Camden Property Trust 10-K/A 2019-12-31

Filed 2020-03-06. 2 sections, 32K characters. Original on sec.gov · Markdown · JSON

Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K/A

(Amendment No. 1)

(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)

Texas76-6088377
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
11 Greenway Plaza, Suite 2400Houston,Texas77046
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: -713 354-2500

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par valueCPTNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No ý

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filerýAccelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant 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.

EXPLANATORY NOTE

This Amendment No. 1 to the Annual Report on Form 10-K of Camden Property Trust (the “Company”) for the year ended December 31, 2019, as filed with the Securities and Exchange Commission (the “SEC”) on February 20, 2020 (the “Original Form 10-K”), is being filed for the sole purpose of updating the exhibits to the Original Form 10-K to include Exhibit 4.14, which was inadvertently omitted from the Original Form 10-K as a result of an administrative error. Exhibit 4.14 sets forth the description of the Company’s common shares contained in its Registration Statement on Form 8-A filed with the SEC on June 21, 1993 and is incorporated into the Original Form 10-K by reference.

Except as otherwise expressly noted herein, this Amendment No. 1 does not modify or update in any way the disclosures in the Original Form 10-K, including the Company’s audited financial statements and related schedules and other disclosures, or the exhibits to the Original Form 10-K, nor does it reflect events occurring after the date and time of the filing of the Original Form 10-K. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Form 10-K.

In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, new certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed as exhibits to this Amendment No. 1 under Item 15 of Part IV hereof. Because no financial statements have been included in this Amendment No. 1 and this Amendment No. 1 does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4, and 5 of the certifications have been omitted.

PART IV

Item 15. Exhibits and Financial Statement Schedules

The following documents are filed as part of this report:

(1) Financial Statements:
See the Original Form 10-K
(2) Financial Statement Schedules:
See the Original Form 10-K

All other schedules have been omitted since the required information is presented in the financial statements and the related notes or is not applicable.

(3) Index to Exhibits:

The following exhibits are filed as part of or incorporated by reference into this report:

