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): July 30, 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)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	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 July 30, 2020, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and six months ended June 30, 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 July 30, 2020.
99.2	Supplemental Financial Information dated July 30, 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: July 30, 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 July 30, 2020.
99.2	Supplemental Financial Information dated July 30, 2020.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

		Exhibit

CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2020 OPERATING RESULTS

Houston, Texas (July 30, 2020) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2020. Net Income Attributable to Common Shareholders (“EPS”), Funds from Operations (“FFO”), and Adjusted Funds from Operations (“AFFO”) for the three and six months ended June 30, 2020 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

	Three Months Ended		Six Months Ended
	June 30		June 30
Per Diluted Share	2020	2019	2020	2019
EPS	$0.17	$0.43	$0.60	$0.82
FFO	$1.09	$1.28	$2.44	$2.50
AFFO	$0.91	$1.07	$2.11	$2.19

EPS, FFO and AFFO include an approximate $0.14 per diluted share impact of non-recurring charges from COVID-19 Related Impact for the three and six months ended June 30, 2020 as detailed below.

COVID-19 Related Impact	Per Diluted Share
Resident Relief Funds (Wholly-Owned)	0.090
Resident Relief Funds (JV Allocation at Pro-rata)	0.004
Employee Relief Fund	0.007
Frontline Bonus	0.028
2Q COVID-19 Expenses	0.013
Total	0.142

All values are in US Dollars.

	Quarterly Growth	Sequential Growth	Year-To-Date Growth
Same Property Results*	2Q20 vs. 2Q19	2Q20 vs. 1Q20	2020 vs. 2019
Revenues	0.1%	(2.0)%	1.9%
Expenses	2.3%	0.9%	1.2%
Net Operating Income ("NOI")	(1.1)%	(3.5)%	2.2%

*Same property results exclude COVID-19 Related Impact described above.

Same Property Results	2Q20	2Q19	1Q20
Occupancy	95.2%	96.1%	96.1%

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.

July Collections	Same Property Scheduled Rents*	July 2020	July 2019	2Q20
Collected	98.7%	98.4%	97.7%	98.6%
Deferred/Payment Plan Arranged	—%	—%	1.1%	—%
Delinquent	1.3%	1.6%	1.2%	1.4%

*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 0.7% of total property revenues. The Company collected 46% and 48% of its retail billings for the second quarter of 2020 and July 2020, respectively.

Operating Statistics - Same Property Portfolio

New Lease and Renewal Data - Signed ^(1) (2)^	July 2020*	July 2019	2Q20^(2)^	2Q19^(2)^
New Lease Rates	(2.0)%	4.0%	(2.8)%	4.0%
Renewal Rates	1.1%	5.3%	0.3%	5.7%
Blended Rates	(0.6)%	4.6%	(1.1)%	4.8%
New Leases	1,733	1,773	1,759	2,054
Renewals	1,716	1,692	2,096	1,962
Total Leases	3,449	3,465	3,855	4,016	New Lease and Renewal Data - Effective^(3) (4)^	July 2020*	July 2019	2Q20^(4)^	2Q19^(4)^
---	---	---	---	---
New Lease Rates	(2.0)%	4.4%	(2.1)%	3.2%
Renewal Rates	0.2%	5.6%	2.3%	5.4%
Blended Rates	(0.9)%	5.0%	0.3%	4.3%
New Leases	2,180	2,080	1,510	1,860
Renewals	2,404	2,400	1,898	1,714
Total Leases	4,584	4,480	3,408	3,574

*Data as of July 29, 2020

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

(2) Data represents average monthly leases signed during the period.

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

(4) Data represents average monthly leases effective during the period.

Occupancy and Turnover Data	July 2020*	July 2019	2Q20	2Q19
Occupancy	95.3%	96.3%	95.2%	96.1%
Annualized Gross Turnover	57%	66%	54%	57%
Annualized Net Turnover	46%	58%	43%	50%

*Data as of July 29, 2020

Development Activity

Leasing began during the quarter at Camden Cypress Creek II in Cypress, TX, a joint venture project with 234 apartment homes.

Development Community - Construction Completed and Project in Lease-Up ($ in millions)

		Total	Total	% Leased
Community Name	Location	Homes	Cost	as of 7/29/2020
Camden North End I	Phoenix, AZ	441	$98.8	89	%

Development Communities - Construction Ongoing ($ in millions)

		Total	Total
Community Name	Location	Homes	Estimated Cost
Camden Downtown I	Houston, TX	271	132.0	%
Camden RiNo	Denver, CO	233	78.0
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	713.0

All values are in US Dollars.

Capital Markets Transactions

During the quarter, 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 June 30, 2020, the Company had approximately $1.5 billion of liquidity comprised of $602 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 $184.7 million left to fund under its existing wholly-owned development pipeline at quarter-end.

Earnings Guidance

Camden provided guidance for third quarter 2020 based on its current and expected views of the apartment market and general economic conditions as detailed below.

3Q20 Guidance
		3Q20 vs. 3Q19 Same Property Growth
Per Diluted Share		Revenues	(2.2)% - (1.0)%
EPS	$0.27 - $0.33	Expenses	3.5% - 5.5%
FFO	$1.14 - $1.20	NOI	(6.5)% - (3.5)%

Conference Call

Friday, July 31, 2020 at 10:00 AM CT

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

Passcode: 4385387

Webcast: https://services.choruscall.com/links/cpt200731.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 June 30,		Six Months Ended June 30,
	2020	2019	2020	2019
OPERATING DATA
Property revenues ^(a)^	250,683	255,761	516,562	504,328
Property expenses
Property operating and maintenance	64,641	58,147	124,597	115,095
Real estate taxes	35,040	33,080	69,220	66,970
Total property expenses	99,681	91,227	193,817	182,065
Non-property income
Fee and asset management	2,380	1,867	4,907	3,710
Interest and other income	325	331	654	629
Income/(Loss) on deferred compensation plans	11,435	3,856	(3,425	14,212
Total non-property income	14,140	6,054	2,136	18,551
Other expenses
Property management	5,939	6,093	12,466	12,750
Fee and asset management	820	1,522	1,663	2,706
General and administrative	14,391	13,261	27,624	26,569
Interest	23,482	19,349	43,189	39,819
Depreciation and amortization	92,803	84,646	184,662	164,920
Expense/(Benefit) on deferred compensation plans	11,435	3,856	(3,425	14,212
Total other expenses	148,870	128,727	266,179	260,976
Gain on sale of land	—	—	382	—
Equity in income of joint ventures	1,633	1,909	3,755	3,821
Income from continuing operations before income taxes	17,905	43,770	62,839	83,659
Income tax expense	(394	(228	(861	(396
Net income	17,511	43,542	61,978	83,263
Less income allocated to non-controlling interests	(1,034	(1,143	(2,217	(2,251
Net income attributable to common shareholders ^(b)^
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	17,511	43,542	61,978	83,263
Other comprehensive income
Unrealized (loss) on cash flow hedging activities	—	(7,060	—	(12,998
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation	366	(351	732	(726
Comprehensive income	17,877	36,131	62,710	69,539
Less income allocated to non-controlling interests	(1,034	(1,143	(2,217	(2,251
Comprehensive income attributable to common shareholders
PER SHARE DATA
Total earnings per common share - basic
Total earnings per common share - diluted	0.17	0.43	0.60	0.82
Weighted average number of common shares outstanding:
Basic	99,399	98,903	99,348	97,903
Diluted	99,408	98,997	99,394	98,024

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 June 30, 2020, we recognized $250.7 million of property revenue which consisted of approximately $221.4 million of rental revenue, net of $9.1 million related to the Resident Relief Funds, 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 $255.8 million recognized for the three months ended June 30, 2019, made up of approximately $226.3 million of rental revenue and approximately $29.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. For the six months ended June 30, 2020, we recognized $516.6 million of property revenue which consisted of approximately $458.0 million of rental revenue, net of $9.1 million related to the Resident Relief Funds, and approximately $58.6 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 $504.3 million recognized for the six months ended June 30, 2019, made up of approximately $446.3 million of rental revenue and approximately $58.0 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $7.1 million and $6.4 million for the three months ended June 30, 2020 and 2019, respectively. For the six months ended June 30, 2020 we recognized $14.0 million of revenue related to utility rebilling to residents. This compares to revenue related to utility rebilling to residents of $12.9 million for the six months ended June 30, 2019.

(b) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28 of the supplement, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

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

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

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
FUNDS FROM OPERATIONS
Net income attributable to common shareholders ^(a)^		16,477		42,399		59,761		81,012
Real estate depreciation and amortization	90,500		82,796		180,011		161,471
Adjustments for unconsolidated joint ventures	2,287		2,260		4,529		4,491
Income allocated to non-controlling interests	1,103		1,180		2,385		2,324
Funds from operations		110,367		128,635		246,686		249,298
Less: recurring capitalized expenditures^(b)^	(18,782		(21,166		(33,607		(30,821
Adjusted funds from operations		91,585		107,469		213,079		218,477
PER SHARE DATA
Funds from operations - diluted		1.09		1.28		2.44		2.50
Adjusted funds from operations - diluted	0.91		1.07		2.11		2.19
Distributions declared per common share	0.83		0.80		1.66		1.60
Weighted average number of common shares outstanding:
FFO/AFFO - diluted	101,156		100,750		101,142		99,779
PROPERTY DATA
Total operating properties (end of period) ^(c)^	164		165		164		165
Total operating apartment homes in operating properties (end of period) ^(c)^	56,112		56,271		56,112		56,271
Total operating apartment homes (weighted average)	49,069		48,565		49,043		48,261

All values are in US Dollars.

