EX-99.2 3 exhibit992supplementq315.htm EXHIBIT 99.2 Exhibit






 
 
 
CAMDEN
 
TABLE OF CONTENTS
 
 
 


Page
Press Release Text
Financial Highlights
Operating Results
Funds from Operations
Balance Sheets
Portfolio Statistics
Components of Property Net Operating Income
"Same Property" Third Quarter Comparisons
"Same Property" Sequential Quarter Comparisons
"Same Property" Year to Date Comparisons
"Same Property" Operating Expense Detail & Comparisons
Joint Venture Operations
Current Development Communities
Development Pipeline & Land
Acquisitions and Dispositions
Debt Analysis
Debt Maturity Analysis
Debt Covenant Analysis
Unconsolidated Real Estate Investments Debt Analysis
Unconsolidated Real Estate Investments Debt Maturity Analysis
Capitalized Expenditures & Maintenance Expense
Non-GAAP Financial Measures - Definitions & Reconciliations
Other Data
Community Table
            







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


2





CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2015 OPERATING RESULTS
 

Houston, TEXAS (October 29, 2015) - Camden Property Trust (NYSE:CPT) today announced operating results for the three and nine months ended September 30, 2015.

Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and Net Income Attributable to Common Shareholders (“EPS”) for the three and nine months ended September 30, 2015 are detailed below.

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

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

Same Property Results
 
Quarterly Growth

Sequential Growth

Year to Date Growth

 
3Q15 vs. 3Q14

3Q15 vs. 2Q15

2015 vs. 2014

Revenues
5.5
%
2.1
%
5.1
%
Expenses
5.7
%
4.8
%
5.2
%
Net Operating Income ("NOI")
5.5
%
0.6
%
5.0
%

 
3Q15

3Q14

2Q15

Occupancy
96.0
%
95.9
%
95.9
%

“We are pleased to report another solid quarter of earnings growth,” said Richard Campo, Camden’s Chairman and CEO.  “Operating fundamentals in the apartment industry remain favorable, and we expect 2016 to be another strong year for our business.”

The Company defines same property communities as communities owned and stabilized as of January 1, 2014. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.

Development Activity
Lease-up was completed during the third quarter at Camden Foothills in Scottsdale, AZ and the property is currently 94% occupied. Construction was completed during the quarter at Camden Flatirons located in Denver, CO and Camden Glendale located in Glendale, CA.




3




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

% Leased

Community Name
Location
Units
Cost
Owned

as of 10/28/2015

Camden Hayden
Tempe, AZ
234
$44.2
100
%
88
%
Camden Flatirons
Denver, CO
424
79.2
100
%
81
%
Camden Glendale
Glendale, CA
303
112.8
100
%
57
%
     TOTAL
 
961
$236.2
 
 

Development Communities - Construction Ongoing ($ in millions)
 
 
Total
Total
CPT %

% Leased

Community Name
Location
Units
Budget
Owned

as of 10/28/2015

Camden Paces
Atlanta, GA
379
$117.0
100
%
67
%
Camden Southline
Charlotte, NC
266
48.0
31.3
%
68
%
Camden Chandler
Chandler, AZ
380
73.0
100
%
67
%
Camden Gallery
Charlotte, NC
323
58.0
100
%
 
Camden Victory Park
Dallas, TX
423
82.0
100
%
 
The Camden
Los Angeles, CA
287
145.0
100
%
 
Camden Lincoln Station
Denver, CO
267
56.0
100
%
 
Camden NoMa II
Washington, DC
405
115.0
100
%
 
Camden Shady Grove
Rockville, MD
457
116.0
100
%
 
Camden McGowen Station
Houston, TX
315
90.0
100
%
 
   TOTAL
 
3,502
$900.0
 
 

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

Earnings Guidance
Camden updated its earnings guidance for 2015 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2015 as detailed below.

Per Diluted Share
4Q15
2015
FFO
$1.17 - $1.21
$4.51 - $4.55
EPS
$0.62 - $0.66
$2.71 - $2.75
Same Property Growth
2015 Range
2015 Midpoint
Revenue
5.1% - 5.3%
5.2%
Expenses
5.1% - 5.3%
5.2%
NOI
5.1% - 5.3%
5.2%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2015 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.




4



Conference Call
The Company will hold a conference call on Friday, October 30, 2015 at 11:00 a.m. Central Time to review its third quarter 2015 results and discuss its outlook for future performance. To participate in the call, please dial (888) 317-6003 (Domestic) or (412) 317-6061 (International) by 10:50 a.m. Central Time and enter passcode: 3697045, or join the live webcast of the conference call by accessing the Investors section of the Company’s website at camdenliving.com. Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.

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

About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 170 properties containing 59,147 apartment homes across the United States. Upon completion of 10 properties under development, the Company’s portfolio will increase to 62,649 apartment homes in 180 properties. Camden was recently named by FORTUNE® Magazine for the eighth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #10.

For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at camdenliving.com.






5


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

(Unaudited)
 
Three Months Ended September 30,
 
 Nine Months Ended September 30,
 
2015
2014
 
2015
2014
Total property revenues

$227,185


$213,098

 

$663,270


$627,519

 
 
 
 
 
 
EBITDA
126,187

119,997

 
372,883

355,439

 
 
 
 
 
 
Net income attributable to common shareholders
37,044

38,283

 
188,722

113,591

      Per share - basic
0.41

 
 
2.10

1.28

      Per share - diluted
0.41

0.43

 
2.09

1.28

 
 
 
 
 
 
Funds from operations
104,346

98,712

 
304,915

287,710

       Per share - diluted
1.14

1.09

 
3.34

3.19

 
 
 
 
 
 
Adjusted funds from operations
82,838

80,638

 
252,913

244,226

       Per share - diluted
0.91

0.89

 
2.77

2.71

 
 
 
 
 
 
Dividends per share
0.70

0.66

 
2.10

1.98

Dividend payout ratio
61.4
%
60.6
%
 
62.9
%
62.1
%
 
 
 
 
 
 
Interest expensed
23,265

22,967

 
72,288

68,846

Interest capitalized
4,242

5,782

 
14,651

16,106

    Total interest incurred
27,507

28,749

 
86,939

84,952

 
 
 
 
 
 
Principal amortization
728

1,072

 
2,160

3,225

 
 
 
 
 
 
Net Debt to Annualized EBITDA (a)
5.4x
5.6x
 
5.4x
5.7x
Interest expense coverage ratio
5.4x
5.2x
 
5.2x
5.2x
Total interest coverage ratio
4.6x
4.2x
 
4.3x
4.2x
Fixed charge expense coverage ratio
5.3x
5.0x
 
5.0x
4.9x
Total fixed charge coverage ratio
4.5x
4.0x
 
4.2x
4.0x
Unencumbered real estate assets (at cost) to unsecured debt ratio
3.4x
3.2x
 
3.4x
3.2x
 
 
 
 
 
 
Same property NOI increase (b)
5.5
%
4.1
%
 
5.0
%
5.2
%
  (# of apartment homes included)
47,618

47,916

 
47,618

47,916

 
 
 
 
 
 
Gross turnover of apartment homes (annualized)
74%
73%
 
64%
66%
Net turnover (excludes on-site transfers and transfers to other Camden communities)
64%
62%
 
53%
56%
 
 
 
 
 
 
 
 
 
 
As of September 30,
 
 
 
 
2015
2014
Total assets
 
 
 

$6,033,888


$5,911,976

Total debt
 
 
 

$2,715,207


$2,743,949

Common and common equivalent shares, outstanding end of period (c)
 
 
 
91,413

90,885

Share price, end of period
 
 
 

$73.90


$68.53

Book equity value, end of period (d)
 
 
 

$2,968,552


$2,811,908

Market equity value, end of period (e)
 
 
 

$6,755,421


$6,228,349

 
(a) Net Debt is Notes Payable as reported at period end less Cash as reported at period end. Annualized EBITDA is EBITDA as reported for the period multiplied by either 4 for quarter results or 1.33 for 9 month results.
 
(b) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2014, excluding properties held for sale.
 
(c) Includes at September 30, 2015: 89,518 common shares (including 353 common share equivalents related to share awards & options), plus 1,895 common share equivalents upon the assumed conversion of non-controlling units.
 
(d) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
 
(e) Includes: common shares, common units, and common share equivalents.







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

6


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

(Unaudited)
 
Three Months Ended September 30,
 
 Nine Months Ended September 30,
 
2015
2014
 
2015
2014
OPERATING DATA
 
 
 
 
 
Property revenues
 
 
 
 
 
Rental revenues

$194,515


$184,247

 

$571,461


$543,649

Other property revenues
32,670

28,851

 
91,809

83,870

Total property revenues
227,185

213,098

 
663,270

627,519

 
 
 
 
 
 
Property expenses
 
 
 
 
 
Property operating and maintenance
58,062

55,228

 
164,532

158,239

Real estate taxes
26,044

23,447

 
76,774

70,640

Total property expenses
84,106

78,675

 
241,306

228,879

 
 
 
 
 
 
Non-property income
 
 
 
 
 
Fee and asset management
1,902

2,131

 
5,083

7,301

Interest and other income
107

430

 
308

762

Income/(loss) on deferred compensation plans
(3,438
)
(765
)
 
(1,871
)
1,934

Total non-property income
(1,429
)
1,796

 
3,520

9,997

 
 
 
 
 
 
Other expenses
 
 
 
 
 
Property management
5,884

5,416

 
17,928

17,108

Fee and asset management
1,227

1,240

 
3,424

3,746

General and administrative
11,790

10,331

 
33,120

30,410

Interest
23,265

22,967

 
72,288

68,846

Depreciation and amortization
65,079

59,179

 
190,337

174,528

Amortization of deferred financing costs
725

836

 
2,143

2,493

Expense/(benefit) on deferred compensation plans
(3,438
)
(765
)
 
(1,871
)
1,934

Total other expenses
104,532

99,204

 
317,369

299,065

 
 
 
 
 
 
Gain on sale of operating properties, including land

1,808

 
85,192

3,609

Impairment associated with land holdings


 

(1,152
)
Equity in income of joint ventures
1,574

863

 
4,487

5,889

Income from continuing operations before income taxes
38,692

39,686

 
197,794

117,918

Income tax expense
(498
)
(353
)
 
(1,334
)
(1,228
)
Net income
38,194

39,333

 
196,460

116,690

Less income allocated to non-controlling interests from continuing operations
(1,150
)
(1,050
)
 
(7,738
)
(3,099
)
Net income attributable to common shareholders

$37,044


$38,283

 

$188,722


$113,591

 
 
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
 
 
 
Net income
$38,194
$39,333
 
$196,460
$116,690
Other comprehensive income
 
 
 
 
 
Unrealized loss on cash flow hedging activities

(417
)
 

(417
)
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation
38

20

 
112

49

Comprehensive income
38,232

38,936

 
196,572

116,322

Less income allocated to non-controlling interests from continuing operations
(1,150
)
(1,050
)
 
(7,738
)
(3,099
)
Comprehensive income attributable to common shareholders

$37,082


$37,886

 

$188,834


$113,223

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
Total earnings per common share – basic

$0.41


$0.43

 

$2.10


$1.28

Total earnings per common share – diluted
0.41

0.43

 
2.09

1.28

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
     Basic
89,164

88,146

 
89,102

87,882

     Diluted
90,341

89,353

 
89,450

89,052














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

7


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

(Unaudited)
 
Three Months Ended September 30,
 
 Nine Months Ended September 30,
 
2015
2014
 
2015
2014
FUNDS FROM OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common shareholders

$37,044


$38,283

 

$188,722


$113,591

 Real estate depreciation and amortization
63,852

58,039

 
186,818

170,606

 Adjustments for unconsolidated joint ventures
2,300

1,340

 
6,782

3,980

 Income allocated to non-controlling interests
1,150

1,050

 
7,738

3,099

 Gain on sale of unconsolidated joint venture properties


 

