{"id":728435,"date":"2023-02-02T16:38:11","date_gmt":"2023-02-02T21:38:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/camden-property-trust-announces-2022-operating-results-2023-financial-outlook-and-first-quarter-2023-dividend\/"},"modified":"2023-02-02T16:38:11","modified_gmt":"2023-02-02T21:38:11","slug":"camden-property-trust-announces-2022-operating-results-2023-financial-outlook-and-first-quarter-2023-dividend","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/camden-property-trust-announces-2022-operating-results-2023-financial-outlook-and-first-quarter-2023-dividend\/","title":{"rendered":"Camden Property Trust Announces 2022 Operating Results, 2023 Financial Outlook, and First Quarter 2023 Dividend"},"content":{"rendered":"

<\/p>\n

Camden Property Trust Announces 2022 Operating Results, 2023 Financial Outlook, and First Quarter 2023 Dividend<\/b><\/p>\n

HOUSTON–(BUSINESS WIRE<\/a>)–
\nCamden Property Trust (NYSE:CPT) (the “Company”) announced today operating results for the three and twelve months ended December 31, 2022. Net Income Attributable to Common Shareholders (\u201cEPS\u201d), Funds from Operations (\u201cFFO\u201d), and Adjusted Funds from Operations (\u201cAFFO\u201d) for the three and twelve months ended December 31, 2022 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.\n<\/p>\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nThree Months Ended\n<\/p>\n<\/td>\n

\n

\nTwelve Months Ended\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nDecember 31,\n<\/p>\n<\/td>\n

\n

\nDecember 31,\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPer Diluted Share\n<\/p>\n<\/td>\n

\n

\n2022\n<\/p>\n<\/td>\n

\n

\n2021\n<\/p>\n<\/td>\n

\n

\n2022\n<\/p>\n<\/td>\n

\n

\n2021\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEPS(1)(2)<\/sup><\/i><\/p>\n<\/td>\n

\n

\n$0.42\n<\/p>\n<\/td>\n

\n

\n$2.02\n<\/p>\n<\/td>\n

\n

\n$6.04\n<\/p>\n<\/td>\n

\n

\n$2.96\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFFO(1)<\/sup><\/i><\/p>\n<\/td>\n

\n

\n$1.74\n<\/p>\n<\/td>\n

\n

\n$1.51\n<\/p>\n<\/td>\n

\n

\n$6.59\n<\/p>\n<\/td>\n

\n

\n$5.39\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAFFO(1)<\/sup><\/i><\/p>\n<\/td>\n

\n

\n$1.48\n<\/p>\n<\/td>\n

\n

\n$1.30\n<\/p>\n<\/td>\n

\n

\n$5.76\n<\/p>\n<\/td>\n

\n

\n$4.68\n<\/p>\n<\/td>\n<\/tr>\n

\n

(1) For the twelve months ended<\/i> December 31, 2022<\/i>, EPS, FFO, and AFFO included approximately $0.01 per diluted share in storm-related expenses related to Hurricane Ian.<\/i><\/p>\n

(2) For the twelve months ended<\/i> December 31, 2022<\/i>, EPS included a non-cash gain on acquisition of unconsolidated joint venture interests of approximately $4.37 per diluted share.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nQuarterly Growth\n<\/p>\n<\/td>\n

\n

\nSequential Growth\n<\/p>\n<\/td>\n

\n

\nYear-To-Date Growth\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSame Property Results\n<\/p>\n<\/td>\n

\n

\n4Q22 vs. 4Q21\n<\/p>\n<\/td>\n

\n

\n4Q22 vs. 3Q22\n<\/p>\n<\/td>\n

\n

\n2022 vs. 2021\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues\n<\/p>\n<\/td>\n

\n

\n9.9%\n<\/p>\n<\/td>\n

\n

\n0.8%\n<\/p>\n<\/td>\n

\n

\n11.2%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpenses(1)<\/sup><\/i><\/p>\n<\/td>\n

\n

\n8.1%\n<\/p>\n<\/td>\n

\n

\n(3.9)%\n<\/p>\n<\/td>\n

\n

\n5.1%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Operating Income (“NOI”)(1)<\/sup><\/i><\/p>\n<\/td>\n

\n

\n10.9%\n<\/p>\n<\/td>\n

\n

\n3.3%\n<\/p>\n<\/td>\n

\n

\n14.6%\n<\/p>\n<\/td>\n<\/tr>\n

\n

(1) For the twelve months ended December 31, 2022, same property results exclude approximately $1.0 million of storm-related expenses related to Hurricane Ian.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
\n

\nSame Property Results\n<\/p>\n<\/td>\n

\n

\n4Q22\n<\/p>\n<\/td>\n

\n

\n4Q21\n<\/p>\n<\/td>\n

\n

\n3Q22\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOccupancy\n<\/p>\n<\/td>\n

\n

\n95.8%\n<\/p>\n<\/td>\n

\n

\n97.1%\n<\/p>\n<\/td>\n

\n

\n96.6%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nFor 2022, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.\n<\/p>\n

Operating Statistics – Same Property Portfolio<\/span><\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n
\n

\nNew Lease and Renewal Data – Date Signed (1)<\/sup><\/i><\/p>\n<\/td>\n

\n

\nJanuary 2023*\n<\/p>\n<\/td>\n

\n

\nJanuary 2022\n<\/p>\n<\/td>\n

\n

\n4Q22\n<\/p>\n<\/td>\n

\n

\n4Q21\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNew Lease Rates\n<\/p>\n<\/td>\n

\n

\n2.0%\n<\/p>\n<\/td>\n

\n

\n16.5%\n<\/p>\n<\/td>\n

\n

\n4.0%\n<\/p>\n<\/td>\n

\n

\n16.7%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRenewal Rates\n<\/p>\n<\/td>\n

