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):  February 8, 2010

CAMDEN PROPERTY TRUST

(Exact name of registrant as specified in its charter)

TEXAS	1-12110	76-6088377
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(I.R.S. Employer Identification Number)

Three Greenway Plaza, Suite 1300, Houston, Texas  77046

(Address of principal executive offices) (Zip Code)

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

Not applicable

(Former name or former address, if changed since last report)

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On February 8, 2010, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the year and quarter ended December 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 February 8, 2010.
	99.2	Supplemental Financial Information dated February 8, 2010.

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: February 9, 2010
	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 February 8, 2010
99.2	Supplemental Financial Information dated February 8, 2010

EX-99.1

EXHIBIT 99.1

CAMDEN PROPERTY TRUST ANNOUNCES FOURTH QUARTER

 AND FULL YEAR 2009 OPERATING RESULTS

Houston, TEXAS (February 8, 2010) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2009.

Funds from Operations (“FFO”)

FFO for the fourth quarter of 2009 totaled ($0.53) per diluted share or ($36.3) million, as compared to $0.17 per diluted share or $10.1 million for the same period in 2008.  FFO for the three months ended December 31, 2009 included a $1.24 per diluted share impact from impairment losses on land held for development and predevelopment investments.  FFO for the three months ended December 31, 2008 included an $0.88 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.15 per diluted share impact from gains related to early retirement of debt.  FFO excluding these non-recurring items for the three months ended December 31, 2009 and December 31, 2008 would have been $0.71 per diluted share and $0.90 per diluted share respectively.

FFO for the twelve months ended December 31, 2009 totaled $1.68 per diluted share or $109.9 million, as compared to $2.90 per diluted share or $169.6 million for the same period in 2008.  FFO for the twelve months ended December 31, 2009 included a $1.31 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.04 per diluted share impact from losses related to early retirement of debt.  FFO for the twelve months ended December 31, 2008 included an $0.88 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.23 per diluted share impact from gains related to early retirement of debt.  FFO excluding these non-recurring items for the twelve months ended December 31, 2009 and December 31, 2008 would have been $3.04 per diluted share and $3.54 per diluted share respectively.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported a net loss attributable to common shareholders (“EPS”) of $79.3 million or $1.19 per diluted share for the fourth quarter of 2009, as compared to a net loss of $34.9 million or $0.63 per diluted share for the same period in 2008.  EPS for the three months ended December 31, 2009 included a $1.24 per diluted share impact from impairment losses on land held for development and predevelopment investments.  EPS for the three months ended December 31, 2008 included a $0.93 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.16 per diluted share impact from gains related to early retirement of debt.

For the twelve months ended December 31, 2009, Camden reported a net loss attributable to common shareholders of $50.8 million or $0.80 per diluted share, as compared to net income attributable to common shareholders of $71.0 million or $1.28 per diluted share for the same period in 2008.  EPS for the twelve months ended December 31, 2009 included an $1.31 per diluted share impact from impairment losses on land held for development and predevelopment investments, a $0.27 per diluted share impact from gain on sale of discontinued operations, and a $0.04 per diluted share impact from losses related to early retirement of debt.  EPS for the twelve months ended December 31, 2008 included a $1.50 per diluted share impact from gain on sale of properties including discontinued operations, a $0.93 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.25 per diluted share impact from gains related to early retirement of debt.

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, fourth quarter 2009 same-property net operating income (“NOI”) declined 5.5% compared to the fourth quarter of 2008, with revenues declining 5.1% and expenses declining 4.4%.  On a sequential basis, fourth quarter 2009 same-property NOI increased 2.6% compared to the third quarter of 2009, with revenues declining 2.7% and expenses declining 10.2% compared to the prior quarter.  On a full-year basis, 2009 same-property NOI declined 6.0%, with a revenue decline of 3.1% and expense growth of 1.8% compared to the same period in fiscal year 2008.  Same-property physical occupancy levels for the combined portfolio averaged 92.9% during the fourth quarter of 2009, compared to 93.7% in the fourth quarter of 2008 and 93.7% in the third quarter of 2009.

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 to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Development Activity

During the fourth quarter, the Company completed lease-up at Camden Orange Court in Orlando, FL, a $45.5 million project that is currently 94% occupied.  Camden currently has one wholly-owned apartment community completed and in lease-up: Camden Dulles Station in Oak Hill, VA, a $72.3 million project that is currently 85% leased.

Camden also had two joint venture communities which were completed and in lease-up:  Camden Amber Oaks in Austin, TX, a $35.2 million project that is currently 80% leased; and Braeswood Place in Houston, TX, a $50.3 million project that is currently 64% leased.  Camden has two additional joint venture communities currently under construction in Houston, TX:  Belle Meade, a $36.7 million project that is currently 32% leased; and Camden Travis Street, a $39.0 million project that is currently 31% leased.

Camden recently announced a reduction in the number of planned development projects it would undertake, which resulted in a $85.6 million impairment charge during the fourth quarter of 2009.  [See press release dated February 2, 2010 for further details.]

Earnings Guidance

Camden provided initial earnings guidance for 2010 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2010 FFO is expected to be $2.35 to $2.65 per diluted share, and full-year 2010 EPS is expected to be $(0.24) to $0.06 per diluted share.  First quarter 2010 earnings guidance is $0.64 to $0.68 per diluted share for FFO and $(0.01) to $0.03 per diluted share for EPS.  Guidance for EPS excludes potential future gains on the sale of properties.  Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s initial 2010 earnings guidance is based on projections of same-property revenue declines between 2.25% and 4.25%, expense growth between 2.0% and 3.5%, and NOI declines between 5.5% and 8.5%.  Additional information on the Company’s 2010 financial outlook and a reconciliation of expected net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.

Conference Call

The Company will hold a conference call on Tuesday, February 9, 2010 at 11:00 a.m. Central Time to review its fourth quarter and full-year 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: 4636692, 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.

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 183 properties containing 63,286 apartment homes across the United States.  Upon completion of two properties under development, the Company’s portfolio will increase to 63,658 apartment homes in 185 properties.  Camden was recently named by FORTUNE® Magazine for the third 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				Twelve Months Ended
	December 31,				December 31,
OPERATING DATA	2009		2008		2009		2008
Property revenues
Rental revenues	$131,420		$137,921		$537,422		$547,718
Other property revenues	21,643		19,721		86,504		76,298
Total property revenues	153,063		157,642		623,926		624,016
Property expenses
Property operating and maintenance	42,099		41,990		175,788		168,981
Real estate taxes	15,937		17,052		71,079		70,301
Total property expenses	58,036		59,042		246,867		239,282
Non-property income
Fee and asset management income	1,915		2,274		8,008		9,167
Interest and other income	412		1,077		2,826		4,736
Income (loss) on deferred compensation plans	2,907		(13,713	)	14,609		(33,443	)
Total non-property income (loss)	5,234		(10,362	)	25,443		(19,540	)
Other expenses
Property management	5,016		4,722		18,864		19,910
Fee and asset management	1,366		1,435		4,878		6,054
General and administrative	8,233		7,699		31,243		31,586
Interest	30,932		33,702		128,296		132,399
Depreciation and amortization	43,919		43,300		174,682		171,814
Amortization of deferred financing costs	1,569		837		3,925		2,958
Expense (benefit) on deferred compensation plans	2,907		(13,713	)	14,609		(33,443	)
Total other expenses	93,942		77,982		376,497		331,278
Income from continuing operations before gain on sale of properties,
including land, gain (loss) on early retirement of debt, impairment associated
with land development activities, and equity in income (loss) of joint ventures	6,319		10,256		26,005		33,916
Gain on sale of properties, including land	-		-		-		2,929
Gain (loss) on early retirement of debt	-		8,828		(2,550	)	13,566
Impairment associated with land development activities	(85,614	)	(51,323	)	(85,614	)	(51,323	)
Equity in income (loss) of joint ventures	103		(483	)	695		(1,265	)
Loss from continuing operations before income taxes	(79,192	)	(32,722	)	(61,464	)	(2,177	)
Income tax expense - current	(195	)	(327	)	(967	)	(843	)
Loss from continuing operations	(79,387	)	(33,049	)	(62,431	)	(3,020	)
Income from discontinued operations	-		619		1,341		4,847
Gain (loss) on sale of discontinued operations	-		(77	)	16,887		80,198
Net income (loss)	(79,387	)	(32,507	)	(44,203	)	82,025
Less (income) loss allocated to noncontrolling interests	1,851		(652	)	403		(4,052	)
Less income allocated to perpetual preferred units	(1,750	)	(1,750	)	(7,000	)	(7,000	)
Net income (loss) attributable to common shareholders	($79,286	)	($34,909	)	($50,800	)	$70,973
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income (loss)	($79,387	)	($32,507	)	($44,203	)	$82,025
Other comprehensive income (loss)
Unrealized loss on cash flow hedging activities	(1,984	)	(36,109	)	(12,291	)	(44,386	)
Reclassification of net losses on cash flow hedging activities	5,750		2,442		22,192		9,317
Gain on postretirement obligations	-		33		-		136
Comprehensive income (loss)	(75,621	)	(66,141	)	(34,302	)	47,092
Less (income) loss allocated to noncontrolling interests	1,851		(652	)	403		(4,052	)
Less income allocated to perpetual preferred units	(1,750	)	(1,750	)	(7,000	)	(7,000	)
Comprehensive income (loss) attributable to common shareholders	($75,520	)	($68,543	)	($40,899	)	$36,040
PER SHARE DATA
Net income (loss) attributable to common shareholders - basic	($1.19	)	($0.63	)	($0.80	)	$1.28
Net income (loss) attributable to common shareholders - diluted	(1.19	)	(0.63	)	(0.80	)	1.28
Income (loss) from continuing operations attributable to common shareholders - basic	(1.19	)	(0.64	)	(1.09	)	(0.26	)
Income (loss) from continuing operations attributable to common shareholders - diluted	(1.19	)	(0.64	)	(1.09	)	(0.26	)
Weighted average number of common and
common equivalent shares outstanding:
Basic	66,134		55,401		62,359		55,272
Diluted	66,134		55,401		62,359		55,272
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						Twelve Months Ended
	December 31,						December 31,
FUNDS FROM OPERATIONS	2009			2008			2009			2008
Net income (loss) attributable to common shareholders		($79,286	)		($34,909	)		($50,800	)		$70,973
Real estate depreciation and amortization from continuing operations		42,773			42,403			170,480			168,264
Real estate depreciation from discontinued operations		-			-			-			2,745
Adjustments for unconsolidated joint ventures		1,988			1,960			7,800			7,103
Income (loss) allocated to noncontrolling interests		(1,794	)		573			(646	)		3,617
Gain (loss) on sale of operating properties, net of taxes		-			-			-			(2,929	)
Gain (loss) on sale of discontinued operations		-			77			(16,887	)		(80,188	)
Funds from operations - diluted		($36,319	)		$10,104			$109,947			$169,585
PER SHARE DATA
Funds from operations - diluted		($0.53	)		$0.17			$1.68			$2.90
Cash distributions		0.45			0.70			2.05			2.80
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		69,119			58,398			65,266			58,528
PROPERTY DATA
Total operating properties (end of period) (a)		183			181			183			181
Total operating apartment homes in operating properties (end of period) (a)		63,286			62,903			63,286			62,903
Total operating apartment homes (weighted average)		50,515			50,509			50,608			51,277
Total operating apartment homes - excluding discontinued operations (weighted average)		50,515			49,838			50,272			49,312
(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)	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2009			2009			2009			2009			2008
ASSETS
Real estate assets, at cost
Land		$747,921			$746,825			$746,936			$746,935			$744,059
Buildings and improvements		4,512,124			4,484,335			4,473,906			4,466,296			4,447,587
		5,260,045			5,231,160			5,220,842			5,213,231			5,191,646
Accumulated depreciation		(1,149,056	)		(1,107,227	)		(1,065,861	)		(1,023,466	)		(981,049	)
Net operating real estate assets		4,110,989			4,123,933			4,154,981			4,189,765			4,210,597
Properties under development and land		201,581			279,620			268,655			258,239			264,188
Investments in joint ventures		43,542			43,236			22,334			15,158			15,106
Properties held for sale, including land		-			6,622			6,732			20,696			20,653
Total real estate assets		4,356,112			4,453,411			4,452,702			4,483,858			4,510,544
Accounts receivable - affiliates		36,112			35,971			35,909			36,105			37,000
Notes receivable
Affiliates		45,847			54,462			54,033			58,481			58,109
Other		-			-			-			-			8,710
Other assets, net (a)		102,114			104,669			92,421			84,905			103,013
Cash and cash equivalents		64,156			81,683			157,665			7,256			7,407
Restricted cash		3,658			3,901			5,190			4,437			5,559
Total assets		$4,607,999			$4,734,097			$4,797,920			$4,675,042			$4,730,342
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured		$1,645,926			$1,646,106			$1,728,150			$2,151,492			$2,103,187
Secured		979,273			976,051			969,668			680,631			729,209
Accounts payable and accrued expenses		74,420			78,466			65,012			73,250			82,575
Accrued real estate taxes		23,241			42,386			30,154			19,113			23,600
Other liabilities (b)		145,176			145,464			132,763			137,397			149,554
Distributions payable		33,025			33,028			33,050			43,136			42,936
Total liabilities		2,901,061			2,921,501			2,958,797			3,105,019			3,131,061
Commitments and contingencies
Perpetual preferred units		97,925			97,925			97,925			97,925			97,925
Shareholders' equity
Common shares of beneficial interest		770			770			769			666			660
Additional paid-in capital		2,525,656			2,522,525			2,517,788			2,242,940			2,237,703
Distributions in excess of net income attributable to common shareholders		(492,571	)		(383,265	)		(357,168	)		(345,481	)		(312,309	)
Notes receivable secured by common shares		(101	)		(101	)		(287	)		(291	)		(295	)
Treasury shares, at cost		(462,188	)		(462,188	)		(462,751	)		(462,751	)		(463,209	)
Accumulated other comprehensive loss (c)		(41,155	)		(44,921	)		(41,886	)		(48,716	)		(51,056	)
Total common shareholders' equity		1,530,411			1,632,820			1,656,465			1,386,367			1,411,494
Noncontrolling interest		78,602			81,851			84,733			85,731			89,862
Total shareholders' equity		1,609,013			1,714,671			1,741,198			1,472,098			1,501,356
Total liabilities and shareholders' equity		$4,607,999			$4,734,097			$4,797,920			$4,675,042			$4,730,342
(a) includes:
net deferred charges of:		$11,113			$11,617			$12,108			$10,061			$10,505
(b) includes:
deferred revenues of:		$2,664			$2,938			$3,183			$2,402			$2,640
distributions in excess of investments in joint ventures of:		$31,410			$30,507			$30,287			$31,318			$30,105
fair value adjustment of derivative instruments:		$41,083			$44,730			$41,797			$48,693			$51,068
(c) Represents the fair value adjustment of derivative instruments and gain on post retirement obligations.

