Item 16. Summary

None.

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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.

February 18, 2021												CAMDEN PROPERTY TRUST
												By:						/s/ Michael P. Gallagher
																		Michael P. Gallagher
																		Senior Vice President — Chief Accounting Officer

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Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of Camden Property Trust and in the capacities and on the dates indicated.

Name						Title						Date
/s/ Richard J. Campo						Chairman of the Board of Trust						February 18, 2021
Richard J. Campo						Managers and Chief Executive Officer (Principal Executive Officer)
/s/ D. Keith Oden						Executive Vice Chairman of the Board of Trust						February 18, 2021
D. Keith Oden						Managers
/s/ Alexander J. Jessett						Executive Vice President - Finance and						February 18, 2021
Alexander J. Jessett						Chief Financial Officer (Principal Financial Officer)
/s/ Michael P. Gallagher						Senior Vice President - Chief Accounting						February 18, 2021
Michael P. Gallagher						Officer (Principal Accounting Officer)
*
Heather J. Brunner						Trust Manager						February 18, 2021
*
Mark D. Gibson						Trust Manager						February 18, 2021
*
Scott S. Ingraham						Trust Manager						February 18, 2021
*
Renu Khator						Trust Manager						February 18, 2021
*
William F. Paulsen						Trust Manager						February 18, 2021
*
Frances Aldrich Sevilla-Sacasa						Trust Manager						February 18, 2021
*
Steven A. Webster						Trust Manager						February 18, 2021
*
Kelvin R. Westbrook						Trust Manager						February 18, 2021
*By: /s/ Alexander J. Jessett
Alexander J. Jessett Attorney-in-fact

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trust Managers of Camden Property Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Camden Property Trust and subsidiaries (the "Company") as of December 31, 2020 and 2019, the related consolidated statements of income and comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2020, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 18, 2021, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of this critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Asset Impairment - Determination of Impairment Indicators of Properties Under Development, Including Land - Refer to Note 2 to the financial statements

Critical Audit Matter Description

The Company’s evaluation of properties under development, including land (“properties under development”) for impairment involves an initial assessment to determine whether events or changes in circumstances indicate that the carrying amount of properties under development may not be recoverable. Possible indications of impairment of properties under development may include deterioration of market conditions or changes in the Company’s development strategy that may significantly affect key assumptions used.

The Company considers projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in the assessment of whether impairment indicators exist. The Company makes significant assumptions regarding expected market conditions, including project start date, projected construction costs, as well as estimates of demand for multifamily communities, market rents, economic conditions, and occupancies, to evaluate properties under development

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for possible indications of impairment. Changes in these assumptions could have a significant impact on concluding whether impairment indications exist, which would require a recoverability test to be performed for the properties under development. As of December 31, 2020, the Company’s properties under development had an aggregate book value of $564.2 million, and no impairment loss has been recognized for the year ended December 31, 2020.

Given the Company’s evaluation of properties under development for impairment indicators requires management to make judgments related to the assumptions described above, performing audit procedures to evaluate whether management appropriately identified events or changes in circumstances indicating that the carrying amounts may not be recoverable required a high degree of auditor judgment.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the evaluation of property under development for possible indications of impairment included the following, among others:

• We tested the effectiveness of controls over management’s process of identifying indicators of asset impairment, including controls over management’s estimates of projected occupancy and market rent, projected construction costs, and other market and economic assumptions.

• We evaluated the reasonableness of management’s impairment indicator analysis by performing the following procedures:

◦Compared projected net operating income growth, occupancy rate, and capitalization rate for each property to market averages from third party market reports and to the Company’s historical financial performance for operating properties in the same or nearby markets;

◦Discussed with management and read minutes for Board of Trust Managers and Investment Committee meetings to determine if there were any significant adverse changes in legal factors or in the business climate that could affect management’s plans for properties under development, including if it is more likely than not that any property under development will be sold, not developed, or otherwise disposed of significantly before the end of its previously estimated useful life;

◦Performed a retrospective lookback review of completed development properties to determine if management’s projected costs, construction completion date, and stabilized net operating income during development were comparable to actual results ultimately realized.

• We performed a search for contradictory evidence by reading third party market reports to evaluate management’s analysis to identify any significant changes in economic factors, industry factors, or other events that may result in an impairment indicator.

/s/ DELOITTE & TOUCHE LLP
Houston, Texas
February 18, 2021
We have served as the Company's auditor since 1993.

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CAMDEN PROPERTY TRUST

CONSOLIDATED BALANCE SHEETS

			December 31,
(in thousands, except per share amounts)			2020						2019
Assets
Real estate assets, at cost
Land			$	1,225,214					$	1,199,384
Buildings and improvements			7,763,748						7,404,090
			$	8,988,962					$	8,603,474
Accumulated depreciation			(3,034,186)						(2,686,025)
Net operating real estate assets			$	5,954,776					$	5,917,449
Properties under development, including land			564,215						512,319
Investments in joint ventures			18,994						20,688
Total real estate assets			$	6,537,985					$	6,450,456
Accounts receivable – affiliates			20,158						21,833
Other assets, net			216,276						248,716
Cash and cash equivalents			420,441						23,184
Restricted cash			4,092						4,315
Total assets			$	7,198,952					$	6,748,504
Liabilities and equity
Liabilities
Notes payable
Unsecured			$	3,166,625					$	2,524,099
Accounts payable and accrued expenses			175,608						171,719
Accrued real estate taxes			66,156						54,408
Distributions payable			84,147						80,973
Other liabilities			189,829						215,581
Total liabilities			$	3,682,365					$	3,046,780
Commitments and contingencies (Note 14)
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 109,110 and 109,110 issued; 106,860 and 106,878 outstanding at December 31, 2020 and 2019, respectively			1,069						1,069
Additional paid-in capital			4,581,710						4,566,731
Distributions in excess of net income attributable to common shareholders			(791,079)						(584,167)
Treasury shares, at cost (9,442 and 9,636 common shares, at December 31, 2020 and 2019, respectively)			(341,412)						(348,419)
Accumulated other comprehensive loss			(5,383)						(6,529)
Total common equity			$	3,444,905					$	3,628,685
Non-controlling interests			71,682						73,039
Total equity			$	3,516,587					$	3,701,724
Total liabilities and equity			$	7,198,952					$	6,748,504

See Notes to Consolidated Financial Statements.

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CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

			Year Ended December 31,
(in thousands, except per share amounts)			2020						2019						2018
Property revenues			$	1,043,837					$	1,028,461					$	954,505
Property expenses
Property operating and maintenance			$	252,190					$	235,589					$	220,732
Real estate taxes			142,636						130,758						122,847
Total property expenses			$	394,826					$	366,347					$	343,579
Non-property income
Fee and asset management			$	10,800					$	8,696					$	7,231
Interest and other income			2,949						3,090						2,101
Income (loss) on deferred compensation plans			12,045						21,694						(6,535)
Total non-property income			$	25,794					$	33,480					$	2,797
Other expenses
Property management			$	24,201					$	25,290					$	25,581
Fee and asset management			3,954						5,759						4,451
General and administrative			53,624						53,201						50,735
Interest			91,526						80,706						84,263
Depreciation and amortization			367,162						336,274						300,946
Expense (benefit) on deferred compensation plans			12,045						21,694						(6,535)
Total other expenses			$	552,512					$	522,924					$	459,441
Loss on early retirement of debt			(176)						(11,995)						—
Gain on sale of operating properties, including land			382						49,901						—
Equity in income of joint ventures			8,052						14,783						7,836
Income from continuing operations before income taxes			$	130,551					$	225,359					$	162,118
Income tax expense			(1,972)						(1,089)						(1,424)
Net income			$	128,579					$	224,270					$	160,694
Less income allocated to non-controlling interests			(4,668)						(4,647)						(4,566)
Net income attributable to common shareholders			$	123,911					$	219,623					$	156,128

Total earnings per share – basic			1.24						2.23						1.63
Total earnings per share – diluted			1.24						2.22						1.63
Weighted average number of common shares outstanding – basic			99,385						98,460						95,208
Weighted average number of common shares outstanding – diluted			99,438						99,384						95,366

Consolidated Statements of Comprehensive Income
Net income			$	128,579					$	224,270					$	160,694
Other comprehensive income
Unrealized gain (loss) on cash flow hedging activities			—						(12,998)						6,782
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation			(318)						(449)						450
Reclassification of net (gain) loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation			1,464						(11)						(246)
Comprehensive income			$	129,725					$	210,812					$	167,680
Less income allocated to non-controlling interests			(4,668)						(4,647)						(4,566)
Comprehensive income attributable to common shareholders			$	125,057					$	206,165					$	163,114

See Notes to Consolidated Financial Statements.

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CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF EQUITY

			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						Non-controlling interests						Total equity
Equity, December 31, 2017			$	1,028					$	4,137,161					$	(368,703)					$	(364,066)					$	(57)					$	79,351					$	3,484,714
Net income															156,128																		4,566						160,694
Other comprehensive income																											6,986												6,986
Net share awards									13,720												7,961																		21,681
Employee share purchase plan									826												554																		1,380
Common share options exercised (8 shares)									41																														41
Change in classification of deferred compensation plan									(16,407)																														(16,407)
Change in redemption value of non-qualified share awards															669																								669
Diversification of share awards within deferred compensation plan									29,379						10,915																								40,294
Common shares repurchased																					(253)																		(253)
Conversions of operating partnership unit (2 shares)									(9,781)																								(4,634)						(14,415)
Cash distributions declared to equity holders ($3.08 per share)															(294,505)																		(5,602)						(300,107)
Other			3						(176)																														(173)
Equity, December 31, 2018			$	1,031					$	4,154,763					$	(495,496)					$	(355,804)					$	6,929					$	73,681					$	3,385,104
Net income															219,623																		4,647						224,270
Other comprehensive (loss)																											(13,458)												(13,458)
Common shares issued (3,599 shares)			36						353,177																														353,213
Net share awards									13,609												6,590																		20,199
Employee share purchase plan									1,538												795																		2,333
Change in classification of deferred compensation plan (See Note 11)									43,311						9,363																								52,674
Conversion/redemption of operating partnership units (8 shares)									304																								(304)						—
Cash distributions declared to equity holders ($3.20 per share)															(317,657)																		(5,607)						(323,264)
Other			2						29																								622						653
Equity, December 31, 2019			$	1,069					$	4,566,731					$	(584,167)					$	(348,419)					$	(6,529)					$	73,039					$	3,701,724

See Notes to Consolidated Financial Statements.

