EX-99.2 3 exhibit992supplementq116.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" First Quarter Comparisons
"Same Property" Sequential Quarter 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 FIRST QUARTER 2016 OPERATING RESULTS


Houston, TEXAS (April 28, 2016) - Camden Property Trust (NYSE:CPT) today announced operating results for the three months ended March 31, 2016.

“We are pleased to announce recent dispositions of $630 million as part of our capital recycling initiatives and continued steps toward improving the quality of our portfolio,” said Richard J. Campo, Camden’s Chairman and CEO. "Since 2011, we have completed the sale of $2.4 billion of assets and expect total dispositions to approach nearly $3 billion by the end of 2016. Over the same time period, we have grown our average monthly revenue per occupied home by over 50% while lowering the average age of our portfolio.”


Highlights
Completed sale of Las Vegas portfolio for $630 million
Anticipate $400 - $600 million of additional asset sales
Revised 2016 disposition guidance to $1.0 - $1.2 billion in aggregate
Assuming the $1.1 billion midpoint of expected dispositions, approximately $425 million is expected to be returned to shareholders in the form of a special dividend, with the remaining $675 million used to retire debt and pre-fund in entirety the $245 million remaining to be spent on our current development pipeline
2016 estimated FFO per share revised to $4.55 at the midpoint vs. $4.85 prior as a result of the Company's increased disposition volume
2016 same store NOI revised to 4.25% at the midpoint from 4.5% prior driven by higher growth rates on both the completed and planned dispositions


Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and Net Income Attributable to Common Shareholders (“EPS”) for the three months ended March 31, 2016 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

 
Three Months Ended
 
 
Quarterly
Sequential
 
March 31
 
 
Growth
Growth
Per Diluted Share
2016
2015
 
Same Property Results
1Q16 vs. 1Q15
1Q16 vs. 4Q15
FFO
$1.20
$1.08
 
Revenues
4.9%
0.6%
AFFO
$1.10
$0.96
 
Expenses
2.3%
2.0%
EPS
$0.46
$1.27
 
Net Operating Income ("NOI")
6.3%
(0.2)%

Same Property Results
1Q16

1Q15

4Q15

Occupancy
95.4
%
95.5
%
95.5
%

The Company defines same property communities as communities owned and stabilized as of January 1, 2015, excluding properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.


3



Development Activity
Construction was completed during the quarter at Camden Chandler located in Chandler, AZ. Lease-up was completed at Camden Flatirons in Denver, CO and Camden Southline (JV) in Charlotte, NC.

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

% Leased

Community Name
Location
Units
Cost
Owned

as of 4/24/2016

Camden Paces
Atlanta, GA
379
$117.4
100
%
89
%
Camden Glendale
Glendale, CA
303
113.3
100
%
77
%
Camden Chandler
Chandler, AZ
380
67.5
100
%
71
%
   TOTAL
 
1,062
$298.2
 
 

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

% Leased

Community Name
Location
Units
Budget
Owned

as of 4/24/2016

Camden Gallery
Charlotte, NC
323
$58.0
100
%
30
%
Camden Victory Park
Dallas, TX
423
82.0
100
%
20
%
The Camden
Los Angeles, CA
287
145.0
100
%
16
%
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
 
2,477
$662.0
 
 

Acquisition/Disposition Activity
During the quarter the Company acquired 2.0 acres of land in Charlotte, NC for $4.1 million and sold 6.3 acres of land in Tampa, FL for $2.2 million. Subsequent to quarter-end, Camden sold its Las Vegas portfolio, comprised of 15 operating communities with 4,918 apartment homes, a retail center, and approximately 19.6 acres of undeveloped land for $630 million. The Company is also marketing several additional communities for sale and expects these future sales to total $400 to $600 million.

Earnings Guidance
Camden updated its earnings guidance for 2016 based on its current and expected views of the apartment market and general economic conditions, and its revised expectations for $1.0 to $1.2 billion of dispositions during 2016.

Guidance for second quarter 2016 and full-year 2016 is detailed below.
Per Diluted Share
2Q16
2016
FFO
$1.13 - $1.17
$4.45 - $4.65
EPS
$4.60 - $4.64
$5.62 - $5.82
Same Property Growth
2016 Range
2016 Midpoint
Revenues
3.60% - 4.60%
4.10%
Expenses
3.25% - 4.25%
3.75%
NOI
3.50% - 5.00%
4.25%

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

4



Special Dividend
Camden anticipates declaring a special dividend in 2016. Provided all planned dispositions are completed as forecasted, the special dividend is anticipated to total $4.25 to $5.25 per share. The company expects to pay approximately 90% of the dividend in the third quarter of 2016, and the remainder in early 2017.

Conference Call
The Company will hold a conference call on Friday, April 29, 2016 at 11:00 a.m. Central Time to review its first quarter 2016 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: 9433137, 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 or (713) 354-2787.

Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden 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 158 properties containing 55,254 apartment homes across the United States. Upon completion of 7 properties under development, the Company’s portfolio will increase to 57,731 apartment homes in 165 properties. Camden was recently named by FORTUNE® Magazine for the ninth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #9.

For additional information, please contact Camden’s Investor Relations Department at (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 March 31,
 
2016
2015
Total property revenues (a)

$217,595


$201,608

 
 
 
EBITDA
131,523

121,860

 
 
 
Net income attributable to common shareholders
41,730

115,599

      Per share - basic
0.46

1.29

      Per share - diluted
0.46

1.27

 
 
 
Income from continuing operations attributable to common shareholders
36,654

110,730

      Per share - basic
0.41

1.23

      Per share - diluted
0.41

1.22

 
 
 
Funds from operations
110,110

98,528

       Per share - diluted
1.20

1.08

 
 
 
Adjusted funds from operations
100,816

87,884

       Per share - diluted
1.10

0.96

 
 
 
Dividends per share
0.75

0.70

Dividend payout ratio (FFO)
62.5
%
64.8
%
 
 
 
Interest expensed (b)
23,790

25,052

Interest capitalized (b)
4,605

5,395

    Total interest incurred (b)
28,395

30,447

 
 
 
Principal amortization (b)
442

546

 
 
 
Net Debt to Annualized EBITDA (b)(c)
5.2x

5.2x

Interest expense coverage ratio (b)
5.5x

4.9x

Total interest coverage ratio (b)
4.6x

4.0x

Fixed charge expense coverage ratio (b)
5.4x

4.8x

Total fixed charge coverage ratio (b)
4.6x

3.9x

Unencumbered real estate assets (at cost) to unsecured debt ratio (b)
3.4x

3.3x

 
 
 
Same property NOI increase (d)
6.3
%
3.7
%
  (# of apartment homes included)
42,976

47,878

 
 
 
Gross turnover of apartment homes (annualized)
52
%
53
%
Net turnover (excludes on-site transfers and transfers to other Camden communities)
43
%
43
%
 
 
 
 
As of March 31,
 
2016
2015
Total assets

$6,040,455


$6,064,670

Total debt

$2,765,817


$2,730,728

Common and common equivalent shares, outstanding end of period (e)
91,665

91,529

Share price, end of period

$84.09


$78.13

Book equity value, end of period (f)

$2,952,705


$3,009,811

Market equity value, end of period (g)

$7,708,110


$7,151,161

 
(a) Excludes discontinued operations.
 
(b) Prior period presented has been changed to reflect the adoption of Accounting Standards Update 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs” (as supplemented by Accounting Standards Update 2015-15 [“ASU 2015-15”], “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”) at December 31, 2015, which required retrospective application.
 
(c) Net Debt is Notes Payable as reported at period end less Cash as reported at period end. Annualized EBITDA is EBITDA as reported for the period multiplied by 4 for quarter results.
   
(d) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2015, excluding properties held for sale.
  
(e) Includes at March 31, 2016: 89,773 common shares (including 270 common share equivalents related to share awards & options), plus 1,892 common share equivalents upon the assumed conversion of non-controlling units.
 
(f) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
 
(g) Includes: common shares, common units, and common share equivalents.
 
Note: Please refer to pages 25 and 26 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 March 31,
 
2016
2015
OPERATING DATA
 
 
Property revenues
 
 
Rental revenues

$187,119


$175,220

Other property revenues
30,476

26,388

Total property revenues
217,595

201,608

 
 
 
Property expenses
 
 
Property operating and maintenance
50,269

48,851

Real estate taxes
26,880

24,677

Total property expenses
77,149

73,528

 
 
 
Non-property income
 
 
Fee and asset management
1,765

1,563

Interest and other income
224

60

Income on deferred compensation plans
63

1,864

Total non-property income
2,052

3,487

 
 
 
Other expenses
 
 
Property management
7,140

5,792

Fee and asset management
952

1,076

General and administrative
12,223

9,748

Interest (a)
23,790

25,052

Depreciation and amortization
62,091

57,984

Expense on deferred compensation plans
63

1,864

Total other expenses
106,259

101,516

 
 
 
Gain on sale of operating properties, including land
443

85,192

Equity in income of joint ventures
1,497

1,382

Income from continuing operations before income taxes
38,179

116,625

Income tax expense
(315
)
(429
)
Income from continuing operations
37,864

116,196

Income from discontinued operations
5,076

4,869

Net income
42,940

121,065

Less income allocated to non-controlling interests from continuing operations
(1,210
)
(5,466
)
Net income attributable to common shareholders

$41,730


$115,599

 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
Net income
$42,940
$121,065
Other comprehensive income
 
 
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation
32

37

Comprehensive income
42,972

121,102

Less income allocated to non-controlling interests from continuing operations
(1,210
)
(5,466
)
Comprehensive income attributable to common shareholders

$41,762


$115,636

 
 
 
PER SHARE DATA
 
 
 
 
 
Total earnings per common share - basic

$0.46


$1.29

Total earnings per common share - diluted
0.46

1.27

Earnings per share from continuing operations - basic
0.41

1.23

Earnings per share from continuing operations - diluted
0.41

1.22

 
 
 
Weighted average number of common shares outstanding:
 
 
     Basic
89,344

88,987

     Diluted
90,509

90,464


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







Note: Please refer to pages 25 and 26 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 March 31,
 
 
2016
2015
FUNDS FROM OPERATIONS
 
 
 
 
 
 
 
Net income attributable to common shareholders
 

$41,730


$115,599

 Real estate depreciation and amortization
 
60,485

56,459

 Real estate depreciation from discontinued operations
 
4,327

3,904

 Adjustments for unconsolidated joint ventures
 
2,358

2,245

 Income allocated to non-controlling interests
 
1,210

5,466

 Gain on sale of operating properties, net of tax
 

(85,145
)
     Funds from operations
 

$110,110


$98,528

 
 
