-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R5coMrIuMD9+0S8vTIdODtq5jGrAiKZtyLXDWZn8plywzOpH29R/7FfHwhFvnze7 l26k/wRVaxA1p24bItDbqw== 0001157523-08-006240.txt : 20080801 0001157523-08-006240.hdr.sgml : 20080801 20080801124857 ACCESSION NUMBER: 0001157523-08-006240 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080801 DATE AS OF CHANGE: 20080801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMDEN PROPERTY TRUST CENTRAL INDEX KEY: 0000906345 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 766088377 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12110 FILM NUMBER: 08984256 BUSINESS ADDRESS: STREET 1: 3 GREENWAY PLAZA STREET 2: SUITE 1300 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7133542500 MAIL ADDRESS: STREET 1: 3 GREENWAY PLAZA STREET 2: SUITE 1300 CITY: HOUSTON STATE: TX ZIP: 77046 8-K 1 a5745777.htm CAMDEN PROPERTY TRUST 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 31, 2008

CAMDEN PROPERTY TRUST
(Exact name of registrant as specified in its charter)

TEXAS

1-12110

76-6088377

(State or other jurisdiction of

incorporation or organization)

(Commission file number)

(I.R.S. Employer

Identification Number)

Three Greenway Plaza, Suite 1300, Houston, Texas 77046
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (713) 354-2500

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On July 31, 2008, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended June 30, 2008. This press release refers to supplemental financial information available on the Company’s website. Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

	(c)	Exhibits.
		99.1 Press Release issued by Camden Property Trust dated July 31, 2008.
		99.2 Supplemental Financial Information dated July 31, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	August 1, 2008
		CAMDEN PROPERTY TRUST


		By:	/s/ Michael P. Gallagher
			Michael P. Gallagher
			Vice President - Chief Accounting Officer

EX-99.1 2 a5745777ex99_1.htm EXHIBIT 99.1

EXHIBIT 99.1

Camden Property Trust Announces Second Quarter 2008 Operating Results

HOUSTON--(BUSINESS WIRE)--Camden Property Trust (NYSE:CPT) announced that its funds from operations (“FFO”) for the second quarter of 2008 totaled $0.94 per diluted share or $54.9 million, as compared to $0.92 per diluted share or $57.8 million for the same period in 2007. FFO for the six months ended June 30, 2008 totaled $1.83 per diluted share or $107.2 million, as compared to $1.81 per diluted share or $113.7 million for the same period in 2007. FFO for the three and six months ended June 30, 2008 included a $0.04 per diluted share impact from gains related to repurchase of unsecured senior notes.

Net Income (“EPS”)

The Company reported net income (“EPS”) of $17.3 million or $0.31 per diluted share for the second quarter of 2008, as compared to $42.6 million or $0.71 per diluted share for the same period in 2007. EPS for the three months ended June 30, 2008 included a $0.15 per diluted share impact from gain on sale of discontinued operations, and a $0.04 per diluted share impact from gains related to repurchase of unsecured senior notes. EPS for the three months ended June 30, 2007 included a $0.52 per diluted share impact from gain on sale of discontinued operations.

For the six months ended June 30, 2008, net income totaled $32.2 million or $0.58 per diluted share, as compared to $55.6 million or $0.93 per diluted share for the same period in 2007. EPS for the six months ended June 30, 2008 included a $0.28 per diluted share impact from gain on sale of properties including discontinued operations, and a $0.04 per diluted share impact from gains related to repurchase of unsecured senior notes. EPS for the six months ended June 30, 2007 included a $0.52 per diluted share impact from gain on sale of properties including discontinued operations.

A reconciliation of net income to FFO is included in the financial tables accompanying this press release.

Same-Property Results

For the 42,166 apartment homes included in consolidated same-property results, second quarter 2008 same-property net operating income (“NOI”) increased 0.8% compared to the second quarter of 2007, with revenues increasing 1.6% and expenses increasing 3.0%. On a sequential basis, second quarter 2008 same-property NOI increased 1.7% compared to the first quarter of 2008, with revenues increasing 1.8% and expenses increasing 2.1% compared to the prior quarter. Same-property physical occupancy levels for the portfolio averaged 94.6% during the second quarter of 2008, compared to 94.8% in the second quarter of 2007 and 93.8% in the first quarter of 2008.

The Company defines same-property communities as communities owned and stabilized as of January 1, 2007, excluding properties held for sale and communities under redevelopment. A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Development Activity

During the second quarter, lease-up was completed at Camden Monument Place in Fairfax, VA, a $62.7 million project that is currently 96% occupied, and Camden Plaza in Houston, TX, a $40.8 million joint venture project that is currently 93% occupied. As of June 30, 2008, Camden had five wholly-owned apartment communities which were completed and in lease-up: Camden Royal Oaks in Houston, TX, a $21.0 million project that is currently 94% leased; Camden City Centre in Houston, TX, a $51.6 million project that is currently 93% leased; Camden Potomac Yard in Arlington, VA, a $104.2 million project that is currently 63% leased; Camden Summerfield in Landover, MD, a $62.0 million project that is currently 57% leased; and Camden Orange Court in Orlando, FL, a $45.1 million project that is currently 44% leased.

The Company has five additional communities currently under construction and in lease-up: Camden Dulles Station in Oak Hill, VA, a $77.0 million project that is currently 30% leased; Camden Cedar Hills in Austin, TX, a $27.0 million project that is currently 47% leased; Camden Whispering Oaks in Houston, TX, a $30.0 million project that is currently 32% leased; Camden College Park in College Park, MD, a $139.9 million joint venture project that is currently 56% leased; and Camden Main & Jamboree in Irvine, CA, a $115.0 million joint venture project that is currently 65% leased.

Camden’s current development pipeline also includes three joint venture communities which are under construction but have not yet begun leasing. These projects comprise 807 apartment homes with a total budgeted cost of $121.8 million.

Camden’s future development pipeline currently consists of 18 potential developments comprising 5,855 apartment homes and a total estimated cost of $1.5 billion. The future pipeline represents projects in the early phase of development, for which Camden owns the land but has not yet begun construction.

Disposition Activity

During the quarter, the Company disposed of Oasis Sands, a 48-home apartment community in Las Vegas, NV and Camden Towne Village, a 188-home apartment community in Mesquite, TX for a total of $14.0 million, resulting in a gain on sale of $8.6 million. Subsequent to quarter-end, the Company completed the sales of: Camden Lakeview, a 476-home apartment community in Irving, TX; Camden Woodview, a 283-home apartment community in Austin, TX; Camden Briar Oaks, a 430-home apartment community in Austin, TX; and Camden Arbors, a 358-home apartment community in Westminster, CO. The four communities were sold for a total of $94.9 million.

Properties and Land Held for Sale

At June 30, 2008, Camden had two operating communities consisting of 834 apartment homes held for sale: Camden Lakeview, a 476-home apartment community in Irving, TX; and Camden Arbors, a 358-home apartment community in Westminster, CO. Both communities were disposed of subsequent to quarter-end.

The Company also had 4.6 acres of undeveloped land in Boca Raton, FL and Dallas, TX classified as held for sale at quarter-end.

Stock Repurchase

During the first quarter of 2008, Camden repurchased 690,400 common shares at an average price per share of $43.41, for a total of $30.0 million. No shares were repurchased during the second quarter of 2008. The Company has completed a total of $230.1 million of common share repurchases during 2007 and 2008.

Earnings Guidance

Camden’s earnings guidance for 2008 is based on its current and expected views of the apartment market and general economic conditions. Full-year 2008 FFO is expected to be $3.55 to $3.65 per diluted share, and full-year 2008 EPS is expected to be $0.72 to $0.82 per diluted share. The Company’s revised 2008 earnings guidance is based on projections of same-property revenue growth of 2.0% to 2.75%, expense growth of 4.25% to 5.25%, and NOI growth of 0.5% to 1.5%. Third quarter 2008 earnings guidance is $0.85 to $0.89 per diluted share for FFO and $0.06 to $0.10 per diluted share for EPS. Guidance for EPS excludes potential future gains on the sale of properties. Camden intends to update its earnings guidance to the market on a quarterly basis. A reconciliation of expected net income to expected FFO is included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Friday, August 1, 2008 at 10:00 a.m. Central Time to review its second quarter 2008 results and discuss its outlook for future performance. To participate in the call, please dial (800) 860-2442 (domestic) or (412) 858-4600 (international) by 9:50 a.m. Central Time and request the Camden Property Trust Second Quarter 2008 Earnings Call, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at www.camdenliving.com. Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. Camden owns interests in and operates 178 properties containing 62,065 apartment homes across the United States. Upon completion of eight properties under development, the Company’s portfolio will increase to 64,518 apartment homes in 186 properties. Camden was recently named to FORTUNE® Magazine’s list of the “100 Best Companies to Work For.”

For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at www.camdenliving.com.


CAMDEN	OPERATING RESULTS
(In thousands, except per share and property data amounts)


(Unaudited)	Three Months Ended						Six Months Ended
	June 30,						June 30,
OPERATING DATA	2008			2007			2008			2007
Property revenues
Rental revenues	$	139,628		$	133,798		$	276,951		$	265,450
Other property revenues		19,488			15,989			37,179			30,426
Total property revenues		159,116			149,787			314,130			295,876

Property expenses
Property operating and maintenance		41,464			38,293			81,852			76,338
Real estate taxes		18,237			16,892			35,919			32,722
Total property expenses		59,701			55,185			117,771			109,060

Non-property income
Fee and asset management income		2,131			2,420			4,543			4,806
Interest and other income		1,092			1,810			2,425			3,372
Income on deferred compensation plans		(639	)		4,835			(9,180	)		7,141
Total non-property income		2,584			9,065			(2,212	)		15,319

Other expenses
Property management		5,281			4,800			10,181			9,528
Fee and asset management		1,696			811			3,421			2,431
General and administrative		8,414			7,912			16,374			15,966
Interest		33,378			29,243			66,044			57,003
Depreciation and amortization		43,983			38,905			86,288			77,627
Amortization of deferred financing costs		592			901			1,329			1,812
Expense on deferred compensation plans		(639	)		4,835			(9,180	)		7,141
Total other expenses		92,705			87,407			174,457			171,508

Income from continuing operations before gain on sale of properties, gains related to early retirement of debt, equity in income of joint ventures, minority interests and income taxes		9,294			16,260			19,690			30,627
Gain on sale of properties, including land		-			-			1,106			-
Gains related to early retirement of debt		2,298			-			2,298			-
Equity in income (loss) of joint ventures		(474	)		484			(521	)		1,219
Minority interests
Distributions on perpetual preferred units		(1,750	)		(1,750	)		(3,500	)		(3,500	)
Income allocated to common units and other minority interests		(1,126	)		(1,343	)		(2,395	)		(2,130	)
Income from continuing operations before income taxes		8,242			13,651			16,678			26,216
Income tax expense		(160	)		(316	)		(433	)		(2,221	)
Income from continuing operations		8,082			13,335			16,245			23,995
Income from discontinued operations		663			2,800			1,288			5,447
Gain on sale of discontinued operations		8,549			30,976			14,676			30,976
Income from discontinued operations allocated to common units		-			(4,519	)		-			(4,789	)
Net income	$	17,294		$	42,592		$	32,209		$	55,629

PER SHARE DATA
Net income - basic	$	0.31		$	0.72		$	0.58		$	0.95
Net income - diluted		0.31			0.71			0.58			0.93
Income from continuing operations - basic		0.15			0.23			0.29			0.41
Income from continuing operations - diluted		0.15			0.22			0.29			0.40

Weighted average number of common and common equivalent shares outstanding:
Basic		55,351			58,894			55,158			58,854
Diluted		56,033			59,929			55,829			59,961

PROPERTY DATA
Total operating properties (end of period) (a)		182			186			182			186
Total operating apartment homes in operating properties (end of period) (a)		63,612			64,191			63,612			64,191
Total operating apartment homes (weighted average)		51,957			53,424			51,860			53,260
Total operating apartment homes - excluding discontinued operations (weighted average)		50,919			49,375			50,750			49,091


(a) Includes joint ventures and properties held for sale.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN	FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)



(Unaudited)		Three Months Ended						Six Months Ended
		June 30,						June 30,
FUNDS FROM OPERATIONS		2008			2007			2008			2007

Net income		$	17,294		$	42,592		$	32,209		$	55,629
Real estate depreciation and amortization from continuing operations			43,088			38,213			84,530			76,220
Real estate depreciation from discontinued operations			321			1,191			817			2,790
Adjustments for unconsolidated joint ventures			1,715			1,225			3,254			2,311
Income from continuing operations allocated to common units			1,004			1,048			2,160			1,784
Income from discontinued operations allocated to common units			-			4,519			-			4,789
(Gain) loss on sale of operating properties, net of taxes			-			-			(1,106	)		1,184
(Gain) on sale of discontinued operations			(8,554	)		(30,976	)		(14,666	)		(30,976	)
Funds from operations - diluted		$	54,868		$	57,812		$	107,198		$	113,731

PER SHARE DATA
Funds from operations - diluted		$	0.94		$	0.92		$	1.83		$	1.81
Cash distributions			0.70			0.69			1.40			1.38

Weighted average number of common and common equivalent shares outstanding:
FFO - diluted			58,612			62,914			58,578			62,967

PROPERTY DATA
Total operating properties (end of period) (a)			182			186			182			186
Total operating apartment homes in operating properties (end of period) (a)			63,612			64,191			63,612			64,191
Total operating apartment homes (weighted average)			51,957			53,424			51,860			53,260
Total operating apartment homes - excluding discontinued operations (weighted average)			50,919			49,375			50,750			49,091


(a) Includes joint ventures and properties held for sale.

Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN	BALANCE SHEETS
	(In thousands)


(Unaudited)	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2008			2008			2007			2007			2007
ASSETS
Real estate assets, at cost
Land	$	755,200		$	749,664		$	730,548		$	714,044		$	713,084
Buildings and improvements		4,474,749			4,435,787			4,316,472			4,215,662			4,144,075
		5,229,949			5,185,451			5,047,020			4,929,706			4,857,159
Accumulated depreciation		(935,640	)		(907,643	)		(868,074	)		(827,944	)		(788,318	)
Net operating real estate assets		4,294,309			4,277,808			4,178,946			4,101,762			4,068,841
Properties under development, including land		333,419			358,994			446,664			488,620			454,617
Investments in joint ventures		14,773			12,526			8,466			12,243			12,722
Properties held for sale, including land		36,152			23,299			25,253			73,325			72,577
Total real estate assets		4,678,653			4,672,627			4,659,329			4,675,950			4,608,757
Accounts receivable - affiliates		36,556			36,166			35,940			36,171			35,341
Notes receivable
Affiliates		53,849			52,331			50,358			48,172			45,560
Other		8,710			8,710			11,565			11,565			11,565
Other assets, net ^(a)		117,599			116,010			126,996			129,810			136,524
Cash and cash equivalents		1,242			947			897			1,207			3,058
Restricted cash		4,687			5,325			5,675			5,904			20,053
Total assets	$	4,901,296		$	4,892,116		$	4,890,760		$	4,908,779		$	4,860,858



LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured	$	2,400,027		$	2,351,006		$	2,265,319		$	2,198,628		$	2,065,175
Secured		539,328			559,952			562,776			565,564			566,001
Accounts payable and accrued expenses		77,441			90,779			107,403			110,643			128,892
Accrued real estate taxes		30,664			17,769			24,943			42,151			29,785
Other liabilities^(b)		129,471			146,817			136,365			117,317			115,547
Distributions payable		42,965			42,942			42,689			44,180			44,982
Total liabilities		3,219,896			3,209,265			3,139,495			3,078,483			2,950,382

Commitments and contingencies

Minority interests
Perpetual preferred units		97,925			97,925			97,925			97,925			97,925
Common units		96,249			97,416			111,624			104,176			105,353
Other minority interests		8,572			8,537			10,403			10,740			10,916
Total minority interests		202,746			203,878			219,952			212,841			214,194

Shareholders' equity
Common shares of beneficial interest		660			660			654			654			654
Additional paid-in capital		2,230,119			2,227,256			2,209,631			2,207,333			2,204,525
Distributions in excess of net income		(272,294	)		(250,845	)		(227,025	)		(269,667	)		(241,711	)
Employee notes receivable		(302	)		(306	)		(1,950	)		(1,963	)		(1,976	)
Treasury shares, at cost		(463,574	)		(463,574	)		(433,874	)		(318,902	)		(265,210	)
Other comprehensive loss ^(c)		(15,955	)		(34,218	)		(16,123	)		-			-
Total shareholders' equity		1,478,654			1,478,973			1,531,313			1,617,455			1,696,282
Total liabilities and shareholders' equity	$	4,901,296		$	4,892,116		$	4,890,760		$	4,908,779		$	4,860,858



(a) includes:
net deferred charges of:	$	9,434		$	10,287		$	10,811		$	10,308		$	11,565
value of in place leases of:		-		$	62		$	258		$	703		$	1,091

(b) includes:
deferred revenues of:	$	2,747		$	2,575		$	2,459		$	2,738		$	2,937
above/below market leases of:		-			($6	)		($13	)	$	25		$	43
distributions in excess of investments in joint ventures of:	$	26,022		$	25,065		$	23,653		$	20,867		$	19,549
fair value adjustment of derivative instrument:	$	15,955		$	34,218		$	16,123			-			-

(c) Represents the fair value adjustment of the derivative instrument.


CAMDEN	NON-GAAP FINANCIAL MEASURES
	DEFINITIONS & RECONCILIATIONS
	(In thousands, except per share amounts)



(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.



FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income 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 unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities, including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a company's real estate between periods or as compared to different companies. A reconciliation of net income to FFO is provided below:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Net income	$	17,294		$	42,592		$	32,209		$	55,629
Real estate depreciation and amortization from continuing operations		43,088			38,213			84,530			76,220
Real estate depreciation from discontinued operations		321			1,191			817			2,790
Adjustments for unconsolidated joint ventures		1,715			1,225			3,254			2,311
Income from continuing operations allocated to common units		1,004			1,048			2,160			1,784
Income from discontinued operations allocated to common units		-			4,519			-			4,789
(Gain) loss on sale of operating properties, net of taxes		-			-			(1,106	)		1,184
(Gain) on sale of discontinued operations		(8,554	)		(30,976	)		(14,666	)		(30,976	)
Funds from operations - diluted	$	54,868		$	57,812		$	107,198		$	113,731

Weighted average number of common and common equivalent shares outstanding:
EPS diluted		56,033			59,929			55,829			59,961
FFO diluted		58,612			62,914			58,578			62,967

Net income per common share - diluted	$	0.31		$	0.71		$	0.58		$	0.93
FFO per common share - diluted	$	0.94		$	0.92		$	1.83		$	1.81

Expected FFO
Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating performance when compared to expected net income (EPS). A reconciliation of the ranges provided for expected net income per diluted share to expected FFO per diluted share is provided below:

	3Q08 Range						2008 Range
	Low			High			Low			High

Expected net income per share - diluted	$	0.06		$	0.10		$	0.72		$	0.82
Expected difference between EPS and fully diluted FFO shares		(0.01	)		(0.01	)		(0.03	)		(0.03	)
Expected real estate depreciation		0.74			0.74			2.94			2.94
Expected adjustments for unconsolidated joint ventures		0.03			0.03			0.12			0.12
Expected income allocated to common units		0.03			0.03			0.08			0.08
Expected (gain) on sale of properties and properties held for sale		0.00			0.00			(0.28	)		(0.28	)
Expected FFO per share - diluted	$	0.85		$	0.89		$	3.55		$	3.65



Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.


Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income to net operating income is provided below:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Net income	$	17,294		$	42,592		$	32,209		$	55,629
Fee and asset management income		(2,131	)		(2,420	)		(4,543	)		(4,806	)
Interest and other income		(1,092	)		(1,810	)		(2,425	)		(3,372	)
Income on deferred compensation plans		639			(4,835	)		9,180			(7,141	)
Property management expense		5,281			4,800			10,181			9,528
Fee and asset management expense		1,696			811			3,421			2,431
General and administrative expense		8,414			7,912			16,374			15,966
Interest expense		33,378			29,243			66,044			57,003
Depreciation and amortization		43,983			38,905			86,288			77,627
Amortization of deferred financing costs		592			901			1,329			1,812
Expense on deferred compensation plans		(639	)		4,835			(9,180	)		7,141
(Gain) loss on sale of properties, including land		-			-			(1,106	)		-
Gains related to early retirement of debt		(2,298	)		-			(2,298	)		-
Equity in income (loss) of joint ventures		474			(484	)		521			(1,219	)
Distributions on perpetual preferred units		1,750			1,750			3,500			3,500
Income allocated to common units and other minority interests		1,126			1,343			2,395			2,130
Income tax expense		160			316			433			2,221
Income from discontinued operations		(663	)		(2,800	)		(1,288	)		(5,447	)
Gain on sale of discontinued operations		(8,549	)		(30,976	)		(14,676	)		(30,976	)
Income from discontinued operations allocated to common units		-			4,519			-			4,789
Net Operating Income (NOI)	$	99,415		$	94,602		$	196,359		$	186,816

"Same Property" Communities	$	81,246		$	80,579		$	161,150		$	159,483
Non-"Same Property" Communities		9,634			7,109			19,327			13,506
Development and Lease-Up Communities		726			(23	)		1,004			(114	)
Redevelopment Communities		6,925			6,301			13,351			12,794
Dispositions / Other		884			636			1,527			1,147
Net Operating Income (NOI)	$	99,415		$	94,602		$	196,359		$	186,816


EBITDA
EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, excluding equity in income of joint ventures, gain on sale of real estate assets, and income allocated to minority interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income to EBITDA is provided below:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Net income	$	17,294		$	42,592		$	32,209		$	55,629
Interest expense		33,463			29,398			66,239			57,306
Amortization of deferred financing costs		592			901			1,329			1,812
Depreciation and amortization		43,983			38,905			86,288			77,627
Distributions on perpetual preferred units		1,750			1,750			3,500			3,500
Income allocated to common units and other minority interests		1,126			1,343			2,395			2,130
Income tax expense		160			316			433			2,221
Real estate depreciation and amortization from discontinued operations		325			1,196			826			2,800
(Gain) loss on sale of properties, including land		-			-			(1,106	)		-
Gains related to early retirement of debt		(2,298	)		-			(2,298	)		-
Equity in income(loss) of joint ventures		474			(484	)		521			(1,219	)
Gain on sale of discontinued operations		(8,549	)		(30,976	)		(14,676	)		(30,976	)
Income from discontinued operations allocated to common units		-			4,519			-			4,789
EBITDA	$	88,320		$	89,460		$	175,660		$	175,619

CONTACT:
Camden Property Trust, Houston
Kim Callahan, 713-354-2549

EX-99.2 3 a5745777ex99_2.htm EXHIBIT 99.2

EXHIBIT 99.2

SECOND QUARTER 2008

Supplemental Operating and Financial Data

Camden Potomac Yard - Arlington, VA

378 Apartment Homes

Currently in Lease-Up

Camden Property Trust

Three Greenway Plaza, Suite 1300

Houston, Texas 77046

Phone: 713-354-2500 Fax: 713-354-2700

www.camdenliving.com

In addition to historical information, this document contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.

CAMDEN	TABLE OF CONTENTS



	Page
Press Release Text	3
Financial Highlights	6
Operating Results	7
Funds from Operations	8
Balance Sheets	9
Portfolio Statistics	10
Components of Property Net Operating Income	11
"Same Property" Second Quarter Comparisons	12
"Same Property" Sequential Quarter Comparisons	13
"Same Property" Year to Date Comparisons	14
Joint Venture Operations	15
Current Development Pipeline	16
Joint Venture Development Pipeline	17
Future Development Pipeline & Land Held for Sale	18
Redevelopment Summary	19
Notes Receivable Summary	20
Acquisitions & Dispositions	21
Debt Analysis	22
Debt Covenant Analysis	23
Capitalized Expenditures & Maintenance Expense	24
Non-GAAP Financial Measures - Definitions & Reconciliations	25
Other Data	27
Community Table	28

Camden Property Trust Announces Second Quarter 2008 Operating Results

Net Income (“EPS”)

A reconciliation of net income to FFO is included in the financial tables accompanying this press release.

Same-Property Results

Development Activity

Disposition Activity

Properties and Land Held for Sale

The Company also had 4.6 acres of undeveloped land in Boca Raton, FL and Dallas, TX classified as held for sale at quarter-end.

Stock Repurchase

Earnings Guidance

Conference Call

Forward-Looking Statements

About Camden

For additional information, please contact Camden’s Investor Relations Department at (800) 922-6336 or (713) 354-2787 or access our website at www.camdenliving.com.

