8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 28, 2016

CAMDEN PROPERTY TRUST

(Exact name of Registrant as Specified in Charter)

Texas	1-12110	76-6088377
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

11 Greenway Plaza, Suite 2400, Houston, Texas 77046

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (713) 354-2500

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02Results of Operations and Financial Condition.

On July 28, 2016, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and six months ended June 30, 2016. This press release refers to supplemental financial information available on the Company’s website. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01Financial Statements and Exhibits.

(c)Exhibits.

Exhibit

Number Title

99.1 Press Release issued by Camden Property Trust dated July 28, 2016.

99.2 Supplemental Financial Information dated July 28, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 29, 2016

CAMDEN PROPERTY TRUST

By:/s/ Michael P. Gallagher    

Michael P. Gallagher

Senior Vice President - Chief Accounting Officer

EXHIBIT INDEX

Exhibit

Number Title

99.1 Press Release issued by Camden Property Trust dated July 28, 2016.

99.2 Supplemental Financial Information dated July 28, 2016.

EX-99.1

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2016 OPERATING RESULTS

Houston, TEXAS (July 28, 2016) - Camden Property Trust (NYSE:CPT) today announced operating results for the three and six months ended June 30, 2016. Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and Net Income Attributable to Common Shareholders (“EPS”) for the three and six months ended June 30, 2016 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

	Three Months Ended		Six Months Ended
	June 30		June 30
Per Diluted Share	2016	2015	2016	2015
FFO	$1.15	$1.12	$2.35	$2.20
AFFO	$0.99	$0.92	$2.09	$1.88
EPS	$4.92	$0.40	$5.38	$1.68

	Quarterly Growth		Sequential Growth		Year to Date Growth
Same Property Results	2Q16 vs. 2Q15		2Q16 vs. 1Q16		2016 vs. 2015
Revenues	4.3	%	1.6	%	4.6	%
Expenses	5.3	%	3.1	%	3.8	%
Net Operating Income ("NOI")	3.7	%	0.8	%	5.1	%

Same Property Results	2Q16		2Q15		1Q16
Occupancy	95.5	%	96.0	%	95.4	%

“We are pleased to report another quarter of strong performance, with earnings and operating results in line with our expectations,” said Richard Campo, Camden’s Chairman and CEO. “Same property growth remains above long-term trend and consistent with our projections, and we are proceeding well with our planned dispositions of over $1 billion of assets this year. As a result, we are maintaining the midpoint of our prior guidance ranges for both same property growth and FFO per share.”

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

Development Activity

Lease-up was completed during the quarter at Camden Paces in Atlanta, GA.

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

		Total	Total	% Leased
Community Name	Location	Units	Cost	as of 7/24/2016
Camden Glendale	Glendale, CA	303	$113.5	92	%
Camden Chandler	Chandler, AZ	380	67.7	77	%
TOTAL		683	$181.2

Development Communities - Construction Ongoing ($ in millions)

		Total	Total	% Leased
Community Name	Location	Units	Budget	as of 7/24/2016
Camden Gallery	Charlotte, NC	323	$58.0	55	%
Camden Victory Park	Dallas, TX	423	82.0	45	%
The Camden	Los Angeles, CA	287	145.0	41	%
Camden Lincoln Station	Denver, CO	267	56.0
Camden NoMa II	Washington, DC	405	115.0
Camden Shady Grove	Rockville, MD	457	116.0
Camden McGowen Station	Houston, TX	315	90.0
TOTAL		2,477	$662.0

Acquisition/Disposition Activity

During the quarter 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 also sold Camden Westshore in Tampa, FL for $39 million. Subsequent to quarter-end, the Company sold Camden Summerfield I and II in Landover, MD for $110 million, and Camden Clearbrook in Frederick, MD for $61 million.

The Company is also marketing several additional communities for sale and expects these future sales to total approximately $310 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 provided guidance for third quarter 2016 as detailed below.

Per Diluted Share	3Q16	2016
FFO	$1.07 - $1.11	$4.50 - $4.60
EPS	$1.02 - $1.06	$6.73 - $6.83

Same Property Growth	2016 Range	2016 Midpoint
Revenues	3.85% - 4.35%	4.10%
Expenses	3.50% - 4.00%	3.75%
NOI	4.00% - 4.50%	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.

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 $4.00 - $4.50 per share. The company expects to pay the dividend in the third quarter of 2016. All future dividends remain subject to the discretion of the Company's Board of Trust Managers and no assurances are made regarding the amount, form of payment, or timing of any dividends.

Conference Call

Friday, July 29, 2016 at 11:00 AM CT

Domestic Dial-In Number: (888) 317-6003

International Dial-In Number: (412) 317-6061

Passcode: 1942439

Webcast: http://services.choruscall.com/links/cpt160729

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden 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 154 properties containing 54,214 apartment homes across the United States. Upon completion of 7 properties under development, the Company’s portfolio will increase to 56,691 apartment homes in 161 properties. Camden was recently named by FORTUNE® Magazine for the ninth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #9.

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

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

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
OPERATING DATA
Property revenues
Rental revenues		$189,246			$178,313			$376,365			$353,533
Other property revenues	32,232			28,119			62,708			54,507
Total property revenues	221,478			206,432			439,073			408,040
Property expenses
Property operating and maintenance	52,856			49,169			103,125			98,020
Real estate taxes	27,300			24,581			54,180			49,258
Total property expenses	80,156			73,750			157,305			147,278
Non-property income
Fee and asset management	1,791			1,618			3,556			3,181
Interest and other income	215			141			439			201
Income/(loss) on deferred compensation plans	1,224			(297		)	1,287			1,567
Total non-property income	3,230			1,462			5,282			4,949
Other expenses
Property management	6,417			5,931			13,557			11,723
Fee and asset management	998			1,121			1,950			2,197
General and administrative	11,803			11,582			24,026			21,330
Interest (a)	23,070			24,846			46,860			49,898
Depreciation and amortization	62,456			59,940			124,547			117,924
Expense/(benefit) on deferred compensation plans	1,224			(297		)	1,287			1,567
Total other expenses	105,968			103,123			212,227			204,639
Gain on sale of operating properties, including land	32,235			—			32,678			85,192
Equity in income of joint ventures	1,689			1,531			3,186			2,913
Income from continuing operations before income taxes	72,508			32,552			110,687			149,177
Income tax expense	(489		)	(407		)	(804		)	(836		)
Income from continuing operations	72,019			32,145			109,883			148,341
Income from discontinued operations	2,529			5,056			7,605			9,925
Gain on sale of discontinued operations, net of tax	375,237			—			375,237			—
Net income	449,785			37,201			492,725			158,266
Less income allocated to non-controlling interests from continuing operations	(3,483		)	(1,122		)	(4,693		)	(6,588		)
Net income attributable to common shareholders		$446,302			$36,079			$488,032			$151,678
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$449,785			$37,201			$492,725			$158,266
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	33			37			65			74
Comprehensive income	449,818			37,238			492,790			158,340
Less income allocated to non-controlling interests from continuing operations	(3,483		)	(1,122		)	(4,693		)	(6,588		)
Comprehensive income attributable to common shareholders		$446,335			$36,116			$488,097			$151,752
PER SHARE DATA
Total earnings per common share - basic		$4.94			$0.40			$5.40			$1.69
Total earnings per common share - diluted	4.92			0.40			5.38			1.68
Earnings per share from continuing operations - basic	0.72			0.34			1.12			1.58
Earnings per share from continuing operations - diluted	0.72			0.34			1.12			1.57
Weighted average number of common shares outstanding:
Basic	89,559			89,153			89,451			89,071
Diluted	89,862			90,252			89,780			90,496

(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 the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
FUNDS FROM OPERATIONS
Net income attributable to common shareholders		$446,302			$36,079			$488,032			$151,678
Real estate depreciation and amortization	60,945			58,630			121,430			115,089
Real estate depreciation from discontinued operations	—			3,973			4,327			7,877
Adjustments for unconsolidated joint ventures	2,320			2,237			4,678			4,482
Income allocated to non-controlling interests	3,483			1,122			4,693			6,588
Gain on sale of operating properties, net of tax	(32,235		)	—			(32,235		)	(85,145		)
Gain on sale of discontinued operations, net of tax	(375,237		)	—			(375,237		)	—
Funds from operations		$105,578			$102,041			$215,688			$200,569
Less: recurring capitalized expenditures (a)	(15,069		)	(17,894		)	(24,363		)	(28,538		)
Adjusted funds from operations - diluted		$90,509			$84,147			$191,325			$172,031
PER SHARE DATA
Funds from operations - diluted		$1.15			$1.12			$2.35			$2.20
Adjusted funds from operations - diluted	0.99			0.92			2.09			1.88
Distributions declared per common share	0.75			0.70			1.50			1.40
Weighted average number of common shares outstanding:
FFO/AFFO - diluted	91,753			91,338			91,673			91,307
PROPERTY DATA
Total operating properties (end of period) (b)	157			169			157			169
Total operating apartment homes in operating properties (end of period) (b)	54,984			58,680			54,984			58,680
Total operating apartment homes (weighted average)	49,309			51,762			50,931			51,660
Total operating apartment homes - excluding discontinued operations (weighted average)	47,943			46,844			47,789			46,742

(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 the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN	BALANCE SHEET
	(In thousands)

(Unaudited)

	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
ASSETS
Real estate assets, at cost
Land		$989,097			$998,519			$989,247			$990,035			$975,211
Buildings and improvements	5,956,361			5,978,843			5,911,432			5,890,751			5,769,476
	6,945,458			6,977,362			6,900,679			6,880,786			6,744,687
Accumulated depreciation	(1,855,678		)	(1,841,107		)	(1,780,694		)	(1,730,929		)	(1,671,189		)
Net operating real estate assets	5,089,780			5,136,255			5,119,985			5,149,857			5,073,498
Properties under development, including land	446,740			489,730			486,918			439,777			484,663
Investments in joint ventures	31,142			32,568			33,698			34,705			35,731
Properties held for sale, including land
Operating properties held for sale (a)	105,254			—			—			—			—
Discontinued operations held for sale (b)	—			238,417			239,063			237,635			238,640
Total real estate assets	5,672,916			5,896,970			5,879,664			5,861,974			5,832,532
Accounts receivable – affiliates	24,008			24,011			25,100			25,053			25,855
Other assets, net (c)	139,263			107,161			116,260			118,985			108,220
Cash and cash equivalents	341,726			6,935			10,617			10,375			16,508
Restricted cash	21,561			5,378			5,971			6,126			5,791
Total assets		$6,199,474			$6,040,455			$6,037,612			$6,022,513			$5,988,906
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,582,077			$1,866,502			$1,824,930			$1,803,360			$1,761,793
Secured	898,723			899,315			899,757			900,472			901,032
Accounts payable and accrued expenses	140,864			140,991			133,353			131,532			128,532
Accrued real estate taxes	46,801			25,499			45,223			57,642			43,905
Distributions payable	69,116			69,020			64,275			64,276			64,253
Other liabilities (d)	117,023			86,423			97,814			96,679			100,515
Total liabilities	2,854,604			3,087,750			3,065,352			3,053,961			3,000,030
Commitments and contingencies
Non-qualified deferred compensation share awards	72,480			88,550			79,364			72,316			69,791
Equity
Common shares of beneficial interest	978			975			976			976			976
Additional paid-in capital	3,673,237			3,658,372			3,662,864			3,660,482			3,657,537
Distributions in excess of net income attributable to common shareholders	(104,004		)	(491,275		)	(458,577		)	(452,257		)	(426,614		)
Treasury shares, at cost	(373,914		)	(378,032		)	(386,793		)	(387,114		)	(387,172		)
Accumulated other comprehensive loss (e)	(1,848		)	(1,881		)	(1,913		)	(2,307		)	(2,345		)
Total common equity	3,194,449			2,788,159			2,816,557			2,819,780			2,842,382
Non-controlling interests	77,941			75,996			76,339			76,456			76,703
Total equity	3,272,390			2,864,155			2,892,896			2,896,236			2,919,085
Total liabilities and equity		$6,199,474			$6,040,455			$6,037,612			$6,022,513			$5,988,906
(a) Operating properties held for sale includes one dual-phase property and one operating property as of June 30, 2016 which were each subsequently sold in July.
(b) All prior periods presented have been changed to present the 15 operating properties, 19.6 acres of land, and retail center located in Las Vegas, Nevada, which were classified as held for sale at March 31, 2016 and subsequently sold on April 26, 2016. (See page 19 for additional information relating to this sale).
(c) Includes net deferred charges of:		$2,353			$2,600			$2,851			$3,077			$59
(d) Includes deferred revenues of:		$831			$1,797			$1,768			$1,918			$843
(e) Represents the unrealized net loss and unamortized prior service costs on post retirement obligation, and unrealized loss on cash flow hedging activities.