\n

\n7.3%\n<\/p>\n<\/td>\n

\n

\n13.5%\n<\/p>\n<\/td>\n

\n

\n8.4%\n<\/p>\n<\/td>\n

\n

\n14.2%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBlended Rates\n<\/p>\n<\/td>\n

\n

\n4.2%\n<\/p>\n<\/td>\n

\n

\n14.9%\n<\/p>\n<\/td>\n

\n

\n6.1%\n<\/p>\n<\/td>\n

\n

\n15.5%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNew Lease and Renewal Data – Date Effective (2)<\/sup><\/i><\/p>\n<\/td>\n

\n

\nJanuary 2023*\n<\/p>\n<\/td>\n

\n

\nJanuary 2022\n<\/p>\n<\/td>\n

\n

\n4Q22\n<\/p>\n<\/td>\n

\n

\n4Q21\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNew Lease Rates\n<\/p>\n<\/td>\n

\n

\n1.2%\n<\/p>\n<\/td>\n

\n

\n16.6%\n<\/p>\n<\/td>\n

\n

\n5.3%\n<\/p>\n<\/td>\n

\n

\n17.7%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRenewal Rates\n<\/p>\n<\/td>\n

\n

\n8.4%\n<\/p>\n<\/td>\n

\n

\n15.0%\n<\/p>\n<\/td>\n

\n

\n10.1%\n<\/p>\n<\/td>\n

\n

\n13.6%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBlended Rates\n<\/p>\n<\/td>\n

\n

\n4.8%\n<\/p>\n<\/td>\n

\n

\n15.8%\n<\/p>\n<\/td>\n

\n

\n7.6%\n<\/p>\n<\/td>\n

\n

\n15.7%\n<\/p>\n<\/td>\n<\/tr>\n

\n

*Data as of<\/i> January 30, 2023<\/i><\/p>\n

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.<\/i><\/p>\n

(2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

\nOccupancy and Turnover Data\n<\/p>\n<\/td>\n

\n

\nJanuary 2023*\n<\/p>\n<\/td>\n

\n

\nJanuary 2022\n<\/p>\n<\/td>\n

\n

\n4Q22\n<\/p>\n<\/td>\n

\n

\n4Q21\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOccupancy\n<\/p>\n<\/td>\n

\n

\n95.4%\n<\/p>\n<\/td>\n

\n

\n97.1%\n<\/p>\n<\/td>\n

\n

\n95.8%\n<\/p>\n<\/td>\n

\n

\n97.1%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAnnualized Gross Turnover\n<\/p>\n<\/td>\n

\n

\n42%\n<\/p>\n<\/td>\n

\n

\n43%\n<\/p>\n<\/td>\n

\n

\n44%\n<\/p>\n<\/td>\n

\n

\n42%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAnnualized Net Turnover\n<\/p>\n<\/td>\n

\n

\n34%\n<\/p>\n<\/td>\n

\n

\n37%\n<\/p>\n<\/td>\n

\n

\n37%\n<\/p>\n<\/td>\n

\n

\n36%\n<\/p>\n<\/td>\n<\/tr>\n

\n

*Data as of January 30, 2023<\/i><\/p>\n<\/td>\n

\n\n\n<\/tr>\n<\/table>\n

Development Activity<\/span><\/b><\/p>\n

\nDuring the quarter, construction was completed at Camden Atlantic in Plantation, FL and leasing continued at Camden Tempe II in Phoenix, AZ.\n<\/p>\n

\nDevelopment Communities – Construction Completed and Projects in Lease-Up ($ in millions)\n<\/p>\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n% Leased\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommunity Name\n<\/p>\n<\/td>\n

\n

\nLocation\n<\/p>\n<\/td>\n

\n

\nHomes\n<\/p>\n<\/td>\n

\n

\nCost\n<\/p>\n<\/td>\n

\n

\nas of 1\/30\/2023\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCamden Atlantic\n<\/p>\n<\/td>\n

\n

\nPlantation, FL\n<\/p>\n<\/td>\n

\n

\n269\n<\/p>\n<\/td>\n

\n

\n$100.2\n<\/p>\n<\/td>\n

\n

\n87%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nDevelopment Communities – Construction Ongoing ($ in millions)\n<\/p>\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n% Leased\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommunity Name\n<\/p>\n<\/td>\n

\n

\nLocation\n<\/p>\n<\/td>\n

\n

\nHomes\n<\/p>\n<\/td>\n

\n

\nEstimated Cost\n<\/p>\n<\/td>\n

\n

\nas of 1\/30\/2023\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCamden Tempe II\n<\/p>\n<\/td>\n

\n

\nTempe, AZ\n<\/p>\n<\/td>\n

\n

\n397\n<\/p>\n<\/td>\n

\n

\n$115.0\n<\/p>\n<\/td>\n

\n

\n50%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCamden NoDa\n<\/p>\n<\/td>\n

\n

\nCharlotte, NC\n<\/p>\n<\/td>\n

\n

\n387\n<\/p>\n<\/td>\n

\n

\n108.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCamden Durham\n<\/p>\n<\/td>\n

\n

\nDurham, NC\n<\/p>\n<\/td>\n

\n

\n420\n<\/p>\n<\/td>\n

\n

\n145.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCamden Village District\n<\/p>\n<\/td>\n

\n

\nRaleigh, NC\n<\/p>\n<\/td>\n

\n

\n369\n<\/p>\n<\/td>\n

\n

\n138.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCamden Woodmill Creek\n<\/p>\n<\/td>\n

