EX-99.2 3 exhibit992supplementq218.htm EXHIBIT 99.2 Exhibit


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CAMDEN
 
TABLE OF CONTENTS
 
 
 


Page
Press Release Text
Financial Highlights
Operating Results
Funds from Operations
Balance Sheets
Portfolio Statistics
Components of Property Net Operating Income
"Same Property" Second Quarter Comparisons
"Same Property" Sequential Quarter Comparisons
"Same Property" Year to Date Comparisons
"Same Property" Operating Expense Detail & Comparisons
Joint Venture Operations
Current Development Communities
Development Pipeline & Land
Redevelopment Summary
Acquisitions and Dispositions
Debt Analysis
Debt Maturity Analysis
Debt Covenant Analysis
Unconsolidated Real Estate Investments Debt Analysis
Unconsolidated Real Estate Investments Debt Maturity Analysis
Capitalized Expenditures & Maintenance Expense
Non-GAAP Financial Measures - Definitions & Reconciliations
Other Data
Community Table
            







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


2



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CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2018 OPERATING RESULTS

Houston, Texas (August 2, 2018) - Camden Property Trust (NYSE:CPT) announced today operating results for the three and six months ended June 30, 2018. 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, 2018 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
2018
2017
2018
2017
EPS
$0.40
$0.43
$0.81
$0.82
FFO
$1.19
$1.15
$2.34
$2.24
AFFO
$1.00
$0.97
$2.04
$1.95

 
Quarterly Growth
Sequential Growth
Year-to-Date Growth
Same Property Results
2Q18 vs. 2Q17
2Q18 vs. 1Q18
2018 vs. 2017
Revenues
3.2%
1.8%
3.3%
Expenses
3.3%
0.7%
2.7%
Net Operating Income ("NOI")
3.2%
2.4%
3.6%

Same Property Results
2Q18

2Q17

1Q18

Occupancy
95.8
%
95.3
%
95.4
%

“We are pleased to report another solid quarter of results for our company,” said Richard J. Campo, Camden’s Chairman and CEO. “Same property performance and FFO per share were better than anticipated, and we have raised our full-year 2018 guidance for same property revenue growth, same property NOI growth and FFO per share as a result. We are also proud to announce that Camden recently celebrated its 25th anniversary as a publicly traded company, and we thank all of our team members, customers and shareholders for helping us reach this amazing milestone.”

The Company defines same property communities as communities owned and stabilized since January 1, 2017, excluding communities under redevelopment and properties held for sale. A reconciliation of net income to NOI and same property NOI is included in the financial tables accompanying this press release.

Development Activity
During the quarter, leasing began at Camden McGowen Station in Houston, TX, Camden North End I in Phoenix, AZ and Camden Washingtonian in Gaithersburg, MD, and construction commenced at Camden Lake Eola in Orlando, FL.

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

% Leased

Community Name
Location
Units
Cost

as of 7/31/2018

Camden NoMa II
Washington, DC
405
$107.9
86
%
Camden Shady Grove
Rockville, MD
457
113.7

80
%
Total
 
862
$221.6

 

3



Development Communities - Construction Ongoing ($ in millions)
 
 
Total
Total
% Leased

Community Name
Location
Units
Budget
as of 7/31/2018

Camden McGowen Station
Houston, TX
315
$90.0
30
%
Camden North End I
Phoenix, AZ
441
105.0
27
%
Camden Washingtonian
Gaithersburg, MD
365
90.0
32
%
Camden Grandview II
Charlotte, NC
28
21.0
 
Camden RiNo
Denver, CO
233
75.0
 
Camden Downtown I
Houston, TX
271
132.0
 
Camden Lake Eola
Orlando, FL
360
120.0
 
Total
 
2,013
$633.0
 

Acquisition/Disposition Activity
In April 2018, the Company acquired a 1.78-acre land parcel in Orlando, FL, for $11.4 million for the future development of 360 wholly-owned apartment homes which commenced construction during the quarter ended June 30, 2018.

Earnings Guidance
Camden updated its earnings guidance for 2018 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2018 as detailed below.

 
3Q18
2018
2018 Midpoint
 
 
Per Diluted Share
Range
Range
Current
Prior
Change
 
EPS
$0.39 - $0.43
$1.55 - $1.67
$1.61
$1.78
($0.17)
(a) 
FFO
$1.17 - $1.21
$4.68 - $4.80
$4.74
$4.72
$0.02
 
(a) Guidance adjusted for depreciation and amortization of real estate and in-place leases for 2018 completed and anticipated acquisitions.

 
2018
2018 Midpoint
 
Same Property Growth
Range
Current
Prior
Change
Revenues
2.90% - 3.40%
3.15%
3.00%
0.15%
Expenses
3.25% - 3.75%
3.50%
3.50%
0.00%
NOI
2.50% - 3.50%
3.00%
2.70%
0.30%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2018 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call
Friday, August 3, 2018 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 1269818
Webcast: http://services.choruscall.com/links/cpt180803.html

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

Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates, and projections about the industry and markets in which Camden (the “Company”) operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties

4



which are difficult to predict. Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

About Camden
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 158 properties containing 54,181 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 56,194 apartment homes in 165 properties. Camden was recently named by FORTUNE® Magazine for the eleventh consecutive year as one of the “100 Best Companies to Work For” in America, ranking #24.

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


5


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

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
2017
 
2018
2017
Total property revenues

$237,133


$223,370

 

$467,816


$442,891

 
 
 
 
 
 
Adjusted EBITDA
134,556

125,553

 
264,238

247,209

 
 
 
 
 
 
Net income attributable to common shareholders
38,671

39,188

 
78,066

74,049

      Per share - basic
0.40

0.43

 
0.81

0.82

      Per share - diluted
0.40

0.43

 
0.81

0.82

 
 
 
 
 
 
Funds from operations
116,109

105,978

 
227,476

206,333

       Per share - diluted
1.19

1.15

 
2.34

2.24

 
 
 
 
 
 
Adjusted funds from operations
96,919

89,203

 
198,287

179,864

       Per share - diluted
1.00

0.97

 
2.04

1.95

 
 
 
 
 
 
Dividends per share
0.77

0.75

 
1.54

1.50

Dividend payout ratio (FFO)
64.7
%
65.2
%
 
65.8
%
67.0
%
 
 
 
 
 
 
Interest expensed
20,607

21,966

 
40,981

44,922

Interest capitalized
3,738

3,803

 
7,431

8,252

    Total interest incurred
24,345

25,769

 
48,412

53,174

 
 
 
 
 
 
Principal amortization
169

184

 
341

370

 
 
 
 
 
 
Net Debt to Annualized Adjusted EBITDA (a)
4.0x

4.5x

 
4.0x

4.6x

Interest expense coverage ratio
6.5x

5.7x

 
6.4x

5.5x

Total interest coverage ratio
5.5x

4.9x

 
5.5x

4.6x

Fixed charge expense coverage ratio
6.5x

5.7x

 
6.4x

5.5x

Total fixed charge coverage ratio
5.5x

4.8x

 
5.4x

4.6x

Unencumbered real estate assets (at cost) to unsecured debt ratio
4.9x

4.2x

 
4.9x

4.2x

 
 

 
 
 
Same property NOI increase (b)
3.2
%
4.1
%
 
3.6
%
2.9
%
  (# of apartment homes included)
41,968

41,988

 
41,968

41,988

 
 
 
 
 
 
Gross turnover of apartment homes (annualized)
59
%
62
%
 
54
%
56
%
Net turnover (excludes on-site transfers and transfers to other Camden communities)
49
%
52
%
 
44
%
46
%
 
 
 
 
 
 
 
 
 
As of June 30,
 


 
2018
2017
Total assets
 
 
 

$6,131,906


$5,798,600

Total debt
 
 
 

$2,205,288


$2,303,900

Common and common equivalent shares, outstanding end of period (c)
 
 
 
97,266

92,172

Share price, end of period
 
 
 

$91.13


$85.51

Book equity value, end of period (d)
 
 
 

$3,514,542


$3,125,189

Market equity value, end of period (e)
 
 
 

$8,863,851

$7,881,627
 
(a) Net Debt is the average Notes Payable less the average Cash balance and Short Term Investments over the period. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by either 4 for quarter results or 2 for 6 month results.
   
(b) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2017, excluding communities under redevelopment and properties held for sale.
  
(c) Includes at June 30, 2018: 95,385 common shares (including 127 common share equivalents related to share awards & options), plus 1,881 common share equivalents upon the assumed conversion of non-controlling units.
 
(d) Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
 
(e) Includes: common shares, common units, and common share equivalents.
 
Note: Please refer to pages 27 and 28 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

6


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

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
2017
 
2018
2017
OPERATING DATA
 
 
 
 
 
Property revenues
 
 
 
 
 
Rental revenues (a)

$208,634


$190,470

 

$412,139


$378,572

Other property revenues (a)
28,499

32,900

 
55,677

64,319

Total property revenues
237,133

223,370

 
467,816

442,891

 
 
 
 
 
 
Property expenses
 
 
 
 
 
Property operating and maintenance
54,735

52,550

 
108,651

104,098

Real estate taxes
30,326

27,803

 
60,375

55,723

Total property expenses
85,061

80,353

 
169,026

159,821

 
 
 
 
 
 
Non-property income
 
 
 
 
 
Fee and asset management
1,826

1,942

 
3,824

3,690

Interest and other income
491

560

 
1,284

1,194

Income on deferred compensation plans
435

3,441

 
230

8,058

Total non-property income
2,752

5,943

 
5,338

12,942

 
 
 
 
 
 
Other expenses
 
 
 
 
 
Property management
6,473

6,554

 
13,112

13,581

Fee and asset management
1,088

961

 
2,053

1,845

General and administrative
12,272

12,451

 
24,495

25,319

Interest
20,607

21,966

 
40,981

44,922

Depreciation and amortization
75,569

65,033

 
145,793

128,767

Expense on deferred compensation plans
435

3,441

 
230

8,058

Total other expenses
116,444

110,406

 
226,664

222,492

 
 
 
 
 
 
Loss on early retirement of debt


 

(323
)
Equity in income of joint ventures
1,872

1,785

 
3,701

3,602

Income from continuing operations before income taxes
40,252

40,339

 
81,165

76,799

Income tax expense
(380
)
(25
)
 
(768
)
(496
)
Net income
39,872

40,314

 
80,397

76,303

Less income allocated to non-controlling interests from
continuing operations
(1,201
)
(1,126
)
 
(2,331
)
(2,254
)
Net income attributable to common shareholders

$38,671


$39,188

 

$78,066


$74,049

 
 
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
 
 
 
Net income
$39,872
$40,314
 
$80,397
$76,303
Other comprehensive income
 
 
 
 
 
Unrealized gain on cash flow hedging activities
5,181


 
8,782


Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation
34

34

 
69

68

Comprehensive income
45,087

40,348

 
89,248

76,371

Less income allocated to noncontrolling interests from continuing operations
(1,201
)
(1,126
)
 
(2,331
)
(2,254
)
Comprehensive income attributable to common shareholders

$43,886


$39,222

 

$86,917


$74,117

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
 
 
 
 
 
 
Total earnings per common share - basic

$0.40


$0.43

 

$0.81


$0.82

Total earnings per common share - diluted
0.40

0.43

 
0.81

0.82

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
     Basic
95,243

90,105

 
95,155

90,015

     Diluted
95,337

91,041

 
95,289

90,995



(a) Upon our adoption of ASU 2014-09, we are now presenting certain revenue items, historically included as a component of other property revenues, as rental revenues due to the nature and timing of revenue recognition for these items being more closely aligned to a lease. This new presentation has been applied prospectively as this reclassification will not have an impact upon total property revenues or the opening balance of retained earnings. Approximately $5.8 million and  $11.4 million of rental revenue is related to this presentation for the three and six months ended June 30, 2018, respectively. Had ASU 2014-09 been effective as of January 1, 2017, we would have reclassified approximately $5.7 million and $11.0 million from other property revenues to rental revenue for the three and six months ended June 30, 2017, respectively.