 
 
     Less: recurring capitalized expenditures (a)
 
(9,294
)
(10,644
)
 
 
 
 
     Adjusted funds from operations - diluted
 

$100,816


$87,884

 
 
 
 
PER SHARE DATA
 
 
 
Funds from operations - diluted
 

$1.20


$1.08

Adjusted funds from operations - diluted
 
1.10

0.96

Distributions declared per common share
 
0.75

0.70

 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
FFO/AFFO - diluted
 
91,593

91,275

 
 
 
 
PROPERTY DATA
 
 
 
Total operating properties (end of period) (b)
 
173

168

Total operating apartment homes in operating properties (end of period) (b)
 
60,172

58,446

Total operating apartment homes (weighted average)
 
52,552

51,558

Total operating apartment homes - excluding discontinued operations (weighted average)
 
47,634

46,640


(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 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

8


 
 
 
CAMDEN
 
BALANCE SHEET
 
 
(In thousands)
 
 
 

(Unaudited)
 
 
Mar 31,
2016

Dec 31,
2015

Sep 30,
2015

Jun 30,
2015

Mar 31,
2015

 
ASSETS
 
 
 
 
 
 
Real estate assets, at cost
 
 
 
 
 
 
Land

$998,519


$989,247


$990,035


$975,211


$953,246

 
Buildings and improvements
5,978,843

5,911,432

5,890,751

5,769,476

5,618,341

 
 
6,977,362

6,900,679

6,880,786

6,744,687

6,571,587

 
Accumulated depreciation
(1,841,107
)
(1,780,694
)
(1,730,929
)
(1,671,189
)
(1,613,193
)
 
Net operating real estate assets
5,136,255

5,119,985

5,149,857

5,073,498

4,958,394

 
Properties under development, including land (a)
489,730

486,918

439,777

484,663

515,743

 
Investments in joint ventures
32,568

33,698

34,705

35,731

36,526

 
Properties held for sale (a)
238,417

239,063

237,635

238,640

239,031

 
Total real estate assets
5,896,970

5,879,664

5,861,974

5,832,532

5,749,694

 
Accounts receivable – affiliates
24,011

25,100

25,053

25,855

25,652

 
Other assets, net (b)
107,161

116,260

118,985

108,220

109,937

 
Cash and cash equivalents
6,935

10,617

10,375

16,508

174,353

 
Restricted cash
5,378

5,971

6,126

5,791

5,034

 
Total assets
$6,040,455
$6,037,612
$6,022,513
$5,988,906
$6,064,670
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Notes payable
 
 
 
 
 
 
Unsecured
$1,866,502
$1,824,930
$1,803,360
$1,761,793
$1,829,146
 
Secured
899,315

899,757

900,472

901,032

901,582

 
Accounts payable and accrued expenses
140,991

133,353

131,532

128,532

134,438

 
Accrued real estate taxes
25,499

45,223

57,642

43,905

23,269

 
Distributions payable
69,020

64,275

64,276

64,253

64,261

 
Other liabilities (c)
86,423

97,814

96,679

100,515

102,163

 
Total liabilities
3,087,750

3,065,352

3,053,961

3,000,030

3,054,859

 
 
 
 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
Non-qualified deferred compensation share awards
88,550

79,364

72,316

69,791

69,902

 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
Common shares of beneficial interest
975

976

976

976

976

 
Additional paid-in capital
3,658,372

3,662,864

3,660,482

3,657,537

3,656,105

 
Distributions in excess of net income attributable to common shareholders
(491,275
)
(458,577
)
(452,257
)
(426,614
)
(403,518
)
 
Treasury shares, at cost
(378,032
)
(386,793
)
(387,114
)
(387,172
)
(388,181
)
 
Accumulated other comprehensive loss (d)
(1,881
)
(1,913
)
(2,307
)
(2,345
)
(2,382
)
 
Total common equity
2,788,159

2,816,557

2,819,780

2,842,382

2,863,000

 
Non-controlling interests
75,996

76,339

76,456

76,703

76,909

 
Total equity
2,864,155

2,892,896

2,896,236

2,919,085

2,939,909

 
Total liabilities and equity

$6,040,455


$6,037,612


$6,022,513


$5,988,906


$6,064,670

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) All prior periods presented have been changed to present the 15 operating properties, 19.6 acres of land, and retail center located in Las Vegas, Nevada, which were classified as held for sale at March 31, 2016 and subsequently sold on April 26, 2016. (See page 18 for additional information relating to this sale).
 
 
 
 
 
 
 
 
 
(b) Includes net deferred charges of:

$2,600


$2,851


$3,077


$59


$43

 
 
 
 
 
 
 
 
(c) Includes deferred revenues of:

$1,797


$1,768


$1,918


$843


$1,728

 
 
 
 
 
 
 
 
(d) 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 MARCH 31, 2016 (in apartment homes)
 
Fully Consolidated
 
Non-Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property"
Non-"Same Property"
Completed in Lease-up
Under Construction
Held for Sale
Total
 
Operating
 
Grand Total
D.C. Metro (a)
5,808

321


862


6,991

 
276

 
7,267

Houston, TX
5,912



315


6,227

 
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

 
5,666

Los Angeles/Orange County, CA
2,060

421

303

287


3,071

 

 
3,071

Atlanta, GA
3,633


379



4,012

 
234

 
4,246

Tampa, FL
3,338




 
3,338

 
450

 
3,788

Orlando, FL
3,240





3,240

 
300

 
3,540

Charlotte, NC
2,487



323


2,810

 
266

 
3,076

Denver, CO
1,941

424


267


2,632

 

 
2,632

San Diego/Inland Empire, CA
1,665





1,665

 

 
1,665

Phoenix, AZ
2,095

454

380



2,929

 

 
2,929

Raleigh, NC
2,266

438




2,704

 
350

 
3,054

Austin, TX
1,386

614




2,000

 
1,360

 
3,360

Corpus Christi, TX
632

1,005




1,637

 
270

 
1,907

Total Portfolio
42,976

3,938

1,062

2,477

4,918

55,371

 
7,278

 
62,649


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

FIRST 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)
 
Mar 31,
2016

Dec 31,
2015

Sep 30,
2015

Jun 30,
2015

Mar 31,
2015

D.C. Metro
16.7
%
15.1
%
14.8
%
 
94.8
%
94.8
%
96.1
%
96.2
%
94.7
%
Houston, TX
12.5
%
10.4
%
11.2
%
 
93.9
%
94.7
%
95.6
%
95.8
%
95.4
%
SE Florida
8.2
%
7.7
%
7.4
%
 
96.9
%
96.8
%
96.9
%
96.6
%
96.4
%
Las Vegas, NV
%
6.5
%
6.2
%
 
94.5
%
94.9
%
95.2
%
95.7
%
95.8
%
Dallas, TX
7.5
%
6.2
%
6.6
%
 
96.1
%
95.9
%
96.3
%
96.2
%
95.8
%
Los Angeles/Orange County, CA
7.0
%
7.4
%
7.1
%
 
95.4
%
95.6
%
95.5
%
95.1
%
95.8
%
Atlanta, GA
7.5
%
7.0
%
6.9
%
 
95.4
%
95.6
%
95.9
%
96.1
%
95.3
%
Tampa, FL
6.3
%
5.3
%
5.3
%
 
95.9
%
96.3
%
95.9
%
95.8
%
95.6
%
Orlando, FL
6.3
%
5.2
%
5.2
%
 
95.7
%
95.4
%
96.4
%
95.6
%
95.4
%
Charlotte, NC
5.7
%
4.8
%
4.8
%
 
96.0
%
96.2
%
97.1
%
96.9
%
96.4
%
Denver, CO
5.3
%
5.3
%
5.1
%
 
94.3
%
95.0
%
96.6
%
96.1
%
95.9
%
San Diego/Inland Empire, CA
4.7
%
4.0
%
3.8
%
 
95.2
%
95.9
%
96.4
%
96.1
%
95.6
%
Phoenix, AZ
4.5
%
5.1
%
4.9
%
 
95.2
%
95.5
%
95.5
%
94.7
%
96.0
%
Raleigh, NC
4.1
%
4.0
%
4.1
%
 
94.8
%
94.7
%
95.8
%
95.1
%
94.8
%
Austin, TX
2.6
%
3.1
%
3.6
%
 
95.7
%
95.3
%
96.3
%
95.7
%
95.7
%
Corpus Christi, TX
1.1
%
2.9
%
3.0
%
 
93.0
%
94.4
%
95.3
%
93.7
%
93.7
%
Total Portfolio
100.0
%
100.0
%
100.0
%
 
95.2
%
95.4
%
96.0
%
95.9
%
95.5
%
 
 
 
 
 
 
 
 
 
 

(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 March 31,
Property Revenues
Homes
 
2016
 
2015
 
Change
"Same Property" Communities (a)
42,976

 

$193,664

 

$184,692

 

$8,972

Non-"Same Property" Communities (b)
3,938

 
17,664

 
13,202

 
4,462

Development and Lease-Up Communities (c)
3,539

 
5,026

 
731

 
4,295

Disposition/Other (d)

 
1,241

 
2,983

 
(1,742
)
Total Property Revenues
50,453

 

$217,595

 

$201,608

 

$15,987

 
 
 
 
 
 
 
 
Property Expenses
 
 
 
 
 
 
 
"Same Property" Communities (a)
42,976

 

$68,696

 

$67,181

 

$1,515

Non-"Same Property" Communities (b)
3,938

 
5,765

 
4,732

 
1,033

Development and Lease-Up Communities (c)
3,539

 
2,292

 
388

 
1,904

Disposition/Other (d)

 
396

 
1,227

 
(831
)
Total Property Expenses
50,453

 

$77,149

 

$73,528

 

$3,621

 
 
 
 
 
 
 
 
Property Net Operating Income
 
 
 
 
 
 
 
"Same Property" Communities (a)
42,976

 

$124,968

 

$117,511

 

$7,457

Non-"Same Property" Communities (b)
3,938

 
11,899

 
8,470

 
3,429

Development and Lease-Up Communities (c)
3,539

 
2,734

 
343

 
2,391

Disposition/Other (d)

 
845

 
1,756

 
(911
)
Total Property Net Operating Income
50,453

 

$140,446

 

$128,080

 

$12,366

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from Discontinued Operations (e)
 
 
Three Months Ended March 31,
 
 
 
 
 
2016
 
2015
 
 
Property Revenues
 
 

$14,827

 

$13,826

 
 
Property Expenses
 
 
(5,148
)
 
(4,883
)
 
 
Property Net Operating Income
 
 
9,679

 
8,943

 
 
Property management expense
 
 
(176
)
 
(170
)
 
 
Depreciation and amortization
 
 
(4,327
)
 
(3,904
)
 
 
Other taxes
 
 
(100
)
 

 
 
Income from Discontinued Operations
 
 

$5,076

 

$4,869

 
 



(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2015, excluding properties held for sale.

