Camden Property Trust (CPT) 10-Q4 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2023	Jul. 28, 2023
Document And Entity Information [Abstract]
Title of 12(b) Security	Common Shares of Beneficial Interest, $.01 par value
Entity Incorporation, State or Country Code	TX
City Area Code	713
Entity Address, State or Province	TX
Entity Tax Identification Number	76-6088377
Entity Registrant Name	CAMDEN PROPERTY TRUST
Local Phone Number	354-2500
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Central Index Key	0000906345
Current Fiscal Year End Date	--12-31
Trading Symbol	CPT
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Entity File Number	1-12110
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		106,770,537
Entity Current Reporting Status	Yes
Security Exchange Name	NYSE
Entity Address, Address Line One	11 Greenway Plaza, Suite 2400
Entity Address, City or Town	Houston,
Entity Address, Postal Zip Code	77046
Common Stock, Shares, Outstanding	106,800,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Land	$ 1,727,182	$ 1,716,273
Buildings and improvements	10,848,837	10,674,619
Real estate assets, at cost, total	12,576,019	12,390,892
Accumulated depreciation	(4,113,095)	(3,848,111)
Net operating real estate assets	8,462,924	8,542,781
Properties under development, including land	516,543	524,981
Total real estate assets	8,979,467	9,067,762
Accounts receivable – affiliates	12,121	13,364
Other assets, net	239,958	229,371
Cash and cash equivalents	20,326	10,687
Restricted cash	8,531	6,751
Total assets	9,260,403	9,327,935
Liabilities
Unsecured notes payable	3,352,415	3,165,924
Secured notes payable	330,015	514,989
Accounts payable and accrued expenses	192,613	211,370
Accrued real estate taxes	93,642	95,551
Distributions payable	110,465	103,628
Other liabilities	189,711	179,552
Total liabilities	4,268,861	4,271,014
Commitments and contingencies (Note 11)
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 117,738 and 117,734 issued; 115,639 and 115,636 outstanding at June 30, 2023 and December 31, 2022, respectively	1,156	1,156
Additional paid-in capital	5,907,828	5,897,454
Distributions in excess of net income attributable to common shareholders	(666,218)	(581,532)
Treasury shares, at cost (8,868 and 9,090 common shares at June 30, 2023 and December 31, 2022, respectively)	(320,675)	(328,684)
Accumulated other comprehensive loss	(1,057)	(1,774)
Total common equity	4,921,034	4,986,620
Non-controlling interests	70,508	70,301
Total equity	4,991,542	5,056,921
Total liabilities and equity	$ 9,260,403	$ 9,327,935

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common shares, par value, per share	$ 0.01	$ 0.01
Common shares, authorized	175,000	175,000
Common shares, issued	117,738	117,734
Common shares, outstanding	115,639	115,636
Treasury Stock, Common, Shares	8,868	9,090

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property revenues
Property revenues	$ 385,499	$ 361,716	$ 763,662	$ 673,075
Property expenses
Property operating and maintenance	87,742	79,418	173,027	149,855
Real estate taxes	49,855	48,393	99,251	88,266
Total property expenses	137,597	127,811	272,278	238,121
Non-property income/(loss)
Fee and asset management	718	1,190	1,296	3,640
Interest and other income	431	662	493	2,793
Income/(loss) on deferred compensation plans	2,844	(14,678)	8,756	(22,175)
Total non-property income/(loss)	3,993	(12,826)	10,545	(15,742)
Other expenses
Property management	8,751	7,282	17,048	14,496
Fee and asset management	420	359	833	1,534
General and administrative	15,863	15,734	31,219	30,524
Interest	33,578	29,022	66,421	53,564
Depreciation and amortization	143,054	157,734	285,498	270,872
Expense/(benefit) on deferred compensation plans	2,844	(14,678)	8,756	(22,175)
Total other expenses	204,510	195,453	409,775	348,815
Gain (Loss) on Extinguishment of Debt	(2,513)	0	(2,513)	0
Gain on sale of operating property	48,919	0	48,919	36,372
Gain on acquisition of unconsolidated joint venture interests	0	474,146	0	474,146
Equity in income of joint ventures	0	0	0	3,048
Income from continuing operations before income taxes	93,791	499,772	138,560	583,963
Income tax expense	(851)	(886)	(2,001)	(1,476)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	92,940	498,886	136,559	582,487
Less income allocated to non-controlling interests	(1,841)	(1,571)	(3,543)	(4,427)
Net income attributable to common shareholders	$ 91,099	$ 497,315	$ 133,016	$ 578,060
Earnings per share – basic	$ 0.84	$ 4.59	$ 1.22	$ 5.41
Earnings per share – diluted	$ 0.84	$ 4.54	$ 1.22	$ 5.37
Weighted average number of common shares outstanding – basic	108,663	108,106	108,616	106,729
Weighted average number of common shares outstanding – diluted	109,392	109,745	108,636	108,393
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 92,940	$ 498,886	$ 136,559	$ 582,487
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	358	369	717	738
Comprehensive income	93,298	499,255	137,276	583,225
Less income allocated to non-controlling interests	(1,841)	(1,571)	(3,543)	(4,427)
Comprehensive income attributable to common shareholders	$ 91,457	$ 497,684	$ 133,733	$ 578,798

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands	Total	Common shares of beneficial interest	Additional paid-in capital	Distributions in excess of net income	Treasury shares, at cost	Accumulated other comprehensive (loss)/income	Non-controlling interests
Cash distributions declared to equity holders per common share	$ 1.88
Beginning balance at Dec. 31, 2021	$ 4,266,255	$ 1,126	$ 5,363,530	$ (829,453)	$ (333,974)	$ (3,739)	$ 68,765
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	582,487			578,060			4,427
Other comprehensive income	738					738
Proceeds from issuance of common shares	516,758	30	516,728
Net share awards	15,205		10,383		4,822
Employee share purchase plan	630		453		177
Cash distributions declared to equity holders	(204,491)			(201,472)			(3,019)
Other	(302)		(302)
Ending balance at Jun. 30, 2022	$ 5,177,280	1,156	5,890,792	(452,865)	(328,975)	(3,001)	70,173
Cash distributions declared to equity holders per common share	$ 0.94
Beginning balance at Mar. 31, 2022	$ 4,286,539	1,127	5,396,267	(848,074)	(329,521)	(3,370)	70,110
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	498,886			497,315			1,571
Other comprehensive income	369					369
Proceeds from issuance of common shares	490,593	29	490,564
Net share awards	4,275		3,906		369
Employee share purchase plan	496		319		177
Cash distributions declared to equity holders	(103,614)			(102,106)			(1,508)
Other	(264)		(264)
Ending balance at Jun. 30, 2022	$ 5,177,280	1,156	5,890,792	(452,865)	(328,975)	(3,001)	70,173
Cash distributions declared to equity holders per common share	$ 2
Beginning balance at Dec. 31, 2022	$ 5,056,921	1,156	5,897,454	(581,532)	(328,684)	(1,774)	70,301
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	136,559			133,016			3,543
Other comprehensive income	717					717
Proceeds from issuance of common shares	0
Net share awards	17,836		10,078		7,758
Employee share purchase plan	789		538		251
Conversion of operating partnership units to common shares	0		144				(144)
Cash distributions declared to equity holders	(220,894)			(217,702)			(3,192)
Other	(386)		(386)
Ending balance at Jun. 30, 2023	$ 4,991,542	1,156	5,907,828	(666,218)	(320,675)	(1,057)	70,508
Cash distributions declared to equity holders per common share	$ 1
Beginning balance at Mar. 31, 2023	$ 5,003,553	1,156	5,903,437	(648,457)	(321,431)	(1,415)	70,263
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	92,940			91,099			1,841
Other comprehensive income	358					358
Net share awards	4,862		4,357		505
Employee share purchase plan	671		420		251
Cash distributions declared to equity holders	(110,456)			(108,860)			(1,596)
Other	(386)		(386)
Ending balance at Jun. 30, 2023	$ 4,991,542	$ 1,156	$ 5,907,828	$ (666,218)	$ (320,675)	$ (1,057)	$ 70,508

