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):  April 30, 2009

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:

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

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

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

o 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 April 30, 2009, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended March 31, 2009.  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 April 30, 2009.

99.2 Supplemental Financial Information dated April 30, 2009.

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: May 1, 2009

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

EXHIBIT INDEX

Exhibit

Number                      Title

99.1                      Press Release issued by Camden Property Trust dated April 30, 2009

99.2                      Supplemental Financial Information dated April 30, 2009

EX-99.1

EXHIBIT 99.1

Camden Property Trust Announces First Quarter 2009 Operating Results

HOUSTON--(BUSINESS WIRE)--April 30, 2009--Camden Property Trust (NYSE: CPT) announced that its funds from operations (“FFO”) for the first quarter of 2009 totaled $0.88 per diluted share or $51.6 million, as compared to $0.89 per diluted share or $52.3 million for the same period in 2008. The Company reported net income attributable to common shareholders (“EPS”) of $6.2 million or $0.11 per diluted share for the first quarter of 2009, as compared to $14.9 million or $0.27 per diluted share for the same period in 2008. EPS for the three months ended March 31, 2008 included a $0.13 per diluted share impact from gain on sale of properties, including discontinued operations. A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.

Same-Property Results

For the 42,670 apartment homes included in consolidated same-property results, first quarter 2009 same-property net operating income (“NOI”) declined 3.8% compared to the first quarter of 2008, with revenues declining 0.5% and expenses increasing 5.5%. On a sequential basis, first quarter 2009 same-property NOI declined 2.3% compared to the fourth quarter of 2008, with revenues declining 1.1% and expenses increasing 0.9% compared to the prior quarter. Same-property physical occupancy levels for the portfolio averaged 93.6% during the first quarter of 2009, compared to 93.7% in both the first quarter and fourth quarter of 2008.

The Company defines same-property communities as communities owned and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment. A reconciliation of net income attributable to common shareholders to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Development Activity

During the first quarter, the Company completed construction on Camden Dulles Station in Oak Hill, VA. As of March 31, 2009, construction had been completed on all of Camden’s wholly-owned development projects, with no material obligations remaining to fund. The Company currently has six wholly-owned apartment communities completed and in lease-up: Camden Potomac Yard in Arlington, VA, a $104.6 million project that is currently 87% leased; Camden Summerfield in Landover, MD, a $62.6 million project that is currently 86% leased; Camden Orange Court in Orlando, FL, a $45.5 million project that is currently 73% leased; Camden Cedar Hills in Austin, TX, a $23.6 million project that is currently 95% leased; Camden Whispering Oaks in Houston, TX, a $27.4 million project that is currently 87% leased; and Camden Dulles Station in Oak Hill, VA, a $72.2 million project that is currently 57% leased. The Company also had one joint venture community which was completed and in lease-up: Camden College Park in College Park, MD, a $127.9 million project that is currently 76% leased.

The Company has two joint venture communities currently under construction and in lease-up: Camden Amber Oaks in Austin, TX, a $40.0 million joint venture project that is currently 39% leased; and Braeswood Place in Houston, TX, a $48.6 million joint venture project that is currently 25% leased. Camden has two additional joint venture communities currently under construction in Houston, TX: Camden Travis Street, a $39.0 million project, and Belle Meade, a $33.2 million project. Both projects are scheduled for initial occupancy in mid- to late-2009.

Properties Held for Sale

At March 31, 2009, Camden had one operating community held for sale: Camden West Oaks, a 671-home apartment community in Houston, TX.

Financing Activities

During the quarter, Camden retired approximately $50.5 million of secured mortgage debt and $40.0 million of unsecured medium-term notes, using proceeds from its unsecured Line of Credit. Subsequent to quarter-end, the Company obtained a $420 million secured credit facility. [See press release dated April 17, 2009 for more details].

Debt Repurchases

During the first quarter, Camden repurchased and retired $7.4 million of senior unsecured notes, resulting in a $0.2 million gain on early retirement of debt. Subsequent to quarter-end, Camden repurchased and retired an additional $10.3 million of senior unsecured notes.

On April 28, 2009, Camden completed a Tender Offer for certain outstanding notes. The aggregate principal amount accepted for purchase totaled $169.5 million. The Company intends to repurchase and retire these notes on May 1, 2009 using cash balances on hand and funds from its unsecured Line of Credit. [See press release dated April 28, 2009 for more details].

Liquidity

As of March 31, 2009, Camden had $241 million outstanding on its $600 million unsecured Line of Credit. Subsequent to quarter-end, the Company repaid all balances outstanding under the Line of Credit with proceeds from a $420 million secured credit facility. Upon completion of the Tender Offer, Camden will have $82 million of debt maturities remaining in 2009 and $186 million of debt maturities in 2010.

Earnings Guidance

Camden updated its earnings guidance for 2009 based on its current and expected views of the apartment market and general economic conditions. Full-year 2009 FFO is expected to be $3.20 to $3.45 per diluted share, and full-year 2009 EPS is expected to be $0.12 to $0.37 per diluted share. Second quarter 2009 earnings guidance is $0.82 to $0.86 per diluted share for FFO and $0.05 to $0.09 per diluted share for EPS. The Company’s second quarter 2009 earnings guidance includes a $0.02 per diluted share gain on early retirement of debt recognized in April 2009, but excludes other potential future gains on the sale of properties and the early retirement of debt. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2009 earnings guidance is based on projections of same-property revenue declines between 0.5% and 2.5%, expense growth between 5.0% and 6.25%, and NOI declines between 4.5% and 7.5%. A reconciliation of expected net income attributable to common shareholders to expected FFO is included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Friday, May 1, 2009 at 11:00 a.m. Central Time to review its first quarter 2009 results and discuss its outlook for future performance. To participate in the call, please dial (866) 843-0890 (domestic) or (412) 317-9250 (international) by 10:50 a.m. Central Time and enter passcode: 9409451, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at 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.

Annual Meeting of Shareholders

Camden’s Annual Meeting of Shareholders will be held on May 6, 2009 at the Renaissance Hotel, 6 East Greenway Plaza, Houston, Texas, at 10:00 a.m., Central Time. The Company’s proxy statement, 10-K, and Annual Report to Shareholders are available in the Investor Relations section of the company’s website at camdenliving.com. If you wish to receive hard copies of these documents, please contact Camden’s Investor Relations Department at ir@camdenliving.com.

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 182 properties containing 63,269 apartment homes across the United States. Upon completion of four properties under development, the Company’s portfolio will increase to 64,329 apartment homes in 186 properties. Camden was recently named by FORTUNE® Magazine for the second consecutive year as one of the “100 Best Companies to Work For” in America.

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

CAMDEN	OPERATING RESULTS
(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended
	March 31,
OPERATING DATA	2009			2008
Property revenues
Rental revenues		$136,500			$134,263
Other property revenues		20,532			17,201
Total property revenues		157,032			151,464
Property expenses
Property operating and maintenance		42,283			39,179
Real estate taxes		18,532			17,281
Total property expenses		60,815			56,460
Non-property income
Fee and asset management income		2,031			2,412
Interest and other income		735			1,333
Income (loss) on deferred compensation plans		(4,152	)		(8,541	)
Total non-property income (loss)		(1,386	)		(4,796	)
Other expenses
Property management		4,929			4,900
Fee and asset management		1,135			1,725
General and administrative		8,232			7,960
Interest		32,245			32,573
Depreciation and amortization		43,980			41,516
Amortization of deferred financing costs		817			734
Expense (benefit) on deferred compensation plans		(4,152	)		(8,541	)
Total other expenses		87,186			80,867
Income from continuing operations before gain on sale of properties, including land, gain on early retirement of debt, equity in income (loss) of joint ventures, and distributions on perpetual preferred units		7,645			9,341
Gain on sale of properties, including land		-			1,106
Gain on early retirement of debt		166			-
Equity in income (loss) of joint ventures		408			(47	)
Distributions on perpetual preferred units		(1,750	)		(1,750	)
Income from continuing operations before income taxes		6,469			8,650
Income tax expense - current		(299	)		(273	)
Income from continuing operations		6,170			8,377
Income from discontinued operations		585			1,680
Gain on sale of discontinued operations		-			6,127
Net income		6,755			16,184
Less net income allocated to noncontrolling interest		(521	)		(1,269	)
Net income attributable to common shareholders		$6,234			$14,915
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income		$6,755			$16,184
Other comprehensive income (loss)
Unrealized loss on cash flow hedging activities		(2,936	)		(19,425	)
Reclassification of net losses on cash flow hedging activities		5,276			1,330
Comprehensive income (loss)		9,095			(1,911	)
Less net income allocated to noncontrolling interest		(521	)		(1,269	)
Comprehensive income (loss) attributable to common shareholders		$8,574			($3,180	)
PER SHARE DATA
Net income attributable to common shareholders - basic		$0.11			$0.27
Net income attributable to common shareholders - diluted		0.11			0.27
Income from continuing operations attributable to common shareholders - basic		0.10			0.13
Income from continuing operations attributable to common shareholders - diluted		0.10			0.13
Weighted average number of common and common equivalent shares outstanding:
Basic		55,552			54,965
Diluted		56,047			55,625
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
	March 31,
FUNDS FROM OPERATIONS	2009		2008
Net income attributable to common shareholders		$6,234		$14,915
Real estate depreciation and amortization from continuing operations		43,010		40,653
Real estate depreciation from discontinued operations		-		1,285
Adjustments for unconsolidated joint ventures		1,916		1,539
Income allocated to noncontrolling interest		421		1,156
(Gain) loss on sale of operating properties, net of taxes		-		(1,106	)
(Gain) loss on sale of discontinued operations		-		(6,112	)
Funds from operations - diluted		$51,581		$52,330
PER SHARE DATA
Funds from operations - diluted		$0.88		$0.89
Cash distributions		0.70		0.70
Weighted average number of common and common equivalent shares outstanding:
FFO - diluted		58,471		58,544
PROPERTY DATA
Total operating properties (end of period) (a)		182		181
Total operating apartment homes in operating properties (end of period) (a)		63,269		62,918
Total operating apartment homes (weighted average)		50,688		51,763
Total operating apartment homes - excluding discontinued operations (weighted average)		50,017		48,756
(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)	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2009			2008			2008			2008			2008
ASSETS
Real estate assets, at cost
Land		$746,935			$744,059			$745,085			$755,200			$749,664
Buildings and improvements		4,466,296			4,447,587			4,442,067			4,474,749			4,435,787
		5,213,231			5,191,646			5,187,152			5,229,949			5,185,451
Accumulated depreciation		(1,023,466	)		(981,049	)		(952,883	)		(935,640	)		(907,643	)
Net operating real estate assets		4,189,765			4,210,597			4,234,269			4,294,309			4,277,808
Properties under development and land		258,239			264,188			323,300			333,419			358,994
Investments in joint ventures		15,158			15,106			15,663			14,773			12,526
Properties held for sale, including land		20,696			20,653			9,495			36,152			23,299
Total real estate assets		4,483,858			4,510,544			4,582,727			4,678,653			4,672,627
Accounts receivable - affiliates		36,105			37,000			36,868			36,556			36,166
Notes receivable
Affiliates		58,481			58,109			58,240			53,849			52,331
Other		-			8,710			8,710			8,710			8,710
Other assets, net (a)		84,905			103,013			111,847			117,599			116,010
Cash and cash equivalents		7,256			7,407			29,517			1,242			947
Restricted cash		4,437			5,559			4,971			4,687			5,325
Total assets		$4,675,042			$4,730,342			$4,832,880			$4,901,296			$4,892,116
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured		$2,151,492			$2,103,187			$2,096,285			$2,400,027			$2,351,006
Secured		680,631			729,209			727,235			539,328			559,952
Accounts payable and accrued expenses		73,250			82,575			86,668			77,441			90,779
Accrued real estate taxes		19,113			23,600			40,664			30,664			17,769
Other liabilities (b)		137,397			149,554			124,915			129,471			146,817
Distributions payable		43,136			42,936			42,968			42,965			42,942
Total liabilities		3,105,019			3,131,061			3,118,735			3,219,896			3,209,265
Commitments and contingencies
Minority interests
Perpetual preferred units		97,925			97,925			97,925			97,925			97,925
Shareholders' equity
Common shares of beneficial interest		666			660			660			660			660
Additional paid-in capital		2,242,940			2,237,703			2,232,436			2,230,119			2,227,256
Distributions in excess of net income attributable to common shareholders		(345,481	)		(312,309	)		(238,301	)		(272,294	)		(250,845	)
Notes receivable secured by common shares		(291	)		(295	)		(298	)		(302	)		(306	)
Treasury shares, at cost		(462,751	)		(463,209	)		(463,108	)		(463,574	)		(463,574	)
Accumulated other comprehensive loss (c)		(48,716	)		(51,056	)		(17,423	)		(15,955	)		(34,218	)
Total common shareholders' equity		1,386,367			1,411,494			1,513,966			1,478,654			1,478,973
Noncontrolling interest		85,731			89,862			102,254			104,821			105,953
Total shareholders' equity		1,472,098			1,501,356			1,616,220			1,583,475			1,584,926
Total liabilities and shareholders' equity		$4,675,042			$4,730,342			$4,832,880			$4,901,296			$4,892,116
(a) includes:
net deferred charges of:		$10,061			$10,505			$11,388			$9,434			$10,287
value of in place leases of:		-			-			-			-			$62
(b) includes:
deferred revenues of:		$2,402			$2,640			$2,940			$2,747			$2,575
(above)/below market leases of:		-			-			-			-			($6	)
distributions in excess of investments in joint ventures of:		$31,318			$30,105			$27,977			$26,022			$25,065
fair value adjustment of derivative instruments:		$48,693			$51,068			$17,511			$15,955			$34,218
(c) Represents the fair value adjustment of derivative instruments and gain on post retirement obligations.

