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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________
Commission file number: 1-12110

CAMDEN PROPERTY TRUST
(Exact Name of Registrant as Specified in Its Charter)

TX |  | 76-6088377
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
11 Greenway Plaza, Suite 2400 | Houston, | Texas |  | 77046
(Address of principal executive offices) |  | (Zip Code)

(713) 354-2500
(Registrant's Telephone Number, Including Area Code)

N/A
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol | Name of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par value | CPT | NYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit). Yes ý No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer", "accelerated filer", and "small reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer |  | ý | Accelerated filer |  | ☐
Non-accelerated filer |  | ¨ | Smaller Reporting Company |  | ☐
|  |  | Emerging Growth Company |  | ☐

If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý
On April 25, 2025, 106,837,968 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.

Table of Contents
CAMDEN PROPERTY TRUST
Table of Contents

|  |  | Page
PART I |  | FINANCIAL INFORMATION | 1
Item 1 |  | Financial Statements | 1
|  | Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2025 and December 31, 2024 | 1
|  | Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2025 and 2024 | 2
|  | Condensed Consolidated Statements of Equity (Unaudited) for the Three Months Ended March 31, 2025 and 2024 | 3
|  | Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2025 and 2024 | 5
|  | Notes to Condensed Consolidated Financial Statements (Unaudited) | 6
Item 2 |  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 19
Item 3 |  | Quantitative and Qualitative Disclosures About Market Risk | 31
Item 4 |  | Controls and Procedures | 31
PART II |  | OTHER INFORMATION | 31
Item 1 |  | Legal Proceedings | 31
Item 1A |  | Risk Factors | 31
Item 2 |  | Unregistered Sales of Equity Securities and Use of Proceeds | 31
Item 3 |  | Defaults Upon Senior Securities | 31
Item 4 |  | Mine Safety Disclosures | 31
Item 5 |  | Other Information | 31
Item 6 |  | Exhibits | 32
SIGNATURES

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(in thousands, except share amounts) | March 31, 2025 |  | December 31, 2024
Assets |  |  |
Real estate assets, at cost |  |  |
Land | $ | 1,763,468 |  |  | $ | 1,722,526 |
Buildings and improvements | 11,550,852 |  |  | 11,319,460 |
| $ | 13,314,320 |  |  | $ | 13,041,986 |
Accumulated depreciation | (5,011,583) |  |  | (4,867,422) |
Net operating real estate assets | $ | 8,302,737 |  |  | $ | 8,174,564 |
Properties under development and land | 403,657 |  |  | 401,542 |
Total real estate assets | $ | 8,706,394 |  |  | $ | 8,576,106 |
Accounts receivable – affiliates | 8,950 |  |  | 8,991 |
Other assets, net | 239,999 |  |  | 234,838 |
Cash and cash equivalents | 26,182 |  |  | 21,045 |
Restricted cash | 11,607 |  |  | 11,164 |
Total assets | $ | 8,993,132 |  |  | $ | 8,852,144 |
Liabilities and equity |  |  |
Liabilities |  |  |
Notes Payable |  |  |
Unsecured | $ | 3,405,255 |  |  | $ | 3,155,233 |
Secured | 330,416 |  |  | 330,358 |
Accounts payable and accrued expenses | 195,197 |  |  | 215,179 |
Accrued real estate taxes | 46,192 |  |  | 78,529 |
Distributions payable | 115,983 |  |  | 113,549 |
Other liabilities | 212,871 |  |  | 212,107 |
Total liabilities | $ | 4,305,914 |  |  | $ | 4,104,955 |
Commitments and contingencies (Note 10) |  |  |
Equity |  |  |
Common shares of beneficial interest; $0.01 par value per share; 175,000,000 shares authorized; 117,737,743 and 117,737,740 issued; 115,696,625 and 115,779,233 outstanding at March 31, 2025 and December 31, 2024, respectively | 1,157 |  |  | 1,158 |
Additional paid-in capital | 5,936,982 |  |  | 5,930,729 |
Distributions in excess of net income attributable to common shareholders | (973,416) |  |  | (897,931) |
Treasury shares, at cost (8,872,484 and 9,091,081 common shares at March 31, 2025 and December 31, 2024, respectively) | (351,092) |  |  | (359,732) |
Accumulated other comprehensive income | 1,325 |  |  | 974 |
Total common equity | $ | 4,614,956 |  |  | $ | 4,675,198 |
Non-controlling interests | 72,262 |  |  | 71,991 |
Total equity | $ | 4,687,218 |  |  | $ | 4,747,189 |
Total liabilities and equity | $ | 8,993,132 |  |  | $ | 8,852,144 |

See Notes to Condensed Consolidated Financial Statements (Unaudited).
1

Table of Contents
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)

| Three Months Ended March 31, |  |
(in thousands, except per share amounts) | 2025 |  | 2024 |  |  |  |
Property revenues | $ | 390,565 |  |  | $ | 383,141 |  |  |  |  |
Property expenses |  |  |  |  |  |  |
Property operating and maintenance | $ | 89,698 |  |  | $ | 89,044 |  |  |  |  |
Real estate taxes | 49,722 |  |  | 49,501 |  |  |  |  |
Total property expenses | $ | 139,420 |  |  | $ | 138,545 |  |  |  |  |
Non-property income |  |  |  |  |  |  |
Fee and asset management | $ | 2,487 |  |  | $ | 1,284 |  |  |  |  |
Interest and other income | 10 |  |  | 1,768 |  |  |  |  |
Income on deferred compensation plans | 1,198 |  |  | 5,819 |  |  |  |  |
Total non-property income | $ | 3,695 |  |  | $ | 8,871 |  |  |  |  |
Other expenses |  |  |  |  |  |  |
Property management | $ | 9,895 |  |  | $ | 9,394 |  |  |  |  |
Fee and asset management | 671 |  |  | 443 |  |  |  |  |
General and administrative | 18,708 |  |  | 16,693 |  |  |  |  |
Interest | 33,790 |  |  | 32,537 |  |  |  |  |
Depreciation and amortization | 149,252 |  |  | 144,802 |  |  |  |  |
Expense on deferred compensation plans | 1,198 |  |  | 5,819 |  |  |  |  |
Total other expenses | $ | 213,514 |  |  | $ | 209,688 |  |  |  |  |
Loss on early retirement of debt | — |  |  | (921) |  |  |  |  |
Gain on sale of operating property | — |  |  | 43,806 |  |  |  |  |
Income from continuing operations before income taxes | $ | 41,326 |  |  | $ | 86,664 |  |  |  |  |
Income tax expense | (559) |  |  | (905) |  |  |  |  |
Net income | $ | 40,767 |  |  | $ | 85,759 |  |  |  |  |
Net income allocated to non-controlling interests | (1,945) |  |  | (1,870) |  |  |  |  |
Net income attributable to common shareholders | $ | 38,822 |  |  | $ | 83,889 |  |  |  |  |

Earnings per share – basic | $ | 0.36 |  |  | $ | 0.77 |  |  |  |  |
Earnings per share – diluted | $ | 0.36 |  |  | $ | 0.77 |  |  |  |  |
Weighted average number of common shares outstanding – basic | 108,530 |  |  | 108,706 |  |  |  |  |
Weighted average number of common shares outstanding – diluted | 108,597 |  |  | 108,729 |  |  |  |  |
Condensed Consolidated Statements of Comprehensive Income |  |  |  |  |  |  |
Net income | $ | 40,767 |  |  | $ | 85,759 |  |  |  |  |
Other comprehensive income |  |  |  |  |  |  |
Unrealized gain on cash flow hedging activities | — |  |  | 85 |  |  |  |  |
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 351 |  |  | 1,089 |  |  |  |  |
Comprehensive income | $ | 41,118 |  |  | $ | 86,933 |  |  |  |  |
Net income allocated to non-controlling interests | (1,945) |  |  | (1,870) |  |  |  |  |
Comprehensive income attributable to common shareholders | $ | 39,173 |  |  | $ | 85,063 |  |  |  |  |

See Notes to Condensed Consolidated Financial Statements (Unaudited).
2

Table of Contents
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
For the three months ended March 31, 2025

| Common Shareholders |  |  |  |
(in thousands, except share data) | Common shares of beneficial interest |  | Additional paid-in capital |  | Distributions in excess of net income attributable to common shareholders |  | Treasury shares, at cost |  | Accumulated other comprehensive income |  | Non-controlling interests |  | Total equity
Equity, December 31, 2024 | $ | 1,158 |  |  | $ | 5,930,729 |  |  | $ | (897,931) |  |  | $ | (359,732) |  |  | $ | 974 |  |  | $ | 71,991 |  |  | $ | 4,747,189 |
Net income |  |  |  |  | 38,822 |  |  |  |  |  |  | 1,945 |  |  | 40,767 |
Other comprehensive income |  |  |  |  |  |  |  |  | 351 |  |  |  |  | 351 |
Net share awards |  |  | 6,150 |  |  |  |  | 8,640 |  |  |  |  |  |  | 14,790 |
Employee share purchase plan |  |  | 102 |  |  |  |  |  |  |  |  |  |  | 102 |
Cash distributions declared to equity holders ($1.05 per common share) |  |  |  |  | (114,307) |  |  |  |  |  |  | (1,674) |  |  | (115,981) |
Other | (1) |  |  | 1 |  |  |  |  |  |  |  |  |  |  | — |
Equity, March 31, 2025 | $ | 1,157 |  |  | $ | 5,936,982 |  |  | $ | (973,416) |  |  | $ | (351,092) |  |  | $ | 1,325 |  |  | $ | 72,262 |  |  | $ | 4,687,218 |

