Camden Property Trust (CPT) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Document And Entity Information [Abstract]
Title of 12(b) Security	Common Shares of Beneficial Interest, $.01 par value
Entity Incorporation, State or Country Code	TX
City Area Code	713
Entity Address, State or Province	TX
Entity Tax Identification Number	76-6088377
Entity Registrant Name	CAMDEN PROPERTY TRUST
Local Phone Number	354-2500
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Central Index Key	0000906345
Current Fiscal Year End Date	--12-31
Trading Symbol	CPT
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
Entity File Number	1-12110
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		106,535,189
Entity Current Reporting Status	Yes
Security Exchange Name	NYSE
Entity Address, Address Line One	11 Greenway Plaza, Suite 2400
Entity Address, City or Town	Houston,
Entity Address, Postal Zip Code	77046
Common Stock, Shares, Outstanding	106,600,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Land	$ 1,706,983	$ 1,711,873
Buildings and improvements	11,014,440	10,993,390
Real estate assets, at cost, total	12,721,423	12,705,263
Accumulated depreciation	(4,439,710)	(4,332,524)
Net operating real estate assets	8,281,713	8,372,739
Properties under development, including land	477,481	486,864
Total real estate assets	8,759,194	8,859,603
Accounts receivable – affiliates	10,350	11,905
Other assets, net	233,137	244,182
Cash and cash equivalents	92,693	259,686
Restricted cash	8,230	8,361
Total assets	9,103,604	9,383,737
Liabilities
Unsecured notes payable	3,223,285	3,385,309
Secured notes payable	330,184	330,127
Accounts payable and accrued expenses	213,896	222,599
Accrued real estate taxes	46,612	96,517
Distributions payable	113,556	110,427
Other liabilities	182,443	186,987
Total liabilities	4,109,976	4,331,966
Commitments and contingencies (Note 10)
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000,000 shares authorized; 117,737,729 and 117,737,712 issued; 115,661,048 and 115,640,369 outstanding at March 31, 2024 and December 31, 2023, respectively	1,157	1,156
Additional paid-in capital	5,919,851	5,914,868
Distributions in excess of net income attributable to common shareholders	(641,663)	(613,651)
Treasury shares, at cost (9,083,403 and 8,859,556 common shares at March 31, 2024 and December 31, 2023, respectively)	(356,880)	(320,364)
Accumulated other comprehensive loss	(78)	(1,252)
Total common equity	4,922,387	4,980,757
Non-controlling interests	71,241	71,014
Total equity	4,993,628	5,051,771
Total liabilities and equity	$ 9,103,604	$ 9,383,737

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common shares, par value, per share	$ 0.01	$ 0.01
Common shares, authorized	175,000,000	175,000,000
Common shares, issued	117,737,729	117,737,712
Common shares, outstanding	115,661,048	115,640,369
Treasury Stock, Common, Shares	9,083,403	8,859,556

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate [Abstract]
Property revenues	$ 383,141	$ 378,163
Property expenses
Property operating and maintenance	89,044	85,285
Real estate taxes	49,501	49,396
Total property expenses	138,545	134,681
Non-property income
Fee and asset management	1,284	578
Interest and other income	1,768	62
Income on deferred compensation plans	5,819	5,912
Total non-property income	8,871	6,552
Other expenses
Property management	9,394	8,297
Fee and asset management	443	413
General and administrative	16,693	15,356
Interest	32,537	32,843
Depreciation and amortization	144,802	142,444
Expense on deferred compensation plans	5,819	5,912
Total other expenses	209,688	205,265
Gain (Loss) on Extinguishment of Debt	(921)	0
Gain on sale of operating property	43,806	0
Income from continuing operations before income taxes	86,664	44,769
Income tax expense	(905)	(1,150)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	85,759	43,619
Less income allocated to non-controlling interests	(1,870)	(1,702)
Net income attributable to common shareholders	$ 83,889	$ 41,917
Earnings per share – basic	$ 0.77	$ 0.39
Earnings per share – diluted	$ 0.77	$ 0.39
Weighted average number of common shares outstanding – basic	108,706	108,568
Weighted average number of common shares outstanding – diluted	108,729	108,604
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 85,759	$ 43,619
Other comprehensive income
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	85	0
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	1,089	359
Comprehensive income	86,933	43,978
Less income allocated to non-controlling interests	(1,870)	(1,702)
Comprehensive income attributable to common shareholders	$ 85,063	$ 42,276

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Equity - USD ($) shares in Thousands, $ 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
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 5,056,921	$ 1,156	$ 5,897,454	$ (581,532)	$ (328,684)	$ (1,774)	$ 70,301
Net Income	43,619			41,917			$ 1,702
Other comprehensive income	359					359
Net share awards	12,974		5,721		7,253
Employee share purchase plan	$ 118		$ 118
Conversion of operating partnership units	0		144				(144)
Cash distributions declared to equity holders	$ (110,438)			(108,842)			$ (1,596)
Cash distributions declared to equity holders per common share	$ 1
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 5,003,553	1,156	$ 5,903,437	(648,457)	(321,431)	(1,415)	70,263
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	5,051,771	1,156	5,914,868	(613,651)	(320,364)	(1,252)	71,014
Net Income	85,759			83,889			1,870
Other comprehensive income	1,174					1,174
Net share awards	14,041		4,875		9,166
Employee share purchase plan	109		109
Common shares repurchased	(45,682)				(45,682)
Cash distributions declared to equity holders	$ (113,544)			(111,901)			(1,643)
Cash distributions declared to equity holders per common share	$ 1.03
Other	$ 0	1	(1)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 4,993,628	$ 1,157	$ 5,919,851	$ (641,663)	$ (356,880)	$ (78)	$ 71,241

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 85,759	$ 43,619
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	144,802	142,444
Loss on early retirement of debt	921	0
Gain on sale of operating property	(43,806)	0
Share-based compensation	3,360	3,629
Net change in operating accounts and other	(55,146)	(49,981)
Net cash from operating activities	135,890	139,711
Cash flows from investing activities
Development and capital improvements, including land	(106,094)	(91,908)
Net proceeds from sale of operating property	114,474	0
Other	(1,490)	(1,627)
Net cash from investing activities	6,890	(93,535)
Cash flows from financing activities
Borrowings on unsecured revolving credit facility	120,000	265,000
Repayments on unsecured revolving credit facility	(120,000)	(199,000)
Proceeds from Notes Payable	395,952	0
Repayment of notes payable	(550,000)	0
Distributions to common shareholders and non-controlling interests	(110,427)	(103,599)
Repurchase of common shares	(45,682)	0
Other	253	1,267
Net cash from financing activities	(309,904)	(36,332)
Net (decrease)/increase in cash, cash equivalents, and restricted cash	(167,124)	9,844
Cash, cash equivalents, and restricted cash, beginning of period	268,047	17,438
Cash, cash equivalents, and restricted cash, end of period	100,923	27,282
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	92,693	20,419
Restricted cash	8,230	6,863
Total cash, cash equivalents, and restricted cash	100,923	27,282
Supplemental information
Cash paid for interest, net of interest capitalized	21,240	26,378
Cash paid for income taxes	228	681
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid	113,556	110,444
Value of shares issued under benefit plans, net of cancellations	23,499	23,583
Accrual associated with construction and capital expenditures	$ 29,144	$ 27,413

