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 exercise 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 170 operating properties in which we owned interests and operated at December 31, 2013 averaged 948 square feet of living area per apartment home. For the year ended December 31, 2013, 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 each of the years ended December 31, 2013 and 2012, and an average annual rental revenue per apartment home of $1,157 and $1,045 for the years ended December 31, 2013 and 2012, respectively. Resident lease terms generally range from six to fifteen months. 151 of our operating properties have over 200 apartment homes, with the largest having 930 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
2006-2013	49
2001-2005	32
1996-2000	49
1991-1995	18
1986-1990	15
Prior to 1986	7

Property Table

The following table sets forth information with respect to our 170 operating properties at December 31, 2013:



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2013 Average Occupancy (1)		2013 Average Monthly Rental Rate per Apartment (2)
ARIZONA
Phoenix
Camden Copper Square	2000	786	332	93.3	%	$	939
Camden Legacy	1996	1,067	428	93.6		1,006
Camden Montierra	1999	1,071	249	93.1		1,182
Camden Pecos Ranch	2001	924	272	93.7		886
Camden San Marcos	1995	984	320	92.7		1,004
Camden San Paloma	1993/1994	1,042	324	94.0		1,012
Camden Sotelo (3)	2008/2012	1,303	170	92.2		1,205
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley	2001	1,009	380	95.6		1,663
Camden Harbor View	2004	975	538	95.3		2,044
Camden Main & Jamboree (4)	2008	1,011	290	96.1		1,868
Camden Martinique	1986	794	714	95.9		1,409
Camden Parkside	1972	836	421	94.5		1,291
Camden Sea Palms	1990	891	138	96.1		1,567
San Diego/Inland Empire
Camden Landmark	2006	982	469	93.3		1,335
Camden Old Creek	2007	1,037	350	95.4		1,660
Camden Sierra at Otay Ranch	2003	962	422	94.3		1,536
Camden Tuscany	2003	896	160	94.8		2,109
Camden Vineyards	2002	1,053	264	94.7		1,254
COLORADO
Denver
Camden Belleview Station	2009	888	270	93.3		1,224
Camden Caley	2000	925	218	96.0		1,078
Camden Denver West	1997	1,015	320	95.8		1,243
Camden Highlands Ridge	1996	1,149	342	92.9		1,334
Camden Interlocken	1999	1,010	340	95.5		1,282
Camden Lakeway	1997	932	451	94.9		1,082



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2013 Average Occupancy (1)		2013 Average Monthly Rental Rate per Apartment (2)
WASHINGTON DC METRO
Camden Ashburn Farm	2000	1,062	162	96.1	%	$	1,507
Camden Clearbrook	2007	1,048	297	95.7		1,364
Camden College Park (4)	2008	942	508	95.6		1,592
Camden Dulles Station	2009	978	382	94.6		1,619
Camden Fair Lakes	1999	1,056	530	95.6		1,684
Camden Fairfax Corner	2006	934	488	95.8		1,716
Camden Fallsgrove	2004	996	268	95.3		1,694
Camden Grand Parc	2002	674	105	94.1		2,440
Camden Lansdowne	2002	1,006	690	95.9		1,451
Camden Largo Town Center	2000/2007	1,027	245	94.6		1,610
Camden Monument Place	2007	856	368	95.8		1,532
Camden Potomac Yard	2008	835	378	96.1		2,042
Camden Roosevelt	2003	856	198	94.2		2,545
Camden Russett	2000	992	426	94.4		1,402
Camden Silo Creek	2004	975	284	96.5		1,465
Camden South Capitol (5) (6)	2013	821	276	Lease-up		1,670
Camden Summerfield	2008	957	291	93.8		1,587
Camden Summerfield II	2012	936	187	93.5		1,587
FLORIDA
Southeast Florida
Camden Aventura	1995	1,108	379	94.7		1,645
Camden Brickell	2003	937	405	95.9		1,775
Camden Doral	1999	1,120	260	95.8		1,606
Camden Doral Villas	2000	1,253	232	94.1		1,722
Camden Las Olas	2004	1,043	420	94.4		1,859
Camden Plantation	1997	1,201	502	96.1		1,368
Camden Portofino	1995	1,112	322	96.6		1,412
Orlando
Camden Club	1986	1,077	436	95.7		907
Camden Hunter’s Creek	2000	1,075	270	95.4		1,060
Camden Lago Vista	2005	955	366	96.1		933
Camden LaVina	2012	970	420	94.3		1,096
Camden Lee Vista	2000	937	492	97.0		897
Camden Orange Court	2008	817	268	96.4		1,155
Camden Renaissance	1996/1998	899	578	95.9		836
Camden Town Square (7)	2012	986	438	93.8		1,124
Camden World Gateway	2000	979	408	95.0		1,007
Tampa/St. Petersburg
Camden Bay	1997/2001	943	760	95.1		905
Camden Bayside	1987/1989	748	832	96.0		806
Camden Lakes	1982/1983	732	688	95.1		752
Camden Lakeside	1986	729	228	94.9		772



