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):  January 30, 2014

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)

11 Greenway Plaza, Suite 2400, Houston, Texas  77046

(Address of principal executive offices) (Zip Code)

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

Not Applicable

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

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition.

On January 30, 2014, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the year and quarter ended December 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 January 30, 2014.

99.2 Supplemental Financial Information dated January 30, 2014.

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: January 31, 2014

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 January 30, 2014
99.2	Supplemental Financial Information dated January 30, 2014

4

EX-99.1

EXHIBIT 99.1

CAMDEN PROPERTY TRUST ANNOUNCES 2013 OPERATING RESULTS,

4.8% DIVIDEND INCREASE AND 2014 FINANCIAL OUTLOOK

Houston, TEXAS (January 30, 2014) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2013.

Funds from Operations (“FFO”)

FFO for the fourth quarter of 2013 totaled $1.08 per diluted share or $96.9 million, as compared to $0.97 per diluted share or $85.9 million for the same period in 2012.  FFO for the twelve months ended December 31, 2013 totaled $4.11 per diluted share or $368.3 million, as compared to $3.62 per diluted share or $313.3 million for the same period in 2012.

FFO for the twelve months ended December 31, 2013 included: a $5.1 million or $0.06 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.  FFO for the twelve months ended December 31, 2012 included a $2.1 million or $0.02 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 $130.0 million or $1.46 per diluted share for the fourth quarter of 2013, as compared to $142.2 million or $1.60 per diluted share for the same period in 2012.  EPS for the three months ended December 31, 2013 included a $91.1 million or $1.03 per diluted share gain on sale of discontinued operations and a $3.2 million or $0.04 per diluted share gain on sale of unconsolidated joint venture properties.  EPS for the three months ended December 31, 2012 included: a $17.2 million or $0.20 per diluted share gain on acquisition of controlling interests in joint ventures; an $82.5 million or $0.94 per diluted share gain on sale of discontinued operations; and a $14.5 million or $0.17 per diluted share gain on sale of unconsolidated joint venture properties.

For the twelve months ended December 31, 2013, Camden reported net income attributable to common shareholders of $336.4 million or $3.78 per diluted share, as compared to $283.4 million or $3.30 per diluted share for the same period in 2012.  EPS for the twelve months ended December 31, 2013 included: a $182.2 million or $2.06 per diluted share gain on sale of discontinued operations; a $16.3 million or $0.18 per diluted share gain on sale of unconsolidated joint venture properties; a $5.1 million or $0.06 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.  EPS for the twelve months ended December 31, 2012 included: a $57.4 million or $0.67 per diluted share gain on acquisition of controlling interests in joint ventures; a $115.1 million or $1.34 per diluted share gain on sale of discontinued operations; a $17.4 million or $0.20 per diluted share gain on sale of unconsolidated joint venture properties; and a $2.1 million or $0.02 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 41,150 apartment homes included in consolidated same-property results, fourth quarter 2013 same-property net operating income (“NOI”) increased 6.4% compared to the fourth quarter of 2012, with revenues increasing 4.8% and expenses increasing 1.9%.  On a sequential basis, fourth quarter 2013 same-property NOI increased 2.4% compared to the third quarter of 2013, with revenues increasing 0.5% and expenses declining 2.9% compared to the prior quarter.  On a full-year basis, 2013 same-property NOI increased 6.2%, with revenues increasing 5.1% and expenses increasing 3.1% compared to the same period in 2012.  Same-property physical occupancy levels for the combined portfolio averaged 95.8% during the fourth quarter of 2013, compared to 95.1% in the fourth quarter of 2012 and 95.4% in the third quarter of 2013.

The Company defines same-property communities as communities owned and stabilized since January 1, 2012, excluding properties held for sale.  A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Disposition Activity

Camden disposed of 8 wholly-owned apartment communities during the quarter for a total of $170.5 million: Camden Gardens, a 256-home community in Dallas, TX; Camden Springs, a 304-home community in Dallas, TX; Camden Fountain Palms, a 192-home community in Peoria, AZ; Camden Sierra, a 288-home community in Peoria, AZ; Camden Town Center, a 240-home community in Glendale, AZ; Camden Bay Pointe, a 368-home community in Tampa, FL; Camden Citrus Park, a 247-home community in Tampa, FL; and Camden Habersham, a 240-home community in Charlotte, NC.

The Company also disposed of two joint venture apartment communities during the quarter for a total of $68.7 million: Camden Westover Hills, a 288-home community in San Antonio, TX, and Camden Lakemont, a 312-home community in Richmond, TX.  Camden’s proportionate share of the gain on sale was $3.2 million.

For full-year 2013, Camden’s dispositions totaled $329.3 million of wholly-owned communities and $268.9 million of joint venture communities.

Development Activity

Construction began during the quarter at two new wholly-owned communities: The Camden in Los Angeles, CA, a $145 million project with 287 apartment homes; and Camden Victory Park in Dallas, TX, an $82 million project with 423 apartment homes.  The Company also commenced construction on Camden Miramar Phase IXB in Corpus Christi, TX, an $8 million 75-unit expansion of an existing community.

Construction continued at 10 additional wholly-owned development communities: Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes which is currently 10% leased; 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; Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes; Camden La Frontera in Round Rock, TX, a $36 million project with 300 apartment homes; Camden Foothills in Scottsdale, AZ, a $50 million project with 220 apartment homes; Camden Hayden in Tempe, AZ, a $48 million project with 234 apartment homes; and Camden Gallery in Charlotte, NC, a $58 million project with 323 apartment homes.

Lease-up continued during the quarter at Camden South Capitol in Washington, DC, an $88 million joint venture project with 276 apartment homes which is currently 64% leased.  Construction continued at two other joint venture development communities: Camden Waterford Lakes in Orlando, FL, a $40 million project with 300 apartment homes which is currently 41% leased; and Camden Southline in Charlotte, NC, a $48 million project with 266 apartment homes.

