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 193 operating properties in which we owned interests and operated at December 31, 2012 averaged 937 square feet of living area per apartment home. For the year ended December 31, 2012, 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 95% for the years ended December 31, 2012 and 2011, and an average annual rental revenue per apartment home of $1,045 and $970 for the years ended December 31, 2012 and 2011, respectively. Resident lease terms generally range from six to fifteen months. 176 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:



Year Placed in Service	Number of Operating Properties
2006-2012	47
2001-2005	31
1996-2000	55
1991-1995	20
1986-1990	27
Prior to 1986	13

Property Table

The following table sets forth information with respect to our 193 operating properties at December 31, 2012:



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2012 Average Occupancy (1)		2012 Average Monthly Rental Rate per Apartment (2)
ARIZONA
Phoenix
Camden Copper Square	2000	786	332	92.8	%	$	884
Camden Fountain Palms (3)	1986/1996	1,050	192	90.8		685
Camden Legacy	1996	1,067	428	94.0		949
Camden Montierra (4)	1999	1,071	249	94.2		1,191
Camden Pecos Ranch (3)	2001	924	272	93.7		849
Camden San Marcos (4)	1995	984	320	93.8		1,050
Camden San Paloma	1993/1994	1,042	324	94.1		978
Camden Sierra (3)	1997	925	288	91.5		681
Camden Towne Center (3)	1998	871	240	92.6		676
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley	2001	1,009	380	95.6		1,586
Camden Harbor View	2004	975	538	95.2		1,962
Camden Main & Jamboree (5)	2008	1,011	290	96.1		1,806
Camden Martinique	1986	794	714	95.5		1,346
Camden Parkside (3)	1972	836	421	95.6		1,242
Camden Sea Palms	1990	891	138	97.2		1,507
San Diego/Inland Empire
Camden Landmark (4)	2006	982	469	94.0		1,321
Camden Old Creek	2007	1,037	350	94.4		1,608
Camden Sierra at Otay Ranch	2003	962	422	93.4		1,509
Camden Tuscany	2003	896	160	94.7		1,996
Camden Vineyards	2002	1,053	264	93.0		1,236
COLORADO
Denver
Camden Belleview Station (4)	2009	888	270	93.0		1,283
Camden Caley	2000	925	218	95.1		985
Camden Centennial	1985	744	276	94.9		759
Camden Denver West (6)	1997	1,015	320	94.9		1,153
Camden Highlands Ridge	1996	1,149	342	95.3		1,236



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2012 Average Occupancy (1)		2012 Average Monthly Rental Rate per Apartment (2)
Camden Interlocken	1999	1,022	340	96.0	%	$	1,210
Camden Lakeway	1997	932	451	94.4		984
Camden Pinnacle	1985	748	224	94.7		786
WASHINGTON DC METRO
Camden Ashburn Farms	2000	1,062	162	97.4		1,477
Camden Clearbrook	2007	1,048	297	95.2		1,345
Camden College Park (5)	2008	942	508	95.1		1,575
Camden Dulles Station	2009	984	366	96.6		1,624
Camden Fair Lakes	1999	1,056	530	95.9		1,636
Camden Fairfax Corner	2006	934	488	96.4		1,669
Camden Fallsgrove	2004	996	268	95.8		1,673
Camden Grand Parc	2002	674	105	95.5		2,443
Camden Lansdowne	2002	1,006	690	95.4		1,420
Camden Largo Town Center	2000/2007	1,027	245	94.3		1,603
Camden Monument Place	2007	856	368	95.8		1,509
Camden Potomac Yard	2008	835	378	95.4		1,985
Camden Roosevelt	2003	856	198	97.1		2,456
Camden Russett	2000	992	426	93.7		1,379
Camden Silo Creek	2004	975	284	96.3		1,429
Camden Summerfield	2008	957	291	93.5		1,573
Camden Summerfield II (7)	2012	936	187	95.0		1,550
FLORIDA
Southeast Florida
Camden Aventura	1995	1,108	379	94.2		1,553
Camden Brickell	2003	937	405	96.3		1,638
Camden Doral	1999	1,120	260	96.4		1,548
Camden Doral Villas	2000	1,253	232	93.8		1,678
Camden Las Olas	2004	1,043	420	95.2		1,741
Camden Plantation	1997	1,201	502	95.2		1,307
Camden Portofino	1995	1,112	322	95.6		1,348
Orlando
Camden Club	1986	1,077	436	96.2		866
Camden Hunter’s Creek	2000	1,075	270	96.2		1,005
Camden Lago Vista	2005	955	366	95.0		902
Camden LaVina (7)	2012	970	420	94.7		1,059
Camden Lee Vista	2000	937	492	95.6		875
Camden Orange Court	2008	817	268	96.1		1,118
Camden Renaissance	1996/1998	899	578	94.2		803
Camden Reserve	1990/1991	824	526	95.5		740
Camden Town Square (8)	2012	986	438	Lease-up		840
Camden World Gateway	2000	979	408	95.3		972
Tampa/St. Petersburg
Camden Bay	1997/2001	943	760	94.3		875



