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, 2016 and 2015	F-2
Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2016, 2015, 2014	F-3
Consolidated Statements of Equity for the Years Ended December 31, 2016, 2015, and 2014	F-5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2016, 2015, and 2014	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

Exhibit No.		Description		Filed Herewith or Incorporated Herein by Reference (1)
4.4		Second Supplemental Indenture dated as of June 3, 2011 between the Company and U.S. Bank National Association, as successor to SunTrust Bank, as Trustee		Exhibit 4.3 to Form 8-K filed on June 3, 2011
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

Exhibit No.		Description		Filed Herewith or Incorporated Herein by Reference (1)
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
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

Exhibit No.		Description		Filed Herewith or Incorporated Herein by Reference (1)
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
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

Exhibit No.		Description		Filed Herewith or Incorporated Herein by Reference (1)
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
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 Heather J. Brunner, Scott S. Ingraham, Renu Khator, Lewis A. Levey, William B. McGuire, Jr., F. Gardner Parker, William F. Paulsen, Frances Aldrich Sevilla-Sacasa, 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 13, 2017				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 13, 2017
Richard J. Campo		Managers and Chief Executive Officer (Principal Executive Officer)
/s/ D. Keith Oden		President and Trust Manager		February 13, 2017
D. Keith Oden
/s/ Alexander J. Jessett		Executive Vice President - Finance,		February 13, 2017
Alexander J. Jessett		Chief Financial Officer and Treasurer (Principal Financial Officer)
/s/ Michael P. Gallagher		Senior Vice President - Chief Accounting		February 13, 2017
Michael P. Gallagher		Officer (Principal Accounting Officer)
*
Heather J. Brunner		Trust Manager		February 13, 2017
*
Scott S. Ingraham		Trust Manager		February 13, 2017
*
Renu Khator		Trust Manager		February 13, 2017
*
Lewis A. Levey		Trust Manager		February 13, 2017
*
William B. McGuire, Jr.		Trust Manager		February 13, 2017
*
F. Gardner Parker		Trust Manager		February 13, 2017
*
William F. Paulsen		Trust Manager		February 13, 2017
*
Frances Aldrich Sevilla-Sacasa		Trust Manager		February 13, 2017
*
Steven A. Webster		Trust Manager		February 13, 2017
*
Kelvin R. Westbrook		Trust Manager		February 13, 2017
*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, 2016 and 2015, 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, 2016. 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, 2016 and 2015, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2016, 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.

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, 2016, 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 13, 2017 expressed an unqualified opinion on the Company's internal control over financial reporting.

/s/ DELOITTE & TOUCHE LLP
Houston, Texas
February 13, 2017

F-1

CAMDEN PROPERTY TRUST

CONSOLIDATED BALANCE SHEETS

	December 31,
(in thousands, except per share amounts)	2016				2015
Assets
Real estate assets, at cost
Land	$	967,375			$	989,247
Buildings and improvements	5,967,023				5,911,432
	$	6,934,398			$	6,900,679
Accumulated depreciation	(1,890,656		)		(1,780,694		)
Net operating real estate assets	$	5,043,742			$	5,119,985
Properties under development, including land	442,292				486,918
Investments in joint ventures	30,254				33,698
Discontinued operations held for sale, including land	—				239,063
Total real estate assets	$	5,516,288			$	5,879,664
Accounts receivable – affiliates	24,028				25,100
Other assets, net	142,010				116,260
Short-term investments	100,000				—
Cash and cash equivalents	237,364				10,617
Restricted cash	8,462				5,971
Total assets	$	6,028,152			$	6,037,612
Liabilities and equity
Liabilities
Notes payable
Unsecured	$	1,583,236			$	1,824,930
Secured	897,352				899,757
Accounts payable and accrued expenses	137,813				133,353
Accrued real estate taxes	49,041				45,223
Distributions payable	69,161				64,275
Other liabilities	118,959				97,814
Total liabilities	$	2,855,562			$	3,065,352
Commitments and contingencies (Note 13)
Non-qualified deferred compensation share awards	77,037				79,364
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000 shares authorized; 100,694 and 100,636 issued; 97,818 and 97,571 outstanding at December 31, 2016 and 2015, respectively	978				976
Additional paid-in capital	3,678,277				3,662,864
Distributions in excess of net income attributable to common shareholders	(289,180		)		(458,577		)
Treasury shares, at cost (10,330 and 10,703 common shares, at December 31, 2016 and 2015, respectively)	(373,339		)		(386,793		)
Accumulated other comprehensive loss	(1,863		)		(1,913		)
Total common equity	$	3,014,873			$	2,816,557
Non-controlling interests	80,680				76,339
Total equity	$	3,095,553			$	2,892,896
Total liabilities and equity	$	6,028,152			$	6,037,612

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)	2016				2015				2014
Property revenues
Rental revenues	$	750,597			$	721,816			$	686,642
Other property revenues	125,850				113,802				103,621
Total property revenues	$	876,447			$	835,618			$	790,263
Property expenses
Property operating and maintenance	$	206,780			$	202,105			$	194,574
Real estate taxes	104,575				98,895				91,126
Total property expenses	$	311,355			$	301,000			$	285,700
Non-property income
Fee and asset management	$	6,864			$	6,999			$	9,832
Interest and other income	2,202				597				842
Income (loss) on deferred compensation plans	5,511				(264		)		3,937
Total non-property income	$	14,577			$	7,332			$	14,611
Other expenses
Property management	$	25,125			$	23,055			$	22,070
Fee and asset management	3,848				4,742				5,341
General and administrative	47,415				46,233				51,005
Interest	93,145				97,312				94,906
Depreciation and amortization	250,146				240,944				222,055
Expense (benefit) on deferred compensation plans	5,511				(264		)		3,937
Total other expenses	$	425,190			$	412,022			$	399,314
Gain on sale of operating properties, including land	295,397				104,288				159,289
Impairment associated with land holdings	—				—				(1,152		)
Equity in income of joint ventures	7,125				6,168				7,023
Income from continuing operations before income taxes	$	457,001			$	240,384			$	285,020
Income tax expense	(1,617		)		(1,872		)		(1,903		)
Income from continuing operations	$	455,384			$	238,512			$	283,117
Income from discontinued operations	7,605				19,750				18,197
Gain on sale of discontinued operations, net of tax	375,237				—				—
Net income	$	838,226			$	258,262			$	301,314
Less income allocated to non-controlling interests from continuing operations	(18,403		)		(8,947		)		(9,225		)
Net income attributable to common shareholders	$	819,823			$	249,315			$	292,089

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)	2016				2015				2014
Earnings per share – basic
Earnings per common share from continuing operations	$	4.81			$	2.55			$	3.08
Earnings per common share from discontinued operations	4.27				0.22				0.21
Total earnings per common share – basic	$	9.08			$	2.77			$	3.29
Earnings per share – diluted
Earnings per common share from continuing operations	$	4.79			$	2.54			$	3.06
Earnings per common share from discontinued operations	4.26				0.22				0.21
Total earnings per common share – diluted	$	9.05			$	2.76			$	3.27
Weighted average number of common shares outstanding – basic	89,580				89,120				88,084
Weighted average number of common shares outstanding – diluted	89,903				89,490				88,468
Net income attributable to common shareholders
Income from continuing operations	$	455,384			$	238,512			$	283,117
Less income allocated to non-controlling interests from continuing operations	(18,403		)		(8,947		)		(9,225		)
Income from continuing operations attributable to common shareholders	$	436,981			$	229,565			$	273,892
Income from discontinued operations, including gain on sale	$	382,842			$	19,750			$	18,197
Net income attributable to common shareholders	$	819,823			$	249,315			$	292,089
Consolidated Statements of Comprehensive Income
Net income	$	838,226			$	258,262			$	301,314
Other comprehensive income
Unrealized loss on cash flow hedging activities	—				—				(417		)
Unrealized gain (loss) and unamortized prior service cost on post retirement obligation	(80		)		357				(970		)
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation	130				149				74
Comprehensive income	$	838,276			$	258,768			$	300,001
Less income allocated to non-controlling interests from continuing operations	(18,403		)		(8,947		)		(9,225		)
Comprehensive income attributable to common shareholders	$	819,873			$	249,821			$	290,776

