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):  November 1, 2012

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 November 1, 2012, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the three and nine months ended September 30, 2012. 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 November 1, 2012.

99.2 Supplemental Financial Information dated November 1, 2012.

2

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: November 2, 2012
	CAMDEN PROPERTY TRUST
	By:	/s/ Michael P. Gallagher
		Michael P. Gallagher
		Vice President - Chief Accounting Officer

3

EXHIBIT INDEX

Exhibit
Number	Title
99.1	Press Release issued by Camden Property Trust dated November 1, 2012
99.2	Supplemental Financial Information dated November 1, 2012

EX-99.1

EXHIBIT 99.1

CAMDEN PROPERTY TRUST ANNOUNCES

THIRD QUARTER 2012 OPERATING RESULTS

Houston, TEXAS (November 1, 2012) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and nine months ended September 30, 2012.

Funds From Operations (“FFO”)

FFO for the third quarter of 2012 totaled $0.93 per diluted share or $82.1 million, as compared to $0.77 per diluted share or $58.8 million for the same period in 2011.

FFO for the nine months ended September 30, 2012 totaled $2.65 per diluted share or $227.4 million, as compared to $1.89 per diluted share or $143.3 million for the same period in 2011.  FFO for the nine months ended September 30, 2012 included a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units.  FFO for the nine months ended September 30, 2011 included:  a $0.40 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; and a net $3.3 million or $0.04 per diluted share impact related to gain on sale of an available-for-sale investment.

“We are pleased to report another strong quarter, with FFO per share growing 21% and same property net operating income rising 10.7%,” said Richard Campo, Camden’s Chairman & Chief Executive Officer.  “Apartment fundamentals continue to be strong across our markets, allowing us to increase our 2012 earnings guidance for the third time this year.”

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $30.7 million or $0.35 per diluted share for the third quarter of 2012, as compared to $11.8 million or $0.16 per diluted share for the same period in 2011.  EPS for the three months ended September 30, 2012 included a $2.9 million or $0.03 per diluted share impact related to the gain on sale of an unconsolidated joint venture property.

For the nine months ended September 30, 2012, the Company reported EPS of $141.2 million or $1.66 per diluted share, as compared to $2.5 million or $0.03 per diluted share for the same period in 2011.  EPS for the nine months ended September 30, 2012 included: a $40.2 million or $0.47 per diluted share impact related to the gain on acquisition of the controlling interest in twelve joint ventures; a $32.5 million or $0.38 per diluted share impact related to the gain on sale of discontinued operations; a $2.9 million or $0.03 per diluted share impact related to the gain on sale of an unconsolidated joint venture property; and, a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units. EPS for the nine months ended September 30, 2011 included: a $0.42 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.07 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.05 per diluted share impact related to gain on sale of an available-for-sale investment; and a $1.1 million or $0.02 per diluted share impact from gain on sale of three joint venture interests.

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 47,251 apartment homes included in consolidated same property results, third quarter 2012 same property NOI increased 10.7% compared to the third quarter of 2011, with revenues increasing 6.6% and expenses increasing 0.4%.  On a sequential basis, third quarter 2012 same property NOI increased 2.8% compared to the second quarter of 2012, with revenues increasing 2.6% and expenses increasing 2.4% compared to the prior quarter.  On a year-to-date basis, 2012 same property NOI increased 9.6%, with revenues increasing 6.5% and expenses increasing 1.6% compared to the same period in 2011. Same property physical occupancy levels for the portfolio averaged 95.6% during the third quarter of 2012, compared to 95.1% in the third quarter of 2011 and 95.4% in the second quarter of 2012.

The Company defines same property communities as communities owned and stabilized as of January 1, 2011, excluding properties held for sale and communities under major redevelopment.  A reconciliation of net income attributable to common shareholders to net operating income and same property net operating income is included in the financial tables accompanying this press release.

Acquisition Activity

Camden acquired three stabilized communities during the third quarter for a total of $135.0 million:  Camden Creekstone, a 223-home apartment community in Atlanta, GA; Camden Landmark, a 469-home apartment community in Ontario, CA; and Camden Henderson, a 106-home apartment community in Dallas, TX.  The Company also purchased the remaining 75% non-controlling ownership interest in a fully-consolidated joint venture during the quarter.  Camden Travis Street, a 253-home apartment community in Houston, TX, is now wholly-owned by the Company.

During the quarter the Company acquired 12.0 acres of land located in Austin, TX for future development of a multifamily community.  Subsequent to quarter-end Camden acquired 2.4 acres of land in Plantation, FL for future development of a multifamily community.

Disposition Activity

Camden disposed of one joint venture community during the quarter, which was owned by one of the Company’s funds.  Camden South Congress, a 253-home apartment community in Austin, TX, was sold for approximately $54.4 million.  Camden’s proportionate share of the gain was approximately $2.9 million.

Subsequent to quarter-end, the Company sold two wholly-owned communities for a total of $26.6 million:  Camden Laurel Ridge, a 183-home apartment community in Austin, TX; and Camden Steeplechase, a 290-home apartment community in Houston, TX.  The Company also sold Camden Passage, a 596-home joint venture apartment community in Kansas City, MO for approximately $40.7 million subsequent to quarter-end.

Development Activity

Lease-ups were completed during the quarter at three development communities:  Camden Montague, a 192-home project in Tampa, FL which is currently 96% occupied; Camden LaVina, a 420-home project in Orlando, FL, which is currently 96% occupied; and Camden Summerfield II, a 187-home project in Landover, MD, which is currently 95% occupied.

Construction was completed during the quarter at Camden Westchase Park, a 348-home project in Tampa, FL which is currently 95% leased. Lease-ups continued during the quarter at Camden Royal Oaks II, a 104-home project in Houston, TX, which is currently 61% leased; and Camden Town Square, a 438-home project in Orlando, FL which is currently 60% leased.

Construction began during the quarter at Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes, and continued at three additional wholly-owned development communities: Camden City Centre II in Houston, TX, a $36 million project with 268 apartment homes; Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes; and Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes.

Construction was also completed during the quarter on one joint venture community, Camden Amber Oaks II in Austin, TX, a 244-home project which is currently 86% leased. Construction continued on Camden South Capitol in Washington, DC, a 276-home joint venture project expected to have initial occupancy in the third quarter of 2013.

Equity Issuance

During the third quarter, Camden issued 1,302,454 common shares through its at-the-market (“ATM”) share offering programs at an average price of $69.34 per share, for total net consideration of approximately $88.9 million.  Year-to-date through October 2012, Camden has issued 4,579,308 common shares through its ATM programs at an average price of $66.93 per share, for total net consideration of approximately $301.8 million.

Earnings Guidance

Camden updated its earnings guidance for 2012 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2012 FFO is expected to be $3.59 to $3.63 per diluted share, and full-year 2012 EPS is expected to be $2.06 to $2.10 per diluted share.  Fourth quarter 2012 earnings guidance is $0.94 to $0.98 per diluted share for FFO and $0.42 to $0.46 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 2012 earnings guidance is based on projections of same property revenue growth between 6.20% and 6.70%, expense growth between 2.00% and 2.50%, and NOI growth between 8.75% and 9.25%.  Additional information on the Company’s 2012 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 Friday, November 2, 2012 at 11:00 a.m. Central Time to review its third quarter 2012 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: 3311044, 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 200 properties containing 67,762 apartment homes across the United States.  Upon completion of six properties under development, the Company's portfolio will increase to 69,802 apartment homes in 206 properties.  Camden was recently named by FORTUNE® Magazine for the fifth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #7.

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

CAMDEN	OPERATING RESULTS
	(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
OPERATING DATA	2012			2011			2012			2011
Property revenues
Rental revenues		$166,179			$140,332			$477,501			$412,794
Other property revenues		28,025			23,892			79,322			68,605
Total property revenues		194,204			164,224			556,823			481,399
Property expenses
Property operating and maintenance		54,008			48,731			153,491			138,974
Real estate taxes		19,096			16,892			56,586			51,596
Total property expenses		73,104			65,623			210,077			190,570
Non-property income
Fee and asset management		3,041			2,646			9,572			6,955
Interest and other income (loss)		3			(108	)		(750	)		4,749
Income (loss) on deferred compensation plans		(1,781	)		(6,096	)		3,820			1,233
Total non-property income		1,263			(3,558	)		12,642			12,937
Other expenses
Property management		5,509			5,050			15,644			15,478
Fee and asset management		1,864			1,330			5,051			4,220
General and administrative		9,303			8,572			27,712			26,392
Interest		25,865			27,354			78,795			85,472
Depreciation and amortization		52,588			43,367			155,579			133,547
Amortization of deferred financing costs		909			1,344			2,721			4,761
Expense (benefit) on deferred compensation plans		(1,781	)		(6,096	)		3,820			1,233
Total other expenses		94,257			80,921			289,322			271,103
Gain on acquisition of controlling interests in joint ventures		-			-			40,191			-
Gain on sale of properties, including land		-			-			-			4,748
Gain on sale of unconsolidated joint venture interests		-			-			-			1,136
Loss on discontinuation of hedging relationship		-			-			-			(29,791	)
Equity in income (loss) of joint ventures		3,688			(556	)		4,686			(166	)
Income from continuing operations before income taxes		31,794			13,566			114,943			8,590
Income tax expense - current		(334	)		(313	)		(992	)		(1,889	)
Income from continuing operations		31,460			13,253			113,951			6,701
Income from discontinued operations		343			1,098			1,262			3,196
Gain on sale of discontinued operations, net of tax		-			-			32,541			-
Net income		31,803			14,351			147,754			9,897
Less income allocated to noncontrolling interests from continuing operations		(1,100	)		(752	)		(3,009	)		(2,089	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			(9	)		(670	)		(29	)
Less income allocated to perpetual preferred units		-			(1,750	)		(776	)		(5,250	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			-			(2,075	)		-
Net income attributable to common shareholders		$30,703			$11,840			$141,224			$2,529
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$31,803			$14,351			$147,754			$9,897
Other comprehensive income
Unrealized loss on cash flow hedging activities		-			-			-			(2,692	)
Reclassification of net losses on cash flow hedging activities		-			108			-			39,660
Reclassification of gain on available-for-sale investment to earnings, net of tax		-			-			-			(3,309	)
Reclassification of prior service cost on post retirement obligations		7			-			23			-
Comprehensive income		31,810			14,459			147,777			43,556
Less income allocated to noncontrolling interests from continuing operations		(1,100	)		(752	)		(3,009	)		(2,089	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			(9	)		(670	)		(29	)
Less income allocated to perpetual preferred units		-			(1,750	)		(776	)		(5,250	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			-			(2,075	)		-
Comprehensive income attributable to common shareholders		$30,710			$11,948			$141,247			$36,188
PER SHARE DATA
Net income attributable to common shareholders - basic		$0.36			$0.16			$1.69			$0.03
Net income attributable to common shareholders - diluted		0.35			0.16			1.66			0.03
Income (loss) from continuing operations attributable to common shareholders - basic		0.35			0.14			1.29			(0.01	)
Income (loss) from continuing operations attributable to common shareholders - diluted		0.35			0.14			1.27			(0.01	)
Weighted average number of common and
common equivalent shares outstanding:
Basic		85,631			73,242			82,923			72,502
Diluted		86,293			74,274			84,694			72,502
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					Nine Months Ended
	September 30,					September 30,
FUNDS FROM OPERATIONS	2012			2011		2012			2011
Net income attributable to common shareholders (a)		$30,703			$11,840		$141,224			$2,529
Real estate depreciation from continuing operations		51,477			42,095		152,246			129,778
Real estate depreciation and amortization from discontinued operations		221			1,191		844			3,564
Adjustments for unconsolidated joint ventures		1,885			3,223		6,198			7,042
Income allocated to noncontrolling interests		702			458		2,504			1,494
(Gain) on sale of unconsolidated joint venture property		(2,875	)		-		(2,875	)		-
(Gain) on acquisition of controlling interests in joint ventures		-			-		(40,191	)		-
(Gain) on sale of discontinued operations, net of tax		-			-		(32,541	)		-
(Gain) on sale of unconsolidated joint venture interests		-			-		-			(1,136	)
Funds from operations - diluted		$82,113			$58,807		$227,409			$143,271
PER SHARE DATA
Funds from operations - diluted		$0.93			$0.77		$2.65			$1.89
Cash distributions		0.56			0.49		1.68			1.47
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		88,514			76,494		85,822			75,685
PROPERTY DATA
Total operating properties (end of period) (b)		203			197		203			197
Total operating apartment homes in operating properties (end of period) (b)		68,831			67,491		68,831			67,491
Total operating apartment homes (weighted average)		54,934			50,921		53,870			50,895
Total operating apartment homes - excluding discontinued operations (weighted average)		54,461			48,627		53,204			48,601
(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the nine months ended September 30, 2011.
(b) 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)	Sept 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2012			2012			2012			2011			2011
ASSETS
Real estate assets, at cost
Land		$929,289			$893,910			$868,964			$768,016			$766,302
Buildings and improvements		5,359,707			5,203,675			5,068,560			4,751,654			4,758,397
		6,288,996			6,097,585			5,937,524			5,519,670			5,524,699
Accumulated depreciation		(1,542,530	)		(1,505,862	)		(1,458,451	)		(1,432,799	)		(1,421,867	)
Net operating real estate assets		4,746,466			4,591,723			4,479,073			4,086,871			4,102,832
Properties under development, including land		280,948			297,712			301,282			299,870			274,201
Investments in joint ventures		46,566			47,776			49,436			44,844			37,033
Properties held for sale		6,373			-			-			11,131			-
Total real estate assets		5,080,353			4,937,211			4,829,791			4,442,716			4,414,066
Accounts receivable - affiliates		28,874			29,940			29,742			31,035			31,395
Other assets, net (a)		96,401			88,002			89,706			88,089			87,657
Cash and cash equivalents		5,590			52,126			49,702			55,159			56,099
Restricted cash		6,742			5,295			5,074			5,076			5,357
Total assets		$5,217,960			$5,112,574			$5,004,015			$4,622,075			$4,594,574
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,415,354			$1,381,152			$1,380,952			$1,380,755			$1,380,560
Secured		978,371			1,015,260			1,050,154			1,051,357			1,052,544
Accounts payable and accrued expenses		118,879			87,041			105,370			93,747			97,613
Accrued real estate taxes		43,757			31,607			17,991			21,883			37,721
Distributions payable		49,940			49,135			47,594			39,364			39,319
Other liabilities (b)		78,551			83,471			90,423			109,276			111,043
Total liabilities		2,684,852			2,647,666			2,692,484			2,696,382			2,718,800
Commitments and contingencies
Perpetual preferred units		-			-			-			97,925			97,925
Equity
Common shares of beneficial interest		959			945			919			845			839
Additional paid-in capital		3,580,528			3,501,354			3,327,961			2,901,024			2,861,139
Distributions in excess of net income attributable to common shareholders		(692,235	)		(674,221	)		(648,074	)		(690,466	)		(700,897	)
Treasury shares, at cost		(425,756	)		(430,958	)		(437,215	)		(452,003	)		(452,244	)
Accumulated other comprehensive income (loss) (c)		(660	)		(667	)		(675	)		(683	)		201
Total common equity		2,462,836			2,396,453			2,242,916			1,758,717			1,709,038
Noncontrolling interests		70,272			68,455			68,615			69,051			68,811
Total equity		2,533,108			2,464,908			2,311,531			1,827,768			1,777,849
Total liabilities and equity		$5,217,960			$5,112,574			$5,004,015			$4,622,075			$4,594,574
(a) Includes:
net deferred charges of:		$13,695			$14,432			$15,267			$16,102			$16,868
(b) Includes:
deferred revenues of:		$1,746			$2,012			$2,337			$2,140			$2,213
distributions in excess of investments in joint ventures of:		$16,708			$16,499			$16,298			$30,596			$31,799
fair value adjustment of derivative instruments:		$185			$5,918			$11,574			$16,486			$22,192
(c) Represents the unrealized (loss)/gain and unamortized prior service costs on post retirement obligations.

