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):  May 2, 2013

CAMDEN PROPERTY TRUST

(Exact name of registrant as specified in its charter)

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

Three Greenway Plaza, Suite 1300, Houston, Texas  77046

(Address of principal executive offices) (Zip Code)

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

Not applicable

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

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On May 2, 2013, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended March 31, 2013.  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 May 2, 2013.

           99.2       Supplemental Financial Information dated May 2, 2013.

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: May 3, 2013

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

3

EXHIBIT INDEX

Exhibit

Number                      Title

99.1                             Press Release issued by Camden Property Trust dated May 2, 2013

99.2                             Supplemental Financial Information dated May 2, 2013

EX-99.1

EXHIBIT 99.1

CAMDEN PROPERTY TRUST ANNOUNCES

FIRST QUARTER 2013 OPERATING RESULTS

Houston, TEXAS (May 2, 2013) – Camden Property Trust (NYSE: CPT) today announced operating results for the three months ended March 31, 2013.

Funds from Operations (“FFO”)

FFO for the first quarter of 2013 totaled $0.97 per diluted share or $86.6 million, as compared to $0.83 per diluted share or $68.6 million for the same period in 2012.  FFO for the three months ended March 31, 2013 included a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.  FFO for the three months ended March 31, 2012 included a $2.1 million or $0.03 per diluted share charge related to the redemption of perpetual preferred operating partnership units.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $63.5 million or $0.72 per diluted share for the first quarter of 2013, as compared to $88.8 million or $1.07 per diluted share for the same period in 2012.  EPS for the three months ended March 31, 2013 included a $31.8 million or $0.36 per diluted share gain on sale of discontinued operations, and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.  EPS for the three months ended March 31, 2012 included: a $40.2 million or $0.49 per diluted share gain on acquisition of controlling interests in joint ventures; a $32.5 million or $0.39 per diluted share gain on sale of discontinued operations; and, a $2.1 million or $0.03 per diluted share charge related to the redemption of perpetual preferred operating partnership units.

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 43,869 apartment homes included in consolidated same property results, first quarter 2013 same property net operating income (“NOI”) increased 6.7% compared to the first quarter of 2012, with revenues increasing 5.9% and expenses increasing 4.5%.  On a sequential basis, first quarter 2013 same property NOI declined 0.3% compared to the fourth quarter of 2012, with revenues increasing 0.8% and expenses increasing 2.8% compared to the prior quarter.  Same property physical occupancy levels for the portfolio averaged 95.2% during the first quarter of 2013, compared to 95.1% in the fourth quarter of 2012 and 94.9% in the first quarter of 2012.

The Company defines same property communities as communities owned and stabilized as of January 1, 2012, excluding properties held for sale.  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

Subsequent to quarter-end, the Company acquired Camden Post Oak, a 356-home apartment community located in Houston, TX.

Disposition Activity

During the first quarter, the Company disposed of Camden Live Oaks, a 770-home apartment community in Tampa, FL, for approximately $63.4 million.  The Company also sold 3.7 acres of undeveloped land adjacent to current development communities in Houston, TX and Atlanta, GA during the quarter for approximately $6.6 million, recognizing a gain of $0.7 million.

Subsequent to quarter-end, the Company sold Camden Reserve, a 526-home apartment community in Orlando, FL, for approximately $40.5 million.

Development Activity

Leasing continued during the quarter at Camden Royal Oaks II, a 104-home project in Houston, TX, which is currently 93% leased; and Camden Town Square, a 438-home project in Orlando, FL which is currently 84% leased.  Leasing began during the quarter at Camden City Centre II, a 268-home project in Houston, TX, which is currently 46% leased and expected to complete construction during the second quarter.

Construction continued at six additional wholly-owned development communities: Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes; Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes; Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes; Camden Glendale in Glendale, CA, a $115 million project with 303 apartment homes; Camden Boca Raton in Boca Raton, FL, a $54 million project with 261 apartment homes; and Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes.

Construction also continued at two joint venture development communities:  Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes; and Camden Waterford Lakes in Orlando, FL, a $40 million project with 300 apartment homes.  Camden South Capitol began leasing subsequent to quarter-end and is currently 11% leased.

Equity Issuances

During the first quarter, Camden issued 135,747 common shares through its ATM program at an average price of $70.63 per share, for total net consideration of approximately $9.4 million.

Earnings Guidance

Camden updated its earnings guidance for 2013 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2013 FFO is expected to be $3.89 to $4.05 per diluted share, and full-year 2013 EPS is expected to be $1.79 to $1.95 per diluted share.  Second quarter 2013 earnings guidance is $0.96 to $1.00 per diluted share for FFO and $0.34 to $0.38 per diluted share for EPS.  Guidance for EPS excludes potential future gains on real estate transactions.  Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2013 earnings guidance is based on projections of same property revenue growth between 4.75% and 6.25%, expense growth between 3.2% and 4.0%, and NOI growth between 5.5% and 7.5%.  Additional information on the Company’s 2013 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, May 3, 2013 at 11:00 a.m. Central Time to review its first quarter 2013 results and discuss its outlook for future performance.  To participate in the call, please dial (888) 317-6003 (Domestic) or (412) 317-6061 (International) by 10:50 a.m. Central Time and enter passcode: 1896876, 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.  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 today’s press release represent management’s current opinions, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

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 192 properties containing 64,835 apartment homes across the United States.  Upon completion of 9 properties under development, the Company's portfolio will increase to 67,680 apartment homes in 201 properties. Camden was recently named by FORTUNE® Magazine for the sixth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #10.

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
	March 31,
OPERATING DATA	2013			2012
Property revenues
Rental revenues		$169,603			$146,254
Other property revenues		26,587			23,445
Total property revenues		196,190			169,699
Property expenses
Property operating and maintenance		50,494			46,114
Real estate taxes		21,653			17,373
Total property expenses		72,147			63,487
Non-property income
Fee and asset management		2,894			2,923
Interest and other income (loss)		52			(688	)
Income on deferred compensation plans		2,999			7,786
Total non-property income		5,945			10,021
Other expenses
Property management		5,983			5,284
Fee and asset management		1,477			1,743
General and administrative		9,794			8,679
Interest		24,895			26,683
Depreciation and amortization		53,255			47,906
Amortization of deferred financing costs		916			912
Expense on deferred compensation plans		2,999			7,786
Total other expenses		99,319			98,993
Gain on sale of land		698			-
Gain on acquisition of controlling interests in joint ventures		-			40,191
Equity in income of joint ventures		934			366
Income from continuing operations before income taxes		32,301			57,797
Income tax expense - current		(399	)		(224	)
Income from continuing operations		31,902			57,573
Income from discontinued operations		748			2,990
Gain on sale of discontinued operations, net of tax		31,783			32,541
Net income		64,433			93,104
Less income allocated to noncontrolling interests from continuing operations		(917	)		(764	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		(40	)		(731	)
Less income allocated to perpetual preferred units		-			(776	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			(2,075	)
Net income attributable to common shareholders		$63,476			$88,758
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$64,433			$93,104
Other comprehensive income
Reclassification of prior service cost and net loss on post retirement obligations		14			8
Comprehensive income		64,447			93,112
Less income allocated to noncontrolling interests from continuing operations		(917	)		(764	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		(40	)		(731	)
Less income allocated to perpetual preferred units		-			(776	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			(2,075	)
Comprehensive income attributable to common shareholders		$63,490			$88,766
PER SHARE DATA
Net income attributable to common shareholders - basic		$0.72			$1.10
Net income attributable to common shareholders - diluted		0.72			1.07
Income from continuing operations attributable to common shareholders - basic		0.35			0.66
Income from continuing operations attributable to common shareholders - diluted		0.35			0.65
Weighted average number of common and
common equivalent shares outstanding:
Basic		86,703			79,885
Diluted		87,276			82,855
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

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

(Unaudited)	Three Months Ended
	March 31,
FUNDS FROM OPERATIONS	2013			2012
Net income attributable to common shareholders		$63,476			$88,758
Real estate depreciation from continuing operations		52,158			46,797
Real estate depreciation and amortization from discontinued operations		215			2,398
Adjustments for unconsolidated joint ventures		1,608			2,275
Income allocated to noncontrolling interests		957			1,093
(Gain) on acquisition of controlling interests in joint ventures		-			(40,191	)
(Gain) on sale of discontinued operations, net of tax		(31,783	)		(32,541	)
Funds from operations - diluted		$86,631			$68,589
PER SHARE DATA
Funds from operations - diluted		$0.97			$0.83
Cash distributions		0.63			0.56
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		89,177			82,855
PROPERTY DATA
Total operating properties (end of period) (a)		192			197
Total operating apartment homes in operating properties (end of period) (a)		65,005			67,025
Total operating apartment homes (weighted average)		54,311			52,957
Total operating apartment homes - excluding discontinued operations (weighted average)		53,653			48,900
(a) Includes joint ventures and properties held for sale.

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

CAMDEN	BALANCE SHEETS
	(In thousands)

(Unaudited)	Mar 31,			Dec 31,			Sept 30,			Jun 30,			Mar 31,
	2013			2012			2012			2012			2012
ASSETS
Real estate assets, at cost
Land		$949,244			$949,777			$929,289			$893,910			$868,964
Buildings and improvements		5,404,616			5,389,674			5,359,707			5,203,675			5,068,560
		6,353,860			6,339,451			6,288,996			6,097,585			5,937,524
Accumulated depreciation		(1,552,499	)		(1,518,896	)		(1,542,530	)		(1,505,862	)		(1,458,451	)
Net operating real estate assets		4,801,361			4,820,555			4,746,466			4,591,723			4,479,073
Properties under development, including land		339,848			334,463			280,948			297,712			301,282
Investments in joint ventures		45,260			45,092			46,566			47,776			49,436
Properties held for sale		14,986			30,517			6,373			-			-
Total real estate assets		5,201,455			5,230,627			5,080,353			4,937,211			4,829,791
Accounts receivable - affiliates		26,948			33,625			28,874			29,940			29,742
Other assets, net (a)		89,233			88,260			96,401			88,002			89,706
Cash and cash equivalents		59,642			26,669			5,590			52,126			49,702
Restricted cash		5,578			5,991			6,742			5,295			5,074
Total assets		$5,382,856			$5,385,172			$5,217,960			$5,112,574			$5,004,015
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,538,471			$1,538,212			$1,415,354			$1,381,152			$1,380,952
Secured		945,134			972,256			978,371			1,015,260			1,050,154
Accounts payable and accrued expenses		102,307			101,896			118,879			87,041			105,370
Accrued real estate taxes		20,683			28,452			43,757			31,607			17,991
Distributions payable		56,559			49,969			49,940			49,135			47,594
Other liabilities (b)		69,679			67,679			78,551			83,471			90,423
Total liabilities		2,732,833			2,758,464			2,684,852			2,647,666			2,692,484
Commitments and contingencies
Equity
Common shares of beneficial interest		962			962			959			945			919
Additional paid-in capital		3,590,261			3,587,505			3,580,528			3,501,354			3,327,961
Distributions in excess of net income attributable to common shareholders		(590,831	)		(598,951	)		(692,235	)		(674,221	)		(648,074	)
Treasury shares, at cost		(412,643	)		(425,355	)		(425,756	)		(430,958	)		(437,215	)
Accumulated other comprehensive loss (c)		(1,048	)		(1,062	)		(660	)		(667	)		(675	)
Total common equity		2,586,701			2,563,099			2,462,836			2,396,453			2,242,916
Noncontrolling interests		63,322			63,609			70,272			68,455			68,615
Total equity		2,650,023			2,626,708			2,533,108			2,464,908			2,311,531
Total liabilities and equity		$5,382,856			$5,385,172			$5,217,960			$5,112,574			$5,004,015
(a) Includes:
net deferred charges of:		$14,861			$15,635			$13,695			$14,432			$15,267
(b) Includes:
deferred revenues of:		$2,158			$2,521			$1,746			$2,012			$2,337
distributions in excess of investments in joint ventures of:		$9,718			$9,509			$16,708			$16,499			$16,298
fair value adjustment of derivative instruments:		($2	)		($1	)		$185			$5,918			$11,574
(c) Represents the unrealized loss 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
			March 31,
			2013			2012
Net income attributable to common shareholders				$63,476			$88,758
Real estate depreciation from continuing operations				52,158			46,797
Real estate depreciation and amortization from discontinued operations				215			2,398
Adjustments for unconsolidated joint ventures				1,608			2,275
Income allocated to noncontrolling interests				957			1,093
(Gain) on acquisition of controlling interests in joint ventures				-			(40,191	)
(Gain) on sale of discontinued operations, net of tax				(31,783	)		(32,541	)
Funds from operations - diluted				$86,631			$68,589
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted				87,276			82,855
FFO diluted				89,177			82,855
Net income attributable to common shareholders - diluted				$0.72			$1.07
FFO per common share - diluted				$0.97			$0.83
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:
	2Q13 Range		2013 Range
	Low	High	Low			High
Expected net income attributable to common shareholders per share - diluted	$0.34	$0.38		$1.79			$1.95
Expected real estate depreciation	0.59	0.59		2.34			2.34
Expected adjustments for unconsolidated joint ventures	0.02	0.02		0.07			0.07
Expected income allocated to noncontrolling interests	0.01	0.01		0.05			0.05
Realized (gain) on sale of discontinued operations	0.00	0.00		(0.36	)		(0.36	)
Expected FFO per share - diluted	$0.96	$1.00		$3.89			$4.05