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, 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
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-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, 2015	$	976			$	3,662,864			$	(458,577	)		$	(386,793	)		$	(1,913	)		$	76,339			$	2,892,896
Net income									819,823												18,403				838,226
Other comprehensive income																	50								50
Net share awards					15,213								9,783												24,996
Employee share purchase plan					944								753												1,697
Common share options exercised (45 shares)					1,003								2,918												3,921
Change in classification of deferred compensation plan					(13,956		)																		(13,956		)
Change in redemption value of non-qualified share awards									(9,145		)														(9,145		)
Diversification of share awards within deferred compensation plan					11,931				13,497																25,428
Conversions and redemptions of operating partnership units (8 shares)					290																(370		)		(80		)
Cash distributions declared to equity holders ($7.25 per share)									(654,778		)										(13,692		)		(668,470		)
Other	2				(12		)																		(10		)
Equity, December 31, 2016	$	978			$	3,678,277			$	(289,180	)		$	(373,339	)		$	(1,863	)		$	80,680			$	3,095,553

See Notes to Consolidated Financial Statements.

F-6

CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
(in thousands)	2016				2015				2014
Cash flows from operating activities
Net income	$	838,226			$	258,262			$	301,314
Net income from discontinued operations, including gain on sale	(382,842		)		(19,750		)		(18,197		)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	250,146				240,944				222,055
Gain on sale of operating properties, including land	(295,397		)		(104,288		)		(159,289		)
Impairment associated with land holdings	—				—				1,152
Distributions of income from joint ventures	7,057				6,387				7,399
Equity in income of joint ventures	(7,125		)		(6,168		)		(7,023		)
Share-based compensation	20,123				17,674				15,552
Net change in operating accounts and other	281				(5,761		)		22,298
Net cash from continuing operating activities	$	430,469			$	387,300			$	385,261
Net cash from discontinued operating activities	12,594				35,938				33,267
Net cash from operating activities	$	443,063			$	423,238			$	418,528
Cash flows from investing activities
Development and capital improvements	$	(342,952	)		$	(411,799	)		$	(497,124	)
Acquisition of operating properties	—				—				(62,260		)
Proceeds from sales of operating properties, including land	515,754				145,044				237,625
Purchase of short-term investments	(100,000		)		—				—
Distributions from investments in joint ventures	3,512				2,512				6,350
Other	(6,994		)		(15,217		)		(4,945		)
Net cash from continuing investing activities	$	69,320			$	(279,460	)		$	(320,354	)
Proceeds from discontinued operations	622,982				—				—
Net cash from discontinued investing activities	(1,890		)		(13,775		)		(6,233		)
Net cash from investing activities	$	690,412			$	(293,235	)		$	(326,587	)

See Notes to Consolidated Financial Statements.

F-7

CAMDEN PROPERTY TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

	Year Ended December 31,
(in thousands)	2016				2015				2014
Cash flows from financing activities
Borrowings on unsecured credit facility and other short-term borrowings	$	1,305,000			$	1,466,000			$	2,246,000
Repayments on unsecured credit facility and other short-term borrowings	(1,549,000		)		(1,222,000		)		(2,246,000		)
Proceeds from notes payable	—				—				248,078
Repayment of notes payable	(3,077		)		(253,043		)		(36,340		)
Distributions to common shareholders and non-controlling interests	(663,363		)		(253,129		)		(236,514		)
Purchase of non-controlling interests	—				(9,500		)		—
Proceeds from issuance of common shares	—				—				66,225
Other	6,203				(1,559		)		2,033
Net cash from financing activities	$	(904,237	)		$	(273,231	)		$	43,482
Net increase (decrease) in cash, cash equivalents, and restricted cash	229,238				(143,228		)		135,423
Cash, cash equivalents, and restricted cash, beginning of year	16,588				159,816				24,393
Cash, cash equivalents, and restricted cash, end of year	$	245,826			$	16,588			$	159,816
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet
Cash and cash equivalents	$	237,364			$	10,617			$	153,918
Restricted cash	8,462				5,971				5,898
Total cash, cash equivalents, and restricted cash, end of year	245,826				16,588				159,816
Supplemental information
Cash paid for interest, net of interest capitalized	$	93,302			$	96,179			$	86,711
Cash paid for income taxes	2,424				1,889				1,658
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid	$	69,161			$	64,275			$	60,386
Value of shares issued under benefit plans, net of cancellations	19,006				18,336				19,310
Accrual associated with construction and capital expenditures	22,762				24,175				22,456

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, 2016, we owned interests in, operated, or were developing 159 multifamily properties comprised of 55,366 apartment homes across the United States. Of the 159 properties, seven properties were under construction, and will consist of a total of 2,573 apartment homes when completed. 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. In determining if we have a controlling financial interest, we consider factors such as ownership interests, authority to make decisions, kick-out rights and participating rights. At December 31, 2016, two of our consolidated operating partnerships are VIEs, of which we held between 92% and 94% of the outstanding common limited partnership units and the sole 1% general partnership interest of each consolidated operating partnership. As we are considered the primary beneficiary, we continue to consolidate these operating partnerships.

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. Upon our adoption of Accounting Standard Update 2017-01 ("ASU 2017-01") on January 1, 2017, as discussed below in Recent Accounting Pronouncements, we believe most future transaction costs relating to acquisition of operating assets will be capitalized. Prior to our adoption of ASU 2017-01 transaction costs associated with the acquisition of operating assets were expensed as incurred. 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.

Revenues recognized related to below market leases and amortization expense related to in-place leases for the years ended December 31, 2016, 2015 and 2014 are as follows:

		December 31,
(in millions)		2016				2015				2014
Revenues related to below market leases		$	—			$	0.1			$	0.2
Amortization of in-place leases		$	—			$	0.5			$	1.4

The weighted average amortization period of below market leases and in-place leases was approximately eight months and seven months for the years ended and December 31, 2015 and 2014, respectively. There were no below market leases or in-place leases during the year ended December 31, 2016.

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 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,

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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, 2016 or 2015. 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.

Short-term Investments. At December 31, 2016, our short-term investments consists of certificates of deposit which have original maturities of more than three months but less than one year. The carrying value of our short-term investments approximate their fair values due to the short-term nature of these investments.

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. As apartment homes within development properties are completed, the total capitalized development cost of each apartment home is transferred from properties under development including land to buildings and improvements.

As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $18.2 million, $19.3 million, and $22.2 million for the years ended December 31, 2016, 2015, and 2014, respectively. Capitalized real estate taxes were approximately $4.5 million, $3.6 million, and $4.4 million for the years ended December 31, 2016, 2015, and 2014, 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.