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 June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net income attributable to common shareholders		$446,302			$36,079			$488,032			$151,678
Real estate depreciation and amortization	60,945			58,630			121,430			115,089
Real estate depreciation from discontinued operations	—			3,973			4,327			7,877
Adjustments for unconsolidated joint ventures	2,320			2,237			4,678			4,482
Income allocated to non-controlling interests	3,483			1,122			4,693			6,588
Gain on sale of operating properties, net of tax	(32,235		)	—			(32,235		)	(85,145		)
Gain on sale of discontinued operations, net of tax	(375,237		)	—			(375,237		)	—
Funds from operations		$105,578			$102,041			$215,688			$200,569
Less: recurring capitalized expenditures	(15,069		)	(17,894		)	(24,363		)	(28,538		)
Adjusted funds from operations		$90,509			$84,147			$191,325			$172,031
Weighted average number of common shares outstanding:
EPS diluted	89,862			90,252			89,780			90,496
FFO/AFFO diluted	91,753			91,338			91,673			91,307
Total earnings per common share - diluted		$4.92			$0.40			$5.38			$1.68
FFO per common share - diluted		$1.15			$1.12			$2.35			$2.20
AFFO per common share - diluted		$0.99			$0.92			$2.09			$1.88

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:

	3Q16			Range			2016			Range
	Low			High			Low			High
Expected earnings per common share - diluted		$1.02			$1.06			$6.73			$6.83
Expected real estate depreciation and amortization	0.73			0.73			2.85			2.85
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			0.08			0.08
Reported (gain) on sale of operating properties	—			—			(0.36		)	(0.36		)
Reported (gain) on sale of discontinued operations	—			—			(4.18		)	(4.18		)
Estimated (gain) on properties held for sale	(0.72		)	(0.72		)	(0.72		)	(0.72		)
Expected FFO per share - diluted		$1.07			$1.11			$4.50			$4.60

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

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

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Net income		$449,785			$37,201			$492,725			$158,266
Less: Fee and asset management income	(1,791		)	(1,618		)	(3,556		)	(3,181		)
Less: Interest and other income	(215		)	(141		)	(439		)	(201		)
Less: Income/(loss) on deferred compensation plans	(1,224		)	297			(1,287		)	(1,567		)
Plus: Property management expense	6,417			5,931			13,557			11,723
Plus: Fee and asset management expense	998			1,121			1,950			2,197
Plus: General and administrative expense	11,803			11,582			24,026			21,330
Plus: Interest expense	23,070			24,846			46,860			49,898
Plus: Depreciation and amortization expense	62,456			59,940			124,547			117,924
Plus: Expense/(benefit) on deferred compensation plans	1,224			(297		)	1,287			1,567
Less: Gain on sale of operating properties, including land	(32,235		)	—			(32,678		)	(85,192		)
Less: Equity in income of joint ventures	(1,689		)	(1,531		)	(3,186		)	(2,913		)
Plus: Income tax expense	489			407			804			836
Less: Income from discontinued operations	(2,529		)	(5,056		)	(7,605		)	(9,925		)
Less: Gain on sale of discontinued operations, net of tax	(375,237		)	—			(375,237		)	—
Net Operating Income (NOI)		$141,322			$132,682			$281,768			$260,762
"Same Property" Communities		$122,611			$118,208			$244,254			$232,506
Non-"Same Property" Communities	12,092			9,708			25,066			18,497
Development and Lease-Up Communities	2,392			224			4,052			249
Dispositions/Other	4,227			4,542			8,396			9,510
Net Operating Income (NOI)		$141,322			$132,682			$281,768			$260,762

Adjusted EBITDA

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

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Net income attributable to common shareholders		$446,302			$36,079			$488,032			$151,678
Plus: Interest expense	23,070			24,846			46,860			49,898
Plus: Depreciation and amortization expense	62,456			59,940			124,547			117,924
Plus: Income allocated to non-controlling interests from continuing operations	3,483			1,122			4,693			6,588
Plus: Income tax expense	489			407			804			836
Plus: Real estate depreciation from discontinued operations	—			3,973			4,327			7,877
Less: Gain on sale of operating properties, including land	(32,235		)	—			(32,678		)	(85,192		)
Less: Equity in income of joint ventures	(1,689		)	(1,531		)	(3,186		)	(2,913		)
Less: Gain on sale of discontinued operations, net of tax	(375,237		)	—			(375,237		)	—
Adjusted EBITDA		$126,639			$124,836			$258,162			$246,696

EX-99.2

CAMDEN TABLE OF CONTENTS

	Page
Press Release Text	3
Financial Highlights	6
Operating Results	7
Funds from Operations	8
Balance Sheets	9
Portfolio Statistics	10
Components of Property Net Operating Income	11
"Same Property" Second Quarter Comparisons	12
"Same Property" Sequential Quarter Comparisons	13
"Same Property" Year to Date Comparisons	14
"Same Property" Operating Expense Detail & Comparisons	15
Joint Venture Operations	16
Current Development Communities	17
Development Pipeline & Land	18
Acquisitions and Dispositions	19
Debt Analysis	20
Debt Maturity Analysis	21
Debt Covenant Analysis	22
Unconsolidated Real Estate Investments Debt Analysis	23
Unconsolidated Real Estate Investments Debt Maturity Analysis	24
Capitalized Expenditures & Maintenance Expense	25
Non-GAAP Financial Measures - Definitions & Reconciliations	26
Other Data	28
Community Table	29

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

2

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2016 OPERATING RESULTS

Houston, TEXAS (July 28, 2016) - Camden Property Trust (NYSE:CPT) today announced operating results for the three and six months ended June 30, 2016. Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), and Net Income Attributable to Common Shareholders (“EPS”) for the three and six months ended June 30, 2016 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

	Three Months Ended		Six Months Ended
	June 30		June 30
Per Diluted Share	2016	2015	2016	2015
FFO	$1.15	$1.12	$2.35	$2.20
AFFO	$0.99	$0.92	$2.09	$1.88
EPS	$4.92	$0.40	$5.38	$1.68

	Quarterly Growth		Sequential Growth		Year to Date Growth
Same Property Results	2Q16 vs. 2Q15		2Q16 vs. 1Q16		2016 vs. 2015
Revenues	4.3	%	1.6	%	4.6	%
Expenses	5.3	%	3.1	%	3.8	%
Net Operating Income ("NOI")	3.7	%	0.8	%	5.1	%

Same Property Results	2Q16		2Q15		1Q16
Occupancy	95.5	%	96.0	%	95.4	%

“We are pleased to report another quarter of strong performance, with earnings and operating results in line with our expectations,” said Richard Campo, Camden’s Chairman and CEO. “Same property growth remains above long-term trend and consistent with our projections, and we are proceeding well with our planned dispositions of over $1 billion of assets this year. As a result, we are maintaining the midpoint of our prior guidance ranges for both same property growth and FFO per share.”

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

Development Activity

Lease-up was completed during the quarter at Camden Paces in Atlanta, GA.

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

		Total	Total	% Leased
Community Name	Location	Units	Cost	as of 7/24/2016
Camden Glendale	Glendale, CA	303	$113.5	92	%
Camden Chandler	Chandler, AZ	380	67.7	77	%
TOTAL		683	$181.2

3

Development Communities - Construction Ongoing ($ in millions)

		Total	Total	% Leased
Community Name	Location	Units	Budget	as of 7/24/2016
Camden Gallery	Charlotte, NC	323	$58.0	55	%
Camden Victory Park	Dallas, TX	423	82.0	45	%
The Camden	Los Angeles, CA	287	145.0	41	%
Camden Lincoln Station	Denver, CO	267	56.0
Camden NoMa II	Washington, DC	405	115.0
Camden Shady Grove	Rockville, MD	457	116.0
Camden McGowen Station	Houston, TX	315	90.0
TOTAL		2,477	$662.0

Acquisition/Disposition Activity

During the quarter 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 also sold Camden Westshore in Tampa, FL for $39 million. Subsequent to quarter-end, the Company sold Camden Summerfield I and II in Landover, MD for $110 million, and Camden Clearbrook in Frederick, MD for $61 million.

The Company is also marketing several additional communities for sale and expects these future sales to total approximately $310 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 provided guidance for third quarter 2016 as detailed below.

Per Diluted Share	3Q16	2016
FFO	$1.07 - $1.11	$4.50 - $4.60
EPS	$1.02 - $1.06	$6.73 - $6.83

Same Property Growth	2016 Range	2016 Midpoint
Revenues	3.85% - 4.35%	4.10%
Expenses	3.50% - 4.00%	3.75%
NOI	4.00% - 4.50%	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.

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 $4.00 - $4.50 per share. The company expects to pay the dividend in the third quarter of 2016. All future dividends remain subject to the discretion of the Company's Board of Trust Managers and no assurances are made regarding the amount, form of payment, or timing of any dividends.

Conference Call

Friday, July 29, 2016 at 11:00 AM CT

Domestic Dial-In Number: (888) 317-6003

International Dial-In Number: (412) 317-6061

Passcode: 1942439

Webcast: http://services.choruscall.com/links/cpt160729

4

Supplemental financial information is available in the Investors section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (713) 354-2787.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden 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 154 properties containing 54,214 apartment homes across the United States. Upon completion of 7 properties under development, the Company’s portfolio will increase to 56,691 apartment homes in 161 properties. Camden was recently named by FORTUNE® Magazine for the ninth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #9.

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

5

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

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Total property revenues (a)		$221,478			$206,432			$439,073			$408,040
Adjusted EBITDA	126,639			124,836			258,162			246,696
Net income attributable to common shareholders	446,302			36,079			488,032			151,678
Per share - basic	4.94			0.40			5.40			1.69
Per share - diluted	4.92			0.40			5.38			1.68
Income from continuing operations attributable to common shareholders	68,536			31,023			105,190			141,753
Per share - basic	0.72			0.34			1.12			1.58
Per share - diluted	0.72			0.34			1.12			1.57
Funds from operations	105,578			102,041			215,688			200,569
Per share - diluted	1.15			1.12			2.35			2.20
Adjusted funds from operations	90,509			84,147			191,325			172,031
Per share - diluted	0.99			0.92			2.09			1.88
Dividends per share	0.75			0.70			1.50			1.40
Dividend payout ratio (FFO)	65.2		%	62.5		%	63.8		%	63.6		%
Interest expensed (b)	23,070			24,846			46,860			49,898
Interest capitalized (b)	4,690			5,206			9,295			10,601
Total interest incurred (b)	27,760			30,052			56,155			60,499
Principal amortization (b)	592			550			1,034			1,096
Net Debt to Annualized Adjusted EBITDA (b)(c)	4.3x			5.3x			4.8x			5.3x
Interest expense coverage ratio (b)	5.5x			5.0x			5.5x			4.9x
Total interest coverage ratio (b)	4.6x			4.2x			4.6x			4.1x
Fixed charge expense coverage ratio (b)	5.4x			4.9x			5.4x			4.8x
Total fixed charge coverage ratio (b)	4.5x			4.1x			4.5x			4.0x
Unencumbered real estate assets (at cost) to unsecured debt ratio (b)	3.8x			3.3x			3.8x			3.3x
Same property NOI increase (d)	3.7		%	5.9		%	5.1		%	4.8		%
(# of apartment homes included)	41,931			47,878			41,931			47,878
Gross turnover of apartment homes (annualized)	61%			64%			56		%	58		%
Net turnover (excludes on-site transfers and transfers to other Camden communities)	51%			54%			47		%	48		%
							As of June 30,
							2016			2015
Total assets								$6,199,474			$5,988,906
Total debt								$2,480,800			$2,662,825
Common and common equivalent shares, outstanding end of period (e)							91,819			91,367
Share price, end of period								$88.42			$74.28
Book equity value, end of period (f)								$3,344,870			$2,988,876
Market equity value, end of period (g)								$8,118,636			$6,786,741

