Camden Property Trust (CPT) 10-K risk factor changes: FY2021 vs FY2020

- risks associated with [removed: the COVID-19 pandemic, as discussed below;][added: a pandemic;]

Short-term leases [added: could] expose us to the effects of declining market rents.

We [removed: face] [added: could be negatively impacted by the] risks associated with land holdings and related activities.

[removed: The ongoing COVID-19] [added: A] pandemic and measures intended to prevent its spread [removed: and impact have and continue to] [added: could] have a material adverse effect on our business, results of operations, cash flows, and financial condition.

[removed: The COVID-19] [added: A] pandemic [removed: has] [added: and emergence of new variants have] negatively impacted the global economy, disrupted financial markets and international trade, and resulted in [removed: increased] [added: varying] unemployment levels, all of which [added: have] negatively impacted the multifamily industry and the Company’s business.

[removed: The outbreak has] [added: Outbreaks have] led governments and other authorities around the world, including federal, state and local authorities in the United States, to impose measures intended to [removed: control] [added: mitigate] its spread, including restrictions on freedom of movement and business operations such as [added: issuing guidelines,] travel bans, border closings, business closures, [removed: quarantines] [added: quarantine orders,] and [removed: shelter-in-place orders.][added: orders not allowing the collection of rents, rent increases, or eviction of non-paying tenants.]

The impact of [removed: the COVID-19] [added: an ongoing] pandemic and measures to prevent its spread [removed: has] [added: have] negatively impacted and could continue to negatively impact our businesses in a number of ways, including our residents’ ability or willingness to pay rents and the demand for multifamily communities within the markets we operate.

In the event of resident nonpayment, default, or bankruptcy, we [removed: may] [added: could] incur costs in protecting our investment and re-leasing our property.

Additionally, local and national authorities [removed: may] [added: could] continue to expand and extend certain measures imposing restrictions on our ability to enforce contractual rental obligations upon our residents and tenants.

The restrictions inhibiting our employees’ ability to meet with existing and potential residents has disrupted and could in the future further disrupt our ability to lease apartments which [removed: has adversely impacted and] could [removed: continue to] adversely impact our rental rate and occupancy levels.

[removed: The COVID-19] [added: An ongoing] pandemic has [removed: also] caused, and [removed: is likely to] [added: could] continue to cause, severe economic, market and other disruptions worldwide.

In addition, the deterioration of economic conditions as a result of [removed: the] [added: a] pandemic [removed: may] [added: could] ultimately [removed: further] decrease occupancy levels and market rents across our portfolio as residents reduce or defer their spending.

Moreover, many of the other risk factors described within this Form 10-K [removed: may] [added: could] be more likely to impact us as a result of [removed: the COVID-19] [added: a] pandemic [removed: and the responses] [added: or measures intended] to curb its spread.

Development, [added: repositions,] redevelopment and construction risks could impact our profitability.

We intend to continue to develop, [removed: redevelop] [added: reposition, redevelop,] and construct multifamily apartment communities for our portfolio.

In [removed: 2021,] [added: 2022,] we expect to incur costs between approximately [removed: $220] [added: $150] million and [removed: $240] [added: $170] million related to the construction of [removed: seven] [added: five] consolidated projects.

Additionally, during [removed: 2021,] [added: 2022,] we expect to incur costs between approximately [removed: $65] [added: $150] million and [removed: $75] [added: $160] million related to the start of new development activities, between approximately [removed: $58] [added: $62] million and [removed: $62] [added: $66] million related to [removed: repositions] [added: repositions, redevelopment, repurposes,] and revenue enhancing expenditures [removed: of existing properties] and between approximately [removed: $70] [added: $80] million and [removed: $74] [added: $84] million of additional recurring capital expenditures.

Our development, [added: reposition,] redevelopment and construction activities may also be exposed to a number of risks which may delay timely completion, increase our construction costs and/or decrease our profitability, including the following:

- inability to complete construction [removed: and] [added: and/or] lease-up of a community on schedule;

Our inability to successfully implement our development, [added: repositions,] redevelopment and construction strategy could adversely affect our results of operations and our ability to satisfy our financial obligations and pay distributions to shareholders.

The terms of those construction contracts generally require this subsidiary to estimate the time and costs to complete a [removed: project to calculate the cost plus margin for the project fee, but not to exceed a maximum amount,] [added: project,] and [removed: to assume] [added: assumes] the risk when these estimates [removed: may be] [added: are] greater than anticipated.

As a result, profitability on those contracts is dependent on the ability to accurately predict [removed: such] [added: these] factors.

The time and costs necessary to complete a project may be affected by a variety of [removed: factors,] [added: factors] including, but not limited to, those listed above, many of which are beyond this subsidiary’s control.

[removed: Investments] [added: We could be impacted by our investments] through joint ventures and investment funds [added: which] involve risks not present in investments in which we are the sole investor.

These investments involve risks [removed: including,] [added: including] but not limited to, the possibility the other joint venture partner may have business goals which are inconsistent with ours, possess the ability to take or force action or withhold consent contrary to our requests, or become insolvent and require us [added: to assume and fulfill the joint venture’s financial obligations.]

- investors in the Funds (other than us) may remove our subsidiary as the general partner of the Funds with or without cause and the Funds’ advisory [removed: boards,] [added: boards] by a majority vote of their members, [added: and] may remove our subsidiary as the general partner of the Funds at any time for cause;

- while we have broad discretion to manage the Funds and make investment decisions on behalf of the Funds, the investors [removed: or] [added: of] the Funds' advisory boards must approve certain matters, and as a result we may be unable to make certain investments or implement certain decisions on behalf of the Funds which we consider beneficial;

- our ability to dispose of all or a portion of our investments in the Funds is subject to significant restrictions; [removed: and][added: and,]

- we may not be able to obtain adequate financing; [removed: and][added: and,]

Certain states and local municipalities have [removed: recently] adopted rent control or rent stabilization laws and regulations, imposing restrictions on amounts of rent increases which may be charged.

If we fail to qualify as a REIT in any taxable year we may be subject to federal and state income taxes for such [removed: year.][added: year and 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.]

Additionally, in order for us to continue to qualify as a REIT we must meet a number of organizational and operational [added: requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income.]

Such uses and the on-going advancement in technology give rise to potential cybersecurity risks with increasing sophistication, including but not limited to, security [removed: breach,] [added: breaches,] espionage, system disruption, theft and inadvertent release of confidential information.

Accordingly, we are subject to any [removed: flaws in] [added: flaw] or breaches to their information technology [removed: systems] [added: systems,] or those which they operate for [removed: us] [added: us,] which could have a material adverse effect on our financial condition or results of operations.

As of December 31, [removed: 2020,] [added: 2021,] we had outstanding debt of approximately $3.2 billion.

If we issue more [removed: debt,] [added: debt] we could become more leveraged, resulting in increased risk of default on our obligations and an increase in our debt service requirements, both of which could adversely affect our financial condition and ability to access debt and equity capital markets in the future.

We are subject to the risk our [removed: unsecured] indebtedness will not be renewed, repaid, or refinanced when due or the terms of any renewal or refinancing will not be as favorable as the existing terms of such indebtedness.

If we are unable to refinance our indebtedness on acceptable terms, or at all, we might be forced to dispose of one or more of [removed: the] [added: our] properties on disadvantageous terms, which might result in losses to us.

[removed: Moody’s,] Fitch, [added: Moody's,] and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of [removed: A3] [added: A-] with stable outlook, [removed: A-] [added: A3] with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, [removed: 2020.][added: 2021.]

There is significant uncertainty with respect to [removed: how] the [removed: phase-out will be implemented] [added: implementation of the phase out] and what alternative [removed: index] [added: indexes] will be [removed: adopted,] [added: adopted] which will ultimately be determined by the market as a whole.

Our average lease terms are approximately fourteen months.

These conditions may continue and may worsen as a result of an ongoing pandemic.

The uncertain duration and severity of a pandemic and its variants, as well as continued periodic spikes in infection rates and local outbreaks of the virus and its variants, in spite of safety measures or vaccinations could cause disruptions to our operations and those of our commercial tenants, suppliers or vendors.

For these reasons, we are not able at this time to estimate with any degree of certainty the effect a pandemic or measures intended to curb its spread could have on our business, results of operations, financial condition, and cash flows.

- shortages of materials;

We may be adversely affected by the phase out of LIBOR.

In late 2021, it was announced LIBOR interest rates will cease publication altogether by June 30, 2023.

We intend to incorporate relatively standardized replacement rate provisions into our LIBOR-indexed debt documents, including a spread adjustment mechanism designed to equate to the current LIBOR "all in" rate.

have on us and the financial markets generally.

We could be adversely impacted due to our share price fluctuations.

Our apartment leases are generally for a term of fourteen months or less.

In December 2019, COVID-19 was first reported in Wuhan, China, and in March 2020, the World Health Organization declared COVID-19 a pandemic.

In some cases, we have and may continue to restructure residents’ rent obligations, which may be on terms not as favorable to us as those currently in place.

For the safety of our employees as a result of COVID-19, we have also directed most of our personnel to work remotely and we have generally restricted on-site staff to only those personnel who perform essential activities which must be completed on-site.

Our increased reliance on personnel working remotely pose challenges for our employees and our IT systems and extended periods of remote work arrangements could strain our business continuity plans, introduce operational risk, including cybersecurity and IT systems management risks, any of which could adversely impact our business operations.

We cannot assure you conditions will not continue to deteriorate as a result of the pandemic.

The situation surrounding the COVID-19 pandemic continues to evolve and the potential for a material adverse impact on our operational and financial performance increases the longer the virus impacts activities in the United States and globally.

For this reason, we are not able at this time to estimate to any degree of certainty the effect COVID-19 may have on our business, results of operations, financial condition, and cash flows, all of which will depend on future developments, including the duration of the outbreak, business and workforce disruptions, and the effectiveness of actions taken to contain and treat the disease.

- "shelter in place," "stay at home," or similar orders adopted by state and local authorities in response to COVID-19, which may require us to temporarily cease construction and have other adverse effects;

to assume and fulfill the joint venture’s financial obligations.

We account for three investment funds (collectively, the "Funds") utilizing the equity method of accounting.

As of December 31, 2020, we had two discretionary investment funds, and in March 2015, we completed the formation of a third fund with an unaffiliated third party which has not owned any properties since its formation.

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.

requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income.

We may be adversely affected by changes in LIBOR reporting practices or the method in which LIBOR is determined.

Many market participants anticipate that in the near future LIBOR will cease being a widely used benchmark interest rate and may cease being published altogether.

