Investor Presentation
June 2016
1

Company Overview & 2016 Highlights
Multifamily Fundamentals
Camden’s Portfolio
Real Estate Transactions
Capital Structure & Liquidity
Summary
Appendix
•
•
•
2016 Guidance
Non-GAAP Financial Measures Definitions & Reconciliations
Forward-Looking Statements
3 – 6
7 – 11
12 – 18
19 – 25
26 – 29
30 – 31
32 – 38
2

3

•
Publicly traded since 1993
•
S&P 400 Company
•
Net Asset Value (NAV) per Share (1) - $89
•
Total Market Capitalization $10 billion
Over 55,000 apartment homes located in 14 major markets across the U.S.
(1) Average NAV per covering analysts
4

•
Operate in high growth markets
•
Maximize portfolio cash flow growth
•
Recycle capital through acquisitions and dispositions
•
Create value through development and redevelopment
•
Maintain strong balance sheet with low leverage
5

•
Completed sale of Las Vegas portfolio for $630 million in April
2016
•
Expect $400 - $600 million of additional asset sales in 3Q16
•
Anticipate special dividend for 2016 of $4.25 - $5.25 per share o
Approximately 90% of dividend should be paid in 3Q16 o
Remainder paid in early 2017
66

7

•
Same property net operating income (“NOI”) projected above long-term trend for next several years
•
Strong demand from: o
Growing “Echo Boom” population with high propensity to rent o o o
Large share of jobs going to the 20-34 age cohort
Pent-up demand from young adults living at home or with roommates
Homeownership rate declining steadily and n egative sentiment toward home ownership
•
New supply still being met by strong demand
70
68
66
64
62
60
58
Favorable Demographics Trends*
Over 60% of this age group choose to rent
1500
1000
500
0
‐ 500
‐ 1000
‐ 1500
‐ 2000
‐ 2500
Young Adults Steadily Finding Employment*
0.0
‐ 0.5
‐ 1.0
1.5
Pent-Up Demand From Young Adults Living At Home*
1.0
Potential Pent-Up
Moveouts from
Home
Annual Change in
20-34 Population
0.5
Estimated
Home
Move-Backs
2015: 1.2M more young adults than usual living with parents
8
* Witten Advisors – data through May 2016

•
Many people choosing to rent rather than buy
•
Moveout rates from apartment residents purchasing homes remain low
(23% at peak vs. 14% in 1Q16 for Camden’s portfolio)
•
Strong credit scores and significant down payments required by mortgage lenders
•
Young adults carrying significant amount of student debt
Homeownership Rate
70%
68%
66%
64%
62%
1Q16*
63.6%
* Witten Advisors – seasonally adjusted homeownership rate
9

•
Multifamily starts expected to peak in 2016 then begin to decline
•
Rising construction costs and interest rates make future development starts more challenging
•
Single family rentals don’t compete with well-located, amenity-rich apartment homes
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
Actual Starts
Projected
Deficit of 450,000 starts from 2009-2012
Source: Witten Advisors
10

2-year average ratio of estimated job growth to multifamily completions (2016-2017)
10.0
8.0
6.0
4.0
2.0
0.0
Long-term
Equilibrium
Ratio of 5:1
11
Source: Witten Advisors and Axiometrics

12

Operating Communities
Apartment Homes
Total Monthly Revenues per Occupied Unit
Average Age of Portfolio (years)
Development Communities
Development Apartment Homes
Value per Home
(2)
(1) Excludes Las Vegas portfolio sold in April 2016
(2) Green Street Advisors as of 5/26/16
1Q16
(1)
158
55,254
$1,569
13
7
2,477
$213,500
13