Quarterly Dividend Declaration

Camden’s Board of Trust Managers declared a first quarter 2014 dividend of $0.66 per common share, which is a 4.8% increase over the Company’s prior quarterly dividend of $0.63 per share.  The dividend is payable on April 17, 2014 to holders of record as of March 31, 2014.  In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company’s past performance and future prospects, as described in this release.

Earnings Guidance

Camden provided initial earnings guidance for 2014 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2014 FFO is expected to be $4.10 to $4.30 per diluted share, and full-year 2014 EPS is expected to be $1.44 to $1.64 per diluted share.  First quarter 2014 earnings guidance is $1.02 to $1.06 per diluted share for FFO and $0.37 to $0.41 per diluted share for EPS.  Guidance for EPS excludes gains on real estate transactions.

The midpoint of the Company’s initial 2014 earnings guidance assumes net dispositions of $200 million of wholly-owned assets and $450 million of joint venture assets during 2014, with a corresponding reduction in associated net fee and asset management income.  The net impact to 2014 FFO from these planned dispositions is approximately $0.07 per diluted share. Camden expects same-property revenue growth between 3.5% and 4.5%, expense growth between 3.25% and 4.25%, and NOI growth between 3.25% and 5.25%.

Camden intends to update its earnings guidance to the market on a quarterly basis.  Additional information on the Company’s 2014 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, January 31, 2014 at 11:00 a.m. Central Time to review its fourth quarter and full-year 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: 1713299, 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 170 properties containing 59,899 apartment homes across the United States.  Upon completion of 14 properties under development and the expansion of an existing community, the Company’s portfolio will increase to 64,328 apartment homes in 184 properties. Camden was recently named by FORTUNE® Magazine for the seventh consecutive year as one of the “100 Best Companies to Work For” in America, ranking #11.

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

CAMDEN	OPERATING RESULTS
(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
OPERATING DATA	2013			2012			2013			2012
Property revenues
Rental revenues		$177,795			$159,207			$683,362			$602,004
Other property revenues		26,522			24,591			105,489			96,314
Total property revenues		204,317			183,798			788,851			698,318
Property expenses
Property operating and maintenance		50,297			47,453			199,650			185,720
Real estate taxes		21,582			18,087			86,041			70,710
Total property expenses		71,879			65,540			285,691			256,430
Non-property income
Fee and asset management		2,873			2,773			11,690			12,345
Interest and other income (loss)		41			40			1,217			(710	)
Income on deferred compensation plans		3,078			952			8,290			4,772
Total non-property income		5,992			3,765			21,197			16,407
Other expenses
Property management		5,196			6,152			21,774			21,796
Fee and asset management		1,288			1,580			5,756			6,631
General and administrative		9,209			9,816			40,586			37,528
Interest		24,162			25,487			98,129			104,246
Depreciation and amortization		55,878			50,556			214,395			194,673
Amortization of deferred financing costs		859			887			3,548			3,608
Expense on deferred compensation plans		3,078			952			8,290			4,772
Total other expenses		99,670			95,430			392,478			373,254
Gain on sale of land		-			-			698			-
Gain on acquisition of controlling interest in joint ventures		-			17,227			-			57,418
Equity in income of joint ventures		4,207			15,489			24,865			20,175
Income from continuing operations before income taxes		42,967			59,309			157,442			162,634
Income tax expense - current		(239	)		(216	)		(1,826	)		(1,208	)
Income from continuing operations		42,728			59,093			155,616			161,426
Income from discontinued operations		1,290			4,526			8,515			17,406
Gain on sale of discontinued operations, net of tax		91,101			82,527			182,160			115,068
Net income		135,119			146,146			346,291			293,900
Less income allocated to non-controlling interests from continuing operations		(1,128	)		(1,811	)		(4,022	)		(4,459	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		(3,995	)		(2,169	)		(5,905	)		(3,200	)
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		$129,996			$142,166			$336,364			$283,390
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$135,119			$146,146			$346,291			$293,900
Other comprehensive income
Reclassification of prior service cost and net loss on post retirement obligation		13			7			54			30
Unrealized loss and unamortized prior service cost on post retirement obligation		(99	)		(409	)		(99	)		(409	)
Comprehensive income		135,033			145,744			346,246			293,521
Less income allocated to non-controlling interests from continuing operations		(1,128	)		(1,811	)		(4,022	)		(4,459	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		(3,995	)		(2,169	)		(5,905	)		(3,200	)
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		$129,910			$141,764			$336,319			$283,011
PER SHARE DATA
Net income attributable to common shareholders - basic		$1.47			$1.63			$3.82			$3.35
Net income attributable to common shareholders - diluted		1.46			1.60			3.78			3.30
Income from continuing operations attributable to common shareholders - basic		0.46			0.65			1.70			1.81
Income from continuing operations attributable to common shareholders - diluted		0.46			0.64			1.69			1.79
Weighted average number of common and
common equivalent shares outstanding:
Basic		87,459			86,298			87,204			83,772
Diluted		88,686			88,020			88,494			85,556

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

CAMDEN	FUNDS FROM OPERATIONS
	(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
FUNDS FROM OPERATIONS	2013			2012			2013			2012
Net income attributable to common shareholders		$129,996			$142,166			$336,364			$283,390
Real estate depreciation from continuing operations		54,520			49,454			209,474			190,238
Real estate depreciation and amortization from discontinued operations		199			2,893			5,255			15,199
Adjustments for unconsolidated joint ventures		1,422			1,741			5,738			7,939
Income allocated to non-controlling interests		5,123			3,971			9,927			6,475
(Gain) on sale of unconsolidated joint venture properties		(3,245	)		(14,543	)		(16,277	)		(17,418	)
(Gain) on acquisition of controlling interests in joint ventures		-			(17,227	)		-			(57,418	)
(Gain) on sale of discontinued operations, net of tax		(91,101	)		(82,527	)		(182,160	)		(115,068	)
Funds from operations - diluted		$96,914			$85,928			$368,321			$313,337
PER SHARE DATA
Funds from operations - diluted		$1.08			$0.97			$4.11			$3.62
Cash distributions		0.63			0.56			2.52			2.24
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		89,772			88,991			89,580			86,619
PROPERTY DATA
Total operating properties (end of period) (a)		170			193			170			193
Total operating apartment homes in operating properties (end of period) (a)		59,899			65,775			59,899			65,775
Total operating apartment homes (weighted average)		53,710			55,163			54,181			54,194
Total operating apartment homes - excluding discontinued operations (weighted average)		52,629			49,891			51,759			48,194

