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8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
1/100
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
2/100
WittenMarket Advisory Services
Market insights for apartment owners,
developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
1Copyright 2010, Witten Advisors LLC
Dallas, Texas
1Copyright 2010, Witten Advisors LLC
Dallas, Texas
U.S. Apartment Markets:
Trends and OutlookTrends and Outlook
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
2Copyright 2010, Witten Advisors LLC
Dallas, Texas
Like Q1, leasing in 2Q10 was best in 15+ years
Net Absorption in 2nd Quarter of Each Year116,430
103,646
-100,000
-50,000
0
50,000
100,000
150,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Witten Advisors
Market Update
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
3Copyright 2010, Witten Advisors LLC
Dallas, Texas
Disconnect between apartment demand and jobs?
JuneApartment
Absorption
Rate*Aug
Job Growth Rate
-6%
-5%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
Year-Year%Change
Source: U.S. Bureau of Labor Statistics, Witten Advisors*net change in occupied apartments
Market Update
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
4Copyright 2010, Witten Advisors LLC
Dallas, Texas
Why then? 1) Ownership still losing market share
HomeownershipRate, SA
2Q04
69.4%
2Q10
66.9%
Predicted
63%
64%
65%
66%
67%
68%
69%
70%
1Q90
1Q91
1Q92
1Q93
1Q94
1Q95
1Q96
1Q97
1Q98
1Q99
1Q00
1Q01
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q11
1Q12
1Q13
Sh
areofU.S.Hous
eholdsWhoOwnHome
Source: U.S. Department of Commerce
Market Update
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
5Copyright 2010, Witten Advisors LLC
Dallas, Texas
Population 20-29
(left scale)
Households
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
6Copyright 2010, Witten Advisors LLC
Dallas, Texas
2009: 1.1 million more young adults at home than normal
% 18-24 at Home(left scale)
52.8%
% 25-34 at Home
(right scale)
12.8%
45%
50%
55%
60%
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
Sha
reofU.S.Young
Adults18-24Liv
ingat
H
ome
0%
5%
10%
15%
Sha
reofU.S.Young
Adults25-34Liv
ingat
H
ome
Source: U.S. Department of Commerce
Market Update
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
7Copyright 2010, Witten Advisors LLC
Dallas, Texas
Young adult hiring in 2010 the best since 1984
973
-2,500
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
20
10*YTDAug
000
JobsGained/LostbyYear(Dec-Dec)
Source: U.S. Bureau of Labor Statistics
Market Update
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
8Copyright 2010, Witten Advisors LLC
Dallas, Texas
Hiring is uneven in recoveries; 2010 better than most
Early 1980s
Early 1990s
Early
2000s
Late 2000s(excl Census temps)
-0.6%
-0.4%
-0.2%
0.0%
0.2%
0.4%
DeepestL
oss
Month1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2
122 23 24
M
onth-Month%EmploymentChange
Source: U.S. Bureau of Labor Statistics
Economy
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
9Copyright 2010, Witten Advisors LLC
Dallas, Texas
Job Growth Forecast: 2010 gradual; 2011-2013 solid
Sources: U.S. Bureau of Labor Statistics; Consensus forecast
Actual YE13
2.9m
YE12
3.1m
YE112.5mYE10
1.2m
-7,000
-6,000
-5,000
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Year-YearChangein
Employment(00
0)
Economy
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Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
10
Copyright 2010, Witten Advisors LLC
Dallas, Texas
0
20
40
6080
100
120
140
160
180
1Q00
1Q01
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
ApartmentVa
lueIndex(2000=100)
basedonIn-P
laceNOI/CapRate
Cap rates fall faster than NOIs = 1) higher values
Source: Witten Advisors
Investment Markets
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
11
Copyright 2010, Witten Advisors LLC
Dallas, Texas
and 2) improved development margins spread should widen gradually, starts follow
Development Return
Spread over Cap Rate
(right scale)
0.26%
Predicted
Spread
Actual Starts
181k
Predicted
Starts
0
50,000
100,000
150,000
200,000
250,000
300,000
