EX-99.2 3 exhibit992supplementq315.htm EXHIBIT 99.2

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" Third Quarter Comparisons | 12
"Same Property" Sequential Quarter Comparisons | 13
"Same Property" Year to Date Comparisons | 14
"Same Property" Operating Expense Detail & Comparisons | 15
Joint Venture Operations | 17
Current Development Communities | 16
Development Pipeline & Land | 18
Acquisitions and Dispositions | 19
Debt Analysis | 20
Debt Maturity Analysis | 21
Debt Covenant Analysis | 22
Unconsolidated Real Estate Investments Debt Analysis | 23
Unconsolidated Real Estate Investments Debt Maturity Analysis | 24
Capitalized Expenditures & Maintenance Expense | 25
Non-GAAP Financial Measures - Definitions & Reconciliations | 26
Other Data | 28
Community Table | 29

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.
2

CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2015 OPERATING RESULTS
Houston, TEXAS (October 29, 2015) - Camden Property Trust (NYSE:CPT) today announced operating results for the three and nine months ended September 30, 2015.
Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and Net Income Attributable to Common Shareholders (“EPS”) for the three and nine months ended September 30, 2015 are detailed below.

| Three Months Ended | Nine Months Ended
| September 30 | September 30
Per Diluted Share | 2015 | 2014 | 2015 | 2014
FFO | $1.14 | $1.09 | $3.34 | $3.19
AFFO | $0.91 | $0.89 | $2.77 | $2.71
EPS | $0.41 | $0.43 | $2.09 | $1.28

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

| Quarterly Growth |  | Sequential Growth |  | Year to Date Growth |
| 3Q15 vs. 3Q14 |  | 3Q15 vs. 2Q15 |  | 2015 vs. 2014 |
Revenues | 5.5 | % | 2.1 | % | 5.1 | %
Expenses | 5.7 | % | 4.8 | % | 5.2 | %
Net Operating Income ("NOI") | 5.5 | % | 0.6 | % | 5.0 | %

| 3Q15 |  | 3Q14 |  | 2Q15 |
Occupancy | 96.0 | % | 95.9 | % | 95.9 | %

“We are pleased to report another solid quarter of earnings growth,” said Richard Campo, Camden’s Chairman and CEO. “Operating fundamentals in the apartment industry remain favorable, and we expect 201 6 to be another strong year for our business.”
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
Lease-up was completed during the third quarter at Camden Foothills in Scottsdale, AZ and the property is currently 94% occupied. Construction was completed during the quarter at Camden Flatirons located in Denver, CO and Camden Glendale located in Glendale, CA.
3

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

|  | Total | Total | CPT % |  | % Leased |
Community Name | Location | Units | Cost | Owned |  | as of 10/28/2015 |
Camden Hayden | Tempe, AZ | 234 | $44.2 | 100 | % | 88 | %
Camden Flatirons | Denver, CO | 424 | 79.2 | 100 | % | 81 | %
Camden Glendale | Glendale, CA | 303 | 112.8 | 100 | % | 57 | %
TOTAL |  | 961 | $236.2 |  |

Development Communities - Construction Ongoing ($ in millions)

|  | Total | Total | CPT % |  | % Leased |
Community Name | Location | Units | Budget | Owned |  | as of 10/28/2015 |
Camden Paces | Atlanta, GA | 379 | $117.0 | 100 | % | 67 | %
Camden Southline | Charlotte, NC | 266 | 48.0 | 31.3 | % | 68 | %
Camden Chandler | Chandler, AZ | 380 | 73.0 | 100 | % | 67 | %
Camden Gallery | Charlotte, NC | 323 | 58.0 | 100 | % |
Camden Victory Park | Dallas, TX | 423 | 82.0 | 100 | % |
The Camden | Los Angeles, CA | 287 | 145.0 | 100 | % |
Camden Lincoln Station | Denver, CO | 267 | 56.0 | 100 | % |
Camden NoMa II | Washington, DC | 405 | 115.0 | 100 | % |
Camden Shady Grove | Rockville, MD | 457 | 116.0 | 100 | % |
Camden McGowen Station | Houston, TX | 315 | 90.0 | 100 | % |
TOTAL |  | 3,502 | $900.0 |  |

Acquisition/Disposition Activity
Subsequent to quarter-end, the Company acquired a 5.8-acre land parcel in Gaithersburg, MD for $13.3 million for the future development of approximately 365 apartment homes. The Company also disposed of Camden Providence Lakes, a 260-home community in Brandon, FL for $33.0 million subsequent to quarter-end.
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 fourth quarter 2015 as detailed below.

Per Diluted Share | 4Q15 | 2015
FFO | $1.17 - $1.21 | $4.51 - $4.55
EPS | $0.62 - $0.66 | $2.71 - $2.75

Same Property Growth | 2015 Range | 2015 Midpoint
Revenue | 5.1% - 5.3% | 5.2%
Expenses | 5.1% - 5.3% | 5.2%
NOI | 5.1% - 5.3% | 5.2%

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.
4

Conference Call
The Company will hold a conference call on Friday, October 30, 2015 at 11:00 a.m. Central Time to review its third 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: 3697045, or join the live webcast of the conference call by accessing the Investors section of the Company’s website at camdenliving.com. Supplemental financial information is available in the Investors 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 170 properties containing 59,147 apartment homes across the United States. Upon completion of 10 properties under development, the Company’s portfolio will increase to 62,649 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.
5

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

(Unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 | 2014 |  | 2015 | 2014
Total property revenues |  | $227,185 |  |  | $213,098 |  |  |  | $663,270 |  |  | $627,519 |
EBITDA | 126,187 |  | 119,997 |  |  | 372,883 |  | 355,439 |
Net income attributable to common shareholders | 37,044 |  | 38,283 |  |  | 188,722 |  | 113,591 |
Per share - basic | 0.41 |  |  |  | 2.10 |  | 1.28 |
Per share - diluted | 0.41 |  | 0.43 |  |  | 2.09 |  | 1.28 |
Funds from operations | 104,346 |  | 98,712 |  |  | 304,915 |  | 287,710 |
Per share - diluted | 1.14 |  | 1.09 |  |  | 3.34 |  | 3.19 |
Adjusted funds from operations | 82,838 |  | 80,638 |  |  | 252,913 |  | 244,226 |
Per share - diluted | 0.91 |  | 0.89 |  |  | 2.77 |  | 2.71 |
Dividends per share | 0.70 |  | 0.66 |  |  | 2.10 |  | 1.98 |
Dividend payout ratio | 61.4 | % | 60.6 | % |  | 62.9 | % | 62.1 | %
Interest expensed | 23,265 |  | 22,967 |  |  | 72,288 |  | 68,846 |
Interest capitalized | 4,242 |  | 5,782 |  |  | 14,651 |  | 16,106 |
Total interest incurred | 27,507 |  | 28,749 |  |  | 86,939 |  | 84,952 |
Principal amortization | 728 |  | 1,072 |  |  | 2,160 |  | 3,225 |
Net Debt to Annualized EBITDA (a) | 5.4x | 5.6x |  | 5.4x | 5.7x
Interest expense coverage ratio | 5.4x | 5.2x |  | 5.2x | 5.2x
Total interest coverage ratio | 4.6x | 4.2x |  | 4.3x | 4.2x
Fixed charge expense coverage ratio | 5.3x | 5.0x |  | 5.0x | 4.9x
Total fixed charge coverage ratio | 4.5x | 4.0x |  | 4.2x | 4.0x
Unencumbered real estate assets (at cost) to unsecured debt ratio | 3.4x | 3.2x |  | 3.4x | 3.2x
Same property NOI increase (b) | 5.5 | % | 4.1 | % |  | 5.0 | % | 5.2 | %
(# of apartment homes included) | 47,618 |  | 47,916 |  |  | 47,618 |  | 47,916 |
Gross turnover of apartment homes (annualized) | 74% | 73% |  | 64% | 66%
Net turnover (excludes on-site transfers and transfers to other Camden communities) | 64% | 62% |  | 53% | 56%
|  |  |  | As of September 30,
|  |  |  | 2015 | 2014
Total assets |  |  |  |  | $6,033,888 |  |  | $5,911,976 |
Total debt |  |  |  |  | $2,715,207 |  |  | $2,743,949 |
Common and common equivalent shares, outstanding end of period (c) |  |  |  | 91,413 |  | 90,885 |
Share price, end of period |  |  |  |  | $73.90 |  |  | $68.53 |
Book equity value, end of period (d) |  |  |  |  | $2,968,552 |  |  | $2,811,908 |
Market equity value, end of period (e) |  |  |  |  | $6,755,421 |  |  | $6,228,349 |

(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 either 4 for quarter results or 1.33 for 9 month 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 September 30, 2015: 89,518 common shares (including 353 common share equivalents related to share awards & options), plus 1,895 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 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
6

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

(Unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 | 2014 |  | 2015 | 2014
OPERATING DATA |  |  |  |  |
Property revenues |  |  |  |  |
Rental revenues |  | $194,515 |  |  | $184,247 |  |  |  | $571,461 |  |  | $543,649 |
Other property revenues | 32,670 |  | 28,851 |  |  | 91,809 |  | 83,870 |
Total property revenues | 227,185 |  | 213,098 |  |  | 663,270 |  | 627,519 |
Property expenses |  |  |  |  |
Property operating and maintenance | 58,062 |  | 55,228 |  |  | 164,532 |  | 158,239 |
Real estate taxes | 26,044 |  | 23,447 |  |  | 76,774 |  | 70,640 |
Total property expenses | 84,106 |  | 78,675 |  |  | 241,306 |  | 228,879 |
Non-property income |  |  |  |  |
Fee and asset management | 1,902 |  | 2,131 |  |  | 5,083 |  | 7,301 |
Interest and other income | 107 |  | 430 |  |  | 308 |  | 762 |
Income/(loss) on deferred compensation plans | (3,438 | ) | (765 | ) |  | (1,871 | ) | 1,934 |
Total non-property income | (1,429 | ) | 1,796 |  |  | 3,520 |  | 9,997 |
Other expenses |  |  |  |  |
Property management | 5,884 |  | 5,416 |  |  | 17,928 |  | 17,108 |
Fee and asset management | 1,227 |  | 1,240 |  |  | 3,424 |  | 3,746 |
General and administrative | 11,790 |  | 10,331 |  |  | 33,120 |  | 30,410 |
Interest | 23,265 |  | 22,967 |  |  | 72,288 |  | 68,846 |
Depreciation and amortization | 65,079 |  | 59,179 |  |  | 190,337 |  | 174,528 |
Amortization of deferred financing costs | 725 |  | 836 |  |  | 2,143 |  | 2,493 |
Expense/(benefit) on deferred compensation plans | (3,438 | ) | (765 | ) |  | (1,871 | ) | 1,934 |
Total other expenses | 104,532 |  | 99,204 |  |  | 317,369 |  | 299,065 |
Gain on sale of operating properties, including land | — |  | 1,808 |  |  | 85,192 |  | 3,609 |
Impairment associated with land holdings | — |  | — |  |  | — |  | (1,152 | )
Equity in income of joint ventures | 1,574 |  | 863 |  |  | 4,487 |  | 5,889 |
Income from continuing operations before income taxes | 38,692 |  | 39,686 |  |  | 197,794 |  | 117,918 |
Income tax expense | (498 | ) | (353 | ) |  | (1,334 | ) | (1,228 | )
Net income | 38,194 |  | 39,333 |  |  | 196,460 |  | 116,690 |
Less income allocated to non-controlling interests from continuing operations | (1,150 | ) | (1,050 | ) |  | (7,738 | ) | (3,099 | )
Net income attributable to common shareholders |  | $37,044 |  |  | $38,283 |  |  |  | $188,722 |  |  | $113,591 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |  |  |  |  |
Net income | $38,194 | $39,333 |  | $196,460 | $116,690
Other comprehensive income |  |  |  |  |
Unrealized loss on cash flow hedging activities | — |  | (417 | ) |  | — |  | (417 | )
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation | 38 |  | 20 |  |  | 112 |  | 49 |
Comprehensive income | 38,232 |  | 38,936 |  |  | 196,572 |  | 116,322 |
Less income allocated to non-controlling interests from continuing operations | (1,150 | ) | (1,050 | ) |  | (7,738 | ) | (3,099 | )
Comprehensive income attributable to common shareholders |  | $37,082 |  |  | $37,886 |  |  |  | $188,834 |  |  | $113,223 |
PER SHARE DATA |  |  |  |  |
Total earnings per common share – basic |  | $0.41 |  |  | $0.43 |  |  |  | $2.10 |  |  | $1.28 |
Total earnings per common share – diluted | 0.41 |  | 0.43 |  |  | 2.09 |  | 1.28 |
Weighted average number of common shares outstanding: |  |  |  |  |
Basic | 89,164 |  | 88,146 |  |  | 89,102 |  | 87,882 |
Diluted | 90,341 |  | 89,353 |  |  | 89,450 |  | 89,052 |

Note: Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
7

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

(Unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 | 2014 |  | 2015 | 2014
FUNDS FROM OPERATIONS |  |  |  |  |
Net income attributable to common shareholders |  | $37,044 |  |  | $38,283 |  |  |  | $188,722 |  |  | $113,591 |
Real estate depreciation and amortization | 63,852 |  | 58,039 |  |  | 186,818 |  | 170,606 |
Adjustments for unconsolidated joint ventures | 2,300 |  | 1,340 |  |  | 6,782 |  | 3,980 |
Income allocated to non-controlling interests | 1,150 |  | 1,050 |  |  | 7,738 |  | 3,099 |
Gain on sale of unconsolidated joint venture properties | — |  | — |  |  | — |  | (3,566 | )
Gain on sale of operating properties, net of tax | — |  | — |  |  | (85,145 | ) | — |
Funds from operations |  | $104,346 |  |  | $98,712 |  |  |  | $304,915 |  |  | $287,710 |
Less: recurring capitalized expenditures (a) | (21,508 | ) | (18,074 | ) |  | (52,002 | ) | (43,484 | )
Adjusted funds from operations - diluted |  | $82,838 |  |  | $80,638 |  |  |  | $252,913 |  |  | $244,226 |
PER SHARE DATA |  |  |  |  |
Funds from operations - diluted |  | $1.14 |  |  | $1.09 |  |  |  | $3.34 |  |  | $3.19 |
Adjusted funds from operations - diluted | 0.91 |  | 0.89 |  |  | 2.77 |  | 2.71 |
Distributions declared per common share | 0.70 |  | 0.66 |  |  | 2.10 |  | 1.98 |
Weighted average number of common shares outstanding: |  |  |  |  |
FFO/AFFO - diluted | 91,426 |  | 90,439 |  |  | 91,347 |  | 90,138 |
PROPERTY DATA |  |  |  |  |
Total operating properties (end of period) (b) | 171 |  | 170 |  |  | 171 |  | 170 |
Total operating apartment homes in operating properties (end of period) (b) | 59,407 |  | 60,038 |  |  | 59,407 |  | 60,038 |
Total operating apartment homes (weighted average) | 52,323 |  | 52,964 |  |  | 51,881 |  | 52,778 |

(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 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
8

CAMDEN |  | BALANCE SHEET
|  | (In thousands)

