EX-99.2 3 exhibit992supplementq321.htm EX-99.2 Document

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CAMDENTABLE 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" Third Quarter Comparisons
"Same Property" Sequential Quarter Comparisons
"Same Property" Year to Date Comparisons
"Same Property" Operating Expense Detail & Comparisons
Joint Venture Operations
Current Development Communities
Development Pipeline
Acquisitions
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.

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CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2021 OPERATING RESULTS


Houston, Texas (October 28, 2021) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and nine months ended September 30, 2021. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and nine months ended September 30, 2021 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.


Three Months EndedNine Months Ended
September 30September 30
Per Diluted Share2021202020212020
EPS$0.29$0.35$0.90$0.95
FFO$1.36$1.25$3.88$3.69
AFFO$1.17$1.03$3.38$3.14


Quarterly GrowthSequential GrowthYear-To-Date Growth
Same Property Results3Q21 vs. 3Q203Q21 vs. 2Q212021 vs. 2020
Revenues5.1%3.3%2.9%
Expenses4.7%3.6%5.4%
Net Operating Income ("NOI")5.4%3.1%1.5%



Same Property Results3Q213Q202Q21
Occupancy97.3%95.5%96.9%


For 2021, the Company defines same property communities as communities owned and stabilized since January 1, 2020, 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.


October Collections
Same Property Scheduled RentsOctober 2021*October 20203Q213Q20
Collected98.7%98.5%98.8%98.9%
Delinquent1.3%1.5%1.2%1.1%

*Data as of October 24, 2021
Rent is recognized as earned. The Company evaluates collectability on an ongoing basis and any accounts considered uncollectible are recorded against property revenues.





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Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Date Signed (1) (2)
October 2021*October 2020
3Q21(2)
3Q20(2)
New Lease Rates18.3%(3.5)%19.8%(3.3)%
Renewal Rates13.8%2.9%12.1%1.7%
Blended Rates16.5%(1.0)%16.0%(1.1)%
New Leases1,0081,4811,5681,845
Renewals7811,0031,7131,516
Total Leases1,7892,4843,2813,361

New Lease and Renewal Data - Date Effective (3) (4)
October 2021*October 2020
3Q21(4)
3Q20(4)
New Lease Rates19.4%(4.0)%16.6%(2.8)%
Renewal Rates12.6%1.9%8.5%0.5%
Blended Rates15.9%(1.4)%12.2%(1.1)%
New Leases1,5511,7811,9362,024
Renewals1,6031,3842,2932,162
Total Leases3,1543,1654,2294,186

*Data as of October 24, 2021
(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 DataOctober 2021*October 20203Q213Q20
Occupancy97.3%95.4%97.3%95.5%
Annualized Gross Turnover43%53%54%61%
Annualized Net Turnover36%40%47%49%

*Data as of October 24, 2021


Development Activity
During the quarter, lease-up was completed at Camden Downtown in Houston, TX, and construction was completed at Camden North End II in Phoenix, AZ and Camden Lake Eola in Orlando, FL. Subsequent to the quarter-end, lease-up was completed at Camden North End II in Phoenix, AZ.

Development Communities - Construction Completed and Projects in Lease-Up ($ in millions)
TotalTotal% Leased
Community NameLocationHomesCostas of 10/24/2021
Camden North End IIPhoenix, AZ343$79.096 %
Camden Lake EolaOrlando, FL360124.782 %
Total703$203.7






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Development Communities - Construction Ongoing ($ in millions)
TotalTotal% Leased
Community NameLocationHomesEstimated Costas of 10/24/2021
Camden BuckheadAtlanta, GA366 $160.052 %
Camden HillcrestSan Diego, CA132 95.032 %
Camden AtlanticPlantation, FL269 100.0
Camden Tempe IITempe, AZ397 115.0
Camden NoDaCharlotte, NC387 105.0
Camden DurhamDurham, NC354 120.0
Total1,905$695.0

Acquisition Activity
During the quarter, the Company acquired Camden Central, a 368-home apartment community located in St. Petersburg, FL for approximately $176.3 million. Subsequent to quarter-end, the Company acquired Camden Greenville, a 558-home apartment community located in Dallas, TX for approximately $165.5 million and also acquired a 5.2-acre land parcel in Denver, CO for approximately $24.0 million for future development purposes.

Equity Issuance
During the three months ended September 30, 2021, the Company issued approximately 1.5 million common shares through its at-the-market (“ATM”) share offering program at an average price of $150.28 per share, for total net consideration of approximately $220.7 million.

Liquidity Analysis
As of September 30, 2021, Camden had approximately $1.3 billion of liquidity comprised of approximately $428.2 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 at quarter-end had $242.4 million left to fund under its existing wholly-owned development pipeline. As of September 30, 2021, Camden had outstanding letters of credit totaling approximately $14.8 million, which reduced the availability under its unsecured credit facility to $885.2 million.

Earnings Guidance
Camden updated its earnings guidance for 2021 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2021 as detailed below.