(a) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28 of the supplement, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

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

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

CAMDEN	BALANCE SHEETS
	(In thousands)

(Unaudited)

	Jun 30, <br>2020		Mar 31, <br>2020		Dec 31, <br>2019		Sep 30, <br>2019		Jun 30, <br>2019
ASSETS
Real estate assets, at cost
Land		1,206,656		1,206,130		1,199,384		1,158,342		1,158,342
Buildings and improvements	7,597,165		7,547,150		7,404,090		7,242,256		7,192,644
	8,803,821		8,753,280		8,603,474		8,400,598		8,350,986
Accumulated depreciation	(2,857,124		(2,770,848		(2,686,025		(2,638,693		(2,558,690
Net operating real estate assets	5,946,697		5,982,432		5,917,449		5,761,905		5,792,296
Properties under development, including land	514,336		467,288		512,319		440,917		397,418
Investments in joint ventures	21,735		22,318		20,688		21,715		21,313
Total real estate assets	6,482,768		6,472,038		6,450,456		6,224,537		6,211,027
Accounts receivable – affiliates	21,432		20,344		21,833		23,170		22,297
Other assets, net ^(a)^	211,823		196,544		248,716		238,014		233,335
Cash and cash equivalents	601,584		22,277		23,184		157,239		149,551
Restricted cash	4,093		4,367		4,315		5,686		5,392
Total assets		7,321,700		6,715,570		6,748,504		6,648,646		6,621,602
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		3,224,871		2,606,876		2,524,099		2,432,137		2,431,336
Secured	—		—		—		45,250		45,467
Accounts payable and accrued expenses	167,453		156,841		171,719		170,689		128,371
Accrued real estate taxes	62,499		32,365		54,408		74,658		59,525
Distributions payable	84,138		84,112		80,973		80,764		80,767
Other liabilities^(b)^	172,172		164,052		215,581		187,367		187,368
Total liabilities	3,711,133		3,044,246		3,046,780		2,990,865		2,932,834
Equity
Common shares of beneficial interest	1,068		1,069		1,069		1,065		1,065
Additional paid-in capital	4,574,387		4,569,995		4,566,731		4,538,422		4,533,667
Distributions in excess of net income attributable to common shareholders	(689,809		(623,570		(584,167		(599,615		(563,834
Treasury shares, at cost	(341,637		(342,778		(348,419		(348,556		(348,480
Accumulated other comprehensive income (loss) ^(c)^	(5,797		(6,163		(6,529		(6,438		(6,795
Total common equity	3,538,212		3,598,553		3,628,685		3,584,878		3,615,623
Non-controlling interests	72,355		72,771		73,039		72,903		73,145
Total equity	3,610,567		3,671,324		3,701,724		3,657,781		3,688,768
Total liabilities and equity		7,321,700		6,715,570		6,748,504		6,648,646		6,621,602
(a) Includes net deferred charges of:		3,031		3,399		3,658		4,358		4,345
(b) Includes deferred revenues of:		344		375		408		497		581
(c) 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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net income attributable to common shareholders ^(a)^		16,477		42,399		59,761		81,012
Real estate depreciation and amortization	90,500		82,796		180,011		161,471
Adjustments for unconsolidated joint ventures	2,287		2,260		4,529		4,491
Income allocated to non-controlling interests	1,103		1,180		2,385		2,324
Funds from operations		110,367		128,635		246,686		249,298
Less: recurring capitalized expenditures	(18,782		(21,166		(33,607		(30,821
Adjusted funds from operations		91,585		107,469		213,079		218,477
Weighted average number of common shares outstanding:
EPS diluted	99,408		98,997		99,394		98,024
FFO/AFFO diluted	101,156		100,750		101,142		99,779
	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Total Earnings Per Common Share - Diluted		0.17		0.43		0.60		0.82
Real estate depreciation and amortization	0.89		0.82		1.78		1.62
Adjustments for unconsolidated joint ventures	0.02		0.02		0.04		0.05
Income allocated to non-controlling interests	0.01		0.01		0.02		0.01
FFO per common share - Diluted		1.09		1.28		2.44		2.50
Less: recurring capitalized expenditures	(0.18		(0.21		(0.33		(0.31
AFFO per common share - Diluted		0.91		1.07		2.11		2.19

All values are in US Dollars.

(a) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. The total COVID-19 Related Impact was comprised of $9.5 million related to the Resident Relief Funds which were established in April 2020. Of this amount, approximately $9.1 million was paid to residents at our wholly-owned communities and approximately $1.3 million of Resident Relief Funds paid to residents of the operating communities owned by our unconsolidated joint ventures, of which, we recognized our ownership interest of $0.4 million in equity in income of joint ventures. Additionally, we incurred approximately $4.1 million of COVID-19 expenses at our operating communities, which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.3 million in other directly related COVID-19 expenses. We also incurred approximately $0.8 million related to the Employee Relief Fund we established to help our employees impacted by COVID-19.

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

(Unaudited)

	3Q20
	Low
Expected earnings per common share - diluted		0.27	$0.33
Expected real estate depreciation and amortization	0.84
Expected adjustments for unconsolidated joint ventures	0.02
Expected income allocated to non-controlling interests	0.01
Expected FFO per share - diluted		1.14	$1.20
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements earlier in this document.

All values are in US Dollars.

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 12 of the supplement. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Net income ^(a)^		17,511		43,542		61,978		83,263
Less: Fee and asset management income	(2,380		(1,867		(4,907		(3,710
Less: Interest and other income	(325		(331		(654		(629
Less: (Income)/Loss on deferred compensation plans	(11,435		(3,856		3,425		(14,212
Plus: Property management expense	5,939		6,093		12,466		12,750
Plus: Fee and asset management expense	820		1,522		1,663		2,706
Plus: General and administrative expense	14,391		13,261		27,624		26,569
Plus: Interest expense	23,482		19,349		43,189		39,819
Plus: Depreciation and amortization expense	92,803		84,646		184,662		164,920
Plus: Expense/(Benefit) on deferred compensation plans	11,435		3,856		(3,425		14,212
Less: Gain on sale of land	—		—		(382		—
Less: Equity in income of joint ventures	(1,633		(1,909		(3,755		(3,821
Plus: Income tax expense	394		228		861		396
NOI ^(b) (c)^		151,002		164,534		322,745		322,263
"Same Property" Communities		143,837		145,508		292,941		286,551
Non-"Same Property" Communities	18,530		15,349		38,498		28,467
Development and Lease-Up Communities	1,089		927		2,324		1,706
COVID-19 Related Impact ^(b) (c)^	(13,170		—		(13,170		—
Dispositions/Other	716		2,750		2,152		5,539
NOI ^(b) (c)^		151,002		164,534		322,745		322,263

All values are in US Dollars.

(a) Net income includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28 of the supplement, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

(b) Two Resident Relief Funds were established for residents experiencing financial losses caused by the COVID-19 pandemic, and paid out approximately $9.1 million to approximately 7,100 Camden residents of our wholly-owned communities. All charges related to these funds were recognized in 2Q20 as a reduction of revenue.

(c) We incurred approximately $4.1 million of COVID-19 expenses at our operating communities, which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.3 million in other directly related COVID-19 expenses, for the three and six months ended June 30, 2020.

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

(Unaudited)

Adjusted EBITDA

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, net of tax, loss on early retirement of debt and income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by 4 for quarter results or 2 for 6 month results. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Net income attributable to common shareholders ^(a)^		16,477		42,399		59,761		81,012
Plus: Interest expense	23,482		19,349		43,189		39,819
Plus: Depreciation and amortization expense	92,803		84,646		184,662		164,920
Plus: Income allocated to non-controlling interests	1,034		1,143		2,217		2,251
Plus: Income tax expense	394		228		861		396
Plus: COVID-19 Related Impact ^(b)^	13,920		—		13,920		—
Less: Gain on sale of land	—		—		(382		—
Less: Equity in income of joint ventures	(1,633		(1,909		(3,755		(3,821
Adjusted EBITDA		146,477		145,856		300,473		284,577
Annualized Adjusted EBITDA		585,908		583,424		600,946		569,154

All values are in US Dollars.

(b) Approximately $13.9 million of the stated COVID-19 Related Impact, which consists of the Resident Relief Funds, Employee Relief Fund, direct COVID-19 expenses, and bonus paid to on-site employees, has been added back to the Adjusted EBITDA calculation.

Net Debt to Annualized Adjusted EBITDA

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

Net Debt:

	Average monthly balance for				Average monthly balance for
	the three months ended June 30,				the six months ended June 30,
	2020		2019		2020		2019
Unsecured notes payable		3,224,594		2,323,439		2,929,272		2,202,336
Secured notes payable	—		45,539		—		158,737
Total debt	3,224,594		2,368,978		2,929,272		2,361,073
Less: Cash and cash equivalents	(558,090		(89,879		(282,409		(114,314
Net debt		2,666,504		2,279,099		2,646,863		2,246,759

All values are in US Dollars.

Net Debt to Annualized Adjusted EBITDA:

	Three months ended June 30,
	2020
Net debt		2,666,504	2,279,099	2,646,863	$2,246,759
Annualized Adjusted EBITDA	585,908
Net Debt to Annualized Adjusted EBITDA	4.6x

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" Second Quarter Comparisons	13
"Same Property" Sequential Quarter Comparisons	14
"Same Property" Year to Date Comparisons	15
"Same Property" Operating Expense Detail & Comparisons	16
Joint Venture Operations	17
Current Development Communities	18
Development Pipeline	19
Redevelopment Summary	20
Acquisitions and Dispositions	21
Debt Analysis	22
Debt Maturity Analysis	23
Debt Covenant Analysis	24
Unconsolidated Real Estate Investments Debt Analysis	25
Unconsolidated Real Estate Investments Debt Maturity Analysis	26
Capitalized Expenditures & Maintenance Expense	27
Non-GAAP Financial Measures - Definitions & Reconciliations	28
Other Data	31
Community Table	32

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 SECOND QUARTER 2020 OPERATING RESULTS

	Three Months Ended		Six Months Ended
	June 30		June 30
Per Diluted Share	2020	2019	2020	2019
EPS	$0.17	$0.43	$0.60	$0.82
FFO	$1.09	$1.28	$2.44	$2.50
AFFO	$0.91	$1.07	$2.11	$2.19

EPS, FFO and AFFO include an approximate $0.14 per diluted share impact of non-recurring charges from COVID-19 Related Impact for the three and six months ended June 30, 2020 as detailed below.

COVID-19 Related Impact	Per Diluted Share
Resident Relief Funds (Wholly-Owned)	0.090
Resident Relief Funds (JV Allocation at Pro-rata)	0.004
Employee Relief Fund	0.007
Frontline Bonus	0.028
2Q COVID-19 Expenses	0.013
Total	0.142

All values are in US Dollars.

	Quarterly Growth	Sequential Growth	Year-To-Date Growth
Same Property Results*	2Q20 vs. 2Q19	2Q20 vs. 1Q20	2020 vs. 2019
Revenues	0.1%	(2.0)%	1.9%
Expenses	2.3%	0.9%	1.2%
Net Operating Income ("NOI")	(1.1)%	(3.5)%	2.2%

*Same property results exclude COVID-19 Related Impact described above.

Same Property Results	2Q20	2Q19	1Q20
Occupancy	95.2%	96.1%	96.1%

July Collections	Same Property Scheduled Rents*	July 2020	July 2019	2Q20
Collected	98.7%	98.4%	97.7%	98.6%
Deferred/Payment Plan Arranged	—%	—%	1.1%	—%
Delinquent	1.3%	1.6%	1.2%	1.4%

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

Operating Statistics - Same Property Portfolio

New Lease and Renewal Data - Signed ^(1) (2)^	July 2020*	July 2019	2Q20^(2)^	2Q19^(2)^
New Lease Rates	(2.0)%	4.0%	(2.8)%	4.0%
Renewal Rates	1.1%	5.3%	0.3%	5.7%
Blended Rates	(0.6)%	4.6%	(1.1)%	4.8%
New Leases	1,733	1,773	1,759	2,054
Renewals	1,716	1,692	2,096	1,962
Total Leases	3,449	3,465	3,855	4,016	New Lease and Renewal Data - Effective^(3) (4)^	July 2020*	July 2019	2Q20^(4)^	2Q19^(4)^
---	---	---	---	---
New Lease Rates	(2.0)%	4.4%	(2.1)%	3.2%
Renewal Rates	0.2%	5.6%	2.3%	5.4%
Blended Rates	(0.9)%	5.0%	0.3%	4.3%
New Leases	2,180	2,080	1,510	1,860
Renewals	2,404	2,400	1,898	1,714
Total Leases	4,584	4,480	3,408	3,574

*Data as of July 29, 2020

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

(2) Data represents average monthly leases signed during the period.