CAMDEN	FINANCIAL HIGHLIGHTS
		(In thousands, except per share, property data amounts and ratios)


(Unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
		2008				2007				2008				2007
Total property revenues (a)		$	159,116			$	149,787			$	314,130			$	295,876

EBITDA			88,320				89,460				175,660				175,619

Net income			17,294				42,592				32,209				55,629
Per share - basic			0.31				0.72				0.58				0.95
Per share - diluted			0.31				0.71				0.58				0.93

Income from continuing operations			8,082				13,335				16,245				23,995
per share - basic			0.15				0.23				0.29				0.41
per share - diluted			0.15				0.22				0.29				0.40

Funds from operations			54,868				57,812				107,198				113,731
Per share - diluted			0.94				0.92				1.83				1.81

Dividends per share			0.70				0.69				1.40				1.38
Dividend payout ratio			74.5	%			75.0	%			76.5	%			76.2	%

Interest expensed (including discontinued operations)			33,463				29,398				66,239				57,306
Interest capitalized			4,264				5,357				9,623				10,493
Total interest incurred			37,727				34,755				75,862				67,799

Principal amortization			3,131				3,526				6,411				7,062
Preferred dividends & distributions			1,750				1,750				3,500				3,500

Interest expense coverage ratio			2.6		x		3.0		x		2.7		x		3.1		x
Total interest coverage ratio			2.3		x		2.6		x		2.3		x		2.6		x
Fixed charge expense coverage ratio			2.3		x		2.6		x		2.3		x		2.6		x
Total fixed charge coverage ratio			2.1		x		2.2		x		2.0		x		2.2		x

Same property NOI increase (b)			0.8	%			5.9	%			1.0	%			5.8	%
(# of apartment homes included)			42,166				42,089				42,166				42,089

Gross turnover of apartment homes (annualized)			75	%			75	%			68	%			67	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)			65	%			68	%			59	%			60	%


										As of June 30,
										2008				2007
Total assets										$	4,901,296			$	4,860,858
Total debt										$	2,939,355			$	2,631,176
Common and common equivalent shares, outstanding end of period (c)											58,570				62,581
Share price, end of period										$	44.26			$	66.97
Preferred units, end of period										$	97,925			$	97,925
Book equity value, end of period (d)										$	1,681,400			$	1,910,476
Market equity value, end of period (d)										$	2,692,308			$	4,291,050

Debt to total market capitalization ratio											52.2	%			38.0	%

Unencumbered real estate assets (at cost)
to unsecured debt ratio											194	%			214	%

(a) Excludes discontinued operations.

(b) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and communities

under redevelopment.

(c) Includes at June 30, 2008: 55,484 common shares (including 129 common share equivalents related to share awards & options), plus common share equivalents

upon the assumed conversion of minority interest units (3,086)

(d) Includes: common shares, preferred and common units, and common share equivalents

Note: Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN				OPERATING RESULTS
	(In thousands, except per share and property data amounts)


(Unaudited)	Three Months Ended						Six Months Ended
	June 30,						June 30,
OPERATING DATA		2008			2007			2008			2007
Property revenues
Rental revenues	$	139,628		$	133,798		$	276,951		$	265,450
Other property revenues		19,488			15,989			37,179			30,426
Total property revenues		159,116			149,787			314,130			295,876

Property expenses
Property operating and maintenance		41,464			38,293			81,852			76,338
Real estate taxes		18,237			16,892			35,919			32,722
Total property expenses		59,701			55,185			117,771			109,060

Non-property income
Fee and asset management income		2,131			2,420			4,543			4,806
Interest and other income		1,092			1,810			2,425			3,372
Income on deferred compensation plans		(639	)		4,835			(9,180	)		7,141
Total non-property income		2,584			9,065			(2,212	)		15,319

Other expenses
Property management		5,281			4,800			10,181			9,528
Fee and asset management		1,696			811			3,421			2,431
General and administrative		8,414			7,912			16,374			15,966
Interest		33,378			29,243			66,044			57,003
Depreciation and amortization		43,983			38,905			86,288			77,627
Amortization of deferred financing costs		592			901			1,329			1,812
Expense on deferred compensation plans		(639	)		4,835			(9,180	)		7,141
Total other expenses		92,705			87,407			174,457			171,508

Income from continuing operations before gain on sale of properties,
gains related to early retirement of debt, equity in income of joint ventures,
minority interests and income taxes		9,294			16,260			19,690			30,627
Gain on sale of properties, including land		-			-			1,106			-
Gains related to early retirement of debt		2,298			-			2,298			-
Equity in income (loss) of joint ventures		(474	)		484			(521	)		1,219
Minority interests
Distributions on perpetual preferred units		(1,750	)		(1,750	)		(3,500	)		(3,500	)
Income allocated to common units and other minority interests		(1,126	)		(1,343	)		(2,395	)		(2,130	)
Income from continuing operations before income taxes		8,242			13,651			16,678			26,216
Income tax expense		(160	)		(316	)		(433	)		(2,221	)
Income from continuing operations		8,082			13,335			16,245			23,995
Income from discontinued operations		663			2,800			1,288			5,447
Gain on sale of discontinued operations		8,549			30,976			14,676			30,976
Income from discontinued operations allocated to common units		-			(4,519	)		-			(4,789	)
Net income	$	17,294		$	42,592		$	32,209		$	55,629

PER SHARE DATA
Net income - basic	$	0.31		$	0.72		$	0.58		$	0.95
Net income - diluted		0.31			0.71			0.58			0.93
Income from continuing operations - basic		0.15			0.23			0.29			0.41
Income from continuing operations - diluted		0.15			0.22			0.29			0.40

Weighted average number of common and
common equivalent shares outstanding:
Basic		55,351			58,894			55,158			58,854
Diluted		56,033			59,929			55,829			59,961

PROPERTY DATA
Total operating properties (end of period) (a)		182			186			182			186
Total operating apartment homes in operating properties (end of period) (a)		63,612			64,191			63,612			64,191
Total operating apartment homes (weighted average)		51,957			53,424			51,860			53,260
Total operating apartment homes - excluding discontinued operations (weighted average)		50,919			49,375			50,750			49,091

(a) Includes joint ventures and properties held for sale.

Note: Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN		FUNDS FROM OPERATIONS
	(In thousands, except per share and property data amounts)



(Unaudited)		Three Months Ended						Six Months Ended
		June 30,						June 30,
FUNDS FROM OPERATIONS			2008			2007			2008			2007

Net income		$	17,294		$	42,592		$	32,209		$	55,629
Real estate depreciation and amortization from continuing operations			43,088			38,213			84,530			76,220
Real estate depreciation from discontinued operations			321			1,191			817			2,790
Adjustments for unconsolidated joint ventures			1,715			1,225			3,254			2,311
Income from continuing operations allocated to common units			1,004			1,048			2,160			1,784
Income from discontinued operations allocated to common units			-			4,519			-			4,789
(Gain) loss on sale of operating properties, net of taxes			-			-			(1,106	)		1,184
(Gain) on sale of discontinued operations			(8,554	)		(30,976	)		(14,666	)		(30,976	)
Funds from operations - diluted		$	54,868		$	57,812		$	107,198		$	113,731

PER SHARE DATA
Funds from operations - diluted		$	0.94		$	0.92		$	1.83		$	1.81
Cash distributions			0.70			0.69			1.40			1.38

Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted			58,612			62,914			58,578			62,967

PROPERTY DATA
Total operating properties (end of period) (a)			182			186			182			186
Total operating apartment homes in operating properties (end of period) (a)			63,612			64,191			63,612			64,191
Total operating apartment homes (weighted average)			51,957			53,424			51,860			53,260
Total operating apartment homes - excluding discontinued operations (weighted average)			50,919			49,375			50,750			49,091

(a) Includes joint ventures and properties held for sale.

CAMDEN				BALANCE SHEETS
	(In thousands)


(Unaudited)	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2008			2008			2007			2007			2007
ASSETS
Real estate assets, at cost
Land	$	755,200		$	749,664		$	730,548		$	714,044		$	713,084
Buildings and improvements		4,474,749			4,435,787			4,316,472			4,215,662			4,144,075
		5,229,949			5,185,451			5,047,020			4,929,706			4,857,159
Accumulated depreciation		(935,640	)		(907,643	)		(868,074	)		(827,944	)		(788,318	)
Net operating real estate assets		4,294,309			4,277,808			4,178,946			4,101,762			4,068,841
Properties under development, including land		333,419			358,994			446,664			488,620			454,617
Investments in joint ventures		14,773			12,526			8,466			12,243			12,722
Properties held for sale, including land		36,152			23,299			25,253			73,325			72,577
Total real estate assets		4,678,653			4,672,627			4,659,329			4,675,950			4,608,757
Accounts receivable - affiliates		36,556			36,166			35,940			36,171			35,341
Notes receivable
Affiliates		53,849			52,331			50,358			48,172			45,560
Other		8,710			8,710			11,565			11,565			11,565
Other assets, net ^(a)		117,599			116,010			126,996			129,810			136,524
Cash and cash equivalents		1,242			947			897			1,207			3,058
Restricted cash		4,687			5,325			5,675			5,904			20,053
Total assets	$	4,901,296		$	4,892,116		$	4,890,760		$	4,908,779		$	4,860,858



LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured	$	2,400,027		$	2,351,006		$	2,265,319		$	2,198,628		$	2,065,175
Secured		539,328			559,952			562,776			565,564			566,001
Accounts payable and accrued expenses		77,441			90,779			107,403			110,643			128,892
Accrued real estate taxes		30,664			17,769			24,943			42,151			29,785
Other liabilities^(b)		129,471			146,817			136,365			117,317			115,547
Distributions payable		42,965			42,942			42,689			44,180			44,982
Total liabilities		3,219,896			3,209,265			3,139,495			3,078,483			2,950,382

Commitments and contingencies

Minority interests
Perpetual preferred units		97,925			97,925			97,925			97,925			97,925
Common units		96,249			97,416			111,624			104,176			105,353
Other minority interests		8,572			8,537			10,403			10,740			10,916
Total minority interests		202,746			203,878			219,952			212,841			214,194

Shareholders' equity
Common shares of beneficial interest		660			660			654			654			654
Additional paid-in capital		2,230,119			2,227,256			2,209,631			2,207,333			2,204,525
Distributions in excess of net income		(272,294	)		(250,845	)		(227,025	)		(269,667	)		(241,711	)
Employee notes receivable		(302	)		(306	)		(1,950	)		(1,963	)		(1,976	)
Treasury shares, at cost		(463,574	)		(463,574	)		(433,874	)		(318,902	)		(265,210	)
Other comprehensive loss ^(c)		(15,955	)		(34,218	)		(16,123	)		-			-
Total shareholders' equity		1,478,654			1,478,973			1,531,313			1,617,455			1,696,282
Total liabilities and shareholders' equity	$	4,901,296		$	4,892,116		$	4,890,760		$	4,908,779		$	4,860,858



(a) includes:
net deferred charges of:	$	9,434		$	10,287		$	10,811		$	10,308		$	11,565
value of in place leases of:		-		$	62		$	258		$	703		$	1,091

(b) includes:
deferred revenues of:	$	2,747		$	2,575		$	2,459		$	2,738		$	2,937
above/below market leases of:		-			($6	)		($13	)	$	25		$	43
distributions in excess of investments in joint ventures of:	$	26,022		$	25,065		$	23,653		$	20,867		$	19,549
fair value adjustment of derivative instrument:	$	15,955		$	34,218		$	16,123			-			-

(c) Represents the fair value adjustment of the derivative instrument.

CAMDEN														PORTFOLIO STATISTICS



(Unaudited)

COMMUNITY PORTFOLIO AT JUNE 30, 2008 (in apartment homes)

			"Same Property"		Non-"Same Property"^(a)		Wholly - Owned		Joint Venture	Stabilized Operating		Completed in Lease-up		Total Operating		Under Development		Total
	D.C. Metro ^(b)(c)		2,663		1,862		4,525		-	4,525		669		5,194		874		6,068
	Las Vegas, NV		2,889		1,080		3,969		4,047	8,016		-		8,016		-		8,016
	Los Angeles/Orange County, CA ^(d)		1,770		-		1,770		421	2,191		-		2,191		290		2,481
	San Diego/Inland Empire, CA		846		350		1,196		-	1,196		-		1,196		-		1,196
	Tampa, FL		4,613		890		5,503		-	5,503		-		5,503		-		5,503
	Dallas, TX		5,165		1,416		6,581		456	7,037		-		7,037		-		7,037
	Houston, TX ^(e)		3,350		894		4,244		1,487	5,731		615		6,346		733		7,079
	SE Florida		2,520		-		2,520		-	2,520		-		2,520		-		2,520
	Charlotte, NC		3,286		288		3,574		-	3,574		-		3,574		-		3,574
	Orlando, FL		3,296		-		3,296		-	3,296		261		3,557		-		3,557
	Atlanta, GA		3,202		-		3,202		-	3,202		-		3,202		-		3,202
	Denver, CO		1,851		358		2,209		320	2,529		-		2,529		-		2,529
	Raleigh, NC		2,220		484		2,704		-	2,704		-		2,704		-		2,704
	Phoenix, AZ		1,441		-		1,441		992	2,433		-		2,433		-		2,433
	Austin, TX ^(f)		2,358		253		2,611		-	2,611		-		2,611		556		3,167
	Other		696		1,066		1,762		3,237	4,999		-		4,999		-		4,999

		Total Portfolio	42,166		8,941		51,107		10,960	62,067		1,545		63,612		2,453		66,065

	(a) Includes eleven redevelopment properties (4,028 apartment homes) and two properties held for sale and reported in discontinued operations (834 apartment homes).
	(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
	(c) 508 units under development in College Park, MD are held through a joint venture investment.
	(d) 290 units under development in Irvine, CA are held through a joint venture investment.
	(e) 459 units under development in Houston, TX are held through joint venture investments.
	(f) 348 units under development in Austin, TX are held through a joint venture investment.