4Q2120212021 Midpoint
Per Diluted ShareRangeRangeCurrentPriorChange
EPS$0.31 - $0.37$1.21 - $1.27$1.24$1.19$0.05
FFO$1.46 - $1.52$5.34 - $5.40$5.37$5.27$0.10
20212021 Midpoint
Same Property GrowthRangeCurrentPriorChange
Revenues4.00% - 4.50%4.25%3.75%0.50%
Expenses3.55% - 3.95%3.75%3.75%0.00%
NOI4.00% - 5.00%4.50%3.75%0.75%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2021 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.




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Conference Call
Friday, October 29, 2021 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 6751407
Webcast: https://services.choruscall.com/mediaframe/webcast.html?webcastid=fZSPWV6V

The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.

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.

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 173 properties containing 59,240 apartment homes across the United States. Upon completion of 6 properties currently under development, the Company’s portfolio will increase to 61,145 apartment homes in 179 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 14 consecutive years, most recently ranking #8.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
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CAMDENFINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2021202020212020
Property revenues (a)
$294,130$265,721$838,221$782,283
Adjusted EBITDA (b)
164,994149,965466,061450,438
Net income attributable to common shareholders (c)
29,48334,95791,00994,718
      Per share - basic0.290.350.900.95
      Per share - diluted0.290.350.900.95
Funds from operations142,210126,611399,180373,297
       Per share - diluted1.361.253.883.69
Adjusted funds from operations122,493104,312347,975317,391
       Per share - diluted1.171.033.383.14
Dividends per share0.830.832.492.49
Dividend payout ratio (FFO)61.0 %66.4 %64.2 %67.5 %
Interest expensed24,98724,26572,71567,454
Interest capitalized3,5164,33912,77112,955
    Total interest incurred28,50328,60485,48680,409
Net Debt to Annualized Adjusted EBITDA (d)
4.4x4.5x4.6x4.4x
Interest expense coverage ratio6.6x6.2x6.4x6.7x
Total interest coverage ratio5.8x5.2x5.5x5.6x
Fixed charge expense coverage ratio6.6x6.2x6.4x6.7x
Total fixed charge coverage ratio5.8x5.2x5.5x5.6x
Unencumbered real estate assets (at cost) to unsecured debt ratio3.2x2.9x3.2x2.9x
Same property NOI growth (e)
5.4 %(1.3)%1.5 %1.0 %
  (# of apartment homes included)45,20043,71045,20043,710
Gross turnover of apartment homes (annualized)55 %60 %52 %52 %
Net turnover (excludes on-site transfers and transfers to other Camden communities)47 %48 %43 %42 %
As of September 30,
20212020
Total assets$7,685,567 $7,324,723 
Total debt$3,169,428 $3,225,799 
Common and common equivalent shares, outstanding end of period (f)
105,859 101,211 
Share price, end of period$147.47 $88.98 
Book equity value, end of period (g)
$3,953,822 $3,566,007 
Market equity value, end of period (h)
$15,611,027 $9,005,755 

(a) Property revenues were negatively impacted for the nine months ended September 30, 2020 by approximately $9.1 million of Resident Relief Funds.
(b) Adjusted EBITDA for the three and nine months ended September 30, 2020 excludes an approximate $0.4 million and $14.4 million of Pandemic Related Impact, which consists of the Resident Relief Funds, Employee Relief Fund, directly-related pandemic expenses, and bonuses paid to on-site employees.
(c) Net income attributable to common shareholders includes the approximate $0.4 million and $14.8 million Pandemic Related Impact for the three and nine months ended September 30, 2020. Please refer to page 27, footnote (a), for additional detail breakdown of the Pandemic Related Impact.
(d) 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 1.33 for 9 month results.
(e) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2020, excluding communities under redevelopment and properties held for sale.
(f) Includes at September 30, 2021: 104,253 common shares (including 86 common share equivalents related to share awards), plus 1,606 common share equivalents upon the assumed conversion of non-controlling units.
(g) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
(h) Includes: common shares, common units, and common share equivalents.
Note: Please refer to pages 27, 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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CAMDENOPERATING RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2021202020212020
OPERATING DATA
Property revenues (a)
$294,130$265,721$838,221$782,283
Property expenses
Property operating and maintenance71,337 65,191 200,360 189,788 
Real estate taxes38,731 35,861 113,611 105,081 
Total property expenses110,068 101,052 313,971 294,869 
Non-property income
Fee and asset management3,248 2,542 7,717 7,449 
Interest and other income443 1,948 1,032 2,602 
Income/(loss) on deferred compensation plans(843)5,071 9,183 1,646 
Total non-property income2,848 9,561 17,932 11,697 
Other expenses
Property management6,640 5,894 19,200 18,360 
Fee and asset management1,159 1,018 3,310 2,681 
General and administrative14,960 12,726 44,428 40,350 
Interest24,987 24,265 72,715 67,454 
Depreciation and amortization111,462 90,575 304,189 275,237 
Expense/(benefit) on deferred compensation plans(843)5,071 9,183 1,646 
Total other expenses158,365 139,549 453,025 405,728 
Gain on sale of land— — — 382 
Equity in income of joint ventures2,540 2,154 6,652 5,909 
Income from continuing operations before income taxes31,085 36,835 95,809 99,674 
Income tax expense(480)(615)(1,292)(1,476)
Net income30,605 36,220 94,517 98,198 
Less income allocated to non-controlling interests(1,122)(1,263)(3,508)(3,480)
Net income attributable to common shareholders (b)
$29,483 $34,957 $91,009 $94,718 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income$30,605$36,220$94,517$98,198
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation372 366 1,117 1,098 
Comprehensive income30,977 36,586 95,634 99,296 
Less income allocated to non-controlling interests(1,122)(1,263)(3,508)(3,480)
Comprehensive income attributable to common shareholders$29,855 $35,323 $92,126 $95,816 
PER SHARE DATA
Total earnings per common share - basic$0.29 $0.35 $0.90 $0.95 
Total earnings per common share - diluted0.29 0.35 0.90 0.95 
Weighted average number of common shares outstanding:
     Basic103,071 99,419 101,119 99,372 
     Diluted103,171 99,455 101,199 99,414 

