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 25, 2019

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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Shares of Beneficial Interest, $.01 par value	CPT	New York Stock Exchange

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected to not use the extended transition period for complying with any new or revised financial accounting standards provided pursuant of Section 13(a) of the Exchange Act. ¨

Item 2.02Results of Operations and Financial Condition.

On July 25, 2019, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and six months ended June 30, 2019. 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 25, 2019.
99.2	Supplemental Financial Information dated July 25, 2019.

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 25, 2019

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 25, 2019.
99.2	Supplemental Financial Information dated July 25, 2019.

EX-99.1

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2019 OPERATING RESULTS

Houston, Texas (July 25, 2019) - Camden Property Trust (NYSE:CPT) announced today operating results for the three and six months ended June 30, 2019. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and six months ended June 30, 2019 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	2019	2018	2019	2018
EPS	$0.43	$0.40	$0.82	$0.81
FFO	$1.28	$1.19	$2.50	$2.34
AFFO	$1.07	$1.00	$2.19	$2.04

	Quarterly Growth	Sequential Growth	Year-To-Date Growth
Same Property Results	2Q19 vs. 2Q18	2Q19 vs. 1Q19	2019 vs. 2018
Revenues	3.4%	1.5%	3.5%
Expenses	2.0%	(1.3)%	2.9%
Net Operating Income ("NOI")	4.2%	3.1%	3.9%

Same Property Results	2Q19		2Q18		1Q19
Occupancy	96.1	%	95.7	%	95.8	%

“We are pleased to report another solid quarter of results for our company,” said Richard J. Campo, Camden’s Chairman and CEO. “Same property NOI growth and FFO per share were both better than anticipated for the second quarter. As a result, we have increased the midpoint of our 2019 FFO guidance by $0.02 to $5.09 per share, and raised the midpoint of our 2019 expected same property NOI growth from 3.40% to 3.75%.”

For 2019, the Company defines same property communities as communities owned and stabilized since January 1, 2018, excluding communities under redevelopment and 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 at Camden Washingtonian in Gaithersburg, MD, and construction commenced at Camden Cypress Creek II in Cypress, TX, a joint venture project with 234 apartment homes.

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

		Total	Total	% Leased
Community Name	Location	Units	Cost	as of 7/24/2019
Camden McGowen Station	Houston, TX	315	$90.9	83	%
Camden North End I	Phoenix, AZ	441	98.2	70	%
Camden Grandview II	Charlotte, NC	28	22.4	46	%
Total		784	$211.5	74	%

1

Development Communities - Construction Ongoing ($ in millions)

		Total	Total
Community Name	Location	Units	Budget
Camden RiNo	Denver, CO	233	$75.0
Camden Downtown I	Houston, TX	271	132.0
Camden Lake Eola	Orlando, FL	360	120.0
Camden Buckhead	Atlanta, GA	365	160.0
Camden North End II	Phoenix, AZ	343	90.0
Camden Cypress Creek II (JV)	Cypress, TX	234	38.0
Total		1,806	$615.0

Acquisition Activity

During the quarter, Camden acquired approximately 4.3 acres of land in Charlotte, NC for approximately $10.9 million for the future development of approximately 400 apartment homes and acquired approximately 11.6 acres of land in Tempe, AZ for approximately $18.0 million for the future development of approximately 400 apartment homes. The Company also acquired Camden Rainey Street, a 326-home apartment community located in Austin, TX for approximately $120.4 million.

Capital Markets Transactions

In June 2019, the Company issued $600.0 million senior unsecured notes under its existing shelf registration statement. These ten-year notes were offered to the public at 99.751% of par value with a coupon of 3.150%. After giving effect to the settlement of the swap agreements which will be recognized over the first seven years of the notes and deducting the underwriting discounts and other estimated expenses of the offering, the effective annual interest rate on the notes is approximately 3.84% through June 2026, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%. The Company received net proceeds of approximately $593.4 million, net of underwriting discounts and other estimated offering expenses.

Executive Officer Appointments

On July 24, 2019, Camden’s Board of Trust Managers appointed D. Keith Oden from President to Executive Vice Chairman of the Board, and H. Malcolm Stewart from Chief Operating Officer to President and Chief Operating Officer. Mr. Oden will retain his current role of providing strategic leadership, communicating and implementing the Company’s mission, and managing the Company’s operations. Mr. Stewart will continue to report to Mr. Oden and will retain his current responsibilities for overseeing the Company’s property operations, construction and facilities projects, strategic and business programs, and other day-to-day operational functions. These changes recognize Mr. Stewart’s long-term contributions to Camden’s success and, as part of good corporate governance and long-term succession planning, are intended to create an avenue for future promotions of other existing senior-level executives.

Earnings Guidance

Camden updated its earnings guidance for 2019 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2019 as detailed below.

	3Q19	2019	2019 Midpoint
Per Diluted Share	Range	Range	Current	Prior	Change
EPS	$0.40 - $0.44	$1.63 - $1.75	$1.69	$1.64	$0.05
FFO	$1.26 - $1.30	$5.03 - $5.15	$5.09	$5.07	$0.02

	2019	2019 Midpoint
Same Property Growth	Range	Current	Prior	Change
Revenues	3.15% - 3.65%	3.40%	3.40%	0.00%
Expenses	2.50% - 3.00%	2.75%	3.35%	(0.60)%
NOI	3.25% - 4.25%	3.75%	3.40%	0.35%

2

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2019 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, July 26, 2019 at 10:00 AM CT

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

Passcode: 7002268

Webcast: https://services.choruscall.com/links/cpt190726.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 primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 165 properties containing 56,271 apartment homes across the United States. Upon completion of 6 properties currently under development, the Company’s portfolio will increase to 58,077 apartment homes in 171 properties. Camden was recently named by FORTUNE Magazine for the 12th consecutive year as one of the 100 Best Companies to Work For^® in America, ranking #19.

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

3

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

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
OPERATING DATA
Property revenues (a)	$255,761			$237,133			$504,328			$467,816
Property expenses
Property operating and maintenance	58,147			54,735			115,095			108,651
Real estate taxes	33,080			30,326			66,970			60,375
Total property expenses	91,227			85,061			182,065			169,026
Non-property income
Fee and asset management	1,867			1,826			3,710			3,824
Interest and other income	331			491			629			1,284
Income on deferred compensation plans	3,856			435			14,212			230
Total non-property income	6,054			2,752			18,551			5,338
Other expenses
Property management	6,093			6,473			12,750			13,112
Fee and asset management	1,522			1,088			2,706			2,053
General and administrative	13,261			12,272			26,569			24,495
Interest	19,349			20,607			39,819			40,981
Depreciation and amortization	84,646			75,569			164,920			145,793
Expense on deferred compensation plans	3,856			435			14,212			230
Total other expenses	128,727			116,444			260,976			226,664
Equity in income of joint ventures	1,909			1,872			3,821			3,701
Income from continuing operations before income taxes	43,770			40,252			83,659			81,165
Income tax expense	(228		)	(380		)	(396		)	(768		)
Net income	43,542			39,872			83,263			80,397
Less income allocated to non-controlling interests from continuing operations	(1,143		)	(1,201		)	(2,251		)	(2,331		)
Net income attributable to common shareholders		$42,399			$38,671			$81,012			$78,066
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$43,542			$39,872			$83,263			$80,397
Other comprehensive income
Unrealized gain (loss) on cash flow hedging activities	(7,060		)	5,181			(12,998		)	8,782
Reclassification of net (gain) loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	(351		)	34			(726		)	69
Comprehensive income	36,131			45,087			69,539			89,248
Less income allocated to non-controlling interests from continuing operations	(1,143		)	(1,201		)	(2,251		)	(2,331		)
Comprehensive income attributable to common shareholders		$34,988			$43,886			$67,288			$86,917
PER SHARE DATA
Total earnings per common share - basic		$0.43			$0.40			$0.83			$0.81
Total earnings per common share - diluted	0.43			0.40			0.82			0.81
Weighted average number of common shares outstanding:
Basic	98,903			95,243			97,903			95,155
Diluted	98,997			95,337			98,024			95,289

(a) Upon our adoption of Accounting Standard Codification 842 - “Leases” effective January 1, 2019, we elected the practical expedient to not separate lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income.  For the three months ended June 30, 2019, we recognized $255.7 million of property revenue which consisted of approximately $226.2 million of rental revenue and approximately $29.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.   This compares to property revenue of $237.1 million recognized for the three months ended June 30, 2018, made up of approximately $208.6 million of rental revenue and approximately $28.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2019, we recognized $504.3 million of property revenue which consisted of approximately $446.3 million of rental revenue and approximately $58.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.   This compares to property revenue of $467.8 million recognized for the six months ended June 30, 2018, made up of approximately $412.1 million of rental revenue and approximately $55.7 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.

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

4

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

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
FUNDS FROM OPERATIONS
Net income attributable to common shareholders		$42,399			$38,671			$81,012			$78,066
Real estate depreciation and amortization	82,796			73,980			161,471			142,575
Adjustments for unconsolidated joint ventures	2,260			2,257			4,491			4,504
Income allocated to non-controlling interests	1,180			1,201			2,324			2,331
Funds from operations		$128,635			$116,109			$249,298			$227,476
Less: recurring capitalized expenditures (a)	(21,166		)	(19,190		)	(30,821		)	(29,189		)
Adjusted funds from operations		$107,469			$96,919			$218,477			$198,287
PER SHARE DATA
Funds from operations - diluted		$1.28			$1.19			$2.50			$2.34
Adjusted funds from operations - diluted	1.07			1.00			2.19			2.04
Distributions declared per common share	0.80			0.77			1.60			1.54
Weighted average number of common shares outstanding:
FFO/AFFO - diluted	100,750			97,220			99,779			97,172
PROPERTY DATA
Total operating properties (end of period) (b)	165			158			165			158
Total operating apartment homes in operating properties (end of period) (b)	56,271			54,181			56,271			54,181
Total operating apartment homes (weighted average)	48,565			46,682			48,261			46,518

(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, if any.

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

5

CAMDEN	BALANCE SHEETS
	(In thousands)

(Unaudited)

	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018
ASSETS
Real estate assets, at cost
Land		$1,158,342			$1,127,485			$1,098,526			$1,088,293			$1,066,077
Buildings and improvements	7,192,644			7,057,101			6,935,971			6,828,068			6,620,169
	8,350,986			8,184,586			8,034,497			7,916,361			7,686,246
Accumulated depreciation	(2,558,690		)	(2,479,875		)	(2,403,149		)	(2,328,092		)	(2,255,737		)
Net operating real estate assets	5,792,296			5,704,711			5,631,348			5,588,269			5,430,509
Properties under development, including land	397,418			307,981			293,978			315,904			373,350
Investments in joint ventures	21,313			21,955			22,283			24,664			26,205
Total real estate assets	6,211,027			6,034,647			5,947,609			5,928,837			5,830,064
Accounts receivable – affiliates	22,297			21,337			22,920			22,605			23,473
Other assets, net (a)(b)	233,335			217,663			205,454			228,468			204,717
Cash and cash equivalents	149,551			6,092			34,378			8,529			64,071
Restricted cash	5,392			5,655			9,225			10,061			9,581
Total assets		$6,621,602			$6,285,394			$6,219,586			$6,198,500			$6,131,906
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$2,431,336			$2,079,136			$1,836,427			$1,394,178			$1,339,659
Secured	45,467			45,683			485,176			865,431			865,629
Accounts payable and accrued expenses (b)	128,371			126,964			146,866			140,046			127,777
Accrued real estate taxes	59,525			30,891			54,358			70,174			52,461
Distributions payable	80,767			80,771			74,982			74,976			75,071
Other liabilities (b)(c)	187,368			195,629			183,999			178,898			156,767
Total liabilities	2,932,834			2,559,074			2,781,808			2,723,703			2,617,364
Non-qualified deferred compensation share awards	—			—			52,674			60,874			85,938
Equity
Common shares of beneficial interest	1,065			1,064			1,031			1,030			1,027
Additional paid-in capital	4,533,667			4,527,659			4,154,763			4,147,278			4,132,404
Distributions in excess of net income attributable to common shareholders	(563,834		)	(526,856		)	(495,496		)	(466,512		)	(436,575		)
Treasury shares, at cost	(348,480		)	(349,655		)	(355,804		)	(355,825		)	(355,752		)
Accumulated other comprehensive income (loss) (d)	(6,795		)	616			6,929			14,031			8,794
Total common equity	3,615,623			3,652,828			3,311,423			3,340,002			3,349,898
Non-controlling interests	73,145			73,492			73,681			73,921			78,706
Total equity	3,688,768			3,726,320			3,385,104			3,413,923			3,428,604
Total liabilities and equity		$6,621,602			$6,285,394			$6,219,586			$6,198,500			$6,131,906
(a) Includes net deferred charges of:		$4,345			$5,081			$242			$538			$724
(b) Includes net asset/(liability) and interest receivable/(payable) fair value of derivative instruments:		$—			($13,370	)		($7,433	)		$15,674			$10,472
(c) Includes deferred revenues of:		$581			$659			$552			$603			$659
(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain (loss) on cash flow hedging activities.

