Item 2. Properties

20K characters. Original on sec.gov · Markdown

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 161 operating properties in which we owned interests and operated at December 31, 2018 averaged 956 square feet of living area per apartment home. For the year ended December 31, 2018, 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 96% and 95% for the years ended December 31, 2018 and 2017, respectively, and an average monthly rental revenue per apartment home of $1,502 and $1,447 for the same periods, respectively. Resident lease terms generally range from twelve to fifteen months. At December 31, 2018, 146 of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes. Our operating properties were constructed and placed in service as follows:



Year Placed in Service	Number of Operating Properties
2014-2018	25
2009-2013	20
2004-2008	33
1999-2003	47
1994-1998	25
Prior to 1994	11

Property Table

The following table sets forth information with respect to our 161 operating properties at December 31, 2018:



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2018 Average Occupancy (1)		2018 Average Monthly Rental Rate per Apartment (2)
ARIZONA
Phoenix/Scottsdale
Camden Chandler	2016	1,146	380	94.9	%	$	1,372
Camden Copper Square	2000	786	332	94.9		1,155
Camden Foothills	2014	1,032	220	95.7		1,605
Camden Hayden	2015	1,043	234	94.5		1,476
Camden Legacy	1996	1,067	428	96.3		1,270
Camden Montierra	1999	1,071	249	97.1		1,332
Camden Pecos Ranch	2001	924	272	95.6		1,117
Camden San Marcos	1995	984	320	96.7		1,240
Camden San Paloma	1993/1994	1,042	324	97.0		1,256
Camden Sotelo	2008/2012	1,303	170	95.3		1,513
CALIFORNIA
Los Angeles/Orange County
Camden Crown Valley	2001	1,009	380	96.1		2,058
Camden Glendale	2015	882	303	94.4		2,273
Camden Harbor View	2004	981	546	95.6		2,607
Camden Main and Jamboree	2008	1,011	290	95.2		2,110
Camden Martinique	1986	795	714	95.6		1,776
Camden Sea Palms	1990	891	138	94.3		2,110
The Camden	2016	768	287	94.8		3,184
San Diego/Inland Empire
Camden Landmark	2006	982	469	95.3		1,622
Camden Old Creek	2007	1,037	350	95.1		2,134
Camden Sierra at Otay Ranch	2003	962	422	95.6		1,957
Camden Tuscany	2003	896	160	95.7		2,607
Camden Vineyards	2002	1,053	264	95.4		1,718
COLORADO
Denver
Camden Belleview Station	2009	888	270	95.9		1,452
Camden Caley	2000	925	218	95.5		1,463
Camden Denver West	1997	1,015	320	96.1		1,712
Camden Flatirons	2015	960	424	95.8		1,596
Camden Highlands Ridge	1996	1,149	342	93.2		1,731
Camden Interlocken	1999	1,010	340	94.8		1,604
Camden Lakeway	1997	932	451	94.4		1,535
Camden Lincoln Station	2017	844	267	95.0		1,545
WASHINGTON DC METRO
Camden Ashburn Farm	2000	1,062	162	96.1		1,683
Camden College Park	2008	942	508	95.9		1,565



