EX-99.2 3 a6281864ex99-2.htm EXHIBIT 99.2 a6281864ex99-2.htm
EXHIBIT 99.2
GRAPHIC
 
 
FIRST QUARTER 2010
               
Supplemental Operating and Financial Data
 
 
GRAPHIC
 
 
Camden Amber Oaks - Austin, TX
348 Apartment Homes
Currently in Lease-Up
             
             
             
             
Camden Property Trust
Three Greenway Plaza, Suite 1300
Houston, Texas 77046
Phone: 713-354-2500  Fax: 713-354-2700
www.camdenliving.com
             
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 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.
             
             
 
 
 

 
 
CAMDEN
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FIRST QUARTER 2010 OPERATING RESULTS

Houston, TEXAS (May 6, 2010) – Camden Property Trust (NYSE: CPT) announced that its funds from operations (“FFO”) for the first quarter of 2010 totaled $0.68 per diluted share or $47.0 million, as compared to $0.88 per diluted share or $51.6 million for the same period in 2009.  The Company reported net income attributable to common shareholders (“EPS”) of $2.3 million or $0.03 per diluted share for the first quarter of 2010, as compared to $6.2 million or $0.11 per diluted share for the same period in 2009.  EPS for the three months ended March 31, 2009 included a $0.01 per diluted share impact from the results of discontinued operations.  A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.

“We are pleased to report that our first quarter operating results reflected better than anticipated performance from our apartment communities,” said Richard J. Campo, Camden’s Chairman and Chief Executive Officer.  “With market conditions continuing to improve across our portfolio, we expect our full-year 2010 FFO per share to be in the upper half of our guidance range.”

Same Property Results
For the 47,359 apartment homes included in consolidated same property results, first quarter 2010 same property net operating income (“NOI”) declined 9.1% compared to the first quarter of 2009, with revenues declining 4.8% and expenses increasing 2.0%.  On a sequential basis, first quarter 2010 same property NOI declined 6.1% compared to the fourth quarter of 2009, with revenues declining 0.9% and expenses increasing 7.6% compared to the prior quarter.  Same property physical occupancy levels for the portfolio averaged 93.1% during the first quarter of 2010, compared to 93.0% in the fourth quarter of 2009 and 93.6% in the first quarter of 2009.

The Company defines same property communities as communities owned and stabilized as of January 1, 2009, excluding properties held for sale and communities under redevelopment.  A reconciliation of net income attributable to common shareholders to net operating income and same property net operating income is included in the financial tables accompanying this press release.

Development Activity
Camden had one wholly-owned development community in lease-up during the first quarter:  Camden Dulles Station in Oak Hill, VA, a $72.3 million project that is currently 95% leased.

During the quarter, construction was completed on two joint venture communities:  Camden Travis Street, a $30.5 million project that is currently 47% leased; and Belle Meade, a $37.0 million project that is currently 54% leased.  Lease-ups continued during the quarter at two additional joint venture communities which completed construction during 2009:  Camden Amber Oaks in Austin, TX, a $35.3 million project that is currently 89% leased; and Braeswood Place in Houston, TX, a $50.3 million project that is currently 70% leased.

Equity Issuance
During the first quarter, Camden issued 403,500 common shares through its at-the-market (“ATM”) share offering program at an average price of $43.64 per share, for total net consideration of approximately $17.2 million.  Subsequent to quarter-end, the Company issued an additional 825,124 common shares through its ATM program at an average price of $45.27 per share, for total net consideration of approximately $36.8 million.
 
 
3

 
 
Earnings Guidance
Camden maintained its earnings guidance for 2010 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2010 FFO is expected to be $2.35 to $2.65 per diluted share, and full-year 2010 EPS is expected to be $(0.24) to $0.06 per diluted share.  Second quarter 2010 earnings guidance is $0.61 to $0.65 per diluted share for FFO and $(0.03) to $0.01 per diluted share for EPS.  Guidance for EPS excludes potential future gains on the sale of properties.  Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2010 earnings guidance is based on projections of same property revenue declines between 2.25% and 4.25%, expense growth between 2.0% and 3.5%, and NOI declines between 5.5% and 8.5%.  Additional information on the Company’s 2010 financial outlook and a reconciliation of expected net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.

Conference Call
The Company will hold a conference call on Friday, May 7, 2010 at 11:00 a.m. Central Time to review its first quarter 2010 results and discuss its outlook for future performance.  To participate in the call, please dial (866) 843-0890 (Domestic) or (412) 317-9250 (International) by 10:50 a.m. Central Time and enter passcode: 4447563, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com.  Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.
 
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law.  These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management.  Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.

About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities.  Camden owns interests in and operates 185 properties containing 63,658 apartment homes across the United States.  Camden was recently named by FORTUNE® Magazine for the third consecutive year as one of the “100 Best Companies to Work For” in America, placing 10th on the list.

For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at camdenliving.com.
 
 
4

 
 
FINANCIAL HIGHLIGHTS
 
    (In thousands, except per share, property data amounts and ratios)  
               
               
(Unaudited)
           
       
Three Months Ended March 31,
 
       
2010
 
2009
 
Total property revenues (a)
 
$152,206
 
$157,032
 
               
EBITDA
     
80,250
 
85,272
 
               
Net income attributable to common shareholders
 
                       2,285
 
                       6,234
 
      Per share - basic
 
                         0.03
 
                         0.11
 
      Per share - diluted
 
                         0.03
 
                         0.11
 
               
Income from continuing operations attributable to common shareholders
 
                       2,285
 
                       5,559
 
       Per share - basic
 
                         0.03
 
                         0.10
 
       Per share - diluted
 
                         0.03
 
                         0.10
 
               
Funds from operations
 
                      46,982
 
                      51,581
 
       Per share - diluted
 
                         0.68
 
                         0.88
 
               
Dividends per share
   
                         0.45
 
                         0.70
 
Dividend payout ratio
 
66.2%
 
79.5%
 
               
Interest expensed (including discontinued operations)
 
31,555
 
32,245
 
Interest capitalized
   
1,299
 
2,380
 
    Total interest incurred
 
32,854
 
34,625
 
               
Principal amortization
 
1,156
 
2,415
 
Preferred distributions
 
1,750
 
1,750
 
               
Interest expense coverage ratio
 
                           2.5
x
2.6
Total interest coverage ratio
 
                           2.4
x
2.5
Fixed charge expense coverage ratio
 
                           2.3
x
2.3
x
Total fixed charge coverage ratio
 
                           2.2
x
2.2
x
Unencumbered real estate assets (at cost) to unsecured debt ratio
 
                           2.5
x
2.0
               
Same property NOI increase (decrease) (b)
 
(9.1%)
 
(3.8%)
 
  (# of apartment homes included)
 
                      47,359
 
                      42,670
 
               
Gross turnover of apartment homes (annualized)
 
53%
 
62%
 
Net turnover (excludes on-site transfers and transfers to other Camden communities)
44%
 
50%
 
               
               
       
As of March 31,
 
       
2010
 
2009
 
Total assets
   
$4,527,879
 
$4,675,042
 
Total debt
     
$2,570,661
 
$2,832,123
 
Common and common equivalent shares, outstanding end of period (c)
 
69,766
 
58,551
 
Share price, end of period
 
$41.63
 
$21.58
 
Preferred units, end of period
 
$97,925
 
$97,925
 
Book equity value, end of period (d)
 
$1,698,816
 
$1,570,023
 
Market equity value, end of period (d)
 
$3,004,359
 
$1,363,531
 
               
               
               
               
               
(a)   Excludes discontinued operations.
         
               
(b)  "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities under redevelopment.
 
       
         
(c)   Includes at March 31, 2010:  67,163 common shares (including 113 common share equivalents related to share awards & options), plus common share equivalents upon the assumed conversion of minority interest units (2,603).
 
      
         
(d)   Includes:  common shares, preferred and common units, and common share equivalents.
     
               
               
               
Note:  Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
 
               
 
5

 
 
       OPERATING RESULTS
               (In thousands, except per share and property data amounts)
                   
                   
(Unaudited)
           
Three Months Ended
               
March 31,
OPERATING DATA
         
2010
2009
Property revenues
             
Rental revenues
         
$131,161
$136,500
Other property revenues
       
         21,045
         20,532
   Total property revenues
       
       152,206
       157,032
                   
Property expenses
             
Property operating and maintenance
     
         44,613
         42,304
Real estate taxes
         
         18,445
         18,601
   Total property expenses
       
         63,058
         60,905
                   
Non-property income
             
Fee and asset management income
     
           1,838
           2,031
Interest and other income
       
           3,045
               735
Income (loss) on deferred compensation plans
 
           3,482
          (4,152)
   Total non-property income (loss)
     
           8,365
          (1,386)
                   
Other expenses
               
Property management
         
           5,183
           4,929
Fee and asset management
       
           1,194
           1,135
General and administrative
       
           7,404
           8,232
Interest
             
         31,555
         32,245
Depreciation and amortization
       
         43,813
         43,980
Amortization of deferred financing costs
     
               726
               817
Expense (benefit) on deferred compensation plans
 
           3,482
          (4,152)
   Total other expenses
         
         93,357
         87,186
                   
                   
Gain on early retirement of debt
     
                  -
               166
Equity in income (loss) of joint ventures
     
             (105)
               408
Income from continuing operations before income taxes
 
           4,051
           8,129
Income tax expense - current
     
             (270)
             (299)
Income from continuing operations
     
           3,781
           7,830
Income from discontinued operations
   
                  -
               675
Net income
           
           3,781
           8,505
Less (income) loss allocated to noncontrolling interests from continuing operations
               254
             (521)
Less income allocated to perpetual preferred units
 
          (1,750)
          (1,750)
Net income attributable to common shareholders
 
$2,285
$6,234
                   
                   
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income
           
$3,781
$8,505
Other comprehensive income (loss)
         
Unrealized loss on cash flow hedging activities
 
          (6,817)
          (2,936)
Reclassification of net losses on cash flow hedging activities
 
           5,879
           5,276
Comprehensive income
       
           2,843
         10,845
Less (income) loss allocated to noncontrolling interests from continuing operations
               254
             (521)
Less income allocated to perpetual preferred units
 
          (1,750)
          (1,750)
Comprehensive income attributable to common shareholders
 
$1,347
           8,574
                   
                   
PER SHARE DATA
             
  Net income attributable to common shareholders - basic
 
$0.03
$0.11
  Net income attributable to common shareholders - diluted
 
              0.03
              0.11
  Income from continuing operations attributable to common shareholders - basic
              0.03
              0.10
  Income from continuing operations attributable to common shareholders - diluted
              0.03
              0.10
                   
Weighted average number of common and
     
  common equivalent shares outstanding:
       
     Basic
           
66,475
55,552
     Diluted
           
68,169
56,047
                   
                   
                   
Note:  Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
 
 
6

 
 
       FUNDS FROM OPERATIONS
               (In thousands, except per share and property data amounts)
                   
                   
                   
(Unaudited)
           
Three Months Ended
               
March 31,
FUNDS FROM OPERATIONS
     
2010
2009
                   
  Net income attributable to common shareholders
 
$2,285
$6,234
  Real estate depreciation from continuing operations
 
         42,639
         43,010
  Adjustments for unconsolidated joint ventures
 
           2,163
           1,916
  Income (loss) allocated to noncontrolling interests
 
             (105)
               421
     Funds from operations - diluted
     
$46,982
$51,581
                   
PER SHARE DATA
             
  Funds from operations - diluted
     
$0.68
$0.88
  Cash distributions
         
              0.45
              0.70
                   
Weighted average number of common and
     
  common equivalent shares outstanding:
     
     FFO - diluted
         
69,295
58,471
                   
PROPERTY DATA
             
  Total operating properties (end of period) (a)
 
185
182
  Total operating apartment homes in operating properties (end of period) (a)
 
63,658
63,269
  Total operating apartment homes (weighted average)
 
50,578
50,688
  Total operating apartment homes - excluding discontinued operations (weighted average)
50,578
50,017
                   
                   
(a) Includes joint ventures and properties held for sale.
     