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

F-10

	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. A property is classified as a discontinued operation when the disposal represents a strategic shift, such as disposal of a major line of business, a major geographical area or a major equity investment. 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. Consolidated operating properties sold or classified as held for sale, which do not meet the above criteria of discontinued operations are not included in discontinued operations and the related gains and losses are included in continuing operations. 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.

See Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations," for discussion of discontinued operations for the year ended December 31, 2016, 2015 and 2014.

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.

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, 2016 and 2015, the carrying values of cash and cash equivalents, short-term investments, 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

F-11

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 eighteen 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, 2015 and 2014. These reclassifications had no impact on our consolidated cash flows from operating, investing or financing activities. Additionally, we adopted Accounting Standards Update 2016-18 ("ASU 2016-18"), "Statement of Cash Flows: Restricted Cash (a consensus of the Emerging Issues Task Force)." as of December 31, 2016. ASU 2016-18 requires the change in restricted cash to be reported with cash and cash equivalents when reconciling between beginning and ending amounts shown on our consolidated statement of cash flows, and is to be applied retrospectively for all periods presented. See Recent Accounting Pronouncements below for the impact of the reclassifications made in prior periods as a result of our adoption of ASU 2016-18.

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, 2016, we had one outstanding notes receivable balance of approximately $17.2 million and at December 31, 2015, we had two outstanding notes receivable balances of an aggregate of approximately $13.2 million. The weighted average interest rates were approximately 4.1% for each of the years ended December 31, 2016 and 2015, respectively, related to such notes. At December 31, 2016, we were also committed to funding an additional $0.8 million under the note. 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. 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, 2016 or 2015.

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

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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, 2016, 2015, and 2014.

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 the second quarter of 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09 (“ASU 2014-09”), "Revenue from Contracts with Customers." ASU 2014-09 prescribes a single, common revenue standard to replace most existing revenue recognition guidance in GAAP, including most industry-specific requirements. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. Several ASUs have been issued since the issuance of ASU 2014-09 which modify certain sections of the new revenue recognition standard, and are intended to promote a more consistent interpretation and application of the principles outlined in the standard. We will adopt ASU 2014-09 effective January 1, 2018 using the modified retrospective with cumulative-effect transition method. We have identified our revenue streams and are in the process of evaluating the impact on our consolidated financial statements and internal accounting processes; however, as the majority of our revenue is derived from real estate lease contracts we do not expect the adoption of ASU 2014-09 or related amendments and modifications by the FASB will have a material impact on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, "Leases" ("ASU 2016-02"). ASU 2016-02 supersedes the current accounting for leases and while retaining two distinct types of leases, finance and operating, (i) requires lessees to record a right of use asset and a related liability for the rights and obligations associated with a lease, regardless of lease classification, and recognize lease expense in a manner similar to current accounting, (ii) eliminates most real estate specific lease provisions, and, (iii) aligns many of the underlying lessor model principles with those in the new revenue standard. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within. Entities are required to use a modified retrospective approach when transitioning to ASU 2016-02 for leases that exist as of or are entered into after the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted and we plan to early adopt ASU 2016-02 as of January 1, 2018 in conjunction with the adoption of ASU 2014-09 discussed above. Based on a preliminary assessment, we expect most of our operating lease commitments will be subject to the new guidance and recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in an immaterial increase in the assets and liabilities on our consolidated balance sheets. We are continuing our evaluation, which may identify additional impacts this standard will have on our consolidated financial statements and related disclosures.

In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 amends several aspects of the accounting for share-based payment transactions, including the income tax consequences, accrual of compensation cost, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. The amendments in this standard must be applied prospectively, retrospectively, or as of the beginning of the earliest comparative period presented in the year of adoption, depending on the type of amendment. We adopted ASU 2016-09 as of January 1, 2017, and it will not have a material impact on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)." ASU 2016-15 clarifies how several specific cash receipts and cash payments are to be presented and classified on the statement of cash flows, including debt prepayment or debt extinguishment costs,

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settlement of zero-coupon debt instruments, contingent consideration made after a business combination, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of predominance principle. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. Each amendment in this standard must be applied prospectively, retrospectively, or as of the beginning of the earliest comparative period presented in the year of adoption, depending on the type of amendment. We expect to adopt ASU 2016-15 as of January 1, 2018, and we are currently evaluating the impact this standard may have on our consolidated financial statements upon adoption.

In November 2016, the FASB issued ASU 2016-18, which requires restricted cash to be presented with cash and cash equivalents when reconciling the beginning and ending amounts in the statements of cash flows. ASU 2016-18 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The update should be applied retrospectively to each period presented. We adopted ASU 2016-18 as of December 31, 2016. Prior to our adoption of ASU 2016-18, we reported the change in restricted cash within the investing activities in our consolidated statement of cash flows. As a result of our adoption of ASU 2016-18, cash and cash equivalents in our consolidated statements of cash flows increased by approximately $6.0 million and $5.9 million in 2015 and 2014, respectively, to reflect the restricted cash balances. Additionally, net cash used in investing activities decreased by approximately $0.1 million in 2015 and increased by approximately $0.7 million in 2014.

In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business (Topic 805)." ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The update should be applied prospectively. We adopted ASU 2017-01 as of January 1, 2017 and the adoption did not require any additional disclosures. We believe most of our future acquisitions of operating properties will qualify as asset acquisitions and most future transaction costs associated with these acquisitions will be capitalized.

F-14

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 2.4 million, 2.6 million, and 2.8 million for the years ended December 31, 2016, 2015, and 2014, 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)		2016				2015				2014
Earnings per common share calculation – basic
Income from continuing operations attributable to common shareholders		$	436,981			$	229,565			$	273,892
Amount allocated to participating securities		(6,304		)		(2,052		)		(2,687		)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		$	430,677			$	227,513			$	271,205
Discontinued operations, including gain on sale, attributable to common shareholders		382,842				19,750				18,197
Net income attributable to common shareholders – basic		$	813,519			$	247,263			$	289,402
Earnings per common share from continuing operations		$	4.81			$	2.55			$	3.08
Earnings per common share from discontinued operations		4.27				0.22				0.21
Total earnings per common share – basic		$	9.08			$	2.77			$	3.29
Weighted average number of common shares outstanding – basic		89,580				89,120				88,084

Earnings per common share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		$	430,677			$	227,513			$	271,205
Discontinued operations, including gain on sale, attributable to common shareholders		382,842				19,750				18,197
Net income attributable to common shareholders – diluted		$	813,519			$	247,263			$	289,402
Earnings per common share from continuing operations		$	4.79			$	2.54			$	3.06
Earnings per common share from discontinued operations		4.26				0.22				0.21
Total earnings per common share – diluted		$	9.05			$	2.76			$	3.27
Weighted average number of common shares outstanding – basic		89,580				89,120				88,084
Incremental shares issuable from assumed conversion of:
Common share options and share awards granted		323				370				384
Weighted average number of common shares outstanding – diluted		89,903				89,490				88,468

F-15

4. Common Shares

In November 2014, we created an at-the-market share offering program (the "ATM program") through which we can, but have no obligation to, sell common shares having an aggregate offering price of up to $331.3 million, 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 ATM program for general corporate purposes, which may include reducing future borrowings under our unsecured credit facility, 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. 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 ATM program. There were no shares sold during the years ended December 31, 2016 and 2015, and no shares have been sold through the date of this filing under the ATM program.

The following table presents activity under our 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

In January 2008, our Board of Trust Managers approved a plan to allow for the repurchase of up to $500.0 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, 2016, we had approximately 87.5 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.

