Camden Property Trust 8K Announces Third Quarter 2016 Operating Results | CPT 27 Oct 16




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	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
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 2016 OPERATING RESULTS

Houston, TEXAS (October 27, 2016) - Camden Property Trust (NYSE:CPT) today announced operating results for the three and nine months ended September 30, 2016. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and nine months ended September 30, 2016 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.



	Three Months Ended		Nine Months Ended
	September 30		September 30
Per Diluted Share	2016	2015	2016	2015
EPS	$3.21	$0.41	$8.60	$2.09
FFO	$1.13	$1.14	$3.49	$3.34
AFFO	$0.92	$0.94	$3.01	$2.83



	Quarterly Growth		Sequential Growth		Year to Date Growth
Same Property Results	3Q16 vs. 3Q15		3Q16 vs. 2Q16		2016 vs. 2015
Revenues	3.7	%	1.6	%	4.2	%
Expenses	2.2	%	1.4	%	3.2	%
Net Operating Income ("NOI")	4.5	%	1.7	%	4.7	%



Same Property Results	3Q16		3Q15		2Q16
Occupancy	95.8	%	96.2	%	95.5	%

“We are pleased to announce another solid quarter of performance,” said Richard Campo, Camden’s Chairman and CEO. “Our earnings were better than expected primarily due to lower operating expenses and the timing of certain dispositions, and we have raised our full-year guidance for both FFO and same property NOI as a result. In addition, we have now successfully completed all dispositions planned for 2016, for a total of nearly $1.2 billion in asset sales year-to-date, and we paid a special dividend of $4.25 per share to our common shareholders.”

The Company defines same property communities as communities owned and stabilized as of January 1, 2015, excluding properties held for sale. 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 quarter at Camden Glendale in Glendale, CA, and construction was completed at Camden Victory Park in Dallas, TX. The Company also commenced construction at Camden Washingtonian in Gaithersburg, MD.

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



		Total	Total	% Leased
Community Name	Location	Units	Cost	as of 10/26/2016
Camden Chandler	Chandler, AZ	380	$67.8	87	%
Camden Victory Park	Dallas, TX	423	84.8	67	%
TOTAL		803	$152.6

Development Communities - Construction Ongoing ($ in millions)



		Total	Total	% Leased
Community Name	Location	Units	Budget	as of 10/26/2016
Camden Gallery	Charlotte, NC	323	$58.0	69	%
The Camden	Los Angeles, CA	287	145.0	70	%
Camden Lincoln Station	Denver, CO	267	56.0
Camden NoMa II	Washington, DC	405	115.0
Camden Shady Grove	Rockville, MD	457	116.0
Camden McGowen Station	Houston, TX	315	90.0
Camden Washingtonian	Gaithersburg, MD	365	90.0
TOTAL		2,419	$670.0

Acquisition/Disposition Activity

During the quarter Camden acquired approximately 2.4 acres of land in Denver, CO for $15.0 million for the future development of approximately 230 apartment homes. The Company also sold one dual-phased community and five operating communities comprised of 2,906 apartment homes for approximately $484.4 million. Year-to-date, dispositions totaled nearly $1.2 billion.

Earnings Guidance

Camden updated its earnings guidance for 2016 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2016 as detailed below.



Per Diluted Share	4Q16	2016
EPS	$0.40 - $0.44	$9.00 - $9.04
FFO	$1.12 - $1.16	$4.61 - $4.65



Same Property Growth	2016 Range	2016 Midpoint
Revenues	3.9% - 4.1%	4.0%
Expenses	2.3% - 2.5%	2.4%
NOI	4.8% - 5.0%	4.9%

The Company's revised 2016 same store expense guidance is the result of lower projected operating expenses, including lower than anticipated property taxes due to both lower rates and valuations combined with better than expected resolutions to several prior year property tax appeals. The majority of the tax refunds from these prior year appeals will be recognized in the fourth quarter of 2016.

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2016 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Special Dividend

In addition to the regular quarterly dividend, Camden declared a special dividend of $4.25 per share to its common shareholders of record as of September 23, 2016. The special dividend, consisting primarily of gains on dispositions completed in 2016, was paid on September 30, 2016.

Conference Call

Friday, October 28, 2016 at 11:00 AM CT

Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061

Passcode: 6983019

Webcast: http://services.choruscall.com/links/cpt161028.html

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 (713) 354-2787.

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 (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 today’s press release represent management’s current opinions at the time of this publication, 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 151 properties containing 52,506 apartment homes across the United States. Upon completion of 7 properties under development, the Company’s portfolio will increase to 54,925 apartment homes in 158 properties. Camden was recently named by FORTUNE® Magazine for the ninth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #9.

For additional information, please contact Camden’s Investor Relations Department at (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,
	2016			2015			2016			2015
Total property revenues ^(a)		$220,235			$212,593			$659,308			$620,633

Adjusted EBITDA	125,144			126,187			383,306			372,883

Net income attributable to common shareholders	290,898			37,044			778,930			188,722
Per share - basic	3.23			0.41			8.63			2.10
Per share - diluted	3.21			0.41			8.60			2.09

Income from continuing operations attributable to common shareholders	290,898			32,137			396,088			173,890
Per share - basic	3.23			0.36			4.35			1.93
Per share - diluted	3.21			0.36			4.34			1.93

Funds from operations	104,232			104,346			319,920			304,915
Per share - diluted	1.13			1.14			3.49			3.34

Adjusted funds from operations	84,986			86,144			276,311			258,175
Per share - diluted	0.92			0.94			3.01			2.83

Dividends per share ^(b)	0.75			0.70			2.25			2.10
Dividend payout ratio (FFO) ^(b)	66.4		%	61.4		%	64.5		%	62.9		%
Special Dividend Per Share	4.25			—			4.25			—

Interest expensed ^(c)	23,076			23,674			69,936			73,572
Interest capitalized ^(c)	4,514			4,319			13,809			14,920
Total interest incurred ^(c)	27,590			27,993			83,745			88,492

Principal amortization ^(c)	752			560			1,786			1,656

Net Debt to Annualized Adjusted EBITDA ^(c)(d)	4.2x			5.4x			4.7x			5.3x
Interest expense coverage ratio ^(c)	5.4x			5.3x			5.5x			5.1x
Total interest coverage ratio^(c)	4.5x			4.5x			4.6x			4.2x
Fixed charge expense coverage ratio ^(c)	5.3x			5.2x			5.3x			5.0x
Total fixed charge coverage ratio ^(c)	4.4x			4.4x			4.5x			4.1x
Unencumbered real estate assets (at cost) to unsecured debt ratio ^(c)	3.6x			3.4x			3.6x			3.4x

Same property NOI increase ^(e)	4.5		%	5.5		%	4.7		%	5.0		%
(# of apartment homes included)	40,221			47,618			40,221			47,618

Gross turnover of apartment homes (annualized)	68		%	74		%	60		%	64		%
Net turnover (excludes on-site transfers and transfers to other Camden communities)	57		%	64		%	51		%	53		%

							As of September 30,
							2016			2015
Total assets								$6,088,279			$6,022,513
Total debt								$2,480,626			$2,703,832
Common and common equivalent shares, outstanding end of period ^(f)							91,936			91,413
Share price, end of period								$83.74			$73.90
Book equity value, end of period^(g)								$3,193,250			$2,968,552
Market equity value, end of period^(h)								$7,698,721			$6,755,421

(a) Excludes discontinued operations.

(b) Excludes special dividend of $4.25 per share.

(c) Prior period presented has been changed to reflect the adoption of Accounting Standards Update 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs” (as supplemented by Accounting Standards Update 2015-15 [“ASU 2015-15”], “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”) at December 31, 2015, which required retrospective application.

(d) Net Debt is the average Notes Payable less the average Cash balance and Short Term Investments over the period. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by either 4 for quarter results or 1.33 for 9 month results.

(e) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2015, excluding properties held for sale.

(f) Includes at September 30, 2016: 90,048 common shares (including 359 common share equivalents related to share awards & options), plus 1,888 common share equivalents upon the assumed conversion of non-controlling units.

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

(h) 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,
	2016			2015			2016			2015
OPERATING DATA
Property revenues
Rental revenues		$187,771			$182,650			$564,136			$536,183
Other property revenues	32,464			29,943			95,172			84,450
Total property revenues	220,235			212,593			659,308			620,633

Property expenses
Property operating and maintenance	53,679			53,380			156,804			151,400
Real estate taxes	26,695			25,284			80,875			74,542
Total property expenses	80,374			78,664			237,679			225,942

Non-property income
Fee and asset management	1,667			1,902			5,223			5,083
Interest and other income	927			107			1,366			308
Income/(loss) on deferred compensation plans	3,494			(3,438		)	4,781			(1,871		)
Total non-property income	6,088			(1,429		)	11,370			3,520

Other expenses
Property management	5,590			5,700			19,147			17,423
Fee and asset management	911			1,227			2,861			3,424
General and administrative	10,810			11,790			34,836			33,120
Interest ^(a)	23,076			23,674			69,936			73,572
Depreciation and amortization	62,832			61,336			187,379			179,260
Expense/(benefit) on deferred compensation plans	3,494			(3,438		)	4,781			(1,871		)
Total other expenses	106,713			100,289			318,940			304,928

Gain on sale of operating properties, including land	262,719			—			295,397			85,192
Equity in income of joint ventures	1,866			1,574			5,052			4,487
Income from continuing operations before income taxes	303,821			33,785			414,508			182,962
Income tax expense	(400		)	(498		)	(1,204		)	(1,334		)
Income from continuing operations	303,421			33,287			413,304			181,628
Income from discontinued operations	—			4,907			7,605			14,832
Gain on sale of discontinued operations, net of tax	—			—			375,237			—
Net income	303,421			38,194			796,146			196,460
Less income allocated to non-controlling interests from continuing operations	(12,523		)	(1,150		)	(17,216		)	(7,738		)
Net income attributable to common shareholders		$290,898			$37,044			$778,930			$188,722

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$303,421			$38,194			$796,146			$196,460
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	32			38			97			112
Comprehensive income	303,453			38,232			796,243			196,572
Less income allocated to non-controlling interests from continuing operations	(12,523		)	(1,150		)	(17,216		)	(7,738		)
Comprehensive income attributable to common shareholders		$290,930			$37,082			$779,027			$188,834

PER SHARE DATA

Total earnings per common share - basic		$3.23			$0.41			$8.63			$2.10
Total earnings per common share - diluted	3.21			0.41			8.60			2.09
Earnings per share from continuing operations - basic	3.23			0.36			4.35			1.93
Earnings per share from continuing operations - diluted	3.21			0.36			4.34			1.93

Weighted average number of common shares outstanding:
Basic	89,669			89,164			89,524			89,102
Diluted	90,012			89,530			89,858			89,450

(a) Prior period has been changed to reflect the adoption of ASU 2015-03 (as supplemented by ASU 2015-15) at December 31, 2015, which required retrospective application.

