8-K - CPT - Equibles

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): May 7, 2020

CAMDEN PROPERTY TRUST

(Exact name of Registrant as Specified in Charter)

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

11 Greenway Plaza, Suite 2400, Houston, TX

77046

(Address of Principal Executive Offices) (Zip Code)

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

Not applicable

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

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

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
---	---
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
---	---
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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	NYSE

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 2.02 Results of Operations and Financial Condition.

On May 7, 2020, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three months ended March 31, 2020. 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 9.01 Financial Statements and Exhibits.

Exhibit<br><br>Number	Title
99.1	Press Release issued by Camden Property Trust dated May 7, 2020.
99.2	Supplemental Financial Information dated May 7, 2020.
104	Cover Page Interactive Data File (formatted as Inline XBRL)

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: May 7, 2020

CAMDEN PROPERTY TRUST

By: /s/ Michael P. Gallagher

Michael P. Gallagher

Senior Vice President - Chief Accounting Officer

EXHIBIT INDEX

Exhibit<br><br>Number	Title
99.1	Press Release issued by Camden Property Trust dated May 7, 2020.
99.2	Supplemental Financial Information dated May 7, 2020.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

		Exhibit

CAMDEN PROPERTY TRUST ANNOUNCES FIRST QUARTER 2020 OPERATING RESULTS

Houston, Texas (May 7, 2020) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three months ended March 31, 2020. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three months ended March 31, 2020 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

“We are pleased to report strong performance for the first quarter of 2020, with same property growth and FFO per share both slightly better than anticipated,” said Richard J. Campo, Camden’s Chairman and CEO. “Despite the challenging and unprecedented circumstances we all currently face, Camden is committed to providing a great place to live for our residents and a great place to work for our team members, and our top priority is the continued safety and well-being of those groups.”

	Three Months Ended
	March 31
Per Diluted Share	2020	2019
EPS	$0.43	$0.40
FFO	$1.35	$1.22
AFFO	$1.20	$1.12
	Quarterly Growth	Sequential Growth
---	---	---
Same Property Results	1Q20 vs. 1Q19	1Q20 vs. 4Q19
Revenues	3.7%	0.4%
Expenses	0.1%	3.4%
Net Operating Income ("NOI")	5.7%	(1.1)%
Same Property Results	1Q20	1Q19	4Q19
---	---	---	---
Occupancy	96.1%	95.9%	96.2%

For 2020, the Company defines same property communities as communities owned and stabilized since January 1, 2019, 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.

April Collections

Same Property Scheduled Rents*	April 2020	April 2019	1Q20
Collected	94.3%	98.6%	97.9%
Deferred/Payment Plan Arranged	2.5%	—	—
Delinquent	3.2%	1.4%	2.1%

*Rent is recognized as earned. The Company evaluates collectability on an ongoing basis and any accounts considered uncollectible are subsequently reserved against property revenues.

Retail revenues are not included above and comprise approximately 0.8% of total property revenues. The Company collected 41% of its retail billings in April 2020.

Operating Statistics - Same Property Portfolio

New Lease and Renewal Data ^(1) (2)^	April 2020	April 2019	1Q20
New Lease Rates	(2.5)%	2.9%	0.5%
Renewal Rates	0.1%	5.6%	4.2%
Blended Rates	(0.8)%	4.1%	2.5%
New Leases Signed	1,322	2,025	1,471
Renewals Signed	2,485	1,731	1,717
Total Leases Signed	3,807	3,756	3,188

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.

(2) 1Q20 data represents average monthly leases signed during the quarter.

Occupancy and Turnover Data	April 2020	April 2019	1Q20
Occupancy	95.6%	96.0%	96.1%
Annualized Gross Turnover	47%	49%	46%
Annualized Net Turnover	37%	42%	37%

Development Activity

During the quarter, lease-up was completed at Camden Grandview II in Charlotte, NC and leasing began at Camden Downtown I in Houston, TX. In addition, the Company elected to temporarily suspend construction on Camden Atlantic, a previously early-stage new development in Plantation, FL.

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

		Total	Total	% Leased
Community Name	Location	Homes	Cost	as of 5/6/2020
Camden North End I	Phoenix, AZ	441	$98.8	81	%
Total		441	$98.8	81	%

Development Communities - Construction Ongoing ($ in millions)

		Total	Total
Community Name	Location	Homes	Budget
Camden Downtown I	Houston, TX	271	132.0	%
Camden RiNo	Denver, CO	233	75.0
Camden Lake Eola	Orlando, FL	360	120.0
Camden Buckhead	Atlanta, GA	366	160.0
Camden North End II	Phoenix, AZ	343	90.0
Camden Hillcrest	San Diego, CA	132	95.0
Camden Cypress Creek II (JV)	Cypress, TX	234	38.0
Total		1,939	710.0

All values are in US Dollars.

Acquisition/Disposition Activity

During the quarter, Camden acquired 4.9 acres of land in Raleigh, NC for $18.2 million for the future development of approximately 355 apartment homes. The Company also sold approximately 4.7 acres of land adjacent to one of our operating communities in Raleigh, NC for approximately $0.8 million and recognized a gain of $0.4 million.

Capital Markets Transactions

Subsequent to quarter-end, the Company issued $750.0 million of senior unsecured notes under its existing shelf registration statement. These 10-year notes were offered to the public at 99.929% of par value with a coupon of 2.800%. Camden received net proceeds of approximately $743.1 million, net of underwriting discounts and other estimated offering expenses.

Liquidity Analysis

As of April 30, 2020, the Company had approximately $1.45 billion of liquidity comprised of $562 million in cash and cash equivalents and no amounts outstanding on its $900 million unsecured credit facility. The Company has no scheduled debt maturities until 2022, and had $235 million left to fund under its existing wholly-owned development pipeline at quarter-end.

Resident Relief Funds

Subsequent to quarter-end, Camden announced two Resident Relief Funds for residents experiencing financial losses caused by the COVID-19 pandemic. The Resident Relief Funds were intended to help residents impacted by COVID-19 by providing financial assistance for living expenses such as food, utilities, medical expenses, insurance, childcare or transportation. To date, the Resident Relief Funds have paid approximately $10.4 million to approximately 8,200 Camden residents.

“We are proud that we were able to provide meaningful financial assistance to so many of our residents through our Camden Cares Resident Relief Fund. Our timely response provided a bridge to our hardest hit residents to transition to other forms of assistance such as stimulus checks, unemployment benefits and Payroll Protection Plan payments”, said Keith Oden, Camden’s Executive Vice-Chairman. “Below we have included the communication we sent to our residents recapping the Camden Cares Resident Relief Fund as well as one of the hundreds of heartfelt expressions of gratitude we received from our residents.”

Letter to Camden Residents

Dear Camden Residents,

First and foremost, it is our sincere hope you and your loved ones have remained safe and in good health during the ongoing COVID-19 outbreak. The safety and health of Camden’s residents and our employees have always been and will remain our top priority. We also have great concern for the financial hardship the pandemic has imposed on many of our residents. That concern led us to create the $5,000,000 Camden Cares Resident Relief Program.

As we shared last week, we have already approved and delivered funds to 2,367 Camden residents with a total dollar value of $4,540,000. This left us with $460,000 remaining of our initial $5,000,000 fund. The balance was due to some residents not requesting the maximum grant available and the denial of some applications which did not meet the criteria. To fulfill our commitment and distribute the full $5,000,000, this past Monday, April 20, 2020, we re-opened the website for 30 minutes to allow additional residents to submit applications. All residents who submitted a qualified application demonstrating loss of income due to COVID-19 were to split the remaining $460,000. Since Monday, we reviewed and approved an additional 5,819 applications, which would have resulted in a grant of $79 per person. However, due to the unprecedented financial need demonstrated by so many residents, Camden increased our initial commitment of $5,000,000 to $10,359,000. This will allow all 5,819 approved applications from this past Monday to receive grants equaling $1,000 each.

We are pleased that this increase in our Camden Cares Resident Relief Fund to $10,359,000 has provided financial support to 8,186 Camden residents. If you applied for relief on April 20th, you will receive an email of your approval or denial later today. We appreciate you as a resident and look forward to continuing to provide you with living excellence for many years to come. We are all in this together.

Team Camden

Resident Thank You Note

I just wanted to write and say thank you so much. Reading this email literally brought me to tears, and it’s a true privilege to live in a Camden owned property. Never in my life have I seen a company willingly double its promised commitment. You didn’t have to give everyone who applied $1,000, you could have just fulfilled your commitment of $79 each and called it a day but you didn’t. You went above and beyond and I’m literally moved to tears from the kindness and generosity your company has shown. I have lived in two different Camden locations since 2016, and this email has encouraged me that I definitely picked the right place to live. I haven’t received word on whether or not we are approved yet, but even before we get an answer I just wanted to say thank you for what you’ve done.

You have a special place in our hearts forever and we are just floored by Camden. I might be crying off and on today, but after so much craziness in this world, it’s moments like these where you just have to stop and be grateful. You see the struggles of people, and Camden is a company for PEOPLE. You see us not just as a dollar sign and our hearts are touched. Thank you for everything and for helping so many people who have lost jobs in this time.

From The Demir Family (Samet + Cemile) at Camden College Park

Employee Relief Efforts

In April 2020, we made available up to $1.0 million to help our employees who have incurred additional expenses or are dealing with financial challenges due to the impact of COVID-19, with our executives donating up to $250,000 and the remaining $750,000 donated by the Company.

In May 2020, Camden's Chairman and CEO, and Executive Vice-Chairman each agreed to voluntarily reduce the amount of his annual bonuses (cash or shares) which may be awarded in the future by $500,000. The aggregate $1.0 million compensation reduction will serve as a contribution to the Resident Relief Funds and to a $3.0 million bonus paid in May 2020 to our on-site and construction employees of the Company who have continued to provide ongoing essential services during the COVID-19 pandemic.

Earnings Guidance

Given the uncertainty surrounding the social and economic impact from COVID-19, Camden has withdrawn its 2020 earnings guidance and will not be providing an update to its financial outlook at this time.

