Item 2. Properties

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Item 2. Properties

The Properties

Our properties typically consist of mid-rise buildings or two and three story buildings in a landscaped setting and provide residents with a variety of amenities. Most of the properties have one or more swimming pools and a clubhouse and many have whirlpool spas, weight room facilities, and controlled-access gates. Many of the apartment homes offer additional features such as fireplaces, vaulted ceilings, microwave ovens, covered parking, icemakers, washers and dryers, and ceiling fans.

Operating Properties (including properties held through unconsolidated joint ventures)

The 186 operating properties in which we owned interests and operated at December 31, 2010 averaged 922 square feet of living area per apartment home. For the year ended December 31, 2010, no single operating property accounted for greater than 1.6% of our total revenues. Our operating properties had a weighted average occupancy rate of approximately 93.3% for each of the years ended December 31, 2010 and 2009, and an average annual rental revenue per apartment home of $928 and $946 for the years ended December 31, 2010 and 2009, respectively. Resident lease terms generally range from six to fifteen months. One hundred and fifty-nine of our operating properties have over 200 apartment homes, with the largest having 904 apartment homes. Our operating properties have an average age of 11 years (calculated on the basis of investment dollars). Our operating properties were constructed and placed in service as follows:


Year Placed in Service	Number of Operating Properties
2006-2010		25
2001-2005		28
1996-2000		57
1991-1995		19
1986-1990		38
Prior to 1985		19

Property Table

The following table sets forth information with respect to our 186 operating properties at December 31, 2010:


	OPERATING PROPERTIES
										2010 Average
	Year Placed		Average Apartment		Number of		2010 Average			Monthly Rental Rate
Property and Location	In Service		Size (Sq. Ft.)		Apartments		Occupancy (1)			per Apartment
ARIZONA
Phoenix
Camden Copper Square		2000		786		332		92.5	%	$	749
Camden Fountain Palms (7)		1986/1996		1,050		192		89.6			657
Camden Legacy		1996		1,067		428		94.1			834
Camden Pecos Ranch (7)		2001		924		272		94.5			737
Camden San Paloma		1993/1994		1,042		324		94.2			866
Camden Sierra (7)		1997		925		288		90.3			639
Camden Towne Center (7)		1998		871		240		91.8			657
Camden Vista Valley		1986		923		357		90.1			601
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley		2001		1,009		380		93.8			1,501
Camden Harbor View		2004		975		538		94.2			1,852


