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 common to multifamily rental properties.

Operating Properties (including properties held through unconsolidated joint ventures)

The 168 operating properties in which we owned interests and operated at December 31, 2014 averaged 945 square feet of living area per apartment home. For the year ended December 31, 2014, no single operating property accounted for greater than 1.7% of our total revenues. Our operating properties had a weighted average occupancy rate of approximately 96% and 95% for the years ended December 31, 2014 and 2013, respectively, and an average annual rental revenue per apartment home of $1,230 and $1,157 for the years ended December 31, 2014 and 2013, respectively. Resident lease terms generally range from six to fifteen months. At December 31, 2014, 148 of our operating properties had over 200 apartment homes, with the largest having 1,005 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
2010-2014	18
2005-2009	36
2000-2004	42
1995-1999	46
1990-1994	10
1985-1989	12
Prior to 1985	4

Property Table

The following table sets forth information with respect to our 168 operating properties at December 31, 2014:



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2014 Average Occupancy (1)		2014 Average Monthly Rental Rate per Apartment (2)
ARIZONA
Phoenix/Scottsdale
Camden Copper Square	2000	786	332	96.1	%	$	958
Camden Foothills (3)	2014	1,032	220	Lease-up		1,582
Camden Legacy	1996	1,067	428	95.1		1,044
Camden Montierra	1999	1,071	249	95.0		1,182
Camden Pecos Ranch	2001	924	272	94.6		910
Camden San Marcos	1995	984	320	94.1		1,057
Camden San Paloma	1993/1994	1,042	324	95.7		1,048
Camden Sotelo	2008/2012	1,303	170	92.0		1,461
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley	2001	1,009	380	96.0		1,763
Camden Harbor View	2004	975	538	96.1		2,120
Camden Main & Jamboree (4)	2008	1,011	290	96.4		1,913
Camden Martinique	1986	794	714	95.5		1,491
Camden Parkside	1972	836	421	87.4		1,431
Camden Sea Palms	1990	891	138	97.1		1,645
San Diego/Inland Empire
Camden Landmark	2006	982	469	95.0		1,375
Camden Old Creek	2007	1,037	350	96.6		1,712
Camden Sierra at Otay Ranch	2003	962	422	94.5		1,599
Camden Tuscany	2003	896	160	95.8		2,216
Camden Vineyards	2002	1,053	264	95.5		1,286
COLORADO
Denver
Camden Belleview Station	2009	888	270	95.2		1,242
Camden Caley	2000	925	218	95.2		1,171
Camden Denver West	1997	1,015	320	96.3		1,360
Camden Highlands Ridge	1996	1,149	342	94.7		1,405
Camden Interlocken	1999	1,010	340	96.2		1,325
Camden Lakeway	1997	932	451	95.7		1,179
WASHINGTON DC METRO
Camden Ashburn Farm	2000	1,062	162	95.5		1,511
Camden Clearbrook	2007	1,048	297	96.0		1,378
Camden College Park (4)	2008	942	508	94.7		1,576
Camden Dulles Station	2009	978	382	95.7		1,620
Camden Fair Lakes	1999	1,056	530	96.2		1,689
Camden Fairfax Corner	2006	934	489	95.4		1,739
Camden Fallsgrove	2004	996	268	95.3		1,719



