Camden Property Trust (CPT) 10-K risk factor changes: FY2024 vs FY2023

[removed: If there are subsequent changes in the fair market] value [removed: of our land holdings and the resulting value] is less than the carrying basis of our land holdings reflected in our financial [removed: statements plus estimated costs to sell,] [added: statements,] we may be required to take future impairment charges which would reduce our net income.

In [removed: 2024,] [added: 2025,] we expect to incur costs between approximately [removed: $120] [added: $135] million and [removed: $130] [added: $155] million related to the construction of [removed: four] [added: three] projects.

Additionally, during [removed: 2024,] [added: 2025,] we expect to incur costs between approximately [removed: $40] [added: $100] million and [removed: $60] [added: $110] million related to the start of new development activities, between approximately [removed: $90] [added: $96] million and [removed: $94] [added: $100] million related to repositions, redevelopment, repurposes, and revenue enhancing expenditures and between approximately [removed: $101] [added: $108] million and [removed: $105] [added: $112] million of additional recurring capital expenditures.

As of December 31, [removed: 2023,] [added: 2024,] we had outstanding debt of approximately [removed: $3.7] [added: $3.5] billion.

Fitch, Moody's, and Standard & Poor's, the major debt rating agencies, routinely evaluate our debt and have given us ratings of A- with stable outlook, A3 with stable outlook, and A- with stable outlook, respectively, on our senior unsecured debt as of December 31, [removed: 2023.][added: 2024.]

The ownership limits, as well as our ability to issue other classes of equity securities, may delay, defer, or prevent a change in [added: control.]

The form, timing, and amount of dividend distributions [removed: will be] [added: are] declared at the discretion of our Board of Trust Managers and [removed: will] depend on actual cash from operations, our financial condition, [added: expected future] capital requirements, the annual distribution requirements under the REIT provisions of the [removed: Code] [added: Code,] and other factors as the Board of Trust Managers may consider relevant.

The Board of Trust Managers may [added: also] modify the form, timing, and amount of dividends [removed: from time to time.][added: in the future.]

As an owner, manager, and developer of multifamily properties, we may incur liability based on various conditions at our properties and the buildings thereon, and we also have become and in the future may become involved in legal proceedings, including consumer, employment, [removed: tort] [added: tort, antitrust,] or commercial litigation, which if decided adversely to or settled by us, and not adequately covered by insurance, could result in [removed: liability] [added: liabilities] which [removed: is] [added: are] material to our financial condition or results of operations.

A certain number of our properties are located in areas which have experienced and may in the future experience catastrophic weather and other natural events from [removed: time to time,] [added: time-to-time,] including fires, snow or ice storms, windstorms, tornadoes, hurricanes, earthquakes, flooding, or other environmental events.

Under current market conditions, in 2024 we recorded impairment charges on three parcels of land.

If there are subsequent changes in the fair market value of our land holdings and the resulting

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

Throughout 2023, in efforts to curb inflation, the Federal Reserve increased interest rates.

Additionally, as a result of concerns about the recent deterioration in the financial markets, including the failures of banks during 2023, the cost of obtaining debt from credit and capital markets increased as many lenders increased interest rates, enacted tighter lending standards, and reduced and, in some cases ceased, to provide funding to borrowers.

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

Competition could limit our ability to lease apartments or increase or maintain rental income.

There are numerous housing alternatives which compete with our properties in attracting residents.

Our properties compete directly with other multifamily properties, condominiums, single-family homes, and third-party providers of short-term rentals, which are available for rent or purchase in the markets in which our properties are located.

This competitive environment could have a material adverse effect on our ability to lease apartment homes at our present properties or any newly developed or acquired property, as well as on the rents realized.

control.

Environmental, social, and governance factors may impose additional costs and/or expose us to new risks

Certain investors, customers, regulators, and other stakeholders are placing increased importance corporate responsibility, specifically related to environmental, social, and governance ("ESG") factors.

Additionally, there is increased attention to these matters by various state and federal regulatory authorities, including the SEC, and the expense and activities necessary to comply with new regulations or standards may be significant, which may adversely impact our financial results.

Third-party providers of corporate responsibility ratings and reports on companies have increased, resulting in varied, and potentially, inconsistent standards.

We may face reputational damage if our corporate responsibility procedures or standards do not meet the standards met by various constituencies.

Also, some investors use these factors to guide their investment strategies and, in some cases, may choose not to invest in us based on their assessment of our approach to ESG factors, which could have an adverse impact on the price of our securities.

Discussion of our year-to-date comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] is presented below.

Year-to-date comparisons between [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] can be found in "Part II.

Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2022.][added: 2023.]

We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the [removed: Securities] Exchange [removed: Act of 1934,] [added: Act,] both as amended, with respect to our expectations for future periods.

As of December 31, [removed: 2023,] [added: 2024,] we owned interests in, operated, or were developing [removed: 176] [added: 177] multifamily properties comprised of [removed: 59,800] [added: 59,996] apartment homes across the United States as detailed in the Property Portfolio table below.

Our results for the year ended December 31, [removed: 2023,] [added: 2024,] reflect an increase in same store revenues of approximately [removed: 5.1%] [added: 1.3%] as compared to the same period in [removed: 2022.][added: 2023.]

The increase was [removed: primarily] due to higher [added: rental income as a result of higher] average rental rates [added: and lower uncollectible revenue,] which we believe was primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, [added: and] continued demand for multifamily housing in our [removed: markets, and a manageable supply of new multifamily housing.][added: markets.]

We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate will [removed: likely rise in 2024,] [added: continue to be elevated into 2025] but should be met with continued demand to absorb these new deliveries.

Net income attributable to common shareholders was [removed: $403.3] [added: $163.3] million and [removed: $653.6] [added: $403.3] million for the years ended December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022,] [added: 2023,] respectively.

The decrease [removed: was also due to higher interest expense incurred] during the year ended December 31, [removed: 2023] [added: 2024] as compared to the same period in [removed: 2022.][added: 2023 was primarily due to recognizing a higher gain on sale of two operating properties in 2023 of $225.4 million as compared to recognizing a gain on sale of one operating property in 2024 of $43.8 million.]

See further discussion of our [removed: 2023] [added: 2024] operations as compared to [removed: 2022] [added: 2023] in ["Results of [removed: Operations,"](#if7b646041cad49688087453a337e2225_46)] [added: Operations,"](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_49)] below.

*Construction [added: and Development] Activity*

At December 31, [removed: 2023,] [added: 2024,] we had a total of [removed: four] [added: three] projects under construction to be comprised of [removed: 1,166] [added: 1,138] apartment homes.

Initial occupancies of these [removed: four] [added: three] projects are currently scheduled to occur within the next [removed: nine months.][added: two years.]

[removed: We] [added: As of December 31, 2024, we] estimate the additional cost to complete the construction of the [removed: four] [added: three] projects to be approximately [removed: $137.6] [added: $243.6] million.

In May 2023, we created [removed: an at-the market ("ATM")] [added: the 2023 ATM] share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering [removed: price] [added: amount] of up to $500.0 [removed: million (the "2023 ATM program").][added: million, in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions.]

We utilized a portion of the net proceeds from these notes to repay the outstanding balance on our [removed: $300] [added: $300.0] million, 6.21% unsecured term loan due in August 2024.

[removed: In January] [added: During the year ended December 31,] 2024, we utilized cash on hand [added: and our unsecured revolving credit facility] to repay [removed: the principal amount of our 4.36% senior] unsecured notes [removed: payable, which matured on January 15, 2024, for a total of $250.0] [added: payable totaling $500.0] million, plus accrued interest.

In February 2024, we sold one operating property comprised of 592 apartment homes located in Atlanta, [removed: Georgia] [added: Georgia,] for approximately $115.0 [added: million and recognized a gain of approximately $43.8] million.

Subject to market conditions, we intend to continue to seek opportunities to [added: acquire operating communities,] develop new communities, and to [removed: redevelop, reposition] [added: redevelop] and [removed: acquire] [added: reposition] existing communities.

We also intend to evaluate our operating property and land development [removed: portfolio] [added: portfolios] and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.

[removed: As of] [added: At] December 31, [removed: 2023,] [added: 2024,] we had [added: outstanding letters of credit totaling $27.5 million, and] approximately [removed: $1.2] [added: $1.0] billion available under our unsecured revolving credit facility.

As of December 31, [removed: 2023] [added: 2024,] and through the date of this filing, we also had common shares having an aggregate offering price of up to $500.0 million remaining available for sale under our 2023 ATM program.