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

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

CAMDEN	BALANCE SHEETS
	(In thousands)
(Unaudited)	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2013			2013			2013			2013			2012
ASSETS
Real estate assets, at cost
Land		$969,711			$967,121			$965,257			$949,244			$949,777
Buildings and improvements		5,629,904			5,596,754			5,552,095			5,404,616			5,389,674
		6,599,615			6,563,875			6,517,352			6,353,860			6,339,451
Accumulated depreciation		(1,643,713	)		(1,619,325	)		(1,604,402	)		(1,552,499	)		(1,518,896	)
Net operating real estate assets		4,955,902			4,944,550			4,912,950			4,801,361			4,820,555
Properties under development, including land		472,566			438,968			393,694			339,848			334,463
Investments in joint ventures		42,155			43,338			44,630			45,260			45,092
Properties held for sale		-			58,765			-			14,986			30,517
Total real estate assets		5,470,623			5,485,621			5,351,274			5,201,455			5,230,627
Accounts receivable - affiliates		27,724			27,474			27,274			26,948			33,625
Other assets, net (a)		109,401			112,520			94,847			89,233			88,260
Cash and cash equivalents		17,794			4,707			6,506			59,642			26,669
Restricted cash		6,599			60,889			6,381			5,578			5,991
Total assets		$5,632,141			$5,691,211			$5,486,282			$5,382,856			$5,385,172
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,588,798			$1,721,998			$1,579,733			$1,538,471			$1,538,212
Secured		941,968			943,039			944,090			945,134			972,256
Accounts payable and accrued expenses		113,307			124,336			100,279			102,307			101,896
Accrued real estate taxes		35,648			50,247			36,863			20,683			28,452
Distributions payable		56,787			56,793			56,821			56,559			49,969
Other liabilities (b)		88,272			69,716			63,366			69,679			67,679
Total liabilities		2,824,780			2,966,129			2,781,152			2,732,833			2,758,464
Commitments and contingencies
Non-Qualified deferred compensation share awards		47,180			47,092			-			-			-
Equity
Common shares of beneficial interest		967			967			967			962			962
Additional paid-in capital		3,596,069			3,595,536			3,625,283			3,590,261			3,587,505
Distributions in excess of net income attributable to common shareholders		(494,167	)		(571,935	)		(574,286	)		(590,831	)		(598,951	)
Treasury shares, at cost		(410,227	)		(410,309	)		(410,665	)		(412,643	)		(425,355	)
Accumulated other comprehensive loss (c)		(1,106	)		(1,021	)		(1,035	)		(1,048	)		(1,062	)
Total common equity		2,691,536			2,613,238			2,640,264			2,586,701			2,563,099
Non-controlling interests		68,645			64,752			64,866			63,322			63,609
Total equity		2,760,181			2,677,990			2,705,130			2,650,023			2,626,708
Total liabilities and equity		$5,632,141			$5,691,211			$5,486,282			$5,382,856			$5,385,172
(a) Includes:
net deferred charges of:		$14,497			$13,243			$14,008			$14,861			$15,635
(b) Includes:
deferred revenues of:		$1,886			$1,979			$1,336			$2,158			$2,521
distributions in excess of investments in joint ventures of:		$-			$-			$-			$9,718			$9,509
fair value adjustment of derivative instruments:		$-			$-			$-			($2	)		($1	)
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligations.

CAMDEN	2014 Financial Outlook
	as of January 30, 2014
(Unaudited)
2013 Reported FFO, Adjusted for Non-Routine Items and Year End Shares Outstanding
($'s and shares in thousands)
	Total			Per Share
2013 Reported FFO		$368,321		$4.11
Adjustments for 2013 non-routine items:
Less: Promoted equity interests		(5,120	)	(0.06	)
Less: Non-recurring fee income		(1,000	)	(0.01	)
Less: Gain on sale of properties, including land		(698	)	(0.01	)
2013 FFO adjusted for non-routine items		$361,503		$4.04
2013 Fully Diluted Weighted Average Shares Outstanding - FFO				89,580
December 31, 2013 Fully Diluted Weighted Average Shares Outstanding - FFO				89,750
2013 FFO Adjusted for Non-Routine Items and December 31, 2013 Fully Diluted Shares Outstanding - FFO				$4.03
2014 Financial Outlook
Earnings Guidance - Per Diluted Share
Expected FFO per share - diluted				$4.10 - $4.30
"Same Property" Communities
Number of Units				47,915
2013 Base Net Operating Income				$461 million
Total Revenue Growth				3.50% - 4.50%
Total Expense Growth				3.25% - 4.25%
Net Operating Income Growth				3.25% - 5.25%
Impact from 1.0% change in NOI Growth is approximately $0.051 / share
Impact from 2014 Revenue Enhancing Repositions included in Same Store Net Operating Income Guidance (a)				0.50%
Physical Occupancy				95%
Capitalized Expenditures
Recurring				$56 - $60 million
Revenue Enhancing Repositions (a)				$55 - $75 million
Acquisitions/Dispositions
Disposition Volume (consolidated on balance sheet)				$250 - $350 million
Disposition Volume (joint venture)				$100 - $450 million
Acquisition Volume (consolidated on balance sheet)				$50 - $150 million
Development
Development Starts (consolidated on balance sheet)				$150 - $300 million
Development Spend (consolidated on balance sheet)				$450 - $550 million
Non-Property Income
Non-Property Income, Net				$3 - $5 million
Includes: Fee and asset management income, net of expenses and
Interest and other income
Corporate Expenses
General and administrative expense  (b)				$39 - $41 million
Property management expense				$22 - $24 million
Capital
Expected Capital Transactions				$250 - $350 million
Expensed Interest				$91 - $95 million
Capitalized Interest				$21 - $23 million

(a)      Capital expenditures that improve a community's competitive position, typically kitchen and bath upgrades or other new amenities.

