Camden Property Trust Files 2023 Annual Report on Form 10-K

TL;DR

<b>Camden Property Trust filed its 2023 10-K, reporting $11.58 billion in assets and $9.09 million in net income.</b>

AI Summary

CAMDEN PROPERTY TRUST (CPT) filed a Annual Report (10-K) with the SEC on February 22, 2024. Camden Property Trust reported total assets of $11,576,082,431 as of December 31, 2023. The company's net income for the fiscal year ending December 31, 2023, was $9,089,926. Earnings per share (EPS) for the fiscal year 2023 were $3.76. Camden Property Trust's total debt was $117,734,479 as of December 31, 2023. The company's operating margin for the fiscal year 2023 was 35%.

Why It Matters

For investors and stakeholders tracking CAMDEN PROPERTY TRUST, this filing contains several important signals. The filing provides a comprehensive overview of Camden Property Trust's financial performance and position for the fiscal year 2023, including detailed asset and liability figures. Investors can analyze the company's profitability, debt levels, and operational efficiency through key metrics like net income, EPS, and operating margin presented in the report.

Risk Assessment

Risk Level: medium — CAMDEN PROPERTY TRUST shows moderate risk based on this filing. The company's financial health is subject to market fluctuations and interest rate changes, as indicated by the various debt maturity dates and interest rates listed in the filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess the impact of real estate market conditions and interest rate sensitivity on Camden Property Trust's future performance.

Key Numbers

• 11,576,082,431 — Total Assets (As of December 31, 2023)
• 9,089,926 — Net Income (Fiscal year ended December 31, 2023)
• 3.76 — EPS (Fiscal year ended December 31, 2023)
• 117,734,479 — Total Debt (As of December 31, 2023)
• 35 — Operating Margin (Fiscal year 2023)
• 106,968,937 — Shares Outstanding (As of December 31, 2023)
• 108.87 — Debt to Equity Ratio (As of December 31, 2023)
• 175,000,000 — Cash and Cash Equivalents (As of December 31, 2023)

Key Players & Entities

• CAMDEN PROPERTY TRUST (company) — Filer name
• CPT (company) — Ticker symbol
• 10-K (filing) — Form type
• 2023-12-31 (date) — Fiscal year end
• 2024-02-22 (date) — Filing date
• HOUSTON (location) — Business address city
• TX (location) — Business address state
• 77046 (postal_code) — Business address zip

FAQ

Risk Factors

• Interest Rate Risk [medium — financial]: The company's financial results are sensitive to changes in interest rates, which can affect borrowing costs and property values.
• Real Estate Market Conditions [high — market]: The performance of Camden Property Trust is significantly influenced by the overall health and conditions of the real estate market, including supply and demand dynamics.
• Property Operations and Management [medium — operational]: The company's ability to effectively manage and operate its properties impacts occupancy rates, rental income, and overall profitability.

Key Financial Figures

• $120 million — ct to incur costs between approximately $120 million and $130 million related to the constru
• $130 million — between approximately $120 million and $130 million related to the construction of four pro
• $40 million — ct to incur costs between approximately $40 million and $60 million related to the start of
• $60 million — s between approximately $40 million and $60 million related to the start of new development
• $90 million — pment activities, between approximately $90 million and $94 million related to repositions,
• $94 million — , between approximately $90 million and $94 million related to repositions, redevelopment,
• $101 million — expenditures and between approximately $101 million and $105 million of additional recurrin
• $105 million — between approximately $101 million and $105 million of additional recurring capital expendi

Filing Documents

• cpt-20231231.htm (10-K) — 3616KB
• cpt12312023-ex211.htm (EX-21.1) — 8KB
• cpt12312023-ex231.htm (EX-23.1) — 3KB
• cpt12312023-ex241.htm (EX-24.1) — 28KB
• cpt12312023-ex311.htm (EX-31.1) — 10KB
• cpt12312023-ex312.htm (EX-31.2) — 10KB
• cpt12312023-ex321.htm (EX-32.1) — 6KB
• cpt12312023-ex971.htm (EX-97.1) — 14KB
• cpt-20231231_g1.jpg (GRAPHIC) — 157KB
• 0000906345-24-000007.txt (&nbsp;) — 16208KB
• cpt-20231231.xsd (EX-101.SCH) — 116KB
• cpt-20231231_cal.xml (EX-101.CAL) — 65KB
• cpt-20231231_def.xml (EX-101.DEF) — 496KB
• cpt-20231231_lab.xml (EX-101.LAB) — 1002KB
• cpt-20231231_pre.xml (EX-101.PRE) — 651KB
• cpt-20231231_htm.xml (XML) — 2627KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 3

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 9

Cybersecurity

Item 1C. Cybersecurity 9

Properties

Item 2. Properties 9

Legal Proceedings

Item 3. Legal Proceedings 15

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 15 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16

Reserved

Item 6. Reserved 17

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 34

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 34

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 34

Controls and Procedures

Item 9A. Controls and Procedures 34

Other Information

Item 9B. Other Information 37

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 37

Executive Compensation

Item 11. Executive Compensation 37

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 37

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 37

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 37 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 37

Form 10-K Summary

Item 16. Form 10-K Summary 42

SIGNATURES

SIGNATURES 43 ii Table of C ontents PART I

Business

Item 1. Business General Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust ("REIT"), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Unless the context requires otherwise, "we," "our," "us," and the "Company" refer to Camden Property Trust and its consolidated subsidiaries. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. Our website is located at www.camdenliving.com and we make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (the "SEC"). We also make available free of charge on our website our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit; Compensation; and Nominating, Corporate Governance and Sustainability Committees. Copies are also available, without charge, from Investor Relations, 11 Greenway Plaza, Suite 2400, Houston, Texas 77046. References to our website in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on or available through our website and therefore such information should not be considered part of this report. Our annual, quarterly and current reports, proxy statements, and other information are electronically filed with the SEC. The SEC maintains a website (http://www.s

Risk Factors

Item 1A. Risk Factors In addition to the other information contained in this Form 10-K, the following risk factors should be considered carefully in evaluating our business. Our business, financial condition, or results of operations could be materially adversely affected by any of these risks. Risks Associated with Capital Markets, Credit Markets, and Real Estate Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us. The capital and credit markets are subject to volatility and disruption. Throughout 2023, in efforts to curb inflation, the Federal Reserve increased interest rates. Additionally, as a result of concerns about the recent deterioration in the financial markets, including the failures of banks during 2023, the cost of obtaining debt from credit and capital markets increased as many lenders increased interest rates, enacted tighter lending standards, and reduced and, in some cases ceased, to provide funding to borrowers. If we need to incur debt from a source other than our revolving credit facility, we cannot be certain the additional financing will be available to the extent required and on acceptable terms. If debt financing on acceptable terms is not available, we may be unable to fully execute our growth strategy, otherwise take advantage of business opportunities, or respond to competitive pressures, any of which could have a material adverse effect on our results of operations, financial condition (including liquidity), and our ability to make distributions to shareholders. Other weakened economic conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental rates and occupancy levels. Unfavorable changes in economic conditions may have a material adverse impact on our cash flows and operating results. Additio