Item 2. Properties

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Item 2. Properties

The Properties

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

Operating Properties (including properties held through unconsolidated joint ventures)

The 152 operating properties in which we owned interests and operated at December 31, 2016 averaged 953 square feet of living area per apartment home. For the year ended December 31, 2016, no single operating property accounted for greater than 1.7% of our total revenues. Our operating properties had a weighted average occupancy rate of approximately 95% and 96% for each of the years ended December 31, 2016 and 2015, respectively, and an average monthly rental revenue per apartment home of $1,405 and $1,342 for the same periods, respectively. Resident lease terms generally range from six to eighteen months. At December 31, 2016, 137 of our operating properties had over 200 apartment homes, with the largest having 1,005 apartment homes. Our operating properties have an average age of 12 years. Our operating properties were constructed and placed in service as follows:



Year Placed in Service	Number of Operating Properties
2012-2016	24
2007-2011	30
2002-2006	32
1997-2001	42
1992-1996	16
Prior to 1991	8

Property Table

The following table sets forth information with respect to our 152 operating properties at December 31, 2016:



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2016 Average Occupancy (1)		2016 Average Monthly Rental Rate per Apartment (2)
ARIZONA
Phoenix/Scottsdale
Camden Chandler (3)	2015	1,146	380	94.1	%	$	1,310
Camden Copper Square	2000	786	332	95.7		1,084
Camden Foothills	2014	1,032	220	92.7		1,490
Camden Hayden	2015	1,043	234	90.6		1,384
Camden Legacy	1996	1,067	428	95.4		1,144
Camden Montierra	1999	1,071	249	95.7		1,266
Camden Pecos Ranch	2001	924	272	95.1		1,002
Camden San Marcos	1995	984	320	95.2		1,144
Camden San Paloma	1993/1994	1,042	324	95.5		1,153
Camden Sotelo	2008/2012	1,303	170	93.2		1,461
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley	2001	1,009	380	95.7		1,916
Camden Glendale (3)	2015	882	303	95.0		2,241
Camden Harbor View	2004	981	546	95.6		2,412
Camden Main and Jamboree	2008	1,011	290	96.2		2,026
Camden Martinique	1986	795	714	94.8		1,646
Camden Sea Palms	1990	891	138	96.0		1,844
The Camden (4)	2016	768	287	Lease-up		3,064
San Diego/Inland Empire
Camden Landmark	2006	982	469	94.6		1,486
Camden Old Creek	2007	1,037	350	95.5		1,916
Camden Sierra at Otay Ranch	2003	962	422	95.2		1,795
Camden Tuscany	2003	896	160	95.9		2,485
Camden Vineyards	2002	1,053	264	96.0		1,501
COLORADO
Denver
Camden Belleview Station	2009	888	270	94.2		1,374
Camden Caley	2000	925	218	96.0		1,328
Camden Denver West	1997	1,015	320	95.3		1,566
Camden Flatirons (3)	2015	960	424	95.0		1,460
Camden Highlands Ridge	1996	1,149	342	95.3		1,583
Camden Interlocken	1999	1,010	340	95.8		1,470
Camden Lakeway	1997	932	451	95.5		1,399
WASHINGTON DC METRO
Camden Ashburn Farm	2000	1,062	162	96.0		1,542
Camden College Park	2008	942	508	93.0		1,524
Camden Dulles Station	2009	978	382	96.3		1,628
Camden Fair Lakes	1999	1,056	530	95.8		1,715