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

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

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

(e) Represents operating results for communities held for sale as of March 31, 2016.



11


 
 
 
CAMDEN
 
"SAME PROPERTY"
 
 
FIRST QUARTER COMPARISONS
 
 
March 31, 2016
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)
 
Apartment

 
 
 
 
 
 
 
 
 
 
 
 
 
Homes

 
Revenues
 
Expenses
 
NOI
Quarterly Results (a)
Included

 
1Q16

1Q15

Growth

 
1Q16

1Q15

Growth

 
1Q16

1Q15

Growth

D.C. Metro
5,808

 

$30,772


$30,558

0.7
 %
 

$9,865


$9,866

0.0
 %
 

$20,907


$20,692

1.0
 %
Houston, TX
5,912

 
27,313

27,212

0.4
 %
 
11,681

11,585

0.8
 %
 
15,632

15,627

0.0
 %
SE Florida
2,520

 
15,093

14,189

6.4
 %
 
4,824

4,944

(2.4
)%
 
10,269

9,245

11.1
 %
Dallas, TX
3,993

 
15,705

14,454

8.7
 %
 
6,351

5,740

10.6
 %
 
9,354

8,714

7.3
 %
Los Angeles/Orange County, CA
2,060

 
12,581

11,997

4.9
 %
 
3,839

3,842

(0.1
)%
 
8,742

8,155

7.2
 %
Atlanta, GA
3,633

 
14,802

13,892

6.6
 %
 
5,413

5,197

4.2
 %
 
9,389

8,695

8.0
 %
Tampa, FL
3,338

 
12,565

11,411

10.1
 %
 
4,688

4,446

5.4
 %
 
7,877

6,965

13.1
 %
Orlando, FL
3,240

 
12,401

11,448

8.3
 %
 
4,533

4,354

4.1
 %
 
7,868

7,094

10.9
 %
Charlotte, NC
2,487

 
10,328

10,032

3.0
 %
 
3,212

3,228

(0.5
)%
 
7,116

6,804

4.6
 %
Denver, CO
1,941

 
8,889

8,422

5.5
 %
 
2,239

2,508

(10.7
)%
 
6,650

5,914

12.4
 %
San Diego/Inland Empire, CA
1,665

 
9,199

8,505

8.2
 %
 
3,287

3,167

3.8
 %
 
5,912

5,338

10.8
 %
Phoenix, AZ
2,095

 
8,292

7,674

8.1
 %
 
2,781

2,582

7.7
 %
 
5,511

5,092

8.2
 %
Raleigh, NC
2,266

 
7,877

7,388

6.6
 %
 
2,697

2,485

8.5
 %
 
5,180

4,903

5.6
 %
Austin, TX
1,386

 
5,684

5,332

6.6
 %
 
2,467

2,404

2.6
 %
 
3,217

2,928

9.9
 %
Corpus Christi, TX
632

 
2,163

2,178

(0.7
)%
 
819

833

(1.7
)%
 
1,344

1,345

(0.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
42,976

 

$193,664


$184,692

4.9
 %
 

$68,696


$67,181

2.3
 %
 

$124,968


$117,511

6.3
 %


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

 
1Q16

1Q15

Growth

 
1Q16

1Q15

Growth

 
1Q16

1Q15

Growth

D.C. Metro
16.7
%
 
94.9
%
94.7
%
0.2
 %
 

$1,642


$1,638

0.2
%
 

$1,862


$1,851

0.5
%
Houston, TX
12.5
%
 
94.2
%
95.3
%
(1.1
)%
 
1,467

1,453

1.0
%
 
1,634

1,610

1.5
%
SE Florida
8.2
%
 
96.9
%
96.4
%
0.5
 %
 
1,834

1,750

4.8
%
 
2,060

1,947

5.9
%
Dallas, TX
7.5
%
 
96.3
%
96.1
%
0.2
 %
 
1,170

1,099

6.5
%
 
1,361

1,255

8.5
%
Los Angeles/Orange County, CA
7.0
%
 
95.4
%
95.6
%
(0.2
)%
 
1,932

1,838

5.1
%
 
2,135

2,031

5.1
%
Atlanta, GA
7.5
%
 
95.4
%
94.9
%
0.5
 %
 
1,233

1,171

5.3
%
 
1,423

1,342

6.1
%
Tampa, FL
6.3
%
 
95.9
%
95.4
%
0.5
 %
 
1,066

999

6.7
%
 
1,308

1,194

9.6
%
Orlando, FL
6.3
%
 
95.7
%
95.5
%
0.2
 %
 
1,124

1,051

6.9
%
 
1,333

1,234

8.1
%
Charlotte, NC
5.7
%
 
96.1
%
96.4
%
(0.3
)%
 
1,235

1,205

2.5
%
 
1,441

1,395

3.3
%
Denver, CO
5.3
%
 
94.3
%
95.9
%
(1.6
)%
 
1,437

1,332

7.9
%
 
1,618

1,510

7.1
%
San Diego/Inland Empire, CA
4.7
%
 
95.2
%
95.6
%
(0.4
)%
 
1,715

1,611

6.5
%
 
1,934

1,780

8.6
%
Phoenix, AZ
4.5
%
 
95.8
%
96.0
%
(0.2
)%
 
1,145

1,100

4.1
%
 
1,378

1,271

8.3
%
Raleigh, NC
4.1
%
 
95.4
%
95.2
%
0.2
 %
 
995

952

4.5
%
 
1,215

1,141

6.4
%
Austin, TX
2.6
%
 
96.2
%
95.4
%
0.8
 %
 
1,188

1,140

4.2
%
 
1,421

1,344

5.8
%
Corpus Christi, TX
1.1
%
 
92.4
%
93.2
%
(0.8
)%
 
1,015

1,005

1.0
%
 
1,233

1,232

0.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
95.4
%
95.5
%
(0.1
)%
 

$1,369


$1,318

3.9
%
 

$1,575


$1,501

5.0
%

(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2015, excluding properties held for sale.

(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
 
 
March 31, 2016
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)
 
Apartment

 
 
 
 
 
 
 
 
 
 
 
 
 
Homes

 
Revenues
 
Expenses
 
NOI
Quarterly Results (a)
Included

 
1Q16

4Q15

Growth

 
1Q16

4Q15

Growth

 
1Q16

4Q15

Growth

D.C. Metro
5,808

 

$30,772


$30,957

(0.6
)%
 

$9,865


$9,606

2.7
 %
 

$20,907


$21,351

(2.1
)%
Houston, TX
5,912

 
27,313

27,465

(0.6
)%
 
11,681

10,833

7.8
 %
 
15,632

16,632

(6.0
)%
SE Florida
2,520

 
15,093

14,823

1.8
 %
 
4,824

4,688

2.9
 %
 
10,269

10,135

1.3
 %
Dallas, TX
3,993

 
15,705

15,391

2.0
 %
 
6,351

6,301

0.8
 %
 
9,354

9,090

2.9
 %
Los Angeles/Orange County, CA
2,060

 
12,581

12,537

0.4
 %
 
3,839

3,923

(2.1
)%
 
8,742

8,614

1.5
 %
Atlanta, GA
3,633

 
14,802

14,694

0.7
 %
 
5,413

5,370

0.8
 %
 
9,389

9,324

0.7
 %
Tampa, FL
3,338

 
12,565

12,351

1.7
 %
 
4,688

4,543

3.2
 %
 
7,877

7,808

0.9
 %
Orlando, FL
3,240

 
12,401

12,112

2.4
 %
 
4,533

4,560

(0.6
)%
 
7,868

7,552

4.2
 %
Charlotte, NC
2,487

 
10,328

10,323

0.0
 %
 
3,212

3,255

(1.3
)%
 
7,116

7,068

0.7
 %
Denver, CO
1,941

 
8,889

8,945

(0.6
)%
 
2,239

2,607

(14.1
)%
 
6,650

6,338

4.9
 %
San Diego/Inland Empire, CA
1,665

 
9,199

9,140

0.6
 %
 
3,287

3,249

1.2
 %
 
5,912

5,891

0.4
 %
Phoenix, AZ
2,095

 
8,292

8,181

1.4
 %
 
2,781

2,671

4.1
 %
 
5,511

5,510

0.0
 %
Raleigh, NC
2,266

 
7,877

7,783

1.2
 %
 
2,697

2,590

4.1
 %
 
5,180

5,193

(0.3
)%
Austin, TX
1,386

 
5,684

5,609

1.3
 %
 
2,467

2,320

6.3
 %
 
3,217

3,289

(2.2
)%
Corpus Christi, TX
632

 
2,163

2,171

(0.4
)%
 
819

802

2.1
 %
 
1,344

1,369

(1.8
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
42,976

 