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)		Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Cash flows from operating activities
Net income	$ 498,886		$ 136,559	$ 582,487
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			285,498	270,872
Loss on early retirement of debt	0		2,513	0
Gain on sale of operating property			(48,919)	(36,372)
Gain on acquisition of unconsolidated joint venture interests	(474,146)		0	(474,146)
Distributions of income from joint ventures			0	3,015
Equity in income of joint ventures	0	[1]	0	(3,048)	[1]
Share-based compensation			7,098	6,442
Net change in operating accounts and other			(16,107)	(18,616)
Net cash from operating activities			366,642	330,634
Cash flows from investing activities
Development and capital improvements, including land			(196,271)	(250,988)
Acquisition of joint venture interests, net of cash acquired			0	(1,066,051)
Proceeds from sale of operating property			60,359	70,536
Other			(3,784)	(8,001)
Net cash from investing activities			(139,696)	(1,254,504)
Cash flows from financing activities
Borrowings on unsecured revolving credit facility			934,000	560,000
Repayments on unsecured revolving credit facility			(499,000)	(510,000)
Repayment of notes payable, including prepayment penalties			(437,749)	0
Proceeds from issuance of common shares	490,593		0	516,758
Distributions to common shareholders and non-controlling interests			(214,011)	(189,638)
Other			1,233	6,428
Net cash from financing activities			(215,527)	383,548
Net increase/(decrease) in cash, cash equivalents, and restricted cash			11,419	(540,322)
Cash, cash equivalents, and restricted cash, beginning of period			17,438	618,980
Cash, cash equivalents, and restricted cash, end of period	78,658		28,857	78,658
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	72,095		20,326	72,095
Restricted cash	6,563		8,531	6,563
Total cash, cash equivalents, and restricted cash	$ 78,658		28,857	78,658
Supplemental information
Cash paid for interest, net of interest capitalized			65,103	51,941
Cash paid for income taxes			3,021	2,818
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid			110,465	103,621
Value of shares issued under benefit plans, net of cancellations			25,070	21,739
Conversion of operating partnership units to common shares			0
Accrual associated with construction and capital expenditures			22,342	23,262
Mortgage debt assumed			0	514,554
Other liabilities			0	$ 39,168
Conversion of operating partnership units to common shares			$ 0

[1]Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

Description of Business

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2023
Description of Business [Abstract]
Description of Business	1. Description of Business Business . Formed on May 25, 1993, Camden Property Trust ("CPT"), a Texas real estate investment trust ("REIT"), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of June 30, 2023, we owned interests in, operated, or were developing 177 multifamily properties comprised of 60,514 apartment homes across the United States. Of the 177 properties, five properties were under construction as of June 30, 2023, and will consist of a total of 1,553 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Recent Accounting Pronouncements	2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements Principles of Consolidation . Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, decision making authority, kick-out rights and participating rights. As of June 30, 2023, two of our consolidated operating partnerships were VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships. As of June 30, 2023, we held approximately 93% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships. Interim Financial Reporting . We have prepared these unaudited financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim unaudited financial statements should be read in conjunction with the audited financial statements and notes included in our 2022 Annual Report on Form 10-K. Acquisitions of Real Estate . Upon an acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition; the net carrying value of in-place leases are included in other assets, net, and the net carrying value of above or below market leases are included in other liabilities, net in our condensed consolidated balance sheets. We did not recognize amortization expense related to in-place leases or revenue related to net below-market leases during the three or six months ended June 30, 2023. We recognized amortization expense related to in-place leases of approximately $19.4 million and $25.6 million and recognized revenue related to net below-market leases of $3.4 million and $4.3 million for the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2022, the weighted average amortization periods for in-place leases were approximately nine months and eight months, respectively, and the weighted average amortization periods for net below-market leases were approximately eight months and seven months, respectively. Asset Impairment . Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant's perspective. We did not record any impairment charges for the three or six months ended June 30, 2023 or 2022. The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, and demand for multifamily communities. We have reviewed market trends and other marketplace information and incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated. We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect in our consolidated financial position and results of operations. Cost Capitalization . Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt and was approximately $5.0 million and $4.5 million for the three months ended June 30, 2023 and 2022, respectively, and was approximately $10.0 million and $8.5 million for the six months ended June 30, 2023 and 2022, respectively. Capitalized real estate taxes were approximately $0.8 million and $1.2 million for the three months ended June 30, 2023 and 2022, respectively, and were approximately $2.1 million and $2.5 million for the six months ended June 30, 2023 and 2022, respectively. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and certain activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are substantially completed, the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements. Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: Estimated Buildings and improvements 5-35 years Furniture, fixtures, equipment, and other 3-20 years Intangible assets/liabilities (in-place leases and above and below-market leases) underlying lease term Fair Value . For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3: Significant inputs to the valuation model are unobservable. Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis: Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments, excluding the value of Company shares, are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy. Non-Recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value when they are acquired, including the remeasurement of previously held ownership interests, using fair value methodologies described above at "Acquisitions of Real Estate," or if the long-lived assets are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy. Financial Instrument Fair Value Disclosures. As of June 30, 2023 and December 31, 2022, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and distributions payable represented fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Income Recognition . The majority of our revenues are derived from real estate lease contracts and presented as property revenues, and include rental revenue as well as revenue under contractual terms for other services provided to our customers. As a lessor, we have also elected practical expedients to: i) not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and ii) exclude from lease revenues the sales taxes collected from lessees and certain lessor costs paid directly by the lessee. Our other revenue streams include fee and asset management income in accordance with other revenue guidance, ASC 606, Revenues from Contracts with Customers . Details of our material revenue streams are discussed below: Property Revenues : We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets, which is our only underlying asset class. We recognize rental revenues from these lease contracts on a straight-line basis over the applicable lease term, net of amounts related to lease contracts identified as uncollectible. We also earn revenues under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new and separate contract which will be recognized at the time the option is exercised on a straight-line basis over the renewal period. As of June 30, 2023, our average residential lease term was approximately fourteen months with all non-residential commercial leases averaging longer lease terms. We currently anticipate property revenue from existing leases as follows: (in millions) Year ended December 31, Operating Leases Remainder of 2023 $ 561.0 2024 323.5 2025 4.1 2026 3.8 2027 3.3 Thereafter 9.3 Total $ 905.0 Credit Risk. In management’s opinion, there is no significant concentration of credit risk due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms.

Per Share Data

Per Share Data	6 Months Ended
Per Share Data	Jun. 30, 2023
Earnings Per Share [Abstract]
Per Share Data	3. Per Share Data Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards as well as units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sale agreement, if any, will be considered in our calculation for diluted earnings-per-share until settlement using the if-converted method. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.1 million and 1.8 million for the three and six months ended June 30, 2023, respectively, and approximately 0.1 million for each of the three and six months ended June 30, 2022. These securities, which include share awards granted and units convertible into common shares, are anti-dilutive and were therefore excluded from the diluted earnings per share calculations. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Earnings per common share calculation – basic Income from continuing operations attributable to common shareholders $ 91,099 $ 497,315 $ 133,016 $ 578,060 Amount allocated to participating securities (151) (740) (236) (900) Net income attributable to common shareholders – basic $ 90,948 $ 496,575 $ 132,780 $ 577,160 Total earnings per common share – basic $ 0.84 $ 4.59 $ 1.22 $ 5.41 Weighted average number of common shares outstanding – basic 108,663 108,106 108,616 106,729 Earnings per common share calculation – diluted Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 90,948 $ 496,575 $ 132,780 $ 577,160 Income allocated to common units from continuing operations 567 1,571 — 4,427 Net income attributable to common shareholders – diluted $ 91,515 $ 498,146 $ 132,780 $ 581,587 Total earnings per common share – diluted $ 0.84 $ 4.54 $ 1.22 $ 5.37 Weighted average number of common shares outstanding – basic 108,663 108,106 108,616 106,729 Incremental shares issuable from assumed conversion of: Share awards granted 4 33 20 58 Common units 725 1,606 — 1,606 Weighted average number of common shares outstanding – diluted 109,392 109,745 108,636 108,393