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CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF EQUITY (Continued)

			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						Non-controlling interests						Total equity
Equity, December 31, 2019			$	1,069					$	4,566,731					$	(584,167)					$	(348,419)					$	(6,529)					$	73,039					$	3,701,724
Net income															123,911																		4,668						128,579
Other comprehensive income																											1,146												1,146
Net share awards									13,986												6,195																		20,181
Employee share purchase plan									1,347												812																		2,159
Cash distributions declared to equity holders ($3.32 per share)															(330,823)																		(5,803)						(336,626)
Other									(354)																								(222)						(576)
Equity, December 31, 2020			$	1,069					$	4,581,710					$	(791,079)					$	(341,412)					$	(5,383)					$	71,682					$	3,516,587

See Notes to Consolidated Financial Statements.

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CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

			Year Ended December 31,
(in thousands)			2020						2019						2018
Cash flows from operating activities
Net income			$	128,579					$	224,270					$	160,694
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			367,162						336,274						300,946
Loss on early retirement of debt			176						11,995						—
Gain on sale of operating properties, including land			(382)						(49,901)						—
Distributions of income from joint ventures			8,389						14,843						7,736
Equity in income of joint ventures			(8,052)						(14,783)						(7,836)
Share-based compensation			13,942						15,235						16,749
Receipts for settlement of forward interest rate swaps			—						(20,430)						15,905
Net change in operating accounts and other			9,505						38,094						9,553
Net cash from operating activities			$	519,319					$	555,597					$	503,747
Cash flows from investing activities
Development and capital improvements, including land			$	(427,247)					$	(407,558)					$	(359,230)
Acquisition of operating properties			—						(436,305)						(290,005)
Proceeds from sales of operating properties, including land			753						67,572						11,296
Increase in non-real estate assets			(7,498)						(17,197)						(14,503)
Decrease in notes receivable			1,449						1,394						9,475
Other			2,941						(351)						2,046
Net cash from investing activities			$	(429,602)					$	(792,445)					$	(640,921)
Cash flows from financing activities
Borrowings on unsecured credit facility and other short-term borrowings			$	358,000					$	1,217,000					$	342,000
Repayments on unsecured credit facility and other short-term borrowings			(402,000)						(1,173,000)						(342,000)
Repayment of notes payable, including prepayment penalties			(100,000)						(746,730)						(381,438)
Proceeds from notes payable			782,823						889,979						495,545
Distributions to common shareholders and non-controlling interests			(333,360)						(317,253)						(298,005)
Payment of deferred financing costs			(1,308)						(5,965)						(914)
Proceeds from issuance of common shares			—						353,213						—
Repurchase of common shares and redemption of units			—						—						(14,668)
Other			3,162						3,500						2,452
Net cash from financing activities			$	307,317					$	220,744					$	(197,028)
Net increase (decrease) in cash, cash equivalents, and restricted cash			397,034						(16,104)						(334,202)
Cash, cash equivalents, and restricted cash, beginning of year			27,499						43,603						377,805
Cash, cash equivalents, and restricted cash, end of year			$	424,533					$	27,499					$	43,603

See Notes to Consolidated Financial Statements.

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CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

			Year Ended December 31,
(in thousands)			2020						2019						2018
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet
Cash and cash equivalents			$	420,441					$	23,184					$	34,378
Restricted cash			4,092						4,315						9,225
Total cash, cash equivalents, and restricted cash, end of year			424,533						27,499						43,603
Supplemental information
Cash paid for interest, net of interest capitalized			$	90,297					$	71,248					$	81,299
Cash paid for income taxes			2,292						1,291						1,951
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid			$	84,147					$	80,973					$	74,982
Value of shares issued under benefit plans, net of cancellations			19,560						18,249						17,253
Accrual associated with construction and capital expenditures			29,611						27,162						35,588
Right-of-use assets obtained in exchange for the use of new operating lease liabilities			676						15,017						—

See Notes to Consolidated Financial Statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Description of Business

Business. Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (“REIT”), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, 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 December 31, 2020, we owned interests in, operated, or were developing 174 multifamily properties comprised of 59,104 apartment homes across the United States. Of the 174 properties, seven properties were under construction, and will consist of a total of 2,254 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 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, authority to make decisions, kick-out rights and participating rights. As of December 31, 2020, two of our consolidated operating partnerships are VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships. As of December 31, 2020, we held approximately 92% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships.

Acquisitions of Real Estate. Upon the 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 consolidated balance sheets.

During the years ended December 31, 2020, 2019, and 2018, we recognized amortization expense of approximately $9.1 million, $10.4 million, and $9.4 million, respectively, related to in-place leases. The net amortization of above-market and below-market leases were immaterial during the year ended December 31, 2020 and increased rental revenues by $0.1 million and $0.2 million during the years ended December 31, 2019 and 2018, respectively. During the year ended December 31, 2020, the weighted average amortization periods for in-place and net above and below market leases were approximately six months and seven months. During the year ended December 31, 2019, the weighted average amortization period for both in-place and net above and below market leases were approximately six months. During the year ended December 31, 2018, the weighted average amortization period for in-place leases and net above and below market leases were approximately seven and five 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 indicators 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 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 if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the years ended December 31, 2020, 2019, or 2018.

The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the

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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 non-cash charges could have an adverse effect on our consolidated financial position and results of operations.

Cash and Cash Equivalents. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits.

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. 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 activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and certain 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 completed, the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements.

As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $17.4 million, $14.1 million, and $13.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. Capitalized real estate taxes were approximately $3.3 million, $2.8 million, and $2.2 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating costs associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives.

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 improvements			5-35 years
Furniture, fixtures, equipment and other			3-20 years
Intangible assets/liabilities (in-place leases and below market leases)			underlying lease term

Derivative Financial Instruments. Derivative financial instruments are recorded in the consolidated balance sheets at fair value and presented on a gross basis for financial reporting purposes even when those instruments are subject to master netting arrangements and may otherwise qualify for net presentation. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes attributable to the earnings effect of the hedged transactions. We may enter into derivative contracts which are intended to economically hedge certain of our risks, for which hedge accounting does not apply or we elect not to apply hedge accounting.

Assets Held for Sale (Including Discontinued Operations). Disposed of properties are classified as a discontinued operation when the disposal represents a strategic shift, such as disposal of a major line of business, a major geographical area

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or a major equity investment. The results of operations for properties sold during the period or classified as held for sale at the end of the period, and meeting the above criteria of discontinued operations, are classified as discontinued operations for all periods presented. Real estate assets held for sale are measured at the lower of carrying amount or fair value less costs to sell and are presented separately in the accompanying consolidated balance sheets. Subsequent to classification of a property as held for sale, no further depreciation is recorded. Consolidated operating properties sold or classified as held for sale, which do not meet the above criteria of discontinued operations are not included in discontinued operations and the related gains and losses are included in continuing operations. Properties sold by our unconsolidated entities which do not meet the above criteria of discontinued operations are not included in discontinued operations and related gains or losses are reported as a component of equity in income of joint ventures.

Gains on sale of real estate are recognized when the criteria for derecognition of an asset is met, including when a contract exists and the buyer obtained control of the nonfinancial asset sold, in accordance with accounting principles generally accepted in the United States of America ("GAAP"). As a result, most of our future contributions of nonfinancial assets to our joint ventures, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset.

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 receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. 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:

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 are recorded in other assets in our 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. Long-lived assets such as the land, real estate assets, and in-place leases acquired with an operating property are measured in the form of cash received unless otherwise noted. These assets 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 December 31, 2020 and 2019, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and distributions payable represent 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. The carrying value of our notes receivable, which are included in other assets, net in our consolidated balance sheets, approximates their fair value. The estimated fair values are based on certain factors, such as market interest rates, terms of the note, and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. 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. On January 1, 2019, we adopted Accounting Standards Update ("ASU") 2016-02, "Leases" which is codified as ASC 842, Leases. The majority of our revenues are derived from real estate lease contracts which are accounted for pursuant to ASC 842 and presented as property revenues, which include rental revenue and revenue from amounts received under contractual terms for other services provided to our customers. As a lessor, we also elected practical expedients to 1) not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single

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component under certain conditions, and 2) 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. A detail of our material revenue streams are discussed below:

Property Revenue: 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 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, separate contract and will be recognized at the time the option is exercised on a straight-line basis over the renewal period.

In April 2020, we announced the establishment of Camden's Resident Relief Funds for our residents experiencing financial losses caused by COVID-19, which were intended to help impacted residents by providing immediate financial assistance for living expenses such as food, utilities, medical, insurance, childcare, and transportation. During the second quarter, the Resident Relief Funds paid approximately $10.4 million to approximately 8,200 Camden residents. Of this amount, approximately $9.1 million was paid to approximately 7,100 residents of our wholly-owned communities and recorded as a reduction of property revenues, and approximately $1.3 million was paid to approximately 1,100 residents of the operating communities owned by our unconsolidated joint ventures. For the amounts paid to residents of the operating communities owned by our unconsolidated joint ventures, we recognized our ownership interest of $0.4 million in equity in income of joint ventures. Additionally, we also made arrangements to defer payments over existing lease terms for many of our residents and tenants. For the deferred rent payment plans offered, we recognize property revenue on the existing straight-line basis over the remaining lease term and recognize any changes in payment through lease receivables, which is recorded in other assets, net, in our consolidated balance sheets; any identified uncollectible amounts related to deferred amounts are presented as an adjustment to property revenue.