6

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 depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. 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 depreciable real estate, 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. The FFO definition as restated in 2018 allows companies an option to also exclude gains and losses on sales or impairment charges on real estate assets incidental to a company's business. We did not elect this option, and as a result, the definition of FFO as restated did not have an impact on our calculation upon adoption on January 1, 2019. 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,
	2019			2018			2019			2018
Net income attributable to common shareholders		$42,399			$38,671			$81,012			$78,066
Real estate depreciation and amortization	82,796			73,980			161,471			142,575
Adjustments for unconsolidated joint ventures	2,260			2,257			4,491			4,504
Income allocated to non-controlling interests	1,180			1,201			2,324			2,331
Funds from operations		$128,635			$116,109			$249,298			$227,476
Less: recurring capitalized expenditures	(21,166		)	(19,190		)	(30,821		)	(29,189		)
Adjusted funds from operations		$107,469			$96,919			$218,477			$198,287
Weighted average number of common shares outstanding:
EPS diluted	98,997			95,337			98,024			95,289
FFO/AFFO diluted	100,750			97,220			99,779			97,172
	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Total Earnings Per Common Share - Diluted	$0.43			$0.40				$0.82			$0.81
Real estate depreciation and amortization	0.82			0.76			1.62			1.47
Adjustments for unconsolidated joint ventures	0.02			0.02			0.05			0.05
Income allocated to non-controlling interests	0.01			0.01			0.01			0.01
FFO per common share - Diluted		$1.28			$1.19			$2.50			$2.34
Less: recurring capitalized expenditures	(0.21		)	(0.19		)	(0.31		)	(0.30		)
AFFO per common share - Diluted		$1.07			$1.00			$2.19			$2.04

7

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

(Unaudited)

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:

	3Q19		Range		2019		Range
	Low		High		Low		High
Expected earnings per common share - diluted		$0.40		$0.44		$1.63		$1.75
Expected real estate depreciation and amortization	0.83		0.83		3.27		3.27
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		0.04		0.04
Expected FFO per share - diluted		$1.26		$1.30		$5.03		$5.15

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

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11 of the supplement. 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,
	2019			2018			2019			2018
Net income		$43,542			$39,872			$83,263			$80,397
Less: Fee and asset management income	(1,867		)	(1,826		)	(3,710		)	(3,824		)
Less: Interest and other income	(331		)	(491		)	(629		)	(1,284		)
Less: Income on deferred compensation plans	(3,856		)	(435		)	(14,212		)	(230		)
Plus: Property management expense	6,093			6,473			12,750			13,112
Plus: Fee and asset management expense	1,522			1,088			2,706			2,053
Plus: General and administrative expense	13,261			12,272			26,569			24,495
Plus: Interest expense	19,349			20,607			39,819			40,981
Plus: Depreciation and amortization expense	84,646			75,569			164,920			145,793
Plus: Expense on deferred compensation plans	3,856			435			14,212			230
Less: Equity in income of joint ventures	(1,909		)	(1,872		)	(3,821		)	(3,701		)
Plus: Income tax expense	228			380			396			768
NOI		$164,534			$152,072			$322,263			$298,790
"Same Property" Communities		$138,897			$133,353			$273,579			$263,332
Non-"Same Property" Communities	22,781			17,300			43,339			32,638
Development and Lease-Up Communities	1,482			79			2,467			77
Dispositions/Other	1,374			1,340			2,878			2,743
NOI		$164,534			$152,072			$322,263			$298,790

8

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

(Unaudited)

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. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. 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,
	2019			2018			2019			2018
Net income attributable to common shareholders		$42,399			$38,671			$81,012			$78,066
Plus: Interest expense	19,349			20,607			39,819			40,981
Plus: Depreciation and amortization expense	84,646			75,569			164,920			145,793
Plus: Income allocated to non-controlling interests from continuing operations	1,143			1,201			2,251			2,331
Plus: Income tax expense	228			380			396			768
Less: Equity in income of joint ventures	(1,909		)	(1,872		)	(3,821		)	(3,701		)
Adjusted EBITDA		$145,856			$134,556			$284,577			$264,238
Annualized Adjusted EBITDA		$583,424			$538,224			$569,154			$528,476

Net Debt to Annualized Adjusted EBITDA

The Company believes Net Debt to Annualized Adjusted EBITDA to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDA for the following periods:

Net Debt:

	Average monthly balance for						Average monthly balance for
	the three months ended June 30,						the six months ended June 30,
	2019			2018			2019			2018
Unsecured notes payable		$2,323,439			$1,339,486			$2,202,336			$1,339,228
Secured notes payable	45,539			865,686			158,737			865,772
Total debt	2,368,978			2,205,172			2,361,073			2,205,000
Less: Cash and cash equivalents	(89,879		)	(42,275		)	(114,314		)	(76,948		)
Net debt		$2,279,099			$2,162,897			$2,246,759			$2,128,052

Net Debt to Annualized Adjusted EBITDA:

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Net debt		$2,279,099		$2,162,897		$2,246,759		$2,128,052
Annualized Adjusted EBITDA	583,424		538,224		569,154		528,476
Net Debt to Annualized Adjusted EBITDA	3.9x		4.0x		3.9x		4.0x

9

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	18
Redevelopment Summary	19
Acquisitions and Dispositions	20
Debt Analysis	21
Debt Maturity Analysis	22
Debt Covenant Analysis	23
Unconsolidated Real Estate Investments Debt Analysis	24
Unconsolidated Real Estate Investments Debt Maturity Analysis	25
Capitalized Expenditures & Maintenance Expense	26
Non-GAAP Financial Measures - Definitions & Reconciliations	27
Other Data	30
Community Table	31

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 2019 OPERATING RESULTS

Houston, Texas (July 25, 2019) - Camden Property Trust (NYSE:CPT) announced today operating results for the three and six months ended June 30, 2019. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and six months ended June 30, 2019 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	2019	2018	2019	2018
EPS	$0.43	$0.40	$0.82	$0.81
FFO	$1.28	$1.19	$2.50	$2.34
AFFO	$1.07	$1.00	$2.19	$2.04

	Quarterly Growth	Sequential Growth	Year-To-Date Growth
Same Property Results	2Q19 vs. 2Q18	2Q19 vs. 1Q19	2019 vs. 2018
Revenues	3.4%	1.5%	3.5%
Expenses	2.0%	(1.3)%	2.9%
Net Operating Income ("NOI")	4.2%	3.1%	3.9%

Same Property Results	2Q19		2Q18		1Q19
Occupancy	96.1	%	95.7	%	95.8	%

“We are pleased to report another solid quarter of results for our company,” said Richard J. Campo, Camden’s Chairman and CEO. “Same property NOI growth and FFO per share were both better than anticipated for the second quarter. As a result, we have increased the midpoint of our 2019 FFO guidance by $0.02 to $5.09 per share, and raised the midpoint of our 2019 expected same property NOI growth from 3.40% to 3.75%.”

For 2019, the Company defines same property communities as communities owned and stabilized since January 1, 2018, excluding communities under redevelopment and 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 at Camden Washingtonian in Gaithersburg, MD, and construction commenced at Camden Cypress Creek II in Cypress, TX, a joint venture project with 234 apartment homes.

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

		Total	Total	% Leased
Community Name	Location	Units	Cost	as of 7/24/2019
Camden McGowen Station	Houston, TX	315	$90.9	83	%
Camden North End I	Phoenix, AZ	441	98.2	70	%
Camden Grandview II	Charlotte, NC	28	22.4	46	%
Total		784	$211.5	74	%

3

Development Communities - Construction Ongoing ($ in millions)

		Total	Total
Community Name	Location	Units	Budget
Camden RiNo	Denver, CO	233	$75.0
Camden Downtown I	Houston, TX	271	132.0
Camden Lake Eola	Orlando, FL	360	120.0
Camden Buckhead	Atlanta, GA	365	160.0
Camden North End II	Phoenix, AZ	343	90.0
Camden Cypress Creek II (JV)	Cypress, TX	234	38.0
Total		1,806	$615.0

Acquisition Activity

During the quarter, Camden acquired approximately 4.3 acres of land in Charlotte, NC for approximately $10.9 million for the future development of approximately 400 apartment homes and acquired approximately 11.6 acres of land in Tempe, AZ for approximately $18.0 million for the future development of approximately 400 apartment homes. The Company also acquired Camden Rainey Street, a 326-home apartment community located in Austin, TX for approximately $120.4 million.

Capital Markets Transactions

In June 2019, the Company issued $600.0 million senior unsecured notes under its existing shelf registration statement. These ten-year notes were offered to the public at 99.751% of par value with a coupon of 3.150%. After giving effect to the settlement of the swap agreements which will be recognized over the first seven years of the notes and deducting the underwriting discounts and other estimated expenses of the offering, the effective annual interest rate on the notes is approximately 3.84% through June 2026, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%. The Company received net proceeds of approximately $593.4 million, net of underwriting discounts and other estimated offering expenses.

Executive Officer Appointments

On July 24, 2019, Camden’s Board of Trust Managers appointed D. Keith Oden from President to Executive Vice Chairman of the Board, and H. Malcolm Stewart from Chief Operating Officer to President and Chief Operating Officer. Mr. Oden will retain his current role of providing strategic leadership, communicating and implementing the Company’s mission, and managing the Company’s operations. Mr. Stewart will continue to report to Mr. Oden and will retain his current responsibilities for overseeing the Company’s property operations, construction and facilities projects, strategic and business programs, and other day-to-day operational functions. These changes recognize Mr. Stewart’s long-term contributions to Camden’s success and, as part of good corporate governance and long-term succession planning, are intended to create an avenue for future promotions of other existing senior-level executives.

Earnings Guidance

Camden updated its earnings guidance for 2019 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2019 as detailed below.

	3Q19	2019	2019 Midpoint
Per Diluted Share	Range	Range	Current	Prior	Change
EPS	$0.40 - $0.44	$1.63 - $1.75	$1.69	$1.64	$0.05
FFO	$1.26 - $1.30	$5.03 - $5.15	$5.09	$5.07	$0.02

	2019	2019 Midpoint
Same Property Growth	Range	Current	Prior	Change
Revenues	3.15% - 3.65%	3.40%	3.40%	0.00%
Expenses	2.50% - 3.00%	2.75%	3.35%	(0.60)%
NOI	3.25% - 4.25%	3.75%	3.40%	0.35%

4

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2019 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call

Friday, July 26, 2019 at 10:00 AM CT

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

Passcode: 7002268

Webcast: https://services.choruscall.com/links/cpt190726.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 primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 165 properties containing 56,271 apartment homes across the United States. Upon completion of 6 properties currently under development, the Company’s portfolio will increase to 58,077 apartment homes in 171 properties. Camden was recently named by FORTUNE Magazine for the 12th consecutive year as one of the 100 Best Companies to Work For^® in America, ranking #19.

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,
	2019			2018			2019			2018
Property revenues		$255,761			$237,133			$504,328			$467,816
Adjusted EBITDA	145,856			134,556			284,577			264,238
Net income attributable to common shareholders	42,399			38,671			81,012			78,066
Per share - basic	0.43			0.40			0.83			0.81
Per share - diluted	0.43			0.40			0.82			0.81
Funds from operations	128,635			116,109			249,298			227,476
Per share - diluted	1.28			1.19			2.50			2.34
Adjusted funds from operations	107,469			96,919			218,477			198,287
Per share - diluted	1.07			1.00			2.19			2.04
Dividends per share	0.80			0.77			1.60			1.54
Dividend payout ratio (FFO)	62.5		%	64.7		%	64.0		%	65.8		%
Interest expensed	19,349			20,607			39,819			40,981
Interest capitalized	3,194			3,738			5,926			7,431
Total interest incurred	22,543			24,345			45,745			48,412
Principal amortization	215			169			481			341
Net Debt to Annualized Adjusted EBITDA (a)	3.9x			4.0x			3.9x			4.0x
Interest expense coverage ratio	7.5x			6.5x			7.1x			6.4x
Total interest coverage ratio	6.5x			5.5x			6.2x			5.5x
Fixed charge expense coverage ratio	7.5x			6.5x			7.1x			6.4x
Total fixed charge coverage ratio	6.4x			5.5x			6.2x			5.4x
Unencumbered real estate assets (at cost) to unsecured debt ratio	3.6x			4.9x			3.6x			4.9x
Same property NOI increase (b)	4.2		%	3.2		%	3.9		%	3.6		%
(# of apartment homes included)	42,618			41,968			42,618			41,968
Gross turnover of apartment homes (annualized)	56		%	59		%	52		%	54		%
Net turnover (excludes on-site transfers and transfers to other Camden communities)	46		%	49		%	42		%	44		%
							As of June 30,
							2019			2018
Total assets								$6,621,602			$6,131,906
Total debt								$2,476,803			$2,205,288
Common and common equivalent shares, outstanding end of period (c)							100,789			97,266
Share price, end of period								$104.39			$91.13
Book equity value, end of period (d)								$3,688,768			$3,514,542
Market equity value, end of period (e)								$10,521,364			$8,863,851

(a) Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during 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.

