Exhibit

CAMDEN PROPERTY TRUST ANNOUNCES THIRD QUARTER 2017 OPERATING RESULTS

Houston, Texas (October 26, 2017) - Camden Property Trust (NYSE:CPT) today announced operating results for the three and nine months ended September 30, 2017. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and nine months ended September 30, 2017 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.



	Three Months Ended		Nine Months Ended
	September 30		September 30
Per Diluted Share	2017	2016	2017	2016
EPS	$0.38	$3.21	$1.20	$8.60
FFO	$1.11	$1.13	$3.35	$3.49
AFFO	$0.92	$0.92	$2.87	$3.01

EPS, FFO and AFFO for the three and nine months ended September 30, 2017 included approximately $0.05 per diluted share in expenses related to Hurricanes Harvey and Irma.



	Quarterly Growth	Sequential Growth	Year-to-Date Growth
Same Property Results	3Q17 vs. 3Q16	3Q17 vs. 2Q17	2017 vs. 2016
Revenues	2.5%	1.1%	2.8%
Expenses	3.9%	4.1%	3.4%
Net Operating Income ("NOI")	1.7%	(0.5)%	2.5%



Same Property Results	3Q17		3Q16		2Q17
Occupancy	95.9	%	95.8	%	95.4	%

“Operating performance across Camden’s portfolio remains strong, and with recent improvements in the Houston apartment market as a result of Hurricane Harvey, we have raised our full-year 2017 guidance for same property revenue and NOI growth,” said Richard J. Campo, Camden’s Chairman and CEO.

The Company defines same property communities as communities owned and stabilized as of January 1, 2016, excluding properties held for sale. Reported same property expenses for 2017 exclude approximately $3.9 million of property level expenses related to Hurricanes Harvey and Irma. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.

Development Activity

During the quarter, lease-up was completed at Camden Victory Park in Dallas, TX. Construction was completed during the quarter at Camden Lincoln Station in Denver, CO, and construction commenced at Camden RiNo in Denver, CO.

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



		Total	Total	% Leased
Community Name	Location	Units	Cost	as of 10/25/2017
Camden Lincoln Station	Denver, CO	267	$56.4	87	%
Camden NoMa II	Washington, DC	405	106.9	61	%
Total		672	$163.3

Development Communities - Construction Ongoing ($ in millions)



		Total	Total	% Leased
Community Name	Location	Units	Budget	as of 10/25/2017
Camden Shady Grove	Rockville, MD	457	$116.0	45	%
Camden McGowen Station	Houston, TX	315	90.0
Camden Washingtonian	Gaithersburg, MD	365	90.0
Camden North End I	Phoenix, AZ	441	105.0
Camden Grandview II	Charlotte, NC	28	21.0
Camden RiNo	Denver, CO	233	75.0
Total		1,839	$497.0

Acquisition/Disposition Activity

In July 2017, the Company entered into a sales contract for Camden Miramar, its student housing community located in Corpus Christi, TX, for approximately $78.0 million. Closing of this sale is not guaranteed and is subject to, among other items, the satisfactory due diligence and financing by the purchaser. The Company has included a $0.01 per share impact for this potential disposition in its FFO guidance for the fourth quarter and full-year 2017, assuming a December 2017 closing date.

Equity Issuances

During the quarter, Camden completed a public offering of 4,750,000 common shares at a net price of $93.18 per share, for net proceeds before expenses of approximately $442.6 million. The Company also issued 28,111 common shares through its ATM program at an average price of $90.44 per share, for total net consideration of approximately $2.5 million.

Hurricane Expenses

The Company incurred approximately $5.0 million or $0.05 per diluted share in expenses during the quarter related to Hurricanes Harvey and Irma, as detailed below. Property expenses from Hurricanes Harvey and Irma have been excluded from same property results.



Property Expenses	$3.9 million
Equity in Income of Joint Ventures	$0.4 million
General and Administrative Expense	$0.7 million
Total Hurricane Expenses	$5.0 million

Earnings Guidance

Camden updated its earnings guidance for 2017 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for fourth quarter 2017 as detailed below.



	4Q17	2017	2017 Midpoint
Per Diluted Share	Range	Range	Current	Prior	Change
EPS	$0.47 - $0.51	$1.66 - $1.70	$1.68	$1.70	$(0.02)
FFO	$1.16 - $1.20	$4.51 - $4.55	$4.53	$4.57	$(0.04)

The Company updated its guidance for 2017 same property growth, which was previously provided in July 2017.