$193,664


$192,482

0.6
 %
 

$68,696


$67,318

2.0
 %
 

$124,968


$125,164

(0.2
)%


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

 
1Q16

4Q15

Growth

 
1Q16

4Q15

Growth

 
1Q16

4Q15

Growth

D.C. Metro
16.7
%
 
94.9
%
94.9
%
0.0
 %
 

$1,642


$1,646

(0.2
)%
 

$1,862


$1,871

(0.6
)%
Houston, TX
12.5
%
 
94.2
%
94.9
%
(0.7
)%
 
1,467

1,469

(0.1
)%
 
1,634

1,632

0.1
 %
SE Florida
8.2
%
 
96.9
%
96.9
%
0.0
 %
 
1,834

1,814

1.1
 %
 
2,060

2,023

1.8
 %
Dallas, TX
7.5
%
 
96.3
%
95.9
%
0.4
 %
 
1,170

1,161

0.8
 %
 
1,361

1,340

1.6
 %
Los Angeles/Orange County, CA
7.0
%
 
95.4
%
95.6
%
(0.2
)%
 
1,932

1,914

0.9
 %
 
2,135

2,122

0.6
 %
Atlanta, GA
7.5
%
 
95.4
%
95.6
%
(0.2
)%
 
1,233

1,226

0.6
 %
 
1,423

1,410

0.9
 %
Tampa, FL
6.3
%
 
95.9
%
96.3
%
(0.4
)%
 
1,066

1,051

1.4
 %
 
1,308

1,280

2.1
 %
Orlando, FL
6.3
%
 
95.7
%
95.5
%
0.2
 %
 
1,124

1,108

1.4
 %
 
1,333

1,304

2.2
 %
Charlotte, NC
5.7
%
 
96.1
%
96.2
%
(0.1
)%
 
1,235

1,236

(0.1
)%
 
1,441

1,438

0.1
 %
Denver, CO
5.3
%
 
94.3
%
95.0
%
(0.7
)%
 
1,437

1,428

0.6
 %
 
1,618

1,616

0.1
 %
San Diego/Inland Empire, CA
4.7
%
 
95.2
%
95.9
%
(0.7
)%
 
1,715

1,698

1.0
 %
 
1,934

1,908

1.3
 %
Phoenix, AZ
4.5
%
 
95.8
%
95.8
%
0.0
 %
 
1,145

1,134

1.0
 %
 
1,378

1,358

1.4
 %
Raleigh, NC
4.1
%
 
95.4
%
94.7
%
0.7
 %
 
995

994

0.1
 %
 
1,215

1,209

0.5
 %
Austin, TX
2.6
%
 
96.2
%
95.6
%
0.6
 %
 
1,188

1,181

0.6
 %
 
1,421

1,411

0.7
 %
Corpus Christi, TX
1.1
%
 
92.4
%
93.9
%
(1.5
)%
 
1,015

1,016

(0.1
)%
 
1,233

1,219

1.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
95.4
%
95.5
%
(0.1
)%
 

$1,369


$1,362

0.5
 %
 

$1,575


$1,563

0.7
 %

(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2015, excluding properties held for sale.

(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" OPERATING EXPENSE
 
 
 DETAIL AND COMPARISONS
 
 
March 31, 2016
 
 
(In thousands)
 
 
 

(Unaudited)
 
 
 
 
 
% of Actual
 
 
 
 
 
1Q16 Operating

Quarterly Comparison (a)
1Q16
1Q15
$ Change
% Change
Expenses
 
 
 
 
 
 
Property taxes

$24,245


$23,217


$1,028

4.4
 %
35.3
%
Salaries and Benefits for On-site Employees
15,075

14,667

408

2.8
 %
22.0
%
Utilities
14,661

13,393

1,268

9.5
 %
21.3
%
Repairs and Maintenance
8,941

8,735

206

2.4
 %
13.0
%
Property Insurance
1,685

3,202

(1,517
)
(47.4
)%
2.5
%
General and Administrative
2,422

2,261

161

7.1
 %
3.5
%
Marketing and Leasing
1,104

1,156

(52
)
(4.5
)%
1.6
%
Other
563

550

13

2.4
 %
0.8
%
 
 
 
 
 
 
Total Same Property

$68,696


$67,181


$1,515

2.3
 %
100.0
%


 
 
 
 
 
% of Actual
 
 
 
 
 
1Q16 Operating

Sequential Comparison (a)
1Q16
4Q15
$ Change
% Change
Expenses
 
 
 
 
 
 
Property taxes

$24,245


$22,477


$1,768

7.9
 %
35.3
%
Salaries and Benefits for On-site Employees
15,075

14,604

471

3.2
 %
22.0
%
Utilities
14,661

14,354

307

2.1
 %
21.3
%
Repairs and Maintenance
8,941

8,744

197

2.3
 %
13.0
%
Property Insurance
1,685

3,058

(1,373
)
(44.9
)%
2.5
%
General and Administrative
2,422

2,220

202

9.1
 %
3.5
%
Marketing and Leasing
1,104

1,350

(246
)
(18.2
)%
1.6
%
Other
563

511

52

10.2
 %
0.8
%
 
 
 
 
 
 
Total Same Property

$68,696


$67,318


$1,378

2.0
 %
100.0
%


 
 
 
 
 
 
 


(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2015, excluding properties held for sale.




14


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

(Unaudited)

Company's Pro-Rata Share of Joint Venture Operations:
 
 
 
Three Months Ended March 31,
OPERATING DATA (a)
 
 
 
2016
2015
Property Revenues
 
 
 
 
 
   Rental revenues
 
 
 

$8,049


$7,577

   Other property revenues
 
 
 
1,198

1,036

      Total property revenues
 
 
 
9,247

8,613

 
 
 
 
 
 
Property expenses
 
 
 
 
 
   Property operating and maintenance
 
 
 
2,187

2,046

   Real estate taxes
 
 
 
1,600

1,475

 
 
 
 
3,787

3,521

 
 
 
 
 
 
Net Operating Income
 
 
 
5,460

5,092

 
 
 
 
 
 
Other expenses
 
 
 
 
 
   Interest (b)
 
 
 
1,541

1,448

   Depreciation and amortization
 
 
 
2,346

2,155

   Other (including debt prepayment penalties)
 
 
 
76

107

   Total other expenses
 
 
 
3,963

3,710

 
 
 
 
 
 
Equity in income of joint ventures
 
 
 

$1,497


$1,382

 
Mar 31,
2016

Dec 31,
2015

Sep 30,
2015

Jun 30,
2015

Mar 31,
2015

BALANCE SHEET DATA(c)
 
 
 
 
 
Land

$109,912


$109,912


$108,157


$106,792


$105,660

Building & Improvements
731,896

730,867

714,631

701,209

689,676

 
841,808

840,779

822,788

808,001

795,336

Accumulated Depreciation
(121,865
)
(114,277
)
(106,669
)
(99,270
)
(92,065
)
Net operating real estate assets
719,943

726,502

716,119

708,731

703,271

Properties under development and land
2,347

1,711

16,177

26,605

33,716

Cash and other assets, net
13,863

19,768

20,880

18,072

13,872

Total assets

$736,153


$747,981


$753,176


$753,408


$750,859

 
 
 
 
 
 
Notes payable

$528,193


$526,950


$528,702


$527,854


$526,537

Other liabilities
16,347

25,765

26,011

23,917

20,376

Total liabilities
544,540

552,715

554,713

551,771

546,913

 
 
 
 
 
 
Member's equity
191,613

195,266

198,463

201,637

203,946

   Total liabilities and members' equity

$736,153


$747,981


$753,176


$753,408


$750,859

 
 
 
 
 
 
Company's equity investment

$32,568


$33,698


$34,705


$35,731


$36,526

 
 
 
 
 
 
Company's pro-rata share of debt

$165,325


$164,935


$165,484


$165,218


$164,806

 
 

 
 
 
 
 
 
 
 
 
PROPERTY DATA (end of period)
 
 
 
 
 
Total operating properties
22

22
21
21
21
Total operating apartment homes
7,278

7,278
7,012
7,012
7,012
Pro rata share of operating apartment homes
2,278

2,278
2,195
2,195
2,195
Total development properties


1
1
1
Total development apartment homes


266
266
266
Pro rata share of development apartment homes


83
83
83


(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) Prior year has been changed to reflect the adoption of ASU 2015-03 (as supplemented by ASU 2015-15) at December 31, 2015, which required retrospective application.
(c) Balance sheet and property data reported at 100%.

15


 
 
CAMDEN
 
CURRENT DEVELOPMENT COMMUNITIES
 
 
 

(Unaudited)

AS OF MARCH 31, 2016 ($ in millions)
 
 
 
 
 
 
Estimated/Actual Dates for
 
 
Completed Communities in Lease-Up
Total
Total
 
 
Construction
Initial
Construction
Stabilized
As of 4/24/2016
Homes
Cost
 
 
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden Glendale
303
$113.3
 
 
4Q12
2Q15
3Q15
2Q16
77%
79%
 
Glendale, CA
 
 
 
 
 
 
 
 
 
 
2.
Camden Paces
379
117.4


4Q12
2Q14
4Q15
2Q16
89%
88%
 
Atlanta, GA
 
 
 
 
 
 
 
 
 
 
3.
Camden Chandler
380
67.5
 
 
1Q14
1Q15
1Q16
4Q16
71%
69%
 
Chandler, AZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Completed Communities in Lease-Up
1,062
$298.2
 

 
 
 
 
79%
79%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated/Actual Dates for
 
 
 
 
Total
Total
Cost to
Amount
Construction
Initial
Construction
Stabilized
As of 4/24/2016
Development Communities
Homes
Budget
Date
in CIP
Start
Occupancy
Completion
Operations
% Leased
% Occupied
UNDER CONSTRUCTION
 
 
 
 
 
 
 
 
 
 
1.
Camden Gallery
323
$58.0
$54.1
$40.4
3Q13
1Q16
3Q16
1Q17
30%
17%
 
Charlotte, NC
 
 
 
 
 
 
 
 
 
 
2.
Camden Victory Park
423
82.0
75.4
51.5
4Q13
1Q16
3Q16
1Q18
20%
10%
 
Dallas, TX
 
 
 
 
 
 
 
 
 
 
3.
The Camden
287
145.0
123.3
98.6
4Q13
2Q16
4Q16
2Q17
16%
8%
 
Los Angeles, CA
 
 
 
 
 
 
 
 
 
 
4.
Camden Lincoln Station
267
56.0
24.2
24.2
4Q14
4Q16
2Q17
1Q18
 
 
 
Denver, CO
 
 
 
 
 
 
 
 
 
 
5.
Camden NoMa II
405
115.0
62.0
62.0
1Q15
2Q17
4Q17
4Q19
 
 
 
Washington, DC
 
 
 
 
 
 
 
 
 
 
6.
Camden Shady Grove
457
116.0
58.9
58.9
2Q15
1Q17
1Q18
4Q19
 
 
 
Rockville, MD
 
 
 
 
 
 
 
 
 
 
7.
Camden McGowen Station
315
90.0
18.6
18.6
4Q14
4Q17
2Q18
3Q19
 
 
 
Houston, TX
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Development Communities
2,477
$662.0
$416.5
$354.2
 
 
 
 
22%
12%
 
 
 
 
 
 
 
 
 
 
 
 
Additional Development Pipeline & Land (a)
135.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Properties Under Development and Land (per Balance Sheet)
$489.7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI Contribution from Development Communities ($ in millions)
 
 
 
 
Cost to Date

1Q16 NOI

 
 
Communities that Stabilized During Quarter
 
 
 
 
$79.2

$1.3

 
 
Completed Communities in Lease-Up
 
 
 
 
298.2

2.7

 
 
Development Communities in Lease-Up
 
 
 
 
252.8

0.0

 
 
Total Development Communities NOI Contribution
 
 
 
 

$630.2


$4.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(a) Please refer to the Development Pipeline & Land Summary on page 17.

