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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
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)
 
Texas76-6088377
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
11 Greenway Plaza, Suite 2400Houston,Texas77046
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (713) 354-2500
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 valueCPTNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ý    No  ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  ý
Indicate by check mark whether 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 such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark whether the registrant is a shell company (as defined in the Rule 12b-2 of the Act).    Yes       No  ý
The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant was $13,268,781,625 based on a June 30, 2021 share price of $132.67.
On February 10, 2022, 103,429,458 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.
 
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant's Proxy Statement in connection with its Annual Meeting of Shareholders to be held May 12, 2022 are incorporated by reference in Part III.


Table of Contents
TABLE OF CONTENTS
 
  Page
Item 1.
Item 1A.
Item 1B.
Item 2.
Item 3.
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Item 5.
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Item 7.
Item 7A.
Item 8.
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Item 9A.
Item 9B.
Item 9C.
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ii

Table of Contents
PART I
Item 1. Business
General
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, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Unless the context requires otherwise, “we,” “our,” “us,” and the “Company” refer to Camden Property Trust and its consolidated subsidiaries. Our multifamily apartment communities are referred to as “communities,” “multifamily communities,” “properties,” or “multifamily properties” in the following discussion.
Our website is located at www.camdenliving.com and we make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (the “SEC”). We also make available free of charge on our website our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit, Compensation, and Nominating and Corporate Governance Committees. Copies are also available, without charge, from Investor Relations, 11 Greenway Plaza, Suite 2400, Houston, Texas 77046. References to our website in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on or available through our website and therefore such information should not be considered part of this report.
Our annual, quarterly and current reports, proxy statements, and other information are electronically filed with the SEC. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy, and information statements and other information regarding issuers that file electronically with the SEC.
Narrative Description of Business
As of December 31, 2021, we owned interests in, operated, or were developing 176 multifamily properties comprised of 60,073 apartment homes across the United States. Of the 176 properties, five properties were under construction and will consist of a total of 1,773 apartment homes when completed. We also own land holdings which we may develop into communities in the future.
Operating and Business Strategy
We believe producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success. We rely heavily on our sophisticated property management capabilities and innovative operating strategies to maximize the earnings potential of our communities.
Real Estate Investments and Market Balance. We believe we are well-positioned in our current markets and have the expertise to take advantage of new opportunities as they arise. These capabilities, combined with what we believe is a conservative financial structure, should allow us to concentrate our growth efforts toward selective opportunities to enhance our strategy of having a geographically diverse portfolio of assets which meet the requirements of our residents.
We continue to operate in our core markets which we believe provides an advantage due to economies of scale. We believe, where possible, it is best to operate with a strong base of properties in order to benefit from the personnel allocation and the market strength associated with managing multiple properties in the same market. However, consistent with our goal of generating sustained earnings growth, we intend to selectively dispose of properties and redeploy capital for various strategic reasons, including if we determine a property cannot meet our long-term earnings growth expectations.
We try to maximize capital appreciation of our properties by investing in markets characterized by conditions favorable to multifamily property appreciation. These markets generally feature the following:
 
Strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments; and,
An attractive quality of life, which may lead to higher demand and retention for our apartments and allow us to more readily increase rents.
Subject to market conditions, we intend to continue to seek opportunities to develop new communities, and to redevelop, reposition and acquire existing communities. We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
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We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash and cash equivalents, cash flows generated from operations, draws on our unsecured credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages.
Sophisticated Property Management. We believe the depth of our organization enables us to deliver quality services, promote resident satisfaction, and retain residents, thereby increasing our operating revenues and reducing our operating expenses. We manage our properties utilizing a staff of professionals and support personnel, including certified property managers, experienced apartment managers and leasing agents, and trained apartment maintenance technicians. Our on-site personnel are trained to deliver high-quality services to our residents and we strive to motivate our on-site employees through incentive compensation arrangements based upon property operational results, rental rate increases, occupancy levels, and level of new leases and lease renewals achieved.
Operations. We believe an intense focus on operations is necessary to realize consistent, sustained earnings growth. Ensuring customer satisfaction, increasing rents as market conditions allow, maximizing rent collections (subject to restrictions of applicable law), maintaining property occupancy at optimal levels, and controlling operating costs comprise our principal strategies to maximize property financial results. We believe our web-based property management and revenue management systems strengthen on-site operations and allow us to quickly adjust rental rates as local market conditions change. Lease terms are generally staggered based on vacancy exposure by apartment type such that lease expirations are matched to each property's seasonal rental patterns. Our average lease terms are approximately fourteen months, and our individual property marketing plans are structured to respond to local market conditions. In addition, we conduct ongoing customer service surveys to help ensure timely responses to customers' changing needs and a high-level of satisfaction.
Investments in Joint Ventures. We have entered into, and may continue in the future to enter into, joint ventures or partnerships, including limited liability companies, through which we own an indirect economic interest in less than 100% of the joint venture or partnership. We account for three investment funds (collectively, the "Funds") utilizing the equity method of accounting. As of December 31, 2021, we had two discretionary investment funds, which are closed to future investments, and a third fund which we formed in March 2015 and, as amended, may be utilized for future multifamily investments of up to $360 million. See Note 8, “Investments in Joint Ventures,” and Note 14, “Commitments and Contingencies,” in the notes to the Consolidated Financial Statements for further discussion of our investments in joint ventures.
Competition
There are numerous housing alternatives which compete with our communities in attracting residents. Our properties compete directly with other multifamily properties as well as condominiums, single-family homes, third-party providers of short-term rentals and serviced apartments, which are available for rent or purchase in the markets in which our communities are located. This competitive environment could have a material adverse effect on our ability to lease apartment homes or on the rents realized at our present properties or any newly-developed or acquired property.
Human Capital Management
Purpose and Culture. We strive to differentiate ourselves by our culture and talent. How we manage our human capital is critical to how we deliver on our strategy and create sustained growth and value for our shareholders and we strive to improve the lives of our team members, customers and shareholders one experience at a time. We recognize a great culture is foundational to the success of this vision. Key components in managing our human capital are listed below.
Camden's Values. We care deeply about our employees, our residents, and the local communities in which we live, work, and play. We are committed to maintaining a high-trust work environment that attracts, retains, and rewards the best and brightest people. We believe our workplace reflects Camden’s nine core values: Customer Focused; People Driven; Team Players; Lead by Example; Results Oriented; Work Smart; Always Do the Right Thing; Act with Integrity; and Have Fun. We believe these values cultivate an environment of respect, fairness, diversity, and fun for all.
A Great Place to Work. In addition to our core values, we are committed to creating a work environment which fosters the well-being, health and happiness of all associates. We believe our team members are given meaningful opportunities to provide feedback and effect change. We are proud of our culture and the recognition we have received as a great place to work, including being named on the list as one of the 100 Best Companies to Work For® by FORTUNE magazine for 14 consecutive years, most recently ranking #8.
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Compensation and Benefits. We provide high-quality health benefits and compensation to competitively compensate all employees for their contributions to Camden. We have formal programs intended to positively impact team members such as healthcare, rent discounts, education allowances, and scholarships for children of our employees.
Training and Development. Our mission, vision and values are also incorporated into our employee training and development programs. One of our most cherished mantras is “Never Stop Learning.” We encourage team members to discover their strengths, cultivate new interests, and offer tuition assistance to team members working to earn industry designations from various organizations. We also support team members who continue their education at an accredited educational institution through our Education Assistance Program. In addition to these programs, we also help employees improve their personal and professional lives through training, coaching and mentoring. CamdenU, our in-house learning center, is available to all employees and offers courses in subjects such as leadership, management, fair housing and compliance, and health and safety training. In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with experienced employees to facilitate their on-boarding process and immerse them in Camden’s culture.
Diversity, Equity, and Inclusion. We believe a great workplace fosters an environment where all employees can thrive and grow, and where differences are both encouraged and celebrated. Each Camden team member brings unique skills, experiences and perspectives to Camden, and we continue to promote and encourage diversity, equity and inclusion throughout our organization. Our commitment is to promote a diverse organization which is reflective of our residents and communities. We believe these efforts are socially responsible, foundational to Camden’s success, and essential to delivering on our goal to improve the lives of our team members and residents, one experience at a time.
At December 31, 2021, we had approximately 1,700 employees including executive, administrative, and community personnel. Camden embraces all team members as full and valued members of the organization. Together we innovate and collaborate with the goal of delivering consistently strong business results. Our commitment to furthering diversity, equity, and inclusion initiatives has resulted in our workforce at Camden reflecting a broad base of talent, with true gender, generation, and ethnicity diversity among our team members.
Qualification as a Real Estate Investment Trust
As of December 31, 2021, we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, with the exception of our taxable REIT subsidiaries, we will not be subject to federal income tax to the extent we continue to meet certain requirements of the Code.
Item 1A. Risk Factors
In addition to the other information contained in this Form 10-K, the following risk factors should be considered carefully in evaluating our business. Our business, financial condition, or results of operations could be materially adversely affected by any of these risks.
Risks Associated with Capital Markets, Credit Markets, and Real Estate
Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us.
The capital and credit markets are subject to volatility and disruption. We therefore may not be able to obtain new debt financing or refinance our existing debt on favorable terms or at all, which would adversely affect our liquidity, our ability to make distributions to shareholders, acquire assets and continue our development activities. Other weakened economic conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental rates and occupancy levels. Unfavorable changes in economic conditions may have a material adverse impact on our cash flows and operating results.
Additional key economic risks which may adversely affect conditions in the markets in which we operate include the following:
 
