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, as well as high-rise buildings, and provide residents with a variety of amenities common to multifamily rental properties.

Operating Properties (including properties held through unconsolidated joint ventures)

The 155 operating properties in which we owned interests and operated at December 31, 2017 averaged 957 square feet of living area per apartment home. For the year ended December 31, 2017, no single operating property accounted for greater than 1.6% of our total revenues. Our stabilized operating properties had a weighted average occupancy rate of approximately 95% for each of the years ended December 31, 2017 and 2016, and an average monthly rental revenue per apartment home of $1,447 and $1,405 for the same periods, respectively. Resident lease terms generally range from six to eighteen months. At December 31, 2017, 140 of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes. Our operating properties have an average age of 13 years and were constructed and placed in service as follows:



Year Placed in Service	Number of Operating Properties
2013-2017	21
2008-2012	31
2003-2007	28
1998-2002	40
1993-1997	26
Prior to 1993	9

Property Table

The following table sets forth information with respect to our 155 operating properties at December 31, 2017:



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2017 Average Occupancy (1)		2017 Average Monthly Rental Rate per Apartment (2)
ARIZONA
Phoenix/Scottsdale
Camden Chandler	2016	1,146	380	92.6	%	$	1,307
Camden Copper Square	2000	786	332	95.0		1,110
Camden Foothills	2014	1,032	220	95.3		1,533
Camden Hayden	2015	1,043	234	94.5		1,435
Camden Legacy	1996	1,067	428	95.7		1,203
Camden Montierra	1999	1,071	249	96.1		1,290
Camden Pecos Ranch	2001	924	272	95.8		1,054
Camden San Marcos	1995	984	320	95.7		1,175
Camden San Paloma	1993/1994	1,042	324	96.2		1,192
Camden Sotelo	2008/2012	1,303	170	94.4		1,474
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley	2001	1,009	380	96.2		2,000
Camden Glendale	2015	882	303	93.9		2,236
Camden Harbor View	2004	981	546	95.5		2,526
Camden Main and Jamboree	2008	1,011	290	96.4		2,075
Camden Martinique	1986	795	714	95.3		1,720
Camden Sea Palms	1990	891	138	95.2		2,003
The Camden (3)	2016	768	287	93.7		3,099
San Diego/Inland Empire
Camden Landmark	2006	982	469	94.3		1,557
Camden Old Creek	2007	1,037	350	96.0		2,032
Camden Sierra at Otay Ranch	2003	962	422	95.6		1,867
Camden Tuscany	2003	896	160	96.2		2,569
Camden Vineyards	2002	1,053	264	96.1		1,617
COLORADO
Denver
Camden Belleview Station	2009	888	270	95.5		1,409
Camden Caley	2000	925	218	96.0		1,402
Camden Denver West	1997	1,015	320	95.1		1,627
Camden Flatirons	2015	960	424	95.3		1,524
Camden Highlands Ridge	1996	1,149	342	95.6		1,653
Camden Interlocken	1999	1,010	340	96.1		1,517
Camden Lakeway	1997	932	451	95.4		1,464
Camden Lincoln Station (3)	2017	844	267	94.8		1,523
WASHINGTON DC METRO
Camden Ashburn Farm	2000	1,062	162	94.4		1,631
Camden College Park	2008	942	508	95.2		1,554