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,
	2016			2015			2016			2015
FUNDS FROM OPERATIONS

Net income attributable to common shareholders		$290,898			$37,044			$778,930			$188,722
Real estate depreciation and amortization	61,264			59,793			182,694			174,882
Real estate depreciation from discontinued operations	—			4,059			4,327			11,936
Adjustments for unconsolidated joint ventures	2,266			2,300			6,944			6,782
Income allocated to non-controlling interests	12,523			1,150			17,216			7,738
Gain on sale of operating properties, net of tax	(262,719		)	—			(294,954		)	(85,145		)
Gain on sale of discontinued operations, net of tax	—			—			(375,237		)	—
Funds from operations		$104,232			$104,346			$319,920			$304,915

Less: recurring capitalized expenditures^(a)	(19,246		)	(18,202		)	(43,609		)	(46,740		)

Adjusted funds from operations - diluted		$84,986			$86,144			$276,311			$258,175

PER SHARE DATA
Funds from operations - diluted		$1.13			$1.14			$3.49			$3.34
Adjusted funds from operations - diluted	0.92			0.94			3.01			2.83
Distributions declared per common share	0.75			0.70			2.25			2.10
Special Distributions declared per common share	4.25			—			4.25			—

Weighted average number of common shares outstanding:
FFO/AFFO - diluted	91,901			91,426			91,749			91,347

PROPERTY DATA
Total operating properties (end of period) ^(b)	151			171			151			171
Total operating apartment homes in operating properties (end of period) ^(b)	52,506			59,407			52,506			59,407
Total operating apartment homes (weighted average)	46,702			52,323			49,521			51,881
Total operating apartment homes - excluding discontinued operations (weighted average)	46,702			47,405			47,426			46,963

(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, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015
ASSETS
Real estate assets, at cost
Land		$962,507			$989,097			$998,519			$989,247			$990,035
Buildings and improvements	5,910,347			5,956,361			5,978,843			5,911,432			5,890,751
	6,872,854			6,945,458			6,977,362			6,900,679			6,880,786
Accumulated depreciation	(1,829,563		)	(1,855,678		)	(1,841,107		)	(1,780,694		)	(1,730,929		)
Net operating real estate assets	5,043,291			5,089,780			5,136,255			5,119,985			5,149,857
Properties under development, including land	425,452			446,740			489,730			486,918			439,777
Investments in joint ventures	30,046			31,142			32,568			33,698			34,705
Properties held for sale, including land
Operating properties held for sale ^(a)	—			105,254			—			—			—
Discontinued operations held for sale ^(b)	—			—			238,417			239,063			237,635
Total real estate assets	5,498,789			5,672,916			5,896,970			5,879,664			5,861,974
Short-term investments ^(c)	100,000			—			—			—			—
Accounts receivable – affiliates	23,998			24,008			24,011			25,100			25,053
Other assets, net ^(d)	143,059			139,263			107,161			116,260			118,985
Cash and cash equivalents	313,742			341,726			6,935			10,617			10,375
Restricted cash	8,691			21,561			5,378			5,971			6,126
Total assets		$6,088,279			$6,199,474			$6,040,455			$6,037,612			$6,022,513



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,582,655			$1,582,077			$1,866,502			$1,824,930			$1,803,360
Secured	897,971			898,723			899,315			899,757			900,472
Accounts payable and accrued expenses	143,193			140,864			140,991			133,353			131,532
Accrued real estate taxes	66,079			46,801			25,499			45,223			57,642
Distributions payable	82,861			69,116			69,020			64,275			64,276
Other liabilities ^(e)	122,270			117,023			86,423			97,814			96,679
Total liabilities	2,895,029			2,854,604			3,087,750			3,065,352			3,053,961

Commitments and contingencies
Non-qualified deferred compensation share awards	72,222			72,480			88,550			79,364			72,316

Equity
Common shares of beneficial interest	978			978			975			976			976
Additional paid-in capital	3,675,806			3,673,237			3,658,372			3,662,864			3,660,482
Distributions in excess of net income attributable to common shareholders	(261,324		)	(104,004		)	(491,275		)	(458,577		)	(452,257		)
Treasury shares, at cost	(373,597		)	(373,914		)	(378,032		)	(386,793		)	(387,114		)
Accumulated other comprehensive loss ^(f)	(1,816		)	(1,848		)	(1,881		)	(1,913		)	(2,307		)
Total common equity	3,040,047			3,194,449			2,788,159			2,816,557			2,819,780
Non-controlling interests	80,981			77,941			75,996			76,339			76,456
Total equity	3,121,028			3,272,390			2,864,155			2,892,896			2,896,236
Total liabilities and equity		$6,088,279			$6,199,474			$6,040,455			$6,037,612			$6,022,513



(a) Operating properties held for sale includes one dual-phase property and one operating property as of June 30, 2016 which were each subsequently sold in July.

(b) All prior periods presented have been changed to present the 15 operating properties, 19.6 acres of land, and retail center located in Las Vegas, Nevada, which were classified as held for sale at March 31, 2016 and subsequently sold on April 26, 2016. (See page 19 for additional information relating to this sale).


(c) At September 30, 2016, our short-term investments consist wholly of a certificate of deposit that has a maturity date of January 4, 2017.

(d) Includes net deferred charges of:		$2,140			$2,353			$2,600			$2,851			$3,077

(e) Includes deferred revenues of:		$1,598			$831			$1,797			$1,768			$1,918

(f) 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, 2016 (in apartment homes)



	Fully Consolidated					Non-Consolidated

	"Same Property"	Non-"Same Property"	Completed in Lease-up	Under Construction	Total	Operating	Grand Total
D.C. Metro^(a)	5,033	321	—	1,227	6,581	281	6,862
Houston, TX	5,912	—	—	315	6,227	2,522	8,749
SE Florida	2,520	261	—	—	2,781	—	2,781
Dallas, TX	3,993	—	423	—	4,416	1,250	5,666
Los Angeles/Orange County, CA	2,068	303	—	287	2,658	—	2,658
Atlanta, GA	3,633	379	—	—	4,012	234	4,246
Tampa, FL	1,928	—	—	—	1,928	450	2,378
Orlando, FL	2,662	—	—	—	2,662	300	2,962
Charlotte, NC	2,487	—	—	323	2,810	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	454	380	—	2,929	—	2,929
Raleigh, NC	2,266	438	—	—	2,704	350	3,054
Austin, TX	1,386	614	—	—	2,000	1,360	3,360
Corpus Christi, TX	632	1,005	—	—	1,637	270	1,907
Total Portfolio	40,221	4,199	803	2,419	47,642	7,283	54,925

(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, 2016		Jun 30, 2016		Mar 31, 2016		Dec 31, 2015		Sep 30, 2015
D.C. Metro	15.5	%	15.5	%	15.2	%	96.1	%	95.4	%	94.8	%	94.8	%	96.1	%
Houston, TX	13.1	%	11.5	%	12.3	%	94.4	%	94.1	%	93.9	%	94.7	%	95.6	%
SE Florida	8.7	%	8.4	%	8.1	%	96.3	%	96.3	%	96.9	%	96.8	%	96.9	%
Dallas, TX	7.7	%	7.0	%	7.3	%	96.5	%	96.0	%	96.1	%	95.9	%	96.3	%
Los Angeles/Orange County, CA	7.4	%	8.0	%	7.7	%	95.5	%	95.5	%	95.4	%	95.6	%	95.5	%
Atlanta, GA	8.1	%	8.2	%	8.0	%	95.9	%	95.8	%	95.4	%	95.6	%	95.9	%
Tampa, FL	4.1	%	4.9	%	5.0	%	96.2	%	95.6	%	95.9	%	96.3	%	95.9	%
Orlando, FL	5.8	%	5.5	%	5.5	%	96.3	%	96.3	%	95.7	%	95.4	%	96.4	%
Charlotte, NC	6.2	%	5.5	%	5.5	%	96.6	%	96.3	%	96.0	%	96.2	%	97.1	%
Denver, CO	5.6	%	5.9	%	5.7	%	96.0	%	95.7	%	94.3	%	95.0	%	96.6	%
San Diego/Inland Empire, CA	5.1	%	4.5	%	4.3	%	95.6	%	95.5	%	95.2	%	95.9	%	96.4	%
Phoenix, AZ	4.6	%	5.7	%	5.4	%	94.4	%	93.7	%	95.2	%	95.5	%	95.5	%
Raleigh, NC	4.3	%	4.4	%	4.4	%	95.9	%	95.1	%	94.8	%	94.7	%	95.8	%
Austin, TX	2.7	%	3.5	%	4.0	%	96.1	%	95.3	%	95.7	%	95.3	%	96.3	%
Corpus Christi, TX	1.1	%	1.5	%	1.6	%	93.9	%	93.1	%	93.0	%	94.4	%	95.3	%
Total Portfolio	100.0	%	100.0	%	100.0	%	95.7	%	95.3	%	95.2	%	95.4	%	96.1	%

(b) Operating communities represent all fully-consolidated communities for the period, 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, owned during the period, 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	2016		2015			Change			2016			2015			Change
"Same Property" Communities ^(a)	40,221		$189,104		$182,415			$6,689			$558,394			$536,093			$22,301
Non-"Same Property" Communities ^(b)	4,199	19,368		15,251			4,117			57,682			40,436			17,246
Development and Lease-Up Communities ^(c)	3,222	4,435		566			3,869			8,220			871			7,349
Disposition/Other ^(d)	—	7,328		14,361			(7,033		)	35,012			43,233			(8,221		)
Total Property Revenues	47,642		$220,235		$212,593			$7,642			$659,308			$620,633			$38,675

Property Expenses
"Same Property" Communities ^(a)	40,221		$68,138		$66,676			$1,462			$200,475			$194,183			$6,292
Non-"Same Property" Communities ^(b)	4,199	7,567		6,706			861			21,784			16,276			5,508
Development and Lease-Up Communities ^(c)	3,222	1,910		207			1,703			3,475			295			3,180
Disposition/Other ^(d)	—	2,759		5,075			(2,316		)	11,945			15,188			(3,243		)
Total Property Expenses	47,642		$80,374		$78,664			$1,710			$237,679			$225,942			$11,737

Property Net Operating Income
"Same Property" Communities ^(a)	40,221		$120,966		$115,739			$5,227			$357,919			$341,910			$16,009
Non-"Same Property" Communities ^(b)	4,199	11,801		8,545			3,256			35,898			24,160			11,738
Development and Lease-Up Communities ^(c)	3,222	2,525		359			2,166			4,745			576			4,169
Disposition/Other ^(d)	—	4,569		9,286			(4,717		)	23,067			28,045			(4,978		)
Total Property Net Operating Income	47,642		$139,861		$133,929			$5,932			$421,629			$394,691			$26,938


Income from Discontinued Operations ^(e)		Three Months Ended September 30,								Nine Months Ended September 30,
		2016		2015						2016			2015
Property Revenues			$—		$14,592						$19,184			$42,637
Property Expenses		—		(5,442		)				(6,898		)	(15,364		)
Property Net Operating Income		—		9,150						12,286			27,273
Property management expense		—		(184		)				(242		)	(505		)
Depreciation and amortization		—		(4,059		)				(4,327		)	(11,936		)
Other taxes		—		—						(112		)	—
Gain on Sale of Discontinued Operations		—		—						375,237			—
Income from Discontinued Operations			$—		$4,907						$382,842			$14,832

(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2015, excluding properties held for sale. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized as of January 1, 2015, excluding properties held for sale.