CAMDEN	2010 Financial Outlook
	as of February 8, 2010
(Unaudited)
2009 Reported FFO, Adjusted for Non-Routine Items
	Total		Per Share
2009 Reported FFO		$109,947		$1.68
Adjustments for non-routine items:
Plus: Impairment associated with land development activities		85,614		1.31
Plus: Loss on early retirement of debt		2,550		0.04
2009 FFO adjusted for non-routine items		$198,111		$3.04
2009 Fully Diluted Shares Outstanding - FFO				65,266
December 31, 2009 Fully Diluted Shares Outstanding - FFO				69,190
2009 FFO adjusted for non-routine items and December 31, 2009 Fully Diluted Shares Outstanding - FFO				$2.86

2010 Financial Outlook
Earnings Guidance - Per Diluted Share
Expected net income attributable to common shareholders per share - diluted	($0.24) - $0.06
Expected real estate depreciation	$2.43
Expected adjustments for unconsolidated joint ventures	$0.13
Expected income allocated to noncontrolling interests	$0.03
Expected FFO per share - diluted	$2.35 - $2.65
"Same Property" Communities
Number of Units	47,359
2009 Base Net Operating Income	$353 million
Total Revenue Growth	(4.25%) - (2.25%)
Total Expense Growth	2.00% - 3.50%
Net Operating Income Growth	(8.50%) - (5.50%)
Physical Occupancy	94.00%
Impact from 1.0% change in NOI Growth is approximately $0.05 / share
Acquisitions/Dispositions
Future Dispositions Volume	$0 - $100 million
Future Acquisitions Volume (consolidated on balance sheet)	$0 - $100 million
Future Acquisitions Volume (joint venture)	$200 - $500 million
Development
Development Starts (consolidated on balance sheet)	$0 - $150 million
Development Starts (joint venture)	$0 - $150 million
2010 Incremental FFO Dilution vs. 2009 from Impaired Assets (excludes 2009 impairment loss on land)	($6.5 million)
Capitalized Maintenance Expenditures	$35 - $40 million
Non-Property Income
Non-Property Income, Net	$5 - $7 million
Includes: Fee and asset management income, net of expenses and
Interest and other income
Corporate Expenses
General and Administrative and Property Management Expense	$48 - $52 million
Debt
Capitalized Interest	$4 - $6 million
Expensed Interest	$127 - $130 million
30 Day LIBOR (average)	0.58%
Note:  Please refer to pages 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
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)
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 attributable to common shareholders to FFO is provided below:
		Three Months Ended						Twelve Months Ended
		December 31,						December 31,
		2009			2008			2009			2008
Net income (loss) attributable to common shareholders			($79,286	)		($34,909	)		($50,800	)		$70,973
Real estate depreciation and amortization from continuing operations			42,773			42,403			170,480			168,264
Real estate depreciation from discontinued operations			-			-			-			2,745
Adjustments for unconsolidated joint ventures			1,988			1,960			7,800			7,103
Income (loss) allocated to noncontrolling interests			(1,794	)		573			(646	)		3,617
Gain (loss) on sale of operating properties, net of taxes			-			-			-			(2,929	)
Gain (loss) on sale of discontinued operations			-			77			(16,887	)		(80,188	)
Funds from operations - diluted			($36,319	)		$10,104			$109,947			$169,585
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted			66,134			55,401			62,359			55,272
FFO diluted			69,119			58,398			65,266			58,528
Net income attributable to common shareholders - diluted			($1.19	)		($0.63	)		($0.80	)		$1.28
FFO per common share - diluted			($0.53	)		$0.17			$1.68			$2.90
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 attributable to common shareholders (EPS). A reconciliation of the ranges provided for expected
net income attributable to common shareholders per diluted share to expected FFO per diluted share is provided below:
		1Q10 Range						2010 Range
		Low			High			Low			High
Expected net income attributable to common shareholders per share - diluted			($0.01	)		$0.03			($0.24	)		$0.06
Expected real estate depreciation			0.61			0.61			2.43			2.43
Expected adjustments for unconsolidated joint ventures			0.03			0.03			0.13			0.13
Expected income allocated to noncontrolling interests			0.01			0.01			0.03			0.03
Expected FFO per share - diluted			0.64			0.68			$2.35			$2.65
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 attributable to common shareholders 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 attributable to common shareholders to net operating income is provided below:
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2009			2008			2009			2008
Net income (loss) attributable to common shareholders		$(79,286	)		$(34,909	)		$(50,800	)		$70,973
Less: Fee and asset management income		(1,915	)		(2,274	)		(8,008	)		(9,167	)
Less: Interest and other income		(412	)		(1,077	)		(2,826	)		(4,736	)
Less: (Income) loss on deferred compensation plans		(2,907	)		13,713			(14,609	)		33,443
Plus: Property management expense		5,016			4,722			18,864			19,910
Plus: Fee and asset management expense		1,366			1,435			4,878			6,054
Plus: General and administrative expense		8,233			7,699			31,243			31,586
Plus: Interest expense		30,932			33,702			128,296			132,399
Plus: Depreciation and amortization		43,919			43,300			174,682			171,814
Plus: Amortization of deferred financing costs		1,569			837			3,925			2,958
Plus: (Expense) benefit on deferred compensation plans		2,907			(13,713	)		14,609			(33,443	)
Less: Gain on sale of properties, including land		-			-			-			(2,929	)
Less: (Gain) loss on early retirement of debt		-			(8,828	)		2,550			(13,566	)
Less: Equity in (income) loss of joint ventures		(103	)		483			(695	)		1,265
Plus: Impairment associated with land development activities		85,614			51,323			85,614			51,323
Plus: Income allocated to perpetual preferred units		1,750			1,750			7,000			7,000
Plus: Income (loss) allocated to noncontrolling interests		(1,851	)		652			(403	)		4,052
Plus: Income tax expense - current		195			327			967			843
Less: Income from discontinued operations		-			(619	)		(1,341	)		(4,847	)
Less: (Gain) loss on sale of discontinued operations		-			77			(16,887	)		(80,198	)
Net Operating Income (NOI)		$95,027			$98,600			$377,059			$384,734
"Same Property" Communities		$78,257			$82,810			$314,342			$334,426
Non-"Same Property" Communities		14,758			13,791			55,969			43,833
Development and Lease-Up Communities		797			450			2,499			698
Redevelopment Communities		787			744			2,886			3,000
Dispositions / Other		428			805			1,363			2,777
Net Operating Income (NOI)		$95,027			$98,600			$377,059			$384,734
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) loss of joint ventures, gain on sale of real estate assets, impairment associated with land development activities, (gain) loss on early retirement of debt, and income (loss) allocated
to noncontrolling interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common
shareholders 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 attributable to common shareholders to EBITDA is provided below:
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2009			2008			2009			2008
Net income (loss) attributable to common shareholders		($79,286	)		($34,909	)		($50,800	)		$70,973
Plus: Interest expense		30,932			33,702			128,296			132,865
Plus: Amortization of deferred financing costs		1,569			837			3,925			2,958
Plus: Depreciation and amortization		43,919			43,300			174,682			171,814
Plus: Income allocated to perpetual preferred units		1,750			1,750			7,000			7,000
Plus: Income (loss) allocated to noncontrolling interests		(1,851	)		652			(403	)		4,052
Plus: Income tax expense - current		195			327			967			843
Plus: Real estate depreciation and amortization from discontinued operations		-			-			-			2,762
Less: Gain on sale of properties, including land		-			-			-			(2,929	)
Less: (Gain) loss on early retirement of debt		-			(8,828	)		2,550			(13,566	)
Less: Equity in (income) loss of joint ventures		(103	)		483			(695	)		1,265
Plus: Impairment associated with land development activities		85,614			51,323			85,614			51,323
Less: (Gain) loss on sale of discontinued operations		-			77			(16,887	)		(80,198	)
EBITDA		$82,739			$88,714			$334,249			$349,162

EX-99.2

EXHIBIT 99.2

FOURTH QUARTER 2009

Supplemental Operating and Financial Data

Camden Silo Creek - Ashburn, VA

284 Apartment Homes

Currently 94% Occupied

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" Fourth Quarter Comparisons	12
"Same Property" Sequential Quarter Comparisons	13
"Same Property" Year to Date Comparisons	14
Joint Venture Operations	15
Current Development Pipeline	16
Joint Venture Development Pipeline	17
Development Pipeline, Land & Land Held for Sale	18
Redevelopment Summary	19
Notes Receivable Summary	20
Acquisitions and Dispositions	21
Debt Analysis	22
Debt Maturity Analysis	23
Debt Covenant Analysis	24
Unconsolidated Real Estate Investments Debt Analysis	25
Unconsolidated Real Estate Investments Debt Maturity Analysis	26
Capitalized Expenditures & Maintenance Expense	27
2010 Financial Outlook	28
Non-GAAP Financial Measures - Definitions & Reconciliations	29
Other Data	31
Community Table	32

CAMDEN PROPERTY TRUST ANNOUNCES FOURTH QUARTER

 AND FULL YEAR 2009 OPERATING RESULTS

Houston, TEXAS (February 8, 2010) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2009.

Funds from Operations (“FFO”)

FFO for the fourth quarter of 2009 totaled ($0.53) per diluted share or ($36.3) million, as compared to $0.17 per diluted share or $10.1 million for the same period in 2008.  FFO for the three months ended December 31, 2009 included a $1.24 per diluted share impact from impairment losses on land held for development and predevelopment investments.  FFO for the three months ended December 31, 2008 included an $0.88 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.15 per diluted share impact from gains related to early retirement of debt.  FFO excluding these non-recurring items for the three months ended December 31, 2009 and December 31, 2008 would have been $0.71 per diluted share and $0.90 per diluted share respectively.

FFO for the twelve months ended December 31, 2009 totaled $1.68 per diluted share or $109.9 million, as compared to $2.90 per diluted share or $169.6 million for the same period in 2008.  FFO for the twelve months ended December 31, 2009 included a $1.31 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.04 per diluted share impact from losses related to early retirement of debt.  FFO for the twelve months ended December 31, 2008 included an $0.88 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.23 per diluted share impact from gains related to early retirement of debt.  FFO excluding these non-recurring items for the twelve months ended December 31, 2009 and December 31, 2008 would have been $3.04 per diluted share and $3.54 per diluted share respectively.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported a net loss attributable to common shareholders (“EPS”) of $79.3 million or $1.19 per diluted share for the fourth quarter of 2009, as compared to a net loss of $34.9 million or $0.63 per diluted share for the same period in 2008.  EPS for the three months ended December 31, 2009 included a $1.24 per diluted share impact from impairment losses on land held for development and predevelopment investments.  EPS for the three months ended December 31, 2008 included a $0.93 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.16 per diluted share impact from gains related to early retirement of debt.

For the twelve months ended December 31, 2009, Camden reported a net loss attributable to common shareholders of $50.8 million or $0.80 per diluted share, as compared to net income attributable to common shareholders of $71.0 million or $1.28 per diluted share for the same period in 2008.  EPS for the twelve months ended December 31, 2009 included an $1.31 per diluted share impact from impairment losses on land held for development and predevelopment investments, a $0.27 per diluted share impact from gain on sale of discontinued operations, and a $0.04 per diluted share impact from losses related to early retirement of debt.  EPS for the twelve months ended December 31, 2008 included a $1.50 per diluted share impact from gain on sale of properties including discontinued operations, a $0.93 per diluted share impact from impairment losses on land held for development and predevelopment investments, and a $0.25 per diluted share impact from gains related to early retirement of debt.

3

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, fourth quarter 2009 same-property net operating income (“NOI”) declined 5.5% compared to the fourth quarter of 2008, with revenues declining 5.1% and expenses declining 4.4%.  On a sequential basis, fourth quarter 2009 same-property NOI increased 2.6% compared to the third quarter of 2009, with revenues declining 2.7% and expenses declining 10.2% compared to the prior quarter.  On a full-year basis, 2009 same-property NOI declined 6.0%, with a revenue decline of 3.1% and expense growth of 1.8% compared to the same period in fiscal year 2008.  Same-property physical occupancy levels for the combined portfolio averaged 92.9% during the fourth quarter of 2009, compared to 93.7% in the fourth quarter of 2008 and 93.7% in the third quarter of 2009.

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 to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Development Activity

During the fourth quarter, the Company completed lease-up at Camden Orange Court in Orlando, FL, a $45.5 million project that is currently 94% occupied.  Camden currently has one wholly-owned apartment community completed and in lease-up: Camden Dulles Station in Oak Hill, VA, a $72.3 million project that is currently 85% leased.

