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Section 1: 10-K (10-K)

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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, 2019
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)
 
Texas
 
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)
Registrant’s telephone number, including area code: (713) 354-2500
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
New 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 filer
 
ý
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 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 $10,045,538,849 based on a June 28, 2019 share price of $104.39.
On February 13, 2020, 97,326,277 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 13, 2020 are incorporated by reference in Part III.

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Item 1B.
 
 
 
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Item 9B.
 
 
 
 
 
 
 
 
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Item 15.
Item 16.
 
 
 


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 its consolidated subsidiaries are primarily engaged in the ownership, management, development, 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. 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, 2019, we owned interests in, operated, or were developing 172 multifamily properties comprised of 58,315 apartment homes across the United States. Of the 172 properties, eight properties were under construction and will consist of a total of 2,208 apartment homes when completed. We also own land holdings which we may develop into multifamily 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 help us 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 near-term liquidity requirements through a combination of one or more of the following: 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 resident satisfaction, increasing rents as market conditions allow, maximizing rent collections, 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. We generally offer leases ranging from twelve to fifteen months with individual property marketing plans structured to respond to local market conditions. In addition, we conduct ongoing customer service surveys to help ensure timely response to residents' 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 community or land owned by the joint venture or partnership. We account for three investment funds (collectively, the "Funds") utilizing the equity method of accounting. As of December 31, 2019, 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.
Employees
At December 31, 2019, we had approximately 1,650 employees, including executive, administrative, and community personnel.
Qualification as a Real Estate Investment Trust
As of December 31, 2019, 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.

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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:
 
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;
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 expose us to the effects of declining market rents.
Our apartment leases are generally for a term of fifteen months or less. 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 face 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 we determine 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
Development, redevelopment and construction risks could impact our profitability.
We intend to continue to develop, redevelop and construct multifamily apartment communities for our portfolio. In 2020, we expect to incur costs between approximately $220 million and $240 million related to the construction of seven consolidated projects. Additionally, during 2020, we expect to incur costs between approximately $65 million and $75 million related to the start of new development activities, between approximately $52 million and $56 million related to repositions and revenue

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enhancing expenditures of existing properties and between approximately $16 million and $20 million in extensive redevelopment expenditures of existing properties. Our development, redevelopment and construction activities may be exposed to a number of risks which may increase our construction costs and 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;
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;
inability to obtain financing with favorable terms;
inability to complete construction and 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, 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 to calculate the cost plus margin for the project fee, but not to exceed a maximum amount, and to assume the risk when these estimates may be greater than anticipated. As a result, profitability on those contracts is dependent on the ability to accurately predict such 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.
Investments through joint ventures and investment funds 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. We account for three investment funds (collectively, the "Funds") utilizing the equity method of accounting. As of December 31, 2019, we had two discretionary investment funds, and in March 2015, we completed the formation of a third fund with an unaffiliated third party which did not own any properties in 2019, 2018, or 2017. 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), by majority vote, 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, 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 or 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.

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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.
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 recently adopted rent control or rent stabilization laws and regulations, imposing restrictions on amounts of rent increases which may be charged based solely on market conditions.  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 the Company 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. Also, 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. 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. 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 have recently changed and 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 to 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.
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.

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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.

The implementation of future enhancements to our new enterprise resource planning system could interfere with our business and operations.
We have completed the first phase of a multi-year implementation of an enterprise resource planning (ERP) system which replaced our previous financial accounting system. This ERP system maintains our books and records, records transactions, and provides important information relating to the operations of our business to our management. The implementation of this ERP system has required, and will continue to require, the investment of significant personnel and financial resources. While we have invested, and will continue to invest, significant resources in planning and project management, issues may arise during the implementation of future enhancements which may result in operational or financial reporting delays, increased costs or other difficulties not presently contemplated.  Any disruptions, delays or deficiencies in the design and implementation of future enhancements to the ERP system could have a materially adverse effect on our financial condition and results of operations.
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 breach, 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 flaws in 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, 2019, we had outstanding debt of approximately $2.5 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,