Washington, DC
Houston
Southern California
Southeast Florida
Atlanta
Dallas
Tampa
Orlando
Denver
Charlotte
Phoenix
Raleigh
Austin
Corpus Christi, TX
Overall
Apartment 1Q16 % of
Homes NOI (1)(2)
6,405
4,449
2,781
(1) Including pro-rata share of NOI from joint venture communities
(2) Excludes Las Vegas portfolio sold in April 2016
(3) 2Q16 occupancy data through 5/30/16
15.8%
8,434 11.9%
11.7%
7.9%
4,246 7.3%
5,243 7.1%
3,788 5.7%
3,540 5.6%
2,365 5.4%
2,753 5.1%
2,929 5.3%
3,054 4.3%
3,360 3.8%
1,907 3.1%
55,254 100.0%
1Q16
Total Monthly
Revenue per
Occupied Home (2)
$1,917
1,562
2,023
2,069
1,515
1,377
1,325
1,351
1,626
1,451
1,435
1,207
1,370
1,325
$1,569
Same Store Occupancy
1Q16 2Q16 (3)
94.9%
94.2%
95.4%
93.8%
95.3%
96.9%
95.4%
96.3%
95.4%
96.8%
95.9%
96.2%
95.9%
95.7%
94.3%
96.1%
95.8%
95.4%
96.2%
92.4%
95.4%
95.4%
96.4%
95.7%
96.0%
94.9%
95.3%
95.9%
92.5%
95.4%
14

Employment Growth
(in thousands)
Rank Metro area
1 Dallas-Plano-Irving TX
2 New York-Jersey City-White Plains NY-NJ
3 Los Angeles-Long Beach-Glendale CA
4 Phoenix-Mesa-Scottsdale AZ
5 Atlanta-Sandy Springs-Roswell GA
6 Chicago-Naperville-Arlington Heights IL
7 Houston-The Woodlands-Sugar Land TX
8 Washington-Arlington-Alexandria DC-VA-MD-WV
9 Orlando-Kissimmee-Sanford FL
10 Austin-Round Rock TX
11 Denver-Aurora-Lakewood CO
12 Tampa-St. Petersburg-Clearwater FL
13 Minneapolis-St. Paul-Bloomington MN-WI
14 Seattle-Bellevue-Everett WA
15 Riverside-San Bernardino-Ontario CA
16 Fort Worth-Arlington TX
17 San Diego-Carlsbad CA
18 Anaheim-Santa Ana-Irvine CA
19 Warren-Troy-Farmington Hills MI
20 Charlotte-Concord-Gastonia NC-SC
21
22
23
24
25
San Antonio-New Braunfels TX
Oakland-Hayward-Berkeley CA
Portland-Vancouver-Hillsboro OR-WA
Las Vegas-Henderson-Paradise NV
San Jose-Sunnyvale-Santa Clara CA
194.2
180.6
134.6
129.2
128.9
126.7
125.5
121.0
Gain
343.5
341.4
328.7
277.8
271.2
232.8
202.1
118.2
116.4
113.3
108.1
103.9
102.9
102.5
101.7
101.2
98.0
Population Growth
(in thousands)
Rank Metro area
1 Atlanta-Sandy Springs-Roswell GA
2 Houston-The Woodlands-Sugar Land TX
3 Phoenix-Mesa-Scottsdale AZ
4 Dallas-Plano-Irving TX
5 Orlando-Kissimmee-Sanford FL
6 New York-Jersey City-White Plains NY-NJ
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Los Angeles-Long Beach-Glendale CA
Austin-Round Rock TX
Charlotte-Concord-Gastonia NC-SC
Las Vegas-Henderson-Paradise NV
Tampa-St. Petersburg-Clearwater FL
Riverside-San Bernardino-Ontario CA
Fort Worth-Arlington TX
Washington-Arlington-Alexandria DC-VA-MD-WV
Raleigh NC
San Antonio-New Braunfels TX
West Palm Beach-Boca Raton-Delray Beach FL
Seattle-Bellevue-Everett WA
Denver-Aurora-Lakewood CO
Miami-Miami Beach-Kendall FL
Minneapolis-St. Paul-Bloomington MN-WI
San Diego-Carlsbad CA
Fort Lauderdale-Pompano Beach-Deerfield Beach FL
Oakland-Hayward-Berkeley CA
Anaheim-Santa Ana-Irvine CA
Nearly 97% of Camden’s NOI is derived from these markets
Source: Moody’s Analytics – April 2016 – Estimated Gains: 2015-2020
Highlighted represents Camden markets
214.4
211.6
210.5
209.6
199.6
197.5
182.4
180.2
157.4
147.5
312.5
297.9
289.9
277.6
259.7
256.8
246.5
234.6
Gain
692.1
685.5
569.8
502.3
409.1
354.6
344.9
15

