Item 16. Summary

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Item 16. Summary

None.

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SIGNATURES

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

February 17, 2022CAMDEN PROPERTY TRUST
By:/s/ Michael P. Gallagher
Michael P. Gallagher
Senior Vice President — Chief Accounting Officer

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

NameTitleDate
/s/ Richard J. CampoChairman of the Board of TrustFebruary 17, 2022
Richard J. CampoManagers and Chief Executive Officer (Principal Executive Officer)
/s/ D. Keith OdenExecutive Vice Chairman of the Board of TrustFebruary 17, 2022
D. Keith OdenManagers and President
/s/ Alexander J. JessettExecutive Vice President - Chief Financial Officer,February 17, 2022
Alexander J. Jessettand Assistant Secretary (Principal Financial Officer)
/s/ Michael P. GallagherSenior Vice President - Chief AccountingFebruary 17, 2022
Michael P. GallagherOfficer (Principal Accounting Officer)
*
Javier E. BenitoTrust ManagerFebruary 17, 2022
*
Heather J. BrunnerTrust ManagerFebruary 17, 2022
*
Mark D. GibsonTrust ManagerFebruary 17, 2022
*
Scott S. IngrahamTrust ManagerFebruary 17, 2022
*
Renu KhatorTrust ManagerFebruary 17, 2022
*
William F. PaulsenTrust ManagerFebruary 17, 2022
*
Frances Aldrich Sevilla-SacasaTrust ManagerFebruary 17, 2022
*
Steven A. WebsterTrust ManagerFebruary 17, 2022
*
Kelvin R. WestbrookTrust ManagerFebruary 17, 2022
*By: /s/ Alexander J. Jessett
Alexander J. Jessett Attorney-in-fact

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit 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.

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

Critical Audit Matter Description

The Company’s evaluation of properties under development, including land (“properties under development”) for impairment involves an initial assessment to determine whether events or changes in circumstances indicate that the carrying amount of properties under development may not be recoverable. Possible 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.

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

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for possible indicators of impairment. Changes in these assumptions could have a significant impact on concluding whether impairment indicators exist, which would require a recoverability test to be performed for the properties under development. As of December 31, 2021, the Company’s properties under development had an aggregate book value of $474.7 million, and no impairment loss has been recognized for the year ended December 31, 2021.

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

How the Critical Audit Matter Was Addressed in the Audit

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

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

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

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

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

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

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

/s/ DELOITTE & TOUCHE LLP

Houston, Texas

February 17, 2022

We have served as the Company's auditor since 1993.

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CAMDEN PROPERTY TRUST

CONSOLIDATED BALANCE SHEETS

December 31,
(in thousands, except per share amounts)20212020
Assets
Real estate assets, at cost
Land$1,349,594$1,225,214
Buildings and improvements8,624,7347,763,748
$9,974,328$8,988,962
Accumulated depreciation(3,358,027)(3,034,186)
Net operating real estate assets$6,616,301$5,954,776
Properties under development, including land474,739564,215
Investments in joint ventures13,73018,994
Total real estate assets$7,104,770$6,537,985
Accounts receivable – affiliates18,66420,158
Other assets, net234,370216,276
Cash and cash equivalents613,391420,441
Restricted cash5,5894,092
Total assets$7,976,784$7,198,952
Liabilities and equity
Liabilities
Notes payable
Unsecured$3,170,367$3,166,625
Accounts payable and accrued expenses191,651175,608
Accrued real estate taxes66,67366,156
Distributions payable88,78684,147
Other liabilities193,052189,829
Total liabilities$3,710,529$3,682,365
Commitments and contingencies (Note 14)
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 114,668 and 109,110 issued; 112,578 and 106,860 outstanding at December 31, 2021 and 2020, respectively1,1261,069
Additional paid-in capital5,363,5304,581,710
Distributions in excess of net income attributable to common shareholders(829,453)(791,079)
Treasury shares, at cost (9,236 and 9,442 common shares, at December 31, 2021 and 2020, respectively)(333,974)(341,412)
Accumulated other comprehensive loss(3,739)(5,383)
Total common equity$4,197,490$3,444,905
Non-controlling interests68,76571,682
Total equity$4,266,255$3,516,587
Total liabilities and equity$7,976,784$7,198,952

See Notes to Consolidated Financial Statements.

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CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Year Ended December 31,
(in thousands, except per share amounts)202120202019
Property revenues$1,143,585$1,043,837$1,028,461
Property expenses
Property operating and maintenance$267,703$252,190$235,589
Real estate taxes149,322142,636130,758
Total property expenses$417,025$394,826$366,347
Non-property income
Fee and asset management$10,532$10,800$8,696
Interest and other income1,2232,9493,090
Income on deferred compensation plans14,36912,04521,694
Total non-property income$26,124$25,794$33,480
Other expenses
Property management$26,339$24,201$25,290
Fee and asset management4,5113,9545,759
General and administrative59,36853,62453,201
Interest97,29791,52680,706
Depreciation and amortization420,692367,162336,274
Expense on deferred compensation plans14,36912,04521,694
Total other expenses$622,576$552,512$522,924
Loss on early retirement of debt—(176)(11,995)
Gain on sale of operating properties, including land174,38438249,901
Equity in income of joint ventures9,7778,05214,783
Income from continuing operations before income taxes$314,269$130,551$225,359
Income tax expense(1,893)(1,972)(1,089)
Net income$312,376$128,579$224,270
Less income allocated to non-controlling interests(8,469)(4,668)(4,647)
Net income attributable to common shareholders$303,907$123,911$219,623
Total earnings per share – basic2.971.242.23
Total earnings per share – diluted2.961.242.22
Weighted average number of common shares outstanding – basic101,99999,38598,460
Weighted average number of common shares outstanding – diluted102,82999,43899,384
Consolidated Statements of Comprehensive Income
Net income$312,376$128,579$224,270
Other comprehensive income
Unrealized loss on cash flow hedging activities——(12,998)
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation154(318)(449)
Reclassification of net (gain) loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation1,4901,464(11)
Comprehensive income$314,020$129,725$210,812
Less income allocated to non-controlling interests(8,469)(4,668)(4,647)
Comprehensive income attributable to common shareholders$305,551$125,057$206,165

See Notes to Consolidated Financial Statements.

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CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF EQUITY

Common Shareholders
(in thousands, except per share amounts)Common shares of beneficial interestAdditional paid-in capitalDistributions in excess of net incomeTreasury shares, at costAccumulated other comprehensive lossNon-controlling interestsTotal equity
Equity, December 31, 2018$1,031$4,154,763$(495,496)$(355,804)$6,929$73,681$3,385,104
Net income219,6234,647224,270
Other comprehensive (loss)(13,458)(13,458)
Common shares issued (3,599 shares)36353,177353,213
Net share awards13,6096,59020,199
Employee share purchase plan1,5387952,333
Change in classification of deferred compensation plan43,3119,36352,674
Conversion/redemption of operating partnership units (8 shares)304(304)—
Cash distributions declared to equity holders ($3.20 per share)(317,657)(5,607)(323,264)
Other229622653
Equity, December 31, 2019$1,069$4,566,731$(584,167)$(348,419)$(6,529)$73,039$3,701,724
Net income123,9114,668128,579
Other comprehensive income1,1461,146
Net share awards13,9866,19520,181
Employee share purchase plan1,3478122,159
Cash distributions declared to equity holders ($3.32 per share)(330,823)(5,803)(336,626)
Other(354)(222)(576)
Equity, December 31, 2020$1,069$4,581,710$(791,079)$(341,412)$(5,383)$71,682$3,516,587

See Notes to Consolidated Financial Statements.