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

(4) Data represents average monthly leases effective during the period.

Occupancy and Turnover Data	July 2020*	July 2019	2Q20	2Q19
Occupancy	95.3%	96.3%	95.2%	96.1%
Annualized Gross Turnover	57%	66%	54%	57%
Annualized Net Turnover	46%	58%	43%	50%

*Data as of July 29, 2020

Development Activity

Leasing began during the quarter at Camden Cypress Creek II in Cypress, TX, a joint venture project with 234 apartment homes.

Development Community - Construction Completed and Project in Lease-Up ($ in millions)

		Total	Total	% Leased
Community Name	Location	Homes	Cost	as of 7/29/2020
Camden North End I	Phoenix, AZ	441	$98.8	89	%

Development Communities - Construction Ongoing ($ in millions)

		Total	Total
Community Name	Location	Homes	Estimated Cost
Camden Downtown I	Houston, TX	271	132.0	%
Camden RiNo	Denver, CO	233	78.0
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	713.0

All values are in US Dollars.

Capital Markets Transactions

Liquidity Analysis

Earnings Guidance

Camden provided guidance for third quarter 2020 based on its current and expected views of the apartment market and general economic conditions as detailed below.

3Q20 Guidance
		3Q20 vs. 3Q19 Same Property Growth
Per Diluted Share		Revenues	(2.2)% - (1.0)%
EPS	$0.27 - $0.33	Expenses	3.5% - 5.5%
FFO	$1.14 - $1.20	NOI	(6.5)% - (3.5)%

Conference Call

Friday, July 31, 2020 at 10:00 AM CT

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

Passcode: 4385387

Webcast: https://services.choruscall.com/links/cpt200731.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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Property revenues		250,683		255,761		516,562		504,328
Adjusted EBITDA ^(a)^	146,477		145,856		300,473		284,577
Net income attributable to common shareholders ^(b)^	16,477		42,399		59,761		81,012
Per share - basic	0.17		0.43		0.60		0.83
Per share - diluted	0.17		0.43		0.60		0.82
Funds from operations	110,367		128,635		246,686		249,298
Per share - diluted	1.09		1.28		2.44		2.50
Adjusted funds from operations	91,585		107,469		213,079		218,477
Per share - diluted	0.91		1.07		2.11		2.19
Dividends per share	0.83		0.80		1.66		1.60
Dividend payout ratio (FFO)	76.1		62.5		68.0		64.0
Interest expensed	23,482		19,349		43,189		39,819
Interest capitalized	4,087		3,194		8,617		5,926
Total interest incurred	27,569		22,543		51,806		45,745
Principal amortization	—		215		—		481
Net Debt to Annualized Adjusted EBITDA ^(c)^	4.6x		3.9x		4.4x		3.9x
Interest expense coverage ratio	6.2x		7.5x		7.0x		7.1x
Total interest coverage ratio	5.3x		6.5x		5.8x		6.2x
Fixed charge expense coverage ratio	6.2x		7.5x		7.0x		7.1x
Total fixed charge coverage ratio	5.3x		6.4x		5.8x		6.2x
Unencumbered real estate assets (at cost) to unsecured debt ratio	2.9x		3.6x		2.9x		3.6x
Same property NOI increase ^(d)^	(1.1		4.2		2.2		3.9
(# of apartment homes included)	43,710		42,618		43,710		42,618
Gross turnover of apartment homes (annualized)	51		56		49		52
Net turnover (excludes on-site transfers and transfers to other Camden communities)	41		46		39		42
					As of June 30,
					2020		2019
Total assets						7,321,700		6,621,602
Total debt						3,224,871		2,476,803
Common and common equivalent shares, outstanding end of period ^(e)^					101,192		100,789
Share price, end of period						91.22		104.39
Book equity value, end of period^(f)^						3,610,567		3,688,768
Market equity value, end of period^(g)^						9,230,734		10,521,364

All values are in US Dollars.

(a) Adjusted EBITDA excludes approximately $13.9 million of COVID-19 Related Impact, which consists of the Resident Relief Funds, Employee Relief Fund, direct COVID-19 expenses, and bonus paid to on-site employees.

(b) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

(c) Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by either 4 for quarter results or 2 for 6 month results.

(d) "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.

(e) Includes at June 30, 2020: 99,444 common shares (including 27 common share equivalents related to share awards), plus 1,748 common share equivalents upon the assumed conversion of non-controlling units.

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

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

Note: Please refer to pages 28, 29 and 30 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 June 30,		Six Months Ended June 30,
	2020	2019	2020	2019
OPERATING DATA
Property revenues ^(a)^	250,683	255,761	516,562	504,328
Property expenses
Property operating and maintenance	64,641	58,147	124,597	115,095
Real estate taxes	35,040	33,080	69,220	66,970
Total property expenses	99,681	91,227	193,817	182,065
Non-property income
Fee and asset management	2,380	1,867	4,907	3,710
Interest and other income	325	331	654	629
Income/(Loss) on deferred compensation plans	11,435	3,856	(3,425	14,212
Total non-property income	14,140	6,054	2,136	18,551
Other expenses
Property management	5,939	6,093	12,466	12,750
Fee and asset management	820	1,522	1,663	2,706
General and administrative	14,391	13,261	27,624	26,569
Interest	23,482	19,349	43,189	39,819
Depreciation and amortization	92,803	84,646	184,662	164,920
Expense/(Benefit) on deferred compensation plans	11,435	3,856	(3,425	14,212
Total other expenses	148,870	128,727	266,179	260,976
Gain on sale of land	—	—	382	—
Equity in income of joint ventures	1,633	1,909	3,755	3,821
Income from continuing operations before income taxes	17,905	43,770	62,839	83,659
Income tax expense	(394	(228	(861	(396
Net income	17,511	43,542	61,978	83,263
Less income allocated to non-controlling interests	(1,034	(1,143	(2,217	(2,251
Net income attributable to common shareholders ^(b)^
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	17,511	43,542	61,978	83,263
Other comprehensive income
Unrealized (loss) on cash flow hedging activities	—	(7,060	—	(12,998
Reclassification of net loss (gain) on cash flow hedging activities, prior service cost and net loss on post retirement obligation	366	(351	732	(726
Comprehensive income	17,877	36,131	62,710	69,539
Less income allocated to non-controlling interests	(1,034	(1,143	(2,217	(2,251
Comprehensive income attributable to common shareholders
PER SHARE DATA
Total earnings per common share - basic
Total earnings per common share - diluted	0.17	0.43	0.60	0.82
Weighted average number of common shares outstanding:
Basic	99,399	98,903	99,348	97,903
Diluted	99,408	98,997	99,394	98,024

All values are in US Dollars.

(b) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

Note: Please refer to pages 28, 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
FUNDS FROM OPERATIONS
Net income attributable to common shareholders ^(a)^		16,477		42,399		59,761		81,012
Real estate depreciation and amortization	90,500		82,796		180,011		161,471
Adjustments for unconsolidated joint ventures	2,287		2,260		4,529		4,491
Income allocated to non-controlling interests	1,103		1,180		2,385		2,324
Funds from operations		110,367		128,635		246,686		249,298
Less: recurring capitalized expenditures^(b)^	(18,782		(21,166		(33,607		(30,821
Adjusted funds from operations		91,585		107,469		213,079		218,477
PER SHARE DATA
Funds from operations - diluted		1.09		1.28		2.44		2.50
Adjusted funds from operations - diluted	0.91		1.07		2.11		2.19
Distributions declared per common share	0.83		0.80		1.66		1.60
Weighted average number of common shares outstanding:
FFO/AFFO - diluted	101,156		100,750		101,142		99,779
PROPERTY DATA
Total operating properties (end of period) ^(c)^	164		165		164		165
Total operating apartment homes in operating properties (end of period) ^(c)^	56,112		56,271		56,112		56,271
Total operating apartment homes (weighted average)	49,069		48,565		49,043		48,261

All values are in US Dollars.

(a) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

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

Note: Please refer to pages 28, 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN	BALANCE SHEETS
	(In thousands)

(Unaudited)

	Jun 30, <br>2020		Mar 31, <br>2020		Dec 31, <br>2019		Sep 30, <br>2019		Jun 30, <br>2019
ASSETS
Real estate assets, at cost
Land		1,206,656		1,206,130		1,199,384		1,158,342		1,158,342
Buildings and improvements	7,597,165		7,547,150		7,404,090		7,242,256		7,192,644
	8,803,821		8,753,280		8,603,474		8,400,598		8,350,986
Accumulated depreciation	(2,857,124		(2,770,848		(2,686,025		(2,638,693		(2,558,690
Net operating real estate assets	5,946,697		5,982,432		5,917,449		5,761,905		5,792,296
Properties under development, including land	514,336		467,288		512,319		440,917		397,418
Investments in joint ventures	21,735		22,318		20,688		21,715		21,313
Total real estate assets	6,482,768		6,472,038		6,450,456		6,224,537		6,211,027
Accounts receivable – affiliates	21,432		20,344		21,833		23,170		22,297
Other assets, net ^(a)^	211,823		196,544		248,716		238,014		233,335
Cash and cash equivalents	601,584		22,277		23,184		157,239		149,551
Restricted cash	4,093		4,367		4,315		5,686		5,392
Total assets		7,321,700		6,715,570		6,748,504		6,648,646		6,621,602
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		3,224,871		2,606,876		2,524,099		2,432,137		2,431,336
Secured	—		—		—		45,250		45,467
Accounts payable and accrued expenses	167,453		156,841		171,719		170,689		128,371
Accrued real estate taxes	62,499		32,365		54,408		74,658		59,525
Distributions payable	84,138		84,112		80,973		80,764		80,767
Other liabilities^(b)^	172,172		164,052		215,581		187,367		187,368
Total liabilities	3,711,133		3,044,246		3,046,780		2,990,865		2,932,834
Equity
Common shares of beneficial interest	1,068		1,069		1,069		1,065		1,065
Additional paid-in capital	4,574,387		4,569,995		4,566,731		4,538,422		4,533,667
Distributions in excess of net income attributable to common shareholders	(689,809		(623,570		(584,167		(599,615		(563,834
Treasury shares, at cost	(341,637		(342,778		(348,419		(348,556		(348,480
Accumulated other comprehensive income (loss) ^(c)^	(5,797		(6,163		(6,529		(6,438		(6,795
Total common equity	3,538,212		3,598,553		3,628,685		3,584,878		3,615,623
Non-controlling interests	72,355		72,771		73,039		72,903		73,145
Total equity	3,610,567		3,671,324		3,701,724		3,657,781		3,688,768
Total liabilities and equity		7,321,700		6,715,570		6,748,504		6,648,646		6,621,602
(a) Includes net deferred charges of:		3,031		3,399		3,658		4,358		4,345
(b) Includes deferred revenues of:		344		375		408		497		581
(c) 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 JUNE 30, 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.

SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION							WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED ^(e)^
	"Same Property" Communities		Operating Communities ^(c)^		Incl. JVs at Pro Rata % ^(d)^		Jun 30, <br>2020		Mar 31, <br>2020		Dec 31, <br>2019		Sep 30, <br>2019		Jun 30, <br>2019
D.C. Metro	16.2	%	17.2	%	16.9	%	95.8	%	96.6	%	96.3	%	96.7	%	96.7	%
Houston, TX	10.3	%	10.5	%	11.2	%	93.4	%	94.7	%	95.7	%	95.5	%	95.9	%
Atlanta, GA	10.0	%	8.8	%	8.6	%	95.5	%	95.6	%	96.0	%	96.2	%	96.3	%
Los Angeles/Orange County, CA	6.9	%	7.8	%	7.5	%	94.2	%	95.2	%	95.9	%	96.1	%	95.5	%
Dallas, TX	7.6	%	6.6	%	7.0	%	95.2	%	96.2	%	96.3	%	96.3	%	96.0	%
Phoenix, AZ	7.0	%	7.7	%	7.4	%	94.5	%	96.6	%	96.5	%	96.0	%	95.3	%
SE Florida	5.2	%	6.6	%	6.4	%	95.0	%	96.7	%	96.1	%	95.9	%	95.7	%
Orlando, FL	6.0	%	5.8	%	5.7	%	94.5	%	96.2	%	95.9	%	96.6	%	96.5	%
Denver, CO	6.8	%	5.9	%	5.7	%	95.5	%	95.5	%	96.3	%	96.0	%	95.5	%
Charlotte, NC	6.0	%	5.6	%	5.6	%	94.9	%	96.4	%	96.0	%	96.5	%	96.1	%
Raleigh, NC	4.5	%	4.9	%	5.0	%	96.0	%	95.8	%	96.0	%	96.1	%	95.7	%
Tampa, FL	4.9	%	4.4	%	4.5	%	95.1	%	95.9	%	95.9	%	95.8	%	95.6	%
Austin, TX	3.7	%	3.9	%	4.3	%	95.4	%	96.5	%	96.1	%	96.6	%	96.3	%
San Diego/Inland Empire, CA	4.9	%	4.3	%	4.2	%	95.4	%	94.3	%	95.8	%	95.7	%	95.7	%
Total Portfolio	100.0	%	100.0	%	100.0	%	94.9	%	95.9	%	96.1	%	96.1	%	96.0	%

(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 June 30,					Six Months Ended June 30,
Property Revenues	Homes	2020		2019			2020		2019
"Same Property" Communities ^(a)^	43,710		225,382		225,211	171		455,291		447,018	8,273
Non-"Same Property" Communities ^(b)^	4,948	30,381		24,484			62,055		45,479
Development and Lease-Up Communities ^(c)^	2,146	2,422		1,504			4,502		2,765
Resident Relief Funds ^(d)^	—	(9,074		—			(9,074		—
Disposition/Other ^(e)^	—	1,572		4,562			3,788		9,066
Total Property Revenues	50,804		250,683		255,761	(5,078		516,562		504,328	12,234
Property Expenses
"Same Property" Communities ^(a)^	43,710		81,545		79,703	1,842		162,350		160,467	1,883
Non-"Same Property" Communities ^(b)^	4,948	11,851		9,135			23,557		17,012
Development and Lease-Up Communities ^(c)^	2,146	1,333		577			2,178		1,059
COVID-19 Expenses ^(f)^	—	4,096		—			4,096		—
Disposition/Other ^(e)^	—	856		1,812			1,636		3,527
Total Property Expenses	50,804		99,681		91,227	8,454		193,817		182,065	11,752
Property Net Operating Income
"Same Property" Communities ^(a)^	43,710		143,837		145,508	(1,671		292,941		286,551	6,390
Non-"Same Property" Communities ^(b)^	4,948	18,530		15,349			38,498		28,467
Development and Lease-Up Communities ^(c)^	2,146	1,089		927			2,324		1,706
COVID-19 Related Impact ^(d) (f)^	—	(13,170		—			(13,170		—
Disposition/Other ^(e)^	—	716		2,750			2,152		5,539
Total Property Net Operating Income	50,804		151,002		164,534	(13,532		322,745		322,263	482

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) Two Resident Relief Funds were established for residents experiencing financial losses caused by the COVID-19 pandemic, and was paid out to approximately 7,100 residents of our wholly-owned communities. All charges related to these funds were recognized in 2Q20 as a reduction of revenue.

(e) 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.

(f) We incurred approximately $4.1 million of COVID-19 expenses at our operating communities, which included $2.8 million of bonuses paid to on-site employees who provided essential services during the pandemic and $1.3 million in other directly related COVID-19 expenses, for the three and six months ended June 30, 2020.

CAMDEN	"SAME PROPERTY"
	SECOND QUARTER COMPARISONS
	June 30, 2020
	(In thousands, except property data amounts)

(Unaudited)

	Apartment
	Homes	Revenues					Expenses					NOI
Quarterly Results^(a)^	Included	2Q20			Growth		2Q20			Growth		2Q20			Growth
D.C. Metro	5,381		33,622	$33,190	1.3	%		10,368	$10,139	2.3	%		23,254	$23,051	0.9	%
Houston, TX	5,912	27,267			(2.5	)%	12,469			2.4	%	14,798			(6.3	)%
Atlanta, GA	4,262	21,880			0.4	%	7,520			0.7	%	14,360			0.2	%
Dallas, TX	4,416	19,873			0.3	%	8,977			4.4	%	10,896			(2.7	)%
Los Angeles/Orange County, CA	2,116	14,159			(4.4	)%	4,251			(6.4	)%	9,908			(3.6	)%
Denver, CO	2,632	14,564			1.1	%	4,825			6.1	%	9,739			(1.2	)%
Phoenix, AZ	2,929	14,360			3.8	%	4,319			1.5	%	10,041			4.8	%
Orlando, FL	2,995	13,753			(0.5	)%	5,097			3.1	%	8,656			(2.5	)%
Charlotte, NC	2,810	12,910			1.4	%	4,222			2.3	%	8,688			1.0	%
SE Florida	1,956	11,855			(3.0	)%	4,346			7.0	%	7,509			(8.0	)%
Tampa, FL	2,286	11,483			(0.1	)%	4,390			1.8	%	7,093			(1.2	)%
San Diego/Inland Empire, CA	1,665	10,690			0.6	%	3,593			6.1	%	7,097			(2.0	)%
Raleigh, NC	2,350	9,659			3.9	%	3,246			3.5	%	6,413			4.2	%
Austin, TX	2,000	9,307			1.1	%	3,922			(2.0	)%	5,385			3.6	%
Total Same Property	43,710		225,382	$225,211	0.1	%		81,545	$79,703	2.3	%		143,837	$145,508	(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		2Q20		2Q19		Growth		2Q20			Growth		2Q20			Growth
D.C. Metro	16.2	%	96.1	%	96.9	%	(0.8	)%		1,916	$1,853	3.4	%		2,167	$2,122	2.1	%
Houston, TX	10.3	%	93.9	%	95.9	%	(2.0	)%	1,434			0.7	%	1,639			(0.5	)%
Atlanta, GA	10.0	%	95.5	%	96.3	%	(0.8	)%	1,555			1.7	%	1,791			1.2	%
Dallas, TX	7.6	%	95.2	%	96.0	%	(0.8	)%	1,354			2.3	%	1,576			1.1	%
Los Angeles/Orange County, CA	6.9	%	94.3	%	95.5	%	(1.2	)%	2,247			0.9	%	2,365			(3.2	)%
Denver, CO	6.8	%	95.5	%	95.5	%	0.0	%	1,693			3.0	%	1,931			1.1	%
Phoenix, AZ	7.0	%	94.6	%	95.5	%	(0.9	)%	1,463			5.7	%	1,726			4.7	%
Orlando, FL	6.0	%	94.9	%	96.7	%	(1.8	)%	1,413			2.2	%	1,613			1.3	%
Charlotte, NC	6.0	%	94.8	%	96.0	%	(1.2	)%	1,386			3.0	%	1,615			2.6	%
SE Florida	5.2	%	95.7	%	96.5	%	(0.8	)%	1,899			1.0	%	2,111			(2.2	)%
Tampa, FL	4.9	%	95.2	%	95.6	%	(0.4	)%	1,538			2.7	%	1,759			0.3	%
San Diego/Inland Empire, CA	4.9	%	95.4	%	95.7	%	(0.3	)%	2,039			2.4	%	2,243			0.9	%
Raleigh, NC	4.5	%	96.3	%	96.2	%	0.1	%	1,186			4.5	%	1,422			3.8	%
Austin, TX	3.7	%	95.8	%	96.7	%	(0.9	)%	1,380			3.7	%	1,620			2.0	%
Total Same Property	100.0	%	95.2	%	96.1	%	(0.9	)%		1,583	$1,545	2.5	%		1,806	$1,787	1.0	%

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
	June 30, 2020
	(In thousands, except property data amounts)

(Unaudited)

	Apartment
	Homes	Revenues					Expenses					NOI
Quarterly Results ^(a)^	Included	2Q20			Growth		2Q20			Growth		2Q20			Growth
D.C. Metro	5,381		33,622	$34,018	(1.2	)%		10,368	$10,606	(2.2	)%		23,254	$23,412	(0.7	)%
Houston, TX	5,912	27,267			(2.9	)%	12,469			2.1	%	14,798			(6.7	)%
Atlanta, GA	4,262	21,880			(0.7	)%	7,520			1.1	%	14,360			(1.6	)%
Dallas, TX	4,416	19,873			(1.6	)%	8,977			4.6	%	10,896			(6.1	)%
Los Angeles/Orange County, CA	2,116	14,159			(6.3	)%	4,251			(1.7	)%	9,908			(8.1	)%
Denver, CO	2,632	14,564			(0.6	)%	4,825			8.1	%	9,739			(4.3	)%
Phoenix, AZ	2,929	14,360			(0.5	)%	4,319			(1.4	)%	10,041			(0.1	)%
Orlando, FL	2,995	13,753			(3.1	)%	5,097			(1.9	)%	8,656			(3.8	)%
Charlotte, NC	2,810	12,910			(1.4	)%	4,222			0.7	%	8,688			(2.3	)%
SE Florida	1,956	11,855			(5.0	)%	4,346			4.7	%	7,509			(9.9	)%
Tampa, FL	2,286	11,483			(2.4	)%	4,390			0.4	%	7,093			(4.1	)%
San Diego/Inland Empire, CA	1,665	10,690			(1.6	)%	3,593			(0.8	)%	7,097			(1.9	)%
Raleigh, NC	2,350	9,659			0.4	%	3,246			0.6	%	6,413			0.4	%
Austin, TX	2,000	9,307			(0.9	)%	3,922			(2.7	)%	5,385			0.6	%
Total Same Property	43,710		225,382	$229,909	(2.0	)%		81,545	$80,805	0.9	%		143,837	$149,104	(3.5	)%

