0000906345-22-000022.txt : 20220429 0000906345-22-000022.hdr.sgml : 20220429 20220429122556 ACCESSION NUMBER: 0000906345-22-000022 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220429 DATE AS OF CHANGE: 20220429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMDEN PROPERTY TRUST CENTRAL INDEX KEY: 0000906345 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 766088377 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12110 FILM NUMBER: 22872536 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 2400 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7133542500 MAIL ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 2400 CITY: HOUSTON STATE: TX ZIP: 77046 10-Q 1 cpt-20220331.htm 10-Q cpt-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ______________ to _______________                                       
Commission file number: 1-12110 
CAMDEN PROPERTY TRUST
(Exact Name of Registrant as Specified in Its Charter)
TX76-6088377
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
11 Greenway Plaza, Suite 2400 Houston,
Texas
77046
(Address of principal executive offices)(Zip Code)
(713) 354-2500
(Registrant's Telephone Number, Including Area Code)
 N/A
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par valueCPTNYSE
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", and "small reporting company" in Rule 12b-2 of the Exchange Act. (Check one): 
Large Accelerated FilerýAccelerated filer
Non-accelerated filer¨ Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ý
On April 22, 2022, 106,520,851 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.


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


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) 
(in thousands, except per share amounts)March 31,
2022
December 31, 2021
Assets
Real estate assets, at cost
Land$1,343,209 $1,349,594 
Buildings and improvements8,651,674 8,624,734 
$9,994,883 $9,974,328 
Accumulated depreciation(3,436,969)(3,358,027)
Net operating real estate assets$6,557,914 $6,616,301 
Properties under development, including land488,100 474,739 
Investments in joint ventures13,181 13,730 
Total real estate assets$7,059,195 $7,104,770 
Accounts receivable – affiliates13,258 18,664 
Other assets, net254,763 234,370 
Cash and cash equivalents1,129,716 613,391 
Restricted cash5,778 5,589 
Total assets$8,462,710 $7,976,784 
Liabilities and equity
Liabilities
Unsecured notes payable$3,671,309 $3,170,367 
Accounts payable and accrued expenses169,973 191,651 
Accrued real estate taxes36,988 66,673 
Distributions payable100,880 88,786 
Other liabilities197,021 193,052 
Total liabilities$4,176,171 $3,710,529 
Commitments and contingencies (Note 11)
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 114,827 and 114,668 issued; 112,735 and 112,578 outstanding at March 31, 2022 and December 31, 2021, respectively
1,127 1,126 
Additional paid-in capital5,396,267 5,363,530 
Distributions in excess of net income attributable to common shareholders(848,074)(829,453)
Treasury shares, at cost (9,113 and 9,236 common shares at March 31, 2022 and December 31, 2021, respectively)
(329,521)(333,974)
Accumulated other comprehensive loss(3,370)(3,739)
Total common equity$4,216,429 $4,197,490 
Non-controlling interests70,110 68,765 
Total equity$4,286,539 $4,266,255 
Total liabilities and equity$8,462,710 $7,976,784 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
1

CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended
March 31,
(in thousands, except per share amounts)20222021
Property revenues$311,359 $267,568 
Property expenses
Property operating and maintenance$70,437 $63,479 
Real estate taxes39,873 37,453 
Total property expenses$110,310 $100,932 
Non-property income
Fee and asset management$2,450 $2,206 
Interest and other income2,131 332 
Income/(loss) on deferred compensation plans(7,497)3,626 
Total non-property income/(loss)$(2,916)$6,164 
Other expenses
Property management$7,214 $6,124 
Fee and asset management1,175 1,132 
General and administrative14,790 14,222 
Interest24,542 23,644 
Depreciation and amortization113,138 93,141 
Expense/(benefit) on deferred compensation plans(7,497)3,626 
Total other expenses$153,362 $141,889 
Gain on sale of operating property36,372  
Equity in income of joint ventures3,048 1,914 
Income from continuing operations before income taxes
$84,191 $32,825 
Income tax expense(590)(352)
Net income$83,601 $32,473 
Less income allocated to non-controlling interests
(2,856)(1,126)
Net income attributable to common shareholders
$80,745 $31,347 
Earnings per share – basic$0.77 $0.31 
Earnings per share – diluted$0.76 $0.31 
Weighted average number of common shares outstanding – basic105,336 99,547 
Weighted average number of common shares outstanding – diluted106,152 99,621 
Condensed Consolidated Statements of Comprehensive Income
Net income$83,601 $32,473 
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation369 373 
Comprehensive income$83,970 $32,846 
Less income allocated to non-controlling interests(2,856)(1,126)
Comprehensive income attributable to common shareholders$81,114 $31,720 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
2

CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
For the three months ended March 31, 2022
 
 Common Shareholders 
(in thousands, except per share amounts)Common
shares of
beneficial
interest
Additional
paid-in
capital
Distributions
in excess of
net income
Treasury
shares, at
cost
Accumulated
other
comprehensive
(loss)/income
Non-controlling interestsTotal equity
Equity, December 31, 2021$1,126 $5,363,530 $(829,453)$(333,974)$(3,739)$68,765 $4,266,255 
Net income80,745 2,856 83,601 
Other comprehensive income369 369 
Common shares issued1 26,164 26,165 
Net share awards6,477 4,453 10,930 
Employee share purchase plan134 134 
Cash distributions declared to equity holders ($0.94 per common share)
(99,366)(1,511)(100,877)
       Other(38) (38)
Equity, March 31, 2022$1,127 $5,396,267 $(848,074)$(329,521)$(3,370)$70,110 $4,286,539 

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

CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(Unaudited)
For the three months ended March 31, 2021

 Common Shareholders 
(in thousands, except per share amounts)Common
shares of
beneficial
interest
Additional
paid-in
capital
Distributions
in excess of
net income
Treasury
shares, at
cost
Accumulated
other
comprehensive
(loss)/income
Non-controlling interestsTotal equity
Equity, December 31, 2020$1,069 $4,581,710 $(791,079)$(341,412)$(5,383)$71,682 $3,516,587 
Net income31,347 1,126 32,473 
Other comprehensive income373 373 
Net share awards2,965 5,901 8,866 
Employee share purchase plan87 87 
Conversion of operating partnership units1 3,316 (3,317) 
Cash distributions declared to equity holders ($0.83 per common share)
(82,896)(1,392)(84,288)
       Other(22)(22)
Equity, March 31, 2021$1,070 $4,588,056 $(842,628)$(335,511)$(5,010)$68,099 $3,474,076 

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

CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months Ended
March 31,
(in thousands)20222021
Cash flows from operating activities
Net income$83,601 $32,473 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization113,138 93,141 
Gain on sale of operating property(36,372) 
Distributions of income from joint ventures3,015 1,881 
Equity in income of joint ventures(3,048)(1,914)
Share-based compensation3,175 3,677 
Net change in operating accounts and other(41,222)(40,802)
Net cash from operating activities$122,287 $88,456 
Cash flows from investing activities
Development and capital improvements, including land$(90,531)$(90,325)
Proceeds from sale of operating property70,536  
Increase in earnest money(23,219)(50)
Other(5,696)(1,691)
Net cash from investing activities$(48,910)$(92,066)
Cash flows from financing activities
Borrowings on unsecured credit facility$500,000 $ 
Proceeds from issuance of common shares26,165  
Distributions to common shareholders and non-controlling interests(88,786)(84,147)
Other5,758 731 
Net cash from financing activities$443,137 $(83,416)
Net increase (decrease) in cash, cash equivalents, and restricted cash516,514 (87,026)
Cash, cash equivalents, and restricted cash, beginning of period618,980 424,533 
Cash, cash equivalents, and restricted cash, end of period$1,135,494 $337,507 
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents$1,129,716 $333,402 
Restricted cash5,778 4,105 
Total cash, cash equivalents, and restricted cash, end of period$1,135,494 $337,507 
Supplemental information
Cash paid for interest, net of interest capitalized$16,581 $15,724 
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid100,880 84,282 
Value of shares issued under benefit plans, net of cancellations20,245 16,937 
Conversion of operating partnership units to common shares 3,317 
Accrual associated with construction and capital expenditures20,564 17,519 
See Notes to Condensed Consolidated Financial Statements (Unaudited).
5