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

7


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

(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
2017
 
2018
2017
FUNDS FROM OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to common shareholders

$38,671


$39,188

 

$78,066


$74,049

 Real estate depreciation and amortization
73,980

63,450

 
142,575

125,603

 Adjustments for unconsolidated joint ventures
2,257

2,214

 
4,504

4,427

 Income allocated to non-controlling interests
1,201

1,126

 
2,331

2,254

     Funds from operations

$116,109


$105,978

 

$227,476


$206,333

 
 
 
 
 
 
     Less: recurring capitalized expenditures (a)
(19,190
)
(16,775
)
 
(29,189
)
(26,469
)
 
 
 
 
 
 
     Adjusted funds from operations - diluted

$96,919


$89,203

 

$198,287


$179,864

 
 
 
 
 
 
PER SHARE DATA
 
 
 
 
 
Funds from operations - diluted

$1.19


$1.15

 

$2.34


$2.24

Adjusted funds from operations - diluted
1.00

0.97

 
2.04

1.95

Distributions declared per common share
0.77

0.75

 
1.54

1.50

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
FFO/AFFO - diluted
97,220

92,119

 
97,172

92,074

 
 
 
 
 
 
PROPERTY DATA
 
 
 
 
 
Total operating properties (end of period) (b)
158

155

 
158

155

Total operating apartment homes in operating properties (end of period) (b)
54,181

53,771

 
54,181

53,771

Total operating apartment homes (weighted average)
46,682

46,053

 
46,518

45,882


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

(b) Includes joint ventures and properties held for sale, if any.




























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

8


 
 
 
CAMDEN
 
BALANCE SHEETS
 
 
(In thousands)
 
 
 

(Unaudited)
 
Jun 30,
2018

Mar 31,
2018

Dec 31,
2017

Sep 30,
2017

Jun 30,
2017

ASSETS
 
 
 
 
 
Real estate assets, at cost
 
 
 
 
 
Land

$1,066,077


$1,053,578


$1,021,031


$1,016,097


$1,008,459

Buildings and improvements
6,620,169

6,494,229

6,269,481

6,269,561

6,199,435

 
7,686,246

7,547,807

7,290,512

7,285,658

7,207,894

Accumulated depreciation
(2,255,737
)
(2,185,452
)
(2,118,839
)
(2,080,989
)
(2,016,259
)
Net operating real estate assets
5,430,509

5,362,355

5,171,673

5,204,669

5,191,635

Properties under development, including land
373,350

399,903

377,231

363,481

373,294

Investments in joint ventures
26,205

26,863

27,237

28,420

29,665

Total real estate assets
5,830,064

5,789,121

5,576,141

5,596,570

5,594,594

Accounts receivable – affiliates
23,473

23,397

24,038

23,620

23,592

Other assets, net (a)(b)
204,717

199,420

195,764

189,253

155,784

Cash and cash equivalents
64,071

101,401

368,492

350,274

16,318

Restricted cash
9,581

15,036

9,313

9,178

8,312

Total assets

$6,131,906


$6,128,375


$6,173,748


$6,168,895


$5,798,600

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
Liabilities
 
 
 
 
 
Notes payable
 
 
 
 
 
Unsecured

$1,339,659


$1,339,142


$1,338,628


$1,338,117


$1,437,608

Secured
865,629

865,798

865,970

866,134

866,292

Accounts payable and accrued expenses
127,777

123,706

128,313

127,557

116,754

Accrued real estate taxes
52,461

29,061

51,383

70,027

48,559

Distributions payable
75,071

75,083

72,943

72,962

69,347

Other liabilities (b)(c)
156,767

157,002

154,567

154,506

134,851

Total liabilities
2,617,364

2,589,792

2,611,804

2,629,303

2,673,411

 
 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
Non-qualified deferred compensation share awards
85,938

76,174

77,230

73,015

84,050

 
 
 
 
 
 
Equity
 
 
 
 
 
Common shares of beneficial interest
1,027

1,026

1,028

1,028

978

Additional paid-in capital
4,132,404

4,132,056

4,137,161

4,134,206

3,678,660

Distributions in excess of net income attributable to common shareholders
(436,575
)
(396,596
)
(368,703
)
(383,584
)
(351,910
)
Treasury shares, at cost
(355,752
)
(356,687
)
(364,066
)
(364,736
)
(364,785
)
Accumulated other comprehensive loss (d)
8,794

3,579

(57
)
(7
)
(1,795
)
Total common equity
3,349,898

3,383,378

3,405,363

3,386,907

2,961,148

Non-controlling interests
78,706

79,031

79,351

79,670

79,991

Total equity
3,428,604

3,462,409

3,484,714

3,466,577

3,041,139

Total liabilities and equity

$6,131,906


$6,128,375


$6,173,748


$6,168,895


$5,798,600

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 

 
 
 
 
 
 
(a) Includes net deferred charges of:

$724


$929


$1,125


$1,312


$1,487

 
 
 
 
 
 
(b) Includes net asset fair value of derivative instruments:

$10,472


$5,291


$1,690


$1,754


$—

 
 
 
 
 
 
(c) Includes deferred revenues of:

$659


$536


$426


$1,463


$513

 
 
 
 
 
 
(d) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net gain on cash flow hedging activities.

9


 
 
 
CAMDEN
 
PORTFOLIO STATISTICS
 
 
 

(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2018 (in apartment homes)
 
Fully Consolidated
 
Non-Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property"
Non-"Same Property" (a)
Completed in Lease-up
Under Construction
Total
 
Operating
 
Grand Total
D.C. Metro (b)
4,655

699

862

365

6,581

 
281

 
6,862

Houston, TX
5,912



586

6,498

 
2,522

 
9,020

Atlanta, GA
4,012

250



4,262

 
234

 
4,496

Los Angeles/Orange County, CA
2,068

590



2,658

 

 
2,658

SE Florida
1,956

825



2,781

 

 
2,781

Dallas, TX
3,993

423



4,416

 
1,250

 
5,666

Denver, CO
2,365

267


233

2,865

 

 
2,865

Charlotte, NC
2,487

323


28

2,838

 
266

 
3,104

Phoenix, AZ
2,929



441

3,370

 

 
3,370

Orlando, FL
2,662

333


360

3,355

 
300

 
3,655

Raleigh, NC
2,704




2,704

 
350

 
3,054

Tampa, FL
1,928

358



2,286

 
450

 
2,736

San Diego/Inland Empire, CA
1,665




1,665

 

 
1,665

Austin, TX
2,000




2,000

 
1,360

 
3,360

Corpus Christi, TX
632




632

 
270

 
902

Total Portfolio
41,968

4,068

862

2,013

48,911

 
7,283

 
56,194


(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,
2018

Mar 31,
2018

Dec 31,
2017

Sep 30,
2017

Jun 30,
2017

D.C. Metro
13.8
%
16.1
%
15.7
%
 
96.0
%
95.1
%
94.8
%
95.9
%
96.0
%
Houston, TX
11.9
%
10.4
%
11.1
%
 
95.5
%
95.5
%
96.8
%
94.9
%
93.3
%
Atlanta, GA
8.8
%
8.1
%
8.0
%
 
95.7
%
95.4
%
95.7
%
96.2
%
95.8
%
Los Angeles/Orange County, CA
7.5
%
8.7
%
8.4
%
 
95.1
%
95.1
%
94.8
%
95.7
%
95.1
%
SE Florida
6.1
%
7.8
%
7.5
%
 
95.7
%
96.5
%
96.0
%
96.3
%
95.9
%
Dallas, TX
7.6
%
7.4
%
7.8
%
 
95.5
%
94.8
%
95.3
%
95.9
%
95.8
%
Denver, CO
6.5
%
6.2
%
6.0
%
 
95.2
%
94.5
%
95.1
%
95.9
%
95.9
%
Charlotte, NC
5.8
%
6.0
%
5.9
%
 
96.2
%
94.6
%
95.6
%
96.5
%
95.9
%
Phoenix, AZ
6.7
%
5.8
%
5.6
%
 
95.2
%
96.0
%
95.7
%
95.7
%
94.0
%
Orlando, FL
5.8
%
5.6
%
5.5
%
 
96.7
%
97.1
%
97.1
%
97.0
%
96.6
%
Raleigh, NC
5.2
%
4.5
%
4.6
%
 
95.0
%
94.6
%
94.6
%
95.5
%
95.0
%
Tampa, FL
4.1
%
4.7
%
4.8
%
 
95.7
%
95.9
%
96.1
%
96.2
%
95.8
%
San Diego/Inland Empire, CA
5.3
%
4.6
%
4.4
%
 
96.0
%
94.7
%
95.5
%
96.6
%
95.5
%
Austin, TX
3.9
%
3.3
%
3.8
%
 
96.2
%
95.6
%
95.5
%
96.2
%
95.8
%
Corpus Christi, TX
1.0
%
0.8
%
0.9
%
 
93.3
%
91.3
%
93.3
%
92.9
%
92.2
%
Total Portfolio
100.0
%
100.0
%
100.0
%
 
95.7
%
95.3
%
95.6
%
95.8
%
95.2
%
 
 
 
 
 
 
 
 
 
 

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

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

(e) Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments.

10


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

(Unaudited)
 
Apartment
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Property Revenues
Homes
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
"Same Property" Communities (a)
41,968

 

$205,086

 

$198,690

 

$6,396

 

$406,561

 

$393,734

 

$12,827

Non-"Same Property" Communities (b)
4,068

 
25,453

 
19,340

 
6,113

 
49,006

 
37,371

 
11,635

Development and Lease-Up Communities (c)
2,875

 
4,479

 
806

 
3,673

 
7,967

 
906

 
7,061

Disposition/Other (d)

 
2,115

 
4,534

 
(2,419
)
 
4,282

 
10,880

 
(6,598
)
Total Property Revenues
48,911

 

$237,133

 

$223,370

 

$13,763

 

$467,816

 

$442,891

 

$24,925

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property" Communities (a)
41,968

 

$73,357

 

$70,987

 

$2,370

 

$146,228

 

$142,350

 

$3,878

Non-"Same Property" Communities (b)
4,068

 
9,309

 
6,953

 
2,356

 
18,197

 
13,560

 
4,637

Development and Lease-Up Communities (c)
2,875

 
1,621

 
417

 
1,204

 
3,061

 
475

 
2,586

Disposition/Other (d)

 
774

 
1,996

 
(1,222
)
 
1,540

 
3,436

 
(1,896
)
Total Property Expenses
48,911

 

$85,061

 

$80,353

 

$4,708

 

$169,026

 

$159,821

 

$9,205

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Net Operating Income
 
 
 
 
 
 
 
 
 
 
 
 
 
"Same Property" Communities (a)
41,968

 

$131,729

 

$127,703

 

$4,026

 

$260,333

 

$251,384

 

$8,949

Non-"Same Property" Communities (b)
4,068

 
16,144

 
12,387

 
3,757

 
30,809

 
23,811

 
6,998

Development and Lease-Up Communities (c)
2,875

 
2,858

 
389

 
2,469

 
4,906

 
431

 
4,475

Disposition/Other (d)

 
1,341

 
2,538

 
(1,197
)
 
2,742

 
7,444

 
(4,702
)
Total Property Net Operating Income
48,911

 

$152,072

 

$143,017

 

$9,055

 

$298,790

 

$283,070

 

$15,720

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2017, excluding communities under redevelopment and properties held for sale. 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, 2017, 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, 2017, excluding properties held for sale.

