CAMDEN PROPERTY TRUST - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - 8-K - CAMDEN PROPERTY TRUST	a8kq115.htm
EX-99.1 - EXHIBIT 99.1 - CAMDEN PROPERTY TRUST	exhibit991earningsreleaseq.htm




CAMDEN		TABLE OF CONTENTS



	Page
Press Release Text	3
Financial Highlights	6
Operating Results	7
Funds from Operations	8
Balance Sheets	9
Portfolio Statistics	10
Components of Property Net Operating Income	11
"Same Property" First Quarter Comparisons	12
"Same Property" Sequential Quarter Comparisons	13
"Same Property" Operating Expense Detail & Comparisons	14
Joint Venture Operations	15
Current Development Communities	16
Development Pipeline & Land	17
Acquisitions and Dispositions	18
Debt Analysis	19
Debt Maturity Analysis	20
Debt Covenant Analysis	21
Unconsolidated Real Estate Investments Debt Analysis	22
Unconsolidated Real Estate Investments Debt Maturity Analysis	23
Capitalized Expenditures & Maintenance Expense	24
Non-GAAP Financial Measures - Definitions & Reconciliations	25
Other Data	27
Community Table	28

In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the "Company") operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

CAMDEN PROPERTY TRUST ANNOUNCES FIRST QUARTER 2015 OPERATING RESULTS

Houston, TEXAS (April 30, 2015) - Camden Property Trust (NYSE:CPT) today announced operating results for the three months ended March 31, 2015.

Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and Net Income Attributable to Common Shareholders (“EPS”) for the three months ended March 31, 2015 are detailed below.



	Three Months Ended
	March 31
Per Diluted Share	2015	2014
FFO	$1.08	$1.05
AFFO	$0.96	$0.96
EPS	$1.27	$0.45


•	EPS for the three months ended March 31, 2015 included an $0.89 per share net gain on sale of operating properties and land.


•	EPS for the three months ended March 31, 2014 included a $0.04 per share gain on sale of unconsolidated joint venture properties and undeveloped land.

A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

Same Property Results



	Quarterly Growth		Sequential Growth
	1Q15 vs. 1Q14		1Q15 vs. 4Q14
Revenues	4.6	%	1.1	%
Expenses	6.2	%	4.0	%
Net Operating Income ("NOI")	3.7	%	(0.5	)%



	1Q15		1Q14		4Q14
Occupancy	95.5	%	95.5	%	95.6	%

“We are pleased to report another strong quarter of earnings,” said Richard J. Campo, Camden’s Chairman and CEO. “Our first quarter results were at the top end of our guidance range due to stronger than expected revenue growth, partially offset by higher than anticipated property tax assessments in our Houston and Austin markets.”

The Company defines same property communities as communities owned and stabilized as of January 1, 2014. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.

Development Activity

Construction was completed during the first quarter at Camden La Frontera and Camden Lamar Heights, both located in Austin, TX, and construction commenced at Camden NoMa II in Washington, DC.

Development Communities - Construction Completed and Projects in Lease-Up ($ in millions)



		Total	Total	CPT %		% Leased
Community Name	Location	Units	Cost	Owned		as of 4/26/15
Camden La Frontera	Round Rock, TX	300	$35.6	100	%	96	%
Camden Boca Raton	Boca Raton, FL	261	51.5	100	%	95	%
Camden Lamar Heights	Austin, TX	314	46.5	100	%	87	%
Camden Foothills	Scottsdale, AZ	220	44.4	100	%	71	%
TOTAL		1,095	$178.0

Development Communities - Construction Ongoing ($ in millions)



		Total	Total	CPT %		% Leased
Community Name	Location	Units	Budget	Owned		as of 4/26/15
Camden Flatirons	Denver, CO	424	$78	100	%	55	%
Camden Paces	Atlanta, GA	379	110	100	%	43	%
Camden Hayden	Tempe, AZ	234	48	100	%	33	%
Camden Southline	Charlotte, NC	266	48	31.3	%	22	%
Camden Chandler	Chandler, AZ	380	75	100	%	15	%
Camden Glendale	Glendale, CA	303	115	100	%	5	%
Camden Gallery	Charlotte, NC	323	58	100	%
Camden Victory Park	Dallas, TX	423	82	100	%
The Camden	Los Angeles, CA	287	145	100	%
Camden Lincoln Station	Denver, CO	267	56	100	%
Camden McGowen Station	Houston, TX	315	90	100	%
Camden NoMa II	Washington, DC	405	115	100	%
TOTAL		4,006	$1,020

Acquisition/Disposition Activity

Camden disposed of two communities during the quarter for a total of $114.4 million: Camden Ridgecrest, a 284-home property in Austin, TX, and Camden Bayside, an 832-home property in Tampa, FL. The communities sold had an average age of 24 years and average monthly rent of $856 per unit.

Earnings Guidance

Camden updated its earnings guidance for 2015 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for second quarter 2015 as detailed below.



Per Diluted Share	2Q15	2015
FFO	$1.08 - $1.12	$4.40 - $4.56
EPS	$0.36 - $0.40	$2.39 - $2.55



Same Property Growth	2015 Range	2015 Midpoint
Revenue	4.00% - 5.00%	4.50%
Expenses	4.75% - 5.25%	5.00%
NOI	3.50% - 5.00%	4.25%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2015 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Friday, May 1, 2015 at 11:00 a.m. Central Time to review its first quarter 2015 results and discuss its outlook for future performance. To participate in the call, please dial (888) 317-6003 (Domestic) or (412) 317-6061 (International) by 10:50 a.m. Central Time and enter passcode: 1020491, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 168 properties containing 58,446 apartment homes across the United States. Upon completion of 12 properties under development, the Company’s portfolio will increase to 62,452 apartment homes in 180 properties. Camden was recently named by FORTUNE® Magazine for the eighth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #10.

For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at camdenliving.com.




CAMDEN		FINANCIAL HIGHLIGHTS
		(In thousands, except per share, property data amounts and ratios)

(Unaudited)



	Three Months Ended March 31,
	2015			2014
Total property revenues		$215,434			$205,929

EBITDA	121,860			118,273

Net income attributable to common shareholders	115,599			40,036
Per share - basic	1.29			0.45
Per share - diluted	1.27			0.45

Funds from operations	98,528			94,832
Per share - diluted	1.08			1.05

Adjusted funds from operations	87,267			86,433
Per share - diluted	0.96			0.96

Dividends per share	0.70			0.66
Dividend payout ratio	64.8		%	62.9		%

Interest expensed	24,612			23,133
Interest capitalized	5,297			4,902
Total interest incurred	29,909			28,035

Principal amortization	714			1,087

Net Debt to Annualized EBITDA ^(a)	5.3x			5.4x
Interest expense coverage ratio	5.0x			5.1x
Total interest coverage ratio	4.1x			4.2x
Fixed charge expense coverage ratio	4.8x			4.9x
Total fixed charge coverage ratio	4.0x			4.1x
Unencumbered real estate assets (at cost) to unsecured debt ratio	3.2x			3.4x

Same property NOI increase ^(b)	3.7		%	6.3		%
(# of apartment homes included)	47,878			47,915

Gross turnover of apartment homes (annualized)	53%			55%
Net turnover (excludes on-site transfers and transfers to other Camden communities)	43%			48%

	As of March 31,
	2015			2014
Total assets		$6,077,059			$5,679,849
Total debt		$2,743,117			$2,589,922
Common and common equivalent shares, outstanding end of period ^(c)	91,529			89,999
Share price, end of period		$78.13			$67.34
Book equity value, end of period ^(d)		$3,009,811			$2,794,603
Market equity value, end of period ^(e)		$7,151,161			$6,060,533

(a) Net Debt is Notes Payable as reported at period end less Cash as reported at period end. Annualized EBITDA is EBITDA as reported for the period multiplied by 4 for quarter results.

(b) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2014, excluding properties held for sale.

(c) Includes at March 31, 2015: 89,632 common shares (including 483 common share equivalents related to share awards & options), plus 1,897 common share equivalents upon the assumed conversion of non-controlling units.

(d) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.

(e) Includes: common shares, common units, and common share equivalents.

Note: Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.




CAMDEN		OPERATING RESULTS
		(In thousands, except per share amounts)

(Unaudited)



	Three Months Ended March 31,
	2015			2014
OPERATING DATA
Property revenues
Rental revenues		$186,857			$178,964
Other property revenues	28,577			26,965
Total property revenues	215,434			205,929

Property expenses
Property operating and maintenance	52,998			50,747
Real estate taxes	25,413			23,577
Total property expenses	78,411			74,324

Non-property income
Fee and asset management	1,563			3,023
Interest and other income	60			288
Income on deferred compensation plans	1,864			681
Total non-property income	3,487			3,992

Other expenses
Property management	5,962			5,839
Fee and asset management	1,076			1,259
General and administrative	9,748			9,545
Interest	24,612			23,133
Depreciation and amortization	61,530			57,396
Amortization of deferred financing costs	798			841
Expense on deferred compensation plans	1,864			681
Total other expenses	105,590			98,694

Gain on sale of operating properties, including land	85,192			354
Equity in income of joint ventures	1,382			4,290
Income from continuing operations before income taxes	121,494			41,547
Income tax expense	(429		)	(474		)
Net income	121,065			41,073
Less income allocated to non-controlling interests from continuing operations	(5,466		)	(1,037		)
Net income attributable to common shareholders		$115,599			$40,036

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$121,065			$41,073
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	37			15
Comprehensive income	121,102			41,088
Less income allocated to non-controlling interests from continuing operations	(5,466		)	(1,037		)
Comprehensive income attributable to common shareholders		$115,636			$40,051

PER SHARE DATA
Total earnings per common share – basic		$1.29			$0.45
Total earnings per common share – diluted	1.27			0.45

Weighted average number of common shares outstanding:
Basic	88,987			87,651
Diluted	90,464			88,824

Note: Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.