CAMDEN PROPERTY TRUST
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1. Description of Business
Business. Formed on May 25, 1993, Camden Property Trust ("CPT"), 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. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of March 31, 2022, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,894 apartment homes across the United States. Of the 175 properties, five properties were under construction as of March 31, 2022, and will consist of a total of 1,839 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.
2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Principles of Consolidation. Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, decision making authority, kick-out rights and participating rights. As of March 31, 2022, two of our consolidated operating partnerships were VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships.  As of March 31, 2022, we held approximately 93% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships.
Interim Financial Reporting. We have prepared these unaudited financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim unaudited financial statements should be read in conjunction with the audited financial statements and notes included in our 2021 Annual Report on Form 10-K.
Acquisitions of Real Estate. Upon an acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition; the net carrying value of in-place leases are included in other assets, net and the net carrying value of above or below market leases are included in other liabilities, net in our condensed consolidated balance sheets.
We recognized amortization expense related to in-place leases of approximately $6.2 million during the three months ended March 31, 2022 and did not recognize significant amortization expense related to in-place leases during the three months ended March 31, 2021. We recognized revenue related to net below-market leases of $0.9 million for the three months ended March 31, 2022 and did not recognize revenue related to above or below-market leases for the three months ended March 31, 2021. During the three months ended March 31, 2022, the weighted average amortization period for in-place leases was approximately twelve months, and the weighted average amortization period for net below-market leases was approximately ten months.
Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In
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estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant's perspective. In addition, we evaluate our equity investments in joint ventures and record an impairment charge if we believe there is an other than temporary decline in market value below the carrying value of our investment. We did not record any impairment charges for the three months ended March 31, 2022 or 2021.
The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, and demand for multifamily communities. We have reviewed market trends and other marketplace information and incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.
We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect in our consolidated financial position and results of operations.
Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt and was approximately $4.0 million and $4.8 million for the three months ended March 31, 2022 and 2021, respectively. Capitalized real estate taxes were approximately $1.2 million and $1.4 million for the three months ended March 31, 2022 and 2021, respectively.
Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and certain activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are substantially completed the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements.
Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:
Estimated
Useful Life
Buildings and improvements5-35 years
Furniture, fixtures, equipment, and other3-20 years
Intangible assets/liabilities (in-place leases and above and below-market leases)underlying lease term
Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.
In determining fair value, observable inputs reflect market data obtained from independent sources while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
Level 1:    Quoted prices for identical instruments in active markets.
Level 2:    Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3:    Significant inputs to the valuation model are unobservable.
Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis:
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Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments, excluding the value of Company shares, are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy.
Non-Recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value if they are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy.
Financial Instrument Fair Value Disclosures. As of March 31, 2022 and December 31, 2021, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represented fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.
Income Recognition. The majority of our revenues are derived from real estate lease contracts and presented as property revenues, and include rental revenue as well as revenue from amounts received under contractual terms for other services provided to our customers. As a lessor, we have also elected practical expedients to: i) not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and ii) exclude from lease revenues the sales taxes collected from lessees and certain lessor costs paid directly by the lessee. Our other revenue streams include fee and asset management income in accordance with other revenue guidance, ASC 606, Revenues from Contracts with Customers. Details of our material revenue streams are discussed below:
Property Revenues: We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets, which is our only underlying asset class. We recognize rental revenues from these lease contracts on a straight-line basis over the applicable lease term, net of amounts related to lease contracts identified as uncollectible. We also earn revenues from amounts received under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new and separate contract which will be recognized at the time the option is exercised on a straight-line basis over the renewal period.
As of March 31, 2022, our average residential lease term was approximately fourteen months with all non-residential commercial leases averaging longer lease terms. We currently anticipate property revenue from existing leases as follows:
(in millions)
Year ended December 31,Operating Leases
Remainder of 2022$651.0 
2023115.6 
20243.8 
20253.2 
20262.9 
Thereafter8.4 
Total$784.9 
Credit Risk. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.
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3. Per Share Data