 
 
Note:  Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
 
7

 
 
     BALANCE SHEETS
           (In thousands)
               
               
(Unaudited)
 
Mar 31,
Dec 31,
Sep 30,
Jun 30,
Mar 31,
     
2010
2009
2009
2009
2009
ASSETS
             
Real estate assets, at cost
         
Land
   
$748,604
$747,921
$746,825
$746,936
$746,935
Buildings and improvements
          4,527,523
          4,512,124
          4,484,335
          4,473,906
          4,466,296
     
          5,276,127
          5,260,045
          5,231,160
          5,220,842
          5,213,231
Accumulated depreciation
 
         (1,191,604)
         (1,149,056)
         (1,107,227)
         (1,065,861)
         (1,023,466)
Net operating real estate assets
          4,084,523
          4,110,989
          4,123,933
          4,154,981
          4,189,765
Properties under development and land
            196,371
            201,581
            279,620
            268,655
            258,239
Investments in joint ventures
              42,994
              43,542
              43,236
              22,334
              15,158
Properties held for sale, including land
                     -
                     -
                6,622
                6,732
              20,696
Total real estate assets
 
          4,323,888
          4,356,112
          4,453,411
          4,452,702
          4,483,858
Accounts receivable - affiliates
              32,657
              36,112
              35,971
              35,909
              36,105
Notes receivable - affiliates
 
              46,118
              45,847
              54,462
              54,033
              58,481
Other assets, net (a)
 
              92,983
            102,114
            104,669
              92,421
              84,905
Cash and cash equivalents
 
              28,553
              64,156
              81,683
            157,665
                7,256
Restricted cash
 
                3,680
                3,658
                3,901
                5,190
                4,437
Total assets
 
$4,527,879
$4,607,999
$4,734,097
$4,797,920
$4,675,042
               
               
               
LIABILITIES AND SHAREHOLDERS' EQUITY
         
Liabilities
             
Notes payable
           
Unsecured
$1,590,473
$1,645,926
$1,646,106
$1,728,150
$2,151,492
Secured
            980,188
            979,273
            976,051
            969,668
            680,631
Accounts payable and accrued expenses
              69,858
              74,420
              78,466
              65,012
              73,250
Accrued real estate taxes
 
              17,005
              23,241
              42,386
              30,154
              19,113
Other liabilities (b)
 
            138,136
            145,176
            145,464
            132,763
            137,397
Distributions payable
 
              33,403
              33,025
              33,028
              33,050
              43,136
Total liabilities
 
          2,829,063
          2,901,061
          2,921,501
          2,958,797
          3,105,019
               
Commitments and contingencies
         
               
Perpetual preferred units
 
              97,925
              97,925
              97,925
              97,925
              97,925
               
Shareholders' equity
           
Common shares of beneficial interest
                   778
                   770
                   770
                   769
                   666
Additional paid-in capital
 
          2,548,722
          2,525,656
          2,522,525
          2,517,788
          2,242,940
Distributions in excess of net income attributable to common shareholders
           (520,798)
           (492,571)
           (383,265)
           (357,168)
           (345,481)
Notes receivable secured by common shares
                  (101)
                  (101)
                  (101)
                  (287)
                  (291)
Treasury shares, at cost
 
           (461,517)
           (462,188)
           (462,188)
           (462,751)
           (462,751)
Accumulated other comprehensive loss (c)
             (42,093)
             (41,155)
             (44,921)
             (41,886)
             (48,716)
Total common shareholders' equity
          1,524,991
          1,530,411
          1,632,820
          1,656,465
          1,386,367
Noncontrolling interest
 
              75,900
              78,602
              81,851
              84,733
              85,731
Total shareholders' equity
 
1,600,891
1,609,013
1,714,671
1,741,198
1,472,098
Total liabilities and shareholders' equity
$4,527,879
$4,607,999
$4,734,097
$4,797,920
$4,675,042
               
               
               
(a) includes:
           
net deferred charges of:
 
$10,704
$11,113
$11,617
$12,108
$10,061
               
(b) includes:
           
deferred revenues of:
 
$2,467
$2,664
$2,938
$3,183
$2,402
distributions in excess of investments in joint ventures of:
$32,195
$31,410
$30,507
$30,287
$31,318
fair value adjustment of derivative instruments:
$42,119
$41,083
$44,730
$41,797
$48,693
               
(c) Represents the fair value adjustment of derivative instruments and gain on post retirement obligations.
 
               
 
 
8

 
 
        PORTFOLIO STATISTICS
                       
                       
                       
(Unaudited)
                 
                       
COMMUNITY PORTFOLIO AT MARCH 31, 2010 (in apartment homes)
           
 
    "Same Property"  
Non-"Same Property" (a)
 
Wholly -Owned
 
Joint Venture
 
Stabilized Operating
 
Completed in Lease-up
 
Total
Operating
 
Under
Construction
 
Total
 
D.C. Metro (b)
  4,525     669     5,194     508     5,702     366     6,068     -     6,068  
Houston, TX (c)
  4,188     274     4,462     1,487     5,949     712     6,661     -     6,661  
Tampa, FL
  5,503     -     5,503     -     5,503     -     5,503     -     5,503  
Las Vegas, NV
  3,969     -     3,969     4,047     8,016     -     8,016     -     8,016  
SE Florida
  2,520     -     2,520     -     2,520     -     2,520     -     2,520  
Dallas, TX
  5,147     516     5,663     456     6,119     -     6,119     -     6,119  
Los Angeles/Orange County, CA
  1,770     -     1,770     711     2,481     -     2,481     -     2,481  
Charlotte, NC
  3,418     156     3,574     -     3,574     -     3,574     -     3,574  
Orlando, FL
  3,296     261     3,557     -     3,557     -     3,557     -     3,557  
Atlanta, GA
  3,202     -     3,202     -     3,202     -     3,202     -     3,202  
Raleigh, NC
  2,704     -     2,704     -     2,704     -     2,704     -     2,704  
Denver, CO
  1,851     -     1,851     320     2,171     -     2,171     -     2,171  
San Diego/Inland Empire, CA
  1,196     -     1,196     -     1,196     -     1,196     -     1,196  
Austin, TX (d)
  1,645     208     1,853     253     2,106     348     2,454     -     2,454  
Phoenix, AZ
  1,441     -     1,441     992     2,433     -     2,433     -     2,433  
Other
  984     778     1,762     3,237     4,999     -     4,999     -     4,999  
                                                       
Total Portfolio
  47,359     2,862     50,221     12,011     62,232     1,426     63,658     -     63,658  
                                                       
(a) Includes one redevelopment property (516 apartment homes).
                                     
(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
                               
(c) 712 units completed in lease-up in Houston, TX are held through joint venture investments, of which 253 units are fully consolidated.
 
(d) 348 units completed in lease-up in Austin, TX are held through a joint venture investment.
                         
 
                     
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION
 
WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (g)
                     
                     
   
"Same Property"
Operating
Incl. JVs at
 
Mar 31
Dec 31
Sep 30
Jun 30
Mar 31
    Communities Communities (e) Pro Rata % (f)  
2010
2009
2009
2009
2009
D.C. Metro
15.7%
18.0%
17.6%
 
94.1%
94.1%
95.9%
95.0%
94.2%
Houston, TX
8.8%
8.5%
8.9%
 
93.7%
93.3%
94.8%
95.5%
95.0%
Tampa, FL
8.7%
8.1%
7.7%
 
92.7%
92.6%
92.9%
93.3%
93.5%
Las Vegas, NV
7.4%
6.8%
7.7%
 
92.0%
90.6%
91.4%
93.1%
93.0%
SE Florida
7.9%
7.4%
7.0%
 
95.6%
94.6%
94.8%
95.4%
94.5%
Dallas, TX
7.0%
7.1%
6.9%
 
90.6%
90.9%
92.8%
94.5%
93.4%
Los Angeles/Orange County, CA
6.6%
6.1%
6.3%
 
93.5%
94.1%
94.1%
93.4%
92.3%
Charlotte, NC
6.2%
6.1%
5.8%
 
94.5%
94.0%
93.4%
93.8%
92.6%
Orlando, FL
5.7%
5.8%
5.6%
 
93.0%
92.8%
93.6%
93.6%
94.2%
Atlanta, GA
5.8%
5.4%
5.1%
 
92.6%
93.0%
93.4%
94.2%
92.4%
Raleigh, NC
4.9%
4.4%
4.3%
 
93.2%
92.9%
94.6%
94.1%
94.0%
Denver, CO
4.2%
3.9%
4.1%
 
92.3%
93.1%
95.2%
95.6%
93.7%
San Diego/Inland Empire, CA
3.8%
3.5%
3.4%
 
93.7%
92.4%
93.8%
94.1%
91.6%
Austin, TX
2.5%
2.6%
2.7%
 
93.0%
93.3%
94.2%
94.0%
93.1%
Phoenix, AZ
2.6%
2.4%
2.5%
 
93.2%
91.6%
90.3%
91.5%
92.7%
Other
2.2%
3.9%
4.4%
 
93.8%
93.8%
95.1%
95.6%
94.4%
                     
 
Total Portfolio
100.0%
100.0%
100.0%
 
93.1%
92.7%
93.6%
94.2%
93.6%
                     
                     
(e)  Operating communities include wholly-owned communities and completed communities in lease-up at quarter end and exclude communities sold during the quarter.
(f)  Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities.
 
(g) Occupancy figures include apartment homes held through joint venture investments but exclude communities in lease-up, under development, or under redevelopment.
                     