(Unaudited)

| Sep 30, 2015 |  | Jun 30, 2015 |  | Mar 31, 2015 |  | Dec 31, 2014 |  | Sep 30, 2014 |
ASSETS |  |  |  |  |
Real estate assets, at cost |  |  |  |  |
Land |  | $1,047,453 |  |  | $1,034,649 |  |  | $1,012,684 |  |  | $1,003,422 |  |  | $997,349 |
Buildings and improvements | 6,237,648 |  | 6,134,510 |  | 5,979,985 |  | 5,890,498 |  | 5,894,453 |
| 7,285,101 |  | 7,169,159 |  | 6,992,669 |  | 6,893,920 |  | 6,891,802 |
Accumulated depreciation | (1,914,469 | ) | (1,860,923 | ) | (1,798,955 | ) | (1,738,862 | ) | (1,813,124 | )
Net operating real estate assets | 5,370,632 |  | 5,308,236 |  | 5,193,714 |  | 5,155,058 |  | 5,078,678 |
Properties under development, including land | 443,469 |  | 488,565 |  | 519,454 |  | 527,596 |  | 576,269 |
Investments in joint ventures | 34,705 |  | 35,731 |  | 36,526 |  | 36,429 |  | 35,180 |
Properties held for sale | 13,168 |  | — |  | — |  | 27,143 |  | — |
Total real estate assets | 5,861,974 |  | 5,832,532 |  | 5,749,694 |  | 5,746,226 |  | 5,690,127 |
Accounts receivable – affiliates | 25,053 |  | 25,855 |  | 25,652 |  | 25,977 |  | 25,954 |
Other assets, net (a) | 130,360 |  | 120,082 |  | 122,326 |  | 124,888 |  | 123,999 |
Cash and cash equivalents | 10,375 |  | 16,508 |  | 174,353 |  | 153,918 |  | 66,127 |
Restricted cash | 6,126 |  | 5,791 |  | 5,034 |  | 5,898 |  | 5,769 |
Total assets | $6,033,888 | $6,000,768 | $6,077,059 | $6,056,907 | $5,911,976
LIABILITIES AND EQUITY |  |  |  |  |
Liabilities |  |  |  |  |
Notes payable |  |  |  |  |
Unsecured | $1,811,739 | $1,770,491 | $1,838,203 | $1,837,911 | $1,837,621
Secured | 903,468 |  | 904,196 |  | 904,914 |  | 905,628 |  | 906,328 |
Accounts payable and accrued expenses | 131,532 |  | 128,532 |  | 134,438 |  | 157,232 |  | 147,255 |
Accrued real estate taxes | 57,642 |  | 43,905 |  | 23,269 |  | 39,149 |  | 54,369 |
Distributions payable | 64,276 |  | 64,253 |  | 64,261 |  | 60,386 |  | 60,265 |
Other liabilities (b) | 96,679 |  | 100,515 |  | 102,163 |  | 100,058 |  | 94,230 |
Total liabilities | 3,065,336 |  | 3,011,892 |  | 3,067,248 |  | 3,100,364 |  | 3,100,068 |
Commitments and contingencies |  |  |  |  |
Non-qualified deferred compensation share awards | 72,316 |  | 69,791 |  | 69,902 |  | 68,134 |  | 60,363 |
Equity |  |  |  |  |
Common shares of beneficial interest | 976 |  | 976 |  | 976 |  | 976 |  | 974 |
Additional paid-in capital | 3,660,482 |  | 3,657,537 |  | 3,656,105 |  | 3,667,448 |  | 3,649,750 |
Distributions in excess of net income attributable to common shareholders | (452,257 | ) | (426,614 | ) | (403,518 | ) | (453,777 | ) | (568,142 | )
Treasury shares, at cost | (387,114 | ) | (387,172 | ) | (388,181 | ) | (396,626 | ) | (397,497 | )
Accumulated other comprehensive loss (c) | (2,307 | ) | (2,345 | ) | (2,382 | ) | (2,419 | ) | (1,474 | )
Total common equity | 2,819,780 |  | 2,842,382 |  | 2,863,000 |  | 2,815,602 |  | 2,683,611 |
Non-controlling interests | 76,456 |  | 76,703 |  | 76,909 |  | 72,807 |  | 67,934 |
Total equity | 2,896,236 |  | 2,919,085 |  | 2,939,909 |  | 2,888,409 |  | 2,751,545 |
Total liabilities and equity |  | $6,033,888 |  |  | $6,000,768 |  |  | $6,077,059 |  |  | $6,056,907 |  |  | $5,911,976 |
(a) Includes net deferred charges of: |  | $14,452 |  |  | $11,921 |  |  | $12,432 |  |  | $13,219 |  |  | $14,361 |
(b) Includes deferred revenues of: |  | $1,918 |  |  | $843 |  |  | $1,728 |  |  | $1,848 |  |  | $1,734 |
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligation, and unrealized loss on cash flow hedging activities.

9

CAMDEN |  | PORTFOLIO STATISTICS

(Unaudited)
COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2015 (in apartment homes)

| Fully Consolidated |  | Non-Consolidated |  |
| "Same Property" | Non-"Same Property" | Completed in Lease-up | Under Construction | Held for Sale | Total |  | Operating | Under Construction | Total |  | Grand Total
D.C. Metro (a) | 5,808 |  | 321 |  | — |  | 862 |  | — |  | 6,991 |  |  | 276 |  | — |  | 276 |  |  | 7,267 |
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 |  | 303 |  | 287 |  | — |  | 3,071 |  |  | — |  | — |  | — |  |  | 3,071 |
Atlanta, GA | 3,357 |  | 276 |  | — |  | 379 |  | — |  | 4,012 |  |  | 234 |  | — |  | 234 |  |  | 4,246 |
Tampa, FL | 3,338 |  | — |  | — |  | — |  | 260 |  | 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 |  | — |  | 424 |  | 267 |  | — |  | 2,632 |  |  | — |  | — |  | — |  |  | 2,632 |
San Diego/Inland Empire, CA | 1,665 |  | — |  | — |  | — |  | — |  | 1,665 |  |  | — |  | — |  | — |  |  | 1,665 |
Phoenix, AZ | 2,095 |  | 220 |  | 234 |  | 380 |  | — |  | 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 | 47,618 |  | 3,556 |  | 961 |  | 3,236 |  | 260 |  | 55,631 |  |  | 7,012 |  | 266 |  | 7,278 |  |  | 62,909 |

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

THIRD 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) |  | Sep 30, 2015 |  | Jun 30, 2015 |  | Mar 31, 2015 |  | Dec 31, 2014 |  | Sep 30, 2014 |
D.C. Metro | 16.7 | % | 16.7 | % | 16.4 | % |  | 96.1 | % | 96.2 | % | 94.7 | % | 95.0 | % | 95.9 | %
Houston, TX | 12.4 | % | 11.5 | % | 12.3 | % |  | 95.6 | % | 95.8 | % | 95.4 | % | 95.6 | % | 96.2 | %
SE Florida | 7.4 | % | 7.6 | % | 7.4 | % |  | 96.9 | % | 96.6 | % | 96.4 | % | 95.8 | % | 96.4 | %
Las Vegas, NV | 7.0 | % | 6.5 | % | 6.2 | % |  | 95.2 | % | 95.7 | % | 95.8 | % | 95.8 | % | 95.6 | %
Dallas, TX | 6.8 | % | 6.3 | % | 6.7 | % |  | 96.3 | % | 96.2 | % | 95.8 | % | 95.1 | % | 95.6 | %
Los Angeles/Orange County, CA | 6.4 | % | 7.0 | % | 6.8 | % |  | 95.5 | % | 95.1 | % | 95.8 | % | 96.4 | % | 96.4 | %
Atlanta, GA | 6.2 | % | 6.3 | % | 6.2 | % |  | 95.9 | % | 96.1 | % | 95.3 | % | 95.8 | % | 96.0 | %
Tampa, FL | 5.6 | % | 5.5 | % | 5.6 | % |  | 95.9 | % | 95.8 | % | 95.6 | % | 95.7 | % | 95.6 | %
Orlando, FL | 5.7 | % | 5.2 | % | 5.2 | % |  | 96.4 | % | 95.6 | % | 95.4 | % | 95.4 | % | 95.9 | %
Charlotte, NC | 5.3 | % | 5.0 | % | 4.8 | % |  | 97.1 | % | 96.9 | % | 96.4 | % | 97.1 | % | 97.4 | %
Denver, CO | 4.9 | % | 5.4 | % | 5.2 | % |  | 96.6 | % | 96.1 | % | 95.9 | % | 95.8 | % | 96.3 | %
San Diego/Inland Empire, CA | 4.4 | % | 4.1 | % | 3.9 | % |  | 96.4 | % | 96.1 | % | 95.6 | % | 95.9 | % | 95.2 | %
Phoenix, AZ | 4.0 | % | 4.4 | % | 4.2 | % |  | 95.5 | % | 94.7 | % | 96.0 | % | 95.2 | % | 95.6 | %
Raleigh, NC | 3.8 | % | 4.1 | % | 4.1 | % |  | 95.8 | % | 95.1 | % | 94.8 | % | 94.9 | % | 95.9 | %
Austin, TX | 2.3 | % | 3.0 | % | 3.5 | % |  | 96.3 | % | 95.7 | % | 95.7 | % | 95.1 | % | 96.2 | %
Corpus Christi, TX | 1.1 | % | 1.4 | % | 1.5 | % |  | 95.3 | % | 93.7 | % | 93.7 | % | 94.7 | % | 96.1 | %
Total Portfolio | 100.0 | % | 100.0 | % | 100.0 | % |  | 96.0 | % | 95.9 | % | 95.5 | % | 95.6 | % | 96.0 | %

(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.
10

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

(Unaudited)

| Apartment |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Property Revenues | Homes |  | 2015 |  | 2014 |  | Change |  | 2015 |  | 2014 |  | Change
"Same Property" Communities (a) | 47,618 |  |  |  | $205,752 |  |  |  | $194,963 |  |  |  | $10,789 |  |  |  | $604,547 |  |  |  | $575,156 |  |  |  | $29,391 |
Non-"Same Property" Communities (b) | 3,556 |  |  | 13,905 |  |  | 6,738 |  |  | 7,167 |  |  | 41,391 |  |  | 19,128 |  |  | 22,263 |
Development and Lease-Up Communities (c) | 4,197 |  |  | 5,225 |  |  | 348 |  |  | 4,877 |  |  | 9,931 |  |  | 382 |  |  | 9,549 |
Disposition/Other (d) | 260 |  |  | 2,303 |  |  | 11,049 |  |  | (8,746 | ) |  | 7,401 |  |  | 32,853 |  |  | (25,452 | )
Total Property Revenues | 55,631 |  |  |  | $227,185 |  |  |  | $213,098 |  |  |  | $14,087 |  |  |  | $663,270 |  |  |  | $627,519 |  |  |  | $35,751 |
Property Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
"Same Property" Communities (a) | 47,618 |  |  |  | $75,057 |  |  |  | $71,034 |  |  |  | $4,023 |  |  |  | $218,131 |  |  |  | $207,293 |  |  |  | $10,838 |
Non-"Same Property" Communities (b) | 3,556 |  |  | 5,923 |  |  | 2,819 |  |  | 3,104 |  |  | 15,949 |  |  | 7,703 |  |  | 8,246 |
Development and Lease-Up Communities (c) | 4,197 |  |  | 2,282 |  |  | 79 |  |  | 2,203 |  |  | 4,321 |  |  | 85 |  |  | 4,236 |
Disposition/Other (d) | 260 |  |  | 844 |  |  | 4,743 |  |  | (3,899 | ) |  | 2,905 |  |  | 13,798 |  |  | (10,893 | )
Total Property Expenses | 55,631 |  |  |  | $84,106 |  |  |  | $78,675 |  |  |  | $5,431 |  |  |  | $241,306 |  |  |  | $228,879 |  |  |  | $12,427 |
Property Net Operating Income |  |  |  |  |  |  |  |  |  |  |  |  |
"Same Property" Communities (a) | 47,618 |  |  |  | $130,695 |  |  |  | $123,929 |  |  |  | $6,766 |  |  |  | $386,416 |  |  |  | $367,863 |  |  |  | $18,553 |
Non-"Same Property" Communities (b) | 3,556 |  |  | 7,982 |  |  | 3,919 |  |  | 4,063 |  |  | 25,442 |  |  | 11,425 |  |  | 14,017 |
Development and Lease-Up Communities (c) | 4,197 |  |  | 2,943 |  |  | 269 |  |  | 2,674 |  |  | 5,610 |  |  | 297 |  |  | 5,313 |
Disposition/Other (d) | 260 |  |  | 1,459 |  |  | 6,306 |  |  | (4,847 | ) |  | 4,496 |  |  | 19,055 |  |  | (14,559 | )
Total Property Net Operating Income | 55,631 |  |  |  | $143,079 |  |  |  | $134,423 |  |  |  | $8,656 |  |  |  | $421,964 |  |  |  | $398,640 |  |  |  | $23,324 |

(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, operating properties held for sale, and results from non-multifamily rental communities, below market lease amortization related to acquired communities, and expenses related to land holdings not under active development.
11

CAMDEN |  | "SAME PROPERTY"
|  | THIRD QUARTER COMPARISONS
|  | September 30, 2015
|  | (In thousands, except property data amounts)

(Unaudited)

| Apartment |  |  |  |  |  |  |  |  |  |  |  |  |
| Homes |  |  | Revenues |  | Expenses |  | NOI
Quarterly Results (a) | Included |  |  | 3Q15 |  | 3Q14 |  | Growth |  |  | 3Q15 |  | 3Q14 |  | Growth |  |  | 3Q15 |  | 3Q14 |  | Growth |
D.C. Metro | 5,808 |  |  |  | $31,421 |  |  | $31,129 |  | 0.9 | % |  |  | $9,576 |  |  | $9,761 |  | (1.9 | )% |  |  | $21,845 |  |  | $21,368 |  | 2.2 | %
Houston, TX | 5,912 |  |  | 27,935 |  | 27,204 |  | 2.7 | % |  | 11,667 |  | 10,345 |  | 12.8 | % |  | 16,268 |  | 16,859 |  | (3.5 | )%
SE Florida | 2,520 |  |  | 14,709 |  | 13,845 |  | 6.2 | % |  | 5,023 |  | 4,742 |  | 5.9 | % |  | 9,686 |  | 9,103 |  | 6.4 | %
Las Vegas, NV | 4,918 |  |  | 14,553 |  | 13,577 |  | 7.2 | % |  | 5,414 |  | 5,089 |  | 6.4 | % |  | 9,139 |  | 8,488 |  | 7.7 | %
Dallas, TX | 3,993 |  |  | 15,216 |  | 14,065 |  | 8.2 | % |  | 6,354 |  | 5,785 |  | 9.8 | % |  | 8,862 |  | 8,280 |  | 7.0 | %
Los Angeles/Orange County, CA | 2,060 |  |  | 12,415 |  | 11,706 |  | 6.1 | % |  | 4,009 |  | 3,937 |  | 1.8 | % |  | 8,406 |  | 7,769 |  | 8.2 | %
Atlanta, GA | 3,357 |  |  | 13,376 |  | 12,345 |  | 8.4 | % |  | 5,229 |  | 4,910 |  | 6.5 | % |  | 8,147 |  | 7,435 |  | 9.6 | %
Tampa, FL | 3,338 |  |  | 12,041 |  | 11,189 |  | 7.6 | % |  | 4,727 |  | 4,441 |  | 6.4 | % |  | 7,314 |  | 6,748 |  | 8.4 | %
Orlando, FL | 3,240 |  |  | 12,038 |  | 11,276 |  | 6.8 | % |  | 4,639 |  | 4,402 |  | 5.4 | % |  | 7,399 |  | 6,874 |  | 7.6 | %
Charlotte, NC | 2,487 |  |  | 10,414 |  | 9,917 |  | 5.0 | % |  | 3,464 |  | 3,220 |  | 7.6 | % |  | 6,950 |  | 6,697 |  | 3.8 | %
Denver, CO | 1,941 |  |  | 9,023 |  | 8,257 |  | 9.3 | % |  | 2,673 |  | 2,611 |  | 2.4 | % |  | 6,350 |  | 5,646 |  | 12.5 | %
San Diego/Inland Empire, CA | 1,665 |  |  | 8,959 |  | 8,273 |  | 8.3 | % |  | 3,242 |  | 3,234 |  | 0.2 | % |  | 5,717 |  | 5,039 |  | 13.5 | %
Phoenix, AZ | 2,095 |  |  | 8,061 |  | 7,431 |  | 8.5 | % |  | 2,864 |  | 2,719 |  | 5.3 | % |  | 5,197 |  | 4,712 |  | 10.3 | %
Raleigh, NC | 2,266 |  |  | 7,766 |  | 7,255 |  | 7.0 | % |  | 2,771 |  | 2,624 |  | 5.6 | % |  | 4,995 |  | 4,631 |  | 7.9 | %
Austin, TX | 1,386 |  |  | 5,579 |  | 5,250 |  | 6.3 | % |  | 2,570 |  | 2,401 |  | 7.0 | % |  | 3,009 |  | 2,849 |  | 5.6 | %
Corpus Christi, TX | 632 |  |  | 2,246 |  | 2,244 |  | 0.1 | % |  | 835 |  | 813 |  | 2.7 | % |  | 1,411 |  | 1,431 |  | (1.4 | )%
Total Same Property | 47,618 |  |  |  | $205,752 |  |  | $194,963 |  | 5.5 | % |  |  | $75,057 |  |  | $71,034 |  | 5.7 | % |  |  | $130,695 |  |  | $123,929 |  | 5.5 | %