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards, and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sale agreement will be considered in our calculation for diluted earnings-per-share until settlement, using the if-converted method. The number of common share equivalent securities excluded from the diluted earnings per share calculation were approximately 1.0 million for the three months ended March 31, 2022 and approximately 1.9 million for the three months ended March 31, 2021. These securities, which include share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculations as they are anti-dilutive. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:
 Three Months Ended
March 31,
(in thousands, except per share amounts)20222021
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders$80,745 $31,347 
Amount allocated to participating securities(121)(43)
Net income attributable to common shareholders – basic$80,624 $31,304 
Total earnings per common share – basic$0.77 $0.31 
Weighted average number of common shares outstanding – basic105,336 99,547 
Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities$80,624 $31,304 
Income allocated to common units from continuing operations291  
Net income attributable to common shareholders – diluted$80,915 $31,304 
Total earnings per common share – diluted$0.76 $0.31 
Weighted average number of common shares outstanding – basic105,336 99,547 
Incremental shares issuable from assumed conversion of:
Share awards granted83 74 
Common units733  
Weighted average number of common shares outstanding – diluted106,152 99,621 
4. Common Shares
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
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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 expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). During the three months ended March 31, 2022 and through the date of this filing, we have not entered into any forward sale agreements under the 2021 ATM program.
During the three months ended March 31, 2022, we sold an aggregate of approximately 0.2 million common shares at an average price per share of $165.01, for aggregate net consideration of approximately $26.2 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, including the acquisition of ownership interests in two discretionary investment Funds described below. We did not sell any additional shares under the 2021 ATM program subsequent to March 31, 2022, and as of the date of this filing, we had common shares having an aggregate offering price of up to $71.3 million remaining available for sale under the 2021 ATM program.
We have a share repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. There were no repurchases during the three months ended March 31, 2022. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this program was approximately $269.5 million.
We currently have an automatic shelf registration statement which allows us to offer common shares, preferred shares, debt securities, or warrants, and our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At March 31, 2022, we had approximately 103.6 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
In April 2022, we issued 2.9 million common shares in a public equity offering and received approximately $490.3 million in net proceeds; we used these net proceeds to reduce borrowings under our $900 million unsecured line of credit.
5. Acquisitions and Dispositions
Acquisition of Land. During the three months ended March 31, 2022, we acquired approximately 15.9 acres of land in Richmond, Texas for approximately $7.8 million for future development purposes. We did not acquire any land during the three months ended March 31, 2021.
In April 2022, we acquired two parcels of land of approximately 42.6 acres in Charlotte, North Carolina for an aggregate of $32.7 million for future development purposes.
Asset Acquisition of Operating Properties. On April 1, 2022, we acquired the remaining limited partnership interests in two discretionary investment Funds which own 22 multifamily communities with 7,247 apartment homes for cash consideration of approximately $1.1 billion. See Note 6, "Investments in Joint Ventures" for a further discussion on this transaction.
Sale of Operating Property. During the three months ended March 31, 2022, we sold one operating property comprised of 245 apartment homes located in Largo, Maryland for approximately $71.9 million and recognized a gain of approximately $36.4 million.
6. Investments in Joint Ventures
As of March 31, 2022, our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of two discretionary investment funds (collectively, the "Funds"), in which we held an ownership interest of 31.3% in each. These Funds own 22 multifamily communities comprised of 7,247 units located in Houston, Austin, Dallas, Tampa, Raleigh, Orlando, Washington D.C., Charlotte, and Atlanta. We provided property and asset management and other services to the Funds which own operating properties and we also provided construction and development services to the Funds which own properties under development. The following table summarizes the combined balance sheets and statements of income data for the Funds as of and for the periods presented:
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(in millions)March 31, 2022December 31, 2021
Total assets$659.9 $679.1 
Total third-party debt513.9 513.8 
Total equity130.0 131.9 
Three Months Ended
March 31,
(in millions)20222021
Total revenues$37.2 $33.0 
Net income7.1 3.8 
Equity in income (1)
3.0 1.9 
(1)Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.
As of March 31, 2022, the Funds had been funded in part with secured third-party debt and we have no outstanding guarantees related to debt of the Funds.
We earned fees for property and asset management, construction, development, and other services related to the Funds, and we eliminated fee income for services provided to the Funds to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.7 million and $1.5 million for the three months ended March 31, 2022 and 2021.
On April 1, 2022, we purchased the remaining 68.7% ownership interests in the Funds for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $514 million of existing secured mortgage debt of the Funds which remained outstanding. We funded this transaction with cash on-hand. As mentioned above, we previously accounted for our ownership interests in these Funds properties in accordance with the equity method of accounting as of March 31, 2022, and following the completion of this purchase in April 2022, we will consolidate these Funds for financial reporting purposes.
7. Notes Payable
The following is a summary of our indebtedness:
(in millions)March 31,
2022
December 31, 2021
Commercial banks
1.99% Term Loan, due 2022
$39.9 $39.9 
1.23% Unsecured credit facility
500.0  
$539.9 $39.9 
Senior unsecured notes
3.15% Notes, due 2022
$349.5 $349.3 
5.07% Notes, due 2023
249.5 249.3 
4.36% Notes, due 2024
249.5 249.5 
3.68% Notes, due 2024
248.9 248.8 
3.74% Notes, due 2028
397.9 397.8 
3.67% Notes, due 2029 (1)
595.0 594.9 
2.91% Notes, due 2030
744.3 744.1 
3.41% Notes, due 2049
296.8 296.8 
$3,131.4 $3,130.5 
Total unsecured notes payable (2)
$3,671.3 $3,170.4 
(1)    The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.