CAMDEN	NON-GAAP FINANCIAL MEASURES
	DEFINITIONS & RECONCILIATIONS
	(In thousands, except per share amounts)
(Unaudited)
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance.  Camden's
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable.  The non-GAAP
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating
activities as a measure of our liquidity.

FFO

The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance

with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,

and after adjustments for unconsolidated partnerships and joint ventures.  Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,

including minority interests, which are convertible into common equity.  The Company considers FFO to be an appropriate supplemental measure of operating performance

because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a

company's real estate between periods or as compared to different companies.  A reconciliation of net income attributable to common shareholders to FFO is provided below:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2012			2011		2012			2011
Net income (loss) attributable to common shareholders (a)		$30,703			$11,840		$141,224			$2,529
Real estate depreciation from continuing operations		51,477			42,095		152,246			129,778
Real estate depreciation and amortization from discontinued operations		221			1,191		844			3,564
Adjustments for unconsolidated joint ventures		1,885			3,223		6,198			7,042
Income allocated to noncontrolling interests		702			458		2,504			1,494
(Gain) on sale of unconsolidated joint venture property		(2,875	)		-		(2,875	)		-
(Gain) on acquisition of controlling interests in joint ventures		-			-		(40,191	)		-
(Gain) on sale of discontinued operations, net of tax		-			-		(32,541	)		-
(Gain) on sale of unconsolidated joint venture interests		-			-		-			(1,136	)
Funds from operations - diluted		$82,113			$58,807		$227,409			$143,271
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		86,293			74,274		84,694			72,502
FFO diluted		88,514			76,494		85,822			75,685
Net income (loss) attributable to common shareholders - diluted		$0.35			$0.16		$1.66			$0.03
FFO per common share - diluted		$0.93			$0.77		$2.65			$1.89
(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the nine months ended September 30, 2011.

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:

	4Q12 Range						2012 Range
	Low			High			Low			High
Expected net income attributable to common shareholders per share - diluted		$0.42			$0.46			$2.06			$2.10
Expected real estate depreciation from continuing operations		0.56			0.56			2.33			2.33
Expected real estate depreciation and amortization from discontinued operations		0.00			0.00			0.01			0.01
Expected adjustments for unconsolidated joint ventures		(0.05	)		(0.05	)		0.02			0.02
Expected income allocated to noncontrolling interests		0.01			0.01			0.04			0.04
(Gain) on sale of uncosolidated joint venture property		0.00			0.00			(0.03	)		(0.03	)
Realized (gain) on acquisition of controlling interests in joint ventures		0.00			0.00			(0.46	)		(0.46	)
Realized (gain) on sale of discontinued operations, net of tax		0.00			0.00			(0.38	)		(0.38	)
Expected FFO per share - diluted		$0.94			$0.98			$3.59			$3.63

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						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Net income attributable to common shareholders		$30,703			$11,840			$141,224			$2,529
Less: Fee and asset management income		(3,041	)		(2,646	)		(9,572	)		(6,955	)
Less: Interest and other (income) loss		(3	)		108			750			(4,749	)
Less: Income (loss) on deferred compensation plans		1,781			6,096			(3,820	)		(1,233	)
Plus: Property management expense		5,509			5,050			15,644			15,478
Plus: Fee and asset management expense		1,864			1,330			5,051			4,220
Plus: General and administrative expense		9,303			8,572			27,712			26,392
Plus: Interest expense		25,865			27,354			78,795			85,472
Plus: Depreciation and amortization		52,588			43,367			155,579			133,547
Plus: Amortization of deferred financing costs		909			1,344			2,721			4,761
Plus: Expense (benefit) on deferred compensation plans		(1,781	)		(6,096	)		3,820			1,233
Less: Gain on acquisition of controlling interests in joint ventures		-			-			(40,191	)		-
Less: Gain on sale of properties, including land		-			-			-			(4,748	)
Less: Gain on sale of unconsolidated joint venture interests		-			-			-			(1,136	)
Plus: Loss on discontinuation of hedging relationship		-			-			-			29,791
Less: Equity in income (loss) of joint ventures		(3,688	)		556			(4,686	)		166
Plus: Income tax expense - current		334			313			992			1,889
Less: Income from discontinued operations		(343	)		(1,098	)		(1,262	)		(3,196	)
Less: Gain on sale of discontinued operations, net of tax		-			-			(32,541	)		-
Plus: Income allocated to noncontrolling interests from continuing operations		1,100			752			3,009			2,089
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			9			670			29
Plus: Income allocated to perpetual preferred units		-			1,750			776			5,250
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			-			2,075			-
Net Operating Income (NOI)		$121,100			$98,601			$346,746			$290,829
"Same Property" Communities		$105,939			$95,735			$309,612			$282,528
Non-"Same Property" Communities		13,300			2,567			33,127			7,839
Development and Lease-Up Communities		1,148			-			1,476			-
Other		713			299			2,531			462
Net Operating Income (NOI)		$121,100			$98,601			$346,746			$290,829

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) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures,

gain on sale of discontinued operations, net of tax, 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					Nine Months Ended
	September 30,					September 30,
	2012			2011		2012			2011
Net income attributable to common shareholders		$30,703			$11,840		$141,224			$2,529
Plus: Interest expense		25,865			27,354		78,795			85,472
Plus: Amortization of deferred financing costs		909			1,344		2,721			4,761
Plus: Depreciation and amortization		52,588			43,367		155,579			133,547
Plus: Income allocated to perpetual preferred units		-			1,750		776			5,250
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			-		2,075			-
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			9		670			29
Plus: Income allocated to noncontrolling interests from continuing operations		1,100			752		3,009			2,089
Plus: Income tax expense - current		334			313		992			1,889
Plus: Real estate depreciation and amortization from discontinued operations		221			1,191		844			3,564
Less: Gain on sale of properties, including land		-			-		-			(4,748	)
Less: Gain on sale of unconsolidated joint venture interests		-			-		-			(1,136	)
Less: Gain on acquisition of controlling interests in joint ventures		-			-		(40,191	)		-
Less: Equity in income (loss) of joint ventures		(3,688	)		556		(4,686	)		166
Less: Gain on sale of discontinued operations, net of tax		-			-		(32,541	)		-
Plus: Loss on discontinuation of hedging relationship		-			-		-			29,791
EBITDA		$108,032			$88,476		$309,267			$263,203

Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements earlier in this document.

EX-99.2

EXHIBIT 99.2

THIRD QUARTER 2012

Supplemental Operating and Financial Data

Camden Henderson - Dallas, TX

Year Built -2012

106 Apartment Homes

Acquired September 28, 2012

Camden Property Trust

Three Greenway Plaza, Suite 1300

Houston, Texas 77046

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

www.camdenliving.com

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" Third Quarter Comparisons		12
"Same Property" Sequential Quarter Comparisons		13
"Same Property" Year to Date Comparisons		14
"Same Property" Operating Expense Detail & Comparisons		15
Joint Venture Operations		16
Current Development Communities		17
Development Pipeline & Land		18
Acquisitions and Dispositions		19
Debt Analysis		20
Debt Maturity Analysis		21
Debt Covenant Analysis		22
Unconsolidated Real Estate Investments Debt Analysis		23
Unconsolidated Real Estate Investments Debt Maturity Analysis		24
Capitalized Expenditures & Maintenance Expense		25
Non-GAAP Financial Measures - Definitions & Reconciliations		26
Other Data		28
Community Table		29

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.  Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

CAMDEN PROPERTY TRUST ANNOUNCES

THIRD QUARTER 2012 OPERATING RESULTS

Houston, TEXAS (November 1, 2012) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and nine months ended September 30, 2012.

Funds From Operations (“FFO”)

FFO for the third quarter of 2012 totaled $0.93 per diluted share or $82.1 million, as compared to $0.77 per diluted share or $58.8 million for the same period in 2011.

FFO for the nine months ended September 30, 2012 totaled $2.65 per diluted share or $227.4 million, as compared to $1.89 per diluted share or $143.3 million for the same period in 2011.  FFO for the nine months ended September 30, 2012 included a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units.  FFO for the nine months ended September 30, 2011 included:  a $0.40 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.06 per diluted share gain on sale of undeveloped land; and a net $3.3 million or $0.04 per diluted share impact related to gain on sale of an available-for-sale investment.

“We are pleased to report another strong quarter, with FFO per share growing 21% and same property net operating income rising 10.7%,” said Richard Campo, Camden’s Chairman & Chief Executive Officer.  “Apartment fundamentals continue to be strong across our markets, allowing us to increase our 2012 earnings guidance for the third time this year.”

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $30.7 million or $0.35 per diluted share for the third quarter of 2012, as compared to $11.8 million or $0.16 per diluted share for the same period in 2011.  EPS for the three months ended September 30, 2012 included a $2.9 million or $0.03 per diluted share impact related to the gain on sale of an unconsolidated joint venture property.

For the nine months ended September 30, 2012, the Company reported EPS of $141.2 million or $1.66 per diluted share, as compared to $2.5 million or $0.03 per diluted share for the same period in 2011.  EPS for the nine months ended September 30, 2012 included: a $40.2 million or $0.47 per diluted share impact related to the gain on acquisition of the controlling interest in twelve joint ventures; a $32.5 million or $0.38 per diluted share impact related to the gain on sale of discontinued operations; a $2.9 million or $0.03 per diluted share impact related to the gain on sale of an unconsolidated joint venture property; and, a $2.1 million or $0.02 per diluted share charge related to the redemption of perpetual preferred operating partnership units. EPS for the nine months ended September 30, 2011 included: a $0.42 per diluted share impact related to a $29.8 million loss on discontinuation of a hedging relationship of an interest rate swap and $0.5 million write-off of unamortized loan costs related to the payoff of a term loan; a $4.7 million or $0.07 per diluted share gain on sale of undeveloped land; a net $3.3 million or $0.05 per diluted share impact related to gain on sale of an available-for-sale investment; and a $1.1 million or $0.02 per diluted share impact from gain on sale of three joint venture interests.

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

3

Same Property Results

For the 47,251 apartment homes included in consolidated same property results, third quarter 2012 same property NOI increased 10.7% compared to the third quarter of 2011, with revenues increasing 6.6% and expenses increasing 0.4%.  On a sequential basis, third quarter 2012 same property NOI increased 2.8% compared to the second quarter of 2012, with revenues increasing 2.6% and expenses increasing 2.4% compared to the prior quarter.  On a year-to-date basis, 2012 same property NOI increased 9.6%, with revenues increasing 6.5% and expenses increasing 1.6% compared to the same period in 2011. Same property physical occupancy levels for the portfolio averaged 95.6% during the third quarter of 2012, compared to 95.1% in the third quarter of 2011 and 95.4% in the second quarter of 2012.

The Company defines same property communities as communities owned and stabilized as of January 1, 2011, excluding properties held for sale and communities under major redevelopment.  A reconciliation of net income attributable to common shareholders to net operating income and same property net operating income is included in the financial tables accompanying this press release.

Acquisition Activity

Camden acquired three stabilized communities during the third quarter for a total of $135.0 million:  Camden Creekstone, a 223-home apartment community in Atlanta, GA; Camden Landmark, a 469-home apartment community in Ontario, CA; and Camden Henderson, a 106-home apartment community in Dallas, TX.  The Company also purchased the remaining 75% non-controlling ownership interest in a fully-consolidated joint venture during the quarter.  Camden Travis Street, a 253-home apartment community in Houston, TX, is now wholly-owned by the Company.

During the quarter the Company acquired 12.0 acres of land located in Austin, TX for future development of a multifamily community.  Subsequent to quarter-end Camden acquired 2.4 acres of land in Plantation, FL for future development of a multifamily community.

Disposition Activity

Camden disposed of one joint venture community during the quarter, which was owned by one of the Company’s funds.  Camden South Congress, a 253-home apartment community in Austin, TX, was sold for approximately $54.4 million.  Camden’s proportionate share of the gain was approximately $2.9 million.

Subsequent to quarter-end, the Company sold two wholly-owned communities for a total of $26.6 million:  Camden Laurel Ridge, a 183-home apartment community in Austin, TX; and Camden Steeplechase, a 290-home apartment community in Houston, TX.  The Company also sold Camden Passage, a 596-home joint venture apartment community in Kansas City, MO for approximately $40.7 million subsequent to quarter-end.

Development Activity

Lease-ups were completed during the quarter at three development communities:  Camden Montague, a 192-home project in Tampa, FL which is currently 96% occupied; Camden LaVina, a 420-home project in Orlando, FL, which is currently 96% occupied; and Camden Summerfield II, a 187-home project in Landover, MD, which is currently 95% occupied.

Construction was completed during the quarter at Camden Westchase Park, a 348-home project in Tampa, FL which is currently 95% leased. Lease-ups continued during the quarter at Camden Royal Oaks II, a 104-home project in Houston, TX, which is currently 61% leased; and Camden Town Square, a 438-home project in Orlando, FL which is currently 60% leased.