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
	March 31,
	2013			2012
Net income attributable to common shareholders		$63,476			$88,758
Less: Fee and asset management income		(2,894	)		(2,923	)
Less: Interest and other (income) loss		(52	)		688
Less: Income on deferred compensation plans		(2,999	)		(7,786	)
Plus: Property management expense		5,983			5,284
Plus: Fee and asset management expense		1,477			1,743
Plus: General and administrative expense		9,794			8,679
Plus: Interest expense		24,895			26,683
Plus: Depreciation and amortization		53,255			47,906
Plus: Amortization of deferred financing costs		916			912
Plus: Expense on deferred compensation plans		2,999			7,786
Less: Gain on sale of  land		(698	)		-
Less: Gain on acquisition of controlling interests in joint ventures		-			(40,191	)
Less: Equity in income of joint ventures		(934	)		(366	)
Plus: Income tax expense - current		399			224
Less: Income from discontinued operations		(748	)		(2,990	)
Less: Gain on sale of discontinued operations, net of tax		(31,783	)		(32,541	)
Plus: Income allocated to noncontrolling interests from continuing operations		917			764
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		40			731
Plus: Income allocated to perpetual preferred units		-			776
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			2,075
Net Operating Income (NOI)		$124,043			$106,212
"Same Property" Communities		$101,729			$95,327
Non-"Same Property" Communities		20,706			10,135
Development and Lease-Up Communities		962			8
Other		646			742
Net Operating Income (NOI)		$124,043			$106,212
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
	March 31,
		2013			2012
Net income attributable to common shareholders		$63,476			$88,758
Plus: Interest expense		24,895			26,683
Plus: Amortization of deferred financing costs		916			912
Plus: Depreciation and amortization		53,255			47,906
Plus: Income allocated to perpetual preferred units		-			776
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			2,075
Plus: Income allocated to noncontrolling interests from continuing operations		917			764
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		40			731
Plus: Income tax expense - current		399			224
Plus: Real estate depreciation and amortization from discontinued operations		215			2,398
Less: Gain on acquisition of controlling interests in joint ventures		-			(40,191	)
Less: Gain on sale of  land		(698	)		-
Less: Equity in income of joint ventures		(934	)		(366	)
Less: Gain on sale of discontinued operations, net of tax		(31,783	)		(32,541	)
EBITDA		$110,698			$98,129

EX-99.2

EXHIBIT 99.2

FIRST QUARTER 2013

Supplemental Operating and Financial Data

 

Camden Post Oak - Houston, TX

Year Built - 2003

356 Apartment Homes

Acquired April 10, 2013

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" First Quarter Comparisons			12
"Same Property" Sequential Quarter Comparisons			13
"Same Property" Operating Expense Detail & Comparisons			14
Joint Venture Operations			15
Current Development Communities			16
Development Pipeline & Land			17
Acquisitions and Dispositions			18
Debt Analysis			19
Debt Maturity Analysis			20
Debt Covenant Analysis			21
Unconsolidated Real Estate Investments Debt Analysis			22
Unconsolidated Real Estate Investments Debt Maturity Analysis			23
Capitalized Expenditures & Maintenance Expense			24
Non-GAAP Financial Measures - Definitions & Reconciliations			25
Other Data			27
Community Table			28
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

FIRST QUARTER 2013 OPERATING RESULTS

Houston, TEXAS (May 2, 2013) – Camden Property Trust (NYSE: CPT) today announced operating results for the three months ended March 31, 2013.

Funds from Operations (“FFO”)

FFO for the first quarter of 2013 totaled $0.97 per diluted share or $86.6 million, as compared to $0.83 per diluted share or $68.6 million for the same period in 2012.  FFO for the three months ended March 31, 2013 included a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.  FFO for the three months ended March 31, 2012 included a $2.1 million or $0.03 per diluted share charge related to the redemption of perpetual preferred operating partnership units.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $63.5 million or $0.72 per diluted share for the first quarter of 2013, as compared to $88.8 million or $1.07 per diluted share for the same period in 2012.  EPS for the three months ended March 31, 2013 included a $31.8 million or $0.36 per diluted share gain on sale of discontinued operations, and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.  EPS for the three months ended March 31, 2012 included: a $40.2 million or $0.49 per diluted share gain on acquisition of controlling interests in joint ventures; a $32.5 million or $0.39 per diluted share gain on sale of discontinued operations; and, a $2.1 million or $0.03 per diluted share charge related to the redemption of perpetual preferred operating partnership units.

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 43,869 apartment homes included in consolidated same property results, first quarter 2013 same property net operating income (“NOI”) increased 6.7% compared to the first quarter of 2012, with revenues increasing 5.9% and expenses increasing 4.5%.  On a sequential basis, first quarter 2013 same property NOI declined 0.3% compared to the fourth quarter of 2012, with revenues increasing 0.8% and expenses increasing 2.8% compared to the prior quarter.  Same property physical occupancy levels for the portfolio averaged 95.2% during the first quarter of 2013, compared to 95.1% in the fourth quarter of 2012 and 94.9% in the first quarter of 2012.

The Company defines same property communities as communities owned and stabilized as of January 1, 2012, excluding properties held for sale.  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

Subsequent to quarter-end, the Company acquired Camden Post Oak, a 356-home apartment community located in Houston, TX.

3

Disposition Activity

During the first quarter, the Company disposed of Camden Live Oaks, a 770-home apartment community in Tampa, FL, for approximately $63.4 million.  The Company also sold 3.7 acres of undeveloped land adjacent to current development communities in Houston, TX and Atlanta, GA during the quarter for approximately $6.6 million, recognizing a gain of $0.7 million.

Subsequent to quarter-end, the Company sold Camden Reserve, a 526-home apartment community in Orlando, FL, for approximately $40.5 million.

Development Activity

Leasing continued during the quarter at Camden Royal Oaks II, a 104-home project in Houston, TX, which is currently 93% leased; and Camden Town Square, a 438-home project in Orlando, FL which is currently 84% leased.  Leasing began during the quarter at Camden City Centre II, a 268-home project in Houston, TX, which is currently 46% leased and expected to complete construction during the second quarter.

Construction continued at six additional wholly-owned development communities: Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes; Camden Lamar Heights in Austin, TX, a $47 million project with 314 apartment homes; Camden Flatirons in Denver, CO, a $78 million project with 424 apartment homes; Camden Glendale in Glendale, CA, a $115 million project with 303 apartment homes; Camden Boca Raton in Boca Raton, FL, a $54 million project with 261 apartment homes; and Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes.

Construction also continued at two joint venture development communities:  Camden South Capitol in Washington, DC, an $88 million project with 276 apartment homes; and Camden Waterford Lakes in Orlando, FL, a $40 million project with 300 apartment homes.  Camden South Capitol began leasing subsequent to quarter-end and is currently 11% leased.

Equity Issuances

During the first quarter, Camden issued 135,747 common shares through its ATM program at an average price of $70.63 per share, for total net consideration of approximately $9.4 million.

Earnings Guidance

Camden updated its earnings guidance for 2013 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2013 FFO is expected to be $3.89 to $4.05 per diluted share, and full-year 2013 EPS is expected to be $1.79 to $1.95 per diluted share.  Second quarter 2013 earnings guidance is $0.96 to $1.00 per diluted share for FFO and $0.34 to $0.38 per diluted share for EPS.  Guidance for EPS excludes potential future gains on real estate transactions.  Camden intends to update its earnings guidance to the market on a quarterly basis.

The Company’s 2013 earnings guidance is based on projections of same property revenue growth between 4.75% and 6.25%, expense growth between 3.2% and 4.0%, and NOI growth between 5.5% and 7.5%.  Additional information on the Company’s 2013 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, May 3, 2013 at 11:00 a.m. Central Time to review its first quarter 2013 results and discuss its outlook for future performance.  To participate in the call, please dial (888) 317-6003 (Domestic) or (412) 317-6061 (International) by 10:50 a.m. Central Time and enter passcode: 1896876, 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.

4

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.  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 today’s press release represent management’s current opinions, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

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 192 properties containing 64,835 apartment homes across the United States.  Upon completion of 9 properties under development, the Company's portfolio will increase to 67,680 apartment homes in 201 properties. Camden was recently named by FORTUNE® Magazine for the sixth consecutive year as one of the “100 Best Companies to Work For” in America, ranking #10.