(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 September 30, 2021, we recognized $294.1 million of property revenue which consisted of approximately $259.1 million of rental revenue and approximately $35.0 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 $265.7 million recognized for the three months ended September 30, 2020, made up of approximately $234.3 million of rental revenue, and approximately $31.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the nine months ended September 30, 2021, we recognized $838.2 million of property revenue which consisted of approximately $737.8 million of rental revenue and approximately $100.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to $782.3 million of property revenue recognized for the nine months ended September 30, 2020, made up of approximately $692.2 million of rental revenue, net of approximately $9.1 million related to the Resident Relief Funds, and approximately $90.1 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 $7.9 million and $7.4 million for the three months ended September 30, 2021 and 2020, respectively, and was $23.2 million and $21.4 million for the nine months ended September 30, 2021 and 2020, respectively.

(b) Net income attributable to common shareholders for the three and nine months ended September 30, 2020 was negatively impacted by an approximate $0.4 million and $14.8 million Pandemic Related Impact. Please refer to page 27, footnote (a), for additional detail on the breakdown of the Pandemic Related Impact.



Note: Please refer to pages 27, 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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CAMDENFUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2021202020212020
FUNDS FROM OPERATIONS
Net income attributable to common shareholders (a)
$29,483 $34,957 $91,009 $94,718 
 Real estate depreciation and amortization108,931 87,974 296,760 267,985 
 Adjustments for unconsolidated joint ventures2,674 2,404 7,903 6,933 
 Income allocated to non-controlling interests1,122 1,276 3,508 3,661 
     Funds from operations$142,210 $126,611 $399,180 $373,297 
     Less: recurring capitalized expenditures (b)
(19,717)(22,299)(51,205)(55,906)
     Adjusted funds from operations$122,493 $104,312 $347,975 $317,391 
PER SHARE DATA
Funds from operations - diluted$1.36 $1.25 $3.88 $3.69 
Adjusted funds from operations - diluted1.17 1.03 3.38 3.14 
Distributions declared per common share0.83 0.83 2.49 2.49 
Weighted average number of common shares outstanding:
FFO/AFFO - diluted104,812 101,203 102,879 101,162 
PROPERTY DATA
Total operating properties (end of period) (c)
172 165 172 165 
Total operating apartment homes in operating properties (end of period) (c)
58,682 56,383 58,682 56,383 
Total operating apartment homes (weighted average)51,011 49,158 50,202 49,081 



