Camden Property Trust (CPT) 8-K 6.1% Dividend Increase and 2015 Financial Outlook

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" Fourth 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	16
Current Development Communities	17
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
2015 Financial Outlook	26
Non-GAAP Financial Measures - Definitions & Reconciliations	27
Other Data	29
Community Table	30

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 2014 OPERATING RESULTS,

6.1% DIVIDEND INCREASE AND 2015 FINANCIAL OUTLOOK

Houston, TEXAS (January 28, 2015) - Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2014.

Funds from Operations (“FFO”)

FFO for the fourth quarter of 2014 totaled $0.99 per diluted share or $90.3 million, as compared to $1.08 per diluted share or $96.9 million for the same period in 2013. FFO for the three months ended December 31, 2014 included a $10.0 million or $0.11 per diluted share charge related to incentive compensation paid as a result of joint venture restructuring [see press release dated December 29, 2014 for additional information].

FFO for the twelve months ended December 31, 2014 totaled $4.18 per diluted share or $378.0 million, as compared to $4.11 per diluted share or $368.3 million for the same period in 2013. FFO for the twelve months ended December 31, 2014 included: a $10.0 million or $0.11 per diluted share charge related to incentive compensation paid as a result of joint venture restructuring, and a $2.5 million or $0.03 per diluted share net gain on sale of land holdings. FFO for the twelve months ended December 31, 2013 included: a $5.1 million or $0.06 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.

Net Income Attributable to Common Shareholders

For the three months ended December 31, 2014, the Company reported Net Income Attributable to Common Shareholders of $178.5 million and Earnings per Share - diluted ("EPS") of $1.98, as compared to EPS of $1.46 for the same period in 2013. EPS for the three months ended December 31, 2014 included a $1.73 per share gain on sale of operating properties, and an $0.11 per share charge related to incentive compensation paid as a result of joint venture restructuring. EPS for the three months ended December 31, 2013 included a $1.03 per share gain on sale of discontinued operations and a $0.04 per share gain on sale of unconsolidated joint venture properties.

For the twelve months ended December 31, 2014, Camden reported Net Income Attributable to Common Shareholders of $292.1 million and EPS of $3.27, as compared to EPS of $3.78for the same period in 2013. EPS for the twelve months ended December 31, 2014 included: a $1.76 per share gain on sale of operating properties, an $0.11 per share charge related to incentive compensation paid as a result of joint venture restructuring, a $0.04 per share gain on sale of unconsolidated joint venture properties, and a $0.03 per share net gain on sale of land holdings. EPS for the twelve months ended December 31, 2013 included: a $2.06 per share gain on sale of discontinued operations, an $0.18 per share gain on sale of unconsolidated joint venture properties, a $0.06 per share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties, a $0.01 per share impact from non-recurring fee income, and a $0.01 per share gain on sale of undeveloped land.

A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.

Same-Property Results

For the 46,069 apartment homes included in consolidated same-property results, fourth quarter 2014 same-property net operating income (“NOI”) increased 4.2% compared to the fourth quarter of 2013, with revenues increasing 4.2% and expenses increasing 4.3%. On a sequential basis, fourth quarter 2014 same-property NOI increased 2.3% compared to the third quarter of 2014, with revenues increasing 0.1% and expenses declining 3.7% compared to the prior quarter. On a full-year basis, 2014 same-property NOI increased 4.9%, with revenues increasing 4.5% and expenses increasing 3.8%

3

compared to the same period in 2013. Same-property physical occupancy levels averaged 95.7% during both the fourth quarter of 2014 and fourth quarter of 2013, and 96.1% during the third quarter of 2014.

The Company defines same-property communities as communities owned and stabilized since January 1, 2013. A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Acquisition/Disposition Activity

During the fourth quarter, the company acquired Camden Fourth Ward, a 276-home apartment community in Atlanta, GA for $62.6 million.

Camden sold five wholly-owned apartment communities during the quarter for a total of $218.3 million: Camden River, a 352-home community in Atlanta, GA; Camden Glen Lakes, a 424-home community in Dallas, TX; Camden Club, a 436-home community in Orlando, FL; Camden Lakeside, a 228-home community in Tampa, FL; and Camden Pinehurst, a 407-home community in Charlotte, NC.

Subsequent to quarter-end, the Company disposed of Camden Ridgecrest, a 284-home community in Austin, TX for $29.3 million. Camden has one additional community in Tampa, FL under contract for sale which is expected to close on January 30, 2015 for approximately $85.1 million.

Development Activity

Lease-up was completed during the quarter at Camden NoMa, a 321-home project in Washington, DC, which is currently 95% occupied. Construction began during the quarter at two new wholly-owned communities: Camden McGowen Station in Houston, TX, a $90 million project with 315 apartment homes; and Camden Lincoln Station in Denver, CO, a $56 million project with 267 apartment homes.

Lease-up continued during the quarter at six wholly-owned development communities: Camden Boca Raton in Boca Raton, FL, a $52 million project with 261 apartment homes which is currently 77% leased; Camden Foothills in Scottsdale, AZ, a $44 million project with 220 apartment homes which is currently 51% leased; Camden La Frontera in Round Rock, TX, a $36 million project with 300 apartment homes which is currently 64% leased; Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes which is currently 51% leased; Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes which is currently 40% leased; and Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes which is currently 24% leased. Lease-up also began at one wholly-owned development community during the fourth quarter: Camden Hayden in Tempe, AZ, a $48 million project with 234 apartment homes which is currently 12% leased.

Construction continued at five wholly-owned development communities: Camden Glendale in Glendale, CA, a $115 million project with 303 apartment homes; Camden Gallery in Charlotte, NC, a $58 million project with 323 apartment homes; Camden Chandler in Chandler, AZ, a $75 million project with 380 apartment homes; Camden Victory Park in Dallas, TX, an $82 million project with 423 apartment homes; and The Camden in Los Angeles, CA, a $145 million project with 287 apartment homes. Construction also continued at one joint venture development community: Camden Southline in Charlotte, NC, a $48 million project with 266 apartment homes.

Equity Issuance

During the fourth quarter, Camden issued 209,747 common shares through its at-the-market ("ATM") share offering program at an average price of $76.28 per share, for total net consideration of approximately $15.7 million. No additional shares were sold subsequent to quarter-end.

Quarterly Dividend Declaration

Camden’s Board of Trust Managers declared a first quarter 2015 dividend of $0.70 per common share, which is a 6.1% increase over the Company’s prior quarterly dividend of $0.66 per share. The dividend is payable on April 17, 2015 to holders of record as of March 31, 2015. In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company’s past performance and future prospects, as described in this release.

4

Earnings Guidance

Camden provided initial earnings guidance for 2015 based on its current and expected views of the apartment market and general economic conditions. Full-year 2015 FFO is expected to be $4.36 to $4.56 per diluted share, and full-year 2015 EPS is expected to be $1.47 to $1.67. First quarter 2015 earnings guidance is $1.04 to $1.08 per diluted share for FFO and $0.34 to $0.38 for EPS. Guidance for EPS excludes gains on real estate transactions.

The midpoint of the Company’s initial 2015 earnings guidance takes into account property dispositions of $247.6 million completed between October 1, 2014 and January 15, 2015, and also assumes an additional property disposition of $85.1 million will occur on January 30, 2015. The impact to 2015 FFO from the property dispositions of $332.7 million is approximately $0.22 per diluted share.

Camden expects 2015 same-property revenue growth between 3.75% and 4.75%, expense growth between 4.5% and 5.0%, and NOI growth between 3.0% and 5.0%.  The Company’s same-property guidance for 2015 includes the impact of a new on-site bulk Internet initiative, which is anticipated to contribute 25 to 50 basis points to revenue growth and 75 to 100 basis points to expense growth during 2015.  The impact to same store NOI growth should be minimal in 2015 but meaningful in future years when the rollout is completed.

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 net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Thursday, January 29, 2015 at 11:00 a.m. Central Time to review its fourth quarter and full-year 2014 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: 5063934, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.

Forward-Looking Statements

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

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 167 properties containing 58,664 apartment homes across the United States. Upon completion of 13 properties under development, the Company’s portfolio will increase to 62,879 apartment homes in 180 properties. Camden was recently named by FORTUNE® Magazine for the seventh consecutive year as one of the “100 Best Companies to Work For” in America, ranking #11.

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 December 31,						Twelve Months Ended December 31,
	2014			2013			2014			2013
Total property revenues (a)		$216,459			$204,317			$843,978			$788,851
EBITDA (b)	124,870			121,148			480,309			461,721
Net income attributable to common shareholders	178,498			129,996			292,089			336,364
Per share - basic	1.99			1.47			3.29			3.82
Per share - diluted	1.98			1.46			3.27			3.78
Income from continuing operations attributable to common shareholders	178,498			41,600			292,089			151,594
Per share - basic	1.99			0.46			3.29			1.70
Per share - diluted	1.98			0.46			3.27			1.69
Funds from operations	90,333			96,914			378,043			368,321
Per share - diluted	0.99			1.08			4.18			4.11
Dividends per share	0.66			0.63			2.64			2.52
Dividend payout ratio	66.7		%	58.3		%	63.2		%	61.3		%
Interest expensed	24,417			24,162			93,263			98,129
Interest capitalized	5,689			4,610			21,796			15,439
Total interest incurred	30,106			28,772			115,059			113,568
Principal amortization	700			1,071			3,924			4,261
Net Debt to Annualized EBITDA (c)	5.2x			5.2x			5.4		x	5.4		x
Interest expense coverage ratio	5.1x			5.0x			5.2x			4.7x
Total interest coverage ratio	4.1x			4.2x			4.2x			4.1x
Fixed charge expense coverage ratio	5.0x			4.8x			4.9x			4.5x
Total fixed charge coverage ratio	4.1x			4.1x			4.0x			3.9x
Unencumbered real estate assets (at cost) to unsecured debt ratio	3.3x			3.5x			3.3x			3.5x
Same property NOI increase (d)	4.2		%	6.4		%	4.9		%	6.2		%
(# of apartment homes included)	46,069			41,150			46,069			41,150
Gross turnover of apartment homes (annualized)	54%			57%			63%			65%
Net turnover (excludes on-site transfers and transfers to other Camden communities)	46%			49%			53%			56%
							As of December 31,
							2014			2013
Total assets								$6,056,907			$5,632,141
Total debt								$2,743,539			$2,530,766
Common and common equivalent shares, outstanding end of period (e)							91,210			89,750
Share price, end of period								$73.84			$56.88
Book equity value, end of period (f)								$2,956,543			$2,807,361
Market equity value, end of period (g)								$6,734,946			$5,104,980

(a) Excludes discontinued operations, if any.

(b) 4Q14 and 2014 EBITDA excludes the one time charge of $10 million for fund modification incentive compensation.