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2017 Average Occupancy (1)		2017 Average Monthly Rental Rate per Apartment (2)
Camden Dulles Station	2009	978	382	96.9	%	$	1,667
Camden Fair Lakes	1999	1,056	530	96.5		1,762
Camden Fairfax Corner	2006	934	489	96.6		1,826
Camden Fallsgrove	2004	996	268	95.2		1,743
Camden Grand Parc	2002	674	105	96.9		2,447
Camden Lansdowne	2002	1,006	690	95.5		1,533
Camden Largo Town Center	2000/2007	1,027	245	94.7		1,646
Camden Monument Place	2007	856	368	96.7		1,554
Camden NoMa	2014	770	321	94.7		2,217
Camden NoMa II (4)	2017	759	405	Lease-Up		2,356
Camden Potomac Yard	2008	835	378	95.1		1,977
Camden Roosevelt	2003	856	198	91.5		2,708
Camden Russett	2000	992	426	94.9		1,453
Camden Silo Creek	2004	975	284	96.4		1,511
Camden South Capitol (5)	2013	821	281	95.5		2,196
FLORIDA
Southeast Florida
Camden Aventura	1995	1,108	379	95.7		1,948
Camden Boca Raton	2014	843	261	95.1		1,946
Camden Brickell	2003	937	405	96.1		2,052
Camden Doral	1999	1,120	260	96.4		1,883
Camden Doral Villas	2000	1,253	232	96.3		2,013
Camden Las Olas	2004	1,043	420	96.4		2,051
Camden Plantation	1997	1,201	502	96.0		1,639
Camden Portofino	1995	1,112	322	95.5		1,669
Orlando
Camden Hunter’s Creek	2000	1,075	270	96.7		1,329
Camden Lago Vista	2005	955	366	96.0		1,210
Camden LaVina	2012	970	420	96.3		1,234
Camden Lee Vista	2000	937	492	97.0		1,152
Camden Orange Court	2008	817	268	95.9		1,324
Camden Town Square	2012	986	438	97.0		1,278
Camden Waterford Lakes (5)	2014	971	300	95.3		1,354
Camden World Gateway	2000	979	408	96.9		1,217
Tampa/St. Petersburg
Camden Bay	1997/2001	943	760	95.2		1,134
Camden Montague	2012	975	192	96.4		1,270
Camden Preserve	1996	942	276	96.0		1,347
Camden Royal Palms	2006	1,017	352	96.3		1,155
Camden Visconti (5)	2007	1,125	450	95.5		1,309
Camden Westchase Park	2012	992	348	95.9		1,377



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2017 Average Occupancy (1)		2017 Average Monthly Rental Rate per Apartment (2)
GEORGIA
Atlanta
Camden Brookwood	2002	912	359	96.6	%	$	1,323
Camden Buckhead Square	2015	827	250	93.1		1,604
Camden Creekstone	2002	990	223	96.2		1,265
Camden Deerfield	2000	1,187	292	95.1		1,347
Camden Dunwoody	1997	1,007	324	96.8		1,279
Camden Fourth Ward	2014	847	276	96.7		1,631
Camden Midtown Atlanta	2001	935	296	95.3		1,427
Camden Paces	2015	1,407	379	95.2		2,565
Camden Peachtree City	2001	1,027	399	95.0		1,266
Camden Phipps (5)	1996	1,018	234	96.0		1,502
Camden Shiloh	1999/2002	1,143	232	96.5		1,210
Camden St. Clair	1997	999	336	95.8		1,278
Camden Stockbridge	2003	1,009	304	95.5		999
Camden Vantage	2010	901	592	96.3		1,347
NORTH CAROLINA
Charlotte
Camden Ballantyne	1998	1,048	400	95.8		1,250
Camden Cotton Mills	2002	905	180	96.0		1,450
Camden Dilworth	2006	857	145	95.8		1,431
Camden Fairview	1983	1,036	135	96.7		1,152
Camden Foxcroft	1979	940	156	95.6		1,025
Camden Foxcroft II	1985	874	100	95.7		1,128
Camden Gallery (3)	2017	743	323	96.4		1,396
Camden Grandview	2000	1,059	266	94.7		1,636
Camden Sedgebrook	1999	972	368	95.9		1,092
Camden South End	2003	882	299	96.6		1,370
Camden Southline (5)	2015	831	266	95.3		1,499
Camden Stonecrest	2001	1,098	306	95.3		1,287
Camden Touchstone	1986	899	132	95.9		1,019
Raleigh
Camden Asbury Village (5)	2009	1,009	350	95.1		1,143
Camden Crest	2001	1,013	438	95.4		1,007
Camden Governor’s Village	1999	1,046	242	94.8		1,060
Camden Lake Pine	1999	1,066	446	95.0		1,098
Camden Manor Park	2006	966	484	95.0		1,048
Camden Overlook	2001	1,060	320	95.6		1,204
Camden Reunion Park	2000/2004	972	420	93.1		981
Camden Westwood	1999	1,027	354	92.6		1,040



