I salute our teams for making the most of a very strong environment. It's easy to get complex in an environment like this.

During the quarter, we acquired two properties for $100 million, at cap rates in the low 5s. The exclusivity period for acquisitions has expired for our fund. These properties and future acquisitions will be wholly owned by Camden.

Our capital recycling program for the rest of the year will include sales of $350 million of properties, with an average age of 23 years, and cap rates in the 6s. Our $551 million development communities in lease-up and under construction continued to outperform our expectations. We expect the stabilized returns to be in the 7% to 8% range, which is 50 basis points higher due to higher rents, faster leasing, and lower construction costs.

We plan on starting 1,237 apartments in four properties, totaling $290 million by the end of the year, of returns in the same range as the communities that I just previously discussed.

The plan on continuing prefunding our development investment, with the combination of ATM equity issuance and unsecured debt. We have raised $233 million of equity through the ATM program during the second and third quarters. We have a target range of 4.5 times to 5.5 times debt-to-EBITDA. We will continue to strengthen our balance sheet, and improve the quality of our portfolio as we go forward.

I would like now to turn the call over now to Keith Oden, our President and Chief Operating Officer, I guess.

Keith Oden

Chief President.

Ric Campo

Chief something.

Keith Oden

I always wanted to be Chief of something. Thanks Rick. Compared to our expectations so far this year, our onsite teams have gotten off to a remarkably good start. After a quarter like this, it's kind of tempting to just acknowledge our team members for a great quarter and move on to Q&A. With that in mind, my comments today will be brief.

If you liked this article you might like

Camden Property Trust Upgraded to 'Buy' at Goldman Sachs

Camden Property Trust CEO Campo Just Wants Election to Be Over

Trade-Ideas: Camden Property (CPT) Is Today's "Barbarian At The Gate" Stock

3 Real Estate Stocks Moving The Industry Upward

Camden Property (CPT) Hits New Lifetime High Today