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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ______________ to _______________                                       
Commission file number: 1-12110 
CAMDEN PROPERTY TRUST
(Exact Name of Registrant as Specified in Its Charter)
TX76-6088377
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
11 Greenway Plaza, Suite 2400 Houston,
Texas
77046
(Address of principal executive offices)(Zip Code)
(713) 354-2500
(Registrant's Telephone Number, Including Area Code)
 N/A
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par valueCPTNYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", and "small reporting company" in Rule 12b-2 of the Exchange Act. (Check one): 
Large Accelerated FilerýAccelerated filer
Non-accelerated filer¨ Smaller Reporting Company
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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ý
On October 23, 2020, 97,395,559 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.


Table of Contents
CAMDEN PROPERTY TRUST
Table of Contents
 
  Page
PART I
Item 1
Item 2
Item 3
Item 4
PART II
Item 1
Item 1A
Item 2
Item 3
Item 4
Item 5
Item 6
RR


Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) 
(in thousands, except per share amounts)September 30,
2020
December 31, 2019
Assets
Real estate assets, at cost
Land$1,216,942 $1,199,384 
Buildings and improvements7,677,676 7,404,090 
$8,894,618 $8,603,474 
Accumulated depreciation(2,944,769)(2,686,025)
Net operating real estate assets$5,949,849 $5,917,449 
Properties under development, including land522,664 512,319 
Investments in joint ventures20,992 20,688 
Total real estate assets$6,493,505 $6,450,456 
Accounts receivable – affiliates20,152 21,833 
Other assets, net217,534 248,716 
Cash and cash equivalents589,614 23,184 
Restricted cash3,918 4,315 
Total assets$7,324,723 $6,748,504 
Liabilities and equity
Liabilities
Notes payable
Unsecured$3,225,799 $2,524,099 
Accounts payable and accrued expenses183,654 171,719 
Accrued real estate taxes87,159 54,408 
Distributions payable84,137 80,973 
Other liabilities177,967 215,581 
Total liabilities$3,758,716 $3,046,780 
Commitments and contingencies (Note 11)
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 109,110 and 109,110 issued; 106,849 and 106,878 outstanding at September 30, 2020 and December 31, 2019, respectively
1,068 1,069 
Additional paid-in capital4,577,813 4,566,731 
Distributions in excess of net income attributable to common shareholders(737,556)(584,167)
Treasury shares, at cost (9,454 and 9,636 common shares at September 30, 2020 and December 31, 2019, respectively)
(341,831)(348,419)
Accumulated other comprehensive loss(5,431)(6,529)
Total common equity$3,494,063 $3,628,685 
Non-controlling interests71,944 73,039 
Total equity$3,566,007 $3,701,724 
Total liabilities and equity$7,324,723 $6,748,504 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
1

