EX-99.2 3 exhibit992supplementq222.htm EX-99.2 Document

a2q22cover0a.jpg



CAMDENTABLE OF CONTENTS
Page
Press Release Text
Financial Highlights
Operating Results
Funds from Operations
Balance Sheets
Portfolio Statistics
Components of Property Net Operating Income
Sequential 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
Current Development Communities
Development Pipeline
Acquisitions and Dispositions
Debt Analysis
Debt Maturity Analysis
Debt Covenant 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



image1a01a02a46a.jpg


CAMDEN PROPERTY TRUST ANNOUNCES SECOND QUARTER 2022 OPERATING RESULTS


Houston, Texas (July 28, 2022) - Camden Property Trust (NYSE:CPT) (the "Company") announced today operating results for the three and six months ended June 30, 2022. 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, 2022 are detailed below. A reconciliation of EPS to FFO is included in the financial tables accompanying this press release.

Three Months EndedSix Months Ended
June 30,June 30,
Per Diluted Share2022202120222021
EPS (1)
$4.54$0.30$5.37$0.61
FFO$1.64$1.28$3.14$2.52
AFFO$1.44$1.10$2.81$2.21
(1) For the three and six months ended June 30, 2022, EPS included a non-cash gain on acquisition of unconsolidated joint venture interests of approximately $4.32 and $4.37 per diluted share, respectively.

Quarterly GrowthSequential GrowthYear-To-Date Growth
Same Property Results2Q22 vs. 2Q212Q22 vs. 1Q222022 vs. 2021
Revenues12.1%3.2%11.6%
Expenses4.7%2.7%4.2%
Net Operating Income ("NOI")16.5%3.5%16.0%

Same Property Results2Q222Q211Q22
Occupancy96.9%96.9%97.1%

For 2022, the Company defines same property communities as communities wholly-owned and stabilized since January 1, 2021, 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.


Operating Statistics - Same Property Portfolio
New Lease and Renewal Data - Date Signed (1)
July 2022*July 20212Q222Q21
New Lease Rates13.5%18.4%16.3%9.1%
Renewal Rates12.7%11.0%14.4%6.7%
Blended Rates13.1%14.5%15.3%7.9%
New Lease and Renewal Data - Date Effective (2)
July 2022*July 20212Q222Q21
New Lease Rates15.5%13.0%15.3%5.2%
Renewal Rates14.6%6.6%13.4%4.1%
Blended Rates15.1%9.7%14.3%4.7%

*Data as of July 25, 2022
(1) Average change in same property new lease and renewal rates vs. expiring lease rates when signed.
(2) Average change in same property new lease and renewal rates vs. expiring lease rates when effective.
3





Occupancy and Turnover DataJuly 2022*July 20212Q222Q21
Occupancy96.7%97.1%96.9%96.9%
Annualized Gross Turnover59%60%53%54%
Annualized Net Turnover52%50%46%45%

*Data as of July 25, 2022

Development Activity
During the quarter, construction was completed at Camden Buckhead in Atlanta, GA and construction commenced at Camden Village District in Raleigh, NC. Leasing began at Camden Tempe II in Tempe, AZ and leasing continued at Camden Hillcrest in San Diego, CA.

Development Communities - Construction Completed and Projects in Lease-Up ($ in millions)
TotalTotal% Leased
Community NameLocationHomesCostas of 7/25/2022
Camden BuckheadAtlanta, GA366$162.285 %
Camden HillcrestSan Diego, CA13291.782 %
Total498$253.9

Development Communities - Construction Ongoing ($ in millions)
TotalTotal% Leased
Community NameLocationHomesEstimated Costas of 7/25/2022
Camden Tempe IITempe, AZ397 $115.010 %
Camden AtlanticPlantation, FL269 100.0
Camden NoDaCharlotte, NC387 105.0
Camden DurhamDurham, NC420 145.0
Camden Village DistrictRaleigh, NC369 138.0
Total1,842$603.0

Acquisition/Disposition Activity
During the quarter, Camden acquired two land parcels for a combined acreage of 42.6 in Charlotte, NC and a 3.8-acre land parcel in Nashville, TN for future development purposes.

In April 2022, Camden purchased the remaining 68.7% ownership interests in two discretionary Funds for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $515 million of existing secured mortgage debt of the Funds, which remains outstanding. The gross asset valuation of these communities acquired was approximately $2.1 billion and the Company now owns 100% of the interests in 7,247 apartment homes. In conjunction with this acquisition, we recognized a non-cash, non-FFO gain of approximately $474 million which represented a step-up to fair value on our previously held 31.3% equity interests in the Funds.

Capital Markets Transactions
During the quarter, the Company issued 2,900,000 common shares in a public equity offering and received approximately $490.3 million in net proceeds. The Company used the net proceeds to reduce borrowings under its $900 million unsecured line of credit.

Liquidity Analysis
As of June 30, 2022, Camden had approximately $907.8 million of liquidity comprised of approximately $72.1 million in cash and cash equivalents, and $835.7 million of availability under its unsecured credit facility. At quarter-end, the Company had $247.7 million left to fund under its existing wholly-owned development pipeline and no scheduled debt maturities until 3Q22.

4



Earnings Guidance
Camden updated its earnings guidance for 2022 based on its current and expected views of the apartment market and general economic conditions, and provided guidance for third quarter 2022 as detailed below. Expected EPS excludes, gains, if any, from real estate transactions not completed by quarter end.

3Q2220222022 Midpoint
Per Diluted ShareRangeRangeCurrentPriorChange
EPS$0.24 - $0.28$5.87 - $6.07$5.97$1.37$4.60
FFO$1.68 - $1.72$6.48 - $6.68$6.58$6.51$0.07
20222022 Midpoint
Same Property GrowthRangeCurrentPriorChange
Revenues10.75% - 11.75%11.25%10.25%1.00%
Expenses4.50% - 5.50%5.00%4.20%0.80%
NOI13.75% - 15.75%14.75%13.75%1.00%

Camden intends to update its earnings guidance to the market on a quarterly basis. Additional information on the Company’s 2022 financial outlook and a reconciliation of expected EPS to expected FFO are included in the financial tables accompanying this press release.

Conference Call
Friday, July 29, 2022 at 10:00 AM CT
Domestic Dial-In Number: (888) 317-6003; International Dial-In Number: (412) 317-6061
Passcode: 6983346
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Hsqycs9l

The Company strongly encourages interested parties to join the call via webcast in order to view any associated videos, slide presentations, etc. The dial-in phone line will be reserved for accredited analysts and investors who plan to pose questions to Management during the Q&A session of the call.

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 500 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 171 properties containing 58,425 apartment homes across the United States. Upon completion of 5 properties currently under development, the Company’s portfolio will increase to 60,267 apartment homes in 176 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 15 consecutive years, most recently ranking #26.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.
5


CAMDENFINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Property revenues$361,716$276,523$673,075$544,091
Adjusted EBITDA212,382153,371394,833301,067
Net income attributable to common shareholders497,31530,179578,06061,526
      Per share - basic4.590.305.410.61
      Per share - diluted4.540.305.370.61
Funds from operations179,946131,191340,421256,970
       Per share - diluted1.641.283.142.52
Adjusted funds from operations158,516112,383304,740225,482
       Per share - diluted1.441.102.812.21
Dividends per share0.940.831.881.66
Dividend payout ratio (FFO)57.3 %64.8 %59.9 %65.9 %
Interest expensed29,02224,08453,56447,728
Interest capitalized4,5314,4098,5259,255
    Total interest incurred33,55328,49362,08956,983
Net Debt to Annualized Adjusted EBITDA (a)
4.4x4.6x4.0x4.7x
Interest expense coverage ratio7.3x6.4x7.4x6.3x
Total interest coverage ratio6.3x5.4x6.4x5.3x
Fixed charge expense coverage ratio7.3x6.4x7.4x6.3x
Total fixed charge coverage ratio6.3x5.4x6.4x5.3x
Unencumbered real estate assets (at cost) to unsecured debt ratio3.3x3.2x3.3x3.2x
Same property NOI growth (b)
16.5 %3.0 %16.0 %(0.3)%
  (# of apartment homes included)46,54845.49246,54845.492
Gross turnover of apartment homes (annualized)54 %54 %48 %50 %
Net turnover (excludes on-site transfers and transfers to other Camden communities)46 %45 %41 %40 %
As of June 30,
20222021
Total assets$9,486,016 $7,457,117 
Total debt$3,736,950 $3,168,492 
Common and common equivalent shares, outstanding end of period (c)
110,095 104,344 
Share price, end of period$134.48 $132.67 
Book equity value, end of period (d)
$5,177,280 $3,786,208 
Market equity value, end of period (e)
$14,805,576 $13,843,318 

(a) Net Debt is defined by the Company as the average monthly balance of Total Debt during the period, less the average monthly balance of Cash and Cash Equivalents during the period. Annualized Adjusted EBITDA is Adjusted EBITDA as reported for the period multiplied by either 4 for quarter results or 2 for 6 month results.
(b) "Same Property" Communities are communities which were wholly-owned by the Company and stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale.
(c) Includes at June 30, 2022: 108,489 common shares (including 28 common share equivalents related to share awards), plus 1,606 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 24, 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
6