Construction began during the quarter at Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes, and continued at three additional wholly-owned development communities: Camden City Centre II in Houston, TX, a $36 million project with 268 apartment homes; Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes; and Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes.

4

Construction was also completed during the quarter on one joint venture community, Camden Amber Oaks II in Austin, TX, a 244-home project which is currently 86% leased. Construction continued on Camden South Capitol in Washington, DC, a 276-home joint venture project expected to have initial occupancy in the third quarter of 2013.

Equity Issuance

During the third quarter, Camden issued 1,302,454 common shares through its at-the-market (“ATM”) share offering programs at an average price of $69.34 per share, for total net consideration of approximately $88.9 million.  Year-to-date through October 2012, Camden has issued 4,579,308 common shares through its ATM programs at an average price of $66.93 per share, for total net consideration of approximately $301.8 million.

Earnings Guidance

Camden updated its earnings guidance for 2012 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2012 FFO is expected to be $3.59 to $3.63 per diluted share, and full-year 2012 EPS is expected to be $2.06 to $2.10 per diluted share.  Fourth quarter 2012 earnings guidance is $0.94 to $0.98 per diluted share for FFO and $0.42 to $0.46 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 2012 earnings guidance is based on projections of same property revenue growth between 6.20% and 6.70%, expense growth between 2.00% and 2.50%, and NOI growth between 8.75% and 9.25%.  Additional information on the Company’s 2012 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 Friday, November 2, 2012 at 11:00 a.m. Central Time to review its third quarter 2012 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: 3311044, 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 200 properties containing 67,762 apartment homes across the United States.  Upon completion of six properties under development, the Company's portfolio will increase to 69,802 apartment homes in 206 properties.  Camden was recently named by FORTUNE® Magazine for the fifth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #7.

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

5

CAMDEN	FINANCIAL HIGHLIGHTS
	(In thousands, except per share, property data amounts and ratios)
(Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2012				2011					2012				2011
Total property revenues (a)			$194,204				$164,224					$556,823				$481,399
EBITDA (b)			108,032				88,476					309,267				263,203
Net income attributable to common shareholders			30,703				11,840					141,224				2,529
Per share - basic			0.36				0.16					1.69				0.03
Per share - diluted			0.35				0.16					1.66				0.03
Income (loss) from continuing operations attributable to common shareholders			30,360				10,751					108,091				(638	)
Per share - basic			0.35				0.14					1.29				(0.01	)
Per share - diluted			0.35				0.14					1.27				(0.01	)
Funds from operations			82,113				58,807					227,409				143,271
Per share - diluted			0.93				0.77					2.65				1.89
Dividends per share			0.56				0.49					1.68				1.47
Dividend payout ratio (b)			60.2	%			63.6	%				63.4	%			64.5	%
Interest expensed (including discontinued operations)			25,865				27,354					78,795				85,472
Interest capitalized			3,095				2,459					9,386				6,099
Total interest incurred			28,960				29,813					88,181				91,571
Principal amortization			898				1,155					3,309				3,847
Preferred distributions			-				1,750					776				5,250
Net Debt to Annualized EBITDA (c)			5.5		x		6.7		x			5.8		x		6.8		x
Interest expense coverage ratio			4.2		x		3.2		x			3.9		x		3.1		x
Total interest coverage ratio			3.7		x		3.0		x			3.5		x		2.9		x
Fixed charge expense coverage ratio			4.0		x		2.9		x			3.7		x		2.8		x
Total fixed charge coverage ratio			3.6		x		2.7		x			3.4		x		2.6		x
Unencumbered real estate assets (at cost) to unsecured debt ratio			3.6		x		3.0		x			3.6		x		3.0		x
Same property NOI increase (d)			10.7	%			7.4	%				9.6	%			6.8	%
(# of apartment homes included)			47,251				47,309					47,251				47,309
Gross turnover of apartment homes (annualized)			80	%			83	%				67	%			66	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)			71	%			73	%				59	%			57	%
											As of September 30,
												2012				2011
Total assets												$5,217,960				$4,594,574
Total debt												$2,393,725				$2,433,104
Common and common equivalent shares, outstanding end of period (e)												88,989				76,578
Share price, end of period												$64.49				$55.26
Preferred units, end of period												-				$97,925
Book equity value, end of period (f)												$2,533,108				$1,875,774
Market equity value, end of period (f)												$5,738,901				$4,331,700

(a)	Excludes discontinued operations.
(b)	Excludes $29.8 million or $0.41 per diluted share for the nine months ended September 30, 2011 related to a loss
	on the discontinuation of a hedging relationship.
(c)	Net Debt is Notes Payable as reported at period end less Cash and Cash Equivalents as reported at period end.  Annualized EBITDA is EBITDA as reported
	for the period multiplied by either 4 for quarter results or 1.33 for 9 month results.
(d)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale
	and communities under major redevelopment.
(e)	Includes at September 30, 2012: 86,768 common shares (including 630 common share equivalents related to share awards & options), plus common share
	equivalents upon the assumed conversion of minority interest units (2,221).
(f)	Includes: common shares, preferred and common units, and common share equivalents.
Note:  Please refer to pages 26 and 27 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

6

CAMDEN	OPERATING RESULTS
	(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended						Nine Months Ended
	September 30,						September 30,
OPERATING DATA	2012			2011			2012			2011
Property revenues
Rental revenues		$166,179			$140,332			$477,501			$412,794
Other property revenues		28,025			23,892			79,322			68,605
Total property revenues		194,204			164,224			556,823			481,399
Property expenses
Property operating and maintenance		54,008			48,731			153,491			138,974
Real estate taxes		19,096			16,892			56,586			51,596
Total property expenses		73,104			65,623			210,077			190,570
Non-property income
Fee and asset management		3,041			2,646			9,572			6,955
Interest and other income (loss)		3			(108	)		(750	)		4,749
Income (loss) on deferred compensation plans		(1,781	)		(6,096	)		3,820			1,233
Total non-property income		1,263			(3,558	)		12,642			12,937
Other expenses
Property management		5,509			5,050			15,644			15,478
Fee and asset management		1,864			1,330			5,051			4,220
General and administrative		9,303			8,572			27,712			26,392
Interest		25,865			27,354			78,795			85,472
Depreciation and amortization		52,588			43,367			155,579			133,547
Amortization of deferred financing costs		909			1,344			2,721			4,761
Expense (benefit) on deferred compensation plans		(1,781	)		(6,096	)		3,820			1,233
Total other expenses		94,257			80,921			289,322			271,103
Gain on acquisition of controlling interests in joint ventures		-			-			40,191			-
Gain on sale of properties, including land		-			-			-			4,748
Gain on sale of unconsolidated joint venture interests		-			-			-			1,136
Loss on discontinuation of hedging relationship		-			-			-			(29,791	)
Equity in income (loss) of joint ventures		3,688			(556	)		4,686			(166	)
Income from continuing operations before income taxes		31,794			13,566			114,943			8,590
Income tax expense - current		(334	)		(313	)		(992	)		(1,889	)
Income from continuing operations		31,460			13,253			113,951			6,701
Income from discontinued operations		343			1,098			1,262			3,196
Gain on sale of discontinued operations, net of tax		-			-			32,541			-
Net income		31,803			14,351			147,754			9,897
Less income allocated to noncontrolling interests from continuing operations		(1,100	)		(752	)		(3,009	)		(2,089	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			(9	)		(670	)		(29	)
Less income allocated to perpetual preferred units		-			(1,750	)		(776	)		(5,250	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			-			(2,075	)		-
Net income attributable to common shareholders		$30,703			$11,840			$141,224			$2,529
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$31,803			$14,351			$147,754			$9,897
Other comprehensive income
Unrealized loss on cash flow hedging activities		-			-			-			(2,692	)
Reclassification of net losses on cash flow hedging activities		-			108			-			39,660
Reclassification of gain on available-for-sale investment to earnings, net of tax		-			-			-			(3,309	)
Reclassification of prior service cost on post retirement obligations		7			-			23			-
Comprehensive income		31,810			14,459			147,777			43,556
Less income allocated to noncontrolling interests from continuing operations		(1,100	)		(752	)		(3,009	)		(2,089	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			(9	)		(670	)		(29	)
Less income allocated to perpetual preferred units		-			(1,750	)		(776	)		(5,250	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			-			(2,075	)		-
Comprehensive income attributable to common shareholders		$30,710			$11,948			$141,247			$36,188
PER SHARE DATA
Net income attributable to common shareholders - basic		$0.36			$0.16			$1.69			$0.03
Net income attributable to common shareholders - diluted		0.35			0.16			1.66			0.03
Income (loss) from continuing operations attributable to common shareholders - basic		0.35			0.14			1.29			(0.01	)
Income (loss) from continuing operations attributable to common shareholders - diluted		0.35			0.14			1.27			(0.01	)
Weighted average number of common and
common equivalent shares outstanding:
Basic		85,631			73,242			82,923			72,502
Diluted		86,293			74,274			84,694			72,502
Note:  Please refer to pages 26 and 27 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					Nine Months Ended
	September 30,					September 30,
FUNDS FROM OPERATIONS	2012			2011		2012			2011
Net income attributable to common shareholders (a)		$30,703			$11,840		$141,224			$2,529
Real estate depreciation from continuing operations		51,477			42,095		152,246			129,778
Real estate depreciation and amortization from discontinued operations		221			1,191		844			3,564
Adjustments for unconsolidated joint ventures		1,885			3,223		6,198			7,042
Income allocated to noncontrolling interests		702			458		2,504			1,494
(Gain) on sale of unconsolidated joint venture property		(2,875	)		-		(2,875	)		-
(Gain) on acquisition of controlling interests in joint ventures		-			-		(40,191	)		-
(Gain) on sale of discontinued operations, net of tax		-			-		(32,541	)		-
(Gain) on sale of unconsolidated joint venture interests		-			-		-			(1,136	)
Funds from operations - diluted		$82,113			$58,807		$227,409			$143,271
PER SHARE DATA
Funds from operations - diluted		$0.93			$0.77		$2.65			$1.89
Cash distributions		0.56			0.49		1.68			1.47
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		88,514			76,494		85,822			75,685
PROPERTY DATA
Total operating properties (end of period) (b)		203			197		203			197
Total operating apartment homes in operating properties (end of period) (b)		68,831			67,491		68,831			67,491
Total operating apartment homes (weighted average)		54,934			50,921		53,870			50,895
Total operating apartment homes - excluding discontinued operations (weighted average)		54,461			48,627		53,204			48,601

(a)	Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the nine months ended September 30, 2011.
(b)	Includes joint ventures and properties held for sale.

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

8

CAMDEN	BALANCE SHEETS
	(In thousands)
(Unaudited)	Sept 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2012			2012			2012			2011			2011
ASSETS
Real estate assets, at cost
Land		$929,289			$893,910			$868,964			$768,016			$766,302
Buildings and improvements		5,359,707			5,203,675			5,068,560			4,751,654			4,758,397
		6,288,996			6,097,585			5,937,524			5,519,670			5,524,699
Accumulated depreciation		(1,542,530	)		(1,505,862	)		(1,458,451	)		(1,432,799	)		(1,421,867	)
Net operating real estate assets		4,746,466			4,591,723			4,479,073			4,086,871			4,102,832
Properties under development, including land		280,948			297,712			301,282			299,870			274,201
Investments in joint ventures		46,566			47,776			49,436			44,844			37,033
Properties held for sale		6,373			-			-			11,131			-
Total real estate assets		5,080,353			4,937,211			4,829,791			4,442,716			4,414,066
Accounts receivable - affiliates		28,874			29,940			29,742			31,035			31,395
Other assets, net (a)		96,401			88,002			89,706			88,089			87,657
Cash and cash equivalents		5,590			52,126			49,702			55,159			56,099
Restricted cash		6,742			5,295			5,074			5,076			5,357
Total assets		$5,217,960			$5,112,574			$5,004,015			$4,622,075			$4,594,574
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,415,354			$1,381,152			$1,380,952			$1,380,755			$1,380,560
Secured		978,371			1,015,260			1,050,154			1,051,357			1,052,544
Accounts payable and accrued expenses		118,879			87,041			105,370			93,747			97,613
Accrued real estate taxes		43,757			31,607			17,991			21,883			37,721
Distributions payable		49,940			49,135			47,594			39,364			39,319
Other liabilities (b)		78,551			83,471			90,423			109,276			111,043
Total liabilities		2,684,852			2,647,666			2,692,484			2,696,382			2,718,800
Commitments and contingencies
Perpetual preferred units		-			-			-			97,925			97,925
Equity
Common shares of beneficial interest		959			945			919			845			839
Additional paid-in capital		3,580,528			3,501,354			3,327,961			2,901,024			2,861,139
Distributions in excess of net income attributable to common shareholders		(692,235	)		(674,221	)		(648,074	)		(690,466	)		(700,897	)
Treasury shares, at cost		(425,756	)		(430,958	)		(437,215	)		(452,003	)		(452,244	)
Accumulated other comprehensive income (loss) (c)		(660	)		(667	)		(675	)		(683	)		201
Total common equity		2,462,836			2,396,453			2,242,916			1,758,717			1,709,038
Noncontrolling interests		70,272			68,455			68,615			69,051			68,811
Total equity		2,533,108			2,464,908			2,311,531			1,827,768			1,777,849
Total liabilities and equity		$5,217,960			$5,112,574			$5,004,015			$4,622,075			$4,594,574
(a) Includes:
net deferred charges of:		$13,695			$14,432			$15,267			$16,102			$16,868
(b) Includes:
deferred revenues of:		$1,746			$2,012			$2,337			$2,140			$2,213
distributions in excess of investments in joint ventures of:		$16,708			$16,499			$16,298			$30,596			$31,799
fair value adjustment of derivative instruments:		$185			$5,918			$11,574			$16,486			$22,192
(c) Represents the unrealized (loss)/gain and unamortized prior service costs on post retirement obligations.

