Item 15. Exhibits and Financial Statement Schedules

The following documents are filed as part of this report:

(1) Financial Statements:
Report of Independent Registered Public Accounting Firm	F-1
Consolidated Balance Sheets as of December 31, 2015 and 2014	F-2
Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2015, 2014, and 2013	F-3
Consolidated Statements of Equity for the Years Ended December 31, 2015, 2014, and 2013	F-5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014, and 2013	F-7
Notes to Consolidated Financial Statements	F-9
(2) Financial Statement Schedules:
Schedule III – Real Estate and Accumulated Depreciation	S-1
Schedule IV – Mortgage Loans on Real Estate	S-3

All other schedules have been omitted since the required information is presented in the financial statements and the related notes or is not applicable.

(3) Index to Exhibits:

The following exhibits are filed as part of or incorporated by reference into this report:

Exhibit No.		Description		Filed Herewith or Incorporated Herein by Reference (1)
3.1		Amended and Restated Declaration of Trust of Camden Property Trust		Exhibit 3.1 to Form 10-K for the year ended December 31, 1993
3.2		Amendment to the Amended and Restated Declaration of Trust of Camden Property Trust		Exhibit 3.1 to Form 10-Q for the quarter ended June 30, 1997
3.3		Amendment to the Amended and Restated Declaration of Trust of Camden Property Trust		Exhibit 3.1 to Form 8-K filed on May 14, 2012
3.4		Third Amended and Restated Bylaws of Camden Property Trust		Exhibit 99.1 to Form 8-K filed on March 11, 2013
4.1		Specimen certificate for Common Shares of Beneficial Interest		Form S-11 filed on September 15, 1993 (Registration No. 33-68736)
4.2		Indenture for Senior Debt Securities dated as of February 11, 2003 between Camden Property Trust and U. S. Bank National Association, as successor to SunTrust Bank, as Trustee		Exhibit 4.1 to Form S-3 filed on February 12, 2003 (Registration No. 333-103119)
4.3		First Supplemental Indenture dated as of May 4, 2007 between the Company and U.S. Bank National Association, as successor to SunTrust Bank, as Trustee		Exhibit 4.2 to Form 8-K filed on May 7, 2007
4.4		Second Supplemental Indenture dated as of June 3, 2011 between the Company and U.S. Bank National Association, as successor to Sun Trust Bank, as Trustee		Exhibit 4.3 to Form 8-K filed on June 3, 2011

Exhibit No.		Description		Filed Herewith or Incorporated Herein by Reference (1)
4.5		Registration Rights Agreement dated as of February 28, 2005 between Camden Property Trust and the holders named therein		Form S-4 filed on November 24, 2004 (Registration No. 333-120733)
4.6		Form of Camden Property Trust 5.700% Note due 2017		Exhibit 4.3 to Form 8-K filed on May 7, 2007
4.7		Form of Camden Property Trust 4.625% Note due 2021		Exhibit 4.4 to Form 8-K filed on May 31, 2011
4.8		Form of Camden Property Trust 2.95% Note due 2022		Exhibit 4.4 to Form 8-K filed on December 7, 2012
4.9		Form of Camden Property Trust 4.875% Note due 2023		Exhibit 4.5 to Form 8-K filed on May 31, 2011
4.10		Form of Camden Property Trust 4.250% Notes due 2024		Exhibit 4.1 to Form 8-K filed on December 2, 2013
4.11		Form of Camden Property Trust 3.50% Notes due 2024		Exhibit 4.1 to Form 8-K filed on September 12, 2014
10.1		Form of Indemnification Agreement between Camden Property Trust and certain of its trust managers and executive officers		Form S-11 filed on July 9, 1993 (Registration No. 33-63588)
10.2		Second Amended and Restated Employment Agreement dated July 11, 2003 between Camden Property Trust and Richard J. Campo		Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2003
10.3		Second Amended and Restated Employment Agreement dated July 11, 2003 between Camden Property Trust and D. Keith Oden		Exhibit 10.2 to Form 10-Q for the quarter ended June 30, 2003
10.4		Form of First Amendment to Second Amended and Restated Employment Agreements, effective as of January 1, 2008, between Camden Property Trust and each of Richard J. Campo and D. Keith Oden		Exhibit 99.1 to Form 8-K filed on November 30, 2007
10.5		Second Amendment to Second Amended and Restated Employment Agreement, dated as of March 14, 2008, between Camden Property Trust and D. Keith Oden		Exhibit 99.1 to Form 8-K filed on March 18, 2008
10.6		Form of Employment Agreement by and between Camden Property Trust and certain senior executive officers		Exhibit 10.13 to Form 10-K for the year ended December 31, 1996
10.7		Second Amended and Restated Employment Agreement, dated November 3, 2008, between Camden Property Trust and H. Malcolm Stewart		Exhibit 99.1 to Form 8-K filed on November 4, 2008
10.8		Second Amended and Restated Camden Property Trust Key Employee Share Option Plan (KEYSOP™), effective as of January 1, 2008		Exhibit 99.5 to Form 8-K filed on November 30, 2007
10.9		Amendment No. 1 to Second Amended and Restated Camden Property Trust Key Employee Share Option Plan, effective as of January 1, 2008		Exhibit 99.1 to Form 8-K filed on December 8, 2008
10.10		Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employees		Exhibit 10.7 to Form 10-K for the year ended December 31, 2003
10.11		Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain trust managers		Exhibit 10.8 to Form 10-K for the year ended December 31, 2003
10.12		Form of Amended and Restated Master Exchange Agreement between Camden Property Trust and certain key employees		Exhibit 10.9 to Form 10-K for the year ended December 31, 2003

Exhibit No.		Description		Filed Herewith or Incorporated Herein by Reference (1)
10.13		Form of Master Exchange Agreement between Camden Property Trust and certain trust managers		Exhibit 10.10 to Form 10-K for the year ended December 31, 2003
10.14		Form of Amendment No. 1 to Amended and Restated Master Exchange Agreement (Trust Managers) effective November 27, 2007		Exhibit 10.1 to Form 10-Q filed on July 30, 2010
10.15		Form of Amendment No. 1 to Amended and Restated Master Exchange Agreement (Key Employees) effective November 27, 2007		Exhibit 10.2 to Form 10-Q filed on July 30, 2010
10.16		Form of Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P.		Exhibit 10.1 to Form S-4 filed on February 26, 1997 (Registration No. 333-22411)
10.17		First Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of February 23, 1999		Exhibit 99.2 to Form 8-K filed on March 10, 1999
10.18		Form of Second Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of August 13, 1999		Exhibit 10.15 to Form 10-K for the year ended December 31, 1999
10.19		Form of Third Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of September 7, 1999		Exhibit 10.16 to Form 10-K for the year ended December 31, 1999
10.20		Form of Fourth Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of January 7, 2000		Exhibit 10.17 to Form 10-K for the year ended December 31, 1999
10.21		Form of Amendment to Third Amended and Restated Agreement of Limited Partnership of Camden Operating, L.P., dated as of December 1, 2003		Exhibit 10.19 to Form 10-K for the year ended December 31, 2003
10.22		Amended and Restated 1993 Share Incentive Plan of Camden Property Trust		Exhibit 10.18 to Form 10-K for the year ended December 31, 1999
10.23		Amended and Restated Camden Property Trust 1999 Employee Share Purchase Plan		Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2014
10.24		Amended and Restated 2002 Share Incentive Plan of Camden Property Trust		Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2002
10.25		Amendment to Amended and Restated 2002 Share Incentive Plan of Camden Property Trust		Exhibit 99.1 to Form 8-K filed on May 4, 2006
10.26		Amendment to Amended and Restated 2002 Share Incentive Plan of Camden Property Trust, effective as of January 1, 2008		Exhibit 99.1 to Form 8-K filed on July 29, 2008
10.27		Camden Property Trust 2011 Share Incentive Plan, effective as of May 11, 2011		Exhibit 99.1 to Form 8-K filed on May 12, 2011
10.28		Amendment No. 1 to 2011 Share Incentive Plan of Camden Property Trust, dated as of July 31, 2012		Exhibit 99.1 to Form 8-K filed on August 6, 2012
10.29		Amendment No. 2 to the 2011 Share Incentive Plan of Camden Property Trust, dated as of July 30, 2013		Exhibit 99.1 to Form 8-K filed on August 5, 2013
10.30		Amendment No. 3 to the 2011 Share Incentive Plan of Camden Property Trust, dated as of October 28, 2015		Exhibit 99.1 to Form 8-K filed on October 29, 2015
10.31		Camden Property Trust Short Term Incentive Plan		Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2002
10.32		Second Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan		Exhibit 99.1 to Form 8-K filed on February 21, 2014

Exhibit No.		Description		Filed Herewith or Incorporated Herein by Reference (1)
10.33		Form of Second Amended and Restated Agreement of Limited Partnership of Camden Summit Partnership, L.P. among Camden Summit, Inc., as general partner, and the persons whose names are set forth on Exhibit A thereto		Exhibit 10.4 to Form S-4 filed on November 24, 2004 (Registration No. 333-120733)
10.34		Form of Tax, Asset and Income Support Agreement among Camden Property Trust, Camden Summit, Inc., Camden Summit Partnership, L.P. and each of the limited partners who has executed a signature page thereto		Exhibit 10.5 to Form S-4 filed on November 24, 2004 (Registration No. 333-120733)
10.35		Employment Agreement dated February 15, 1999, by and among William B. McGuire, Jr., Summit Properties Inc. and Summit Management Company, as restated on August 24, 2001		Exhibit 10.1 to Summit Properties Inc.’s Form 10-Q for the quarter ended September 30, 2001 (File No. 000-12792)
10.36		Amendment Agreement, dated as of June 19, 2004, among William B. McGuire, Jr., Summit Properties Inc. and Summit Management Company		Exhibit 10.8.2 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2004 (File No. 001-12792)
10.37		Employment Agreement dated February 15, 1999, by and among William F. Paulsen, Summit Properties Inc. and Summit Management Company, as restated on April 3, 2001		Exhibit 10.1 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2001 (File No. 000-12792)
10.38		Amendment Agreement, dated as of June 19, 2004, among William F. Paulsen, Summit Properties Inc. and Summit Management Company		Exhibit 10.8.2 to Summit Properties Inc.’s Form 10-Q for the quarter ended June 30, 2004 (File No. 001-12792)
10.39		Separation Agreement, dated as of February 28, 2005, between Camden Property Trust and William B. McGuire, Jr.		Exhibit 99.1 to Form 8-K filed on April 28, 2005
10.40		Separation Agreement, dated as of February 28, 2005, between Camden Property Trust and William F. Paulsen		Exhibit 99.2 to Form 8-K filed on April 28, 2005
10.41		Master Credit Agreement, dated as of September 24, 2008, among CSP Community Owner, LLC, CPT Community Owner, LLC, and Red Mortgage Capital, Inc. (2)		Exhibit 10.4 to Form 10-Q filed on July 30, 2010
10.42		Form of Master Credit Facility Agreement, dated as of April 17, 2009, among Summit Russett, LLC, 2009 CPT Community Owner, LLC, 2009 CUSA Community Owner, LLC, 2009 CSP Community Owner LLC, and 2009 COLP Community Owner, LLC, as borrowers, Camden Property Trust, as guarantor, and Red Mortgage Capital, Inc., as lender (2)		Exhibit 10.5 to Form 10-Q filed on July 30, 2010
10.43		Distribution Agency Agreement, dated November 3, 2014, between Camden Property Trust and Jefferies LLC		Exhibit 1.1 to Form 8-K filed on November 5, 2014
10.44		Distribution Agency Agreement, dated November 3, 2014, between Camden Property Trust and J.P. Morgan Securities LLC		Exhibit 1.2 to Form 8-K filed on November 5, 2014
10.45		Distribution Agency Agreement, dated November 3, 2014, between Camden Property Trust and Merrill Lynch, Pierce, Fenner & Smith Incorporated		Exhibit 1.3 to Form 8-K filed on November 5, 2014
10.46		Distribution Agency Agreement, dated November 3, 2014, between Camden Property Trust and SunTrust Robinson Humphrey, Inc.		Exhibit 1.4 to Form 8-K filed on November 5, 2014

Exhibit No.		Description		Filed Herewith or Incorporated Herein by Reference (1)
10.47		Distribution Agency Agreement, dated November 3, 2014, between Camden Property Trust and Wells Fargo Securities, LLC		Exhibit 1.5 to Form 8-K filed on November 5, 2014
10.48		Second Amended and Restated Credit Agreement dated as of August 7, 2015 among Camden Property Trust, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, Deutsche Bank Securities Inc., PNC Bank National Association, Regions Bank, SunTrust Bank, The Bank of Nova Scotia, U.S. Bank National Association, and Wells Fargo Bank, National Association, as Documentation Agents, Branch Banking and Trust Company, Credit Suisse AG, Cayman Islands Branch, and The Bank of Tokyo-Mitsubishi UFJ, LTD., as Managing Agents, and the other lenders party thereto, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, and J.P. Morgan Securities LLC, as Joint Lead Arrangers and Joint Bookrunners		Exhibit 99.1 to Form 8-K filed on August 11, 2015
12.1		Statement Regarding Computation of Ratios		Filed Herewith
21.1		List of Significant Subsidiaries		Filed Herewith
23.1		Consent of Deloitte & Touche LLP		Filed Herewith
24.1		Powers of Attorney for Scott S. Ingraham, Lewis A. Levey, William B. McGuire, Jr., F. Gardner Parker, William F. Paulsen, Frances Aldrich Sevilla-Secasa, Steven A. Webster, and Kelvin R. Westbrook		Filed Herewith
31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act		Filed Herewith
31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act		Filed Herewith
32.1		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002		Filed Herewith
101.INS		XBRL Instance Document		Filed Herewith
101.SCH		XBRL Taxonomy Extension Schema Document		Filed Herewith
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document		Filed Herewith
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document		Filed Herewith
101.LAB		XBRL Taxonomy Extension Label Linkbase Document		Filed Herewith
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document		Filed Herewith

(1)	Unless otherwise indicated, all references to reports or registration statements are to reports or registration statements filed by Camden Property Trust (File No. 1-12110).