Exhibit No.DescriptionFiled Herewith or Incorporated Herein by Reference (1)
3.1Amended and Restated Declaration of Trust of Camden Property Trust (2)Exhibit 3.1 to Form 10-K for the year ended December 31, 1993 - Rule 311-P
3.2Amendment to the Amended and Restated Declaration of Trust of Camden Property TrustExhibit 3.1 to Form 10-Q for the quarter ended June 30, 1997
3.3Amendment to the Amended and Restated Declaration of Trust of Camden Property TrustExhibit 3.1 to Form 8-K filed on May 14, 2012
3.4Third Amended and Restated Bylaws of Camden Property TrustExhibit 99.1 to Form 8-K filed on March 12, 2013
3.5Fourth Amended and Restated Bylaws of Camden Property TrustExhibit 3.1 to Form 8-K filed on July 25, 2019
4.1Specimen certificate for Common Shares of Beneficial Interest (2)Form S-11 filed on September 15, 1993 (Registration No. 33-68736) - Rule 311-P
4.2Indenture for Senior Debt Securities dated as of February 11, 2003 between Camden Property Trust and U. S. Bank National Association, as successor to SunTrust Bank, as TrusteeExhibit 4.1 to Form S-3 filed on February 12, 2003 (Registration No. 333-103119)
Exhibit No.DescriptionFiled Herewith or Incorporated Herein by Reference (1)
4.3First Supplemental Indenture dated as of May 4, 2007 between the Company and U.S. Bank National Association, as successor to SunTrust Bank, as TrusteeExhibit 4.2 to Form 8-K filed on May 7, 2007
4.4Second Supplemental Indenture dated as of June 3, 2011 between the Company and U.S. Bank National Association, as successor to SunTrust Bank, as TrusteeExhibit 4.3 to Form 8-K filed on June 3, 2011
4.5Third Supplemental Indenture dated as of October 4, 2018 between the Company and U.S. Bank National Association, as successor to SunTrust Bank, as TrusteeExhibit 4.4 to Form 8-K filed on October 4, 2018
4.6Registration Rights Agreement dated as of February 28, 2005 between Camden Property Trust and the holders named thereinForm S-4 filed on November 24, 2004 (Registration No. 333-120733)
4.7Form of Camden Property Trust 2.95% Note due 2022Exhibit 4.4 to Form 8-K filed on December 7, 2012
4.8Form of Camden Property Trust 4.875% Note due 2023Exhibit 4.5 to Form 8-K filed on June 3, 2011
4.9Form of Camden Property Trust 4.250% Note due 2024Exhibit 4.1 to Form 8-K filed on December 2, 2013
4.10Form of Camden Property Trust 3.50% Note due 2024Exhibit 4.1 to Form 8-K filed on September 12, 2014
4.11Form of Camden Property Trust 4.100% Note due 2028Exhibit 4.5 to Form 8-K filed on October 4, 2018
4.12Form of Camden Property Trust 3.150% Note due 2029Exhibit 4.5 to Form 8-K filed on June 17, 2019
4.13Form of Camden Property Trust 3.350% Note due 2049Exhibit 4.5 to Form 8-K filed on October 7, 2019
4.14Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.Filed Herewith
10.1Form of Indemnification Agreement between Camden Property Trust and certain of its trust managers and executive officers (2)Form S-11 filed on July 9, 1993 (Registration No. 33-63588) - Rule 311-P
10.2Second Amended and Restated Employment Agreement dated July 11, 2003 between Camden Property Trust and Richard J. CampoExhibit 10.1 to Form 10-Q for the quarter ended June 30, 2003
10.3Second Amended and Restated Employment Agreement dated July 11, 2003 between Camden Property Trust and D. Keith OdenExhibit 10.2 to Form 10-Q for the quarter ended June 30, 2003
10.4Form of First Amendment to Second Amended and Restated Employment Agreements, effective as of January 1, 2008, between Camden Property Trust and each of Richard J. Campo and D. Keith OdenExhibit 99.1 to Form 8-K filed on November 30, 2007
10.5Second Amendment to Second Amended and Restated Employment Agreement, dated as of March 14, 2008, between Camden Property Trust and D. Keith OdenExhibit 99.1 to Form 8-K filed on March 18, 2008
10.6Form of Employment Agreement by and between Camden Property Trust and certain senior executive officersExhibit 10.13 to Form 10-K for the year ended December 31, 1996
10.7Second Amended and Restated Employment Agreement, dated November 3, 2008, between Camden Property Trust and H. Malcolm StewartExhibit 99.1 to Form 8-K filed on November 4, 2008
Exhibit No.DescriptionFiled Herewith or Incorporated Herein by Reference (1)
10.8Second Amended and Restated Camden Property Trust Key Employee Share Option Plan (KEYSOP™), effective as of January 1, 2008Exhibit 99.5 to Form 8-K filed on November 30, 2007
10.9Amendment No. 1 to Second Amended and Restated Camden Property Trust Key Employee Share Option Plan, effective as of January 1, 2008Exhibit 99.1 to Form 8-K filed on December 8, 2008
10.10Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employeesExhibit 10.7 to Form 10-K for the year ended December 31, 2003
10.11Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain trust managersExhibit 10.8 to Form 10-K for the year ended December 31, 2003