We are closely monitoring the progress of the phase-out of LIBOR and incorporating relatively standardized fallback language into our LIBOR-indexed debt documents for transitioning to an alternative index (which is defined to be the index that becomes generally used by lenders and other market participants) and a spread adjustment mechanism to prevent lenders from receiving a lower rate upon transition.

Our share price will fluctuate.

Discussion of our year-to-date comparisons between [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] is presented below.

Year-to-date comparisons between [removed: 2019] [added: 2020] and [removed: 2018] [added: 2019] can be found in "Part II.

Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2019.][added: 2020.]

- Short-term leases [added: could] expose us to the effects of declining market rents;

- We [removed: face] [added: could be negatively impacted by the] risks associated with land holdings and related activities;

- [removed: The ongoing COVID-19] [added: A] pandemic and measures intended to prevent its spread [removed: and impact have and continue to] [added: could] have a material adverse effect on our business, results of operations, cash flows, and financial condition;

- Development, [added: repositions,] redevelopment and construction risks could impact our profitability;

- [removed: Investments] [added: We could be impacted by our investments] through joint ventures and investment funds [added: which] involve risks not present in investments in which we are the sole investor;

We are primarily engaged in the ownership, management, development, [added: reposition,] redevelopment, acquisition, and construction of multifamily apartment communities.

As of December 31, [removed: 2020,] [added: 2021,] we owned interests in, operated, or were developing [removed: 174] [added: 176] multifamily properties comprised of [removed: 59,104] [added: 60,073] apartment homes across the United States as detailed in the [removed: following] Property Portfolio [removed: table.][added: table below.]

Net income attributable to common shareholders [removed: decreased] [added: increased] approximately [removed: $95.7] [added: $180.0] million for the year ended December 31, [removed: 2020,] [added: 2021,] as compared to the same period in [removed: 2019.][added: 2020.]

[removed: During] [added: The total Pandemic Related Impact for] the year ended December 31, [removed: 2020, we incurred a COVID-19 related impact of approximately $14.8 million] [added: 2020 was] comprised of $9.5 million related to the Resident Relief Funds which were established in April 2020.

[removed: Of this amount,] [added: During the year ended December 31, 2020, the Company paid] approximately $9.1 million [removed: was paid] [added: in Resident Relief Funds] to [added: approximately 7,100] residents [removed: at] [added: of] our wholly-owned communities [removed: and] [added: which] was recorded as a reduction to property [removed: revenues, and approximately $1.3 million of Resident Relief Funds paid to residents of the operating communities owned by our unconsolidated joint ventures, of which we recognized our ownership interest of $0.4 million in equity in income of joint ventures.][added: revenues.]

Additionally, we incurred approximately $4.5 million of [removed: COVID-19] [added: pandemic] expenses at our operating [removed: properties,] [added: communities,] which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.7 million in other directly-related [removed: COVID-19] [added: pandemic] expenses.

[removed: During the year ended December 31, 2020, we] [added: We] also incurred approximately $0.8 million related to the Employee Relief Fund we established to help our employees impacted by [removed: COVID-19, which was recorded within general and administrative expenses.][added: the pandemic.*]

[removed: The decrease for] [added: | | | | | | | For] the year ended December [removed: 31, 2020 was partially offset by the approximate $12.0][added: 31, | | | | | | | | |]

See further [removed: discussions] [added: discussion] of our [removed: 2020] [added: 2021] operations as compared to [removed: 2019] [added: 2020] in "Results of [removed: Operations."][added: Operations," below.]

[removed: Our results for] [added: During] the year ended December 31, [removed: 2020] [added: 2021, our results] reflect an increase in same store revenues of [removed: 1.1%] [added: approximately 4.3%] as compared to [removed: 2019.][added: the same period in 2020.]

[removed: These increases were] [added: The increase was] primarily due to higher average rental rates [added: and increased occupancy] which we believe was primarily attributable to [added: improving job growth, favorable demographics with a higher propensity to rent versus buy, higher demand for multifamily housing in] our [removed: focus on high-growth] markets, [removed: favorable demographics,] [added: and] a manageable supply of new multifamily [removed: housing, and in part many individuals choosing to rent versus buy.][added: housing.]

At December 31, [removed: 2020,] [added: 2021,] we had a total of [removed: seven] [added: five] projects under construction to be comprised of [removed: 2,254] [added: 1,773] apartment homes.

Initial occupancies of these [removed: seven] [added: five] projects are currently scheduled to occur within the next [removed: 27] [added: 18] months.

We estimate the additional cost to complete the construction of the [removed: seven] [added: five] projects to be approximately [removed: $325.4] [added: $199.4] million.

[removed: *Land:* During] [added: The $0.4 million gain on sale in 2020 related to] the [removed: year ended December 31, 2020, we sold] [added: sale of] approximately 4.7 acres of land adjacent to one of our operating properties in Raleigh, North Carolina for approximately $0.8 [removed: million and recognized a gain of $0.4] million.

[removed: -] In [removed: June 2020,] [added: August 2021,] 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 [removed: $362.7] [added: $500.0] million (the [removed: "2020] [added: "2021] ATM program").

We intend to meet our [removed: near-term] [added: short-term and long-term] liquidity requirements through a combination of one or more of the following: cash and cash equivalents, 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.

As of December 31, [removed: 2020,] [added: 2021,] we had approximately [removed: $420.4] [added: $613.4] million in cash and cash equivalents, and [removed: $888.0] [added: $885.2] million available under our $900.0 million unsecured credit facility.

As of [added: December 31, 2021 and through] the date of this filing, we had common shares having an aggregate offering price of up to [removed: $362.7] [added: $97.6] million remaining available for sale under our [removed: 2020] [added: 2021] ATM [removed: program and do not have any debt maturing through the year ending 2021.][added: program.]

Additionally, as of December 31, [removed: 2020] [added: 2021] and through the date of this filing, 100% of our consolidated properties were unencumbered.

| | | | December 31, [removed: 2020] [added: 2021] | | | | | | | | | | | | December 31, [removed: 2019] [added: 2020] | | | | | | | | |

| Houston, Texas | | | [removed: 9,806] [added: 9,154] | | | | | | [removed: 28] [added: 26] | | | | | | [removed: 9,301] [added: 9,806] | | | | | | [removed: 26] [added: 28] | | |

| Washington, D.C. Metro | | | [removed: 6,862] [added: 6,437] | | | | | | [removed: 19] [added: 18] | | | | | | 6,862 | | | | | | 19 | | |

| Dallas, Texas | | | [removed: 5,666] [added: 6,224] | | | | | | [removed: 14] [added: 15] | | | | | | 5,666 | | | | | | 14 | | |

| Phoenix, Arizona | | | [removed: 3,686] [added: 4,029] | | | | | | [removed: 12] [added: 13] | | | | | | 3,686 | | | | | | 12 | | |

| Orlando, Florida | | | [removed: 3,594] [added: 3,954] | | | | | | [removed: 10] [added: 11] | | | | | | 3,594 | | | | | | 10 | | |

| Raleigh, North Carolina | | | [removed: 3,240] [added: 3,248] | | | | | | 9 | | | | | | 3,240 | | | | | | 9 | | |

| Denver, Colorado | | | 2,865 | | | | | | 9 | | | | | | [removed: 2,632] [added: 2,865] | | | | | | [removed: 8] [added: 9] | | |

| Tampa, Florida | | | [removed: 2,736] [added: 3,104] | | | | | | [removed: 7] [added: 8] | | | | | | 2,736 | | | | | | 7 | | |

| Los Angeles/Orange County, California | | | 2,663 | | | | | | 7 | | | | | | [removed: 2,658] [added: 2,663] | | | | | | 7 | | |

| San Diego/Inland Empire, California | | | [removed: 1,665] [added: 1,797] | | | | | | [removed: 5] [added: 6] | | | | | | 1,665 | | | | | | 5 | | |

| Total Operating Properties | | | [removed: 56,850] [added: 58,300] | | | | | | [removed: 167] [added: 171] | | | | | | [removed: 56,107] [added: 56,850] | | | | | | [removed: 164] [added: 167] | | |

- We may be adversely affected by the phase out of LIBOR;

- We could be adversely impacted due to our share price fluctuations.

*Business Environment and Current Outlook*

As a result of the COVID-19 pandemic, we believe the conditions in the multifamily industry market in which we operate have been challenging but continue to show signs of improvement.

We currently believe U.S. economic and employment growth are likely to continue during 2022 and the supply of multifamily homes will remain at manageable levels.

If economic conditions were to worsen, our operating results could be adversely affected.

This increase was primarily due to the gains from the sale of three operating properties during the fourth quarter of 2021 and an 11.9% increase in property operations due to the growth attributable to our same store, non-same store, and development and lease-up communities.

*Operating Properties:* During the year ended December 31, 2021, we acquired one operating property comprised of 558 apartment homes located in Dallas, Texas for approximately $165.5 million in October and one operating property comprised of 368 apartment homes located in St. Petersburg, Florida for approximately $176.3 million in August.

In June 2021, we also acquired one operating property comprised of 328 apartment homes located in Franklin, Tennessee for approximately $105.3 million and one operating property comprised of 430 apartment homes located in Nashville, Tennessee for approximately $186.3 million.

*Land:* During the year ended December 31, 2021, we acquired approximately 2.0 acres of land in Nashville, Tennessee for approximately $36.6 million, approximately 5.2 acres of land in Denver, Colorado for approximately $24.0 million,

approximately 14.6 acres of land in The Woodlands, Texas for approximately $9.3 million, and approximately 0.2 acres of land in St. Petersburg, Florida for approximately $2.1 million for future development purposes.

*Operating Properties:* During the fourth quarter of 2021, we sold two operating properties comprised of a total of 652 apartment homes, located in Houston, Texas for approximately $115.0 million and recognized a gain of approximately $81.1 million and one property comprised of 426 apartment homes located in Laurel, Maryland for approximately $145.0 million and recognized a gain of approximately $93.3 million.

In 2021, we issued approximately 5.5 million common shares under our 2020 and 2021 ATM programs and received approximately $759.2 million in net proceeds.