	OPERATING PROPERTIES
										2010 Average
	Year Placed		Average Apartment		Number of		2010 Average			Monthly Rental Rate
Property and Location	In Service		Size (Sq. Ft.)		Apartments		Occupancy (1)			per Apartment
Camden Main & Jamboree (12)		2008		1,011		290		94.0	%	$	1,787
Camden Martinique		1986		794		714		92.3			1,242
Camden Parkside (7)		1972		836		421		93.5			1,168
Camden Sea Palms		1990		891		138		94.4			1,427
San Diego/Inland Empire
Camden Old Creek		2007		1,037		350		93.9			1,515
Camden Sierra at Otay Ranch		2003		962		422		93.2			1,472
Camden Tuscany		2003		896		160		93.7			1,801
Camden Vineyards		2002		1,053		264		91.5			1,191
COLORADO
Denver
Camden Caley		2000		925		218		96.2			852
Camden Centennial		1985		744		276		94.0			658
Camden Denver West (8)		1997		1,015		320		93.8			1,036
Camden Highlands Ridge		1996		1,149		342		94.7			1,081
Camden Interlocken		1999		1,022		340		95.7			1,075
Camden Lakeway		1997		932		451		92.9			877
Camden Pinnacle		1985		748		224		93.8			672
WASHINGTON DC METRO
Camden Ashburn Farms		2000		1,062		162		96.7			1,318
Camden Clearbrook		2007		1,048		297		95.5			1,210
Camden College Park (12)		2008		942		508		94.6			1,514
Camden Dulles Station (3)		2009		984		366		96.2			1,466
Camden Fair Lakes		1999		1,056		530		95.8			1,473
Camden Fairfax Corner		2006		934		488		95.9			1,521
Camden Fallsgrove		2004		996		268		96.7			1,515
Camden Grand Parc		2002		674		105		96.5			2,267
Camden Lansdowne		2002		1,006		690		96.2			1,246
Camden Largo Town Center		2000/2007		1,027		245		93.7			1,508
Camden Monument Place		2007		856		368		94.9			1,395
Camden Potomac Yard		2008		835		378		94.3			1,812
Camden Roosevelt		2003		856		198		97.9			2,248
Camden Russett		2000		992		426		93.9			1,331
Camden Silo Creek		2004		975		284		97.2			1,257
Camden Summerfield		2008		957		291		92.1			1,512
FLORIDA
Southeast Florida
Camden Aventura		1995		1,108		379		94.7			1,313
Camden Brickell		2003		937		405		97.2			1,342
Camden Doral		1999		1,120		260		95.4			1,426
Camden Doral Villas		2000		1,253		232		96.3			1,536
Camden Las Olas		2004		1,043		420		94.0			1,505
Camden Plantation		1997		1,201		502		94.7			1,235
Camden Portofino		1995		1,112		322		94.6			1,265
Orlando
Camden Club		1986		1,077		436		93.5			810
Camden Hunter’s Creek		2000		1,075		270		94.0			911
Camden Lago Vista		2005		955		366		93.8			844
Camden Landings		1983		748		220		93.1			638
Camden Lee Vista		2000		937		492		93.7			802
Camden Orange Court		2008		812		261		93.9			1,032
Camden Renaissance		1996/1998		899		578		92.5			747
Camden Reserve		1990/1991		824		526		92.8			684
Camden World Gateway		2000		979		408		94.3			879
Tampa/St. Petersburg
Camden Bay		1997/2001		943		760		94.5			788
Camden Bay Pointe		1984		771		368		92.7			642
Camden Bayside		1987/1989		748		832		93.7			687
Camden Citrus Park		1985		704		247		93.4			628
Camden Lakes		1982/1983		732		688		92.3			633
Camden Lakeside		1986		729		228		91.4			702
Camden Live Oaks		1990		1,093		770		93.3			758


	OPERATING PROPERTIES
										2010 Average
	Year Placed		Average Apartment		Number of		2010 Average			Monthly Rental Rate
Property and Location	In Service		Size (Sq. Ft.)		Apartments		Occupancy (1)			per Apartment
Camden Preserve		1996		942		276		94.4	%	$	952
Camden Providence Lakes		1996		1,024		260		92.8			850
Camden Royal Palms		2006		1,017		352		93.2			899
Camden Westshore		1986		728		278		94.9			771
Camden Woods		1986		1,223		444		94.2			776
GEORGIA
Atlanta
Camden Brookwood		2002		912		359		94.5			906
Camden Dunwoody		1997		1,007		324		95.5			832
Camden Deerfield		2000		1,187		292		93.7			875
Camden Ivy Hall (2) (6) (14)		2010		1,181		110	Lease-Up				1,682
Camden Midtown Atlanta		2001		935		296		92.1			924
Camden Peachtree City		2001		1,027		399		93.6			829
Camden River		1997		1,103		352		94.1			820
Camden Shiloh		1999/2002		1,143		232		93.0			797
Camden St. Clair		1997		999		336		94.4			852
Camden Stockbridge		2003		1,009		304		91.7			726
Camden Sweetwater		2000		1,151		308		91.4			697
KENTUCKY
Louisville
Camden Brookside (9)		1987		732		224		94.7			663
Camden Meadows (9)		1987/1990		746		400		95.1			671
Camden Oxmoor (9)		2000		903		432		95.6			811
Camden Prospect Park (9)		1990		916		138		95.4			753
MISSOURI
Kansas City
Camden Passage (9)		1989/1997		834		596		92.9			643
St. Louis
Camden Cedar Lakes (9)		1986		852		420		92.5			612
Camden Cove West (9)		1990		828		276		94.9			818
Camden Cross Creek (9)		1973/1980		947		591		93.9			737
Camden Westchase (9)		1986		945		160		96.4			841
NEVADA
Las Vegas
Camden Bel Air		1988/1995		943		528		93.1			743
Camden Breeze		1989		846		320		92.9			733
Camden Canyon		1995		987		200		94.0			867
Camden Commons		1988		936		376		91.9			758
Camden Cove		1990		898		124		92.1			739
Camden Del Mar		1995		986		560		94.4			895
Camden Fairways		1989		896		320		94.5			879
Camden Hills		1991		439		184		89.3			529
Camden Legends		1994		792		113		91.0			823
Camden Palisades		1991		905		624		91.9			747
Camden Pines (7)		1997		982		315		93.8			797
Camden Pointe		1996		983		252		92.0			758
Camden Summit (7)		1995		1,187		234		94.0			1,094
Camden Tiara (7)		1996		1,043		400		92.7			856
Camden Vintage		1994		978		368		90.2			731
Oasis Bay (10)		1990		876		128		95.8			764
Oasis Crossings (10)		1996		983		72		92.0			782
Oasis Emerald (10)		1988		873		132		91.4			659
Oasis Gateway (10)		1997		1,146		360		92.7			803
Oasis Island (10)		1990		901		118		92.5			654
Oasis Landing (10)		1990		938		144		92.6			702
Oasis Meadows (10)		1996		1,031		383		89.3			739
Oasis Palms (10)		1989		880		208		90.7			689
Oasis Pearl (10)		1989		930		90		93.1			733
Oasis Place (10)		1992		440		240		91.1			527
Oasis Ridge (10)		1984		391		477		87.1			438
Oasis Sierra (10)		1998		923		208		92.7			801
Oasis Springs (10)		1988		838		304		89.1			614