See Notes to Condensed Consolidated Financial Statements (Unaudited).
3

Table of Contents
CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(Unaudited)
For the three months ended March 31, 2024

| Common Shareholders |  |  |  |
(in thousands, except share data) | Common shares of beneficial interest |  | Additional paid-in capital |  | Distributions in excess of net income attributable to common shareholders |  | Treasury shares, at cost |  | Accumulated other comprehensive (loss)/income |  | Non-controlling interests |  | Total equity
Equity, December 31, 2023 | $ | 1,156 |  |  | $ | 5,914,868 |  |  | $ | (613,651) |  |  | $ | (320,364) |  |  | $ | (1,252) |  |  | $ | 71,014 |  |  | $ | 5,051,771 |
Net income |  |  |  |  | 83,889 |  |  |  |  |  |  | 1,870 |  |  | 85,759 |
Other comprehensive income |  |  |  |  |  |  |  |  | 1,174 |  |  |  |  | 1,174 |
Net share awards |  |  | 4,875 |  |  |  |  | 9,166 |  |  |  |  |  |  | 14,041 |
Employee share purchase plan |  |  | 109 |  |  |  |  |  |  |  |  |  |  |  | 109 |
Common shares repurchased |  |  |  |  |  |  | (45,682) |  |  |  |  |  |  | (45,682) |
Cash distributions declared to equity holders ($1.03 per common share) |  |  |  |  | (111,901) |  |  |  |  |  |  | (1,643) |  |  | (113,544) |
Other | 1 |  |  | (1) |  |  |  |  |  |  |  |  |  |  | — |
Equity, March 31, 2024 | $ | 1,157 |  |  | $ | 5,919,851 |  |  | $ | (641,663) |  |  | $ | (356,880) |  |  | $ | (78) |  |  | $ | 71,241 |  |  | $ | 4,993,628 |

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CAMDEN PROPERTY TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

| Three Months Ended March 31,
(in thousands) | 2025 |  | 2024
Cash flows from operating activities |  |  |
Net income | $ | 40,767 |  |  | $ | 85,759 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |
Depreciation and amortization | 149,252 |  |  | 144,802 |
Loss on early retirement of debt | — |  |  | 921 |
Gain on sale of operating property | — |  |  | (43,806) |
Share-based compensation | 4,058 |  |  | 3,360 |
Net change in operating accounts and other | (45,861) |  |  | (55,146) |
Net cash from operating activities | $ | 148,216 |  |  | $ | 135,890 |
Cash flows from investing activities |  |  |
Development and capital improvements, including land | $ | (78,397) |  |  | $ | (106,094) |
Acquisition of operating properties | (196,355) |  |  | — |
Net proceeds from sale of operating property | — |  |  | 114,474 |
Other | (1,193) |  |  | (1,490) |
Net cash from investing activities | $ | (275,945) |  |  | $ | 6,890 |
Cash flows from financing activities |  |  |
Borrowings on unsecured revolving credit facility | $ | 546,000 |  |  | $ | 120,000 |
Repayments on unsecured revolving credit facility | (724,000) |  |  | (120,000) |
Proceeds from commercial paper program, net | 425,780 |  |  | — |
Proceeds from notes payable | — |  |  | 395,952 |
Repayment of notes payable | — |  |  | (550,000) |
Distributions to common shareholders and non-controlling interests | (113,537) |  |  | (110,427) |
Repurchase of common shares and units | — |  |  | (45,682) |
Other | (934) |  |  | 253 |
Net cash from financing activities | $ | 133,309 |  |  | $ | (309,904) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 5,580 |  |  | (167,124) |
Cash, cash equivalents, and restricted cash, beginning of period | 32,209 |  |  | 268,047 |
Cash, cash equivalents, and restricted cash, end of period | $ | 37,789 |  |  | $ | 100,923 |
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets |  |  |
Cash and cash equivalents | $ | 26,182 |  |  | $ | 92,693 |
Restricted cash | 11,607 |  |  | 8,230 |
Total cash, cash equivalents, and restricted cash, end of period | $ | 37,789 |  |  | $ | 100,923 |
Supplemental information |  |  |
Cash paid for interest, net of interest capitalized | $ | 25,415 |  |  | $ | 21,240 |
Net (refunds) received/cash paid for income taxes | (375) |  |  | 228 |
Supplemental schedule of noncash investing and financing activities |  |  |
Distributions declared but not paid | 115,983 |  |  | 113,556 |
Value of shares issued under benefit plans, net of cancellations | 25,997 |  |  | 23,499 |
Accrual associated with construction and capital expenditures | 24,310 |  |  | 29,144 |

See Notes to Condensed Consolidated Financial Statements (Unaudited).
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CAMDEN PROPERTY TRUST
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. Description of Business
Business. Formed on May 25, 1993, Camden Property Trust ("CPT"), a Texas real estate investment trust ("REIT"), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of March 31, 2025, we owned interests in, operated, or were developing 180 multifamily properties comprised of 61,178 apartment homes across the United States. Of the 180 properties, four properties were under construction as of March 31, 2025, and will consist of a total of 1,531 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.
2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Principles of Consolidation. Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, decision making authority, kick-out rights, and participating rights. As of March 31, 2025, two of our consolidated operating partnerships were VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships. As of March 31, 2025, we held approximately 93% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships.
Interim Financial Reporting. We have prepared these unaudited financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim unaudited financial statements should be read in conjunction with the audited financial statements and notes included in our 2024 Annual Report on Form 10-K.
Acquisitions of Real Estate. Upon an acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as if-vacant), furniture and fixtures, the value of in-place leases, including above and below-market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below-market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition; the net carrying value of in-place leases are included in other assets, net and the net carrying value of above or below-market leases are included in other liabilities, net in our condensed consolidated balance sheets.
During the three months ended March 31, 2025, we recognized amortization expense related to in-place leases of approximately $1.9 million. Net above and below-market leases were not material during the three months ended March 31, 2025. We did not have in-place leases or above or below-market leases during the three months ended March 31, 2024.
During the three months ended March 31, 2025, the weighted average amortization period for in-place leases was approximately fourteen months.
Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, comparable sales, management estimates, and discounted cash flow calculations which
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utilize inputs from a marketplace participant's perspective. We did not record any impairment charges for the three months ended March 31, 2025 or 2024.
The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, and demand for multifamily communities. We have reviewed market trends and other marketplace information and incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.
We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect on our condensed consolidated financial position and results of operations.
Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt and was approximately $3.6 million and $5.0 million for the three months ended March 31, 2025 and 2024, respectively. Capitalized real estate taxes were approximately $0.6 million and $1.4 million for the three months ended March 31, 2025 and 2024, respectively.
Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and certain activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are substantially completed, the total capitalized development cost of each apartment home is transferred from properties under development and land to buildings and improvements.
Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:

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

Derivative Financial Instruments. Derivative financial instruments are recorded in the condensed consolidated balance sheets at fair value and presented on a gross basis for financial reporting purposes even when those instruments are subject to master netting arrangements and may otherwise qualify for net presentation. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Cash flows from derivatives and the related gains and losses are classified as cash flows from operating activities on the condensed consolidated statements of cash flows.
Cash Flow Hedges. For derivative instruments which are designated and qualify as a cash flow hedge, the derivative's gain or loss is reported as a component to other comprehensive income ("OCI") and recorded in accumulated other comprehensive income ("AOCI") on our condensed consolidated balance sheets. The gain or loss is subsequently reclassified into net earnings when the hedged exposure affects net earnings, in the same line item as the underlying hedged item on our condensed consolidated statements of income and comprehensive income.
Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge. Cash flows from hedging transactions are classified in the same categories as the cash flows from the respective hedged items.
Fair Value Hedges. For derivative instruments which are designated and qualify as a fair value hedge, the changes in fair value of the derivative instrument and the offsetting changes in fair value of the underlying hedged item due to changes in the hedged risk are recorded to interest expense on our condensed consolidated statements of income and comprehensive income.
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Counterparty Credit Risk. Fair values of our derivatives can change significantly from period to period based on, among other factors, market movements and changes in our positions. We manage counterparty credit risk (the risk counterparties will default and not make payments to us according to the terms of our agreements) on an individual counterparty basis.
Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.
In determining fair value, observable inputs reflect market data obtained from independent sources while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:
•Level 1: Quoted prices for identical instruments in active markets.
•Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
•Level 3: Significant inputs to the valuation model are unobservable.
Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis:
Derivative Financial Instruments. The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market-standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including our own nonperformance risk and the respective counterparty’s nonperformance risk.
Although we have determined the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments, excluding the value of Company shares, are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy.
Non-Recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value when they are acquired, or if the long-lived assets are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy.
Financial Instrument Fair Value Disclosures. As of March 31, 2025 and December 31, 2024, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and distributions payable represented fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. In calculating the fair value of our notes payable, interest rate, and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.
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Income Recognition. The majority of our revenues are derived from real estate lease contracts and presented as property revenues, and include rental revenue as well as revenue under contractual terms for other services provided to our customers. As a lessor, we have also elected practical expedients to: i) not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and ii) exclude from lease revenues certain lessor costs paid directly by the lessee. Our other revenue streams include fee and asset management income in accordance with other revenue guidance, ASC 606, Revenues from Contracts with Customers. Details of our material revenue streams are discussed below:
Property Revenues. We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets, which is our only underlying asset class. We recognize rental revenues from these lease contracts on a straight-line basis over the applicable lease term, net of amounts related to lease contracts identified as uncollectible. We also earn revenues under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new and separate contract which will be recognized at the time the option is exercised on a straight-line basis over the renewal period.
As of March 31, 2025, our average residential lease term was approximately fourteen months with all non-residential commercial leases averaging longer lease terms. We currently anticipate property revenue from existing leases as follows:

(in millions) |
Year ending December 31, | Operating Leases
Remainder of 2025 | $ | 733.2 |
2026 | 134.7 |
2027 | 3.3 |
2028 | 3.0 |
2029 | 2.6 |
Thereafter | 3.7 |
Total | $ | 880.5 |