10.12Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employeesExhibit 10.9 to Form 10-K for the year ended December 31, 2003
10.13Form of Master Exchange Agreement between Camden Property Trust and certain trust managersExhibit 10.10 to Form 10-K for the year ended December 31, 2003
10.14Form of Amendment No. 1 to Amended and Restated Master Exchange Agreement (Trust Managers) effective November 27, 2007Exhibit 10.1 to Form 10-Q filed on July 30, 2010
10.15Form of Amendment No. 1 to Amended and Restated Master Exchange Agreement (Key Employees) effective November 27, 2007Exhibit 10.2 to Form 10-Q filed on July 30, 2010
10.16Form of Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P.Exhibit 10.1 to Form S-4 filed on February 26, 1997 (Registration No. 333-22411)
10.17First Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of February 23, 1999Exhibit 99.2 to Form 8-K filed on March 10, 1999
10.18Form of Second Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of August 13, 1999Exhibit 10.15 to Form 10-K for the year ended December 31, 1999
10.19Form of Third Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of September 7, 1999Exhibit 10.16 to Form 10-K for the year ended December 31, 1999
10.20Form of Fourth Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of January 7, 2000Exhibit 10.17 to Form 10-K for the year ended December 31, 1999
10.21Form of Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of December 1, 2003Exhibit 10.19 to Form 10-K for the year ended December 31, 2003
10.22Amended and Restated 1993 Share Incentive Plan of Camden Property TrustExhibit 10.18 to Form 10-K for the year ended December 31, 1999
10.23Amended and Restated Camden Property Trust 1999 Employee Share Purchase PlanExhibit 10.1 to Form 10-Q for the quarter ended June 30, 2014
10.24Amended and Restated 2002 Share Incentive Plan of Camden Property TrustExhibit 10.1 to Form 10-Q for the quarter ended March 31, 2002
10.25Camden Property Trust 2018 Employee Share Purchase PlanExhibit 99.2 to Form 8-K filed on May 17, 2018
10.26Amendment to Amended and Restated 2002 Share Incentive Plan of Camden Property TrustExhibit 99.1 to Form 8-K filed on May 4, 2006
Exhibit No.DescriptionFiled Herewith or Incorporated Herein by Reference (1)
10.27Amendment to Amended and Restated 2002 Share Incentive Plan of Camden Property Trust, effective as of January 1, 2008Exhibit 99.1 to Form 8-K filed on July 29, 2008
10.28Camden Property Trust 2011 Share Incentive Plan, effective as of May 11, 2011Exhibit 99.1 to Form 8-K filed on May 12, 2011
10.29Amendment No. 1 to 2011 Share Incentive Plan of Camden Property Trust, dated as of July 31, 2012Exhibit 99.1 to Form 8-K filed on August 6, 2012
10.30Amendment No. 2 to the 2011 Share Incentive Plan of Camden Property Trust, dated as of July 30, 2013Exhibit 99.1 to Form 8-K filed on August 5, 2013
10.31Amendment No. 3 to the 2011 Share Incentive Plan of Camden Property Trust, dated as of October 28, 2015Exhibit 99.1 to Form 8-K filed on October 29, 2015
10.32Camden Property Trust 2018 Share Incentive Plan, effective as of May 17, 2018Exhibit 99.1 to Form 8-K filed on May 17, 2018
10.33Camden Property Trust Short Term Incentive PlanExhibit 10.2 to Form 10-Q for the quarter ended March 31, 2002
10.34Second Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation PlanExhibit 99.1 to Form 8-K filed on February 21, 2014
10.35Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation PlanExhibit 10.35 to Form 10-K filed on February 15, 2019
10.36Form of Second Amended and Restated Agreement of Limited Partnership of Camden Summit Partnership, L.P. among Camden Summit, Inc., as general partner, and the persons whose names are set forth on Exhibit A theretoExhibit 10.5 to Form S-4 filed on November 24, 2004 (Registration No. 333-120733)
10.37Form of Tax, Asset and Income Support Agreement among Camden Property Trust, Camden Summit, Inc., Camden Summit Partnership, L.P. and each of the limited partners who has executed a signature page theretoExhibit 10.6 to Form S-4 filed on November 24, 2004 (Registration No. 333-120733)
10.38Agreement, dated as of September 14, 2018, among William F. Paulsen, the 2014 Amended and Restated William B. McGuire Junior Revocable Trust, David F. Tufaro, McGuire Family DE 2012 LP, William B. McGuire, Jr., Susanne H. McGuire, Camden Property Trust, Camden Summit, Inc. and Camden Summit Partnership, L.P.Exhibit 99.1 to Form 8-K filed by Camden Property Trust on September 17, 2018 (File No. 1-12110)
10.39Employment Agreement dated February 15, 1999, by and among William B. McGuire, Jr., Summit Properties Inc. and Summit Management Company, as restated on August 24, 2001Exhibit 10.1 to Summit Properties Inc.’s Form 10-Q for the quarter ended September 30, 2001 (File No. 000-12792)