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CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF EQUITY (Continued)

Common Shareholders
(in thousands, except per share amounts)Common shares of beneficial interestAdditional paid-in capitalDistributions in excess of net incomeTreasury shares, at costAccumulated other comprehensive lossNon-controlling interestsTotal equity
Equity, December 31, 2020$1,069$4,581,710$(791,079)$(341,412)$(5,383)$71,682$3,516,587
Net income303,9078,469312,376
Other comprehensive income1,6441,644
Common shares issued (5,416 shares)54759,155759,209
Net share awards13,8006,36020,160
Employee share purchase plan3,1521,0784,230
Conversion of operating partnership units (142 shares)15,935(5,936)—
Cash distributions declared to equity holders ($3.32 per share)(342,281)(5,450)(347,731)
Other2(222)—(220)
Equity, December 31, 2021$1,126$5,363,530$(829,453)$(333,974)$(3,739)$68,765$4,266,255

See Notes to Consolidated Financial Statements.

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CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31,
(in thousands)202120202019
Cash flows from operating activities
Net income$312,376$128,579$224,270
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization420,692367,162336,274
Loss on early retirement of debt—17611,995
Gain on sale of operating properties, including land(174,384)(382)(49,901)
Distributions of income from joint ventures9,6458,38914,843
Equity in income of joint ventures(9,777)(8,052)(14,783)
Share-based compensation15,39713,94215,235
Receipts for settlement of forward interest rate swaps——(20,430)
Net change in operating accounts and other3,5189,50538,094
Net cash from operating activities$577,467$519,319$555,597
Cash flows from investing activities
Development and capital improvements, including land$(428,714)$(427,247)$(407,558)
Acquisition of operating properties(629,959)—(436,305)
Proceeds from sales of operating properties, including land254,71775367,572
Increase in non-real estate assets(4,032)(7,498)(17,197)
Other3,5974,3901,043
Net cash from investing activities$(804,391)$(429,602)$(792,445)
Cash flows from financing activities
Proceeds from issuance of common shares$759,209$—$353,213
Distributions to common shareholders and non-controlling interests(343,039)(333,360)(317,253)
Borrowings on unsecured credit facility and other short-term borrowings—358,0001,217,000
Repayments on unsecured credit facility and other short-term borrowings—(402,000)(1,173,000)
Repayment of notes payable, including prepayment penalties—(100,000)(746,730)
Proceeds from notes payable—782,823889,979
Payment of deferred financing costs(1,346)(1,308)(5,965)
Other6,5473,1623,500
Net cash from financing activities$421,371$307,317$220,744
Net increase (decrease) in cash, cash equivalents, and restricted cash194,447397,034(16,104)
Cash, cash equivalents, and restricted cash, beginning of year424,53327,49943,603
Cash, cash equivalents, and restricted cash, end of year$618,980$424,533$27,499

See Notes to Consolidated Financial Statements.

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CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

Year Ended December 31,
(in thousands)202120202019
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet
Cash and cash equivalents$613,391$420,441$23,184
Restricted cash5,5894,0924,315
Total cash, cash equivalents, and restricted cash, end of year618,980424,53327,499
Supplemental information
Cash paid for interest, net of interest capitalized$97,301$90,297$71,248
Cash paid for income taxes2,1812,2921,291
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid$88,786$84,147$80,973
Value of shares issued under benefit plans, net of cancellations18,62719,56018,249
Accrual associated with construction and capital expenditures24,31329,61127,162
Right-of-use assets obtained in exchange for the use of new operating lease liabilities—67615,017

See Notes to Consolidated Financial Statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Description of Business

Business. Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (“REIT”), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as “communities,” “multifamily communities,” “properties,” or “multifamily properties” in the following discussion. As of December 31, 2021, we owned interests in, operated, or were developing 176 multifamily properties comprised of 60,073 apartment homes across the United States. Of the 176 properties, five properties were under construction, and will consist of a total of 1,773 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.

2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements

Principles of Consolidation. Our consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, authority to make decisions, kick-out rights and participating rights. As of December 31, 2021, two of our consolidated operating partnerships are VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships. As of December 31, 2021, we held approximately 93% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships.

Acquisitions of Real Estate. Upon the acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition; the net carrying value of in-place leases are included in other assets, net and the net carrying value of above or below market leases are included in other liabilities, net in our consolidated balance sheets.

During the years ended December 31, 2021, 2020, and 2019, we recognized amortization expense of approximately $22.2 million, $9.1 million, and $10.4 million, respectively, related to in-place leases. The revenue recognized related to net above and below-market leases were $1.1 million, $0.1 million and $0.2 million during the years ended December 31, 2021, 2020, and 2019, respectively. During the year ended December 31, 2021, the weighted average amortization periods for in-place leases and net above and below-market leases were approximately nine months and ten months, respectively. During the year ended December 31, 2020, the weighted average amortization periods for in-place and net above and below-market leases were approximately six months and seven months, respectively. During the year ended December 31, 2019, the weighted average amortization period for both in-place leases and net above and below-market leases were approximately six months.

Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment indicators exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant’s perspective. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the years ended December 31, 2021, 2020, or 2019.

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

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use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.

We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such non-cash charges could have an adverse effect on our consolidated financial position and results of operations.

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

Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and certain carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are completed, the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements.

As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $16.7 million, $17.4 million, and $14.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. Capitalized real estate taxes were approximately $2.8 million, $3.3 million, and $2.8 million for the years ended December 31, 2021, 2020, and 2019, respectively.

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

Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:

Estimated Useful Life
Buildings and improvements5-35 years
Furniture, fixtures, equipment and other3-20 years
Intangible assets/liabilities (in-place leases and below market leases)underlying lease term

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

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

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

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

Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.

In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

  • Level 1: Quoted prices for identical instruments in active markets.

  • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

  • Level 3: Significant inputs to the valuation model are unobservable.

Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis:

Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded in other assets in our consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy.

Non-recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. Long-lived assets such as the land, real estate assets, and in-place leases acquired with an operating property are measured in the form of cash received unless otherwise noted. These assets are recorded at fair value if they are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy.

Financial Instrument Fair Value Disclosures. As of December 31, 2021 and 2020, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and distributions payable represent fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. The carrying value of our notes receivable, which are included in other assets, net in our consolidated balance sheets, approximates their fair value. The estimated fair values are based on certain factors, such as market interest rates, terms of the note, and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. In calculating the fair value of our notes payable, interest rate, and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.