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 attributable to common shares 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
					March 31,
					2009		2008
Net income attributable to common shareholders						$6,234		$14,915
Real estate depreciation and amortization from continuing operations						43,010		40,653
Real estate depreciation from discontinued operations						-		1,285
Adjustments for unconsolidated joint ventures						1,916		1,539
Income allocated to noncontrolling interest						421		1,156
(Gain) loss on sale of operating properties, net of taxes						-		(1,106	)
(Gain) loss on sale of discontinued operations						-		(6,112	)
Funds from operations - diluted						$51,581		$52,330
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted						56,047		55,625
FFO diluted						58,471		58,544
Net income attributable to common shareholders - diluted						$0.11		$0.27
FFO per common share - diluted						$0.88		$0.89
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:
	2Q09 Range				2009 Range
	Low		High		Low		High
Expected net income attributable to common shareholders per share - diluted		$0.05		$0.09		$0.12		$0.37
Expected real estate depreciation		0.73		0.73		2.92		2.92
Expected adjustments for unconsolidated joint ventures		0.04		0.04		0.14		0.14
Expected income allocated to noncontrolling interest		0.00		0.00		0.02		0.02
Expected FFO per share - diluted		$0.82		$0.86		$3.20		$3.45
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document.

CAMDEN	NON-GAAP FINANCIAL MEASURES
	DEFINITIONS & RECONCILIATIONS
	(In thousands, except per share amounts)
(Unaudited)
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
		March 31,
		2009			2008
Net income attributable to common shareholders			$6,234			$14,915
Fee and asset management income			(2,031	)		(2,412	)
Interest and other income			(735	)		(1,333	)
Income (loss) on deferred compensation plans			4,152			8,541
Property management expense			4,929			4,900
Fee and asset management expense			1,135			1,725
General and administrative expense			8,232			7,960
Interest expense			32,245			32,573
Depreciation and amortization			43,980			41,516
Amortization of deferred financing costs			817			734
Expense (benefit) on deferred compensation plans			(4,152	)		(8,541	)
Gain on sale of properties, including land			-			(1,106	)
Gain on early retirement of debt			(166	)		-
Equity in income (loss) of joint ventures			(408	)		47
Distributions on perpetual preferred units			1,750			1,750
Net income allocated to noncontrolling interest			521			1,269
Income tax expense - current			299			273
Income from discontinued operations			(585	)		(1,680	)
Gain on sale of discontinued operations			-			(6,127	)
Income from discontinued operations allocated to common units			-			-
Net Operating Income (NOI)			$96,217			$95,004
"Same Property" Communities			$80,872			$84,086
Non-"Same Property" Communities			11,669			8,964
Development and Lease-Up Communities			2,736			(55	)
Redevelopment Communities			704			758
Dispositions / Other			236			1,251
Net Operating Income (NOI)			$96,217			$95,004
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 net income allocated to noncontrolling interest. 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
		March 31,
		2009			2008
Net income attributable to common shareholders			$6,234			$14,915
Interest expense			32,245			32,777
Amortization of deferred financing costs			817			734
Depreciation and amortization			43,980			41,516
Distributions on perpetual preferred units			1,750			1,750
Net income allocated to noncontrolling interest			521			1,269
Income tax expense - current			299			273
Real estate depreciation and amortization from discontinued operations			-			1,292
Gain on sale of properties, including land			-			(1,106	)
Gain on early retirement of debt			(166	)		-
Equity in income (loss) of joint ventures			(408	)		47
Gain on sale of discontinued operations			-			(6,127	)
EBITDA			$85,272			$87,340

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

EX-99.2

EXHIBIT 99.2

FIRST QUARTER 2009

Supplemental Operating and Financial Data

Camden Summerfield - Landover, MD

291 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" First Quarter Comparisons	12
"Same Property" Sequential Quarter Comparisons	13
Joint Venture Operations	14
Current Development Pipeline	15
Joint Venture Development Pipeline	16
Development Pipeline, Land & Land Held for Sale	17
Redevelopment Summary	18
Notes Receivable Summary	19
Debt Analysis	20
Pro Forma Debt Maturity Analysis	21
Debt Covenant Analysis	22
Unconsolidated Real Estate Investments Debt Analysis	23
Unconsolidated Real Estate Investments Debt Maturity Analysis	24
Capitalized Expenditures & Maintenance Expense	25
Non-GAAP Financial Measures - Definitions & Reconciliations	26
Other Data	28
Community Table	29

Camden Property Trust Announces First Quarter 2009 Operating Results

HOUSTON--(BUSINESS WIRE)--April 30, 2009--Camden Property Trust (NYSE: CPT) announced that its funds from operations (“FFO”) for the first quarter of 2009 totaled $0.88 per diluted share or $51.6 million, as compared to $0.89 per diluted share or $52.3 million for the same period in 2008. The Company reported net income attributable to common shareholders (“EPS”) of $6.2 million or $0.11 per diluted share for the first quarter of 2009, as compared to $14.9 million or $0.27 per diluted share for the same period in 2008. EPS for the three months ended March 31, 2008 included a $0.13 per diluted share impact from gain on sale of properties, including discontinued operations. A reconciliation of net income attributable to common shareholders to FFO is included in the financial tables accompanying this press release.

Same-Property Results

For the 42,670 apartment homes included in consolidated same-property results, first quarter 2009 same-property net operating income (“NOI”) declined 3.8% compared to the first quarter of 2008, with revenues declining 0.5% and expenses increasing 5.5%. On a sequential basis, first quarter 2009 same-property NOI declined 2.3% compared to the fourth quarter of 2008, with revenues declining 1.1% and expenses increasing 0.9% compared to the prior quarter. Same-property physical occupancy levels for the portfolio averaged 93.6% during the first quarter of 2009, compared to 93.7% in both the first quarter and fourth quarter of 2008.

The Company defines same-property communities as communities owned and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment. A reconciliation of net income attributable to common shareholders to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Development Activity

During the first quarter, the Company completed construction on Camden Dulles Station in Oak Hill, VA. As of March 31, 2009, construction had been completed on all of Camden’s wholly-owned development projects, with no material obligations remaining to fund. The Company currently has six wholly-owned apartment communities completed and in lease-up: Camden Potomac Yard in Arlington, VA, a $104.6 million project that is currently 87% leased; Camden Summerfield in Landover, MD, a $62.6 million project that is currently 86% leased; Camden Orange Court in Orlando, FL, a $45.5 million project that is currently 73% leased; Camden Cedar Hills in Austin, TX, a $23.6 million project that is currently 95% leased; Camden Whispering Oaks in Houston, TX, a $27.4 million project that is currently 87% leased; and Camden Dulles Station in Oak Hill, VA, a $72.2 million project that is currently 57% leased. The Company also had one joint venture community which was completed and in lease-up: Camden College Park in College Park, MD, a $127.9 million project that is currently 76% leased.

The Company has two joint venture communities currently under construction and in lease-up: Camden Amber Oaks in Austin, TX, a $40.0 million joint venture project that is currently 39% leased; and Braeswood Place in Houston, TX, a $48.6 million joint venture project that is currently 25% leased. Camden has two additional joint venture communities currently under construction in Houston, TX: Camden Travis Street, a $39.0 million project, and Belle Meade, a $33.2 million project. Both projects are scheduled for initial occupancy in mid- to late-2009.

Properties Held for Sale

At March 31, 2009, Camden had one operating community held for sale: Camden West Oaks, a 671-home apartment community in Houston, TX.

Financing Activities

During the quarter, Camden retired approximately $50.5 million of secured mortgage debt and $40.0 million of unsecured medium-term notes, using proceeds from its unsecured Line of Credit. Subsequent to quarter-end, the Company obtained a $420 million secured credit facility. [See press release dated April 17, 2009 for more details].

Debt Repurchases

During the first quarter, Camden repurchased and retired $7.4 million of senior unsecured notes, resulting in a $0.2 million gain on early retirement of debt. Subsequent to quarter-end, Camden repurchased and retired an additional $10.3 million of senior unsecured notes.

On April 28, 2009, Camden completed a Tender Offer for certain outstanding notes. The aggregate principal amount accepted for purchase totaled $169.5 million. The Company intends to repurchase and retire these notes on May 1, 2009 using cash balances on hand and funds from its unsecured Line of Credit. [See press release dated April 28, 2009 for more details].

Liquidity

As of March 31, 2009, Camden had $241 million outstanding on its $600 million unsecured Line of Credit. Subsequent to quarter-end, the Company repaid all balances outstanding under the Line of Credit with proceeds from a $420 million secured credit facility. Upon completion of the Tender Offer, Camden will have $82 million of debt maturities remaining in 2009 and $186 million of debt maturities in 2010.

Earnings Guidance

Camden updated its earnings guidance for 2009 based on its current and expected views of the apartment market and general economic conditions. Full-year 2009 FFO is expected to be $3.20 to $3.45 per diluted share, and full-year 2009 EPS is expected to be $0.12 to $0.37 per diluted share. Second quarter 2009 earnings guidance is $0.82 to $0.86 per diluted share for FFO and $0.05 to $0.09 per diluted share for EPS. The Company’s second quarter 2009 earnings guidance includes a $0.02 per diluted share gain on early retirement of debt recognized in April 2009, but excludes other potential future gains on the sale of properties and the early retirement of debt. Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2009 earnings guidance is based on projections of same-property revenue declines between 0.5% and 2.5%, expense growth between 5.0% and 6.25%, and NOI declines between 4.5% and 7.5%. A reconciliation of expected net income attributable to common shareholders to expected FFO is included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Friday, May 1, 2009 at 11:00 a.m. Central Time to review its first quarter 2009 results and discuss its outlook for future performance. To participate in the call, please dial (866) 843-0890 (domestic) or (412) 317-9250 (international) by 10:50 a.m. Central Time and enter passcode: 9409451, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at 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.