(c) Development and Lease-Up Communities are non-stabilized communities we have acquired or developed since January 1, 2015, excluding properties held for sale.

(d) Disposition/Other includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, below market lease amortization related to acquired communities, and expenses related to land holdings not under active development.

(e) Represents operating results for our Las Vegas assets sold on April 26, 2016.




CAMDEN		"SAME PROPERTY"
		THIRD QUARTER COMPARISONS
		September 30, 2016
		(In thousands, except property data amounts)

(Unaudited)



	Apartment
	Homes	Revenues						Expenses						NOI
Quarterly Results ^(a)	Included	3Q16		3Q15		Growth		3Q16		3Q15		Growth		3Q16		3Q15		Growth
D.C. Metro	5,033		$27,860		$27,591	1.0	%		$9,084		$8,424	7.8	%		$18,776		$19,167	(2.0	)%
Houston, TX	5,912	27,616		27,936		(1.1	)%	11,752		11,667		0.7	%	15,864		16,269		(2.5	)%
SE Florida	2,520	15,488		14,709		5.3	%	5,012		5,023		(0.2	)%	10,476		9,686		8.2	%
Dallas, TX	3,993	16,312		15,216		7.2	%	7,053		6,354		11.0	%	9,259		8,862		4.5	%
Los Angeles/Orange County, CA	2,068	12,914		12,415		4.0	%	3,908		4,009		(2.5	)%	9,006		8,406		7.1	%
Atlanta, GA	3,633	15,405		14,764		4.3	%	5,579		5,867		(4.9	)%	9,826		8,897		10.4	%
Tampa, FL	1,928	8,054		7,522		7.1	%	3,035		2,988		1.6	%	5,019		4,534		10.7	%
Orlando, FL	2,662	10,968		10,214		7.4	%	3,969		3,926		1.1	%	6,999		6,288		11.3	%
Charlotte, NC	2,487	10,629		10,414		2.1	%	3,173		3,464		(8.4	)%	7,456		6,950		7.3	%
Denver, CO	1,941	9,465		9,023		4.9	%	2,737		2,673		2.4	%	6,728		6,350		6.0	%
San Diego/Inland Empire, CA	1,665	9,591		8,959		7.1	%	3,388		3,241		4.5	%	6,203		5,718		8.5	%
Phoenix, AZ	2,095	8,518		8,061		5.7	%	2,947		2,864		2.9	%	5,571		5,197		7.2	%
Raleigh, NC	2,266	8,195		7,766		5.5	%	2,972		2,771		7.3	%	5,223		4,995		4.6	%
Austin, TX	1,386	5,892		5,579		5.6	%	2,606		2,570		1.4	%	3,286		3,009		9.2	%
Corpus Christi, TX	632	2,197		2,246		(2.2	)%	923		835		10.5	%	1,274		1,411		(9.7	)%

Total Same Property	40,221		$189,104		$182,415	3.7	%		$68,138		$66,676	2.2	%		$120,966		$115,739	4.5	%



									Weighted Average Monthly						Weighted Average Monthly
	% of NOI		Average Occupancy ^(a)						Rental Rate ^(b)						Revenue per Occupied Home^(c)
Quarterly Results ^(a)	Contribution		3Q16		3Q15		Growth		3Q16		3Q15		Growth		3Q16		3Q15		Growth
D.C. Metro	15.5	%	96.0	%	96.4	%	(0.4	)%		$1,682		$1,670	0.7	%		$1,921		$1,895	1.4	%
Houston, TX	13.1	%	94.3	%	95.7	%	(1.4	)%	1,449		1,471		(1.5	)%	1,652		1,647		0.3	%
SE Florida	8.7	%	96.4	%	97.0	%	(0.6	)%	1,874		1,788		4.8	%	2,125		2,006		5.9	%
Dallas, TX	7.7	%	96.7	%	96.3	%	0.4	%	1,206		1,142		5.6	%	1,409		1,318		6.8	%
Los Angeles/Orange County, CA	7.4	%	95.5	%	95.4	%	0.1	%	1,979		1,888		4.8	%	2,180		2,098		3.9	%
Atlanta, GA	8.1	%	96.0	%	95.9	%	0.1	%	1,265		1,213		4.3	%	1,472		1,413		4.2	%
Tampa, FL	4.1	%	96.1	%	95.8	%	0.3	%	1,185		1,121		5.7	%	1,449		1,356		6.8	%
Orlando, FL	5.8	%	96.7	%	96.5	%	0.2	%	1,195		1,121		6.6	%	1,420		1,325		7.2	%
Charlotte, NC	6.2	%	96.6	%	97.1	%	(0.5	)%	1,259		1,234		2.0	%	1,475		1,438		2.6	%
Denver, CO	5.6	%	96.2	%	96.6	%	(0.4	)%	1,471		1,412		4.2	%	1,689		1,605		5.3	%
San Diego/Inland Empire, CA	5.1	%	95.6	%	96.4	%	(0.8	)%	1,770		1,677		5.5	%	2,008		1,861		7.9	%
Phoenix, AZ	4.6	%	95.1	%	95.7	%	(0.6	)%	1,162		1,120		3.8	%	1,425		1,341		6.3	%
Raleigh, NC	4.3	%	95.8	%	95.9	%	(0.1	)%	1,025		987		3.9	%	1,258		1,192		5.6	%
Austin, TX	2.7	%	96.3	%	96.2	%	0.1	%	1,221		1,172		4.2	%	1,471		1,395		5.5	%
Corpus Christi, TX	1.1	%	93.8	%	94.8	%	(1.0	)%	1,001		1,013		(1.2	)%	1,236		1,250		(1.2	)%

Total Same Property	100.0	%	95.8	%	96.2	%	(0.4	)%		$1,411		$1,369	3.1	%		$1,636		$1,572	4.1	%

(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, 2016
		(In thousands, except property data amounts)

(Unaudited)



	Apartment
	Homes	Revenues						Expenses						NOI
Quarterly Results ^(a)	Included	3Q16		2Q16		Growth		3Q16		2Q16		Growth		3Q16		2Q16		Growth
D.C. Metro	5,033		$27,860		$27,361	1.8	%		$9,084		$8,711	4.3	%		$18,776		$18,650	0.7	%
Houston, TX	5,912	27,616		27,486		0.5	%	11,752		11,988		(2.0	)%	15,864		15,498		2.4	%
SE Florida	2,520	15,488		15,257		1.5	%	5,012		4,974		0.8	%	10,476		10,283		1.9	%
Dallas, TX	3,993	16,312		15,982		2.1	%	7,053		6,633		6.3	%	9,259		9,349		(1.0	)%
Los Angeles/Orange County, CA	2,068	12,914		12,702		1.7	%	3,908		3,923		(0.4	)%	9,006		8,779		2.6	%
Atlanta, GA	3,633	15,405		15,182		1.5	%	5,579		5,666		(1.5	)%	9,826		9,516		3.3	%
Tampa, FL	1,928	8,054		7,970		1.1	%	3,035		3,041		(0.2	)%	5,019		4,929		1.8	%
Orlando, FL	2,662	10,968		10,754		2.0	%	3,969		3,871		2.5	%	6,999		6,883		1.7	%
Charlotte, NC	2,487	10,629		10,453		1.7	%	3,173		3,401		(6.7	)%	7,456		7,052		5.7	%
Denver, CO	1,941	9,465		9,258		2.2	%	2,737		2,678		2.2	%	6,728		6,580		2.2	%
San Diego/Inland Empire, CA	1,665	9,591		9,356		2.5	%	3,388		3,269		3.6	%	6,203		6,087		1.9	%
Phoenix, AZ	2,095	8,518		8,397		1.4	%	2,947		2,880		2.3	%	5,571		5,517		1.0	%
Raleigh, NC	2,266	8,195		8,002		2.4	%	2,972		2,803		6.0	%	5,223		5,199		0.5	%
Austin, TX	1,386	5,892		5,775		2.0	%	2,606		2,522		3.3	%	3,286		3,253		1.0	%
Corpus Christi, TX	632	2,197		2,175		1.0	%	923		843		9.5	%	1,274		1,332		(4.4	)%

Total Same Property	40,221		$189,104		$186,110	1.6	%		$68,138		$67,203	1.4	%		$120,966		$118,907	1.7	%