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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;
changes in market rents;
increases in operating expenses; and
changes in governmental regulations such as 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 unsecured 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 the 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.
We may be adversely affected by changes in LIBOR reporting practices or the method in which LIBOR is determined.
Our unsecured credit facility and unsecured term loan are indexed to the London Interbank Offered Rate ("LIBOR"). It is unclear whether LIBOR will continue to be calculated or published as a reference rate/benchmark after 2021. 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 are closely monitoring the progress of the phase-out of LIBOR and incorporating relatively standardized fallback language into our LIBOR-indexed debt documents for transitioning to an alternative index (which is defined to be the index that becomes generally used by lenders and other market participants) and a spread adjustment mechanism to prevent lenders from receiving a lower rate upon transition. There is significant uncertainty with respect to how the phase-out will be implemented and what alternative index 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 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.

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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 would 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.
Moody’s, Fitch, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A3 with stable outlook, A- with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, 2019. 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.
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.
Our share price will fluctuate.
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;
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.
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

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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.
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 164 operating properties in which we owned interests and operated at December 31, 2019 averaged 959 square feet of living area per apartment home. For the year ended December 31, 2019, no single operating property accounted for greater than 1.5% of our total revenues. Our stabilized operating properties had a weighted average occupancy rate of approximately 96% for each of the years ended December 31, 2019 and 2018 and an average monthly rental revenue per apartment home of $1,562 and $1,502 for the same periods, respectively. Resident lease terms generally range from twelve to fifteen months. At December 31, 2019, 147 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 Service
Number of Operating Properties
2015-2019
25
2010-2014
18
2005-2009
33
2000-2004
42
1995-1999
36
Prior to 1995
10

Property Table
The following table sets forth information with respect to our 164 operating properties at December 31, 2019:
 
 
 
OPERATING PROPERTIES
Property and Location
 
Year Placed
in Service
 
Average Apartment
Size (Sq. Ft.)
 
Number of
Apartments
 
2019 Average
Occupancy  (1)
 
2019 Average
Monthly Rental
Rate per
Apartment (2)
ARIZONA
 
 
 
 
 
 
 
 
 
 
Phoenix/Scottsdale
 
 
 
 
 
 
 
 
 
 
Camden Chandler
 
2016
 
1,146

 
380
 
95.7
%
 
$
1,462

Camden Copper Square
 
2000
 
786

 
332
 
96.4

 
1,223

Camden Foothills
 
2014
 
1,032

 
220
 
95.8

 
1,682

Camden Hayden
 
2015
 
1,043

 
234
 
94.9

 
1,527

Camden Legacy
 
1996
 
1,067

 
428
 
95.0

 
1,384

Camden Montierra
 
1999
 
1,071

 
249
 
96.8

 
1,412

Camden North End (3)
 
2019
 
921

 
441
 
Lease-Up

 
1,607

Camden Old Town Scottsdale (4)
 
2016
 
890

 
316
 
94.1

 
1,719


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OPERATING PROPERTIES
Property and Location
 
Year Placed
in Service
 
Average Apartment
Size (Sq. Ft.)
 
Number of
Apartments
 
2019 Average
Occupancy  (1)
 
2019 Average
Monthly Rental
Rate per
Apartment (2)
Camden Pecos Ranch
 
2001
 
924

 
272
 
96.6
%
 
$
1,199

Camden San Marcos
 
1995
 
984

 
320
 
97.2

 
1,337

Camden San Paloma
 
1993/1994
 
1,042

 
324
 
96.9

 
1,352

Camden Sotelo
 
2008/2012
 
1,303

 
170
 
95.6

 
1,551

CALIFORNIA
 
 
 
 
 
 
 
 
 
 
Los Angeles/Orange County
 
 
 
 
 
 
 
 
 
 
Camden Crown Valley
 
2001
 
1,009
 
380
 
96.8

 
2,119

Camden Glendale
 
2015
 
882
 
303
 
95.2

 
2,486

Camden Harbor View (5)
 