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2014 Average Occupancy (1)		2014 Average Monthly Rental Rate per Apartment (2)
Camden Grand Parc	2002	674	105	96.3	%	$	2,422
Camden Lansdowne	2002	1,006	690	96.0		1,455
Camden Largo Town Center	2000/2007	1,027	245	95.5		1,602
Camden Monument Place	2007	856	368	95.3		1,525
Camden NoMa (5)	2014	770	321	95.3		2,230
Camden Potomac Yard	2008	835	378	96.2		2,024
Camden Roosevelt	2003	856	198	96.3		2,543
Camden Russett	2000	992	426	95.2		1,424
Camden Silo Creek	2004	975	284	97.3		1,475
Camden South Capitol (5) (6)	2013	821	276	94.1		2,174
Camden Summerfield	2008	957	291	94.7		1,593
Camden Summerfield II	2012	936	187	94.2		1,598
FLORIDA
Southeast Florida
Camden Aventura	1995	1,108	379	95.5		1,764
Camden Boca Raton (3)	2014	843	261	Lease-up		1,801
Camden Brickell	2003	937	405	97.4		1,876
Camden Doral	1999	1,120	260	96.5		1,667
Camden Doral Villas	2000	1,253	232	96.3		1,789
Camden Las Olas	2004	1,043	420	95.7		1,928
Camden Plantation	1997	1,201	502	96.8		1,426
Camden Portofino	1995	1,112	322	96.8		1,457
Orlando
Camden Hunter’s Creek	2000	1,075	270	96.5		1,113
Camden Lago Vista	2005	955	366	96.6		975
Camden LaVina	2012	970	420	95.5		1,095
Camden Lee Vista	2000	937	492	96.9		941
Camden Orange Court	2008	817	268	95.9		1,180
Camden Renaissance	1996/1998	899	578	94.6		876
Camden Town Square	2012	986	438	95.0		1,153
Camden Waterford Lakes (5) (6)	2013	971	300	98.0		1,180
Camden World Gateway	2000	979	408	95.5		1,050
Tampa/St. Petersburg
Camden Bay	1997/2001	943	760	95.5		944
Camden Bayside (7)	1987/1989	748	832	95.3		841
Camden Lakes	1982/1983	732	688	95.1		790
Camden Montague	2012	975	192	96.5		1,149
Camden Preserve	1996	942	276	94.4		1,163
Camden Providence Lakes	1996	1,024	260	96.2		937
Camden Royal Palms	2006	1,017	352	95.6		991
Camden Visconti (6)	2007	1,125	450	95.6		1,163
Camden Westchase Park	2012	993	348	96.7		1,243
Camden Westshore	1986	728	278	96.6		919



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2014 Average Occupancy (1)		2014 Average Monthly Rental Rate per Apartment (2)
Camden Woods	1986	1,223	444	96.4	%	$	923
GEORGIA
Atlanta
Camden Brookwood	2002	912	359	96.1		1,167
Camden Creekstone	2002	990	223	95.9		1,065
Camden Deerfield	2000	1,187	292	95.3		1,154
Camden Dunwoody	1997	1,007	324	95.1		1,091
Camden Fourth Ward (8)	2014	847	276	90.4		1,535
Camden Midtown Atlanta	2001	935	296	96.2		1,207
Camden Peachtree City	2001	1,027	399	96.5		1,078
Camden Phipps (6)	1996	1,018	234	96.7		1,410
Camden Shiloh	1999/2002	1,143	232	96.1		1,013
Camden St. Clair	1997	999	336	95.2		1,123
Camden Stockbridge	2003	1,009	304	95.4		811
Camden Vantage	2010	901	592	95.1		1,165
NEVADA
Las Vegas
Camden Bel Air	1988/1995	943	528	94.5		734
Camden Breeze	1989	846	320	94.8		743
Camden Canyon	1995	987	200	96.2		884
Camden Commons	1988	936	376	95.1		774
Camden Cove	1990	898	124	96.1		746
Camden Del Mar	1995	986	560	95.8		946
Camden Fairways	1989	896	320	96.9		896
Camden Hills	1991	439	184	95.4		508
Camden Legends	1994	792	113	95.9		837
Camden Palisades	1991	905	624	95.5		739
Camden Pines	1997	982	315	96.0		815
Camden Pointe	1996	983	252	96.3		755
Camden Summit	1995	1,187	234	96.0		1,104
Camden Tiara	1996	1,043	400	95.9		873
Camden Vintage	1994	978	368	95.2		710
NORTH CAROLINA
Charlotte
Camden Ballantyne	1998	1,045	400	96.5		1,155
Camden Cotton Mills	2002	905	180	97.7		1,404
Camden Dilworth	2006	857	145	97.7		1,356
Camden Fairview	1983	1,036	135	97.5		1,056
Camden Foxcroft	1979	940	156	98.2		911
Camden Grandview	2000	1,057	266	97.7		1,527
Camden Sedgebrook	1999	972	368	96.8		1,000
Camden Simsbury	1985	874	100	97.4		1,042
Camden South End Square	2003	882	299	97.5		1,279



