CAMDEN PROPERTY TRUST, 10-Q filed on 4/28/2023
Quarterly Report
v3.23.1
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2023
Apr. 21, 2023
Document And Entity Information [Abstract]    
Title of 12(b) Security Common Shares of Beneficial Interest, $.01 par value  
Entity Incorporation, State or Country Code TX  
City Area Code 713  
Entity Address, State or Province TX  
Entity Tax Identification Number 76-6088377  
Entity Registrant Name CAMDEN PROPERTY TRUST  
Local Phone Number 354-2500  
Entity Interactive Data Current Yes  
Document Quarterly Report true  
Document Transition Report false  
Entity Central Index Key 0000906345  
Current Fiscal Year End Date --12-31  
Trading Symbol CPT  
Entity Filer Category Large Accelerated Filer  
Document Type 10-Q  
Document Period End Date Mar. 31, 2023  
Entity File Number 1-12110  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   106,762,369
Entity Current Reporting Status Yes  
Security Exchange Name NYSE  
Entity Address, Address Line One 11 Greenway Plaza, Suite 2400  
Entity Address, City or Town Houston,  
Entity Address, Postal Zip Code 77046  
Common Stock, Shares, Outstanding 106,800,000  
v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets    
Land $ 1,722,881 $ 1,716,273
Buildings and improvements 10,778,795 10,674,619
Real estate assets, at cost, total 12,501,676 12,390,892
Accumulated depreciation (3,987,438) (3,848,111)
Net operating real estate assets 8,514,238 8,542,781
Properties under development, including land 515,134 524,981
Total real estate assets 9,029,372 9,067,762
Accounts receivable – affiliates 12,121 13,364
Other assets, net 226,394 229,371
Cash and cash equivalents 20,419 10,687
Restricted cash 6,863 6,751
Total assets 9,295,169 9,327,935
Liabilities    
Unsecured notes payable 3,232,682 3,165,924
Secured notes payable 515,134 514,989
Accounts payable and accrued expenses 191,468 211,370
Accrued real estate taxes 48,084 95,551
Distributions payable 110,444 103,628
Other liabilities 193,804 179,552
Total liabilities 4,291,616 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; 115,652 and 115,636 outstanding at March 31, 2023 and December 31, 2022, respectively 1,156 1,156
Additional paid-in capital 5,903,437 5,897,454
Distributions in excess of net income attributable to common shareholders (648,457) (581,532)
Treasury shares, at cost (8,889 and 9,090 common shares at March 31, 2023 and December 31, 2022, respectively) (321,431) (328,684)
Accumulated other comprehensive loss (1,415) (1,774)
Total common equity 4,933,290 4,986,620
Non-controlling interests 70,263 70,301
Total equity 5,003,553 5,056,921
Total liabilities and equity $ 9,295,169 $ 9,327,935
v3.23.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Mar. 31, 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 115,652 115,636
Treasury Stock, Common, Shares 8,889 9,090
v3.23.1
Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Property revenues    
Property revenues $ 378,163 $ 311,359
Property expenses    
Property operating and maintenance 85,285 70,437
Real estate taxes 49,396 39,873
Total property expenses 134,681 110,310
Non-property income/(loss)    
Fee and asset management 578 2,450
Interest and other income 62 2,131
Income/(loss) on deferred compensation plans 5,912 (7,497)
Total non-property income/(loss) 6,552 (2,916)
Other expenses    
Property management 8,297 7,214
Fee and asset management 413 1,175
General and administrative 15,356 14,790
Interest 32,843 24,542
Depreciation and amortization 142,444 113,138
Expense/(benefit) on deferred compensation plans 5,912 (7,497)
Total other expenses 205,265 153,362
Gain on sale of operating property 0 36,372
Equity in income of joint ventures 0 3,048
Income from continuing operations before income taxes 44,769 84,191
Income tax expense (1,150) (590)
Net income 43,619 83,601
Less income allocated to non-controlling interests (1,702) (2,856)
Net income attributable to common shareholders $ 41,917 $ 80,745
Earnings per share – basic $ 0.39 $ 0.77
Earnings per share – diluted $ 0.39 $ 0.76
Weighted average number of common shares outstanding – basic 108,568 105,336
Weighted average number of common shares outstanding – diluted 108,604 106,152
Condensed Consolidated Statements of Comprehensive Income    
Net income $ 43,619 $ 83,601
Other comprehensive income    
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 359 369
Comprehensive income 43,978 83,970
Less income allocated to non-controlling interests (1,702) (2,856)
Comprehensive income attributable to common shareholders $ 42,276 $ 81,114
v3.23.1
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 $ 0.94            
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 83,601     80,745     2,856
Other comprehensive income 369         369  
Common shares issued 26,165 1 26,164        
Net share awards 10,930   6,477   4,453    
Employee share purchase plan 134   134        
Cash distributions declared to equity holders (100,877)     (99,366)     (1,511)
Other (38)   (38)        
Ending balance at Mar. 31, 2022 $ 4,286,539 1,127 5,396,267 (848,074) (329,521) (3,370) 70,110
Cash distributions declared to equity holders per common share $ 1.00            
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 43,619     41,917     1,702
Other comprehensive income 359         359  
Common shares issued 0            
Net share awards 12,974   5,721   7,253    
Employee share purchase plan 118   118        
Conversion of operating partnership units to common shares 0   144       (144)
Cash distributions declared to equity holders (110,438)     (108,842)     (1,596)
Ending balance at Mar. 31, 2023 $ 5,003,553 $ 1,156 $ 5,903,437 $ (648,457) $ (321,431) $ (1,415) $ 70,263
v3.23.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 43,619 $ 83,601
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 142,444 113,138
Gain on sale of operating property 0 (36,372)