In addition to our quarterly dividends, our Board of Trust Managers declared a special dividend of $4.25 per common share to our common shareholders of record as of September 23, 2016, consisting of gains on dispositions of assets completed in 2016, which was paid on September 30, 2016. We also paid equivalent amounts per unit to holders of the common operating partnership units.

5. Operating Partnerships

At December 31, 2016, approximately 4% 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, 2016, we held 92% of the outstanding common limited partnership units and the sole 1% general partnership interest of the operating partnership. The remaining common limited partnership units, 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 12 trust managers owns Camden Operating common limited partnership units.

At December 31, 2016, approximately 34% 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, 2016, we held 94% 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 12 trust managers own Camden Summit Partnership common limited partnership units.

F-16

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, 2016, 2015 and 2014 as income tax expense. Income taxes for the years ended December 31, 2016, 2015 and 2014, 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, 2016, 2015 and 2014 is set forth in the following table:

		Year Ended December 31,
		2016				2015				2014
Common Share Distributions
Ordinary income		$	—			$	1.88			$	1.23
Long-term capital gain		5.02				0.70				1.02
Unrecaptured Sec. 1250 gain		2.23				0.22				0.39
Total		$	7.25			$	2.80			$	2.64
Percentage of distributions representing tax preference items		0.34		%		3.73		%		4.17		%

We have taxable REIT subsidiaries which are subject to federal and state income taxes. At December 31, 2016, our taxable REIT subsidiaries had net operating loss carryforwards (“NOL’s”) of approximately $0.1 million which expire in years 2034 to 2036. 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, 2016 exceeded the tax basis by approximately $1.5 billion.

Income Tax Expense. For the tax year ended December 31, 2016 , we had income tax expense of approximately $1.6 million, and for each of the tax years ended December 31, 2015 and 2014, we had income tax expense of approximately $1.9 million. Income tax for the years ended December 31, 2016, 2015, and 2014 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, 2016, 2015, and 2014, 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 2013 through 2015. NOL's and other tax attributes generated in years prior to 2013 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.

F-17

7. Acquisitions, Dispositions, Impairment, and Discontinued Operations

Acquisitions of Land. During the year ended December 31, 2016, we acquired an aggregate of approximately 4.6 acres of land located in Denver, Colorado and Charlotte, North Carolina for approximately $19.9 million. The acquisition of 2.4 acres in Denver, Colorado in September 2016 was funded with cash on hand and from the use of $13.0 million which we had placed with a qualified intermediary in connection with a like-kind exchange related to the sale of one of the Las Vegas properties discussed below. All of the land parcels acquired in 2016 are currently in development as of December 31, 2016. 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.

Acquisition of Non-controlling Ownership Interest. We did not acquire any additional non-controlling ownership interest in 2016. 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, 2016, we sold approximately 6.3 acres of land adjacent to an operating property in Tampa, Florida for approximately $2.2 million and recognized a gain of approximately $0.4 million. 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. In 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, which represented the difference between the land holding’s carrying value and the sales price. During 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. During the year ended December 31, 2016, we sold one dual-phased property and six other operating properties comprised of an aggregate of 3,184 apartment homes with an average age of 24 years, located in Landover and Frederick, Maryland; Fullerton, California; and Tampa, Altamonte Springs, and St. Petersburg, Florida for an aggregate of approximately $523.4 million, and recognized a gain of approximately $294.9 million.

In 2015, we sold three operating properties, comprised of an aggregate of 1,376 apartment homes located in Brandon and Tampa, Florida and Austin, Texas for an aggregate of approximately $147.4 million and we recognized a gain of approximately $104.0 million relating to these property sales. 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 and Assets Held for Sale. In April 2016, we sold 15 operating properties, comprised of an aggregate of 4,918 apartment homes, with an average age of 23 years, a retail center and approximately 19.6 acres of land, all located in Las Vegas, Nevada, to an unaffiliated third party for an aggregate of approximately $630.0 million and recognized a gain of approximately $375.2 million, net of closing costs. We placed $13.0 million of the proceeds from this disposition with a qualified intermediary for use in a like-kind exchange and, in September 2016, the exchange was successfully completed with the Denver, Colorado land purchase described above. There were no additional discontinued operations during the years ended December 31, 2015 or 2014.

F-18

The operating properties, retail center, and land discussed above were classified as held for sale in the condensed consolidated balance sheet at December 31, 2015, and were made up of the following:

(in thousands)		December 31, 2015
Land		$	59,438
Buildings and improvements		373,419
		$	432,857
Accumulated depreciation		(197,996		)
Net operating real estate assets		$	234,861
Properties under development, including land		4,202
Discontinued operations held for sale, including land		$	239,063
Other assets related to properties held for sale		1,191
Total assets held for sale		$	240,254
Liabilities related to assets held for sale		$	1,654

The following is a summary of income from discontinued operations for the years ended December 31, 2016, 2015, and 2014 relating to the 15 operating properties and the retail center sold in April 2016:

		Years Ended December 31,
(in thousands)		2016				2015				2014
Property revenues		$	19,184			$	57,310			$	53,715
Property expenses		(6,898		)		(20,716		)		(19,608		)
		$	12,286			$	36,594			$	34,107
Property management expense		(242		)		(706		)		(619		)
Depreciation and amortization		(4,327		)		(16,138		)		(15,291		)
Income tax expense		(112)				—				—
Income from discontinued operations		$	7,605			$	19,750			$	18,197
Gain on sale of discontinued operations, net of tax		$	375,237			$	—			$	—

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, 2016 and 2015, and two Funds at December 31, 2014, with our ownership interest ranging from 20.0% to 31.3%. 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. We have a 20.0% ownership interest in this third fund, and it did not own any properties in 2016 or 2015. 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)	2016				2015
Total assets	$	726.9			$	748.0
Total third-party debt	518.7				527.0
Total equity	184.0				195.3

F-19

	2016				2015				2014
Total revenues	$	119.8			$	114.5			$	105.6
Gain on sale of operating properties, net of tax	—				—				18.5
Net income	14.8				12.0				26.9
Equity in income (1)	7.1				6.2				7.0

(1)	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 20.0% 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, 2016, 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 $5.3 million, $5.8 million, and $8.8 million for the years ended December 31, 2016, 2015, and 2014, 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.

F-20

9. Notes Payable

The following is a summary of our indebtedness:

		December 31,
(in millions)		2016				2015
Commercial banks
Unsecured credit facility		$	—			$	225.0
Unsecured short-term borrowings		—				19.0
		$	—			$	244.0
Senior unsecured notes (1)
5.83% Notes, due 2017		$	246.6			$	246.3
4.78% Notes, due 2021		248.4				248.0
3.15% Notes, due 2022		346.0				345.4
5.07% Notes, due 2023		247.2				246.8
4.36% Notes, due 2024		248.2				248.0
3.68% Notes, due 2024		246.8				246.4
		$	1,583.2			$	1,580.9
Total unsecured notes payable		1,583.2				1,824.9
Secured notes (1)
1.25% – 5.77% Conventional Mortgage Notes, due 2018 – 2045		866.7				867.4
Tax-exempt Mortgage Note, originally due 2028 (2.18% floating rate)		30.7				32.4
		897.4				899.8
Total notes payable		$	2,480.6			$	2,724.7
Other floating rate debt included in secured notes (1.25%)		$	175.0			$	175.0
Value of real estate assets, at cost, subject to secured notes		$	1,598.9			$	1,568.9

(1)	Unamortized debt discounts and debt issuance costs of $15.7 million and $18.6 million are included in senior unsecured and secured notes payable as of December 31, 2016 and 2015, respectively.