Income Recognition. The majority of our revenues are derived from real estate lease contracts which are accounted for pursuant to ASC 842, "Leases," and presented as property revenues, which include rental revenue and revenue from amounts received under contractual terms for other services provided to our customers. As a lessor, we made elections pursuant to ASC 842 to 1) not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and 2) exclude from lease revenues the sales taxes collected from

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lessees and certain lessor costs paid directly by the lessee. Our other revenue streams include fee and asset management income in accordance with other revenue guidance, ASC 606, Revenues from Contracts with Customers. A detail of our material revenue streams are discussed below:

Property Revenue: We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets, which is our only underlying asset class. We also earn revenues from amounts received under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new, separate contract and will be recognized at the time the option is exercised on a straight-line basis over the renewal period.

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. We recognize any changes in payment through lease receivables, which is recorded in other assets, net, in our condensed consolidated balance sheets, and any identified uncollectible amounts related to deferred amounts are presented as an adjustment to property revenue. There were no pandemic-related concessions provided to our residents/tenants during the year ended December 31, 2021.

As of December 31, 2021, our average residential lease term was approximately fourteen months with all other commercial leases averaging longer lease terms. We anticipate property revenue from existing leases as follows:

(in millions)
Year ended December 31,Operating Leases
2022773.5
202331.4
20243.8
20253.2
20262.9
Thereafter8.4
Total$823.2

Credit Risk. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.

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

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

Reportable Segments. We operate in a single reportable segment which includes the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size or type. Our multifamily apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. Further, all material operations are within the United

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States and no multifamily apartment community comprises more than 10% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment. Our multifamily communities generate property revenue through the leasing of apartment homes, which comprised approximately 99% of our total property revenues and total non-property income, excluding income (loss) on deferred compensation plans, for each of the years ended December 31, 2021, 2020, and 2019.

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

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

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

3. Per Share Data

Basic earnings per share are computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect common shares issuable from the assumed conversion of common share options and share awards granted and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. 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. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.0 million, 1.9 million, and 1.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculation as they are anti-dilutive.

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

Year Ended December 31,
(in thousands, except per share amounts)202120202019
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders$303,907$123,911$219,623
Amount allocated to participating securities(545)(261)(539)
Net income attributable to common shareholders – basic$303,362$123,650$219,084
Total earnings per common share – basic$2.97$1.24$2.23
Weighted average number of common shares outstanding – basic101,99999,38598,460

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Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities$303,362$123,650$219,084
Income allocated to common units from continuing operations1,190—1,593
Net income attributable to common shareholders – diluted$304,552$123,650$220,677
Total earnings per common share – diluted$2.96$1.24$2.22
Weighted average number of common shares outstanding – basic101,99999,38598,460
Incremental shares issuable from assumed conversion of:
Common share options and share awards granted8753119
Common units743—805
Weighted average number of common shares outstanding – diluted102,82999,43899,384

4. Common Shares

In August 2021, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering price of up to $500.0 million (the "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. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. The proceeds from the sale of our common shares under the 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 2021 ATM program also permits the use of forward 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 the applicable shares until a later date. If we enter into a forward sale agreement, we expect the applicable forward purchasers will borrow from third parties and, through the applicable sales agent acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the applicable agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller. We 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. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). 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. 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. We did not sell any additional shares subsequent to December 31, 2021, and as of the date of this filing, we had common shares having an aggregate offering price of up to $97.6 million remaining available for sale under the 2021 ATM program.

In June 2020, we created an at-the market ("ATM") share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering price of up to $362.7 million (the "2020 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. There were no additional shares sold under the 2020 ATM program from June 30, 2021 through the date of the termination agreements, and no further common shares were available for sale under this program.

We have a repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500 million of our common equity securities through open market purchases, block purchases, and privately negotiated transactions. There were no repurchases under this program for the years ended December 31, 2019, 2020, or 2021 or through the date of this

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filing. The remaining dollar value of our common equity securities authorized to be repurchased under the program was approximately $269.5 million as of the date of this filing.

We currently have an automatic shelf registration statement which allows us to offer, from time to time, common shares, preferred shares, debt securities, or warrants. Our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At December 31, 2021, we had approximately 103.3 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.

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

5. Operating Partnerships

At December 31, 2021, approximately 4% of our consolidated multifamily apartment homes were held in Camden Operating, L.P. (“Camden Operating” or the “operating partnership”). Camden Operating has 11.9 million outstanding common limited partnership units and as of December 31, 2021, we held approximately 93% of the outstanding common limited partnership units and the sole 1% general partnership interest of the operating partnership. The remaining common limited partnership units, comprising approximately 0.7 million units, are primarily held by former officers, directors, and investors of Paragon Group, Inc., which we acquired in 1997. Each common limited partnership unit is redeemable for one common share of Camden Property Trust or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Operating common limited partnership units.

At December 31, 2021, approximately 30% of our consolidated multifamily apartment homes were held in Camden Summit Partnership, L.P. (the “Camden Summit Partnership”). Camden Summit Partnership has 22.8 million outstanding common limited partnership units and as of December 31, 2021, we held approximately 95% of the outstanding common limited partnership units and the sole 1% general partnership interest of Camden Summit Partnership. The remaining common limited partnership units, comprising approximately 0.9 million units, are primarily held by former officers, directors, and investors of Summit Properties Inc., which we acquired in 2005. Each common limited partnership unit is redeemable for one common share of Camden Property Trust or cash at our election and holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Summit Partnership common limited partnership units, and one of our trust managers owns Camden Summit Partnership common limited partnership units.

We have Tax Protection Agreements, as amended, protecting the negative tax capital of certain holders of common units of limited partnership interest in the Camden Summit Partnership, which holders includes one of our Trust Managers as of December 31, 2021. The negative tax capital accounts of these certain unitholders totaled approximately $26.0 million in the aggregate as of December 31, 2021. We currently have a $40.0 million two-year unsecured floating rate term loan with an unrelated third party which supports the negative tax capital accounts.

6. Income Taxes

We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we may be subject to federal and state income taxes for such year. In addition, we may not be able to requalify as a REIT for the four subsequent taxable years and may be subject to federal and state income taxes in those years as well. Historically, we have incurred only state and local income, franchise, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income taxes. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level.

We have recorded income, franchise, and excise taxes in the consolidated statements of income and comprehensive income for the years ended December 31, 2021, 2020 and 2019 as income tax expense. Income taxes for the years ended December 31, 2021, 2020 and 2019, primarily related to state income tax and federal taxes on certain of our taxable REIT subsidiaries. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries.

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For income tax purposes, distributions to common shareholders are characterized as ordinary income, capital gains, or return of capital. A summary of the income tax characterization of our distributions paid per common share for the years ended December 31, 2021, 2020 and 2019 is set forth in the following table:

Year Ended December 31,
202120202019
Common Share Distributions
Ordinary income$2.06$3.22$2.53
Long-term capital gain1.140.040.46
Return of capital—0.06—
Unrecaptured Sec. 1250 gain0.12—0.21
Total$3.32$3.32$3.20

We have taxable REIT subsidiaries which are subject to federal and state income taxes. At December 31, 2021, our taxable REIT subsidiaries had immaterial net operating loss carryforwards (“NOL’s”) related to 2017 and prior which expire in years 2034 to 2037 and no material benefits related to these NOL’s have been recognized in our consolidated financial statements. No material benefits related to NOLs were recognized in our 2020 or 2021 consolidated financial statements.