Common Shares

Common Shares	6 Months Ended
Common Shares	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Common Shares [Text Block]	4. Common Shares In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions. The 2023 ATM program also permits the use of forward sale agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of the applicable shares until a later date. If we enter into a forward sale agreement, we expect the applicable forward purchasers will borrow from third parties and, through the applicable sales agent acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the applicable agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller. We expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). As of the date of this filing, we have not sold any shares or entered into any forward sales agreement under this ATM program and have common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under this ATM program. In May 2022, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2022 ATM program"). In May 2023, we terminated the 2022 ATM program and did not sell any shares under this program. We have a share repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. As of the date of this filing, there were no repurchases and the dollar value of our common equity securities authorized to be repurchased under this program remains at $500.0 million.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
Acquisitions and Dispositions	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Acquisitions [Text Block]	5. Acquisitions and Dispositions Acquisition of Land. We did not acquire any land during the three or six months ended June 30, 2023. During the three months ended June 30, 2022, we acquired two parcels of land for future development purposes totaling approximately 42.6 acres in Charlotte, North Carolina for an aggregate cost of approximately $32.7 million, and approximately 3.8 acres of land in Nashville, Tennessee for approximately $30.5 million. During the six months ended June 30, 2023, we also acquired for future development purposes approximately 15.9 acres of land in Richmond, Texas for approximately $7.8 million. Asset Acquisition of Operating Properties. We did not acquire any operating properties during the three or six months ended June 30, 2023. On April 1, 2022, we purchased the remaining 68.7% ownership interests in two unconsolidated discretionary investment funds (collectively, "the Funds" or "the acquisition of the Funds") for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $515 million of existing secured mortgage debt of the Funds which remained outstanding. As a result of this acquisition, we now own 100% ownership interests in 22 multifamily communities comprised of 7,247 units located in Houston, Austin, Dallas, Tampa, Raleigh, Orlando, Washington D.C., Charlotte, and Atlanta. Prior to the acquisition, we accounted for our 31.3% ownership interests in each of these Funds in accordance with the equity method of accounting. We accounted for this transaction as an asset acquisition and remeasured our previously held 31.3% ownership interests in the Funds to fair value at the acquisition date. As a result of this remeasurement, we recognized a gain of approximately $474.1 million. Upon consolidation, the total consideration was allocated to assets and liabilities based on relative fair value, resulting in an increase in assets comprised of $2.1 billion of real estate assets, $44.0 million of in-place leases and $24.7 million of other assets and an increase in liabilities made up of $514.6 million of secured debt, $39.2 million of other liabilities, and approximately $7.6 million of net below market leases. Sale of Operating Property . In June 2023, we sold one operating property comprised of 138 apartment homes located in Costa Mesa, California for approximately $61.1 million and recognized a gain of approximately $48.9 million. During the six months ended June 30, 2022, we sold one operating property comprised of 245 apartment homes located in Largo, Maryland for approximately $71.9 million and recognized a gain of approximately $36.4 million. We did not sell any operating properties during the three months ended June 30, 2022.

Investments in Joint Ventures

Investments in Joint Ventures	6 Months Ended
Investments in Joint Ventures	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	6. Investments in Joint Ventures On April 1, 2022, the Company obtained 100% of the ownership interests in the Funds and consolidated the Funds as of the acquisition date, as discussed in Note 5, "Acquisitions and Dispositions," above. Prior to the acquisition, we held a 31.3% ownership interest in the Funds, and accounted for these investments under the equity method. The following table summarizes the statement of income data for the Funds for the period accounted for under the equity method. Three Months Ended Six Months Ended (in millions) 2022 (1) 2022 Total revenues $ — $ 37.2 Net income — 7.1 Equity in income (2) — 3.0 (1) We consolidated the operations of the Funds as of April 1, 2022 and therefore results are $0 for the three months ended June 30, 2022. (2) Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds. Prior to the acquisition of the Funds, we earned fees for property and asset management, construction, development, and other services related to the Funds, and we eliminated fee income for services provided to the Funds to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.7 million for the three months ended March 31, 2022. After the acquisition of the Funds on April 1, 2022, we no longer earned these fees.

Notes Payable

Notes Payable	6 Months Ended
Notes Payable	Jun. 30, 2023
Notes Payable [Abstract]
Notes Payable	7. Notes Payable The following is a summary of our indebtedness: (in millions) June 30, December 31, 2022 Commercial banks 6.35% Term Loan, due 2024 $ 39.9 $ 39.8 5.95% Term Loan, due 2024 300.0 300.0 5.88% Unsecured revolving credit facility 477.0 42.0 $ 816.9 $ 381.8 Senior unsecured notes 5.07% Notes, due 2023 — 249.8 4.36% Notes, due 2024 249.9 249.7 3.68% Notes, due 2024 249.5 249.2 3.74% Notes, due 2028 398.4 398.3 3.67% Notes, due 2029 (1) 595.8 595.5 2.91% Notes, due 2030 745.1 744.8 3.41% Notes, due 2049 296.8 296.8 $ 2,535.5 $ 2,784.1 Total unsecured notes payable $ 3,352.4 $ 3,165.9 Secured notes Master Credit Facilities 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 $ 291.3 $ 291.2 6.69% Variable Rate Notes, due 2026 — 166.2 6.99% Variable Rate Construction Note, due 2024 — 18.9 3.87% note, due 2028 38.7 38.7 Total secured notes payable $ 330.0 $ 515.0 Total notes payable (2) $ 3,682.4 $ 3,680.9 (1) The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%. (2) Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $15.5 million and $18.0 million are included in notes payable as of June 30, 2023 and December 31, 2022, respectively. We have a $300 million unsecured term loan facility which matures in August 2024, with one option to extend the facility at our election to August 2025, and a $1.2 billion unsecured revolving credit facility which matures in August 2026, with two options to extend the facility at our election for two consecutive six-month periods and to expand the facility up to three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rates on our unsecured revolving credit facility and term loan are based upon, at our option, (a) the daily or the one-, three-, or six-month Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%. Advances under our unsecured revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility and term loan are subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of June 30, 2023 and through the date of this filing. Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our unsecured revolving credit facility, it does reduce the amount available. At June 30, 2023, we had outstanding letters of credit totaling approximately $17.8 million, resulting in approximately $705.2 million available under our unsecured revolving credit facility. In May 2023, we utilized our unsecured revolving credit facility to retire our $185.2 million secured variable rate notes due in 2024 and 2026. As a result of the early repayments, we recorded a $2.5 million loss on early retirement of debt in our condensed consolidated statements of income and comprehensive income, which was comprised of approximately $1.7 million of prepayment penalties and fees and approximately $0.8 million for the write-off of applicable unamortized fair value adjustments. In June 2023, we utilized our unsecured revolving credit facility to repay the principal amount of our 5.07% senior unsecured note payable, which matured on June 15, 2023, for a total of $250.0 million, plus accrued interest. As a result of the acquisition of the Funds on April 1, 2022, we assumed secured mortgage loans and recorded an approximate $2.4 million fair value adjustment as a decrease to the note balances, which is being amortized over the respective debt terms as an increase to interest expense. Due to the repayment of the secured variable rate notes discussed above, approximately $0.8 million of the applicable unamortized fair value adjustment was written-off and expensed as part of the loss on the early retirement of debt. During the three and six months ended June 30, 2023, we also recorded amortization of the fair value adjustment of approximately $0.1 million and $0.3 million, respectively, and recorded approximately $0.1 million for each of the three and six months ended June 30, 2022. The remaining unamortized fair value adjustment at June 30, 2023 was approximately $0.9 million. We had outstanding floating rate debt of approximately $816.9 million and $274.9 million at June 30, 2023 and 2022, respectively. The weighted average interest rate on such debt was approximately 5.9% and 2.9% for the six months ended June 30, 2023 and 2022, respectively. Our indebtedness had a weighted average maturity of approximately 6.3 years at June 30, 2023. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at June 30, 2023: (in millions) (1) Amount (2) Weighted Average Interest Rate (3) Remainder of 2023 $ (1.4) — % 2024 537.6 4.2 2025 298.0 6.0 2026 22.1 4.0 2027 649.9 5.3 Thereafter 2,176.2 3.4 Total $ 3,682.4 4.1 % (1) Includes all available extension options. (2) Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments. (3) Includes the effects of the applicable settled forward interest rate swaps.

