The company has three projects under construction with an estimated $243.6 million to complete. However, development activities were stopped on four developments in Q3 2024, resulting in $41.0 million in impairment charges, indicating a shift in growth strategy.

The company sold one operating property in Atlanta for $115.0 million in February 2024, recognizing a gain of $43.8 million. This continues a trend of selective dispositions, indicating a focus on optimizing the existing portfolio rather than aggressive expansion.

The company issued $400.0 million in senior unsecured notes and used a portion of the proceeds to repay existing debt, demonstrating a focus on managing its capital structure and maintaining financial flexibility. This is further supported by the extension of the maturity date of a $40.0 million term loan.

Management issued $400 million in new debt and repaid $550 million in existing debt, demonstrating active management of the capital structure. This is a proactive step to manage interest expense and maturity profiles.

The $41.0 million impairment charge related to land development activities suggests challenges in selecting and executing development projects. This raises concerns about management's ability to accurately assess project feasibility and market demand.

Management assessed and concluded that the company's internal control over financial reporting is effective as of December 31, 2024, based on established criteria. This provides assurance about the reliability of financial reporting.

The 10-K highlights the potential adverse impact of volatility in capital and credit markets on the company's ability to secure financing on acceptable terms, which could hinder growth and business opportunities.

The document emphasizes the increasing sophistication of cybersecurity risks and the potential for theft, destruction, or release of sensitive data, leading to business disruption, reputational damage, and potential liability.

The 10-K acknowledges the risk of rent control or rent stabilization laws and regulations, which could limit the company's ability to enforce rental obligations, increase rents, and recover operating expenses.

The 10-K acknowledges that the company competes with other multifamily properties, condominiums, single-family homes, and short-term rentals, which could adversely affect rental rates and occupancy levels.

The 10-K states that the levels of new multifamily supply in the submarkets and asset classes in which the company operates will continue to be elevated into 2025 but should be met with continued demand to absorb these new deliveries. However, if this were to change or other economic conditions were to worsen, our operating results could be adversely affected.

The 10-K notes that the company's average lease terms are approximately fourteen months. As these leases typically permit the residents to leave at the end of the lease term without penalty, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms.

Property management expenses increased by $4.6 million, primarily due to higher salary, benefits, and incentive compensation costs, and higher advocacy contributions. This indicates potential inefficiencies in managing property-level costs.

General and administrative expenses increased by $9.9 million, primarily related to higher salaries, benefits, and incentive compensation costs, higher legal expenses, and higher abandoned acquisition and development pursuit costs. This suggests potential areas for cost optimization.

The 10-K states, "We believe the depth of our organization enables us to deliver quality services, promote resident satisfaction, and retain residents, thereby increasing our operating revenues and reducing our operating expenses."

The company's cybersecurity program is developed based on NIST standards and includes regular assessments, penetration tests, and awareness training. This indicates a commitment to protecting data and systems.

The 10-K acknowledges the company's reliance on third-party service providers for information technology and the potential risks associated with their cybersecurity practices, which are not directly controlled by the company.

The 10-K acknowledges that the company is subject to attempts on unauthorized access, mishandling or misuse, computer viruses or malware, cyber-attacks, and intrusions and other events of varying degrees.

The company repurchased 515,974 common shares for approximately $50.0 million during 2024 and has $450.0 million remaining authorized for repurchases. This suggests management believes shares are undervalued.

Capital expenditures for new development are decreasing, while funds are still being allocated to capital expenditures and reposition expenditures, indicating a focus on maintaining and improving the existing portfolio.

The company intends to continue distributing at least 90% of taxable income to maintain REIT status, and declared a first quarter dividend of $1.05 per share for 2025, indicating a commitment to returning capital to shareholders.

The 10-K states, "Our entire Board is actively involved in overseeing risk management and the Audit Committee Charter tasks the Audit Committee with providing oversight of management's guidelines and policies to govern the process by which risk assessments and risks are managed, including the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures."

The 10-K states, "To date, we have not experienced a material cybersecurity incident nor are we aware of any of our third-party outside service providers experiencing such an incident."

The 10-K states, "Camden embraces all team members as full and valued members of the organization."

The 10-K states, "Other weakened economic conditions, including job losses, high unemployment levels, stock market volatility, and uncertainty about the future, could adversely affect rental rates and occupancy levels."

The 10-K states, "Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us."

The 10-K states, "Overall, we focus on investing in markets characterized by high-growth economic conditions, strong employment, and attractive quality of life which we believe leads to higher demand and retention of our apartments."