									Weighted Average Monthly						Weighted Average Monthly
	% of NOI		Average Occupancy ^(a)						Rental Rate^(b)						Revenue per Occupied Home^(c)
Quarterly Results ^(a)	Contribution		3Q16		2Q16		Growth		3Q16		2Q16		Growth		3Q16		2Q16		Growth
D.C. Metro	15.5	%	96.0	%	95.5	%	0.5	%		$1,682		$1,668	0.8	%		$1,921		$1,898	1.3	%
Houston, TX	13.1	%	94.3	%	93.9	%	0.4	%	1,449		1,460		(0.8	)%	1,652		1,650		0.1	%
SE Florida	8.7	%	96.4	%	96.5	%	(0.1	)%	1,874		1,851		1.2	%	2,125		2,092		1.6	%
Dallas, TX	7.7	%	96.7	%	96.2	%	0.5	%	1,206		1,186		1.7	%	1,409		1,387		1.6	%
Los Angeles/Orange County, CA	7.4	%	95.5	%	95.4	%	0.1	%	1,979		1,952		1.4	%	2,180		2,147		1.6	%
Atlanta, GA	8.1	%	96.0	%	95.9	%	0.1	%	1,265		1,243		1.8	%	1,472		1,453		1.4	%
Tampa, FL	4.1	%	96.1	%	96.0	%	0.1	%	1,185		1,167		1.5	%	1,449		1,435		1.0	%
Orlando, FL	5.8	%	96.7	%	96.7	%	0.0	%	1,195		1,176		1.6	%	1,420		1,393		2.0	%
Charlotte, NC	6.2	%	96.6	%	96.3	%	0.3	%	1,259		1,244		1.2	%	1,475		1,455		1.4	%
Denver, CO	5.6	%	96.2	%	95.6	%	0.6	%	1,471		1,451		1.4	%	1,689		1,664		1.6	%
San Diego/Inland Empire, CA	5.1	%	95.6	%	95.5	%	0.1	%	1,770		1,736		2.0	%	2,008		1,961		2.4	%
Phoenix, AZ	4.6	%	95.1	%	94.7	%	0.4	%	1,162		1,154		0.7	%	1,425		1,410		1.0	%
Raleigh, NC	4.3	%	95.8	%	95.3	%	0.5	%	1,025		1,006		1.9	%	1,258		1,235		1.9	%
Austin, TX	2.7	%	96.3	%	95.7	%	0.6	%	1,221		1,202		1.6	%	1,471		1,451		1.4	%
Corpus Christi, TX	1.1	%	93.8	%	92.7	%	1.1	%	1,001		1,006		(0.5	)%	1,236		1,237		(0.1	)%

Total Same Property	100.0	%	95.8	%	95.5	%	0.3	%		$1,411		$1,396	1.1	%		$1,636		$1,616	1.3	%

(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, 2016
		(In thousands, except property data amounts)

(Unaudited)



	Apartment
	Homes	Revenues						Expenses						NOI
Year to Date Results ^(a)	Included	2016		2015		Growth		2016		2015		Growth		2016		2015		Growth
D.C. Metro	5,033		$82,208		$81,785	0.5	%		$26,570		$25,792	3.0	%		$55,638		$55,993	(0.6	)%
Houston, TX	5,912	82,415		82,898		(0.6	)%	35,422		34,531		2.6	%	46,993		48,367		(2.8	)%
SE Florida	2,520	45,837		43,406		5.6	%	14,809		14,764		0.3	%	31,028		28,642		8.3	%
Dallas, TX	3,993	47,999		44,391		8.1	%	20,037		17,986		11.4	%	27,962		26,405		5.9	%
Los Angeles/Orange County, CA	2,068	38,199		36,539		4.5	%	11,671		11,591		0.7	%	26,528		24,948		6.3	%
Atlanta, GA	3,633	45,390		43,083		5.4	%	16,659		16,580		0.5	%	28,731		26,503		8.4	%
Tampa, FL	1,928	23,803		21,945		8.5	%	8,991		8,594		4.6	%	14,812		13,351		10.9	%
Orlando, FL	2,662	32,211		29,818		8.0	%	11,675		11,230		4.0	%	20,536		18,588		10.5	%
Charlotte, NC	2,487	31,410		30,682		2.4	%	9,786		10,029		(2.4	)%	21,624		20,653		4.7	%
Denver, CO	1,941	27,612		26,146		5.6	%	7,654		7,705		(0.7	)%	19,958		18,441		8.2	%
San Diego/Inland Empire, CA	1,665	28,145		26,118		7.8	%	9,944		9,510		4.6	%	18,201		16,608		9.6	%
Phoenix, AZ	2,095	25,207		23,510		7.2	%	8,608		8,068		6.7	%	16,599		15,442		7.5	%
Raleigh, NC	2,266	24,073		22,730		5.9	%	8,470		7,881		7.5	%	15,603		14,849		5.1	%
Austin, TX	1,386	17,351		16,387		5.9	%	7,595		7,385		2.8	%	9,756		9,002		8.4	%
Corpus Christi, TX	632	6,534		6,655		(1.8	)%	2,584		2,537		1.9	%	3,950		4,118		(4.1	)%

Total Same Property	40,221		$558,394		$536,093	4.2	%		$200,475		$194,183	3.2	%		$357,919		$341,910	4.7	%



									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		2016		2015		Growth		2016		2015		Growth		2016		2015		Growth
D.C. Metro	15.6	%	95.5	%	96.0	%	(0.5	)%		$1,669		$1,662	0.4	%		$1,901		$1,881	1.0	%
Houston, TX	13.1	%	94.1	%	95.6	%	(1.5	)%	1,459		1,461		(0.1	)%	1,645		1,629		0.9	%
SE Florida	8.7	%	96.6	%	96.7	%	(0.1	)%	1,853		1,768		4.8	%	2,092		1,979		5.7	%
Dallas, TX	7.8	%	96.4	%	96.2	%	0.2	%	1,187		1,118		6.2	%	1,386		1,284		7.9	%
Los Angeles/Orange County, CA	7.4	%	95.4	%	95.3	%	0.1	%	1,952		1,858		5.1	%	2,151		2,060		4.4	%
Atlanta, GA	8.0	%	95.8	%	95.6	%	0.2	%	1,247		1,191		4.7	%	1,449		1,378		5.2	%
Tampa, FL	4.2	%	96.0	%	95.4	%	0.6	%	1,167		1,104		5.7	%	1,430		1,325		7.9	%
Orlando, FL	5.7	%	96.4	%	96.1	%	0.3	%	1,177		1,102		6.8	%	1,395		1,295		7.7	%
Charlotte, NC	6.0	%	96.3	%	96.8	%	(0.5	)%	1,246		1,218		2.3	%	1,457		1,416		2.9	%
Denver, CO	5.6	%	95.4	%	96.2	%	(0.8	)%	1,453		1,369		6.1	%	1,656		1,556		6.4	%
San Diego/Inland Empire, CA	5.1	%	95.4	%	96.0	%	(0.6	)%	1,740		1,641		6.0	%	1,968		1,815		8.4	%
Phoenix, AZ	4.6	%	95.2	%	95.5	%	(0.3	)%	1,154		1,109		4.1	%	1,404		1,306		7.5	%
Raleigh, NC	4.4	%	95.5	%	95.5	%	0.0	%	1,009		967		4.3	%	1,236		1,167		5.9	%
Austin, TX	2.7	%	96.1	%	95.8	%	0.3	%	1,203		1,155		4.2	%	1,448		1,372		5.6	%
Corpus Christi, TX	1.1	%	93.0	%	93.8	%	(0.8	)%	1,007		1,009		(0.2	)%	1,236		1,248		(1.0	)%

Total Same Property	100.0	%	95.6	%	95.9	%	(0.3	)%		$1,398		$1,351	3.5	%		$1,614		$1,544	4.5	%

(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, 2016
		(In thousands)

(Unaudited)



										% of Actual
										3Q16 Operating
Quarterly Comparison ^(a)	3Q16		3Q15		$ Change			% Change		Expenses

Property taxes		$23,510		$22,493		$1,017		4.5	%	34.5	%
Salaries and Benefits for On-site Employees	14,218		14,755		(537		)	(3.6	)%	20.9	%
Utilities	15,025		13,807		1,218			8.8	%	22.1	%
Repairs and Maintenance	9,176		9,621		(445		)	(4.6	)%	13.5	%
Property Insurance	2,252		2,468		(216		)	(8.7	)%	3.3	%
General and Administrative	2,282		2,139		143			6.7	%	3.3	%
Marketing and Leasing	1,122		1,235		(113		)	(9.2	)%	1.6	%
Other	553		158		395			251.0	%	0.8	%

Total Same Property		$68,138		$66,676		$1,462		2.2	%	100.0	%



										% of Actual
										3Q16 Operating
Sequential Comparison ^(a)	3Q16		2Q16		$ Change			% Change		Expenses

Property taxes		$23,510		$23,568		($58	)	(0.2	)%	34.5	%
Salaries and Benefits for On-site Employees	14,218		14,553		(335		)	(2.3	)%	20.9	%
Utilities	15,025		14,001		1,024			7.3	%	22.1	%
Repairs and Maintenance	9,176		8,996		180			2.0	%	13.5	%
Property Insurance	2,252		2,164		89			4.1	%	3.3	%
General and Administrative	2,282		2,248		34			1.5	%	3.3	%
Marketing and Leasing	1,122		1,117		5			0.4	%	1.6	%
Other	553		556		(3		)	(0.5	)%	0.8	%

Total Same Property		$68,138		$67,203		$935		1.4	%	100.0	%



										% of Actual
										2016 Operating
Year to Date Comparison ^(a)	2016		2015		$ Change			% Change		Expenses

Property taxes		$70,411		$66,886		$3,525		5.3	%	35.1	%
Salaries and Benefits for On-site Employees	42,966		42,305		661			1.6	%	21.4	%
Utilities	42,743		38,995		3,748			9.6	%	21.4	%
Repairs and Maintenance	26,586		26,419		167			0.6	%	13.3	%
Property Insurance	5,978		8,304		(2,326		)	(28.0	)%	3.0	%
General and Administrative	6,845		6,432		413			6.4	%	3.4	%
Marketing and Leasing	3,284		3,514		(230		)	(6.5	)%	1.6	%
Other	1,662		1,328		334			25.2	%	0.8	%

Total Same Property		$200,475		$194,183		$6,292		3.2	%	100.0	%




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

(Unaudited)

Company's Pro-Rata Share of Joint Venture Operations:



	Three Months Ended September 30,				Nine Months Ended September 30,
OPERATING DATA^(a)	2016		2015		2016		2015
Property Revenues
Rental revenues		$8,252		$7,985		$24,426		$23,294
Other property revenues	1,279		1,205		3,723		3,369
Total property revenues	9,531		9,190		28,149		26,663

Property expenses
Property operating and maintenance	2,399		2,283		6,825		6,434
Real estate taxes	1,503		1,492		4,677		4,389
	3,902		3,775		11,502		10,823

Net Operating Income	5,629		5,415		16,647		15,840

Other expenses
Interest ^(b)	1,428		1,482		4,432		4,395
Depreciation and amortization	2,247		2,276		6,902		6,643
Other (including debt prepayment penalties)	88		83		261		315
Total other expenses	3,763		3,841		11,595		11,353

Equity in income of joint ventures		$1,866		$1,574		$5,052		$4,487



	Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015
BALANCE SHEET DATA^(c)
Land		$109,912			$109,912			$109,912			$109,912			$108,157
Building & Improvements	737,460			734,947			731,896			730,867			714,631
	847,372			844,859			841,808			840,779			822,788
Accumulated Depreciation	(136,671		)	(129,364		)	(121,865		)	(114,277		)	(106,669		)
Net operating real estate assets	710,701			715,495			719,943			726,502			716,119
Properties under development and land	1,265			1,265			2,347			1,711			16,177
Cash and other assets, net	17,334			14,873			13,863			19,768			20,880
Total assets		$729,300			$731,633			$736,153			$747,981			$753,176

Notes payable		$520,976			$524,155			$528,193			$526,950			$528,702
Other liabilities	24,871			20,457			16,347			25,765			26,011
Total liabilities	545,847			544,612			544,540			552,715			554,713

Member's equity	183,453			187,021			191,613			195,266			198,463
Total liabilities and members' equity		$729,300			$731,633			$736,153			$747,981			$753,176

Company's equity investment		$30,046			$31,142			$32,568			$33,698			$34,705

Company's pro-rata share of debt		$163,065			$164,061			$165,325			$164,935			$165,484


PROPERTY DATA (end of period)
Total operating properties	22			22			22			22			21
Total operating apartment homes ^(d)	7,283			7,278			7,278			7,278			7,012
Pro rata share of operating apartment homes	2,280			2,278			2,278			2,278			2,195
Total development properties	—			—			—			—			1
Total development apartment homes	—			—			—			—			266
Pro rata share of development apartment homes	—			—			—			—			83

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

(b) Prior year has been changed to reflect the adoption of ASU 2015-03 (as supplemented by ASU 2015-15) at December 31, 2015, which required retrospective application.