(3,566
)
 Gain on sale of operating properties, net of tax


 
(85,145
)

     Funds from operations

$104,346


$98,712

 

$304,915


$287,710

 
 
 
 
 
 
     Less: recurring capitalized expenditures (a)
(21,508
)
(18,074
)
 
(52,002
)
(43,484
)
 
 
 
 
 
 
     Adjusted funds from operations - diluted

$82,838


$80,638

 

$252,913


$244,226

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
Funds from operations - diluted

$1.14


$1.09

 

$3.34


$3.19

Adjusted funds from operations - diluted
0.91

0.89

 
2.77

2.71

Distributions declared per common share
0.70

0.66

 
2.10

1.98

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

90,439

 
91,347

90,138

 
 
 
 
 
 
PROPERTY DATA
 
 
 
 
 
Total operating properties (end of period) (b)
171

170

 
171

170

Total operating apartment homes in operating properties (end of period) (b)
59,407

60,038

 
59,407

60,038

Total operating apartment homes (weighted average)
52,323

52,964

 
51,881

52,778


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

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






























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

8


 
 
 
CAMDEN
 
BALANCE SHEET
 
 
(In thousands)
 
 
 

(Unaudited)
 
Sep 30,
2015

Jun 30,
2015

Mar 31,
2015

Dec 31,
2014

Sep 30,
2014

ASSETS
 
 
 
 
 
Real estate assets, at cost
 
 
 
 
 
Land

$1,047,453


$1,034,649


$1,012,684


$1,003,422


$997,349

Buildings and improvements
6,237,648

6,134,510

5,979,985

5,890,498

5,894,453

 
7,285,101

7,169,159

6,992,669

6,893,920

6,891,802

Accumulated depreciation
(1,914,469
)
(1,860,923
)
(1,798,955
)
(1,738,862
)
(1,813,124
)
Net operating real estate assets
5,370,632

5,308,236

5,193,714

5,155,058

5,078,678

Properties under development, including land
443,469

488,565

519,454

527,596

576,269

Investments in joint ventures
34,705

35,731

36,526

36,429

35,180

Properties held for sale
13,168



27,143


Total real estate assets
5,861,974

5,832,532

5,749,694

5,746,226

5,690,127

Accounts receivable – affiliates
25,053

25,855

25,652

25,977

25,954

Other assets, net (a)
130,360

120,082

122,326

124,888

123,999

Cash and cash equivalents
10,375

16,508

174,353

153,918

66,127

Restricted cash
6,126

5,791

5,034

5,898

5,769

Total assets
$6,033,888
$6,000,768
$6,077,059
$6,056,907
$5,911,976
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
Liabilities
 
 
 
 
 
Notes payable
 
 
 
 
 
Unsecured
$1,811,739
$1,770,491
$1,838,203
$1,837,911
$1,837,621
Secured
903,468

904,196

904,914

905,628

906,328

Accounts payable and accrued expenses
131,532

128,532

134,438

157,232

147,255

Accrued real estate taxes
57,642

43,905

23,269

39,149

54,369

Distributions payable
64,276

64,253

64,261

60,386

60,265

Other liabilities (b)
96,679

100,515

102,163

100,058

94,230

Total liabilities
3,065,336

3,011,892

3,067,248

3,100,364

3,100,068

 
 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
Non-qualified deferred compensation share awards
72,316

69,791

69,902

68,134

60,363

 
 
 
 
 
 
Equity
 
 
 
 
 
Common shares of beneficial interest
976

976

976

976

974

Additional paid-in capital
3,660,482

3,657,537

3,656,105

3,667,448

3,649,750

Distributions in excess of net income attributable to common shareholders
(452,257
)
(426,614
)
(403,518
)
(453,777
)
(568,142
)
Treasury shares, at cost
(387,114
)
(387,172
)
(388,181
)
(396,626
)
(397,497
)
Accumulated other comprehensive loss (c)
(2,307
)
(2,345
)
(2,382
)
(2,419
)
(1,474
)
Total common equity
2,819,780

2,842,382

2,863,000

2,815,602

2,683,611

Non-controlling interests
76,456

76,703

76,909

72,807

67,934

Total equity
2,896,236

2,919,085

2,939,909

2,888,409

2,751,545

Total liabilities and equity

$6,033,888


$6,000,768


$6,077,059


$6,056,907


$5,911,976

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Includes net deferred charges of:

$14,452


$11,921


$12,432


$13,219


$14,361

 
 
 
 
 
 
(b) Includes deferred revenues of:

$1,918


$843


$1,728


$1,848


$1,734

 
 
 
 
 
 
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligation, and unrealized loss on cash flow hedging activities.


9


 
 
 
CAMDEN
 
PORTFOLIO STATISTICS
 
 
 

(Unaudited)

COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2015 (in apartment homes)
 
Fully Consolidated
 
Non-Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property"
Non-"Same Property"
Completed in Lease-up
Under Construction
Held for Sale
Total
 
Operating
Under Construction
Total
 
Grand Total
D.C. Metro (a)
5,808

321


862


6,991

 
276


276

 
7,267

Houston, TX
5,912



315


6,227

 
2,522


2,522

 
8,749

SE Florida
2,520

261




2,781

 



 
2,781

Las Vegas, NV
4,918





4,918

 



 
4,918

Dallas, TX
3,993



423


4,416

 
1,250


1,250

 
5,666

Los Angeles/Orange County, CA
2,060

421

303

287


3,071

 



 
3,071

Atlanta, GA
3,357

276


379


4,012

 
234


234

 
4,246

Tampa, FL
3,338




260

3,598

 
450


450

 
4,048

Orlando, FL
3,240





3,240

 
300


300

 
3,540

Charlotte, NC
2,487



323


2,810

 

266

266

 
3,076

Denver, CO
1,941


424

267


2,632

 



 
2,632

San Diego/Inland Empire, CA
1,665





1,665

 



 
1,665

Phoenix, AZ
2,095

220

234

380


2,929

 



 
2,929

Raleigh, NC
2,266

438




2,704

 
350


350

 
3,054

Austin, TX
1,386

614




2,000

 
1,360


1,360

 
3,360

Corpus Christi, TX
632

1,005




1,637

 
270


270

 
1,907

Total Portfolio
47,618

3,556

961

3,236

260

55,631

 
7,012

266

7,278

 
62,909


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

THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
 
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d)
 
 
 
 
 
 
 
 
 
 
 
"Same Property" Communities
Operating Communities (b)
Incl. JVs at Pro Rata % (c)
 
Sep 30,
2015

Jun 30,
2015

Mar 31,
2015

Dec 31,
2014

Sep 30,
2014

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

(b) Operating communities represent all fully-consolidated communities at period end, excluding communities under construction.

(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from unconsolidated joint venture communities.

(d) Occupancy figures include all stabilized operating communities including those held through unconsolidated joint venture investments.


10


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

(Unaudited)
 
Apartment
 
Three Months Ended September 30,
 
 Nine Months Ended September 30,
Property Revenues
Homes
 
2015
 
2014
 
Change
 
2015
 
2014
 
Change
"Same Property" Communities (a)
47,618

 

$205,752

 

$194,963

 

$10,789

 

$604,547

 

$575,156

 

$29,391

Non-"Same Property" Communities (b)
3,556

 
13,905

 
6,738

 
7,167

 
41,391

 
19,128

 
22,263

Development and Lease-Up Communities (c)
4,197

 
5,225

 
348

 
4,877

 
9,931

 
382

 
9,549

Disposition/Other (d)
260

 
2,303

 
11,049

 
(8,746
)
 
7,401

 
32,853

 
(25,452
)
Total Property Revenues
55,631

 

$227,185

 

$213,098

 

$14,087

 

$663,270

 

$627,519

 

$35,751

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property" Communities (a)
47,618

 

$75,057

 

$71,034

 

$4,023

 

$218,131

 

$207,293

 

$10,838

Non-"Same Property" Communities (b)
3,556

 
5,923

 
2,819

 
3,104

 
15,949

 
7,703

 
8,246

Development and Lease-Up Communities (c)
4,197

 
2,282

 
79

 
2,203

 
4,321

 
85

 
4,236

Disposition/Other (d)
260

 
844

 
4,743

 
(3,899
)
 
2,905

 
13,798

 
(10,893
)
Total Property Expenses
55,631

 

$84,106

 

$78,675

 

$5,431

 

$241,306

 

$228,879

 

$12,427

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Net Operating Income
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property" Communities (a)
47,618

 

$130,695

 

$123,929

 

$6,766

 

$386,416

 

$367,863

 

$18,553

Non-"Same Property" Communities (b)
3,556

 
7,982

 
3,919

 
4,063

 
25,442

 
11,425

 
14,017

Development and Lease-Up Communities (c)
4,197

 
2,943

 
269

 
2,674

 
5,610

 
297

 
5,313

Disposition/Other (d)
260

 
1,459

 
6,306

 
(4,847
)
 
4,496

 
19,055

 
(14,559
)
Total Property Net Operating Income
55,631

 

$143,079

 

$134,423

 

$8,656

 

$421,964

 

$398,640

 

$23,324




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

(b) Non-"Same Property" Communities are stabilized communities not owned or stabilized as of January 1, 2014.

(c) Development and Lease-Up Communities are non-stabilized communities we have acquired or developed since January 1, 2014.

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



11


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

(Unaudited)
 
Apartment

 
 
 
 
 
 
 
 
 
 
 
 
 
Homes

 
Revenues
 
Expenses
 
NOI
Quarterly Results (a)
Included

 
3Q15

3Q14

Growth

 
3Q15

3Q14

Growth

 
3Q15

3Q14

Growth

D.C. Metro
5,808

 

$31,421


$31,129

0.9
%
 

$9,576


$9,761

(1.9
)%
 

$21,845


$21,368

2.2
 %
Houston, TX
5,912

 
27,935

27,204

2.7
%
 
11,667

10,345

12.8
 %
 
16,268

16,859

(3.5
)%
SE Florida
2,520

 
14,709

13,845

6.2
%
 
5,023

4,742

5.9
 %
 
9,686

9,103

6.4
 %
Las Vegas, NV
4,918

 
14,553

13,577

7.2
%
 
5,414

5,089

6.4
 %
 
9,139

8,488

7.7
 %
Dallas, TX
3,993

 
15,216

14,065

8.2
%
 
6,354

5,785

9.8
 %
 
8,862

8,280

7.0
 %
Los Angeles/Orange County, CA
2,060

 
12,415

11,706

6.1
%
 
4,009

3,937

1.8
 %
 
8,406

7,769

8.2
 %
Atlanta, GA
3,357

 
13,376

12,345

8.4
%
 
5,229

4,910

6.5
 %
 
8,147

7,435

9.6
 %
Tampa, FL
3,338

 
12,041

11,189

7.6
%
 
4,727

4,441

6.4
 %
 
7,314

6,748

8.4
 %
Orlando, FL
3,240

 
12,038

11,276

6.8
%
 
4,639

4,402

5.4
 %
 
7,399

6,874

7.6
 %
Charlotte, NC
2,487

 
10,414

9,917

5.0
%
 
3,464

3,220

7.6
 %
 
6,950

6,697

3.8
 %
Denver, CO
1,941

 
9,023

8,257

9.3
%
 
2,673

2,611

2.4
 %
 
6,350

5,646

12.5
 %
San Diego/Inland Empire, CA
1,665

 
8,959

8,273

8.3
%
 
3,242

3,234

0.2
 %
 
5,717

5,039

13.5
 %
Phoenix, AZ
2,095

 
8,061

7,431

8.5
%
 
2,864

2,719

5.3
 %
 
5,197

4,712

10.3
 %
Raleigh, NC
2,266

 
7,766

7,255

7.0
%
 
2,771

2,624

5.6
 %
 
4,995

4,631

7.9
 %
Austin, TX
1,386

 
5,579

5,250

6.3
%
 
2,570

2,401

7.0
 %
 
3,009

2,849

5.6
 %
Corpus Christi, TX
632

 
2,246

2,244

0.1
%
 
835

813

2.7
 %
 
1,411

1,431

(1.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
47,618

 