Derivative and Hedging Activiti

Derivative and Hedging Activities Derivative and Hedging Activities (Notes)	6 Months Ended
	Jun. 30, 2023
Derivatives [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	8. Derivative Financial Instruments and Hedging Activities Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments related to our borrowings. Cash Flow Hedges of Interest Rate Risk. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we periodically use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Designated Hedges. The gain or loss on derivatives designated and qualifying as cash flow hedges is reported as a component of other comprehensive income or loss, and subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings and is presented in the same line item as the earnings effect of the hedged item. At June 30, 2023 and 2022, we had no designated hedges outstanding. As of each of the three and six months ended June 30, 2023 and 2022, there were no unrealized gains or losses recognized in other comprehensive income related to derivative financial instruments. During each of the three months ended June 30, 2023 and 2022, approximately $0.3 million was reclassified from accumulated other comprehensive income (loss) as an increase to interest expense and approximately $0.7 million was reclassified from accumulated other comprehensive income (loss) as an increase to interest expense during each of the six months ended June 30, 2023 and 2022, for derivative financial instruments settled in prior periods.

Share-based Compensation and No

Share-based Compensation and Non-Qualified Deferred Compensation Plan	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-based Compensation and Non-Qualified Deferred Compensation Plan	9. Share-Based Compensation and Non-Qualified Deferred Compensation Plan Incentive Compensation. We currently maintain the 2018 Share Incentive Plan (the "2018 Share Plan"), which was approved by our shareholders. The shares available for awards under the 2018 Share Plan are, subject to certain other limits under the plan, generally available for any type of award authorized under the 2018 Share Plan including stock options, stock appreciation rights, restricted stock awards, stock bonuses and other stock-based awards. Persons eligible to receive awards under the 2018 Share Plan include our and our subsidiaries' officers and employees, Trust Managers, and certain of our and our subsidiaries' consultants and advisors. A total of 9.7 million shares ("Share Limit") was authorized under the 2018 Share Plan. Shares issued or to be issued are counted against the Share Limit as (1) 3.45 to 1.0 for every share award, excluding stock options and share appreciation rights, granted, and (2) 1.0 to 1.0 for every share of stock option or share appreciation right granted. As of June 30, 2023, there were approximately 5.2 million common shares available under the 2018 Share Plan, which would result in approximately 1.5 million shares which could be granted pursuant to full value awards conversion ratios as defined under the plan. Total compensation cost for share awards charged against income was approximately $4.0 million and $3.7 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $7.9 million and $7.0 million for the six months ended June 30, 2023 and 2022, respectively. Total capitalized compensation costs for share awards were approximately $1.5 million and $1.0 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $3.2 million and $2.0 million for the six months ended June 30, 2023 and 2022, respectively. A summary of activity under our share incentive plans for the six months ended June 30, 2023 is shown below: Nonvested Weighted Nonvested share awards outstanding at December 31, 2022 164,647 $ 132.99 Granted 219,250 117.02 Vested (183,645) 120.81 Forfeited (4,450) 131.75 Total nonvested share awards outstanding at June 30, 2023 195,802 $ 126.56 Share Awards and Vesting . Share awards for employees generally vest over three years and are valued at the market value of the shares on the grant date. In the event the holder of the share awards attains at least age 65, and with respect to employees, also attain at least ten or more years of service ("Retirement Eligibility") before the term in which the awards are scheduled to

Net Change In Operating Account

Net Change In Operating Accounts	6 Months Ended
Net Change In Operating Accounts	Jun. 30, 2023
Increase (Decrease) in Operating Capital [Abstract]
Net Change in Operating Accounts	10. Net Change in Operating Accounts The effect of changes in the operating and other accounts on cash flows from operating activities is as follows: Six Months Ended (in thousands) 2023 2022 Change in assets: Other assets, net $ (7,249) $ (17,576) Change in liabilities: Accounts payable and accrued expenses (14,893) (19,172) Accrued real estate taxes (1,907) 14,302 Other liabilities 6,189 1,801 Other 1,753 2,029 Change in operating accounts and other $ (16,107) $ (18,616)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Construction Contracts . As of June 30, 2023, we estimated the total additional cost to complete the five properties currently under construction to be approximately $212.3 million. We expect to fund this amount through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM program, and other unsecured borrowings or secured mortgages. Litigation. We are subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which arise out of allegation of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management currently believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements. We have been named as a defendant in several cases alleging antitrust violations by a seller of revenue management software and owners and/or operators of multi-family housing, including us, which utilize this software. The complaints allege collusion among the defendants to fix rents in violation of Section 1 of the Sherman Act. The first case naming us was filed on November 10, 2022. On April 10, 2023, the U.S. Judicial Panel on Multidistrict Litigation consolidated more than 20 cases, including those filed against us, into a single action in the United States District Court for the Middle District of Tennessee. We believe these lawsuits are without merit and intend to vigorously defend the actions. At this stage of the proceedings, it is not possible to predict or determine the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision. Other Commitments and Contingencies . In the ordinary course of our business, we issue letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or we will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. We are then at risk under a real property acquisition contract, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract. At June 30, 2023, we had approximately $0.6 million of earnest money deposits for potential acquisitions of land which are included in other assets in our condensed consolidated balance sheet, of which approximately $0.5 million was non-refundable. Lease Commitments . Substantially all of our lessee operating leases, which are recorded within other liabilities in our condensed consolidated balance sheets, are related to office facility leases. We had no significant changes to our lessee lease commitments for the six months ended June 30, 2023. The lease and non-lease components, excluding short-term lease contracts with a duration of 12 months or less, are accounted for as a combined single component based upon the standalone price at the time the applicable lease is commenced and is recognized as a lease expense on a straight-line basis over the lease term. Most of our office facility leases include options to renew and generally are not included in the operating lease liabilities or right-of-use assets as they are not reasonably certain of being exercised. If an option to renew is exercised, it would be considered a separate contract and recognized based upon the standalone price at the time the option to renew is exercised. Variable lease payments which values are not known at lease commencement, such as executory costs of real estate taxes, property insurance, and common area maintenance, are expensed as incurred. Rental expense totaled approximately $0.9 million and $1.1 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $1.9 million and $2.1 million for the six months ended June 30, 2023 and 2022, respectively. The following is a summary of our maturities of our lease liabilities as of June 30, 2023: (in millions) Year ended December 31, Operating Leases Remainder of 2023 $ 1.7 2024 3.1 2025 2.3 2026 0.4 2027 0.1 Thereafter — Less: discount for time value (0.5) Lease liability as of June 30, 2023 $ 7.1