9

CAMDEN												PORTFOLIO STATISTICS
(Unaudited)
COMMUNITY PORTFOLIO AT SEPTEMBER 30, 2012 (in apartment homes)
	Fully Consolidated																	Non-Consolidated
	"Same Property"			Non-"Same Property"			Completed in Lease-up			Under Construction		Held For Sale			Total			Operating			Completed in Lease-up			Under Construction			Grand Total
D.C. Metro (a)		5,313			478			-			320		-			6,111			-			-			276			6,387
Houston, TX		4,004			1,452			104			268		290			6,118			3,152			-			-			9,270
Tampa, FL		5,503			192			348			-		-			6,043			450			-			-			6,493
Las Vegas, NV		3,969			949			-			-		-			4,918			3,098			-			-			8,016
SE Florida		2,520			-			-			-		-			2,520			-			-			-			2,520
Dallas, TX		4,273			1,039			-			-		-			5,312			1,250			-			-			6,562
Los Angeles/Orange County, CA		2,060			421			-			-		-			2,481			-			-			-			2,481
Charlotte, NC		3,574			-			-			-		-			3,574			-			-			-			3,574
Orlando, FL		3,344			420			-			438		-			4,202			-			-			-			4,202
Atlanta, GA		3,202			223			-			-		-			3,425			344			-			-			3,769
Raleigh, NC		2,704			-			-			-		-			2,704			350			-			-			3,054
Denver, CO		1,851			-			-			424		-			2,275			320			-			-			2,595
San Diego/Inland Empire, CA		1,196			469			-			-		-			1,665			-			-			-			1,665
Austin, TX		1,670			-			-			314		183			2,167			1,116			244			-			3,527
Phoenix, AZ		1,084			992			-			-		-			2,076			-			-			-			2,076
Other		984			855			-			-		-			1,839			2,841			-			-			4,680
Total Portfolio		47,251			7,490			452			1,764		473			57,430			12,921			244			276			70,871
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
THIRD QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION												WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d)
	"Same Property" Communities			Operating Communities (b)			Incl. JVs at Pro Rata % (c)					Sept 30 2012			Jun 30 2012			Mar 31 2012			Dec 31 2011			Sep 30 2011
D.C. Metro		18.8	%		17.7	%		17.0	%				96.2	%		95.5	%		94.5	%		94.2	%		96.3	%
Houston, TX		9.6	%		10.7	%		11.3	%				96.1	%		96.5	%		96.0	%		95.2	%		95.4	%
Tampa, FL		8.3	%		8.2	%		8.1	%				95.2	%		94.4	%		94.9	%		94.8	%		94.8	%
Las Vegas, NV		5.8	%		6.6	%		6.9	%				92.9	%		93.0	%		92.0	%		92.0	%		92.0	%
SE Florida		7.5	%		6.8	%		6.6	%				95.4	%		94.9	%		95.5	%		94.9	%		94.1	%
Dallas, TX		6.5	%		7.3	%		7.4	%				95.3	%		95.6	%		95.1	%		94.6	%		95.3	%
Los Angeles/Orange County, CA		6.7	%		6.8	%		6.5	%				95.4	%		95.6	%		95.4	%		95.1	%		95.7	%
Charlotte, NC		6.8	%		6.1	%		5.9	%				96.5	%		95.9	%		95.8	%		95.3	%		95.9	%
Orlando, FL		5.6	%		5.6	%		5.4	%				95.4	%		95.5	%		95.3	%		94.9	%		95.3	%
Atlanta, GA		5.4	%		5.0	%		5.0	%				95.6	%		94.9	%		94.4	%		93.8	%		94.9	%
Raleigh, NC		4.8	%		4.2	%		4.2	%				95.7	%		95.3	%		94.8	%		94.4	%		94.9	%
Denver, CO		4.0	%		3.6	%		3.8	%				95.6	%		95.2	%		94.1	%		93.7	%		94.6	%
San Diego/Inland Empire, CA		3.4	%		3.1	%		3.0	%				94.9	%		94.2	%		92.9	%		92.0	%		94.7	%
Austin, TX		2.7	%		2.5	%		2.7	%				95.6	%		95.3	%		95.5	%		95.5	%		96.1	%
Phoenix, AZ		2.0	%		2.9	%		2.8	%				93.5	%		92.3	%		93.7	%		93.2	%		93.2	%
Other		2.1	%		2.9	%		3.4	%				95.0	%		95.4	%		94.3	%		94.0	%		95.0	%
Total Portfolio		100.0	%		100.0	%		100.0	%				95.2	%		95.1	%		94.7	%		94.3	%		94.8	%
(b) Operating communities represent all fully-consolidated communities at period end, excluding communities under construction.
(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from joint venture communities.
(d) Occupancy figures include all stabilized operating communities including those held through non-consolidated joint venture investments.

10

CAMDEN			COMPONENTS OF
			PROPERTY NET OPERATING INCOME
			(In thousands, except property data amounts)
(Unaudited)
	Apartment		Three Months Ended September 30,							Nine Months Ended September 30,
Property Revenues	Homes		2012		2011		Change			2012		2011		Change
"Same Property" Communities (a)		47,251		$169,087		$158,621		$10,466			$494,984		$464,980		$30,004
Non-"Same Property" Communities (b)		7,490		22,136		4,286		17,850			54,798		12,635		42,163
Development and Lease-Up Communities (c)		2,216		1,657		-		1,657			2,236		-		2,236
Other (d)		-		1,324		1,317		7			4,805		3,784		1,021
Total Property Revenues		56,957		$194,204		$164,224		$29,980			$556,823		$481,399		$75,424
Property Expenses
"Same Property" Communities (a)		47,251		$63,148		$62,886		$262			$185,372		$182,452		$2,920
Non-"Same Property" Communities (b)		7,490		8,836		1,719		7,117			21,671		4,796		16,875
Development and Lease-Up Communities (c)		2,216		509		-		509			760		-		760
Other (d)		-		611		1,018		(407	)		2,274		3,322		(1,048	)
Total Property Expenses		56,957		$73,104		$65,623		$7,481			$210,077		$190,570		$19,507
Property Net Operating Income
"Same Property" Communities (a)		47,251		$105,939		$95,735		$10,204			$309,612		$282,528		$27,084
Non-"Same Property" Communities (b)		7,490		13,300		2,567		10,733			33,127		7,839		25,288
Development and Lease-Up Communities (c)		2,216		1,148		-		1,148			1,476		-		1,476
Other (d)		-		713		299		414			2,531		462		2,069
Total Property Net Operating Income		56,957		$121,100		$98,601		$22,499			$346,746		$290,829		$55,917

Income from Discontinued Operations (e)	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Property Revenues		$1,104			$4,710			$4,390			$13,788
Property Expenses		540			2,421			2,284			7,028
Property Net Operating Income		564			2,289			2,106			6,760
Depreciation and Amortization		(221	)		(1,191	)		(844	)		(3,564	)
Gain on Sale of Discontinued Operations, net of tax		-			-			32,541			-
Less income, including gain on sale, allocated to
non-controlling interests from discontinued operations		-			(9	)		(670	)		(29	)
Income attributable to common shareholders		$343			$1,089			$33,133			$3,167

Notes:
(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale
	and communities under major redevelopment.
(b)	Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2011, or communities which underwent major
	redevelopment after January 1, 2011, excluding properties held for sale.
(c)	Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after January 1, 2011, excluding properties
	held for sale and communities under major redevelopment.
(d)	"Other" includes results from non-multifamily rental properties, above/below market lease amortization related to acquired communities, and expenses related to land
	holdings not under active development.
(e)	Represents operating results for communities held for sale or disposed of during 2011 and 2012, of which Camden has no continuing involvement.

11

				"SAME PROPERTY"
CAMDEN				THIRD QUARTER COMPARISONS
				September 30, 2012
				(In thousands, except property data amounts)
(Unaudited)
	Revenues						Expenses								NOI
Quarterly Results (a)		3Q12	3Q11	Growth				3Q12		3Q11		Growth				3Q12	3Q11	Growth
D.C. Metro		$28,159	$26,991		4.3	%		$8,225		$8,405			(2.1	%)		$19,934	$18,586		7.3	%
Houston, TX		15,826	14,323		10.5	%		5,681		5,551			2.3	%		10,145	8,772		15.7	%
Tampa, FL		15,702	14,851		5.7	%		6,937		6,699			3.6	%		8,765	8,152		7.5	%
Las Vegas, NV		10,165	9,891		2.8	%		3,982		3,901			2.1	%		6,183	5,990		3.2	%
SE Florida		12,496	11,623		7.5	%		4,536		4,680			(3.1	%)		7,960	6,943		14.6	%
Dallas, TX		12,261	11,326		8.3	%		5,377		5,377			0.0	%		6,884	5,949		15.7	%
Los Angeles/Orange County, CA		10,634	10,279		3.5	%		3,527		3,619			(2.5	%)		7,107	6,660		6.7	%
Charlotte, NC		11,392	10,166		12.1	%		4,139		4,301			(3.8	%)		7,253	5,865		23.7	%
Orlando, FL		9,971	9,481		5.2	%		4,065		3,987			2.0	%		5,906	5,494		7.5	%
Atlanta, GA		9,934	9,219		7.8	%		4,186		4,087			2.4	%		5,748	5,132		12.0	%
Raleigh, NC		7,865	7,400		6.3	%		2,821		2,824			(0.1	%)		5,044	4,576		10.2	%
Denver, CO		6,358	5,843		8.8	%		2,089		2,116			(1.3	%)		4,269	3,727		14.5	%
San Diego/Inland Empire, CA		5,959	5,746		3.7	%		2,311		2,264			2.1	%		3,648	3,482		4.8	%
Austin, TX		5,411	4,960		9.1	%		2,618		2,455			6.6	%		2,793	2,505		11.5	%
Phoenix, AZ		3,460	3,206		7.9	%		1,340		1,381			(3.0	%)		2,120	1,825		16.2	%
Other		3,494	3,316		5.4	%		1,314		1,239			6.1	%		2,180	2,077		5.0	%
Total Same Property		$169,087	$158,621		6.6	%		$63,148		$62,886			0.4	%		$105,939	$95,735		10.7	%
	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				3Q12		3Q11		Change				3Q12	3Q11	Change
D.C. Metro		5,313			18.8	%		96.3	%	96.4	%		(0.1	%)		$1,627	$1,580		3.0	%
Houston, TX		4,004			9.6	%		96.6	%	96.1	%		0.5	%		1,212	1,101		10.1	%
Tampa, FL		5,503			8.3	%		95.2	%	94.7	%		0.5	%		818	788		3.8	%
Las Vegas, NV		3,969			5.8	%		94.0	%	93.0	%		1.0	%		760	758		0.2	%
SE Florida		2,520			7.5	%		95.4	%	94.1	%		1.3	%		1,544	1,461		5.7	%
Dallas, TX		4,273			6.5	%		95.3	%	95.8	%		(0.5	%)		854	786		8.8	%
Los Angeles/Orange County, CA		2,060			6.7	%		95.2	%	95.8	%		(0.6	%)		1,638	1,582		3.5	%
Charlotte, NC		3,574			6.8	%		96.5	%	95.9	%		0.6	%		964	858		12.4	%
Orlando, FL		3,344			5.6	%		95.4	%	95.3	%		0.1	%		894	854		4.7	%
Atlanta, GA		3,202			5.4	%		95.6	%	94.9	%		0.7	%		918	869		5.6	%
Raleigh, NC		2,704			4.8	%		95.7	%	94.9	%		0.8	%		862	811		6.2	%
Denver, CO		1,851			4.0	%		95.5	%	94.2	%		1.3	%		1,029	959		7.4	%
San Diego/Inland Empire, CA		1,196			3.4	%		94.9	%	94.7	%		0.2	%		1,553	1,525		1.8	%
Austin, TX		1,670			2.7	%		95.7	%	95.9	%		(0.2	%)		948	873		8.5	%
Phoenix, AZ		1,084			2.0	%		93.7	%	93.9	%		(0.2	%)		939	884		6.3	%
Other		984			2.1	%		96.2	%	94.0	%		2.2	%		1,039	1,006		3.3	%
Total Same Property		47,251			100.0	%		95.6	%	95.1	%		0.5	%		$1,080	$1,023		5.6	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale and
	communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

12

				"SAME PROPERTY"
CAMDEN				SEQUENTIAL QUARTER COMPARISONS
				September 30, 2012
				(In thousands, except property data amounts)
(Unaudited)
	Revenues						Expenses								NOI
Quarterly Results (a)		3Q12	2Q12	Growth				3Q12		2Q12		Growth				3Q12	2Q12	Growth
D.C. Metro		$28,159	$27,342		3.0	%		$8,225		$8,259			(0.4	%)		$19,934	$19,083		4.5	%
Houston, TX		15,826	15,354		3.1	%		5,681		6,130			(7.3	%)		10,145	9,224		10.0	%
Tampa, FL		15,702	15,286		2.7	%		6,937		6,613			4.9	%		8,765	8,673		1.1	%
Las Vegas, NV		10,165	10,000		1.7	%		3,982		3,715			7.2	%		6,183	6,285		(1.6	%)
SE Florida		12,496	12,258		1.9	%		4,536		4,451			1.9	%		7,960	7,807		2.0	%
Dallas, TX		12,261	11,977		2.4	%		5,377		5,229			2.8	%		6,884	6,748		2.0	%
Los Angeles/Orange County, CA		10,634	10,478		1.5	%		3,527		3,157			11.7	%		7,107	7,321		(2.9	%)
Charlotte, NC		11,392	10,886		4.6	%		4,139		4,125			0.3	%		7,253	6,761		7.3	%
Orlando, FL		9,971	9,848		1.2	%		4,065		3,939			3.2	%		5,906	5,909		(0.1	%)
Atlanta, GA		9,934	9,617		3.3	%		4,186		4,009			4.4	%		5,748	5,608		2.5	%
Raleigh, NC		7,865	7,695		2.2	%		2,821		2,684			5.1	%		5,044	5,011		0.7	%
Denver, CO		6,358	6,155		3.3	%		2,089		2,072			0.8	%		4,269	4,083		4.6	%
San Diego/Inland Empire, CA		5,959	5,789		2.9	%		2,311		2,309			0.1	%		3,648	3,480		4.8	%
Austin, TX		5,411	5,265		2.8	%		2,618		2,456			6.6	%		2,793	2,809		(0.6	%)
Phoenix, AZ		3,460	3,440		0.6	%		1,340		1,260			6.3	%		2,120	2,180		(2.8	%)
Other		3,494	3,358		4.1	%		1,314		1,279			2.7	%		2,180	2,079		4.9	%
Total Same Property		$169,087	$164,748		2.6	%		$63,148		$61,687			2.4	%		$105,939	$103,061		2.8	%
	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				3Q12		2Q12		Change				3Q12	2Q12	Change
D.C. Metro		5,313			18.8	%		96.3	%	95.7	%		0.6	%		$1,627	$1,602		1.5	%
Houston, TX		4,004			9.6	%		96.6	%	97.4	%		(0.8	%)		1,212	1,163		4.2	%
Tampa, FL		5,503			8.3	%		95.2	%	94.3	%		0.9	%		818	811		0.9	%
Las Vegas, NV		3,969			5.8	%		94.0	%	94.2	%		(0.2	%)		760	758		0.2	%
SE Florida		2,520			7.5	%		95.4	%	94.9	%		0.5	%		1,544	1,521		1.5	%
Dallas, TX		4,273			6.5	%		95.3	%	95.8	%		(0.5	%)		854	832		2.7	%
Los Angeles/Orange County, CA		2,060			6.7	%		95.2	%	95.6	%		(0.4	%)		1,638	1,617		1.3	%
Charlotte, NC		3,574			6.8	%		96.5	%	95.9	%		0.6	%		964	923		4.4	%
Orlando, FL		3,344			5.6	%		95.4	%	95.5	%		(0.1	%)		894	882		1.3	%
Atlanta, GA		3,202			5.4	%		95.6	%	95.0	%		0.6	%		918	894		2.7	%
Raleigh, NC		2,704			4.8	%		95.7	%	95.6	%		0.1	%		862	843		2.2	%
Denver, CO		1,851			4.0	%		95.5	%	95.3	%		0.2	%		1,029	997		3.2	%
San Diego/Inland Empire, CA		1,196			3.4	%		94.9	%	94.2	%		0.7	%		1,553	1,534		1.3	%
Austin, TX		1,670			2.7	%		95.7	%	95.7	%		0.0	%		948	928		2.2	%
Phoenix, AZ		1,084			2.0	%		93.7	%	93.5	%		0.2	%		939	927		1.3	%
Other		984			2.1	%		96.2	%	96.1	%		0.1	%		1,039	1,020		1.9	%
Total Same Property		47,251			100.0	%		95.6	%	95.4	%		0.2	%		$1,080	$1,058		2.1	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale and
	communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