SECOND QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION										WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: ^(h)


			"Same Property"		Operating		Incl. JVs at			Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
			Communities		Communities ^(f)		Pro Rata % ^(g)			2008		2008		2007		2007		2007
	D.C. Metro		10.6	%	15.0	%	14.5	%		96.0	%	94.4	%	94.2	%	95.6	%	95.8	%
	Las Vegas, NV		6.7	%	7.6	%	8.8	%		94.9	%	93.9	%	93.7	%	94.6	%	95.3	%
	Los Angeles/Orange County, CA		8.0	%	6.5	%	6.5	%		94.7	%	93.5	%	93.9	%	94.5	%	93.3	%
	San Diego/Inland Empire, CA		3.1	%	3.6	%	3.4	%		94.6	%	94.5	%	95.1	%	94.3	%	93.1	%
	Tampa, FL		8.2	%	7.9	%	7.6	%		93.4	%	93.8	%	92.6	%	93.3	%	94.2	%
	Dallas, TX		8.0	%	7.9	%	7.7	%		93.7	%	92.7	%	92.5	%	93.5	%	94.6	%
	Houston, TX		6.4	%	7.7	%	7.9	%		95.3	%	95.2	%	94.6	%	95.2	%	95.2	%
	SE Florida		8.9	%	7.3	%	7.1	%		95.4	%	94.3	%	94.3	%	95.4	%	95.4	%
	Charlotte, NC		7.7	%	6.8	%	6.5	%		94.7	%	92.9	%	93.8	%	95.2	%	95.7	%
	Orlando, FL		7.0	%	5.5	%	5.3	%		93.7	%	93.9	%	92.9	%	93.6	%	93.5	%
	Atlanta, GA		7.1	%	5.9	%	5.7	%		94.7	%	93.5	%	94.1	%	95.6	%	94.7	%
	Denver, CO		4.6	%	4.3	%	4.5	%		95.7	%	94.5	%	95.5	%	96.1	%	96.0	%
	Raleigh, NC		4.6	%	4.6	%	4.4	%		94.3	%	94.1	%	92.5	%	93.8	%	95.0	%
	Phoenix, AZ		3.3	%	2.7	%	2.9	%		93.1	%	93.2	%	93.4	%	94.5	%	94.2	%
	Austin, TX		4.0	%	3.8	%	3.7	%		94.4	%	94.1	%	93.8	%	94.3	%	94.7	%
	Other		1.8	%	2.9	%	3.5	%		95.7	%	94.8	%	94.3	%	95.0	%	95.5	%

		Total Portfolio	100.0	%	100.0	%	100.0	%		94.6	%	93.9	%	93.7	%	94.5	%	94.9	%


	(f) Operating communities include wholly-owned communities and completed communities in lease-up at quarter end and exclude communities sold during the quarter.
	(g) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities.
	(h) Occupancy figures include apartment homes held through joint venture investments but exclude communities in lease-up, under development, or under redevelopment.

CAMDEN				COMPONENTS OF
				PROPERTY NET OPERATING INCOME
				(In thousands, except property data amounts)


(Unaudited)


		Apartment	Three Months Ended June 30,			Six Months Ended June 30,
Property Revenues		Homes	2008	2007	Change	2008	2007	Change
"Same Property" Communities^(a)		42,166	$128,898	$126,835	$2,063	$255,464	$251,692	$3,772
Non-"Same Property" Communities ^(b)		4,079	14,601	10,894	3,707	29,040	20,202	8,838
Development and Lease-Up Communities ^(c)		2,393	3,045	412	2,633	4,947	677	4,270
Redevelopment Communities ^(d)		4,028	11,423	10,516	907	22,315	21,040	1,275
Dispositions / Other ^(e)		-	1,149	1,130	19	2,364	2,265	99
	Total Property Revenues	52,666	$159,116	$149,787	$9,329	$314,130	$295,876	$18,254

Property Expenses
"Same Property" Communities^(a)		42,166	$47,652	$46,256	$1,396	$94,314	$92,209	$2,105
Non-"Same Property" Communities ^(b)		4,079	4,967	3,785	1,182	9,713	6,696	3,017
Development and Lease-Up Communities ^(c)		2,393	2,319	435	1,884	3,943	791	3,152
Redevelopment Communities ^(d)		4,028	4,498	4,215	283	8,964	8,246	718
Dispositions / Other ^(e)		-	265	494	(229)	837	1,118	(281)
	Total Property Expenses	52,666	$59,701	$55,185	$4,516	$117,771	$109,060	$8,711

Property Net Operating Income
"Same Property" Communities^(a)		42,166	$81,246	$80,579	$667	$161,150	$159,483	$1,667
Non-"Same Property" Communities ^(b)		4,079	9,634	7,109	2,525	19,327	13,506	5,821
Development and Lease-Up Communities ^(c)		2,393	726	(23)	749	1,004	(114)	1,118
Redevelopment Communities ^(d)		4,028	6,925	6,301	624	13,351	12,794	557
Dispositions / Other ^(e)		-	884	636	248	1,527	1,147	380
	Total Property Net Operating Income	52,666	$99,415	$94,602	$4,813	$196,359	$186,816	$9,543





Income from Discontinued Operations^(f)			Three Months Ended June 30,			Six Months Ended June 30,
			2008	2007		2008	2007
Property Revenues			$2,280	$8,166		$4,830	$16,559
Property Expenses			1,207	4,015		2,521	8,009
Property Net Operating Income			1,073	4,151		2,309	8,550
Interest			(85)	(155)		(195)	(303)
Depreciation and Amortization			(325)	(1,196)		(826)	(2,800)
Minority Interest			-	(4,519)		-	(4,789)
Gain on sale of discontinued operations			8,549	30,976		14,676	30,976
Income from Discontinued Operations			$9,212	$29,257		$15,964	$31,634

Notes:
(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale.
(b)	Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2007, excluding properties held for sale.
(c)	Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2007, excluding properties
	held for sale.
(d)	Redevelopment Communities are non-stabilized communities redeveloped by the Company after January 1, 2007, excluding properties held for sale.
(e)	Disposition Communities include those communities disposed of by the Company which are not classified as "Discontinued Operations". "Other" includes
	results from non-multifamily rental properties. "Other" property revenues includes the amortization of above and below market leases of communities
	acquired during 2007.
(f)	Represents operating results for communities disposed of during 2007 and 2008 or held for sale at June 30, 2008, of which Camden has, or expects to have, no
	continuing involvement.

			"SAME PROPERTY"
CAMDEN				SECOND QUARTER COMPARISONS
				June 30, 2008
				(In thousands, except property data amounts)



(Unaudited)

		Revenues			Expenses			NOI
Quarterly Results ^(a)	2Q08	2Q07	Growth	2Q08	2Q07	Growth	2Q08	2Q07	Growth

D.C. Metro	$12,035	$11,961	0.6%	$3,420	$3,189	7.2%	$8,615	$8,772	(1.8%)
Las Vegas, NV	8,051	8,006	0.6%	2,642	2,476	6.7%	5,409	5,530	(2.2%)
Los Angeles/Orange County, CA	9,120	8,566	6.5%	2,610	2,411	8.3%	6,510	6,155	5.8%
San Diego/Inland Empire, CA	3,942	3,828	3.0%	1,477	1,381	7.0%	2,465	2,447	0.7%
Tampa, FL	11,967	12,243	(2.3%)	5,265	5,241	0.5%	6,702	7,002	(4.3%)
Dallas, TX	11,927	11,688	2.0%	5,451	5,599	(2.6%)	6,476	6,089	6.4%
Houston, TX	8,661	8,329	4.0%	3,452	3,496	(1.3%)	5,209	4,833	7.8%
SE Florida	11,630	11,681	(0.4%)	4,451	4,291	3.7%	7,179	7,390	(2.9%)
Charlotte, NC	9,796	9,490	3.2%	3,520	3,217	9.4%	6,276	6,273	0.0%
Orlando, FL	9,037	9,349	(3.3%)	3,317	3,419	(3.0%)	5,720	5,930	(3.5%)
Atlanta, GA	9,277	8,954	3.6%	3,474	3,434	1.2%	5,803	5,520	5.1%
Denver, CO	5,490	5,241	4.8%	1,724	1,569	9.9%	3,766	3,672	2.6%
Raleigh, NC	5,789	5,628	2.9%	2,075	1,963	5.7%	3,714	3,665	1.3%
Phoenix, AZ	4,092	4,152	(1.4%)	1,385	1,286	7.7%	2,707	2,866	(5.5%)
Austin, TX	5,915	5,584	5.9%	2,670	2,556	4.5%	3,245	3,028	7.2%
Other	2,169	2,135	1.6%	719	728	(1.2%)	1,450	1,407	3.1%

Total Same Property	$128,898	$126,835	1.6%	$47,652	$46,256	3.0%	$81,246	$80,579	0.8%



	Apartment
	Homes		% of NOI	Average Occupancy ^(a)			Weighted Average Rental Rate ^(b)
Quarterly Results ^(a)	Included		Contribution^(a)	2Q08	2Q07	Change	2Q08	2Q07	Change

D.C. Metro	2,663		10.6%	96.1%	95.8%	0.3%	$1,453	$1,455	(0.2%)
Las Vegas, NV	2,889		6.7%	94.8%	95.8%	(1.0%)	863	875	(1.4%)
Los Angeles/Orange County, CA	1,770		8.0%	95.0%	92.6%	2.4%	1,660	1,636	1.5%
San Diego/Inland Empire, CA	846		3.1%	94.6%	93.1%	1.5%	1,521	1,523	(0.2%)
Tampa, FL	4,613		8.2%	93.8%	94.5%	(0.7%)	791	828	(4.5%)
Dallas, TX	5,165		8.0%	93.5%	94.7%	(1.2%)	710	700	1.5%
Houston, TX	3,350		6.4%	95.4%	95.0%	0.4%	809	784	3.2%
SE Florida	2,520		8.9%	95.4%	95.4%	0.0%	1,462	1,472	(0.7%)
Charlotte, NC	3,286		7.7%	94.7%	96.0%	(1.3%)	922	905	1.8%
Orlando, FL	3,296		7.0%	93.7%	93.5%	0.2%	886	919	(3.6%)
Atlanta, GA	3,202		7.1%	94.7%	94.7%	0.0%	908	900	0.9%
Denver, CO	1,851		4.6%	96.0%	96.2%	(0.2%)	903	863	4.5%
Raleigh, NC	2,220		4.6%	94.4%	95.0%	(0.6%)	777	774	0.4%
Phoenix, AZ	1,441		3.3%	93.6%	93.9%	(0.3%)	902	933	(3.4%)
Austin, TX	2,358		4.0%	94.8%	94.7%	0.1%	759	737	3.0%
Other	696		1.8%	95.8%	93.8%	2.0%	979	966	1.4%

Total Same Property	42,166		100.0%	94.6%	94.8%	(0.2%)	$956	$956	0.0%

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and communities

under redevelopment.

