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 amenities common to multifamily rental properties.

Operating Properties (including properties held through unconsolidated joint ventures)

The 196 operating properties in which we owned interests and operated at December 31, 2011 averaged 928 square feet of living area per apartment home. For the year ended December 31, 2011, no single operating property accounted for greater than 1.5% of our total revenues. Our operating properties had a weighted average occupancy rate of approximately 94.5% and 93.3% for the years ended December 31, 2011 and 2010, respectively, and an average annual rental revenue per apartment home of $970 and $928 for the years ended December 31, 2011 and 2010, respectively. Resident lease terms generally range from six to fifteen months. One hundred and seventy-one of our operating properties have over 200 apartment homes, with the largest having 904 apartment homes. Our operating properties have an average age of 12 years (calculated on the basis of investment dollars). Our operating properties were constructed and placed in service as follows:

		September 30,
Year Placed in Service		Number of Operating Properties
2006-2011		36
2001-2005		32
1996-2000		57
1991-1995		19
1986-1990		34
Prior to 1986		18

Property Table

The following table sets forth information with respect to our 196 operating properties at December 31, 2011:

		September 30,		September 30,		September 30,		September 30,			September 30,
	OPERATING PROPERTIES
Property and Location	Year Placed In Service		Average Apartment Size (Sq. Ft.)		Number of Apartments		2011 Average Occupancy (1)			2011 Average Monthly Rental Rate per Apartment
ARIZONA
Phoenix
Camden Copper Square		2000		786		332		92.8	%	$	803
Camden Fountain Palms (2)		1986/1996		1,050		192		90.4			672
Camden Legacy		1996		1,067		428		94.3			887
Camden Pecos Ranch (2)		2001		924		272		94.1			796
Camden San Paloma		1993/1994		1,042		324		94.0			927
Camden Sierra (2)		1997		925		288		90.2			663
Camden Towne Center (2)		1998		871		240		91.2			669
Camden Vista Valley (3)		1986		923		357		91.4			626
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley		2001		1,009		380		94.5			1,532
Camden Harbor View		2004		975		538		94.7			1,904
Camden Main & Jamboree (4)		2008		1,011		290		95.8			1,756
Camden Martinique		1986		794		714		94.7			1,276
Camden Parkside (2)		1972		836		421		94.1			1,186
Camden Sea Palms		1990		891		138		96.6			1,452
San Diego/Inland Empire
Camden Old Creek		2007		1,037		350		93.2			1,564
Camden Sierra at Otay Ranch		2003		962		422		93.2			1,494
Camden Tuscany		2003		896		160		94.2			1,900
Camden Vineyards		2002		1,053		264		92.3			1,222
COLORADO
Denver
Camden Caley		2000		925		218		95.0			923
Camden Centennial		1985		744		276		93.2			701
Camden Denver West (5)		1997		1,015		320		94.1			1,083
Camden Highlands Ridge		1996		1,149		342		93.7			1,146
Camden Interlocken		1999		1,022		340		94.3			1,145
Camden Lakeway		1997		932		451		93.7			910
Camden Pinnacle		1985		748		224		93.6			725
WASHINGTON DC METRO
Camden Ashburn Farms		2000		1,062		162		97.1			1,412
Camden Clearbrook		2007		1,048		297		96.6			1,296
Camden College Park (4)		2008		942		508		94.3			1,556
Camden Dulles Station		2009		984		366		96.0			1,550
Camden Fair Lakes		1999		1,056		530		96.3			1,571
Camden Fairfax		2006		934		488		95.6			1,603
Camden Fallsgrove		2004		996		268		96.1			1,613
Camden Grand Parc		2002		674		105		95.2			2,430
Camden Lansdowne		2002		1,006		690		96.2			1,349
Camden Largo Town Center		2000/2007		1,027		245		93.8			1,586
Camden Monument Place		2007		856		368		95.7			1,464
Camden Potomac Yard		2008		835		378		94.8			1,912
Camden Roosevelt		2003		856		198		97.7			2,331
Camden Russett		2000		992		426		93.3			1,386
Camden Silo Creek		2004		975		284		96.5			1,362
Camden Summerfield		2008		957		291		93.7			1,546
FLORIDA
Southeast Florida
Camden Aventura		1995		1,108		379		93.5			1,432
Camden Brickell		2003		937		405		96.2			1,500
Camden Doral		1999		1,120		260		94.7			1,501
Camden Doral Villas		2000		1,253		232		94.3			1,615
Camden Las Olas		2004		1,043		420		95.1			1,606
Camden Plantation		1997		1,201		502		94.6			1,277