Annual Meeting of Shareholders

Camden’s Annual Meeting of Shareholders will be held on May 6, 2009 at the Renaissance Hotel, 6 East Greenway Plaza, Houston, Texas, at 10:00 a.m., Central Time. The Company’s proxy statement, 10-K, and Annual Report to Shareholders are available in the Investor Relations section of the company’s website at camdenliving.com. If you wish to receive hard copies of these documents, please contact Camden’s Investor Relations Department at ir@camdenliving.com.

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 182 properties containing 63,269 apartment homes across the United States. Upon completion of four properties under development, the Company’s portfolio will increase to 64,329 apartment homes in 186 properties. Camden was recently named by FORTUNE® Magazine for the second consecutive year as one of the “100 Best Companies to Work For” in America.

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

CAMDEN	FINANCIAL HIGHLIGHTS
(In thousands, except per share, property data amounts and ratios)
(Unaudited)
	Three Months Ended March 31,
	2009				2008
Total property revenues (a)		$157,032				$151,464
EBITDA		85,272				87,340
Net income attributable to common shareholders		6,234				14,915
Per share - basic		0.11				0.27
Per share - diluted		0.11				0.27
Income from continuing operations attributable to common shareholders		5,649				7,108
Per share - basic		0.10				0.13
Per share - diluted		0.10				0.13
Funds from operations		51,581				52,330
Per share - diluted		0.88				0.89
Dividends per share		0.70				0.70
Dividend payout ratio		79.5	%			78.7	%
Interest expensed (including discontinued operations)		32,245				32,777
Interest capitalized		2,380				5,360
Total interest incurred		34,625				38,137
Principal amortization		2,415				3,280
Preferred dividends & distributions		1,750				1,750
Interest expense coverage ratio		2.6		x		2.7		x
Total interest coverage ratio		2.5		x		2.3		x
Fixed charge expense coverage ratio		2.3		x		2.3		x
Total fixed charge coverage ratio		2.2		x		2.0		x
Unencumbered real estate assets (at cost) to unsecured debt ratio		2.0		x		1.9		x
Same property NOI increase (b)		(3.8	%)			1.4	%
(# of apartment homes included)		42,670				43,480
Gross turnover of apartment homes (annualized)		62	%			60	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)		50	%			53	%
	As of March 31,
	2009				2008
Total assets		$4,675,042				$4,892,116
Total debt		$2,832,123				$2,910,958
Common and common equivalent shares, outstanding end of period (c)		58,551				58,611
Share price, end of period		$21.58				$50.20
Preferred units, end of period		$97,925				$97,925
Book equity value, end of period (d)		$1,570,023				$1,682,851
Market equity value, end of period (d)		$1,363,531				$3,042,272

(a)  Excludes discontinued operations.

(b) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment.

(c)  Includes at March 31, 2009:  55,694 common shares , plus common share equivalents upon the assumed conversion of minority interest units (2,857).

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

Note:  Please refer to pages 26 and 27 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
		March 31,
OPERATING DATA		2009			2008
Property revenues
Rental revenues			$136,500			$134,263
Other property revenues			20,532			17,201
Total property revenues			157,032			151,464
Property expenses
Property operating and maintenance			42,283			39,179
Real estate taxes			18,532			17,281
Total property expenses			60,815			56,460
Non-property income
Fee and asset management income			2,031			2,412
Interest and other income			735			1,333
Income (loss) on deferred compensation plans			(4,152	)		(8,541	)
Total non-property income (loss)			(1,386	)		(4,796	)
Other expenses
Property management			4,929			4,900
Fee and asset management			1,135			1,725
General and administrative			8,232			7,960
Interest			32,245			32,573
Depreciation and amortization			43,980			41,516
Amortization of deferred financing costs			817			734
Expense (benefit) on deferred compensation plans			(4,152	)		(8,541	)
Total other expenses			87,186			80,867
Income from continuing operations before gain on sale of properties,
including land, gain on early retirement of debt, equity in income (loss)
of joint ventures, and distributions on perpetual perferred units			7,645			9,341
Gain on sale of properties, including land			-			1,106
Gain on early retirement of debt			166			-
Equity in income (loss) of joint ventures			408			(47	)
Distributions on perpetual preferred units			(1,750	)		(1,750	)
Income from continuing operations before income taxes			6,469			8,650
Income tax expense - current			(299	)		(273	)
Income from continuing operations			6,170			8,377
Income from discontinued operations			585			1,680
Gain on sale of discontinued operations			-			6,127
Net income			6,755			16,184
Less net income allocated to noncontrolling interest			(521	)		(1,269	)
Net income attributable to common shareholders			$6,234			$14,915
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income			$6,755			$16,184
Other comprehensive income (loss)
Unrealized loss on cash flow hedging activities			(2,936	)		(19,425	)
Reclassification of net losses on cash flow hedging activities			5,276			1,330
Comprehensive income (loss)			9,095			(1,911	)
Less net income allocated to noncontrolling interest			(521	)		(1,269	)
Comprehensive income (loss) attributable to common shareholders			$8,574			($3,180	)
PER SHARE DATA
Net income attributable to common shareholders - basic			$0.11			$0.27
Net income attributable to common shareholders - diluted			0.11			0.27
Income from continuing operations attributable to common shareholders - basic			0.10			0.13
Income from continuing operations attributable to common shareholders - diluted			0.10			0.13
Weighted average number of common and
common equivalent shares outstanding:
Basic			55,552			54,965
Diluted			56,047			55,625
Note:  Please refer to pages 26 and 27 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
		March 31,
FUNDS FROM OPERATIONS		2009		2008
Net income attributable to common shareholders			$6,234		$14,915
Real estate depreciation and amortization from continuing operations			43,010		40,653
Real estate depreciation from discontinued operations			-		1,285
Adjustments for unconsolidated joint ventures			1,916		1,539
Income allocated to noncontrolling interest			421		1,156
(Gain) loss on sale of operating properties, net of taxes			-		(1,106	)
(Gain) loss on sale of discontinued operations			-		(6,112	)
Funds from operations - diluted			$51,581		$52,330
PER SHARE DATA
Funds from operations - diluted			$0.88		$0.89
Cash distributions			0.70		0.70
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted			58,471		58,544
PROPERTY DATA
Total operating properties (end of period) (a)			182		181
Total operating apartment homes in operating properties (end of period) (a)			63,269		62,918
Total operating apartment homes (weighted average)			50,688		51,763
Total operating apartment homes - excluding discontinued operations (weighted average)			50,017		48,756
(a) Includes joint ventures and properties held for sale.

Note:  Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

CAMDEN										BALANCE SHEETS
										(In thousands)
(Unaudited)	Mar 31,			Dec 31,			Sep 30,				Jun 30,			Mar 31,
	2009			2008			2008				2008			2008
ASSETS
Real estate assets, at cost
Land		$746,935			$744,059			$745,085				$755,200			$749,664
Buildings and improvements		4,466,296			4,447,587			4,442,067				4,474,749			4,435,787
		5,213,231			5,191,646			5,187,152				5,229,949			5,185,451
Accumulated depreciation		(1,023,466	)		(981,049	)		(952,883	)			(935,640	)		(907,643	)
Net operating real estate assets		4,189,765			4,210,597			4,234,269				4,294,309			4,277,808
Properties under development and land		258,239			264,188			323,300				333,419			358,994
Investments in joint ventures		15,158			15,106			15,663				14,773			12,526
Properties held for sale, including land		20,696			20,653			9,495				36,152			23,299
Total real estate assets		4,483,858			4,510,544			4,582,727				4,678,653			4,672,627
Accounts receivable - affiliates		36,105			37,000			36,868				36,556			36,166
Notes receivable
Affiliates		58,481			58,109			58,240				53,849			52,331
Other		-			8,710			8,710				8,710			8,710
Other assets, net (a)		84,905			103,013			111,847				117,599			116,010
Cash and cash equivalents		7,256			7,407			29,517				1,242			947
Restricted cash		4,437			5,559			4,971				4,687			5,325
Total assets		$4,675,042			$4,730,342			$4,832,880				$4,901,296			$4,892,116
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured		$2,151,492			$2,103,187			$2,096,285				$2,400,027			$2,351,006
Secured		680,631			729,209			727,235				539,328			559,952
Accounts payable and accrued expenses		73,250			82,575			86,668				77,441			90,779
Accrued real estate taxes		19,113			23,600			40,664				30,664			17,769
Other liabilities (b)		137,397			149,554			124,915				129,471			146,817
Distributions payable		43,136			42,936			42,968				42,965			42,942
Total liabilities		3,105,019			3,131,061			3,118,735				3,219,896			3,209,265
Commitments and contingencies
Minority interests
Perpetual preferred units		97,925			97,925			97,925				97,925			97,925
Shareholders' equity
Common shares of beneficial interest		666			660			660				660			660
Additional paid-in capital		2,242,940			2,237,703			2,232,436				2,230,119			2,227,256
Distributions in excess of net income attributable to common shareholders		(345,481	)		(312,309	)		(238,301	)			(272,294	)		(250,845	)
Notes receivable secured by common shares		(291	)		(295	)		(298	)			(302	)		(306	)
Treasury shares, at cost		(462,751	)		(463,209	)		(463,108	)			(463,574	)		(463,574	)
Accumulated other comprehensive loss (c)		(48,716	)		(51,056	)		(17,423	)			(15,955	)		(34,218	)
Total common shareholders' equity		1,386,367			1,411,494			1,513,966				1,478,654			1,478,973
Noncontrolling interest		85,731			89,862			102,254				104,821			105,953
Total shareholders' equity		1,472,098			1,501,356			1,616,220				1,583,475			1,584,926
Total liabilities and shareholders' equity		$4,675,042			$4,730,342			$4,832,880				$4,901,296			$4,892,116
(a) includes:
net deferred charges of:		$10,061			$10,505			$11,388				$9,434			$10,287
value of in place leases of:		-			-			-				-			$62
(b) includes:
deferred revenues of:		$2,402			$2,640			$2,940				$2,747			$2,575
(above)/below market leases of:		-			-			-				-			($6	)
distributions in excess of investments in joint ventures of:		$31,318			$30,105			$27,977				$26,022			$25,065
fair value adjustment of derivative instruments:		$48,693			$51,068			$17,511				$15,955			$34,218
(c) Represents the fair value adjustment of derivative instruments and gain on post retirement obligations.