(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

			"SAME PROPERTY"
CAMDEN			SEQUENTIAL QUARTER COMPARISONS
			June 30, 2008
			(In thousands, except property data amounts)



(Unaudited)

		Revenues			Expenses			NOI
Quarterly Results ^(a)	2Q08	1Q08	Growth	2Q08	1Q08	Growth	2Q08	1Q08	Growth

D.C. Metro	$12,035	$11,769	2.3%	$3,420	$3,313	3.2%	$8,615	$8,456	1.9%
Las Vegas, NV	8,051	7,895	2.0%	2,642	2,615	1.0%	5,409	5,280	2.4%
Los Angeles/Orange County, CA	9,120	8,960	1.8%	2,610	2,528	3.2%	6,510	6,432	1.2%
San Diego/Inland Empire, CA	3,942	3,960	(0.5%)	1,477	1,420	4.0%	2,465	2,540	(3.0%)
Tampa, FL	11,967	11,822	1.2%	5,265	5,094	3.4%	6,702	6,728	(0.4%)
Dallas, TX	11,927	11,696	2.0%	5,451	5,431	0.4%	6,476	6,265	3.4%
Houston, TX	8,661	8,471	2.2%	3,452	3,488	(1.0%)	5,209	4,983	4.5%
SE Florida	11,630	11,506	1.1%	4,451	4,273	4.2%	7,179	7,233	(0.7%)
Charlotte, NC	9,796	9,499	3.1%	3,520	3,397	3.6%	6,276	6,102	2.9%
Orlando, FL	9,037	9,094	(0.6%)	3,317	3,388	(2.1%)	5,720	5,706	0.2%
Atlanta, GA	9,277	8,992	3.2%	3,474	3,353	3.6%	5,803	5,639	2.9%
Denver, CO	5,490	5,296	3.7%	1,724	1,579	9.2%	3,766	3,717	1.3%
Raleigh, NC	5,789	5,695	1.7%	2,075	2,004	3.5%	3,714	3,691	0.6%
Phoenix, AZ	4,092	4,042	1.2%	1,385	1,378	0.5%	2,707	2,664	1.6%
Austin, TX	5,915	5,796	2.1%	2,670	2,640	1.1%	3,245	3,156	2.8%
Other	2,169	2,073	4.6%	719	761	(5.5%)	1,450	1,312	10.5%

Total Same Property	$128,898	$126,566	1.8%	$47,652	$46,662	2.1%	$81,246	$79,904	1.7%



	Apartment
	Homes		% of NOI	Average Occupancy ^(a)			Weighted Average Rental Rate ^(b)
Quarterly Results ^(a)	Included		Contribution^(a)	2Q08	1Q08	Change	2Q08	1Q08	Change

D.C. Metro	2,663		10.6%	96.1%	94.6%	1.5%	$1,453	$1,446	0.5%
Las Vegas, NV	2,889		6.7%	94.8%	93.6%	1.2%	863	869	(0.7%)
Los Angeles/Orange County, CA	1,770		8.0%	95.0%	93.7%	1.3%	1,660	1,659	0.1%
San Diego/Inland Empire, CA	846		3.1%	94.6%	94.5%	0.1%	1,521	1,528	(0.4%)
Tampa, FL	4,613		8.2%	93.8%	94.3%	(0.5%)	791	796	(0.7%)
Dallas, TX	5,165		8.0%	93.5%	92.4%	1.1%	710	706	0.7%
Houston, TX	3,350		6.4%	95.4%	95.1%	0.3%	809	797	1.6%
SE Florida	2,520		8.9%	95.4%	94.3%	1.1%	1,462	1,473	(0.8%)
Charlotte, NC	3,286		7.7%	94.7%	92.9%	1.8%	922	926	(0.4%)
Orlando, FL	3,296		7.0%	93.7%	93.9%	(0.2%)	886	891	(0.6%)
Atlanta, GA	3,202		7.1%	94.7%	93.5%	1.2%	908	910	(0.3%)
Denver, CO	1,851		4.6%	96.0%	94.4%	1.6%	903	898	0.5%
Raleigh, NC	2,220		4.6%	94.4%	94.0%	0.4%	777	779	(0.3%)
Phoenix, AZ	1,441		3.3%	93.6%	93.0%	0.6%	902	920	(2.0%)
Austin, TX	2,358		4.0%	94.8%	94.1%	0.7%	759	755	0.6%
Other	696		1.8%	95.8%	93.3%	2.5%	979	962	1.8%

Total Same Property	42,166		100.0%	94.6%	93.8%	0.8%	$956	$957	(0.1%)

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and communities

under redevelopment.

(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

			"SAME PROPERTY"
CAMDEN			YEAR TO DATE COMPARISONS
			June 30, 2008
			(In thousands, except property data amounts)



(Unaudited)

		Revenues			Expenses			NOI
Year to Date Results ^(a)	2008	2007	Growth	2008	2007	Growth	2008	2007	Growth

D.C. Metro	$23,805	$23,718	0.4%	$6,733	$6,372	5.7%	$17,072	$17,346	(1.6%)
Las Vegas, NV	15,948	15,972	(0.2%)	5,258	5,000	5.2%	10,690	10,972	(2.6%)
Los Angeles/Orange County, CA	18,080	16,994	6.4%	5,139	4,818	6.7%	12,941	12,176	6.3%
San Diego/Inland Empire, CA	7,900	7,631	3.5%	2,898	2,763	4.9%	5,002	4,868	2.8%
Tampa, FL	23,790	24,389	(2.5%)	10,359	10,435	(0.7%)	13,431	13,954	(3.7%)
Dallas, TX	23,622	23,165	2.0%	10,882	10,928	(0.4%)	12,740	12,237	4.1%
Houston, TX	17,131	16,499	3.8%	6,939	6,890	0.7%	10,192	9,609	6.1%
SE Florida	23,137	23,377	(1.0%)	8,724	8,746	(0.3%)	14,413	14,631	(1.5%)
Charlotte, NC	19,295	18,693	3.2%	6,917	6,452	7.2%	12,378	12,241	1.1%
Orlando, FL	18,131	18,640	(2.7%)	6,705	6,837	(1.9%)	11,426	11,803	(3.2%)
Atlanta, GA	18,268	17,787	2.7%	6,827	6,611	3.3%	11,441	11,176	2.4%
Denver, CO	10,787	10,253	5.2%	3,302	3,206	3.0%	7,485	7,047	6.2%
Raleigh, NC	11,483	11,004	4.4%	4,079	3,907	4.4%	7,404	7,097	4.3%
Phoenix, AZ	8,134	8,374	(2.9%)	2,762	2,608	5.9%	5,372	5,766	(6.8%)
Austin, TX	11,711	10,972	6.7%	5,310	5,146	3.2%	6,401	5,826	9.9%
Other	4,242	4,224	0.4%	1,480	1,490	(0.7%)	2,762	2,734	1.0%

Total Same Property	$255,464	$251,692	1.5%	$94,314	$92,209	2.3%	$161,150	$159,483	1.0%



	Apartment
	Homes		% of NOI	Average Occupancy ^(a)			Weighted Average Rental Rate ^(b)
Year to Date Results ^(a)	Included		Contribution^(a)	2008	2007	Change	2008	2007	Change

D.C. Metro	2,663		10.6%	95.3%	95.6%	(0.3%)	$1,449	$1,455	(0.4%)
Las Vegas, NV	2,889		6.6%	94.2%	95.8%	(1.6%)	866	873	(0.9%)
Los Angeles/Orange County, CA	1,770		8.0%	94.4%	92.5%	1.9%	1,659	1,635	1.5%
San Diego/Inland Empire, CA	846		3.1%	94.5%	93.4%	1.1%	1,524	1,524	0.0%
Tampa, FL	4,613		8.4%	94.1%	94.6%	(0.5%)	793	831	(4.5%)
Dallas, TX	5,165		7.9%	92.9%	94.6%	(1.7%)	708	698	1.4%
Houston, TX	3,350		6.3%	95.2%	95.1%	0.1%	803	781	2.8%
SE Florida	2,520		9.0%	94.9%	95.8%	(0.9%)	1,468	1,472	(0.3%)
Charlotte, NC	3,286		7.7%	93.8%	95.7%	(1.9%)	924	900	2.7%
Orlando, FL	3,296		7.1%	93.8%	93.1%	0.7%	889	925	(4.0%)
Atlanta, GA	3,202		7.1%	94.1%	94.1%	0.0%	909	900	1.0%
Denver, CO	1,851		4.6%	95.2%	95.4%	(0.2%)	900	859	4.9%
Raleigh, NC	2,220		4.6%	94.2%	94.2%	0.0%	778	769	1.2%
Phoenix, AZ	1,441		3.3%	93.3%	94.4%	(1.1%)	911	933	(2.4%)
Austin, TX	2,358		4.0%	94.5%	94.2%	0.3%	757	735	2.9%
Other	696		1.7%	94.5%	94.2%	0.3%	971	962	0.9%

Total Same Property	42,166		100.0%	94.2%	94.7%	(0.5%)	$957	$955	0.2%

(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2007, excluding properties held for sale and communities

under redevelopment.

(b) Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

CAMDEN	JOINT VENTURE OPERATIONS
	(In thousands, except per share and property data amounts)



Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
	Three Months Ended			Six Months Ended
	June 30,			June 30,
OPERATING DATA^(a)	2008	2007		2008	2007
Property Revenues
Rental revenues	$5,813	$5,085		$11,381	$9,940
Other property revenues	794	586		1,504	1,124
Total property revenues	6,607	5,671		12,885	11,064

Property Expenses
Property operating and maintenance	2,102	1,593		3,962	3,035
Real estate taxes	622	488		1,242	928
Total property expenses	2,724	2,081		5,204	3,963

Net Operating Income (NOI)	3,883	3,590		7,681	7,101

Other expenses
Interest	2,162	1,773		4,308	3,455
Depreciation and amortization	1,724	1,300		3,283	2,372
Other	471	33		611	55
Total other expenses	4,357	3,106		8,202	5,882

Equity in income (loss) of joint ventures	($474)	$484		($521)	$1,219



	Jun 30,	Mar 31,	Dec 31,	Sep 30,	Jun 30,
	2008	2008	2007	2007	2007
BALANCE SHEET DATA ^(b)
Real estate assets, net	$1,114,297	$1,092,409	$1,075,437	$1,063,675	$1,045,006
Cash and other assets, net	49,838	34,014	23,762	26,621	25,816
Total assets	$1,164,135	$1,126,423	$1,099,199	$1,090,296	$1,070,822

Notes payable	$918,377	$897,178	$883,972	$859,786	$838,937
Notes payable due to Camden	52,405	51,086	50,358	47,406	45,043
Other liabilities	20,067	17,327	15,144	17,013	18,782
Total liabilities	$990,849	$965,591	$949,474	$924,205	$902,762

Members' equity	173,286	160,832	149,725	166,091	168,060
Total liabilities and members' equity	$1,164,135	$1,126,423	$1,099,199	$1,090,296	$1,070,822

Camden's equity investment	$14,773	$12,526	$8,466	$12,243	$12,722
Distributions in excess of investment in joint ventures	($26,022)	($25,065)	($23,653)	($20,867)	($19,549)

Camden's pro-rata share of debt	$236,590	$226,828	$222,278	$210,476	$204,480



PROPERTY DATA(end of period)
Total operating properties	37	37	37	37	36
Total operating apartment homes	10,960	10,960	10,960	10,960	10,689
Pro rata share of operating apartment homes	2,153	2,153	2,153	2,153	2,072
Total development properties	5	5	4	4	5
Total development apartment homes	1,605	1,605	1,257	1,257	1,528
Pro rata share of development apartment homes	447	447	377	377	458

(a) Operating data represents Camden's pro-rata share of revenues and expenses.

(b) Balance sheet and property data reported at 100%.

CAMDEN

CURRENT DEVELOPMENT PIPELINE

(Unaudited)

DEVELOPMENT PIPELINE AS OF JUNE 30, 2008 ($ in millions)

Estimated/Actual Dates for

Total

Cost

Construction

Initial

Construction

Stabilized

07/27/2008

Completed Communities

Homes

Budget

to Date

Start

Occupancy

Completion

Operations

% Leased

% Occupied

Camden Royal Oaks

236

$22.0

$21.0

2Q05

2Q06

3Q06

4Q08

94%

75%

Houston, TX

Camden City Centre

379

54.0

51.6

1Q06

2Q07

4Q07

3Q08

93%

92%

Houston, TX

Camden Potomac Yard

378

110.0

104.2

1Q05

3Q07

2Q08

1Q09

63%

54%

Arlington, VA

Camden Summerfield

291

68.0

62.0

2Q06

4Q07

2Q08

1Q09

57%

48%

Landover, MD

Camden Orange Court

261

49.0

45.1

2Q06

1Q08

2Q08

1Q09

44%

29%

Orlando, FL

Total Completed Communities

1,545

$303.0

$283.9

71%

61%

Estimated/Actual Dates for

Total

Cost

Amount

Construction

Initial

Construction

Stabilized

07/27/2008

Development Communities

Homes

Budget

to Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

Camden Dulles Station

366

$77.0

$65.1

$33.3

1Q06

2Q08

1Q09

3Q09

30%

25%

Oak Hill, VA

Camden Cedar Hills^(a)

208

27.0

21.0

7.8

2Q07

2Q08

4Q08

1Q09

47%

37%

Austin, TX

Camden Whispering Oaks

274

30.0

20.4

11.8

3Q07

2Q08

1Q09

3Q09

32%

25%

Houston, TX

35%

28%

Total Development Communities

848

$134.0

$106.5

$52.9

Additional land held for development ^(b)

280.5

Total Properties Under Development (per Balance Sheet)

$333.4

NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)

Total Cost

2Q08 NOI

Development Communities stabilized at quarter end

$62.7

$1.0

Completed Communities in lease-up

283.9

0.7

Development Communities

106.5

0.0

Total Development NOI Contribution

$453.1

$1.7

(a) Formerly known as Camden Circle C.