|  |  |  |  |  |  | Weighted Average Monthly |  | Weighted Average Monthly
| % of NOI |  | Average Occupancy (a) |  | Rental Rate (b) |  | Revenue per Occupied Home (c)
Quarterly Results (a) | Contribution |  |  | 3Q15 |  | 3Q14 |  | Growth |  |  | 3Q15 |  | 3Q14 |  | Growth |  |  | 3Q15 |  | 3Q14 |  | Growth |
D.C. Metro | 16.7 | % |  | 96.3 | % | 95.9 | % | 0.4 | % |  |  | $1,654 |  |  | $1,650 |  | 0.2 | % |  |  | $1,872 |  |  | $1,863 |  | 0.5 | %
Houston, TX | 12.4 | % |  | 95.7 | % | 96.0 | % | (0.3 | )% |  | 1,471 |  | 1,435 |  | 2.5 | % |  | 1,647 |  | 1,598 |  | 3.0 | %
SE Florida | 7.4 | % |  | 97.0 | % | 96.4 | % | 0.6 | % |  | 1,788 |  | 1,708 |  | 4.7 | % |  | 2,006 |  | 1,899 |  | 5.6 | %
Las Vegas, NV | 7.0 | % |  | 95.2 | % | 95.6 | % | (0.4 | )% |  | 854 |  | 812 |  | 5.2 | % |  | 1,036 |  | 962 |  | 7.6 | %
Dallas, TX | 6.8 | % |  | 96.3 | % | 95.6 | % | 0.7 | % |  | 1,142 |  | 1,074 |  | 6.3 | % |  | 1,320 |  | 1,228 |  | 7.5 | %
Los Angeles/Orange County, CA | 6.4 | % |  | 95.4 | % | 96.2 | % | (0.8 | )% |  | 1,896 |  | 1,788 |  | 6.0 | % |  | 2,106 |  | 1,970 |  | 6.9 | %
Atlanta, GA | 6.2 | % |  | 95.9 | % | 95.9 | % | 0.0 | % |  | 1,185 |  | 1,112 |  | 6.6 | % |  | 1,385 |  | 1,278 |  | 8.4 | %
Tampa, FL | 5.6 | % |  | 95.8 | % | 95.5 | % | 0.3 | % |  | 1,032 |  | 978 |  | 5.5 | % |  | 1,255 |  | 1,170 |  | 7.3 | %
Orlando, FL | 5.7 | % |  | 96.4 | % | 95.8 | % | 0.6 | % |  | 1,086 |  | 1,031 |  | 5.3 | % |  | 1,285 |  | 1,210 |  | 6.2 | %
Charlotte, NC | 5.3 | % |  | 97.1 | % | 97.3 | % | (0.2 | )% |  | 1,234 |  | 1,192 |  | 3.5 | % |  | 1,438 |  | 1,366 |  | 5.2 | %
Denver, CO | 4.9 | % |  | 96.6 | % | 96.3 | % | 0.3 | % |  | 1,412 |  | 1,298 |  | 8.8 | % |  | 1,605 |  | 1,473 |  | 9.0 | %
San Diego/Inland Empire, CA | 4.4 | % |  | 96.4 | % | 95.2 | % | 1.2 | % |  | 1,677 |  | 1,577 |  | 6.3 | % |  | 1,861 |  | 1,738 |  | 7.1 | %
Phoenix, AZ | 4.0 | % |  | 95.7 | % | 95.6 | % | 0.1 | % |  | 1,120 |  | 1,069 |  | 4.8 | % |  | 1,341 |  | 1,236 |  | 8.4 | %
Raleigh, NC | 3.8 | % |  | 95.9 | % | 95.7 | % | 0.2 | % |  | 987 |  | 941 |  | 4.9 | % |  | 1,192 |  | 1,115 |  | 6.8 | %
Austin, TX | 2.3 | % |  | 96.2 | % | 95.9 | % | 0.3 | % |  | 1,172 |  | 1,116 |  | 5.0 | % |  | 1,395 |  | 1,317 |  | 6.0 | %
Corpus Christi, TX | 1.1 | % |  | 94.8 | % | 96.5 | % | (1.7 | )% |  | 1,013 |  | 1,002 |  | 1.1 | % |  | 1,250 |  | 1,227 |  | 1.8 | %
Total Same Property | 100.0 | % |  | 96.0 | % | 95.9 | % | 0.1 | % |  |  | $1,299 |  |  | $1,246 |  | 4.3 | % |  |  | $1,499 |  |  | $1,422 |  | 5.4 | %

(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.
12

CAMDEN |  | "SAME PROPERTY"
|  | SEQUENTIAL QUARTER COMPARISONS
|  | September 30, 2015
|  | (In thousands, except property data amounts)

(Unaudited)

| Apartment |  |  |  |  |  |  |  |  |  |  |  |  |
| Homes |  |  | Revenues |  | Expenses |  | NOI
Quarterly Results (a) | Included |  |  | 3Q15 |  | 2Q15 |  | Growth |  |  | 3Q15 |  | 2Q15 |  | Growth |  |  | 3Q15 |  | 2Q15 |  | Growth |
D.C. Metro | 5,808 |  |  |  | $31,421 |  |  | $31,212 |  | 0.7 | % |  |  | $9,576 |  |  | $9,694 |  | (1.2 | )% |  |  | $21,845 |  |  | $21,518 |  | 1.5 | %
Houston, TX | 5,912 |  |  | 27,935 |  | 27,750 |  | 0.7 | % |  | 11,667 |  | 11,279 |  | 3.4 | % |  | 16,268 |  | 16,471 |  | (1.2 | )%
SE Florida | 2,520 |  |  | 14,709 |  | 14,508 |  | 1.4 | % |  | 5,023 |  | 4,798 |  | 4.7 | % |  | 9,686 |  | 9,710 |  | (0.2 | )%
Las Vegas, NV | 4,918 |  |  | 14,553 |  | 14,184 |  | 2.6 | % |  | 5,414 |  | 5,011 |  | 8.0 | % |  | 9,139 |  | 9,173 |  | (0.4 | )%
Dallas, TX | 3,993 |  |  | 15,216 |  | 14,722 |  | 3.4 | % |  | 6,354 |  | 5,892 |  | 7.8 | % |  | 8,862 |  | 8,830 |  | 0.4 | %
Los Angeles/Orange County, CA | 2,060 |  |  | 12,415 |  | 12,126 |  | 2.4 | % |  | 4,009 |  | 3,739 |  | 7.2 | % |  | 8,406 |  | 8,387 |  | 0.2 | %
Atlanta, GA | 3,357 |  |  | 13,376 |  | 13,083 |  | 2.2 | % |  | 5,229 |  | 4,917 |  | 6.3 | % |  | 8,147 |  | 8,166 |  | (0.2 | )%
Tampa, FL | 3,338 |  |  | 12,041 |  | 11,693 |  | 3.0 | % |  | 4,727 |  | 4,478 |  | 5.6 | % |  | 7,314 |  | 7,215 |  | 1.4 | %
Orlando, FL | 3,240 |  |  | 12,038 |  | 11,629 |  | 3.5 | % |  | 4,639 |  | 4,341 |  | 6.9 | % |  | 7,399 |  | 7,288 |  | 1.5 | %
Charlotte, NC | 2,487 |  |  | 10,414 |  | 10,236 |  | 1.7 | % |  | 3,464 |  | 3,336 |  | 3.8 | % |  | 6,950 |  | 6,900 |  | 0.7 | %
Denver, CO | 1,941 |  |  | 9,023 |  | 8,701 |  | 3.7 | % |  | 2,673 |  | 2,523 |  | 5.9 | % |  | 6,350 |  | 6,178 |  | 2.8 | %
San Diego/Inland Empire, CA | 1,665 |  |  | 8,959 |  | 8,654 |  | 3.5 | % |  | 3,242 |  | 3,102 |  | 4.5 | % |  | 5,717 |  | 5,552 |  | 3.0 | %
Phoenix, AZ | 2,095 |  |  | 8,061 |  | 7,776 |  | 3.7 | % |  | 2,864 |  | 2,623 |  | 9.2 | % |  | 5,197 |  | 5,153 |  | 0.9 | %
Raleigh, NC | 2,266 |  |  | 7,766 |  | 7,576 |  | 2.5 | % |  | 2,771 |  | 2,625 |  | 5.6 | % |  | 4,995 |  | 4,951 |  | 0.9 | %
Austin, TX | 1,386 |  |  | 5,579 |  | 5,476 |  | 1.9 | % |  | 2,570 |  | 2,412 |  | 6.6 | % |  | 3,009 |  | 3,064 |  | (1.8 | )%
Corpus Christi, TX | 632 |  |  | 2,246 |  | 2,231 |  | 0.7 | % |  | 835 |  | 869 |  | (3.9 | )% |  | 1,411 |  | 1,362 |  | 3.6 | %
Total Same Property | 47,618 |  |  |  | $205,752 |  |  | $201,557 |  | 2.1 | % |  |  | $75,057 |  |  | $71,639 |  | 4.8 | % |  |  | $130,695 |  |  | $129,918 |  | 0.6 | %

|  |  |  |  |  |  | Weighted Average Monthly |  | Weighted Average Monthly
| % of NOI |  | Average Occupancy (a) |  | Rental Rate (b) |  | Revenue per Occupied Home (c)
Quarterly Results (a) | Contribution |  |  | 3Q15 |  | 2Q15 |  | Growth |  |  | 3Q15 |  | 2Q15 |  | Growth |  |  | 3Q15 |  | 2Q15 |  | Growth |
D.C. Metro | 16.7 | % |  | 96.3 | % | 96.4 | % | (0.1 | )% |  |  | $1,654 |  |  | $1,644 |  | 0.6 | % |  |  | $1,872 |  |  | $1,858 |  | 0.8 | %
Houston, TX | 12.4 | % |  | 95.7 | % | 96.0 | % | (0.3 | )% |  | 1,471 |  | 1,460 |  | 0.8 | % |  | 1,647 |  | 1,630 |  | 1.0 | %
SE Florida | 7.4 | % |  | 97.0 | % | 96.7 | % | 0.3 | % |  | 1,788 |  | 1,766 |  | 1.2 | % |  | 2,006 |  | 1,985 |  | 1.1 | %
Las Vegas, NV | 7.0 | % |  | 95.2 | % | 95.7 | % | (0.5 | )% |  | 854 |  | 840 |  | 1.7 | % |  | 1,036 |  | 1,004 |  | 3.1 | %
Dallas, TX | 6.8 | % |  | 96.3 | % | 96.2 | % | 0.1 | % |  | 1,142 |  | 1,114 |  | 2.5 | % |  | 1,320 |  | 1,278 |  | 3.3 | %
Los Angeles/Orange County, CA | 6.4 | % |  | 95.4 | % | 95.0 | % | 0.4 | % |  | 1,896 |  | 1,862 |  | 1.8 | % |  | 2,106 |  | 2,065 |  | 2.0 | %
Atlanta, GA | 6.2 | % |  | 95.9 | % | 96.3 | % | (0.4 | )% |  | 1,185 |  | 1,159 |  | 2.2 | % |  | 1,385 |  | 1,349 |  | 2.6 | %
Tampa, FL | 5.6 | % |  | 95.8 | % | 95.7 | % | 0.1 | % |  | 1,032 |  | 1,012 |  | 2.0 | % |  | 1,255 |  | 1,220 |  | 2.9 | %
Orlando, FL | 5.7 | % |  | 96.4 | % | 95.8 | % | 0.6 | % |  | 1,086 |  | 1,065 |  | 2.0 | % |  | 1,285 |  | 1,249 |  | 2.9 | %
Charlotte, NC | 5.3 | % |  | 97.1 | % | 96.9 | % | 0.2 | % |  | 1,234 |  | 1,216 |  | 1.5 | % |  | 1,438 |  | 1,416 |  | 1.5 | %
Denver, CO | 4.9 | % |  | 96.6 | % | 96.1 | % | 0.5 | % |  | 1,412 |  | 1,364 |  | 3.5 | % |  | 1,605 |  | 1,556 |  | 3.2 | %
San Diego/Inland Empire, CA | 4.4 | % |  | 96.4 | % | 96.1 | % | 0.3 | % |  | 1,677 |  | 1,634 |  | 2.6 | % |  | 1,861 |  | 1,803 |  | 3.2 | %
Phoenix, AZ | 4.0 | % |  | 95.7 | % | 94.7 | % | 1.0 | % |  | 1,120 |  | 1,107 |  | 1.2 | % |  | 1,341 |  | 1,306 |  | 2.7 | %
Raleigh, NC | 3.8 | % |  | 95.9 | % | 95.5 | % | 0.4 | % |  | 987 |  | 963 |  | 2.5 | % |  | 1,192 |  | 1,167 |  | 2.1 | %
Austin, TX | 2.3 | % |  | 96.2 | % | 95.8 | % | 0.4 | % |  | 1,172 |  | 1,153 |  | 1.6 | % |  | 1,395 |  | 1,374 |  | 1.5 | %
Corpus Christi, TX | 1.1 | % |  | 94.8 | % | 93.3 | % | 1.5 | % |  | 1,013 |  | 1,010 |  | 0.3 | % |  | 1,250 |  | 1,261 |  | (0.8 | )%
Total Same Property | 100.0 | % |  | 96.0 | % | 95.9 | % | 0.1 | % |  |  | $1,299 |  |  | $1,279 |  | 1.6 | % |  |  | $1,499 |  |  | $1,470 |  | 2.0 | %

(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.
13

CAMDEN |  | "SAME PROPERTY"
|  | YEAR TO DATE COMPARISONS
|  | September 30, 2015
|  | (In thousands, except property data amounts)