\n

\nThe Woodlands, TX\n<\/p>\n<\/td>\n

\n

\n189\n<\/p>\n<\/td>\n

\n

\n75.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCamden Long Meadow Farms\n<\/p>\n<\/td>\n

\n

\nRichmond, TX\n<\/p>\n<\/td>\n

\n

\n188\n<\/p>\n<\/td>\n

\n

\n80.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,950\n<\/p>\n<\/td>\n

\n

\n$661.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Capital Markets Transactions<\/span><\/b><\/p>\n

\nDuring the quarter, the Company used the $300 million delayed draw unsecured term loan facility and borrowings from our existing unsecured credit facility to repay the principal amount of our 3.15% senior unsecured note payable which matured on December 15, 2022, for a total of $350.0 million, plus accrued interest. The current weighted average interest rate on our unsecured term loan facility and unsecured credit facility is 5.2%.\n<\/p>\n

Liquidity Analysis<\/span><\/b><\/p>\n

\nAs of December 31, 2022, Camden had nearly $1.2 billion of liquidity comprised of approximately $10.7 million in cash and cash equivalents, and over $1.1 billion of availability under its unsecured credit facility. At quarter-end, the Company had $306.7 million left to fund under its existing wholly-owned development pipeline.\n<\/p>\n

Earnings Guidance<\/span><\/b><\/p>\n

\nCamden provided initial earnings guidance for 2023 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for first quarter 2023 as detailed below. Expected EPS excludes gains, if any, from future real estate transactions.\n<\/p>\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1Q23\n<\/p>\n<\/td>\n

\n

\n2023\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPer Diluted Share\n<\/p>\n<\/td>\n

\n

\nRange\n<\/p>\n<\/td>\n

\n

\nRange\n<\/p>\n<\/td>\n

\n

\nMidpoint\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEPS\n<\/p>\n<\/td>\n

\n

\n$0.36 – $0.40\n<\/p>\n<\/td>\n

\n

\n$1.53 – $1.83\n<\/p>\n<\/td>\n

\n

\n$1.68\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFFO\n<\/p>\n<\/td>\n

\n

\n$1.63- $1.67\n<\/p>\n<\/td>\n

\n

\n$6.70 – $7.00\n<\/p>\n<\/td>\n

\n

\n$6.85\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nA reconciliation of 2023 FFO per share guidance as compared to 2022 actual results is detailed below.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

2022 FFO per share – actual<\/b><\/p>\n<\/td>\n

\n

$ 6.59<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n5% Same store NOI growth\n<\/p>\n<\/td>\n

\n

\n0.36\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdditional NOI from Fund acquisition\n<\/p>\n<\/td>\n

\n

\n0.26\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGrowth in other non-same store\/development communities\n<\/p>\n<\/td>\n

\n

\n0.16\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncreased interest expense\n<\/p>\n<\/td>\n

\n

\n(0.21)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n2022 Amortization of net below market leases – Fund acquisition\n<\/p>\n<\/td>\n

\n

\n(0.07)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n2022 Equity in income of joint ventures and management fees – Fund\n<\/p>\n<\/td>\n

\n

\n(0.07)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nHigher overhead expenses\n<\/p>\n<\/td>\n

\n

\n(0.06)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdditional shares outstanding for full year 2023\n<\/p>\n<\/td>\n

\n

\n(0.06)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther – 2022 Chirp earnout and 2022 disposition\n<\/p>\n<\/td>\n

\n

\n(0.05)\n<\/p>\n<\/td>\n<\/tr>\n

\n

2023 FFO per share – midpoint guidance<\/b><\/p>\n<\/td>\n

\n

$ 6.85<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2023\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSame Property Growth\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nRange\n<\/p>\n<\/td>\n

\n

\nMidpoint\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4.10% – 6.10%\n<\/p>\n<\/td>\n

\n

\n5.10%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpenses\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4.75% – 6.25%\n<\/p>\n<\/td>\n

\n

\n5.50%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNOI\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3.50% – 6.50%\n<\/p>\n<\/td>\n

\n

\n5.00%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nCamden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company\u2019s 2023 financial outlook including key assumptions for same property growth and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.\n<\/p>\n

Quarterly Dividend Declaration<\/span><\/b><\/p>\n

\nCamden’s Board of Trust Managers declared a first quarter 2023 dividend of $1.00 per common share payable on April 17, 2023 to shareholders of record as of March 31, 2023. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company’s past performance and future prospects, as described in this press release.\n<\/p>\n

Conference Call<\/span><\/b><\/p>\n

\nFriday, February 3, 2023 at 10:00 AM CT
\n
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061; Passcode: 2673669
\n
Webcast: https:\/\/investors.camdenliving.com<\/a><\/p>\n

\nThe Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.\n<\/p>\n

\nSupplemental financial information is available in the Investors section of the Company\u2019s website under Earnings Releases or by calling Camden\u2019s Investor Relations Department at (713) 354-2787.\n<\/p>\n

Forward-Looking Statements<\/span><\/b><\/p>\n

\nIn addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden operates, management’s beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company\u2019s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading \u201cRisk Factors\u201d in Camden\u2019s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today\u2019s press release represent management\u2019s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.\n<\/p>\n

About Camden<\/span><\/b><\/p>\n

\nCamden Property Trust, an S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 172 properties containing 58,702 apartment homes across the United States. Upon completion of 6 properties currently under development, the Company\u2019s portfolio will increase to 60,652 apartment homes in 178 properties. Camden has been recognized as one of the 100 Best Companies to Work For\u00ae by FORTUNE magazine for 15 consecutive years, most recently ranking #26. For additional information, please contact Camden\u2019s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com<\/a>.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

OPERATING RESULTS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

(In thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n\n<\/tr>\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three Months Ended December 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Twelve Months Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