2004
 
981
 
546
 
94.7

 
2,659

Camden Main and Jamboree
 
2008
 
1,011
 
290
 
96.3

 
2,133

Camden Martinique
 
1986
 
795
 
714
 
96.2

 
1,858

Camden Sea Palms
 
1990
 
891
 
138
 
96.1

 
2,169

The Camden
 
2016
 
768
 
287
 
95.5

 
3,202

San Diego/Inland Empire
 
 
 
 
 
 
 
 
 
 
Camden Landmark
 
2006
 
982
 
469
 
95.6

 
1,672

Camden Old Creek
 
2007
 
1,037
 
350
 
96.7

 
2,235

Camden Sierra at Otay Ranch
 
2003
 
962
 
422
 
94.2

 
2,053

Camden Tuscany
 
2003
 
896
 
160
 
95.1

 
2,643

Camden Vineyards
 
2002
 
1,053
 
264
 
96.4

 
1,808

COLORADO
 
 
 
 
 
 
 
 
 
 
Denver
 
 
 
 
 
 
 
 
 
 
Camden Belleview Station
 
2009
 
888
 
270
 
95.9

 
1,507

Camden Caley
 
2000
 
925
 
218
 
94.9

 
1,516

Camden Denver West
 
1997
 
1,015
 
320
 
96.7

 
1,794

Camden Flatirons
 
2015
 
960
 
424
 
96.1

 
1,670

Camden Highlands Ridge
 
1996
 
1,149
 
342
 
95.3

 
1,784

Camden Interlocken
 
1999
 
1,010
 
340
 
95.9

 
1,693

Camden Lakeway
 
1997
 
932
 
451
 
95.4

 
1,595

Camden Lincoln Station
 
2017
 
844
 
267
 
96.3

 
1,602

WASHINGTON DC METRO
 
 
 
 
 
 
 
 
 
 
Camden Ashburn Farm
 
2000
 
1,062
 
162
 
97.3

 
1,736

Camden College Park
 
2008
 
942
 
508
 
96.4

 
1,614

Camden Dulles Station
 
2009
 
978
 
382
 
97.2

 
1,806

Camden Fair Lakes
 
1999
 
1,056
 
530
 
96.8

 
1,875

Camden Fairfax Corner
 
2006
 
934
 
489
 
96.7

 
1,946

Camden Fallsgrove
 
2004
 
996
 
268
 
96.7

 
1,810

Camden Grand Parc
 
2002
 
672
 
105
 
95.9

 
2,564

Camden Lansdowne
 
2002
 
1,006
 
690
 
96.8

 
1,685

Camden Largo Town Center
 
2000/2007
 
1,027
 
245
 
96.1

 
1,684

Camden Monument Place
 
2007
 
856
 
368
 
96.6

 
1,669

Camden NoMa
 
2014
 
770
 
321
 
96.4

 
2,268

Camden NoMa II
 
2017
 
759
 
405
 
95.7

 
2,349

Camden Potomac Yard (5)
 
2008
 
835
 
378
 
95.7

 
2,057


10

Table of Contents

 
 
OPERATING PROPERTIES
Property and Location
 
Year Placed
in Service
 
Average Apartment
Size (Sq. Ft.)
 
Number of
Apartments
 
2019 Average
Occupancy  (1)
 
2019 Average
Monthly Rental
Rate per
Apartment (2)
Camden Roosevelt
 
2003
 
856
 
198
 
95.5
%
 
$
2,893

Camden Russett
 
2000
 
992
 
426
 
95.9

 
1,511

Camden Shady Grove (6)
 
2018
 
877
 
457
 
95.8

 
1,739

Camden Silo Creek
 
2004
 
975
 
284
 
97.2

 
1,672

Camden South Capitol (7)
 
2013
 
821
 
281
 
96.4

 
2,324

Camden Washingtonian (6)
 
2018
 
871
 
365
 
96.3

 
1,718

FLORIDA
 
 
 
 
 
 
 
 
 
 
Southeast Florida
 
 
 
 
 
 
 
 
 
 
Camden Aventura
 
1995
 
1,108
 
379
 
95.7

 
1,987

Camden Boca Raton
 
2014
 
843
 
261
 
96.4

 
1,964

Camden Brickell (5)
 