(Unaudited)

| Apartment |  |  |  |  |  |  |  |  |  |  |  |  |
| Homes |  |  | Revenues |  | Expenses |  | NOI
Year to Date Results (a) | Included |  |  | 2015 |  | 2014 |  | Growth |  |  | 2015 |  | 2014 |  | Growth |  |  | 2015 |  | 2014 |  | Growth |
D.C. Metro | 5,808 |  |  |  | $93,191 |  |  | $92,523 |  | 0.7 | % |  |  | $29,136 |  |  | $28,610 |  | 1.8 | % |  |  | $64,055 |  |  | $63,913 |  | 0.2 | %
Houston, TX | 5,912 |  |  | 82,897 |  | 80,187 |  | 3.4 | % |  | 34,531 |  | 31,161 |  | 10.8 | % |  | 48,366 |  | 49,026 |  | (1.3 | )%
SE Florida | 2,520 |  |  | 43,407 |  | 41,032 |  | 5.8 | % |  | 14,765 |  | 14,085 |  | 4.8 | % |  | 28,642 |  | 26,947 |  | 6.3 | %
Las Vegas, NV | 4,918 |  |  | 42,521 |  | 39,978 |  | 6.4 | % |  | 15,279 |  | 14,607 |  | 4.6 | % |  | 27,242 |  | 25,371 |  | 7.4 | %
Dallas, TX | 3,993 |  |  | 44,392 |  | 41,553 |  | 6.8 | % |  | 17,986 |  | 17,361 |  | 3.6 | % |  | 26,406 |  | 24,192 |  | 9.2 | %
Los Angeles/Orange County, CA | 2,060 |  |  | 36,538 |  | 34,525 |  | 5.8 | % |  | 11,590 |  | 11,143 |  | 4.0 | % |  | 24,948 |  | 23,382 |  | 6.7 | %
Atlanta, GA | 3,357 |  |  | 39,113 |  | 35,945 |  | 8.8 | % |  | 14,743 |  | 14,007 |  | 5.3 | % |  | 24,370 |  | 21,938 |  | 11.1 | %
Tampa, FL | 3,338 |  |  | 35,145 |  | 33,217 |  | 5.8 | % |  | 13,651 |  | 13,095 |  | 4.2 | % |  | 21,494 |  | 20,122 |  | 6.8 | %
Orlando, FL | 3,240 |  |  | 35,115 |  | 33,370 |  | 5.2 | % |  | 13,334 |  | 12,747 |  | 4.6 | % |  | 21,781 |  | 20,623 |  | 5.6 | %
Charlotte, NC | 2,487 |  |  | 30,682 |  | 29,030 |  | 5.7 | % |  | 10,028 |  | 9,350 |  | 7.3 | % |  | 20,654 |  | 19,680 |  | 4.9 | %
Denver, CO | 1,941 |  |  | 26,146 |  | 24,069 |  | 8.6 | % |  | 7,705 |  | 7,379 |  | 4.4 | % |  | 18,441 |  | 16,690 |  | 10.5 | %
San Diego/Inland Empire, CA | 1,665 |  |  | 26,117 |  | 24,518 |  | 6.5 | % |  | 9,510 |  | 9,380 |  | 1.4 | % |  | 16,607 |  | 15,138 |  | 9.7 | %
Phoenix, AZ | 2,095 |  |  | 23,510 |  | 21,914 |  | 7.3 | % |  | 8,069 |  | 7,850 |  | 2.8 | % |  | 15,441 |  | 14,064 |  | 9.8 | %
Raleigh, NC | 2,266 |  |  | 22,731 |  | 21,412 |  | 6.2 | % |  | 7,881 |  | 7,393 |  | 6.6 | % |  | 14,850 |  | 14,019 |  | 5.9 | %
Austin, TX | 1,386 |  |  | 16,387 |  | 15,299 |  | 7.1 | % |  | 7,386 |  | 6,745 |  | 9.5 | % |  | 9,001 |  | 8,554 |  | 5.2 | %
Corpus Christi, TX | 632 |  |  | 6,655 |  | 6,584 |  | 1.1 | % |  | 2,537 |  | 2,380 |  | 6.6 | % |  | 4,118 |  | 4,204 |  | (2.0 | )%
Total Same Property | 47,618 |  |  |  | $604,547 |  |  | $575,156 |  | 5.1 | % |  |  | $218,131 |  |  | $207,293 |  | 5.2 | % |  |  | $386,416 |  |  | $367,863 |  | 5.0 | %

|  |  |  |  |  |  | Weighted Average Monthly |  | Weighted Average Monthly
| % of NOI |  | Average Occupancy (a) |  | Rental Rate (b) |  | Revenue per Occupied Home (c)
Year to Date Results (a) | Contribution |  |  | 2015 |  | 2014 |  | Growth |  |  | 2015 |  | 2014 |  | Growth |  |  | 2015 |  | 2014 |  | Growth |
D.C. Metro | 16.6 | % |  | 95.8 | % | 95.5 | % | 0.3 | % |  |  | $1,645 |  |  | $1,643 |  | 0.1 | % |  |  | $1,859 |  |  | $1,853 |  | 0.4 | %
Houston, TX | 12.5 | % |  | 95.6 | % | 96.0 | % | (0.4 | )% |  | 1,461 |  | 1,413 |  | 3.4 | % |  | 1,629 |  | 1,570 |  | 3.8 | %
SE Florida | 7.4 | % |  | 96.7 | % | 96.5 | % | 0.2 | % |  | 1,768 |  | 1,682 |  | 5.1 | % |  | 1,979 |  | 1,874 |  | 5.6 | %
Las Vegas, NV | 7.1 | % |  | 95.5 | % | 95.5 | % | 0.0 | % |  | 841 |  | 802 |  | 4.9 | % |  | 1,005 |  | 945 |  | 6.4 | %
Dallas, TX | 6.8 | % |  | 96.2 | % | 95.4 | % | 0.8 | % |  | 1,118 |  | 1,062 |  | 5.3 | % |  | 1,284 |  | 1,212 |  | 6.0 | %
Los Angeles/Orange County, CA | 6.5 | % |  | 95.3 | % | 96.0 | % | (0.7 | )% |  | 1,865 |  | 1,761 |  | 5.9 | % |  | 2,067 |  | 1,939 |  | 6.5 | %
Atlanta, GA | 6.3 | % |  | 95.8 | % | 95.4 | % | 0.4 | % |  | 1,161 |  | 1,082 |  | 7.3 | % |  | 1,351 |  | 1,247 |  | 8.4 | %
Tampa, FL | 5.6 | % |  | 95.6 | % | 95.5 | % | 0.1 | % |  | 1,015 |  | 969 |  | 4.7 | % |  | 1,223 |  | 1,157 |  | 5.7 | %
Orlando, FL | 5.6 | % |  | 95.9 | % | 95.7 | % | 0.2 | % |  | 1,068 |  | 1,024 |  | 4.3 | % |  | 1,255 |  | 1,196 |  | 5.0 | %
Charlotte, NC | 5.3 | % |  | 96.8 | % | 97.0 | % | (0.2 | )% |  | 1,218 |  | 1,172 |  | 3.9 | % |  | 1,416 |  | 1,337 |  | 5.9 | %
Denver, CO | 4.8 | % |  | 96.2 | % | 95.4 | % | 0.8 | % |  | 1,369 |  | 1,268 |  | 8.0 | % |  | 1,556 |  | 1,444 |  | 7.8 | %
San Diego/Inland Empire, CA | 4.3 | % |  | 96.0 | % | 95.1 | % | 0.9 | % |  | 1,641 |  | 1,558 |  | 5.3 | % |  | 1,815 |  | 1,720 |  | 5.6 | %
Phoenix, AZ | 4.0 | % |  | 95.5 | % | 94.7 | % | 0.8 | % |  | 1,109 |  | 1,060 |  | 4.6 | % |  | 1,306 |  | 1,227 |  | 6.5 | %
Raleigh, NC | 3.8 | % |  | 95.5 | % | 95.4 | % | 0.1 | % |  | 967 |  | 931 |  | 3.9 | % |  | 1,167 |  | 1,100 |  | 6.1 | %
Austin, TX | 2.3 | % |  | 95.8 | % | 95.4 | % | 0.4 | % |  | 1,155 |  | 1,096 |  | 5.4 | % |  | 1,372 |  | 1,285 |  | 6.7 | %
Corpus Christi, TX | 1.1 | % |  | 93.8 | % | 95.6 | % | (1.8 | )% |  | 1,009 |  | 994 |  | 1.5 | % |  | 1,248 |  | 1,212 |  | 2.9 | %
Total Same Property | 100.0 | % |  | 95.8 | % | 95.7 | % | 0.1 | % |  |  | $1,281 |  |  | $1,230 |  | 4.1 | % |  |  | $1,472 |  |  | $1,402 |  | 5.0 | %

(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2014.
(b) Weighted average rental rates 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.
14

CAMDEN |  | "SAME PROPERTY" OPERATING EXPENSE
|  | DETAIL AND COMPARISONS
|  | September 30, 2015
|  | (In thousands)

(Unaudited)

|  |  |  |  | % of Actual
|  |  |  |  | 3Q15 Operating |
Quarterly Comparison (a) | 3Q15 | 3Q14 | $ Change | % Change | Expenses
Property taxes |  | $23,851 |  |  | $21,833 |  |  | $2,018 |  | 9.2 | % | 31.8 | %
Salaries and Benefits for On-site Employees | 17,001 |  | 16,097 |  | 904 |  | 5.6 | % | 22.7 | %
Utilities | 16,196 |  | 14,957 |  | 1,239 |  | 8.3 | % | 21.6 | %
Repairs and Maintenance | 11,021 |  | 10,487 |  | 534 |  | 5.1 | % | 14.7 | %
Property Insurance | 2,888 |  | 3,427 |  | (539 | ) | (15.7 | )% | 3.8 | %
General and Administrative | 2,452 |  | 2,284 |  | 168 |  | 7.4 | % | 3.3 | %
Marketing and Leasing | 1,417 |  | 1,343 |  | 74 |  | 5.5 | % | 1.9 | %
Other | 231 |  | 606 |  | (375 | ) | (61.9 | )% | 0.2 | %
Total Same Property |  | $75,057 |  |  | $71,034 |  |  | $4,023 |  | 5.7 | % | 100.0 | %

|  |  |  |  | % of Actual
|  |  |  |  | 3Q15 Operating |
Sequential Comparison (a) | 3Q15 | 2Q15 | $ Change | % Change | Expenses
Property taxes |  | $23,851 |  |  | $23,337 |  |  | $514 |  | 2.2 | % | 31.8 | %
Salaries and Benefits for On-site Employees | 17,001 |  | 15,814 |  | 1,187 |  | 7.5 | % | 22.7 | %
Utilities | 16,196 |  | 14,631 |  | 1,565 |  | 10.7 | % | 21.6 | %
Repairs and Maintenance | 11,021 |  | 10,041 |  | 980 |  | 9.8 | % | 14.7 | %
Property Insurance | 2,888 |  | 3,350 |  | (462 | ) | (13.8 | )% | 3.8 | %
General and Administrative | 2,452 |  | 2,415 |  | 37 |  | 1.5 | % | 3.3 | %
Marketing and Leasing | 1,417 |  | 1,357 |  | 60 |  | 4.4 | % | 1.9 | %
Other | 231 |  | 694 |  | (463 | ) | (66.7 | )% | 0.2 | %
Total Same Property |  | $75,057 |  |  | $71,639 |  |  | $3,418 |  | 4.8 | % | 100.0 | %

|  |  |  |  |  | % of Actual
|  |  |  |  |  | 2015 Operating |
Year to Date Comparison (a) |  | 2015 | 2014 | $ Change | % Change | Expenses
Property taxes |  |  | $70,873 |  |  | $66,091 |  |  | $4,782 |  | 7.2 | % | 32.5 | %
Salaries and Benefits for On-site Employees |  | 48,817 |  | 47,368 |  | 1,449 |  | 3.1 | % | 22.4 | %
Utilities |  | 45,288 |  | 42,349 |  | 2,939 |  | 6.9 | % | 20.8 | %
Repairs and Maintenance |  | 30,579 |  | 29,066 |  | 1,513 |  | 5.2 | % | 14.0 | %
Property Insurance |  | 9,695 |  | 10,030 |  | (335 | ) | (3.3 | )% | 4.4 | %
General and Administrative |  | 7,332 |  | 6,786 |  | 546 |  | 8.0 | % | 3.4 | %
Marketing and Leasing |  | 4,023 |  | 3,909 |  | 114 |  | 2.9 | % | 1.8 | %
Other |  | 1,524 |  | 1,694 |  | (170 | ) | (10.0 | )% | 0.7 | %
Total Same Property |  |  | $218,131 |  |  | $207,293 |  |  | $10,838 |  | 5.2 | % | 100.0 | %

(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2014.
15

CAMDEN |  | CURRENT DEVELOPMENT COMMUNITIES
TO BE UPDATED |  |

(Unaudited)
AS OF SEPTEMBER 30, 2015 ($ in millions)

|  |  |  |  |  | Estimated/Actual Dates for |  |
Completed Communities in Lease-Up | Total | Total |  |  | Construction | Initial | Construction | Stabilized | As of 10/28/2015
Homes | Cost |  |  | Start | Occupancy | Completion | Operations | % Leased | % Occupied
1. | Camden Hayden | 234 | $44.2 |  |  | 3Q13 | 4Q14 | 2Q15 | 4Q15 | 88% | 88%
| Tempe, AZ |  |  |  |  |  |  |  |  |  |
2. | Camden Flatirons | 424 | 79.2 |  |  | 3Q12 | 2Q14 | 3Q15 | 2Q16 | 81% | 83%
| Denver, CO |  |  |  |  |  |  |  |  |  |
3. | Camden Glendale | 303 | 112.8 |  |  | 4Q12 | 2Q15 | 3Q15 | 2Q16 | 57% | 50%
| Glendale, CA |  |  |  |  |  |  |  |  |  |
Total Completed Communities in Lease-Up | 961 | $236.2 |  |  |  |  |  |  | 75% | 74%
|  |  |  |  |  | Estimated/Actual Dates for |  |
|  | Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 10/28/2015
Development Communities | Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied
UNDER CONSTRUCTION |  |  |  |  |  |  |  |  |  |
1. | Camden Paces | 379 | $117.0 | $115.4 | $9.1 | 4Q12 | 2Q14 | 4Q15 | 3Q16 | 67% | 67%
| Atlanta, GA |  |  |  |  |  |  |  |  |  |
2. | Camden Chandler | 380 | 73.0 | 64.9 | 3.5 | 1Q14 | 1Q15 | 1Q16 | 4Q16 | 67% | 53%
| Chandler, AZ |  |  |  |  |  |  |  |  |  |
3. | Camden Gallery | 323 | 58.0 | 46.0 | 45.9 | 3Q13 | 1Q16 | 3Q16 | 1Q17 |  |
| Charlotte, NC |  |  |  |  |  |  |  |  |  |
4. | Camden Victory Park | 423 | 82.0 | 57.8 | 57.8 | 4Q13 | 1Q16 | 3Q16 | 1Q18 |  |
| Dallas, TX |  |  |  |  |  |  |  |  |  |
5. | The Camden | 287 | 145.0 | 98.7 | 98.7 | 4Q13 | 2Q16 | 4Q16 | 2Q17 |  |
| Los Angeles, CA |  |  |  |  |  |  |  |  |  |
6. | Camden Lincoln Station | 267 | 56.0 | 13.8 | 13.8 | 4Q14 | 4Q16 | 2Q17 | 1Q18 |  |
| Denver, CO |  |  |  |  |  |  |  |  |  |
7. | Camden NoMa II | 405 | 115.0 | 39.1 | 39.1 | 1Q15 | 2Q17 | 4Q17 | 4Q19 |  |
| Washington, DC |  |  |  |  |  |  |  |  |  |
8. | Camden Shady Grove | 457 | 116.0 | 45.9 | 45.9 | 2Q15 | 1Q17 | 1Q18 | 4Q19 |  |
| Rockville, MD |  |  |  |  |  |  |  |  |  |
9. | Camden McGowen Station | 315 | 90.0 | 13.2 | 13.2 | 4Q14 | 4Q17 | 2Q18 | 3Q19 |  |
| Houston, TX |  |  |  |  |  |  |  |  |  |
Total Development Communities | 3,236 | $852.0 | $494.8 | $327.0 |  |  |  |  | 67% | 60%
Additional Development Pipeline & Land (a) | 116.5 |  |  |  |  |  |
Total Properties Under Development and Land (per Balance Sheet) | $443.5 |  |  |  |  |  |
NOI Contribution from Development Communities ($ in millions) |  |  |  |  | Cost to Date |  | 3Q15 NOI |  |  |
Communities that Stabilized During Quarter |  |  |  |  | $44.5 |  | $0.6 |  |  |
Completed Communities in Lease-Up |  |  |  |  | 236.2 |  | 1.7 |  |  |
Development Communities in Lease-Up |  |  |  |  | 180.3 |  | 1.2 |  |  |
Total Development Communities NOI Contribution |  |  |  |  |  | $461.0 |  |  | $3.5 |  |  |
|  |  |  |  |  | Estimated/Actual Dates for |  |
Joint Venture Development Community | Total | Total | Cost to | Amount | Construction | Initial | Construction | Stabilized | As of 10/28/2015
Homes | Budget | Date | in CIP | Start | Occupancy | Completion | Operations | % Leased | % Occupied
UNDER CONSTRUCTION |  |  |  |  |  |  |  |  |  |
1. | Camden Southline | 266 | $48.0 | $46.8 | $14.8 | 2Q13 | 1Q15 | 4Q15 | 1Q16 | 68% | 67%
| Charlotte, NC |  |  |  |  |  |  |  |  |  |
Total Joint Venture |  |  |  |  |  |  |  |  |  |
Development Communities | 266 | $48.0 | $46.8 | $14.8 |  |  |  |  | 68% | 67%