Conference Call

Friday, May 8, 2020 at 10:00 AM CT

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

Passcode: 9204638

Webcast: https://services.choruscall.com/links/cpt200508.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 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 164 properties containing 56,112 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 58,051 apartment homes in 171 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor Employeesʼ Choice Award in 2020, ranking #25 for large U.S. companies.

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

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

(Unaudited)

	Three Months Ended March 31,
	2020	2019
OPERATING DATA
Property revenues ^(a)^	265,879	248,567
Property expenses
Property operating and maintenance	59,956	56,948
Real estate taxes	34,180	33,890
Total property expenses	94,136	90,838
Non-property income
Fee and asset management	2,527	1,843
Interest and other income	329	298
Income/(Loss) on deferred compensation plans	(14,860	10,356
Total non-property income (loss)	(12,004	12,497
Other expenses
Property management	6,527	6,657
Fee and asset management	843	1,184
General and administrative	13,233	13,308
Interest	19,707	20,470
Depreciation and amortization	91,859	80,274
Expense/(Benefit) on deferred compensation plans	(14,860	10,356
Total other expenses	117,309	132,249
Gain on sale of land	382	—
Equity in income of joint ventures	2,122	1,912
Income from continuing operations before income taxes	44,934	39,889
Income tax expense	(467	(168
Net income	44,467	39,721
Less income allocated to non-controlling interests	(1,183	(1,108
Net income attributable to common shareholders
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	44,467	39,721
Other comprehensive income
Unrealized (loss) on cash flow hedging activities	—	(5,938
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation	366	(375
Comprehensive income	44,833	33,408
Less income allocated to non-controlling interests	(1,183	(1,108
Comprehensive income attributable to common shareholders
PER SHARE DATA
Total earnings per common share - basic
Total earnings per common share - diluted	0.43	0.40
Weighted average number of common shares outstanding:
Basic	99,298	96,892
Diluted	99,380	97,041

All values are in US Dollars.

(a) We elected to combine 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 March 31, 2020, we recognized $265.9 million of property revenue which consisted of approximately $236.6 million of rental revenue and approximately $29.3 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 $248.6 million recognized for the three months ended March 31, 2019, made up of approximately $220.1 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. Revenue related to utility rebilling to residents was $6.9 million and $6.5 million for the three months ended March 31, 2020 and 2019, respectively.

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

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

(Unaudited)

	Three Months Ended March 31,
	2020		2019
FUNDS FROM OPERATIONS
Net income attributable to common shareholders		43,284		38,613
Real estate depreciation and amortization	89,511		78,675
Adjustments for unconsolidated joint ventures	2,242		2,231
Income allocated to non-controlling interests	1,282		1,144
Funds from operations		136,319		120,663
Less: recurring capitalized expenditures^(a)^	(14,825		(9,655
Adjusted funds from operations		121,494		111,008
PER SHARE DATA
Funds from operations - diluted		1.35		1.22
Adjusted funds from operations - diluted	1.20		1.12
Distributions declared per common share	0.83		0.80
Weighted average number of common shares outstanding:
FFO/AFFO - diluted	101,128		98,797
PROPERTY DATA
Total operating properties (end of period) ^(b)^	164		164
Total operating apartment homes in operating properties (end of period) ^(b)^	56,112		55,945
Total operating apartment homes (weighted average)	49,017		47,957

All values are in US Dollars.

(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.

CAMDEN	BALANCE SHEETS
	(In thousands)

(Unaudited)

	Mar 31, <br>2020		Dec 31, <br>2019		Sep 30, <br>2019		Jun 30, <br>2019		Mar 31, <br>2019
ASSETS
Real estate assets, at cost
Land		1,206,130		1,199,384		1,158,342		1,158,342		1,127,485
Buildings and improvements	7,547,150		7,404,090		7,242,256		7,192,644		7,057,101
	8,753,280		8,603,474		8,400,598		8,350,986		8,184,586
Accumulated depreciation	(2,770,848		(2,686,025		(2,638,693		(2,558,690		(2,479,875
Net operating real estate assets	5,982,432		5,917,449		5,761,905		5,792,296		5,704,711
Properties under development, including land	467,288		512,319		440,917		397,418		307,981
Investments in joint ventures	22,318		20,688		21,715		21,313		21,955
Total real estate assets	6,472,038		6,450,456		6,224,537		6,211,027		6,034,647
Accounts receivable – affiliates	20,344		21,833		23,170		22,297		21,337
Other assets, net ^(a)^	196,544		248,716		238,014		233,335		217,663
Cash and cash equivalents	22,277		23,184		157,239		149,551		6,092
Restricted cash	4,367		4,315		5,686		5,392		5,655
Total assets		6,715,570		6,748,504		6,648,646		6,621,602		6,285,394
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		2,606,876		2,524,099		2,432,137		2,431,336		2,079,136
Secured	—		—		45,250		45,467		45,683
Accounts payable and accrued expenses	156,841		171,719		170,689		128,371		126,964
Accrued real estate taxes	32,365		54,408		74,658		59,525		30,891
Distributions payable	84,112		80,973		80,764		80,767		80,771
Other liabilities^(b)(c)^	164,052		215,581		187,367		187,368		195,629
Total liabilities	3,044,246		3,046,780		2,990,865		2,932,834		2,559,074
Equity
Common shares of beneficial interest	1,069		1,069		1,065		1,065		1,064
Additional paid-in capital	4,569,995		4,566,731		4,538,422		4,533,667		4,527,659
Distributions in excess of net income attributable to common shareholders	(623,570		(584,167		(599,615		(563,834		(526,856
Treasury shares, at cost	(342,778		(348,419		(348,556		(348,480		(349,655
Accumulated other comprehensive income (loss) ^(d)^	(6,163		(6,529		(6,438		(6,795		616
Total common equity	3,598,553		3,628,685		3,584,878		3,615,623		3,652,828
Non-controlling interests	72,771		73,039		72,903		73,145		73,492
Total equity	3,671,324		3,701,724		3,657,781		3,688,768		3,726,320
Total liabilities and equity		6,715,570		6,748,504		6,648,646		6,621,602		6,285,394
(a) Includes net deferred charges of:		3,399		3,658		4,358		4,345		5,081
(b) Includes net asset/(liability) and interest receivable/(payable) fair value of derivative instruments:		—		—		—		—		(13,370
(c) Includes deferred revenues of:		375		408		497		581		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.

All values are in US Dollars.

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. A reconciliation of net income attributable to common shareholders to FFO is provided below:

Adjusted FFO

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

	Three Months Ended March 31,
	2020		2019
Net income attributable to common shareholders		43,284		38,613
Real estate depreciation and amortization	89,511		78,675
Adjustments for unconsolidated joint ventures	2,242		2,231
Income allocated to non-controlling interests	1,282		1,144
Funds from operations		136,319		120,663
Less: recurring capitalized expenditures	(14,825		(9,655
Adjusted funds from operations		121,494		111,008
Weighted average number of common shares outstanding:
EPS diluted	99,380		97,041
FFO/AFFO diluted	101,128		98,797
	Three Months Ended March 31,
	2020		2019
Total Earnings Per Common Share - Diluted		0.43		0.40
Real estate depreciation and amortization	0.89		0.80
Adjustments for unconsolidated joint ventures	0.02		0.02
Income allocated to non-controlling interests	0.01		—
FFO per common share - Diluted		1.35		1.22
Less: recurring capitalized expenditures	(0.15		(0.10
AFFO per common share - Diluted		1.20		1.12

All values are in US Dollars.

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

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as 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 supplemental. 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,
	2020		2019
Net income		44,467		39,721
Less: Fee and asset management income	(2,527		(1,843
Less: Interest and other income	(329		(298
Less: (Income)/Loss on deferred compensation plans	14,860		(10,356
Plus: Property management expense	6,527		6,657
Plus: Fee and asset management expense	843		1,184
Plus: General and administrative expense	13,233		13,308
Plus: Interest expense	19,707		20,470
Plus: Depreciation and amortization expense	91,859		80,274
Plus: Expense/(Benefit) on deferred compensation plans	(14,860		10,356
Less: Gain on sale of land	(382		—
Less: Equity in income of joint ventures	(2,122		(1,912
Plus: Income tax expense	467		168
NOI		171,743		157,729
"Same Property" Communities		149,104		141,043
Non-"Same Property" Communities	19,968		13,118
Development and Lease-Up Communities	1,235		779
Dispositions/Other	1,436		2,789
NOI		171,743		157,729

All values are in US Dollars.

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. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:

	Three months ended March 31,
	2020		2019
Net income attributable to common shareholders		43,284		38,613
Plus: Interest expense	19,707		20,470
Plus: Depreciation and amortization expense	91,859		80,274
Plus: Income allocated to non-controlling interests	1,183		1,108
Plus: Income tax expense	467		168
Less: Gain on sale of land	(382		—
Less: Equity in income of joint ventures	(2,122		(1,912
Adjusted EBITDA		153,996		138,721
Annualized Adjusted EBITDA		615,984		554,884

All values are in US Dollars.

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
	the three months ended March 31,
	2020		2019
Unsecured notes payable		2,633,950		2,081,233
Secured notes payable	—		271,936
Total debt	2,633,950		2,353,169
Less: Cash and cash equivalents	(20,184		(138,748
Net debt		2,613,766		2,214,421

All values are in US Dollars.

Net Debt to Annualized Adjusted EBITDA:

	Three months ended March 31,
	2020
Net debt		2,613,766	$2,214,421
Annualized Adjusted EBITDA	615,984
Net Debt to Annualized Adjusted EBITDA	4.2x

All values are in US Dollars.

		Exhibit

CAMDEN	TABLE OF CONTENTS

	Page
Press Release Text	3
Financial Highlights	7
Operating Results	8
Funds from Operations	9
Balance Sheets	10
Portfolio Statistics	11
Components of Property Net Operating Income	12
"Same Property" First Quarter Comparisons	13
"Same Property" Sequential Quarter 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.