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

(d) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2013, excluding properties held for sale.

(e) Includes at December 31, 2014: 89,313 common shares (including 483 common share equivalents related to share awards & options), plus 1,897 common share equivalents upon the assumed conversion of non-controlling units.

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

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

Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2014			2013			2014			2013
OPERATING DATA
Property revenues
Rental revenues		$188,225			$177,795			$731,874			$683,362
Other property revenues	28,234			26,522			112,104			105,489
Total property revenues	216,459			204,317			843,978			788,851
Property expenses
Property operating and maintenance	53,014			50,297			211,253			199,650
Real estate taxes	23,415			21,582			94,055			86,041
Total property expenses	76,429			71,879			305,308			285,691
Non-property income
Fee and asset management	2,531			2,873			9,832			11,690
Interest and other income	80			41			842			1,217
Income on deferred compensation plans	2,003			3,078			3,937			8,290
Total non-property income	4,614			5,992			14,611			21,197
Other expenses
Property management	5,581			5,196			22,689			21,774
Fee and asset management	1,595			1,288			5,341			5,756
General and administrative	20,595			9,209			51,005			40,586
Interest	24,417			24,162			93,263			98,129
Depreciation and amortization	61,106			55,878			235,634			214,395
Amortization of deferred financing costs	862			859			3,355			3,548
Expense on deferred compensation plans	2,003			3,078			3,937			8,290
Total other expenses	116,159			99,670			415,224			392,478
Gain on sale of operating properties, including land	155,680			—			159,289			698
Impairment associated with land holdings	—			—			(1,152		)	—
Equity in income of joint ventures	1,134			4,207			7,023			24,865
Income from continuing operations before income taxes	185,299			42,967			303,217			157,442
Income tax expense – current	(675		)	(239		)	(1,903		)	(1,826		)
Income from continuing operations	184,624			42,728			301,314			155,616
Income from discontinued operations	—			1,290			—			8,515
Gain on sale of discontinued operations, net of tax	—			91,101			—			182,160
Net income	184,624			135,119			301,314			346,291
Less income allocated to non-controlling interests from continuing operations	(6,126		)	(1,128		)	(9,225		)	(4,022		)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations	—			(3,995		)	—			(5,905		)
Net income attributable to common shareholders		$178,498			$129,996			$292,089			$336,364
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$184,624			$135,119			$301,314			$346,291
Other comprehensive income
Unrealized loss on cash flow hedging activities	—			—			(417		)	—
Unrealized loss and unamortized prior service cost on post retirement obligation	(970		)	(99		)	(970		)	(99		)
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	25			13			74			54
Comprehensive income	183,679			135,033			300,001			346,246
Less income allocated to non-controlling interests from continuing operations	(6,126		)	(1,128		)	(9,225		)	(4,022		)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations	—			(3,995		)	—			(5,905		)
Comprehensive income attributable to common shareholders		$177,553			$129,910			$290,776			$336,319
PER SHARE DATA
Total earnings per common share -- basic		$1.99			$1.47			$3.29			$3.82
Total earnings per common share -- diluted	1.98			1.46			3.27			3.78
Earnings per common share from continuing operations -- basic	1.99			0.46			3.29			1.70
Earnings per common share from continuing operations -- diluted	1.98			0.46			3.27			1.69
Weighted average number of common shares outstanding:
Basic	88,683			87,459			88,084			87,204
Diluted	90,233			88,686			88,468			88,494

Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2014			2013			2014			2013
FUNDS FROM OPERATIONS
Net income attributable to common shareholders		$178,498			$129,996			$292,089			$336,364
Real estate depreciation from continuing operations	60,032			54,520			230,638			209,474
Real estate depreciation from discontinued operations	—			199			—			5,255
Adjustments for unconsolidated joint ventures	1,357			1,422			5,337			5,738
Income allocated to non-controlling interests	6,126			5,123			9,225			9,927
Gain on sale of unconsolidated joint venture properties	—			(3,245		)	(3,566		)	(16,277		)
Gain on sale of operating properties, net of tax	(155,680		)	—			(155,680		)	—
Gain on sale of discontinued operations, net of tax	—			(91,101		)	—			(182,160		)
Funds from operations		$90,333			$96,914			$378,043			$368,321
PER SHARE DATA
Funds from operations - diluted		$0.99			$1.08			$4.18			$4.11
Distributions declared per common share	0.66			0.63			2.64			2.52
Weighted average number of common shares outstanding:
FFO - diluted	91,045			89,772			90,366			89,580
PROPERTY DATA
Total operating properties (end of period) (a)	168			170			168			170
Total operating apartment homes in operating properties (end of period) (a)	58,948			59,899			58,948			59,899
Total operating apartment homes (weighted average)	52,998			53,710			52,833			54,181
Total operating apartment homes - excluding discontinued operations (weighted average)	52,998			52,629			52,833			51,759

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

Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

8

CAMDEN	BALANCE SHEET
	(In thousands)

(Unaudited)

	Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013
ASSETS
Real estate assets, at cost
Land		$1,003,422			$997,349			$985,444			$978,770			$969,711
Buildings and improvements	5,890,498			5,894,453			5,762,428			5,691,619			5,629,904
	6,893,920			6,891,802			6,747,872			6,670,389			6,599,615
Accumulated depreciation	(1,738,862		)	(1,813,124		)	(1,755,086		)	(1,698,724		)	(1,643,713		)
Net operating real estate assets	5,155,058			5,078,678			4,992,786			4,971,665			4,955,902
Properties under development, including land	527,596			576,269			599,139			515,141			472,566
Investments in joint ventures	36,429			35,180			36,167			36,719			42,155
Properties held for sale	27,143			—			—			—			—
Total real estate assets	5,746,226			5,690,127			5,628,092			5,523,525			5,470,623
Accounts receivable – affiliates	25,977			25,954			26,501			26,145			27,724
Other assets, net (a)	124,888			123,999			114,002			107,862			109,401
Cash and cash equivalents	153,918			66,127			16,069			16,768			17,794
Restricted cash	5,898			5,769			5,424			5,549			6,599
Total assets	$6,056,907			$5,911,976			$5,790,088			$5,679,849			$5,632,141
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured	$1,837,911			$1,837,621			$1,769,287			$1,649,041			$1,588,798
Secured	905,628			906,328			930,952			940,881			941,968
Accounts payable and accrued expenses	157,232			147,255			122,307			124,981			113,307
Accrued real estate taxes	39,149			54,369			40,232			21,922			35,648
Distributions payable	60,386			60,265			59,770			59,728			56,787
Other liabilities (b)	100,058			94,230			90,944			88,693			88,272
Total liabilities	3,100,364			3,100,068			3,013,492			2,885,246			2,824,780
Commitments and contingencies
Non-qualified deferred compensation share awards	68,134			60,363			61,727			55,498			47,180
Equity
Common shares of beneficial interest	976			974			967			966			967
Additional paid-in capital	3,667,448			3,649,750			3,595,315			3,593,633			3,596,069
Distributions in excess of net income attributable to common shareholders	(453,777		)	(568,142		)	(550,050		)	(523,321		)	(494,167		)
Treasury shares, at cost	(396,626		)	(397,497		)	(398,474		)	(399,510		)	(410,227		)
Accumulated other comprehensive loss (c)	(2,419		)	(1,474		)	(1,077		)	(1,091		)	(1,106		)
Total common equity	2,815,602			2,683,611			2,646,681			2,670,677			2,691,536
Non-controlling interests	72,807			67,934			68,188			68,428			68,645
Total equity	2,888,409			2,751,545			2,714,869			2,739,105			2,760,181
Total liabilities and equity		$6,056,907			$5,911,976			$5,790,088			$5,679,849			$5,632,141
(a) Includes:
net deferred charges of:		$13,219			$14,361			$12,747			$13,615			$14,497
(b) Includes:
deferred revenues of:		$1,848			$1,734			$1,070			$1,786			$1,886
(c) Represents the unrealized 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 DECEMBER 31, 2014 (in apartment homes)

	Fully Consolidated					Non-Consolidated
	"Same Property"	Non-"Same Property"	Completed in Lease-up	Under Construction	Total	Operating	Under Construction	Total	Grand Total
D.C. Metro (a)	5,426	703	—	—	6,129	276	—	276	6,405
Houston, TX	4,569	1,343	—	315	6,227	2,522	—	2,522	8,749
Los Angeles/Orange County, CA	2,060	421	—	590	3,071	—	—	—	3,071
Dallas, TX	3,993	—	—	423	4,416	1,250	—	1,250	5,666
Tampa, FL	4,430	—	—	—	4,430	450	—	450	4,880
SE Florida	2,520	—	261	—	2,781	—	—	—	2,781
Las Vegas, NV	4,918	—	—	—	4,918	—	—	—	4,918
Atlanta, GA	2,765	868	—	379	4,012	234	—	234	4,246
Orlando, FL	2,802	438	—	—	3,240	300	—	300	3,540
Charlotte, NC	2,487	—	—	323	2,810	—	266	266	3,076
Raleigh, NC	2,266	438	—	—	2,704	350	—	350	3,054
Denver, CO	1,941	—	—	691	2,632	—	—	—	2,632
San Diego/Inland Empire, CA	1,665	—	—	—	1,665	—	—	—	1,665
Phoenix, AZ	1,925	170	220	614	2,929	—	—	—	2,929
Austin, TX	1,670	—	—	614	2,284	1,360	—	1,360	3,644
Corpus Christi, TX	632	1,005	—	—	1,637	270	—	270	1,907
Total Portfolio	46,069	5,386	481	3,949	55,885	7,012	266	7,278	63,163