1Q94
1Q95
1Q96
1Q97
1Q98
1Q99
1Q00
1Q01
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q11
1Q12
1Q13
Units,trailin
g12months
-2.0%
-1.0%
0.0%
1.0%
2.0%
Development
ReturnSpread
overCurre
ntCapRate
Source: Witten Advisors
Apartment Starts
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
12
Copyright 2010, Witten Advisors LLC
Dallas, Texas
Demand surge continues, while stock shrinks
-300,000
-200,000
-100,000
0
100,000
200,000
300,000
400,000
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Units,trailing12months
Absorption New Completions
Net Completions
Source: Witten Advisors
Market Outlook
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
13
Copyright 2010, Witten Advisors LLC
Dallas, Texas
Recovery began in 2010; 2011-2013 above trend
85%
90%
95%
100%
1Q1995
1Q1996
1Q1997
1Q1998
1Q1999
1Q2000
1Q2001
1Q2002
1Q2003
1Q2004
1Q2005
1Q2006
1Q2007
1Q2008
1Q2009
1Q2010
1Q2
011
1Q2012
1Q2013
O
ccupancy
-5%
0%
5%
10%
AnnualEffectiveRentGro
wth
Occupancy Occupancy Forecast Rent Growth Rent Growth Forecast
Source: Witten Advisors
Market Outlook
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
14
Copyright 2010, Witten Advisors LLC
Dallas, Texas
4Q13
9.5%
4Q10
-2.8%
4Q11
5.1%
4Q12
10.2%
-10%
-5%
0%
5%
10%
15%
1Q96
1Q97
1Q98
1Q99
1Q00
1Q01
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q11
1Q12
1Q13
Year-YearChan
geinAverageN
et
OperatingIncome
2010 NOI erodes slightly; strong rebound 2011-2013
Source: Witten Advisors
Market Outlook
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
15
Copyright 2010, Witten Advisors LLC
Dallas, Texas
Employment growth scenarios
Sources for Base Case: U.S. Bureau of Labor Statistics; Consensus includes Economy.com, National Association for
Business Economics, Federal Reserve Bank of Philadelphia, Standard & Poors
*Best Case reflects highest forecast from above sources **Double-Dip replicates early 1990s downturn and recovery
Actual
Base Case
Best Case*
Double-Dip**
-7,000
-6,000-5,000
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
5,000
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
2011
20
12
20
13
Ye
ar-YearChangeinEmployment(000)
Forecast Scenarios
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
16
Copyright 2010, Witten Advisors LLC
Dallas, Texas
Demand surge continues due todemographics, flight from ownership
Base Case
Best Case
Double-Dip
-300,000
-200,000
-100,000
0
100,000
200,000
300,000
400,000
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Units,trailing12months
Absorption
Source: Witten Advisors
Forecast Scenarios
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Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
17
Copyright 2010, Witten Advisors LLC
Dallas, Texas
MF rental starts bottom in 2010, rebound modestly
Actual Starts
Base Case
Best Case
Double-Dip
0
50,000
100,000
150,000
200,000
250,000
300,000
1Q91
1Q92
1Q93
1Q94
1Q95
1Q96
1Q97
1Q98
1Q99
1Q00
1Q01
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q11
1Q12
1Q13
Units,tra
iling12months
Predicted starts based on return on new development relative to U.S.
Treasuries and inflation, availability of debt and equity financingSource: Witten Advisors
Forecast Scenarios
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Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
18
Copyright 2010, Witten Advisors LLC
Dallas, Texas
Starts slump in 2008-2010 = few completions ahead
Base Case
Best Case
Double-Dip
0
100,000
200,000
300,000
400,000
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Units,tra
iling12month
sNew Com letions
Source: Witten Advisors
Forecast Scenarios
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Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
19
Copyright 2010, Witten Advisors LLC
Dallas, Texas
Apartment stock shrinks after obsolescence
Base Case
Best Case
Double-Dip
-300,000
-200,000
-100,000
0
100,000
200,000
300,000
400,000
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Units,trailin
g12months
Net Completions
Source: Witten Advisors
Forecast Scenarios
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Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