In August 2015, we amended and restated our $500 million unsecured credit 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, 2016, we had no balances outstanding on our $600 million credit facility and we had outstanding letters of credit totaling approximately $12.7 million, leaving approximately $587.3 million available under our credit facility.

At December 31, 2016 and 2015, we had outstanding floating rate debt of approximately $205.7 million and $451.4 million, respectively, which included our unsecured credit facility and unsecured short-term borrowings, and the weighted average interest rate on this debt was approximately 1.4% and 1.2% for the years ended December 31, 2016 and 2015, respectively.

Our indebtedness, which includes our unsecured credit facility, had a weighted average maturity of 4.9 years at December 31, 2016. 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, 2016:

F-21

(in millions)		Amount				Weighted Average Interest Rate
2017 (1)		$	276.0			5.4	%
2018		173.8				1.2
2019		643.2				5.4
2020 (2)		(1.1		)		—
2021		249.1				4.8
Thereafter (1)		1,139.6				4.0
Total		$	2,480.6			4.4	%

(1)	Subsequent to December 31, 2016, we gave notice of advance repayment on our tax-exempt secured note payable of approximately $30.7 million in February 2017, which was initially due to mature in 2028. This table reflects this repayment in 2017.

(2)	Includes amortization of debt discounts and debt issuance costs, net of scheduled principal payments.

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, 2016, approximately 3.6 million fungible units were available under the 2011 Share Plan, which results in approximately 1.1 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 0.2 million, 0.1 million and 0.4 million options were exercised during the years ended December 31, 2016, 2015, and 2014, respectively. The total intrinsic value of options exercised was approximately $8.9 million, $2.0 million, and $7.4 million during the years ended December 31, 2016, 2015 and 2014, respectively. At December 31, 2016, there was no unrecognized compensation cost related to unvested options. At December 31, 2016, all options outstanding were exercisable and had a weighted average remaining life of approximately 2.0 years.

F-22

The following table summarizes outstanding share options, all of which were exercisable, at December 31, 2016:

		Options Outstanding and Exercisable (1)
Exercise Prices		Number			Weighted Average Price
$30.06		65,460			$	30.06
$75.17		26,752			75.17
$85.05		12,854			85.05
Total options		105,066			$	48.27

(1)	The aggregate intrinsic value of options outstanding and exercisable at December 31, 2016 was approximately $3.8 million. The aggregate intrinsic value was calculated as the excess, if any, between our closing share price of $84.07 per share on December 31, 2016 and the strike price of the underlying award.

Options Granted and Valuation Assumptions. During the years ended December 31, 2016, 2015, and 2014, we granted approximately 12.9 thousand, 26.8 thousand and 84.5 thousand reload options, respectively. 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, 2016, 2015 and 2014 vested immediately. Approximately $0.1 million, $0.2 million and $0.3 million was expensed in 2016 and 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, 2016, 2015 and 2014:

		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014
Weighted average fair value of options granted		$6.71		$5.52 - $7.38		$3.55 - $8.17
Expected volatility		18.0%		16.5% - 18.8%		22.6% - 23.2%
Risk-free interest rate		0.9%		1.0% - 1.3%		0.1% - 1.1%
Expected dividend yield		3.8%		3.5% - 3.7%		3.5%
Expected life		3 years		3 years - 4 years		6 months - 4 years

Our computations of expected volatility for 2016, 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, 2016, the unamortized value of previously issued unvested share awards was approximately $25.7 million which is expected to be amortized over the next two years. The total fair value of shares vested during the years ended December 31, 2016, 2015 and 2014 was approximately $27.2 million, $19.2 million, and $17.1 million, respectively.

Total compensation cost for option and share awards charged against income was approximately $21.3 million, $18.6 million, and $16.0 million for 2016, 2015 and 2014, respectively. Total capitalized compensation cost for option and share awards was approximately $3.8 million, $3.5 million, and $2.7 million for 2016, 2015 and 2014, respectively.

F-23

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, 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
Balance at December 31, 2015	295,205			$	42.49			750,246			$	68.09
Granted	12,854			85.05				270,978			74.92
Exercised/Vested	(202,993	)		42.19				(398,492	)		68.16
Forfeited	—			—				(18,245	)		70.63
Total options and nonvested share awards outstanding at December 31, 2016	105,066			$	48.27			604,487			$	71.03

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:

	2016				2015				2014
Shares purchased	20,797				14,655				25,728
Weighted average fair value of shares purchased	$	82.33			$	74.66			$	71.19
Expense recorded (in millions)	$	0.4			$	0.2			$	0.5

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, 2016 and 2015, approximately 1.8 million share awards were held in the rabbi trust. Additionally, as of December 31, 2016 and 2015, the rabbi trust held trading securities totaling approximately $34.5 million and $37.1 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, 2016 and 2015, approximately $22.7 million and $23.6 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 Share Awards. 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.

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We credit to 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 1.1 million and 1.3 million share awards were held in the plan at December 31, 2016 and 2015, respectively. Additionally, as of December 31, 2016 and 2015, the plan held trading securities totaling approximately $59.5 million and $30.8 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 Amendment 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. Balances within temporary equity in our consolidated balance sheets relate to fully vested awards and the proportionate share of nonvested awards of participants within our Non-Qualified Deferred Compensation Plan who are permitted to diversify their shares into other equity securities.

The following table summarizes the eligible share award activity for the twelve months ended December 31:

(in thousands)		2016				2015
Temporary equity:
Balance at inception/beginning of period		$	79,364			$	68,134
Change in classification		13,956				10,999
Change in redemption value		9,145				3,788
Diversification of share awards		(25,428		)		(3,557		)
Balance at December 31		$	77,037			$	79,364

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, 2016, 2015 and 2014 was approximately $2.7 million, $2.6 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, 2016 and 2015 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, 2016																December 31, 2015
(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)	$	80.6			$	—			$	—			$	80.6			$	53.6			$	—			$	—			$	53.6

(1)

Approximately $8.3 million and $8.4 million of participant cash was withdrawn from our deferred compensation plan investments during the years ended December 31, 2016 and 2015, respectively. Approximately $25.4 million and $3.6 million of shares in the compensation plan were diversified into the deferred compensation plan investments during the nine months ended December 31, 2016 and the year ended December 31, 2015, 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, 2016 or 2015.

Financial Instrument Fair Value Disclosures. The following table presents the carrying and estimated fair values of our notes payable at December 31, 2016 and 2015, in accordance with the policies discussed in Note 2, "Summary of Significant Accounting Policies and Recent Accounting Pronouncements."

	December 31, 2016								December 31, 2015
(in millions)	Carrying Value				Estimated Fair Value				Carrying Value (1)				Estimated Fair Value
Fixed rate notes payable	$	2,274.9			$	2,347.0			$	2,273.3			$	2,358.8
Floating rate notes payable (1)	205.7				200.5				451.4				441.3

(1)	Includes balances outstanding under our unsecured credit facility and unsecured short-term borrowings at December 31, 2015.

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)	2016				2015				2014
Change in assets:
Other assets, net	$	(3,551	)		$	(1,687	)		$	(1,951	)
Change in liabilities:
Accounts payable and accrued expenses	(2,309		)		(15,478		)		19,342
Accrued real estate taxes	5,526				6,386				4,025
Other liabilities	(2,361		)		2,245				(1,701		)
Other	2,976				2,773				2,583
Change in operating accounts and other	$	281			$	(5,761	)		$	22,298

13. Commitments and Contingencies

Construction Contracts. As of December 31, 2016, we estimate the additional cost to complete the seven consolidated projects currently under construction to be approximately $240.6 million. We intend to fund this amount through a combination of one or more of the following: cash and cash equivalents, short-term investments, cash flows generated from operations, draws on our unsecured credit facility, 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, 2016, we had $0.6 million in refundable earnest money deposits for potential acquisitions of land which are included in other assets, net in our consolidated balance sheets.