As of December 31, 2020, our average residential lease term was approximately fourteen months with all other commercial leases averaging longer lease terms. We anticipate property revenue from existing leases as follows:

(in millions)
Year ended December 31,			Operating Leases
2021			$	645.9
2022			25.1
2023			4.0
2024			3.1
2025			2.5
Thereafter			6.0
Total			$	686.6

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.

Insurance. Our primary lines of insurance coverage are property, general liability, health, workers’ compensation, and cyber security. We believe our insurance coverage adequately insures our properties against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils and adequately insures us against other risks. Losses are accrued based upon our estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on our experience.

Other Assets, Net. Other assets in our consolidated financial statements include investments under deferred compensation plans, deferred financing costs, non-real estate leasehold improvements and equipment, notes receivable, operating lease right-of-use assets, prepaid expenses, and other miscellaneous receivables. Investments under deferred compensation plans are classified as trading securities and are adjusted to fair market value at period end. For a further discussion of our investments under deferred compensation plans, see Note 11, “Share-based Compensation and Benefit Plans.” Deferred financing costs are related to our unsecured credit facility, and are amortized no longer than the terms of the related facility on the straight-line method, which approximates the effective interest method. Corporate leasehold improvements and equipment includes expenditures related to renovation and construction of office space we lease. These leasehold improvements are depreciated using the straight-line method over the shorter of the expected useful lives or the lease terms which generally range from three to ten years.

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Notes Receivable. We have one note receivable included in Other assets, net in our consolidated balance sheets, relating to a real estate secured loan to an unaffiliated third party. During 2020, we received payments of approximately $1.4 million in principal and recognized approximately $0.6 million in interest on this note which matures on October 1, 2025. At December 31, 2020 and 2019, the outstanding note receivable balance was approximately $6.4 million and $7.9 million, respectively, and the weighted average interest rate was approximately 7.0% for both periods. Interest is recognized over the life of the note and is included in interest and other income in our consolidated statements of income and comprehensive income. We will provide for an allowance on our note receivable for expected losses if it becomes apparent conditions exist which may lead to our inability to collect all contractual amounts due. No allowance has been recognized on this note receivable as of December 31, 2020 or 2019.

Reportable Segments. We operate in a single reportable segment which includes the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size or type. Our multifamily apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. Further, all material operations are within the United States and no multifamily apartment community comprises more than 10% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment. Our multifamily communities generate property revenue through the leasing of apartment homes, which comprised approximately 99% of our total property revenues and total non-property income, excluding income (loss) on deferred compensation plans, for each of the years ended December 31, 2020, 2019, and 2018.

Restricted Cash. Restricted cash consists of escrow deposits held by lenders for property taxes, insurance and replacement reserves, cash required to be segregated for the repayment of residents’ security deposits, and escrowed amounts related to our development and acquisition activities. Substantially all restricted cash is invested in demand and short-term instruments.

Share-based Compensation. Compensation expense associated with share-based awards is recognized in our consolidated statements of income and comprehensive income using the grant-date fair values. Compensation cost for all share-based awards, including options, requires measurement at estimated fair value on the grant date and recognition of compensation expense over the requisite service period for awards expected to vest. The fair value of stock option grants is estimated using the Black-Scholes valuation model. Valuation models require the input of assumptions, including judgments to estimate the expected stock price volatility, expected life, and forfeiture rate. The compensation cost for share-based awards is based on the market value of the shares on the date of grant and is adjusted as actual forfeitures occur.

Use of Estimates. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment.

Recent Accounting Pronouncements. In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides temporary relief to simplify the accounting for modifying contracts to transition away from referenced rates such as LIBOR and other interbank offered rates. To be eligible for these accounting reliefs, the modifications i) must change, or have the potential to change, the amount or timing of contractual cash flows and ii) be related to the replacement of the referenced rate expected to be discontinued. When the contracts have met the criteria above, modified contracts can be accounted for as a continuation of the existing contract and applied prospectively adjusting the effective interest rate in the agreement. ASU 2020-04 is effective for interim periods beginning January 1, 2020, and the contracts electing to use the optional relief must be entered into prior to December 31, 2022. We adopted ASU 2020-04 as of March 31, 2020 and applying this guidance for modifications, if any, prospectively through December 31, 2022. We do not expect our adoption of ASU 2020-04 to have a material impact on our consolidated financial statements as our only outstanding debt indexed to LIBOR are our unsecured credit facility and unsecured term loan.

In April 2020, the FASB's staff issued a question and answer document ("Q&A") focused on the application of lease modification accounting as a result of COVID-19. The Q&A allows companies, assuming the total payments of modified leases are substantially the same as or less than the total payments of the existing lease, to elect to bypass a lease-by-lease analysis, and instead either apply the lease modification accounting framework or not. The election is to be applied consistently to leases with similar characteristics and similar circumstances. Having met the required criteria as defined in the Q&A, we elected to not account for concessions as lease modifications. As disclosed above, the cash payments provided to residents relating to the Resident Relief Funds of approximately $9.1 million was recognized as a reduction to property revenues during the second

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quarter of 2020. We also elected to account for all other concessions provided to our residents/tenants, which were primarily related to a change of timing of rent payments with no significant changes to total payments or term, as a deferred payment in which we continue to recognize property revenue on the existing straight-line basis over the remaining lease term and recognize any changes in payment through lease receivables, which is recorded in other assets, net, in our consolidated balance sheets.

3. Per Share Data

Basic earnings per share are computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect common shares issuable from the assumed conversion of common share options and share awards granted 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. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.9 million, 1.1 million, and 2.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculation as they are anti-dilutive.

The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:

						Year Ended December 31,
(in thousands, except per share amounts)						2020						2019						2018
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders						$	123,911					$	219,623					$	156,128
Amount allocated to participating securities						(261)						(539)						(1,107)
Net income attributable to common shareholders – basic						$	123,650					$	219,084					$	155,021
Total earnings per common share – basic						$	1.24					$	2.23					$	1.63
Weighted average number of common shares outstanding – basic						99,385						98,460						95,208

Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities						$	123,650					$	219,084					$	155,021
Income allocated to common units from continuing operations						—						1,593						—
Net income attributable to common shareholders – diluted						$	123,650					$	220,677					$	155,021
Total earnings per common share – diluted						$	1.24					$	2.22					$	1.63
Weighted average number of common shares outstanding – basic						99,385						98,460						95,208
Incremental shares issuable from assumed conversion of:
Common share options and share awards granted						53						119						158
Common units						—						805						—
Weighted average number of common shares outstanding – diluted						99,438						99,384						95,366

4. Common Shares

In June 2020, we created an at-the market ("ATM") share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering price of up to $362.7 million (the "2020 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 2020 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under

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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 2020 ATM program permits the use of forward sales 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 shares until a later date. If we enter into a forward sale agreement, we expect the relevant forward purchasers will borrow from third parties and, through the relevant sales agent, acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the 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 year ended December 31, 2020 and through the date of this filing, we did not enter into any forward sale agreements nor were there any shares sold under the 2020 ATM program. As of the date of this filing, we had common shares having an aggregate offering price of up to $362.7 million remaining available for sale under the 2020 ATM program.

In May 2017, we created an ATM share offering program through which we can, but have no obligation to, sell common shares having an aggregate offering price of up to $315.3 million (the "2017 ATM program"). During the years ended December 31, 2019, we issued approximately 0.2 million common shares under the 2017 ATM program for a total net consideration of approximately $24.8 million. We did not sell any shares under the 2017 ATM Program during the year ended December 31, 2018, or through the period in 2020 before it was terminated. The proceeds from the sale of our common shares under the 2017 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under our 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. We terminated the 2017 ATM program in the second quarter of 2020 concurrently with the establishment of the 2020 ATM program, with shares with an offering price of $287.7 million remaining available for sale. Upon termination, no further common shares were available for sale under the 2017 ATM program.

We have a repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500 million of our common equity securities through open market purchases, block purchases, and privately negotiated transactions. There were no repurchases under this program for the years ended December 31, 2019 or 2020 or through the date of this filing. During the year ended December 31, 2018, we repurchased 3,222 common shares for approximately $0.3 million. The remaining dollar value of our common equity securities authorized to be repurchased under the program was approximately $269.5 million as of the date of this filing.

We currently have an automatic shelf registration statement which allows us to offer, from time to time, common shares, preferred shares, debt securities, or warrants. 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 December 31, 2020, we had approximately 97.4 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding. In February 2019, we issued approximately 3.4 million common shares in an underwritten equity offering and received approximately $328.4 million in net proceeds, which we used to acquire one operating property in Scottsdale, Arizona, and repay amounts on our unsecured line of credit and certain secured conventional mortgage debt.

In the first quarter of 2021, the Company's Board of Trust Managers declared a first quarter dividend of $0.83 per common share to our common shareholders of record as of March 31, 2021.

5. Operating Partnerships

At December 31, 2020, approximately 4% of our consolidated multifamily apartment homes were held in Camden Operating, L.P. (“Camden Operating” or the “operating partnership”). Camden Operating has 11.9 million outstanding common limited partnership units and as of December 31, 2020, we held approximately 92% of the outstanding common limited partnership units and the sole 1% general partnership interest of the operating partnership. The remaining common limited partnership units, comprising approximately 0.8 million units, are primarily held by former officers, directors, and investors of Paragon Group, Inc., which we acquired in 1997. Each common limited partnership unit is redeemable for one common share of Camden Property Trust or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Operating common limited partnership units.