Credit Risk. We believe there is no significant concentration of credit risk due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms in our leases.
Investments. We hold equity interests in certain technology funds which are not accounted for using the equity method because we have no influence over these entities and their fair values are not readily determinable. These investments are recorded using the measurement alternative in which our equity interests are recorded at cost, adjusted for impairments and observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting period, we reassess whether these investments continue to qualify for this measurement alternative. We had investments recorded at cost of approximately $17.2 million and $16.6 million as of March 31, 2025 and December 31, 2024, respectively. These investments are included in other assets, net in our condensed consolidated balance sheets and we did not record any impairments during the three months ended March 31, 2025 or 2024 relating to these investments.
Recent Accounting Pronouncements: In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures to enhance the transparency regarding income tax information through the use of a rate reconciliation table and disclosure of net taxes paid, detailed by federal, state, and foreign taxes and, if applicable, further detailed by specific jurisdictions if the amount exceeds a qualitative threshold. ASU 2023-09 is effective for us for the year ended December 31, 2025, and we expect the additional disclosures to have no impact on our consolidated financial statements or disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires public entities to provide additional disclosures in the notes to the financial statements of certain expense categories which are included in expense line items presented on the face of the income statement. Specifically, an entity should provide disclosures in a tabular format for each line item on the income statement which contains any of the following expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and/or depreciation, depletion, and amortization. ASU 2024-03 also requires an entity to disclose total selling expenses. ASU 2024-03 may be adopted on a prospective or retrospective basis. We expect to adopt ASU 2024-03 for the year ended December 31, 2027, and are in the process of analyzing the impact of the ASU on our related disclosures.
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3. Per Share Data
Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards as well as units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sale agreement, if any, will be considered in our calculation for diluted earnings-per-share until settlement using the if-converted method.
The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.8 million for each of the three months ended March 31, 2025 and 2024. These securities, which include share awards granted and units convertible into common shares, are anti-dilutive and were therefore excluded from the diluted earnings per share calculations. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:

|  | Three Months Ended March 31, |  |
(in thousands, except per share amounts) |  | 2025 |  | 2024 |  |  |  |
Earnings per common share calculation – basic |  |  |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 38,822 |  |  | $ | 83,889 |  |  |  |  |
Amount allocated to participating securities |  | (91) |  |  | (159) |  |  |  |  |
Net income attributable to common shareholders – basic |  | $ | 38,731 |  |  | $ | 83,730 |  |  |  |  |
Total earnings per common share – basic |  | $ | 0.36 |  |  | $ | 0.77 |  |  |  |  |
Weighted average number of common shares outstanding – basic |  | 108,530 |  |  | 108,706 |  |  |  |  |
Earnings per common share calculation – diluted |  |  |  |  |  |  |  |
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities |  | $ | 38,731 |  |  | $ | 83,730 |  |  |  |  |
Income allocated to common units from continuing operations |  | — |  |  | — |  |  |  |  |
Net income attributable to common shareholders – diluted |  | $ | 38,731 |  |  | $ | 83,730 |  |  |  |  |
Total earnings per common share – diluted |  | $ | 0.36 |  |  | $ | 0.77 |  |  |  |  |
Weighted average number of common shares outstanding – basic |  | 108,530 |  |  | 108,706 |  |  |  |  |
Incremental shares issuable from assumed conversion of share awards granted |  | 67 |  |  | 23 |  |  |  |  |
Weighted average number of common shares outstanding – diluted |  | 108,597 |  |  | 108,729 |  |  |  |  |

4. Common Shares
In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions.
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The 2023 ATM program also permits the use of forward sale agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of the applicable shares until a later date. If we enter into a forward sale agreement, we expect the applicable forward purchasers will borrow from third parties and, through the applicable sales agent acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the applicable agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller. We expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). As of the date of this filing, we have not sold any shares or entered into any forward sales agreement under the 2023 ATM program and have common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under the 2023 ATM program.
We have a share repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. As of March 31, 2025, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was $450.0 million. There were no repurchases during the three months ended March 31, 2025 and through the date of this filing.
We currently have an automatic shelf registration statement which allows us to offer common shares, preferred shares, debt securities, or warrants, and our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At March 31, 2025, we had approximately 106.8 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
5. Acquisitions and Dispositions
Acquisition of Operating Properties. During the three months ended March 31, 2025, we purchased one operating property comprised of 352 homes located in the Austin, Texas metropolitan area for approximately $67.7 million and one operating property comprised of 435 homes located in Nashville, Tennessee for approximately $131.3 million. We did not acquire any operating properties during the three months ended March 31, 2024.
Sale of Operating Property. We did not sell any operating properties during the three months ended March 31, 2025. During the three months ended March 31, 2024, we sold one operating property comprised of 592 apartment homes located in Atlanta, Georgia for approximately $115.0 million and recognized a gain of approximately $43.8 million.
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6. Notes Payable
The following is a summary of our indebtedness:

(in millions) |  | March 31, 2025 |  | December 31, 2024
Commercial banks |  |  |  |
5.52% Term Loan, due 2026 |  | $ | 39.9 |  |  | $ | 39.9 |
5.14% Unsecured revolving credit facility |  | — |  |  | 178.0 |
4.67% Commercial Paper Program |  | $ | 425.8 |  |  | $ | — |
|  | $ | 465.7 |  |  | $ | 217.9 |
Senior unsecured notes |  |  |  |
5.65% Notes, due 2026 (1) |  | $ | 505.0 |  |  | $ | 503.3 |
3.74% Notes, due 2028 |  | 399.2 |  |  | 399.1 |
3.67% Notes, due 2029 (2) |  | 596.9 |  |  | 596.8 |
2.91% Notes, due 2030 |  | 746.2 |  |  | 746.0 |
5.06% Notes, due 2034 |  | 395.3 |  |  | 395.2 |
3.41% Notes, due 2049 |  | 297.0 |  |  | 296.9 |
|  | $ | 2,939.6 |  |  | $ | 2,937.3 |
Total unsecured notes payable |  | $ | 3,405.3 |  |  | $ | 3,155.2 |
Secured notes |  |  |  |
Master Credit Facilities |  |  |  |
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 |  | $ | 291.4 |  |  | $ | 291.4 |
3.87% note, due 2028 |  | 39.0 |  |  | 39.0 |
Total secured notes payable |  | $ | 330.4 |  |  | $ | 330.4 |
Total notes payable (3) |  | $ | 3,735.7 |  |  | $ | 3,485.6 |

(1) Balances are increased by $6.7 million and $5.3 million for fair value adjustments due to changes in benchmark interest rates related to these notes as of March 31, 2025 and December 31, 2024, respectively. See Note 7. "Derivative Financial Instruments and Hedging Activities," for further discussion.
(2) The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.
(3) Balances are decreased by unamortized debt discounts, debt issuance costs, and fair market value adjustments, net of $11.0 million and $13.3 million as of March 31, 2025 and December 31, 2024, respectively.
We have a $1.2 billion unsecured revolving credit facility which matures in August 2026, with two options to extend the facility at our election for two consecutive six-month periods and to expand the facility up to three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rate on our unsecured revolving credit facility is based upon, at our option, (a) the daily or the one-, three-, or six-month Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%. Advances under our unsecured revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of March 31, 2025 and through the date of this filing.
Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our unsecured revolving credit facility, it does reduce the amount available. At March 31, 2025, we had outstanding letters of credit issued through our unsecured revolving credit facility totaling approximately $27.5 million and approximately $1.2 billion available under our unsecured revolving credit facility.
In February 2025, we established a commercial paper program under which we may issue short-term, unsecured commercial paper notes (the "Notes") under the exemption from registration contained in Section (4)(a) of the Securities Act of 1933, as amended. Amounts available under the commercial paper program may be borrowed, repaid, and reborrowed from
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time to time, with the aggregate face or principal amount of the Notes outstanding under the commercial paper program at any time not to exceed $600 million. The Notes will have maturities of up to 397 days from the date of issue. The Notes will rank at least equally with all of the Company's other unsecured and unsubordinated indebtedness. The net proceeds of the issuances of the Notes are expected to be used for general corporate purposes, which may include property acquisitions and development in the ordinary course of business, capital expenditures, and working capital. We plan to use the unsecured revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. At March 31, 2025, we had an aggregate of $425.8 million principal amount of Notes outstanding under the commercial paper program which bore interest at 4.67%, and all Notes have individual maturities of less than one month.
We had outstanding floating rate debt of approximately $970.7 million and $721.2 million at March 31, 2025 and December 31, 2024, respectively, which includes senior unsecured notes payable due in 2026 which have been converted to floating rate debt through the issuance of an interest rate swap. The weighted average interest rate on our outstanding floating rate debt was approximately 5.2% and 5.6% as of March 31, 2025 and December 31, 2024. respectively.
Our indebtedness had a weighted average maturity of approximately 5.4 years at March 31, 2025. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at March 31, 2025:

(in millions) (1) |  | Amount (2) |  | Weighted Average Interest Rate (3)
Remainder of 2025 |  | $ | 423.1 |  |  | 4.7 | %
2026 |  | 567.3 |  |  | 5.6 |
2027 |  | 172.5 |  |  | 3.9 |
2028 |  | 529.9 |  |  | 3.8 |
2029 |  | 598.2 |  |  | 3.8 |
Thereafter |  | 1,444.7 |  |  | 3.6 |
Total |  | $ | 3,735.7 |  |  | 4.1 | %

(1)Includes all available extension options.
(2)Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments.
(3)Includes the effects of the applicable settled derivatives
7. Derivative Financial Instruments and Hedging Activities
Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments related to our borrowings. We do not utilize derivative financial instruments for trading or speculative purposes. See Note 2. "Summary of Significant Accounting Policies and Recent Accounting Pronouncements" for a further discussion of derivative financial instruments.
Cash Flow Hedges. From time to time, we enter into designated cash flow hedges to manage the variability in cash flows due to changes in benchmark interest rates. We enter into interest rate swap agreements, including forward interest rate swaps and treasury locks, settled in cash based upon the difference between an agreed-upon benchmark rate and the prevailing benchmark rate at settlement. The agreements are generally settled around the time of the pricing of the related debt. Each cash flow derivative gain or loss is recorded to OCI and is subsequently reclassified to interest expense over the life of the related debt. We did not have any cash flow hedges at March 31, 2025 and 2024.
During each of the three months ended March 31, 2025 and 2024, approximately $0.3 million was reclassified from AOCI as an increase to interest expense for derivative financial instruments settled in prior periods.
Fair Value Hedges. From time to time, we utilize interest rate swaps to achieve an additional level of floating rate debt relative to fixed rate debt as we deem appropriate. We designate fixed to floating interest rate swaps as fair value hedges. The changes in fair value of these derivative instruments and the offsetting changes in fair value of the underlying hedged debt due to changes in the relevant benchmark interest rates are recorded in interest expense. At March 31, 2025 and December 31, 2024, we had one interest rate swap with a notional amount of $500.0 million designated as a fair value hedge, 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.
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Refer to Note 12. "Fair Value Measurements" for the outstanding derivative instruments and the corresponding fair value classifications.
8. Share-Based Compensation
Incentive Compensation. We currently maintain the 2018 Share Incentive Plan (the "2018 Share Plan"), which was approved by the Company's shareholders. The shares available for awards under the 2018 Share Plan are, subject to certain other limits under the plan, generally available for any type of award authorized under the 2018 Share Plan including stock options, stock appreciation rights, restricted stock awards, stock bonuses, and other stock-based awards. Persons eligible to receive awards under the 2018 Share Plan include subsidiaries' officers and employees, Trust Managers, and certain of our subsidiaries' consultants and advisors. A total of 9.7 million shares ("Share Limit") was authorized for grant under the 2018 Share Plan. Shares issued or to be issued are counted against the Share Limit as (1) 3.45 to 1.0 for every share award, excluding stock options and stock appreciation rights, granted, and (2) 1.0 to 1.0 for every stock option or stock appreciation right granted. As of March 31, 2025, there were approximately 3.5 million common shares available for grant under the 2018 Share Plan, which would result in approximately 1.0 million shares which could be granted pursuant to full value awards conversion ratios as defined under the 2018 Share Plan.
Total compensation cost for share awards charged against income was approximately $4.2 million and $3.5 million for the three months ended March 31, 2025 and 2024, respectively. Total capitalized compensation costs for share awards were approximately $0.9 million and $1.2 million for the three months ended March 31, 2025 and 2024, respectively.
A summary of activity under our share incentive plans for the three months ended March 31, 2025 is shown below:

