79

Camden Las Olas (3)
Ft. Lauderdale
FL
2004
1,043

420

94%
2,118

2.03

2,381

2.28

Camden Plantation
Plantation
FL
1997
1,201

502

97%
1,721

1.43

1,941

1.62

Camden Portofino
Pembroke Pines
FL
1995
1,112

322

97%
1,799

1.62

2,034

1.83

Total Southeast Florida
8

Properties
1,079

2,781

95%
1,969

1.82

2,185

2.03

 
 
 
 
 
 
 
 
 
 
 



32


 
CAMDEN
 
COMMUNITY TABLE
 
 
Community statistics as of 6/30/2020

(Unaudited)
 
 
 
 
 
 
2Q20 Avg Monthly
2Q20 Avg Monthly
 
 
 
Year Placed
Average
Apartment
2Q20 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
 
 
 
 
 
 
 
 
 
 
 
Camden Hunter's Creek
Orlando
FL
2000
1,075

270

96%

$1,486


$1.38


$1,685


$1.57

Camden Lago Vista
Orlando
FL
2005
955

366

96%
1,368

1.43

1,593

1.67

Camden LaVina
Orlando
FL
2012
969

420

95%
1,386

1.43

1,624

1.68

Camden Lee Vista
Orlando
FL
2000
937

492

95%
1,341

1.43

1,538

1.64

Camden North Quarter
Orlando
FL
2016
806

333

93%
1,571

1.95

1,700

2.11

Camden Orange Court
Orlando
FL
2008
817

268

94%
1,375

1.68

1,621

1.99

Camden Thornton Park
Orlando
FL
2016
920

299

91%
1,778

1.93

1,915

2.08

Camden Town Square
Orlando
FL
2012
983

438

95%
1,418

1.44

1,587

1.61

Camden Waterford Lakes (4)
Orlando
FL
2014
971

300

95%
1,467

1.51

1,700

1.75

Camden World Gateway
Orlando
FL
2000
979

408

96%
1,411

1.44

1,617

1.65

Total Orlando
10

Properties
944

3,594

95%
1,448

1.53

1,644

1.74

 
 
 
 
 
 
 
 
 
 
 
Camden Bay
Tampa
FL
1997/2001
943

760

96%
1,271

1.35

1,503

1.59

Camden Montague
Tampa
FL
2012
972

192

97%
1,361

1.40

1,618

1.66

Camden Pier District
St. Petersburg
FL
2016
989

358

92%
2,564

2.59

2,734

2.76

Camden Preserve
Tampa
FL
1996
942

276

94%
1,489

1.58

1,713

1.82

Camden Royal Palms
Brandon
FL
2006
1,017

352

96%
1,275

1.25

1,489

1.46

Camden Visconti (4)
Tampa
FL
2007
1,125

450

95%
1,428

1.27

1,657

1.47

Camden Westchase Park
Tampa
FL
2012
992

348

97%
1,469

1.48

1,741

1.75

Total Tampa
7
Properties
997

2,736

95%
1,520

1.53

1,743

1.75

 
 
 
 
 
 
 
 
 
 
 
TOTAL FLORIDA
25

Properties
1,001

9,111

95%
1,629

1.63

1,839

1.84

 

 
 
 
 
 
 
 
 