(b) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2018, excluding communities under redevelopment and properties held for sale.

(c) Includes at June 30, 2019: 99,036 common shares (including 112 common share equivalents related to share awards), plus 1,753 common share equivalents upon the assumed conversion of non-controlling units.

(d) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.

(e) Includes: common shares, common units, and common share equivalents.

Note: Please refer to pages 27, 28 and 29 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,
	2019			2018			2019			2018
OPERATING DATA
Property revenues (a)	$255,761			$237,133			$504,328			$467,816
Property expenses
Property operating and maintenance	58,147			54,735			115,095			108,651
Real estate taxes	33,080			30,326			66,970			60,375
Total property expenses	91,227			85,061			182,065			169,026
Non-property income
Fee and asset management	1,867			1,826			3,710			3,824
Interest and other income	331			491			629			1,284
Income on deferred compensation plans	3,856			435			14,212			230
Total non-property income	6,054			2,752			18,551			5,338
Other expenses
Property management	6,093			6,473			12,750			13,112
Fee and asset management	1,522			1,088			2,706			2,053
General and administrative	13,261			12,272			26,569			24,495
Interest	19,349			20,607			39,819			40,981
Depreciation and amortization	84,646			75,569			164,920			145,793
Expense on deferred compensation plans	3,856			435			14,212			230
Total other expenses	128,727			116,444			260,976			226,664
Equity in income of joint ventures	1,909			1,872			3,821			3,701
Income from continuing operations before income taxes	43,770			40,252			83,659			81,165
Income tax expense	(228		)	(380		)	(396		)	(768		)
Net income	43,542			39,872			83,263			80,397
Less income allocated to non-controlling interests from continuing operations	(1,143		)	(1,201		)	(2,251		)	(2,331		)
Net income attributable to common shareholders		$42,399			$38,671			$81,012			$78,066
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$43,542			$39,872			$83,263			$80,397
Other comprehensive income
Unrealized gain (loss) on cash flow hedging activities	(7,060		)	5,181			(12,998		)	8,782
Reclassification of net (gain) loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	(351		)	34			(726		)	69
Comprehensive income	36,131			45,087			69,539			89,248
Less income allocated to non-controlling interests from continuing operations	(1,143		)	(1,201		)	(2,251		)	(2,331		)
Comprehensive income attributable to common shareholders		$34,988			$43,886			$67,288			$86,917
PER SHARE DATA
Total earnings per common share - basic		$0.43			$0.40			$0.83			$0.81
Total earnings per common share - diluted	0.43			0.40			0.82			0.81
Weighted average number of common shares outstanding:
Basic	98,903			95,243			97,903			95,155
Diluted	98,997			95,337			98,024			95,289

(a) Upon our adoption of Accounting Standard Codification 842 - “Leases” effective January 1, 2019, we elected the practical expedient to not separate lease and non-lease components and thus present rental revenue in a single line item in our consolidated statements of income and comprehensive income.  For the three months ended June 30, 2019, we recognized $255.7 million of property revenue which consisted of approximately $226.2 million of rental revenue and approximately $29.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.   This compares to property revenue of $237.1 million recognized for the three months ended June 30, 2018, made up of approximately $208.6 million of rental revenue and approximately $28.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2019, we recognized $504.3 million of property revenue which consisted of approximately $446.3 million of rental revenue and approximately $58.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.   This compares to property revenue of $467.8 million recognized for the six months ended June 30, 2018, made up of approximately $412.1 million of rental revenue and approximately $55.7 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts.

Note: Please refer to pages 27, 28 and 29 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,
	2019			2018			2019			2018
FUNDS FROM OPERATIONS
Net income attributable to common shareholders		$42,399			$38,671			$81,012			$78,066
Real estate depreciation and amortization	82,796			73,980			161,471			142,575
Adjustments for unconsolidated joint ventures	2,260			2,257			4,491			4,504
Income allocated to non-controlling interests	1,180			1,201			2,324			2,331
Funds from operations		$128,635			$116,109			$249,298			$227,476
Less: recurring capitalized expenditures (a)	(21,166		)	(19,190		)	(30,821		)	(29,189		)
Adjusted funds from operations		$107,469			$96,919			$218,477			$198,287
PER SHARE DATA
Funds from operations - diluted		$1.28			$1.19			$2.50			$2.34
Adjusted funds from operations - diluted	1.07			1.00			2.19			2.04
Distributions declared per common share	0.80			0.77			1.60			1.54
Weighted average number of common shares outstanding:
FFO/AFFO - diluted	100,750			97,220			99,779			97,172
PROPERTY DATA
Total operating properties (end of period) (b)	165			158			165			158
Total operating apartment homes in operating properties (end of period) (b)	56,271			54,181			56,271			54,181
Total operating apartment homes (weighted average)	48,565			46,682			48,261			46,518

(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, if any.

Note: Please refer to pages 27, 28 and 29 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

8

CAMDEN	BALANCE SHEETS
	(In thousands)

(Unaudited)

	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018
ASSETS
Real estate assets, at cost
Land		$1,158,342			$1,127,485			$1,098,526			$1,088,293			$1,066,077
Buildings and improvements	7,192,644			7,057,101			6,935,971			6,828,068			6,620,169
	8,350,986			8,184,586			8,034,497			7,916,361			7,686,246
Accumulated depreciation	(2,558,690		)	(2,479,875		)	(2,403,149		)	(2,328,092		)	(2,255,737		)
Net operating real estate assets	5,792,296			5,704,711			5,631,348			5,588,269			5,430,509
Properties under development, including land	397,418			307,981			293,978			315,904			373,350
Investments in joint ventures	21,313			21,955			22,283			24,664			26,205
Total real estate assets	6,211,027			6,034,647			5,947,609			5,928,837			5,830,064
Accounts receivable – affiliates	22,297			21,337			22,920			22,605			23,473
Other assets, net (a)(b)	233,335			217,663			205,454			228,468			204,717
Cash and cash equivalents	149,551			6,092			34,378			8,529			64,071
Restricted cash	5,392			5,655			9,225			10,061			9,581
Total assets		$6,621,602			$6,285,394			$6,219,586			$6,198,500			$6,131,906
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$2,431,336			$2,079,136			$1,836,427			$1,394,178			$1,339,659
Secured	45,467			45,683			485,176			865,431			865,629
Accounts payable and accrued expenses (b)	128,371			126,964			146,866			140,046			127,777
Accrued real estate taxes	59,525			30,891			54,358			70,174			52,461
Distributions payable	80,767			80,771			74,982			74,976			75,071
Other liabilities (b)(c)	187,368			195,629			183,999			178,898			156,767
Total liabilities	2,932,834			2,559,074			2,781,808			2,723,703			2,617,364
Non-qualified deferred compensation share awards	—			—			52,674			60,874			85,938
Equity
Common shares of beneficial interest	1,065			1,064			1,031			1,030			1,027
Additional paid-in capital	4,533,667			4,527,659			4,154,763			4,147,278			4,132,404
Distributions in excess of net income attributable to common shareholders	(563,834		)	(526,856		)	(495,496		)	(466,512		)	(436,575		)
Treasury shares, at cost	(348,480		)	(349,655		)	(355,804		)	(355,825		)	(355,752		)
Accumulated other comprehensive income (loss) (d)	(6,795		)	616			6,929			14,031			8,794
Total common equity	3,615,623			3,652,828			3,311,423			3,340,002			3,349,898
Non-controlling interests	73,145			73,492			73,681			73,921			78,706
Total equity	3,688,768			3,726,320			3,385,104			3,413,923			3,428,604
Total liabilities and equity		$6,621,602			$6,285,394			$6,219,586			$6,198,500			$6,131,906
(a) Includes net deferred charges of:		$4,345			$5,081			$242			$538			$724
(b) Includes net asset/(liability) and interest receivable/(payable) fair value of derivative instruments:		$—			($13,370	)		($7,433	)		$15,674			$10,472
(c) Includes deferred revenues of:		$581			$659			$552			$603			$659
(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain (loss) on cash flow hedging activities.

9

CAMDEN PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2019 (in apartment homes)

	Fully Consolidated					Non-Consolidated
	"Same Property"	Non-"Same Property" (a)	Completed in Lease-up	Under Construction	Total	Operating	Under Construction	Total	Grand Total
D.C. Metro (b)	4,655	1,926	—	—	6,581	281	—	281	6,862
Houston, TX	5,912	—	315	271	6,498	2,522	234	2,756	9,254
Atlanta, GA	4,262	—	—	365	4,627	234	—	234	4,861
Los Angeles/Orange County, CA	1,809	849	—	—	2,658	—	—	—	2,658
SE Florida	1,956	825	—	—	2,781	—	—	—	2,781
Dallas, TX	4,416	—	—	—	4,416	1,250	—	1,250	5,666
Phoenix, AZ	2,929	316	441	343	4,029	—	—	—	4,029
Orlando, FL	2,662	632	—	360	3,654	300	—	300	3,954
Denver, CO	2,632	—	—	233	2,865	—	—	—	2,865
Charlotte, NC	2,810	—	28	—	2,838	266	—	266	3,104
Tampa, FL	1,928	358	—	—	2,286	450	—	450	2,736
Raleigh, NC	2,350	354	—	—	2,704	350	—	350	3,054
San Diego/Inland Empire, CA	1,665	—	—	—	1,665	—	—	—	1,665
Austin, TX	2,000	326	—	—	2,326	1,360	—	1,360	3,686
Corpus Christi, TX	632	—	—	—	632	270	—	270	902
Total Portfolio	42,618	5,586	784	1,572	50,560	7,283	234	7,517	58,077

(a) Includes redevelopment properties.

(b) 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 (e)
	"Same Property" Communities		Operating Communities (c)		Incl. JVs at Pro Rata % (d)		Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018		Jun 30, 2018
D.C. Metro	13.6	%	17.0	%	16.6	%	96.7	%	96.0	%	95.7	%	96.1	%	96.0	%
Houston, TX	11.4	%	9.9	%	10.6	%	95.9	%	95.2	%	95.2	%	95.4	%	95.5	%
Atlanta, GA	10.3	%	8.7	%	8.6	%	96.3	%	96.4	%	96.2	%	96.6	%	95.7	%
Los Angeles/Orange County, CA	6.4	%	8.6	%	8.3	%	95.5	%	95.8	%	95.7	%	95.5	%	95.1	%
SE Florida	5.9	%	7.2	%	6.9	%	95.7	%	95.4	%	95.7	%	95.9	%	95.7	%
Dallas, TX	8.1	%	6.8	%	7.2	%	96.0	%	95.8	%	95.7	%	95.7	%	95.5	%
Phoenix, AZ	6.9	%	6.9	%	6.7	%	95.3	%	96.0	%	96.1	%	95.9	%	95.2	%
Orlando, FL	5.8	%	6.0	%	5.9	%	96.5	%	95.7	%	95.9	%	96.5	%	96.7	%
Denver, CO	7.1	%	6.0	%	5.8	%	95.5	%	95.5	%	95.2	%	95.1	%	95.2	%
Charlotte, NC	6.2	%	5.4	%	5.4	%	96.1	%	96.0	%	95.6	%	95.8	%	96.2	%
Tampa, FL	4.0	%	4.4	%	4.5	%	95.6	%	96.1	%	95.7	%	95.6	%	95.7	%
Raleigh, NC	4.4	%	4.3	%	4.3	%	95.7	%	95.5	%	95.8	%	95.5	%	95.0	%
San Diego/Inland Empire, CA	5.2	%	4.4	%	4.3	%	95.7	%	95.1	%	95.3	%	95.5	%	96.0	%
Austin, TX	3.8	%	3.6	%	4.0	%	96.3	%	95.9	%	96.0	%	96.3	%	96.2	%
Corpus Christi, TX	0.9	%	0.8	%	0.9	%	94.8	%	92.3	%	92.9	%	93.8	%	93.3	%
Total Portfolio	100.0	%	100.0	%	100.0	%	96.0	%	95.7	%	95.6	%	95.8	%	95.7	%

(c) Operating communities represent all fully-consolidated communities for the period, excluding communities under construction.