(a) Net income attributable to common shareholders for the three and nine months ended September 30, 2020 was negatively impacted by an approximate $0.4 million and $14.8 million Pandemic Related Impact. Please refer to page 27, footnote (a), for additional detail on the breakdown of the Pandemic 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 27, 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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CAMDENBALANCE SHEETS
(In thousands)
(Unaudited)
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
ASSETS
Real estate assets, at cost
Land$1,317,431 $1,285,634 $1,233,937 $1,225,214 $1,216,942 
Buildings and improvements8,536,620 8,288,865 7,863,707 7,763,748 7,677,676 
9,854,051 9,574,499 9,097,644 8,988,962 8,894,618 
Accumulated depreciation(3,319,206)(3,219,085)(3,124,504)(3,034,186)(2,944,769)
Net operating real estate assets6,534,845 6,355,414 5,973,140 5,954,776 5,949,849 
Properties under development, including land428,622 443,100 541,958 564,215 522,664 
Investments in joint ventures17,788 18,415 18,800 18,994 20,992 
Total real estate assets6,981,255 6,816,929 6,533,898 6,537,985 6,493,505 
Accounts receivable – affiliates18,686 19,183 19,502 20,158 20,152 
Other assets, net (a)
252,079 241,687 213,126 216,276 217,534 
Cash and cash equivalents428,226 374,556 333,402 420,441 589,614 
Restricted cash5,321 4,762 4,105 4,092 3,918 
Total assets$7,685,567 $7,457,117 $7,104,033 $7,198,952 $7,324,723 
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured$3,169,428 $3,168,492 $3,167,557 $3,166,625 $3,225,799 
Accounts payable and accrued expenses191,648 155,057 159,111 175,608 183,654 
Accrued real estate taxes88,116 66,696 33,155 66,156 87,159 
Distributions payable87,919 86,689 84,282 84,147 84,137 
Other liabilities (b)
194,634 193,975 185,852 189,829 177,967 
Total liabilities3,731,745 3,670,909 3,629,957 3,682,365 3,758,716 
Equity
Common shares of beneficial interest1,114 1,098 1,070 1,069 1,068 
Additional paid-in capital5,180,783 4,953,703 4,588,056 4,581,710 4,577,813 
Distributions in excess of net income attributable to common shareholders(954,880)(897,761)(842,628)(791,079)(737,556)
Treasury shares(334,066)(334,161)(335,511)(341,412)(341,831)
Accumulated other comprehensive loss (c)
(4,266)(4,638)(5,010)(5,383)(5,431)
Total common equity3,888,685 3,718,241 3,405,977 3,444,905 3,494,063 
Non-controlling interests65,137 67,967 68,099 71,682 71,944 
Total equity3,953,822 3,786,208 3,474,076 3,516,587 3,566,007 
Total liabilities and equity$7,685,567 $7,457,117 $7,104,033 $7,198,952 $7,324,723 
(a) Includes net deferred charges of:$1,336 $1,655 $2,031 $2,299 $2,686 
(b) Includes deferred revenues of:$208 $232 $256 $284 $314 
(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


CAMDENPORTFOLIO STATISTICS
(Unaudited)

COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2021 (in apartment homes)
Fully ConsolidatedNon-Consolidated
"Same Property"Non-"Same Property"Completed in Lease-upUnder ConstructionTotalOperatingGrand Total
D.C. Metro (a)
6,204 378 — — 6,582 281 6,863 
Houston, TX6,227 823 — — 7,050 2,756 9,806 
Atlanta, GA3,970 292 — 366 4,628 234 4,862 
Phoenix, AZ3,245 441 343 397 4,426 — 4,426 
Los Angeles/Orange County, CA2,116 547 — — 2,663 — 2,663 
SE Florida1,956 825 — 269 3,050 — 3,050 
Dallas, TX4,416 — — — 4,416 1,250 5,666 
Denver, CO2,632 233 — — 2,865 — 2,865 
Orlando, FL2,995 299 360 — 3,654 300 3,954 
Charlotte, NC2,810 28 — 387 3,225 266 3,491 
Raleigh, NC2,352 540 — 354 3,246 350 3,596 
Tampa, FL2,286 368 — — 2,654 450 3,104 
San Diego/Inland Empire, CA1,665 — — 132 1,797 — 1,797 
Austin, TX2,326 — — — 2,326 1,360 3,686 
Nashville, TN— 758 — — 758 — 758 
Total Portfolio45,200 5,532 703 1,905 53,340 7,247 60,587 

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


THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d)
"Same Property" Communities
Operating Communities (b)
Incl. JVs at Pro Rata % (c)
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
D.C. Metro (a)
17.2 %15.9 %15.5 %97.4 %96.7 %96.0 %95.9 %96.3 %
Houston, TX9.9 %9.8 %10.7 %96.4 %95.7 %94.0 %92.7 %93.3 %
Atlanta, GA8.7 %8.0 %7.9 %97.2 %97.4 %96.5 %96.2 %96.0 %
Phoenix, AZ8.1 %8.7 %8.4 %97.0 %96.9 %97.1 %96.7 %95.2 %
Los Angeles/Orange County, CA6.5 %7.6 %7.4 %98.0 %97.3 %96.4 %96.4 %95.5 %
SE Florida5.4 %6.8 %6.5 %98.2 %98.0 %97.1 %95.7 %95.3 %
Dallas, TX7.3 %6.3 %6.7 %97.5 %96.6 %96.0 %95.3 %95.3 %
Denver, CO6.8 %6.4 %6.2 %97.2 %96.4 %96.1 %95.8 %96.0 %
Orlando, FL5.8 %6.0 %5.9 %97.5 %97.1 %94.9 %94.1 %94.7 %
Charlotte, NC5.8 %5.3 %5.3 %96.8 %96.3 %95.6 %95.3 %95.3 %
Raleigh, NC4.2 %4.6 %4.7 %97.5 %97.1 %96.3 %95.9 %96.4 %
Tampa, FL5.1 %5.0 %5.1 %97.9 %97.6 %97.3 %96.7 %95.7 %
San Diego/Inland Empire, CA5.1 %4.5 %4.3 %96.9 %97.4 %97.4 %97.0 %96.3 %
Austin, TX4.1 %3.6 %4.0 %97.6 %97.3 %96.3 %95.6 %95.7 %
Nashville, TN— %1.5 %1.4 %97.5 %97.0 %— %— %— %
Total Portfolio100.0 %100.0 %100.0 %97.3 %96.8 %95.9 %95.3 %95.3 %