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2018 Average Occupancy (1)		2018 Average Monthly Rental Rate per Apartment (2)
Camden Dulles Station	2009	978	382	96.6	%	$	1,718
Camden Fair Lakes	1999	1,056	530	96.8		1,807
Camden Fairfax Corner	2006	934	489	96.7		1,872
Camden Fallsgrove	2004	996	268	96.0		1,767
Camden Grand Parc	2002	672	105	95.9		2,490
Camden Lansdowne	2002	1,006	690	94.9		1,612
Camden Largo Town Center	2000/2007	1,027	245	94.1		1,668
Camden Monument Place	2007	856	368	96.7		1,597
Camden NoMa	2014	770	321	95.7		2,217
Camden NoMa II (3)	2017	759	405	95.1		2,310
Camden Potomac Yard (4)	2008	835	378	94.5		1,980
Camden Roosevelt	2003	856	198	93.3		2,788
Camden Russett	2000	992	426	95.2		1,475
Camden Shady Grove (5)	2018	877	457	Lease-Up		1,743
Camden Silo Creek	2004	975	284	96.2		1,606
Camden South Capitol (6)	2013	821	281	95.8		2,251
Camden Washingtonian (5)	2018	871	365	Lease-Up		1,764
FLORIDA
Southeast Florida
Camden Aventura	1995	1,108	379	96.3		1,951
Camden Boca Raton	2014	843	261	96.9		1,935
Camden Brickell (4)	2003	937	405	94.1		2,102
Camden Doral	1999	1,120	260	97.1		1,909
Camden Doral Villas	2000	1,253	232	97.4		2,036
Camden Las Olas (4)	2004	1,043	420	94.4		2,086
Camden Plantation	1997	1,201	502	96.6		1,674
Camden Portofino	1995	1,112	322	96.3		1,733
Orlando
Camden Hunter’s Creek	2000	1,075	270	96.7		1,396
Camden Lago Vista	2005	955	366	96.6		1,289
Camden LaVina	2012	970	420	96.7		1,300
Camden Lee Vista	2000	937	492	96.8		1,230
Camden North Quarter (7)	2016	806	333	94.9		1,541
Camden Orange Court	2008	817	268	95.7		1,362
Camden Thornton Park (7)	2016	920	299	92.2		1,925
Camden Town Square	2012	983	438	97.1		1,345
Camden Waterford Lakes (6)	2014	971	300	96.5		1,411
Camden World Gateway	2000	979	408	96.7		1,289
Tampa/St. Petersburg
Camden Bay	1997/2001	943	760	95.9		1,175
Camden Montague	2012	975	192	96.7		1,335
Camden Pier District (7)	2016	989	358	93.2		2,403
Camden Preserve	1996	942	276	94.7		1,402



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2018 Average Occupancy (1)		2018 Average Monthly Rental Rate per Apartment (2)
Camden Royal Palms	2006	1,017	352	96.5	%	$	1,197
Camden Visconti (6)	2007	1,125	450	95.8		1,345
Camden Westchase Park	2012	992	348	96.2		1,427
GEORGIA
Atlanta
Camden Brookwood	2002	912	359	96.8		1,358
Camden Buckhead Square	2015	827	250	95.0		1,555
Camden Creekstone	2002	990	223	95.5		1,326
Camden Deerfield	2000	1,187	292	96.1		1,395
Camden Dunwoody	1997	1,007	324	96.3		1,329
Camden Fourth Ward	2014	847	276	96.8		1,666
Camden Midtown Atlanta	2001	935	296	96.2		1,474
Camden Paces	2015	1,407	379	95.6		2,652
Camden Peachtree City	2001	1,027	399	95.2		1,277
Camden Phipps (6)	1996	1,018	234	95.9		1,528
Camden Shiloh	1999/2002	1,143	232	96.4		1,264
Camden St. Clair	1997	999	336	95.9		1,321
Camden Stockbridge	2003	1,009	304	95.4		1,066
Camden Vantage	2010	901	592	96.5		1,404
NORTH CAROLINA
Charlotte
Camden Ballantyne	1998	1,048	400	95.1		1,283
Camden Cotton Mills	2002	905	180	95.1		1,462
Camden Dilworth	2006	857	145	96.1		1,432
Camden Fairview	1983	1,036	135	96.6		1,173
Camden Foxcroft	1979	940	156	96.0		1,053
Camden Foxcroft II	1985	874	100	95.7		1,159
Camden Gallery	2017	743	323	95.7		1,507
Camden Grandview	2000	1,059	266	95.3		1,655
Camden Sedgebrook	1999	972	368	95.7		1,102
Camden South End	2003	882	299	95.3		1,398
Camden Southline (6)	2015	831	266	95.8		1,516
Camden Stonecrest	2001	1,098	306	95.1		1,294
Camden Touchstone	1986	899	132	96.5		1,059
Raleigh
Camden Asbury Village (6)	2009	1,009	350	95.6		1,187
Camden Crest	2001	1,013	438	95.9		1,034
Camden Governor’s Village	1999	1,046	242	95.5		1,085
Camden Lake Pine	1999	1,066	446	95.7		1,143
Camden Manor Park	2006	966	484	94.1		1,098
Camden Overlook	2001	1,060	320	95.6		1,236
Camden Reunion Park	2000/2004	972	420	94.9		1,027