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

16


 
 
 
CAMDEN
 
DEVELOPMENT PIPELINE & LAND
 
 
 

(Unaudited)

AS OF MARCH 31, 2016 ($ in millions)

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

 
 
 
 
 
 
1.
Camden Washingtonian
 
365

$90.0


$18.9

 
Gaithersburg, MD
 
 
 
 
2.
Camden North End (b)
 
1,069
225.0

39.2

 
Phoenix, AZ
 
 
 
 
3.
Camden Buckhead
 
336
80.0

22.7

 
Atlanta, GA
 
 
 
 
4.
Camden Arts District
 
354
150.0

13.9

 
Los Angeles, CA
 
 
 
 
5.
Camden Conte (c)
 
519
170.0

21.5

 
Houston, TX
 
 
 
 
6.
Camden Atlantic
 
286
62.0

13.6

 
Plantation, FL
 
 
 
 
 
 
 
 
 
 
Development Pipeline
 
2,929

$777.0


$129.8

 
 
 
 
 
 
LAND HOLDINGS/OTHER (d)
 
Acreage
 
Cost to Date

 
 
 
 
 
 
 
Charlotte, NC
 
2.0
 

$5.3

 
Other (e)
 
0.0
 
0.4

 
 
 
 
 
 
Land Holdings/Other
 
2.0
 

$5.7

 
 
 
 
 
 
Total Development Pipeline and Land
 
 
 

$135.5

 
 
 
 
 
 



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

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

(d) Excludes approximately 19.6 acres of land located in Las Vegas, Nevada, with a cost of $4.2 million as of March 31, 2016, which was classified as held for sale at March 31, 2016, and sold on April 26, 2016.

(e) 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.

17


 
 
 
CAMDEN
 
ACQUISITIONS & DISPOSITIONS
 
 
 

(Unaudited)

2016 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per Unit amounts)

 
 
 
 
 
Apartment
Weighted Average
Community
 
Dispositions Subsequent to Quarter End
 
Location
Sales Price
Homes
Monthly Rental Rate
Age
Closing Date
1.
Las Vegas Portfolio (a)
 
Las Vegas, NV
$630.0
4,918 Homes
$1,060
23 years
4/26/16
 
 
 
 
 
 
 
 
 
Total/Average Dispositions
 
 
$630.0
4,918 Homes
$1,060
23 years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land Acquisitions
 
Location
Purchase Price
Acres
Closing Date
 
 
1.
Camden Grandview II
 
Charlotte, NC
$4.1
2.0
2/23/2016
 
 
 
 
 
 
 
 
 
 
 
Total/Average Land Acquisitions
 
 
$4.1
2.0 Acres
 
 
 
 
 
 
 
 
 
 
 
 



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



18


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

(Unaudited)

DEBT MATURITIES AS OF MARCH 31, 2016:

 
 
Future Scheduled Repayments
 
 
Year (a)
 
Amortization

Secured
Maturities

Unsecured Maturities

Total

% of Total

Weighted Average Interest Rate on Maturing Debt

2016
 

$78


$—


$—


$78

%
N/A

2017
 
436


246,750

247,186

9.0
%
5.8
%
2018
 
799

175,000


175,799

6.4
%
1.4
%
2019
 
1,139

644,107


645,246

23.3
%
5.4
%
2020
 
1,110



1,110

%
N/A

2021
 
1,480


250,000

251,480

9.1
%
4.8
%
2022
 
1,860


350,000

351,860

12.7
%
3.2
%
2023
 
2,991


250,000

252,991

9.1
%
5.1
%
2024
 
3,832


500,000

503,832

18.2
%
4.0
%
Thereafter
 
51,235



51,235

1.9
%
3.3
%
Total Maturing Debt
 

$64,960


$819,107


$1,596,750


$2,480,817

89.7
%
4.4
%
 
 
 
 
 
 
 
 
Unsecured Line of Credit
 

$—


$—


$265,000


$265,000

9.6
%
1.3
%
Other Short Term Borrowings
 


20,000

20,000

0.7
%
1.5
%
Total Debt
 

$64,960


$819,107


$1,881,750


$2,765,817

100.0
%
4.1
%
 
 
 
 
 
 
 
 
Weighted Average Maturity of Debt
 
 
5.5 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
 
 
FLOATING vs. FIXED RATE DEBT:
 
Balance

% of Total

Interest Rate
Time to Maturity
 
 
  Floating rate debt
 

$492,133

17.8
%
1.4
%
4.0 Years

 
 
  Fixed rate debt
 
2,273,684

82.2
%
4.7
%
5.8 Years

 
 
      Total
 

$2,765,817

100.0
%
4.1
%
5.5 Years

 
 
 
 
 


 
 
 
 
 
 
 
 
Weighted Average
 
 
SECURED vs. UNSECURED DEBT:
 
Balance

% of Total

Interest Rate
Time to Maturity
 
 
  Unsecured debt
 

$1,866,502

67.5
%
3.9
%
5.8 Years

 
 
  Secured debt
 
899,315

32.5
%
4.4
%
4.8 Years

 
 
      Total
 

$2,765,817

100.0
%
4.1
%
5.5 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
 
 
SECURED DEBT DETAIL:
 
Balance

% of Total

Interest Rate
Time to Maturity
 
 
  Conventional fixed-rate mortgage debt
 

$692,182

77.0
%
5.3
%
5.0 Years

 
 
  Conventional variable-rate mortgage debt
 
175,000

19.4
%
1.4
%
2.5 Years

 
 
  Tax exempt variable rate debt
 
32,133

3.6
%
1.6
%
12.2 Years

 
 
      Total
 

$899,315

100.0
%
4.4
%
4.8 Years

 
 
 
 
 
 
 
 
 
REAL ESTATE ASSETS: (b)
 
Total Homes

% of Total

Total Cost

% of Total

1Q16 NOI

% of Total

  Unencumbered real estate assets
 
42,958
77.6
%

$6,333,651

80.1
%

$114,359

76.2
%
  Encumbered real estate assets
 
12,413
22.4
%
1,574,181

19.9
%
35,766

23.8
%
      Total
 
55,371
100.0
%

$7,907,832

100.0
%

$150,125

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 properties held for sale and exclude communities held through unconsolidated joint ventures.



19


 
 
 
CAMDEN
 
DEBT MATURITY ANALYSIS
 
 
(In thousands)
 
 
 

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2016 AND 2017:

 
 
 
Future Scheduled Repayments
 
Weighted Average Interest on Maturing Debt

Quarter
 
Amortization

Secured Maturities

Unsecured Maturities

Total

2Q 2016
 

$17


$—


$20,000


$20,017

1.5
%
3Q 2016
 
25



25

N/A

4Q 2016
 
36



36

N/A

2016
 

$78


$—


$20,000


$20,078

1.5
%
 
 
 
 
 
 
 
1Q 2017
 

$47


$—


$—


$47

N/A

2Q 2017
 
99


246,750

246,849

5.8
%
3Q 2017
 
139



139

N/A

4Q 2017
 
151



151

N/A

2017
 

$436


$—


$246,750


$247,186

5.8
%
 
 
 
 
 
 
 








20


 
 
CAMDEN
 
DEBT COVENANT ANALYSIS
 
 
 
 
 
 

(Unaudited)
UNSECURED LINE OF CREDIT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenant (a)
 
Required
 
Actual (b)
 
Compliance
 
 
 
 
 
 
 
 
Total Consolidated Debt to Gross Asset Value
 
<
60%
 
27%
 
Yes
 
 
 
 
 
 
 
 
Secured Debt to Gross Asset Value
 
<
40%
 
9%
 
Yes
 
 
 
 
 
 
 
 
Consolidated EBITDA to Total Fixed Charges
 
>
150%
 
430%
 
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%
 
35%
 
Yes
 
 
 
 
 
 
 
 
Total Secured Debt to Total Asset Value
 
<
40%
 
11%
 
Yes
 
 
 
 
 
 
 
 
Total Unencumbered Asset Value to Total Unsecured Debt
 
>
150%
 
345%
 
Yes
 
 
 
 
 
 
 
 
Consolidated Income Available for Debt Service to Total Annual Service Charges
 
>
150%
 
452%
 
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.

21


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

(Unaudited)

PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF MARCH 31, 2016:

 
 
Future Scheduled Repayments
 
Weighted Average Interest on Maturing Debt

Year (a)
 
Amortization

Secured Maturities

Total

% of Total

2016
 

$1,797


$30,737


$32,534

19.7
 %
3.6
%
2017
 
1,602

44,641

46,243

28.0
 %
3.2
%
2018
 
656

50,555

51,211

31.0
 %
4.0
%
2019
 
309

7,383

7,692

4.6
 %
4.2
%
2020
 
120


120

0.1
 %
N/A

2021
 
(14
)
5,160

5,146

3.1
 %
4.8
%
2022
 
(25
)

(25
)
 %
N/A

2023
 
(26
)

(26
)
 %
N/A

2024
 
(26
)

(26
)
 %
N/A

Thereafter
 
(33
)
21,143

21,110

12.7
 %
2.4
%
Total Debt
 

$4,360


$159,619


$163,979

99.2
 %
3.5
%
 
 
 
 
 
 
 
Unsecured lines of credit (b)
 

$—


$1,346


$1,346

0.8
 %
3.2
%
 
 

$4,360


$160,965


$165,325

100.0
 %
3.5
%
 
 
 
 
 
 
 
Weighted Average Maturity of Debt
 
 
2.7 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
FLOATING vs. FIXED RATE DEBT:
 
 
Balance

% of Total

Interest Rate
Time to Maturity
Floating rate debt
 
 

$57,762

34.9
%
2.4
 %
4.6 Years

Fixed rate debt
 
 
107,563

65.1
%
4.1
 %
1.7 Years

Total
 
 
$165,325
100.0
%
3.5
 %
2.7 Years

 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
SECURED DEBT DETAIL:
 
 
Balance

% of Total

Interest Rate
Time to Maturity
Conventional fixed-rate mortgage debt
 
 

$107,563

65.1
%
4.1
 %
1.7 Years

Conventional variable-rate mortgage debt
 
 
37,855

22.9
%
2.5
 %
6.0 Years

Variable-rate construction loans
 
 
18,561

11.2
%
2.1
 %
2.0 Years

Unsecured lines of credit
 
 
1,346

0.8
%
3.2
 %
0.9 Years

Total
 
 
$165,325
100.0
%
3.5
 %
2.7 Years

 
 
 
 
 
 
 
REAL ESTATE ASSETS: (c)
 
 
Total Homes

Total Cost

 
 
Operating real estate assets
 
 
7,278

$841,808

 
 
Land
 
 
0
2,347

 
 
Total
 
 
7,278

$844,155

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


(a) Includes all available extension options.