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		2Q20		1Q20		Growth		2Q20			Growth		2Q20			Growth
D.C. Metro	16.2	%	96.1	%	96.8	%	(0.7	)%		1,916	$1,907	0.5	%		2,167	$2,177	(0.5	)%
Houston, TX	10.3	%	93.9	%	95.6	%	(1.7	)%	1,434			(0.2	)%	1,639			(1.2	)%
Atlanta, GA	10.0	%	95.5	%	95.6	%	(0.1	)%	1,555			(0.1	)%	1,791			(0.6	)%
Dallas, TX	7.6	%	95.2	%	96.2	%	(1.0	)%	1,354			0.1	%	1,576			(0.6	)%
Los Angeles/Orange County, CA	6.9	%	94.3	%	95.4	%	(1.1	)%	2,247			(0.2	)%	2,365			(5.2	)%
Denver, CO	6.8	%	95.5	%	95.5	%	0.0	%	1,693			0.2	%	1,931			(0.6	)%
Phoenix, AZ	7.0	%	94.6	%	96.6	%	(2.0	)%	1,463			1.0	%	1,726			1.5	%
Orlando, FL	6.0	%	94.9	%	96.3	%	(1.4	)%	1,413			0.1	%	1,613			(1.7	)%
Charlotte, NC	6.0	%	94.8	%	96.4	%	(1.6	)%	1,386			0.4	%	1,615			0.2	%
SE Florida	5.2	%	95.7	%	97.1	%	(1.4	)%	1,899			(0.5	)%	2,111			(3.6	)%
Tampa, FL	4.9	%	95.2	%	96.0	%	(0.8	)%	1,538			0.3	%	1,759			(1.6	)%
San Diego/Inland Empire, CA	4.9	%	95.4	%	94.3	%	1.1	%	2,039			0.3	%	2,243			(2.7	)%
Raleigh, NC	4.5	%	96.3	%	96.3	%	0.0	%	1,186			0.8	%	1,422			0.4	%
Austin, TX	3.7	%	95.8	%	96.6	%	(0.8	)%	1,380			0.5	%	1,620			(0.1	)%
Total Same Property	100.0	%	95.2	%	96.1	%	(0.9	)%		1,583	$1,580	0.2	%		1,806	$1,825	(1.1	)%

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"
	YEAR TO DATE COMPARISONS
	June 30, 2020
	(In thousands, except property data amounts)

(Unaudited)

	Apartment
	Homes	Revenues					Expenses					NOI
Year to Date Results^(a)^	Included	2020			Growth		2020			Growth		2020			Growth
D.C. Metro	5,381		67,640	$65,703	2.9	%		20,973	$20,399	2.8	%		46,667	$45,304	3.0	%
Houston, TX	5,912	55,345			(0.4	)%	24,680			0.4	%	30,665			(1.0	)%
Atlanta, GA	4,262	43,914			1.6	%	14,961			(2.8	)%	28,953			4.0	%
Dallas, TX	4,416	40,060			1.8	%	17,558			(0.3	)%	22,502			3.5	%
Los Angeles/Orange County, CA	2,116	29,266			(0.6	)%	8,576			(5.2	)%	20,690			1.5	%
Denver, CO	2,632	29,209			2.3	%	9,289			1.4	%	19,920			2.7	%
Phoenix, AZ	2,929	28,793			5.0	%	8,701			1.1	%	20,092			6.8	%
Orlando, FL	2,995	27,951			1.6	%	10,295			3.0	%	17,656			0.9	%
Charlotte, NC	2,810	25,999			2.6	%	8,414			4.3	%	17,585			1.9	%
SE Florida	1,956	24,339			(0.3	)%	8,496			5.1	%	15,843			(3.0	)%
Tampa, FL	2,286	23,254			1.5	%	8,762			1.4	%	14,492			1.5	%
San Diego/Inland Empire, CA	1,665	21,549			2.3	%	7,215			6.0	%	14,334			0.5	%
Raleigh, NC	2,350	19,277			5.0	%	6,476			5.9	%	12,801			4.5	%
Austin, TX	2,000	18,695			2.7	%	7,954			(0.3	)%	10,741			5.1	%
Total Same Property	43,710		455,291	$447,018	1.9	%		162,350	$160,467	1.2	%		292,941	$286,551	2.2	%

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)^
Year to Date Results ^(a)^	Contribution		2020		2019		Growth		2020			Growth		2020			Growth
D.C. Metro	15.9	%	96.5	%	96.5	%	0.0	%		1,912	$1,842	3.8	%		2,172	$2,110	2.9	%
Houston, TX	10.5	%	94.7	%	95.5	%	(0.8	)%	1,436			1.0	%	1,650			0.4	%
Atlanta, GA	9.9	%	95.5	%	96.4	%	(0.9	)%	1,556			2.3	%	1,798			2.5	%
Dallas, TX	7.6	%	95.7	%	95.9	%	(0.2	)%	1,353			2.6	%	1,580			2.0	%
Los Angeles/Orange County, CA	7.1	%	94.9	%	95.7	%	(0.8	)%	2,249			1.5	%	2,430			0.2	%
Denver, CO	6.8	%	95.5	%	95.5	%	0.0	%	1,691			3.6	%	1,936			2.3	%
Phoenix, AZ	6.9	%	95.6	%	95.8	%	(0.2	)%	1,456			6.0	%	1,714			5.2	%
Orlando, FL	6.0	%	95.6	%	96.4	%	(0.8	)%	1,412			2.6	%	1,627			2.4	%
Charlotte, NC	6.0	%	95.6	%	96.0	%	(0.4	)%	1,384			3.4	%	1,612			3.0	%
SE Florida	5.4	%	96.4	%	96.4	%	0.0	%	1,904			1.4	%	2,151			(0.3	)%
Tampa, FL	4.9	%	95.6	%	95.9	%	(0.3	)%	1,535			3.0	%	1,774			1.8	%
San Diego/Inland Empire, CA	4.9	%	94.8	%	95.4	%	(0.6	)%	2,036			2.7	%	2,274			2.9	%
Raleigh, NC	4.4	%	96.3	%	95.9	%	0.4	%	1,182			4.9	%	1,419			4.6	%
Austin, TX	3.7	%	96.2	%	96.4	%	(0.2	)%	1,377			4.2	%	1,620			2.9	%
Total Same Property	100.0	%	95.6	%	96.0	%	(0.4	)%		1,581	$1,537	2.9	%		1,816	$1,776	2.3	%

All values are in US Dollars.

(b) Weighted average monthly rental rates are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before vacancy and bad debt.

(c) Weighted average monthly revenue per occupied home are the Company's reported revenues divided by the average occupied homes for the period on a monthly basis.

CAMDEN	"SAME PROPERTY" OPERATING EXPENSE
	DETAIL AND COMPARISONS
	June 30, 2020
	(In thousands)

(Unaudited)

						% of Actual
						2Q20 Operating
Quarterly Comparison ^(a)^	2Q20			% Change		Expenses
Property taxes		29,306	28,829	1.7	%	35.9	%
Salaries and Benefits for On-site Employees	17,643			7.8	%	21.6	%
Utilities	17,414			3.4	%	21.4	%
Repairs and Maintenance	9,669			(6.4	)%	11.9	%
Property Insurance	2,667			14.6	%	3.3	%
General and Administrative	2,808			(3.7	)%	3.4	%
Marketing and Leasing	1,225			(5.3	)%	1.5	%
Other	813			1.9	%	1.0	%
Total Same Property		81,545	79,703	2.3	%	100.0	%

All values are in US Dollars.

						% of Actual
						2Q20 Operating
Sequential Comparison ^(a)^	2Q20			% Change		Expenses
Property taxes		29,306	28,839	1.6	%	35.9	%
Salaries and Benefits for On-site Employees	17,643			1.3	%	21.6	%
Utilities	17,414			0.3	%	21.4	%
Repairs and Maintenance	9,669			4.8	%	11.9	%
Property Insurance	2,667			(3.4	)%	3.3	%
General and Administrative	2,808			(10.9	)%	3.4	%
Marketing and Leasing	1,225			(3.3	)%	1.5	%
Other	813			3.0	%	1.0	%
Total Same Property		81,545	80,805	0.9	%	100.0	%

All values are in US Dollars.

						% of Actual
						2020 Operating
Year to Date Comparison ^(a)^	2020			% Change		Expenses
Property taxes		58,144	58,909	(1.3	)%	35.8	%
Salaries and Benefits for On-site Employees	35,066			4.6	%	21.6	%
Utilities	34,767			2.5	%	21.4	%
Repairs and Maintenance	18,892			(0.9	)%	11.7	%
Property Insurance	5,427			9.5	%	3.3	%
General and Administrative	5,960			0.7	%	3.7	%
Marketing and Leasing	2,492			(3.1	)%	1.5	%
Other	1,602			(1.5	)%	1.0	%
Total Same Property		162,350	160,467	1.2	%	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 June 30,
OPERATING DATA^(a)^	2020
Property revenues		9,617	10,266	19,726	$20,404
Property expenses
Property operating and maintenance	2,719
Real estate taxes	1,628
	4,347
Net Operating Income	5,270
Other expenses
Interest	1,384
Depreciation and amortization	2,165
Other	88
Total other expenses	3,637
Equity in income of joint ventures ^(b)^		1,633	1,909	3,755	$3,821

All values are in US Dollars.

	Jun 30, <br>2020		Mar 31, <br>2020		Dec 31, <br>2019		Sep 30, <br>2019		Jun 30, <br>2019
BALANCE SHEET DATA ^(c)^
Land		108,294		108,172		108,172		109,912		109,912
Building & Improvements	765,983		756,683		752,781		769,928		765,550
	874,277		864,855		860,953		879,840		875,462
Accumulated Depreciation	(237,590		(230,190		(222,937		(223,391		(216,126
Net operating real estate assets	636,687		634,665		638,016		656,449		659,336
Properties under development and land	21,720		18,722		10,432		5,105		2,432
Cash and other assets, net	30,156		26,556		36,588		37,336		26,007
Total assets		688,563		679,943		685,036		698,890		687,775
Notes payable		501,601		496,907		496,901		514,073		510,881
Other liabilities	29,262		23,956		34,686		28,279		21,700
Total liabilities	530,863		520,863		531,587		542,352		532,581
Member's equity	157,700		159,080		153,449		156,538		155,194
Total liabilities and members' equity		688,563		679,943		685,036		698,890		687,775
Company's equity investment		21,735		22,318		20,688		21,715		21,313
Company's pro-rata share of debt		157,001		155,532		155,530		160,905		159,906
PROPERTY DATA (end of period)
Total operating properties	21		21		21		22		22
Total operating apartment homes	7,013		7,013		7,013		7,283		7,283
Pro-rata share of operating apartment homes	2,195		2,195		2,195		2,280		2,280
Total development properties	1		1		1		1		1
Total development apartment homes	234		234		234		234		234
Pro-rata share of development apartment homes	73		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) Includes a reduction of property revenues of approximately $0.4 million (Camden's pro-rata share) related to our Resident Relief Funds that provided financial assistance to approximately 1,100 residents of our joint venture communities that are experiencing financial losses caused by COVID-19 pandemic, for the three and six months ended June 30, 2020.