Table of Contents
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands, except per share amounts)2020201920202019
Property revenues$265,721 $260,672 $782,283 $765,000 
Property expenses
Property operating and maintenance$65,191 $62,277 $189,788 $177,372 
Real estate taxes35,861 31,596 105,081 98,566 
Total property expenses$101,052 $93,873 $294,869 $275,938 
Non-property income
Fee and asset management$2,542 $2,139 $7,449 $5,849 
Interest and other income1,948 1,485 2,602 2,114 
Income on deferred compensation plans5,071 780 1,646 14,992 
Total non-property income$9,561 $4,404 $11,697 $22,955 
Other expenses
Property management$5,894 $6,154 $18,360 $18,904 
Fee and asset management1,018 1,316 2,681 4,022 
General and administrative12,726 13,458 40,350 40,027 
Interest24,265 20,719 67,454 60,538 
Depreciation and amortization90,575 85,814 275,237 250,734 
Expense on deferred compensation plans5,071 780 1,646 14,992 
Total other expenses$139,549 $128,241 $405,728 $389,217 
Gain on sale of land  382  
Equity in income of joint ventures2,154 2,133 5,909 5,954 
Income from continuing operations before income taxes
$36,835 $45,095 $99,674 $128,754 
Income tax expense(615)(313)(1,476)(709)
Net income$36,220 $44,782 $98,198 $128,045 
Less income allocated to non-controlling interests
(1,263)(1,185)(3,480)(3,436)
Net income attributable to common shareholders
$34,957 $43,597 $94,718 $124,609 
Earnings per share – basic$0.35 $0.44 $0.95 $1.27 
Earnings per share – diluted$0.35 $0.44 $0.95 $1.26 
Weighted average number of common shares outstanding – basic99,419 98,959 99,372 98,259 
Weighted average number of common shares outstanding – diluted99,455 99,066 99,414 98,375 
Condensed Consolidated Statements of Comprehensive Income
Net income$36,220 $44,782 $98,198 $128,045 
Other comprehensive income
Unrealized (loss) on cash flow hedging activities   (12,998)
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation366 357 1,098 (369)
Comprehensive income$36,586 $45,139 $99,296 $114,678 
Less income allocated to non-controlling interests(1,263)(1,185)(3,480)(3,436)
Comprehensive income attributable to common shareholders$35,323 $43,954 $95,816 $111,242 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
2

Table of Contents
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
For the nine months ended September 30, 2020
 
 Common Shareholders 
(in thousands)Common
shares of
beneficial
interest
Additional
paid-in
capital
Distributions
in excess of
net income
Treasury
shares, at
cost
Accumulated
other
comprehensive
(loss)/income
Non-controlling interestsTotal equity
Equity, December 31, 2019$1,069 $4,566,731 $(584,167)$(348,419)$(6,529)$73,039 $3,701,724 
Net income94,718 3,480 98,198 
Other comprehensive income1,098 1,098 
Net share awards10,729 6,185 16,914 
Employee share purchase plan679 403 1,082 
Cash distributions declared to equity holders ($2.49 per common share)
(248,107)(4,353)(252,460)
       Other(1)(326)(222)(549)
Equity, September 30, 2020$1,068 $4,577,813 $(737,556)$(341,831)$(5,431)$71,944 $3,566,007 

See Notes to Condensed Consolidated Financial Statements (Unaudited).
3

Table of Contents
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(Unaudited)
For the three months ended September 30, 2020
 Common Shareholders 
(in thousands)Common
shares of
beneficial
interest
Additional
paid-in
capital
Distributions
in excess of
net income
Treasury
shares, at
cost
Accumulated
other
comprehensive
(loss)/income
Non-controlling interestsTotal equity
Equity, June 30, 2020$1,068 $4,574,387 $(689,809)$(341,637)$(5,797)$72,355 $3,610,567 
Net income34,957 1,263 36,220 
Other comprehensive income366 366 
Net share awards3,583 (194)3,389 
Employee share purchase plan39  39 
Cash distributions declared to equity holders ($0.83 per common share)
(82,704)(1,452)(84,156)
       Other (196)(222)(418)
Equity, September 30, 2020$1,068 $4,577,813 $(737,556)$(341,831)$(5,431)$71,944 $3,566,007 

See Notes to Condensed Consolidated Financial Statements (Unaudited).
4

Table of Contents
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
For the nine months ended September 30, 2019
 Common Shareholders  
(in thousands)Common
shares of
beneficial
interest
Additional
paid-in
capital
Distributions
in excess of
net income
Treasury
shares, at
cost
Accumulated
other
comprehensive
loss
Non-controlling
interests
Total equity
Equity, December 31, 2018$1,031 $4,154,763 $(495,496)$(355,804)$6,929 $73,681 $3,385,104 
Net income124,609 3,436 128,045 
Other comprehensive loss(13,367)(13,367)
Common shares issued34 328,340 328,374 
Net share awards10,565 6,654 17,219 
Employee share purchase plan1,213 594 1,807 
Change in classification of deferred compensation plan43,311 9,363 52,674 
Conversion of operating partnership units
186 (186) 
Cash distributions declared to equity holders ($2.40 per common share)
(238,091)(4,208)(242,299)
Other
44 180 224 
Equity, September 30, 2019$1,065 $4,538,422 $(599,615)$(348,556)$(6,438)$72,903 $3,657,781 

See Notes to Condensed Consolidated Financial Statements (Unaudited).