13

					"SAME PROPERTY"
CAMDEN					YEAR TO DATE COMPARISONS
					September 30, 2012
					(In thousands, except property data amounts)
(Unaudited)
	Revenues							Expenses									NOI
Year to Date Results (a)	2012		2011		Growth			2012			2011			Growth			2012		2011		Growth
D.C. Metro		$82,399		$79,292		3.9	%		$24,425			$24,785			(1.5	%)		$57,974		$54,507		6.4	%
Houston, TX		45,947		41,368		11.1	%		17,733			16,682			6.3	%		28,214		24,686		14.3	%
Tampa, FL		46,165		43,662		5.7	%		20,196			19,496			3.6	%		25,969		24,166		7.5	%
Las Vegas, NV		29,963		29,458		1.7	%		11,327			11,372			(0.4	%)		18,636		18,086		3.0	%
SE Florida		36,819		34,583		6.5	%		13,134			13,472			(2.5	%)		23,685		21,111		12.2	%
Dallas, TX		35,870		32,932		8.9	%		15,688			15,381			2.0	%		20,182		17,551		15.0	%
Los Angeles/Orange County, CA		31,507		30,084		4.7	%		10,204			10,470			(2.5	%)		21,303		19,614		8.6	%
Charlotte, NC		32,814		29,580		10.9	%		12,330			12,388			(0.5	%)		20,484		17,192		19.1	%
Orlando, FL		29,435		27,934		5.4	%		11,957			11,504			3.9	%		17,478		16,430		6.4	%
Atlanta, GA		28,889		27,148		6.4	%		12,216			11,719			4.2	%		16,673		15,429		8.1	%
Raleigh, NC		23,085		21,826		5.8	%		8,127			8,120			0.1	%		14,958		13,706		9.1	%
Denver, CO		18,489		16,959		9.0	%		6,127			6,001			2.1	%		12,362		10,958		12.8	%
San Diego/Inland Empire, CA		17,425		16,804		3.7	%		6,866			6,694			2.6	%		10,559		10,110		4.4	%
Austin, TX		15,772		14,292		10.4	%		7,447			6,858			8.6	%		8,325		7,434		12.0	%
Phoenix, AZ		10,288		9,435		9.0	%		3,795			3,945			(3.8	%)		6,493		5,490		18.3	%
Other		10,117		9,623		5.1	%		3,800			3,565			6.6	%		6,317		6,058		4.3	%
Total Same Property		$494,984		$464,980		6.5	%		$185,372			$182,452			1.6	%		$309,612		$282,528		9.6	%
	Apartment
	Homes				% of NOI			Average Occupancy (a)									Weighted Average Rental Rate (b)
Year to Date Results (a)	Included				Contribution (a)				2012			2011		Change				2012		2011	Change
D.C. Metro		5,313				18.7	%		95.6	%		96.0	%		(0.4	%)		$1,606		$1,551		3.6	%
Houston, TX		4,004				9.1	%		96.8	%		94.6	%		2.2	%		1,170		1,077		8.6	%
Tampa, FL		5,503				8.4	%		94.8	%		94.3	%		0.5	%		811		775		4.6	%
Las Vegas, NV		3,969				6.0	%		93.7	%		92.9	%		0.8	%		758		757		0.1	%
SE Florida		2,520				7.7	%		95.3	%		94.7	%		0.6	%		1,521		1,439		5.7	%
Dallas, TX		4,273				6.5	%		95.5	%		95.3	%		0.2	%		833		764		9.0	%
Los Angeles/Orange County, CA		2,060				6.9	%		95.4	%		94.9	%		0.5	%		1,618		1,557		3.9	%
Charlotte, NC		3,574				6.6	%		96.1	%		95.8	%		0.3	%		928		830		11.8	%
Orlando, FL		3,344				5.7	%		95.4	%		94.6	%		0.8	%		881		842		4.7	%
Atlanta, GA		3,202				5.4	%		95.0	%		94.4	%		0.6	%		897		857		4.7	%
Raleigh, NC		2,704				4.8	%		95.5	%		94.8	%		0.7	%		845		799		5.7	%
Denver, CO		1,851				4.0	%		95.1	%		93.9	%		1.2	%		1,003		935		7.3	%
San Diego/Inland Empire, CA		1,196				3.4	%		94.0	%		93.5	%		0.5	%		1,537		1,502		2.3	%
Austin, TX		1,670				2.7	%		95.5	%		94.8	%		0.7	%		928		851		9.1	%
Phoenix, AZ		1,084				2.1	%		93.9	%		93.7	%		0.2	%		928		865		7.3	%
Other		984				2.0	%		95.9	%		94.6	%		1.3	%		1,021		984		3.7	%
Total Same Property		47,251				100.0	%		95.3	%		94.7	%		0.6	%		$1,060		$1,004		5.6	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties held for sale and
	communities under major redevelopment.
(b)	Weighted average rental rates are the Company's market rental rates after "loss to lease" and concessions, but before vacancy and bad debt.

14

	"SAME PROPERTY" OPERATING EXPENSE
CAMDEN	DETAIL AND COMPARISONS
	SEPTEMBER 30, 2012
	(In thousands)
(Unaudited)
										% of Actual 3Q12 Operating
Quarterly Comparison (a)		3Q12	3Q11	$ Change			% Change			Expenses
Property taxes		$16,749	$16,258		$491			3.0	%		26.5	%
Salaries and Benefits for On-site Employees		15,098	14,804		294			2.0	%		23.9	%
Utilities		14,377	14,640		(263	)		(1.8	%)		22.8	%
Repairs and Maintenance		10,285	10,346		(61	)		(0.6	%)		16.3	%
Property Insurance		2,773	2,819		(46	)		(1.6	%)		4.4	%
Other		3,866	4,019		(153	)		(3.8	%)		6.1	%
Total Same Property		$63,148	$62,886		$262			0.4	%		100.0	%
										% of Actual 3Q12 Operating
Sequential Comparison (a)		3Q12	2Q12	$ Change			% Change				Expenses
Property taxes		$16,749	$17,184		$(435	)		(2.5	%)		26.5	%
Salaries and Benefits for On-site Employees		15,098	14,577		521			3.6	%		23.9	%
Utilities		14,377	13,707		670			4.9	%		22.8	%
Repairs and Maintenance		10,285	9,322		963			10.3	%		16.3	%
Property Insurance		2,773	3,151		(378	)		(12.0	%)		4.4	%
Other		3,866	3,746		120			3.2	%		6.1	%
Total Same Property		$63,148	$61,687		$1,461			2.4	%		100.0	%
										% of Actual 2012 Operating
Year to Date Comparison (a)		2012	2011	$ Change			% Change				Expenses
Property taxes		$50,558	$49,414		$1,144			2.3	%		27.3	%
Salaries and Benefits for On-site Employees		44,233	43,137		1,096			2.5	%		23.9	%
Utilities		41,642	41,088		554			1.3	%		22.5	%
Repairs and Maintenance		28,271	28,191		80			0.3	%		15.2	%
Property Insurance		9,089	9,158		(69	)		(0.8	%)		4.9	%
Other		11,579	11,464		116			1.0	%		6.2	%
Total Same Property		$185,372	$182,452		$2,920			1.6	%		100.0	%

(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2011, excluding properties
	held for sale and communities under major redevelopment.

15

CAMDEN	JOINT VENTURE OPERATIONS
	(In thousands, except property data amounts)
Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2012			2011						2012			2011
Property Revenues
Rental revenues		$6,964			$7,937						$20,988			$20,700
Other property revenues		1,100			1,239						3,157			3,257
Total property revenues		8,064			9,176						24,145			23,957
Property Expenses
Property operating and maintenance		2,494			2,999						7,197			7,619
Real estate taxes		966			980						3,008			2,521
Total property expenses		3,460			3,979						10,205			10,140
Net Operating Income (NOI)		4,604			5,197						13,940			13,817
Other expenses
Interest		1,772			2,377						5,593			6,384
Depreciation and amortization		1,928			3,273						6,289			7,133
Other		91			103						247			466
Total other expenses		3,791			5,753						12,129			13,983
Gain on sale of properties, net		2,875			-						2,875			-
Equity in income (loss) of joint ventures		$3,688			$(556	)					$4,686			$(166	)
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
		2012			2012			2012			2011			2011
BALANCE SHEET DATA (b)
Land		$147,126			$154,418			$153,286			$213,106			$199,323
Buildings and improvements		1,002,759			1,033,326			1,016,357			1,320,795			1,284,010
		1,149,885			1,187,744			1,169,643			1,533,901			1,483,333
Accumulated depreciation		(170,390	)		(166,324	)		(156,705	)		(225,577	)		(229,212	)
Real estate assets, net		979,495			1,021,420			1,012,938			1,308,324			1,254,121
Properties under development and land		70,574			57,043			52,264			39,684			28,694
Cash and other assets, net		17,994			17,642			18,879			46,843			39,688
Total assets		$1,068,063			$1,096,105			$1,084,081			$1,394,851			$1,322,503
Notes payable		$844,680			$864,867			$852,861			$1,093,944			$1,066,924
Other liabilities		34,677			35,267			26,610			39,296			32,274
Total liabilities		879,357			900,134			879,471			1,133,240			1,099,198
Members' equity		188,706			195,971			204,610			261,611			223,305
Total liabilities and members' equity		$1,068,063			$1,096,105			$1,084,081			$1,394,851			$1,322,503
Camden's equity investment		$46,566			$47,776			$49,436			$44,844			$37,033
Distributions in excess of investment in joint ventures		$(16,708	)		$(16,499	)		$(16,298	)		$(30,596	)		$(31,799	)
Camden's pro-rata share of debt		$171,215			$175,299			$172,942			$221,204			$212,561
PROPERTY DATA(end of period)
Total operating properties		44			44			44			55			54
Total operating apartment homes		13,165			13,174			13,174			16,858			16,564
Pro rata share of operating apartment homes		2,556			2,558			2,558			3,365			3,247
Total development properties		1			2			2			2			2
Total development apartment homes		276			520			520			520			520
Pro rata share of development apartment homes		55			104			104			104			104

(a)	Operating data represents Camden's pro-rata share of revenues and expenses.
(b)	Balance sheet and property data reported at 100%.

16

CAMDEN

CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF SEPTEMBER 30, 2012 ($ in millions)

Estimated/Actual Dates for

Total

Total

Total

Construction

Initial

Construction

Stabilized

As of 10/28/2012

Completed Communities in Lease-Up

Homes

Budget

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden Royal Oaks II

104

$14.0

$13.2

1Q11

1Q12

1Q12

3Q13

61

%

49

%

Houston, TX

2.

Camden Westchase Park

348

52.0

48.0

2Q11

1Q12

3Q12

4Q12

95

%

92

%

Tampa, FL

Total Completed Communities in Lease-Up

452

$66.0

$61.2

87

%

82

%

Estimated/Actual Dates for

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 10/28/2012

Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

IN LEASE-UP

3.

Camden Town Square

438

$66.0

$58.4

$7.9

2Q11

2Q12

4Q12

3Q13

60

%

53

%

Orlando, FL

UNDER CONSTRUCTION

4.

Camden City Centre II

268

36.0

22.3

22.3

4Q11

1Q13

2Q13

3Q14

Houston, TX

5.

Camden NOMA

320

110.0

60.7

60.7

4Q11

1Q14

2Q14

2Q15

Washington, DC

6.

Camden Lamar Heights

314

47.0

7.8

7.8

2Q12

4Q13

2Q14

3Q15

Austin, TX

7.

Camden Flatirons

424

78.0

9.8

9.8

3Q12

2Q14

4Q14

4Q16

Denver, CO

Total Development Communities

1,764

$337.0

$159.0

$108.5

Additional Development Pipeline & Land (a)

172.4

Total Properties Under Development and Land (per Balance Sheet)

$280.9

NOI CONTRIBUTION FROM NON-STABILIZED COMMUNITIES ($ in millions)
	Total Cost		3Q12 NOI
NOI from communities that stabilized during quarter		$100.6		$1.8
Completed Communities in Lease-Up		61.2		0.7
Development Communities in Lease-Up		159.0		0.4
Total Recenty Stabilized and Non-Stabilized Communities NOI Contribution		$320.8		$2.9

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 10/28/2012

Joint Venture Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

COMPLETED COMMUNITIES IN LEASE-UP

1.

Camden Amber Oaks II

244

$25.0

$21.9

$0.2

2Q11

1Q12

3Q12

1Q13

86

%

80

%

Austin, TX

UNDER CONSTRUCTION

2.

Camden South Capitol

276

88.0

58.3

58.3

2Q11

3Q13

4Q13

3Q14

Washington, DC

Total Joint Venture Development Communities

520

$113.0

$80.2

$58.5

(a) Please refer to the Development Pipeline & Land Summary on page 18.

Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

17

CAMDEN		DEVELOPMENT PIPELINE & LAND
(Unaudited)
AS OF SEPTEMBER 30, 2012 ($ in millions)
		Projected		Total
PIPELINE COMMUNITIES (a)		Homes		Estimated Cost (b)		Cost to Date
1.	Camden Glendale Triangle		303		$115.0		$28.2
	Glendale, CA
2.	Camden Boca Raton		261		54.0		7.2
	Boca Raton, FL
3.	Camden Paces (Phase 1)(c)		379		110.0		48.0
	Atlanta, GA
4.	Camden La Frontera		300		32.0		3.6
	Austin, TX
5.	Camden Victory Park		425		70.0		14.2
	Dallas, TX
6.	Camden Hollywood		299		125.0		18.0
	Los Angeles, CA
7.	Camden Lincoln Station		275		48.0		5.1
	Denver, CO
8.	Camden McGowen Station		251		40.0		6.9
	Houston, TX
Development Pipeline			2,493		$594.0		$131.2
LAND HOLDINGS		Acreage				Cost to Date
	Washington, DC		0.9				$17.3
	Houston, TX		13.2				6.9
	Dallas, TX		7.2				8.6
	Las Vegas, NV		19.6				4.2
	Other		4.8				4.2
Land Holdings			45.7				$41.2
Total Development Pipeline and Land							$172.4

(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)	Represents our best estimate of total costs we expect to incur on these projects.  However, forward-looking statements are not guarantees of future performances,
	results, or events.  Although, we believe these expectations are based upon reasonable assumptions, future events rarely develop as forecasted, and the best
	estimates routinely require adjustment.
(c)	The development will be developed in two phases.  The estimated cost  and units represents costs for phase one only.  The cost to date represents the cost to date for all phases.
Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements on page 2 of this document.

18

CAMDEN							ACQUISITIONS & DISPOSITIONS
(Unaudited)
2012 ACQUISITION/DISPOSITION ACTIVITY
Acquisitions		Location			Apartment Homes		Year Built		Closing Date (a)
1.	Camden Addison	Dallas, TX				456		1996	01/25/12
2.	Camden Holly Springs	Houston, TX				548		1999	01/25/12
3.	Camden Park	Houston, TX				288		1995	01/25/12
4.	Camden Sugar Grove	Houston, TX				380		1997	01/25/12
5.	Camden Parkside	Fullerton, CA				421		1972	01/25/12
6.	Camden Fountain Palms	Phoenix, AZ				192		1986/1996	01/25/12
7.	Camden Pecos Ranch	Phoenix, AZ				272		2001	01/25/12
8.	Camden Sierra	Phoenix, AZ				288		1997	01/25/12
9.	Camden Towne Center	Phoenix, AZ				240		1998	01/25/12
10.	Camden Pines	Las Vegas, NV				315		1997	01/25/12
11.	Camden Summit	Las Vegas, NV				234		1995	01/25/12
12.	Camden Tiara	Las Vegas, NV				400		1996	01/25/12
13.	Camden Belmont	Dallas, TX				477		2010/2012	06/28/12
14.	Camden Creekstone	Atlanta, GA				223		2002	07/12/12
15.	Camden Landmark	Ontario, CA				469		2006	09/27/12
16.	Camden Henderson	Dallas, TX				106		2012	09/28/12
17.	Camden Travis Street (b)	Houston, TX				253		2010	09/30/12
Total/Average Acquisitions			$657.0	(c)	5,562 apartment homes			1999
Dispositions		Location			Apartment Homes		Year Built		Closing Date
1.	Camden Vista Valley	Phoenix, AZ				357		1986	01/12/12
2.	Camden Landings	Orlando, FL				220		1983	03/07/12
3.	Camden Creek	Houston, TX				456		1984	03/16/12
Total/Average Dispositions			$55.6		1,033 apartment homes			1984
Joint Venture Acquisitions		Location			Apartment Homes		Year Built		Closing Date
1.	Camden Asbury Village	Raleigh, NC				350		2009	01/27/12
Total/Average Joint Venture Acquisitions			$44.2		350 apartment homes			2009
Pro Rata Joint Venture Acquisitions			$8.8
Joint Venture Dispositions		Location			Apartment Homes		Year Built		Closing Date
1.	Camden South Congress	Austin, TX				253		2001	08/30/12
Total/Average Joint Venture Dispositions			$54.4		253 apartment homes			2001
Pro Rata Joint Venture Dispositions			$10.9

(a)	The communities acquired on January 25, 2012 were acquired from joint ventures of which Camden previously owned a 20% interest. Apartment homes were previously included in Camden's unit count.
(b)	Acquired our partner's 75% interest in a fully consolidated joint venture of which Camden previously owned a 25% interest.
(c)	Represents the purchase price of third party acquisitions and the fair value of communities or interests purchased from joint venture partners.

19

CAMDEN									DEBT ANALYSIS
					(In thousands, except property data amounts)
(Unaudited)
DEBT MATURITIES AS OF SEPTEMBER 30, 2012:
	Future Scheduled Repayments											Weighted Average
			Secured		Unsecured							Interest Rate on
Year	Amortization		Maturities		Maturities		Total		% of Total			Maturing Debt
2012		$645		$-		$189,667		$190,312		8.0	%		5.9	%
2013 (a)		2,225		57,307		200,000		259,532		10.8	%		4.9	%
2014		2,195		8,827		-		11,022		0.5	%		6.0	%
2015		2,359		-		250,000		252,359		10.5	%		5.1	%
2016		2,594		-		-		2,594		0.1	%		N/A
Thereafter		78,049		819,107		746,750		1,643,906		68.7	%		4.6	%
Total Maturing Debt		$88,067		$885,241		$1,386,417		$2,359,725		98.6	%		4.8	%
Unsecured Line of Credit		-		-		34,000		34,000		1.4	%		1.0	%
Total Debt		$88,067		$885,241		$1,420,417		$2,393,725		100.0	%		4.8	%
Weighted Average Maturity of Debt			6.2 Years

						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt		$278,539		11.6	%		1.1	%	6.4 Years
Fixed rate debt		2,115,186		88.4	%		5.3	%	6.1 Years
Total		$2,393,725		100.0	%		4.8	%	6.2 Years
						Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Unsecured debt		$1,415,354		59.1	%		5.2	%	4.9 Years
Secured debt		978,371		40.9	%		4.2	%	7.9 Years
Total		$2,393,725		100.0	%		4.8	%	6.2 Years
						Weighted Average
SECURED DEBT DETAIL:	Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt		$733,832		75.0	%		5.2	%	8.3 Years
Conventional variable-rate mortgage debt		206,476		21.1	%		1.1	%	5.2 Years
Tax exempt variable rate debt		38,063		3.9	%		1.4	%	15.7 Years
Total		$978,371		100.0	%		4.2	%	7.9 Years
REAL ESTATE ASSETS: (b)	Total Homes		% of Total			Total Cost			% of Total			3Q12 NOI		% of Total
Unencumbered real estate assets		44,249		77.0	%		$5,039,951			76.5	%		$89,721		74.1	%
Encumbered real estate assets		13,181		23.0	%		1,548,965			23.5	%		31,379		25.9	%
Total		57,430		100.0	%		$6,588,916			100.0	%		$121,100		100.0	%
			Ratio of unencumbered assets at cost to unsecured debt is 3.6 times

(a)	Includes $31.5MM of secured debt that was repaid subsequent to September 30, 2012 in conjunction with the acquistion of the remaining 75% interest in a fully consolidated joint venture.
(b)	Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.

20

CAMDEN							DEBT MATURITY ANALYSIS
							(In thousands)
(Unaudited)
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2012 AND 2013:
	Future Scheduled Repayments									Weighted Average
			Secured		Unsecured					Interest Rate on
Quarter	Amortization		Maturities		Maturities			Total		Maturing Debt
4Q 2012		$645		$-		$189,667			$190,312		5.9	%
2012		$645		$-		$189,667			$190,312		5.9	%
1Q 2013		$681		$-		$-			$681		N/A
2Q 2013		547		25,831		-			26,378		5.0	%
3Q 2013(a)		490		31,476		-			31,966		1.7	%
4Q 2013		507		-		200,000			200,507		5.4	%
2013		$2,225		$57,307		$200,000			$259,532		4.9	%

(a) Includes $31.5MM of secured debt that was repaid subsequent to September 30, 2012 in conjunction with the acquistion of the remaining 75% interest in a fully consolidated joint venture.

21

CAMDEN	DEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)	Required	Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	≤ 60%	31%	Yes
Secured Debt to Gross Asset Value	≤ 35%	13%	Yes
Consolidated EBITDA to Total Fixed Charges	≥ 150%	341%	Yes
Unencumbered Adjusted NOI to Total Unsecured Debt	> 10.5%	24%	Yes
SENIOR UNSECURED NOTES
Covenant (a)	Required	Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	≤ 60%	36%	Yes
Total Secured Debt to Total Asset Value	≤ 40%	15%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt	≥ 150%	363%	Yes
Consolidated Income Available for Debt Service to Total	> 150%	376%	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.

22

CAMDEN			UNCONSOLIDATED REAL ESTATE INVESTMENTS
			DEBT ANALYSIS
			(In thousands, except property data amounts)
(Unaudited)
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF SEPTEMBER 30, 2012:
	Future Scheduled Repayments									Weighted Average
			Secured							Interest Rate on
Year	Amortization		Maturities		Total		% of Total			Maturing Debt
2012 (a)		$398		$13,485		$13,883		8.1	%		5.7	%
2013		1,743		38,080		39,823		23.3	%		2.6	%
2014		2,275		18,501		20,776		12.1	%		4.3	%
2015		2,118		7,387		9,505		5.6	%		2.9	%
2016		1,999		28,785		30,784		18.0	%		3.6	%
Thereafter		3,744		51,549		55,293		32.3	%		4.1	%
Total Maturing Debt		$12,277		$157,787		$170,064		99.3	%		3.8	%
Subscription lines of credit (b)		-		1,151		1,151		0.7	%		1.6	%
Total Debt		$12,277		$158,938		$171,215		100.0	%		3.7	%
Weighted Average Maturity of Debt			3.4 Years

						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate			Time to Maturity (a)
Floating rate debt		$52,016		30.4	%		2.4	%	1.8 Years
Fixed rate debt		119,199		69.6	%		4.4	%	4.1 Years
Total		$171,215		100.0	%		3.7	%	3.4 Years
						Weighted Average
SECURED DEBT DETAIL:	Balance		% of Total			Interest Rate			Time to Maturity (a)
Conventional fixed-rate mortgage debt		$119,199		69.6	%		4.4	%	4.1 Years
Conventional variable-rate mortgage debt		40,236		23.5	%		2.5	%	1.0 Years
Tax exempt variable rate debt		2,014		1.2	%		1.0	%	18.6 Years
Variable-rate construction loans		8,615		5.0	%		2.4	%	1.7 Years
Subscription lines of credit		1,151		0.7	%		1.6	%	0.3 Years
Total		$171,215		100.0	%		3.7	%	3.4 Years

REAL ESTATE ASSETS: (c)	Total Homes		Total Cost
Operating real estate assets		13,165		$1,149,885
Properties under development and land		276		70,574
Total		13,441		$1,220,459

(a)	Includes $3.8MM (Camden's pro rata share) of secured debt that was repaid subsequent to September 30, 2012 in conjunction with the sale of an asset inKansas City, MO.
(b)	As of September 30, 2012 these borrowings were drawn under the subscription lines of credit with $12.9 million in total capacity.  Camden has a 20% ownership interest in the borrowing entity.
(c)	Balance sheet and property data reported at 100%.

23

CAMDEN						UNCONSOLIDATED REAL ESTATE INVESTMENTS
								DEBT MATURITY ANALYSIS
									(In thousands)
(Unaudited)
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2012 and 2013:
									Weighted Average
		Future Scheduled Repayments							Interest Rate on
	Quarter	Amortization		Secured Maturities		Total			Maturing Debt
	4Q 2012(a) (b)		$398		$14,636		$15,034			5.4	%
	2012		$398		$14,636		$15,034			5.4	%
	1Q 2013		$420		$2,100		$2,520			2.5	%
	2Q 2013		428		-		428			N/A
	3Q 2013		442		35,980		36,422			2.6	%
	4Q 2013		453		-		453			N/A
	2013		$1,743		$38,080		$39,823			2.6	%

(a)	4Q 2012 maturities includes subscription lines of credit with $1,151 (Camden's pro-rata hare) outstanding as of September 30, 2012. The line of credit has $4.0 million in total capacity.
(b)	Includes $3.8MM (Camden's pro rata share) of secured debt that was repaid subsequent to September 30, 2012 in conjunction with the sale of an asset in Kansas City, MO.

24

CAMDEN							CAPITALIZED EXPENDITURES
							& MAINTENANCE EXPENSE
							(In thousands, except unit data)
(Unaudited)
	Third Quarter 2012 (a)
	Capitalized							Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit			Total		Per Unit
Interiors
Floor coverings	5.5 years			$3,815		$69			$941		$17
Appliances	9.7 years			1,253		23			243		4
Painting		-		-		-			2,038		37
Cabinetry/Countertops	10.0 years			490		9			-		-
Other	8.8 years			1,568		29			470		9
Exteriors
Painting	5.0 years			1,834		33			-		-
Carpentry	10.0 years			606		11			-		-
Landscaping	5.8 years			432		8			2,734		50
Roofing	20.0 years			714		13			102		2
Site Drainage	10.0 years			66		1			-		-
Fencing/Stair	10.0 years			143		3			-		-
Other (c)	7.3 years			2,389		43			3,792		69
Common Areas
Mech., Elec., Plumbing	9.6 years			1,633		30			1,258		23
Parking/Paving	5.0 years			369		7			-		-
Pool/Exercise/Facility	8.2 years			1,761		32			448		8
Total				$17,073		$311			$12,026		$219
Weighted Average Apartment Homes						54,934					54,934
	Year to Date 2012 (a)
	Capitalized							Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit			Total		Per Unit
Interiors
Floor coverings	5.5 years			$9,272		$172			$2,414		$45
Appliances	9.7 years			3,640		68			657		12
Painting		-		-		-			5,079		94
Cabinetry/Countertops	10.0 years			1,370		26			-		-
Other	8.8 years			4,050		75			1,400		26
Exteriors
Painting	5.0 years			3,727		69			-		-
Carpentry	10.0 years			1,220		23			-		-
Landscaping	5.8 years			1,204		22			8,848		164
Roofing	20.0 years			1,813		34			258		5
Site Drainage	10.0 years			248		5			-		-
Fencing/Stair	10.0 years			506		9			-		-
Other (c)	7.3 years			6,964		129			9,449		176
Common Areas
Mech., Elec., Plumbing	9.6 years			4,066		75			3,350		62
Parking/Paving	5.0 years			1,025		19			-		-
Pool/Exercise/Facility	8.2 years			7,081		131			1,173		22
Total				$46,186		$857			$32,628		$606
Weighted Average Apartment Homes						53,870					53,870

(a)	Includes discontinued operations.  Capitalized expenditures for discontinued operations was $118 and $671 for the three and nine months ended September 30, 2012, respectively.  Maintenance expenses for discontinued operations was $106 and $417 for the same periods.
(b)	Weighted average useful life of capitalized expenses for the three and nine months ended September 30, 2012.
(c)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.