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


11


 
 
 
CAMDEN
 
"SAME PROPERTY"
 
 
SECOND QUARTER COMPARISONS
 
 
June 30, 2018
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)
 
Apartment

 
 
 
 
 
 
 
 
 
 
 
 
 
Homes

 
Revenues
 
Expenses
 
NOI
Quarterly Results (a)
Included

 
2Q18

2Q17

Growth

 
2Q18

2Q17

Growth

 
2Q18

2Q17

Growth

D.C. Metro
4,655

 

$26,665


$26,017

2.5
%
 

$8,503


$8,371

1.6
 %
 

$18,162


$17,646

2.9
 %
Houston, TX
5,912

 
27,398

26,418

3.7
%
 
11,682

12,115

(3.6
)%
 
15,716

14,303

9.9
 %
Atlanta, GA
4,012

 
19,666

19,020

3.4
%
 
8,051

6,929

16.2
 %
 
11,615

12,091

(3.9
)%
Los Angeles/Orange County, CA
2,068

 
13,766

13,359

3.0
%
 
3,951

3,820

3.4
 %
 
9,815

9,539

2.9
 %
Dallas, TX
3,993

 
17,074

16,766

1.8
%
 
7,046

6,693

5.3
 %
 
10,028

10,073

(0.4
)%
Denver, CO
2,365

 
12,369

11,953

3.5
%
 
3,752

3,648

2.9
 %
 
8,617

8,305

3.8
 %
Phoenix, AZ
2,929

 
13,090

12,502

4.7
%
 
4,228

4,102

3.1
 %
 
8,862

8,400

5.5
 %
SE Florida
1,956

 
12,085

11,880

1.7
%
 
3,985

3,890

2.4
 %
 
8,100

7,990

1.4
 %
Orlando, FL
2,662

 
11,795

11,211

5.2
%
 
4,173

3,910

6.7
 %
 
7,622

7,301

4.4
 %
Charlotte, NC
2,487

 
10,894

10,690

1.9
%
 
3,289

3,252

1.1
 %
 
7,605

7,438

2.2
 %
Raleigh, NC
2,704

 
10,316

9,892

4.3
%
 
3,432

3,241

5.9
 %
 
6,884

6,651

3.5
 %
San Diego/Inland Empire, CA
1,665

 
10,284

9,931

3.6
%
 
3,363

3,322

1.2
 %
 
6,921

6,609

4.7
 %
Tampa, FL
1,928

 
8,588

8,222

4.5
%
 
3,143

3,053

2.9
 %
 
5,445

5,169

5.3
 %
Austin, TX
2,000

 
8,940

8,783

1.8
%
 
3,877

3,769

2.9
 %
 
5,063

5,014

1.0
 %
Corpus Christi, TX
632

 
2,156

2,046

5.4
%
 
882

872

1.1
 %
 
1,274

1,174

8.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
41,968

 

$205,086


$198,690

3.2
%
 

$73,357


$70,987

3.3
 %
 

$131,729


$127,703

3.2
 %


 
 
 
 
 
 
 
Weighted Average Monthly
 
Weighted Average Monthly
 
% of NOI
 
Average Occupancy (a)
 
Rental Rate (b)
 
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution

 
2Q18

2Q17

Growth

 
2Q18

2Q17

Growth

 
2Q18

2Q17

Growth

D.C. Metro
13.8
%
 
96.1
%
96.2
%
(0.1
)%
 

$1,727


$1,682

2.7
 %
 

$1,987


$1,936

2.6
%
Houston, TX
11.9
%
 
95.7
%
93.1
%
2.6
 %
 
1,395

1,403

(0.6
)%
 
1,619

1,603

1.1
%
Atlanta, GA
8.8
%
 
95.9
%
95.9
%
0.0
 %
 
1,466

1,418

3.4
 %
 
1,704

1,648

3.4
%
Los Angeles/Orange County, CA
7.5
%
 
95.2
%
95.6
%
(0.4
)%
 
2,104

2,046

2.8
 %
 
2,330

2,252

3.4
%
Dallas, TX
7.6
%
 
95.5
%
95.9
%
(0.4
)%
 
1,263

1,240

1.9
 %
 
1,493

1,460

2.2
%
Denver, CO
6.5
%
 
95.2
%
95.9
%
(0.7
)%
 
1,581

1,508

4.8
 %
 
1,832

1,757

4.2
%
Phoenix, AZ
6.7
%
 
95.2
%
94.0
%
1.2
 %
 
1,301

1,248

4.2
 %
 
1,564

1,512

3.5
%
SE Florida
6.1
%
 
96.5
%
95.8
%
0.7
 %
 
1,839

1,822

0.9
 %
 
2,135

2,113

1.0
%
Orlando, FL
5.8
%
 
96.8
%
96.7
%
0.1
 %
 
1,297

1,230

5.4
 %
 
1,527

1,452

5.1
%
Charlotte, NC
5.8
%
 
96.1
%
95.9
%
0.2
 %
 
1,292

1,272

1.6
 %
 
1,520

1,493

1.7
%
Raleigh, NC
5.2
%
 
95.1
%
95.0
%
0.1
 %
 
1,090

1,049

3.9
 %
 
1,338

1,285

4.2
%
San Diego/Inland Empire, CA
5.3
%
 
96.0
%
95.5
%
0.5
 %
 
1,908

1,826

4.5
 %
 
2,146

2,082

3.1
%
Tampa, FL
4.1
%
 
95.9
%
95.9
%
0.0
 %
 
1,265

1,218

3.9
 %
 
1,549

1,482

4.5
%
Austin, TX
3.9
%
 
96.5
%
96.0
%
0.5
 %
 
1,282

1,271

0.9
 %
 
1,545

1,526

1.3
%
Corpus Christi, TX
1.0
%
 
93.2
%
91.8
%
1.4
 %
 
968

961

0.7
 %
 
1,223

1,175

4.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
95.8
%
95.3
%
0.5
 %
 

$1,456


$1,420

2.5
 %
 

$1,701


$1,656

2.7
%


(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2017, excluding communities under redevelopment and properties held for sale. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

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

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


12


 
 
 
CAMDEN
 
"SAME PROPERTY"
 
 
SEQUENTIAL QUARTER COMPARISONS
 
 
June 30, 2018
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)
 
Apartment

 
 
 
 
 
 
 
 
 
 
 
 
 
Homes

 
Revenues
 
Expenses
 
NOI
Quarterly Results (a)
Included

 
2Q18

1Q18

Growth

 
2Q18

1Q18

Growth

 
2Q18

1Q18

Growth

D.C. Metro
4,655

 

$26,665


$25,977

2.6
%
 

$8,503


$8,758

(2.9
)%
 

$18,162


$17,219

5.5
 %
Houston, TX
5,912

 
27,398

26,849

2.0
%
 
11,682

11,734

(0.4
)%
 
15,716

15,115

4.0
 %
Atlanta, GA
4,012

 
19,666

19,464

1.0
%
 
8,051

7,032

14.5
 %
 
11,615

12,432

(6.6
)%
Los Angeles/Orange County, CA
2,068

 
13,766

13,581

1.4
%
 
3,951

4,003

(1.3
)%
 
9,815

9,578

2.5
 %
Dallas, TX
3,993

 
17,074

16,882

1.1
%
 
7,046

7,528

(6.4
)%
 
10,028

9,354

7.2
 %
Denver, CO
2,365

 
12,369

12,086

2.3
%
 
3,752

3,370

11.3
 %
 
8,617

8,716

(1.1
)%
Phoenix, AZ
2,929

 
13,090

12,970

0.9
%
 
4,228

4,256

(0.7
)%
 
8,862

8,714

1.7
 %
SE Florida
1,956

 
12,085

12,023

0.5
%
 
3,985

3,996

(0.3
)%
 
8,100

8,027

0.9
 %
Orlando, FL
2,662

 
11,795

11,621

1.5
%
 
4,173

4,232

(1.4
)%
 
7,622

7,389

3.2
 %
Charlotte, NC
2,487

 
10,894

10,676

2.0
%
 
3,289

3,302

(0.4
)%
 
7,605

7,374

3.1
 %
Raleigh, NC
2,704

 
10,316

10,062

2.5
%
 
3,432

3,337

2.8
 %
 
6,884

6,725

2.4
 %
San Diego/Inland Empire, CA
1,665

 
10,284

10,057

2.3
%
 
3,363

3,447

(2.4
)%
 
6,921

6,610

4.7
 %
Tampa, FL
1,928

 
8,588

8,421

2.0
%
 
3,143

3,192

(1.5
)%
 
5,445

5,229

4.1
 %
Austin, TX
2,000

 
8,940

8,779

1.8
%
 
3,877

3,848

0.8
 %
 
5,063

4,931

2.7
 %
Corpus Christi, TX
632

 
2,156

2,027

6.4
%
 
882

836

5.5
 %
 
1,274

1,191

7.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
41,968

 

$205,086


$201,475

1.8
%
 

$73,357


$72,871

0.7
 %
 

$131,729


$128,604

2.4
 %


 
 
 
 
 
 
 
Weighted Average Monthly
 
Weighted Average Monthly
 
% of NOI
 
Average Occupancy (a)
 
Rental Rate (b)
 
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution

 
2Q18

1Q18

Growth

 
2Q18

1Q18

Growth

 
2Q18

1Q18

Growth

D.C. Metro
13.8
%
 
96.1
%
95.2
%
0.9
 %
 

$1,727


$1,708

1.1
%
 

$1,987


$1,954

1.7
%
Houston, TX
11.9
%
 
95.7
%
95.8
%
(0.1
)%
 
1,395

1,386

0.6
%
 
1,619

1,585

2.1
%
Atlanta, GA
8.8
%
 
95.9
%
95.6
%
0.3
 %
 
1,466

1,458

0.5
%
 
1,704

1,691

0.7
%
Los Angeles/Orange County, CA
7.5
%
 
95.2
%
95.6
%
(0.4
)%
 
2,104

2,089

0.7
%
 
2,330

2,289

1.8
%
Dallas, TX
7.6
%
 
95.5
%
94.7
%
0.8
 %
 
1,263

1,259

0.3
%
 
1,493

1,487

0.3
%
Denver, CO
6.5
%
 
95.2
%
94.5
%
0.7
 %
 
1,581

1,561

1.3
%
 
1,832

1,802

1.6
%
Phoenix, AZ
6.7
%
 
95.2
%
96.0
%
(0.8
)%
 
1,301

1,284

1.3
%
 
1,564

1,537

1.7
%
SE Florida
6.1
%
 
96.5
%
97.1
%
(0.6
)%
 
1,839

1,825

0.8
%
 
2,135

2,110

1.1
%
Orlando, FL
5.8
%
 
96.8
%
97.1
%
(0.3
)%
 
1,297

1,277

1.6
%
 
1,527

1,500

1.8
%
Charlotte, NC
5.8
%
 
96.1
%
94.6
%
1.5
 %
 
1,292

1,284

0.6
%
 
1,520

1,511

0.5
%
Raleigh, NC
5.2
%
 
95.1
%
94.5
%
0.6
 %
 
1,090

1,079

1.0
%
 
1,338

1,313

1.9
%
San Diego/Inland Empire, CA
5.3
%
 
96.0
%
94.7
%
1.3
 %
 
1,908

1,885

1.2
%
 
2,146

2,126

1.0
%
Tampa, FL
4.1
%
 
95.9
%
95.9
%
0.0
 %
 
1,265

1,252

1.0
%
 
1,549

1,518

2.0
%
Austin, TX
3.9
%
 
96.5
%
95.8
%
0.7
 %
 
1,282

1,276

0.5
%
 
1,545

1,528

1.1
%
Corpus Christi, TX
1.0
%
 
93.2
%
90.5
%
2.7
 %
 
968

961

0.7
%
 
1,223

1,180

3.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
95.8
%
95.4
%
0.4
 %
 

$1,456


$1,444

0.8
%
 

$1,701


$1,677

1.4
%


(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2017, excluding communities under redevelopment and properties held for sale. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

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

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



13


 
 
 
CAMDEN
 
"SAME PROPERTY"
 
 
YEAR TO DATE COMPARISONS
 
 
June 30, 2018
 
 
(In thousands, except property data amounts)
 
 
 

(Unaudited)
 
Apartment

 
 
 
 
 
 
 
 
 
 
 
 
 
Homes

 
Revenues
 
Expenses
 
NOI
Year to Date Results (a)
Included

 
2018

2017

Growth

 
2018

2017

Growth

 
2018

2017

Growth

D.C. Metro
4,655

 

