18 October 2016 REITs US REIT 3016 Earnings Preview IFigure 40: CPT's 3O16 results preview CFT Earnings FFOish Operating Movies SS NOI growth. y/y SS Revenue growth, y/y SS Expense growth. y/y Average SS Occupancy les initially reported) y/y di his initially reported) Average SS Rental Rite las initially reported) WY ch las initially reported) Note: consensus estimates are based on Thomson compiled data as of 10/14/16 • Updates on Houston and DC: Houston SS ev growth projected to be flat to slightly negative in 2016; DC revenue growth projected at +1-2% for 2016, despite a construction-related setback in 2Q Disposition update on $310MM of assets being marketed at the end of July Update on two projects in lease-up (Glendale and Chandler) and completion of Camden Victory Park in Dallas • Development and capital deployment expectations. CPT previously called for up to $200MM of starts in 2H16 • 3O FFO/sh guidance of $1.0741.11 (DBe: $1.11) 3016 Actual $1 14 Actual 5.5% 5.5% 5.7% 96 0% 10bp 2016 Actual $1 15 Actual 3.7% 4.3% 5.3% 95.5% -50bp 31.598 4.8% 31.499 4.3% 3016 Actual 0Be Cons $1 11 $1 10 Actual DEle 3.7% total 3.7% total 3.7% total 95.5% -50bp 2016 Pm 30 Chide Post 30 Guide ORe Cons $4 50. $4 60 $4 56 $1.55 Pre 30 Guide Post 30 Made DBe +4.00% to 4.50% 4.3% total +3.85% to 4.35% 4 1% total +3.50% to 4.00% 3.8% total Sow:. Deutsche art. ennon, del Thomson Deutsche Bank Securities Inc. Page 1 / CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093268 CONFIDENTIAL SDNY_GM_00239452 EFTA01389058