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

FOURTH 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)		Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014		Dec 31, 2013
D.C. Metro	16.6	%	16.6	%	16.5	%	95.2	%	96.1	%	95.8	%	95.3	%	95.2	%
Houston, TX	10.5	%	12.6	%	13.1	%	95.7	%	96.2	%	95.9	%	96.1	%	96.4	%
Los Angeles/Orange County, CA	6.7	%	6.8	%	6.6	%	96.4	%	96.5	%	95.3	%	95.9	%	95.7	%
Dallas, TX	6.9	%	6.1	%	6.3	%	95.1	%	95.6	%	95.3	%	95.1	%	95.7	%
Tampa, FL	7.5	%	6.6	%	6.6	%	95.8	%	95.8	%	95.4	%	95.6	%	95.6	%
SE Florida	7.6	%	7.1	%	7.0	%	95.9	%	96.6	%	96.4	%	96.9	%	96.3	%
Las Vegas, NV	7.2	%	6.3	%	6.2	%	95.9	%	95.6	%	95.8	%	95.0	%	95.3	%
Atlanta, GA	5.2	%	5.9	%	5.8	%	95.9	%	96.2	%	95.4	%	95.4	%	95.6	%
Orlando, FL	4.9	%	5.1	%	5.1	%	95.6	%	96.0	%	95.7	%	96.0	%	95.6	%
Charlotte, NC	5.6	%	5.0	%	4.9	%	97.2	%	97.7	%	96.8	%	97.3	%	96.5	%
Raleigh, NC	4.1	%	4.2	%	4.2	%	95.0	%	96.2	%	95.9	%	95.1	%	96.0	%
Denver, CO	4.9	%	4.3	%	4.2	%	95.9	%	96.3	%	96.0	%	94.1	%	94.5	%
San Diego/Inland Empire, CA	4.4	%	3.9	%	3.8	%	95.9	%	95.4	%	95.2	%	95.1	%	95.8	%
Phoenix, AZ	3.7	%	3.8	%	3.7	%	95.2	%	95.7	%	93.8	%	94.9	%	95.5	%
Austin, TX	3.0	%	2.6	%	2.9	%	95.2	%	96.3	%	95.3	%	95.9	%	96.2	%
Corpus Christi, TX	1.2	%	3.1	%	3.1	%	94.7	%	96.2	%	95.3	%	94.7	%	95.1	%
Total Portfolio	100.0	%	100.0	%	100.0	%	95.6	%	96.1	%	95.6	%	95.6	%	95.7	%

(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 December 31,								Twelve Months Ended December 31,
Property Revenues	Homes	2014		2013			Change			2014		2013			Change
"Same Property" Communities (a)	46,069		$185,146		$177,699			$7,447			$730,488		$699,027			$31,461
Non-"Same Property" Communities (b)	5,386	23,675		19,632			4,043			84,440		61,761			22,679
Development and Lease-Up Communities (c)	4,430	2,736		—			2,736			3,546		—			3,546
Disposition/Other (d)	—	4,902		6,986			(2,084		)	25,504		28,063			(2,559		)
Total Property Revenues	55,885		$216,459		$204,317			$12,142			$843,978		$788,851			$55,127
Property Expenses
"Same Property" Communities (a)	46,069		$64,875		$62,230			$2,645			$261,000		$251,331			$9,669
Non-"Same Property" Communities (b)	5,386	8,313		6,984			1,329			32,302		22,789			9,513
Development and Lease-Up Communities (c)	4,430	927		12			915			1,191		12			1,179
Disposition/Other (d)	—	2,314		2,653			(339		)	10,815		11,559			(744		)
Total Property Expenses	55,885		$76,429		$71,879			$4,550			$305,308		$285,691			$19,617
Property Net Operating Income
"Same Property" Communities (a)	46,069		$120,271		$115,469			$4,802			$469,488		$447,696			$21,792
Non-"Same Property" Communities (b)	5,386	15,362		12,648			2,714			52,138		38,972			13,166
Development and Lease-Up Communities (c)	4,430	1,809		(12		)	1,821			2,355		(12		)	2,367
Disposition/Other (d)	—	2,588		4,333			(1,745		)	14,689		16,504			(1,815		)
Total Property Net Operating Income	55,885		$140,030		$132,438			$7,592			$538,670		$503,160			$35,510

Income from Discontinued Operations (e)	Three Months Ended December 31,					Twelve Months Ended December 31,
	2014		2013			2014		2013
Property revenues		$—		$2,832			$—		$24,322
Property expenses	—		(1,343		)	—		(10,552		)
Property net operating income		$—		$1,489			$—		$13,770
Depreciation and amortization	—		(199		)	—		(5,255		)
Gain on sale of discontinued operations, net of tax	—		91,101			—		182,160
Income, including gain on sale, allocated to non-controlling interests	—		(3,995		)	—		(5,905		)
Income attributable to common shareholders		$—		$88,396			$—		$184,770

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2013.

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2013. Discontinued operations, including properties held for sale and considered to be discontinued operations, are excluded from the above results.

(c) Development and Lease-Up Communities are non-stabilized communities we have acquired or developed since January 1, 2013. Discontinued operations, including properties held for sale and considered to be discontinued operations, are excluded from the above results.

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

(e) Represents operating results for communities disposed of during 2013, of which Camden has no continuing involvement.

11

CAMDEN	"SAME PROPERTY"
	FOURTH QUARTER COMPARISONS
	December 31, 2014
	(In thousands, except property data amounts)

(Unaudited)

	Revenues						Expenses						NOI
Quarterly Results (a)	4Q14		4Q13		Growth		4Q14		4Q13		Growth		4Q14		4Q13		Growth
D.C. Metro		$28,794		$28,609	0.6	%		$8,849		$8,464	4.5	%		$19,945		$20,145	(1.0	)%
Houston, TX	19,553		18,718		4.5	%	6,879		7,019		(2.0	)%	12,674		11,699		8.3	%
Los Angeles/Orange County, CA	11,819		11,149		6.0	%	3,793		3,733		1.6	%	8,026		7,416		8.2	%
Dallas, TX	14,155		13,653		3.7	%	5,830		5,565		4.8	%	8,325		8,088		2.9	%
Tampa, FL	14,589		14,052		3.8	%	5,524		5,542		(0.3	)%	9,065		8,510		6.5	%
SE Florida	13,972		13,323		4.9	%	4,841		4,643		4.3	%	9,131		8,680		5.2	%
Las Vegas, NV	13,574		13,078		3.8	%	4,886		4,803		1.7	%	8,688		8,275		5.0	%
Atlanta, GA	10,243		9,448		8.4	%	3,949		3,483		13.4	%	6,294		5,965		5.5	%
Orlando, FL	9,541		9,242		3.2	%	3,682		3,530		4.3	%	5,859		5,712		2.6	%
Charlotte, NC	9,888		9,373		5.5	%	3,206		3,014		6.4	%	6,682		6,359		5.1	%
Raleigh, NC	7,294		7,053		3.4	%	2,397		2,296		4.4	%	4,897		4,757		2.9	%
Denver, CO	8,352		7,730		8.0	%	2,458		2,238		9.8	%	5,894		5,492		7.3	%
San Diego/Inland Empire, CA	8,401		8,090		3.8	%	3,109		3,074		1.1	%	5,292		5,016		5.5	%
Phoenix, AZ	6,642		6,317		5.1	%	2,135		1,533		39.3	%	4,507		4,784		(5.8	)%
Austin, TX	6,127		5,732		6.9	%	2,567		2,584		(0.7	)%	3,560		3,148		13.1	%
Corpus Christi, TX	2,202		2,132		3.3	%	770		709		8.6	%	1,432		1,423		0.6	%
Total Same Property		$185,146		$177,699	4.2	%		$64,875		$62,230	4.3	%		$120,271		$115,469	4.2	%

	Apartment
	Homes	% of NOI		Average Occupancy (a)						Weighted Average Rental Rate (b)
Quarterly Results (a)	Included	Contribution (a)		4Q14		4Q13		Growth		4Q14		4Q13		Growth
D.C. Metro	5,426	16.6	%	95.4	%	95.1	%	0.3	%		$1,648		$1,644	0.2	%
Houston, TX	4,569	10.5	%	95.5	%	96.3	%	(0.8	)%	1,332		1,263		5.5	%
Los Angeles/Orange County, CA	2,060	6.7	%	95.6	%	95.8	%	(0.2	)%	1,818		1,723		5.5	%
Dallas, TX	3,993	6.9	%	95.5	%	96.0	%	(0.5	)%	1,088		1,045		4.1	%
Tampa, FL	4,430	7.5	%	95.8	%	95.6	%	0.2	%	960		928		3.4	%
SE Florida	2,520	7.6	%	95.9	%	96.4	%	(0.5	)%	1,729		1,639		5.5	%
Las Vegas, NV	4,918	7.2	%	95.9	%	95.3	%	0.6	%	820		790		3.8	%
Atlanta, GA	2,765	5.2	%	95.9	%	95.8	%	0.1	%	1,118		1,030		8.5	%
Orlando, FL	2,802	4.9	%	95.4	%	95.7	%	(0.3	)%	1,023		990		3.3	%
Charlotte, NC	2,487	5.6	%	97.1	%	96.6	%	0.5	%	1,197		1,148		4.3	%
Raleigh, NC	2,266	4.1	%	95.6	%	95.9	%	(0.3	)%	946		922		2.6	%
Denver, CO	1,941	4.9	%	95.9	%	94.5	%	1.4	%	1,321		1,236		6.9	%
San Diego/Inland Empire, CA	1,665	4.4	%	95.9	%	95.8	%	0.1	%	1,593		1,535		3.8	%
Phoenix, AZ	1,925	3.7	%	95.2	%	95.7	%	(0.5	)%	1,051		1,002		4.9	%
Austin, TX	1,670	3.0	%	95.1	%	95.8	%	(0.7	)%	1,088		1,022		6.5	%
Corpus Christi, TX	632	1.2	%	94.1	%	95.6	%	(1.5	)%	1,009		976		3.4	%
Total Same Property	46,069	100.0	%	95.7	%	95.7	%	—	%		$1,227		$1,179	4.1	%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2013.

(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.

12

CAMDEN	"SAME PROPERTY"
	SEQUENTIAL QUARTER COMPARISONS
	December 31, 2014
	(In thousands, except property data amounts)

(Unaudited)

	Revenues						Expenses						NOI
Quarterly Results (a)	4Q14		3Q14		Growth		4Q14		3Q14		Growth		4Q14		3Q14		Growth
D.C. Metro		$28,794		$29,122	(1.1	)%		$8,849		$9,139	(3.2	)%		$19,945		$19,983	(0.2	)%
Houston, TX	19,553		19,706		(0.8	)%	6,879		7,295		(5.7	)%	12,674		12,411		2.1	%
Los Angeles/Orange County, CA	11,819		11,706		1.0	%	3,793		3,937		(3.7	)%	8,026		7,769		3.3	%
Dallas, TX	14,155		14,065		0.6	%	5,830		5,785		0.8	%	8,325		8,280		0.5	%
Tampa, FL	14,589		14,489		0.7	%	5,524		5,823		(5.1	)%	9,065		8,666		4.6	%
SE Florida	13,972		13,845		0.9	%	4,841		4,742		2.1	%	9,131		9,103		0.3	%
Las Vegas, NV	13,574		13,577		0.0	%	4,886		5,089		(4.0	)%	8,688		8,488		2.4	%
Atlanta, GA	10,243		10,105		1.4	%	3,949		3,962		(0.3	)%	6,294		6,143		2.5	%
Orlando, FL	9,541		9,586		(0.5	)%	3,682		3,822		(3.7	)%	5,859		5,764		1.6	%
Charlotte, NC	9,888		9,918		(0.3	)%	3,206		3,221		(0.5	)%	6,682		6,697		(0.2	)%
Raleigh, NC	7,294		7,254		0.6	%	2,397		2,624		(8.7	)%	4,897		4,630		5.8	%
Denver, CO	8,352		8,257		1.2	%	2,458		2,611		(5.9	)%	5,894		5,646		4.4	%
San Diego/Inland Empire, CA	8,401		8,274		1.5	%	3,109		3,235		(3.9	)%	5,292		5,039		5.0	%
Phoenix, AZ	6,642		6,659		(0.3	)%	2,135		2,411		(11.4	)%	4,507		4,248		6.1	%
Austin, TX	6,127		6,094		0.5	%	2,567		2,844		(9.7	)%	3,560		3,250		9.5	%
Corpus Christi, TX	2,202		2,244		(1.9	)%	770		813		(5.3	)%	1,432		1,431		0.1	%
Total Same Property		$185,146		$184,901	0.1	%		$64,875		$67,353	(3.7	)%		$120,271		$117,548	2.3	%

