Camden has four projects under construction, expected to add 1,166 apartment homes. Initial occupancies are scheduled within the next nine months, with an estimated additional cost to complete of $137.6 million, indicating ongoing investment in development.

The company sold two operating properties in Costa Mesa, California, for approximately $293.1 million, generating a gain of approximately $225.3 million. This aligns with the company's strategy of selective dispositions and capital redeployment.

Camden has a $500.0 million at-the-market (ATM) share offering program, allowing for potential equity issuance. The company intends to use the proceeds for general corporate purposes, including debt reduction and development activities, providing financial flexibility.

Management emphasizes maintaining a strong balance sheet and financial flexibility by focusing on core fundamentals, generating positive cash flows, and controlling overhead costs. This suggests a disciplined approach to financial management.

The company utilized draws on its unsecured revolving credit facility to retire $185.2 million in secured variable rate notes. In January 2024, cash was used to repay $250.0 million in maturing senior unsecured notes, demonstrating proactive debt management.

Management believes levels of new multifamily supply will likely rise in 2024, but should be met with continued demand. This suggests management is aware of market dynamics and potential challenges.

The 10-K highlights volatility in capital and credit markets as a risk factor, noting increased interest rates and tighter lending standards. This could impact the company's ability to secure debt on acceptable terms and execute its growth strategy.

The company's average lease terms of approximately fourteen months are identified as a risk, as rental revenues are impacted more quickly by declines in market rents compared to longer lease terms.

The 10-K acknowledges the potential for cybersecurity risks, including breaches, espionage, and system disruption. This could lead to business interruption, negative publicity, and potential liability.

The company acknowledges competition from other multifamily properties, condominiums, single-family homes, and short-term rentals. This competitive environment could adversely affect the ability to lease apartment homes and maintain rental income.

The 10-K notes that certain investors are placing increased importance on ESG factors, which could impact investment decisions and potentially the company's share price if its ESG performance is not deemed satisfactory.

Camden focuses on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life, which it believes leads to higher demand and retention of apartments.

Same store property NOI increased approximately $33.2 million, driven by a $60.3 million increase in revenues, but partially offset by a $27.1 million increase in property expenses. This indicates revenue growth is outpacing expense growth, but expenses are still a concern.

The increase in same store property expenses was significantly impacted by higher insurance expense of approximately $9.7 million, indicating a potential area for cost management.

Higher property general and administrative expenses of $3.4 million were partially due to centralizing the workforce to manage certain responsibilities for all communities, suggesting potential trade-offs between efficiency and centralized control.

The company acknowledges cybersecurity risks and has implemented a program based on NIST standards. This includes security policies, procedures, and third-party risk management, but there is no complete assurance of prevention.

The company relies on third-party service providers for IT security, but does not directly control their operations or investment in security, creating potential vulnerabilities.

Company uses technology in substantially all aspects of its business operations, including internet and cloud-based systems and applications. Such uses and the on-going advancement in technology such as generative artificial intelligence, machine learning, and remote connectivity solutions give rise to potential cybersecurity risks with increasing sophistication.

The company has an active ATM program, which provides flexibility in raising capital for various purposes including reducing future borrowings, 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 company actively manages its debt profile, including issuing new senior unsecured notes and utilizing interest rate swaps to manage interest rate exposure. This demonstrates a proactive approach to capital structure management.

Core AFFO is calculated utilizing Core FFO less recurring capitalized expenditures which are necessary to help preserve the value of and maintain the functionality at our communities.

The company acknowledges that certain investors are placing increased importance on ESG factors, which could impact investment decisions and potentially the company's share price.

The company is addressing ESG factors and the expense and activities necessary to comply with new regulations or standards may be significant, which may adversely impact our financial results.

The company may face reputational damage if our corporate responsibility procedures or standards do not meet the standards met by various constituencies.

The company believes the levels of new multifamily supply in the submarkets and asset classes in which we operate will likely rise in 2024, but should be met with continued demand to absorb these new deliveries.

Volatility in capital and credit markets, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us.

A certain number of our properties are located in areas which have experienced and may in the future experience catastrophic weather and other natural events from time to time, including fires, snow or ice storms, windstorms, tornadoes, hurricanes, earthquakes, flooding, or other environmental events.