25

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			Nine Months Ended
	September 30,			September 30,
	2012		2011	2012		2011
Net income (loss) attributable to common shareholders (a)	$30,703		$11,840	$141,224		$2,529
Real estate depreciation from continuing operations	51,477		42,095	152,246		129,778
Real estate depreciation and amortization from discontinued operations	221		1,191	844		3,564
Adjustments for unconsolidated joint ventures	1,885		3,223	6,198		7,042
Income allocated to noncontrolling interests	702		458	2,504		1,494
(Gain) on sale of unconsolidated joint venture property	(2,875	)	-	(2,875	)	-
(Gain) on acquisition of controlling interests in joint ventures	-		-	(40,191	)	-
(Gain) on sale of discontinued operations, net of tax	-		-	(32,541	)	-
(Gain) on sale of unconsolidated joint venture interests	-		-	-		(1,136	)
Funds from operations - diluted	$82,113		$58,807	$227,409		$143,271
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted	86,293		74,274	84,694		72,502
FFO diluted	88,514		76,494	85,822		75,685
Net income (loss) attributable to common shareholders - diluted	$0.35		$0.16	$1.66		$0.03
FFO per common share - diluted	$0.93		$0.77	$2.65		$1.89

(a) Includes a $29.8 million charge related to a loss on the discontinuation of a hedging relationship for the nine months ended September 30, 2011.

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:

	4Q12 Range				2012 Range
	Low		High		Low		High
Expected net income attributable to common shareholders per share - diluted	$0.42		$0.46		$2.06		$2.10
Expected real estate depreciation from continuing operations	0.56		0.56		2.33		2.33
Expected real estate depreciation and amortization from discontinued operations	0.00		0.00		0.01		0.01
Expected adjustments for unconsolidated joint ventures	(0.05	)	(0.05	)	0.02		0.02
Expected income allocated to noncontrolling interests	0.01		0.01		0.04		0.04
(Gain) on sale of uncosolidated joint venture property	0.00		0.00		(0.03	)	(0.03	)
Realized (gain) on acquisition of controlling interests in joint ventures	0.00		0.00		(0.46	)	(0.46	)
Realized (gain) on sale of discontinued operations, net of tax	0.00		0.00		(0.38	)	(0.38	)
Expected FFO per share - diluted	$0.94		$0.98		$3.59		$3.63

Note:  This table contains forward-looking statements.  Please see the paragraph regarding forward-looking statements on page 2 of this document.

26

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						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Net income attributable to common shareholders		$30,703			$11,840			$141,224			$2,529
Less: Fee and asset management income		(3,041	)		(2,646	)		(9,572	)		(6,955	)
Less: Interest and other (income) loss		(3	)		108			750			(4,749	)
Less: Income (loss) on deferred compensation plans		1,781			6,096			(3,820	)		(1,233	)
Plus: Property management expense		5,509			5,050			15,644			15,478
Plus: Fee and asset management expense		1,864			1,330			5,051			4,220
Plus: General and administrative expense		9,303			8,572			27,712			26,392
Plus: Interest expense		25,865			27,354			78,795			85,472
Plus: Depreciation and amortization		52,588			43,367			155,579			133,547
Plus: Amortization of deferred financing costs		909			1,344			2,721			4,761
Plus: Expense (benefit) on deferred compensation plans		(1,781	)		(6,096	)		3,820			1,233
Less: Gain on acquisition of controlling interests in joint ventures		-			-			(40,191	)		-
Less: Gain on sale of properties, including land		-			-			-			(4,748	)
Less: Gain on sale of unconsolidated joint venture interests		-			-			-			(1,136	)
Plus: Loss on discontinuation of hedging relationship		-			-			-			29,791
Less: Equity in income (loss) of joint ventures		(3,688	)		556			(4,686	)		166
Plus: Income tax expense - current		334			313			992			1,889
Less: Income from discontinued operations		(343	)		(1,098	)		(1,262	)		(3,196	)
Less: Gain on sale of discontinued operations, net of tax		-			-			(32,541	)		-
Plus: Income allocated to noncontrolling interests from continuing operations		1,100			752			3,009			2,089
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			9			670			29
Plus: Income allocated to perpetual preferred units		-			1,750			776			5,250
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			-			2,075			-
Net Operating Income (NOI)		$121,100			$98,601			$346,746			$290,829
"Same Property" Communities		$105,939			$95,735			$309,612			$282,528
Non-"Same Property" Communities		13,300			2,567			33,127			7,839
Development and Lease-Up Communities		1,148			-			1,476			-
Other		713			299			2,531			462
Net Operating Income (NOI)		$121,100			$98,601			$346,746			$290,829

EBITDA

EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, including net operating income from discontinued operations, xcluding equity in (income) loss of joint ventures, (gain) loss on sale of unconsolidated joint venture interests, gain on acquisition of controlling interest in joint ventures, gain on sale of discontinued operations, net of tax, 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					Nine Months Ended
	September 30,					September 30,
	2012			2011		2012			2011
Net income attributable to common shareholders		$30,703			$11,840		$141,224			$2,529
Plus: Interest expense		25,865			27,354		78,795			85,472
Plus: Amortization of deferred financing costs		909			1,344		2,721			4,761
Plus: Depreciation and amortization		52,588			43,367		155,579			133,547
Plus: Income allocated to perpetual preferred units		-			1,750		776			5,250
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			-		2,075			-
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		-			9		670			29
Plus: Income allocated to noncontrolling interests from continuing operations		1,100			752		3,009			2,089
Plus: Income tax expense - current		334			313		992			1,889
Plus: Real estate depreciation and amortization from discontinued operations		221			1,191		844			3,564
Less: Gain on sale of properties, including land		-			-		-			(4,748	)
Less: Gain on sale of unconsolidated joint venture interests		-			-		-			(1,136	)
Less: Gain on acquisition of controlling interests in joint ventures		-			-		(40,191	)		-
Less: Equity in income (loss) of joint ventures		(3,688	)		556		(4,686	)		166
Less: Gain on sale of discontinued operations, net of tax		-			-		(32,541	)		-
Plus: Loss on discontinuation of hedging relationship		-			-		-			29,791
EBITDA		$108,032			$88,476		$309,267			$263,203

27

CAMDEN OTHER DATA

(Unaudited)

Stock Symbol:		CPT
Exchange Traded:		NYSE
Senior Unsecured Debt Ratings:			Rating	Outlook
		Moody's	Baa1	Stable
		Fitch	BBB+	Stable
		Standard & Poors	BBB	Positive
Estimated Future Dates:			Q4 '12	Q1 '13	Q2 '13	Q3 '13
	Earnings release & conference call		Early Feb	Early May	Late Jul	Late Oct
Dividend Information - Common Shares:			Q1 '12	Q2 '12	Q3 '12
	Declaration Date		03/08/12	06/15/12	09/14/12
	Record Date		03/30/12	06/29/12	09/28/12
	Payment Date		04/17/12	07/17/12	10/17/12
	Distributions Per Share		$0.56	$0.56	$0.56

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

28

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 09/30/12

(Unaudited)									3Q12 Avg
					Year Placed	Average	Apartment	3Q12 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	93%	$897	$1.14
	Camden Fountain Palms		Peoria	AZ	1986/1996	1,050	192	92%	680	0.65
	Camden Legacy		Scottsdale	AZ	1996	1,067	428	94%	949	0.89
	Camden Pecos Ranch		Chandler	AZ	2001	924	272	94%	860	0.93
	Camden San Paloma		Scottsdale	AZ	1993/1994	1,042	324	94%	970	0.93
	Camden Sierra		Peoria	AZ	1997	925	288	92%	682	0.74
	Camden Towne Center		Glendale	AZ	1998	871	240	95%	676	0.78
		TOTAL ARIZONA	7	Properties		955	2,076	94%	839	0.88
	Camden Crown Valley		Mission Viejo	CA	2001	1,009	380	95%	1,599	1.59
	Camden Harbor View		Long Beach	CA	2004	975	538	95%	1,965	2.02
	Camden Main and Jamboree		Irvine	CA	2008	1,011	290	96%	1,820	1.80
	Camden Martinique		Costa Mesa	CA	1986	794	714	95%	1,362	1.72
	Camden Parkside		Fullerton	CA	1972	836	421	96%	1,257	1.50
	Camden Sea Palms		Costa Mesa	CA	1990	891	138	98%	1,518	1.70
		Total Los Angeles/Orange County	6	Properties		904	2,481	95%	1,574	1.74
	Camden Landmark		Ontario	CA	2006	982	469	95%	1,388	1.41
	Camden Old Creek		San Marcos	CA	2007	1,037	350	96%	1,623	1.56
	Camden Sierra at Otay Ranch		Chula Vista	CA	2003	962	422	95%	1,510	1.57
	Camden Tuscany		San Diego	CA	2003	896	160	96%	2,018	2.25
	Camden Vineyards		Murrieta	CA	2002	1,053	264	93%	1,248	1.19
		Total San Diego/Inland Empire	5	Properties		991	1,665	95%	1,507	1.52
		TOTAL CALIFORNIA	11	Properties		939	4,146	95%	1,547	1.65
	Camden Caley		Englewood	CO	2000	925	218	96%	992	1.07
	Camden Centennial		Littleton	CO	1985	744	276	96%	765	1.03
	Camden Denver West (1)		Golden	CO	1997	1,015	320	96%	1,168	1.15
	Camden Highlands Ridge		Highlands Ranch	CO	1996	1,149	342	95%	1,269	1.11
	Camden Interlocken		Broomfield	CO	1999	1,022	340	96%	1,228	1.20
	Camden Lakeway		Littleton	CO	1997	932	451	96%	993	1.07
	Camden Pinnacle		Westminster	CO	1985	748	224	95%	795	1.06
		TOTAL COLORADO	7	Properties		949	2,171	96%	1,050	1.11
	Camden Ashburn Farms		Ashburn	VA	2000	1,062	162	98%	1,499	1.41
	Camden Clearbrook		Frederick	MD	2007	1,048	297	96%	1,357	1.29
	Camden College Park		College Park	MD	2008	942	508	96%	1,583	1.68
	Camden Dulles Station		Oak Hill	VA	2009	984	366	97%	1,635	1.66
	Camden Fair Lakes		Fairfax	VA	1999	1,056	530	97%	1,654	1.57
	Camden Fairfax Corner		Fairfax	VA	2006	934	488	97%	1,683	1.80
	Camden Fallsgrove		Rockville	MD	2004	996	268	96%	1,690	1.70
	Camden Grand Parc		Washington	DC	2002	674	105	97%	2,455	3.64
	Camden Lansdowne		Leesburg	VA	2002	1,006	690	96%	1,434	1.43
	Camden Largo Town Center		Largo	MD	2000/2007	1,027	245	96%	1,608	1.57
	Camden Monument Place		Fairfax	VA	2007	856	368	96%	1,530	1.79
	Camden Potomac Yard		Arlington	VA	2008	835	378	96%	2,004	2.40
	Camden Roosevelt		Washington	DC	2003	856	198	97%	2,468	2.88
	Camden Russett		Laurel	MD	2000	992	426	95%	1,379	1.39
	Camden Silo Creek		Ashburn	VA	2004	975	284	97%	1,439	1.48
	Camden Summerfield		Landover	MD	2008	957	291	95%	1,579	1.65
	Camden Summerfield II		Landover	MD	2012	936	187	96%	1,553	1.66
		TOTAL DC METRO	17	Properties		963	5,791	96%	1,622	1.69
	Camden Aventura		Aventura	FL	1995	1,108	379	95%	1,562	1.41
	Camden Brickell		Miami	FL	2003	937	405	97%	1,655	1.77
	Camden Doral		Miami	FL	1999	1,120	260	97%	1,556	1.39
	Camden Doral Villas		Miami	FL	2000	1,253	232	92%	1,677	1.34
	Camden Las Olas		Ft. Lauderdale	FL	2004	1,043	420	94%	1,762	1.69
	Camden Plantation		Plantation	FL	1997	1,201	502	95%	1,310	1.09
	Camden Portofino		Pembroke Pines	FL	1995	1,112	322	96%	1,357	1.22
		Total Southeast Florida	7	Properties		1,103	2,520	95%	1,544	1.40
	Camden Club		Longwood	FL	1986	1,077	436	96%	872	0.81
	Camden Hunter's Creek		Orlando	FL	2000	1,075	270	97%	1,009	0.94
	Camden Lago Vista		Orlando	FL	2005	955	366	95%	913	0.96
	Camden LaVina		Orlando	FL	2012	970	420	95%	1,059	1.09
	Camden Lee Vista		Orlando	FL	2000	937	492	96%	892	0.95
	Camden Orange Court		Orlando	FL	2008	817	268	96%	1,131	1.38
	Camden Renaissance		Altamonte Springs	FL	1996/1998	899	578	94%	805	0.90
	Camden Reserve		Orlando	FL	1990/1991	824	526	95%	751	0.91
	Camden World Gateway		Orlando	FL	2000	979	408	94%	979	1.00
		Total Orlando	9	Properties		943	3,764	95%	912	0.97