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2012 Average Occupancy (1)		2012 Average Monthly Rental Rate per Apartment (2)
Camden Bay Pointe	1984	771	368	93.9	%	$	704
Camden Bayside	1987/1989	748	832	96.0		775
Camden Citrus Park	1985	704	247	95.1		687
Camden Lakes	1982/1983	732	688	94.4		705
Camden Lakeside	1986	729	228	95.2		749
Camden Live Oaks (9)	1990	1,093	770	94.2		782
Camden Montague (7)	2012	975	192	97.3		827
Camden Preserve	1996	942	276	95.0		1,073
Camden Providence Lakes	1996	1,024	260	94.7		910
Camden Royal Palms	2006	1,017	352	94.4		947
Camden Visconti (10)	2007	1,125	450	94.9		1,126
Camden Westchase Park (7)	2012	993	348	95.9		887
Camden Westshore	1986	728	278	95.3		850
Camden Woods	1986	1,223	444	94.6		853
GEORGIA
Atlanta
Camden Brookwood	2002	912	359	95.7		987
Camden Creekstone (4)	2002	990	223	94.9		967
Camden Deerfield	2000	1,187	292	94.8		979
Camden Dunwoody	1997	1,007	324	95.0		908
Camden Midtown Atlanta	2001	935	296	95.1		1,019
Camden Peachtree City	2001	1,027	399	95.9		932
Camden Phipps (10)	1996	1,018	234	95.4		1,211
Camden River	1997	1,103	352	95.1		904
Camden Shiloh	1999/2002	1,143	232	95.5		876
Camden St. Clair	1997	999	336	95.9		934
Camden Stockbridge	2003	1,009	304	94.2		756
NEVADA
Las Vegas
Camden Bel Air	1988/1995	943	528	92.5		713
Camden Breeze	1989	846	320	93.9		720
Camden Canyon	1995	987	200	94.4		860
Camden Commons	1988	936	376	92.4		747
Camden Cove	1990	898	124	92.7		710
Camden Del Mar	1995	986	560	95.4		893
Camden Fairways	1989	896	320	95.4		877
Camden Hills	1991	439	184	90.3		491
Camden Legends	1994	792	113	94.9		827
Camden Palisades	1991	905	624	93.3		723
Camden Pines (3)	1997	982	315	92.9		792
Camden Pointe	1996	983	252	94.0		730
Camden Summit (3)	1995	1,187	234	93.8		1,079
Camden Tiara (3)	1996	1,043	400	93.9		861



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2012 Average Occupancy (1)		2012 Average Monthly Rental Rate per Apartment (2)
Camden Vintage	1994	978	368	94.0	%	$	704
Oasis Bay (10)	1990	876	128	96.1		745
Oasis Crossings (10)	1996	983	72	95.3		749
Oasis Emerald (10)	1988	873	132	92.9		608
Oasis Gateway (10)	1997	1,146	360	93.6		776
Oasis Island (10)	1990	901	118	90.3		613
Oasis Landing (10)	1990	938	144	92.4		671
Oasis Meadows (10)	1996	1,031	383	90.3		718
Oasis Palms (10)	1989	880	208	91.8		684
Oasis Pearl (10)	1989	930	90	91.0		687
Oasis Place (10)	1992	440	240	87.1		482
Oasis Ridge (10)	1984	391	477	86.3		413
Oasis Sierra (10)	1998	923	208	94.2		782
Oasis Springs (10)	1988	838	304	90.5		576
Oasis Vinings (10)	1994	1,152	234	91.8		709
NORTH CAROLINA
Charlotte
Camden Ballantyne	1998	1,045	400	95.6		977
Camden Cotton Mills	2002	905	180	96.2		1,256
Camden Dilworth	2006	857	145	97.5		1,220
Camden Fairview	1983	1,036	135	96.4		900
Camden Foxcroft	1979	940	156	97.7		817
Camden Grandview	2000	1,057	266	96.3		1,364
Camden Habersham	1986	773	240	95.7		685
Camden Pinehurst	1967	1,147	407	96.0		821
Camden Sedgebrook	1999	972	368	95.9		881
Camden Simsbury	1985	874	100	96.7		880
Camden South End Square	2003	882	299	96.3		1,156
Camden Stonecrest	2001	1,098	306	95.5		1,030
Camden Touchstone	1986	899	132	97.7		779
Raleigh
Camden Asbury Village (4) (10)	2009	1,009	350	93.1		926
Camden Crest	2001	1,013	438	95.2		814
Camden Governor’s Village	1999	1,046	242	95.0		914
Camden Lake Pine	1999	1,066	446	94.7		861
Camden Manor Park	2006	966	484	96.5		895
Camden Overlook	2001	1,060	320	95.9		954
Camden Reunion Park	2000/2004	972	420	95.1		748
Camden Westwood	1999	1,027	354	94.7		816
TEXAS
Austin
Camden Amber Oaks (10)	2009	862	348	95.0		863
Camden Amber Oaks II (7) (10)	2012	910	244	94.7		891



