Camden Property Trust (CPT) 8-K First Quarter 2014 Operating Results

EXHIBIT 99.1

CAMDEN PROPERTY TRUST ANNOUNCES

FIRST QUARTER 2014 OPERATING RESULTS

Houston, TEXAS (May 6, 2014) – Camden Property Trust (NYSE: CPT) today announced operating results for the three months ended March 31, 2014.

Funds from Operations (“FFO”)

FFO for the first quarter of 2014 totaled $1.05 per diluted share or $94.8 million, as compared to $0.97 per diluted share or $86.6 million for the same period in 2013.  FFO for the three months ended March 31, 2014 and 2013 included a $0.4 million and $0.7 million, respectively, gain on sale of undeveloped land.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $40.0 million or $0.45 per diluted share for the first quarter of 2014, as compared to $63.5 million or $0.72 per diluted share for the same period in 2013.  EPS for the three months ended March 31, 2014 included a $3.6 million or $0.04 per diluted share gain on sale of unconsolidated joint venture properties, and a $0.4 million gain on sale of undeveloped land.  EPS for the three months ended March 31, 2013 included a $31.8 million or $0.36 per diluted share gain on sale of discontinued operations, and a $0.7 million or $0.01 per diluted 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 47,915 apartment homes included in consolidated same property results, first quarter 2014 same property net operating income (“NOI”) increased 6.3% compared to the first quarter of 2013, with revenues increasing 4.7% and expenses increasing 2.1%.  On a sequential basis, first quarter 2014 same property NOI declined 0.3% compared to the fourth quarter of 2013, with revenues increasing 0.6% and expenses increasing 2.3% compared to the prior quarter.  Same property physical occupancy levels for the portfolio averaged 95.6% during the first quarter of 2014, compared to 95.7% in the fourth quarter of 2013 and 94.9% in the first quarter of 2013.

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.

Disposition Activity

Camden disposed of two joint venture apartment communities during the quarter for a total of $65.6 million: Camden Braun Station, a 240-home community in San Antonio, TX, and Camden Piney Point, a 318-home community in Houston, TX.  Camden’s proportionate share of the gain on sale was $3.6 million.  The Company alsosold approximately 3.0 acres of land adjacent to a current development community in Atlanta, Georgia for $6.3 million, recognizing a gain of $0.4 million.

Development Activity

Construction began during the quarter at Camden Chandler in Chandler, AZ, a $75 million project with 380 apartment homes.  Construction continued at 13 additional wholly-owned development communities: Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes which is currently 40% leased; Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes; Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes; Camden Glendale in Glendale, CA, a $115 million project with 303 apartment homes; Camden Boca Raton in Boca Raton, FL, a $54 million project with 261 apartment homes; Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes; Camden La Frontera in Round Rock, TX, a $36 million project with 300 apartment homes; Camden Foothills in Scottsdale, AZ, a $50 million project with 220 apartment homes; Camden Hayden in Tempe, AZ, a $48 million project with 234 apartment homes; Camden Gallery in Charlotte, NC, a $58 million project with 323 apartment homes; The Camden in Los Angeles, CA, a $145 million project with 287 apartment homes; Camden Victory Park in Dallas, TX, an $82 million project with 423 apartment homes; and Camden Miramar Phase IXB in Corpus Christi, TX, an $8 million 75-unit expansion of an existing community.

Lease-up continued during the quarter at Camden South Capitol in Washington, DC, a $78 million joint venture project with 276 apartment homes which is currently 82% leased; and Camden Waterford Lakes in Orlando, FL, a $37 million joint venture project with 300 apartment homes which completed construction during the quarter and is currently 71% leased. Construction also continued at Camden Southline in Charlotte, NC, a $48 million joint venture project with 266 apartment homes.

During the quarter Camden acquired 2.9 acres of land in Houston, TX for $15.6 million for the future development of a two-phased apartment community.  Subsequent to quarter-end, the Company acquired 7.6 acres of land in Montgomery County, MD for $23.8 million for the future development of an apartment community.

Earnings Guidance

Camden maintained its FFO earnings guidance for 2014 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2014 FFO is expected to be $4.10 to $4.30 per diluted share, and full-year 2014 EPS is now expected to be $1.48 to $1.68 per diluted share.  Second quarter 2014 earnings guidance is $1.02 to $1.06 per diluted share for FFO and $0.37 to $0.41 per diluted share for EPS.  Guidance for EPS excludes future gains on real estate transactions.

The Company’s 2014 earnings guidance is based on projections of same property revenue growth between 3.5% and 4.5%, expense growth between 3.25% and 4.25%, and NOI growth between 3.25% and 5.25%.

Camden intends to update its earnings guidance to the market on a quarterly basis.  Additional information on the Company’s 2014 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 Wednesday, May 7, 2014 at 11:00 a.m. Central Time to review its first quarter 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: 3295566, 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, development, acquisition, management and disposition of multifamily apartment communities.  Camden owns interests in and operates 169 properties containing 59,641 apartment homes across the United States.  Upon completion of 14 properties under development and the expansion of an existing community, the Company’s portfolio will increase to 64,150 apartment homes in 183 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.