CAMDEN																		PORTFOLIO STATISTICS
(Unaudited)
COMMUNITY PORTFOLIO AT MARCH 31, 2009 (in apartment homes)
	"Same Property"			Non-"Same Property" (a)			Wholly - Owned			Joint Venture		Stabilized Operating			Completed in Lease-up			Total Operating			Under Construction			Total
D.C. Metro (b)(c)		4,157			368			4,525			-		4,525			1,543			6,068			-			6,068
Las Vegas, NV		2,889			1,080			3,969			4,047		8,016			-			8,016			-			8,016
Los Angeles/Orange County, CA		1,770			-			1,770			711		2,481			-			2,481			-			2,481
San Diego/Inland Empire, CA		846			350			1,196			-		1,196			-			1,196			-			1,196
Tampa, FL		4,965			538			5,503			-		5,503			-			5,503			-			5,503
Dallas, TX		4,723			940			5,663			456		6,119			-			6,119			-			6,119
Houston, TX (d)		2,679			2,180			4,859			1,487		6,346			274			6,620			712			7,332
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			-			1,851			320		2,171			-			2,171			-			2,171
Raleigh, NC		2,704			-			2,704			-		2,704			-			2,704			-			2,704
Phoenix, AZ		1,441			-			1,441			992		2,433			-			2,433			-			2,433
Austin, TX (e)		1,645			-			1,645			253		1,898			208			2,106			348			2,454
Other		696			1,066			1,762			3,237		4,999			-			4,999			-			4,999
Total Portfolio		42,670			6,810			49,480			11,503		60,983			2,286			63,269			1,060			64,329
(a) Includes two redevelopment properties (672 apartment homes) and one property held for sale and reported in discontinued operations (671 apartment homes).
(b) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
(c) 508 units completed in lease up in College Park, MD are held through a joint venture investment.
(d) 712 units under construction in Houston, TX are held through joint venture investments, of which 253 units are fully consolidated.
(e) 348 units under construction in Austin, TX are held through a joint venture investment.
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION												WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (h)
	"Same Property"			Operating			Incl. JVs at					Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	Communities			Communities (f)			Pro Rata % (g)					2009			2008			2008			2008			2008
D.C. Metro		15.7	%		16.4	%		16.0	%				94.2	%		94.8	%		96.5	%		96.0	%		94.4	%
Las Vegas, NV		6.2	%		7.5	%		8.5	%				93.0	%		93.0	%		95.2	%		94.9	%		93.9	%
Los Angeles/Orange County, CA		7.6	%		6.3	%		6.6	%				92.3	%		94.2	%		94.4	%		94.7	%		93.5	%
San Diego/Inland Empire, CA		2.8	%		3.3	%		3.2	%				91.6	%		91.0	%		94.4	%		94.6	%		94.5	%
Tampa, FL		8.6	%		8.0	%		7.7	%				93.5	%		93.3	%		93.5	%		93.4	%		93.8	%
Dallas, TX		7.3	%		7.3	%		7.1	%				93.4	%		93.0	%		94.1	%		93.7	%		92.7	%
Houston, TX		5.4	%		9.1	%		9.3	%				95.0	%		95.6	%		95.0	%		95.3	%		95.2	%
SE Florida		8.5	%		7.2	%		6.8	%				94.5	%		95.1	%		95.8	%		95.4	%		94.3	%
Charlotte, NC		7.1	%		6.4	%		6.1	%				92.6	%		92.4	%		94.6	%		94.7	%		92.9	%
Orlando, FL		6.6	%		5.8	%		5.6	%				94.2	%		93.3	%		95.0	%		93.7	%		93.9	%
Atlanta, GA		6.6	%		5.6	%		5.4	%				92.4	%		93.3	%		94.7	%		94.7	%		93.5	%
Denver, CO		4.6	%		3.8	%		4.0	%				93.7	%		93.5	%		96.0	%		95.7	%		94.5	%
Raleigh, NC		5.6	%		4.7	%		4.4	%				94.0	%		92.7	%		95.0	%		94.3	%		94.1	%
Phoenix, AZ		3.0	%		2.5	%		2.7	%				92.7	%		92.0	%		92.4	%		93.1	%		93.2	%
Austin, TX		2.8	%		2.5	%		2.5	%				93.1	%		93.8	%		95.1	%		94.4	%		94.1	%
Other		1.6	%		3.6	%		4.1	%				94.4	%		94.6	%		95.4	%		95.7	%		94.8	%
Total Portfolio		100.0	%		100.0	%		100.0	%				93.6	%		93.6	%		94.9	%		94.6	%		93.9	%
(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 March 31,
Property Revenues	Homes		2009		2008			Change
"Same Property" Communities (a)		42,670		$131,232		$131,842			($610	)
Non-"Same Property" Communities (b)		5,467		17,985		15,401			2,584
Development and Lease-Up Communities (c)		2,031		5,237		488			4,749
Redevelopment Communities (d)		672		1,383		1,433			(50	)
Dispositions / Other (e)		-		1,195		2,300			(1,105	)
Total Property Revenues		50,840		$157,032		$151,464			$5,568
Property Expenses
"Same Property" Communities (a)		42,670		$50,360		$47,756			$2,604
Non-"Same Property" Communities (b)		5,467		6,316		6,437			(121	)
Development and Lease-Up Communities (c)		2,031		2,501		543			1,958
Redevelopment Communities (d)		672		679		675			4
Dispositions / Other (e)		-		959		1,049			(90	)
Total Property Expenses		50,840		$60,815		$56,460			$4,355
Property Net Operating Income
"Same Property" Communities (a)		42,670		$80,872		$84,086			($3,214	)
Non-"Same Property" Communities (b)		5,467		11,669		8,964			2,705
Development and Lease-Up Communities (c)		2,031		2,736		(55	)		2,791
Redevelopment Communities (d)		672		704		758			(54	)
Dispositions / Other (e)		-		236		1,251			(1,015	)
Total Property Net Operating Income		50,840		$96,217		$95,004			$1,213

Income from Discontinued Operations(f)	Three Months Ended March 31,
	2009		2008
Property Revenues		$1,197		$6,100
Property Expenses		612		2,924
Property Net Operating Income		585		3,176
Interest		-		(204	)
Depreciation and Amortization		-		(1,292	)
Gain on sale of discontinued operations		-		6,127
Income from Discontinued Operations		$585		$7,807

Notes:
(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and Redevelopment Communities.
(b)	Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2008, or redeveloped prior to January 1, 2009, excluding properties held for sale and Redevelopment Communities.
(c)	Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2008, excluding properties held for sale and Redevelopment Communities.
(d)	Redevelopment Communities are communities redeveloped by the Company after January 1, 2009, 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.
(f)	Represents operating results for communities disposed of during 2008 and held for sale at March 31, 2009, of which Camden has, or expects to have, no continuing involvement.