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we may be subject to federal and state income taxes for such year. In addition, we may not be able to requalify as a REIT for the four subsequent taxable years and may be subject to federal and state income taxes in those years as well. Historically, we have incurred only state and local income, franchise, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income taxes. Our consolidated operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level. We have recorded income, franchise, sales, and excise taxes in the condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2023 and 2022 as income tax expense. Income taxes for the three and six months ended June 30, 2023 primarily related to state income tax. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	13. Fair Value Measurements Recurring Fair Value Measurements. The following table presents information about our financial instruments measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 using the inputs and fair value hierarchy discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." Financial Instruments Measured at Fair Value on a Recurring Basis June 30, 2023 December 31, 2022 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Other Assets Deferred compensation plan investments (1) $ 126.9 $ — $ — $ 126.9 $ 120.7 $ — $ — $ 120.7 (1) Approximately $7.5 million and $3.6 million of participant cash was withdrawn from our deferred compensation plan investments during the six months ended June 30, 2023 and the year ended December 31, 2022, respectively. Non-Recurring Fair Value Disclosures. The nonrecurring fair value disclosure inputs under the fair value hierarchy are discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." We did not have any asset acquisitions of operating properties or impairments during the six months ended June 30, 2023. On April 1, 2022, we acquired the remaining 68.7% ownership interests in the Funds, which owned 22 multifamily communities. We consolidated these properties upon obtaining 100% ownership interests and recorded the real estate assets and identifiable above and below-market and in-place leases at their relative fair values based upon methods similar to those used by independent appraisers of income producing properties. Our previously held 31.3% equity interests in the Fund were also remeasured to fair value utilizing these same techniques and the fair value measurements associated with the valuation of these acquired assets represent Level 3 measurements within the fair value hierarchy. See Note 5, "Acquisitions and Dispositions" for further discussion about this acquisition. Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at June 30, 2023 and December 31, 2022, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." June 30, 2023 December 31, 2022 (in millions) Carrying Estimated Carrying Estimated Fixed rate notes payable $ 2,865.5 $ 2,579.8 $ 3,114.0 $ 2,806.1 Floating rate notes payable (1) 816.9 819.9 566.9 566.8 (1) Includes balances outstanding under our unsecured revolving credit facility at June 30, 2023 and December 31, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation. Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, decision making authority, kick-out rights and participating rights. As of June 30, 2023, two of our consolidated operating partnerships were VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships. As of June 30, 2023, we held approximately 93% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships.
Interim Financial Reporting	Interim Financial Reporting . We have prepared these unaudited financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim unaudited financial statements should be read in conjunction with the audited financial statements and notes included in our 2022 Annual Report on Form 10-K.
Acquisitions of Real Estate	Acquisitions of Real Estate . Upon an acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition; the net carrying value of in-place leases are included in other assets, net, and the net carrying value of above or below market leases are included in other liabilities, net in our condensed consolidated balance sheets. We did not recognize amortization expense related to in-place leases or revenue related to net below-market leases during the three or six months ended June 30, 2023. We recognized amortization expense related to in-place leases of approximately $19.4 million and $25.6 million and recognized revenue related to net below-market leases of $3.4 million and $4.3 million for the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2022, the weighted average amortization periods for in-place leases were approximately nine months and eight months, respectively, and the weighted average amortization periods for net below-market leases were approximately eight months and seven months, respectively.
Asset Impairment	Asset Impairment . Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant's perspective. We did not record any impairment charges for the three or six months ended June 30, 2023 or 2022. The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, and demand for multifamily communities. We have reviewed market trends and other marketplace information and incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated. We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect in our consolidated financial position and results of operations.
Cost Capitalization	Cost Capitalization . Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt and was approximately $5.0 million and $4.5 million for the three months ended June 30, 2023 and 2022, respectively, and was approximately $10.0 million and $8.5 million for the six months ended June 30, 2023 and 2022, respectively. Capitalized real estate taxes were approximately $0.8 million and $1.2 million for the three months ended June 30, 2023 and 2022, respectively, and were approximately $2.1 million and $2.5 million for the six months ended June 30, 2023 and 2022, respectively. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and certain activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are substantially completed, the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements. Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: Estimated Buildings and improvements 5-35 years Furniture, fixtures, equipment, and other 3-20 years Intangible assets/liabilities (in-place leases and above and below-market leases) underlying lease term
Fair Value	Fair Value . For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3: Significant inputs to the valuation model are unobservable. Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis: Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments, excluding the value of Company shares, are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy. Non-Recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value when they are acquired, including the remeasurement of previously held ownership interests, using fair value methodologies described above at "Acquisitions of Real Estate," or if the long-lived assets are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy. Financial Instrument Fair Value Disclosures. As of June 30, 2023 and December 31, 2022, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and distributions payable represented fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.
Income Recognition	Income Recognition . The majority of our revenues are derived from real estate lease contracts and presented as property revenues, and include rental revenue as well as revenue under contractual terms for other services provided to our customers. As a lessor, we have also elected practical expedients to: i) not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and ii) exclude from lease revenues the sales taxes collected from lessees and certain lessor costs paid directly by the lessee. Our other revenue streams include fee and asset management income in accordance with other revenue guidance, ASC 606, Revenues from Contracts with Customers . Details of our material revenue streams are discussed below: Property Revenues : We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets, which is our only underlying asset class. We recognize rental revenues from these lease contracts on a straight-line basis over the applicable lease term, net of amounts related to lease contracts identified as uncollectible. We also earn revenues under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new and separate contract which will be recognized at the time the option is exercised on a straight-line basis over the renewal period. As of June 30, 2023, our average residential lease term was approximately fourteen months with all non-residential commercial leases averaging longer lease terms. We currently anticipate property revenue from existing leases as follows: (in millions) Year ended December 31, Operating Leases Remainder of 2023 $ 561.0 2024 323.5 2025 4.1 2026 3.8 2027 3.3 Thereafter 9.3 Total $ 905.0 Credit Risk. In management’s opinion, there is no significant concentration of credit risk due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Expected useful lives of depreciable property	Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: Estimated Buildings and improvements 5-35 years Furniture, fixtures, equipment, and other 3-20 years Intangible assets/liabilities (in-place leases and above and below-market leases) underlying lease term
Revenue Recognition, Leases	We currently anticipate property revenue from existing leases as follows: (in millions) Year ended December 31, Operating Leases Remainder of 2023 $ 561.0 2024 323.5 2025 4.1 2026 3.8 2027 3.3 Thereafter 9.3 Total $ 905.0

Per Share Data (Tables)

Per Share Data (Tables)	6 Months Ended
Per Share Data (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Calculation Of Basic And Diluted Earnings Per Share	The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2023 2022 2023 2022 Earnings per common share calculation – basic Income from continuing operations attributable to common shareholders $ 91,099 $ 497,315 $ 133,016 $ 578,060 Amount allocated to participating securities (151) (740) (236) (900) Net income attributable to common shareholders – basic $ 90,948 $ 496,575 $ 132,780 $ 577,160 Total earnings per common share – basic $ 0.84 $ 4.59 $ 1.22 $ 5.41 Weighted average number of common shares outstanding – basic 108,663 108,106 108,616 106,729 Earnings per common share calculation – diluted Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 90,948 $ 496,575 $ 132,780 $ 577,160 Income allocated to common units from continuing operations 567 1,571 — 4,427 Net income attributable to common shareholders – diluted $ 91,515 $ 498,146 $ 132,780 $ 581,587 Total earnings per common share – diluted $ 0.84 $ 4.54 $ 1.22 $ 5.37 Weighted average number of common shares outstanding – basic 108,663 108,106 108,616 106,729 Incremental shares issuable from assumed conversion of: Share awards granted 4 33 20 58 Common units 725 1,606 — 1,606 Weighted average number of common shares outstanding – diluted 109,392 109,745 108,636 108,393

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	6 Months Ended
Investments in Joint Ventures (Tables)	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures	The following table summarizes the statement of income data for the Funds for the period accounted for under the equity method. Three Months Ended Six Months Ended (in millions) 2022 (1) 2022 Total revenues $ — $ 37.2 Net income — 7.1 Equity in income (2) — 3.0 (1) We consolidated the operations of the Funds as of April 1, 2022 and therefore results are $0 for the three months ended June 30, 2022. (2) Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
Notes Payable (Tables)	Jun. 30, 2023
Notes Payable [Abstract]
Summary Of Indebtedness	The following is a summary of our indebtedness: (in millions) June 30, December 31, 2022 Commercial banks 6.35% Term Loan, due 2024 $ 39.9 $ 39.8 5.95% Term Loan, due 2024 300.0 300.0 5.88% Unsecured revolving credit facility 477.0 42.0 $ 816.9 $ 381.8 Senior unsecured notes 5.07% Notes, due 2023 — 249.8 4.36% Notes, due 2024 249.9 249.7 3.68% Notes, due 2024 249.5 249.2 3.74% Notes, due 2028 398.4 398.3 3.67% Notes, due 2029 (1) 595.8 595.5 2.91% Notes, due 2030 745.1 744.8 3.41% Notes, due 2049 296.8 296.8 $ 2,535.5 $ 2,784.1 Total unsecured notes payable $ 3,352.4 $ 3,165.9 Secured notes Master Credit Facilities 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 $ 291.3 $ 291.2 6.69% Variable Rate Notes, due 2026 — 166.2 6.99% Variable Rate Construction Note, due 2024 — 18.9 3.87% note, due 2028 38.7 38.7 Total secured notes payable $ 330.0 $ 515.0 Total notes payable (2) $ 3,682.4 $ 3,680.9 (1) The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.
Scheduled Repayments On Outstanding Debt	The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at June 30, 2023: (in millions) (1) Amount (2) Weighted Average Interest Rate (3) Remainder of 2023 $ (1.4) — % 2024 537.6 4.2 2025 298.0 6.0 2026 22.1 4.0 2027 649.9 5.3 Thereafter 2,176.2 3.4 Total $ 3,682.4 4.1 % (1) Includes all available extension options. (2) Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments. (3) Includes the effects of the applicable settled forward interest rate swaps.