(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 the average Notes Payable less the average Cash balance over the period. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by either 4 for quarter results or 2 for 6 month 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 June 30, 2016: 89,930 common shares (including 294 common share equivalents related to share awards & options), plus 1,889 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 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 June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
OPERATING DATA
Property revenues
Rental revenues		$189,246			$178,313			$376,365			$353,533
Other property revenues	32,232			28,119			62,708			54,507
Total property revenues	221,478			206,432			439,073			408,040
Property expenses
Property operating and maintenance	52,856			49,169			103,125			98,020
Real estate taxes	27,300			24,581			54,180			49,258
Total property expenses	80,156			73,750			157,305			147,278
Non-property income
Fee and asset management	1,791			1,618			3,556			3,181
Interest and other income	215			141			439			201
Income/(loss) on deferred compensation plans	1,224			(297		)	1,287			1,567
Total non-property income	3,230			1,462			5,282			4,949
Other expenses
Property management	6,417			5,931			13,557			11,723
Fee and asset management	998			1,121			1,950			2,197
General and administrative	11,803			11,582			24,026			21,330
Interest (a)	23,070			24,846			46,860			49,898
Depreciation and amortization	62,456			59,940			124,547			117,924
Expense/(benefit) on deferred compensation plans	1,224			(297		)	1,287			1,567
Total other expenses	105,968			103,123			212,227			204,639
Gain on sale of operating properties, including land	32,235			—			32,678			85,192
Equity in income of joint ventures	1,689			1,531			3,186			2,913
Income from continuing operations before income taxes	72,508			32,552			110,687			149,177
Income tax expense	(489		)	(407		)	(804		)	(836		)
Income from continuing operations	72,019			32,145			109,883			148,341
Income from discontinued operations	2,529			5,056			7,605			9,925
Gain on sale of discontinued operations, net of tax	375,237			—			375,237			—
Net income	449,785			37,201			492,725			158,266
Less income allocated to non-controlling interests from continuing operations	(3,483		)	(1,122		)	(4,693		)	(6,588		)
Net income attributable to common shareholders		$446,302			$36,079			$488,032			$151,678
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$449,785			$37,201			$492,725			$158,266
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	33			37			65			74
Comprehensive income	449,818			37,238			492,790			158,340
Less income allocated to non-controlling interests from continuing operations	(3,483		)	(1,122		)	(4,693		)	(6,588		)
Comprehensive income attributable to common shareholders		$446,335			$36,116			$488,097			$151,752
PER SHARE DATA
Total earnings per common share - basic		$4.94			$0.40			$5.40			$1.69
Total earnings per common share - diluted	4.92			0.40			5.38			1.68
Earnings per share from continuing operations - basic	0.72			0.34			1.12			1.58
Earnings per share from continuing operations - diluted	0.72			0.34			1.12			1.57
Weighted average number of common shares outstanding:
Basic	89,559			89,153			89,451			89,071
Diluted	89,862			90,252			89,780			90,496

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

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

7

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

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
FUNDS FROM OPERATIONS
Net income attributable to common shareholders		$446,302			$36,079			$488,032			$151,678
Real estate depreciation and amortization	60,945			58,630			121,430			115,089
Real estate depreciation from discontinued operations	—			3,973			4,327			7,877
Adjustments for unconsolidated joint ventures	2,320			2,237			4,678			4,482
Income allocated to non-controlling interests	3,483			1,122			4,693			6,588
Gain on sale of operating properties, net of tax	(32,235		)	—			(32,235		)	(85,145		)
Gain on sale of discontinued operations, net of tax	(375,237		)	—			(375,237		)	—
Funds from operations		$105,578			$102,041			$215,688			$200,569
Less: recurring capitalized expenditures (a)	(15,069		)	(17,894		)	(24,363		)	(28,538		)
Adjusted funds from operations - diluted		$90,509			$84,147			$191,325			$172,031
PER SHARE DATA
Funds from operations - diluted		$1.15			$1.12			$2.35			$2.20
Adjusted funds from operations - diluted	0.99			0.92			2.09			1.88
Distributions declared per common share	0.75			0.70			1.50			1.40
Weighted average number of common shares outstanding:
FFO/AFFO - diluted	91,753			91,338			91,673			91,307
PROPERTY DATA
Total operating properties (end of period) (b)	157			169			157			169
Total operating apartment homes in operating properties (end of period) (b)	54,984			58,680			54,984			58,680
Total operating apartment homes (weighted average)	49,309			51,762			50,931			51,660
Total operating apartment homes - excluding discontinued operations (weighted average)	47,943			46,844			47,789			46,742

(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)

	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
ASSETS
Real estate assets, at cost
Land		$989,097			$998,519			$989,247			$990,035			$975,211
Buildings and improvements	5,956,361			5,978,843			5,911,432			5,890,751			5,769,476
	6,945,458			6,977,362			6,900,679			6,880,786			6,744,687
Accumulated depreciation	(1,855,678		)	(1,841,107		)	(1,780,694		)	(1,730,929		)	(1,671,189		)
Net operating real estate assets	5,089,780			5,136,255			5,119,985			5,149,857			5,073,498
Properties under development, including land	446,740			489,730			486,918			439,777			484,663
Investments in joint ventures	31,142			32,568			33,698			34,705			35,731
Properties held for sale, including land
Operating properties held for sale (a)	105,254			—			—			—			—
Discontinued operations held for sale (b)	—			238,417			239,063			237,635			238,640
Total real estate assets	5,672,916			5,896,970			5,879,664			5,861,974			5,832,532
Accounts receivable – affiliates	24,008			24,011			25,100			25,053			25,855
Other assets, net (c)	139,263			107,161			116,260			118,985			108,220
Cash and cash equivalents	341,726			6,935			10,617			10,375			16,508
Restricted cash	21,561			5,378			5,971			6,126			5,791
Total assets		$6,199,474			$6,040,455			$6,037,612			$6,022,513			$5,988,906
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,582,077			$1,866,502			$1,824,930			$1,803,360			$1,761,793
Secured	898,723			899,315			899,757			900,472			901,032
Accounts payable and accrued expenses	140,864			140,991			133,353			131,532			128,532
Accrued real estate taxes	46,801			25,499			45,223			57,642			43,905
Distributions payable	69,116			69,020			64,275			64,276			64,253
Other liabilities (d)	117,023			86,423			97,814			96,679			100,515
Total liabilities	2,854,604			3,087,750			3,065,352			3,053,961			3,000,030
Commitments and contingencies
Non-qualified deferred compensation share awards	72,480			88,550			79,364			72,316			69,791
Equity
Common shares of beneficial interest	978			975			976			976			976
Additional paid-in capital	3,673,237			3,658,372			3,662,864			3,660,482			3,657,537
Distributions in excess of net income attributable to common shareholders	(104,004		)	(491,275		)	(458,577		)	(452,257		)	(426,614		)
Treasury shares, at cost	(373,914		)	(378,032		)	(386,793		)	(387,114		)	(387,172		)
Accumulated other comprehensive loss (e)	(1,848		)	(1,881		)	(1,913		)	(2,307		)	(2,345		)
Total common equity	3,194,449			2,788,159			2,816,557			2,819,780			2,842,382
Non-controlling interests	77,941			75,996			76,339			76,456			76,703
Total equity	3,272,390			2,864,155			2,892,896			2,896,236			2,919,085
Total liabilities and equity		$6,199,474			$6,040,455			$6,037,612			$6,022,513			$5,988,906
(a) Operating properties held for sale includes one dual-phase property and one operating property as of June 30, 2016 which were each subsequently sold in July.
(b) All prior periods presented have been changed to present the 15 operating properties, 19.6 acres of land, and retail center located in Las Vegas, Nevada, which were classified as held for sale at March 31, 2016 and subsequently sold on April 26, 2016. (See page 19 for additional information relating to this sale).
(c) Includes net deferred charges of:		$2,353			$2,600			$2,851			$3,077			$59
(d) Includes deferred revenues of:		$831			$1,797			$1,768			$1,918			$843
(e) 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 JUNE 30, 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)	5,033	321	—	862	775	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
Dallas, TX	3,993	—	—	423	—	4,416	1,250	5,666
Los Angeles/Orange County, CA	2,068	421	303	287	—	3,079	—	3,079
Atlanta, GA	3,633	379	—	—	—	4,012	234	4,246
Tampa, FL	3,060	—	—	—	—	3,060	450	3,510
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	41,931	4,317	683	2,477	775	50,183	7,278	57,461

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

SECOND 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)		Jun 30, 2016		Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
D.C. Metro	15.2	%	16.3	%	15.9	%	95.4	%	94.8	%	94.8	%	96.1	%	96.2	%
Houston, TX	12.6	%	10.8	%	11.6	%	94.1	%	93.9	%	94.7	%	95.6	%	95.8	%
SE Florida	8.4	%	8.0	%	7.7	%	96.3	%	96.9	%	96.8	%	96.9	%	96.6	%
Dallas, TX	7.6	%	6.5	%	6.9	%	96.0	%	96.1	%	95.9	%	96.3	%	96.2	%
Los Angeles/Orange County, CA	7.2	%	7.9	%	7.6	%	95.5	%	95.4	%	95.6	%	95.5	%	95.1	%
Atlanta, GA	7.8	%	7.8	%	7.6	%	95.8	%	95.4	%	95.6	%	95.9	%	96.1	%
Tampa, FL	6.0	%	5.6	%	5.6	%	95.6	%	95.9	%	96.3	%	95.9	%	95.8	%
Orlando, FL	6.6	%	5.7	%	5.7	%	96.3	%	95.7	%	95.4	%	96.4	%	95.6	%
Charlotte, NC	5.8	%	5.0	%	5.0	%	96.3	%	96.0	%	96.2	%	97.1	%	96.9	%
Denver, CO	5.4	%	5.5	%	5.3	%	95.7	%	94.3	%	95.0	%	96.6	%	96.1	%
San Diego/Inland Empire, CA	5.0	%	4.3	%	4.1	%	95.5	%	95.2	%	95.9	%	96.4	%	96.1	%
Phoenix, AZ	4.5	%	5.3	%	5.1	%	93.7	%	95.2	%	95.5	%	95.5	%	94.7	%
Raleigh, NC	4.2	%	4.3	%	4.3	%	95.1	%	94.8	%	94.7	%	95.8	%	95.1	%
Austin, TX	2.6	%	3.3	%	3.8	%	95.3	%	95.7	%	95.3	%	96.3	%	95.7	%
Corpus Christi, TX	1.1	%	1.9	%	2.0	%	93.1	%	93.0	%	94.4	%	95.3	%	93.7	%
Las Vegas, NV	—	%	1.8	%	1.8	%	N/A		94.5	%	94.9	%	95.2	%	95.7	%
Total Portfolio	100.0	%	100.0	%	100.0	%	95.3	%	95.2	%	95.4	%	96.0	%	95.9	%

(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 June 30,									Six Months Ended June 30,
Property Revenues	Homes	2016			2015			Change			2016			2015			Change
"Same Property" Communities (a)	41,931		$191,903			$184,009			$7,894			$380,774			$364,013			$16,761
Non-"Same Property" Communities (b)	4,317	19,305			15,281			4,024			39,133			29,161			9,972
Development and Lease-Up Communities (c)	3,160	4,171			397			3,774			7,033			450			6,583
Disposition/Other (d)	775	6,099			6,745			(646		)	12,133			14,416			(2,283		)
Total Property Revenues	50,183		$221,478			$206,432			$15,046			$439,073			$408,040			$31,033
Property Expenses
"Same Property" Communities (a)	41,931		$69,292			$65,801			$3,491			$136,520			$131,507			$5,013
Non-"Same Property" Communities (b)	4,317	7,213			5,573			1,640			14,067			10,664			3,403
Development and Lease-Up Communities (c)	3,160	1,779			173			1,606			2,981			201			2,780
Disposition/Other (d)	775	1,872			2,203			(331		)	3,737			4,906			(1,169		)
Total Property Expenses	50,183		$80,156			$73,750			$6,406			$157,305			$147,278			$10,027
Property Net Operating Income
"Same Property" Communities (a)	41,931		$122,611			$118,208			$4,403			$244,254			$232,506			$11,748
Non-"Same Property" Communities (b)	4,317	12,092			9,708			2,384			25,066			18,497			6,569
Development and Lease-Up Communities (c)	3,160	2,392			224			2,168			4,052			249			3,803
Disposition/Other (d)	775	4,227			4,542			(315		)	8,396			9,510			(1,114		)
Total Property Net Operating Income	50,183		$141,322			$132,682			$8,640			$281,768			$260,762			$21,006
Income from Discontinued Operations (e)		Three Months Ended June 30,									Six Months Ended June 30,
		2016			2015						2016			2015
Property Revenues			$4,357			$14,219						$19,184			$28,045
Property Expenses		(1,750		)	(5,039		)				(6,898		)	(9,922		)
Property Net Operating Income		2,607			9,180						12,286			18,123
Property management expense		(66		)	(151		)				(242		)	(321		)
Depreciation and amortization		—			(3,973		)				(4,327		)	(7,877		)
Other taxes		(12		)	—						(112		)	—
Gain on Sale of Discontinued Operations		375,237			—						375,237			—
Income from Discontinued Operations			$377,766			$5,056						$382,842			$9,925

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

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

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

(d) Disposition/Other includes those communities disposed of by the Company, which are not classified as "Discontinued Operations", as well as communities held for sale as of June 30, 2016. "Other" includes results from non-multifamily rental communities, below market lease amortization related to acquired communities, and expenses related to land holdings not under active development.