CAMDEN		FUNDS FROM OPERATIONS
		(In thousands, except per share and property data amounts)

(Unaudited)



	Three Months Ended March 31,
	2015			2014
FUNDS FROM OPERATIONS

Net income attributable to common shareholders		$115,599			$40,036
Real estate depreciation from continuing operations	60,363			56,011
Adjustments for unconsolidated joint ventures	2,245			1,314
Income allocated to non-controlling interests	5,466			1,037
Gain on sale of unconsolidated joint venture properties	—			(3,566		)
Gain on sale of operating properties, net of tax	(85,145		)	—
Funds from operations		$98,528			$94,832

Less: recurring capitalized expenditures^(a)	(11,261		)	(8,399		)

Adjusted funds from operations - diluted		$87,267			$86,433

PER SHARE DATA
Funds from operations - diluted		$1.08			$1.05
Adjusted funds from operations - diluted	0.96			0.96
Distributions declared per common share	0.70			0.66

Weighted average number of common shares outstanding:
FFO/AFFO - diluted	91,275			89,910

PROPERTY DATA
Total operating properties (end of period) ^(b)	168			169
Total operating apartment homes in operating properties (end of period) ^(b)	58,446			59,641
Total operating apartment homes (weighted average)	51,558			52,659
Total operating apartment homes - excluding operating property sales (weighted average)	51,558			52,659

(a) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.

(b) Includes joint ventures and properties held for sale.

Note: Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.




CAMDEN		BALANCE SHEET
		(In thousands)

(Unaudited)



	Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
ASSETS
Real estate assets, at cost
Land		$1,012,684			$1,003,422			$997,349			$985,444			$978,770
Buildings and improvements	5,979,985			5,890,498			5,894,453			5,762,428			5,691,619
	6,992,669			6,893,920			6,891,802			6,747,872			6,670,389
Accumulated depreciation	(1,798,955		)	(1,738,862		)	(1,813,124		)	(1,755,086		)	(1,698,724		)
Net operating real estate assets	5,193,714			5,155,058			5,078,678			4,992,786			4,971,665
Properties under development, including land	519,454			527,596			576,269			599,139			515,141
Investments in joint ventures	36,526			36,429			35,180			36,167			36,719
Properties held for sale	—			27,143			—			—			—
Total real estate assets	5,749,694			5,746,226			5,690,127			5,628,092			5,523,525
Accounts receivable – affiliates	25,652			25,977			25,954			26,501			26,145
Other assets, net ^(a)	122,326			124,888			123,999			114,002			107,862
Cash and cash equivalents	174,353			153,918			66,127			16,069			16,768
Restricted cash	5,034			5,898			5,769			5,424			5,549
Total assets	$6,077,059			$6,056,907			$5,911,976			$5,790,088			$5,679,849



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured	$1,838,203			$1,837,911			$1,837,621			$1,769,287			$1,649,041
Secured	904,914			905,628			906,328			930,952			940,881
Accounts payable and accrued expenses	134,438			157,232			147,255			122,307			124,981
Accrued real estate taxes	23,269			39,149			54,369			40,232			21,922
Distributions payable	64,261			60,386			60,265			59,770			59,728
Other liabilities ^(b)	102,163			100,058			94,230			90,944			88,693
Total liabilities	3,067,248			3,100,364			3,100,068			3,013,492			2,885,246

Commitments and contingencies
Non-qualified deferred compensation share awards	69,902			68,134			60,363			61,727			55,498

Equity
Common shares of beneficial interest	976			976			974			967			966
Additional paid-in capital	3,656,105			3,667,448			3,649,750			3,595,315			3,593,633
Distributions in excess of net income attributable to common shareholders	(403,518		)	(453,777		)	(568,142		)	(550,050		)	(523,321		)
Treasury shares, at cost	(388,181		)	(396,626		)	(397,497		)	(398,474		)	(399,510		)
Accumulated other comprehensive loss ^(c)	(2,382		)	(2,419		)	(1,474		)	(1,077		)	(1,091		)
Total common equity	2,863,000			2,815,602			2,683,611			2,646,681			2,670,677
Non-controlling interests	76,909			72,807			67,934			68,188			68,428
Total equity	2,939,909			2,888,409			2,751,545			2,714,869			2,739,105
Total liabilities and equity		$6,077,059			$6,056,907			$5,911,976			$5,790,088			$5,679,849



(a) Includes net deferred charges of:		$12,432			$13,219			$14,361			$12,747			$13,615

(b) Includes deferred revenues of:		$1,728			$1,848			$1,734			$1,070			$1,786

(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligation, and unrealized loss on cash flow hedging activities.




CAMDEN		PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT MARCH 31, 2015 (in apartment homes)



	Fully Consolidated					Non-Consolidated

	"Same Property"	Non-"Same Property"	Completed in Lease-up	Under Construction	Total	Operating	Under Construction	Total	Grand Total
D.C. Metro^(a)	5,808	321	—	405	6,534	276	—	276	6,810
Houston, TX	5,912	—	—	315	6,227	2,522	—	2,522	8,749
SE Florida	2,520	—	261	—	2,781	—	—	—	2,781
Las Vegas, NV	4,918	—	—	—	4,918	—	—	—	4,918
Dallas, TX	3,993	—	—	423	4,416	1,250	—	1,250	5,666
Los Angeles/Orange County, CA	2,060	421	—	590	3,071	—	—	—	3,071
Atlanta, GA	3,357	276	—	379	4,012	234	—	234	4,246
Tampa, FL	3,598	—	—	—	3,598	450	—	450	4,048
Orlando, FL	3,240	—	—	—	3,240	300	—	300	3,540
Charlotte, NC	2,487	—	—	323	2,810	—	266	266	3,076
Denver, CO	1,941	—	—	691	2,632	—	—	—	2,632
San Diego/Inland Empire, CA	1,665	—	—	—	1,665	—	—	—	1,665
Phoenix, AZ	2,095	—	220	614	2,929	—	—	—	2,929
Raleigh, NC	2,266	438	—	—	2,704	350	—	350	3,054
Austin, TX	1,386	—	614	—	2,000	1,360	—	1,360	3,360
Corpus Christi, TX	632	1,005	—	—	1,637	270	—	270	1,907
Total Portfolio	47,878	2,461	1,095	3,740	55,174	7,012	266	7,278	62,452

(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.



FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION							WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED ^(d)

	"Same Property" Communities		Operating Communities ^(b)		Incl. JVs at Pro Rata % ^(c)		Mar 31, 2015		Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014
D.C. Metro	16.3	%	16.5	%	16.1	%	94.7	%	95.0	%	95.9	%	95.6	%	95.1	%
Houston, TX	12.4	%	11.5	%	12.4	%	95.4	%	95.6	%	96.2	%	95.9	%	96.0	%
SE Florida	7.3	%	7.5	%	7.2	%	96.4	%	95.8	%	96.4	%	96.2	%	96.9	%
Las Vegas, NV	7.1	%	6.7	%	6.4	%	95.8	%	95.8	%	95.6	%	95.8	%	95.0	%
Dallas, TX	6.9	%	6.4	%	6.8	%	95.8	%	95.1	%	95.6	%	95.3	%	95.1	%
Los Angeles/Orange County, CA	6.5	%	7.0	%	6.8	%	95.8	%	96.4	%	96.4	%	95.9	%	95.8	%
Atlanta, GA	6.4	%	6.4	%	6.4	%	95.3	%	95.8	%	96.0	%	95.3	%	95.3	%
Tampa, FL	5.9	%	5.5	%	5.6	%	95.6	%	95.7	%	95.6	%	95.2	%	95.4	%
Orlando, FL	5.6	%	5.2	%	5.2	%	95.4	%	95.4	%	95.9	%	95.6	%	95.8	%
Charlotte, NC	5.4	%	5.1	%	4.9	%	96.4	%	97.1	%	97.4	%	96.5	%	97.0	%
Denver, CO	4.7	%	4.4	%	4.2	%	95.9	%	95.8	%	96.3	%	96.0	%	94.1	%
San Diego/Inland Empire, CA	4.2	%	4.0	%	3.8	%	95.6	%	95.9	%	95.2	%	95.2	%	95.0	%
Phoenix, AZ	4.0	%	3.9	%	3.8	%	96.0	%	95.2	%	95.6	%	93.7	%	94.8	%
Raleigh, NC	3.9	%	4.2	%	4.2	%	94.8	%	94.9	%	95.9	%	95.6	%	94.9	%
Austin, TX	2.3	%	2.6	%	3.0	%	95.7	%	95.1	%	96.2	%	95.3	%	95.8	%
Corpus Christi, TX	1.1	%	3.1	%	3.2	%	93.7	%	94.7	%	96.1	%	95.3	%	94.4	%
Total Portfolio	100.0	%	100.0	%	100.0	%	95.5	%	95.6	%	96.0	%	95.6	%	95.5	%

(b) Operating communities represent all fully-consolidated communities at period end, excluding communities under construction.

(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from unconsolidated joint venture communities.

(d) Occupancy figures include all stabilized operating communities including those held through unconsolidated joint venture investments.