29

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 09/30/12

(Unaudited)							3Q12 Avg
			Year Placed	Average	Apartment	3Q12 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	95%	875	0.93
Camden Bay Pointe		Tampa	FL	1984	771	368	94%	709	0.92
Camden Bayside		Tampa	FL	1987/1989	748	832	97%	779	1.04
Camden Citrus Park		Tampa	FL	1985	704	247	96%	694	0.99
Camden Lakes		St. Petersburg	FL	1982/1983	732	688	95%	714	0.98
Camden Lakeside		Brandon	FL	1986	729	228	95%	754	1.03
Camden Live Oaks		Tampa	FL	1990	1,093	770	94%	784	0.72
Camden Montague		Tampa	FL	2012	975	192	98%	1,086	1.11
Camden Preserve		Tampa	FL	1996	942	276	95%	1,082	1.15
Camden Providence Lakes		Brandon	FL	1996	1,024	260	95%	912	0.89
Camden Royal Palms		Brandon	FL	2006	1,017	352	96%	954	0.94
Camden Visconti (1)		Tampa	FL	2007	1,125	450	94%	1,143	1.02
Camden Westchase Park (2)		Tampa	FL	2012	993	348	Lease-Up	1,176	1.18
Camden Westshore		Tampa	FL	1986	728	278	95%	858	1.18
Camden Woods		Tampa	FL	1986	1,223	444	96%	857	0.70
	Total Tampa/St. Petersburg	15	Properties		920	6,493	95%	868	0.96
	TOTAL FLORIDA	31	Properties		963	12,777	95%	1,014	1.05
Camden Brookwood		Atlanta	GA	2002	912	359	97%	996	1.09
Camden Creekstone		Atlanta	GA	2002	990	223	96%	1,025	1.04
Camden Deerfield		Alpharetta	GA	2000	1,187	292	95%	997	0.84
Camden Dunwoody		Atlanta	GA	1997	1,007	324	95%	921	0.91
Camden Ivy Hall (1)		Atlanta	GA	2010	1,181	110	94%	1,642	1.39
Camden Midtown Atlanta		Atlanta	GA	2001	935	296	96%	1,044	1.12
Camden Peachtree City		Peachtree City	GA	2001	1,027	399	97%	941	0.92
Camden Phipps (1)		Atlanta	GA	1996	1,018	234	96%	1,237	1.22
Camden River		Duluth	GA	1997	1,103	352	96%	916	0.83
Camden Shiloh		Kennesaw	GA	1999/2002	1,143	232	95%	886	0.78
Camden St. Clair		Atlanta	GA	1997	999	336	96%	949	0.95
Camden Stockbridge		Stockbridge	GA	2003	1,009	304	93%	765	0.76
Camden Sweetwater		Lawrenceville	GA	2000	1,151	308	94%	738	0.64
	TOTAL GEORGIA	13	Properties		1,042	3,769	96%	965	0.93
Camden Passage (1) (3)		Kansas City	MO	1989/1997	834	596	94%	688	0.82
	Total Kansas City	1	Property		834	596	94%	688	0.82
Camden Cedar Lakes (1)		Lake St. Louis	MO	1986	852	420	93%	669	0.79
Camden Cove West (1)		Creve Coeur	MO	1990	828	276	98%	864	1.04
Camden Cross Creek (1)		St. Louis	MO	1973/1980	947	591	92%	793	0.84
Camden Westchase (1)		St. Louis	MO	1986	945	160	98%	918	0.97
	Total St. Louis	4	Properties		896	1,447	94%	785	0.88
	TOTAL MISSOURI	5	Properties		878	2,043	94%	756	0.86
Camden Bel Air		Las Vegas	NV	1988/1995	943	528	92%	713	0.76
Camden Breeze		Las Vegas	NV	1989	846	320	93%	721	0.85
Camden Canyon		Las Vegas	NV	1995	987	200	95%	863	0.87
Camden Commons		Henderson	NV	1988	936	376	93%	751	0.80
Camden Cove		Las Vegas	NV	1990	898	124	95%	712	0.79
Camden Del Mar		Las Vegas	NV	1995	986	560	96%	898	0.91
Camden Fairways		Henderson	NV	1989	896	320	96%	880	0.98
Camden Hills		Las Vegas	NV	1991	439	184	89%	487	1.11
Camden Legends		Henderson	NV	1994	792	113	96%	828	1.05
Camden Palisades		Las Vegas	NV	1991	905	624	95%	726	0.80
Camden Pines		Las Vegas	NV	1997	982	315	93%	792	0.81
Camden Pointe		Las Vegas	NV	1996	983	252	93%	732	0.74
Camden Summit		Henderson	NV	1995	1,187	234	93%	1,077	0.91
Camden Tiara		Las Vegas	NV	1996	1,043	400	95%	865	0.83
Camden Vintage		Las Vegas	NV	1994	978	368	94%	706	0.72
Oasis Bay (1)		Las Vegas	NV	1990	876	128	97%	744	0.85
Oasis Crossings (1)		Las Vegas	NV	1996	983	72	99%	754	0.77
Oasis Emerald (1)		Las Vegas	NV	1988	873	132	94%	612	0.70
Oasis Gateway (1)		Las Vegas	NV	1997	1,146	360	94%	778	0.68
Oasis Island (1)		Las Vegas	NV	1990	901	118	89%	609	0.68
Oasis Landing (1)		Las Vegas	NV	1990	938	144	91%	669	0.71
Oasis Meadows (1)		Las Vegas	NV	1996	1,031	383	87%	717	0.70
Oasis Palms (1)		Las Vegas	NV	1989	880	208	93%	687	0.78
Oasis Pearl (1)		Las Vegas	NV	1989	930	90	92%	692	0.74
Oasis Place (1)		Las Vegas	NV	1992	440	240	89%	486	1.10
Oasis Ridge (1)		Las Vegas	NV	1984	391	477	88%	413	1.06
Oasis Sierra (1)		Las Vegas	NV	1998	923	208	96%	781	0.85
Oasis Springs (1)		Las Vegas	NV	1988	838	304	90%	579	0.69
Oasis Vinings (1)		Las Vegas	NV	1994	1,152	234	92%	705	0.61
	TOTAL NEVADA	29	Properties		903	8,016	93%	728	0.81

30

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 09/30/12

(Unaudited)							3Q12 Avg
			Year Placed	Average	Apartment	3Q12 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	96%	999	0.96
Camden Cotton Mills		Charlotte	NC	2002	905	180	97%	1,305	1.44
Camden Dilworth		Charlotte	NC	2006	857	145	97%	1,250	1.46
Camden Fairview		Charlotte	NC	1983	1,036	135	97%	922	0.89
Camden Forest		Charlotte	NC	1989	703	208	94%	595	0.85
Camden Foxcroft		Charlotte	NC	1979	940	156	97%	835	0.89
Camden Grandview		Charlotte	NC	2000	1,057	266	98%	1,401	1.33
Camden Habersham		Charlotte	NC	1986	773	240	96%	700	0.91
Camden Park Commons		Charlotte	NC	1997	861	232	95%	704	0.82
Camden Pinehurst		Charlotte	NC	1967	1,147	407	97%	842	0.73
Camden Sedgebrook		Charlotte	NC	1999	972	368	96%	901	0.93
Camden Simsbury		Charlotte	NC	1985	874	100	98%	898	1.03
Camden South End Square		Charlotte	NC	2003	882	299	98%	1,196	1.36
Camden Stonecrest		Charlotte	NC	2001	1,098	306	96%	1,056	0.96
Camden Touchstone		Charlotte	NC	1986	899	132	98%	787	0.88
	Total Charlotte	15	Properties		961	3,574	97%	964	1.00
Camden Asbury Village (1)		Raleigh	NC	2009	1,009	350	95%	1,005	1.00
Camden Crest		Raleigh	NC	2001	1,013	438	95%	820	0.81
Camden Governor's Village		Chapel Hill	NC	1999	1,046	242	97%	917	0.88
Camden Lake Pine		Apex	NC	1999	1,066	446	95%	872	0.82
Camden Manor Park		Raleigh	NC	2006	966	484	97%	910	0.94
Camden Overlook		Raleigh	NC	2001	1,060	320	97%	966	0.91
Camden Reunion Park		Apex	NC	2000/2004	972	420	96%	757	0.78
Camden Westwood		Morrisville	NC	1999	1,027	354	95%	827	0.81
	Total Raleigh	8	Properties		1,016	3,054	96%	878	0.86
	TOTAL NORTH CAROLINA	23	Properties		986	6,628	96%	925	0.94
Camden Valleybrook		Chadds Ford	PA	2002	992	352	97%	1,334	1.35
	TOTAL PENNSYLVANIA	1	Property		992	352	97%	1,334	1.35
Camden Amber Oaks (1)		Austin	TX	2009	862	348	95%	875	1.01
Camden Amber Oaks II (1) (2)		Austin	TX	2012	910	244	Lease-Up	978	1.07
Camden Brushy Creek (1)		Cedar Park	TX	2008	882	272	95%	891	1.01
Camden Cedar Hills		Austin	TX	2008	911	208	95%	1,030	1.13
Camden Gaines Ranch		Austin	TX	1997	955	390	96%	1,116	1.17
Camden Huntingdon		Austin	TX	1995	903	398	96%	836	0.93
Camden Laurel Ridge (3)		Austin	TX	1986	702	183	95%	682	0.97
Camden Ridgecrest		Austin	TX	1995	855	284	95%	762	0.89
Camden Shadow Brook (1)		Austin	TX	2009	909	496	96%	922	1.01
Camden Stoneleigh		Austin	TX	2001	908	390	97%	986	1.09
	Total Austin	10	Properties		890	3,213	96%	918	1.03
Camden Breakers		Corpus Christi	TX	1996	868	288	96%	1,023	1.18
Camden Copper Ridge		Corpus Christi	TX	1986	775	344	95%	750	0.97
Camden Miramar (4)		Corpus Christi	TX	1994-2011	488	855	63%	1,119	2.30
Camden South Bay (1)		Corpus Christi	TX	2007	1,055	270	95%	1,138	1.08
	Total Corpus Christi	4	Properties		693	1,757	95%	1,034	1.49
Camden Addison		Addison	TX	1996	942	456	96%	857	0.91
Camden Belmont		Dallas	TX	2010/2012	945	477	95%	1,349	1.43
Camden Buckingham		Richardson	TX	1997	919	464	97%	896	0.97
Camden Centreport		Ft. Worth	TX	1997	911	268	97%	864	0.95
Camden Cimarron		Irving	TX	1992	772	286	95%	892	1.16
Camden Design District (1)		Dallas	TX	2009	939	355	95%	1,202	1.28
Camden Farmers Market		Dallas	TX	2001/2005	932	904	95%	1,020	1.09
Camden Gardens		Dallas	TX	1983	652	256	96%	616	0.94
Camden Glen Lakes		Dallas	TX	1979	877	424	96%	825	0.94
Camden Henderson		Dallas	TX	2012	967	106	92%	1,587	1.64
Camden Legacy Creek		Plano	TX	1995	831	240	96%	930	1.12
Camden Legacy Park		Plano	TX	1996	871	276	94%	953	1.09
Camden Panther Creek (1)		Frisco	TX	2009	946	295	95%	988	1.04
Camden Riverwalk (1)		Grapevine	TX	2008	982	600	95%	1,201	1.22
Camden Springs		Dallas	TX	1987	713	304	94%	617	0.86
Camden Valley Park		Irving	TX	1986	743	516	96%	818	1.10
Camden Westview		Lewisville	TX	1983	697	335	93%	665	0.95
	Total Dallas/Ft. Worth	17	Properties		873	6,562	95%	959	1.10

31

CAMDEN	COMMUNITY TABLE
	Community Statistics as of 09/30/12

(Unaudited)							3Q12 Avg
			Year Placed	Average	Apartment	3Q12 Avg	Monthly Rental Rates
Community Name	City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.

	Camden Baytown		Baytown	TX	1999	844	272	96%	855	1.01
	Camden City Centre		Houston	TX	2007	932	379	97%	1,454	1.56
	Camden Cypress Creek (1)		Cypress	TX	2009	993	310	96%	1,112	1.12
	Camden Downs at Cinco Ranch (1)		Katy	TX	2004	1,075	318	96%	1,110	1.03
	Camden Grand Harbor (1)		Katy	TX	2008	959	300	97%	1,031	1.07
	Camden Greenway		Houston	TX	1999	861	756	95%	1,192	1.39
	Camden Heights (1)		Houston	TX	2004	927	352	97%	1,326	1.43
	Camden Holly Springs		Houston	TX	1999	934	548	97%	1,005	1.08
	Camden Lakemont (1)		Richmond	TX	2007	904	312	97%	906	1.00
	Camden Midtown		Houston	TX	1999	844	337	96%	1,434	1.70
	Camden Northpointe (1)		Tomball	TX	2008	940	384	96%	978	1.04
	Camden Oak Crest		Houston	TX	2003	870	364	96%	915	1.05
	Camden Park		Houston	TX	1995	866	288	96%	857	0.99
	Camden Piney Point (1)		Houston	TX	2004	919	318	97%	1,100	1.20
	Camden Plaza		Houston	TX	2007	915	271	97%	1,407	1.54
	Camden Royal Oaks		Houston	TX	2006	923	236	85%	1,187	1.29
	Camden Royal Oaks II (2)		Houston	TX	2012	1,054	104	Lease-up	1,412	1.34
	Camden Spring Creek (1)		Spring	TX	2004	1,080	304	96%	1,047	0.97
	Camden Steeplechase (3)		Houston	TX	1982	748	290	95%	688	0.92
	Camden Stonebridge		Houston	TX	1993	845	204	97%	890	1.05
	Camden Sugar Grove		Stafford	TX	1997	921	380	96%	922	1.00
	Camden Travis Street		Houston	TX	2010	819	253	97%	1,437	1.76
	Camden Vanderbilt		Houston	TX	1996/1997	863	894	98%	1,266	1.47
	Camden Whispering Oaks		Houston	TX	2008	934	274	97%	1,075	1.15
	Camden Woodson Park (1)		Houston	TX	2008	916	248	96%	1,009	1.10
	Camden Yorktown (1)		Houston	TX	2008	995	306	95%	998	1.00
		Total Houston	26	Properties		911	9,002	96%	1,109	1.22
	Camden Braun Station (1)		San Antonio	TX	2006	827	240	97%	835	1.01
	Camden Westover Hills (1)		San Antonio	TX	2010	959	288	96%	1,072	1.12
		Total San Antonio	2	Properties		899	528	97%	964	1.07
		TOTAL TEXAS	59	Properties		878	21,062	96%	1,023	1.17
TOTAL PROPERTIES			203	Properties		932	68,831	95%	$1,046	$1.12

(1)	Communities owned through investment in joint venture.
(2)	Completed communities in lease-up as of September 30, 2012 are excluded from total occupancy numbers.
(3)	Community held for sale as of September 30, 2012.
(4)	Miramar is a student housing community which is excluded from total occupancy numbers.

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