The carrying value of net assets reported in our consolidated financial statements at December 31, 2021 exceeded the tax basis by approximately $1.5 billion.

Income Tax Expense. We had income tax expense of approximately $1.9 million, $2.0 million and $1.1 million for the tax years ended December 31, 2021, 2020 and 2019, respectively, which was comprised mainly of state income taxes and federal income tax related to one of our taxable REIT subsidiaries.

Income Tax Expense – Deferred. For the years ended December 31, 2021, 2020, and 2019, our deferred tax expense was not significant.

The income tax returns of Camden Property Trust and its subsidiaries are subject to examination by federal, state and local tax jurisdictions for years 2018 through 2020. Tax attributes generated in years prior to 2018 are also subject to challenge in any examination of those tax years. We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the periods presented.

7. Acquisitions and Dispositions

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. We did not acquire any operating properties during the year ended December 31, 2020. In 2019, we acquired one operating property comprised of 186 apartment homes in Raleigh, North Carolina for approximately $75.1 million, one operating property comprised of 552 apartment homes in Houston, Texas for approximately $147.2 million, one operating property comprised of 326 apartment homes located in Austin, Texas for approximately $120.4 million, and one operating property comprised of 316 apartment homes located in Scottsdale, Arizona for approximately $97.1 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. 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 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 connection with the acquisition of the operating property in Houston, Texas in December 2019, we acquired approximately 2.3 acres of land adjacent to the operating property for approximately $8.0 million for the future development of approximately 300 apartment homes. During the year-ended December 31, 2019, we also acquired approximately 11.6 acres of land in Tempe, Arizona for approximately $18.0 million for the development of 397 apartment homes and approximately 4.3 acres of land in Charlotte, North Carolina for approximately $10.9 million for the development of 387 apartment homes.

Land Holding Dispositions. We did not sell any land holdings during the years ended December 31, 2021 and 2019. During the year ended December 31, 2020, we sold approximately 4.7 acres of land adjacent to one of our operating properties in Raleigh, North Carolina for approximately $0.8 million and recognized a gain of $0.4 million.

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

8. Investments in Joint Ventures

Our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consists of three funds (collectively, the "Funds"). At December 31, 2021, 2020, and 2019, we had two discretionary investment funds in which we had an ownership interest of 31.3% in each of these funds. We hold a 40% ownership interest in a third fund with an unaffiliated third party which may hold multifamily investments of approximately $360.0 million; this third fund did not own any properties in 2021, 2020, or 2019. We provide property and asset management and other services to the Funds which own operating properties and we may also provide construction and development services to the Funds which own properties under development. The following table summarizes the combined balance sheet and statement of income data for the Funds as of and for the periods presented:

(in millions)20212020
Total assets$679.1$691.5
Total third-party debt513.8509.1
Total equity131.9149.1
202120202019
Total revenues (1)$139.0$128.5$131.7
Gain on sale of operating property (2)——19.8
Net income21.315.837.5
Equity in income (3) (4)9.88.114.8

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

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

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

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

The Funds in which we have a partial interest have been funded in part with secured third-party debt. As of December 31, 2021, we had no outstanding guarantees related to debt of the Funds.

We may earn fees for property and asset management, construction, development, and other services related to joint ventures in which we own an equity interest and may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to these joint ventures to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $6.6 million, $7.6 million, and $6.8 million for the years ended December 31, 2021, 2020, and 2019, respectively.

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9. Notes Payable

The following is a summary of our indebtedness:

December 31,
(in millions)20212020
Commercial banks
1.85% Term loan, due 2022$39.9$39.7
Senior unsecured notes
3.15% Notes, due 2022$349.3$348.6
5.07% Notes, due 2023249.3248.9
4.36% Notes, due 2024249.5249.2
3.68% Notes, due 2024248.8248.4
3.74% Notes, due 2028397.8397.3
3.67% Notes, due 2029 (1)594.9594.3
2.91% Notes, due 2030744.1743.5
3.41% Notes, due 2049296.8296.7
$3,130.5$3,126.9
Total notes payable (2)$3,170.4$3,166.6

*(1)*The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.

*(2)*Unamortized debt discounts and debt issuance costs of $19.6 million and $23.4 million are included in senior unsecured notes payable as of December 31, 2021 and 2020, respectively.

We have a $900 million unsecured credit facility which matures in March 2023 with two separate options to extend the facility for a period of six-months and may be expanded three times by up to an additional $500 million in the aggregate upon satisfaction of certain conditions. The interest rate on our unsecured credit facility is currently based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under our credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $450 million or the remaining amount available under our credit facility. Our credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of December 31, 2021 through the date of this filing.

Our credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At December 31, 2021, we had no borrowings outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $14.8 million, leaving approximately $885.2 million available under our credit facility.

At December 31, 2021 and 2020, we had $39.9 million and $39.7 million of outstanding floating rate debt, respectively, with weighted average interest rates of approximately 1.9% for each period.

Our indebtedness had a weighted average maturity of 7.4 years at December 31, 2021. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at December 31, 2021:

(in millions) (1)Amount (2)Weighted Average Interest Rate (3)
2022$386.33.0%
2023247.35.1
2024497.94.0
2025(1.8)—
2026(1.7)—
Thereafter2,042.43.4
Total$3,170.43.6%

*(1)*Includes all available extension options.

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

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

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10. Derivative Financial Instruments and Hedging Activities

Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements" for a further discussion of derivative financial instruments.

Cash Flow Hedges of Interest Rate Risk. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps and caps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

Designated Hedges. The gain or loss on the derivatives designated and qualifying as cash flow hedges is reported as a component of other comprehensive income or loss and subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings and presented in the same line item as the earnings effect of the hedged item. At December 31, 2021, 2020 and 2019, we had no designated hedges outstanding.

The table below presents the effect of our derivative financial instruments which were settled in prior years in the consolidated statements of income and comprehensive income for the years ended December 31, 2021, 2020, and 2019:

(in millions)Unrealized Gain (Loss) Recognized in Other Comprehensive Income (“OCI”) on DerivativesLocation of Gain (Loss) Reclassified from Accumulated OCI into IncomeAmount of Gain (Loss) Reclassified from Accumulated OCI into Income
Derivatives in Cash Flow Hedging Relationships202120202019202120202019
Interest Rate Swaps$—$—$(13.0)Interest expense$(1.3)$(1.3)$0.1

11. Share-based Compensation and Benefit Plans

Incentive Compensation. We currently maintain the 2018 Share Incentive Plan (the “2018 Share Plan”) and the 2011 Share Incentive Plan (the “2011 Share Plan”), although no new awards may be granted under the 2011 Plan. Each of these plans were approved by the Company’s shareholders. The shares available for awards under the 2018 Share Plan are, subject to certain other limits under the plan, generally available for any type of award authorized under the 2018 Share Plan, including stock options, stock appreciation rights, restricted stock awards, stock bonuses and other stock-based awards. Persons eligible to receive awards under the 2018 Share Plan include officers and employees of the Company or any of its subsidiaries, Trust Managers of the Company, and certain consultants and advisors to the Company or any of its subsidiaries. A total of 9.7 million shares (“Share Limit”) was authorized under the 2018 Share Plan. Shares issued or to be issued are counted against the Share Limit as set forth as (1) 3.45 to 1.0 for every share award, excluding stock options and share appreciation rights, granted, and (2) 1.0 to 1.0 for every share of stock option or share appreciation right granted. As of December 31, 2021, there were approximately 6.4 million common shares available under the 2018 Share Plan, which would result in approximately 1.8 million shares which could be granted pursuant to full value awards conversion ratios as defined under the plan.