$205,752


$194,963

5.5
%
 

$75,057


$71,034

5.7
 %
 

$130,695


$123,929

5.5
 %


 
 
 
 
 
 
 
Weighted Average Monthly
 
Weighted Average Monthly
 
% of NOI
 
Average Occupancy (a)
 
Rental Rate (b)
 
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution

 
3Q15

3Q14

Growth

 
3Q15

3Q14

Growth

 
3Q15

3Q14

Growth

D.C. Metro
16.7
%
 
96.3
%
95.9
%
0.4
 %
 

$1,654


$1,650

0.2
%
 

$1,872


$1,863

0.5
%
Houston, TX
12.4
%
 
95.7
%
96.0
%
(0.3
)%
 
1,471

1,435

2.5
%
 
1,647

1,598

3.0
%
SE Florida
7.4
%
 
97.0
%
96.4
%
0.6
 %
 
1,788

1,708

4.7
%
 
2,006

1,899

5.6
%
Las Vegas, NV
7.0
%
 
95.2
%
95.6
%
(0.4
)%
 
854

812

5.2
%
 
1,036

962

7.6
%
Dallas, TX
6.8
%
 
96.3
%
95.6
%
0.7
 %
 
1,142

1,074

6.3
%
 
1,320

1,228

7.5
%
Los Angeles/Orange County, CA
6.4
%
 
95.4
%
96.2
%
(0.8
)%
 
1,896

1,788

6.0
%
 
2,106

1,970

6.9
%
Atlanta, GA
6.2
%
 
95.9
%
95.9
%
0.0
 %
 
1,185

1,112

6.6
%
 
1,385

1,278

8.4
%
Tampa, FL
5.6
%
 
95.8
%
95.5
%
0.3
 %
 
1,032

978

5.5
%
 
1,255

1,170

7.3
%
Orlando, FL
5.7
%
 
96.4
%
95.8
%
0.6
 %
 
1,086

1,031

5.3
%
 
1,285

1,210

6.2
%
Charlotte, NC
5.3
%
 
97.1
%
97.3
%
(0.2
)%
 
1,234

1,192

3.5
%
 
1,438

1,366

5.2
%
Denver, CO
4.9
%
 
96.6
%
96.3
%
0.3
 %
 
1,412

1,298

8.8
%
 
1,605

1,473

9.0
%
San Diego/Inland Empire, CA
4.4
%
 
96.4
%
95.2
%
1.2
 %
 
1,677

1,577

6.3
%
 
1,861

1,738

7.1
%
Phoenix, AZ
4.0
%
 
95.7
%
95.6
%
0.1
 %
 
1,120

1,069

4.8
%
 
1,341

1,236

8.4
%
Raleigh, NC
3.8
%
 
95.9
%
95.7
%
0.2
 %
 
987

941

4.9
%
 
1,192

1,115

6.8
%
Austin, TX
2.3
%
 
96.2
%
95.9
%
0.3
 %
 
1,172

1,116

5.0
%
 
1,395

1,317

6.0
%
Corpus Christi, TX
1.1
%
 
94.8
%
96.5
%
(1.7
)%
 
1,013

1,002

1.1
%
 
1,250

1,227

1.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
96.0
%
95.9
%
0.1
 %
 

$1,299


$1,246

4.3
%
 

$1,499


$1,422

5.4
%

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

(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.


12


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

(Unaudited)
 
Apartment

 
 
 
 
 
 
 
 
 
 
 
 
 
Homes

 
Revenues
 
Expenses
 
NOI
Quarterly Results (a)
Included

 
3Q15

2Q15

Growth

 
3Q15

2Q15

Growth

 
3Q15

2Q15

Growth

D.C. Metro
5,808

 

$31,421


$31,212

0.7
%
 

$9,576


$9,694

(1.2
)%
 

$21,845


$21,518

1.5
 %
Houston, TX
5,912

 
27,935

27,750

0.7
%
 
11,667

11,279

3.4
 %
 
16,268

16,471

(1.2
)%
SE Florida
2,520

 
14,709

14,508

1.4
%
 
5,023

4,798

4.7
 %
 
9,686

9,710

(0.2
)%
Las Vegas, NV
4,918

 
14,553

14,184

2.6
%
 
5,414

5,011

8.0
 %
 
9,139

9,173

(0.4
)%
Dallas, TX
3,993

 
15,216

14,722

3.4
%
 
6,354

5,892

7.8
 %
 
8,862

8,830

0.4
 %
Los Angeles/Orange County, CA
2,060

 
12,415

12,126

2.4
%
 
4,009

3,739

7.2
 %
 
8,406

8,387

0.2
 %
Atlanta, GA
3,357

 
13,376

13,083

2.2
%
 
5,229

4,917

6.3
 %
 
8,147

8,166

(0.2
)%
Tampa, FL
3,338

 
12,041

11,693

3.0
%
 
4,727

4,478

5.6
 %
 
7,314

7,215

1.4
 %
Orlando, FL
3,240

 
12,038

11,629

3.5
%
 
4,639

4,341

6.9
 %
 
7,399

7,288

1.5
 %
Charlotte, NC
2,487

 
10,414

10,236

1.7
%
 
3,464

3,336

3.8
 %
 
6,950

6,900

0.7
 %
Denver, CO
1,941

 
9,023

8,701

3.7
%
 
2,673

2,523

5.9
 %
 
6,350

6,178

2.8
 %
San Diego/Inland Empire, CA
1,665

 
8,959

8,654

3.5
%
 
3,242

3,102

4.5
 %
 
5,717

5,552

3.0
 %
Phoenix, AZ
2,095

 
8,061

7,776

3.7
%
 
2,864

2,623

9.2
 %
 
5,197

5,153

0.9
 %
Raleigh, NC
2,266

 
7,766

7,576

2.5
%
 
2,771

2,625

5.6
 %
 
4,995

4,951

0.9
 %
Austin, TX
1,386

 
5,579

5,476

1.9
%
 
2,570

2,412

6.6
 %
 
3,009

3,064

(1.8
)%
Corpus Christi, TX
632

 
2,246

2,231

0.7
%
 
835

869

(3.9
)%
 
1,411

1,362

3.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
47,618

 

$205,752


$201,557

2.1
%
 

$75,057


$71,639

4.8
 %
 

$130,695


$129,918

0.6
 %


 
 
 
 
 
 
 
Weighted Average Monthly
 
Weighted Average Monthly
 
% of NOI
 
Average Occupancy (a)
 
Rental Rate (b)
 
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution

 
3Q15

2Q15

Growth

 
3Q15

2Q15

Growth

 
3Q15

2Q15

Growth

D.C. Metro
16.7
%
 
96.3
%
96.4
%
(0.1
)%
 

$1,654


$1,644

0.6
%
 

$1,872


$1,858

0.8
 %
Houston, TX
12.4
%
 
95.7
%
96.0
%
(0.3
)%
 
1,471

1,460

0.8
%
 
1,647

1,630

1.0
 %
SE Florida
7.4
%
 
97.0
%
96.7
%
0.3
 %
 
1,788

1,766

1.2
%
 
2,006

1,985

1.1
 %
Las Vegas, NV
7.0
%
 
95.2
%
95.7
%
(0.5
)%
 
854

840

1.7
%
 
1,036

1,004

3.1
 %
Dallas, TX
6.8
%
 
96.3
%
96.2
%
0.1
 %
 
1,142

1,114

2.5
%
 
1,320

1,278

3.3
 %
Los Angeles/Orange County, CA
6.4
%
 
95.4
%
95.0
%
0.4
 %
 
1,896

1,862

1.8
%
 
2,106

2,065

2.0
 %
Atlanta, GA
6.2
%
 
95.9
%
96.3
%
(0.4
)%
 
1,185

1,159

2.2
%
 
1,385

1,349

2.6
 %
Tampa, FL
5.6
%
 
95.8
%
95.7
%
0.1
 %
 
1,032

1,012

2.0
%
 
1,255

1,220

2.9
 %
Orlando, FL
5.7
%
 
96.4
%
95.8
%
0.6
 %
 
1,086

1,065

2.0
%
 
1,285

1,249

2.9
 %
Charlotte, NC
5.3
%
 
97.1
%
96.9
%
0.2
 %
 
1,234

1,216

1.5
%
 
1,438

1,416

1.5
 %
Denver, CO
4.9
%
 
96.6
%
96.1
%
0.5
 %
 
1,412

1,364

3.5
%
 
1,605

1,556

3.2
 %
San Diego/Inland Empire, CA
4.4
%
 
96.4
%
96.1
%
0.3
 %
 
1,677

1,634

2.6
%
 
1,861

1,803

3.2
 %
Phoenix, AZ
4.0
%
 
95.7
%
94.7
%
1.0
 %
 
1,120

1,107

1.2
%
 
1,341

1,306

2.7
 %
Raleigh, NC
3.8
%
 
95.9
%
95.5
%
0.4
 %
 
987

963

2.5
%
 
1,192

1,167

2.1
 %
Austin, TX
2.3
%
 
96.2
%
95.8
%
0.4
 %
 
1,172

1,153

1.6
%
 
1,395

1,374

1.5
 %
Corpus Christi, TX
1.1
%
 
94.8
%
93.3
%
1.5
 %
 
1,013

1,010

0.3
%
 
1,250

1,261

(0.8
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
96.0
%
95.9
%
0.1
 %
 

$1,299


$1,279

1.6
%
 

$1,499


$1,470

2.0
 %

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

(b) Weighted average monthly rental rate are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.



13


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

(Unaudited)
 
Apartment

 
 
 
 
 
 
 
 
 
 
 
 
 
Homes

 
Revenues
 
Expenses
 
NOI
Year to Date Results (a)
Included

 
2015

2014

Growth

 
2015

2014

Growth

 
2015

2014

Growth

D.C. Metro
5,808

 

$93,191


$92,523

0.7
%
 

$29,136


$28,610

1.8
%
 

$64,055


$63,913

0.2
 %
Houston, TX
5,912

 
82,897

80,187

3.4
%
 
34,531

31,161

10.8
%
 
48,366

49,026

(1.3
)%
SE Florida
2,520

 
43,407

41,032

5.8
%
 
14,765

14,085

4.8
%
 
28,642

26,947

6.3
 %
Las Vegas, NV
4,918

 
42,521

39,978

6.4
%
 
15,279

14,607

4.6
%
 
27,242

25,371

7.4
 %
Dallas, TX
3,993

 
44,392

41,553

6.8
%
 
17,986

17,361

3.6
%
 
26,406

24,192

9.2
 %
Los Angeles/Orange County, CA
2,060

 
36,538

34,525

5.8
%
 
11,590

11,143

4.0
%
 
24,948

23,382

6.7
 %
Atlanta, GA
3,357

 
39,113

35,945

8.8
%
 
14,743

14,007

5.3
%
 
24,370

21,938

11.1
 %
Tampa, FL
3,338

 
35,145

33,217

5.8
%
 
13,651

13,095

4.2
%
 
21,494

20,122

6.8
 %
Orlando, FL
3,240

 
35,115

33,370

5.2
%
 
13,334

12,747

4.6
%
 
21,781

20,623

5.6
 %
Charlotte, NC
2,487

 
30,682

29,030

5.7
%
 
10,028

9,350

7.3
%
 
20,654

19,680

4.9
 %
Denver, CO
1,941

 
26,146

24,069

8.6
%
 
7,705

7,379

4.4
%
 
18,441

16,690

10.5
 %
San Diego/Inland Empire, CA
1,665

 
26,117

24,518

6.5
%
 
9,510

9,380

1.4
%
 
16,607

15,138

9.7
 %
Phoenix, AZ
2,095

 
23,510

21,914

7.3
%
 
8,069

7,850

2.8
%
 
15,441

14,064

9.8
 %
Raleigh, NC
2,266

 
22,731

21,412

6.2
%
 
7,881

7,393

6.6
%
 
14,850

14,019

5.9
 %
Austin, TX
1,386

 
16,387

15,299

7.1
%
 
7,386

6,745

9.5
%
 
9,001

8,554

5.2
 %
Corpus Christi, TX
632

 
6,655

6,584

1.1
%
 
2,537

2,380

6.6
%
 
4,118

4,204

(2.0
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
47,618

 