5

Table of Contents
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(Unaudited)
For the three months ended September 30, 2019
 Common Shareholders  
(in thousands)Common
shares of
beneficial
interest
Additional
paid-in
capital
Distributions
in excess of
net income
Treasury
shares, at
cost
Accumulated
other
comprehensive
loss
Non-controlling
interests
Total equity
Equity, June 30, 2019$1,065 $4,533,667 $(563,834)$(348,480)$(6,795)$73,145 3,688,768 
Net income43,597 1,185 44,782 
Other comprehensive income357 357 
Net share awards4,625 (76)4,549 
Employee share purchase plan57 57 
Conversion of operating partnership units
71 (71) 
Cash distributions declared to equity holders ($0.80 per common share)
(79,378)(1,400)(80,778)
Other
 2 44 46 
Equity, September 30, 2019$1,065 $4,538,422 $(599,615)$(348,556)$(6,438)$72,903 $3,657,781 

See Notes to Condensed Consolidated Financial Statements (Unaudited).


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CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended
September 30,
(in thousands)20202019
Cash flows from operating activities
Net income$98,198 $128,045 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization275,237 250,734 
Gain on sale of land(382) 
Distributions of income from joint ventures6,250 5,954 
Equity in income of joint ventures(5,909)(5,954)
Share-based compensation10,237 12,183 
Settlement of forward interest rate swaps  (20,430)
Net change in operating accounts and other29,653 37,903 
Net cash from operating activities$413,284 $408,435 
Cash flows from investing activities
Development and capital improvements, including land$(294,409)$(300,661)
Acquisition of operating properties (214,233)
Proceeds from sale of land753  
Increase in non-real estate assets(6,126)(13,793)
Other1,693 (797)
Net cash from investing activities$(298,089)$(529,484)
Cash flows from financing activities
Borrowings on unsecured credit facility and other short-term borrowings$358,000 $1,167,000 
Repayments on unsecured credit facility and other short-term borrowings (402,000)(1,167,000)
Repayment of notes payable (440,103)
Proceeds from notes payable743,103 593,409 
Distributions to common shareholders and non-controlling interests(249,223)(236,489)
Proceeds from issuance of common shares 328,374 
Payment of deferred financing costs(1,036)(6,009)
Other1,994 1,189 
Net cash from financing activities$450,838 $240,371 
Net increase in cash, cash equivalents, and restricted cash566,033 119,322 
Cash, cash equivalents, and restricted cash, beginning of period27,499 43,603 
Cash, cash equivalents, and restricted cash, end of period$593,532 $162,925 
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents$589,614 $157,239 
Restricted cash3,918 5,686 
Total cash, cash equivalents, and restricted cash, end of period$593,532 $162,925 
Supplemental information
Cash paid for interest, net of interest capitalized$56,895 $49,793 
Cash paid for income taxes1,920 1,209 
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid84,137 80,764 
Value of shares issued under benefit plans, net of cancellations19,538 18,388 
Accrual associated with construction and capital expenditures26,845 18,474 
Right-of-use assets obtained in exchange for the use of new operating lease liabilities93 15,666 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
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CAMDEN PROPERTY TRUST
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1. Description of Business
Business. Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust ("REIT"), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of September 30, 2020, we owned interests in, operated, or were developing 174 multifamily properties comprised of 59,104 apartment homes across the United States. Of the 174 properties, nine properties were under construction as of September 30, 2020, and will consist of a total of 2,721 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.