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At December 31, 2020, approximately 31% of our consolidated multifamily apartment homes were held in Camden Summit Partnership, L.P. (the “Camden Summit Partnership”). Camden Summit Partnership has 22.8 million outstanding common limited partnership units and as of December 31, 2020, we held approximately 95% of the outstanding common limited partnership units and the sole 1% general partnership interest of Camden Summit Partnership. The remaining common limited partnership units, comprising approximately 0.9 million units, are primarily held by former officers, directors, and investors of Summit Properties Inc., which we acquired in 2005. Each common limited partnership unit is redeemable for one common share of Camden Property Trust or cash at our election and holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Summit Partnership common limited partnership units, and one of our trust managers owns Camden Summit Partnership common limited partnership units.

We have Tax Protection Agreements, as amended, protecting the negative tax capital of certain holders of common units of limited partnership interest in the Camden Summit Partnership, which holders includes one of our Trust Managers as of December 31, 2020. The negative tax capital accounts of these certain unitholders totaled approximately $26.0 million in the aggregate as of December 31, 2020. In October 2020, we entered into a $40.0 million two-year unsecured floating rate term loan with an unrelated third party which supports the negative tax capital accounts. See Note 9, "Notes Payable", for a further discussion about this transaction.

6. 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 operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level.

We have recorded income, franchise, and excise taxes in the consolidated statements of income and comprehensive income for the years ended December 31, 2020, 2019 and 2018 as income tax expense. Income taxes for the years ended December 31, 2020, 2019 and 2018, primarily related to state income tax and federal taxes on certain of our taxable REIT subsidiaries. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries.

For income tax purposes, distributions to common shareholders are characterized as ordinary income, capital gains, or return of capital. A summary of the income tax characterization of our distributions paid per common share for the years ended December 31, 2020, 2019 and 2018 is set forth in the following table:

						Year Ended December 31,
						2020						2019						2018
Common Share Distributions
Ordinary income						$	3.22					$	2.53					$	2.99
Long-term capital gain						0.04						0.46						0.09
Return of capital						0.06						—						—
Unrecaptured Sec. 1250 gain						—						0.21						—
Total						$	3.32					$	3.20					$	3.08

We have taxable REIT subsidiaries which are subject to federal and state income taxes. At December 31, 2020, our taxable REIT subsidiaries had immaterial net operating loss carryforwards (“NOL’s”) related to 2017 and prior which expire in years 2034 to 2037 and no material benefits related to these NOL’s have been recognized in our consolidated financial statements. In accordance with the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") which was enacted in March 2020, 100% of NOL's are allowed to offset taxes in 2020, however, usage of any NOLs during 2021 and thereafter is limited to 80% of that year's taxable income. No material benefits related to NOLs were recognized in our 2020 consolidated financial statements.

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The carrying value of net assets reported in our consolidated financial statements at December 31, 2020 exceeded the tax basis by approximately $1.4 billion.

Income Tax Expense. We had income tax expense of approximately $2.0 million, $1.1 million and $1.4 million for the tax years ended December 31, 2020, 2019 and 2018, respectively, which was comprised mainly of state income tax and federal income tax related to one of our taxable REIT subsidiaries.

Income Tax Expense – Deferred. For the years ended December 31, 2020, 2019, and 2018, our deferred tax expense was not significant.

The income tax returns of Camden Property Trust and its subsidiaries are subject to examination by federal, state and local tax jurisdictions for years 2017 through 2019. Tax attributes generated in years prior to 2017 are also subject to challenge in any examination of those tax years. We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the periods presented.

The CARES Act was intended to support the economy during COVID-19 with technical corrections, or temporary modifications, to certain of the provisions of the Tax Cut and Jobs Act. These changes did not have a material impact on our consolidated financial statements.

7. Acquisitions and Dispositions

Asset Acquisition of Operating Properties. We did not acquire any operating properties during the year ended December 31, 2020. In December 2019, we acquired one operating property comprised of 186 apartment homes in Raleigh, North Carolina for approximately $75.1 million, and one operating property comprised of 552 apartment homes in Houston, Texas for approximately $147.2 million. We also acquired one operating property comprised of 326 apartment homes located in Austin, Texas for approximately $120.4 million in May 2019, and one operating property comprised of 316 apartment homes located in Scottsdale, Arizona for approximately $97.1 million in February 2019.

In 2018, we acquired one operating property comprised of 299 apartment homes located in Orlando, Florida, for approximately $89.8 million in September, one operating property comprised of 333 apartment homes located in Orlando, Florida, for approximately $81.4 million in February and one operating property comprised of 358 apartment homes located in St. Petersburg, Florida, for approximately $126.9 million in January.

Acquisitions of Land. During the year ended December 31, 2020, we acquired approximately 4.1 acres of land in Durham, North Carolina for approximately $27.6 million for the future development of approximately 354 apartment homes. We also acquired approximately 4.9 acres of land in Raleigh, North Carolina for approximately $18.2 million for the future development of approximately 355 apartment homes.

In connection with the acquisition of the operating property in Houston, Texas in December 2019, we acquired approximately 2.3 acres of land adjacent to the operating property for approximately $8.0 million for the future development of approximately 300 apartment homes. During the year-ended December 31, 2019, we also acquired approximately 11.6 acres of land in Tempe, Arizona for approximately $18.0 million for the development of 397 apartment homes and approximately 4.3 acres of land in Charlotte, North Carolina for approximately $10.9 million for the development of 387 apartment homes.

During the year ended December 31, 2018, we acquired approximately 1.8 acres of land in Orlando, Florida for approximately $11.4 million for the development of a community with 360 apartment homes.

Land Holding Dispositions. During the year ended December 31, 2020, we sold approximately 4.7 acres of land adjacent to one of our operating properties in Raleigh, North Carolina for approximately $0.8 million and recognized a gain of $0.4 million. During the year ended December 31, 2018, we sold approximately 14.1 acres of land adjacent to two development properties in Phoenix, Arizona for approximately $11.5 million.

Sale of Operating Properties. We did not sell any operating properties during the years ended December 31, 2020 or 2018. During the fourth quarter of 2019, we sold our remaining three operating properties in Corpus Christi, Texas. The operating properties sold included two consolidated communities comprised of 632 apartment homes and one joint venture community comprised of 270 apartment homes. The total net proceeds recognized from the disposition of the two consolidated communities was approximately $69.4 million and we recognized a gain of approximately $49.9 million. See Note 8, "Investments in Joint Ventures" for further discussion of the joint venture community.

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8. Investments in Joint Ventures

Our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consists of three funds (collectively, the "Funds"). At December 31, 2020, 2019, and 2018, we had two discretionary investment funds in which we had an ownership interest of 31.3% in each of these funds. In March 2015, we completed the formation of a third fund with an unaffiliated third party for additional multifamily investments of up to $450.0 million. In June 2019, we amended the third fund's agreement, among other things, to reduce the investments from $450.0 million to approximately $360.0 million and increase our ownership interest from 20% to 40%. This third fund did not own any properties in 2020, 2019, or 2018. We provide property and asset management and other services to the Funds which own operating properties and we may also provide construction and development services to the Funds which own properties under development. The following table summarizes the combined balance sheet and statement of income data for the Funds as of and for the periods presented:

(in millions)			2020						2019
Total assets			$	691.5					$	685.0
Total third-party debt			509.1						496.9
Total equity			149.1						153.4

			2020						2019						2018
Total revenues (1)			$	128.5					$	131.7					$	127.4
Gain on sale of operating property (2)			—						19.8						—
Net income			15.8						37.5						16.4
Equity in income (3) (4)			8.1						14.8						7.8

*(1)*Total revenues for the year ended December 31, 2020 includes approximately $1.3 million of Resident Relief Funds payments which was recorded as a reduction to property revenues.

*(2)*In December 2019, one of the funds sold one operating property comprised of 270 apartment homes for approximately $38.5 million.

*(3)*Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

*(4)*Equity in income for the year ended December 31, 2020 includes our ownership interest of the Resident Relief Funds payments of approximately $0.4 million. Equity in income for the year ended December 31, 2019 includes our ownership interest of the gain on sale of the operating property of approximately $6.2 million.

The Funds in which we have a partial interest have been funded in part with secured third-party debt. As of December 31, 2020, we had no outstanding guarantees related to debt of the Funds.

We may earn fees for property and asset management, construction, development, and other services related to joint ventures in which we own an equity interest and may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to these joint ventures to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $7.6 million, $6.8 million, and $5.7 million for the years ended December 31, 2020, 2019, and 2018, respectively.

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9. Notes Payable

The following is a summary of our indebtedness:

						December 31,
(in millions)						2020						2019
Commercial banks
Unsecured credit facility						$	—					$	44.0
1.85% Term loan, due 2022						39.7						99.7
						$	39.7					$	143.7
Senior unsecured notes
3.15% Notes, due 2022						$	348.6					$	348.0
5.07% Notes, due 2023						248.9						248.4
4.36% Notes, due 2024						249.2						249.0
3.68% Notes, due 2024						248.4						248.0
3.74% Notes, due 2028						397.3						396.7
3.67% Notes, due 2029 (1)						594.3						593.7
2.91% Notes, due 2030						743.5						—
3.41% Notes, due 2049						296.7						296.6
						$	3,126.9					$	2,380.4
Total notes payable (2)						$	3,166.6					$	2,524.1

*(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 $23.4 million and $19.9 million are included in senior unsecured notes payable as of December 31, 2020 and 2019, respectively.

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 December 31, 2020 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 December 31, 2020, we had no borrowings outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $12.0 million, leaving approximately $888.0 million available under our credit facility.

In April 2020, we issued $750 million aggregate principal amount of 2.80% senior unsecured notes due May 15, 2030 (the "2030 Notes") under our then-existing shelf registration statement. The 2030 Notes were offered to the public at 99.929% of their face amount with a stated rate of 2.80%. We received net proceeds of approximately $743.1 million, net of underwriting discounts and other estimated offering expenses. After giving effect to net underwriting discounts and other estimated offering expenses, the effective annual interest rate on the 2030 Notes is approximately 2.91%. Interest on the 2030 Notes is payable semi-annually on May 15 and November 15, beginning November 15, 2020. We may redeem the 2030 Notes, in whole or in part, at any time at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem the 2030 Notes within three months of the maturity date, the redemption price will equal 100% of the principal amount of the 2030 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2030 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness. We used the proceeds from the offering of the 2030 Notes to repay outstanding balances on our unsecured line of credit and intend to use the remaining balance for general corporate purposes which may include property acquisitions and development in the ordinary course of business, capital expenditures, and working capital where appropriate.