 
9

 
 
         COMPONENTS OF
              PROPERTY NET OPERATING INCOME
              (In thousands, except property data amounts)
                     
                     
(Unaudited)
               
                     
                     
       
Apartment
  Three Months Ended March 31,
Property Revenues
 
Homes
 
2010
 
2009
 
Change
"Same Property" Communities (a)
 
               47,359
 
$140,015
 
$147,097
 
($7,082)
Non-"Same Property" Communities (b)
 
                 2,346
 
                 8,219
 
                 6,876
 
1,343
Development and Lease-Up Communities (c)
                     619
 
                 1,668
 
                     843
 
825
Redevelopment Communities (d)
 
                     516
 
                 1,093
 
                 1,018
 
75
Dispositions / Other (e)
 
                          -
 
                 1,211
 
                 1,198
 
                       13
 
Total Property Revenues
 
50,840
 
$152,206
 
$157,032
 
($4,826)
                     
Property Expenses
               
"Same Property" Communities (a)
 
               47,359
 
$57,430
 
$56,284
 
$1,146
Non-"Same Property" Communities (b)
 
                 2,346
 
                 3,018
 
                 2,760
 
258
Development and Lease-Up Communities (c)
                     619
 
                     869
 
                     419
 
450
Redevelopment Communities (d)
 
                     516
 
                     523
 
                     518
 
5
Dispositions / Other (e)
 
                          -
 
                 1,218
 
                     924
 
                     294
 
Total Property Expenses
 
50,840
 
$63,058
 
$60,905
 
$2,153
                     
Property Net Operating Income
               
"Same Property" Communities (a)
 
               47,359
 
$82,585
 
$90,813
 
($8,228)
Non-"Same Property" Communities (b)
 
                 2,346
 
                 5,201
 
                 4,116
 
1,085
Development and Lease-Up Communities (c)
                     619
 
                     799
 
                     424
 
375
Redevelopment Communities (d)
 
                     516
 
                     570
 
                     500
 
70
Dispositions / Other (e)
 
                          -
 
                        (7)
 
                     274
 
                   (281)
 
Total Property Net Operating Income
 
50,840
 
$89,148
 
$96,127
 
($6,979)
                     
                     
                     
                     
                     
Income from Discontinued Operations (f)
        Three Months Ended March 31,    
           
2010
 
2009
   
Property Revenues
     
$0
 
$1,197
   
Property Expenses
     
                          -
 
                     522
   
Property Net Operating Income
     
                          -
 
                     675
   
Interest
       
                          -
 
                          -
   
Depreciation and Amortization
     
                          -
 
                          -
   
Income from Discontinued Operations
     
$0
 
$675
   
                     
                     
                     
                     
                     
                     
                     
Notes:
                 
(a)
"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale
 
and Redevelopment Communities.
               
(b)
Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2009, or completely redeveloped prior to
 
January 1, 2010, excluding properties held for sale.
             
(c)
Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2009, excluding properties
 
held for sale and Redevelopment Communities.
             
(d)
Redevelopment Communities are communities redeveloped by the Company after January 1, 2010, excluding properties held for sale.
(e)
Disposition Communities include those communities disposed of by the Company which are not classified as "Discontinued Operations". "Other" includes
 
results from non-multifamily rental properties and expenses related to land holdings no longer under active development.
(f)
Represents operating results for a community disposed of during 2009.
           
 
 
10

 
 
        "SAME PROPERTY"
  FIRST QUARTER COMPARISONS
        March 31, 2010
        (In thousands, except property data amounts)
                       
                       
                       
(Unaudited)
                     
                       
 
Revenues
 
Expenses
 
NOI
Quarterly Results (a)
1Q10
1Q09
Growth
 
1Q10
1Q09
Growth
 
1Q10
1Q09
Growth
                       
D.C. Metro
$19,827
$19,940
(0.6%)
 
$6,820
$6,171
10.5%
 
$13,007
$13,769
(5.5%)
Houston, TX
12,524
13,048
(4.0%)
 
5,230
5,161
1.3%
 
7,294
7,887
(7.5%)
Tampa, FL
13,661
14,356
(4.8%)
 
6,450
6,633
(2.8%)
 
7,211
7,723
(6.6%)
Las Vegas, NV
9,993
11,014
(9.3%)
 
3,902
3,769
3.5%
 
6,091
7,245
(15.9%)
SE Florida
10,756
11,275
(4.6%)
 
4,244
4,402
(3.6%)
 
6,512
6,873
(5.3%)
Dallas, TX
11,436
12,293
(7.0%)
 
5,662
5,691
(0.5%)
 
5,774
6,602
(12.5%)
Los Angeles/Orange County, CA
8,141
8,739
(6.8%)
 
2,695
2,622
2.8%
 
5,446
6,117
(11.0%)
Charlotte, NC
8,937
9,579
(6.7%)
 
3,809
3,639
4.7%
 
5,128
5,940
(13.7%)
Orlando, FL
8,449
8,933
(5.4%)
 
3,715
3,586
3.6%
 
4,734
5,347
(11.5%)
Atlanta, GA
8,446
8,995
(6.1%)
 
3,708
3,633
2.1%
 
4,738
5,362
(11.6%)
Raleigh, NC
6,631
6,939
(4.4%)
 
2,569
2,452
4.8%
 
4,062
4,487
(9.5%)
Denver, CO
5,116
5,344
(4.3%)
 
1,659
1,638
1.3%
 
3,457
3,706
(6.7%)
San Diego/Inland Empire, CA
5,403
5,385
0.3%
 
2,257
2,183
3.4%
 
3,146
3,202
(1.7%)
Austin, TX
4,070
4,288
(5.1%)
 
2,019
2,042
(1.1%)
 
2,051
2,246
(8.7%)
Phoenix, AZ
3,689
3,969
(7.1%)
 
1,579
1,552
1.7%
 
2,110
2,417
(12.7%)
Other
2,936
3,000
(2.1%)
 
1,112
1,110
0.2%
 
1,824
1,890
(3.5%)
                       
      Total Same Property
$140,015
$147,097
(4.8%)
 
$57,430
$56,284
2.0%
 
$82,585
$90,813
(9.1%)
                       
                       
                       
  Apartment            
 
Homes
 
% of NOI  
 
Average Occupancy (a)
 
Weighted Average Rental Rate (b)
Quarterly Results (a)
Included
 
Contribution (a)
1Q10
1Q09
Change
 
1Q10
1Q09
Change
                       
D.C. Metro
4,525
 
15.7%
 
94.4%
94.2%
0.2%
 
$1,389
$1,415
(1.8%)
Houston, TX
4,188
 
8.8%
 
93.8%
95.2%
(1.4%)
 
959
995
(3.7%)
Tampa, FL
5,503
 
8.7%
 
92.7%
93.5%
(0.8%)
 
739
781
(5.4%)
Las Vegas, NV
3,969
 
7.4%
 
92.3%
93.5%
(1.2%)
 
788
878
(10.3%)
SE Florida
2,520
 
7.9%
 
95.6%
94.5%
1.1%
 
1,335
1,405
(5.0%)
Dallas, TX
5,147
 
7.0%
 
90.3%
93.5%
(3.2%)
 
686
724
(5.1%)
Los Angeles/Orange County, CA
1,770
 
6.6%
 
93.0%
92.4%
0.6%
 
1,498
1,620
(7.5%)
Charlotte, NC
3,418
 
6.2%
 
94.4%
92.6%
1.8%
 
791
871
(9.2%)
Orlando, FL
3,296
 
5.7%
 
92.9%
94.2%
(1.3%)
 
785
848
(7.5%)
Atlanta, GA
3,202
 
5.8%
 
92.6%
92.4%
0.2%
 
816
877
(7.0%)
Raleigh, NC
2,704
 
4.9%
 
93.2%
94.0%
(0.8%)
 
735
763
(3.6%)
Denver, CO
1,851
 
4.2%
 
92.3%
93.7%
(1.4%)
 
872
903
(3.4%)
San Diego/Inland Empire, CA
1,196
 
3.8%
 
93.7%
91.6%
2.1%
 
1,450
1,518
(4.5%)
Austin, TX
1,645
 
2.5%
 
92.9%
93.0%
(0.1%)
 
752
800
(6.0%)
Phoenix, AZ
1,441
 
2.6%
 
93.6%
92.9%
0.7%
 
758
840
(9.7%)
Other
984
 
2.2%
 
95.4%
94.8%
0.6%
 
915
940
(2.7%)
                       
      Total Same Property
47,359
 
100.0%
 
93.1%
93.6%
(0.5%)
 
$919
$973
(5.5%)
                       
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities
       under redevelopment since January 1, 2009.
                 
(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.
 
 
11

 
 
      "SAME PROPERTY"
           SEQUENTIAL QUARTER COMPARISONS
             March 31, 2010
             (In thousands, except property data amounts)
                       
                       
                       
(Unaudited)
                     
                       
 
Revenues
 
Expenses
 
NOI
Quarterly Results (a)
1Q10
4Q09
Growth
 
1Q10
4Q09
Growth
 
1Q10
4Q09
Growth
                       
D.C. Metro
$19,827
$20,025
(1.0%)
 
$6,820
$6,160
10.7%
 
$13,007
$13,865
(6.2%)
Houston, TX
12,524
12,666
(1.1%)
 
5,230
4,627
13.0%
 
7,294
8,039
(9.3%)
Tampa, FL
13,661
13,660
0.0%
 
6,450
5,969
8.1%
 
7,211
7,691
(6.2%)
Las Vegas, NV
9,993
10,136
(1.4%)
 
3,902
3,916
(0.4%)
 
6,091
6,220
(2.1%)
SE Florida
10,756
10,608
1.4%
 
4,244
3,830
10.8%
 
6,512
6,778
(3.9%)
Dallas, TX
11,436
11,773
(2.9%)
 
5,662
5,167
9.6%
 
5,774
6,606
(12.6%)
Los Angeles/Orange County, CA
8,141
8,262
(1.5%)
 
2,695
2,702
(0.3%)
 
5,446
5,560
(2.1%)
Charlotte, NC
8,937
9,088
(1.7%)
 
3,809
3,488
9.2%
 
5,128
5,600
(8.4%)
Orlando, FL
8,449
8,486
(0.4%)
 
3,715
3,340
11.2%
 
4,734
5,146
(8.0%)
Atlanta, GA
8,446
8,632
(2.2%)
 
3,708
3,383
9.6%
 
4,738
5,249
(9.7%)
Raleigh, NC
6,631
6,711
(1.2%)
 
2,569
2,429
5.8%
 
4,062
4,282
(5.1%)
Denver, CO
5,116
5,184
(1.3%)
 
1,659
1,779
(6.7%)
 
3,457
3,405
1.5%
San Diego/Inland Empire, CA
5,403
5,354
0.9%
 
2,257
2,175
3.8%
 
3,146
3,179
(1.0%)
Austin, TX
4,070
4,159
(2.1%)
 
2,019
1,731
16.6%
 
2,051
2,428
(15.5%)
Phoenix, AZ
3,689
3,656
0.9%
 
1,579
1,578
0.1%
 
2,110
2,078
1.5%
Other
2,936
2,927
0.3%
 
1,112
1,108
0.4%
 
1,824
1,819
0.3%
                       
      Total Same Property
$140,015
$141,327
(0.9%)
 
$57,430
$53,382
7.6%
 
$82,585
$87,945
(6.1%)
                       
                       
                       
 
 
                 
  Apartment            
 
Homes
 
% of NOI 
 
Average Occupancy (a)
 
Weighted Average Rental Rate (b)
Quarterly Results (a)
Included
 
Contribution (a)
1Q10
4Q09
Change
 
1Q10
4Q09
Change
                       
D.C. Metro
4,525
 
15.7%
 
94.4%
95.0%
(0.6%)
 