Lease Commitments. At December 31, 2016, we had long-term leases covering certain land, office facilities and equipment. Rental expense totaled approximately $4.1 million, $3.4 million, and $3.0 million for the years ended December 31, 2016, 2015 and 2014, respectively. Minimum annual rental commitments for the years ending December 31, 2017 through 2021 are approximately $2.9 million, $2.7 million, $2.5 million, $2.5 million and $2.5 million, respectively, and approximately $8.6 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, 2016, we had employment agreements with 13 of our senior officers, the terms of which expire at various times through August 20, 2017. 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:

(in thousands)	2016				2015				2014
Net income attributable to common shareholders	$	819,823			$	249,315			$	292,089
Transfers from non-controlling interests:
Increase in equity for conversion of operating partnership units	290				86				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	$	820,113			$	239,921			$	292,141

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

F-27

15. Quarterly Financial Data (unaudited)

Summarized quarterly financial data, which has been adjusted for discontinued operations as discussed in Note 7, "Acquisitions, Dispositions, Impairment, and Discontinued Operations" for the years ended December 31, 2016 and 2015, is as follows:

(in thousands, except per share amounts)	First				Second				Third				Fourth				Total (a)
2016:
Revenues	$	217,595			$	221,478			$	220,235			$	217,139			$	876,447
Net income attributable to common shareholders	41,730				446,302				290,898				40,893				819,823
Net income attributable to common shareholders per share – basic	0.46				4.94			(b)	3.23			(c)	0.45				9.08
Net income attributable to common shareholders per share – diluted	0.46				4.92			(b)	3.21			(c)	0.45				9.05
2015:
Revenues	$	201,608			$	206,432			$	212,593			$	214,985			$	835,618
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			(d)	0.40				0.41				0.67			(e)	2.77
Net income attributable to common shareholders per share – diluted	1.27			(d)	0.40				0.41				0.67			(e)	2.76

(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 $32,235, or $0.36 basic and diluted per share, impact related to a gain on sale of one operating property.

(c)	Includes a $262,719, or $2.93 basic and $2.92 diluted per share, impact related to a gain on sale of one dual-phased operating property and five other operating properties.

(d)	Includes an $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.