	Apartment
	Homes	% of NOI		Average Occupancy (a)						Weighted Average Rental Rate (b)
Quarterly Results (a)	Included	Contribution (a)		4Q14		3Q14		Growth		4Q14		3Q14		Growth
D.C. Metro	5,426	16.5	%	95.4	%	96.2	%	(0.8	)%		$1,648		$1,651	(0.2	)%
Houston, TX	4,569	10.2	%	95.5	%	96.0	%	(0.5	)%	1,332		1,321		0.8	%
Los Angeles/Orange County, CA	2,060	6.4	%	95.6	%	96.3	%	(0.7	)%	1,818		1,788		1.7	%
Dallas, TX	3,993	7.5	%	95.5	%	95.7	%	(0.2	)%	1,088		1,074		1.3	%
Tampa, FL	4,430	7.5	%	95.8	%	95.7	%	0.1	%	960		951		0.9	%
SE Florida	2,520	7.5	%	95.9	%	96.6	%	(0.7	)%	1,729		1,708		1.2	%
Las Vegas, NV	4,918	7.0	%	95.9	%	95.6	%	0.3	%	820		812		1.0	%
Atlanta, GA	2,765	5.7	%	95.9	%	96.3	%	(0.4	)%	1,118		1,099		1.7	%
Orlando, FL	2,802	5.4	%	95.4	%	96.1	%	(0.7	)%	1,023		1,012		1.1	%
Charlotte, NC	2,487	6.2	%	97.1	%	97.7	%	(0.6	)%	1,197		1,192		0.4	%
Raleigh, NC	2,266	3.8	%	95.6	%	96.0	%	(0.4	)%	946		941		0.5	%
Denver, CO	1,941	4.7	%	95.9	%	96.3	%	(0.4	)%	1,321		1,298		1.8	%
San Diego/Inland Empire, CA	1,665	4.2	%	95.9	%	95.4	%	0.5	%	1,593		1,577		1.0	%
Phoenix, AZ	1,925	3.5	%	95.2	%	95.6	%	(0.4	)%	1,051		1,036		1.4	%
Austin, TX	1,670	2.7	%	95.1	%	96.0	%	(0.9	)%	1,088		1,071		1.6	%
Corpus Christi, TX	632	1.2	%	94.1	%	96.7	%	(2.6	)%	1,009		1,002		0.7	%
Total Same Property	46,069	100.0	%	95.7	%	96.1	%	(0.4	)%		$1,227		$1,216	0.9	%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2013.

(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.

13

CAMDEN	"SAME PROPERTY"
	YEAR TO DATE COMPARISONS
	December 31, 2014
	(In thousands, except property data amounts)

(Unaudited)

	Revenues						Expenses						NOI
Year to Date Results (a)	2014		2013		Growth		2014		2013		Growth		2014		2013		Growth
D.C. Metro		$115,269		$114,290	0.9	%		$35,578		$33,827	5.2	%		$79,691		$80,463	(1.0	)%
Houston, TX	77,456		73,219		5.8	%	28,787		27,603		4.3	%	48,669		45,616		6.7	%
Los Angeles/Orange County, CA	46,344		44,130		5.0	%	14,936		14,659		1.9	%	31,408		29,471		6.6	%
Dallas, TX	55,708		53,223		4.7	%	23,191		22,750		1.9	%	32,517		30,473		6.7	%
Tampa, FL	57,612		55,451		3.9	%	22,639		22,305		1.5	%	34,973		33,146		5.5	%
SE Florida	55,004		52,311		5.1	%	18,926		18,642		1.5	%	36,078		33,669		7.2	%
Las Vegas, NV	53,552		51,650		3.7	%	19,493		19,190		1.6	%	34,059		32,460		4.9	%
Atlanta, GA	39,673		36,606		8.4	%	15,255		14,064		8.5	%	24,418		22,542		8.3	%
Orlando, FL	37,928		36,531		3.8	%	14,746		14,220		3.7	%	23,182		22,311		3.9	%
Charlotte, NC	38,918		36,724		6.0	%	12,556		11,955		5.0	%	26,362		24,769		6.4	%
Raleigh, NC	28,706		27,639		3.9	%	9,790		9,250		5.8	%	18,916		18,389		2.9	%
Denver, CO	32,421		30,328		6.9	%	9,837		9,118		7.9	%	22,584		21,210		6.5	%
San Diego/Inland Empire, CA	32,919		31,451		4.7	%	12,489		12,312		1.4	%	20,430		19,139		6.7	%
Phoenix, AZ	26,320		24,825		6.0	%	9,035		8,118		11.3	%	17,285		16,707		3.5	%
Austin, TX	23,873		22,364		6.7	%	10,592		10,301		2.8	%	13,281		12,063		10.1	%
Corpus Christi, TX	8,785		8,285		6.0	%	3,150		3,017		4.4	%	5,635		5,268		7.0	%
Total Same Property		$730,488		$699,027	4.5	%		$261,000		$251,331	3.8	%		$469,488		$447,696	4.9	%

	Apartment
	Homes	% of NOI		Average Occupancy (a)						Weighted Average Rental Rate (b)
Year to Date Results (a)	Included	Contribution (a)		2014		2013		Growth		2014		2013		Growth
D.C. Metro	5,426	17.0	%	95.6	%	95.4	%	0.2	%		$1,645		$1,641	0.2	%
Houston, TX	4,569	10.4	%	95.8	%	96.1	%	(0.3	)%	1,307		1,229		6.3	%
Los Angeles/Orange County, CA	2,060	6.7	%	96.0	%	95.7	%	0.3	%	1,775		1,697		4.6	%
Dallas, TX	3,993	6.9	%	95.5	%	95.2	%	0.3	%	1,068		1,024		4.3	%
Tampa, FL	4,430	7.4	%	95.7	%	95.3	%	0.4	%	946		915		3.4	%
SE Florida	2,520	7.7	%	96.4	%	95.4	%	1.0	%	1,694		1,620		4.6	%
Las Vegas, NV	4,918	7.3	%	95.6	%	94.6	%	1.0	%	807		785		2.8	%
Atlanta, GA	2,765	5.2	%	95.8	%	95.3	%	0.5	%	1,080		997		8.3	%
Orlando, FL	2,802	4.9	%	95.8	%	95.7	%	0.1	%	1,009		975		3.5	%
Charlotte, NC	2,487	5.6	%	97.2	%	96.6	%	0.6	%	1,178		1,125		4.7	%
Raleigh, NC	2,266	4.0	%	95.6	%	95.3	%	0.3	%	935		905		3.3	%
Denver, CO	1,941	4.8	%	95.6	%	94.7	%	0.9	%	1,281		1,207		6.1	%
San Diego/Inland Empire, CA	1,665	4.4	%	95.4	%	94.3	%	1.1	%	1,567		1,515		3.4	%
Phoenix, AZ	1,925	3.7	%	95.1	%	93.4	%	1.7	%	1,031		1,001		3.0	%
Austin, TX	1,670	2.8	%	95.3	%	95.0	%	0.3	%	1,061		1,000		6.1	%
Corpus Christi, TX	632	1.2	%	95.3	%	95.9	%	(0.6	)%	998		940		6.2	%
Total Same Property	46,069	100.0	%	95.8	%	95.3	%	0.5	%		$1,207		$1,161	4.0	%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2013.

(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.

14

CAMDEN	"SAME PROPERTY" OPERATING EXPENSE
	DETAIL AND COMPARISONS
	December 31, 2014
	(In thousands)

(Unaudited)

										% of Actual
										4Q14 Operating
Quarterly Comparison (a)	4Q14		4Q13		$ Change			% Change		Expenses
Property taxes		$19,960		$18,718		$1,242		6.6	%	30.8	%
Salaries and Benefits for On-site Employees	15,009		14,528		481			3.3	%	23.1	%
Utilities	13,935		13,254		681			5.1	%	21.5	%
Repairs and Maintenance	8,782		8,503		279			3.3	%	13.5	%
Property Insurance	3,104		3,395		(291		)	(8.6	)%	4.8	%
Other	4,085		3,832		253			6.6	%	6.3	%
Total Same Property		$64,875		$62,230		$2,645		4.3	%	100.0	%

										% of Actual
										4Q14 Operating
Sequential Comparison (a)	4Q14		3Q14		$ Change			% Change		Expenses
Property taxes		$19,960		$20,058		($98	)	(0.5	)%	30.8	%
Salaries and Benefits for On-site Employees	15,009		15,410		(401		)	(2.6	)%	23.1	%
Utilities	13,935		14,535		(600		)	(4.1	)%	21.5	%
Repairs and Maintenance	8,782		10,060		(1,278		)	(12.7	)%	13.5	%
Property Insurance	3,104		3,322		(218		)	(6.6	)%	4.8	%
Other	4,085		3,968		117			2.9	%	6.3	%
Total Same Property		$64,875		$67,353		($2,478	)	(3.7	)%	100.0	%

										% of Actual
										2014 Operating
Year to Date Comparison (a)	2014		2013		$ Change			% Change		Expenses
Property taxes		$80,433		$76,092		$4,341		5.7	%	30.8	%
Salaries and Benefits for On-site Employees	60,343		58,123		2,220			3.8	%	23.1	%
Utilities	55,099		53,305		1,794			3.4	%	21.1	%
Repairs and Maintenance	36,629		34,485		2,144			6.2	%	14.1	%
Property Insurance	12,845		13,950		(1,105		)	(7.9	)%	4.9	%
Other	15,651		15,376		275			1.8	%	6.0	%
Total Same Property		$261,000		$251,331		$9,669		3.8	%	100.0	%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2013.