 
Camden Brookwood
Atlanta
GA
2002
916

359

95%
1,465

1.60

1,730

1.89

Camden Buckhead Square
Atlanta
GA
2015
827

250

95%
1,577

1.91

1,703

2.06

Camden Creekstone
Atlanta
GA
2002
990

223

97%
1,407

1.42

1,606

1.62

Camden Deerfield
Alpharetta
GA
2000
1,187

292

94%
1,467

1.24

1,676

1.41

Camden Dunwoody
Atlanta
GA
1997
1,007

324

97%
1,394

1.38

1,630

1.62

Camden Fourth Ward
Atlanta
GA
2014
844

276

96%
1,755

2.08

2,023

2.40

Camden Midtown Atlanta
Atlanta
GA
2001
935

296

97%
1,555

1.66

1,845

1.97

Camden Paces
Atlanta
GA
2015
1,408

379

96%
2,669

1.90

2,974

2.11

Camden Peachtree City
Peachtree City
GA
2001
1,027

399

96%
1,348

1.31

1,607

1.57

Camden Phipps (4)
Atlanta
GA
1996
1,016

234

96%
1,602

1.58

1,902

1.87

Camden Shiloh
Kennesaw
GA
1999/2002
1,143

232

96%
1,341

1.17

1,608

1.41

Camden St. Clair
Atlanta
GA
1997
999

336

97%
1,398

1.40

1,613

1.61

Camden Stockbridge
Stockbridge
GA
2003
1,009

304

97%
1,186

1.18

1,410

1.40

Camden Vantage
Atlanta
GA
2010
901

592

93%
1,484

1.65

1,690

1.88

TOTAL GEORGIA
14
Properties
1,014

4,496

96%
1,558

1.54

1,798

1.77

 
 
 
 
 
 
 
 
 
 
 
Camden Ballantyne
Charlotte
NC
1998
1,048

400

94%
1,305

1.25

1,527

1.46

Camden Cotton Mills
Charlotte
NC
2002
905

180

94%
1,516

1.68

1,790

1.98

Camden Dilworth
Charlotte
NC
2006
857

145

89%
1,508

1.76

1,737

2.03

Camden Fairview
Charlotte
NC
1983
1,036

135

95%
1,227

1.18

1,403

1.35

Camden Foxcroft
Charlotte
NC
1979
940

156

94%
1,095

1.16

1,303

1.39

Camden Foxcroft II
Charlotte
NC
1985
874

100

97%
1,206

1.38

1,410

1.61

Camden Gallery
Charlotte
NC
2017
743

323

94%
1,624

2.19

1,870

2.52

Camden Grandview
Charlotte
NC
2000
1,059

266

97%
1,716

1.62

1,953

1.84

Camden Grandview II
Charlotte
NC
2019
2,241

28

97%
3,375

1.51

3,453

1.54

Camden Sedgebrook
Charlotte
NC
1999
972

368

96%
1,166

1.20

1,396

1.44

Camden South End
Charlotte
NC
2003
878

299

95%
1,509

1.72

1,722

1.96

Camden Southline (4)
Charlotte
NC
2015
831

266

95%
1,623

1.95

1,870

2.25

Camden Stonecrest
Charlotte
NC
2001
1,098

306

95%
1,361

1.24

1,597

1.45

Camden Touchstone
Charlotte
NC
1986
899

132

97%
1,118

1.24

1,321

1.47

Total Charlotte
14
Properties
954

3,104

95%
1,425

1.49

1,652

1.73

 
 
 
 
 
 
 
 
 
 
 
Camden Asbury Village (4)
Raleigh
NC
2009
1,009

350

96%
1,280

1.27

1,492

1.48

Camden Carolinian (2)
Raleigh
NC
2017
1,118

186

Lease-Up
2,286

2.04

2,378

2.13

Camden Crest
Raleigh
NC
2001
1,014

438

97%
1,109

1.09

1,310

1.29

Camden Governor's Village
Chapel Hill
NC
1999
1,046

242

96%
1,158

1.11

1,416

1.35

Camden Lake Pine
Apex
NC
1999
1,066

446

97%
1,221

1.15

1,474

1.38

Camden Manor Park
Raleigh
NC
2006
966

484

96%
1,218

1.26

1,441

1.49

Camden Overlook
Raleigh
NC
2001
1,061

320

95%
1,321

1.25

1,614

1.52

Camden Reunion Park
Apex
NC
2000/2004
972

420

96%
1,105

1.14

1,322

1.36

Camden Westwood
Morrisville
NC
1999
1,027

354

93%
1,167

1.14

1,414

1.38

Total Raleigh
9
Properties
1,022

3,240

96%
1,257

1.23

1,479

1.45

 
 
 
 
 
 
 
 
 
 