(2)	Portions of the exhibit have been omitted pursuant to a request for confidential treatment.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Camden Property Trust has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

February 19, 2016				CAMDEN PROPERTY TRUST
				By:		/s/ Michael P. Gallagher
						Michael P. Gallagher
						Senior Vice President — Chief Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of Camden Property Trust and in the capacities and on the dates indicated.

Name		Title		Date
/s/ Richard J. Campo		Chairman of the Board of Trust		February 19, 2016
Richard J. Campo		Managers and Chief Executive Officer (Principal Executive Officer)
/s/ D. Keith Oden		President and Trust Manager		February 19, 2016
D. Keith Oden
/s/ Alexander J. Jessett		Executive Vice President - Finance,		February 19, 2016
Alexander J. Jessett		Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ Michael P. Gallagher		Senior Vice President - Chief Accounting		February 19, 2016
Michael P. Gallagher		Officer (Principal Accounting Officer)
*
Scott S. Ingraham		Trust Manager		February 19, 2016
*
Lewis A. Levey		Trust Manager		February 19, 2016
*
William B. McGuire, Jr.		Trust Manager		February 19, 2016
*
F. Gardner Parker		Trust Manager		February 19, 2016
*
William F. Paulsen		Trust Manager		February 19, 2016
*
Frances Aldrich Sevilla-Sacasa		Trust Manager		February 19, 2016
*
Steven A. Webster		Trust Manager		February 19, 2016
*
Kelvin R. Westbrook		Trust Manager		February 19, 2016
*By: /s/ Alexander J. Jessett
Alexander J. Jessett Attorney-in-fact

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trust Managers and Shareholders of

Camden Property Trust

Houston, Texas

We have audited the accompanying consolidated balance sheets of Camden Property Trust and subsidiaries (the “Company”) as of December 31, 2015 and 2014, and the related consolidated statements of income and comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2015. Our audits also included the financial statement schedules listed in the Index at Item 15. These financial statements and financial statement schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statements and financial statement schedules based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Camden Property Trust and subsidiaries as of December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

As discussed in Note 2 to the consolidated financial statements, the Company has changed its method of accounting for and disclosure of discontinued operations for the year ended December 31, 2014 due to the adoption of Accounting Standards Update 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity."

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of December 31, 2015, based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 19, 2016 expressed an unqualified opinion on the Company's internal control over financial reporting.

/s/ DELOITTE & TOUCHE LLP
Houston, Texas
February 19, 2016

F-1

CAMDEN PROPERTY TRUST

CONSOLIDATED BALANCE SHEETS

	December 31,
(in thousands, except per share amounts)	2015				2014
Assets
Real estate assets, at cost
Land	$	1,048,685			$	1,003,422
Buildings and improvements	6,284,851				5,890,498
	$	7,333,536			$	6,893,920
Accumulated depreciation	(1,978,690		)		(1,738,862		)
Net operating real estate assets	$	5,354,846			$	5,155,058
Properties under development, including land	491,120				527,596
Investments in joint ventures	33,698				36,429
Properties held for sale	—				27,143
Total real estate assets	$	5,879,664			$	5,746,226
Accounts receivable – affiliates	25,100				25,977
Other assets, net	116,260				111,962
Cash and cash equivalents	10,617				153,918
Restricted cash	5,971				5,898
Total assets	$	6,037,612			$	6,043,981
Liabilities and equity
Liabilities
Notes payable
Unsecured	$	1,824,930			$	1,828,485
Secured	899,757				902,128
Accounts payable and accrued expenses	133,353				157,232
Accrued real estate taxes	45,223				39,149
Distributions payable	64,275				60,386
Other liabilities	97,814				100,058
Total liabilities	$	3,065,352			$	3,087,438
Commitments and contingencies (Note 13)
Non-qualified deferred compensation share awards	79,364				68,134
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 100,636 and 100,620 issued; 97,571 and 97,604 outstanding at December 31, 2015 and 2014, respectively	976				976
Additional paid-in capital	3,662,864				3,667,448
Distributions in excess of net income attributable to common shareholders	(458,577		)		(453,777		)
Treasury shares, at cost (10,703 and 10,975 common shares, at December 31, 2015 and 2014, respectively)	(386,793		)		(396,626		)
Accumulated other comprehensive loss	(1,913		)		(2,419		)
Total common equity	$	2,816,557			$	2,815,602
Non-controlling interests	76,339				72,807
Total equity	$	2,892,896			$	2,888,409
Total liabilities and equity	$	6,037,612			$	6,043,981

See Notes to Consolidated Financial Statements.

F-2

CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Year Ended December 31,
(in thousands, except per share amounts)	2015				2014				2013
Property revenues
Rental revenues	$	769,108			$	731,874			$	683,362
Other property revenues	123,820				112,104				105,489
Total property revenues	$	892,928			$	843,978			$	788,851
Property expenses
Property operating and maintenance	$	219,831			$	211,253			$	199,650
Real estate taxes	101,885				94,055				86,041
Total property expenses	$	321,716			$	305,308			$	285,691
Non-property income
Fee and asset management	$	6,999			$	9,832			$	11,690
Interest and other income	597				842				1,217
Income (loss) on deferred compensation plans	(264		)		3,937				8,290
Total non-property income	$	7,332			$	14,611			$	21,197
Other expenses
Property management	$	23,761			$	22,689			$	21,774
Fee and asset management	4,742				5,341				5,756
General and administrative	46,233				51,005				40,586
Interest	97,312				94,906				99,784
Depreciation and amortization	257,082				237,346				216,288
Expense (benefit) on deferred compensation plans	(264		)		3,937				8,290
Total other expenses	$	428,866			$	415,224			$	392,478
Gain on sale of operating properties, including land	104,288				159,289				698
Impairment associated with land holdings	—				(1,152		)		—
Equity in income of joint ventures	6,168				7,023				24,865
Income from continuing operations before income taxes	$	260,134			$	303,217			$	157,442
Income tax expense	(1,872		)		(1,903		)		(1,826		)
Income from continuing operations	$	258,262			$	301,314			$	155,616
Income from discontinued operations	—				—				8,515
Gain on sale of discontinued operations, net of tax	—				—				182,160
Net income	$	258,262			$	301,314			$	346,291
Less income allocated to non-controlling interests from continuing operations	(8,947		)		(9,225		)		(4,022		)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations	—				—				(5,905		)
Net income attributable to common shareholders	$	249,315			$	292,089			$	336,364

See Notes to Consolidated Financial Statements.

F-3

CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Continued)

	Year Ended December 31,
(In thousands, except per share amounts)	2015				2014				2013
Earnings per share – basic
Earnings per common share from continuing operations	$	2.77			$	3.29			$	1.70
Earnings per common share from discontinued operations	—				—				2.12
Total earnings per common share – basic	$	2.77			$	3.29			$	3.82
Earnings per share – diluted
Earnings per common share from continuing operations	$	2.76			$	3.27			$	1.69
Earnings per common share from discontinued operations	—				—				2.09
Total earnings per common share – diluted	$	2.76			$	3.27			$	3.78
Weighted average number of common shares outstanding – basic	89,120				88,084				87,204
Weighted average number of common shares outstanding – diluted	89,490				88,468				88,494
Net income attributable to common shareholders
Income from continuing operations	$	258,262			$	301,314			$	155,616
Less income allocated to non-controlling interests from continuing operations	(8,947		)		(9,225		)		(4,022		)
Income from continuing operations attributable to common shareholders	$	249,315			$	292,089			$	151,594
Income from discontinued operations, including gain on sale	$	—			$	—			$	190,675
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations	—				—				(5,905		)
Income from discontinued operations, including gain on sale, attributable to common shareholders	$	—			$	—			$	184,770
Net income attributable to common shareholders	$	249,315			$	292,089			$	336,364
Consolidated Statements of Comprehensive Income
Net income	$	258,262			$	301,314			$	346,291
Other comprehensive income
Unrealized loss on cash flow hedging activities	—				(417		)		—
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation	357				(970		)		(99		)
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	149				74				54
Comprehensive income	$	258,768			$	300,001			$	346,246
Less income allocated to non-controlling interests from continuing operations	(8,947		)		(9,225		)		(4,022		)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations	—				—				(5,905		)
Comprehensive income attributable to common shareholders	$	249,821			$	290,776			$	336,319

See Notes to Consolidated Financial Statements.

F-4

CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF EQUITY

	Common Shareholders
(in thousands, except per share amounts)	Common shares of beneficial interest				Additional paid-in capital				Distributions in excess of net income				Treasury shares, at cost				Accumulated other comprehensive loss				Non-controlling interests				Total equity
Equity, December 31, 2012	$	962			$	3,587,505			$	(598,951	)		$	(425,355	)		$	(1,062	)		$	63,609			$	2,626,708
Net income									336,364												9,927				346,291
Other comprehensive loss																	(44		)						(44		)
Common shares issued (555 shares)	6				40,038																				40,044
Net share awards	(1		)		4,921								12,658												17,578
Employee share purchase plan					449								469												918
Common share options exercised					841								2,001												2,842
Change in classification of deferred compensation plan					(37,958		)																		(37,958		)
Change in redemption value of non-qualified share awards									(9,575		)														(9,575		)
Diversification of share awards within deferred compensation plan					221				132																353
Conversions and redemptions of operating partnership units (2 shares)					52																(104		)		(52		)
Cash distributions declared to equity holders ($2.52 per share)									(222,137		)										(4,787		)		(226,924		)
Equity, December 31, 2013	$	967			$	3,596,069			$	(494,167	)		$	(410,227	)		$	(1,106	)		$	68,645			$	2,760,181
Net income									292,089												9,225				301,314
Other comprehensive loss																	(1,313		)						(1,313		)
Common shares issued (898 shares)	9				66,216																				66,225
Net share awards					8,010								11,358												19,368
Employee share purchase plan					1,012								1,259												2,271
Common share options exercised (55 shares)	1				517								984												1,502
Change in classification of deferred compensation plan					(7,702		)																		(7,702		)
Change in redemption value of non-qualified share awards									(17,921		)														(17,921		)
Diversification of share awards within deferred compensation plan					3,273				1,396																4,669
Conversions of operating partnership units (1 share)					52																(52		)		—
Cash distributions declared to equity holders ($2.64 per share)									(235,174		)										(5,011		)		(240,185		)
Other	(1		)		1																				—
Equity, December 31, 2014	$	976			$	3,667,448			$	(453,777	)		$	(396,626	)		$	(2,419	)		$	72,807			$	2,888,409

See Notes to Consolidated Financial Statements.

F-5

CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF EQUITY (Continued)

	Common Shareholders
(in thousands, except per share amounts)	Common shares of beneficial interest				Additional paid-in capital				Distributions in excess of net income				Treasury shares, at cost				Accumulated other comprehensive loss				Non-controlling interests				Total equity
Equity, December 31, 2014	$	976			$	3,667,448			$	(453,777	)		$	(396,626	)		$	(2,419	)		$	72,807			$	2,888,409
Net income									249,315												8,947				258,262
Other comprehensive income																	506								506
Net share awards					13,020								9,305												22,325
Employee share purchase plan					583								528												1,111
Common share options exercised					176																				176
Change in classification of deferred compensation plan					(10,999		)																		(10,999		)
Change in redemption value of non-qualified share awards									(3,788		)														(3,788		)
Diversification of share awards within deferred compensation plan					2,134				1,423																3,557
Conversions of operating partnership units (2 shares)					86																(86		)		—
Cash distributions declared to equity holders ($2.80 per share)									(251,750		)										(5,309		)		(257,059		)
Purchase of non-controlling interests					(9,480		)														(20		)		(9,500		)
Other					(104		)																		(104		)
Equity, December 31, 2015	$	976			$	3,662,864			$	(458,577	)		$	(386,793	)		$	(1,913	)		$	76,339			$	2,892,896

See Notes to Consolidated Financial Statements.

F-6

CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
(in thousands)	2015				2014				2013
Cash flows from operating activities
Net income	$	258,262			$	301,314			$	346,291
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	257,082				237,346				221,543
Gain on sale of operating properties, including land	(104,288		)		(159,289		)		(698		)
Gain on sale of discontinued operations, net of tax	—				—				(182,160		)
Impairment associated with land holdings	—				1,152				—
Distributions of income from joint ventures	6,387				7,399				8,884
Equity in income of joint ventures	(6,168		)		(7,023		)		(24,865		)
Share-based compensation	17,674				15,552				14,063
Net change in operating accounts and other	(5,711		)		22,077				21,233
Net cash from operating activities	$	423,238			$	418,528			$	404,291
Cash flows from investing activities
Development and capital improvements	$	(425,574	)		$	(503,328	)		$	(356,815	)
Acquisition of operating properties	—				(62,260		)		(224,109		)
Proceeds from sales of operating properties, including land	145,014				237,712				5,686
Proceeds from discontinued operations	—				—				323,755
Distributions from investments in joint ventures	2,512				6,350				11,295
Increase in non-real estate assets	(4,091		)		(4,695		)		(17,497		)
Other	(11,169		)		335				(1,300		)
Net cash from investing activities	$	(293,308	)		$	(325,886	)		$	(258,985	)

See Notes to Consolidated Financial Statements.