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In October 2020, we entered into a $40 million two-year unsecured floating rate term loan with an unrelated third party. The interest rate on the term loan is based on LIBOR plus a base rate. Also in October 2020, we used the net proceeds from the $40 million term loan together with cash on hand to repay the $100.0 million unsecured term loan which was scheduled to mature in 2022. As a result of the early repayment, we expensed approximately $0.2 million of unamortized loan costs, which are reflected in the loss on early retirement of debt in our consolidated statements of income and comprehensive income.

In October 2019, we used the net proceeds from the 2049 Notes, together with cash on hand, to fund the early redemption of all of the $250 million aggregate principal amount of our 4.78% effective rate Senior Notes due 2021, plus a make-whole premium and accrued and unpaid interest to the date of redemption, and to prepay all of the approximately $45.3 million aggregate principal amount of our 4.38% secured conventional mortgage note due 2045, plus a prepayment premium and interest to the date of repayment. In connection with these transactions, we recorded an approximate 12.0 million loss on early retirement of debt in the fourth quarter of 2019.

At December 31, 2020, we had $39.7 million outstanding floating rate debt with a weighted average interest rate of approximately 1.9%. At December 31, 2019, we had outstanding floating rate debt of approximately $143.7 million which included amounts borrowed under our unsecured credit facility with a weighted average interest rate of approximately 2.7%.

Our indebtedness had a weighted average maturity of 8.4 years at December 31, 2020. 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 December 31, 2020:

(in millions) (1)						Amount (2)						Weighted Average Interest Rate (3)
2021						$	(3.7)					—		%
2022						386.3						3.0		%
2023						247.3						5.1
2024						497.9						4.0
2025						(1.8)						—
Thereafter						2,040.6						3.4
Total						$3,166.6						3.6		%

*(1)*Includes all available extension options.

*(2)*Includes amortization of debt discounts and debt issuance costs.

*(3)*Includes the effects of the applicable settled forward interest rate swaps.

10. 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 principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. 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. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements" for a further discussion of derivative financial instruments.

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 and caps 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. Interest rate caps involve the receipt of variable rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium.

Designated Hedges. The gain or loss on the 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 presented in the same line item as the earnings effect of the hedged item.

In connection with the issuance of our 3.74% Notes due 2028 in October 2018, we settled an aggregate of $400.0 million forward interest rate swap designated hedges resulting in a cash receipt of approximately $15.9 million which was recorded in accumulated other comprehensive income on our consolidated balance sheets and will be recognized over the 10-year life of the issued debt as an adjustment to interest expense. In connection with the 2029 Notes issued in June 2019, we settled all of our remaining outstanding forward interest rate swaps with a total notional value of $300.0 million resulting in a net cash payment of approximately $20.4 million. Amounts in other comprehensive income associated with the settled forward interest rate swaps of our 3.67% Notes will be reclassified to interest expense through 2026. As of December 31, 2020, the

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amount we expect to be reclassified into earnings in the next 12 months as an increase to interest expense is approximately $1.3 million. At December 31, 2020 and 2019, we did not have any designated hedges outstanding.

Non-Designated Hedges. Derivatives are not entered into for trading or speculative purposes and are used to manage our exposure to interest rate movements and other identified risks. Our non-designated hedges are either specifically non-designated by management or do not meet strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings in interest and other income. At December 31, 2020 and 2019, we did not have any non-designated hedges outstanding.

The table below presents the effect of our derivative financial instruments in the consolidated statements of income and comprehensive income for the years ended December 31, 2020, 2019, and 2018:

(in millions)						Unrealized Gain (Loss) Recognized in Other Comprehensive Income (“OCI”) on Derivatives																		Location of Gain (Loss) Reclassified from Accumulated OCI into Income						Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Cash Flow Hedging Relationships						2020						2019						2018												2020						2019						2018
Interest Rate Swaps						$	—					$	(13.0)					$	6.8					Interest expense						$	(1.3)					$	0.1					0.4

11. Share-based Compensation and Benefit Plans

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 the Company’s 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 officers and employees of the Company or any of its subsidiaries, Trust Managers of the Company, and certain consultants and advisors to the Company or any of its subsidiaries. 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 set forth 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 December 31, 2020, there were approximately 7.0 million common shares available under the 2018 Share Plan, which would result in approximately 2.0 million shares which could be granted pursuant to full value awards conversion ratios as defined under the plan.

Total compensation cost for option and share awards charged against income was approximately $15.3 million, $16.8 million, and $17.8 million for 2020, 2019 and 2018, respectively. Total capitalized compensation cost for option and share awards was approximately $3.4 million for each of the years ended December 31, 2020 and 2019, and was approximately $3.0 million for the year ended December 31, 2018.

A summary of activity under our share incentive plans for the year ended December 31, 2020 is shown below:

						Nonvested Share Awards Outstanding						Weighted Average Exercise / Grant Price
Nonvested share awards outstanding at December 31, 2019						264,654						$	90.44
Granted						181,298						113.46
Exercised/Vested						(196,464)						95.12
Forfeited						(9,760)						103.61
Total nonvested share awards outstanding at December 31, 2020						239,728						$	103.48

Options. Stock options other than reload options have a contractual life of ten years and vest over periods up to three years. Reload options vest at the grant date. Reload options granted in 2018 were for the number of shares tendered as payment for the exercise price upon the exercise of the option with a reload provision. The reload options granted in 2018 had an exercise price equal to the fair market value of a common share on the date of grant and expired on the same date as the original options which were exercised. None of our current incentive compensation plans carry reload option rights, and all of our obligations relating to reload options were satisfied as of December 31, 2019. Expense for stock options is based on grant date fair value and recognized on a straight-line method over the vesting period.

We estimated the fair values of each option award on the date of grant using the Black-Scholes option pricing model. There were no options granted in the years ended December 31, 2020 or 2019. The weighted-average fair value of reload stock options granted during the year ended December 31, 2018 and the weighted-average assumptions for such grants were as follows:

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																		Year Ended December 31, 2018
Weighted average fair value of options granted																		$4.11
Expected volatility																		15.1%
Risk-free interest rate																		2%
Expected dividend yield																		3.3%
Expected life																		1 year

Our computations of expected volatility for 2018 was based on the historical volatility of our common shares over a time period equal to the expected life of the option and ending on the grant date, and the interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield on our common shares was based on the historical dividend yield over the expected term of the options granted. Our computation of expected life was based upon historical experience of similar awards, giving consideration to the contractual terms of the share-based awards.

The total intrinsic value of options exercised was approximately $2.0 million during the year ended December 31, 2018. At December 31, 2020 and December 2019, there were no unrecognized compensation costs related to unvested options and there were no options outstanding.

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.

At December 31, 2020, 2019 and 2018, the weighted average fair value of share awards granted was $113.46, $98.84 and $82.81, respectively. The total fair value of shares vested during the years ended December 31, 2020, 2019 and 2018 was approximately $18.7 million, $25.5 million, and $24.0 million, respectively. At December 31, 2020, the unamortized value of previously issued unvested share awards was approximately $12.9 million which is expected to be amortized over the next two years.

Employee Share Purchase Plan (“ESPP”). In May 2018, our shareholders approved the 2018 Employee Share Purchase Plan (the "2018 ESPP") which amends and restates our 1999 Employee Share Purchase Plan (the "1999 ESPP") effective with the offering period commencing in June 2018. Under the 2018 ESPP, we may issue up to a total of approximately 500,000 common shares. The 2018 ESPP permits eligible employees to purchase our common shares either through payroll deductions or through semi-annual contributions. Each offering period has a six month duration commencing in June and December for which shares may be purchased at 85% of the market value, as defined on the first or last day of the offering period, whichever price is lower. We currently use treasury shares to satisfy ESPP share requirements. Each participant must hold the shares purchased for nine months in order to receive the discount, and a participant may not purchase more than $25,000 in value of shares during any plan year, as defined. The following table presents information related to our ESPP:

			2020						2019						2018
Shares purchased			22,496						22,032						15,330
Weighted average fair value of shares purchased			$	95.97					$	105.93					$	90.93
Expense recorded (in millions)			$	0.3					$	0.4					$	0.2

Rabbi Trust. We established a rabbi trust for a select group of participants in which share awards granted under the share incentive plan and salary and other cash amounts earned may be deposited. The rabbi trust was only in use for deferrals made prior to 2005, including bonuses related to service in 2004 but paid in 2005. The rabbi trust was an irrevocable trust and no portion of the trust fund may be used for any purpose other than the delivery of those assets to the participants. The assets held in the rabbi trust are subject to the claims of our general creditors in the event of bankruptcy or insolvency.

The value of the assets of the rabbi trust is consolidated into our financial statements. Granted share awards held by the rabbi trust are classified in equity in a manner similar to the manner in which treasury stock is accounted. Subsequent changes in the fair value of the shares are not recognized. The deferred compensation obligation is classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. At December 31, 2020 and 2019, approximately 1.4 million share awards were held in the rabbi trust. Additionally, as of December 31, 2020 and 2019, the rabbi trust held trading securities totaling approximately $11.3 million and $12.5 million, respectively, which represents cash

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deferrals made by plan participants. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly.

At December 31, 2020 and 2019, approximately $16.5 million and $17.3 million, respectively, was required to be paid to us by plan participants upon the withdrawal of any assets from the rabbi trust, and is included in “Accounts receivable-affiliates” in our consolidated financial statements.