OPERATING DATA<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Property revenues (a)<\/sup><\/b><\/p>\n<\/td>\n

\n

$375,909<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$305,364<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$1,422,756<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$1,143,585<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Property expenses (b)<\/sup><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty operating and maintenance\n<\/p>\n<\/td>\n

\n

\n81,233\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n67,343\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n315,737\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n267,703\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate taxes\n<\/p>\n<\/td>\n

\n

\n45,896\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n35,711\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n182,344\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n149,322\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal property expenses\n<\/p>\n<\/td>\n

\n

\n127,129\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n103,054\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n498,081\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n417,025\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Non-property income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFee and asset management\n<\/p>\n<\/td>\n

\n

\n931\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,815\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,188\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,532\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest and other income\n<\/p>\n<\/td>\n

\n

\n138\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n191\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,019\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,223\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome\/(loss) on deferred compensation plans\n<\/p>\n<\/td>\n

\n

\n8,813\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,186\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(19,637\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n14,369\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal non-property income\/(loss)\n<\/p>\n<\/td>\n

\n

\n9,882\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,192\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(11,430\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n26,124\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Other expenses<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty management\n<\/p>\n<\/td>\n

\n

\n7,373\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,139\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n28,601\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n26,339\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFee and asset management\n<\/p>\n<\/td>\n

\n

\n426\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,201\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,516\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,511\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGeneral and administrative\n<\/p>\n<\/td>\n

\n

\n15,887\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n14,940\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n60,413\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n59,368\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest\n<\/p>\n<\/td>\n

\n

\n30,668\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n24,582\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n113,424\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n97,297\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization\n<\/p>\n<\/td>\n

\n

\n147,271\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n116,503\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n577,020\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n420,692\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpense\/(benefit) on deferred compensation plans\n<\/p>\n<\/td>\n

\n

\n8,813\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,186\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(19,637\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n14,369\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal other expenses\n<\/p>\n<\/td>\n

\n

\n210,438\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n169,551\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n762,337\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n622,576\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of operating properties\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n174,384\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n36,372\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n174,384\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on acquisition of unconsolidated joint venture interests\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n474,146\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity in income of joint ventures\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,125\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,048\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,777\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Income from continuing operations before income taxes<\/b><\/p>\n<\/td>\n

\n

48,224<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

218,460<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

664,474<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

314,269<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense\n<\/p>\n<\/td>\n

\n

\n(753\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(601\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2,966\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(1,893\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Net income<\/b><\/p>\n<\/td>\n

\n

47,471<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

217,859<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

661,508<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

312,376<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess income allocated to non-controlling interests\n<\/p>\n<\/td>\n

\n

\n(1,762\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(4,961\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(7,895\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(8,469\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Net income attributable to common shareholders<\/b><\/p>\n<\/td>\n

\n

$45,709<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$212,898<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$653,613<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$303,907<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Net income<\/b><\/p>\n<\/td>\n

\n

$47,471<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$217,859<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$661,508<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$312,376<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Other comprehensive income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nUnrealized gain and unamortized prior service cost on post retirement obligation\n<\/p>\n<\/td>\n

\n

\n489\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n154\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n489\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n154\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation\n<\/p>\n<\/td>\n

\n

\n369\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n373\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,476\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,490\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Comprehensive income<\/b><\/p>\n<\/td>\n

\n

48,329<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

218,386<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

663,473<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

314,020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess income allocated to non-controlling interests\n<\/p>\n<\/td>\n

\n

\n(1,762\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(4,961\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(7,895\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(8,469\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Comprehensive income attributable to common shareholders<\/b><\/p>\n<\/td>\n

\n

$46,567<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$213,425<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$655,578<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$305,551<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

PER SHARE DATA<\/span><\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal earnings per common share – basic\n<\/p>\n<\/td>\n

\n

\n$0.42\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$2.03\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$6.07\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$2.97\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal earnings per common share – diluted\n<\/p>\n<\/td>\n

\n

\n0.42\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2.02\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6.04\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2.96\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Weighted average number of common shares outstanding:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic\n<\/p>\n<\/td>\n

\n

\n108,467\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n104,611\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n107,605\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n101,999\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted\n<\/p>\n<\/td>\n

\n

\n108,512\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n105,448\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n108,388\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n102,829\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
\n

(a)<\/i><\/p>\n<\/td>\n

\n\n

We elected to combine lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income. For the three months ended December 31, 2022, we recognized $375.9 million of property revenue which consisted of approximately $336.0 million of rental revenue and approximately $39.9 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. This compares to property revenue of $305.4 million recognized for the three months ended December 31, 2021, made up of approximately $271.4 million of rental revenue and approximately $34.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the twelve months ended December 31, 2022, we recognized $1,422.7 million of property revenue which consisted of approximately $1,265.9 million of rental revenue and approximately $156.8 million of amounts received under contractual terms for other services considered to be non-lease contracts. This compares to the $1,143.6 million of property revenue recognized for the twelve months ended December 31, 2021, made up of approximately $1,009.2 million of rental revenue and approximately $134.4 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $10.0 million and $8.3 million for the three months ended December 31, 2022 and 2021, respectively and was $37.5 million and $31.5 million for the twelve months ended December 31, 2022 and 2021, respectively.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

(b)<\/i><\/p>\n<\/td>\n

\n\n

For the twelve months ended December 31, 2022 expenses include approximately $1.0 million in storm-related expenses related to Hurricane Ian.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n
\n

\nNote: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

FUNDS FROM OPERATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

(In thousands, except per share and property data amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n\n<\/tr>\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three Months Ended December 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Twelve Months Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

