Camden Property Trust Q2 2024 10-Q Filing

TL;DR

CPT's Q2 10-Q is out - financials look steady, debt maturities managed.

AI Summary

Camden Property Trust (CPT) filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial metrics and debt maturities are presented, indicating the company's ongoing financial management and strategic positioning in the real estate market.

Why It Matters

This filing provides investors with crucial financial data and operational insights into Camden Property Trust's performance, impacting investment decisions and market perception.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 106,634,893 — Shares Outstanding (Indicates the total number of CPT shares available.)
• 175,000 — Number of Properties (Represents the scale of CPT's real estate portfolio.)
• 6.55 — Interest Rate (Likely a weighted average interest rate on debt or a specific debt instrument.)
• 11/3/2026 — Debt Maturity (Shows a significant upcoming debt obligation.)

Key Players & Entities

• Camden Property Trust (company) — Filer of the 10-Q
• 7133542500 (dollar_amount) — Business phone number
• 20240630 (date) — Period of report
• 20240802 (date) — Filing date

FAQ

Filing Documents

• cpt-20240630.htm (10-Q) — 1292KB
• cpt06302024-ex311.htm (EX-31.1) — 10KB
• cpt06302024-ex312.htm (EX-31.2) — 10KB
• cpt06302024-ex321.htm (EX-32.1) — 6KB
• 0000906345-24-000027.txt ( ) — 5976KB
• cpt-20240630.xsd (EX-101.SCH) — 48KB
• cpt-20240630_cal.xml (EX-101.CAL) — 56KB
• cpt-20240630_def.xml (EX-101.DEF) — 273KB
• cpt-20240630_lab.xml (EX-101.LAB) — 511KB
• cpt-20240630_pre.xml (EX-101.PRE) — 379KB
• cpt-20240630_htm.xml (XML) — 700KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 1

Financial Statements

Item 1 Financial Statements 1 Condensed Consolidated Balance Sheets (Unaudited) as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4 Controls and Procedures 33

OTHER INFORMATION

PART II OTHER INFORMATION 33

Legal Proceedings

Item 1 Legal Proceedings 33

Risk Factors

Item 1A Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3 Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 34

Other Information

Item 5 Other Information 34

SIGNATURES

SIGNATURES Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CAMDEN PROPERTY TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share amounts) June 30, 2024 December 31, 2023 Assets Real estate assets, at cost Land $ 1,716,515 $ 1,711,873 Buildings and improvements 11,148,312 10,993,390 $ 12,864,827 $ 12,705,263 Accumulated depreciation ( 4,582,440 ) ( 4,332,524 ) Net operating real estate assets $ 8,282,387 $ 8,372,739 Properties under development, including land 439,758 486,864 Total real estate assets $ 8,722,145 $ 8,859,603 Accounts receivable – affiliates 9,903 11,905 Other assets, net 245,625 244,182 Cash and cash equivalents 93,932 259,686 Restricted cash 7,969 8,361 Total assets $ 9,079,574 $ 9,383,737 Liabilities and equity Liabilities Notes Payable Unsecured $ 3,222,569 $ 3,385,309 Secured 330,241 330,127 Accounts payable and accrued expenses 212,247 222,599 Accrued real estate taxes 90,702 96,517 Distributions payable 113,506 110,427 Other liabilities 183,377 186,987 Total liabilities $ 4,152,642 $ 4,331,966 Commitments and contingencies ( Note 10 ) Equity Common shares of beneficial interest; $ 0.01 par value per share; 175,000,000 shares authorized; 117,737,731 and 117,737,712 issued; 115,690,365 and 115,640,369 outstanding at June 30, 2024 and December 31, 2023, respectively 1,157 1,156 Additional paid-in capital 5,924,608 5,914,868 Distributions in excess of net income attributable to common shareholders ( 710,633 ) ( 613,651 ) Treasury shares, at cost ( 9,097,234 and 8,859,556 common shares at June 30, 2024 and December 31, 2023, respectively) ( 359,975 ) ( 320,364 ) Accumulated other comprehensive gain/ (loss) 283 ( 1,252 ) Total common equity $ 4,855,440 $ 4,980,757 Non-controlling interests 71,492 71,014 Total equity $ 4,926,932 $ 5,051,771 Total liabilities and equity $ 9,079,574 $ 9,383,737 See Notes to Condensed Consolidated Financial Statements (Unaudited). 1 Table of Contents CAMDEN PROPERTY TRU

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View this 10-Q filing on SEC EDGAR