(b) As of March 31, 2016 these borrowings were drawn under the lines of credit with $10.0 million in total capacity. Camden has a 31.3% ownership interest in the borrowing entity.

(c) Balance sheet and property data reported at 100%.


22


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

(Unaudited)

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

 
 
Future Scheduled Repayments
Weighted Average Interest on Maturing Debt

Quarter (a)
 
Amortization

Secured Maturities

Total

2Q 2016
 

$646


$6,022


$6,668

4.2
%
3Q 2016
 
621


621

N/A

4Q 2016
 
530

24,715

25,245

3.4
%
2016
 

$1,797


$30,737


$32,534

3.6
%
 
 
 
 
 
 
1Q 2017 (b)
 

$435


$10,470


$10,905

3.6
%
2Q 2017
 
393

16,955

17,348

2.7
%
3Q 2017
 
390

4,992

5,382

4.8
%
4Q 2017
 
384

13,570

13,954

2.9
%
2017
 

$1,602


$45,987


$47,589

3.2
%
 
 
 
 
 
 


(a) Includes all available extension options.

(b) 1Q 2017 maturities includes unsecured lines of credit with $1,346 (Camden's pro-rata share) outstanding as of March 31, 2016. The lines of credit have $10.0 million in total capacity.





23


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

(Unaudited)
 
 
 
First Quarter 2016 (a)
 
 
 
Recurring Capitalized
 
Expensed
Item
 
 
Weighted Average Useful Life (b)

 
Total

Per Unit

 
Total

Per Unit

Interiors
 
 
 
 
 
 
 
 
 
Floor Coverings
 
 
5.6
 years
 

$2,031


$39

 

$798


$15

Appliances
 
 
9.4
 years
 
724

14

 
235

4

Painting
 
 

 


 
1,361

26

Cabinetry/Countertops
 
 
10.0
 years
 
270

5

 


Other
 
 
9.1
 years
 
1,001

19

 
493

9

Exteriors
 
 

 
 
 
 
 
 
Painting
 
 
5.0
 years
 
65

1

 


Carpentry
 
 
10.0
 years
 
614

12

 


Landscaping
 
 
5.5
 years
 
202

4

 
3,201

61

Roofing
 
 
18.6
 years
 
330

6

 
79

2

Site Drainage
 
 
10.0
 years
 
19


 


Fencing/Stair
 
 
10.0
 years
 
141

3

 


Other (c)
 
 
6.1
 years
 
1,504

29

 
2,938

55

Common Areas
 
 

 
 
 
 
 
 
Mech., Elec., Plumbing
 
 
9.4
 years
 
1,474

28

 
1,298

25

Parking/Paving
 
 
4.8
 years
 
18


 


Pool/Exercise/Facility
 
 
7.8
 years
 
901

17

 
321

6

Total Recurring (d)
 
 
 
 

$9,294


$177

 

$10,724


$203

Weighted Average Apartment Homes
 
 
 
 
 
52,552

 
 
52,552

 
 
 
 
 
 
 
 
 
 
Non-recurring capitalized expenditures (e)
 
 
 
 

$1,094

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue Enhancing Expenditures (f)
 
 
10.0
 years
 

$4,917


$13,077

 
Revenue Enhanced Apartment Homes
 
 
 
 
 
376

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(a) Includes discontinued operations. Capital expenditures for discontinued operations were $1,409 for the three months ended March 31, 2016. Maintenance expenses were $837 for the same period.
(b) Weighted average useful life of capitalized expenses for the three months ended March 31, 2016.
(c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(d) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(e) Capital expenditures primarily composed of non-recurring or one-time additions such as LED lighting programs for 2016 in addition to other, non-routine items.
(f) Represents capital expenditures for the three months ended March 31, 2016 spent on apartment unit renovation (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets.

24


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

(Unaudited)

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

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

Adjusted FFO
In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to AFFO is provided below:
 
 
Three Months Ended March 31,
 
 
2016
2015
Net income attributable to common shareholders
 

$41,730


$115,599

 Real estate depreciation and amortization
 
60,485

56,459

 Real estate depreciation from discontinued operations
 
4,327

3,904

 Adjustments for unconsolidated joint ventures
 
2,358

2,245

 Income allocated to non-controlling interests
 
1,210

5,466

 Gain on sale of operating properties, net of tax
 

(85,145
)
Funds from operations
 

$110,110


$98,528

 
 
 
 
Less: recurring capitalized expenditures
 
(9,294
)
(10,644
)
 
 
 
 
Adjusted funds from operations
 

$100,816


$87,884

 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
EPS diluted
 
90,509

90,464

FFO/AFFO diluted
 
91,593

91,275

 
 
 
 
Total earnings per common share - diluted
 

$0.46


$1.27

FFO per common share - diluted
 

$1.20


$1.08

AFFO per common share - diluted
 

$1.10


$0.96

 
Expected FFO

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, on properties not currently held for sale due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:
 
2Q16

Range
 
2016

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

$4.60


$4.64

 

$5.62


$5.82

Expected real estate depreciation and amortization
0.72

0.72

 
2.89

2.89

Expected adjustments for unconsolidated joint ventures
0.02

0.02

 
0.10

0.10

Expected income allocated to non-controlling interests
0.01

0.01

 
0.06

0.06

Estimated (gain) on properties held for sale
(4.22
)
(4.22
)
 
(4.22
)
(4.22
)
Expected FFO per share - diluted

$1.13


$1.17

 

$4.45


$4.65






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

25


 
 
 
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,
 
 
2016
2015
 
Net income

$42,940


$121,065

 
Less: Fee and asset management
(1,765
)
(1,563
)
 
Less: Interest and other income
(224
)
(60
)
 
Less: Income on deferred compensation plans
(63
)
(1,864
)
 
Plus: Property management
7,140

5,792

 
Plus: Fee and asset management
952

1,076

 
Plus: General and administrative
12,223

9,748

 
Plus: Interest
23,790

25,052

 
Plus: Depreciation and amortization
62,091

57,984

 
Plus: Expense on deferred compensation plans
63

1,864

 
Less: Gain on sale of operating properties, including land
(443
)
(85,192
)
 
Less: Equity in income of joint ventures
(1,497
)
(1,382
)
 
Plus: Income tax expense
315

429

 
Less: Income from discontinued operations
(5,076
)
(4,869
)
 
Net Operating Income (NOI)

$140,446


$128,080

 
 
 
 
 
"Same Property" Communities

$124,968


$117,511

 
Non-"Same Property" Communities
11,899

8,470

 
Development and Lease-Up Communities
2,734

343

 
Dispositions/Other
845

1,756

 
Net Operating Income (NOI)

$140,446


$128,080

 

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 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 March 31,
 
 
2016
2015
 
Net income attributable to common shareholders

$41,730


$115,599

 
Plus: Interest
23,790

25,052

 
Plus: Depreciation and amortization
62,091

57,984

 
Plus: Income allocated to non-controlling interests from continuing operations
1,210

5,466

 
Plus: Income tax expense
315

429

 
Plus: Real estate depreciation from discontinued operations
4,327

3,904

 
Less: Gain on sale of operating properties, including land
(443
)
(85,192
)
 
Less: Equity in income of joint ventures
(1,497
)
(1,382
)
 
EBITDA

$131,523


$121,860

 

26


 
 
 
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:
 
 
Q2 '16
Q3 '16
Q4 '16
Q1 '17
 
  Earnings Release & Conference Call
 
 
Late July
Late October
Early February
Late April
 
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
 
 
Q1 '15
 
 
 
 
  Declaration Date
 
 
1/28/2016
 
 
 
 
  Record Date
 
 
3/31/2016
 
 
 
 
  Payment Date
 
 
4/18/2016
 
 
 
 
  Distributions Per Share
 
 
$0.75
 
 
 
 

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
 


27


 
 
 
CAMDEN
 
COMMUNITY TABLE
 
 
Community statistics as of 3/31/2016

(Unaudited)
 
 
 
 
 
 
1Q16 Avg Monthly
1Q16 Avg Monthly
 
 
 
Year Placed
Average
Apartment
1Q16 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
 
 
 
 
 
 
 
 
 
 
 
Camden Chandler (1)
Chandler
AZ
2015
1,146

380

Lease-Up

$1,361


$1.19


$1,577


$1.38

Camden Copper Square
Phoenix
AZ
2000
786

332

94%
1,065

1.36

1,328

1.69

Camden Foothills
Scottsdale
AZ
2014
1,032

220

94%
1,450

1.41

1,686

1.63

Camden Hayden
Tempe
AZ
2015
1,043

234

90%
1,368

1.31

1,560

1.50

Camden Legacy
Scottsdale
AZ
1996
1,067

428

96%
1,127

1.06

1,371

1.28

Camden Montierra
Scottsdale
AZ
1999
1,071

249

97%
1,262

1.18

1,478

1.38

Camden Pecos Ranch
Chandler
AZ
2001
924

272

95%
981

1.06

1,204

1.30

Camden San Marcos
Scottsdale
AZ
1995
984

320

96%
1,129

1.15

1,325

1.35

Camden San Paloma
Scottsdale
AZ
1993/1994
1,042

324

97%
1,142

1.10

1,382

1.33

Camden Sotelo
Tempe
AZ
2008/2012
1,303

170

97%
1,477

1.13

1,711

1.31

TOTAL ARIZONA
10

Properties
1,030

2,929

95%
1,214

1.18

1,435

1.39

 
 
 
 
 
 
 
 
 
 
 
Camden Crown Valley
Mission Viejo
CA
2001
1,009

380

94%
1,882

1.87

2,105

2.09

Camden Glendale (1)
Glendale
CA
2015
882

303

Lease-Up
2,268

2.57

2,346

2.66

Camden Harbor View
Long Beach
CA
2004
975

538

96%
2,376

2.44

2,576

2.64

Camden Main and Jamboree
Irvine
CA
2008
1,011

290

97%
2,006

1.98

2,192

2.17

Camden Martinique
Costa Mesa
CA
1986
794

714

95%
1,618

2.03

1,818

2.29

Camden Parkside
Fullerton
CA
1972
836

421

96%
1,479

1.77

1,661

1.99

Camden Sea Palms
Costa Mesa
CA
1990
891

138

96%
1,805

2.03

1,990

2.23

Total Los Angeles/Orange County
7

Properties
904

2,784

95%
1,900

2.11

2,078

2.30

 
 