F-7

CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

	Year Ended December 31,
(in thousands)	2015				2014				2013
Cash flows from financing activities
Repayment of notes payable	$	(253,043	)		$	(36,340	)		$	(230,288	)
Borrowings on unsecured credit facility and other short-term borrowings	1,466,000				2,246,000				952,900
Repayments on unsecured credit facility and other short-term borrowings	(1,222,000		)		(2,246,000		)		(952,900		)
Proceeds from notes payable	—				248,078				249,535
Distributions to common shareholders and non-controlling interests	(253,129		)		(236,514		)		(220,083		)
Purchase of non-controlling interests	(9,500		)		—				—
Net decrease in accounts receivable – affiliates	877				1,747				5,901
Proceeds from issuance of common shares	—				66,225				40,044
Other	(2,436		)		286				710
Net cash from financing activities	$	(273,231	)		$	43,482			$	(154,181	)
Net increase (decrease) in cash and cash equivalents	(143,301		)		136,124				(8,875		)
Cash and cash equivalents, beginning of year	153,918				17,794				26,669
Cash and cash equivalents, end of year	$	10,617			$	153,918			$	17,794
Supplemental information
Cash paid for interest, net of interest capitalized	$	96,179			$	86,711			$	98,101
Cash paid for income taxes	1,889				1,658				2,114
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid	$	64,275			$	60,386			$	56,787
Value of shares issued under benefit plans, net of cancellations	18,336				19,310				20,195
Net change in redemption of non-qualified share awards	2,365				16,525				9,443
Accrual associated with construction and capital expenditures	24,175				22,456				21,071

See Notes to Consolidated Financial Statements.

F-8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Description of Business

Business. Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (“REIT”), is primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as “communities,” “multifamily communities,” “properties,” or “multifamily properties” in the following discussion. As of December 31, 2015, we owned interests in, operated, or were developing 180 multifamily properties comprised of 62,649 apartment homes across the United States. Of the 180 properties, eight properties were under construction, and when completed will consist of a total of 2,857 apartment homes. We also own land holdings which we may develop into multifamily communities in the future.

2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements

Principles of Consolidation. Our consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation (primarily using a voting interest model) under the remaining consolidation guidance relating to real estate entities. If we are the general partner of a limited partnership, or manager of a limited liability company, we also consider the consolidation guidance relating to the rights of limited partners, or non-managing members, as the case may be, to assess whether any rights held by the limited partners, or non-managing members, as the case may be, overcome the presumption of control by us.

Acquisitions of Real Estate. Upon acquisition of real estate, we determine the fair value of tangible and intangible assets, which includes land, buildings (as-if-vacant), furniture and fixtures, the value of in-place leases, including above and below market leases, and acquired liabilities. In estimating these values, we apply methods similar to those used by independent appraisers of income-producing property. Upon the acquisition of a controlling interest of an investment in an unconsolidated joint venture, such joint venture is consolidated and our initial equity investment is remeasured to fair value at the date the controlling interest is acquired; any difference between the carrying value of the previously held equity investment and the fair value is recognized in earnings at the time of obtaining control. Transaction costs associated with the acquisition of operating real estate assets are expensed. Estimates of fair value of acquired debt are based upon interest rates available for the issuance of debt with similar terms and remaining maturities. Depreciation is computed on a straight-line basis over the remaining useful lives of the related tangible assets. The value of in-place leases and above or below market leases is amortized over the estimated average remaining life of leases in place at the time of acquisition. The net carrying value of below market leases is included in other liabilities in our consolidated balance sheets and the net carrying value of in-place leases is included in other assets, net in our consolidated balance sheets.

The carrying values of below market leases and in-place leases at December 31, 2015 and 2014 are as follows:

	December 31,
(in millions)	2015				2014
Below market leases (Gross carrying value)	$	0.5			$	0.5
Accumulated amortization	(0.5		)		(0.4		)
Value of below market leases, net	$	—			$	0.1
In-place leases (Gross carrying value)	$	3.0			$	3.0
Accumulated amortization	(3.0		)		(2.5		)
Value of in-place leases, net	$	—			$	0.5

Revenues recognized related to below market leases and amortization expense related to in-place leases for the years ended December 31, 2015, 2014 and 2013 are as follows:

		December 31,
(in millions)		2015				2014				2013
Revenues related to below market leases		$	0.1			$	0.2			$	1.1
Amortization of in-place leases		$	0.5			$	1.4			$	5.6

F-9

The weighted average amortization period of below market leases and in-place leases was approximately eight months, seven months and six months for the years ended December 31, 2015, 2014 and 2013, respectively.

Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment may exist if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future discounted and undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which utilize inputs from a marketplace participant’s perspective. When impairment exists, the long-lived asset is adjusted to its fair value. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment below our carrying value, we will record an impairment charge. We did not record any impairment charges for the years ended December 31, 2015 or 2013. See Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," for discussion of impairment during the year ended December 31, 2014.

The value of our properties under development depends on market conditions, including estimates of the project start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.

We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value estimates, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations.

Cash and Cash Equivalents. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits.

Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. We begin capitalizing development, construction, and carrying costs when the development of the future real estate asset is probable and activities necessary to prepare the underlying real estate for its intended use have been initiated. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. Upon substantial completion of the apartment homes, the total capitalized development cost for the apartment homes and the associated land is transferred to buildings and improvements and land, respectively.

As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $19.3 million, $22.2 million, and $15.7 million for the years ended December 31, 2015, 2014, and 2013, respectively. Capitalized real estate taxes were approximately $3.6 million, $4.4 million, and $3.0 million for the years ended December 31, 2015, 2014, and 2013, respectively.

Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating expenses associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives.

We also incur expenditures related to renovation and construction of office space we lease and we capitalize these leasehold improvements as furniture, fixtures, equipment and other. We depreciate these costs using the straight-line method over the shorter of the lease term or the useful life of the improvement. During the third quarter of 2013, we relocated our

F-10

corporate headquarters. In conjunction with this relocation, we capitalized approximately $12.2 million related to leasehold improvements which is depreciated over the life of our new lease.

Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:

	Estimated Useful Life
Buildings and improvements	5-35 years
Furniture, fixtures, equipment and other	3-20 years
Intangible assets/liabilities (in-place leases and below market leases)	underlying lease term

Discontinued Operations. We adopted ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," on January 1, 2014, which required only disposals representing a strategic shift, such as a major line of business, a major geographical area or a major equity investment, to be classified as a discontinued operation. We generally believe future sales of our individual operating properties will no longer qualify as discontinued operations effective with our adoption of this new standard. Prior to January 1, 2014 a property was classified as a discontinued operation when (i) the operations and cash flows of the property could be clearly distinguished and had been or would be eliminated from our ongoing operations; (ii) the property either had been disposed of or was classified as held for sale; and (iii) we would not have any significant continuing involvement in the operations of the property after the disposal transaction.

The results of operations for properties sold during the period or classified as held for sale at the end of the period, and meeting the above criteria of discontinued operations, are classified as discontinued operations for all periods presented. The property-specific components of earnings classified as discontinued operations include separately identifiable property-specific revenues, expenses, depreciation, and interest expense, if any. The gain or loss resulting from the eventual disposal of the held for sale properties meeting the criteria of discontinued operations is also classified within discontinued operations. Real estate assets held for sale are measured at the lower of carrying amount or fair value less costs to sell and are presented separately in the accompanying consolidated balance sheets. Subsequent to classification of a property as held for sale, no further depreciation is recorded. Properties sold by our unconsolidated entities which do not meet the above criteria of discontinued operations are not included in discontinued operations and related gains or losses are reported as a component of equity in income of joint ventures.

Gains on sale of real estate are recognized using the full accrual or partial sale methods, as applicable, in accordance with accounting principles generally accepted in the United States of America ("GAAP"), provided various criteria relating to the terms of sale and any subsequent involvement with the real estate sold are satisfied.

There were no disposals reported as discontinued operations for the years ended December 31, 2015 or 2014. See Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," for discussion of discontinued operations for the year ended December 31, 2013.

Fair Value. For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.

In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

•	Level 1: Quoted prices for identical instruments in active markets.

•	Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•	Level 3: Significant inputs to the valuation model are unobservable.

Recurring Fair Value Measurements. The valuation methodology we use to measure our deferred compensation plan investments is based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded at fair value on a recurring basis and included in other assets in our consolidated balance sheets.

F-11

Non-recurring Fair Value Measurements. Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets which are recorded at fair value if they are impaired using the fair value methodologies used to measure long-lived assets described above at "Asset Impairment." Non-recurring fair value disclosures are not provided for impairments on assets disposed during the period because they are no longer owned by us. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy, unless a quoted price for a similar long-lived asset in an active market exists, at which time they are included in Level 2 of the fair value hierarchy.

Financial Instrument Fair Value Disclosures. As of December 31, 2015 and 2014, the carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and distributions payable represent fair value because of the short-term nature of these instruments. The carrying value of restricted cash approximates its fair value based on the nature of our assessment of the ability to recover these amounts. The carrying value of our notes receivable, which are included in other assets, net in our consolidated balance sheets, approximates their fair value. The estimated fair values are based on certain factors, such as market interest rates, terms of the note and credit worthiness of the borrower. These financial instruments utilize Level 3 inputs. In calculating the fair value of our notes payable, interest rate and spread assumptions reflect current credit worthiness and market conditions available for the issuance of notes payable with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs.

Income Recognition. Our rental and other property revenue is recorded when due from residents and is recognized monthly as it is earned. Other property revenue consists primarily of utility rebillings and administrative, application, and other transactional fees charged to our residents. Our apartment homes are rented to residents on lease terms generally ranging from six to fifteen months, with monthly payments due in advance. All other sources of income, including interest and fee and asset management income, are recognized as earned. Operations of multifamily properties acquired are recorded from the date of acquisition in accordance with the acquisition method of accounting. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.

Reclassifications. Certain reclassifications have been made to amounts in prior period financial statements to conform to the current period presentation. We reclassified certain insignificant amounts in the consolidated statements of cash flows for the years ended December 31, 2014 and 2013. These reclassifications had no impact on our consolidated cash flows from operating, investing or financing activities. In addition, we also reclassified deferred financing charges relating to our unsecured credit facility and unsecured short-term borrowing facility to depreciation and amortization. All other deferred charges were reclassified to interest expense effective with our adoption of Accounting Standards Update 2015-03 ("ASU 2015-03"), "Simplifying the Presentation of Debt Issuance Costs," as discussed below in Recent Accounting Pronouncements.

Insurance. Our primary lines of insurance coverage are property, general liability, health, and workers’ compensation. We believe our insurance coverage adequately insures our properties against the risk of loss attributable to fire, earthquake, hurricane, tornado, flood, and other perils and adequately insures us against other risks. Losses are accrued based upon our estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on our experience.

Other Assets, Net. Other assets in our consolidated financial statements include investments under deferred compensation plans, deferred financing costs, non-real estate leasehold improvements and equipment, notes receivable, prepaid expenses, the value of in-place leases net of related accumulated amortization, and other miscellaneous receivables. Investments under deferred compensation plans are classified as trading securities and are adjusted to fair market value at period end. For a further discussion of our investments under deferred compensation plans, see Note 10, “Share-based Compensation and Benefit Plans.” Deferred financing costs are related to our unsecured credit facility and unsecured short-term borrowing facility, and are amortized no longer than the terms of the related facilities on the straight-line method, which approximates the effective interest method. Corporate leasehold improvements and equipment are depreciated using the straight-line method over the shorter of the expected useful lives or the lease terms which generally range from three to ten years.

Our notes receivable relate to real estate secured loans to unaffiliated third parties. At December 31, 2015 and 2014, we had outstanding notes receivable balances of approximately $13.2 million and $3.4 million, respectively, and the weighted average interest rate on such notes was approximately 4.1% and 4.3% for the years ended December 31, 2015 and 2014, respectively. At December 31, 2015, we were also committed to funding additional amounts under one of the loans in the amount of approximately $8.3 million. Interest is recognized over the lives of the notes and is included in interest and other income in our consolidated statements of income and comprehensive income. We consider a note receivable to be impaired if it is probable we will not collect all contractually due principal and interest. We do not accrue interest when a note is considered impaired and an allowance is recorded for any principal and previously accrued interest which is not believed to be collectible.

F-12

All cash receipts on impaired notes are applied to reduce the principal amount of such notes until the principal has been recovered and, thereafter, are recognized as interest income. There were no impairments as of December 31, 2015 or 2014.

Reportable Segments. We operate in a single reportable segment which includes the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size or type. Our multifamily apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. Further, all material operations are within the United States and no multifamily apartment community comprises more than 10% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment. Our multifamily communities generate rental revenue and other income through the leasing of apartment homes, which comprised approximately 99% of our total property revenues and total non-property income, excluding income on deferred compensation plans, for each of the years ended December 31, 2015 and 2014, and 98% for the year ended December 31, 2013.