CAMDEN		COMPONENTS OF PROPERTY
		NET OPERATING INCOME
		(In thousands, except property data amounts)

(Unaudited)



	Apartment	Three Months Ended March 31,
Property Revenues	Homes	2015		2014			Change
"Same Property" Communities ^(a)	47,878		$198,132		$189,405			$8,727
Non-"Same Property" Communities ^(b)	2,461	10,262		6,440			3,822
Development and Lease-Up Communities ^(c)	4,835	4,908		3			4,905
Disposition/Other ^(d)	—	2,132		10,081			(7,949		)
Total Property Revenues	55,174		$215,434		$205,929			$9,505

Property Expenses
"Same Property" Communities ^(a)	47,878		$71,825		$67,657			$4,168
Non-"Same Property" Communities ^(b)	2,461	3,125		2,502			623
Development and Lease-Up Communities ^(c)	4,835	2,595		17			2,578
Disposition/Other ^(d)	—	866		4,148			(3,282		)
Total Property Expenses	55,174		$78,411		$74,324			$4,087

Property Net Operating Income
"Same Property" Communities ^(a)	47,878		$126,307		$121,748			$4,559
Non-"Same Property" Communities ^(b)	2,461	7,137		3,938			3,199
Development and Lease-Up Communities ^(c)	4,835	2,313		(14		)	2,327
Disposition/Other ^(d)	—	1,266		5,933			(4,667		)
Total Property Net Operating Income	55,174		$137,023		$131,605			$5,418

(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2014.

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized as of January 1, 2014.

(c) Development and Lease-Up Communities are non-stabilized communities we have acquired or developed since January 1, 2014.

(d) Disposition/Other includes operating communities sold subsequent to January 1, 2014 and also includes results from non-multifamily rental communities, below market lease amortization related to acquired communities, and expenses related to land holdings not under active development.




CAMDEN		"SAME PROPERTY"
		FIRST QUARTER COMPARISONS
		March 31, 2015
		(In thousands, except property data amounts)

(Unaudited)



	Apartment
	Homes	Revenues						Expenses						NOI
Quarterly Results ^(a)	Included	1Q15		1Q14		Growth		1Q15		1Q14		Growth		1Q15		1Q14		Growth
D.C. Metro	5,808		$30,558		$30,577	(0.1	)%		$9,866		$9,283	6.3	%		$20,692		$21,294	(2.8	)%
Houston, TX	5,912	27,212		26,194		3.9	%	11,585		10,263		12.9	%	15,627		15,931		(1.9	)%
SE Florida	2,520	14,190		13,529		4.9	%	4,944		4,662		6.0	%	9,246		8,867		4.3	%
Las Vegas, NV	4,918	13,784		13,050		5.6	%	4,854		4,666		4.0	%	8,930		8,384		6.5	%
Dallas, TX	3,993	14,454		13,606		6.2	%	5,740		5,828		(1.5	)%	8,714		7,778		12.0	%
Los Angeles/Orange County, CA	2,060	11,997		11,339		5.8	%	3,842		3,585		7.2	%	8,155		7,754		5.2	%
Atlanta, GA	3,357	12,654		11,623		8.9	%	4,597		4,455		3.2	%	8,057		7,168		12.4	%
Tampa, FL	3,598	12,305		11,858		3.8	%	4,836		4,659		3.8	%	7,469		7,199		3.8	%
Orlando, FL	3,240	11,448		10,999		4.1	%	4,354		4,169		4.4	%	7,094		6,830		3.9	%
Charlotte, NC	2,487	10,032		9,469		5.9	%	3,228		3,004		7.5	%	6,804		6,465		5.2	%
Denver, CO	1,941	8,422		7,749		8.7	%	2,508		2,302		8.9	%	5,914		5,447		8.6	%
San Diego/Inland Empire, CA	1,665	8,505		8,058		5.5	%	3,167		3,071		3.1	%	5,338		4,987		7.0	%
Phoenix, AZ	2,095	7,673		7,229		6.1	%	2,582		2,486		3.9	%	5,091		4,743		7.3	%
Raleigh, NC	2,266	7,388		6,985		5.8	%	2,485		2,323		7.0	%	4,903		4,662		5.2	%
Austin, TX	1,386	5,332		4,996		6.7	%	2,404		2,140		12.3	%	2,928		2,856		2.5	%
Corpus Christi, TX	632	2,178		2,144		1.6	%	833		761		9.5	%	1,345		1,383		(2.7	)%

Total Same Property	47,878		$198,132		$189,405	4.6	%		$71,825		$67,657	6.2	%		$126,307		$121,748	3.7	%



									Weighted Average Monthly						Weighted Average Monthly
	% of NOI		Average Occupancy ^(a)						Rental Rate ^(b)						Revenue per Occupied Home^(c)
Quarterly Results ^(a)	Contribution		1Q15		1Q14		Growth		1Q15		1Q14		Growth		1Q15		1Q14		Growth
D.C. Metro	16.3	%	94.7	%	95.1	%	(0.4	)%		$1,638		$1,637	0.1	%		$1,851		$1,845	0.3	%
Houston, TX	12.4	%	95.3	%	96.2	%	(0.9	)%	1,453		1,389		4.6	%	1,610		1,536		4.8	%
SE Florida	7.3	%	96.4	%	96.9	%	(0.5	)%	1,750		1,659		5.5	%	1,947		1,847		5.4	%
Las Vegas, NV	7.1	%	95.8	%	95.0	%	0.8	%	828		793		4.4	%	975		930		4.8	%
Dallas, TX	6.9	%	96.1	%	95.1	%	1.0	%	1,099		1,050		4.7	%	1,256		1,194		5.2	%
Los Angeles/Orange County, CA	6.5	%	95.6	%	96.2	%	(0.6	)%	1,838		1,740		5.6	%	2,031		1,908		6.4	%
Atlanta, GA	6.4	%	95.2	%	95.0	%	0.2	%	1,141		1,055		8.2	%	1,320		1,214		8.7	%
Tampa, FL	5.9	%	95.5	%	95.8	%	(0.3	)%	997		958		4.1	%	1,194		1,147		4.1	%
Orlando, FL	5.6	%	95.5	%	95.7	%	(0.2	)%	1,051		1,016		3.4	%	1,233		1,182		4.3	%
Charlotte, NC	5.4	%	96.4	%	96.9	%	(0.5	)%	1,205		1,154		4.4	%	1,394		1,310		6.4	%
Denver, CO	4.7	%	95.9	%	94.1	%	1.8	%	1,332		1,241		7.3	%	1,510		1,413		6.9	%
San Diego/Inland Empire, CA	4.2	%	95.6	%	95.0	%	0.6	%	1,611		1,540		4.6	%	1,781		1,698		4.9	%
Phoenix, AZ	4.0	%	96.0	%	94.8	%	1.2	%	1,100		1,052		4.6	%	1,272		1,213		4.9	%
Raleigh, NC	3.9	%	95.2	%	94.8	%	0.4	%	952		923		3.1	%	1,142		1,084		5.4	%
Austin, TX	2.3	%	95.4	%	95.4	%	0.0	%	1,140		1,079		5.7	%	1,344		1,260		6.7	%
Corpus Christi, TX	1.1	%	93.2	%	95.1	%	(1.9	)%	1,005		990		1.5	%	1,232		1,190		3.5	%

Total Same Property	100.0	%	95.5	%	95.5	%	0.0	%		$1,264		$1,214	4.1	%		$1,444		$1,380	4.6	%

(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2014.

(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.




CAMDEN		"SAME PROPERTY"
		SEQUENTIAL QUARTER COMPARISONS
		March 31, 2015
		(In thousands, except property data amounts)

(Unaudited)



	Apartment
	Homes	Revenues						Expenses						NOI
Quarterly Results ^(a)	Included	1Q15		4Q14		Growth		1Q15		4Q14		Growth		1Q15		4Q14		Growth
D.C. Metro	5,808		$30,558		$30,743	(0.6	)%		$9,866		$9,474	4.1	%		$20,692		$21,269	(2.7	)%
Houston, TX	5,912	27,212		27,168		0.2	%	11,585		9,970		16.2	%	15,627		17,198		(9.1	)%
SE Florida	2,520	14,190		13,972		1.6	%	4,944		4,841		2.1	%	9,246		9,131		1.3	%
Las Vegas, NV	4,918	13,784		13,574		1.5	%	4,854		4,886		(0.7	)%	8,930		8,688		2.8	%
Dallas, TX	3,993	14,454		14,154		2.1	%	5,740		5,831		(1.6	)%	8,714		8,323		4.7	%
Los Angeles/Orange County, CA	2,060	11,997		11,819		1.5	%	3,842		3,793		1.3	%	8,155		8,026		1.6	%
Atlanta, GA	3,357	12,654		12,516		1.1	%	4,597		5,002		(8.1	)%	8,057		7,514		7.2	%
Tampa, FL	3,598	12,305		12,125		1.5	%	4,836		4,553		6.2	%	7,469		7,572		(1.4	)%
Orlando, FL	3,240	11,448		11,181		2.4	%	4,354		4,225		3.1	%	7,094		6,956		2.0	%
Charlotte, NC	2,487	10,032		9,887		1.5	%	3,228		3,205		0.7	%	6,804		6,682		1.8	%
Denver, CO	1,941	8,422		8,352		0.8	%	2,508		2,458		2.0	%	5,914		5,894		0.3	%
San Diego/Inland Empire, CA	1,665	8,505		8,401		1.2	%	3,167		3,110		1.8	%	5,338		5,291		0.9	%
Phoenix, AZ	2,095	7,673		7,395		3.8	%	2,582		2,431		6.2	%	5,091		4,964		2.6	%
Raleigh, NC	2,266	7,388		7,294		1.3	%	2,485		2,397		3.7	%	4,903		4,897		0.1	%
Austin, TX	1,386	5,332		5,263		1.3	%	2,404		2,131		12.8	%	2,928		3,132		(6.5	)%
Corpus Christi, TX	632	2,178		2,202		(1.1	)%	833		770		8.2	%	1,345		1,432		(6.1	)%

Total Same Property	47,878		$198,132		$196,046	1.1	%		$71,825		$69,077	4.0	%		$126,307		$126,969	(0.5	)%