$52,642


$51,583

2.1
%
 

$17,261


$16,561

4.2
 %
 

$35,381


$35,022

1.0
 %
Houston, TX
5,912

 
54,247

52,763

2.8
%
 
23,416

24,328

(3.7
)%
 
30,831

28,435

8.4
 %
Atlanta, GA
4,012

 
39,130

37,595

4.1
%
 
15,083

13,909

8.4
 %
 
24,047

23,686

1.5
 %
Los Angeles/Orange County, CA
2,068

 
27,347

26,400

3.6
%
 
7,954

7,749

2.6
 %
 
19,393

18,651

4.0
 %
Dallas, TX
3,993

 
33,956

33,262

2.1
%
 
14,574

13,789

5.7
 %
 
19,382

19,473

(0.5
)%
Denver, CO
2,365

 
24,455

23,602

3.6
%
 
7,122

7,039

1.2
 %
 
17,333

16,563

4.6
 %
Phoenix, AZ
2,929

 
26,060

24,909

4.6
%
 
8,484

8,262

2.7
 %
 
17,576

16,647

5.6
 %
SE Florida
1,956

 
24,108

23,642

2.0
%
 
7,981

7,880

1.3
 %
 
16,127

15,762

2.3
 %
Orlando, FL
2,662

 
23,416

22,158

5.7
%
 
8,405

7,906

6.3
 %
 
15,011

14,252

5.3
 %
Charlotte, NC
2,487

 
21,570

21,151

2.0
%
 
6,591

6,430

2.5
 %
 
14,979

14,721

1.8
 %
Raleigh, NC
2,704

 
20,378

19,453

4.8
%
 
6,769

6,411

5.6
 %
 
13,609

13,042

4.3
 %
San Diego/Inland Empire, CA
1,665

 
20,341

19,488

4.4
%
 
6,811

6,720

1.4
 %
 
13,530

12,768

6.0
 %
Tampa, FL
1,928

 
17,009

16,226

4.8
%
 
6,335

6,091

4.0
 %
 
10,674

10,135

5.3
 %
Austin, TX
2,000

 
17,719

17,425

1.7
%
 
7,725

7,533

2.5
 %
 
9,994

9,892

1.0
 %
Corpus Christi, TX
632

 
4,183

4,077

2.6
%
 
1,717

1,742

(1.4
)%
 
2,466

2,335

5.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
41,968

 

$406,561


$393,734

3.3
%
 

$146,228


$142,350

2.7
 %
 

$260,333


$251,384

3.6
 %


 
 
 
 
 
 
 
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

 
2018

2017

Growth

 
2018

2017

Growth

 
2018

2017

Growth

D.C. Metro
13.6
%
 
95.6
%
96.0
%
(0.4
)%
 

$1,718


$1,674

2.6
 %
 

$1,971


$1,924

2.5
 %
Houston, TX
11.8
%
 
95.7
%
92.7
%
3.0
 %
 
1,391

1,410

(1.3
)%
 
1,603

1,607

(0.2
)%
Atlanta, GA
9.2
%
 
95.8
%
95.7
%
0.1
 %
 
1,462

1,410

3.7
 %
 
1,698

1,631

4.0
 %
Los Angeles/Orange County, CA
7.5
%
 
95.4
%
95.5
%
(0.1
)%
 
2,096

2,032

3.1
 %
 
2,309

2,227

3.7
 %
Dallas, TX
7.4
%
 
95.1
%
95.7
%
(0.6
)%
 
1,261

1,234

2.2
 %
 
1,490

1,450

2.7
 %
Denver, CO
6.7
%
 
94.9
%
95.6
%
(0.7
)%
 
1,571

1,498

4.9
 %
 
1,817

1,741

4.3
 %
Phoenix, AZ
6.8
%
 
95.6
%
94.5
%
1.1
 %
 
1,293

1,243

4.0
 %
 
1,551

1,500

3.5
 %
SE Florida
6.2
%
 
96.8
%
95.5
%
1.3
 %
 
1,832

1,822

0.5
 %
 
2,122

2,109

0.7
 %
Orlando, FL
5.8
%
 
96.9
%
96.1
%
0.8
 %
 
1,287

1,223

5.2
 %
 
1,514

1,444

4.9
 %
Charlotte, NC
5.8
%
 
95.3
%
95.5
%
(0.2
)%
 
1,288

1,268

1.6
 %
 
1,516

1,484

2.2
 %
Raleigh, NC
5.2
%
 
94.8
%
94.0
%
0.8
 %
 
1,085

1,042

4.1
 %
 
1,325

1,275

4.0
 %
San Diego/Inland Empire, CA
5.2
%
 
95.3
%
94.8
%
0.5
 %
 
1,896

1,815

4.5
 %
 
2,136

2,057

3.9
 %
Tampa, FL
4.1
%
 
95.9
%
95.3
%
0.6
 %
 
1,258

1,212

3.8
 %
 
1,533

1,471

4.2
 %
Austin, TX
3.8
%
 
96.1
%
95.8
%
0.3
 %
 
1,279

1,268

0.9
 %
 
1,536

1,515

1.4
 %
Corpus Christi, TX
0.9
%
 
91.9
%
91.0
%
0.9
 %
 
964

966

(0.2
)%
 
1,201

1,181

1.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Same Property
100.0
%
 
95.6
%
95.0
%
0.6
 %
 

$1,450


$1,415

2.5
 %
 

$1,689


$1,645

2.7
 %

(a) "Same Property" Communities are communities we owned and were stabilized as of January 1, 2017, excluding properties held for sale and communities under redevelopment. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

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

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



14


 
 
 
CAMDEN
 
"SAME PROPERTY" OPERATING EXPENSE
 
 
 DETAIL AND COMPARISONS
 
 
June 30, 2018
 
 
(In thousands)
 
 
 

(Unaudited)
 
 
 
 
 
% of Actual
 
 
 
 
 
2Q18 Operating

Quarterly Comparison (a)
2Q18
2Q17
$ Change
% Change
Expenses
 
 
 
 
 
 
Property taxes

$25,971


$24,794


$1,177

4.7
 %
35.4
%
Salaries and Benefits for On-site Employees
15,210

14,516

694

4.8
 %
20.7
%
Utilities
16,205

16,051

154

1.0
 %
22.1
%
Repairs and Maintenance
9,503

9,451

52

0.6
 %
13.0
%
Property Insurance
2,065

1,932

133

6.9
 %
2.8
%
General and Administrative
2,611

2,424

187

7.7
 %
3.6
%
Marketing and Leasing
1,173

1,195

(22
)
(1.8
)%
1.6
%
Other
619

624

(5
)
(0.8
)%
0.8
%
 
 
 
 
 
 
Total Same Property

$73,357


$70,987


$2,370

3.3
 %
100.0
%


 
 
 
 
 
% of Actual
 
 
 
 
 
2Q18 Operating

Sequential Comparison (a)
2Q18
1Q18
$ Change
% Change
Expenses
 
 
 
 
 
 
Property taxes

$25,971


$25,866


$105

0.4
 %
35.4
%
Salaries and Benefits for On-site Employees
15,210

15,375

(165
)
(1.1
)%
20.7
%
Utilities
16,205

16,313

(108
)
(0.7
)%
22.1
%
Repairs and Maintenance
9,503

8,745

758

8.7
 %
13.0
%
Property Insurance
2,065

1,998

67

3.4
 %
2.8
%
General and Administrative
2,611

2,839

(228
)
(8.0
)%
3.6
%
Marketing and Leasing
1,173

1,100

73

6.6
 %
1.6
%
Other
619

635

(16
)
(2.5
)%
0.8
%
 
 
 
 
 
 
Total Same Property

$73,357


$72,871


$486

0.7
 %
100.0
%


 
 
 
 
 
 
% of Actual
 
 
 
 
 
 
2018 Operating

Year to Date Comparison (a)
 
2018
2017
$ Change
% Change
Expenses
 
 
 
 
 
 
 
Property taxes
 

$51,837


$49,970


$1,867

3.7
 %
35.4
%
Salaries and Benefits for On-site Employees
 
30,585

28,994

1,591

5.5
 %
20.9
%
Utilities
 
32,518

31,848

670

2.1
 %
22.2
%
Repairs and Maintenance
 
18,248

19,049

(801
)
(4.2
)%
12.5
%
Property Insurance
 
4,063

4,052

11

0.3
 %
2.8
%
General and Administrative
 
5,450

4,975

475

9.5
 %
3.7
%
Marketing and Leasing
 
2,273

2,271

2

0.1
 %
1.6
%
Other
 
1,254

1,191

63

5.3
 %
0.9
%
 
 
 
 
 
 
 
Total Same Property
 

$146,228


$142,350


$3,878

2.7
 %
100.0
%
 
 
 
 
 
 
 


(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2017, excluding communities under redevelopment and properties held for sale. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.




15


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

(Unaudited)

Company's Pro-Rata Share of Joint Venture Operations:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
OPERATING DATA (a)
2018
2017
 
2018
2017
Property Revenues
 
 
 
 
 
   Rental revenues

$8,714


$8,228

 

$17,312


$16,402

   Other property revenues
1,202

1,288

 
2,337

2,499

      Total property revenues
9,916

9,516

 
19,649

18,901

 
 
 
 
 
 
Property expenses
 
 
 
 
 
   Property operating and maintenance
2,471

2,313

 
4,840

4,605

   Real estate taxes
1,601

1,628

 
3,222

3,208

 
4,072

3,941

 
8,062

7,813

 
 
 
 
 
 
Net Operating Income
5,844

5,575

 
11,587

11,088

 
 
 
 
 
 
Other expenses
 
 
 
 
 
   Interest
1,649

1,570

 
3,232

3,007

   Depreciation and amortization
2,220

1,991

 
4,455

4,188

   Other (including debt prepayment penalties)
103

229

 
199

291

   Total other expenses
3,972

3,790

 
7,886

7,486

 
 
 
 
 
 
Equity in income of joint ventures

$1,872


$1,785

 

$3,701


$3,602

 
Jun 30,
2018

Mar 31,
2018

Dec 31,
2017

Sep 30,
2017

Jun 30,
2017

BALANCE SHEET DATA(b)
 
 
 
 
 
Land

$109,912


$109,912


$109,912


$109,912


$109,912

Building & Improvements
754,650

751,636

750,164

746,460

744,446

 
864,562

861,548

860,076

856,372

854,358

Accumulated Depreciation
(187,125
)
(179,847
)
(172,554
)
(165,285
)
(158,214
)
Net operating real estate assets
677,437

681,701

687,522

691,087

696,144

Properties under development and land
1,266

1,265

1,265

1,265

1,265

Cash and other assets, net
26,325

20,015

27,097

27,089

22,918

Total assets

$705,028


$702,981


$715,884


$719,441


$720,327

 
 
 
 
 
 
Notes payable

$512,564


$513,377


$514,457


$515,592


$517,387

Other liabilities
21,398

16,409

26,928

25,873

20,916

Total liabilities
533,962

529,786

541,385

541,465

538,303

 
 
 
 
 
 
Member's equity
171,066

173,195

174,499

177,976

182,024

   Total liabilities and members' equity

$705,028


$702,981


$715,884


$719,441


$720,327

 
 
 
 
 
 
Company's equity investment

$26,205


$26,863


$27,237


$28,420


$29,665

 
 
 
 
 
 
Company's pro-rata share of debt

$160,433


$160,687


$161,025


$161,380


$161,942

 
 

 
 
 
 
 
 
 
 
 
PROPERTY DATA (end of period)
 
 
 
 
 
Total operating properties
22

22
22
22
22
Total operating apartment homes
7,283

7,283
7,283
7,283
7,283
Pro-rata share of operating apartment homes
2,280

2,280

2,280

2,280

2,280



(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) Balance sheet and property data reported at 100%.