We believe scheduled repayments of debt during the next 12 months are manageable at approximately $386.3 million which represents approximately 12.2% of our total outstanding debt, and includes amortization of debt discounts and debt issuance costs of approximately $3.7 million.

| Nashville, Tennessee | | | 758 | | | | | | 2 | | | | | | — | | | | | | — | | |

| Raleigh, North Carolina | | | 354 | | | | | | 1 | | | | | | — | | | | | | — | | |

| *Phoenix, AZ* | | | 343 | | | | | | 3Q21 | | | | | | 4Q21 | | |

| *Houston, TX* | | | 234 | | | | | | 4Q20 | | | | | | 2Q21 | | |

| Camden Lake Eola *(2)* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| *Orlando, FL* | | | 360 | | | | | | $ | 125.0 | | | | | | | | 96 | | % | | | | 3Q21 | | | | | | 1Q22 | | |

| Camden Hillcrest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| *San Diego, CA* | | | 132 | | | | | | 89.3 | | | | | | | | | 41 | | % | | | | 4Q21 | | | | | | 4Q22 | | |

| Consolidated total | | | 492 | | | | | | $ | 214.3 | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

*(2)Stabilization has been achieved at this property subsequent to year-end.*

| Camden Buckhead *(1)* *Atlanta, GA* | | | 366 | | | | | | $ | 163.5 | | | | | $ | 156.6 | | | | | $ | 48.8 | | | | | 2Q22 | | | | | | 4Q22 | | |

| Consolidated total | | | 1,773 | | | | | | $ | 603.5 | | | | | $ | 404.1 | | | | | $ | 296.3 | | | | | | | | | | | | | |

| Camden Woodmill Creek | | | | | | 188 | | | | | | $ | 60.0 | | | | | $ | 10.2 | |

| *The Woodlands, TX* | | | | | | | | | | | | | | | | | | | | |

| Camden Pier District II | | | | | | 95 | | | | | | 50.0 | | | | | | 3.5 | | |

| *St. Petersburg, FL* | | | | | | | | | | | | | | | | | | | | |

| Camden Gulch | | | | | | 480 | | | | | | 260.0 | | | | | | 37.3 | | |

| *Nashville, TN* | | | | | | | | | | | | | | | | | | | | |

| Camden Baker | | | | | | 435 | | | | | | 165.0 | | | | | | 25.9 | | |

| *Denver, CO* | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | 2,828 | | | | | | $ | 1,145.0 | | | | | $ | 178.4 | |

| Nashville, Tennessee | | | 314,895 | | | | | | 3.0 | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

- We may be adversely affected by changes in LIBOR reporting practices or the method in which LIBOR is determined;

- Our share price will fluctuate*.*

*Impact of the Coronavirus Pandemic (COVID-19) on our Business*

COVID-19 has currently resulted in a widespread health crisis which has adversely affected international, national, and local economies and financial markets generally, and has had an unprecedented effect on many industries including the multifamily industry.

The discussions below, including without limitation statements with respect to outlooks of future operating performance and liquidity, are subject to the future effects of COVID-19 and the responses to curb its spread, which continue to evolve.

Accordingly, the full magnitude of the pandemic and its ultimate effect on our results of operations, cash flows, financial condition, and liquidity for future years, is uncertain at this time.

Additionally, our property revenues and expenses have been and will likely continue to be impacted by COVID-19.

For the three months ended December 31, 2020, we collected approximately 98.6% of our same store scheduled rents and approximately 1.4% were delinquent.

Our January collections are approximately 96.9% of our same store scheduled rents and approximately 3.1% are delinquent.

In addition to the COVID-19 related expenses discussed above, the decrease during the year ended December 31, 2020 was also primarily due to a decrease of $49.5 million related to gains from operating property dispositions in 2019, higher depreciation expense of approximately $30.9 million, and higher interest expense of approximately $10.8 million, as compared to the same period in 2019.

million loss on early retirement of debt in the fourth quarter of 2019 as compared to the $0.2 million loss recognized in the fourth quarter of 2020.

*Property Operations*

The increase during the year ended December 31, 2020 was partially offset by the impact of COVID-19.

Challenges within the multifamily industry surfaced during 2020 due to COVID-19.

Factors adversely affecting demand for and rents received from our multifamily communities remained and continue to remain intense and pervasive across the United States.

Overall weak consumer confidence, high unemployment, fears of a prolonged recession, and government-imposed moratoriums on our ability to collect rents and/or evict non-paying tenants, among other factors, have also persisted through the date of this filing.

Based on our belief these conditions may continue, we could have a decline in property revenues during fiscal year 2021 and beyond.

The COVID-19 pandemic and efforts to curb its spread may adversely affect, among other matters, the timely completion and final project costs of some or all of our projects under development if, for example, we are required to temporarily cease construction, experience delays in obtaining governmental permits and authorizations, or experience disruption in the supply of or in the costs of materials or labor.

*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, and 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 April 2020, we issued $750.0 million of 2.80%, senior unsecured notes due May 2030 at an effective annual interest rate of 2.91% under our then-existing shelf registration statement.

- In May 2020, Camden's Chairman and CEO, and Executive Vice Chairman, each agreed to voluntarily reduce the amount of their respective annual bonus (cash or shares) which may be awarded in the future by $500,000.

The aggregate $1.0 million compensation reduction served as a contribution to the Resident Relief Funds and to the Employee Relief Fund.

- In October 2020, we entered into a $40.0 million two-year unsecured floating rate term loan with an unrelated third party and used the net proceeds, together with cash on hand, to repay our $100.0 million unsecured term loan which was scheduled to mature in 2022.

| | | | Apartment Homes | | | | | | Properties | | | | | | Apartment Homes | | | | | | Properties | | |

| | | | December 31, 2020 | | | | | | | | | | | | December 31, 2019 | | | | | | | | |

| Houston, Texas | | | — | | | | | | — | | | | | | 505 | | | | | | 2 | | |

| | | | | | | | | | | | | | | | | | |

| Camden Grandview II | | | | | | | | | | | | | | | | | |

| *Charlotte, NC* | | | 28 | | | | | | 1Q19 | | | | | | 1Q20 | | |

| *Phoenix, AZ* | | | 441 | | | | | | 1Q19 | | | | | | 3Q20 | | |

| | | | | | | | | | | | | | | | | | |

| *Denver, CO* | | | 233 | | | | | | 78.9 | | | | | | | | | 70 | | | | | | 4Q20 | | | | | | 2Q21 | | |

| Consolidated total | | | 504 | | | | | | $ | 210.1 | | | | | | | | | | | | | | | | | | | | | | |

| *Cypress, TX* | | | 234 | | | | | | $ | 32.2 | | | | | | | | 51 | | % | | | | 4Q20 | | | | | | 4Q21 | | |

*(2) Property owned through an unconsolidated joint venture in which we own a 31.3% interest.*

| Camden North End II *(2)* *Phoenix, AZ* | | | 343 | | | | | | $ | 90.0 | | | | | $ | 70.4 | | | | | $ | 50.4 | | | | | 1Q22 | | | | | | 3Q22 | | |

| Camden Lake Eola *Orlando, FL* | | | 360 | | | | | | 125.0 | | | | | | 116.6 | | | | | | 116.6 | | | | | | 2Q21 | | | | | | 2Q22 | | |

| Camden Buckhead *Atlanta, GA* | | | 366 | | | | | | 160.0 | | | | | | 116.6 | | | | | | 116.6 | | | | | | 1Q22 | | | | | | 3Q22 | | |

| Camden Hillcrest *San Diego, CA* | | | 132 | | | | | | 95.0 | | | | | | 64.3 | | | | | | 64.3 | | | | | | 4Q21 | | | | | | 3Q22 | | |

| Consolidated total | | | 2,254 | | | | | | $ | 790.0 | | | | | $ | 464.6 | | | | | $ | 444.6 | | | | | | | | | | | | | |

The table below summarizes our debt as of December 31, [removed: 2020] [added: 2021] and [removed: 2019:][added: 2020:]

| [added: *($ in millions)*] | | | December 31, [removed: 2020] [added: 2021] | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | |] December 31, [removed: 2019] [added: 2020] | | | | | | | | | | | | | | | | | | | | | [added: | | | | | |]

| | | | [removed: Amount (in millions)] [added: Carrying Amount] | | | | | | [added: Estimated fair market value | | | | | |] Weighted Average Maturity (in years) | | | | | | Weighted Average Interest Rate | | | | | | % Of Total | | | | | | [removed: Amount (in millions)] [added: Carrying Amount] | | | | | | [added: Estimated fair market value | | | | | |] Weighted Average Maturity (in years) | | | | | | Weighted Average Interest Rate | | | | | | % Of Total | | |

| Fixed rate debt | | | $ | [removed: 3,126.9] [added: 3,130.5] | | | | | [removed: 8.5] [added: $] | [added: 3,363.7] | | | | | [added: 7.5 | | | | | |] 3.6 | | % | | | | 98.7 | | % | | | | $ | [removed: 2,380.4] [added: 3,126.9] | | | | | [removed: 9.3] [added: $] | [added: 3,519.9] | | | | | [removed: 3.8] [added: 8.5] | | [added: | | | | 3.6 | |] % | | | | [removed: 94.3] [added: 98.7] | | % |

| Variable rate debt | | | [removed: 39.7] [added: 39.9] | | | | | | [removed: 1.7] [added: 40.1] | | | | | | [added: 0.7 | | | | | |] 1.9 | | % | | | | 1.3 | | % | | | | [removed: 143.7] [added: 39.7] | | | | | | [removed: 2.7] [added: $] | [added: 40.0] | | | | | [removed: 2.7] [added: 1.7] | | [added: | | | | 1.9 | |] % | | | | [removed: 5.7] [added: 1.3] | | % |

As of December 31, [removed: 2020,] [added: 2021,] we had no hedges outstanding.

We did not have any borrowings outstanding under our unsecured credit facility [removed: under our unsecured credit facility] at December 31, [removed: 2020 and had approximately $44.0 million of borrowings outstanding at December 31, 2019.][added: 2021 or 2020.]

At December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] we [removed: also] had [added: a] term [removed: loans] [added: loan outstanding] of approximately [removed: $39.7] [added: $39.9] million and [removed: $99.7] [added: $39.7] million, respectively.

If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] our annual interest costs would have increased by approximately $0.4 million [removed: and $1.4 million, respectively.][added: for each period.]

Holding other variables constant, if interest rates would have been 100 basis points higher as of December 31, [removed: 2020,] [added: 2021,] the fair value of our fixed rate debt would have decreased by approximately [removed: $236.5] [added: $198.8] million.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (“REIT”), and all [removed: its] consolidated subsidiaries are primarily engaged in the ownership, management, development, [added: reposition,] redevelopment, acquisition, and construction of multifamily apartment communities.

[removed: We] [added: Our website is located at www.camdenliving.com and we] make available free of charge through our [removed: website,] [added: website] our annual report on Form 10-K, quarterly reports on Form [removed: 10-Q,] [added: 10-Q] and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (the “SEC”).