 
TOTAL NORTH CAROLINA
23

Properties
989

6,344

95%
1,339

1.35

1,563

1.58

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





33



 
CAMDEN
 
COMMUNITY TABLE
 
 
Community statistics as of 6/30/2020

(Unaudited)
 
 
 
 
 
 
2Q20 Avg Monthly
2Q20 Avg Monthly
 
 
 
Year Placed
Average
Apartment
2Q20 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 (4)
Austin
TX
2009
862

348

97%

$1,160


$1.34


$1,398


$1.62

Camden Amber Oaks II (4)
Austin
TX
2012
910

244

96%
1,231

1.35

1,477

1.62

Camden Brushy Creek (4)
Cedar Park
TX
2008
882

272

96%
1,232

1.40

1,354

1.53

Camden Cedar Hills
Austin
TX
2008
911

208

95%
1,350

1.48

1,581

1.74

Camden Gaines Ranch
Austin
TX
1997
955

390

97%
1,501

1.57

1,768

1.85

Camden Huntingdon
Austin
TX
1995
903

398

95%
1,234

1.37

1,487

1.65

Camden La Frontera
Austin
TX
2015
901

300

95%
1,286

1.43

1,537

1.71

Camden Lamar Heights
Austin
TX
2015
838

314

95%
1,569

1.87

1,773

2.12

Camden Rainey Street
Austin
TX
2016
873

326

90%
2,126

2.43

2,307

2.64

Camden Shadow Brook (4)
Austin
TX
2009
909

496

97%
1,220

1.34

1,347

1.48

Camden Stoneleigh
Austin
TX
2001
908

390

96%
1,344

1.48

1,567

1.73

Total Austin
11

Properties
897

3,686

95%
1,383

1.54

1,589

1.77

 
 
 
 
 
 
 
 
 
 
 
Camden Addison
Addison
TX
1996
942

456

94%
1,283

1.36

1,508

1.60

Camden Belmont
Dallas
TX
2010/2012
946

477

96%
1,493

1.58

1,713

1.81

Camden Buckingham
Richardson
TX
1997
919

464

95%
1,272

1.38

1,529

1.66

Camden Centreport
Ft. Worth
TX
1997
912

268

97%
1,233

1.35

1,473

1.61

Camden Cimarron
Irving
TX
1992
772

286

95%
1,268

1.64

1,485

1.93

Camden Design District (4)
Dallas
TX
2009
939

355

95%
1,438

1.53

1,577

1.68

Camden Farmers Market
Dallas
TX
2001/2005
932

904

95%
1,386

1.49

1,588

1.70

Camden Henderson
Dallas
TX
2012
966

106

96%
1,553

1.61

1,814

1.88

Camden Legacy Creek
Plano
TX
1995
831

240

96%
1,332

1.60

1,544

1.86

Camden Legacy Park
Plano
TX
1996
870

276

95%
1,323

1.52

1,533

1.76

Camden Panther Creek (4)
Frisco
TX
2009
946

295

95%
1,305

1.38

1,474

1.56

Camden Riverwalk (4)
Grapevine
TX
2008
989

600

96%
1,493

1.51

1,723

1.74

Camden Valley Park
Irving
TX
1986
743

516

96%
1,111

1.49

1,315

1.77

Camden Victory Park
Dallas
TX
2016
861

423

96%
1,710

1.99

1,946

2.26

Total Dallas/Ft. Worth
14

Properties
902

5,666

95%
1,371

1.52

1,586

1.76

 
 
 
 
 
 
 
 
 
 