|  |  |  |  | Nonvested Share Awards Outstanding |  | Weighted Average Exercise / Grant Price
Nonvested share awards outstanding at December 31, 2024 |  |  |  |  | 216,190 |  |  | $ | 108.07 |
Granted |  |  |  |  | 219,239 |  |  | 118.90 |
Vested |  |  |  |  | (193,409) |  |  | 117.64 |
Forfeited |  |  |  |  | (642) |  |  | 108.51 |
Total nonvested share awards outstanding at March 31, 2025 |  |  |  |  | 241,378 |  |  | $ | 110.22 |

Share Awards and Vesting. Share awards for employees generally vest over three years and are valued at the market value of the shares on the grant date. In the event the holder of the share awards attains at least age 65, and with respect to an employee, also attains at least ten or more years of service ("Retirement Eligibility") before the term in which the awards are scheduled to vest, the value of the share awards to such individual is amortized from the date of grant to the individual's Retirement Eligibility date. All new share awards granted to individuals after they reach Retirement Eligibility vest on the date of grant.
The weighted average fair value of share awards granted during the three months ended March 31, 2025 and 2024 was $118.90 per share and $95.41 per share, respectively. The total fair value of shares vested was approximately $22.8 million and $21.7 million during the three months ended March 31, 2025 and 2024, respectively. At March 31, 2025, the unamortized value of previously issued unvested share awards was approximately $24.9 million which is expected to be amortized over the next three years.
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9. Net Change in Operating Accounts
The effect of changes in the operating and other accounts on cash flows from operating activities is as follows:

| Three Months Ended March 31,
(in thousands) | 2025 |  | 2024
Change in assets: |  |  |
Other assets, net | $ | 179 |  |  | $ | (6,766) |
Change in liabilities: |  |  |
Accounts payable and accrued expenses | (16,003) |  |  | (4,698) |
Accrued real estate taxes | (32,618) |  |  | (49,693) |
Other liabilities | 1,697 |  |  | 4,953 |
Other | 884 |  |  | 1,058 |
Change in operating accounts and other | $ | (45,861) |  |  | $ | (55,146) |

10. Commitments and Contingencies
Construction Contracts. As of March 31, 2025, we estimated the total additional cost to complete the four properties currently under construction to be approximately $350.7 million. We expect to fund this amount through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility and through our commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM program, and other unsecured borrowings or secured mortgages.
Litigation. We are subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which arise out of allegation of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management currently believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements.
We have been named as a defendant in several cases alleging antitrust violations by RealPage, Inc. ("RealPage"), a seller of revenue management software and owners and/or operators of multifamily housing, including us, which utilize this software. The complaints allege collusion among the defendants to fix rents in violation of Section 1 of the Sherman Act. The U.S. Judicial Panel on Multidistrict Litigation has consolidated 43 cases, including those filed against us, into a single action in the United States District Court for the Middle District of Tennessee. Separate and apart from these private causes of action, on November 1, 2023, we, along with 13 other owners an/or operators of multifamily housing and RealPage were named as defendants in a lawsuit centering around the use of said revenue management software by the Attorney General of the District of Columbia. On February 28, 2024, we, along with 11 other owners and/or operators of multifamily housing and RealPage were named as defendants in a lawsuit centering around the use of said revenue management software by the Attorney General of Arizona. On January 7, 2025, we along with six other owners and/or operators of multifamily housing, were name in a civil lawsuit brought by the U.S. Department of Justice and ten states against RealPage with similar allegations. Additionally, we have been informed by other state regulators they are investigating this matter. We believe these various lawsuits are without merit and we intend to vigorously defend against them. As these proceedings are in the early stages, it is not possible for the Company to predict the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision in any of these cases.
Other Commitments and Contingencies. In the ordinary course of our business, we issue letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or we will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. We are then at risk under a real property acquisition contract, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract. At March 31, 2025, we had approximately $0.6 million of earnest money deposits for potential acquisitions of land which are included in other assets in our condensed consolidated balance sheet, of which approximately $0.5 million was non-refundable.
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Lease Commitments. Substantially all of our lessee operating leases, which are recorded within other liabilities in our condensed consolidated balance sheets, are related to office facility leases. We had no significant changes to our lessee lease commitments for the three months ended March 31, 2025. The lease and non-lease components, excluding short-term lease contracts with a duration of 12 months or less, are accounted for as a combined single component based upon the standalone price at the time the applicable lease is commenced and is recognized as a lease expense on a straight-line basis over the lease term. Most of our office facility leases include options to renew and generally are not included in the operating lease liabilities or right-of-use assets as they are not reasonably certain of being exercised. If an option to renew is exercised, it would be considered a separate contract and recognized based upon the standalone price at the time the option to renew is exercised. Variable lease payments which values are not known at lease commencement, such as executory costs of real estate taxes, property insurance, and common area maintenance, are expensed as incurred. Rental expense totaled approximately $1.0 million for each of the three months ended March 31, 2025 and 2024.
The following is a summary of our maturities of our lease liabilities as of March 31, 2025:

(in millions) |
Year ending December 31, | Operating Leases
Remainder of 2025 | $ | 1.8 |
2026 | 0.6 |
2027 | 0.2 |
2028 | — |
2029 | — |
Thereafter | — |
Discount for time value | (0.1) |
Lease liability as of March 31, 2025 (1) | $ | 2.5 |

(1)In June 2024, the company entered into a new corporate headquarters operating lease with future minimum payments in aggregate of approximately $29.6 million. As of March 31, 2025, this lease has not commenced and is not reflected on our condensed consolidated balance sheets. This lease is expected to commence in the fourth quarter of fiscal year 2025 with a lease term of 12 years.
11. Income Taxes
We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we may be subject to federal and state income taxes for such year. In addition, we may not be able to requalify as a REIT for the four subsequent taxable years and may be subject to federal and state income taxes in those years as well. Historically, we have incurred only state and local income, franchise, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income taxes. Our consolidated operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level.
We have recorded income, franchise, sales, and excise taxes in the condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2025 and 2024 as income tax expense. Income taxes for the three months ended March 31, 2025 were comprised mainly of state income and franchise taxes, and federal taxes related to our taxable REIT subsidiaries. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries.
12. Fair Value Measurements
The following disclosures present information about our fair value measurements using the inputs and fair value hierarchy discussed in Note 2. "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
Recurring Fair Value Measurements. The following table presents information about our financial instruments measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.
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Financial Instruments Measured at Fair Value on a Recurring Basis

| March 31, 2025 |  | December 31, 2024
(in millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Other Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan investments (1) | $ | 135.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 135.0 |  |  | $ | 134.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 134.1 |
Derivative financial instruments (fair value hedges) | $ | — |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 5.3 |  |  | $ | — |  |  | $ | 5.3 |

(1)Approximately $4.7 million and $17.7 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2025 and the year ended December 31, 2024, respectively.
Non-Recurring Fair Value Disclosures. We did not have any non-recurring fair value measurements during the three months ended March 31, 2025. During the year ended December 31, 2024, we recognized an impairment of approximately $41.0 million related to three land holdings. The fair market value of the impaired land holdings totaled approximately $46.7 million, which was determined using Level 3 inputs primarily based on comparable sales.
Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at March 31, 2025 and December 31, 2024.

| March 31, 2025 |  | December 31, 2024
(in millions) | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Fixed rate notes payable | $ | 2,765.0 |  |  | $ | 2,567.7 |  |  | $ | 2,764.4 |  |  | $ | 2,528.6 |
Floating rate notes payable (1) | 970.7 |  |  | 981.2 |  |  | 721.2 |  |  | 733.0 |

(1) Includes the senior unsecured notes payable and a term loan due in 2026 at March 31, 2025 and December 31, 2024, and includes commercial paper notes at March 31, 2025 and balances outstanding under our unsecured revolving credit facility at December 31, 2024.
13. Reportable Segment
Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on size or type and each community has similar long-term economic characteristics and provides similar products and services to our residents. Additionally, all of our operations are within the continental United States and no multifamily apartment community comprises more than 1.5% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment.
The Chief Operating Decision Makers ("CODMs") include the Company's President and Chief Financial Officer and its Executive Vice President - Chief Operating Officer. The CODMs primarily assess performance of the Company based upon net operating income ("NOI"). The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. NOI is measured as total property revenues less total property expenses as reported on the condensed consolidated statements of income and comprehensive income. NOI excludes non-property revenues, other expenses, transactional gains and losses, and income taxes. We consider NOI to be an appropriate measure of operating performance because it reflects the ongoing profitability and performance of our communities without an allocation of corporate level management expense or general and administrative costs. The CODMs utilize NOI to evaluate year-over-year growth of our communities from prior periods, as well as to monitor budget to actual results in assessing performance, allocating resources, and establishing compensation.
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The following table details NOI and significant expenses for the three months ended March 31:

| 2025 |  | 2024 |  |
Property revenues | $ | 390,565 |  |  | $ | 383,141 |  |  |
Property expenses: |  |  |  |  |
Real estate taxes | (49,722) |  |  | (49,501) |  |  |
Salaries and benefits for on-site employees | (25,784) |  |  | (24,759) |  |  |
Utilities | (27,778) |  |  | (26,447) |  |  |
Repairs and maintenance | (16,713) |  |  | (16,817) |  |  |
Other property and maintenance expenses (a) | (19,423) |  |  | (21,021) |  |  |
Net operating income | $ | 251,145 |  |  | $ | 244,596 |  |  |
Non-property income | 3,695 |  |  | 8,871 |  |  |
Other segment expenses (b) | (30,472) |  |  | (32,349) |  |  |
Interest expense | (33,790) |  |  | (32,537) |  |  |
Depreciation and amortization | (149,252) |  |  | (144,802) |  |  |
Loss on early retirement of debt | — |  |  | (921) |  |  |
Gain on sale of operating property | — |  |  | 43,806 |  |  |
Income tax expense | (559) |  |  | (905) |  |  |
Net income | $ | 40,767 |  |  | $ | 85,759 |  |  |