(d) In August 2016, one of the funds completed the conversion of retail space to five apartment homes at one of it's operating properties.




CAMDEN		CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF SEPTEMBER 30, 2016 ($ in millions)

Estimated/Actual Dates for

Completed Communities in Lease-Up

Total

Construction

Initial

Construction

Stabilized

As of 10/26/2016

Homes

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

Camden Chandler

380

$67.8

1Q14

1Q15

1Q16

4Q16

87%

86%

Chandler, AZ

Camden Victory Park

423

84.8

4Q13

1Q16

3Q16

1Q18

67%

58%

Dallas, TX

Total Completed Communities in Lease-Up

803

$152.6

76%

71%

Estimated/Actual Dates for

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 10/26/2016

Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

Camden Gallery

323

$58.0

$57.7

$14.2

3Q13

1Q16

4Q16

1Q17

69%

67%

Charlotte, NC

The Camden

287

145.0

131.8

1.5

4Q13

2Q16

4Q16

2Q17

70%

66%

Los Angeles, CA

Camden Lincoln Station

267

56.0

43.7

43.6

4Q14

4Q16

2Q17

1Q18

Denver, CO

Camden NoMa II

405

115.0

91.7

1Q15

2Q17

4Q17

4Q19

Washington, DC

Camden Shady Grove

457

116.0

78.7

2Q15

1Q17

1Q18

4Q19

Rockville, MD

Camden McGowen Station

315

90.0

27.8

4Q14

4Q17

2Q18

3Q19

Houston, TX

Camden Washingtonian

365

90.0

26.0

3Q16

2Q18

4Q18

4Q19

Gaithersburg, MD

Total Development Communities

2,419

$670.0

$457.4

$283.5

69%

67%

Additional Development Pipeline & Land^(a)

142.0

Total Properties Under Development and Land (per Balance Sheet)

$425.5

NOI Contribution from Development Communities ($ in millions)

Cost to Date

3Q16 NOI

Communities that Stabilized During Quarter

$113.9

$1.1

Completed Communities in Lease-Up

152.6

1.2

Development Communities in Lease-Up

189.5

1.3

Total Development Communities NOI Contribution

$456.0

$3.6

(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		DEVELOPMENT PIPELINE & LAND

(Unaudited)

AS OF SEPTEMBER 30, 2016 ($ in millions)



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

1.	Camden North End ^(b)	1,069		$225.0		$42.5
	Scottsdale, AZ
2.	Camden Grandview II	28	17.0		5.9
	Charlotte, NC
3.	Camden Buckhead	336	80.0		24.7
	Atlanta, GA
4.	Camden Arts District	354	150.0		15.8
	Los Angeles, CA
5.	Camden Conte ^(c)	519	170.0		22.2
	Houston, TX
6.	Camden Atlantic	286	62.0		14.0
	Plantation, FL
7.	Camden Gallery II	5	3.0		1.0
	Charlotte, NC
8.	Camden RiNo	230	70.0		15.9
	Denver, CO

Development Pipeline		2,827		$777.0		$142.0

(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) Anticipated to be developed in three phases. The estimated units, estimated cost, and cost to date represent all phases.

(c) Anticipated to 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.




CAMDEN		ACQUISITIONS & DISPOSITIONS

(Unaudited)

2016 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.	Las Vegas Portfolio ^(a)	Las Vegas, NV	$630.0	4,918 Homes	$1,060	23 years	4/26/2016
2.	Camden Westshore	Tampa, FL	39.0	278 Homes	1,026	30 years	6/28/2016
3.	Camden Clearbrook	Frederick, MD	61.0	297 Homes	1,373	9 years	7/11/2016
4.	Camden Summerfield	Landover, MD	67.0	291 Homes	1,648	8 years	7/11/2016
5.	Camden Summerfield II	Landover, MD	43.0	187 Homes	1,627	4 years	7/11/2016
6.	Camden Woods	Tampa, FL	58.0	444 Homes	1,030	30 years	8/9/2016
7.	Camden Renaissance	Altamonte Springs, FL	78.9	578 Homes	979	19 years	8/22/2016
8.	Camden Parkside	Fullerton, CA	95.6	421 Homes	1,496	44 years	8/31/2016
9.	Camden Lakes	St. Petersburg, FL	80.9	688 Homes	899	34 years	9/27/2016

Total/Average Dispositions			$1,153.4	8,102 Homes	$1,147	23 years


Land Acquisitions		Location	Purchase Price	Acres	Closing Date
1.	Camden Grandview II	Charlotte, NC	$4.1	2.0	2/23/2016
2.	Camden Gallery ^(b)	Charlotte, NC	0.8	0.2	6/15/2016
3.	Camden RiNo	Denver, CO	15.0	2.4	9/8/2016

Total/Average Land Acquisitions			$19.9	4.6 Acres

(a) Includes retail center and 19.6 acres of land.

(b) Additional outparcel of an existing development.




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

(Unaudited)

DEBT MATURITIES AS OF SEPTEMBER 30, 2016:



	Future Scheduled Repayments
Year ^(a)	Amortization			Secured Maturities			Unsecured Maturities			Total			% of Total			Weighted Average Interest Rate on Maturing Debt
2016 ^(b)		($113	)		$—			$—			($113	)	—		%	N/A
2017	436			—			246,750			247,186			10.0		%	5.8	%
2018	799			175,000			—			175,799			7.1		%	1.3	%
2019	1,139			644,107			—			645,246			26.0		%	5.4	%
2020	1,110			—			—			1,110			—		%	N/A
2021	1,480			—			250,000			251,480			10.1		%	4.8	%
2022	1,860			—			350,000			351,860			14.2		%	3.2	%
2023	2,991			—			250,000			252,991			10.2		%	5.1	%
2024	3,832			—			500,000			503,832			20.3		%	4.0	%
Thereafter	51,235			—			—			51,235			2.1		%	3.6	%
Total Maturing Debt		$64,769			$819,107			$1,596,750			$2,480,626		100.0		%	4.4	%

Unsecured Line of Credit	—			—			—			—			—		%	—	%
Total Debt		$64,769			$819,107			$1,596,750			$2,480,626		100.0		%	4.4	%

Weighted Average Maturity of Debt				5.1 Years

							Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance			% of Total			Interest Rate			Time to Maturity
Floating rate debt		$206,131		8.3		%	1.4		%	3.5 Years
Fixed rate debt	2,274,495			91.7		%	4.7		%	5.3 Years
Total		$2,480,626		100.0		%	4.4		%	5.1 Years

							Weighted Average
SECURED vs. UNSECURED DEBT:	Balance			% of Total			Interest Rate			Time to Maturity
Unsecured debt		$1,582,655		63.8		%	4.4		%	5.6 Years
Secured debt	897,971			36.2		%	4.4		%	4.3 Years
Total		$2,480,626		100.0		%	4.4		%	5.1 Years

							Weighted Average
SECURED DEBT DETAIL:	Balance			% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt		$691,840		77.0		%	5.3		%	4.5 Years
Conventional variable-rate mortgage debt	175,000			19.5		%	1.3		%	2.0 Years
Tax exempt variable rate debt	31,131			3.5		%	2.3		%	11.7 Years
Total		$897,971		100.0		%	4.4		%	4.3 Years

REAL ESTATE ASSETS: ^(c)	Total Homes			% of Total			Total Cost			% of Total			3Q16 NOI			% of Total
Unencumbered real estate assets	35,221			73.9		%		$5,709,148		78.2		%		$103,714		74.2	%
Encumbered real estate assets	12,421			26.1		%	1,589,158			21.8		%	36,147			25.8	%
Total	47,642			100.0		%		$7,298,306		100.0		%		$139,861		100.0	%

				Ratio of unencumbered assets at cost to unsecured debt is												3.6x

(a) Includes all available extension options.

(b) Accretion of discount.

(c) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.




CAMDEN		DEBT MATURITY ANALYSIS
		(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2016 AND 2017:



				Future Scheduled Repayments							Weighted Average Interest on Maturing Debt
Quarter	Amortization			Secured Maturities		Unsecured Maturities		Total			Weighted Average Interest on Maturing Debt
4Q 2016 ^(a)		($113	)		$—		$—		($113	)	N/A
2016		($113	)		$—		$—		($113	)	N/A

1Q 2017		$47			$—		$—		$47		N/A
2Q 2017	99			—		246,750		246,849			5.8	%
3Q 2017	139			—		—		139			N/A
4Q 2017	151			—		—		151			N/A
2017		$436			$—		$246,750		$247,186		5.8	%

(a) Accretion of discount.