4%
2%
0%
Revenue Growth
8%
6%
2011
NOI Growth
10%
8%
6%
4%
2%
0%
2011
* 2016 Guidance provided 4/28/16
2012
2012
2013
2013
2014
2014
2015
2015
2016*
2016*
Long-term
Industry Avg
~3%
Long-term
Industry Avg
~3%
16

Over 5%
2015 Actual
Atlanta
Austin
Charlotte
Dallas
Denver
Orlando
Phoenix
Raleigh
South Florida
Southern California
Tampa
2016 Guidance*
Atlanta
Austin
Dallas
Denver
Orlando
Phoenix
Raleigh
South Florida
Southern California
Tampa
3% - 5%
Under 3%
* 2016 Guidance provided 4/28/16
Washington, DC
Houston
Charlotte
Washington, DC
Houston
17

Average change in same property new lease and renewal rates vs. expiring lease rates when signed
8%
6%
4%
2%
0%
1Q15 2Q15 3Q15
New Leases
4Q15
Renewals
1Q16 2Q16*
* 2Q16 data through 5/30/16
18

19

•
Since 2011 we have significantly improved the quality of our portfolio with minimal cash flow dilution
•
Increased total monthly revenues per occupied unit from $1,042 to $1,566 and maintained average age of 13 years
$1.3B Total Acquisitions $2.4B Total Dispositions
$635M
$644M
$757M
$1,596M
Wholly-owned Joint Ventures
Average Age of 6 years*
* Average age at time of purchase or sale
Wholly-owned Joint Ventures
Average Age of 23 years*
20

Communities
Apartment Homes
Total Cost
Market Value *
Value Creation
NAV Creation (per share)
Completed/
Stabilized
(2011-2016)
18
5,117
$0.8B
$1.2B
$339M
$3.69
Current
Pipeline
10
3,539
$1.0B
$1.3B
$290M
$3.16
Combined
Total
28
8,656
$1.8B
$2.4B
$629M
$6.85
21
* Value assuming current market cap rates ranging from 4.0%-5.25% for new product in our markets

($ in millions)
Name
Camden Paces
Camden Glendale
Camden Chandler
Camden Gallery
Camden Victory Park
The Camden
Camden Lincoln Station
Camden NoMa II
Camden Shady Grove
Camden McGowen Station
Total
Location
Atlanta, GA
Glendale, CA
Chandler, AZ
Charlotte, NC
Dallas, TX
Los Angeles, CA
Denver, CO
Washington, DC
Rockville, MD
Houston, TX
Total
Homes
379
303
380
323
423
287
267
405
457
315
3,539
Estimated
Total Initial Construction Stabilized %
Cost Occupancy Completion Operations Leased *
$117
113
2Q14
2Q15
4Q15
3Q15
2Q16
2Q16
94%
82%
68
58
82
145
56
1Q15
1Q16
1Q16
2Q16
4Q16
1Q16
3Q16
3Q16
4Q16
2Q17
4Q16
1Q17
1Q18
2Q17
1Q18
77%
42%
28%
25%
-
115
116
90
$960
2Q17
1Q17
4Q17
4Q17
1Q18
2Q18
4Q19
4Q19
3Q19
-
-
-
Development pipeline 77% funded with only $224M remaining to complete *
* As of 5/31/16
22