(a) Other non-significant property segment expenses, include the following other property and maintenance expenses: property insurance, marketing and leasing, property general and administrative, and other property expenses.
(b) Other expenses include property management, fee and asset management, general and administrative, and expense on deferred compensation plans.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the condensed consolidated financial statements and notes appearing elsewhere in this report, as well as Part I, Item 1A, "Risk Factors" within our Annual Report on Form 10-K for the year ended December 31, 2024. Historical results and trends which might appear in the condensed consolidated financial statements should not be interpreted as being indicative of future operations.
We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"), both as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items relating to the future; forward-looking statements are not guarantees of future performance, results, or events. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance our expectations will be achieved. Any statements contained herein which are not statements of historical fact should be deemed forward-looking statements. Reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance.
Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following:
•Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us;
•Short-term leases could expose us to the effects of declining market rents;
•We could be negatively impacted by the risks associated with land holdings and related activities;
•Development, repositions, redevelopment, and construction risks could impact our profitability;
•Our acquisition strategy may not produce the cash flows expected;
•Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values;
•Failure to qualify as a REIT could have adverse consequences;
•Tax laws could continue to change at any time and any such legislative or other actions could have a negative effect on us;
•A cybersecurity incident and other technology disruptions could negatively impact our business;
•We have significant debt, which could have adverse consequences;
•Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders;
•Issuances of additional debt may adversely impact our financial condition;
•We may be unable to renew, repay, or refinance our outstanding debt;
•Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments;
•Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets;
•Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders;
•The form, timing, and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations;
•Litigation risks could affect our business;
•Damage from catastrophic weather and other natural events could result in losses;
•Competition could adversely affect our ability to acquire properties; and
•We could be adversely impacted due to our share price fluctuations.
These forward-looking statements represent our estimates and assumptions as of the date of this report, and we assume no obligation to update or supplement forward-looking statements because of subsequent events.
Executive Summary
Camden Property Trust and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. We focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand for our apartments and retention of our residents. As of March 31, 2025, we owned interests in, operated, or were developing 180 multifamily properties comprised of 61,178 apartment homes across the United States. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future.
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Business Environment and Current Outlook
Our results for the three months ended March 31, 2025, reflect an increase in same store revenues of approximately 0.8% as compared to the same period in 2024. The increase was primarily due to higher occupancy, which we believe was primarily attributable to job growth, favorable demographics with a higher propensity to rent versus buy, and continued demand for multifamily housing in our markets.
We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate continue to be elevated for the remainder of 2025 and into 2026, but should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.
Consolidated Results
Net income attributable to common shareholders was $38.8 million and $83.9 million for the three months ended March 31, 2025 and 2024, respectively. The $45.1 million decrease during the three months ended March 31, 2025 as compared to the same period in 2024, was primarily due to recognizing a gain of $43.8 million on the sale of one operating property in 2024. See further discussion of our 2025 operations as compared to 2024 in "Results of Operations," below.
Construction and Development Activity
At March 31, 2025, we had a total of four properties under construction comprising 1,531 apartment homes. As of March 31, 2025, we estimated the total additional cost to complete the construction of these four properties is approximately $350.7 million.
Acquisitions
In January 2025, we purchased one operating property comprised of 352 homes located in the Austin, Texas metropolitan area for approximately $67.7 million.
In February 2025, we purchased one operating property comprised of 435 homes located in Nashville, Tennessee for approximately $131.3 million.
Debt
In February 2025, we established a commercial paper program under which we may issue the commercial paper notes (the "Notes") under the exemption from registration contained in Section (4)(a) of the Securities Act. Amounts available under the commercial paper program may be borrowed, repaid, and reborrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the Program at any time not to exceed $600.0 million. At March 31, 2025, we had an aggregate of $425.8 million principal amount of Notes outstanding under the commercial paper program which bore interest at 4.67%, and all Notes have individual maturities of less than one month.
Future Outlook
Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise. We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which we believe are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our near-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility and through our commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our 2023 at-the-market ("ATM") program, and other unsecured borrowings or secured mortgages.
As of March 31, 2025, we had approximately $1.2 billion available under our $1.2 billion unsecured revolving credit facility. We plan to use the unsecured revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. At March 31, 2025, we had $425.8 million outstanding under our commercial paper program. As of March 31, 2025, and through the date of this filing, we also had common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under our 2023 ATM program. We believe scheduled repayments of debt are manageable with contractual debt maturities over the next 12 months totaling $437.7 million, of which $425.8 million relates to commercial paper notes. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund future acquisitions, new development, repositions, redevelopment, and other capital requirements including scheduled debt maturities. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements.
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Property Portfolio
Our multifamily property portfolio is summarized as follows:

| March 31, 2025 |  | December 31, 2024
| Number of Homes |  | Properties |  | Number of Homes |  | Properties
Operating Properties |  |  |  |  |  |  |
Houston, Texas | 9,531 |  |  | 28 |  |  | 9,531 |  |  | 28 |
Dallas/Fort Worth, Texas | 6,226 |  |  | 15 |  |  | 6,224 |  |  | 15 |
Washington, D.C. Metro | 6,192 |  |  | 17 |  |  | 6,192 |  |  | 17 |
Phoenix, Arizona | 4,426 |  |  | 14 |  |  | 4,426 |  |  | 14 |
Atlanta, Georgia | 4,270 |  |  | 14 |  |  | 4,270 |  |  | 14 |
Austin, Texas | 4,038 |  |  | 12 |  |  | 3,686 |  |  | 11 |
Orlando, Florida | 3,954 |  |  | 11 |  |  | 3,954 |  |  | 11 |
Raleigh, North Carolina | 3,672 |  |  | 10 |  |  | 3,672 |  |  | 10 |
Charlotte, North Carolina | 3,510 |  |  | 15 |  |  | 3,510 |  |  | 15 |
Tampa/St. Petersburg, Florida | 3,104 |  |  | 8 |  |  | 3,104 |  |  | 8 |
Southeast Florida | 3,050 |  |  | 9 |  |  | 3,050 |  |  | 9 |
Denver, Colorado | 2,873 |  |  | 9 |  |  | 2,873 |  |  | 9 |
Los Angeles/Orange County, California | 1,811 |  |  | 5 |  |  | 1,811 |  |  | 5 |
San Diego/Inland Empire, California | 1,797 |  |  | 6 |  |  | 1,797 |  |  | 6 |
Nashville, Tennessee | 1,193 |  |  | 3 |  |  | 758 |  |  | 2 |
Total Operating Properties | 59,647 |  |  | 176 |  |  | 58,858 |  |  | 174 |
Properties Under Construction |  |  |  |  |  |  |
Charlotte, North Carolina | 769 |  |  | 2 |  |  | 769 |  |  | 2 |
Nashville, Tennessee | 393 |  |  | 1 |  |  | — |  |  | — |
Raleigh, North Carolina | 369 |  |  | 1 |  |  | 369 |  |  | 1 |
Total Properties Under Construction | 1,531 |  |  | 4 |  |  | 1,138 |  |  | 3 |
Total Properties | 61,178 |  |  | 180 |  |  | 59,996 |  |  | 177 |

Completed Construction in Lease- Up
At March 31, 2025, there were three completed operating property in lease up as follows:

($ in millions) Property and Location | Number of Homes |  | Cost Incurred (1) |  | % Leased at 4/28/2025 |  | Date of Construction Completion |  | Estimated Date of Stabilization
Operating Property |  |  |  |  |  |  |  |  |
Camden Woodmill Creek |  |  |  |  |  |  |  |  |
Spring, TX | 189 |  | $72.4 |  | 94% |  | 2Q24 |  | 2Q25
Camden Durham |  |  |  |  |  |  |  |  |
Durham, NC | 420 |  | $145.2 |  | 90% |  | 4Q24 |  | 3Q25
Camden Long Meadow Farms |  |  |  |  |  |  |  |  |
Richmond, TX | 188 |  | $72.1 |  | 64% |  | 4Q24 |  | 3Q25

(1) Excludes leasing costs, which are expensed as incurred.
Properties Under Development and Land
Our condensed consolidated balance sheet at March 31, 2025 includes approximately $403.7 million related to properties under development and land. Of this amount, approximately $254.7 million related to our projects currently under construction. In addition, we had approximately $149.0 million primarily invested in land held for future development and land holdings, which included approximately $91.2 million related to land held for future development and $57.8 million invested in land which we may develop in the future.
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Properties Under Construction. At March 31, 2025, we had four properties in various stages of construction as follows:

($ in millions) Properties and Locations | Number of Homes |  | Estimated Cost |  | Cost Incurred |  | Included in Properties Under Development |  | Estimated Date of Construction Completion |  | Estimated Date of Stabilization
Properties Under Construction |  |  |  |  |  |  |  |  |  |  |
Camden Village District (1) |  |  |  |  |  |  |  |  |  |  |
Raleigh, NC | 369 |  | $ | 138.0 |  |  | $ | 131.5 |  |  | $ | 97.9 |  |  | 4Q25 |  | 2Q27
Camden South Charlotte |  |  |  |  |  |  |  |  |  |  |
Charlotte, NC | 420 |  | 163.0 |  |  | 66.8 |  |  | 66.8 |  |  | 2Q27 |  | 4Q28
Camden Blakeney |  |  |  |  |  |  |  |  |  |  |
Charlotte, NC | 349 |  | 154.0 |  |  | 45.7 |  |  | 45.7 |  |  | 3Q27 |  | 3Q28
Camden Nations |  |  |  |  |  |  |  |  |  |  |
Nashville, TN | 393 |  | 184.0 |  |  | 44.3 |  |  | 44.3 |  |  | 3Q28 |  | 2Q30
Total | 1,531 |  |  | $ | 639.0 |  |  | $ | 288.3 |  |  | $ | 254.7 |  |  |  |  |