2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Principles of Consolidation. Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, authority to make decisions, kick-out rights and participating rights. As of September 30, 2020, two of our consolidated operating partnerships were VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships.  As of September 30, 2020, we held approximately 92% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships.
Interim Financial Reporting. We have prepared these unaudited financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim unaudited financial statements should be read in conjunction with the audited financial statements and notes included in our 2019 Annual Report on Form 10-K. Certain insignificant amounts in the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2019 have been reclassified within cash flows from investing activities to conform to the current-year presentation. These reclassifications had no impact on our condensed consolidated cash flows from investing activities.
Acquisitions of Real Estate. Upon acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. We generally believe acquisitions of operating properties are asset acquisitions, which include the capitalization of transaction costs. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition; the net carrying value of in-place leases are included in other assets, net and the net carrying value of above or below market leases are included in other liabilities, net in our condensed consolidated balance sheets.
We recognized amortization expense related to in-place leases of approximately $0.3 million and $3.4 million for the three months ended September 30, 2020 and 2019, respectively, and approximately $9.1 million and $8.8 million for the nine months ended September 30, 2020 and 2019, respectively. The amortization related to market leases for either the three or nine months ended September 30, 2020 or the three months ended September 30, 2019 were not material. We recognized approximately $0.1 million of amortization related to net below market leases for the nine months ended September 30, 2019. During the three and nine months ended September 30, 2020, the weighted average amortization periods for in-place leases and net below market leases were approximately six months and seven months, respectively. During the three and nine months ended September 30, 2019, the weighted average amortization period for in-place net below market leases were approximately six months and five months, respectively.
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Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including, but not limited to, market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant's perspective. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the three or nine months ended September 30, 2020 or 2019.
The value of our properties under development depends on market conditions, including estimates of the project cost and start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.
We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect in our consolidated financial position and results of operations.
Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt and was approximately $4.4 million and $4.0 million for the three months ended September 30, 2020 and 2019, respectively, and was approximately $13.0 million and $9.9 million for the nine months ended September 30, 2020 and 2019, respectively. Capitalized real estate taxes were approximately $0.8 million and $0.4 million for the three months ended September 30, 2020 and 2019, respectively, and were approximately $3.7 million and $2.3 million for the nine months ended September 30, 2020 and 2019, respectively.
Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and certain activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are substantially completed the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements.
Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:
Estimated
Useful Life
Buildings and improvements5-35 years
Furniture, fixtures, equipment, and other3-20 years
Intangible assets/liabilities (in-place leases and above and below market leases)underlying lease term
Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.
In determining fair value, observable inputs reflect market data obtained from independent sources while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
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Level 1:    Quoted prices for identical instruments in active markets.
Level 2:    Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3:    Significant inputs to the valuation model are unobservable.
Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis:
Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy.
Non-Recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value if they are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." Non-recurring fair value disclosures are not provided for impairments on assets disposed during the period because they are no longer owned by us. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy.
Financial Instrument Fair Value Disclosures. As of September 30, 2020 and December 31, 2019, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represented fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. The carrying values of our notes receivable also approximate their fair values, which are based on certain factors, such as market interest rates, terms of the note and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.
Income Recognition. The majority of our revenues are derived from real estate lease contracts and presented as property revenues, which include rental revenue and revenue from amounts received under contractual terms for other services provided to our customers.
Property Revenues: We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets, which is our only underlying asset class. We recognize rental revenues from these lease contracts on a straight-line basis over the applicable lease term, net of amounts related to lease contracts identified as uncollectible. We also earn revenues from amounts received under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new, separate contract and will be recognized at the time the option is exercised on a straight-line basis over the renewal period.