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2018 Average Occupancy (1)		2018 Average Monthly Rental Rate per Apartment (2)
Camden Westwood	1999	1,027	354	94.7	%	$	1,072
TEXAS
Austin
Camden Amber Oaks (6)	2009	862	348	95.5		1,081
Camden Amber Oaks II (6)	2012	910	244	95.5		1,146
Camden Brushy Creek (6)	2008	882	272	96.3		1,151
Camden Cedar Hills	2008	911	208	96.2		1,260
Camden Gaines Ranch	1997	955	390	96.8		1,398
Camden Huntingdon	1995	903	398	96.2		1,144
Camden La Frontera	2015	901	300	95.5		1,218
Camden Lamar Heights	2015	838	314	95.8		1,477
Camden Shadow Brook (6)	2009	909	496	95.8		1,142
Camden Stoneleigh	2001	908	390	96.5		1,253
Corpus Christi
Camden Breakers	1996	868	288	93.1		1,109
Camden Copper Ridge	1986	775	344	92.1		860
Camden South Bay (6)	2007	1,055	270	93.6		1,232
Dallas/Fort Worth
Camden Addison	1996	942	456	95.3		1,235
Camden Belmont	2010/2012	945	477	95.4		1,441
Camden Buckingham	1997	919	464	95.1		1,209
Camden Centreport	1997	911	268	95.2		1,177
Camden Cimarron	1992	772	286	96.5		1,206
Camden Design District (6)	2009	939	355	94.9		1,382
Camden Farmers Market	2001/2005	932	904	95.1		1,352
Camden Henderson	2012	967	106	96.4		1,531
Camden Legacy Creek	1995	831	240	96.6		1,273
Camden Legacy Park	1996	871	276	96.1		1,270
Camden Panther Creek (6)	2009	946	295	95.2		1,229
Camden Riverwalk (6)	2008	982	600	95.5		1,453
Camden Valley Park	1986	743	516	95.4		1,082
Camden Victory Park (3)	2016	861	423	95.5		1,605
Houston
Camden City Centre	2007	932	379	94.9		1,456
Camden City Centre II	2013	868	268	95.1		1,505
Camden Cypress Creek (6)	2009	993	310	95.9		1,268
Camden Downs at Cinco Ranch (6)	2004	1,075	318	95.0		1,242
Camden Grand Harbor (6)	2008	959	300	94.9		1,175
Camden Greenway	1999	861	756	96.4		1,371
Camden Heights (6)	2004	927	352	95.6		1,461
Camden Holly Springs	1999	934	548	95.0		1,206
Camden McGowen Station (5)	2018	1,007	315	Lease-Up		2,310



	OPERATING PROPERTIES
Property and Location	Year Placed in Service	Average Apartment Size (Sq. Ft.)	Number of Apartments	2018 Average Occupancy (1)		2018 Average Monthly Rental Rate per Apartment (2)
Camden Midtown	1999	844	337	94.8	%	$	1,522
Camden Northpointe (6)	2008	940	384	95.8		1,099
Camden Oak Crest	2003	870	364	96.1		1,117
Camden Park	1995	866	288	96.2		1,083
Camden Plaza	2007	915	271	96.1		1,550
Camden Post Oak	2003	1,200	356	94.2		2,448
Camden Royal Oaks	2006	923	236	93.9		1,334
Camden Royal Oaks II	2012	1,054	104	93.7		1,541
Camden Spring Creek (6)	2004	1,080	304	92.5		1,271
Camden Stonebridge	1993	845	204	96.0		1,089
Camden Sugar Grove	1997	921	380	95.7		1,179
Camden Travis Street	2010	819	253	95.4		1,474
Camden Vanderbilt	1996/1997	863	894	96.4		1,415
Camden Whispering Oaks	2008	934	274	95.6		1,223
Camden Woodson Park (6)	2008	916	248	95.0		1,195
Camden Yorktown (6)	2008	995	306	95.9		1,166


(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 2018—average occupancy calculated from date at which occupancy exceeded 90% through December 31, 2018.


(4)	Property under redevelopment at December 31, 2018.


(5)	Property under lease-up at December 31, 2018.


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


(7)	Property acquired in 2018 - average occupancy calculated from date property was acquired.

Previous: Item 1B. Unresolved Staff Comments · Next: Item 3. Legal Proceedings