 
 
 
 
 
 
 
 
 
Camden Landmark
Ontario
CA
2006
982

469

95%
1,456

1.48

1,616

1.64

Camden Old Creek
San Marcos
CA
2007
1,037

350

97%
1,872

1.80

2,089

2.01

Camden Sierra at Otay Ranch
Chula Vista
CA
2003
962

422

94%
1,759

1.83

2,009

2.09

Camden Tuscany
San Diego
CA
2003
896

160

94%
2,450

2.73

2,753

3.07

Camden Vineyards
Murrieta
CA
2002
1,053

264

96%
1,449

1.38

1,681

1.60

Total San Diego/Inland Empire
5

Properties
991

1,665

95%
1,715

1.73

1,934

1.95

 
 
 
 
 
 
 
 
 
 
 
TOTAL CALIFORNIA
12

Properties
935

4,449

95%
1,831

1.96

2,023

2.16

 
 
 
 
 
 
 
 
 
 
 
Camden Belleview Station
Denver
CO
2009
888

270

93%
1,361

1.54

1,462

1.65

Camden Caley
Englewood
CO
2000
925

218

95%
1,308

1.41

1,534

1.66

Camden Denver West
Golden
CO
1997
1,015

320

95%
1,542

1.52

1,717

1.69

Camden Flatirons
Denver
CO
2015
960

424

95%
1,428

1.49

1,664

1.73

Camden Highlands Ridge
Highlands Ranch
CO
1996
1,149

342

93%
1,554

1.35

1,749

1.52

Camden Interlocken
Broomfield
CO
1999
1,010

340

94%
1,449

1.43

1,638

1.62

Camden Lakeway
Littleton
CO
1997
932

451

95%
1,372

1.47

1,569

1.68

TOTAL COLORADO
7

Properties
985

2,365

94%
1,435

1.46

1,626

1.65

 
 
 
 
 
 
 
 
 
 
 
Camden Ashburn Farm
Ashburn
VA
2000
1,062

162

96%
1,515

1.43

1,752

1.65

Camden Clearbrook
Frederick
MD
2007
1,048

297

95%
1,363

1.30

1,605

1.53

Camden College Park
College Park
MD
2008
942

508

92%
1,516

1.61

1,706

1.81

Camden Dulles Station
Oak Hill
VA
2009
978

382

96%
1,610

1.65

1,844

1.89

Camden Fair Lakes
Fairfax
VA
1999
1,056

530

95%
1,695

1.61

1,960

1.86

Camden Fairfax Corner
Fairfax
VA
2006
934

489

95%
1,748

1.87

1,988

2.13

Camden Fallsgrove
Rockville
MD
2004
996

268

95%
1,731

1.74

1,946

1.95

Camden Grand Parc
Washington
DC
2002
674

105

96%
2,404

3.58

2,616

3.89

Camden Lansdowne
Leesburg
VA
2002
1,006

690

96%
1,463

1.45

1,670

1.66

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

245

94%
1,601

1.56

1,822

1.77

Camden Monument Place
Fairfax
VA
2007
856

368

95%
1,516

1.77

1,755

2.05

Camden NoMa
Washington
DC
2014
770

321

95%
2,156

2.80

2,440

3.17

Camden Potomac Yard
Arlington
VA
2008
835

378

95%
1,956

2.34

2,190

2.62

Camden Roosevelt
Washington
DC
2003
856

198

93%
2,620

3.06

2,911

3.40

Camden Russett
Laurel
MD
2000
992

426

96%
1,448

1.46

1,631

1.64

Camden Silo Creek
Ashburn
VA
2004
975

284

95%
1,464

1.50

1,682

1.72

Camden South Capitol (2)
Washington
DC
2013
821

276

94%
2,118

2.58

2,463

3.00

Camden Summerfield
Landover
MD
2008
957

291

94%
1,642

1.72

1,791

1.87

Camden Summerfield II
Landover
MD
2012
936

187

95%
1,619

1.73

1,794

1.92

TOTAL DC METRO
19

Properties
946

6,405

95%
1,688

1.78

1,917

2.03

 
 
 
 
 
 
 
 
 
 
 
Camden Aventura
Aventura
FL
1995
1,108

379

97%
1,934

1.74

2,216

2.00

Camden Boca Raton
Boca Raton
FL
2014
843

261

96%
1,938

2.30

2,162

2.56

Camden Brickell
Miami
FL
2003
937

405

97%
2,040

2.18

2,187

2.33

Camden Doral
Miami
FL
1999
1,120

260

97%
1,844

1.65

2,056

1.84

Camden Doral Villas
Miami
FL
2000
1,253

232

97%
1,955

1.56

2,180

1.74

Camden Las Olas
Ft. Lauderdale
FL
2004
1,043

420

97%
2,012

1.93

2,233

2.14

Camden Plantation
Plantation
FL
1997
1,201

502

97%
1,553

1.29

1,787

1.49

Camden Portofino
Pembroke Pines
FL
1995
1,112

322

97%
1,569

1.41

1,834

1.65

Total Southeast Florida
8

Properties
1,079

2,781

97%

$1,844


$1.71


$2,069


$1.92

 
 
 
 
 
 
 
 
 
 
 



28


 
 
 
CAMDEN
 
COMMUNITY TABLE
 
 
Community statistics as of 3/31/2016

(Unaudited)
 
 
 
 
 
 
1Q16 Avg Monthly
1Q16 Avg Monthly
 
 
 
Year Placed
Average
Apartment
1Q16 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
 
 
 
 
 
 
 
 
 
 
 
Camden Hunter's Creek
Orlando
FL
2000
1,075

270

97%

$1,249


$1.16


$1,468


$1.37

Camden Lago Vista
Orlando
FL
2005
955

366

96%
1,087

1.14

1,306

1.37

Camden LaVina
Orlando
FL
2012
970

420

95%
1,157

1.19

1,383

1.43

Camden Lee Vista
Orlando
FL
2000
937

492

96%
1,050

1.12

1,263

1.35

Camden Orange Court
Orlando
FL
2008
817

268

95%
1,275

1.56

1,504

1.84

Camden Renaissance
Altamonte Springs
FL
1996/1998
899

578

95%
956

1.06

1,156

1.29

Camden Town Square
Orlando
FL
2012
986

438

96%
1,222

1.24

1,409

1.43

Camden Waterford Lakes (2)
Orlando
FL
2013
971

300

96%
1,296

1.33

1,546

1.59

Camden World Gateway
Orlando
FL
2000
979

408

96%
1,161

1.19

1,357

1.39

Total Orlando
9

Properties
951

3,540

96%
1,138

1.20

1,351

1.42

 
 
 
 
 
 
 
 
 
 
 
Camden Bay
Tampa
FL
1997/2001
943

760

96%
1,038

1.10

1,294

1.37

Camden Lakes
St. Petersburg
FL
1982/1983
732

688

96%
880

1.20

1,103

1.51

Camden Montague
Tampa
FL
2012
975

192

96%
1,199

1.23

1,462

1.50

Camden Preserve
Tampa
FL
1996
942

276

96%
1,278

1.36

1,505

1.60

Camden Royal Palms
Brandon
FL
2006
1,017

352

96%
1,087

1.07

1,339

1.32

Camden Visconti (2)
Tampa
FL
2007
1,125

450

96%
1,222

1.09

1,454

1.29

Camden Westchase Park
Tampa
FL
2012
993

348

95%
1,333

1.34

1,599

1.61

Camden Westshore
Tampa
FL
1986
728

278

96%
1,026

1.41

1,264

1.74

Camden Woods
Tampa
FL
1986
1,223

444

97%
1,011

0.83

1,238

1.01

Total Tampa
9
Properties
956

3,788

96%
1,084

1.13

1,325

1.39

 
 
 
 
 
 
 
 
 
 
 
TOTAL FLORIDA
26

Properties
988

10,109

96%
1,312

1.33

1,541

1.56

 

 
 
 
 
 
 
 
 
 
Camden Brookwood
Atlanta
GA
2002
912

359

96%
1,273

1.39

1,450

1.58

Camden Creekstone
Atlanta
GA
2002
990

223

96%
1,175

1.19

1,287

1.30

Camden Deerfield
Alpharetta
GA
2000
1,187

292

96%
1,316

1.11

1,525

1.28

Camden Dunwoody
Atlanta
GA
1997
1,007

324

97%
1,192

1.18

1,385

1.38

Camden Fourth Ward
Atlanta
GA
2014
847

276

96%
1,565

1.85

1,753

2.07

Camden Midtown Atlanta
Atlanta
GA
2001
935

296

95%
1,315

1.41

1,492

1.60

Camden Paces (1)
Atlanta
GA
2015
1,407

379

Lease-Up
2,498

1.77

2,511

1.78

Camden Peachtree City
Peachtree City
GA
2001
1,027

399

95%
1,171

1.14

1,417

1.38

Camden Phipps (2)
Atlanta
GA
1996
1,018

234

95%
1,462

1.44

1,654

1.63

Camden Shiloh
Kennesaw
GA
1999/2002
1,143

232

96%
1,154

1.01

1,375

1.20

Camden St. Clair
Atlanta
GA
1997
999

336

96%
1,211

1.21

1,434

1.44

Camden Stockbridge
Stockbridge
GA
2003
1,009

304

94%
898

0.89

1,077

1.07

Camden Vantage
Atlanta
GA
2010
901

592

95%
1,272

1.41

1,435

1.59

TOTAL GEORGIA
13
Properties
1,026

4,246

95%
1,358

1.32

1,515

1.48

 
 
 
 
 
 
 
 
 
 