CAMDEN PROPERTY TRUST ANNOUNCES FIRST QUARTER 2020 OPERATING RESULTS

	Three Months Ended
	March 31
Per Diluted Share	2020	2019
EPS	$0.43	$0.40
FFO	$1.35	$1.22
AFFO	$1.20	$1.12
	Quarterly Growth	Sequential Growth
---	---	---
Same Property Results	1Q20 vs. 1Q19	1Q20 vs. 4Q19
Revenues	3.7%	0.4%
Expenses	0.1%	3.4%
Net Operating Income ("NOI")	5.7%	(1.1)%
Same Property Results	1Q20	1Q19	4Q19
---	---	---	---
Occupancy	96.1%	95.9%	96.2%

April Collections

Same Property Scheduled Rents*	April 2020	April 2019	1Q20
Collected	94.3%	98.6%	97.9%
Deferred/Payment Plan Arranged	2.5%	—	—
Delinquent	3.2%	1.4%	2.1%

*Rent is recognized as earned. The Company evaluates collectability on an ongoing basis and any accounts considered uncollectible are subsequently reserved against property revenues.

Retail revenues are not included above and comprise approximately 0.8% of total property revenues. The Company collected 41% of its retail billings in April 2020.

Operating Statistics - Same Property Portfolio

New Lease and Renewal Data ^(1) (2)^	April 2020	April 2019	1Q20
New Lease Rates	(2.5)%	2.9%	0.5%
Renewal Rates	0.1%	5.6%	4.2%
Blended Rates	(0.8)%	4.1%	2.5%
New Leases Signed	1,322	2,025	1,471
Renewals Signed	2,485	1,731	1,717
Total Leases Signed	3,807	3,756	3,188

(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.

(2) 1Q20 data represents average monthly leases signed during the quarter.

Occupancy and Turnover Data	April 2020	April 2019	1Q20
Occupancy	95.6%	96.0%	96.1%
Annualized Gross Turnover	47%	49%	46%
Annualized Net Turnover	37%	42%	37%

Development Activity

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

		Total	Total	% Leased
Community Name	Location	Homes	Cost	as of 5/6/2020
Camden North End I	Phoenix, AZ	441	$98.8	81	%
Total		441	$98.8	81	%

Development Communities - Construction Ongoing ($ in millions)

		Total	Total
Community Name	Location	Homes	Budget
Camden Downtown I	Houston, TX	271	132.0	%
Camden RiNo	Denver, CO	233	75.0
Camden Lake Eola	Orlando, FL	360	120.0
Camden Buckhead	Atlanta, GA	366	160.0
Camden North End II	Phoenix, AZ	343	90.0
Camden Hillcrest	San Diego, CA	132	95.0
Camden Cypress Creek II (JV)	Cypress, TX	234	38.0
Total		1,939	710.0

All values are in US Dollars.

Acquisition/Disposition Activity

Capital Markets Transactions

Liquidity Analysis

Resident Relief Funds

Letter to Camden Residents

Dear Camden Residents,

Team Camden

Resident Thank You Note

From The Demir Family (Samet + Cemile) at Camden College Park

Employee Relief Efforts

Earnings Guidance

Conference Call

Friday, May 8, 2020 at 10:00 AM CT

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

Passcode: 9204638

Webcast: https://services.choruscall.com/links/cpt200508.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

About Camden

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

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

(Unaudited)

	Three Months Ended March 31,
	2020		2019
Property revenues		265,879		248,567
Adjusted EBITDA	153,996		138,721
Net income attributable to common shareholders	43,284		38,613
Per share - basic	0.43		0.40
Per share - diluted	0.43		0.40
Funds from operations	136,319		120,663
Per share - diluted	1.35		1.22
Adjusted funds from operations	121,494		111,008
Per share - diluted	1.20		1.12
Dividends per share	0.83		0.80
Dividend payout ratio (FFO)	61.5		65.6
Interest expensed	19,707		20,470
Interest capitalized	4,529		2,732
Total interest incurred	24,236		23,202
Principal amortization	—		266
Net Debt to Annualized Adjusted EBITDA ^(a)^	4.2x		4.0x
Interest expense coverage ratio	7.8x		6.8x
Total interest coverage ratio	6.4x		6.0x
Fixed charge expense coverage ratio	7.8x		6.7x
Total fixed charge coverage ratio	6.4x		5.9x
Unencumbered real estate assets (at cost) to unsecured debt ratio	3.5x		4.0x
Same property NOI increase ^(b)^	5.7		3.6
(# of apartment homes included)	43,710		42,618
Gross turnover of apartment homes (annualized)	46		48
Net turnover (excludes on-site transfers and transfers to other Camden communities)	37		38
	As of March 31,
	2020		2019
Total assets		6,715,570		6,285,394
Total debt		2,606,876		2,124,819
Common and common equivalent shares, outstanding end of period ^(c)^	101,135		100,705
Share price, end of period		79.24		101.50
Book equity value, end of period^(d)^		3,671,324		3,726,320
Market equity value, end of period^(e)^		8,013,937		10,221,558

All values are in US Dollars.

(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 4 for quarter results.

(b) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2019, excluding communities under redevelopment and properties held for sale.

(c) Includes at March 31, 2020: 99,387 common shares, plus 1,748 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.

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

(Unaudited)

	Three Months Ended March 31,
	2020	2019
OPERATING DATA
Property revenues ^(a)^	265,879	248,567
Property expenses
Property operating and maintenance	59,956	56,948
Real estate taxes	34,180	33,890
Total property expenses	94,136	90,838
Non-property income
Fee and asset management	2,527	1,843
Interest and other income	329	298
Income/(Loss) on deferred compensation plans	(14,860	10,356
Total non-property income (loss)	(12,004	12,497
Other expenses
Property management	6,527	6,657
Fee and asset management	843	1,184
General and administrative	13,233	13,308
Interest	19,707	20,470
Depreciation and amortization	91,859	80,274
Expense/(Benefit) on deferred compensation plans	(14,860	10,356
Total other expenses	117,309	132,249
Gain on sale of land	382	—
Equity in income of joint ventures	2,122	1,912
Income from continuing operations before income taxes	44,934	39,889
Income tax expense	(467	(168
Net income	44,467	39,721
Less income allocated to non-controlling interests	(1,183	(1,108
Net income attributable to common shareholders
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	44,467	39,721
Other comprehensive income
Unrealized (loss) on cash flow hedging activities	—	(5,938
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation	366	(375
Comprehensive income	44,833	33,408
Less income allocated to non-controlling interests	(1,183	(1,108
Comprehensive income attributable to common shareholders
PER SHARE DATA
Total earnings per common share - basic
Total earnings per common share - diluted	0.43	0.40
Weighted average number of common shares outstanding:
Basic	99,298	96,892
Diluted	99,380	97,041

All values are in US Dollars.

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

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

(Unaudited)

	Three Months Ended March 31,
	2020		2019
FUNDS FROM OPERATIONS
Net income attributable to common shareholders		43,284		38,613
Real estate depreciation and amortization	89,511		78,675
Adjustments for unconsolidated joint ventures	2,242		2,231
Income allocated to non-controlling interests	1,282		1,144
Funds from operations		136,319		120,663
Less: recurring capitalized expenditures^(a)^	(14,825		(9,655
Adjusted funds from operations		121,494		111,008
PER SHARE DATA
Funds from operations - diluted		1.35		1.22
Adjusted funds from operations - diluted	1.20		1.12
Distributions declared per common share	0.83		0.80
Weighted average number of common shares outstanding:
FFO/AFFO - diluted	101,128		98,797
PROPERTY DATA
Total operating properties (end of period) ^(b)^	164		164
Total operating apartment homes in operating properties (end of period) ^(b)^	56,112		55,945
Total operating apartment homes (weighted average)	49,017		47,957

All values are in US Dollars.

(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.

CAMDEN	BALANCE SHEETS
	(In thousands)

(Unaudited)

	Mar 31, <br>2020		Dec 31, <br>2019		Sep 30, <br>2019		Jun 30, <br>2019		Mar 31, <br>2019
ASSETS
Real estate assets, at cost
Land		1,206,130		1,199,384		1,158,342		1,158,342		1,127,485
Buildings and improvements	7,547,150		7,404,090		7,242,256		7,192,644		7,057,101
	8,753,280		8,603,474		8,400,598		8,350,986		8,184,586
Accumulated depreciation	(2,770,848		(2,686,025		(2,638,693		(2,558,690		(2,479,875
Net operating real estate assets	5,982,432		5,917,449		5,761,905		5,792,296		5,704,711
Properties under development, including land	467,288		512,319		440,917		397,418		307,981
Investments in joint ventures	22,318		20,688		21,715		21,313		21,955
Total real estate assets	6,472,038		6,450,456		6,224,537		6,211,027		6,034,647
Accounts receivable – affiliates	20,344		21,833		23,170		22,297		21,337
Other assets, net ^(a)^	196,544		248,716		238,014		233,335		217,663
Cash and cash equivalents	22,277		23,184		157,239		149,551		6,092
Restricted cash	4,367		4,315		5,686		5,392		5,655
Total assets		6,715,570		6,748,504		6,648,646		6,621,602		6,285,394
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		2,606,876		2,524,099		2,432,137		2,431,336		2,079,136
Secured	—		—		45,250		45,467		45,683
Accounts payable and accrued expenses	156,841		171,719		170,689		128,371		126,964
Accrued real estate taxes	32,365		54,408		74,658		59,525		30,891
Distributions payable	84,112		80,973		80,764		80,767		80,771
Other liabilities^(b)(c)^	164,052		215,581		187,367		187,368		195,629
Total liabilities	3,044,246		3,046,780		2,990,865		2,932,834		2,559,074
Equity
Common shares of beneficial interest	1,069		1,069		1,065		1,065		1,064
Additional paid-in capital	4,569,995		4,566,731		4,538,422		4,533,667		4,527,659
Distributions in excess of net income attributable to common shareholders	(623,570		(584,167		(599,615		(563,834		(526,856
Treasury shares, at cost	(342,778		(348,419		(348,556		(348,480		(349,655
Accumulated other comprehensive income (loss) ^(d)^	(6,163		(6,529		(6,438		(6,795		616
Total common equity	3,598,553		3,628,685		3,584,878		3,615,623		3,652,828
Non-controlling interests	72,771		73,039		72,903		73,145		73,492
Total equity	3,671,324		3,701,724		3,657,781		3,688,768		3,726,320
Total liabilities and equity		6,715,570		6,748,504		6,648,646		6,621,602		6,285,394
(a) Includes net deferred charges of:		3,399		3,658		4,358		4,345		5,081
(b) Includes net asset/(liability) and interest receivable/(payable) fair value of derivative instruments:		—		—		—		—		(13,370
(c) Includes deferred revenues of:		375		408		497		581		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.