(2) Unamortized debt discounts and debt issuance costs of $18.7 million and $19.6 million are included in senior unsecured notes payable as of March 31, 2022 and December 31, 2021, respectively.
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We have a $900 million unsecured credit facility which matures in March 2023, with two options to further extend the facility at our election for two additional six-month periods and may be expanded three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rate on our unsecured credit facility is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under our credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $450 million or the remaining amount available under our credit facility. Our credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of March 31, 2022 and through the date of this filing.
Our credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At March 31, 2022, we had $500.0 million outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $14.6 million, leaving approximately $385.4 million available under our credit facility. In April 2022, we issued approximately 2.9 million common shares in a public equity offering and received approximately $490.3 million in net proceeds; we used these net proceeds to reduce borrowings under our $900 million unsecured line of credit.
We had outstanding floating rate debt of approximately $539.9 million and $39.8 million at March 31, 2022 and 2021, respectively. The weighted average interest rate on such debt was approximately 1.3% and 1.9% for the three months ended March 31, 2022 and 2021, respectively.
Our indebtedness had a weighted average maturity of approximately 6.5 years at March 31, 2022. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at March 31, 2022: 
(in millions)
Amount (1)
Weighted Average 
Interest Rate (2)
Remainder of 2022$387.2 3.0 %
2023247.3 5.1 
2024 (3)
997.9 2.6 
2025(1.8) 
2026(1.8) 
Thereafter2,042.5 3.4 
Total$3,671.3 3.3 %
(1)Includes amortization of debt discounts and debt issuance costs.
(2)Includes the effects of the applicable settled forward interest rate swaps.
(3)Includes $500.0 million of borrowings outstanding under our unsecured credit facility and includes all available extension options.
On April 1, 2022, we purchased the remaining 68.7% ownership interests in the Funds for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $514 million of existing secured mortgage debt of the Funds which remained outstanding. See Note 6, "Investment in Joint Ventures," above for further discussion.
8. Derivative Financial Instruments and Hedging Activities
Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings.
Cash Flow Hedges of Interest Rate Risk. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
Designated Hedges.  The gain or loss on derivatives designated and qualifying as cash flow hedges is reported as a component of other comprehensive income or loss, and subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings and is presented in the same line item as the earnings effect of the hedged item. At March 31, 2022 and 2021, we had no designated hedges outstanding.
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As of the three months ended March 31, 2022 and 2021, there were no unrealized gains or losses recognized in other comprehensive income related to derivative financial instruments. During each of the three months ended March 31, 2022 and 2021, approximately $0.3 million was reclassified from accumulated other comprehensive income (loss) as an increase to interest expense for derivative financial instruments settled in prior periods.
9. Share-Based Compensation and Non-Qualified Deferred Compensation Plan
Incentive Compensation. We currently maintain the 2018 Share Incentive Plan (the “2018 Share Plan”) and the 2011 Share Incentive Plan (the “2011 Share Plan”), although no new awards may be granted under the 2011 Plan. Each of these plans were approved by our shareholders. The shares available for awards under the 2018 Share Plan are, subject to certain other limits under the plan, generally available for any type of award authorized under the 2018 Share Plan including stock options, stock appreciation rights, restricted stock awards, stock bonuses and other stock-based awards. Persons eligible to receive awards under the 2018 Share Plan include our and our subsidiaries' officers and employees, Trust Managers, and certain of our and our subsidiaries' consultants and advisors. A total of 9.7 million shares (“Share Limit”) was authorized under the 2018 Share Plan. Shares issued or to be issued are counted against the Share Limit as (1) 3.45 to 1.0 for every share award, excluding stock options and share appreciation rights, granted, and (2) 1.0 to 1.0 for every share of stock option or share appreciation right granted. As of March 31, 2022, there were approximately 5.9 million common shares available under the 2018 Share Plan, which would result in approximately 1.7 million shares which could be granted pursuant to full value awards conversion ratios as defined under the plan.
Total compensation cost for share awards charged against income was approximately $3.4 million and $4.0 million for the three months ended March 31, 2022 and 2021, respectively. Total capitalized compensation costs for share awards were approximately $1.0 million and $0.9 million for the three months ended March 31, 2022 and 2021, respectively.
A summary of activity under our share incentive plans for the three months ended March 31, 2022 is shown below:
Nonvested
Share
Awards
Outstanding
Weighted
Average
Exercise /  Grant Price
Nonvested share awards outstanding at December 31, 2021184,128 $107.57 
Granted124,703 163.64 
Vested(139,705)127.56 
Forfeited(1,407)128.82 
Total nonvested share awards outstanding at March 31, 2022167,719 $132.55 
Share Awards and Vesting. Share awards for employees generally vest over three years and are valued at the market value of the shares on the grant date. In the event the holder of the share awards attains at least age 65, and with respect to employees, also attain at least ten or more years of service ("Retirement Eligibility") before the term in which the awards are scheduled to vest, the value of the share awards is amortized from the date of grant to the individual's Retirement Eligibility date. All new share awards granted after reaching retirement eligibility vest on the date of grant.
The weighted average fair value of share awards granted during the three months ended March 31, 2022 and 2021 was $163.64 per share and $103.77 per share, respectively. The total fair value of shares vested during the three months ended March 31, 2022 and 2021 was approximately $17.8 million and $17.7 million, respectively. At March 31, 2022, the unamortized value of previously issued unvested share awards was approximately $20.7 million which is expected to be amortized over the next three years.
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10. Net Change in Operating Accounts
The effect of changes in the operating and other accounts on cash flows from operating activities is as follows:
  