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

11

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

(Unaudited)

	Apartment
	Homes	Revenues						Expenses						NOI
Quarterly Results (a)	Included	2Q16		2Q15		Growth		2Q16		2Q15		Growth		2Q16		2Q15		Growth
D.C. Metro	5,033		$27,361		$27,423	(0.2	)%		$8,711		$8,629	1.0	%		$18,650		$18,794	(0.8	)%
Houston, TX	5,912	27,486		27,750		(1.0	)%	11,988		11,279		6.3	%	15,498		16,471		(5.9	)%
SE Florida	2,520	15,256		14,507		5.2	%	4,973		4,798		3.6	%	10,283		9,709		5.9	%
Dallas, TX	3,993	15,982		14,721		8.6	%	6,633		5,892		12.6	%	9,349		8,829		5.9	%
Los Angeles/Orange County, CA	2,068	12,703		12,126		4.8	%	3,923		3,739		4.9	%	8,780		8,387		4.7	%
Atlanta, GA	3,633	15,182		14,428		5.2	%	5,667		5,517		2.7	%	9,515		8,911		6.8	%
Tampa, FL	3,060	11,803		10,774		9.6	%	4,419		4,116		7.4	%	7,384		6,658		10.9	%
Orlando, FL	3,240	12,715		11,629		9.3	%	4,583		4,341		5.6	%	8,132		7,288		11.6	%
Charlotte, NC	2,487	10,453		10,236		2.1	%	3,401		3,336		1.9	%	7,052		6,900		2.2	%
Denver, CO	1,941	9,258		8,701		6.4	%	2,678		2,523		6.1	%	6,580		6,178		6.5	%
San Diego/Inland Empire, CA	1,665	9,356		8,654		8.1	%	3,269		3,102		5.4	%	6,087		5,552		9.6	%
Phoenix, AZ	2,095	8,397		7,776		8.0	%	2,880		2,623		9.8	%	5,517		5,153		7.1	%
Raleigh, NC	2,266	8,001		7,577		5.6	%	2,803		2,625		6.8	%	5,198		4,952		5.0	%
Austin, TX	1,386	5,775		5,476		5.5	%	2,522		2,412		4.6	%	3,253		3,064		6.2	%
Corpus Christi, TX	632	2,175		2,231		(2.5	)%	842		869		(3.1	)%	1,333		1,362		(2.1	)%
Total Same Property	41,931		$191,903		$184,009	4.3	%		$69,292		$65,801	5.3	%		$122,611		$118,208	3.7	%

									Weighted Average Monthly						Weighted Average Monthly
	% of NOI		Average Occupancy (a)						Rental Rate (b)						Revenue per Occupied Home (c)
Quarterly Results (a)	Contribution		2Q16		2Q15		Growth		2Q16		2Q15		Growth		2Q16		2Q15		Growth
D.C. Metro	15.2	%	95.5	%	96.6	%	(1.1	)%		$1,668		$1,661	0.4	%		$1,898		$1,880	0.9	%
Houston, TX	12.6	%	93.9	%	96.0	%	(2.1	)%	1,460		1,460		0.0	%	1,650		1,631		1.1	%
SE Florida	8.4	%	96.5	%	96.7	%	(0.2	)%	1,851		1,766		4.8	%	2,092		1,985		5.4	%
Dallas, TX	7.6	%	96.2	%	96.2	%	0.0	%	1,186		1,114		6.5	%	1,387		1,277		8.6	%
Los Angeles/Orange County, CA	7.2	%	95.4	%	95.0	%	0.4	%	1,952		1,854		5.3	%	2,147		2,057		4.4	%
Atlanta, GA	7.8	%	95.9	%	96.2	%	(0.3	)%	1,243		1,188		4.6	%	1,453		1,377		5.5	%
Tampa, FL	6.0	%	95.7	%	95.6	%	0.1	%	1,087		1,018		6.8	%	1,344		1,228		9.5	%
Orlando, FL	6.6	%	96.6	%	95.8	%	0.8	%	1,141		1,065		7.1	%	1,355		1,249		8.5	%
Charlotte, NC	5.8	%	96.3	%	96.9	%	(0.6	)%	1,244		1,216		2.3	%	1,455		1,416		2.7	%
Denver, CO	5.4	%	95.6	%	96.1	%	(0.5	)%	1,451		1,364		6.4	%	1,664		1,556		6.9	%
San Diego/Inland Empire, CA	5.0	%	95.5	%	96.1	%	(0.6	)%	1,736		1,634		6.2	%	1,961		1,803		8.7	%
Phoenix, AZ	4.5	%	94.7	%	94.7	%	0.0	%	1,154		1,107		4.2	%	1,410		1,306		8.0	%
Raleigh, NC	4.2	%	95.3	%	95.5	%	(0.2	)%	1,006		963		4.5	%	1,235		1,167		5.8	%
Austin, TX	2.6	%	95.7	%	95.8	%	(0.1	)%	1,202		1,153		4.2	%	1,451		1,374		5.6	%
Corpus Christi, TX	1.1	%	92.7	%	93.3	%	(0.6	)%	1,006		1,010		(0.4	)%	1,237		1,261		(1.9	)%
Total Same Property	100.0	%	95.5	%	96.0	%	(0.5	)%		$1,379		$1,329	3.8	%		$1,598		$1,524	4.8	%

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

(b) 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
	June 30, 2016
	(In thousands, except property data amounts)

(Unaudited)

	Apartment
	Homes	Revenues						Expenses						NOI
Quarterly Results (a)	Included	2Q16		1Q16		Growth		2Q16		1Q16		Growth		2Q16		1Q16		Growth
D.C. Metro	5,033		$27,361		$26,987	1.4	%		$8,711		$8,776	(0.7	)%		$18,650		$18,211	2.4	%
Houston, TX	5,912	27,486		27,313		0.6	%	11,988		11,681		2.6	%	15,498		15,632		(0.9	)%
SE Florida	2,520	15,256		15,093		1.1	%	4,973		4,824		3.1	%	10,283		10,269		0.1	%
Dallas, TX	3,993	15,982		15,705		1.8	%	6,633		6,351		4.4	%	9,349		9,354		(0.1	)%
Los Angeles/Orange County, CA	2,068	12,703		12,581		1.0	%	3,923		3,839		2.2	%	8,780		8,742		0.4	%
Atlanta, GA	3,633	15,182		14,802		2.6	%	5,667		5,413		4.7	%	9,515		9,389		1.3	%
Tampa, FL	3,060	11,803		11,557		2.1	%	4,419		4,308		2.6	%	7,384		7,249		1.9	%
Orlando, FL	3,240	12,715		12,401		2.5	%	4,583		4,533		1.1	%	8,132		7,868		3.4	%
Charlotte, NC	2,487	10,453		10,328		1.2	%	3,401		3,212		5.9	%	7,052		7,116		(0.9	)%
Denver, CO	1,941	9,258		8,889		4.2	%	2,678		2,239		19.6	%	6,580		6,650		(1.1	)%
San Diego/Inland Empire, CA	1,665	9,356		9,199		1.7	%	3,269		3,287		(0.5	)%	6,087		5,912		3.0	%
Phoenix, AZ	2,095	8,397		8,292		1.3	%	2,880		2,781		3.6	%	5,517		5,511		0.1	%
Raleigh, NC	2,266	8,001		7,877		1.6	%	2,803		2,697		3.9	%	5,198		5,180		0.3	%
Austin, TX	1,386	5,775		5,684		1.6	%	2,522		2,467		2.2	%	3,253		3,217		1.1	%
Corpus Christi, TX	632	2,175		2,163		0.6	%	842		819		2.8	%	1,333		1,344		(0.8	)%
Total Same Property	41,931		$191,903		$188,871	1.6	%		$69,292		$67,227	3.1	%		$122,611		$121,644	0.8	%

									Weighted Average Monthly						Weighted Average Monthly
	% of NOI		Average Occupancy (a)						Rental Rate (b)						Revenue per Occupied Home (c)
Quarterly Results (a)	Contribution		2Q16		1Q16		Growth		2Q16		1Q16		Growth		2Q16		1Q16		Growth
D.C. Metro	15.2	%	95.5	%	94.9	%	0.6	%		$1,668		$1,659	0.5	%		$1,898		$1,884	0.8	%
Houston, TX	12.6	%	93.9	%	94.2	%	(0.3	)%	1,460		1,467		(0.5	)%	1,650		1,634		0.9	%
SE Florida	8.4	%	96.5	%	96.9	%	(0.4	)%	1,851		1,834		0.9	%	2,092		2,060		1.5	%
Dallas, TX	7.6	%	96.2	%	96.3	%	(0.1	)%	1,186		1,170		1.4	%	1,387		1,361		1.9	%
Los Angeles/Orange County, CA	7.2	%	95.4	%	95.4	%	0.0	%	1,952		1,924		1.5	%	2,147		2,127		1.0	%
Atlanta, GA	7.8	%	95.9	%	95.4	%	0.5	%	1,243		1,233		0.8	%	1,453		1,423		2.1	%
Tampa, FL	6.0	%	95.7	%	96.0	%	(0.3	)%	1,087		1,069		1.7	%	1,344		1,312		2.4	%
Orlando, FL	6.6	%	96.6	%	95.7	%	0.9	%	1,141		1,124		1.5	%	1,355		1,333		1.6	%
Charlotte, NC	5.8	%	96.3	%	96.1	%	0.2	%	1,244		1,235		0.7	%	1,455		1,441		1.0	%
Denver, CO	5.4	%	95.6	%	94.3	%	1.3	%	1,451		1,437		1.0	%	1,664		1,618		2.9	%
San Diego/Inland Empire, CA	5.0	%	95.5	%	95.2	%	0.3	%	1,736		1,715		1.2	%	1,961		1,934		1.4	%
Phoenix, AZ	4.5	%	94.7	%	95.8	%	(1.1	)%	1,154		1,145		0.8	%	1,410		1,378		2.4	%
Raleigh, NC	4.2	%	95.3	%	95.4	%	(0.1	)%	1,006		995		1.1	%	1,235		1,215		1.7	%
Austin, TX	2.6	%	95.7	%	96.2	%	(0.5	)%	1,202		1,188		1.2	%	1,451		1,421		2.1	%
Corpus Christi, TX	1.1	%	92.7	%	92.4	%	0.3	%	1,006		1,015		(0.9	)%	1,237		1,233		0.3	%
Total Same Property	100.0	%	95.5	%	95.4	%	0.1	%		$1,379		$1,368	0.8	%		$1,598		$1,574	1.5	%

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

(b) 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
	June 30, 2016
	(In thousands, except property data amounts)

(Unaudited)

