Citi Global Property CEO Conference March 2016

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1 Citi Global Property CEO Conference March

2 Table of Contents Company Overview 3 6 Multifamily Fundamentals 7 11 Camden s Portfolio Real Estate Transactions Capital Structure & Liquidity Summary Appendix Guidance Non-GAAP Financial Measures Definitions & Reconciliations Forward-Looking Statements 2

3 Company Overview 3

4 About Camden Publicly traded since 1993 S&P 400 Company Current dividend yield - 3.8% (1) Net Asset Value (NAV) per Share (2) - $88 Total Market Capitalization - $10 billion Nearly 60,000 apartment homes located in 15 major markets across the U.S. (1) Based on closing share price of $79.19 on 3/11/16 (2) Average NAV per covering analysts 4

5 Camden s Strategy 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

6 Earnings & Dividend Growth Funds from Operations ( FFO ) per Share $5.00 $4.00 $3.00 $2.00 $ * Dividends per Share $5.00 $4.00 $3.00 $2.00 $ * * 2016 Guidance provided 1/28/16 6

7 Multifamily Fundamentals 7

8 Outlook for Multifamily Industry Same property net operating income ( NOI ) projected above long-term trend for next several years Strong demand from: o o o o Growing Echo Boom population with high propensity to rent Large share of jobs going to the age cohort Pent-up demand from young adults living at home or with roommates Homeownership rate declining steadily and negative sentiment toward home ownership New supply still being met by strong demand Echo Boom Population Aged (millions) Favorable Demographics Trends* Over 60% of this age group choose to rent Year-Year Change in Employment (000) Young Adults Steadily Finding Employment* Annual Change in U.S. Population Aged (millions) Pent-Up Demand From Young Adults Living At Home* Annual Change in Population Potential Pent-Up Moveouts from Home 2014: 1.3M more young adults than Estimated usual living Home with parents Move-Backs *Source: Witten Advisors data through February

9 Negative Sentiment Toward Home Ownership Many people choosing to rent rather than buy Moveout rates from apartment residents purchasing homes remain low (23% at peak vs. 14% in 2015 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 Share of U.S. Households Who Own Home 70% 68% 66% 64% 62% 1Q90 1Q91 1Q92 1Q93 1Q94 1Q95 1Q96 1Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 4Q15* 63.7% *Source: Witten Advisors seasonally adjusted homeownership rate 9

10 Manageable Levels of Supply 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 5+ Rental Starts, trailing 12 months 400, , , , , , ,000 50,000 0 Actual Starts Projected Deficit of 450,000 starts from Q92 1Q93 1Q94 1Q95 1Q96 1Q97 1Q98 1Q99 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 Source: Witten Advisors 10

11 Demand projected to exceed supply in most markets 2-year average ratio of estimated job growth to multifamily completions ( ) Long-term Equilibrium Ratio of 5:1 Ratio of Jobs to Completions 0.0 Phoenix Las Vegas San Diego Atlanta Orlando Orange County Tampa Los Angeles Southeast Florida Washington, DC CPT Average Raleigh Charlotte Austin Denver Dallas Houston Source: Witten Advisors and Axiometrics 11

12 Camden s Portfolio 12

13 Portfolio Statistics 4Q15 Operating Communities 172 Apartment Homes 59,792 Total Monthly Revenues per Occupied Unit $1,501 Average Age of Portfolio (years) 12 Development Communities 8 Development Apartment Homes 2,857 Value per Home * $202,600 * Source: Green Street Advisors 13

14 Geographic Diversity & Market Balance Total Monthly Apartment Revenue per Same Store Occupancy Homes % of NOI (1) Occupied Home 4Q15 1Q16 (2) Washington, DC 6, % $1, % 94.8% Houston 8, % 1, % 94.3% Southern California 4, % 1, % 95.4% Southeast Florida 2, % 2, % 96.9% Atlanta 4, % 1, % 95.4% Dallas 5, % 1, % 96.3% Las Vegas 4, % 1, % 97.4% Tampa 3, % 1, % 96.0% Orlando 3, % 1, % 95.9% Denver 2, % 1, % 94.1% Charlotte 2, % 1, % 96.0% Phoenix 2, % 1, % 95.7% Raleigh 3, % 1, % 95.4% Austin 3, % 1, % 96.3% Corpus Christi, TX 1, % 1, % 92.4% Overall 59, % $1, % 95.6% (1) Including pro-rata share of NOI from joint venture communities (2) 1Q16 occupancy data through 3/6/16 14