(a) Please refer to the Development Pipeline & Land Summary on page 18.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
16

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

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

| Three Months Ended September 30, |  | Nine Months Ended September 30,
OPERATING DATA (b) | 2015 | 2014 |  | 2015 | 2014
Property Revenues |  |  |  |  |
Rental revenues |  | $7,985 |  |  | $4,783 |  |  |  | $23,294 |  |  | $13,960 |
Other property revenues | 1,205 |  | 670 |  |  | 3,369 |  | 1,919 |
Total property revenues | 9,190 |  | 5,453 |  |  | 26,663 |  | 15,879 |
Property expenses |  |  |  |  |
Property operating and maintenance | 2,283 |  | 1,392 |  |  | 6,434 |  | 4,034 |
Real estate taxes | 1,492 |  | 897 |  |  | 4,389 |  | 2,563 |
| 3,775 |  | 2,289 |  |  | 10,823 |  | 6,597 |
Net Operating Income | 5,415 |  | 3,164 |  |  | 15,840 |  | 9,282 |
Other expenses |  |  |  |  |
Interest | 1,433 |  | 924 |  |  | 4,252 |  | 2,801 |
Depreciation and amortization | 2,325 |  | 1,348 |  |  | 6,786 |  | 4,030 |
Other (including debt prepayment penalties) | 83 |  | 29 |  |  | 315 |  | 128 |
Total other expenses | 3,841 |  | 2,301 |  |  | 11,353 |  | 6,959 |
Gain on sale of properties, net | — |  | — |  |  | — |  | 3,566 |
Equity in income of joint ventures |  | $1,574 |  |  | $863 |  |  |  | $4,487 |  |  | $5,889 |

| Sep 30, 2015 |  | Jun 30, 2015 |  | Mar 31, 2015 |  | Dec 31, 2014 |  | Sep 30, 2014 |
BALANCE SHEET DATA(c) |  |  |  |  |
Land |  | $108,157 |  |  | $106,792 |  |  | $105,660 |  |  | $104,662 |  |  | $104,101 |
Building & Improvements | 714,631 |  | 701,209 |  | 689,676 |  | 679,862 |  | 676,126 |
| 822,788 |  | 808,001 |  | 795,336 |  | 784,524 |  | 780,227 |
Accumulated Depreciation | (106,669 | ) | (99,270 | ) | (92,065 | ) | (85,091 | ) | (78,242 | )
Net operating real estate assets | 716,119 |  | 708,731 |  | 703,271 |  | 699,433 |  | 701,985 |
Properties under development and land | 16,177 |  | 26,605 |  | 33,716 |  | 37,677 |  | 31,139 |
Cash and other assets, net | 21,485 |  | 18,832 |  | 14,621 |  | 20,655 |  | 14,788 |
Total assets |  | $753,781 |  |  | $754,168 |  |  | $751,608 |  |  | $757,765 |  |  | $747,912 |
Notes payable |  | $529,307 |  |  | $528,614 |  |  | $527,286 |  |  | $523,636 |  |  | $524,511 |
Other liabilities | 26,011 |  | 23,917 |  | 20,376 |  | 30,836 |  | 26,639 |
Total liabilities | 555,318 |  | 552,531 |  | 547,662 |  | 554,472 |  | 551,150 |
Member's equity | 198,463 |  | 201,637 |  | 203,946 |  | 203,293 |  | 196,762 |
Total liabilities and members' equity |  | $753,781 |  |  | $754,168 |  |  | $751,608 |  |  | $757,765 |  |  | $747,912 |
Company's equity investment |  | $34,705 |  |  | $35,731 |  |  | $36,526 |  |  | $36,429 |  |  | $35,180 |
Company's pro-rata share of debt |  | $165,673 |  |  | $165,456 |  |  | $165,040 |  |  | $163,898 |  |  | $104,902 |
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 | 2,195 | 2,195 | 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 | 83 | 83 | 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.
(c) Balance sheet and property data reported at 100%.
17

CAMDEN |  | DEVELOPMENT PIPELINE & LAND

(Unaudited)
AS OF SEPTEMBER 30, 2015 ($ in millions)

|  |  | Projected | Total |
PIPELINE COMMUNITIES |  | Homes | Estimated Cost (a) | Cost to Date |
1. | Camden Buckhead |  | 336 |  | $80.0 |  |  | $22.0 |
| Atlanta, GA |  |  |  |
2. | Camden Conte (b) |  | 519 | 170.0 |  | 20.3 |
| Houston, TX |  |  |  |
3. | Camden Atlantic |  | 286 | 62.0 |  | 13.3 |
| Plantation, FL |  |  |  |
4. | Camden Arts District |  | 354 | 150.0 |  | 12.5 |
| Los Angeles, CA |  |  |  |
5. | Camden North End (b)(c) |  | 920 | 225.0 |  | 37.6 |
| Phoenix, AZ |  |  |  |
Development Pipeline |  | 2,415 |  | $687.0 |  |  | $105.7 |
LAND HOLDINGS/OTHER |  | Acreage |  | Cost to Date |
| Las Vegas, NV |  | 19.6 |  |  | $4.2 |
| Tampa, FL |  | 4.8 |  | 1.5 |
| Other (d) |  | 0.0 |  | 5.1 |
Land Holdings/Other |  | 24.4 |  |  | $10.8 |
Total Development Pipeline and Land |  |  |  |  | $116.5 |

(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) Each of these developments will be developed in two phases. The estimated units, estimated cost, and cost to date represent both phases.
(c) Formerly known as Camden Mayo.
(d) 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.
18

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
3. | Camden Providence Lakes (b) |  | Brandon, FL | 33.0 | 260 Homes | 993 | 19 years | 10/7/2015
Total/Average Dispositions |  |  | $147.4 | 1,376 Homes | $887 | 24 years |
Land Acquisitions |  | Location | Purchase Price | Acres | Closing Date |  |
1. | Camden North End (a) |  | Phoenix, AZ | $36.3 | 49.6 | 5/13/2015 |  |
2. | Camden Arts District |  | Los Angeles, CA | 9.5 | 2.7 | 6/17/2015 |  |
3. | Camden Washingtonian (b) |  | Gaithersburg, MD | 13.3 | 5.8 | 10/1/2015 |  |
Total/Average Land Acquisitions |  |  | $59.1 | 58.1 Acres |  |  |

(a) Formerly known as Camden Mayo.
(b) Closed subsequent to quarter end.
19

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

(Unaudited)
DEBT MATURITIES AS OF SEPTEMBER 30, 2015:

|  |  | Future Scheduled Repayments |  |  |
Year (a) |  | Amortization |  | Secured Maturities |  | Unsecured Maturities |  | Total |  | % of Total |  | Weighted Average Interest Rate on Maturing Debt |
2015 |  |  | $490 |  |  | $— |  |  | $— |  |  | $490 |  | — | % | N/A |
2016 |  | 2,036 |  | — |  | — |  | 2,036 |  | 0.1 | % | N/A |
2017 |  | 2,246 |  | — |  | 246,750 |  | 248,996 |  | 9.2 | % | 5.8 | %
2018 |  | 2,439 |  | 175,000 |  | — |  | 177,439 |  | 6.5 | % | 0.9 | %
2019 |  | 2,346 |  | 644,107 |  | — |  | 646,453 |  | 23.8 | % | 5.3 | %
2020 |  | 2,240 |  | — |  | — |  | 2,240 |  | 0.1 | % | N/A |
2021 |  | 2,496 |  | — |  | 250,000 |  | 252,496 |  | 9.3 | % | 4.7 | %
2022 |  | 2,772 |  | — |  | 350,000 |  | 352,772 |  | 13.0 | % | 3.1 | %
2023 |  | 3,545 |  | — |  | 250,000 |  | 253,545 |  | 9.3 | % | 5.0 | %
2024 |  | 4,038 |  | — |  | 500,000 |  | 504,038 |  | 18.6 | % | 3.9 | %
Thereafter |  | 51,702 |  | — |  | — |  | 51,702 |  | 1.9 | % | 3.1 | %
Total Maturing Debt |  |  | $76,350 |  |  | $819,107 |  |  | $1,596,750 |  |  | $2,492,207 |  | 91.8 | % | 4.3 | %
Unsecured Line of Credit |  |  | $— |  |  | $— |  |  | $200,000 |  |  | $200,000 |  | 7.4 | % | 1.0 | %
Other Short Term Borrowings |  | — |  | — |  | 23,000 |  | 23,000 |  | 0.8 | % | 1.3 | %
Total Debt |  |  | $76,350 |  |  | $819,107 |  |  | $1,819,750 |  |  | $2,715,207 |  | 100.0 | % | 4.0 | %
Weighted Average Maturity of Debt |  |  | 6.0 Years |  |  |  |  |
|  |  |  | Weighted Average |  |
FLOATING vs. FIXED RATE DEBT: |  | Balance |  | % of Total |  | Interest Rate | Time to Maturity |  |
Floating rate debt |  |  | $431,531 |  | 15.9 | % | 1.0 | % | 4.5 Years |  |  |
Fixed rate debt |  | 2,283,676 |  | 84.1 | % | 4.6 | % | 6.3 Years |  |  |
Total |  |  | $2,715,207 |  | 100.0 | % | 4.0 | % | 6.0 Years |  |  |
|  |  |  | Weighted Average |  |
SECURED vs. UNSECURED DEBT: |  | Balance |  | % of Total |  | Interest Rate | Time to Maturity |  |
Unsecured debt |  |  | $1,811,739 |  | 66.7 | % | 3.9 | % | 6.4 Years |  |  |
Secured debt |  | 903,468 |  | 33.3 | % | 4.3 | % | 5.3 Years |  |  |
Total |  |  | $2,715,207 |  | 100.0 | % | 4.0 | % | 6.0 Years |  |  |
|  |  |  | Weighted Average |  |
SECURED DEBT DETAIL: |  | Balance |  | % of Total |  | Interest Rate | Time to Maturity |  |
Conventional fixed-rate mortgage debt |  |  | $694,937 |  | 76.9 | % | 5.2 | % | 5.6 Years |  |  |
Conventional variable-rate mortgage debt |  | 175,000 |  | 19.4 | % | 0.9 | % | 3.0 Years |  |  |
Tax exempt variable rate debt |  | 33,531 |  | 3.7 | % | 1.2 | % | 12.7 Years |  |  |
Total |  |  | $903,468 |  | 100.0 | % | 4.3 | % | 5.3 Years |  |  |
REAL ESTATE ASSETS: (b) |  | Total Homes |  | % of Total |  | Total Cost |  | % of Total |  | 3Q15 NOI |  | % of Total |
Unencumbered real estate assets |  | 43,218 | 77.7 | % |  | $6,190,138 |  | 79.9 | % |  | $108,157 |  | 75.6 | %
Encumbered real estate assets |  | 12,413 | 22.3 | % | 1,561,854 |  | 20.1 | % | 34,922 |  | 24.4 | %
Total |  | 55,631 | 100.0 | % |  | $7,751,992 |  | 100.0 | % | $143,079 | 100.0 | %
|  |  | Ratio of unencumbered assets at cost to unsecured debt is |  | 3.4x

(a) Includes all available extension options.
(b) Real estate assets include communities under development and exclude communities held through unconsolidated joint ventures.
20

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 |
4Q 2015 |  |  | $490 |  |  | $— |  |  | $— |  |  | $490 |  | N/A |
2015 |  |  | $490 |  |  | $— |  |  | $— |  |  | $490 |  | N/A |
1Q 2016 |  |  | $498 |  |  | $— |  |  | $— |  |  | $498 |  | N/A |
2Q 2016 |  | 503 |  | — |  | 23,000 |  | 23,503 |  | 1.3 | %
3Q 2016 |  | 512 |  | — |  | — |  | 512 |  | N/A |
4Q 2016 |  | 523 |  | — |  | — |  | 523 |  | N/A |
2016 |  |  | $2,036 |  |  | $— |  |  | $23,000 |  |  | $25,036 |  | 1.3 | %

21

CAMDEN |  | DEBT COVENANT ANALYSIS

(Unaudited)

UNSECURED LINE OF CREDIT |  |  |  |  |  |  |
Covenant (a) |  | Required |  | Actual (b) |  | Compliance
Total Consolidated Debt to Gross Asset Value |  | < | 60% |  | 28% |  | Yes
Secured Debt to Gross Asset Value |  | < | 40% |  | 9% |  | Yes
Consolidated EBITDA to Total Fixed Charges |  | > | 150% |  | 392% |  | Yes
Unsecured Debt to Gross Asset Value |  | < | 60% |  | 24% |  | Yes
SENIOR UNSECURED NOTES |  |  |  |  |  |  |
Covenant (a) |  | Required |  | Actual (b) |  | Compliance
Total Consolidated Debt to Total Asset Value |  | < | 60% |  | 34% |  | Yes
Total Secured Debt to Total Asset Value |  | < | 40% |  | 12% |  | Yes
Total Unencumbered Asset Value to Total Unsecured Debt |  | > | 150% |  | 349% |  | Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges |  | > | 150% |  | 449% |  | 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.
22

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

(Unaudited)
PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF SEPTEMBER 30, 2015(a):

|  | Future Scheduled Repayments |  | Weighted Average Interest on Maturing Debt |
Year (b) |  | Amortization |  | Secured Maturities |  | Total |  | % of Total |
2015 |  |  | $971 |  |  | $— |  |  | $971 |  | 0.6 | % | N/A |
2016 |  | 2,875 |  | 51,625 |  | 54,500 |  | 32.9 | % | 3.3 | %
2017 |  | 1,659 |  | 44,641 |  | 46,300 |  | 27.9 | % | 2.9 | %
2018 |  | 688 |  | 50,182 |  | 50,870 |  | 30.7 | % | 3.9 | %
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 |  |  | $6,682 |  |  | $158,991 |  |  | $165,673 |  | 100.0 | % | 3.5 | %
Weighted Average Maturity of Debt |  |  | 1.9 Years |  |  |  |
|  |  |  |  | Weighted Average
FLOATING vs. FIXED RATE DEBT: |  |  | Balance |  | % of Total |  | Interest Rate | Time to Maturity
Floating rate debt |  |  |  | $48,453 |  | 29.2 | % | 2.0 | % | 1.7 Years |
Fixed rate debt |  |  | 117,220 |  | 70.8 | % | 4.1 | % | 2.0 Years |
Total |  |  | $165,673 | 100.0 | % | 3.5 | % | 1.9 Years |
|  |  |  |  | Weighted Average
SECURED DEBT DETAIL: |  |  | Balance |  | % of Total |  | Interest Rate | Time to Maturity
Conventional fixed-rate mortgage debt |  |  |  | $117,220 |  | 70.8 | % | 4.1 | % | 2.0 Years |
Conventional variable-rate mortgage debt |  |  | 30,265 |  | 18.2 | % | 2.1 | % | 1.2 Years |
Variable-rate construction loans |  |  | 18,188 |  | 11.0 | % | 1.8 | % | 2.5 Years |
Total |  |  | $165,673 | 100.0 | % | 3.5 | % | 1.9 Years |
REAL ESTATE ASSETS: (c) |  |  | Total Homes |  | Total Cost |  |  |
Operating real estate assets |  |  | 7,012 |  | $822,788 |  |  |
Properties under development and land |  |  | 266 | 16,177 |  |  |
Total |  |  | 7,278 |  | $838,965 |  |  |