CAMDENOPERATING RESULTS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
OPERATING DATA
Property revenues (a)
$361,716$276,523$673,075$544,091
Property expenses
Property operating and maintenance79,418 65,544 149,855 129,023 
Real estate taxes48,393 37,427 88,266 74,880 
Total property expenses127,811 102,971 238,121 203,903 
Non-property income
Fee and asset management1,190 2,263 3,640 4,469 
Interest and other income662 257 2,793 589 
Income/(loss) on deferred compensation plans(14,678)6,400 (22,175)10,026 
Total non-property income/(loss)(12,826)8,920 (15,742)15,084 
Other expenses
Property management7,282 6,436 14,496 12,560 
Fee and asset management359 1,019 1,534 2,151 
General and administrative15,734 15,246 30,524 29,468 
Interest29,022 24,084 53,564 47,728 
Depreciation and amortization157,734 99,586 270,872 192,727 
Expense/(benefit) on deferred compensation plans(14,678)6,400 (22,175)10,026 
Total other expenses195,453 152,771 348,815 294,660 
Gain on sale of operating property— — 36,372 — 
Gain on acquisition of unconsolidated joint venture interests474,146 — 474,146 — 
Equity in income of joint ventures— 2,198 3,048 4,112 
Income from continuing operations before income taxes499,772 31,899 583,963 64,724 
Income tax expense(886)(460)(1,476)(812)
Net income498,886 31,439 582,487 63,912 
Less income allocated to non-controlling interests(1,571)(1,260)(4,427)(2,386)
Net income attributable to common shareholders$497,315 $30,179 $578,060 $61,526 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income$498,886$31,439$582,487$63,912
Other comprehensive income
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation369 372 738 745 
Comprehensive income499,255 31,811 583,225 64,657 
Less income allocated to non-controlling interests(1,571)(1,260)(4,427)(2,386)
Comprehensive income attributable to common shareholders$497,684 $30,551 $578,798 $62,271 
PER SHARE DATA
Total earnings per common share - basic$4.59 $0.30 $5.41 $0.61 
Total earnings per common share - diluted4.54 0.30 5.37 0.61 
Weighted average number of common shares outstanding:
     Basic108,106 100,701 106,729 100,127 
     Diluted109,745 100,767 108,393 100,197 

(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, 2022, we recognized $361.7 million of property revenue which consisted of approximately $320.9 million of rental revenue and approximately $40.8 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 $276.5 million recognized for the three months ended June 30, 2021, made up of approximately $242.9 million of rental revenue and approximately $33.6 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, 2022, we recognized $673.1 million of property revenue which consisted of approximately $597.9 million of rental revenue and approximately $75.2 million of amounts received under contractual terms for other services considered to be non-lease contracts. This compares to the $544.1 million of property revenue recognized for the six months ended June 30, 2021, made up of approximately $478.6 million of rental revenue and approximately $65.5 million of amounts received under contractual terms for other services considered to be non-lease components within our lease contracts. Revenue related to utility rebilling to residents was $9.4 million and $7.6 million for the three months ended June 30, 2022 and 2021, respectively and was $17.7 million and $15.3 million for the six months ended June 30, 2022 and 2021, respectively.


Note: Please refer to pages 24, 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
7


CAMDENFUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
FUNDS FROM OPERATIONS
Net income attributable to common shareholders$497,315 $30,179 $578,060 $61,526 
 Real estate depreciation and amortization155,206 97,122 265,743 187,829 
 Adjustments for unconsolidated joint ventures— 2,630 2,709 5,229 
 Income allocated to non-controlling interests1,571 1,260 4,427 2,386 
 Gain on sale of operating property— — (36,372)— 
 Gain on acquisition of unconsolidated joint venture interests(474,146)— (474,146)— 
     Funds from operations$179,946 $131,191 $340,421 $256,970 
     Less: recurring capitalized expenditures (a)
(21,430)(18,808)(35,681)(31,488)
     Adjusted funds from operations$158,516 $112,383 $304,740 $225,482 
PER SHARE DATA
Funds from operations - diluted$1.64 $1.28 $3.14 $2.52 
Adjusted funds from operations - diluted1.44 1.10 2.81 2.21 
Distributions declared per common share0.94 0.83 1.88 1.66 
Weighted average number of common shares outstanding:
FFO/AFFO - diluted109,745 102,444 108,393 101,896 
PROPERTY DATA
Total operating properties (end of period) (b)
171 169 171 169 
Total operating apartment homes in operating properties (end of period) (b)
58,425 57,611 58,425 57,611 
Total operating apartment homes (weighted average)58,282 49,887 54,608 49,663 


(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 24, 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
8


CAMDENBALANCE SHEETS
(In thousands)
(Unaudited)
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
ASSETS
Real estate assets, at cost
Land$1,695,118 $1,343,209 $1,349,594 $1,317,431 $1,285,634 
Buildings and improvements10,440,037 8,651,674 8,624,734 8,536,620 8,288,865 
12,135,155 9,994,883 9,974,328 9,854,051 9,574,499 
Accumulated depreciation(3,572,764)(3,436,969)(3,358,027)(3,319,206)(3,219,085)
Net operating real estate assets8,562,391 6,557,914 6,616,301 6,534,845 6,355,414 
Properties under development, including land581,844 488,100 474,739 428,622 443,100 
Investments in joint ventures— 13,181 13,730 17,788 18,415 
Total real estate assets9,144,235 7,059,195 7,104,770 6,981,255 6,816,929 
Accounts receivable – affiliates13,258 13,258 18,664 18,686 19,183 
Other assets, net (a)
249,865 254,763 234,370 252,079 241,687 
Cash and cash equivalents72,095 1,129,716 613,391 428,226 374,556 
Restricted cash6,563 5,778 5,589 5,321 4,762 
Total assets$9,486,016 $8,462,710 $7,976,784 $7,685,567 $7,457,117 
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured$3,222,252 $3,671,309 $3,170,367 $3,169,428 $3,168,492 
Secured514,698 — — — — 
Accounts payable and accrued expenses195,070 169,973 191,651 191,648 155,057 
Accrued real estate taxes86,952 36,988 66,673 88,116 66,696 
Distributions payable103,621 100,880 88,786 87,919 86,689 
Other liabilities (b)
186,143 197,021 193,052 194,634 193,975 
Total liabilities4,308,736 4,176,171 3,710,529 3,731,745 3,670,909 
Equity
Common shares of beneficial interest1,156 1,127 1,126 1,114 1,098 
Additional paid-in capital5,890,792 5,396,267 5,363,530 5,180,783 4,953,703 
Distributions in excess of net income attributable to common shareholders(452,865)(848,074)(829,453)(954,880)(897,761)
Treasury shares(328,975)(329,521)(333,974)(334,066)(334,161)
Accumulated other comprehensive loss (c)
(3,001)(3,370)(3,739)(4,266)(4,638)
Total common equity5,107,107 4,216,429 4,197,490 3,888,685 3,718,241 
Non-controlling interests70,173 70,110 68,765 65,137 67,967 
Total equity5,177,280 4,286,539 4,266,255 3,953,822 3,786,208 
Total liabilities and equity$9,486,016 $8,462,710 $7,976,784 $7,685,567 $7,457,117 
(a) Includes net deferred charges of:$307 $693 $969 $1,336 $1,655 
(b) Includes deferred revenues of:$358 $384 $334 $208 $232 
(c) Represents the unrealized net loss and unamortized prior service costs on post retirement obligations, and unrealized net loss on cash flow hedging activities.
9


CAMDENPORTFOLIO STATISTICS
(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2022 (in apartment homes)
Fully Consolidated
"Same Property"Non-"Same Property"Completed in Lease-upUnder ConstructionGrand Total
D.C. Metro (a)
5,911 281 — — 6,192 
Houston, TX6,127 3,027 — — 9,154 
Phoenix, AZ3,686 343 — 397 4,426 
Atlanta, GA3,970 526 366 — 4,862 
Dallas, TX4,416 1,808 — — 6,224 
Los Angeles/Orange County, CA2,373 290 — — 2,663 
SE Florida2,781 — — 269 3,050 
Orlando, FL2,995 959 — — 3,954 
Denver, CO2,632 233 — — 2,865 
Tampa, FL2,286 818 — — 3,104 
Charlotte, NC2,838 266 — 387 3,491 
Raleigh, NC2,542 710 — 789 4,041 
San Diego/Inland Empire, CA1,665 — 132 — 1,797 
Austin, TX2,326 1,360 — — 3,686 
Nashville, TN— 758 — — 758 
Total Portfolio46,548 11,379 498 1,842 60,267 

(a) 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 (c)
"Same Property" Communities
Operating Communities (b)
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2021
Jun 30,
2021
D.C. Metro (a)
14.8 %12.6 %97.0 %97.0 %97.4 %97.4 %96.7 %
Houston, TX9.4 %11.5 %96.0 %96.0 %96.2 %96.4 %95.7 %
Phoenix, AZ9.2 %8.1 %95.3 %96.3 %97.0 %97.0 %96.9 %
Atlanta, GA8.2 %8.0 %96.3 %96.4 %96.3 %97.2 %97.4 %
Dallas, TX7.3 %8.6 %96.9 %97.2 %97.3 %97.5 %96.6 %
Los Angeles/Orange County, CA7.2 %6.5 %97.6 %97.8 %98.1 %98.0 %97.3 %
SE Florida7.7 %6.3 %97.6 %97.9 %98.0 %98.2 %98.0 %
Orlando, FL5.7 %6.3 %98.0 %97.8 %97.7 %97.5 %97.1 %
Denver, CO6.3 %5.6 %96.8 %96.5 %96.5 %97.2 %96.4 %
Tampa, FL5.1 %6.0 %97.9 %97.5 %97.4 %97.9 %97.6 %
Charlotte, NC5.7 %5.2 %96.6 %96.8 %96.6 %96.8 %96.3 %
Raleigh, NC4.7 %4.9 %96.3 %96.7 %96.7 %97.5 %97.1 %
San Diego/Inland Empire, CA4.8 %3.9 %97.7 %98.0 %97.4 %96.9 %97.4 %
Austin, TX3.9 %5.1 %96.9 %97.3 %97.5 %97.6 %97.3 %
Nashville, TN— %1.4 %96.6 %96.6 %97.0 %97.5 %97.0 %
Total Portfolio100.0 %100.0 %96.8 %96.9 %97.0 %97.3 %96.8 %

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

(c) Occupancy figures include all stabilized operating communities owned during the period, including those held through unconsolidated joint venture investments.
10