20
Copyright 2010, Witten Advisors LLC
Dallas, Texas
Solid demand + shrinking supply = high occupancy
Base Case
Best Case
Double-Dip
85%
90%
95%
100%
1Q1995
1Q1996
1Q1997
1Q1998
1Q1999
1Q2000
1Q2
001
1Q2002
1Q2003
1Q2004
1Q2005
1Q2006
1Q2007
1Q2008
1Q2009
1Q2
010
1Q2
011
1Q2
012
1Q2
013
O
ccupancy
Occupancy Base Case Best Case Double-Dip
Source: Witten Advisors
Forecast Scenarios
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Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
21
Copyright 2010, Witten Advisors LLC
Dallas, Texas
High occupancy brings rent growth
Base Case
Best Case
Double-Dip
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
1Q1995
1Q1996
1Q1997
1Q1998
1Q1999
1Q2000
1Q2001
1Q2002
1Q2003
1Q2004
1Q2005
1Q2006
1Q2007
1Q2008
1Q2009
1Q2010
1Q2011
1Q2012
1Q2013
EffectiveRent
Growth,year-year
Rent Growth Base Case Best Case Double-Dip
Source: Witten Advisors
Forecast Scenarios
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Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
22
Copyright 2010, Witten Advisors LLC
Dallas, Texas
Base Case
Best Case
Double-
Dip
-10%
-5%
0%
5%
10%
15%
1Q96
1Q97
1Q98
1Q99
1Q00
1Q01
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q11
1Q12
1Q13
Year-YearChan
geinAverageN
et
OperatingIncome
Rent growth drives strong NOI growth
Source: Witten Advisors
Forecast Scenarios
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Market insights for apartment owners,developers, investors and lenders
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Advisors
Camden Investor MeetingOctober 4, 2010
23
Copyright 2010, Witten Advisors LLC
Dallas, Texas
Forecast Summary
Base Case Best Case Double-Dip
Occupancy
Rent
Growth Occupancy
Rent
Growth Occupancy
Rent
Growth2011 95.3% 4.8% 95.6% 5.3% 95.3% 4.3%
2012 96.6% 6.4% 96.8% 6.7% 96.2% 5.0%
2013 96.6% 5.5% 96.8% 6.1% 95.9% 4.9%
2011-2013 96.2% 5.5% 96.4% 6.0% 95.8% 4.8%
Forecast Scenarios
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Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
24
Copyright 2010, Witten Advisors LLCDallas, Texas
24
Copyright 2010, Witten Advisors LLCDallas, Texas
Metro Market Focus
Metro Market Focus
8/8/2019 CPT Camden Property Trust Oct 2010 Presentation Slides Deck
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Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
25
Copyright 2010, Witten Advisors LLCDallas, Texas
Strong demand recovery in many CPT markets
Source: Witten Advisors
Aus
CharlDen
Miami
Orl
Ral
Riv
Tam
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
1Q
08
2Q
08
3Q
08
4Q
08
1Q
09
2Q
09
3Q
09
4Q
09
1Q10
2Q10
Year-Y
ear%ChangeinO
ccupiedApartmen
ts
Aus Charl Den Miami Orl Ral Riv Tam
Metro Market Focus
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Camden Investor MeetingOctober 4, 2010
26
Copyright 2010, Witten Advisors LLCDallas, Texas
solidly positive demand in all others
Source: Witten Advisors
Atl
DalFtL
FW
HouLVLA
OC
Phx
SDDC
-3%
-2%
-1%
0%
1%
2%
3%
4%
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
Year-Y
ear%ChangeinO
ccupiedApartmen
ts
Atl Dal FtL FW Hou LV LA OC Phx SD DC
Metro Market Focus
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Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
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Copyright 2010, Witten Advisors LLCDallas, Texas
2Q 2010 Actuals: Apartment Demand HighlightsAbsorption Rate*: Leaders
12 Months ending 2Q 2010
1. Raleigh 5.5%2. Austin 5.2%
3. Orlando 4.6%
4. Charlotte 3.7%
5. Salt Lake City 3.6%
6. Nashville 3.5%
7. Denver 3.5%
8. West Palm Beach 3.1%9. Jacksonville 2.9%
10. Miami 2.9%
Source: Witten Advisors
Absorption Rate*: Laggards
12 Months ending 2Q 2010
33. Washington DC 1.1%34. Houston 1.1%
35. San Francisco 1.0%
36. Orange County 0.9%
37. St. Louis 0.9%
38. Detroit 0.3%
39. Kansas City 0.2%
40. Columbus 0.2%41. Cincinnati 0.4%
42. Minneapolis 0.4%
Metro Stories
*year-year % change in occupied apartments
Metro Market Focus
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Wi Ad i
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
29