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 March 31,
	2013				2012
Total property revenues (a)		$196,190				$169,699
EBITDA		110,698				98,129
Net income attributable to common shareholders		63,476				88,758
Per share - basic		0.72				1.10
Per share - diluted		0.72				1.07
Income from continuing operations attributable to common shareholders		30,985				53,958
Per share - basic		0.35				0.66
Per share - diluted		0.35				0.65
Funds from operations		86,631				68,589
Per share - diluted		0.97				0.83
Dividends per share		0.63				0.56
Dividend payout ratio		64.9	%			67.5	%
Interest expensed		24,895				26,683
Interest capitalized		3,270				3,048
Total interest incurred		28,165				29,731
Principal amortization		1,095				1,203
Preferred distributions		-				776
Net Debt to Annualized EBITDA (b)		5.5		x		6.1		x
Interest expense coverage ratio		4.4		x		3.7		x
Total interest coverage ratio		3.9		x		3.3		x
Fixed charge expense coverage ratio		4.3		x		3.4		x
Total fixed charge coverage ratio		3.8		x		3.1		x
Unencumbered real estate assets (at cost) to unsecured debt ratio		3.4		x		3.3		x
Same property NOI increase (c)		6.7	%			9.6	%
(# of apartment homes included)		43,869				47,724
Gross turnover of apartment homes (annualized)		55	%			55	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)		47	%			48	%
	As of March 31,
		2013				2012
Total assets		$5,382,856				$5,004,015
Total debt		$2,483,605				$2,431,106
Common and common equivalent shares, outstanding end of period (d)		89,328				84,718
Share price, end of period		$68.68				$65.75
Book equity value, end of period (e)		$2,650,023				$2,311,531
Market equity value, end of period (e)		$6,135,047				$5,570,209
(a) Excludes discontinued operations.
(b) 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 4 for quarter results.
(c) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2012,
excluding properties held for sale.
(d) Includes at March 31, 2013: 87,428 common shares (including 457 common share equivalents related to share awards
& options), plus common share equivalents upon the assumed conversion of minority interest units (1,900).
(e)  Includes: common shares, common units, and common share equivalents.
Note: Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

6

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

(Unaudited)	Three Months Ended
	March 31,
OPERATING DATA	2013			2012
Property revenues
Rental revenues		$169,603			$146,254
Other property revenues		26,587			23,445
Total property revenues		196,190			169,699
Property expenses
Property operating and maintenance		50,494			46,114
Real estate taxes		21,653			17,373
Total property expenses		72,147			63,487
Non-property income
Fee and asset management		2,894			2,923
Interest and other income (loss)		52			(688	)
Income on deferred compensation plans		2,999			7,786
Total non-property income		5,945			10,021
Other expenses
Property management		5,983			5,284
Fee and asset management		1,477			1,743
General and administrative		9,794			8,679
Interest		24,895			26,683
Depreciation and amortization		53,255			47,906
Amortization of deferred financing costs		916			912
Expense on deferred compensation plans		2,999			7,786
Total other expenses		99,319			98,993
Gain on sale of land		698			-
Gain on acquisition of controlling interests in joint ventures		-			40,191
Equity in income of joint ventures		934			366
Income from continuing operations before income taxes		32,301			57,797
Income tax expense - current		(399	)		(224	)
Income from continuing operations		31,902			57,573
Income from discontinued operations		748			2,990
Gain on sale of discontinued operations, net of tax		31,783			32,541
Net income		64,433			93,104
Less income allocated to noncontrolling interests from continuing operations		(917	)		(764	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		(40	)		(731	)
Less income allocated to perpetual preferred units		-			(776	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			(2,075	)
Net income attributable to common shareholders		$63,476			$88,758
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$64,433			$93,104
Other comprehensive income
Reclassification of prior service cost and net loss on post retirement obligations		14			8
Comprehensive income		64,447			93,112
Less income allocated to noncontrolling interests from continuing operations		(917	)		(764	)
Less income, including gain on sale, allocated to noncontrolling interests from discontinued operations		(40	)		(731	)
Less income allocated to perpetual preferred units		-			(776	)
Less write off of original issuance costs of redeemed perpetual preferred units		-			(2,075	)
Comprehensive income attributable to common shareholders		$63,490			$88,766
PER SHARE DATA
Net income attributable to common shareholders - basic		$0.72			$1.10
Net income attributable to common shareholders - diluted		0.72			1.07
Income from continuing operations attributable to common shareholders - basic		0.35			0.66
Income from continuing operations attributable to common shareholders - diluted		0.35			0.65
Weighted average number of common and
common equivalent shares outstanding:
Basic		86,703			79,885
Diluted		87,276			82,855
Note: Please refer to pages 25 and 26 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
	March 31,
FUNDS FROM OPERATIONS	2013			2012
Net income attributable to common shareholders		$63,476			$88,758
Real estate depreciation from continuing operations		52,158			46,797
Real estate depreciation and amortization from discontinued operations		215			2,398
Adjustments for unconsolidated joint ventures		1,608			2,275
Income allocated to noncontrolling interests		957			1,093
(Gain) on acquisition of controlling interests in joint ventures		-			(40,191	)
(Gain) on sale of discontinued operations, net of tax		(31,783	)		(32,541	)
Funds from operations - diluted		$86,631			$68,589
PER SHARE DATA
Funds from operations - diluted		$0.97			$0.83
Cash distributions		0.63			0.56
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		89,177			82,855
PROPERTY DATA
Total operating properties (end of period) (a)		192			197
Total operating apartment homes in operating properties (end of period) (a)		65,005			67,025
Total operating apartment homes (weighted average)		54,311			52,957
Total operating apartment homes - excluding discontinued operations (weighted average)		53,653			48,900
(a) Includes joint ventures and properties held for sale.
Note: Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

8

CAMDEN	BALANCE SHEETS
	(In thousands)

(Unaudited)	Mar 31,			Dec 31,			Sept 30,			Jun 30,			Mar 31,
	2013			2012			2012			2012			2012
ASSETS
Real estate assets, at cost
Land		$949,244			$949,777			$929,289			$893,910			$868,964
Buildings and improvements		5,404,616			5,389,674			5,359,707			5,203,675			5,068,560
		6,353,860			6,339,451			6,288,996			6,097,585			5,937,524
Accumulated depreciation		(1,552,499	)		(1,518,896	)		(1,542,530	)		(1,505,862	)		(1,458,451	)
Net operating real estate assets		4,801,361			4,820,555			4,746,466			4,591,723			4,479,073
Properties under development, including land		339,848			334,463			280,948			297,712			301,282
Investments in joint ventures		45,260			45,092			46,566			47,776			49,436
Properties held for sale		14,986			30,517			6,373			-			-
Total real estate assets		5,201,455			5,230,627			5,080,353			4,937,211			4,829,791
Accounts receivable - affiliates		26,948			33,625			28,874			29,940			29,742
Other assets, net (a)		89,233			88,260			96,401			88,002			89,706
Cash and cash equivalents		59,642			26,669			5,590			52,126			49,702
Restricted cash		5,578			5,991			6,742			5,295			5,074
Total assets		$5,382,856			$5,385,172			$5,217,960			$5,112,574			$5,004,015
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,538,471			$1,538,212			$1,415,354			$1,381,152			$1,380,952
Secured		945,134			972,256			978,371			1,015,260			1,050,154
Accounts payable and accrued expenses		102,307			101,896			118,879			87,041			105,370
Accrued real estate taxes		20,683			28,452			43,757			31,607			17,991
Distributions payable		56,559			49,969			49,940			49,135			47,594
Other liabilities (b)		69,679			67,679			78,551			83,471			90,423
Total liabilities		2,732,833			2,758,464			2,684,852			2,647,666			2,692,484
Commitments and contingencies
Equity
Common shares of beneficial interest		962			962			959			945			919
Additional paid-in capital		3,590,261			3,587,505			3,580,528			3,501,354			3,327,961
Distributions in excess of net income attributable to common shareholders		(590,831	)		(598,951	)		(692,235	)		(674,221	)		(648,074	)
Treasury shares, at cost		(412,643	)		(425,355	)		(425,756	)		(430,958	)		(437,215	)
Accumulated other comprehensive loss (c)		(1,048	)		(1,062	)		(660	)		(667	)		(675	)
Total common equity		2,586,701			2,563,099			2,462,836			2,396,453			2,242,916
Noncontrolling interests		63,322			63,609			70,272			68,455			68,615
Total equity		2,650,023			2,626,708			2,533,108			2,464,908			2,311,531
Total liabilities and equity		$5,382,856			$5,385,172			$5,217,960			$5,112,574			$5,004,015
(a) Includes:
net deferred charges of:		$14,861			$15,635			$13,695			$14,432			$15,267
(b) Includes:
deferred revenues of:		$2,158			$2,521			$1,746			$2,012			$2,337
distributions in excess of investments in joint ventures of:		$9,718			$9,509			$16,708			$16,499			$16,298
fair value adjustment of derivative instruments:		($2	)		($1	)		$185			$5,918			$11,574
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligations.

9

CAMDEN												PORTFOLIO STATISTICS
(Unaudited)
COMMUNITY PORTFOLIO AT MARCH 31, 2013 (in apartment homes)
	Fully Consolidated																	Non-Consolidated
	"Same Property"			Non-"Same  Property"			Completed in  Lease-up			Under Construction		Held For Sale			Total			Operating			Under Construction			Total			Grand Total
D.C. Metro (a)		5,313			478			-			320		-			6,111			-			276			276			6,387
Houston, TX		3,353			1,831			104			268		-			5,556			3,152			-			3,152			8,708
Tampa, FL		4,733			540			-			-		-			5,273			450			-			450			5,723
Dallas, TX		3,938			1,039			-			-		-			4,977			1,250			-			1,250			6,227
Las Vegas, NV		3,969			949			-			-		-			4,918			3,098			-			3,098			8,016
Los Angeles/Orange County, CA		2,060			421			-			303		-			2,784			-			-			-			2,784
SE Florida		2,520			-			-			261		-			2,781			-			-			-			2,781
Orlando, FL		2,818			420			438			-		526			4,202			-			300			300			4,502
Charlotte, NC		3,134			-			-			-		-			3,134			-			-			-			3,134
Atlanta, GA		2,894			223			-			379		-			3,496			234			-			234			3,730
Denver, CO		1,851			590			-			424		-			2,865			-			-			-			2,865
Raleigh, NC		2,704			-			-			-		-			2,704			350			-			350			3,054
Phoenix, AZ		1,084			1,561			-			-		-			2,645			-			-			-			2,645
San Diego/Inland Empire, CA		1,196			469			-			-		-			1,665			-			-			-			1,665
Austin, TX		1,670			-			-			314		-			1,984			1,360			-			1,360			3,344
Other		632			855			-			-		-			1,487			798			-			798			2,285
Total Portfolio		43,869			9,376			542			2,269		526			56,582			10,692			576			11,268			67,850
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION												WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d)
	"Same Property"			Operating			Incl. JVs at					Mar 31			Dec 31			Sept 30			Jun 30			Mar 31
	Communities			Communities (b)			Pro Rata % (c)						2013			2012			2012			2012			2012
D.C. Metro		19.4	%		17.1	%		16.7	%				95.5	%		95.7	%		96.2	%		95.5	%		94.5	%
Houston, TX		8.4	%		10.1	%		10.7	%				96.0	%		95.4	%		96.1	%		96.5	%		96.0	%
Tampa, FL		7.7	%		7.4	%		7.4	%				95.0	%		94.7	%		95.2	%		94.4	%		94.9	%
Dallas, TX		6.3	%		6.8	%		7.0	%				94.9	%		94.6	%		95.3	%		95.6	%		95.1	%
Las Vegas, NV		6.1	%		6.4	%		6.8	%				92.4	%		92.4	%		92.9	%		93.0	%		92.0	%
Los Angeles/Orange County, CA		7.2	%		6.7	%		6.5	%				95.7	%		96.2	%		95.4	%		95.6	%		95.4	%
SE Florida		8.0	%		6.7	%		6.5	%				94.9	%		95.3	%		95.4	%		94.9	%		95.5	%
Orlando, FL		5.2	%		6.2	%		6.0	%				95.3	%		95.3	%		95.4	%		95.5	%		95.3	%
Charlotte, NC		6.8	%		5.7	%		5.5	%				96.1	%		95.6	%		96.5	%		95.9	%		95.8	%
Atlanta, GA		5.6	%		4.9	%		4.8	%				95.2	%		95.5	%		95.6	%		94.9	%		94.4	%
Denver, CO		4.4	%		4.8	%		4.7	%				94.8	%		95.2	%		95.6	%		95.2	%		94.1	%
Raleigh, NC		5.2	%		4.3	%		4.3	%				94.7	%		94.6	%		95.7	%		95.3	%		94.8	%
Phoenix, AZ		2.2	%		4.0	%		3.9	%				93.0	%		92.5	%		93.5	%		92.3	%		93.7	%
San Diego/Inland Empire, CA		3.4	%		3.7	%		3.6	%				93.2	%		93.3	%		94.9	%		94.2	%		92.9	%
Austin, TX		2.9	%		2.4	%		2.6	%				95.0	%		95.0	%		95.6	%		95.3	%		95.5	%
Other		1.2	%		2.8	%		3.0	%				95.3	%		94.4	%		95.0	%		95.4	%		94.3	%
Total Portfolio		100.0	%		100.0	%		100.0	%				94.8	%		94.7	%		95.2	%		95.1	%		94.7	%
(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 March 31,
Property Revenues			Homes		2013			2012			Change
"Same Property" Communities (a)				43,869		$160,448			$151,533			$8,915
Non-"Same Property" Communities (b)				9,376		32,339			16,398			15,941
Development and Lease-Up Communities (c)				2,811		1,697			22			1,675
Other (d)				-		1,706			1,746			(40	)
	Total Property Revenues			56,056		$196,190			$169,699			$26,491
Property Expenses
"Same Property" Communities (a)				43,869		$58,719			$56,206			$2,513
Non-"Same Property" Communities (b)				9,376		11,633			6,263			5,370
Development and Lease-Up Communities (c)				2,811		735			14			721
Other (d)				-		1,060			1,004			56
	Total Property Expenses			56,056		$72,147			$63,487			$8,660
Property Net Operating Income
"Same Property" Communities (a)				43,869		$101,729			$95,327			$6,402
Non-"Same Property" Communities (b)				9,376		20,706			10,135			10,571
Development and Lease-Up Communities (c)				2,811		962			8			954
Other (d)				-		646			742			(96	)
	Total Property Net Operating Income			56,056		$124,043			$106,212			$17,831
Income from Discontinued Operations (e)					Three Months Ended March 31,
						2013			2012
Property revenues						$1,732			$10,161
Property expenses						(769	)		(4,773	)
Property net operating income						963			5,388
Depreciation and amortization						(215	)		(2,398	)
Gain on sale of discontinued operations, net of tax						31,783			32,541
Income, including gain on sale, allocated to non-controlling interests						(40	)		(731	)
Income attributable to common shareholders						$32,491			$34,800