		September 30,		September 30,		September 30,		September 30,			September 30,
	OPERATING PROPERTIES
Property and Location	Year Placed In Service		Average Apartment Size (Sq. Ft.)		Number of Apartments		2011 Average Occupancy (1)			2011 Average Monthly Rental Rate per Apartment
Camden Portofino		1995		1,112		322		94.4	%	$	1,310
Orlando
Camden Club		1986		1,077		436		95.1			837
Camden Hunter’s Creek		2000		1,075		270		95.6			952
Camden Lago Vista		2005		955		366		94.8			863
Camden Landings		1983		748		220		95.0			654
Camden Lee Vista		2000		937		492		95.5			831
Camden Orange Court		2008		817		268		94.8			1,056
Camden Renaissance		1996/1998		899		578		93.9			789
Camden Reserve		1990/1991		824		526		94.2			700
Camden World Gateway		2000		979		408		94.9			927
Tampa/St. Petersburg
Camden Bay		1997/2001		943		760		94.8			841
Camden Bay Pointe		1984		771		368		94.5			677
Camden Bayside		1987/1989		748		832		95.5			737
Camden Citrus Park		1985		704		247		94.8			654
Camden Lakes		1982/1983		732		688		93.5			663
Camden Lakeside		1986		729		228		93.5			719
Camden Live Oaks		1990		1,093		770		94.0			768
Camden Preserve		1996		942		276		94.6			999
Camden Providence Lakes		1996		1,024		260		93.1			886
Camden Royal Palms		2006		1,017		352		93.2			830
Camden Visconti (6) (7)		2007		1,125		450		96.2			1,080
Camden Westshore		1986		728		278		95.3			807
Camden Woods		1986		1,223		444		95.4			817
GEORGIA
Atlanta
Camden Brookwood		2002		912		359		95.3			950
Camden Deerfield		2000		1,187		292		93.1			917
Camden Dunwoody		1997		1,007		324		96.7			860
Camden Ivy Hall (6) (8)		2010		1,181		110		94.0			1,639
Camden Midtown Atlanta		2001		935		296		93.1			953
Camden Peachtree City		2001		1,027		399		95.0			884
Camden Phipps (6) (7)		1996		1,018		234		94.1			1,123
Camden River		1997		1,103		352		94.9			862
Camden Shiloh		1999/2002		1,143		232		94.7			837
Camden St. Clair		1997		999		336		93.5			876
Camden Stockbridge		2003		1,009		304		93.2			742
Camden Sweetwater		2000		1,151		308		93.0			710
MISSOURI
Kansas City
Camden Passage (9)		1989/1997		834		596		92.2			663
St. Louis
Camden Cedar Lakes (9)		1986		852		420		92.3			641
Camden Cove West (9)		1990		828		276		96.2			835
Camden Cross Creek (9)		1973/1980		947		591		94.9			764
Camden Westchase (9)		1986		945		160		97.3			869
NEVADA
Las Vegas
Camden Bel Air		1988/1995		943		528		91.6			716
Camden Breeze		1989		846		320		93.0			721
Camden Canyon		1995		987		200		94.8			846
Camden Commons		1988		936		376		91.3			741
Camden Cove		1990		898		124		93.1			713
Camden Del Mar		1995		986		560		95.4			890
Camden Fairways		1989		896		320		95.8			868
Camden Hills		1991		439		184		88.7			499
Camden Legends		1994		792		113		93.6			818
Camden Palisades		1991		905		624		91.9			725
Camden Pines (2)		1997		982		315		92.0			795
Camden Pointe		1996		983		252		93.5			732