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2017 Average Occupancy (1)		2017 Average Monthly Rental Rate per Apartment (2)
TEXAS
Austin
Camden Amber Oaks (5)	2009	862	348	95.5	%	$	1,069
Camden Amber Oaks II (5)	2012	910	244	96.1		1,130
Camden Brushy Creek (5)	2008	882	272	96.2		1,136
Camden Cedar Hills	2008	911	208	96.1		1,243
Camden Gaines Ranch	1997	955	390	96.5		1,371
Camden Huntingdon	1995	903	398	95.4		1,124
Camden La Frontera	2015	901	300	95.7		1,218
Camden Lamar Heights	2015	838	314	95.4		1,463
Camden Shadow Brook (5)	2009	909	496	95.4		1,135
Camden Stoneleigh	2001	908	390	96.0		1,222
Corpus Christi
Camden Breakers	1996	868	288	91.7		1,098
Camden Copper Ridge	1986	775	344	91.9		853
Camden South Bay (5)	2007	1,055	270	93.7		1,205
Dallas/Fort Worth
Camden Addison	1996	942	456	95.7		1,183
Camden Belmont	2010/2012	945	477	95.6		1,443
Camden Buckingham	1997	919	464	95.7		1,191
Camden Centreport	1997	911	268	96.8		1,135
Camden Cimarron	1992	772	286	96.0		1,162
Camden Design District (5)	2009	939	355	95.0		1,368
Camden Farmers Market	2001/2005	932	904	95.2		1,324
Camden Henderson	2012	967	106	94.6		1,551
Camden Legacy Creek	1995	831	240	96.4		1,234
Camden Legacy Park	1996	871	276	96.3		1,239
Camden Panther Creek (5)	2009	946	295	95.2		1,201
Camden Riverwalk (5)	2008	982	600	95.6		1,413
Camden Valley Park	1986	743	516	96.0		1,073
Camden Victory Park (3)	2016	861	423	93.6		1,583
Houston
Camden City Centre	2007	932	379	92.8		1,477
Camden City Centre II	2013	868	268	93.2		1,536
Camden Cypress Creek (5)	2009	993	310	95.0		1,230
Camden Downs at Cinco Ranch (5)	2004	1,075	318	93.7		1,227
Camden Grand Harbor (5)	2008	959	300	95.6		1,158
Camden Greenway	1999	861	756	95.4		1,363
Camden Heights (5)	2004	927	352	95.3		1,458
Camden Holly Springs	1999	934	548	93.1		1,194
Camden Midtown	1999	844	337	93.5		1,552
Camden Northpointe (5)	2008	940	384	95.0		1,079



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2017 Average Occupancy (1)		2017 Average Monthly Rental Rate per Apartment (2)
Camden Oak Crest	2003	870	364	94.3	%	$	1,101
Camden Park	1995	866	288	95.0		1,076
Camden Plaza	2007	915	271	95.7		1,530
Camden Post Oak	2003	1,200	356	93.7		2,451
Camden Royal Oaks	2006	923	236	90.9		1,300
Camden Royal Oaks II	2012	1,054	104	92.3		1,492
Camden Spring Creek (5)(6)	2004	1,080	304	90.9		1,162
Camden Stonebridge	1993	845	204	94.2		1,081
Camden Sugar Grove	1997	921	380	94.8		1,152
Camden Travis Street	2010	819	253	94.2		1,470
Camden Vanderbilt	1996/1997	863	894	95.9		1,414
Camden Whispering Oaks	2008	934	274	95.2		1,194
Camden Woodson Park (5)	2008	916	248	95.6		1,154
Camden Yorktown (5)	2008	995	306	95.6		1,146


(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 2017—average occupancy calculated from date at which occupancy exceeded 90% through December 31, 2017.


(4)	Property under lease-up at December 31, 2017.


(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)	Occupancy is based on habitable units and excludes approximately 75 apartment homes during the period the apartment homes were being restored as a result of flooding from Hurricane Harvey. As of November 8, 2017, these apartment homes are now restored and began leasing.

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