$604,547


$575,156

5.1
%
 

$218,131


$207,293

5.2
%
 

$386,416


$367,863

5.0
 %


 
 
 
 
 
 
 
Weighted Average Monthly
 
Weighted Average Monthly
 
% of NOI
 
Average Occupancy (a)
 
Rental Rate (b)
 
Revenue per Occupied Home (c)
Year to Date Results (a)
Contribution

 
2015

2014

Growth

 
2015

2014

Growth

 
2015

2014

Growth

D.C. Metro
16.6
%
 
95.8
%
95.5
%
0.3
 %
 

$1,645


$1,643

0.1
%
 

$1,859


$1,853

0.4
%
Houston, TX
12.5
%
 
95.6
%
96.0
%
(0.4
)%
 
1,461

1,413

3.4
%
 
1,629

1,570

3.8
%
SE Florida
7.4
%
 
96.7
%
96.5
%
0.2
 %
 
1,768

1,682

5.1
%
 
1,979

1,874

5.6
%
Las Vegas, NV
7.1
%
 
95.5
%
95.5
%
0.0
 %
 
841

802

4.9
%
 
1,005

945

6.4
%
Dallas, TX
6.8
%
 
96.2
%
95.4
%
0.8
 %
 
1,118

1,062

5.3
%
 
1,284

1,212

6.0
%
Los Angeles/Orange County, CA
6.5
%
 
95.3
%
96.0
%
(0.7
)%
 
1,865

1,761

5.9
%
 
2,067

1,939

6.5
%
Atlanta, GA
6.3
%
 
95.8
%
95.4
%
0.4
 %
 
1,161

1,082

7.3
%
 
1,351

1,247

8.4
%
Tampa, FL
5.6
%
 
95.6
%
95.5
%
0.1
 %
 
1,015

969

4.7
%
 
1,223

1,157

5.7
%
Orlando, FL
5.6
%
 
95.9
%
95.7
%
0.2
 %
 
1,068

1,024

4.3
%
 
1,255

1,196

5.0
%
Charlotte, NC
5.3
%
 
96.8
%
97.0
%
(0.2
)%
 
1,218

1,172

3.9
%
 
1,416

1,337

5.9
%
Denver, CO
4.8
%
 
96.2
%
95.4
%
0.8
 %
 
1,369

1,268

8.0
%
 
1,556

1,444

7.8
%
San Diego/Inland Empire, CA
4.3
%
 
96.0
%
95.1
%
0.9
 %
 
1,641

1,558

5.3
%
 
1,815

1,720

5.6
%
Phoenix, AZ
4.0
%
 
95.5
%
94.7
%
0.8
 %
 
1,109

1,060

4.6
%
 
1,306

1,227

6.5
%
Raleigh, NC
3.8
%
 
95.5
%
95.4
%
0.1
 %
 
967

931

3.9
%
 
1,167

1,100

6.1
%
Austin, TX
2.3
%
 
95.8
%
95.4
%
0.4
 %
 
1,155

1,096

5.4
%
 
1,372

1,285

6.7
%
Corpus Christi, TX
1.1
%
 
93.8
%
95.6
%
(1.8
)%
 
1,009

994

1.5
%
 
1,248

1,212

2.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
95.8
%
95.7
%
0.1
 %
 

$1,281


$1,230

4.1
%
 

$1,472


$1,402

5.0
%



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

(b) Weighted average rental rates are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.



14


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

(Unaudited)
 
 
 
 
 
% of Actual
 
 
 
 
 
3Q15 Operating

Quarterly Comparison (a)
3Q15
3Q14
$ Change
% Change
Expenses
 
 
 
 
 
 
Property taxes

$23,851


$21,833


$2,018

9.2
 %
31.8
%
Salaries and Benefits for On-site Employees
17,001

16,097

904

5.6
 %
22.7
%
Utilities
16,196

14,957

1,239

8.3
 %
21.6
%
Repairs and Maintenance
11,021

10,487

534

5.1
 %
14.7
%
Property Insurance
2,888

3,427

(539
)
(15.7
)%
3.8
%
General and Administrative
2,452

2,284

168

7.4
 %
3.3
%
Marketing and Leasing
1,417

1,343

74

5.5
 %
1.9
%
Other
231

606

(375
)
(61.9
)%
0.2
%
 
 
 
 
 
 
Total Same Property

$75,057


$71,034


$4,023

5.7
 %
100.0
%


 
 
 
 
 
% of Actual
 
 
 
 
 
3Q15 Operating

Sequential Comparison (a)
3Q15
2Q15
$ Change
% Change
Expenses
 
 
 
 
 
 
Property taxes

$23,851


$23,337


$514

2.2
 %
31.8
%
Salaries and Benefits for On-site Employees
17,001

15,814

1,187

7.5
 %
22.7
%
Utilities
16,196

14,631

1,565

10.7
 %
21.6
%
Repairs and Maintenance
11,021

10,041

980

9.8
 %
14.7
%
Property Insurance
2,888

3,350

(462
)
(13.8
)%
3.8
%
General and Administrative
2,452

2,415

37

1.5
 %
3.3
%
Marketing and Leasing
1,417

1,357

60

4.4
 %
1.9
%
Other
231

694

(463
)
(66.7
)%
0.2
%
 
 
 
 
 
 
Total Same Property

$75,057


$71,639


$3,418

4.8
 %
100.0
%


 
 
 
 
 
 
% of Actual
 
 
 
 
 
 
2015 Operating

Year to Date Comparison (a)
 
2015
2014
$ Change
% Change
Expenses
 
 
 
 
 
 
 
Property taxes
 

$70,873


$66,091


$4,782

7.2
 %
32.5
%
Salaries and Benefits for On-site Employees
 
48,817

47,368

1,449

3.1
 %
22.4
%
Utilities
 
45,288

42,349

2,939

6.9
 %
20.8
%
Repairs and Maintenance
 
30,579

29,066

1,513

5.2
 %
14.0
%
Property Insurance
 
9,695

10,030

(335
)
(3.3
)%
4.4
%
General and Administrative
 
7,332

6,786

546

8.0
 %
3.4
%
Marketing and Leasing
 
4,023

3,909

114

2.9
 %
1.8
%
Other
 
1,524

1,694

(170
)
(10.0
)%
0.7
%
 
 
 
 
 
 
 
Total Same Property
 

$218,131


$207,293


$10,838

5.2
 %
100.0
%


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




15


 
 
CAMDEN
 
CURRENT DEVELOPMENT COMMUNITIES
TO BE UPDATED
 
 

(Unaudited)

AS OF SEPTEMBER 30, 2015 ($ in millions)
 
 
 
 
 
 
Estimated/Actual Dates for
 
 
Completed Communities in Lease-Up
Total
Total
 
 
Construction
Initial
Construction
Stabilized
As of 10/28/2015
Homes
Cost
 
 
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden Hayden
234
$44.2
 
 
3Q13
4Q14
2Q15
4Q15
88%
88%
 
Tempe, AZ
 
 
 
 
 
 
 
 
 
 
2.
Camden Flatirons
424
79.2
 
 
3Q12
2Q14
3Q15
2Q16
81%
83%
 
Denver, CO
 
 
 
 
 
 
 
 
 
 
3.
Camden Glendale
303
112.8
 
 
4Q12
2Q15
3Q15
2Q16
57%
50%
 
Glendale, CA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Completed Communities in Lease-Up
961
$236.2
 

 
 
 
 
75%
74%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated/Actual Dates for
 
 
 
 
Total
Total
Cost to
Amount
Construction
Initial
Construction
Stabilized
As of 10/28/2015
Development Communities
Homes
Budget
Date
in CIP
Start
Occupancy
Completion
Operations
% Leased
% Occupied
UNDER CONSTRUCTION
 
 
 
 
 
 
 
 
 
 
1.
Camden Paces
379
$117.0
$115.4
$9.1
4Q12
2Q14
4Q15
3Q16
67%
67%
 
Atlanta, GA
 
 
 
 
 
 
 
 
 
 
2.
Camden Chandler
380
73.0
64.9
3.5
1Q14
1Q15
1Q16
4Q16
67%
53%
 
Chandler, AZ
 
 
 
 
 
 
 
 
 
 
3.
Camden Gallery
323
58.0
46.0
45.9
3Q13
1Q16
3Q16
1Q17
 
 
 
Charlotte, NC
 
 
 
 
 
 
 
 
 
 
4.
Camden Victory Park
423
82.0
57.8
57.8
4Q13
1Q16
3Q16
1Q18
 
 
 
Dallas, TX
 
 
 
 
 
 
 
 
 
 
5.
The Camden
287
145.0
98.7
98.7
4Q13
2Q16
4Q16
2Q17
 
 
 
Los Angeles, CA
 
 
 
 
 
 
 
 
 
 
6.
Camden Lincoln Station
267
56.0
13.8
13.8
4Q14
4Q16
2Q17
1Q18
 
 
 
Denver, CO
 
 
 
 
 
 
 
 
 
 
7.
Camden NoMa II
405
115.0
39.1
39.1
1Q15
2Q17
4Q17
4Q19
 
 
 
Washington, DC
 
 
 
 
 
 
 
 
 
 
8.
Camden Shady Grove
457
116.0
45.9
45.9
2Q15
1Q17
1Q18
4Q19
 
 
 
Rockville, MD
 
 
 
 
 
 
 
 
 
 
9.
Camden McGowen Station
315
90.0
13.2
13.2
4Q14
4Q17
2Q18
3Q19
 
 
 
Houston, TX
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Development Communities
3,236
$852.0
$494.8
$327.0
 
 
 
 
67%
60%
 
 
 
 
 
 
 
 
 
 
 
 
Additional Development Pipeline & Land (a)
116.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Properties Under Development and Land (per Balance Sheet)
$443.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI Contribution from Development Communities ($ in millions)
 
 
 
 
Cost to Date

3Q15 NOI

 
 
Communities that Stabilized During Quarter
 
 
 
 
$44.5

$0.6

 
 
Completed Communities in Lease-Up
 
 
 
 
236.2

1.7

 
 
Development Communities in Lease-Up
 
 
 
 
180.3

1.2

 
 
Total Development Communities NOI Contribution
 
 
 
 

$461.0


$3.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated/Actual Dates for
 
 
Joint Venture Development Community
Total
Total
Cost to
Amount
Construction
Initial
Construction
Stabilized
As of 10/28/2015
Homes
Budget
Date
in CIP
Start
Occupancy
Completion
Operations
% Leased
% Occupied
UNDER CONSTRUCTION
 
 
 
 
 
 
 
 
 
 
1.
Camden Southline
266
$48.0
$46.8
$14.8
2Q13
1Q15
4Q15
1Q16
68%
67%
 
Charlotte, NC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Joint Venture
 
 
 
 
 
 
 
 
 
 
Development Communities
266
$48.0
$46.8
$14.8
 
 
 
 
68%
67%

(a) Please refer to the Development Pipeline & Land Summary on page 18.