All values are in US Dollars.

CAMDEN	PORTFOLIO STATISTICS

(Unaudited)

COMMUNITY PORTFOLIO AT MARCH 31, 2020 (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)^	5,381	1,200	—	—	6,581	281	—	281	6,862
Houston, TX	5,912	867	—	271	7,050	2,522	234	2,756	9,806
Atlanta, GA	4,262	—	—	366	4,628	234	—	234	4,862
Los Angeles/Orange County, CA	2,116	547	—	—	2,663	—	—	—	2,663
Dallas, TX	4,416	—	—	—	4,416	1,250	—	1,250	5,666
Phoenix, AZ	2,929	316	441	343	4,029	—	—	—	4,029
SE Florida	1,956	825	—	—	2,781	—	—	—	2,781
Orlando, FL	2,995	299	—	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
Raleigh, NC	2,350	540	—	—	2,890	350	—	350	3,240
Tampa, FL	2,286	—	—	—	2,286	450	—	450	2,736
Austin, TX	2,000	326	—	—	2,326	1,360	—	1,360	3,686
San Diego/Inland Empire, CA	1,665	—	—	132	1,797	—	—	—	1,797
Total Portfolio	43,710	4,948	441	1,705	50,804	7,013	234	7,247	58,051

(a) Includes redevelopment properties.

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

FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION							WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED ^(e)^
	"Same Property" Communities		Operating Communities ^(c)^		Incl. JVs at Pro Rata % ^(d)^		Mar 31, <br>2020		Dec 31, <br>2019		Sep 30, <br>2019		Jun 30, <br>2019		Mar 31, <br>2019
D.C. Metro	15.7	%	16.6	%	16.3	%	96.6	%	96.3	%	96.7	%	96.7	%	96.0	%
Houston, TX	10.6	%	10.8	%	11.5	%	94.7	%	95.7	%	95.5	%	95.9	%	95.2	%
Atlanta, GA	9.8	%	8.5	%	8.4	%	95.6	%	96.0	%	96.2	%	96.3	%	96.4	%
Los Angeles/Orange County, CA	7.2	%	8.5	%	8.3	%	95.2	%	95.9	%	96.1	%	95.5	%	95.8	%
Dallas, TX	7.8	%	6.8	%	7.1	%	96.2	%	96.3	%	96.3	%	96.0	%	95.8	%
Phoenix, AZ	6.7	%	7.4	%	7.1	%	96.6	%	96.5	%	96.0	%	95.3	%	96.0	%
SE Florida	5.6	%	7.0	%	6.8	%	96.7	%	96.1	%	95.9	%	95.7	%	95.4	%
Orlando, FL	6.0	%	5.8	%	5.7	%	96.2	%	95.9	%	96.6	%	96.5	%	95.7	%
Denver, CO	6.8	%	5.9	%	5.7	%	95.5	%	96.3	%	96.0	%	95.5	%	95.5	%
Charlotte, NC	6.0	%	5.5	%	5.5	%	96.4	%	96.0	%	96.5	%	96.1	%	96.0	%
Raleigh, NC	4.3	%	4.8	%	4.8	%	95.8	%	96.0	%	96.1	%	95.7	%	95.5	%
Tampa, FL	5.0	%	4.3	%	4.4	%	95.9	%	95.9	%	95.8	%	95.6	%	96.1	%
Austin, TX	3.6	%	3.9	%	4.3	%	96.5	%	96.1	%	96.6	%	96.3	%	95.9	%
San Diego/Inland Empire, CA	4.9	%	4.2	%	4.1	%	94.3	%	95.8	%	95.7	%	95.7	%	95.1	%
Total Portfolio	100.0	%	100.0	%	100.0	%	95.9	%	96.1	%	96.1	%	96.0	%	95.8	%

(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.

CAMDEN	COMPONENTS OF PROPERTY
	NET OPERATING INCOME
	(In thousands, except property data amounts)

(Unaudited)

	Apartment	Three Months Ended March 31,
Property Revenues	Homes	2020
"Same Property" Communities ^(a)^	43,710		229,909	221,807	8,102
Non-"Same Property" Communities ^(b)^	4,948	31,674
Development and Lease-Up Communities ^(c)^	2,146	2,080
Disposition/Other ^(d)^	—	2,216
Total Property Revenues	50,804		265,879	248,567	17,312
Property Expenses
"Same Property" Communities ^(a)^	43,710		80,805	80,764	41
Non-"Same Property" Communities ^(b)^	4,948	11,706
Development and Lease-Up Communities ^(c)^	2,146	845
Disposition/Other ^(d)^	—	780
Total Property Expenses	50,804		94,136	90,838	3,298
Property Net Operating Income
"Same Property" Communities ^(a)^	43,710		149,104	141,043	8,061
Non-"Same Property" Communities ^(b)^	4,948	19,968
Development and Lease-Up Communities ^(c)^	2,146	1,235
Disposition/Other ^(d)^	—	1,436
Total Property Net Operating Income	50,804		171,743	157,729	14,014

All values are in US Dollars.

(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2019, 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, 2019, 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, 2019, 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, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses.

CAMDEN	"SAME PROPERTY"
	FIRST QUARTER COMPARISONS
	March 31, 2020
	(In thousands, except property data amounts)

(Unaudited)

	Apartment
	Homes	Revenues					Expenses					NOI
Quarterly Results^(a)^	Included	1Q20			Growth		1Q20			Growth		1Q20			Growth
D.C. Metro	5,381		34,018	$32,513	4.6	%		10,606	$10,261	3.4	%		23,412	$22,252	5.2	%
Houston, TX	5,912	28,079			1.8	%	12,211			(1.5	)%	15,868			4.5	%
Atlanta, GA	4,262	22,034			2.8	%	7,441			(6.1	)%	14,593			8.0	%
Dallas, TX	4,416	20,187			3.2	%	8,581			(4.8	)%	11,606			10.1	%
Los Angeles/Orange County, CA	2,116	15,107			3.3	%	4,325			(4.0	)%	10,782			6.6	%
Denver, CO	2,632	14,645			3.5	%	4,464			(3.3	)%	10,181			6.8	%
Phoenix, AZ	2,929	14,433			6.3	%	4,382			0.8	%	10,051			9.0	%
Orlando, FL	2,995	14,198			3.8	%	5,198			2.9	%	9,000			4.3	%
Charlotte, NC	2,810	13,089			3.9	%	4,192			6.4	%	8,897			2.7	%
SE Florida	1,956	12,484			2.5	%	4,150			3.3	%	8,334			2.1	%
Tampa, FL	2,286	11,771			3.1	%	4,372			1.1	%	7,399			4.3	%
San Diego/Inland Empire, CA	1,665	10,859			4.1	%	3,623			6.0	%	7,236			3.1	%
Raleigh, NC	2,350	9,618			6.1	%	3,228			8.5	%	6,390			4.9	%
Austin, TX	2,000	9,387			4.4	%	4,032			1.5	%	5,355			6.7	%
Total Same Property	43,710		229,909	$221,807	3.7	%		80,805	$80,764	0.1	%		149,104	$141,043	5.7	%

All values are in US Dollars.

									Weighted Average Monthly					Weighted Average Monthly
	% of NOI		Average Occupancy ^(a)^						Rental Rate ^(b)^					Revenue per Occupied Home^(c)^
Quarterly Results ^(a)^	Contribution		1Q20		1Q19		Growth		1Q20			Growth		1Q20			Growth
D.C. Metro	15.7	%	96.8	%	96.1	%	0.7	%		1,907	$1,832	4.1	%		2,177	$2,095	3.9	%
Houston, TX	10.6	%	95.6	%	95.1	%	0.5	%	1,437			1.2	%	1,658			1.3	%
Atlanta, GA	9.8	%	95.6	%	96.4	%	(0.8	)%	1,557			2.9	%	1,802			3.6	%
Dallas, TX	7.8	%	96.2	%	95.8	%	0.4	%	1,352			2.8	%	1,584			2.8	%
Los Angeles/Orange County, CA	7.2	%	95.4	%	96.0	%	(0.6	)%	2,251			2.0	%	2,494			3.9	%
Denver, CO	6.8	%	95.5	%	95.5	%	0.0	%	1,689			4.1	%	1,942			3.5	%
Phoenix, AZ	6.7	%	96.6	%	96.0	%	0.6	%	1,449			6.3	%	1,700			5.7	%
Orlando, FL	6.0	%	96.3	%	96.1	%	0.2	%	1,411			3.0	%	1,641			3.6	%
Charlotte, NC	6.0	%	96.4	%	96.0	%	0.4	%	1,381			3.7	%	1,611			3.5	%
SE Florida	5.6	%	97.1	%	96.4	%	0.7	%	1,909			1.8	%	2,190			1.8	%
Tampa, FL	5.0	%	96.0	%	96.1	%	(0.1	)%	1,533			3.4	%	1,788			3.2	%
San Diego/Inland Empire, CA	4.9	%	94.3	%	95.1	%	(0.8	)%	2,032			3.0	%	2,305			4.9	%
Raleigh, NC	4.3	%	96.3	%	95.6	%	0.7	%	1,177			5.3	%	1,417			5.4	%
Austin, TX	3.6	%	96.6	%	96.0	%	0.6	%	1,373			4.5	%	1,621			3.8	%
Total Same Property	100.0	%	96.1	%	95.9	%	0.2	%		1,580	$1,530	3.3	%		1,825	$1,764	3.5	%

All values are in US Dollars.

(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.