Restricted Cash. Restricted cash consists of escrow deposits held by lenders for property taxes, insurance and replacement reserves, cash required to be segregated for the repayment of residents’ security deposits, and escrowed amounts related to our development and acquisition activities. Substantially all restricted cash is invested in demand and short-term instruments.

Share-based Compensation. Compensation expense associated with share-based awards is recognized in our consolidated statements of income and comprehensive income using the grant-date fair values. Compensation cost for all share-based awards, including options, requires measurement at estimated fair value on the grant date and recognition of compensation expense over the requisite service period for awards expected to vest. The fair value of stock option grants is estimated using the Black-Scholes valuation model. Valuation models require the input of assumptions, including judgments to estimate the expected stock price volatility, expected life, and forfeiture rate. The compensation cost for share-based awards is based on the market value of the shares on the date of grant.

Use of Estimates. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment.

Recent Accounting Pronouncements. In February 2015, the FASB issued Accounting Standards Update 2015-02 ("ASU 2015-02"), "Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 modifies whether limited partnerships and similar entities are VIEs or voting interest entities and eliminates the presumption a general partner should consolidate a limited partnership. Reporting entities which consolidate or hold a variable interest in a VIE as a result of this standard are subject to additional disclosure requirements. ASU 2015-02 is effective for us on January 1, 2016 and did not have a material impact on our consolidated financial statements. However, upon adoption, two of our consolidated operating partnerships, as discussed in Note 5, "Operating Partnerships," would now qualify as VIEs. As we would be considered the primary beneficiary, we would continue to consolidate these operating partnerships.

In April 2015, the FASB issued ASU 2015-03, which requires all costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt rather than being recorded as a deferred charge and presented as an asset. ASU 2015-03 also requires amortization of debt issuance costs to be reported as interest expense in the statement of income. In August 2015, the FASB issued Accounting Standards Update 2015-15 ("ASU 2015-15"), "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 supplements the requirements of ASU 2015-03 by allowing an entity to defer and present debt issuance costs related to a line of credit arrangement as an asset and subsequently amortize the deferred costs ratably over the term of the line of credit arrangement. We adopted ASU 2015-03 effective December 31, 2015. Prior to adoption, we reported amortization expense of debt issuance costs as a separate line item in our consolidated statements of income. Upon our adoption of ASU 2015-03, debt issuance costs related to our unsecured credit facility and unsecured short-term borrowing facility continue to be presented within other assets, net on our consolidated balance sheets. However, the retrospective application required upon adoption of this ASU resulted in a reclassification of approximately $10.9 million and $12.9 million of debt issuance costs from other assets, net to a deduction from unsecured and secured notes payable in our consolidated balance sheets as of December 31, 2015 and 2014, respectively. The retrospective application upon adoption also resulted in a reclassification of approximately $1.7 million, $1.6 million and $1.7 million from amortization of deferred financing costs to a component of interest expense in

F-13

our consolidated statements of income and comprehensive income for the years ended December 31, 2015, 2014, and 2013, respectively.

In January 2016, the FASB issued Accounting Standards Update 2016-01 ("ASU 2016-01"), "Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 changes certain recognition, measurement, presentation, and disclosure requirements for financial instruments. This standard requires all equity investments, except those accounted for under the equity method of accounting or resulting in consolidation, to be measured at fair value with changes in fair value recognized in net income. This standard also simplifies the impairment assessment for equity investments without readily determinable fair values, amends the presentation requirements for changes in the fair value of financial liabilities, requires presentation of financial instruments by measurement category and form of financial asset, and eliminates the requirement to disclose the methods and significant assumptions used in estimating the fair value of financial instruments. ASU 2016-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is not permitted except for the amended presentation requirements for changes in the fair value of financial liabilities. We expect to adopt ASU 2016-01 as of January 1, 2018, and do not expect it to have a material impact on our consolidated financial statements upon adoption.

In May 2014, the FASB issued Accounting Standards Update 2014-09 ("ASU 2014-09"), "Revenue from Contracts with Customers." ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. In August 2015, the FASB deferred the effective date of ASU 2014-09 by one year, and it is now effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted but not before the original effective date. ASU 2014-09 may be applied using either a full retrospective or a modified approach upon adoption. We expect to adopt this standard as of January 1, 2018 and we are currently evaluating the impact this standard may have on our consolidated financial statements.

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3. Per Share Data

Basic earnings per share are computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect common shares issuable from the assumed conversion of common share options and share awards granted and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 2.6 million, 2.8 million, and 2.1 million for the years ended December 31, 2015, 2014, and 2013, respectively. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculation as they are anti-dilutive.

The following table presents information necessary to calculate basic and diluted earnings per share for the periods indicated:

		Year Ended December 31,
(in thousands, except per share amounts)		2015				2014				2013
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders		$	249,315			$	292,089			$	151,594
Amount allocated to participating securities		(2,052		)		(2,687		)		(3,177		)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		$	247,263			$	289,402			$	148,417
Discontinued operations, including gain on sale, attributable to common shareholders		—				—				184,770
Net income attributable to common shareholders – basic		$	247,263			$	289,402			$	333,187
Earnings per common share from continuing operations		$	2.77			$	3.29			$	1.70
Earnings per common share from discontinued operations		—				—				2.12
Total earnings per common share – basic		$	2.77			$	3.29			$	3.82
Weighted average number of common shares outstanding – basic		89,120				88,084				87,204

Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		$	247,263			$	289,402			$	148,417
Income allocated to common units from continuing operations		—				—				1,133
Income from continuing operations attributable to common shareholders, as adjusted		$	247,263			$	289,402			$	149,550
Discontinued operations, including gain on sale, attributable to common shareholders		—				—				184,770
Net income attributable to common shareholders – diluted		$	247,263			$	289,402			$	334,320
Earnings per common share from continuing operations		$	2.76			$	3.27			$	1.69
Earnings per common share from discontinued operations		—				—				2.09
Total earnings per common share – diluted		$	2.76			$	3.27			$	3.78
Weighted average number of common shares outstanding – basic		89,120				88,084				87,204
Incremental shares issuable from assumed conversion of:
Common share options and share awards granted		370				384				476
Common units		—				—				814
Weighted average number of common shares outstanding – diluted		89,490				88,468				88,494

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4. Common Shares

In November 2014, we created an at-the market ("ATM") share offering program through which we can, but have no obligation to, sell common shares having an aggregate offering price of up to $331.3 million (the "2014 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. Actual sales from time to time may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the net proceeds from any future sales under the 2014 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured credit facility or other short-term borrowings, the repayment of other indebtedness, the redemption or other repurchase of outstanding debt or equity securities, funding for development, redevelopment and investment projects and financing for acquisitions.

There were no shares sold during the year ended December 31, 2015 under the 2014 ATM program. The following table presents activity under our 2014 ATM program for the year ended December 31, 2014:

(in thousands, except per share amounts)	Year Ended December 31, 2014
Total net consideration	$	15,690.2
Common shares sold	209.7
Average price per share	$	76.28

As of the date of this filing, we had common shares having an aggregate offering price of up to $315.3 million remaining available for sale under the 2014 ATM program. No shares were sold subsequent to December 31, 2015 through the date of this filing under the 2014 ATM program.

In May 2012, we created an ATM share offering program through which we can, but have no obligation to, sell common shares having an aggregate offering price of up to $300 million (the "2012 ATM program"), in amounts and at times as we determine, into the existing trading market at current market prices as well as through negotiated transactions. The net proceeds resulting from the 2012 ATM program were used for general corporate purposes, which included repayment of outstanding balances on our unsecured credit facility and short-term borrowings, and funding for development, redevelopment, and capital improvement activities. The 2012 ATM program terminated in the fourth quarter of 2014, and no further common shares are available for sale under the 2012 ATM program.

The following table presents activity under our 2012 ATM program for the periods presented:

	Year Ended December 31,
(in thousands, except per share amounts)	2014				2013
Total net consideration	$	50,535.3			$	40,044.1
Common shares sold	688.3				555.1
Average price per share	$	74.60			$	73.73

In January 2008, our Board of Trust Managers approved an increase of the April 2007 repurchase plan to allow for the repurchase of up to $500 million of our common equity securities through open market purchases, block purchases, and privately negotiated transactions. Under this program, we repurchased 4.3 million shares for a total of approximately $230.2 million from April 2007 through December 31, 2008 and there have not been any shares repurchased subsequent to that date. As of the date of this filing, the remaining dollar value of our common equity securities authorized to be repurchased under the program was approximately $269.8 million.

We currently have an automatic shelf registration statement which allows us to offer, from time to time, common shares, preferred shares, debt securities, or warrants. Our Amended and Restated Declaration of Trust provides we may issue up to 185 million shares of beneficial interest, consisting of 175 million common shares and 10 million preferred shares. At December 31, 2015, we had approximately 86.9 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.

5. Operating Partnerships

At December 31, 2015, approximately 7% of our consolidated multifamily apartment homes were held in Camden Operating, L.P. (“Camden Operating” or the “operating partnership”). Camden Operating has 11.9 million outstanding common limited partnership units and as of December 31, 2015, we held 92.2% of the outstanding common limited partnership units and the sole 1% general partnership interest of the operating partnership. The remaining common limited partnership units,

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comprising approximately 0.8 million units, are primarily held by former officers, directors, and investors of Paragon Group, Inc., which we acquired in 1997. Each common limited partnership unit is redeemable for one common share of Camden or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Operating common limited partnership units, and one of our ten trust managers owns Camden Operating common limited partnership units.

At December 31, 2015, approximately 31% of our consolidated multifamily apartment homes were held in Camden Summit Partnership, L.P. (the “Camden Summit Partnership”). The Camden Summit Partnership has 22.8 million outstanding common limited partnership units and as of December 31, 2015, we held 94.2% of the outstanding common limited partnership units and the sole 1% general partnership interest of the Camden Summit Partnership. The remaining common limited partnership units, comprising approximately 1.1 million units, are primarily held by former officers, directors, and investors of Summit Properties Inc. which we acquired in 2005. Each common limited partnership unit is redeemable for one common share of Camden or cash at our election. Holders of common limited partnership units are not entitled to rights as shareholders prior to redemption of their common limited partnership units. No member of our management owns Camden Summit Partnership common limited partnership units, and two of our ten trust managers own Camden Summit Partnership common limited partnership units.

6. Income Taxes

We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our adjusted taxable income. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income taxes at regular corporate rates, including any applicable alternative minimum tax. In addition, we may not be able to requalify as a REIT for the four subsequent taxable years. Historically, we have incurred only state and local income, franchise, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income taxes. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level.

We have recorded income, franchise, and excise taxes in the consolidated statements of income and comprehensive income for the years ended December 31, 2015, 2014 and 2013 as income tax expense. Income taxes for the years ended December 31, 2015, 2014 and 2013, primarily related to state income tax and federal taxes on certain of our taxable REIT subsidiaries. We have no significant temporary or permanent differences or tax credits associated with our taxable REIT subsidiaries.

For income tax purposes, distributions to common shareholders are characterized as ordinary income, capital gains or as a return of a shareholder's invested capital. A summary of the income tax characterization of our distributions paid per common share for the years ended December 31, 2015, 2014 and 2013 is set forth in the following table:

		Year Ended December 31,
		2015				2014				2013
Common Share Distributions
Ordinary income		$	1.88			$	1.23			$	1.40
Long-term capital gain		0.70				1.02				0.76
Unrecaptured Sec. 1250 gain		0.22				0.39				0.36
Total		$	2.80			$	2.64			$	2.52
Percentage of distributions representing tax preference items		3.73		%		4.17		%		4.95		%

We have taxable REIT subsidiaries which are subject to federal and state income taxes. At December 31, 2015, our taxable REIT subsidiaries had net operating loss carryforwards (“NOL’s”) of approximately $22.7 million which expire in years 2030 to 2035. Because NOL’s are subject to certain change of ownership, continuity of business, and separate return year limitations, and because we believe it is unlikely the available NOL’s will be utilized or if utilized, any amounts will be immaterial, no benefits related to these NOL’s have been recognized in our consolidated financial statements.

The carrying value of net assets reported in our consolidated financial statements at December 31, 2015 exceeded the tax basis by approximately $1.4 billion.

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Income Tax Expense. For each of the tax years ended December 31, 2015 and 2014, we had income tax expense of approximately $1.9 million, and for the tax year ended December 31, 2013, we had income tax expense of approximately $1.8 million. Income tax for the years ended December 31, 2015, 2014, and 2013 was comprised mainly of state income tax, and federal income tax related to one of our taxable REIT subsidiaries.

Income Tax Expense – Deferred. For the years ended December 31, 2015, 2014, and 2013, our deferred tax expense was not significant.

Camden Property Trust's and our subsidiaries’ income tax returns are subject to examination by federal, state and local tax jurisdictions for years 2012 through 2014. Net income tax loss carryforwards and other tax attributes generated in years prior to 2012 are also subject to challenge in any examination of those tax years. We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the periods presented.

7. Acquisitions, Dispositions, Impairment, and Discontinued Operations

Acquisitions of Operating Properties. We did not acquire any operating properties during the year ended December 31, 2015. During 2014, we acquired one operating property comprised of 276 units located in Atlanta, Georgia for approximately $62.6 million.