									Weighted Average Monthly						Weighted Average Monthly
	% of NOI		Average Occupancy ^(a)						Rental Rate^(b)						Revenue per Occupied Home^(c)
Quarterly Results ^(a)	Contribution		1Q15		4Q14		Growth		1Q15		4Q14		Growth		1Q15		4Q14		Growth
D.C. Metro	16.3	%	94.7	%	95.1	%	(0.4	)%		$1,638		$1,646	(0.5	)%		$1,851		$1,855	(0.2	)%
Houston, TX	12.4	%	95.3	%	95.6	%	(0.3	)%	1,453		1,449		0.3	%	1,610		1,602		0.5	%
SE Florida	7.3	%	96.4	%	95.8	%	0.6	%	1,750		1,729		1.2	%	1,947		1,928		1.0	%
Las Vegas, NV	7.1	%	95.8	%	95.8	%	0.0	%	828		820		1.0	%	975		961		1.5	%
Dallas, TX	6.9	%	96.1	%	95.5	%	0.6	%	1,099		1,088		1.0	%	1,256		1,237		1.5	%
Los Angeles/Orange County, CA	6.5	%	95.6	%	95.6	%	0.0	%	1,838		1,818		1.1	%	2,031		2,001		1.5	%
Atlanta, GA	6.4	%	95.2	%	95.8	%	(0.6	)%	1,141		1,132		0.8	%	1,320		1,298		1.7	%
Tampa, FL	5.9	%	95.5	%	95.5	%	0.0	%	997		984		1.3	%	1,194		1,176		1.5	%
Orlando, FL	5.6	%	95.5	%	95.2	%	0.3	%	1,051		1,041		1.0	%	1,233		1,208		2.1	%
Charlotte, NC	5.4	%	96.4	%	96.9	%	(0.5	)%	1,205		1,197		0.7	%	1,394		1,367		2.0	%
Denver, CO	4.7	%	95.9	%	95.8	%	0.1	%	1,332		1,321		0.8	%	1,510		1,499		0.7	%
San Diego/Inland Empire, CA	4.2	%	95.6	%	95.9	%	(0.3	)%	1,611		1,593		1.1	%	1,781		1,754		1.5	%
Phoenix, AZ	4.0	%	96.0	%	95.2	%	0.8	%	1,100		1,084		1.5	%	1,272		1,235		3.0	%
Raleigh, NC	3.9	%	95.2	%	95.5	%	(0.3	)%	952		946		0.6	%	1,142		1,124		1.6	%
Austin, TX	2.3	%	95.4	%	95.0	%	0.4	%	1,140		1,133		0.6	%	1,344		1,332		0.9	%
Corpus Christi, TX	1.1	%	93.2	%	94.2	%	(1.0	)%	1,005		1,009		(0.4	)%	1,232		1,233		(0.1	)%

Total Same Property	100.0	%	95.5	%	95.6	%	(0.1	)%		$1,264		$1,256	0.6	%		$1,444		$1,427	1.2	%

(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2014.

(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.




CAMDEN		"SAME PROPERTY" OPERATING EXPENSE
		DETAIL AND COMPARISONS
		March 31, 2015
		(In thousands)

(Unaudited)



										% of Actual
										1Q15 Operating
Quarterly Comparison ^(a)	1Q15		1Q14		$ Change			% Change		Expenses

Property taxes		$23,780		$22,203		$1,577		7.1	%	33.1	%
Salaries and Benefits for On-site Employees	16,102		15,015		1,087			7.2	%	22.4	%
Utilities	14,539		13,772		767			5.6	%	20.3	%
Repairs and Maintenance	9,578		8,952		626			7.0	%	13.3	%
Property Insurance	3,481		3,658		(177		)	(4.8	)%	4.8	%
General and Administrative	2,478		2,258		220			9.7	%	3.5	%
Marketing and Leasing	1,256		1,239		17			1.4	%	1.7	%
Other	611		560		51			9.1	%	0.9	%

Total Same Property		$71,825		$67,657		$4,168		6.2	%	100.0	%



										% of Actual
										1Q15 Operating
Sequential Comparison ^(a)	1Q15		4Q14		$ Change			% Change		Expenses

Property taxes		$23,780		$22,000		$1,780		8.1	%	33.2	%
Salaries and Benefits for On-site Employees	16,102		15,801		301			1.9	%	22.4	%
Utilities	14,539		14,393		146			1.0	%	20.3	%
Repairs and Maintenance	9,578		9,205		373			4.1	%	13.3	%
Property Insurance	3,481		3,227		254			7.9	%	4.8	%
General and Administrative	2,478		2,430		48			2.0	%	3.4	%
Marketing and Leasing	1,256		1,419		(163		)	(11.5	)%	1.7	%
Other	611		602		9			1.5	%	0.9	%

Total Same Property		$71,825		$69,077		$2,748		4.0	%	100.0	%

(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2014.




CAMDEN		JOINT VENTURE OPERATIONS
		(In thousands, except property data amounts)

(Unaudited)

Company's Pro-Rata Share of Joint Venture Operations^(a):



	Three Months Ended March 31,
OPERATING DATA^(b)	2015		2014
Property Revenues
Rental revenues		$7,577		$4,630
Other property revenues	1,036		613
Total property revenues	8,613		5,243

Property expenses
Property operating and maintenance	2,046		1,331
Real estate taxes	1,475		854
	3,521		2,185

Net Operating Income	5,092		3,058

Other expenses
Interest	1,404		948
Depreciation and amortization	2,199		1,335
Other (including debt prepayment penalties)	107		51
Total other expenses	3,710		2,334

Gain on sale of properties, net	—		3,566

Equity in income of joint ventures		$1,382		$4,290



	Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
BALANCE SHEET DATA^(c)
Land		$105,660			$104,662			$104,101			$104,101			$104,101
Building & Improvements	689,676			679,862			676,126			673,204			669,943
	795,336			784,524			780,227			777,305			774,044
Accumulated Depreciation	(92,065		)	(85,091		)	(78,242		)	(71,474		)	(64,780		)
Net operating real estate assets	703,271			699,433			701,985			705,831			709,264
Properties under development and land	33,716			37,677			31,139			25,426			19,299
Cash and other assets, net	14,621			20,655			14,788			13,033			10,685
Total assets		$751,608			$757,765			$747,912			$744,290			$739,248

Notes payable		$527,286			$523,636			$524,511			$519,864			$516,992
Other liabilities	20,376			30,836			26,639			23,102			18,571
Total liabilities	547,662			554,472			551,150			542,966			535,563

Member's equity	203,946			203,293			196,762			201,324			203,685
Total liabilities and members' equity		$751,608			$757,765			$747,912			$744,290			$739,248

Company's equity investment		$36,526			$36,429			$35,180			$36,167			$36,719

Company's pro-rata share of debt		$165,040			$163,898			$104,902			$103,973			$103,399


PROPERTY DATA (end of period)
Total operating properties	21			21			21			21			21
Total operating apartment homes	7,012			7,012			7,012			7,012			7,012
Pro rata share of operating apartment homes	2,195			2,195			1,402			1,402			1,402
Total development properties	1			1			1			1			1
Total development apartment homes	266			266			266			266			266
Pro rata share of development apartment homes	83			83			53			53			53

(a) In December 2014, the partnership agreements for each of the funds were amended, resulting in the extension of the term for each fund to December 31, 2026 and our ownership interests were increased from 20% to 31.3% effective December 23, 2014.

(b) Operating data represents Camden's pro-rata share of revenues and expenses.




CAMDEN		CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF MARCH 31, 2015 ($ in millions)



						Estimated/Actual Dates for
Completed Communities in Lease-Up		Total	Total			Construction	Initial	Construction		Stabilized		As of 04/26/2015
Completed Communities in Lease-Up		Homes	Cost			Start	Occupancy	Completion		Operations		% Leased	% Occupied
1.	Camden Boca Raton	261	$51.5			4Q12	3Q14	4Q14		2Q15		95%	95%
	Boca Raton, FL
2.	Camden Foothills	220	44.4			3Q13	3Q14	4Q14		3Q15		71%	62%
	Scottsdale, AZ
3.	Camden La Frontera	300	35.6			2Q13	2Q14	1Q15		2Q15		96%	94%
	Round Rock, TX
4.	Camden Lamar Heights	314	46.5			2Q12	2Q14	1Q15		3Q15		87%	71%
	Austin, TX

Total Completed Communities in Lease-Up		1,095	$178.0									88%	81%

						Estimated/Actual Dates for
		Total	Total	Cost to	Amount	Construction	Initial	Construction		Stabilized		As of 04/26/2015
Development Communities		Homes	Budget	Date	in CIP	Start	Occupancy	Completion		Operations		% Leased	% Occupied
UNDER CONSTRUCTION
1.	Camden Flatirons	424	$78.0	$77.7	$24.1	3Q12	2Q14	2Q15		3Q16		55%	50%
	Denver, CO
2.	Camden Paces	379	110.0	104.2	50.0	4Q12	2Q14	3Q15		4Q16		43%	37%
	Atlanta, GA
3.	Camden Hayden	234	48.0	43.4	16.4	3Q13	4Q14	2Q15		4Q15		33%	23%
	Tempe, AZ
4.	Camden Chandler	380	75.0	48.6	35.0	1Q14	1Q15	1Q16		1Q17		15%	9%
	Chandler, AZ
5.	Camden Glendale	303	115.0	107.3	100.6	4Q12	2Q15	3Q15		1Q16		5%	1%
	Glendale, CA
6.	Camden Gallery	323	58.0	34.6	34.6	3Q13	3Q15	1Q16		3Q16
	Charlotte, NC
7.	Camden Victory Park	423	82.0	40.9	40.9	4Q13	3Q15	1Q16		1Q18
	Dallas, TX
8.	The Camden	287	145.0	72.9	72.9	4Q13	2Q16	4Q16		2Q17
	Los Angeles, CA
9.	Camden Lincoln Station	267	56.0	9.8	9.8	4Q14	4Q16	2Q17		1Q18
	Denver, CO
10.	Camden McGowen Station	315	90.0	11.8	11.8	4Q14	2Q17	4Q17		1Q19
	Houston, TX
11.	Camden NoMa II	405	115.0	26.8	26.8	1Q15	2Q17	4Q17		4Q19
	Washington, DC