Three Months Ended
March 31,
(in thousands)20222021
Change in assets:
Other assets, net$(9,613)$(1,838)
Change in liabilities:
Accounts payable and accrued expenses(13,109)(7,127)
Accrued real estate taxes(29,708)(33,001)
Other liabilities10,266 232 
Other942 932 
Change in operating accounts and other$(41,222)$(40,802)
11. Commitments and Contingencies
Construction Contracts. As of March 31, 2022, we estimate the total additional cost to complete the five properties currently under construction to be approximately $182.3 million. We expect to fund this amount 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, and other unsecured borrowings or secured mortgages.
Other Commitments and Contingencies. In the ordinary course of our business we issue letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or we will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. We are then at risk under a real property acquisition contract, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract. At March 31, 2022, we had approximately $24.0 million of refundable earnest money deposits for potential acquisitions of land which are included in other assets, net in our condensed consolidated balance sheet. Of this $24.0 million in refundable earnest money deposits, approximately $22.7 million was related to the acquisition of land in Charlotte, North Carolina which was completed in April 2022.
Lease Commitments. Substantially all of our lessee operating leases, which are recorded within other liabilities in our condensed consolidated balance sheets, are related to office facility leases. We had no significant changes to our lessee lease commitments for the three months ended March 31, 2022. The lease and non-lease components, excluding short-term lease contracts with a duration of 12 months or less, are accounted for as a combined single component based upon the standalone price at the time the applicable lease is commenced and is recognized as a lease expense on a straight-line basis over the lease term. Most of our office facility leases include options to renew and generally are not included in the operating lease liabilities or right-of-use assets as they are not reasonably certain of being exercised. If an option to renew is exercised, it would be considered a separate contract and recognized based upon the standalone price at the time the option to renew is exercised. Variable lease payments which values are not known at lease commencement, such as executory costs of real estate taxes, property insurance, and common area maintenance, are expensed as incurred. Rental expense totaled approximately $1.0 million and $1.2 million for the three months ended March 31, 2022 and 2021, respectively. The following is a summary of our maturities of our lease liabilities as of March 31, 2022:
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(in millions)
Year ended December 31, Operating Leases
Remainder of 2022$2.4 
20233.1 
20243.0 
20252.2 
20260.3 
Thereafter0.1 
Less: discount for time value(1.0)
Lease liability as of March 31, 2022$10.1 
12. Income Taxes
We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. 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. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. 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. In addition, 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. Historically, we have incurred only state and local income, franchise, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income taxes. Our consolidated operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level.
We have recorded income, franchise, sales, and excise taxes in the condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2022 and 2021 as income tax expense. Income taxes for the three months ended March 31, 2022 primarily related to state income tax and federal taxes on the taxable income of certain of our taxable REIT subsidiaries. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries.
We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the three months ended March 31, 2022.
13. Fair Value Measurements
Recurring Fair Value Measurements. The following table presents information about our financial instruments measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 using the inputs and fair value hierarchy discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
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Financial Instruments Measured at Fair Value on a Recurring Basis
 March 31, 2022December 31, 2021
(in millions)Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Other Assets
Deferred compensation plan investments (1)
$131.4 $ $ $131.4 $137.3 $ $ $137.3 
(1)Approximately $2.6 million and $10.6 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2022 and the year ended December 31, 2021, respectively.
Non-Recurring Fair Value Disclosures. The nonrecurring fair value disclosure inputs under the fair value hierarchy are discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." We did not have any asset acquisitions of operating properties or impairments during the three months ended March 31, 2022.
Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at March 31, 2022 and December 31, 2021, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
 March 31, 2022December 31, 2021
(in millions)Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Fixed rate notes payable$3,131.4 $3,122.8 $3,130.5 $3,363.7 
Floating rate notes payable (1)
539.9 540.4 39.9 40.1 
(1)Includes balance outstanding under our unsecured credit facility at March 31, 2022.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes appearing elsewhere in this report, as well as Part I, Item 1A, "Risk Factors" within our Annual Report on Form 10-K for the year ended December 31, 2021. Historical results and trends which might appear in the condensed consolidated financial statements should not be interpreted as being indicative of future operations.
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, redevelopment and construction risks could impact our profitability;
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 value;
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;
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.
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Executive Summary
Camden Property Trust and all consolidated subsidiaries are primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. 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 for our apartments and retention of our residents. As of March 31, 2022, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,894 apartment homes across the United States. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
Business Environment and Current Outlook
During the three months ended March 31, 2022, our results reflect an increase in same store revenues of approximately 11.1% as compared to the same period in 2021. The increase was primarily due to higher average rental rates and increased occupancy which we believe were 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 was $80.7 million and $31.3 million for the three months ended March 31, 2022 and 2021, respectively.
The $49.4 million increase during the three months ended March 31, 2022 as compared to the prior period in 2021 was primarily due to a 20.7% increase in property operations due to growth attributable to our same store, non-same store, and development and lease-up communities. See further discussion of our 2022 operations as compared to 2021 in "Results of Operations," below. The increase was also due to the gain on sale of an operating property in Largo, Maryland during the first quarter of 2022, offset by higher depreciation expense related to the acquisition of four operating properties during 2021.
Construction Activity
At March 31, 2022, we had a total of five properties under construction comprising 1,839 apartment homes. Initial occupancies of these five properties are currently scheduled to occur within the next 15 months. As of March 31, 2022, we estimate the total additional cost to complete the construction of these five properties is approximately $182.3 million.
Acquisitions
Land: During the three months ended March 31, 2022, we acquired approximately 15.9 acres of land in Richmond, Texas for approximately $7.8 million for future development purposes.
Dispositions
Operating property: During the three months ended March 31, 2022, we sold one operating property comprised of 245 apartment homes located in Largo, Maryland for approximately $71.9 million and recognized a gain of approximately $36.4 million.
Other
During the first three months of 2022, we issued approximately 0.2 million common shares under our at-the-market ("ATM") program and received approximately $26.2 million in net proceeds.
Subsequent Events
On April 1, 2022, we purchased the remaining 68.7% ownership interests in the Funds for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $514 million of existing secured mortgage debt of the Funds which remained outstanding. We funded this transaction with cash on-hand. These Funds own 22 multifamily communities comprised of 7,247 units located in Houston, Austin, Dallas, Tampa, Raleigh, Orlando, Washington D.C., Charlotte, and Atlanta. As a result of this acquisition, we will no longer recognize fee and asset management income from property management, construction, and development activities for these joint ventures nor will we recognize related expenses
18