Non-Qualified Deferred Compensation. In 2004, we established a Non-Qualified Deferred Compensation Plan which is an unfunded arrangement established and maintained primarily for the benefit of a select group of participants. Eligible participants commence participation in this plan on the date the deferral election first becomes effective. We credit to the participant's account an amount equal to the amount designated as the participant's deferral for the plan year as indicated in the participant's deferral election(s). Any modification to or termination of the plan will not reduce a participant's right to any vested amounts already credited to his or her account. Approximately 0.9 million and 0.8 million share awards were held in the plan at December 31, 2020 and 2019, respectively. Additionally, as of December 31, 2020 and 2019, the plan held trading securities totaling approximately $118.5 million and $139.3 million, respectively, which represents cash deferrals made by plan participants and diversification of share awards within the plan to trading securities. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly. The assets held in the Non-Qualified Deferred Compensation Plan are subject to the claims of our general creditors in the event of bankruptcy or insolvency.

The Non-Qualified Deferred Compensation Plan previously permitted participants in the plan to diversify their shares into other equity securities subject to a six-month holding period. In December 2018, the plan was amended and restated and effective January 1, 2019 participants in the Non-Qualified Deferred Compensation Plan were no longer able to diversify their common shares; accordingly, the fully vested share awards and the proportionate share of nonvested share awards previously eligible for diversification were reclassified on the effective date from temporary equity into additional paid-in capital in our consolidated balance sheet.

The following table summarizes the eligible share award activity for the year ended December 31, 2018, prior to the amendment effective January 1, 2019:

(in thousands)												2018
Temporary equity:
Balance at beginning of period												$	77,230
Change in classification												16,407
Change in redemption value												(669)
Diversification of share awards (429 shares during December 31, 2018)												(40,294)
Balance at December 31, 2018												$	52,674

401(k) Savings Plan. We have a 401(k) savings plan which is a voluntary defined contribution plan, and provides participating employees the ability to elect to contribute up to 60 percent of eligible compensation, subject to limitations as defined by the federal tax code, with the Company making matching contributions up to a predetermined limit. The matching contributions made for the years ended December 31, 2020, 2019, and 2018 were approximately $3.4 million, $3.1 million, and $2.9 million, respectively. Employees become vested in our matching contributions 33% after one year of service, 67% after two years of service and 100% after three years of service.

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12. Fair Value Measurements

Recurring Fair Value Disclosures. The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2020 and 2019 using the inputs and fair value hierarchy discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements”:

Financial Instruments Measured at Fair Value on a Recurring Basis

			December 31, 2020																								December 31, 2019
(in millions)			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total						Quoted 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)			$	129.8					$	—					$	—					$	129.8					$	151.8					$	—					$	—					$	151.8

*(1)*Approximately $37.8 million and $18.0 million of participant cash was withdrawn from our deferred compensation plan investments during the years ended December 31, 2020 and 2019, respectively.

Nonrecurring Fair Value Disclosures. The nonrecurring fair value disclosures inputs under the fair value hierarchy are discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements.” We had no asset acquisitions of operating properties during the year ended December 31, 2020 and four asset acquisitions of operating properties during the year ended December 31, 2019. We recorded the real estate assets and identifiable above and below market and in-place leases at their relative fair values based upon methods similar to those used by independent appraisers of income producing properties. The fair value measurements associated with the valuation of these acquired assets represent Level 3 measurements within the fair value hierarchy. See Note 7, "Acquisitions and Dispositions" for a further discussion about these acquisitions.

Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at December 31, 2020 and 2019, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."

			December 31, 2020												December 31, 2019
(in millions)			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Fixed rate notes payable			$	3,126.9					$	3,519.9					$	2,380.4					$	2,533.5
Floating rate notes payable (1)			39.7						40.0						143.7						143.8

*(1)*Includes balances outstanding under our unsecured credit facility at December 31, 2019.

13. Net Change in Operating Accounts

The effect of changes in the operating accounts and other on cash flows from operating activities is as follows:

			Year Ended December 31,
(in thousands)			2020						2019						2018
Change in assets:
Other assets, net			$	(5,235)					$	(6,976)					$	10,364
Change in liabilities:
Accounts payable and accrued expenses			(62)						19,713						(4,133)
Accrued real estate taxes			11,745						(1,014)						1,910
Other liabilities			997						23,119						(1,486)
Other			2,060						3,252						2,898
Change in operating accounts and other			$	9,505					$	38,094					$	9,553

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14. Commitments and Contingencies

Construction Contracts. As of December 31, 2020, we estimate the additional cost to complete the seven consolidated projects currently under construction to be approximately $325.4 million. We expect to fund this amount 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 ATM programs, other unsecured borrowings or secured mortgages.

Litigation. We are subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements.

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 December 31, 2020, we had approximately $1.4 million earnest money deposits, of which $0.8 million was non-refundable, for potential acquisitions of operating properties and land and are included in other assets, net in our consolidated balance sheet.

Lease Commitments. Substantially all of our operating leases recorded in our consolidated balance sheets are related to office facility leases. We had no significant changes to our lessee lease commitments for the year ended December 31, 2020. 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 ("ROU") 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.

The following is a summary of our operating lease related information:

($ in millions)												As of December 31,
Balance sheet						Classification						2020			2019
Right-of-use assets, net						Other assets, net						$	9.2		$	10.6
Operating lease liabilities						Other liabilities						$	13.0		$	15.0

($ in millions)															Year ended
Statement of income and comprehensive income						Classification									2020			2019
Rent expense related to operating lease liabilities						General and administrative expenses and property management expenses									$	3.0		$	2.9
Variable lease expense						General and administrative expenses and property management expenses									1.3			1.4
Total lease expense															$	4.3		$	4.3

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($ in millions)															Year ended
Statement of cash flows						Classification									2020			2019
Cash flows from operating leases						Net cash from operating activities									$	3.3		$	3.1
Supplemental lease information
Weighted average remaining lease term (years)															4.4			5.3
Weighted average discount rate - operating leases (1)															4.8		%	4.9		%

*(1)*We use a secured incremental borrowing rate, as defined by ASC 842 based on an estimated secured rate with applicable adjustments, as most of our lease contracts do not provide a readily determinable implicit rate.

The following is a summary of our maturities of our lease liabilities as of December 31, 2020:

(in millions)
Year ended December 31,			Operating Leases
2021			$	3.5
2022			3.1
2023			3.0
2024			2.8
2025			2.0
Thereafter			0.1
Less: discount for time value			(1.5)
Lease liability as of December 31, 2020			$	13.0

Prior to our adoption of ASU 2016-02 on January 1, 2019, rental expense for the year ended December 31, 2018 was approximately $3.8 million. Minimum annual rental commitments as of December 31, 2018 for the years ending December 31, 2019 through 2023 were approximately $2.9 million, $3.0 million, $3.1 million, $2.7 million and $2.6 million, respectively, and approximately $4.5 million in the aggregate thereafter.

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 directly by the joint venture or partnership. Our decision whether to hold the entire interest in an apartment community or land ourselves, or to have an indirect interest in the community or land through a joint venture or partnership, is based on a variety of factors and considerations, including: (i) our projection, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a joint venture or partnership vehicle is used; (ii) our desire to diversify our portfolio of investments by market; (iii) our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and (iv) the economic and tax terms required by a seller of land or of a community, who may prefer or who may require less payment if the land or community is contributed to a joint venture or partnership. Investments in joint ventures or partnerships are not limited to a specified percentage of our assets. Each joint venture or partnership agreement is individually negotiated, and our ability to operate or dispose of land or of a community in our sole discretion may be limited to varying degrees in our existing joint venture agreements and may be limited to varying degrees depending on the terms of future joint venture agreements.

Employment Agreements. At December 31, 2020, we had employment agreements with 12 of our senior officers, the terms of which expire at various times through August 20, 2021. Such agreements provide for minimum salary levels as well as various incentive compensation arrangements, which are payable based on the attainment of specific goals. The agreements also provide for severance payments plus a gross-up payment if certain situations occur, such as termination without cause or a change of control. In the case of 9 of the agreements, the severance payment equals one times the respective current annual base salary in the case of termination without cause and 2.99 times the respective average annual base salary over the previous three fiscal years in the case of a change of control and a termination of employment or a material adverse change in the scope of their duties. In the case of one agreement, the severance payment equals one times the respective current annual base salary for termination without cause and 2.99 times the greater of current gross income or average gross income over the previous three fiscal years in the case of a change of control. In the case of the other two agreements, the severance payment generally equals 2.99 times the respective average annual compensation over the previous three fiscal years in connection with, among other things, a termination without cause or a change of control, and the officer would be entitled to receive continuation and vesting of certain benefits in the case of such termination.