Total Development Communities		3,740	$972.0	$578.0	$422.9							32%	26%

Additional Development Pipeline & Land^(a)					96.6

Total Properties Under Development and Land (per Balance Sheet)					$519.5

NOI Contribution from Development Communities ($ in millions)								Cost to Date		1Q15 NOI
Completed Communities in Lease-Up								$178.0		$1.3
Development Communities in Lease-Up								273.9		1.0
Total Development Communities NOI Contribution									$451.9		$2.3

						Estimated/Actual Dates for
Joint Venture Development Community		Total	Total	Cost to	Amount	Construction	Initial	Construction		Stabilized		As of 04/26/2015
Joint Venture Development Community		Homes	Budget	Date	in CIP	Start	Occupancy	Completion		Operations		% Leased	% Occupied
UNDER CONSTRUCTION
1.	Camden Southline	266	$48.0	$41.7	$32.5	2Q13	1Q15	3Q15		1Q16		22%	15%
	Charlotte, NC

Total Joint Venture
Development Communities		266	$48.0	$41.7	$32.5							22%	15%

(a) Please refer to the Development Pipeline & Land Summary on page 17.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.




CAMDEN		DEVELOPMENT PIPELINE & LAND

(Unaudited)

AS OF MARCH 31, 2015 ($ in millions)



		Projected	Total
PIPELINE COMMUNITIES		Homes	Estimated Cost^(a)		Cost to Date

1.	Camden Shady Grove	457		$116.0		$32.3
	Rockville, MD
2.	Camden Buckhead	336	80.0		21.3
	Atlanta, GA
3.	Camden Conte^(b)	519	170.0		19.1
	Houston, TX
4.	Camden Atlantic	286	62.0		12.9
	Plantation, FL

Development Pipeline		1,598		$428.0		$85.6

LAND HOLDINGS/OTHER		Acreage			Cost to Date

	Las Vegas, NV	19.6				$4.2
	Tampa, FL	4.8			1.5
	Other^(c)	0.0			5.3

Land Holdings/Other		24.4				$11.0

Total Development Pipeline and Land						$96.6

(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking statements are not guarantees of future performances, results, or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted and estimates routinely require adjustment.

(b) The development will be developed in two phases. The estimated units, estimated cost, and cost to date represent both phases.

(c) Includes development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, or for which the Company is the buyer under a contract to purchase land.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.




CAMDEN		ACQUISITIONS & DISPOSITIONS

(Unaudited)

2015 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per Unit amounts)



				Apartment	Weighted Average	Community
Dispositions		Location	Sales Price	Homes	Monthly Rental Rate	Age	Closing Date
1.	Camden Ridgecrest	Austin, TX	$29.3	284 Homes	$866	20 years	1/15/2015
2.	Camden Bayside	Tampa, FL	85.1	832 Homes	853	27 years	1/30/2015


Total/Average Dispositions			$114.4	1,116 Homes	$856	24 years




CAMDEN		DEBT ANALYSIS
		(In thousands, except property data amounts)

(Unaudited)

DEBT MATURITIES AS OF MARCH 31, 2015:



			Future Scheduled Repayments
Year	Amortization		Secured Maturities			Unsecured Maturities			Total			% of Total			Weighted Average Interest Rate on Maturing Debt
2015		$1,400		$—			$250,000			$251,400		9.2		%	5.1	%
2016	2,036		—			—			2,036			0.1		%	N/A
2017	2,246		—			246,750			248,996			9.1		%	5.8	%
2018	2,439		175,000			—			177,439			6.5		%	1.0	%
2019	2,346		644,107			—			646,453			23.6		%	5.3	%
2020	2,240		—			—			2,240			0.1		%	N/A
2021	2,496		—			250,000			252,496			9.2		%	4.7	%
2022	2,772		—			350,000			352,772			12.9		%	3.1	%
2023	3,545		—			250,000			253,545			9.2		%	5.0	%
2024	4,038		—			500,000			504,038			18.4		%	3.9	%
Thereafter	51,702		—			—			51,702			1.9		%	3.1	%
Total Maturing Debt		$77,260		$819,107			$1,846,750			$2,743,117		100.0		%	4.4	%

Unsecured Line of Credit		$—		$—			$—			$—		—		%	N/A
Other Short Term Borrowings	—		—			—			—			—		%	N/A
Total Debt		$77,260		$819,107			$1,846,750			$2,743,117		100.0		%	4.4	%

Weighted Average Maturity of Debt			6.1 Years

						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt		$209,351	7.6		%	1.0		%	5.1 Years
Fixed rate debt	2,533,766		92.4		%	4.6		%	6.2 Years
Total		$2,743,117	100.0		%	4.4		%	6.1 Years

						Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Unsecured debt		$1,838,203	67.0		%	4.4		%	6.2 Years
Secured debt	904,914		33.0		%	4.2		%	5.9 Years
Total		$2,743,117	100.0		%	4.4		%	6.1 Years

						Weighted Average
SECURED DEBT DETAIL:	Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt		$695,563	76.8		%	5.2		%	6.1 Years
Conventional variable-rate mortgage debt	175,000		19.3		%	1.0		%	3.5 Years
Tax exempt variable rate debt	34,351		3.9		%	1.3		%	13.2 Years
Total		$904,914	100.0		%	4.2		%	5.9 Years

REAL ESTATE ASSETS: ^(a)	Total Homes		% of Total			Total Cost			% of Total			1Q15 NOI			% of Total
Unencumbered real estate assets	42,761		77.5		%		$5,965,378		79.4		%		$102,980		75.2	%
Encumbered real estate assets	12,413		22.5		%	1,546,745			20.6		%	34,043			24.8	%
Total	55,174		100.0		%	$7,512,123			100.0		%	$137,023			100.0	%

			Ratio of unencumbered assets at cost to unsecured debt is												3.2x

(a) Real estate assets include communities under development and exclude communities held through unconsolidated joint ventures.




CAMDEN		DEBT MATURITY ANALYSIS
		(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2015 AND 2016:



			Future Scheduled Repayments						Weighted Average Interest on Maturing Debt
Quarter	Amortization		Secured Maturities		Unsecured Maturities		Total		Weighted Average Interest on Maturing Debt
2Q 2015		$430		$—		$250,000		$250,430	5.1	%
3Q 2015	480		—		—		480		N/A
4Q 2015	490		—		—		490		N/A
2015		$1,400		$—		$250,000		$251,400	5.1	%

1Q 2016		$498		$—		$—		$498	N/A
2Q 2016	503		—		—		503		N/A
3Q 2016	512		—		—		512		N/A
4Q 2016	523		—		—		523		N/A
2016		$2,036		$—		$—		$2,036	N/A




CAMDEN		DEBT COVENANT ANALYSIS

(Unaudited)



UNSECURED LINE OF CREDIT

Covenant ^(a)	Required		Actual^(b)	Compliance

Total Consolidated Debt to Gross Asset Value	<	60%	29%	Yes

Secured Debt to Gross Asset Value	<	35%	9%	Yes

Consolidated EBITDA to Total Fixed Charges	>	150%	376%	Yes

Unencumbered Adjusted NOI to Total Unsecured Debt	>	10.5%	21%	Yes



SENIOR UNSECURED NOTES

Covenant ^(a)	Required		Actual ^(b)	Compliance

Total Consolidated Debt to Total Asset Value	<	60%	35%	Yes

Total Secured Debt to Total Asset Value	<	40%	12%	Yes

Total Unencumbered Asset Value to Total Unsecured Debt	>	150%	341%	Yes

Consolidated Income Available for Debt Service to Total Annual Service Charges	>	150%	382%	Yes

(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.




CAMDEN		UNCONSOLIDATED REAL ESTATE INVESTMENTS
		DEBT ANALYSIS
		(In thousands, except property data amounts)

(Unaudited)

PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF MARCH 31, 2015^(a):



	Future Scheduled Repayments									Weighted Average Interest on Maturing Debt
Year ^(b)	Amortization		Secured Maturities		Total			% of Total
2015		$2,091		$—		$2,091		1.3	%	N/A
2016	2,631		51,625		54,256			32.9	%	3.3	%
2017	1,659		45,536		47,195			28.6	%	2.8	%
2018	688		47,778		48,466			29.3	%	4.0	%
2019	334		7,383		7,717			4.7	%	4.2	%
2020	144		—		144			0.1	%	N/A
2021	11		5,160		5,171			3.1	%	4.7	%
Total Debt		$7,558		$157,482		$165,040		100.0	%	3.5	%

Weighted Average Maturity of Debt			2.4 Years


								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate		Time to Maturity
Floating rate debt				$46,496	28.2		%	2.0	%	2.1 Years
Fixed rate debt			118,544		71.8		%	4.1	%	2.5 Years
Total			$165,040		100.0		%	3.5	%	2.4 Years

								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt				$118,544	71.8		%	4.1	%	2.5 Years
Conventional variable-rate mortgage debt			30,712		18.6		%	2.1	%	1.7 Years
Variable-rate construction loans			15,784		9.6		%	1.8	%	3.0 Years
Total			$165,040		100.0		%	3.5	%	2.4 Years

REAL ESTATE ASSETS: ^(c)			Total Homes		Total Cost
Operating real estate assets			7,012			$795,336
Properties under development and land			266		33,716
Total			7,278			$829,052

(b) Includes all available extension options.