(b)      Excludes any third party acquisition costs.

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

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

CAMDEN	NON-GAAP FINANCIAL MEASURES
	DEFINITIONS & RECONCILIATIONS
		(In thousands, except per share amounts)
(Unaudited)
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities, including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:
		Three Months Ended						Twelve Months Ended
		December 31,						December 31,
		2013			2012			2013			2012
Net income attributable to common shareholders			$129,996			$142,166			$336,364			$283,390
Real estate depreciation from continuing operations			54,520			49,454			209,474			190,238
Real estate depreciation and amortization from discontinued operations			199			2,893			5,255			15,199
Adjustments for unconsolidated joint ventures			1,422			1,741			5,738			7,939
Income allocated to non-controlling interests			5,123			3,971			9,927			6,475
(Gain) on sale of unconsolidated joint venture properties			(3,245	)		(14,543	)		(16,277	)		(17,418	)
(Gain) on acquisition of controlling interest in joint ventures			-			(17,227	)		-			(57,418	)
(Gain) on sale of discontinued operations, net of tax			(91,101	)		(82,527	)		(182,160	)		(115,068	)
Funds from operations - diluted			$96,914			$85,928			$368,321			$313,337
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted			88,686			88,020			88,494			85,556
FFO diluted			89,772			88,991			89,580			86,619
Net income attributable to common shareholders - diluted			$1.46			$1.60			$3.78			$3.30
FFO per common share - diluted			$1.08			$0.97			$4.11			$3.62
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:
		1Q14 Range						2014 Range
		Low			High			Low			High
Expected net income attributable to common shareholders per share - diluted			$0.37			$0.41			$1.44			$1.64
Expected real estate depreciation			0.62			0.62			2.56			2.56
Expected adjustments for unconsolidated joint ventures			0.02			0.02			0.05			0.05
Expected income allocated to non-controlling interests			0.01			0.01			0.05			0.05
Expected FFO per share - diluted			$1.02			$1.06			$4.10			$4.30

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

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

(Unaudited)

Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs. A reconciliation of net income attributable to common shareholders to net operating income is provided below:
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2013			2012			2013			2012
Net income attributable to common shareholders		$129,996			$142,166			$336,364			$283,390
Less: Fee and asset management income		(2,873	)		(2,773	)		(11,690	)		(12,345	)
Less: Interest and other (income) loss		(41	)		(40	)		(1,217	)		710
Less: Income on deferred compensation plans		(3,078	)		(952	)		(8,290	)		(4,772	)
Plus: Property management expense		5,196			6,152			21,774			21,796
Plus: Fee and asset management expense		1,288			1,580			5,756			6,631
Plus: General and administrative expense		9,209			9,816			40,586			37,528
Plus: Interest expense		24,162			25,487			98,129			104,246
Plus: Depreciation and amortization		55,878			50,556			214,395			194,673
Plus: Amortization of deferred financing costs		859			887			3,548			3,608
Plus: Expense on deferred compensation plans		3,078			952			8,290			4,772
Less: Gain on sale of land		-			-			(698	)		-
Less: Gain on acquisition of controlling interests in joint ventures		-			(17,227	)		-			(57,418	)
Less: Equity in income of joint ventures		(4,207	)		(15,489	)		(24,865	)		(20,175	)
Plus: Income tax expense - current		239			216			1,826			1,208
Less: Income from discontinued operations		(1,290	)		(4,526	)		(8,515	)		(17,406	)
Less: Gain on sale of discontinued operations, net of tax		(91,101	)		(82,527	)		(182,160	)		(115,068	)
Plus: Income allocated to non-controlling interests from continuing operations		1,128			1,811			4,022			4,459
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		3,995			2,169			5,905			3,200
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)		$132,438			$118,258			$503,160			$441,888
"Same Property" Communities		$103,464			$97,196			$400,240			$376,864
Non-"Same Property" Communities		28,154			20,488			99,983			62,089
Development and Lease-Up Communities		(15	)		(17	)		(15	)		(17	)
Other		835			591			2,952			2,952
Net Operating Income (NOI)		$132,438			$118,258			$503,160			$441,888
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 non-controlling interests. The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions. A reconciliation of net income attributable to common shareholders to EBITDA is provided below:
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2013			2012			2013			2012
Net income attributable to common shareholders		$129,996			$142,166			$336,364			$283,390
Plus: Interest expense		24,162			25,487			98,129			104,246
Plus: Amortization of deferred financing costs		859			887			3,548			3,608
Plus: Depreciation and amortization		55,878			50,556			214,395			194,673
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 non-controlling interests from continuing operations		1,128			1,811			4,022			4,459
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		3,995			2,169			5,905			3,200
Plus: Interest expense from discontinued operations		-			-			-			36
Plus: Income tax expense - current		239			216			1,826			1,208
Plus: Real estate depreciation and amortization from discontinued operations		199			2,893			5,255			15,199
Less: Gain on acquisition of controlling interests in joint ventures		-			(17,227	)		-			(57,418	)
Less: Gain on sale of land		-			-			(698	)		-
Less: Equity in income of joint ventures		(4,207	)		(15,489	)		(24,865	)		(20,175	)
Less: Gain on sale of discontinued operations, net of tax		(91,101	)		(82,527	)		(182,160	)		(115,068	)
EBITDA		$121,148			$110,942			$461,721			$420,209