CAMDEN	CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF JUNE 30, 2020 ($ in millions)


Completed Communities in Lease-Up (a)	Total	Total		Initial	Construction	Stabilized	As of 7/29/2020
	Cost		Start	Completion			% Occupied
1.	441	98.8		2Q18	1Q19	4Q20	89%	92%

Total Completed Communities in Lease-Up	441	98.8					89%	92%

	Total	Total	Amount	Initial	Construction	Stabilized	As of 7/29/2020
Development Communities (a)	Homes	Estimated Cost	in CIP	Occupancy	Completion	Operations	% Leased	% Occupied
1.	271	132.0	2.4	1Q20	3Q20	3Q21	24%	20%

2.	233	78.0	76.7	3Q20	4Q20	2Q21

3.	360	120.0	101.9	4Q20	1Q21	1Q22

4.	366	160.0	82.5	1Q21	1Q22	3Q22

5.	343	90.0	48.4	1Q21	1Q22	3Q22

6.	132	95.0	49.0	3Q21	4Q21	3Q22

Total Development Communities	1,705	675.0	360.9				24%	20%
Additional Development Pipeline (b)			153.4
Total Properties Under Development and Land (per Balance Sheet)			514.3
NOI Contribution from Development Communities ( in millions)					Cost to Date	2Q20 NOI
Completed Communities in Lease-Up					98.8	1.4
Development Communities in Lease-Up					131.8	(0.3
Total Development Communities NOI Contribution

Joint Venture Development Communities (a)	Total	Total	Amount	Initial	Construction	Stabilized	As of 7/29/2020
	Estimated Cost	Date	Start	Completion			% Occupied
1.	234	38.0	21.7	2Q20	2Q21	4Q21	6%	5%

Total Joint Venture Development Communities	234	38.0	21.7				6%	5%

All values are in US Dollars.

(a) The locations of these projects may currently be subject to “shelter in place,” “stay at home,” or similar orders adopted by state and local authorities in response to COVID-19. 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 19.

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 JUNE 30, 2020 ($ in millions)

		Projected	Total
PIPELINE COMMUNITIES		Homes	Estimated Cost^(a)^	Cost to Date
1.	Camden Atlantic ^(b)^	269	$100.0	$27.3
	Plantation, FL
2.	Camden Tempe II	400	110.0	23.3
	Tempe, AZ
3.	Camden NoDa	400	100.0	16.6
	Charlotte, NC
4.	Camden Arts District	354	150.0	30.0
	Los Angeles, CA
5.	Camden Paces III	350	100.0	16.3
	Atlanta, GA
6.	Camden Downtown II	271	145.0	11.7
	Houston, TX
7.	Camden Cameron Village	355	115.0	19.9
	Raleigh, NC
8.	Camden Highland Village II	300	100.0	8.3
	Houston, TX
Development Pipeline		2,699	$920.0	$153.4

(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 may currently be subject to “shelter in place,” “stay at home,” or similar orders adopted by state and local authorities in response to COVID-19. 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 JUNE 30, 2020 ($ in millions)

			Homes							Estimated
		Total	Redeveloped	Total Estimated Cost			Cost to Date			Dates for
	COMMUNITIES ^(a)^	Homes	To Date	Interior	Exterior	Total	Interior	Exterior	Total	Completion
1.	Camden Brickell	405	366	$12.4	$9.9	$22.3	$10.3	$9.9	20.2	4Q20
	Miami, FL
2.	Camden Las Olas	420	377	13.0	7.8	20.8	11.0	7.8	18.8	4Q20
	Ft. Lauderdale, FL
3.	Camden Potomac Yard	378	341	9.7	2.4	12.1	8.4	2.4	10.8	1Q21
	Arlington, VA
4.	Camden Harbor View	547	547	0.0	15.3	15.3	0.0	11.6	11.6	4Q20
	Los Angeles, CA
	Total	1,750	1,631	$35.1	$35.4	$70.5	$29.7	$31.7	61.4

All values are in US Dollars.

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 JUNE 30, 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		(1,858		—		—		(1,858	(0.1		N/A
2021	(3,743		—		—		(3,743		(0.1		N/A
2022	(3,598		—		450,000		446,402		13.8		2.7	%
2023	(2,691		—		250,000		247,309		7.8		5.1	%
2024	(2,088		—		500,000		497,912		15.4		4.0	%
Thereafter	(11,151		—		2,050,000		2,038,849		63.2		3.4	%
Total Debt		(25,129		—		3,250,000		3,224,871	100.0		3.5	%
Weighted Average Maturity of Debt			8.8 Years
					Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total		Interest Rate ^(b)^		Time to Maturity
Floating rate debt		99,789	3.1		1.2		1.5 Years
Fixed rate debt	3,125,082		96.9		3.6		9.0 Years
Total		3,224,871	100.0		3.5		8.8 Years
					Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total		Interest Rate ^(b)^		Time to Maturity
Unsecured debt		3,224,871	100.0		3.5		8.8 Years
Secured debt	—		—		N/A		N/A
Total		3,224,871	100.0		3.5		8.8 Years
					Weighted Average
REAL ESTATE ASSETS: ^(c)^	Total Homes		% of Total		Total Cost		% of Total		2Q20 NOI		% of Total
Unencumbered real estate assets	50,804		100.0			9,318,157	100.0			151,002	100.0	%
Encumbered real estate assets	—		—		—		—		—		—	%
Total	50,804		100.0			9,318,157	100.0			151,002	100.0	%
			Ratio of unencumbered assets at cost to unsecured debt is								2.9x

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
3Q 2020		($928	)		—	—	($928	)	N/A
4Q 2020	(930		)	—				)	N/A
2020		($1,858	)		—	—	($1,858	)	N/A
1Q 2021		($932	)		—	—	($932	)	N/A
2Q 2021	(935		)	—				)	N/A
3Q 2021	(937		)	—				)	N/A
4Q 2021	(939		)	—				)	N/A
2021		($3,743	)		—	—	($3,743	)	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%	27%	Yes
Secured Debt to Gross Asset Value	<	40%	—%	Yes
Consolidated Adjusted EBITDA to Total Fixed Charges	>	150%	502%	Yes
Unsecured Debt to Gross Asset Value	<	60%	29%	Yes
SENIOR UNSECURED NOTES
Covenant ^(a)^	Required		Actual ^(b)^	Compliance
Total Consolidated Debt to Total Asset Value	<	60%	32%	Yes
Total Secured Debt to Total Asset Value	<	40%	—%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt	>	150%	314%	Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges	>	150%	471%	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 JUNE 30, 2020: ^(a)^

	Future Scheduled Repayments ^(b)^						Weighted Average Interest on Maturing Debt
Year	Amortization		Secured Maturities		% of Total
2020		(5		(5	—	%	N/A
2021	(149		5,160		3.2	%	4.8	%
2022	(165		—		(0.1	)%	N/A
2023	(171		—		(0.1	)%	N/A
2024	(177		1,466		0.8	%	1.5	%
Thereafter	(422		150,650		95.7	%	3.4	%
Total Maturing Debt		(1,089		156,187	99.5	%	3.4	%
Unsecured lines of credit ^(c)^		—		814	0.5	%	3.1	%
Total Debt		(1,089		157,001	100.0	%	3.4	%
Weighted Average Maturity of Debt			6.5 Years
					Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		Interest Rate		Time to Maturity
Floating rate debt					2.2	%	5.9 Years
Fixed rate debt			102,820		4.0	%	6.8 Years
Total			157,001		3.4	%	6.5 Years
					Weighted Average
DEBT DETAIL:			Balance		Interest Rate		Time to Maturity
Conventional fixed-rate mortgage debt					4.0	%	6.8 Years
Conventional variable-rate mortgage debt			51,901		2.2	%	6.0 Years
Variable-rate construction loans			1,466		1.5	%	4.0 Years
Unsecured lines of credit			814		3.1	%	0.6 Years
Total			157,001		3.4	%	6.5 Years
REAL ESTATE ASSETS: ^(d)^			Total Homes
Operating real estate assets			7,013	874,277
Properties under development and land			234
Total			7,247	895,997

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
3Q 2020		($3	)		—	(3	N/A
4Q 2020	(2		)	—			N/A
2020		($5	)		—	(5	N/A
1Q 2021 ^(c)^		($28	)		5,974	5,946	4.5	%
2Q 2021	(40		)	—			N/A
3Q 2021	(40		)	—			N/A
4Q 2021	(41		)	—			N/A
2021		($149	)		5,974	5,825	4.5	%

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 June 30, 2020. The lines of credit have $7.0 million in total capacity.

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

(Unaudited)

	Second Quarter 2020
	Recurring Capitalized
Item	Weighted Average Useful Life^(a)^		Total
Interiors
Floor Coverings	5	years		2,041	42	380	$8
Appliances	9	years	635
Painting	—		—
Cabinetry/Countertops	10	years	107
Other	9	years	979
Exteriors
Painting	5	years	1,444
Carpentry	10	years	1,461
Landscaping	6	years	1,286
Roofing	20	years	1,965
Site Drainage	10	years	76
Fencing/Stair	10	years	672
Other ^(b)^	9	years	2,218
Common Areas
Mech., Elec., Plumbing	9	years	2,806
Parking/Paving	5	years	157
Pool/Exercise/Facility	7	years	2,042
COVID-19 Expenses	—		—
Total Recurring^(c)^				17,889	364	12,488	$254
Weighted Average Apartment Homes
Non-recurring capitalized expenditures ^(d)^				977
Revenue Enhancing Expenditures ^(e)^	10	years		10,764	22,757
Revenue Enhanced Apartment Homes
Pro-Rata Joint Venture Total Recurring ^(f)^				893	407	502	$229
	Year to Date 2020
	Recurring Capitalized
Item	Weighted Average Useful Life ^(a)^		Total
Interiors
Floor Coverings	5	years		4,088	83	788	$16
Appliances	9	years	1,450
Painting	—		—
Cabinetry/Countertops	10	years	220
Other	9	years	2,350
Exteriors
Painting	5	years	2,007
Carpentry	10	years	1,963
Landscaping	6	years	1,861
Roofing	20	years	3,872
Site Drainage	10	years	108
Fencing/Stair	10	years	980
Other ^(b)^	9	years	4,061
Common Areas
Mech., Elec., Plumbing	9	years	5,434
Parking/Paving	5	years	380
Pool/Exercise/Facility	7	years	3,521
COVID-19 Expenses	—		—
Total Recurring ^(c)^				32,295	659	23,238	$474
Weighted Average Apartment Homes
Non-recurring capitalized expenditures ^(d)^				1,310
Revenue Enhancing Expenditures ^(e)^	10	years		24,982	24,735
Revenue Enhanced Apartment Homes
Pro-Rata Joint Venture Total Recurring ^(f)^				1,312	598	958	$437

All values are in US Dollars.