We also make [removed: available,] [added: available] free of charge on our [removed: website,] [added: website] our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit, Compensation, and Nominating and Corporate Governance Committees.

References to our website in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained [removed: on,] [added: on] or available through our [removed: website,] [added: website] and therefore such information should not be considered part of this report.

Our annual, [removed: quarterly,] [added: quarterly] and current reports, proxy statements, and other information are electronically filed with the SEC.

As of December 31, [removed: 2020,] [added: 2021,] we owned interests in, operated, or were developing [removed: 174] [added: 176] multifamily properties comprised of [removed: 59,104] [added: 60,073] apartment homes across the United States.

Of the [removed: 174] [added: 176] properties, [removed: seven] [added: five] properties were under construction and will consist of a total of [removed: 2,254] [added: 1,773] apartment homes when completed.

We also own land holdings which we may develop into [removed: multifamily] communities in the future.

We rely heavily on our sophisticated property management capabilities and innovative operating strategies to [removed: help us] maximize the earnings potential of our communities.

*Real Estate Investments and Market Balance.* We believe we are [removed: well positioned] [added: well-positioned] in our current markets and have the expertise to take advantage of new opportunities as they arise.

- Strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments; [removed: and][added: and,]

We intend to meet our [removed: near-term] [added: short-term and long-term] liquidity requirements through a combination of one or more of the following: cash and cash equivalents, cash flows generated from operations, draws on our unsecured credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages.

Our on-site personnel are trained to deliver high-quality services to our [removed: residents,] [added: residents] and we strive to motivate our on-site employees through incentive compensation arrangements based upon property operational results, rental rate increases, occupancy levels, and level of new leases and lease renewals achieved.

Ensuring [removed: resident] [added: customer] satisfaction, increasing rents as market conditions allow, maximizing rent collections (subject to restrictions of applicable law), maintaining property occupancy at optimal levels, and controlling operating costs comprise our principal strategies to maximize property financial results.

[removed: We generally offer] [added: Our] average lease terms [removed: of] [added: are] approximately fourteen [removed: months with] [added: months, and our] individual property marketing plans [added: are] structured to respond to local market conditions.

In addition, we conduct ongoing customer service surveys to help ensure timely [removed: response] [added: responses] to [removed: residents'] [added: customers'] changing needs and a [removed: high level] [added: high-level] of satisfaction.

*Investments in Joint Ventures.* We have entered into, and may continue in the future to enter into, joint ventures or partnerships, including limited liability companies, through which we own an indirect economic interest in less than 100% of the [removed: community or land owned by the] joint venture or partnership.

As of December 31, [removed: 2020,] [added: 2021,] we had two discretionary investment funds, which are closed to future investments, and a third fund which we formed in March 2015 and, as amended, may be utilized for future multifamily investments of up to $360 million.

This competitive environment could have a material adverse effect on our ability to lease apartment homes or on the rents realized at our present properties or any [removed: newly developed] [added: newly-developed] or acquired property.

How we manage our human capital is critical to how we deliver on our strategy and create sustained growth and value for our [removed: shareholders.][added: shareholders and we strive to improve the lives of our team members, customers and shareholders one experience at a time.]

*A Great Place to Work.* In addition to our core values, we are committed to creating a [removed: great working] [added: work] environment which fosters the well-being, health and happiness of all associates.

We are proud of our culture and the recognition we have received as a great place to work, including being named on the list as one of the 100 Best Companies to Work For® by FORTUNE magazine for [removed: 13] [added: 14] consecutive years, most recently ranking [removed: #18.][added: #8.]

One of our most cherished mantras is “Never Stop Learning.” We encourage team members to discover their [removed: strengths and] [added: strengths,] cultivate new [removed: interests.][added: interests, and offer tuition assistance to team members working to earn industry designations from various organizations.]

CamdenU, our in-house learning center, is available to all employees and offers [removed: over 8,000] courses in subjects such as leadership, management, fair housing and compliance, and health and safety training.

In addition to formal training, Camden’s mentoring program supports its newest employees by pairing them with [removed: an] experienced [removed: employee] [added: employees] to facilitate their on-boarding process and immerse them in Camden’s culture.

We believe these efforts are socially responsible, foundational to Camden’s success, and essential to delivering on our [removed: purpose] [added: goal] to improve the lives of our team [removed: members, customers] [added: members] and [removed: shareholders,] [added: residents,] one experience at a time.

At December 31, [removed: 2020,] [added: 2021,] we had approximately 1,700 [removed: employees,] [added: employees] including executive, administrative, and community personnel.

Our [removed: continued] commitment to furthering diversity, equity, and inclusion initiatives has resulted in our workforce at Camden reflecting a broad base of talent, with true [removed: diversity amongst our team members in aspects of] gender, generation, and [removed: ethnicity.][added: ethnicity diversity among our team members.]

As of December 31, [removed: 2020,] [added: 2021,] we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”).

Our website is located at www.camdenliving.com.

Our purpose is to improve the lives of our team members, customers and shareholders, one experience at a time.

We are passionate about promoting a healthy lifestyle at Camden and are proud to offer valuable and inclusive benefits.

We offer tuition assistance to team members working to earn industry designations from various organizations.

For the fiscal year ended December 31, [removed: 2020][added: 2021]

The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant was [removed: $8,830,473,560] [added: $13,268,781,625] based on a June 30, [removed: 2020] [added: 2021] share price of [removed: $91.22.][added: $132.67.]

On February [removed: 11, 2021, 97,562,909] [added: 10, 2022, 103,429,458] common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.

Portions of the registrant's Proxy Statement in connection with its Annual Meeting of Shareholders to be held May [removed: 13, 2021] [added: 12, 2022] are incorporated by reference in Part III.

| Item 1. | | | [removed: [Business](#i0a2a952d79424e038bc68d580903628b_13)] [added: [Business](#i22741b3d457d40eea7708eab1a3244a0_13)] | | | [removed: [1](#i0a2a952d79424e038bc68d580903628b_13)] [added: [1](#i22741b3d457d40eea7708eab1a3244a0_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i0a2a952d79424e038bc68d580903628b_16)] [added: Factors](#i22741b3d457d40eea7708eab1a3244a0_16)] | | | [removed: [3](#i0a2a952d79424e038bc68d580903628b_16)] [added: [3](#i22741b3d457d40eea7708eab1a3244a0_16)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i0a2a952d79424e038bc68d580903628b_19)] [added: Comments](#i22741b3d457d40eea7708eab1a3244a0_19)] | | | [removed: [10](#i0a2a952d79424e038bc68d580903628b_19)] [added: [10](#i22741b3d457d40eea7708eab1a3244a0_19)] | | |

| Item 2. | | | [removed: [Properties](#i0a2a952d79424e038bc68d580903628b_22)] [added: [Properties](#i22741b3d457d40eea7708eab1a3244a0_22)] | | | [removed: [10](#i0a2a952d79424e038bc68d580903628b_22)] [added: [10](#i22741b3d457d40eea7708eab1a3244a0_22)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i0a2a952d79424e038bc68d580903628b_25)] [added: Proceedings](#i22741b3d457d40eea7708eab1a3244a0_25)] | | | [removed: [15](#i0a2a952d79424e038bc68d580903628b_25)] [added: [15](#i22741b3d457d40eea7708eab1a3244a0_25)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i0a2a952d79424e038bc68d580903628b_28)] [added: Disclosures](#i22741b3d457d40eea7708eab1a3244a0_28)] | | | [removed: [15](#i0a2a952d79424e038bc68d580903628b_28)] [added: [15](#i22741b3d457d40eea7708eab1a3244a0_28)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i0a2a952d79424e038bc68d580903628b_34)] [added: Securities](#i22741b3d457d40eea7708eab1a3244a0_34)] | | | [removed: [16](#i0a2a952d79424e038bc68d580903628b_34)] [added: [16](#i22741b3d457d40eea7708eab1a3244a0_34)] | | |

| Item 6. | | | [removed: [Reserved](#i0a2a952d79424e038bc68d580903628b_40)] [added: [Reserved](#i22741b3d457d40eea7708eab1a3244a0_40)] | | | [removed: [17](#i0a2a952d79424e038bc68d580903628b_40)] [added: [17](#i22741b3d457d40eea7708eab1a3244a0_40)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i0a2a952d79424e038bc68d580903628b_43)] [added: Operations](#i22741b3d457d40eea7708eab1a3244a0_43)] | | | [removed: [18](#i0a2a952d79424e038bc68d580903628b_43)] [added: [18](#i22741b3d457d40eea7708eab1a3244a0_43)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i0a2a952d79424e038bc68d580903628b_52)] [added: Risk](#i22741b3d457d40eea7708eab1a3244a0_52)] | | | [removed: [35](#i0a2a952d79424e038bc68d580903628b_52)] [added: [34](#i22741b3d457d40eea7708eab1a3244a0_52)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i0a2a952d79424e038bc68d580903628b_55)] [added: Data](#i22741b3d457d40eea7708eab1a3244a0_55)] | | | [removed: [35](#i0a2a952d79424e038bc68d580903628b_55)] [added: [34](#i22741b3d457d40eea7708eab1a3244a0_55)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i0a2a952d79424e038bc68d580903628b_58)] [added: Disclosure](#i22741b3d457d40eea7708eab1a3244a0_58)] | | | [removed: [35](#i0a2a952d79424e038bc68d580903628b_58)] [added: [34](#i22741b3d457d40eea7708eab1a3244a0_58)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i0a2a952d79424e038bc68d580903628b_61)] [added: Procedures](#i22741b3d457d40eea7708eab1a3244a0_61)] | | | [removed: [35](#i0a2a952d79424e038bc68d580903628b_61)] [added: [34](#i22741b3d457d40eea7708eab1a3244a0_61)] | | |

| Item 9B. | | | [Other [removed: Information](#i0a2a952d79424e038bc68d580903628b_67)] [added: Information](#i22741b3d457d40eea7708eab1a3244a0_67)] | | | [removed: [38](#i0a2a952d79424e038bc68d580903628b_67)] [added: [37](#i22741b3d457d40eea7708eab1a3244a0_67)] | | |

| [PART [removed: III](#i0a2a952d79424e038bc68d580903628b_70)] [added: III](#i22741b3d457d40eea7708eab1a3244a0_70)] | | | | | | | | |

| Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#i0a2a952d79424e038bc68d580903628b_73)] [added: Governance](#i22741b3d457d40eea7708eab1a3244a0_73)] | | | [removed: [38](#i0a2a952d79424e038bc68d580903628b_73)] [added: [37](#i22741b3d457d40eea7708eab1a3244a0_73)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i0a2a952d79424e038bc68d580903628b_76)] [added: Compensation](#i22741b3d457d40eea7708eab1a3244a0_76)] | | | [removed: [38](#i0a2a952d79424e038bc68d580903628b_76)] [added: [37](#i22741b3d457d40eea7708eab1a3244a0_76)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i0a2a952d79424e038bc68d580903628b_79)] [added: Matters](#i22741b3d457d40eea7708eab1a3244a0_79)] | | | [removed: [38](#i0a2a952d79424e038bc68d580903628b_79)] [added: [37](#i22741b3d457d40eea7708eab1a3244a0_79)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i0a2a952d79424e038bc68d580903628b_82)] [added: Independence](#i22741b3d457d40eea7708eab1a3244a0_82)] | | | [removed: [38](#i0a2a952d79424e038bc68d580903628b_82)] [added: [37](#i22741b3d457d40eea7708eab1a3244a0_82)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#i0a2a952d79424e038bc68d580903628b_85)] [added: Services](#i22741b3d457d40eea7708eab1a3244a0_85)] | | | [removed: [38](#i0a2a952d79424e038bc68d580903628b_85)] [added: [37](#i22741b3d457d40eea7708eab1a3244a0_85)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i0a2a952d79424e038bc68d580903628b_91)] [added: Schedules](#i22741b3d457d40eea7708eab1a3244a0_91)] | | | [removed: [38](#i0a2a952d79424e038bc68d580903628b_91)] [added: [37](#i22741b3d457d40eea7708eab1a3244a0_91)] | | |

| Item 16. | | | [removed: [Summary](#i0a2a952d79424e038bc68d580903628b_94)] [added: [Summary](#i22741b3d457d40eea7708eab1a3244a0_94)] | | | [removed: [43](#i0a2a952d79424e038bc68d580903628b_94)] [added: [42](#i22741b3d457d40eea7708eab1a3244a0_94)] | | |

| [PART I](#i22741b3d457d40eea7708eab1a3244a0_10) | | | | | | | | |

| [PART II](#i22741b3d457d40eea7708eab1a3244a0_31) | | | | | | | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i22741b3d457d40eea7708eab1a3244a0_1784) | | | [37](#i22741b3d457d40eea7708eab1a3244a0_1784) | | |

| [PART IV](#i22741b3d457d40eea7708eab1a3244a0_88) | | | | | | | | |

| | | | | | | | | |

| [SIGNATURES](#i22741b3d457d40eea7708eab1a3244a0_97) | | | | | | [43](#i22741b3d457d40eea7708eab1a3244a0_97) | | |

| [PART I](#i0a2a952d79424e038bc68d580903628b_10) | | | | | | | | |

| [PART II](#i0a2a952d79424e038bc68d580903628b_31) | | | | | | | | |

| [PART IV](#i0a2a952d79424e038bc68d580903628b_88) | | | | | | | | |

| [SIGNATURES](#i0a2a952d79424e038bc68d580903628b_97) | | | | | | [44](#i0a2a952d79424e038bc68d580903628b_97) | | |

The [removed: 167] [added: 171] operating properties in which we owned interests and operated at December 31, [removed: 2020] [added: 2021] averaged [removed: 959] [added: 960] square feet of living area per apartment home.

For the year ended December 31, [removed: 2020,] [added: 2021,] no single operating property accounted for greater than [removed: 1.5%] [added: 1.4%] of our total revenues.

Our stabilized operating properties had a weighted average occupancy rate of approximately [removed: 95%] [added: 97%] and [removed: 96%] [added: 95%] for the years ended December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively, [removed: and] an average monthly rental revenue per apartment home of [removed: $1,599] [added: $1,671] and [removed: $1,562] [added: $1,599] for the same periods, [removed: respectively.][added: respectively and our average resident lease terms are approximately fourteen months.]

At December 31, [removed: 2020, 150] [added: 2021, 153] of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes.

The following table sets forth information with respect to our [removed: 167] [added: 171] operating properties at December 31, [removed: 2020:][added: 2021:]

| Property and Location | | | | | | Year Placed in Service | | | | | | Average Apartment Size (Sq. Ft.) | | | | | | Number of Apartments | | | | | | [removed: 2020] [added: 2021] Average Occupancy (1) | | | | | | [removed: 2020] [added: 2021] Average Monthly Rental Rate per Apartment (2) | | |

| Camden Chandler | | | | | | 2016 | | | | | | 1,146 | | | | | | 380 | | | | | | [removed: 96.2] [added: 97.6] | | % | | | | $ | [removed: 1,535] [added: 1,668] | |

| Camden Copper Square | | | | | | 2000 | | | | | | 786 | | | | | | 332 | | | | | | [removed: 95.3] [added: 96.3] | | | | | | [removed: 1,262] [added: 1,345] | | |

| Camden Foothills | | | | | | 2014 | | | | | | 1,032 | | | | | | 220 | | | | | | [removed: 95.9] [added: 97.0] | | | | | | [removed: 1,754] [added: 1,871] | | |

| Camden Legacy | | | | | | 1996 | | | | | | 1,067 | | | | | | 428 | | | | | | [removed: 96.0] [added: 96.3] | | | | | | [removed: 1,469] [added: 1,632] | | |

| Camden Montierra | | | | | | 1999 | | | | | | 1,071 | | | | | | 249 | | | | | | [removed: 96.1] [added: 97.7] | | | | | | [removed: 1,477] [added: 1,587] | | |

| Camden North End I [removed: (3)] | | | | | | 2019 | | | | | | 921 | | | | | | 441 | | | | | | [removed: 95.7] [added: 96.3] | | | | | | [removed: 1,618] [added: 1,722] | | |

| Camden Old Town Scottsdale | | | | | | 2016 | | | | | | 892 | | | | | | 316 | | | | | | [removed: 95.5] [added: 97.8] | | | | | | [removed: 1,760] [added: 1,886] | | |

| Camden Pecos Ranch | | | | | | 2001 | | | | | | 949 | | | | | | 272 | | | | | | [removed: 96.3] [added: 97.0] | | | | | | [removed: 1,271] [added: 1,378] | | |

| Camden San Marcos | | | | | | 1995 | | | | | | 984 | | | | | | 320 | | | | | | [removed: 96.1] [added: 97.6] | | | | | | [removed: 1,420] [added: 1,506] | | |

| Camden San Paloma | | | | | | 1993/1994 | | | | | | 1,042 | | | | | | 324 | | | | | | [removed: 95.6] [added: 96.8] | | | | | | [removed: 1,425] [added: 1,543] | | |

| Camden Sotelo | | | | | | 2008/2012 | | | | | | 1,303 | | | | | | 170 | | | | | | [removed: 95.5] [added: 97.9] | | | | | | [removed: 1,600] [added: 1,694] | | |

| Camden Tempe [removed: (4)] | | | | | | 2015 | | | | | | 1,033 | | | | | | 234 | | | | | | [removed: 95.3] [added: 96.7] | | | | | | [removed: 1,583] [added: 1,698] | | |

| Camden Crown Valley | | | | | | 2001 | | | | | | 1,009 | | | | | | 380 | | | | | | [removed: 97.4] [added: 98.2] | | | | | | [removed: 2,147] [added: 2,230] | | |

| Camden Glendale | | | | | | 2015 | | | | | | 893 | | | | | | 307 | | | | | | [removed: 93.7] [added: 97.2] | | | | | | [removed: 2,447] [added: 2,426] | | |

| Camden Harbor View [removed: (5)] | | | | | | 2004 | | | | | | 981 | | | | | | 547 | | | | | | [removed: 94.8] [added: 97.5] | | | | | | [removed: 2,606] [added: 2,657] | | |

| Camden Main and Jamboree | | | | | | 2008 | | | | | | 1,011 | | | | | | 290 | | | | | | [removed: 95.4] [added: 98.0] | | | | | | [removed: 2,164] [added: 2,171] | | |

| Camden Martinique | | | | | | 1986 | | | | | | 795 | | | | | | 714 | | | | | | [removed: 95.8] [added: 97.5] | | | | | | [removed: 1,890] [added: 1,946] | | |

| Camden Sea Palms | | | | | | 1990 | | | | | | 891 | | | | | | 138 | | | | | | [removed: 96.8] [added: 98.6] | | | | | | [removed: 2,171] [added: 2,225] | | |

| The Camden | | | | | | 2016 | | | | | | 767 | | | | | | 287 | | | | | | [removed: 93.0] [added: 95.6] | | | | | | [removed: 3,070] [added: 2,921] | | |

| Camden Landmark | | | | | | 2006 | | | | | | 982 | | | | | | 469 | | | | | | [removed: 95.7] [added: 97.2] | | | | | | [removed: 1,709] [added: 1,833] | | |

| Camden Old Creek | | | | | | 2007 | | | | | | 1,037 | | | | | | 350 | | | | | | [removed: 96.8] [added: 98.2] | | | | | | [removed: 2,279] [added: 2,376] | | |

| Camden Sierra at Otay Ranch | | | | | | 2003 | | | | | | 962 | | | | | | 422 | | | | | | [removed: 94.9] [added: 97.1] | | | | | | [removed: 2,120] [added: 2,217] | | |

| Camden Tuscany | | | | | | 2003 | | | | | | 895 | | | | | | 160 | | | | | | [removed: 94.1] [added: 96.1] | | | | | | [removed: 2,654] [added: 2,678] | | |

| Camden Vineyards | | | | | | 2002 | | | | | | 1,053 | | | | | | 264 | | | | | | [removed: 96.9] [added: 97.4] | | | | | | [removed: 1,848] [added: 1,987] | | |

| Camden Belleview Station | | | | | | 2009 | | | | | | 888 | | | | | | 270 | | | | | | [removed: 95.0] [added: 95.4] | | | | | | [removed: 1,548] [added: 1,594] | | |

| Camden Caley | | | | | | 2000 | | | | | | 921 | | | | | | 218 | | | | | | [removed: 96.2] [added: 96.5] | | | | | | [removed: 1,547] [added: 1,593] | | |

| Camden Denver West | | | | | | 1997 | | | | | | 1,015 | | | | | | 320 | | | | | | [removed: 96.0] [added: 97.0] | | | | | | [removed: 1,852] [added: 1,910] | | |

| Camden Flatirons | | | | | | 2015 | | | | | | 960 | | | | | | 424 | | | | | | [removed: 95.6] [added: 96.6] | | | | | | [removed: 1,700] [added: 1,741] | | |