Copyright 2010, Witten Advisors LLCDallas, Texas
Early job growth leaders in recent recoveries
Source: Witten Advisors
1993-1994 Average 2004-2005 Average
1 Las Vegas 10.2% Las Vegas 7.3%
2 Austin 7.1% Phoenix 5.6%
3 Phoenix 7.0% Riverside 5.6%
4 Salt Lake City 6.3% Orlando 5.4%
5 Atlanta 5.4% Fort Lauderdale 4.7%
6 Orlando 5.2% Jacksonville 4.0%
7 Nashville 4.9% West Palm Beach 3.6%
8 Tampa 4.9% Tampa 3.6%
9 Denver 4.8% Austin 3.6%10 Portland 4.8% Salt Lake City 3.6%
Metro Market Focus
Wi Ad i
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Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
30
Copyright 2010, Witten Advisors LLCDallas, Texas
similar names expected in this recovery
Source: Witten Advisors
2011 Employment Growth 2012 Employment Growth
1 Austin* 4.3% Austin* 4.7%
2 Riverside* 3.5% Las Vegas* 4.2%
3 Fort Worth 3.5% Fort Worth 4.0%
4 Phoenix * 3.5% Riverside* 3.9%
5 Dallas 3.0% Salt Lake City* 3.8%
6 Denver* 3.0% Phoenix* 3.8%
7 Charlotte 3.0% Jacksonville* 3.5%
8 Jacksonville* 2.9% Dallas 3.5%
9 Orlando* 2.9% Denver* 3.5%10 Washington DC 2.8% Charlotte 3.4%
Metro Market Focus
*among top 10 early job growth leaders in 1993-1994
or 2004-2005 recoveries, or both
Wittk Ad i S i Ad i
k
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Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
31
Copyright 2010, Witten Advisors LLCDallas, Texas
supporting a sharp rebound in rental income
Source: Witten Advisors
2011 Revenue Growth 2012 Revenue Growth
1 Orlando 6.4% Denver 8.3%
2 West Palm Beach 6.3% Boston 8.0%
3 Washington DC 5.9% Austin 7.8%
4 Denver 5.6% Orange County 7.8%
5 Fort Lauderdale 5.4% San Jose 7.6%
6 Austin 4.9% Phoenix 7.5%
7 Phoenix 4.7% Oakland 7.2%
8 San Antonio 4.6% Atlanta 7.2%
9 San Jose 4.5% Chicago 6.4%10 Atlanta 4.2% Charlotte 6.3%
Metro Market Focus
WittenM k Ad i S i Ad isors
M k O l k
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
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Copyright 2010, Witten Advisors LLCDallas, Texas
Summary 2010: Early recovery well underway
Job gains return (+1.2m); house payments stabilize (-1%)
Effective rents up 1% year-year; NOI -3% as rents finish rolling down
2011-2012: Strong rebound Employment gains 2.5m in 2011, 3.1m in 2012; P&I +10%, +10%
Negative net completions
Rents up 4% in 2011, 6% in 2012; NOI +5%, +10%
2013: Recovery complete Hiring continues (+2.9m); lost jobs replaced
House payments climb +5% Net completions only 30k; starts back to 180k
Rents up 6%+; NOI +10%
Values back to 2007 levels
Market Outlook
WittenM k Ad i S i Advisors
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WittenMarket Advisory Services
Market insights for apartment owners,developers, investors and lenders
Market-Smart Investment Decisions
Advisors
Camden Investor MeetingOctober 4, 2010
33
Copyright 2010, Witten Advisors LLCDallas, Texas
33
Copyright 2010, Witten Advisors LLCDallas, Texas
Questions/Discussion
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Camden Property Trust2010 Investor / Analyst Meeting
Houston, TX
October 4 - 5, 2010
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Forward-Looking Statements
In addition to historical information, this presentation contains forward-looking statements under the federal securities law. These statements
are based on current expectations, estimates and projections about theindustry and markets in which Camden operates, management'sbeliefs, and assumptions made by management. Forward-lookingstatements are not guarantees of future performance and involve
certain risks and uncertainties which are difficult to predict. Factorswhich may cause the Companys actual results or performance to differmaterially from those contemplated by forward-looking statements aredescribed under the heading Risk Factors in Camdens Annual Reporton Form 10-K and in other filings with the Securities and Exchange
Commission (SEC). Forward-looking statements made in thispresentation represent managements opinions as of the date of thispresentation, and the Company assumes no obligation to update orsupplement these statements because of subsequent events.