10.40Amendment Agreement, dated as of June 19, 2004, among William B. McGuire, Jr., Summit Properties Inc. and Summit Management CompanyExhibit 10.8.2 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2004 (File No. 001-12792)
10.41Employment Agreement dated February 15, 1999, by and among William F. Paulsen, Summit Properties Inc. and Summit Management Company, as restated on April 3, 2001Exhibit 10.1 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2001 (File No. 000-12792)
10.42Amendment Agreement, dated as of June 19, 2004, among William F. Paulsen, Summit Properties Inc. and Summit Management CompanyExhibit 10.8.2 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2004 (File No. 001-12792)
Exhibit No.DescriptionFiled Herewith or Incorporated Herein by Reference (1)
10.43Separation Agreement, dated as of February 28, 2005, between Camden Property Trust and William B. McGuire, Jr.Exhibit 99.1 to Form 8-K filed on April 28, 2005
10.44Separation Agreement, dated as of February 28, 2005, between Camden Property Trust and William F. PaulsenExhibit 99.2 to Form 8-K filed on April 28, 2005
10.45Distribution Agency Agreement, dated May 15, 2017, between Camden Property Trust and Jefferies LLCExhibit 1.1 to Form 8-K filed on May 16, 2017
10.46Distribution Agency Agreement, dated May 15, 2017, between Camden Property Trust and J.P. Morgan Securities LLCExhibit 1.2 to Form 8-K filed on May 16, 2017
10.47Distribution Agency Agreement, dated May 15, 2017, between Camden Property Trust and Merrill Lynch, Pierce, Fenner & Smith IncorporatedExhibit 1.3 to Form 8-K filed on May 16, 2017
10.48Distribution Agency Agreement, dated May 15, 2017, between Camden Property Trust and SunTrust Robinson Humphrey, Inc.Exhibit 1.4 to Form 8-K filed on May 16, 2017
10.49Distribution Agency Agreement, dated May 15, 2017, between Camden Property Trust and Wells Fargo Securities, LLCExhibit 1.5 to Form 8-K filed on May 16, 2017
10.50Third Amended and Restated Credit Agreement dated as of March 8, 2019 among Camden Property Trust, as the Borrower, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., U.S. Bank National Association, and PNC Bank National Association, as Syndication Agents, The Bank of Nova Scotia, Branch Banking and Trust Company, Deutsche Bank Securities Inc., Regions Bank, SunTrust Bank, and Wells Fargo Bank, National Association, as Documentation Agents, TD Bank N.A., as Managing Agent, and the other lenders party thereto, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Chase Bank N.A., U.S. Bank National Association, and PNC Capital Markets LLC, as Joint Lead Arrangers, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and J.P. Morgan Chase Bank N.A., as Joint BookrunnersExhibit 99.1 to Form 8-K filed on March 8, 2019
21.1List of Significant SubsidiariesFiled Herewith
23.1Consent of Deloitte & Touche LLPFiled Herewith
24.1Powers of Attorney for Heather J. Brunner, Mark D. Gibson, Scott S. Ingraham, Renu Khator, William B. McGuire, Jr., William F. Paulsen, Frances Aldrich Sevilla-Sacasa, Steven A. Webster, and Kelvin R. WestbrookFiled Herewith
31.1Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange ActFiled Herewith
31.2Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange ActFiled Herewith
31.3Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amendedFiled Herewith
31.4Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amendedFiled Herewith
Exhibit No.DescriptionFiled Herewith or Incorporated Herein by Reference (1)
32.1Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002Filed Herewith
101.INSXBRL Instance DocumentXBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema DocumentFiled Herewith
101.CALXBRL Taxonomy Extension Calculation Linkbase DocumentFiled Herewith
101.DEFXBRL Taxonomy Extension Definition Linkbase DocumentFiled Herewith
101.LABXBRL Taxonomy Extension Label Linkbase DocumentFiled Herewith
101.PREXBRL Taxonomy Extension Presentation Linkbase DocumentFiled Herewith
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)Filed Herewith
(1)Unless otherwise indicated, all references to reports or registration statements are to reports or registration statements filed by Camden Property Trust (File No. 1-12110).
(2)Pursuant to SEC Release No. 33-10322 and Rule 311 of Regulation S-T, this exhibit was filed in paper before the mandated electronic filing.
(3)Portions of the exhibit have been omitted pursuant to a request for confidential treatment.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Camden Property Trust has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

March 6, 2020CAMDEN PROPERTY TRUST
By:/s/ Michael P. Gallagher
Michael P. Gallagher
Senior Vice President — Chief Accounting Officer