Total compensation cost for share awards charged against income was approximately $16.1 million, $15.3 million, and $16.8 million for 2021, 2020 and 2019, respectively. Total capitalized compensation cost for share awards was approximately $3.8 million for the year ended December 31, 2021, and was approximately $3.4 million for each of the years ended December 31, 2020 and 2019. A summary of activity under our share incentive plans for the year ended December 31, 2021 is shown below:

Nonvested Share Awards OutstandingWeighted Average Exercise / Grant Price
Nonvested share awards outstanding at December 31, 2020239,728$103.48
Granted188,636105.87
Exercised/Vested(231,661)101.97
Forfeited(12,575)107.41
Total nonvested share awards outstanding at December 31, 2021184,128$107.57

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Share Awards and Vesting. Share awards for employees generally vest over three years and are valued at the market value of the shares on the grant date. In the event the holder of the share awards attains at least age 65, and with respect to employees, also attain at least ten or more years of service ("Retirement Eligibility") before the term in which the awards are scheduled to vest, the value of the share awards is amortized from the date of grant to the individual's Retirement Eligibility date.

At December 31, 2021, 2020 and 2019, the weighted average fair value of share awards granted was $105.87, $113.46 and $98.84, respectively. The total fair value of shares vested during the years ended December 31, 2021, 2020 and 2019 was approximately $23.6 million, $18.7 million, and $25.5 million, respectively. At December 31, 2021, the unamortized value of previously issued unvested share awards was approximately $11.4 million which is expected to be amortized over the next two years.

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

202120202019
Shares purchased29,85722,49622,032
Weighted average fair value of shares purchased$141.64$95.97$105.93
Expense recorded (in millions)$1.2$0.3$0.4

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

The value of the assets of the rabbi trust is consolidated into our financial statements. Granted share awards held by the rabbi trust are classified in equity in a manner similar to the manner in which treasury stock is accounted. Subsequent changes in the fair value of the shares are not recognized. The deferred compensation obligation is classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. At December 31, 2021 and 2020, approximately 1.2 million and 1.4 million share awards, respectively, were held in the rabbi trust. Additionally, as of December 31, 2021 and 2020, the rabbi trust held trading securities totaling approximately $11.7 million and $11.3 million, respectively, which represents cash deferrals made by plan participants. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly.

At December 31, 2021 and December 31, 2020, approximately $14.1 million and $16.5 million, respectively, was required to be paid to us by plan participants upon the withdrawal of any assets from the rabbi trust, and is included in “Accounts receivable-affiliates” in our consolidated financial statements.

Non-Qualified Deferred Compensation. In 2004, we established a Non-Qualified Deferred Compensation Plan which is an unfunded arrangement established and maintained primarily for the benefit of a select group of participants. Eligible participants commence participation in this plan on the date the deferral election first becomes effective. We credit to the participant's account an amount equal to the amount designated as the participant's deferral for the plan year as indicated in the participant's deferral election(s). Any modification to or termination of the plan will not reduce a participant's right to any vested amounts already credited to his or her account. Approximately 0.9 million share awards were held in the plan at both December 31, 2021 and 2020. Additionally, as of December 31, 2021 and 2020, the plan held trading securities totaling approximately $125.6 million and $118.5 million, respectively, which represents cash deferrals made by plan participants and diversification of share awards within the plan to trading securities. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly. The assets held in the Non-Qualified Deferred Compensation Plan are subject to the claims of our general creditors in the event of bankruptcy or insolvency.

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401(k) Savings Plan. We have a 401(k) savings plan which is a voluntary defined contribution plan, and provides participating employees the ability to elect to contribute up to 60 percent of eligible compensation, subject to limitations as defined by the federal tax code, with the Company making matching contributions up to a predetermined limit. The matching contributions made for the years ended December 31, 2021, 2020, and 2019 were approximately $3.3 million, $3.4 million, and $3.1 million, respectively. Employees become vested in our matching contributions 33% after one year of service, 67% after two years of service and 100% after three years of service.

12. Fair Value Measurements

Recurring Fair Value Disclosures. The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2021 and 2020 using the inputs and fair value hierarchy discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements”:

Financial Instruments Measured at Fair Value on a Recurring Basis

December 31, 2021December 31, 2020
(in millions)Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
Other Assets
Deferred compensation plan investments (1)$137.3$—$—$137.3$129.8$—$—$129.8

*(1)*Approximately $10.6 million and $37.8 million of participant cash was withdrawn from our deferred compensation plan investments during the years ended December 31, 2021 and 2020, respectively.

Nonrecurring Fair Value Disclosures. The nonrecurring fair value disclosures inputs under the fair value hierarchy are discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements.” We completed four asset acquisitions of operating properties during the year ended December 31, 2021 and had no asset acquisitions of operating properties during the year ended December 31, 2020. We recorded the real estate assets and identifiable above and below market and in-place leases at their relative fair values based upon methods similar to those used by independent appraisers of income producing properties. The fair value measurements associated with the valuation of these acquired assets represent Level 3 measurements within the fair value hierarchy. See Note 7, "Acquisitions and Dispositions" for a further discussion about these acquisitions.

Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at December 31, 2021 and 2020, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."

December 31, 2021December 31, 2020
(in millions)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Fixed rate notes payable$3,130.5$3,363.7$3,126.9$3,519.9
Floating rate notes payable39.940.139.740.0

13. Net Change in Operating Accounts

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

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Year Ended December 31,
(in thousands)202120202019
Change in assets:
Other assets, net$(12,068)$(5,235)$(6,976)
Change in liabilities:
Accounts payable and accrued expenses14,786(62)19,713
Accrued real estate taxes(809)11,745(1,014)
Other liabilities(2,133)99723,119
Other3,7422,0603,252
Change in operating accounts and other$3,518$9,505$38,094

14. Commitments and Contingencies

Construction Contracts. As of December 31, 2021, we estimate the additional cost to complete the five consolidated projects currently under construction to be approximately $199.4 million. We expect to fund this amount 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.

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

Other Commitments and Contingencies. In the ordinary course of our business, we issue letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or we will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. We are then at risk under a real property acquisition contract, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract. At December 31, 2021, we had approximately $1.0 million of refundable earnest money deposits for potential acquisitions of land included in other assets, net in our consolidated balance sheet.