	2017	2017 Midpoint
Same Property Growth	Range	Current	Prior	Change
Revenues	2.80% - 3.00%	2.90%	2.80%	0.10	%
Expenses	3.95% - 4.15%	4.05%	4.10%	(0.05	)%
NOI	2.10% - 2.40%	2.25%	2.00%	0.25	%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2017 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, October 27, 2017 at 11:00 AM CT

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

Passcode: 6883383

Webcast: http://services.choruscall.com/links/cpt171027.html

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

Forward-Looking Statements

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

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 156 properties containing 54,038 apartment homes across the United States. Upon completion of 6 properties under development, the Company’s portfolio will increase to 55,877 apartment homes in 162 properties. Camden was recently named by FORTUNE® Magazine for the tenth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #22.

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 September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
OPERATING DATA
Property revenues
Rental revenues		$194,690			$187,771			$573,262			$564,136
Other property revenues	33,488			32,464			97,807			95,172
Total property revenues	228,178			220,235			671,069			659,308

Property expenses
Property operating and maintenance ^(a)	60,090			53,679			164,188			156,804
Real estate taxes	28,193			26,695			83,916			80,875
Total property expenses	88,283			80,374			248,104			237,679

Non-property income
Fee and asset management	2,116			1,667			5,806			5,223
Interest and other income	385			927			1,579			1,366
Income on deferred compensation plans	3,648			3,494			11,706			4,781
Total non-property income	6,149			6,088			19,091			11,370

Other expenses
Property management	6,201			5,590			19,782			19,147
Fee and asset management	973			911			2,818			2,861
General and administrative ^(b)	12,266			10,810			37,585			34,836
Interest	21,210			23,076			66,132			69,936
Depreciation and amortization	67,014			62,832			195,781			187,379
Expense on deferred compensation plans	3,648			3,494			11,706			4,781
Total other expenses	111,312			106,713			333,804			318,940

Loss on early retirement of debt	—			—			(323		)	—
Gain on sale of operating properties, including land	—			262,719			—			295,397
Equity in income of joint ventures ^(c)	1,255			1,866			4,857			5,052
Income from continuing operations before income taxes	35,987			303,821			112,786			414,508
Income tax expense	(512		)	(400		)	(1,008		)	(1,204		)
Income from continuing operations	35,475			303,421			111,778			413,304
Income from discontinued operations	—			—			—			7,605
Gain on sale of discontinued operations, net of tax	—			—			—			375,237
Net income	35,475			303,421			111,778			796,146
Less income allocated to non-controlling interests from continuing operations	(1,091		)	(12,523		)	(3,345		)	(17,216		)
Net income attributable to common shareholders		$34,384			$290,898			$108,433			$778,930

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$35,475			$303,421			$111,778			$796,146
Other comprehensive income
Unrealized gain on cash flow hedging activities	1,754			—			1,754			—
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	34			32			102			97
Comprehensive income	37,263			303,453			113,634			796,243
Less income allocated to non-controlling interests from continuing operations	(1,091		)	(12,523		)	(3,345		)	(17,216		)
Comprehensive income attributable to common shareholders		$36,172			$290,930			$110,289			$779,027

PER SHARE DATA

Total earnings per common share - basic		$0.38			$3.23			$1.20			$8.63
Total earnings per common share - diluted	0.38			3.21			1.20			8.60
Earnings per share from continuing operations - basic	0.38			3.23			1.20			4.35
Earnings per share from continuing operations - diluted	0.38			3.21			1.20			4.34

Weighted average number of common shares outstanding:
Basic	91,011			89,669			90,351			89,524
Diluted	92,033			90,012			91,345			89,858

(a) Includes approximately $3.9 million in storm-related expenses related to Hurricanes Harvey and Irma for both the three and nine months ended September 30, 2017.

(b) Includes approximately $0.7 million in storm-related expenses related to Hurricanes Harvey and Irma for both the three and nine months ended September 30, 2017.

(c) Includes approximately $0.4 million in storm-related expenses related to Hurricanes Harvey and Irma for both the three and nine months ended September 30, 2017.

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 September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
FUNDS FROM OPERATIONS

Net income attributable to common shareholders ^(a)		$34,384			$290,898			$108,433			$778,930
Real estate depreciation and amortization	65,489			61,264			191,092			182,694
Real estate depreciation from discontinued operations	—			—			—			4,327
Adjustments for unconsolidated joint ventures	2,223			2,266			6,650			6,944
Income allocated to non-controlling interests	1,091			12,523			3,345			17,216
Gain on sale of operating properties, net of tax	—			(262,719		)	—			(294,954		)
Gain on sale of discontinued operations, net of tax	—			—			—			(375,237		)
Funds from operations		$103,187			$104,232			$309,520			$319,920