We [removed: also] believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund new development, redevelopment, and other capital funding requirements.

| | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | December 31, [removed: 2022] [added: 2023] | | | | | | | | |

| Houston, Texas | | | [removed: 9,154] [added: 9,531] | | | | | | [removed: 26] [added: 28] | | | | | | 9,154 | | | | | | 26 | | |

| Atlanta, Georgia | | | [removed: 4,862] [added: 4,270] | | | | | | [removed: 15] [added: 14] | | | | | | 4,862 | | | | | | 15 | | |

| Phoenix, Arizona | | | 4,426 | | | | | | 14 | | | | | | [removed: 4,029] [added: 4,426] | | | | | | [removed: 13] [added: 14] | | |

| Charlotte, North Carolina | | | [removed: 3,491] [added: 3,510] | | | | | | 15 | | | | | | [removed: 3,104] [added: 3,491] | | | | | | [removed: 14] [added: 15] | | |

| Raleigh, North Carolina | | | [removed: 3,252] [added: 3,672] | | | | | | [removed: 9] [added: 10] | | | | | | 3,252 | | | | | | 9 | | |

| Los Angeles/Orange County, California | | | 1,811 | | | | | | 5 | | | | | | [removed: 2,663] [added: 1,811] | | | | | | [removed: 7] [added: 5] | | |

| Total Operating Properties | | | [removed: 58,634] [added: 58,858] | | | | | | [removed: 172] [added: 174] | | | | | | [removed: 58,702] [added: 58,634] | | | | | | 172 | | |

| Raleigh, North Carolina | | | [removed: 789] [added: 369] | | | | | | [removed: 2] [added: 1] | | | | | | 789 | | | | | | 2 | | |

| Houston, Texas | | | [removed: 377] [added: —] | | | | | | [removed: 2] [added: —] | | | | | | 377 | | | | | | 2 | | |

| Charlotte, North Carolina | | | [removed: —] [added: 769] | | | | | | [removed: —] [added: 2] | | | | | | [removed: 387] [added: —] | | | | | | [removed: 1] [added: —] | | |

| Total Properties Under Construction | | | [removed: 1,166] [added: 1,138] | | | | | | [removed: 4] [added: 3] | | | | | | [removed: 1,950] [added: 1,166] | | | | | | [removed: 6] [added: 4] | | |

| Total Properties | | | [removed: 59,800] [added: 59,996] | | | | | | [removed: 176] [added: 177] | | | | | | [removed: 60,652] [added: 59,800] | | | | | | [removed: 178] [added: 176] | | |

| *($ in millions)* Property and Location | | | Number of Homes | | | | | | Cost Incurred (1) | | | | | | | | | % Leased at [removed: 1/31/2024] [added: 1/31/2025] | | | | | | Date of Construction Completion | | | | | | Estimated Date of Stabilization | | |

| *Charlotte, NC* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | |]

Properties Under Development [added: and Land]

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

The decrease was also due to recognizing a $41.0 million impairment associated with land development activities in 2024 and no impairments recognized in 2023.

As of December 31, 2024, we estimated the total additional cost to complete the construction of these three properties is approximately $243.6 million.

In the third quarter of 2024, we stopped development activities for the foreseeable future on four of our developments and recorded approximately $41.0 million of impairment charges on three of these land parcels.

We review our long-lived assets on an annual basis or whenever events or circumstances indicated the carrying amount of an asset may not be recoverable and our impairment evaluations take into consideration the current and anticipated economic climate.

We currently have three other land parcels held for future development we plan to develop, and the commencement of future developments may be impacted by macroeconomic issues, multifamily market conditions, and other factors.

We will continue to evaluate future development starts based on market, economic, and capital market conditions.

There can be no assurance we will not have impairments charges in the future.

*Disposition*

*Capital Market Highlights*

As a result of this early repayment of the $300.0 million unsecured term loan, we expensed approximately $0.9 million of unamortized loan costs, which are reflected in the loss on early retirement of debt in our consolidated statements of income and comprehensive income.

In September 2024, we extended the maturity date of our $40.0 million unsecured floating rate term loan with an unrelated third party from September 2024 to September 2026.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

During the year ended December 31, 2024, we repurchased 515,974 common shares for approximately $50.0 million at an average price of $96.88 per share under our $500.0 million share repurchase plan.

As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was approximately $450.0 million.

In January 2025, we purchased one operating property comprised of 352 homes located in the Austin, Texas metropolitan area for approximately $67.7 million.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

During the year ended December 31, 2024, we completed the construction of 387 homes at Camden NoDa in Charlotte, North Carolina and achieved stabilization during the quarter ended March 31, 2024.

At December 31, 2024, there were three completed operating properties in lease-up as follows:

| *Spring, TX* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Camden Durham | | | 420 | | | | | | 144.8 | | | | | | | | | 78 | | % | | | | 4Q24 | | | | | | 3Q25 | | |

| Consolidated total | | | 797 | | | | | | $ | 288.9 | | | | | | | | | | | | | | | | | | | | | | |

| Camden Blakeney | | | 349 | | | | | | 154.0 | | | | | | 38.5 | | | | | | 38.5 | | | | | | 3Q27 | | | | | | 3Q28 | | |

| Total | | | 1,138 | | | | | | $ | 455.0 | | | | | $ | 211.4 | | | | | $ | 211.4 | | | | | | | | | | | | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Camden Baker | | | | | | 434 | | | | | | 191.0 | | | | | | 36.6 | | |

| Camden Gulch | | | | | | 498 | | | | | | 300.0 | | | | | | 52.7 | | |

| | | | | | | 1,325 | | | | | | $ | 667.0 | | | | | $ | 132.3 | |

*Land Holdings*.

At December 31, 2024, we also had four undeveloped land tracts with a valuation of approximately $57.8 million.

| Dallas, Texas | | | 1,102,231 | | | | | | 8.2 | | | | | | 1,117,909 | | | | | | 8.5 | | |

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

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Plus: Impairment associated with land development activities | | | | | | 40,988 | | | | | | — | | | | | | | | |

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

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

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Same store communities | | | 55,866 | | | | | | $ | 1,463,982 | | | | | $ | 1,444,649 | | | | | $ | 19,333 | | | | | 1.3 | | % |

| Non-same store communities | | | 2,195 | | | | | | 57,001 | | | | | | 49,060 | | | | | | 7,941 | | | | | | 16.2 | | |

| Development and lease-up communities | | | 1,935 | | | | | | 8,289 | | | | | | 158 | | | | | | 8,131 | | | | | | * | | |

- Competition could limit our ability to lease apartments or increase or maintain rental income;

- Environmental, social, and governance factors may impose additional costs and/or expose us to new risks;

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

The decrease during the year ended December 31, 2023 as compared to the same period in 2022 was primarily due to a $474.1 million gain recognized in 2022 as a result of the remeasurement of our previously held 31.3% ownership interest in two unconsolidated Funds (collectively, "the Funds" or "the acquisition of the Funds") upon our acquiring the remaining ownership interests on April 1, 2022.

The decrease was partially offset by recognizing a higher gain on sale of two operating properties during the year ended December 31, 2023 of approximately $225.3 million as compared to a gain on sale of one operating property during the year ended December 31, 2022 of approximately $36.4 million.

The decrease was further offset by an increase in property operations during the year ended December 31, 2023 as compared to the same period in 2022.

*Dispositions*

*Operating Properties:* During the year ended December 31, 2023, we sold two operating properties comprised of an aggregate of 852 apartment homes located in Costa Mesa, California for an aggregate of approximately $293.1 million and recognized a gain of approximately $225.3 million.

*Other*

As of the date of this filing, we have $500.0 million available for sale under this program.

In May 2023, we utilized draws our unsecured revolving credit facility to retire our $185.2 million secured variable rate notes due in 2024 and 2026.

As a result of the early repayments, we recorded a $2.5 million loss on early retirement of debt in

our consolidated statements of income and comprehensive income, which was comprised of approximately $1.7 million of prepayment penalties and fees and approximately $0.8 million for the write-off of unamortized fair value adjustments.

In June 2023, we utilized draws on our unsecured revolving credit facility to repay the principal amount of our 5.07% senior unsecured notes payable, which matured on June 15, 2023, for a total of $250.0 million, plus accrued interest.

In November 2023, we issued $500.0 million of 5.85% senior unsecured notes due November 3, 2026.

We utilized an interest rate swap with a notional amount of $500.0 million which exposes us to interest rate fluctuations on these notes.

This interest rate swap was designated and qualified as a fair value hedging instrument.

In January 2024, we issued $400.0 million of 4.90% senior unsecured notes due January 15, 2034.

We believe the remaining scheduled payments of debt over the next 12 months are manageable at approximately $290.0 million, which excludes the amortization of debt discounts and debt issuance costs as well as the $550 million of debt we repaid in January 2024, as discussed above.

| Phoenix, Arizona | | | — | | | | | | — | | | | | | 397 | | | | | | 1 | | |

During the year ended December 31, 2023, stabilization was achieved at two operating properties as follows:

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

| Stabilized Properties and Locations | | | Number of Homes | | | | | | Date of Construction Completion | | | | | | Date of Stabilization | | |

| Operating Properties | | | | | | | | | | | | | | | | | |

| Camden Atlantic | | | | | | | | | | | | | | | | | |

| *Plantation, FL* | | | 269 | | | | | | 4Q22 | | | | | | 1Q23 | | |

| Camden Tempe II | | | | | | | | | | | | | | | | | |

| *Tempe, AZ* | | | 397 | | | | | | 2Q23 | | | | | | 3Q23 | | |

| Total | | | 666 | | | | | | | | | | | | | | |

At December 31, 2023, we had one completed operating property in lease-up as follows:

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

| Camden NoDa | | | 387 | | | | | | $ | 107.6 | | | | | | | | 89 | | % | | | | 4Q23 | | | | | | 2Q24 | | |

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

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

| Camden Durham *(1)* | | | 420 | | | | | | $ | 145.0 | | | | | $ | 126.8 | | | | | $ | 79.3 | | | | | 2Q24 | | | | | | 4Q25 | | |