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2016 Average Occupancy (1)		2016 Average Monthly Rental Rate per Apartment (2)
Camden Fairfax Corner	2006	934	489	95.6	%	$	1,773
Camden Fallsgrove	2004	996	268	95.5		1,735
Camden Grand Parc	2002	674	105	97.0		2,417
Camden Lansdowne	2002	1,006	690	95.8		1,483
Camden Largo Town Center	2000/2007	1,027	245	94.0		1,616
Camden Monument Place	2007	856	368	95.4		1,524
Camden NoMa	2014	770	321	95.0		2,185
Camden Potomac Yard	2008	835	378	95.5		1,972
Camden Roosevelt	2003	856	198	95.6		2,630
Camden Russett	2000	992	426	94.9		1,451
Camden Silo Creek	2004	975	284	96.1		1,475
Camden South Capitol (5)	2013	821	281	94.3		2,130
FLORIDA
Southeast Florida
Camden Aventura	1995	1,108	379	95.8		1,959
Camden Boca Raton	2014	843	261	95.3		1,945
Camden Brickell	2003	937	405	96.5		2,059
Camden Doral	1999	1,120	260	96.9		1,868
Camden Doral Villas	2000	1,253	232	96.4		1,992
Camden Las Olas	2004	1,043	420	96.3		2,031
Camden Plantation	1997	1,201	502	96.8		1,591
Camden Portofino	1995	1,112	322	96.4		1,598
Orlando
Camden Hunter’s Creek	2000	1,075	270	97.0		1,278
Camden Lago Vista	2005	955	366	96.4		1,130
Camden LaVina	2012	970	420	95.3		1,179
Camden Lee Vista	2000	937	492	96.9		1,082
Camden Orange Court	2008	817	268	95.1		1,288
Camden Town Square	2012	986	438	96.2		1,241
Camden Waterford Lakes (5)	2013	971	300	94.9		1,311
Camden World Gateway	2000	979	408	96.3		1,177
Tampa/St. Petersburg
Camden Bay	1997/2001	943	760	95.6		1,072
Camden Montague	2012	975	192	95.4		1,216
Camden Preserve	1996	942	276	95.6		1,298
Camden Royal Palms	2006	1,017	352	96.2		1,110
Camden Visconti (5)	2007	1,125	450	95.6		1,255
Camden Westchase Park	2012	992	348	95.4		1,347
GEORGIA
Atlanta
Camden Brookwood	2002	912	359	96.2		1,288
Camden Creekstone	2002	990	223	95.6		1,200
Camden Deerfield	2000	1,187	292	95.1		1,324



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2016 Average Occupancy (1)		2016 Average Monthly Rental Rate per Apartment (2)
Camden Dunwoody	1997	1,007	324	97.0	%	$	1,219
Camden Fourth Ward	2014	847	276	96.2		1,590
Camden Midtown Atlanta	2001	935	296	94.3		1,349
Camden Paces (3)	2015	1,407	379	94.2		2,498
Camden Peachtree City	2001	1,027	399	95.5		1,198
Camden Phipps (5)	1996	1,018	234	94.6		1,467
Camden Shiloh	1999/2002	1,143	232	96.4		1,176
Camden St. Clair	1997	999	336	95.5		1,234
Camden Stockbridge	2003	1,009	304	94.9		926
Camden Vantage	2010	901	592	95.8		1,286
NORTH CAROLINA
Charlotte
Camden Ballantyne	1998	1,048	400	95.5		1,215
Camden Cotton Mills	2002	905	180	96.0		1,448
Camden Dilworth	2006	857	145	96.2		1,431
Camden Fairview	1983	1,036	135	96.6		1,135
Camden Foxcroft	1979	940	156	96.3		994
Camden Foxcroft II (6)	1985	874	100	96.5		1,605
Camden Grandview	2000	1,059	266	95.2		1,065
Camden Sedgebrook	1999	972	368	96.4		1,100
Camden South End	2003	882	299	96.4		1,345
Camden Southline (3) (5)	2015	831	266	95.7		1,414
Camden Stonecrest	2001	1,098	306	95.9		1,263
Camden Touchstone	1986	899	132	96.6		978
Raleigh
Camden Asbury Village (5)	2009	1,009	350	95.4		1,118
Camden Crest	2001	1,013	438	93.8		975
Camden Governor’s Village	1999	1,046	242	96.1		1,001
Camden Lake Pine	1999	1,066	446	95.3		1,041
Camden Manor Park	2006	966	484	96.0		1,014
Camden Overlook	2001	1,060	320	95.8		1,156
Camden Reunion Park	2000/2004	972	420	94.1		918
Camden Westwood	1999	1,027	354	94.4		985
TEXAS
Austin
Camden Amber Oaks (5)	2009	862	348	95.3		1,043
Camden Amber Oaks II (5)	2012	910	244	95.6		1,112
Camden Brushy Creek (5)	2008	882	272	95.8		1,091
Camden Cedar Hills	2008	911	208	95.8		1,220
Camden Gaines Ranch	1997	955	390	96.3		1,348
Camden Huntingdon	1995	903	398	95.5		1,071
Camden La Frontera	2015	901	300	94.9		1,186
Camden Lamar Heights	2015	838	314	94.6		1,436