CAMDEN		UNCONSOLIDATED REAL ESTATE INVESTMENTS
		DEBT MATURITY ANALYSIS
		(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2015 AND 2016:



		Future Scheduled Repayments						Weighted Average Interest on Maturing Debt
Quarter	^(a)	Amortization		Secured Maturities		Total		Weighted Average Interest on Maturing Debt
2Q 2015			$653		$—		$653	N/A
3Q 2015		711		—		711		N/A
4Q 2015		727		—		727		N/A
2015			$2,091		$—		$2,091	N/A

1Q 2016			$733		$—		$733	N/A
2Q 2016		705		26,910		27,615		3.2	%
3Q 2016		642		—		642		N/A
4Q 2016		551		24,715		25,266		3.4	%
2016			$2,631		$51,625		$54,256	3.3	%

(a) Includes all available extension options.




CAMDEN		CAPITALIZED EXPENDITURES
		& MAINTENANCE EXPENSE
		(In thousands, except unit data)

(Unaudited)



	First quarter 2015
	Capitalized						Expensed
Item	Weighted Average Useful Life^(a)		Total		Per Unit		Total		Per Unit
Interiors
Floor Coverings	5.6	years		$2,138		$41		$686		$13
Appliances	9.5	years	792		15		204		4
Painting	—		—		—		1,309		25
Cabinetry/Countertops	10.0	years	317		6		—		—
Other	9.3	years	1,278		25		471		9
Exteriors
Painting	5.0	years	70		1		—		—
Carpentry	10.0	years	272		5		—		—
Landscaping	7.5	years	396		8		3,091		60
Roofing	19.6	years	852		17		61		1
Site Drainage	10.0	years	81		2		—		—
Fencing/Stair	10.0	years	160		3		—		—
Other ^(b)	7.8	years	1,826		35		2,906		56
Common Areas
Mech., Elec., Plumbing	9.4	years	1,861		36		1,268		25
Parking/Paving	4.4	years	50		1		—		—
Pool/Exercise/Facility	8.0	years	1,168		23		313		6
Total Recurring^(c)				$11,261		$218		$10,309		$199
Weighted Average Apartment Homes					51,558				51,558

Revenue Enhancing Expenditures ^(d)	10.0	years		$6,905		$10,705
Revenue Enhanced Apartment Homes					645

(a) Weighted average useful life of capitalized expenses for the three months ended March 31, 2015.

(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

(d) Represents capital expenditures for the three months ended March 31, 2015 spent on apartment unit renovation (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets.




CAMDEN		NON-GAAP FINANCIAL MEASURES
		DEFINITIONS & RECONCILIATIONS
		(In thousands, except per share amounts)

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding gains (or losses) associated with previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

Adjusted FFO

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Definitions of recurring capital expenditures are subjective. Accordingly, there can be no assurance our basis for computing this non-GAAP measure is comparable with that of other REITs. A reconciliation of FFO to AFFO is provided below:



	Three Months Ended March 31,
	2015			2014
Net income attributable to common shareholders		$115,599			$40,036
Real estate depreciation from continuing operations	60,363			56,011
Adjustments for unconsolidated joint ventures	2,245			1,314
Income allocated to non-controlling interests	5,466			1,037
Gain on sale of unconsolidated joint venture properties	—			(3,566		)
Gain on sale of operating properties, net of tax	(85,145		)	—
Funds from operations		$98,528			$94,832

Less: recurring capitalized expenditures	(11,261		)	(8,399		)

Adjusted funds from operations		$87,267			$86,433

Weighted average number of common shares outstanding:
EPS diluted	90,464			88,824
FFO/AFFO diluted	91,275			89,910

Earnings per common share – diluted		$1.27			$0.45
FFO per common share - diluted		$1.08			$1.05
AFFO per common share - diluted		$0.96			$0.96

Expected FFO

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:



	2Q15		Range		2015			Range
	Low		High		Low			High
Expected earnings per common share - diluted		$0.36		$0.40		$2.39			$2.55
Expected real estate depreciation	0.68		0.68		2.74			2.74
Expected adjustments for unconsolidated joint ventures	0.03		0.03		0.10			0.10
Expected income allocated to non-controlling interests	0.01		0.01		0.10			0.10
(Gain) on sale of unconsolidated joint venture property	—		—		—			—
Realized (gain) on sale of operating properties	—		—		(0.93		)	(0.93		)
Expected FFO per share - diluted		$1.08		$1.12		$4.40			$4.56

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.




CAMDEN		NON-GAAP FINANCIAL MEASURES
		DEFINITIONS & RECONCILIATIONS
		(In thousands, except per share amounts)

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:



	Three months ended March 31,
	2015			2014
Net income attributable to common shareholders		$115,599			$40,036
Less: Fee and asset management	(1,563		)	(3,023		)
Less: Interest and other income	(60		)	(288		)
Less: Income on deferred compensation plans	(1,864		)	(681		)
Plus: Property management	5,962			5,839
Plus: Fee and asset management	1,076			1,259
Plus: General and administrative	9,748			9,545
Plus: Interest	24,612			23,133
Plus: Depreciation and amortization	61,530			57,396
Plus: Amortization of deferred financing costs	798			841
Plus: Expense on deferred compensation plans	1,864			681
Less: Gain on sale of operating properties, including land	(85,192		)	(354		)
Less: Equity in income of joint ventures	(1,382		)	(4,290		)
Plus: Income tax expense	429			474
Plus: Income allocated to non-controlling interests from continuing operations	5,466			1,037
Net Operating Income (NOI)		$137,023			$131,605

"Same Property" Communities		$126,307			$121,748
Non-"Same Property" Communities	7,137			3,938
Development and Lease-Up Communities	2,313			(14		)
Dispositions/Other	1,266			5,933
Net Operating Income (NOI)		$137,023			$131,605

EBITDA

EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, net of tax, and income (loss) allocated to non-controlling interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income attributable to common shareholders to EBITDA is provided below:



	Three months ended March 31,
	2015			2014
Net income attributable to common shareholders		$115,599			$40,036
Plus: Interest	24,612			23,133
Plus: Amortization of deferred financing costs	798			841
Plus: Depreciation and amortization	61,530			57,396
Plus: Income allocated to non-controlling interests from continuing operations	5,466			1,037
Plus: Income tax expense	429			474
Less: Gain on sale of operating properties, including land	(85,192		)	(354		)
Less: Equity in income of joint ventures	(1,382		)	(4,290		)
EBITDA		$121,860			$118,273




CAMDEN		OTHER DATA

(Unaudited)



Stock Symbol:	CPT

Exchange Traded:	NYSE

Senior Unsecured Debt Ratings:		Rating	Outlook
	Moody's	Baa1	Stable
	Fitch	BBB+	Positive
	Standard & Poor's	BBB+	Stable

Estimated Future Dates:		Q2 '15	Q3 '15	Q4 '15	Q1 '16
Earnings release & conference call		Late July	Early Nov	Early Feb	Late April

Dividend Information - Common Shares:		Q1 '15
Declaration Date		1/28/2015
Record Date		3/31/2015
Payment Date		4/17/2015
Distributions Per Share		$0.70



Investor Relations Data:

	Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request.

	For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call 1-800-9CAMDEN or (713) 354-2787.

	To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com.

	For questions contact:

		Richard J. Campo	Chairman & Chief Executive Officer
		D. Keith Oden	President
		H. Malcolm Stewart	Chief Operating Officer
		Alexander J. Jessett	Chief Financial Officer
		Kimberly A. Callahan	Senior Vice President - Investor Relations




CAMDEN		COMMUNITY TABLE
		Community statistics as of 3/31/2015



(Unaudited)							1Q15 Avg Monthly				1Q15 Avg Monthly
			Year Placed	Average	Apartment	1Q15 Avg	Rental Rates per				Revenue per Occupied
Community Name	City	State	In Service	Size	Homes	Occupancy	Home		Sq. Ft.		Home		Sq. Ft.

Camden Copper Square	Phoenix	AZ	2000	786	332	96%		$1,004		$1.28		$1,230		$1.56
Camden Foothills (1)	Scottsdale	AZ	2014	1,032	220	Lease-Up	1,463		1.42		1,737		1.68
Camden Legacy	Scottsdale	AZ	1996	1,067	428	95%	1,080		1.01		1,290		1.21
Camden Montierra	Scottsdale	AZ	1999	1,071	249	97%	1,226		1.14		1,364		1.27
Camden Pecos Ranch	Chandler	AZ	2001	924	272	97%	927		1.00		1,119		1.21
Camden San Marcos	Scottsdale	AZ	1995	984	320	96%	1,088		1.11		1,178		1.20
Camden San Paloma	Scottsdale	AZ	1993/1994	1,042	324	96%	1,092		1.05		1,283		1.23
Camden Sotelo	Tempe	AZ	2008/2012	1,303	170	93%	1,469		1.13		1,578		1.21
TOTAL ARIZONA	8	Properties		1,009	2,315	96%	1,134		1.12		1,295		1.28

Camden Crown Valley	Mission Viejo	CA	2001	1,009	380	96%	1,826		1.81		1,996		1.98
Camden Harbor View	Long Beach	CA	2004	975	538	96%	2,201		2.26		2,436		2.50
Camden Main and Jamboree	Irvine	CA	2008	1,011	290	96%	1,931		1.91		2,086		2.06
Camden Martinique	Costa Mesa	CA	1986	794	714	95%	1,559		1.96		1,750		2.20
Camden Parkside	Fullerton	CA	1972	836	421	97%	1,367		1.64		1,539		1.84
Camden Sea Palms	Costa Mesa	CA	1990	891	138	97%	1,694		1.90		1,876		2.11
Total Los Angeles/Orange County	6	Properties		904	2,481	96%	1,758		1.94		1,947		2.15