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

| Total | | | 1,166 | | | | | | $ | 438.0 | | | | | $ | 300.4 | | | | | $ | 214.0 | | | | | | | | | | | | | |

*(1)Property in lease-up and was 17% leased at January 31, 2024.*

*(2)Property in lease-up and was 15% leased at January 31, 2024.*

| Camden Blakeney | | | | | | 349 | | | | | | 145.0 | | | | | | 26.0 | | |

The table below summarizes our debt as of December 31, [removed: 2023] [added: 2024] and [removed: 2022:][added: 2023:]

| *($ in millions)* | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, [removed: 2022] [added: 2023] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Fixed rate debt | | | $ | [removed: 2,866.9] [added: 2,764.4] | | | | | $ | [removed: 2,651.6] [added: 2,528.6] | | | | | [removed: 6.6] [added: 7.2] | | | | | | [removed: 3.6] [added: 3.7] | | % | | | | [removed: 77.2] [added: 79.3] | | % | | | | $ | [removed: 3,114.0] [added: 2,866.9] | | | | | $ | [removed: 2,806.1] [added: 2,651.6] | | | | | [removed: 7.1] [added: 6.6] | | | | | | [removed: 3.7] [added: 3.6] | | % | | | | [removed: 84.6] [added: 77.2] | | % |

| Variable rate debt | | | $ | [removed: 848.5] [added: 721.2] | | | | | $ | [removed: 864.9] [added: 733.0] | | | | | [removed: 2.3] [added: 2.0] | | | | | | [removed: 6.5] [added: 5.6] | | % | | | | [removed: 22.8] [added: 20.7] | | % | | | | $ | [removed: 566.9] [added: 848.5] | | | | | $ | [removed: 566.8] [added: 864.9] | | | | | [removed: 3.0] [added: 2.3] | | | | | | [removed: 5.5] [added: 6.5] | | % | | | | [removed: 15.4] [added: 22.8] | | % |

At December 31, [added: 2024 and] 2023, we have an interest rate swap with a notional amount of $500.0 million which converted our $500.0 million principal amount of 5.85% fixed rate senior unsecured notes due November 2026 into a floating rate instrument with an interest rate based on a SOFR index.

The interest rate swap is considered to be effective at achieving offsetting changes in the fair value of the [removed: hedged debt and no ineffectiveness is recognized.]

Additionally, at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] we had unsecured term loans outstanding of approximately [removed: $339.9] [added: $39.9] million and [removed: $339.8] [added: $339.9] million, respectively.

At December 31, [removed: 2022] [added: 2024] we also had [removed: $42.0] [added: $178.0] million of borrowings under our unsecured revolving credit [removed: facility and approximately $185.1 million secured variable rate notes outstanding.][added: facility.]

If interest rates on the variable rate debt listed in the table above would have been 100 basis points higher throughout [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] our annual interest costs would have increased by approximately [removed: $8.5] [added: $7.2] million and [removed: $5.7] [added: $8.5] million, respectively.

Holding other variables constant, if interest rates would have been 100 basis points higher as of December 31, [removed: 2023,] [added: 2024,] the fair value of our fixed rate debt would have decreased by approximately [removed: $125.9] [added: $131.4] million.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

hedged debt and no ineffectiveness is recognized.

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

As of December 31, [removed: 2023,] [added: 2024,] we owned interests in, operated, or were developing [removed: 176] [added: 177] multifamily properties comprised of [removed: 59,800] [added: 59,996] apartment homes across the United States.

Of the [removed: 176] [added: 177] properties, [removed: four] [added: three] properties were under construction and will consist of a total of [removed: 1,166] [added: 1,138] apartment homes when completed.

Subject to market conditions, we intend to continue to seek opportunities to [added: acquire operating communities,] develop new communities, and to [removed: redevelop, reposition] [added: redevelop] and [removed: acquire] [added: reposition] existing communities.

We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and [removed: leverage ratios, and controlling overhead costs.]

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

We strive to improve the lives of our team members, [removed: customers] [added: customers,] and shareholders one experience at a time.

*Camden's Values.* We care deeply about our [removed: employees,] [added: team members,] our residents, and the local communities in which we live, work, and play.

We are committed to maintaining a high-trust work environment [removed: that] [added: which] attracts, retains, and rewards the best and brightest people.

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

We are proud of our culture and the recognition we have received as a great place to work, including being [removed: named on the list] [added: recognized nationally] as one of the 100 Best Companies to Work For® by FORTUNE magazine for [removed: 16] [added: 17] consecutive years, most recently ranking [removed: #33.][added: #24.]

*Compensation and Benefits.* We provide high-quality health benefits and compensation to competitively compensate all [removed: employees] [added: team members] for their contributions to Camden.

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

We also support team members who [added: want to] continue their education at an accredited educational institution through our Education Assistance Program.

At December 31, [removed: 2023,] [added: 2024,] we had approximately [removed: 1,640] [added: 1,660] employees including executive, community, and administrative personnel.

As of December 31, [removed: 2023,] [added: 2024,] we met the qualification of a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code").

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

leverage ratios, and controlling overhead costs.

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

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages.

We believe our web-based property management and revenue management systems strengthen on-site operations and allow us to quickly adjust rental rates as local market conditions change.

*Diversity, Equity, and Inclusion.* At Camden, diversity, equity, and inclusion ("DEI") is integral to who we are and how we achieve.

We are committed to fostering an environment where all are welcome and encouraged to succeed.

DEI is promoted and encouraged throughout our organization, with each Camden team member bringing unique skills, experiences, and

perspectives.

We firmly believe DEI builds organizational capacity, and the path forward must ensure DEI is woven into our culture, talent, and business practices.

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

We incorporate by reference into this Item our litigation disclosures made in [Note 13.

"Commitments and Contingencies"](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_193) to our Consolidated Financial Statements.

None.

[Table of [removed: Contents](#if7b646041cad49688087453a337e2225_7)][added: Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)]

For the fiscal year ended December 31, [removed: 2023][added: 2024]

The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant was [removed: $11,576,082,431] [added: $11,569,433,678] based on a June [removed: 30, 2023] [added: 28, 2024] share price of [removed: $108.87.][added: $109.11.]

On February [removed: 15, 2024, 106,968,937] [added: 13, 2025, 106,757,212] common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.

Portions of the registrant's Proxy Statement in connection with its Annual Meeting of Shareholders to be held May [removed: 10, 2024] [added: 9, 2025] are incorporated by reference in Part III.

| Item 1. | | | [removed: [Business](#if7b646041cad49688087453a337e2225_13)] [added: [Business](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_13)] | | | [removed: [1](#if7b646041cad49688087453a337e2225_13)] [added: [1](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#if7b646041cad49688087453a337e2225_16)] [added: Factors](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_16)] | | | [removed: [3](#if7b646041cad49688087453a337e2225_16)] [added: [3](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_16)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#if7b646041cad49688087453a337e2225_19)] [added: Comments](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_19)] | | | [removed: [9](#if7b646041cad49688087453a337e2225_19)] [added: [8](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_19)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#if7b646041cad49688087453a337e2225_1750)] [added: [Cybersecurity](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_22)] | | | [removed: [9](#if7b646041cad49688087453a337e2225_1750)] [added: [8](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_22)] | | |

| Item 2. | | | [removed: [Properties](#if7b646041cad49688087453a337e2225_22)] [added: [Properties](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_25)] | | | [removed: [9](#if7b646041cad49688087453a337e2225_22)] [added: [9](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_25)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#if7b646041cad49688087453a337e2225_25)] [added: Proceedings](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_28)] | | | [removed: [15](#if7b646041cad49688087453a337e2225_25)] [added: [14](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_28)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#if7b646041cad49688087453a337e2225_28)] [added: Disclosures](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_31)] | | | [removed: [15](#if7b646041cad49688087453a337e2225_28)] [added: [14](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_31)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#if7b646041cad49688087453a337e2225_34)] [added: Securities](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_37)] | | | [removed: [16](#if7b646041cad49688087453a337e2225_34)] [added: [15](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_37)] | | |

| Item 6. | | | [removed: [Reserved](#if7b646041cad49688087453a337e2225_40)] [added: [Reserved](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_43)] | | | [removed: [17](#if7b646041cad49688087453a337e2225_40)] [added: [16](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_43)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#if7b646041cad49688087453a337e2225_43)] [added: Operations](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_46)] | | | [removed: [18](#if7b646041cad49688087453a337e2225_43)] [added: [17](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#if7b646041cad49688087453a337e2225_52)] [added: Risk](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_55)] | | | [removed: [34](#if7b646041cad49688087453a337e2225_52)] [added: [30](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_55)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#if7b646041cad49688087453a337e2225_55)] [added: Data](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_58)] | | | [removed: [34](#if7b646041cad49688087453a337e2225_55)] [added: [31](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_58)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#if7b646041cad49688087453a337e2225_58)] [added: Disclosure](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_61)] | | | [removed: [34](#if7b646041cad49688087453a337e2225_58)] [added: [31](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_61)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#if7b646041cad49688087453a337e2225_61)] [added: Procedures](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_64)] | | | [removed: [34](#if7b646041cad49688087453a337e2225_61)] [added: [31](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_64)] | | |