| Camden Highlands Ridge | | | | | | 1996 | | | | | | 1,149 | | | | | | 342 | | | | | | [removed: 96.6] [added: 97.7] | | | | | | [removed: 1,824] [added: 1,908] | | |

| Camden Interlocken | | | | | | 1999 | | | | | | 1,002 | | | | | | 340 | | | | | | [removed: 95.3] [added: 97.0] | | | | | | [removed: 1,723] [added: 1,763] | | |

| Camden Lakeway | | | | | | 1997 | | | | | | 932 | | | | | | 451 | | | | | | [removed: 95.7] [added: 95.6] | | | | | | [removed: 1,648] [added: 1,701] | | |

| Camden Lincoln Station | | | | | | 2017 | | | | | | 844 | | | | | | 267 | | | | | | [removed: 95.2] [added: 96.1] | | [added: %] | | | | [removed: 1,619] [added: $] | [added: 1,649] | |

| Camden RiNo [removed: (6)] [added: (3)] | | | | | | 2020 | | | | | | 828 | | | | | | 233 | | | | | | [removed: Lease-up] [added: 98.0] | | | | | | [removed: 1,929] [added: 1,845] | | |

| Property and Location | | | | | | Year Placed in Service | | | | | | Average Apartment Size (Sq. Ft.) | | | | | | Number of Apartments | | | | | | [removed: 2020] [added: 2021] Average Occupancy (1) | | | | | | [removed: 2020] [added: 2021] Average Monthly Rental Rate per Apartment (2) | | |

| 2017-2021 | | | 18 | | |

| 2012-2016 | | | 32 | | |

| 2007-2011 | | | 29 | | |

| 2002-2006 | | | 27 | | |

| 1997-2001 | | | 43 | | |

| Prior to 1997 | | | 22 | | |

| Camden North End II (3) | | | | | | 2021 | | | | | | 885 | | | | | | 343 | | | | | | 97.2 | | | | | | 1,808 | | |

| Camden Hillcrest (4) | | | | | | 2021 | | | | | | 1,223 | | | | | | 132 | | | | | | Lease-up | | | | | | 4,238 | | |

| Camden Lake Eola (4) | | | | | | 2021 | | | | | | 944 | | | | | | 360 | | | | | | Lease-up | | | | | | 2,177 | | |

| Camden Central (6) | | | | | | 2019 | | | | | | 943 | | | | | | 368 | | | | | | 97.8 | | | | | | 3,304 | | |

| Camden Westwood | | | | | | 1999 | | | | | | 1,022 | | | | | | 360 | | | | | | 96.0 | | | | | | 1,225 | | |

| TENNESSEE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Nashville | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Camden Franklin Park (6) | | | | | | 2018 | | | | | | 967 | | | | | | 328 | | | | | | 97.5 | | | | | | 1,743 | | |

| Camden Music Row (6) | | | | | | 2016 | | | | | | 903 | | | | | | 430 | | | | | | 97.1 | | | | | | 2,198 | | |

| Camden Greenville (6) | | | | | | 2017/2018 | | | | | | 1,028 | | | | | | 558 | | | | | | 94.2 | | | | | | 2,064 | | |

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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

*(6)Property acquired in 2021 - the average occupancy was calculated from the date the property was acquired.*

Our average resident lease terms are approximately fourteen months.

| 2016-2020 | | | 20 | | |

| 2011-2015 | | | 23 | | |

| 2006-2010 | | | 35 | | |

| 2001-2005 | | | 31 | | |

| 1996-2000 | | | 42 | | |

| Prior to 1996 | | | 16 | | |

| Camden Russett | | | | | | 2000 | | | | | | 992 | | | | | | 426 | | | | | | 97.2 | | | | | | 1,556 | | |

| Camden Westwood | | | | | | 1999 | | | | | | 1,027 | | | | | | 354 | | | | | | 93.6 | | | | | | 1,171 | | |

| Camden Oak Crest | | | | | | 2003 | | | | | | 870 | | | | | | 364 | | | | | | 94.5 | | | | | | 1,145 | | |

| Camden Park | | | | | | 1995 | | | | | | 866 | | | | | | 288 | | | | | | 95.7 | | | | | | 1,116 | | |

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

*(5)Property completed redevelopment as of December 31, 2020.*

Our common shares are traded on the New York Stock Exchange under the symbol "CPT." As of February [removed: 11, 2021,] [added: 10, 2022,] there were approximately [removed: 321] [added: 297] shareholders of record and [removed: 56,658] [added: 88,001] beneficial owners of our common shares.

In the first quarter of [removed: 2021,] [added: 2022,] the Company's Board of Trust Managers declared a first quarter dividend of [removed: $0.83] [added: $0.94] per common share to our common shareholders of record as of March 31, [removed: 2021.][added: 2022.]

Assuming similar dividend distributions for the remainder of [removed: 2021,] [added: 2022,] our annualized dividend rate for [removed: 2021] [added: 2022] would be [removed: $3.32.][added: $3.76.]

The following graph assumes the investment of $100 on December 31, [removed: 2015] [added: 2016] and quarterly reinvestment of [removed: dividends, including a special dividend of $4.25 paid in September 2016.][added: dividends.]

[removed: ][added: ]

| Index | | | | | | | | | | | | | | | [removed: 2016] | | | | | | 2017 | | | | | | 2018 | | | | | | 2019 | | | | | | 2020 | | | [added: | | | 2021 | | |]

In [removed: June 2020,] [added: August 2021,] we created an [removed: at-the market] [added: at-the-market] ("ATM") share offering program through which we can, but have no obligation to, sell common shares [removed: and we may also enter into separate forward sale agreements with forward purchasers] for an aggregate offering price of up to [removed: $362.7] [added: $500.0] million (the [removed: "2020] [added: "2021] 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.

The proceeds from the sale of our common shares under the [removed: 2020] [added: 2021] ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under 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 [removed: 2020] [added: 2021] ATM program [added: also] permits the use of forward [removed: sales] [added: sale] 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 [added: the applicable] shares until a later date.

If we enter into a forward sale agreement, we expect the [removed: relevant] [added: applicable] forward purchasers will borrow from third parties and, through the [removed: relevant] [added: applicable] sales [removed: agent,] [added: agent] acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the [added: applicable] agreement.

We [added: would] 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.

[removed: During] [added: There were no additional shares sold under] the [removed: year ended December 31,] 2020 [removed: and] [added: ATM program from June 30, 2021] through the date of [removed: this filing, we did not enter into any forward sale agreements nor were there any] [added: the termination agreements, and no further common] shares [removed: sold] [added: were available for sale] under [removed: the 2020 ATM] [added: this] program.

[removed: As of the date of this filing,] [added: We did not sell any additional shares subsequent to December 31, 2021, and] we had common shares having an aggregate offering price of up to [removed: $362.7] [added: $97.6] million remaining available for sale under the [removed: 2020] [added: 2021] ATM [removed: program.][added: program as of the date of this filing.]

In [removed: May 2017,] [added: June 2020,] we created an [removed: at-the market ("ATM")] [added: ATM] share offering program through which we [removed: can,] [added: could,] but [removed: have] [added: had] no obligation to, sell common shares [removed: having] [added: for] an aggregate offering price of up to [removed: $315.3] [added: $362.7] million (the [removed: "2017] [added: "2020] ATM program").

During the year ended December 31, [removed: 2019,] [added: 2021,] we [removed: issued] [added: sold an aggregate of] approximately [removed: 0.2] [added: 2.6] million common shares [removed: under the 2017 ATM program] [added: at an average price per share of $157.57,] for [removed: a total] [added: aggregate] net consideration of approximately [removed: $24.8 million.][added: $400.4 million under the 2021 ATM program.]

See Part III, Item 12, for a description of securities authorized for issuance under [added: our] equity compensation plans.

There were no repurchases under this program for the years ended December 31, [removed: 2019] [added: 2019, 2020,] or [removed: 2020] [added: 2021] or through the date of this filing.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Camden Property Trust | | | | | | | | | | | | | | | | | | | | | $ | 113.33 | | | | | $ | 112.22 | | | | | $ | 139.39 | | | | | $ | 136.21 | | | | | $ | 249.51 | |

| FTSE NAREIT Equity | | | | | | | | | | | | | | | | | | | | | 105.23 | | | | | | 100.36 | | | | | | 126.45 | | | | | | 116.34 | | | | | | 166.64 | | |

| S&P 500 | | | | | | | | | | | | | | | | | | | | | 121.83 | | | | | | 116.49 | | | | | | 153.17 | | | | | | 181.35 | | | | | | 233.41 | | |

| Russell 2000 | | | | | | | | | | | | | | | | | | | | | 114.65 | | | | | | 102.02 | | | | | | 128.06 | | | | | | 153.62 | | | | | | 176.39 | | |

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We have not entered into any forward sale agreements under the 2021 ATM program.

The proceeds from the sale of our common shares under the 2021 ATM program were used for general corporate purposes, which included funding for development activities and financing for acquisitions.

During the six months ended June 30, 2021, we sold an aggregate of approximately 2.9 million common shares at an average price per share of $126.64, for aggregate net consideration of approximately $358.8 million.

In August 2021, we terminated the 2020 ATM program with an aggregate offering price of approximately $0.2 million not sold.

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| Camden Property Trust | | | | | | | | | | | | | | | $ | 119.23 | | | | | $ | 135.11 | | | | | $ | 133.74 | | | | | $ | 166.11 | | | | | $ | 162.29 | |

| FTSE NAREIT Equity | | | | | | | | | | | | | | | 108.52 | | | | | | 114.19 | | | | | | 108.91 | | | | | | 137.23 | | | | | | 126.25 | | |

| S&P 500 | | | | | | | | | | | | | | | 111.96 | | | | | | 136.40 | | | | | | 130.42 | | | | | | 171.49 | | | | | | 203.04 | | |

| Russell 2000 | | | | | | | | | | | | | | | 121.31 | | | | | | 139.08 | | | | | | 123.76 | | | | | | 155.35 | | | | | | 186.36 | | |

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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.

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.

During the year ended December 31, 2018, we repurchased 3,222 common shares for approximately $0.3 million.

Management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2020.][added: 2021.]

Based on our assessment, management concluded our internal control over financial reporting is effective as of December 31, [removed: 2020.][added: 2021.]

We have audited the internal control over financial reporting of Camden Property Trust and subsidiaries (the “Company”) as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2020,] [added: 2021,] of the Company and our report dated February [removed: 18, 2021,] [added: 17, 2022,] expressed an unqualified opinion on those financial statements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may [removed: deteriorate.][added: deteriorate.]