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2024
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, reposition, 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, 2024, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,227 apartment homes across the United States. Of the 175 properties, four properties were under construction as of March 31, 2024, and will consist of a total of 1,166 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, 2024
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 (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation primarily using a voting interest model. In determining if we have a controlling financial interest, we consider factors such as ownership interests, decision making authority, kick-out rights, and participating rights. As of March 31, 2024, two of our consolidated operating partnerships were VIEs. We are considered the primary beneficiary of both consolidated operating partnerships and therefore consolidate these operating partnerships. As of March 31, 2024, we held approximately 93% and 95% of the outstanding common limited partnership units and the sole 1% general partnership interest in each of these consolidated operating partnerships. Interim Financial Reporting . We have prepared these unaudited financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim unaudited financial statements should be read in conjunction with the audited financial statements and notes included in our 2023 Annual Report on Form 10-K. Asset Impairment . Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant's perspective. We did not record any impairment charges for the three months ended March 31, 2024 or 2023. The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, and demand for multifamily communities. We have reviewed market trends and other marketplace information and incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated. We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect in our condensed consolidated financial position and results of operations. Cost Capitalization . Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt and was approximately $5.0 million for each of the three months ended March 31, 2024 and 2023. Capitalized real estate taxes were approximately $1.4 million and $1.3 million for the three months ended March 31, 2024 and 2023, 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 Derivative Financial Instruments. Derivative financial instruments are recorded in the condensed consolidated balance sheets at fair value and presented on a gross basis for financial reporting purposes even when those instruments are subject to master netting arrangements and may otherwise qualify for net presentation. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Cash flows from derivatives and the related gains and losses are classified as cash flows from operating activities on the condensed consolidated statements of cash flows. Cash Flow Hedges. For derivative instruments which are designated and qualify as a cash flow hedge, the derivative's gain or loss is reported as a component to other comprehensive income ("OCI") and recorded in accumulated other comprehensive income ("AOCI") on our condensed consolidated balance sheets. The gain or loss is subsequently reclassified into net earnings when the hedged exposure affects net earnings, in the same line item as the underlying hedged item on our condensed consolidated statements of earnings. Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge. Cash flows from hedging transactions are classified in the same categories as the cash flows from the respective hedged items. Fair Value Hedges. For derivative instruments which are designated and qualify as a fair value hedge, the changes in fair value of the derivative instrument and the offsetting changes in fair value of the underlying hedged item due to changes in the hedged risk are recorded to interest expense on our condensed consolidated statements of earnings. Counterparty Credit Risk. Fair values of our derivatives can change significantly from period to period based on, among other factors, market movements and changes in our positions. We manage counterparty credit risk (the risk counterparties will default and not make payments to us according to the terms of our agreements) on an individual counterparty basis. 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: Derivative Financial Instruments. The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market-standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including our own nonperformance risk and the respective counterparty’s nonperformance risk. Although we have determined the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments, excluding the value of Company shares, are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy. Non-Recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value when they are acquired, including the remeasurement of previously held ownership interests, using fair value methodologies described above at "Acquisitions of Real Estate," or if the long-lived assets are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy. Financial Instrument Fair Value Disclosures. As of March 31, 2024 and December 31, 2023, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and distributions payable represented fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Income Recognition . The majority of our revenues are derived from real estate lease contracts and presented as property revenues, and include rental revenue as well as revenue under contractual terms for other services provided to our customers. As a lessor, we have also elected practical expedients to: i) not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and ii) exclude from lease revenues the sales taxes collected from lessees and certain lessor costs paid directly by the lessee. Our other revenue streams include fee and asset management income in accordance with other revenue guidance, ASC 606, Revenues from Contracts with Customers . Details of our material revenue streams are discussed below: Property Revenues. We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets, which is our only underlying asset class. We recognize rental revenues from these lease contracts on a straight-line basis over the applicable lease term, net of amounts related to lease contracts identified as uncollectible. We also earn revenues under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new and separate contract which will be recognized at the time the option is exercised on a straight-line basis over the renewal period. As of March 31, 2024, our average residential lease term was approximately fourteen months with all non-residential commercial leases averaging longer lease terms. We currently anticipate property revenue from existing leases as follows: (in millions) Year ended December 31, Operating Leases Remainder of 2024 $ 712.0 2025 137.7 2026 3.8 2027 3.3 2028 3.0 Thereafter 6.2 Total $ 866.0 Credit Risk. We believe there is no significant concentration of credit risk due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms. Investments. We hold equity interests in certain technology funds which are not accounted for using the equity method because we have no influence over these entities and their fair values are not readily determinable. These investments are recorded using the measurement alternative in which our equity interests are recorded at cost, adjusted for impairments and observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting period, we reassess whether these investments continue to qualify for this measurement alternative. We had investments recorded at cost of approximately $14.8 million and $14.3 million as of March 31, 2024 and December 31, 2023, respectively. These investments are included in other assets, net in our condensed consolidated balance sheets and we did not record any impairments during the three months ended March 31, 2024 or 2023 relating to these investments. Recent Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 is intended to enhance disclosures regarding a public entity's reportable segments by requiring public entities, who have a single reportable segment or multiple reportable segments, to disclose significant segment expenses which are regularly provided to the chief operating decision maker ("CODM"), the title or position of the CODM, and how the CODM utilizes segment information to assess performance and allocate resources. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods for fiscal years beginning after December 15, 2024, and early adoption is permitted. This standard must be applied using the retrospective transition method upon adoption. We expect to adopt ASU 2023-07 in our 2024 Form 10-K and in the interim periods thereafter. The adoption of ASU 2023-07 will require additional disclosures, but we do not believe the adoption will materially impact our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires additional disclosures to enhance the transparency regarding income tax information through the use of a rate reconciliation table and disclosure of net taxes paid, detailed by federal, state, and foreign taxes and, if applicable, further detailed by specific jurisdictions if the amount exceeds a qualitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. This standard may be applied either on a prospective basis or on a retrospective basis. We expect to adopt ASU 2023-09 for the fiscal year ending December 31, 2025 and do not expect the additional disclosure to impact our consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Per Share Data

Per Share Data	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Per Share Data	3. Per Share Data Basic earnings per share is computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflects common shares issuable from the assumed conversion of common share options and unvested share awards as well as units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. Common shares under a forward sale agreement, if any, will be considered in our calculation for diluted earnings-per-share until settlement using the if-converted method. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 1.8 million and for each of the three months ended March 31, 2024 and 2023. These securities, which include share awards granted and units convertible into common shares, are anti-dilutive and were therefore excluded from the diluted earnings per share calculations. The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated: Three Months Ended (in thousands, except per share amounts) 2024 2023 Earnings per common share calculation – basic Income from continuing operations attributable to common shareholders $ 83,889 $ 41,917 Amount allocated to participating securities (159) (81) Net income attributable to common shareholders – basic $ 83,730 $ 41,836 Total earnings per common share – basic $ 0.77 $ 0.39 Weighted average number of common shares outstanding – basic 108,706 108,568 Earnings per common share calculation – diluted Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 83,730 $ 41,836 Income allocated to common units from continuing operations — — Net income attributable to common shareholders – diluted $ 83,730 $ 41,836 Total earnings per common share – diluted $ 0.77 $ 0.39 Weighted average number of common shares outstanding – basic 108,706 108,568 Incremental shares issuable from assumed conversion of: Share awards granted 23 36 Weighted average number of common shares outstanding – diluted 108,729 108,604