	Apartment
	Homes	Revenues						Expenses						NOI
Year to Date Results (a)	Included	2016		2015		Growth		2016		2015		Growth		2016		2015		Growth
D.C. Metro	5,033		$54,348		$54,194	0.3	%		$17,487		$17,368	0.7	%		$36,861		$36,826	0.1	%
Houston, TX	5,912	54,799		54,962		(0.3	)%	23,669		22,864		3.5	%	31,130		32,098		(3.0	)%
SE Florida	2,520	30,349		28,697		5.8	%	9,797		9,741		0.6	%	20,552		18,956		8.4	%
Dallas, TX	3,993	31,688		29,176		8.6	%	12,984		11,632		11.6	%	18,704		17,544		6.6	%
Los Angeles/Orange County, CA	2,068	25,284		24,123		4.8	%	7,763		7,581		2.4	%	17,521		16,542		5.9	%
Atlanta, GA	3,633	29,984		28,320		5.9	%	11,079		10,713		3.4	%	18,905		17,607		7.4	%
Tampa, FL	3,060	23,360		21,285		9.7	%	8,727		8,216		6.2	%	14,633		13,069		12.0	%
Orlando, FL	3,240	25,116		23,077		8.8	%	9,117		8,695		4.9	%	15,999		14,382		11.2	%
Charlotte, NC	2,487	20,781		20,268		2.5	%	6,613		6,564		0.7	%	14,168		13,704		3.4	%
Denver, CO	1,941	18,147		17,123		6.0	%	4,917		5,031		(2.3	)%	13,230		12,092		9.4	%
San Diego/Inland Empire, CA	1,665	18,554		17,159		8.1	%	6,556		6,269		4.6	%	11,998		10,890		10.2	%
Phoenix, AZ	2,095	16,688		15,449		8.0	%	5,661		5,205		8.8	%	11,027		10,244		7.6	%
Raleigh, NC	2,266	15,879		14,964		6.1	%	5,500		5,110		7.6	%	10,379		9,854		5.3	%
Austin, TX	1,386	11,459		10,808		6.0	%	4,989		4,816		3.6	%	6,470		5,992		8.0	%
Corpus Christi, TX	632	4,338		4,408		(1.6	)%	1,661		1,702		(2.4	)%	2,677		2,706		(1.1	)%
Total Same Property	41,931		$380,774		$364,013	4.6	%		$136,520		$131,507	3.8	%		$244,254		$232,506	5.1	%

									Weighted Average Monthly						Weighted Average Monthly
	% of NOI		Average Occupancy (a)						Rental Rate (b)						Revenue per Occupied Home (c)
Year to Date Results (a)	Contribution		2016		2015		Growth		2016		2015		Growth		2016		2015		Growth
D.C. Metro	15.1	%	95.2	%	95.7	%	(0.5	)%		$1,663		$1,659	0.2	%		$1,891		$1,875	0.8	%
Houston, TX	12.7	%	94.1	%	95.6	%	(1.5	)%	1,464		1,456		0.5	%	1,641		1,620		1.2	%
SE Florida	8.4	%	96.7	%	96.5	%	0.2	%	1,843		1,758		4.8	%	2,076		1,966		5.6	%
Dallas, TX	7.7	%	96.3	%	96.1	%	0.2	%	1,178		1,106		6.5	%	1,374		1,267		8.4	%
Los Angeles/Orange County, CA	7.2	%	95.4	%	95.3	%	0.1	%	1,938		1,842		5.2	%	2,137		2,040		4.7	%
Atlanta, GA	7.7	%	95.6	%	95.5	%	0.1	%	1,238		1,179		5.0	%	1,438		1,360		5.8	%
Tampa, FL	6.0	%	95.8	%	95.5	%	0.3	%	1,078		1,011		6.6	%	1,328		1,214		9.4	%
Orlando, FL	6.6	%	96.1	%	95.6	%	0.5	%	1,132		1,058		7.0	%	1,344		1,242		8.3	%
Charlotte, NC	5.8	%	96.2	%	96.6	%	(0.4	)%	1,239		1,210		2.4	%	1,448		1,406		2.9	%
Denver, CO	5.4	%	95.0	%	96.0	%	(1.0	)%	1,444		1,348		7.1	%	1,640		1,532		7.0	%
San Diego/Inland Empire, CA	4.9	%	95.4	%	95.9	%	(0.5	)%	1,725		1,623		6.3	%	1,947		1,792		8.6	%
Phoenix, AZ	4.5	%	95.2	%	95.4	%	(0.2	)%	1,150		1,103		4.3	%	1,394		1,289		8.2	%
Raleigh, NC	4.3	%	95.3	%	95.4	%	(0.1	)%	1,001		957		4.6	%	1,225		1,154		6.2	%
Austin, TX	2.6	%	96.0	%	95.6	%	0.4	%	1,195		1,147		4.2	%	1,436		1,360		5.6	%
Corpus Christi, TX	1.1	%	92.5	%	93.3	%	(0.8	)%	1,011		1,008		0.3	%	1,236		1,246		(0.8	)%
Total Same Property	100.0	%	95.4	%	95.7	%	(0.3	)%		$1,373		$1,323	3.8	%		$1,586		$1,511	4.9	%

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

(b) 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
	June 30, 2016
	(In thousands)

(Unaudited)

										% of Actual
										2Q16 Operating
Quarterly Comparison (a)	2Q16		2Q15		$ Change			% Change		Expenses
Property taxes		$24,099		$22,512		$1,587		7.1	%	34.8	%
Salaries and Benefits for On-site Employees	15,056		14,173		883			6.2	%	21.7	%
Utilities	14,579		13,111		1,468			11.2	%	21.0	%
Repairs and Maintenance	9,282		8,946		336			3.8	%	13.4	%
Property Insurance	2,268		3,005		(737		)	(24.5	)%	3.3	%
General and Administrative	2,295		2,196		99			4.5	%	3.3	%
Marketing and Leasing	1,153		1,225		(72		)	(5.9	)%	1.7	%
Other	560		633		(73		)	(11.5	)%	0.8	%
Total Same Property		$69,292		$65,801		$3,491		5.3	%	100.0	%

										% of Actual
										2Q16 Operating
Sequential Comparison (a)	2Q16		1Q16		$ Change			% Change		Expenses
Property taxes		$24,099		$23,864		$235		1.0	%	34.8	%
Salaries and Benefits for On-site Employees	15,056		14,705		351			2.4	%	21.7	%
Utilities	14,579		14,294		285			2.0	%	21.0	%
Repairs and Maintenance	9,282		8,716		566			6.5	%	13.4	%
Property Insurance	2,268		1,644		624			38.0	%	3.3	%
General and Administrative	2,295		2,368		(73		)	(3.1	)%	3.3	%
Marketing and Leasing	1,153		1,080		73			6.8	%	1.7	%
Other	560		556		4			0.7	%	0.8	%
Total Same Property		$69,292		$67,227		$2,065		3.1	%	100.0	%

										% of Actual
										2016 Operating
Year to Date Comparison (a)	2016		2015		$ Change			% Change		Expenses
Property taxes		$47,963		$45,359		$2,604		5.7	%	35.1	%
Salaries and Benefits for On-site Employees	29,761		28,480		1,281			4.5	%	21.8	%
Utilities	28,873		26,145		2,728			10.4	%	21.2	%
Repairs and Maintenance	17,999		17,454		545			3.1	%	13.2	%
Property Insurance	3,912		6,136		(2,224		)	(36.3	)%	2.9	%
General and Administrative	4,663		4,405		258			5.9	%	3.4	%
Marketing and Leasing	2,233		2,354		(121		)	(5.1	)%	1.6	%
Other	1,116		1,174		(58		)	(5.0	)%	0.8	%
Total Same Property		$136,520		$131,507		$5,013		3.8	%	100.0	%

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

15

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

(Unaudited)

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

	Three Months Ended June 30,				Six Months Ended June 30,
OPERATING DATA (a)	2016		2015		2016		2015
Property Revenues
Rental revenues		$8,125		$7,732		$16,174		$15,309
Other property revenues	1,246		1,128		2,444		2,164
Total property revenues	9,371		8,860		18,618		17,473
Property expenses
Property operating and maintenance	2,239		2,105		4,426		4,151
Real estate taxes	1,574		1,422		3,174		2,897
	3,813		3,527		7,600		7,048
Net Operating Income	5,558		5,333		11,018		10,425
Other expenses
Interest (b)	1,463		1,460		3,004		2,913
Depreciation and amortization	2,309		2,217		4,655		4,367
Other (including debt prepayment penalties)	97		125		173		232
Total other expenses	3,869		3,802		7,832		7,512
Equity in income of joint ventures		$1,689		$1,531		$3,186		$2,913

	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
BALANCE SHEET DATA(c)
Land		$109,912			$109,912			$109,912			$108,157			$106,792
Building & Improvements	734,947			731,896			730,867			714,631			701,209
	844,859			841,808			840,779			822,788			808,001
Accumulated Depreciation	(129,364		)	(121,865		)	(114,277		)	(106,669		)	(99,270		)
Net operating real estate assets	715,495			719,943			726,502			716,119			708,731
Properties under development and land	1,265			2,347			1,711			16,177			26,605
Cash and other assets, net	14,873			13,863			19,768			20,880			18,072
Total assets		$731,633			$736,153			$747,981			$753,176			$753,408
Notes payable		$524,155			$528,193			$526,950			$528,702			$527,854
Other liabilities	20,457			16,347			25,765			26,011			23,917
Total liabilities	544,612			544,540			552,715			554,713			551,771
Member's equity	187,021			191,613			195,266			198,463			201,637
Total liabilities and members' equity		$731,633			$736,153			$747,981			$753,176			$753,408
Company's equity investment		$31,142			$32,568			$33,698			$34,705			$35,731
Company's pro-rata share of debt		$164,061			$165,325			$164,935			$165,484			$165,218
PROPERTY DATA (end of period)
Total operating properties	22			22			22			21			21
Total operating apartment homes	7,278			7,278			7,278			7,012			7,012
Pro rata share of operating apartment homes	2,278			2,278			2,278			2,195			2,195
Total development properties	—			—			—			1			1
Total development apartment homes	—			—			—			266			266
Pro rata share of development apartment homes	—			—			—			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%.

16

CAMDEN CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF JUNE 30, 2016 ($ in millions)

						Estimated/Actual Dates for
Completed Communities in Lease-Up		Total	Total			Construction	Initial	Construction		Stabilized		As of 7/24/2016
		Homes	Cost			Start	Occupancy	Completion		Operations		% Leased	% Occupied
1.	Camden Glendale	303	$113.5			4Q12	2Q15	3Q15		3Q16		92%	92%
	Glendale, CA
2.	Camden Chandler	380	67.7			1Q14	1Q15	1Q16		4Q16		77%	81%
	Chandler, AZ
Total Completed Communities in Lease-Up		683	$181.2									84%	86%
						Estimated/Actual Dates for
		Total	Total	Cost to	Amount	Construction	Initial	Construction		Stabilized		As of 7/24/2016
Development Communities		Homes	Budget	Date	in CIP	Start	Occupancy	Completion		Operations		% Leased	% Occupied
UNDER CONSTRUCTION
1.	Camden Gallery	323	$58.0	$56.1	$25.7	3Q13	1Q16	4Q16		1Q17		55%	50%
	Charlotte, NC
2.	Camden Victory Park	423	82.0	80.5	33.3	4Q13	1Q16	3Q16		1Q18		45%	35%
	Dallas, TX
3.	The Camden	287	145.0	128.4	40.9	4Q13	2Q16	4Q16		2Q17		41%	37%
	Los Angeles, CA
4.	Camden Lincoln Station	267	56.0	31.1	31.1	4Q14	4Q16	2Q17		1Q18
	Denver, CO
5.	Camden NoMa II	405	115.0	78.6	78.6	1Q15	2Q17	4Q17		4Q19
	Washington, DC
6.	Camden Shady Grove	457	116.0	69.1	69.1	2Q15	1Q17	1Q18		4Q19
	Rockville, MD
7.	Camden McGowen Station	315	90.0	23.9	23.9	4Q14	4Q17	2Q18		3Q19
	Houston, TX
Total Development Communities		2,477	$662.0	$467.7	$302.6							47%	40%
Additional Development Pipeline & Land (a)					144.1
Total Properties Under Development and Land (per Balance Sheet)					$446.7
NOI Contribution from Development Communities ($ in millions)								Cost to Date		2Q16 NOI
Communities that Stabilized During Quarter								$117.5		$1.5
Completed Communities in Lease-Up								181.2		1.8
Development Communities in Lease-Up								265.0		0.6
Total Development Communities NOI Contribution									$563.7		$3.9

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

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

17

CAMDEN DEVELOPMENT PIPELINE & LAND

(Unaudited)

AS OF JUNE 30, 2016 ($ in millions)