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

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Camden Property Trust Real Estate and Accumulated Depreciation As of December 31, 2016 (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 Chandler	$	5,511			$	62,435			$	11			$	5,511			$	62,446			$	67,957			$	4,247			$	63,710							2016
Camden Copper Square	4,825				23,672				7,033				4,825				30,705				35,530				16,530				19,000								2000
Camden Foothills	11,006				33,712				1				11,006				33,713				44,719				3,381				41,338								2014
Camden Hayden	9,248				35,255				18				9,248				35,273				44,521				2,948				41,573								2015
Camden Legacy	4,068				26,612				12,341				4,068				38,953				43,021				23,323				19,698								1998
Camden Montierra	13,687				31,727				5,020				13,687				36,747				50,434				6,095				44,339								2012
Camden Pecos Ranch	3,362				24,492				4,836				3,362				29,328				32,690				6,611				26,079								2012
Camden San Marcos	11,520				35,166				5,445				11,520				40,611				52,131				6,921				45,210								2012
Camden San Paloma	6,480				23,045				8,925				6,480				31,970				38,450				15,154				23,296								2002
Camden Sotelo	3,376				30,576				802				3,376				31,378				34,754				3,965				30,789								2013
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley	9,381				54,210				9,377				9,381				63,587				72,968				29,769				43,199								2001
Camden Glendale	21,492				93,554				20				21,492				93,574				115,066				6,270				108,796								2015
Camden Harbor View	16,079				127,459				15,608				16,079				143,067				159,146				55,185				103,961				$	92,562			2003
Camden Main and Jamboree	17,363				75,387				1,394				17,363				76,781				94,144				16,182				77,962				47,573				2008
Camden Martinique	28,401				51,861				18,959				28,401				70,820				99,221				39,941				59,280				30,691				1998
Camden Sea Palms	4,336				9,930				3,961				4,336				13,891				18,227				8,110				10,117								1998
The Camden	18,286				115,376				3				18,286				115,379				133,665				3,189				130,476								2016
San Diego/Inland Empire
Camden Landmark	17,339				71,315				1,798				17,339				73,113				90,452				11,721				78,731								2012
Camden Old Creek	20,360				71,777				2,506				20,360				74,283				94,643				23,303				71,340								2007
Camden Sierra at Otay Ranch	10,585				49,781				5,091				10,585				54,872				65,457				23,362				42,095								2003
Camden Tuscany	3,330				36,466				4,423				3,330				40,889				44,219				16,895				27,324								2003
Camden Vineyards	4,367				28,494				3,137				4,367				31,631				35,998				14,234				21,764								2002
COLORADO
Denver
Camden Belleview Station	8,091				44,003				1,579				8,091				45,582				53,673				6,840				46,833								2012
Camden Caley	2,047				17,445				6,064				2,047				23,509				25,556				11,661				13,895				15,326				2000
Camden Denver West	6,396				51,552				7,835				6,396				59,387				65,783				8,016				57,767								2012
Camden Flatirons	$	6,849			$	72,493			$	20			$	6,849			$	72,513			$	79,362			$	6,833			$	72,529							2015
Camden Highlands Ridge	2,612				34,726				12,041				2,612				46,767				49,379				23,600				25,779								1996
Camden Interlocken	5,293				31,612				10,057				5,293				41,669				46,962				21,790				25,172				$	27,386			1999
Camden Lakeway	3,915				34,129				14,000				3,915				48,129				52,044				25,949				26,095				29,219				1997
WASHINGTON DC METRO
Camden Ashburn Farm	4,835				22,604				2,573				4,835				25,177				30,012				9,042				20,970								2005
Camden College Park	16,409				91,503				7,398				16,409				98,901				115,310				19,027				96,283								2008
Camden Dulles Station	10,807				61,548				3,376				10,807				64,924				75,731				18,163				57,568								2008
Camden Fair Lakes	15,515				104,223				10,403				15,515				114,626				130,141				40,501				89,640								2005
Camden Fairfax Corner	8,484				72,953				8,130				8,484				81,083				89,567				26,850				62,717								2006
Camden Fallsgrove	9,408				43,647				4,788				9,408				48,435				57,843				17,834				40,009								2005
Camden Grand Parc	7,688				35,900				2,401				7,688				38,301				45,989				13,396				32,593								2005
Camden Lansdowne	15,502				102,267				8,473				15,502				110,740				126,242				39,777				86,465								2005
Camden Largo Town Center	8,411				44,163				3,549				8,411				47,712				56,123				16,852				39,271								2005
Camden Monument Place	9,030				54,089				1,464				9,030				55,553				64,583				17,281				47,302								2007
Camden NoMa	19,442				82,302				51				19,442				82,353				101,795				10,455				91,340								2014
Camden Potomac Yard	16,498				88,317				1,478				16,498				89,795				106,293				26,233				80,060								2008
Camden Roosevelt	11,470				45,785				1,267				11,470				47,052				58,522				16,956				41,566								2005
Camden Russett	13,460				61,837				5,203				13,460				67,040				80,500				24,330				56,170				45,003				2005
Camden Silo Creek	9,707				45,301				2,245				9,707				47,546				57,253				17,040				40,213								2005
FLORIDA
Southeast Florida
Camden Aventura	12,185				47,616				11,393				12,185				59,009				71,194				22,702				48,492								2005
Camden Boca Raton	2,201				50,062				62				2,201				50,124				52,325				4,723				47,602								2014
Camden Brickell	14,621				57,031				11,728				14,621				68,759				83,380				25,949				57,431								2005
Camden Doral	10,260				40,416				6,527				10,260				46,943				57,203				16,683				40,520								2005
Camden Doral Villas	6,476				25,543				6,659				6,476				32,202				38,678				11,988				26,690								2005
Camden Las Olas	12,395				79,518				9,380				12,395				88,898				101,293				32,491				68,802								2005
Camden Plantation	6,299				77,964				8,533				6,299				86,497				92,796				31,702				61,094								2005
Camden Portofino	9,867				38,702				5,706				9,867				44,408				54,275				16,319				37,956								2005
Orlando
Camden Hunter's Creek	4,156				20,925				5,145				4,156				26,070				30,226				9,747				20,479								2005
Camden Lago Vista	$	3,497			$	29,623			$	4,481			$	3,497			$	34,104			$	37,601			$	12,642			$	24,959							2005
Camden LaVina	12,907				42,617				209				12,907				42,826				55,733				9,653				46,080								2012
Camden Lee Vista	4,350				34,643				6,117				4,350				40,760				45,110				21,084				24,026								2000
Camden Orange Court	5,319				40,733				2,636				5,319				43,369				48,688				12,631				36,057								2008
Camden Town Square	13,127				45,997				175				13,127				46,172				59,299				8,758				50,541								2012
Camden World Gateway	5,785				51,821				7,464				5,785				59,285				65,070				20,801				44,269								2005
Tampa/St. Petersburg
Camden Bay	7,450				63,283				12,145				7,450				75,428				82,878				37,207				45,671								1998/2002
Camden Montague	3,576				16,534				184				3,576				16,718				20,294				3,821				16,473								2012
Camden Preserve	1,206				17,982				7,447				1,206				25,429				26,635				14,567				12,068								1997
Camden Royal Palms	2,147				38,339				2,758				2,147				41,097				43,244				12,789				30,455								2007
Camden Westchase Park	11,955				36,254				169				11,955				36,423				48,378				7,287				41,091								2012
GEORGIA
Atlanta
Camden Brookwood	7,174				31,984				7,438				7,174				39,422				46,596				15,322				31,274				$	22,590			2005
Camden Creekstone	5,017				19,912				2,067				5,017				21,979				26,996				3,532				23,464								2012
Camden Deerfield	4,895				21,922				6,955				4,895				28,877				33,772				11,072				22,700				19,191				2005
Camden Dunwoody	5,290				23,642				8,056				5,290				31,698				36,988				12,410				24,578				21,136				2005
Camden Fourth Ward	10,477				51,258				462				10,477				51,720				62,197				4,810				57,387								2014
Camden Midtown Atlanta	6,196				33,828				9,290				6,196				43,118				49,314				15,596				33,718				20,534				2005
Camden Paces	15,262				102,377				124				15,262				102,501				117,763				8,789				108,974								2015
Camden Peachtree City	6,536				29,063				6,459				6,536				35,522				42,058				13,187				28,871								2005
Camden Shiloh	4,181				18,798				5,130				4,181				23,928				28,109				9,352				18,757				10,483				2005
Camden St. Clair	7,526				27,486				7,278				7,526				34,764				42,290				13,860				28,430				21,614				2005
Camden Stockbridge	5,071				22,693				3,837				5,071				26,530				31,601				10,234				21,367				14,311				2005
Camden Vantage	11,787				68,822				2,226				11,787				71,048				82,835				9,245				73,590								2013
NORTH CAROLINA
Charlotte
Camden Ballantyne	$	4,503			$	30,250			$	7,866			$	4,503			$	38,116			$	42,619			$	15,357			$	27,262			$	25,986			2005
Camden Cotton Mills	4,246				19,147				5,918				4,246				25,065				29,311				10,341				18,970								2005
Camden Dilworth	516				16,633				2,195				516				18,828				19,344				6,611				12,733				13,053				2006
Camden Fairview	1,283				7,223				3,939				1,283				11,162				12,445				5,098				7,347								2005
Camden Foxcroft	1,408				7,919				4,099				1,408				12,018				13,426				5,483				7,943								2005
Camden Foxcroft II	1,152				6,499				2,489				1,152				8,988				10,140				3,723				6,417								2005
Camden Grandview	7,570				33,859				8,128				7,570				41,987				49,557				16,267				33,290								2005
Camden Sedgebrook	5,266				29,211				7,003				5,266				36,214				41,480				14,502				26,978				21,274				2005
Camden South End Square	6,625				29,175				8,732				6,625				37,907				44,532				13,976				30,556								2005
Camden Stonecrest	3,941				22,021				5,776				3,941				27,797				31,738				11,479				20,259								2005
Camden Touchstone	1,203				6,772				2,925				1,203				9,697				10,900				4,581				6,319								2005
Raleigh
Camden Crest	4,412				31,108				5,551				4,412				36,659				41,071				13,417				27,654								2005
Camden Governor's Village	3,669				20,508				3,566				3,669				24,074				27,743				9,404				18,339				12,984				2005
Camden Lake Pine	5,746				31,714				8,333				5,746				40,047				45,793				15,924				29,869				26,172				2005
Camden Manor Park	2,535				47,159				2,448				2,535				49,607				52,142				17,650				34,492				29,631				2006
Camden Overlook	4,591				25,563				8,409				4,591				33,972				38,563				13,724				24,839								2005
Camden Reunion Park	3,302				18,457				6,037				3,302				24,494				27,796				9,797				17,999				19,931				2005
Camden Westwood	4,567				25,519				5,037				4,567				30,556				35,123				11,839				23,284				19,878				2005
TEXAS
Austin
Camden Cedar Hills	2,684				20,931				696				2,684				21,627				24,311				6,893				17,418								2008
Camden Gaines Ranch	5,094				37,100				9,595				5,094				46,695				51,789				17,738				34,051								2005
Camden Huntingdon	2,289				17,393				9,781				2,289				27,174				29,463				16,392				13,071								1995
Camden La Frontera	3,250				32,376				7				3,250				32,383				35,633				3,377				32,256								2015
Camden Lamar Heights	3,988				42,773				34				3,988				42,807				46,795				4,359				42,436								2015
Camden Stoneleigh	3,498				31,285				7,578				3,498				38,863				42,361				14,188				28,173								2006
Corpus Christi
Camden Breakers	1,055				13,024				9,004				1,055				22,028				23,083				13,403				9,680								1996
Camden Copper Ridge	1,204				9,180				8,508				1,204				17,688				18,892				13,757				5,135								1993
Camden Miramar	—				38,784				21,083				—				59,867				59,867				25,274				34,593								1994-2014
Dallas/Fort Worth
Camden Addison	$	11,516			$	29,332			$	7,250			$	11,516			$	36,582			$	48,098			$	8,298			$	39,800							2012
Camden Belmont	12,521				61,522				2,227				12,521				63,749				76,270				10,514				65,756								2012
Camden Buckingham	2,704				21,251				9,438				2,704				30,689				33,393				17,237				16,156								1997
Camden Centreport	1,613				12,644				6,240				1,613				18,884				20,497				10,497				10,000								1997
Camden Cimarron	2,231				14,092				7,115				2,231				21,207				23,438				13,663				9,775								1997
Camden Farmers Market	17,341				74,193				18,121				17,341				92,314				109,655				41,654				68,001				$	50,643			2001/2005
Camden Henderson	3,842				15,256				335				3,842				15,591				19,433				2,969				16,464								2012
Camden Legacy Creek	2,052				12,896				6,212				2,052				19,108				21,160				11,448				9,712								1997
Camden Legacy Park	2,560				15,449				7,279				2,560				22,728				25,288				13,368				11,920				13,843				1997
Camden Valley Park	3,096				14,667				13,924				3,096				28,591				31,687				26,535				5,152								1994
Camden Victory Park	13,445				71,113				2				13,445				71,115				84,560				2,432				82,128								2016
Houston
Camden City Centre	4,976				44,735				2,318				4,976				47,053				52,029				14,801				37,228				33,749				2007
Camden City Centre II	5,101				28,131				52				5,101				28,183				33,284				5,304				27,980								2013
Camden Greenway	16,916				43,933				18,563				16,916				62,496				79,412				33,584				45,828				52,320				1999
Camden Holly Springs	11,108				42,852				10,939				11,108				53,791				64,899				11,147				53,752								2012
Camden Midtown	4,583				18,026				9,292				4,583				27,318				31,901				15,458				16,443				28,020				1999
Camden Oak Crest	2,078				20,941				5,256				2,078				26,197				28,275				11,560				16,715				17,295				2003
Camden Park	4,922				16,453				4,906				4,922				21,359				26,281				4,359				21,922								2012
Camden Plaza	7,204				31,044				1,774				7,204				32,818				40,022				6,912				33,110				20,288				2007
Camden Post Oak	14,056				92,515				11,936				14,056				104,451				118,507				13,277				105,230								2013
Camden Royal Oaks	1,055				20,046				1,369				1,055				21,415				22,470				7,796				14,674								2006
Camden Royal Oaks II	587				12,743				16				587				12,759				13,346				2,760				10,586								2012
Camden Stonebridge	1,016				7,137				5,162				1,016				12,299				13,315				7,942				5,373								1993
Camden Sugar Grove	7,614				27,594				2,728				7,614				30,322				37,936				5,784				32,152								2012
Camden Travis Street	1,780				29,104				784				1,780				29,888				31,668				8,306				23,362				21,598				2010
Camden Vanderbilt	16,076				44,918				21,333				16,076				66,251				82,327				41,401				40,926				73,068				1994/1997
Camden Whispering Oaks	1,188				26,242				1,149				1,188				27,391				28,579				8,608				19,971								2008
Total current communities:	$	958,240			$	5,162,501			$	733,801			$	958,240			$	5,896,302			$	6,854,542			$	1,888,883			$	4,965,659			$	897,352
Communities under construction:
Name / location
Camden Gallery (1)Charlotte, NC					$	58,444											$	58,444			$	58,444			$	1,527			$	56,917							N/A
Camden Lincoln Station (1)Denver, CO					50,521												50,521				50,521				239				50,282								N/A
Camden NoMa II Washington, DC					99,254												99,254				99,254				—				99,254								N/A
Camden Shady Grove Rockville, MD					90,345												90,345				90,345				7				90,338								N/A
Camden McGowen Station Houston, TX					35,646												35,646				35,646				—				35,646								N/A
Camden Washingtonian Gaithersburg, MD					31,753												31,753				31,753				—				31,753								N/A
Camden North End I Phoenix, AZ					25,530												25,530				25,530				—				25,530								N/A
Total communities under construction:	$	—			$	391,493			$	—			$	—			$	391,493			$	391,493			$	1,773			$	389,720			$	—
Development pipeline communities:
Name/location
Camden Grandview II Charlotte, NC					$	6,073											$	6,073			$	6,073							$	6,073							N/A
Camden Buckhead Atlanta, GA					14,836												14,836				14,836								14,836								N/A
Camden RiNo Denver, CO					17,014												17,014				17,014								17,014								N/A
Camden Gallery II Charlotte, NC					998												998				998								998								N/A
Camden Arts District Los Angeles, CA					16,770												16,770				16,770								16,770								N/A
Camden Conte Houston, TX					22,422												22,422				22,422								22,422								N/A
Camden North End II Phoenix, AZ					11,457												11,457				11,457								11,457								N/A
Camden Atlantic Plantation, FL					14,224												14,224				14,224								14,224								N/A
Camden Paces III Atlanta, GA					11,127												11,127				11,127								11,127								N/A
Total development pipeline communities:	$	—			$	114,921			$	—			$	—			$	114,921			$	114,921			$	—			$	114,921			$	—
Land Holdings	$	—			$	11,058							$	—			$	11,058			$	11,058							$	11,058							N/A
Corporate	—				4,676								—				4,676				4,676								4,676								N/A
	$	—			$	15,734			$	—			$	—			$	15,734			$	15,734			$	—			$	15,734			$	—
TOTAL	$	958,240			$	5,684,649			$	733,801			$	958,240			$	6,418,450			$	7,376,690			$	1,890,656			$	5,486,034			$	897,352

