cpt-20210331

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, 2021


☐			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 16, 2021, 97,682,634 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, 2021 and December 31, 2020	1

	Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2021and 2020	2

	Condensed Consolidated Statements of Equity (Unaudited) for the Three Months Ended March 31, 2021 and 2020	3

	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2021 and 2020	5

	Notes to Condensed Consolidated Financial Statements (Unaudited)	6

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3	Quantitative and Qualitative Disclosures About Market Risk	29

Item 4	Controls and Procedures	29

PART II	OTHER INFORMATION	29

Item 1	Legal Proceedings	29

Item 1A	Risk Factors	29

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

Item 3	Defaults Upon Senior Securities	29

Item 4	Mine Safety Disclosures	30

Item 5	Other Information	30

Item 6	Exhibits	31

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, 2021		December 31, 2020
Assets
Real estate assets, at cost
Land	$	1,233,937	$	1,225,214
Buildings and improvements	7,863,707		7,763,748
	$	9,097,644	$	8,988,962
Accumulated depreciation	(3,124,504)		(3,034,186)
Net operating real estate assets	$	5,973,140	$	5,954,776
Properties under development, including land	541,958		564,215
Investments in joint ventures	18,800		18,994



Total real estate assets	$	6,533,898	$	6,537,985
Accounts receivable – affiliates	19,502		20,158
Other assets, net	213,126		216,276

Cash and cash equivalents	333,402		420,441
Restricted cash	4,105		4,092
Total assets	$	7,104,033	$	7,198,952
Liabilities and equity
Liabilities
Unsecured notes payable	$	3,167,557	$	3,166,625

Accounts payable and accrued expenses	159,111		175,608
Accrued real estate taxes	33,155		66,156
Distributions payable	84,282		84,147
Other liabilities	185,852		189,829
Total liabilities	$	3,629,957	$	3,682,365
Commitments and contingencies (Note 11)

Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 109,181 and 109,110 issued; 106,962 and 106,860 outstanding at March 31, 2021 and December 31, 2020, respectively	1,070		1,069
Additional paid-in capital	4,588,056		4,581,710
Distributions in excess of net income attributable to common shareholders	(842,628)		(791,079)
Treasury shares, at cost (9,279 and 9,442 common shares at March 31, 2021 and December 31, 2020, respectively)	(335,511)		(341,412)
Accumulated other comprehensive loss	(5,010)		(5,383)
Total common equity	$	3,405,977	$	3,444,905
Non-controlling interests	68,099		71,682
Total equity	$	3,474,076	$	3,516,587
Total liabilities and equity	$	7,104,033	$	7,198,952

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)	2021		2020



Property revenues	$	267,568	$	265,879
Property expenses
Property operating and maintenance	$	63,479	$	59,956
Real estate taxes	37,453		34,180
Total property expenses	$	100,932	$	94,136
Non-property income
Fee and asset management	$	2,206	$	2,527
Interest and other income	332		329
Income/(loss) on deferred compensation plans	3,626		(14,860)
Total non-property income (loss)	$	6,164	$	(12,004)
Other expenses
Property management	$	6,124	$	6,527
Fee and asset management	1,132		843
General and administrative	14,222		13,233
Interest	23,644		19,707
Depreciation and amortization	93,141		91,859

Expense/(benefit) on deferred compensation plans	3,626		(14,860)
Total other expenses	$	141,889	$	117,309

SEC Form 10-Q filed by Camden Property Trust