Distributions of income from joint ventures 0 3,015
Equity in income of joint ventures 0 (3,048) [1]
Share-based compensation 3,629 3,175
Net change in operating accounts and other (49,981) (41,222)
Net cash from operating activities 139,711 122,287
Cash flows from investing activities    
Development and capital improvements, including land (91,908) (90,531)
Proceeds from sale of operating property 0 70,536
Increase in earnest money 0 23,219
Other (1,627) (5,696)
Net cash from investing activities (93,535) (48,910)
Cash flows from financing activities    
Borrowings on unsecured revolving credit facility 265,000 500,000
Repayments on unsecured revolving credit facility (199,000) 0
Common shares issued 0 26,165
Distributions to common shareholders and non-controlling interests (103,599) (88,786)
Other 1,267 5,758
Net cash from financing activities (36,332) 443,137
Net increase in cash, cash equivalents, and restricted cash 9,844 516,514
Cash, cash equivalents, and restricted cash, beginning of period 17,438 618,980
Cash, cash equivalents, and restricted cash, end of period 27,282 1,135,494
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]    
Cash and cash equivalents 20,419 1,129,716
Restricted cash 6,863 5,778
Total cash, cash equivalents, and restricted cash 27,282 1,135,494
Supplemental information    
Cash paid for interest, net of interest capitalized 26,378 16,581
Supplemental schedule of noncash investing and financing activities    
Distributions declared but not paid 110,444 100,880
Value of shares issued under benefit plans, net of cancellations 23,583 20,245
Conversion of operating partnership units to common shares 0  
Accrual associated with construction and capital expenditures 27,413 $ 20,564
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.
v3.23.1
Description of Business
 3 Months Ended
Mar. 31, 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 March 31, 2023, we owned interests in, operated, or were developing 178 multifamily properties comprised of 60,652 apartment homes across the United States. Of the 178 properties, six properties were under construction as of March 31, 2023, and will consist of a total of 1,950 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.
v3.23.1
Summary of Significant Accounting Policies and Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 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 March 31, 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 March 31, 2023, we held between 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 months ended March 31, 2023. We recognized amortization expense related to in-place leases and revenue related to net below-market leases of approximately $6.2 million and $0.9 million, respectively, for the three months ended March 31, 2022. The weighted average amortization period for in-place leases and net below-market leases during the three months ended March 31, 2022 was approximately twelve months and ten 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 months ended March 31, 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 $4.0 million for the three months ended March 31, 2023 and 2022, respectively. Capitalized real estate taxes were approximately $1.3 million and $1.2 million for the three months ended March 31, 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
Useful Life
Buildings and improvements5-35 years
Furniture, fixtures, equipment, and other3-20 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 March 31, 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 from amounts received 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 from amounts received under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new and separate contract which will be recognized at the time the option is exercised on a straight-line basis over the renewal period.
As of March 31, 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$731.7 
2024138.0 
20252.2 
20262.2 
20272.2 
Thereafter12.7 
Total$889.0 
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.
v3.23.1
Per Share Data
 3 Months Ended
Mar. 31, 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 1.8 million and 1.0 million for the three months ended March 31, 2023 and 2022, respectively. These securities, which include share awards granted and units convertible into common shares, are anti-dilutive and were therefore excluded from the diluted earnings per share calculations. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:
 Three Months Ended
March 31,
(in thousands, except per share amounts)20232022
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders$41,917 $80,745 
Amount allocated to participating securities(81)(121)
Net income attributable to common shareholders – basic$41,836 $80,624 
Total earnings per common share – basic$0.39 $0.77 
Weighted average number of common shares outstanding – basic108,568 105,336 
Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities$41,836 $80,624 
Income allocated to common units from continuing operations— 291 
Net income attributable to common shareholders – diluted$41,836 $80,915 
Total earnings per common share – diluted$0.39 $0.76 
Weighted average number of common shares outstanding – basic108,568 105,336 
Incremental shares issuable from assumed conversion of:
Share awards granted36 83 
Common units— 733 
Weighted average number of common shares outstanding – diluted108,604 106,152 
v3.23.1
Common Shares
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
Common Shares [Text Block]
4. Common Shares
In May 2022, 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 "2022 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. The proceeds from any sale of our common shares under the 2022 ATM program are intended to be used 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 2022 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 and have common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under this ATM program.
In August 2021, we created an ATM share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering amount of up to $500.0 million (the "2021 ATM program"). During the three months ended March 31, 2022, we sold an aggregate of approximately 0.2 million common shares at an average price per share of $165.01, for aggregate net consideration of approximately $26.2 million under the 2021 ATM program. In May 2022, we terminated the 2021 ATM program with an aggregate offering amount of approximately $71.3 million remaining available for sale and, upon termination, no further common shares were available for sale. There were no additional shares sold under the 2021 ATM program from March 31, 2022 through the date of the applicable termination agreements.
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 is $500.0 million.
We currently have an automatic shelf registration statement which allows us to offer common shares, preferred shares, debt securities, or warrants, and our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At March 31, 2023, we had approximately 106.8 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.
v3.23.1
Acquisitions and Dispositions
 3 Months Ended
Mar. 31, 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 months ended March 31, 2023. During the three months ended March 31, 2022, we acquired approximately 15.9 acres of land in Richmond, Texas for future development purposes for approximately $7.8 million.
Sale of Operating Property. We did not sell any operating properties during the three months ended March 31, 2023. During the three months ended March 31, 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.
v3.23.1
Investments in Joint Ventures
 3 Months Ended
Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Joint Ventures
6. Investments in Joint Ventures
On April 1, 2022, the Company purchased the remaining 68.7% ownership interests in two unconsolidated discretionary investment funds (collectively, "the Funds" or "the acquisition of the Funds") and consolidated the Funds as of the acquisition date. Prior to the acquisition, we accounted for our 31.3% ownership interest of the Funds 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.

(in millions)Three Months Ended March 31, 2022
Total revenues$37.2 
Net income7.1 
Equity in income (1)
3.0 
(1)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 earn these fees.
v3.23.1
Notes Payable
 3 Months Ended
Mar. 31, 2023
Notes Payable [Abstract]  
Notes Payable
7. Notes Payable
The following is a summary of our indebtedness:
(in millions)March 31,
2023		December 31, 2022
Commercial banks
5.84% Term Loan, due 2024
$39.9 $39.8 
5.70% Term Loan, due 2024
300.0 300.0 
5.63% Unsecured revolving credit facility
108.0 42.0 
$447.9 $381.8 
Senior unsecured notes
5.07% Notes, due 2023
249.9 249.8 
4.36% Notes, due 2024
249.8 249.7 
3.68% Notes, due 2024
249.4 249.2 
3.74% Notes, due 2028
398.4 398.3 
3.67% Notes, due 2029 (1)
595.6 595.5 
2.91% Notes, due 2030
744.9 744.8 
3.41% Notes, due 2049
296.8 296.8 
$2,784.8 $2,784.1 
Total unsecured notes payable$3,232.7 $3,165.9 
Secured notes
  Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
$291.2 $291.2 
6.69% Variable Rate Notes, due 2026
166.3 166.2 
6.99% Variable Rate Construction Note, due 2024
18.9 18.9 
3.87% note, due 2028
38.7 38.7 
Total secured notes payable$515.1 $515.0 
Total notes payable (2)
$3,747.8 $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 $17.1 million and $18.0 million are included in notes payable as of March 31, 2023 and December 31, 2022, respectively.
We have a $300 million unsecured term loan facility with a delayed draw feature 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 delayed term loan are based upon the Secured Overnight Financing Rate ("SOFR") plus a spread which is subject to change as our credit ratings change. Advances under our 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 revolving credit facility. Our revolving credit facility and delayed 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 March 31, 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 revolving credit facility, it does reduce the amount available. At March 31, 2023, we had outstanding letters of credit totaling approximately $14.2 million, approximately $1.1 billion available under our unsecured revolving credit facility, and approximately $300.0 million outstanding on our term loan.
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. During the three months ended March 31, 2023, we recorded amortization of the fair value adjustment, which resulted in an increase to interest expense of approximately $0.1 million. As of March 31, 2023, approximately $1.8 million of the fair value adjustment remained unamortized.
We had outstanding floating rate debt of approximately $633.1 million and $539.9 million at March 31, 2023 and 2022, respectively. The weighted average interest rate on such debt was approximately 6.0% and 1.3% for the three months ended March 31, 2023 and 2022, respectively.
Our indebtedness had a weighted average maturity of approximately 6.1 years at March 31, 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 March 31, 2023:
(in millions) (1)
Amount (2)
Weighted Average 
Interest Rate (3)
Remainder of 2023$247.5 5.1 %
2024556.5 4.2 
2025297.8 5.7 
2026188.9 6.4 
2027280.9 4.6 
Thereafter2,176.2 3.4 
Total$3,747.8 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.
v3.23.1
Derivative and Hedging Activities Derivative and Hedging Activities (Notes)
 3 Months Ended
Mar. 31, 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 March 31, 2023 and 2022, we had no designated hedges outstanding.
As of the three months ended March 31, 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 March 31, 2023 and 2022, approximately $0.3 million was reclassified from accumulated other comprehensive income (loss) as an increase to interest expense for derivative financial instruments settled in prior periods.
v3.23.1
Share-based Compensation and Non-Qualified Deferred Compensation Plan
 3 Months Ended
Mar. 31, 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 March 31, 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 $3.9 million and $3.4 million for the three months ended March 31, 2023 and 2022, respectively. Total capitalized compensation costs for share awards were approximately $1.7 million and $1.0 million for the three months ended March 31, 2023 and 2022, respectively.
A summary of activity under our share incentive plans for the three months ended March 31, 2023 is shown below:
Nonvested
Share
Awards
Outstanding		Weighted
Average
Exercise /  Grant Price
Nonvested share awards outstanding at December 31, 2022164,647 $132.99 
Granted202,594 117.56 
Vested(166,292)121.69 
Forfeited(1,778)131.04 
Total nonvested share awards outstanding at March 31, 2023199,171 $126.75 
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 vest, the value of the share awards is amortized from the date of grant to the individual's Retirement Eligibility date. All new share awards granted after reaching Retirement Eligibility vest on the date of grant.
The weighted average fair value of share awards granted during the three months ended March 31, 2023 and 2022 was $117.56 per share and $163.64 per share, respectively. The total fair value of shares vested was approximately $20.2 million and $17.8 million during the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, the unamortized value of previously issued unvested share awards was approximately $22.7 million which is expected to be amortized over the next three years.
v3.23.1
Net Change In Operating Accounts
 3 Months Ended
Mar. 31, 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:
  
Three Months Ended
March 31,
(in thousands)20232022
Change in assets:
Other assets, net$4,044 $(9,613)
Change in liabilities:
Accounts payable and accrued expenses(20,000)(13,109)
Accrued real estate taxes(47,467)(29,708)
Other liabilities12,539 10,266 
Other903 942 
Change in operating accounts and other$(49,981)$(41,222)
v3.23.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
11. Commitments and Contingencies
Construction Contracts. As of March 31, 2023, we estimated the total additional cost to complete the six properties currently under construction to be approximately $267.7 million. We expect to fund this amount through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM programs, 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 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 federal court in 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, 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 March 31, 2023, we had approximately $1.1 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 three months ended March 31, 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 $1.0 million for each of the three months ended March 31, 2023 and 2022. The following is a summary of our maturities of our lease liabilities as of March 31, 2023:
(in millions)
Year ended December 31, Operating Leases
Remainder of 2023$2.5 
20243.1 
20252.3 
20260.4 
20270.1 
Thereafter— 
Less: discount for time value(0.6)
Lease liability as of March 31, 2023$7.8 
v3.23.1
Income Taxes
 3 Months Ended
Mar. 31, 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 months ended March 31, 2023 and 2022 as income tax expense. Income taxes for the three months ended March 31, 2023 primarily related to state income tax. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries.
We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the three months ended March 31, 2023.
v3.23.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 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 March 31, 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
 March 31, 2023December 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)TotalQuoted 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)
$123.1 $— $— $123.1 $120.7 $— $— $120.7 
(1)Approximately $7.4 million and $3.6 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 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 each of the three months ended March 31, 2023 and 2022.
Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at March 31, 2023 and December 31, 2022, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
 March 31, 2023December 31, 2022
(in millions)Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Fixed rate notes payable$3,114.7 $2,843.0 $3,114.0 $2,806.1 
Floating rate notes payable (1)
633.1 633.5 566.9 566.8 
(1) Includes balances outstanding under our unsecured revolving credit facility at March 31, 2023 and December 31, 2022.
v3.23.1
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)
 3 Months Ended
Mar. 31, 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 March 31, 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 March 31, 2023, we held between 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 months ended March 31, 2023. We recognized amortization expense related to in-place leases and revenue related to net below-market leases of approximately $6.2 million and $0.9 million, respectively, for the three months ended March 31, 2022. The weighted average amortization period for in-place leases and net below-market leases during the three months ended March 31, 2022 was approximately twelve months and ten 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 months ended March 31, 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 $4.0 million for the three months ended March 31, 2023 and 2022, respectively. Capitalized real estate taxes were approximately $1.3 million and $1.2 million for the three months ended March 31, 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
Useful Life
Buildings and improvements5-35 years
Furniture, fixtures, equipment, and other3-20 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 March 31, 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 from amounts received 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 from amounts received under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new and separate contract which will be recognized at the time the option is exercised on a straight-line basis over the renewal period.
As of March 31, 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$731.7 
2024138.0 
20252.2 
20262.2 
20272.2 
Thereafter12.7 
Total$889.0 
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.
v3.23.1
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)
 3 Months Ended
Mar. 31, 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
Useful Life
Buildings and improvements5-35 years
Furniture, fixtures, equipment, and other3-20 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$731.7 
2024138.0 
20252.2 
20262.2 
20272.2 
Thereafter12.7 
Total$889.0 
v3.23.1
Per Share Data (Tables)
 3 Months Ended
Mar. 31, 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
March 31,
(in thousands, except per share amounts)20232022
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders$41,917 $80,745 
Amount allocated to participating securities(81)(121)
Net income attributable to common shareholders – basic$41,836 $80,624 
Total earnings per common share – basic$0.39 $0.77 
Weighted average number of common shares outstanding – basic108,568 105,336 
Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities$41,836 $80,624 
Income allocated to common units from continuing operations— 291 
Net income attributable to common shareholders – diluted$41,836 $80,915 
Total earnings per common share – diluted$0.39 $0.76 
Weighted average number of common shares outstanding – basic108,568 105,336 
Incremental shares issuable from assumed conversion of:
Share awards granted36 83 
Common units— 733 
Weighted average number of common shares outstanding – diluted108,604 106,152 
v3.23.1
Investments in Joint Ventures (Tables)
 3 Months Ended
Mar. 31, 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.
(in millions)Three Months Ended March 31, 2022
Total revenues$37.2 
Net income7.1 
Equity in income (1)
3.0 
(1)Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.
v3.23.1
Notes Payable (Tables)
 3 Months Ended
Mar. 31, 2023
Notes Payable [Abstract]  
Summary Of Indebtedness
The following is a summary of our indebtedness:
(in millions)March 31,
2023		December 31, 2022
Commercial banks
5.84% Term Loan, due 2024
$39.9 $39.8 
5.70% Term Loan, due 2024
300.0 300.0 
5.63% Unsecured revolving credit facility
108.0 42.0 
$447.9 $381.8 
Senior unsecured notes
5.07% Notes, due 2023
249.9 249.8 
4.36% Notes, due 2024
249.8 249.7 
3.68% Notes, due 2024
249.4 249.2 
3.74% Notes, due 2028
398.4 398.3 
3.67% Notes, due 2029 (1)
595.6 595.5 
2.91% Notes, due 2030
744.9 744.8 
3.41% Notes, due 2049
296.8 296.8 
$2,784.8 $2,784.1 
Total unsecured notes payable$3,232.7 $3,165.9 
Secured notes
  Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
$291.2 $291.2 
6.69% Variable Rate Notes, due 2026
166.3 166.2 
6.99% Variable Rate Construction Note, due 2024
18.9 18.9 
3.87% note, due 2028
38.7 38.7 
Total secured notes payable$515.1 $515.0 
Total notes payable (2)
$3,747.8 $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 $17.1 million and $18.0 million are included in notes payable as of March 31, 2023 and December 31, 2022, respectively.
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 March 31, 2023:
(in millions) (1)
Amount (2)
Weighted Average 
Interest Rate (3)
Remainder of 2023$247.5 5.1 %
2024556.5 4.2 
2025297.8 5.7 
2026188.9 6.4 
2027280.9 4.6 
Thereafter2,176.2 3.4 
Total$3,747.8 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.
v3.23.1
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Share Incentive Plans
A summary of activity under our share incentive plans for the three months ended March 31, 2023 is shown below:
Nonvested
Share
Awards
Outstanding		Weighted
Average
Exercise /  Grant Price
Nonvested share awards outstanding at December 31, 2022164,647 $132.99 
Granted202,594 117.56 
Vested(166,292)121.69 
Forfeited(1,778)131.04 
Total nonvested share awards outstanding at March 31, 2023199,171 $126.75 
v3.23.1
Net Change in Operating Accounts (Tables)
 3 Months Ended
Mar. 31, 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:
  
Three Months Ended
March 31,
(in thousands)20232022
Change in assets:
Other assets, net$4,044 $(9,613)
Change in liabilities:
Accounts payable and accrued expenses(20,000)(13,109)
Accrued real estate taxes(47,467)(29,708)
Other liabilities12,539 10,266 
Other903 942 
Change in operating accounts and other$(49,981)$(41,222)
v3.23.1
Commitments and Contingencies Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2023:
(in millions)
Year ended December 31, Operating Leases
Remainder of 2023$2.5 
20243.1 
20252.3 
20260.4 
20270.1 
Thereafter— 
Less: discount for time value(0.6)
Lease liability as of March 31, 2023$7.8 
v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 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
 March 31, 2023December 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)TotalQuoted 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)
$123.1 $— $— $123.1 $120.7 $— $— $120.7 
(1)Approximately $7.4 million and $3.6 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2023 and the year ended December 31, 2022, respectively.
Fair Value Of Notes Payable The following table presents the carrying and estimated fair values of our notes payable at March 31, 2023 and December 31, 2022, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."
 March 31, 2023December 31, 2022
(in millions)Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Fixed rate notes payable$3,114.7 $2,843.0 $3,114.0 $2,806.1 
Floating rate notes payable (1)
633.1 633.5 566.9 566.8 
(1) Includes balances outstanding under our unsecured revolving credit facility at March 31, 2023 and December 31, 2022.
v3.23.1
Description of Business (Details)
Mar. 31, 2023
Business Acquisition [Line Items]  
Number of multifamily properties owned, operated, or under development 178
Total number of apartment homes in multifamily properties 60,652
Number of multifamily properties under development 6
Total Number of apartment homes in multifamily properties upon completion of development 1,950
v3.23.1
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Narrative) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Capitalized interest $ 5,000,000 $ 4,000,000
Capitalized real estate taxes 1,300,000 1,200,000
Remainder of 2023 731,700  
2024 138,000.0  
2025 2,200  
2026 2,200  
2027 2,200  
Thereafter 12,700  
Lessor, Operating Lease, Payments to be Received $ 889,000.0  
Amortization of Intangible Assets   6,200,000
Amortization of Below Market Lease   $ 900,000
Residential Leases [Member] | Maximum [Member]    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Term of lease contract 14 months  
Camden Operating L P [Member]    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Outstanding common limited partnership units, ownership interest 93.00%  
General Partner of Consolidated Operating Partnerships, Ownership Interest 1.00%  
Camden Summit Partnership L P [Member]    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Outstanding common limited partnership units, ownership interest 95.00%  
General Partner of Consolidated Operating Partnerships, Ownership Interest 1.00%  
v3.23.1
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Expected Useful Lives Of Depreciable Property) (Details)
 3 Months Ended
Mar. 31, 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
v3.23.1
Per Share Data (Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share [Abstract]    
Number of common share equivalent securities excluded from the diluted earnings per share calculation 1,800 1,000
Income from continuing operations attributable to common shareholders $ 41,917 $ 80,745
Amount allocated to participating securities (81) (121)
Net income attributable to common shareholders – basic $ 41,836 $ 80,624
Total earnings per common share – basic $ 0.39 $ 0.77
Income allocated to common units from continuing operations $ 0 $ 291
Net income attributable to common shareholders – diluted $ 41,836 $ 80,915
Total earnings per common share – diluted $ 0.39 $ 0.76
Weighted average number of common shares outstanding – basic 108,568 105,336
Incremental share awards granted 36 83
Incremental Common Units 0 733
Weighted average number of common shares outstanding – diluted 108,604 106,152
v3.23.1
Common Shares (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
May 13, 2022
Aug. 02, 2021
Dec. 31, 2022
Apr. 28, 2023
Mar. 31, 2023
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
2021 ATM program          
Maximum aggregate offering price of remaining common shares available for sale $ 71,300        
Maximum aggregate offering price of common shares   $ 500,000      
Stock Issued During Period, Value, New Issues     $ 26,200    
Stock Issued During Period, Shares, New Issues     200    
AveragePricePerCommonShareSold     $ 165.01    
2022 ATM program          
Maximum aggregate offering price of common shares $ 500,000        
2022 ATM program | Subsequent Event [Member]          
Maximum aggregate offering price of remaining common shares available for sale       $ 500,000  
April 2007 Repurchase Plan [Member]          
Treasury stock allowed for repurchase         $ 500,000
October 2022 Repurchase Plan | Subsequent Event [Member]          
Share Repurchase Program, Remaining Authorized Repurchase Amount       $ 500,000  
v3.23.1
Acquisitions and Dispositions (Narrative) (Details)
$ in Thousands
 3 Months Ended
Mar. 24, 2022
USD ($)
Mar. 08, 2022
USD ($)
a
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Gain on sale of operating property     $ 0 $ 36,372
Camden Long Meadow Farms        
Area of Land | a   15.9    
Payments to Acquire Land   $ 7,800    
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      
v3.23.1
Investments in Joint Ventures (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Apr. 01, 2022
Schedule of Equity Method Investments [Line Items]      
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions $ 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  
v3.23.1
Investments in Joint Ventures (Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 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 $ 43,619 83,601
Income (Loss) from Equity Method Investments $ 0 3,048 [1]
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]    
Schedule of Equity Method Investments [Line Items]    
Revenues   37,200
Net income   $ 7,100
[1] Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.
v3.23.1
Notes Payable (Summary Of Indebtedness) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Unsecured notes payable $ 3,232,682 $ 3,165,924
Secured notes payable 515,134 514,989
Total notes payable (2) [1] 3,747,800 3,680,900
Commercial Banks [Member]    
Unsecured notes payable $ 447,900 381,800
Commercial Banks [Member] | 5.84% Term Loan, due 2024    
Debt Instrument, Maturity Date Sep. 30, 2024  
Notes payable, effective interest rate 5.84%  
Unsecured notes payable $ 39,900 39,800
Commercial Banks [Member] | 5.70% Term Loan, due 2024    
Debt Instrument, Maturity Date Aug. 30, 2024  
Notes payable, effective interest rate 5.70%  
Unsecured notes payable $ 300,000 300,000
Commercial Banks [Member] | 5.63% Unsecured revolving credit facility    
Notes payable, effective interest rate 5.63%  
Unsecured notes payable $ 108,000 42,000
Senior Unsecured Notes [Member]    
Unsecured notes payable $ 2,784,800 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 $ 249,900 249,800
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 $ 249,800 249,700
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 $ 249,400 249,200
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] $ 595,600 595,500
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 $ 744,900 744,800
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 $ 291,200 291,200
Secured Debt | 6.69% Variable Rate Notes, due 2026    
Notes payable, effective interest rate 6.69%  
Secured notes payable $ 166,300 166,200
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 $ 18,900 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 $17.1 million and $18.0 million are included in notes payable as of March 31, 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%.
v3.23.1
Notes Payable (Narrative) (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Aug. 31, 2022
USD ($)
Mar. 31, 2023
USD ($)
yr
Dec. 31, 2022
USD ($)
Apr. 01, 2022
USD ($)
Mar. 31, 2022
USD ($)
Notes Payable [1]   $ 3,747,800 $ 3,680,900    
Unamortized debt discounts and debt issuance costs   17,100 18,000    
Unsecured Debt   $ 3,232,682 3,165,924    
Weighted Average Interest Rate [2]   4.10%      
Weighted average maturity of indebtedness (including unsecured line of credit) (in years) | yr   6.1      
Secured notes payable   $ 515,134 514,989    
Debt Instrument, Unamortized Discount (Premium), Net   1,800   $ 2,400  
Amortization of Debt Discount (Premium)   100      
Available amount under unsecured credit facility   1,100,000      
Letter Of Credit [Member]          
Maximum Ability to Issue Letters of Credit Under Unsecured Credit Facility   50,000      
Outstanding balance under credit facility   14,200      
Commercial Banks [Member]          
Unsecured Debt   447,900 381,800    
Senior Unsecured Notes [Member]          
Unsecured Debt   $ 2,784,800 2,784,100    
5.63% 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        
5.63% Unsecured revolving credit facility | September 2022 Credit Agreement          
Maximum borrowing capacity under unsecured credit facility   1,200,000      
5.63% Unsecured revolving credit facility | Commercial Banks [Member]          
Unsecured Debt   $ 108,000 42,000    
Notes payable, effective interest rate   5.63%      
Floating rate notes payable [Member]          
Notes Payable   $ 633,100 [3] 566,900 [3]   $ 539,900
Weighted Average Interest Rate   6.00%     1.30%
5.84% Term Loan, due 2024 | Commercial Banks [Member]          
Unsecured Debt   $ 39,900 $ 39,800    
Debt Instrument, Maturity Date   Sep. 30, 2024      
Notes payable, effective interest rate   5.84%      
[1] Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $17.1 million and $18.0 million are included in notes payable as of March 31, 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 March 31, 2023 and December 31, 2022
v3.23.1
Notes Payable (Scheduled Repayments On Outstanding Debt) (Details)
$ in Millions
Mar. 31, 2023
USD ($)
2023 $ 247.5
2024 556.5
2025 297.8
2026 188.9
2027 280.9 [1]
Thereafter 2,176.2
Total notes payable $ 3,747.8 [2]
Weighted Average Interest Rate 4.10% [3]
Maturities due in 2023  
Weighted Average Interest Rate 5.10%
Maturities due in 2024  
Weighted Average Interest Rate 4.20%
Maturities due in 2025  
Weighted Average Interest Rate 5.70%
Maturities due in 2026  
Weighted Average Interest Rate 6.40%
Maturities due in 2027  
Weighted Average Interest Rate 4.60% [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.