In April 2020, we announced Resident Relief Funds for our residents experiencing financial losses caused by COVID-19, which were intended to help impacted residents by providing immediate financial assistance for living expenses such as food, utilities, medical, insurance, childcare, and transportation. During the second quarter, the Resident Relief Funds paid approximately $10.4 million to approximately 8,200 Camden residents. Of this amount, approximately $9.1 million was paid to approximately 7,100 residents of our wholly-owned communities and recorded as a reduction of property revenues, and approximately $1.3 million was paid to approximately 1,100 residents of the operating communities owned by our unconsolidated joint ventures. For the amounts paid to residents of the operating communities owned by our unconsolidated joint ventures, we recognized our ownership interest of $0.4 million in equity in income of joint ventures. Additionally, we also made arrangements to defer payments over existing lease terms for many of our residents and tenants. For the deferred rent payment plans offered, we recognize property revenue on the existing straight-line basis over the remaining lease term and recognize any changes in payment through lease receivables, which is recorded in other assets, net, in our condensed consolidated balance sheet; any identified uncollectible amounts related to deferred amounts are presented as an adjustment to property revenue.
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As of September 30, 2020, our average residential lease term was approximately fourteen months with all other commercial leases averaging longer lease terms. We currently anticipate property revenue from existing leases as follows:
(in millions)
Year ended December 31,Operating Leases
Remainder of 2020$258.5 
2021460.3 
20226.6 
20235.9 
20245.0 
Thereafter33.4 
Total$769.7 
Credit Risk. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.
Note Receivable. We have one note receivable included in other assets, net, in our condensed consolidated balance sheets, relating to a real estate secured loan made to an unaffiliated third party. This note receivable matures on October 1, 2025. At both September 30, 2020 and December 31, 2019, the outstanding note receivable principal balance was approximately $7.9 million and the weighted average interest rate was approximately 7.0% for both the three and nine months ended September 30, 2020 and 2019, respectively. Interest is recognized over the life of the note and included in interest and other income in our condensed consolidated statements of income and comprehensive income. We will provide for an allowance on our note receivable for expected losses if it becomes apparent conditions exist which may lead to our inability to collect all contractual amounts due. No allowance has been recognized on this note receivable as of September 30, 2020.
Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides temporary relief to simplify the accounting for modifying contracts to transition away from referenced rates such as LIBOR and other interbank offered rates. To be eligible for these accounting reliefs, the modifications i) must change, or have the potential to change, the amount or timing of contractual cash flows and ii) be related to the replacement of the referenced rate expected to be discontinued. When the contracts have met the criteria above, modified contracts can be accounted for as a continuation of the existing contract and applied prospectively adjusting the effective interest rate in the agreement. ASU 2020-04 is effective for interim periods beginning January 1, 2020, and the contracts electing to use the optional relief must be entered into prior to December 31, 2022. We adopted ASU 2020-04 as of March 31, 2020 and will apply this guidance for modifications, if any, during the interim period and prospectively through December 31, 2022. We do not expect our adoption of ASU 2020-04 to have a material impact on our consolidated financial statements as our only outstanding debt indexed to LIBOR are our unsecured credit facility and unsecured term loan.
In April 2020, the FASB's staff issued a question and answer document ("Q&A") focused on the application of lease modification accounting as a result of COVID-19. The Q&A allows companies, assuming the total payments of modified leases are substantially the same as or less than the total payments of the existing lease, to elect to bypass a lease-by-lease analysis, and instead either apply the lease modification accounting framework or not. The election is to be applied consistently to leases with similar characteristics and similar circumstances. Having met the required criteria as defined in the Q&A, we elected to not account for concessions as lease modifications. As disclosed above, the cash payments provided to residents relating to the Resident Relief Funds of approximately $9.1 million was recognized as a reduction to property revenues during the second quarter of 2020. We also elected to account for all other concessions provided to our residents/tenants, which were primarily related to a change of timing of rent payments with no significant changes to total payments or term, as a deferred payment in which we continue to recognize property revenue on the existing straight-line basis over the remaining lease term and recognize any changes in payment through lease receivables, which is recorded in other assets, net, in our condensed consolidated balance sheet.
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3. Per Share Data
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards, units convertible into common shares, and shares which could be settled under equity forward sales agreements. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sales agreement will be considered in our calculation for diluted earnings-per-share until settlement, using the treasury stock method. The number of common share equivalent securities excluded from the diluted earnings per share calculation were approximately 2.0 million for each of the three and nine months ended September 30, 2020 and approximately 1.9 million for each of the three and nine months ended September 30, 2019. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculations as they are anti-dilutive. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands, except per share amounts)2020201920202019
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders
$34,957 $43,597 $94,718 $124,609 
Amount allocated to participating securities
(74)(89)(204)(284)
Net income attributable to common shareholders – basic
$34,883 $43,508 $94,514 $124,325 
Total earnings per common share – basic
$0.35 $0.44 $0.95 $1.27 
Weighted average number of common shares outstanding – basic99,419 98,959 99,372 98,259 
Earnings per common share calculation – diluted
Net income attributable to common shareholders – diluted$34,883 $43,508 $94,514 $124,325 
Total earnings per common share – diluted
$0.35 $0.44 $0.95 $1.26 
Weighted average number of common shares outstanding – basic
99,419 98,959 99,372 98,259 
Incremental shares issuable from assumed conversion of:
Common share options and share awards granted36 107 42 116 
Weighted average number of common shares outstanding – diluted
99,455 99,066 99,414 98,375 