(1)	Property is in lease-up at December 31, 2016. Balances presented here includes costs which are included in buildings and improvements and land on the consolidated balance sheet at December 31, 2016. These costs related to completed unit turns for these properties.

S-1

Camden Property Trust Real Estate and Accumulated Depreciation As of December 31, 2016 (in thousands)	Schedule III

The changes in total real estate assets as adjusted for discontinued operations for the years ended December 31:

	2016				2015				2014
Balance, beginning of period	$	7,387,597			$	6,998,233			$	6,655,139
Additions during period:
Acquisition of operating properties and unconsolidated joint ventures	—				—				61,736
Development and repositions	278,447				347,429				469,040
Improvements	65,892				66,640				52,000
Deductions during period:
Cost of real estate sold – other	(355,246		)		(24,705		)		(172,475		)
Classification to held for sale	—				—				(67,207		)
Balance, end of period	$	7,376,690			$	7,387,597			$	6,998,233
The changes in accumulated depreciation for the years ended December 31:
	2016				2015				2014
Balance, beginning of period	$	1,780,694			$	1,557,004			$	1,477,147
Depreciation of real estate assets	243,403				233,955				213,964
Dispositions	(133,441		)		(10,265		)		(94,043		)
Transfers to held for sale	—				—				(40,064		)
Balance, end of period	$	1,890,656			$	1,780,694			$	1,557,004

The aggregate cost for federal income tax purposes at December 31, 2016 was $6.2 billion.

S-2

Camden Property Trust Mortgage Loans on Real Estate As of December 31, 2016												Schedule IV
($ in thousands) Description		Interest Rate		Final Maturity Date		Periodic payment terms		Face amount of mortgages				Carry amount of mortgages (a)
Parking Garage Developer advances Houston, TX		(b)		(c)		(d)		$	18,000			$	17,224

(a)	The aggregate cost at December 31, 2016 for federal income tax purposes was approximately $17,224.

(b)	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.

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

(d)	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:

	2016				2015				2014
Balance, beginning of period	$	13,161			$	3,395			$	3,395
Additions:
Advances under real estate loans	7,458				9,766				—
Deductions:
Collections of principal and loan payoff	(3,395		)		—				—
Balance, end of period	$	17,224			$	13,161			$	3,395

S-3