F-26

Table of Contents

Camden Property Trust Real Estate and Accumulated Depreciation As of December 31, 2020 (in thousands)																																																						Schedule III
			Initial Cost																		Total Cost
			Land						Building/ Construction in Progress & Improvements						Cost Subsequent to Acquisition/ Construction						Land						Building/ Construction in Progress & Improvements						Total						Accumulated Depreciation						Total Cost, Net of Accumulated Depreciation												Year of Completion/ Acquisition
Current communities (1):
ARIZONA
Phoenix/Scottsdale
Camden Chandler			$	5,511					$	62,429					$	753					$	5,511					$	63,182					$	68,693					$	14,121					$	54,572											2016
Camden Copper Square			4,825						23,672						9,561						4,825						33,233						38,058						21,673						16,385												2000
Camden Foothills			11,006						33,712						458						11,006						34,170						45,176						8,618						36,558												2014
Camden Legacy			4,068						26,612						21,934						4,068						48,546						52,614						31,381						21,233												1998
Camden Montierra			13,687						31,727						6,195						13,687						37,922						51,609						12,158						39,451												2012
Camden North End I			16,108						82,620						160						16,108						82,780						98,888						13,887						85,001												2019
Camden Old Town Scottsdale			23,227						71,784						2,749						23,227						74,533						97,760						9,584						88,176												2019
Camden Pecos Ranch			3,362						24,492						6,299						3,362						30,791						34,153						11,785						22,368												2012
Camden San Marcos			11,520						35,166						6,737						11,520						41,903						53,423						13,809						39,614												2012
Camden San Paloma			6,480						23,045						11,854						6,480						34,899						41,379						20,795						20,584												2002
Camden Sotelo			3,376						30,576						1,962						3,376						32,538						35,914						8,630						27,284												2013
Camden Tempe (2)			9,248						35,254						771						9,248						36,025						45,273						8,532						36,741												2015
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley			9,381						54,210						13,082						9,381						67,292						76,673						39,866						36,807												2001
Camden Glendale			21,492						96,158						732						21,492						96,890						118,382						21,152						97,230												2015
Camden Harbor View			16,079						127,459						39,171						16,079						166,630						182,709						79,336						103,373												2003
Camden Main and Jamboree			17,363						75,387						3,129						17,363						78,516						95,879						25,841						70,038												2008
Camden Martinique			28,401						51,861						30,528						28,401						82,389						110,790						52,954						57,836												1998
Camden Sea Palms			4,336						9,930						9,082						4,336						19,012						23,348						11,732						11,616												1998
The Camden			18,286						118,730						377						18,286						119,107						137,393						23,120						114,273												2016
San Diego/Inland Empire
Camden Landmark			17,339						71,315						4,351						17,339						75,666						93,005						22,122						70,883												2012
Camden Old Creek			20,360						71,777						9,796						20,360						81,573						101,933						35,368						66,565												2007
Camden Sierra at Otay Ranch			10,585						49,781						14,183						10,585						63,964						74,549						32,621						41,928												2003
Camden Tuscany			3,330						36,466						8,594						3,330						45,060						48,390						23,277						25,113												2003
Camden Vineyards			4,367						28,494						5,550						4,367						34,044						38,411						19,340						19,071												2002
COLORADO
Denver
Camden Belleview Station			8,091						44,003						8,474						8,091						52,477						60,568						14,388						46,180												2012
Camden Caley			$	2,047					$	17,445					$	11,980					$	2,047					$	29,425					$	31,472					$	17,033					$	14,439											2000
Camden Denver West			6,396						51,552						13,376						6,396						64,928						71,324						19,601						51,723												2012
Camden Flatirons			6,849						72,631						1,244						6,849						73,875						80,724						18,465						62,259												2015
Camden Highlands Ridge			2,612						34,726						23,709						2,612						58,435						61,047						34,607						26,440												1996
Camden Interlocken			5,293						31,612						20,839						5,293						52,451						57,744						31,535						26,209												1999
Camden Lakeway			3,915						34,129						28,057						3,915						62,186						66,101						38,614						27,487												1997
Camden Lincoln Station			4,648						51,762						515						4,648						52,277						56,925						9,960						46,965												2017
Camden RiNo			15,989						62,868						—						15,989						62,868						78,857						2,399						76,458												2020
WASHINGTON DC METRO
Camden Ashburn Farm			4,835						22,604						6,316						4,835						28,920						33,755						14,082						19,673												2005
Camden College Park			16,409						91,503						8,253						16,409						99,756						116,165						32,039						84,126												2008
Camden Dulles Station			10,807						61,548						12,108						10,807						73,656						84,463						27,856						56,607												2008
Camden Fair Lakes			15,515						104,223						14,790						15,515						119,013						134,528						57,384						77,144												2005
Camden Fairfax Corner			8,484						72,953						11,140						8,484						84,093						92,577						39,342						53,235												2006
Camden Fallsgrove			9,408						43,647						6,683						9,408						50,330						59,738						24,807						34,931												2005
Camden Grand Parc			7,688						35,900						4,977						7,688						40,877						48,565						18,742						29,823												2005
Camden Lansdowne			15,502						102,267						27,898						15,502						130,165						145,667						61,283						84,384												2005
Camden Largo Town Center			8,411						44,163						5,074						8,411						49,237						57,648						23,359						34,289												2005
Camden Monument Place			9,030						54,089						9,600						9,030						63,689						72,719						25,689						47,030												2007
Camden NoMa			19,442						82,306						776						19,442						83,082						102,524						22,724						79,800												2014
Camden NoMa II			17,331						91,211						166						17,331						91,377						108,708						25,714						82,994												2017
Camden Potomac Yard			16,498						88,317						15,059						16,498						103,376						119,874						39,770						80,104												2008
Camden Roosevelt			11,470						45,785						7,065						11,470						52,850						64,320						23,892						40,428												2005
Camden Russett			13,460						61,837						8,442						13,460						70,279						83,739						33,871						49,868												2005
Camden Shady Grove			24,177						89,820						342						24,177						90,162						114,339						21,123						93,216												2018
Camden Silo Creek			9,707						45,301						9,538						9,707						54,839						64,546						25,354						39,192												2005
Camden Washingtonian			13,512						75,134						70						13,512						75,204						88,716						12,209						76,507												2018
FLORIDA
Southeast Florida
Camden Aventura			12,185						47,616						15,563						12,185						63,179						75,364						32,596						42,768												2005
Camden Boca Raton			2,201						50,057						721						2,201						50,778						52,979						12,412						40,567												2014
Camden Brickell			14,621						57,031						35,211						14,621						92,242						106,863						42,270						64,593												2005
Camden Doral			10,260						40,416						8,224						10,260						48,640						58,900						24,218						34,682												2005
Camden Doral Villas			6,476						25,543						8,210						6,476						33,753						40,229						17,672						22,557												2005
Camden Las Olas			12,395						79,518						31,588						12,395						111,106						123,501						50,458						73,043												2005
Camden Plantation			6,299						77,964						16,862						6,299						94,826						101,125						44,773						56,352												2005
Camden Portofino			$	9,867					$	38,702					$	11,171					$	9,867					$	49,873					$	59,740					$	24,477					$	35,263											2005
Orlando
Camden Hunter's Creek			4,156						20,925						6,990						4,156						27,915						32,071						14,517						17,554												2005
Camden Lago Vista			3,497						29,623						6,651						3,497						36,274						39,771						18,649						21,122												2005
Camden LaVina			12,907						42,617						1,714						12,907						44,331						57,238						14,767						42,471												2012
Camden Lee Vista			4,350						34,643						15,586						4,350						50,229						54,579						28,486						26,093												2000
Camden North Quarter			9,990						68,471						1,372						9,990						69,843						79,833						12,524						67,309												2018
Camden Orange Court			5,319						40,733						4,298						5,319						45,031						50,350						18,787						31,563												2008
Camden Thornton Park			11,711						74,628						2,677						11,711						77,305						89,016						10,633						78,383												2018
Camden Town Square			13,127						45,997						1,509						13,127						47,506						60,633						14,502						46,131												2012
Camden World Gateway			5,785						51,821						9,172						5,785						60,993						66,778						29,826						36,952												2005
Tampa/St. Petersburg
Camden Bay			7,450						63,283						30,526						7,450						93,809						101,259						52,322						48,937												1998/2002
Camden Montague			3,576						16,534						1,041						3,576						17,575						21,151						5,954						15,197												2012
Camden Pier District			16,704						105,383						1,496						16,704						106,879						123,583						19,447						104,136												2018
Camden Preserve			1,206						17,982						13,397						1,206						31,379						32,585						20,879						11,706												1997
Camden Royal Palms			2,147						38,339						4,787						2,147						43,126						45,273						18,719						26,554												2007
Camden Westchase Park			11,955						36,254						1,267						11,955						37,521						49,476						11,743						37,733												2012
GEORGIA
Atlanta
Camden Brookwood			7,174						31,984						14,571						7,174						46,555						53,729						22,761						30,968												2005
Camden Buckhead Square			13,200						43,785						1,312						13,200						45,097						58,297						6,976						51,321												2017
Camden Creekstone			5,017						19,912						5,784						5,017						25,696						30,713						8,458						22,255												2012
Camden Deerfield			4,895						21,922						12,895						4,895						34,817						39,712						17,201						22,511												2005
Camden Dunwoody			5,290						23,642						10,388						5,290						34,030						39,320						18,313						21,007												2005
Camden Fourth Ward			10,477						51,258						1,948						10,477						53,206						63,683						13,726						49,957												2014
Camden Midtown Atlanta			6,196						33,828						11,848						6,196						45,676						51,872						23,659						28,213												2005
Camden Paces			15,262						102,521						1,597						15,262						104,118						119,380						26,304						93,076												2015
Camden Peachtree City			6,536						29,063						9,033						6,536						38,096						44,632						19,559						25,073												2005
Camden Shiloh			4,181						18,798						6,492						4,181						25,290						29,471						13,746						15,725												2005
Camden St. Clair			7,526						27,486						9,090						7,526						36,576						44,102						19,637						24,465												2005
Camden Stockbridge			5,071						22,693						5,789						5,071						28,482						33,553						14,670						18,883												2005
Camden Vantage			11,787						68,822						10,630						11,787						79,452						91,239						21,013						70,226												2013
NORTH CAROLINA
Charlotte
Camden Ballantyne			$	4,503					$	30,250					$	10,512					$	4,503					$	40,762					$	45,265					$	21,701					$	23,564											2005
Camden Cotton Mills			4,246						19,147						7,938						4,246						27,085						31,331						14,770						16,561												2005
CoWork by Camden			814						3,422						24						814						3,446						4,260						428						3,832												2019
Camden Dilworth			516						16,633						4,820						516						21,453						21,969						9,736						12,233												2006
Camden Fairview			1,283						7,223						4,933						1,283						12,156						13,439						7,198						6,241												2005
Camden Foxcroft			1,408						7,919						5,158						1,408						13,077						14,485						7,619						6,866												2005
Camden Foxcroft II			1,152						6,499						3,983						1,152						10,482						11,634						5,627						6,007												2005
Camden Gallery			7,930						51,957						967						7,930						52,924						60,854						10,823						50,031												2017
Camden Grandview			7,570						33,859						14,721						7,570						48,580						56,150						24,553						31,597												2005
Camden Grandview II			4,617						17,852						86						4,617						17,938						22,555						2,151						20,404												2019
Camden Sedgebrook			5,266						29,211						8,851						5,266						38,062						43,328						20,286						23,042												2005
Camden South End			6,625						29,175						16,872						6,625						46,047						52,672						22,233						30,439												2005
Camden Stonecrest			3,941						22,021						7,713						3,941						29,734						33,675						16,079						17,596												2005
Camden Touchstone			1,203						6,772						4,101						1,203						10,873						12,076						6,238						5,838												2005
Raleigh
Camden Carolinian			14,765						56,674						710						14,765						57,384						72,149						3,536						68,613												2019
Camden Crest			4,412						31,108						8,522						4,412						39,630						44,042						19,295						24,747												2005
Camden Governor's Village			3,669						20,508						8,108						3,669						28,616						32,285						14,146						18,139												2005
Camden Lake Pine			5,746						31,714						15,747						5,746						47,461						53,207						24,639						28,568												2005
Camden Manor Park			2,535						47,159						12,352						2,535						59,511						62,046						26,958						35,088												2006
Camden Overlook			4,591						25,563						10,955						4,591						36,518						41,109						20,155						20,954												2005
Camden Reunion Park			2,931						18,457						11,917						2,931						30,374						33,305						16,168						17,137												2005
Camden Westwood			4,567						25,519						10,304						4,567						35,823						40,390						17,997						22,393												2005
TEXAS
Austin
Camden Cedar Hills			2,684						20,931						4,520						2,684						25,451						28,135						10,403						17,732												2008
Camden Gaines Ranch			5,094						37,100						11,274						5,094						48,374						53,468						25,261						28,207												2005
Camden Huntingdon			2,289						17,393						11,233						2,289						28,626						30,915						21,695						9,220												1995
Camden La Frontera			3,250						32,376						872						3,250						33,248						36,498						8,815						27,683												2015
Camden Lamar Heights			3,988						42,773						1,025						3,988						43,798						47,786						11,477						36,309												2015
Camden Rainey Street			30,044						85,477						1,783						30,044						87,260						117,304						8,397						108,907												2019
Camden Stoneleigh			3,498						31,285						9,372						3,498						40,657						44,155						20,705						23,450												2006
Dallas/Fort Worth
Camden Addison			$	11,516					$	29,332					$	9,493					$	11,516					$	38,825					$	50,341					$	15,406					$	34,935											2012
Camden Belmont			12,521						61,522						7,295						12,521						68,817						81,338						20,709						60,629												2012
Camden Buckingham			2,704						21,251						12,005						2,704						33,256						35,960						23,104						12,856												1997
Camden Centreport			1,613						12,644						7,708						1,613						20,352						21,965						13,890						8,075												1997
Camden Cimarron			2,231						14,092						9,005						2,231						23,097						25,328						18,002						7,326												1997
Camden Farmers Market			17,341						74,193						31,968						17,341						106,161						123,502						59,444						64,058												2001/2005
Camden Henderson			3,842						15,256						983						3,842						16,239						20,081						5,229						14,852												2012
Camden Legacy Creek			2,052						12,896						7,782						2,052						20,678						22,730						15,174						7,556												1997
Camden Legacy Park			2,560						15,449						9,104						2,560						24,553						27,113						17,669						9,444												1997
Camden Valley Park			3,096						14,667						17,619						3,096						32,286						35,382						29,242						6,140												1994
Camden Victory Park			13,445						71,735						808						13,445						72,543						85,988						15,742						70,246												2016
Houston
Camden City Centre			4,976						44,735						12,248						4,976						56,983						61,959						22,860						39,099												2007
Camden City Centre II			5,101						28,131						716						5,101						28,847						33,948						9,105						24,843												2013
Camden Downtown I			7,813						123,397						—						7,813						123,397						131,210						8,257						122,953												2020
Camden Greenway			16,916						43,933						23,290						16,916						67,223						84,139						45,687						38,452												1999
Camden Highland Village			28,536						111,802						4,176						28,536						115,978						144,514						7,860						136,654												2019
Camden Holly Springs			11,108						42,852						13,726						11,108						56,578						67,686						21,516						46,170												2012
Camden McGowen Station			6,089						85,038						178						6,089						85,216						91,305						14,948						76,357												2018
Camden Midtown			4,583						18,026						12,575						4,583						30,601						35,184						21,009						14,175												1999
Camden Oak Crest			2,078						20,941						7,084						2,078						28,025						30,103						16,305						13,798												2003
Camden Park			4,922						16,453						7,146						4,922						23,599						28,521						9,217						19,304												2012
Camden Plaza			7,204						31,044						6,834						7,204						37,878						45,082						12,052						33,030												2007
Camden Post Oak			14,056						92,515						20,524						14,056						113,039						127,095						33,081						94,014												2013
Camden Royal Oaks			1,055						20,046						4,439						1,055						24,485						25,540						11,402						14,138												2006
Camden Royal Oaks II			587						12,743						28						587						12,771						13,358						4,124						9,234												2012
Camden Stonebridge			1,016						7,137						7,598						1,016						14,735						15,751						10,920						4,831												1993
Camden Sugar Grove			7,614						27,594						5,874						7,614						33,468						41,082						11,264						29,818												2012
Camden Travis Street			1,780						29,104						2,391						1,780						31,495						33,275						12,163						21,112												2010
Camden Vanderbilt			16,076						44,918						28,762						16,076						73,680						89,756						52,831						36,925												1994/1997
Camden Whispering Oaks			1,188						26,242						2,559						1,188						28,801						29,989						12,279						17,710												2008
Total current communities:			$	1,222,815					$	6,461,452					$	1,279,200					$	1,222,815					$	7,740,652					$	8,963,467					$	3,033,778					$	5,929,689
Communities under construction:
Name / location
Camden Atlantic Plantation, FL									$	38,297																	$	38,297					$	38,297											$	38,297											N/A
Camden Buckhead Atlanta, GA									116,645																		116,645						116,645						4						116,641												N/A
Camden Hillcrest San Diego, CA									64,251																		64,251						64,251												64,251												N/A
Camden Lake Eola Orlando, FL									116,667																		116,667						116,667						33						116,634												N/A
Camden NoDa Charlotte, NC									27,749																		27,749						27,749												27,749												N/A
Camden North End II (3) Phoenix, AZ									70,378																		70,378						70,378						371						70,007												N/A
Camden Tempe II Tempe, AZ									30,735																		30,735						30,735												30,735												N/A
Total communities under construction:			$	—					$	464,722					$	—					$	—					$	464,722					$	464,722					$	408					$	464,314
Development pipeline communities:
Name/location
Camden Arts District Los Angeles, CA									$	33,001																	$	33,001					$	33,001											$	33,001											N/A
Camden Cameron Village Raleigh, NC									20,852																		20,852						20,852												20,852												N/A
Camden Downtown II Houston, TX									12,057																		12,057						12,057												12,057												N/A
Camden Durham Durham, NC									28,373																		28,373						28,373												28,373												N/A
Camden Highland Village II Houston, TX									8,507																		8,507						8,507												8,507												N/A
Camden Paces III Atlanta, GA									16,825																		16,825						16,825												16,825												N/A
Total development pipeline communities:			$	—					$	119,615					$	—					$	—					$	119,615					$	119,615					$	—					$	119,615
Corporate									5,373												—						5,373						5,373												5,373												N/A
			$	—					$	5,373					$	—					$	—					$	5,373					$	5,373					$	—					$	5,373
TOTAL			$	1,222,815					$	7,051,162					$	1,279,200					$	1,222,815					$	8,330,362					$	9,553,177					$	3,034,186					$	6,518,991