(b) Please refer to the future development pipeline summary on page 18.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

CAMDEN

JOINT VENTURE DEVELOPMENT PIPELINE

(Unaudited)

JOINT VENTURE DEVELOPMENT PIPELINE AS OF JUNE 30, 2008 ($ in millions)

Estimated/Actual Dates for

Total

Cost

Amount

Construction

Initial

Construction

Stabilized

As of 7/27/08

Joint Venture Camden Developed Communities

Homes

Budget

to Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

Camden College Park

508

$139.9

$124.6

$10.4

3Q06

4Q07

4Q08

4Q09

56%

44%

College Park, MD

Camden Main & Jamboree

290

115.0

110.4

3.4

3Q04

4Q07

3Q08

1Q09

65%

57%

Irvine, CA

Camden Amber Oaks

348

40.0

16.3

4Q07

4Q08

2Q09

3Q10

Austin, TX

Total Joint Venture Camden Developed Communities

1,146

$294.9

$251.3

$30.1

Camden

Estimated/Actual Dates for

Total

Cost

Equity

Mezzanine

Construction

Stabilized

Joint Venture Third Party Developed Communities

Homes

Budget

to Date

Invested

Start

Operations

UNDER CONSTRUCTION

Braeswood Place

340

$48.6

$28.5

$1.4

$8.2

1Q07

4Q09

Houston, TX

Belle Meade

119

33.2

14.8

1.0

5.5

2Q07

3Q09

Houston, TX

Total Joint Venture Third Party Developed Communities

459

$81.8

$43.3

$2.4

$13.7

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

CAMDEN		FUTURE DEVELOPMENT PIPELINE
		& LAND HELD FOR SALE


(Unaudited)

DEVELOPMENT PIPELINE AS OF JUNE 30, 2008 ($ in millions)

		Projected	Estimated	Cost
PIPELINE COMMUNITIES^(a)		Homes	Budget	to Date

PRE CONSTRUCTION
1.	Camden Montague	192	$33.0	$7.5
	Tampa, FL
2.	Camden South Capitol	276	110.0	24.9
	Washington, DC
3.	Camden Lake Nona	432	70.0	20.1
	Orlando, FL
4.	Camden Noma I	313	150.0	23.7
	Washington, DC
5.	Camden Lincoln Station	271	60.0	7.1
	Denver, CO
6.	Camden Deer Springs	428	85.0	18.8
	Las Vegas, NV
7.	Camden North Lamar	290	55.0	9.0
	Austin, TX
8.	Camden McGowen Station	237	48.0	10.4
	Houston, TX
9.	Camden Highlands	400	80.0	13.0
	Broomfield, CO
10.	Camden Travis Street^(b)	253	45.0	3.5
	Houston, TX

PRE DEVELOPMENT
11.	Camden Summerfield II	187	55.0	18.2
	Landover, MD
12.	Camden Selma and Vine	306	250.0	37.1
	Hollywood, CA
13.	Camden City Centre II	239	40.0	7.5
	Houston, TX
14.	Camden Amber Oaks II	244	30.0	3.9
	Austin, TX
15.	Camden Noma II	400	192.0	28.9
	Washington, DC
16.	Camden Andrau	601	57.0	8.5
	Houston, TX
17.	Camden Countryway	348	60.0	15.1
	Tampa, FL
18.	Camden Celebration	438	75.0	14.5
	Orlando, FL

Subtotal Development Pipeline		5,855	$1,495.0	$271.7

Other ^(c)				8.8

Total Development Pipeline				$280.5

				Current
LAND HELD FOR SALE AS OF JUNE 30, 2008 ($ in millions)			Acres	Book Value
1.	Southeast Florida		2.2	$7.3
2.	Dallas		2.4	1.8

Total Land Parcels Held For Sale:			4.6	$9.1

(a) Represents development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community.


(b) Camden Travis Street, formerly known as Camden Sutherland, is owned in a fully consolidated joint venture, of which Camden retains a 25% ownership.
(c) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments for which future development is probable.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

CAMDEN						REDEVELOPMENT SUMMARY



(Unaudited)


REDEVELOPMENT SUMMARY AS OF JUNE 30, 2008 ($ in millions)

			Homes			Estimated/Actual Dates for
		Total	Redeveloped	Total	Cost	Redevelopment	Redevelopment	Project	2Q08 Average
Communities		Homes	To Date	Budget	to Date	Start	Completion	Restabilization	% Occupied
1.	Camden Breakers	288	288	$1.2	$1.0	4Q06	2Q08	2Q08	93%
	Corpus Christi, TX
2.	Camden Canyon	200	200	2.9	3.0	1Q07	2Q08	3Q08	93%
	Las Vegas, NV
3.	Camden Del Mar	560	559	8.7	8.9	1Q07	3Q08	3Q08	90%
	Las Vegas, NV
4.	Camden Fairways	320	320	5.3	5.6	1Q07	2Q08	3Q08	87%
	Henderson, NV
5.	Camden Foxcroft	156	87	1.4	0.8	4Q07	1Q09	2Q09	91%
	Charlotte, NC
6.	Camden Glen Lakes	424	424	7.0	7.1	4Q06	1Q08	2Q08	92%
	Dallas, TX
7.	Camden Providence Lakes	260	260	2.3	2.3	4Q06	1Q08	2Q08	92%
	Brandon, FL
8.	Camden Touchstone	132	132	1.3	1.1	4Q06	1Q08	2Q08	97%
	Charlotte, NC
9.	Camden Valley Park	516	3	5.5	0.0	2Q08	1Q10	2Q10	95%
	Irving, TX
10.	Camden Vanderbilt	894	894	8.2	7.4	4Q06	2Q08	3Q08	89%
	Houston, TX
11.	Camden Westshore	278	278	1.8	1.8	4Q06	1Q08	2Q08	93%
	Tampa, FL

Total		4,028	3,445	$45.5	$39.2				91%

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

CAMDEN			NOTES RECEIVABLE SUMMARY




(Unaudited)


NOTES RECEIVABLE AS OF JUNE 30, 2008 ($ in thousands)

				06/30/08	06/30/08	03/31/08
				Total	Note	Note
	Location	Current Property Type	Current Status	Homes	Balance	Balance
	Irvine, CA	Multifamily	Development	290	$21,799	$21,055
	Houston, TX	Multifamily	Stable/Development/Predevelopment	831	31,365	30,897
	College Park, MD	Multifamily	Development	508	8,774	8,477
	Charlotte, NC	Multifamily	Land Under Contract	-	621	612

	Total Notes Receivable:			1,629	$62,559	$61,041

	Weighted Average Interest Rate Recognized:				10.1%	10.3%

CAMDEN					ACQUISITIONS & DISPOSITIONS



(Unaudited)



2008 ACQUISITION/DISPOSITION ACTIVITY
					Apartment Homes/
Dispositions		Location		Property Type	Retail Square Feet	Year Built	Closing Date
1.	Retail Center	Las Vegas, NV		Retail	4,100 Square Feet	N/A	02/05/08
2.	Camden Ridgeview	Austin, TX		Multifamily	167	1984	02/28/08
3.	Oasis Sands	Las Vegas, NV		Multifamily	48	1994	05/29/08
4.	Camden Towne Village	Mesquite, TX		Multifamily	188	1983	06/24/08

Total Disposition Volume:		$26.1	million		403 apartment homes
					4,100 Square Feet

Dispositions to Joint Ventures		Location		Property Type	Acreage	Year Built	Closing Date
1.	Camden Amber Oaks ^(a)	Austin, TX		Undeveloped Land	14.3 Acres	N/A	03/07/08


Total Disposition to Joint Ventures Volume:		$4.8	million ^(a)		14.3 Acres





(a) Represents value of partnership interests for undeveloped land parcel sold on March 7, 2008.

CAMDEN				DEBT ANALYSIS
				(In thousands, except property data amounts)


(Unaudited)

DEBT MATURITIES AS OF JUNE 30, 2008: ^(a)
						Weighted Average
		Future Scheduled Repayments			Percent	Interest Rate on
	Year	Amortization	Maturities	Total	of Total	Maturing Debt
	2008	$5,453	$177,231	$182,684	6.2%	4.6%
	2009	7,588	190,324	197,912	6.7%	5.0%
	2010	6,827	445,677	452,504	15.4%	5.1%
	2011	3,819	244,233	248,052	8.4%	6.6%
	2012	2,683	769,541	772,224	26.3%	5.4%
	2013	1,377	225,831	227,208	7.7%	5.4%
	Thereafter	40,892	539,879	580,771	19.8%	5.2%
	Total Maturing Debt	$68,639	$2,592,716	$2,661,355	90.5%	5.3%

	Unsecured Line of Credit	0	278,000	278,000	9.5%	3.0%
	Total Debt	$68,639	$2,870,716	$2,939,355	100.0%	5.1%

	Weighted Average Maturity of Debt		4.3 Years	(excluding line of credit)


					Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance	% of Total	Interest Rate
	Floating rate debt		$335,120	11.4%	3.0%
	Fixed rate debt		2,604,235	88.6%	5.4%
	Total		$2,939,355	100.0%	5.1%

					Weighted Average
SECURED vs. UNSECURED DEBT:			Balance	% of Total	Interest Rate
	Unsecured debt		$2,400,027	81.7%	5.2%
	Secured debt		539,328	18.3%	4.6%
	Total		$2,939,355	100.0%	5.1%

					Weighted Average
SECURED DEBT DETAIL:			Balance	% of Total	Interest Rate
	Conventional fixed-rate mortgage debt		$482,208	89.4%	4.8%
	Tax exempt variable rate debt		57,120	10.6%	2.6%
	Total		$539,328	100.0%	4.6%

REAL ESTATE ASSETS: ^(b)			Total Homes	% of Total	Total Cost	% of Total
	Unencumbered real estate assets		45,647	85.3%	$4,654,495	82.9%
	Encumbered real estate assets		7,853	14.7%	961,583	17.1%
	Total		53,500	100.0%	$5,616,078	100.0%

		Ratio of unencumbered assets at cost to unsecured debt is1.9 times


UNCONSOLIDATED, NON-RECOURSE DEBT:
	Pro-Rata Share of Debt		$236,590
	Weighted Average Interest Rate		5.0%

	(a) Debt maturities exclude unsecured line of credit, which after all extensions matures in January 2011.
	(b) Real estate assets include communities under development and exclude communities held through joint ventures.

CAMDEN		DEBT COVENANT ANALYSIS
		June 30, 2008


(Unaudited)


UNSECURED LINE OF CREDIT


Covenant ^(a)	Required		Actual ^(b)	Compliance
Total Consolidated Debt to Gross Asset Value	≤	60%	49%	Yes

Secured Debt to Gross Asset Value	≤	40%	9%	Yes

Consolidated EBITDA to Total Fixed Charges	≥	150%	203%	Yes

Unencumbered Adjusted NOI to Unsecured Interest Expense	>	200%	241%	Yes


SENIOR UNSECURED NOTES

Covenant ^(a)	Required		Actual ^(b)	Compliance
Total Consolidated Debt to Total Asset Value	≤	60%	51%	Yes

Total Secured Debt to Total Asset Value	≤	40%	9%	Yes

Total Unencumbered Asset Value to Total Unsecured Debt	≥	150%	199%	Yes

Consolidated Income Available for Debt Service to Total	>	150%	234%	Yes
Annual Service Charges


(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions
of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.