		Projected	Total
PIPELINE COMMUNITIES		Homes	Estimated Cost (a)		Cost to Date
1.	Camden Washingtonian	365		$90.0		$22.1
	Gaithersburg, MD
2.	Camden North End (b)	1,069	225.0		40.9
	Phoenix, AZ
3.	Camden Buckhead	336	80.0		23.3
	Atlanta, GA
4.	Camden Arts District	354	150.0		15.0
	Los Angeles, CA
5.	Camden Conte (c)	519	170.0		21.8
	Houston, TX
6.	Camden Atlantic	286	62.0		13.8
	Plantation, FL
7.	Camden Grandview II	28	17.0		5.7
	Charlotte, NC
Development Pipeline		2,957		$794.0		$142.6
LAND HOLDINGS/OTHER		Acreage			Cost to Date
	Charlotte, NC	0.2				$0.9
	Other (d)	0.0			0.6
Land Holdings/Other		0.2				$1.5
Total Development Pipeline and Land						$144.1

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

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

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

(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)

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

				Apartment	Weighted Average	Community
Dispositions		Location	Sales Price	Homes	Monthly Rental Rate	Age	Closing Date
1.	Las Vegas Portfolio (a)	Las Vegas, NV	$630.0	4,918 Homes	$1,060	23 years	4/26/16
2.	Camden Westshore	Tampa, FL	39.0	278 Homes	1,026	30 years	6/28/16
3.	Camden Clearbrook (b)	Frederick, MD	61.0	297 Homes	1,373	9 years	7/11/16
4.	Camden Summerfield (b)	Landover, MD	67.0	291 Homes	1,648	8 years	7/11/16
5.	Camden Summerfield II (b)	Landover, MD	43.0	187 Homes	1,627	4 years	7/11/16
Total/Average Dispositions			$840.0	5,971 Homes	$1,155	19 years
Land Acquisitions		Location	Purchase Price	Acres	Closing Date
1.	Camden Grandview II	Charlotte, NC	$4.1	2.0	2/23/2016
2.	Camden Gallery (c)	Charlotte, NC	0.8	0.2	6/15/2016
Total/Average Land Acquisitions			$4.9	2.2 Acres

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

(b) Closed subsequent to quarter end.

(c) Additional outparcel of an existing development.

19

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

(Unaudited)

DEBT MATURITIES AS OF JUNE 30, 2016:

	Future Scheduled Repayments
Year (a)	Amortization		Secured Maturities			Unsecured Maturities			Total			% of Total			Weighted Average Interest Rate on Maturing Debt
2016		$61		$—			$—			$61		—		%	N/A
2017	436		—			246,750			247,186			10.0		%	5.8	%
2018	799		175,000			—			175,799			7.1		%	1.3	%
2019	1,139		644,107			—			645,246			26.0		%	5.4	%
2020	1,110		—			—			1,110			—		%	N/A
2021	1,480		—			250,000			251,480			10.1		%	4.8	%
2022	1,860		—			350,000			351,860			14.2		%	3.2	%
2023	2,991		—			250,000			252,991			10.2		%	5.1	%
2024	3,832		—			500,000			503,832			20.3		%	4.0	%
Thereafter	51,235		—			—			51,235			2.1		%	3.4	%
Total Maturing Debt		$64,943		$819,107			$1,596,750			$2,480,800		100.0		%	4.4	%
Unsecured Line of Credit	—		—			—			—			—		%	—	%
Total Debt		$64,943		$819,107			$1,596,750			$2,480,800		100.0		%	4.4	%
Weighted Average Maturity of Debt			5.4 Years
						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt		$206,710	8.3		%	1.4		%	3.7 Years
Fixed rate debt	2,274,090		91.7		%	4.7		%	5.5 Years
Total		$2,480,800	100.0		%	4.4		%	5.4 Years
						Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Unsecured debt		$1,582,077	63.8		%	4.4		%	5.9 Years
Secured debt	898,723		36.2		%	4.4		%	4.5 Years
Total		$2,480,800	100.0		%	4.4		%	5.4 Years
						Weighted Average
SECURED DEBT DETAIL:	Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt		$692,013	77.0		%	5.3		%	4.8 Years
Conventional variable-rate mortgage debt	175,000		19.5		%	1.3		%	2.3 Years
Tax exempt variable rate debt	31,710		3.5		%	1.9		%	12.0 Years
Total		$898,723	100.0		%	4.4		%	4.5 Years
REAL ESTATE ASSETS: (b)	Total Homes		% of Total			Total Cost			% of Total			2Q16 NOI			% of Total
Unencumbered real estate assets	37,762		75.2		%		$5,948,347		79.0		%		$105,569		74.7	%
Encumbered real estate assets	12,421		24.8		%	1,581,051			21.0		%	35,753			25.3	%
Total	50,183		100.0		%		$7,529,398		100.0		%		$141,322		100.0	%
			Ratio of unencumbered assets at cost to unsecured debt is												3.8x

(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.

20

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
3Q 2016		$25		$—		$—		$25	N/A
4Q 2016	36		—		—		36		N/A
2016		$61		$—		$—		$61	N/A
1Q 2017		$47		$—		$—		$47	N/A
2Q 2017	99		—		246,750		246,849		5.8	%
3Q 2017	139		—		—		139		N/A
4Q 2017	151		—		—		151		N/A
2017		$436		$—		$246,750		$247,186	5.8	%

21

CAMDEN DEBT COVENANT ANALYSIS

(Unaudited)

UNSECURED LINE OF CREDIT
Covenant(a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	<	60%	23%	Yes
Secured Debt to Gross Asset Value	<	40%	9%	Yes
Consolidated Adjusted EBITDA to Total Fixed Charges	>	150%	424%	Yes
Unsecured Debt to Gross Asset Value	<	60%	19%	Yes
SENIOR UNSECURED NOTES
Covenant(a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	<	60%	31%	Yes
Total Secured Debt to Total Asset Value	<	40%	11%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt	>	150%	406%	Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges	>	150%	432%	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 JUNE 30, 2016:

	Future Scheduled Repayments										Weighted Average Interest on Maturing Debt
Year (a)	Amortization			Secured Maturities		Total			% of Total
2016		$1,147			$24,716		$25,863		15.8	%	3.5	%
2017	1,596			44,397		45,993			28.0	%	3.2	%
2018	650			50,740		51,390			31.3	%	4.0	%
2019	303			7,383		7,686			4.6	%	4.2	%
2020	114			—		114			0.1	%	N/A
2021	(20		)	5,160		5,140			3.1	%	4.8	%
2022	(32		)	—		(32		)	—	%	N/A
2023	(32		)	—		(32		)	—	%	N/A
2024	(33		)	—		(33		)	—	%	N/A
Thereafter	(44		)	27,226		27,182			16.6	%	2.4	%
Total Debt		$3,649			$159,622		$163,271		99.5	%	3.5	%
Unsecured lines of credit (b)		$—			$790		$790		0.5	%	3.3	%
		$3,649			$160,412		$164,061		100.0	%	3.5	%
Weighted Average Maturity of Debt				2.8 Years
									Weighted Average
FLOATING vs. FIXED RATE DEBT:				Balance		% of Total			Interest Rate		Time to Maturity
Floating rate debt					$63,171	38.5		%	2.4	%	4.9 Years
Fixed rate debt				100,890		61.5		%	4.1	%	1.5 Years
Total				$164,061		100.0		%	3.5	%	2.8 Years
									Weighted Average
SECURED DEBT DETAIL:				Balance		% of Total			Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt					$100,890	61.5		%	4.1	%	1.5 Years
Conventional variable-rate mortgage debt				43,635		26.6		%	2.5	%	6.3 Years
Variable-rate construction loans				18,746		11.4		%	2.1	%	1.7 Years
Unsecured lines of credit				790		0.5		%	3.3	%	0.6 Years
Total				$164,061		100.0		%	3.5	%	2.8 Years
REAL ESTATE ASSETS: (c)				Total Homes		Total Cost
Operating real estate assets				7,278			$844,859
Land				0		1,265
Total				7,278			$846,124

(a) Includes all available extension options.

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

(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 2016 AND 2017:

	Future Scheduled Repayments						Weighted Average Interest on Maturing Debt
Quarter (a)	Amortization		Secured Maturities		Total
3Q 2016		$619		$—		$619	N/A
4Q 2016	528		24,716		25,244		3.5	%
2016		$1,147		$24,716		$25,863	3.5	%
1Q 2017 (b)		$434		$9,914		$10,348	3.6	%
2Q 2017	391		16,711		17,102		2.7	%
3Q 2017	388		4,992		5,380		4.8	%
4Q 2017	383		13,570		13,953		2.9	%
2017		$1,596		$45,187		$46,783	3.2	%

(a) Includes all available extension options.

(b) 1Q 2017 maturities includes unsecured lines of credit with $790 (Camden's pro-rata share) outstanding as of June 30, 2016. The lines of credit have $10.0 million in total capacity.

24

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

(Unaudited)

	Second Quarter 2016 (a)
	Recurring Capitalized								Expensed
Item	Weighted Average Useful Life (b)		Total			Per Unit			Total		Per Unit
Interiors
Floor Coverings	5.6	years		$2,074			$42			$1,136		$23
Appliances	9.4	years	579			12			273		6
Painting	—		—			—			1,570		32
Cabinetry/Countertops	10.0	years	231			5			—		—
Other	9.2	years	1,145			23			513		10
Exteriors
Painting	5.0	years	811			16			—		—
Carpentry	10.0	years	(128		)	(3		)	—		—
Landscaping	5.3	years	669			14			2,548		52
Roofing	18.6	years	944			19			91		2
Site Drainage	10.0	years	48			1			—		—
Fencing/Stair	10.0	years	379			8			—		—
Other (c)	6.0	years	2,588			53			3,038		62
Common Areas
Mech., Elec., Plumbing	9.3	years	2,880			58			1,486		30
Parking/Paving	4.7	years	573			12			—		—
Pool/Exercise/Facility	7.8	years	2,276			46			382		8
Total Recurring (d)				$15,069			$306			$11,037		$225
Weighted Average Apartment Homes						49,309					49,309
Non-recurring capitalized expenditures (e)				$2,327
Revenue Enhancing Expenditures (f)	10.0	years		$3,569			$10,405
Revenue Enhanced Apartment Homes						343
	Year to date 2016 (a)
	Recurring Capitalized								Expensed
Item	Weighted Average Useful Life (b)		Total			Per Unit			Total		Per Unit
Interiors
Floor Coverings	5.6	years		$4,105			$81			$1,933		$38
Appliances	9.4	years	1,303			26			508		10
Painting	—		—			—			2,931		58
Cabinetry/Countertops	10.0	years	501			10			—		—
Other	9.2	years	2,146			42			1,006		20
Exteriors
Painting	5.0	years	876			17			—		—
Carpentry	10.0	years	486			10			—		—
Landscaping	5.3	years	871			17			5,749		113
Roofing	18.6	years	1,274			25			169		3
Site Drainage	10.0	years	67			1			—		—
Fencing/Stair	10.0	years	520			10			—		—
Other (c)	6.0	years	4,093			81			5,977		117
Common Areas
Mech., Elec., Plumbing	9.3	years	4,353			85			2,785		55
Parking/Paving	4.7	years	591			12			—		—
Pool/Exercise/Facility	7.8	years	3,177			62			703		14
Total Recurring (d)				$24,363			$479			$21,761		$428
Weighted Average Apartment Homes						50,931					50,931
Non-recurring capitalized expenditures (e)				$3,421
Revenue Enhancing Expenditures (f)	10.0	years		$8,486			$11,803
Revenue Enhanced Apartment Homes						719

(a) Includes discontinued operations. Capital expenditures for discontinued operations were $478 and $1,892 for the three and six months ended June 30, 2016. Maintenance expenses were $320 and $1,157 for the same periods.