(1)Property in lease-up was 14% leased at April 28, 2025.
Development Pipeline Communities. At March 31, 2025, we had the following multifamily communities undergoing development activities:

($ in millions) Properties and Locations | Projected Homes |  | Total Estimated Cost (1) |  | Cost to Date
Camden Baker |  |  |  |  |
Denver, CO | 434 |  | $ | 191.0 |  |  | $ | 37.7 |
Camden Gulch |  |  |  |  |
Nashville, TN | 498 |  | 300.0 |  |  | 53.5 |
Total | 932 |  |  | $ | 491.0 |  |  | $ | 91.2 |

(1)Represents our estimate of total costs we expect to incur on these projects. However, forward-looking estimates are not guarantees of future performance, results, or events. Although we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecast, and estimates routinely require adjustment.
Land Holdings. At March 31, 2025, we also had four undeveloped land tracts with a valuation of approximately $57.8 million.
Results of Operations
Changes in revenues and expenses related to our operating properties from period-to-period are due primarily to the performance of stabilized properties in the portfolio, the lease-up of newly-constructed properties, and the impact of acquisitions and dispositions.
Management considers property net operating income ("NOI") to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without an allocation of corporate level property management overhead or general and administrative costs. We define NOI as total property revenue less total property expenses. NOI is further detailed in the Property-Level NOI table as seen below. NOI is not defined by accounting principles generally accepted in the United States of America ("GAAP") and should not be considered an alternative to net income as an indication of our operating performance. Additionally, NOI as disclosed by other REITs may not be comparable to our calculation.
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Reconciliations of net income to NOI for the three months ended March 31, 2025 and 2024 are as follows:

|  | Three Months Ended March 31, |  |
(in thousands) |  | 2025 |  | 2024 |  |  |  |
Net income |  | $ | 40,767 |  |  | $ | 85,759 |  |  |  |  |
Less: Fee and asset management income |  | (2,487) |  |  | (1,284) |  |  |  |  |
Less: Interest and other income |  | (10) |  |  | (1,768) |  |  |  |  |
Less: Income on deferred compensation plans |  | (1,198) |  |  | (5,819) |  |  |  |  |
Plus: Property management expense |  | 9,895 |  |  | 9,394 |  |  |  |  |
Plus: Fee and asset management expense |  | 671 |  |  | 443 |  |  |  |  |
Plus: General and administrative expense |  | 18,708 |  |  | 16,693 |  |  |  |  |
Plus: Interest expense |  | 33,790 |  |  | 32,537 |  |  |  |  |
Plus: Depreciation and amortization expense |  | 149,252 |  |  | 144,802 |  |  |  |  |
Plus: Expense on deferred compensation plans |  | 1,198 |  |  | 5,819 |  |  |  |  |
Plus: Loss on early retirement of debt |  | — |  |  | 921 |  |  |  |  |
Less: Gain on sale of operating property |  | — |  |  | (43,806) |  |  |  |  |
Plus: Income tax expense |  | 559 |  |  | 905 |  |  |  |  |
Net operating income |  | $ | 251,145 |  |  | $ | 244,596 |  |  |  |  |

Property-Level NOI (1)
Property NOI, as reconciled above, is detailed further into the following categories for the three months ended March 31, 2025 as compared to the same period in 2024:

($ in thousands) | Homes at |  | Three Months Ended March 31, |  | Change |  |  |  |
3/31/2025 |  | 2025 |  | 2024 |  | $ |  | % |  |  |  |  |  |  |  |
Property revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store communities | 57,116 |  |  | $ | 376,324 |  |  | $ | 373,450 |  |  | $ | 2,874 |  |  | 0.8 | % |  |  |  |  |  |  |  |
Non-same store communities | 1,734 |  |  | 7,536 |  |  | 4,968 |  |  | 2,568 |  |  | 51.7 |  |  |  |  |  |  |  |  |
Development and lease-up communities | 2,328 |  |  | 4,023 |  |  | 602 |  |  | 3,421 |  |  | * |  |  |  |  |  |  |  |
Dispositions/Other | — |  |  | 2,682 |  |  | 4,121 |  |  | (1,439) |  |  | (34.9) |  |  |  |  |  |  |  |  |
Total property revenues | 61,178 |  |  | $ | 390,565 |  |  | $ | 383,141 |  |  | $ | 7,424 |  |  | 1.9 | % |  |  |  |  |  |  |  |
Property expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store communities | 57,116 |  |  | $ | 132,955 |  |  | $ | 132,285 |  |  | $ | 670 |  |  | 0.5 | % |  |  |  |  |  |  |  |
Non-same store communities | 1,734 |  |  | 2,777 |  |  | 2,372 |  |  | 405 |  |  | 17.1 |  |  |  |  |  |  |  |  |
Development and lease-up communities | 2,328 |  |  | 2,010 |  |  | 600 |  |  | 1,410 |  |  | * |  |  |  |  |  |  |  |
Dispositions/Other | — |  |  | 1,678 |  |  | 3,288 |  |  | (1,610) |  |  | (49.0) |  |  |  |  |  |  |  |  |
Total property expenses | 61,178 |  |  | $ | 139,420 |  |  | $ | 138,545 |  |  | $ | 875 |  |  | 0.6 | % |  |  |  |  |  |  |  |
Property NOI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Same store communities | 57,116 |  |  | $ | 243,369 |  |  | $ | 241,165 |  |  | $ | 2,204 |  |  | 0.9 | % |  |  |  |  |  |  |  |
Non-same store communities | 1,734 |  |  | 4,759 |  |  | 2,596 |  |  | 2,163 |  |  | 83.3 |  |  |  |  |  |  |  |  |
Development and lease-up communities | 2,328 |  |  | 2,013 |  |  | 2 |  |  | 2,011 |  |  | * |  |  |  |  |  |  |  |
Dispositions/Other | — |  |  | 1,004 |  |  | 833 |  |  | 171 |  |  | 20.5 |  |  |  |  |  |  |  |  |
Total property NOI | 61,178 |  |  | $ | 251,145 |  |  | $ | 244,596 |  |  | $ | 6,549 |  |  | 2.7 | % |  |  |  |  |  |  |  |

* Not a meaningful percentage.
(1) For 2025, same store communities are communities we wholly-owned and were stabilized since January 1, 2024, excluding communities under redevelopment and properties held for sale. Non-same store communities are stabilized communities not owned or stabilized since January 1, 2024, including communities under redevelopment and excluding properties held for sale. We define communities under redevelopment as communities with capital expenditures which improve a community's cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades. Management believes same store information is beneficial as it allows both management and investors the ability to determine financial results over a particular period for the same set of communities. Development and lease-up communities are non-stabilized communities we have developed since January 1, 2024, excluding properties held for sale. Dispositions/Other includes those communities disposed of or held for sale which are not classified as discontinued operations, non-multifamily rental properties, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses, including net below-market leases, casualty-related expenses net of recoveries, and severance related costs.
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Same Store Analysis
Same store property NOI increased approximately $2.2 million for the three months ended March 31, 2025 as compared to the same period in 2024.
The $2.2 million increase in same store property NOI for the three months ended March 31, 2025 was primarily due to an increase in same store property revenues of approximately $2.9 million which was offset by an increase of approximately $0.7 million in same store property expenses as compared to the same period in 2024.
The $2.9 million increase in same store property revenues during the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to higher occupancy of approximately $1.7 million, higher income of approximately $1.1 million from our utility rebilling and ancillary income programs, and lower uncollectible revenues of approximately $0.5 million. The increase was partially offset by lower miscellaneous fee income of approximately $0.4 million.
The $0.7 million increase in same store property expenses during the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to higher utilities expense of approximately $1.2 million, higher salaries and benefits of approximately $0.9 million, and higher property general and administrative and other expenses of approximately $0.2 million. The increase was partially offset by lower property insurance expense of approximately $0.9 million, lower property taxes of $0.4 million due to higher refunds, and lower repair and maintenance expense of $0.3 million.
Non-same Store and Development and Lease-up Analysis
Property NOI from non-same store and development and lease-up communities increased approximately $4.2 million for the three months ended March 31, 2025 as compared to the same period in 2024. The increase was due to an increase from non-same store communities of approximately $2.2 million for the three months ended March 31, 2025, as compared to the same period in 2024, and an increase from development and lease-up communities of $2.0 million for the three months ended March 31, 2025, as compared to the same period in 2024. The increase in property NOI from our non-same store communities was primarily due to the acquisition of two operating properties during the three months ended March 31, 2025 and the stabilization of one operating property in 2024. The increase in property NOI from our development and lease-up communities was primarily due to the timing of three operating properties which completed construction in 2024.
The following table details the changes, described above, relating to non-same store and development and lease up NOI:

(in millions) |  | For the three months ended March 31, 2025 as compared to 2024 |  |
Property Revenues: |  |  |  |
Revenues from acquisitions |  | $ | 2.0 |  |  |
Revenues from non-same store stabilized properties |  | 0.2 |  |  |
Revenues from development and lease-up properties |  | 3.4 |  |  |
Other non same-store |  | 0.4 |  |  |
|  | $ | 6.0 |  |  |
Property Expenses: |  |  |  |
Expenses from acquisitions |  | $ | 0.8 |  |  |
Expenses from non-same store stabilized properties |  | (0.1) |  |  |
Expenses from development and lease-up properties |  | 1.4 |  |  |
Other non same-store |  | (0.3) |  |  |
|  | $ | 1.8 |  |  |
Property NOI: |  |  |  |
NOI from acquisitions |  | $ | 1.2 |  |  |
NOI from non-same store stabilized properties |  | 0.3 |  |  |
NOI from development and lease-up properties |  | 2.0 |  |  |
Other non same-store |  | 0.7 |  |  |
|  | $ | 4.2 |  |  |