15 Focus on High-Growth Markets Employment Growth (in thousands) Rank Metro area Gain 1 New York-Jersey City-White Plains NY-NJ Los Angeles-Long Beach-Glendale CA Dallas-Plano-Irving TX Atlanta-Sandy Springs-Roswell GA Phoenix-Mesa-Scottsdale AZ Houston-The Woodlands-Sugar Land TX Chicago-Naperville-Arlington Heights IL Washington-Arlington-Alexandria DC-VA-MD-WV Orlando-Kissimmee-Sanford FL Seattle-Bellevue-Everett WA Anaheim-Santa Ana-Irvine CA Riverside-San Bernardino-Ontario CA Tampa-St. Petersburg-Clearwater FL San Diego-Carlsbad CA San Jose-Sunnyvale-Santa Clara CA Denver-Aurora-Lakewood CO Minneapolis-St. Paul-Bloomington MN-WI Charlotte-Concord-Gastonia NC-SC Austin-Round Rock TX San Francisco-Redwood City-South San Francisco CA Miami-Miami Beach-Kendall FL San Antonio-New Braunfels TX Portland-Vancouver-Hillsboro OR-WA Fort Worth-Arlington TX Warren-Troy-Farmington Hills MI Population Growth (in thousands) Rank Metro area Gain 1 Houston-The Woodlands-Sugar Land TX Atlanta-Sandy Springs-Roswell GA Phoenix-Mesa-Scottsdale AZ Dallas-Plano-Irving TX Orlando-Kissimmee-Sanford FL New York-Jersey City-White Plains NY-NJ Los Angeles-Long Beach-Glendale CA Austin-Round Rock TX Las Vegas-Henderson-Paradise NV Charlotte-Concord-Gastonia NC-SC Riverside-San Bernardino-Ontario CA Tampa-St. Petersburg-Clearwater FL Fort Worth-Arlington TX Washington-Arlington-Alexandria DC-VA-MD-WV Denver-Aurora-Lakewood CO San Antonio-New Braunfels TX Raleigh NC West Palm Beach-Boca Raton-Delray Beach FL Minneapolis-St. Paul-Bloomington MN-WI Miami-Miami Beach-Kendall FL San Diego-Carlsbad CA Seattle-Bellevue-Everett WA Fort Lauderdale-Pompano Beach-Deerfield Beach FL Oakland-Hayward-Berkeley CA Portland-Vancouver-Hillsboro OR-WA Over 97% of Camden s NOI is derived from these markets Source: Moody s Analytics January 2016 Estimated Gains: Highlighted represents Camden markets 15

16 Camden s Same Property Growth Revenue Growth 8% 6% 4% 2% Long-term Industry Avg ~3% 0% * NOI Growth 10% 8% 6% 4% 2% Long-term Industry Avg ~3% 0% * * 2016 Guidance provided 1/28/16 16

17 Same Property Revenue Growth by Market Over 5% 2015 Actual 2016 Guidance* Atlanta Atlanta Austin Austin Charlotte Dallas Dallas Denver Denver Las Vegas Las Vegas Orlando Orlando Phoenix Phoenix Raleigh Raleigh South Florida South Florida Southern California Southern California Tampa Tampa 3% - 5% Charlotte Under 3% Houston Washington, DC Houston Washington, DC * 2016 Guidance provided 1/28/16 17

18 New Leases & Renewals Average change in same property new lease and renewal rates vs. expiring lease rates when signed 8% 6% 4% 2% 0% 1Q15 2Q15 3Q15 4Q15 1Q16* New Leases Renewals * 1Q16 data through 3/7/16 18

19 Real Estate Transactions 19

20 Capital Recycling Since 2011 we have significantly improved the quality of our portfolio with minimal cash flow dilution $1.3B Total Acquisitions $1.7B Total Dispositions $635M $644M $757M $968M Wholly-owned Joint Ventures Wholly-owned Joint Ventures Average Age of 6 years* Average Age of 23 years* * Average age at time of purchase or sale 20