(b) Weighted average useful life of capitalized expenses for the three and six months ended June 30, 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 and six months ended June 30, 2016 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. 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 June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net income attributable to common shareholders		$446,302			$36,079			$488,032			$151,678
Real estate depreciation and amortization	60,945			58,630			121,430			115,089
Real estate depreciation from discontinued operations	—			3,973			4,327			7,877
Adjustments for unconsolidated joint ventures	2,320			2,237			4,678			4,482
Income allocated to non-controlling interests	3,483			1,122			4,693			6,588
Gain on sale of operating properties, net of tax	(32,235		)	—			(32,235		)	(85,145		)
Gain on sale of discontinued operations, net of tax	(375,237		)	—			(375,237		)	—
Funds from operations		$105,578			$102,041			$215,688			$200,569
Less: recurring capitalized expenditures	(15,069		)	(17,894		)	(24,363		)	(28,538		)
Adjusted funds from operations		$90,509			$84,147			$191,325			$172,031
Weighted average number of common shares outstanding:
EPS diluted	89,862			90,252			89,780			90,496
FFO/AFFO diluted	91,753			91,338			91,673			91,307
Total earnings per common share - diluted		$4.92			$0.40			$5.38			$1.68
FFO per common share - diluted		$1.15			$1.12			$2.35			$2.20
AFFO per common share - diluted		$0.99			$0.92			$2.09			$1.88

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:

	3Q16			Range			2016			Range
	Low			High			Low			High
Expected earnings per common share - diluted		$1.02			$1.06			$6.73			$6.83
Expected real estate depreciation and amortization	0.73			0.73			2.85			2.85
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			0.08			0.08
Reported (gain) on sale of operating properties	—			—			(0.36		)	(0.36		)
Reported (gain) on sale of discontinued operations	—			—			(4.18		)	(4.18		)
Estimated (gain) on properties held for sale	(0.72		)	(0.72		)	(0.72		)	(0.72		)
Expected FFO per share - diluted		$1.07			$1.11			$4.50			$4.60

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. NOI is further detailed in the Components of Property NOI schedules on page 11. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Net income		$449,785			$37,201			$492,725			$158,266
Less: Fee and asset management income	(1,791		)	(1,618		)	(3,556		)	(3,181		)
Less: Interest and other income	(215		)	(141		)	(439		)	(201		)
Less: Income/(loss) on deferred compensation plans	(1,224		)	297			(1,287		)	(1,567		)
Plus: Property management expense	6,417			5,931			13,557			11,723
Plus: Fee and asset management expense	998			1,121			1,950			2,197
Plus: General and administrative expense	11,803			11,582			24,026			21,330
Plus: Interest expense	23,070			24,846			46,860			49,898
Plus: Depreciation and amortization expense	62,456			59,940			124,547			117,924
Plus: Expense/(benefit) on deferred compensation plans	1,224			(297		)	1,287			1,567
Less: Gain on sale of operating properties, including land	(32,235		)	—			(32,678		)	(85,192		)
Less: Equity in income of joint ventures	(1,689		)	(1,531		)	(3,186		)	(2,913		)
Plus: Income tax expense	489			407			804			836
Less: Income from discontinued operations	(2,529		)	(5,056		)	(7,605		)	(9,925		)
Less: Gain on sale of discontinued operations, net of tax	(375,237		)	—			(375,237		)	—
Net Operating Income (NOI)		$141,322			$132,682			$281,768			$260,762
"Same Property" Communities		$122,611			$118,208			$244,254			$232,506
Non-"Same Property" Communities	12,092			9,708			25,066			18,497
Development and Lease-Up Communities	2,392			224			4,052			249
Dispositions/Other	4,227			4,542			8,396			9,510
Net Operating Income (NOI)		$141,322			$132,682			$281,768			$260,762

Adjusted EBITDA

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

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Net income attributable to common shareholders		$446,302			$36,079			$488,032			$151,678
Plus: Interest expense	23,070			24,846			46,860			49,898
Plus: Depreciation and amortization expense	62,456			59,940			124,547			117,924
Plus: Income allocated to non-controlling interests from continuing operations	3,483			1,122			4,693			6,588
Plus: Income tax expense	489			407			804			836
Plus: Real estate depreciation from discontinued operations	—			3,973			4,327			7,877
Less: Gain on sale of operating properties, including land	(32,235		)	—			(32,678		)	(85,192		)
Less: Equity in income of joint ventures	(1,689		)	(1,531		)	(3,186		)	(2,913		)
Less: Gain on sale of discontinued operations, net of tax	(375,237		)	—			(375,237		)	—
Adjusted EBITDA		$126,639			$124,836			$258,162			$246,696

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:		Q3 '16	Q4 '16	Q1 '17	Q2 '17
Earnings Release & Conference Call		Late October	Early February	Early May	Late July
Dividend Information - Common Shares:		Q1 '16	Q2 '16
Declaration Date		1/28/2016	6/15/2016
Record Date		3/31/2016	6/30/2016
Payment Date		4/18/2016	7/18/2016
Distributions Per Share		$0.75	$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

28

CAMDEN	COMMUNITY TABLE
	Community statistics as of 6/30/2016

(Unaudited)							2Q16 Avg Monthly				2Q16 Avg Monthly
			Year Placed	Average	Apartment	2Q16 Avg	Rental Rates per				Revenue per Occupied
Community Name	City	State	In Service	Size	Homes	Occupancy	Home		Sq. Ft.		Home		Sq. Ft.
Camden Chandler (1)	Chandler	AZ	2015	1,146	380	Lease-Up		$1,297		$1.13		$1,461		$1.27
Camden Copper Square	Phoenix	AZ	2000	786	332	95%	1,082		1.38		1,354		1.72
Camden Foothills	Scottsdale	AZ	2014	1,032	220	92%	1,482		1.44		1,765		1.71
Camden Hayden	Tempe	AZ	2015	1,043	234	86%	1,373		1.32		1,609		1.54
Camden Legacy	Scottsdale	AZ	1996	1,067	428	95%	1,136		1.06		1,403		1.32
Camden Montierra	Scottsdale	AZ	1999	1,071	249	95%	1,266		1.18		1,504		1.40
Camden Pecos Ranch	Chandler	AZ	2001	924	272	96%	994		1.08		1,247		1.35
Camden San Marcos	Scottsdale	AZ	1995	984	320	95%	1,142		1.16		1,368		1.39
Camden San Paloma	Scottsdale	AZ	1993/1994	1,042	324	95%	1,149		1.10		1,416		1.36
Camden Sotelo	Tempe	AZ	2008/2012	1,303	170	91%	1,468		1.13		1,747		1.34
TOTAL ARIZONA	10	Properties		1,030	2,929	94%	1,215		1.18		1,458		1.42
Camden Crown Valley	Mission Viejo	CA	2001	1,009	380	95%	1,898		1.88		2,109		2.09
Camden Glendale (1)	Glendale	CA	2015	882	303	Lease-Up	2,243		2.54		2,380		2.70
Camden Harbor View	Long Beach	CA	2004	981	546	95%	2,404		2.45		2,570		2.62
Camden Main and Jamboree	Irvine	CA	2008	1,011	290	96%	2,023		2.00		2,220		2.20
Camden Martinique	Costa Mesa	CA	1986	794	714	95%	1,631		2.05		1,847		2.32
Camden Parkside	Fullerton	CA	1972	836	421	96%	1,496		1.79		1,699		2.03
Camden Sea Palms	Costa Mesa	CA	1990	891	138	96%	1,830		2.05		1,972		2.21
Total Los Angeles/Orange County	7	Properties		903	2,792	96%	1,915		2.12		2,099		2.32
Camden Landmark	Ontario	CA	2006	982	469	95%	1,473		1.50		1,624		1.65
Camden Old Creek	San Marcos	CA	2007	1,037	350	96%	1,898		1.83		2,152		2.07
Camden Sierra at Otay Ranch	Chula Vista	CA	2003	962	422	95%	1,779		1.85		2,012		2.09
Camden Tuscany	San Diego	CA	2003	896	160	96%	2,457		2.74		2,738		3.05
Camden Vineyards	Murrieta	CA	2002	1,053	264	97%	1,480		1.41		1,749		1.66
Total San Diego/Inland Empire	5	Properties		991	1,665	96%	1,736		1.75		1,961		1.98
TOTAL CALIFORNIA	12	Properties		936	4,457	96%	1,848		1.97		2,047		2.19
Camden Belleview Station	Denver	CO	2009	888	270	95%	1,366		1.54		1,516		1.71
Camden Caley	Englewood	CO	2000	925	218	97%	1,320		1.43		1,549		1.67
Camden Denver West	Golden	CO	1997	1,015	320	95%	1,559		1.54		1,773		1.75
Camden Flatirons	Denver	CO	2015	960	424	96%	1,448		1.51		1,672		1.74
Camden Highlands Ridge	Highlands Ranch	CO	1996	1,149	342	96%	1,568		1.36		1,796		1.56
Camden Interlocken	Broomfield	CO	1999	1,010	340	97%	1,464		1.45		1,674		1.66
Camden Lakeway	Littleton	CO	1997	932	451	96%	1,389		1.49		1,620		1.74
TOTAL COLORADO	7	Properties		985	2,365	96%	1,450		1.47		1,665		1.69
Camden Ashburn Farm	Ashburn	VA	2000	1,062	162	97%	1,531		1.44		1,794		1.69
Camden Clearbrook (2)	Frederick	MD	2007	1,048	297	96%	1,373		1.31		1,600		1.53
Camden College Park	College Park	MD	2008	942	508	93%	1,516		1.61		1,714		1.82
Camden Dulles Station	Oak Hill	VA	2009	978	382	97%	1,621		1.66		1,873		1.92
Camden Fair Lakes	Fairfax	VA	1999	1,056	530	96%	1,710		1.62		1,964		1.86
Camden Fairfax Corner	Fairfax	VA	2006	934	489	95%	1,762		1.89		2,003		2.14
Camden Fallsgrove	Rockville	MD	2004	996	268	96%	1,735		1.74		1,948		1.96
Camden Grand Parc	Washington	DC	2002	674	105	96%	2,404		3.58		2,755		4.10
Camden Lansdowne	Leesburg	VA	2002	1,006	690	96%	1,475		1.47		1,668		1.66
Camden Largo Town Center	Largo	MD	2000/2007	1,027	245	94%	1,621		1.58		1,834		1.79
Camden Monument Place	Fairfax	VA	2007	856	368	96%	1,522		1.78		1,750		2.04
Camden NoMa	Washington	DC	2014	770	321	95%	2,181		2.83		2,502		3.25
Camden Potomac Yard	Arlington	VA	2008	835	378	96%	1,964		2.35		2,208		2.65
Camden Roosevelt	Washington	DC	2003	856	198	95%	2,620		3.06		2,944		3.44
Camden Russett	Laurel	MD	2000	992	426	96%	1,446		1.46		1,651		1.66
Camden Silo Creek	Ashburn	VA	2004	975	284	97%	1,472		1.51		1,678		1.72
Camden South Capitol (3)	Washington	DC	2013	821	276	95%	2,138		2.60		2,484		3.02
Camden Summerfield (2)	Landover	MD	2008	957	291	94%	1,648		1.72		1,868		1.95
Camden Summerfield II (2)	Landover	MD	2012	936	187	96%	1,627		1.74		1,791		1.92
TOTAL DC METRO	19	Properties		946	6,405	95%	1,698		1.79		1,935		2.04
Camden Aventura	Aventura	FL	1995	1,108	379	95%	1,949		1.76		2,238		2.02
Camden Boca Raton	Boca Raton	FL	2014	843	261	95%	1,946		2.31		2,203		2.61
Camden Brickell	Miami	FL	2003	937	405	97%	2,050		2.19		2,246		2.40
Camden Doral	Miami	FL	1999	1,120	260	97%	1,857		1.66		2,069		1.85
Camden Doral Villas	Miami	FL	2000	1,253	232	97%	1,982		1.58		2,216		1.77
Camden Las Olas	Ft. Lauderdale	FL	2004	1,043	420	96%	2,024		1.94		2,279		2.18
Camden Plantation	Plantation	FL	1997	1,201	502	97%	1,578		1.31		1,812		1.51
Camden Portofino	Pembroke Pines	FL	1995	1,112	322	97%	1,591		1.43		1,854		1.67
Total Southeast Florida	8	Properties		1,079	2,781	96%		$1,860		$1.72		$2,102		$1.95