Share-based Compensation and _2

Share-based Compensation and Non-Qualified Deferred Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Summary of Share Incentive Plans	A summary of activity under our share incentive plans for the six months ended June 30, 2023 is shown below: Nonvested Weighted Nonvested share awards outstanding at December 31, 2022 164,647 $ 132.99 Granted 219,250 117.02 Vested (183,645) 120.81 Forfeited (4,450) 131.75 Total nonvested share awards outstanding at June 30, 2023 195,802 $ 126.56

Net Change in Operating Accou_2

Net Change in Operating Accounts (Tables)	6 Months Ended
Net Change in Operating Accounts (Tables)	Jun. 30, 2023
Increase (Decrease) in Operating Capital [Abstract]
Effect Of Changes In The Operating And Other Accounts On Cash Flows From Operating Activities	The effect of changes in the operating and other accounts on cash flows from operating activities is as follows: Six Months Ended (in thousands) 2023 2022 Change in assets: Other assets, net $ (7,249) $ (17,576) Change in liabilities: Accounts payable and accrued expenses (14,893) (19,172) Accrued real estate taxes (1,907) 14,302 Other liabilities 6,189 1,801 Other 1,753 2,029 Change in operating accounts and other $ (16,107) $ (18,616)

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies [Abstract]
Summary of Maturities of Lease Liabilities	The following is a summary of our maturities of our lease liabilities as of June 30, 2023: (in millions) Year ended December 31, Operating Leases Remainder of 2023 $ 1.7 2024 3.1 2025 2.3 2026 0.4 2027 0.1 Thereafter — Less: discount for time value (0.5) Lease liability as of June 30, 2023 $ 7.1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Financial Assets And Liabilities Measured At Fair Value	The following table presents information about our financial instruments measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 using the inputs and fair value hierarchy discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." Financial Instruments Measured at Fair Value on a Recurring Basis June 30, 2023 December 31, 2022 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Other Assets Deferred compensation plan investments (1) $ 126.9 $ — $ — $ 126.9 $ 120.7 $ — $ — $ 120.7
Fair Value Of Notes Payable	The following table presents the carrying and estimated fair values of our notes payable at June 30, 2023 and December 31, 2022, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." June 30, 2023 December 31, 2022 (in millions) Carrying Estimated Carrying Estimated Fixed rate notes payable $ 2,865.5 $ 2,579.8 $ 3,114.0 $ 2,806.1 Floating rate notes payable (1) 816.9 819.9 566.9 566.8 (1) Includes balances outstanding under our unsecured revolving credit facility at June 30, 2023 and December 31, 2022.

Description of Business (Detail

Description of Business (Details)	Jun. 30, 2023
Business Acquisition [Line Items]
Number of multifamily properties owned, operated, or under development	177
Total number of apartment homes in multifamily properties	60,514
Number of multifamily properties under development	5
Total Number of apartment homes in multifamily properties upon completion of development	1,553

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized interest	$ 5,000,000	$ 4,500,000	$ 10,000,000	$ 8,500,000
Capitalized real estate taxes	800,000	1,200,000	2,100,000	2,500,000
Remainder of 2023	561,000		561,000
2024	323,500		323,500
2025	4,100		4,100
2026	3,800		3,800
2027	3,300		3,300
Thereafter	9,300		9,300
Lessor, Operating Lease, Payments to be Received	$ 905,000		$ 905,000
Amortization of Intangible Assets		19,400,000		25,600,000
Amortization of Below Market Lease		$ 3,400,000		$ 4,300,000
Residential Leases [Member] \| Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of lease contract	14 months		14 months
Camden Operating L P [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Outstanding common limited partnership units, ownership interest			93%
General Partner of Consolidated Operating Partnerships, Ownership Interest			1%
Camden Summit Partnership L P [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Outstanding common limited partnership units, ownership interest			95%
General Partner of Consolidated Operating Partnerships, Ownership Interest			1%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Expected Useful Lives Of Depreciable Property) (Details)	6 Months Ended
	Jun. 30, 2023
Intangible assets/liabilities (in-place leases and above and below market leases)	underlying lease term
Minimum [Member] \| Buildings And Improvements [Member]
Estimated Useful Life (in years)	5 years
Minimum [Member] \| Furniture, Fixtures, Equipment, And Other [Member]
Estimated Useful Life (in years)	3 years
Maximum [Member] \| Buildings And Improvements [Member]
Estimated Useful Life (in years)	35 years
Maximum [Member] \| Furniture, Fixtures, Equipment, And Other [Member]
Estimated Useful Life (in years)	20 years

Per Share Data (Calculation Of

Per Share Data (Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Number of common share equivalent securities excluded from the diluted earnings per share calculation	1,100	100	1,800	100
Income from continuing operations attributable to common shareholders	$ 91,099	$ 497,315	$ 133,016	$ 578,060
Amount allocated to participating securities	(151)	(740)	(236)	(900)
Net income attributable to common shareholders – basic	$ 90,948	$ 496,575	$ 132,780	$ 577,160
Total earnings per common share – basic	$ 0.84	$ 4.59	$ 1.22	$ 5.41
Income allocated to common units from continuing operations	$ 567	$ 1,571	$ 0	$ 4,427
Net income attributable to common shareholders – diluted	$ 91,515	$ 498,146	$ 132,780	$ 581,587
Total earnings per common share – diluted	$ 0.84	$ 4.54	$ 1.22	$ 5.37
Weighted average number of common shares outstanding – basic	108,663	108,106	108,616	106,729
Incremental share awards granted	4	33	20	58
Incremental Common Units	725	1,606	0	1,606
Weighted average number of common shares outstanding – diluted	109,392	109,745	108,636	108,393

Common Shares (Narrative) (Deta

Common Shares (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	May 23, 2023	May 13, 2022	Aug. 04, 2023	Jun. 30, 2023	Dec. 31, 2022
Number of common and preferred stock authorized to issue				185,000
Common shares, authorized				175,000	175,000
Preferred shares, authorized				10,000
Common Stock, Shares, Outstanding				106,800
Preferred Stock, Shares Outstanding				0
2022 ATM program
Maximum aggregate offering price of common shares		$ 500
2023 ATM program
Maximum aggregate offering price of common shares	$ 500
2023 ATM program \| Subsequent Event [Member]
Maximum aggregate offering price of remaining common shares available for sale			$ 500
October 2022 Repurchase Plan
Treasury stock allowed for repurchase				$ 500
October 2022 Repurchase Plan \| Subsequent Event [Member]
Share Repurchase Program, Remaining Authorized Repurchase Amount			$ 500