CAMDEN		DEBT COVENANT ANALYSIS

(Unaudited)



UNSECURED LINE OF CREDIT

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

Total Consolidated Debt to Gross Asset Value	<	60%	24%	Yes

Secured Debt to Gross Asset Value	<	40%	9%	Yes

Consolidated Adjusted EBITDA to Total Fixed Charges	>	150%	421%	Yes

Unsecured Debt to Gross Asset Value	<	60%	21%	Yes



SENIOR UNSECURED NOTES

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

Total Consolidated Debt to Total Asset Value	<	60%	32%	Yes

Total Secured Debt to Total Asset Value	<	40%	11%	Yes

Total Unencumbered Asset Value to Total Unsecured Debt	>	150%	395%	Yes

Consolidated Income Available for Debt Service to Total Annual Service Charges	>	150%	393%	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, 2016:



	Future Scheduled Repayments										Weighted Average Interest on Maturing Debt
Year ^(a)	Amortization			Secured Maturities		Total			% of Total
2016		$432			$—		$432		0.3	%	N/A
2017	1,576			44,153		45,729			28.0	%	3.2	%
2018	630			50,818		51,448			31.5	%	4.0	%
2019	282			7,383		7,665			4.7	%	4.2	%
2020	92			—		92			0.1	%	N/A
2021	(43		)	5,160		5,117			3.1	%	4.8	%
2022	(55		)	—		(55		)	—	%	N/A
2023	(56		)	—		(56		)	—	%	N/A
2024	(57		)	—		(57		)	—	%	N/A
Thereafter	(87		)	52,235		52,148			31.9	%	2.5	%
Total Debt		$2,714			$159,749		$162,463		99.6	%	3.5	%

Unsecured lines of credit ^(b)		$—			$602		$602		0.4	%	3.3	%
		$2,714			$160,351		$163,065		100.0	%	3.4	%

Weighted Average Maturity of Debt				4.1 Years


									Weighted Average
FLOATING vs. FIXED RATE DEBT:				Balance		% of Total			Interest Rate		Time to Maturity
Floating rate debt					$87,608	53.7		%	2.5	%	6.2 Years
Fixed rate debt				75,457		46.3		%	4.3	%	1.6 Years
Total				$163,065		100.0		%	3.4	%	4.1 Years

									Weighted Average
SECURED DEBT DETAIL:				Balance		% of Total			Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt					$75,457	46.3		%	4.3	%	1.6 Years
Conventional variable-rate mortgage debt				68,182		41.8		%	2.6	%	7.5 Years
Variable-rate construction loans				18,824		11.5		%	2.2	%	1.5 Years
Unsecured lines of credit				602		0.4		%	3.3	%	0.4 Years
Total				$163,065		100.0		%	3.4	%	4.1 Years

REAL ESTATE ASSETS: ^(c)				Total Homes		Total Cost
Operating real estate assets				7,283			$847,372
Land				0		1,265
Total				7,283			$848,637

(a) Includes all available extension options.

(b) As of September 30, 2016 these borrowings were drawn under the lines of credit with $10.0 million in total capacity. Camden has a 31.3% ownership interest in the borrowing entity.




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

(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2016 AND 2017:



	Future Scheduled Repayments						Weighted Average Interest on Maturing Debt
Quarter ^(a)	Amortization		Secured Maturities		Total		Weighted Average Interest on Maturing Debt
4Q 2016		$432		$—		$432	N/A
2016		$432		$—		$432	N/A

1Q 2017 ^(b)		$429		$9,727		$10,156	3.7	%
2Q 2017	386		16,467		16,853		2.8	%
3Q 2017	383		4,992		5,375		4.8	%
4Q 2017	378		13,569		13,947		2.9	%
2017		$1,576		$44,755		$46,331	3.2	%

(a) Includes all available extension options.

(b) 1Q 2017 maturities includes unsecured lines of credit with $602 (Camden's pro-rata share) outstanding as of September 30, 2016. The lines of credit have $10.0 million in total capacity.




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

(Unaudited)



	Third Quarter 2016 ^(a)
	Recurring Capitalized						Expensed
Item	Weighted Average Useful Life^(b)		Total		Per Unit		Total		Per Unit
Interiors
Floor Coverings	5.5	years		$2,924		$63		$631		$14
Appliances	9.5	years	564		12		273		6
Painting	—		—		—		1,808		39
Cabinetry/Countertops	10.0	years	226		5		—		—
Other	9.0	years	1,272		27		479		10
Exteriors
Painting	5.0	years	1,901		41		—		—
Carpentry	10.0	years	209		4		—		—
Landscaping	5.5	years	520		11		2,257		48
Roofing	18.5	years	850		18		77		2
Site Drainage	10.0	years	90		2		—		—
Fencing/Stair	10.0	years	523		11		—		—
Other ^(c)	6.9	years	2,981		64		3,495		75
Common Areas
Mech., Elec., Plumbing	9.3	years	3,153		68		1,687		36
Parking/Paving	4.7	years	1,275		27		—		—
Pool/Exercise/Facility	8.1	years	2,758		59		378		8
Total Recurring^(d)				$19,246		$412		$11,085		$238
Weighted Average Apartment Homes					46,702				46,702

Non-recurring capitalized expenditures ^(e)				$2,567

Revenue Enhancing Expenditures ^(f)	10.0	years		$4,747		$9,042
Revenue Enhanced Apartment Homes					525

	Year to date 2016 ^(a)
	Recurring Capitalized						Expensed
Item	Weighted Average Useful Life ^(b)		Total		Per Unit		Total		Per Unit
Interiors
Floor Coverings	5.5	years		$7,030		$142		$2,564		$52
Appliances	9.5	years	1,866		38		782		16
Painting	—		—		—		4,739		96
Cabinetry/Countertops	10.0	years	728		15		—		—
Other	9.0	years	3,418		69		1,485		30
Exteriors
Painting	5.0	years	2,777		56		—		—
Carpentry	10.0	years	695		14		—		—
Landscaping	5.5	years	1,390		28		8,007		162
Roofing	18.5	years	2,124		43		246		5
Site Drainage	10.0	years	156		3		—		—
Fencing/Stair	10.0	years	1,043		21		—		—
Other ^(c)	6.9	years	7,074		143		9,471		191
Common Areas
Mech., Elec., Plumbing	9.3	years	7,507		152		4,471		90
Parking/Paving	4.7	years	1,866		38		—		—
Pool/Exercise/Facility	8.1	years	5,935		120		1,081		22
Total Recurring ^(d)				$43,609		$882		$32,846		$664
Weighted Average Apartment Homes					49,521				49,521

Non-recurring capitalized expenditures ^(e)				$5,988

Revenue Enhancing Expenditures ^(f)	10.0	years		$13,233		$10,637
Revenue Enhanced Apartment Homes					1,244

(a) Includes discontinued operations. Capital expenditures for discontinued operations were $0 and $1,892 for the three and nine months ended September 30, 2016. Maintenance expenses were $0 and $1,157 for the same periods.

(b) Weighted average useful life of capitalized expenses for the three and nine months ended September 30, 2016.

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

(e) Capital expenditures primarily composed of non-recurring or one-time additions such as LED lighting programs for 2016 in addition to other, non-routine items.

(f) Represents capital expenditures for the three and nine months ended September 30, 2016 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. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to AFFO is provided below:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net income attributable to common shareholders		$290,898			$37,044			$778,930			$188,722
Real estate depreciation and amortization	61,264			59,793			182,694			174,882
Real estate depreciation from discontinued operations	—			4,059			4,327			11,936
Adjustments for unconsolidated joint ventures	2,266			2,300			6,944			6,782
Income allocated to non-controlling interests	12,523			1,150			17,216			7,738
Gain on sale of operating properties, net of tax	(262,719		)	—			(294,954		)	(85,145		)
Gain on sale of discontinued operations, net of tax	—			—			(375,237		)	—
Funds from operations		$104,232			$104,346			$319,920			$304,915

Less: recurring capitalized expenditures	(19,246		)	(18,202		)	(43,609		)	(46,740		)

Adjusted funds from operations		$84,986			$86,144			$276,311			$258,175

Weighted average number of common shares outstanding:
EPS diluted	90,012			89,530			89,858			89,450
FFO/AFFO diluted	91,901			91,426			91,749			91,347

Total earnings per common share - diluted		$3.21			$0.41			$8.60			$2.09
FFO per common share - diluted		$1.13			$1.14			$3.49			$3.34
AFFO per common share - diluted		$0.92			$0.94			$3.01			$2.83

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). Guidance excludes gains, if any, on properties not currently held for sale due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:



	4Q16		Range		2016			Range
	Low		High		Low			High
Expected earnings per common share - diluted		$0.40		$0.44		$9.00			$9.04
Expected real estate depreciation and amortization	0.68		0.68		2.75			2.75
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		0.21			0.21
Reported (gain) on sale of operating properties	—		—		(3.28		)	(3.28		)
Reported (gain) on sale of discontinued operations	—		—		(4.17		)	(4.17		)
Expected FFO per share - diluted		$1.12		$1.16		$4.61			$4.65

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. NOI is further detailed in the Components of Property NOI schedules on page 11. 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,
	2016			2015			2016			2015
Net income		$303,421			$38,194			$796,146			$196,460
Less: Fee and asset management income	(1,667		)	(1,902		)	(5,223		)	(5,083		)
Less: Interest and other income	(927		)	(107		)	(1,366		)	(308		)
Less: Income/(loss) on deferred compensation plans	(3,494		)	3,438			(4,781		)	1,871
Plus: Property management expense	5,590			5,700			19,147			17,423
Plus: Fee and asset management expense	911			1,227			2,861			3,424
Plus: General and administrative expense	10,810			11,790			34,836			33,120
Plus: Interest expense	23,076			23,674			69,936			73,572
Plus: Depreciation and amortization expense	62,832			61,336			187,379			179,260
Plus: Expense/(benefit) on deferred compensation plans	3,494			(3,438		)	4,781			(1,871		)
Less: Gain on sale of operating properties, including land	(262,719		)	—			(295,397		)	(85,192		)
Less: Equity in income of joint ventures	(1,866		)	(1,574		)	(5,052		)	(4,487		)
Plus: Income tax expense	400			498			1,204			1,334
Less: Income from discontinued operations	—			(4,907		)	(7,605		)	(14,832		)
Less: Gain on sale of discontinued operations, net of tax	—			—			(375,237		)	—
Net Operating Income (NOI)		$139,861			$133,929			$421,629			$394,691

"Same Property" Communities		$120,966			$115,739			$357,919			$341,910
Non-"Same Property" Communities	11,801			8,545			35,898			24,160
Development and Lease-Up Communities	2,525			359			4,745			576
Dispositions/Other	4,569			9,286			23,067			28,045
Net Operating Income (NOI)		$139,861			$133,929			$421,629			$394,691

Adjusted EBITDA

Adjusted 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 operating properties including land, net of tax, and income (loss) allocated to non-controlling interests. The Company considers Adjusted 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 Adjusted EBITDA is provided below:



	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015
Net income attributable to common shareholders		$290,898			$37,044			$778,930			$188,722
Plus: Interest expense	23,076			23,674			69,936			73,572
Plus: Depreciation and amortization expense	62,832			61,336			187,379			179,260
Plus: Income allocated to non-controlling interests from continuing operations	12,523			1,150			17,216			7,738
Plus: Income tax expense	400			498			1,204			1,334
Plus: Real estate depreciation from discontinued operations	—			4,059			4,327			11,936
Less: Gain on sale of operating properties, including land	(262,719		)	—			(295,397		)	(85,192		)
Less: Equity in income of joint ventures	(1,866		)	(1,574		)	(5,052		)	(4,487		)
Less: Gain on sale of discontinued operations, net of tax	—			—			(375,237		)	—
Adjusted EBITDA		$125,144			$126,187			$383,306			$372,883




CAMDEN		OTHER DATA

(Unaudited)



Stock Symbol:	CPT

Exchange Traded:	NYSE

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

Estimated Future Dates:		Q4 '16	Q1 '17	Q2 '17	Q3 '17
Earnings Release & Conference Call		Early February	Early May	Late July	Late October

Dividend Information - Common Shares:		Q1 '16	Q2 '16	Q3 '16	Special Q3 '16
Declaration Date		1/28/2016	6/15/2016	9/12/2016	9/12/2016
Record Date		3/31/2016	6/30/2016	9/30/2016	9/23/2016
Payment Date		4/18/2016	7/18/2016	10/17/2017	9/30/2016
Distributions Per Share		$0.75	$0.75	$0.75	$4.25



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 9/30/2016



(Unaudited)							3Q16 Avg Monthly				3Q16 Avg Monthly
			Year Placed	Average	Apartment	3Q16 Avg	Rental Rates per				Revenue per Occupied
Community Name	City	State	In Service	Size	Homes	Occupancy	Home		Sq. Ft.		Home		Sq. Ft.

Camden Chandler (1)	Chandler	AZ	2015	1,146	380	Lease-Up		$1,297		$1.13		$1,468		$1.28
Camden Copper Square	Phoenix	AZ	2000	786	332	96%	1,094		1.39		1,389		1.77
Camden Foothills	Scottsdale	AZ	2014	1,032	220	91%	1,519		1.47		1,858		1.80
Camden Hayden	Tempe	AZ	2015	1,043	234	91%	1,381		1.32		1,661		1.59
Camden Legacy	Scottsdale	AZ	1996	1,067	428	95%	1,149		1.08		1,404		1.32
Camden Montierra	Scottsdale	AZ	1999	1,071	249	96%	1,269		1.19		1,515		1.41
Camden Pecos Ranch	Chandler	AZ	2001	924	272	95%	1,011		1.09		1,254		1.36
Camden San Marcos	Scottsdale	AZ	1995	984	320	95%	1,148		1.17		1,398		1.42
Camden San Paloma	Scottsdale	AZ	1993/1994	1,042	324	95%	1,155		1.11		1,437		1.38
Camden Sotelo	Tempe	AZ	2008/2012	1,303	170	93%	1,452		1.11		1,725		1.32
TOTAL ARIZONA	10	Properties		1,030	2,929	94%	1,224		1.19		1,480		1.44

Camden Crown Valley	Mission Viejo	CA	2001	1,009	380	97%	1,929		1.91		2,144		2.13
Camden Glendale	Glendale	CA	2015	882	303	94%	2,215		2.51		2,355		2.67
Camden Harbor View	Long Beach	CA	2004	981	546	96%	2,438		2.48		2,608		2.66
Camden Main and Jamboree	Irvine	CA	2008	1,011	290	96%	2,035		2.01		2,237		2.21
Camden Martinique	Costa Mesa	CA	1986	794	714	94%	1,656		2.08		1,875		2.36
Camden Sea Palms	Costa Mesa	CA	1990	891	138	97%	1,856		2.08		2,004		2.25
Total Los Angeles/Orange County	6	Properties		915	2,371	95%	2,009		2.20		2,201		2.40

Camden Landmark	Ontario	CA	2006	982	469	95%	1,496		1.52		1,675		1.71
Camden Old Creek	San Marcos	CA	2007	1,037	350	95%	1,933		1.86		2,188		2.11
Camden Sierra at Otay Ranch	Chula Vista	CA	2003	962	422	96%	1,816		1.89		2,070		2.15
Camden Tuscany	San Diego	CA	2003	896	160	97%	2,501		2.79		2,786		3.11
Camden Vineyards	Murrieta	CA	2002	1,053	264	95%	1,524		1.45		1,789		1.70
Total San Diego/Inland Empire	5	Properties		992	1,665	96%	1,770		1.78		2,009		2.03

TOTAL CALIFORNIA	11	Properties		947	4,036	96%	1,910		2.02		2,121		2.24

Camden Belleview Station	Denver	CO	2009	888	270	95%	1,379		1.56		1,547		1.75
Camden Caley	Englewood	CO	2000	925	218	96%	1,336		1.44		1,566		1.69
Camden Denver West	Golden	CO	1997	1,015	320	96%	1,581		1.56		1,804		1.78
Camden Flatirons	Denver	CO	2015	960	424	95%	1,481		1.54		1,739		1.81
Camden Highlands Ridge	Highlands Ranch	CO	1996	1,149	342	97%	1,595		1.39		1,812		1.58
Camden Interlocken	Broomfield	CO	1999	1,010	340	97%	1,479		1.46		1,715		1.70
Camden Lakeway	Littleton	CO	1997	932	451	96%	1,411		1.51		1,637		1.76
TOTAL COLORADO	7	Properties		985	2,365	96%	1,473		1.50		1,698		1.72

Camden Ashburn Farm	Ashburn	VA	2000	1,062	162	96%	1,551		1.46		1,819		1.71
Camden College Park	College Park	MD	2008	942	508	93%	1,530		1.62		1,720		1.83
Camden Dulles Station	Oak Hill	VA	2009	978	382	97%	1,633		1.67		1,886		1.93
Camden Fair Lakes	Fairfax	VA	1999	1,056	530	97%	1,723		1.63		2,004		1.90
Camden Fairfax Corner	Fairfax	VA	2006	934	489	96%	1,786		1.91		2,036		2.18
Camden Fallsgrove	Rockville	MD	2004	996	268	97%	1,737		1.74		1,938		1.95
Camden Grand Parc	Washington	DC	2002	674	105	99%	2,431		3.62		2,710		4.03
Camden Lansdowne	Leesburg	VA	2002	1,006	690	97%	1,494		1.49		1,713		1.70
Camden Largo Town Center	Largo	MD	2000/2007	1,027	245	93%	1,620		1.58		1,841		1.79
Camden Monument Place	Fairfax	VA	2007	856	368	96%	1,531		1.79		1,781		2.08
Camden NoMa	Washington	DC	2014	770	321	95%	2,196		2.85		2,488		3.23
Camden Potomac Yard	Arlington	VA	2008	835	378	96%	1,981		2.37		2,247		2.69
Camden Roosevelt	Washington	DC	2003	856	198	98%	2,635		3.08		2,927		3.42
Camden Russett	Laurel	MD	2000	992	426	95%	1,460		1.47		1,656		1.67
Camden Silo Creek	Ashburn	VA	2004	975	284	97%	1,484		1.52		1,717		1.76
Camden South Capitol (2)	Washington	DC	2013	821	281	95%	2,160		2.68		2,513		3.12
TOTAL DC METRO	16	Properties		940	5,635	96%	1,735		1.85		1,982		2.11

Camden Aventura	Aventura	FL	1995	1,108	379	96%	1,964		1.77		2,308		2.08
Camden Boca Raton	Boca Raton	FL	2014	843	261	95%	1,942		2.30		2,158		2.56
Camden Brickell	Miami	FL	2003	937	405	96%	2,076		2.22		2,270		2.42
Camden Doral	Miami	FL	1999	1,120	260	97%	1,878		1.68		2,145		1.91
Camden Doral Villas	Miami	FL	2000	1,253	232	96%	2,010		1.60		2,209		1.76
Camden Las Olas	Ft. Lauderdale	FL	2004	1,043	420	96%	2,036		1.95		2,270		2.18
Camden Plantation	Plantation	FL	1997	1,201	502	97%	1,609		1.34		1,859		1.55
Camden Portofino	Pembroke Pines	FL	1995	1,112	322	96%	1,611		1.45		1,879		1.69
Total Southeast Florida	8	Properties		1,079	2,781	96%		$1,880		$1.74		$2,128		$1.97




CAMDEN		COMMUNITY TABLE
		Community statistics as of 9/30/2016



(Unaudited)							3Q16 Avg Monthly				3Q16 Avg Monthly
			Year Placed	Average	Apartment	3Q16 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	97%		$1,292		$1.20		$1,540		$1.43
Camden Lago Vista	Orlando	FL	2005	955	366	97%	1,146		1.20		1,386		1.45
Camden LaVina	Orlando	FL	2012	970	420	97%	1,187		1.23		1,398		1.44
Camden Lee Vista	Orlando	FL	2000	937	492	98%	1,094		1.17		1,318		1.41
Camden Orange Court	Orlando	FL	2008	817	268	96%	1,293		1.58		1,552		1.90
Camden Town Square	Orlando	FL	2012	986	438	97%	1,248		1.27		1,453		1.48
Camden Waterford Lakes (2)	Orlando	FL	2013	971	300	95%	1,317		1.36		1,573		1.62
Camden World Gateway	Orlando	FL	2000	979	408	97%	1,185		1.21		1,397		1.43
Total Orlando	8	Properties		962	2,962	97%	1,208		1.26		1,435		1.49

Camden Bay	Tampa	FL	1997/2001	943	760	96%	1,086		1.15		1,361		1.44
Camden Montague	Tampa	FL	2012	975	192	95%	1,223		1.25		1,476		1.51
Camden Preserve	Tampa	FL	1996	942	276	96%	1,306		1.39		1,535		1.63
Camden Royal Palms	Brandon	FL	2006	1,017	352	97%	1,120		1.10		1,363		1.34
Camden Visconti (2)	Tampa	FL	2007	1,125	450	96%	1,270		1.13		1,525		1.36
Camden Westchase Park	Tampa	FL	2012	992	348	96%	1,352		1.36		1,643		1.66
Total Tampa	6	Properties		998	2,378	96%	1,201		1.20		1,463		1.47