4. Common Shares
In June 2020, we created an at-the market ("ATM") share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering price of up to $362.7 million (the "2020 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. The proceeds from the sale of our common shares under the 2020 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under our $900 million unsecured line of credit, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions. 
The 2020 ATM program permits the use of forward sales agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of shares until a later date. If we enter into a forward sale agreement, we expect the relevant forward purchasers will borrow from third parties and, through the relevant sales agent, acting in its role as forward seller, sell a number of common shares equal to the number of
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shares underlying the agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller. We expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). During the three months ended September 30, 2020 and through the date of this filing, we did not enter into any forward sale agreements nor were there any shares sold under the 2020 ATM program. As of the date of this filing, we had common shares having an aggregate offering price of up to $362.7 million remaining available for sale under the 2020 ATM program.
In May 2017, we created an ATM share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering price of up to $315.3 million (the "2017 ATM program"). We terminated the 2017 ATM program in the second quarter of 2020 concurrently with the establishment of the 2020 ATM program, with shares with an offering price of $287.7 million remaining available for sale. Upon termination, no further common shares were available for sale under the 2017 ATM program.
We have a repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. There were no repurchases during the three and nine months ended September 30, 2020. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this program was approximately $269.5 million.
We currently have an automatic shelf registration statement which allows us to offer common shares, preferred shares, debt securities, or warrants, and our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At September 30, 2020, we had approximately 97.4 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.