2003
 
937
 
405
 
94.5

 
2,123

Camden Doral
 
1999
 
1,120
 
260
 
97.3

 
1,958

Camden Doral Villas
 
2000
 
1,253
 
232
 
97.0

 
2,092

Camden Las Olas (5)
 
2004
 
1,043
 
420
 
93.8

 
2,093

Camden Plantation
 
1997
 
1,201
 
502
 
96.4

 
1,709

Camden Portofino
 
1995
 
1,112
 
322
 
96.6

 
1,776

Orlando
 
 
 
 
 
 
 
 
 
 
Camden Hunter’s Creek
 
2000
 
1,075
 
270
 
97.0

 
1,466

Camden Lago Vista
 
2005
 
955
 
366
 
96.9

 
1,346

Camden LaVina
 
2012
 
970
 
420
 
95.9

 
1,364

Camden Lee Vista
 
2000
 
937
 
492
 
95.9

 
1,296

Camden North Quarter
 
2016
 
806
 
333
 
95.2

 
1,576

Camden Orange Court
 
2008
 
817
 
268
 
96.0

 
1,376

Camden Thornton Park
 
2016
 
920
 
299
 
95.1

 
1,882

Camden Town Square
 
2012
 
983
 
438
 
96.8

 
1,404

Camden Waterford Lakes (7)
 
2014
 
971
 
300
 
96.1

 
1,454

Camden World Gateway
 
2000
 
979
 
408
 
96.8

 
1,360

Tampa/St. Petersburg
 
 
 
 
 
 
 
 
 
 
Camden Bay
 
1997/2001
 
943

 
760
 
95.5

 
1,234

Camden Montague
 
2012
 
975

 
192
 
96.4

 
1,358

Camden Pier District
 
2016
 
989

 
358
 
96.1

 
2,490

Camden Preserve
 
1996
 
942

 
276
 
95.2

 
1,459

Camden Royal Palms
 
2006
 
1,017

 
352
 
95.9

 
1,244

Camden Visconti (7)
 
2007
 
1,125

 
450
 
95.7

 
1,377

Camden Westchase Park
 
2012
 
992

 
348
 
96.9

 
1,454

GEORGIA
 
 
 
 
 
 
 
 
 
 
Atlanta
 
 
 
 
 
 
 
 
 
 
Camden Brookwood
 
2002
 
912

 
359
 
95.9

 
1,432

Camden Buckhead Square
 
2015
 
827

 
250
 
95.9

 
1,589

Camden Creekstone
 
2002
 
990

 
223
 
97.0

 
1,385

Camden Deerfield
 
2000
 
1,187

 
292
 
95.9

 
1,432

Camden Dunwoody
 
1997
 
1,007

 
324
 
96.5

 
1,363

Camden Fourth Ward
 
2014
 
847

 
276
 
97.2

 
1,730


11

Table of Contents

 
 
OPERATING PROPERTIES
Property and Location
 
Year Placed
in Service
 
Average Apartment
Size (Sq. Ft.)
 
Number of
Apartments
 
2019 Average
Occupancy  (1)
 
2019 Average
Monthly Rental
Rate per
Apartment (2)
Camden Midtown Atlanta
 
2001
 
935

 
296
 
96.4
%
 
$
1,532

Camden Paces
 
2015
 
1,407

 
379
 
96.1

 
2,724

Camden Peachtree City
 
2001
 
1,027

 
399
 
96.7

 
1,320

Camden Phipps (7)
 
1996
 
1,018

 
234
 
95.8

 
1,563

Camden Shiloh
 
1999/2002
 
1,143

 
232
 
97.1

 
1,325

Camden St. Clair
 
1997
 
999

 
336
 
96.0

 
1,376

Camden Stockbridge
 
2003
 
1,009

 
304
 
96.1

 
1,135

Camden Vantage
 
2010
 
901

 
592
 
95.6

 
1,462

NORTH CAROLINA
 
 
 
 
 
 
 
 
 
 
Charlotte
 
 
 
 
 
 
 
 
 