15

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

(Unaudited)

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

	Three Months Ended December 31,									Twelve Months Ended December 31,
OPERATING DATA (b)	2014			2013						2014			2013
Property Revenues
Rental revenues		$5,067			$4,956						$19,027			$20,834
Other property revenues	684			736						2,603			3,009
Total property revenues	5,751			5,692						21,630			23,843
Property expenses
Property operating and maintenance	1,364			1,429						5,398			6,493
Real estate taxes	901			845						3,464			3,522
	2,265			2,274						8,862			10,015
Net Operating Income	3,486			3,418						12,768			13,828
Other expenses
Interest	972			1,019						3,773			4,379
Depreciation and amortization	1,390			1,435						5,420			5,754
Other (including debt prepayment penalties)	(10		)	102						118			227
Total other expenses	2,352			2,556						9,311			10,360
Promoted equity interests	—			100						—			5,120
Gain on sale of properties, net	—			3,245						3,566			16,277
Equity in income of joint ventures		$1,134			$4,207						$7,023			$24,865
	Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013
BALANCE SHEET DATA(c)
Land		$104,662			$104,101			$104,101			$104,101			$110,496
Building & Improvements	679,862			676,126			673,204			669,943			695,290
	784,524			780,227			777,305			774,044			805,786
Accumulated Depreciation	(85,091		)	(78,242		)	(71,474		)	(64,780		)	(61,493		)
Net operating real estate assets	699,433			701,985			705,831			709,264			744,293
Properties under development and land	37,677			31,139			25,426			19,299			25,999
Cash and other assets, net	20,655			14,788			13,033			10,685			19,882
Total assets		$757,765			$747,912			$744,290			$739,248			$790,174
Notes payable		$523,636			$524,511			$519,864			$516,992			$530,701
Other liabilities	30,836			26,639			23,102			18,571			29,856
Total liabilities	554,472			551,150			542,966			535,563			560,557
Member's equity	203,293			196,762			201,324			203,685			229,617
Total liabilities and members' equity		$757,765			$747,912			$744,290			$739,248			$790,174
Company's equity investment		$36,429			$35,180			$36,167			$36,719			$42,155
Camden's pro-rata share of debt		$163,898			$104,902			$103,973			$103,399			$106,140
PROPERTY DATA (end of period)
Total operating properties	21			21			21			21			22
Total operating apartment homes	7,012			7,012			7,012			7,012			7,270
Pro rata share of operating apartment homes	2,195			1,402			1,402			1,402			1,454
Total development properties	1			1			1			1			2
Total development apartment homes	266			266			266			266			566
Pro rata share of development apartment homes	83			53			53			53			113

(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%.

16

CAMDEN CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF DECEMBER 31, 2014 ($ in millions)

						Estimated/Actual Dates for
Completed Communities in Lease-Up		Total	Total			Construction	Initial	Construction		Stabilized		As of 01/25/2015
		Homes	Cost			Start	Occupancy	Completion		Operations		% Leased	% Occupied
1.	Camden Boca Raton	261	$51.7			4Q12	3Q14	4Q14		3Q15		77%	70%
	Boca Raton, FL
2.	Camden Foothills	220	44.3			3Q13	3Q14	4Q14		3Q15		51%	45%
	Scottsdale, AZ
Total Completed Communities in Lease-Up		481	$96.0	��								65%	59%
						Estimated/Actual Dates for
		Total	Total	Cost to	Amount	Construction	Initial	Construction		Stabilized		As of 01/25/2015
Development Communities		Homes	Budget	Date	in CIP	Start	Occupancy	Completion		Operations		% Leased	% Occupied
UNDER CONSTRUCTION
1.	Camden La Frontera	300	$36.0	$35.0	$6.7	2Q13	2Q14	1Q15		4Q15		64%	57%
	Round Rock, TX
2.	Camden Lamar Heights	314	47.0	45.6	16.8	2Q12	2Q14	1Q15		4Q15		51%	45%
	Austin, TX
3.	Camden Flatirons	424	78.0	74.2	37.6	3Q12	2Q14	2Q15		3Q16		40%	37%
	Denver, CO
4.	Camden Paces	379	110.0	98.3	47.7	4Q12	2Q14	3Q15		4Q16		24%	19%
	Atlanta, GA
5.	Camden Hayden	234	48.0	41.1	27.9	3Q13	4Q14	2Q15		3Q15		12%	10%
	Tempe, AZ
6.	Camden Glendale	303	115.0	94.8	94.8	4Q12	1Q15	3Q15		1Q16
	Glendale, CA
7.	Camden Gallery	323	58.0	28.9	28.9	3Q13	3Q15	1Q16		3Q16
	Charlotte, NC
8.	Camden Chandler	380	75.0	36.4	36.4	1Q14	1Q15	1Q16		1Q17
	Chandler, AZ
9.	Camden Victory Park	423	82.0	33.2	33.2	4Q13	3Q15	1Q16		1Q18
	Dallas, TX
10.	The Camden	287	145.0	61.7	61.7	4Q13	2Q16	4Q16		2Q17
	Los Angeles, CA
11.	Camden Lincoln Station	267	56.0	8.4	8.4	4Q14	4Q16	2Q17		1Q18
	Denver, CO
12.	Camden McGowen Station	315	90.0	11.2	11.2	4Q14	2Q17	4Q17		1Q19
	Houston, TX
Total Development Communities		3,949	$940.0	$568.8	$411.3							39%	34%
Additional Development Pipeline & Land (a)					116.3
Total Properties Under Development and Land (per Balance Sheet)					$527.6
NOI Contribution from Development Communities ($ in millions)								Cost to Date		4Q14 NOI
Communities that Stabilized During Quarter									$101.6		$1.4
Completed Communities in Lease-Up								96.0		0.6
Development Communities in Lease-Up								294.2		1.2
Total Development Communities NOI Contribution									$491.8		$3.2
						Estimated/Actual Dates for
Joint Venture Development Communities		Total	Total	Cost to	Amount	Construction	Initial	Construction		Stabilized
		Homes	Budget	Date	in CIP	Start	Occupancy	Completion		Operations
UNDER CONSTRUCTION
1.	Camden Southline	266	$48.0	$36.5	$36.4	2Q13	1Q15	3Q15		4Q15
	Charlotte, NC
Total Joint Venture
Development Communities		266	$48.0	$36.5	$36.4

(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.

17

CAMDEN DEVELOPMENT PIPELINE & LAND

(Unaudited)

AS OF DECEMBER 31, 2014 ($ in millions)

		Projected	Total
PIPELINE COMMUNITIES (a)		Homes	Estimated Cost (b)		Cost to Date
1.	Camden NoMa II	405		$116.0		$22.1
	Washington, DC
2.	Camden Shady Grove	457	115.0		31.6
	Rockville, MD
3.	Camden Buckhead	336	80.0		20.9
	Atlanta, GA
4.	Camden Conte (c)	519	170.0		18.3
	Houston, TX
5.	Camden Atlantic	286	62.0		12.8
	Plantation, FL
Development Pipeline		2,003		$543.0		$105.7
LAND HOLDINGS		Acreage			Cost to Date
	Las Vegas, NV	19.6				$4.2
	Other	4.8			6.4
Land Holdings		24.4				$10.6
Total Development Pipeline and Land						$116.3

(a) Represents 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, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community.

(b) 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.

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

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)

2014 ACQUISITION/DISPOSITION ACTIVITY ($ in millions)

Acquisitions		Location	Apartment Homes	Year Built	Closing Date
1.	Camden Fourth Ward	Atlanta, GA	276	2014	10/29/14
Total/Average Acquisitions		$62.6	276 Apartment Homes	2014
Dispositions		Location	Apartment Homes	Year Built	Closing Date
1.	Camden River	Atlanta, GA	352	1997	11/10/14
2.	Camden Glen Lakes	Dallas, TX	424	1979	11/18/14
3.	Camden Club	Orlando, FL	436	1986	12/04/14
4.	Camden Lakeside	Tampa, FL	228	1986	12/09/14
5.	Camden Pinehurst	Charlotte, NC	407	1967	12/18/14
Total/Average Dispositions		$218.3	1,847 Apartment Homes	1983
Land Dispositions		Location	Acres	Year Built	Closing Date
1.	Paces Land	Atlanta, GA	3.0	N/A	03/03/14
2.	Farmers Market Land	Dallas, TX	4.7	N/A	04/11/14
3.	Farmers Market Land	Dallas, TX	2.4	N/A	07/28/14
4.	Andrau Land	Houston, TX	19.2	N/A	08/19/14
Total/Average Land Dispositions		$23.7	29.3 Acres	N/A
Joint Venture Dispositions		Location	Apartment Homes	Year Built	Closing Date
1.	Camden Braun Station	San Antonio, TX	240	2006	02/12/14
2.	Camden Piney Point	Houston, TX	318	2004	02/27/14
Total/Average Joint Venture Dispositions		$65.6	558 Apartment Homes	2005
Pro Rata Joint Venture Dispositions		$13.1

19

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

(Unaudited)

DEBT MATURITIES AS OF DECEMBER 31, 2014:

			Future Scheduled Repayments
Year	Amortization		Secured Maturities			Unsecured Maturities			Total			% of Total			Weighted Average Interest Rate on Maturing Debt
2015		$1,821		$—			$250,000			$251,821		9.2		%	5.1	%
2016	2,036		—			—			2,036			0.1		%	N/A
2017	2,246		—			246,750			248,996			9.1		%	5.7	%
2018	2,439		175,000			—			177,439			6.5		%	N/A
2019	2,346		644,107			—			646,453			23.5		%	5.3	%
Thereafter	66,794		—			1,350,000			1,416,794			51.6		%	4.0	%
Total Maturing Debt		$77,682		$819,107			$1,846,750			$2,743,539		100.0		%	4.4	%
Unsecured Line of Credit		$—		$—			$—			$—		—		%	N/A
Other Short Term Borrowings	—		—			—			—			—		%	N/A
Total Debt		$77,682		$819,107			$1,846,750			$2,743,539		100.0		%	4.4	%
Weighted Average Maturity of Debt			6.3 Years
						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt		$209,751	7.6		%	1.0		%	5.4 Years
Fixed rate debt	2,533,788		92.4		%	4.6		%	6.4 Years
Total		$2,743,539	100.0		%	4.4		%	6.3 Years
						Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Unsecured debt		$1,837,911	67.0		%	4.4		%	6.4 Years
Secured debt	905,628		33.0		%	4.2		%	6.1 Years
Total		$2,743,539	100.0		%	4.4		%	6.3 Years
						Weighted Average
SECURED DEBT DETAIL:	Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt		$695,877	76.8		%	5.2		%	6.3 Years
Conventional variable-rate mortgage debt	175,000		19.3		%	0.9		%	3.8 Years
Tax exempt variable rate debt	34,751		3.9		%	1.3		%	13.5 Years
Total		$905,628	100.0		%	4.2		%	6.1 Years
REAL ESTATE ASSETS: (a)	Total Homes		% of Total			Total Cost			% of Total			4Q14 NOI			% of Total
Unencumbered real estate assets	43,472		77.8		%		$5,987,447		79.5		%		$105,788		75.5	%
Encumbered real estate assets	12,413		22.2		%	1,541,340			20.5		%	34,242			24.5	%
Total	55,885		100.0		%	$7,528,787			100.0		%	$140,030			100.0	%
			Ratio of unencumbered assets at cost to unsecured debt is												3.3x