Notes:
	(a)	"Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2012,
		excluding properties held for sale.
	(b)	Non-"Same Property" Communities are stabilized communities acquired or developed by the Company after January 1, 2012,
		excluding properties held for sale.
	(c)	Development and Lease-Up Communities are non-stabilized communities developed or acquired by the Company after
		January 1, 2012, excluding properties held for sale.
	(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 2012 and 2013, of which Camden has
		no continuing involvement.

11

	"SAME PROPERTY"
CAMDEN	FIRST QUARTER COMPARISONS
	March 31, 2013
	(In thousands, except property data amounts)

(Unaudited)
		Revenues					Expenses								NOI
Quarterly Results (a)	1Q13	1Q12			Growth		1Q13			1Q12		Growth		1Q13	1Q12	Growth
D.C. Metro	$27,978		$26,898		4.0	%		$8,202		$7,939		3.3	%	$19,776	$18,959	4.3	%
Houston, TX	13,810		12,380		11.6	%		5,308		4,926		7.8	%	8,502	7,454	14.1	%
Tampa, FL	13,595		13,047		4.2	%		5,792		5,598		3.5	%	7,803	7,449	4.8	%
Dallas, TX	11,657		10,906		6.9	%		5,273		4,720		11.7	%	6,384	6,186	3.2	%
Las Vegas, NV	9,969		9,799		1.7	%		3,781		3,629		4.2	%	6,188	6,170	0.3	%
Los Angeles/Orange County, CA	10,845		10,395		4.3	%		3,570		3,519		1.4	%	7,275	6,876	5.8	%
SE Florida	12,788		12,065		6.0	%		4,615		4,145		11.3	%	8,173	7,920	3.2	%
Orlando, FL	8,727		8,362		4.4	%		3,479		3,406		2.1	%	5,248	4,956	5.9	%
Charlotte, NC	10,616		9,639		10.1	%		3,646		3,602		1.2	%	6,970	6,037	15.5	%
Atlanta, GA	9,264		8,577		8.0	%		3,563		3,656		(2.5	%)	5,701	4,921	15.9	%
Denver, CO	6,415		5,975		7.4	%		1,962		1,965		(0.2	%)	4,453	4,010	11.0	%
Raleigh, NC	7,966		7,525		5.9	%		2,662		2,622		1.5	%	5,304	4,903	8.2	%
Phoenix, AZ	3,539		3,387		4.5	%		1,284		1,194		7.5	%	2,255	2,193	2.8	%
San Diego/Inland Empire, CA	5,828		5,676		2.7	%		2,351		2,246		4.7	%	3,477	3,430	1.4	%
Austin, TX	5,450		5,096		6.9	%		2,499		2,373		5.3	%	2,951	2,723	8.4	%
Corpus Christi, TX	2,001		1,806		10.8	%		732		666		9.9	%	1,269	1,140	11.3	%
Total Same Property	$160,448		$151,533		5.9	%		$58,719		$56,206		4.5	%	$101,729	$95,327	6.7	%
	Apartment
	Homes			% of NOI			Average Occupancy (a)							Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)			1Q13			1Q12		Change		1Q13	1Q12	Change
D.C. Metro	5,313				19.4	%		95.7	%	94.6	%	1.1	%	$1,636	$1,590	2.9	%
Houston, TX	3,353				8.4	%		96.6	%	96.8	%	(0.2	%)	1,266	1,133	11.7	%
Tampa, FL	4,733				7.7	%		95.0	%	94.8	%	0.2	%	837	807	3.8	%
Dallas, TX	3,938				6.3	%		95.5	%	95.4	%	0.1	%	893	827	8.0	%
Las Vegas, NV	3,969				6.1	%		93.7	%	93.0	%	0.7	%	753	756	(0.4	%)
Los Angeles/Orange County, CA	2,060				7.2	%		95.7	%	95.4	%	0.3	%	1,664	1,598	4.1	%
SE Florida	2,520				8.0	%		94.9	%	95.5	%	(0.6	%)	1,594	1,499	6.4	%
Orlando, FL	2,818				5.2	%		95.7	%	95.2	%	0.5	%	932	895	4.1	%
Charlotte, NC	3,134				6.8	%		96.1	%	96.0	%	0.1	%	1,035	934	10.8	%
Atlanta, GA	2,894				5.6	%		95.3	%	94.4	%	0.9	%	957	897	6.7	%
Denver, CO	1,851				4.4	%		94.9	%	94.4	%	0.5	%	1,062	983	7.9	%
Raleigh, NC	2,704				5.2	%		94.5	%	95.2	%	(0.7	%)	878	829	6.0	%
Phoenix, AZ	1,084				2.2	%		93.2	%	94.5	%	(1.3	%)	982	918	7.0	%
San Diego/Inland Empire, CA	1,196				3.4	%		93.3	%	92.9	%	0.4	%	1,558	1,525	2.2	%
Austin, TX	1,670				2.9	%		94.4	%	95.0	%	(0.6	%)	979	910	7.6	%
Corpus Christi, TX	632				1.2	%		95.4	%	95.6	%	(0.2	%)	903	823	9.7	%
Total Same Property	43,869				100.0	%		95.2	%	94.9	%	0.3	%	$1,116	$1,057	5.6	%
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2012, excluding properties held for sale.
(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
	March 31, 2013
	(In thousands, except property data amounts)

(Unaudited)
		Revenues							Expenses						NOI
Quarterly Results (a)	1Q13	4Q12		Growth			1Q13		4Q12			Growth		1Q13	4Q12	Growth
D.C. Metro	$27,978	$28,069		(0.3	%)		$8,202			$8,255		(0.6	%)	$19,776	$19,814	(0.2	%)
Houston, TX	13,810	13,426		2.9	%		5,308			4,645		14.3	%	8,502	8,781	(3.2	%)
Tampa, FL	13,595	13,491		0.8	%		5,792			5,610		3.2	%	7,803	7,881	(1.0	%)
Dallas, TX	11,657	11,540		1.0	%		5,273			4,776		10.4	%	6,384	6,764	(5.6	%)
Las Vegas, NV	9,969	9,985		(0.2	%)		3,781			3,792		(0.3	%)	6,188	6,193	(0.1	%)
Los Angeles/Orange County, CA	10,845	10,791		0.5	%		3,570			3,689		(3.2	%)	7,275	7,102	2.4	%
SE Florida	12,788	12,625		1.3	%		4,615			4,605		0.2	%	8,173	8,020	1.9	%
Orlando, FL	8,727	8,651		0.9	%		3,479			3,200		8.7	%	5,248	5,451	(3.7	%)
Charlotte, NC	10,616	10,490		1.2	%		3,646			3,530		3.3	%	6,970	6,960	0.1	%
Atlanta, GA	9,264	9,221		0.5	%		3,563			3,703		(3.8	%)	5,701	5,518	3.3	%
Denver, CO	6,415	6,396		0.3	%		1,962			1,936		1.3	%	4,453	4,460	(0.2	%)
Raleigh, NC	7,966	7,857		1.4	%		2,662			2,579		3.2	%	5,304	5,278	0.5	%
Phoenix, AZ	3,539	3,445		2.7	%		1,284			1,259		2.0	%	2,255	2,186	3.2	%
San Diego/Inland Empire, CA	5,828	5,834		(0.1	%)		2,351			2,282		3.0	%	3,477	3,552	(2.1	%)
Austin, TX	5,450	5,417		0.6	%		2,499			2,492		0.3	%	2,951	2,925	0.9	%
Corpus Christi, TX	2,001	1,941		3.1	%		732			763		(4.1	%)	1,269	1,178	7.7	%
Total Same Property	$160,448	$159,179		0.8	%		$58,719			$57,116		2.8	%	$101,729	$102,063	(0.3	%)
	Apartment
	Homes		% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included		Contribution (a)				1Q13			4Q12		Change		1Q13	4Q12	Change
D.C. Metro	5,313			19.4	%		95.7	%		95.8	%	(0.1	%)	$1,636	$1,639	(0.1	%)
Houston, TX	3,353			8.4	%		96.6	%		96.2	%	0.4	%	1,266	1,245	1.7	%
Tampa, FL	4,733			7.7	%		95.0	%		94.5	%	0.5	%	837	830	0.9	%
Dallas, TX	3,938			6.3	%		95.5	%		95.0	%	0.5	%	893	883	1.1	%
Las Vegas, NV	3,969			6.1	%		93.7	%		93.4	%	0.3	%	753	756	(0.5	%)
Los Angeles/Orange County, CA	2,060			7.2	%		95.7	%		96.4	%	(0.7	%)	1,664	1,653	0.7	%
SE Florida	2,520			8.0	%		94.9	%		95.3	%	(0.4	%)	1,594	1,572	1.4	%
Orlando, FL	2,818			5.2	%		95.7	%		95.3	%	0.4	%	932	924	0.9	%
Charlotte, NC	3,134			6.8	%		96.1	%		95.7	%	0.4	%	1,035	1,025	1.0	%
Atlanta, GA	2,894			5.6	%		95.3	%		95.6	%	(0.3	%)	957	950	0.8	%
Denver, CO	1,851			4.4	%		94.9	%		95.0	%	(0.1	%)	1,062	1,049	1.2	%
Raleigh, NC	2,704			5.2	%		94.5	%		94.8	%	(0.3	%)	878	874	0.5	%
Phoenix, AZ	1,084			2.2	%		93.2	%		92.9	%	0.3	%	982	966	1.7	%
San Diego/Inland Empire, CA	1,196			3.4	%		93.3	%		93.0	%	0.3	%	1,558	1,560	(0.1	%)
Austin, TX	1,670			2.9	%		94.4	%		94.5	%	(0.1	%)	979	967	1.2	%
Corpus Christi, TX	632			1.2	%		95.4	%		94.8	%	0.6	%	903	888	1.6	%
Total Same Property	43,869			100.0	%		95.2	%		95.1	%	0.1	%	$1,116	$1,108	0.7	%
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2012, excluding properties held for sale.
(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" OPERATING EXPENSE
CAMDEN	DETAIL AND COMPARISONS
	MARCH 31, 2013
	(In thousands)