 
Camden Ballantyne
 
1998
 
1,048

 
400
 
95.9

 
1,290

Camden Cotton Mills
 
2002
 
905

 
180
 
95.8

 
1,485

Camden Dilworth
 
2006
 
857

 
145
 
95.9

 
1,467

Camden Fairview
 
1983
 
1,036

 
135
 
96.6

 
1,204

Camden Foxcroft
 
1979
 
940

 
156
 
96.9

 
1,073

Camden Foxcroft II
 
1985
 
874

 
100
 
96.4

 
1,183

Camden Gallery
 
2017
 
743

 
323
 
96.2

 
1,583

Camden Grandview
 
2000
 
1,059

 
266
 
96.1

 
1,685

Camden Grandview II (3)
 
2019
 
2,242

 
28
 
Lease-Up

 
3,968

Camden Sedgebrook
 
1999
 
972

 
368
 
96.7

 
1,141

Camden South End
 
2003
 
882

 
299
 
94.8

 
1,454

Camden Southline (7)
 
2015
 
831

 
266
 
96.4

 
1,572

Camden Stonecrest
 
2001
 
1,098

 
306
 
96.4

 
1,324

Camden Touchstone
 
1986
 
899

 
132
 
96.4

 
1,091

Raleigh
 
 
 
 
 
 
 
 
 
 
Camden Asbury Village (7)
 
2009
 
1,009

 
350
 
96.0

 
1,249

Camden Carolinian (3)(4)
 
2017
 
1,118

 
186
 
Lease-Up

 
2,331

Camden Crest
 
2001
 
1,013

 
438
 
97.1

 
1,068

Camden Governor’s Village
 
1999
 
1,046

 
242
 
96.1

 
1,112

Camden Lake Pine
 
1999
 
1,066

 
446
 
96.6

 
1,189

Camden Manor Park
 
2006
 
966

 
484
 
96.1

 
1,168

Camden Overlook
 
2001
 
1,060

 
320
 
96.5

 
1,278

Camden Reunion Park
 
2000/2004
 
972

 
420
 
95.2

 
1,079

Camden Westwood
 
1999
 
1,027

 
354
 
92.8

 
1,120

TEXAS
 
 
 
 
 
 
 
 
 
 
Austin
 
 
 
 
 
 
 
 
 
 
Camden Amber Oaks (7)
 
2009
 
862

 
348
 
96.5

 
1,121

Camden Amber Oaks II (7)
 
2012
 
910

 
244
 
96.3

 
1,178

Camden Brushy Creek (7)
 
2008
 
882

 
272
 
96.4

 
1,184

Camden Cedar Hills
 
2008
 
911

 
208
 
95.7

 
1,298

Camden Gaines Ranch
 
1997
 
955

 
390
 
96.8

 
1,459

Camden Huntingdon
 
1995
 
903

 
398
 
96.5

 
1,200


12

Table of Contents

 
 
OPERATING PROPERTIES
Property and Location
 
Year Placed
in Service
 
Average Apartment
Size (Sq. Ft.)
 
Number of
Apartments
 
2019 Average
Occupancy  (1)
 
2019 Average
Monthly Rental
Rate per
Apartment (2)
Camden La Frontera
 
2015
 
901

 
300
 
95.7
%
 
$
1,256

Camden Lamar Heights
 
2015
 
838

 
314
 
95.7

 
1,528

Camden Rainey Street (4)
 
2016
 
873

 
326
 
94.3

 
2,264

Camden Shadow Brook (7)
 
2009
 
909

 
496
 
95.6

 
1,179

Camden Stoneleigh
 
2001
 
908

 
390
 
97.0

 
1,305

Dallas/Fort Worth
 
 
 
 
 
 
 
 
 
 
Camden Addison
 
1996
 
942

 
456
 
96.9

 
1,253

Camden Belmont
 
2010/2012
 
945

 
477
 
95.5

 
1,472

Camden Buckingham
 
1997
 
919

 
464
 
96.3

 
1,249

Camden Centreport
 
1997
 
911

 
268
 
96.2

 
1,209

Camden Cimarron
 
1992
 
772

 
286
 
96.7

 
1,244

Camden Design District (7)
 
2009
 
939