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

(e) Occupancy figures include all stabilized operating communities owned during the period, 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	2019		2018		Change		2019		2018		Change
"Same Property" Communities (a)	42,618		$215,377		$208,365		$7,012		$427,533		$412,946		$14,587
Non-"Same Property" Communities (b)	5,586	35,096		26,353		8,743		66,677		50,266		16,411
Development and Lease-Up Communities (c)	2,356	3,054		270		2,784		5,588		271		5,317
Disposition/Other (d)	—	2,234		2,145		89		4,530		4,333		197
Total Property Revenues	50,560		$255,761		$237,133		$18,628		$504,328		$467,816		$36,512
Property Expenses
"Same Property" Communities (a)	42,618		$76,480		$75,012		$1,468		$153,954		$149,614		$4,340
Non-"Same Property" Communities (b)	5,586	12,315		9,053		3,262		23,338		17,628		5,710
Development and Lease-Up Communities (c)	2,356	1,572		191		1,381		3,121		194		2,927
Disposition/Other (d)	—	860		805		55		1,652		1,590		62
Total Property Expenses	50,560		$91,227		$85,061		$6,166		$182,065		$169,026		$13,039
Property Net Operating Income
"Same Property" Communities (a)	42,618		$138,897		$133,353		$5,544		$273,579		$263,332		$10,247
Non-"Same Property" Communities (b)	5,586	22,781		17,300		5,481		43,339		32,638		10,701
Development and Lease-Up Communities (c)	2,356	1,482		79		1,403		2,467		77		2,390
Disposition/Other (d)	—	1,374		1,340		34		2,878		2,743		135
Total Property Net Operating Income	50,560		$164,534		$152,072		$12,462		$322,263		$298,790		$23,473

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2018, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. 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 since January 1, 2018, including communities under redevelopment, and excluding properties held for sale.

(c) Development and Lease-Up Communities are non-stabilized communities we have developed since January 1, 2018, excluding properties held for sale.

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

11

CAMDEN	"SAME PROPERTY"
	SECOND QUARTER COMPARISONS
	June 30, 2019
	(In thousands, except property data amounts)

(Unaudited)

	Apartment
	Homes	Revenues						Expenses						NOI
Quarterly Results (a)	Included	2Q19		2Q18		Growth		2Q19		2Q18		Growth		2Q19		2Q18		Growth
D.C. Metro	4,655		$27,670		$26,666	3.8	%		$8,738		$8,504	2.8	%		$18,932		$18,162	4.2	%
Houston, TX	5,912	27,977		27,398		2.1	%	12,179		11,682		4.3	%	15,798		15,716		0.5	%
Atlanta, GA	4,262	21,795		20,840		4.6	%	7,466		8,579		(13.0	)%	14,329		12,261		16.9	%
Dallas, TX	4,416	19,805		19,312		2.6	%	8,601		8,129		5.8	%	11,204		11,183		0.2	%
Denver, CO	2,632	14,406		13,705		5.1	%	4,548		4,227		7.6	%	9,858		9,478		4.0	%
Phoenix, AZ	2,929	13,837		13,090		5.7	%	4,256		4,228		0.7	%	9,581		8,862		8.1	%
Los Angeles/Orange County, CA	1,809	12,578		12,001		4.8	%	3,634		3,542		2.6	%	8,944		8,459		5.7	%
Charlotte, NC	2,810	12,729		12,497		1.9	%	4,126		3,707		11.3	%	8,603		8,790		(2.1	)%
SE Florida	1,956	12,223		12,085		1.1	%	4,061		3,985		1.9	%	8,162		8,100		0.8	%
Orlando, FL	2,662	12,228		11,795		3.7	%	4,220		4,173		1.1	%	8,008		7,622		5.1	%
San Diego/Inland Empire, CA	1,665	10,627		10,284		3.3	%	3,388		3,364		0.7	%	7,239		6,920		4.6	%
Raleigh, NC	2,350	9,293		9,008		3.2	%	3,137		2,991		4.9	%	6,156		6,017		2.3	%
Tampa, FL	1,928	8,792		8,588		2.4	%	3,188		3,143		1.4	%	5,604		5,445		2.9	%
Austin, TX	2,000	9,203		8,940		2.9	%	4,004		3,877		3.3	%	5,199		5,063		2.7	%
Corpus Christi, TX	632	2,214		2,156		2.7	%	934		881		6.0	%	1,280		1,275		0.4	%
Total Same Property	42,618		$215,377		$208,365	3.4	%		$76,480		$75,012	2.0	%		$138,897		$133,353	4.2	%

									Weighted Average Monthly						Weighted Average Monthly
	% of NOI		Average Occupancy (a)						Rental Rate (b)						Revenue per Occupied Home (c)
Quarterly Results (a)	Contribution		2Q19		2Q18		Growth		2Q19		2Q18		Growth		2Q19		2Q18		Growth
D.C. Metro	13.6	%	96.9	%	96.1	%	0.8	%		$1,784		$1,727	3.3	%		$2,045		$1,987	3.0	%
Houston, TX	11.4	%	95.9	%	95.7	%	0.2	%	1,424		1,395		2.1	%	1,649		1,619		1.9	%
Atlanta, GA	10.3	%	96.3	%	95.8	%	0.5	%	1,529		1,469		4.1	%	1,769		1,700		4.1	%
Dallas, TX	8.1	%	96.0	%	95.6	%	0.4	%	1,324		1,296		2.2	%	1,558		1,525		2.2	%
Denver, CO	7.1	%	95.5	%	95.2	%	0.3	%	1,643		1,576		4.3	%	1,910		1,823		4.8	%
Phoenix, AZ	6.9	%	95.5	%	95.2	%	0.3	%	1,384		1,301		6.4	%	1,648		1,564		5.4	%
Los Angeles/Orange County, CA	6.4	%	95.8	%	94.7	%	1.1	%	2,188		2,126		2.9	%	2,419		2,333		3.7	%
Charlotte, NC	6.2	%	96.0	%	96.1	%	(0.1	)%	1,346		1,316		2.3	%	1,573		1,543		2.0	%
SE Florida	5.9	%	96.5	%	96.5	%	0.0	%	1,881		1,839		2.3	%	2,159		2,135		1.1	%
Orlando, FL	5.8	%	97.0	%	96.8	%	0.2	%	1,360		1,297		4.9	%	1,579		1,527		3.5	%
San Diego/Inland Empire, CA	5.2	%	95.7	%	96.0	%	(0.3	)%	1,991		1,908		4.4	%	2,223		2,146		3.6	%
Raleigh, NC	4.4	%	96.2	%	95.2	%	1.0	%	1,135		1,093		3.8	%	1,370		1,342		2.2	%
Tampa, FL	4.0	%	95.6	%	95.9	%	(0.3	)%	1,314		1,265		3.9	%	1,589		1,549		2.7	%
Austin, TX	3.8	%	96.7	%	96.5	%	0.2	%	1,331		1,282		3.8	%	1,587		1,545		2.7	%
Corpus Christi, TX	0.9	%	94.8	%	93.2	%	1.6	%	998		968		3.1	%	1,236		1,223		1.1	%
Total Same Property	100.0	%	96.1	%	95.7	%	0.4	%		$1,509		$1,459	3.4	%		$1,753		$1,702	3.0	%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2018, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. 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, 2019
	(In thousands, except property data amounts)

(Unaudited)

	Apartment
	Homes	Revenues						Expenses						NOI
Quarterly Results (a)	Included	2Q19		1Q19		Growth		2Q19		1Q19		Growth		2Q19		1Q19		Growth
D.C. Metro	4,655		$27,670		$27,201	1.7	%		$8,738		$8,782	(0.5	)%		$18,932		$18,419	2.8	%
Houston, TX	5,912	27,977		27,572		1.5	%	12,179		12,391		(1.7	)%	15,798		15,181		4.1	%
Atlanta, GA	4,262	21,795		21,439		1.7	%	7,466		7,921		(5.7	)%	14,329		13,518		6.0	%
Dallas, TX	4,416	19,805		19,557		1.3	%	8,601		9,018		(4.6	)%	11,204		10,539		6.3	%
Denver, CO	2,632	14,406		14,148		1.8	%	4,548		4,615		(1.5	)%	9,858		9,533		3.4	%
Phoenix, AZ	2,929	13,837		13,572		2.0	%	4,256		4,347		(2.1	)%	9,581		9,225		3.9	%
Los Angeles/Orange County, CA	1,809	12,578		12,472		0.8	%	3,634		3,595		1.1	%	8,944		8,877		0.8	%
Charlotte, NC	2,810	12,729		12,604		1.0	%	4,126		3,941		4.7	%	8,603		8,663		(0.7	)%
SE Florida	1,956	12,223		12,182		0.3	%	4,061		4,020		1.0	%	8,162		8,162		0.0	%
Orlando, FL	2,662	12,228		12,087		1.2	%	4,220		4,354		(3.1	)%	8,008		7,733		3.6	%
San Diego/Inland Empire, CA	1,665	10,627		10,434		1.8	%	3,388		3,419		(0.9	)%	7,239		7,015		3.2	%
Raleigh, NC	2,350	9,293		9,067		2.5	%	3,137		2,976		5.4	%	6,156		6,091		1.1	%
Tampa, FL	1,928	8,792		8,711		0.9	%	3,188		3,199		(0.3	)%	5,604		5,512		1.7	%
Austin, TX	2,000	9,203		8,993		2.3	%	4,004		3,974		0.8	%	5,199		5,019		3.6	%
Corpus Christi, TX	632	2,214		2,117		4.6	%	934		922		1.3	%	1,280		1,195		7.1	%
Total Same Property	42,618		$215,377		$212,156	1.5	%		$76,480		$77,474	(1.3	)%		$138,897		$134,682	3.1	%

						Weighted Average Monthly			Weighted Average Monthly
	% of NOI		Average Occupancy (a)			Rental Rate (b)			Revenue per Occupied Home (c)
Quarterly Results (a)	Contribution		2Q19	1Q19	Growth	2Q19	1Q19	Growth	2Q19	1Q19	Growth
D.C. Metro	13.6	%	96.9%	96.3%	0.6%	$1,784	$1,763	1.2%	$2,045	$2,024	1.1%
Houston, TX	11.4	%	95.9%	95.1%	0.8%	1,424	1,420	0.3%	1,649	1,638	0.7%
Atlanta, GA	10.3	%	96.3%	96.4%	(0.1)%	1,529	1,513	1.1%	1,769	1,739	1.8%
Dallas, TX	8.1	%	96.0%	95.8%	0.2%	1,324	1,315	0.7%	1,558	1,540	1.1%
Denver, CO	7.1	%	95.5%	95.5%	0.0%	1,643	1,623	1.2%	1,910	1,876	1.8%
Phoenix, AZ	6.9	%	95.5%	96.0%	(0.5)%	1,384	1,363	1.5%	1,648	1,609	2.5%
Los Angeles/Orange County, CA	6.4	%	95.8%	96.1%	(0.3)%	2,188	2,168	0.9%	2,419	2,391	1.1%
Charlotte, NC	6.2	%	96.0%	96.0%	0.0%	1,346	1,332	1.1%	1,573	1,558	1.0%
SE Florida	5.9	%	96.5%	96.4%	0.1%	1,881	1,876	0.3%	2,159	2,153	0.2%
Orlando, FL	5.8	%	97.0%	96.2%	0.8%	1,360	1,345	1.1%	1,579	1,573	0.4%
San Diego/Inland Empire, CA	5.2	%	95.7%	95.1%	0.6%	1,991	1,972	1.0%	2,223	2,197	1.2%
Raleigh, NC	4.4	%	96.2%	95.6%	0.6%	1,135	1,118	1.5%	1,370	1,345	1.9%
Tampa, FL	4.0	%	95.6%	96.1%	(0.5)%	1,314	1,303	0.8%	1,589	1,566	1.4%
Austin, TX	3.8	%	96.7%	96.0%	0.7%	1,331	1,314	1.3%	1,587	1,563	1.6%
Corpus Christi, TX	0.9	%	94.8%	92.1%	2.7%	998	988	1.0%	1,236	1,212	1.9%
Total Same Property	100.0	%	96.1%	95.8%	0.3%	$1,509	$1,495	0.9%	$1,753	$1,732	1.2%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2018, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. 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, 2019
	(In thousands, except property data amounts)

(Unaudited)