Common Shares

Common Shares	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Common Shares	4. Common Shares In May 2023, we created an at-the-market ("ATM") share offering program through which we can, but have no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2023 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the proceeds from any sale of our common shares under the 2023 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured revolving credit facility, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development activities, and financing for acquisitions. The 2023 ATM program also permits the use of forward sale agreements which allows us to lock in a share price on the sale of common shares at the time the agreement is executed, but defer receiving the proceeds from the sale of the applicable shares until a later date. If we enter into a forward sale agreement, we expect the applicable forward purchasers will borrow from third parties and, through the applicable sales agent acting in its role as forward seller, sell a number of common shares equal to the number of shares underlying the applicable agreement. Under this scenario, we would not initially receive any proceeds from any sale of borrowed shares by the forward seller. We expect to physically settle each forward sale agreement with the relevant forward purchaser on or prior to the maturity date of a particular forward sale agreement by issuing our common shares in return for the receipt of aggregate net cash proceeds at settlement equal to the number of common shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, at our sole discretion, we may also elect to cash settle or net share settle a particular forward sale agreement, in which case we may not receive any proceeds from the issuance of common shares, and we will instead receive or pay cash (in the case of cash settlement) or receive or deliver common shares (in the case of net share settlement). As of the date of this filing, we have not sold any shares or entered into any forward sales agreement under the 2023 ATM program and have common shares having an aggregate offering amount of up to $500.0 million remaining available for sale under the 2023 ATM program. In May 2022, we created an ATM share offering program through which we could, but had no obligation to, sell common shares for an aggregate offering amount of up to $500.0 million (the "2022 ATM program"). In May 2023, in connection with the creation of the 2023 ATM program, we terminated the 2022 ATM program and did not sell any shares under this program We have a share repurchase plan approved by our Board of Trust Managers which allows for the repurchase of up to $500.0 million of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. During the three months ended March 31, 2024, we repurchased 471,282 common shares at an average price of $96.91 per share for approximately $45.7 million. In April 2024, we repurchased 44,692 common shares at an average price of $96.52 per share for approximately $4.3 million. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under this plan was approximately $450.0 million.

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Acquisitions [Text Block]	5. Dispositions Sale of Operating Property . During the three months ended March 31, 2024, we sold one operating property comprised of 592 apartment homes located in Atlanta, Georgia for approximately $115.0 million and recognized a gain of approximately $43.8 million. We did not sell any operating properties during the three months ended March 31, 2023.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2024
Notes Payable [Abstract]
Notes payable	6. Notes Payable The following is a summary of our indebtedness: (in millions) March 31, December 31, 2023 Commercial banks 6.55% Term Loan, due 2024 $ 40.0 $ 39.9 6.21% Term Loan, due 2024 — 300.0 $ 40.0 $ 339.9 Senior unsecured notes 4.36% Notes, due 2024 $ — $ 250.0 3.68% Notes, due 2024 249.8 249.7 6.76% Notes, due 2026 (1) 501.1 508.6 3.74% Notes, due 2028 398.8 398.7 3.67% Notes, due 2029 (2) 596.3 596.1 2.91% Notes, due 2030 745.5 745.4 5.06% Notes, due 2034 394.9 — 3.41% Notes, due 2049 296.9 296.9 $ 3,183.3 $ 3,045.4 Total unsecured notes payable $ 3,223.3 $ 3,385.3 Secured notes Master Credit Facilities 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 $ 291.3 $ 291.3 3.87% note, due 2028 38.9 38.8 Total secured notes payable $ 330.2 $ 330.1 Total notes payable (3) $ 3,553.5 $ 3,715.4 (1) Balance includes $3.8 million and $11.6 million fair value adjustments due to changes in benchmark interest rates related to these notes as of March 31, 2024 and December 31, 2023, respectively. See Note 7, "Derivative Financial Instruments and Hedging Activities," for further discussion. (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%. (3) Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $17.5 million and $5.5 million are included in notes payable as of March 31, 2024 and December 31, 2023, respectively. We have a $1.2 billion unsecured revolving credit facility which matures in August 2026, with two options to extend the facility at our election for two consecutive six-month periods and to expand the facility up to three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rates on our unsecured revolving credit facility is based upon, at our option, (a) the daily or the one-, three-, or six-month Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%. Advances under our unsecured revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility 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, 2024 and through the date of this filing. Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our unsecured revolving credit facility, it does reduce the amount available. At March 31, 2024, we had outstanding letters of credit totaling approximately $27.7 million and approximately $1.2 billion available under our unsecured revolving credit facility. In January 2024, we issued $400.0 million aggregate principal amount of 4.90% senior unsecured notes due January 15, 2034 (the "2034 Notes") under our existing shelf registration statement. The 2034 Notes were offered to the public at 99.638% of their face amount with a stated rate of 4.90% and a yield to maturity of 4.946%. After deducting underwriting discounts and other offering expenses, the net proceeds from the sale of the 2034 Notes was approximately $394.8 million. Interest on the 2034 Notes is payable semi-annually on January 15 and July 15, beginning July 15, 2024. We may redeem the 2034 Notes, in whole or in part, at anytime at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem the 2034 Notes on or after three months prior to their maturity date, the redemption price will equal 100% of the principal amount of the 2034 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2034 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness. In January 2024, we utilized a portion of the net proceeds from the 2034 Notes to repay the $300.0 million, 6.21% unsecured term loan due in August 2024 with a one year extension option to August 2025. As a result of the early repayment, we expensed approximately $0.9 million of unamortized loan costs, which are reflected in the loss on early retirement of debt in our condensed consolidated statements of income and comprehensive income. In January 2024, we utilized cash on hand to repay the principal amount of our 4.36% senior unsecured notes payable, which matured on January 15, 2024, for a total of $250.0 million, plus accrued interest. We had outstanding floating rate debt of approximately $541.1 million and $848.5 million at March 31, 2024 and December 31, 2023, respectively, which includes the senior unsecured notes payable due in 2026 which have been converted to floating rate debt through the issuance of an interest rate swap. The weighted average interest rate on such debt was approximately 6.7% for the three months ended March 31, 2024 and approximately 6.5% at December 31, 2023. Our indebtedness had a weighted average maturity of approximately 6.6 years at March 31, 2024. 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, 2024: (in millions) (1) Amount (2) Weighted Average Interest Rate (3) Remainder of 2024 $ 287.2 4.1 % 2025 (3.5) — 2026 524.5 6.6 2027 172.5 3.9 2028 529.9 3.8 Thereafter 2,042.9 3.7 Total $ 3,553.5 4.2 % (1) Includes all available extension options. (2) Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments. (3) Includes the effects of the applicable settled derivatives.