29

CAMDEN	COMMUNITY TABLE
	Community statistics as of 6/30/2016

(Unaudited)							2Q16 Avg Monthly				2Q16 Avg Monthly
			Year Placed	Average	Apartment	2Q16 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%		$1,266		$1.18		$1,493		$1.39
Camden Lago Vista	Orlando	FL	2005	955	366	98%	1,118		1.17		1,351		1.41
Camden LaVina	Orlando	FL	2012	970	420	95%	1,170		1.21		1,386		1.43
Camden Lee Vista	Orlando	FL	2000	937	492	97%	1,067		1.14		1,284		1.37
Camden Orange Court	Orlando	FL	2008	817	268	95%	1,286		1.57		1,522		1.86
Camden Renaissance	Altamonte Springs	FL	1996/1998	899	578	96%	979		1.09		1,177		1.31
Camden Town Square	Orlando	FL	2012	986	438	97%	1,234		1.25		1,441		1.47
Camden Waterford Lakes (3)	Orlando	FL	2013	971	300	94%	1,302		1.34		1,592		1.64
Camden World Gateway	Orlando	FL	2000	979	408	97%	1,173		1.20		1,370		1.40
Total Orlando	9	Properties		951	3,540	96%	1,155		1.21		1,374		1.44
Camden Bay	Tampa	FL	1997/2001	943	760	96%	1,062		1.13		1,335		1.42
Camden Lakes	St. Petersburg	FL	1982/1983	732	688	95%	899		1.23		1,139		1.56
Camden Montague	Tampa	FL	2012	975	192	97%	1,208		1.24		1,438		1.48
Camden Preserve	Tampa	FL	1996	942	276	97%	1,289		1.37		1,534		1.63
Camden Royal Palms	Brandon	FL	2006	1,017	352	97%	1,101		1.08		1,360		1.34
Camden Visconti (3)	Tampa	FL	2007	1,125	450	96%	1,242		1.10		1,499		1.33
Camden Westchase Park	Tampa	FL	2012	993	348	95%	1,341		1.35		1,652		1.66
Camden Woods	Tampa	FL	1986	1,223	444	95%	1,030		0.84		1,264		1.03
Total Tampa	8	Properties		974	3,510	96%	1,107		1.14		1,364		1.40
TOTAL FLORIDA	25	Properties		996	9,831	96%	1,337		1.34		1,577		1.58
Camden Brookwood	Atlanta	GA	2002	912	359	97%	1,282		1.40		1,476		1.61
Camden Creekstone	Atlanta	GA	2002	990	223	96%	1,186		1.20		1,307		1.32
Camden Deerfield	Alpharetta	GA	2000	1,187	292	96%	1,319		1.11		1,539		1.30
Camden Dunwoody	Atlanta	GA	1997	1,007	324	98%	1,204		1.20		1,409		1.40
Camden Fourth Ward	Atlanta	GA	2014	847	276	96%	1,571		1.86		1,791		2.12
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	94%	1,332		1.42		1,555		1.66
Camden Paces	Atlanta	GA	2015	1,407	379	95%	2,484		1.76		2,625		1.87
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	96%	1,186		1.16		1,407		1.37
Camden Phipps (3)	Atlanta	GA	1996	1,018	234	95%	1,455		1.43		1,662		1.64
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	96%	1,166		1.02		1,404		1.23
Camden St. Clair	Atlanta	GA	1997	999	336	96%	1,224		1.23		1,491		1.49
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	95%	916		0.91		1,112		1.10
Camden Vantage	Atlanta	GA	2010	901	592	96%	1,276		1.42		1,470		1.63
TOTAL GEORGIA	13	Properties		1,026	4,246	96%	1,366		1.33		1,562		1.52
Camden Ballantyne	Charlotte	NC	1998	1,045	400	96%	1,209		1.15		1,425		1.36
Camden Cotton Mills	Charlotte	NC	2002	905	180	97%	1,450		1.60		1,651		1.83
Camden Dilworth	Charlotte	NC	2006	857	145	96%	1,420		1.66		1,674		1.95
Camden Fairview	Charlotte	NC	1983	1,036	135	97%	1,128		1.09		1,324		1.28
Camden Foxcroft	Charlotte	NC	1979	940	156	97%	984		1.05		1,194		1.27
Camden Grandview	Charlotte	NC	2000	1,057	266	95%	1,598		1.51		1,785		1.69
Camden Sedgebrook	Charlotte	NC	1999	972	368	97%	1,059		1.09		1,292		1.33
Camden Simsbury	Charlotte	NC	1985	874	100	98%	1,093		1.25		1,296		1.48
Camden South End Square	Charlotte	NC	2003	882	299	96%	1,340		1.52		1,555		1.76
Camden Southline (3)	Charlotte	NC	2015	831	266	97%	1,387		1.67		1,583		1.91
Camden Stonecrest	Charlotte	NC	2001	1,098	306	96%	1,254		1.14		1,469		1.34
Camden Touchstone	Charlotte	NC	1986	899	132	96%	973		1.08		1,150		1.28
Total Charlotte	12	Properties		966	2,753	96%	1,257		1.30		1,468		1.52
Camden Asbury Village (3)	Raleigh	NC	2009	1,009	350	95%	1,115		1.11		1,235		1.22
Camden Crest	Raleigh	NC	2001	1,013	438	94%	967		0.96		1,188		1.17
Camden Governor's Village	Chapel Hill	NC	1999	1,046	242	96%	988		0.94		1,247		1.19
Camden Lake Pine	Apex	NC	1999	1,066	446	95%	1,030		0.97		1,262		1.18
Camden Manor Park	Raleigh	NC	2006	966	484	96%	1,008		1.04		1,227		1.27
Camden Overlook	Raleigh	NC	2001	1,060	320	96%	1,146		1.08		1,409		1.33
Camden Reunion Park	Apex	NC	2000/2004	972	420	94%	907		0.93		1,103		1.14
Camden Westwood	Morrisville	NC	1999	1,027	354	96%	977		0.95		1,204		1.17
Total Raleigh	8	Properties		1,016	3,054	95%	1,013		1.00		1,229		1.21
TOTAL NORTH CAROLINA	20	Properties		992	5,807	96%	1,129		1.14		1,343		1.35

30

CAMDEN	COMMUNITY TABLE
	Community statistics as of 6/30/2016

(Unaudited)							2Q16 Avg Monthly				2Q16 Avg Monthly
			Year Placed	Average	Apartment	2Q16 Avg	Rental Rates per				Revenue per Occupied
Community Name	City	State	In Service	Size	Homes	Occupancy	Home		Sq. Ft.		Home		Sq. Ft.
Camden Amber Oaks (3)	Austin	TX	2009	862	348	95%		$1,035		$1.20		$1,293		$1.50
Camden Amber Oaks II (3)	Austin	TX	2012	910	244	96%	1,107		1.22		1,378		1.51
Camden Brushy Creek (3)	Cedar Park	TX	2008	882	272	96%	1,079		1.22		1,236		1.40
Camden Cedar Hills	Austin	TX	2008	911	208	96%	1,211		1.33		1,463		1.61
Camden Gaines Ranch	Austin	TX	1997	955	390	96%	1,342		1.41		1,596		1.67
Camden Huntingdon	Austin	TX	1995	903	398	96%	1,058		1.17		1,312		1.45
Camden La Frontera	Austin	TX	2015	901	300	96%	1,183		1.31		1,446		1.60
Camden Lamar Heights	Austin	TX	2015	838	314	94%	1,423		1.70		1,629		1.94
Camden Shadow Brook (3)	Austin	TX	2009	909	496	95%	1,115		1.23		1,284		1.41
Camden Stoneleigh	Austin	TX	2001	908	390	95%	1,203		1.33		1,439		1.58
Total Austin	10	Properties		899	3,360	95%	1,174		1.31		1,403		1.56
Camden Breakers	Corpus Christi	TX	1996	868	288	94%	1,160		1.34		1,423		1.64
Camden Copper Ridge	Corpus Christi	TX	1986	775	344	92%	878		1.13		1,079		1.39
Camden Miramar (4)	Corpus Christi	TX	1994-2014	494	1,005	49%	1,150		2.33		1,424		2.88
Camden South Bay (3)	Corpus Christi	TX	2007	1,055	270	94%	1,273		1.21		1,461		1.39
Total Corpus Christi	4	Properties		681	1,907	93%	1,120		1.64		1,432		2.10
Camden Addison	Addison	TX	1996	942	456	97%	1,110		1.18		1,301		1.38
Camden Belmont	Dallas	TX	2010/2012	945	477	96%	1,429		1.51		1,580		1.67
Camden Buckingham	Richardson	TX	1997	919	464	96%	1,144		1.24		1,386		1.51
Camden Centreport	Ft. Worth	TX	1997	911	268	97%	1,047		1.15		1,243		1.36
Camden Cimarron	Irving	TX	1992	772	286	97%	1,107		1.43		1,350		1.75
Camden Design District (3)	Dallas	TX	2009	939	355	97%	1,346		1.43		1,462		1.56
Camden Farmers Market	Dallas	TX	2001/2005	932	904	95%	1,250		1.34		1,464		1.57
Camden Henderson	Dallas	TX	2012	967	106	96%	1,543		1.60		1,711		1.77
Camden Legacy Creek	Plano	TX	1995	831	240	96%	1,159		1.39		1,351		1.63
Camden Legacy Park	Plano	TX	1996	871	276	97%	1,166		1.34		1,387		1.59
Camden Panther Creek (3)	Frisco	TX	2009	946	295	95%	1,141		1.21		1,299		1.37
Camden Riverwalk (3)	Grapevine	TX	2008	982	600	94%	1,340		1.36		1,468		1.49
Camden Valley Park	Irving	TX	1986	743	516	96%	1,023		1.38		1,203		1.62
Total Dallas/Ft. Worth	13	Properties		905	5,243	96%	1,212		1.34		1,397		1.54
Camden City Centre	Houston	TX	2007	932	379	95%	1,609		1.73		1,826		1.96
Camden City Centre II	Houston	TX	2013	868	268	95%	1,671		1.93		1,882		2.17
Camden Cypress Creek (3)	Cypress	TX	2009	993	310	95%	1,237		1.25		1,395		1.40
Camden Downs at Cinco Ranch (3)	Katy	TX	2004	1,075	318	93%	1,238		1.15		1,394		1.30
Camden Grand Harbor (3)	Katy	TX	2008	959	300	94%	1,165		1.21		1,324		1.38
Camden Greenway	Houston	TX	1999	861	756	95%	1,415		1.64		1,645		1.91
Camden Heights (3)	Houston	TX	2004	927	352	95%	1,522		1.64		1,657		1.79
Camden Holly Springs	Houston	TX	1999	934	548	93%	1,254		1.34		1,441		1.54
Camden Midtown	Houston	TX	1999	844	337	90%	1,668		1.98		1,866		2.21
Camden Northpointe (3)	Tomball	TX	2008	940	384	95%	1,101		1.17		1,275		1.36
Camden Oak Crest	Houston	TX	2003	870	364	94%	1,138		1.31		1,324		1.52
Camden Park	Houston	TX	1995	866	288	94%	1,110		1.28		1,340		1.55
Camden Plaza	Houston	TX	2007	915	271	94%	1,582		1.73		1,772		1.94
Camden Post Oak	Houston	TX	2003	1,200	356	91%	2,555		2.13		2,678		2.23
Camden Royal Oaks	Houston	TX	2006	923	236	96%	1,301		1.41		1,375		1.49
Camden Royal Oaks II	Houston	TX	2012	1,054	104	91%	1,527		1.45		1,617		1.53
Camden Spring Creek (3)	Spring	TX	2004	1,080	304	94%	1,234		1.14		1,355		1.26
Camden Stonebridge	Houston	TX	1993	845	204	97%	1,127		1.33		1,322		1.56
Camden Sugar Grove	Stafford	TX	1997	921	380	96%	1,156		1.25		1,307		1.42
Camden Travis Street	Houston	TX	2010	819	253	95%	1,567		1.91		1,793		2.19
Camden Vanderbilt	Houston	TX	1996/1997	863	894	94%	1,468		1.70		1,684		1.95
Camden Whispering Oaks	Houston	TX	2008	934	274	93%	1,244		1.33		1,436		1.53
Camden Woodson Park (3)	Houston	TX	2008	916	248	95%	1,177		1.29		1,331		1.45
Camden Yorktown (3)	Houston	TX	2008	995	306	95%	1,163		1.17		1,334		1.34
Total Houston	24	Properties		930	8,434	94%	1,392		1.50		1,571		1.69
TOTAL TEXAS	51	Properties		892	18,944	95%	1,276		1.43		1,479		1.66
TOTAL PROPERTIES	157	Properties		953	54,984	95%		$1,378		$1.45		$1,596		$1.67

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

(2) Camden Clearbrook, Camden Summerfield, and Camden Summerfield II sold subsequent to quarter end.

(3) Communities owned through investment in joint venture.

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

31