	Apartment
	Homes	Revenues						Expenses						NOI
Year to Date Results (a)	Included	2019		2018		Growth		2019		2018		Growth		2019		2018		Growth
D.C. Metro	4,655		$54,871		$52,642	4.2	%		$17,521		$17,261	1.5	%		$37,350		$35,381	5.6	%
Houston, TX	5,912	55,549		54,247		2.4	%	24,570		23,416		4.9	%	30,979		30,831		0.5	%
Atlanta, GA	4,262	43,234		41,412		4.4	%	15,386		16,129		(4.6	)%	27,848		25,283		10.1	%
Dallas, TX	4,416	39,362		38,349		2.6	%	17,619		16,779		5.0	%	21,743		21,570		0.8	%
Denver, CO	2,632	28,554		27,110		5.3	%	9,164		8,130		12.7	%	19,390		18,980		2.2	%
Phoenix, AZ	2,929	27,409		26,061		5.2	%	8,603		8,484		1.4	%	18,806		17,577		7.0	%
Los Angeles/Orange County, CA	1,809	25,050		23,854		5.0	%	7,229		7,122		1.5	%	17,821		16,732		6.5	%
Charlotte, NC	2,810	25,332		24,712		2.5	%	8,067		7,414		8.8	%	17,265		17,298		(0.2	)%
SE Florida	1,956	24,405		24,108		1.2	%	8,080		7,981		1.2	%	16,325		16,127		1.2	%
Orlando, FL	2,662	24,315		23,416		3.8	%	8,574		8,405		2.0	%	15,741		15,011		4.9	%
San Diego/Inland Empire, CA	1,665	21,062		20,341		3.5	%	6,806		6,811		(0.1	)%	14,256		13,530		5.4	%
Raleigh, NC	2,350	18,360		17,783		3.2	%	6,113		5,905		3.5	%	12,247		11,878		3.1	%
Tampa, FL	1,928	17,503		17,009		2.9	%	6,387		6,335		0.8	%	11,116		10,674		4.1	%
Austin, TX	2,000	18,196		17,719		2.7	%	7,978		7,725		3.3	%	10,218		9,994		2.2	%
Corpus Christi, TX	632	4,331		4,183		3.5	%	1,857		1,717		8.2	%	2,474		2,466		0.3	%
Total Same Property	42,618		$427,533		$412,946	3.5	%		$153,954		$149,614	2.9	%		$273,579		$263,332	3.9	%

									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		2019		2018		Growth		2019		2018		Growth		2019		2018		Growth
D.C. Metro	13.6	%	96.6	%	95.6	%	1.0	%		$1,773		$1,718	3.2	%		$2,034		$1,971	3.2	%
Houston, TX	11.3	%	95.5	%	95.7	%	(0.2	)%	1,422		1,391		2.2	%	1,644		1,603		2.6	%
Atlanta, GA	10.2	%	96.4	%	95.6	%	0.8	%	1,521		1,465		3.8	%	1,754		1,694		3.6	%
Dallas, TX	7.9	%	95.9	%	95.1	%	0.8	%	1,319		1,293		2.0	%	1,549		1,522		1.8	%
Denver, CO	7.1	%	95.5	%	94.9	%	0.6	%	1,633		1,566		4.3	%	1,893		1,809		4.7	%
Phoenix, AZ	6.9	%	95.8	%	95.6	%	0.2	%	1,374		1,293		6.3	%	1,629		1,551		5.0	%
Los Angeles/Orange County, CA	6.5	%	95.9	%	95.1	%	0.8	%	2,178		2,117		2.9	%	2,406		2,310		4.2	%
Charlotte, NC	6.3	%	96.0	%	95.4	%	0.6	%	1,339		1,310		2.2	%	1,566		1,537		1.9	%
SE Florida	6.0	%	96.4	%	96.8	%	(0.4	)%	1,878		1,832		2.5	%	2,156		2,122		1.6	%
Orlando, FL	5.8	%	96.6	%	96.9	%	(0.3	)%	1,352		1,287		5.1	%	1,576		1,514		4.1	%
San Diego/Inland Empire, CA	5.2	%	95.4	%	95.3	%	0.1	%	1,982		1,896		4.5	%	2,210		2,136		3.4	%
Raleigh, NC	4.5	%	95.9	%	94.8	%	1.1	%	1,127		1,088		3.6	%	1,358		1,330		2.1	%
Tampa, FL	4.1	%	95.9	%	95.9	%	0.0	%	1,308		1,258		4.0	%	1,578		1,533		2.9	%
Austin, TX	3.7	%	96.4	%	96.1	%	0.3	%	1,322		1,279		3.4	%	1,573		1,536		2.4	%
Corpus Christi, TX	0.9	%	93.4	%	91.9	%	1.5	%	993		964		3.0	%	1,224		1,201		2.0	%
Total Same Property	100.0	%	96.0	%	95.6	%	0.4	%		$1,502		$1,453	3.4	%		$1,742		$1,690	3.1	%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2018, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. 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 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, 2019
	(In thousands)

(Unaudited)

										% of Actual
										2Q19 Operating
Quarterly Comparison (a)	2Q19		2Q18		$ Change			% Change		Expenses
Property taxes		$27,378		$26,674		$704		2.6	%	35.8	%
Salaries and Benefits for On-site Employees	15,906		15,491		415			2.7	%	20.8	%
Utilities	16,331		16,457		(126		)	(0.8	)%	21.3	%
Repairs and Maintenance	9,949		9,651		298			3.1	%	13.0	%
Property Insurance	2,206		2,082		124			6.0	%	2.9	%
General and Administrative	2,692		2,764		(72		)	(2.6	)%	3.5	%
Marketing and Leasing	1,268		1,234		34			2.8	%	1.7	%
Other	750		659		91			13.8	%	1.0	%
Total Same Property		$76,480		$75,012		$1,468		2.0	%	100.0	%

										% of Actual
										2Q19 Operating
Sequential Comparison (a)	2Q19		1Q19		$ Change			% Change		Expenses
Property taxes		$27,378		$28,620		($1,242	)	(4.3	)%	35.8	%
Salaries and Benefits for On-site Employees	15,906		16,652		(746		)	(4.5	)%	20.8	%
Utilities	16,331		16,542		(211		)	(1.3	)%	21.3	%
Repairs and Maintenance	9,949		8,362		1,587			19.0	%	13.0	%
Property Insurance	2,206		2,510		(304		)	(12.1	)%	2.9	%
General and Administrative	2,692		2,781		(89		)	(3.2	)%	3.5	%
Marketing and Leasing	1,268		1,247		21			1.7	%	1.7	%
Other	750		760		(10		)	(1.3	)%	1.0	%
Total Same Property		$76,480		$77,474		($994	)	(1.3	)%	100.0	%

										% of Actual
										2019 Operating
Year to Date Comparison (a)	2019		2018		$ Change			% Change		Expenses
Property taxes		$55,998		$53,244		$2,754		5.2	%	36.4	%
Salaries and Benefits for On-site Employees	32,558		31,209		1,349			4.3	%	21.1	%
Utilities	32,873		33,045		(172		)	(0.5	)%	21.3	%
Repairs and Maintenance	18,311		18,503		(192		)	(1.0	)%	11.9	%
Property Insurance	4,716		4,095		621			15.2	%	3.1	%
General and Administrative	5,473		5,763		(290		)	(5.0	)%	3.6	%
Marketing and Leasing	2,515		2,403		112			4.7	%	1.6	%
Other	1,510		1,352		158			11.7	%	1.0	%
Total Same Property		$153,954		$149,614		$4,340		2.9	%	100.0	%

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2018, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. 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)	2019		2018		2019		2018
Property revenues		$10,266		$9,916		$20,404		$19,649
Property expenses
Property operating and maintenance	2,571		2,471		5,091		4,840
Real estate taxes	1,745		1,601		3,472		3,222
	4,316		4,072		8,563		8,062
Net Operating Income	5,950		5,844		11,841		11,587
Other expenses
Interest	1,691		1,649		3,383		3,232
Depreciation and amortization	2,231		2,220		4,447		4,455
Other	119		103		190		199
Total other expenses	4,041		3,972		8,020		7,886
Equity in income of joint ventures		$1,909		$1,872		$3,821		$3,701

	Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Jun 30, 2018
BALANCE SHEET DATA(b)
Land		$109,912			$109,912			$109,912			$109,912			$109,912
Building & Improvements	765,550			762,735			760,642			757,404			754,650
	875,462			872,647			870,554			867,316			864,562
Accumulated Depreciation	(216,126		)	(208,815		)	(201,595		)	(194,369		)	(187,125		)
Net operating real estate assets	659,336			663,832			668,959			672,947			677,437
Properties under development and land	2,432			2,215			1,513			1,292			1,266
Cash and other assets, net	26,007			17,084			24,768			28,858			26,325
Total assets		$687,775			$683,131			$695,240			$703,097			$705,028
Notes payable		$510,881			$510,468			$510,700			$511,749			$512,564
Other liabilities	21,700			15,352			26,186			25,297			21,398
Total liabilities	532,581			525,820			536,886			537,046			533,962
Member's equity	155,194			157,311			158,354			166,051			171,066
Total liabilities and members' equity		$687,775			$683,131			$695,240			$703,097			$705,028
Company's equity investment		$21,313			$21,955			$22,283			$24,664			$26,205
Company's pro-rata share of debt		$159,906			$159,776			$159,849			$160,178			$160,433
PROPERTY DATA (end of period)
Total operating properties	22			22			22			22			22
Total operating apartment homes	7,283			7,283			7,283			7,283			7,283
Pro-rata share of operating apartment homes	2,280			2,280			2,280			2,280			2,280
Total development properties	1			—			—			—			—
Total development apartment homes	234			—			—			—			—
Pro-rata share of development apartment homes	73			—			—			—			—
Company's pro-rata ownership	31.3		%	31.3		%	31.3		%	31.3		%	31.3		%

(a) Operating data represents Camden's pro-rata share of revenues and expenses.

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

16

CAMDEN CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF JUNE 30, 2019 ($ in millions)

Estimated/Actual Dates for

Completed Communities in Lease-Up

Total

Total

Construction

Initial

Construction

Stabilized

As of 7/24/2019

Homes

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden McGowen Station

315

$90.9

4Q14

2Q18

4Q18

4Q19

83%

81%

Houston, TX

2.

Camden North End I

441

98.2

4Q16

2Q18

1Q19

2Q20

70%

70%

Phoenix, AZ

3.

Camden Grandview II

28

22.4

2Q17

4Q18

1Q19

4Q19

46%

43%

Charlotte, NC

Total Completed Communities in Lease-Up

784

$211.5

74%

73%

Estimated/Actual Dates for

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 7/24/2019

Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden RiNo

233

$75.0

$52.6

$52.6

3Q17

1Q20

2Q20

4Q20

Denver, CO

2.

Camden Downtown I

271

132.0

99.5

99.5

4Q17

1Q20

3Q20

1Q21

Houston, TX

3.

Camden Lake Eola

360

120.0

52.5

52.5

2Q18

2Q20

3Q20

3Q21

Orlando, FL

4.

Camden Buckhead

365

160.0

38.6

38.6

3Q18

4Q20

3Q21

2Q22

Atlanta, GA

5.

Camden North End II

343

90.0

22.9

22.9

1Q19

4Q20

4Q21

2Q22

Phoenix, AZ

Total Development Communities

1,572

$577.0

$266.1

$266.1

Additional Development Pipeline (a)

131.3

Total Properties Under Development and Land (per Balance Sheet)

$397.4

NOI Contribution from Development Communities ($ in millions)

Cost to Date

2Q19 NOI

Communities that Stabilized During Quarter

$88.3

$1.2

Completed Communities in Lease-Up

211.5

1.5

Total Development Communities NOI Contribution

$299.8

$2.7

Estimated/Actual Dates for

Joint Venture Development Communities

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

1.

Camden Cypress Creek II (b)

234

$38.0

$2.4

$2.4

2Q19

3Q20

1Q21

3Q21

Cypress, TX

Total Joint Venture Development Communities

234

$38.0

$2.4

$2.4

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

(b) Property owned through an unconsolidated joint venture in which we own a 31.3% interest.

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

(Unaudited)

AS OF JUNE 30, 2019 ($ in millions)

		Projected	Total
PIPELINE COMMUNITIES		Homes	Estimated Cost (a)		Cost to Date
1.	Camden Hillcrest	132	$90.0		$31.3
	San Diego, CA
2.	Camden Atlantic	269	90.0		17.6
	Plantation, FL
3.	Camden Hayden II	400	110.0		20.8
	Tempe, AZ
4.	Camden NoDa	400	100.0		12.8
	Charlotte, NC
5.	Camden Arts District	354	150.0		22.5
	Los Angeles, CA
6.	Camden Paces III	350	100.0		15.2
	Atlanta, GA
7.	Camden Downtown II	271	145.0		11.1
	Houston, TX
Development Pipeline		2,176		$785.0		$131.3

(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking estimates 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 forecast and estimates routinely require adjustment.

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

18

CAMDEN REDEVELOPMENT SUMMARY

(Unaudited)

REDEVELOPMENT SUMMARY AS OF JUNE 30, 2019 ($ in millions)

			Homes								Estimated
		Total	Redeveloped	Budget			Cost to Date				Dates for
	COMMUNITIES	Homes	To Date	Interior	Exterior	Total	Interior	Exterior	Total	Start	Completion
1.	Camden Brickell	405	263	$12.4	$7.8	$20.2	$8.7	$7.4	$16.1	1Q18	2Q20
	Miami, FL
2.	Camden Las Olas	420	290	13.0	5.9	18.9	9.2	4.9	14.1	1Q18	2Q20
	Ft. Lauderdale, FL
3.	Camden Potomac Yard	378	241	9.7	2.6	12.3	6.0	2.3	8.3	1Q18	4Q20
	Arlington, VA
4.	Camden Harbor View	546	546	0.0	13.5	13.5	0.0	1.5	1.5	1Q19	3Q20
	Los Angeles, CA
	Total	1,749	1,340	$35.1	$29.8	$64.9	$23.9	$16.1	$40.0

Redevelopments are communities with capital expenditures that improve a community's cash flow and competitive position through extensive unit, exterior building, common area, and amenity upgrades.