Camden Glendale – Glendale, CA Camden Paces – Atlanta, GA Camden Chandler – Chandler, AZ Camden Gallery – Charlotte, NC
Camden Victory Park – Dallas, TX The Camden – Los Angeles, CA Camden Lincoln Station – Denver, CO
Camden NoMa II – Washington, DC Camden Shady Grove – Rockville, MD Camden McGowen Station – Houston, TX
23

($ in millions)
Project
Camden Washingtonian
Camden North End (1)
Camden Buckhead
Camden Arts District
Camden Conte (2)
Camden Atlantic
Total
Location
Gaithersburg, MD
Phoenix, AZ
Atlanta, GA
Los Angeles, CA
Houston, TX
Plantation, FL
Projected
Homes
365
1,069
336
354
519
286
2,929
Total
Estimated
Cost
$90
225
80
150
170
62
$777
(1) Project to be developed in 3 phases
(2) Project to be developed in 2 phases
24

•
Target well-located 15-20 year old assets
•
Update kitchen & bath areas, appliances, flooring, fixtures, lighting, etc.
•
$235 million spent through 1Q16
•
$16 million budgeted for 2016
•
21,800 apartment homes completed at average cost of $11,200 per unit
•
Average rental rate increase >$100 per month
•
Over 10% cash-on-cash return
Before - Kitchen
After - Kitchen
Before - Bath
After - Bath
25

26

($ in millions – as of 5/31/16)
Equity*
$7,820
Mortgages
$899
Senior
Unsecured
Notes
$1,582
• 4.5x net debt-to-EBITDA
• 4.4% weighted average interest rate on all debt
• 91.7% fixed-rate debt
• 63.8% unsecured debt
• 5.6 years weighted average maturity of debt
• Manageable debt maturities over next several years
Total Market Capitalization = $10 Billion
* Based on closing share price of $85.21 on 5/31/16
27

Future scheduled maturities excluding Credit Facility (as of 5/31/16)
($ in millions)
$700
$600
$500
$400
$300
$200
$100
$0
$0.1
2016
$246.2
2017
$175.8
2018
$645.2
2019
$1.1
2020
$251.5
2021
$351.9
2022
$253.0
2023
$503.8
2024
$51.2
2025
28

(as of 5/31/16)
•
$284M cash on hand
•
No amounts drawn under $600M unsecured credit facility
•
$315M equity issuance available under ATM program
•
Sufficient liquidity to meet near-term capital needs
•
Unencumbered asset pool of approximately $6.3B
•
Strong credit ratings o
Moody’s: o o
Fitch:
Standard & Poor’s:
Baa1
BBB+
BBB+
Positive
Positive
Stable
29

30

•
Experienced management team with proven history of performance and sound business plan
•
Consistent long-term focus and commitment to high-growth markets
•
Strong balance sheet with ample liquidity
•
Well-positioned to capitalize on future opportunities
•
Ranked #9 by FORTUNE ® Magazine as one of the “100 Best
Companies to Work For” in America
31

32

EARNINGS
FFO per share
EPS per share
SAME PROPERTY PERFORMANCE
Revenue Growth
Expense Growth
NOI Growth
TRANSACTIONS
Acquisitions
Dispositions
Development Starts
LOW
$4.45
$5.62
3.60%
3.25%
3.50%
$0 million
$1.0 billion
$0 million
MIDPOINT
$4.55
$5.72
4.10%
3.75%
4.25%
HIGH
$4.65
$5.82
4.60%
4.25%
5.00%
$0 million
$1.1 billion
$100 million
$0 million
$1.2 billion
$200 million
33
* 2016 Guidance provided 4/28/16

Non-GAAP Financial Measures Definitions & Reconciliations
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 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 noncontrolling 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:
Net income attributable to common shareholders
Real estate depreciation and amortization
Real estate depreciation from discontinued operations
Adjustments for unconsolidated joint ventures
Income allocated to non-controlling interests
Gain on sale of operating properties, net of tax
Funds from operations
Three Months Ended
March 31,
2016
$41,730
2015
$115,599
60,485
4,327
2,358
1,210
—
$110,110
56,459
3,904
2,245
5,466
(85,145)
$98,528
34