(Unaudited)
									% of Actual 1Q13 Operating
Quarterly Comparison (a)	1Q13	1Q12	$ Change			% Change			Expenses
Property taxes	$17,527	$15,433		$2,094			13.6	%		29.8	%
Salaries and Benefits for On-site Employees	13,325	13,528		(203	)		(1.5	%)		22.7	%
Utilities	12,409	12,648		(239	)		(1.9	%)		21.2	%
Repairs and Maintenance	7,853	7,968		(115	)		(1.4	%)		13.4	%
Property Insurance	4,022	2,938		1,084			36.9	%		6.8	%
Other	3,583	3,691		(108	)		(2.9	%)		6.1	%
Total Same Property	$58,719	$56,206		$2,513			4.5	%		100.0	%
									% of Actual 1Q13 Operating
Sequential Comparison (a)	1Q13	4Q12	$ Change			% Change				Expenses
Property taxes	$17,527	$15,585		$1,942			12.5	%		29.8	%
Salaries and Benefits for On-site Employees	13,325	14,859		(1,534	)		(10.3	%)		22.7	%
Utilities	12,409	12,433		(24	)		(0.2	%)		21.2	%
Repairs and Maintenance	7,853	8,157		(304	)		(3.7	%)		13.4	%
Property Insurance	4,022	2,478		1,544			62.3	%		6.8	%
Other	3,583	3,604		(21	)		(0.6	%)		6.1	%
Total Same Property	$58,719	$57,116		$1,603			2.8	%		100.0	%
(a) "Same Property" Communities are communities which were owned by the Company and stabilized as of January 1, 2012, excluding properties
held for sale.

14

CAMDEN	JOINT VENTURE OPERATIONS
	(In thousands, except property data amounts)
Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
	Three Months Ended
	March 31,
OPERATING DATA(a)	2013				2012
Property Revenues
Rental revenues		$5,674			$7,175
Other property revenues		820			1,013
Total property revenues		6,494			8,188
Property Expenses
Property operating and maintenance		1,827			2,377
Real estate taxes		920			1,064
Total property expenses		2,747			3,441
Net Operating Income (NOI)		3,747			4,747
Other expenses
Interest		1,198			1,998
Depreciation and amortization		1,606			2,305
Other		9			78
Total other expenses		2,813			4,381
Equity in income of joint ventures		$934			$366
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
		2013			2012			2012			2012			2012
BALANCE SHEET DATA (b)
Land		$126,010			$125,707			$147,126			$154,418			$153,286
Buildings and improvements		828,505			823,820			1,002,759			1,033,326			1,016,357
		954,515			949,527			1,149,885			1,187,744			1,169,643
Accumulated depreciation		(143,212	)		(135,146	)		(170,390	)		(166,324	)		(156,705	)
Real estate assets, net		811,303			814,381			979,495			1,021,420			1,012,938
Properties under development and land		91,821			83,573			70,574			57,043			52,264
Cash and other assets, net		14,646			19,830			17,994			17,642			18,879
Total assets		$917,770			$917,784			$1,068,063			$1,096,105			$1,084,081
Notes payable		$724,775			$712,707			$844,680			$864,867			$852,861
Other liabilities		27,461			39,911			34,677			35,267			26,610
Total liabilities		752,236			752,618			879,357			900,134			879,471
Members' equity		165,534			165,166			188,706			195,971			204,610
Total liabilities and members' equity		$917,770			$917,784			$1,068,063			$1,096,105			$1,084,081
Camden's equity investment		$45,260			$45,092			$46,566			$47,776			$49,436
Distributions in excess of investment in joint ventures		($9,718	)		($9,509	)		($16,708	)		($16,499	)		($16,298	)
Camden's pro-rata share of debt		$144,955			$142,541			$171,215			$175,299			$172,942
PROPERTY DATA(end of period)
Total operating properties		37			37			44			44			44
Total operating apartment homes		10,692			10,692			13,165			13,174			13,174
Pro rata share of operating apartment homes		2,138			2,138			2,556			2,558			2,558
Total development properties		2			2			1			2			2
Total development apartment homes		576			576			276			520			520
Pro rata share of development apartment homes		115			115			55			104			104
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) Balance sheet and property data reported at 100%.

15

CAMDEN

CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF MARCH 31, 2013 ($ in millions)

Estimated/Actual Dates for

Total

Total

Total

Construction

Initial

Construction

Stabilized

As of 04/28/2013

Completed Communities in Lease-Up

Homes

Budget

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden Royal Oaks II

104

$14.0

$13.3

1Q11

1Q12

1Q12

2Q13

93%

91%

Houston, TX

2.

Camden Town Square

438

66.0

58.9

2Q11

2Q12

4Q12

3Q13

84%

81%

Orlando, FL

Total Completed Communities in Lease-Up

542

$80.0

$72.2

86%

83%

Estimated/Actual Dates for

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 04/28/2013

Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

3.

Camden City Centre II

268

$36.0

$32.7

$9.5

4Q11

1Q13

2Q13

1Q14

46%

33%

Houston, TX

4.

Camden NOMA

320

110.0

80.4

80.4

4Q11

1Q14

2Q14

2Q15

Washington, DC

5.

Camden Lamar Heights

314

47.0

12.7

12.7

2Q12

1Q14

2Q14

3Q15

Austin, TX

6.

Camden Flatirons

424

78.0

26.0

26.0

3Q12

2Q14

4Q14

4Q16

Denver, CO

7.

Camden Glendale

303

115.0

35.8

35.8

4Q12

1Q15

3Q15

1Q16

Glendale, CA

8.

Camden Boca Raton

261

54.0

12.4

12.4

4Q12

3Q14

4Q14

1Q16

Boca Raton, FL

9.

Camden Paces

379

110.0

24.7

24.7

4Q12

1Q14

1Q15

1Q17

Atlanta, GA

Total Development Communities

2,269

$550.0

$224.7

$201.5

Additional Development Pipeline & Land (a)

138.3

Total Properties Under Development and Land (per Balance Sheet)

$339.8

NOI CONTRIBUTION FROM NON-STABILIZED COMMUNITIES ($ in millions)

Total Cost

1Q13 NOI

Completed Communities in Lease-Up

$72.2

$0.9

Development Communities in Lease-Up

224.7

0.1

Total Recenty Stabilized and Non-Stabilized Communities NOI Contribution

$296.9

$1.0

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 04/28/2013

Joint Venture Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

1.

Camden South Capitol

276

$88.0

$75.4

$72.5

2Q11

2Q13

3Q13

3Q14

11%

1%

Washington, DC

2.

Camden Waterford Lakes

300

40.0

11.4

11.4

4Q12

1Q14

3Q14

4Q15

Orlando, FL

Total Joint Venture Development Communities

576

$128.0

$86.8

$83.9

(a) Please refer to the Development Pipeline & Land Summary on page 17.

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

16

CAMDEN			DEVELOPMENT PIPELINE & LAND
(Unaudited)
AS OF MARCH 31, 2013 ($ in millions)
				Projected		Total
PIPELINE COMMUNITIES (a)				Homes		Estimated Cost (b)		Cost to Date
	1.	Camden La Frontera			300		$36.0		$4.8
		Austin, TX
	2.	Camden Victory Park			425		70.0		15.4
		Dallas, TX
	3.	Camden Hollywood			287		125.0		19.5
		Los Angeles, CA
	4.	Camden Gallery (c)			324		56.0		9.2
		Charlotte, NC
	5.	Camden Lincoln Station			275		48.0		5.4
		Denver, CO
	6.	Camden Atlantic			286		62.0		9.7
		Plantation, FL
	7.	Camden McGowen Station			251		40.0		7.3
		Houston, TX
	8.	Camden Buckhead			390		70.0		17.9
		Atlanta, GA
Development Pipeline					2,538		$507.0		$89.2
LAND HOLDINGS				Acreage				Cost to Date
		Washington, DC			0.9				$17.3
		Dallas, TX			7.2				8.6
		Houston, TX			11.5				6.5
		Atlanta, GA			3.0				5.3
		Las Vegas, NV			19.6				4.2
		Other			4.8				7.2
Land Holdings					47.0				$49.1
Total Development Pipeline and Land									$138.3
(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) Formerly known as Camden Centro.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

17

CAMDEN			ACQUISITIONS & DISPOSITIONS
(Unaudited)
2013 ACQUISITION/DISPOSITION ACTIVITY ($ in millions)
Dispositions		Location	Apartment Homes	Year Built	Closing Date
1.	Camden Live Oaks	Tampa, FL	770	1990	01/17/13
Total/Average Dispositions		$63.4	770 Apartment Homes	1990
Land Dispositions		Location	Acres	Year Built	Closing Date
1.	Paces Tract	Atlanta, GA	2.0	N/A	01/15/13
2.	Andrau Tract	Houston, TX	1.7	N/A	02/15/13
Total/Average Land Dispositions		$6.6	3.7 Acres	N/A
2013 ACQUISITION/DISPOSITION ACTIVITY SUBSEQUENT TO QUARTER END
Acquisitions		Location	Apartment Homes	Year Built	Closing Date
1.	Camden Post Oak	Houston, TX	356	2003	04/10/13
Total/Average Acquisitions		$108.5	356 Apartment Homes	2003
Dispositions		Location	Apartment Homes	Year Built	Closing Date
1.	Camden Reserve	Orlando, FL	526	1990/1991	04/10/13
Total/Average Dispositions		$40.5	526 Apartment Homes	1990/1991