CAMDEN	"SAME PROPERTY"
	SEQUENTIAL QUARTER COMPARISONS
	March 31, 2020
	(In thousands, except property data amounts)

(Unaudited)

	Apartment
	Homes	Revenues					Expenses					NOI
Quarterly Results ^(a)^	Included	1Q20			Growth		1Q20			Growth		1Q20			Growth
D.C. Metro	5,381		34,018	$33,760	0.8	%		10,606	$10,237	3.6	%		23,412	$23,523	(0.5	)%
Houston, TX	5,912	28,079			0.0	%	12,211			9.4	%	15,868			(6.3	)%
Atlanta, GA	4,262	22,034			0.1	%	7,441			3.8	%	14,593			(1.8	)%
Dallas, TX	4,416	20,187			0.1	%	8,581			1.3	%	11,606			(0.8	)%
Los Angeles/Orange County, CA	2,116	15,107			0.1	%	4,325			(5.9	)%	10,782			2.8	%
Denver, CO	2,632	14,645			(0.6	)%	4,464			(2.0	)%	10,181			0.1	%
Phoenix, AZ	2,929	14,433			1.2	%	4,382			1.3	%	10,051			1.1	%
Orlando, FL	2,995	14,198			1.0	%	5,198			5.2	%	9,000			(1.3	)%
Charlotte, NC	2,810	13,089			1.2	%	4,192			7.7	%	8,897			(1.6	)%
SE Florida	1,956	12,484			1.3	%	4,150			(3.8	)%	8,334			4.1	%
Tampa, FL	2,286	11,771			1.0	%	4,372			7.2	%	7,399			(2.4	)%
San Diego/Inland Empire, CA	1,665	10,859			(1.0	)%	3,623			8.1	%	7,236			(5.0	)%
Raleigh, NC	2,350	9,618			0.2	%	3,228			2.9	%	6,390			(1.2	)%
Austin, TX	2,000	9,387			0.5	%	4,032			2.1	%	5,355			(0.6	)%
Total Same Property	43,710		229,909	$228,993	0.4	%		80,805	$78,175	3.4	%		149,104	$150,818	(1.1	)%

All values are in US Dollars.

									Weighted Average Monthly					Weighted Average Monthly
	% of NOI		Average Occupancy ^(a)^						Rental Rate^(b)^					Revenue per Occupied Home^(c)^
Quarterly Results ^(a)^	Contribution		1Q20		4Q19		Growth		1Q20			Growth		1Q20			Growth
D.C. Metro	15.7	%	96.8	%	96.4	%	0.4	%		1,907	$1,901	0.3	%		2,177	$2,170	0.4	%
Houston, TX	10.6	%	95.6	%	95.8	%	(0.2	)%	1,437			0.1	%	1,658			0.2	%
Atlanta, GA	9.8	%	95.6	%	96.0	%	(0.4	)%	1,557			0.1	%	1,802			0.5	%
Dallas, TX	7.8	%	96.2	%	96.3	%	(0.1	)%	1,352			0.4	%	1,584			0.2	%
Los Angeles/Orange County, CA	7.2	%	95.4	%	96.2	%	(0.8	)%	2,251			0.1	%	2,494			0.9	%
Denver, CO	6.8	%	95.5	%	96.3	%	(0.8	)%	1,689			0.4	%	1,942			0.2	%
Phoenix, AZ	6.7	%	96.6	%	96.5	%	0.1	%	1,449			1.5	%	1,700			1.1	%
Orlando, FL	6.0	%	96.3	%	95.9	%	0.4	%	1,411			0.2	%	1,641			0.6	%
Charlotte, NC	6.0	%	96.4	%	96.0	%	0.4	%	1,381			0.4	%	1,611			0.8	%
SE Florida	5.6	%	97.1	%	96.6	%	0.5	%	1,909			0.5	%	2,190			0.8	%
Tampa, FL	5.0	%	96.0	%	96.0	%	0.0	%	1,533			0.8	%	1,788			1.0	%
San Diego/Inland Empire, CA	4.9	%	94.3	%	95.8	%	(1.5	)%	2,032			0.2	%	2,305			0.5	%
Raleigh, NC	4.3	%	96.3	%	96.6	%	(0.3	)%	1,177			0.4	%	1,417			0.5	%
Austin, TX	3.6	%	96.6	%	96.1	%	0.5	%	1,373			0.5	%	1,621			0.0	%
Total Same Property	100.0	%	96.1	%	96.2	%	(0.1	)%		1,580	$1,574	0.4	%		1,825	$1,816	0.5	%

All values are in US Dollars.

(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.

CAMDEN	"SAME PROPERTY" OPERATING EXPENSE
	DETAIL AND COMPARISONS
	March 31, 2020
	(In thousands)

(Unaudited)

						% of Actual
						1Q20 Operating
Quarterly Comparison ^(a)^	1Q20			% Change		Expenses
Property taxes		28,839	30,080	(4.1	)%	35.7	%
Salaries and Benefits for On-site Employees	17,422			1.7	%	21.6	%
Utilities	17,354			1.6	%	21.5	%
Repairs and Maintenance	9,223			5.6	%	11.4	%
Property Insurance	2,760			5.1	%	3.4	%
General and Administrative	3,151			5.0	%	3.9	%
Marketing and Leasing	1,267			(0.8	)%	1.5	%
Other	789			(4.7	)%	1.0	%
Total Same Property		80,805	80,764	0.1	%	100.0	%

All values are in US Dollars.

						% of Actual
						1Q20 Operating
Sequential Comparison ^(a)^	1Q20			% Change		Expenses
Property taxes		28,839	27,549	4.7	%	35.7	%
Salaries and Benefits for On-site Employees	17,422			0.9	%	21.6	%
Utilities	17,354			(0.6	)%	21.5	%
Repairs and Maintenance	9,223			11.9	%	11.4	%
Property Insurance	2,760			9.4	%	3.4	%
General and Administrative	3,151			5.2	%	3.9	%
Marketing and Leasing	1,267			(12.7	)%	1.5	%
Other	789			13.5	%	1.0	%
Total Same Property		80,805	78,175	3.4	%	100.0	%

All values are in US Dollars.

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

(Unaudited)

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

	Three Months Ended March 31,
OPERATING DATA^(a)^	2020
Property revenues		10,109	$10,138
Property expenses
Property operating and maintenance	2,515
Real estate taxes	1,651
	4,166
Net Operating Income	5,943
Other expenses
Interest	1,538
Depreciation and amortization	2,197
Other	86
Total other expenses	3,821
Equity in income of joint ventures		2,122	$1,912

All values are in US Dollars.

	Mar 31, <br>2020		Dec 31, <br>2019		Sep 30, <br>2019		Jun 30, <br>2019		Mar 31, <br>2019
BALANCE SHEET DATA^(b)^
Land		108,172		108,172		109,912		109,912		109,912
Building & Improvements	756,683		752,781		769,928		765,550		762,735
	864,855		860,953		879,840		875,462		872,647
Accumulated Depreciation	(230,190		(222,937		(223,391		(216,126		(208,815
Net operating real estate assets	634,665		638,016		656,449		659,336		663,832
Properties under development and land	18,722		10,432		5,105		2,432		2,215
Cash and other assets, net	26,556		36,588		37,336		26,007		17,084
Total assets		679,943		685,036		698,890		687,775		683,131
Notes payable		496,907		496,901		514,073		510,881		510,468
Other liabilities	23,956		34,686		28,279		21,700		15,352
Total liabilities	520,863		531,587		542,352		532,581		525,820
Member's equity	159,080		153,449		156,538		155,194		157,311
Total liabilities and members' equity		679,943		685,036		698,890		687,775		683,131
Company's equity investment		22,318		20,688		21,715		21,313		21,955
Company's pro-rata share of debt		155,532		155,530		160,905		159,906		159,776
PROPERTY DATA (end of period)
Total operating properties	21		21		22		22		22
Total operating apartment homes	7,013		7,013		7,283		7,283		7,283
Pro-rata share of operating apartment homes	2,195		2,195		2,280		2,280		2,280
Total development properties	1		1		1		1		—
Total development apartment homes	234		234		234		234		—
Pro-rata share of development apartment homes	73		73		73		73		—
Company's pro-rata ownership	31.3		31.3		31.3		31.3		31.3

All values are in US Dollars.

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

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

CAMDEN	CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF MARCH 31, 2020 ($ in millions)


Completed Communities in Lease-Up (a)	Total	Total		Initial	Construction	Stabilized	As of 5/6/2020
	Cost		Start	Completion			% Occupied
1.	441	98.8		2Q18	1Q19	4Q20	81%	86%

Total Completed Communities in Lease-Up	441	98.8					81%	86%

	Total	Total	Amount	Initial	Construction	Stabilized	As of 5/6/2020
Development Communities (a)	Homes	Budget	in CIP	Occupancy	Completion	Operations	% Leased	% Occupied
1.	271	132.0	15.1	1Q20	3Q20	3Q21	16%	12%

2.	233	75.0	71.4	3Q20	4Q20	2Q21

3.	360	120.0	86.1	4Q20	1Q21	1Q22

4.	366	160.0	67.8	1Q21	1Q22	3Q22

5.	343	90.0	39.4	1Q21	1Q22	3Q22

6.	132	95.0	42.5	3Q21	4Q21	3Q22

Total Development Communities	1,705	672.0	322.3				16%	12%
Additional Development Pipeline (b)			145.0
Total Properties Under Development and Land (per Balance Sheet)			467.3
NOI Contribution from Development Communities ( in millions)					Cost to Date	1Q20 NOI
Communities that Stabilized During Quarter					22.5	0.2
Completed Communities in Lease-Up					98.8	1.3
Development Communities in Lease-Up					129.4	(0.1
Total Development Communities NOI Contribution

Joint Venture Development Communities (a)	Total	Total	Amount	Initial	Construction	Stabilized
	Budget	Date	Start	Completion
1.	234	38.0	18.7	3Q20	2Q21	4Q21

Total Joint Venture Development Communities	234	38.0	18.7

All values are in US Dollars.

(a) The locations of these projects are currently subject to “shelter in place” or “stay at home” orders adopted by state and local authorities in response to the COVID-19 pandemic. Some of these orders may adversely affect the timely completion and final project costs of some or all of our projects under development if, for example, we are required to temporarily cease construction entirely, experience delays in obtaining governmental permits and authorizations, or experience disruption in the supply of materials or labor.