CAMDEN	OPERATING RESULTS
(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended
	March 31,
OPERATING DATA	2014			2013
Property revenues
Rental revenues		$178,964			$164,393
Other property revenues		26,965			25,418
Total property revenues		205,929			189,811
Property expenses
Property operating and maintenance		50,747			48,263
Real estate taxes		23,577			21,183
Total property expenses		74,324			69,446
Non-property income
Fee and asset management		3,023			2,894
Interest and other income		288			52
Income on deferred compensation plans		681			2,999
Total non-property income		3,992			5,945
Other expenses
Property management		5,839			5,983
Fee and asset management		1,259			1,477
General and administrative		9,545			9,794
Interest		23,133			24,895
Depreciation and amortization		57,396			51,603
Amortization of deferred financing costs		841			916
Expense on deferred compensation plans		681			2,999
Total other expenses		98,694			97,667
Gain on sale of land		354			698
Equity in income of joint ventures		4,290			934
Income from continuing operations before income taxes		41,547			30,275
Income tax expense		(474	)		(399	)
Income from continuing operations		41,073			29,876
Income from discontinued operations		-			2,774
Gain on sale of discontinued operations, net of tax		-			31,783
Net income		41,073			64,433
Less income allocated to non-controlling interests from continuing operations		(1,037	)		(864	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			(93	)
Net income attributable to common shareholders		$40,036			$63,476
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$41,073			$64,433
Other comprehensive income
Reclassification of prior service cost and net loss on post retirement obligation		15			14
Comprehensive income		41,088			64,447
Less income allocated to non-controlling interests from continuing operations		(1,037	)		(864	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			(93	)
Comprehensive income attributable to common shareholders		$40,051			$63,490
PER SHARE DATA
Net income attributable to common shareholders - basic		$0.45			$0.72
Net income attributable to common shareholders - diluted		0.45			0.72
Income from continuing operations attributable to common shareholders - basic		0.45			0.33
Income from continuing operations attributable to common shareholders - diluted		0.45			0.33
Weighted average number of common and
common equivalent shares outstanding:
Basic		87,651			86,703
Diluted		88,824			87,276

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

CAMDEN	FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended
	March 31,
FUNDS FROM OPERATIONS	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Real estate depreciation from continuing operations		56,011			50,506
Real estate depreciation and amortization from discontinued operations		-			1,867
Adjustments for unconsolidated joint ventures		1,314			1,608
Income allocated to non-controlling interests		1,037			957
(Gain) on sale of unconsolidated joint venture properties		(3,566	)		-
(Gain) on sale of discontinued operations, net of tax		-			(31,783	)
Funds from operations - diluted		$94,832			$86,631
PER SHARE DATA
Funds from operations - diluted		$1.05			$0.97
Cash distributions		0.66			0.63
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		89,910			89,177
PROPERTY DATA
Total operating properties (end of period) (a)		169			192
Total operating apartment homes in operating properties (end of period) (a)		59,641			65,005
Total operating apartment homes (weighted average)		52,659			54,311
Total operating apartment homes - excluding discontinued operations (weighted average)		52,659			51,018

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

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

CAMDEN							BALANCE SHEETS
							(In thousands)
(Unaudited)	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2014			2013			2013			2013			2013
ASSETS
Real estate assets, at cost
Land		$978,770			$969,711			$967,121			$965,257			$949,244
Buildings and improvements		5,691,619			5,629,904			5,596,754			5,552,095			5,404,616
		6,670,389			6,599,615			6,563,875			6,517,352			6,353,860
Accumulated depreciation		(1,698,724	)		(1,643,713	)		(1,619,325	)		(1,604,402	)		(1,552,499	)
Net operating real estate assets		4,971,665			4,955,902			4,944,550			4,912,950			4,801,361
Properties under development, including land		515,141			472,566			438,968			393,694			339,848
Investments in joint ventures		36,719			42,155			43,338			44,630			45,260
Properties held for sale		-			-			58,765			-			14,986
Total real estate assets		5,523,525			5,470,623			5,485,621			5,351,274			5,201,455
Accounts receivable - affiliates		26,145			27,724			27,474			27,274			26,948
Other assets, net (a)		107,862			109,401			112,520			94,847			89,233
Cash and cash equivalents		16,768			17,794			4,707			6,506			59,642
Restricted cash		5,549			6,599			60,889			6,381			5,578
Total assets		$5,679,849			$5,632,141			$5,691,211			$5,486,282			$5,382,856
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,649,041			$1,588,798			$1,721,998			$1,579,733			$1,538,471
Secured		940,881			941,968			943,039			944,090			945,134
Accounts payable and accrued expenses		124,981			113,307			124,336			100,279			102,307
Accrued real estate taxes		21,922			35,648			50,247			36,863			20,683
Distributions payable		59,728			56,787			56,793			56,821			56,559
Other liabilities (b)		88,693			88,272			69,716			63,366			69,679
Total liabilities		2,885,246			2,824,780			2,966,129			2,781,152			2,732,833
Commitments and contingencies
Non-Qualified deferred compensation share awards		55,498			47,180			47,092			-			-
Equity
Common shares of beneficial interest		966			967			967			967			962
Additional paid-in capital		3,593,633			3,596,069			3,595,536			3,625,283			3,590,261
Distributions in excess of net income attributable to common shareholders		(523,321	)		(494,167	)		(571,935	)		(574,286	)		(590,831	)
Treasury shares, at cost		(399,510	)		(410,227	)		(410,309	)		(410,665	)		(412,643	)
Accumulated other comprehensive loss (c)		(1,091	)		(1,106	)		(1,021	)		(1,035	)		(1,048	)
Total common equity		2,670,677			2,691,536			2,613,238			2,640,264			2,586,701
Non-controlling interests		68,428			68,645			64,752			64,866			63,322
Total equity		2,739,105			2,760,181			2,677,990			2,705,130			2,650,023
Total liabilities and equity		$5,679,849			$5,632,141			$5,691,211			$5,486,282			$5,382,856
(a) Includes:
net deferred charges of:		$13,615			$14,497			$13,243			$14,008			$14,861
(b) Includes:
deferred revenues of:		$1,786			$1,886			$1,979			$1,336			$2,158
distributions in excess of investments in joint ventures of:		$-			$-			$-			$-			$9,718
fair value adjustment of derivative instruments:		$-			$-			$-			$-			$(2	)
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligations.