(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

CAMDEN			CAPITALIZED EXPENDITURES
			& MAINTENANCE EXPENSE
			(In thousands, except unit data)



(Unaudited)
		Second Quarter 2008 ^(a)
		Capitalized			Expensed
		Weighted Average
	Item	Useful Life ^(b)	Total	Per Unit	Total	Per Unit
	Interiors
	Floor coverings	5.5 years	$2,563	$49	$821	$16
	Appliances	9.2 years	559	$11	153	3
	Painting	-	-	$0	1,554	30
	Cabinetry/Countertops	10.0 years	261	$5	-	-
	Other	8.8 years	857	$17	483	9
	Exteriors
	Painting	5.0 years	506	$10	-	-
	Carpentry	10.0 years	463	$9	-	-
	Landscaping	6.8 years	703	$14	2,842	55
	Roofing	20.0 years	518	$10	61	1
	Site Drainage	10.0 years	70	$1	-	-
	Fencing/Stair	10.0 years	232	$4	-	-
	Other ^(c)	8.3 years	789	$15	3,006	58
	Common Areas
	Mech., Elec., Plumbing	9.7 years	1,316	$25	815	16
	Parking/Paving	5.0 years	312	$6	-	-
	Pool/Exercise/Facility	7.7 years	950	$18	420	8

			$10,099	$194	$10,155	$196

	Weighted Average Apartment Homes			51,957		51,957




		Year to Date 2008^(a)
		Capitalized			Expensed
		Weighted Average
	Item	Useful Life ^(b)	Total	Per Unit	Total	Per Unit
	Interiors
	Floor coverings	5.5 years	$4,884	$94	$1,507	$29
	Appliances	9.2 years	1,071	21	300	$6
	Painting	-	-	-	2,829	$55
	Cabinetry/Countertops	10.0 years	533	10	-	$0
	Other	8.8 years	1,665	32	830	$16
	Exteriors
	Painting	5.0 years	667	13	-	$0
	Carpentry	10.0 years	654	13	-	$0
	Landscaping	6.8 years	1,194	23	5,557	$107
	Roofing	20.0 years	832	16	131	$2
	Site Drainage	10.0 years	147	3	-	$0
	Fencing/Stair	10.0 years	313	6	-	$0
	Other ^(c)	8.3 years	1,418	27	4,795	$92
	Common Areas
	Mech., Elec., Plumbing	9.7 years	2,014	39	1,486	$29
	Parking/Paving	5.0 years	357	7	-	$0
	Pool/Exercise/Facility	7.7 years	1,552	30	652	$13
			$17,301	$334	$18,087	$349

	Weighted Average Apartment Homes			51,860		51,860

	(a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $110 and $192 for the three and six months
	ended June 30, 2008. Maintenance expenses for discontinued operations were $196 and $370 for the same periods.
	(b) of capitalized expenses for the three and six months ended June 30, 2008
	(c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions. Costs recorded as repairs and maintenance exclude costs related to our trash removal rebilling program which were included as a component of repairs and maintenance in prior periods but are now included in utility costs during the periods.

CAMDEN		NON-GAAP FINANCIAL MEASURES
		DEFINITIONS & RECONCILIATIONS
		(In thousands, except per share amounts)



(Unaudited)

This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating
activities as a measure of our liquidity.



FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income 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 unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,
including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating
performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating
performance of a company's real estate between periods or as compared to different companies. A reconciliation of net income to FFO is provided below:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2008	2007	2008	2007
Net income	$17,294	$42,592	$32,209	$55,629
Real estate depreciation and amortization from continuing operations	43,088	38,213	84,530	76,220
Real estate depreciation from discontinued operations	321	1,191	817	2,790
Adjustments for unconsolidated joint ventures	1,715	1,225	3,254	2,311
Income from continuing operations allocated to common units	1,004	1,048	2,160	1,784
Income from discontinued operations allocated to common units	-	4,519	-	4,789
(Gain) loss on sale of operating properties, net of taxes	-	-	(1,106)	1,184
(Gain) on sale of discontinued operations	(8,554)	(30,976)	(14,666)	(30,976)
Funds from operations - diluted	$54,868	$57,812	$107,198	$113,731

Weighted average number of common and
common equivalent shares outstanding:
EPS diluted	56,033	59,929	55,829	59,961
FFO diluted	58,612	62,914	58,578	62,967

Net income per common share - diluted	$0.31	$0.71	$0.58	$0.93
FFO per common share - diluted	$0.94	$0.92	$1.83	$1.81

Expected FFO
Expected FFO is calculated in a method consistent with historical FFO, and is considered an appropriate supplemental measure of expected operating
performance when compared to expected net income (EPS). A reconciliation of the ranges provided for expected net income per diluted share to expected
FFO per diluted share is provided below:
	3Q08 Range		2008 Range
	Low	High	Low	High

Expected net income per share - diluted	$0.06	$0.10	$0.72	$0.82
Expected difference between EPS and fully diluted FFO shares	(0.01)	(0.01)	(0.03)	(0.03)
Expected real estate depreciation	0.74	0.74	2.94	2.94
Expected adjustments for unconsolidated joint ventures	0.03	0.03	0.12	0.12
Expected income allocated to common units	0.03	0.03	0.08	0.08
Expected (gain) on sale of properties and properties held for sale	0.00	0.00	(0.28)	(0.28)
Expected FFO per share - diluted	$0.85	$0.89	$3.55	$3.65

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

CAMDEN	NON-GAAP FINANCIAL MEASURES
	DEFINITIONS & RECONCILIATIONS
	(In thousands, except per share amounts)

Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers
NOI to be an appropriate supplemental measure of operating performance to net income because it reflects the operating performance of our communities
without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income to net operating
income is provided below:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2008	2007	2008	2007
Net income	$17,294	$42,592	$32,209	$55,629
Fee and asset management income	(2,131)	(2,420)	(4,543)	(4,806)
Interest and other income	(1,092)	(1,810)	(2,425)	(3,372)
Income on deferred compensation plans	639	(4,835)	9,180	(7,141)
Property management expense	5,281	4,800	10,181	9,528
Fee and asset management expense	1,696	811	3,421	2,431
General and administrative expense	8,414	7,912	16,374	15,966
Interest expense	33,378	29,243	66,044	57,003
Depreciation and amortization	43,983	38,905	86,288	77,627
Amortization of deferred financing costs	592	901	1,329	1,812
Expense on deferred compensation plans	(639)	4,835	(9,180)	7,141
(Gain) loss on sale of properties, including land	-	-	(1,106)	-
Gains related to early retirement of debt	(2,298)	-	(2,298)	-
Equity in income (loss) of joint ventures	474	(484)	521	(1,219)
Distributions on perpetual preferred units	1,750	1,750	3,500	3,500
Income allocated to common units and other minority interests	1,126	1,343	2,395	2,130
Income tax expense	160	316	433	2,221
Income from discontinued operations	(663)	(2,800)	(1,288)	(5,447)
Gain on sale of discontinued operations	(8,549)	(30,976)	(14,676)	(30,976)
Income from discontinued operations allocated to common units	-	4,519	-	4,789
Net Operating Income (NOI)	$99,415	$94,602	$196,359	$186,816

"Same Property" Communities	$81,246	$80,579	$161,150	$159,483
Non-"Same Property" Communities	9,634	7,109	19,327	13,506
Development and Lease-Up Communities	726	(23)	1,004	(114)
Redevelopment Communities	6,925	6,301	13,351	12,794
Dispositions / Other	884	636	1,527	1,147
Net Operating Income (NOI)	$99,415	$94,602	$196,359	$186,816

EBITDA
EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued
operations, excluding equity in income of joint ventures, gain on sale of real estate assets, and income allocated to minority interests. The Company
considers EBITDA to be an appropriate supplemental measure of operating performance to net income because it represents income before non-cash
depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income to EBITDA is provided below:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2008	2007	2008	2007
Net income	$17,294	$42,592	$32,209	$55,629
Interest expense	33,463	29,398	66,239	57,306
Amortization of deferred financing costs	592	901	1,329	1,812
Depreciation and amortization	43,983	38,905	86,288	77,627
Distributions on perpetual preferred units	1,750	1,750	3,500	3,500
Income allocated to common units and other minority interests	1,126	1,343	2,395	2,130
Income tax expense	160	316	433	2,221
Real estate depreciation and amortization from discontinued operations	325	1,196	826	2,800
(Gain) loss on sale of properties, including land	-	-	(1,106)	-
Gains related to early retirement of debt	(2,298)	-	(2,298)	-
Equity in income(loss) of joint ventures	474	(484)	521	(1,219)
Gain on sale of discontinued operations	(8,549)	(30,976)	(14,676)	(30,976)
Income from discontinued operations allocated to common units	-	4,519	-	4,789
EBITDA	$88,320	$89,460	$175,660	$175,619

CAMDEN

OTHER DATA

(Unaudited)

Stock Symbol:

CPT

Exchange Traded:

NYSE

Senior Unsecured Debt Ratings:

Rating

Outlook

Standard & Poors

BBB+

Stable

Fitch

BBB+

Stable

Moody's

Baa1

Stable

Estimated Future Dates:

Q3 '08

Q4 '08

Q1 '09

Q2 '09

Earnings release & conference call

Late Oct

Early Feb

Early May

Early Aug

Dividend Information - Common Shares:

Q1 '08

Q2 '08

Declaration Date

03/14/08

06/16/08

Record Date

03/31/08

06/30/08

Payment Date

04/17/08

07/17/08

Distributions Per Share

$0.70

Investor Relations Data:

Camden does not send quarterly reports to shareholders, but supplies 10-Q's, Earnings Releases and

Supplemental Data upon request.

For Investor Relations: recent press releases, 10-Q's, 10-K's and other information, call

1-800-9CAMDEN or (713) 354-2787.

To access Camden's Quarterly Conference Call, please visit our web site at camdenliving.com

For questions contact:

Richard J. Campo

Chairman & Chief Executive Officer

D. Keith Oden

President

H. Malcolm Stewart

Chief Operating Officer

Dennis M. Steen

Chief Financial Officer

Kimberly A. Callahan

Vice President- Investor Relations & Asset Management

CAMDEN						COMMUNITY TABLE
					Community Statistics as of 6/30/08


(Unaudited)									2Q08 Avg
					Year Placed	Average	Apartment	2Q08 Avg	Market Rental Rates
Community Name			City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.

	Camden Copper Square		Phoenix	AZ	2000	786	332	93%	847	1.08
	Camden Fountain Palms (1)		Peoria	AZ	1986/1996	1,050	192	93%	812	0.77
	Camden Legacy		Scottsdale	AZ	1996	1,067	428	94%	988	0.93
	Camden Pecos Ranch (1)		Chandler	AZ	2001	924	272	93%	851	0.92
	Camden San Paloma		Scottsdale	AZ	1993/1994	1,042	324	94%	1,042	1.00
	Camden Sierra (1)		Peoria	AZ	1997	925	288	93%	794	0.86
	Camden Towne Center (1)		Glendale	AZ	1998	871	240	91%	787	0.90
	Camden Vista Valley		Mesa	AZ	1986	923	357	94%	722	0.78
		TOTAL ARIZONA	8	Properties		951	2,433	93%	865	0.91

	Camden Crown Valley		Mission Viejo	CA	2001	1,009	380	96%	1,663	1.65
	Camden Harbor View		Long Beach	CA	2004	975	538	95%	2,031	2.08
	Camden Martinique		Costa Mesa	CA	1986	794	714	95%	1,390	1.75
	Camden Parkside (1)		Fullerton	CA	1972	836	421	94%	1,295	1.55
	Camden Sea Palms		Costa Mesa	CA	1990	891	138	95%	1,597	1.79
		Total Los Angeles/Orange County	5	Properties		890	2,191	95%	1,590	1.79

	Camden Old Creek		San Marcos	CA	2007	1,037	350	95%	1,563	1.51
	Camden Sierra at Otay Ranch		Chula Vista	CA	2003	962	422	96%	1,530	1.59
	Camden Tuscany		San Diego	CA	2003	896	160	95%	1,905	2.13
	Camden Vineyards		Murrieta	CA	2002	1,053	264	92%	1,273	1.21
		Total San Diego/Inland Empire	4	Properties		995	1,196	95%	1,533	1.54

		TOTAL CALIFORNIA	9	Properties		927	3,387	95%	1,570	1.69

	Camden Arbors (2)		Westminster	CO	1986	810	358	94%	734	0.91
	Camden Caley		Englewood	CO	2000	925	218	97%	862	0.93
	Camden Centennial		Littleton	CO	1985	744	276	95%	707	0.95
	Camden Denver West (1)		Golden	CO	1997	1,015	320	95%	1,069	1.05
	Camden Highlands Ridge		Highlands Ranch	CO	1996	1,149	342	97%	1,082	0.94
	Camden Interlocken		Broomfield	CO	1999	1,022	340	98%	1,042	1.02
	Camden Lakeway		Littleton	CO	1997	932	451	95%	918	0.98
	Camden Pinnacle		Westminster	CO	1985	748	224	96%	666	0.89
		TOTAL COLORADO	8	Properties		929	2,529	96%	900	0.97