18

CAMDEN						DEBT ANALYSIS
			(In thousands, except property data amounts)
(Unaudited)
DEBT MATURITIES AS OF MARCH 31, 2013:
	Future Scheduled Repayments														Weighted Average
			Secured			Unsecured									Interest Rate on
Year	Amortization		Maturities			Maturities			Total			% of Total			Maturing Debt
2013		$2,377		$-			$200,000			$202,377			8.1	%		5.4	%
2014		3,143		32,247			-			35,390			1.4	%		3.2	%
2015		2,019		-			250,000			252,019			10.2	%		5.1	%
2016		2,242		-			-			2,242			0.1	%		N/A
2017		2,462		-			246,750			249,212			10.0	%		5.7	%
Thereafter		73,258		819,107			850,000			1,742,365			70.2	%		4.2	%
Total Maturing Debt		$85,501		$851,354			$1,546,750			$2,483,605			100.0	%		4.5	%
Unsecured Line of Credit		-		-			-			-			-			N/A
Other Short Term Borrowings		-		-			-			-			-			N/A
Total Debt		$85,501		$851,354			$1,546,750			$2,483,605			100.0	%		4.5	%
Weighted Average Maturity of Debt			6.8 Years
						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt		$212,369		8.6	%		1.1	%	7.2 Years
Fixed rate debt		2,271,236		91.4	%		4.8	%	6.8 Years
Total		$2,483,605		100.0	%		4.5	%	6.8 Years
						Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Unsecured debt		$1,538,471		61.9	%		4.7	%	6.3 Years
Secured debt		945,134		38.1	%		4.2	%	7.7 Years
Total		$2,483,605		100.0	%		4.5	%	6.8 Years
						Weighted Average
SECURED DEBT DETAIL:	Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt		$732,765		77.5	%		5.1	%	7.8 Years
Conventional variable-rate mortgage debt		175,000		18.5	%		1.0	%	5.5 Years
Tax exempt variable rate debt		37,369		4.0	%		1.3	%	15.2 Years
Total		$945,134		100.0	%		4.2	%	7.7 Years
REAL ESTATE ASSETS: (a)	Total Homes		% of Total			Total Cost			% of Total			1Q13 NOI			% of Total
Unencumbered real estate assets		43,594		77.0	%		$5,188,971			77.2	%		$92,680			74.7	%
Encumbered real estate assets		12,988		23.0	%		1,536,573			22.8	%		31,363			25.3	%
Total		56,582		100.0	%		$6,725,544			100.0	%		$124,043			100.0	%
				Ratio of unencumbered assets at cost to unsecured debt is       3.4 times
(a) Real estate assets include communities under development and properties held for sale and exclude communities held through unconsolidated joint ventures.

19

CAMDEN					DEBT MATURITY ANALYSIS
					(In thousands)
(Unaudited)
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2013 AND 2014:
	Future Scheduled Repayments								Weighted Average
			Secured		Unsecured				Interest Rate on
Quarter	Amortization		Maturities		Maturities		Total		Maturing Debt
2Q 2013		$784		$-		$-		$784		N/A
3Q 2013		786		-		-		786		N/A
4Q 2013		807		-		200,000		200,807		5.4	%
2013		$2,377		$-		$200,000		$202,377		5.4	%
1Q 2014		$853		$-		$-		$853		N/A
2Q 2014		849		-		-		849		N/A
3Q 2014		852		32,247		-		33,099		3.2	%
4Q 2014		589		-		-		589		N/A
2014		$3,143		$32,247		$-		$35,390		3.2	%

20

CAMDEN	DEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)		Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value		<	60%	32%	Yes
Secured Debt to Gross Asset Value		<	35%	12%	Yes
Consolidated EBITDA to Total Fixed Charges		>	150%	354%	Yes
Unencumbered Adjusted NOI to Total Unsecured Debt		>	10.5%	22%	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%	14%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt		>	150%	344%	Yes
Consolidated Income Available for Debt Service to Total		>	150%	389%	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.

21

CAMDEN	UNCONSOLIDATED REAL ESTATE INVESTMENTS
			DEBT ANALYSIS
			(In thousands, except property data amounts)
(Unaudited)
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF MARCH 31, 2013:
	Future Scheduled Repayments										Weighted Average
			Secured								Interest Rate on
Year	Amortization		Maturities		Total			% of Total			Maturing Debt
2013		$1,037		$35,980		$37,017			25.5	%		2.7	%
2014		1,873		$7,280		9,153			6.3	%		2.1	%
2015		2,057		$10,966		13,023			9.0	%		2.8	%
2016		1,933		$28,785		30,718			21.2	%		3.6	%
2017		1,221		$14,218		15,439			10.6	%		4.0	%
Thereafter		746		$37,332		38,078			26.3	%		4.4	%
Total Maturing Debt		$8,867		$134,561		$143,428			98.9	%		3.5	%
Subscription lines of credit (a)		-		1,527		1,527			1.1	%		1.6	%
Total Debt		$8,867		$136,088		$144,955			100.0	%		3.5	%
Weighted Average Maturity of Debt			3.1 Years
								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt				$52,291		36.1	%		2.6	%	0.8 Years
Fixed rate debt				92,664		63.9	%		4.0	%	4.4 Years
Total				$144,955		100.0	%		3.5	%	3.1 Years
								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate			Time to Maturity (a)
Conventional fixed-rate mortgage debt				$92,665		64.0	%		4.0	%	4.4 Years
Conventional variable-rate mortgage debt				40,279		27.8	%		2.7	%	0.5 Years
Variable-rate construction loans				10,484		7.2	%		2.4	%	1.8 Years
Subscription lines of credit				1,527		1.0	%		1.6	%	1.8 Years
Total				$144,955		100.0	%		3.5	%	3.1 Years
REAL ESTATE ASSETS: (b)			Total Homes		Total Cost
Operating real estate assets				10,692		$954,515
Properties under development and land				576		91,821
Total				11,268		$1,046,336
(a) As of March 31, 2013 these borrowings were drawn under the subscription lines of credit with $10.3 million in total capacity. Camden has a 20%
ownership interest in the borrowing entity.
(b) Balance sheet and property data reported at 100%.

22

CAMDEN			UNCONSOLIDATED REAL ESTATE INVESTMENTS
			DEBT MATURITY ANALYSIS
					(In thousands)
(Unaudited)
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2013 and 2014:
					Weighted Average
	Future Scheduled Repayments				Interest Rate On
Quarter	Amortization		Secured Maturities	Total	Maturing Debt
2Q 2013		$335	$-	$335		N/A
3Q 2013		347	35,980	36,327		2.7	%
4Q 2013		355	-	355		N/A
2013		$1,037	$35,980	$37,017		2.7	%
1Q 2014		$436	$-	$436		N/A
2Q 2014		472	7,280	7,752		2.1	%
3Q 2014		477	-	477		N/A
4Q 2014(a)		488	1,527	2,015		1.6	%
2014		$1,873	$8,807	$10,680		2.0	%
(a) 4Q 2014 maturities includes subscription lines of credit with $1.5M (Camden's pro-rata share) outstanding as of March 31, 2013.
The lines of credit have $10.3 million in total capacity.

23

CAMDEN	CAPITALIZED EXPENDITURES
	& MAINTENANCE EXPENSE
	(In thousands, except unit data)
(Unaudited)
	First Quarter 2013 (a)
	Capitalized						Expensed
	Weighted Average
Item	Useful Life (b)		Total		Per Unit		Total		Per Unit
Interiors
Floor coverings	5.4 years			$2,308		$42		$572		$11
Appliances	9.6 years			1,187		22		191		4
Painting		-		-		-		1,288		24
Cabinetry/Countertops	10.0 years			368		7		-		-
Other	9.1 years			1,229		23		429		8
Exteriors
Painting	5.0 years			340		6		-		-
Carpentry	10.0 years			647		12		3,084		57
Landscaping	5.8 years			227		4		47		1
Roofing	20.0 years			285		5		-		-
Site Drainage	10.0 years			45		1		-		-
Fencing/Stair	10.0 years			125		2		-		-
Other (c)	7.1 years			1,466		27		2,748		51
Common Areas
Mech., Elec., Plumbing	9.3 years			853		16		1,092		20
Parking/Paving	5.0 years			30		1		-		-
Pool/Exercise/Facility	8.2 years			1,701		31		311		6
Total				$10,811		$199		$9,762		$182
Weighted Average Apartment Homes						54,311				54,311
Revenue Enhancing Expenditures (d)	10.0 years			$13,313		$9,284
Revenue Enhanced Apartment Homes						1,434

(a)	Includes discontinued operations total. Capitalized expenditures for discontinued operations was $110 for the three months ended March 31, 2013. Total maintenance expenses for discontinued operations was $140 for the same period.
(b)	Weighted average useful life of capitalized expenses for the three months ended March 31, 2013.
(c)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(d)	Represents capital expenditures for the three months ended March 31, 2013 spent on apartment unit renovatons (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets.

24

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
	March 31,
	2013			2012
Net income attributable to common shareholders		$63,476			$88,758
Real estate depreciation from continuing operations		52,158			46,797
Real estate depreciation and amortization from discontinued operations		215			2,398
Adjustments for unconsolidated joint ventures		1,608			2,275
Income allocated to noncontrolling interests		957			1,093
(Gain) on acquisition of controlling interests in joint ventures		-			(40,191	)
(Gain) on sale of discontinued operations, net of tax		(31,783	)		(32,541	)
Funds from operations - diluted		$86,631			$68,589
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		87,276			82,855
FFO diluted		89,177			82,855
Net income attributable to common shareholders - diluted		$0.72			$1.07
FFO per common share - diluted		$0.97			$0.83

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:

	2Q13 Range				2013 Range
	Low		High		Low			High
Expected net income attributable to common shareholders per share - diluted		$0.34		$0.38		$1.79			$1.95
Expected real estate depreciation		0.59		0.59		2.34			2.34
Expected adjustments for unconsolidated joint ventures		0.02		0.02		0.07			0.07
Expected income allocated to noncontrolling interests		0.01		0.01		0.05			0.05
Realized (gain) on sale of discontinued operations		0.00		0.00		(0.36	)		(0.36	)
Expected FFO per share - diluted		$0.96		$1.00		$3.89			$4.05
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements on page 2 of this document.