Lease Commitments. Substantially all of our operating leases recorded in our consolidated balance sheets are related to office facility leases. We had no significant changes to our lessee lease commitments for the year ended December 31, 2021. The lease and non-lease components, excluding short-term lease contracts with a duration of 12 months or less, are accounted for as a combined single component based upon the standalone price at the time the applicable lease is commenced and is recognized as a lease expense on a straight-line basis over the lease term. Most of our office facility leases include options to renew and generally are not included in the operating lease liabilities or right-of-use ("ROU") assets as they are not reasonably certain of being exercised. If an option to renew is exercised, it would be considered a separate contract and recognized based upon the standalone price at the time the option to renew is exercised. Variable lease payments which values are not known at lease commencement, such as executory costs of real estate taxes, property insurance, and common area maintenance, are expensed as incurred.

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

($ in millions)As of December 31,
Balance sheetClassification20212020
Right-of-use assets, netOther assets, net$6.9$9.2
Operating lease liabilitiesOther liabilities$10.0$13.0

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($ in millions)Year ended
Statement of income and comprehensive incomeClassification20212020
Rent expense related to operating lease liabilitiesGeneral and administrative expenses and property management expenses$2.9$3.0
Variable lease expenseGeneral and administrative expenses and property management expenses1.31.3
Total lease expense$4.2$4.3
($ in millions)Year ended
Statement of cash flowsClassification20212020
Cash flows from operating leasesNet cash from operating activities$2.7$3.3
Supplemental lease information
Weighted average remaining lease term (years)3.64.4
Weighted average discount rate - operating leases (1)4.8%4.8%

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

The following is a summary of our maturities of our lease liabilities as of December 31, 2021:

(in millions)
Year ended December 31,Operating Leases
20223.1
20233.0
20242.8
20252.0
20260.1
Thereafter—
Less: discount for time value(1.0)
Lease liability as of December 31, 2021$10.0

Investments in Joint Ventures. We have entered into, and may continue in the future to enter into, joint ventures or partnerships (including limited liability companies) through which we own an indirect economic interest in less than 100% of the community or land owned directly by the joint venture or partnership. Our decision whether to hold the entire interest in an apartment community or land ourselves, or to have an indirect interest in the community or land through a joint venture or partnership, is based on a variety of factors and considerations, including: (i) our projection, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a joint venture or partnership vehicle is used; (ii) our desire to diversify our portfolio of investments by market; (iii) our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and (iv) the economic and tax terms required by a seller of land or of a community, who may prefer or who may require less payment if the land or community is contributed to a joint venture or partnership. Investments in joint ventures or partnerships are not limited to a specified percentage of our assets. Each joint venture or partnership agreement is individually negotiated, and our ability to operate or dispose of land or of a community in our sole discretion may be limited to varying degrees in our existing joint venture agreements and may be limited to varying degrees depending on the terms of future joint venture agreements.

Employment Agreements. At December 31, 2021, we had employment agreements with 12 of our senior officers, the terms of which expire at various times through August 20, 2022. In addition, the employment agreement of one senior officer, President and Chief Operating Officer, was superseded by a separation and general release agreement, which was entered into in connection with his retirement effective December 31, 2021, whereby the officer was paid a lump sum cash award of approximately $3.0 million. The existing 12 agreements provide for minimum salary levels as well as various incentive compensation arrangements, which are payable based on the attainment of specific goals. All existing agreements also provide for severance payments and 11 provide a gross-up payment if certain situations occur, such as termination without cause or termination due to a change of control. In the case of 10 of the agreements, the severance payment equals one times the respective current annual base salary in the case of termination without cause and 2.99 times the respective average annual base salary over the previous three fiscal years in the case of a change of control and a termination of employment or a material adverse change in the scope of their duties. In the case of the other two agreements, the severance payment generally equals 2.99 times the respective average annual compensation over the previous three fiscal years in connection with, among other

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things, a termination without cause or a change of control, and the officer would be entitled to receive continuation and vesting of certain benefits in the case of such termination.