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

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

CAMDEN	DEVELOPMENT PIPELINE

(Unaudited)

AS OF MARCH 31, 2020 ($ in millions)

		Projected	Total
PIPELINE COMMUNITIES		Homes	Estimated Cost (a)
1.	Camden Atlantic ^(b)^	269	100.0
	Plantation, FL
2.	Camden Tempe II ^(c)^	400	110.0
	Tempe, AZ
3.	Camden NoDa	400	100.0
	Charlotte, NC
4.	Camden Arts District	354	150.0
	Los Angeles, CA
5.	Camden Paces III	350	100.0
	Atlanta, GA
6.	Camden Downtown II	271	145.0
	Houston, TX
7.	Camden Cameron Village	355	115.0
	Raleigh, NC
8.	Camden Highland Village II	300	100.0
	Houston, TX
Development Pipeline		2,699

All values are in US Dollars.

(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. In addition, the locations of these projects are currently subject to “shelter in place” or “stay at home” orders adopted by state and local authorities in response to the COVID-19 pandemic. Some of these orders may adversely affect the timely completion and final project costs of some or all of our projects under development if, for example, we are required to temporarily cease construction entirely, experience delays in obtaining governmental permits and authorizations, or experience disruption in the supply of materials or labor.

(b) While the Company is still actively engaged in the development of this asset through continued coordination with the general contractor and the completion of required permits and project design, we have temporarily suspended the on-site construction until further notice. Accordingly, this asset was moved from our development communities to our pipeline communities effective March 31, 2020.

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

CAMDEN	REDEVELOPMENT SUMMARY

(Unaudited)

REDEVELOPMENT SUMMARY AS OF MARCH 31, 2020 ($ in millions)

			Homes							Estimated
		Total	Redeveloped	Estimated Total Cost			Cost to Date			Dates for
	COMMUNITIES ^(a)^	Homes	To Date	Interior	Exterior	Total	Interior	Exterior	Total	Completion
1.	Camden Brickell	405	363	$12.4	$9.8	$22.2	$10.3	$9.6	19.9	4Q20
	Miami, FL
2.	Camden Las Olas	420	368	13.0	7.8	20.8	10.6	7.4	18.0	4Q20
	Ft. Lauderdale, FL
3.	Camden Potomac Yard	378	303	9.7	2.6	12.3	7.4	2.4	9.8	1Q21
	Arlington, VA
4.	Camden Harbor View	547	547	0.0	15.3	15.3	0.0	9.4	9.4	4Q20
	Los Angeles, CA
	Total	1,750	1,581	$35.1	$35.5	$70.6	$28.3	$28.8	57.1

All values are in US Dollars.

(a) The locations of these projects are currently subject to “shelter in place” or “stay at home” orders adopted by state and local authorities in response to the COVID-19 pandemic. Some of these orders may adversely affect the timely completion and final project costs of some or all of our projects under redevelopment if, for example, we are required to temporarily cease construction entirely, experience delays in obtaining governmental permits and authorizations, or experience disruption in the supply of materials or labor.

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.

CAMDEN	ACQUISITIONS & DISPOSITIONS

(Unaudited)

2020 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

2020 Land Acquisitions		Location	Purchase Price	Acres	Closing Date
1.	Camden Cameron Village	Raleigh, NC	$18.2	4.9	1/13/2020
Total/Average Land Acquisitions			$18.2	4.9 Acres
2020 Land Dispositions		Location	Sales Price	Acres	Closing Date
1.	Camden Reunion Park ^(a)^	Raleigh, NC	$0.8	4.7	3/3/2020
Total/Average Land Dispositions			$0.8	4.7 Acres

(a) Partial land sale was approximately 4.7 acres of land adjacent to one of our operating properties.

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

(Unaudited)

DEBT MATURITIES AS OF MARCH 31, 2020:

	Future Scheduled Repayments ^(a)^
Year	Amortization		Secured<br><br>Maturities		Unsecured Maturities		Total		% of Total		Weighted Average Interest Rate on Maturing Debt ^(b)^
2020		(2,337		—		—		(2,337	(0.1		N/A
2021	(3,133		—		—		(3,133		(0.1		N/A
2022	(2,969		—		450,000		447,031		17.2		3.0	%
2023	(2,044		—		250,000		247,956		9.5		5.1	%
2024	(1,422		—		500,000		498,578		19.1		4.0	%
Thereafter	(7,219		—		1,300,000		1,292,781		49.6		3.7	%
Total Maturing Debt		(19,124		—		2,500,000		2,480,876	95.2		3.8	%
Unsecured Line of Credit		—		—		126,000		126,000	4.8		1.8	%
Total Debt		(19,124		—		2,626,000		2,606,876	100.0		3.7	%
Weighted Average Maturity of Debt			8.5 Years
					Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total		Interest Rate ^(b)^		Time to Maturity
Floating rate debt		225,754	8.7		2.1		3.0 Years
Fixed rate debt	2,381,122		91.3		3.8		9.0 Years
Total		2,606,876	100.0		3.7		8.5 Years
					Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total		Interest Rate ^(b)^		Time to Maturity
Unsecured debt		2,606,876	100.0		3.7		8.5 Years
Secured debt	—		—		N/A		N/A
Total		2,606,876	100.0		3.7		8.5 Years
					Weighted Average
REAL ESTATE ASSETS: ^(c)^	Total Homes		% of Total		Total Cost		% of Total		1Q20 NOI		% of Total
Unencumbered real estate assets	50,804		100.0			9,220,568	100.0			171,743	100.0	%
Encumbered real estate assets	—		—		—		—		—		—	%
Total	50,804		100.0			9,220,568	100.0			171,743	100.0	%
			Ratio of unencumbered assets at cost to unsecured debt is								3.5x

All values are in US Dollars.

(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.

CAMDEN	DEBT MATURITY ANALYSIS
	(In thousands)

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2020 AND 2021:

				Future Scheduled Repayments					Weighted Average Interest on Maturing Debt
Quarter	Amortization			Secured Maturities
2Q 2020		($778	)		—	—	($778	)	N/A
3Q 2020	(779		)	—				)	N/A
4Q 2020	(780		)	—				)	N/A
2020		($2,337	)		—	—	($2,337	)	N/A
1Q 2021		($781	)		—	—	($781	)	N/A
2Q 2021	(783		)	—				)	N/A
3Q 2021	(784		)	—				)	N/A
4Q 2021	(785		)	—				)	N/A
2021		($3,133	)		—	—	($3,133	)	N/A

All values are in US Dollars.

CAMDEN	DEBT COVENANT ANALYSIS

(Unaudited)

UNSECURED LINE OF CREDIT
Covenant ^(a)^	Required		Actual^(b)^	Compliance
Total Consolidated Debt to Gross Asset Value	<	60%	22%	Yes
Secured Debt to Gross Asset Value	<	40%	—%	Yes
Consolidated Adjusted EBITDA to Total Fixed Charges	>	150%	593%	Yes
Unsecured Debt to Gross Asset Value	<	60%	23%	Yes
SENIOR UNSECURED NOTES
Covenant ^(a)^	Required		Actual ^(b)^	Compliance
Total Consolidated Debt to Total Asset Value	<	60%	28%	Yes
Total Secured Debt to Total Asset Value	<	40%	—%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt	>	150%	362%	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.

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

(Unaudited)

PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF MARCH 31, 2020: ^(a)^

	Future Scheduled Repayments ^(b)^						Weighted Average Interest on Maturing Debt
Year	Amortization		Secured Maturities		% of Total
2020		(8		(8	—	%	N/A
2021	(149		5,160		3.2	%	4.8	%
2022	(165		—		(0.1	)%	N/A
2023	(171		—		(0.1	)%	N/A
2024	(177		—		(0.1	)%	N/A
Thereafter	(422		150,650		96.6	%	3.8	%
Total Maturing Debt		(1,092		154,718	99.5	%	3.9	%
Unsecured lines of credit ^(c)^		—		814	0.5	%	3.9	%
Total Debt		(1,092		155,532	100.0	%	3.9	%
Weighted Average Maturity of Debt			6.7 Years
					Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		Interest Rate		Time to Maturity
Floating rate debt					3.5	%	6.2 Years
Fixed rate debt			102,830		4.0	%	7.0 Years
Total			155,532		3.9	%	6.7 Years
					Weighted Average
DEBT DETAIL:			Balance		Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt					4.0	%	7.0 Years
Conventional variable-rate mortgage debt			51,888		3.5	%	6.3 Years
Unsecured lines of credit			814		3.9	%	0.9 Years
Total			155,532		3.9	%	6.7 Years
REAL ESTATE ASSETS: ^(d)^			Total Homes
Operating real estate assets			7,013	864,855
Properties under development and land			234
Total			7,247	883,577

All values are in US Dollars.

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

(b) Includes all available extension options.

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

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

(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2020 AND 2021: ^(a)^

	Future Scheduled Repayments ^(b)^						Weighted Average Interest on<br><br>Maturing Debt
Quarter	Amortization			Secured Maturities
2Q 2020		($3	)		—	(3	N/A
3Q 2020	(3		)	—			N/A
4Q 2020	(2		)	—			N/A
2020		($8	)		—	(8	N/A
1Q 2021 ^(c)^		($28	)		5,974	5,946	4.6	%
2Q 2021	(40		)	—			N/A
3Q 2021	(40		)	—			N/A
4Q 2021	(41		)	—			N/A
2021		($149	)		5,974	5,825	4.6	%

All values are in US Dollars.

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

(b) Includes all available extension options.

(c) 1Q 2021 maturities includes unsecured lines of credit with $0.8 million (Camden's pro-rata share) outstanding as of March 31, 2020. The lines of credit have $7.0 million in total capacity.

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

(Unaudited)

	First Quarter 2020
	Recurring Capitalized
Item	Weighted Average Useful Life^(a)^		Total
Interiors
Floor Coverings	6	years		2,046	42	408	$8
Appliances	9	years	815
Painting	—		—
Cabinetry/Countertops	10	years	113
Other	9	years	1,371
Exteriors
Painting	5	years	564
Carpentry	10	years	502
Landscaping	6	years	575
Roofing	19	years	1,907
Site Drainage	10	years	32
Fencing/Stair	10	years	308
Other ^(b)^	8	years	1,843
Common Areas
Mech., Elec., Plumbing	9	years	2,628
Parking/Paving	5	years	223
Pool/Exercise/Facility	7	years	1,479
Total Recurring^(c)^				14,406	294	10,749	$219
Weighted Average Apartment Homes
Non-recurring capitalized expenditures ^(d)^				333
Revenue Enhancing Expenditures ^(e)^	10	years		14,218	26,477
Revenue Enhanced Apartment Homes
Pro-Rata Joint Venture Total Recurring ^(f)^				419	191	456	$208

All values are in US Dollars.