risks associated with a pandemic;
local conditions, such as an oversupply of apartments or other housing available for rent, or a reduction in demand for apartments in the area;
declines in the financial condition of our residents, which may make it more difficult for us to collect rents from some residents;
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declines in market rental rates;
low mortgage interest rates and home pricing, making alternative housing more affordable;
government or builder incentives which enable home buyers to put little or no money down, making alternative housing options more attractive;
regional economic downturns, including, but not limited to, business layoffs, downsizing and increased unemployment, which may impact one or more of our geographical markets; and
increased operating costs, if these costs cannot be passed through to our residents.
Short-term leases could expose us to the effects of declining market rents.
Our average lease terms are approximately fourteen months. As these leases typically permit the residents to leave at the end of the lease term without penalty, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms.
Competition could limit our ability to lease apartments or increase or maintain rental income.
There are numerous housing alternatives which compete with our properties in attracting residents. Our properties compete directly with other multifamily properties, condominiums, single-family homes, third-party providers of short-term rentals and serviced apartments, which are available for rent or purchase in the markets in which our properties are located. This competitive environment could have a material adverse effect on our ability to lease apartment homes at our present properties or any newly developed or acquired property, as well as on the rents realized.
We could be negatively impacted by the risks associated with land holdings and related activities.
We hold land for future development and may in the future acquire additional land holdings. The risks inherent in purchasing, owning, and developing land increase as demand for apartments, or rental rates, decrease. Real estate markets are highly uncertain and, as a result, the value of undeveloped land may fluctuate significantly. In addition, carrying costs can be significant and can result in losses or reduced profitability. As a result, we hold certain land, and may in the future acquire additional land, in our development pipeline at a cost we may not be able to fully recover or at a cost which may preclude us from developing a profitable multifamily community. If there are subsequent changes in the fair market value of our land holdings which is less than the carrying basis of our land holdings reflected in our financial statements plus estimated costs to sell, we may be required to take future impairment charges which would reduce our net income.
Risks Associated with Our Operations
A pandemic and measures intended to prevent its spread could have a material adverse effect on our business, results of operations, cash flows, and financial condition.
A pandemic and emergence of new variants have negatively impacted the global economy, disrupted financial markets and international trade, and resulted in varying unemployment levels, all of which have negatively impacted the multifamily industry and the Company’s business. Outbreaks have led governments and other authorities around the world, including federal, state and local authorities in the United States, to impose measures intended to mitigate its spread, including restrictions on freedom of movement and business operations such as issuing guidelines, travel bans, border closings, business closures, quarantine orders, and orders not allowing the collection of rents, rent increases, or eviction of non-paying tenants.
The impact of an ongoing pandemic and measures to prevent its spread have negatively impacted and could continue to negatively impact our businesses in a number of ways, including our residents’ ability or willingness to pay rents and the demand for multifamily communities within the markets we operate. In the event of resident nonpayment, default, or bankruptcy, we could incur costs in protecting our investment and re-leasing our property. Additionally, local and national authorities could continue to expand and extend certain measures imposing restrictions on our ability to enforce contractual rental obligations upon our residents and tenants. The restrictions inhibiting our employees’ ability to meet with existing and potential residents has disrupted and could in the future further disrupt our ability to lease apartments which could adversely impact our rental rate and occupancy levels.
An ongoing pandemic has caused, and could continue to cause, severe economic, market and other disruptions worldwide. These conditions may continue and may worsen as a result of an ongoing pandemic. In addition, the deterioration of economic conditions as a result of a pandemic could ultimately decrease occupancy levels and market rents across our portfolio as residents reduce or defer their spending.
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The uncertain duration and severity of a pandemic and its variants, as well as continued periodic spikes in infection rates and local outbreaks of the virus and its variants, in spite of safety measures or vaccinations could cause disruptions to our operations and those of our commercial tenants, suppliers or vendors. For these reasons, we are not able at this time to estimate with any degree of certainty the effect a pandemic or measures intended to curb its spread could have on our business, results of operations, financial condition, and cash flows. Moreover, many of the other risk factors described within this Form 10-K could be more likely to impact us as a result of a pandemic or measures intended to curb its spread.
Development, repositions, redevelopment and construction risks could impact our profitability.
We intend to continue to develop, reposition, redevelop, and construct multifamily apartment communities for our portfolio. In 2022, we expect to incur costs between approximately $150 million and $170 million related to the construction of five consolidated projects. Additionally, during 2022, we expect to incur costs between approximately $150 million and $160 million related to the start of new development activities, between approximately $62 million and $66 million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately $80 million and $84 million of additional recurring capital expenditures. Our development, reposition, redevelopment and construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs and/or decrease our profitability, including the following:
 