$1,389
$1,390
(0.0%)
Houston, TX
4,188
 
8.8%
 
93.8%
93.1%
0.7%
 
959
969
(1.0%)
Tampa, FL
5,503
 
8.7%
 
92.7%
92.6%
0.1%
 
739
744
(0.7%)
Las Vegas, NV
3,969
 
7.4%
 
92.3%
91.5%
0.8%
 
788
804
(2.0%)
SE Florida
2,520
 
7.9%
 
95.6%
94.6%
1.0%
 
1,335
1,334
0.1%
Dallas, TX
5,147
 
7.0%
 
90.3%
90.8%
(0.5%)
 
686
697
(1.5%)
Los Angeles/Orange County, CA
1,770
 
6.6%
 
93.0%
94.2%
(1.2%)
 
1,498
1,513
(1.0%)
Charlotte, NC
3,418
 
6.2%
 
94.4%
94.0%
0.4%
 
791
799
(1.0%)
Orlando, FL
3,296
 
5.7%
 
92.9%
92.7%
0.2%
 
785
793
(1.0%)
Atlanta, GA
3,202
 
5.8%
 
92.6%
93.0%
(0.4%)
 
816
823
(0.8%)
Raleigh, NC
2,704
 
4.9%
 
93.2%
92.9%
0.3%
 
735
737
(0.3%)
Denver, CO
1,851
 
4.2%
 
92.3%
93.0%
(0.7%)
 
872
876
(0.4%)
San Diego/Inland Empire, CA
1,196
 
3.8%
 
93.7%
92.4%
1.3%
 
1,450
1,454
(0.3%)
Austin, TX
1,645
 
2.5%
 
92.9%
92.9%
0.0%
 
752
759
(0.9%)
Phoenix, AZ
1,441
 
2.6%
 
93.6%
92.3%
1.3%
 
758
760
(0.2%)
Other
984
 
2.2%
 
95.4%
94.3%
1.1%
 
915
920
(0.5%)
                       
      Total Same Property
47,359
 
100.0%
 
93.1%
93.0%
0.1%
 
$919
$926
(0.8%)
                       
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2009, excluding properties held for sale and communities
       under redevelopment since January 1, 2009.
                 
(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.
 
 
12

 
 
          JOINT VENTURE OPERATIONS
              (In thousands, except per share and property data amounts)
                     
                     
                     
Company's Pro-rata Share of Joint Venture Operations:
       
(Unaudited)
                 
           
Three Months Ended
     
           
March 31,
     
OPERATING DATA (a)
   
2010
2009
     
Property Revenues
               
Rental revenues
     
$6,743
$6,495
     
Other property revenues
   
974
947
     
   Total property revenues
   
7,717
7,442
     
                     
Property Expenses
               
Property operating and maintenance
 
2,385
2,065
     
Real estate taxes
     
1,034
868
     
   Total property expenses
   
3,419
2,933
     
                     
Net Operating Income (NOI)
   
4,298
4,509
     
                     
Other expenses
                 
Interest
         
2,086
2,111
     
Depreciation and amortization
   
2,241
1,937
     
Other
         
76
53
     
   Total other expenses
     
4,403
4,101
     
                     
Equity in income (loss) of joint ventures
 
($105)
$408
     
                     
                     
                     
           
Mar 31,
Dec 31,
Sep 30,
Jun 30,
Mar 31,
           
2010
2009
2009
2009
2009
BALANCE SHEET DATA (b)
             
Land
         
$224,767
$221,570
$219,549
$215,497
$209,453
Buildings and improvements
   
1,116,369
1,097,778
1,084,279
1,070,426
1,050,523
           
1,341,136
1,319,348
1,303,828
1,285,923
1,259,976
Accumulated depreciation
   
(198,220)
(187,455)
(176,799)
(166,101)
(155,928)
Real estate assets, net
     
1,142,916
1,131,893
1,127,029
1,119,822
1,104,048
Properties under development and land
 
23,067
42,930
53,093
63,333
82,106
Cash and other assets, net
   
25,436
27,180
27,947
29,566
26,305
   Total assets
       
$1,191,419
$1,202,003
$1,208,069
$1,212,721
$1,212,459
                     
Notes payable
       
$982,546
$980,944
$979,032
$1,001,462
$996,356
Notes payable due to Camden
 
50,725
49,710
57,574
54,273
57,645
Other liabilities
       
14,443
19,425
21,319
19,791
21,647
   Total liabilities
       
1,047,714
1,050,079
1,057,925
1,075,526
1,075,648
                     
Members' equity
       
143,705
151,924
150,144
137,195
136,811
   Total liabilities and members' equity
 
$1,191,419
$1,202,003
$1,208,069
$1,212,721
$1,212,459
                     
Camden's equity investment
   
$42,994
$43,542
$43,236
$22,334
$15,158
Distributions in excess of investment in joint ventures
($32,195)
($31,410)
($30,507)
($30,287)
($31,318)
                     
Camden's pro-rata share of debt (c)
 
$249,195
$248,410
$232,716
$239,337
$239,377
                     
                     
                     
PROPERTY DATA (end of period)
           
Total operating properties
   
43
42
42
41
40
Total operating apartment homes
 
12,818
12,699
12,699
12,359
12,011
Pro rata share of operating apartment homes
2,793
2,758
2,615
2,513
2,443
Total development properties
   
0
1
1
2
3
Total development apartment homes
 
0
119
119
459
807
Pro rata share of development apartment homes
0
36
36
138
207
                     
                     
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
 
(b) Balance sheet and property data reported at 100%.
       
(c) Excludes Camden's pro-rata share of notes payable due to Camden.
   
 
 
13

 
 
      CURRENT DEVELOPMENT PIPELINE
                     
                     
                     
(Unaudited)
               
                     
                     
DEVELOPMENT PIPELINE AS OF MARCH 31, 2010 ($ in millions)
         
                     
         
Estimated/Actual Dates for
     
     
Total
Total
Construction
Initial
Construction
Stabilized
As of 05/02/10
Completed Communities
Homes
Cost
Start
Occupancy
Completion
Operations
% Leased
% Occupied
                     
1.
Camden Dulles Station
366
$72.3
1Q06
2Q08
1Q09
2Q10
95%
91%
 
Oak Hill, VA
               
                     
2.
Camden Travis Street (a)
253
30.5
3Q08
4Q09
1Q10
1Q11
47%
41%
 
Houston, TX
               
                     
Total Completed Communities
619
$102.8
       
75%
71%
                     
                     
NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
         
             
Total Cost
1Q10 NOI
   
Completed Communities in lease-up
       
$102.8
$0.8
   
 
Total Development NOI Contribution
       
$102.8
$0.8
   
                     
                     
(a) Camden Travis Street is owned in a fully consolidated joint venture, of which Camden retains a 25% ownership.
 
                     
 
 
Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements on page 1 of this document.
 
 
14

 
 
          JOINT VENTURE DEVELOPMENT PIPELINE
                         
                         
                         
(Unaudited)
                     
                         
                         
JOINT VENTURE DEVELOPMENT PIPELINE AS OF MARCH 31, 2010 ($ in millions)
         
                         
             
Estimated/Actual Dates for
   
Joint Venture Camden Developed
Total
Total
   
Construction
Initial
Construction
Stabilized
As of 05/02/10
Communities Completed
Homes
Cost
   
Start
Occupancy
Completion
Operations
% Leased
% Occupied
                         
1.
Camden Amber Oaks
348
$35.3
   
4Q07
4Q08
2Q09
3Q10
89%
87%
 
Austin, TX
                     
Total Joint Venture Camden Developed
Communities Completed
348
$35.3
           
89%
87%
                         
                         
                         
                         
         
Camden
             
         
Cash
Camden
Estimated/Actual Dates for
   
Joint Venture Third Party Developed
Total
Total
Equity
Mezzanine
Construction
Initial
Construction
Stabilized
As of 05/02/10
Communities Completed
Homes
Cost
Invested
Invested
Start
Occupancy
Completion
Operations
% Leased
% Occupied
                         
1.
Braeswood Place
340
$50.3
$10.9
$0.0
1Q07
1Q09
3Q09
4Q10
70%
68%
 
Houston, TX
                     
                         
2.
Belle Meade
 
119
37.0
   1.4
7.9
4Q07
3Q09
1Q10
3Q10
54%
46%
 
Houston, TX
                     
Total Joint Venture Third Party Developed
Communities Completed
459
$87.3
$12.3
$7.9
       
66%
62%
                         
                         
                         
                         
         
 
             
         
Camden
 
           
Joint Venture Third Party Developed
Total
Cost
Cash
Equity
Camden
Mezzanine
           
Pipeline Communities
Acres
to Date
Invested
Invested
           
                         
1.
Lakes at 610
6.1
$7.2
$1.1
$3.3
           
 
Houston, TX
                     
Total Joint Venture Third Party Developed
Pipeline Communities
6.1
$7.2
$1.1
$3.3
           
                         
                         
                         
                         
         
Camden
Estimated
           
         
Cash
Guaranteed
         
Joint Venture Third Party Developed Impaired
Total
Cost
Equity
Debt
4Q09
         
Communities Acres to Date Invested Payment Impairment          
                         
1.
Town Lake
 
25.9
$41.1
$9.3
$4.2
$13.4
         
 
Austin, TX
                     
Total Joint Venture Third Party Developed
Impaired Communities
25.9
$41.1
$9.3
$4.2
$13.4
         
 
 
Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements on page 1 of this document.
 
 
15

 
 
    DEVELOPMENT PIPELINE & LAND
           
           
(Unaudited)
       
           
DEVELOPMENT PIPELINE AND LAND AS OF MARCH 31, 2010 ($ in millions)
   
           
       
Projected
 
PIPELINE COMMUNITIES (a)
 
Homes
Cost to Date
           
1.
Camden Lake Nona
   
432
$24.6
 
Orlando, FL
       
2.
Camden Noma I
   
313
27.6
 
Washington, DC
       
3.
Camden Royal Oaks II
   
100
4.5
 
Houston, TX
       
4.
Camden Countryway
   
348
18.1
 
Tampa, FL
       
5.
Camden Celebration
   
438
16.9
 
Orlando, FL
       
           
Development Pipeline
   
1,631
$91.7
           
Other (b)
     
$104.7
           
Total Development Pipeline and Land
   
$196.4
           
           
           
(a) Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community.
(b) Includes land holdings no longer under active development and  predevelopment costs incurred in pursuit of new developments.
 
 
 
Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements on page 1 of this document.
 
 
16

 
 
            REDEVELOPMENT SUMMARY
                       
                       
(Unaudited)
                   
                       
                       
REDEVELOPMENT SUMMARY AS OF MARCH 31, 2010 ($ in millions)
         
                       
                       
       
Homes
   
Estimated/Actual Dates for
   
     
Total
Redeveloped
Total
Cost
Redevelopment
Redevelopment
Project
 
1Q10 Average
Communities Under Redevelopment
Homes
To Date
Budget
to Date
Start
Completion
Restabilization
% Occupied
                       
1.
Camden Valley Park
516
480
$5.5
$4.7
2Q08
3Q10
3Q10
 
89%
 
Irving, TX
                   
                       
Total Communities Under Redevelopment
516
480
$5.5
$4.7
       
89%
 
 
 
Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements on page 1 of this document.
 