Acquisitions and Dispositions (

Acquisitions and Dispositions (Narrative) (Details) $ in Thousands							3 Months Ended		6 Months Ended
	Jun. 29, 2023 USD ($)	Jun. 08, 2022 USD ($) a	Apr. 07, 2022 USD ($) a	Apr. 01, 2022 USD ($)	Mar. 24, 2022 USD ($)	Mar. 08, 2022 USD ($) a	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Gain on sale of operating property							$ 48,919	$ 0	$ 48,919	$ 36,372
Net Purchase Price of Operating Properties Acquired									0	1,066,051
Secured notes payable							330,015		330,015		$ 514,989
Gain on acquisition of unconsolidated joint venture interests							0	$ (474,146)	0	(474,146)
Real Estate Assets Total							8,979,467		8,979,467		9,067,762
Other Assets							$ 239,958		239,958		$ 229,371
Other liabilities									0	$ 39,168
The Funds
Number of Real Estate Properties				22
Number of Units in Real Estate Property				7,247
Number of joint ventures accounted for under equity method investments				2
Net Purchase Price of Operating Properties Acquired				$ 1,100,000
Secured notes payable				514,600
Gain on acquisition of unconsolidated joint venture interests				(474,100)
Real Estate Assets Total				2,100,000
Acquired-in-Place Leases				44,000
Other Assets				24,700
Other liabilities				39,200
Below Market Lease, Net				$ 7,600
Camden Long Meadow Farms
Area of Land \| a						15.9
Payments to Acquire Land						$ 7,800
Camden Ballyntine
Area of Land \| a			42.6
Payments to Acquire Land			$ 32,700
Camden Nations
Area of Land \| a		3.8
Payments to Acquire Land		$ 30,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| Camden Largo Town Center
Gain on sale of operating property									36,400
Number of Real Estate Properties					1
Number of Units in Real Estate Property					245
Proceeds from Sale of Property, Plant, and Equipment					$ 71,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| Camden Sea Palms
Gain on sale of operating property									$ 48,900
Number of Real Estate Properties	1
Number of Units in Real Estate Property	138
Proceeds from Sale of Property, Plant, and Equipment	$ 61,100

Investments in Joint Ventures_2

Investments in Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Apr. 01, 2022
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	$ 0	$ 0	$ 0	$ 3,048
Equity Method Investment, Ownership Percentage CPT					31.30%
Fees earned for property and asset management, construction, development, and other services to joint ventures		$ 1,700

Investments in Joint Ventures_3

Investments in Joint Ventures (Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022		Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Fees earned for property and asset management, construction, development, and other services to joint ventures		$ 1,700
Net income	$ 92,940	498,886		$ 136,559	$ 582,487
Income (Loss) from Equity Method Investments		0	[1]	$ 0	3,048	[1]
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule of Equity Method Investments [Line Items]
Revenues		0			37,200
Net income		$ 0			$ 7,100

[1]Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

Notes Payable (Summary Of Indeb

Notes Payable (Summary Of Indebtedness) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 01, 2023	Dec. 31, 2022
Unsecured notes payable		$ 3,352,415		$ 3,165,924
Secured notes payable		330,015		514,989
Total notes payable (2)	[1]	3,682,400		3,680,900
Commercial Banks [Member]
Unsecured notes payable		$ 816,900		381,800
Commercial Banks [Member] \| 6.35% Term Loan, due 2024
Debt Instrument, Maturity Date		Sep. 30, 2024
Notes payable, effective interest rate		6.35%
Unsecured notes payable		$ 39,900		39,800
Commercial Banks [Member] \| 5.95% Term Loan, due 2024
Debt Instrument, Maturity Date		Aug. 30, 2024
Notes payable, effective interest rate		5.95%
Unsecured notes payable		$ 300,000		300,000
Commercial Banks [Member] \| 5.88% Unsecured revolving credit facility
Notes payable, effective interest rate		5.88%
Unsecured notes payable		$ 477,000		42,000
Senior Unsecured Notes [Member]
Unsecured notes payable		$ 2,535,500		2,784,100
Senior Unsecured Notes [Member] \| 5.07% Notes Due 2023 [Member]
Debt Instrument, Maturity Date		Jun. 15, 2023
Notes payable, effective interest rate		5.07%
Unsecured notes payable		$ 0	$ 250,000	249,800
Senior Unsecured Notes [Member] \| 4.36% Notes Due 2024 [Member]
Debt Instrument, Maturity Date		Jan. 15, 2024
Notes payable, effective interest rate		4.36%
Unsecured notes payable		$ 249,900		249,700
Senior Unsecured Notes [Member] \| 3.68% Notes Due 2024 [Member]
Debt Instrument, Maturity Date		Sep. 15, 2024
Notes payable, effective interest rate		3.68%
Unsecured notes payable		$ 249,500		249,200
Senior Unsecured Notes [Member] \| 3.74% Notes Due 2028 [Member]
Debt Instrument, Maturity Date		Oct. 15, 2028
Notes payable, effective interest rate		3.74%
Unsecured notes payable		$ 398,400		398,300
Senior Unsecured Notes [Member] \| 3.67% Notes Due 2029 [Member]
Debt Instrument, Maturity Date		Jul. 01, 2029
Notes payable, effective interest rate		3.67%
Unsecured notes payable	[2]	$ 595,800		595,500
Senior Unsecured Notes [Member] \| 2.91% Notes, due 2030
Debt Instrument, Maturity Date		May 15, 2030
Notes payable, effective interest rate		2.91%
Unsecured notes payable		$ 745,100		744,800
Senior Unsecured Notes [Member] \| 3.41% Notes Due 2049 [Member]
Debt Instrument, Maturity Date		Nov. 01, 2049
Notes payable, effective interest rate		3.41%
Unsecured notes payable		$ 296,800		296,800
Secured Debt \| 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
Secured notes payable		$ 291,300		291,200
Secured Debt \| 6.69% Variable Rate Notes, due 2026
Notes payable, effective interest rate		6.69%
Secured notes payable		$ 0		166,200
Secured Debt \| 6.99% Variable Rate Construction Note, due 2024
Debt Instrument, Maturity Date		Jun. 20, 2024
Notes payable, effective interest rate		6.99%
Secured notes payable		$ 0		18,900
Secured Debt \| 3.87% note, due 2028
Debt Instrument, Maturity Date		Jan. 01, 2028
Notes payable, effective interest rate		3.87%
Secured notes payable		$ 38,700		$ 38,700
Minimum [Member] \| Secured Debt \| 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
Debt Instrument, Maturity Date		Oct. 01, 2026
Notes payable, effective interest rate		3.78%
Minimum [Member] \| Secured Debt \| 6.69% Variable Rate Notes, due 2026
Debt Instrument, Maturity Date		Apr. 01, 2026
Maximum [Member] \| Secured Debt \| 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
Debt Instrument, Maturity Date		Apr. 01, 2028
Notes payable, effective interest rate		4.04%
Maximum [Member] \| Secured Debt \| 6.69% Variable Rate Notes, due 2026
Debt Instrument, Maturity Date		Oct. 01, 2026