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

16


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

(Unaudited)

Company's Pro-Rata Share of Joint Venture Operations(a):
 
Three Months Ended September 30,
 
 Nine Months Ended September 30,
OPERATING DATA (b)
2015
2014
 
2015
2014
Property Revenues
 
 
 
 
 
   Rental revenues

$7,985


$4,783

 

$23,294


$13,960

   Other property revenues
1,205

670

 
3,369

1,919

      Total property revenues
9,190

5,453

 
26,663

15,879

 
 
 
 
 
 
Property expenses
 
 
 
 
 
   Property operating and maintenance
2,283

1,392

 
6,434

4,034

   Real estate taxes
1,492

897

 
4,389

2,563

 
3,775

2,289

 
10,823

6,597

 
 
 
 
 
 
Net Operating Income
5,415

3,164

 
15,840

9,282

 
 
 
 
 
 
Other expenses
 
 
 
 
 
   Interest
1,433

924

 
4,252

2,801

   Depreciation and amortization
2,325

1,348

 
6,786

4,030

   Other (including debt prepayment penalties)
83

29

 
315

128

   Total other expenses
3,841

2,301

 
11,353

6,959

 
 
 
 
 
 
Gain on sale of properties, net


 

3,566

 
 
 
 
 
 
Equity in income of joint ventures

$1,574


$863

 

$4,487


$5,889

 
Sep 30,
2015

Jun 30,
2015

Mar 31,
2015

Dec 31,
2014

Sep 30,
2014

BALANCE SHEET DATA(c)
 
 
 
 
 
Land

$108,157


$106,792


$105,660


$104,662


$104,101

Building & Improvements
714,631

701,209

689,676

679,862

676,126

 
822,788

808,001

795,336

784,524

780,227

Accumulated Depreciation
(106,669
)
(99,270
)
(92,065
)
(85,091
)
(78,242
)
Net operating real estate assets
716,119

708,731

703,271

699,433

701,985

Properties under development and land
16,177

26,605

33,716

37,677

31,139

Cash and other assets, net
21,485

18,832

14,621

20,655

14,788

Total assets

$753,781


$754,168


$751,608


$757,765


$747,912

 
 
 
 
 
 
Notes payable

$529,307


$528,614


$527,286


$523,636


$524,511

Other liabilities
26,011

23,917

20,376

30,836

26,639

Total liabilities
555,318

552,531

547,662

554,472

551,150

 
 
 
 
 
 
Member's equity
198,463

201,637

203,946

203,293

196,762

   Total liabilities and members' equity

$753,781


$754,168


$751,608


$757,765


$747,912

 
 
 
 
 
 
Company's equity investment

$34,705


$35,731


$36,526


$36,429


$35,180

 
 
 
 
 
 
Company's pro-rata share of debt

$165,673


$165,456


$165,040


$163,898


$104,902

 
 
 
 
 
 
 
 
 
 
 
 
PROPERTY DATA (end of period)
 
 
 
 
 
Total operating properties
21

21
21
21
21
Total operating apartment homes
7,012

7,012
7,012
7,012
7,012
Pro rata share of operating apartment homes
2,195

2,195
2,195
2,195
1,402
Total development properties
1

1
1
1
1
Total development apartment homes
266

266
266
266
266
Pro rata share of development apartment homes
83

83
83
83
53


(a) In December 2014, the partnership agreements for each of the funds were amended, resulting in the extension of the term for each fund to December 31, 2026 and our ownership interests were increased from 20% to 31.3% effective December 23, 2014.
(b) Operating data represents Camden's pro-rata share of revenues and expenses.
(c) Balance sheet and property data reported at 100%.

17


 
 
 
CAMDEN
 
DEVELOPMENT PIPELINE & LAND
 
 
 

(Unaudited)

AS OF SEPTEMBER 30, 2015 ($ in millions)

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

 
 
 
 
 
 
1.
Camden Buckhead
 
336

$80.0


$22.0

 
Atlanta, GA
 
 
 
 
2.
Camden Conte (b)
 
519
170.0

20.3

 
Houston, TX
 
 
 
 
3.
Camden Atlantic
 
286
62.0

13.3

 
Plantation, FL
 
 
 
 
4.
Camden Arts District
 
354
150.0

12.5

 
Los Angeles, CA
 
 
 
 
5.
Camden North End (b)(c)
 
920
225.0

37.6

 
Phoenix, AZ
 
 
 
 
 
 
 
 
 
 
Development Pipeline
 
2,415

$687.0


$105.7

 
 
 
 
 
 
LAND HOLDINGS/OTHER
 
Acreage
 
Cost to Date

 
 
 
 
 
 
 
Las Vegas, NV
 
19.6
 

$4.2

 
Tampa, FL
 
4.8
 
1.5

 
Other (d)
 
0.0
 
5.1

 
 
 
 
 
 
Land Holdings/Other
 
24.4
 

$10.8

 
 
 
 
 
 
Total Development Pipeline and Land
 
 
 

$116.5

 
 
 
 
 
 



(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking statements are not guarantees of future performances, results, or events. Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop exactly as forecasted and estimates routinely require adjustment.

(b) Each of these developments will be developed in two phases. The estimated units, estimated cost, and cost to date represent both phases.

(c) Formerly known as Camden Mayo.

(d) Includes development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, or for which the Company is the buyer under a contract to purchase land.















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

18


 
 
 
CAMDEN
 
ACQUISITIONS & DISPOSITIONS
 
 
 

(Unaudited)

2015 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per Unit amounts)

 
 
 
 
 
Apartment
Weighted Average
Community
 
Dispositions
 
Location
Sales Price
Homes
Monthly Rental Rate
Age
Closing Date
1.
Camden Ridgecrest
 
Austin, TX
$29.3
284 Homes
$866
20 years
1/15/2015
2.
Camden Bayside
 
Tampa, FL
85.1
832 Homes
853
27 years
1/30/2015
3.
Camden Providence Lakes (b)
 
Brandon, FL
33.0
260 Homes
993
19 years
10/7/2015
 
 
 
 
 
 
 
 
 
Total/Average Dispositions
 
 
$147.4
1,376 Homes
$887
24 years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land Acquisitions
 
Location
Purchase Price
Acres
Closing Date
 
 
1.
Camden North End (a)
 
Phoenix, AZ
$36.3
49.6
5/13/2015
 
 
2.
Camden Arts District
 
Los Angeles, CA
9.5
2.7
6/17/2015
 
 
3.
Camden Washingtonian (b)
 
Gaithersburg, MD
13.3
5.8
10/1/2015
 
 
 
 
 
 
 
 
 
 
 
Total/Average Land Acquisitions
 
 
$59.1
58.1 Acres
 
 
 
 
 
 
 
 
 
 
 
 



(a) Formerly known as Camden Mayo.

(b) Closed subsequent to quarter end.


19


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

(Unaudited)

DEBT MATURITIES AS OF SEPTEMBER 30, 2015:

 
 
 
Future Scheduled Repayments
 
 
 
Year (a)
 
Amortization

Secured Maturities

Unsecured Maturities

Total

% of Total

Weighted Average Interest Rate on Maturing Debt

2015
 

$490


$—


$—


$490

%
N/A

2016
 
2,036



2,036

0.1
%
N/A

2017
 
2,246


246,750

248,996

9.2
%
5.8
%
2018
 
2,439

175,000


177,439

6.5
%
0.9
%
2019
 
2,346

644,107


646,453

23.8
%
5.3
%
2020
 
2,240



2,240

0.1
%
N/A

2021
 
2,496


250,000

252,496

9.3
%
4.7
%
2022
 
2,772


350,000

352,772

13.0
%
3.1
%
2023
 
3,545


250,000

253,545

9.3
%
5.0
%
2024
 
4,038


500,000

504,038

18.6
%
3.9
%
Thereafter
 
51,702



51,702

1.9
%
3.1
%
Total Maturing Debt
 

$76,350


$819,107


$1,596,750


$2,492,207

91.8
%
4.3
%
 
 
 
 
 
 
 
 
Unsecured Line of Credit
 

$—


$—


$200,000


$200,000

7.4
%
1.0
%
Other Short Term Borrowings
 


23,000

23,000

0.8
%
1.3
%
Total Debt
 

$76,350


$819,107


$1,819,750


$2,715,207

100.0
%
4.0
%
 
 
 
 
 
 
 
 
Weighted Average Maturity of Debt
 
 
6.0 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
 
 
FLOATING vs. FIXED RATE DEBT:
 
Balance

% of Total

Interest Rate
Time to Maturity
 
 
  Floating rate debt
 

$431,531

15.9
%
1.0
%
4.5 Years

 
 
  Fixed rate debt
 
2,283,676

84.1
%
4.6
%
6.3 Years

 
 
      Total
 

$2,715,207

100.0
%
4.0
%
6.0 Years

 
 
 
 
 


 
 
 
 
 
 
 
 
Weighted Average
 
 
SECURED vs. UNSECURED DEBT:
 
Balance

% of Total

Interest Rate
Time to Maturity
 
 
  Unsecured debt
 

$1,811,739

66.7
%
3.9
%
6.4 Years

 
 
  Secured debt
 
903,468

33.3
%
4.3
%
5.3 Years

 
 
      Total
 

$2,715,207

100.0
%
4.0
%
6.0 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
 
 
SECURED DEBT DETAIL:
 
Balance

% of Total

Interest Rate
Time to Maturity
 
 
  Conventional fixed-rate mortgage debt
 

$694,937

76.9
%
5.2
%
5.6 Years

 
 
  Conventional variable-rate mortgage debt
 
175,000

19.4
%
0.9
%
3.0 Years

 
 
  Tax exempt variable rate debt
 
33,531

3.7
%
1.2
%
12.7 Years

 
 
      Total
 

$903,468

100.0
%
4.3
%
5.3 Years

 
 
 
 
 
 
 
 
 
REAL ESTATE ASSETS: (b)
 
Total Homes

% of Total

Total Cost

% of Total

3Q15 NOI

% of Total

  Unencumbered real estate assets
 
43,218
77.7
%

$6,190,138

79.9
%

$108,157

75.6
%
  Encumbered real estate assets
 
12,413
22.3
%
1,561,854

20.1
%
34,922

24.4
%
      Total
 
55,631
100.0
%

$7,751,992

100.0
%
$143,079
100.0
%
 
 
 
 
 
 
 
 
 
 
 
Ratio of unencumbered assets at cost to unsecured debt is
 
3.4x



(a) Includes all available extension options.

(b) Real estate assets include communities under development and exclude communities held through unconsolidated joint ventures.