TOTAL FLORIDA	22	Properties		1,012	8,121	96%	1,436		1.42		1,681		1.66

Camden Brookwood	Atlanta	GA	2002	912	359	95%	1,295		1.41		1,498		1.63
Camden Creekstone	Atlanta	GA	2002	990	223	96%	1,210		1.22		1,333		1.35
Camden Deerfield	Alpharetta	GA	2000	1,187	292	95%	1,327		1.12		1,568		1.32
Camden Dunwoody	Atlanta	GA	1997	1,007	324	97%	1,231		1.22		1,446		1.44
Camden Fourth Ward	Atlanta	GA	2014	847	276	97%	1,606		1.90		1,831		2.16
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	94%	1,364		1.46		1,578		1.69
Camden Paces	Atlanta	GA	2015	1,407	379	95%	2,487		1.77		2,650		1.88
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	96%	1,210		1.18		1,464		1.43
Camden Phipps (2)	Atlanta	GA	1996	1,018	234	96%	1,470		1.45		1,675		1.65
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	97%	1,189		1.04		1,434		1.25
Camden St. Clair	Atlanta	GA	1997	999	336	96%	1,246		1.25		1,466		1.47
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	96%	938		0.93		1,118		1.11
Camden Vantage	Atlanta	GA	2010	901	592	97%	1,291		1.43		1,462		1.62
TOTAL GEORGIA	13	Properties		1,026	4,246	96%	1,385		1.35		1,587		1.55

Camden Ballantyne	Charlotte	NC	1998	1,045	400	97%	1,221		1.17		1,458		1.39
Camden Cotton Mills	Charlotte	NC	2002	905	180	97%	1,452		1.60		1,670		1.85
Camden Dilworth	Charlotte	NC	2006	857	145	97%	1,446		1.69		1,659		1.94
Camden Fairview	Charlotte	NC	1983	1,036	135	96%	1,144		1.10		1,357		1.31
Camden Foxcroft	Charlotte	NC	1979	940	156	96%	1,007		1.07		1,250		1.33
Camden Grandview	Charlotte	NC	2000	1,057	266	96%	1,612		1.52		1,782		1.68
Camden Sedgebrook	Charlotte	NC	1999	972	368	97%	1,080		1.11		1,309		1.35
Camden Simsbury	Charlotte	NC	1985	874	100	98%	1,103		1.26		1,338		1.53
Camden South End Square	Charlotte	NC	2003	882	299	97%	1,349		1.53		1,557		1.77
Camden Southline (2)	Charlotte	NC	2015	831	266	97%	1,439		1.73		1,626		1.96
Camden Stonecrest	Charlotte	NC	2001	1,098	306	97%	1,272		1.16		1,501		1.37
Camden Touchstone	Charlotte	NC	1986	899	132	97%	985		1.10		1,155		1.28
Total Charlotte	12	Properties		966	2,753	97%	1,276		1.32		1,490		1.54

Camden Asbury Village (2)	Raleigh	NC	2009	1,009	350	97%	1,123		1.11		1,249		1.24
Camden Crest	Raleigh	NC	2001	1,013	438	96%	982		0.97		1,206		1.19
Camden Governor's Village	Chapel Hill	NC	1999	1,046	242	97%	1,013		0.97		1,280		1.22
Camden Lake Pine	Apex	NC	1999	1,066	446	96%	1,049		0.98		1,297		1.22
Camden Manor Park	Raleigh	NC	2006	966	484	97%	1,020		1.06		1,237		1.28
Camden Overlook	Raleigh	NC	2001	1,060	320	96%	1,165		1.10		1,426		1.34
Camden Reunion Park	Apex	NC	2000/2004	972	420	95%	931		0.96		1,126		1.16
Camden Westwood	Morrisville	NC	1999	1,027	354	95%	993		0.97		1,227		1.19
Total Raleigh	8	Properties		1,016	3,054	96%	1,030		1.01		1,250		1.23

TOTAL NORTH CAROLINA	20	Properties		992	5,807	96%	1,147		1.16		1,364		1.37




CAMDEN		COMMUNITY TABLE
		Community statistics as of 9/30/2016



(Unaudited)							3Q16 Avg Monthly				3Q16 Avg Monthly
			Year Placed	Average	Apartment	3Q16 Avg	Rental Rates per				Revenue per Occupied
Community Name	City	State	In Service	Size	Homes	Occupancy	Home		Sq. Ft.		Home		Sq. Ft.

Camden Amber Oaks (2)	Austin	TX	2009	862	348	97%		$1,056		$1.22		$1,313		$1.52
Camden Amber Oaks II (2)	Austin	TX	2012	910	244	95%	1,119		1.23		1,387		1.52
Camden Brushy Creek (2)	Cedar Park	TX	2008	882	272	96%	1,104		1.25		1,265		1.43
Camden Cedar Hills	Austin	TX	2008	911	208	96%	1,231		1.35		1,465		1.61
Camden Gaines Ranch	Austin	TX	1997	955	390	97%	1,356		1.42		1,616		1.69
Camden Huntingdon	Austin	TX	1995	903	398	96%	1,085		1.20		1,339		1.48
Camden La Frontera	Austin	TX	2015	901	300	96%	1,206		1.34		1,467		1.63
Camden Lamar Heights	Austin	TX	2015	838	314	95%	1,465		1.75		1,690		2.02
Camden Shadow Brook (2)	Austin	TX	2009	909	496	97%	1,125		1.24		1,296		1.43
Camden Stoneleigh	Austin	TX	2001	908	390	96%	1,219		1.34		1,463		1.61
Total Austin	10	Properties		899	3,360	96%	1,194		1.33		1,426		1.59

Camden Breakers	Corpus Christi	TX	1996	868	288	94%	1,154		1.33		1,416		1.63
Camden Copper Ridge	Corpus Christi	TX	1986	775	344	93%	873		1.13		1,083		1.40
Camden Miramar (3)	Corpus Christi	TX	1994-2014	494	1,005	51%	1,154		2.33		1,309		2.65
Camden South Bay (2)	Corpus Christi	TX	2007	1,055	270	94%	1,276		1.21		1,484		1.41
Total Corpus Christi	4	Properties		681	1,907	94%	1,121		1.65		1,307		1.92

Camden Addison	Addison	TX	1996	942	456	97%	1,139		1.21		1,336		1.42
Camden Belmont	Dallas	TX	2010/2012	945	477	96%	1,437		1.52		1,587		1.68
Camden Buckingham	Richardson	TX	1997	919	464	97%	1,161		1.26		1,394		1.52
Camden Centreport	Ft. Worth	TX	1997	911	268	97%	1,066		1.17		1,275		1.40
Camden Cimarron	Irving	TX	1992	772	286	96%	1,123		1.45		1,345		1.74
Camden Design District (2)	Dallas	TX	2009	939	355	97%	1,358		1.45		1,490		1.59
Camden Farmers Market	Dallas	TX	2001/2005	932	904	96%	1,272		1.36		1,487		1.59
Camden Henderson	Dallas	TX	2012	967	106	96%	1,551		1.60		1,760		1.82
Camden Legacy Creek	Plano	TX	1995	831	240	98%	1,194		1.44		1,384		1.66
Camden Legacy Park	Plano	TX	1996	871	276	98%	1,187		1.36		1,396		1.60
Camden Panther Creek (2)	Frisco	TX	2009	946	295	96%	1,174		1.24		1,341		1.42
Camden Riverwalk (2)	Grapevine	TX	2008	982	600	95%	1,363		1.39		1,486		1.51
Camden Valley Park	Irving	TX	1986	743	516	97%	1,042		1.40		1,241		1.67
Camden Victory Park (1)	Dallas	TX	2016	861	423	Lease-Up	1,684		2.01		1,772		2.12
Total Dallas/Ft. Worth	14	Properties		901	5,666	97%	1,266		1.40		1,431		1.59

Camden City Centre	Houston	TX	2007	932	379	94%	1,588		1.70		1,842		1.98
Camden City Centre II	Houston	TX	2013	868	268	95%	1,646		1.90		1,886		2.17
Camden Cypress Creek (2)	Cypress	TX	2009	993	310	95%	1,245		1.25		1,406		1.42
Camden Downs at Cinco Ranch (2)	Katy	TX	2004	1,075	318	95%	1,240		1.15		1,375		1.28
Camden Grand Harbor (2)	Katy	TX	2008	959	300	94%	1,165		1.21		1,327		1.38
Camden Greenway	Houston	TX	1999	861	756	96%	1,405		1.63		1,646		1.91
Camden Heights (2)	Houston	TX	2004	927	352	96%	1,513		1.63		1,644		1.77
Camden Holly Springs	Houston	TX	1999	934	548	93%	1,249		1.34		1,460		1.56
Camden Midtown	Houston	TX	1999	844	337	95%	1,646		1.95		1,830		2.17
Camden Northpointe (2)	Tomball	TX	2008	940	384	96%	1,103		1.17		1,327		1.41
Camden Oak Crest	Houston	TX	2003	870	364	95%	1,133		1.30		1,313		1.51
Camden Park	Houston	TX	1995	866	288	94%	1,100		1.27		1,318		1.52
Camden Plaza	Houston	TX	2007	915	271	96%	1,565		1.71		1,766		1.93
Camden Post Oak	Houston	TX	2003	1,200	356	94%	2,519		2.10		2,631		2.19
Camden Royal Oaks	Houston	TX	2006	923	236	91%	1,305		1.41		1,396		1.51
Camden Royal Oaks II	Houston	TX	2012	1,054	104	88%	1,509		1.43		1,615		1.53
Camden Spring Creek (2)	Spring	TX	2004	1,080	304	93%	1,222		1.13		1,355		1.26
Camden Stonebridge	Houston	TX	1993	845	204	94%	1,122		1.33		1,342		1.59
Camden Sugar Grove	Stafford	TX	1997	921	380	93%	1,164		1.26		1,359		1.48
Camden Travis Street	Houston	TX	2010	819	253	95%	1,554		1.90		1,766		2.16
Camden Vanderbilt	Houston	TX	1996/1997	863	894	95%	1,458		1.69		1,682		1.95
Camden Whispering Oaks	Houston	TX	2008	934	274	92%	1,230		1.31		1,399		1.49
Camden Woodson Park (2)	Houston	TX	2008	916	248	94%	1,168		1.28		1,306		1.43
Camden Yorktown (2)	Houston	TX	2008	995	306	94%	1,158		1.16		1,355		1.36
Total Houston	24	Properties		930	8,434	94%	1,383		1.49		1,574		1.69

TOTAL TEXAS	52	Properties		892	19,367	95%	1,290		1.45		1,485		1.66

TOTAL PROPERTIES	151	Properties		954	52,506	96%		$1,405		$1.47		$1,624		$1.70

(1) Completed communities in lease-up as of September 30, 2016 are excluded from total occupancy numbers.

(2) Communities owned through investment in joint venture.

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

Camden Property Trust (CPT) 8-KCamden Property Trust Announces Third Quarter 2016 Operating Results