FUNDS FROM OPERATIONS<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Net income attributable to common shareholders (a)<\/sup><\/b><\/p>\n<\/td>\n

\n

$45,709<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$212,898<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$653,613<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$303,907<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate depreciation and amortization\n<\/p>\n<\/td>\n

\n

\n144,105\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n114,007\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n565,913\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n410,767\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjustments for unconsolidated joint ventures\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,688\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,709\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,591\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome allocated to non-controlling interests\n<\/p>\n<\/td>\n

\n

\n1,762\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,961\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,895\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,469\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of operating property\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(174,384\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(36,372\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(174,384\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on acquisition of unconsolidated joint venture interests\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(474,146\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Funds from operations<\/b><\/p>\n<\/td>\n

\n

$191,576<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$160,170<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$719,612<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$559,350<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: recurring capitalized expenditures (b)<\/sup><\/p>\n<\/td>\n

\n

\n(29,033\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(22,398\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(90,715\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(73,603\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted funds from operations<\/b><\/p>\n<\/td>\n

\n

$162,543<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$137,772<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$628,897<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$485,747<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

PER SHARE DATA<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFunds from operations – diluted\n<\/p>\n<\/td>\n

\n

\n$1.74\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$1.51\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$6.59\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$5.39\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted funds from operations – diluted\n<\/p>\n<\/td>\n

\n

\n1.48\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1.30\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5.76\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4.68\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistributions declared per common share\n<\/p>\n<\/td>\n

\n

\n0.94\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.83\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3.76\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3.32\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Weighted average number of common shares outstanding:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFFO\/AFFO – diluted\n<\/p>\n<\/td>\n

\n

\n110,117\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n106,322\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n109,261\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n103,747\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

PROPERTY DATA<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal operating properties (end of period) (c)<\/sup><\/p>\n<\/td>\n

\n

\n172\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n171\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n172\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n171\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal operating apartment homes in operating properties (end of period) (c)<\/sup><\/p>\n<\/td>\n

\n

\n58,702\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n58,300\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n58,702\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n58,300\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal operating apartment homes (weighted average)\n<\/p>\n<\/td>\n

\n

\n58,621\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n51,313\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n56,566\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n50,479\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

(a)<\/i><\/p>\n<\/td>\n

\n\n

Net income attributable to common shareholders for the twelve months ended December 31, 2022 included approximately $1.0 million of storm-related expenses related to Hurricane Ian.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

(b)<\/i><\/p>\n<\/td>\n

\n\n

Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

(c)<\/i><\/p>\n<\/td>\n

\n\n

Includes joint ventures and properties held for sale, if any.<\/i><\/p>\n<\/td>\n<\/tr>\n

<\/tr>\n
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CAMDEN<\/b><\/td>\n\n

BALANCE SHEETS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n

(In thousands)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n\n\n\n<\/tr>\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Dec 31,
\n<\/b>
2022<\/b><\/p>\n<\/td>\n

\n

Sep 30,
\n<\/b>
2022<\/b><\/p>\n<\/td>\n

\n

Jun 30,
\n<\/b>
2022<\/b><\/p>\n<\/td>\n

\n

Mar 31,
\n<\/b>
2022<\/b><\/p>\n<\/td>\n

\n

Dec 31,
\n<\/b>
2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

ASSETS<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate assets, at cost\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLand\n<\/p>\n<\/td>\n

\n

\n$1,716,273\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$1,706,396\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$1,695,118\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$1,343,209\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$1,349,594\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBuildings and improvements\n<\/p>\n<\/td>\n

\n

\n10,674,619\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,574,820\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,440,037\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,651,674\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,624,734\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12,390,892\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12,281,216\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12,135,155\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,994,883\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,974,328\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccumulated depreciation\n<\/p>\n<\/td>\n

\n

\n(3,848,111\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(3,709,487\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(3,572,764\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(3,436,969\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(3,358,027\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet operating real estate assets\n<\/p>\n<\/td>\n

\n

\n8,542,781\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,571,729\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,562,391\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,557,914\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,616,301\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperties under development, including land\n<\/p>\n<\/td>\n

\n

\n524,981\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n529,076\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n581,844\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n488,100\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n474,739\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInvestments in joint ventures\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,181\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,730\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal real estate assets\n<\/p>\n<\/td>\n

\n

\n9,067,762\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,100,805\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,144,235\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,059,195\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,104,770\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts receivable \u2013 affiliates\n<\/p>\n<\/td>\n

\n

\n13,364\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,258\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,258\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13,258\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18,664\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther assets, net (a)<\/sup><\/p>\n<\/td>\n

\n

\n229,371\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n231,645\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n249,865\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n254,763\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n234,370\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents\n<\/p>\n<\/td>\n

\n

\n10,687\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n62,027\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n72,095\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,129,716\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n613,391\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestricted cash\n<\/p>\n<\/td>\n

\n

\n6,751\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,390\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,563\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,778\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,589\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal assets\n<\/p>\n<\/td>\n

\n

\n$9,327,935\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$9,414,125\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$9,486,016\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$8,462,710\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$7,976,784\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

LIABILITIES AND EQUITY<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLiabilities\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNotes payable\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nUnsecured\n<\/p>\n<\/td>\n

\n

\n$3,165,924\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,173,198\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,222,252\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,671,309\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,170,367\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSecured\n<\/p>\n<\/td>\n

\n

\n514,989\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n514,843\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n514,698\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts payable and accrued expenses\n<\/p>\n<\/td>\n

\n

\n211,370\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n212,558\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n195,070\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n169,973\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n191,651\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued real estate taxes\n<\/p>\n<\/td>\n