Non-GAAP Financial Measures Definitions & Reconciliations
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:
Net income attributable to common shareholders
Real estate depreciation and amortization
Real estate depreciation from discontinued operations
Adjustments for unconsolidated joint ventures
Income allocated to non-controlling interests
Gain on sale of operating properties, net of tax
Funds from operations
Less: recurring capitalized expenditures
Adjusted funds from operations
Weighted average number of common shares outstanding:
EPS diluted
FFO/AFFO diluted
Total Earnings per common share - diluted
FFO per common share - diluted
AFFO per common share - diluted
Three Months Ended
March 31,
2016
$41,730
2015
$115,599
60,485
4,327
2,358
1,210
56,459
3,904
2,245
5,466
—
$110,110
(85,145)
$98,528
(9,294) (10,644)
$100,816 $87,884
90,509
91,593
$0.46
$1.20
$1.10
90,464
91,275
$1.27
$1.08
$0.96
35

Non-GAAP Financial Measures Definitions & Reconciliations
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:
Expected earnings per common share - diluted
Expected real estate depreciation and amortization
Expected adjustments for unconsolidated joint ventures
Expected income allocated to non-controlling interests
Estimated (gain) on properties held for sale
Expected FFO per share - diluted
2Q16 Range
Low High
$4.60
0.72
$4.64
0.72
0.02
0.01
(4.22)
$1.13
0.02
0.01
(4.22)
$1.17
Low
$5.62
2.89
0.10
0.06
(4.22)
$4.45
2016 Range
High
$5.82
2.89
0.10
0.06
(4.22)
$4.65
EBITDA
EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in (income) loss of joint ventures, (gain) loss on 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, and income (loss) allocated to non-controlling interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income attributable to common shareholders to EBITDA is provided below:
Net income attributable to common shareholders
Plus: Interest
Plus: Depreciation and amortization
Plus: Income allocated to non-controlling interests from continuing operations
Plus: Income tax expense
Plus: Real estate depreciation from discontinued operations
Less: Gain on sale of operating properties, including land
Less: Equity in income of joint ventures
EBITDA
Three Months Ended
March 31,
2016 2015
$41,730 $115,599
23,790
62,091
1,210
25,052
57,984
5,466
315
4,327
(443)
(1,497)
429
3,904
(85,192)
(1,382)
$131,523 $121,860
36

Non-GAAP Financial Measures Definitions & Reconciliations
Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The
Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:
Net income
Less: Fee and asset management
Less: Interest and other income
Less: Income on deferred compensation plans
Plus: Property management
Plus: Fee and asset management
Plus: General and administrative
Plus: Interest
Plus: Depreciation and amortization
Plus: Expense on deferred compensation plans
Less: Gain on sale of operating properties, including land
Less: Equity in income of joint ventures
Plus: Income tax expense
Less: Income from discontinued operations
Net Operating Income (NOI)
Three Months Ended
March 31,
2016 2015
$42,940 $121,065
(1,765)
(224)
(63)
7,140
952
(1,563)
(60)
(1,864)
5,792
1,076
12,223
23,790
62,091
63
(443)
9,748
25,052
57,984
1,864
(85,192)
(1,497)
315
(1,382)
429
(5,076) (4,869)
$140,446 $128,080
“Same Property” Communities
Non-"Same Property" Communities
Development and Lease-Up Communities
Dispositions/Other
Net Operating Income (NOI)
$124,968 $117,511
11,899 8,470
2,734
845
343
1,756
$140,446 $128,080
37

In addition to historical information, this presentation 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. Forwardlooking 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 presentation represent management’s opinions as of the date of this presentation, and the Company assumes no obligation to update or supplement these statements because of subsequent events.
38

39

40