21 Development Value Creation Completed/ Stabilized Current Combined ( ) Pipeline Total Communities Apartment Homes 4,427 4,229 8,656 Total Cost $0.7B $1.1B $1.8B Market Value * $1.0B $1.4B $2.4B Value Creation $290M $330M $620M NAV Creation (per share) $3.16 $3.59 $6.75 * Value assuming current market cap rates ranging from 4.0%-5.25% for new product in our markets 21

22 Current Development Pipeline ($ in millions) Estimated Total Total Initial Construction Stabilized % Name Location Homes Cost Occupancy Completion Operations Leased (1) Camden Southline (JV) Charlotte, NC 266 $47 1Q15 4Q15 1Q16 93% Camden Flatirons Denver, CO Q14 3Q15 2Q16 89% Camden Paces Atlanta, GA Q14 4Q15 3Q16 81% Camden Glendale Glendale, CA Q15 3Q15 2Q16 76% Camden Chandler Chandler, AZ Q15 1Q16 4Q16 59% Camden Gallery Charlotte, NC Q16 3Q16 1Q17 11% Camden Victory Park Dallas, TX Q16 3Q16 1Q18 8% The Camden Los Angeles, CA Q16 4Q16 2Q17 - Camden Lincoln Station Denver, CO Q16 2Q17 1Q18 - Camden NoMa II Washington, DC Q17 4Q17 4Q19 - Camden Shady Grove Rockville, MD Q17 1Q18 4Q19 - Camden McGowen Station Houston, TX Q17 2Q18 3Q19 - Total 4,229 $1,091 Development Pipeline 72% funded with only $310M remaining to complete (2) (1) As of 3/7/16 (2) As of 12/31/15 22

23 Current Development Pipeline Camden Southline (JV) Charlotte, NC Camden Flatirons Denver, CO Camden Paces Atlanta, GA Camden Glendale Glendale, CA 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

24 Future Development Projects ($ in millions) Total Projected Estimated Project Location Homes Cost Camden Washingtonian Gaithersburg, MD 365 $90 Camden North End (1) Phoenix, AZ 1, Camden Buckhead Atlanta, GA Camden Arts District Los Angeles, CA Camden Conte (2) Houston, TX Camden Atlantic Plantation, FL Total 2,929 $777 (1) Project to be developed in 3 phases (2) Project to be developed in 2 phases 24

25 Redevelopment Activity Target well-located year old assets Update kitchen & bath areas, appliances, flooring, fixtures, lighting, etc. $228 million spent through 2015 $21 million budgeted for ,300 apartment homes completed at average cost of $11,400 per unit Average rental rate increase >$100 per month Over 10% cash-on-cash return Before - Kitchen Before - Bath After - Kitchen After - Bath 25

26 Capital Structure & Liquidity 26

27 Strong Capital Structure ($ in millions as of 2/29/16) Unsecured Credit Facilities $ x debt-to-ebitda Equity* $7,273 Mortgages $900 Senior Unsecured Notes $1, % weighted average interest rate on all debt 81.3% fixed-rate debt 67.8% unsecured debt 5.5 years weighted average maturity of debt Total Market Capitalization = $10 Billion Manageable debt maturities over next several years * Based on closing share price of $79.19 on 3/11/16 27

28 Manageable Debt Maturities Future scheduled maturities excluding Credit Facilities (as of 2/29/16) ($ in millions) $700 $644.1 $600 $500 $500.0 $400 $350.0 $300 $246.8 $250.0 $250.0 $200 $175.0 $100 $0 $0.0 $0.0 $

29 Liquidity (as of 2/29/16) $323M availability under unsecured credit facilities $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: Baa1 Positive o Fitch: BBB+ Positive o Standard & Poor s: BBB+ Stable 29

30 Summary 30

31 Why Camden? 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 Appendix 32

33 2016 Guidance EARNINGS LOW MIDPOINT HIGH FFO per share $4.75 $4.85 $4.95 EPS per share $1.71 $1.81 $1.91 SAME PROPERTY PERFORMANCE Revenue Growth 4.10% 4.60% 5.10% Expense Growth 4.30% 4.80% 5.30% NOI Growth 3.50% 4.50% 5.50% TRANSACTIONS Acquisitions $0 million $0 million $0 million Dispositions $150 million $250 million $350 million Development Starts $0 million $100 million $200 million * 2016 Guidance provided 1/28/16 33