Less: recurring capitalized expenditures^(b)	(17,506		)	(19,246		)	(43,975		)	(43,609		)

Adjusted funds from operations - diluted		$85,681			$84,986			$265,545			$276,311

PER SHARE DATA
Funds from operations - diluted		$1.11			$1.13			$3.35			$3.49
Adjusted funds from operations - diluted	0.92			0.92			2.87			3.01
Distributions declared per common share	0.75			0.75			2.25			2.25
Special Distributions declared per common share	—			4.25			—			4.25

Weighted average number of common shares outstanding:
FFO/AFFO - diluted	93,111			91,901			92,424			91,749

PROPERTY DATA
Total operating properties (end of period) ^(c)	156			151			156			151
Total operating apartment homes in operating properties (end of period) ^(c)	54,038			52,506			54,038			52,506
Total operating apartment homes (weighted average)	46,546			46,702			46,103			49,521
Total operating apartment homes - excluding discontinued operations (weighted average)	46,546			46,702			46,103			47,426

(a) Net income attributable to common shareholders for the three and nine months ended September 30, 2017 included approximately $5.0 million of storm-related expenses related to Hurricanes Harvey and Irma.

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

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




CAMDEN		BALANCE SHEETS
		(In thousands)

(Unaudited)



	Sep 30, 2017			Jun 30, 2017			Mar 31, 2017			Dec 31, 2016			Sep 30, 2016
ASSETS
Real estate assets, at cost
Land		$1,016,097			$1,008,459			$984,523			$967,375			$962,507
Buildings and improvements	6,269,561			6,199,435			6,071,203			5,967,023			5,910,347
	7,285,658			7,207,894			7,055,726			6,934,398			6,872,854
Accumulated depreciation	(2,080,989		)	(2,016,259		)	(1,952,809		)	(1,890,656		)	(1,829,563		)
Net operating real estate assets	5,204,669			5,191,635			5,102,917			5,043,742			5,043,291
Properties under development, including land	363,481			373,294			377,107			442,292			425,452
Investments in joint ventures	28,420			29,665			30,062			30,254			30,046
Total real estate assets	5,596,570			5,594,594			5,510,086			5,516,288			5,498,789
Accounts receivable – affiliates	23,620			23,592			23,634			24,028			23,998
Other assets, net ^(a)	189,253			155,784			147,922			142,010			143,059
Short-term investments ^(b)	—			—			—			100,000			100,000
Cash and cash equivalents	350,274			16,318			245,529			237,364			313,742
Restricted cash	9,178			8,312			8,175			8,462			8,691
Total assets		$6,168,895			$5,798,600			$5,935,346			$6,028,152			$6,088,279



LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,338,117			$1,437,608			$1,583,819			$1,583,236			$1,582,655
Secured	866,134			866,292			866,476			897,352			897,971
Accounts payable and accrued expenses	127,557			116,754			120,086			137,813			143,193
Accrued real estate taxes	70,027			48,559			24,682			49,041			66,079
Distributions payable	72,962			69,347			69,326			69,161			82,861
Other liabilities ^(c)	154,506			134,851			123,654			118,959			122,270
Total liabilities	2,629,303			2,673,411			2,788,043			2,855,562			2,895,029

Commitments and contingencies
Non-qualified deferred compensation share awards	73,015			84,050			75,704			77,037			72,222

Equity
Common shares of beneficial interest	1,028			978			978			978			978
Additional paid-in capital	4,134,206			3,678,660			3,675,737			3,678,277			3,675,806
Distributions in excess of net income attributable to common shareholders	(383,584		)	(351,910		)	(317,642		)	(289,180		)	(261,324		)
Treasury shares, at cost	(364,736		)	(364,785		)	(365,923		)	(373,339		)	(373,597		)
Accumulated other comprehensive loss ^(d)	(7		)	(1,795		)	(1,829		)	(1,863		)	(1,816		)
Total common equity	3,386,907			2,961,148			2,991,321			3,014,873			3,040,047
Non-controlling interests	79,670			79,991			80,278			80,680			80,981
Total equity	3,466,577			3,041,139			3,071,599			3,095,553			3,121,028
Total liabilities and equity		$6,168,895			$5,798,600			$5,935,346			$6,028,152			$6,088,279





(a) Includes:
net deferred charges of:		$1,312			$1,487			$1,683			$1,915			$2,140
fair value adjustment of derivative instruments:		$1,754			$—			$—			$—			$—

(b) Our short-term investments consisted wholly of a certificate of deposit that had a maturity date of January 4, 2017.