CAMDEN							"SAME PROPERTY"
							FIRST QUARTER COMPARISONS
							March 31, 2009
							(In thousands, except property data amounts)
(Unaudited)
	Revenues						Expenses								NOI
Quarterly Results (a)		1Q09	1Q08	Growth				1Q09		1Q08		Growth				1Q09	1Q08	Growth
D.C. Metro		$18,362	$18,298		0.3	%		$5,649		$5,057			11.7	%		$12,713	$13,241		(4.0	%)
Las Vegas, NV		7,670	7,896		(2.9	%)		2,666		2,618			1.8	%		5,004	5,278		(5.2	%)
Los Angeles/Orange County, CA		8,739	8,960		(2.5	%)		2,622		2,527			3.8	%		6,117	6,433		(4.9	%)
San Diego/Inland Empire, CA		3,794	3,960		(4.2	%)		1,518		1,421			6.8	%		2,276	2,539		(10.4	%)
Tampa, FL		12,864	12,813		0.4	%		5,936		5,606			5.9	%		6,928	7,207		(3.9	%)
Dallas, TX		11,162	10,818		3.2	%		5,252		5,025			4.5	%		5,910	5,793		2.0	%
Houston, TX		7,518	7,276		3.3	%		3,144		2,980			5.5	%		4,374	4,296		1.8	%
SE Florida		11,275	11,506		(2.0	%)		4,401		4,273			3.0	%		6,874	7,233		(5.0	%)
Charlotte, NC		9,248	9,499		(2.6	%)		3,477		3,398			2.3	%		5,771	6,101		(5.4	%)
Orlando, FL		8,932	9,094		(1.8	%)		3,585		3,388			5.8	%		5,347	5,706		(6.3	%)
Atlanta, GA		8,995	8,993		0.0	%		3,632		3,354			8.3	%		5,363	5,639		(4.9	%)
Denver, CO		5,344	5,296		0.9	%		1,637		1,579			3.7	%		3,707	3,717		(0.3	%)
Raleigh, NC		6,940	7,003		(0.9	%)		2,451		2,437			0.6	%		4,489	4,566		(1.7	%)
Phoenix, AZ		3,969	4,042		(1.8	%)		1,551		1,378			12.6	%		2,418	2,664		(9.2	%)
Austin, TX		4,288	4,315		(0.6	%)		2,042		1,954			4.5	%		2,246	2,361		(4.9	%)
Other		2,132	2,073		2.8	%		797		761			4.7	%		1,335	1,312		1.8	%
Total Same Property		$131,232	$131,842		(0.5	%)		$50,360		$47,756			5.5	%		$80,872	$84,086		(3.8	%)
	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				1Q09		1Q08		Change				1Q09	1Q08	Change
D.C. Metro		4,157			15.7	%		94.5	%	94.4	%		0.1	%		$1,418	$1,436		(1.2	%)
Las Vegas, NV		2,889			6.2	%		93.3	%	93.6	%		(0.3	%)		836	869		(3.8	%)
Los Angeles/Orange County, CA		1,770			7.6	%		92.4	%	93.7	%		(1.3	%)		1,620	1,659		(2.4	%)
San Diego/Inland Empire, CA		846			2.8	%		91.8	%	94.5	%		(2.7	%)		1,504	1,528		(1.6	%)
Tampa, FL		4,965			8.6	%		93.6	%	93.8	%		(0.2	%)		776	809		(4.1	%)
Dallas, TX		4,723			7.3	%		93.4	%	92.1	%		1.3	%		718	717		0.1	%
Houston, TX		2,679			5.4	%		95.5	%	95.1	%		0.4	%		882	851		3.6	%
SE Florida		2,520			8.5	%		94.5	%	94.3	%		0.2	%		1,405	1,473		(4.6	%)
Charlotte, NC		3,286			7.1	%		92.5	%	92.9	%		(0.4	%)		876	926		(5.4	%)
Orlando, FL		3,296			6.6	%		94.2	%	93.9	%		0.3	%		848	891		(4.8	%)
Atlanta, GA		3,202			6.6	%		92.4	%	93.5	%		(1.1	%)		877	910		(3.6	%)
Denver, CO		1,851			4.6	%		93.7	%	94.4	%		(0.7	%)		903	898		0.5	%
Raleigh, NC		2,704			5.6	%		94.0	%	94.1	%		(0.1	%)		763	792		(3.7	%)
Phoenix, AZ		1,441			3.0	%		92.9	%	93.0	%		(0.1	%)		840	920		(8.7	%)
Austin, TX		1,645			2.8	%		93.0	%	94.0	%		(1.0	%)		800	809		(1.1	%)
Other		696			1.6	%		94.8	%	93.3	%		1.5	%		965	962		0.3	%
Total Same Property		42,670			100.0	%		93.6	%	93.7	%		(0.1	%)		$961	$987		(2.6	%)
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment since January 1, 2008.
(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							"SAME PROPERTY"
							SEQUENTIAL QUARTER COMPARISONS
							March 31, 2009
							(In thousands, except property data amounts)
(Unaudited)
	Revenues						Expenses								NOI
Quarterly Results (a)		1Q09	4Q08	Growth				1Q09		4Q08		Growth				1Q09	4Q08	Growth
D.C. Metro		$18,362	$18,512		(0.8	%)		$5,649		$5,476			3.2	%		$12,713	$13,036		(2.5	%)
Las Vegas, NV		7,670	7,896		(2.9	%)		2,666		2,736			(2.6	%)		5,004	5,160		(3.0	%)
Los Angeles/Orange County, CA		8,739	8,977		(2.7	%)		2,622		2,744			(4.4	%)		6,117	6,233		(1.9	%)
San Diego/Inland Empire, CA		3,794	3,877		(2.1	%)		1,518		1,521			(0.2	%)		2,276	2,356		(3.4	%)
Tampa, FL		12,864	12,803		0.5	%		5,936		5,988			(0.9	%)		6,928	6,815		1.7	%
Dallas, TX		11,162	11,195		(0.3	%)		5,252		5,077			3.4	%		5,910	6,118		(3.4	%)
Houston, TX		7,518	7,573		(0.7	%)		3,144		3,020			4.1	%		4,374	4,553		(3.9	%)
SE Florida		11,275	11,390		(1.0	%)		4,401		4,515			(2.5	%)		6,874	6,875		0.0	%
Charlotte, NC		9,248	9,472		(2.4	%)		3,477		3,344			4.0	%		5,771	6,128		(5.8	%)
Orlando, FL		8,932	8,840		1.0	%		3,585		3,658			(2.0	%)		5,347	5,182		3.2	%
Atlanta, GA		8,995	9,164		(1.8	%)		3,632		3,602			0.8	%		5,363	5,562		(3.6	%)
Denver, CO		5,344	5,437		(1.7	%)		1,637		1,680			(2.6	%)		3,707	3,757		(1.3	%)
Raleigh, NC		6,940	6,962		(0.3	%)		2,451		2,216			10.6	%		4,489	4,746		(5.4	%)
Phoenix, AZ		3,969	4,055		(2.1	%)		1,551		1,477			5.0	%		2,418	2,578		(6.2	%)
Austin, TX		4,288	4,376		(2.0	%)		2,042		2,083			(2.0	%)		2,246	2,293		(2.0	%)
Other		2,132	2,169		(1.7	%)		797		766			4.0	%		1,335	1,403		(4.8	%)
Total Same Property		$131,232	$132,698		(1.1	%)		$50,360		$49,903			0.9	%		$80,872	$82,795		(2.3	%)
	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				1Q09		4Q08		Change				1Q09	4Q08	Change
D.C. Metro		4,157			15.7	%		94.5	%	95.1	%		(0.6	%)		$1,418	$1,430		(0.8	%)
Las Vegas, NV		2,889			6.2	%		93.3	%	93.4	%		(0.1	%)		836	852		(1.8	%)
Los Angeles/Orange County, CA		1,770			7.6	%		92.4	%	94.8	%		(2.4	%)		1,620	1,649		(1.8	%)
San Diego/Inland Empire, CA		846			2.8	%		91.8	%	91.5	%		0.3	%		1,504	1,538		(2.2	%)
Tampa, FL		4,965			8.6	%		93.6	%	93.3	%		0.3	%		776	780		(0.5	%)
Dallas, TX		4,723			7.3	%		93.4	%	93.0	%		0.4	%		718	726		(1.1	%)
Houston, TX		2,679			5.4	%		95.5	%	95.6	%		(0.1	%)		882	881		0.2	%
SE Florida		2,520			8.5	%		94.5	%	95.1	%		(0.6	%)		1,405	1,440		(2.4	%)
Charlotte, NC		3,286			7.1	%		92.5	%	92.3	%		0.2	%		876	903		(3.0	%)
Orlando, FL		3,296			6.6	%		94.2	%	93.3	%		0.9	%		848	865		(1.9	%)
Atlanta, GA		3,202			6.6	%		92.4	%	93.3	%		(0.9	%)		877	898		(2.3	%)
Denver, CO		1,851			4.6	%		93.7	%	93.6	%		0.1	%		903	921		(2.0	%)
Raleigh, NC		2,704			5.6	%		94.0	%	92.7	%		1.3	%		763	782		(2.5	%)
Phoenix, AZ		1,441			3.0	%		92.9	%	93.1	%		(0.2	%)		840	856		(1.9	%)
Austin, TX		1,645			2.8	%		93.0	%	94.1	%		(1.1	%)		800	814		(1.7	%)
Other		696			1.6	%		94.8	%	94.6	%		0.2	%		965	972		(0.8	%)
Total Same Property		42,670			100.0	%		93.6	%	93.7	%		(0.1	%)		$961	$977		(1.6	%)
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2008, excluding properties held for sale and communities under redevelopment since January 1, 2008.
(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
	March 31,
OPERATING DATA (a)	2009			2008
Property Revenues
Rental revenues		$6,495			$5,568
Other property revenues		947			710
Total property revenues		7,442			6,278
Property Expenses
Property operating and maintenance		2,065			1,860
Real estate taxes		868			620
Total property expenses		2,933			2,480
Net Operating Income (NOI)		4,509			3,798
Other expenses
Interest		2,111			2,146
Depreciation and amortization		1,937			1,559
Other		53			140
Total other expenses		4,101			3,845
Equity in income (loss) of joint ventures		$408			($47	)
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2009			2008			2008			2008			2008
BALANCE SHEET DATA (b)
Land		$209,453			$217,730			$213,838			$199,649			$172,174
Buildings and improvements		1,050,523			1,030,486			1,016,545			966,068			885,952
		1,259,976			1,248,216			1,230,383			1,165,717			1,058,126
Accumulated depreciation		(155,928	)		(145,828	)		(135,850	)		(126,122	)		(117,069	)
Real estate assets, net		1,104,048			1,102,388			1,094,533			1,039,595			941,057
Properties under development and land		82,106			81,719			81,139			74,702			151,352
Cash and other assets, net		26,305			26,629			34,820			40,248			24,424
Total assets		1,212,459			1,210,736			1,210,492			1,154,545			1,116,833
Notes payable		996,356			984,200			967,930			918,377			897,178
Notes payable due to Camden		57,645			56,928			56,748			52,405			51,086
Other liabilities		21,647			24,578			27,716			20,067			17,327
Total liabilities		1,075,648			1,065,706			1,052,394			990,849			965,591
Members' equity		136,811			145,030			158,098			163,696			151,242
Total liabilities and members' equity		$1,212,459			$1,210,736			$1,210,492			$1,154,545			$1,116,833
Camden's equity investment		$15,158			$15,106			$15,663			$14,773			$12,526
Distributions in excess of investment in joint ventures		($31,318	)		($30,105	)		($27,977	)		($26,022	)		($25,065	)
Camden's pro-rata share of debt (c)		$239,377			$236,407			$231,417			$220,436			$211,128
PROPERTY DATA (end of period)
Total operating properties		40			40			40			37			37
Total operating apartment homes		12,011			12,011			12,011			10,960			10,960
Pro rata share of operating apartment homes		2,443			2,443			2,443			2,153			2,153
Total development properties		3			3			4			5			5
Total development apartment homes		807			807			1,126			1,605			1,605
Pro rata share of development apartment homes		207			207			303			447			447
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) Balance sheet and property data reported at 100%.
(c) Excludes Camden's pro-rata share of notes payable due to Camden.

CAMDEN

CURRENT DEVELOPMENT PIPELINE

(Unaudited)

DEVELOPMENT PIPELINE AS OF MARCH 31, 2009 ($ in millions)

Estimated/Actual Dates for

Total

Total

Construction

Initial

Construction

Stabilized

As of 4/26/09

Completed Communities

Homes

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden Potomac Yard

378

$104.6

1Q05

3Q07

2Q08

4Q09

87%

75%

Arlington, VA

2.

Camden Summerfield

291

62.6

2Q06

4Q07

2Q08

4Q09

86%

84%

Landover, MD

3.

Camden Orange Court

261

45.5

2Q06

1Q08

2Q08

3Q09

73%

69%

Orlando, FL

4.

Camden Cedar Hills

208

23.6

2Q07

2Q08

4Q08

2Q09

95%

89%

Austin, TX

5.

Camden Whispering Oaks

274

27.4

3Q07

2Q08

4Q08

3Q09

87%

83%

Houston, TX

6.

Camden Dulles Station

366

72.2

1Q06

2Q08

1Q09

3Q10

57%

56%

Oak Hill, VA

Total Completed Communities

1,778

$335.9

80%

75%

Estimated/Actual Dates for

Total

Total

Cost

Amount

Construction

Initial

Construction

Stabilized

Development Communities

Homes

Budget

to Date

in CIP

Start

Occupancy

Completion

Operations

UNDER CONSTRUCTION

7.

Camden Travis Street (a)

253

$39.0

$13.1

$13.1

3Q08

4Q09

1Q10

3Q10

Houston, TX

Total Development Communities

253

$39.0

$13.1

$13.1

Additional land (b)

245.1

Total Properties Under Development and Land (per Balance Sheet)

$258.2

NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)

Total Cost

1Q09 NOI

Completed Communities in lease-up

$335.9

$2.7

Development Communities

13.1

0.0

Total Development NOI Contribution

$349.0

$2.7

(a) Camden Travis Street, formerly known as Camden Sutherland, is owned in a fully consolidated joint venture, of which Camden retains a 25% ownership.

(b) Please refer to the development pipeline and land summary on page 17.

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 MARCH 31, 2009 ($ in millions)

Estimated/Actual Dates for

Joint Venture Camden Developed Communities

Total

Total

Construction

Initial

Construction

Stabilized

As of 4/26/09

Completed

Homes

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden College Park

508

$127.9

3Q06

4Q07

3Q08

1Q10

76%

73%

College Park, MD

Total Joint Venture Camden Developed

Communities Completed

508

$127.9

Estimated/Actual Dates for

Joint Venture Camden Developed Communities

Total

Total

Cost

Amount

Construction

Initial

Construction

Stabilized

As of 4/26/09

Under Construction

Homes

Budget

to Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden Amber Oaks

348

$40.0

$33.9

$5.8

4Q07

4Q08

2Q09

1Q10

39%

32%

Austin, TX

Total Joint Venture Camden Developed

Communities Under Construction

348

$40.0

$33.9

$5.8

Camden

Cash

Camden

Estimated/Actual Dates for

Joint Venture Third Party Developed

Total

Total

Cost

Equity

Mezzanine

Construction

Initial

Construction

Stabilized

As of 4/26/09

Communities Under Construction

Homes

Budget

to Date

Invested

Invested

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Braeswood Place

340

$48.6

$46.8

$1.4

$8.5

1Q07

1Q09

2Q09

2Q10

25%

11%

Houston, TX

2.

Belle Meade

119

33.2

25.0

1.0

5.7

4Q07

3Q09

4Q09

1Q10

Houston, TX

Total Joint Venture Third Party Developed

Communities

459

$81.8

$71.8

$2.4

$14.2

Camden

Cash

Camden

Joint Venture Third Party Developed Pipeline

Total

Cost

Equity

Mezzanine

Communities

Acres

to Date

Invested

Invested

1.

Lakes at 610

6.1

$6.7

$1.1

$2.8

Houston, TX

2.

Town Lake

25.9

38.9

9.0

-

Austin, TX

Total Joint Venture Third Party Developed

Pipeline Communities

32.0

$45.6

$10.1

$2.8

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

CAMDEN			DEVELOPMENT PIPELINE, LAND
			& LAND HELD FOR SALE
(Unaudited)
DEVELOPMENT PIPELINE AND LAND AS OF MARCH 31, 2009 ($ in millions)
				Projected
PIPELINE COMMUNITIES (a)				Homes		Cost to Date
	1.	Camden South Capitol			276		$27.8
		Washington, DC
	2.	Camden Lake Nona			432		22.7
		Orlando, FL
	3.	Camden Noma I			313		25.5
		Washington, DC
	4.	Camden Deer Springs			428		20.5
		Las Vegas, NV
	5.	Camden North Lamar			290		8.5
		Austin, TX
	6.	Camden McGowen Station			237		11.1
		Houston, TX
	7.	Camden Summerfield II			187		19.0
		Landover, MD
	8.	Camden City Centre II			239		8.1
		Houston, TX
	9.	Camden Amber Oaks II			244		4.4
		Austin, TX
	10.	Camden Andrau			601		9.2
		Houston, TX
	11.	Camden Countryway			348		16.5
		Tampa, FL
	12.	Camden Celebration			438		15.6
		Orlando, FL
Development Pipeline					4,033		$188.9
Other (b)							$56.2
Total Development Pipeline and Land							$245.1
						Current
LAND HELD FOR SALE AS OF MARCH 31, 2009 ($ in millions)				Acres		Book Value
	1.	Southeast Florida			2.2		$7.4
	2.	Dallas			2.4		1.8
Total Land Parcels Held For Sale:					4.6		$9.2
(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) Includes land holdings no longer under active development and predevelopment costs incurred in pursuit of new developments.
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 MARCH 31, 2009 ($ in millions)

Homes

Estimated/Actual Dates for

Total

Redeveloped

Total

Cost

Redevelopment

Redevelopment

Project

1Q09 Average

Communities Under Redevelopment

Homes

To Date

Budget

to Date

Start

Completion

Restabilization

% Occupied

1.