| Item 9B. | | | [Other [removed: Information](#if7b646041cad49688087453a337e2225_67)] [added: Information](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_70)] | | | [removed: [37](#if7b646041cad49688087453a337e2225_67)] [added: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_70)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#if7b646041cad49688087453a337e2225_70)] [added: Inspections](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_73)] | | | [removed: [37](#if7b646041cad49688087453a337e2225_70)] [added: [37](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_73)] | | |

| [PART [removed: III](#if7b646041cad49688087453a337e2225_73)] [added: III](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_76)] | | | | | | | | |

| Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#if7b646041cad49688087453a337e2225_76)] [added: Governance](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_79)] | | | [removed: [37](#if7b646041cad49688087453a337e2225_76)] [added: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_79)] | | |

| Item 11. | | | [Executive [removed: Compensation](#if7b646041cad49688087453a337e2225_79)] [added: Compensation](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_82)] | | | [removed: [37](#if7b646041cad49688087453a337e2225_79)] [added: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_82)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#if7b646041cad49688087453a337e2225_82)] [added: Matters](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_85)] | | | [removed: [37](#if7b646041cad49688087453a337e2225_82)] [added: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_85)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#if7b646041cad49688087453a337e2225_85)] [added: Independence](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_88)] | | | [removed: [37](#if7b646041cad49688087453a337e2225_85)] [added: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_88)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#if7b646041cad49688087453a337e2225_88)] [added: Services](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_91)] | | | [removed: [37](#if7b646041cad49688087453a337e2225_88)] [added: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_91)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#if7b646041cad49688087453a337e2225_94)] [added: Schedules](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_97)] | | | [removed: [37](#if7b646041cad49688087453a337e2225_94)] [added: [34](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_97)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#if7b646041cad49688087453a337e2225_97)] [added: Summary](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_100)] | | | [removed: [42](#if7b646041cad49688087453a337e2225_97)] [added: [40](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_100)] | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

The registrant’s definitive Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| [PART I](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_10) | | | | | | | | |

| [PART II](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_34) | | | | | | | | |

| [PART IV](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_94) | | | | | | | | |

| [SIGNATURES](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_103) | | | | | | [41](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_103) | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

| [PART I](#if7b646041cad49688087453a337e2225_10) | | | | | | | | |

| [PART II](#if7b646041cad49688087453a337e2225_31) | | | | | | | | |

| [PART IV](#if7b646041cad49688087453a337e2225_91) | | | | | | | | |

| [SIGNATURES](#if7b646041cad49688087453a337e2225_100) | | | | | | [43](#if7b646041cad49688087453a337e2225_100) | | |

Our cybersecurity program has been developed based on industry standards set by the National Institute of Standards and Technology ("NIST") and includes a comprehensive set of security policies and procedures [removed: that] [added: which] guide our protection strategy against threats by utilizing the following measures: identifying critical assets and high-risk threats; implementing cybersecurity detection, controls, and remediation practices; implementing a third-party risk management program to evaluate our cyber position; and, evaluating our cybersecurity program effectiveness by [added: auditing risk and] performing both internal and external [removed: testing and auditing risk.][added: testing.]

Our cybersecurity program is led by our Senior Vice President - Strategic Services and Chief Information Officer [removed: ("CIO").][added: ("CIO") and our Chief Information Security Officer ("CISO").]

Our CIO also serves as the Chair of our Cybersecurity Executive Oversight Committee ("CEOC"), comprised of [added: our CISO and other] senior executives representing various teams and functions of the Company including legal, finance, accounting, investor relations, and operations.

The CEOC supports efforts to evaluate the materiality of any incidents, determines whether notice to third parties such as residents or vendors is required, and [removed: determine] [added: determines] whether any disclosures to stakeholders are required.

[removed: Although our] [added: Our] entire Board is actively involved in overseeing risk [removed: management,] [added: management and] the Audit Committee [removed: charter] [added: Charter] tasks the Audit Committee with providing oversight of management's guidelines and policies to govern the process by which risk assessments and risks are managed, including the Company’s major financial risk exposures and the steps management has taken to monitor and control such exposures.

Our CIO reports quarterly to the Audit Committee and Board regarding cybersecurity matters, which includes emerging cybersecurity threats and the risk [removed: landscape,] [added: landscape as well as] updates on our cybersecurity program and related readiness, resiliency, and response efforts.

Like other businesses, we have been, and expect to continue to be, subject to attempts on unauthorized access, mishandling or misuse, computer viruses or malware, [removed: cyber-attacks] [added: cyber-attacks,] and intrusions and other events of varying degrees.

To date, we have not experienced a [added: material] cybersecurity [removed: breach] [added: incident] nor are we aware of any of our third-party outside service providers experiencing [removed: a cybersecurity breach.][added: such an incident.]

In addition to these procedures we have in place, we also maintain cybersecurity insurance to cover certain losses and damages caused by a cybersecurity incident.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

For a discussion on certain of the Company’s cybersecurity-related risks, see [Item 1A](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_16) under the heading “Risk Factors-Risks Associated with Our Operations - A cybersecurity incident and other technology disruptions could negatively impact our business.”

Our properties typically consist of mid-rise buildings or two and [removed: three story] [added: three-story] buildings in a landscaped setting, as well as high-rise buildings, and provide residents with a variety of amenities common to multifamily rental properties.

The [removed: 172] [added: 174] operating properties in which we owned interests and operated at December 31, [removed: 2023] [added: 2024] averaged [removed: 961] [added: 965] square feet of living area per apartment home.

For the year ended December 31, [removed: 2023,] [added: 2024,] no single operating property accounted for greater than [removed: 1.4%] [added: 1.3%] of our total revenues.

Our stabilized operating properties had a weighted average occupancy rate of approximately 95% [removed: and 96%] for [added: each of] the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022, respectively,] [added: 2023,] an average monthly rental rate per apartment home of [removed: $1,981] [added: $1,997] and [removed: $1,881] [added: $1,981] for the same periods, respectively and our average resident lease terms are approximately fourteen months.

The following table sets forth information with respect to our [removed: 172] [added: 174] operating properties at December 31, [removed: 2023:][added: 2024:]

| Property and Location | | | | | | Year Placed in Service | | | | | | Average Apartment Size (Sq. Ft.) | | | | | | Number of Apartments | | | | | | [removed: 2023] [added: 2024] Average Occupancy (1) | | | | | | [removed: 2023] [added: 2024] Average Monthly Rental Rate per Apartment (2) | | |

| Camden Chandler | | | | | | 2016 | | | | | | 1,146 | | | | | | 380 | | | | | | [removed: 94.6] [added: 95.7] | | % | | | | $ | [removed: 1,968] [added: 1,947] | |

| Camden Copper Square | | | | | | 2000 | | | | | | 786 | | | | | | 332 | | | | | | [removed: 93.2] [added: 94.2] | | | | | | [removed: 1,675] [added: 1,664] | | |

| Camden Foothills | | | | | | 2014 | | | | | | 1,032 | | | | | | 220 | | | | | | [removed: 95.5] [added: 96.0] | | | | | | [removed: 2,183] [added: 2,156] | | |

| Camden Legacy | | | | | | 1996 | | | | | | 1,067 | | | | | | 428 | | | | | | [removed: 95.3] [added: 95.5] | | | | | | [removed: 2,049] [added: 2,031] | | |

| Camden Montierra | | | | | | 1999 | | | | | | 1,071 | | | | | | 249 | | | | | | [removed: 95.2] [added: 94.6] | | | | | | [removed: 1,963] [added: 1,973] | | |

| Camden North End [removed: I] | | | | | | 2019 | | | | | | 921 | | | | | | 441 | | | | | | [removed: 95.0] [added: 95.2] | | | | | | [removed: 2,030] [added: 2,022] | | |

| Camden North End II | | | | | | 2021 | | | | | | 885 | | | | | | 343 | | | | | | [removed: 94.1] [added: 95.0] | | | | | | [removed: 2,042] [added: 2,051] | | |

| Camden Old Town Scottsdale | | | | | | 2016 | | | | | | 892 | | | | | | 316 | | | | | | [removed: 94.4] [added: 95.2] | | | | | | [removed: 2,297] [added: 2,258] | | |

| Camden Pecos Ranch | | | | | | 2001 | | | | | | 949 | | | | | | 272 | | | | | | [removed: 93.4] [added: 94.6] | | | | | | [removed: 1,708] [added: 1,699] | | |

| Camden San Marcos | | | | | | 1995 | | | | | | 984 | | | | | | 320 | | | | | | [removed: 93.2] [added: 94.5] | | | | | | [removed: 1,867] [added: 1,893] | | |

| Camden San Paloma | | | | | | 1993/1994 | | | | | | 1,042 | | | | | | 324 | | | | | | [removed: 95.0] [added: 94.7] | | | | | | [removed: 2,017] [added: 2,026] | | |

| Camden Sotelo | | | | | | 2008/2012 | | | | | | 1,303 | | | | | | 170 | | | | | | [removed: 93.7] [added: 93.8] | | | | | | [removed: 2,048] [added: 2,033] | | |

| Camden Tempe | | | | | | 2015 | | | | | | 1,043 | | | | | | 234 | | | | | | [removed: 94.0] [added: 94.3] | | | | | | [removed: 2,027] [added: 1,947] | | |