Derivative and Hedging Activiti

Derivative and Hedging Activities Derivative and Hedging Activities (Notes)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging Activities Disclosure	7. Derivative Financial Instruments and Hedging Activities Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments related to our borrowings. We do not utilize derivative financial instruments for trading or speculative purposes. See Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements" for a further discussion of derivative financial instruments. Cash Flow Hedges. From time to time, we enter into designated cash flow hedges to manage the variability in cash flows due to changes in benchmark interest rates. We enter into interest rate swap agreements, including forward interest rate swaps and treasury locks, settled in cash based upon the difference between an agreed-upon benchmark rate and the prevailing benchmark rate at settlement. The agreements are generally settled around the time of the pricing of the related debt. Each cash flow derivative gain or loss is recorded to OCI and is subsequently reclassified to interest expense over the life of the related debt. We did not have any cash flow hedges at March 31, 2024 or material cash flow hedges at December 31, 2023. During each of the three months ended March 31, 2024 and 2023, approximately $0.3 million was reclassified from AOCI as an increase to interest expense for derivative financial instruments settled in prior periods. Fair Value Hedges. From time to time, we utilize interest rate swaps to achieve an additional level of floating rate debt relative to fixed rate debt as we deem appropriate. We designate fixed to floating interest rate swaps as fair value hedges. The changes in fair values of these derivative instruments and the offsetting changes in fair values of the underlying hedged debt due to changes in the relevant benchmark interest rates are recorded in interest expense. At March 31, 2024 and December 31, 2023, we had one interest rate swap with a notional amount of $500.0 million designated as a fair value hedge, which converts our $500.0 million principal amount of 5.85% fixed rate senior unsecured notes due November 2026 into a floating rate instrument with an interest rate based on a SOFR index. Refer to Note 12, "Fair Value Measurements" for the outstanding derivative instruments and the corresponding fair value classifications.

Share-based Compensation and No

Share-based Compensation and Non-Qualified Deferred Compensation Plan	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-based Compensation and Non-Qualified Deferred Compensation Plan	. Share-Based Compensation and Non-Qualified Deferred Compensation Plan Incentive Compensation. We currently maintain the 2018 Share Incentive Plan (the "2018 Share Plan"), which was approved by our shareholders. The shares available for awards under the 2018 Share Plan are, subject to certain other limits under the plan, generally available for any type of award authorized under the 2018 Share Plan including stock options, stock appreciation rights, restricted stock awards, stock bonuses, and other stock-based awards. Persons eligible to receive awards under the 2018 Share Plan include our and our subsidiaries' officers and employees, Trust Managers, and certain of our and our subsidiaries' consultants and advisors. A total of 9.7 million shares ("Share Limit") was authorized under the 2018 Share Plan. Shares issued or to be issued are counted against the Share Limit as (1) 3.45 to 1.0 for every share award, excluding stock options and share appreciation rights, granted, and (2) 1.0 to 1.0 for every share of stock option or share appreciation right granted. As of March 31, 2024, there were approximately 4.3 million common shares available under the 2018 Share Plan, which would result in approximately 1.3 million shares which could be granted pursuant to full value awards conversion ratios as defined under the plan. Total compensation cost for share awards charged against income was approximately $3.5 million and $3.9 million for the three months ended March 31, 2024 and 2023, respectively. Total capitalized compensation costs for share awards were approximately $1.2 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively. A summary of activity under our share incentive plans for the three months ended March 31, 2024 is shown below: Nonvested Weighted Nonvested share awards outstanding at December 31, 2023 174,164 $ 126.46 Granted 250,800 95.41 Vested (201,784) 107.39 Forfeited (3,365) 127.83 Total nonvested share awards outstanding at March 31, 2024 219,815 $ 108.52 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, 2024
Increase (Decrease) in Operating Capital [Abstract]
Net Change in Operating Accounts	. 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) 2024 2023 Change in assets: Other assets, net $ (6,766) $ 4,044 Change in liabilities: Accounts payable and accrued expenses (4,698) (20,000) Accrued real estate taxes (49,693) (47,467) Other liabilities 4,953 12,539 Other 1,058 903 Change in operating accounts and other $ (55,146) $ (49,981)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Construction Contracts . As of March 31, 2024, we estimated the total additional cost to complete the four properties currently under construction to be approximately $97.4 million. We expect to fund this amount through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our ATM program, and other unsecured borrowings or secured mortgages. Litigation. We are subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which arise out of allegation of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management currently believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements. We have been named as a defendant in several cases alleging antitrust violations by a seller of revenue management software and owners and/or operators of multi-family housing, including us, which utilize this software. The complaints allege collusion among the defendants to fix rents in violation of Section 1 of the Sherman Act. The U.S. Judicial Panel on Multidistrict Litigation has consolidated some cases, including those filed against us, into a single action in the United States District Court for the Middle District of Tennessee. We and our co-defendants formed a joint defense group which allows free communication and strategizing among us and our attorneys as well as allows us to combine efforts in drafting motions. In addition to those lawsuits, we and several other owners and/or operators of multi-family housing have been sued in separate actions by the Attorney General of the District of Columbia and the Attorney General of Arizona. Those lawsuits also allege collusion among the defendants to fix rents in violation of DC and Arizona law, respectively. Additionally, we have been served with Civil Investigative Demands ("CIDs"), separately, by the U.S. Department of Justice and the Attorney General of Texas. The CIDs are not lawsuits alleging wrongdoing but mechanisms by which the government can obtain information from companies regarding their use of the revenue management software. We believe all of the lawsuits are without merit. We intend to vigorously defend these actions and are cooperating and responding to the CIDs. At this stage of the proceedings, it is not possible to predict or determine the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision on any of these matters. 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, 2024, we had approximately $0.6 million of earnest money deposits for potential acquisitions of land which are included in other assets in our condensed consolidated balance sheet, of which approximately $0.5 million was non-refundable. Lease Commitments . Substantially all of our lessee operating leases, which are recorded within other liabilities in our condensed consolidated balance sheets, are related to office facility leases. We had no significant changes to our lessee lease commitments for the three months ended March 31, 2024. The lease and non-lease components, excluding short-term lease contracts with a duration of 12 months or less, are accounted for as a combined single component based upon the standalone price at the time the applicable lease is commenced and is recognized as a lease expense on a straight-line basis over the lease term. Most of our office facility leases include options to renew and generally are not included in the operating lease liabilities or right-of-use assets as they are not reasonably certain of being exercised. If an option to renew is exercised, it would be considered a separate contract and recognized based upon the standalone price at the time the option to renew is exercised. Variable lease payments which values are not known at lease commencement, such as executory costs of real estate taxes, property insurance, and common area maintenance, are expensed as incurred. Rental expense totaled approximately $1.0 million for each of the three months ended March 31, 2024 and 2023. The following is a summary of our maturities of our lease liabilities as of March 31, 2024: (in millions) Year ended December 31, Operating Leases Remainder of 2024 $ 2.5 2025 2.4 2026 0.5 2027 0.2 2028 — Thereafter — Less: discount for time value (0.2) Lease liability as of March 31, 2024 $ 5.4