Camden also had two joint venture communities which were completed and in lease-up:  Camden Amber Oaks in Austin, TX, a $35.2 million project that is currently 80% leased; and Braeswood Place in Houston, TX, a $50.3 million project that is currently 64% leased.  Camden has two additional joint venture communities currently under construction in Houston, TX:  Belle Meade, a $36.7 million project that is currently 32% leased; and Camden Travis Street, a $39.0 million project that is currently 31% leased.

Camden recently announced a reduction in the number of planned development projects it would undertake, which resulted in a $85.6 million impairment charge during the fourth quarter of 2009.  [See press release dated February 2, 2010 for further details.]

Earnings Guidance

Camden provided initial earnings guidance for 2010 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2010 FFO is expected to be $2.35 to $2.65 per diluted share, and full-year 2010 EPS is expected to be $(0.24) to $0.06 per diluted share.  First quarter 2010 earnings guidance is $0.64 to $0.68 per diluted share for FFO and $(0.01) to $0.03 per diluted share for EPS.  Guidance for EPS excludes potential future gains on the sale of properties.  Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s initial 2010 earnings guidance is based on projections of same-property revenue declines between 2.25% and 4.25%, expense growth between 2.0% and 3.5%, and NOI declines between 5.5% and 8.5%.  Additional information on the Company’s 2010 financial outlook and a reconciliation of expected net income attributable to common shareholders to expected FFO are included in the financial tables accompanying this press release.

4

Conference Call

The Company will hold a conference call on Tuesday, February 9, 2010 at 11:00 a.m. Central Time to review its fourth quarter and full-year 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: 4636692, 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.

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 183 properties containing 63,286 apartment homes across the United States.  Upon completion of two properties under development, the Company’s portfolio will increase to 63,658 apartment homes in 185 properties.  Camden was recently named by FORTUNE® Magazine for the third 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.

5

CAMDEN					FINANCIAL HIGHLIGHTS
					(In thousands, except per share, property data amounts and ratios)
(Unaudited)
	Three Months Ended December 31,									Twelve Months Ended December 31,
	2009					2008				2009				2008
Total property revenues (a)		$153,063					$157,642				$623,926				$624,016
EBITDA		82,739					88,714				334,249				349,162
Net income (loss) attributable to common shareholders		(79,286	)				(34,909	)			(50,800	)			70,973
Per share - basic		(1.19	)				(0.63	)			(0.80	)			1.28
Per share - diluted		(1.19	)				(0.63	)			(0.80	)			1.28
Income (loss) from continuing operations attributable to common shareholders		(79,286	)				(35,451	)			(69,028	)			(14,072	)
Per share - basic		(1.19	)				(0.64	)			(1.09	)			(0.26	)
Per share - diluted		(1.19	)				(0.64	)			(1.09	)			(0.26	)
Funds from operations		(36,319	)				10,104				109,947				169,585
Per share - diluted		(0.53	)				0.17				1.68				2.90
Dividends per share		0.45					0.70				2.05				2.80
Dividend payout ratio (b)		63.4	%				66.7	%			68.6	%			74.1	%
Interest expensed (including discontinued operations)		30,932					33,702				128,296				132,865
Interest capitalized		2,720					4,076				10,298				17,718
Total interest incurred		33,652					37,778				138,594				150,583
Principal amortization		1,125					2,366				6,445				11,907
Preferred distributions		1,750					1,750				7,000				7,000
Interest expense coverage ratio		2.7		x			2.6		x		2.6		x		2.6		x
Total interest coverage ratio		2.5		x			2.3		x		2.4		x		2.3		x
Fixed charge expense coverage ratio		2.4		x			2.3		x		2.4		x		2.3		x
Total fixed charge coverage ratio		2.3		x			2.1		x		2.2		x		2.1		x
Unencumbered real estate assets (at cost) to unsecured debt ratio		2.4		x			2.0		x		2.4		x		2.0		x
Same property NOI increase (decrease) (c)		(5.5	%)				(2.8	%)			(6.0	%)			(0.4	%)
(# of apartment homes included)		42,670					40,340				42,670				40,340
Gross turnover of apartment homes (annualized)		62	%				66	%			69	%			73	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)		52	%				56	%			58	%			63	%
										As of December 31,
											2009				2008
Total assets											$4,607,999				$4,730,342
Total debt											$2,625,199				$2,832,396
Common and common equivalent shares, outstanding end of period (d)											69,190				58,379
Share price, end of period											$42.37				$31.34
Preferred units, end of period											$97,925				$97,925
Book equity value, end of period (e)											$1,706,938				$1,599,281
Market equity value, end of period (e)											$3,031,580				$1,929,598

(a)	Excludes discontinued operations.
(b)	Excludes ($1.24) and ($0.88) per diluted share in the fourth quarter 2009 and 2008, respectively, and ($1.31) and ($0.88) per diluted share year to date 2009 and 2008, respectively,
	for non-cash impairments on land held for development and pre-development investments.
(c)	"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.
(d)	Includes at December 31, 2009: 66,385 common shares (including 227 common share equivalents related to share awards & options), plus common share equivalents
	upon the assumed conversion of minority interest units (2,805).
(e)	Includes: common shares, preferred and common units, and common share equivalents.
Note: Please refer to pages 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

6

CAMDEN				OPERATING RESULTS
				(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
OPERATING DATA	2009			2008			2009			2008
Property revenues
Rental revenues		$131,420			$137,921			$537,422			$547,718
Other property revenues		21,643			19,721			86,504			76,298
Total property revenues		153,063			157,642			623,926			624,016
Property expenses
Property operating and maintenance		42,099			41,990			175,788			168,981
Real estate taxes		15,937			17,052			71,079			70,301
Total property expenses		58,036			59,042			246,867			239,282
Non-property income
Fee and asset management income		1,915			2,274			8,008			9,167
Interest and other income		412			1,077			2,826			4,736
Income (loss) on deferred compensation plans		2,907			(13,713	)		14,609			(33,443	)
Total non-property income (loss)		5,234			(10,362	)		25,443			(19,540	)
Other expenses
Property management		5,016			4,722			18,864			19,910
Fee and asset management		1,366			1,435			4,878			6,054
General and administrative		8,233			7,699			31,243			31,586
Interest		30,932			33,702			128,296			132,399
Depreciation and amortization		43,919			43,300			174,682			171,814
Amortization of deferred financing costs		1,569			837			3,925			2,958
Expense (benefit) on deferred compensation plans		2,907			(13,713	)		14,609			(33,443	)
Total other expenses		93,942			77,982			376,497			331,278
Income from continuing operations before gain on sale of properties,
including land, gain (loss) on early retirement of debt, impairment associated
with land development activities, and equity in income (loss) of joint ventures		6,319			10,256			26,005			33,916
Gain on sale of properties, including land		-			-			-			2,929
Gain (loss) on early retirement of debt		-			8,828			(2,550	)		13,566
Impairment associated with land development activities		(85,614	)		(51,323	)		(85,614	)		(51,323	)
Equity in income (loss) of joint ventures		103			(483	)		695			(1,265	)
Loss from continuing operations before income taxes		(79,192	)		(32,722	)		(61,464	)		(2,177	)
Income tax expense - current		(195	)		(327	)		(967	)		(843	)
Loss from continuing operations		(79,387	)		(33,049	)		(62,431	)		(3,020	)
Income from discontinued operations		-			619			1,341			4,847
Gain (loss) on sale of discontinued operations		-			(77	)		16,887			80,198
Net income (loss)		(79,387	)		(32,507	)		(44,203	)		82,025
Less (income) loss allocated to noncontrolling interests		1,851			(652	)		403			(4,052	)
Less income allocated to perpetual preferred units		(1,750	)		(1,750	)		(7,000	)		(7,000	)
Net income (loss) attributable to common shareholders		($79,286	)		($34,909	)		($50,800	)		$70,973
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
Net income (loss)		($79,387	)		($32,507	)		($44,203	)		$82,025
Other comprehensive income (loss)
Unrealized loss on cash flow hedging activities		(1,984	)		(36,109	)		(12,291	)		(44,386	)
Reclassification of net losses on cash flow hedging activities		5,750			2,442			22,192			9,317
Gain on postretirement obligations		-			33			-			136
Comprehensive income (loss)		(75,621	)		(66,141	)		(34,302	)		47,092
Less (income) loss allocated to noncontrolling interests		1,851			(652	)		403			(4,052	)
Less income allocated to perpetual preferred units		(1,750	)		(1,750	)		(7,000	)		(7,000	)
Comprehensive income (loss) attributable to common shareholders		($75,520	)		($68,543	)		($40,899	)		$36,040
PER SHARE DATA
Net income (loss) attributable to common shareholders - basic		($1.19	)		($0.63	)		($0.80	)		$1.28
Net income (loss) attributable to common shareholders - diluted		(1.19	)		(0.63	)		(0.80	)		1.28
Income (loss) from continuing operations attributable to common shareholders - basic		(1.19	)		(0.64	)		(1.09	)		(0.26	)
Income (loss) from continuing operations attributable to common shareholders - diluted		(1.19	)		(0.64	)		(1.09	)		(0.26	)
Weighted average number of common and
common equivalent shares outstanding:
Basic		66,134			55,401			62,359			55,272
Diluted		66,134			55,401			62,359			55,272
Note: Please refer to pages 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

7

CAMDEN				FUNDS FROM OPERATIONS
				(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended							Twelve Months Ended
	December 31,							December 31,
FUNDS FROM OPERATIONS	2009				2008			2009			2008
Net income (loss) attributable to common shareholders		($79,286	)			($34,909	)		($50,800	)		$70,973
Real estate depreciation and amortization from continuing operations		42,773				42,403			170,480			168,264
Real estate depreciation from discontinued operations		-				-			-			2,745
Adjustments for unconsolidated joint ventures		1,988				1,960			7,800			7,103
Income (loss) allocated to noncontrolling interests		(1,794	)			573			(646	)		3,617
Gain (loss) on sale of operating properties, net of taxes		-				-			-			(2,929	)
Gain (loss) on sale of discontinued operations		-				77			(16,887	)		(80,188	)
Funds from operations - diluted		($36,319	)			$10,104			$109,947			$169,585
PER SHARE DATA
Funds from operations - diluted		($0.53	)			$0.17			$1.68			$2.90
Cash distributions		0.45				0.70			2.05			2.80
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		69,119				58,398			65,266			58,528
PROPERTY DATA
Total operating properties (end of period) (a)		183				181			183			181
Total operating apartment homes in operating properties (end of period) (a)		63,286				62,903			63,286			62,903
Total operating apartment homes (weighted average)		50,515				50,509			50,608			51,277
Total operating apartment homes - excluding discontinued operations (weighted average)		50,515				49,838			50,272			49,312
(a) Includes joint ventures and properties held for sale.

Note:  Please refer to pages 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

8

CAMDEN				BALANCE SHEETS
				(In thousands)
(Unaudited)	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2009			2009			2009			2009			2008
ASSETS
Real estate assets, at cost
Land		$747,921			$746,825			$746,936			$746,935			$744,059
Buildings and improvements		4,512,124			4,484,335			4,473,906			4,466,296			4,447,587
		5,260,045			5,231,160			5,220,842			5,213,231			5,191,646
Accumulated depreciation		(1,149,056	)		(1,107,227	)		(1,065,861	)		(1,023,466	)		(981,049	)
Net operating real estate assets		4,110,989			4,123,933			4,154,981			4,189,765			4,210,597
Properties under development and land		201,581			279,620			268,655			258,239			264,188
Investments in joint ventures		43,542			43,236			22,334			15,158			15,106
Properties held for sale, including land		-			6,622			6,732			20,696			20,653
Total real estate assets		4,356,112			4,453,411			4,452,702			4,483,858			4,510,544
Accounts receivable - affiliates		36,112			35,971			35,909			36,105			37,000
Notes receivable
Affiliates		45,847			54,462			54,033			58,481			58,109
Other		-			-			-			-			8,710
Other assets, net (a)		102,114			104,669			92,421			84,905			103,013
Cash and cash equivalents		64,156			81,683			157,665			7,256			7,407
Restricted cash		3,658			3,901			5,190			4,437			5,559
Total assets		$4,607,999			$4,734,097			$4,797,920			$4,675,042			$4,730,342
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable
Unsecured		$1,645,926			$1,646,106			$1,728,150			$2,151,492			$2,103,187
Secured		979,273			976,051			969,668			680,631			729,209
Accounts payable and accrued expenses		74,420			78,466			65,012			73,250			82,575
Accrued real estate taxes		23,241			42,386			30,154			19,113			23,600
Other liabilities (b)		145,176			145,464			132,763			137,397			149,554
Distributions payable		33,025			33,028			33,050			43,136			42,936
Total liabilities		2,901,061			2,921,501			2,958,797			3,105,019			3,131,061
Commitments and contingencies
Perpetual preferred units		97,925			97,925			97,925			97,925			97,925
Shareholders' equity
Common shares of beneficial interest		770			770			769			666			660
Additional paid-in capital		2,525,656			2,522,525			2,517,788			2,242,940			2,237,703
Distributions in excess of net income attributable to common shareholders		(492,571	)		(383,265	)		(357,168	)		(345,481	)		(312,309	)
Notes receivable secured by common shares		(101	)		(101	)		(287	)		(291	)		(295	)
Treasury shares, at cost		(462,188	)		(462,188	)		(462,751	)		(462,751	)		(463,209	)
Accumulated other comprehensive loss (c)		(41,155	)		(44,921	)		(41,886	)		(48,716	)		(51,056	)
Total common shareholders' equity		1,530,411			1,632,820			1,656,465			1,386,367			1,411,494
Noncontrolling interest		78,602			81,851			84,733			85,731			89,862
Total shareholders' equity		1,609,013			1,714,671			1,741,198			1,472,098			1,501,356
Total liabilities and shareholders' equity		$4,607,999			$4,734,097			$4,797,920			$4,675,042			$4,730,342
(a) includes:
net deferred charges of:		$11,113			$11,617			$12,108			$10,061			$10,505
(b) includes:
deferred revenues of:		$2,664			$2,938			$3,183			$2,402			$2,640
distributions in excess of investments in joint ventures of:		$31,410			$30,507			$30,287			$31,318			$30,105
fair value adjustment of derivative instruments:		$41,083			$44,730			$41,797			$48,693			$51,068
(c) Represents the fair value adjustment of derivative instruments and gain on post retirement obligations.