for managing these joint ventures or equity in income as these joint ventures were subsequently consolidated effective April 1, 2022.
In April 2022, we issued 2.9 million common shares in a public equity offering and received approximately $490.3 million in net proceeds; we used these net proceeds to reduce borrowings under our $900 million unsecured line of credit.
In April 2022, we also acquired two parcels of land of approximately 42.6 acres in Charlotte, North Carolina for an aggregate of $32.7 million for future development purposes.
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 we believe are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our near-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 the ATM programs, and other unsecured borrowings or secured mortgages.
As of March 31, 2022, we had approximately $1.1 billion in cash and cash equivalents and $385.4 million available under our $900 million unsecured credit facilities. On April 1, 2022, we funded the acquisition of the remaining 68.7% ownership interests of the Funds through cash on-hand as discussed in Note 6, “Investments in Joint Ventures.”
As of March 31, 2022 and through the date of this filing, we also had common shares having an aggregate offering price of up to $71.3 million remaining available for sale under our 2021 ATM program. In April 2022, we also issued 2.9 million common shares in a public equity offering and received approximately $490.3 million in net proceeds; we used these net proceeds to reduce borrowings under our $900 million unsecured line of credit. We believe scheduled repayments of debt due during the next 12 months are manageable at approximately $387.2 million which represents approximately 10.5% of our total outstanding debt, and includes amortization of debt discounts, debt issuance costs, and amounts outstanding on our unsecured credit facility. Additionally, as of March 31, 2022, 100% of our consolidated properties were unencumbered. Effective April 1, 2022, as a result of the consolidation of 22 Fund properties described above in connection with the acquisition of the remaining 68.7% ownership interests in two of the Funds, approximately 84% of our consolidated properties were unencumbered. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund new development, repositions, redevelopment, and other capital requirements including scheduled debt maturities. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements.
Property Portfolio
Our multifamily property portfolio is summarized as follows:
 March 31, 2022December 31, 2021
 Apartment Homes    Properties    Apartment
 Homes    
Properties    
Operating Properties
Houston, Texas 9,154 26 9,154 26 
Dallas, Texas6,224 15 6,224 15 
Washington, D.C. Metro 6,192 17 6,437 18 
Atlanta, Georgia 4,496 14 4,496 14 
Phoenix, Arizona 4,029 13 4,029 13 
Orlando, Florida 3,954 11 3,954 11 
Austin, Texas 3,686 11 3,686 11 
Raleigh, North Carolina 3,248 3,248 
Charlotte, North Carolina 3,104 14 3,104 14 
Tampa, Florida 3,104 3,104 
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 1,797 
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 March 31, 2022December 31, 2021
 Apartment Homes    Properties    Apartment
 Homes    
Properties    
Nashville, Tennessee758 758 
Total Operating Properties58,055 170 58,300 171 
Properties Under Construction
Raleigh, North Carolina 420 354 
Phoenix, Arizona 397 397 
Charlotte, North Carolina387 387 
Atlanta, Georgia 366 366 
Southeast Florida 269 269 
Total Properties Under Construction
1,839 1,773 
Total Properties59,894 175 60,073 176 
Less: Unconsolidated Joint Venture Properties (1)
Houston, Texas2,756 2,756 
Austin, Texas 1,360 1,360 
Dallas, Texas1,250 1,250 
Tampa, Florida 450 450 
Raleigh, North Carolina 350 350 
Orlando, Florida300 300 
Washington, D.C. Metro 281 281 
Charlotte, North Carolina266 266 
Atlanta, Georgia234 234 
Total Unconsolidated Joint Venture Properties (2)
7,247 22 7,247 22 
Total Properties Fully Consolidated52,647 153 52,826 154 
(1)Refer to Note 6, "Investments in Joint Ventures," in the notes to Condensed Consolidated Financial Statements for further discussion of our joint venture investments.
(2)In April 2022, we acquired the remaining 68.7% ownership interests of the Funds which owned these properties. Refer to Note 6, “Investments in Joint Ventures” in the Notes to Consolidated Financial Statements for further discussion of this transaction.

