cpt-20230331

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, 2023


☐			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)

76-6088377

(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 class	Trading Symbol	Name of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par value	CPT	NYSE

Indicate by check mark whether the registrant: (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 Filer

Accelerated 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 21, 2023, 106,762,369 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.

Table of Contents

CAMDEN PROPERTY TRUST

Table of Contents


		Page
PART I	FINANCIAL INFORMATION	1

Item 1	Financial Statements	1

	Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2023 and December 31, 2022	1

	Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2023 and 2022	2

	Condensed Consolidated Statements of Equity (Unaudited) for the Three Months Ended March 31, 2023 and 2022	3

	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2023 and 2022	5

	Notes to Condensed Consolidated Financial Statements (Unaudited)	6

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3	Quantitative and Qualitative Disclosures About Market Risk	28

Item 4	Controls and Procedures	28

PART II	OTHER INFORMATION	28

Item 1	Legal Proceedings	28

Item 1A	Risk Factors	28

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3	Defaults Upon Senior Securities	29

Item 4	Mine Safety Disclosures	29

Item 5	Other Information	29

Item 6	Exhibits	30

SIGNATURES

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in thousands, except per share amounts)	March 31, 2023		December 31, 2022
Assets
Real estate assets, at cost
Land	$	1,722,881	$	1,716,273
Buildings and improvements	10,778,795		10,674,619
	$	12,501,676	$	12,390,892
Accumulated depreciation	(3,987,438)		(3,848,111)
Net operating real estate assets	$	8,514,238	$	8,542,781
Properties under development, including land	515,134		524,981




Total real estate assets	$	9,029,372	$	9,067,762
Accounts receivable – affiliates	12,121		13,364
Other assets, net	226,394		229,371

Cash and cash equivalents	20,419		10,687
Restricted cash	6,863		6,751
Total assets	$	9,295,169	$	9,327,935
Liabilities and equity
Liabilities
Notes Payable
Unsecured	$	3,232,682	$	3,165,924
Secured	515,134		514,989
Accounts payable and accrued expenses	191,468		211,370
Accrued real estate taxes	48,084		95,551
Distributions payable	110,444		103,628
Other liabilities	193,804		179,552
Total liabilities	$	4,291,616	$	4,271,014
Commitments and contingencies (Note 11)

Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 117,738 and 117,734 issued; 115,652 and 115,636 outstanding at March 31, 2023 and December 31, 2022, respectively	1,156		1,156
Additional paid-in capital	5,903,437		5,897,454
Distributions in excess of net income attributable to common shareholders	(648,457)		(581,532)
Treasury shares, at cost (8,889 and 9,090 common shares at March 31, 2023 and December 31, 2022, respectively)	(321,431)		(328,684)
Accumulated other comprehensive loss	(1,415)		(1,774)
Total common equity	$	4,933,290	$	4,986,620
Non-controlling interests	70,263		70,301
Total equity	$	5,003,553	$	5,056,921
Total liabilities and equity	$	9,295,169	$	9,327,935

See Notes to Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended March 31,
(in thousands, except per share amounts)	2023		2022



Property revenues	$	378,163	$	311,359
Property expenses
Property operating and maintenance	85,285		70,437
Real estate taxes	49,396		39,873
Total property expenses	$	134,681	$	110,310
Non-property income/(loss)
Fee and asset management	$	578	$	2,450
Interest and other income	62		2,131
Income/(loss) on deferred compensation plans	5,912		(7,497)
Total non-property income/(loss)	$	6,552	$	(2,916)

SEC Form 10-Q filed by Camden Property Trust