9

CAMDEN											PORTFOLIO STATISTICS
(Unaudited)
COMMUNITY PORTFOLIO AT DECEMBER 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)		4,157		1,037		5,194		508		5,702		366		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 (c)		2,679		1,783		4,462		1,487		5,949		340		6,289		372		6,661
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		261		3,557		-		3,557		-		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 (d)		1,645		208		1,853		253		2,106		348		2,454		-		2,454
Other		696		1,066		1,762		3,237		4,999		-		4,999		-		4,999
Total Portfolio		42,670		7,551		50,221		12,011		62,232		1,054		63,286		372		63,658

(a)	Includes two redevelopment properties (672 apartment homes).
(b)	D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
(c)	340 units completed in lease up in Houston, TX are held through a joint venture investment. 372 units under construction in Houston, TX are held through joint venture investments,
	of which 253 units are fully consolidated.
(d)	348 units in lease-up in Austin, TX are held through a joint venture investment.

FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION										WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED: (g)
	"Same Property" Communities			Operating Communities (e)			Incl. JVs at Pro Rata % (f)			Dec 31 2009			Sep 30 2009			Jun 30 2009			Mar 31 2009			Dec 31 2008
D.C. Metro		16.3	%		19.0	%		18.6	%		94.1	%		95.9	%		95.0	%		94.2	%		94.8	%
Las Vegas, NV		5.4	%		6.4	%		7.2	%		90.6	%		91.4	%		93.1	%		93.0	%		93.0	%
Los Angeles/Orange County, CA		7.1	%		5.8	%		6.0	%		94.1	%		94.1	%		93.4	%		92.3	%		94.2	%
San Diego/Inland Empire, CA		2.8	%		3.4	%		3.2	%		92.4	%		93.8	%		94.1	%		91.6	%		91.0	%
Tampa, FL		8.8	%		7.9	%		7.6	%		92.6	%		92.9	%		93.3	%		93.5	%		93.3	%
Dallas, TX		7.6	%		7.4	%		7.2	%		90.9	%		92.8	%		94.5	%		93.4	%		93.0	%
Houston, TX		5.8	%		8.9	%		9.2	%		93.3	%		94.8	%		95.5	%		95.0	%		95.6	%
SE Florida		8.7	%		7.2	%		6.9	%		94.6	%		94.8	%		95.4	%		94.5	%		95.1	%
Charlotte, NC		6.9	%		6.1	%		5.9	%		94.0	%		93.4	%		93.8	%		92.6	%		92.4	%
Orlando, FL		6.6	%		5.9	%		5.6	%		92.8	%		93.6	%		93.6	%		94.2	%		93.3	%
Atlanta, GA		6.7	%		5.4	%		5.2	%		93.0	%		93.4	%		94.2	%		92.4	%		93.3	%
Denver, CO		4.3	%		3.5	%		3.7	%		93.1	%		95.2	%		95.6	%		93.7	%		93.5	%
Raleigh, NC		5.5	%		4.4	%		4.2	%		92.9	%		94.6	%		94.1	%		94.0	%		92.7	%
Phoenix, AZ		2.7	%		2.1	%		2.3	%		91.6	%		90.3	%		91.5	%		92.7	%		92.0	%
Austin, TX		3.1	%		2.9	%		3.0	%		93.3	%		94.2	%		94.0	%		93.1	%		93.8	%
Other		1.7	%		3.7	%		4.2	%		93.8	%		95.1	%		95.6	%		94.4	%		94.6	%
Total Portfolio		100.0	%		100.0	%		100.0	%		92.7	%		93.6	%		94.2	%		93.6	%		93.6	%

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

10

CAMDEN						COMPONENTS OF
						PROPERTY NET OPERATING INCOME
						(In thousands, except property data amounts)
(Unaudited)
		Apartment		Three Months Ended December 31,							Twelve Months Ended December 31,
Property Revenues	Homes			2009		2008		Change			2009		2008		Change
"Same Property" Communities (a)			42,670		$125,972		$132,701		($6,729	)		$517,823		$534,356		($16,533	)
Non-"Same Property" Communities (b)			6,879		23,243		21,753		1,490			91,283		75,238		16,045
Development and Lease-Up Communities (c)			619		1,382		704		678			4,527		1,213		3,314
Redevelopment Communities (d)			672		1,423		1,416		7			5,557		5,796		(239	)
Dispositions / Other (e)			-		1,043		1,068		(25	)		4,736		7,413		(2,677	)
Total Property Revenues			50,840		$153,063		$157,642		($4,579	)		$623,926		$624,016		($90	)
Property Expenses
"Same Property" Communities (a)			42,670		$47,715		$49,891		($2,176	)		$203,481		$199,930		$3,551
Non-"Same Property" Communities (b)			6,879		8,485		7,962		523			35,314		31,405		3,909
Development and Lease-Up Communities (c)			619		585		254		331			2,028		515		1,513
Redevelopment Communities (d)			672		636		672		(36	)		2,671		2,796		(125	)
Dispositions / Other (e)			-		615		263		352			3,373		4,636		(1,263	)
Total Property Expenses			50,840		$58,036		$59,042		($1,006	)		$246,867		$239,282		$7,585
Property Net Operating Income
"Same Property" Communities (a)			42,670		$78,257		$82,810		($4,553	)		$314,342		$334,426		($20,084	)
Non-"Same Property" Communities (b)			6,879		14,758		13,791		967			55,969		43,833		12,136
Development and Lease-Up Communities (c)			619		797		450		347			2,499		698		1,801
Redevelopment Communities (d)			672		787		744		43			2,886		3,000		(114	)
Dispositions / Other (e)			-		428		805		(377	)		1,363		2,777		(1,414	)
Total Property Net Operating Income			50,840		$95,027		$98,600		($3,573	)		$377,059		$384,734		($7,675	)

Income from Discontinued Operations (f)	Three Months Ended December 31,					Twelve Months Ended December 31,
	2009		2008			2009		2008
Property Revenues		$0		$1,198			$2,408		$15,857
Property Expenses		-		579			1,067		7,782
Property Net Operating Income		-		619			1,341		8,075
Interest		-		-			-		(466	)
Depreciation and Amortization		-		-			-		(2,762	)
Gain (loss) on sale of discontinued operations		-		(77	)		16,887		80,198
Income from Discontinued Operations		$0		$542			$18,228		$85,045

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 completely redeveloped prior to January 1, 2009, excluding properties held for sale.
(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 2009, or held for sale at December 31, 2009, of which Camden has, or expects to have,
	no continuing involvement.

11

				"SAME PROPERTY"
CAMDEN				FOURTH QUARTER COMPARISONS
				December 31, 2009
				(In thousands, except property data amounts)
(Unaudited)
	Revenues						Expenses						NOI
Quarterly Results (a)		4Q09	4Q08	Growth				4Q09	4Q08	Growth				4Q09	4Q08	Growth
D.C. Metro		$18,466	$18,512		(0.2	%)		$5,704	$5,474		4.2	%		$12,762	$13,038		(2.1	%)
Las Vegas, NV		6,988	7,898		(11.5	%)		2,767	2,733		1.2	%		4,221	5,165		(18.3	%)
Los Angeles/Orange County, CA		8,262	8,977		(8.0	%)		2,702	2,744		(1.5	%)		5,560	6,233		(10.8	%)
San Diego/Inland Empire, CA		3,708	3,879		(4.4	%)		1,469	1,523		(3.5	%)		2,239	2,356		(5.0	%)
Tampa, FL		12,226	12,802		(4.5	%)		5,350	5,987		(10.6	%)		6,876	6,815		0.9	%
Dallas, TX		10,700	11,196		(4.4	%)		4,728	5,075		(6.8	%)		5,972	6,121		(2.4	%)
Houston, TX		7,318	7,573		(3.4	%)		2,807	3,020		(7.1	%)		4,511	4,553		(0.9	%)
SE Florida		10,609	11,390		(6.9	%)		3,830	4,515		(15.2	%)		6,779	6,875		(1.4	%)
Charlotte, NC		8,767	9,471		(7.4	%)		3,330	3,343		(0.4	%)		5,437	6,128		(11.3	%)
Orlando, FL		8,487	8,840		(4.0	%)		3,340	3,656		(8.6	%)		5,147	5,184		(0.7	%)
Atlanta, GA		8,632	9,165		(5.8	%)		3,382	3,602		(6.1	%)		5,250	5,563		(5.6	%)
Denver, CO		5,184	5,436		(4.6	%)		1,779	1,679		6.0	%		3,405	3,757		(9.4	%)
Raleigh, NC		6,711	6,962		(3.6	%)		2,429	2,216		9.6	%		4,282	4,746		(9.8	%)
Phoenix, AZ		3,656	4,055		(9.8	%)		1,578	1,477		6.8	%		2,078	2,578		(19.4	%)
Austin, TX		4,159	4,376		(5.0	%)		1,731	2,082		(16.9	%)		2,428	2,294		5.8	%
Other		2,099	2,169		(3.2	%)		789	765		3.1	%		1,310	1,404		(6.7	%)
Total Same Property		$125,972	$132,701		(5.1	%)		$47,715	$49,891		(4.4	%)		$78,257	$82,810		(5.5	%)

	Apartment
	Homes		% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included		Contribution (a)				4Q09		4Q08		Change				4Q09	4Q08	Change
D.C. Metro		4,157		16.3	%		95.1	%	95.1	%		0.0	%		$1,392	$1,430		(2.6	%)
Las Vegas, NV		2,889		5.4	%		90.9	%	93.4	%		(2.5	%)		763	852		(10.4	%)
Los Angeles/Orange County, CA		1,770		7.1	%		94.2	%	94.8	%		(0.6	%)		1,513	1,649		(8.2	%)
San Diego/Inland Empire, CA		846		2.8	%		91.9	%	91.5	%		0.4	%		1,433	1,538		(6.8	%)
Tampa, FL		4,965		8.8	%		92.6	%	93.3	%		(0.7	%)		738	780		(5.4	%)
Dallas, TX		4,723		7.6	%		90.6	%	93.0	%		(2.4	%)		693	726		(4.6	%)
Houston, TX		2,679		5.8	%		92.6	%	95.6	%		(3.0	%)		861	881		(2.3	%)
SE Florida		2,520		8.7	%		94.6	%	95.1	%		(0.5	%)		1,334	1,440		(7.4	%)
Charlotte, NC		3,286		6.9	%		93.9	%	92.3	%		1.6	%		803	903		(11.0	%)
Orlando, FL		3,296		6.6	%		92.7	%	93.3	%		(0.6	%)		793	865		(8.3	%)
Atlanta, GA		3,202		6.7	%		93.0	%	93.3	%		(0.3	%)		823	898		(8.4	%)
Denver, CO		1,851		4.3	%		93.0	%	93.6	%		(0.6	%)		876	921		(4.9	%)
Raleigh, NC		2,704		5.5	%		92.9	%	92.7	%		0.2	%		737	782		(5.7	%)
Phoenix, AZ		1,441		2.7	%		92.3	%	93.1	%		(0.8	%)		760	856		(11.2	%)
Austin, TX		1,645		3.1	%		92.9	%	94.1	%		(1.2	%)		759	814		(6.8	%)
Other		696		1.7	%		94.1	%	94.6	%		(0.5	%)		945	972		(2.9	%)
Total Same Property		42,670		100.0	%		92.9	%	93.7	%		(0.8	%)		$914	$977		(6.4	%)

(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.

12

				"SAME PROPERTY"
CAMDEN				SEQUENTIAL QUARTER COMPARISONS
				December 31, 2009
				(In thousands, except property data amounts)
(Unaudited)
	Revenues						Expenses						NOI
Quarterly Results (a)		4Q09	3Q09	Growth				4Q09	3Q09	Growth				4Q09	3Q09	Growth
D.C. Metro		$18,466	$18,682		(1.2	%)		$5,704	$5,982		(4.6	%)		$12,762	$12,700		0.5	%
Las Vegas, NV		6,988	7,418		(5.8	%)		2,767	2,991		(7.5	%)		4,221	4,427		(4.7	%)
Los Angeles/Orange County, CA		8,262	8,591		(3.8	%)		2,702	2,789		(3.1	%)		5,560	5,802		(4.2	%)
San Diego/Inland Empire, CA		3,708	3,870		(4.2	%)		1,469	1,599		(8.1	%)		2,239	2,271		(1.4	%)
Tampa, FL		12,226	12,641		(3.3	%)		5,350	6,022		(11.2	%)		6,876	6,619		3.9	%
Dallas, TX		10,700	11,016		(2.9	%)		4,728	5,434		(13.0	%)		5,972	5,582		7.0	%
Houston, TX		7,318	7,502		(2.5	%)		2,807	3,451		(18.7	%)		4,511	4,051		11.4	%
SE Florida		10,609	10,872		(2.4	%)		3,830	4,495		(14.8	%)		6,779	6,377		6.3	%
Charlotte, NC		8,767	8,831		(0.7	%)		3,330	3,657		(8.9	%)		5,437	5,174		5.1	%
Orlando, FL		8,487	8,804		(3.6	%)		3,340	3,703		(9.8	%)		5,147	5,101		0.9	%
Atlanta, GA		8,632	8,769		(1.6	%)		3,382	3,705		(8.7	%)		5,250	5,064		3.7	%
Denver, CO		5,184	5,437		(4.7	%)		1,779	1,971		(9.7	%)		3,405	3,466		(1.8	%)
Raleigh, NC		6,711	6,876		(2.4	%)		2,429	2,750		(11.7	%)		4,282	4,126		3.8	%
Phoenix, AZ		3,656	3,752		(2.6	%)		1,578	1,678		(6.0	%)		2,078	2,074		0.2	%
Austin, TX		4,159	4,230		(1.7	%)		1,731	2,042		(15.2	%)		2,428	2,188		11.0	%
Other		2,099	2,168		(3.2	%)		789	882		(10.5	%)		1,310	1,286		1.9	%
Total Same Property		$125,972	$129,459		(2.7	%)		$47,715	$53,151		(10.2	%)		$78,257	$76,308		2.6	%