| Camden Tempe II [removed: (3)] | | | | | | 2023 | | | | | | 981 | | | | | | 397 | | | | | | [removed: 95.4] [added: 93.1] | | | | | | [removed: 1,918] [added: 1,909] | | |

| Camden Crown Valley | | | | | | 2001 | | | | | | 1,009 | | | | | | 380 | | | | | | [removed: 95.9] [added: 95.8] | | | | | | [removed: 2,664] [added: 2,764] | | |

| Camden Glendale | | | | | | 2015 | | | | | | 893 | | | | | | 307 | | | | | | [removed: 96.8] [added: 96.3] | | | | | | [removed: 2,812] [added: 2,859] | | |

| Camden Harbor View | | | | | | 2004/2016 | | | | | | 981 | | | | | | 547 | | | | | | [removed: 93.4] [added: 89.6] | | | | | | [removed: 3,014] [added: 2,950] | | |

| Camden Main and Jamboree | | | | | | 2008 | | | | | | 1,011 | | | | | | 290 | | | | | | [removed: 93.9] [added: 96.3] | | | | | | [removed: 2,603] [added: 2,723] | | |

| The Camden | | | | | | 2016 | | | | | | 767 | | | | | | 287 | | | | | | [removed: 92.4] [added: 92.3] | | | | | | [removed: 3,215] [added: 2,997] | | |

| Camden Hillcrest | | | | | | 2021 | | | | | | 1,223 | | | | | | 132 | | | | | | [removed: 95.4] [added: 93.7] | | | | | | [removed: 3,628] [added: 3,665] | | |

| Camden Landmark | | | | | | 2006 | | | | | | 982 | | | | | | 469 | | | | | | [removed: 94.6] [added: 95.8] | | | | | | [removed: 2,215] [added: 2,269] | | |

| Camden Old Creek | | | | | | 2007 | | | | | | 1,037 | | | | | | 350 | | | | | | [removed: 97.6] [added: 97.2] | | | | | | [removed: 2,834] [added: 2,953] | | |

| Camden Sierra at Otay Ranch | | | | | | 2003 | | | | | | 962 | | | | | | 422 | | | | | | [removed: 95.6] [added: 95.8] | | | | | | [removed: 2,756] [added: 2,860] | | |

| Camden Tuscany | | | | | | 2003 | | | | | | 895 | | | | | | 160 | | | | | | [removed: 95.8] [added: 95.4] | | | | | | [removed: 3,178] [added: 3,241] | | |

| Camden Vineyards | | | | | | 2002 | | | | | | 1,053 | | | | | | 264 | | | | | | [removed: 94.8] [added: 95.0] | | | | | | [removed: 2,413] [added: 2,509] | | |

| Camden Belleview Station | | | | | | 2009 | | | | | | 888 | | | | | | 270 | | | | | | [removed: 96.1] [added: 96.4] | | | | | | [removed: 1,899] [added: 1,967] | | |

| Camden Caley | | | | | | 2000 | | | | | | 921 | | | | | | 218 | | | | | | [removed: 96.6] [added: 96.8] | | | | | | [removed: 1,926] [added: 1,974] | | |

| Camden Denver West | | | | | | 1997 | | | | | | 1,015 | | | | | | 320 | | | | | | [removed: 95.7] [added: 96.6] | | | | | | [removed: 2,284] [added: 2,318] | | |

| Camden Flatirons | | | | | | 2015 | | | | | | 960 | | | | | | 424 | | | | | | [removed: 96.5] [added: 96.8] | | | | | | [removed: 2,025] [added: 2,074] | | |

| Camden Highlands Ridge | | | | | | 1996 | | | | | | 1,149 | | | | | | 342 | | | | | | [removed: 96.3] [added: 96.2] | | | | | | [removed: 2,265] [added: 2,348] | | |

| Camden Interlocken | | | | | | 1999 | | | | | | 1,002 | | | | | | 340 | | | | | | [removed: 96.2] [added: 96.4] | | | | | | [removed: 2,094] [added: 2,130] | | |

| Camden Lakeway | | | | | | 1997 | | | | | | 929 | | | | | | 459 | | | | | | [removed: 96.5] [added: 96.2] | | | | | | [removed: 2,008] [added: 2,089] | | |

| Camden Lincoln Station | | | | | | 2017 | | | | | | 844 | | | | | | 267 | | | | | | [removed: 96.4] [added: 96.3] | | | | | | [removed: 1,877] [added: 1,907] | | |

| Camden RiNo | | | | | | 2020 | | | | | | 828 | | | | | | 233 | | | | | | [removed: 96.0] [added: 95.1] | | % | | | | $ | [removed: 2,257] [added: 2,244] | |

| 2020-2024 | | | 13 | | |

| 2015-2019 | | | 29 | | |

| 2010-2014 | | | 17 | | |

| 2005-2009 | | | 33 | | |

| 2000-2004 | | | 39 | | |

| Prior to 2000 | | | 43 | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Property and Location | | | | | | Year Placed in Service | | | | | | Average Apartment Size (Sq. Ft.) | | | | | | Number of Apartments | | | | | | 2024 Average Occupancy (1) | | | | | | 2024 Average Monthly Rental Rate per Apartment (2) | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Property and Location | | | | | | Year Placed in Service | | | | | | Average Apartment Size (Sq. Ft.) | | | | | | Number of Apartments | | | | | | 2024 Average Occupancy (1) | | | | | | 2024 Average Monthly Rental Rate per Apartment (2) | | |

| Camden Grandview | | | | | | 2000 | | | | | | 1,060 | | | | | | 285 | | | | | | 93.4 | | | | | | 2,147 | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Property and Location | | | | | | Year Placed in Service | | | | | | Average Apartment Size (Sq. Ft.) | | | | | | Number of Apartments | | | | | | 2024 Average Occupancy (1) | | | | | | 2024 Average Monthly Rental Rate per Apartment (2) | | |

| Camden Durham *(4)* | | | | | | 2024 | | | | | | 892 | | | | | | 420 | | | | | | Lease-up | | | | | | 1,909 | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Property and Location | | | | | | Year Placed in Service | | | | | | Average Apartment Size (Sq. Ft.) | | | | | | Number of Apartments | | | | | | 2024 Average Occupancy (1) | | | | | | 2024 Average Monthly Rental Rate per Apartment (2) | | |

| Camden Long Meadow Farms *(4)* | | | | | | 2024 | | | | | | 1,462 | | | | | | 188 | | | | | | Lease-up | | | | | | 2,607 | | |

| Camden Woodmill Creek *(4)* | | | | | | 2024 | | | | | | 1,434 | | | | | | 189 | | | | | | Lease-up | | | | | | 2,485 | | |

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

At December 31, 2023, 155 of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes.

| 2019-2023 | | | 13 | | |

| 2014-2018 | | | 32 | | |

| 2009-2013 | | | 21 | | |

| 2004-2008 | | | 31 | | |

| 1999-2003 | | | 45 | | |

| Prior to 1999 | | | 30 | | |

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

| Camden Vantage | | | | | | 2010 | | | | | | 901 | | | | | | 592 | | | | | | 92.9 | | | | | | 1,752 | | |

| Camden Grandview | | | | | | 2000 | | | | | | 1,059 | | | | | | 266 | | | | | | 95.8 | | | | | | 2,150 | | |

Not applicable.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

None.

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

Our common shares are traded on the New York Stock Exchange under the symbol "CPT." As of February [removed: 15, 2024,] [added: 13, 2025,] there were approximately [removed: 274] [added: 258] shareholders of record.

In the first quarter of [removed: 2024,] [added: 2025,] the Company's Board of Trust Managers declared a first quarter dividend of [removed: $1.03] [added: $1.05] per common share to our common shareholders of record as of March [removed: 29, 2024.][added: 31, 2025.]

Future dividend payments are paid at the discretion of the Board of Trust Managers and [removed: depend on cash flows generated from operations, the Company's financial condition, and capital requirements, distribution requirements under the REIT provisions] [added: a number] of [removed: the Code and other factors,] [added: factors are considered,] including the Company's past [removed: performance,] [added: performance] and future prospects, which may be deemed relevant by our Board of Trust Managers.

Assuming similar dividend distributions for the remainder of [removed: 2024,] [added: 2025,] our annualized dividend rate for [removed: 2024] [added: 2025] would be [removed: $4.12.][added: $4.20.]

The following graph assumes the investment of $100 [added: in common stock] on December 31, [removed: 2018] [added: 2019] and quarterly reinvestment of dividends.

[removed: ][added: ]

| Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [removed: 2019] | | | | | | 2020 | | | | | | 2021 | | | | | | 2022 | | | | | | 2023 | | | [added: | | | 2024 | | |]

[removed: In October 2022,] [added: We have a share repurchase plan approved by] our Board of Trust Managers [removed: approved to increase the authorization] [added: which allows] for [added: the repurchase of up to $500.0 million of] our common equity securities [removed: of approximately $269.5 million remaining under our share repurchase plan to $500.0 million.][added: through open-market purchases, block purchases, and privately negotiated transactions.]

As of the date of this filing, [removed: there were no repurchases and] the [added: remaining] dollar value of our common equity securities authorized to be repurchased under this [removed: program remains at $500.0 million pursuant to this authorization.][added: plan was approximately $450.0 million.]