inability to obtain, or delays in obtaining, necessary zoning, land-use, building, occupancy, and other required permits and authorizations;
disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those costs due to errors and omissions which occur in the design or construction process;
shortages of materials;
inability to obtain financing with favorable terms;
inability to complete construction and/or lease-up of a community on schedule;
forecasted occupancy and rental rates may differ from the actual results; and
the incurrence of costs related to the abandonment of development opportunities which we have pursued and subsequently deemed unfeasible.
Our inability to successfully implement our development, repositions, redevelopment and construction strategy could adversely affect our results of operations and our ability to satisfy our financial obligations and pay distributions to shareholders.
One of our wholly-owned subsidiaries is engaged in the business of providing general contracting services under construction contracts entered into between it and third parties (which may include our nonconsolidated affiliates). The terms of those construction contracts generally require this subsidiary to estimate the time and costs to complete a project, and assumes the risk when these estimates are greater than anticipated. As a result, profitability on those contracts is dependent on the ability to accurately predict these factors. The time and costs necessary to complete a project may be affected by a variety of factors including, but not limited to, those listed above, many of which are beyond this subsidiary’s control. In addition, the terms of those contracts generally require this subsidiary to warrant its work for a period of time during which it may be required to repair, replace, or rebuild non-conforming work. Further, trailing liabilities, based on various legal theories such as claims of negligent construction, may result from such projects, and these trailing liabilities may go on for a number of years depending on the length of the statute of repose in the applicable jurisdictions.
We could be impacted by our investments through joint ventures and investment funds which involve risks not present in investments in which we are the sole investor.
We have invested and may continue to invest as a joint venture partner in joint ventures. These investments involve risks including but not limited to, the possibility the other joint venture partner may have business goals which are inconsistent with ours, possess the ability to take or force action or withhold consent contrary to our requests, or become insolvent and require us to assume and fulfill the joint venture’s financial obligations. We and our joint venture partners may each have the right to initiate a buy-sell arrangement, which could cause us to sell our interest, or acquire a joint venture partner’s interest, at a time when we otherwise would not have entered into such a transaction. Each joint venture agreement is individually negotiated, and our ability to operate, finance, or dispose of a community in our sole discretion may be limited to varying degrees depending on the terms of the applicable joint venture agreement.
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The risks associated with our Funds, which we manage as the general partner and advisor, include, but are not limited to, the following:
one of our wholly-owned subsidiaries is the general partner of the Funds and has unlimited liability for the third-party debts, obligations, and liabilities of the Funds pursuant to partnership law;
investors in the Funds (other than us) may remove our subsidiary as the general partner of the Funds with or without cause and the Funds’ advisory boards by a majority vote of their members, and may remove our subsidiary as the general partner of the Funds at any time for cause;
while we have broad discretion to manage the Funds and make investment decisions on behalf of the Funds, the investors of the Funds' advisory boards must approve certain matters, and as a result we may be unable to make certain investments or implement certain decisions on behalf of the Funds which we consider beneficial;
our ability to dispose of all or a portion of our investments in the Funds is subject to significant restrictions; and,
we may be liable if the Funds fail to comply with various tax or other regulatory matters.
Our acquisition strategy may not produce the cash flows expected.
We may acquire additional operating properties on a selective basis. Our acquisition activities are subject to a number of risks including, but not limited to, the following:
 