Stabilized Communities
We generally consider a property stabilized when it has reached 90% occupancy. During the three months ended March 31, 2022, stabilization was achieved at one consolidated operating property as follows:
($ in millions)
Property and Location
Number of
Apartment
Homes
Date of
Construction
Completion
Date of
Stabilization
Consolidated Operating Property
Camden Lake Eola
Orlando, FL3603Q211Q22
Completed Construction in Lease-Up
At March 31, 2022, there was one completed operating property in lease-up as follows:
($ in millions)
Property and Location
Number of
Apartment
Homes
Cost
Incurred
(1)
% Leased at 4/24/2022Date of
Construction
Completion
Estimated
Date of
Stabilization
Camden Hillcrest
San Diego, CA132$90.8 55 %4Q214Q22
(1)Excludes leasing costs, which are expensed as incurred.
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Properties Under Development
Our condensed consolidated balance sheet at March 31, 2022 includes approximately $488.1 million related to properties under development and land. Of this amount, approximately $295.9 million related to our properties currently under construction. In addition, we had approximately $192.2 million invested primarily in land held for future development related to projects we currently expect to begin construction.
Properties Under Construction. At March 31, 2022, we had five properties in various stages of construction as follows:
($ in millions)
Property and Location
Number of
Apartment
Homes
Estimated
Cost
Cost
Incurred
Included in
Properties
Under
Development
Estimated
Date of
Construction
Completion
Estimated
Date of
Stabilization
Properties Under Construction
Camden Buckhead (1)
Atlanta, GA366 $163.5 $159.2 $8.9 2Q224Q22
Camden Atlantic
Plantation, FL269 100.0 88.0 88.0 3Q224Q23
Camden Tempe II
Tempe, AZ397115.079.579.53Q231Q25
Camden NoDa
Charlotte, NC387105.067.367.33Q231Q25
Camden Durham (2)
Durham, NC420145.052.252.22Q244Q25
Total1,839 $628.5 $446.2 $295.9 
(1)Property in lease-up and was 81% leased at April 24, 2022.
(2)Revised project scope now includes an additional 66 apartment homes being developed on land.

Development Pipeline Communities. At March 31, 2022, we had the following multifamily communities undergoing development activities:
($ in millions)
Property and Location
Projected Homes
Total Estimated Cost (1)
Cost to Date
Camden Village District
Raleigh, NC369$138.0 $24.8 
Camden Woodmill Creek
The Woodlands, TX18860.0 10.7 
Camden Pier District II
St. Petersburg, FL9550.0 4.2 
Camden Arts District
Los Angeles, CA354150.0 38.4 
Camden Long Meadow Farms
Richmond, TX18868.0 8.4 
Camden Gulch
Nashville, TN480260.0 38.8 
Camden Paces III
Atlanta, GA350100.0 18.4 
Camden Baker
Denver, CO435165.0 26.4 
Camden Highland Village II
Houston, TX300100.0 9.2 
Camden Downtown II
Houston, TX