CPT 10-K report for 2025-12-31

CPT 10-K report for 2025-12-31 cpt-20251231 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-12110 CAMDEN PROPERTY TRUST (Exact name of registrant as specified in its charter) Texas 76-6088377 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2800 Post Oak Boulevard, Suite 2700 Houston, Texas 77056 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (713) 354-2500 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Shares of Beneficial Interest, $.01 par value CPT New York Stock Exchange NYSE Texas Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes ý     No   ¨ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes   ¨ No ý Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ý     No   ¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ý     No   ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one): Large accelerated filer ý Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ¨ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) . ☐ Indicate by check mark whether the registrant is a shell company (as defined in the Rule 12b-2 of the Act).    Yes   ☐      No   ý The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant was $ 11,980,283,165 based on a June 30, 2025 share price of $ 112.69 . On February 5, 2026, 103,408,210 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements. Table of Contents DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's Proxy Statement in connection with its Annual Meeting of Shareholders to be held on or about May 8, 2026 are incorporated by reference in Part III. The registrant’s definitive Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. 2 Table of Contents TABLE OF CONTENTS Page PART I Item 1. Business 1 Item 1A. Risk Factors 3 Item 1B. Unresolved Staff Comments 8 Item 1C. Cybersecurity 8 Item 2. Properties 9 Item 3. Legal Proceedings 10 Item 4. Mine Safety Disclosures 10 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11 Item 6. Reserved 13 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13 Item 7A. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. We consider portions of this report to be "forward-looking" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Exchange Act, both as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items relating to the future; forward-looking statements are not guarantees of future performance, results, or events. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance our expectations will be achieved. Any statements contained herein which are not statements of historical fact should be deemed forward-looking statements. Reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance. Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following: • Volatility in capital and credit markets, cost increases, 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; • Short-term leases could expose us to the effects of declining market rents; • We could be negatively impacted by the risks associated with land holdings and related activities; • Development, repositions, redevelopment and construction risks could impact our profitability; • Our acquisition strategy may not produce the cash flows expected; • Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values; • Failure to qualify as a REIT could have adverse consequences; • Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us; • A cybersecurity incident and other technology disruptions could negatively impact our business; • We have significant debt, which could have adverse consequences; • Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders; • Issuances of additional debt may adversely impact our financial condition; • We may be unable to renew, repay, or refinance our outstanding debt; • Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets; • Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders; • The form, timing, and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations; • Litigation risks could affect our business; 13 Table of Contents • Damage from catastrophic weather and other natural events could result in losses; • Competition could adversely affect our ability to acquire properties; • We could be adversely impacted due to our share price fluctuations; and • Rising interest rates could increase our borrowing costs, lower the value of our real estate, and decrease our share price, leading investors to seek higher yields through other investments. These forward-looking statements represent our estimates and assumptions as of the date of this report, and we assume no obligation to update or supplement forward-looking statements because of subsequent events. Executive Summary We are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. 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. As of December 31, 2025, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,921 apartment homes across the United States as detailed in the Property Portfolio table below. In addition, we own other land holdings which we may develop into multifamily apartment communities in the future. Business Environment and Current Outlook Our results for the year ended December 31, 2025, reflect an increase in same store revenues of approximately 0.8% as compared to the same period in 2024. The increase was primarily driven by higher revenues from other income and favorable changes in occupancy, which we believe was primarily attributable to favorable demographics with a higher propensity to rent versus buy and continued demand for multifamily housing in our markets. We believe the levels of new multifamily supply in the submarkets and asset classes in which we operate are manageable and moderating levels of new supply 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. Consolidated Results Net income attributable to common shareholders was $384.5 million and $163.3 million for the years ended December 