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

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

(d) Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments.
11


CAMDENCOMPONENTS OF PROPERTY
NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
ApartmentThree Months Ended September 30, Nine Months Ended September 30,
Property RevenuesHomes20212020Change20212020Change
"Same Property" Communities (a)
45,200 $251,781 $239,464 $12,317 $733,785 $712,885 $20,900 
Non-"Same Property" Communities (b)
5,532 35,670 24,632 11,038 91,649 73,058 18,591 
Development and Lease-Up Communities (c)
2,608 4,506 — 4,506 6,934 — 6,934 
Resident Relief Funds (d)
— — — — — (9,074)9,074 
Other (e)
— 2,173 1,625 548 5,853 5,414 439 
Total Property Revenues53,340 $294,130 $265,721 $28,409 $838,221 $782,283 $55,938 
Property Expenses
"Same Property" Communities (a)
45,200 $93,472 $89,238 $4,234 $272,435 $258,470 $13,965 
Non-"Same Property" Communities (b)
5,532 13,949 10,400 3,549 36,099 29,256 6,843 
Development and Lease-Up Communities (c)
2,608 1,712 1,710 2,489 2,484 
Pandemic Expenses (f)
— — 444 (444)— 4,540 (4,540)
Other (e)
— 935 968 (33)2,948 2,598 350 
Total Property Expenses53,340 $110,068 $101,052 $9,016 $313,971 $294,869 $19,102 
Property Net Operating Income
"Same Property" Communities (a)
45,200 $158,309 $150,226 $8,083 $461,350 $454,415 $6,935 
Non-"Same Property" Communities (b)
5,532 21,721 14,232 7,489 55,550 43,802 11,748 
Development and Lease-Up Communities (c)
2,608 2,794 (2)2,796 4,445 (5)4,450 
Pandemic Related Impact (d) (f)
— — (444)444 — (13,614)13,614 
Other (e)
— 1,238 657 581 2,905 2,816 89 
Total Property Net Operating Income53,340 $184,062 $164,669 $19,393 $524,250 $487,414 $36,836 



(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2020, 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, 2020, 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, 2020, excluding properties held for sale.

(d) Two Resident Relief Funds were established for residents experiencing financial losses caused by the pandemic, and approximately $9.1 million was paid out to approximately 7,100 residents of our wholly-owned communities, which was recognized in 2Q20 as a reduction of property revenues.

(e) "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses.

(f) The Company incurred approximately $0.4 million of directly-related pandemic expenses at our operating communities for the three months ending September 30, 2020 and approximately $4.5 million for the nine months ended September 30, 2020, which included $2.8 million of bonuses paid to on-site employees providing essential services during the pandemic and approximately $1.7 million in other directly-related pandemic expenses.





12


CAMDEN"SAME PROPERTY"
THIRD QUARTER COMPARISONS
September 30, 2021
(In thousands, except property data amounts)
(Unaudited)
Apartment
HomesRevenuesExpensesNOI
Quarterly Results (a)
Included3Q213Q20Growth3Q213Q20Growth3Q213Q20Growth
D.C. Metro6,204 $39,891 $39,317 1.5 %$12,626 $12,307 2.6 %$27,265 $27,010 0.9 %
Houston, TX6,227 30,082 29,481 2.0 %14,449 13,953 3.6 %15,633 15,528 0.7 %
Atlanta, GA3,970 22,058 21,025 4.9 %8,328 7,575 9.9 %13,730 13,450 2.1 %
Phoenix, AZ3,245 18,123 16,462 10.1 %5,307 5,192 2.2 %12,816 11,270 13.7 %
Dallas, TX4,416 21,198 20,262 4.6 %9,632 9,163 5.1 %11,566 11,099 4.2 %
Denver, CO2,632 15,671 14,966 4.7 %4,951 4,827 2.6 %10,720 10,139 5.7 %
Los Angeles/Orange County, CA2,116 15,404 14,435 6.7 %5,068 4,930 2.8 %10,336 9,505 8.7 %
Orlando, FL2,995 14,815 13,962 6.1 %5,630 5,291 6.4 %9,185 8,671 5.9 %
Charlotte, NC2,810 13,744 13,138 4.6 %4,513 4,397 2.6 %9,231 8,741 5.6 %
SE Florida1,956 13,309 12,089 10.1 %4,768 4,388 8.7 %8,541 7,701 10.9 %
Tampa, FL2,286 13,014 11,885 9.5 %5,016 4,518 11.0 %7,998 7,367 8.6 %
San Diego/Inland Empire, CA1,665 11,915 10,998 8.3 %3,779 3,657 3.3 %8,136 7,341 10.8 %
Raleigh, NC2,352 10,415 9,843 5.8 %3,710 3,386 9.6 %6,705 6,457 3.8 %
Austin, TX2,326 12,142 11,601 4.7 %5,695 5,654 0.7 %6,447 5,947 8.4 %
Total Same Property45,200 $251,781 $239,464 5.1 %$93,472 $89,238 4.7 %$158,309 $150,226 5.4 %