CAMDENCOMPONENTS OF PROPERTY
NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
ApartmentThree Months Ended June 30,Six Months Ended June 30,
Property RevenuesHomes20222021Change20222021Change
"Same Property" Communities (a)
46,548 $286,824 $255,805 $31,019 $564,662 $505,869 $58,793 
Non-"Same Property" Communities (b)
11,379 69,370 11,836 57,534 96,950 21,491 75,459 
Development and Lease-Up Communities (c)
2,340 3,039 416 2,623 5,297 447 4,850 
Disposition/Other (d)
— 2,483 8,466 (5,983)6,166 16,284 (10,118)
Total Property Revenues60,267 $361,716 $276,523 $85,193 $673,075 $544,091 $128,984 
Property Expenses
"Same Property" Communities (a)
46,548 $99,209 $94,746 $4,463 $195,769 $187,814 $7,955 
Non-"Same Property" Communities (b)
11,379 25,954 4,682 21,272 36,857 9,051 27,806 
Development and Lease-Up Communities (c)
2,340 1,660 163 1,497 3,003 173 2,830 
Disposition/Other (d)
— 988 3,380 (2,392)2,492 6,865 (4,373)
Total Property Expenses60,267 $127,811 $102,971 $24,840 $238,121 $203,903 $34,218 
Property Net Operating Income
"Same Property" Communities (a)
46,548 $187,615 $161,059 $26,556 $368,893 $318,055 $50,838 
Non-"Same Property" Communities (b)
11,379 43,416 7,154 36,262 60,093 12,440 47,653 
Development and Lease-Up Communities (c)
2,340 1,379 253 1,126 2,294 274 2,020 
Disposition/Other (d)
— 1,495 5,086 (3,591)3,674 9,419 (5,745)
Total Property Net Operating Income60,267 $233,905 $173,552 $60,353 $434,954 $340,188 $94,766 



(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, 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, 2021, 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, 2021, excluding properties held for sale.

(d) "Disposition/Other" includes those communities disposed of by the Company, which are not classified as "Discontinued Operations". "Other" includes results from non-multifamily rental communities, expenses related to land holdings not under active development, and other miscellaneous revenues and expenses.
11


CAMDENCOMPONENTS OF PROPERTY
SEQUENTIAL NET OPERATING INCOME
(In thousands, except property data amounts)
(Unaudited)
Three Months Ended
ApartmentJune 30,March 31,December 31,September 30,June 30,
Property RevenuesHomes20222022202120212021
"Same Property" Communities (a)
46,548 $286,824 $277,838 $270,914 $264,499 $255,805 
Non-"Same Property" Communities (b)
11,379 69,370 27,580 26,24319,540 11,836 
Development and Lease-Up Communities (c)
2,340 3,039 2,258 1,7771,359 416 
Disposition/Other (d)
— 2,483 3,683 6,4308,732 8,466 
Total Property Revenues60,267 $361,716 $311,359 $305,364 $294,130 $276,523 
Property Expenses
"Same Property" Communities (a)
46,548 $99,209 $96,560 $90,803 $98,159 $94,746 
Non-"Same Property" Communities (b)
11,379 25,954 10,903 9,161 7,766 4,682 
Development and Lease-Up Communities (c)
2,340 1,660 1,343 570 607 163 
Disposition/Other (d)
— 988 1,504 2,520 3,536 3,380 
Total Property Expenses60,267 $127,811 $110,310 $103,054 $110,068 $102,971 
Property Net Operating Income
"Same Property" Communities (a)
46,548 $187,615 $181,278 $180,111 $166,340 $161,059 
Non-"Same Property" Communities (b)
11,379 43,416 16,677 17,082 11,774 7,154 
Development and Lease-Up Communities (c)
2,340 1,379 915 1,207 752 253 
Disposition/Other (d)
— 1,495 2,179 3,910 5,196 5,086 
Total Property Net Operating Income60,267 $233,905 $201,049 $202,310 $184,062 $173,552 



(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, 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, 2021, 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, 2021, excluding properties held for sale.

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

12


CAMDEN"SAME PROPERTY"
SECOND QUARTER COMPARISONS
June 30, 2022
(In thousands, except property data amounts)
(Unaudited)
Apartment
HomesRevenuesExpensesNOI
Quarterly Results (a)
Included2Q222Q21Growth2Q222Q21Growth2Q222Q21Growth
D.C. Metro5,911 $40,402 $37,871 6.7 %$12,647 $11,934 6.0 %$27,755 $25,937 7.0 %
Houston, TX6,127 32,670 30,489 7.2 %15,022 14,698 2.2 %17,648 15,791 11.8 %
Phoenix, AZ3,686 23,485 19,976 17.6 %6,220 5,989 3.9 %17,265 13,987 23.4 %
Atlanta, GA3,970 24,060 21,573 11.5 %8,698 7,814 11.3 %15,362 13,759 11.7 %
SE Florida2,781 21,838 18,747 16.5 %7,430 6,761 9.9 %14,408 11,986 20.2 %
Los Angeles/Orange County, CA2,373 19,151 16,772 14.2 %5,701 5,652 0.9 %13,450 11,120 21.0 %
Dallas, TX4,416 22,842 20,601 10.9 %9,185 9,584 (4.2)%13,657 11,017 24.0 %
Denver, CO2,632 16,718 15,138 10.4 %4,877 4,978 (2.0)%11,841 10,160 16.5 %
Charlotte, NC2,838 15,308 13,577 12.7 %4,600 4,523 1.7 %10,708 9,054 18.3 %
Orlando, FL2,995 16,635 14,365 15.8 %5,972 5,415 10.3 %10,663 8,950 19.1 %
Tampa, FL2,286 14,783 12,526 18.0 %5,150 4,679 10.1 %9,633 7,847 22.8 %
San Diego/Inland Empire, CA1,665 12,717 11,071 14.9 %3,689 3,504 5.3 %9,028 7,567 19.3 %
Raleigh, NC2,542 12,832 11,290 13.7 %3,984 3,886 2.5 %8,848 7,404 19.5 %
Austin, TX2,326 13,383 11,809 13.3 %6,034 5,329 13.2 %7,349 6,480 13.4 %
Total Same Property46,548 $286,824 $255,805 12.1 %$99,209 $94,746 4.7 %$187,615 $161,059 16.5 %


Weighted Average MonthlyWeighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (b)
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution 2Q222Q21Growth2Q222Q21Growth2Q222Q21Growth
D.C. Metro14.8 %97.1 %96.7 %0.4 %$2,036 $1,914 6.4 %$2,347 $2,208 6.3 %
Houston, TX9.4 %95.8 %95.4 %0.4 %1,605 1,512 6.2 %1,855 1,737 6.8 %
Phoenix, AZ9.2 %95.5 %96.9 %(1.4)%1,884 1,573 19.8 %2,224 1,868 19.0 %
Atlanta, GA8.2 %97.0 %97.4 %(0.4)%1,782 1,575 13.1 %2,083 1,861 11.9 %
SE Florida7.7 %97.6 %98.0 %(0.4)%2,367 1,983 19.4 %2,682 2,293 16.9 %
Los Angeles/Orange County, CA7.2 %97.7 %97.3 %0.4 %2,526 2,313 9.2 %2,753 2,420 13.8 %
Dallas, TX7.3 %96.9 %96.5 %0.4 %1,528 1,347 13.4 %1,781 1,613 10.5 %
Denver, CO6.3 %96.8 %96.4 %0.4 %1,899 1,707 11.2 %2,188 1,988 10.0 %
Charlotte, NC5.7 %96.6 %96.5 %0.1 %1,599 1,413 13.2 %1,861 1,652 12.6 %
Orlando, FL5.7 %97.9 %97.7 %0.2 %1,622 1,400 15.9 %1,893 1,638 15.6 %
Tampa, FL5.1 %98.1 %97.7 %0.4 %1,921 1,589 20.9 %2,199 1,871 17.6 %
San Diego/Inland Empire, CA4.8 %97.7 %97.4 %0.3 %2,350 2,106 11.6 %2,607 2,276 14.6 %
Raleigh, NC4.7 %96.8 %97.1 %(0.3)%1,469 1,278 14.9 %1,740 1,526 14.0 %
Austin, TX3.9 %96.8 %97.2 %(0.4)%1,708 1,477 15.6 %1,981 1,741 13.7 %
Total Same Property100.0 %96.9 %96.9 % %$1,839 $1,635 12.5 %$2,120 $1,891 12.1 %


(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

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

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

13


CAMDEN"SAME PROPERTY"
SEQUENTIAL QUARTER COMPARISONS
June 30, 2022
(In thousands, except property data amounts)
(Unaudited)
Apartment
HomesRevenuesExpensesNOI
Quarterly Results (a)
Included2Q221Q22Growth2Q221Q22Growth2Q221Q22Growth
D.C. Metro5,911 $40,402 $39,444 2.4 %$12,647 $12,675 (0.2)%$27,755 $26,769 3.7 %
Houston, TX6,127 32,670 31,995 2.1 %15,022 14,335 4.8 %17,648 17,660 (0.1)%
Phoenix, AZ3,686 23,485 22,783 3.1 %6,220 6,079 2.3 %17,265 16,704 3.4 %
Atlanta, GA3,970 24,060 23,254 3.5 %8,698 7,628 14.0 %15,362 15,626 (1.7)%
SE Florida2,781 21,838 21,020 3.9 %7,430 7,091 4.8 %14,408 13,929 3.4 %
Los Angeles/Orange County, CA2,373 19,151 18,398 4.1 %5,701 5,713 (0.2)%13,450 12,685 6.0 %
Dallas, TX4,416 22,842 22,189 2.9 %9,185 9,645 (4.8)%13,657 12,544 8.9 %
Denver, CO2,632 16,718 16,349 2.3 %4,877 4,955 (1.6)%11,841 11,394 3.9 %
Charlotte, NC2,838 15,308 14,774 3.6 %4,600 4,582 0.4 %10,708 10,192 5.1 %
Orlando, FL2,995 16,635 15,850 5.0 %5,972 5,703 4.7 %10,663 10,147 5.1 %
Tampa, FL2,286 14,783 14,308 3.3 %5,150 5,041 2.2 %9,633 9,267 3.9 %
San Diego/Inland Empire, CA1,665 12,717 12,303 3.4 %3,689 3,586 2.9 %9,028 8,717 3.6 %
Raleigh, NC2,542 12,832 12,352 3.9 %3,984 3,963 0.5 %8,848 8,389 5.5 %
Austin, TX2,326 13,383 12,819 4.4 %6,034 5,564 8.4 %7,349 7,255 1.3 %
Total Same Property46,548 $286,824 $277,838 3.2 %$99,209 $96,560 2.7 %$187,615 $181,278 3.5 %