		September 30,		September 30,		September 30,		September 30,			September 30,
	OPERATING PROPERTIES
Property and Location	Year Placed In Service		Average Apartment Size (Sq. Ft.)		Number of Apartments		2011 Average Occupancy (1)			2011 Average Monthly Rental Rate per Apartment
Camden Summit (2)		1995		1,187		234		94.0	%	$	1,088
Camden Tiara (2)		1996		1,043		400		93.3			847
Camden Vintage		1994		978		368		91.9			715
Oasis Bay (10)		1990		876		128		96.4			752
Oasis Crossings (10)		1996		983		72		93.5			749
Oasis Emerald (10)		1988		873		132		92.7			627
Oasis Gateway (10)		1997		1,146		360		91.6			782
Oasis Island (10)		1990		901		118		91.3			636
Oasis Landing (10)		1990		938		144		92.5			693
Oasis Meadows (10)		1996		1,031		383		91.1			734
Oasis Palms (10)		1989		880		208		91.7			674
Oasis Pearl (10)		1989		930		90		91.6			711
Oasis Place (10)		1992		440		240		87.6			499
Oasis Ridge (10)		1984		391		477		84.0			421
Oasis Sierra (10)		1998		923		208		93.8			786
Oasis Springs (10)		1988		838		304		90.8			590
Oasis Vinings (10)		1994		1,152		234		90.1			733
NORTH CAROLINA
Charlotte
Camden Ballantyne		1998		1,045		400		95.8			866
Camden Cotton Mills		2002		905		180		97.9			1,079
Camden Dilworth		2006		857		145		97.0			1,099
Camden Fairview		1983		1,036		135		96.2			805
Camden Forest		1989		703		208		91.6			571
Camden Foxcroft (13)		1979		940		156		96.0			743
Camden Grandview		2000		1,057		266		97.2			1,205
Camden Habersham		1986		773		240		95.8			630
Camden Park Commons		1997		861		232		92.7			645
Camden Pinehurst		1967		1,147		407		95.5			747
Camden Sedgebrook		1999		972		368		96.0			796
Camden Simsbury		1985		874		100		96.3			745
Camden South End Square		2003		882		299		97.1			1,003
Camden Stonecrest		2001		1,098		306		95.0			906
Camden Touchstone		1986		899		132		96.8			729
Raleigh
Camden Crest		2001		1,013		438		94.5			773
Camden Governor’s Village		1999		1,046		242		93.4			879
Camden Lake Pine		1999		1,066		446		94.9			806
Camden Manor Park		2006		966		484		95.7			835
Camden Overlook		2001		1,060		320		95.2			887
Camden Reunion Park		2000/2004		972		420		93.0			701
Camden Westwood		1999		1,027		354		95.9			800
PENNSYLVANIA
Camden Valleybrook		2002		992		352		94.1			1,323
TEXAS
Austin
Camden Amber Oaks (6)		2009		862		348		94.4			809
Camden Brushy Creek (6) (7)		2008		882		272		96.9			800
Camden Cedar Hills		2008		911		208		94.5			975
Camden Gaines Ranch		1997		955		390		94.3			995
Camden Huntingdon		1995		903		398		95.0			754
Camden Laurel Ridge		1986		702		183		94.0			600
Camden Ridgecrest		1995		855		284		94.8			699
Camden Shadow Brook (6) (7)		2009		909		496		96.3			885
Camden South Congress (6)		2001		975		253		94.8			1,424
Camden Stoneleigh		2001		908		390		95.9			898
Corpus Christi
Camden Breakers		1996		868		288		96.2			930
Camden Copper Ridge		1986		775		344		94.4			694
Camden Miramar (11)		1994-2010		488		855		80.7			948
Camden South Bay (6)		2007		1,055		270		95.1			1,060