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

19

CAMDEN ACQUISITIONS & DISPOSITIONS

(Unaudited)

2019 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

				Apartment	Weighted Average
Acquisitions		Location	Purchase Price	Homes	Monthly Rental Rate	Year Built	Closing Date
1.	Camden Old Town Scottsdale	Scottsdale, AZ	$97.1	316 Homes	$1,703	2016	2/27/2019
2.	Camden Rainey Street	Austin, TX	120.4	326 Homes	2,304	2016	5/1/2019
Total/Average Acquisitions			$217.5	642 Homes	$2,008
Land Acquisitions		Location	Purchase Price	Acres	Closing Dates
1.	Camden NoDa (a)	Charlotte, NC	$10.9	4.3	4/3/2019 & 4/26/2019
2.	Camden Hayden II	Tempe, AZ	18.0	11.6	5/29/2019
Total/Average Land Acquisitions			$28.9	15.9 Acres

(a) Acreage was purchased in two separate transactions.

20

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

(Unaudited)

DEBT MATURITIES AS OF JUNE 30, 2019:

	Future Scheduled Repayments (a)
Year	Amortization			Secured Maturities			Unsecured Maturities			Total			% of Total			Weighted Average Interest Rate on Maturing Debt (b)
2019		($1,263	)		$—			$—			($1,263	)	(0.1		)%	N/A
2020	(2,480		)	—			—			(2,480		)	(0.1		)%	N/A
2021	(2,149		)	—			250,000			247,851			10.0		%	4.8	%
2022	(1,775		)	—			450,000			448,225			18.1		%	3.2	%
2023	(803		)	—			250,000			249,197			10.1		%	5.1	%
Thereafter	35,273			—			1,500,000			1,535,273			62.0		%	3.9	%
Total Debt		$26,803			$—			$2,450,000			$2,476,803		100.0		%	4.0	%
Weighted Average Maturity of Debt				6.5 Years
							Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance			% of Total			Interest Rate (b)			Time to Maturity
Floating rate debt		$99,648		4.0		%	3.4		%	2.5 Years
Fixed rate debt	2,377,155			96.0		%	4.0		%	6.7 Years
Total		$2,476,803		100.0		%	4.0		%	6.5 Years
							Weighted Average
SECURED vs. UNSECURED DEBT:	Balance			% of Total			Interest Rate (b)			Time to Maturity
Unsecured debt		$2,431,336		98.2		%	4.0		%	6.2 Years
Secured debt	45,467			1.8		%	4.4		%	26.2 Years
Total		$2,476,803		100.0		%	4.0		%	6.5 Years
							Weighted Average
SECURED DEBT DETAIL:	Balance			% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt		$45,467		100.0		%	4.4		%	26.2 Years
Total		$45,467		100.0		%	4.4		%	26.2 Years
REAL ESTATE ASSETS: (c)	Total Homes			% of Total			Total Cost			% of Total			2Q19 NOI			% of Total
Unencumbered real estate assets	50,270			99.4		%		$8,653,163		98.9		%		$163,117		99.1	%
Encumbered real estate assets	290			0.6		%	95,241			1.1		%	1,417			0.9	%
Total	50,560			100.0		%		$8,748,404		100.0		%		$164,534		100.0	%
				Ratio of unencumbered assets at cost to unsecured debt is												3.6x

(a) Includes all available extension options.

(b) Includes the effects of the applicable settled forward interest rate swaps.

(c) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.

21

CAMDEN	DEBT MATURITY ANALYSIS
	(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2019 AND 2020:

				Future Scheduled Repayments							Weighted Average Interest on Maturing Debt
Quarter	Amortization			Secured Maturities		Unsecured Maturities		Total
3Q 2019		($632	)		$—		$—		($632	)	N/A
4Q 2019	(631		)	—		—		(631		)	N/A
2019		($1,263	)		$—		$—		($1,263	)	N/A
1Q 2020		($630	)		$—		$—		($630	)	N/A
2Q 2020	(629		)	—		—		(629		)	N/A
3Q 2020	(628		)	—		—		(628		)	N/A
4Q 2020	(593		)	—		—		(593		)	N/A
2020		($2,480	)		$—		$—		($2,480	)	N/A

22

CAMDEN DEBT COVENANT ANALYSIS

(Unaudited)

UNSECURED LINE OF CREDIT
Covenant(a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	<	60%	21%	Yes
Secured Debt to Gross Asset Value	<	40%	—%	Yes
Consolidated Adjusted EBITDA to Total Fixed Charges	>	150%	596%	Yes
Unsecured Debt to Gross Asset Value	<	60%	22%	Yes
SENIOR UNSECURED NOTES
Covenant(a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	<	60%	27%	Yes
Total Secured Debt to Total Asset Value	<	40%	—%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt	>	150%	371%	Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges	>	150%	615%	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.

23

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, 2019: ^(a) 

	Future Scheduled Repayments (b)										Weighted Average Interest on Maturing Debt
Year	Amortization			Secured Maturities		Total			% of Total
2019		$36			$3,729		$3,765		2.4	%	4.0	%
2020	(22		)	—		(22		)	—	%	N/A
2021	(142		)	5,160		5,018			3.1	%	4.8	%
2022	(158		)	5,008		4,850			3.0	%	4.1	%
2023	(163		)	—		(163		)	(0.1	)%	N/A
Thereafter	(578		)	146,879		146,301			91.5	%	4.2	%
Total Maturing Debt		($1,027	)		$160,776		$159,749		99.9	%	4.2	%
Unsecured lines of credit (c)		$—			$157		$157		0.1	%	6.4	%
Total Debt		($1,027	)		$160,933		$159,906		100.0	%	4.2	%
Weighted Average Maturity of Debt				7.2 Years
									Weighted Average
FLOATING vs. FIXED RATE DEBT:				Balance		% of Total			Interest Rate		Time to Maturity
Floating rate debt					$56,986	35.6		%	4.4	%	6.7 Years
Fixed rate debt				102,920		64.4		%	4.1	%	7.5 Years
Total				$159,906		100.0		%	4.2	%	7.2 Years
									Weighted Average
DEBT DETAIL:				Balance		% of Total			Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt					$102,920	64.4		%	4.1	%	7.5 Years
Conventional variable-rate mortgage debt				56,829		35.5		%	4.4	%	6.7 Years
Unsecured lines of credit				157		0.1		%	6.4	%	0.6 Years
Total				$159,906		100.0		%	4.2	%	7.2 Years
REAL ESTATE ASSETS: (d)				Total Homes		Total Cost
Operating real estate assets				7,283			$875,462
Properties under development and land				234		2,432
Total				7,517			$877,894

(a) Company's pro-rata ownership is 31.3%.

(b) Includes all available extension options.

(c) As of June 30, 2019 these borrowings were drawn under the lines of credit with $7.0 million in total capacity.

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

24

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

(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2019 AND 2020: ^(a) 

	Future Scheduled Repayments (b)								Weighted Average Interest on Maturing Debt
Quarter	Amortization			Secured Maturities		Total
3Q 2019		$34			$—		$34		N/A
4Q 2019	2			3,729		3,731			4.0	%
2019		$36			$3,729		$3,765		4.0	%
1Q 2020 (c)		($6	)		$157		$151		6.4	%
2Q 2020	(6		)	—		(6		)	N/A
3Q 2020	(6		)	—		(6		)	N/A
4Q 2020	(4		)	—		(4		)	N/A
2020		($22	)		$157		$135		6.4	%

(a) Company's pro-rata ownership is 31.3%.

(b) Includes all available extension options.

(c) 1Q 2020 maturities includes unsecured lines of credit with $157 (Camden's pro-rata share) outstanding as of June 30, 2019. The lines of credit have $7.0 million in total capacity.

25

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

(Unaudited)

	Second Quarter 2019
	Recurring Capitalized						Expensed
Item	Weighted Average Useful Life (a)		Total		Per Unit		Total		Per Unit
Interiors
Floor Coverings	5	years		$2,194		$45		$439		$9
Appliances	10	years	774		16		209		4
Painting	—		—		—		1,338		28
Cabinetry/Countertops	10	years	116		2		—		—
Other	9	years	1,420		29		854		18
Exteriors
Painting	5	years	1,510		31		—		—
Carpentry	10	years	967		20		—		—
Landscaping	6	years	935		19		2,979		61
Roofing	19	years	1,951		40		145		3
Site Drainage	10	years	178		4		—		—
Fencing/Stair	10	years	681		14		—		—
Other (b)	8	years	3,619		75		3,715		76
Common Areas
Mech., Elec., Plumbing	9	years	3,782		78		1,755		36
Parking/Paving	4	years	685		14		—		—
Pool/Exercise/Facility	8	years	2,354		49		371		8
Total Recurring (c)				$21,166		$436		$11,805		$243
Weighted Average Apartment Homes					48,565				48,565
Non-recurring capitalized expenditures (d)				$2,450
Revenue Enhancing Expenditures (e)	10	years		$15,538		$21,885
Revenue Enhanced Apartment Homes					710
	Year to date 2019
	Recurring Capitalized						Expensed
Item	Weighted Average Useful Life (a)		Total		Per Unit		Total		Per Unit
Interiors
Floor Coverings	5	years		$3,849		$80		$807		$17
Appliances	10	years	1,373		28		411		8
Painting	—		—		—		2,393		50
Cabinetry/Countertops	10	years	199		4		—		—
Other	9	years	2,377		49		1,456		30
Exteriors
Painting	5	years	1,644		34		—		—
Carpentry	10	years	1,227		25		—		—
Landscaping	6	years	1,174		24		5,632		117
Roofing	19	years	2,401		50		292		6
Site Drainage	10	years	270		6		—		—
Fencing/Stair	10	years	1,012		21		—		—
Other (b)	8	years	5,474		114		6,584		136
Common Areas
Mech., Elec., Plumbing	9	years	5,573		115		3,244		67
Parking/Paving	4	years	746		16		—		—
Pool/Exercise/Facility	8	years	3,502		73		678		14
Total Recurring (c)				$30,821		$639		$21,497		$445
Weighted Average Apartment Homes					48,261				48,261
Non-recurring capitalized expenditures (d)				$3,462
Revenue Enhancing Expenditures (e)	10	years		$25,958		$19,459
Revenue Enhanced Apartment Homes					1,334

(a) Weighted average useful life of capitalized expenses for the three and six months endedJune 30, 2019.

(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

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

(d) Capital expenditures primarily composed of non-recurring or one-time additions such as LED lighting programs for 2019 in addition to other, non-routine items.

(e) Represents capital expenditures for the three and six months endedJune 30, 2019 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets. Redevelopment costs are not included in this table and can be found in the Redevelopment Summary on page 19.

26

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 depreciation and amortization related to real estate, gains (or losses) from the sale of certain real estate assets (depreciable real estate), impairments of certain real estate assets (depreciable real estate), gains or losses from change in control, and adjustments for unconsolidated joint ventures to reflect FFO on the same basis. 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 depreciable real estate, 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. The FFO definition as restated in 2018 allows companies an option to also exclude gains and losses on sales or impairment charges on real estate assets incidental to a company's business. We did not elect this option, and as a result, the definition of FFO as restated did not have an impact on our calculation upon adoption on January 1, 2019. 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,
	2019			2018			2019			2018
Net income attributable to common shareholders		$42,399			$38,671			$81,012			$78,066
Real estate depreciation and amortization	82,796			73,980			161,471			142,575
Adjustments for unconsolidated joint ventures	2,260			2,257			4,491			4,504
Income allocated to non-controlling interests	1,180			1,201			2,324			2,331
Funds from operations		$128,635			$116,109			$249,298			$227,476
Less: recurring capitalized expenditures	(21,166		)	(19,190		)	(30,821		)	(29,189		)
Adjusted funds from operations		$107,469			$96,919			$218,477			$198,287
Weighted average number of common shares outstanding:
EPS diluted	98,997			95,337			98,024			95,289
FFO/AFFO diluted	100,750			97,220			99,779			97,172
	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Total Earnings Per Common Share - Diluted		$0.43			$0.40			$0.82			$0.81
Real estate depreciation and amortization	0.82			0.76			1.62			1.47
Adjustments for unconsolidated joint ventures	0.02			0.02			0.05			0.05
Income allocated to non-controlling interests	0.01			0.01			0.01			0.01
FFO per common share - Diluted		$1.28			$1.19			$2.50			$2.34
Less: recurring capitalized expenditures	(0.21		)	(0.19		)	(0.31		)	(0.30		)
AFFO per common share - Diluted		$1.07			$1.00			$2.19			$2.04

27

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

(Unaudited)

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:

	3Q19		Range		2019		Range
	Low		High		Low		High
Expected earnings per common share - diluted		$0.40		$0.44		$1.63		$1.75
Expected real estate depreciation and amortization	0.83		0.83		3.27		3.27
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		0.04		0.04
Expected FFO per share - diluted		$1.26		$1.30		$5.03		$5.15