16


 
 
CAMDEN
 
CURRENT DEVELOPMENT COMMUNITIES
 
 
 

(Unaudited)

AS OF JUNE 30, 2018 ($ in millions)
 
 
 
 
 
 
Estimated/Actual Dates for
 
 
Completed Communities in Lease-Up
Total
Total
 
 
Construction
Initial
Construction
Stabilized
As of 7/31/2018
Homes
Cost
 
 
Start
Occupancy
Completion
Operations
% Leased
% Occupied
1.
Camden NoMa II
405
$107.9
 
 
1Q15
1Q17
2Q17
2Q19
86%
82%
 
Washington, DC
 
 
 
 
 
 
 
 
 
 
2.
Camden Shady Grove
457
113.7
 
 
2Q15
1Q17
1Q18
3Q19
80%
75%
 
Rockville, MD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Completed Communities in Lease-Up
862
$221.6
 

 
 
 
 
83%
78%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated/Actual Dates for
 
 
 
 
Total
Total
Cost to
Amount
Construction
Initial
Construction
Stabilized
As of 7/31/2018
Development Communities
Homes
Budget
Date
in CIP
Start
Occupancy
Completion
Operations
% Leased
% Occupied
UNDER CONSTRUCTION
 
 
 
 
 
 
 
 
 
 
1.
Camden McGowen Station
315
$90.0
$86.0
$46.6
4Q14
2Q18
3Q18
4Q19
30%
21%
 
Houston, TX
 
 
 
 
 
 
 
 
 
 
2.
Camden North End I
441
105.0
80.7
47.3
4Q16
2Q18
2Q19
2Q20
27%
22%
 
Phoenix, AZ
 
 
 
 
 
 
 
 
 
 
3.
Camden Washingtonian
365
90.0
81.8
47.9
3Q16
2Q18
1Q19
4Q19
32%
23%
 
Gaithersburg, MD
 
 
 
 
 
 
 
 
 
 
4.
Camden Grandview II
28
21.0
16.3
16.3
2Q17
4Q18
4Q18
2Q19

 
 
Charlotte, NC
 
 
 
 
 
 
 
 
 
 
5.
Camden RiNo
233
75.0
32.2
32.2
3Q17
4Q19
2Q20
4Q20
 
 
 
Denver, CO
 
 
 
 
 
 
 
 
 
 
6.
Camden Downtown I
271
132.0
32.6
32.6
4Q17
1Q20
3Q20
1Q21
 
 
 
Houston, TX
 
 
 
 
 
 
 
 
 
 
7.
Camden Lake Eola
360
120.0
20.0
20.0
2Q18
2Q20
3Q20
3Q21
 
 
 
Orlando, FL
 
 
 
 
 
 
 
 
 
 
 





 
 


 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Development Communities
2,013
$633.0
$349.6
$242.9
 
 
 
 
29%
22%
 
 
 
 
 
 
 
 
 
 
 
 
Additional Development Pipeline & Land (a)
130.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Properties Under Development and Land (per Balance Sheet)
$373.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NOI Contribution from Development Communities ($ in millions)
 
 
 
 
Cost to Date

2Q18 NOI

 
 
Completed Communities in Lease-Up
 
 
 
 
$221.6
$2.7
 
 
Development Communities in Lease-Up
 
 
 
 
248.5

0.2

 
 
Total Development Communities NOI Contribution
 
 
 
 

$470.1


$2.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 

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

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

17


 
 
 
CAMDEN
 
DEVELOPMENT PIPELINE & LAND
 
 
 

(Unaudited)

AS OF JUNE 30, 2018 ($ in millions)

 
 
 
Projected
Total
 
PIPELINE COMMUNITIES
 
Homes
Estimated Cost (a)
Cost to Date

 
 
 
 
 
 
1.
Camden Buckhead

365
$160.0
$19.0
 
Atlanta, GA






2.
Camden Atlantic

269
90.0

16.2

 
Plantation, FL




3.
Camden Arts District

354
150.0

20.3

 
Los Angeles, CA




4.
Camden Hillcrest

125
75.0

26.0

 
San Diego, CA






5.
Camden North End II

326
73.0

13.2

 
Phoenix, AZ




6.
Camden Paces III

350
100.0

14.3

 
Atlanta, GA
 
 
 
 
7.
Camden Downtown II
 
271
145.0

10.4

 
Houston, TX
 
 
 
 
 

 





Development Pipeline
 
2,060

$793.0


$119.4

 
 
 
 
 
 
LAND HOLDINGS/OTHER
 
Acreage (b)
 
Cost to Date

 
 
 
 
 
 
 
 
 

 


 
Phoenix, AZ
 
14.0
 
11.1

 
 
 

 


 
 
 
 
 
 
 
 
 
 
 
 
Land Holdings/Other
 
14.0
 

$11.1

 
 
 
 
 
 
Total Development Pipeline and Land
 
 
 

$130.5

 
 
 
 
 
 


(a) Represents our estimate of total costs we expect to incur on these projects. However, forward-looking statements 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.

(b) Acreage represented is Gross Acreage of the land.















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

18


 
 
 
CAMDEN
 
REDEVELOPMENT SUMMARY
 
 
 

(Unaudited)

REDEVELOPMENT SUMMARY AS OF JUNE 30, 2018 ($ in millions)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homes
 
 
 
 
 
 
 
Estimated
 
 
Total
Redeveloped
Budget
Cost to Date
 
Dates for
 
COMMUNITIES
Homes
To Date
Interior
Exterior
Total
Interior
Exterior
Total
Start
Completion
1.
Camden Brickell
405

124
$12.4
$7.8
$20.2
$4.3
$1.3
$5.6
1Q18
1Q20
 
Miami, FL
 
 
 
 
 
 
 
 
 
 
2.
Camden Las Olas
420

120
13.0
5.9
18.9
3.0
0.8
3.8
1Q18
1Q20
 
Ft. Lauderdale, FL
 
 
 
 
 
 
 
 
 
 
3.
Camden Potomac Yard
378

86
9.7
2.6
12.3
1.9
1.0
2.9
1Q18
3Q20
 
Arlington, VA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
1,203

330
$35.1
$16.3
$51.4
$9.2
$3.1
$12.3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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.

19


 
 
 
CAMDEN
 
ACQUISITIONS & DISPOSITIONS
 
 
 

(Unaudited)

2018 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Apartment
Weighted Average
 
 
Acquisitions
 
Location
Purchase Price
Homes
Monthly Rental Rate
Year Built
Closing Date
1.
Camden Pier District
 
St. Petersburg, FL
$126.9
358 Homes
$2,417
2016
1/11/2018
2.
Camden North Quarter
 
Orlando, FL
81.4
333 Homes
1,673
2016
2/15/2018
 
 
 
 
 
 
 
 
 
Total/Average Acquisitions
 
 
$208.3
691 Homes
$2,126
 
 
 
 
 
 
 
 
 
 
 
Land Acquisitions
 
Location
Purchase Price
Acres
Closing Date
 
 
1.
Camden Lake Eola
 
Orlando, FL
$11.4
1.8
4/12/2018
 
 
 
 
 
 
 
 
 
 
 






20


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

(Unaudited)

DEBT MATURITIES AS OF JUNE 30, 2018:

 
 
Future Scheduled Repayments
 
 
Year (a)
 
Amortization

Secured
Maturities

Unsecured Maturities

Total

% of Total

Weighted Average Interest Rate on Maturing Debt

2018
 

($587
)

$175,000


$—


$174,413

7.9
 %
2.6
%
2019
 
(1,075
)
644,107


643,032

29.2
 %
5.4
%
2020
 
(1,218
)


(1,218
)
(0.1
)%
N/A

2021
 
(907
)

250,000

249,093

11.3
 %
4.8
%
2022
 
(696
)

350,000

349,304

15.8
 %
3.2
%
Thereafter
 
40,664


750,000

790,664

35.9
 %
4.4
%
Total Maturing Debt
 

$36,181


$819,107


$1,350,000


$2,205,288

100.0
 %
4.4
%
 
 
 
 
 
 
 
 
Unsecured Line of Credit
 

$—


$—


$—


$—

 %
N/A

Other Short Term Borrowing
 




 %
N/A

Total Debt
 

$36,181


$819,107


$1,350,000


$2,205,288

100.0
 %
4.4
%
 
 
 
 
 
 
 
 
Weighted Average Maturity of Debt
 
 
3.8 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
 
 
FLOATING vs. FIXED RATE DEBT:
 
Balance

% of Total

Interest Rate
Time to Maturity
 
 
  Floating rate debt
 

$175,000

7.9
%
2.6
%
0.3 Years

 
 
  Fixed rate debt
 
2,030,288

92.1
%
4.5
%
4.1 Years

 
 
      Total
 

$2,205,288

100.0
%
4.4
%
3.8 Years

 
 
 
 
 


 
 
 
 
 
 
 
 
Weighted Average
 
 
SECURED vs. UNSECURED DEBT:
 
Balance

% of Total

Interest Rate
Time to Maturity
 
 
  Unsecured debt
 

$1,339,659

60.7
%
4.1
%
4.8 Years

 
 
  Secured debt
 
865,629

39.3
%
4.8
%
2.2 Years

 
 
      Total
 

$2,205,288

100.0
%
4.4
%
3.8 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
 
 
SECURED DEBT DETAIL:
 
Balance

% of Total

Interest Rate
Time to Maturity
 
 
  Conventional fixed-rate mortgage debt
 

$690,629

79.8
%
5.3
%
2.7 Years

 
 
  Conventional variable-rate mortgage debt
 
175,000

20.2
%
2.6
%
0.3 Years

 
 
      Total
 

$865,629

100.0
%
4.8
%
2.2 Years

 
 
 
 
 
 
 
 
 
REAL ESTATE ASSETS: (b)
 
Total Homes

% of Total

Total Cost

% of Total

2Q18 NOI

% of Total

  Unencumbered real estate assets
 
37,204
76.1
%

$6,508,705

80.8
%

$116,960

76.9
%
  Encumbered real estate assets
 
11,707
23.9
%
1,550,891

19.2
%
35,112

23.1
%
      Total
 
48,911
100.0
%

$8,059,596

100.0
%

$152,072

100.0
%
 
 
 
 
 
 
 
 
 
 
 
Ratio of unencumbered assets at cost to unsecured debt is
 
4.9x
 

(a) Includes all available extension options.

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





21


 
 
 
CAMDEN
 
DEBT MATURITY ANALYSIS
 
 
(In thousands)
 
 
 

(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2018 AND 2019:

 
 
 
Future Scheduled Repayments
 
Weighted Average Interest on Maturing Debt

Quarter (a)
 
Amortization

Secured Maturities

Unsecured Maturities

Total

3Q 2018
 

($321
)

$—


$—


($321
)
N/A

4Q 2018
 
(266
)
175,000


174,734

2.6
%
2018
 

($587
)

$175,000


$—


$174,413

2.6
%
 
 
 
 
 
 
 
1Q 2019
 

($262
)

$—


$—


($262
)
N/A

2Q 2019
 
(189
)
439,107


438,918

5.2
%
3Q 2019
 
(312
)


(312
)
N/A

4Q 2019
 
(312
)
205,000


204,688

5.8
%
2019
 

($1,075
)

$644,107


$—


$643,032

5.4
%
 
 
 
 
 
 
 

(a) Includes all available extension options.