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	11. 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, 2024 and 2023 as income tax expense. Income taxes for the three months ended March 31, 2024 primarily related to state income tax. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	12. 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, 2024 and December 31, 2023 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, 2024 December 31, 2023 (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) $ 125.7 $ — $ — $ 125.7 $ 132.0 $ — $ — $ 132.0 Derivative financial instruments (fair value hedges) $ — $ 3.8 $ — $ 3.8 $ — $ 11.6 $ — $ 11.6 Other Liabilities Derivative financial instruments (cash flow hedges) $ — $ — $ — $ — $ — $ 0.7 $ — $ 0.7 (1) Approximately $15.9 million and $10.9 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2024 and the year ended December 31, 2023, 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, 2024 or 2023. Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at March 31, 2024 and December 31, 2023, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." March 31, 2024 December 31, 2023 (in millions) Carrying Estimated Carrying Estimated Fixed rate notes payable $ 3,012.4 $ 2,762.0 $ 2,866.9 $ 2,651.6 Floating rate notes payable (1) 541.1 554.5 848.5 864.9 (1) Includes the senior unsecured notes payable due in 2026 at March 31, 2024 and December 31, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation
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 2023 Annual Report on Form 10-K.
Acquisitions of Real Estate
Asset Impairment	Asset Impairment . Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. When impairment exists, the long-lived asset is adjusted to its fair value. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant's perspective. We did not record any impairment charges for the three months ended March 31, 2024 or 2023. The value of our properties under development depends on market conditions, including estimates of the project start date, projected construction costs, and demand for multifamily communities. We have reviewed market trends and other marketplace information and incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated. We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect in our condensed consolidated financial position and results of operations.
Cost Capitalization	Cost Capitalization . Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt and was approximately $5.0 million for each of the three months ended March 31, 2024 and 2023. Capitalized real estate taxes were approximately $1.4 million and $1.3 million for the three months ended March 31, 2024 and 2023, 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
Derivatives Financial Instruments	Derivative Financial Instruments. Derivative financial instruments are recorded in the condensed consolidated balance sheets at fair value and presented on a gross basis for financial reporting purposes even when those instruments are subject to master netting arrangements and may otherwise qualify for net presentation. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Cash flows from derivatives and the related gains and losses are classified as cash flows from operating activities on the condensed consolidated statements of cash flows. Cash Flow Hedges. For derivative instruments which are designated and qualify as a cash flow hedge, the derivative's gain or loss is reported as a component to other comprehensive income ("OCI") and recorded in accumulated other comprehensive income ("AOCI") on our condensed consolidated balance sheets. The gain or loss is subsequently reclassified into net earnings when the hedged exposure affects net earnings, in the same line item as the underlying hedged item on our condensed consolidated statements of earnings. Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge. Cash flows from hedging transactions are classified in the same categories as the cash flows from the respective hedged items. Fair Value Hedges. For derivative instruments which are designated and qualify as a fair value hedge, the changes in fair value of the derivative instrument and the offsetting changes in fair value of the underlying hedged item due to changes in the hedged risk are recorded to interest expense on our condensed consolidated statements of earnings. Counterparty Credit Risk. Fair values of our derivatives can change significantly from period to period based on, among other factors, market movements and changes in our positions. We manage counterparty credit risk (the risk counterparties will default and not make payments to us according to the terms of our agreements) on an individual counterparty basis.
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: Derivative Financial Instruments. The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps are estimated using the market-standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including our own nonperformance risk and the respective counterparty’s nonperformance risk. Although we have determined the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments, excluding the value of Company shares, are recorded in other assets in our condensed consolidated balance sheets. The inputs associated with the valuation of our recurring deferred compensation plan investments are included in Level 1 of the fair value hierarchy. Non-Recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value when they are acquired, including the remeasurement of previously held ownership interests, using fair value methodologies described above at "Acquisitions of Real Estate," or if the long-lived assets are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy. Financial Instrument Fair Value Disclosures. As of March 31, 2024 and December 31, 2023, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and distributions payable represented fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.
Income Recognition	Income Recognition . The majority of our revenues are derived from real estate lease contracts and presented as property revenues, and include rental revenue as well as revenue under contractual terms for other services provided to our customers. As a lessor, we have also elected practical expedients to: i) not separate the lease and non-lease components by class of underlying assets and account for the combined components as a single component under certain conditions, and ii) exclude from lease revenues the sales taxes collected from lessees and certain lessor costs paid directly by the lessee. Our other revenue streams include fee and asset management income in accordance with other revenue guidance, ASC 606, Revenues from Contracts with Customers . Details of our material revenue streams are discussed below: Property Revenues. We earn rental revenue from operating lease contracts for the use of dedicated spaces within owned assets, which is our only underlying asset class. We recognize rental revenues from these lease contracts on a straight-line basis over the applicable lease term, net of amounts related to lease contracts identified as uncollectible. We also earn revenues under contractual terms for other services considered non-lease components within a lease contract, primarily consisting of utility rebillings and other transactional fees. These amounts received under contractual terms for other services are charged to our residents and recognized monthly as earned. Any identified uncollectible amounts related to individual lease contracts are presented as an adjustment to property revenue. Any renewal options of real estate lease contracts are considered a new and separate contract which will be recognized at the time the option is exercised on a straight-line basis over the renewal period. As of March 31, 2024, our average residential lease term was approximately fourteen months with all non-residential commercial leases averaging longer lease terms. We currently anticipate property revenue from existing leases as follows: (in millions) Year ended December 31, Operating Leases Remainder of 2024 $ 712.0 2025 137.7 2026 3.8 2027 3.3 2028 3.0 Thereafter 6.2 Total $ 866.0 Credit Risk. We believe there is no significant concentration of credit risk due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms.
Other Assets, Net [Policy Text Block]	Investments. We hold equity interests in certain technology funds which are not accounted for using the equity method because we have no influence over these entities and their fair values are not readily determinable. These investments are recorded using the measurement alternative in which our equity interests are recorded at cost, adjusted for impairments and observable price changes in orderly transactions for an identical or similar investment of the same issuer. At each reporting period, we reassess whether these investments continue to qualify for this measurement alternative. We had investments recorded at cost of approximately $14.8 million and $14.3 million as of March 31, 2024 and December 31, 2023, respectively. These investments are included in other assets, net in our condensed consolidated balance sheets and we did not record any impairments during the three months ended March 31, 2024 or 2023 relating to these investments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 is intended to enhance disclosures regarding a public entity's reportable segments by requiring public entities, who have a single reportable segment or multiple reportable segments, to disclose significant segment expenses which are regularly provided to the chief operating decision maker ("CODM"), the title or position of the CODM, and how the CODM utilizes segment information to assess performance and allocate resources. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods for fiscal years beginning after December 15, 2024, and early adoption is permitted. This standard must be applied using the retrospective transition method upon adoption. We expect to adopt ASU 2023-07 in our 2024 Form 10-K and in the interim periods thereafter. The adoption of ASU 2023-07 will require additional disclosures, but we do not believe the adoption will materially impact our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires additional disclosures to enhance the transparency regarding income tax information through the use of a rate reconciliation table and disclosure of net taxes paid, detailed by federal, state, and foreign taxes and, if applicable, further detailed by specific jurisdictions if the amount exceeds a qualitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. This standard may be applied either on a prospective basis or on a retrospective basis. We expect to adopt ASU 2023-09 for the fiscal year ending December 31, 2025 and do not expect the additional disclosure to impact our consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Expected useful lives of depreciable property	Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows: Estimated Buildings and improvements 5-35 years Furniture, fixtures, equipment, and other 3-20 years Intangible assets/liabilities (in-place leases and above and below-market leases) underlying lease term
Revenue Recognition, Leases	We currently anticipate property revenue from existing leases as follows: (in millions) Year ended December 31, Operating Leases Remainder of 2024 $ 712.0 2025 137.7 2026 3.8 2027 3.3 2028 3.0 Thereafter 6.2 Total $ 866.0