(a) Weighted average useful life of capitalized expenses for the six months ended June 30, 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 and six months ended June 30, 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 20.

(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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net income attributable to common shareholders ^(a)^		16,477		42,399		59,761		81,012
Real estate depreciation and amortization	90,500		82,796		180,011		161,471
Adjustments for unconsolidated joint ventures	2,287		2,260		4,529		4,491
Income allocated to non-controlling interests	1,103		1,180		2,385		2,324
Funds from operations		110,367		128,635		246,686		249,298
Less: recurring capitalized expenditures	(18,782		(21,166		(33,607		(30,821
Adjusted funds from operations		91,585		107,469		213,079		218,477
Weighted average number of common shares outstanding:
EPS diluted	99,408		98,997		99,394		98,024
FFO/AFFO diluted	101,156		100,750		101,142		99,779
	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Total Earnings Per Common Share - Diluted		0.17		0.43		0.60		0.82
Real estate depreciation and amortization	0.89		0.82		1.78		1.62
Adjustments for unconsolidated joint ventures	0.02		0.02		0.04		0.05
Income allocated to non-controlling interests	0.01		0.01		0.02		0.01
FFO per common share - Diluted		1.09		1.28		2.44		2.50
Less: recurring capitalized expenditures	(0.18		(0.21		(0.33		(0.31
AFFO per common share - Diluted		0.91		1.07		2.11		2.19

All values are in US Dollars.

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

(Unaudited)

	3Q20
	Low
Expected earnings per common share - diluted		0.27	$0.33
Expected real estate depreciation and amortization	0.84
Expected adjustments for unconsolidated joint ventures	0.02
Expected income allocated to non-controlling interests	0.01
Expected FFO per share - diluted		1.14	$1.20
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.

All values are in US Dollars.

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

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Net income ^(a)^		17,511		43,542		61,978		83,263
Less: Fee and asset management income	(2,380		(1,867		(4,907		(3,710
Less: Interest and other income	(325		(331		(654		(629
Less: (Income)/Loss on deferred compensation plans	(11,435		(3,856		3,425		(14,212
Plus: Property management expense	5,939		6,093		12,466		12,750
Plus: Fee and asset management expense	820		1,522		1,663		2,706
Plus: General and administrative expense	14,391		13,261		27,624		26,569
Plus: Interest expense	23,482		19,349		43,189		39,819
Plus: Depreciation and amortization expense	92,803		84,646		184,662		164,920
Plus: Expense/(Benefit) on deferred compensation plans	11,435		3,856		(3,425		14,212
Less: Gain on sale of land	—		—		(382		—
Less: Equity in income of joint ventures	(1,633		(1,909		(3,755		(3,821
Plus: Income tax expense	394		228		861		396
NOI ^(b) (c)^		151,002		164,534		322,745		322,263
"Same Property" Communities		143,837		145,508		292,941		286,551
Non-"Same Property" Communities	18,530		15,349		38,498		28,467
Development and Lease-Up Communities	1,089		927		2,324		1,706
COVID-19 Related Impact ^(b) (c)^	(13,170		—		(13,170		—
Dispositions/Other	716		2,750		2,152		5,539
NOI ^(b) (c)^		151,002		164,534		322,745		322,263

All values are in US Dollars.

(a) Net income includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

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

(Unaudited)

Adjusted EBITDA

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Net income attributable to common shareholders ^(a)^		16,477		42,399		59,761		81,012
Plus: Interest expense	23,482		19,349		43,189		39,819
Plus: Depreciation and amortization expense	92,803		84,646		184,662		164,920
Plus: Income allocated to non-controlling interests	1,034		1,143		2,217		2,251
Plus: Income tax expense	394		228		861		396
Plus: COVID-19 Related Impact ^(b)^	13,920		—		13,920		—
Less: Gain on sale of land	—		—		(382		—
Less: Equity in income of joint ventures	(1,633		(1,909		(3,755		(3,821
Adjusted EBITDA		146,477		145,856		300,473		284,577
Annualized Adjusted EBITDA		585,908		583,424		600,946		569,154

All values are in US Dollars.

(a) Net income attributable to common shareholders includes the approximate $14.4 million COVID-19 Related Impact for the three and six months ended June 30, 2020. Please refer to page 28, footnote (a), for additional detail on the breakdown of the COVID-19 Related Impact.

Net Debt to Annualized Adjusted EBITDA

Net Debt:

	Average monthly balance for				Average monthly balance for
	the three months ended June 30,				the six months ended June 30,
	2020		2019		2020		2019
Unsecured notes payable		3,224,594		2,323,439		2,929,272		2,202,336
Secured notes payable	—		45,539		—		158,737
Total debt	3,224,594		2,368,978		2,929,272		2,361,073
Less: Cash and cash equivalents	(558,090		(89,879		(282,409		(114,314
Net debt		2,666,504		2,279,099		2,646,863		2,246,759

All values are in US Dollars.

Net Debt to Annualized Adjusted EBITDA:

	Three months ended June 30,
	2020
Net debt		2,666,504	2,279,099	2,646,863	$2,246,759
Annualized Adjusted EBITDA	585,908
Net Debt to Annualized Adjusted EBITDA	4.6x

All values are in US Dollars.

CAMDEN	OTHER DATA

(Unaudited)

Stock Symbol:	CPT
Exchange Traded:	NYSE
Senior Unsecured Debt Ratings:		Rating
	Fitch	A-
	Moody's	A3
	Standard & Poor's	A-
Estimated Future Dates:	Q3 '20	Q4 '20	Q2 '21
Earnings Release & Conference Call	Late October	Late January	Late July
Dividend Information - Common Shares:	Q1 '20	Q2 '20
Declaration Date	1/30/2020	6/15/2020
Record Date	3/31/2020	6/30/2020
Payment Date	4/17/2020	7/17/2020
Distributions Per Share	$0.83	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 6/30/2020

(Unaudited)							2Q20 Avg Monthly
			Year Placed	Average	Apartment	2Q20 Avg	Rental Rates per
Community Name	City	State	In Service	Size	Homes	Occupancy	Home
Camden Chandler	Chandler	AZ	2016	1,146	380	95%		1,531	1.34	1,768	$1.54
Camden Copper Square	Phoenix	AZ	2000	786	332	94%	1,262
Camden Foothills	Scottsdale	AZ	2014	1,032	220	93%	1,761
Camden Tempe (1)	Tempe	AZ	2015	1,033	234	93%	1,579
Camden Legacy	Scottsdale	AZ	1996	1,067	428	95%	1,462
Camden Montierra	Scottsdale	AZ	1999	1,071	249	95%	1,477
Camden North End I (2)	Phoenix	AZ	2019	921	441	Lease-Up	1,631
Camden Old Town Scottsdale	Scottsdale	AZ	2016	892	316	94%	1,759
Camden Pecos Ranch	Chandler	AZ	2001	949	272	96%	1,267
Camden San Marcos	Scottsdale	AZ	1995	984	320	95%	1,421
Camden San Paloma	Scottsdale	AZ	1993/1994	1,042	324	94%	1,428
Camden Sotelo	Tempe	AZ	2008/2012	1,303	170	95%	1,598
TOTAL ARIZONA	12	Properties		1,006	3,686	95%	1,508
Camden Crown Valley	Mission Viejo	CA	2001	1,009	380	97%	2,149
Camden Glendale	Glendale	CA	2015	893	307	92%	2,475
Camden Harbor View (3)	Long Beach	CA	2004	981	547	94%	2,614
Camden Main and Jamboree	Irvine	CA	2008	1,011	290	95%	2,178
Camden Martinique	Costa Mesa	CA	1986	795	714	95%	1,891
Camden Sea Palms	Costa Mesa	CA	1990	891	138	96%	2,171
The Camden	Hollywood	CA	2016	767	287	90%	3,125
Total Los Angeles/Orange County	7	Properties		900	2,663	94%	2,322
Camden Landmark	Ontario	CA	2006	982	469	94%	1,696
Camden Old Creek	San Marcos	CA	2007	1,037	350	96%	2,277
Camden Sierra at Otay Ranch	Chula Vista	CA	2003	962	422	95%	2,114
Camden Tuscany	San Diego	CA	2003	895	160	94%	2,663
Camden Vineyards	Murrieta	CA	2002	1,053	264	97%	1,836
Total San Diego/Inland Empire	5	Properties		992	1,665	95%	2,039
TOTAL CALIFORNIA	12	Properties		935	4,328	95%	2,213
Camden Belleview Station	Denver	CO	2009	888	270	96%	1,547
Camden Caley	Englewood	CO	2000	921	218	96%	1,547
Camden Denver West	Golden	CO	1997	1,015	320	96%	1,848
Camden Flatirons	Denver	CO	2015	960	424	95%	1,703
Camden Highlands Ridge	Highlands Ranch	CO	1996	1,149	342	96%	1,823
Camden Interlocken	Broomfield	CO	1999	1,002	340	94%	1,728
Camden Lakeway	Littleton	CO	1997	932	451	96%	1,644
Camden Lincoln Station	Lone Tree	CO	2017	844	267	95%	1,627
TOTAL COLORADO	8	Properties		969	2,632	96%	1,693
Camden Ashburn Farm	Ashburn	VA	2000	1,062	162	96%	1,769
Camden College Park	College Park	MD	2008	942	508	97%	1,652
Camden Dulles Station	Oak Hill	VA	2009	977	382	96%	1,878
Camden Fair Lakes	Fairfax	VA	1999	1,056	530	96%	1,920
Camden Fairfax Corner	Fairfax	VA	2006	934	489	96%	2,010
Camden Fallsgrove	Rockville	MD	2004	996	268	95%	1,858
Camden Grand Parc	Washington	DC	2002	672	105	96%	2,623
Camden Lansdowne	Leesburg	VA	2002	1,006	690	98%	1,737
Camden Largo Town Center	Largo	MD	2000/2007	1,027	245	98%	1,720
Camden Monument Place	Fairfax	VA	2007	856	368	96%	1,720
Camden Noma	Washington	DC	2014	769	321	96%	2,293
Camden Noma II	Washington	DC	2017	759	405	93%	2,394
Camden Potomac Yard (3)	Arlington	VA	2008	832	378	93%	2,106
Camden Roosevelt	Washington	DC	2003	856	198	94%	2,964
Camden Russett	Laurel	MD	2000	992	426	97%	1,550
Camden Shady Grove	Rockville	MD	2018	877	457	95%	1,794
Camden Silo Creek	Ashburn	VA	2004	975	284	98%	1,718
Camden South Capitol (4)	Washington	DC	2013	821	281	96%	2,364
Camden Washingtonian	Gaithersburg	MD	2018	870	365	95%	1,777
TOTAL DC METRO	19	Properties		922	6,862	96%	1,929
Camden Aventura	Aventura	FL	1995	1,108	379	95%	1,986
Camden Boca Raton	Boca Raton	FL	2014	843	261	93%	1,984
Camden Brickell (3)	Miami	FL	2003	937	405	94%	2,151
Camden Doral	Miami	FL	1999	1,120	260	96%	1,960
Camden Doral Villas	Miami	FL	2000	1,253	232	96%	2,118
Camden Las Olas (3)	Ft. Lauderdale	FL	2004	1,043	420	94%	2,118
Camden Plantation	Plantation	FL	1997	1,201	502	97%	1,721
Camden Portofino	Pembroke Pines	FL	1995	1,112	322	97%	1,799
Total Southeast Florida	8	Properties		1,079	2,781	95%	1,969

All values are in US Dollars.