	Apartment
	Homes		% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included		Contribution (a)				4Q09		3Q09		Change				4Q09	3Q09	Change
D.C. Metro		4,157		16.3	%		95.1	%	96.1	%		(1.0	%)		$1,392	$1,398		(0.4	%)
Las Vegas, NV		2,889		5.4	%		90.9	%	91.3	%		(0.4	%)		763	793		(3.8	%)
Los Angeles/Orange County, CA		1,770		7.1	%		94.2	%	94.8	%		(0.6	%)		1,513	1,543		(1.9	%)
San Diego/Inland Empire, CA		846		2.8	%		91.9	%	93.4	%		(1.5	%)		1,433	1,448		(1.0	%)
Tampa, FL		4,965		8.8	%		92.6	%	92.7	%		(0.1	%)		738	749		(1.5	%)
Dallas, TX		4,723		7.6	%		90.6	%	92.8	%		(2.2	%)		693	705		(1.7	%)
Houston, TX		2,679		5.8	%		92.6	%	95.2	%		(2.6	%)		861	871		(1.2	%)
SE Florida		2,520		8.7	%		94.6	%	94.8	%		(0.2	%)		1,334	1,348		(1.0	%)
Charlotte, NC		3,286		6.9	%		93.9	%	93.4	%		0.5	%		803	824		(2.6	%)
Orlando, FL		3,296		6.6	%		92.7	%	93.6	%		(0.9	%)		793	811		(2.2	%)
Atlanta, GA		3,202		6.7	%		93.0	%	93.4	%		(0.4	%)		823	840		(2.1	%)
Denver, CO		1,851		4.3	%		93.0	%	95.1	%		(2.1	%)		876	882		(0.7	%)
Raleigh, NC		2,704		5.5	%		92.9	%	94.6	%		(1.7	%)		737	748		(1.4	%)
Phoenix, AZ		1,441		2.7	%		92.3	%	90.1	%		2.2	%		760	784		(3.0	%)
Austin, TX		1,645		3.1	%		92.9	%	94.2	%		(1.3	%)		759	767		(1.1	%)
Other		696		1.7	%		94.1	%	94.6	%		(0.5	%)		945	957		(1.3	%)
Total Same Property		42,670		100.0	%		92.9	%	93.7	%		(0.9	%)		$914	$929		(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.

13

					"SAME PROPERTY"
CAMDEN					YEAR TO DATE COMPARISONS
					December 31, 2009
					(In thousands, except property data amounts)
(Unaudited)
	Revenues							Expenses							NOI
Year to Date Results (a)	2009		2008		Growth			2009		2008		Growth			2009		2008		Growth
D.C. Metro		$74,218		$74,284		(0.1	%)		$23,138		$21,527		7.5	%		$51,080		$52,757		(3.2	%)
Las Vegas, NV		29,736		32,035		(7.2	%)		11,158		10,987		1.6	%		18,578		21,048		(11.7	%)
Los Angeles/Orange County, CA		34,262		36,158		(5.2	%)		10,829		10,736		0.9	%		23,433		25,422		(7.8	%)
San Diego/Inland Empire, CA		15,175		15,800		(4.0	%)		6,133		5,982		2.5	%		9,042		9,818		(7.9	%)
Tampa, FL		50,466		51,559		(2.1	%)		23,504		23,707		(0.9	%)		26,962		27,852		(3.2	%)
Dallas, TX		44,164		44,432		(0.6	%)		20,818		20,757		0.3	%		23,346		23,675		(1.4	%)
Houston, TX		29,919		29,830		0.3	%		12,665		12,114		4.5	%		17,254		17,716		(2.6	%)
SE Florida		43,869		46,155		(5.0	%)		17,392		17,856		(2.6	%)		26,477		28,299		(6.4	%)
Charlotte, NC		35,974		38,642		(6.9	%)		14,038		14,000		0.3	%		21,936		24,642		(11.0	%)
Orlando, FL		35,083		36,059		(2.7	%)		14,523		14,148		2.7	%		20,560		21,911		(6.2	%)
Atlanta, GA		35,414		36,834		(3.9	%)		14,181		14,179		0.0	%		21,233		22,655		(6.3	%)
Denver, CO		21,382		21,758		(1.7	%)		7,251		6,964		4.1	%		14,131		14,794		(4.5	%)
Raleigh, NC		27,414		28,277		(3.1	%)		10,172		9,851		3.3	%		17,242		18,426		(6.4	%)
Phoenix, AZ		15,253		16,259		(6.2	%)		6,372		5,823		9.4	%		8,881		10,436		(14.9	%)
Austin, TX		16,924		17,590		(3.8	%)		8,008		8,213		(2.5	%)		8,916		9,377		(4.9	%)
Other		8,570		8,684		(1.3	%)		3,299		3,086		6.9	%		5,271		5,598		(5.8	%)
Total Same Property		$517,823		$534,356		(3.1	%)		$203,481		$199,930		1.8	%		$314,342		$334,426		(6.0	%)

	Apartment
	Homes		% of NOI			Average Occupancy (a)									Weighted Average Rental Rate (b)
Year to Date Results (a)	Included		Contribution (a)			2009			2008			Change			2009		2008		Change
D.C. Metro		4,157		16.2	%		95.2	%		95.5	%		(0.3	%)		$1,403		$1,437		(2.4	%)
Las Vegas, NV		2,889		5.9	%		92.3	%		94.3	%		(2.0	%)		801		861		(7.0	%)
Los Angeles/Orange County, CA		1,770		7.5	%		93.7	%		94.5	%		(0.8	%)		1,564		1,657		(5.6	%)
San Diego/Inland Empire, CA		846		2.9	%		92.6	%		93.9	%		(1.3	%)		1,461		1,529		(4.4	%)
Tampa, FL		4,965		8.6	%		93.1	%		93.5	%		(0.4	%)		755		795		(5.1	%)
Dallas, TX		4,723		7.4	%		92.8	%		93.2	%		(0.4	%)		707		723		(2.2	%)
Houston, TX		2,679		5.5	%		94.8	%		95.4	%		(0.6	%)		872		869		0.4	%
SE Florida		2,520		8.4	%		94.8	%		95.2	%		(0.4	%)		1,364		1,457		(6.4	%)
Charlotte, NC		3,286		7.0	%		93.4	%		93.6	%		(0.2	%)		839		918		(8.6	%)
Orlando, FL		3,296		6.5	%		93.5	%		94.0	%		(0.5	%)		819		880		(6.9	%)
Atlanta, GA		3,202		6.8	%		93.3	%		94.0	%		(0.7	%)		850		907		(6.3	%)
Denver, CO		1,851		4.5	%		94.3	%		95.0	%		(0.7	%)		887		909		(2.4	%)
Raleigh, NC		2,704		5.5	%		93.9	%		94.0	%		(0.1	%)		750		789		(4.9	%)
Phoenix, AZ		1,441		2.8	%		91.8	%		93.0	%		(1.2	%)		800		890		(10.1	%)
Austin, TX		1,645		2.8	%		93.5	%		94.7	%		(1.2	%)		777		812		(4.4	%)
Other		696		1.7	%		94.6	%		94.8	%		(0.2	%)		958		977		(1.9	%)
Total Same Property		42,670		100.0	%		93.6	%		94.2	%		(0.6	%)		$936		$984		(4.9	%)

(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.

14

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									Twelve Months Ended
	December 31,									December 31,
OPERATING DATA (a)	2009			2008						2009			2008
Property Revenues
Rental revenues		$6,649			$6,450						$26,271			$24,033
Other property revenues		1,141			936						4,488			3,490
Total property revenues		7,790			7,386						30,759			27,523
Property Expenses
Property operating and maintenance		2,478			2,544						9,681			8,798
Real estate taxes		892			748						3,560			2,733
Total property expenses		3,370			3,292						13,241			11,531
Net Operating Income (NOI)		4,420			4,094						17,518			15,992
Other expenses
Interest		2,135			2,537						8,460			9,262
Depreciation and amortization		2,124			1,983						8,151			7,235
Other		58			57						212			760
Total other expenses		4,317			4,577						16,823			17,257
Equity in income (loss) of joint ventures		$103			($483	)					$695			($1,265	)
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
		2009			2009			2009			2009			2008
BALANCE SHEET DATA (b)
Land		$221,570			$219,549			$215,497			$209,453			$217,730
Buildings and improvements		1,097,778			1,084,279			1,070,426			1,050,523			1,030,486
		1,319,348			1,303,828			1,285,923			1,259,976			1,248,216
Accumulated depreciation		(187,455	)		(176,799	)		(166,101	)		(155,928	)		(145,828	)
Real estate assets, net		1,131,893			1,127,029			1,119,822			1,104,048			1,102,388
Properties under development and land		42,930			53,093			63,333			82,106			81,719
Cash and other assets, net		27,180			27,947			29,566			26,305			26,629
Total assets		$1,202,003			$1,208,069			$1,212,721			$1,212,459			$1,210,736
Notes payable		$980,944			$979,032			$1,001,462			$996,356			$984,200
Notes payable due to Camden		49,710			57,574			54,273			57,645			56,928
Other liabilities		19,425			21,319			19,791			21,647			24,578
Total liabilities		1,050,079			1,057,925			1,075,526			1,075,648			1,065,706
Members' equity		151,924			150,144			137,195			136,811			145,030
Total liabilities and members' equity		$1,202,003			$1,208,069			$1,212,721			$1,212,459			$1,210,736
Camden's equity investment		$43,542			$43,236			$22,334			$15,158			$15,106
Distributions in excess of investment in joint ventures		($31,410	)		($30,507	)		($30,287	)		($31,318	)		($30,105	)
Camden's pro-rata share of debt (c)		$248,410			$232,716			$239,337			$239,377			$236,407
PROPERTY DATA (end of period)
Total operating properties		42			42			41			40			40
Total operating apartment homes		12,699			12,699			12,359			12,011			12,011
Pro rata share of operating apartment homes		2,758			2,615			2,513			2,443			2,443
Total development properties		1			1			2			3			3
Total development apartment homes		119			119			459			807			807
Pro rata share of development apartment homes		36			36			138			207			207
(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.

15

CAMDEN

CURRENT DEVELOPMENT PIPELINE

(Unaudited)

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

Estimated/Actual Dates for

Total

Total

Construction

Initial

Construction

Stabilized

As of 01/31/10

Completed Communities

Homes

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden Dulles Station

366

$72.3

1Q06

2Q08

1Q09

2Q10

85%

85%

Oak Hill, VA

Total Completed Communities

366

$72.3

85%

85%

Estimated/Actual Dates for

Total

Total

Cost

Amount

Construction

Initial

Construction

Stabilized

As of 01/31/10

Development Communities

Homes

Budget

to Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

2.

Camden Travis Street (a)

253

$39.0

$29.5

$8.6

3Q08

4Q09

1Q10

1Q11

31

%

16

%

Houston, TX

Total Development Communities

253

$39.0

$29.5

$8.6

31

%

16

%

Additional land (b)

193.0

Total Properties Under Development and Land (per Balance Sheet)

$201.6

NOI CONTRIBUTION FROM NON STABILIZED COMMUNITIES ($ in millions)
	Total Cost		4Q09 NOI
Development Communities stabilized at quarter end		$45.5		$0.5
Completed Communities in lease-up		72.3		0.8
Development Communities		29.5		0.0
Total Development NOI Contribution		$147.3		$1.3

(a) Camden Travis Street 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 18.

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

16

CAMDEN

JOINT VENTURE DEVELOPMENT PIPELINE

(Unaudited)

JOINT VENTURE DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2009 ($ in millions)

Estimated/Actual Dates for

Joint Venture Camden Developed Communities Completed

Total

Total

Construction

Initial

Construction

Stabilized

As of 01/31/10

Homes

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden Amber Oaks

348

$35.2

4Q07

4Q08

2Q09

3Q10

80%

80%

Austin, TX

Total Joint Venture Camden Developed Communities Completed

348

$35.2

80%

80%

Camden

Cash

Estimated/Actual Dates for

Joint Venture Third Party Developed Communities Completed

Total

Total

Equity

Construction

Initial

Construction

Stabilized

As of 01/31/10

Homes

Cost

Invested

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Braeswood Place

340

$50.3

$10.9

1Q07

1Q09

3Q09

4Q10

64%

60%

Houston, TX

Total Joint Venture Third Party Developed Communities Completed

340

$50.3

$10.9

64%

60%

Camden

Joint Venture Third Party Developed Communities Under Construction

Cash

Camden

Estimated/Actual Dates for

As of 01/31/10

Total Homes

Total Budget

Cost to Date

Equity Invested

Mezzanine Invested

Construction Start

Initial Occupancy

Construction Completion

Stabilized Operations

% Leased

% Occupied

1.