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

Net Operating Income (NOI)

NOI is defined by the Company as property revenue 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,
	2019			2018			2019			2018
Net income		$43,542			$39,872			$83,263			$80,397
Less: Fee and asset management income	(1,867		)	(1,826		)	(3,710		)	(3,824		)
Less: Interest and other income	(331		)	(491		)	(629		)	(1,284		)
Less: Income on deferred compensation plans	(3,856		)	(435		)	(14,212		)	(230		)
Plus: Property management expense	6,093			6,473			12,750			13,112
Plus: Fee and asset management expense	1,522			1,088			2,706			2,053
Plus: General and administrative expense	13,261			12,272			26,569			24,495
Plus: Interest expense	19,349			20,607			39,819			40,981
Plus: Depreciation and amortization expense	84,646			75,569			164,920			145,793
Plus: Expense on deferred compensation plans	3,856			435			14,212			230
Less: Equity in income of joint ventures	(1,909		)	(1,872		)	(3,821		)	(3,701		)
Plus: Income tax expense	228			380			396			768
NOI		$164,534			$152,072			$322,263			$298,790
"Same Property" Communities		$138,897			$133,353			$273,579			$263,332
Non-"Same Property" Communities	22,781			17,300			43,339			32,638
Development and Lease-Up Communities	1,482			79			2,467			77
Dispositions/Other	1,374			1,340			2,878			2,743
NOI		$164,534			$152,072			$322,263			$298,790

28

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

(Unaudited)

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. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. 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,
	2019			2018			2019			2018
Net income attributable to common shareholders		$42,399			$38,671			$81,012			$78,066
Plus: Interest expense	19,349			20,607			39,819			40,981
Plus: Depreciation and amortization expense	84,646			75,569			164,920			145,793
Plus: Income allocated to non-controlling interests from continuing operations	1,143			1,201			2,251			2,331
Plus: Income tax expense	228			380			396			768
Less: Equity in income of joint ventures	(1,909		)	(1,872		)	(3,821		)	(3,701		)
Adjusted EBITDA		$145,856			$134,556			$284,577			$264,238
Annualized Adjusted EBITDA		$583,424			$538,224			$569,154			$528,476

Net Debt to Annualized Adjusted EBITDA

The Company believes Net Debt to Annualized Adjusted EBITDA to be an appropriate supplemental measure of evaluating balance sheet leverage. Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. The following tables reconcile average Total debt to Net debt and computes the ratio to Adjusted EBITDA for the following periods:

Net Debt:

	Average monthly balance for						Average monthly balance for
	the three months ended June 30,						the six months ended June 30,
	2019			2018			2019			2018
Unsecured notes payable		$2,323,439			$1,339,486			$2,202,336			$1,339,228
Secured notes payable	45,539			865,686			158,737			865,772
Total debt	2,368,978			2,205,172			2,361,073			2,205,000
Less: Cash and cash equivalents	(89,879		)	(42,275		)	(114,314		)	(76,948		)
Net debt		$2,279,099			$2,162,897			$2,246,759			$2,128,052

Net Debt to Annualized Adjusted EBITDA:

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Net debt		$2,279,099		$2,162,897		$2,246,759		$2,128,052
Annualized Adjusted EBITDA	583,424		538,224		569,154		528,476
Net Debt to Annualized Adjusted EBITDA	3.9x		4.0x		3.9x		4.0x

29

CAMDEN OTHER DATA

(Unaudited)

Stock Symbol:	CPT
Exchange Traded:	NYSE
Senior Unsecured Debt Ratings:		Rating	Outlook
	Fitch	A-	Stable
	Moody's	A3	Stable
	Standard & Poor's	A-	Stable
Estimated Future Dates:	Q3 '19	Q4 '19	Q1 '20	Q2 '20
Earnings Release & Conference Call	Late October	Late January	Late April	Late July
Dividend Information - Common Shares:	Q1 '19	Q2 '19
Declaration Date	1/31/2019	6/14/2019
Record Date	3/29/2019	6/28/2019
Payment Date	4/17/2019	7/17/2019
Distributions Per Share	$0.80	$0.80

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 (713) 354-2787.
	To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com.
	For questions contact:
		Richard J. Campo	Chairman & Chief Executive Officer
		D. Keith Oden	Executive Vice Chairman
		H. Malcolm Stewart	President & Chief Operating Officer
		Alexander J. Jessett	Chief Financial Officer
		Kimberly A. Callahan	Senior Vice President - Investor Relations

30

CAMDEN	COMMUNITY TABLE
	Community statistics as of 6/30/2019

(Unaudited)							2Q19 Avg Monthly				2Q19 Avg Monthly
			Year Placed	Average	Apartment	2Q19 Avg	Rental Rates per				Revenue per Occupied
Community Name	City	State	In Service	Size	Homes	Occupancy	Home		Sq. Ft.		Home		Sq. Ft.
Camden Chandler	Chandler	AZ	2016	1,146	380	96%		$1,446		$1.26		$1,662		$1.45
Camden Copper Square	Phoenix	AZ	2000	786	332	95%	1,211		1.54		1,486		1.89
Camden Foothills	Scottsdale	AZ	2014	1,032	220	96%	1,674		1.62		1,986		1.93
Camden Hayden	Tempe	AZ	2015	1,043	234	94%	1,517		1.45		1,817		1.74
Camden Legacy	Scottsdale	AZ	1996	1,067	428	93%	1,375		1.29		1,634		1.53
Camden Montierra	Scottsdale	AZ	1999	1,071	249	96%	1,400		1.31		1,663		1.55
Camden North End I (1)	Phoenix	AZ	2019	921	441	Lease-Up	1,602		1.74		1,792		1.95
Camden Old Town Scottsdale	Scottsdale	AZ	2016	890	316	93%	1,703		1.91		1,792		2.01
Camden Pecos Ranch	Chandler	AZ	2001	924	272	97%	1,185		1.28		1,427		1.54
Camden San Marcos	Scottsdale	AZ	1995	984	320	97%	1,326		1.35		1,560		1.59
Camden San Paloma	Scottsdale	AZ	1993/1994	1,042	324	97%	1,340		1.29		1,617		1.55
Camden Sotelo	Tempe	AZ	2008/2012	1,303	170	95%	1,543		1.18		1,867		1.43
TOTAL ARIZONA	12	Properties		1,005	3,686	95%	1,438		1.43		1,673		1.66
Camden Crown Valley	Mission Viejo	CA	2001	1,009	380	97%	2,110		2.09		2,373		2.35
Camden Glendale	Glendale	CA	2015	882	303	94%	2,482		2.81		2,668		3.03
Camden Harbor View (2)	Long Beach	CA	2004	981	546	96%	2,659		2.71		2,879		2.93
Camden Main and Jamboree	Irvine	CA	2008	1,011	290	96%	2,120		2.10		2,371		2.35
Camden Martinique	Costa Mesa	CA	1986	795	714	95%	1,847		2.32		2,088		2.63
Camden Sea Palms	Costa Mesa	CA	1990	891	138	96%	2,167		2.43		2,379		2.67
The Camden	Hollywood	CA	2016	768	287	95%	3,220		4.19		3,380		4.40
Total Los Angeles/Orange County	7	Properties		899	2,658	96%	2,319		2.58		2,542		2.83
Camden Landmark	Ontario	CA	2006	982	469	96%	1,668		1.70		1,873		1.91
Camden Old Creek	San Marcos	CA	2007	1,037	350	96%	2,228		2.15		2,472		2.38
Camden Sierra at Otay Ranch	Chula Vista	CA	2003	962	422	94%	2,036		2.12		2,280		2.37
Camden Tuscany	San Diego	CA	2003	896	160	96%	2,623		2.93		2,861		3.19
Camden Vineyards	Murrieta	CA	2002	1,053	264	97%	1,795		1.71		2,040		1.94
Total San Diego/Inland Empire	5	Properties		992	1,665	96%	1,991		2.01		2,223		2.24
TOTAL CALIFORNIA	12	Properties		935	4,323	96%	2,192		2.35		2,419		2.59
Camden Belleview Station	Denver	CO	2009	888	270	97%	1,496		1.69		1,738		1.96
Camden Caley	Englewood	CO	2000	925	218	94%	1,510		1.63		1,792		1.94
Camden Denver West	Golden	CO	1997	1,015	320	96%	1,777		1.75		2,040		2.01
Camden Flatirons	Denver	CO	2015	960	424	96%	1,657		1.73		1,908		1.99
Camden Highlands Ridge	Highlands Ranch	CO	1996	1,149	342	95%	1,777		1.55		2,068		1.80
Camden Interlocken	Broomfield	CO	1999	1,010	340	96%	1,681		1.66		1,940		1.92
Camden Lakeway	Littleton	CO	1997	932	451	95%	1,583		1.70		1,863		2.00
Camden Lincoln Station	Lone Tree	CO	2017	844	267	97%	1,598		1.89		1,865		2.21
TOTAL COLORADO	8	Properties		971	2,632	96%	1,643		1.69		1,910		1.97
Camden Ashburn Farm	Ashburn	VA	2000	1,062	162	99%	1,727		1.63		1,991		1.88
Camden College Park	College Park	MD	2008	942	508	97%	1,596		1.69		1,873		1.99
Camden Dulles Station	Oak Hill	VA	2009	978	382	97%	1,792		1.83		2,038		2.08
Camden Fair Lakes	Fairfax	VA	1999	1,056	530	97%	1,862		1.76		2,142		2.03
Camden Fairfax Corner	Fairfax	VA	2006	934	489	97%	1,929		2.06		2,218		2.38
Camden Fallsgrove	Rockville	MD	2004	996	268	97%	1,802		1.81		2,011		2.02
Camden Grand Parc	Washington	DC	2002	672	105	96%	2,547		3.79		2,956		4.40
Camden Lansdowne	Leesburg	VA	2002	1,006	690	97%	1,667		1.66		1,906		1.90
Camden Largo Towne Center	Largo	MD	2000/2007	1,027	245	96%	1,679		1.63		1,927		1.88
Camden Monument Place	Fairfax	VA	2007	856	368	96%	1,658		1.94		1,900		2.22
Camden Noma	Washington	DC	2014	770	321	97%	2,261		2.94		2,574		3.34
Camden Noma II	Washington	DC	2017	759	405	97%	2,326		3.06		2,653		3.49
Camden Potomac Yard (2)	Arlington	VA	2008	835	378	96%	2,044		2.45		2,368		2.84
Camden Roosevelt	Washington	DC	2003	856	198	95%	2,859		3.34		3,242		3.79
Camden Russett	Laurel	MD	2000	992	426	96%	1,502		1.51		1,717		1.73
Camden Shady Grove	Rockville	MD	2018	877	457	96%	1,735		1.98		1,963		2.24
Camden Silo Creek	Ashburn	VA	2004	975	284	98%	1,659		1.70		1,905		1.95
Camden South Capitol (3)	Washington	DC	2013	821	281	96%	2,309		2.81		2,675		3.26
Camden Washingtonian	Gaithersburg	MD	2018	871	365	97%	1,704		1.96		1,888		2.17
TOTAL DC METRO	19	Properties		922	6,862	97%	1,867		2.02		2,136		2.32
Camden Aventura	Aventura	FL	1995	1,108	379	95%	1,982		1.79		2,345		2.12
Camden Boca Raton	Boca Raton	FL	2014	843	261	96%	1,949		2.31		2,170		2.57
Camden Brickell (2)	Miami	FL	2003	937	405	94%	2,107		2.25		2,317		2.47
Camden Doral	Miami	FL	1999	1,120	260	98%	1,954		1.74		2,201		1.96
Camden Doral Villas	Miami	FL	2000	1,253	232	96%	2,081		1.66		2,333		1.86
Camden Las Olas (2)	Ft. Lauderdale	FL	2004	1,043	420	94%	2,082		2.00		2,346		2.25
Camden Plantation	Plantation	FL	1997	1,201	502	97%	1,708		1.42		1,964		1.63
Camden Portofino	Pembroke Pines	FL	1995	1,112	322	97%	1,772		1.59		2,082		1.87
Total Southeast Florida	8	Properties		1,079	2,781	96%	1,944		1.80		2,209		2.05