Camden Landmark	Ontario	CA	2006	982	469	95%	1,417		1.44		1,485		1.51
Camden Old Creek	San Marcos	CA	2007	1,037	350	97%	1,751		1.69		1,945		1.88
Camden Sierra at Otay Ranch	Chula Vista	CA	2003	962	422	96%	1,656		1.72		1,851		1.92
Camden Tuscany	San Diego	CA	2003	896	160	96%	2,282		2.55		2,520		2.81
Camden Vineyards	Murrieta	CA	2002	1,053	264	95%	1,327		1.26		1,518		1.44
Total San Diego/Inland Empire	5	Properties		991	1,665	96%	1,616		1.63		1,780		1.80

TOTAL CALIFORNIA	11	Properties		939	4,146	96%	1,701		1.81		1,880		2.00

Camden Belleview Station	Denver	CO	2009	888	270	96%	1,294		1.46		1,412		1.59
Camden Caley	Englewood	CO	2000	925	218	97%	1,208		1.31		1,390		1.50
Camden Denver West	Golden	CO	1997	1,015	320	96%	1,419		1.40		1,607		1.58
Camden Highlands Ridge	Highlands Ranch	CO	1996	1,149	342	95%	1,447		1.26		1,642		1.43
Camden Interlocken	Broomfield	CO	1999	1,010	340	96%	1,359		1.35		1,540		1.52
Camden Lakeway	Littleton	CO	1997	932	451	97%	1,245		1.34		1,432		1.54
TOTAL COLORADO	6	Properties		991	1,941	96%	1,332		1.34		1,509		1.52

Camden Ashburn Farm	Ashburn	VA	2000	1,062	162	94%	1,489		1.40		1,737		1.64
Camden Clearbrook	Frederick	MD	2007	1,048	297	93%	1,374		1.31		1,608		1.53
Camden College Park	College Park	MD	2008	942	508	91%	1,561		1.66		1,791		1.90
Camden Dulles Station	Oak Hill	VA	2009	978	382	97%	1,604		1.64		1,812		1.85
Camden Fair Lakes	Fairfax	VA	1999	1,056	530	95%	1,680		1.59		1,886		1.79
Camden Fairfax Corner	Fairfax	VA	2006	934	489	96%	1,734		1.86		1,963		2.10
Camden Fallsgrove	Rockville	MD	2004	996	268	93%	1,728		1.74		1,928		1.94
Camden Grand Parc	Washington	DC	2002	674	105	94%	2,434		3.62		2,697		4.01
Camden Lansdowne	Leesburg	VA	2002	1,006	690	96%	1,447		1.44		1,644		1.63
Camden Largo Town Center	Largo	MD	2000/2007	1,027	245	94%	1,588		1.55		1,758		1.71
Camden Monument Place	Fairfax	VA	2007	856	368	96%	1,518		1.77		1,719		2.01
Camden NoMa	Washington	DC	2014	770	321	95%	2,094		2.72		2,271		2.95
Camden Potomac Yard	Arlington	VA	2008	835	378	95%	2,000		2.40		2,247		2.69
Camden Roosevelt	Washington	DC	2003	856	198	93%	2,563		2.99		2,883		3.37
Camden Russett	Laurel	MD	2000	992	426	95%	1,422		1.43		1,600		1.61
Camden Silo Creek	Ashburn	VA	2004	975	284	96%	1,464		1.50		1,677		1.72
Camden South Capitol (2)	Washington	DC	2013	821	276	93%	2,072		2.52		2,319		2.82
Camden Summerfield	Landover	MD	2008	957	291	96%	1,612		1.69		1,782		1.86
Camden Summerfield II	Landover	MD	2012	936	187	94%	1,619		1.73		1,820		1.95
TOTAL DC METRO	19	Properties		946	6,405	95%	1,680		1.78		1,892		2.00

Camden Aventura	Aventura	FL	1995	1,108	379	96%	1,835		1.66		2,092		1.89
Camden Boca Raton (1)	Boca Raton	FL	2014	843	261	Lease-Up	1,858		2.20		2,059		2.44
Camden Brickell	Miami	FL	2003	937	405	97%	1,966		2.10		2,132		2.28
Camden Doral	Miami	FL	1999	1,120	260	97%	1,744		1.56		1,922		1.72
Camden Doral Villas	Miami	FL	2000	1,253	232	96%	1,841		1.47		2,027		1.62
Camden Las Olas	Ft. Lauderdale	FL	2004	1,043	420	97%	1,961		1.88		2,135		2.05
Camden Plantation	Plantation	FL	1997	1,201	502	96%	1,474		1.23		1,659		1.38
Camden Portofino	Pembroke Pines	FL	1995	1,112	322	96%	1,476		1.33		1,713		1.54
Total Southeast Florida	8	Properties		1,079	2,781	96%	1,761		1.63		1,956		1.81

Camden Hunter's Creek	Orlando	FL	2000	1,075	270	97%	1,144		1.06		1,322		1.23
Camden Lago Vista	Orlando	FL	2005	955	366	97%	1,008		1.06		1,186		1.24
Camden LaVina	Orlando	FL	2012	970	420	95%	1,096		1.13		1,295		1.34
Camden Lee Vista	Orlando	FL	2000	937	492	96%	972		1.04		1,155		1.23
Camden Orange Court	Orlando	FL	2008	817	268	97%	1,199		1.47		1,371		1.68
Camden Renaissance	Altamonte Springs	FL	1996/1998	899	578	94%	893		0.99		1,063		1.18
Camden Town Square	Orlando	FL	2012	986	438	95%	1,166		1.19		1,392		1.42
Camden Waterford Lakes (2)	Orlando	FL	2013	971	300	94%	1,186		1.22		1,408		1.45
Camden World Gateway	Orlando	FL	2000	979	408	96%	1,083		1.11		1,230		1.26
Total Orlando	9	Properties		951	3,540	95%		$1,063		$1.12		$1,248		$1.31




CAMDEN		COMMUNITY TABLE
		Community statistics as of 3/31/2015



(Unaudited)							1Q15 Avg Monthly				1Q15 Avg Monthly
			Year Placed	Average	Apartment	1Q15 Avg	Rental Rates per				Revenue per Occupied
Community Name	City	State	In Service	Size	Homes	Occupancy	Home		Sq. Ft.		Home		Sq. Ft.

Camden Bay	Tampa	FL	1997/2001	943	760	95%		$976		$1.03		$1,176		$1.25
Camden Lakes	St. Petersburg	FL	1982/1983	732	688	95%	809		1.11		997		1.36
Camden Montague	Tampa	FL	2012	975	192	96%	1,151		1.18		1,360		1.40
Camden Preserve	Tampa	FL	1996	942	276	96%	1,198		1.27		1,360		1.44
Camden Providence Lakes	Brandon	FL	1996	1,024	260	96%	961		0.94		1,193		1.16
Camden Royal Palms	Brandon	FL	2006	1,017	352	96%	1,024		1.01		1,230		1.21
Camden Visconti (2)	Tampa	FL	2007	1,125	450	96%	1,177		1.05		1,366		1.21
Camden Westchase Park	Tampa	FL	2012	993	348	94%	1,276		1.29		1,509		1.52
Camden Westshore	Tampa	FL	1986	728	278	96%	943		1.30		1,120		1.54
Camden Woods	Tampa	FL	1986	1,223	444	96%	943		0.77		1,127		0.92
Total Tampa/St. Petersburg	10	Properties		961	4,048	96%	1,017		1.06		1,213		1.26

TOTAL FLORIDA	27	Properties		989	10,369	96%	1,232		1.25		1,423		1.44

Camden Brookwood	Atlanta	GA	2002	912	359	97%	1,218		1.33		1,402		1.53
Camden Creekstone	Atlanta	GA	2002	990	223	95%	1,105		1.12		1,202		1.21
Camden Deerfield	Alpharetta	GA	2000	1,187	292	95%	1,217		1.03		1,428		1.20
Camden Dunwoody	Atlanta	GA	1997	1,007	324	95%	1,142		1.13		1,342		1.33
Camden Fourth Ward	Atlanta	GA	2014	847	276	91%	1,533		1.81		1,647		1.95
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	94%	1,265		1.35		1,428		1.53
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	95%	1,108		1.08		1,316		1.28
Camden Phipps (2)	Atlanta	GA	1996	1,018	234	97%	1,456		1.43		1,648		1.62
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	96%	1,070		0.94		1,269		1.11
Camden St. Clair	Atlanta	GA	1997	999	336	96%	1,171		1.17		1,371		1.37
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	95%	823		0.82		994		0.99
Camden Vantage	Atlanta	GA	2010	901	592	95%	1,204		1.34		1,353		1.50
TOTAL GEORGIA	12	Properties		988	3,867	95%	1,188		1.20		1,362		1.38

Camden Bel Air	Las Vegas	NV	1988/1995	943	528	95%	753		0.80		901		0.96
Camden Breeze	Las Vegas	NV	1989	846	320	97%	767		0.91		916		1.08
Camden Canyon	Las Vegas	NV	1995	987	200	96%	915		0.93		1,081		1.10
Camden Commons	Henderson	NV	1988	936	376	96%	789		0.84		947		1.01
Camden Cove	Las Vegas	NV	1990	898	124	97%	757		0.84		903		1.01
Camden Del Mar	Las Vegas	NV	1995	986	560	96%	980		0.99		1,149		1.17
Camden Fairways	Henderson	NV	1989	896	320	96%	924		1.03		1,070		1.19
Camden Hills	Las Vegas	NV	1991	439	184	96%	531		1.21		671		1.53
Camden Legends	Henderson	NV	1994	792	113	96%	856		1.08		978		1.23
Camden Palisades	Las Vegas	NV	1991	905	624	95%	754		0.83		884		0.98
Camden Pines	Las Vegas	NV	1997	982	315	96%	837		0.85		972		0.99
Camden Pointe	Las Vegas	NV	1996	983	252	95%	771		0.78		905		0.92
Camden Summit	Henderson	NV	1995	1,187	234	98%	1,126		0.95		1,294		1.09
Camden Tiara	Las Vegas	NV	1996	1,043	400	96%	892		0.86		1,036		0.99
Camden Vintage	Las Vegas	NV	1994	978	368	95%	730		0.75		868		0.89
TOTAL NEVADA	15	Properties		938	4,918	96%	828		0.88		976		1.04