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Dispositions/Other Property Analysis
Dispositions/Other property NOI increased approximately $0.2 million for the three months ended March 31, 2025, as compared to the same period in 2024. The increase was comprised of higher other property NOI of approximately $0.7 million primarily due to lower storm-related expenses recognized during the three months ended March 31, 2025 as compared to the same period in 2024. The increase was partially offset by lower NOI related to dispositions of approximately $0.5 million for the three months ended March 31, 2025 as compared to the same period in 2024, primarily due to the disposition of one operating property in February 2024.
Non-Property Income

($ in thousands) | Three Months Ended March 31, |  | Change |  |  |  |
2025 |  | 2024 |  | $ |  | % |  |  |  |  |  |  |  |
Fee and asset management | $ | 2,487 |  |  | $ | 1,284 |  |  | $ | 1,203 |  |  | 93.7% |  |  |  |  |  |  |  |
Interest and other income | 10 |  |  | 1,768 |  |  | (1,758) |  |  | (99.4) |  |  |  |  |  |  |  |  |
Income on deferred compensation plans | 1,198 |  |  | 5,819 |  |  | (4,621) |  |  | (79.4) |  |  |  |  |  |  |  |  |
Total non-property income | $ | 3,695 |  |  | $ | 8,871 |  |  | $ | (5,176) |  |  | (58.3) | % |  |  |  |  |  |  |  |

Fee and asset management income from construction and development activities at our third-party construction projects increased approximately $1.2 million for the three months ended March 31, 2025, as compared to the same period in 2024. The increase was related to higher fees earned on third-party construction projects due to higher activity during the three months ended March 31, 2025 as compared to the same period in 2024.
Interest and other income decreased approximately $1.8 million for the three months ended March 31, 2025, as compared to the same period in 2024. The decrease was due to lower investment interest income earned due to having lower average cash balances during the three months ended March 31, 2025 as compared to the same period in 2024.
Our deferred compensation plans recognized income of approximately $1.2 million and $5.8 million during the three months ended March 31, 2025 and 2024, respectively. The change was related to the performance of the investments held in deferred compensation plans for participants and was directly offset by the expense related to these plans, as discussed below.
Other Expenses

($ in thousands) | Three Months Ended March 31, |  | Change |  |  |  |
2025 |  | 2024 |  | $ |  | % |  |  |  |  |  |  |  |
Property management | $ | 9,895 |  |  | $ | 9,394 |  |  | $ | 501 |  |  | 5.3 | % |  |  |  |  |  |  |  |
Fee and asset management | 671 |  |  | 443 |  |  | 228 |  |  | 51.5 |  |  |  |  |  |  |  |  |
General and administrative | 18,708 |  |  | 16,693 |  |  | 2,015 |  |  | 12.1 |  |  |  |  |  |  |  |  |
Interest | 33,790 |  |  | 32,537 |  |  | 1,253 |  |  | 3.9 |  |  |  |  |  |  |  |  |
Depreciation and amortization | 149,252 |  |  | 144,802 |  |  | 4,450 |  |  | 3.1 |  |  |  |  |  |  |  |  |
Expense on deferred compensation plans | 1,198 |  |  | 5,819 |  |  | (4,621) |  |  | (79.4) |  |  |  |  |  |  |  |
Total other expenses | $ | 213,514 |  |  | $ | 209,688 |  |  | $ | 3,826 |  |  | 1.8 | % |  |  |  |  |  |  |  |

Property management expense represents regional supervision and accounting costs related to property operations. Property management expenses were approximately 2.5% of total property revenues for each of the three months ended March 31, 2025 and 2024.
Fee and asset management expense from construction and development activities at our third-party projects increased approximately $0.2 million for the three months ended March 31, 2025, as compared to the same period in 2024. The increase was due to the increase in third-party construction activity during the three months ended March 31, 2025 as compared to the same period in 2024.
General and administrative expense increased approximately $2.0 million during the three months ended March 31, 2025 and 2024, respectively. The increase was primarily related to higher legal expenses and higher acquisition pursuit costs. Excluding income on deferred compensation plans, general and administrative expenses were approximately 4.8% and 4.3% of total revenues for the three months ended March 31, 2025 and 2024, respectively.
Interest expense increased approximately $1.3 million for the three months ended March 31, 2025, as compared to the same period in 2024. The increase was primarily due to the increase in interest expense recognized on our unsecured revolving credit facility resulting from higher average balances outstanding during the three months ended March 31, 2025 as compared to the same period in 2024, and higher interest expense relating to interest recognized on our new commercial paper program
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entered into in February 2025. The increase was also due to a decrease in capitalized interest expense due to having lower average balances in assets under construction during the three months ended March 31, 2025 as compared to the same period in 2024. The increase was offset by the repayment of a $250 million, 3.68% senior unsecured notes payable in September 2024, and lower variable rate interest expense recognized on the $500 million senior unsecured notes during the three months ended March 31, 2025 as compared to the same period in 2024.
Depreciation and amortization expense increased approximately $4.5 million for the three months ended March 31, 2025, respectively, as compared to the same period in 2024. The increase was primarily due to higher depreciation expense and amortization of in-place leases related to the acquisition of an operating property in each of January and February 2025.
Our deferred compensation plans incurred an expense of approximately $1.2 million and $5.8 million for the three months ended March 31, 2025 and 2024, respectively. The change was related to the performance of the investments held in deferred compensation plans for participants and was directly offset by the income related to these plans, as discussed in the non-property income section above.
Other

| Three Months Ended March 31, |  | Change |  |  |  |
($ in thousands) | 2025 |  | 2024 |  | $ |  |  |  |  |  |  |  |  |
Loss on early retirement of debt | $ | — |  |  | $ | (921) |  |  | $ | 921 |  |  |  |  |  |  |  |  |  |
Gain on sale of operating property | $ | — |  |  | $ | 43,806 |  |  | $ | (43,806) |  |  |  |  |  |  |  |  |  |
Income tax expense | $ | (559) |  |  | $ | (905) |  |  | $ | 346 |  |  |  |  |  |  |  |  |  |

The $0.9 million loss on early retirement of debt for the three months ended March 31, 2024 was due to the write-off of unamortized loan costs related to the early retirement of our $300 million unsecured term loan in January 2024, which was scheduled to mature in August 2024.
The $43.8 million gain on sale for the three months ended March 31, 2024 was due to the disposition of one operating property located in Atlanta, Georgia, in February 2024.
Income tax expense decreased approximately $0.3 million for the three months ended March 31, 2025 as compared to the same period in 2024. The decrease was primarily due to lower state and franchise income taxes relating to recent tax legislation changes in certain state jurisdictions, offset by an increase in taxable income due to higher third-party construction activities within a taxable REIT subsidiary.
Funds from Operations ("FFO"), Core FFO, and Core Adjusted FFO ("Core AFFO")
Management considers FFO, Core FFO, and Core AFFO to be appropriate supplementary measures of the financial performance of an equity REIT. The National Association of Real Estate Investment Trusts ("NAREIT") currently defines FFO as net income (computed in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains and losses on dispositions of real estate, impairment write-downs of certain real estate assets, and depreciation, FFO can assist in the comparison of the operating performance of a company's real estate investments between periods or to different companies.
Core FFO represents FFO as further adjusted for items not considered part of our core business operations. We consider Core FFO to be a helpful supplemental measure of operating performance as it also excludes certain items which, by nature, are not comparable period over period and therefore tends to obscure actual operating performance. Our definition of Core FFO may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
Core AFFO is calculated utilizing Core FFO less recurring capitalized expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. We also consider Core AFFO to be a useful supplemental measure because it is frequently used by analysts and investors to evaluate a REIT's operating performance between periods or to different companies. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs.
To facilitate a clear understanding of our consolidated historical operating results, we believe FFO, Core FFO, and Core AFFO should be examined in conjunction with net income attributable to common shareholders as presented in the condensed consolidated statements of income and comprehensive income and data included elsewhere in this report. FFO, Core FFO, and
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Core AFFO are not defined by GAAP and should not be considered alternatives to net income attributable to common shareholders as an indication of our operating performance. Additionally, FFO, Core FFO, and Core AFFO as disclosed by other REITs may not be comparable to our calculation.
Reconciliations of net income attributable to common shareholders to FFO, Core FFO, and Core AFFO for the three months ended March 31, 2025 and 2024 are as follows:

| Three Months Ended March 31, |  |
($ in thousands) | 2025 |  | 2024 |  |  |  |
Funds from operations |  |  |  |  |  |  |
Net income attributable to common shareholders | $ | 38,822 |  |  | $ | 83,889 |  |  |  |  |
Real estate depreciation and amortization | 146,168 |  |  | 141,847 |  |  |  |  |
Gain on sale of operating property | — |  |  | (43,806) |  |  |  |  |
Income allocated to non-controlling interests | 1,945 |  |  | 1,870 |  |  |  |  |
Funds from operations | $ | 186,935 |  |  | $ | 183,800 |  |  |  |  |
Casualty-related expenses, net of recoveries | 130 |  |  | 1,523 |  |  |  |  |
Severance | — |  |  | 506 |  |  |  |  |
Legal costs and settlements | 1,872 |  |  | 852 |  |  |  |  |
Loss on early retirement of debt | — |  |  | 921 |  |  |  |  |
Expensed transaction, development, and other pursuit costs | 881 |  |  | — |  |  |  |  |
Core funds from operations | $ | 189,818 |  |  | $ | 187,602 |  |  |  |  |
Less: recurring capitalized expenditures | (16,098) |  |  | (22,025) |  |  |  |  |
Core adjusted funds from operations | $ | 173,720 |  |  | $ | 165,577 |  |  |  |  |
Weighted average shares – basic | 108,530 |  |  | 108,706 |  |  |  |  |
Incremental shares issuable from assumed conversion of: |  |  |  |  |  |  |
Share awards granted | 67 |  |  | 23 |  |  |  |  |
Common units | 1,594 |  |  | 1,594 |  |  |  |  |
Weighted average shares – diluted | 110,191 |  |  | 110,323 |  |  |  |  |