During the year ended December 31, [removed: 2023,] [added: 2024,] no director or officer [added: (as each such term is defined in Section 16a-1(f)] of [added: Exchange Act) of] the Company [removed: adopted] [added: adopted, terminated,] or [removed: terminated a] [added: had in place, any contract, instruction, or written plan for the purchase or sale of securities of Camden intended to satisfy the affirmative defense conditions of] Rule [removed: 10b5-1 trading arrangement] [added: 10b5-1(c)] or [removed: non-Rule] [added: any "non-Rule] 10b5-1 trading [removed: arrangement,] [added: arrangement",] as [removed: each term is] defined in [added: paragraph (c) of] Item [removed: 408(a)] [added: 408] of Regulation S-K.

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

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

| 5 - Year Total Return Performance of Indices | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Camden Property Trust | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 97.72 | | | | | $ | 179.00 | | | | | $ | 115.31 | | | | | $ | 106.51 | | | | | $ | 129.20 | |

| FTSE NAREIT Equity REITs Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 92.00 | | | | | | 131.78 | | | | | | 99.67 | | | | | | 113.35 | | | | | | 123.25 | | |

| S&P 500 Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 118.40 | | | | | | 152.39 | | | | | | 124.79 | | | | | | 157.59 | | | | | | 197.02 | | |

| Russell 2000 Index | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 119.96 | | | | | | 137.74 | | | | | | 109.59 | | | | | | 128.14 | | | | | | 142.93 | | |

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

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

Information related to securities authorized for issuance under our equity compensation plans will be included in our Proxy Statement.

See [Part III,](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_85) [Item 12](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_85) for further discussion.

In 2024, we repurchased 515,974 common shares for approximately $50.0 million, at an average price of $96.88 per share.

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

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

| Camden Property Trust | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 124.21 | | | | | $ | 121.37 | | | | | $ | 222.33 | | | | | $ | 143.23 | | | | | $ | 132.29 | |

| FTSE NAREIT Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 126.00 | | | | | | 115.92 | | | | | | 166.04 | | | | | | 125.58 | | | | | | 142.83 | | |

| S&P 500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 131.49 | | | | | | 155.68 | | | | | | 200.37 | | | | | | 164.08 | | | | | | 207.21 | | |

| Russell 2000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 125.53 | | | | | | 150.58 | | | | | | 172.90 | | | | | | 137.56 | | | | | | 160.85 | | |

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

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

Under our repurchase plan, the Company is authorized to repurchase our common equity securities through a variety of methods, including open market purchases, block purchases, and privately negotiated transactions, the timing of which will depend upon certain business and financial market conditions.

There were no repurchases under the approved share repurchase plan during 2021 or through the date our Board of Trust Managers approved the increase in October 2022.

Not applicable.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

N/A.

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

*Evaluation of Disclosure Controls and Procedures.* We carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to [removed: Securities] [added: the] Exchange Act [removed: ("Exchange Act") Rules 13a-15(e) and 15d-15(e).][added: Rules.]

Management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Based on our assessment, management concluded our internal control over financial reporting is effective as of December 31, [removed: 2023.][added: 2024.]

We have audited the internal control over financial reporting of Camden Property Trust and subsidiaries (the "Company") as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2023,] [added: 2024,] of the Company and our report dated February [removed: 22, 2024,] [added: 20, 2025,] expressed an unqualified opinion on those financial statements.

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying [removed: *Management’s] [added: Management’s] Report on Internal Control over Financial [removed: Reporting*.][added: Reporting.]

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

February 20, 2025

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| February 20, 2025 | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

February 22, 2024

| February 22, 2024 | | |

[removed: Information with respect to] [added: The remaining information required by] this Item 10 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, [removed: 2024] [added: 2025] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 10, 2024.][added: 9, 2025.]

The Company has adopted an Insider Trading and Blackout Policy which governs the purchase, sale, and other dispositions of the Company’s securities that applies to all Company personnel, including trust managers, officers, and employees.

The Company also follows procedures for the repurchase of its securities.

The policy is designed to promote compliance with insider trading laws, rules, and regulations, and the New York Stock Exchange listing standards.

A copy of the Company's Insider Trading Blackout Policy is filed as [Exhibit 19.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex191.htm) to this Annual Report on Form 10-K.

Information with respect to this Item 11 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, [removed: 2024] [added: 2025] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 10, 2024.][added: 9, 2025.]

Information with respect to this Item 12 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, [removed: 2024] [added: 2025] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 10, 2024.][added: 9, 2025.]

Information with respect to this Item 13 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, [removed: 2024] [added: 2025] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 10, 2024.][added: 9, 2025.]

Information with respect to this Item 14 is incorporated by reference from our Proxy Statement, which we expect to file on or about March 25, [removed: 2024] [added: 2025] in connection with the Annual Meeting of Shareholders to be held on or about May [removed: 10, 2024.][added: 9, 2025.]

| [Report of Independent Registered Public Accounting [removed: Firm](#if7b646041cad49688087453a337e2225_103)] [added: Firm](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_106)] | | | PCAOB ID No. | | | 34 | | | F-1 | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2023] [added: 2024] and [removed: 2022](#if7b646041cad49688087453a337e2225_106)] [added: 2023](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_109)] | | | | | | | | | F-3 | | |

| [Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021](#if7b646041cad49688087453a337e2225_112)] [added: 2022](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_115)] | | | | | | | | | F-4 | | |

| [Consolidated Statements of Equity for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021](#if7b646041cad49688087453a337e2225_115)] [added: 2022](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_118)] | | | | | | | | | F-6 | | |

| [Consolidated Statements of Cash Flows for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022,] and [removed: 2021](#if7b646041cad49688087453a337e2225_121)] [added: 2022](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_124)] | | | | | | | | | F-8 | | |

| [Notes to Consolidated Financial [removed: Statements](#if7b646041cad49688087453a337e2225_124)] [added: Statements](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_127)] | | | | | | | | | F-10 | | |

| [Schedule III – Real Estate and Accumulated [removed: Depreciation](#if7b646041cad49688087453a337e2225_205)] [added: Depreciation](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_208)] | | | | | | | | | S-1 | | |

| [Schedule IV – Mortgage Loans on Real [removed: Estate](#if7b646041cad49688087453a337e2225_211)] [added: Estate](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_214)] | | | | | | | | | S-8 | | |

| Exhibit No. | | | | | | Description | | | | | | Filed Herewith or Incorporated Herein by [removed: Reference (1)] [added: Reference (1)] | | |

| 3.1 | | | | | | Amended and Restated Declaration of Trust of Camden Property Trust [removed: (2)] [added: *(2)*] | | | | | | Exhibit 3.1 to Form 10-K for the year ended December 31, 1993 - Rule 311-P | | |

| 4.1 | | | | | | Specimen certificate for Common Shares of Beneficial Interest [removed: (2)] [added: *(2)*] | | | | | | Form S-11 filed on September 15, 1993 (Registration No. 33-68736) - Rule 311-P | | |

| [removed: [4.7](http://www.sec.gov/Archives/edgar/data/906345/000119312513458752/d637796dex41.htm)] [added: [4.7](http://www.sec.gov/Archives/edgar/data/906345/000119312518293179/d614979dex45.htm)] | | | | | | Form of Camden Property Trust [removed: 4.250%] [added: 4.100%] Note due [removed: 2024] [added: 2028] | | | | | | Exhibit [removed: 4.1] [added: 4.5] to Form 8-K filed on [removed: December 2, 2013] [added: October 4, 2018] | | |

| [removed: [4.8](http://www.sec.gov/Archives/edgar/data/906345/000090634514000020/exhibit41.htm)] [added: [4.8](http://www.sec.gov/Archives/edgar/data/906345/000119312519174375/d724903dex45.htm)] | | | | | | Form of Camden Property Trust [removed: 3.500%] [added: 3.150%] Note due [removed: 2024] [added: 2029] | | | | | | Exhibit [removed: 4.1] [added: 4.5] to Form 8-K filed on [removed: September 12, 2014] [added: June 17, 2019] | | |

| [removed: [4.9](http://www.sec.gov/Archives/edgar/data/906345/000119312518293179/d614979dex45.htm)] [added: [4.9](http://www.sec.gov/Archives/edgar/data/906345/000119312519263579/d815416dex45.htm)] | | | | | | Form of Camden Property Trust [removed: 4.100%] [added: 3.350%] Note due [removed: 2028] [added: 2049] | | | | | | Exhibit 4.5 to Form 8-K filed on October [removed: 4, 2018] [added: 7, 2019] | | |

| [removed: [4.10](http://www.sec.gov/Archives/edgar/data/906345/000119312519174375/d724903dex45.htm)] [added: [4.10](http://www.sec.gov/Archives/edgar/data/906345/000119312520113116/d890028dex45.htm)] | | | | | | Form of Camden Property Trust [removed: 3.150%] [added: 2.800%] Note due [removed: 2029] [added: 2030] | | | | | | Exhibit 4.5 to Form 8-K filed on [removed: June 17, 2019] [added: April 21, 2020] | | |