we may not be able to successfully integrate acquired properties into our existing operations;
our estimates of the costs, if any, of repositioning or redeveloping the acquired property may prove inaccurate;
the expected occupancy, rental rates and operating expenses may differ from the actual results;
we may not be able to obtain adequate financing; and,
we may not be able to identify suitable candidates on terms acceptable to us and may not achieve expected returns or other benefits as a result of integration challenges, such as personnel and technology.
Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values.
Certain states and local municipalities have adopted rent control or rent stabilization laws and regulations, imposing restrictions on amounts of rent increases which may be charged. There are a number of additional states and local municipalities in which we operate also considering or being urged by advocacy groups to consider imposing rent control or rent stabilization laws and regulations.  Such laws and regulations could limit our ability to increase rents, charge certain fees, evict residents, or recover increases in our operating expenses and could make it more difficult to dispose of properties in certain circumstances. The terms of laws and regulations recently enacted, future laws and regulations which may be enacted, as well as any lawsuits against us arising from such issues, could have a significant adverse impact on our results of operations and could reduce the value of our operating properties.
Failure to qualify as a REIT could have adverse consequences.
We may not continue to qualify as a REIT in the future and the Internal Revenue Service may challenge our qualification as a REIT for prior years. If we fail to qualify as a REIT in any taxable year we may be subject to federal and state income taxes for such year and we may not be able to requalify as a REIT for the four subsequent taxable years and may be subject to federal and state income taxes in those years as well. This may also impair our ability to expand our business and raise capital which may adversely affect the value of our common shares.
We may face other tax liabilities in the future which may impact our cash flow. These potential tax liabilities may be calculated on our income or property values at either the corporate or individual property levels. Any additional tax expense incurred would decrease the cash available for cash distributions to our common shareholders and non-controlling interest holders. Additionally, in order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income.
Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us.
    Tax laws remain under constant review by persons involved in the legislative process, at the Internal Revenue Service, the U.S. Department of Treasury, and by various state and local tax authorities. Future changes in tax laws including administrative interpretations, enacted tax rates, or new pronouncements relating to accounting for income taxes could adversely affect us in a number of ways, including making it more difficult or more costly for us to qualify as a REIT.
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A cybersecurity incident and other technology disruptions could negatively impact our business.
We use technology in substantially all aspects of our business operations, including internet and cloud-based systems and applications. We also use mobile devices, social networking, outside vendors and other online activities to connect with our employees, suppliers and residents. Such uses and the on-going advancement in technology give rise to potential cybersecurity risks with increasing sophistication, including but not limited to, security breaches, espionage, system disruption, theft and inadvertent release of confidential information. Our business involves the storage and transmission of numerous classes of sensitive and confidential information and intellectual property, including residents' and suppliers' personal information, private information about employees, and financial and strategic information about us. Further, as we pursue our strategy to grow through acquisitions and developments and to pursue new initiatives to improve our operations, we are also expanding our information technologies, resulting in a larger technological presence and corresponding exposure to cybersecurity risk. If we fail to assess and identify cybersecurity risks associated with our operations, we may become increasingly vulnerable to such risks and may be liable for the consequential litigation and remediation costs. Additionally, the measures we have implemented to prevent security breaches and cyber incidents may not be effective and there can be no complete assurance of prevention or anticipation of such incidents. The theft, destruction, loss, misappropriation, or release of sensitive data, confidential information or intellectual property, or interference with our information technology systems or the technology systems of third parties on which we rely could result in business disruption, negative publicity, brand damage, violation of privacy laws, loss of residents, potential liability and competitive disadvantage, any of which could result in a material adverse effect on our financial condition or results of operations.
Our third-party service providers are primarily responsible for the security of their own information technology environments and in certain instances we rely significantly on third-party service providers to supply and store our sensitive data in a secure manner. All of these third parties face potential risks relating to cybersecurity similar to ours which could disrupt their businesses and therefore adversely impact us. While we provide guidance and specific requirements in some cases, we do not directly control any of these parties' information technology security operations, or the amount of investment they place in guarding against cybersecurity threats. Accordingly, we are subject to any flaw or breaches to their information technology systems, or those which they operate for us, which could have a material adverse effect on our financial condition or results of operations.
Risks Associated with Our Indebtedness and Financing
We have significant debt, which could have adverse consequences.
As of December 31, 2021, we had outstanding debt of approximately $3.2 billion. This indebtedness could have adverse consequences including but not limited to, the following:  
our vulnerability to general adverse economic and industry conditions is increased; and
our flexibility in planning for, or reacting to, changes in business and industry conditions is limited.
Our unsecured credit facility and the indenture under which our unsecured debt was issued contain customary restrictions, requirements, and other limitations, as well as certain financial and operating covenants including maintenance of certain financial ratios. Maintaining compliance with these provisions could limit our financial flexibility. A default in these provisions, if uncured, could require us to repay the indebtedness before the scheduled maturity date which could adversely affect our liquidity and increase our financing costs.
Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders.
Substantially all of our income is derived from rental and other income from our multifamily communities. As a result, our performance depends in large part on our ability to collect rent from residents, which could be negatively affected by a number of factors including, but not limited to, the following:
 
delay in resident lease commencements;
decline in occupancy;
failure of residents to make rental payments when due;
the attractiveness of our properties to residents and potential residents;
our ability to adequately manage and maintain our communities;
competition from other available apartments and housing alternatives;
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changes in market rents;
increases in operating expenses; and
changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing.
Cash flow could be insufficient to meet required payments of principal and interest with respect to debt financing. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income. This requirement limits the cash available to meet required principal payments on our debt.
Issuances of additional debt may adversely impact our financial condition.
Our capital requirements depend on numerous factors, including the rental and occupancy rates of our multifamily properties, minimum dividend requirements to our equity holders, development, redevelopment and other capital expenditures, costs of operations, and potential acquisitions. If our capital requirements vary materially from our plans, we may require additional financing earlier than anticipated. If we issue more debt we could become more leveraged, resulting in increased risk of default on our obligations and an increase in our debt service requirements, both of which could adversely affect our financial condition and ability to access debt and equity capital markets in the future.
We may be unable to renew, repay, or refinance our outstanding debt.
We are subject to the risk our indebtedness will not be renewed, repaid, or refinanced when due or the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness. If we are unable to refinance our indebtedness on acceptable terms, or at all, we might be forced to dispose of one or more of our properties on disadvantageous terms, which might result in losses to us. Such losses could have a material adverse effect on us and our ability to pay amounts due on our debt and make distributions to our shareholders.
Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distribution to our shareholders, and decrease our share price, if investors seek higher yields through other investments.
We have an unsecured credit facility and an unsecured term loan bearing interest at variable rates on all amounts drawn. We may incur mortgage debt or other additional variable rate debt in the future. Increases in interest rates would increase our interest expense, unless we make arrangements which hedge the risk of rising interest rates, and would increase the costs of refinancing existing debt and of issuing new debt. Accordingly, higher interest rates could adversely affect cash flow, net income, and cash available for payment of our debt obligations and distributions to shareholders.
An environment of rising interest rates could also lead holders of our securities to seek higher yields through other investments, which could adversely affect the market price of our shares. One of the factors which may influence the price of our stock in public markets is the annual distribution rate we pay as compared with the yields on alternative investments.
Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets.
Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2021. These ratings are based on a number of factors, which include their assessment of our financial strength, liquidity, capital structure, asset quality, and sustainability of cash flow and earnings. Due to changes in market conditions, we may not be able to maintain our current credit ratings, which could adversely affect our cost of funds and related margins, liquidity, and access to capital markets.
We may be adversely affected by the phase out of LIBOR.
Our unsecured credit facility and unsecured term loan are indexed to the London Interbank Offered Rate ("LIBOR"). In late 2021, it was announced LIBOR interest rates will cease publication altogether by June 30, 2023. To address the potential for LIBOR’s cessation, the Federal Reserve Board and the Federal Reserve Bank of New York (FRBNY), in coordination with multiple other regulators and large industry participants, convened the Alternative Reference Rates Committee (“ARRC”). The ARRC has identified the Secured Overnight Financing Rate (SOFR) as the preferred successor rate for LIBOR. We intend to incorporate relatively standardized replacement rate provisions into our LIBOR-indexed debt documents, including a spread adjustment mechanism designed to equate to the current LIBOR "all in" rate. There is significant uncertainty with respect to the implementation of the phase out and what alternative indexes will be adopted which will ultimately be determined by the market as a whole. It therefore remains uncertain how such changes will be implemented and the effects such changes would
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have on us and the financial markets generally. These changes may have a material adverse impact on the availability of financing and on our financing costs.
Risks Associated with Our Shares
Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders.
For us to maintain our qualification as a REIT, we must have 100 or more shareholders during the year and not more than 50% in value of our outstanding shares may be owned, directly or indirectly, by five or fewer individuals. As defined for federal income tax purposes, the term “individuals” includes a number of specified entities. To minimize the possibility of us failing to qualify as a REIT under this test, our declaration of trust includes restrictions on transfers of our shares and ownership limits. The ownership limits, as well as our ability to issue other classes of equity securities, may delay, defer, or prevent a change in control. These provisions may also deter tender offers for our common shares which may be attractive to you or limit your opportunity to receive a premium for your shares which might otherwise exist if a third party were attempting to effect a change in control transaction.
The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations.
The form, timing and amount of dividend distributions will be declared at the discretion of our Board of Trust Managers and will depend on actual cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as the Board of Trust Managers may consider relevant. The Board of Trust Managers may modify the form, timing and amount of dividends from time to time.
General Risk Factors
Competition could adversely affect our ability to acquire properties.
We expect other real estate investors will compete with us to acquire additional operating properties. This competition could increase prices for the type of properties we would likely pursue and adversely affect our ability to acquire these properties or achieve the expected profitability of such properties upon acquisition.
Litigation risks could affect our business.
As an owner, manager and developer of multifamily properties, we may incur liability based on various conditions at our properties and the buildings thereon, and we also have become and in the future may become involved in legal proceedings, including consumer, employment, tort or commercial litigation, which if decided adversely to or settled by us, and not adequately covered by insurance, could result in liability which is material to our financial condition or results of operations.
Damage from catastrophic weather and other natural events could result in losses.
A certain number of our properties are located in areas which have experienced and may in the future experience catastrophic weather and other natural events from time to time, including fires, snow or ice storms, windstorms, tornadoes, hurricanes, earthquakes, flooding or other severe weather, or other environmental events. These adverse weather or natural events could cause substantial damages or losses to our properties which could exceed our insurance coverage. In the event of a loss in excess of insured limits, we could lose our capital invested in the affected property, anticipated future revenue from the property, and could also continue to be obligated to repay any mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect our business, financial condition and results of operations.
We could be adversely impacted due to our share price fluctuations.
The market price and trading volume of our common shares are subject to fluctuation due to general market conditions, the risks discussed in this report and other matters, including, but not limited to, the following:
 