 
Camden City Centre
Houston
TX
2007
932

379

94%
1,515

1.63

1,742

1.87

Camden City Centre II
Houston
TX
2013
869

268

93%
1,518

1.75

1,773

2.04

Camden Cypress Creek (4)
Cypress
TX
2009
993

310

96%
1,356

1.37

1,579

1.59

Camden Downs at Cinco Ranch (4)
Katy
TX
2004
1,075

318

95%
1,300

1.21

1,524

1.42

Camden Grand Harbor (4)
Katy
TX
2008
959

300

96%
1,204

1.25

1,391

1.45

Camden Greenway
Houston
TX
1999
861

756

94%
1,409

1.64

1,631

1.89

Camden Heights (4)
Houston
TX
2004
927

352

95%
1,543

1.66

1,775

1.91

Camden Highland Village
Houston
TX
2014/2015
1,175

552

86%
2,379

2.02

2,512

2.14

Camden Holly Springs
Houston
TX
1999
934

548

95%
1,243

1.33

1,462

1.56

Camden McGowen Station
Houston
TX
2018
1,004

315

87%
2,092

2.08

2,244

2.23

Camden Midtown
Houston
TX
1999
844

337

90%
1,535

1.82

1,763

2.09

Camden Northpointe (4)
Tomball
TX
2008
940

384

97%
1,166

1.24

1,406

1.50

Camden Oak Crest
Houston
TX
2003
870

364

94%
1,144

1.32

1,378

1.58

Camden Park
Houston
TX
1995
866

288

96%
1,117

1.29

1,306

1.51

Camden Plaza
Houston
TX
2007
915

271

97%
1,616

1.77

1,807

1.98

Camden Post Oak
Houston
TX
2003
1,200

356

95%
2,464

2.05

2,658

2.21

Camden Royal Oaks
Houston
TX
2006
923

236

95%
1,383

1.50

1,442

1.56

Camden Royal Oaks II
Houston
TX
2012
1,054

104

97%
1,619

1.54

1,676

1.59

Camden Spring Creek (4)
Spring
TX
2004
1,080

304

94%
1,243

1.15

1,468

1.36

Camden Stonebridge
Houston
TX
1993
845

204

96%
1,129

1.34

1,340

1.58

Camden Sugar Grove
Stafford
TX
1997
921

380

95%
1,207

1.31

1,423

1.54

Camden Travis Street
Houston
TX
2010
819

253

94%
1,502

1.83

1,750

2.14

Camden Vanderbilt
Houston
TX
1996/1997
863

894

90%
1,423

1.65

1,606

1.86

Camden Whispering Oaks
Houston
TX
2008
936

274

96%
1,260

1.35

1,470

1.57

Camden Woodson Park (4)
Houston
TX
2008
916

248

93%
1,205

1.32

1,427

1.56

Camden Yorktown (4)
Houston
TX
2008
995

306

94%
1,193

1.20

1,394

1.40

Total Houston
26

Properties
947

9,301

93%
1,471

1.55

1,666

1.76

 
 
 
 
 
 
 
 
 
 
 
TOTAL TEXAS
51

Properties
924

18,653

94%
1,423

1.54

1,626

1.76

 
 
 
 
 
 
 
 
 
 
 
TOTAL PROPERTIES
164

Properties
959

56,112

95%

$1,599


$1.67


$1,816


$1.89


(1) Formerly known as Camden Hayden.
(2) Completed communities in lease-up as of June 30, 2020 are excluded from total occupancy numbers.
(3) Communities under redevelopment as of June 30, 2020.
(4) Communities owned through investment in joint venture. Pro-Rata ownership is 31.3%.




34
v3.20.2
Document and Entity Information Document and Entity Information
Jul. 30, 2020
Document And Entity Information [Abstract]  
Title of 12(b) Security Common Shares of Beneficial Interest, $.01 par value
Entity Incorporation, State or Country Code TX
Entity Central Index Key 0000906345
Entity Emerging Growth Company false
Document Type 8-K
Document Period End Date Jul. 30, 2020
Entity Registrant Name CAMDEN PROPERTY TRUST
Entity Address, Address Line One 11 Greenway Plaza, Suite 2400
Entity Address, City or Town Houston,
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77046
City Area Code -713
Local Phone Number 354-2500
Entity File Number 1-12110
Entity Tax Identification Number 76-6088377
Trading Symbol CPT
Security Exchange Name NYSE
Amendment Flag false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Soliciting Material false
Written Communications false