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2014 Average Occupancy (1)		2014 Average Monthly Rental Rate per Apartment (2)
Camden Stonecrest	2001	1,098	306	96.7	%	$	1,174
Camden Touchstone	1986	899	132	97.6		879
Raleigh
Camden Asbury Village (6)	2009	1,009	350	96.0		1,050
Camden Crest	2001	1,013	438	90.4		887
Camden Governor’s Village	1999	1,046	242	95.2		940
Camden Lake Pine	1999	1,066	446	96.3		943
Camden Manor Park	2006	966	484	96.5		959
Camden Overlook	2001	1,060	320	95.6		1,083
Camden Reunion Park	2000/2004	972	420	94.9		821
Camden Westwood	1999	1,027	354	94.8		891
TEXAS
Austin
Camden Amber Oaks (6)	2009	862	348	96.1		951
Camden Amber Oaks II (6)	2012	910	244	95.5		1,044
Camden Brushy Creek (6)	2008	882	272	96.1		978
Camden Cedar Hills	2008	911	208	96.4		1,111
Camden Gaines Ranch	1997	955	390	95.4		1,268
Camden Huntingdon	1995	903	398	95.2		942
Camden Ridgecrest (7)	1995	855	284	95.3		847
Camden Shadow Brook (6)	2009	909	496	96.3		1,002
Camden Stoneleigh	2001	908	390	94.9		1,117
Corpus Christi
Camden Breakers	1996	868	288	95.4		1,164
Camden Copper Ridge	1986	775	344	95.2		863
Camden Miramar (9)	1994-2014	494	1,005	75.1		988
Camden South Bay (6)	2007	1,055	270	94.7		1,248
Dallas/Fort Worth
Camden Addison	1996	942	456	95.5		979
Camden Belmont	2010/2012	945	477	94.5		1,336
Camden Buckingham	1997	919	464	95.8		1,021
Camden Centreport	1997	911	268	95.8		960
Camden Cimarron	1992	772	286	95.2		979
Camden Design District (6)	2009	939	355	95.1		1,270
Camden Farmers Market	2001/2005	932	904	94.9		1,128
Camden Henderson	2012	967	106	96.3		1,464
Camden Legacy Creek	1995	831	240	95.8		1,025
Camden Legacy Park	1996	871	276	95.7		1,053
Camden Panther Creek (6)	2009	946	295	95.9		1,074
Camden Riverwalk (6)	2008	982	600	94.6		1,268
Camden Valley Park	1986	743	516	96.5		897
Houston
Camden City Centre	2007	932	379	96.7		1,615



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2014 Average Occupancy (1)		2014 Average Monthly Rental Rate per Apartment (2)
Camden City Centre II	2013	868	268	95.7	%	$	1,683
Camden Cypress Creek (6)	2009	993	310	95.2		1,222
Camden Downs at Cinco Ranch (6)	2004	1,075	318	95.4		1,233
Camden Grand Harbor (6)	2008	959	300	96.0		1,148
Camden Greenway	1999	861	756	95.7		1,380
Camden Heights (6)	2004	927	352	96.5		1,523
Camden Holly Springs	1999	934	548	94.7		1,201
Camden Midtown	1999	844	337	95.8		1,701
Camden Northpointe (6)	2008	940	384	96.3		1,043
Camden Oak Crest	2003	870	364	96.4		1,056
Camden Park	1995	866	288	95.8		1,016
Camden Plaza	2007	915	271	96.0		1,552
Camden Post Oak	2003	1,200	356	93.7		2,629
Camden Royal Oaks	2006	923	236	98.7		1,224
Camden Royal Oaks II	2012	1,054	104	98.6		1,420
Camden Spring Creek (6)	2004	1,080	304	96.4		1,156
Camden Stonebridge	1993	845	204	95.9		1,044
Camden Sugar Grove	1997	921	380	96.2		1,061
Camden Travis Street	2010	819	253	96.8		1,620
Camden Vanderbilt	1996/1997	863	894	95.6		1,411
Camden Whispering Oaks	2008	934	274	97.1		1,217
Camden Woodson Park (6)	2008	916	248	96.2		1,075
Camden Yorktown (6)	2008	995	306	96.2		1,139


(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 under lease-up at December 31, 2014.


(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)	Development property stabilized during 2014—average occupancy calculated from date at which occupancy exceeded 90% through December 31, 2014.


(6)	Property owned through an unconsolidated joint venture in which we currently own a 31.3% interest. The remaining interest is owned by an unaffiliated third party.


(7)	Property was included in properties held for sale at December 31, 2014. We sold this property in January 2015.


(8)	Property acquired during 2014. Property had recently completed construction and was stabilized during 2014. Average occupancy was calculated from date at which occupancy exceeded 90% through December 31, 2014.


(9)	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 IXB was completed during 2014 and is comprised of 75 apartments.

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