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Significant Opportunities for Multifamily Industry
Limited new supply of housing expected for next severalyears
Favorable demographics from growing Echo Boompopulation and positive immigration inflows
Homeownership rate declining steadily Negative sentiment toward home ownership
Fewer apartment renters moving out to purchase homes
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Housing Supply
Multifamily supply remains well below long-termaverage level
The Harvard University Joint Center for Housing Studiesestimates that we already have a shortage of 3 millionunits of affordable rental housing
All markets are now Barrier due to limited availabilityof construction financing
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Rising Demand for Apartments
Natural demand of 1.5 million to 2.0 million housingunits annually
78 million Echo Boomers now entering housing market
Baby Boomers downsizing and many choosing to rent
Less than 22% of current American households areMarried Couples with Children
Between 2008-2015, nearly two-thirds of all new
households formed will be renters, creating 6 millionnew renter households
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Political Winds Impacting Industry
Focus on more balanced housing policy
Future of GSEs $5 trillion total portfolio
Multifamily portfolio produced over $2 billion in
profits since GSEs placed in conservatorship January 30, 2011 deadline for Treasury to propose a
new plan for the GSEs
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Camdens Game Plan
Maximize portfolio cash flow growth
Complete Camden Multifamily Value Add Fundthrough acquisitions and development
Expand development pipeline
Complete selective dispositions
Continue to reduce leverage
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Portfolio Trends
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Camdens Portfolio
187 operating communities containing 64,074apartment homes in 15 major U.S. markets
High-quality properties with average age of 11 years one of the youngest in sector
3Q10 average same property occupancy 94.3% Turnover rates and moveouts for home purchases
near all-time lows
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Geographic Diversity & Market Balance
Percentage of NOI by Market 2Q10 Actual(Including pro-rata share of NOI from JV communities)
Note: Other markets represent 3.6% of NOI
Austin2.7%
Houston8.7%
Dallas6.8%
Phoenix2.4%
Tampa
7.6%
Orlando5.4%
Las Vegas7.5%
Denver4.0%
San Diego/Inland Empire3.4%
Charlotte5.9%
SoutheastFlorida6.9%
Atlanta5.2%
Raleigh4.5%
Washington, DC19.1%
LA/Orange County6.3%
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Rank Metro area Gain
1 New York-Wayne NY-NJ 411.0
2 Houston-Baytown TX 328.7
3 Atlanta-Sandy Springs GA 303.84 Los Angeles-Long Beach CA 299.3
5 Chicago-Naperville IL 295.3
6 Dallas-Plano TX 280.5
7 Washington-Arlington DC-VA-MD-WV 190.9
8 Minneapolis-St. Paul MN-WI 155.8
9 Phoenix-Mesa-Scottsdale AZ 153.8
10 Seattle-Bellevue WA 135.5
11 Tampa-St. Petersburg FL 132.612 Philadelphia PA 132.1
13 Fort Worth-Arlington TX 124.2
14 Orlando FL 123.6
15 Austin-Round Rock TX 119.8
16 San Antonio TX 118.9
17 Santa Ana-Anaheim CA 117.1
18 Nassau-Suffolk NY 110.6
19 St. Louis MO-IL 108.520 Miami-Miami Beach FL 100.4
21 Charlotte-Gastonia NC-SC 98.1
22 Denver-Aurora CO 95.8
23 San Diego-Carlsbad CA 93.6
24 Las Vegas-Paradise NV 89.4
25 Portland-Vancouver OR-WA 87.9
Rank Metro area Gain
1 Houston-Baytown TX 626.2
2 Atlanta-Sandy Springs GA 602.8
3 Phoenix-Mesa-Scottsdale AZ 591.94 Los Angeles-Long Beach CA 510.5
5 Dallas-Plano TX 472.5
6 Washington-Arlington DC-VA-MD-WV 270.4
7 Austin-Round Rock TX 250.9
8 Fort Worth-Arlington TX 238.9
9 Chicago-Naperville IL 238.0
10 San Antonio TX 227.0
11 New York-Wayne NY-NJ 224.612 San Diego-Carlsbad CA 220.5
13 Orlando FL 212.9
14 Portland-Vancouver OR-WA 210.9
15 Riverside-San Bernardino CA 210.2
16 Las Vegas-Paradise NV 209.4
17 Raleigh-Cary NC 197.1
18 Charlotte-Gastonia NC-SC 190.9
19 Minneapolis-St. Paul MN-WI 179.9
20 Seattle-Bellevue WA 175.3
21 Santa Ana-Anaheim CA 173.6
22 Denver-Aurora CO 168.6
23 Sacramento-Arden CA 165.6
24 Tampa-St. Petersburg FL 142.9
25 West Palm Beach-Boynton Beach FL 131.9
Growth Drives ResultsTop 25 Metro Areas For Estimated Gains: 2009 - 2014
Source: Prcis METRO 2005 Economy.com, Inc. - September 2010. Highlighted entries represent Camden markets.Over 97% of Camdens NOI is derived from these markets
Population GrowthEmployment Growth
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Alphabet Soup
WISOFISL
WISL
FISTWINO
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When Will Then Be Now?
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HigherEmploymentLifts
Performance
How About?