20


 
 
 
CAMDEN
 
DEBT MATURITY ANALYSIS
 
 
(In thousands)
 
 
 

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2015 AND 2016:

 
 
 
Future Scheduled Repayments
 
Weighted Average Interest on Maturing Debt

Quarter
 
Amortization

Secured Maturities

Unsecured Maturities

Total

4Q 2015
 

$490


$—


$—


$490

N/A

2015
 

$490


$—


$—


$490

N/A

 
 
 
 
 
 
 
1Q 2016
 

$498


$—


$—


$498

N/A

2Q 2016
 
503


23,000

23,503

1.3
%
3Q 2016
 
512



512

N/A

4Q 2016
 
523



523

N/A

2016
 

$2,036


$—


$23,000


$25,036

1.3
%
 
 
 
 
 
 
 





21


 
 
CAMDEN
 
DEBT COVENANT ANALYSIS
 
 
 
 
 
 

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







(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

22


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

(Unaudited)

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

 
 
Future Scheduled Repayments
 
Weighted Average Interest on Maturing Debt

Year (b)
 
Amortization

Secured Maturities

Total

% of Total

2015
 

$971


$—


$971

0.6
%
N/A

2016
 
2,875

51,625

54,500

32.9
%
3.3
%
2017
 
1,659

44,641

46,300

27.9
%
2.9
%
2018
 
688

50,182

50,870

30.7
%
3.9
%
2019
 
334

7,383

7,717

4.7
%
4.2
%
2020
 
144


144

0.1
%
N/A

2021
 
11

5,160

5,171

3.1
%
4.7
%
Total Debt
 

$6,682


$158,991


$165,673

100.0
%
3.5
%
 
 
 
 
 
 
 
  Weighted Average Maturity of Debt
 
 
1.9 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
FLOATING vs. FIXED RATE DEBT:
 
 
Balance

% of Total

Interest Rate
Time to Maturity
  Floating rate debt
 
 

$48,453

29.2
%
2.0
%
1.7 Years

  Fixed rate debt
 
 
117,220

70.8
%
4.1
%
2.0 Years

      Total
 
 
$165,673
100.0
%
3.5
%
1.9 Years

 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
SECURED DEBT DETAIL:
 
 
Balance

% of Total

Interest Rate
Time to Maturity
  Conventional fixed-rate mortgage debt
 
 

$117,220

70.8
%
4.1
%
2.0 Years

  Conventional variable-rate mortgage debt
 
 
30,265

18.2
%
2.1
%
1.2 Years

  Variable-rate construction loans
 
 
18,188

11.0
%
1.8
%
2.5 Years

      Total
 
 
$165,673
100.0
%
3.5
%
1.9 Years

 
 
 
 
 
 
 
REAL ESTATE ASSETS: (c)
 
 
Total Homes

Total Cost

 
 
  Operating real estate assets
 
 
7,012

$822,788

 
 
  Properties under development and land
 
 
266
16,177

 
 
      Total
 
 
7,278

$838,965

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


(a) In December 2014, the partnership agreements for each of the funds were amended, resulting in the extension of the term for each fund to December 31, 2026 and our ownership interests were increased from 20% to 31.3% effective December 23, 2014.
(b) Includes all available extension options.
(c) Balance sheet and property data reported at 100%.

23


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

(Unaudited)

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

 
 
Future Scheduled Repayments
Weighted Average Interest on Maturing Debt

Quarter (a)
 
Amortization

Secured Maturities

Total

4Q 2015
 

$971


$—


$971

N/A

2015
 

$971


$—


$971

N/A

 
 
 
 
 
 
1Q 2016
 

$977


$—


$977

N/A

2Q 2016
 
705

26,910

27,615

3.2
%
3Q 2016
 
642


642

N/A

4Q 2016
 
551

24,715

25,266

3.4
%
2016
 

$2,875


$51,625


$54,500

3.3
%
 
 
 
 
 
 


(a) Includes all available extension options.


24


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

(Unaudited)

 
 
 
Third quarter 2015
 
 
 
Capitalized
 
Expensed
Item
 
 
Weighted Average Useful Life (a)

 
Total

Per Unit

 
Total

Per Unit

Interiors
 
 
 
 
 
 
 
 
 
Floor Coverings
 
 
5.5
 years
 

$2,881


$55

 

$1,227


$23

Appliances
 
 
9.5
 years
 
958

18

 
284

5

Painting
 
 

 


 
1,928

37

Cabinetry/Countertops
 
 
10.0
 years
 
367

7

 


Other
 
 
10.5
 years
 
2,115

40

 
470

9

Exteriors
 
 

 
 
 
 
 
 
Painting
 
 
5.0
 years
 
1,729

33

 


Carpentry
 
 
10.0
 years
 
1,316

25

 


Landscaping
 
 
6.1
 years
 
786

15

 
2,645

51

Roofing
 
 
19.0
 years
 
1,108

21

 
99

2

Site Drainage
 
 
10.0
 years
 
232

4

 


Fencing/Stair
 
 
10.0
 years
 
332

6

 


Other (b)
 
 
8.7
 years
 
4,196

81

 
3,759

72

Common Areas
 
 

 
 
 
 
 
 
Mech., Elec., Plumbing
 
 
9.5
 years
 
2,959

57

 
1,578

30

Parking/Paving
 
 
4.7
 years
 
325

6

 


Pool/Exercise/Facility
 
 
7.8
 years
 
2,204

42

 
427

8

Total Recurring (c)
 
 
 
 

$21,508


$410

 

$12,417


$237

Weighted Average Apartment Homes
 
 
 
 
 
52,323

 
 
52,323

 
 
 
 
 
 
 
 
 
 
Revenue Enhancing Expenditures (d)
 
 
10.0
 years
 

$10,528


$13,310

 
Revenue Enhanced Apartment Homes
 
 
 
 
 
791

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year to date 2015
 
 
 
Recurring Capitalized
 
Expensed
Item
 
 
Weighted Average Useful Life (a)

 
Total

Per Unit

 
Total

Per Unit

Interiors
 
 
 
 
 
 
 
 
 
Floor Coverings
 
 
5.5
 years
 

$7,478


$144

 

$2,824


$54

Appliances
 
 
9.5
 years
 
2,590

50

 
729

14

Painting
 
 

 


 
4,699

91

Cabinetry/Countertops
 
 
10.0
 years
 
989

19

 


Other
 
 
10.5
 years
 
4,943

95

 
1,472

28

Exteriors
 
 
 
 
 
 
 
 
 
Painting
 
 
5.0
 years
 
2,914

56

 


Carpentry
 
 
10.0
 years
 
2,158

42

 


Landscaping
 
 
6.1
 years
 
1,536

30

 
8,498

164

Roofing
 
 
19.0
 years
 
2,935

57

 
243

5

Site Drainage
 
 
10.0
 years
 
377

7

 


Fencing/Stair
 
 
10.0
 years
 
953

18

 


Other (b)
 
 
8.7
 years
 
9,731

188

 
9,641

186

Common Areas
 
 
 
 
 
 
 
 
 
Mech., Elec., Plumbing
 
 
9.5
 years
 
7,578

146

 
4,363

84

Parking/Paving
 
 
4.7
 years
 
1,098

21

 


Pool/Exercise/Facility
 
 
7.8
 years
 
6,722

130

 
1,151

22

Total Recurring (c)
 
 
 
 

$52,002


$1,003

 

$33,620


$648

Weighted Average Apartment Homes
 
 
 
 
 
51,881

 
 
51,881

 
 
 
 
 
 
 
 
 
 
Revenue Enhancing Expenditures (d)
 
 
10.0
 years
 

$25,164


$11,548

 
Revenue Enhanced Apartment Homes
 
 
 
 

2,179

 
 
 
 
 
 
 
 
 
 
 
 
 

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

25


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

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding gains (or losses) associated with previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

Adjusted FFO
In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Definitions of recurring capital expenditures are subjective. Accordingly, there can be no assurance our basis for computing this non-GAAP measure is comparable with that of other REITs. A reconciliation of FFO to AFFO is provided below:
 
Three Months Ended September 30,
 
 Nine Months Ended September 30,
 
2015
2014
 
2015
2014
Net income attributable to common shareholders

$37,044


$38,283

 

$188,722


$113,591

 Real estate depreciation and amortization
63,852

58,039

 
186,818

170,606

 Adjustments for unconsolidated joint ventures
2,300

1,340

 
6,782

3,980

 Income allocated to non-controlling interests
1,150

1,050

 
7,738

3,099

 Gain on sale of unconsolidated joint venture properties


 

(3,566
)
 Gain on sale of operating properties, net of tax


 
(85,145
)

Funds from operations

$104,346


$98,712

 

$304,915


$287,710

 
 
 
 
 
 
Less: recurring capitalized expenditures
(21,508
)
(18,074
)
 
(52,002
)
(43,484
)
 
 
 
 
 
 
Adjusted funds from operations

$82,838


$80,638

 

$252,913


$244,226

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
EPS diluted
90,341

89,353

 
89,450

89,052

FFO/AFFO diluted
91,426

90,439

 
91,347

90,138

 
 
 
 
 
 
Earnings per common share - diluted

$0.41


$0.43

 

$2.09


$1.28

FFO per common share - diluted

$1.14


$1.09

 

$3.34


$3.19

AFFO per common share - diluted

$0.91


$0.89

 

$2.77


$2.71

 
Expected FFO

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:
 
4Q15

Range
 
2015

Range
 
Low
High
 
Low
High
Expected earnings per common share - diluted

$0.62


$0.66

 

$2.71


$2.75

Expected real estate depreciation and amortization
0.70

0.70

 
2.72

2.72

Expected adjustments for unconsolidated joint ventures
0.03

0.03

 
0.10

0.10

Expected income allocated to non-controlling interests
0.01

0.01

 
0.10

0.10

(Gain) on sale of unconsolidated joint venture property


 


Realized (gain) on sale of operating properties


 
(0.93
)
(0.93
)
Estimated (gain) on sale of operating property
(0.19
)
(0.19
)
 
(0.19
)
(0.19
)
Expected FFO per share - diluted

$1.17


$1.21

 

$4.51


$4.55






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

26


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

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:
 
Three months ended September 30,
 
Nine months ended September 30,
 
2015
2014
 
2015
2014
Net income attributable to common shareholders

$37,044


$38,283

 

$188,722


$113,591

Less: Fee and asset management
(1,902
)
(2,131
)
 
(5,083
)
(7,301
)
Less: Interest and other income
(107
)
(430
)
 
(308
)
(762
)
Less: Income/(loss) on deferred compensation plans
3,438

765

 
1,871

(1,934
)
Plus: Property management
5,884

5,416

 
17,928

17,108

Plus: Fee and asset management
1,227

1,240

 
3,424

3,746

Plus: General and administrative
11,790

10,331

 
33,120

30,410

Plus: Interest
23,265

22,967

 
72,288

68,846

Plus: Depreciation and amortization
65,079

59,179

 
190,337

174,528

Plus: Amortization of deferred financing costs
725

836

 
2,143

2,493

Plus: Expense/(benefit) on deferred compensation plans
(3,438
)
(765
)
 
(1,871
)
1,934

Less: Gain on sale of operating properties, including land

(1,808
)
 
(85,192
)
(3,609
)
Less: Impairment associated with land holdings


 

1,152

Less: Equity in income of joint ventures
(1,574
)
(863
)
 
(4,487
)
(5,889
)
Plus: Income tax expense
498

353

 
1,334

1,228

Plus: Income allocated to non-controlling interests from continuing operations
1,150

1,050

 
7,738

3,099

Net Operating Income (NOI)

$143,079


$134,423

 

$421,964


$398,640

 
 
 
 
 
 
"Same Property" Communities

$130,695


$123,929

 

$386,416


$367,863

Non-"Same Property" Communities
7,982

3,919

 
25,442

11,425

Development and Lease-Up Communities
2,943

269

 
5,610

297

Dispositions/Other
1,459

6,306

 
4,496

19,055

Net Operating Income (NOI)

$143,079


$134,423

 

$421,964


$398,640


EBITDA

EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, net of tax, and income (loss) allocated to non-controlling interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income attributable to common shareholders to EBITDA is provided below:
 
Three months ended September 30,
 
Nine months ended September 30,
 
2015
2014
 
2015
2014
Net income attributable to common shareholders

$37,044


$38,283

 

$188,722


$113,591

Plus: Interest
23,265

22,967

 
72,288

68,846

Plus: Amortization of deferred financing costs
725

836

 
2,143

2,493

Plus: Depreciation and amortization
65,079

59,179

 
190,337

174,528

Plus: Income allocated to non-controlling interests from continuing operations
1,150

1,050

 
7,738

3,099

Plus: Income tax expense
498

353

 
1,334

1,228

Less: Gain on sale of operating properties, including land

(1,808
)
 
(85,192
)
(3,609
)
Less: Impairment associated with land holdings


 

1,152

Less: Equity in income of joint ventures
(1,574
)
(863
)
 
(4,487
)
(5,889
)
EBITDA

$126,187


$119,997

 

$372,883


$355,439


27


 
 
 
CAMDEN
 
OTHER DATA
 
 
 


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

Investor Relations Data:
 
 
 
 
 
 
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request.
 