(a) Weighted average useful life of capitalized expenses for the three months ended March 31, 2020.

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

(d) Capital expenditures primarily composed of non-recurring or one-time additions such as LED lighting programs for 2020 in addition to other, non-routine items.

(e) Represents capital expenditures for the three months ended March 31, 2020 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 18.

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

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

(Unaudited)

FFO

Adjusted FFO

	Three Months Ended March 31,
	2020		2019
Net income attributable to common shareholders		43,284		38,613
Real estate depreciation and amortization	89,511		78,675
Adjustments for unconsolidated joint ventures	2,242		2,231
Income allocated to non-controlling interests	1,282		1,144
Funds from operations		136,319		120,663
Less: recurring capitalized expenditures	(14,825		(9,655
Adjusted funds from operations		121,494		111,008
Weighted average number of common shares outstanding:
EPS diluted	99,380		97,041
FFO/AFFO diluted	101,128		98,797
	Three Months Ended March 31,
	2020		2019
Total Earnings Per Common Share - Diluted		0.43		0.40
Real estate depreciation and amortization	0.89		0.80
Adjustments for unconsolidated joint ventures	0.02		0.02
Income allocated to non-controlling interests	0.01		—
FFO per common share - Diluted		1.35		1.22
Less: recurring capitalized expenditures	(0.15		(0.10
AFFO per common share - Diluted		1.20		1.12

All values are in US Dollars.

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

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as 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 March 31,
	2020		2019
Net income		44,467		39,721
Less: Fee and asset management income	(2,527		(1,843
Less: Interest and other income	(329		(298
Less: (Income)/Loss on deferred compensation plans	14,860		(10,356
Plus: Property management expense	6,527		6,657
Plus: Fee and asset management expense	843		1,184
Plus: General and administrative expense	13,233		13,308
Plus: Interest expense	19,707		20,470
Plus: Depreciation and amortization expense	91,859		80,274
Plus: Expense/(Benefit) on deferred compensation plans	(14,860		10,356
Less: Gain on sale of land	(382		—
Less: Equity in income of joint ventures	(2,122		(1,912
Plus: Income tax expense	467		168
NOI		171,743		157,729
"Same Property" Communities		149,104		141,043
Non-"Same Property" Communities	19,968		13,118
Development and Lease-Up Communities	1,235		779
Dispositions/Other	1,436		2,789
NOI		171,743		157,729

All values are in US Dollars.

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

(Unaudited)

Adjusted EBITDA

	Three months ended March 31,
	2020		2019
Net income attributable to common shareholders		43,284		38,613
Plus: Interest expense	19,707		20,470
Plus: Depreciation and amortization expense	91,859		80,274
Plus: Income allocated to non-controlling interests	1,183		1,108
Plus: Income tax expense	467		168
Less: Gain on sale of land	(382		—
Less: Equity in income of joint ventures	(2,122		(1,912
Adjusted EBITDA		153,996		138,721
Annualized Adjusted EBITDA		615,984		554,884

All values are in US Dollars.

Net Debt to Annualized Adjusted EBITDA

Net Debt:

	Average monthly balance for
	the three months ended March 31,
	2020		2019
Unsecured notes payable		2,633,950		2,081,233
Secured notes payable	—		271,936
Total debt	2,633,950		2,353,169
Less: Cash and cash equivalents	(20,184		(138,748
Net debt		2,613,766		2,214,421

All values are in US Dollars.

Net Debt to Annualized Adjusted EBITDA:

	Three months ended March 31,
	2020
Net debt		2,613,766	$2,214,421
Annualized Adjusted EBITDA	615,984
Net Debt to Annualized Adjusted EBITDA	4.2x

All values are in US Dollars.

CAMDEN	OTHER DATA

(Unaudited)

Stock Symbol:	CPT
Exchange Traded:	NYSE
Senior Unsecured Debt Ratings:		Outlook
	Fitch	Stable
	Moody's	Stable
	Standard & Poor's	Stable
Estimated Future Dates:	Q2 '20	Q4 '20	Q1 '21
Earnings Release & Conference Call	Late July	Late January	Late April
Dividend Information - Common Shares:	Q1 '20
Declaration Date	1/30/2020
Record Date	3/31/2020
Payment Date	4/17/2020
Distributions Per Share	0.83

All values are in US Dollars.


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

CAMDEN	COMMUNITY TABLE
	Community statistics as of 3/31/2020

(Unaudited)							1Q20 Avg Monthly
			Year Placed	Average	Apartment	1Q20 Avg	Rental Rates per
Community Name	City	State	In Service	Size	Homes	Occupancy	Home
Camden Chandler	Chandler	AZ	2016	1,146	380	95%		1,520	1.33	1,753	$1.53
Camden Copper Square	Phoenix	AZ	2000	786	332	97%	1,260
Camden Foothills	Scottsdale	AZ	2014	1,032	220	97%	1,737
Camden Tempe (1)	Tempe	AZ	2015	1,033	234	95%	1,577
Camden Legacy	Scottsdale	AZ	1996	1,067	428	97%	1,443
Camden Montierra	Scottsdale	AZ	1999	1,071	249	97%	1,462
Camden North End I (2)	Phoenix	AZ	2019	921	441	Lease-Up	1,640
Camden Old Town Scottsdale	Scottsdale	AZ	2016	892	316	97%	1,745
Camden Pecos Ranch	Chandler	AZ	2001	949	272	97%	1,251
Camden San Marcos	Scottsdale	AZ	1995	984	320	98%	1,399
Camden San Paloma	Scottsdale	AZ	1993/1994	1,042	324	97%	1,409
Camden Sotelo	Tempe	AZ	2008/2012	1,303	170	95%	1,591
TOTAL ARIZONA	12	Properties		1,006	3,686	97%	1,497
Camden Crown Valley	Mission Viejo	CA	2001	1,009	380	97%	2,144
Camden Glendale	Glendale	CA	2015	893	307	93%	2,492
Camden Harbor View (3)	Long Beach	CA	2004	981	547	94%	2,627
Camden Main and Jamboree	Irvine	CA	2008	1,011	290	96%	2,180
Camden Martinique	Costa Mesa	CA	1986	795	714	96%	1,887
Camden Sea Palms	Costa Mesa	CA	1990	891	138	96%	2,168
The Camden	Hollywood	CA	2016	767	287	95%	3,153
Total Los Angeles/Orange County	7	Properties		900	2,663	95%	2,328
Camden Landmark	Ontario	CA	2006	982	469	94%	1,690
Camden Old Creek	San Marcos	CA	2007	1,037	350	97%	2,268
Camden Sierra at Otay Ranch	Chula Vista	CA	2003	962	422	93%	2,103
Camden Tuscany	San Diego	CA	2003	895	160	94%	2,663
Camden Vineyards	Murrieta	CA	2002	1,053	264	94%	1,829
Total San Diego/Inland Empire	5	Properties		992	1,665	94%	2,032
TOTAL CALIFORNIA	12	Properties		935	4,328	95%	2,214
Camden Belleview Station	Denver	CO	2009	888	270	95%	1,542
Camden Caley	Englewood	CO	2000	921	218	96%	1,543
Camden Denver West	Golden	CO	1997	1,015	320	96%	1,843
Camden Flatirons	Denver	CO	2015	960	424	95%	1,704
Camden Highlands Ridge	Highlands Ranch	CO	1996	1,149	342	97%	1,817
Camden Interlocken	Broomfield	CO	1999	1,002	340	95%	1,729
Camden Lakeway	Littleton	CO	1997	932	451	96%	1,632
Camden Lincoln Station	Lone Tree	CO	2017	844	267	95%	1,628
TOTAL COLORADO	8	Properties		969	2,632	96%	1,689
Camden Ashburn Farm	Ashburn	VA	2000	1,062	162	97%	1,759
Camden College Park	College Park	MD	2008	942	508	96%	1,642
Camden Dulles Station	Oak Hill	VA	2009	977	382	98%	1,862
Camden Fair Lakes	Fairfax	VA	1999	1,056	530	97%	1,907
Camden Fairfax Corner	Fairfax	VA	2006	934	489	97%	1,997
Camden Fallsgrove	Rockville	MD	2004	996	268	98%	1,845
Camden Grand Parc	Washington	DC	2002	672	105	95%	2,615
Camden Lansdowne	Leesburg	VA	2002	1,006	690	97%	1,723
Camden Largo Town Center	Largo	MD	2000/2007	1,027	245	96%	1,707
Camden Monument Place	Fairfax	VA	2007	856	368	97%	1,706
Camden Noma	Washington	DC	2014	769	321	97%	2,297
Camden Noma II	Washington	DC	2017	759	405	97%	2,403
Camden Potomac Yard (3)	Arlington	VA	2008	832	378	96%	2,104
Camden Roosevelt	Washington	DC	2003	856	198	95%	2,970
Camden Russett	Laurel	MD	2000	992	426	96%	1,539
Camden Shady Grove	Rockville	MD	2018	877	457	96%	1,777
Camden Silo Creek	Ashburn	VA	2004	975	284	97%	1,710
Camden South Capitol (4)	Washington	DC	2013	821	281	97%	2,365
Camden Washingtonian	Gaithersburg	MD	2018	870	365	96%	1,755
TOTAL DC METRO	19	Properties		922	6,862	97%	1,920
Camden Aventura	Aventura	FL	1995	1,108	379	96%	1,997
Camden Boca Raton	Boca Raton	FL	2014	843	261	98%	2,024
Camden Brickell (3)	Miami	FL	2003	937	405	96%	2,156
Camden Doral	Miami	FL	1999	1,120	260	98%	1,973
Camden Doral Villas	Miami	FL	2000	1,253	232	98%	2,127
Camden Las Olas (3)	Ft. Lauderdale	FL	2004	1,043	420	95%	2,124
Camden Plantation	Plantation	FL	1997	1,201	502	97%	1,721
Camden Portofino	Pembroke Pines	FL	1995	1,112	322	98%	1,795
Total Southeast Florida	8	Properties		1,079	2,781	97%	1,977

All values are in US Dollars.