Weighted Average MonthlyWeighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (b)
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution 3Q213Q20Growth3Q213Q20Growth3Q213Q20Growth
D.C. Metro17.2 %97.4 %96.5 %0.9 %$1,907 $1,899 0.4 %$2,200 $2,186 0.6 %
Houston, TX9.9 %96.2 %93.3 %2.9 %1,436 1,447 (0.8)%1,676 1,691 (0.9)%
Atlanta, GA8.7 %97.4 %96.0 %1.4 %1,632 1,555 5.0 %1,901 1,838 3.5 %
Phoenix, AZ8.1 %97.2 %95.3 %1.9 %1,628 1,496 8.8 %1,916 1,772 8.2 %
Dallas, TX7.3 %97.5 %95.1 %2.4 %1,386 1,349 2.7 %1,643 1,608 2.2 %
Denver, CO6.8 %97.0 %96.0 %1.0 %1,761 1,694 4.0 %2,047 1,975 3.7 %
Los Angeles/Orange County, CA6.5 %97.9 %95.7 %2.2 %2,259 2,225 1.5 %2,483 2,377 4.5 %
Orlando, FL5.8 %97.5 %95.4 %2.1 %1,439 1,406 2.3 %1,692 1,628 4.0 %
Charlotte, NC5.8 %96.9 %95.4 %1.5 %1,443 1,384 4.3 %1,683 1,634 3.1 %
SE Florida5.4 %98.4 %96.3 %2.1 %1,985 1,889 5.1 %2,310 2,140 8.0 %
Tampa, FL5.1 %98.1 %95.9 %2.2 %1,662 1,540 7.9 %1,939 1,808 7.3 %
San Diego/Inland Empire, CA5.1 %96.9 %96.3 %0.6 %2,175 2,047 6.3 %2,461 2,287 7.7 %
Raleigh, NC4.2 %97.5 %96.6 %0.9 %1,267 1,190 6.5 %1,515 1,445 4.9 %
Austin, TX4.1 %97.4 %95.6 %1.8 %1,530 1,477 3.6 %1,786 1,736 2.9 %
Total Same Property100.0 %97.3 %95.5 %1.8 %$1,643 $1,591 3.3 %$1,909 $1,848 3.3 %


(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2020, 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 Pandemic 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
September 30, 2021
(In thousands, except property data amounts)
(Unaudited)
Apartment
HomesRevenuesExpensesNOI
Quarterly Results (a)
Included3Q212Q21Growth3Q212Q21Growth3Q212Q21Growth
D.C. Metro6,204 $39,891 $39,006 2.3 %$12,626 $12,187 3.6 %$27,265 $26,819 1.7 %
Houston, TX6,227 30,082 29,543 1.8 %14,449 14,086 2.6 %15,633 15,457 1.1 %
Atlanta, GA3,970 22,058 21,573 2.2 %8,328 7,814 6.6 %13,730 13,759 (0.2)%
Phoenix, AZ3,245 18,123 17,492 3.6 %5,307 5,206 1.9 %12,816 12,286 4.3 %
Dallas, TX4,416 21,198 20,601 2.9 %9,632 9,584 0.5 %11,566 11,017 5.0 %
Denver, CO2,632 15,671 15,138 3.5 %4,951 4,978 (0.5)%10,720 10,160 5.5 %
Los Angeles/Orange County, CA2,116 15,404 14,415 6.9 %5,068 4,982 1.7 %10,336 9,433 9.6 %
Orlando, FL2,995 14,815 14,365 3.1 %5,630 5,415 4.0 %9,185 8,950 2.6 %
Charlotte, NC2,810 13,744 13,268 3.6 %4,513 4,449 1.4 %9,231 8,819 4.7 %
SE Florida1,956 13,309 12,873 3.4 %4,768 4,567 4.4 %8,541 8,306 2.8 %
Tampa, FL2,286 13,014 12,526 3.9 %5,016 4,679 7.2 %7,998 7,847 1.9 %
San Diego/Inland Empire, CA1,665 11,915 11,071 7.6 %3,779 3,504 7.8 %8,136 7,567 7.5 %
Raleigh, NC2,352 10,415 10,103 3.1 %3,710 3,468 7.0 %6,705 6,635 1.1 %
Austin, TX2,326 12,142 11,809 2.8 %5,695 5,329 6.9 %6,447 6,480 (0.5)%
Total Same Property45,200 $251,781 $243,783 3.3 %$93,472 $90,248 3.6 %$158,309 $153,535 3.1 %