Camden Foxcroft

156

153

$

1.4

$

1.4

4Q07

2Q09

3Q09

89%

Charlotte, NC

2.

Camden Valley Park

516

259

5.5

2.6

2Q08

1Q10

2Q10

84%

Irving, TX

Total Communities Under Redevelopment

672

412

$

6.9

$

4.0

85%

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 MARCH 31, 2009 ($ in thousands)
			03/31/09		03/31/09			12/31/08
			Total		Note			Note
Location	Current Property Type	Current Status	Homes		Balance			Balance
Irvine, CA	Multifamily	Stable		290		$22,736			$22,616
Houston, TX	Multifamily	Stable/Development/Predevelopment		1,049		26,231			34,791
College Park, MD	Multifamily	Completed in Lease-Up		508		9,514			9,412
Total Notes Receivable:				1,847		$58,481			$66,819
Weighted Average Interest Rate Recognized:						5.7	%		7.0	%

CAMDEN						DEBT ANALYSIS
					(In thousands, except property data amounts)
(Unaudited)
DEBT MATURITIES AS OF MARCH 31, 2009:
	Future Scheduled Repayments														Weighted Average
			Secured			Unsecured						Percent			Interest Rate on
Year	Amortization		Maturities			Maturities			Total			of Total			Maturing Debt
2009		$4,909		$0			$81,867			$86,776			3.1	%		4.7	%
2010		6,932		48,340			247,481			302,753			10.7	%		5.2	%
2011		4,176		91,671			185,000			280,847			9.9	%		6.3	%
2012		2,692		69,541			700,000			772,233			27.3	%		5.4	%
2013		1,386		25,831			200,000			227,217			8.0	%		5.4	%
Thereafter		35,721		388,827			496,750			921,298			32.5	%		4.7	%
Total Maturing Debt		$55,816		$624,209			$1,911,098			$2,591,123			91.5	%		5.2	%
Unsecured Line of Credit		0		0			241,000			241,000			8.5	%		1.4	%
Total Debt		$55,816		$624,209			$2,152,098			$2,832,123			100.0	%		4.9	%
Weighted Average Maturity of Debt			4.6 Years
										Weighted Average
FLOATING vs. FIXED RATE DEBT:				Balance			% of Total			Interest Rate			Time to Maturity
Floating rate debt				$462,055			16.3	%		1.7	%	6.2 Years
Fixed rate debt				2,370,068			83.7	%		5.5	%	4.3 Years
Total				$2,832,123			100.0	%		4.9	%	4.6 Years
										Weighted Average
SECURED vs. UNSECURED DEBT:				Balance			% of Total			Interest Rate			Time to Maturity
Unsecured debt				$2,151,492			76.0	%		5.1	%	3.7 Years
Secured debt				680,631			24.0	%		4.2	%	7.5 Years
Total				$2,832,123			100.0	%		4.9	%	4.6 Years
										Weighted Average
SECURED DEBT DETAIL:				Balance			% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt (a)				$459,576			67.5	%		5.2	%	5.7 Years
Conventional variable-rate mortgage debt (a)				178,735			26.3	%		2.1	%	9.1 Years
Tax exempt variable rate debt				42,320			6.2	%		1.8	%	19.2 Years
Total				$680,631			100.0	%		4.2	%	7.5 Years
REAL ESTATE ASSETS: (b)			Total Homes			% of Total			Total Cost			% of Total
Unencumbered real estate assets				41,473			80.5	%		$4,401,516			79.9	%
Encumbered real estate assets				10,038			19.5	%		1,104,303			20.1	%
Total				51,511			100.0	%		$5,505,819			100.0	%
			Ratio of unencumbered assets at cost to unsecured debt is 2.0 times
(a) Mortgage debt includes a construction loan for Camden Travis Street with a $10.0MM balance at 3/31/09, of which $5.7MM was fixed utilizing an interest rate swap.
(b) Real estate assets include communities under development and exclude communities held through unconsolidated joint ventures.

CAMDEN					PRO FORMA DEBT MATURITY ANALYSIS
									(In thousands)
(Unaudited)
DEBT MATURITIES PRO FORMA FOR SECURED LOAN & BOND REPURCHASES TO INCLUDE TRANSACTIONS COMPLETED
AFTER MARCH 31, 2009:
	Future Scheduled Repayments								Weighted Average
			Secured		Unsecured				Interest Rate on
Year	Amortization		Maturities		Maturities		Total		Maturing Debt
2009		$4,945		$0		$81,867		$86,812		4.7	%
2010		6,978		48,339		137,571		192,888		5.4	%
2011		4,186		91,671		125,441		221,298		5.9	%
2012		2,697		69,541		689,667		761,905		5.4	%
2013		1,386		25,831		200,000		227,217		5.4	%
Thereafter		35,721		808,827		496,750		1,341,298		4.8	%
Total Maturing Debt		$55,913		$1,044,209		$1,731,296		$2,831,418		5.1	%
Unsecured Line of Credit		0		0		0		0		0.0	%
Total Debt		$55,913		$1,044,209		$1,731,296		$2,831,418		5.1	%
Weighted Average Maturity of Debt			5.9 Years
	Future Scheduled Repayments								Weighted Average
			Secured		Unsecured				Interest Rate on
Quarter	Amortization		Maturities		Maturities		Total		Maturing Debt
2Q 2009		$1,233		$0		$0		$1,233		N/A
3Q 2009		1,831		0		81,867		83,698		4.7	%
4Q 2009		1,881		0		0		1,881		N/A
2009		$4,945		$0		$81,867		$86,812		4.7	%
1Q 2010		$1,931		$0		$55,270		$57,201		4.4	%
2Q 2010		1,906		0		0		1,906		N/A
3Q 2010		1,619		48,339		82,301		132,259		5.8	%
4Q 2010		1,522		0		0		1,522		N/A
2010		$6,978		$48,339		$137,571		$192,888		5.4	%

CAMDEN	DEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	<	60%	51%	Yes
Secured Debt to Gross Asset Value	<	40%	12%	Yes
Consolidated EBITDA to Total Fixed Charges	>	150%	217%	Yes
Unencumbered Adjusted NOI to Unsecured Interest Expense	>	200%	254%	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%	12%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt	>	150%	209%	Yes
Consolidated Income Available for Debt Service to Total	>	150%	246%	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			UNCONSOLIDATED REAL ESTATE INVESTMENTS
			DEBT ANALYSIS
			(In thousands, except property data amounts)
(Unaudited)
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF MARCH 31, 2009:
	Future Scheduled Repayments										Weighted Average
			Secured					Percent			Interest Rate on
Year (a)	Amortization		Maturities		Total			of Total			Maturing Debt
2009		$195		$33,847		$34,042			14.2	%		1.9	%
2010		277		65,324		65,601			27.4	%		1.8	%
2011		320		4,637		4,957			2.1	%		2.1	%
2012		358		111,275		111,633			46.6	%		5.1	%
2013		438		0		438			0.2	%		N/A
Thereafter		4,681		17,910		22,591			9.4	%		3.9	%
Total Maturing Debt		$6,269		$232,993		$239,262			100.0	%		3.6	%
Subscription line of credit (b)		0		115		115			0.0	%		1.7	%
Total Debt		$6,269		$233,108		$239,377			100.0	%		3.6	%
Weighted Average Maturity of Debt (a)			2.8 Years
Total Recourse Exposure (c)				$74,153
								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate			Time to Maturity (a)
Floating rate debt				$118,482		49.5	%		1.8	%	2.1 Years
Fixed rate debt				120,895		50.5	%		5.3	%	3.5 Years
Total				$239,377		100.0	%		3.6	%	2.8 Years
								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate			Time to Maturity (a)
Conventional fixed-rate mortgage debt				$120,895		50.5	%		5.3	%	3.5 Years
Conventional variable-rate mortgage debt				9,980		4.2	%		1.9	%	5.2 Years
Tax exempt variable rate debt				4,579		1.9	%		1.0	%	23.0 Years
Variable-rate construction loans (d)				103,808		43.4	%		1.8	%	0.9 Years
Subscription line of credit				115		0.0	%		1.7	%	1.4 Years
Total				$239,377		100.0	%		3.6	%	2.8 Years
REAL ESTATE ASSETS: (e)			Total Homes		Total Cost
Operating real estate assets				12,011		$1,190,693
Development real estate assets				807		151,389
Total				12,818		$1,342,082
(a) Excluding extension options.
(b) As of March 31, 2009 these borrowings are drawn under a subscription secured line of credit with $15.0M in total capacity. Camden has a 20% ownership interest in the borrowing entity.
(c) Represents Camden's potential liability under joint venture construction loan guarantees as of March 31, 2009.
(d) Excludes Camden's pro-rata share of Notes Payable due to Camden.
(e) Balance sheet and property data reported at 100%.

CAMDEN			UNCONSOLIDATED REAL ESTATE INVESTMENTS
			DEBT MATURITY ANALYSIS
								(In thousands)
(Unaudited)
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2009 and 2010: (a)
								Weighted Average
	Future Scheduled Repayments							Interest Rate on
Quarter	Amortization			Secured Maturities		Total		Maturing Debt
2Q 2009		$63			$24,759		$24,822		2.0%
3Q 2009		65			0		65		N/A
4Q 2009		67			9,088		9,155		1.5%
2009		$195			$33,847		$34,042		1.9%
1Q 2010		$70			$13,545		$13,615		2.4%
2Q 2010		67			19,180		19,247		1.8%
3Q 2010		68			32,714		32,782		1.6%
4Q 2010		72			0		72		N/A
2010		$277			$65,439		$65,716		1.8%
(a) 3Q 2010 maturities include a subscription secured line of credit with $115M (Camden's 20% pro-rata share) oustanding as of March 31, 2009. The line of credit has $15.0M in total capacity.