(c) Includes deferred revenues of:		$1,463			$513			$1,455			$1,541			$1,598

(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized gain 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 the sale of previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

Adjusted FFO

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Net income attributable to common shareholders		$34,384			$290,898			$108,433			$778,930
Real estate depreciation and amortization	65,489			61,264			191,092			182,694
Real estate depreciation from discontinued operations	—			—			—			4,327
Adjustments for unconsolidated joint ventures	2,223			2,266			6,650			6,944
Income allocated to non-controlling interests	1,091			12,523			3,345			17,216
Gain on sale of operating properties, net of tax	—			(262,719		)	—			(294,954		)
Gain on sale of discontinued operations, net of tax	—			—			—			(375,237		)
Funds from operations		$103,187			$104,232			$309,520			$319,920

Less: recurring capitalized expenditures	(17,506		)	(19,246		)	(43,975		)	(43,609		)

Adjusted funds from operations		$85,681			$84,986			$265,545			$276,311

Weighted average number of common shares outstanding:
EPS diluted	92,033			90,012			91,345			89,858
FFO/AFFO diluted	93,111			91,901			92,424			91,749

Total earnings per common share - diluted		$0.38			$3.21			$1.20			$8.60
FFO per common share - diluted		$1.11			$1.13			$3.35			$3.49
AFFO per common share - diluted		$0.92			$0.92			$2.87			$3.01

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:



	4Q17		Range		2017		Range
	Low		High		Low		High
Expected earnings per common share - diluted		$0.47		$0.51		$1.66		$1.70
Expected real estate depreciation and amortization	0.66		0.66		2.73		2.73
Expected adjustments for unconsolidated joint ventures	0.02		0.02		0.09		0.09
Expected income allocated to non-controlling interests	0.01		0.01		0.03		0.03
Expected FFO per share - diluted		$1.16		$1.20		$4.51		$4.55

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements presented 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 September 30,						Nine months ended September 30,
	2017			2016			2017			2016
Net income		$35,475			$303,421			$111,778			$796,146
Less: Fee and asset management income	(2,116		)	(1,667		)	(5,806		)	(5,223		)
Less: Interest and other income	(385		)	(927		)	(1,579		)	(1,366		)
Less: Income on deferred compensation plans	(3,648		)	(3,494		)	(11,706		)	(4,781		)
Plus: Property management expense	6,201			5,590			19,782			19,147
Plus: Fee and asset management expense	973			911			2,818			2,861
Plus: General and administrative expense	12,266			10,810			37,585			34,836
Plus: Interest expense	21,210			23,076			66,132			69,936
Plus: Depreciation and amortization expense	67,014			62,832			195,781			187,379
Plus: Expense on deferred compensation plans	3,648			3,494			11,706			4,781
Plus: Loss on Early Retirement of Debt	—			—			323			—
Less: Gain on sale of operating properties, including land	—			(262,719		)	—			(295,397		)
Less: Equity in income of joint ventures	(1,255		)	(1,866		)	(4,857		)	(5,052		)
Plus: Income tax expense	512			400			1,008			1,204
Less: Income from discontinued operations	—			—			—			(7,605		)
Less: Gain on sale of discontinued operations, net of tax	—			—			—			(375,237		)
Net Operating Income (NOI)		$139,895			$139,861			$422,965			$421,629

"Same Property" Communities		$127,894			$125,738			$381,074			$371,788
Non-"Same Property" Communities	12,855			9,532			39,659			26,661
Development and Lease-Up Communities	2,166			4			3,248			4
Hurricane Expenses	(3,944		)	—			(3,944		)	—
Dispositions/Other	924			4,587			2,928			23,176
Net Operating Income (NOI)		$139,895			$139,861			$422,965			$421,629

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, loss on early retirement of debt and income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:



	Three months ended September 30,						Nine months ended September 30,
	2017			2016			2017			2016
Net income attributable to common shareholders		$34,384			$290,898			$108,433			$778,930
Plus: Interest expense	21,210			23,076			66,132			69,936
Plus: Depreciation and amortization expense	67,014			62,832			195,781			187,379
Plus: Income allocated to non-controlling interests from continuing operations	1,091			12,523			3,345			17,216
Plus: Income tax expense	512			400			1,008			1,204
Plus: Real estate depreciation from discontinued operations	—			—			—			4,327
Less: Gain on sale of operating properties, including land	—			(262,719		)	—			(295,397		)
Plus: Loss on Early Retirement of Debt	—			—			323			—
Less: Equity in income of joint ventures	(1,255		)	(1,866		)	(4,857		)	(5,052		)
Less: Gain on sale of discontinued operations, net of tax	—			—			—			(375,237		)
Adjusted EBITDA		$122,956			$125,144			$370,165			$383,306