 
17

 
 
      NOTES RECEIVABLE SUMMARY
                   
                   
                   
(Unaudited)
               
                   
                   
NOTES RECEIVABLE AS OF MARCH 31, 2010 ($ in thousands)
         
                   
         
03/31/10
 
03/31/10
 
12/31/09
         
Total
 
Note
 
Note
 
Location
Current Property Type
Current Status
Homes
 
Balance
 
Balance
 
Irvine, CA
Multifamily
 
Stable
290
 
$20,776
 
$20,847
 
Houston, TX
Multifamily
 
Stable/Development/Predevelopment
709
 
  15,836
 
15,491
 
College Park, MD
Multifamily
 
Stable
508
 
    9,506
 
9,509
                   
 
Total Notes Receivable:
     
1,507
 
$46,118
 
$45,847
                   
 
Weighted Average Interest Rate Recognized:
     
4.5%
 
4.5%
 
 
18

 
 
      DEBT ANALYSIS
            (In thousands, except property data amounts)
               
               
(Unaudited)
           
               
DEBT MATURITIES AS OF MARCH 31, 2010:
         
               
   
Future Scheduled Repayments
 
Weighted Average
     
Secured
Unsecured
 
Percent
Interest Rate on
 
Year
Amortization
Maturities
Maturities
Total
of Total
Maturing Debt
 
2010
$2,956
$0
$82,301
$85,257
  3.4%
6.5%
 
2011
3,489
28,529
122,966
154,984
  6.0%
6.3%
 
2012
2,697
69,541
689,667
761,905
 29.6%
5.4%
 
2013
1,386
25,831
200,000
227,217
  8.8%
5.4%
 
2014
1,313
8,827
0
10,140
  0.4%
6.0%
 
Thereafter
34,408
800,000
496,750
1,331,158
51.8%
4.7%
 
   Total Maturing Debt
$46,249
$932,728
$1,591,684
$2,570,661
100.0%
5.1%
               
 
Unsecured Line of Credit
0
0
0
0
  0.0%
N/A
 
Total Debt
$46,249
$932,728
$1,591,684
$2,570,661
100.0%
5.1%
               
 
Weighted Average Maturity of Debt
5.5 Years
       
               
               
         
Weighted Average
 
FLOATING vs. FIXED RATE DEBT:
Balance
% of Total Interest Rate
Time to Maturity
 
 
Floating rate debt
 
$228,458
8.9%
1.2%
9.9 Years
 
 
Fixed rate debt
 
2,342,203
91.1%
5.5%
5.0 Years
 
 
     Total
 
$2,570,661
100.0%
5.1%
5.5 Years
 
               
   
 
   
Weighted Average
 
SECURED vs. UNSECURED DEBT:  
Balance
% of Total Interest Rate
Time to Maturity
 
 
Unsecured debt
 
$1,590,473
61.9%
5.6%
3.6 Years
 
 
Secured debt
 
980,188
38.1%
4.3%
8.5 Years
 
 
     Total
 
$2,570,661
100.0%
5.1%
5.5 Years
 
               
   
 
   
Weighted Average
 
SECURED DEBT DETAIL:
Balance
% of Total Interest Rate
Time to Maturity
 
 
Conventional fixed-rate mortgage debt (a)
$751,730
76.7%
5.2%
8.1 Years
 
 
Conventional variable-rate mortgage debt (a)
187,255
19.1%
1.1%
8.0 Years
 
 
Tax exempt variable rate debt
 
41,203
4.2%
1.7%
18.2 Years
 
 
     Total
 
$980,188
100.0%
4.3%
8.5 Years
 
               
REAL ESTATE ASSETS: (b)
 
Total Homes
% of Total
Total Cost
% of Total
 
 
Unencumbered real estate assets
37,215
73.2%
$3,983,533
72.8%
 
 
Encumbered real estate assets
13,625
26.8%
  1,488,965
27.2%
 
 
     Total
 
50,840
100.0%
$5,472,498
100.0%
 
               
        Ratio of unencumbered assets at cost to unsecured debt is 2.5 times
               
               
               
               
               
               
               
(a)  Mortgage debt includes a construction loan for Camden Travis Street with a $28.5MM balance at 3/31/10, of which $16.3MM was fixed utilizing an interest rate swap.
(b)  Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.
 
 
19

 
 
CAMDEN         DEBT MATURITY ANALYSIS
            (In thousands)
             
(Unaudited)          
             
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2010 AND 2011:      
             
   
Future Scheduled Repayments
Weighted Average
     
Secured
Unsecured
    Interest Rate on
 
Quarter
Amortization
Maturities
Maturities
Total
Maturing Debt
 
2Q 2010
$1,016
$0
$0
$1,016
N/A
 
3Q 2010
971
0
82,301
83,272
6.5%
 
4Q 2010
969
0
0
969
N/A
 
2010
$2,956
$0
$82,301
$85,257
6.5%
             
             
 
1Q 2011
$1,003
$0
$87,966
$88,969
7.7%
 
2Q 2011
918
0
35,000
35,918
5.0%
 
3Q 2011
772
28,529
0
29,301
3.6%
 
4Q 2011
796
0
0
796
N/A
 
2011
$3,489
$28,529
$122,966
$154,984
6.3%
 
 
20

 
 
    DEBT COVENANT ANALYSIS
                   
                   
                   
(Unaudited)
               
                   
                   
UNSECURED LINE OF CREDIT
               
                   
                   
Covenant (a)
 
Required
 
Actual (b)
 
Compliance
Total Consolidated Debt to Gross Asset Value
<
 
60%
 
50%
 
Yes
                   
Secured Debt to Gross Asset Value
 
<
 
40%
 
19%
 
Yes
                   
Consolidated EBITDA to Total Fixed Charges
>
 
150%
 
221%
 
Yes
                   
Unencumbered Adjusted NOI to Unsecured Interest Expense
>
 
200%
 
260%
 
Yes
                   
                   
SENIOR UNSECURED NOTES
               
                   
Covenant (a)
 
Required
 
Actual (b)
 
Compliance
Total Consolidated Debt to Total Asset Value
<
 
60%
 
46%
 
Yes
                   
Total Secured Debt to Total Asset Value
<
 
40%
 
17%
 
Yes
                   
Total Unencumbered Asset Value to Total Unsecured Debt
>
 
150%
 
261%
 
Yes
                   
Consolidated Income Available for Debt Service to Total
>
 
150%
 
244%
 
Yes
Annual Service Charges
               
                   
                   
(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions
of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.
   
                   
(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.
 
 
21

 
 
 
UNCONSOLIDATED REAL ESTATE INVESTMENTS
 
   
DEBT ANALYSIS
 
   
(In thousands, except property data amounts)
 
                             
                             
(Unaudited)
                           
                             
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF MARCH 31, 2010:
 
                             
   
Future Scheduled Repayments (a)
       
Weighted Average
 
         
Secured
         
Percent
 
Interest Rate on
 
Year (b)
 
Amortization
   
Maturities (c)
   
Total
   
of Total
 
Maturing Debt
 
2010
  $275     $94,530     $94,805        38.0%     1.6%
2011
    419       12,645       13,064          5.3%     1.4%
2012
    461       111,275       111,736        44.8%     5.1%
2013
    548       0       548          0.3%     N/A
2014
    522       11,710       12,232          4.9%     5.7%
Thereafter
    4,878       11,932       16,810          6.7%     3.0%
Total Maturing Debt
  $7,103     $242,092     $249,195       100.0%     3.5%
                                       
Subscription line of credit (d)
    0       0       0          0.0%     N/A
Total Debt
  $7,103     $242,092     $249,195       100.0%     3.5%
                                       
Weighted Average Maturity of Debt (b)
         
2.2 Years
                       
                                       
Total Recourse Exposure (e)
          $60,750                        

 
               
Weighted Average
FLOATING vs. FIXED RATE DEBT:
 
Balance
   
% of Total
   
Interest Rate
   
Time to Maturity (a)
Floating rate debt
  $121,734       48.9 %     1.5 %  
1.6 Years
Fixed rate debt
    127,461       51.1 %     5.3 %  
2.9 Years
Total
  $249,195       100.0 %     3.5 %  
2.2 Years
                             
                   
Weighted Average
SECURED DEBT DETAIL:
 
Balance
   
% of Total
   
Interest Rate
   
Time to Maturity (a)
Conventional fixed-rate mortgage debt
  $127,461       51.1 %     5.3 %  
2.9 Years
Conventional variable-rate mortgage debt
    9,980       4.0 %     1.7 %  
4.3 Years
Tax exempt variable rate debt
    4,579       1.8 %     0.9 %  
22.0 Years
Variable-rate construction loans
    107,175       43.1 %     1.6 %  
0.4 Years
Total
  $249,195       100.0 %     3.5 %  
2.2 Years
                             
REAL ESTATE ASSETS: (f)
 
Total Homes
   
Total Cost
             
Operating real estate assets
    12,818     $1,315,934              
Predevelopment and impaired real estate assets
         -       48,269              
Total
    12,818     $1,364,203              
 
 
(a)
Excludes Camden's pro-rata share of Notes Payable due to Camden.
(b)
Excluding unexercised extension options.
(c)
On April 15, 2010, a $24,525 third-party secured construction note, originally scheduled to mature in April 2010 was extended for one year. Camden's pro-rata share of the construction note totals $7,358. The extended maturity date is reflected above.
(d)
As of March 31, 2010 there were no borrowings drawn under the subscription secured line of credit with $15,000 in total capacity. Camden has a 20% ownership interest in the borrowing entity.
(e)
Represents Camden's potential liability under joint venture construction loan guarantees as of March 31, 2010.
(f)
Balance sheet and property data reported at 100%.
 
 
22

 

UNCONSOLIDATED REAL ESTATE INVESTMENTS
 
DEBT MATURITY ANALYSIS
 
(In thousands)
         
         
(Unaudited)
     
         
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2010 and 2011:
         
       
Weighted Average
 
Future Scheduled Repayments
Interest Rate on
Quarter
Amortization
Secured Maturities (a)
Total
Maturing Debt
2Q 2010
$89
$35,828
$35,917
2.0%
3Q 2010
91
32,603
32,694
1.4%
4Q 2010
95
26,099
26,194
1.3%
2010
$275
$94,530
$94,805
1.6%
         
         
1Q 2011
$100
$5,287
$5,387
1.8%
2Q 2011
99
7,358
7,457
1.2%
3Q 2011
108
0
108
N/A
4Q 2011
112
0
112
N/A
2011
$419
$12,645
$13,064
1.4%
 
 
(a)
On April 15, 2010, a $24,525 third-party secured construction note, originally scheduled to mature in April 2010 was extended for one year. Camden's pro-rata share of the construction note totals $7,358. The extended maturity date is reflected above.
 