operating results which vary from the expectations of securities analysts and investors;
investor interest in our property portfolio;
the reputation and performance of REITs;
the attractiveness of REITs as compared to other investment vehicles;
the results of our financial condition and operations;
the perception of our growth and earnings potential;
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minimum dividend requirements;
increases in market interest rates, which may lead purchasers of our common shares to demand a higher yield; and
changes in financial markets and national and regional economic and general market conditions.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties
The Properties
Our properties typically consist of mid-rise buildings or two and three story buildings in a landscaped setting, as well as high-rise buildings, and provide residents with a variety of amenities common to multifamily rental properties.
Operating Properties (including properties held through unconsolidated joint ventures)
The 171 operating properties in which we owned interests and operated at December 31, 2021 averaged 960 square feet of living area per apartment home. For the year ended December 31, 2021, no single operating property accounted for greater than 1.4% of our total revenues. Our stabilized operating properties had a weighted average occupancy rate of approximately 97% and 95% for the years ended December 31, 2021 and 2020, respectively, an average monthly rental revenue per apartment home of $1,671 and $1,599 for the same periods, respectively and our average resident lease terms are approximately fourteen months. At December 31, 2021, 153 of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes. Our operating properties were constructed and placed in service as follows:
Year Placed in ServiceNumber of Operating Properties
2017-202118
2012-201632
2007-201129
2002-200627
1997-200143
Prior to 199722


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Property Table
The following table sets forth information with respect to our 171 operating properties at December 31, 2021:
 
