What Camden Property Trust told the SEC could break it.

Camden is a named defendant in several antitrust cases alleging that landlords using RealPage's revenue-management software colluded to fix rents in violation of Section 1 of the Sherman Act; an adverse outcome not covered by insurance could be material.

“We have been named as a defendant in several cases alleging antitrust violations by RealPage, Inc. (“RealPage”), a seller of revenue management software and owners and/or operators of multifamily 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.”

Camden's apartment revenues and costs are exposed to governmental regulation — eviction moratoriums, rent control or stabilization laws — and to increases in expenses including from tariffs, all of which could reduce property cash flow.

“increases in expenses, including from tariffs; and changes in governmental regulations such as eviction moratoriums, rent control, or stabilization laws regulating rental housing.”

A number of Camden's apartment properties are in areas that have experienced and may again experience catastrophic weather and natural events (fires, ice/snow storms, windstorms, tornadoes, hurricanes, earthquakes, flooding) that could cause damages exceeding its insurance coverage.

“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. These adverse weather or natural events could cause substantial damages or losses to our properties which could exceed our insurance coverage.”