The following table summarizes the fair values of the assets acquired and liabilities assumed for the acquisition of the operating property described above as of the acquisition date:

(in millions)			2014
Assets acquired:
	Buildings and improvements		$	51.3
	Land		10.5
	Intangible and other assets		0.9
Total assets acquired			$	62.7
Liabilities assumed:
	Other liabilities		$	0.4
Total liabilities assumed			$	0.4
	Net assets acquired		$	62.3

The related assets, liabilities, and results of operations for this acquisition are included in the consolidated financial statements from the date of acquisition. There was no contingent consideration associated with this acquisition. The operating property acquired in 2014 as discussed above contributed revenues of approximately $0.8 million and property expenses of approximately $0.3 million from its acquisition date through December 31, 2014.

Acquisitions of Land. During the year ended December 31, 2015, we acquired approximately 58.1 acres of land located in Phoenix, Arizona, Los Angeles, California, and Gaithersburg, Maryland for approximately $59.1 million. During the year ended December 31, 2014, we acquired approximately 10.5 acres of land located in Houston, Texas and Rockville, Maryland for approximately $39.4 million.

Acquisition of Non-controlling Ownership Interest. In March 2015, we purchased the remaining 0.01% non-controlling interest in two fully consolidated joint ventures, which own an aggregate of 798 apartment homes located in College Park, Maryland and Irvine, California, for approximately $9.5 million. The acquisitions of the remaining ownership interests were recorded as equity transactions and, as a result, the carrying balances of the non-controlling interest were eliminated and the remaining difference between the purchase price and carrying balance was recorded as a reduction in additional paid-in capital. See Note 14, "Non-controlling Interests," for the effect of changes in ownership interests of these former joint ventures on the equity attributable to common shareholders.

Land Holding Dispositions and Impairment. During the year ended December 31, 2015, we sold two land holdings adjacent to operating properties in Dallas and Houston, Texas for approximately $1.1 million and recognized a gain of approximately $0.3 million related to these land sales.

In July 2014, we sold approximately 2.4 acres of land adjacent to an operating property in Dallas, Texas for approximately $0.8 million. We recognized a $1.2 million impairment charge related to this land parcel in June 2014, which represented the difference between the land holding’s carrying value and the fair value based upon the sales contract. During

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the year ended December 31, 2014, we also sold approximately 26.9 acres of land adjacent to current development and operating communities located in Atlanta, Georgia and Houston and Dallas, Texas for approximately $22.9 million and recognized a gain of approximately $3.6 million related to these land sales.

Sale of Operating Properties. In January 2015, we sold two operating properties, which were included in properties held for sale at December 31, 2014, comprised of 1,116 apartment homes located in Tampa, Florida and Austin, Texas for approximately $114.4 million and we recognized a gain of approximately $85.1 million relating to these property sales. In October 2015, we sold one operating property comprised of 260 apartment homes located in Brandon, Florida for approximately $33.0 million, and we recognized a gain of approximately $18.9 million relating to this property sale. During the year ended December 31, 2014, we sold five operating properties comprised of 1,847 apartment homes located in Atlanta, Georgia, Dallas, Texas, Orlando and Tampa, Florida and Charlotte, North Carolina for approximately $218.3 million and we recognized a gain of approximately $155.7 million relating to these property sales.

Discontinued Operations. For the year ended December 31, 2013, income from discontinued operations included the results of operations of 12 operating properties, comprised of 3,931 apartment homes, sold during 2013. There were no discontinued operations during the years ended December 31, 2015 or 2014.

The following is a summary of income from discontinued operations for the year ended December 31, 2013:

		Year Ended December 31,
(in thousands)		2013
Property revenues		$	24,322
Property expenses		(10,552		)
		$	13,770
Depreciation and amortization		(5,255		)
Income from discontinued operations		$	8,515
Gain on sale of discontinued operations, net of tax		$	182,160
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		(5,905		)
Income from discontinued operations, including gain on sale, attributable to common shareholders		$	184,770

8. Investments in Joint Ventures

Our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of three discretionary investment funds (collectively, "the funds") at December 31, 2015, and two funds at December 31, 2014 and 2013. Our ownership interest in each of the first two funds was 31.3% at December 31, 2015 and 2014, and was 20% at December 31, 2013. In March 2015, we completed the formation of a third fund with an unaffiliated third party for additional multifamily investments of up to $450.0 million. Our ownership interest in this fund was 20% as of December 31, 2015; this fund did not own any properties at such date. We provide property and asset management and other services to the funds which own operating properties and we may also provide construction and development services to the funds which own properties under development. The following table summarizes the combined balance sheet and statement of income data for the funds as of and for the periods presented:

(in millions)	2015				2014
Total assets (1)	$	748.0			$	756.9
Total third-party debt (1)	527.0				522.7
Total equity	195.3				203.3

	2015				2014				2013
Total revenues (2)	$	114.5			$	105.6			$	93.9
Gain on sale of operating properties, net of tax	—				18.5				112.4
Net income	12.0				26.9				120.7
Equity in income (3)	6.2				7.0				24.9

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(1)	All periods presented have been changed to reflect the funds' adoption of ASU 2015-03 (as supplemented by ASU 2015-15) at December 31, 2015, which required retrospective application.

(2)

Excludes approximately $1.1 million and $7.4 million of revenue for the years ended December 31, 2014 and 2013, respectively, related to the sale of two operating properties by the funds during the first quarter of 2014. These properties were held for sale within two of our unconsolidated joint ventures at December 31, 2013. Also excludes approximately $17.9 million related to discontinued operations from the sale of 16 operating properties within two of our unconsolidated joint ventures during 2013.

(3)	Equity in income excludes our ownership interest of fee income from various services provided by us to the funds.

In December 2014, the partnership agreements for two of the funds were amended, resulting in the extension of the term of each fund to December 31, 2026 and our ownership interests in the funds were increased from 20% to 31.3% effective December 23, 2014.

The funds in which we have a partial interest have been funded in part with secured third-party debt. As of December 31, 2015, we had no outstanding guarantees related to loans of the funds.

We may earn fees for property and asset management, construction, development, and other services related to joint ventures in which we own an equity interest and may earn a promoted equity interest if certain thresholds are met. We eliminate fee income for services provided to these joint ventures to the extent of our ownership. Fees earned for these services, net of eliminations, were approximately $5.8 million, $8.8 million, and $10.0 million for the years ended December 31, 2015, 2014, and 2013, respectively.

In February 2014, two of the funds each sold an operating property, comprised of 558 apartment homes, for approximately $65.6 million. Our proportionate share of the gains on these transactions was approximately $3.6 million and was reported as a component of equity in income of joint ventures in the consolidated statements of income and comprehensive income.

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9. Notes Payable

The following is a summary of our indebtedness, which also reflects the retrospective application of our adoption of ASU 2015-03 (as supplemented by ASU 2015-15) as more fully described in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements":

		December 31,
(in millions)		2015				2014
Commercial banks
Unsecured credit facility		$	225.0			$	—
Unsecured short-term borrowings		19.0				—
		$	244.0			$	—
Senior unsecured notes (1)
5.08% Notes, due 2015		$	—			$	249.8
5.83% Notes, due 2017		246.3				246.0
4.78% Notes, due 2021		248.0				247.7
3.15% Notes, due 2022		345.4				344.7
5.07% Notes, due 2023		246.8				246.5
4.36% Notes, due 2024		248.0				247.7
3.68% Notes, due 2024		246.4				246.1
		$	1,580.9			$	1,828.5
Total unsecured notes payable		1,824.9				1,828.5
Secured notes (1)
1.12% – 5.77% Conventional Mortgage Notes, due 2018 – 2045		867.4				868.0
Tax-exempt Mortgage Note, due 2028 (1.43% floating rate)		32.4				34.1
		899.8				902.1
Total notes payable		$	2,724.7			$	2,730.6
Other floating rate debt included in secured notes (1.12%)		$	175.0			$	175.0
Value of real estate assets, at cost, subject to secured notes		$	1,568.9			$	1,541.3

(1)	Unamortized debt discounts and debt issuance costs of $18.6 million and $21.8 million are included in senior unsecured and secured notes payable as of December 31, 2015 and 2014, respectively.

In August 2015, we replaced our $500 million unsecured credit facility with an amended and restated facility, which extended the maturity date from September 2015 to August 2019, with two six-month options to extend the maturity date at our election to August 2020, and increased the availability to $600 million, with the option to further increase it to $900 million by either adding additional banks to the facility or obtaining the agreement of the existing banks to increase their commitments. The interest rate on this credit facility is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under this credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $300 million or the remaining amount available under the credit facility. This credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations on the date of this filing.

Our credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At December 31, 2015, we had approximately $225.0 million outstanding on our $600 million credit facility and we had outstanding letters of credit totaling approximately $9.4 million, leaving approximately $365.6 million available under our credit facility.

In May 2015, we entered into a $40 million unsecured short-term borrowing facility which matures in May 2016. The interest rate is based upon LIBOR plus 1.05%. At December 31, 2015, we had approximately $19.0 million outstanding on this unsecured short-term borrowing facility.

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In June 2015, we used cash and borrowings from our existing unsecured credit facility to repay the principal amount of our 5.08% senior unsecured notes payable, which was scheduled to mature on June 15, 2015, for a total of $250.0 million, plus accrued interest.

At December 31, 2015 and 2014, we had outstanding floating rate debt of approximately $451.4 million and $209.1 million, respectively, which included our unsecured credit facility and unsecured short-term borrowings, and the weighted average interest rate on such debt was approximately 1.2% and 1.0% for the years ended December 31, 2015 and 2014, respectively.

Our indebtedness, which includes our unsecured credit facility and unsecured short term borrowings, had a weighted average maturity of 5.7 years at December 31, 2015. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at December 31, 2015:

(in millions)		Amount				Weighted Average Interest Rate
2016 (1)		$	19.0			1.5	%
2017		247.2				5.8
2018		175.8				1.1
2019 (2)		870.2				4.3
2020		1.1				—
Thereafter		1,411.4				4.1
Total		$	2,724.7			4.1	%

(1)	Includes $19.0 million of unsecured short-term borrowings.

(2)	Includes $225.0 million balance outstanding under our unsecured credit facility.

10. Share-based Compensation and Benefit Plans

Incentive Compensation. During the second quarter of 2011, our Board of Trust Managers adopted, and our shareholders approved, the 2011 Share Incentive Plan of Camden Property Trust (as amended, the “2011 Share Plan”). Under the 2011 Share Plan, we may issue up to a total of approximately 9.1 million fungible units (the “Fungible Pool Limit”), which is comprised of approximately 5.8 million new fungible units plus approximately 3.3 million fungible units previously available for issuance under our 2002 share incentive plan based on a 3.45 to 1.0 fungible unit to full value award conversion ratio. Fungible units represent the baseline for the number of shares available for issuance under the 2011 Share Plan. Different types of awards are counted differently against the Fungible Pool Limit, as follows:

•	Each share issued or to be issued in connection with an award, other than an option, right or other award which does not deliver the full value at grant of the underlying shares, will be counted against the Fungible Pool Limit as 3.45 fungible pool units;

•	Options and other awards which do not deliver the full value at grant of the underlying shares and which expire more than five years from date of grant will be counted against the Fungible Pool Limit as one fungible pool unit; and

•	Options, rights and other awards which do not deliver the full value at grant and expire five years or less from the date of grant will be counted against the Fungible Pool Limit as 0.83 of a fungible pool unit.

At December 31, 2015, approximately 4.6 million fungible units were available under the 2011 Share Plan, which results in approximately 1.3 million common shares which may be granted pursuant to full value awards based on the 3.45 to 1.0 fungible unit to full value award conversion ratio.

Awards which may be granted under the 2011 Share Plan include incentive share options, non-qualified share options (which may be granted separately or in connection with an option), share awards, dividends and dividend equivalents and other equity based awards. Persons eligible to receive awards under the 2011 Share Plan are trust managers, directors of our affiliates, executive and other officers, key employees and consultants, as determined by the Compensation Committee of our Board of Trust Managers. The 2011 Share Plan will expire on May 11, 2021.

Options. New options are exercisable, subject to the terms and conditions of the plan, in increments ranging from 20% to 33.33% per year on each of the anniversaries of the date of grant. The plan provides that the exercise price of an option will be determined by the Compensation Committee of the Board of Trust Managers on the day of grant, and to date all options have been granted at an exercise price that equals the fair market value on the date of grant. Approximately 0.1 million and 0.4 million options were exercised during the years ended December 31, 2015 and 2014, respectively. The total intrinsic value of

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options exercised was approximately $2.0 million, $7.4 million, and $5.3 million during the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015, there was no unrecognized compensation cost related to unvested options. At December 31, 2015, all options outstanding were exercisable and had a weighted average remaining life of approximately 3.1 years.

The following table summarizes outstanding share options, all of which were exercisable, at December 31, 2015:

		Options Outstanding and Exercisable (1)
Range of Exercise Prices		Number			Weighted Average Price
$30.06		105,015			$	30.06
$41.16 - $43.94		119,242			42.46
$48.02 - $75.17		70,948			60.92
Total options		295,205			$	42.49

(1)	The aggregate intrinsic value of options outstanding and exercisable at December 31, 2015 was approximately $10.1 million. The aggregate intrinsic value was calculated as the excess, if any, between our closing share price of $76.76 per share on December 31, 2015 and the strike price of the underlying award.