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Camden Property Trust Real Estate and Accumulated Depreciation As of December 31, 2021 (in thousands)Schedule III
Initial CostTotal Cost
LandBuilding/ Construction in Progress & ImprovementsCost Subsequent to Acquisition/ ConstructionLandBuilding/ Construction in Progress & ImprovementsTotalAccumulated DepreciationTotal Cost, Net of Accumulated DepreciationYear of Completion/ Acquisition
Current communities (1):
ARIZONA
Phoenix/Scottsdale
Camden Chandler$5,511$62,429$1,226$5,511$63,655$69,166$16,353$52,8132016
Camden Copper Square4,82523,67211,3234,82534,99539,82023,08416,7362000
Camden Foothills11,00633,71280211,00634,51445,5209,81035,7102014
Camden Legacy4,06826,61226,2644,06852,87656,94534,32122,6241998
Camden Montierra13,68731,7276,81613,68738,54352,23013,58038,6502012
Camden North End I16,10882,62040116,10883,02199,12919,24279,8872019
Camden North End II10,10069,530—10,10069,53079,6304,86974,7612021
Camden Old Town Scottsdale23,22771,7843,38823,22775,17298,39815,06183,3372019
Camden Pecos Ranch3,36224,4927,6643,36232,15635,51813,07322,4452012
Camden San Marcos11,52035,1667,09211,52042,25853,77815,41738,3612012
Camden San Paloma6,48023,04513,8076,48036,85243,33222,34620,9862002
Camden Sotelo3,37630,5762,3173,37632,89336,2699,76626,5032013
Camden Tempe9,24835,2549669,24836,22045,4689,83735,6312015
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley9,38154,21015,3199,38169,52978,91042,57636,3342001
Camden Glendale21,49296,1582,18221,49298,340119,83224,61595,2172015
Camden Harbor View16,079127,45941,11216,079168,571184,65087,11897,5322003
Camden Main and Jamboree17,36375,3873,99517,36379,38296,74528,32168,4242008
Camden Martinique28,40151,86132,86128,40184,722113,12356,57356,5501998
Camden Sea Palms4,3369,9309,5524,33619,48223,81812,79211,0261998
The Camden18,286118,73093818,286119,668137,95427,603110,3512016
San Diego/Inland Empire
Camden Hillcrest20,40968,932—20,40968,93289,3412,07687,2652021
Camden Landmark17,33971,3155,18117,33976,49693,83524,71469,1212012
Camden Old Creek20,36071,77710,19020,36081,967102,32738,54663,7812007
Camden Sierra at Otay Ranch10,58549,78115,44610,58565,22775,81235,73940,0732003
Camden Tuscany3,33036,4669,8593,33046,32549,65525,18224,4732003
Camden Vineyards4,36728,4947,1924,36735,68640,05320,62119,4322002
COLORADO
Denver
Camden Belleview Station8,09144,00311,1078,09155,11063,20116,92646,2752012
Camden Caley$2,047$17,445$13,181$2,047$30,626$32,673$18,879$13,7942000
Camden Denver West6,39651,55214,1946,39665,74672,14222,51349,6292012
Camden Flatirons6,84972,6311,6826,84974,31381,16221,11660,0462015
Camden Highlands Ridge2,61234,72624,3772,61259,10361,71537,46924,2461996
Camden Interlocken5,29331,61222,5175,29354,12959,42234,43224,9901999
Camden Lakeway3,91534,12928,9363,91563,06566,98041,81025,1701997
Camden Lincoln Station4,64851,7626694,64852,43157,07912,38644,6932017
Camden RiNo15,98963,1471715,98963,16479,1537,01872,1352020
WASHINGTON DC METRO
Camden Ashburn Farm4,83522,6046,6384,83529,24234,07715,38118,6962005
Camden College Park16,40991,5039,04016,409100,543116,95235,44281,5102008
Camden Dulles Station10,80761,54814,44910,80775,99786,80431,18955,6152008
Camden Fair Lakes15,515104,22315,67115,515119,894135,40961,59673,8132005
Camden Fairfax Corner8,48472,95311,9388,48484,89193,37542,44850,9272006
Camden Fallsgrove9,40843,6477,8289,40851,47560,88326,57634,3072005
Camden Grand Parc7,68835,9005,7417,68841,64149,32920,34028,9892005
Camden Lansdowne15,502102,26729,05315,502131,320146,82267,21979,6032005
Camden Largo Town Center8,41144,1635,7948,41149,95758,36825,04433,3242005
Camden Monument Place9,03054,08911,6509,03065,73974,76928,52746,2422007
Camden NoMa19,44282,3061,09819,44283,404102,84625,39277,4542014
Camden NoMa II17,33191,21136617,33191,577108,90832,15476,7542017
Camden Potomac Yard16,49888,31715,57516,498103,892120,39044,05576,3352008
Camden Roosevelt11,47045,7857,41811,47053,20364,67326,02538,6482005
Camden Shady Grove24,17789,82072924,17790,549114,72626,61688,1102018
Camden Silo Creek9,70745,30110,1479,70755,44865,15527,66137,4942005
Camden Washingtonian13,51275,13420513,51275,33988,85116,77872,0732018
FLORIDA
Southeast Florida
Camden Aventura12,18547,61616,28412,18563,90076,08535,06341,0222005
Camden Boca Raton2,20150,0571,1682,20151,22553,42614,19039,2362014
Camden Brickell14,62157,03136,66614,62193,697108,31847,77260,5462005
Camden Doral10,26040,4168,62110,26049,03759,29726,06133,2362005
Camden Doral Villas6,47625,5438,7096,47634,25240,72819,02521,7032005
Camden Las Olas12,39579,51832,56812,395112,086124,48156,24268,2392005
Camden Plantation6,29977,96418,6976,29996,661102,96048,28454,6762005
Camden Portofino9,86738,70211,7589,86750,46060,32726,61933,7082005
Orlando
Camden Hunter's Creek4,15620,9257,6684,15628,59332,74915,70117,0482005
Camden Lago Vista$3,497$29,623$7,030$3,497$36,653$40,150$20,158$19,9922005
Camden Lake Eola11,374113,5647711,374113,641125,0155,451119,5642021
Camden LaVina12,90742,6173,78012,90746,39759,30416,26443,0402012
Camden Lee Vista4,35034,64318,9454,35053,58857,93831,32826,6102000
Camden North Quarter9,99068,4711,7109,99070,18180,17116,65263,5192018
Camden Orange Court5,31940,7334,5215,31945,25450,57320,35130,2222008
Camden Thornton Park11,71174,6284,49811,71179,12690,83715,74275,0952018
Camden Town Square13,12745,9971,80213,12747,79960,92615,96644,9602012
Camden World Gateway5,78551,8219,9745,78561,79567,58031,97835,6022005
Tampa/St. Petersburg
Camden Bay7,45063,28336,2987,45099,581107,03157,85349,1781998/2002
Camden Central21,780149,25160521,780149,856171,6364,286167,3502021
Camden Montague3,57616,5341,1563,57617,69021,2666,55214,7142012
Camden Pier District16,704105,3832,45516,704107,838124,54225,62598,9172018
Camden Preserve1,20617,98214,8161,20632,79834,00422,91011,0941997
Camden Royal Palms2,14738,3395,3432,14743,68245,82920,22525,6042007
Camden Westchase Park11,95536,2541,53811,95537,79249,74712,91236,8352012
GEORGIA
Atlanta
Camden Brookwood7,17431,98417,0847,17449,06856,24225,35930,8832005
Camden Buckhead Square13,20043,7851,51813,20045,30358,5039,06849,4352017
Camden Creekstone5,01719,9126,2665,01726,17831,1959,76221,4332012
Camden Deerfield4,89521,92213,9444,89535,86640,76118,87821,8832005
Camden Dunwoody5,29023,64210,9105,29034,55239,84219,76220,0802005
Camden Fourth Ward10,47751,2582,44010,47753,69864,17515,68648,4892014
Camden Midtown Atlanta6,19633,82813,1306,19646,95853,15425,68527,4692005
Camden Paces15,262102,5212,12215,262104,643119,90529,90190,0042015
Camden Peachtree City6,53629,0639,7616,53638,82445,36021,14624,2142005
Camden Shiloh4,18118,7986,8884,18125,68629,86714,77815,0892005
Camden St. Clair7,52627,4869,8587,52637,34444,87021,06423,8062005
Camden Stockbridge5,07122,6936,0545,07128,74733,81815,78518,0332005
Camden Vantage11,78768,82215,61611,78784,43896,22524,80471,4212013
NORTH CAROLINA
Charlotte
Camden Ballantyne4,50330,25011,3344,50341,58446,08723,26822,8192005
Camden Cotton Mills4,24619,1478,4754,24627,62231,86815,86216,0062005
CoWork by Camden8143,422258143,4474,2616813,5802019
Camden Dilworth51616,6336,12151622,75423,27010,80112,4692006
Camden Fairview$1,283$7,223$5,393$1,283$12,616$13,899$7,724$6,1752005
Camden Foxcroft1,4087,9196,0811,40814,00015,4088,1517,2572005
Camden Foxcroft II1,1526,4994,2901,15210,78911,9416,1615,7802005
Camden Gallery7,93051,9571,2157,93053,17261,10212,99648,1062017
Camden Grandview7,57033,85915,6047,57049,46357,03326,86930,1642005
Camden Grandview II4,61717,8521164,61717,96822,5853,17619,4092019
Camden Sedgebrook5,26629,21110,7885,26639,99945,26521,74723,5182005
Camden South End6,62529,17518,4916,62547,66654,29124,87529,4162005
Camden Stonecrest3,94122,0218,2163,94130,23734,17817,25016,9282005
Camden Touchstone1,2036,7724,3661,20311,13812,3416,6635,6782005
Raleigh
Camden Carolinian14,76556,67499014,76557,66472,4296,89765,5322019
Camden Crest4,41231,10812,0064,41243,11447,52620,91826,6082005
Camden Governor's Village3,66920,5088,6893,66929,19732,86615,48917,3772005
Camden Lake Pine5,74631,71416,5685,74648,28254,02826,92127,1072005
Camden Manor Park2,53547,15912,8042,53559,96362,49829,69832,8002006
Camden Overlook4,59125,56311,7814,59137,34441,93521,69420,2412005
Camden Reunion Park2,93118,45712,7272,93131,18434,11517,77516,3402005
Camden Westwood4,56725,51911,6784,56737,19741,76419,49422,2702005
TENNESSEE
Nashville
Camden Franklin Park13,78588,57353313,78589,106102,8913,77799,1142021
Camden Music Row21,802152,34056321,802152,903174,7055,925168,7802021
TEXAS
Austin
Camden Cedar Hills2,68420,9315,4582,68426,38929,07311,63517,4382008
Camden Gaines Ranch5,09437,10011,8605,09448,96054,05427,06226,9922005
Camden Huntingdon2,28917,39312,8962,28930,28932,57822,9439,6351995
Camden La Frontera3,25032,3761,3033,25033,67936,92910,08826,8412015
Camden Lamar Heights3,98842,7731,2373,98844,01047,99813,06134,9372015
Camden Rainey Street30,04485,4772,20730,04487,684117,72813,850103,8782019
Camden Stoneleigh3,49831,28510,0413,49841,32644,82422,22122,6032006
Dallas/Fort Worth
Camden Addison11,51629,3329,91511,51639,24750,76317,14433,6192012
Camden Belmont12,52161,5227,83712,52169,35981,88023,38158,4992012
Camden Buckingham2,70421,25112,5822,70433,83336,53724,56111,9761997
Camden Centreport1,61312,6448,0771,61320,72122,33414,8057,5291997
Camden Cimarron2,23114,0929,2902,23123,38225,61319,0656,5481997
Camden Farmers Market$17,341$74,193$35,788$17,341$109,981$127,322$64,890$62,4322001/2005
Camden Greenville42,644116,92321342,644117,136159,7801,440158,3402021
Camden Henderson3,84215,2561,2193,84216,47520,3175,79114,5262012
Camden Legacy Creek2,05212,8968,2072,05221,10323,15516,1027,0531997
Camden Legacy Park2,56015,44910,6772,56026,12628,68618,7869,9001997
Camden Valley Park3,09614,66718,2153,09632,88235,97829,8666,1121994
Camden Victory Park13,44571,7351,23713,44572,97286,41718,62367,7942016
Houston
Camden City Centre4,97644,73514,3514,97659,08664,06225,85738,2052007
Camden City Centre II5,10128,1319165,10129,04734,1489,93024,2182013
Camden Downtown7,813123,8192197,813124,038131,85117,444114,407N/A
Camden Greenway16,91643,93324,98816,91668,92185,83748,50037,3371999
Camden Highland Village28,536111,8025,84028,536117,642146,17815,747130,4312019
Camden Holly Springs11,10842,85214,58711,10857,43968,54723,94144,6062012
Camden McGowen Station6,08985,0385626,08985,60091,68920,43371,2562018
Camden Midtown4,58318,02612,9814,58331,00735,59022,41813,1721999
Camden Plaza7,20431,0448,8897,20439,93347,13713,87633,2612007
Camden Post Oak14,05692,51521,94614,056114,461128,51738,13490,3832013
Camden Royal Oaks1,05520,0465,0231,05525,06926,12412,48913,6352006
Camden Royal Oaks II58712,7433058712,77313,3604,4588,9022012
Camden Stonebridge1,0167,1377,9451,01615,08216,09811,6694,4291993
Camden Sugar Grove7,61427,5946,4917,61434,08541,69912,71328,9862012
Camden Travis Street1,78029,1042,6541,78031,75833,53813,24120,2972010
Camden Vanderbilt16,07644,91830,78316,07675,70191,77755,91135,8661994/1997
Camden Whispering Oaks1,18826,2422,9831,18829,22530,41313,26117,1522008
Total current communities:$1,344,249$7,122,035$1,396,492$1,344,249$8,518,527$9,862,776$3,353,263$6,509,513
Communities under construction:
Name / location
Camden Buckhead (2) Atlanta, GA$156,598$156,598$156,598$4,764$151,834N/A
Camden Atlantic Plantation, FL79,05579,05579,055—79,055N/A
Camden Tempe II Tempe, AZ62,24862,24862,248—62,248N/A
Camden NoDa Charlotte, NC59,63159,63159,631—59,631N/A
Camden Durham Durham NC46,60746,60746,607—46,607N/A
Total communities under construction:$—$404,139$—$—$404,139$404,139$4,764$399,375
Development pipeline communities:
Name/location
Camden Woodmill Creek Woodlands, TX$10,233$10,233$10,233$10,233N/A
Camden Village District Raleigh, NC23,92023,92023,92023,920N/A
Camden Arts District Los Angeles, CA37,83737,83737,83737,837N/A
Camden Pier District II St. Petersburg, F3,4563,4563,4563,456N/A
Camden Gulch Nashville, TN37,30037,30037,30037,300N/A
Camden Baker Denver, CO25,88725,88725,88725,887N/A
Camden Paces III Atlanta, GA18,00618,00618,00618,006N/A
Camden Highland Village II Houston, TX9,0389,0389,0389,038N/A
Camden Downtown II Houston, TX12,74212,74212,74212,742N/A
Total development pipeline communities:$—$178,419$—$—$178,419$178,419$—$178,419
Corporate3,733—3,7333,7333,733N/A
$—$3,733$—$—$3,733$3,733$—$3,733
TOTAL$1,344,249$7,708,326$1,396,492$1,344,249$9,104,818$10,449,067$3,358,027$7,091,040