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Peak to Trough Rents
Peak to Current
Trough Rent Amount
Market Decline vs. Peak RecoveredPhoenix (17.8%) (17.2%) 0.6%Las Vegas (16.4%) (16.4%) 0.0%Charlotte (14.8%) (13.5%) 1.3%Orlando (12.7%) (12.1%) 0.6%Atlanta (10.8%) (8.6%) 2.2%
Los Angeles/Orange County (10.5%) (10.3%) 0.1%Tampa (9.9%) (8.7%) 1.2%Southeast Florida (9.9%) (7.7%) 2.2%Austin (8.4%) (6.3%) 2.1%Raleigh (7.9%) (5.0%) 3.0%San Diego/Inland Empire (7.6%) (5.5%) 2.1%
Dallas (7.5%) (6.8%) 0.7%Denver (5.7%) (2.4%) 3.3%Houston (4.2%) (4.0%) 0.2%Washington, DC (3.1%) (0.1%) 3.1%Total (8.5%) (7.3%) 1.3%
Average change in rent per apartment home
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-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10
New Lease Renewal Overall
Pricing Power Beginning to ReturnAverage change in new lease and renewal rates vs. expiring lease rates when signed
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0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
W
ashington,
DC
So
utheastFlorida
Atlanta
Austin
Raleigh
Charlotte
CPTAverage
Tampa
Dallas
Orlando
Denver
Phoenix
Sou
thernCalifornia
Houston
LasVegas
Renewal Increases by Market Sept 2010Average change in renewal rates vs. expiring lease rates when signed
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-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Austin
Denver
SoutheastFlorida
Phoenix
Orlando
Washington,
DC
Tampa
CPTAverage
Dallas
Raleigh
Charlotte
Sou
thernCalifornia
Atlanta
Houston
LasVegas
New Lease Increases by Market Sept 2010Average change in new lease rates vs. expiring lease rates when signed
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$920
$930
$940
$950
$960
$970
$980
$990
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10
Market Rents In-Place Rents
Rental Rates Improving
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94.3%94.2%
93.4%
93.1%
93.9%
92.0%
93.0%
94.0%
95.0%
96.0%
3Q09 4Q09 1Q10 2Q10 3Q10
Same Property Average Occupancy
Occupancy Rising
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91.0%
92.0%
93.0%
94.0%
95.0%
96.0%
97.0%
98.0%
Washigton,
DC
Denver
Raleigh
Charlotte
SoutheastFlorida
Austin
Dallas
CPTAverage
Atlanta
Orlando
Tampa
Houston
Sou
thernCalifornia
LasVegas
Phoenix
Occupancy by Market3Q10 same property average occupancy
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2010 Guidance Increased
Revised Guidance (2)Original Guidance (1)
$0.06 - $0.18$(0.24) - $0.06EPS per share
(3.0)% - (5.0)%(5.5)% - (8.5)%NOI growth0.75% - 1.25%2.0% - 3.5%Expense growth
(1.5)% - (2.5)%(2.25)% - (4.25)%Revenue growth
Same Property Performance
$2.58 - $2.70$2.35 - $2.65FFO per shareEarnings
(1) Issued February 2010.(2) Issued July 2010 and re-affirmed October 2010.
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Thanks for theInternet Al Gore!
2010 50KVisitorsEachWeek
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Top Internet
Referring Sites
1. CraigsList.com2. ApartmentGuide.com
3. Facebook
4. ForRent.com5. Apartments.com
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What are our customers saying about us?
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August 2010 Focus Group Results
Seriously Mobile
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Seriously Mobile
Five Cant-Miss Mobile Marketing Trends For 2010, Paul Rosenfeld, December 30, 2009 - smallbiztrends.comKeep an Eye on Mobile Usage Trends, Erin Wilson, May 12, 2010 - blog.90octane.com
Mobile Access 2010, Aaron Smith, Jul 7, 2010 - Pew Research Center
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Nothing but Net Campaign
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Nothing but Net CampaignInternet Marketing at its finest
Campaign Netted 5,603 leases (July 5 Sept 19)
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Guest Card Volume ChangeFor July and August
Nothing but Net Group - 14.35%
Non-Nothing but Net Group - 3.27%
Camden Contact Center
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Steve ZissouOfficial mascot
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Acquisitions & Dispositions
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Create value by maximizing return on invested capital(ROIC)
Ensure appropriate leverage
Accomplish by making investments that are accretive toweighted average cost of capital (WACC)
Camdens Investment Thesis
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Acquisition Environment Transaction volumes beginning to increase
Most financing still provided by Fannie Mae & FreddieMac, but life companies competitive
Limited seller distress so far