22


 
 
CAMDEN
 
DEBT COVENANT ANALYSIS
 
 
 
 
 
 

(Unaudited)
UNSECURED LINE OF CREDIT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenant (a)
 
Required
 
Actual (b)
 
Compliance
 
 
 
 
 
 
 
 
Total Consolidated Debt to Gross Asset Value
 
<
60%
 
21%
 
Yes
 
 
 
 
 
 
 
 
Secured Debt to Gross Asset Value
 
<
40%
 
8%
 
Yes
 
 
 
 
 
 
 
 
Consolidated Adjusted EBITDA to Total Fixed Charges
 
>
150%
 
516%
 
Yes
 
 
 
 
 
 
 
 
Unsecured Debt to Gross Asset Value
 
<
60%
 
18%
 
Yes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SENIOR UNSECURED NOTES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Covenant (a)
 
Required
 
Actual (b)
 
Compliance
 
 
 
 
 
 
 
 
Total Consolidated Debt to Total Asset Value
 
<
60%
 
27%
 
Yes
 
 
 
 
 
 
 
 
Total Secured Debt to Total Asset Value
 
<
40%
 
10%
 
Yes
 
 
 
 
 
 
 
 
Total Unencumbered Asset Value to Total Unsecured Debt
 
>
150%
 
504%
 
Yes
 
 
 
 
 
 
 
 
Consolidated Income Available for Debt Service to Total Annual Service Charges
 
>
150%
 
534%
 
Yes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 







(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

23


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

(Unaudited)

PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF JUNE 30, 2018:

 
 
Future Scheduled Repayments
 
Weighted Average Interest on Maturing Debt

Year (a)
 
Amortization

Secured Maturities

Total

% of Total

2018
 

$137


$—


$137

0.1
 %
N/A

2019
 
177

7,383

7,560

4.7
 %
4.2
%
2020
 
(15
)

(15
)
 %
N/A

2021
 
(135
)
5,160

5,025

3.1
 %
4.8
%
2022
 
(150
)
5,008

4,858

3.0
 %
3.6
%
Thereafter
 
(716
)
143,138

142,422

88.8
 %
4.0
%
Total Maturing Debt
 

($702
)

$160,689


$159,987

99.7
 %
4.1
%
 
 
 
 
 
 
 
Unsecured lines of credit (b)
 

$—


$446


$446

0.3
 %
5.2
%
Total Debt
 

($702
)

$161,135


$160,433

100.0
 %
4.1
%
 
 
 
 
 
 
 
Weighted Average Maturity of Debt
 
 
8.0 Years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
FLOATING vs. FIXED RATE DEBT:
 
 
Balance

% of Total

Interest Rate
Time to Maturity
Floating rate debt
 
 

$57,206

35.7
%
4.0
 %
7.6 Years

Fixed rate debt
 
 
103,227

64.3
%
4.1
 %
8.2 Years

Total
 
 
$160,433
100.0
%
4.1
 %
8.0 Years

 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
DEBT DETAIL:
 
 
Balance

% of Total

Interest Rate
Time to Maturity
Conventional fixed-rate mortgage debt
 
 

$103,227

64.3
%
4.1
 %
8.2 Years

Conventional variable-rate mortgage debt
 
 
56,760

35.4
%
4.0
 %
7.7 Years

Unsecured lines of credit
 
 
446

0.3
%
5.2
 %
0.6 Years

Total
 
 
$160,433
100.0
%
4.1
 %
8.0 Years

 
 
 
 
 
 
 
REAL ESTATE ASSETS: (c)
 
 
Total Homes

Total Cost

 
 
Operating real estate assets
 
 
7,283

$864,562

 
 
Land
 
 
0
1,266

 
 
Total
 
 
7,283

$865,828

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


(a) Includes all available extension options.

(b) As of June 30, 2018 these borrowings were drawn under the lines of credit with $7.0 million in total capacity. Camden has a 31.3% ownership interest in the borrowing entity.

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


24


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

(Unaudited)

ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2018 AND 2019:

 
 
Future Scheduled Repayments
Weighted Average Interest on
Maturing Debt

Quarter (a)
 
Amortization

Secured Maturities

Total

3Q 2018
 

$67


$—


$67

N/A

4Q 2018
 
70


70

N/A

2018
 

$137


$—


$137

N/A

 
 
 
 
 
 
1Q 2019
 

$73


$446


$519

5.2
%
2Q 2019
 
66

3,654

3,720

4.4
%
3Q 2019
 
35


35

N/A

4Q 2019
 
3

3,729

3,732

4.0
%
2019
 

$177


$7,829


$8,006

4.3
%
 
 
 
 
 
 


(a) Includes all available extension options.

(b) 1Q 2019 maturities includes unsecured lines of credit with $446 (Camden's pro-rata share) outstanding as of June 30, 2018. The lines of credit have $7.0 million in total capacity.





25


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

(Unaudited)
 
 
 
Second Quarter 2018
 
 
 
Recurring Capitalized
 
Expensed
Item
 
 
Weighted Average Useful Life (a)

 
Total

Per Unit

 
Total

Per Unit

Interiors
 
 
 
 
 
 
 
 
 
Floor Coverings
 
 
5.4
 years
 

$2,291


$49

 

$486


$10

Appliances
 
 
9.5
 years
 
602

13

 
209

4

Painting
 
 

 


 
1,456

31

Cabinetry/Countertops
 
 
10.0
 years
 
177

4

 


Other
 
 
9.1
 years
 
1,046

22

 
682

15

Exteriors
 
 

 
 
 
 
 
 
Painting
 
 
5.0
 years
 
1,153

25

 


Carpentry
 
 
10.0
 years
 
681

15

 


Landscaping
 
 
6.4
 years
 
725

16

 
2,694

58

Roofing
 
 
19.3
 years
 
3,212

69

 
87

2

Site Drainage
 
 
10.0
 years
 
51

1

 


Fencing/Stair
 
 
10.0
 years
 
558

12

 


Other (b)
 
 
8.4
 years
 
2,901

62

 
3,322

71

Common Areas
 
 

 
 
 
 
 
 
Mech., Elec., Plumbing
 
 
9.2
 years
 
2,813

60

 
1,527

33

Parking/Paving
 
 
4.7
 years
 
642

14

 


Pool/Exercise/Facility
 
 
7.6
 years
 
2,338

50

 
418

9

Total Recurring (c)
 
 
 
 

$19,190


$412

 

$10,881


$233

Weighted Average Apartment Homes
 
 
 
 
 
46,682

 
 
46,682

 
 
 
 
 
 
 
 
 
 
Non-recurring capitalized expenditures (d)
 
 
 
 

$2,259

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue Enhancing Expenditures (e)
 
 
10.0
 years
 

$10,431


$17,072

 
Revenue Enhanced Apartment Homes
 
 
 
 
 
611

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year to date 2018
 
 
 
Recurring Capitalized
 
Expensed
Item
 
 
Weighted Average Useful Life (a)

 
Total

Per Unit

 
Total

Per Unit

Interiors
 
 
 
 
 
 
 
 
 
Floor Coverings
 
 
5.4
 years
 

$4,278


$92

 

$884


$19

Appliances
 
 
9.5
 years
 
1,144

25

 
409

9

Painting
 
 

 


 
2,737

59

Cabinetry/Countertops
 
 
10.0
 years
 
287

6

 


Other
 
 
9.1
 years
 
1,895

41

 
1,276

27

Exteriors
 
 
 
 
 
 
 
 
 
Painting
 
 
5.0
 years
 
1,186

25

 


Carpentry
 
 
10.0
 years
 
785

17

 


Landscaping
 
 
6.4
 years
 
1,011

22

 
5,350

115

Roofing
 
 
19.3
 years
 
4,906

105

 
177

4

Site Drainage
 
 
10.0
 years
 
106

2

 


Fencing/Stair
 
 
10.0
 years
 
701

15

 


Other (b)
 
 
8.4
 years
 
4,364

94

 
6,374

137

Common Areas
 
 
 
 
 
 
 
 
 
Mech., Elec., Plumbing
 
 
9.2
 years
 
4,728

102

 
2,940

63

Parking/Paving
 
 
4.7
 years
 
673

14

 


Pool/Exercise/Facility
 
 
7.6
 years
 
3,125

67

 
759

16

Total Recurring (c)
 
 
 
 

$29,189


$627

 

$20,906


$449

Weighted Average Apartment Homes
 
 
 
 
 
46,518

 
 
46,518

 
 
 
 
 
 
 
 
 
 
Non-recurring capitalized expenditures (d)
 
 
 
 

$3,494

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue Enhancing Expenditures (e)
 
 
10.0
 years
 

$19,945


$16,704

 
Revenue Enhanced Apartment Homes
 
 
 
 

1,194

 
 
 
 
 
 
 
 
 
 
 
 
 

(a) Weighted average useful life of capitalized expenses for the three and six months ended June 30, 2018.
(b) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(c) Capital expenditures necessary to help preserve the value of and maintain the functionality at our communities.
(d) Capital expenditures primarily composed of non-recurring or one-time additions such as LED lighting programs for 2018 in addition to other, non-routine items.
(e) Represents capital expenditures for the three and six months ended June 30, 2018 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets. Redevelopment costs are not included in this table and can be found in the Redevelopment Summary on page 19.

26


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

(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.

FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with accounting principles generally accepted in the United States of America ("GAAP")), excluding gains (or losses) associated with the sale of previously depreciated operating properties, real estate depreciation and amortization, impairments of depreciable assets, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain non-controlling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties, and depreciation, FFO can assist in the comparison of the operating performance of a company’s real estate investments between periods or to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:

Adjusted FFO

In addition to FFO, we compute Adjusted FFO ("AFFO") as a supplemental measure of operating performance. AFFO is calculated utilizing FFO less recurring capital expenditures which are necessary to help preserve the value of and maintain the functionality at our communities. Our definition of recurring capital expenditures may differ from other REITs, and there can be no assurance our basis for computing this measure is comparable to other REITs. A reconciliation of FFO to AFFO is provided below:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
2017
 
2018
2017
Net income attributable to common shareholders

$38,671


$39,188

 

$78,066


$74,049

 Real estate depreciation and amortization
73,980

63,450

 
142,575

125,603

 Adjustments for unconsolidated joint ventures
2,257

2,214

 
4,504

4,427

 Income allocated to non-controlling interests
1,201

1,126

 
2,331

2,254

Funds from operations

$116,109


$105,978

 

$227,476


$206,333

 
 
 
 
 
 
Less: recurring capitalized expenditures
(19,190
)
(16,775
)
 
(29,189
)
(26,469
)
 
 
 
 
 
 
Adjusted funds from operations

$96,919


$89,203

 

$198,287


$179,864

 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
 
EPS diluted
95,337

91,041

 
95,289

90,995

FFO/AFFO diluted
97,220

92,119

 
97,172

92,074

 
 
 
 
 
 
Total earnings per common share - diluted

$0.40


$0.43

 

$0.81


$0.82

FFO per common share - diluted

$1.19


$1.15

 

$2.34


$2.24

AFFO per common share - diluted

$1.00


$0.97

 

$2.04


$1.95

 
Expected FFO
Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, on properties not currently held for sale due to the uncertain timing and extent of property dispositions and the resulting gains/losses on sales. A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below:
 
3Q18

Range
 
2018

Range
 
Low
High
 
Low
High
Expected earnings per common share - diluted

$0.39


$0.43

 

$1.55


$1.67

Expected real estate depreciation and amortization
0.75

0.75

 
3.00

3.00

Expected adjustments for unconsolidated joint ventures
0.02

0.02

 
0.09

0.09

Expected income allocated to non-controlling interests
0.01

0.01

 
0.04

0.04

Expected FFO per share - diluted

$1.17


$1.21

 

$4.68


$4.80



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

27


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

(Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
2017
 
2018
2017
Net income

$39,872


$40,314

 

$80,397


$76,303

Less: Fee and asset management income
(1,826
)
(1,942
)
 
(3,824
)
(3,690
)
Less: Interest and other income
(491
)
(560
)
 
(1,284
)
(1,194
)
Less: Income on deferred compensation plans
(435
)
(3,441
)
 
(230
)
(8,058
)
Plus: Property management expense
6,473

6,554

 
13,112

13,581

Plus: Fee and asset management expense
1,088

961

 
2,053

1,845

Plus: General and administrative expense
12,272

12,451

 
24,495

25,319

Plus: Interest expense
20,607

21,966

 
40,981

44,922

Plus: Depreciation and amortization expense
75,569

65,033

 
145,793

128,767

Plus: Expense on deferred compensation plans
435

3,441

 
230

8,058

Plus: Loss on early retirement of debt


 

323

Less: Equity in income of joint ventures
(1,872
)
(1,785
)
 
(3,701
)
(3,602
)
Plus: Income tax expense
380

25

 
768

496

NOI

$152,072


$143,017

 

$298,790


$283,070

 
 
 
 
 
 
"Same Property" Communities

$131,729


$127,703

 

$260,333


$251,384

Non-"Same Property" Communities
16,144

12,387

 
30,809

23,811

Development and Lease-Up Communities
2,858

389

 
4,906

431

Dispositions/Other
1,341

2,538

 
2,742

7,444

NOI

$152,072


$143,017

 

$298,790


$283,070


Adjusted EBITDA

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of operating properties including land, net of tax, loss on early retirement of debt and income (loss) allocated to non-controlling interests. The Company considers Adjusted EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income attributable to common shareholders to Adjusted EBITDA is provided below:
 
Three months ended June 30,
 
Six months ended June 30,
 
2018
2017
 
2018
2017
Net income attributable to common shareholders

$38,671


$39,188

 

$78,066


$74,049

Plus: Interest expense
20,607

21,966

 
40,981

44,922

Plus: Depreciation and amortization expense
75,569

65,033

 
145,793

128,767

Plus: Income allocated to non-controlling interests from continuing operations
1,201

1,126

 
2,331

2,254

Plus: Income tax expense
380

25

 
768

496

Plus: Loss on early retirement of debt


 

323

Less: Equity in income of joint ventures
(1,872
)
(1,785
)
 
(3,701
)
(3,602
)
Adjusted EBITDA

$134,556


$125,553

 

$264,238


$247,209


28


 
 
 
CAMDEN
 
OTHER DATA
 
 
 


(Unaudited)
Stock Symbol:
 
CPT
 
 
 
 
 
 
 
 
 
 
 
Exchange Traded:
 
NYSE
 
 
 
 
 
 
 
 
 
 
 
Senior Unsecured Debt Ratings:
 
 
Rating
Outlook
 
 
 
 
Fitch
A-
Stable
 
 
 
 
Moody's
A3
Stable
 
 
 
 
Standard & Poor's
BBB+
Positive
 
 
 
 
 
 
 
 
 
Estimated Future Dates:
 
Q3 '18
Q4 '18
Q1 '19
Q2 '19
 
  Earnings Release & Conference Call
 
Late October
Early February
Early May
Late July
 
 
 
 
 
 
 
 
Dividend Information - Common Shares:
 
Q1 '18
Q2 '18
 
 
 
  Declaration Date
 
2/1/2018
6/15/2018
 
 
 
  Record Date
 
3/30/2018
6/29/2018
 
 
 
  Payment Date
 
4/17/2018
7/17/2018
 
 
 
  Distributions Per Share
 
$0.77
$0.77
 
 
 

Investor Relations Data:
 
 
 
 
 
 
Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases, and Supplemental Data upon request.
 