Weighted Average MonthlyWeighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (b)
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution3Q212Q21Growth3Q212Q21Growth3Q212Q21Growth
D.C. Metro17.2 %97.4 %96.8 %0.6 %$1,907 $1,880 1.4 %$2,200 $2,164 1.7 %
Houston, TX9.9 %96.2 %95.6 %0.6 %1,436 1,416 1.4 %1,676 1,657 1.2 %
Atlanta, GA8.7 %97.4 %97.4 %0.0 %1,632 1,575 3.6 %1,901 1,860 2.2 %
Phoenix, AZ8.1 %97.2 %97.0 %0.2 %1,628 1,562 4.2 %1,916 1,852 3.4 %
Dallas, TX7.3 %97.5 %96.5 %1.0 %1,386 1,347 2.9 %1,643 1,613 1.9 %
Denver, CO6.8 %97.0 %96.4 %0.6 %1,761 1,707 3.2 %2,047 1,988 2.9 %
Los Angeles/Orange County, CA6.5 %97.9 %97.3 %0.6 %2,259 2,210 2.2 %2,483 2,335 6.3 %
Orlando, FL5.8 %97.5 %97.7 %(0.2)%1,439 1,400 2.8 %1,692 1,638 3.3 %
Charlotte, NC5.8 %96.9 %96.5 %0.4 %1,443 1,393 3.6 %1,683 1,631 3.2 %
SE Florida5.4 %98.4 %98.0 %0.4 %1,985 1,919 3.4 %2,310 2,241 3.0 %
Tampa, FL5.1 %98.1 %97.7 %0.4 %1,662 1,589 4.6 %1,939 1,871 3.5 %
San Diego/Inland Empire, CA5.1 %96.9 %97.4 %(0.5)%2,175 2,106 3.3 %2,461 2,276 8.1 %
Raleigh, NC4.2 %97.5 %97.3 %0.2 %1,267 1,215 4.3 %1,515 1,473 2.9 %
Austin, TX4.1 %97.4 %97.2 %0.2 %1,530 1,477 3.6 %1,786 1,741 2.6 %
Total Same Property100.0 %97.3 %96.9 %0.4 %$1,643 $1,597 2.9 %$1,909 $1,856 2.9 %


(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2020, 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 Pandemic 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
September 30, 2021
(In thousands, except property data amounts)

(Unaudited)
Apartment
HomesRevenuesExpensesNOI
Year to Date Results (a)
Included20212020Growth20212020Growth20212020Growth
D.C. Metro6,204 $117,481 $116,348 1.0 %$37,332 $36,092 3.4 %$80,149 $80,256 (0.1)%
Houston, TX6,227 88,231 88,706 (0.5)%42,202 40,591 4.0 %46,029 48,115 (4.3)%
Atlanta, GA3,970 64,659 62,149 4.0 %23,427 21,613 8.4 %41,232 40,536 1.7 %
Phoenix, AZ3,245 52,716 48,660 8.3 %15,528 14,859 4.5 %37,188 33,801 10.0 %
Dallas, TX4,416 61,866 60,323 2.6 %28,693 26,721 7.4 %33,173 33,602 (1.3)%
Denver, CO2,632 45,651 44,175 3.3 %14,593 14,116 3.4 %31,058 30,059 3.3 %
Los Angeles/Orange County, CA2,116 43,917 43,701 0.5 %15,146 13,506 12.1 %28,771 30,195 (4.7)%
Orlando, FL2,995 43,305 41,913 3.3 %16,476 15,587 5.7 %26,829 26,326 1.9 %
Charlotte, NC2,810 39,947 39,137 2.1 %13,289 12,812 3.7 %26,658 26,325 1.3 %
SE Florida1,956 38,694 36,428 6.2 %13,784 12,884 7.0 %24,910 23,544 5.8 %
Tampa, FL2,286 37,786 35,138 7.5 %14,181 13,280 6.8 %23,605 21,858 8.0 %
San Diego/Inland Empire, CA1,665 33,867 32,547 4.1 %10,778 10,873 (0.9)%23,089 21,674 6.5 %
Raleigh, NC2,352 30,318 29,120 4.1 %10,600 9,862 7.5 %19,718 19,258 2.4 %
Austin, TX2,326 35,347 34,540 2.3 %16,406 15,674 4.7 %18,941 18,866 0.4 %
Total Same Property45,200 $733,785 $712,885 2.9 %$272,435 $258,470 5.4 %$461,350 $454,415 1.5 %