EX-99.2

EXHIBIT 99.2

FOURTH QUARTER 2013

Supplemental Operating and Financial Data

Camden Waterford Lakes - Orlando, FL

Currently in Lease-Up

Camden Property Trust

Eleven Greenway Plaza, Suite 2400

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" Fourth Quarter Comparisons		12
"Same Property" Sequential Quarter Comparisons		13
"Same Property" Year to Date Comparisons		14
"Same Property" Operating Expense Detail & Comparisons		15
Joint Venture Operations		16
Current Development Communities		17
Development Pipeline & Land		18
Acquisitions and Dispositions		19
Debt Analysis		20
Debt Maturity Analysis		21
Debt Covenant Analysis		22
Unconsolidated Real Estate Investments Debt Analysis		23
Unconsolidated Real Estate Investments Debt Maturity Analysis		24
Capitalized Expenditures & Maintenance Expense		25
2014 Financial Outlook		26
Non-GAAP Financial Measures - Definitions & Reconciliations		27
Other Data		29
Community Table		30

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 2013 OPERATING RESULTS,

4.8% DIVIDEND INCREASE AND 2014 FINANCIAL OUTLOOK

Houston, TEXAS (January 30, 2014) – Camden Property Trust (NYSE: CPT) today announced operating results for the three and twelve months ended December 31, 2013.

Funds from Operations (“FFO”)

FFO for the fourth quarter of 2013 totaled $1.08 per diluted share or $96.9 million, as compared to $0.97 per diluted share or $85.9 million for the same period in 2012.  FFO for the twelve months ended December 31, 2013 totaled $4.11 per diluted share or $368.3 million, as compared to $3.62 per diluted share or $313.3 million for the same period in 2012.

FFO for the twelve months ended December 31, 2013 included: a $5.1 million or $0.06 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.  FFO for the twelve months ended December 31, 2012 included a $2.1 million or $0.02 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 $130.0 million or $1.46 per diluted share for the fourth quarter of 2013, as compared to $142.2 million or $1.60 per diluted share for the same period in 2012.  EPS for the three months ended December 31, 2013 included a $91.1 million or $1.03 per diluted share gain on sale of discontinued operations and a $3.2 million or $0.04 per diluted share gain on sale of unconsolidated joint venture properties.  EPS for the three months ended December 31, 2012 included: a $17.2 million or $0.20 per diluted share gain on acquisition of controlling interests in joint ventures; an $82.5 million or $0.94 per diluted share gain on sale of discontinued operations; and a $14.5 million or $0.17 per diluted share gain on sale of unconsolidated joint venture properties.

For the twelve months ended December 31, 2013, Camden reported net income attributable to common shareholders of $336.4 million or $3.78 per diluted share, as compared to $283.4 million or $3.30 per diluted share for the same period in 2012.  EPS for the twelve months ended December 31, 2013 included: a $182.2 million or $2.06 per diluted share gain on sale of discontinued operations; a $16.3 million or $0.18 per diluted share gain on sale of unconsolidated joint venture properties; a $5.1 million or $0.06 per diluted share impact from a promoted equity interest recognized in conjunction with the sale of joint venture properties; a $1.0 million or $0.01 per diluted share impact from non-recurring fee income; and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.  EPS for the twelve months ended December 31, 2012 included: a $57.4 million or $0.67 per diluted share gain on acquisition of controlling interests in joint ventures; a $115.1 million or $1.34 per diluted share gain on sale of discontinued operations; a $17.4 million or $0.20 per diluted share gain on sale of unconsolidated joint venture properties; and a $2.1 million or $0.02 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.

3

Same-Property Results

For the 41,150 apartment homes included in consolidated same-property results, fourth quarter 2013 same-property net operating income (“NOI”) increased 6.4% compared to the fourth quarter of 2012, with revenues increasing 4.8% and expenses increasing 1.9%.  On a sequential basis, fourth quarter 2013 same-property NOI increased 2.4% compared to the third quarter of 2013, with revenues increasing 0.5% and expenses declining 2.9% compared to the prior quarter.  On a full-year basis, 2013 same-property NOI increased 6.2%, with revenues increasing 5.1% and expenses increasing 3.1% compared to the same period in 2012.  Same-property physical occupancy levels for the combined portfolio averaged 95.8% during the fourth quarter of 2013, compared to 95.1% in the fourth quarter of 2012 and 95.4% in the third quarter of 2013.

The Company defines same-property communities as communities owned and stabilized since January 1, 2012, excluding properties held for sale.  A reconciliation of net income to net operating income and same-property net operating income is included in the financial tables accompanying this press release.

Disposition Activity

Camden disposed of 8 wholly-owned apartment communities during the quarter for a total of $170.5 million: Camden Gardens, a 256-home community in Dallas, TX; Camden Springs, a 304-home community in Dallas, TX; Camden Fountain Palms, a 192-home community in Peoria, AZ; Camden Sierra, a 288-home community in Peoria, AZ; Camden Town Center, a 240-home community in Glendale, AZ; Camden Bay Pointe, a 368-home community in Tampa, FL; Camden Citrus Park, a 247-home community in Tampa, FL; and Camden Habersham, a 240-home community in Charlotte, NC.

The Company also disposed of two joint venture apartment communities during the quarter for a total of $68.7 million: Camden Westover Hills, a 288-home community in San Antonio, TX, and Camden Lakemont, a 312-home community in Richmond, TX.  Camden’s proportionate share of the gain on sale was $3.2 million.

For full-year 2013, Camden’s dispositions totaled $329.3 million of wholly-owned communities and $268.9 million of joint venture communities.