CAMDEN	COMMUNITY TABLE
	Community statistics as of 6/30/2020

(Unaudited)							2Q20 Avg Monthly
			Year Placed	Average	Apartment	2Q20 Avg	Rental Rates per
Community Name	City	State	In Service	Size	Homes	Occupancy	Home
Camden Hunter's Creek	Orlando	FL	2000	1,075	270	96%		1,486	1.38	1,685	$1.57
Camden Lago Vista	Orlando	FL	2005	955	366	96%	1,368
Camden LaVina	Orlando	FL	2012	969	420	95%	1,386
Camden Lee Vista	Orlando	FL	2000	937	492	95%	1,341
Camden North Quarter	Orlando	FL	2016	806	333	93%	1,571
Camden Orange Court	Orlando	FL	2008	817	268	94%	1,375
Camden Thornton Park	Orlando	FL	2016	920	299	91%	1,778
Camden Town Square	Orlando	FL	2012	983	438	95%	1,418
Camden Waterford Lakes (4)	Orlando	FL	2014	971	300	95%	1,467
Camden World Gateway	Orlando	FL	2000	979	408	96%	1,411
Total Orlando	10	Properties		944	3,594	95%	1,448
Camden Bay	Tampa	FL	1997/2001	943	760	96%	1,271
Camden Montague	Tampa	FL	2012	972	192	97%	1,361
Camden Pier District	St. Petersburg	FL	2016	989	358	92%	2,564
Camden Preserve	Tampa	FL	1996	942	276	94%	1,489
Camden Royal Palms	Brandon	FL	2006	1,017	352	96%	1,275
Camden Visconti (4)	Tampa	FL	2007	1,125	450	95%	1,428
Camden Westchase Park	Tampa	FL	2012	992	348	97%	1,469
Total Tampa	7	Properties		997	2,736	95%	1,520
TOTAL FLORIDA	25	Properties		1,001	9,111	95%	1,629
Camden Brookwood	Atlanta	GA	2002	916	359	95%	1,465
Camden Buckhead Square	Atlanta	GA	2015	827	250	95%	1,577
Camden Creekstone	Atlanta	GA	2002	990	223	97%	1,407
Camden Deerfield	Alpharetta	GA	2000	1,187	292	94%	1,467
Camden Dunwoody	Atlanta	GA	1997	1,007	324	97%	1,394
Camden Fourth Ward	Atlanta	GA	2014	844	276	96%	1,755
Camden Midtown Atlanta	Atlanta	GA	2001	935	296	97%	1,555
Camden Paces	Atlanta	GA	2015	1,408	379	96%	2,669
Camden Peachtree City	Peachtree City	GA	2001	1,027	399	96%	1,348
Camden Phipps (4)	Atlanta	GA	1996	1,016	234	96%	1,602
Camden Shiloh	Kennesaw	GA	1999/2002	1,143	232	96%	1,341
Camden St. Clair	Atlanta	GA	1997	999	336	97%	1,398
Camden Stockbridge	Stockbridge	GA	2003	1,009	304	97%	1,186
Camden Vantage	Atlanta	GA	2010	901	592	93%	1,484
TOTAL GEORGIA	14	Properties		1,014	4,496	96%	1,558
Camden Ballantyne	Charlotte	NC	1998	1,048	400	94%	1,305
Camden Cotton Mills	Charlotte	NC	2002	905	180	94%	1,516
Camden Dilworth	Charlotte	NC	2006	857	145	89%	1,508
Camden Fairview	Charlotte	NC	1983	1,036	135	95%	1,227
Camden Foxcroft	Charlotte	NC	1979	940	156	94%	1,095
Camden Foxcroft II	Charlotte	NC	1985	874	100	97%	1,206
Camden Gallery	Charlotte	NC	2017	743	323	94%	1,624
Camden Grandview	Charlotte	NC	2000	1,059	266	97%	1,716
Camden Grandview II	Charlotte	NC	2019	2,241	28	97%	3,375
Camden Sedgebrook	Charlotte	NC	1999	972	368	96%	1,166
Camden South End	Charlotte	NC	2003	878	299	95%	1,509
Camden Southline (4)	Charlotte	NC	2015	831	266	95%	1,623
Camden Stonecrest	Charlotte	NC	2001	1,098	306	95%	1,361
Camden Touchstone	Charlotte	NC	1986	899	132	97%	1,118
Total Charlotte	14	Properties		954	3,104	95%	1,425
Camden Asbury Village (4)	Raleigh	NC	2009	1,009	350	96%	1,280
Camden Carolinian (2)	Raleigh	NC	2017	1,118	186	Lease-Up	2,286
Camden Crest	Raleigh	NC	2001	1,014	438	97%	1,109
Camden Governor's Village	Chapel Hill	NC	1999	1,046	242	96%	1,158
Camden Lake Pine	Apex	NC	1999	1,066	446	97%	1,221
Camden Manor Park	Raleigh	NC	2006	966	484	96%	1,218
Camden Overlook	Raleigh	NC	2001	1,061	320	95%	1,321
Camden Reunion Park	Apex	NC	2000/2004	972	420	96%	1,105
Camden Westwood	Morrisville	NC	1999	1,027	354	93%	1,167
Total Raleigh	9	Properties		1,022	3,240	96%	1,257
TOTAL NORTH CAROLINA	23	Properties		989	6,344	95%	1,339

All values are in US Dollars.

CAMDEN	COMMUNITY TABLE
	Community statistics as of 6/30/2020

(Unaudited)							2Q20 Avg Monthly
			Year Placed	Average	Apartment	2Q20 Avg	Rental Rates per
Community Name	City	State	In Service	Size	Homes	Occupancy	Home
Camden Amber Oaks (4)	Austin	TX	2009	862	348	97%		1,160	1.34	1,398	$1.62
Camden Amber Oaks II (4)	Austin	TX	2012	910	244	96%	1,231
Camden Brushy Creek (4)	Cedar Park	TX	2008	882	272	96%	1,232
Camden Cedar Hills	Austin	TX	2008	911	208	95%	1,350
Camden Gaines Ranch	Austin	TX	1997	955	390	97%	1,501
Camden Huntingdon	Austin	TX	1995	903	398	95%	1,234
Camden La Frontera	Austin	TX	2015	901	300	95%	1,286
Camden Lamar Heights	Austin	TX	2015	838	314	95%	1,569
Camden Rainey Street	Austin	TX	2016	873	326	90%	2,126
Camden Shadow Brook (4)	Austin	TX	2009	909	496	97%	1,220
Camden Stoneleigh	Austin	TX	2001	908	390	96%	1,344
Total Austin	11	Properties		897	3,686	95%	1,383
Camden Addison	Addison	TX	1996	942	456	94%	1,283
Camden Belmont	Dallas	TX	2010/2012	946	477	96%	1,493
Camden Buckingham	Richardson	TX	1997	919	464	95%	1,272
Camden Centreport	Ft. Worth	TX	1997	912	268	97%	1,233
Camden Cimarron	Irving	TX	1992	772	286	95%	1,268
Camden Design District (4)	Dallas	TX	2009	939	355	95%	1,438
Camden Farmers Market	Dallas	TX	2001/2005	932	904	95%	1,386
Camden Henderson	Dallas	TX	2012	966	106	96%	1,553
Camden Legacy Creek	Plano	TX	1995	831	240	96%	1,332
Camden Legacy Park	Plano	TX	1996	870	276	95%	1,323
Camden Panther Creek (4)	Frisco	TX	2009	946	295	95%	1,305
Camden Riverwalk (4)	Grapevine	TX	2008	989	600	96%	1,493
Camden Valley Park	Irving	TX	1986	743	516	96%	1,111
Camden Victory Park	Dallas	TX	2016	861	423	96%	1,710
Total Dallas/Ft. Worth	14	Properties		902	5,666	95%	1,371
Camden City Centre	Houston	TX	2007	932	379	94%	1,515
Camden City Centre II	Houston	TX	2013	869	268	93%	1,518
Camden Cypress Creek (4)	Cypress	TX	2009	993	310	96%	1,356
Camden Downs at Cinco Ranch (4)	Katy	TX	2004	1,075	318	95%	1,300
Camden Grand Harbor (4)	Katy	TX	2008	959	300	96%	1,204
Camden Greenway	Houston	TX	1999	861	756	94%	1,409
Camden Heights (4)	Houston	TX	2004	927	352	95%	1,543
Camden Highland Village	Houston	TX	2014/2015	1,175	552	86%	2,379
Camden Holly Springs	Houston	TX	1999	934	548	95%	1,243
Camden McGowen Station	Houston	TX	2018	1,004	315	87%	2,092
Camden Midtown	Houston	TX	1999	844	337	90%	1,535
Camden Northpointe (4)	Tomball	TX	2008	940	384	97%	1,166
Camden Oak Crest	Houston	TX	2003	870	364	94%	1,144
Camden Park	Houston	TX	1995	866	288	96%	1,117
Camden Plaza	Houston	TX	2007	915	271	97%	1,616
Camden Post Oak	Houston	TX	2003	1,200	356	95%	2,464
Camden Royal Oaks	Houston	TX	2006	923	236	95%	1,383
Camden Royal Oaks II	Houston	TX	2012	1,054	104	97%	1,619
Camden Spring Creek (4)	Spring	TX	2004	1,080	304	94%	1,243
Camden Stonebridge	Houston	TX	1993	845	204	96%	1,129
Camden Sugar Grove	Stafford	TX	1997	921	380	95%	1,207
Camden Travis Street	Houston	TX	2010	819	253	94%	1,502
Camden Vanderbilt	Houston	TX	1996/1997	863	894	90%	1,423
Camden Whispering Oaks	Houston	TX	2008	936	274	96%	1,260
Camden Woodson Park (4)	Houston	TX	2008	916	248	93%	1,205
Camden Yorktown (4)	Houston	TX	2008	995	306	94%	1,193
Total Houston	26	Properties		947	9,301	93%	1,471
TOTAL TEXAS	51	Properties		924	18,653	94%	1,423
TOTAL PROPERTIES	164	Properties		959	56,112	95%		1,599	1.67	1,816	$1.89

All values are in US Dollars.

(1) Formerly known as Camden Hayden.

(2) Completed communities in lease-up as of June 30, 2020 are excluded from total occupancy numbers.

(3) Communities under redevelopment as of June 30, 2020.

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