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2013 Average Occupancy (1)		2013 Average Monthly Rental Rate per Apartment (2)
Camden Montague	2012	975	192	95.8	%	$	1,140
Camden Preserve	1996	942	276	93.8		1,134
Camden Providence Lakes	1996	1,024	260	95.1		917
Camden Royal Palms	2006	1,017	352	95.6		965
Camden Visconti (6)	2007	1,125	450	95.4		1,150
Camden Westchase Park	2012	993	348	95.2		1,223
Camden Westshore	1986	728	278	96.0		889
Camden Woods	1986	1,223	444	95.3		885
GEORGIA
Atlanta
Camden Brookwood	2002	912	359	95.9		1,070
Camden Creekstone	2002	990	223	95.8		1,003
Camden Deerfield	2000	1,187	292	94.3		1,068
Camden Dunwoody	1997	1,007	324	94.1		997
Camden Midtown Atlanta	2001	935	296	95.5		1,104
Camden Peachtree City	2001	1,027	399	96.9		989
Camden Phipps (6)	1996	1,018	234	96.0		1,296
Camden River	1997	1,103	352	95.7		931
Camden Shiloh	1999/2002	1,143	232	95.1		927
Camden St. Clair	1997	999	336	94.8		1,021
Camden Stockbridge	2003	1,009	304	94.7		774
Camden Vantage (3)	2010	901	592	94.3		966
NEVADA
Las Vegas
Camden Bel Air	1988/1995	943	528	93.4		716
Camden Breeze	1989	846	320	93.7		720
Camden Canyon	1995	987	200	95.8		866
Camden Commons	1988	936	376	94.4		751
Camden Cove	1990	898	124	95.4		717
Camden Del Mar	1995	986	560	95.3		904
Camden Fairways	1989	896	320	95.8		874
Camden Hills	1991	439	184	93.1		489
Camden Legends	1994	792	113	95.7		822
Camden Palisades	1991	905	624	95.0		719
Camden Pines	1997	982	315	94.2		790
Camden Pointe	1996	983	252	95.1		731
Camden Summit	1995	1,187	234	94.1		1,097
Camden Tiara	1996	1,043	400	95.1		856
Camden Vintage	1994	978	368	94.1		696
NORTH CAROLINA
Charlotte
Camden Ballantyne	1998	1,045	400	95.8		1,090
Camden Cotton Mills	2002	905	180	96.7		1,351