5. Acquisitions and Dispositions
Asset Acquisition of Operating Properties. We did not acquire any operating properties during the nine months ended September 30, 2020. During the nine months ended September 30, 2019, we acquired one operating property comprised of 326 apartment homes located in Austin, Texas for approximately $120.4 million in May 2019 and one operating property comprised of 316 apartment homes located in Scottsdale, Arizona for approximately $97.1 million in February 2019.
Acquisition of Land. During the nine months ended September 30, 2020, we acquired approximately 4.9 acres of land in Raleigh, North Carolina for approximately $18.2 million in January 2020 for the future development of approximately 355 apartment homes. During the nine months ended September 30, 2019, we acquired approximately 11.6 acres of land in Tempe, Arizona for approximately $18.0 million in May 2019 for the future development of approximately 397 apartment homes and approximately 4.3 acres of land in Charlotte, North Carolina for approximately $10.9 million in April 2019 for the future development of approximately 387 apartment homes.
Disposition of Land. During the nine months ended September 30, 2020, we sold approximately 4.7 acres of land adjacent to one of our operating properties in Raleigh, North Carolina for approximately $0.8 million in March 2020 and recognized a gain of $0.4 million. We did not sell any land during the nine months ended September 30, 2019.

6. Investments in Joint Ventures
Our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consists of three funds (collectively, the "Funds"). As of September 30, 2020, we had two discretionary investment funds in which we had an ownership interest of 31.3% in each of these funds. In March 2015, we completed the formation of the third fund with an unaffiliated third party for additional multifamily investments of up to $450 million. In June 2019, we amended the third fund's agreement to, among other things, reduce the investments from $450 million to approximately $360 million and increase our ownership interest from 20% to 40%. This third fund did not own any properties as of September 30, 2020 or 2019. We provide property and asset management and other services to the Funds which own operating properties and we may also provide construction and development services to the Funds which own properties under development. The following table summarizes the combined balance sheets and statements of income data for the Funds as of and for the periods presented:
 
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(in millions)September 30, 2020December 31, 2019
Total assets$697.3 $685.0 
Total third-party debt507.2 496.9 
Total equity155.5 153.4 
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2020201920202019
Total revenues (1)
$32.7 $33.3 $95.8 $98.5 
Net income4.3 4.4 11.7 12.3 
Equity in income (2)(3)
2.2 2.1 5.9 6.0 
(1)Total revenues for the nine months ended September 30, 2020 includes approximately $1.3 million of Resident Relief Funds payments which was recorded as a reduction to property revenues.
(2)Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.
(3)Equity in income for the nine months ended September 30, 2020 includes our ownership interest of the Resident Relief Funds payments of approximately $0.4 million.
The Funds have been funded in part with secured third-party debt and, as of September 30, 2020, we had no outstanding guarantees related to debt of the Funds.
We may earn fees for property and asset management, construction, development, and other services related to the Funds and may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to the Funds to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.9 million and $1.7 million for the three months ended September 30, 2020 and 2019, respectively, and approximately $5.7 million and $4.6 million for the nine months ended September 30, 2020 and 2019, respectively.