 
Camden Bel Air
Las Vegas
NV
1988/1995
943

528

94%
790

0.84

979

1.04

Camden Breeze
Las Vegas
NV
1989
846

320

96%
820

0.97

987

1.17

Camden Canyon
Las Vegas
NV
1995
987

200

95%
965

0.98

1,180

1.20

Camden Commons
Henderson
NV
1988
936

376

94%
851

0.91

1,053

1.13

Camden Cove
Las Vegas
NV
1990
898

124

95%
781

0.87

938

1.05

Camden Del Mar
Las Vegas
NV
1995
986

560

95%
1,032

1.05

1,240

1.26

Camden Fairways
Henderson
NV
1989
896

320

95%
957

1.07

1,172

1.31

Camden Hills
Las Vegas
NV
1991
439

184

95%
555

1.26

721

1.64

Camden Legends
Henderson
NV
1994
792

113

97%
876

1.11

1,010

1.28

Camden Palisades
Las Vegas
NV
1991
905

624

96%
773

0.85

950

1.05

Camden Pines
Las Vegas
NV
1997
982

315

94%
913

0.93

1,102

1.12

Camden Pointe
Las Vegas
NV
1996
983

252

94%
801

0.81

959

0.98

Camden Summit
Henderson
NV
1995
1,187

234

93%
1,192

1.00

1,416

1.19

Camden Tiara
Las Vegas
NV
1996
1,043

400

92%
965

0.93

1,161

1.11

Camden Vintage
Las Vegas
NV
1994
978

368

95%
776

0.79

937

0.96

TOTAL NEVADA (3)
15
Properties
938

4,918

95%
874

0.93

1,060

1.13

 
 
 
 
 
 
 
 
 
 
 
Camden Ballantyne
Charlotte
NC
1998
1,045

400

95%
1,197

1.14

1,431

1.37

Camden Cotton Mills
Charlotte
NC
2002
905

180

96%
1,444

1.60

1,637

1.81

Camden Dilworth
Charlotte
NC
2006
857

145

97%
1,416

1.65

1,639

1.91

Camden Fairview
Charlotte
NC
1983
1,036

135

98%
1,119

1.08

1,333

1.29

Camden Foxcroft
Charlotte
NC
1979
940

156

96%
973

1.04

1,175

1.25

Camden Grandview
Charlotte
NC
2000
1,057

266

95%
1,598

1.51

1,772

1.67

Camden Sedgebrook
Charlotte
NC
1999
972

368

97%
1,036

1.07

1,258

1.29

Camden Simsbury
Charlotte
NC
1985
874

100

96%
1,094

1.25

1,286

1.47

Camden South End Square
Charlotte
NC
2003
882

299

97%
1,339

1.52

1,538

1.74

Camden Southline (2)
Charlotte
NC
2015
831

266

95%
1,364

1.64

1,556

1.87

Camden Stonecrest
Charlotte
NC
2001
1,098

306

96%
1,247

1.14

1,452

1.32

Camden Touchstone
Charlotte
NC
1986
899

132

97%
959

1.07

1,132

1.26

Total Charlotte
12
Properties
966

2,753

96%

$1,248


$1.29


$1,451


$1.50






29


 
 
 
CAMDEN
 
COMMUNITY TABLE
 
 
Community statistics as of 3/31/2016

(Unaudited)
 
 
 
 
 
 
1Q16 Avg Monthly
1Q16 Avg Monthly
 
 
 
Year Placed
Average
Apartment
1Q16 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

95%

$1,105


$1.09


$1,214


$1.20

Camden Crest
Raleigh
NC
2001
1,013

438

92%
957

0.94

1,161

1.15

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

242

97%
975

0.93

1,218

1.16

Camden Lake Pine
Apex
NC
1999
1,066

446

95%
1,018

0.95

1,241

1.16

Camden Manor Park
Raleigh
NC
2006
966

484

96%
1,003

1.04

1,203

1.24

Camden Overlook
Raleigh
NC
2001
1,060

320

96%
1,138

1.07

1,372

1.29

Camden Reunion Park
Apex
NC
2000/2004
972

420

94%
891

0.92

1,099

1.13

Camden Westwood
Morrisville
NC
1999
1,027

354

95%
964

0.94

1,191

1.16

Total Raleigh
8
Properties
1,016

3,054

95%
1,002

0.99

1,207

1.19

 
 
 
 
 
 
 
 
 
 
 
TOTAL NORTH CAROLINA
20
Properties
992

5,807

95%
1,119

1.13

1,324

1.33

 
 
 
 
 
 
 
 
 
 
 
Camden Amber Oaks (2)
Austin
TX
2009
862

348

95%
1,021

1.18

1,268

1.47

Camden Amber Oaks II (2)
Austin
TX
2012
910

244

97%
1,100

1.21

1,343

1.48

Camden Brushy Creek (2)
Cedar Park
TX
2008
882

272

96%
1,061

1.20

1,215

1.38

Camden Cedar Hills
Austin
TX
2008
911

208

97%
1,198

1.31

1,439

1.58

Camden Gaines Ranch
Austin
TX
1997
955

390

96%
1,330

1.39

1,552

1.62

Camden Huntingdon
Austin
TX
1995
903

398

95%
1,042

1.15

1,284

1.42

Camden La Frontera
Austin
TX
2015
901

300

94%
1,147

1.27

1,390

1.54

Camden Lamar Heights
Austin
TX
2015
838

314

95%
1,382

1.65

1,588

1.89

Camden Shadow Brook (2)
Austin
TX
2009
909

496

96%
1,102

1.21

1,250

1.38

Camden Stoneleigh
Austin
TX
2001
908

390

97%
1,189

1.31

1,419

1.56

Total Austin
10

Properties
899

3,360

96%
1,156

1.28

1,370

1.52

 
 
 
 
 
 
 
 
 
 
 
Camden Breakers
Corpus Christi
TX
1996
868

288

94%
1,173

1.35

1,421

1.64

Camden Copper Ridge
Corpus Christi
TX
1986
775

344

91%
882

1.14

1,073

1.38

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

1,005

95%
1,185

2.40

1,351

2.73

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

270

94%
1,261

1.20

1,434

1.36

Total Corpus Christi
4

Properties
681

1,907

93%
1,139

1.67

1,325

1.95

 
 
 
 
 
 
 
 
 
 
 
Camden Addison
Addison
TX
1996
942

456

97%
1,092

1.16

1,284

1.36

Camden Belmont
Dallas
TX
2010/2012
945

477

96%
1,418

1.50

1,558

1.65

Camden Buckingham
Richardson
TX
1997
919

464

96%
1,128

1.23

1,353

1.47

Camden Centreport
Ft. Worth
TX
1997
911

268

96%
1,032

1.13

1,201

1.32

Camden Cimarron
Irving
TX
1992
772

286

97%
1,090

1.41

1,311

1.70

Camden Design District (2)
Dallas
TX
2009
939

355

96%
1,335

1.42

1,451

1.55

Camden Farmers Market
Dallas
TX
2001/2005
932

904

96%
1,233

1.32

1,442

1.55

Camden Henderson
Dallas
TX
2012
967

106

95%
1,524

1.58

1,698

1.76

Camden Legacy Creek
Plano
TX
1995
831

240

98%
1,143

1.38

1,333

1.60

Camden Legacy Park
Plano
TX
1996
871

276

98%
1,149

1.32

1,335

1.53

Camden Panther Creek (2)
Frisco
TX
2009
946

295

96%
1,135

1.20

1,307

1.38

Camden Riverwalk (2)
Grapevine
TX
2008
982

600

94%
1,332

1.36

1,477

1.50

Camden Valley Park
Irving
TX
1986
743

516

96%
1,001

1.35

1,183

1.59

Total Dallas/Ft. Worth
13

Properties
905

5,243

96%
1,197

1.32

1,377

1.52

 
 
 
 
 
 
 
 
 
 
 
Camden City Centre
Houston
TX
2007
932

379

93%
1,628

1.75

1,827

1.96

Camden City Centre II
Houston
TX
2013
868

268

95%
1,684

1.94

1,874

2.16

Camden Cypress Creek (2)
Cypress
TX
2009
993

310

92%
1,231

1.24

1,372

1.38

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

318

94%
1,247

1.16

1,406

1.31

Camden Grand Harbor (2)
Katy
TX
2008
959

300

94%
1,175

1.23

1,325

1.38

Camden Greenway
Houston
TX
1999
861

756

96%
1,422

1.65

1,621

1.88

Camden Heights (2)
Houston
TX
2004
927

352

91%
1,528

1.65

1,683

1.81

Camden Holly Springs
Houston
TX
1999
934

548

94%
1,261

1.35

1,442

1.54

Camden Midtown
Houston
TX
1999
844

337

93%
1,687

2.00

1,821

2.16

Camden Northpointe (2)
Tomball
TX
2008
940

384

94%
1,107

1.18

1,281

1.36

Camden Oak Crest
Houston
TX
2003
870

364

95%
1,137

1.31

1,306

1.50

Camden Park
Houston
TX
1995
866

288

93%
1,113

1.29

1,296

1.50

Camden Plaza
Houston
TX
2007
915

271

95%
1,589

1.74

1,789

1.96

Camden Post Oak
Houston
TX
2003
1,200

356

90%
2,567

2.14

2,645

2.20

Camden Royal Oaks
Houston
TX
2006
923

236

96%
1,299

1.41

1,370

1.48

Camden Royal Oaks II
Houston
TX
2012
1,054

104

94%
1,507

1.43

1,584

1.50

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

304

94%
1,253

1.16

1,381

1.28

Camden Stonebridge
Houston
TX
1993
845

204

93%
1,123

1.33

1,306

1.54

Camden Sugar Grove
Stafford
TX
1997
921

380

95%
1,146

1.24

1,313

1.43

Camden Travis Street
Houston
TX
2010
819

253

95%
1,577

1.93

1,793

2.19

Camden Vanderbilt
Houston
TX
1996/1997
863

894

95%
1,474

1.71

1,662

1.93

Camden Whispering Oaks
Houston
TX
2008
934

274

95%
1,266

1.35

1,418

1.51

Camden Woodson Park (2)
Houston
TX
2008
916

248

94%
1,185

1.29

1,313

1.43

Camden Yorktown (2)
Houston
TX
2008
995

306

93%
1,168

1.17

1,343

1.35

Total Houston
24

Properties
930

8,434

94%
1,399

1.50

1,562

1.68

 
 
 
 
 
 
 
 
 
 
 
TOTAL TEXAS
51

Properties
892

18,944

95%
1,274

1.43

1,452

1.63

 
 
 
 
 
 
 
 
 
 
 
TOTAL PROPERTIES
173

Properties
951

60,172

95%

$1,327


$1.40


$1,524


$1.60

(1) Completed communities in lease-up as of March 31, 2016 are excluded from total occupancy numbers.
(2) Communities owned through investment in joint venture.
(3) All Nevada assets were disposed of subsequent to quarter end.
(4) Miramar is a student housing community which is excluded from total occupancy numbers.

30