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Operating Partnerships | 12 Months Ended
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Dec. 31, 2011
Operating Partnerships [Abstract] |
Operating Partnerships | 5. Operating Partnerships At December 31, 2011, approximately 10% of our multifamily apartment homes were held in Camden Operating, L.P ("Camden Operating" or the "operating partnership"). Camden Operating has issued both common and preferred limited partnership units. As of December 31, 2011, we held 89.8% of the common limited partnership units and the sole 1% general partnership interest of the operating partnership. The remaining common limited partnership units, comprising approximately 1.1 million units, are primarily held by former officers, directors, and investors of Paragon Group, Inc., which we acquired in 1997. Each common limited partnership unit is redeemable for one common share of Camden or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Operating common limited partnership units, and one of our ten trust managers own Camden Operating common limited partnership units. Camden Operating has $100.0 million of 7.0% Series B Cumulative Redeemable Perpetual Preferred Units outstanding. Distributions on the preferred units are payable quarterly in arrears. The Series B preferred units were redeemable beginning in December 2008 by the operating partnership for cash at par plus the amount of any accumulated and unpaid distributions. There were no redemptions as of December 31, 2011. The preferred units are convertible beginning in 2015 by the holder into a fixed number of corresponding Series B Cumulative Redeemable Perpetual Preferred Shares of Camden. The Series B preferred units are subordinate to present and future debt. In February 2012, we redeemed the 4.0 million outstanding 7.0% Series B Cumulative Redeemable Perpetual Preferred Units at their redemption price of $25.00 per unit, or an aggregate of $100.0 million, plus accrued and unpaid distributions. In connection with this redemption, we expensed the unamortized issuance costs relating to these Series B units, which will result in a charge to earnings of approximately $2.1 million in the first quarter of 2012. We hold the controlling managing member interest in Oasis Martinique, LLC, which owns one property in Orange County, California and is included in our consolidated financial statements. The remaining interests, comprising approximately 0.3 million units, are exchangeable into approximately 0.2 million of our common shares. In January 2012, approximately 0.2 million units were converted into approximately 0.1 million common shares. At December 31, 2011, approximately 23% of our multifamily apartment homes were held in Camden Summit Partnership, L.P. (the "Camden Summit Partnership"). The Camden Summit Partnership has issued common limited partnership units. As of December 31, 2011, we held 94.1% of the common limited partnership units and the sole 1% general partnership interest of the Camden Summit Partnership. The remaining common limited partnership units, comprising approximately 1.1 million units, are primarily held by former officers, directors, and investors of Summit Properties Inc. ("Summit"), a company we acquired in 2005. Each common limited partnership unit is redeemable for one common share of Camden or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Summit Partnership common limited partnership units, and two of our ten trust managers own Camden Summit Partnership common limited partnership units.

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- Definition Discussion of operating partnerships and related redeemable perpetual preferred units. + References No definition available. + Details
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