(a) 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
1Q 2015		$421		$—		$—		$421	N/A
2Q 2015	430		—		250,000		250,430		5.1	%
3Q 2015	480		—		—		480		N/A
4Q 2015	490		—		—		490		N/A
2015		$1,821		$—		$250,000		$251,821	5.1	%
1Q 2016		$498		$—		$—		$498	N/A
2Q 2016	503		—		—		503		N/A
3Q 2016	512		—		—		512		N/A
4Q 2016	523		—		—		523		N/A
2016		$2,036		$—		$—		$2,036	N/A

21

CAMDEN DEBT COVENANT ANALYSIS

(Unaudited)

UNSECURED LINE OF CREDIT
Covenant(a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	<	60%	29%	Yes
Secured Debt to Gross Asset Value	<	35%	9%	Yes
Consolidated EBITDA to Total Fixed Charges	>	150%	375%	Yes
Unencumbered Adjusted NOI to Total Unsecured Debt	>	10.5%	21%	Yes
SENIOR UNSECURED NOTES
Covenant(a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	<	60%	35%	Yes
Total Secured Debt to Total Asset Value	<	40%	12%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt	>	150%	339%	Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges	>	150%	375%	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 DECEMBER 31, 2014^(a):

	Future Scheduled Repayments									Weighted Average Interest on Maturing Debt
Year (b)	Amortization		Secured Maturities		Total			% of Total
2015		$2,752		$—		$2,752		1.7	%	N/A
2016	2,631		51,625		54,256			33.1	%	3.3	%
2017	1,659		45,536		47,195			28.8	%	2.8	%
2018	688		45,975		46,663			28.5	%	4.1	%
2019	334		7,383		7,717			4.7	%	4.2	%
Thereafter	155		5,160		5,315			3.2	%	4.7	%
Total Debt		$8,219		$155,679		$163,898		100.0	%	3.5	%
Weighted Average Maturity of Debt			2.7 Years
								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate		Time to Maturity
Floating rate debt				$44,712	27.3		%	2.0	%	2.3 Years
Fixed rate debt			119,186		72.7		%	4.1	%	2.8 Years
Total			$163,898		100.0		%	3.5	%	2.7 Years
								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt				$119,186	72.7		%	4.1	%	2.8 Years
Conventional variable-rate mortgage debt			30,732		18.8		%	2.1	%	1.9 Years
Variable-rate construction loans			13,980		8.5		%	1.8	%	3.2 Years
Total			$163,898		100.0		%	3.5	%	2.7 Years
REAL ESTATE ASSETS: (c)			Total Homes		Total Cost
Operating real estate assets			7,012			$784,524
Properties under development and land			266		37,677
Total			7,278			$822,201

(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
1Q 2015			$661		$—		$661	N/A
2Q 2015		653		—		653		N/A
3Q 2015		711		—		711		N/A
4Q 2015		727		—		727		N/A
2015			$2,752		$—		$2,752	N/A
1Q 2016			$733		$—		$733	N/A
2Q 2016		705		26,910		27,615		3.2	%
3Q 2016		642		—		642		N/A
4Q 2016		551		24,715		25,266		3.4	%
2016			$2,631		$51,625		$54,256	3.3	%

(a) Includes all available extension options.

24

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

(Unaudited)

	Fourth quarter 2014
	Capitalized						Expensed
Item	Weighted Average Useful Life (a)		Total		Per Unit		Total		Per Unit
Interiors
Floor Coverings	5.5	years		$2,362		$45		$877		$17
Appliances	9.6	years	937		18		216		4
Painting	—		—		—		1,481		28
Cabinetry/Countertops	10.0	years	439		8		—		—
Other	9.3	years	1,466		28		513		10
Exteriors
Painting	5.0	years	1,293		24		—		—
Carpentry	10.0	years	353		7		—		—
Landscaping	5.6	years	1,213		23		2,526		48
Roofing	20.0	years	845		16		74		1
Site Drainage	10.0	years	533		10		—		—
Fencing/Stair	10.0	years	653		12		—		—
Other (b)	8.0	years	3,435		64		3,176		60
Common Areas
Mech., Elec., Plumbing	9.7	years	1,980		37		1,045		20
Parking/Paving	5.0	years	920		17		—		—
Pool/Exercise/Facility	8.1	years	3,108		59		326		6
Total				$19,537		$368		$10,234		$194
Weighted Average Apartment Homes					52,998				52,998
Revenue Enhancing Expenditures (c)	10.0	years		$6,740		$12,693
Revenue Enhanced Apartment Homes					531
	Year to date 2014
	Capitalized						Expensed
Item	Weighted Average Useful Life (a)		Total		Per Unit		Total		Per Unit
Interiors
Floor Coverings	5.5	years		$10,128		$192		$3,297		$62
Appliances	9.6	years	3,888		74		874		17
Painting	—		—		—		5,953		113
Cabinetry/Countertops	10.0	years	1,519		29		—		—
Other	9.3	years	5,756		109		2,137		40
Exteriors
Painting	5.0	years	4,294		81		—		—
Carpentry	10.0	years	1,290		24		—		—
Landscaping	5.6	years	2,297		43		11,189		212
Roofing	20.0	years	3,591		68		261		5
Site Drainage	10.0	years	1,536		29		—		—
Fencing/Stair	10.0	years	1,488		28		—		—
Other (b)	8.0	years	9,112		172		13,097		248
Common Areas
Mech., Elec., Plumbing	9.7	years	7,210		136		4,414		84
Parking/Paving	5.0	years	1,761		33		—		—
Pool/Exercise/Facility	8.1	years	9,151		173		1,472		28
Total				$63,021		$1,191		$42,694		$809
Weighted Average Apartment Homes					52,833				52,833
Revenue Enhancing Expenditures (c)	10.0	years		$54,739		$11,485
Revenue Enhanced Apartment Homes					4,766

(a) Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2014.

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

(c) Represents capital expenditures for the three and twelve months ended December 31, 2014 spent on apartment unit renovation (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets.

25

CAMDEN	2015 FINANCIAL OUTLOOK
	AS OF JANUARY 30, 2015

(Unaudited)

2014 Reported FFO, Adjusted for Non-Routine Items and Year End Shares Outstanding
($'s and shares in thousands)
	Total			Per Share
2014 Reported FFO		$378,043			$4.18
Adjustments for 2014 non-routine items:
Less: Gain on sale of land, net	(2,457		)	(0.03		)
Plus: Fund Modification Incentive Compensation	10,000			0.11
2014 FFO adjusted for non-routine items		$385,586			$4.27
2014 Fully Diluted Weighted Average Shares Outstanding - FFO				90,366
December 31, 2014 Fully Diluted Weighted Average Shares Outstanding - FFO				91,210
2014 FFO Adjusted for Non-Routine Items and December 31, 2014 Fully Diluted Shares Outstanding - FFO					$4.23
2015 Financial Outlook
Earnings Guidance - Per Diluted Share
Expected FFO per share - diluted				$4.36 - $4.56
"Same Property" Communities
Number of Units				47,878
2014 Base Net Operating Income				$496 million
Total Revenue Growth				3.75% - 4.75%
Total Expense Growth				4.50% - 5.00%
Net Operating Income Growth				3.00% - 5.00%
Impact from 1% change in NOI Growth is approximately $0.054 / share
Physical Occupancy				95.2%
Capitalized Expenditures
Recurring				$61 - $65 million
Revenue Enhancing Repositions (a)				$21 - $25 million
Acquisitions/Dispositions
Disposition Volume (consolidated on balance sheet)				$100 - $300 million
Acquisition Volume (consolidated on balance sheet)				$100 - $300 million
Development
Development Starts (consolidated on balance sheet)				$100 - $300 million
Development Spend (consolidated on balance sheet)				$300 - $400 million
Equity in Income of Joint Ventures (FFO)				$13 - $15 million
Non-Property Income
Non-Property Income, Net				$2 - $4 million
Includes: Fee and asset management income (including fees from joint ventures), net of expenses,
and interest and other income
Corporate Expenses
General and administrative expense (b)				$41 - $43 million
Property management expense				$23 - $25 million
Capital
Expected Capital Transactions				$0 - $300 million
Expensed Interest				$96 - $100 million
Capitalized Interest				$16 - $18 million

(a) Revenue Enhancing Repositions are capital expenditures that improve a community's competitive position, typically kitchen and bath upgrades or other new amenities.

(b) Excludes any third party acquisition costs.

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

please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

26

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:

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2014			2013			2014			2013
Net income attributable to common shareholders		$178,498			$129,996			$292,089			$336,364
Real estate depreciation from continuing operations	60,032			54,520			230,638			209,474
Real estate depreciation from discontinued operations	—			199			—			5,255
Adjustments for unconsolidated joint ventures	1,357			1,422			5,337			5,738
Income allocated to non-controlling interests	6,126			5,123			9,225			9,927
Gain on sale of unconsolidated joint venture properties	—			(3,245		)	(3,566		)	(16,277		)
Gain on sale of operating properties, net of tax	(155,680		)	—			(155,680		)	—
Gain on sale of discontinued operations, net of tax	—			(91,101		)	—			(182,160		)
Funds from operations		$90,333			$96,914			$378,043			$368,321
Weighted average number of common shares outstanding:
EPS diluted	90,233			88,686			88,468			88,494
FFO diluted	91,045			89,772			90,366			89,580
Total earnings per common share -- diluted		$1.98			$1.46			$3.27			$3.78
FFO per common share - diluted		$0.99			$1.08			$4.18			$4.11

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:

	1Q15		Range		2015		Range
	Low		High		Low		High
Expected earnings per common share - diluted		$0.34		$0.38		$1.47		$1.67
Expected real estate depreciation	0.67		0.67		2.74		2.74
Expected adjustments for unconsolidated joint ventures	0.02		0.02		0.10		0.10
Expected income allocated to non-controlling interests	0.01		0.01		0.05		0.05
Expected FFO per share - diluted		$1.04		$1.08		$4.36		$4.56