7. Notes Payable
The following is a summary of our indebtedness:
(in millions)September 30,
2020
December 31, 2019
Commercial banks
1.15% Term Loan, due 2022
$99.8 $99.7 
Unsecured credit facility
 44.0 
$99.8 $143.7 
Senior unsecured notes
3.15% Notes, due 2022
$348.5 $348.0 
5.07% Notes, due 2023
248.8 248.4 
4.36% Notes, due 2024
249.2 249.0 
3.68% Notes, due 2024
248.3 248.0 
3.74% Notes, due 2028
397.1 396.7 
3.67% Notes, due 2029 (1)
594.1 593.7 
2.91% Notes, due 2030
743.4  
3.41% Notes, due 2049
296.6 296.6 
$3,126.0 $2,380.4 
Total notes payable (2)
$3,225.8 $2,524.1 
(1)    The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.
(2) Unamortized debt discounts and debt issuance costs of $24.2 million and $19.9 million are included in senior unsecured and secured notes payable as of September 30, 2020 and December 31, 2019, respectively.
We have a $900 million unsecured credit facility which matures in March 2023, with two options to further extend the facility at our election for two additional six month periods and may be expanded three times by up to an additional $500
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million upon satisfaction of certain conditions. The interest rate on our unsecured credit facility is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under our credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $450 million or the remaining amount available under our credit facility. Our credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of September 30, 2020 and through the date of this filing.
Our credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At September 30, 2020, we had no borrowings outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $10.2 million, leaving approximately $889.8 million available under our credit facility.
In April 2020, we issued $750 million aggregate principal amount of 2.80% senior unsecured notes due May 15, 2030 (the "2030 Notes") under our then-existing shelf registration statement. The 2030 Notes were offered to the public at 99.929% of their face amount with a stated rate of 2.80%. We received net proceeds of approximately $743.1 million, net of underwriting discounts and other estimated offering expenses. After giving effect to net underwriting discounts and other estimated offering expenses, the effective annual interest rate on the 2030 Notes is approximately 2.91%. Interest on the 2030 Notes is payable semi-annually on May 15 and November 15, beginning November 15, 2020. We may redeem the 2030 Notes, in whole or in part, at any time at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem the 2030 Notes within three months of the maturity date, the redemption price will equal 100% of the principal amount of the 2030 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2030 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness. We used the proceeds from the offering of the 2030 Notes to repay outstanding balances on our unsecured line of credit and intend to use the remaining balance for general corporate purposes which may include property acquisitions and development in the ordinary course of business, capital expenditures, and working capital where appropriate.
We had outstanding floating rate debt of approximately $99.8 million and $99.7 million at September 30, 2020 and 2019, respectively. The weighted average interest rate on such debt was approximately 1.2% and 3.1% for the nine months ended September 30, 2020 and 2019, respectively.
Our indebtedness had a weighted average maturity of approximately 8.5 years at September 30, 2020. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at September 30, 2020: 
(in millions) (1)
Amount (2)
Weighted Average 
Interest Rate (3)
Remainder of 2020 (4)
$98.9 1.2 %
2021(3.6) 
2022346.4 3.2 
2023247.3 5.1 
2024497.9 4.0 
Thereafter2,038.9 3.4 
Total3,225.8 3.5 %
(1)Includes all available extension options.
(2)Includes amortization of debt discounts and debt issuance costs.
(3)Includes the effects of the applicable settled forward interest rate swaps.
(4)Includes the $100.0 million term loan due in 2022. In October 2020, we entered into a $40.0 million term loan due in 2022 and repaid the $100.0 million term loan due 2022. See below for further discussion.
In October 2020, we entered into a $40 million two-year unsecured floating rate term loan with an unrelated third party. The interest rate on the term loan is based on LIBOR plus a base rate. Also in October 2020, we used the net proceeds from the $40 million term loan together with cash on hand to repay the $100.0 million unsecured term loan which was scheduled to mature in 2022.
8. Derivative Financial Instruments and Hedging Activities
Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by
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managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings.
Cash Flow Hedges of Interest Rate Risk. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
Designated Hedges.  The gain or loss on derivatives designated and qualifying as cash flow hedges is reported as a component of other comprehensive income or loss, and subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings and is presented in the same line item as the earnings effect of the hedged item.
In connection with the issuance of our 3.74% Notes due 2028 in October 2018, we settled an aggregate of $400.0 million forward interest rate swap designated hedges resulting in a cash receipt of approximately $15.9 million which was recorded in accumulated other comprehensive income on our condensed consolidated balance sheets and will be recognized over the 10-year life of the issued debt as an adjustment to interest expense. In connection with the issuance of our 3.67% Notes due 2029 in June 2019, we settled all of our remaining outstanding forward interest rate swaps with a total notional value of $300.0 million resulting in a net cash payment of approximately $20.4 million. Amounts in other comprehensive income associated with the settled forward interest rate swaps of our 3.67% Notes will be reclassified to interest expense through 2026. As of September 30, 2020, the net amount we expect to be reclassified into earnings in the next 12 months as an increase to interest expense is approximately $1.3 million. At September 30, 2020 and 2019, we had no designated hedges outstanding.
The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income and comprehensive income for the three months ended September 30, 2020 and 2019:
 (in millions)Unrealized Gain (Loss)
Recognized in Other
Comprehensive Income (Loss)
(“OCI”) on Derivatives
Location of Gain
Reclassified from
Accumulated OCI into Income
Amount of Gain (Loss)
Reclassified from
Accumulated OCI
into Income
Derivatives in Cash Flow Hedging Relationships2020201920202019
Interest Rate Swaps$ $ Interest expense$(0.3)$(0.3)
The table below presents the effect of our derivative financial instruments in the condensed consolidated statements of income and comprehensive income for the nine months ended September 30, 2020 and 2019: