Camden Property Trust (CPT) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 16, 2021
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
Trading Symbol	CPT
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity File Number	1-12110
Document Fiscal Year Focus	2021
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		97,682,634
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	97,700,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Land	$ 1,233,937	$ 1,225,214
Buildings and improvements	7,863,707	7,763,748
Real estate assets, at cost, total	9,097,644	8,988,962
Accumulated depreciation	(3,124,504)	(3,034,186)
Net operating real estate assets	5,973,140	5,954,776
Properties under development, including land	541,958	564,215
Investments in joint ventures	18,800	18,994
Total real estate assets	6,533,898	6,537,985
Accounts receivable – affiliates	19,502	20,158
Other assets, net	213,126	216,276
Cash and cash equivalents	333,402	420,441
Restricted cash	4,105	4,092
Total assets	7,104,033	7,198,952
Liabilities
Unsecured notes payable	3,167,557	3,166,625
Accounts payable and accrued expenses	159,111	175,608
Accrued real estate taxes	33,155	66,156
Distributions payable	84,282	84,147
Other liabilities	185,852	189,829
Total liabilities	3,629,957	3,682,365
Commitments and contingencies (Note 11)
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 109,181 and 109,110 issued; 106,962 and 106,860 outstanding at March 31, 2021 and December 31, 2020, respectively	1,070	1,069
Additional paid-in capital	4,588,056	4,581,710
Distributions in excess of net income attributable to common shareholders	(842,628)	(791,079)
Treasury shares, at cost (9,279 and 9,442 common shares at March 31, 2021 and December 31, 2020, respectively)	(335,511)	(341,412)
Accumulated other comprehensive loss	(5,010)	(5,383)
Total common equity	3,405,977	3,444,905
Non-controlling interests	68,099	71,682
Total equity	3,474,076	3,516,587
Total liabilities and equity	$ 7,104,033	$ 7,198,952

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2021	Dec. 31, 2020
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	109,181	109,110
Common shares, outstanding	106,962	106,860
Treasury shares, at cost	9,279	9,442

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Property revenues
Property revenues		$ 267,568	$ 265,879
Property expenses
Property operating and maintenance		63,479	59,956
Real estate taxes		37,453	34,180
Total property expenses		100,932	94,136
Non-property income
Fee and asset management		2,206	2,527
Interest and other income		332	329
Income/(loss) on deferred compensation plans		3,626	(14,860)
Total non-property income (loss)		6,164	(12,004)
Other expenses
Property management		6,124	6,527
Fee and asset management		1,132	843
General and administrative		14,222	13,233
Interest		23,644	19,707
Depreciation and amortization		93,141	91,859
Expense/(benefit) on deferred compensation plans		3,626	(14,860)
Total other expenses		141,889	117,309
Gain on sale of land		0	382
Equity in income of joint ventures	[1]	1,914	2,122
Income from continuing operations before income taxes		32,825	44,934
Income tax expense		(352)	(467)
Net income		32,473	44,467
Less income allocated to non-controlling interests		(1,126)	(1,183)
Net income attributable to common shareholders		$ 31,347	$ 43,284
Earnings per share – basic		$ 0.31	$ 0.43
Earnings per share – diluted		$ 0.31	$ 0.43
Weighted average number of common shares outstanding – basic		99,547	99,298
Weighted average number of common shares outstanding – diluted		99,621	99,380
Condensed Consolidated Statements of Comprehensive Income
Net income		$ 32,473	$ 44,467
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation		373	366
Comprehensive income		32,846	44,833
Less income allocated to non-controlling interests		(1,126)	(1,183)
Comprehensive income attributable to common shareholders		$ 31,720	$ 43,650
[1]	Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands	Total	Common shares of beneficial interest	Additional paid-in capital	Distributions in excess of net income	Treasury shares, at cost	Accumulated other comprehensive (loss)/income	Non-controlling interests
Cash distributions declared to equity holders per common share	$ 0.83
Beginning balance at Dec. 31, 2019	$ 3,701,724	$ 1,069	$ 4,566,731	$ (584,167)	$ (348,419)	$ (6,529)	$ 73,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	44,467			43,284			1,183
Other comprehensive income (loss)	366					366
Net share awards	8,847		3,206		5,641
Employee share purchase plan	82		82
Conversion of operating partnership units	0
Cash distributions declared to equity holders	(84,138)			(82,687)			(1,451)
Other	(24)		(24)
Ending balance at Mar. 31, 2020	$ 3,671,324	1,069	4,569,995	(623,570)	(342,778)	(6,163)	72,771
Cash distributions declared to equity holders per common share	$ 0.83
Beginning balance at Dec. 31, 2020	$ 3,516,587	1,069	4,581,710	(791,079)	(341,412)	(5,383)	71,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	32,473			31,347			1,126
Other comprehensive income (loss)	373					373
Net share awards	8,866		2,965		5,901
Employee share purchase plan	87		87
Conversion of operating partnership units	0	1	3,316				(3,317)
Cash distributions declared to equity holders	(84,288)			(82,896)			(1,392)
Other	(22)		(22)
Ending balance at Mar. 31, 2021	$ 3,474,076	$ 1,070	$ 4,588,056	$ (842,628)	$ (335,511)	$ (5,010)	$ 68,099

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Cash flows from operating activities
Net income	$ 32,473		$ 44,467
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	93,141		91,859
Gain on sale of land	0		(382)
Distributions of income from joint ventures	1,881		2,010
Income (Loss) from Equity Method Investments	(1,914)	[1]	(2,122)
Share-based compensation	3,677		3,433
Net change in operating accounts and other	(40,802)		(28,681)
Net cash from operating activities	88,456		110,584
Cash flows from investing activities
Development and capital improvements, including land	(90,325)		(109,554)
Proceeds from sale of land	0		753
Increase in non-real estate assets	(1,315)		(3,006)
Other	(426)		(1,869)
Net cash from investing activities	(92,066)		(113,676)
Cash flows from financing activities
Borrowings on unsecured credit facility and other short-term borrowings	0		253,000
Repayments on unsecured credit facility and other short-term borrowings	0		(171,000)
Distributions to common shareholders and non-controlling interests	(84,147)		(80,973)
Payment of deferred financing costs	(403)		(407)
Other	1,134		1,617
Net cash from financing activities	(83,416)		2,237
Net decrease in cash, cash equivalents, and restricted cash	(87,026)		(855)
Cash, cash equivalents, and restricted cash, beginning of period	424,533		27,499
Cash, cash equivalents, and restricted cash, end of period	337,507		26,644
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Total cash, cash equivalents, and restricted cash	337,507		26,644
Supplemental information
Cash paid for interest, net of interest capitalized	15,724		17,581
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid	84,282		84,112
Value of shares issued under benefit plans, net of cancellations	16,937		18,412
Conversion of operating partnership units	0		0
Accrual associated with construction and capital expenditures	17,519		24,017
Right-of-use assets obtained in exchange for the use of new operating lease liabilities	0		69
Conversion of operating partnership units	0		$ 0
Conversion of Stock, Name [Domain]
Supplemental schedule of noncash investing and financing activities
Conversion of operating partnership units	3,317
Conversion of operating partnership units	$ 3,317
[1]	Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2021
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, 2021, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,459 apartment homes across the United States. Of the 175 properties, eight properties were under construction as of March 31, 2021, and will consist of a total of 2,608 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
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, authority to make decisions, kick-out rights and participating rights. As of March 31, 2021, 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. During the three months ended March 31, 2021, certain unit holders of one of these consolidated operating partnerships redeemed their common limited partnership units in exchange for CPT common shares of approximately $3.3 million, and as of March 31, 2021, we held approximately 93% of the outstanding common limited partnership units and the sole 1% general partnership interest in this consolidated operating partnership. As of March 31, 2021, we held approximately 95% of the outstanding common limited partnership units and the sole 1% general partnership interest of the other consolidated operating partnership. 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 2020 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. 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. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the three months ended March 31, 2021 or 2020. The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have 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 $4.8 million and $4.5 million for the three months ended March 31, 2021 and 2020, respectively. Capitalized real estate taxes were approximately $1.4 million and $1.6 million for the three months ended March 31, 2021 and 2020, respectively. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and certain activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are substantially completed the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements. Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: Estimated Buildings and improvements 5-35 years Furniture, fixtures, equipment, and other 3-20 years Intangible assets/liabilities (in-place leases and above and below market leases) underlying lease term Fair Value . For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3: Significant inputs to the valuation model are unobservable. Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis: Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments 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 if they are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." Non-recurring fair value disclosures are not provided for impairments on assets disposed during the period because they are no longer owned by us. 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, 2021 and December 31, 2020, 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. The carrying values of our notes receivable also approximate their fair values, which are based on certain factors, such as market interest rates, terms of the note and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. 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, which include rental revenue and revenue from amounts received under contractual terms for other services provided to our customers. As a lessor, we 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, separate contract and will be recognized at the time the option is exercised on a straight-line basis over the renewal period. In accordance with the Financial Accounting Standards Board ("FASB") question and answer document issued in April 2020, we elected to account for the pandemic-related concessions provided to our residents/tenants, which were primarily related to a change of timing of rent payments with no significant changes to total payments or term, as a deferred payment in which we continue to recognize property revenue on the existing straight-line basis over the remaining applicable lease term. We recognize any changes in payment through lease receivables, which is recorded in other assets, net, in our condensed consolidated balance sheets, and any identified uncollectible amounts related to deferred amounts are presented as an adjustment to property revenue. As of March 31, 2021, our average residential lease term was approximately fourteen months with all other 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 2021 $ 497.2 2022 89.3 2023 4.2 2024 3.4 2025 2.7 Thereafter 6.9 Total $ 603.7 Credit Risk. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk. Note Receivable. We have one note receivable included in other assets, net, in our condensed consolidated balance sheets, relating to a real estate secured loan made to an unaffiliated third party. This note receivable matures on October 1, 2025. At both March 31, 2021 and December 31, 2020, the outstanding note receivable principal balance was approximately $6.4 million and the weighted average interest rate was approximately 7.0% for both the three months ended March 31, 2021 and 2020, respectively. Interest is recognized over the life of the note and included in interest and other income in our condensed consolidated statements of income and comprehensive income. We will provide for an allowance on our note receivable for expected losses if it becomes apparent conditions exist which may lead to our inability to collect all contractual amounts due. No allowance has been recognized on this note receivable as of March 31, 2021.

Per Share Data

Per Share Data	3 Months Ended
	Mar. 31, 2021
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, units convertible into common shares, and shares which could be settled under equity forward sales agreements. 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 sales agreement will be considered in our calculation for diluted earnings-per-share until settlement, using the treasury stock method. The number of common share equivalent securities excluded from the diluted earnings per share calculation were approximately 1.9 million for each of the three months ended March 31, 2021 and 2020. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculations as they are anti-dilutive. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated: Three Months Ended (in thousands, except per share amounts) 2021 2020 Earnings per common share calculation – basic Income from continuing operations attributable to common shareholders $ 31,347 $ 43,284 Amount allocated to participating securities (43) (99) Net income attributable to common shareholders – basic $ 31,304 $ 43,185 Total earnings per common share – basic $ 0.31 $ 0.43 Weighted average number of common shares outstanding – basic 99,547 99,298 Earnings per common share calculation – diluted Net income attributable to common shareholders – diluted $ 31,304 $ 43,185 Total earnings per common share – diluted $ 0.31 $ 0.43 Weighted average number of common shares outstanding – basic 99,547 99,298 Incremental shares issuable from assumed conversion of: Common share options and share awards granted 74 82 Weighted average number of common shares outstanding – diluted 99,621 99,380

Common Shares

Common Shares	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Common Shares [Text Block]	4. Common Shares In June 2020, we created an at-the market ("ATM") share offering program through which we can, but have no obligation to, sell common shares and we may also enter into separate forward sale agreements with forward purchasers for an aggregate offering price of up to $362.7 million (the "2020 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 the sale of our common shares under the 2020 ATM program are intended to be used for general corporate purposes, which may include reducing future borrowings under our $900 million unsecured line of credit, 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 2020 ATM program permits the use of forward sales 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 shares until a later date. If we enter into a forward sale agreement, we expect the relevant forward purchasers will borrow from third parties and, through the relevant sales agent, acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the 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). During the three months ended March 31, 2021 and through the date of this filing, we did not enter into any forward sale agreements nor were there any shares sold under the 2020 ATM program. As of the date of this filing, we had common shares having an aggregate offering price of up to $362.7 million remaining available for sale under the 2020 ATM program. We have a repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. There were no repurchases during the three months ended March 31, 2021. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this program was approximately $269.5 million.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2021
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, 2021. During the three months ended March 31, 2020, we acquired approximately 4.9 acres of land in Raleigh, North Carolina for approximately $18.2 million for the future development of approximately 355 apartment homes.

Investments in Joint Ventures

Investments in Joint Ventures	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Joint Ventures	6. Investments in Joint Ventures Our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consists of three funds (collectively, the "Funds"). As of March 31, 2021, we had two discretionary investment funds in which we had an ownership interest of 31.3% in each of these funds. We hold a 40% ownership interest in a third fund with an unaffiliated third party which may hold multifamily investments of approximately $360 million; this third fund did not own any properties as of March 31, 2021 or 2020. We provide property and asset management and other services to the Funds which own operating properties and we may also provide construction and development services to the Funds which own properties under development. The following table summarizes the combined balance sheets and statements of income data for the Funds as of and for the periods presented: (in millions) March 31, 2021 December 31, 2020 Total assets $ 682.4 $ 691.5 Total third-party debt 512.5 509.1 Total equity 148.4 149.1 Three Months Ended (in millions) 2021 2020 Total revenues $ 33.0 $ 32.3 Net income 3.8 4.5 Equity in income (1) 1.9 2.1 (1) Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds. The Funds have been funded in part with secured third-party debt and, as of March 31, 2021, we had no outstanding guarantees related to debt of the Funds. We may earn fees for property and asset management, construction, development, and other services related to the Funds and may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to the Funds to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $1.5 million and $1.8 million for the three months ended March 31, 2021 and 2020, respectively.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2021
Notes Payable [Abstract]
Notes Payable	7. Notes Payable The following is a summary of our indebtedness: (in millions) March 31, December 31, 2020 Commercial banks 1.85% Term Loan, due 2022 $ 39.8 $ 39.7 Senior unsecured notes 3.15% Notes, due 2022 $ 348.8 $ 348.6 5.07% Notes, due 2023 249.0 248.9 4.36% Notes, due 2024 249.3 249.2 3.68% Notes, due 2024 248.5 248.4 3.74% Notes, due 2028 397.4 397.3 3.67% Notes, due 2029 (1) 594.4 594.3 2.91% Notes, due 2030 743.7 743.5 3.41% Notes, due 2049 296.7 296.7 $ 3,127.8 $ 3,126.9 Total unsecured notes payable (2) $ 3,167.6 $ 3,166.6 (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 and debt issuance costs of $22.4 million and $23.4 million are included in senior unsecured notes payable as of March 31, 2021 and December 31, 2020, respectively. We have a $900 million unsecured credit facility which matures in March 2023, with two options to further extend the facility at our election for two additional six-month periods and may be expanded three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rate on our unsecured credit facility is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under our 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 $450 million or the remaining amount available under our credit facility. Our credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of March 31, 2021 and through the date of this filing. Our 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 credit facility, it does reduce the amount available. At March 31, 2021, we had no borrowings outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $12.2 million, leaving approximately $887.8 million available under our credit facility. At March 31, 2021, we had $39.8 million outstanding floating rate debt with a weighted average interest rate of approximately 1.9%. At March 31, 2020, we had $225.8 million outstanding floating rate debt which included amounts borrowed under our unsecured credit facility with a weighted average interest rate of approximately 2.1%. Our indebtedness had a weighted average maturity of approximately 8.2 years at March 31, 2021. 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, 2021: (in millions) (1) Amount (2) Weighted Average Interest Rate (3) Remainder of 2021 $ (2.8) — % 2022 386.3 3.0 2023 247.3 5.1 2024 497.9 4.0 2025 (1.7) — Thereafter 2,040.6 3.4 Total $ 3,167.6 3.6 % (1) Includes all available extension options. (2) Includes amortization of debt discounts and debt issuance costs. (3) Includes the effects of the applicable settled forward interest rate swaps.

Derivative and Hedging Activiti

Derivative and Hedging Activities Derivative and Hedging Activities (Notes)	3 Months Ended
	Mar. 31, 2021
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 principally 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 primarily 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, 2021 and 2020, we had no designated hedges outstanding. The table below presents the effect of our derivative financial instruments which were settled in 2018 and 2019 in the condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2021 and 2020: (in millions) Unrealized Gain (Loss) Location of Loss Amount of Loss Derivatives in Cash Flow Hedging Relationships 2021 2020 2021 2020 Interest Rate Swaps $ — $ — Interest expense $ (0.3) $ (0.3)

Share-based Compensation and No

Share-based Compensation and Non-Qualified Deferred Compensation Plan	3 Months Ended
	Mar. 31, 2021
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”) and the 2011 Share Incentive Plan (the “2011 Share Plan”), although no new awards may be granted under the 2011 Plan. Each of these plans were 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, 2021, there were approximately 6.4 million common shares available under the 2018 Share Plan, which would result in approximately 1.9 million shares which could be granted pursuant to full value awards conversion ratios as defined under the plan. Total compensation cost for share awards charged against income was approximately $4.0 million and $3.7 million for the three months ended March 31, 2021 and 2020, respectively. Total capitalized compensation costs for share awards were approximately $0.9 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively. A summary of activity under our share incentive plans for the three months ended March 31, 2021 is shown below: Nonvested Weighted Nonvested share awards outstanding at December 31, 2020 239,728 $ 103.48 Granted 170,321 103.77 Vested (176,346) 100.16 Forfeited (6,924) 106.70 Total nonvested share awards outstanding at March 31, 2021 226,779 $ 106.18 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.

Net Change In Operating Account

Net Change In Operating Accounts	3 Months Ended
	Mar. 31, 2021
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 (in thousands) 2021 2020 Change in assets: Other assets, net $ (1,838) $ (1,825) Change in liabilities: Accounts payable and accrued expenses (7,127) (5,107) Accrued real estate taxes (33,001) (22,046) Other liabilities 232 (480) Other 932 777 Change in operating accounts and other $ (40,802) $ (28,681)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Construction Contracts . As of March 31, 2021, we estimate the total additional cost to complete the eight properties currently under construction to be approximately $357.9 million. We expect to fund this amount through a combination of one or more of the following: cash and cash equivalents, cash flows generated from operations, draws on our unsecured credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM program, and other unsecured borrowings or secured mortgages. 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, 2021, we had approximately $1.3 million earnest money deposits, of which $0.8 million was non-refundable, for potential acquisitions of land which are included in other assets, net in our condensed consolidated balance sheet. 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, 2021.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 $1.2 million and $1.1 million for the three months ended March 31, 2021 and 2020, respectively. The following is a summary of our maturities of our lease liabilities as of March 31, 2021: (in millions) Year ended December 31, Operating Leases Remainder of 2021 $ 2.6 2022 3.1 2023 3.0 2024 2.8 2025 2.0 Thereafter 0.1 Less: discount for time value (1.4) Lease liability as of March 31, 2021 $ 12.2 Investments in Joint Ventures . We have entered into, and may continue in the future to enter into joint ventures, including partnerships and limited liability companies, through which we own an indirect economic interest in less than 100% of the community or land owned directly by the joint venture. Our decision whether to hold the entire interest in an apartment community or land ourselves, or to have an indirect interest in the community or land through a joint venture, is based on a variety of factors and considerations, including: (i) our projection, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a joint venture vehicle is used; (ii) our desire to diversify our portfolio of investments by market; (iii) our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and (iv) the economic and tax terms required by a seller of land or of a community, who may prefer or who may require less payment if the land or community is contributed to a joint venture. Investments in joint ventures are not limited to a specified percentage of our assets. Each joint venture agreement is individually negotiated, and our ability to operate or dispose of land or

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020 as income tax expense. Income taxes for the three months ended March 31, 2021 primarily related to state income tax and federal taxes on the taxable income of certain of our taxable REIT subsidiaries. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020 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, 2021 December 31, 2020 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Other Assets Deferred compensation plan investments (1) $ 125.8 $ — $ — $ 125.8 $ 129.8 $ — $ — $ 129.8 (1) Approximately $9.4 million and $37.8 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2021 and the year ended December 31, 2020, respectively. Non-Recurring Fair Value Disclosures. The nonrecurring fair value disclosure inputs under the fair value hierarchy are discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." We did not have any asset acquisitions of operating properties or impairments during the three months ended March 31, 2021. Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at March 31, 2021 and December 31, 2020, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." March 31, 2021 December 31, 2020 (in millions) Carrying Estimated Carrying Estimated Fixed rate notes payable $ 3,127.8 $ 3,346.7 $ 3,126.9 $ 3,519.9 Floating rate notes payable 39.8 40.1 39.7 40.0

Related Party Disclosures

Related Party Disclosures	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	14. Related Party TransactionIn March 2021, we entered into an amended agreement with certain holders of common units of limited partnership interest in one of our consolidated operating partnerships, Camden Summit Partnership, L.P., which holders include one of our Trust Managers. The amended agreement specifies the time period CPT is obligated to protect such unitholders for certain tax liabilities. We currently have a $40 million unsecured debt term loan that was entered into in October 2020 which supports these obligations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2021
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, authority to make decisions, kick-out rights and participating rights. As of March 31, 2021, 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.  During the three months ended March 31, 2021, certain unit holders of one of these consolidated operating partnerships redeemed their common limited partnership units in exchange for CPT common shares of approximately $3.3 million, and as of March 31, 2021, we held approximately 93% of the outstanding common limited partnership units and the sole 1% general partnership interest in this consolidated operating partnership. As of March 31, 2021, we held approximately 95% of the outstanding common limited partnership units and the sole 1% general partnership interest of the other consolidated operating partnership.
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 2020 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.
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. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the three months ended March 31, 2021 or 2020. The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have 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 $4.8 million and $4.5 million for the three months ended March 31, 2021 and 2020, respectively. Capitalized real estate taxes were approximately $1.4 million and $1.6 million for the three months ended March 31, 2021 and 2020, respectively. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and certain activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. As apartment homes within development properties are substantially completed the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements. Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: Estimated Buildings and improvements 5-35 years Furniture, fixtures, equipment, and other 3-20 years Intangible assets/liabilities (in-place leases and above and below market leases) underlying lease term
Fair Value	Fair Value . For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3: Significant inputs to the valuation model are unobservable. Recurring Fair Value Measurements. The following describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis: Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments 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 if they are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." Non-recurring fair value disclosures are not provided for impairments on assets disposed during the period because they are no longer owned by us. 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, 2021 and December 31, 2020, 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. The carrying values of our notes receivable also approximate their fair values, which are based on certain factors, such as market interest rates, terms of the note and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. 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, which include rental revenue and revenue from amounts received under contractual terms for other services provided to our customers. As a lessor, we 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, separate contract and will be recognized at the time the option is exercised on a straight-line basis over the renewal period. In accordance with the Financial Accounting Standards Board ("FASB") question and answer document issued in April 2020, we elected to account for the pandemic-related concessions provided to our residents/tenants, which were primarily related to a change of timing of rent payments with no significant changes to total payments or term, as a deferred payment in which we continue to recognize property revenue on the existing straight-line basis over the remaining applicable lease term. We recognize any changes in payment through lease receivables, which is recorded in other assets, net, in our condensed consolidated balance sheets, and any identified uncollectible amounts related to deferred amounts are presented as an adjustment to property revenue. As of March 31, 2021, our average residential lease term was approximately fourteen months with all other 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 2021 $ 497.2 2022 89.3 2023 4.2 2024 3.4 2025 2.7 Thereafter 6.9 Total $ 603.7 Credit Risk. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.
Notes Receivable	Note Receivable. We have one note receivable included in other assets, net, in our condensed consolidated balance sheets, relating to a real estate secured loan made to an unaffiliated third party. This note receivable matures on October 1, 2025. At both March 31, 2021 and December 31, 2020, the outstanding note receivable principal balance was approximately $6.4 million and the weighted average interest rate was approximately 7.0% for both the three months ended March 31, 2021 and 2020, respectively. Interest is recognized over the life of the note and included in interest and other income in our condensed consolidated statements of income and comprehensive income. We will provide for an allowance on our note receivable for expected losses if it becomes apparent conditions exist which may lead to our inability to collect all contractual amounts due. No allowance has been recognized on this note receivable as of March 31, 2021.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Revenue Recognition Leases, Operating	We currently anticipate property revenue from existing leases as follows: (in millions) Year ended December 31, Operating Leases Remainder of 2021 $ 497.2 2022 89.3 2023 4.2 2024 3.4 2025 2.7 Thereafter 6.9 Total $ 603.7
Expected useful lives of depreciable property	Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: Estimated Buildings and improvements 5-35 years Furniture, fixtures, equipment, and other 3-20 years Intangible assets/liabilities (in-place leases and above and below market leases) underlying lease term

Per Share Data (Tables)

Per Share Data (Tables)	3 Months Ended
	Mar. 31, 2021
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 (in thousands, except per share amounts) 2021 2020 Earnings per common share calculation – basic Income from continuing operations attributable to common shareholders $ 31,347 $ 43,284 Amount allocated to participating securities (43) (99) Net income attributable to common shareholders – basic $ 31,304 $ 43,185 Total earnings per common share – basic $ 0.31 $ 0.43 Weighted average number of common shares outstanding – basic 99,547 99,298 Earnings per common share calculation – diluted Net income attributable to common shareholders – diluted $ 31,304 $ 43,185 Total earnings per common share – diluted $ 0.31 $ 0.43 Weighted average number of common shares outstanding – basic 99,547 99,298 Incremental shares issuable from assumed conversion of: Common share options and share awards granted 74 82 Weighted average number of common shares outstanding – diluted 99,621 99,380

Investments in Joint Ventures (

Investments in Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures	The following table summarizes the combined balance sheets and statements of income data for the Funds as of and for the periods presented: (in millions) March 31, 2021 December 31, 2020 Total assets $ 682.4 $ 691.5 Total third-party debt 512.5 509.1 Total equity 148.4 149.1 Three Months Ended (in millions) 2021 2020 Total revenues $ 33.0 $ 32.3 Net income 3.8 4.5 Equity in income (1) 1.9 2.1 (1) Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Payable [Abstract]
Summary Of Indebtedness	The following is a summary of our indebtedness: (in millions) March 31, December 31, 2020 Commercial banks 1.85% Term Loan, due 2022 $ 39.8 $ 39.7 Senior unsecured notes 3.15% Notes, due 2022 $ 348.8 $ 348.6 5.07% Notes, due 2023 249.0 248.9 4.36% Notes, due 2024 249.3 249.2 3.68% Notes, due 2024 248.5 248.4 3.74% Notes, due 2028 397.4 397.3 3.67% Notes, due 2029 (1) 594.4 594.3 2.91% Notes, due 2030 743.7 743.5 3.41% Notes, due 2049 296.7 296.7 $ 3,127.8 $ 3,126.9 Total unsecured notes payable (2) $ 3,167.6 $ 3,166.6 (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 and debt issuance costs of $22.4 million and $23.4 million are included in senior unsecured notes payable as of March 31, 2021 and December 31, 2020, 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, 2021: (in millions) (1) Amount (2) Weighted Average Interest Rate (3) Remainder of 2021 $ (2.8) — % 2022 386.3 3.0 2023 247.3 5.1 2024 497.9 4.0 2025 (1.7) — Thereafter 2,040.6 3.4 Total $ 3,167.6 3.6 % (1) Includes all available extension options. (2) Includes amortization of debt discounts and debt issuance costs. (3) Includes the effects of the applicable settled forward interest rate swaps.

Derivative and Hedging Activi_2

Derivative and Hedging Activities Derivatives (Tables)	3 Months Ended
	Mar. 31, 2021
Derivatives [Abstract]
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	The table below presents the effect of our derivative financial instruments which were settled in 2018 and 2019 in the condensed consolidated statements of income and comprehensive income for the three months ended March 31, 2021 and 2020: (in millions) Unrealized Gain (Loss) Location of Loss Amount of Loss Derivatives in Cash Flow Hedging Relationships 2021 2020 2021 2020 Interest Rate Swaps $ — $ — Interest expense $ (0.3) $ (0.3)

Share-based Compensation and _2

Share-based Compensation and Non-Qualified Deferred Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 is shown below: Nonvested Weighted Nonvested share awards outstanding at December 31, 2020 239,728 $ 103.48 Granted 170,321 103.77 Vested (176,346) 100.16 Forfeited (6,924) 106.70 Total nonvested share awards outstanding at March 31, 2021 226,779 $ 106.18

Net Change in Operating Accou_2

Net Change in Operating Accounts (Tables)	3 Months Ended
	Mar. 31, 2021
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 (in thousands) 2021 2020 Change in assets: Other assets, net $ (1,838) $ (1,825) Change in liabilities: Accounts payable and accrued expenses (7,127) (5,107) Accrued real estate taxes (33,001) (22,046) Other liabilities 232 (480) Other 932 777 Change in operating accounts and other $ (40,802) $ (28,681)

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021: (in millions) Year ended December 31, Operating Leases Remainder of 2021 $ 2.6 2022 3.1 2023 3.0 2024 2.8 2025 2.0 Thereafter 0.1 Less: discount for time value (1.4) Lease liability as of March 31, 2021 $ 12.2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020 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, 2021 December 31, 2020 (in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Other Assets Deferred compensation plan investments (1) $ 125.8 $ — $ — $ 125.8 $ 129.8 $ — $ — $ 129.8
Fair Value Of Notes Payable	The following table presents the carrying and estimated fair values of our notes payable at March 31, 2021 and December 31, 2020, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." March 31, 2021 December 31, 2020 (in millions) Carrying Estimated Carrying Estimated Fixed rate notes payable $ 3,127.8 $ 3,346.7 $ 3,126.9 $ 3,519.9 Floating rate notes payable 39.8 40.1 39.7 40.0

Description of Business (Detail

Description of Business (Details)	Mar. 31, 2021
Business Acquisition [Line Items]
Number of multifamily properties owned, operated, or under development	175
Total number of apartment homes in multifamily properties	59,459
Number of multifamily properties under development	8
Total Number of apartment homes in multifamily properties upon completion of development	2,608

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized interest	$ 4,800,000	$ 4,500,000
Capitalized real estate taxes	1,400,000	$ 1,600,000
Remainder of 2021	497,200
2022	89,300
2023	4,200
2024	3,400
2025	2,700
Thereafter	6,900
Lessor, Operating Lease, Payments to be Received	603,700
Outstanding notes receivable	$ 6,400,000		$ 6,400,000
Weighted average interest rate on outstanding notes receivable	7.00%	7.00%
Conversion of operating partnership units	$ 0	$ 0
Conversion of Stock, Name [Domain]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Conversion of operating partnership units	$ 3,317,000
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%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Expected Useful Lives Of Depreciable Property) (Details)	3 Months Ended
	Mar. 31, 2021
Intangible assets/liabilities (in-place leases and above and below market leases)	underlying lease term
Minimum [Member] | Buildings And Improvements [Member]
Estimated Useful Life (in years)	5 years
Minimum [Member] | Furniture, Fixtures, Equipment, And Other [Member]
Estimated Useful Life (in years)	3 years
Maximum [Member] | Buildings And Improvements [Member]
Estimated Useful Life (in years)	35 years
Maximum [Member] | Furniture, Fixtures, Equipment, And Other [Member]
Estimated Useful Life (in years)	20 years

Per Share Data (Calculation Of

Per Share Data (Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Number of common share equivalent securities excluded from the diluted earnings per share calculation	1,900	1,900
Income from continuing operations attributable to common shareholders	$ 31,347	$ 43,284
Amount allocated to participating securities	(43)	(99)
Net income attributable to common shareholders – basic	$ 31,304	$ 43,185
Total earnings per common share – basic	$ 0.31	$ 0.43
Net income attributable to common shareholders – diluted	$ 31,304	$ 43,185
Total earnings per common share – diluted	$ 0.31	$ 0.43
Weighted average number of common shares outstanding – basic	99,547	99,298
Common share options and share awards granted	74	82
Weighted average number of common shares outstanding – diluted	99,621	99,380

Common Shares (Narrative) (Deta

Common Shares (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	Jun. 04, 2020	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
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			97,700
Preferred Stock, Shares Outstanding			0
Unsecured Credit Facility [Member]
Maximum borrowing capacity under unsecured credit facility			$ 900
2017 ATM program [Member]
Maximum aggregate offering price of common shares	$ 362.7
2017 ATM program [Member] | Subsequent Event [Member]
Maximum aggregate offering price of remaining common shares available for sale		$ 362.7
April 2007 Repurchase Plan [Member]
Treasury stock allowed for repurchase			$ 500
April 2007 Repurchase Plan [Member] | Subsequent Event [Member]
Share Repurchase Program, Remaining Authorized Repurchase Amount		$ 269.5

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands	Mar. 09, 2020USD ($)a	Jan. 13, 2020USD ($)a	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	$ 400		$ 0	$ 382
Cameron Village [Member]
Area of Land | a		4.9
Payments to Acquire Land		$ 18,200
Number of Units in Real Estate Property		355
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Area of Land | a	4.7
Proceeds from Sale of Land Held-for-investment	$ 800

Investments in Joint Ventures_2

Investments in Joint Ventures (Narrative) (Details) - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage		31.30%
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	[1]	$ 1,914,000	$ 2,122,000
Maximum guaranteed amount of loans utilized for construction and development activities for joint ventures		0
Maximum Investments by Formed Unconsolidated Joint Venture		360,000,000
Fees earned for property and asset management, construction, development, and other services to joint ventures		$ 1,500,000	$ 1,800,000
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage		40.00%
[1]	Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

Investments in Joint Ventures_3

Investments in Joint Ventures (Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Fees earned for property and asset management, construction, development, and other services to joint ventures	$ 1,500		$ 1,800
Assets	7,104,033			$ 7,198,952
Liabilities	3,629,957			3,682,365
Equity	3,405,977			3,444,905
Net income	32,473		44,467
Income (Loss) from Equity Method Investments	1,914	[1]	2,122
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule of Equity Method Investments [Line Items]
Assets	682,400			691,500
Liabilities	512,500			509,100
Equity	148,400			$ 149,100
Revenues	33,000		32,300
Net income	$ 3,800		$ 4,500
[1]	Equity in income excludes our ownership interest of fee income from various services provided by us to the Funds.

Notes Payable (Summary Of Indeb

Notes Payable (Summary Of Indebtedness) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Dec. 31, 2020	Oct. 01, 2020
Unsecured notes payable		$ 3,167,557	$ 3,166,625
Total unsecured notes payable (2)	[1]	$ 3,167,600	$ 3,166,600
Commercial Banks [Member] | 1.85% Term loan, due 2022 [Member]
Debt Instrument, Maturity Date		Jan. 1, 2022
Notes payable, effective interest rate		1.85%	2.70%
Unsecured notes payable		$ 39,800	$ 39,700	$ 40,000
Commercial Banks [Member] | Unsecured Floating Rate Debt [Member]
Notes payable, effective interest rate		0.00%
Senior Unsecured Notes [Member]
Unsecured notes payable		$ 3,127,800	$ 3,126,900
Senior Unsecured Notes [Member] | 3.15% Notes Due 2022 [Member]
Debt Instrument, Maturity Date		Dec. 15, 2022
Notes payable, effective interest rate		3.15%	3.15%
Unsecured notes payable		$ 348,800	$ 348,600
Senior Unsecured Notes [Member] | 5.07% Notes Due 2023 [Member]
Debt Instrument, Maturity Date		Jun. 15, 2023
Notes payable, effective interest rate		5.07%	5.07%
Unsecured notes payable		$ 249,000	$ 248,900
Senior Unsecured Notes [Member] | 4.36% Notes Due 2024 [Member]
Debt Instrument, Maturity Date		Jan. 15, 2024
Notes payable, effective interest rate		4.36%	4.36%
Unsecured notes payable		$ 249,300	$ 249,200
Senior Unsecured Notes [Member] | 3.68% Notes Due 2024 [Member]
Debt Instrument, Maturity Date		Sep. 15, 2024
Notes payable, effective interest rate		3.68%	3.68%
Unsecured notes payable		$ 248,500	$ 248,400
Senior Unsecured Notes [Member] | 3.74% Notes Due 2028 [Member]
Debt Instrument, Maturity Date		Oct. 15, 2028
Notes payable, effective interest rate		3.74%	3.74%
Unsecured notes payable		$ 397,400	$ 397,300
Senior Unsecured Notes [Member] | 3.67% Notes Due 2029 [Member]
Debt Instrument, Maturity Date		Jul. 1, 2029
Notes payable, effective interest rate		3.67%	3.67%
Unsecured notes payable	[2]	$ 594,400	$ 594,300
Senior Unsecured Notes [Member] | 2.91% Notes, due 2030
Debt Instrument, Maturity Date		May 15, 2030
Notes payable, effective interest rate		2.91%	0.00%
Unsecured notes payable		$ 743,700	$ 743,500
Senior Unsecured Notes [Member] | 3.41% Notes Due 2049 [Member]
Debt Instrument, Maturity Date		Nov. 1, 2049
Notes payable, effective interest rate		3.41%	3.41%
Unsecured notes payable		$ 296,700	$ 296,700
[1]	Unamortized debt discounts and debt issuance costs of $22.4 million and $23.4 million are included in senior unsecured notes payable as of March 31, 2021 and December 31, 2020, respectively.
[2]	The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2021USD ($)yr	Dec. 31, 2020USD ($)	Oct. 01, 2020USD ($)	Mar. 31, 2020USD ($)
Notes Payable	[1]	$ 3,167,600	$ 3,166,600
Unamortized debt discounts and debt issuance costs		22,400	23,400
Unsecured Debt		3,167,557	3,166,625
Available amount under unsecured credit facility		$ 887,800
Weighted Average Interest Rate	[2],[3]	3.60%
Weighted average maturity of indebtedness (including unsecured line of credit) (in years) | yr		8.2
Letter Of Credit [Member]
Maximum Ability to Issue Letters of Credit Under Unsecured Credit Facility		$ 50,000
Outstanding balance under credit facility		12,200
Senior Unsecured Notes [Member]
Unsecured Debt		3,127,800	3,126,900
Unsecured Credit Facility [Member]
Maximum borrowing capacity under unsecured credit facility		$ 900,000
Maximum term of bid rate loans (days)		180 days
Lesser of amount stated or the amount available under the unsecured credit facility		$ 450,000
Floating rate notes payable [Member]
Notes Payable		$ 39,800	39,700		$ 225,800
Weighted Average Interest Rate		1.90%			2.10%
1.85% Term loan, due 2022 [Member] | Commercial Banks [Member]
Unsecured Debt		$ 39,800	$ 39,700	$ 40,000
Notes payable, effective interest rate		1.85%	2.70%
Debt Instrument, Maturity Date		Jan. 1, 2022
[1]	Unamortized debt discounts and debt issuance costs of $22.4 million and $23.4 million are included in senior unsecured notes payable as of March 31, 2021 and December 31, 2020, respectively.
[2]	Includes all available extension options.
[3]	Includes the effects of the applicable settled forward interest rate swaps.

Notes Payable (Scheduled Repaym

Notes Payable (Scheduled Repayments On Outstanding Debt) (Details) $ in Millions	Mar. 31, 2021USD ($)
2021	$ (2.8)
2022	386.3
2023	247.3
2024	497.9
2025	(1.7)
Thereafter	2,040.6
Total notes payable	$ 3,167.6	[1]
Weighted Average Interest Rate	3.60%	[2],[3]
Maturities Due In 2021
Weighted Average Interest Rate	0.00%
Maturities Due In 2022
Weighted Average Interest Rate	3.00%
Maturities due in 2023
Weighted Average Interest Rate	5.10%
Maturities due in 2024
Weighted Average Interest Rate	4.00%
Maturities due in 2025
Weighted Average Interest Rate	0.00%
Maturities Due Thereafter
Weighted Average Interest Rate	3.40%
[1]	Includes amortization of debt discounts and debt issuance costs.
[2]	Includes all available extension options.
[3]	Includes the effects of the applicable settled forward interest rate swaps.

Derivative and Hedging Activi_3

Derivative and Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
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	$ (0.3)	$ (0.3)
Senior Unsecured Notes [Member] | 3.74% Notes Due 2028 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notes payable, effective interest rate	3.74%		3.74%
Senior Unsecured Notes [Member] | 3.67% Notes Due 2029 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notes payable, effective interest rate	3.67%		3.67%

Share-based Compensation and _3

Share-based Compensation and Non-Qualified Deferred Compensation Plan (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)shares$ / shares	Mar. 31, 2020USD ($)$ / shares	May 17, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 103.77	$ 117.70
Total compensation cost for option and share awards | $	$ 4,000	$ 3,700
Total capitalized compensation cost for option and share awards | $	900	700
Share Awards and Vesting [Member]
Total unrecognized compensation cost which is expected to be amortized | $	$ 20,900
Expected amortized period of unrecognized compensation expected to be recognized for share-based compensation plans	3 years
Fair value of shares vested | $	$ 17,700	$ 16,800
Maximum [Member] | Share Awards and Vesting [Member]
Vesting period, years	3 years
Two Thousand Eighteen Share Incentive Plan [Member]
Total common shares available | shares	6,400,000		9,700,000
Common shares To Full Value Award Conversion Ratio	3.45
Value Of Option Right Or Other Award In The Fungible Unit Conversion | shares	1
Full Value award in the common share conversion ratio | shares	1
Common shares which could be granted pursuant to full value awards | shares	1,900,000

Share-based Compensation and _4

Share-based Compensation and Non-Qualified Deferred Compensation Plan (Summary Of Share Incentive Plans) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested share awards outstanding at December 31, 2019, Share Awards Outstanding	239,728
Granted, Share Awards Outstanding	170,321
Exercised/Vested, Share Awards Outstanding	(176,346)
Forfeited, Share Awards Outstanding	(6,924)
Nonvested share awards outstanding at September 30, 2020, Share Awards Outstanding	226,779
Nonvested share awards outstanding at December 31, 2019, Weighted Average Exercise/Grant Price	$ 103.48
Granted, Weighted Average Exercise/Grant Price	103.77	$ 117.70
Exercised/Vested, Weighted Average Exercise/Grant Price	100.16
Forfeited, Weighted Average Exercise/Grant Price	106.70
Nonvested share awards outstanding at September 30, 2020, Weighted Average Exercise/Grant Price	$ 106.18

Net Change in Operating Accou_3

Net Change in Operating Accounts (Effect Of Changes In The Operating Accounts On Cash Flows From Operating Activities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Operating Capital [Abstract]
Other assets, net	$ (1,838)	$ (1,825)
Accounts payable and accrued expenses	(7,127)	(5,107)
Accrued real estate taxes	(33,001)	(22,046)
Other liabilities	232	(480)
Other	932	777
Net change in operating accounts and other	$ (40,802)	$ (28,681)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Number of consolidated projects under construction	8
Anticipated expenditures relating to completion of construction type contracts	$ 357.9
Operating lease, Rent expense	1.2	$ 1.1
Minimum Rental Commitments, Remainder of 2021	2.6
Minimum Rental Commitments, 2022	3.1
Minimum Rental Commitments, 2023	3
Minimum Rental Commitments, 2024	2.8
Minimum Rental Commitments, 2025	2
Minimum Rental Commitments, Thereafter	0.1
Less: interest	(1.4)
Operating lease liabilities	12.2
Earnest Money Deposits	1.3
Earnest Money Deposits NonRefundable	$ 0.8
Maximum [Member] | Partnership Interest [Member]
Less than joint venture economic interest noted	100.00%

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
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
Uncertain tax positions or unrecognized tax benefits	$ 0

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020	Dec. 31, 2020
Deferred compensation plan investments (1)	$ 125.8	[1]		$ 129.8
Participant Withdrawals From Deferred Compensation Plan Investments	9.4		$ 37.8
Level 1 [Member]
Deferred compensation plan investments (1)	125.8	[1]		129.8
Level 2 [Member]
Deferred compensation plan investments (1)	0	[1]		0
Level 3 [Member]
Deferred compensation plan investments (1)	$ 0	[1]		$ 0
[1]	Approximately $9.4 million and $37.8 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2021 and the year ended December 31, 2020, respectively.

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Of Notes Payable) (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Carrying Value	[1]	$ 3,167.6	$ 3,166.6
Fixed rate notes payable
Carrying Value		3,127.8	3,126.9
Estimated Fair Value		3,346.7	3,519.9
Floating rate notes payable (1)
Carrying Value		39.8	39.7	$ 225.8
Estimated Fair Value		$ 40.1	$ 40
[1]	Unamortized debt discounts and debt issuance costs of $22.4 million and $23.4 million are included in senior unsecured notes payable as of March 31, 2021 and December 31, 2020, respectively.

Related Party Transactions Rela

Related Party Transactions Related Party Transactions (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Oct. 01, 2020
Unsecured notes payable	$ 3,167,557	$ 3,166,625
Commercial Banks [Member] | 1.85% Term loan, due 2022 [Member]
Unsecured notes payable	$ 39,800	$ 39,700	$ 40,000