*(1)*All communities were unencumbered at December 31, 2020.

*(2)*Property formerly known as Camden Hayden.

*(3)*Property is in lease-up at December 31, 2020. Balances presented here include costs which are including in buildings and improvements and land on the consolidated balance sheet at December 31, 2020. These costs related to completed unit turns for this property.

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Camden Property Trust Real Estate and Accumulated Depreciation As of December 31, 2020 (in thousands)			Schedule III

The changes in total real estate assets for the years ended December 31:

			2020						2019						2018
Balance, beginning of period			$	9,115,793					$	8,328,475					$	7,667,743
Additions during period:
Acquisition of operating properties			—						422,309						286,901
Development and repositions			349,890						341,236						300,294
Improvements			87,865						75,360						84,841
Deductions during period:
Cost of real estate sold – other			(371)						(51,587)						(11,304)
Balance, end of period			$	9,553,177					$	9,115,793					$	8,328,475
The changes in accumulated depreciation for the years ended December 31:
			2020						2019						2018
Balance, beginning of period			$	2,686,025					$	2,403,149					$	2,118,839
Depreciation of real estate assets			348,161						317,026						284,310
Dispositions			—						(34,150)						—
Balance, end of period			$	3,034,186					$	2,686,025					$	2,403,149

The aggregate cost for federal income tax purposes at December 31, 2020 was $8.6 billion.

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Camden Property Trust Mortgage Loans on Real Estate As of December 31, 2020																														Schedule IV
($ in thousands) Description						Interest Rate						Final Maturity Date						Periodic payment terms						Face amount of mortgages						Carry amount of mortgages (a)
Parking Garage Developer advances Houston, TX						(b)						October 1, 2025						(c)						$	6,423					$	6,423

(a) The aggregate cost at December 31, 2020 for federal income tax purposes was approximately $6,423.

(b) This loan currently bears interest at 7% on any unpaid principal balance.

(c) Payments will consist of annual interest and principal payments from October 1, 2020 to October 1, 2025.

Changes in mortgage loans for the years ended December 31 are summarized below:

			2020						2019						2018
Balance, beginning of period			$	7,868					$	9,314					$	18,790
Additions:
Advances under real estate loans			—						—						—
Deductions:
Collections of principal			(1,445)						(1,446)						(9,476)
Balance, end of period			$	6,423					$	7,868					$	9,314

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