(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) Includes all available extension options.
(c) Balance sheet and property data reported at 100%.
23

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 |
4Q 2015 |  |  | $971 |  |  | $— |  |  | $971 |  | N/A |
2015 |  |  | $971 |  |  | $— |  |  | $971 |  | N/A |
1Q 2016 |  |  | $977 |  |  | $— |  |  | $977 |  | 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 |  |  | $2,875 |  |  | $51,625 |  |  | $54,500 |  | 3.3 | %

(a) Includes all available extension options.
24

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

(Unaudited)

|  |  | Third quarter 2015
|  |  | Capitalized |  | Expensed
Item |  |  | Weighted Average Useful Life (a) |  |  | Total |  | Per Unit |  |  | Total |  | Per Unit |
Interiors |  |  |  |  |  |  |  |  |
Floor Coverings |  |  | 5.5 | years |  |  | $2,881 |  |  | $55 |  |  |  | $1,227 |  |  | $23 |
Appliances |  |  | 9.5 | years |  | 958 |  | 18 |  |  | 284 |  | 5 |
Painting |  |  | — |  |  | — |  | — |  |  | 1,928 |  | 37 |
Cabinetry/Countertops |  |  | 10.0 | years |  | 367 |  | 7 |  |  | — |  | — |
Other |  |  | 10.5 | years |  | 2,115 |  | 40 |  |  | 470 |  | 9 |
Exteriors |  |  |  |  |  |  |  |  |
Painting |  |  | 5.0 | years |  | 1,729 |  | 33 |  |  | — |  | — |
Carpentry |  |  | 10.0 | years |  | 1,316 |  | 25 |  |  | — |  | — |
Landscaping |  |  | 6.1 | years |  | 786 |  | 15 |  |  | 2,645 |  | 51 |
Roofing |  |  | 19.0 | years |  | 1,108 |  | 21 |  |  | 99 |  | 2 |
Site Drainage |  |  | 10.0 | years |  | 232 |  | 4 |  |  | — |  | — |
Fencing/Stair |  |  | 10.0 | years |  | 332 |  | 6 |  |  | — |  | — |
Other (b) |  |  | 8.7 | years |  | 4,196 |  | 81 |  |  | 3,759 |  | 72 |
Common Areas |  |  |  |  |  |  |  |  |
Mech., Elec., Plumbing |  |  | 9.5 | years |  | 2,959 |  | 57 |  |  | 1,578 |  | 30 |
Parking/Paving |  |  | 4.7 | years |  | 325 |  | 6 |  |  | — |  | — |
Pool/Exercise/Facility |  |  | 7.8 | years |  | 2,204 |  | 42 |  |  | 427 |  | 8 |
Total Recurring (c) |  |  |  |  |  | $21,508 |  |  | $410 |  |  |  | $12,417 |  |  | $237 |
Weighted Average Apartment Homes |  |  |  |  |  | 52,323 |  |  |  | 52,323 |
Revenue Enhancing Expenditures (d) |  |  | 10.0 | years |  |  | $10,528 |  |  | $13,310 |  |
Revenue Enhanced Apartment Homes |  |  |  |  |  | 791 |  |  |  |
|  |  | Year to date 2015
|  |  | Recurring Capitalized |  | Expensed
Item |  |  | Weighted Average Useful Life (a) |  |  | Total |  | Per Unit |  |  | Total |  | Per Unit |
Interiors |  |  |  |  |  |  |  |  |
Floor Coverings |  |  | 5.5 | years |  |  | $7,478 |  |  | $144 |  |  |  | $2,824 |  |  | $54 |
Appliances |  |  | 9.5 | years |  | 2,590 |  | 50 |  |  | 729 |  | 14 |
Painting |  |  | — |  |  | — |  | — |  |  | 4,699 |  | 91 |
Cabinetry/Countertops |  |  | 10.0 | years |  | 989 |  | 19 |  |  | — |  | — |
Other |  |  | 10.5 | years |  | 4,943 |  | 95 |  |  | 1,472 |  | 28 |
Exteriors |  |  |  |  |  |  |  |  |
Painting |  |  | 5.0 | years |  | 2,914 |  | 56 |  |  | — |  | — |
Carpentry |  |  | 10.0 | years |  | 2,158 |  | 42 |  |  | — |  | — |
Landscaping |  |  | 6.1 | years |  | 1,536 |  | 30 |  |  | 8,498 |  | 164 |
Roofing |  |  | 19.0 | years |  | 2,935 |  | 57 |  |  | 243 |  | 5 |
Site Drainage |  |  | 10.0 | years |  | 377 |  | 7 |  |  | — |  | — |
Fencing/Stair |  |  | 10.0 | years |  | 953 |  | 18 |  |  | — |  | — |
Other (b) |  |  | 8.7 | years |  | 9,731 |  | 188 |  |  | 9,641 |  | 186 |
Common Areas |  |  |  |  |  |  |  |  |
Mech., Elec., Plumbing |  |  | 9.5 | years |  | 7,578 |  | 146 |  |  | 4,363 |  | 84 |
Parking/Paving |  |  | 4.7 | years |  | 1,098 |  | 21 |  |  | — |  | — |
Pool/Exercise/Facility |  |  | 7.8 | years |  | 6,722 |  | 130 |  |  | 1,151 |  | 22 |
Total Recurring (c) |  |  |  |  |  | $52,002 |  |  | $1,003 |  |  |  | $33,620 |  |  | $648 |
Weighted Average Apartment Homes |  |  |  |  |  | 51,881 |  |  |  | 51,881 |
Revenue Enhancing Expenditures (d) |  |  | 10.0 | years |  |  | $25,164 |  |  | $11,548 |  |
Revenue Enhanced Apartment Homes |  |  |  |  |  | 2,179 |  |  |  |

(a) Weighted average useful life of capitalized expenses for the three months and nine months ended September 30, 2015.
(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(c) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(d) Represents capital expenditures for the three months and nine months ended September 30, 2015 spent on apartment unit renovation (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets.
25

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 September 30, |  | Nine Months Ended September 30,
| 2015 | 2014 |  | 2015 | 2014
Net income attributable to common shareholders |  | $37,044 |  |  | $38,283 |  |  |  | $188,722 |  |  | $113,591 |
Real estate depreciation and amortization | 63,852 |  | 58,039 |  |  | 186,818 |  | 170,606 |
Adjustments for unconsolidated joint ventures | 2,300 |  | 1,340 |  |  | 6,782 |  | 3,980 |
Income allocated to non-controlling interests | 1,150 |  | 1,050 |  |  | 7,738 |  | 3,099 |
Gain on sale of unconsolidated joint venture properties | — |  | — |  |  | — |  | (3,566 | )
Gain on sale of operating properties, net of tax | — |  | — |  |  | (85,145 | ) | — |
Funds from operations |  | $104,346 |  |  | $98,712 |  |  |  | $304,915 |  |  | $287,710 |
Less: recurring capitalized expenditures | (21,508 | ) | (18,074 | ) |  | (52,002 | ) | (43,484 | )
Adjusted funds from operations |  | $82,838 |  |  | $80,638 |  |  |  | $252,913 |  |  | $244,226 |
Weighted average number of common shares outstanding: |  |  |  |  |
EPS diluted | 90,341 |  | 89,353 |  |  | 89,450 |  | 89,052 |
FFO/AFFO diluted | 91,426 |  | 90,439 |  |  | 91,347 |  | 90,138 |
Earnings per common share - diluted |  | $0.41 |  |  | $0.43 |  |  |  | $2.09 |  |  | $1.28 |
FFO per common share - diluted |  | $1.14 |  |  | $1.09 |  |  |  | $3.34 |  |  | $3.19 |
AFFO per common share - diluted |  | $0.91 |  |  | $0.89 |  |  |  | $2.77 |  |  | $2.71 |

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:

| 4Q15 |  | Range |  | 2015 |  | Range
| Low | High |  | Low | High
Expected earnings per common share - diluted |  | $0.62 |  |  | $0.66 |  |  |  | $2.71 |  |  | $2.75 |
Expected real estate depreciation and amortization | 0.70 |  | 0.70 |  |  | 2.72 |  | 2.72 |
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 | )
Estimated (gain) on sale of operating property | (0.19 | ) | (0.19 | ) |  | (0.19 | ) | (0.19 | )
Expected FFO per share - diluted |  | $1.17 |  |  | $1.21 |  |  |  | $4.51 |  |  | $4.55 |

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
26

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 September 30, |  | Nine months ended September 30,
| 2015 | 2014 |  | 2015 | 2014
Net income attributable to common shareholders |  | $37,044 |  |  | $38,283 |  |  |  | $188,722 |  |  | $113,591 |
Less: Fee and asset management | (1,902 | ) | (2,131 | ) |  | (5,083 | ) | (7,301 | )
Less: Interest and other income | (107 | ) | (430 | ) |  | (308 | ) | (762 | )
Less: Income/(loss) on deferred compensation plans | 3,438 |  | 765 |  |  | 1,871 |  | (1,934 | )
Plus: Property management | 5,884 |  | 5,416 |  |  | 17,928 |  | 17,108 |
Plus: Fee and asset management | 1,227 |  | 1,240 |  |  | 3,424 |  | 3,746 |
Plus: General and administrative | 11,790 |  | 10,331 |  |  | 33,120 |  | 30,410 |
Plus: Interest | 23,265 |  | 22,967 |  |  | 72,288 |  | 68,846 |
Plus: Depreciation and amortization | 65,079 |  | 59,179 |  |  | 190,337 |  | 174,528 |
Plus: Amortization of deferred financing costs | 725 |  | 836 |  |  | 2,143 |  | 2,493 |
Plus: Expense/(benefit) on deferred compensation plans | (3,438 | ) | (765 | ) |  | (1,871 | ) | 1,934 |
Less: Gain on sale of operating properties, including land | — |  | (1,808 | ) |  | (85,192 | ) | (3,609 | )
Less: Impairment associated with land holdings | — |  | — |  |  | — |  | 1,152 |
Less: Equity in income of joint ventures | (1,574 | ) | (863 | ) |  | (4,487 | ) | (5,889 | )
Plus: Income tax expense | 498 |  | 353 |  |  | 1,334 |  | 1,228 |
Plus: Income allocated to non-controlling interests from continuing operations | 1,150 |  | 1,050 |  |  | 7,738 |  | 3,099 |
Net Operating Income (NOI) |  | $143,079 |  |  | $134,423 |  |  |  | $421,964 |  |  | $398,640 |
"Same Property" Communities |  | $130,695 |  |  | $123,929 |  |  |  | $386,416 |  |  | $367,863 |
Non-"Same Property" Communities | 7,982 |  | 3,919 |  |  | 25,442 |  | 11,425 |
Development and Lease-Up Communities | 2,943 |  | 269 |  |  | 5,610 |  | 297 |
Dispositions/Other | 1,459 |  | 6,306 |  |  | 4,496 |  | 19,055 |
Net Operating Income (NOI) |  | $143,079 |  |  | $134,423 |  |  |  | $421,964 |  |  | $398,640 |

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 September 30, |  | Nine months ended September 30,
| 2015 | 2014 |  | 2015 | 2014
Net income attributable to common shareholders |  | $37,044 |  |  | $38,283 |  |  |  | $188,722 |  |  | $113,591 |
Plus: Interest | 23,265 |  | 22,967 |  |  | 72,288 |  | 68,846 |
Plus: Amortization of deferred financing costs | 725 |  | 836 |  |  | 2,143 |  | 2,493 |
Plus: Depreciation and amortization | 65,079 |  | 59,179 |  |  | 190,337 |  | 174,528 |
Plus: Income allocated to non-controlling interests from continuing operations | 1,150 |  | 1,050 |  |  | 7,738 |  | 3,099 |
Plus: Income tax expense | 498 |  | 353 |  |  | 1,334 |  | 1,228 |
Less: Gain on sale of operating properties, including land | — |  | (1,808 | ) |  | (85,192 | ) | (3,609 | )
Less: Impairment associated with land holdings | — |  | — |  |  | — |  | 1,152 |
Less: Equity in income of joint ventures | (1,574 | ) | (863 | ) |  | (4,487 | ) | (5,889 | )
EBITDA |  | $126,187 |  |  | $119,997 |  |  |  | $372,883 |  |  | $355,439 |

27

CAMDEN |  | OTHER DATA

(Unaudited)

Stock Symbol: |  | CPT |  |  |  |  |
Exchange Traded: |  | NYSE |  |  |  |  |
Senior Unsecured Debt Ratings: |  |  | Rating | Outlook |  |  |
|  | Moody's | Baa1 | Positive |  |  |
|  | Fitch | BBB+ | Positive |  |  |
|  | Standard & Poor's | BBB+ | Stable |  |  |
Estimated Future Dates: |  |  | Q4 '15 | Q1 '16 | Q2 '16 | Q3 '16 |
Earnings Release & Conference Call |  |  | Late Jan | Late April | Late July | Late October |
Dividend Information - Common Shares: |  |  | Q1 '15 | Q2 '15 | Q3 '15 |  |
Declaration Date |  |  | 1/28/2015 | 6/15/2015 | 9/15/2015 |  |
Record Date |  |  | 3/31/2015 | 6/30/2015 | 9/30/2015 |  |
Payment Date |  |  | 4/17/2015 | 7/17/2015 | 10/16/2015 |  |
Distributions Per Share |  |  | $0.70 | $0.70 | $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 |