\n

\n95,551\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n125,210\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n86,952\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n36,988\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n66,673\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistributions payable\n<\/p>\n<\/td>\n

\n

\n103,628\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n103,620\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n103,621\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n100,880\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n88,786\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther liabilities (b)<\/sup><\/p>\n<\/td>\n

\n

\n179,552\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n176,334\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n186,143\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n197,021\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n193,052\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities\n<\/p>\n<\/td>\n

\n

\n4,271,014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,305,763\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,308,736\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,176,171\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,710,529\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommon shares of beneficial interest\n<\/p>\n<\/td>\n

\n

\n1,156\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,156\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,156\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,127\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,126\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdditional paid-in capital\n<\/p>\n<\/td>\n

\n

\n5,897,454\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,893,623\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,890,792\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,396,267\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,363,530\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDistributions in excess of net income attributable to common shareholders\n<\/p>\n<\/td>\n

\n

\n(581,532\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(525,127\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(452,865\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(848,074\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(829,453\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTreasury shares\n<\/p>\n<\/td>\n

\n

\n(328,684\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(329,027\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(328,975\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(329,521\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(333,974\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccumulated other comprehensive loss (c)<\/sup><\/p>\n<\/td>\n

\n

\n(1,774\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(2,632\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(3,001\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(3,370\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(3,739\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal common equity\n<\/p>\n<\/td>\n

\n

\n4,986,620\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,037,993\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,107,107\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,216,429\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,197,490\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-controlling interests\n<\/p>\n<\/td>\n

\n

\n70,301\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n70,369\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n70,173\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n70,110\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n68,765\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal equity\n<\/p>\n<\/td>\n

\n

\n5,056,921\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,108,362\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,177,280\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,286,539\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,266,255\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities and equity\n<\/p>\n<\/td>\n

\n

\n$9,327,935\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$9,414,125\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$9,486,016\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$8,462,710\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$7,976,784\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

(a) Includes net deferred charges of:<\/i><\/p>\n<\/td>\n

\n

$8,413<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$8,961<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$307<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$693<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$969<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

(b) Includes deferred revenues of:<\/i><\/p>\n<\/td>\n

\n

$304<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$331<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$358<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$384<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$334<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

DEFINITIONS & RECONCILIATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

(In thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n

\nThis document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT’s performance. Camden’s definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.\n<\/p>\n

FFO<\/span><\/b><\/p>\n

\nThe National Association of Real Estate Investment Trusts (\u201cNAREIT\u201d) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America (“GAAP”)), excluding depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, 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 or losses on dispositions of depreciable real estate, and depreciation, FFO can assist in the comparison of the operating performance of a company\u2019s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:\n<\/p>\n

Adjusted FFO<\/span><\/b><\/p>\n

\nIn addition to FFO, we compute Adjusted FFO (“AFFO”) as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. 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. A reconciliation of FFO to AFFO is provided below:\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three Months Ended December 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Twelve Months Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to common shareholders\n<\/p>\n<\/td>\n

\n

\n$45,709\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$212,898\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$653,613\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$303,907\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate depreciation and amortization\n<\/p>\n<\/td>\n

\n

\n144,105\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n114,007\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n565,913\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n410,767\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjustments for unconsolidated joint ventures\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,688\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,709\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,591\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome allocated to non-controlling interests\n<\/p>\n<\/td>\n

\n

\n1,762\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,961\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,895\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,469\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of operating property\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(174,384\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(36,372\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(174,384\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on acquisition of unconsolidated joint venture interests\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(474,146\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Funds from operations<\/b><\/p>\n<\/td>\n

\n

$191,576<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$160,170<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$719,612<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$559,350<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: recurring capitalized expenditures\n<\/p>\n<\/td>\n

\n

\n(29,033\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(22,398\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(90,715\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(73,603\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted funds from operations<\/b><\/p>\n<\/td>\n

\n

$162,543<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$137,772<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$628,897<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$485,747<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average number of common shares outstanding:\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEPS diluted\n<\/p>\n<\/td>\n

\n

\n108,512\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n105,448\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n108,388\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n102,829\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFFO\/AFFO diluted\n<\/p>\n<\/td>\n

\n

\n110,117\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n106,322\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n109,261\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n103,747\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three Months Ended December 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Twelve Months Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Earnings Per Common Share – Diluted\n<\/p>\n<\/td>\n

\n

\n$0.42\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$2.02\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$6.04\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$2.96\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate depreciation and amortization\n<\/p>\n<\/td>\n

\n

\n1.31\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1.07\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5.16\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3.96\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjustments for unconsolidated joint ventures\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.03\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.02\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.09\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome allocated to non-controlling interests\n<\/p>\n<\/td>\n

\n

\n0.01\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.03\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.04\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.06\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on sale of operating property\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1.64\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(0.33\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(1.68\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGain on acquisition of unconsolidated joint venture interests\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4.34\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

FFO per common share – Diluted<\/b><\/p>\n<\/td>\n

\n

$1.74<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$1.51<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$6.59<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$5.39<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: recurring capitalized expenditures\n<\/p>\n<\/td>\n

\n

\n(0.26\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(0.21\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(0.83\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(0.71\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

AFFO per common share – Diluted<\/b><\/p>\n<\/td>\n

\n

$1.48<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$1.30<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$5.76<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

$4.68<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

DEFINITIONS & RECONCILIATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

(In thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n

Expected FFO<\/span><\/b><\/p>\n

\nExpected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, from real estate transactions not sold as of quarter close due to the uncertain timing and extent of property dispositions and the resulting gains\/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:\n<\/p>\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

1Q23 Range<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2023 Range<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Low<\/b><\/p>\n<\/td>\n

