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

Attached files

file	filename
8-K - 8-K - CAMDEN PROPERTY TRUST	a8kq315.htm
EX-99.1 - EXHIBIT 99.1 - CAMDEN PROPERTY TRUST	exhibit991earningsreleaseq.htm




CAMDEN		TABLE OF CONTENTS



	Page
Press Release Text	3
Financial Highlights	6
Operating Results	7
Funds from Operations	8
Balance Sheets	9
Portfolio Statistics	10
Components of Property Net Operating Income	11
"Same Property" 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.

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 2016 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.

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.

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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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

Construction

Initial

Construction

Stabilized

As of 10/28/2015

Homes

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

Camden Hayden

234

$44.2

3Q13

4Q14

2Q15

4Q15

88%

Tempe, AZ

Camden Flatirons

424

79.2

3Q12

2Q14

3Q15

2Q16

81%

83%

Denver, CO

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

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

Camden Paces

379

$117.0

$115.4

$9.1

4Q12

2Q14

4Q15

3Q16

67%

Atlanta, GA

Camden Chandler

380

73.0

64.9

3.5

1Q14

1Q15

1Q16

4Q16

67%

53%

Chandler, AZ

Camden Gallery

323

58.0

46.0

45.9

3Q13

1Q16

3Q16

1Q17

Charlotte, NC

Camden Victory Park

423

82.0

57.8

4Q13

1Q16

3Q16

1Q18

Dallas, TX

The Camden

287

145.0

98.7

4Q13

2Q16

4Q16

2Q17

Los Angeles, CA

Camden Lincoln Station

267

56.0

13.8

4Q14

4Q16

2Q17

1Q18

Denver, CO

Camden NoMa II

405

115.0

39.1

1Q15

2Q17

4Q17

4Q19

Washington, DC

Camden Shady Grove

457

116.0

45.9

2Q15

1Q17

1Q18

4Q19

Rockville, MD

Camden McGowen Station

315

90.0

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

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

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.




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.




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.

(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.




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.




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.




CAMDEN		DEBT MATURITY ANALYSIS
		(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2015 AND 2016:



			Future Scheduled Repayments						Weighted Average Interest on Maturing Debt
Quarter	Amortization		Secured Maturities		Unsecured Maturities		Total		Weighted Average Interest on Maturing Debt
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	%




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.




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

(b) Includes all available extension options.




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

(Unaudited)

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



	Future Scheduled Repayments						Weighted Average Interest on Maturing Debt
Quarter ^(a)	Amortization		Secured Maturities		Total		Weighted Average Interest on Maturing Debt
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.




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.

(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.




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.




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




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




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




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




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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