Per Share Data (Tables)

Per Share Data (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Earnings per common share calculation – basic Income from continuing operations attributable to common shareholders $ 83,889 $ 41,917 Amount allocated to participating securities (159) (81) Net income attributable to common shareholders – basic $ 83,730 $ 41,836 Total earnings per common share – basic $ 0.77 $ 0.39 Weighted average number of common shares outstanding – basic 108,706 108,568 Earnings per common share calculation – diluted Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities $ 83,730 $ 41,836 Income allocated to common units from continuing operations — — Net income attributable to common shareholders – diluted $ 83,730 $ 41,836 Total earnings per common share – diluted $ 0.77 $ 0.39 Weighted average number of common shares outstanding – basic 108,706 108,568 Incremental shares issuable from assumed conversion of: Share awards granted 23 36 Weighted average number of common shares outstanding – diluted 108,729 108,604

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Payable [Abstract]
Summary Of Indebtedness	The following is a summary of our indebtedness: (in millions) March 31, December 31, 2023 Commercial banks 6.55% Term Loan, due 2024 $ 40.0 $ 39.9 6.21% Term Loan, due 2024 — 300.0 $ 40.0 $ 339.9 Senior unsecured notes 4.36% Notes, due 2024 $ — $ 250.0 3.68% Notes, due 2024 249.8 249.7 6.76% Notes, due 2026 (1) 501.1 508.6 3.74% Notes, due 2028 398.8 398.7 3.67% Notes, due 2029 (2) 596.3 596.1 2.91% Notes, due 2030 745.5 745.4 5.06% Notes, due 2034 394.9 — 3.41% Notes, due 2049 296.9 296.9 $ 3,183.3 $ 3,045.4 Total unsecured notes payable $ 3,223.3 $ 3,385.3 Secured notes Master Credit Facilities 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 $ 291.3 $ 291.3 3.87% note, due 2028 38.9 38.8 Total secured notes payable $ 330.2 $ 330.1 Total notes payable (3) $ 3,553.5 $ 3,715.4 (1) Balance includes $3.8 million and $11.6 million fair value adjustments due to changes in benchmark interest rates related to these notes as of March 31, 2024 and December 31, 2023, respectively. See Note 7, "Derivative Financial Instruments and Hedging Activities," for further discussion. (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%. (3) Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $17.5 million and $5.5 million are included in notes payable as of March 31, 2024 and December 31, 2023, 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, 2024: (in millions) (1) Amount (2) Weighted Average Interest Rate (3) Remainder of 2024 $ 287.2 4.1 % 2025 (3.5) — 2026 524.5 6.6 2027 172.5 3.9 2028 529.9 3.8 Thereafter 2,042.9 3.7 Total $ 3,553.5 4.2 % (1) Includes all available extension options. (2) Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments. (3) Includes the effects of the applicable settled derivatives.

Share-based Compensation and _2

Share-based Compensation and Non-Qualified Deferred Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 is shown below: Nonvested Weighted Nonvested share awards outstanding at December 31, 2023 174,164 $ 126.46 Granted 250,800 95.41 Vested (201,784) 107.39 Forfeited (3,365) 127.83 Total nonvested share awards outstanding at March 31, 2024 219,815 $ 108.52

Net Change in Operating Accou_2

Net Change in Operating Accounts (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Change in assets: Other assets, net $ (6,766) $ 4,044 Change in liabilities: Accounts payable and accrued expenses (4,698) (20,000) Accrued real estate taxes (49,693) (47,467) Other liabilities 4,953 12,539 Other 1,058 903 Change in operating accounts and other $ (55,146) $ (49,981)

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024: (in millions) Year ended December 31, Operating Leases Remainder of 2024 $ 2.5 2025 2.4 2026 0.5 2027 0.2 2028 — Thereafter — Less: discount for time value (0.2) Lease liability as of March 31, 2024 $ 5.4

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 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, 2024 December 31, 2023 (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) $ 125.7 $ — $ — $ 125.7 $ 132.0 $ — $ — $ 132.0 Derivative financial instruments (fair value hedges) $ — $ 3.8 $ — $ 3.8 $ — $ 11.6 $ — $ 11.6 Other Liabilities Derivative financial instruments (cash flow hedges) $ — $ — $ — $ — $ — $ 0.7 $ — $ 0.7 (1)
Fair Value Of Notes Payable	The following table presents the carrying and estimated fair values of our notes payable at March 31, 2024 and December 31, 2023, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements." March 31, 2024 December 31, 2023 (in millions) Carrying Estimated Carrying Estimated Fixed rate notes payable $ 3,012.4 $ 2,762.0 $ 2,866.9 $ 2,651.6 Floating rate notes payable (1) 541.1 554.5 848.5 864.9 (1) Includes the senior unsecured notes payable due in 2026 at March 31, 2024 and December 31, 2023.

Description of Business (Detail

Description of Business (Details)	Mar. 31, 2024
Business Acquisition [Line Items]
Number of multifamily properties owned, operated, or under development	175
Total number of apartment homes in multifamily properties	59,227
Number of multifamily properties under development	4
Total Number of apartment homes in multifamily properties upon completion of development	1,166

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Capitalized interest	$ 5,000,000	$ 5,000,000
Capitalized real estate taxes	1,400,000	$ 1,300,000
2024	712,000
2025	137,700
2026	3,800
2027	3,300
2026	3,000
Thereafter	6,200
Lessor, Operating Lease, Payments to be Received	866,000
Equity Securities without Readily Determinable Fair Value, Amount	$ 14,800,000		$ 14,300,000
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%
General Partner of Consolidated Operating Partnerships, Ownership Interest	1%
Camden Summit Partnership L P [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Outstanding common limited partnership units, ownership interest	95%
General Partner of Consolidated Operating Partnerships, Ownership Interest	1%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Expected Useful Lives Of Depreciable Property) (Details)	3 Months Ended
	Mar. 31, 2024
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, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Number of common share equivalent securities excluded from the diluted earnings per share calculation	1,800	1,800
Income from continuing operations attributable to common shareholders	$ 83,889	$ 41,917
Amount allocated to participating securities	(159)	(81)
Net income attributable to common shareholders – basic	$ 83,730	$ 41,836
Total earnings per common share – basic	$ 0.77	$ 0.39
Income allocated to common units from continuing operations	$ 0	$ 0
Net income attributable to common shareholders – diluted	$ 83,730	$ 41,836
Total earnings per common share – diluted	$ 0.77	$ 0.39
Weighted average number of common shares outstanding – basic	108,706	108,568
Incremental share awards granted	23	36
Weighted average number of common shares outstanding – diluted	108,729	108,604

