Item 2. Properties

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Item 2. Properties

The Properties

Our properties typically consist of mid-rise buildings or two and three story buildings in a landscaped setting and provide residents with a variety of amenities common to multifamily rental properties.

Operating Properties (including properties held through unconsolidated joint ventures)

The 172 operating properties in which we owned interests and operated at December 31, 2015 averaged 949 square feet of living area per apartment home. For the year ended December 31, 2015, no single operating property accounted for greater than 1.7% of our total revenues. Our operating properties had a weighted average occupancy rate of approximately 96% for each of the years ended December 31, 2015 and 2014, and an average monthly rental revenue per apartment home of $1,302 and $1,230 for the years ended December 31, 2015 and 2014, respectively. Resident lease terms generally range from six to fifteen months. At December 31, 2015, 152 of our operating properties had over 200 apartment homes, with the largest having 1,005 apartment homes. Our operating properties have an average age of 12 years. Our operating properties were constructed and placed in service as follows:



Year Placed in Service	Number of Operating Properties
2011-2015	22
2006-2010	38
2001-2005	31
1996-2000	47
1991-1995	17
1986-1990	12
Prior to 1986	5

Property Table

The following table sets forth information with respect to our 172 operating properties at December 31, 2015:



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2015 Average Occupancy (1)		2015 Average Monthly Rental Rate per Apartment (2)
ARIZONA
Phoenix/Scottsdale
Camden Copper Square	2000	786	332	95.5	%	$	1,035
Camden Foothills (3)	2014	1,032	220	93.7		1,422
Camden Hayden (3)	2015	1,043	234	92.0		1,486
Camden Legacy	1996	1,067	428	95.3		1,095
Camden Montierra	1999	1,071	249	96.4		1,236
Camden Pecos Ranch	2001	924	272	96.1		951
Camden San Marcos	1995	984	320	95.5		1,097
Camden San Paloma	1993/1994	1,042	324	96.2		1,107
Camden Sotelo	2008/2012	1,303	170	93.2		1,455
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley	2001	1,009	380	95.0		1,856
Camden Glendale (4)	2015	882	303	Lease-up		2,365
Camden Harbor View	2004	975	538	96.2		2,269
Camden Main and Jamboree (5)	2008	1,011	290	97.0		1,962
Camden Martinique	1986	794	714	94.1		1,584
Camden Parkside	1972	836	421	96.1		1,478
Camden Sea Palms	1990	891	138	96.4		1,747
San Diego/Inland Empire
Camden Landmark	2006	982	469	95.3		1,423
Camden Old Creek	2007	1,037	350	96.9		1,803
Camden Sierra at Otay Ranch	2003	962	422	95.7		1,702
Camden Tuscany	2003	896	160	96.7		2,339
Camden Vineyards	2002	1,053	264	96.2		1,383
COLORADO
Denver
Camden Belleview Station	2009	888	270	94.8		1,327
Camden Caley	2000	925	218	97.3		1,259
Camden Denver West	1997	1,015	320	95.4		1,476
Camden Flatirons (4)	2015	960	424	Lease-up		1,425
Camden Highlands Ridge	1996	1,149	342	95.3		1,509
Camden Interlocken	1999	1,010	340	96.7		1,401
Camden Lakeway	1997	932	451	96.2		1,306
WASHINGTON DC METRO
Camden Ashburn Farm	2000	1,062	162	96.2		1,508
Camden Clearbrook	2007	1,048	297	94.2		1,382
Camden College Park (5)	2008	942	508	93.6		1,546
Camden Dulles Station	2009	978	382	96.5		1,617