31

CAMDEN	COMMUNITY TABLE
	Community statistics as of 6/30/2019

(Unaudited)							2Q19 Avg Monthly				2Q19 Avg Monthly
			Year Placed	Average	Apartment	2Q19 Avg	Rental Rates per				Revenue per Occupied
Community Name	City	State	In Service	Size	Homes	Occupancy	Home		Sq. Ft.		Home		Sq. Ft.
Camden Hunter's Creek	Orlando	FL	2000	1,075	270	97%		$1,463		$1.36		$1,708		$1.59
Camden Lago Vista	Orlando	FL	2005	955	366	98%	1,337		1.40		1,575		1.65
Camden LaVina	Orlando	FL	2012	970	420	96%	1,358		1.40		1,583		1.63
Camden Lee Vista	Orlando	FL	2000	937	492	97%	1,286		1.37		1,509		1.61
Camden North Quarter	Orlando	FL	2016	806	333	94%	1,569		1.95		1,693		2.10
Camden Orange Court	Orlando	FL	2008	817	268	95%	1,371		1.68		1,614		1.98
Camden Thornton Park	Orlando	FL	2016	920	299	95%	1,889		2.05		2,039		2.22
Camden Town Square	Orlando	FL	2012	983	438	97%	1,404		1.43		1,577		1.60
Camden Waterford Lakes (3)	Orlando	FL	2014	971	300	97%	1,448		1.49		1,711		1.76
Camden World Gateway	Orlando	FL	2000	979	408	98%	1,347		1.38		1,556		1.59
Total Orlando	10	Properties		944	3,594	97%	1,430		1.52		1,638		1.74
Camden Bay	Tampa	FL	1997/2001	943	760	95%	1,228		1.30		1,500		1.59
Camden Montague	Tampa	FL	2012	975	192	97%	1,357		1.39		1,631		1.67
Camden Pier District	St. Petersburg	FL	2016	989	358	95%	2,484		2.51		2,636		2.67
Camden Preserve	Tampa	FL	1996	942	276	94%	1,447		1.54		1,691		1.80
Camden Royal Palms	Brandon	FL	2006	1,017	352	96%	1,237		1.22		1,516		1.49
Camden Visconti (3)	Tampa	FL	2007	1,125	450	96%	1,364		1.21		1,628		1.45
Camden Westchase Park	Tampa	FL	2012	992	348	97%	1,450		1.46		1,754		1.77
Total Tampa	7	Properties		997	2,736	96%	1,475		1.48		1,732		1.74
TOTAL FLORIDA	25	Properties		1,001	9,111	96%	1,601		1.60		1,840		1.84
Camden Brookwood	Atlanta	GA	2002	912	359	97%	1,412		1.54		1,655		1.81
Camden Buckhead Square	Atlanta	GA	2015	827	250	97%	1,588		1.92		1,743		2.11
Camden Creekstone	Atlanta	GA	2002	990	223	97%	1,378		1.39		1,586		1.60
Camden Deerfield	Alpharetta	GA	2000	1,187	292	96%	1,425		1.20		1,673		1.41
Camden Dunwoody	Atlanta	GA	1997	1,007	324	97%	1,352		1.34		1,606		1.60
Camden Fourth Ward	Atlanta	GA	2014	847	276	96%	1,726		2.04		1,967		2.32
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	94%	1,520		1.62		1,768		1.89
Camden Paces	Atlanta	GA	2015	1,407	379	97%	2,734		1.94		3,044		2.16
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	96%	1,311		1.28		1,604		1.56
Camden Phipps (3)	Atlanta	GA	1996	1,018	234	95%	1,546		1.52		1,838		1.81
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	97%	1,316		1.15		1,568		1.37
Camden St. Clair	Atlanta	GA	1997	999	336	97%	1,369		1.37		1,628		1.63
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	96%	1,125		1.11		1,365		1.35
Camden Vantage	Atlanta	GA	2010	901	592	96%	1,450		1.61		1,624		1.80
TOTAL GEORGIA	14	Properties		1,015	4,496	96%	1,530		1.51		1,773		1.75
Camden Ballantyne	Charlotte	NC	1998	1,048	400	96%	1,284		1.23		1,518		1.45
Camden Cotton Mills	Charlotte	NC	2002	905	180	95%	1,487		1.64		1,727		1.91
Camden Dilworth	Charlotte	NC	2006	857	145	96%	1,453		1.70		1,723		2.01
Camden Fairview	Charlotte	NC	1983	1,036	135	96%	1,197		1.15		1,414		1.36
Camden Foxcroft	Charlotte	NC	1979	940	156	97%	1,065		1.13		1,271		1.35
Camden Foxcroft II	Charlotte	NC	1985	874	100	94%	1,174		1.34		1,407		1.61
Camden Gallery	Charlotte	NC	2017	743	323	97%	1,572		2.12		1,810		2.44
Camden Grandview	Charlotte	NC	2000	1,059	266	95%	1,678		1.58		1,890		1.78
Camden Grandview II (1)	Charlotte	NC	2019	2,242	28	Lease-Up	4,121		1.84		4,408		1.97
Camden Sedgebrook	Charlotte	NC	1999	972	368	97%	1,128		1.16		1,363		1.40
Camden South End	Charlotte	NC	2003	882	299	95%	1,439		1.63		1,648		1.87
Camden Southline (3)	Charlotte	NC	2015	831	266	97%	1,559		1.88		1,767		2.13
Camden Stonecrest	Charlotte	NC	2001	1,098	306	96%	1,313		1.20		1,543		1.40
Camden Touchstone	Charlotte	NC	1986	899	132	97%	1,090		1.21		1,301		1.45
Total Charlotte	14	Properties		954	3,104	96%	1,389		1.46		1,596		1.67
Camden Asbury Village (3)	Raleigh	NC	2009	1,009	350	95%	1,238		1.23		1,466		1.45
Camden Crest	Raleigh	NC	2001	1,013	438	97%	1,056		1.04		1,283		1.27
Camden Governor's Village	Chapel Hill	NC	1999	1,046	242	96%	1,105		1.06		1,358		1.30
Camden Lake Pine	Apex	NC	1999	1,066	446	97%	1,177		1.10		1,425		1.34
Camden Manor Park	Raleigh	NC	2006	966	484	96%	1,155		1.19		1,370		1.42
Camden Overlook	Raleigh	NC	2001	1,060	320	96%	1,262		1.19		1,527		1.44
Camden Reunion Park	Apex	NC	2000/2004	972	420	96%	1,069		1.10		1,292		1.33
Camden Westwood	Morrisville	NC	1999	1,027	354	93%	1,111		1.08		1,350		1.31
Total Raleigh	8	Properties		1,016	3,054	96%	1,144		1.13		1,379		1.36
TOTAL NORTH CAROLINA	22	Properties		985	6,158	96%	1,268		1.29		1,488		1.51

32

CAMDEN	COMMUNITY TABLE
	Community statistics as of 6/30/2019

(Unaudited)							2Q19 Avg Monthly				2Q19 Avg Monthly
			Year Placed	Average	Apartment	2Q19 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%		$1,110		$1.29		$1,376		$1.60
Camden Amber Oaks II (3)	Austin	TX	2012	910	244	95%	1,167		1.28		1,452		1.60
Camden Brushy Creek (3)	Cedar Park	TX	2008	882	272	96%	1,169		1.32		1,307		1.48
Camden Cedar Hills	Austin	TX	2008	911	208	96%	1,285		1.41		1,549		1.70
Camden Gaines Ranch	Austin	TX	1997	955	390	98%	1,456		1.52		1,720		1.80
Camden Huntingdon	Austin	TX	1995	903	398	97%	1,188		1.32		1,450		1.61
Camden La Frontera	Austin	TX	2015	901	300	96%	1,245		1.38		1,487		1.65
Camden Lamar Heights	Austin	TX	2015	838	314	96%	1,513		1.81		1,763		2.10
Camden Rainey Street (1)	Austin	TX	2016	873	326	Lease-Up	2,304		2.64		2,465		2.82
Camden Shadow Brook (3)	Austin	TX	2009	909	496	96%	1,168		1.28		1,323		1.46
Camden Stoneleigh	Austin	TX	2001	908	390	97%	1,293		1.42		1,541		1.70
Total Austin	11	Properties		897	3,686	96%	1,351		1.51		1,571		1.75
Camden Breakers	Corpus Christi	TX	1996	868	288	96%	1,144		1.32		1,411		1.63
Camden Copper Ridge	Corpus Christi	TX	1986	775	344	94%	876		1.13		1,079		1.39
Camden South Bay (3)	Corpus Christi	TX	2007	1,055	270	95%	1,246		1.18		1,466		1.39
Total Corpus Christi	3	Properties		888	902	95%	1,072		1.21		1,302		1.47
Camden Addison	Addison	TX	1996	942	456	96%	1,247		1.32		1,458		1.55
Camden Belmont	Dallas	TX	2010/2012	945	477	96%	1,463		1.55		1,693		1.79
Camden Buckingham	Richardson	TX	1997	919	464	96%	1,241		1.35		1,494		1.62
Camden Centreport	Ft. Worth	TX	1997	911	268	97%	1,201		1.32		1,426		1.56
Camden Cimarron	Irving	TX	1992	772	286	97%	1,238		1.60		1,469		1.90
Camden Design District (3)	Dallas	TX	2009	939	355	96%	1,396		1.49		1,529		1.63
Camden Farmers Market	Dallas	TX	2001/2005	932	904	95%	1,369		1.47		1,605		1.72
Camden Henderson	Dallas	TX	2012	967	106	98%	1,530		1.58		1,815		1.88
Camden Legacy Creek	Plano	TX	1995	831	240	98%	1,293		1.56		1,519		1.83
Camden Legacy Park	Plano	TX	1996	871	276	96%	1,291		1.48		1,525		1.75
Camden Panther Creek (3)	Frisco	TX	2009	946	295	96%	1,260		1.33		1,444		1.53
Camden Riverwalk (3)	Grapevine	TX	2008	982	600	97%	1,483		1.51		1,717		1.75
Camden Valley Park	Irving	TX	1986	743	516	96%	1,089		1.46		1,311		1.76
Camden Victory Park	Dallas	TX	2016	861	423	96%	1,658		1.92		1,908		2.21
Total Dallas/Ft. Worth	14	Properties		901	5,666	96%	1,342		1.49		1,567		1.74
Camden City Centre	Houston	TX	2007	932	379	95%	1,490		1.60		1,736		1.86
Camden City Centre II	Houston	TX	2013	868	268	96%	1,503		1.73		1,750		2.02
Camden Cypress Creek (3)	Cypress	TX	2009	993	310	97%	1,310		1.32		1,531		1.54
Camden Downs at Cinco Ranch (3)	Katy	TX	2004	1,075	318	96%	1,262		1.17		1,520		1.41
Camden Grand Harbor (3)	Katy	TX	2008	959	300	96%	1,182		1.23		1,390		1.45
Camden Greenway	Houston	TX	1999	861	756	97%	1,397		1.62		1,624		1.89
Camden Heights (3)	Houston	TX	2004	927	352	96%	1,489		1.61		1,736		1.87
Camden Holly Springs	Houston	TX	1999	934	548	96%	1,232		1.32		1,461		1.56
Camden McGowen Station (1)	Houston	TX	2018	1,007	315	Lease-Up	2,106		2.09		2,157		2.14
Camden Midtown	Houston	TX	1999	844	337	96%	1,544		1.83		1,803		2.13
Camden Northpointe (3)	Tomball	TX	2008	940	384	97%	1,141		1.21		1,390		1.48
Camden Oak Crest	Houston	TX	2003	870	364	96%	1,133		1.30		1,367		1.57
Camden Park	Houston	TX	1995	866	288	96%	1,104		1.28		1,336		1.54
Camden Plaza	Houston	TX	2007	915	271	96%	1,585		1.73		1,820		1.99
Camden Post Oak	Houston	TX	2003	1,200	356	95%	2,460		2.05		2,640		2.20
Camden Royal Oaks	Houston	TX	2006	923	236	94%	1,361		1.47		1,415		1.53
Camden Royal Oaks II	Houston	TX	2012	1,054	104	98%	1,587		1.50		1,645		1.56
Camden Spring Creek (3)	Spring	TX	2004	1,080	304	96%	1,232		1.14		1,467		1.36
Camden Stonebridge	Houston	TX	1993	845	204	96%	1,111		1.31		1,328		1.57
Camden Sugar Grove	Stafford	TX	1997	921	380	95%	1,196		1.30		1,405		1.52
Camden Travis Street	Houston	TX	2010	819	253	96%	1,486		1.82		1,721		2.10
Camden Vanderbilt	Houston	TX	1996/1997	863	894	96%	1,433		1.66		1,676		1.94
Camden Whispering Oaks	Houston	TX	2008	934	274	95%	1,242		1.33		1,480		1.58
Camden Woodson Park (3)	Houston	TX	2008	916	248	94%	1,217		1.33		1,431		1.56
Camden Yorktown (3)	Houston	TX	2008	995	306	96%	1,182		1.19		1,392		1.40
Total Houston	25	Properties		933	8,749	96%	1,400		1.50		1,613		1.73
TOTAL TEXAS	53	Properties		914	19,003	96%	1,358		1.48		1,576		1.72
TOTAL PROPERTIES	165	Properties		955	56,271	96%		$1,546		$1.62		$1,781		$1.86

(1) Completed communities in lease-up as of June 30, 2019 are excluded from total occupancy numbers.

(2) Communities under redevelopment as of June 30, 2019.

(3) Communities owned through investment in joint venture. Pro-Rata ownership is 31.3%.

33