Weighted Average MonthlyWeighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (b)
Revenue per Occupied Home (c)
Quarterly Results (a)
Contribution2Q221Q22Growth2Q221Q22Growth2Q221Q22Growth
D.C. Metro14.8 %97.1 %97.2 %(0.1)%$2,036 $1,992 2.2 %$2,347 $2,289 2.5 %
Houston, TX9.4 %95.8 %95.9 %(0.1)%1,605 1,576 1.8 %1,855 1,815 2.2 %
Phoenix, AZ9.2 %95.5 %96.4 %(0.9)%1,884 1,821 3.5 %2,224 2,138 4.0 %
Atlanta, GA8.2 %97.0 %97.0 %0.0 %1,782 1,739 2.5 %2,083 2,013 3.5 %
SE Florida7.7 %97.6 %97.9 %(0.3)%2,367 2,260 4.7 %2,682 2,574 4.2 %
Los Angeles/Orange County, CA7.2 %97.7 %97.7 %0.0 %2,526 2,470 2.3 %2,753 2,644 4.1 %
Dallas, TX7.3 %96.9 %97.2 %(0.3)%1,528 1,472 3.8 %1,781 1,725 3.2 %
Denver, CO6.3 %96.8 %96.5 %0.3 %1,899 1,850 2.6 %2,188 2,146 2.0 %
Charlotte, NC5.7 %96.6 %96.8 %(0.2)%1,599 1,542 3.7 %1,861 1,792 3.8 %
Orlando, FL5.7 %97.9 %97.8 %0.1 %1,622 1,556 4.2 %1,893 1,806 4.9 %
Tampa, FL5.1 %98.1 %97.8 %0.3 %1,921 1,848 4.0 %2,199 2,135 3.0 %
San Diego/Inland Empire, CA4.8 %97.7 %98.0 %(0.3)%2,350 2,288 2.7 %2,607 2,515 3.7 %
Raleigh, NC4.7 %96.8 %97.2 %(0.4)%1,469 1,422 3.3 %1,740 1,670 4.3 %
Austin, TX3.9 %96.8 %97.2 %(0.4)%1,708 1,645 3.8 %1,981 1,892 4.8 %
Total Same Property100.0 %96.9 %97.1 %(0.2)%$1,839 $1,785 3.0 %$2,120 $2,050 3.4 %


(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

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

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


14


CAMDEN"SAME PROPERTY"
YEAR TO DATE COMPARISONS
June 30, 2022
(In thousands, except property data amounts)
(Unaudited)
Apartment
HomesRevenuesExpensesNOI
Year to Date Results (a)
Included20222021Growth20222021Growth20222021Growth
D.C. Metro5,911 $79,846 $75,329 6.0 %$25,322 $24,146 4.9 %$54,524 $51,183 6.5 %
Houston, TX6,127 64,666 60,036 7.7 %29,357 29,024 1.1 %35,309 31,012 13.9 %
Phoenix, AZ3,686 46,269 39,503 17.1 %12,300 11,719 5.0 %33,969 27,784 22.3 %
Atlanta, GA3,970 47,314 42,601 11.1 %16,326 15,098 8.1 %30,988 27,503 12.7 %
SE Florida2,781 42,858 36,990 15.9 %14,521 13,371 8.6 %28,337 23,619 20.0 %
Los Angeles/Orange County, CA2,373 37,549 33,251 12.9 %11,415 11,411 0.0 %26,134 21,840 19.7 %
Dallas, TX4,416 45,032 40,668 10.7 %18,830 19,061 (1.2)%26,202 21,607 21.3 %
Denver, CO2,632 33,066 29,980 10.3 %9,832 9,642 2.0 %23,234 20,338 14.2 %
Charlotte, NC2,838 30,081 26,818 12.2 %9,181 8,901 3.1 %20,900 17,917 16.6 %
Orlando, FL2,995 32,484 28,490 14.0 %11,675 10,846 7.6 %20,809 17,644 17.9 %
Tampa, FL2,286 29,091 24,772 17.4 %10,190 9,165 11.2 %18,901 15,607 21.1 %
San Diego/Inland Empire, CA1,665 25,019 21,952 14.0 %7,275 6,999 3.9 %17,744 14,953 18.7 %
Raleigh, NC2,542 25,185 22,273 13.1 %7,947 7,720 2.9 %17,238 14,553 18.4 %
Austin, TX2,326 26,202 23,205 12.9 %11,598 10,711 8.3 %14,604 12,494 16.9 %
Total Same Property46,548 $564,662 $505,868 11.6 %$195,769 $187,814 4.2 %$368,893 $318,054 16.0 %


Weighted Average MonthlyWeighted Average Monthly
% of NOI
Average Occupancy (a)
Rental Rate (b)
Revenue per Occupied Home (c)
Year to Date Results (a)
Contribution20222021Growth20222021Growth20222021Growth
D.C. Metro14.7 %97.1 %96.3 %0.8 %$2,014 $1,915 5.2 %$2,318 $2,204 5.2 %
Houston, TX9.6 %95.9 %94.3 %1.6 %1,590 1,475 7.8 %1,835 1,730 6.1 %
Phoenix, AZ9.2 %95.9 %97.0 %(1.1)%1,852 1,557 18.9 %2,181 1,845 18.2 %
Atlanta, GA8.4 %97.0 %97.0 %0.0 %1,760 1,567 12.3 %2,047 1,844 11.1 %
SE Florida7.7 %97.7 %97.5 %0.2 %2,314 1,970 17.5 %2,628 2,272 15.7 %
Los Angeles/Orange County, CA7.1 %97.7 %96.9 %0.8 %2,498 2,310 8.1 %2,699 2,409 12.1 %
Dallas, TX7.1 %97.1 %96.2 %0.9 %1,500 1,341 11.9 %1,751 1,596 9.8 %
Denver, CO6.3 %96.6 %96.3 %0.3 %1,875 1,698 10.4 %2,169 1,972 10.0 %
Charlotte, NC5.7 %96.7 %96.1 %0.6 %1,570 1,406 11.7 %1,826 1,637 11.6 %
Orlando, FL5.6 %97.8 %96.8 %1.0 %1,589 1,397 13.7 %1,849 1,637 13.0 %
Tampa, FL5.1 %97.9 %97.5 %0.4 %1,885 1,575 19.7 %2,169 1,854 17.0 %
San Diego/Inland Empire, CA4.8 %97.8 %97.4 %0.4 %2,319 2,094 10.7 %2,563 2,257 13.6 %
Raleigh, NC4.7 %97.0 %96.6 %0.4 %1,444 1,271 13.6 %1,703 1,511 12.7 %
Austin, TX4.0 %97.0 %96.6 %0.4 %1,676 1,468 14.2 %1,935 1,721 12.5 %
Total Same Property100.0 %97.0 %96.4 %0.6 %$1,812 $1,624 11.6 %$2,085 $1,878 11.0 %


(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, excluding communities under redevelopment and properties held for sale. The Company defines properties under redevelopment as communities with capital expenditures that improve a community's cash flow and competitive position, through extensive unit, exterior building, common area, and amenity upgrades. Management believes "Same Property" information is useful as it allows both management and investors to determine financial results over a particular period for the same set of communities.

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

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


15


CAMDEN"SAME PROPERTY" OPERATING EXPENSE
 DETAIL AND COMPARISONS
June 30, 2022
(In thousands)
(Unaudited)
% of Actual
2Q22 Operating
Quarterly Comparison (a)
2Q222Q21$ Change% ChangeExpenses
Property taxes$36,505 $34,596 $1,909 5.5 %36.8 %
Salaries and Benefits for On-site Employees18,131 18,972 (841)(4.4)%18.3 %
Utilities19,142 18,754 388 2.1 %19.3 %
Repairs and Maintenance12,897 11,708 1,189 10.2 %13.0 %
Property Insurance5,112 4,456 656 14.7 %5.2 %
General and Administrative5,038 3,776 1,262 33.4 %5.0 %
Marketing and Leasing1,421 1,538 (117)(7.7)%1.4 %
Other963 946 17 1.9 %1.0 %
Total Same Property$99,209 $94,746 $4,463 4.7 %100.0 %


% of Actual
2Q22 Operating
Sequential Comparison (a)
2Q221Q22$ Change% ChangeExpenses
Property taxes$36,505 $34,088 $2,417 7.1 %36.8 %
Salaries and Benefits for On-site Employees18,131 19,706 (1,575)(8.0)%18.3 %
Utilities19,142 19,584 (442)(2.3)%19.3 %
Repairs and Maintenance12,897 11,564 1,333 11.5 %13.0 %
Property Insurance5,112 4,978 134 2.7 %5.2 %
General and Administrative5,038 4,359 679 15.6 %5.0 %
Marketing and Leasing1,421 1,327 94 7.1 %1.4 %
Other963 954 1.0 %1.0 %
Total Same Property$99,209 $96,560 $2,649 2.7 %100.0 %


% of Actual
2022 Operating
Year to Date Comparison (a)
20222021$ Change% ChangeExpenses
Property taxes$70,593 $69,381 $1,212 1.7 %36.0 %
Salaries and Benefits for On-site Employees37,837 37,850 (13)0.0 %19.3 %
Utilities38,726 38,081 645 1.7 %19.8 %
Repairs and Maintenance24,461 22,144 2,317 10.5 %12.5 %
Property Insurance10,090 7,992 2,098 26.2 %5.2 %
General and Administrative9,397 7,434 1,963 26.4 %4.8 %
Marketing and Leasing2,747 3,091 (344)(11.1)%1.4 %
Other1,918 1,841 77 4.2 %1.0 %
Total Same Property$195,769 $187,814 $7,955 4.2 %100.0 %

(a) "Same Property" Communities are communities we wholly-owned and were stabilized since January 1, 2021, 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.