 
23

 

CAPITALIZED EXPENDITURES
 
& MAINTENANCE EXPENSE
 
(In thousands, except unit data)
                   
                   
(Unaudited)
                 
   
First Quarter 2010
   
Capitalized
 
Expensed
 
   
Weighted Average
             
Item
 
Useful Life (a)
 
Total
Per Unit
 
Total
Per Unit
 
Interiors
                 
Floor coverings
 
5.5 years
 
$2,039
$40
 
$716
$14
 
Appliances
 
9.5 years
 
835
17
 
180
4
 
Painting
 
-
 
-
-
 
1,255
25
 
Cabinetry/Countertops
 
10.0 years
 
173
3
 
-
-
 
Other
 
9.8 years
 
804
16
 
413
8
 
Exteriors
                 
Painting
 
5.0 years
 
32
1
 
-
-
 
Carpentry
 
10.0 years
 
276
5
 
-
-
 
Landscaping
 
6.2 years
 
177
3
 
2,772
55
 
Roofing
 
20.0 years
 
543
11
 
108
2
 
Site Drainage
 
10.0 years
 
52
1
 
-
-
 
Fencing/Stair
 
10.0 years
 
105
2
 
-
-
 
Other (b)
 
7.3 years
 
728
14
 
2,362
47
 
Common Areas
                 
Mech., Elec., Plumbing
 
9.0 years
 
621
12
 
775
15
 
Parking/Paving
 
5.0 years
 
87
2
 
-
-
 
Pool/Exercise/Facility
 
7.2 years
 
574
11
 
297
6
 
                   
       
$7,046
$139
 
$8,878
$176
 
                   
Weighted Average Apartment Homes
       
50,578
   
50,578
 
 
 
(a)
Weighted average useful life of capitalized expenses for the three months ended March 31, 2010.
(b)
Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
 
 
24

 
 
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 attributable to common shares computed in accordance
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,
and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,
including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance
because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a
company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:
 
 
   
Three Months Ended
 
   
March 31,
 
   
2010
   
2009
 
Net income attributable to common shareholders
  $2,285     $6,234  
Real estate depreciation from continuing operations
    42,639       43,010  
Adjustments for unconsolidated joint ventures
    2,163       1,916  
Income (loss) allocated to noncontrolling interests
    (105 )     421  
Funds from operations - diluted
  $46,982     $51,581  
                 
Weighted average number of common and
               
common equivalent shares outstanding:
               
EPS diluted
    68,169       56,047  
FFO diluted
    69,295       58,471  
                 
Net income attributable to common shareholders - diluted
  $0.03     $0.11  
FFO per common share - diluted
  $0.68     $0.88  
 

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

 
 
2Q10 Range
     
2010 Range
 
 
Low
   
High
     
Low
   
High
 
                         
Expected net income attributable to common shareholders per share - diluted
($0.03
 
$0.01
    ($0.24  
$0.06
 
Expected real estate depreciation
0.60
   
0.60
     
2.43
   
2.43
 
Expected adjustments for unconsolidated joint ventures
0.03
   
0.03
     
0.13
   
0.13
 
Expected income allocated to noncontrolling interests
0.01
   
0.01
     
0.03
   
0.03
 
Expected FFO per share - diluted
0.61
   
0.65
    $2.35    
$2.65
 
 
 
 
Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements on page 1 of this document.
 
 
25

 
 
NON-GAAP FINANCIAL MEASURES
 
DEFINITIONS & RECONCILIATIONS
 
(In thousands, except per share amounts)
   
   
(Unaudited)
 
 
Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers
NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the
operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs.
A reconciliation of net income attributable to common shareholders to net operating income is provided below:

 
   
Three Months Ended
 
   
March 31,
 
   
2010
   
2009
 
Net income attributable to common shareholders
  $2,285     $6,234  
Less: Fee and asset management income
    (1,838 )     (2,031 )
Less: Interest and other income
    (3,045 )     (735 )
Less: (Income) loss on deferred compensation plans
    (3,482 )     4,152  
Plus: Property management expense
    5,183       4,929  
Plus: Fee and asset management expense
    1,194       1,135  
Plus: General and administrative expense
    7,404       8,232  
Plus: Interest expense
    31,555       32,245  
Plus: Depreciation and amortization
    43,813       43,980  
Plus: Amortization of deferred financing costs
    726       817  
Plus: Expense (benefit) on deferred compensation plans
    3,482       (4,152 )
Less: (Gain) on early retirement of debt
    -       (166 )
Less: Equity in (income) loss of joint ventures
    105       (408 )
Plus: Income allocated to perpetual preferred units
    1,750       1,750  
Plus: Income (loss) allocated to noncontrolling interests
    (254 )     521  
Plus: Income tax expense - current
    270       299  
Less: Income from discontinued operations
    -       (675 )
Net Operating Income (NOI)
  $89,148     $96,127  
                 
"Same Property" Communities
  $82,585     $90,813  
Non-"Same Property" Communities
    5,201       4,116  
Development and Lease-Up Communities
    799       424  
Redevelopment Communities
    570       500  
Dispositions / Other
    (7 )     274  
Net Operating Income (NOI)
  $89,148     $96,127  
 
EBITDA
EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations,
excluding equity in (income) loss of joint ventures, (gain) loss on early retirement of debt, and income (loss) allocated to noncontrolling interests.
The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common
shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions.
A reconciliation of net income attributable to common shareholders to EBITDA is provided below:
 
   
Three Months Ended
 
   
March 31,
 
   
2010
   
2009
 
Net income attributable to common shareholders
  $2,285     $6,234  
Plus: Interest expense
    31,555       32,245  
Plus: Amortization of deferred financing costs
    726       817  
Plus: Depreciation and amortization
    43,813       43,980  
Plus: Income allocated to perpetual preferred units
    1,750       1,750  
Plus: Income (loss) allocated to noncontrolling interests
    (254 )     521  
Plus: Income tax expense - current
    270       299  
Less: (Gain) on early retirement of debt
    -       (166 )
Less: Equity in (income) loss of joint ventures
    105       (408 )
EBITDA
  $80,250     $85,272  
 
 
26

 

OTHER DATA
                             
                             
                             
(Unaudited)
                       
                             
Stock Symbol:
CPT
                     
                             
Exchange Traded:
NYSE
                     
                             
Senior Unsecured Debt Ratings:
   
Rating
 
Outlook
             
     
Standard & Poors
BBB
 
Stable
             
     
Moody's
 
Baa1
 
Stable
             
                             
                             
                             
Estimated Future Dates:
   
Q2 '10
 
Q3 '10
 
Q4 '10
 
Q1 '10
     
 
Earnings release & conference call
 
Early Aug
 
Late Oct
 
Early Feb
 
Early May
     
                             
Dividend Information - Common Shares:
 
Q1 '10
                 
 
Declaration Date
   
03/15/10
                 
 
Record Date
   
03/31/10
                 
 
Payment Date
   
04/16/10
                 
 
Distributions Per Share
   
$0.45
                 
                             
                             
Investor Relations Data:
                       
                             
 
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and
   
 
     Supplemental Data upon request.
                     
                             
 
For Investor Relations:  recent press releases, 10-Q's, 10-K's and other information, call
       
 
     1-800-9CAMDEN or (713) 354-2787.
                     
                             
 
To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com.
     
                             
 
For questions contact:
                       
                             
   
Richard J. Campo
 
Chairman & Chief Executive Officer
         
   
D. Keith Oden
 
President
                 
   
H. Malcolm Stewart
 
Chief Operating Officer
             
   
Dennis M. Steen
 
Chief Financial Officer
             
   
Kimberly A. Callahan
 
Vice President - Investor Relations
         
 
 
27

 
 
             COMMUNITY TABLE
                     Community Statistics as of 3/31/10
                               
                               
(Unaudited)
                   
1Q10 Avg
             
Year Placed
Average
Apartment
1Q10 Avg
 
Monthly Rental Rates
Community Name
City
 
State
in Service
Size
 
Homes
 
Occupancy
Per Home
 Per Sq. Ft.
                               