February 17, 2022

| February 17, 2022 | | |

February 18, 2021

| February 18, 2021 | | |

PART III

None.

PART III

Information with respect to this Item 10 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 24, [removed: 2021] [added: 2022] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 13, 2021.][added: 12, 2022.]

Information with respect to this Item 11 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 24, [removed: 2021] [added: 2022] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 13, 2021.][added: 12, 2022.]

Information with respect to this Item 12 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 24, [removed: 2021] [added: 2022] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 13, 2021.][added: 12, 2022.]

Information with respect to this Item 13 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 24, [removed: 2021] [added: 2022] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 13, 2021.][added: 12, 2022.]

Information with respect to this Item 14 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 24, [removed: 2021] [added: 2022] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 13, 2021.][added: 12, 2022.]

| (1) Financial Statements: | | | | | | [added: | | | | | |]

| [Report of Independent Registered Public Accounting [removed: Firm](#i0a2a952d79424e038bc68d580903628b_100)] [added: Firm](#i22741b3d457d40eea7708eab1a3244a0_100)] | | | [added: PCAOB ID No. | | | 34 | | |] F-1 | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2020] [added: 2021] and [removed: 2019](#i0a2a952d79424e038bc68d580903628b_103)] [added: 2020](#i22741b3d457d40eea7708eab1a3244a0_103)] | | | [added: | | | | | |] F-3 | | |

| [Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, [added: 2021,] 2020, [removed: 2019,] and [removed: 2018](#i0a2a952d79424e038bc68d580903628b_109)] [added: 2019](#i22741b3d457d40eea7708eab1a3244a0_109)] | | | [added: | | | | | |] F-4 | | |

| [Consolidated Statements of Equity for the Years Ended December 31, [added: 2021,] 2020, [removed: 2019,] and [removed: 2018](#i0a2a952d79424e038bc68d580903628b_112)] [added: 2019](#i22741b3d457d40eea7708eab1a3244a0_112)] | | | [added: | | | | | |] F-6 | | |

| [Consolidated Statements of Cash Flows for the Years Ended December 31, [added: 2021,] 2020, [removed: 2019,] and [removed: 2018](#i0a2a952d79424e038bc68d580903628b_118)] [added: 2019](#i22741b3d457d40eea7708eab1a3244a0_118)] | | | [added: | | | | | |] F-8 | | |

| [Notes to Consolidated Financial [removed: Statements](#i0a2a952d79424e038bc68d580903628b_121)] [added: Statements](#i22741b3d457d40eea7708eab1a3244a0_121)] | | | [added: | | | | | |] F-10 | | |

| (2) Financial Statement Schedules: | | | | | | [added: | | | | | |]

| [Schedule III – Real Estate and Accumulated [removed: Depreciation](#i0a2a952d79424e038bc68d580903628b_199)] [added: Depreciation](#i22741b3d457d40eea7708eab1a3244a0_202)] | | | [added: | | | | | |] S-1 | | |

| [Schedule IV – Mortgage Loans on Real [removed: Estate](#i0a2a952d79424e038bc68d580903628b_205)] [added: Estate](#i22741b3d457d40eea7708eab1a3244a0_208)] | | | [added: | | | | | |] S-8 | | |

| [removed: [10.39](http://www.sec.gov/Archives/edgar/data/915773/000095014401505331/g70838ex10-1.txt)] [added: [10.40](http://www.sec.gov/Archives/edgar/data/915773/000095014401505331/g70838ex10-1.txt)] | | | | | | Employment Agreement dated February 15, 1999, by and among William F. Paulsen, Summit Properties Inc. and Summit Management Company, as restated on April 3, 2001 | | | | | | Exhibit 10.1 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2001 (File No. 000-12792) | | |

| [removed: [10.40](http://www.sec.gov/Archives/edgar/data/915773/000091577304000042/spiex1082mcguire.htm)] [added: [10.41](http://www.sec.gov/Archives/edgar/data/915773/000091577304000042/spiex1082mcguire.htm)] | | | | | | Amendment Agreement, dated as of June 19, 2004, among William F. Paulsen, Summit Properties Inc. and Summit Management Company | | | | | | Exhibit 10.8.2 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2004 (File No. 001-12792) | | |

| [removed: [10.41](http://www.sec.gov/Archives/edgar/data/906345/000091577305000007/paulsensepagreement.htm)] [added: [10.42](http://www.sec.gov/Archives/edgar/data/906345/000091577305000007/paulsensepagreement.htm)] | | | | | | Separation Agreement, dated as of February 28, 2005, between Camden Property Trust and William F. Paulsen | | | | | | Exhibit 99.2 to Form 8-K filed on April 28, 2005 | | |

| [removed: [10.42](http://www.sec.gov/Archives/edgar/data/906345/000090634519000012/ex991-cpt2019xthirdamended.htm)] [added: [10.44](http://www.sec.gov/Archives/edgar/data/906345/000090634519000012/ex991-cpt2019xthirdamended.htm)] | | | | | | Third Amended and Restated Credit Agreement dated as of March 8, 2019 among Camden Property Trust, as the Borrower, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., U.S. Bank National Association, and PNC Bank National Association, as Syndication Agents, The Bank of Nova Scotia, Branch Banking and Trust Company, Deutsche Bank Securities Inc., Regions Bank, SunTrust Bank, and Wells Fargo Bank, National Association, as Documentation Agents, TD Bank N.A., as Managing Agent, and the other lenders party thereto, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Chase Bank N.A., U.S. Bank National Association, and PNC Capital Markets LLC, as Joint Lead Arrangers, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and J.P. Morgan Chase Bank N.A., as Joint Bookrunners | | | | | | Exhibit 99.1 to Form 8-K filed on March 8, 2019 | | |

| [removed: [10.43](http://www.sec.gov/Archives/edgar/data/906345/000119312520160774/d817180dex11.htm)] [added: [10.45](http://www.sec.gov/Archives/edgar/data/906345/000119312521233108/d212669dex11.htm)] | | | | | | Distribution Agency Agreement, dated [removed: June 4, 2020,] [added: August 2, 2021,] between Camden Property Trust and [removed: BofA Securities,] [added: Deutsche Bank Securities] Inc. | | | | | | Exhibit 1.1 to Form 8-K filed on [removed: June 4, 2020] [added: August 2, 2021] | | |

| [removed: [10.44](http://www.sec.gov/Archives/edgar/data/906345/000119312520160774/d817180dex12.htm)] [added: [10.46](http://www.sec.gov/Archives/edgar/data/906345/000119312521233108/d212669dex12.htm)] | | | | | | Distribution Agency Agreement, dated [removed: June 4, 2020,] [added: August 2, 2021,] between Camden Property Trust and [removed: J.P. Morgan] [added: Regions] Securities LLC | | | | | | Exhibit 1.2 to Form 8-K filed on [removed: June 4, 2020] [added: August 2, 2021] | | |

| [removed: [10.45](http://www.sec.gov/Archives/edgar/data/906345/000119312520160774/d817180dex13.htm)] [added: [10.47](http://www.sec.gov/Archives/edgar/data/906345/000119312521233108/d212669dex13.htm)] | | | | | | Distribution Agency Agreement, dated [removed: June 4, 2020,] [added: August 2, 2021] between Camden Property [removed: Trust and] [added: Trust,] Scotia Capital (USA) Inc. [added: and The Bank of Nova Scotia] | | | | | | Exhibit 1.3 to Form 8-K filed on [removed: June 4, 2020] [added: August 2, 2021] | | |

| [removed: [10.46](http://www.sec.gov/Archives/edgar/data/906345/000119312520160774/d817180dex14.htm)] [added: [10.48](http://www.sec.gov/Archives/edgar/data/906345/000119312521233108/d212669dex14.htm)] | | | | | | Distribution Agency Agreement, dated [removed: June 4, 2020,] [added: August 2, 2021] between Camden Property [removed: Trust] [added: Trust, TD Securities (USA) LLC] and [removed: SunTrust Robinson Humphrey, Inc.] [added: The Toronto-Dominion Bank] | | | | | | Exhibit 1.4 to Form 8-K filed on [removed: June 4, 2020] [added: August 2, 2021] | | |

| [removed: [10.47](http://www.sec.gov/Archives/edgar/data/906345/000119312520160774/d817180dex15.htm)] [added: [10.43](http://www.sec.gov/Archives/edgar/data/906345/000119312522003635/d242689dex991.htm)] | | | | | | [removed: Distribution Agency] [added: Separation] Agreement, dated [removed: June 4, 2020,] [added: as of December 31, 2021,] between Camden Property Trust and [removed: Wells Fargo Securities, LLC] [added: H. Malcolm Stewart] | | | | | | Exhibit [removed: 1.5] [added: 99.1] to Form 8-K filed on [removed: June 4, 2020] [added: January 6, 2022] | | |

| [removed: [21.1](https://www.sec.gov/Archives/edgar/data/906345/000090634521000010/cpt12312020-ex211.htm)] [added: [21.1](https://www.sec.gov/Archives/edgar/data/906345/000090634522000009/cpt12312021-ex211.htm)] | | | | | | List of Significant Subsidiaries | | | | | | Filed Herewith | | |

| [removed: [23.1](https://www.sec.gov/Archives/edgar/data/906345/000090634521000010/cpt12312020-ex231.htm)] [added: [23.1](https://www.sec.gov/Archives/edgar/data/906345/000090634522000009/cpt12312021-ex231.htm)] | | | | | | Consent of Deloitte & Touche LLP | | | | | | Filed Herewith | | |

| [removed: [24.1](https://www.sec.gov/Archives/edgar/data/906345/000090634521000010/cpt12312020-ex241.htm)] [added: [24.1](https://www.sec.gov/Archives/edgar/data/906345/000090634522000009/cpt12312021-ex241.htm)] | | | | | | Powers of Attorney for [added: Javier E. Benito,] Heather J. Brunner, Mark D. Gibson, Scott S. Ingraham, Renu Khator, William F. Paulsen, Frances Aldrich Sevilla-Sacasa, Steven A. Webster, and Kelvin R. Westbrook | | | | | | Filed Herewith | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/906345/000090634521000010/cpt12312020-ex311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/906345/000090634522000009/cpt12312021-ex311.htm)] | | | | | | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act | | | | | | Filed Herewith | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/906345/000090634521000010/cpt12312020-ex312.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/906345/000090634522000009/cpt12312021-ex312.htm)] | | | | | | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act | | | | | | Filed Herewith | | |

| [removed: [32.1](https://www.sec.gov/Archives/edgar/data/906345/000090634521000010/cpt12312020-ex321.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/906345/000090634522000009/cpt12312021-ex321.htm)] | | | | | | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | | | | Filed Herewith | | |