Options Granted and Valuation Assumptions. During the years ended December 31, 2015 and 2014, we granted approximately 26.8 thousand and 84.5 thousand reload options, respectively. There were no reload options granted during the year ended December 31, 2013. Reload options are granted for the number of shares tendered as payment for the exercise price upon the exercise of an option with a reload provision. The reload options granted have an exercise price equal to the fair market value of a common share on the date of grant and expire on the same date as the original options which were exercised. The reload options granted during the years ended December 31, 2015 and 2014 vested immediately. Approximately $0.2 million and $0.3 million was expensed in 2015 and 2014, respectively, on the reload date. We estimate the fair values of each option award including reloads on the date of grant using the Black-Scholes option pricing model. The following assumptions were used for the reload options granted during the years ended December 31, 2015 and 2014:

	Year Ended December 31, 2015		Year Ended December 31, 2014
Weighted average fair value of options granted	$5.52 - $7.38		$3.55 - $8.17
Expected volatility	16.5% - 18.8%		22.6% - 23.2%
Risk-free interest rate	1.0% - 1.3%		0.1% - 1.1%
Expected dividend yield	3.5% - 3.7%		3.5%
Expected life	3 years - 4 years		6 months - 4 years

Our computations of expected volatility for 2015 and 2014 are based on the historical volatility of our common shares over a time period equal to the expected life of the option and ending on the grant date, and the interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield on our common shares is based on the historical dividend yield over the expected term of the options granted. Our computation of expected life is based upon historical experience of similar awards, giving consideration to the contractual terms of the share-based awards.

Share Awards and Vesting. Share awards for employees generally have a vesting period of three to five years. The compensation cost for share awards is generally based on the market value of the shares on the date of grant and is amortized over the vesting period. In the event the holder of the share awards will reach both the retirement eligibility age of 65 years and the service requirements as defined in the 2011 Share Plan before the term in which the awards are scheduled to vest, the value of the share awards is amortized from the date of grant to the individual's retirement eligibility date. To estimate forfeitures, we use actual forfeiture history. At December 31, 2015, the unamortized value of previously issued unvested share awards was approximately $31.7 million which is expected to be amortized over the next three years. The total fair value of shares vested during the years ended December 31, 2015, 2014 and 2013 was approximately $19.2 million, $17.1 million, and $15.9 million, respectively.

Total compensation cost for option and share awards charged against income was approximately $18.6 million, $16.0 million, and $14.7 million for 2015, 2014 and 2013, respectively. Total capitalized compensation cost for option and share awards was approximately $3.5 million, $2.7 million, and $2.2 million for 2015, 2014 and 2013, respectively.

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The following table summarizes activity under our share incentive plans for the three years ended December 31:

	Options Outstanding			Weighted Average Exercise / Grant Price				Nonvested Share Awards Outstanding			Weighted Average Exercise / Grant Price
Options and nonvested share awards outstanding at December 31, 2012	838,754			$	42.36			862,253			$	52.64
Granted	—			—				350,615			69.56
Exercised/Vested	(183,871	)		41.56				(309,396	)		51.41
Forfeited	(20,522	)		73.32				(72,174	)		58.08
Balance at December 31, 2013	634,361			$	41.59			831,298			$	59.77
Granted	84,452			64.75				314,614			65.78
Exercised/Vested	(375,316	)		47.85				(305,372	)		55.97
Forfeited	(21,686	)		62.32				(21,597	)		64.14
Balance at December 31, 2014	321,811			$	38.97			818,943			$	63.39
Granted	26,752			75.17				257,749			74.53
Exercised/Vested	(53,358	)		37.69				(313,628	)		61.10
Forfeited	—			—				(12,818	)		67.96
Total options and nonvested share awards outstanding at December 31, 2015	295,205			$	42.49			750,246			$	68.09

Employee Share Purchase Plan (“ESPP”). We have established an ESPP for all active employees and officers who have completed one year of continuous service. Participants may elect to purchase our common shares through payroll deductions and/or through semi-annual contributions. At the end of each six-month offering period, each participant’s account balance is applied to acquire common shares at 85% of the market value, as defined, on the first or last day of the offering period, whichever price is lower. We currently use treasury shares to satisfy ESPP share requirements. Each participant must hold the shares purchased for nine months in order to receive the discount, and a participant may not purchase more than $25,000 in value of shares during any plan year, as defined. The following table presents information related to our ESPP:

	2015				2014				2013
Shares purchased	14,655				25,728				17,171
Weighted average fair value of shares purchased	$	74.66			$	71.19			$	62.59
Expense recorded (in millions)	$	0.2			$	0.5			$	0.2

Rabbi Trust. We established a rabbi trust for a select group of participants in which share awards granted under the share incentive plan and salary and other cash amounts earned may be deposited. The rabbi trust is only in use for deferrals made prior to 2005, including bonuses related to service in 2004 but paid in 2005. The rabbi trust is an irrevocable trust and no portion of the trust fund may be used for any purpose other than the delivery of those assets to the participants. The assets held in the rabbi trust are subject to the claims of our general creditors in the event of bankruptcy or insolvency.

The value of the assets of the rabbi trust is consolidated into our financial statements. Granted share awards held by the rabbi trust are classified in equity in a manner similar to the manner in which treasury stock is accounted. Subsequent changes in the fair value of the shares are not recognized. The deferred compensation obligation is classified as an equity instrument and changes in the fair value of the amount owed to the participant are not recognized. At December 31, 2015 and 2014, approximately 1.8 million share awards were held in the rabbi trust. Additionally, as of December 31, 2015 and 2014, the rabbi trust held trading securities totaling approximately $37.1 million and $43.7 million, respectively, which represents cash deferrals made by plan participants. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly.

At December 31, 2015 and 2014, approximately $23.6 million and $24.7 million, respectively, was required to be paid to us by plan participants upon the withdrawal of any assets from the rabbi trust, and is included in “Accounts receivable-affiliates” in our consolidated financial statements.

Non-Qualified Deferred Compensation Plan. In 2004, we established a Non-Qualified Deferred Compensation Plan which is an unfunded arrangement established and maintained primarily for the benefit of a select group of participants. Eligible participants commence participation in this plan on the date the deferral election first becomes effective. We credit to

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the participant’s account an amount equal to the amount designated as the participant’s deferral for the plan year as indicated in the participant’s deferral election(s). Any modification to or termination of the plan will not reduce a participant’s right to any vested amounts already credited to his or her account. Approximately 1.3 million and 1.2 million share awards were held in the plan at December 31, 2015 and 2014, respectively. Additionally, as of December 31, 2015 and 2014, the plan held trading securities totaling approximately $30.8 million and $27.7 million, respectively, which represents cash deferrals made by plan participants. Market value fluctuations on these trading securities are recognized in income in accordance with GAAP and the liability due to participants is adjusted accordingly. The assets held in the Non-Qualified Deferred Compensation Plan are subject to the claims of our general creditors in the event of bankruptcy or insolvency.

In July 2013, we amended and restated the plan to permit diversification of fully vested share awards into other equity securities subject to a six month holding period. In February 2014, we adopted the Second Amended and Restated Camden Property Trust Non-Qualified Deferred Compensation Plan to clarify certain terms in the existing plan relating to the deferral of performance based compensation. As a result of such action, the fully vested awards and the proportionate share of nonvested awards eligible for diversification were reclassified from additional paid in capital to temporary equity in our consolidated balance sheets. The share awards are adjusted to their redemption value at each reporting period, with the redemption value based on the market value of the shares at the end of the reporting period. Changes in value from period to period are charged to distributions in excess of net income attributable to common shareholders in our consolidated statements of equity. The following table summarizes the eligible share award activity as recorded in temporary equity for the years ended December 31:

(in thousands)		Year Ended December 31, 2015				Year Ended December 31, 2014
Temporary equity:
Balance at inception/beginning of period		$	68,134			$	47,180
Change in classification		10,999				7,702
Change in redemption value		3,788				17,921
Diversification of share awards		(3,557		)		(4,669		)
Balance at December 31		$	79,364			$	68,134

401(k) Savings Plan. We have a 401(k) savings plan, which is a voluntary defined contribution plan. Under the savings plan, every employee is eligible to participate, beginning on the date the employee has completed six months of continuous service with us. Each participant may make contributions to the savings plan by means of a pre-tax salary deferral, which may not be less than 1% or more than 60% of the participant’s compensation, subject to limitations. The federal tax code limits the annual amount of salary deferrals which may be made by any participant. We may make matching contributions on the participant’s behalf up to a predetermined limit. The matching contribution made for each of the years ended December 31, 2015, 2014 and 2013 was approximately $2.6 million, $2.2 million and $2.2 million, respectively. A participant’s salary deferral contribution is 100% vested and nonforfeitable. A participant will become vested in our matching contributions 33% after one year of service, 67% after two years of service and 100% after three years of service. Administrative expenses under the savings plan were paid by us and were not significant for all periods presented.

11. Fair Value Measurements

Recurring Fair Value Disclosures. The following table presents information about our financial instruments measured at fair value on a recurring basis as of December 31, 2015 and 2014 using the inputs and fair value hierarchy discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements”:

Financial Instruments Measured at Fair Value on a Recurring Basis

	December 31, 2015																December 31, 2014
(in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Assets
Deferred compensation plan investments (1)	$	53.6			$	—			$	—			$	53.6			$	56.1			$	—			$	—			$	56.1

(1)	Approximately $8.4 million and $1.5 million of participant cash was withdrawn from our deferred compensation plan investments during the years ended December 31, 2015 and 2014, respectively.

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Nonrecurring Fair Value Disclosures. The nonrecurring fair value disclosures inputs under the fair value hierarchy are discussed in Note 2, “Summary of Significant Accounting Policies and Recent Accounting Pronouncements.” There were no non-recurring fair value adjustments during the years ended December 31, 2015 or 2014.

Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at December 31, 2015 and 2014, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."

	December 31, 2015								December 31, 2014
(in millions)	Carrying Value (1)				Estimated Fair Value				Carrying Value (1)				Estimated Fair Value
Fixed rate notes payable	$	2,273.3			$	2,358.8			$	2,521.5			$	2,666.1
Floating rate notes payable (2)	451.4				441.3				209.1				203.7

(1)	All amounts presented have been changed to reflect our adoption of ASU 2015-03 (as supplemented by ASU 2015-15) at December 31, 2015, which required retrospective application.

(2)	Includes balances outstanding under our unsecured credit facility and unsecured short-term borrowings.

12. Net Change in Operating Accounts

The effect of changes in the operating accounts and other on cash flows from operating activities is as follows:

	Year Ended December 31,
(in thousands)	2015				2014				2013
Change in assets:
Other assets, net	$	(1,648	)		$	(2,145	)		$	(2,639	)
Change in liabilities:
Accounts payable and accrued expenses	(15,528		)		19,296				(8,138		)
Accrued real estate taxes	6,386				4,009				7,165
Other liabilities	2,306				(1,666		)		22,139
Other	2,773				2,583				2,706
Change in operating accounts and other	$	(5,711	)		$	22,077			$	21,233

13. Commitments and Contingencies

Construction Contracts. As of December 31, 2015, we estimate the additional cost to complete the eight consolidated projects currently under construction to be approximately $310.1 million. We expect to fund this amount through a combination of one or more of the following: cash flows generated from operations, draws on our unsecured credit facilities, proceeds from property dispositions, the use of debt and equity offerings under our automatic shelf registration statement, equity issued from our ATM program, other unsecured borrowings, and secured mortgages.

Litigation. We are also subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on our consolidated financial statements.

Other Commitments and Contingencies. In the ordinary course of our business, we issue letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or we will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. We are then at risk under a real property acquisition contract, but generally only to the extent of any earnest money deposits associated with the contract, and are

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obligated to sell under a real property sales contract. At December 31, 2015, we had earnest money deposits of approximately $1.5 million for potential acquisitions of land which are included in other assets, net in our consolidated balance sheets. Approximately $0.8 million of these deposits was non-refundable at December 31, 2015.

Lease Commitments. At December 31, 2015, we had long-term leases covering certain land, office facilities and equipment. Rental expense totaled approximately $3.4 million, $3.0 million, and $2.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. Minimum annual rental commitments for the years ending December 31, 2016 through 2020 are approximately $2.8 million, $2.9 million, $2.7 million, $2.5 million, and $2.5 million, respectively, and approximately $11.1 million in the aggregate thereafter.

Investments in Joint Ventures. We have entered into, and may continue in the future to enter into, joint ventures or partnerships (including limited liability companies) through which we own an indirect economic interest in less than 100% of the community or land owned directly by the joint venture or partnership. Our decision whether to hold the entire interest in an apartment community or land ourselves, or to have an indirect interest in the community or land through a joint venture or partnership, is based on a variety of factors and considerations, including: (i) our projection, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a joint venture or partnership vehicle is used; (ii) our desire to diversify our portfolio of investments by market; (iii) our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and (iv) the economic and tax terms required by a seller of land or of a community, who may prefer or who may require less payment if the land or community is contributed to a joint venture or partnership. Investments in joint ventures or partnerships are not limited to a specified percentage of our assets. Each joint venture or partnership agreement is individually negotiated, and our ability to operate or dispose of land or of a community in our sole discretion may be limited to varying degrees in our existing joint venture agreements and may be limited to varying degrees depending on the terms of future joint venture agreements.