16


CAMDENCURRENT DEVELOPMENT COMMUNITIES
(Unaudited)

AS OF JUNE 30, 2022 ($ in millions)
Estimated/Actual Dates for
Completed Communities in Lease-UpTotalTotalConstructionInitialConstructionStabilizedAs of 7/25/2022
HomesCostStartOccupancyCompletionOperations% Leased% Occupied
1.Camden Buckhead366$162.23Q181Q212Q224Q2285%87%
Atlanta, GA
2.Camden Hillcrest13291.73Q192Q214Q214Q2282%76%
San Diego, CA
Total Completed Communities in Lease-Up498$253.984%84%
Estimated/Actual Dates for
TotalTotalCost toAmountConstructionInitialConstructionStabilizedAs of 7/25/2022
Development CommunitiesHomesEstimated CostDatein CIPStartOccupancyCompletionOperations% Leased% Occupied
1.Camden Tempe II397$115.0$90.9$71.63Q202Q223Q231Q2510%7%
Tempe, AZ
2.Camden Atlantic269100.096.696.53Q203Q224Q224Q23
Plantation, FL
3.Camden NoDa387105.076.376.33Q201Q233Q231Q25
Charlotte, NC
4.Camden Durham420145.064.364.31Q212Q232Q244Q25
Durham, NC
5.Camden Village District369138.027.227.22Q223Q242Q254Q26
Raleigh, NC
Total Development Communities1,842$603.0$355.3$335.910%7%
Additional Development Pipeline and Land(a)
245.9
Total Properties Under Development and Land (per Balance Sheet)
$581.8
NOI Contribution from Development Communities ($ in millions)Cost to Date2Q22 NOI
Completed Communities in Lease-Up$253.9$1.4
Development Communities in Lease-Up90.9 — 
Total Development Communities NOI Contribution$344.8 $1.4 


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


Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.
17


CAMDENDEVELOPMENT PIPELINE
(Unaudited)

AS OF JUNE 30, 2022 ($ in millions)

ProjectedTotal
PIPELINE COMMUNITIES Homes
Estimated Cost (a)
Cost to Date
1.Camden Woodmill Creek189$75.0$11.2
The Woodlands, TX
2.Camden Long Meadow Farms18880.09.0
Richmond, TX
3.Camden Nations393175.031.1
Nashville, TN
4.Camden Arts District354150.039.6
Los Angeles, CA
5.Camden Gulch480260.039.8
Nashville, TN
6.Camden Paces III350100.018.8
Atlanta, GA
7.Camden Baker435165.027.2
Denver, CO
8.Camden Blakeney349120.019.6
Charlotte, NC
9.Camden South Charlotte420135.022.7
Charlotte, NC
10.Camden Highland Village II300100.09.4
Houston, TX
11.Camden Downtown II271145.013.1
Houston, TX
Development Pipeline3,729$1,505.0$241.5
LAND HOLDINGSAcreageCost to Date
1.
St. Petersburg, FL(b)
0.2$4.4
Total Development Pipeline and Land$245.9


(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.

(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


CAMDENACQUISITIONS & DISPOSITIONS
(Unaudited)

2022 ACQUISITION/DISPOSITION ACTIVITY ($ in millions, except per unit amounts)

2022 Land AcquisitionsLocationAcresClosing Date
1.Camden Long Meadow FarmsRichmond, TX15.93/8/2022
2.Camden BlakeneyCharlotte, NC21.74/7/2022
3.Camden South CharlotteCharlotte, NC20.94/7/2022
4.Camden NationsNashville, TN3.86/8/2022
Total Land Acquisitions62.3 Acres
Purchase Price $71.0
ApartmentWeighted Average
2022 DispositionsLocationHomesMonthly Rental RateYear BuiltClosing Date
1.Camden Largo Town CenterLargo, MD245 Homes$1,8242000/20073/24/2022
Total/Average Dispositions245 Homes$1,824
Sales Price$71.9
Apartment Weighted Average
2022 Acquisitions of Joint Ventures(a)
LocationHomesMonthly Rental RateYear BuiltClosing Date
1.Camden Amber Oaks IAustin, TX348 Homes$1,38920094/1/2022
2.Camden Amber Oaks IIAustin, TX244 Homes1,49920124/1/2022
3.Camden Asbury VillageRaleigh, NC350 Homes1,48820094/1/2022
4.Camden Brushy CreekCedar Park, TX272 Homes1,48620084/1/2022
5.Camden Cypress CreekCypress, TX310 Homes1,48320094/1/2022
6.Camden Cypress Creek IICypress, TX234 Homes1,45620204/1/2022
7.Camden Design DistrictDallas, TX355 Homes1,56820094/1/2022
8.Camden Downs at Cinco RanchKaty, TX318 Homes1,47120044/1/2022
9.Camden Grand HarborKaty, TX300 Homes1,33620084/1/2022
10.Camden HeightsHouston, TX352 Homes1,56620044/1/2022
11.Camden NorthpointeTomball, TX384 Homes1,29620084/1/2022
12.Camden Panther CreekFrisco, TX295 Homes1,57220094/1/2022
13.Camden PhippsAtlanta, GA234 Homes1,76719964/1/2022
14.Camden RiverwalkGrapevine, TX600 Homes1,71120084/1/2022
15.Camden Shadow BrookAustin, TX496 Homes1,44420094/1/2022
16.Camden South CapitolWashington, DC281 Homes2,31920134/1/2022
17.Camden SouthlineCharlotte, NC266 Homes1,82820154/1/2022
18.Camden Spring CreekSpring, TX304 Homes1,38420044/1/2022
19.Camden ViscontiTampa, FL450 Homes1,87820074/1/2022
20.Camden Waterford LakesOrlando, FL300 Homes1,69220144/1/2022
21.Camden Woodson ParkHouston, TX248 Homes1,27120084/1/2022
22.Camden YorktownHouston, TX306 Homes1,27720084/1/2022
Total/Average Acquisitions7,247 Homes$1,557
Gross Asset Valuation
$2,125 (b)

(a) On April 1, 2022, we purchased the remaining 68.7% ownership interests in our two discretionary investment funds. Apartment homes were previously included in Camden's unit count.

(b) Represents the gross asset valuation of the communities acquired.
19


CAMDENDEBT ANALYSIS
(In thousands, except property data amounts)
(Unaudited)

DEBT MATURITIES AS OF JUNE 30, 2022:

Future Scheduled Repayments (a)
Year AmortizationSecured
Maturities
Unsecured MaturitiesTotal% of Total
Weighted Average Interest Rate on Maturing Debt (b)
2022($2,108)$— $390,000 $387,892 10.4 %3.1 %
2023(3,285)— 250,000 246,715 6.6 %5.1 %
2024(2,600)19,122 500,000 516,522 13.8 %4.0 %
2025(2,211)— — (2,211)(0.1)%N/A
2026(2,015)190,885 — 188,870 5.1 %3.3 %
Thereafter(7,763)306,925 2,050,000 2,349,162 62.9 %3.5 %
Total Maturing Debt($19,982)$516,932 $3,190,000 $3,686,950 98.7 %3.6 %
Unsecured Line of Credit$— $— $50,000 $50,000 1.3 %2.0 %
Total Debt($19,982)$516,932 $3,240,000 $3,736,950 100.0 %3.6 %
Weighted Average Maturity of Debt6.6 Years
Weighted Average
FLOATING vs. FIXED RATE DEBT:Balance% of Total
Interest Rate (b)
Time to Maturity
  Floating rate debt$274,864 7.4 %2.9%2.9 Years
  Fixed rate debt3,462,086 92.6 %3.6%6.8 Years
      Total$3,736,950 100.0 %3.6%6.6 Years
Weighted Average
SECURED vs. UNSECURED DEBT:Balance% of Total
Interest Rate (b)
Time to Maturity
  Unsecured debt$3,222,252 86.2 %3.6%6.9 Years
  Secured debt514,698 13.8 %3.6%4.7 Years
      Total$3,736,950 100.0 %3.6%6.6 Years
REAL ESTATE ASSETS: (c)
Total Homes% of TotalTotal Cost % of Total2Q22 NOI% of Total
  Unencumbered real estate assets53,02088.0 %$10,644,22183.7%$207,68488.8 %
  Encumbered real estate assets7,247 12.0 %2,072,77816.3%26,22111.2 %
      Total60,267100.0 %$12,716,999100.0%$233,905100.0 %
Ratio of unencumbered assets at cost to unsecured debt is3.3x
(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.