34 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: Three Months Ended Twelve Months Ended December 31, December 31, Net income attributable to common shareholders $60,593 $178,498 $249,315 $292,089 Real estate depreciation and amortization 64,286 60, , ,638 Adjustments for unconsolidated joint ventures 2,364 1,357 9,146 5,337 Income allocated to non-controlling interests 1,209 6,126 8,947 9,225 Gain on sale of unconsolidated joint venture properties (3,566) Gain on sale of operating properties, net of tax (18,870) (155,680) (104,015) (155,680) Funds from operations $109,582 $90,333 $414,497 $378,043 34

35 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: Three Months Ended Twelve Months Ended December 31, December 31, Net income attributable to common shareholders $60,593 $178,498 $249,315 $292,089 Real estate depreciation and amortization 64,286 60, , ,638 Adjustments for unconsolidated joint ventures 2,364 1,357 9,146 5,337 Income allocated to non-controlling interests 1,209 6,126 8,947 9,225 Gain on sale of unconsolidated joint venture properties (3,566) Gain on sale of operating properties, net of tax (18,870) (155,680) (104,015) (155,680) Funds from operations $109,582 $90,333 $414,497 $378,043 Less: recurring capitalized expenditures (17,429) (18,397) (64,169) (59,854) Adjusted funds from operations $92,153 $71,936 $350,328 $318,189 Weighted average number of common shares outstanding: EPS diluted 90,418 90,233 89,490 88,468 FFO/AFFO diluted 91,502 91,045 91,386 90,366 Earnings per common share - diluted $0.67 $1.98 $2.76 $3.27 FFO per common share - diluted $1.20 $0.99 $4.54 $4.18 AFFO per common share - diluted $1.01 $0.79 $3.83 $

36 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). A reconciliation of the ranges provided for diluted EPS to expected FFO per diluted share is provided below: 1Q16 Range 2016 Range Low High Low High Expected earnings per common share - diluted $0.41 $0.45 $1.71 $1.91 Expected real estate depreciation and amortization Expected adjustments for unconsolidated joint ventures Expected income allocated to non-controlling interests Expected FFO per share - diluted $1.16 $1.20 $4.75 $4.95 EBITDA EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, 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: Three Months Ended Twelve Months Ended December 31, December 31, Net income attributable to common shareholders $60,593 $178,498 $249,315 $292,089 Plus: Interest 23,740 24,846 97,312 94,906 Plus: Depreciation and amortization 65,886 61, , ,346 Plus: Income allocated to non-controlling interests from continuing operations 1,209 6,126 8,947 9,225 Plus: Income tax expense ,872 1,903 Less: Gain on sale of operating properties, including land (19,096) (155,680) (104,288) (159,289) Less: Impairment associated with land holdings 1,152 Less: Equity in income of joint ventures (1,681) (1,134) (6,168) (7,023) EBITDA $131,189 $114,870 $504,072 $470,309 36

37 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: Three Months Ended Twelve Months Ended December 31, December 31, Net income attributable to common shareholders $60,593 $178,498 $249,315 $292,089 Less: Fee and asset management (1,916) (2,531) (6,999) (9,832) Less: Interest and other income (289) (80) (597) (842) Less: Income/(loss) on deferred compensation plans (1,607) (2,003) 264 (3,937) Plus: Property management 5,833 5,581 23,761 22,689 Plus: Fee and asset management 1,318 1,595 4,742 5,341 Plus: General and administrative 13,113 20,595 46,233 51,005 Plus: Interest 23,740 24,846 97,312 94,906 Plus: Depreciation and amortization 65,886 61, , ,346 Plus: Expense/(benefit) on deferred compensation plans 1,607 2,003 (264) 3,937 Less: Gain on sale of operating properties, including land (19,096) (155,680) (104,288) (159,289) Less: Impairment associated with land holdings 1,152 Less: Equity in income of joint ventures (1,681) (1,134) (6,168) (7,023) Plus: Income tax expense ,872 1,903 Plus: Income allocated to non-controlling interests from continuing operations 1,209 6,126 8,947 9,225 Net Operating Income (NOI) $149,248 $140,030 $571,212 $538,670 Same Property Communities $133,716 $126,462 $520,132 $494,325 Non-"Same Property" Communities 11,364 7,855 37,375 19,280 Development and Lease-Up Communities 3, , Dispositions/Other 730 5,016 5,226 24,071 Net Operating Income (NOI) $149,248 $140,030 $571,212 $538,670 37

38 Forward-Looking Statements 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 Notes 39

40 40

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