CAMDEN			CAPITALIZED EXPENDITURES
			& MAINTENANCE EXPENSE
			(In thousands, except unit data)
(Unaudited)
	First Quarter 2009 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.4 years			$1,896		$37		$661		$13
Appliances	9.1 years			402		8		140		3
Painting		-		-		-		1,199		24
Cabinetry/Countertops	10.0 years			184		4		-		-
Other	9.1 years			684		13		333		7
Exteriors
Painting	5.0 years			30		1		-		-
Carpentry	10.0 years			139		3		-		-
Landscaping	5.6 years			183		4		2,495		49
Roofing	20.0 years			157		3		37		1
Site Drainage	10.0 years			31		1		-		-
Fencing/Stair	10.0 years			84		2		-		-
Other (c)	7.7 years			599		12		2,167		43
Common Areas
Mech., Elec., Plumbing	9.5 years			510		10		625		12
Parking/Paving	5.0 years			26		1		-		-
Pool/Exercise/Facility	7.2 years			492		10		196		4
				$5,417		$107		$7,853		$155
Weighted Average Apartment Homes						50,688				50,688
(a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $42 for the three months
ended March 31, 2009. Maintenance expenses for discontinued operations were $92 for the same period.
(b) Weighted average useful life of capitalized expenses for the three months ended March 31, 2009.
(c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

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 attributable to common shares 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
						March 31,
						2009		2008
Net income attributable to common shareholders							$6,234		$14,915
Real estate depreciation and amortization from continuing operations							43,010		40,653
Real estate depreciation from discontinued operations							-		1,285
Adjustments for unconsolidated joint ventures							1,916		1,539
Income allocated to noncontrolling interest							421		1,156
(Gain) loss on sale of operating properties, net of taxes							-		(1,106	)
(Gain) loss on sale of discontinued operations							-		(6,112	)
Funds from operations - diluted							$51,581		$52,330
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted							56,047		55,625
FFO diluted							58,471		58,544
Net income attributable to common shareholders - diluted							$0.11		$0.27
FFO per common share - diluted							$0.88		$0.89
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:
		2Q09 Range				2009 Range
		Low		High		Low		High
Expected net income attributable to common shareholders per share - diluted			$0.05		$0.09		$0.12		$0.37
Expected real estate depreciation			0.73		0.73		2.92		2.92
Expected adjustments for unconsolidated joint ventures			0.04		0.04		0.14		0.14
Expected income allocated to noncontrolling interest			0.00		0.00		0.02		0.02
Expected FFO per share - diluted			$0.82		$0.86		$3.20		$3.45
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)
(Unaudited)

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
	March 31,
	2009			2008
Net income attributable to common shareholders		$6,234			$14,915
Fee and asset management income		(2,031	)		(2,412	)
Interest and other income		(735	)		(1,333	)
Income (loss) on deferred compensation plans		4,152			8,541
Property management expense		4,929			4,900
Fee and asset management expense		1,135			1,725
General and administrative expense		8,232			7,960
Interest expense		32,245			32,573
Depreciation and amortization		43,980			41,516
Amortization of deferred financing costs		817			734
Expense (benefit) on deferred compensation plans		(4,152	)		(8,541	)
Gain on sale of properties, including land		-			(1,106	)
Gain on early retirement of debt		(166	)		-
Equity in income (loss) of joint ventures		(408	)		47
Distributions on perpetual preferred units		1,750			1,750
Net income allocated to noncontrolling interest		521			1,269
Income tax expense - current		299			273
Income from discontinued operations		(585	)		(1,680	)
Gain on sale of discontinued operations		-			(6,127	)
Net Operating Income (NOI)		$96,217			$95,004
"Same Property" Communities		$80,872			$84,086
Non-"Same Property" Communities		11,669			8,964
Development and Lease-Up Communities		2,736			(55	)
Redevelopment Communities		704			758
Dispositions / Other		236			1,251
Net Operating Income (NOI)		$96,217			$95,004
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 net income allocated to noncontrolling interest. 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
	March 31,
	2009			2008
Net income attributable to common shareholders		$6,234			$14,915
Interest expense		32,245			32,777
Amortization of deferred financing costs		817			734
Depreciation and amortization		43,980			41,516
Distributions on perpetual preferred units		1,750			1,750
Net income allocated to noncontrolling interest		521			1,269
Income tax expense - current		299			273
Real estate depreciation and amortization from discontinued operations		-			1,292
Gain on sale of properties, including land		-			(1,106	)
Gain on early retirement of debt		(166	)		-
Equity in income (loss) of joint ventures		(408	)		47
Gain on sale of discontinued operations		-			(6,127	)
EBITDA		$85,272			$87,340

CAMDEN					OTHER DATA
(Unaudited)
Stock Symbol:	CPT
Exchange Traded:	NYSE
Senior Unsecured Debt Ratings:			Rating		Outlook
	Standard & Poors		BBB		Stable
	Moody's		Baa1		Stable
Estimated Future Dates:			Q2 '09		Q3 '09	Q4 '09	Q1 '10
Earnings release & conference call			Early Aug		Late Oct	Early Feb	Early May
Dividend Information - Common Shares:			Q1 '08
Declaration Date			03/16/09
Record Date			03/31/09
Payment Date			04/17/09
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