20


CAMDENDEBT MATURITY ANALYSIS
(In thousands)
(Unaudited)

ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2022 AND 2023:

Future Scheduled RepaymentsWeighted Average Interest on Maturing Debt
QuarterAmortizationSecured MaturitiesUnsecured MaturitiesTotal
3Q 2022($1,090)$— $40,000 $38,910 2.9 %
4Q 2022(1,018)— 350,000 348,982 3.2 %
2022($2,108)$— $390,000 $387,892 3.1 %
1Q 2023($882)$— $— ($882)N/A
2Q 2023(860)— 250,000 249,140 5.1 %
3Q 2023(771)— — (771)N/A
4Q 2023(772)— — (772)N/A
2023($3,285)$— $250,000 $246,715 5.1 %



21


CAMDENDEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Gross Asset Value<60%23%Yes
Secured Debt to Gross Asset Value <40%3%Yes
Consolidated Adjusted EBITDA to Total Fixed Charges >150%583%Yes
Unsecured Debt to Gross Asset Value<60%23%Yes
SENIOR UNSECURED NOTES
Covenant (a)
Required
Actual (b)
Compliance
Total Consolidated Debt to Total Asset Value<60%29%Yes
Total Secured Debt to Total Asset Value <40%4%Yes
Total Unencumbered Asset Value to Total Unsecured Debt>150%340%Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges>150%626%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.
22


CAMDENCAPITALIZED EXPENDITURES
& MAINTENANCE EXPENSE
(In thousands, except unit data)
(Unaudited)
Second Quarter 2022
Recurring CapitalizedExpensed
Item
Weighted Average Useful Life (a)
TotalPer UnitTotal Per Unit
Interiors
Floor Coverings years$2,935 $50 $415 $7 
Appliances years1,185 20 310 
Painting— — — 1,881 32 
Cabinetry/Countertops10  years100 — — 
Other years1,518 26 1,200 21 
Exteriors
Painting years1,285 22 — — 
Carpentry10  years706 12 — — 
Landscaping years1,026 18 3,554 61 
Roofing16  years1,152 20 316 
Site Drainage10  years115 — — 
Fencing/Stair10  years594 10 — — 
Other (b)
 years3,572 61 5,066 88 
Common Areas
Mech., Elec., Plumbing years4,719 81 3,055 52 
Parking/Paving years672 12 — — 
Pool/Exercise/Facility years1,851 32 547 
Total Recurring (c)
$21,430 $368 $16,344 $280 
Weighted Average Apartment Homes58,282 58,282 
Non-recurring & revenue enhancing capitalized expenditures (d)
$786 
Reposition Expenditures (e)
10  years$12,768 $26,994 
Repositioned Apartment Homes473 
Year to Date 2022
Recurring CapitalizedExpensed
Item
Weighted Average Useful Life (a)
TotalPer UnitTotalPer Unit
Interiors
Floor Coverings years$5,081 $93 $713 $13 
Appliances years2,168 40 592 11 
Painting— — — 3,222 59 
Cabinetry/Countertops10  years273 — — 
Other years2,821 52 2,275 42 
Exteriors
Painting years2,304 42 — — 
Carpentry10  years898 16 — — 
Landscaping years1,293 24 6,273 115 
Roofing16  years1,828 33 486 
Site Drainage10  years220 — — 
Fencing/Stair10  years1,063 19 — — 
Other (b)
 years5,784 106 9,610 176 
Common Areas
Mech., Elec., Plumbing years7,194 132 5,377 98 
Parking/Paving years763 14 — — 
Pool/Exercise/Facility years3,499 64 917 17 
Total Recurring (c)
$35,189 $644 $29,465 $540 
Weighted Average Apartment Homes54,608 54,608 
Non-recurring & revenue enhancing capitalized expenditures (d)
$1,510 
Reposition Expenditures (e)
10  years$24,143 $26,855 
Repositioned Apartment Homes899 

(a) Weighted average useful life of capitalized expenses for the three and six months ended June 30, 2022.
(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 our smart access solution, LED lighting programs, and other non-routine items.
(e) Represents capital expenditures for the three and six months ended June 30, 2022 spent on apartment unit renovation designed to reposition these assets for higher rental levels in their respective markets.
23


CAMDENNON-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,
2022202120222021
Net income attributable to common shareholders$497,315 $30,179 $578,060 $61,526 
 Real estate depreciation and amortization155,206 97,122 265,743 187,829 
 Adjustments for unconsolidated joint ventures— 2,630 2,709 5,229 
 Income allocated to non-controlling interests1,571 1,260 4,427 2,386 
 Gain on sale of operating property— — (36,372)— 
 Gain on acquisition of unconsolidated joint venture interests(474,146)— (474,146)— 
Funds from operations$179,946 $131,191 $340,421 $256,970 
Less: recurring capitalized expenditures(21,430)(18,808)(35,681)(31,488)
Adjusted funds from operations$158,516 $112,383 $304,740 $225,482 
Weighted average number of common shares outstanding:
EPS diluted109,745 100,767 108,393 100,197 
FFO/AFFO diluted109,745 102,444 108,393 101,896 
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Total Earnings Per Common Share - Diluted$4.54 $0.30 $5.37 $0.61 
 Real estate depreciation and amortization1.41 0.95 2.45 1.84 
 Adjustments for unconsolidated joint ventures— 0.02 0.02 0.05 
 Income allocated to non-controlling interests0.01 0.01 0.01 0.02 
 Gain on sale of operating property— — (0.34)— 
 Gain on acquisition of unconsolidated joint venture interests(4.32)— (4.37)— 
FFO per common share - Diluted$1.64 $1.28 $3.14 $2.52 
Less: recurring capitalized expenditures(0.20)(0.18)(0.33)(0.31)
AFFO per common share - Diluted$1.44 $1.10 $2.81 $2.21 




24


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

Expected FFO

Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected earnings per common share (EPS). Guidance excludes gains, if any, from real estate transactions not sold as of quarter close 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:
3Q22Range2022Range
LowHighLowHigh
Expected earnings per common share - diluted$0.24 $0.28 $5.87 $6.07 
Expected real estate depreciation and amortization1.43 1.43 5.18 5.18 
Expected adjustments for unconsolidated joint ventures— — 0.02 0.02 
Expected income allocated to non-controlling interests0.01 0.01 0.07 0.07 
(Gain) on acquisition of unconsolidated joint venture interests— — (4.32)(4.32)
Reported (gain) on sale of operating properties— — (0.34)(0.34)
Expected FFO per share - diluted$1.68 $1.72 $6.48 $6.68 
Note: This table contains forward-looking statements. Please see paragraph regarding forward-looking statements on page 2 of this document.

Net Operating Income (NOI)

NOI is defined by the Company as property revenue less property operating and maintenance expenses less real estate taxes. NOI is further detailed in the Components of Property NOI schedules on page 11. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:
Three months ended June 30,Six months ended June 30,
2022202120222021
Net income$498,886 $31,439 $582,487 $63,912 
Less: Fee and asset management income(1,190)(2,263)(3,640)(4,469)
Less: Interest and other income(662)(257)(2,793)(589)
Less: Income/(loss) on deferred compensation plans14,678 (6,400)22,175 (10,026)
Plus: Property management expense7,282 6,436 14,496 12,560 
Plus: Fee and asset management expense359 1,019 1,534 2,151 
Plus: General and administrative expense15,734 15,246 30,524 29,468 
Plus: Interest expense29,022 24,084 53,564 47,728 
Plus: Depreciation and amortization expense157,734 99,586 270,872 192,727 
Plus: Expense/(benefit) on deferred compensation plans(14,678)6,400 (22,175)10,026 
Less: Gain on sale of operating property— — (36,372)— 
Less: Gain on acquisition of unconsolidated joint venture interests(474,146)— (474,146)— 
Less: Equity in income of joint ventures— (2,198)(3,048)(4,112)
Plus: Income tax expense886 460 1,476 812 
NOI$233,905 $173,552 $434,954 $340,188 
"Same Property" Communities$187,615 $161,059 $368,893 $318,055 
Non-"Same Property" Communities43,416 7,154 60,093 12,440 
Development and Lease-Up Communities1,379 253 2,294 274 
Other1,495 5,086 3,674 9,419 
NOI$233,905 $173,552 $434,954 $340,188 











25


CAMDENNON-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, loss on early retirement of debt, as well as 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 and by 2 for six 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,
2022202120222021
Net income attributable to common shareholders$497,315 $30,179 $578,060 $61,526 
Plus: Interest expense29,022 24,084 53,564 47,728 
Plus: Depreciation and amortization expense157,734 99,586 270,872 192,727 
Plus: Income allocated to non-controlling interests1,571 1,260 4,427 2,386 
Plus: Income tax expense886 460 1,476 812 
Less: Gain on sale of operating property— — (36,372)— 
Less: Gain on acquisition of unconsolidated joint venture interests(474,146)— (474,146)— 
Less: Equity in income of joint ventures— (2,198)(3,048)(4,112)
Adjusted EBITDA$212,382 $153,371 $394,833 $301,067 
Annualized Adjusted EBITDA$849,528 $613,484 $789,666 $602,134 



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 theAverage monthly balance for the
Three months ended June 30,Six months ended June 30,
2022202120222021
Unsecured notes payable$3,231,938 $3,168,180 $3,284,799 $3,167,713 
Secured notes payable514,650 — 257,325 — 
Total debt3,746,588 3,168,180 3,542,124 3,167,713 
Less: Cash and cash equivalents(31,302)(347,724)(360,731)(318,812)
Net debt$3,715,286 $2,820,456 $3,181,393 $2,848,901 
Net Debt to Annualized Adjusted EBITDA:
Three months ended June 30,Six months ended June 30,
2022202120222021
Net debt$3,715,286 $2,820,456 $3,181,393 $2,848,901 
Annualized Adjusted EBITDA849,528 613,484 789,666 602,134 
Net Debt to Annualized Adjusted EBITDA4.4x4.6x4.0x4.7x
26


CAMDENOTHER DATA

(Unaudited)
Stock Symbol:CPT
Exchange Traded:NYSE
Senior Unsecured Debt Ratings:RatingOutlook
FitchA-Stable
Moody'sA3Stable
Standard & Poor'sA-Stable
Estimated Future Dates:Q3 '22Q4 '22Q1 '23Q2 '23
  Earnings Release & Conference CallLate OctoberEarly FebruaryLate AprilLate July
Dividend Information - Common Shares:Q1 '22Q2 '22
  Declaration Date2/3/20226/15/2022
  Record Date3/31/20226/30/2022
  Payment Date4/18/20227/15/2022
  Distributions Per Share$0.94$0.94

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. CampoChief Executive Officer & Chairman
D. Keith OdenPresident & Executive Vice Chairman
Alexander J. JessettChief Financial Officer
Laurie A. BakerChief Operating Officer
Kimberly A. CallahanSenior Vice President - Investor Relations