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

27

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 December 31,						Twelve months ended December 31,
	2014			2013			2014			2013
Net income attributable to common shareholders		$178,498			$129,996			$292,089			$336,364
Less: Fee and asset management	(2,531		)	(2,873		)	(9,832		)	(11,690		)
Less: Interest and other income	(80		)	(41		)	(842		)	(1,217		)
Less: Income on deferred compensation plans	(2,003		)	(3,078		)	(3,937		)	(8,290		)
Plus: Property management	5,581			5,196			22,689			21,774
Plus: Fee and asset management	1,595			1,288			5,341			5,756
Plus: General and administrative	20,595			9,209			51,005			40,586
Plus: Interest	24,417			24,162			93,263			98,129
Plus: Depreciation and amortization	61,106			55,878			235,634			214,395
Plus: Amortization of deferred financing costs	862			859			3,355			3,548
Plus: Expense on deferred compensation plans	2,003			3,078			3,937			8,290
Less: Gain on sale of operating properties, including land	(155,680		)	—			(159,289		)	(698		)
Less: Impairment associated with land holdings	—			—			1,152			—
Less: Equity in income of joint ventures	(1,134		)	(4,207		)	(7,023		)	(24,865		)
Plus: Income tax expense	675			239			1,903			1,826
Less: Income from discontinued operations	—			(1,290		)	—			(8,515		)
Less: Gain on sale of discontinued operations, net of tax	—			(91,101		)	—			(182,160		)
Plus: Income allocated to non-controlling interests from continuing operations	6,126			1,128			9,225			4,022
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations	—			3,995			—			5,905
Net Operating Income (NOI)		$140,030			$132,438			$538,670			$503,160
"Same Property" Communities		$120,271			$115,469			$469,488			$447,696
Non-"Same Property" Communities	15,362			12,648			52,138			38,972
Development and Lease-Up Communities	1,809			(12		)	2,355			(12		)
Dispositions/Other	2,588			4,333			14,689			16,504
Net Operating Income (NOI)		$140,030			$132,438			$538,670			$503,160

EBITDA

EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, 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 discontinued operations, 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 December 31,						Twelve months ended December 31,
	2014			2013			2014			2013
Net income attributable to common shareholders		$178,498			$129,996			$292,089			$336,364
Plus: Fund Modification Incentive Compensation	10,000			—			10,000			—
Plus: Interest	24,417			24,162			93,263			98,129
Plus: Amortization of deferred financing costs	862			859			3,355			3,548
Plus: Depreciation and amortization	61,106			55,878			235,634			214,395
Plus: Income allocated to non-controlling interests from continuing operations	6,126			1,128			9,225			4,022
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations	—			3,995			—			5,905
Plus: Income tax expense	675			239			1,903			1,826
Plus: Real estate depreciation from discontinued operations	—			199			—			5,255
Less: Gain on sale of operating properties, including land	(155,680		)	—			(159,289		)	(698		)
Less: Impairment associated with land holdings	—			—			1,152			—
Less: Equity in income of joint ventures	(1,134		)	(4,207		)	(7,023		)	(24,865		)
Less: Gain on sale of discontinued operations, net of tax	—			(91,101		)	—			(182,160		)
EBITDA		$124,870			$121,148			$480,309			$461,721

28

CAMDEN OTHER DATA

(Unaudited)

Stock Symbol:	CPT
Exchange Traded:	NYSE
Senior Unsecured Debt Ratings:		Rating	Outlook
	Moody's	Baa1	Stable
	Fitch	BBB+	Positive
	Standard & Poor's	BBB+	Stable
Estimated Future Dates:		Q1 '15	Q2 '15	Q3 '15	Q4 '15
Earnings release & conference call		Late Apr	Late July	Early Nov	Early Feb
Dividend Information - Common Shares:		Q1 '14	Q2 '14	Q3 '14	Q4 '14
Declaration Date		1/30/2014	6/16/2014	9/15/2014	12/03/2014
Record Date		3/31/2014	6/30/2014	9/30/2014	12/17/2014
Payment Date		4/17/2014	7/17/2014	10/17/2014	01/16/2015
Distributions Per Share		$0.66	$0.66	$0.66	$0.66

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

29

CAMDEN	COMMUNITY TABLE
	Community statistics as of 12/31/2014

(Unaudited)							4Q14 Avg
			Year Placed	Average	Apartment	4Q14 Avg	Monthly Rental Rates
Community Name	City	State	In Service	Size	Homes	Occupancy	Per Home		Per Sq. Ft.
Camden Copper Square	Phoenix	AZ	2000	786	332	97%		$978		$1.24
Camden Foothills (1)	Scottsdale	AZ	2014	1,032	220	Lease-Up	1,554		1.51
Camden Legacy	Scottsdale	AZ	1996	1,067	428	95%	1,067		1.00
Camden Montierra	Scottsdale	AZ	1999	1,071	249	96%	1,195		1.12
Camden Pecos Ranch	Chandler	AZ	2001	924	272	95%	923		1.00
Camden San Marcos	Scottsdale	AZ	1995	984	320	93%	1,080		1.10
Camden San Paloma	Scottsdale	AZ	1993/1994	1,042	324	95%	1,076		1.03
Camden Sotelo	Tempe	AZ	2008/2012	1,303	170	95%	1,459		1.12
TOTAL ARIZONA	8	Properties		1,009	2,315	95%	1,129		1.12
Camden Crown Valley	Mission Viejo	CA	2001	1,009	380	96%	1,808		1.79
Camden Harbor View	Long Beach	CA	2004	975	538	96%	2,175		2.23
Camden Main and Jamboree	Irvine	CA	2008	1,011	290	96%	1,930		1.91
Camden Martinique	Costa Mesa	CA	1986	794	714	95%	1,533		1.93
Camden Parkside	Fullerton	CA	1972	836	421	95%	1,355		1.62
Camden Sea Palms	Costa Mesa	CA	1990	891	138	96%	1,683		1.89
Total Los Angeles/Orange County	6	Properties		904	2,481	96%	1,739		1.92
Camden Landmark	Ontario	CA	2006	982	469	96%	1,401		1.43
Camden Old Creek	San Marcos	CA	2007	1,037	350	95%	1,743		1.68
Camden Sierra at Otay Ranch	Chula Vista	CA	2003	962	422	97%	1,632		1.70
Camden Tuscany	San Diego	CA	2003	896	160	97%	2,249		2.51
Camden Vineyards	Murrieta	CA	2002	1,053	264	96%	1,306		1.24
Total San Diego/Inland Empire	5	Properties		991	1,665	96%	1,598		1.61
TOTAL CALIFORNIA	11	Properties		939	4,146	96%	1,683		1.79
Camden Belleview Station	Denver	CO	2009	888	270	94%	1,274		1.44
Camden Caley	Englewood	CO	2000	925	218	96%	1,199		1.30
Camden Denver West	Golden	CO	1997	1,015	320	96%	1,413		1.39
Camden Highlands Ridge	Highlands Ranch	CO	1996	1,149	342	96%	1,437		1.25
Camden Interlocken	Broomfield	CO	1999	1,010	340	96%	1,355		1.34
Camden Lakeway	Littleton	CO	1997	932	451	96%	1,230		1.32
TOTAL COLORADO	6	Properties		991	1,941	96%	1,321		1.33
Camden Ashburn Farm	Ashburn	VA	2000	1,062	162	94%	1,503		1.42
Camden Clearbrook	Frederick	MD	2007	1,048	297	95%	1,391		1.33
Camden College Park	College Park	MD	2008	942	508	94%	1,582		1.68
Camden Dulles Station	Oak Hill	VA	2009	978	382	94%	1,608		1.64
Camden Fair Lakes	Fairfax	VA	1999	1,056	530	96%	1,677		1.59
Camden Fairfax Corner	Fairfax	VA	2006	934	489	96%	1,749		1.87
Camden Fallsgrove	Rockville	MD	2004	996	268	95%	1,727		1.73
Camden Grand Parc	Washington	DC	2002	674	105	96%	2,442		3.63
Camden Lansdowne	Leesburg	VA	2002	1,006	690	96%	1,452		1.44
Camden Largo Town Center	Largo	MD	2000/2007	1,027	245	96%	1,595		1.55
Camden Monument Place	Fairfax	VA	2007	856	368	96%	1,521		1.78
Camden NoMa	Washington	DC	2014	770	321	95%	2,091		2.72
Camden Potomac Yard	Arlington	VA	2008	835	378	95%	2,018		2.42
Camden Roosevelt	Washington	DC	2003	856	198	97%	2,564		2.99
Camden Russett	Laurel	MD	2000	992	426	95%	1,428		1.44
Camden Silo Creek	Ashburn	VA	2004	975	284	96%	1,481		1.52
Camden South Capitol (2)	Washington	DC	2013	821	276	93%	2,143		2.61
Camden Summerfield	Landover	MD	2008	957	291	95%	1,612		1.69
Camden Summerfield II	Landover	MD	2012	936	187	93%	1,606		1.72
TOTAL DC METRO	19	Properties		946	6,405	95%	1,690		1.79
Camden Aventura	Aventura	FL	1995	1,108	379	94%	1,817		1.64
Camden Boca Raton (1)	Boca Raton	FL	2014	843	261	Lease-Up	1,813		2.15
Camden Brickell	Miami	FL	2003	937	405	97%	1,923		2.05
Camden Doral	Miami	FL	1999	1,120	260	97%	1,708		1.52
Camden Doral Villas	Miami	FL	2000	1,253	232	97%	1,818		1.45
Camden Las Olas	Ft. Lauderdale	FL	2004	1,043	420	95%	1,951		1.87
Camden Plantation	Plantation	FL	1997	1,201	502	96%	1,462		1.22
Camden Portofino	Pembroke Pines	FL	1995	1,112	322	95%	1,458		1.31
Total Southeast Florida	8	Properties		1,079	2,781	96%	1,737		1.61
Camden Hunter's Creek	Orlando	FL	2000	1,075	270	96%	1,131		1.05
Camden Lago Vista	Orlando	FL	2005	955	366	96%	998		1.05
Camden LaVina	Orlando	FL	2012	970	420	95%	1,089		1.12
Camden Lee Vista	Orlando	FL	2000	937	492	96%	958		1.02
Camden Orange Court	Orlando	FL	2008	817	268	96%	1,197		1.47
Camden Renaissance	Altamonte Springs	FL	1996/1998	899	578	94%	885		0.98
Camden Town Square	Orlando	FL	2012	986	438	95%	1,158		1.18
Camden Waterford Lakes (2)	Orlando	FL	2013	971	300	98%	1,174		1.21
Camden World Gateway	Orlando	FL	2000	979	408	96%	1,065		1.09
Total Orlando	9	Properties		951	3,540	96%		$1,053		$1.11