28

CAMDEN |  | COMMUNITY TABLE
|  | Community statistics as of 9/30/2015

(Unaudited) |  |  |  |  |  |  | 3Q15 Avg Monthly | 3Q15 Avg Monthly
|  |  | Year Placed | Average | Apartment | 3Q15 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% |  | $1,052 |  |  | $1.34 |  |  | $1,317 |  |  | $1.68 |
Camden Foothills | Scottsdale | AZ | 2014 | 1,032 |  | 220 |  | 94% | 1,400 |  | 1.36 |  | 1,553 |  | 1.51 |
Camden Hayden (1) | Tempe | AZ | 2015 | 1,043 |  | 234 |  | Lease-Up | 1,418 |  | 1.36 |  | 1,500 |  | 1.44 |
Camden Legacy | Scottsdale | AZ | 1996 | 1,067 |  | 428 |  | 95% | 1,100 |  | 1.03 |  | 1,343 |  | 1.26 |
Camden Montierra | Scottsdale | AZ | 1999 | 1,071 |  | 249 |  | 96% | 1,237 |  | 1.15 |  | 1,428 |  | 1.33 |
Camden Pecos Ranch | Chandler | AZ | 2001 | 924 |  | 272 |  | 97% | 960 |  | 1.04 |  | 1,191 |  | 1.29 |
Camden San Marcos | Scottsdale | AZ | 1995 | 984 |  | 320 |  | 95% | 1,100 |  | 1.12 |  | 1,254 |  | 1.27 |
Camden San Paloma | Scottsdale | AZ | 1993/1994 | 1,042 |  | 324 |  | 96% | 1,110 |  | 1.07 |  | 1,349 |  | 1.30 |
Camden Sotelo | Tempe | AZ | 2008/2012 | 1,303 |  | 170 |  | 95% | 1,447 |  | 1.11 |  | 1,643 |  | 1.26 |
TOTAL ARIZONA | 9 |  | Properties | 1,009 |  | 2,549 |  | 96% | 1,172 |  | 1.16 |  | 1,372 |  | 1.36 |
Camden Crown Valley | Mission Viejo | CA | 2001 | 1,009 |  | 380 |  | 95% | 1,869 |  | 1.85 |  | 2,087 |  | 2.07 |
Camden Glendale (1) | Glendale | CA | 2015 | 882 |  | 303 |  | Lease-Up | 2,329 |  | 2.64 |  | 2,424 |  | 2.75 |
Camden Harbor View | Long Beach | CA | 2004 | 975 |  | 538 |  | 97% | 2,301 |  | 2.36 |  | 2,544 |  | 2.61 |
Camden Main and Jamboree | Irvine | CA | 2008 | 1,011 |  | 290 |  | 97% | 1,976 |  | 1.96 |  | 2,172 |  | 2.15 |
Camden Martinique | Costa Mesa | CA | 1986 | 794 |  | 714 |  | 94% | 1,595 |  | 2.01 |  | 1,782 |  | 2.24 |
Camden Parkside | Fullerton | CA | 1972 | 836 |  | 421 |  | 96% | 1,433 |  | 1.71 |  | 1,583 |  | 1.89 |
Camden Sea Palms | Costa Mesa | CA | 1990 | 891 |  | 138 |  | 96% | 1,772 |  | 1.99 |  | 1,943 |  | 2.18 |
Total Los Angeles/Orange County | 7 |  | Properties | 904 |  | 2,784 |  | 96% | 1,873 |  | 2.08 |  | 2,033 |  | 2.25 |
Camden Landmark | Ontario | CA | 2006 | 982 |  | 469 |  | 96% | 1,437 |  | 1.46 |  | 1,523 |  | 1.55 |
Camden Old Creek | San Marcos | CA | 2007 | 1,037 |  | 350 |  | 97% | 1,829 |  | 1.76 |  | 2,044 |  | 1.97 |
Camden Sierra at Otay Ranch | Chula Vista | CA | 2003 | 962 |  | 422 |  | 96% | 1,726 |  | 1.79 |  | 1,947 |  | 2.02 |
Camden Tuscany | San Diego | CA | 2003 | 896 |  | 160 |  | 95% | 2,364 |  | 2.64 |  | 2,591 |  | 2.89 |
Camden Vineyards | Murrieta | CA | 2002 | 1,053 |  | 264 |  | 97% | 1,405 |  | 1.34 |  | 1,618 |  | 1.54 |
Total San Diego/Inland Empire | 5 |  | Properties | 991 |  | 1,665 |  | 96% | 1,677 |  | 1.69 |  | 1,861 |  | 1.88 |
TOTAL CALIFORNIA | 12 |  | Properties | 935 |  | 4,449 |  | 96% | 1,800 |  | 1.92 |  | 1,876 |  | 2.01 |
Camden Belleview Station | Denver | CO | 2009 | 888 |  | 270 |  | 96% | 1,343 |  | 1.52 |  | 1,448 |  | 1.63 |
Camden Caley | Englewood | CO | 2000 | 925 |  | 218 |  | 97% | 1,284 |  | 1.39 |  | 1,487 |  | 1.61 |
Camden Denver West | Golden | CO | 1997 | 1,015 |  | 320 |  | 96% | 1,507 |  | 1.48 |  | 1,716 |  | 1.69 |
Camden Flatirons (1) | Denver | CO | 2015 | 960 |  | 424 |  | Lease-Up | 1,450 |  | 1.51 |  | 1,643 |  | 1.71 |
Camden Highlands Ridge | Highlands Ranch | CO | 1996 | 1,149 |  | 342 |  | 97% | 1,545 |  | 1.35 |  | 1,756 |  | 1.53 |
Camden Interlocken | Broomfield | CO | 1999 | 1,010 |  | 340 |  | 98% | 1,424 |  | 1.41 |  | 1,622 |  | 1.61 |
Camden Lakeway | Littleton | CO | 1997 | 932 |  | 451 |  | 96% | 1,336 |  | 1.43 |  | 1,553 |  | 1.67 |
TOTAL COLORADO | 7 |  | Properties | 985 |  | 2,365 |  | 97% | 1,419 |  | 1.44 |  | 1,610 |  | 1.63 |
Camden Ashburn Farm | Ashburn | VA | 2000 | 1,062 |  | 162 |  | 98% | 1,526 |  | 1.44 |  | 1,750 |  | 1.65 |
Camden Clearbrook | Frederick | MD | 2007 | 1,048 |  | 297 |  | 96% | 1,396 |  | 1.33 |  | 1,623 |  | 1.55 |
Camden College Park | College Park | MD | 2008 | 942 |  | 508 |  | 95% | 1,542 |  | 1.64 |  | 1,768 |  | 1.88 |
Camden Dulles Station | Oak Hill | VA | 2009 | 978 |  | 382 |  | 96% | 1,632 |  | 1.67 |  | 1,891 |  | 1.93 |
Camden Fair Lakes | Fairfax | VA | 1999 | 1,056 |  | 530 |  | 97% | 1,694 |  | 1.60 |  | 1,949 |  | 1.85 |
Camden Fairfax Corner | Fairfax | VA | 2006 | 934 |  | 489 |  | 96% | 1,746 |  | 1.87 |  | 1,978 |  | 2.12 |
Camden Fallsgrove | Rockville | MD | 2004 | 996 |  | 268 |  | 96% | 1,752 |  | 1.76 |  | 1,941 |  | 1.95 |
Camden Grand Parc | Washington | DC | 2002 | 674 |  | 105 |  | 98% | 2,376 |  | 3.54 |  | 2,643 |  | 3.93 |
Camden Lansdowne | Leesburg | VA | 2002 | 1,006 |  | 690 |  | 97% | 1,476 |  | 1.47 |  | 1,683 |  | 1.67 |
Camden Largo Town Center | Largo | MD | 2000/2007 | 1,027 |  | 245 |  | 96% | 1,596 |  | 1.55 |  | 1,781 |  | 1.73 |
Camden Monument Place | Fairfax | VA | 2007 | 856 |  | 368 |  | 97% | 1,525 |  | 1.78 |  | 1,745 |  | 2.04 |
Camden NoMa | Washington | DC | 2014 | 770 |  | 321 |  | 94% | 2,131 |  | 2.77 |  | 2,432 |  | 3.16 |
Camden Potomac Yard | Arlington | VA | 2008 | 835 |  | 378 |  | 98% | 1,988 |  | 2.38 |  | 2,211 |  | 2.65 |
Camden Roosevelt | Washington | DC | 2003 | 856 |  | 198 |  | 96% | 2,601 |  | 3.04 |  | 2,907 |  | 3.40 |
Camden Russett | Laurel | MD | 2000 | 992 |  | 426 |  | 96% | 1,461 |  | 1.47 |  | 1,647 |  | 1.66 |
Camden Silo Creek | Ashburn | VA | 2004 | 975 |  | 284 |  | 98% | 1,487 |  | 1.53 |  | 1,696 |  | 1.74 |
Camden South Capitol (2) | Washington | DC | 2013 | 821 |  | 276 |  | 95% | 2,095 |  | 2.55 |  | 2,443 |  | 2.97 |
Camden Summerfield | Landover | MD | 2008 | 957 |  | 291 |  | 96% | 1,634 |  | 1.71 |  | 1,788 |  | 1.87 |
Camden Summerfield II | Landover | MD | 2012 | 936 |  | 187 |  | 94% | 1,650 |  | 1.77 |  | 1,787 |  | 1.91 |
TOTAL DC METRO | 19 |  | Properties | 946 |  | 6,405 |  | 96% | 1,697 |  | 1.79 |  | 1,924 |  | 2.03 |
Camden Aventura | Aventura | FL | 1995 | 1,108 |  | 379 |  | 96% | 1,876 |  | 1.69 |  | 2,153 |  | 1.94 |
Camden Boca Raton | Boca Raton | FL | 2014 | 843 |  | 261 |  | 96% | 1,880 |  | 2.23 |  | 2,084 |  | 2.47 |
Camden Brickell | Miami | FL | 2003 | 937 |  | 405 |  | 97% | 2,000 |  | 2.13 |  | 2,165 |  | 2.31 |
Camden Doral | Miami | FL | 1999 | 1,120 |  | 260 |  | 97% | 1,815 |  | 1.62 |  | 2,023 |  | 1.81 |
Camden Doral Villas | Miami | FL | 2000 | 1,253 |  | 232 |  | 97% | 1,900 |  | 1.52 |  | 2,109 |  | 1.68 |
Camden Las Olas | Ft. Lauderdale | FL | 2004 | 1,043 |  | 420 |  | 97% | 1,969 |  | 1.89 |  | 2,183 |  | 2.09 |
Camden Plantation | Plantation | FL | 1997 | 1,201 |  | 502 |  | 97% | 1,512 |  | 1.26 |  | 1,719 |  | 1.43 |
Camden Portofino | Pembroke Pines | FL | 1995 | 1,112 |  | 322 |  | 98% | 1,512 |  | 1.36 |  | 1,763 |  | 1.59 |
Total Southeast Florida | 8 |  | Properties | 1,079 |  | 2,781 |  | 97% |  | $1,797 |  |  | $1.67 |  |  | $2,013 |  |  | $1.87 |

29

CAMDEN |  | COMMUNITY TABLE
|  | Community statistics as of 9/30/2015

(Unaudited) |  |  |  |  |  |  | 3Q15 Avg Monthly | 3Q15 Avg Monthly
|  |  | Year Placed | Average | Apartment | 3Q15 Avg | Rental Rates per | Revenue per Occupied
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft.
Camden Hunter's Creek | Orlando | FL | 2000 | 1,075 |  | 270 |  | 98% |  | $1,197 |  |  | $1.11 |  |  | $1,387 |  |  | $1.29 |
Camden Lago Vista | Orlando | FL | 2005 | 955 |  | 366 |  | 97% | 1,042 |  | 1.09 |  | 1,252 |  | 1.31 |
Camden LaVina | Orlando | FL | 2012 | 970 |  | 420 |  | 95% | 1,128 |  | 1.16 |  | 1,344 |  | 1.39 |
Camden Lee Vista | Orlando | FL | 2000 | 937 |  | 492 |  | 97% | 1,009 |  | 1.08 |  | 1,212 |  | 1.29 |
Camden Orange Court | Orlando | FL | 2008 | 817 |  | 268 |  | 96% | 1,240 |  | 1.52 |  | 1,455 |  | 1.78 |
Camden Renaissance | Altamonte Springs | FL | 1996/1998 | 899 |  | 578 |  | 96% | 924 |  | 1.03 |  | 1,096 |  | 1.22 |
Camden Town Square | Orlando | FL | 2012 | 986 |  | 438 |  | 97% | 1,187 |  | 1.21 |  | 1,400 |  | 1.42 |
Camden Waterford Lakes (2) | Orlando | FL | 2013 | 971 |  | 300 |  | 96% | 1,255 |  | 1.29 |  | 1,492 |  | 1.54 |
Camden World Gateway | Orlando | FL | 2000 | 979 |  | 408 |  | 96% | 1,121 |  | 1.14 |  | 1,303 |  | 1.33 |
Total Orlando | 9 |  | Properties | 951 |  | 3,540 |  | 96% | 1,100 |  | 1.16 |  | 1,302 |  | 1.37 |
Camden Bay | Tampa | FL | 1997/2001 | 943 |  | 760 |  | 96% | 1,006 |  | 1.07 |  | 1,239 |  | 1.31 |
Camden Lakes | St. Petersburg | FL | 1982/1983 | 732 |  | 688 |  | 96% | 841 |  | 1.15 |  | 1,045 |  | 1.43 |
Camden Montague | Tampa | FL | 2012 | 975 |  | 192 |  | 96% | 1,171 |  | 1.20 |  | 1,410 |  | 1.45 |
Camden Preserve | Tampa | FL | 1996 | 942 |  | 276 |  | 96% | 1,238 |  | 1.31 |  | 1,456 |  | 1.55 |
Camden Providence Lakes (3) | Brandon | FL | 1996 | 1,024 |  | 260 |  | 96% | 993 |  | 0.97 |  | 1,239 |  | 1.21 |
Camden Royal Palms | Brandon | FL | 2006 | 1,017 |  | 352 |  | 96% | 1,070 |  | 1.05 |  | 1,306 |  | 1.28 |
Camden Visconti (2) | Tampa | FL | 2007 | 1,125 |  | 450 |  | 97% | 1,198 |  | 1.06 |  | 1,422 |  | 1.26 |
Camden Westchase Park | Tampa | FL | 2012 | 993 |  | 348 |  | 96% | 1,304 |  | 1.31 |  | 1,565 |  | 1.58 |
Camden Westshore | Tampa | FL | 1986 | 728 |  | 278 |  | 96% | 980 |  | 1.35 |  | 1,178 |  | 1.62 |
Camden Woods | Tampa | FL | 1986 | 1,223 |  | 444 |  | 96% | 975 |  | 0.80 |  | 1,184 |  | 0.97 |
Total Tampa | 10 | Properties | 961 |  | 4,048 |  | 96% | 1,048 |  | 1.09 |  | 1,273 |  | 1.33 |
TOTAL FLORIDA | 27 |  | Properties | 989 |  | 10,369 |  | 96% | 1,267 |  | 1.28 |  | 1,483 |  | 1.50 |
Camden Brookwood | Atlanta | GA | 2002 | 912 |  | 359 |  | 96% | 1,250 |  | 1.36 |  | 1,450 |  | 1.58 |
Camden Creekstone | Atlanta | GA | 2002 | 990 |  | 223 |  | 96% | 1,132 |  | 1.14 |  | 1,262 |  | 1.27 |
Camden Deerfield | Alpharetta | GA | 2000 | 1,187 |  | 292 |  | 95% | 1,292 |  | 1.09 |  | 1,495 |  | 1.26 |
Camden Dunwoody | Atlanta | GA | 1997 | 1,007 |  | 324 |  | 97% | 1,169 |  | 1.16 |  | 1,394 |  | 1.38 |
Camden Fourth Ward | Atlanta | GA | 2014 | 847 |  | 276 |  | 96% | 1,561 |  | 1.84 |  | 1,755 |  | 2.07 |
Camden Midtown Atlanta | Atlanta | GA | 2001 | 935 |  | 296 |  | 95% | 1,300 |  | 1.39 |  | 1,481 |  | 1.58 |
Camden Peachtree City | Peachtree City | GA | 2001 | 1,027 |  | 399 |  | 95% | 1,162 |  | 1.13 |  | 1,421 |  | 1.38 |
Camden Phipps (2) | Atlanta | GA | 1996 | 1,018 |  | 234 |  | 96% | 1,480 |  | 1.46 |  | 1,690 |  | 1.66 |
Camden Shiloh | Kennesaw | GA | 1999/2002 | 1,143 |  | 232 |  | 97% | 1,130 |  | 0.99 |  | 1,346 |  | 1.18 |
Camden St. Clair | Atlanta | GA | 1997 | 999 |  | 336 |  | 96% | 1,205 |  | 1.21 |  | 1,423 |  | 1.42 |
Camden Stockbridge | Stockbridge | GA | 2003 | 1,009 |  | 304 |  | 96% | 871 |  | 0.86 |  | 1,069 |  | 1.06 |
Camden Vantage | Atlanta | GA | 2010 | 901 |  | 592 |  | 97% | 1,250 |  | 1.39 |  | 1,416 |  | 1.57 |
TOTAL GEORGIA | 12 | Properties | 988 |  | 3,867 |  | 96% | 1,230 |  | 1.24 |  | 1,429 |  | 1.45 |
Camden Bel Air | Las Vegas | NV | 1988/1995 | 943 |  | 528 |  | 94% | 776 |  | 0.82 |  | 950 |  | 1.01 |
Camden Breeze | Las Vegas | NV | 1989 | 846 |  | 320 |  | 95% | 796 |  | 0.94 |  | 960 |  | 1.13 |
Camden Canyon | Las Vegas | NV | 1995 | 987 |  | 200 |  | 96% | 951 |  | 0.96 |  | 1,159 |  | 1.17 |
Camden Commons | Henderson | NV | 1988 | 936 |  | 376 |  | 95% | 825 |  | 0.88 |  | 1,022 |  | 1.09 |
Camden Cove | Las Vegas | NV | 1990 | 898 |  | 124 |  | 96% | 768 |  | 0.86 |  | 930 |  | 1.04 |
Camden Del Mar | Las Vegas | NV | 1995 | 986 |  | 560 |  | 96% | 1,008 |  | 1.02 |  | 1,204 |  | 1.22 |
Camden Fairways | Henderson | NV | 1989 | 896 |  | 320 |  | 95% | 946 |  | 1.06 |  | 1,151 |  | 1.29 |
Camden Hills | Las Vegas | NV | 1991 | 439 |  | 184 |  | 95% | 547 |  | 1.25 |  | 712 |  | 1.62 |
Camden Legends | Henderson | NV | 1994 | 792 |  | 113 |  | 97% | 861 |  | 1.09 |  | 1,011 |  | 1.28 |
Camden Palisades | Las Vegas | NV | 1991 | 905 |  | 624 |  | 95% | 766 |  | 0.85 |  | 936 |  | 1.04 |
Camden Pines | Las Vegas | NV | 1997 | 982 |  | 315 |  | 95% | 880 |  | 0.90 |  | 1,069 |  | 1.09 |
Camden Pointe | Las Vegas | NV | 1996 | 983 |  | 252 |  | 96% | 782 |  | 0.80 |  | 932 |  | 0.95 |
Camden Summit | Henderson | NV | 1995 | 1,187 |  | 234 |  | 96% | 1,163 |  | 0.98 |  | 1,376 |  | 1.16 |
Camden Tiara | Las Vegas | NV | 1996 | 1,043 |  | 400 |  | 96% | 933 |  | 0.89 |  | 1,117 |  | 1.07 |
Camden Vintage | Las Vegas | NV | 1994 | 978 |  | 368 |  | 95% | 757 |  | 0.77 |  | 934 |  | 0.95 |
TOTAL NEVADA | 15 | Properties | 938 |  | 4,918 |  | 95% | 854 |  | 0.91 |  | 1,036 |  | 1.10 |
Camden Ballantyne | Charlotte | NC | 1998 | 1,045 |  | 400 |  | 98% | 1,197 |  | 1.14 |  | 1,414 |  | 1.35 |
Camden Cotton Mills | Charlotte | NC | 2002 | 905 |  | 180 |  | 97% | 1,454 |  | 1.61 |  | 1,661 |  | 1.84 |
Camden Dilworth | Charlotte | NC | 2006 | 857 |  | 145 |  | 98% | 1,396 |  | 1.63 |  | 1,602 |  | 1.87 |
Camden Fairview | Charlotte | NC | 1983 | 1,036 |  | 135 |  | 97% | 1,118 |  | 1.08 |  | 1,330 |  | 1.28 |
Camden Foxcroft | Charlotte | NC | 1979 | 940 |  | 156 |  | 95% | 961 |  | 1.02 |  | 1,160 |  | 1.23 |
Camden Grandview | Charlotte | NC | 2000 | 1,057 |  | 266 |  | 96% | 1,602 |  | 1.51 |  | 1,774 |  | 1.67 |
Camden Sedgebrook | Charlotte | NC | 1999 | 972 |  | 368 |  | 97% | 1,035 |  | 1.06 |  | 1,250 |  | 1.29 |
Camden Simsbury | Charlotte | NC | 1985 | 874 |  | 100 |  | 97% | 1,095 |  | 1.25 |  | 1,292 |  | 1.48 |
Camden South End Square | Charlotte | NC | 2003 | 882 |  | 299 |  | 96% | 1,342 |  | 1.52 |  | 1,556 |  | 1.76 |
Camden Stonecrest | Charlotte | NC | 2001 | 1,098 |  | 306 |  | 99% | 1,252 |  | 1.14 |  | 1,454 |  | 1.32 |
Camden Touchstone | Charlotte | NC | 1986 | 899 |  | 132 |  | 98% | 933 |  | 1.04 |  | 1,121 |  | 1.25 |
Total Charlotte | 11 | Properties | 980 |  | 2,487 |  | 97% |  | $1,234 |  |  | $1.26 |  |  | $1,438 |  |  | $1.47 |