Common Shares (Narrative) (Deta

Common Shares (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Apr. 04, 2024	May 23, 2023	May 13, 2022	Mar. 31, 2024	May 03, 2024	Dec. 31, 2023
Number of common and preferred stock authorized to issue				185,000,000
Common shares, authorized				175,000,000		175,000,000
Preferred shares, authorized				10,000,000
Common Stock, Shares, Outstanding				106,600,000
Preferred Stock, Shares Outstanding				0
Treasury Stock, Value, Acquired, Cost Method				$ 45,682
2022 ATM program
Maximum aggregate offering price of common shares			$ 500,000
2023 ATM program
Maximum aggregate offering price of common shares		$ 500,000
2023 ATM program | Subsequent Event [Member]
Maximum aggregate offering price of remaining common shares available for sale					$ 500,000
October 2022 Repurchase Plan
Treasury stock allowed for repurchase				$ 500,000
Treasury Stock, Shares, Acquired				471,282
Shares Acquired, Average Cost Per Share				$ 96.91
Treasury Stock, Value, Acquired, Cost Method				$ 45,700
October 2022 Repurchase Plan | Subsequent Event [Member]
Share Repurchase Program, Remaining Authorized Repurchase Amount					$ 450,000
Treasury Stock, Shares, Acquired	44,692
Shares Acquired, Average Cost Per Share	$ 96.52
Treasury Stock, Value, Acquired, Cost Method	$ 4,300

Acquisitions and Dispositions (

Acquisitions and Dispositions (Narrative) (Details) $ in Thousands		3 Months Ended
	Feb. 07, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Gain on sale of operating property		$ 43,806	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Camden Vantage
Business Acquisition [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	$ 115,000
Gain on sale of operating property	$ 43,800
Number of Real Estate Properties	1

Notes Payable (Summary Of Indeb

Notes Payable (Summary Of Indebtedness) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Jan. 04, 2024	Dec. 31, 2023
Unsecured notes payable		$ 3,223,285		$ 3,385,309
Secured notes payable		330,184		330,127
Total notes payable (3)	[1]	3,553,500		3,715,400
Unsecured Debt
Unsecured notes payable		3,223,300		3,385,300
Senior Unsecured Notes [Member]
Unsecured notes payable		$ 3,183,300		3,045,400
Senior Unsecured Notes [Member] | 4.36% Notes Due 2024
Debt Instrument, Maturity Date		Jan. 15, 2024
Notes payable, effective interest rate		4.36%	4.36%
Unsecured notes payable		$ 0		250,000
Senior Unsecured Notes [Member] | 3.68% Notes Due 2024
Debt Instrument, Maturity Date		Sep. 15, 2024
Notes payable, effective interest rate		3.68%
Unsecured notes payable		$ 249,800		249,700
Senior Unsecured Notes [Member] | 6.76% Notes Due 2026
Debt Instrument, Maturity Date		Nov. 03, 2026
Notes payable, effective interest rate		6.76%
Unsecured notes payable	[2]	$ 501,100		508,600
Senior Unsecured Notes [Member] | 3.74% Notes Due 2028
Debt Instrument, Maturity Date		Oct. 15, 2028
Notes payable, effective interest rate		3.74%
Unsecured notes payable		$ 398,800		398,700
Senior Unsecured Notes [Member] | 3.67% Notes Due 2029
Debt Instrument, Maturity Date		Jul. 01, 2029
Notes payable, effective interest rate		3.67%
Unsecured notes payable	[3]	$ 596,300		596,100
Senior Unsecured Notes [Member] | 2.91% Notes, due 2030
Debt Instrument, Maturity Date		May 15, 2030
Notes payable, effective interest rate		2.91%
Unsecured notes payable		$ 745,500		745,400
Senior Unsecured Notes [Member] | 5.06% Notes Due 2034
Debt Instrument, Maturity Date		Jan. 15, 2034
Notes payable, effective interest rate		5.06%
Unsecured notes payable		$ 394,900		0
Senior Unsecured Notes [Member] | 3.41% Notes Due 2049
Debt Instrument, Maturity Date		Nov. 01, 2049
Notes payable, effective interest rate		3.41%
Unsecured notes payable		$ 296,900		296,900
Senior Unsecured Notes [Member] | 5.85% Notes Due 2026
Notes payable, effective interest rate		5.85%
Secured Debt | 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
Secured notes payable		$ 291,300		291,300
Secured Debt | 3.87% note, due 2028
Debt Instrument, Maturity Date		Jan. 01, 2028
Notes payable, effective interest rate		3.87%
Secured notes payable		$ 38,900		38,800
Commercial Banks [Member]
Unsecured notes payable		$ 40,000		339,900
Commercial Banks [Member] | 6.55% Term Loan, due 2024
Debt Instrument, Maturity Date		Sep. 30, 2024
Notes payable, effective interest rate		6.55%
Unsecured notes payable		$ 40,000		39,900
Commercial Banks [Member] | 6.21% Term Loan, due 2024
Debt Instrument, Maturity Date		Aug. 30, 2024
Notes payable, effective interest rate		6.21%	6.21%
Unsecured notes payable		$ 0		$ 300,000
Commercial Banks [Member] | 6.13% Unsecured revolving credit facility
Notes payable, effective interest rate		6.13%
Minimum [Member] | Secured Debt | 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
Debt Instrument, Maturity Date		Oct. 01, 2026
Notes payable, effective interest rate		3.78%
Maximum [Member] | Secured Debt | 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
Debt Instrument, Maturity Date		Apr. 01, 2028
Notes payable, effective interest rate		4.04%
[1]Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $17.5 million and $5.5 million are included in notes payable as of March 31, 2024 and December 31, 2023, respectively.[2]Balance includes $3.8 million and $11.6 million fair value adjustments due to changes in benchmark interest rates related to these notes as of March 31, 2024 and December 31, 2023, respectively. See Note 7, "Derivative Financial Instruments and Hedging Activities," for further discussion.

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) $ in Thousands			3 Months Ended
		Jan. 04, 2024 USD ($)	Mar. 31, 2024 USD ($) yr	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Notes Payable	[1]		$ 3,553,500		$ 3,715,400
Unamortized debt discounts and debt issuance costs			17,500		5,500
Available amount under unsecured credit facility			1,200,000
Repayment of notes payable			550,000	$ 0
Gain (Loss) on Extinguishment of Debt			$ (921)	$ 0
Weighted Average Interest Rate	[2],[3]		4.20%
Weighted average maturity of indebtedness (including unsecured line of credit) (in years) | yr			6.6
Secured notes payable			$ 330,184		330,127
Letter Of Credit [Member]
Maximum Ability to Issue Letters of Credit Under Unsecured Credit Facility			50,000
Long-term Line of Credit			27,700
Outstanding balance under credit facility			$ 27,700
6.13% Unsecured revolving credit facility
Terms Of Bid Rate Loans			180 days
Value not exceeding the amount available under the line of credit			$ 600,000
6.13% Unsecured revolving credit facility | September 2022 Credit Agreement
Maximum borrowing capacity under unsecured credit facility			$ 1,200,000
6.13% Unsecured revolving credit facility | Commercial Banks [Member]
Notes payable, effective interest rate			6.13%
Floating rate notes payable [Member]
Notes Payable	[4]		$ 541,100		$ 848,500
Weighted Average Interest Rate			6.70%		6.50%
6.21% Term Loan, due 2024 | Commercial Banks [Member]
Repayment of notes payable		$ 300,000
Debt Instrument, Maturity Date			Aug. 30, 2024
Notes payable, effective interest rate		6.21%	6.21%
6.21% Term Loan, due 2024 | Secured Debt
Gain (Loss) on Extinguishment of Debt		$ 900
Four Point Nine Percentage Notes Due 2034 | Senior Unsecured Notes [Member]
Proceeds from Issuance of Debt		$ 394,800
Debt Instrument, Interest Rate During Period		4.946%
Notes payable, effective interest rate		4.90%
Debt Instrument, Face Amount		$ 400,000
Discounted notes payable face amount		99.638%
4.36% Notes Due 2024 | Commercial Banks [Member]
Repayment of notes payable		$ 250,000
4.36% Notes Due 2024 | Senior Unsecured Notes [Member]
Debt Instrument, Maturity Date			Jan. 15, 2024
Notes payable, effective interest rate		4.36%	4.36%
[1]Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $17.5 million and $5.5 million are included in notes payable as of March 31, 2024 and December 31, 2023, respectively.[2] Includes all available extension options. Includes the effects of the applicable settled derivatives.