	OPERATING PROPERTIES
										2010 Average
	Year Placed		Average Apartment		Number of		2010 Average			Monthly Rental Rate
Property and Location	In Service		Size (Sq. Ft.)		Apartments		Occupancy (1)			per Apartment
Oasis Vinings (10)		1994		1,152		234		89.0	%	$	751
NORTH CAROLINA
Charlotte
Camden Ballantyne		1998		1,045		400		95.2			799
Camden Cotton Mills		2002		905		180		97.3			1,045
Camden Dilworth		2006		857		145		97.1			1,034
Camden Fairview		1983		1,036		135		95.7			752
Camden Forest		1989		703		208		90.5			548
Camden Foxcroft		1979		940		156		95.4			699
Camden Grandview		2000		1,057		266		97.2			1,150
Camden Habersham		1986		773		240		94.6			586
Camden Park Commons		1997		861		232		92.5			626
Camden Pinehurst		1967		1,147		407		94.2			708
Camden Sedgebrook		1999		972		368		94.6			734
Camden Simsbury		1985		874		100		95.3			680
Camden South End Square		2003		882		299		94.8			940
Camden Stonecrest		2001		1,098		306		94.1			843
Camden Touchstone		1986		899		132		95.0			700
Raleigh
Camden Crest		2001		1,013		438		94.2			731
Camden Governor’s Village		1999		1,046		242		95.0			806
Camden Lake Pine		1999		1,066		446		94.8			752
Camden Manor Park		2006		966		484		94.6			793
Camden Overlook		2001		1,060		320		95.1			839
Camden Reunion Park		2000/2004		972		420		93.6			655
Camden Westwood		1999		1,027		354		92.2			722
PENNSYLVANIA
Camden Valleybrook		2002		992		352		94.7			1,250
TEXAS
Austin
Camden Amber Oaks (3) (6)		2009		862		348		94.1			779
Camden Cedar Hills		2008		911		208		93.9			909
Camden Gaines Ranch		1997		955		390		93.3			922
Camden Huntingdon		1995		903		398		94.7			697
Camden Laurel Ridge		1986		702		183		92.8			562
Camden Ridgecrest		1995		855		284		93.2			652
Camden South Congress (6)		2001		975		253		93.0			1,284
Camden Stoneleigh		2001		908		390		94.9			841
Corpus Christi
Camden Breakers		1996		868		288		94.0			878
Camden Copper Ridge		1986		775		344		93.3			665
Camden Miramar (5)		1994-2010		485		816		80.9			901
Camden South Bay (6) (14)		2007		1,055		270		95.5			1,016
Dallas/Fort Worth
Camden Addison (7)		1996		942		456		94.4			766
Camden Buckingham		1997		919		464		95.2			757
Camden Centreport		1997		911		268		93.5			756
Camden Cimarron		1992		772		286		94.9			754
Camden Farmers Market		2001/2005		932		904		93.9			847
Camden Gardens		1983		652		256		94.4			521
Camden Glen Lakes		1979		877		424		93.5			720
Camden Legacy Creek		1995		831		240		95.7			799
Camden Legacy Park		1996		871		276		95.9			816
Camden Springs		1987		713		304		93.0			538
Camden Valley Creek		1984		855		380		92.5			630
Camden Valley Park (4)		1986		743		516		93.7			692
Camden Valley Ridge		1987		773		408		92.2			568
Camden Westview		1983		697		335		91.4			577
Houston
Camden Baytown		1999		844		272		88.1			802
Belle Meade (3) (11)		2010		1,414		119		93.3			2,645
Braeswood Place (2) (11)		2009		1,042		340	Lease-Up				1,388