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 attributable to common shares computed in accordance
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,
and after adjustments for unconsolidated partnerships and joint ventures.  Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,
including minority interests, which are convertible into common equity.  The Company considers FFO to be an appropriate supplemental measure of operating performance
because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a
company's real estate between periods or as compared to different companies.  A reconciliation of net income attributable to common shareholders to FFO is provided below:

	Three Months Ended
	March 31,
	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Real estate depreciation from continuing operations		56,011			50,506
Real estate depreciation and amortization from discontinued operations		-			1,867
Adjustments for unconsolidated joint ventures		1,314			1,608
Income allocated to non-controlling interests		1,037			957
(Gain) on sale of unconsolidated joint venture properties		(3,566	)		-
(Gain) on sale of discontinued operations, net of tax		-			(31,783	)
Funds from operations - diluted		$94,832			$86,631
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		88,824			87,276
FFO diluted		89,910			89,177
Net income attributable to common shareholders - diluted		$0.45			$0.72
FFO per common share - diluted		$1.05			$0.97

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 net income attributable to common shareholders (EPS).  A reconciliation of the ranges provided for expected

net income attributable to common shareholders per diluted share to expected FFO per diluted share is provided below:

	2Q14 Range				2014 Range
	Low		High		Low			High
Expected net income attributable to common shareholders per share - diluted		$0.37		$0.41		$1.48			$1.68
Expected real estate depreciation		0.63		0.63		2.56			2.56
Expected adjustments for unconsolidated joint ventures		0.01		0.01		0.05			0.05
Expected income allocated to non-controlling interests		0.01		0.01		0.05			0.05
(Gain) on sale of unconsolidated joint venture property		0.00		0.00		(0.04	)		(0.04	)
Expected FFO per share - diluted		$1.02		$1.06		$4.10			$4.30

Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements earlier in this document.

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

 (Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes.  The Company considers

NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the

operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs.

A reconciliation of net income attributable to common shareholders to net operating income is provided below:

	Three Months Ended
	March 31,
	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Less: Fee and asset management income		(3,023	)		(2,894	)
Less: Interest and other (income) loss		(288	)		(52	)
Less: Income on deferred compensation plans		(681	)		(2,999	)
Plus: Property management expense		5,839			5,983
Plus: Fee and asset management expense		1,259			1,477
Plus: General and administrative expense		9,545			9,794
Plus: Interest expense		23,133			24,895
Plus: Depreciation and amortization		57,396			51,603
Plus: Amortization of deferred financing costs		841			916
Plus: Expense on deferred compensation plans		681			2,999
Less: Gain on sale of land		(354	)		(698	)
Less: Equity in income of joint ventures		(4,290	)		(934	)
Plus: Income tax expense		474			399
Less: Income from discontinued operations		-			(2,774	)
Less: Gain on sale of discontinued operations, net of tax		-			(31,783	)
Plus: Income allocated to non-controlling interests from continuing operations		1,037			864
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			93
Net Operating Income (NOI)		$131,605			$120,365
"Same Property" Communities		$118,643			$111,646
Non-"Same Property" Communities		12,313			7,924
Development and Lease-Up Communities		(5	)		(6	)
Other		654			801
Net Operating Income (NOI)		$131,605			$120,365

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
	March 31,
	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Plus: Interest expense		23,133			24,895
Plus: Amortization of deferred financing costs		841			916
Plus: Depreciation and amortization		57,396			51,603
Plus: Income allocated to non-controlling interests from continuing operations		1,037			864
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			93
Plus: Income tax expense		474			399
Plus: Real estate depreciation and amortization from discontinued operations		-			1,867
Less: Gain on sale of land		(354	)		(698	)
Less: Equity in income of joint ventures		(4,290	)		(934	)
Less: Gain on sale of discontinued operations, net of tax		-			(31,783	)
EBITDA		$118,273			$110,698