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2015 Average Occupancy (1)		2015 Average Monthly Rental Rate per Apartment (2)
Camden Fair Lakes	1999	1,056	530	96.6	%	$	1,688
Camden Fairfax Corner	2006	934	489	95.7		1,740
Camden Fallsgrove	2004	996	268	94.7		1,742
Camden Grand Parc	2002	674	105	96.4		2,400
Camden Lansdowne	2002	1,006	690	96.3		1,462
Camden Largo Town Center	2000/2007	1,027	245	94.1		1,593
Camden Monument Place	2007	856	368	95.9		1,518
Camden NoMa	2014	770	321	94.3		2,123
Camden Potomac Yard	2008	835	378	96.3		1,988
Camden Roosevelt	2003	856	198	94.8		2,589
Camden Russett	2000	992	426	95.7		1,445
Camden Silo Creek	2004	975	284	97.0		1,475
Camden South Capitol (6)	2013	821	276	94.1		2,092
Camden Summerfield	2008	957	291	95.8		1,628
Camden Summerfield II	2012	936	187	94.2		1,629
FLORIDA
Southeast Florida
Camden Aventura	1995	1,108	379	96.1		1,868
Camden Boca Raton (3)	2014	843	261	95.7		1,875
Camden Brickell	2003	937	405	97.3		1,993
Camden Doral	1999	1,120	260	96.7		1,793
Camden Doral Villas	2000	1,253	232	96.8		1,884
Camden Las Olas	2004	1,043	420	96.4		1,968
Camden Plantation	1997	1,201	502	97.0		1,502
Camden Portofino	1995	1,112	322	96.8		1,507
Orlando
Camden Hunter’s Creek	2000	1,075	270	96.9		1,185
Camden Lago Vista	2005	955	366	96.3		1,035
Camden LaVina	2012	970	420	94.9		1,121
Camden Lee Vista	2000	937	492	96.2		1,000
Camden Orange Court	2008	817	268	96.4		1,230
Camden Renaissance	1996/1998	899	578	94.8		916
Camden Town Square	2012	986	438	95.6		1,182
Camden Waterford Lakes (6)	2013	971	300	94.5		1,236
Camden World Gateway	2000	979	408	96.2		1,112
Tampa/St. Petersburg
Camden Bay	1997/2001	943	760	95.4		998
Camden Lakes	1982/1983	732	688	95.6		834
Camden Montague	2012	975	192	95.6		1,168
Camden Preserve	1996	942	276	95.7		1,230
Camden Royal Palms	2006	1,017	352	96.2		1,054
Camden Visconti (6)	2007	1,125	450	96.1		1,193
Camden Westchase Park	2012	993	348	95.3		1,298



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2015 Average Occupancy (1)		2015 Average Monthly Rental Rate per Apartment (2)
Camden Westshore	1986	728	278	96.7	%	$	971
Camden Woods	1986	1,223	444	96.6		966
GEORGIA
Atlanta
Camden Brookwood	2002	912	359	96.2		1,241
Camden Creekstone	2002	990	223	95.6		1,127
Camden Deerfield	2000	1,187	292	95.4		1,268
Camden Dunwoody	1997	1,007	324	96.1		1,160
Camden Fourth Ward	2014	847	276	95.2		1,551
Camden Midtown Atlanta	2001	935	296	94.4		1,287
Camden Paces (4)	2015	1,407	379	Lease-up		2,533
Camden Peachtree City	2001	1,027	399	95.4		1,143
Camden Phipps (6)	1996	1,018	234	96.2		1,472
Camden Shiloh	1999/2002	1,143	232	96.5		1,106
Camden St. Clair	1997	999	336	96.1		1,192
Camden Stockbridge	2003	1,009	304	95.8		858
Camden Vantage	2010	901	592	96.0		1,236
NEVADA
Las Vegas
Camden Bel Air	1988/1995	943	528	94.5		770
Camden Breeze	1989	846	320	95.5		789
Camden Canyon	1995	987	200	95.7		940
Camden Commons	1988	936	376	95.8		814
Camden Cove	1990	898	124	96.1		766
Camden Del Mar	1995	986	560	95.8		1,000
Camden Fairways	1989	896	320	95.4		939
Camden Hills	1991	439	184	95.6		543
Camden Legends	1994	792	113	96.1		862
Camden Palisades	1991	905	624	95.0		762
Camden Pines	1997	982	315	95.3		869
Camden Pointe	1996	983	252	95.8		780
Camden Summit	1995	1,187	234	95.5		1,154
Camden Tiara	1996	1,043	400	95.2		923
Camden Vintage	1994	978	368	95.3		749
NORTH CAROLINA
Charlotte
Camden Ballantyne	1998	1,045	400	96.2		1,189
Camden Cotton Mills	2002	905	180	96.4		1,439
Camden Dilworth	2006	857	145	97.1		1,386
Camden Fairview	1983	1,036	135	97.5		1,109
Camden Foxcroft	1979	940	156	96.3		955
Camden Grandview	2000	1,057	266	96.4		1,583
Camden Sedgebrook	1999	972	368	96.6		1,024