25

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
	March 31,
	2013			2012
Net income attributable to common shareholders		$63,476			$88,758
Less: Fee and asset management income		(2,894	)		(2,923	)
Less: Interest and other (income) loss		(52	)		688
Less: Income on deferred compensation plans		(2,999	)		(7,786	)
Plus: Property management expense		5,983			5,284
Plus: Fee and asset management expense		1,477			1,743
Plus: General and administrative expense		9,794			8,679
Plus: Interest expense		24,895			26,683
Plus: Depreciation and amortization		53,255			47,906
Plus: Amortization of deferred financing costs		916			912
Plus: Expense on deferred compensation plans		2,999			7,786
Less: Gain on sale of  land		(698	)		-
Less: Gain on acquisition of controlling interests in joint ventures		-			(40,191	)
Less: Equity in income of joint ventures		(934	)		(366	)
Plus: Income tax expense - current		399			224
Less: Income from discontinued operations		(748	)		(2,990	)
Less: Gain on sale of discontinued operations, net of tax		(31,783	)		(32,541	)
Plus: Income allocated to noncontrolling interests from continuing operations		917			764
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		40			731
Plus: Income allocated to perpetual preferred units		-			776
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			2,075
Net Operating Income (NOI)		$124,043			$106,212
"Same Property" Communities		$101,729			$95,327
Non-"Same Property" Communities		20,706			10,135
Development and Lease-Up Communities		962			8
Other		646			742
Net Operating Income (NOI)		$124,043			$106,212

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
	March 31,
	2013			2012
Net income attributable to common shareholders		$63,476			$88,758
Plus: Interest expense		24,895			26,683
Plus: Amortization of deferred financing costs		916			912
Plus: Depreciation and amortization		53,255			47,906
Plus: Income allocated to perpetual preferred units		-			776
Plus: Write off of original issuance costs of redeemed perpetual preferred units		-			2,075
Plus: Income allocated to noncontrolling interests from continuing operations		917			764
Plus: Income, including gain on sale, allocated to noncontrolling interests from discontinued operations		40			731
Plus: Income tax expense - current		399			224
Plus: Real estate depreciation and amortization from discontinued operations		215			2,398
Less: Gain on acquisition of controlling interests in joint ventures		-			(40,191	)
Less: Gain on sale of  land		(698	)		-
Less: Equity in income of joint ventures		(934	)		(366	)
Less: Gain on sale of discontinued operations, net of tax		(31,783	)		(32,541	)
EBITDA		$110,698			$98,129

26

CAMDEN			OTHER DATA
(Unaudited)
Stock Symbol:			CPT
Exchange Traded:			NYSE
Senior Unsecured Debt Ratings:					Rating	Outlook
			Moody's		Baa1	Stable
			Standard & Poors		BBB+	Stable
			Fitch		BBB+	Stable
Estimated Future Dates:					Q2 '13	Q3 '13	Q4 '13	Q1 '14
	Earnings release & conference call				Late Jul	Late Oct	Early Feb	Early May
Dividend Information - Common Shares:					Q1 '13
	Declaration Date				01/31/13
	Record Date				03/28/13
	Payment Date				04/17/13
	Distributions Per Share				$0.63
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		Senior Vice President - Investor Relations

27

CAMDEN									COMMUNITY TABLE
									Community Statistics as of 3/31/13
(Unaudited)												1Q13 Avg
				Year Placed	Average		Apartment		1Q13 Avg			Monthly Rental Rates
Community Name	City		State	in Service	Size		Homes		Occupancy			Per Home		Per Sq. Ft.
Camden Copper Square	Phoenix		AZ	2000		786		332		92	%		$929		$1.18
Camden Fountain Palms	Peoria		AZ	1986/1996		1,050		192		92	%		688		0.66
Camden Legacy	Scottsdale		AZ	1996		1,067		428		93	%		998		0.94
Camden Montierra	Scottsdale		AZ	1999		1,071		249		95	%		1,169		1.09
Camden Pecos Ranch	Chandler		AZ	2001		924		272		93	%		885		0.96
Camden San Marcos	Scottsdale		AZ	1995		984		320		93	%		975		0.99
Camden San Paloma	Scottsdale		AZ	1993/1994		1,042		324		94	%		1,016		0.98
Camden Sierra	Peoria		AZ	1997		925		288		91	%		696		0.75
Camden Towne Center	Glendale		AZ	1998		871		240		92	%		686		0.79
TOTAL ARIZONA		9	Properties			970		2,645		93	%		910		0.94
Camden Crown Valley	Mission Viejo		CA	2001		1,009		380		95	%		1,614		1.60
Camden Harbor View	Long Beach		CA	2004		975		538		95	%		2,013		2.06
Camden Main and Jamboree	Irvine		CA	2008		1,011		290		95	%		1,846		1.83
Camden Martinique	Costa Mesa		CA	1986		794		714		96	%		1,376		1.73
Camden Parkside	Fullerton		CA	1972		836		421		97	%		1,279		1.53
Camden Sea Palms	Costa Mesa		CA	1990		891		138		96	%		1,546		1.74
Total Los Angeles/Orange County		6	Properties			904		2,481		96	%		1,599		1.77
Camden Landmark	Ontario		CA	2006		982		469		93	%		1,322		1.35
Camden Old Creek	San Marcos		CA	2007		1,037		350		94	%		1,635		1.58
Camden Sierra at Otay Ranch	Chula Vista		CA	2003		962		422		93	%		1,508		1.57
Camden Tuscany	San Diego		CA	2003		896		160		93	%		2,046		2.28
Camden Vineyards	Murrieta		CA	2002		1,053		264		93	%		1,242		1.18
Total San Diego/Inland Empire		5	Properties			991		1,665		93	%		1,492		1.50
TOTAL CALIFORNIA		11	Properties			939		4,146		95	%		1,556		1.66
Camden Belleview Station	Denver		CO	2009		888		270		92	%		1,237		1.39
Camden Caley	Englewood		CO	2000		925		218		97	%		1,029		1.11
Camden Centennial	Littleton		CO	1985		744		276		96	%		791		1.06
Camden Denver West	Golden		CO	1997		1,015		320		97	%		1,197		1.18
Camden Highlands Ridge	Highlands Ranch		CO	1996		1,149		342		93	%		1,290		1.12
Camden Interlocken	Broomfield		CO	1999		1,022		340		94	%		1,255		1.23
Camden Lakeway	Littleton		CO	1997		932		451		95	%		1,038		1.11
Camden Pinnacle	Westminster		CO	1985		748		224		95	%		831		1.11
TOTAL COLORADO		8	Properties			942		2,441		95	%		1,099		1.17
Camden Ashburn Farms	Ashburn		VA	2000		1,062		162		96	%		1,485		1.40
Camden Clearbrook	Frederick		MD	2007		1,048		297		95	%		1,366		1.30
Camden College Park	College Park		MD	2008		942		508		96	%		1,597		1.70
Camden Dulles Station	Oak Hill		VA	2009		984		366		97	%		1,647		1.67
Camden Fair Lakes	Fairfax		VA	1999		1,056		530		96	%		1,670		1.58
Camden Fairfax Corner	Fairfax		VA	2006		934		488		96	%		1,693		1.81
Camden Fallsgrove	Rockville		MD	2004		996		268		96	%		1,671		1.68
Camden Grand Parc	Washington		DC	2002		674		105		94	%		2,445		3.63
Camden Lansdowne	Leesburg		VA	2002		1,006		690		96	%		1,430		1.42
Camden Largo Town Center	Largo		MD	2000/2007		1,027		245		94	%		1,600		1.56
Camden Monument Place	Fairfax		VA	2007		856		368		96	%		1,531		1.79
Camden Potomac Yard	Arlington		VA	2008		835		378		97	%		2,036		2.44
Camden Roosevelt	Washington		DC	2003		856		198		96	%		2,550		2.98
Camden Russett	Laurel		MD	2000		992		426		94	%		1,388		1.40
Camden Silo Creek	Ashburn		VA	2004		975		284		96	%		1,444		1.48
Camden Summerfield	Landover		MD	2008		957		291		94	%		1,590		1.66
Camden Summerfield II	Landover		MD	2012		936		187		92	%		1,577		1.69
TOTAL DC METRO		17	Properties			963		5,791		96	%		1,632		1.70
Camden Aventura	Aventura		FL	1995		1,108		379		94	%		1,619		1.46
Camden Brickell	Miami		FL	2003		937		405		96	%		1,732		1.85
Camden Doral	Miami		FL	1999		1,120		260		96	%		1,601		1.43
Camden Doral Villas	Miami		FL	2000		1,253		232		92	%		1,705		1.36
Camden Las Olas	Ft. Lauderdale		FL	2004		1,043		420		94	%		1,839		1.76
Camden Plantation	Plantation		FL	1997		1,201		502		94	%		1,340		1.12
Camden Portofino	Pembroke Pines		FL	1995		1,112		322		98	%		1,384		1.24
Total Southeast Florida		7	Properties			1,103		2,520		95	%		1,594		1.44
Camden Club	Longwood		FL	1986		1,077		436		94	%		891		0.83
Camden Hunter's Creek	Orlando		FL	2000		1,075		270		95	%		1,044		0.97
Camden Lago Vista	Orlando		FL	2005		955		366		96	%		922		0.96
Camden LaVina	Orlando		FL	2012		970		420		93	%		1,081		1.12
Camden Lee Vista	Orlando		FL	2000		937		492		97	%		881		0.94
Camden Orange Court	Orlando		FL	2008		817		268		97	%		1,164		1.43
Camden Renaissance	Altamonte Springs		FL	1996/1998		899		578		96	%		814		0.91
Camden Reserve (1)	Orlando		FL	1990/1991		824		526		95	%		747		0.91
Camden Town Square (2)	Orlando		FL	2012		986		438	Lease-Up				1,131		1.15
Camden World Gateway	Orlando		FL	2000		979		408		96	%		989		1.01
Total Orlando		10	Properties			948		4,202		95	%		945		1.00