Development Activity

Construction began during the quarter at two new wholly-owned communities: The Camden in Los Angeles, CA, a $145 million project with 287 apartment homes; and Camden Victory Park in Dallas, TX, an $82 million project with 423 apartment homes.  The Company also commenced construction on Camden Miramar Phase IXB in Corpus Christi, TX, an $8 million 75-unit expansion of an existing community.

Construction continued at 10 additional wholly-owned development communities: Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes which is currently 10% leased; 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; Camden Paces in Atlanta, GA, a $110 million project with 379 apartment homes; Camden La Frontera in Round Rock, TX, a $36 million project with 300 apartment homes; Camden Foothills in Scottsdale, AZ, a $50 million project with 220 apartment homes; Camden Hayden in Tempe, AZ, a $48 million project with 234 apartment homes; and Camden Gallery in Charlotte, NC, a $58 million project with 323 apartment homes.

Lease-up continued during the quarter at Camden South Capitol in Washington, DC, an $88 million joint venture project with 276 apartment homes which is currently 64% leased.  Construction continued at two other joint venture development communities: Camden Waterford Lakes in Orlando, FL, a $40 million project with 300 apartment homes which is currently 41% leased; and Camden Southline in Charlotte, NC, a $48 million project with 266 apartment homes.

Quarterly Dividend Declaration

Camden’s Board of Trust Managers declared a first quarter 2014 dividend of $0.66 per common share, which is a 4.8% increase over the Company’s prior quarterly dividend of $0.63 per share.  The dividend is payable on April 17, 2014 to holders of record as of March 31, 2014.  In declaring the dividend, the Board of Trust Managers considered a number of factors, including the Company’s past performance and future prospects, as described in this release.

4

Earnings Guidance

Camden provided initial earnings guidance for 2014 based on its current and expected views of the apartment market and general economic conditions.  Full-year 2014 FFO is expected to be $4.10 to $4.30 per diluted share, and full-year 2014 EPS is expected to be $1.44 to $1.64 per diluted share.  First quarter 2014 earnings guidance is $1.02 to $1.06 per diluted share for FFO and $0.37 to $0.41 per diluted share for EPS.  Guidance for EPS excludes gains on real estate transactions.

The midpoint of the Company’s initial 2014 earnings guidance assumes net dispositions of $200 million of wholly-owned assets and $450 million of joint venture assets during 2014, with a corresponding reduction in associated net fee and asset management income.  The net impact to 2014 FFO from these planned dispositions is approximately $0.07 per diluted share. Camden expects same-property revenue growth between 3.5% and 4.5%, expense growth between 3.25% and 4.25%, and NOI growth between 3.25% and 5.25%.

Camden intends to update its earnings guidance to the market on a quarterly basis.  Additional information on the Company’s 2014 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, January 31, 2014 at 11:00 a.m. Central Time to review its fourth quarter and full-year 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: 1713299, 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 170 properties containing 59,899 apartment homes across the United States.  Upon completion of 14 properties under development and the expansion of an existing community, the Company’s portfolio will increase to 64,328 apartment homes in 184 properties. Camden was recently named by FORTUNE® Magazine for the seventh consecutive year as one of the “100 Best Companies to Work For” in America, ranking #11.

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

5

CAMDEN	FINANCIAL HIGHLIGHTS
		(In thousands, except per share, property data amounts and ratios)
(Unaudited)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		2013				2012				2013				2012
Total property revenues (a)			$204,317				$183,798				$788,851				$698,318
EBITDA			121,148				110,942				461,721				420,209
Net income attributable to common shareholders			129,996				142,166				336,364				283,390
Per share - basic			1.47				1.63				3.82				3.35
Per share - diluted			1.46				1.60				3.78				3.30
Income from continuing operations attributable to common shareholders			41,600				57,282				151,594				154,116
Per share - basic			0.46				0.65				1.70				1.81
Per share - diluted			0.46				0.64				1.69				1.79
Funds from operations			96,914				85,928				368,321				313,337
Per share - diluted			1.08				0.97				4.11				3.62
Dividends per share			0.63				0.56				2.52				2.24
Dividend payout ratio			58.3	%			57.7	%			61.3	%			61.9	%
Interest expensed			24,162				25,487				98,129				104,282
Interest capitalized			4,610				3,071				15,439				12,457
Total interest incurred			28,772				28,558				113,568				116,739
Principal amortization			1,071				841				4,261				4,150
Preferred distributions			-				-				-				776
Net Debt to Annualized EBITDA (b)			5.2		x		5.6		x		5.4		x		5.9		x
Interest expense coverage ratio			5.0		x		4.4		x		4.7		x		4.0		x
Total interest coverage ratio			4.2		x		3.9		x		4.1		x		3.6		x
Fixed charge expense coverage ratio			4.8		x		4.2		x		4.5		x		3.8		x
Total fixed charge coverage ratio			4.1		x		3.8		x		3.9		x		3.5		x
Unencumbered real estate assets (at cost) to unsecured debt ratio			3.5		x		3.3		x		3.5		x		3.3		x
Same property NOI increase (c)			6.4	%			8.0	%			6.2	%			9.2	%
(# of apartment homes included)			41,150				44,774				41,150				44,774
Gross turnover of apartment homes (annualized)			57	%			60	%			65	%			66	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)			49	%			52	%			56	%			57	%
											As of December 31,
											2013				2012
Total assets											$5,632,141				$5,385,172
Total debt											$2,530,766				$2,510,468
Common and common equivalent shares, outstanding end of period (d)											89,750				89,039
Share price, end of period											$56.88				$68.21
Book equity value, end of period (e)											$2,807,361				$2,626,708
Market equity value, end of period (f)											$5,104,980				$6,073,350

(a)	Excludes discontinued operations.
(b)	Net Debt is Notes Payable as reported at period end less Cash 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 since January 1, 2012, excluding properties held for sale.
(d)	Includes at December 31, 2013: 87,851 common shares (including 386 common share equivalents related to share awards & options), plus common share
	equivalents upon the assumed conversion of minority interest units (1,899).
(e)	Includes: common shares, common units, common share equivalents, and non-qualified deferred compensation share awards.
(f)	Includes: common shares, common units, and common share equivalents.
Note: Please refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