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2015 Average Occupancy (1)		2015 Average Monthly Rental Rate per Apartment (2)
Camden Simsbury	1985	874	100	96.9	%	$	1,091
Camden South End Square	2003	882	299	96.8		1,332
Camden Southline (4) (6)	2015	831	266	Lease-up		1,392
Camden Stonecrest	2001	1,098	306	96.7		1,237
Camden Touchstone	1986	899	132	97.1		926
Raleigh
Camden Asbury Village (6)	2009	1,009	350	96.3		1,083
Camden Crest	2001	1,013	438	93.0		972
Camden Governor’s Village	1999	1,046	242	94.8		964
Camden Lake Pine	1999	1,066	446	96.1		996
Camden Manor Park	2006	966	484	95.5		987
Camden Overlook	2001	1,060	320	96.1		1,117
Camden Reunion Park	2000/2004	972	420	94.6		867
Camden Westwood	1999	1,027	354	94.7		933
TEXAS
Austin
Camden Amber Oaks (6)	2009	862	348	95.9		990
Camden Amber Oaks II (6)	2012	910	244	95.2		1,080
Camden Brushy Creek (6)	2008	882	272	95.8		1,030
Camden Cedar Hills	2008	911	208	96.3		1,168
Camden Gaines Ranch	1997	955	390	95.9		1,302
Camden Huntingdon	1995	903	398	95.3		1,015
Camden La Frontera (3)	2015	901	300	95.3		1,108
Camden Lamar Heights (3)	2015	838	314	96.1		1,332
Camden Shadow Brook (6)	2009	909	496	95.9		1,068
Camden Stoneleigh	2001	908	390	95.7		1,168
Corpus Christi
Camden Breakers	1996	868	288	95.1		1,169
Camden Copper Ridge	1986	775	344	92.8		879
Camden Miramar (7)	1994-2014	494	1,005	73.8		1,074
Camden South Bay (6)	2007	1,055	270	95.3		1,262
Dallas/Fort Worth
Camden Addison	1996	942	456	96.0		1,047
Camden Belmont	2010/2012	945	477	95.4		1,379
Camden Buckingham	1997	919	464	96.6		1,085
Camden Centreport	1997	911	268	96.5		1,008
Camden Cimarron	1992	772	286	96.5		1,040
Camden Design District (6)	2009	939	355	96.9		1,306
Camden Farmers Market	2001/2005	932	904	95.5		1,190
Camden Henderson	2012	967	106	96.6		1,496
Camden Legacy Creek	1995	831	240	96.9		1,104
Camden Legacy Park	1996	871	276	96.5		1,119
Camden Panther Creek (6)	2009	946	295	95.8		1,109



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2015 Average Occupancy (1)		2015 Average Monthly Rental Rate per Apartment (2)
Camden Riverwalk (6)	2008	982	600	95.2	%	$	1,318
Camden Valley Park	1986	743	516	96.6		954
Houston
Camden City Centre	2007	932	379	95.7		1,649
Camden City Centre II	2013	868	268	96.7		1,718
Camden Cypress Creek (6)	2009	993	310	95.2		1,250
Camden Downs at Cinco Ranch (6)	2004	1,075	318	95.4		1,266
Camden Grand Harbor (6)	2008	959	300	94.8		1,186
Camden Greenway	1999	861	756	96.5		1,416
Camden Heights (6)	2004	927	352	95.0		1,547
Camden Holly Springs	1999	934	548	94.6		1,251
Camden Midtown	1999	844	337	95.3		1,701
Camden Northpointe (6)	2008	940	384	95.8		1,091
Camden Oak Crest	2003	870	364	95.4		1,114
Camden Park	1995	866	288	94.0		1,097
Camden Plaza	2007	915	271	96.6		1,572
Camden Post Oak	2003	1,200	356	92.6		2,581
Camden Royal Oaks	2006	923	236	97.7		1,280
Camden Royal Oaks II	2012	1,054	104	95.6		1,489
Camden Spring Creek (6)	2004	1,080	304	94.5		1,236
Camden Stonebridge	1993	845	204	94.8		1,101
Camden Sugar Grove	1997	921	380	95.3		1,126
Camden Travis Street	2010	819	253	96.0		1,609
Camden Vanderbilt	1996/1997	863	894	95.4		1,459
Camden Whispering Oaks	2008	934	274	95.0		1,269
Camden Woodson Park (6)	2008	916	248	96.3		1,161
Camden Yorktown (6)	2008	995	306	94.8		1,182


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


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


(3)	Development property stabilized during 2015—average occupancy calculated from date at which occupancy exceeded 90% through December 31, 2015.


(4)	Property under lease-up at December 31, 2015.


(5)	Property 100% owned at December 31, 2015. We previously owned the property through a fully consolidated joint venture in which we owned a 99.9% interest. We purchased the remaining interest from an unaffiliated third party in 2015.


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


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

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