30

CAMDEN	COMMUNITY TABLE
	Community statistics as of 12/31/2014

(Unaudited)							4Q14 Avg
			Year Placed	Average	Apartment	4Q14 Avg	Monthly Rental Rates
Community Name	City	State	In Service	Size	Homes	Occupancy	Per Home		Per Sq. Ft.
Camden Bay	Tampa	FL	1997/2001	943	760	95%		$962		$1.02
Camden Bayside	Tampa	FL	1987/1989	748	832	96%	853		1.14
Camden Lakes	St. Petersburg	FL	1982/1983	732	688	95%	802		1.10
Camden Montague	Tampa	FL	2012	975	192	96%	1,152		1.18
Camden Preserve	Tampa	FL	1996	942	276	95%	1,173		1.25
Camden Providence Lakes	Brandon	FL	1996	1,024	260	96%	945		0.92
Camden Royal Palms	Brandon	FL	2006	1,017	352	96%	1,009		0.99
Camden Visconti (2)	Tampa	FL	2007	1,125	450	96%	1,169		1.04
Camden Westchase Park	Tampa	FL	2012	993	348	98%	1,259		1.27
Camden Westshore	Tampa	FL	1986	728	278	97%	930		1.28
Camden Woods	Tampa	FL	1986	1,223	444	96%	935		0.76
Total Tampa/St. Petersburg	11	Properties		924	4,880	96%	979		1.06
TOTAL FLORIDA	28	Properties		971	11,201	96%	1,190		1.23
Camden Brookwood	Atlanta	GA	2002	912	359	97%	1,209		1.32
Camden Creekstone	Atlanta	GA	2002	990	223	96%	1,090		1.10
Camden Deerfield	Alpharetta	GA	2000	1,187	292	95%	1,197		1.01
Camden Dunwoody	Atlanta	GA	1997	1,007	324	96%	1,131		1.12
Camden Fourth Ward	Atlanta	GA	2014	847	276	89%	1,061		1.25
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	97%	1,253		1.34
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	95%	1,107		1.08
Camden Phipps (2)	Atlanta	GA	1996	1,018	234	96%	1,444		1.42
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	98%	1,050		0.92
Camden St. Clair	Atlanta	GA	1997	999	336	96%	1,162		1.16
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	94%	824		0.82
Camden Vantage	Atlanta	GA	2010	901	592	96%	1,197		1.33
TOTAL GEORGIA	12	Properties		988	3,867	96%	1,146		1.16
Camden Bel Air	Las Vegas	NV	1988/1995	943	528	96%	745		0.79
Camden Breeze	Las Vegas	NV	1989	846	320	96%	753		0.89
Camden Canyon	Las Vegas	NV	1995	987	200	97%	902		0.91
Camden Commons	Henderson	NV	1988	936	376	96%	781		0.83
Camden Cove	Las Vegas	NV	1990	898	124	98%	757		0.84
Camden Del Mar	Las Vegas	NV	1995	986	560	96%	968		0.98
Camden Fairways	Henderson	NV	1989	896	320	97%	911		1.02
Camden Hills	Las Vegas	NV	1991	439	184	96%	523		1.19
Camden Legends	Henderson	NV	1994	792	113	96%	849		1.07
Camden Palisades	Las Vegas	NV	1991	905	624	95%	751		0.83
Camden Pines	Las Vegas	NV	1997	982	315	95%	832		0.85
Camden Pointe	Las Vegas	NV	1996	983	252	97%	768		0.78
Camden Summit	Henderson	NV	1995	1,187	234	95%	1,111		0.94
Camden Tiara	Las Vegas	NV	1996	1,043	400	96%	884		0.85
Camden Vintage	Las Vegas	NV	1994	978	368	95%	719		0.74
TOTAL NEVADA	15	Properties		938	4,918	96%	820		0.87
Camden Ballantyne	Charlotte	NC	1998	1,045	400	96%	1,174		1.12
Camden Cotton Mills	Charlotte	NC	2002	905	180	97%	1,420		1.57
Camden Dilworth	Charlotte	NC	2006	857	145	98%	1,361		1.59
Camden Fairview	Charlotte	NC	1983	1,036	135	97%	1,077		1.04
Camden Foxcroft	Charlotte	NC	1979	940	156	99%	924		0.98
Camden Grandview	Charlotte	NC	2000	1,057	266	98%	1,539		1.45
Camden Sedgebrook	Charlotte	NC	1999	972	368	96%	1,012		1.04
Camden Simsbury	Charlotte	NC	1985	874	100	97%	1,072		1.23
Camden South End Square	Charlotte	NC	2003	882	299	98%	1,298		1.47
Camden Stonecrest	Charlotte	NC	2001	1,098	306	96%	1,205		1.10
Camden Touchstone	Charlotte	NC	1986	899	132	98%	896		1.00
Total Charlotte	11	Properties		980	2,487	97%	1,197		1.22
Camden Asbury Village (2)	Raleigh	NC	2009	1,009	350	96%	1,053		1.04
Camden Crest	Raleigh	NC	2001	1.013	438	90%	903		0.89
Camden Governor's Village	Chapel Hill	NC	1999	1,046	242	97%	940		0.90
Camden Lake Pine	Apex	NC	1999	1,066	446	96%	960		0.90
Camden Manor Park	Raleigh	NC	2006	966	484	96%	966		1.00
Camden Overlook	Raleigh	NC	2001	1,060	320	95%	1,101		1.04
Camden Reunion Park	Apex	NC	2000/2004	972	420	95%	831		0.85
Camden Westwood	Morrisville	NC	1999	1,027	354	96%	905		0.88
Total Raleigh	8	Properties		1,016	3,054	95%	952		0.94
TOTAL NORTH CAROLINA	19	Properties		1,000	5,541	96%		$1,062		$1.06

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CAMDEN	COMMUNITY TABLE
	Community statistics as of 12/31/2014

(Unaudited)							4Q14 Avg
			Year Placed	Average	Apartment	4Q14 Avg	Monthly Rental Rates
Community Name	City	State	In Service	Size	Homes	Occupancy	Per Home		Per Sq. Ft.
Camden Amber Oaks (2)	Austin	TX	2009	862	348	96%		$963		$1.12
Camden Amber Oaks II (2)	Austin	TX	2012	910	244	95%	1,055		1.16
Camden Brushy Creek (2)	Cedar Park	TX	2008	882	272	96%	1,003		1.14
Camden Cedar Hills	Austin	TX	2008	911	208	96%	1,135		1.25
Camden Gaines Ranch	Austin	TX	1997	955	390	95%	1,285		1.35
Camden Huntingdon	Austin	TX	1995	903	398	95%	973		1.08
Camden Ridgecrest (3)	Austin	TX	1995	855	284	96%	866		1.01
Camden Shadow Brook (2)	Austin	TX	2009	909	496	95%	1,026		1.13
Camden Stoneleigh	Austin	TX	2001	908	390	95%	1,144		1.26
Total Austin	9	Properties		901	3,030	95%	1,053		1.17
Camden Breakers	Corpus Christi	TX	1996	868	288	95%	1,170		1.35
Camden Copper Ridge	Corpus Christi	TX	1986	775	344	94%	876		1.13
Camden Miramar (4)	Corpus Christi	TX	1994-2014	494	1,005	98%	1,148		2.32
Camden South Bay (2)	Corpus Christi	TX	2007	1,055	270	96%	1,254		1.19
Total Corpus Christi	4	Properties		687	1,907	95%	1,117		1.80
Camden Addison	Addison	TX	1996	942	456	96%	1,001		1.06
Camden Belmont	Dallas	TX	2010/2012	945	477	95%	1,338		1.42
Camden Buckingham	Richardson	TX	1997	919	464	96%	1,039		1.13
Camden Centreport	Ft. Worth	TX	1997	911	268	96%	984		1.08
Camden Cimarron	Irving	TX	1992	772	286	95%	998		1.29
Camden Design District (2)	Dallas	TX	2009	939	355	95%	1,278		1.36
Camden Farmers Market	Dallas	TX	2001/2005	932	904	95%	1,146		1.23
Camden Henderson	Dallas	TX	2012	967	106	97%	1,464		1.51
Camden Legacy Creek	Plano	TX	1995	831	240	96%	1,057		1.27
Camden Legacy Park	Plano	TX	1996	871	276	96%	1,083		1.24
Camden Panther Creek (2)	Frisco	TX	2009	946	295	96%	1,088		1.15
Camden Riverwalk (2)	Grapevine	TX	2008	982	600	94%	1,286		1.31
Camden Valley Park	Irving	TX	1986	743	516	96%	916		1.23
Total Dallas/Ft. Worth	13	Properties		905	5,243	95%	1,123		1.24
Camden City Centre	Houston	TX	2007	932	379	96%	1,632		1.75
Camden City Centre II	Houston	TX	2013	868	268	96%	1,714		1.97
Camden Cypress Creek (2)	Cypress	TX	2009	993	310	95%	1,232		1.24
Camden Downs at Cinco Ranch (2)	Katy	TX	2004	1,075	318	96%	1,244		1.16
Camden Grand Harbor (2)	Katy	TX	2008	959	300	96%	1,179		1.23
Camden Greenway	Houston	TX	1999	861	756	95%	1,400		1.63
Camden Heights (2)	Houston	TX	2004	927	352	96%	1,534		1.65
Camden Holly Springs	Houston	TX	1999	934	548	95%	1,232		1.32
Camden Midtown	Houston	TX	1999	844	337	95%	1,695		2.01
Camden Northpointe (2)	Tomball	TX	2008	940	384	97%	1,059		1.13
Camden Oak Crest	Houston	TX	2003	870	364	97%	1,087		1.25
Camden Park	Houston	TX	1995	866	288	95%	1,059		1.22
Camden Plaza	Houston	TX	2007	915	271	96%	1,557		1.70
Camden Post Oak	Houston	TX	2003	1,200	356	94%	2,625		2.19
Camden Royal Oaks	Houston	TX	2006	923	236	98%	1,251		1.36
Camden Royal Oaks II	Houston	TX	2012	1,054	104	99%	1,444		1.37
Camden Spring Creek (2)	Spring	TX	2004	1,080	304	95%	1,196		1.11
Camden Stonebridge	Houston	TX	1993	845	204	95%	1,051		1.24
Camden Sugar Grove	Stafford	TX	1997	921	380	95%	1,095		1.19
Camden Travis Street	Houston	TX	2010	819	253	96%	1,619		1.98
Camden Vanderbilt	Houston	TX	1996/1997	863	894	95%	1,433		1.66
Camden Whispering Oaks	Houston	TX	2008	934	274	98%	1,241		1.33
Camden Woodson Park (2)	Houston	TX	2008	916	248	96%	1,104		1.21
Camden Yorktown (2)	Houston	TX	2008	995	306	96%	1,155		1.16
Total Houston	24	Properties		930	8,434	96%	1,377		1.48
TOTAL TEXAS	50	Properties		893	18,614	95%	1,226		1.37
TOTAL PROPERTIES	168	Properties		945	58,948	96%		$1,247		$1.32

(1) Completed communities in lease-up as of December 31, 2014 are excluded from total occupancy numbers.

(2) Communities owned through investment in joint venture.

(3) Camden Ridgecrest sold subsequent to year end.

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

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