 
Camden Copper Square
Phoenix
 
AZ
2000
786
 
332
 
94%
 
$727
$0.92
 
Camden Fountain Palms (1)
Peoria
 
AZ
1986/1996
1,050
 
192
 
90%
 
659
0.63
 
Camden Legacy
Scottsdale
 
AZ
1996
1,067
 
428
 
94%
 
838
0.78
 
Camden Pecos Ranch (1)
Chandler
 
AZ
2001
924
 
272
 
94%
 
728
0.79
 
Camden San Paloma
Scottsdale
 
AZ
1993/1994
1,042
 
324
 
96%
 
858
0.82
 
Camden Sierra (1)
Peoria
 
AZ
1997
925
 
288
 
91%
 
632
0.68
 
Camden Towne Center (1)
Glendale
 
AZ
1998
871
 
240
 
96%
 
658
0.76
 
Camden Vista Valley
Mesa
 
AZ
1986
923
 
357
 
90%
 
602
0.65
   
TOTAL ARIZONA
8
 
Properties
951
 
2,433
 
93%
 
722
0.76
                               
 
Camden Crown Valley
Mission Viejo
 
CA
2001
1,009
 
380
 
94%
 
1,498
1.49
 
Camden Harbor View
Long Beach
 
CA
2004
975
 
538
 
95%
 
1,857
1.90
 
Camden Main and Jamboree (1)
Irvine
 
CA
2008
1,011
 
290
 
97%
 
1,831
1.81
 
Camden Martinique
Costa Mesa
 
CA
1986
794
 
714
 
91%
 
1,240
1.56
 
Camden Parkside (1)
Fullerton
 
CA
1972
836
 
421
 
93%
 
1,157
1.38
 
Camden Sea Palms
Costa Mesa
 
CA
1990
891
 
138
 
93%
 
1,430
1.61
   
Total Los Angeles/Orange County
6
 
Properties
904
 
2,481
 
94%
 
1,479
1.64
                               
 
Camden Old Creek
San Marcos
 
CA
2007
1,037
 
350
 
94%
 
1,499
1.45
 
Camden Sierra at Otay Ranch
Chula Vista
 
CA
2003
962
 
422
 
94%
 
1,468
1.53
 
Camden Tuscany
San Diego
 
CA
2003
896
 
160
 
94%
 
1,761
1.96
 
Camden Vineyards
Murrieta
 
CA
2002
1,053
 
264
 
93%
 
1,166
1.11
   
Total San Diego/Inland Empire
4
 
Properties
995
 
1,196
 
94%
 
1,450
1.46
                               
   
TOTAL CALIFORNIA
10
 
Properties
934
 
3,677
 
94%
 
1,470
1.57
                               
 
Camden Caley
Englewood
 
CO
2000
925
 
218
 
94%
 
845
0.91
 
Camden Centennial
Littleton
 
CO
1985
744
 
276
 
93%
 
647
0.87
 
Camden Denver West (1)
Golden
 
CO
1997
1,015
 
320
 
92%
 
1,014
1.00
 
Camden Highlands Ridge
Highlands Ranch
 
CO
1996
1,149
 
342
 
93%
 
1,044
0.91
 
Camden Interlocken
Broomfield
 
CO
1999
1,022
 
340
 
93%
 
1,044
1.02
 
Camden Lakeway
Littleton
 
CO
1997
932
 
451
 
90%
 
872
0.94
 
Camden Pinnacle
Westminster
 
CO
1985
748
 
224
 
93%
 
652
0.87
   
TOTAL COLORADO
7
 
Properties
949
 
2,171
 
92%
 
893
0.94
                               
 
Camden Ashburn Farms
Ashburn
 
VA
2000
1,062
 
162
 
97%
 
1,273
1.20
 
Camden Clearbrook
Frederick
 
MD
2007
1,048
 
297
 
94%
 
1,187
1.13
 
Camden College Park (1)
College Park
 
MD
2008
942
 
508
 
94%
 
1,487
1.58
 
Camden Dulles Station (2)
Oak Hill
 
VA
2009
984
 
366
 
Lease-up
 
1,477
1.50
 
Camden Fair Lakes
Fairfax
 
VA
1999
1,056
 
530
 
94%
 
1,438
1.36
 
Camden Fairfax Corner
Fairfax
 
VA
2006
934
 
488
 
95%
 
1,491
1.60
 
Camden Fallsgrove
Rockville
 
MD
2004
996
 
268
 
96%
 
1,485
1.49
 
Camden Grand Parc
Washington
 
DC
2002
674
 
105
 
96%
 
2,204
3.27
 
Camden Lansdowne
Leesburg
 
VA
2002
1,006
 
690
 
94%
 
1,214
1.21
 
Camden Largo Town Center
Largo
 
MD
2000/2007
1,027
 
245
 
94%
 
1,470
1.43
 
Camden Monument Place
Fairfax
 
VA
2007
856
 
368
 
94%
 
1,366
1.60
 
Camden Potomac Yard
Arlington
 
VA
2008
835
 
378
 
95%
 
1,772
2.12
 
Camden Roosevelt
Washington
 
DC
2003
856
 
198
 
96%
 
2,230
2.60
 
Camden Russett
Laurel
 
MD
2000
992
 
426
 
92%
 
1,306
1.32
 
Camden Silo Creek
Ashburn
 
VA
2004
975
 
284
 
95%
 
1,220
1.25
 
Camden Summerfield
Landover
 
MD
2008
957
 
291
 
90%
 
1,485
1.55
 
Camden Westwind
Ashburn
 
VA
2006
1,036
 
464
 
95%
 
,217
1.17
   
TOTAL DC METRO
17
 
Properties
969
 
6,068
 
94%
 
            1,431
1.48
                               
 
Camden Aventura
Aventura
 
FL
1995
1,108
 
379
 
95%
 
1,291
1.17
 
Camden Brickell
Miami
 
FL
2003
937
 
405
 
98%
 
1,291
1.38
 
Camden Doral
Miami
 
FL
1999
1,120
 
260
 
96%
 
1,392
1.24
 
Camden Doral Villas
Miami
 
FL
2000
1,253
 
232
 
96%
 
1,509
1.20
 
Camden Las Olas
Ft. Lauderdale
 
FL
2004
1,043
 
420
 
96%
 
1,484
1.42
 
Camden Plantation
Plantation
 
FL
1997
1,201
 
502
 
94%
 
1,226
1.02
 
Camden Portofino
Pembroke Pines
 
FL
1995
1,112
 
322
 
95%
 
1,249
1.12
   
Total Southeast Florida
7
 
Properties
1,103
 
2,520
 
96%
 
1,335
1.21
                               
 
Camden Club
Longwood
 
FL
1986
1,077
 
436
 
95%
 
806
0.75
 
Camden Hunter's Creek
Orlando
 
FL
2000
1,075
 
270
 
93%
 
905
0.84
 
Camden Lago Vista
Orlando
 
FL
2005
955
 
366
 
93%
 
845
0.88
 
Camden Landings
Orlando
 
FL
1983
748
 
220
 
91%
 
643
0.86
 
Camden Lee Vista
Orlando
 
FL
2000
937
 
492
 
92%
 
797
0.85
 
Camden Orange Court
Orlando
 
FL
2008
812
 
261
 
94%
 
1,028
1.28
 
Camden Renaissance
Altamonte Springs
 
FL
1996/1998
899
 
578
 
91%
 
744
0.83
 
Camden Reserve
Orlando
 
FL
1990/1991
824
 
526
 
92%
 
692
0.84
 
Camden World Gateway
Orlando
 
FL
2000
979
 
408
 
95%
 
870
0.89
   
Total Orlando
9
 
Properties
928
 
3,557
 
93%
 
803
0.87
 
 
28

 
 
CAMDEN
           COMMUNITY TABLE
                   Community Statistics as of 3/31/10
                             
                             
(Unaudited)
                 
1Q10 Avg
           
Year Placed
Average
Apartment
1Q10 Avg
 
Monthly Rental Rates
Community Name
City
State
in Service
Size
 
Homes
 
Occupancy
Per Home
 Per Sq. Ft.
                               
 
Camden Bay
Tampa
 
FL
1997/2001
943
 
760
 
94%
 
776
0.82
 
Camden Bay Pointe
Tampa
 
FL
1984
771
 
368
 
91%
 
638
0.83
 
Camden Bayside
Tampa
 
FL
1987/1989
748
 
832
 
92%
 
681
0.91
 
Camden Citrus Park
Tampa
 
FL
1985
704
 
247
 
92%
 
620
0.88
 
Camden Lakes
St. Petersburg
 
FL
1982/1983
732
 
688
 
92%
 
626
0.86
 
Camden Lakeside
Brandon
 
FL
1986
729
 
228
 
91%
 
693
0.95
 
Camden Live Oaks
Tampa
 
FL
1990
1,093
 
770
 
93%
 
759
0.69
 
Camden Preserve
Tampa
 
FL
1996
942
 
276
 
94%
 
956
1.02
 
Camden Providence Lakes
Brandon
 
FL
1996
1,024
 
260
 
93%
 
840
0.82
 
Camden Royal Palms
Brandon
 
FL
2006
1,017
 
352
 
91%
 
891
0.88
 
Camden Westshore
Tampa
 
FL
1986
728
 
278
 
95%
 
771
1.06
 
Camden Woods
Tampa
 
FL
1986
1,223
 
444
 
93%
 
768
0.63
   
Total Tampa/St. Petersburg
12
 
Properties
897
 
5,503
 
93%
 
739
0.82
                               
   
TOTAL FLORIDA
                            28
 
Properties
          951
 
         11,580
 
93%
 
889
0.93
                               
 
Camden Brookwood
Atlanta
 
GA
2002
912
 
359
 
92%
 
887
0.97
 
Camden Dunwoody
Atlanta
 
GA
1997
1,007
 
324
 
95%
 
830
0.82
 
Camden Deerfield
Alpharetta
 
GA
2000
1,187
 
292
 
94%
 
858
0.72
 
Camden Midtown Atlanta
Atlanta
 
GA
2001
935
 
296
 
91%
 
922
0.99
 
Camden Peachtree City
Peachtree City
 
GA
2001
1,027
 
399
 
92%
 
816
0.80
 
Camden River
Duluth
 
GA
1997
1,103
 
352
 
93%
 
799
0.72
 
Camden Shiloh
Kennesaw
 
GA
1999/2002
1,143
 
232
 
92%
 
783
0.68
 
Camden St. Clair
Atlanta
 
GA
1997
999
 
336
 
93%
 
844
0.85
 
Camden Stockbridge
Stockbridge
 
GA
2003
1,009
 
304
 
92%
 
718
0.71
 
Camden Sweetwater
Lawrenceville
 
GA
2000
1,151
 
308
 
91%
 
690
0.60
   
TOTAL GEORGIA
10
 
Properties
      1,042
 
3,202
 
93%
 
816
0.78
                               
 
Camden Brookside (1)
Louisville
 
KY
1987
732
 
224
 
92%
 
619
0.85
 
Camden Meadows (1)
Louisville
 
KY
1987/1990
746
 
400
 
94%
 
662
0.89
 
Camden Oxmoor (1)
Louisville
 
KY
2000
903
 
432
 
95%
 
791
0.88
 
Camden Prospect Park (1)
Louisville
 
KY
1990
916
 
138
 
96%
 
737
0.80
   
TOTAL KENTUCKY
4
 
Properties
820
 
1,194
 
94%
 
709
0.87
                               
 
Camden Passage (1)
Kansas City
 
MO
1989/1997
          834
 
596
 
93%
 
645
0.77
   
Total Kansas City
1
 
Property
          834
 
596
 
93%
 
                645
0.77
                               
 
Camden Cedar Lakes (1)
Lake St. Louis
 
MO
1986
852
 
420
 
92%
 
600
0.71
 
Camden Cove West (1)
Creve Coeur
 
MO
1990
828
 
276
 
92%
 
820
0.99
 
Camden Cross Creek (1)
St. Louis
 
MO
1973/1980
947
 
591
 
93%
 
731
0.77
 
Camden Westchase (1)
St. Louis
 
MO
1986
945
 
160
 
94%
 
829
0.88
   
Total St. Louis
4
 
Properties
896
 
1,447
 
92%
 
721
0.80
                               
   
TOTAL MISSOURI
                              5
 
Properties
          878
 
2,043
 
93%
 
699
0.80
                               
 
Camden Bel Air
Las Vegas
 
NV
1988/1995
943
 
528
 
93%
 
759
0.80
 
Camden Breeze
Las Vegas
 
NV
1989
846
 
320
 
93%
 
740
0.87
 
Camden Canyon
Las Vegas
 
NV
1995
987
 
200
 
94%
 
881
0.89
 
Camden Commons
Henderson
 
NV
1988
936
 
376
 
90%
 
774
0.83
 
Camden Cove
Las Vegas
 
NV
1990
898
 
124
 
92%
 
751
0.84
 
Camden Del Mar
Las Vegas
 
NV
1995
986
 
560
 
95%
 
902
0.92
 
Camden Fairways
Henderson
 
NV
1989
896
 
320
 
93%
 
893
1.00
 
Camden Hills
Las Vegas
 
NV
1991
439
 
184
 
90%
 
552
1.26
 
Camden Legends
Henderson
 
NV
1994
792
 
113
 
92%
 
827
1.04
 
Camden Palisades
Las Vegas
 
NV
1991
905
 
624
 
91%
 
755
0.83
 
Camden Pines (1)
Las Vegas
 
NV
1997
982
 
315
 
93%
 
817
0.83
 
Camden Pointe
Las Vegas
 
NV
1996
983
 
252
 
90%
 
777
0.79
 
Camden Summit (1)
Henderson
 
NV
1995
1,187
 
234
 
94%
 
1,107
0.93
 
Camden Tiara (1)
Las Vegas
 
NV
1996
1,043
 
400
 
92%
 
871
0.84
 
Camden Vintage
Las Vegas
 
NV
1994
978
 
368
 
91%
 
749
0.77
 
Oasis Bay (1)
Las Vegas
 
NV
1990
876
 
128
 
93%
 
772
0.88
 
Oasis Crossing (1)
Las Vegas
 
NV
1996
983
 
72
 
92%
 
797
0.81
 
Oasis Emerald (1)
Las Vegas
 
NV
1988
873
 
132
 
93%
 
679
0.78
 
Oasis Gateway (1)
Las Vegas
 
NV
1997
1,146
 
360
 
93%
 
816
0.71
 
Oasis Island (1)
Las Vegas
 
NV
1990
901
 
118
 
93%
 
660
0.73
 
Oasis Landing (1)
Las Vegas
 
NV
1990
938
 
144
 
92%
 
715
0.76
 
Oasis Meadows (1)
Las Vegas
 
NV
1996
1,031
 
383
 
89%
 
749
0.73
 
Oasis Palms (1)
Las Vegas
 
NV
1989
880
 
208
 
91%
 
705
0.80
 
Oasis Pearl (1)
Las Vegas
 
NV
1989
930
 
90
 
94%
 
743
0.80
 
Oasis Place (1)
Las Vegas
 
NV
1992
440
 
240
 
94%
 
541
1.23
 
Oasis Ridge (1)
Las Vegas
 
NV
1984
391
 
477
 
91%
 
450
1.15
 
Oasis Sierra (1)
Las Vegas
 
NV
1998
923
 
208
 
93%
 
814
0.88
 
Oasis Springs (1)
Las Vegas
 
NV
1988
838
 
304
 
87%
 
634
0.76
 
Oasis Vinings (1)
Las Vegas
 
NV
1994
1,152
 
234
 
90%
 
768
0.67
   
TOTAL NEVADA
                            29
 
Properties
903
 
8,016
 
92%
 
761
0.84
 
 
29

 
 