Weighted Average MonthlyWeighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (b)
Revenue per Occupied Home (c)
Year to Date Results (a)
Contribution20212020Growth20212020Growth20212020Growth
D.C. Metro17.4 %96.8 %96.4 %0.4 %$1,888 $1,895 (0.4)%$2,174 $2,162 0.6 %
Houston, TX10.0 %95.1 %94.1 %1.0 %1,424 1,461 (2.5)%1,656 1,682 (1.5)%
Atlanta, GA8.9 %97.1 %95.7 %1.4 %1,588 1,560 1.8 %1,863 1,817 2.6 %
Phoenix, AZ8.1 %97.2 %95.5 %1.7 %1,573 1,489 5.6 %1,859 1,745 6.6 %
Dallas, TX7.2 %96.6 %95.5 %1.1 %1,356 1,352 0.3 %1,612 1,589 1.5 %
Denver, CO6.7 %96.5 %95.7 %0.8 %1,719 1,692 1.6 %1,997 1,949 2.5 %
Los Angeles/Orange County, CA6.2 %97.2 %95.2 %2.0 %2,225 2,241 (0.7)%2,374 2,412 (1.5)%
Orlando, FL5.8 %97.1 %95.5 %1.6 %1,411 1,410 0.1 %1,655 1,627 1.7 %
Charlotte, NC5.8 %96.3 %95.6 %0.7 %1,404 1,384 1.4 %1,641 1,619 1.4 %
SE Florida5.4 %97.9 %96.4 %1.5 %1,932 1,899 1.7 %2,247 2,147 4.7 %
Tampa, FL5.1 %97.7 %95.7 %2.0 %1,604 1,537 4.4 %1,882 1,785 5.5 %
San Diego/Inland Empire, CA5.0 %97.3 %95.4 %1.9 %2,121 2,039 4.0 %2,327 2,277 2.2 %
Raleigh, NC4.3 %97.0 %96.4 %0.6 %1,226 1,184 3.5 %1,476 1,427 3.5 %
Austin, TX4.1 %96.9 %95.5 %1.4 %1,489 1,484 0.3 %1,743 1,728 0.9 %
Total Same Property100.0 %96.7 %95.5 %1.2 %$1,607 $1,593 0.9 %$1,865 $1,834 1.7 %


(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2020, 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 Pandemic 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
September 30, 2021
(In thousands)
(Unaudited)
% of Actual
3Q21 Operating
Quarterly Comparison (a)
3Q213Q20$ Change% ChangeExpenses
Property taxes$32,591 $31,663 $928 2.9 %34.9 %
Salaries and Benefits for On-site Employees19,297 19,413 (116)(0.6)%20.6 %
Utilities18,975 18,509 466 2.5 %20.3 %
Repairs and Maintenance11,448 11,008 440 4.0 %12.3 %
Property Insurance5,489 3,370 2,119 62.9 %5.9 %
General and Administrative3,498 3,010 488 16.2 %3.7 %
Marketing and Leasing1,323 1,411 (88)(6.2)%1.4 %
Other851 854 (3)(0.4)%0.9 %
Total Same Property$93,472 $89,238 $4,234 4.7 %100.0 %


% of Actual
3Q21 Operating
Sequential Comparison (a)
3Q212Q21$ Change% ChangeExpenses
Property taxes$32,591 $32,630 ($39)(0.1)%34.9 %
Salaries and Benefits for On-site Employees19,297 18,392 905 4.9 %20.6 %
Utilities18,975 18,120 855 4.7 %20.3 %
Repairs and Maintenance11,448 11,221 227 2.0 %12.3 %
Property Insurance5,489 4,101 1,388 33.8 %5.9 %
General and Administrative3,498 3,453 45 1.3 %3.7 %
Marketing and Leasing1,323 1,431 (108)(7.5)%1.4 %
Other851 900 (49)(5.4)%0.9 %
Total Same Property$93,472 $90,248 $3,224 3.6 %100.0 %


% of Actual
2021 Operating
Year to Date Comparison (a)
20212020$ Change% ChangeExpenses
Property taxes$98,090 $92,726 $5,364 5.8 %36.0 %
Salaries and Benefits for On-site Employees55,959 55,786 173 0.3 %20.5 %
Utilities55,836 54,413 1,423 2.6 %20.5 %
Repairs and Maintenance32,652 30,718 1,934 6.3 %12.0 %
Property Insurance12,841 8,975 3,866 43.1 %4.7 %
General and Administrative10,303 9,255 1,048 11.3 %3.8 %
Marketing and Leasing4,140 4,104 36 0.9 %1.5 %
Other2,614 2,493 121 4.9 %1.0 %
Total Same Property$272,435 $258,470 $13,965 5.4 %100.0 %

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2020, 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 Pandemic Related Impact.

16


CAMDENJOINT VENTURE OPERATIONS
(In thousands, except property data amounts)
(Unaudited)

Company's Pro-Rata Share of Joint Venture Operations:
Three Months Ended September 30, Nine Months Ended September 30,
OPERATING DATA (a)
2021202020212020
Property revenues$11,094 $10,244 $32,128 $29,970 
Property expenses
   Property operating and maintenance2,742 2,708 8,213 7,942 
   Real estate taxes1,784 1,657 5,306 4,936 
4,526 4,365 13,519 12,878 
Net Operating Income6,568 5,879 18,609 17,092 
Other expenses
   Interest1,335 1,352 3,962 4,274 
   Depreciation and amortization2,557 2,289 7,663 6,651 
   Other136 84 332 258 
   Total other expenses4,028 3,725 11,957 11,183 
Equity in income of joint ventures (b)
$2,540 $2,154 $6,652 $5,909 
Sep 30,
2021
Jun 30,
2021
Mar 31,
2021
Dec 31,
2020
Sep 30,
2020
BALANCE SHEET DATA (c)
Land$109,437 $109,437 $109,437 $109,437 $108,735 
Building & Improvements816,452 811,150 806,374 803,400 784,414 
925,889 920,587 915,811 912,837 893,149 
Accumulated Depreciation(279,128)(270,495)