27


CAMDENCOMMUNITY TABLE
Community statistics as of 6/30/2022
(Unaudited)2Q22 Avg Monthly2Q22 Avg Monthly
Year PlacedAverageApartment2Q22 AvgRental Rates perRevenue per Occupied
Community NameCityStateIn ServiceSizeHomesOccupancyHomeSq. Ft.HomeSq. Ft.
Camden ChandlerChandlerAZ20161,146 380 96%$1,893 $1.65 $2,228 $1.94 
Camden Copper SquarePhoenixAZ2000786 332 93%1,565 1.99 1,900 2.42 
Camden FoothillsScottsdaleAZ20141,032 220 97%2,119 2.05 2,562 2.48 
Camden LegacyScottsdaleAZ19961,067 428 96%1,924 1.80 2,247 2.11 
Camden MontierraScottsdaleAZ19991,071 249 96%1,856 1.73 2,296 2.14 
Camden North End IPhoenixAZ2019921 441 93%1,985 2.16 2,335 2.54 
Camden North End IIPhoenixAZ2021885 343 94%1,973 2.23 2,340 2.64 
Camden Old Town ScottsdaleScottsdaleAZ2016892 316 97%2,207 2.47 2,480 2.78 
Camden Pecos RanchChandlerAZ2001949 272 95%1,587 1.67 1,875 1.97 
Camden San MarcosScottsdaleAZ1995984 320 97%1,743 1.77 2,018 2.05 
Camden San PalomaScottsdaleAZ1993/19941,042 324 95%1,843 1.77 2,180 2.09 
Camden SoteloTempeAZ2008/20121,303 170 97%1,966 1.51 2,363 1.81 
Camden TempeTempeAZ20151,043 234 95%1,966 1.88 2,339 2.24 
TOTAL ARIZONA13 Properties996 4,029 95%1,892 1.90 2,235 2.24 
Camden Crown ValleyMission ViejoCA20011,009 380 98%2,436 2.42 2,676 2.65 
Camden GlendaleGlendaleCA2015893 307 98%2,581 2.89 2,821 3.16 
Camden Harbor ViewLong BeachCA2004981 547 98%2,821 2.88 2,962 3.02 
Camden Main and JamboreeIrvineCA20081,011 290 97%2,340 2.32 2,523 2.50 
Camden MartiniqueCosta MesaCA1986795 714 97%2,119 2.67 2,344 2.95 
Camden Sea PalmsCosta MesaCA1990891 138 98%2,386 2.68 2,586 2.90 
The CamdenHollywoodCA2016767 287 98%3,108 4.05 3,481 4.54 
Total Los Angeles/Orange County7 Properties900 2,663 98%2,506 2.78 2,728 3.03 
Camden Hillcrest (a)San DiegoCA20211,223 132 Lease-Up3,818 3.12 3,696 3.02 
Camden LandmarkOntarioCA2006982 469 97%2,012 2.05 2,324 2.37 
Camden Old CreekSan MarcosCA20071,037 350 98%2,581 2.49 2,865 2.76 
Camden Sierra at Otay RanchChula VistaCA2003962 422 98%2,435 2.53 2,640 2.74 
Camden TuscanySan DiegoCA2003895 160 98%2,878 3.21 3,161 3.53 
Camden VineyardsMurrietaCA20021,053 264 98%2,190 2.08 2,369 2.25 
Total San Diego/Inland Empire6 Properties1,009 1,797 98%2,458 2.44 2,648 2.63 
TOTAL CALIFORNIA13 Properties944 4,460 98%2,487 2.63 2,697 2.86 
Camden Belleview StationDenverCO2009888 270 97%1,747 1.97 2,024 2.28 
Camden CaleyEnglewoodCO2000921 218 97%1,732 1.88 2,043 2.22 
Camden Denver WestGoldenCO19971,015 320 96%2,089 2.06 2,381 2.34 
Camden FlatironsDenverCO2015960 424 97%1,877 1.96 2,205 2.30 
Camden Highlands RidgeHighlands RanchCO19961,149 342 97%2,096 1.82 2,401 2.09 
Camden InterlockenBroomfieldCO19991,002 340 97%1,915 1.91 2,225 2.22 
Camden LakewayLittletonCO1997932 451 97%1,869 2.01 2,111 2.26 
Camden Lincoln StationLone TreeCO2017844 267 96%1,777 2.11 2,026 2.40 
Camden RiNoDenverCO2020828 233 97%2,077 2.51 2,519 3.04 
TOTAL COLORADO9 Properties958 2,865 97%1,914 2.00 2,215 2.31 
Camden Ashburn FarmAshburnVA20001,062 162 99%1,938 1.83 2,290 2.16 
Camden College ParkCollege ParkMD2008942 509 96%1,777 1.89 2,024 2.15 
Camden Dulles StationOak HillVA2009977 382 98%2,046 2.09 2,368 2.42 
Camden Fair LakesFairfaxVA19991,056 530 98%2,067 1.96 2,411 2.28 
Camden Fairfax CornerFairfaxVA2006934 489 98%2,097 2.25 2,428 2.60 
Camden FallsgroveRockvilleMD2004996 268 97%1,983 1.99 2,242 2.25 
Camden Grand ParcWashingtonDC2002672 105 95%2,585 3.85 2,929 4.36 
Camden LansdowneLeesburgVA20021,006 690 97%1,927 1.92 2,215 2.20 
Camden Monument PlaceFairfaxVA2007856 368 98%1,836 2.14 2,149 2.51 
Camden NomaWashingtonDC2014769 321 96%2,161 2.81 2,547 3.31 
Camden Noma IIWashingtonDC2017759 405 95%2,249 2.96 2,599 3.42 
Camden Potomac YardArlingtonVA2008832 378 96%2,160 2.60 2,553 3.07 
Camden RooseveltWashingtonDC2003856 198 98%2,918 3.41 3,338 3.90 
Camden Shady GroveRockvilleMD2018877 457 98%1,881 2.14 2,103 2.40 
Camden Silo CreekAshburnVA2004975 284 97%1,907 1.96 2,201 2.26 
Camden South CapitolWashingtonDC2013821 281 96%2,319 2.82 2,799 3.41 
Camden WashingtonianGaithersburgMD2018870 365 97%1,925 2.21 2,178 2.50 
TOTAL DC METRO17 Properties913 6,192 97%2,048 2.24 2,367 2.59 
Camden AventuraAventuraFL19951,108 379 97%2,430 2.19 2,852 2.57 
Camden Boca RatonBoca RatonFL2014843 261 96%2,432 2.88 2,811 3.33 
Camden BrickellMiamiFL2003937 405 98%2,624 2.80 2,863 3.06 
Camden DoralMiamiFL19991,120 260 99%2,229 1.99 2,477 2.21 
Camden Doral VillasMiamiFL20001,253 232 98%2,528 2.02 2,835 2.26 
Camden Las OlasFt. LauderdaleFL20041,043 420 98%2,543 2.44 2,879 2.76 
Camden PlantationPlantationFL19971,201 502 97%2,073 1.73 2,367 1.97 
Camden PortofinoPembroke PinesFL19951,112 322 98%2,140 1.92 2,443 2.20 
Total Southeast Florida8 Properties1,079 2,781 98%2,367 2.19 2,682 2.49 