	OPERATING PROPERTIES
										2010 Average
	Year Placed		Average Apartment		Number of		2010 Average			Monthly Rental Rate
Property and Location	In Service		Size (Sq. Ft.)		Apartments		Occupancy (1)			per Apartment
Camden City Centre		2007		932		379		93.2	%	$	1,273
Camden Creek		1984		639		456		90.8			575
Camden Greenway		1999		861		756		94.4			1,011
Camden Holly Springs (7)		1999		934		548		92.9			863
Camden Midtown		1999		844		337		96.1			1,172
Camden Oak Crest		2003		870		364		92.6			811
Camden Park (7)		1995		866		288		93.0			766
Camden Plaza (12)		2007		915		271		92.6			1,217
Camden Royal Oaks		2006		923		236		91.0			1,103
Camden Steeplechase		1982		748		290		89.4			621
Camden Stonebridge		1993		845		204		95.1			788
Camden Sugar Grove (7)		1997		921		380		93.8			861
Camden Travis Street (3) (13)		2010		819		253		97.3			1,312
Camden Vanderbilt		1996/1997		863		894		95.0			1,103
Camden Whispering Oaks		2008		934		274		92.1			971
Camden Yorktown (6) (14)		2008		995		306		95.6			934


(1)		Represents average physical occupancy for the year except as noted below.

(2)		Properties under lease-up at December 31, 2010.

(3)		Development property stabilized during 2010 — average occupancy calculated from date at which occupancy exceeded 90% through year-end.

(4)		Redevelopment completed during 2010 — average occupancy calculated from date at which occupancy exceeded 90% through year-end.

(5)		Miramar is a student housing project for Texas A&M at Corpus Christi. Average occupancy includes summer which is normally subject to high vacancies.

(6)		Properties owned through a joint venture in which we own a 20% interest. The remaining interest is owned by an unaffiliated private pension fund.

(7)		Properties owned through a joint venture in which we own a 20% interest. The remaining interest is owned by an unaffiliated private investor.

(8)		Property owned through a joint venture in which we own a 50% interest. The remaining interest is owned by an unaffiliated private investor.

(9)		Properties owned through a joint venture in which we own a 15% interest. The remaining interest is owned by an unaffiliated private investor.

(10)		Properties owned through a joint venture in which we own a 20% interest. The remaining interest is owned by an unaffiliated private pension fund.

(11)		Property owned through a joint venture in which we own a 72% interest. The remaining interest is owned by an unaffiliated private investor.

(12)		Property owned through a fully-consolidated joint venture in which we own a 99.99% interest. The remaining interest is owned by an unaffiliated private investor.

(13)		Property owned through a fully-consolidated joint venture in which we own a 25% interest. The remaining interest is owned by an unaffiliated private investor.

(14)		Property acquired during 2010 — average occupancy calculated from date at which property was acquired, unless otherwise noted.

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Item 2. Properties

Item 2. Properties

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