 
 
 
 
 
For Investor Relations: recent press releases, 10-Q's, 10-K's, and other information, call (713) 354-2787.
 
 
 
 
 
 
To access Camden's Quarterly Conference Call, please visit our website at camdenliving.com.
 
 
 
 
 
 
For questions contact:
 
 
 
 
 
 
 
Richard J. Campo
Chairman & Chief Executive Officer
 
 
 
D. Keith Oden
President
 
 
 
H. Malcolm Stewart
Chief Operating Officer
 
 
 
Alexander J. Jessett
Chief Financial Officer
 
 
 
Kimberly A. Callahan
Senior Vice President - Investor Relations
 


29


 
 
 
CAMDEN
 
COMMUNITY TABLE
 
 
Community statistics as of 6/30/2018

(Unaudited)
 
 
 
 
 
 
2Q18 Avg Monthly
2Q18 Avg Monthly
 
 
 
Year Placed
Average
Apartment
2Q18 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
 
 
 
 
 
 
 
 
 
 
 
Camden Chandler
Chandler
AZ
2016
1,146

380

94%

$1,360


$1.19


$1,593


$1.39

Camden Copper Square
Phoenix
AZ
2000
786

332

94%
1,143

1.45

1,410

1.79

Camden Foothills
Scottsdale
AZ
2014
1,032

220

95%
1,597

1.55

1,918

1.86

Camden Hayden
Tempe
AZ
2015
1,043

234

93%
1,476

1.42

1,747

1.67

Camden Legacy
Scottsdale
AZ
1996
1,067

428

97%
1,257

1.18

1,504

1.41

Camden Montierra
Scottsdale
AZ
1999
1,071

249

97%
1,317

1.23

1,586

1.48

Camden Pecos Ranch
Chandler
AZ
2001
924

272

95%
1,106

1.20

1,353

1.46

Camden San Marcos
Scottsdale
AZ
1995
984

320

96%
1,229

1.25

1,462

1.49

Camden San Paloma
Scottsdale
AZ
1993/1994
1,042

324

97%
1,242

1.19

1,523

1.46

Camden Sotelo
Tempe
AZ
2008/2012
1,303

170

96%
1,506

1.16

1,828

1.40

TOTAL ARIZONA
10

Properties
1,030

2,929

95%
1,301

1.26

1,564

1.52

 
 
 
 
 
 
 
 
 
 
 
Camden Crown Valley
Mission Viejo
CA
2001
1,009

380

95%
2,050

2.03

2,274

2.25

Camden Glendale
Glendale
CA
2015
882

303

95%
2,261

2.56

2,398

2.72

Camden Harbor View
Long Beach
CA
2004
981

546

97%
2,592

2.64

2,799

2.85

Camden Main and Jamboree
Irvine
CA
2008
1,011

290

95%
2,107

2.08

2,351

2.33

Camden Martinique
Costa Mesa
CA
1986
795

714

94%
1,762

2.22

2,001

2.52

Camden Sea Palms
Costa Mesa
CA
1990
891

138

95%
2,083

2.34

2,244

2.52

The Camden
Hollywood
CA
2016
768

287

94%
3,171

4.13

3,272

4.26

Total Los Angeles/Orange County
7

Properties
899

2,658

95%
2,237

2.49

2,438

2.71

 
 
 
 
 
 
 
 
 
 
 
Camden Landmark
Ontario
CA
2006
982

469

96%
1,611

1.64

1,793

1.83

Camden Old Creek
San Marcos
CA
2007
1,037

350

95%
2,108

2.03

2,353

2.27

Camden Sierra at Otay Ranch
Chula Vista
CA
2003
962

422

96%
1,936

2.01

2,195

2.28

Camden Tuscany
San Diego
CA
2003
896

160

96%
2,602

2.90

2,902

3.24

Camden Vineyards
Murrieta
CA
2002
1,053

264

96%
1,703

1.62

1,958

1.86

Total San Diego/Inland Empire
5

Properties
992

1,665

96%
1,908

1.92

2,145

2.16

 
 
 
 
 
 
 
 
 
 
 
TOTAL CALIFORNIA
12

Properties
935

4,323

96%
2,110

2.26

2,325

2.49

 
 
 
 
 
 
 
 
 
 
 
Camden Belleview Station
Denver
CO
2009
888

270

97%
1,439

1.62

1,675

1.89

Camden Caley
Englewood
CO
2000
925

218

97%
1,457

1.58

1,713

1.85

Camden Denver West
Golden
CO
1997
1,015

320

95%
1,703

1.68

1,944

1.91

Camden Flatirons
Denver
CO
2015
960

424

96%
1,582

1.65

1,850

1.93

Camden Highlands Ridge
Highlands Ranch
CO
1996
1,149

342

94%
1,722

1.50

1,988

1.73

Camden Interlocken
Broomfield
CO
1999
1,010

340

95%
1,585

1.57

1,816

1.80

Camden Lakeway
Littleton
CO
1997
932

451

94%
1,528

1.64

1,783

1.91

Camden Lincoln Station
Lone Tree
CO
2017
844

267

95%
1,534

1.82

1,754

2.08

TOTAL COLORADO
8

Properties
971

2,632

95%
1,576

1.62

1,824

1.88

 
 
 
 
 
 
 
 
 
 
 
Camden Ashburn Farm
Ashburn
VA
2000
1,062

162

97%
1,681

1.58

1,953

1.84

Camden College Park
College Park
MD
2008
942

508

96%
1,556

1.65

1,796

1.91

Camden Dulles Station
Oak Hill
VA
2009
978

382

98%
1,706

1.75

1,946

1.99

Camden Fair Lakes
Fairfax
VA
1999
1,056

530

97%
1,797

1.70

2,083

1.97

Camden Fairfax Corner
Fairfax
VA
2006
934

489

97%
1,861

1.99

2,131

2.28

Camden Fallsgrove
Rockville
MD
2004
996

268

97%
1,758

1.76

2,000

2.01

Camden Grand Parc
Washington
DC
2002
672

105

94%
2,481

3.69

2,918

4.34

Camden Lansdowne
Leesburg
VA
2002
1,006

690

95%
1,603

1.59

1,843

1.83

Camden Largo Towne Center
Largo
MD
2000/2007
1,027

245

94%
1,666

1.62

1,917

1.87

Camden Monument Place
Fairfax
VA
2007
856

368

98%
1,586

1.85

1,830

2.14

Camden Noma
Washington
DC
2014
770

321

96%
2,209

2.87

2,526

3.28

Camden Noma II (1)
Washington
DC
2017
759

405

Lease-Up
2,326

3.06

2,565

3.38

Camden Potomac Yard (2)
Arlington
VA
2008
835

378

95%
1,959

2.35

2,246

2.69

Camden Roosevelt
Washington
DC
2003
856

198

92%
2,811

3.28

3,216

3.76

Camden Russett
Laurel
MD
2000
992

426

96%
1,468

1.48

1,697

1.71

Camden Shady Grove (1)
Rockville
MD
2018
877

457

Lease-Up
1,754

2.00

1,874

2.14

Camden Silo Creek
Ashburn
VA
2004
975

284

96%
1,592

1.63

1,843

1.89

Camden South Capitol (3)
Washington
DC
2013
821

281

96%
2,235

2.72

2,581

3.14

TOTAL DC METRO
18

Properties
925

6,497

96%
1,826

1.97

2,081

2.25

 
 
 
 
 
 
 
 
 
 
 
Camden Aventura
Aventura
FL
1995
1,108

379

96%
1,939

1.75

2,301

2.08

Camden Boca Raton
Boca Raton
FL
2014
843

261

97%
1,937

2.30

2,194

2.60

Camden Brickell (2)
Miami
FL
2003
937

405

94%
2,097

2.24

2,307

2.46

Camden Doral
Miami
FL
1999
1,120

260

97%
1,897

1.69

2,148

1.92

Camden Doral Villas
Miami
FL
2000
1,253

232

98%
2,032

1.62

2,284

1.82

Camden Las Olas (2)
Ft. Lauderdale
FL
2004
1,043

420

94%
2,074

1.99

2,336

2.24

Camden Plantation
Plantation
FL
1997
1,201

502

96%
1,667

1.39

1,962

1.63

Camden Portofino
Pembroke Pines
FL
1995
1,112

322

96%
1,723

1.55

2,043

1.84

Total Southeast Florida
8

Properties
1,079

2,781

96%
1,912

1.77

2,189

2.03

 
 
 
 
 
 
 
 
 
 
 




30


 
 
 
CAMDEN
 
COMMUNITY TABLE
 
 
Community statistics as of 6/30/2018

(Unaudited)
 
 
 
 
 
 
2Q18 Avg Monthly
2Q18 Avg Monthly
 
 
 
Year Placed
Average
Apartment
2Q18 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
 
 
 
 
 
 
 
 
 
 
 
Camden Hunter's Creek
Orlando
FL
2000
1,075

270

97%

$1,387


$1.29


$1,632


$1.52

Camden Lago Vista
Orlando
FL
2005
955

366

97%
1,278

1.34

1,514

1.58

Camden LaVina
Orlando
FL
2012
970

420

96%
1,287

1.33

1,529

1.58

Camden Lee Vista
Orlando
FL
2000
937

492

98%
1,219

1.30

1,458

1.56

Camden North Quarter (4)
Orlando
FL
2016
806

333

Lease-Up
1,673

2.08

1,811

2.25

Camden Orange Court
Orlando
FL
2008
817

268

96%
1,354

1.66

1,602

1.96

Camden Town Square
Orlando
FL
2012
983

438

98%
1,335

1.36

1,526

1.55

Camden Waterford Lakes (3)
Orlando
FL
2014
971

300

96%
1,398

1.44

1,674

1.72

Camden World Gateway
Orlando
FL
2000
979

408

97%
1,279

1.31

1,497

1.53

Total Orlando
9

Properties
946

3,295

97%
1,344

1.42

1,566

1.66

 
 
 
 
 
 
 
 
 
 
 
Camden Bay
Tampa
FL
1997/2001
943

760

96%
1,167

1.24

1,459

1.55

Camden Montague
Tampa
FL
2012
975

192

97%
1,327

1.36

1,589

1.63

Camden Pier District
St. Petersburg
FL
2016
989

358

93%
2,417

2.44

2,584

2.61

Camden Preserve
Tampa
FL
1996
942

276

96%
1,392

1.48

1,640

1.74

Camden Royal Palms
Brandon
FL
2006
1,017

352

96%
1,188

1.17

1,485

1.46

Camden Visconti (3)
Tampa
FL
2007
1,125

450

95%
1,342

1.19

1,615

1.44

Camden Westchase Park
Tampa
FL
2012
992

348

96%
1,422

1.43

1,709

1.72

Total Tampa
7
Properties
997

2,736

96%
1,428

1.43

1,690

1.70

 
 