CAMDEN
           COMMUNITY TABLE
                   Community Statistics as of 3/31/10
                             
                             
(Unaudited)
                 
1Q10 Avg
           
Year Placed
Average
Apartment
1Q10 Avg
 
Monthly Rental Rates
Community Name
City
State
in Service
Size
 
Homes
 
Occupancy
Per Home
 Per Sq. Ft.
 
                               
 
Camden Ballantyne
Charlotte
 
NC
1998
1,045
 
400
 
95%
 
785
0.75
 
Camden Cotton Mills
Charlotte
 
NC
2002
905
 
180
 
95%
 
1,068
1.18
 
Camden Dilworth
Charlotte
 
NC
2006
857
 
145
 
97%
 
1,026
1.20
 
Camden Fairview
Charlotte
 
NC
1983
1,036
 
135
 
96%
 
756
0.73
 
Camden Forest
Charlotte
 
NC
1989
703
 
208
 
92%
 
552
0.78
 
Camden Foxcroft
Charlotte
 
NC
1979
940
 
156
 
95%
 
695
0.74
 
Camden Grandview
Charlotte
 
NC
2000
1,057
 
266
 
98%
 
1,141
1.08
 
Camden Habersham
Charlotte
 
NC
1986
773
 
240
 
94%
 
575
0.74
 
Camden Park Commons
Charlotte
 
NC
1997
861
 
232
 
92%
 
626
0.73
 
Camden Pinehurst
Charlotte
 
NC
1967
1,147
 
407
 
94%
 
700
0.61
 
Camden Sedgebrook
Charlotte
 
NC
1999
972
 
368
 
94%
 
723
0.74
 
Camden Simsbury
Charlotte
 
NC
1985
874
 
100
 
95%
 
677
0.77
 
Camden South End Square
Charlotte
 
NC
2003
882
 
299
 
94%
 
936
1.06
 
Camden Stonecrest
Charlotte
 
NC
2001
1,098
 
306
 
94%
 
833
0.76
 
Camden Touchstone
Charlotte
 
NC
1986
899
 
132
 
94%
 
700
0.78
   
Total Charlotte
15
 
Properties
961
 
3,574
 
94%
 
787
0.82
                               
 
Camden Crest
Raleigh
 
NC
2001
1,013
 
438
 
94%
 
719
0.71
 
Camden Governor's Village
Chapel Hill
 
NC
1999
1,046
 
242
 
93%
 
779
0.74
 
Camden Lake Pine
Apex
 
NC
1999
1,066
 
446
 
95%
 
738
0.69
 
Camden Manor Park
Raleigh
 
NC
2006
966
 
484
 
94%
 
773
0.80
 
Camden Overlook
Raleigh
 
NC
2001
1,060
 
320
 
94%
 
820
0.77
 
Camden Reunion Park
Apex
 
NC
2000/2004
972
 
420
 
93%
 
637
0.66
 
Camden Westwood
Morrisville
 
NC
1999
1,027
 
354
 
90%
 
709
0.69
   
Total Raleigh
7
 
Properties
1,017
 
2,704
 
93%
 
735
0.72
                               
   
TOTAL NORTH CAROLINA
22
 
Properties
985
 
6,278
 
94%
 
765
0.78
                               
 
Camden Valleybrook
Chadds Ford
 
PA
2002
992
 
352
 
97%
 
1,212
1.22
   
TOTAL PENNSYLVANIA
1
 
Property
992
 
352
 
97%
 
1,212
1.22
                               
 
Camden Amber Oaks (1) (2)
Austin
 
TX
2009
862
 
348
 
Lease-up
 
                788
               0.91
 
Camden Cedar Hills
Austin
 
TX
2008
911
 
208
 
95%
 
882
0.97
 
Camden Gaines Ranch
Austin
 
TX
1997
955
 
390
 
90%
 
913
0.96
 
Camden Huntingdon
Austin
 
TX
1995
903
 
398
 
95%
 
689
0.76
 
Camden Laurel Ridge
Austin
 
TX
1986
702
 
183
 
94%
 
552
0.79
 
Camden Ridgecrest
Austin
 
TX
1995
855
 
284
 
91%
 
651
0.76
 
Camden South Congress (1)
Austin
 
TX
2001
975
 
253
 
92%
 
1,241
1.27
 
Camden Stoneleigh
Austin
 
TX
2001
908
 
390
 
95%
 
821
0.90
   
Total Austin
8
 
Properties
894
 
2,454
 
93%
 
818
0.92
                               
 
Camden Breakers
Corpus Christi
 
TX
1996
868
 
288
 
95%
 
863
0.99
 
Camden Copper Ridge
Corpus Christi
 
TX
1986
775
 
344
 
94%
 
655
0.84
 
Camden Miramar (3)
Corpus Christi
 
TX
1994-2004
482
 
778
 
96%
 
916
1.90
   
Total Corpus Christi
3
 
Properties
632
 
1,410
 
95%
 
841
1.33
                               
 
Camden Addison (1)
Addison
 
TX
1996
942
 
456
 
94%
 
770
0.82
 
Camden Buckingham
Richardson
 
TX
1997
919
 
464
 
94%
 
750
0.82
 
Camden Centreport
Ft. Worth
 
TX
1997
911
 
268
 
91%
 
748
0.82
 
Camden Cimarron
Irving
 
TX
1992
772
 
286
 
94%
 
749
0.97
 
Camden Farmers Market
Dallas
 
TX
2001/2005
932
 
904
 
92%
 
845
0.91
 
Camden Gardens
Dallas
 
TX
1983
652
 
256
 
93%
 
529
0.81
 
Camden Glen Lakes
Dallas
 
TX
1979
877
 
424
 
93%
 
724
0.83
 
Camden Legacy Creek
Plano
 
TX
1995
831
 
240
 
94%
 
788
0.95
 
Camden Legacy Park
Plano
 
TX
1996
871
 
276
 
95%
 
807
0.93
 
Camden Oasis
Euless
 
TX
1986
548
 
602
 
72%
 
535
0.98
 
Camden Springs
Dallas
 
TX
1987
713
 
304
 
93%
 
540
0.76
 
Camden Valley Creek
Irving
 
TX
1984
855
 
380
 
92%
 
640
0.75
 
Camden Valley Park (4)
Irving
 
TX
1986
743
 
516
 
89%
 
686
0.92
 
Camden Valley Ridge
Irving
 
TX
1987
773
 
408
 
92%
 
568
0.74
 
Camden Westview
Lewisville
 
TX
1983
697
 
335
 
90%
 
572
0.82
   
Total Dallas/Ft. Worth
15
 
Properties
808
 
6,119
 
91%
 
693
0.86
 
 
30

 
 
CAMDEN
           COMMUNITY TABLE
                   Community Statistics as of 3/31/10
                             
                             
(Unaudited)
                 
1Q10 Avg
           
Year Placed
Average
Apartment
1Q10 Avg
 
Monthly Rental Rates
Community Name
City
State
in Service
Size
 
Homes
 
Occupancy
Per Home
 Per Sq. Ft.
 
                               
 
Belle Meade (1) (2)
Houston
 
TX
2010
1,414
 
119
 
Lease-up
 
2,713
1.92
 
Braeswood Place (1) (2)
Houston
 
TX
2009
1,042
 
340
 
Lease-up
 
1,425
1.37
 
Camden Baytown
Baytown
 
TX
1999
844
 
272
 
93%
 
833
0.99
 
Camden City Centre
Houston
 
TX
2007
932
 
379
 
96%
 
1,300
1.40
 
Camden Creek
Houston
 
TX
1984
639
 
456
 
92%
 
573
0.90
 
Camden Greenway
Houston
 
TX
1999
861
 
756
 
94%
 
1,009
1.17
 
Camden Holly Springs (1)
Houston
 
TX
1999
934
 
548
 
93%
 
851
0.91
 
Camden Midtown
Houston
 
TX
1999
844
 
337
 
97%
 
1,169
1.38
 
Camden Oak Crest
Houston
 
TX
2003
870
 
364
 
93%
 
815
0.94
 
Camden Park (1)
Houston
 
TX
1995
866
 
288
 
94%
 
766
0.88
 
Camden Plaza (1)
Houston
 
TX
2007
915
 
271
 
92%
 
1,216
1.33
 
Camden Royal Oaks
Houston
 
TX
2006
923
 
236
 
92%
 
1,090
1.18
 
Camden Steeplechase
Houston
 
TX
1982
748
 
290
 
89%
 
619
0.83
 
Camden Stonebridge
Houston
 
TX
1993
845
 
204
 
96%
 
788
0.93
 
Camden Sugar Grove (1)
Stafford
 
TX
1997
921
 
380
 
93%
 
846
0.92
 
Camden Travis Street (1) (2)
Houston
 
TX
2010
819
 
253
 
Lease-up
 
1,401
1.71
 
Camden Vanderbilt
Houston
 
TX
1996/1997
863
 
894
 
95%
 
1,100
1.27
 
Camden Whispering Oaks
Houston
 
TX
2008
934
 
274
 
93%
 
981
1.05
   
Total Houston
18
 
Properties
878
 
6,661
 
94%
 
1,018
1.16
                               
   
TOTAL TEXAS
44
 
Properties
834
 
16,644
 
95%
 
854
1.02
                               
TOTAL PROPERTIES
185
 
Properties
918
 
63,658
 
93%
 
$919
$1.00
                               
(1)
Communities owned through investment in joint venture.
               
(2)
Completed communities in lease-up as of March 31, 2010 are excluded from total occupancy numbers.
 
(3)
Miramar is a student housing community which is excluded from total occupancy numbers.
     
(4)
Communities under redevelopment during 1Q10 are excluded from total occupancy numbers.
     
 
 
 
31