	Camden Ashburn Farms		Ashburn	VA	2000	1,062	162	96%	1,360	1.28
	Camden Clearbrook		Frederick	MD	2007	1,048	297	95%	1,263	1.20
	Camden Fair Lakes		Fairfax	VA	1999	1,056	530	95%	1,468	1.39
	Camden Fairfax Corner		Fairfax	VA	2006	934	488	98%	1,559	1.67
	Camden Fallsgrove		Rockville	MD	2004	996	268	98%	1,493	1.50
	Camden Grand Parc		Washington	DC	2002	674	105	96%	2,211	3.28
	Camden Lansdowne		Leesburg	VA	2002	1,006	690	96%	1,284	1.28
	Camden Largo Town Center		Largo	MD	2000/2007	1,027	245	92%	1,613	1.57
	Camden Monument Place		Fairfax	VA	2007	856	368	97%	1,385	1.62
	Camden Potomac Yard (3)		Arlington	VA	2008	835	378	Lease-up	2,047	2.45
	Camden Roosevelt		Washington	DC	2003	856	198	96%	2,209	2.58
	Camden Russett		Laurel	MD	2000	992	426	95%	1,322	1.33
	Camden Silo Creek		Ashburn	VA	2004	975	284	96%	1,236	1.27
	Camden Summerfield (3)		Landover	MD	2008	957	291	Lease-up	1,544	1.62
	Camden Westwind		Ashburn	VA	2006	1,036	464	95%	1,263	1.22
		TOTAL DC METRO	15	Properties		971	5,194	96%	1,486	1.53

	Camden Aventura		Aventura	FL	1995	1,108	379	95%	1,409	1.27
	Camden Brickell		Miami	FL	2003	937	405	95%	1,494	1.59
	Camden Doral		Miami	FL	1999	1,120	260	97%	1,487	1.33
	Camden Doral Villas		Miami	FL	2000	1,253	232	97%	1,584	1.26
	Camden Las Olas		Ft. Lauderdale	FL	2004	1,043	420	94%	1,680	1.61
	Camden Plantation		Plantation	FL	1997	1,201	502	94%	1,315	1.10
	Camden Portofino		Pembroke Pines	FL	1995	1,112	322	98%	1,322	1.19
		Total Southeast Florida	7	Properties		1,103	2,520	95%	1,462	1.33

	Camden Club		Longwood	FL	1986	1,077	436	94%	901	0.84
	Camden Hunter's Creek		Orlando	FL	2000	1,075	270	96%	998	0.93
	Camden Lago Vista		Orlando	FL	2005	955	366	90%	953	1.00
	Camden Landings		Orlando	FL	1983	748	220	95%	738	0.99
	Camden Lee Vista		Orlando	FL	2000	937	492	92%	878	0.94
	Camden Orange Court (3)		Orlando	FL	2008	812	261	Lease-up	1,337	1.67
	Camden Renaissance		Altamonte Springs	FL	1996/1998	899	578	93%	855	0.95
	Camden Reserve		Orlando	FL	1990/1991	824	526	94%	786	0.95
	Camden World Gateway		Orlando	FL	2000	979	408	97%	997	1.02
		Total Orlando	9	Properties		928	3,557	94%	919	0.99

CAMDEN								COMMUNITY TABLE
								Community Statistics as of 6/30/08


(Unaudited)										2Q08 Avg
					Year Placed	Average	Apartment		2Q08 Avg	Market Rental Rates
Community Name			City	State	in Service	Size	Homes		Occupancy	Per Home	Per Sq. Ft.
	Camden Bay		Tampa	FL	1997/2001	943	760		92%	840	0.89
	Camden Bay Pointe		Tampa	FL	1984	771	368		94%	717	0.93
	Camden Bayside		Tampa	FL	1987/1989	748	832		95%	755	1.01
	Camden Citrus Park		Tampa	FL	1985	704	247		93%	690	0.98
	Camden Lakes		St. Petersburg	FL	1982/1983	732	688		95%	711	0.97
	Camden Lakeside		Brandon	FL	1986	729	228		93%	740	1.02
	Camden Live Oaks		Tampa	FL	1990	1,093	770		94%	801	0.73
	Camden Preserve		Tampa	FL	1996	942	276		95%	1,070	1.14
	Camden Providence Lakes (4)		Brandon	FL	1996	1,024	260		92%	907	0.89
	Camden Royal Palms		Brandon	FL	2006	1,017	352		88%	920	0.90
	Camden Westshore (4)		Tampa	FL	1986	728	278		93%	837	1.15
	Camden Woods		Tampa	FL	1986	1,223	444		92%	846	0.69
		Total Tampa/St. Petersburg	12	Properties		897	5,503		93%	807	0.90

		TOTAL FLORIDA	28	Properties		951	11,580		94%	984	1.03

	Camden Brookwood		Atlanta	GA	2002	912	359		94%	991	1.09
	Camden Dunwoody		Atlanta	GA	1997	1,007	324		97%	936	0.93
	Camden Deerfield		Alpharetta	GA	2000	1,187	292		95%	947	0.80
	Camden Midtown Atlanta		Atlanta	GA	2001	935	296		93%	1,043	1.12
	Camden Peachtree City		Peachtree City	GA	2001	1,027	399		97%	867	0.84
	Camden River		Duluth	GA	1997	1,103	352		95%	892	0.81
	Camden Shiloh		Kennesaw	GA	1999/2002	1,143	232		96%	849	0.74
	Camden St. Clair		Atlanta	GA	1997	999	336		93%	973	0.97
	Camden Stockbridge		Stockbridge	GA	2003	1,009	304		94%	758	0.75
	Camden Sweetwater		Lawrenceville	GA	2000	1,151	308		93%	807	0.70
		TOTAL GEORGIA	10	Properties		1,042	3,202		95%	908	0.87

	Camden Brookside (1)		Louisville	KY	1987	732	224		96%	631	0.86
	Camden Meadows (1)		Louisville	KY	1987/1990	746	400		96%	662	0.89
	Camden Oxmoor (1)		Louisville	KY	2000	903	432		96%	796	0.88
	Camden Prospect Park (1)		Louisville	KY	1990	916	138		96%	740	0.81
		TOTAL KENTUCKY	4	Properties		820	1,194		96%	714	0.87

	Camden Passage (1)		Kansas City	MO	1989/1997	834	596		96%	688	0.82
		Total Kansas City	1	Property		834	596		96%	688	0.82

	Camden Cedar Lakes (1)		Lake St. Louis	MO	1986	852	420		94%	630	0.74
	Camden Cove West (1)		Creve Coeur	MO	1990	828	276		94%	845	1.02
	Camden Cross Creek (1)		St. Louis	MO	1973/1980	947	591		96%	759	0.80
	Camden Westchase (1)		St. Louis	MO	1986	945	160		96%	842	0.89
		Total St. Louis	4	Properties		896	1,447		95%	747	0.83

		TOTAL MISSOURI	5	Properties		878	2,043		95%	730	0.83

	Camden Bel Air		Las Vegas	NV	1988/1995	943	528		95%	876	0.93
	Camden Breeze		Las Vegas	NV	1989	846	320		95%	850	1.00
	Camden Canyon (4)		Las Vegas	NV	1995	987	200		92%	994	1.01
	Camden Commons		Henderson	NV	1988	936	376		96%	899	0.96
	Camden Cove		Las Vegas	NV	1990	898	124		93%	868	0.97
	Camden Del Mar (4)		Las Vegas	NV	1995	986	560		90%	1,043	1.06
	Camden Fairways (4)		Henderson	NV	1989	896	320		87%	998	1.11
	Camden Hills		Las Vegas	NV	1991	439	184		96%	629	1.43
	Camden Legends		Henderson	NV	1994	792	113		94%	906	1.14
	Camden Palisades		Las Vegas	NV	1991	905	624		94%	884	0.98
	Camden Pines (1)		Las Vegas	NV	1997	982	315		98%	930	0.95
	Camden Pointe		Las Vegas	NV	1996	983	252		97%	905	0.92
	Camden Summit (1)		Henderson	NV	1995	1,187	234		96%	1,214	1.02
	Camden Tiara (1)		Las Vegas	NV	1996	1,043	400		96%	985	0.95
	Camden Vintage		Las Vegas	NV	1994	978	368		94%	855	0.87
	Oasis Bay (1)		Las Vegas	NV	1990	876	128		93%	878	1.00
	Oasis Crossing (1)		Las Vegas	NV	1996	983	72		97%	886	0.90

CAMDEN							COMMUNITY TABLE
							Community Statistics as of 6/30/08


(Unaudited)									2Q08 Avg
					Year Placed	Average	Apartment	2Q08 Avg	Market Rental Rates
Community Name			City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.
	Camden Addison (1)		Addison	TX	1996	942	456	95%	832	0.88
	Camden Buckingham		Richardson	TX	1997	919	464	97%	802	0.87
	Camden Centreport		Ft. Worth	TX	1997	911	268	94%	793	0.87
	Camden Cimarron		Irving	TX	1992	772	286	96%	782	1.01
	Camden Farmers Market		Dallas	TX	2001/2005	932	904	95%	922	0.99
	Camden Gardens		Dallas	TX	1983	652	256	94%	548	0.84
	Camden Glen Lakes (4)		Dallas	TX	1979	877	424	92%	779	0.89
	Camden Lakeview (2)		Irving	TX	1985	853	476	94%	633	0.74
	Camden Legacy Creek		Plano	TX	1995	831	240	97%	810	0.97
	Camden Legacy Park		Plano	TX	1996	871	276	96%	855	0.98
	Camden Oasis		Euless	TX	1986	548	602	82%	532	0.97
	Camden Place		Mesquite	TX	1984	772	442	92%	592	0.77
	Camden Springs		Dallas	TX	1987	713	304	95%	579	0.81
	Camden Valley Creek		Irving	TX	1984	855	380	94%	660	0.77
	Camden Valley Park (4)		Irving	TX	1986	743	516	95%	645	0.87
	Camden Valley Ridge		Irving	TX	1987	773	408	95%	596	0.77
	Camden Westview		Lewisville	TX	1983	697	335	95%	611	0.88
		Total Dallas/Ft. Worth	17	Properties		809	7,037	94%	712	0.88

	Camden Baytown		Baytown	TX	1999	844	272	95%	854	1.01
	Camden City Centre (3)		Houston	TX	2007	932	379	Lease-up	1363	1.46
	Camden Creek		Houston	TX	1984	639	456	92%	585	0.92
	Camden Greenway		Houston	TX	1999	861	756	96%	1008	1.17
	Camden Holly Springs (1)		Houston	TX	1999	934	548	95%	915	0.98
	Camden Midtown		Houston	TX	1999	844	337	97%	1192	1.41
	Camden Oak Crest		Houston	TX	2003	870	364	97%	831	0.95
	Camden Park (1)		Houston	TX	1995	866	288	96%	789	0.91
	Camden Plaza (1)		Houston	TX	2007	915	271	94%	1320	1.44
	Camden Royal Oaks (3)		Houston	TX	2006	923	236	Lease-up	1057	1.15
	Camden Steeplechase		Houston	TX	1982	748	290	94%	632	0.84
	Camden Stonebridge		Houston	TX	1993	845	204	98%	831	0.98
	Camden Sugar Grove (1)		Stafford	TX	1997	921	380	95%	849	0.92
	Camden Vanderbilt (4)		Houston	TX	1996/1997	863	894	89%	1128	1.31
	Camden West Oaks		Houston	TX	1982	726	671	95%	584	0.81
		Total Houston	15	Properties		843	6,346	95%	929	1.10

		TOTAL TEXAS	43	Properties		812	17,404	94%	816	1.00

TOTAL PROPERTIES			182	Properties		910	63,612	95%	960	$1.06

(1)		Communities owned through investment in joint venture.
(2)		Communities held for sale as of June 30, 2008.
(3)		Completed communities in lease-up as of June 30, 2008 are excluded from total occupancy numbers.
(4)		Communities under redevelopment as of June 30, 2008 are excluded from total occupancy numbers.
(5)		Miramar is a student housing community which is excluded from total occupancy numbers.

-----END PRIVACY-ENHANCED MESSAGE-----