 
 
 
 
 
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call 1-800-9CAMDEN or (713) 354-2787.
 
 
 
 
 
 
To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com.
 
 
 
 
 
 
For questions contact:
 
 
 
 
 
 
 
Richard J. Campo
Chairman & Chief Executive Officer
 
 
 
D. Keith Oden
President
 
 
 
H. Malcolm Stewart
Chief Operating Officer
 
 
 
Alexander J. Jessett
Chief Financial Officer
 
 
 
Kimberly A. Callahan
Senior Vice President - Investor Relations
 


28


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

(Unaudited)
 
 
 
 
 
 
3Q15 Avg Monthly
3Q15 Avg Monthly
 
 
 
Year Placed
Average
Apartment
3Q15 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
 
 
 
 
 
 
 
 
 
 
 
Camden Copper Square
Phoenix
AZ
2000
786

332

96%

$1,052


$1.34


$1,317


$1.68

Camden Foothills
Scottsdale
AZ
2014
1,032

220

94%
1,400

1.36

1,553

1.51

Camden Hayden (1)
Tempe
AZ
2015
1,043

234

Lease-Up
1,418

1.36

1,500

1.44

Camden Legacy
Scottsdale
AZ
1996
1,067

428

95%
1,100

1.03

1,343

1.26

Camden Montierra
Scottsdale
AZ
1999
1,071

249

96%
1,237

1.15

1,428

1.33

Camden Pecos Ranch
Chandler
AZ
2001
924

272

97%
960

1.04

1,191

1.29

Camden San Marcos
Scottsdale
AZ
1995
984

320

95%
1,100

1.12

1,254

1.27

Camden San Paloma
Scottsdale
AZ
1993/1994
1,042

324

96%
1,110

1.07

1,349

1.30

Camden Sotelo
Tempe
AZ
2008/2012
1,303

170

95%
1,447

1.11

1,643

1.26

TOTAL ARIZONA
9

Properties
1,009

2,549

96%
1,172

1.16

1,372

1.36

 
 
 
 
 
 
 
 
 
 
 
Camden Crown Valley
Mission Viejo
CA
2001
1,009

380

95%
1,869

1.85

2,087

2.07

Camden Glendale (1)
Glendale
CA
2015
882

303

Lease-Up
2,329

2.64

2,424

2.75

Camden Harbor View
Long Beach
CA
2004
975

538

97%
2,301

2.36

2,544

2.61

Camden Main and Jamboree
Irvine
CA
2008
1,011

290

97%
1,976

1.96

2,172

2.15

Camden Martinique
Costa Mesa
CA
1986
794

714

94%
1,595

2.01

1,782

2.24

Camden Parkside
Fullerton
CA
1972
836

421

96%
1,433

1.71

1,583

1.89

Camden Sea Palms
Costa Mesa
CA
1990
891

138

96%
1,772

1.99

1,943

2.18

Total Los Angeles/Orange County
7

Properties
904

2,784

96%
1,873

2.08

2,033

2.25

 
 
 
 
 
 
 
 
 
 
 
Camden Landmark
Ontario
CA
2006
982

469

96%
1,437

1.46

1,523

1.55

Camden Old Creek
San Marcos
CA
2007
1,037

350

97%
1,829

1.76

2,044

1.97

Camden Sierra at Otay Ranch
Chula Vista
CA
2003
962

422

96%
1,726

1.79

1,947

2.02

Camden Tuscany
San Diego
CA
2003
896

160

95%
2,364

2.64

2,591

2.89

Camden Vineyards
Murrieta
CA
2002
1,053

264

97%
1,405

1.34

1,618

1.54

Total San Diego/Inland Empire
5

Properties
991

1,665

96%
1,677

1.69

1,861

1.88

 
 
 
 
 
 
 
 
 
 
 
TOTAL CALIFORNIA
12

Properties
935

4,449

96%
1,800

1.92

1,876

2.01

 
 
 
 
 
 
 
 
 
 
 
Camden Belleview Station
Denver
CO
2009
888

270

96%
1,343

1.52

1,448

1.63

Camden Caley
Englewood
CO
2000
925

218

97%
1,284

1.39

1,487

1.61

Camden Denver West
Golden
CO
1997
1,015

320

96%
1,507

1.48

1,716

1.69

Camden Flatirons (1)
Denver
CO
2015
960

424

Lease-Up
1,450

1.51

1,643

1.71

Camden Highlands Ridge
Highlands Ranch
CO
1996
1,149

342

97%
1,545

1.35

1,756

1.53

Camden Interlocken
Broomfield
CO
1999
1,010

340

98%
1,424

1.41

1,622

1.61

Camden Lakeway
Littleton
CO
1997
932

451

96%
1,336

1.43

1,553

1.67

TOTAL COLORADO
7

Properties
985

2,365

97%
1,419

1.44

1,610

1.63

 
 
 
 
 
 
 
 
 
 
 
Camden Ashburn Farm
Ashburn
VA
2000
1,062

162

98%
1,526

1.44

1,750

1.65

Camden Clearbrook
Frederick
MD
2007
1,048

297

96%
1,396

1.33

1,623

1.55

Camden College Park
College Park
MD
2008
942

508

95%
1,542

1.64

1,768

1.88

Camden Dulles Station
Oak Hill
VA
2009
978

382

96%
1,632

1.67

1,891

1.93

Camden Fair Lakes
Fairfax
VA
1999
1,056

530

97%
1,694

1.60

1,949

1.85

Camden Fairfax Corner
Fairfax
VA
2006
934

489

96%
1,746

1.87

1,978

2.12

Camden Fallsgrove
Rockville
MD
2004
996

268

96%
1,752

1.76

1,941

1.95

Camden Grand Parc
Washington
DC
2002
674

105

98%
2,376

3.54

2,643

3.93

Camden Lansdowne
Leesburg
VA
2002
1,006

690

97%
1,476

1.47

1,683

1.67

Camden Largo Town Center
Largo
MD
2000/2007
1,027

245

96%
1,596

1.55

1,781

1.73

Camden Monument Place
Fairfax
VA
2007
856

368

97%
1,525

1.78

1,745

2.04

Camden NoMa
Washington
DC
2014
770

321

94%
2,131

2.77

2,432

3.16

Camden Potomac Yard
Arlington
VA
2008
835

378

98%
1,988

2.38

2,211

2.65

Camden Roosevelt
Washington
DC
2003
856

198

96%
2,601

3.04

2,907

3.40

Camden Russett
Laurel
MD
2000
992

426

96%
1,461

1.47

1,647

1.66

Camden Silo Creek
Ashburn
VA
2004
975

284

98%
1,487

1.53

1,696

1.74

Camden South Capitol (2)
Washington
DC
2013
821

276

95%
2,095

2.55

2,443

2.97

Camden Summerfield
Landover
MD
2008
957

291

96%
1,634

1.71

1,788

1.87

Camden Summerfield II
Landover
MD
2012
936

187

94%
1,650

1.77

1,787

1.91

TOTAL DC METRO
19

Properties
946

6,405

96%
1,697

1.79

1,924

2.03

 
 
 
 
 
 
 
 
 
 
 
Camden Aventura
Aventura
FL
1995
1,108

379

96%
1,876

1.69

2,153

1.94

Camden Boca Raton
Boca Raton
FL
2014
843

261

96%
1,880

2.23

2,084

2.47

Camden Brickell
Miami
FL
2003
937

405

97%
2,000

2.13

2,165

2.31

Camden Doral
Miami
FL
1999
1,120

260

97%
1,815

1.62

2,023

1.81

Camden Doral Villas
Miami
FL
2000
1,253

232

97%
1,900

1.52

2,109

1.68

Camden Las Olas
Ft. Lauderdale
FL
2004
1,043

420

97%
1,969

1.89

2,183

2.09

Camden Plantation
Plantation
FL
1997
1,201

502

97%
1,512

1.26

1,719

1.43

Camden Portofino
Pembroke Pines
FL
1995
1,112

322

98%
1,512

1.36

1,763

1.59

Total Southeast Florida
8

Properties
1,079

2,781

97%

$1,797


$1.67


$2,013


$1.87

 
 
 
 
 
 
 
 
 
 
 



29


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

(Unaudited)
 
 
 
 
 
 
3Q15 Avg Monthly
3Q15 Avg Monthly
 
 
 
Year Placed
Average
Apartment
3Q15 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
 
 
 
 
 
 
 
 
 
 
 
Camden Hunter's Creek
Orlando
FL
2000
1,075

270

98%

$1,197


$1.11


$1,387


$1.29

Camden Lago Vista
Orlando
FL
2005
955

366

97%
1,042

1.09

1,252

1.31

Camden LaVina
Orlando
FL
2012
970

420

95%
1,128

1.16

1,344

1.39

Camden Lee Vista
Orlando
FL
2000
937

492

97%
1,009

1.08

1,212

1.29

Camden Orange Court
Orlando
FL
2008
817

268

96%
1,240

1.52

1,455

1.78

Camden Renaissance
Altamonte Springs
FL
1996/1998
899

578

96%
924

1.03

1,096

1.22

Camden Town Square
Orlando
FL
2012
986

438

97%
1,187

1.21

1,400

1.42

Camden Waterford Lakes (2)
Orlando
FL
2013
971

300

96%
1,255

1.29

1,492

1.54

Camden World Gateway
Orlando
FL
2000
979

408

96%
1,121

1.14

1,303

1.33

Total Orlando
9

Properties
951

3,540

96%
1,100

1.16

1,302

1.37

 
 
 
 
 
 
 
 
 
 
 
Camden Bay
Tampa
FL
1997/2001
943

760

96%
1,006

1.07

1,239

1.31

Camden Lakes
St. Petersburg
FL
1982/1983
732

688

96%
841

1.15

1,045

1.43

Camden Montague
Tampa
FL
2012
975

192

96%
1,171

1.20

1,410

1.45

Camden Preserve
Tampa
FL
1996
942

276

96%
1,238

1.31

1,456

1.55

Camden Providence Lakes (3)
Brandon
FL
1996
1,024

260

96%
993

0.97

1,239

1.21

Camden Royal Palms
Brandon
FL
2006
1,017

352

96%
1,070

1.05

1,306

1.28

Camden Visconti (2)
Tampa
FL
2007
1,125

450

97%
1,198

1.06

1,422

1.26

Camden Westchase Park
Tampa
FL
2012
993

348

96%
1,304

1.31

1,565

1.58

Camden Westshore
Tampa
FL
1986
728

278

96%
980

1.35

1,178

1.62

Camden Woods
Tampa
FL
1986
1,223

444

96%
975

0.80

1,184

0.97

Total Tampa
10
Properties
961

4,048

96%
1,048

1.09

1,273

1.33

 
 
 
 
 
 
 
 
 
 
 
TOTAL FLORIDA
27

Properties
989

10,369

96%
1,267

1.28

1,483

1.50

 

 
 
 
 
 
 
 
 