 OPERATING PROPERTIES
Property and LocationYear Placed
in Service
Average Apartment
Size (Sq. Ft.)
Number of
Apartments
2021 Average
Occupancy  (1)
2021 Average
Monthly Rental
Rate per
Apartment (2)
ARIZONA
Phoenix/Scottsdale
Camden Chandler 20161,14638097.6 %$1,668 
Camden Copper Square200078633296.3 1,345 
Camden Foothills 20141,03222097.0 1,871 
Camden Legacy19961,06742896.3 1,632 
Camden Montierra19991,07124997.7 1,587 
Camden North End I201992144196.3 1,722 
Camden North End II (3)202188534397.2 1,808 
Camden Old Town Scottsdale201689231697.8 1,886 
Camden Pecos Ranch200194927297.0 1,378 
Camden San Marcos199598432097.6 1,506 
Camden San Paloma1993/19941,04232496.8 1,543 
Camden Sotelo2008/20121,30317097.9 1,694 
Camden Tempe20151,03323496.7 1,698 
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley20011,00938098.2 2,230 
Camden Glendale201589330797.2 2,426 
Camden Harbor View200498154797.5 2,657 
Camden Main and Jamboree 20081,01129098.0 2,171 
Camden Martinique198679571497.5 1,946 
Camden Sea Palms199089113898.6 2,225 
The Camden201676728795.6 2,921 
San Diego/Inland Empire
Camden Hillcrest (4)20211,223132Lease-up4,238 
Camden Landmark200698246997.2 1,833 
Camden Old Creek20071,03735098.2 2,376 
Camden Sierra at Otay Ranch200396242297.1 2,217 
Camden Tuscany200389516096.1 2,678 
Camden Vineyards20021,05326497.4 1,987 
COLORADO
Denver
Camden Belleview Station200988827095.4 1,594 
Camden Caley200092121896.5 1,593 
Camden Denver West19971,01532097.0 1,910 
Camden Flatirons 201596042496.6 1,741 
Camden Highlands Ridge19961,14934297.7 1,908 
Camden Interlocken19991,00234097.0 1,763 
Camden Lakeway199793245195.6 1,701 
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 OPERATING PROPERTIES
Property and LocationYear Placed
in Service
Average Apartment
Size (Sq. Ft.)
Number of
Apartments
2021 Average
Occupancy  (1)
2021 Average
Monthly Rental
Rate per
Apartment (2)
Camden Lincoln Station201784426796.1 %$1,649 
Camden RiNo (3)202082823398.0 1,845 
WASHINGTON DC METRO
Camden Ashburn Farm20001,06216297.4 1,825 
Camden College Park200894250996.2 1,691 
Camden Dulles Station200997738296.9 1,900 
Camden Fair Lakes19991,05653097.2 1,950 
Camden Fairfax Corner200693448997.1 1,973 
Camden Fallsgrove200499626896.8 1,888 
Camden Grand Parc200267210596.7 2,520 
Camden Lansdowne20021,00669097.3 1,778 
Camden Largo Town Center2000/20071,02724597.0 1,776 
Camden Monument Place200785636896.6 1,719 
Camden NoMa201476932196.4 2,135 
Camden NoMa II201775940596.3 2,216 
Camden Potomac Yard200883237896.5 2,041 
Camden Roosevelt200385619896.1 2,839 
Camden Shady Grove 201887745796.8 1,822 
Camden Silo Creek200497528498.0 1,766 
Camden South Capitol (5)201382128195.9 2,264 
Camden Washingtonian201887036597.6 1,851 
FLORIDA
Southeast Florida
Camden Aventura19951,10837997.5 2,063 
Camden Boca Raton201484326197.1 2,077 
Camden Brickell200393740597.5 2,218 
Camden Doral19991,12026098.2 1,972 
Camden Doral Villas20001,25323298.5 2,182 
Camden Las Olas20041,04342097.5 2,184 
Camden Plantation19971,20150298.1 1,804 
Camden Portofino19951,11232298.5 1,875 
Orlando
Camden Hunter’s Creek20001,07527098.0 1,483 
Camden Lago Vista200595536697.5 1,391 
Camden Lake Eola (4)2021944360Lease-up2,177 
Camden LaVina201296942096.8 1,418 
Camden Lee Vista200093749297.0 1,415 
Camden North Quarter201680633397.2 1,536 
Camden Orange Court200881726897.1 1,387 
Camden Thornton Park201692029992.3 1,760 
Camden Town Square201298343897.1 1,423 
Camden Waterford Lakes (5)201497130097.3 1,501 
Camden World Gateway200097940897.4 1,438 
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 OPERATING PROPERTIES
Property and LocationYear Placed
in Service
Average Apartment
Size (Sq. Ft.)
Number of
Apartments
2021 Average
Occupancy  (1)
2021 Average
Monthly Rental
Rate per
Apartment (2)
Tampa/St. Petersburg
Camden Bay1997/2001943 76097.3 %$1,395 
Camden Central (6)2019943 36897.8 3,304 
Camden Montague2012972 19298.0 1,440 
Camden Pier District 2016989 35898.3 2,689 
Camden Preserve1996942 27697.7 1,583 
Camden Royal Palms20061,017 35297.7 1,378 
Camden Visconti (5)20071,125 45096.6 1,572 
Camden Westchase Park2012992 34898.0 1,555 
GEORGIA
Atlanta
Camden Brookwood2002916 35996.7 1,509 
Camden Buckhead Square2015827 25096.9 1,607 
Camden Creekstone2002990 22398.2 1,466 
Camden Deerfield20001,187 29294.4 1,553 
Camden Dunwoody19971,007 32497.7 1,444 
Camden Fourth Ward2014844 27697.5 1,785 
Camden Midtown Atlanta2001935 29697.1 1,575 
Camden Paces20151,408 37997.1 2,664 
Camden Peachtree City20011,027 39996.9 1,473 
Camden Phipps (5)19961,016 23496.2 1,632 
Camden Shiloh1999/20021,143 23298.3 1,422 
Camden St. Clair1997999 33696.9 1,454 
Camden Stockbridge20031,009 30497.8 1,329 
Camden Vantage2010901 59295.6 1,522 
NORTH CAROLINA
Charlotte
Camden Ballantyne19981,048 40096.6 1,369 
Camden Cotton Mills2002905 18096.1 1,503 
Camden Dilworth2006857 14595.1 1,516 
Camden Fairview19831,036 13596.6 1,263 
Camden Foxcroft1979940 15696.3 1,158 
Camden Foxcroft II1985874 10097.0 1,272 
Camden Gallery2017743 32395.9 1,605 
Camden Grandview20001,059 26697.4 1,754 
Camden Grandview II20192,241 2897.4 3,544 
Camden Sedgebrook1999972 36896.4 1,247 
Camden South End2003878 29995.7 1,527 
Camden Southline (5)2015831 26695.2 1,613 
Camden Stonecrest20011,098 30696.6 1,416 
Camden Touchstone1986899 13297.9 1,170 
Raleigh
Camden Asbury Village (5)20091,009 35097.5 1,336 
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 OPERATING PROPERTIES
Property and LocationYear Placed
in Service
Average Apartment
Size (Sq. Ft.)
Number of
Apartments
2021 Average
Occupancy  (1)
2021 Average
Monthly Rental
Rate per
Apartment (2)
Camden Carolinian20171,118 18695.6 %$2,125 
Camden Crest20011,014 43896.6 1,174 
Camden Governor’s Village19991,046 24298.1 1,227 
Camden Lake Pine19991,066 44697.9 1,288 
Camden Manor Park2006966 48496.3 1,282 
Camden Overlook20011,061 32297.0 1,363 
Camden Reunion Park2000/2004972 42097.0 1,181 
Camden Westwood19991,022 36096.0 1,225 
TENNESSEE
Nashville
Camden Franklin Park (6)201896732897.5 1,743 
Camden Music Row (6)201690343097.1 2,198 
TEXAS
Austin
Camden Amber Oaks (5)2009862 34897.8 1,212 
Camden Amber Oaks II (5)2012910 24497.0 1,299 
Camden Brushy Creek (5)2008882 27297.9 1,305 
Camden Cedar Hills2008911 20896.5 1,427 
Camden Gaines Ranch1997955 39097.4 1,575 
Camden Huntingdon1995903 39896.5 1,266 
Camden La Frontera2015901 30097.3 1,331 
Camden Lamar Heights2015838 31495.6 1,554 
Camden Rainey Street2016873 32697.3 2,078 
Camden Shadow Brook (5)2009909 49697.4 1,281 
Camden Stoneleigh2001908 39098.0 1,399 
Dallas/Fort Worth
Camden Addison1996942 45697.1 1,320 
Camden Belmont2010/2012946 47797.0 1,496 
Camden Buckingham1997919 46497.6 1,310 
Camden Centreport1997912 26897.7 1,281 
Camden Cimarron1992772 28696.6 1,305 
Camden Design District (5)2009939 35596.9 1,436 
Camden Farmers Market2001/2005932 90496.1 1,389 
Camden Greenville (6)2017/20181,028 55894.2 2,064 
Camden Henderson2012966 10697.6 1,573 
Camden Legacy Creek1995831 24096.7 1,376 
Camden Legacy Park1996870 27696.2 1,365 
Camden Panther Creek (5)2009946 29597.4 1,399 
Camden Riverwalk (5)2008989 60097.0 1,543 
Camden Valley Park1986743 51697.3 1,131 
Camden Victory Park2016861 42396.6 1,699 
Houston
Camden City Centre2007932 37994.8 1,447 
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 OPERATING PROPERTIES
Property and LocationYear Placed
in Service
Average Apartment
Size (Sq. Ft.)
Number of
Apartments
2021 Average
Occupancy  (1)
2021 Average
Monthly Rental
Rate per
Apartment (2)
Camden City Centre II2013869 26893.1 %$1,418 
Camden Cypress Creek (5)2009993 31096.1 1,372 
Camden Cypress Creek II (3) (5)2020950 23496.7 1,337 
Camden Downs at Cinco Ranch (5)20041,075 31897.8 1,338 
Camden Downtown (3)20201,052 27196.1 2,711 
Camden Grand Harbor (5)2008959 30097.6 1,241 
Camden Greenway1999861 75695.9 1,353 
Camden Heights (5)2004927 35295.4 1,494 
Camden Highland Village2014/20151,175 55294.0 2,158 
Camden Holly Springs1999934 54896.2 1,260 
Camden McGowen Station20181,004 31595.8 1,971 
Camden Midtown1999844 33794.8 1,449 
Camden Northpointe (5)2008940 38497.1 1,192 
Camden Plaza2007915 27195.5 1,571 
Camden Post Oak20031,200 35694.5 2,411 
Camden Royal Oaks2006923 23693.7 1,399 
Camden Royal Oaks II20121,054 10490.4 1,646 
Camden Spring Creek (5)20041,080 30496.5 1,270 
Camden Stonebridge1993845 20496.5 1,134 
Camden Sugar Grove1997921 38097.2 1,232 
Camden Travis Street2010819 25395.4 1,415 
Camden Vanderbilt1996/1997863 89493.7 1,373 
Camden Whispering Oaks2008936 27496.9 1,283 
Camden Woodson Park (5)2008916 24895.0 1,198 
Camden Yorktown (5)2008995 30696.6 1,194 
(1)Represents the average physical occupancy for the year except as noted.
(2)The average monthly rental rate per apartment incorporates vacant units and resident concessions calculated on a straight-line basis over the life of the lease.
(3)Development property stabilized during 2021 - the average occupancy was calculated from the date at which the occupancy exceeded 90% through December 31, 2021.
(4)Property under lease-up at December 31, 2021.
(5)Property owned through an unconsolidated joint venture in which we own a 31.3% interest. The remaining interest is owned by an unaffiliated third-party.
(6)Property acquired in 2021 - the average occupancy was calculated from the date the property was acquired.