CAMDEN	COMMUNITY TABLE
	Community statistics as of 3/31/2020

(Unaudited)							1Q20 Avg Monthly
			Year Placed	Average	Apartment	1Q20 Avg	Rental Rates per
Community Name	City	State	In Service	Size	Homes	Occupancy	Home
Camden Hunter's Creek	Orlando	FL	2000	1,075	270	97%		1,485	1.38	1,732	$1.61
Camden Lago Vista	Orlando	FL	2005	955	366	96%	1,370
Camden LaVina	Orlando	FL	2012	969	420	97%	1,385
Camden Lee Vista	Orlando	FL	2000	937	492	96%	1,330
Camden North Quarter	Orlando	FL	2016	806	333	95%	1,578
Camden Orange Court	Orlando	FL	2008	817	268	96%	1,380
Camden Thornton Park	Orlando	FL	2016	920	299	94%	1,836
Camden Town Square	Orlando	FL	2012	983	438	96%	1,418
Camden Waterford Lakes (4)	Orlando	FL	2014	971	300	97%	1,463
Camden World Gateway	Orlando	FL	2000	979	408	97%	1,404
Total Orlando	10	Properties		944	3,594	96%	1,451
Camden Bay	Tampa	FL	1997/2001	943	760	96%	1,265
Camden Montague	Tampa	FL	2012	972	192	97%	1,359
Camden Pier District	St. Petersburg	FL	2016	989	358	96%	2,544
Camden Preserve	Tampa	FL	1996	942	276	94%	1,481
Camden Royal Palms	Brandon	FL	2006	1,017	352	96%	1,274
Camden Visconti (4)	Tampa	FL	2007	1,125	450	96%	1,413
Camden Westchase Park	Tampa	FL	2012	992	348	97%	1,473
Total Tampa	7	Properties		997	2,736	96%	1,513
TOTAL FLORIDA	25	Properties		1,001	9,111	96%	1,630
Camden Brookwood	Atlanta	GA	2002	916	359	94%	1,467
Camden Buckhead Square	Atlanta	GA	2015	827	250	95%	1,584
Camden Creekstone	Atlanta	GA	2002	990	223	97%	1,406
Camden Deerfield	Alpharetta	GA	2000	1,187	292	95%	1,464
Camden Dunwoody	Atlanta	GA	1997	1,007	324	96%	1,394
Camden Fourth Ward	Atlanta	GA	2014	844	276	97%	1,755
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	97%	1,553
Camden Paces	Atlanta	GA	2015	1,408	379	97%	2,686
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	95%	1,352
Camden Phipps (4)	Atlanta	GA	1996	1,016	234	96%	1,591
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	96%	1,343
Camden St. Clair	Atlanta	GA	1997	999	336	96%	1,400
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	97%	1,172
Camden Vantage	Atlanta	GA	2010	901	592	94%	1,485
TOTAL GEORGIA	14	Properties		1,014	4,496	96%	1,559
Camden Ballantyne	Charlotte	NC	1998	1,048	400	97%	1,304
Camden Cotton Mills	Charlotte	NC	2002	905	180	96%	1,507
Camden Dilworth	Charlotte	NC	2006	857	145	96%	1,503
Camden Fairview	Charlotte	NC	1983	1,036	135	96%	1,220
Camden Foxcroft	Charlotte	NC	1979	940	156	96%	1,095
Camden Foxcroft II	Charlotte	NC	1985	874	100	96%	1,199
Camden Gallery	Charlotte	NC	2017	743	323	97%	1,619
Camden Grandview	Charlotte	NC	2000	1,059	266	97%	1,707
Camden Grandview II	Charlotte	NC	2019	2,241	28	96%	3,408
Camden Sedgebrook	Charlotte	NC	1999	972	368	96%	1,162
Camden South End	Charlotte	NC	2003	878	299	97%	1,500
Camden Southline (4)	Charlotte	NC	2015	831	266	97%	1,607
Camden Stonecrest	Charlotte	NC	2001	1,098	306	96%	1,356
Camden Touchstone	Charlotte	NC	1986	899	132	97%	1,104
Total Charlotte	14	Properties		954	3,104	96%	1,418
Camden Asbury Village (4)	Raleigh	NC	2009	1,009	350	96%	1,276
Camden Carolinian (2)	Raleigh	NC	2017	1,118	186	Lease-Up	2,412
Camden Crest	Raleigh	NC	2001	1,014	438	96%	1,096
Camden Governor's Village	Chapel Hill	NC	1999	1,046	242	98%	1,143
Camden Lake Pine	Apex	NC	1999	1,066	446	96%	1,218
Camden Manor Park	Raleigh	NC	2006	966	484	97%	1,207
Camden Overlook	Raleigh	NC	2001	1,061	320	97%	1,313
Camden Reunion Park	Apex	NC	2000/2004	972	420	95%	1,102
Camden Westwood	Morrisville	NC	1999	1,027	354	92%	1,158
Total Raleigh	9	Properties		1,022	3,240	96%	1,257
TOTAL NORTH CAROLINA	23	Properties		989	6,344	96%	1,336

All values are in US Dollars.

CAMDEN	COMMUNITY TABLE
	Community statistics as of 3/31/2020

(Unaudited)							1Q20 Avg Monthly
			Year Placed	Average	Apartment	1Q20 Avg	Rental Rates per
Community Name	City	State	In Service	Size	Homes	Occupancy	Home
Camden Amber Oaks (4)	Austin	TX	2009	862	348	97%		1,155	1.34	1,402	$1.63
Camden Amber Oaks II (4)	Austin	TX	2012	910	244	97%	1,216
Camden Brushy Creek (4)	Cedar Park	TX	2008	882	272	98%	1,221
Camden Cedar Hills	Austin	TX	2008	911	208	98%	1,333
Camden Gaines Ranch	Austin	TX	1997	955	390	97%	1,493
Camden Huntingdon	Austin	TX	1995	903	398	96%	1,232
Camden La Frontera	Austin	TX	2015	901	300	96%	1,284
Camden Lamar Heights	Austin	TX	2015	838	314	96%	1,562
Camden Rainey Street	Austin	TX	2016	873	326	93%	2,206
Camden Shadow Brook (4)	Austin	TX	2009	909	496	97%	1,209
Camden Stoneleigh	Austin	TX	2001	908	390	96%	1,334
Total Austin	11	Properties		897	3,686	97%	1,382
Camden Addison	Addison	TX	1996	942	456	96%	1,280
Camden Belmont	Dallas	TX	2010/2012	946	477	94%	1,491
Camden Buckingham	Richardson	TX	1997	919	464	97%	1,271
Camden Centreport	Ft. Worth	TX	1997	912	268	97%	1,230
Camden Cimarron	Irving	TX	1992	772	286	97%	1,268
Camden Design District (4)	Dallas	TX	2009	939	355	96%	1,428
Camden Farmers Market	Dallas	TX	2001/2005	932	904	96%	1,388
Camden Henderson	Dallas	TX	2012	966	106	97%	1,561
Camden Legacy Creek	Plano	TX	1995	831	240	97%	1,327
Camden Legacy Park	Plano	TX	1996	870	276	96%	1,319
Camden Panther Creek (4)	Frisco	TX	2009	946	295	97%	1,296
Camden Riverwalk (4)	Grapevine	TX	2008	989	600	96%	1,492
Camden Valley Park	Irving	TX	1986	743	516	97%	1,107
Camden Victory Park	Dallas	TX	2016	861	423	97%	1,698
Total Dallas/Ft. Worth	14	Properties		902	5,666	96%	1,368
Camden City Centre	Houston	TX	2007	932	379	95%	1,527
Camden City Centre II	Houston	TX	2013	869	268	95%	1,532
Camden Cypress Creek (4)	Cypress	TX	2009	993	310	97%	1,349
Camden Downs at Cinco Ranch (4)	Katy	TX	2004	1,075	318	97%	1,289
Camden Grand Harbor (4)	Katy	TX	2008	959	300	95%	1,203
Camden Greenway	Houston	TX	1999	861	756	97%	1,409
Camden Heights (4)	Houston	TX	2004	927	352	95%	1,536
Camden Highland Village	Houston	TX	2014/2015	1,175	552	86%	2,394
Camden Holly Springs	Houston	TX	1999	934	548	95%	1,243
Camden McGowen Station	Houston	TX	2018	1,004	315	93%	2,069
Camden Midtown	Houston	TX	1999	844	337	95%	1,553
Camden Northpointe (4)	Tomball	TX	2008	940	384	95%	1,164
Camden Oak Crest	Houston	TX	2003	870	364	94%	1,145
Camden Park	Houston	TX	1995	866	288	96%	1,116
Camden Plaza	Houston	TX	2007	915	271	95%	1,609
Camden Post Oak	Houston	TX	2003	1,200	356	97%	2,456
Camden Royal Oaks	Houston	TX	2006	923	236	96%	1,378
Camden Royal Oaks II	Houston	TX	2012	1,054	104	98%	1,610
Camden Spring Creek (4)	Spring	TX	2004	1,080	304	94%	1,246
Camden Stonebridge	Houston	TX	1993	845	204	96%	1,124
Camden Sugar Grove	Stafford	TX	1997	921	380	95%	1,205
Camden Travis Street	Houston	TX	2010	819	253	97%	1,507
Camden Vanderbilt	Houston	TX	1996/1997	863	894	95%	1,436
Camden Whispering Oaks	Houston	TX	2008	936	274	96%	1,253
Camden Woodson Park (4)	Houston	TX	2008	916	248	92%	1,208
Camden Yorktown (4)	Houston	TX	2008	995	306	93%	1,197
Total Houston	26	Properties		947	9,301	95%	1,472
TOTAL TEXAS	51	Properties		924	18,653	96%	1,423
TOTAL PROPERTIES	164	Properties		959	56,112	96%		1,597	1.66	1,836	$1.91

All values are in US Dollars.

(1) Formerly known as Camden Hayden.

(2) Completed communities in lease-up as of March 31, 2020 are excluded from total occupancy numbers.

(3) Communities under redevelopment as of March 31, 2020.

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