Belle Meade

119

$33.2

$36.7

$1.4

$7.8

4Q07

3Q09

1Q10

3Q10

32%

21%

Houston, TX

Total Joint Venture Third Party Developed Communities Under Construction

119

$33.2

$36.7

$1.4

$7.8

32%

21%

					Camden
					Cash	Camden
Joint Venture Third Party Developed Pipeline Communities			Total	Cost	Equity	Mezzanine
			Acres	to Date	Invested	Invested
	1.	Lakes at 610	6.1	$7.1	$1.1	$3.1
		Houston, TX
Total Joint Venture Third Party Developed Pipeline Communities			6.1	$7.1	$1.1	$3.1
					Camden	Estimated
					Cash	Guaranteed
Joint Venture Third Party Developed Impaired Communities			Total	Cost	Equity	Debt		4Q09
			Acres	to Date	Invested	Payment	Impairment
	1.	Town Lake	25.9	$40.9	$9.3	$4.2	$13.4
		Austin, TX
Total Joint Venture Third Party Developed Impaired Communities			25.9	$40.9	$9.3	$4.2	$13.4
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

17

CAMDEN			DEVELOPMENT PIPELINE & LAND
(Unaudited)
DEVELOPMENT PIPELINE AND LAND AS OF DECEMBER 31, 2009 ($ in millions)
				Projected
PIPELINE COMMUNITIES (a)				Homes		Cost to Date
	1.	Camden Lake Nona			432		$24.0
		Orlando, FL
	2.	Camden Noma I			313		27.0
		Washington, DC
	3.	Camden Royal Oaks II			100		4.3
		Houston, TX
	4.	Camden Countryway			348		17.7
		Tampa, FL
	5.	Camden Celebration			438		16.6
		Orlando, FL
Development Pipeline					1,631		$89.6
Other (b)							$103.4
Total Development Pipeline and Land							$193.0

(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.

18

CAMDEN

REDEVELOPMENT SUMMARY

(Unaudited)

REDEVELOPMENT SUMMARY AS OF DECEMBER 31, 2009 ($ in millions)

Homes

Estimated/Actual Dates for

Total

Redeveloped

Total

Cost

Redevelopment

Redevelopment

Project

4Q09 Average

Communities Under Redevelopment

Homes

To Date

Budget

to Date

Start

Completion

Restabilization

% Occupied

1.

Camden Foxcroft

156

156

$1.4

$1.4

4Q07

2Q09

2Q09

94%

Charlotte, NC

2.

Camden Valley Park

516

469

5.5

4.6

2Q08

3Q10

3Q10

81%

Irving, TX

Total Communities Under Redevelopment

672

625

$6.9

$6.0

84%

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

19

CAMDEN		NOTES RECEIVABLE SUMMARY
(Unaudited)
NOTES RECEIVABLE AS OF DECEMBER 31, 2009 ($ in thousands)
			12/31/09	12/31/09	09/30/09
			Total	Note	Note
Location	Current Property Type	Current Status	Homes	Balance	Balance

Irvine, CA	Multifamily	Stable	290	$20,847		$21,352
Houston, TX	Multifamily	Stable/Development/Predevelopment	709		15,491		23,606
College Park, MD	Multifamily	Stable	508		9,509		9,506
Total Notes Receivable:			1,507		$45,847		$54,462
Weighted Average Interest Rate Recognized:					4.5%		4.1%

20

CAMDEN			ACQUISITIONS & DISPOSITIONS
(Unaudited)
2009 ACQUISITION/DISPOSITION ACTIVITY
Dispositions		Location	Property Type	Apartment Homes	Year Built	Closing Date
1.	Camden West Oaks	Houston, TX	Multifamily	671	1982	06/30/09

Total Disposition Volume: $28.7 million 671 apartment homes

21

CAMDEN										DEBT ANALYSIS
													(In thousands, except property data amounts)
(Unaudited)
DEBT MATURITIES AS OF DECEMBER 31, 2009:
	Future Scheduled Repayments													Weighted Average
			Secured		Unsecured						Percent			Interest Rate on
Year	Amortization		Maturities		Maturities			Total			of Total			Maturing Debt
2010	$3,986		$0		$137,571			$141,557			5.4%			5.7%
2011		3,489		26,767		122,966			153,222		5.8%			6.3%
2012		2,697		69,541		689,667			761,905		29.0%			5.4%
2013		1,386		25,831		200,000			227,217		8.7%			5.4%
2014		1,313		8,827		0			10,140		0.4%			6.0%
Thereafter		34,408		800,000		496,750			1,331,158		50.7%			4.6%
Total Maturing Debt	$47,279		$930,966		$1,646,954			$2,625,199			100.0%			5.1%
Unsecured Line of Credit		0		0		0			0		0.0%			N/A
Total Debt	$47,279		$930,966		$1,646,954			$2,625,199			100.0%			5.1%
Weighted Average Maturity of Debt			5.6 Years
								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt			$228,390			8.7%			1.2%		10.1 Years
Fixed rate debt				2,396,809		91.3%			5.5%		5.2 Years
Total			$2,625,199			100.0%			5.1%		5.6 Years
								Weighted Average
SECURED vs. UNSECURED DEBT:			Balance		% of Total			Interest Rate			Time to Maturity
Unsecured debt			$1,645,926			62.7%			5.6%		3.7 Years
Secured debt				979,273		37.3%			4.3%		8.8 Years
Total			$2,625,199			100.0%			5.1%		5.6 Years
								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt (a)			$750,883			76.7%			5.2%		8.3 Years
Conventional variable-rate mortgage debt (a)				186,900		19.1%			1.1%		8.3 Years
Tax exempt variable rate debt				41,490		4.2%			1.7%		18.5 Years
Total			$979,273			100.0%			4.3%		8.8 Years
REAL ESTATE ASSETS: (b)			Total Homes		% of Total			Total Cost			% of Total
Unencumbered real estate assets				37,215		73.2%		$3,974,475				72.8%
Encumbered real estate assets				13,625		26.8%			1,487,151			27.2%
Total				50,840		100.0%		$5,461,626				100.0%
							Ratio of unencumbered assets at cost to unsecured debt is							2.4 times
(a) Mortgage debt includes a construction loan for Camden Travis Street with a $26.8MM balance at 12/31/09, of which $14.9MM was fixed utilizing an interest rate swap.
(b) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.

22

CAMDEN	DEBT MATURITY ANALYSIS
									(In thousands)
(Unaudited)
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2010 AND 2011:
	Future Scheduled Repayments								Weighted Average
			Secured		Unsecured				Interest Rate on
Quarter	Amortization		Maturities		Maturities		Total		Maturing Debt
1Q 2010	$1,030		$0		$55,270		$56,300		4.4%
2Q 2010		1,016		0		0		1,016	N/A
3Q 2010		971		0		82,301		83,272	6.5%
4Q 2010		969		0		0		969	N/A
2010	$3,986		$0		$137,571		$141,557		5.7%
1Q 2011	$1,003		$0		$87,966		$88,969		7.7%
2Q 2011		918		0		35,000		35,918	5.0%
3Q 2011		772		26,767		0		27,539	3.5%
4Q 2011		796		0		0		796	N/A
2011	$3,489		$26,767		$122,966		$153,222		6.3%

23

CAMDEN	DEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)	Required	Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	< 60%	49%	Yes
Secured Debt to Gross Asset Value	< 40%	18%	Yes
Consolidated EBITDA to Total Fixed Charges	> 150%	223%	Yes
Unencumbered Adjusted NOI to Unsecured Interest Expense	> 200%	270%	Yes
SENIOR UNSECURED NOTES
Covenant (a)	Required	Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	< 60%	46%	Yes
Total Secured Debt to Total Asset Value	< 40%	17%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt	> 150%	254%	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.

24

CAMDEN			UNCONSOLIDATED REAL ESTATE INVESTMENTS
			DEBT ANALYSIS
											(In thousands, except property data amounts)
(Unaudited)
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF DECEMBER 31, 2009:
	Future Scheduled Repayments											Weighted Average
				Secured					Percent			Interest Rate on
Year (a)	Amortization			Maturities		Total			of Total			Maturing Debt
2010	$370			$101,011		$101,381				40.8	%	1.6%
2011		419			5,284		5,703			2.3	%	1.8%
2012		461			111,275		111,736			45.0	%	5.1%
2013		548			0		548			0.2	%	N/A
2014		522			11,710		12,232			4.9	%	5.7%
Thereafter		4,878			11,932		16,810			6.8	%	3.1%
Total Maturing Debt	$7,198			$241,212		$248,410				100.0	%	3.5%
Subscription line of credit (b)		0			0		0			0.0	%	N/A
Total Debt	$7,198			$241,212		$248,410				100.0	%	3.5%
Weighted Average Maturity of Debt (a)				2.4 Years
Total Recourse Exposure (c)				$57,016
									Weighted Average
FLOATING vs. FIXED RATE DEBT:				Balance		% of Total			Interest Rate			Time to Maturity (a)
Floating rate debt				$120,854			48.7	%		1.6	%	1.7 Years
Fixed rate debt					127,556		51.3	%		5.3	%	3.1 Years
Total				$248,410			100.0	%		3.5	%	2.4 Years
									Weighted Average
SECURED DEBT DETAIL:				Balance		% of Total			Interest Rate			Time to Maturity (a)
Conventional fixed-rate mortgage debt				$127,556			51.4	%		5.3	%	3.1 Years
Conventional variable-rate mortgage debt					9,980		4.0	%		1.7	%	4.5 Years
Tax exempt variable rate debt					4,579		1.8	%		1.1	%	22.3 Years
Variable-rate construction loans (d)					106,295		42.8	%		1.6	%	0.6 Years
Subscription line of credit					0		0.0	%		1.5	%	0.6 Years
Total				$248,410			100.0	%		3.5	%	2.4 Years
REAL ESTATE ASSETS: (e)				Total Homes		Total Cost
Operating real estate assets					12,699	$1,277,574
Development real estate assets					119		36,661
Predevelopment and impaired real estate assets					____-		48,043
Total					12,818	$1,362,278
(a) Excluding extension options.
(b) As of December 31, 2009 there were no borrowings drawn under the subscription secured line of credit with $15,000 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 December 31, 2009.
(d) Excludes Camden's pro-rata share of Notes Payable due to Camden.
(e) Balance sheet and property data reported at 100%.

25

CAMDEN			UNCONSOLIDATED REAL ESTATE INVESTMENTS
			DEBT MATURITY ANALYSIS
					(In thousands)
(Unaudited)
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2010 and 2011: (a)
								Weighted Average
	Future Scheduled Repayments							Interest Rate on
Quarter	Amortization		Secured Maturities			Total		Maturing Debt
1Q 2010	$94		$0			$94		N/A
2Q 2010		90		42,587			42,677	1.9%
3Q 2010		91		32,603			32,694	1.4%
4Q 2010		95		25,821			25,916	1.3%
2010	$370		$101,011			$101,381		1.6%
1Q 2011	$100		$5,284			$5,384		1.8%
2Q 2011		99		0			99	N/A
3Q 2011		108		0			108	N/A
4Q 2011		112		0			112	N/A
2011	$419		$5,284			$5,703		1.8%
(a) 3Q 2010 maturities include a subscription secured line of credit with $0 (Camden's 20% pro-rata share) outstanding as of December 31, 2009. The line of credit has $15,000 in total capacity.

26

CAMDEN				CAPITALIZED EXPENDITURES
				& MAINTENANCE EXPENSE
				(In thousands, except unit data)
(Unaudited)
	Fourth Quarter 2009 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)	Total			Per Unit		Total		Per Unit
Interiors
Floor coverings	5.4 years	$2,473			$49		$869		$17
Appliances	9.4 years		656			13		185		4
Painting	-		-			-		1,527		30
Cabinetry/Countertops	10.0 years		217			4		-		-
Other	8.6 years		866			17		417		8
Exteriors
Painting	5.0 years		30			1		-		-
Carpentry	10.0 years		419			8		-		-
Landscaping	5.8 years		360			7		2,341		46
Roofing	20.0 years		403			8		143		3
Site Drainage	10.0 years		66			1		-		-
Fencing/Stair	10.0 years		87			2		-		-
Other (c)	7.5 years		994			20		2,558		51
Common Areas
Mech., Elec., Plumbing	9.6 years		746			15		813		16
Parking/Paving	5.0 years		63			1		-		-
Pool/Exercise/Facility	7.6 years		385			8		240		5
		$7,765			$154		$9,093		$180
Weighted Average Apartment Homes						50,515				50,515
	Year to Date 2009 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)	Total			Per Unit		Total		Per Unit
Interiors
Floor coverings	5.4 years	$9,631			$190		$3,314		$65
Appliances	9.4 years		2,277			45		697		14
Painting	-		-			-		5,964		118
Cabinetry/Countertops	10.0 years		842			17		-		-
Other	8.6 years		3,013			60		1,787		35
Exteriors
Painting	5.0 years		458			9		-		-
Carpentry	10.0 years		1,513			30		-		-
Landscaping	5.8 years		1,064			21		10,138		200
Roofing	20.0 years		1,257			25		308		6
Site Drainage	10.0 years		230			5		-		-
Fencing/Stair	10.0 years		465			9		-		-
Other (c)	7.5 years		3,312			65		10,548		208
Common Areas
Mech., Elec., Plumbing	9.6 years		2,957			58		3,129		62
Parking/Paving	5.0 years		293			6		-		-
Pool/Exercise/Facility	7.6 years		1,661			33		1,310		26
		$28,973			$572		$37,195		$735
Weighted Average Apartment Homes						50,608				50,608
(a) Includes discontinued operations. Capitalized expenditures for discontinued operations were $0 and $87 for the three and twelve months
ended December 31, 2009. Maintenance expenses for discontinued operations were $0 and $183 for the same periods.
(b) Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2009.
(c) Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

27

CAMDEN	2010 Financial Outlook
	as of February 8, 2010
(Unaudited)
2009 Reported FFO, Adjusted for Non-Routine Items
		Total		Per Share
2009 Reported FFO		$109,947		$1.68
Adjustments for non-routine items:
Plus: Impairment associated with land development activities			85,614		1.31
Plus: Loss on early retirement of debt			2,550		0.04
2009 FFO adjusted for non-routine items		$198,111		$3.04
2009 Fully Diluted Shares Outstanding - FFO					65,266
December 31, 2009 Fully Diluted Shares Outstanding - FFO					69,190
2009 FFO adjusted for non-routine items and December 31, 2009 Fully Diluted Shares Outstanding - FFO				$2.86
2010 Financial Outlook
Earnings Guidance - Per Diluted Share
Expected net income attributable to common shareholders per share - diluted				$(0.24) - $0.06
Expected real estate depreciation				$2.43
Expected adjustments for unconsolidated joint ventures				$0.13
Expected income allocated to noncontrolling interests				$0.03
Expected FFO per share - diluted				$2.35 - $2.65
"Same Property" Communities
Number of Units					47,359
2009 Base Net Operating Income				$353 million
Total Revenue Growth				(4.25%) - (2.25%)
Total Expense Growth				2.00% - 3.50%
Net Operating Income Growth				(8.50%) - (5.50%)
Physical Occupancy				94.00%
∙ Impact from 1.0% change in NOI Growth is approximately $0.05 / share
Acquisitions/Dispositions
Future Dispositions Volume				$0 - $100 million
Future Acquisitions Volume (consolidated on balance sheet)				$0 - $100 million
Future Acquisitions Volume (joint venture)				$200 - $500 million
Development
Development Starts (consolidated on balance sheet)				$0 - $150 million
Development Starts (joint venture)				$0 - $150 million
2010 Incremental FFO Dilution vs. 2009 from Impaired Assets (excludes 2009 impairment loss on land)				($6.5 million)
Capitalized Maintenance Expenditures				$35 - $40 million
Non-Property Income
Non-Property Income, Net				$5 - $7 million
Includes: Fee and asset management income, net of expenses and
Interest and other income
Corporate Expenses
General and Administrative and Property Management Expense				$48 - $52 million
Debt
Capitalized Interest				$4 - $6 million
Expensed Interest				$127 - $130 million
30 Day LIBOR (average)				0.58%
Note: Please refer to pages 29 and 30 for definitions and reconciliations of all non-GAAP financial measures presented in this document.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 1 of this document.