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2016 Average Occupancy (1)		2016 Average Monthly Rental Rate per Apartment (2)
Camden Shadow Brook (5)	2009	909	496	95.6	%	$	1,117
Camden Stoneleigh	2001	908	390	95.8		1,208
Corpus Christi
Camden Breakers	1996	868	288	93.5		1,155
Camden Copper Ridge	1986	775	344	92.0		875
Camden Miramar (7)	1994-2014	494	1,005	73.7		1,112
Camden South Bay (5)	2007	1,055	270	93.8		1,260
Dallas/Fort Worth
Camden Addison	1996	942	456	96.8		1,125
Camden Belmont	2010/2012	945	477	95.8		1,431
Camden Buckingham	1997	919	464	95.9		1,151
Camden Centreport	1997	911	268	96.6		1,058
Camden Cimarron	1992	772	286	96.7		1,113
Camden Design District (5)	2009	939	355	96.4		1,351
Camden Farmers Market	2001/2005	932	904	95.5		1,260
Camden Henderson	2012	967	106	95.9		1,540
Camden Legacy Creek	1995	831	240	96.7		1,176
Camden Legacy Park	1996	871	276	97.3		1,177
Camden Panther Creek (5)	2009	946	295	95.6		1,160
Camden Riverwalk (5)	2008	982	600	94.7		1,352
Camden Valley Park	1986	743	516	96.5		1,029
Camden Victory Park (4)	2016	861	423	Lease-Up		1,696
Houston
Camden City Centre	2007	932	379	93.1		1,592
Camden City Centre II	2013	868	268	94.7		1,652
Camden Cypress Creek (5)	2009	993	310	93.9		1,237
Camden Downs at Cinco Ranch (5)	2004	1,075	318	93.7		1,242
Camden Grand Harbor (5)	2008	959	300	94.0		1,167
Camden Greenway	1999	861	756	95.0		1,408
Camden Heights (5)	2004	927	352	93.8		1,515
Camden Holly Springs	1999	934	548	92.9		1,249
Camden Midtown	1999	844	337	91.9		1,652
Camden Northpointe (5)	2008	940	384	94.6		1,104
Camden Oak Crest	2003	870	364	93.7		1,133
Camden Park	1995	866	288	93.7		1,105
Camden Plaza	2007	915	271	95.1		1,573
Camden Post Oak	2003	1,200	356	91.6		2,537
Camden Royal Oaks	2006	923	236	93.0		1,303
Camden Royal Oaks II	2012	1,054	104	90.3		1,512
Camden Spring Creek (5)	2004	1,080	304	93.6		1,227
Camden Stonebridge	1993	845	204	93.8		1,120
Camden Sugar Grove	1997	921	380	93.8		1,156
Camden Travis Street	2010	819	253	93.8		1,552



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2016 Average Occupancy (1)		2016 Average Monthly Rental Rate per Apartment (2)
Camden Vanderbilt	1996/1997	863	894	94.6	%	$	1,460
Camden Whispering Oaks	2008	934	274	93.5		1,238
Camden Woodson Park (5)	2008	916	248	94.4		1,173
Camden Yorktown (5)	2008	995	306	93.9		1,161


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


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


(3)	Development property stabilized during 2016—average occupancy calculated from date at which occupancy exceeded 90% through December 31, 2016.


(4)	Property under lease-up at December 31, 2016.


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


(6)	Formerly known as Camden Simsbury.


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

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