v3.23.1
Derivative and Hedging Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 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
v3.23.1
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Narrative) (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
shares
$ / shares
Mar. 31, 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 $ 117.56 $ 163.64  
Total compensation cost for option and share awards | $ $ 3,900 $ 3,400  
Total capitalized compensation cost for option and share awards | $ 1,700 1,000  
Share Awards and Vesting [Member]      
Total unrecognized compensation cost which is expected to be amortized | $ $ 22,700    
Expected amortized period of unrecognized compensation expected to be recognized for share-based compensation plans 3 years    
Fair value of shares vested | $ $ 20,200 $ 17,800  
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   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 1.0    
Full Value award in the common share conversion ratio | shares 1.0    
Common shares which could be granted pursuant to full value awards | shares 1,500,000    
v3.23.1
Share-based Compensation and Non-Qualified Deferred Compensation Plan (Summary Of Share Incentive Plans) (Details) - $ / shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 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 202,594  
Exercised/Vested, Share Awards Outstanding (166,292)  
Forfeited, Share Awards Outstanding (1,778)  
Nonvested share awards outstanding at June 30, 2022, Share Awards Outstanding 199,171  
Nonvested share awards outstanding at December 31, 2021, Weighted Average Exercise/Grant Price $ 132.99  
Granted, Weighted Average Exercise/Grant Price 117.56 $ 163.64
Exercised/Vested, Weighted Average Exercise/Grant Price 121.69  
Forfeited, Weighted Average Exercise/Grant Price 131.04  
Nonvested share awards outstanding at June 30, 2022, Weighted Average Exercise/Grant Price $ 126.75  
v3.23.1
Net Change in Operating Accounts (Effect Of Changes In The Operating Accounts On Cash Flows From Operating Activities) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Increase (Decrease) in Operating Capital [Abstract]    
Other assets, net $ 4,044 $ (9,613)
Accounts payable and accrued expenses (20,000) (13,109)
Accrued real estate taxes (47,467) (29,708)
Other liabilities 12,539 10,266
Other 903 942
Net change in operating accounts and other $ (49,981) $ (41,222)
v3.23.1
Commitments and Contingencies (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Number of consolidated projects under construction 6  
Anticipated expenditures relating to completion of construction type contracts $ 267.7  
Operating Lease, Expense 1.0 $ 1.0
Minimum Rental Commitments, Remainder of 2022 2.5  
Minimum Rental Commitments, 2023 3.1  
Minimum Rental Commitments, 2024 2.3  
Minimum Rental Commitments, 2025 0.4  
Minimum Rental Commitments, 2026 0.1  
Minimum Rental Commitments, Thereafter 0.0  
Less: interest (0.6)  
Operating lease liabilities 7.8  
Earnest Money Deposits 1.1  
earnest money deposits non-refundable $ 0.5  
v3.23.1
Income Taxes (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
Income Tax Disclosure [Abstract]  
Annual dividends distribution percentage to shareholders to qualify as a REIT 90.00%
Significant temporary differences or tax credits associated with our taxable REIT subsidiaries $ 0.0
Uncertain tax positions or unrecognized tax benefits $ 0.0
v3.23.1
Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Deferred compensation plan investments (1) $ 123.1 [1] $ 120.7
Participant Withdrawals From Deferred Compensation Plan Investments 7.4 3.6
Level 1 [Member]    
Deferred compensation plan investments (1) 123.1 [1] 120.7
Level 2 [Member]    
Deferred compensation plan investments (1) 0.0 [1] 0.0
Level 3 [Member]    
Deferred compensation plan investments (1) $ 0.0 [1] $ 0.0
[1] Approximately $7.4 million and $3.6 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2023 and the year ended December 31, 2022, respectively.
v3.23.1
Fair Value Measurements (Fair Value Of Notes Payable) (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Carrying Value [1] $ 3,747.8 $ 3,680.9  
Fixed rate notes payable      
Carrying Value 3,114.7 3,114.0  
Estimated Fair Value 2,843.0 2,806.1  
Floating rate notes payable (1)      
Carrying Value 633.1 [2] 566.9 [2] $ 539.9
Estimated Fair Value [2] $ 633.5 $ 566.8  
[1] Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $17.1 million and $18.0 million are included in notes payable as of March 31, 2023 and December 31, 2022, respectively.
[2] Includes balances outstanding under our unsecured revolving credit facility at March 31, 2023 and December 31, 2022