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| [10.39](http://www.sec.gov/Archives/edgar/data/906345/000090634521000017/exhibit991-2020camdensummi.htm) | | | | | | Agreement, dated as of March 8, 2021 among William F. Paulsen, the 2014 Amended and Restated William B. McGuire Jr. Revocable Trust, 2012 DE CPT LLC, WBM CPT 2020 LLC, David F. Tufaro, Camden Property Trust, Camden Summit, Inc. and Camden Summit Partnership, L.P. | | | | | | Exhibit 99.1 to Form 8-K filed by Camden Property Trust on March 11, 2021 (File No. 1-12110) | | |

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| --- | --- | --- | --- | --- | --- |

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| | | | | | |

| February [removed: 18, 2021] [added: 17, 2022] | | | | | | | | | | | | CAMDEN PROPERTY TRUST | | | | | | | | |

| /s/ Richard J. Campo | | | | | | Chairman of the Board of Trust | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| /s/ D. Keith Oden | | | | | | Executive Vice Chairman of the Board of Trust | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| D. Keith Oden | | | | | | Managers [added: and President] | | | | | | | | |

| /s/ Alexander J. Jessett | | | | | | Executive Vice President - [removed: Finance and] [added: Chief Financial Officer,] | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| Alexander J. Jessett | | | | | | [removed: Chief Financial Officer] [added: and Assistant Secretary] (Principal Financial Officer) | | | | | | | | |

| /s/ Michael P. Gallagher | | | | | | Senior Vice President - Chief Accounting | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| Heather J. Brunner | | | | | | Trust Manager | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| Mark D. Gibson | | | | | | Trust Manager | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| Scott S. Ingraham | | | | | | Trust Manager | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| Renu Khator | | | | | | Trust Manager | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| William F. Paulsen | | | | | | Trust Manager | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| Frances Aldrich Sevilla-Sacasa | | | | | | Trust Manager | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| Steven A. Webster | | | | | | Trust Manager | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

| Kelvin R. Westbrook | | | | | | Trust Manager | | | | | | February [removed: 18, 2021] [added: 17, 2022] | | |

We have audited the accompanying consolidated balance sheets of Camden Property Trust and subsidiaries (the "Company") as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] 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, [removed: 2020,] [added: 2021,] 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, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] 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, [removed: 2020,] [added: 2021,] 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 [removed: 18, 2021,] [added: 17, 2022,] expressed an unqualified opinion on the Company's internal control over financial reporting.

The communication of [removed: this] critical audit [removed: matter] [added: matters] 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.

Possible [removed: indications] [added: indicators] 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.

for possible [removed: indications] [added: indicators] of impairment.

Changes in these assumptions could have a significant impact on concluding whether impairment [removed: indications] [added: indicators] exist, which would require a recoverability test to be performed for the properties under development.

As of December 31, [removed: 2020,] [added: 2021,] the Company’s properties under development had an aggregate book value of [removed: $564.2] [added: $474.7] million, and no impairment loss has been recognized for the year ended December 31, [removed: 2020.][added: 2021.]

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

◦Performed a retrospective [removed: 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.

[removed: |] /s/ DELOITTE & TOUCHE LLP [removed: | | |]

[removed: |] Houston, Texas [removed: | | |]

[removed: |] We have served as the Company's auditor since 1993. [removed: | | |]

| *(in thousands, except per share amounts)* | | | [added: 2021 | | | | | |] 2020 | | | | | | 2019 | | |

| Land | | | $ | [removed: 1,225,214] [added: 1,349,594] | | | | | $ | [removed: 1,199,384] [added: 1,225,214] | |

| Buildings and improvements | | | [removed: 7,763,748] [added: 8,624,734] | | | | | | [removed: 7,404,090] [added: 7,763,748] | | |

| Accumulated depreciation | | | [removed: (3,034,186)] [added: (3,358,027)] | | | | | | [removed: (2,686,025)] [added: (3,034,186)] | | |

| Net operating real estate assets | | | $ | [removed: 5,954,776] [added: 6,616,301] | | | | | $ | [removed: 5,917,449] [added: 5,954,776] | |

| Properties under development, including land | | | [removed: 564,215] [added: 474,739] | | | | | | [removed: 512,319] [added: 564,215] | | |

| Investments in joint ventures | | | [removed: 18,994] [added: 13,730] | | | | | | [removed: 20,688] [added: 18,994] | | |

| Total real estate assets | | | $ | [removed: 6,537,985] [added: 7,104,770] | | | | | $ | [removed: 6,450,456] [added: 6,537,985] | |

| Accounts receivable – affiliates | | | [removed: 20,158] [added: 18,664] | | | | | | [removed: 21,833] [added: 20,158] | | |

| Other assets, net | | | [removed: 216,276] [added: 234,370] | | | | | | [removed: 248,716] [added: 216,276] | | |

| Cash and cash equivalents | | | [added: $ | 613,391 | | | | | $ |] 420,441 | | | | | [added: $] | 23,184 | | [removed: |]

| Restricted cash | | | [added: 5,589 | | | | | |] 4,092 | | | | | | 4,315 | | |

| Javier E. Benito | | | | | | Trust Manager | | | | | | February 17, 2022 | | |

| * | | | | | | | | | | | | | | |

February 17, 2022

| | | | $ | 9,974,328 | | | | | $ | 8,988,962 | |

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| Equity, December 31, 2020 | | | $ | 1,069 | | | | | $ | 4,581,710 | | | | | $ | (791,079) | | | | | $ | (341,412) | | | | | $ | (5,383) | | | | | $ | 71,682 | | | | | $ | 3,516,587 | | | | |

| Net income | | | | | | | | | | | | | | | 303,907 | | | | | | | | | | | | | | | | | | 8,469 | | | | | | 312,376 | | |

| Common shares issued (5,416 shares) | | | 54 | | | | | | 759,155 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 759,209 | | |

| Net share awards | | | | | | | | | 13,800 | | | | | | | | | | | | 6,360 | | | | | | | | | | | | | | | | | | 20,160 | | |

| Conversion of operating partnership units (142 shares) | | | 1 | | | | | | 5,935 | | | | | | | | | | | | | | | | | | | | | | | | (5,936) | | | | | | — | | |

| Cash distributions declared to equity holders ($3.32 per share) | | | | | | | | | | | | | | | (342,281) | | | | | | | | | | | | | | | | | | (5,450) | | | | | | (347,731) | | |

| Other | | | 2 | | | | | | (222) | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | (220) | | |

| Equity, December 31, 2021 | | | $ | 1,126 | | | | | $ | 5,363,530 | | | | | $ | (829,453) | | | | | $ | (333,974) | | | | | $ | (3,739) | | | | | $ | 68,765 | | | | | $ | 4,266,255 | |

| Other | | | 3,597 | | | | | | 4,390 | | | | | | 1,043 | | |

During the year ended December 31, 2020, the coronavirus pandemic-related concessions provided to our residents/tenants were primarily related to changes in timing of rent payments and had no significant changes to the total payment or term.

In accordance with the Financial Standards Board ("FASB") question and answer document issued in April 2020, we elected to account for these concessions as a deferred payment and continued to recognize property revenue on the existing straight-line basis over the remaining applicable lease term.

There were no pandemic-related concessions provided to our residents/tenants during the year ended December 31, 2021.

| 2022 | | | 773.5 | | |

| 2023 | | | 31.4 | | |

| 2024 | | | 3.8 | | |

| 2025 | | | 3.2 | | |

| 2026 | | | 2.9 | | |

| Thereafter | | | 8.4 | | |

| Total | | | $ | 823.2 | |

Further, all material operations are within the United

Common shares under a forward sale agreement will be considered in our calculation for diluted earnings-per-share until settlement, using the treasury stock method.

We have not entered into any forward sale agreements under the 2021 ATM program.

During the year ended December 31, 2021, we sold an aggregate of approximately 2.6 million common shares at an average price per share of $157.57, for aggregate net consideration of approximately $400.4 million under the 2021 ATM program.

During the six months ended June 30, 2021, we sold an aggregate of approximately 2.9 million common shares at an average price per share of $126.64, for aggregate net consideration of approximately $358.8 million.

In August 2021, we terminated the 2020 ATM program with an aggregate offering price of approximately $0.2 million not sold.

filing.

*Asset Acquisition of Operating Properties.* During the year ended December 31, 2021, we acquired one operating property comprised of 558 apartment homes located in Dallas, Texas for approximately $165.5 million in October and one operating property comprised of 368 apartment homes located in St. Petersburg, Florida for approximately $176.3 million in August.

In June 2021, we also acquired one operating property comprised of 328 apartment homes located in Franklin, Tennessee for approximately $105.3 million and one operating property comprised of 430 apartment homes located in Nashville, Tennessee for approximately $186.3 million.

*Acquisitions of Land.* During the year ended December 31, 2021, we acquired approximately 2.0 acres of land in Nashville, Tennessee for approximately $36.6 million, approximately 5.2 acres of land in Denver, Colorado for approximately $24.0 million, approximately 14.6 acres of land in The Woodlands, Texas for approximately $9.3 million, and approximately 0.2 acres of land in St. Petersburg, Florida for approximately $2.1 million for future development purposes.

*Land Holding Dispositions.* We did not sell any land holdings during the years ended December 31, 2021 and 2019.

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| February 18, 2021 | | |

| | | |

| | | | $ | 8,988,962 | | | | | $ | 8,603,474 | |

| 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 | | | | | |

| Net share awards | | | | | | | | | 13,720 | | | | | | | | | | | | 7,961 | | | | | | | | | | | | | | | | | | 21,681 | | | | | |

| Common share options exercised (8 shares) | | | | | | | | | 41 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 41 | | | | | |

| 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) | | | | | |

| Change in classification of deferred compensation plan (See Note 11) | | | | | | | | | 43,311 | | | | | | 9,363 | | | | | | | | | | | | | | | | | | | | | | | | 52,674 | | | | | |

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| Equity, December 31, 2019 | | | $ | 1,069 | | | | | $ | 4,566,731 | | | | | $ | (584,167) | | | | | $ | (348,419) | | | | | $ | (6,529) | | | | | $ | 73,039 | | | | | $ | 3,701,724 | |

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| Decrease in notes receivable | | | 1,449 | | | | | | 1,394 | | | | | | 9,475 | | |

| Other | | | 2,941 | | | | | | (351) | | | | | | 2,046 | | |