[1]Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $15.5 million and $18.0 million are included in notes payable as of June 30, 2023 and December 31, 2022, respectively.[2]The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands		1 Months Ended	3 Months Ended			6 Months Ended
Notes Payable (Narrative) (Details) $ in Thousands		Aug. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) yr		Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) yr		Jun. 30, 2022 USD ($)	May 31, 2023 USD ($)	Dec. 31, 2022 USD ($)		Apr. 01, 2022 USD ($)
Notes Payable	[1]		$ 3,682,400			$ 3,682,400				$ 3,680,900
Unamortized debt discounts and debt issuance costs			15,500			15,500				18,000
Unsecured Debt			$ 3,352,415			$ 3,352,415				3,165,924
Weighted Average Interest Rate	[2]		4.10%			4.10%
Weighted average maturity of indebtedness (including unsecured line of credit) (in years) \| yr			6.3			6.3
Secured notes payable			$ 330,015			$ 330,015				514,989
Debt Instrument, Unamortized Discount (Premium), Net			900			900						$ 2,400
Amortization of Debt Discount (Premium)			100		$ 100	300		$ 100
Available amount under unsecured credit facility			705,200			705,200
Payment for Debt Extinguishment or Debt Prepayment Cost						1,700
Gain (Loss) on Extinguishment of Debt			(2,513)		0	(2,513)		0
Letter Of Credit [Member]
Maximum Ability to Issue Letters of Credit Under Unsecured Credit Facility			50,000			50,000
Outstanding balance under credit facility			17,800			17,800
Commercial Banks [Member]
Unsecured Debt			816,900			816,900				381,800
Senior Unsecured Notes [Member]
Unsecured Debt			2,535,500			$ 2,535,500				2,784,100
5.88% Unsecured revolving credit facility
Maximum term of bid rate loans (days)						180 days
Lesser of amount stated or the amount available under the unsecured credit facility						$ 600,000
Line of Credit Facility, Increase (Decrease), Net		$ 300,000
5.88% Unsecured revolving credit facility \| September 2022 Credit Agreement
Maximum borrowing capacity under unsecured credit facility			1,200,000			1,200,000
5.88% Unsecured revolving credit facility \| Commercial Banks [Member]
Unsecured Debt			$ 477,000			$ 477,000				42,000
Notes payable, effective interest rate			5.88%			5.88%
Floating rate notes payable [Member]
Notes Payable			$ 816,900	[3]	$ 274,900	$ 816,900	[3]	$ 274,900		566,900	[3]
Weighted Average Interest Rate			5.90%		2.90%	5.90%		2.90%
6.35% Term Loan, due 2024 \| Commercial Banks [Member]
Unsecured Debt			$ 39,900			$ 39,900				$ 39,800
Debt Instrument, Maturity Date						Sep. 30, 2024
Notes payable, effective interest rate			6.35%			6.35%
Secured variable rate notes
Debt Instrument, Unamortized Discount									$ 800
Secured variable rate notes \| Secured Debt
Secured notes payable									$ 185,200
Gain (Loss) on Extinguishment of Debt						$ 2,500

[1]Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $15.5 million and $18.0 million are included in notes payable as of June 30, 2023 and December 31, 2022, respectively.[2]Includes the effects of the applicable settled forward interest rate swaps.[3]Includes balances outstanding under our unsecured revolving credit facility at June 30, 2023 and December 31, 2022

Notes Payable (Scheduled Repaym

Notes Payable (Scheduled Repayments On Outstanding Debt) (Details) $ in Millions	Jun. 30, 2023 USD ($)
2023	$ (1.4)
2024	537.6
2025	298
2026	22.1
2027	649.9	[1]
Thereafter	2,176.2
Total notes payable	$ 3,682.4	[2]
Weighted Average Interest Rate	4.10%	[3]
Maturities due in 2023
Weighted Average Interest Rate	0%
Maturities due in 2024
Weighted Average Interest Rate	4.20%
Maturities due in 2025
Weighted Average Interest Rate	6%
Maturities due in 2026
Weighted Average Interest Rate	4%
Maturities due in 2027
Weighted Average Interest Rate	5.30%	[1]
Maturities Due Thereafter
Weighted Average Interest Rate	3.40%

[1]Includes all available extension options.[2]Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments.[3]Includes the effects of the applicable settled forward interest rate swaps.

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	$ 0			$ 0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (300)	$ (300)	$ 700	$ 700

Share-based Compensation and _3

Share-based Compensation and Non-Qualified Deferred Compensation Plan (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares $ / shares	Jun. 30, 2022 USD ($) $ / shares	May 17, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares			$ 117.02	$ 161.91
Total compensation cost for option and share awards \| $	$ 4,000	$ 3,700	$ 7,900	$ 7,000
Total capitalized compensation cost for option and share awards \| $	1,500	$ 1,000	3,200	2,000
Share Awards and Vesting [Member]
Total unrecognized compensation cost which is expected to be amortized \| $	$ 19,400		$ 19,400
Expected amortized period of unrecognized compensation expected to be recognized for share-based compensation plans			3 years
Fair value of shares vested \| $			$ 22,200	$ 19,400
Maximum [Member] \| Share Awards and Vesting [Member]
Vesting period, years			3 years
Two Thousand Eighteen Share Incentive Plan [Member]
Total common shares available \| shares	5,200,000		5,200,000		9,700,000
Common shares To Full Value Award Conversion Ratio			3.45
Value Of Option Right Or Other Award In The Fungible Unit Conversion \| shares			1
Full Value award in the common share conversion ratio \| shares			1
Common shares which could be granted pursuant to full value awards \| shares	1,500,000		1,500,000

Share-based Compensation and _4

Share-based Compensation and Non-Qualified Deferred Compensation Plan (Summary Of Share Incentive Plans) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested share awards outstanding at December 31, 2021, Share Awards Outstanding	164,647
Granted, Share Awards Outstanding	219,250
Exercised/Vested, Share Awards Outstanding	(183,645)
Forfeited, Share Awards Outstanding	(4,450)
Nonvested share awards outstanding at June 30, 2022, Share Awards Outstanding	195,802
Nonvested share awards outstanding at December 31, 2021, Weighted Average Exercise/Grant Price	$ 132.99
Granted, Weighted Average Exercise/Grant Price	117.02	$ 161.91
Exercised/Vested, Weighted Average Exercise/Grant Price	120.81
Forfeited, Weighted Average Exercise/Grant Price	131.75
Nonvested share awards outstanding at June 30, 2022, Weighted Average Exercise/Grant Price	$ 126.56

Net Change in Operating Accou_3

Net Change in Operating Accounts (Effect Of Changes In The Operating Accounts On Cash Flows From Operating Activities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Operating Capital [Abstract]
Other assets, net	$ (7,249)	$ (17,576)
Accounts payable and accrued expenses	(14,893)	(19,172)
Accrued real estate taxes	(1,907)	14,302
Other liabilities	6,189	1,801
Other	1,753	2,029
Net change in operating accounts and other	$ (16,107)	$ (18,616)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended		6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Number of consolidated projects under construction	5		5
Anticipated expenditures relating to completion of construction type contracts	$ 212.3		$ 212.3
Operating Lease, Expense	0.9	$ 1.1	1.9	$ 2.1
Minimum Rental Commitments, Remainder of 2022	1.7		1.7
Minimum Rental Commitments, 2023	3.1		3.1
Minimum Rental Commitments, 2024	2.3		2.3
Minimum Rental Commitments, 2025	0.4		0.4
Minimum Rental Commitments, 2026	0.1		0.1
Minimum Rental Commitments, Thereafter	0		0
Less: interest	(0.5)		(0.5)
Operating lease liabilities	7.1		7.1
Earnest Money Deposits	0.6		0.6
earnest money deposits non-refundable	$ 0.5		$ 0.5

Income Taxes (Details)

Income Taxes (Details) $ in Millions	6 Months Ended
Income Taxes (Details) $ in Millions	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Annual dividends distribution percentage to shareholders to qualify as a REIT	90%
Significant temporary differences or tax credits associated with our taxable REIT subsidiaries	$ 0
Uncertain tax positions or unrecognized tax benefits	$ 0

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023		Dec. 31, 2022
Deferred compensation plan investments (1)		$ 126.9	[1]	$ 120.7
Participant Withdrawals From Deferred Compensation Plan Investments	$ 3.6	7.5
Level 1 [Member]
Deferred compensation plan investments (1)		126.9	[1]	120.7
Level 2 [Member]
Deferred compensation plan investments (1)		0	[1]	0
Level 3 [Member]
Deferred compensation plan investments (1)		$ 0	[1]	$ 0

[1]Approximately $7.5 million and $3.6 million of participant cash was withdrawn from our deferred compensation plan investments during the six months ended June 30, 2023 and the year ended December 31, 2022, respectively.

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Of Notes Payable) (Details) - USD ($) $ in Millions		Jun. 30, 2023		Dec. 31, 2022		Jun. 30, 2022
Carrying Value	[1]	$ 3,682.4		$ 3,680.9
Fixed rate notes payable
Carrying Value		2,865.5		3,114
Estimated Fair Value		2,579.8		2,806.1
Floating rate notes payable (1)
Carrying Value		816.9	[2]	566.9	[2]	$ 274.9
Estimated Fair Value	[2]	$ 819.9		$ 566.8

[1]Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $15.5 million and $18.0 million are included in notes payable as of June 30, 2023 and December 31, 2022, respectively.[2]Includes balances outstanding under our unsecured revolving credit facility at June 30, 2023 and December 31, 2022