28

CAMDEN							COMMUNITY TABLE
							Community Statistics as of 3/31/13
(Unaudited)									1Q13 Avg
				Year Placed	Average	Apartment	1Q13 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	%	$887	$0.94
Camden Bay Pointe	Tampa		FL	1984	771	368	95	%	719	0.93
Camden Bayside	Tampa		FL	1987/1989	748	832	96	%	795	1.06
Camden Citrus Park	Tampa		FL	1985	704	247	95	%	698	0.99
Camden Lakes	St. Petersburg		FL	1982/1983	732	688	94	%	732	1.00
Camden Lakeside	Brandon		FL	1986	729	228	96	%	774	1.06
Camden Montague	Tampa		FL	2012	975	192	95	%	1,121	1.15
Camden Preserve	Tampa		FL	1996	942	276	95	%	1,117	1.19
Camden Providence Lakes	Brandon		FL	1996	1,024	260	94	%	912	0.89
Camden Royal Palms	Brandon		FL	2006	1,017	352	96	%	955	0.94
Camden Visconti (3)	Tampa		FL	2007	1,125	450	95	%	1,138	1.01
Camden Westchase Park	Tampa		FL	2012	993	348	96	%	1,202	1.21
Camden Westshore	Tampa		FL	1986	728	278	96	%	874	1.20
Camden Woods	Tampa		FL	1986	1,223	444	94	%	870	0.71
Total Tampa/St. Petersburg		14	Properties		897	5,723	95	%	893	1.01
TOTAL FLORIDA		31	Properties		956	12,445	95	%	1,052	1.10
Camden Brookwood	Atlanta		GA	2002	912	359	95	%	1,032	1.13
Camden Creekstone	Atlanta		GA	2002	990	223	94	%	988	1.00
Camden Deerfield	Alpharetta		GA	2000	1,187	292	94	%	1,015	0.85
Camden Dunwoody	Atlanta		GA	1997	1,007	324	93	%	961	0.95
Camden Midtown Atlanta	Atlanta		GA	2001	935	296	97	%	1,066	1.14
Camden Peachtree City	Peachtree City		GA	2001	1,027	399	96	%	957	0.93
Camden Phipps (3)	Atlanta		GA	1996	1,018	234	95	%	1,260	1.24
Camden River	Duluth		GA	1997	1,103	352	96	%	920	0.83
Camden Shiloh	Kennesaw		GA	1999/2002	1,143	232	95	%	893	0.78
Camden St. Clair	Atlanta		GA	1997	999	336	95	%	984	0.98
Camden Stockbridge	Stockbridge		GA	2003	1,009	304	96	%	764	0.76
TOTAL GEORGIA		11	Properties		1,027	3,351	95	%	980	0.95
Camden Bel Air	Las Vegas		NV	1988/1995	943	528	93	%	709	0.75
Camden Breeze	Las Vegas		NV	1989	846	320	93	%	711	0.84
Camden Canyon	Las Vegas		NV	1995	987	200	94	%	867	0.88
Camden Commons	Henderson		NV	1988	936	376	93	%	745	0.80
Camden Cove	Las Vegas		NV	1990	898	124	95	%	707	0.79
Camden Del Mar	Las Vegas		NV	1995	986	560	94	%	891	0.90
Camden Fairways	Henderson		NV	1989	896	320	96	%	870	0.97
Camden Hills	Las Vegas		NV	1991	439	184	89	%	486	1.11
Camden Legends	Henderson		NV	1994	792	113	96	%	826	1.04
Camden Palisades	Las Vegas		NV	1991	905	624	95	%	716	0.79
Camden Pines	Las Vegas		NV	1997	982	315	92	%	786	0.80
Camden Pointe	Las Vegas		NV	1996	983	252	94	%	726	0.74
Camden Summit	Henderson		NV	1995	1,187	234	92	%	1,085	0.91
Camden Tiara	Las Vegas		NV	1996	1,043	400	94	%	860	0.82
Camden Vintage	Las Vegas		NV	1994	978	368	93	%	694	0.71
Oasis Bay (3)	Las Vegas		NV	1990	876	128	96	%	737	0.84
Oasis Crossings (3)	Las Vegas		NV	1996	983	72	94	%	757	0.77
Oasis Emerald (3)	Las Vegas		NV	1988	873	132	94	%	596	0.68
Oasis Gateway (3)	Las Vegas		NV	1997	1,146	360	94	%	779	0.68
Oasis Island (3)	Las Vegas		NV	1990	901	118	91	%	591	0.66
Oasis Landing (3)	Las Vegas		NV	1990	938	144	94	%	662	0.71
Oasis Meadows (3)	Las Vegas		NV	1996	1,031	383	93	%	702	0.68
Oasis Palms (3)	Las Vegas		NV	1989	880	208	90	%	686	0.78
Oasis Pearl (3)	Las Vegas		NV	1989	930	90	91	%	687	0.74
Oasis Place (3)	Las Vegas		NV	1992	440	240	88	%	470	1.07
Oasis Ridge (3)	Las Vegas		NV	1984	391	477	82	%	409	1.04
Oasis Sierra (3)	Las Vegas		NV	1998	923	208	92	%	776	0.84
Oasis Springs (3)	Las Vegas		NV	1988	838	304	91	%	568	0.68
Oasis Vinings (3)	Las Vegas		NV	1994	1,152	234	91	%	704	0.61
TOTAL NEVADA		29	Properties		903	8,016	92	%	722	0.80
Camden Ballantyne	Charlotte		NC	1998	1,045	400	96	%	1,047	1.00
Camden Cotton Mills	Charlotte		NC	2002	905	180	97	%	1,331	1.47
Camden Dilworth	Charlotte		NC	2006	857	145	96	%	1,279	1.49
Camden Fairview	Charlotte		NC	1983	1,036	135	96	%	968	0.93
Camden Foxcroft	Charlotte		NC	1979	940	156	98	%	859	0.91
Camden Grandview	Charlotte		NC	2000	1,057	266	98	%	1,430	1.35
Camden Habersham	Charlotte		NC	1986	773	240	94	%	720	0.93
Camden Pinehurst	Charlotte		NC	1967	1,147	407	95	%	864	0.75
Camden Sedgebrook	Charlotte		NC	1999	972	368	96	%	920	0.95
Camden Simsbury	Charlotte		NC	1985	874	100	97	%	944	1.08
Camden South End Square	Charlotte		NC	2003	882	299	97	%	1,206	1.37
Camden Stonecrest	Charlotte		NC	2001	1,098	306	95	%	1,076	0.98
Camden Touchstone	Charlotte		NC	1986	899	132	97	%	807	0.90
Total Charlotte		13	Properties		985	3,134	96	%	1,035	1.05
Camden Asbury Village (3)	Raleigh		NC	2009	1,009	350	97	%	1,008	1.00
Camden Crest	Raleigh		NC	2001	1,013	438	94	%	838	0.83
Camden Governor's Village	Chapel Hill		NC	1999	1,046	242	95	%	921	0.88
Camden Lake Pine	Apex		NC	1999	1,066	446	94	%	893	0.84
Camden Manor Park	Raleigh		NC	2006	966	484	97	%	921	0.95
Camden Overlook	Raleigh		NC	2001	1,060	320	97	%	978	0.92
Camden Reunion Park	Apex		NC	2000/2004	972	420	94	%	786	0.81
Camden Westwood	Morrisville		NC	1999	1,027	354	91	%	843	0.82
Total Raleigh		8	Properties		1,016	3,054	95	%	893	0.88
TOTAL NORTH CAROLINA		21	Properties		1,001	6,188	95	%	965	0.96

29

CAMDEN								COMMUNITY TABLE
								Community Statistics as of 3/31/13
(Unaudited)										1Q13 Avg
				Year Placed	Average	Apartment		1Q13 Avg		Monthly Rental Rates
Community Name	City		State	in Service	Size	Homes		Occupancy		Per Home	Per Sq. Ft.
Camden Amber Oaks (3)	Austin		TX	2009	862	348		96	%	$882	$1.02
Camden Amber Oaks II (3)	Austin		TX	2012	910	244		96	%	981	1.08
Camden Brushy Creek (3)	Cedar Park		TX	2008	882	272		95	%	893	1.01
Camden Cedar Hills	Austin		TX	2008	911	208		94	%	1,045	1.15
Camden Gaines Ranch	Austin		TX	1997	955	390		95	%	1,168	1.22
Camden Huntingdon	Austin		TX	1995	903	398		95	%	853	0.94
Camden Ridgecrest	Austin		TX	1995	855	284		92	%	788	0.92
Camden Shadow Brook (3)	Austin		TX	2009	909	496		96	%	929	1.02
Camden Stoneleigh	Austin		TX	2001	908	390		95	%	1,023	1.13
Total Austin		9	Properties		901	3,030		95	%	952	1.06
Camden Breakers	Corpus Christi		TX	1996	868	288		95	%	1,053	1.21
Camden Copper Ridge	Corpus Christi		TX	1986	775	344		96	%	777	1.00
Camden Miramar (4)	Corpus Christi		TX	1994-2011	488	855		94	%	997	2.05
Camden South Bay (3)	Corpus Christi		TX	2007	1,055	270		95	%	1,162	1.10
Total Corpus Christi		4	Properties		693	1,757		95	%	988	1.43
Camden Addison	Addison		TX	1996	942	456		95	%	881	0.94
Camden Belmont	Dallas		TX	2010/2012	945	477		93	%	1,346	1.42
Camden Buckingham	Richardson		TX	1997	919	464		96	%	939	1.02
Camden Centreport	Ft. Worth		TX	1997	911	268		95	%	879	0.97
Camden Cimarron	Irving		TX	1992	772	286		95	%	919	1.19
Camden Design District (3)	Dallas		TX	2009	939	355		93	%	1,232	1.31
Camden Farmers Market	Dallas		TX	2001/2005	932	904		95	%	1,042	1.12
Camden Gardens	Dallas		TX	1983	652	256		98	%	636	0.98
Camden Glen Lakes	Dallas		TX	1979	877	424		95	%	847	0.97
Camden Henderson	Dallas		TX	2012	967	106		85	%	1,467	1.52
Camden Legacy Creek	Plano		TX	1995	831	240		95	%	951	1.14
Camden Legacy Park	Plano		TX	1996	871	276		95	%	972	1.12
Camden Panther Creek (3)	Frisco		TX	2009	946	295		94	%	1,020	1.08
Camden Riverwalk (3)	Grapevine		TX	2008	982	600		96	%	1,219	1.24
Camden Springs	Dallas		TX	1987	713	304		96	%	628	0.88
Camden Valley Park	Irving		TX	1986	743	516		95	%	834	1.12
Total Dallas/Ft. Worth		16	Properties		883	6,227		95	%	993	1.13
Camden City Centre	Houston		TX	2007	932	379		97	%	1,509	1.62
Camden Cypress Creek (3)	Cypress		TX	2009	993	310		96	%	1,138	1.15
Camden Downs at Cinco Ranch (3)	Katy		TX	2004	1,075	318		96	%	1,125	1.05
Camden Grand Harbor (3)	Katy		TX	2008	959	300		96	%	1,055	1.10
Camden Greenway	Houston		TX	1999	861	756		96	%	1,257	1.46
Camden Heights (3)	Houston		TX	2004	927	352		97	%	1,378	1.49
Camden Holly Springs	Houston		TX	1999	934	548		94	%	1,056	1.13
Camden Lakemont (3)	Richmond		TX	2007	904	312		97	%	946	1.05
Camden Midtown	Houston		TX	1999	844	337		98	%	1,545	1.83
Camden Northpointe (3)	Tomball		TX	2008	940	384		97	%	989	1.05
Camden Oak Crest	Houston		TX	2003	870	364		95	%	943	1.08
Camden Park	Houston		TX	1995	866	288		95	%	890	1.03
Camden Piney Point (3)	Houston		TX	2004	919	318		96	%	1,150	1.25
Camden Plaza	Houston		TX	2007	915	271		97	%	1,457	1.59
Camden Royal Oaks	Houston		TX	2006	923	236		88	%	1,189	1.29
Camden Royal Oaks II (2)	Houston		TX	2012	1,054	104	Lease-up			1,372	1.30
Camden Spring Creek (3)	Spring		TX	2004	1,080	304		95	%	1,054	0.98
Camden Stonebridge	Houston		TX	1993	845	204		97	%	926	1.10
Camden Sugar Grove	Stafford		TX	1997	921	380		96	%	944	1.02
Camden Travis Street	Houston		TX	2010	819	253		98	%	1,498	1.83
Camden Vanderbilt	Houston		TX	1996/1997	863	894		98	%	1,306	1.51
Camden Whispering Oaks	Houston		TX	2008	934	274		96	%	1,097	1.17
Camden Woodson Park (3)	Houston		TX	2008	916	248		95	%	1,024	1.12
Camden Yorktown (3)	Houston		TX	2008	995	306		97	%	1,035	1.04
Total Houston		24	Properties		919	8,440		96	%	1,170	1.27
Camden Braun Station (3)	San Antonio		TX	2006	827	240		96	%	844	1.02
Camden Westover Hills (3)	San Antonio		TX	2010	959	288		94	%	1,054	1.10
Total San Antonio		2	Properties		899	528		95	%	958	1.07
TOTAL TEXAS		55	Properties		885	19,982		95	%	1,060	1.20
TOTAL PROPERTIES		192	Properties		935	65,005		95	%	$1,082	$1.16

(1)	Community held for sale as of March 31, 2013 and disposed of subsequent to quarter end.
(2)	Completed communities in lease-up as of March 31, 2013 are excluded from total occupancy numbers.
(3)	Communities owned through investment in joint venture.
(4)	Miramar is a student housing community which is excluded from total occupancy numbers.

30