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Liquidity and Capital Resources
Financial Condition and Sources of Liquidity
We intend to maintain a strong balance sheet and preserve our financial flexibility, which we believe should enhance our ability to identify and capitalize on investment opportunities as they become available. We intend to maintain what management believes is a conservative capital structure by:
•extending and sequencing the maturity dates of our debt where practicable;
•managing interest rate exposure using what management believes to be prudent levels of fixed and floating rate debt;
•maintaining what management believes to be conservative coverage ratios; and
•using what management believes to be a prudent combination of debt and equity.
Our interest expense coverage ratio, net of capitalized interest, was approximately 6.7 and 6.9 for the three months ended March 31, 2025 and 2024, respectively. This ratio is a method for calculating the amount of operating cash flows available to cover interest expense and is calculated by dividing interest expense for the period into the sum of property revenues and expenses, non-property income, and other expenses, after adding back depreciation, amortization, and interest expense. Approximately 90.1% and 89.8% of our properties were unencumbered at March 31, 2025 and 2024, respectively. Our weighted average maturity of debt was approximately 5.4 years at March 31, 2025.
Our primary source of liquidity is cash flows generated from operations. Other sources may include one or more of the following: availability under our unsecured revolving credit facility and our commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our 2023 ATM program, and other unsecured borrowings or secured mortgages. We believe our liquidity and financial condition are sufficient to meet all of our reasonably anticipated cash needs during the next twelve months from our filing date including:
•normal recurring operating expenses;
•current debt service requirements including scheduled debt maturities;
•recurring and non-recurring capital expenditures;
•funding of property developments, repositions, redevelopments, and acquisitions; and
•the minimum dividend payments required to maintain our REIT qualification under the Code.
Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, changes in rent control or rent stabilization laws, sources of financing, the minimum REIT dividend requirements, our ability to complete asset purchases, sales, or developments, the effect our debt level and changes in credit ratings could have on our cost of funds, and our ability to access capital markets.
Cash Flows
The following is a discussion of our cash flows for the three months ended March 31, 2025 as compared to the same period in 2024.
Net cash from operating activities was approximately $148.2 million during the three months ended March 31, 2025 as compared to approximately $135.9 million for the same period in 2024. The increase was primarily due to lower real estate tax payments in 2025 compared to 2024, and the growth attributable to our same store and non-same store communities. These increases were partially offset by higher interest payments on our debt. See further discussion of our 2025 operations as compared to 2024 in "Results of Operations."
Net cash used in investing activities during the three months ended March 31, 2025 totaled approximately $275.9 million as compared to net cash provided by investing activities of $6.9 million during the same period in 2024. Cash outflows during the three months ended March 31, 2025 primarily related to the acquisition of two operating properties for approximately $196.4 million, and amounts paid for property development and capital improvements of approximately $78.4 million. Cash inflows during the three months ended March 31, 2024 primarily related to net proceeds from the sale of one operating property of approximately $114.5 million. These inflows were partially offset by amounts paid for property development and capital improvements of approximately $106.1 million. The decrease in property development and capital improvements for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to lower property development expenditures, capital improvements, and reposition expenditures in 2025 as compared to 2024. The property development and capital improvements during the three months ended March 31, 2025 and 2024, included the following:
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|  | Three Months Ended March 31,
(in millions) |  | 2025 |  | 2024
Expenditures for new development, including land |  | $ | 34.5 |  |  | $ | 49.6 |
Reposition expenditures |  | 20.0 |  |  | 24.8 |
Capital expenditures |  | 17.2 |  |  | 22.7 |
Direct real estate taxes and capitalized interest and other indirect costs |  | 6.7 |  |  | 9.0 |
Total |  | $ | 78.4 |  |  | $ | 106.1 |

Net cash provided by financing activities totaled approximately $133.3 million for the three months ended March 31, 2025 as compared to net cash used in financing activities of approximately $309.9 million during the same period in 2024. Cash inflows during the three months ended March 31, 2025 primarily related to net proceeds of approximately $425.8 million of borrowings from our commercial paper program. These inflows were partially offset by net payments of $178.0 million of borrowings from our unsecured revolving credit facility, and $113.5 million used for distributions to common shareholders and non-controlling interest holders. Cash outflows during the three months ended March 31, 2024 primarily related to the repayment of our $300 million unsecured term loan, and $250 million senior unsecured notes in January 2024. Cash outflows also related to $110.4 million used for distributions to common shareholders and non-controlling interest holders, and $45.7 million used for common share repurchases, partially offset by net proceeds of approximately $396.0 million from the issuance of $400.0 million senior unsecured notes in January 2024.
Financial Flexibility
We have a $1.2 billion unsecured revolving credit facility which matures in August 2026, with two options to extend the facility at our election for two consecutive six-month periods and to expand the facility up to three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rate on our unsecured revolving credit facility is based upon, at our option, (a) the daily or the one-, three-, or six-month Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%. Advances under our unsecured revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of March 31, 2025 and through the date of this filing.
Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our unsecured revolving credit facility, it does reduce the amount available. At March 31, 2025, we had outstanding letters of credit issued through our unsecured revolving credit facility totaling approximately $27.5 million and approximately $1.2 billion available under our unsecured revolving credit facility.
In February 2025, we established a commercial paper program under which we may issue short-term, unsecured Notes under the exemption from registration contained in Section (4)(a) of the Securities Act. Amounts available under the commercial paper program may be borrowed, repaid, and reborrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the commercial paper program at any time not to exceed $600 million. The Notes will have maturities of up to 397 days from the date of issue. The Notes will rank at least equally with all of the Company's other unsecured and unsubordinated indebtedness. The net proceeds of the issuances of the Notes are expected to be used for general corporate purposes, which may include property acquisitions and development in the ordinary course of business, capital expenditures, and working capital. We plan to use the unsecured revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. At March 31, 2025, we had $425.8 million outstanding under our commercial paper program.
In May 2023, we created 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 amount of up to $500.0 million, in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use proceeds from the sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities,
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funding for development activities, and financing for acquisitions. As of the date of this filing, we have not sold any shares or entered into any forward sales agreement and have common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under the 2023 ATM program.
We believe our ability to access capital markets is enhanced by our senior unsecured debt ratings by Moody's, Fitch, and Standard and Poor's, which are currently A3 with stable outlook, A- with stable outlook, and A- with stable outlook, respectively. We believe our ability to access capital markets is also enhanced by our ability to borrow on a secured basis from various institutions including banks, Fannie Mae, Freddie Mac, or life insurance companies. However, we may not be able to maintain our current credit ratings or borrow on an unsecured or secured basis in the future.
Future Cash Requirements and Contractual Obligations
One of our principal long-term liquidity requirements includes the repayment of maturing debt, including any future borrowings under our unsecured revolving credit facility. We believe scheduled repayments of debt are manageable with contractual debt maturities over the next 12 months totaling $437.7 million, of which $425.8 million relates to commercial paper notes. See Note 6. "Notes Payable," in the notes to Condensed Consolidated Financial Statements for a further discussion of our scheduled maturities.
As of March 31, 2025, we estimated the additional cost to complete the construction of four properties to be approximately $350.7 million. Of this amount, we expect to incur costs between approximately $128 million and $148 million during the remainder of 2025 and to incur the remaining costs during 2026 through 2028. Additionally, we expect to incur costs between approximately $60 million and $80 million related to the start of new development activities, between approximately $79 million and $83 million of reposition, redevelopment, repurpose, and revenue enhancing expenditures, and between approximately $96 million and $100 million of additional recurring capital expenditures.
We anticipate meeting our near-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility and through our commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM program, and other unsecured borrowings or secured mortgages. We continue to evaluate our portfolio and plan to continue our practice of selective dispositions as market conditions warrant and opportunities arise.
As a REIT, we are subject to a number of organizational and operational requirements, including a requirement to distribute current dividends to our shareholders equal to a minimum of 90% of our annual taxable income. In order to minimize paying income taxes, our general policy is to distribute at least 100% of our taxable income. In February 2025, our Board of Trust Managers declared a quarterly dividend of $1.05 per common share to our common shareholders of record as of March 31, 2025. The quarterly dividend was subsequently paid on April 17, 2025, and we paid equivalent amounts per unit to holders of the common operating partnership units. Assuming similar quarterly dividend distributions for the remainder of 2025, our annualized dividend rate would be $4.20 per share or unit.
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Critical Accounting Policies
Our critical accounting policies have not changed from the information reported in our Annual Report on Form 10-K for the year ended December 31, 2024.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
No material changes to our exposures to market risk have occurred since our Annual Report on Form 10-K for the year ended December 31, 2024.
Item 4. Controls and Procedures
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 President 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 Securities Exchange Act Rules 13a-15(e) and 15d-15(e). Based on the evaluation, the Chief Executive Officer and President and Chief Financial Officer concluded the disclosure controls and procedures as of the end of the period covered by this report are effective to ensure information required to be disclosed by us in our Exchange Act filings is accurately recorded, processed, summarized, and reported within the periods specified in the Securities and Exchange Commission's rules and forms and is accumulated and communicated to our management, including our Chief Executive Officer and President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Controls. There were no changes in our internal control over financial reporting (identified in connection with the evaluation required by paragraph (d) in Rules 13a-15 and 15d-15 under the Exchange Act) during our most recent fiscal quarter which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We incorporate by reference into this Item our litigation disclosures made in Note 10. "Commitments and Conting encies" to our Condensed Consolidated Financial Statements.
Item 1A. Risk Factors
There have been no material changes to the Risk Factors previously disclosed in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
There were no unregistered sales of our equity securities during the three months ended March 31, 2025.
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None
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Item 6. Exhibits

(a) Exhibits |  |
10.1 |  | Form of Commercial Paper Dealer Agreement between the Company, as issuer, and the applicable Dealer party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 26, 2025 (File No. 1-12110))
*31.1 |  | Certification pursuant to Rule 13a-14(a) of Chief Executive Officer dated May 2, 2025
*31.2 |  | Certification pursuant to Rule 13a-14(a) of Chief Financial Officer dated May 2, 2025
*32.1 |  | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002
*101.INS |  | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
*101.SCH |  | XBRL Taxonomy Extension Schema Document
*101.CAL |  | XBRL Taxonomy Extension Calculation Linkbase Document
*101.DEF |  | XBRL Taxonomy Extension Definition Linkbase Document
*101.LAB |  | XBRL Taxonomy Extension Label Linkbase Document
*101.PRE |  | XBRL Taxonomy Extension Presentation Linkbase Document
*104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by the undersigned thereunto duly authorized.

|  | CAMDEN PROPERTY TRUST
/s/ Michael P. Gallagher |  | May 2, 2025
Michael P. Gallagher |  | Date
Senior Vice President – Chief Accounting Officer |  |

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