*(1)*All communities were unencumbered at December 31, 2021.

*(2)*Property is in lease-up at December 31, 2021. Balances presented here include costs which are included in buildings and improvements and land on the consolidated balance sheet at December 31, 2021. These costs related to completed unit turns for this property.

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Camden Property Trust Real Estate and Accumulated Depreciation As of December 31, 2021 (in thousands)Schedule III

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

202120202019
Balance, beginning of period$9,553,177$9,115,793$8,328,475
Additions during period:
Acquisition of operating properties607,099—422,309
Development and repositions346,173349,890341,236
Improvements87,29787,86575,360
Deductions during period:
Cost of real estate sold – other(144,679)(371)(51,587)
Balance, end of period$10,449,067$9,553,177$9,115,793
The changes in accumulated depreciation for the years ended December 31:
202120202019
Balance, beginning of period$3,034,186$2,686,025$2,403,149
Depreciation of real estate assets387,432348,161317,026
Dispositions(63,591)—(34,150)
Balance, end of period$3,358,027$3,034,186$2,686,025

The aggregate cost for federal income tax purposes at December 31, 2021 was $9.5 billion.

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Camden Property Trust Mortgage Loans on Real Estate As of December 31, 2021Schedule IV
($ in thousands) DescriptionInterest RateFinal Maturity DatePeriodic payment termsFace amount of mortgagesCarry amount of mortgages (a)
Parking Garage Developer advances Houston, TX(b)October 1, 2025(c)$4,978$4,978

(a) The aggregate cost at December 31, 2021 for federal income tax purposes was approximately $4,978.

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

(c) Payments will consist of annual interest and principal payments from October 1, 2021 to October 1, 2025.

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

202120202019
Balance, beginning of period$6,423$7,868$9,314
Deductions:
Collections of principal(1,445)(1,445)(1,446)
Balance, end of period$4,978$6,423$7,868

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Previous: Item 15. Exhibits and Financial Statement Schedules