28


CAMDENCOMMUNITY TABLE
Community statistics as of 6/30/2022
(Unaudited)2Q22 Avg Monthly2Q22 Avg Monthly
Year PlacedAverageApartment2Q22 AvgRental Rates perRevenue per Occupied
Community NameCityStateIn ServiceSizeHomesOccupancyHomeSq. Ft.HomeSq. Ft.
Camden Hunters CreekOrlandoFL20001,075 270 99%$1,647 $1.53 $1,911 $1.78 
Camden Lago VistaOrlandoFL2005955 366 98%1,570 1.64 1,846 1.93 
Camden Lake EolaOrlandoFL2021944 360 98%2,072 2.20 2,301 2.44 
Camden LaVinaOrlandoFL2012969 420 97%1,620 1.67 1,903 1.96 
Camden Lee VistaOrlandoFL2000937 492 97%1,648 1.76 1,973 2.11 
Camden North QuarterOrlandoFL2016806 333 98%1,683 2.09 1,899 2.36 
Camden Orange CourtOrlandoFL2008817 268 98%1,538 1.88 1,781 2.18 
Camden Thornton ParkOrlandoFL2016920 299 98%1,960 2.13 2,206 2.40 
Camden Town SquareOrlandoFL2012983 438 98%1,633 1.66 1,882 1.91 
Camden Waterford LakesOrlandoFL2014971 300 99%1,692 1.74 1,944 2.00 
Camden World GatewayOrlandoFL2000979 408 99%1,618 1.65 1,890 1.93 
Total Orlando11 Properties944 3,954 98%1,694 1.79 1,957 2.07 
Camden BayTampaFL1997/2001943 760 99%1,664 1.76 1,958 2.08 
Camden CentralSt. PetersburgFL2019942 368 98%3,033 3.22 3,298 3.50 
Camden MontagueTampaFL2012972 192 99%1,649 1.70 1,924 1.98 
Camden Pier DistrictSt. PetersburgFL2016989 358 98%3,114 3.15 3,336 3.37 
Camden PreserveTampaFL1996942 276 97%1,838 1.95 2,100 2.23 
Camden Royal PalmsBrandonFL20061,017 352 97%1,613 1.59 1,904 1.87 
Camden ViscontiTampaFL20071,125 450 97%1,878 1.67 2,163 1.92 
Camden Westchase ParkTampaFL2012992 348 98%1,785 1.80 2,073 2.09 
Total Tampa8Properties990 3,104 98%2,047 2.07 2,323 2.35 
TOTAL FLORIDA27Properties997 9,839 98%1,996 2.00 2,277 2.28 
Camden BrookwoodAtlantaGA2002916 359 97%1,668 1.82 1,940 2.12 
Camden Buckhead (a)AtlantaGA20221,087 366 Lease-Up2,666 2.45 2,878 2.65 
Camden Buckhead SquareAtlantaGA2015827 250 98%1,769 2.14 1,927 2.33 
Camden CreekstoneAtlantaGA2002990 223 97%1,621 1.64 1,894 1.91 
Camden DeerfieldAlpharettaGA20001,187 292 87%1,769 1.49 2,054 1.73 
Camden DunwoodyAtlantaGA19971,007 324 98%1,614 1.60 1,957 1.94 
Camden Fourth WardAtlantaGA2014844 276 98%1,959 2.32 2,277 2.70 
Camden Midtown AtlantaAtlantaGA2001935 296 97%1,708 1.83 2,060 2.20 
Camden PacesAtlantaGA20151,408 379 98%2,837 2.02 3,195 2.27 
Camden Peachtree CityPeachtree CityGA20011,027 399 94%1,661 1.62 1,982 1.93 
Camden PhippsAtlantaGA19961,010 234 97%1,767 1.75 2,012 1.99 
Camden ShilohKennesawGA1999/20021,143 232 98%1,582 1.38 1,939 1.70 
Camden St. ClairAtlantaGA1997999 336 97%1,612 1.61 1,940 1.94 
Camden StockbridgeStockbridgeGA20031,009 304 98%1,499 1.49 1,780 1.76 
Camden VantageAtlantaGA2010901 592 96%1,687 1.87 1,940 2.15 
TOTAL GEORGIA15Properties1,020 4,862 96%1,847 1.81 2,124 2.08 
Camden BallantyneCharlotteNC19981,048 400 97%1,523 1.45 1,814 1.73 
Camden Cotton MillsCharlotteNC2002905 180 97%1,635 1.81 1,962 2.17 
Camden DilworthCharlotteNC2006857 145 97%1,684 1.97 1,939 2.26 
Camden FairviewCharlotteNC19831,036 135 96%1,388 1.34 1,656 1.60 
Camden FoxcroftCharlotteNC1979940 156 97%1,267 1.35 1,549 1.65 
Camden Foxcroft IICharlotteNC1985874 100 97%1,392 1.59 1,654 1.89 
Camden GalleryCharlotteNC2017743 323 95%1,796 2.42 2,018 2.72 
Camden GrandviewCharlotteNC20001,059 266 98%1,924 1.82 2,177 2.06 
Camden Grandview IICharlotteNC20192,241 28 99%3,719 1.66 3,960 1.77 
Camden SedgebrookCharlotteNC1999972 368 95%1,399 1.44 1,662 1.71 
Camden South EndCharlotteNC2003878 299 98%1,688 1.92 1,936 2.20 
Camden SouthlineCharlotteNC2015831 266 96%1,828 2.20 2,041 2.46 
Camden StonecrestCharlotteNC20011,098 306 97%1,563 1.42 1,821 1.66 
Camden TouchstoneCharlotteNC1986899 132 98%1,295 1.44 1,507 1.68 
Total Charlotte14Properties954 3,104 97%1,618 1.70 1,876 1.97 
Camden Asbury VillageRaleigh NC20091,009 350 97%1,488 1.47 1,758 1.74 
Camden CarolinianRaleigh NC20171,118 186 96%2,230 1.99 2,391 2.14 
Camden CrestRaleigh NC20011,012 442 97%1,336 1.32 1,564 1.54 
Camden Governor's VillageChapel HillNC19991,046 242 97%1,398 1.34 1,716 1.64 
Camden Lake PineApexNC19991,066 446 97%1,443 1.35 1,717 1.61 
Camden Manor ParkRaleigh NC2006966 484 96%1,451 1.50 1,741 1.80 
Camden OverlookRaleigh NC20011,060 322 97%1,513 1.43 1,825 1.72 
Camden Reunion ParkApexNC2000/2004972 420 97%1,330 1.37 1,606 1.65 
Camden WestwoodMorrisvilleNC19991,022 360 93%1,389 1.36 1,663 1.63 
Total Raleigh9Properties1,022 3,252 96%1,463 1.43 1,733 1.70 
TOTAL NORTH CAROLINA23Properties988 6,356 96%1,539 1.56 1,803 1.82 
Camden Franklin ParkFranklinTN2018967 328 96%1,851 1.91 1,984 2.05 
Camden Music RowNashvilleTN2016903 430 97%2,339 2.59 2,462 2.72 
TOTAL TENNESSEE2Properties931 758 97%2,128 2.29 2,256 2.42 
29




CAMDENCOMMUNITY TABLE
Community statistics as of 6/30/2022
(Unaudited)2Q22 Avg Monthly2Q22 Avg Monthly
Year PlacedAverageApartment2Q22 AvgRental Rates perRevenue per Occupied
Community NameCityStateIn ServiceSizeHomesOccupancyHomeSq. Ft.HomeSq. Ft.
Camden Amber OaksAustinTX2009862 348 97%$1,389 $1.61 $1,664 $1.93 
Camden Amber Oaks IIAustinTX2012910 244 96%1,499 1.65 1,801 1.98 
Camden Brushy CreekCedar ParkTX2008882 272 97%1,486 1.68 1,699 1.92 
Camden Cedar HillsAustinTX2008911 208 97%1,573 1.73 1,863 2.04 
Camden Gaines RanchAustinTX1997955 390 98%1,767 1.85 2,066 2.16 
Camden HuntingdonAustinTX1995903 398 96%1,444 1.60 1,724 1.91 
Camden La FronteraAustinTX2015901 300 97%1,495 1.66 1,761 1.95 
Camden Lamar HeightsAustinTX2015838 314 97%1,708 2.04 1,939 2.31 
Camden Rainey StreetAustinTX2016873 326 95%2,390 2.74 2,647 3.03 
Camden Shadow BrookAustinTX2009909 496 97%1,444 1.59 1,672 1.84 
Camden StoneleighAustinTX2001908 390 98%1,585 1.75 1,871 2.06 
Total Austin11 Properties897 3,686 97%1,612 1.80 1,876 2.09 
Camden AddisonAddisonTX1996942 456 97%1,477 1.57 1,704 1.81 
Camden BelmontDallasTX2010/2012946 477 97%1,663 1.76 1,958 2.07 
Camden BuckinghamRichardsonTX1997919 464 97%1,458 1.59 1,739 1.89 
Camden CentreportFt. WorthTX1997912 268 97%1,415 1.55 1,703 1.87 
Camden CimarronIrvingTX1992772 286 97%1,448 1.88 1,662 2.15 
Camden Design DistrictDallasTX2009939 355 98%1,568 1.67 1,743 1.86 
Camden Farmers MarketDallasTX2001/2005932 904 96%1,528 1.64 1,748 1.88 
Camden GreenvilleDallasTX2017/20181,028 558 95%1,896 1.84 2,033 1.98 
Camden HendersonDallasTX2012966 106 98%1,737 1.80 2,029 2.10 
Camden Legacy CreekPlanoTX1995831 240 98%1,540 1.85 1,806 2.17 
Camden Legacy ParkPlanoTX1996870 276 96%1,529 1.76 1,801 2.07 
Camden Panther CreekFriscoTX2009946 295 98%1,572 1.66 1,849 1.96 
Camden RiverwalkGrapevineTX2008989 600 97%1,711 1.73 1,975 2.00 
Camden Valley ParkIrvingTX1986743 516 98%1,278 1.72 1,522 2.05 
Camden Victory ParkDallasTX2016861 423 97%1,882 2.19 2,125 2.47 
Total Dallas/Ft. Worth15 Properties913 6,224 97%1,583 1.73 1,822 2.00 
Camden City CentreHoustonTX2007932 379 95%1,513 1.62 1,786 1.92 
Camden City Centre IIHoustonTX2013869 268 96%1,498 1.72 1,762 2.03 
Camden Cypress CreekCypressTX2009993 310 96%1,483 1.49 1,706 1.72 
Camden Cypress Creek IICypressTX2020950 234 96%1,456 1.53 1,706 1.79 
Camden Downs at Cinco RanchKatyTX20041,075 318 96%1,471 1.37 1,755 1.63 
Camden DowntownHoustonTX20201,052 271 94%2,559 2.43 2,806 2.67 
Camden Grand HarborKatyTX2008959 300 98%1,336 1.39 1,610 1.68 
Camden GreenwayHoustonTX1999861 756 97%1,424 1.65 1,684 1.96 
Camden HeightsHoustonTX2004927 352 96%1,566 1.69 1,835 1.98 
Camden Highland VillageHoustonTX2014/20151,172 552 94%2,256 1.93 2,440 2.08 
Camden Holly SpringsHoustonTX1999934 548 97%1,354 1.45 1,615 1.73 
Camden McGowen StationHoustonTX20181,004 315 95%2,056 2.05 2,297 2.29 
Camden MidtownHoustonTX1999844 337 94%1,518 1.80 1,796 2.13 
Camden NorthpointeTomballTX2008940 384 98%1,296 1.38 1,590 1.69 
Camden PlazaHoustonTX2007915 271 97%1,623 1.77 1,876 2.05 
Camden Post OakHoustonTX20031,200 356 95%2,472 2.06 2,738 2.28 
Camden Royal OaksHoustonTX2006923 236 96%1,430 1.55 1,500 1.63 
Camden Royal Oaks IIHoustonTX20121,054 104 95%1,658 1.57 1,741 1.65 
Camden Spring CreekSpringTX20041,080 304 96%1,384 1.28 1,615 1.50 
Camden StonebridgeHoustonTX1993845 204 97%1,203 1.42 1,439 1.70 
Camden Sugar GroveStaffordTX1997921 380 97%1,329 1.44 1,583 1.72 
Camden Travis StreetHoustonTX2010819 253 95%1,490 1.82 1,789 2.18 
Camden VanderbiltHoustonTX1996/1997863 894 96%1,456 1.69 1,754 2.03 
Camden Whispering OaksHoustonTX2008936 274 97%1,370 1.46 1,682 1.80 
Camden Woodson ParkHoustonTX2008916 248 97%1,271 1.39 1,494 1.63 
Camden YorktownHoustonTX2008995 306 96%1,277 1.28 1,493 1.50 
Total Houston26 Properties956 9,154 96%1,570 1.64 1,820 1.90 
TOTAL TEXAS52 Properties931 19,064 96%1,582 1.70 1,832 1.97 
TOTAL PROPERTIES171 Properties960 58,425 97%$1,832 $1.91 $2,131 $2.22 
(a) Completed community in lease-up as of June 30, 2022 is excluded from total occupancy numbers.
30