Well-capitalized buyers competing heavily for coreproduct
Cap rates range from 4.5% to 5.25% for core assets in
infill locations
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Camden Multifamily Value Add Fund $120M assets currently owned within Fund
$375M total equity commitment $300M institutionalcapital, $75M Camden
$1.0B total investment capacity (based on 60% leverage)
Investment vehicle for select acquisitions anddevelopment
Camden fee income includes asset management,
property management, construction, development andcapital improvements
20% carried interest and fees enhance equity returns
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Camden Yorktown
Location Houston, TX
Date acquired July 2010
Purchase price $25 million
Year built 2008Number of units 306
CPT ownership 20%
% occupied 96% (10/1/10)
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Camden Ivy Hall
Location Atlanta, GADate acquired July 2010
Purchase price $15 million
Cost to complete $2 million
Year built 2010
Number of units 110
CPT ownership 20%
% occupied 44% (10/1/10)
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Dispositions Expect to complete $105M dispositions by year-end
25-year old asset in Dallas/Ft. Worth 5-year old asset in Suburban Virginia
Midwest Joint Venture currently being marketed for sale
9 communities with 3,237 apartment homes locatedin St. Louis, Kansas City and Louisville
Camden ownership 15%
Expect sale to occur in late 2010 or early 2011
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Development & Re-Development
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Core competency for Camden throughout 17-yearhistory as public company
Completed over 50 communities with 20,000 apartmenthomes for total cost of $2.3B
Expected development starts
$100M in 2010
$250M-$400M annually thereafter
Resuming Development Activity
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2010 Development Starts($ in millions)
Total
Projected EstimatedProject Location Homes Cost
Camden Lake Nona Orlando, FL 420 $61
Camden Summerfield II Landover, MD 187 32
Camden Royal Oaks II Houston, TX 105 13Total 712 $106
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Camden Lake Nona
Location Orlando, FL
Number of units 420
Total budget $61 million
Start date 4Q10
Initial occupancy 4Q11
Construction completion 3Q12
Stabilized operations 4Q14
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Camden Summerfield II
Location Landover, MD
Number of units 187
Total budget $32 million
Start date 4Q10
Initial occupancy 2Q12
Construction completion 3Q12
Stabilized operations 2Q13
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Camden Royal Oaks II
Location Houston, TX
Number of units 105
Total budget $13 million
Start date 4Q10
Initial occupancy 1Q12
Construction completion 2Q12
Stabilized operations 3Q13
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Potential 2011 Development Starts($ in millions)
Total
Projected EstimatedProject Location Homes Cost
Camden Noma Washington, DC 317 $117
Camden South Capital Washington, DC 276 83
Camden Celebration Orlando, FL 438 65
Camden Countryway Tampa, FL 348 51
Camden Montague Tampa, FL 192 23
Camden City Centre II Houston, TX 260 36
Camden Amber Oaks II Austin, TX 244 25
Total 2,075 $400
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Additional Land Holdings($ in millions)
* Cost as of 6/30/10
Potential Projected Cost to
Location Projects Homes Date*
Washington, DC 1 400 $17.3
Houston, TX 3 750 9.9
Austin, TX 1 300 4.3
Denver, CO 2 675 11.6Hollywood, CA 1 300 17.3
Dallas, TX 1 300 8.6
Southeast FL 1 200 4.6
Las Vegas, NV 1 425 4.2Total 11 3,350 $77.8
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Re-Development Program Completed $45M during 2007-2010 for 10% return on
investment
Interior and exterior improvements included upgradedkitchens, baths and common areas
Recently commenced on-demand kitchen and bath
redevelopment program 15 communities
3,800 apartment homes
Total cost of $30M
Expected returns of 10%-15%
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Capital Structure & Liquidity
St C it l St t
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Strong Capital Structure
Total Market Capitalization = $6.1 Billion
($ in millions as of 9/30/10)
41.7% debt-to-total market
capitalization 5.1% weighted average
interest rate on all debt
90.9% fixed-rate debt
59.3% unsecured debt
Manageable debt maturitiesover next several years
Unsecured Line
of Credit
$0
Mortgages
$1,034
Senior UnsecuredNotes
$1,508 Equity *
$3,547
* Based on closing share price of $47.97 on 9/30/10.