 
 
 
 
 
 
 
 
 
TOTAL FLORIDA
24

Properties
1,004

8,812

96%
1,549

1.54

1,801

1.79

 

 
 
 
 
 
 
 
 
 
Camden Brookwood
Atlanta
GA
2002
912

359

97%
1,348

1.47

1,576

1.72

Camden Buckhead Square
Atlanta
GA
2015
827

250

95%
1,548

1.87

1,657

2.00

Camden Creekstone
Atlanta
GA
2002
990

223

94%
1,319

1.33

1,483

1.50

Camden Deerfield
Alpharetta
GA
2000
1,187

292

96%
1,383

1.17

1,621

1.37

Camden Dunwoody
Atlanta
GA
1997
1,007

324

97%
1,325

1.32

1,578

1.57

Camden Fourth Ward
Atlanta
GA
2014
847

276

96%
1,658

1.96

1,896

2.24

Camden Midtown Atlanta
Atlanta
GA
2001
935

296

95%
1,468

1.57

1,719

1.84

Camden Paces
Atlanta
GA
2015
1,407

379

95%
2,626

1.87

2,939

2.09

Camden Peachtree City
Peachtree City
GA
2001
1,027

399

95%
1,266

1.23

1,546

1.51

Camden Phipps (3)
Atlanta
GA
1996
1,018

234

95%
1,523

1.50

1,730

1.70

Camden Shiloh
Kennesaw
GA
1999/2002
1,143

232

96%
1,250

1.09

1,504

1.32

Camden St. Clair
Atlanta
GA
1997
999

336

95%
1,312

1.31

1,578

1.58

Camden Stockbridge
Stockbridge
GA
2003
1,009

304

96%
1,052

1.04

1,274

1.26

Camden Vantage
Atlanta
GA
2010
901

592

96%
1,394

1.55

1,572

1.75

TOTAL GEORGIA
14
Properties
1,015

4,496

96%
1,473

1.45

1,703

1.68

 
 
 
 
 
 
 
 
 
 
 
Camden Ballantyne
Charlotte
NC
1998
1,048

400

95%
1,281

1.22

1,527

1.46

Camden Cotton Mills
Charlotte
NC
2002
905

180

96%
1,457

1.61

1,660

1.83

Camden Dilworth
Charlotte
NC
2006
857

145

97%
1,431

1.67

1,656

1.93

Camden Fairview
Charlotte
NC
1983
1,036

135

98%
1,166

1.13

1,367

1.32

Camden Foxcroft
Charlotte
NC
1979
940

156

97%
1,050

1.12

1,281

1.36

Camden Foxcroft II
Charlotte
NC
1985
874

100

95%
1,159

1.33

1,390

1.59

Camden Gallery
Charlotte
NC
2017
743

323

96%
1,501

2.02

1,718

2.31

Camden Grandview
Charlotte
NC
2000
1,059

266

95%
1,646

1.55

1,842

1.74

Camden Sedgebrook
Charlotte
NC
1999
972

368

97%
1,097

1.13

1,343

1.38

Camden South End
Charlotte
NC
2003
882

299

95%
1,394

1.58

1,635

1.85

Camden Southline (3)
Charlotte
NC
2015
831

266

97%
1,511

1.82

1,727

2.08

Camden Stonecrest
Charlotte
NC
2001
1,098

306

96%
1,292

1.18

1,537

1.40

Camden Touchstone
Charlotte
NC
1986
899

132

97%
1,054

1.17

1,255

1.40

Total Charlotte
13
Properties
942

3,076

96%
1,332

1.41

1,559

1.65

 
 
 
 
 
 
 
 
 
 
 
Camden Asbury Village (3)
Raleigh
NC
2009
1,009

350

95%
1,178

1.17

1,390

1.38

Camden Crest
Raleigh
NC
2001
1,013

438

96%
1,027

1.01

1,282

1.27

Camden Governor's Village
Chapel Hill
NC
1999
1,046

242

97%
1,082

1.04

1,342

1.28

Camden Lake Pine
Apex
NC
1999
1,066

446

96%
1,137

1.07

1,381

1.30

Camden Manor Park
Raleigh
NC
2006
966

484

93%
1,093

1.13

1,321

1.37

Camden Overlook
Raleigh
NC
2001
1,060

320

95%
1,230

1.16

1,514

1.43

Camden Reunion Park
Apex
NC
2000/2004
972

420

95%
1,019

1.05

1,255

1.29

Camden Westwood
Morrisville
NC
1999
1,027

354

94%
1,069

1.04

1,304

1.27

Total Raleigh
8
Properties
1,016

3,054

95%
1,100

1.08

1,343

1.32

 
 
 
 
 
 
 
 
 
 
 
TOTAL NORTH CAROLINA
21

Properties
979

6,130

96%
1,217

1.24

1,452

1.48

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 







31


 
 
 
CAMDEN
 
COMMUNITY TABLE
 
 
Community statistics as of 6/30/2018

(Unaudited)
 
 
 
 
 
 
2Q18 Avg Monthly
2Q18 Avg Monthly
 
 
 
Year Placed
Average
Apartment
2Q18 Avg
Rental Rates per
Revenue per Occupied
Community Name
City
State
In Service
Size
Homes
Occupancy
Home
Sq. Ft.
Home
Sq. Ft.
 
 
 
 
 
 
 
 
 
 
 
Camden Amber Oaks (3)
Austin
TX
2009
862

348

95%

$1,076


$1.25


$1,336


$1.55

Camden Amber Oaks II (3)
Austin
TX
2012
910

244

95%
1,141

1.25

1,436

1.58

Camden Brushy Creek (3)
Cedar Park
TX
2008
882

272

97%
1,146

1.30

1,302

1.48

Camden Cedar Hills
Austin
TX
2008
911

208

96%
1,254

1.38

1,503

1.65

Camden Gaines Ranch
Austin
TX
1997
955

390

97%
1,385

1.45

1,679

1.76

Camden Huntingdon
Austin
TX
1995
903

398

97%
1,136

1.26

1,410

1.56

Camden La Frontera
Austin
TX
2015
901

300

96%
1,216

1.35

1,473

1.63

Camden Lamar Heights
Austin
TX
2015
838

314

96%
1,470

1.75

1,713

2.04

Camden Shadow Brook (3)
Austin
TX
2009
909

496

96%
1,137

1.25

1,294

1.42

Camden Stoneleigh
Austin
TX
2001
908

390

97%
1,242

1.37

1,489

1.64

Total Austin
10

Properties
899

3,360

96%
1,218

1.35

1,459

1.62

 
 
 
 
 
 
 
 
 
 
 
Camden Breakers
Corpus Christi
TX
1996
868

288

94%
1,105

1.27

1,402

1.62

Camden Copper Ridge
Corpus Christi
TX
1986
775

344

92%
853

1.10

1,065

1.37

Camden South Bay (3)
Corpus Christi
TX
2007
1,055

270

94%
1,224

1.16

1,423

1.35

Total Corpus Christi
3

Properties
888

902

93%
1,045

1.18

1,281

1.44

 
 
 
 
 
 
 
 
 
 
 
Camden Addison
Addison
TX
1996
942

456

95%
1,213

1.29

1,426

1.51

Camden Belmont
Dallas
TX
2010/2012
945

477

95%
1,435

1.52

1,663

1.76

Camden Buckingham
Richardson
TX
1997
919

464

95%
1,201

1.31

1,463

1.59

Camden Centreport
Ft. Worth
TX
1997
911

268

95%
1,172

1.29

1,403

1.54

Camden Cimarron
Irving
TX
1992
772

286

96%
1,203

1.56

1,425

1.85

Camden Design District (3)
Dallas
TX
2009
939

355

95%
1,378

1.47

1,502

1.60

Camden Farmers Market
Dallas
TX
2001/2005
932

904

95%
1,348

1.45

1,573

1.69

Camden Henderson
Dallas
TX
2012
967

106

96%
1,534

1.59

1,839

1.90

Camden Legacy Creek
Plano
TX
1995
831

240

97%
1,267

1.52

1,470

1.77

Camden Legacy Park
Plano
TX
1996
871

276

96%
1,263

1.45

1,484

1.70

Camden Panther Creek (3)
Frisco
TX
2009
946

295

95%
1,224

1.29

1,407

1.49

Camden Riverwalk (3)
Grapevine
TX
2008
982

600

96%
1,449

1.48

1,646

1.68

Camden Valley Park
Irving
TX
1986
743

516

96%
1,079

1.45

1,309

1.76

Camden Victory Park
Dallas
TX
2016
861

423

96%
1,605

1.86

1,831

2.12

Total Dallas/Ft. Worth
14

Properties
901

5,666

96%
1,313

1.46

1,530

1.70

 
 
 
 
 
 
 
 
 
 
 
Camden City Centre
Houston
TX
2007
932

379

96%
1,450

1.56

1,711

1.84

Camden City Centre II
Houston
TX
2013
868

268

96%
1,495

1.72

1,759

2.03

Camden Cypress Creek (3)
Cypress
TX
2009
993

310

96%
1,260

1.27

1,408

1.42

Camden Downs at Cinco Ranch (3)
Katy
TX
2004
1,075

318

95%
1,236

1.15

1,498

1.39

Camden Grand Harbor (3)
Katy
TX
2008
959

300

95%
1,173

1.22

1,359

1.42

Camden Greenway
Houston
TX
1999
861

756

96%
1,362

1.58

1,602

1.86

Camden Heights (3)
Houston
TX
2004
927

352

96%
1,454

1.57

1,663

1.79

Camden Holly Springs
Houston
TX
1999
934

548

95%
1,201

1.29

1,432

1.53

Camden Midtown
Houston
TX
1999
844

337

96%
1,512

1.79

1,747

2.07

Camden Northpointe (3)
Tomball
TX
2008
940

384

96%
1,092

1.16

1,379

1.47

Camden Oak Crest
Houston
TX
2003
870

364

96%
1,115

1.28

1,318

1.51

Camden Park
Houston
TX
1995
866

288

97%
1,079

1.25

1,301

1.50

Camden Plaza
Houston
TX
2007
915

271

96%
1,535

1.68

1,758

1.92

Camden Post Oak
Houston
TX
2003
1,200

356

94%
2,449

2.04

2,576

2.15

Camden Royal Oaks
Houston
TX
2006
923

236

94%
1,327

1.44

1,384

1.50

Camden Royal Oaks II
Houston
TX
2012
1,054

104

93%
1,536

1.46

1,623

1.54

Camden Spring Creek (3)
Spring
TX
2004
1,080

304

93%
1,180

1.09

1,420

1.31

Camden Stonebridge
Houston
TX
1993
845

204

96%
1,081

1.28

1,332

1.58

Camden Sugar Grove
Stafford
TX
1997
921

380

97%
1,171

1.27

1,380

1.50

Camden Travis Street
Houston
TX
2010
819

253

95%
1,452

1.77

1,753

2.14

Camden Vanderbilt
Houston
TX
1996/1997
863

894

96%
1,407

1.63

1,650

1.91

Camden Whispering Oaks
Houston
TX
2008
934

274

96%
1,216

1.30

1,421

1.52

Camden Woodson Park (3)
Houston
TX
2008
916

248

95%
1,190

1.30

1,341

1.46

Camden Yorktown (3)
Houston
TX
2008
995

306

95%
1,165

1.17

1,397

1.40

Total Houston
24

Properties
930

8,434

96%
1,343

1.44

1,562

1.68

 
 
 
 
 
 
 
 
 
 
 
TOTAL TEXAS
51

Properties
914

18,362

96%
1,296

1.42

1,520

1.66

 
 
 
 
 
 
 
 
 
 
 
TOTAL PROPERTIES
158

Properties
956

54,181

96%

$1,485


$1.55


$1,721


$1.80


(1) Completed communities in lease-up as of June 30, 2018 are excluded from total occupancy numbers.
(2) Communities under redevelopment as of June 30, 2018.
(3) Communities owned through investment in joint venture.
(4) Asset acquired in 1Q18 and in lease-up as of June 30, 2018 is excluded from total occupancy numbers.


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