 
Camden Brookwood
Atlanta
GA
2002
912

359

96%
1,250

1.36

1,450

1.58

Camden Creekstone
Atlanta
GA
2002
990

223

96%
1,132

1.14

1,262

1.27

Camden Deerfield
Alpharetta
GA
2000
1,187

292

95%
1,292

1.09

1,495

1.26

Camden Dunwoody
Atlanta
GA
1997
1,007

324

97%
1,169

1.16

1,394

1.38

Camden Fourth Ward
Atlanta
GA
2014
847

276

96%
1,561

1.84

1,755

2.07

Camden Midtown Atlanta
Atlanta
GA
2001
935

296

95%
1,300

1.39

1,481

1.58

Camden Peachtree City
Peachtree City
GA
2001
1,027

399

95%
1,162

1.13

1,421

1.38

Camden Phipps (2)
Atlanta
GA
1996
1,018

234

96%
1,480

1.46

1,690

1.66

Camden Shiloh
Kennesaw
GA
1999/2002
1,143

232

97%
1,130

0.99

1,346

1.18

Camden St. Clair
Atlanta
GA
1997
999

336

96%
1,205

1.21

1,423

1.42

Camden Stockbridge
Stockbridge
GA
2003
1,009

304

96%
871

0.86

1,069

1.06

Camden Vantage
Atlanta
GA
2010
901

592

97%
1,250

1.39

1,416

1.57

TOTAL GEORGIA
12
Properties
988

3,867

96%
1,230

1.24

1,429

1.45

 
 
 
 
 
 
 
 
 
 
 
Camden Bel Air
Las Vegas
NV
1988/1995
943

528

94%
776

0.82

950

1.01

Camden Breeze
Las Vegas
NV
1989
846

320

95%
796

0.94

960

1.13

Camden Canyon
Las Vegas
NV
1995
987

200

96%
951

0.96

1,159

1.17

Camden Commons
Henderson
NV
1988
936

376

95%
825

0.88

1,022

1.09

Camden Cove
Las Vegas
NV
1990
898

124

96%
768

0.86

930

1.04

Camden Del Mar
Las Vegas
NV
1995
986

560

96%
1,008

1.02

1,204

1.22

Camden Fairways
Henderson
NV
1989
896

320

95%
946

1.06

1,151

1.29

Camden Hills
Las Vegas
NV
1991
439

184

95%
547

1.25

712

1.62

Camden Legends
Henderson
NV
1994
792

113

97%
861

1.09

1,011

1.28

Camden Palisades
Las Vegas
NV
1991
905

624

95%
766

0.85

936

1.04

Camden Pines
Las Vegas
NV
1997
982

315

95%
880

0.90

1,069

1.09

Camden Pointe
Las Vegas
NV
1996
983

252

96%
782

0.80

932

0.95

Camden Summit
Henderson
NV
1995
1,187

234

96%
1,163

0.98

1,376

1.16

Camden Tiara
Las Vegas
NV
1996
1,043

400

96%
933

0.89

1,117

1.07

Camden Vintage
Las Vegas
NV
1994
978

368

95%
757

0.77

934

0.95

TOTAL NEVADA
15
Properties
938

4,918

95%
854

0.91

1,036

1.10

 
 
 
 
 
 
 
 
 
 
 
Camden Ballantyne
Charlotte
NC
1998
1,045

400

98%
1,197

1.14

1,414

1.35

Camden Cotton Mills
Charlotte
NC
2002
905

180

97%
1,454

1.61

1,661

1.84

Camden Dilworth
Charlotte
NC
2006
857

145

98%
1,396

1.63

1,602

1.87

Camden Fairview
Charlotte
NC
1983
1,036

135

97%
1,118

1.08

1,330

1.28

Camden Foxcroft
Charlotte
NC
1979
940

156

95%
961

1.02

1,160

1.23

Camden Grandview
Charlotte
NC
2000
1,057

266

96%
1,602

1.51

1,774

1.67

Camden Sedgebrook
Charlotte
NC
1999
972

368

97%
1,035

1.06

1,250

1.29

Camden Simsbury
Charlotte
NC
1985
874

100

97%
1,095

1.25

1,292

1.48

Camden South End Square
Charlotte
NC
2003
882

299

96%
1,342

1.52

1,556

1.76

Camden Stonecrest
Charlotte
NC
2001
1,098

306

99%
1,252

1.14

1,454

1.32

Camden Touchstone
Charlotte
NC
1986
899

132

98%
933

1.04

1,121

1.25

Total Charlotte
11
Properties
980

2,487

97%

$1,234


$1.26


$1,438


$1.47






30


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

(Unaudited)
 
 
 
 
 
 
3Q15 Avg Monthly
3Q15 Avg Monthly
 
 
 
Year Placed
Average
Apartment
3Q15 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
 
 
 
 
 
 
 
 
 
 
 
Camden Asbury Village (2)
Raleigh
NC
2009
1,009

350

97%

$1,091


$1.08


$1,199


$1.19

Camden Crest
Raleigh
NC
2001
1,013

438

95%
942

0.93

1,133

1.12

Camden Governor's Village
Chapel Hill
NC
1999
1,046

242

95%
971

0.93

1,215

1.16

Camden Lake Pine
Apex
NC
1999
1,066

446

96%
1,010

0.95

1,229

1.15

Camden Manor Park
Raleigh
NC
2006
966

484

96%
1,000

1.03

1,184

1.23

Camden Overlook
Raleigh
NC
2001
1,060

320

97%
1,128

1.06

1,334

1.26

Camden Reunion Park
Apex
NC
2000/2004
972

420

95%
886

0.91

1,072

1.10

Camden Westwood
Morrisville
NC
1999
1,027

354

96%
946

0.92

1,150

1.12

Total Raleigh
8
Properties
1,016

3,054

96%
993

0.98

1,184

1.17

 
 
 
 
 
 
 
 
 
 
 
TOTAL NORTH CAROLINA
19
Properties
1,000

5,541

96%
1,101

1.10

1,299

1.30

 
 
 
 
 
 
 
 
 
 
 
Camden Amber Oaks (2)
Austin
TX
2009
862

348

96%
994

1.15

1,242

1.44

Camden Amber Oaks II (2)
Austin
TX
2012
910

244

96%
1,092

1.20

1,360

1.49

Camden Brushy Creek (2)
Cedar Park
TX
2008
882

272

97%
1,042

1.18

1,187

1.35

Camden Cedar Hills
Austin
TX
2008
911

208

97%
1,177

1.29

1,410

1.55

Camden Gaines Ranch
Austin
TX
1997
955

390

96%
1,309

1.37

1,543

1.62

Camden Huntingdon
Austin
TX
1995
903

398

96%
1,029

1.14

1,259

1.39

Camden La Frontera
Austin
TX
2015
901

300

96%
1,115

1.24

1,326

1.47

Camden Lamar Heights
Austin
TX
2015
838

314

98%
1,323

1.58

1,484

1.77

Camden Shadow Brook (2)
Austin
TX
2009
909

496

96%
1,084

1.19

1,237

1.36

Camden Stoneleigh
Austin
TX
2001
908

390

97%
1,179

1.30

1,379

1.52

Total Austin
10

Properties
899

3,360

96%
1,133

1.26

1,339

1.49

 
 
 
 
 
 
 
 
 
 
 
Camden Breakers
Corpus Christi
TX
1996
868

288

96%
1,165

1.34

1,418

1.63

Camden Copper Ridge
Corpus Christi
TX
1986
775

344

94%
885

1.14

1,106

1.43

Camden Miramar (4)
Corpus Christi
TX
1994-2014
494

1,005

51%
1,126

2.28

1,270

2.57

Camden South Bay (2)
Corpus Christi
TX
2007
1,055

270

97%
1,260

1.19

1,477

1.40

Total Corpus Christi
4

Properties
681

1,907

95%
1,108

1.63

1,301

1.91

 
 
 
 
 
 
 
 
 
 
 
Camden Addison
Addison
TX
1996
942

456

96%
1,063

1.13

1,237

1.31

Camden Belmont
Dallas
TX
2010/2012
945

477

96%
1,393

1.47

1,539

1.63

Camden Buckingham
Richardson
TX
1997
919

464

97%
1,100

1.20

1,308

1.42

Camden Centreport
Ft. Worth
TX
1997
911

268

97%
1,015

1.11

1,212

1.33

Camden Cimarron
Irving
TX
1992
772

286

97%
1,053

1.37

1,230

1.59

Camden Design District (2)
Dallas
TX
2009
939

355

97%
1,314

1.40

1,422

1.52

Camden Farmers Market
Dallas
TX
2001/2005
932

904

95%
1,207

1.29

1,369

1.47

Camden Henderson
Dallas
TX
2012
967

106

96%
1,506

1.56

1,684

1.74

Camden Legacy Creek
Plano
TX
1995
831

240

97%
1,116

1.34

1,316

1.58

Camden Legacy Park
Plano
TX
1996
871

276

97%
1,124

1.29

1,321

1.52

Camden Panther Creek (2)
Frisco
TX
2009
946

295

97%
1,119

1.18

1,287

1.36

Camden Riverwalk (2)
Grapevine
TX
2008
982

600

95%
1,332

1.36

1,471

1.50

Camden Valley Park
Irving
TX
1986
743

516

97%
965

1.30

1,139

1.53

Total Dallas/Ft. Worth
13

Properties
905

5,243

96%
1,174

1.30

1,341

1.48

 
 
 
 
 
 
 
 
 
 
 
Camden City Centre
Houston
TX
2007
932

379

96%
1,660

1.78

1,849

1.98

Camden City Centre II
Houston
TX
2013
868

268

97%
1,727

1.99

1,935

2.23

Camden Cypress Creek (2)
Cypress
TX
2009
993

310

97%
1,263

1.27

1,401

1.41

Camden Downs at Cinco Ranch (2)
Katy
TX
2004
1,075

318

95%
1,286

1.20

1,418

1.32

Camden Grand Harbor (2)
Katy
TX
2008
959

300

95%
1,186

1.24

1,358

1.42

Camden Greenway
Houston
TX
1999
861

756

96%
1,425

1.66

1,634

1.90

Camden Heights (2)
Houston
TX
2004
927

352

96%
1,561

1.68

1,703

1.84

Camden Holly Springs
Houston
TX
1999
934

548

94%
1,255

1.34

1,428

1.53

Camden Midtown
Houston
TX
1999
844

337

96%
1,712

2.03

1,918

2.27

Camden Northpointe (2)
Tomball
TX
2008
940

384

96%
1,103

1.17

1,268

1.35

Camden Oak Crest
Houston
TX
2003
870

364

96%
1,119

1.29

1,301

1.50

Camden Park
Houston
TX
1995
866

288

95%
1,107

1.28

1,276

1.47

Camden Plaza
Houston
TX
2007
915

271

97%
1,576

1.72

1,749

1.91

Camden Post Oak
Houston
TX
2003
1,200

356

92%
2,574

2.15

2,696

2.25

Camden Royal Oaks
Houston
TX
2006
923

236

99%
1,285

1.39

1,351

1.46

Camden Royal Oaks II
Houston
TX
2012
1,054

104

97%
1,500

1.42

1,578

1.50

Camden Spring Creek (2)
Spring
TX
2004
1,080

304

96%
1,247

1.16

1,359

1.26

Camden Stonebridge
Houston
TX
1993
845

204

95%
1,112

1.32

1,279

1.51

Camden Sugar Grove
Stafford
TX
1997
921

380

95%
1,137

1.23

1,301

1.41

Camden Travis Street
Houston
TX
2010
819

253

96%
1,615

1.97

1,845

2.25

Camden Vanderbilt
Houston
TX
1996/1997
863

894

96%
1,469

1.70

1,663

1.93

Camden Whispering Oaks
Houston
TX
2008
934

274

95%
1,276

1.36

1,444

1.54

Camden Woodson Park (2)
Houston
TX
2008
916

248

97%
1,181

1.29

1,330

1.45

Camden Yorktown (2)
Houston
TX
2008
995

306

94%
1,201

1.21

1,380

1.39

Total Houston
24

Properties
930

8,434

96%
1,407

1.51

1,574

1.69

 
 
 
 
 
 
 
 
 
 
 
TOTAL TEXAS
51

Properties
892

18,944

96%
1,264

1.42

1,444

1.62

 
 
 
 
 
 
 
 
 
 
 
TOTAL PROPERTIES
171

Properties
947

59,407

96%

$1,302


$1.37


$1,489


$1.57

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

31