Li idit
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Liquidity Approximately $84M cash on hand at 9/30/10
$0 drawn on credit facility
Sufficient liquidity to meet capital needs
Minimal debt maturities over next 24 months
Large unencumbered asset pool Low payout ratio
Dividend increase likely in 2011
M bl D bt M t iti
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$1.1
$158.5
$762.7
$228.0
$11.0
$1,380.8
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2010 2011 2012 2013 2014 Thereafter
Future scheduled maturities (as of 9/30/10)Manageable Debt Maturities
($ in millions)
D t il 2011 & 2012 M t iti
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Details on 2011 & 2012 Maturities
$89.1
$36.1 $32.3$1.0 $1.0 $1.0
$70.4
$690.3
$0
$100
$200
$300
$400
$500
$600
$700
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Future scheduled maturities (as of 9/30/10)
($ in millions)
Camdens Leverage Relative to Peers
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Camdens Leverage Relative to Peers
Source: KeyBanc Capital Markets 9/24/10
Company EBITDA/Interest Expense
MAA 3.22x
ESS 3.03x
AVB 2.91x
BRE 2.53x
CPT 2.51x
UDR 2.34x
EQR 2.30xPPS 2.19x
HME 2.18x
CLP 1.87x
AIV 1.72xAEC 1.67x
Average 2.37x
New Revolving Credit Facility
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New Revolving Credit FacilityNumber of Banks 17
Joint Bookrunners: Banc of America Securities, LLC and JP Morgan Securities, Inc
$500 million Senior Unsecured Revolving Credit Facility
$100 million letter of credit sublimit Accordion up to $600 million
Maturity: August 2012, with 1 year extension option
Pricing: Pricing grid based on credit rating
Current pricing: LIBOR margin 210 bps
Annual facility fee 40 bps All-in drawn 250 bps
Maximum Leverage Ratio:
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Indicative Senior Unsecured Pricing
Maturity (years) 5 7 10Size ($ millions) $250 - $500 $250 - $500 $250 - $500
Benchmark Treasury UST 1.250% 8/15 UST 1.875% 8/17 UST 2.625% 8/20
Benchmark Treasury yield (%) 1.29% 1.91% 2.53%
Reoffer spread (bps) T+200 - 212.5 T+212.5 - 225 T+212.5 - 225
Reoffer yield 3.286% - 3.410% 4.031% - 4.160% 4.653% - 4.780%Swap spread (bps) +23 +15 +3
Reoffer versus LIBOR (bps) +177 - 190 +198 - 120 +209 - 222
Fees upfront (%) 0.600% 0.625% 0.650%
All-in yield 3.42% - 3.54% 4.13% - 4.26% 4.73% - 4.86%
All-in spread versus LIBOR (bps) +190 - 203 +208 - 220 +218 - 230
Pricing as of 9/27/10
Secured Financing Alternatives
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Secured Financing Alternatives
80% LTV / 1.25 DSC
InvestorSpread
Term Investor YM Treasury plus G&S Total Rate5 years 4.5 years 1.28% 1.99% 3.27%7 years 6.5 years 1.89% 1.99% 3.88%10 years 9.5 years 2.51% 1.99% 4.50%
65% LTV / 1.35 DSC
Investor
SpreadTerm Investor YM Treasury plus G&S Total Rate5 years 4.5 years 1.28% 1.79% 3.07%7 years 6.5 years 1.89% 1.79% 3.68%10 years 9.5 years 2.51% 1.79% 4.30%
55% LTV / 1.55 DSC
InvestorSpread
Term Investor YM Treasury plus G&S Total Rate5 years 4.5 years 1.28% 1.55% 2.83%7 years 6.5 years 1.89% 1.55% 3.44%10 years 9.5 years 2.51% 1.55% 4.06%
Fannie Mae rates as of 9/27/10
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Summary
Why Camden?
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Why Camden? Experienced management team with proven history of
performance and sound business plan
Consistent long-term focus and commitment to high-growth markets
Strong balance sheet with ample liquidity
Well-positioned to capitalize on future opportunities
Ranked #10 by FORTUNE Magazine on list of100 Best Companies to Work For in America
Definitions & Disclosures
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Funds from Operations (FFO) The National Association of Real Estate InvestmentTrusts (NAREIT) currently defines FFO as net income attributable to commonshareholders computed in accordance with generally accepted accounting principles(GAAP), excluding gains or losses from depreciable operating property sales, plus real
estate depreciation and amortization, and after adjustments for unconsolidatedpartnerships and joint ventures. Camdens definition of diluted FFO also assumesconversion of all dilutive convertible securities, including minority interests, which areconvertible into common equity. The Company considers FFO to be an appropriatesupplemental measure of operating performance because, by excluding gains or losseson dispositions of operating properties and excluding depreciation, FFO can help one
compare the operating performance of a company's real estate between periods or ascompared to different companies.
Net Operating Income (NOI) NOI is defined by the Company as total propertyincome less property operating and maintenance expenses less real estate taxes. The
Company considers NOI to be an appropriate supplemental measure of operatingperformance to net income attributable to common shareholders because it reflects theoperating performance of our communities without allocation of corporate level propertymanagement overhead or general and administrative costs.
Non-GAAP Reconciliations
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Expected FFO Expected FFO is calculated in a method consistent with historical FFO,and is considered an appropriate supplemental measure of expected operatingperformance when compared to expected net income attributable to commonshareholders (EPS). A reconciliation of the ranges provided for expected net income
attributable to common shareholders per diluted share to expected FFO per dilutedshare is provided below:2010 Range
Low High
Expected net income attributable to common shareholders per share - diluted $0.06 $0.18Expected real estate depreciation 2.37 2.37Expected adjustments for unconsolidated joint ventures 0.13 0.13Expected income allocated to noncontrolling interests 0.02 0.02
Expected FFO per share - diluted $2.58 $2.70
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