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2012 Average Occupancy (1)		2012 Average Monthly Rental Rate per Apartment (2)
Camden Brushy Creek (10)	2008	882	272	95.7	%	$	865
Camden Cedar Hills	2008	911	208	95.1		1,024
Camden Gaines Ranch	1997	955	390	95.3		1,102
Camden Huntingdon	1995	903	398	95.5		825
Camden Ridgecrest	1995	855	284	95.0		755
Camden Shadow Brook (10)	2009	909	496	96.3		912
Camden Stoneleigh	2001	908	390	95.2		977
Corpus Christi
Camden Breakers	1996	868	288	95.7		1,008
Camden Copper Ridge	1986	775	344	95.4		735
Camden Miramar (11)	1994-2011	488	855	78.5		1,000
Camden South Bay (10)	2007	1,055	270	95.0		1,124
Dallas/Fort Worth
Camden Addison (3)	1996	942	456	96.0		846
Camden Belmont (4)	2010/2012	945	477	93.8		1,350
Camden Buckingham	1997	919	464	95.7		881
Camden Centreport	1997	911	268	95.5		858
Camden Cimarron	1992	772	286	95.6		884
Camden Design District (10)	2009	939	355	94.4		1,186
Camden Farmers Market	2001/2005	932	904	94.9		999
Camden Gardens	1983	652	256	96.3		605
Camden Glen Lakes	1979	877	424	95.7		811
Camden Henderson (4)	2012	967	106	85.1		1,496
Camden Legacy Creek	1995	831	240	95.6		920
Camden Legacy Park	1996	871	276	95.2		940
Camden Panther Creek (10)	2009	946	295	94.6		979
Camden Riverwalk (10)	2008	982	600	94.9		1,188
Camden Springs	1987	713	304	95.2		610
Camden Valley Park	1986	743	516	95.7		806
Houston
Camden City Centre	2007	932	379	96.9		1,426
Camden Cypress Creek (10)	2009	993	310	95.6		1,087
Camden Downs at Cinco Ranch (10)	2004	1,075	318	96.5		1,082
Camden Grand Harbor (10)	2008	959	300	96.3		1,017
Camden Greenway	1999	861	756	96.1		1,162
Camden Heights (10)	2004	927	352	97.0		1,292
Camden Holly Springs (3)	1999	934	548	96.0		985
Camden Lakemont (10)	2007	904	312	96.5		891
Camden Midtown	1999	844	337	96.4		1,412
Camden Northpointe (10)	2008	940	384	95.3		960
Camden Oak Crest	2003	870	364	96.3		897
Camden Park (3)	1995	866	288	96.0		846
Camden Piney Point (10)	2004	919	318	96.3		1,077



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2012 Average Occupancy (1)		2012 Average Monthly Rental Rate per Apartment (2)
Camden Plaza	2007	915	271	96.5	%	$	1,383
Camden Royal Oaks	2006	923	236	88.8		1,182
Camden Royal Oaks II (8)	2012	1,054	104	Lease-up		1,177
Camden Spring Creek (10)	2004	1,080	304	95.7		1,021
Camden Stonebridge	1993	845	204	96.8		875
Camden Sugar Grove (3)	1997	921	380	95.3		908
Camden Travis Street	2010	819	253	97.4		1,411
Camden Vanderbilt	1996/1997	863	894	97.5		1,236
Camden Whispering Oaks	2008	934	274	96.7		1,058
Camden Woodson Park (10)	2008	916	248	96.4		994
Camden Yorktown (10)	2008	995	306	95.4		985
San Antonio
Camden Braun Station (10)	2006	827	240	94.4		832
Camden Westover Hills (10)	2010	959	288	95.7		1,060


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


(2)	The average monthly rental rate per apartment incorporates tenant concessions calculated on a straight-line basis over the life of the lease.


(3)	Property formerly owned through a joint venture in which we owned a 20% interest. We acquired the remaining ownership interest in January 2012 from an unaffiliated third party.


(4)	Property acquired during 2012—average occupancy calculated from date at which property was acquired.


(5)	Property owned through a fully consolidated joint venture in which we own a 99.99% interest. The remaining interest is owned by an unaffiliated third party.


(6)	Property formerly owned through a joint venture in which we owned a 50% interest. We acquired the remaining ownership interest in December 2012 from an unaffiliated third party.


(7)	Development property stabilized during 2012—average occupancy calculated from date at which occupancy exceeded 90% through December 31, 2012.


(8)	Property under lease-up at December 31, 2012.


(9)	Property was included in properties held for sale at December 31, 2012. We sold this property in January 2013.


(10)	Property owned through one of our joint ventures in which we own a 20% interest. The remaining interest is owned by an unaffiliated third party.


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

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