| [removed: [4.11](http://www.sec.gov/Archives/edgar/data/906345/000119312519263579/d815416dex45.htm)] [added: [4.11](http://www.sec.gov/Archives/edgar/data/906345/000119312520113116/d890028dex46.htm)] | | | | | | Form of Camden Property Trust [removed: 3.350%] [added: 2.800%] Note due [removed: 2049] [added: 2030] | | | | | | Exhibit [removed: 4.5] [added: 4.6] to Form 8-K filed on [removed: October 7, 2019] [added: April 21, 2020] | | |

| [removed: [4.12](http://www.sec.gov/Archives/edgar/data/906345/000119312520113116/d890028dex45.htm)] [added: [4.12](https://www.sec.gov/Archives/edgar/data/906345/000119312523270256/d573753dex45.htm)] | | | | | | Form of Camden Property Trust [removed: 2.800%] [added: 5.850%] Note due [removed: 2030] [added: 2026] | | | | | | Exhibit 4.5 to Form 8-K filed on [removed: April 21, 2020] [added: November 3, 2023] | | |

| [removed: [4.13](http://www.sec.gov/Archives/edgar/data/906345/000119312520113116/d890028dex46.htm)] [added: [4.13](https://www.sec.gov/Archives/edgar/data/906345/000119312524003078/d95214dex45.htm)] | | | | | | Form of Camden Property Trust [removed: 2.800%] [added: 4.900%] Note due [removed: 2030] [added: 2034] | | | | | | Exhibit [removed: 4.6] [added: 4.5] to Form 8-K filed on [removed: April 21, 2020] [added: January 5, 2024] | | |

| [removed: [4.16](http://www.sec.gov/Archives/edgar/data/906345/000090634520000016/cpt12312019ex414.htm)] [added: [4.14](http://www.sec.gov/Archives/edgar/data/906345/000090634520000016/cpt12312019ex414.htm)] | | | | | | Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 | | | | | | Exhibit 4.14 to Form 10-K/A filed on March 6, 2020 | | |

| 10.1 | | | | | | Form of Indemnification Agreement between Camden Property Trust and certain of its trust managers and executive officers [removed: (2)] [added: *(2)*] | | | | | | Form S-11 filed on July 9, 1993 (Registration No. 33-63588) - Rule 311-P | | |

| [removed: [10.8](http://www.sec.gov/Archives/edgar/data/906345/000136231008007970/c78096exv99w1.htm)] [added: [10.8](https://www.sec.gov/Archives/edgar/data/906345/000136231008007970/c78096exv99w1.htm)] | | | | | | Amendment No. 1 to Second Amended and Restated Camden Property Trust Key Employee Share Option Plan, effective as of January 1, 2008 | | | | | | Exhibit 99.1 to Form 8-K filed on December 8, 2008 | | |

| [removed: [21.1](https://www.sec.gov/Archives/edgar/data/906345/000090634524000007/cpt12312023-ex211.htm)] [added: [21.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex211.htm)] | | | | | | List of Significant Subsidiaries | | | | | | Filed Herewith | | |

| [removed: [23.1](https://www.sec.gov/Archives/edgar/data/906345/000090634524000007/cpt12312023-ex231.htm)] [added: [23.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex231.htm)] | | | | | | Consent of Deloitte & Touche LLP | | | | | | Filed Herewith | | |

| [removed: [24.1](https://www.sec.gov/Archives/edgar/data/906345/000090634524000007/cpt12312023-ex241.htm)] [added: [24.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex241.htm)] | | | | | | Powers of Attorney for Javier E. Benito, Heather J. Brunner, Mark D. Gibson, Scott S. Ingraham, Renu Khator, Frances Aldrich Sevilla-Sacasa, Steven A. Webster, and Kelvin R. Westbrook | | | | | | Filed Herewith | | |

| [removed: [31.1](https://www.sec.gov/Archives/edgar/data/906345/000090634524000007/cpt12312023-ex311.htm)] [added: [31.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex311.htm)] | | | | | | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act | | | | | | Filed Herewith | | |

| [removed: [31.2](https://www.sec.gov/Archives/edgar/data/906345/000090634524000007/cpt12312023-ex312.htm)] [added: [31.2](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex312.htm)] | | | | | | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act | | | | | | Filed Herewith | | |

| [removed: [32.1](https://www.sec.gov/Archives/edgar/data/906345/000090634524000007/cpt12312023-ex321.htm)] [added: [32.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex321.htm)] | | | | | | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | | | | Filed Herewith | | |

| [97.1](https://www.sec.gov/Archives/edgar/data/906345/000090634524000007/cpt12312023-ex971.htm) | | | | | | Policy relating to recovery of erroneously awarded [removed: compensation, as required by applicable listing standards adopted pursuant to 17 CFR 240.10D-1] [added: compensation] | | | | | | [removed: Filed Herewith] [added: Exhibit 97.1 to Form 10-K filed on February 22, 2024] | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Exhibit No. | | | | | | Description | | | | | | Filed Herewith or Incorporated Herein by Reference (1) | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Exhibit No. | | | | | | Description | | | | | | Filed Herewith or Incorporated Herein by Reference (1) | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Exhibit No. | | | | | | Description | | | | | | Filed Herewith or Incorporated Herein by Reference (1) | | |

| [10.43](https://www.sec.gov/ix?doc=/Archives/edgar/data/906345/000090634524000017/cpt-20240331.htm) | | | | | | Employment Letter Agreement dated April 17, 2024 between Camden Property Trust and Alexander J. Jessett | | | | | | Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2024 | | |

| [10.44](https://www.sec.gov/ix?doc=/Archives/edgar/data/906345/000090634524000017/cpt-20240331.htm) | | | | | | Employment Letter Agreement dated April 17, 2024 between Camden Property Trust and D. Keith Oden | | | | | | Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2024 | | |

| [10.4](https://www.sec.gov/ix?doc=/Archives/edgar/data/906345/000090634524000035/cpt-20241001.htm)[5](https://www.sec.gov/ix?doc=/Archives/edgar/data/906345/000090634524000035/cpt-20241001.htm) | | | | | | Separation and Release Agreement, dated as of October 1, 2024, between Camden Property Trust and William W. Sengelmann | | | | | | Exhibit 99.1 to Form 8-K filed on October 1, 2024 | | |

| [19.1](https://www.sec.gov/Archives/edgar/data/906345/000090634525000008/cpt12312024-ex191.htm) | | | | | | Camden Property Trust Insider Trading Blackout Policy, effective as of 10/25/2023 | | | | | | Filed Herewith | | |

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

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

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

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

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

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

| Exhibit No. | | | | | | Description | | | | | | Filed Herewith or Incorporated Herein by Reference (1) | | |

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

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

| [4.14](https://www.sec.gov/Archives/edgar/data/906345/000119312523270256/d573753dex45.htm) | | | | | | Form of Camden Property Trust 5.850% Note due 2026 | | | | | | Exhibit 4.5 to Form 8-K filed on November 3, 2023 | | |

| [4.15](https://www.sec.gov/Archives/edgar/data/906345/000119312524003078/d95214dex45.htm) | | | | | | Form of Camden Property Trust 4.900% Note due 2034 | | | | | | Exhibit 4.5 to Form 8-K filed on January 5, 2024 | | |

*(3)Portions of the exhibit have been omitted pursuant to a request for confidential treatment.*

| February [removed: 22, 2024] [added: 20, 2025] | | | | | | | | | | | | CAMDEN PROPERTY TRUST | | | | | | | | |

| /s/ Richard J. Campo | | | | | | Chairman of the Board of Trust | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

| /s/ D. Keith Oden | | | | | | Executive Vice Chairman of the Board of Trust | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

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

| /s/ Alexander J. Jessett | | | | | | [removed: Executive Vice] President [removed: -] [added: and] Chief Financial Officer | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

| /s/ Michael P. Gallagher | | | | | | Senior Vice President - Chief Accounting | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

| Javier E. Benito | | | | | | Trust Manager | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

| Heather J. Brunner | | | | | | Trust Manager | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

| Mark D. Gibson | | | | | | Trust Manager | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

| Scott S. Ingraham | | | | | | Trust Manager | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

| Renu Khator | | | | | | Trust Manager | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

| Frances Aldrich Sevilla-Sacasa | | | | | | Trust Manager | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

| Steven A. Webster | | | | | | Trust Manager | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

| Kelvin R. Westbrook | | | | | | Trust Manager | | | | | | February [removed: 22, 2024] [added: 20, 2025] | | |

We have audited the accompanying consolidated balance sheets of Camden Property Trust and subsidiaries (the "Company") as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of income and comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 22, 2024,] [added: 20, 2025,] expressed an unqualified opinion on the Company's internal control over financial reporting.

Asset Impairment [removed: -] [added: —] Determination of Impairment Indicators [added: and Impairment] of Properties Under [removed: Development, Including] [added: Development and] Land [removed: -] [added: –] Refer to [removed: Note] [added: Notes] 2 [added: , 7, and 11] to the financial [removed: statements.][added: statements]

The Company’s evaluation of properties under [removed: development, including] [added: development and] land [removed: ("properties under development")] for impairment involves an [added: initial] assessment [added: of each property] to determine whether events or changes in circumstances indicate that the carrying amount of properties under development [added: and land] may not be recoverable.

Possible indicators of impairment [removed: of properties under development] may include [added: events or changes in circumstances affecting] deterioration of market conditions or changes in the Company’s development strategy that may significantly affect key assumptions [removed: used.][added: used including estimates of start date, projected construction costs, and demand for multifamily communities.]