31, 2025 and 2024, respectively. The increase during the year ended December 31, 2025 as compared to the same period in 2024 was primarily due to an increase in gains on sales of operating properties and a lower impairment charge associated with land development activities in 2025 as compared to 2024. The increase was partially offset by higher depreciation expense and amortization of in-place leases relating to the acquisition of four operating properties completed in 2025. See further discussion of our 2025 operations as compared to 2024 in "Results of Operations," below. Construction and Development Activity At December 31, 2025, we had a total of three projects under construction to be comprised of 1,162 apartment homes. Initial occupancy for these projects is expected to begin within the next two years. As of December 31, 2025, we estimated the remaining cost to complete the construction of these properties to be approximately $213.8 million. We review our long-lived assets on an annual basis or whenever events or circumstances indicate the carrying amount of an asset may not be recoverable and our impairment evaluations take into consideration the current and anticipated economic climate. In the fourth quarter of 2025, we recorded an impairment charge of approximately $12.9 million related to two undeveloped land parcels as the estimated fair value was less than its book value. We currently have two other land parcels held for future development we plan to develop, and the commencement of future developments may be impacted by macroeconomic issues, multifamily market conditions, and other factors. We will continue to evaluate future development starts based on market, economic, and capital market conditions. There can be no assurance we will not have impairment charges in the future. 14 Table of Contents Acquisitions In 2025, we acquired four operating properties, consisting of a 352-apartment home community in Leander, Texas in January, a 435-apartment home community in Nashville, Tennessee in February, a 360-apartment home community in Clearwater, Florida in May, and a 322-apartment home community in Orlando, Florida in December for approximately $422.9 million. Dispositions In 2025, we completed five dispositions consisting of one operating property in Houston, Texas in June, one dual-phased operating property in Houston, Texas and one operating property in Irving, Texas in July, and one dual-phased operating property in Houston, Texas and one operating property in Phoenix, Arizona in November for a total of approximately $374.5 million and recognized a total gain of approximately $260.9 million. Capital Market Highlights In February 2025, we established a commercial paper program (the "Program") under which we may issue the commercial paper notes (the "Notes") under the exemption from registration contained in Section (4)(1) of the Securities Act. Amounts available under the Program may be borrowed, repaid, and reborrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the Program at any time not to exceed $600.0 million. At December 31, 2025, we had an aggregate of $590.0 million principal amount of Notes outstanding under the Program which had a weighted average interest rate of 3.84%. In 2025, we repurchased 2,531,018 common shares at an average price of $106.92 per share for approximately $270.7 million. Subsequent Events In January 2026, we repurchased 1,096,807 common shares at an average price of $110.03 per share for approximately $120.7 million. In February 2026, our Board of Trust Managers authorized a new $600.0 million share repurchase plan which allows for the repurchase of our common equity securities through open-market purchases, block purchases, and privately negotiated transactions. This new plan terminated and replaced our previous share repurchase plan, which had approximately $58.6 million remaining for repurchases at the time it was terminated. As of the date of this filing, the full $600.0 million authorized under the new plan remained available for repurchases. Future Outlook Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our operating property and land development portfolios and plan to continue our practice of selective dispositions and redeploying capital as market conditions warrant and opportunities arise. We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility and commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our 2023 at-the-market ("ATM") program, other unsecured borrowings, or secured mortgages. As of December 31, 2025, we had approximately $1.2 billion available under our unsecured revolving credit facility, which we have at our option, the ability to extend to August 2027 and the ability to increase the facility up to $500 million subject to certain conditions. We currently plan to use our unsecured revolving credit facility as a liquidity backstop for borrowings under our commercial paper program. At December 31, 2025, we had $590.0 million outstanding under our commercial paper program. Over the next 12 months, contractual debt maturities include these commercial paper borrowings as well as other debt obligations of $567.8 million. Additionally, as of December 31, 2025, and through the date of this filing, we also had common shares having an aggregate offering price of up to $500.0 million remaining available for sale under our 2023 ATM program. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to fund future acquisitions, new development, redevelopment, and other capital funding requirements. We will, however, continue to assess and take further actions we believe are prudent to meet our objectives and capital requirements. 