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CAMDEN |  | COMMUNITY TABLE
|  | Community statistics as of 9/30/2015

(Unaudited) |  |  |  |  |  |  | 3Q15 Avg Monthly | 3Q15 Avg Monthly
|  |  | Year Placed | Average | Apartment | 3Q15 Avg | Rental Rates per | Revenue per Occupied
Community Name | City | State | In Service | Size | Homes | Occupancy | Home | Sq. Ft. | Home | Sq. Ft.
Camden Asbury Village (2) | Raleigh | NC | 2009 | 1,009 |  | 350 |  | 97% |  | $1,091 |  |  | $1.08 |  |  | $1,199 |  |  | $1.19 |
Camden Crest | Raleigh | NC | 2001 | 1,013 |  | 438 |  | 95% | 942 |  | 0.93 |  | 1,133 |  | 1.12 |
Camden Governor's Village | Chapel Hill | NC | 1999 | 1,046 |  | 242 |  | 95% | 971 |  | 0.93 |  | 1,215 |  | 1.16 |
Camden Lake Pine | Apex | NC | 1999 | 1,066 |  | 446 |  | 96% | 1,010 |  | 0.95 |  | 1,229 |  | 1.15 |
Camden Manor Park | Raleigh | NC | 2006 | 966 |  | 484 |  | 96% | 1,000 |  | 1.03 |  | 1,184 |  | 1.23 |
Camden Overlook | Raleigh | NC | 2001 | 1,060 |  | 320 |  | 97% | 1,128 |  | 1.06 |  | 1,334 |  | 1.26 |
Camden Reunion Park | Apex | NC | 2000/2004 | 972 |  | 420 |  | 95% | 886 |  | 0.91 |  | 1,072 |  | 1.10 |
Camden Westwood | Morrisville | NC | 1999 | 1,027 |  | 354 |  | 96% | 946 |  | 0.92 |  | 1,150 |  | 1.12 |
Total Raleigh | 8 | Properties | 1,016 |  | 3,054 |  | 96% | 993 |  | 0.98 |  | 1,184 |  | 1.17 |
TOTAL NORTH CAROLINA | 19 | Properties | 1,000 |  | 5,541 |  | 96% | 1,101 |  | 1.10 |  | 1,299 |  | 1.30 |
Camden Amber Oaks (2) | Austin | TX | 2009 | 862 |  | 348 |  | 96% | 994 |  | 1.15 |  | 1,242 |  | 1.44 |
Camden Amber Oaks II (2) | Austin | TX | 2012 | 910 |  | 244 |  | 96% | 1,092 |  | 1.20 |  | 1,360 |  | 1.49 |
Camden Brushy Creek (2) | Cedar Park | TX | 2008 | 882 |  | 272 |  | 97% | 1,042 |  | 1.18 |  | 1,187 |  | 1.35 |
Camden Cedar Hills | Austin | TX | 2008 | 911 |  | 208 |  | 97% | 1,177 |  | 1.29 |  | 1,410 |  | 1.55 |
Camden Gaines Ranch | Austin | TX | 1997 | 955 |  | 390 |  | 96% | 1,309 |  | 1.37 |  | 1,543 |  | 1.62 |
Camden Huntingdon | Austin | TX | 1995 | 903 |  | 398 |  | 96% | 1,029 |  | 1.14 |  | 1,259 |  | 1.39 |
Camden La Frontera | Austin | TX | 2015 | 901 |  | 300 |  | 96% | 1,115 |  | 1.24 |  | 1,326 |  | 1.47 |
Camden Lamar Heights | Austin | TX | 2015 | 838 |  | 314 |  | 98% | 1,323 |  | 1.58 |  | 1,484 |  | 1.77 |
Camden Shadow Brook (2) | Austin | TX | 2009 | 909 |  | 496 |  | 96% | 1,084 |  | 1.19 |  | 1,237 |  | 1.36 |
Camden Stoneleigh | Austin | TX | 2001 | 908 |  | 390 |  | 97% | 1,179 |  | 1.30 |  | 1,379 |  | 1.52 |
Total Austin | 10 |  | Properties | 899 |  | 3,360 |  | 96% | 1,133 |  | 1.26 |  | 1,339 |  | 1.49 |
Camden Breakers | Corpus Christi | TX | 1996 | 868 |  | 288 |  | 96% | 1,165 |  | 1.34 |  | 1,418 |  | 1.63 |
Camden Copper Ridge | Corpus Christi | TX | 1986 | 775 |  | 344 |  | 94% | 885 |  | 1.14 |  | 1,106 |  | 1.43 |
Camden Miramar (4) | Corpus Christi | TX | 1994-2014 | 494 |  | 1,005 |  | 51% | 1,126 |  | 2.28 |  | 1,270 |  | 2.57 |
Camden South Bay (2) | Corpus Christi | TX | 2007 | 1,055 |  | 270 |  | 97% | 1,260 |  | 1.19 |  | 1,477 |  | 1.40 |
Total Corpus Christi | 4 |  | Properties | 681 |  | 1,907 |  | 95% | 1,108 |  | 1.63 |  | 1,301 |  | 1.91 |
Camden Addison | Addison | TX | 1996 | 942 |  | 456 |  | 96% | 1,063 |  | 1.13 |  | 1,237 |  | 1.31 |
Camden Belmont | Dallas | TX | 2010/2012 | 945 |  | 477 |  | 96% | 1,393 |  | 1.47 |  | 1,539 |  | 1.63 |
Camden Buckingham | Richardson | TX | 1997 | 919 |  | 464 |  | 97% | 1,100 |  | 1.20 |  | 1,308 |  | 1.42 |
Camden Centreport | Ft. Worth | TX | 1997 | 911 |  | 268 |  | 97% | 1,015 |  | 1.11 |  | 1,212 |  | 1.33 |
Camden Cimarron | Irving | TX | 1992 | 772 |  | 286 |  | 97% | 1,053 |  | 1.37 |  | 1,230 |  | 1.59 |
Camden Design District (2) | Dallas | TX | 2009 | 939 |  | 355 |  | 97% | 1,314 |  | 1.40 |  | 1,422 |  | 1.52 |
Camden Farmers Market | Dallas | TX | 2001/2005 | 932 |  | 904 |  | 95% | 1,207 |  | 1.29 |  | 1,369 |  | 1.47 |
Camden Henderson | Dallas | TX | 2012 | 967 |  | 106 |  | 96% | 1,506 |  | 1.56 |  | 1,684 |  | 1.74 |
Camden Legacy Creek | Plano | TX | 1995 | 831 |  | 240 |  | 97% | 1,116 |  | 1.34 |  | 1,316 |  | 1.58 |
Camden Legacy Park | Plano | TX | 1996 | 871 |  | 276 |  | 97% | 1,124 |  | 1.29 |  | 1,321 |  | 1.52 |
Camden Panther Creek (2) | Frisco | TX | 2009 | 946 |  | 295 |  | 97% | 1,119 |  | 1.18 |  | 1,287 |  | 1.36 |
Camden Riverwalk (2) | Grapevine | TX | 2008 | 982 |  | 600 |  | 95% | 1,332 |  | 1.36 |  | 1,471 |  | 1.50 |
Camden Valley Park | Irving | TX | 1986 | 743 |  | 516 |  | 97% | 965 |  | 1.30 |  | 1,139 |  | 1.53 |
Total Dallas/Ft. Worth | 13 |  | Properties | 905 |  | 5,243 |  | 96% | 1,174 |  | 1.30 |  | 1,341 |  | 1.48 |
Camden City Centre | Houston | TX | 2007 | 932 |  | 379 |  | 96% | 1,660 |  | 1.78 |  | 1,849 |  | 1.98 |
Camden City Centre II | Houston | TX | 2013 | 868 |  | 268 |  | 97% | 1,727 |  | 1.99 |  | 1,935 |  | 2.23 |
Camden Cypress Creek (2) | Cypress | TX | 2009 | 993 |  | 310 |  | 97% | 1,263 |  | 1.27 |  | 1,401 |  | 1.41 |
Camden Downs at Cinco Ranch (2) | Katy | TX | 2004 | 1,075 |  | 318 |  | 95% | 1,286 |  | 1.20 |  | 1,418 |  | 1.32 |
Camden Grand Harbor (2) | Katy | TX | 2008 | 959 |  | 300 |  | 95% | 1,186 |  | 1.24 |  | 1,358 |  | 1.42 |
Camden Greenway | Houston | TX | 1999 | 861 |  | 756 |  | 96% | 1,425 |  | 1.66 |  | 1,634 |  | 1.90 |
Camden Heights (2) | Houston | TX | 2004 | 927 |  | 352 |  | 96% | 1,561 |  | 1.68 |  | 1,703 |  | 1.84 |
Camden Holly Springs | Houston | TX | 1999 | 934 |  | 548 |  | 94% | 1,255 |  | 1.34 |  | 1,428 |  | 1.53 |
Camden Midtown | Houston | TX | 1999 | 844 |  | 337 |  | 96% | 1,712 |  | 2.03 |  | 1,918 |  | 2.27 |
Camden Northpointe (2) | Tomball | TX | 2008 | 940 |  | 384 |  | 96% | 1,103 |  | 1.17 |  | 1,268 |  | 1.35 |
Camden Oak Crest | Houston | TX | 2003 | 870 |  | 364 |  | 96% | 1,119 |  | 1.29 |  | 1,301 |  | 1.50 |
Camden Park | Houston | TX | 1995 | 866 |  | 288 |  | 95% | 1,107 |  | 1.28 |  | 1,276 |  | 1.47 |
Camden Plaza | Houston | TX | 2007 | 915 |  | 271 |  | 97% | 1,576 |  | 1.72 |  | 1,749 |  | 1.91 |
Camden Post Oak | Houston | TX | 2003 | 1,200 |  | 356 |  | 92% | 2,574 |  | 2.15 |  | 2,696 |  | 2.25 |
Camden Royal Oaks | Houston | TX | 2006 | 923 |  | 236 |  | 99% | 1,285 |  | 1.39 |  | 1,351 |  | 1.46 |
Camden Royal Oaks II | Houston | TX | 2012 | 1,054 |  | 104 |  | 97% | 1,500 |  | 1.42 |  | 1,578 |  | 1.50 |
Camden Spring Creek (2) | Spring | TX | 2004 | 1,080 |  | 304 |  | 96% | 1,247 |  | 1.16 |  | 1,359 |  | 1.26 |
Camden Stonebridge | Houston | TX | 1993 | 845 |  | 204 |  | 95% | 1,112 |  | 1.32 |  | 1,279 |  | 1.51 |
Camden Sugar Grove | Stafford | TX | 1997 | 921 |  | 380 |  | 95% | 1,137 |  | 1.23 |  | 1,301 |  | 1.41 |
Camden Travis Street | Houston | TX | 2010 | 819 |  | 253 |  | 96% | 1,615 |  | 1.97 |  | 1,845 |  | 2.25 |
Camden Vanderbilt | Houston | TX | 1996/1997 | 863 |  | 894 |  | 96% | 1,469 |  | 1.70 |  | 1,663 |  | 1.93 |
Camden Whispering Oaks | Houston | TX | 2008 | 934 |  | 274 |  | 95% | 1,276 |  | 1.36 |  | 1,444 |  | 1.54 |
Camden Woodson Park (2) | Houston | TX | 2008 | 916 |  | 248 |  | 97% | 1,181 |  | 1.29 |  | 1,330 |  | 1.45 |
Camden Yorktown (2) | Houston | TX | 2008 | 995 |  | 306 |  | 94% | 1,201 |  | 1.21 |  | 1,380 |  | 1.39 |
Total Houston | 24 |  | Properties | 930 |  | 8,434 |  | 96% | 1,407 |  | 1.51 |  | 1,574 |  | 1.69 |
TOTAL TEXAS | 51 |  | Properties | 892 |  | 18,944 |  | 96% | 1,264 |  | 1.42 |  | 1,444 |  | 1.62 |
TOTAL PROPERTIES | 171 |  | Properties | 947 |  | 59,407 |  | 96% |  | $1,302 |  |  | $1.37 |  |  | $1,489 |  |  | $1.57 |

(1) Completed communities in lease-up as of September 30, 2015 are excluded from total occupancy numbers.
(2) Communities owned through investment in joint venture.
(3) Camden Providence Lakes sold subsequent to quarter end.
(4) Miramar is a student housing community which is excluded from total occupancy numbers.
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