\n

High<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Low<\/b><\/p>\n<\/td>\n

\n

High<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected earnings per common share – diluted\n<\/p>\n<\/td>\n

\n

\n$0.36\n<\/p>\n<\/td>\n

\n

\n$0.40\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$1.53\n<\/p>\n<\/td>\n

\n

\n$1.83\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected real estate depreciation and amortization\n<\/p>\n<\/td>\n

\n

\n1.26\n<\/p>\n<\/td>\n

\n

\n1.26\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5.12\n<\/p>\n<\/td>\n

\n

\n5.12\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected income allocated to non-controlling interests\n<\/p>\n<\/td>\n

\n

\n0.01\n<\/p>\n<\/td>\n

\n

\n0.01\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n0.05\n<\/p>\n<\/td>\n

\n

\n0.05\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected FFO per share – diluted\n<\/p>\n<\/td>\n

\n

\n$1.63\n<\/p>\n<\/td>\n

\n

\n$1.67\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$6.70\n<\/p>\n<\/td>\n

\n

\n$7.00\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNote: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Net Operating Income (NOI)<\/span><\/b><\/p>\n

\nNOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three months ended December 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Twelve months ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income\n<\/p>\n<\/td>\n

\n

\n$47,471\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$217,859\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$661,508\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$312,376\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Fee and asset management income\n<\/p>\n<\/td>\n

\n

\n(931\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(2,815\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(5,188\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(10,532\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Interest and other income\n<\/p>\n<\/td>\n

\n

\n(138\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(191\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3,019\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(1,223\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Income\/(loss) on deferred compensation plans\n<\/p>\n<\/td>\n

\n

\n(8,813\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(5,186\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n19,637\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(14,369\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Property management expense\n<\/p>\n<\/td>\n

\n

\n7,373\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,139\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n28,601\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n26,339\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Fee and asset management expense\n<\/p>\n<\/td>\n

\n

\n426\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,201\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,516\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,511\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: General and administrative expense\n<\/p>\n<\/td>\n

\n

\n15,887\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n14,940\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n60,413\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n59,368\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Interest expense\n<\/p>\n<\/td>\n

\n

\n30,668\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n24,582\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n113,424\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n97,297\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Depreciation and amortization expense\n<\/p>\n<\/td>\n

\n

\n147,271\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n116,503\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n577,020\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n420,692\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Expense\/(benefit) on deferred compensation plans\n<\/p>\n<\/td>\n

\n

\n8,813\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,186\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(19,637\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n14,369\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Gain on sale of operating properties\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(174,384\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(36,372\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(174,384\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Gain on acquisition of unconsolidated joint venture interests\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(474,146\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Equity in income of joint ventures\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3,125\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3,048\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(9,777\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Income tax expense\n<\/p>\n<\/td>\n

\n

\n753\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n601\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,966\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,893\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNOI\n<\/p>\n<\/td>\n

\n

\n$248,780\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$202,310\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$924,675\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$726,560\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n“Same Property” Communities\n<\/p>\n<\/td>\n

\n

\n$197,575\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$178,163\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$753,204\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$656,985\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-“Same Property” Communities\n<\/p>\n<\/td>\n

\n

\n48,713\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n20,238\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n164,621\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n51,041\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDevelopment and Lease-Up Communities\n<\/p>\n<\/td>\n

\n

\n1,025\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,255\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nHurricane Expenses\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(1,000\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther\n<\/p>\n<\/td>\n

\n

\n1,467\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,909\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,595\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18,526\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNOI\n<\/p>\n<\/td>\n

\n

\n$248,780\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$202,310\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$924,675\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$726,560\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

DEFINITIONS & RECONCILIATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

(In thousands, except per share amounts)<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n

Adjusted EBITDA<\/span><\/b><\/p>\n

\nAdjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on acquisition of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, loss on early retirement of debt, as well as income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three months ended December 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Twelve months ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to common shareholders\n<\/p>\n<\/td>\n

\n

\n$45,709\n<\/p>\n<\/td>\n

\n

\n$212,898\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$653,613\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$303,907\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Interest expense\n<\/p>\n<\/td>\n

\n

\n30,668\n<\/p>\n<\/td>\n

\n

\n24,582\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n113,424\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n97,297\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Depreciation and amortization expense\n<\/p>\n<\/td>\n

\n

\n147,271\n<\/p>\n<\/td>\n

\n

\n116,503\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n577,020\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n420,692\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Income allocated to non-controlling interests\n<\/p>\n<\/td>\n

\n

\n1,762\n<\/p>\n<\/td>\n

\n

\n4,961\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,895\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,469\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Income tax expense\n<\/p>\n<\/td>\n

\n

\n753\n<\/p>\n<\/td>\n

\n

\n601\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,966\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,893\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPlus: Hurricane expenses\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,000\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Gain on sale of operating properties\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n(174,384\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(36,372\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(174,384\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Gain on acquisition of unconsolidated joint venture interests\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(474,146\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Equity in income of joint ventures\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n(3,125\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3,048\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(9,777\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA\n<\/p>\n<\/td>\n

\n

\n$226,163\n<\/p>\n<\/td>\n

\n

\n$182,036\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$842,352\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$648,097\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAnnualized Adjusted EBITDA\n<\/p>\n<\/td>\n

\n

\n$904,652\n<\/p>\n<\/td>\n

\n

\n$728,144\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$842,352\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$648,097\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Net Debt to Annualized Adjusted EBITDA<\/span><\/b><\/p>\n

\nThe Company believes Net Debt to Annualized Adjusted EBITDA to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDA for the following periods:\n<\/p>\n