Employment Agreements. At December 31, 2015, we had employment agreements with 13 of our senior officers, the terms of which expire at various times through August 20, 2016. Such agreements provide for minimum salary levels, as well as various incentive compensation arrangements, which are payable based on the attainment of specific goals. The agreements also provide for severance payments plus a gross-up payment if certain situations occur, such as termination without cause or a change of control. In the case of 10 of the agreements, the severance payment equals one times the respective current annual base salary in the case of termination without cause and 2.99 times the respective average annual base salary over the previous three fiscal years in the case of a change of control and a termination of employment or a material adverse change in the scope of their duties. In the case of one agreement, the severance payment equals one times the respective current annual base salary for termination without cause and 2.99 times the greater of current gross income or average gross income over the previous three fiscal years in the case of a change of control. In the case of the other two agreements, the severance payment generally equals 2.99 times the respective average annual compensation over the previous three fiscal years in connection with, among other things, a termination without cause or a change of control, and the officer would be entitled to receive continuation and vesting of certain benefits in the case of such termination.

14. Non-controlling Interests

The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to common shareholders for each of the years ended December 31:

	2015				2014				2013
Net income attributable to common shareholders	$	249,315			$	292,089			$	336,364
Transfers from non-controlling interests:
Increase in equity for conversion of operating partnership units	86				52				52
Decrease in additional paid-in-capital for purchase of remaining non-controlling ownership interests in two consolidated joint ventures (1)	(9,480		)		—				—
Change in common equity and net transfers from non-controlling interests	$	239,921			$	292,141			$	336,416

(1)	Refer to Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," for further discussion of acquisitions.

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15. Quarterly Financial Data (unaudited)

Summarized quarterly financial data, for the years ended December 31, 2015 and 2014, is as follows:

(in thousands, except per share amounts)	First				Second				Third				Fourth				Total (a)
2015:
Revenues	$	215,434			$	220,651			$	227,185			$	229,658			$	892,928
Net income attributable to common shareholders	115,599				36,079				37,044				60,593				249,315
Net income attributable to common shareholders per share – basic	1.29			(b)	0.40				0.41				0.67			(c)	2.77
Net income attributable to common shareholders per share – diluted	1.27			(b)	0.40				0.41				0.67			(c)	2.76
2014:
Revenues	$	205,929			$	208,492			$	213,098			$	216,459			$	843,978
Net income attributable to common shareholders	40,036				35,272				38,283				178,498				292,089
Net income attributable to common shareholders per share – basic	0.45			(d)	0.40			(e)	0.43			(f)	1.99			(g)	3.29
Net income attributable to common shareholders per share – diluted	0.45			(d)	0.40			(e)	0.43			(f)	1.98			(g)	3.27

(a)	Net income per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per share amounts may not equal the total computed for the year.

(b)	Includes a $85,192, or $0.96 basic and $0.94 diluted per share, impact related to a gain on sale of two operating properties and land.

(c)	Includes a $18,870, or $0.21 basic and diluted per share, impact related to a gain on sale of one operating property.

(d)	Includes a $3,566, or $0.04 basic and diluted per share, impact related to our proportionate gain on sale of two operating properties by our funds, which is included in equity in income of joint ventures.

(e)	Includes a $1,447, or $0.02 basic and diluted per share, impact related to a gain on sale of land, and a $1,152, or $0.01 basic and diluted per share, impact related to an impairment charge associated with land holdings.

(f)	Includes a $1,808, or $0.02 basic and diluted per share, impact related to a gain on sale of land.

(g)	Includes a $155,680, or $1.76 basic and $1.73 diluted per share, impact related to the gain on sale of operating properties, and a $10,000, or $0.11 basic and diluted per share, impact related to incentive compensation expense as a result of joint venture restructuring.