28

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 attributable to common shareholders to FFO is provided below:
		Three Months Ended					Twelve Months Ended
		December 31,					December 31,
		2009		2008			2009		2008
Net income (loss) attributable to common shareholders		($79,286	)	($34,909	)	($50,800		)	$70,973
Real estate depreciation and amortization from continuing operations		42,773		42,403			170,480		168,264
Real estate depreciation from discontinued operations		-		-			-		2,745
Adjustments for unconsolidated joint ventures		1,988		1,960			7,800		7,103
Income (loss) allocated to noncontrolling interests		(1,794	)	573			(646	)	3,617
Gain (loss) on sale of operating properties, net of taxes		-		-			-		(2,929	)
Gain (loss) on sale of discontinued operations		-		77			(16,887	)	(80,188	)
Funds from operations - diluted		($36,319	)	$10,104		$109,947			$169,585
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		66,134		55,401			62,359		55,272
FFO diluted		69,119		58,398			65,266		58,528
Net income attributable to common shareholders - diluted		($1.19	)	($0.63	)	($0.80		)	$1.28
FFO per common share - diluted		($0.53	)	$0.17		$1.68			$2.90
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 attributable to common shareholders (EPS). A reconciliation of the ranges provided for expected
net income attributable to common shareholders per diluted share to expected FFO per diluted share is provided below:
		1Q10 Range					2010 Range
		Low		High			Low		High
Expected net income attributable to common shareholders per share - diluted		($0.01	)	$0.03		($0.24		)	$0.06
Expected real estate depreciation		0.61		0.61			2.43		2.43
Expected adjustments for unconsolidated joint ventures		0.03		0.03			0.13		0.13
Expected income allocated to noncontrolling interests		0.01		0.01			0.03		0.03
Expected FFO per share - diluted		0.64		0.68		$2.35			$2.65
Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements on page 1 of this document.

29

CAMDEN	NON-GAAP FINANCIAL MEASURES
	DEFINITIONS & RECONCILIATIONS
	(In thousands, except per share amounts)
Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes.  The Company considers
NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders 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 attributable to common shareholders to net operating income is provided below:
		Three Months Ended				Twelve Months Ended
		December 31,				December 31,
		2009		2008		2009		2008
Net income (loss) attributable to common shareholders		($79,286	)	($34,909	)	($50,800	)	$70,973
Less: Fee and asset management income		(1,915	)	(2,274	)	(8,008	)	(9,167	)
Less: Interest and other income		(412	)	(1,077	)	(2,826	)	(4,736	)
Less: (Income) loss on deferred compensation plans		(2,907	)	13,713		(14,609	)	33,443
Plus: Property management expense		5,016		4,722		18,864		19,910
Plus: Fee and asset management expense		1,366		1,435		4,878		6,054
Plus: General and administrative expense		8,233		7,699		31,243		31,586
Plus: Interest expense		30,932		33,702		128,296		132,399
Plus: Depreciation and amortization		43,919		43,300		174,682		171,814
Plus: Amortization of deferred financing costs		1,569		837		3,925		2,958
Plus: (Expense) benefit on deferred compensation plans		2,907		(13,713	)	14,609		(33,443	)
Less: Gain on sale of properties, including land		-		-		-		(2,929	)
Less: (Gain) loss on early retirement of debt		-		(8,828	)	2,550		(13,566	)
Less: Equity in (income) loss of joint ventures		(103	)	483		(695	)	1,265
Plus: Impairment associated with land development activities		85,614		51,323		85,614		51,323
Plus: Income allocated to perpetual preferred units		1,750		1,750		7,000		7,000
Plus: Income (loss) allocated to noncontrolling interests		(1,851	)	652		(403	)	4,052
Plus: Income tax expense - current		195		327		967		843
Less: Income from discontinued operations		-		(619	)	(1,341	)	(4,847	)
Less: (Gain) loss on sale of discontinued operations		-		77		(16,887	)	(80,198	)
Net Operating Income (NOI)		$95,027		$98,600		$377,059		$384,734
"Same Property" Communities		$78,257		$82,810		$314,342		$334,426
Non-"Same Property" Communities		14,758		13,791		55,969		43,833
Development and Lease-Up Communities		797		450		2,499		698
Redevelopment Communities		787		744		2,886		3,000
Dispositions / Other		428		805		1,363		2,777
Net Operating Income (NOI)		$95,027		$98,600		$377,059		$384,734
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) loss of joint ventures, gain on sale of real estate assets, impairment associated with land development activities, (gain) loss on early retirement of debt, and income (loss) allocated
to noncontrolling interests.  The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common
shareholders 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 attributable to common shareholders to EBITDA is provided below:
		Three Months Ended				Twelve Months Ended
		December 31,				December 31,
		2009		2008		2009		2008
Net income (loss) attributable to common shareholders		($79,286	)	($34,909	)	($50,800	)	$70,973
Plus: Interest expense		30,932		33,702		128,296		132,865
Plus: Amortization of deferred financing costs		1,569		837		3,925		2,958
Plus: Depreciation and amortization		43,919		43,300		174,682		171,814
Plus: Income allocated to perpetual preferred units		1,750		1,750		7,000		7,000
Plus: Income (loss) allocated to noncontrolling interests		(1,851	)	652		(403	)	4,052
Plus: Income tax expense - current		195		327		967		843
Plus: Real estate depreciation and amortization from discontinued operations		-		-		-		2,762
Less: Gain on sale of properties, including land		-		-		-		(2,929	)
Less: (Gain) loss on early retirement of debt		-		(8,828	)	2,550		(13,566	)
Less: Equity in (income) loss of joint ventures		(103	)	483		(695	)	1,265
Plus: Impairment associated with land development activities		85,614		51,323		85,614		51,323
Less: (Gain) loss on sale of discontinued operations		-		77		(16,887	)	(80,198	)
EBITDA		$82,739		$88,714		$334,249		$349,162

30

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:		Q1 '10	Q2 '10	Q3 '10	Q4 '10
Earnings release & conference call		Early May	Early Aug	Late Oct	Early Feb
Dividend Information - Common Shares:		Q1 '09	Q2 '09	Q3 '09	Q4 '09
Declaration Date		03/16/09	06/15/09	09/15/09	12/07/09
Record Date		03/31/09	06/30/09	09/30/09	12/21/09
Payment Date		04/17/09	07/17/09	10/16/09	01/18/10
Distributions Per Share		$0.70	$0.45	$0.45	$0.45
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

31

CAMDEN									COMMUNITY TABLE
								Community Statistics as of 12/31/09
(Unaudited)									4Q09 Avg
					Year Placed	Average	Apartment	4Q09 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%	$728	$0.93
	Camden Fountain Palms (1)		Peoria	AZ	1986/1996	1,050	192	89%	656	0.63
	Camden Legacy		Scottsdale	AZ	1996	1,067	428	94%	842	0.79
	Camden Pecos Ranch (1)		Chandler	AZ	2001	924	272	93%	734	0.79
	Camden San Paloma		Scottsdale	AZ	1993/1994	1,042	324	94%	854	0.82
	Camden Sierra (1)		Peoria	AZ	1997	925	288	90%	641	0.69
	Camden Towne Center (1)		Glendale	AZ	1998	871	240	90%	661	0.76
	Camden Vista Valley		Mesa	AZ	1986	923	357	89%	607	0.66
		TOTAL ARIZONA	8 Properties			951	2,433	92%	725	0.76
	Camden Crown Valley		Mission Viejo	CA	2001	1,009	380	95%	1,507	1.49
	Camden Harbor View		Long Beach	CA	2004	975	538	95%	1,874	1.92
	Camden Main and Jamboree (1)		Irvine	CA	2008	1,011	290	95%	1,892	1.87
	Camden Martinique		Costa Mesa	CA	1986	794	714	93%	1,256	1.58
	Camden Parkside (1)		Fullerton	CA	1972	836	421	93%	1,166	1.39
	Camden Sea Palms		Costa Mesa	CA	1990	891	138	96%	1,446	1.62
		Total Los Angeles/Orange County	6 Properties			904	2,481	94%	1,498	1.66
	Camden Old Creek		San Marcos	CA	2007	1,037	350	94%	1,505	1.45
	Camden Sierra at Otay Ranch		Chula Vista	CA	2003	962	422	92%	1,478	1.54
	Camden Tuscany		San Diego	CA	2003	896	160	94%	1,768	1.97
	Camden Vineyards		Murrieta	CA	2002	1,053	264	90%	1,158	1.10
		Total San Diego/Inland Empire	4 Properties			995	1,196	92%	1,454	1.46
		TOTAL CALIFORNIA	10 Properties			934	3,677	94%	1,484	1.59
	Camden Caley		Englewood	CO	2000	925	218	93%	863	0.93
	Camden Centennial		Littleton	CO	1985	744	276	91%	650	0.87
	Camden Denver West (1)		Golden	CO	1997	1,015	320	94%	1,021	1.01
	Camden Highlands Ridge		Highlands Ranch	CO	1996	1,149	342	94%	1,044	0.91
	Camden Interlocken		Broomfield	CO	1999	1,022	340	95%	1,049	1.03
	Camden Lakeway		Littleton	CO	1997	932	451	92%	876	0.94
	Camden Pinnacle		Westminster	CO	1985	748	224	91%	648	0.87
		TOTAL COLORADO	7 Properties			949	2,171	93%	897	0.95
	Camden Ashburn Farms		Ashburn	VA	2000	1,062	162	95%	1,282	1.21
	Camden Clearbrook		Frederick	MD	2007	1,048	297	96%	1,190	1.14
	Camden College Park (1)		College Park	MD	2008	942	508	90%	1,560	1.66
	Camden Dulles Station (2)		Oak Hill	VA	2009	984	366	Lease-up	1,451	1.47
	Camden Fair Lakes		Fairfax	VA	1999	1,056	530	94%	1,443	1.37
	Camden Fairfax Corner		Fairfax	VA	2006	934	488	95%	1,481	1.59
	Camden Fallsgrove		Rockville	MD	2004	996	268	96%	1,493	1.50
	Camden Grand Parc		Washington	DC	2002	674	105	96%	2,196	3.26
	Camden Lansdowne		Leesburg	VA	2002	1,006	690	95%	1,218	1.21
	Camden Largo Town Center		Largo	MD	2000/2007	1,027	245	93%	1,473	1.43
	Camden Monument Place		Fairfax	VA	2007	856	368	94%	1,365	1.59
	Camden Potomac Yard		Arlington	VA	2008	835	378	94%	1,785	2.14
	Camden Roosevelt		Washington	DC	2003	856	198	96%	2,229	2.60
	Camden Russett		Laurel	MD	2000	992	426	95%	1,302	1.31
	Camden Silo Creek		Ashburn	VA	2004	975	284	97%	1,213	1.24
	Camden Summerfield		Landover	MD	2008	957	291	88%	1,522	1.59
	Camden Westwind		Ashburn	VA	2006	1,036	464	95%	1,219	1.18
		TOTAL DC METRO	17 Properties			969	6,068	94%	1,439	1.48
	Camden Aventura		Aventura	FL	1995	1,108	379	93%	1,289	1.16
	Camden Brickell		Miami	FL	2003	937	405	95%	1,294	1.38
	Camden Doral		Miami	FL	1999	1,120	260	94%	1,393	1.24
	Camden Doral Villas		Miami	FL	2000	1,253	232	97%	1,508	1.20
	Camden Las Olas		Ft. Lauderdale	FL	2004	1,043	420	94%	1,489	1.43
	Camden Plantation		Plantation	FL	1997	1,201	502	94%	1,226	1.02
	Camden Portofino		Pembroke Pines	FL	1995	1,112	322	95%	1,233	1.11
		Total Southeast Florida	7 Properties			1,103	2,520	95%	1,334	1.21
	Camden Club		Longwood	FL	1986	1,077	436	95%	810	0.75
	Camden Hunter's Creek		Orlando	FL	2000	1,075	270	94%	913	0.85
	Camden Lago Vista		Orlando	FL	2005	955	366	94%	858	0.90
	Camden Landings		Orlando	FL	1983	748	220	93%	653	0.87
	Camden Lee Vista		Orlando	FL	2000	937	492	92%	806	0.86
	Camden Orange Court		Orlando	FL	2008	812	261	94%	1,032	1.29
	Camden Renaissance		Altamonte Springs	FL	1996/1998	899	578	92%	745	0.83
	Camden Reserve		Orlando	FL	1990/1991	824	526	93%	703	0.85
	Camden World Gateway		Orlando	FL	2000	979	408	90%	880	0.90
		Total Orlando	9 Properties			928	3,557	93%	811	0.87