15 Table of Contents Property Portfolio Our multifamily property portfolio is summarized as follows: December 31, 2025 December 31, 2024 Number of Homes Properties Number of Homes Properties Operating Properties Houston, Texas 8,207  23  9,531  28  Washington, D.C. Metro 6,194  17  6,192  17  Dallas/Fort Worth, Texas 5,940  14  6,224  15  Orlando, Florida 4,276  12  3,954  11  Atlanta, Georgia 4,270  14  4,270  14  Phoenix, Arizona 4,094  13  4,426  14  Raleigh, North Carolina 4,041  11  3,672  10  Austin, Texas 4,038  12  3,686  11  Charlotte, North Carolina 3,510  15  3,510  15  Tampa/St. Petersburg, Florida 3,464  9  3,104  8  Southeast Florida 3,050  9  3,050  9  Denver, Colorado 2,873  9  2,873  9  Los Angeles/Orange County, California 1,812  5  1,811  5  San Diego/Inland Empire, California 1,797  6  1,797  6  Nashville, Tennessee 1,193  3  758  2  Total Operating Properties 58,759  172  58,858  174  Properties Under Construction Charlotte, North Carolina 769  2  769  2  Nashville, Tennessee 393  1  —  —  Raleigh, North Carolina —  —  369  1  Total Properties Under Construction 1,162  3  1,138  3  Total Properties 59,921  175  59,996  177  Stabilized Communities We generally consider a property stabilized once it reaches 90% occupancy. During the year ended December 31, 2025, stabilization was achieved at three operating properties as follows: Properties and Locations Number of Homes Date of Construction Completion Date of Stabilization Operating Properties Camden Woodmill Creek 189 2Q24 2Q25 Spring, TX Camden Durham 420 4Q24 3Q25 Durham, NC Camden Long Meadow Farms 188 4Q24 4Q25 Richmond, TX Total 797 16 Table of Contents Completed Construction in Lease-Up At December 31, 2025, there was one completed operating property in lease-up as follows: ($ in millions) Property and Location Number of Homes Cost Incurred (1) % Leased at 1/31/2026 Date of Construction Completion Estima Item 1A. Risk Factors 3 Item 1B. Unresolved Staff Comments 8 Item 1C. Cybersecurity 8 Item 2. Properties 9 Item 3. Legal Proceedings 10 Item 4. Mine Safety Disclosures 10 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11 Item 6. Reserved 13 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 28 Item 8. Financial Statements and Supplementary Data 28 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 28 Item 9A. Controls and Procedures 28 Item 9B. Other Information 31 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 PART III Item 10. Directors, Executive Officers, and Corporate Governance 31 Item 11. Executive Compensation 31 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 31 Item 13. Certain Relationships and Related Transactions, and Director Independence 31 Item 14. Principal Accountant Fees and Services 31 PART IV Item 15. Exhibits and Financial Statement Schedules 31 Item 16. Form 10-K Summary 37 SIGNATURES 38 ii Table of Contents PART I Item 1. Business General Formed on May 25, 1993, Camden Property Trust, 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. Unless the context requires otherwise, "we," "our," "us," and the "Company" refer to Camden Property Trust and its consolidated subsidiaries. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. Our website is located at www.camdenliving.com and we make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (the "SEC"). We also make available free of charge on our website our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit; Compensation; and Nominating, Corporate Governance and Sustainability Committees. Copies are also available, without charge, from Investor Relations, 2800 Post Oak Boulevard, Suite 2700, Houston, Texas 77056. References to our website in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on or available through our website and therefore such information should not be considered part of this report. Our annual, quarterly and current reports, proxy statements, and other information are electronically filed with the SEC. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy, and information statements and other information regarding issuers that file electronically with the SEC. Narrative Description of Business As of December 31, 2025, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,921 apartment homes across the United States. Of the 175 properties, three properties were under construction and will consist of a total of 1,162 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future. Operating and Business Strategy We believe producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success. We rely heavily on our sophisticated property management capabilities and innovative operating strategies to maximize the earnings potential of our communities. Real Estate Investments and Market Balance. We believe we are well-positioned in our current markets and have the expertise to take advantage of new opportunities as they arise. These capabilities, combined with what we believe is a conservative financial structure, should allow us to concentrate our growth efforts toward selective opportunities to enhance our strategy of having a geographically diverse portfolio of assets which meet the requirements of our residents. We continue to operate in our core markets which we believe provides an advantage due to economies of scale. We believe, where possible, it is best to operate with a strong base of properties in order to benefit from the personnel allocation and the market strength associated with managing multiple properties in the same market. However, consistent with our goal of generating sustained earnings growth, we intend to selectively dispose of properties and redeploy capital for various strategic reasons, including if we determine an individual property or group of properties or the market in which they are located cannot meet our long-term earnings growth expectations. We try to maximize capital appreciation of our properties by investing in markets characterized by conditions favorable to multifamily property appreciation. These markets generally feature the following: • strong economic growth leading to household formation and job growth, which in turn should support higher demand for our apartments; and • an attractive quality of life, which may lead to higher demand and retention for our apartments and allow us to more readily grow revenue. Subject to market conditions, we intend to continue to seek opportunities to acquire operating communities, develop new communities, and to redevelop and reposition existing communities. We also intend to evaluate our operating property and land development portfolio and plan to continue our practice of selective dispositions and redeploying capital as market conditions warrant and opportunities arise. 