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Camden Property Trust Real Estate and Accumulated Depreciation As of December 31, 2015 (in thousands)																																					Schedule III
	Initial Cost												Total Cost
	Land				Building/ Construction in Progress & Improvements				Cost Subsequent to Acquisition/ Construction				Land				Building/ Construction in Progress & Improvements				Total				Accumulated Depreciation				Total Cost, Net of Accumulated Depreciation				Encumbrances				Year of Completion/ Acquisition
Current communities:
ARIZONA
Phoenix/Scottsdale
Camden Copper Square	$	4,825			$	23,672			$	6,793			$	4,825			$	30,465			$	35,290			$	15,162			$	20,128							2000
Camden Foothills	11,006				33,343				318				11,006				33,661				44,667				2,023				42,644								2014
Camden Hayden	9,248				35,108				—				9,248				35,108				44,356				1,518				42,838								2015
Camden Legacy	4,068				26,612				11,546				4,068				38,158				42,226				21,388				20,838								1998
Camden Montierra	13,687				31,727				4,941				13,687				36,668				50,355				4,442				45,913								2012
Camden Pecos Ranch	3,362				24,492				4,649				3,362				29,141				32,503				5,083				27,420								2012
Camden San Marcos	11,520				35,166				5,271				11,520				40,437				51,957				5,047				46,910								2012
Camden San Paloma	6,480				23,045				8,233				6,480				31,278				37,758				13,643				24,115								2002
Camden Sotelo	3,376				30,576				595				3,376				31,171				34,547				2,748				31,799								2013
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley	9,381				54,210				9,124				9,381				63,334				72,715				27,224				45,491								2001
Camden Glendale	21,492				91,709				—				21,492				91,709				113,201				2,538				110,663								2015
Camden Harbor View	16,079				127,459				9,796				16,079				137,255				153,334				50,254				103,080				$	92,716			2003
Camden Main and Jamboree	17,363				75,387				1,091				17,363				76,478				93,841				13,886				79,955				48,902				2008
Camden Martinique	28,401				51,861				17,589				28,401				69,450				97,851				36,987				60,864				32,969				1998
Camden Parkside	29,730				34,368				3,529				29,730				37,897				67,627				5,461				62,166								2012
Camden Sea Palms	4,336				9,930				3,474				4,336				13,404				17,740				7,559				10,181								1998
San Diego/Inland Empire
Camden Landmark	17,339				71,315				1,505				17,339				72,820				90,159				8,847				81,312								2012
Camden Old Creek	20,360				71,777				1,271				20,360				73,048				93,408				21,058				72,350								2007
Camden Sierra at Otay Ranch	10,585				49,781				4,752				10,585				54,533				65,118				21,353				43,765								2003
Camden Tuscany	3,330				36,466				4,294				3,330				40,760				44,090				15,318				28,772								2003
Camden Vineyards	4,367				28,494				2,745				4,367				31,239				35,606				13,057				22,549								2002
COLORADO
Denver
Camden Belleview Station	8,091				44,003				1,129				8,091				45,132				53,223				5,077				48,146								2012
Camden Caley	2,047				17,445				5,339				2,047				22,784				24,831				10,600				14,231				15,351				2000
Camden Denver West	6,396				51,552				5,124				6,396				56,676				63,072				5,512				57,560								2012
Camden Flatirons	6,849				72,395				—				6,849				72,395				79,244				3,893				75,351								2015
Camden Highlands Ridge	$	2,612			$	34,726			$	10,712			$	2,612			$	45,438			$	48,050			$	21,547			$	26,503							1996
Camden Interlocken	5,293				31,612				8,900				5,293				40,512				45,805				20,069				25,736				$	27,431			1999
Camden Lakeway	3,915				34,129				12,513				3,915				46,642				50,557				23,650				26,907				29,267				1997
WASHINGTON DC METRO
Camden Ashburn Farm	4,835				22,604				1,748				4,835				24,352				29,187				8,175				21,012								2005
Camden Clearbrook	2,384				44,017				1,201				2,384				45,218				47,602				13,207				34,395								2007
Camden College Park	16,409				91,503				3,689				16,409				95,192				111,601				15,780				95,821								2008
Camden Dulles Station	10,807				61,548				2,623				10,807				64,171				74,978				16,228				58,750								2008
Camden Fair Lakes	15,515				104,223				8,286				15,515				112,509				128,024				36,522				91,502								2005
Camden Fairfax Corner	8,484				72,953				5,630				8,484				78,583				87,067				23,919				63,148								2006
Camden Fallsgrove	9,408				43,647				4,524				9,408				48,171				57,579				16,031				41,548								2005
Camden Grand Parc	7,688				35,900				2,200				7,688				38,100				45,788				12,152				33,636								2005
Camden Lansdowne	15,502				102,267				6,738				15,502				109,005				124,507				36,113				88,394								2005
Camden Largo Town Center	8,411				44,163				3,064				8,411				47,227				55,638				15,279				40,359								2005
Camden Monument Place	9,030				54,089				1,080				9,030				55,169				64,199				15,600				48,599								2007
Camden NoMa	19,442				82,126				211				19,442				82,337				101,779				6,972				94,807								2014
Camden Potomac Yard	16,498				88,317				881				16,498				89,198				105,696				23,649				82,047								2008
Camden Roosevelt	11,470				45,785				1,077				11,470				46,862				58,332				15,548				42,784								2005
Camden Russett	13,460				61,837				4,469				13,460				66,306				79,766				22,097				57,669				45,063				2005
Camden Silo Creek	9,707				45,301				1,919				9,707				47,220				56,927				15,517				41,410								2005
Camden Summerfield	14,659				48,404				1,310				14,659				49,714				64,373				13,619				50,754								2008
Camden Summerfield II	4,459				20,566				5				4,459				20,571				25,030				3,545				21,485								2012
FLORIDA
Southeast Florida
Camden Aventura	12,185				47,616				10,795				12,185				58,411				70,596				20,219				50,377								2005
Camden Boca Raton	2,201				49,499				419				2,201				49,918				52,119				2,738				49,381								2014
Camden Brickell	14,621				57,031				10,979				14,621				68,010				82,631				23,189				59,442								2005
Camden Doral	10,260				40,416				6,052				10,260				46,468				56,728				14,833				41,895								2005
Camden Doral Villas	6,476				25,543				6,115				6,476				31,658				38,134				10,573				27,561								2005
Camden Las Olas	12,395				79,518				8,417				12,395				87,935				100,330				29,251				71,079								2005
Camden Plantation	6,299				77,964				7,211				6,299				85,175				91,474				28,721				62,753								2005
Camden Portofino	9,867				38,702				4,509				9,867				43,211				53,078				14,712				38,366								2005
Orlando
Camden Hunter's Creek	4,156				20,925				4,863				4,156				25,788				29,944				8,566				21,378								2005
Camden Lago Vista	$	3,497			$	29,623			$	2,161			$	3,497			$	31,784			$	35,281			$	11,388			$	23,893							2005
Camden LaVina	12,907				42,569				143				12,907				42,712				55,619				7,971				47,648								2012
Camden Lee Vista	4,350				34,643				5,423				4,350				40,066				44,416				19,608				24,808								2000
Camden Orange Court	5,319				40,733				1,696				5,319				42,429				47,748				11,184				36,564								2008
Camden Renaissance	4,144				39,987				6,521				4,144				46,508				50,652				24,525				26,127								1997
Camden Town Square	13,127				45,997				93				13,127				46,090				59,217				6,858				52,359								2012
Camden World Gateway	5,785				51,821				7,065				5,785				58,886				64,671				18,493				46,178								2005
Tampa/St. Petersburg
Camden Bay	7,450				63,283				10,863				7,450				74,146				81,596				34,129				47,467								1998/2002
Camden Lakes	3,106				22,746				14,866				3,106				37,612				40,718				30,424				10,294								1997
Camden Montague	3,576				16,534				159				3,576				16,693				20,269				3,035				17,234								2012
Camden Preserve	1,206				17,982				7,003				1,206				24,985				26,191				13,197				12,994								1997
Camden Royal Palms	2,147				38,339				2,389				2,147				40,728				42,875				11,358				31,517								2007
Camden Westchase Park	11,955				36,254				120				11,955				36,374				48,329				5,751				42,578								2012
Camden Westshore	1,734				10,819				7,550				1,734				18,369				20,103				13,877				6,226								1997
Camden Woods	2,693				19,930				11,439				2,693				31,369				34,062				22,450				11,612								1999
GEORGIA
Atlanta
Camden Brookwood	7,174				31,984				7,091				7,174				39,075				46,249				13,622				32,627				$	22,624			2005
Camden Creekstone	5,017				19,912				1,009				5,017				20,921				25,938				2,662				23,276								2012
Camden Deerfield	4,895				21,922				6,807				4,895				28,729				33,624				9,698				23,926				19,220				2005
Camden Dunwoody	5,290				23,642				7,817				5,290				31,459				36,749				10,836				25,913				21,168				2005
Camden Fourth Ward	10,477				51,258				308				10,477				51,566				62,043				2,576				59,467								2014
Camden Midtown Atlanta	6,196				33,828				7,227				6,196				41,055				47,251				13,754				33,497				20,565				2005
Camden Paces	15,262				102,270				—				15,262				102,270				117,532				4,191				113,341								2015
Camden Peachtree City	6,536				29,063				5,488				6,536				34,551				41,087				11,670				29,417								2005
Camden Shiloh	4,181				18,798				4,995				4,181				23,793				27,974				8,231				19,743				10,576				2005
Camden St. Clair	7,526				27,486				7,013				7,526				34,499				42,025				12,290				29,735				21,646				2005
Camden Stockbridge	5,071				22,693				3,334				5,071				26,027				31,098				9,260				21,838				14,332				2005
Camden Vantage	11,787				68,822				1,451				11,787				70,273				82,060				6,358				75,702								2013
NEVADA
Las Vegas
Camden Bel Air	$	3,594			$	31,221			$	7,995			$	3,594			$	39,216			$	42,810			$	24,208			$	18,602							1998
Camden Breeze	2,894				15,828				5,834				2,894				21,662				24,556				13,160				11,396								1998
Camden Canyon	1,802				11,666				5,573				1,802				17,239				19,041				10,819				8,222								1998
Camden Centre	172				1,166				412				172				1,578				1,750				1,028				722								1998
Camden Commons	2,476				20,073				7,426				2,476				27,499				29,975				19,319				10,656								1998
Camden Cove	1,382				6,266				2,118				1,382				8,384				9,766				5,564				4,202								1998
Camden Del Mar	4,404				35,264				15,359				4,404				50,623				55,027				31,879				23,148								1998
Camden Fairways	3,969				15,543				10,440				3,969				25,983				29,952				18,223				11,729								1998
Camden Hills	853				7,834				1,908				853				9,742				10,595				6,388				4,207								1998
Camden Legends	1,370				6,382				1,525				1,370				7,907				9,277				4,653				4,624								1998
Camden Palisades	8,406				31,497				9,803				8,406				41,300				49,706				24,581				25,125								1998
Camden Pines	3,496				21,852				3,037				3,496				24,889				28,385				3,681				24,704								2012
Camden Pointe	2,058				14,879				3,643				2,058				18,522				20,580				10,493				10,087								1998
Camden Summit	11,212				18,399				2,745				11,212				21,144				32,356				3,107				29,249								2012
Camden Tiara	7,709				28,644				3,685				7,709				32,329				40,038				4,697				35,341								2012
Camden Vintage	3,641				19,255				6,147				3,641				25,402				29,043				16,196				12,847								1998
NORTH CAROLINA
Charlotte
Camden Ballantyne	4,503				30,250				7,542				4,503				37,792				42,295				13,620				28,675				$	26,025			2005
Camden Cotton Mills	4,246				19,147				5,744				4,246				24,891				29,137				9,134				20,003								2005
Camden Dilworth	516				16,633				2,066				516				18,699				19,215				5,883				13,332				13,073				2006
Camden Fairview	1,283				7,223				3,728				1,283				10,951				12,234				4,477				7,757								2005
Camden Foxcroft	1,408				7,919				3,839				1,408				11,758				13,166				4,904				8,262								2005
Camden Grandview	7,570				33,859				7,168				7,570				41,027				48,597				14,599				33,998								2005
Camden Sedgebrook	5,266				29,211				6,632				5,266				35,843				41,109				12,879				28,230				21,306				2005
Camden Simsbury	1,152				6,499				2,295				1,152				8,794				9,946				3,272				6,674								2005
Camden South End Square	6,625				29,175				7,202				6,625				36,377				43,002				12,345				30,657								2005
Camden Stonecrest	3,941				22,021				5,613				3,941				27,634				31,575				10,188				21,387								2005
Camden Touchstone	1,203				6,772				2,800				1,203				9,572				10,775				4,114				6,661								2005
Raleigh
Camden Crest	$	4,412			$	31,108			$	5,088			$	4,412			$	36,196			$	40,608			$	11,999			$	28,609							2005
Camden Governor's Village	3,669				20,508				3,020				3,669				23,528				27,197				8,483				18,714				$	13,004			2005
Camden Lake Pine	5,746				31,714				6,809				5,746				38,523				44,269				14,159				30,110				26,212				2005
Camden Manor Park	2,535				47,159				1,993				2,535				49,152				51,687				16,035				35,652				29,675				2006
Camden Overlook	4,591				25,563				8,080				4,591				33,643				38,234				12,040				26,194								2005
Camden Reunion Park	3,302				18,457				4,976				3,302				23,433				26,735				8,627				18,108				19,961				2005
Camden Westwood	4,567				25,519				4,371				4,567				29,890				34,457				10,615				23,842				19,907				2005
TEXAS
Austin
Camden Cedar Hills	2,684				20,931				517				2,684				21,448				24,132				6,251				17,881								2008
Camden Gaines Ranch	5,094				37,100				9,337				5,094				46,437				51,531				15,616				35,915								2005
Camden Huntingdon	2,289				17,393				9,542				2,289				26,935				29,224				14,947				14,277								1995
Camden La Frontera	3,250				32,379				—				3,250				32,379				35,629				1,989				33,640								2015
Camden Lamar Heights	3,988				42,775				—				3,988				42,775				46,763				2,523				44,240								2015
Camden Stoneleigh	3,498				31,285				7,244				3,498				38,529				42,027				12,373				29,654								2006
Corpus Christi
Camden Breakers	1,055				13,024				8,818				1,055				21,842				22,897				12,162				10,735								1996
Camden Copper Ridge	1,204				9,180				8,004				1,204				17,184				18,388				12,765				5,623								1993
Camden Miramar	—				38,784				20,139				—				58,923				58,923				22,527				36,396								1994-2014
Dallas/Fort Worth
Camden Addison	11,516				29,332				6,953				11,516				36,285				47,801				6,210				41,591								2012
Camden Belmont	12,521				61,522				1,302				12,521				62,824				75,345				8,053				67,292								2012
Camden Buckingham	2,704				21,251				8,882				2,704				30,133				32,837				15,700				17,137								1997
Camden Centreport	1,613				12,644				6,046				1,613				18,690				20,303				9,505				10,798								1997
Camden Cimarron	2,231				14,092				6,903				2,231				20,995				23,226				12,544				10,682								1997
Camden Farmers Market	17,341				74,193				15,916				17,341				90,109				107,450				37,714				69,736				50,711				2001/2005
Camden Henderson	3,842				15,256				205				3,842				15,461				19,303				2,253				17,050								2012
Camden Legacy Creek	2,052				12,896				5,955				2,052				18,851				20,903				10,469				10,434								1997
Camden Legacy Park	2,560				15,449				6,888				2,560				22,337				24,897				12,251				12,646				13,866				1997
Camden Valley Park	3,096				14,667				13,652				3,096				28,319				31,415				25,562				5,853								1994
Houston
Camden City Centre	4,976				44,735				1,212				4,976				45,947				50,923				13,320				37,603				33,795				2007
Camden City Centre II	$	5,101			$	28,131			$	46			$	5,101			$	28,177			$	33,278			$	3,956			$	29,322							2013
Camden Greenway	16,916				43,933				16,829				16,916				60,762				77,678				30,368				47,310				$	52,359			1999
Camden Holly Springs	11,108				42,852				9,996				11,108				52,848				63,956				8,223				55,733								2012
Camden Midtown	4,583				18,026				8,711				4,583				26,737				31,320				14,008				17,312				28,058				1999
Camden Oak Crest	2,078				20,941				4,193				2,078				25,134				27,212				10,457				16,755				17,309				2003
Camden Park	4,922				16,453				3,705				4,922				20,158				25,080				3,133				21,947								2012
Camden Plaza	7,204				31,044				1,314				7,204				32,358				39,562				5,836				33,726				20,714				2007
Camden Post Oak	14,056				92,515				9,098				14,056				101,613				115,669				9,146				106,523								2013
Camden Royal Oaks	1,055				20,046				1,055				1,055				21,101				22,156				7,109				15,047								2006
Camden Royal Oaks II	587				12,743				15				587				12,758				13,345				2,201				11,144								2012
Camden Stonebridge	1,016				7,137				4,133				1,016				11,270				12,286				7,338				4,948								1993
Camden Sugar Grove	7,614				27,594				2,155				7,614				29,749				37,363				4,392				32,971								2012
Camden Travis Street	1,780				29,104				485				1,780				29,589				31,369				7,457				23,912				21,614				2010
Camden Vanderbilt	16,076				44,918				19,590				16,076				64,508				80,584				38,370				42,214				73,165				1994/1997
Camden Whispering Oaks	1,188				26,242				870				1,188				27,112				28,300				7,766				20,534								2008
Total current communities:	$	1,043,345			$	5,436,835			$	781,605			$	1,043,345			$	6,218,440			$	7,261,785			$	1,976,958			$	5,284,827			$	902,584
Communities under construction:
Name / location
Camden Chandler (1) Chandler, AZ	$	—			$	66,391			$	—			$	—			$	66,391			$	66,391			$	1,634			$	64,757							N/A
Camden Gallery Charlotte, NC	—				50,392				—				—				50,392				50,392				55				50,337								N/A
Camden Lincoln Station Denver, CO	—				18,226				—				—				18,226				18,226				—				18,226								N/A
Camden McGowen Station Houston, TX	—				14,064				—				—				14,064				14,064				—				14,064								N/A
Camden NoMa II Washington, DC	—				45,524				—				—				45,524				45,524				—				45,524								N/A
Camden Shady Grove Rockville, MD	—				51,376				—				—				51,376				51,376				—				51,376								N/A
Camden Victory Park Dallas, TX	—				67,201				—				—				67,201				67,201				42				67,159								N/A
The Camden Los Angeles, CA	—				111,703				—				—				111,703				111,703				1				111,702								N/A
Total communities under construction:	$	—			$	424,877			$	—			$	—			$	424,877			$	424,877			$	1,732			$	423,145			$	—
Development pipeline communities:
Name/location
Camden Arts District Los Angeles, CA	$	—			$	13,002			$	—			$	—			$	13,002			$	13,002			$	—			$	13,002							N/A
Camden Atlantic Plantation, FL	—				13,428				—				—				13,428				13,428				—				13,428								N/A
Camden Buckhead Atlanta, GA	—				22,341				—				—				22,341				22,341				—				22,341								N/A
Camden Conte Houston, TX	—				21,039				—				—				21,039				21,039				—				21,039								N/A
Camden North End Phoenix, AZ	—				38,319				—				—				38,319				38,319				—				38,319								N/A
Camden Washingtonian Washington, DC	—				18,369				—				—				18,369				18,369				—				18,369								N/A
Total development pipeline communities:	$	—			$	126,498			$	—			$	—			$	126,498			$	126,498			$	—			$	126,498			$	—
Land Holdings	$	—			$	6,212			$	—			$	—			$	6,212			$	6,212			$	—			$	6,212							N/A
Corporate	—				5,284				—				—				5,284				5,284				—				5,284								N/A
	$	—			$	11,496			$	—			$	—			$	11,496			$	11,496			$	—			$	11,496			$	—
TOTAL	$	1,043,345			$	5,999,706			$	781,605			$	1,043,345			$	6,781,311			$	7,824,656			$	1,978,690			$	5,845,966			$	902,584

(1)	Property is in lease-up at December 31, 2015. Balances presented here includes costs which are included in buildings and improvements and land on the consolidated balance sheet at December 31, 2015. These costs related to completed unit turns for these properties.

S-1

Camden Property Trust Real Estate and Accumulated Depreciation As of December 31, 2015 (in thousands)	Schedule III

The changes in total real estate assets for the years ended December 31:

	2015				2014				2013
Balance, beginning of period	$	7,421,516			$	7,072,181			$	6,673,914
Additions during period:
Acquisition of operating properties and unconsolidated joint ventures	—				61,736				221,421
Development and repositions	351,998				469,048				306,950
Improvements	75,847				58,233				67,049
Deductions during period:
Cost of real estate sold – other	(24,705		)		(172,475		)		(197,153		)
Classification to held for sale	—				(67,207		)		—
Balance, end of period	$	7,824,656			$	7,421,516			$	7,072,181
The changes in accumulated depreciation for the years ended December 31:
	2015				2014				2013
Balance, beginning of period	$	1,738,862			$	1,643,713			$	1,518,896
Depreciation of real estate assets	250,093				229,256				203,897
Dispositions	(10,265		)		(94,043		)		(79,080		)
Transfers to held for sale	—				(40,064		)		—
Balance, end of period	$	1,978,690			$	1,738,862			$	1,643,713

The aggregate cost for federal income tax purposes at December 31, 2015 was $6.8 billion.

S-2

Camden Property Trust Mortgage Loans on Real Estate As of December 31, 2015												Schedule IV
($ in thousands) Description		Interest Rate		Final Maturity Date		Periodic payment terms		Face amount of mortgages				Carry amount of mortgages (a)
Undeveloped Land First lien note Houston, TX		Prime + 1.00%		July 2019		(b)		$	3,395			$	3,395
Parking Garage Developer advances Houston, TX		(c)		(d)		(e)		18,000				9,766
Total								$	21,395			$	13,161

(a)	The aggregate cost at December 31, 2015 for federal income tax purposes was approximately $13,161.

(b)	Periodic payments are interest only until January 1, 2017, at which date interest and equal payments of principal are due each July 1 and January 1 until the final maturity date.

(c)	This loan currently bears interest at 4% and will increase to 7% on any unpaid principal balance on the later of January 1, 2018 or January 1 of the year following completion of our planned apartment project at an adjacent location.

(d)	This loan matures on October 1 in the 13th year following the year of completion of the parking garage.

(e)	Periodic payments are currently interest only, and will consist of interest and principal payments following the year of completion of the parking garage through maturity.

Changes in mortgage loans for the years ended December 31 are summarized below:

	2015				2014				2013
Balance, beginning of period	$	3,395			$	3,395			$	3,395
Additions:
Advances under real estate loans	9,766				—				—
Deductions:	—				—				—
Balance, end of period	$	13,161			$	3,395			$	3,395

S-3