Net Debt:<\/span><\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Average monthly balance for the<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Average monthly balance for the<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three months ended December 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Twelve months ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nUnsecured notes payable\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,188,976\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,170,054\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,242,448\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,168,649\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSecured notes payable\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n514,940\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n386,096\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal debt\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,703,916\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,170,054\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,628,544\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,168,649\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLess: Cash and cash equivalents\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3,562\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(385,194\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(186,178\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n(329,967\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet debt\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,700,354\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$2,784,860\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,442,366\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$2,838,682\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Net Debt to Annualized Adjusted EBITDA:<\/span><\/b><\/p>\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three months ended December 31,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Twelve months ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2022<\/b><\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet debt\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,700,354\n<\/p>\n<\/td>\n

\n

\n$2,784,860\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$3,442,366\n<\/p>\n<\/td>\n

\n

\n$2,838,682\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAnnualized Adjusted EBITDA\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n904,652\n<\/p>\n<\/td>\n

\n

\n728,144\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n842,352\n<\/p>\n<\/td>\n

\n

\n648,097\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Debt to Annualized Adjusted EBITDA\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4.1x\n<\/p>\n<\/td>\n

\n

\n3.8x\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4.1x\n<\/p>\n<\/td>\n

\n

\n4.4x\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

CAMDEN<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2023 FINANCIAL OUTLOOK<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

AS OF FEBRUARY 2, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Earnings Guidance – Per Diluted Share<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpected FFO per share – diluted\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$6.70 – $7.00\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

“Same Property” Communities<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNumber of Units – 2023\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n48,463\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n2022 Base Net Operating Income\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$790 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Revenue Growth\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4.10% – 6.10%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal Expense Growth\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4.75% – $6.25%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Operating Income Growth\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3.50% – 6.50%\n<\/p>\n<\/td>\n<\/tr>\n

\n

Impact from 1% change in NOI Growth is approximately $0.072 \/ share<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

2023 Assumptions<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEarned-in Rent Growth as of December 31, 2022 & Loss to Lease Capture\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5.00%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDecember 2022 to December 2023 Assumed Market Rent Growth\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3.00%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOccupancy\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n95.7%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRental Income as a % of Property Revenues\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n89%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Income Growth\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1.50%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther Income as a % of Property Revenues\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty Tax Growth\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6.50%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty Tax as a % of Property Expenses\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n37%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInsurance Growth\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n12.50%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInsurance Growth as a % of Property Expenses\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Capitalized Expenditures<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRecurring\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$96 – $100 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue Enhancing Capex, Repositions, Redevelopment, and Repurposes (a)<\/sup><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$93 – $97 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon – Recurring Capital Expenditures\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$26 – $28 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Acquisitions\/Dispositions<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAcquisition Volume (consolidated on balance sheet)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$0 – $500 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDisposition Volume (consolidated on balance sheet)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$0 – $500 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Development<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDevelopment Starts (consolidated on balance sheet)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$250 – $600 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDevelopment Spend (consolidated on balance sheet)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$275 – $305 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Non-Property Income<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-Property Income\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$2 – $3 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

Includes: Fee and asset management income and interest and other income<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Corporate Expenses<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGeneral and Administrative Expenses\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$60 – $64 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty Management Expense\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$31 – $35 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFee and Asset Management Expense\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$1 – $2 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCorporate G&A Depreciation\/Amortization\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$12 – $14 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome Tax Expense\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$2 – $4 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Capital<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpensed Interest\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$135 – $139 million\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCapitalized Interest\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$19 – $21 million\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

(a)<\/i><\/p>\n<\/td>\n

\n\n

Capital expenditures that improve a community’s cash flow and competitive position, including kitchen and bath upgrades or other new amenities, additional leasable space, and our smart access solution.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n\n\u00a0<\/td>\n<\/tr>\n
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document. Additionally, please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230202005785\/en\/<\/a><\/span><\/p>\n

\nKim Callahan, 713-354-2549\n<\/p>\n

KEYWORDS:<\/b> United States North America Texas<\/p>\n

INDUSTRY KEYWORDS:<\/b> Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Camden Property Trust Announces 2022 Operating Results, 2023 Financial Outlook, and First Quarter 2023 Dividend HOUSTON–(BUSINESS WIRE)– Camden Property Trust (NYSE:CPT) (the “Company”) announced today operating results for the three and twelve months ended December 31, 2022. Net Income Attributable to Common Shareholders (\u201cEPS\u201d), Funds from Operations (\u201cFFO\u201d), and Adjusted Funds from Operations (\u201cAFFO\u201d) for the three and twelve months ended December 31, 2022 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release. \u00a0 Three Months Ended Twelve Months Ended \u00a0 December 31, December 31, Per Diluted Share 2022 2021 2022 2021 EPS(1)(2) $0.42 $2.02 $6.04 $2.96 FFO(1) $1.74 $1.51 $6.59 $5.39 AFFO(1) $1.48 $1.30 $5.76 $4.68 (1) For the … <\/p>\n

Continue reading “Camden Property Trust Announces 2022 Operating Results, 2023 Financial Outlook, and First Quarter 2023 Dividend”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-728435","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCamden Property Trust Announces 2022 Operating Results, 2023 Financial Outlook, and First Quarter 2023 Dividend - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/camden-property-trust-announces-2022-operating-results-2023-financial-outlook-and-first-quarter-2023-dividend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Camden Property Trust Announces 2022 Operating Results, 2023 Financial Outlook, and First Quarter 2023 Dividend - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Camden Property Trust Announces 2022 Operating Results, 2023 Financial Outlook, and First Quarter 2023 Dividend HOUSTON–(BUSINESS WIRE)– Camden Property Trust (NYSE:CPT) (the “Company”) announced today operating results for the three and twelve months ended December 31, 2022. 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