32

CAMDEN									COMMUNITY TABLE
								Community Statistics as of 12/31/09
(Unaudited)									4Q09 Avg
					Year Placed	Average	Apartment	4Q09 Avg	Monthly Rental Rates
Community Name			City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.
	Camden Bay		Tampa	FL	1997/2001	943	760	94%	782	0.83
	Camden Bay Pointe		Tampa	FL	1984	771	368	89%	645	0.84
	Camden Bayside		Tampa	FL	1987/1989	748	832	93%	690	0.92
	Camden Citrus Park		Tampa	FL	1985	704	247	92%	627	0.89
	Camden Lakes		St. Petersburg	FL	1982/1983	732	688	91%	630	0.86
	Camden Lakeside		Brandon	FL	1986	729	228	91%	694	0.95
	Camden Live Oaks		Tampa	FL	1990	1,093	770	93%	762	0.70
	Camden Preserve		Tampa	FL	1996	942	276	92%	962	1.02
	Camden Providence Lakes		Brandon	FL	1996	1,024	260	93%	838	0.82
	Camden Royal Palms		Brandon	FL	2006	1,017	352	93%	900	0.88
	Camden Westshore		Tampa	FL	1986	728	278	93%	769	1.06
	Camden Woods		Tampa	FL	1986	1,223	444	94%	771	0.63
		Total Tampa/St. Petersburg	12 Properties			897	5,503	93%	744	0.83
		TOTAL FLORIDA	28 Properties			951	11,580	93%	893	0.94
	Camden Brookwood		Atlanta	GA	2002	912	359	93%	892	0.98
	Camden Dunwoody		Atlanta	GA	1997	1,007	324	94%	839	0.83
	Camden Deerfield		Alpharetta	GA	2000	1,187	292	96%	859	0.72
	Camden Midtown Atlanta		Atlanta	GA	2001	935	296	93%	935	1.00
	Camden Peachtree City		Peachtree City	GA	2001	1,027	399	93%	823	0.80
	Camden River		Duluth	GA	1997	1,103	352	95%	799	0.72
	Camden Shiloh		Kennesaw	GA	1999/2002	1,143	232	93%	785	0.69
	Camden St. Clair		Atlanta	GA	1997	999	336	93%	859	0.86
	Camden Stockbridge		Stockbridge	GA	2003	1,009	304	91%	720	0.71
	Camden Sweetwater		Lawrenceville	GA	2000	1,151	308	90%	702	0.61
		TOTAL GEORGIA	10 Properties			1,042	3,202	93%	823	0.79
	Camden Brookside (1)		Louisville	KY	1987	732	224	89%	616	0.84
	Camden Meadows (1)		Louisville	KY	1987/1990	746	400	96%	659	0.88
	Camden Oxmoor (1)		Louisville	KY	2000	903	432	95%	791	0.88
	Camden Prospect Park (1)		Louisville	KY	1990	916	138	93%	746	0.81
		TOTAL KENTUCKY	4 Properties			820	1,194	94%	709	0.86
	Camden Passage (1)		Kansas City	MO	1989/1997	834	596	95%	646	0.77
		Total Kansas City	1 Property			834	596	95%	646	0.77
	Camden Cedar Lakes (1)		Lake St. Louis	MO	1986	852	420	90%	602	0.71
	Camden Cove West (1)		Creve Coeur	MO	1990	828	276	95%	830	1.00
	Camden Cross Creek (1)		St. Louis	MO	1973/1980	947	591	94%	734	0.77
	Camden Westchase (1)		St. Louis	MO	1986	945	160	94%	830	0.88
		Total St. Louis	4 Properties			896	1,447	93%	725	0.81
		TOTAL MISSOURI	5 Properties			878	2,043	93%	702	0.80
	Camden Bel Air		Las Vegas	NV	1988/1995	943	528	92%	772	0.82
	Camden Breeze		Las Vegas	NV	1989	846	320	91%	764	0.90
	Camden Canyon		Las Vegas	NV	1995	987	200	94%	901	0.91
	Camden Commons		Henderson	NV	1988	936	376	89%	786	0.84
	Camden Cove		Las Vegas	NV	1990	898	124	91%	773	0.86
	Camden Del Mar		Las Vegas	NV	1995	986	560	93%	921	0.93
	Camden Fairways		Henderson	NV	1989	896	320	93%	909	1.01
	Camden Hills		Las Vegas	NV	1991	439	184	90%	563	1.28
	Camden Legends		Henderson	NV	1994	792	113	93%	832	1.05
	Camden Palisades		Las Vegas	NV	1991	905	624	91%	772	0.85
	Camden Pines (1)		Las Vegas	NV	1997	982	315	93%	836	0.85
	Camden Pointe		Las Vegas	NV	1996	983	252	92%	802	0.82
	Camden Summit (1)		Henderson	NV	1995	1,187	234	93%	1,127	0.95
	Camden Tiara (1)		Las Vegas	NV	1996	1,043	400	92%	889	0.85
	Camden Vintage		Las Vegas	NV	1994	978	368	91%	760	0.78
	Oasis Bay (1)		Las Vegas	NV	1990	876	128	94%	793	0.91
	Oasis Crossing (1)		Las Vegas	NV	1996	983	72	93%	816	0.83
	Oasis Emerald (1)		Las Vegas	NV	1988	873	132	89%	692	0.79
	Oasis Gateway (1)		Las Vegas	NV	1997	1,146	360	91%	835	0.73
	Oasis Island (1)		Las Vegas	NV	1990	901	118	90%	683	0.76
	Oasis Landing (1)		Las Vegas	NV	1990	938	144	90%	751	0.80
	Oasis Meadows (1)		Las Vegas	NV	1996	1,031	383	88%	766	0.74
	Oasis Palms (1)		Las Vegas	NV	1989	880	208	88%	699	0.79
	Oasis Pearl (1)		Las Vegas	NV	1989	930	90	92%	757	0.81
	Oasis Place (1)		Las Vegas	NV	1992	440	240	89%	553	1.26
	Oasis Ridge (1)		Las Vegas	NV	1984	391	477	86%	460	1.18
	Oasis Sierra (1)		Las Vegas	NV	1998	923	208	91%	838	0.91
	Oasis Springs (1)		Las Vegas	NV	1988	838	304	86%	660	0.79
	Oasis Vinings (1)		Las Vegas	NV	1994	1,152	234	88%	781	0.68
		TOTAL NEVADA	29 Properties			903	8,016	91%	777	0.86

33

CAMDEN									COMMUNITY TABLE
							Community Statistics as of 12/31/09
(Unaudited)									4Q09 Avg
					Year Placed	Average	Apartment	4Q09 Avg	Monthly Rental Rates
Community Name			City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.
	Camden Ballantyne		Charlotte	NC	1998	1,045	400	94%	787	0.75
	Camden Cotton Mills		Charlotte	NC	2002	905	180	95%	1,086	1.20
	Camden Dilworth		Charlotte	NC	2006	857	145	97%	1,041	1.22
	Camden Fairview		Charlotte	NC	1983	1,036	135	98%	755	0.73
	Camden Forest		Charlotte	NC	1989	703	208	88%	562	0.80
	Camden Foxcroft		Charlotte	NC	1979	940	156	94%	699	0.74
	Camden Grandview		Charlotte	NC	2000	1,057	266	97%	1,158	1.10
	Camden Habersham		Charlotte	NC	1986	773	240	93%	581	0.75
	Camden Park Commons		Charlotte	NC	1997	861	232	92%	634	0.74
	Camden Pinehurst		Charlotte	NC	1967	1,147	407	93%	705	0.61
	Camden Sedgebrook		Charlotte	NC	1999	972	368	93%	728	0.75
	Camden Simsbury		Charlotte	NC	1985	874	100	94%	689	0.79
	Camden South End Square		Charlotte	NC	2003	882	299	94%	946	1.07
	Camden Stonecrest		Charlotte	NC	2001	1,098	306	95%	842	0.77
	Camden Touchstone		Charlotte	NC	1986	899	132	96%	705	0.78
		Total Charlotte	15 Properties			961	3,574	94%	795	0.83
	Camden Crest		Raleigh	NC	2001	1,013	438	93%	717	0.71
	Camden Governor's Village		Chapel Hill	NC	1999	1,046	242	93%	780	0.75
	Camden Lake Pine		Apex	NC	1999	1,066	446	93%	741	0.70
	Camden Manor Park		Raleigh	NC	2006	966	484	95%	774	0.80
	Camden Overlook		Raleigh	NC	2001	1,060	320	94%	820	0.77
	Camden Reunion Park		Apex	NC	2000/2004	972	420	91%	642	0.66
	Camden Westwood		Morrisville	NC	1999	1,027	354	91%	718	0.70
		Total Raleigh	7 Properties			1,017	2,704	93%	737	0.73
		TOTAL NORTH CAROLINA	22 Properties			985	6,278	94%	770	0.78
	Camden Cedar Hills		Austin	TX	2008	911	208	95%	896	0.98
	Camden Gaines Ranch		Austin	TX	1997	955	390	93%	919	0.96
	Camden Huntingdon		Austin	TX	1995	903	398	93%	698	0.77
	Camden Laurel Ridge		Austin	TX	1986	702	183	93%	568	0.81
	Camden Ridgecrest		Austin	TX	1995	855	284	93%	660	0.77
	Camden South Congress (1)		Austin	TX	2001	975	253	94%	1,262	1.29
	Camden Stoneleigh		Austin	TX	2001	908	390	93%	823	0.91
		Total Austin	8 Properties			894	2,454	93%	828	0.93
	Camden Breakers		Corpus Christi	TX	1996	868	288	95%	861	0.99
	Camden Copper Ridge		Corpus Christi	TX	1986	775	344	94%	657	0.85
	Camden Miramar (3)		Corpus Christi	TX	1994-2004	482	778	98%	914	1.90
		Total Corpus Christi	3 Properties			632	1,410	94%	841	1.33
	Camden Addison (1)		Addison	TX	1996	942	456	92%	777	0.83
	Camden Buckingham		Richardson	TX	1997	919	464	93%	760	0.83
	Camden Centreport		Ft. Worth	TX	1997	911	268	91%	750	0.82
	Camden Cimarron		Irving	TX	1992	772	286	93%	762	0.99
	Camden Farmers Market		Dallas	TX	2001/2005	932	904	94%	863	0.93
	Camden Gardens		Dallas	TX	1983	652	256	94%	537	0.82
	Camden Glen Lakes		Dallas	TX	1979	877	424	93%	740	0.84
	Camden Legacy Creek		Plano	TX	1995	831	240	95%	795	0.96
	Camden Legacy Park		Plano	TX	1996	871	276	93%	820	0.94
	Camden Oasis		Euless	TX	1986	548	602	79%	543	0.99
	Camden Springs		Dallas	TX	1987	713	304	90%	547	0.77
	Camden Valley Creek		Irving	TX	1984	855	380	93%	644	0.75
	Camden Valley Park (4)		Irving	TX	1986	743	516	81%	696	0.94
	Camden Valley Ridge		Irving	TX	1987	773	408	91%	572	0.74
	Camden Westview		Lewisville	TX	1983	697	335	88%	580	0.83
		Total Dallas/Ft. Worth	15 Properties			808	6,119	91%	703	0.87

34

CAMDEN									COMMUNITY TABLE
								Community Statistics as of 12/31/09
(Unaudited)									4Q09 Avg
					Year Placed	Average	Apartment	4Q09 Avg	Monthly Rental Rates
Community Name			City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.
	Braeswood Place (1) (2)		Houston	TX	2009	1,042	340	Lease-up	1,439	1.38
	Camden Baytown		Baytown	TX	1999	844	272	91%	848	1.01
	Camden City Centre		Houston	TX	2007	932	379	95%	1,310	1.41
	Camden Creek		Houston	TX	1984	639	456	90%	581	0.91
	Camden Greenway		Houston	TX	1999	861	756	94%	1,018	1.18
	Camden Holly Springs (1)		Houston	TX	1999	934	548	95%	866	0.93
	Camden Midtown		Houston	TX	1999	844	337	96%	1,181	1.40
	Camden Oak Crest		Houston	TX	2003	870	364	95%	816	0.94
	Camden Park (1)		Houston	TX	1995	866	288	96%	772	0.89
	Camden Plaza (1)		Houston	TX	2007	915	271	93%	1,230	1.35
	Camden Royal Oaks		Houston	TX	2006	923	236	90%	1,091	1.18
	Camden Steeplechase		Houston	TX	1982	748	290	87%	627	0.84
	Camden Stonebridge		Houston	TX	1993	845	204	95%	801	0.95
	Camden Sugar Grove (1)		Stafford	TX	1997	921	380	92%	854	0.93
	Camden Vanderbilt		Houston	TX	1996/1997	863	894	94%	1,115	1.29
	Camden Whispering Oaks		Houston	TX	2008	934	274	93%	1,011	1.08
		Total Houston	16 Properties			870	6,289	93%	982	1.13
		TOTAL TEXAS	42 Properties			830	16,272	92%	842	1.01
TOTAL PROPERTIES			183 Properties			918	63,286	93%	$922	$1.00
(1)	Communities owned through investment in joint venture.
(2)	Completed communities in lease-up as of December 31, 2009 are excluded from total occupancy numbers.
(3)	Miramar is a student housing community which is excluded from total occupancy numbers.
(4)	Communities under redevelopment during 4Q09 are excluded from total occupancy numbers.

35