Item 3. Legal Proceedings
None.
Item 4. Mine Safety Disclosures
None.
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PART II
Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Our common shares are traded on the New York Stock Exchange under the symbol "CPT." As of February 10, 2022, there were approximately 297 shareholders of record and 88,001 beneficial owners of our common shares.
In the first quarter of 2022, the Company's Board of Trust Managers declared a first quarter dividend of $0.94 per common share to our common shareholders of record as of March 31, 2022. Future dividend payments are paid at the discretion of the Board of Trust Managers and depend on cash flows generated from operations, the Company's financial condition and capital requirements, distribution requirements under the REIT provisions of the Code and other factors which may be deemed relevant by our Board of Trust Managers. Assuming similar dividend distributions for the remainder of 2022, our annualized dividend rate for 2022 would be $3.76.
The following graph assumes the investment of $100 on December 31, 2016 and quarterly reinvestment of dividends.
cpt-20211231_g1.jpg
(Source: S&P Global Market Intelligence)
 
Index20172018201920202021
Camden Property Trust$113.33 $112.22 $139.39 $136.21 $249.51 
FTSE NAREIT Equity105.23 100.36 126.45 116.34 166.64 
S&P 500121.83 116.49 153.17 181.35 233.41 
Russell 2000114.65 102.02 128.06 153.62 176.39 

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In August 2021, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering price of up to $500.0 million (the "2021 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 2021 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 2021 ATM program also permits the use of forward sale 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 the applicable shares until a later date. If we enter into a forward sale agreement, we expect the applicable forward purchasers will borrow from third parties and, through the applicable sales agent acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the applicable agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller. We would 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). We have not entered into any forward sale agreements under the 2021 ATM program.
During the year ended December 31, 2021, we sold an aggregate of approximately 2.6 million common shares at an average price per share of $157.57, for aggregate net consideration of approximately $400.4 million under the 2021 ATM program. The proceeds from the sale of our common shares under the 2021 ATM program were used for general corporate purposes, which included funding for development activities and financing for acquisitions. We did not sell any additional shares subsequent to December 31, 2021, and we had common shares having an aggregate offering price of up to $97.6 million remaining available for sale under the 2021 ATM program as of the date of this filing.
In June 2020, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering price of up to $362.7 million (the "2020 ATM program"). During the six months ended June 30, 2021, we sold an aggregate of approximately 2.9 million common shares at an average price per share of $126.64, for aggregate net consideration of approximately $358.8 million. In August 2021, we terminated the 2020 ATM program with an aggregate offering price of approximately $0.2 million not sold. There were no additional shares sold under the 2020 ATM program from June 30, 2021 through the date of the termination agreements, and no further common shares were available for sale under this program.
See Part III, Item 12, for a description of securities authorized for issuance under our equity compensation plans.
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 under this program for the years ended December 31, 2019, 2020, or 2021 or through 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 as of the date of this filing.
Item 6. Reserved
N/A.
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the consolidated financial statements and notes appearing elsewhere in this report. Historical results and trends which might appear in the consolidated financial statements should not be interpreted as being indicative of future operations.
Discussion of our year-to-date comparisons between 2021 and 2020 is presented below. Year-to-date comparisons between 2020 and 2019 can be found in "Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items relating to the future; forward-looking statements are not guarantees of future performance, results, or events. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance our expectations will be achieved. Any statements contained herein which are not statements of historical fact should be deemed forward-looking statements. Reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance.
Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following:
 
Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us;
Short-term leases could expose us to the effects of declining market rents;
Competition could limit our ability to lease apartments or increase or maintain rental income;
We could be negatively impacted by the risks associated with land holdings and related activities;
A pandemic and measures intended to prevent its spread could have a material adverse effect on our business, results of operations, cash flows, and financial condition;
Development, repositions, redevelopment and construction risks could impact our profitability;
We could be impacted by our investments through joint ventures and investment funds which involve risks not present in investments in which we are the sole investor;
Our acquisition strategy may not produce the cash flows expected;
Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values;
Failure to qualify as a REIT could have adverse consequences;
Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us;
A cybersecurity incident and other technology disruptions could negatively impact our business;
We have significant debt, which could have adverse consequences;
Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders;
Issuances of additional debt may adversely impact our financial condition;
We may be unable to renew, repay, or refinance our outstanding debt;
Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distribution to our shareholders, and decrease our share price, if investors seek higher yields through other investments;
Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets;
We may be adversely affected by the phase out of LIBOR;
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Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders;
The form, timing and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations;
Competition could adversely affect our ability to acquire properties;
Litigation risks could affect our business;
Damage from catastrophic weather and other natural events could result in losses; and
We could be adversely impacted due to our share price fluctuations.
These forward-looking statements represent our estimates and assumptions as of the date of this report, and we assume no obligation to update or supplement forward-looking statements because of subsequent events.
Executive Summary
We are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Overall, we focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand and retention of our apartments. As of December 31, 2021, we owned interests in, operated, or were developing 176 multifamily properties comprised of 60,073 apartment homes across the United States as detailed in the Property Portfolio table below. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
Business Environment and Current Outlook
As a result of the COVID-19 pandemic, we believe the conditions in the multifamily industry market in which we operate have been challenging but continue to show signs of improvement. During the year ended December 31, 2021, our results reflect an increase in same store revenues of approximately 4.3% as compared to the same period in 2020. The increase was primarily due to higher average rental rates and increased occupancy which we believe was primarily attributable to improving job growth, favorable demographics with a higher propensity to rent versus buy, higher demand for multifamily housing in our markets, and a manageable supply of new multifamily housing.
We currently believe U.S. economic and employment growth are likely to continue during 2022 and the supply of multifamily homes will remain at manageable levels. If economic conditions were to worsen, our operating results could be adversely affected.
Consolidated Results
Net income attributable to common shareholders increased approximately $180.0 million for the year ended December 31, 2021, as compared to the same period in 2020. This increase was primarily due to the gains from the sale of three operating properties during the fourth quarter of 2021 and an 11.9% increase in property operations due to the growth attributable to our same store, non-same store, and development and lease-up communities. The increase was partially offset by higher depreciation expense related to the acquisition of four operating properties during 2021. See further discussion of our 2021 operations as compared to 2020 in "Results of Operations," below.
Construction Activity
At December 31, 2021, we had a total of five projects under construction to be comprised of 1,773 apartment homes. Initial occupancies of these five projects are currently scheduled to occur within the next 18 months. We estimate the additional cost to complete the construction of the five projects to be approximately $199.4 million.
Acquisitions
Operating Properties: During the year ended December 31, 2021, we acquired one operating property comprised of 558 apartment homes located in Dallas, Texas for approximately $165.5 million in October and one operating property comprised of 368 apartment homes located in St. Petersburg, Florida for approximately $176.3 million in August. In June 2021, we also acquired one operating property comprised of 328 apartment homes located in Franklin, Tennessee for approximately $105.3 million and one operating property comprised of 430 apartment homes located in Nashville, Tennessee for approximately $186.3 million.
Land: During the year ended December 31, 2021, we acquired approximately 2.0 acres of land in Nashville, Tennessee for approximately $36.6 million, approximately 5.2 acres of land in Denver, Colorado for approximately $24.0 million,
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approximately 14.6 acres of land in The Woodlands, Texas for approximately $9.3 million, and approximately 0.2 acres of land in St. Petersburg, Florida for approximately $2.1 million for future development purposes.
Dispositions
Operating Properties: During the fourth quarter of 2021, we sold two operating properties comprised of a total of 652 apartment homes, located in Houston, Texas for approximately $115.0 million and recognized a gain of approximately $81.1 million and one property comprised of 426 apartment homes located in Laurel, Maryland for approximately $145.0 million and recognized a gain of approximately $93.3 million.
Other
In August 2021, 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 $500.0 million (the "2021 ATM program").
In 2021, we issued approximately 5.5 million common shares under our 2020 and 2021 ATM programs and received approximately $759.2 million in net proceeds.
Future Outlook
Subject to market conditions, we intend to continue to seek opportunities to develop new communities, and to redevelop, reposition and acquire existing communities. We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise. We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash and cash equivalents, cash flows generated from operations, draws on our unsecured credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, other unsecured borrowings, or secured mortgages.
As of December 31, 2021, we had approximately $613.4 million in cash and cash equivalents, and $885.2 million available under our $900.0 million unsecured credit facility. As of December 31, 2021 and through the date of this filing, we had common shares having an aggregate offering price of up to $97.6 million remaining available for sale under our 2021 ATM program. We believe scheduled repayments of debt during the next 12 months are manageable at approximately $386.3 million which represents approximately 12.2% of our total outstanding debt, and includes amortization of debt discounts and debt issuance costs of approximately $3.7 million. Additionally, as of December 31, 2021 and through the date of this filing, 100% of our consolidated properties were unencumbered. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund new development, redevelopment, and other capital funding requirements. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements.
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Property Portfolio
Our multifamily property portfolio is summarized as follows:
 December 31, 2021December 31, 2020
Apartment
Homes
PropertiesApartment
Homes
Properties
Operating Properties
Houston, Texas 9,154 26 9,806 28 
Washington, D.C. Metro 6,437 18 6,862 19 
Dallas, Texas6,224 15 5,666 14 
Atlanta, Georgia 4,496 14 4,496 14 
Phoenix, Arizona 4,029 13 3,686 12 
Orlando, Florida 3,954 11 3,594 10 
Austin, Texas 3,686 11 3,686 11 
Raleigh, North Carolina 3,248 3,240 
Charlotte, North Carolina 3,104 14 3,104 14 
Tampa, Florida 3,104 2,736 
Denver, Colorado 2,865 2,865 
Southeast Florida 2,781 2,781 
Los Angeles/Orange County, California 2,663 2,663 
San Diego/Inland Empire, California 1,797 1,665 
Nashville, Tennessee758 — — 
Total Operating Properties58,300 171 56,850 167 
Properties Under Construction
Phoenix, Arizona 397 740 
Charlotte, North Carolina387 387 
Atlanta, Georgia 366 366 
Raleigh, North Carolina 354 — — 
Southeast Florida 269 269 
San Diego/Inland Empire, California — — 132 
Orlando, Florida— — 360 
Total Properties Under Construction1,773 2,254 
Total Properties60,073 176 59,104 174