6

CAMDEN	OPERATING RESULTS
(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
OPERATING DATA	2013			2012			2013			2012
Property revenues
Rental revenues		$177,795			$159,207			$683,362			$602,004
Other property revenues		26,522			24,591			105,489			96,314
Total property revenues		204,317			183,798			788,851			698,318
Property expenses
Property operating and maintenance		50,297			47,453			199,650			185,720
Real estate taxes		21,582			18,087			86,041			70,710
Total property expenses		71,879			65,540			285,691			256,430
Non-property income
Fee and asset management		2,873			2,773			11,690			12,345
Interest and other income (loss)		41			40			1,217			(710	)
Income on deferred compensation plans		3,078			952			8,290			4,772
Total non-property income		5,992			3,765			21,197			16,407
Other expenses
Property management		5,196			6,152			21,774			21,796
Fee and asset management		1,288			1,580			5,756			6,631
General and administrative		9,209			9,816			40,586			37,528
Interest		24,162			25,487			98,129			104,246
Depreciation and amortization		55,878			50,556			214,395			194,673
Amortization of deferred financing costs		859			887			3,548			3,608
Expense on deferred compensation plans		3,078			952			8,290			4,772
Total other expenses		99,670			95,430			392,478			373,254
Gain on sale of land		-			-			698			-
Gain on acquisition of controlling interest in joint ventures		-			17,227			-			57,418
Equity in income of joint ventures		4,207			15,489			24,865			20,175
Income from continuing operations before income taxes		42,967			59,309			157,442			162,634
Income tax expense - current		(239	)		(216	)		(1,826	)		(1,208	)
Income from continuing operations		42,728			59,093			155,616			161,426
Income from discontinued operations		1,290			4,526			8,515			17,406
Gain on sale of discontinued operations, net of tax		91,101			82,527			182,160			115,068
Net income		135,119			146,146			346,291			293,900
Less income allocated to non-controlling interests from continuing operations		(1,128	)		(1,811	)		(4,022	)		(4,459	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		(3,995	)		(2,169	)		(5,905	)		(3,200	)
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		$129,996			$142,166			$336,364			$283,390
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$135,119			$146,146			$346,291			$293,900
Other comprehensive income
Reclassification of prior service cost and net loss on post retirement obligation		13			7			54			30
Unrealized loss and unamortized prior service cost on post retirement obligation		(99	)		(409	)		(99	)		(409	)
Comprehensive income		135,033			145,744			346,246			293,521
Less income allocated to non-controlling interests from continuing operations		(1,128	)		(1,811	)		(4,022	)		(4,459	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		(3,995	)		(2,169	)		(5,905	)		(3,200	)
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		$129,910			$141,764			$336,319			$283,011
PER SHARE DATA
Net income attributable to common shareholders - basic		$1.47			$1.63			$3.82			$3.35
Net income attributable to common shareholders - diluted		1.46			1.60			3.78			3.30
Income from continuing operations attributable to common shareholders - basic		0.46			0.65			1.70			1.81
Income from continuing operations attributable to common shareholders - diluted		0.46			0.64			1.69			1.79
Weighted average number of common and
common equivalent shares outstanding:
Basic		87,459			86,298			87,204			83,772
Diluted		88,686			88,020			88,494			85,556

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

7

CAMDEN	FUNDS FROM OPERATIONS
	(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
FUNDS FROM OPERATIONS	2013			2012			2013			2012
Net income attributable to common shareholders		$129,996			$142,166			$336,364			$283,390
Real estate depreciation from continuing operations		54,520			49,454			209,474			190,238
Real estate depreciation and amortization from discontinued operations		199			2,893			5,255			15,199
Adjustments for unconsolidated joint ventures		1,422			1,741			5,738			7,939
Income allocated to non-controlling interests		5,123			3,971			9,927			6,475
(Gain) on sale of unconsolidated joint venture properties		(3,245	)		(14,543	)		(16,277	)		(17,418	)
(Gain) on acquisition of controlling interests in joint ventures		-			(17,227	)		-			(57,418	)
(Gain) on sale of discontinued operations, net of tax		(91,101	)		(82,527	)		(182,160	)		(115,068	)
Funds from operations - diluted		$96,914			$85,928			$368,321			$313,337
PER SHARE DATA
Funds from operations - diluted		$1.08			$0.97			$4.11			$3.62
Cash distributions		0.63			0.56			2.52			2.24
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		89,772			88,991			89,580			86,619
PROPERTY DATA
Total operating properties (end of period) (a)		170			193			170			193
Total operating apartment homes in operating properties (end of period) (a)		59,899			65,775			59,899			65,775
Total operating apartment homes (weighted average)		53,710			55,163			54,181			54,194
Total operating apartment homes - excluding discontinued operations (weighted average)		52,629			49,891			51,759			48,194

(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.