[removed: The Company considers] [added: We consider] projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in [removed: the] [added: our] assessment of whether impairment [removed: indicators] [added: conditions] exist.

The [removed: Company makes assumptions regarding expected] [added: value of our properties under development depends on] market conditions, including estimates of the project start date, projected construction costs, [removed: as well as estimates of] [added: and] demand for multifamily [removed: communities, market rents, economic conditions, and occupancies, to evaluate properties under][added: communities.]

As of December 31, [removed: 2023,] [added: 2024,] the Company’s properties under development [added: and land] had an aggregate carrying value of [removed: $486.9] [added: approximately $401.5] million, and [removed: no] [added: approximately $41.0 million of] impairment loss has been recognized for the year ended December 31, [removed: 2023.][added: 2024.]

Our audit procedures related to the evaluation of properties under development [added: and land] for possible indicators of impairment [added: and the determination of fair value for those assets with impairment indicators] included the following, among others:

- We tested the effectiveness of controls over management’s [removed: process] [added: identification] of [removed: identifying indicators] [added: possible circumstances that may indicate that carrying amount] of [removed: impairment,] [added: properties under development and land may not be recoverable,] including controls over management’s estimates of projected occupancy and market rent, projected construction costs, estimates of demand for multifamily communities, [removed: and] other market and economic [removed: assumptions.][added: assumptions, as well as controls over management’s fair value determination for assets with impairment indicators.]

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

[removed: ◦Analyzed] [added: ◦Analyzing] period over period changes in projected construction costs for each property under development [added: and land] to evaluate any accumulation of costs significantly in excess of the amount originally [removed: expected;][added: expected.]

[removed: ◦Compared management's] [added: ◦Comparing management’s] projected costs, construction completion date, and stabilized net operating income for recently completed properties under development to actual [removed: results;][added: results.]

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

| *(in thousands, except [added: per] share amounts)* | | | [added: 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Land | | | $ | [removed: 1,711,873] [added: 1,722,526] | | | | | $ | [removed: 1,716,273] [added: 1,711,873] | |

| Buildings and improvements | | | [removed: 10,993,390] [added: 11,319,460] | | | | | | [removed: 10,674,619] [added: 10,993,390] | | |

| Accumulated depreciation | | | [removed: (4,332,524)] [added: (4,867,422)] | | | | | | [removed: (3,848,111)] [added: (4,332,524)] | | |

| Net operating real estate assets | | | $ | [removed: 8,372,739] [added: 8,174,564] | | | | | $ | [removed: 8,542,781] [added: 8,372,739] | |

| Properties under [removed: development, including] [added: development and] land | | | [removed: 486,864] [added: 401,542] | | | | | | [removed: 524,981] [added: 486,864] | | |

| Total real estate assets | | | $ | [removed: 8,859,603] [added: 8,576,106] | | | | | $ | [removed: 9,067,762] [added: 8,859,603] | |

| Accounts receivable – affiliates | | | [removed: 11,905] [added: 8,991] | | | | | | [removed: 13,364] [added: 11,905] | | |

| Other assets, net | | | [removed: 244,182] [added: 234,838] | | | | | | [removed: 229,371] [added: 244,182] | | |

| Cash and cash equivalents | | | [added: $ | 21,045 | | | | | $ |] 259,686 | | | | | [added: $] | 10,687 | | [removed: |]

| Restricted cash | | | [added: 11,164 | | | | | |] 8,361 | | | | | | 6,751 | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

When impairment exists, the property under development is adjusted to its fair value utilizing appraisals, comparable sales, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant's perspective.

For those properties under development where indications of impairment have been identified related to land, fair value is determined utilizing comparable sales.

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

The Company makes significant assumptions to evaluate the properties under development and land for possible indications of impairment.

Changes in these assumptions could have a significant impact on the properties under development identified for further analysis.

We identified the determination of impairment indicators and the impairment of properties under development and land as a critical audit matter because of (1) the significant assumptions management makes when determining whether events or changes in circumstances have occurred indicating that the carrying amount of properties under development and land may not be recoverable and (2) the significant estimates and assumptions management makes to determine fair value for those assets with impairment indicators.

This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate (1) whether management appropriately identified impairment indicators and (2) the reasonableness of management’s fair value determination.

- We evaluated the Company’s assessment of impairment indicators by:

◦Developing an independent expectation of impairment indicators and comparing such expectation to those included in the impairment analysis.

- We evaluated the Company’s determination of fair value by performing the following:

◦With the assistance of our fair value specialists, we evaluated the reasonableness of the (1) valuation methodology; (2) significant assumptions made; and (3) mathematical accuracy of the calculation by developing a range of independent estimates and comparing our estimates to those used by management.

February 20, 2025

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| | | | $ | 13,041,986 | | | | | $ | 12,705,263 | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Impairment associated with land development activities | | | (40,988) | | | | | | — | | | | | | — | | |

| Net income allocated to non-controlling interests | | | (7,547) | | | | | | (7,244) | | | | | | (7,895) | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

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

| Equity, December 31, 2023 | | | $ | 1,156 | | | | | $ | 5,914,868 | | | | | $ | (613,651) | | | | | $ | (320,364) | | | | | $ | (1,252) | | | | | $ | 71,014 | | | | | $ | 5,051,771 | | | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Net income | | | | | | | | | | | | | | | 163,293 | | | | | | | | | | | | | | | | | | 7,547 | | | | | | 170,840 | | |

| Net share awards | | | | | | | | | 14,361 | | | | | | | | | | | | 9,782 | | | | | | | | | | | | | | | | | | 24,143 | | |

| Common shares repurchased | | | | | | | | | | | | | | | | | | | | | (49,997) | | | | | | | | | | | | | | | | | | (49,997) | | |

| Cash distributions declared to equity holders ($4.12 per share) | | | | | | | | | | | | | | | (447,573) | | | | | | | | | | | | | | | | | | (6,570) | | | | | | (454,143) | | |

| Other | | | 2 | | | | | | (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |

| Equity, December 31, 2024 | | | $ | 1,158 | | | | | $ | 5,930,729 | | | | | $ | (897,931) | | | | | $ | (359,732) | | | | | $ | 974 | | | | | $ | 71,991 | | | | | $ | 4,747,189 | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| Net income | | | $ | 170,840 | | | | | $ | 410,553 | | | | | $ | 661,508 | |

| Depreciation and amortization | | | 582,014 | | | | | | 574,813 | | | | | | 577,020 | | |

| Impairment associated with land development activities | | | 40,988 | | | | | | — | | | | | | — | | |

| Repurchase of common shares | | | (49,997) | | | | | | — | | | | | | — | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

| *(in thousands)* | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of Contents](#i4252c8f2df7b4312a1a4fbdd8eb0fbfe_7)

[Table of C](#if7b646041cad49688087453a337e2225_7)[ontents](#if7b646041cad49688087453a337e2225_7)

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

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

development for possible indicators of impairment.

Given the Company’s evaluation of properties under development for impairment indicators requires management to make significant 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.

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

February 22, 2024

| | | | $ | 12,705,263 | | | | | $ | 12,390,892 | |

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

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

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

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

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

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

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

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

| Equity, December 31, 2022 | | | $ | 1,156 | | | | | $ | 5,897,454 | | | | | $ | (581,532) | | | | | $ | (328,684) | | | | | $ | (1,774) | | | | | $ | 70,301 | | | | | $ | 5,056,921 | |

| Conversion/ redemption of operating partnership units (3 shares) | | | | | | | | | 72 | | | | | | | | | | | | | | | | | | | | | | | | (200) | | | | | | (128) | | |

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.

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.

| 2024 | | | $ | 865.9 | |

| 2025 | | | 40.4 | | |

| 2026 | | | 3.8 | | |

| Thereafter | | | 6.3 | | |

| Total | | | $ | 922.7 | |

*Reportable Segments*.

We operate in a single reportable segment which includes the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities.

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.

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, 2023, 2022, and 2021.

Substantially all restricted cash is invested in demand and short-term instruments.

ASU 2023-07 is intended to enhance disclosures regarding a public entity's reportable segments by requiring public entities, who have a single reportable segment or multiple reportable segments, to disclose significant segment expenses which are regularly provided to the chief operating decision maker ("CODM"), the title or position of the CODM, and how the CODM utilizes segment information to assess performance and allocate resources.

ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods for fiscal years beginning after December 15, 2024, and early adoption is permitted.

This standard must be applied using the retrospective transition method upon adoption.

We expect to adopt ASU 2023-07 in our 2024 Form 10-K and in the interim periods thereafter.

The adoption of ASU 2023-07 will require additional disclosures, but we do not believe the adoption will materially impact our consolidated financial statements.

In August 2021, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering price of up to $500.0 million (the "2021 ATM program").

In May 2022, we terminated the 2021 ATM program with an aggregate offering amount of approximately $71.3 million remaining available for sale and, upon termination, no further common shares were available for sale.

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.

We had income tax expense of approximately $3.7 million, $3.0 million, and $1.9 million for the tax years ended December 31, 2023, 2022, and 2021, respectively, which was comprised mainly of state income and franchise taxes related to our taxable REIT subsidiaries.