		September 30,		September 30,		September 30,		September 30,			September 30,
	OPERATING PROPERTIES
Property and Location	Year Placed In Service		Average Apartment Size (Sq. Ft.)		Number of Apartments		2011 Average Occupancy (1)			2011 Average Monthly Rental Rate per Apartment
Dallas/Fort Worth
Camden Addison (2)		1996		942		456		96.1	%	$	790
Camden Buckingham		1997		919		464		95.8			804
Camden Centreport		1997		911		268		95.1			794
Camden Cimarron		1992		772		286		95.8			809
Camden Design District (6) (7)		2009		939		355		92.9			1,120
Camden Farmers Market		2001/2005		932		904		94.8			910
Camden Gardens		1983		652		256		96.4			548
Camden Glen Lakes		1979		877		424		95.4			755
Camden Legacy Creek		1995		831		240		96.4			855
Camden Legacy Park		1996		871		276		96.4			869
Camden Panther Creek (6) (7)		2009		946		295		94.9			952
Camden Riverwalk (6) (7)		2008		982		600		95.4			1,096
Camden Springs		1987		713		304		95.4			564
Camden Valley Park		1986		743		516		94.3			748
Camden Westview		1983		697		335		93.2			603
Houston
Camden Baytown		1999		844		272		91.0			786
Camden City Centre		2007		932		379		96.7			1,293
Camden Creek		1984		639		456		92.4			587
Camden Cypress Creek (6) (7)		2009		993		310		96.4			1,039
Camden Downs at Cinco Ranch (6) (7)		2004		1,075		318		96.3			1,006
Camden Grand Harbor (6) (7)		2008		959		300		96.9			984
Camden Greenway		1999		861		756		94.2			1,056
Camden Heights (6) (7)		2004		927		352		96.8			1,154
Camden Holly Springs (2)		1999		934		548		93.9			899
Camden Lakemont (6) (7)		2007		904		312		96.3			862
Camden Midtown		1999		844		337		96.0			1,252
Camden Northpointe (6) (7)		2008		940		384		95.4			922
Camden Oak Crest		2003		870		364		92.4			835
Camden Park (2)		1995		866		288		94.3			792
Camden Piney Point (6) (7)		2004		919		318		96.5			988
Camden Plaza (4)		2007		915		271		94.0			1,281
Camden Royal Oaks		2006		923		236		89.8			1,145
Camden Spring Creek (6) (7)		2004		1,080		304		92.1			981
Camden Steeplechase		1982		748		290		91.6			633
Camden Stonebridge		1993		845		204		94.7			806
Camden Sugar Grove (2)		1997		921		380		93.2			855
Camden Travis Street (12)		2010		819		253		96.1			1,289
Camden Vanderbilt		1996/1997		863		894		95.6			1,139
Camden Whispering Oaks		2008		934		274		95.0			989
Camden Woodson Park (6) (7)		2008		916		248		97.0			944
Camden Yorktown (6)		2008		995		306		94.0			915
San Antonio
Camden Braun Station (6) (7)		2006		827		240		95.2			828
Camden Westover Hills (6) (7)		2010		959		288		96.3			1,029

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

(2)	Properties owned through a joint venture in which we own a 20% interest. The remaining interest is owned by an unaffiliated private investor. In January 2012, we acquired the remaining 80% ownership interest from this unaffiliated private investor.

(3)	Property was included in properties held for sale at December 31, 2011. We sold this property in January 2012.

(4)	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.

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

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

(7)	Property acquired during 2011—average occupancy calculated from date at which property was acquired, unless otherwise noted.

(8)	Development property stabilized during 2011—average occupancy calculated from date at which occupancy exceeded 90% through year-end.

(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 pension fund.

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

(12)	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.

(13)	Property owned through a fully-consolidated joint venture in which we own a 75% interest. The remaining interest is owned by an unaffiliated private investor.

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Item 2. Properties

Item 2. Properties

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