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2013 Average Occupancy (1)		2013 Average Monthly Rental Rate per Apartment (2)
Camden Dilworth	2006	857	145	96.8	%	$	1,310
Camden Fairview	1983	1,036	135	96.4		1,001
Camden Foxcroft	1979	940	156	97.6		880
Camden Grandview	2000	1,057	266	97.7		1,471
Camden Pinehurst	1967	1,147	407	96.1		886
Camden Sedgebrook	1999	972	368	96.4		947
Camden Simsbury	1985	874	100	96.9		981
Camden South End Square	2003	882	299	96.7		1,227
Camden Stonecrest	2001	1,098	306	95.5		1,117
Camden Touchstone	1986	899	132	97.7		832
Raleigh
Camden Asbury Village (6)	2009	1,009	350	95.8		1,030
Camden Crest	2001	1,013	438	96.3		852
Camden Governor’s Village	1999	1,046	242	95.5		935
Camden Lake Pine	1999	1,066	446	94.8		910
Camden Manor Park	2006	966	484	97.0		935
Camden Overlook	2001	1,060	320	95.8		1,013
Camden Reunion Park	2000/2004	972	420	94.3		803
Camden Westwood	1999	1,027	354	94.2		862
TEXAS
Austin
Camden Amber Oaks (6)	2009	862	348	96.3		903
Camden Amber Oaks II (6)	2012	910	244	95.3		1,003
Camden Brushy Creek (6)	2008	882	272	96.0		914
Camden Cedar Hills	2008	911	208	95.8		1,060
Camden Gaines Ranch	1997	955	390	94.6		1,201
Camden Huntingdon	1995	903	398	95.2		872
Camden Ridgecrest	1995	855	284	94.6		800
Camden Shadow Brook (6)	2009	909	496	96.0		946
Camden Stoneleigh	2001	908	390	95.0		1,045
Corpus Christi
Camden Breakers	1996	868	288	95.7		1,097
Camden Copper Ridge	1986	775	344	96.1		809
Camden Miramar (8)	1994-2013	492	930	72.5		999
Camden South Bay (6)	2007	1,055	270	95.6		1,218
Dallas/Fort Worth
Camden Addison	1996	942	456	94.9		915
Camden Belmont	2010/2012	945	477	95.0		1,353
Camden Buckingham	1997	919	464	95.8		966
Camden Centreport	1997	911	268	95.0		900
Camden Cimarron	1992	772	286	95.6		936
Camden Design District (6)	2009	939	355	94.7		1,246
Camden Farmers Market	2001/2005	932	904	94.5		1,073



	OPERATING PROPERTIES
Property and Location	Year Placed In Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2013 Average Occupancy (1)		2013 Average Monthly Rental Rate per Apartment (2)
Camden Glen Lakes	1979	877	424	95.1	%	$	871
Camden Henderson	2012	967	106	93.1		1,469
Camden Legacy Creek	1995	831	240	95.9		964
Camden Legacy Park	1996	871	276	95.3		991
Camden Panther Creek (6)	2009	946	295	95.3		1,042
Camden Riverwalk (6)	2008	982	600	95.2		1,247
Camden Valley Park	1986	743	516	96.7		853
Houston
Camden City Centre	2007	932	379	96.6		1,536
Camden City Centre II (7)	2013	868	268	96.2		1,479
Camden Cypress Creek (6)	2009	993	310	96.1		1,163
Camden Downs at Cinco Ranch (6)	2004	1,075	318	96.3		1,173
Camden Grand Harbor (6)	2008	959	300	96.4		1,076
Camden Greenway	1999	861	756	94.8		1,302
Camden Heights (6)	2004	927	352	97.0		1,426
Camden Holly Springs	1999	934	548	94.4		1,105
Camden Midtown	1999	844	337	96.5		1,602
Camden Northpointe (6)	2008	940	384	96.5		1,008
Camden Oak Crest	2003	870	364	95.9		969
Camden Park	1995	866	288	96.6		924
Camden Piney Point (6)	2004	919	318	96.2		1,181
Camden Plaza	2007	915	271	96.8		1,485
Camden Post Oak (3)	2003	1,200	356	95.8		2,484
Camden Royal Oaks	2006	923	236	95.6		1,175
Camden Royal Oaks II (7)	2012	1,054	104	98.2		1,340
Camden Spring Creek (6)	2004	1,080	304	96.6		1,079
Camden Stonebridge	1993	845	204	97.2		964
Camden Sugar Grove	1997	921	380	96.6		972
Camden Travis Street	2010	819	253	97.5		1,548
Camden Vanderbilt	1996/1997	863	894	97.0		1,338
Camden Whispering Oaks	2008	934	274	96.6		1,138
Camden Woodson Park (6)	2008	916	248	96.1		1,040
Camden Yorktown (6)	2008	995	306	96.2		1,065
San Antonio
Camden Braun Station (6)	2006	827	240	96.5		858


(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 acquired during 2013—average occupancy calculated from date property was acquired.


(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 third party.


(5)	Property under lease-up at December 31, 2013.


(6)	Property owned through an unconsolidated joint venture in which we own a 20% interest. The remaining interest is owned by an unaffiliated third party.


(7)	Development property stabilized during 2013—average occupancy calculated from date at which occupancy exceeded 90% through December 31, 2013.


(8)	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. Phase IX-A was completed during 2013 and is comprised of 75 apartments.

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