Camden Ballantyne	Charlotte	NC	1998	1,045	400	95%	1,177		1.12		1,383		1.32
Camden Cotton Mills	Charlotte	NC	2002	905	180	97%	1,417		1.57		1,624		1.79
Camden Dilworth	Charlotte	NC	2006	857	145	96%	1,370		1.60		1,549		1.81
Camden Fairview	Charlotte	NC	1983	1,036	135	98%	1,092		1.05		1,286		1.24
Camden Foxcroft	Charlotte	NC	1979	940	156	98%	930		0.99		1,112		1.18
Camden Grandview	Charlotte	NC	2000	1,057	266	97%	1,552		1.47		1,715		1.62
Camden Sedgebrook	Charlotte	NC	1999	972	368	96%	1,006		1.03		1,212		1.25
Camden Simsbury	Charlotte	NC	1985	874	100	97%	1,084		1.24		1,262		1.44
Camden South End Square	Charlotte	NC	2003	882	299	97%	1,323		1.50		1,496		1.70
Camden Stonecrest	Charlotte	NC	2001	1,098	306	96%	1,216		1.11		1,421		1.29
Camden Touchstone	Charlotte	NC	1986	899	132	96%	908		1.01		1,068		1.19
Total Charlotte	11	Properties		980	2,487	96%	1,205		1.23		1,395		1.42

Camden Asbury Village (2)	Raleigh	NC	2009	1,009	350	96%	1,063		1.05		1,138		1.13
Camden Crest	Raleigh	NC	2001	1.013	438	92%	911		0.90		1,074		1.06
Camden Governor's Village	Chapel Hill	NC	1999	1,046	242	95%	948		0.91		1,163		1.11
Camden Lake Pine	Apex	NC	1999	1,066	446	96%	970		0.91		1,157		1.09
Camden Manor Park	Raleigh	NC	2006	966	484	95%	971		1.00		1,157		1.20
Camden Overlook	Raleigh	NC	2001	1,060	320	96%	1,096		1.03		1,288		1.21
Camden Reunion Park	Apex	NC	2000/2004	972	420	95%	838		0.86		1,016		1.05
Camden Westwood	Morrisville	NC	1999	1,027	354	94%	909		0.89		1,100		1.07
Total Raleigh	8	Properties		1,016	3,054	95%	959		0.94		1,131		1.11

TOTAL NORTH CAROLINA	19	Properties		1,000	5,541	96%		$1,069		$1.07		$1,251		$1.25




CAMDEN		COMMUNITY TABLE
		Community statistics as of 3/31/2015



(Unaudited)							1Q15 Avg Monthly				1Q15 Avg Monthly
			Year Placed	Average	Apartment	1Q15 Avg	Rental Rates per				Revenue per Occupied
Community Name	City	State	In Service	Size	Homes	Occupancy	Home		Sq. Ft.		Home		Sq. Ft.

Camden Amber Oaks (2)	Austin	TX	2009	862	348	96%		$971		$1.13		$1,182		$1.37
Camden Amber Oaks II (2)	Austin	TX	2012	910	244	95%	1,057		1.16		1,302		1.43
Camden Brushy Creek (2)	Cedar Park	TX	2008	882	272	96%	1,009		1.14		1,124		1.27
Camden Cedar Hills	Austin	TX	2008	911	208	96%	1,146		1.26		1,359		1.49
Camden Gaines Ranch	Austin	TX	1997	955	390	96%	1,284		1.34		1,493		1.56
Camden Huntingdon	Austin	TX	1995	903	398	95%	987		1.09		1,198		1.33
Camden La Frontera	Austin	TX	2015	901	300	Lease-Up	1,090		1.21		1,263		1.40
Camden Lamar Heights	Austin	TX	2015	838	314	Lease-Up	1,344		1.60		1,403		1.67
Camden Shadow Brook (2)	Austin	TX	2009	909	496	96%	1,033		1.14		1,168		1.29
Camden Stoneleigh	Austin	TX	2001	908	390	95%	1,149		1.27		1,337		1.47
Total Austin	10	Properties		899	3,360	96%	1,105		1.23		1,273		1.42

Camden Breakers	Corpus Christi	TX	1996	868	288	94%	1,166		1.34		1,425		1.64
Camden Copper Ridge	Corpus Christi	TX	1986	775	344	92%	871		1.12		1,067		1.38
Camden Miramar (3)	Corpus Christi	TX	1994-2014	494	1,005	95%	1,159		2.34		1,322		2.67
Camden South Bay (2)	Corpus Christi	TX	2007	1,055	270	95%	1,263		1.20		1,427		1.35
Total Corpus Christi	4	Properties		687	1,907	94%	1,123		1.81		1,317		1.93

Camden Addison	Addison	TX	1996	942	456	96%	1,011		1.07		1,167		1.24
Camden Belmont	Dallas	TX	2010/2012	945	477	95%	1,350		1.43		1,467		1.55
Camden Buckingham	Richardson	TX	1997	919	464	97%	1,054		1.15		1,245		1.35
Camden Centreport	Ft. Worth	TX	1997	911	268	96%	990		1.09		1,165		1.28
Camden Cimarron	Irving	TX	1992	772	286	96%	1,006		1.30		1,159		1.50
Camden Design District (2)	Dallas	TX	2009	939	355	97%	1,283		1.37		1,375		1.46
Camden Farmers Market	Dallas	TX	2001/2005	932	904	95%	1,155		1.24		1,310		1.40
Camden Henderson	Dallas	TX	2012	967	106	98%	1,475		1.52		1,633		1.69
Camden Legacy Creek	Plano	TX	1995	831	240	97%	1,078		1.30		1,247		1.50
Camden Legacy Park	Plano	TX	1996	871	276	97%	1,099		1.26		1,274		1.46
Camden Panther Creek (2)	Frisco	TX	2009	946	295	95%	1,090		1.15		1,259		1.33
Camden Riverwalk (2)	Grapevine	TX	2008	982	600	94%	1,293		1.32		1,424		1.45
Camden Valley Park	Irving	TX	1986	743	516	96%	927		1.25		1,075		1.45
Total Dallas/Ft. Worth	13	Properties		905	5,243	96%	1,133		1.25		1,283		1.42

Camden City Centre	Houston	TX	2007	932	379	95%	1,639		1.76		1,793		1.92
Camden City Centre II	Houston	TX	2013	868	268	96%	1,716		1.98		1,873		2.16
Camden Cypress Creek (2)	Cypress	TX	2009	993	310	95%	1,239		1.25		1,366		1.38
Camden Downs at Cinco Ranch (2)	Katy	TX	2004	1,075	318	96%	1,254		1.17		1,375		1.28
Camden Grand Harbor (2)	Katy	TX	2008	959	300	96%	1,186		1.24		1,338		1.39
Camden Greenway	Houston	TX	1999	861	756	96%	1,403		1.63		1,588		1.85
Camden Heights (2)	Houston	TX	2004	927	352	97%	1,538		1.66		1,654		1.78
Camden Holly Springs	Houston	TX	1999	934	548	95%	1,240		1.33		1,398		1.50
Camden Midtown	Houston	TX	1999	844	337	95%	1,695		2.01		1,856		2.20
Camden Northpointe (2)	Tomball	TX	2008	940	384	96%	1,068		1.14		1,229		1.31
Camden Oak Crest	Houston	TX	2003	870	364	95%	1,100		1.26		1,254		1.44
Camden Park	Houston	TX	1995	866	288	95%	1,087		1.26		1,245		1.44
Camden Plaza	Houston	TX	2007	915	271	96%	1,555		1.70		1,715		1.87
Camden Post Oak	Houston	TX	2003	1,200	356	95%	2,619		2.18		2,763		2.30
Camden Royal Oaks	Houston	TX	2006	923	236	97%	1,269		1.37		1,335		1.45
Camden Royal Oaks II	Houston	TX	2012	1,054	104	97%	1,471		1.40		1,552		1.47
Camden Spring Creek (2)	Spring	TX	2004	1,080	304	95%	1,211		1.12		1,308		1.21
Camden Stonebridge	Houston	TX	1993	845	204	94%	1,077		1.27		1,229		1.45
Camden Sugar Grove	Stafford	TX	1997	921	380	95%	1,104		1.20		1,242		1.35
Camden Travis Street	Houston	TX	2010	819	253	97%	1,609		1.97		1,783		2.18
Camden Vanderbilt	Houston	TX	1996/1997	863	894	95%	1,441		1.67		1,611		1.87
Camden Whispering Oaks	Houston	TX	2008	934	274	95%	1,263		1.35		1,434		1.53
Camden Woodson Park (2)	Houston	TX	2008	916	248	95%	1,122		1.23		1,252		1.37
Camden Yorktown (2)	Houston	TX	2008	995	306	96%	1,164		1.17		1,326		1.33
Total Houston	24	Properties		930	8,434	95%	1,386		1.49		1,535		1.65

TOTAL TEXAS	51	Properties		892	18,944	96%	1,239		1.39		1,398		1.57

TOTAL PROPERTIES	168	Properties		947	58,446	96%		$1,264		$1.33		$1,438		$1.52

(1) Completed communities in lease-up as of March 31, 2015 are excluded from total occupancy numbers.

(2) Communities owned through investment in joint venture.

(3) Miramar is a student housing community which is excluded from total occupancy numbers.

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