CAMDEN								COMMUNITY TABLE
								Community Statistics as of 3/31/09
(Unaudited)									1Q09 Avg
					Year Placed	Average	Apartment	1Q09 Avg	Monthly Rental Rates
Community Name			City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.
	Camden Copper Square		Phoenix	AZ	2000	786	332	92%	$795	$1.01
	Camden Fountain Palms (1)		Peoria	AZ	1986/1996	1,050	192	90%	733	0.70
	Camden Legacy		Scottsdale	AZ	1996	1,067	428	94%	914	0.86
	Camden Pecos Ranch (1)		Chandler	AZ	2001	924	272	93%	789	0.85
	Camden San Paloma		Scottsdale	AZ	1993/1994	1,042	324	94%	975	0.94
	Camden Sierra (1)		Peoria	AZ	1997	925	288	92%	711	0.77
	Camden Towne Center (1)		Glendale	AZ	1998	871	240	93%	738	0.85
	Camden Vista Valley		Mesa	AZ	1986	923	357	92%	669	0.73
		TOTAL ARIZONA	8	Properties		951	2,433	93%	800	0.84
	Camden Crown Valley		Mission Viejo	CA	2001	1,009	380	93%	1,616	1.60
	Camden Harbor View		Long Beach	CA	2004	975	538	94%	1,973	2.02
	Camden Main and Jamboree (1)		Irvine	CA	2008	1,011	290	90%	1,782	1.76
	Camden Martinique		Costa Mesa	CA	1986	794	714	91%	1,374	1.73
	Camden Parkside (1)		Fullerton	CA	1972	836	421	92%	1,275	1.52
	Camden Sea Palms		Costa Mesa	CA	1990	891	138	93%	1,522	1.71
		Total Los Angeles/Orange County	6	Properties		904	2,481	92%	1,580	1.75
	Camden Old Creek		San Marcos	CA	2007	1,037	350	91%	1,552	1.50
	Camden Sierra at Otay Ranch		Chula Vista	CA	2003	962	422	94%	1,536	1.60
	Camden Tuscany		San Diego	CA	2003	896	160	92%	1,890	2.11
	Camden Vineyards		Murrieta	CA	2002	1,053	264	89%	1,217	1.16
		Total San Diego/Inland Empire	4	Properties		995	1,196	92%	1,518	1.52
		TOTAL CALIFORNIA	10	Properties		934	3,677	92%	1,560	1.67
	Camden Caley		Englewood	CO	2000	925	218	95%	910	0.98
	Camden Centennial		Littleton	CO	1985	744	276	93%	694	0.93
	Camden Denver West (1)		Golden	CO	1997	1,015	320	94%	1,048	1.03
	Camden Highlands Ridge		Highlands Ranch	CO	1996	1,149	342	93%	1,080	0.94
	Camden Interlocken		Broomfield	CO	1999	1,022	340	95%	1,040	1.02
	Camden Lakeway		Littleton	CO	1997	932	451	92%	908	0.97
	Camden Pinnacle		Westminster	CO	1985	748	224	93%	661	0.88
		TOTAL COLORADO	7	Properties		949	2,171	94%	924	0.97
	Camden Ashburn Farms		Ashburn	VA	2000	1,062	162	96%	1,315	1.24
	Camden Clearbrook		Frederick	MD	2007	1,048	297	97%	1,217	1.16
	Camden College Park (1) (2)		College Park	MD	2008	942	508	Lease-up	1,713	1.82
	Camden Dulles Station (2)		Oak Hill	VA	2009	984	366	Lease-up	1,569	1.59
	Camden Fair Lakes		Fairfax	VA	1999	1,056	530	94%	1,461	1.38
	Camden Fairfax Corner		Fairfax	VA	2006	934	488	93%	1,511	1.62
	Camden Fallsgrove		Rockville	MD	2004	996	268	98%	1,509	1.52
	Camden Grand Parc		Washington	DC	2002	674	105	96%	2,180	3.23
	Camden Lansdowne		Leesburg	VA	2002	1,006	690	94%	1,259	1.25
	Camden Largo Town Center		Largo	MD	2000/2007	1,027	245	89%	1,560	1.52
	Camden Monument Place		Fairfax	VA	2007	856	368	92%	1,386	1.62
	Camden Potomac Yard (2)		Arlington	VA	2008	835	378	Lease-up	1,908	2.29
	Camden Roosevelt		Washington	DC	2003	856	198	98%	2,232	2.61
	Camden Russett		Laurel	MD	2000	992	426	94%	1,328	1.34
	Camden Silo Creek		Ashburn	VA	2004	975	284	95%	1,213	1.24
	Camden Summerfield (2)		Landover	MD	2008	957	291	Lease-up	1,638	1.71
	Camden Westwind		Ashburn	VA	2006	1,036	464	94%	1,232	1.19
		TOTAL DC METRO	17	Properties		969	6,068	94%	1,491	1.54
	Camden Aventura		Aventura	FL	1995	1,108	379	94%	1,357	1.22
	Camden Brickell		Miami	FL	2003	937	405	93%	1,403	1.50
	Camden Doral		Miami	FL	1999	1,120	260	97%	1,462	1.31
	Camden Doral Villas		Miami	FL	2000	1,253	232	97%	1,555	1.24
	Camden Las Olas		Ft. Lauderdale	FL	2004	1,043	420	94%	1,601	1.54
	Camden Plantation		Plantation	FL	1997	1,201	502	94%	1,265	1.05
	Camden Portofino		Pembroke Pines	FL	1995	1,112	322	95%	1,273	1.14
		Total Southeast Florida	7	Properties		1,103	2,520	94%	1,405	1.27
	Camden Club		Longwood	FL	1986	1,077	436	95%	855	0.79
	Camden Hunter's Creek		Orlando	FL	2000	1,075	270	95%	983	0.91
	Camden Lago Vista		Orlando	FL	2005	955	366	95%	899	0.94
	Camden Landings		Orlando	FL	1983	748	220	95%	689	0.92
	Camden Lee Vista		Orlando	FL	2000	937	492	94%	862	0.92
	Camden Orange Court (2)		Orlando	FL	2008	812	261	Lease-up	1,238	1.54
	Camden Renaissance		Altamonte Springs	FL	1996/1998	899	578	94%	807	0.90
	Camden Reserve		Orlando	FL	1990/1991	824	526	94%	748	0.91
	Camden World Gateway		Orlando	FL	2000	979	408	92%	965	0.99
		Total Orlando	9	Properties		928	3,557	94%	877	0.95
	Camden Bay		Tampa	FL	1997/2001	943	760	94%	848	0.90
	Camden Bay Pointe		Tampa	FL	1984	771	368	94%	687	0.89
	Camden Bayside		Tampa	FL	1987/1989	748	832	95%	718	0.96
	Camden Citrus Park		Tampa	FL	1985	704	247	93%	664	0.94
	Camden Lakes		St. Petersburg	FL	1982/1983	732	688	92%	678	0.93
	Camden Lakeside		Brandon	FL	1986	729	228	93%	719	0.99
	Camden Live Oaks		Tampa	FL	1990	1,093	770	95%	762	0.70
	Camden Preserve		Tampa	FL	1996	942	276	95%	1,030	1.09
	Camden Providence Lakes		Brandon	FL	1996	1,024	260	93%	871	0.85
	Camden Royal Palms		Brandon	FL	2006	1,017	352	91%	940	0.92
	Camden Westshore		Tampa	FL	1986	728	278	94%	798	1.10
	Camden Woods		Tampa	FL	1986	1,223	444	90%	809	0.66
		Total Tampa/St. Petersburg	12	Properties		897	5,503	94%	781	0.87
		TOTAL FLORIDA	28	Properties		951	11,580	94%	946	0.99
	Camden Brookwood		Atlanta	GA	2002	912	359	93%	968	1.06
	Camden Dunwoody		Atlanta	GA	1997	1,007	324	93%	894	0.89
	Camden Deerfield		Alpharetta	GA	2000	1,187	292	91%	906	0.76
	Camden Midtown Atlanta		Atlanta	GA	2001	935	296	92%	1,006	1.08
	Camden Peachtree City		Peachtree City	GA	2001	1,027	399	94%	857	0.84
	Camden River		Duluth	GA	1997	1,103	352	91%	851	0.77
	Camden Shiloh		Kennesaw	GA	1999/2002	1,143	232	91%	832	0.73
	Camden St. Clair		Atlanta	GA	1997	999	336	93%	936	0.94
	Camden Stockbridge		Stockbridge	GA	2003	1,009	304	91%	757	0.75
	Camden Sweetwater		Lawrenceville	GA	2000	1,151	308	94%	749	0.65
		TOTAL GEORGIA	10	Properties		1,042	3,202	92%	877	0.84
	Camden Brookside (1)		Louisville	KY	1987	732	224	95%	633	0.86
	Camden Meadows (1)		Louisville	KY	1987/1990	746	400	93%	663	0.89
	Camden Oxmoor (1)		Louisville	KY	2000	903	432	95%	788	0.87
	Camden Prospect Park (1)		Louisville	KY	1990	916	138	94%	747	0.82
		TOTAL KENTUCKY	4	Properties		820	1,194	94%	712	0.87
	Camden Passage (1)		Kansas City	MO	1989/1997	834	596	95%	688	0.83
		Total Kansas City	1	Property		834	596	95%	688	0.83
	Camden Cedar Lakes (1)		Lake St. Louis	MO	1986	852	420	92%	616	0.72
	Camden Cove West (1)		Creve Coeur	MO	1990	828	276	94%	840	1.02
	Camden Cross Creek (1)		St. Louis	MO	1973/1980	947	591	96%	747	0.79
	Camden Westchase (1)		St. Louis	MO	1986	945	160	95%	842	0.89
		Total St. Louis	4	Properties		896	1,447	94%	737	0.82
		TOTAL MISSOURI	5	Properties		878	2,043	94%	723	0.82
	Camden Bel Air		Las Vegas	NV	1988/1995	943	528	94%	850	0.90
	Camden Breeze		Las Vegas	NV	1989	846	320	95%	824	0.97
	Camden Canyon		Las Vegas	NV	1995	987	200	97%	954	0.97
	Camden Commons		Henderson	NV	1988	936	376	92%	873	0.93
	Camden Cove		Las Vegas	NV	1990	898	124	93%	839	0.93
	Camden Del Mar		Las Vegas	NV	1995	986	560	93%	1,008	1.02
	Camden Fairways		Henderson	NV	1989	896	320	95%	979	1.09
	Camden Hills		Las Vegas	NV	1991	439	184	94%	609	1.39
	Camden Legends		Henderson	NV	1994	792	113	93%	876	1.11
	Camden Palisades		Las Vegas	NV	1991	905	624	93%	860	0.95
	Camden Pines (1)		Las Vegas	NV	1997	982	315	95%	922	0.94
	Camden Pointe		Las Vegas	NV	1996	983	252	94%	878	0.89
	Camden Summit (1)		Henderson	NV	1995	1,187	234	96%	1,205	1.01
	Camden Tiara (1)		Las Vegas	NV	1996	1,043	400	93%	972	0.93
	Camden Vintage		Las Vegas	NV	1994	978	368	93%	821	0.84
	Oasis Bay (1)		Las Vegas	NV	1990	876	128	93%	881	1.01
	Oasis Crossing (1)		Las Vegas	NV	1996	983	72	94%	867	0.88
	Oasis Emerald (1)		Las Vegas	NV	1988	873	132	93%	757	0.87
	Oasis Gateway (1)		Las Vegas	NV	1997	1,146	360	93%	918	0.80
	Oasis Island (1)		Las Vegas	NV	1990	901	118	94%	714	0.79
	Oasis Landing (1)		Las Vegas	NV	1990	938	144	94%	794	0.85
	Oasis Meadows (1)		Las Vegas	NV	1996	1,031	383	91%	848	0.82
	Oasis Palms (1)		Las Vegas	NV	1989	880	208	93%	798	0.91
	Oasis Pearl (1)		Las Vegas	NV	1989	930	90	97%	789	0.85
	Oasis Place (1)		Las Vegas	NV	1992	440	240	93%	587	1.34
	Oasis Ridge (1)		Las Vegas	NV	1984	391	477	87%	532	1.36
	Oasis Sierra (1)		Las Vegas	NV	1998	923	208	94%	903	0.98
	Oasis Springs (1)		Las Vegas	NV	1988	838	304	92%	734	0.88
	Oasis Vinings (1)		Las Vegas	NV	1994	1,152	234	94%	849	0.74
		TOTAL NEVADA	29	Properties		903	8,016	93%	850	0.94
	Camden Ballantyne		Charlotte	NC	1998	1,045	400	92%	838	0.80
	Camden Cotton Mills		Charlotte	NC	2002	905	180	95%	1,213	1.34
	Camden Dilworth		Charlotte	NC	2006	857	145	94%	1,170	1.37
	Camden Fairview		Charlotte	NC	1983	1,036	135	95%	809	0.78
	Camden Forest		Charlotte	NC	1989	703	208	91%	605	0.86
	Camden Foxcroft (3)		Charlotte	NC	1979	940	156	88%	752	0.80
	Camden Grandview		Charlotte	NC	2000	1,057	266	94%	1,309	1.24
	Camden Habersham		Charlotte	NC	1986	773	240	93%	637	0.82
	Camden Park Commons		Charlotte	NC	1997	861	232	93%	670	0.78
	Camden Pinehurst		Charlotte	NC	1967	1,147	407	93%	756	0.66
	Camden Sedgebrook		Charlotte	NC	1999	972	368	93%	781	0.80
	Camden Simsbury		Charlotte	NC	1985	874	100	91%	750	0.86
	Camden South End Square		Charlotte	NC	2003	882	299	91%	1,065	1.21
	Camden Stonecrest		Charlotte	NC	2001	1,098	306	91%	899	0.82
	Camden Touchstone		Charlotte	NC	1986	899	132	95%	744	0.83
		Total Charlotte	15	Properties		961	3,574	93%	866	0.90
	Camden Crest		Raleigh	NC	2001	1,013	438	93%	748	0.74
	Camden Governor's Village		Chapel Hill	NC	1999	1,046	242	90%	802	0.77
	Camden Lake Pine		Apex	NC	1999	1,066	446	95%	765	0.72
	Camden Manor Park		Raleigh	NC	2006	966	484	94%	805	0.83
	Camden Overlook		Raleigh	NC	2001	1,060	320	95%	853	0.80
	Camden Reunion Park		Apex	NC	2000/2004	972	420	93%	651	0.67
	Camden Westwood		Morrisville	NC	1999	1,027	354	96%	742	0.72
		Total Raleigh	7	Properties		1,017	2,704	94%	763	0.75
		TOTAL NORTH CAROLINA	22	Properties		985	6,278	93%	821	0.83
	Camden Valleybrook		Chadds Ford	PA	2002	992	352	94%	1,261	1.27
		TOTAL PENNSYLVANIA	1	Property		992	352	94%	1,261	1.27
	Camden Cedar Hills (2)		Austin	TX	2008	911	208	Lease-up	935	1.03
	Camden Gaines Ranch		Austin	TX	1997	955	390	91%	960	1.00
	Camden Huntingdon		Austin	TX	1995	903	398	94%	749	0.83
	Camden Laurel Ridge		Austin	TX	1986	702	183	91%	612	0.87
	Camden Ridgecrest		Austin	TX	1995	855	284	94%	690	0.81
	Camden South Congress (1)		Austin	TX	2001	975	253	93%	1,331	1.37
	Camden Stoneleigh		Austin	TX	2001	908	390	94%	861	0.95
		Total Austin	7	Properties		899	2,106	93%	877	0.98
	Camden Breakers		Corpus Christi	TX	1996	868	288	95%	881	1.02
	Camden Copper Ridge		Corpus Christi	TX	1986	775	344	96%	662	0.85
	Camden Miramar (4)		Corpus Christi	TX	1994-2004	482	778	98%	870	1.81
		Total Corpus Christi	3	Properties		632	1,410	95%	821	1.30
	Camden Addison (1)		Addison	TX	1996	942	456	93%	831	0.88
	Camden Buckingham		Richardson	TX	1997	919	464	94%	799	0.87
	Camden Centreport		Ft. Worth	TX	1997	911	268	93%	777	0.85
	Camden Cimarron		Irving	TX	1992	772	286	95%	797	1.03
	Camden Farmers Market		Dallas	TX	2001/2005	932	904	94%	905	0.97
	Camden Gardens		Dallas	TX	1983	652	256	93%	562	0.86
	Camden Glen Lakes		Dallas	TX	1979	877	424	95%	783	0.89
	Camden Legacy Creek		Plano	TX	1995	831	240	97%	816	0.98
	Camden Legacy Park		Plano	TX	1996	871	276	93%	850	0.98
	Camden Oasis		Euless	TX	1986	548	602	89%	520	0.95
	Camden Springs		Dallas	TX	1987	713	304	94%	574	0.80
	Camden Valley Creek		Irving	TX	1984	855	380	93%	670	0.78
	Camden Valley Park (3)		Irving	TX	1986	743	516	84%	689	0.93
	Camden Valley Ridge		Irving	TX	1987	773	408	94%	594	0.77
	Camden Westview		Lewisville	TX	1983	697	335	93%	623	0.89
		Total Dallas/Ft. Worth	15	Properties		808	6,119	93%	729	0.90
	Camden Baytown		Baytown	TX	1999	844	272	94%	899	1.07
	Camden City Centre		Houston	TX	2007	932	379	94%	1,394	1.50
	Camden Creek		Houston	TX	1984	639	456	94%	593	0.93
	Camden Greenway		Houston	TX	1999	861	756	96%	1,034	1.20
	Camden Holly Springs (1)		Houston	TX	1999	934	548	93%	894	0.96
	Camden Midtown		Houston	TX	1999	844	337	98%	1,207	1.43
	Camden Oak Crest		Houston	TX	2003	870	364	94%	835	0.96
	Camden Park (1)		Houston	TX	1995	866	288	98%	793	0.92
	Camden Plaza (1)		Houston	TX	2007	915	271	92%	1,336	1.46
	Camden Royal Oaks		Houston	TX	2006	923	236	91%	1,063	1.15
	Camden Steeplechase		Houston	TX	1982	748	290	96%	629	0.84
	Camden Stonebridge		Houston	TX	1993	845	204	98%	850	1.00
	Camden Sugar Grove (1)		Stafford	TX	1997	921	380	95%	863	0.94
	Camden Vanderbilt		Houston	TX	1996/1997	863	894	96%	1,146	1.33
	Camden West Oaks (5)		Houston	TX	1982	726	671	94%	577	0.80
	Camden Whispering Oaks (2)		Houston	TX	2008	934	274	Lease-up	1,017	1.09
		Total Houston	16	Properties		847	6,620	95%	943	1.11
		TOTAL TEXAS	41	Properties		821	16,255	94%	843	1.03
TOTAL PROPERTIES			182	Properties		915	63,269	94%	$963	$1.05

(1)	Communities owned through investment in joint venture.
(2)	Completed communities in lease-up as of March 31, 2009 are excluded from total occupancy numbers.
(3)	Communities under redevelopment during 1Q09 are excluded from total occupancy numbers.
(4)	Miramar is a student housing community which is excluded from total occupancy numbers.
(5)	Communities held for sale as of March 31, 2009.