Notes Payable (Scheduled Repaym

Notes Payable (Scheduled Repayments On Outstanding Debt) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Remainder of 2024	$ 287.2
2025	(3.5)
2026	524.5
2027	172.5
2028	529.9
Thereafter	2,042.9
Total notes payable	$ 3,553.5	[1],[2]
Weighted Average Interest Rate	4.20%	[1],[3]
Maturities due in 2024
Weighted Average Interest Rate	4.10%
Maturities due in 2025
Weighted Average Interest Rate	0%
Maturities due in 2026
Weighted Average Interest Rate	6.60%
Maturities due in 2027
Weighted Average Interest Rate	3.90%
Maturities due in 2028
Weighted Average Interest Rate	3.80%
Maturities Due Thereafter
Weighted Average Interest Rate	3.70%
[1] Includes all available extension options. Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments. Includes the effects of the applicable settled derivatives.

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives		$ 0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 300	$ 300
Senior Unsecured Notes [Member] | 5.85% Notes Due 2026
Derivative Instruments, Gain (Loss) [Line Items]
Debt Instrument, Face Amount	500,000
Derivative, Notional Amount	$ 500,000
Notes payable, effective interest rate	5.85%

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, 2024 USD ($) shares $ / shares	Mar. 31, 2023 USD ($) $ / shares	May 17, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 95.41	$ 117.56
Total compensation cost for option and share awards | $	$ 3,500	$ 3,900
Total capitalized compensation cost for option and share awards | $	1,200	1,700
Share Awards and Vesting [Member]
Total unrecognized compensation cost which is expected to be amortized | $	$ 22,200
Expected amortized period of unrecognized compensation expected to be recognized for share-based compensation plans	3 years
Fair value of shares vested | $	$ 21,700	$ 20,200
Maximum [Member] | Share Awards and Vesting [Member]
Vesting period, years	3 years
Two Thousand Eighteen Share Incentive Plan [Member]
Total common shares available | shares	4,300,000		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	1,300,000

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, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Nonvested share awards outstanding at December 31, 2021, Share Awards Outstanding	174,164
Granted, Share Awards Outstanding	250,800
Exercised/Vested, Share Awards Outstanding	(201,784)
Forfeited, Share Awards Outstanding	(3,365)
Nonvested share awards outstanding at June 30, 2022, Share Awards Outstanding	219,815
Nonvested share awards outstanding at December 31, 2021, Weighted Average Exercise/Grant Price	$ 126.46
Granted, Weighted Average Exercise/Grant Price	95.41	$ 117.56
Exercised/Vested, Weighted Average Exercise/Grant Price	107.39
Forfeited, Weighted Average Exercise/Grant Price	127.83
Nonvested share awards outstanding at June 30, 2022, Weighted Average Exercise/Grant Price	$ 108.52

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, 2024	Mar. 31, 2023
Increase (Decrease) in Operating Capital [Abstract]
Other assets, net	$ (6,766)	$ 4,044
Accounts payable and accrued expenses	(4,698)	(20,000)
Accrued real estate taxes	(49,693)	(47,467)
Other liabilities	4,953	12,539
Other	1,058	903
Net change in operating accounts and other	$ (55,146)	$ (49,981)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Number of consolidated projects under construction	4
Anticipated expenditures relating to completion of construction type contracts	$ 97.4
Operating Lease, Expense	1	$ 1
Minimum Rental Commitments, Remainder of 2024	2.5
Minimum Rental Commitments, 2025	2.4
Minimum Rental Commitments, 2026	0.5
Minimum Rental Commitments, 2027	0.2
Minimum Rental Commitments, 2028	0
Minimum Rental Commitments, Thereafter	0
Less: interest	(0.2)
Operating lease liabilities	5.4
Earnest Money Deposits	0.6
Non-refundable
Earnest Money Deposits	$ 0.5

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Annual dividends distribution percentage to shareholders to qualify as a REIT	90%
Significant temporary differences or tax credits associated with our taxable REIT subsidiaries	$ 0
Uncertain tax positions or unrecognized tax benefits	$ 0

Fair Value Measurements (Financ

Fair Value Measurements (Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024		Dec. 31, 2023
Deferred compensation plan investments (1)	$ 125.7	[1]	$ 132
Participant Withdrawals From Deferred Compensation Plan Investments	15.9		10.9
Level 1 [Member]
Deferred compensation plan investments (1)	125.7	[1]	132
Level 2 [Member]
Deferred compensation plan investments (1)	0	[1]	0
Level 3 [Member]
Deferred compensation plan investments (1)	0	[1]	0
Interest Rate Swap [Member]
Interest Rate Cash Flow Hedge Liability at Fair Value	0		0.7
Interest Rate Swap [Member] | Level 1 [Member]
Interest Rate Cash Flow Hedge Liability at Fair Value	0		0
Interest Rate Swap [Member] | Level 2 [Member]
Interest Rate Cash Flow Hedge Liability at Fair Value	0		0.7
Interest Rate Swap [Member] | Level 3 [Member]
Interest Rate Cash Flow Hedge Liability at Fair Value	0		0
Fair Value Hedging
Hedged Asset, Fair Value Hedge	3.8		11.6
Fair Value Hedging | Level 1 [Member]
Hedged Asset, Fair Value Hedge	0		0
Fair Value Hedging | Level 2 [Member]
Hedged Asset, Fair Value Hedge	3.8		11.6
Fair Value Hedging | Level 3 [Member]
Hedged Asset, Fair Value Hedge	$ 0		$ 0
[1] Approximately $15.9 million and $10.9 million of participant cash was withdrawn from our deferred compensation plan investments during the three months ended March 31, 2024 and the year ended December 31, 2023, respectively.

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Of Notes Payable) (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Carrying Value	[1]	$ 3,553.5	$ 3,715.4
Fixed rate notes payable
Carrying Value		3,012.4	2,866.9
Estimated Fair Value		2,762	2,651.6
Floating rate notes payable (1)
Carrying Value	[2]	541.1	848.5
Estimated Fair Value	[2]	$ 554.5	$ 864.9
[1]Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $17.5 million and $5.5 million are included in notes payable as of March 31, 2024 and December 31, 2023, respectively.[2]Includes the senior unsecured notes payable due in 2026 at March 31, 2024 and December 31, 2023