1 Table of Contents We expect to maintain a strong balance sheet and preserve our financial flexibility by continuing to focus on our core fundamentals which currently are generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our short-term and long-term liquidity requirements through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured revolving credit facility and through our commercial paper program, the use of debt and equity offerings under our automatic shelf registration statement, proceeds from property dispositions, equity issued from our at-the-market ("ATM") share offering programs, other unsecured borrowings, or secured mortgages. Sophisticated Property Management . 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. We manage our properties utilizing a staff of professionals and support personnel, including certified property managers, experienced apartment managers and leasing staff, and trained apartment maintenance technicians. Our on-site personnel are trained to deliver high-quality services to our residents and we strive to motivate our on-site employees through incentive compensation arrangements based upon property operational results. Operations. We believe an intense focus on operations is necessary to realize consistent, sustained earnings growth. Ensuring customer satisfaction, increasing rents as market conditions allow, maximizing rent colle Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 28 Item 8. Financial Statements and Supplementary Data 28 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 28 Item 9A. Controls and Procedures 28 Item 9B. Other Information 31 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 PART III Item 10. Directors, Executive Officers, and Corporate Governance 31 Item 11. Executive Compensation 31 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 31 Item 13. Certain Relationships and Related Transactions, and Director Independence 31 Item 14. Principal Accountant Fees and Services 31 PART IV Item 15. Exhibits and Financial Statement Schedules 31 Item 16. Form 10-K Summary 37 SIGNATURES 38 ii Table of Contents PART I Item 1. Business General Formed on May 25, 1993, Camden Property Trust, 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. Unless the context requires otherwise, "we," "our," "us," and the "Company" refer to Camden Property Trust and its consolidated subsidiaries. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. Our website is located at www.camdenliving.com and we make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (the "SEC"). We also make available free of charge on our website our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit; Compensation; and Nominating, Corporate Governance and Sustainability Committees. Copies are also available, without charge, from Investor Relations, 2800 Post Oak Boulevard, Suite 2700, Houston, Texas 77056. References to our website in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on or available through our website and therefore such information should not be considered part of this report. Our annual, quarterly and current reports, proxy statements, and other information are electronically filed with the SEC. The SEC maintains a website (http://www.sec.gov) that contains reports, proxy, and information statements and other information regarding issuers that file electronically with the SEC. Narrative Description of Business As of December 31, 2025, we owned interests in, operated, or were developing 175 multifamily properties comprised of 59,921 apartment homes across the United States. Of the 175 properties, three properties were under construction and will consist of a total of 1,162 apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future. Operating and Business Strategy We believe producing consistent earnings growth through property operations, development and acquisitions, achieving market balance, and recycling capital are crucial factors to our success. We rely heavily on our sophisticated property management capabilities and innovative operating strategies to maximize the earnings potential of our communities. Real Estate Investments and Market Balance. We believe we are well-positioned in our current markets and have the expertise to take advantage of new opportunities as they arise. These capabilities, combined with what we believe is a conservative financial structure, should allow us to concentrate our growth efforts toward selective opportunities to enhance our strategy of having a geographically diverse portfolio of assets which meet the requirements of our residents. We continue to operate in our core markets which we believe provides an advantage due to economies of scale. We believe, where possible, it is best to operate with a strong base of properties in order to benefit from the personnel allocation and the market strength associated with managing multiple properties in the same market. However, consistent with our goal of generating sustained earnings growth, we intend to selectively dispose of properties and redeploy capital for various strategic reasons, including if we determine an individual property or group of properties or the mark

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