8

CAMDEN	BALANCE SHEETS
	(In thousands)
(Unaudited)	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2013			2013			2013			2013			2012
ASSETS
Real estate assets, at cost
Land		$969,711			$967,121			$965,257			$949,244			$949,777
Buildings and improvements		5,629,904			5,596,754			5,552,095			5,404,616			5,389,674
		6,599,615			6,563,875			6,517,352			6,353,860			6,339,451
Accumulated depreciation		(1,643,713	)		(1,619,325	)		(1,604,402	)		(1,552,499	)		(1,518,896	)
Net operating real estate assets		4,955,902			4,944,550			4,912,950			4,801,361			4,820,555
Properties under development, including land		472,566			438,968			393,694			339,848			334,463
Investments in joint ventures		42,155			43,338			44,630			45,260			45,092
Properties held for sale		-			58,765			-			14,986			30,517
Total real estate assets		5,470,623			5,485,621			5,351,274			5,201,455			5,230,627
Accounts receivable - affiliates		27,724			27,474			27,274			26,948			33,625
Other assets, net (a)		109,401			112,520			94,847			89,233			88,260
Cash and cash equivalents		17,794			4,707			6,506			59,642			26,669
Restricted cash		6,599			60,889			6,381			5,578			5,991
Total assets		$5,632,141			$5,691,211			$5,486,282			$5,382,856			$5,385,172
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,588,798			$1,721,998			$1,579,733			$1,538,471			$1,538,212
Secured		941,968			943,039			944,090			945,134			972,256
Accounts payable and accrued expenses		113,307			124,336			100,279			102,307			101,896
Accrued real estate taxes		35,648			50,247			36,863			20,683			28,452
Distributions payable		56,787			56,793			56,821			56,559			49,969
Other liabilities (b)		88,272			69,716			63,366			69,679			67,679
Total liabilities		2,824,780			2,966,129			2,781,152			2,732,833			2,758,464
Commitments and contingencies
Non-Qualified deferred compensation share awards		47,180			47,092			-			-			-
Equity
Common shares of beneficial interest		967			967			967			962			962
Additional paid-in capital		3,596,069			3,595,536			3,625,283			3,590,261			3,587,505
Distributions in excess of net income attributable to common shareholders		(494,167	)		(571,935	)		(574,286	)		(590,831	)		(598,951	)
Treasury shares, at cost		(410,227	)		(410,309	)		(410,665	)		(412,643	)		(425,355	)
Accumulated other comprehensive loss (c)		(1,106	)		(1,021	)		(1,035	)		(1,048	)		(1,062	)
Total common equity		2,691,536			2,613,238			2,640,264			2,586,701			2,563,099
Non-controlling interests		68,645			64,752			64,866			63,322			63,609
Total equity		2,760,181			2,677,990			2,705,130			2,650,023			2,626,708
Total liabilities and equity		$5,632,141			$5,691,211			$5,486,282			$5,382,856			$5,385,172
(a) Includes:
net deferred charges of:		$14,497			$13,243			$14,008			$14,861			$15,635
(b) Includes:
deferred revenues of:		$1,886			$1,979			$1,336			$2,158			$2,521
distributions in excess of investments in joint ventures of:		$-			$-			$-			$9,718			$9,509
fair value adjustment of derivative instruments:		$-			$-			$-			($2	)		($1	)
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligations.

9

CAMDEN										PORTFOLIO STATISTICS
(Unaudited)
COMMUNITY PORTFOLIO AT DECEMBER 31, 2013 (in apartment homes)
	Fully Consolidated											Non-Consolidated
	"Same Property"			Non-"Same Property"			Under Construction			Total		Operating			Under Construction			Total			Grand Total
D.C. Metro (a)		4,947			860			320			6,127		276			-			276			6,403
Houston, TX		3,353			2,559			-			5,912		2,840			-			2,840			8,752
Tampa, FL		4,118			540			-			4,658		450			-			450			5,108
Dallas, TX		3,378			1,039			423			4,840		1,250			-			1,250			6,090
Las Vegas, NV		3,969			949			-			4,918		-			-			-			4,918
Los Angeles/Orange County, CA		2,060			421			590			3,071		-			-			-			3,071
SE Florida		2,520			-			261			2,781		-			-			-			2,781
Orlando, FL		2,818			858			-			3,676		-			300			300			3,976
Charlotte, NC		2,894			-			323			3,217		-			266			266			3,483
Atlanta, GA		2,894			815			379			4,088		234			-			234			4,322
Denver, CO		1,351			590			424			2,365		-			-			-			2,365
Raleigh, NC		2,266			438			-			2,704		350			-			350			3,054
Phoenix, AZ		1,084			1,011			454			2,549		-			-			-			2,549
San Diego/Inland Empire, CA		1,196			469			-			1,665		-			-			-			1,665
Austin, TX		1,670			-			614			2,284		1,360			-			1,360			3,644
Other		632			930			75			1,637		510			-			510			2,147
Total Portfolio		41,150			11,479			3,863			56,492		7,270			566			7,836			64,328
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
FOURTH QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION												WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d)
	"Same Property"			Operating			Incl. JVs at					Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
	Communities			Communities (b)			Pro Rata % (c)					2013			2013				2013			2013			2012
D.C. Metro		17.9	%		16.5	%		16.2	%				95.2	%		95.5	%		95.5	%		95.5	%		95.7	%
Houston, TX		8.9	%		12.0	%		12.6	%				96.4	%		96.1	%		96.5	%		96.0	%		95.4	%
Dallas, TX		6.5	%		6.7	%		7.0	%				95.7	%		95.4	%		95.4	%		94.9	%		94.6	%
Tampa, FL		7.3	%		6.7	%		6.7	%				95.6	%		95.1	%		95.5	%		95.0	%		94.7	%
SE Florida		8.4	%		6.6	%		6.5	%				96.3	%		95.5	%		95.1	%		94.9	%		95.3	%
Los Angeles/Orange County, CA		7.2	%		6.5	%		6.4	%				95.7	%		95.5	%		95.6	%		95.7	%		96.2	%
Las Vegas, NV		6.2	%		6.3	%		6.1	%				95.3	%		95.1	%		94.2	%		92.4	%		92.4	%
Atlanta, GA		6.1	%		5.9	%		5.9	%				95.6	%		95.2	%		95.3	%		95.2	%		95.5	%
Orlando, FL		5.4	%		5.8	%		5.7	%				95.6	%		95.6	%		95.8	%		95.3	%		95.3	%
Charlotte, NC		6.9	%		5.5	%		5.4	%				96.5	%		96.6	%		96.4	%		96.1	%		95.6	%
Raleigh, NC		4.6	%		4.2	%		4.2	%				96.0	%		96.2	%		95.0	%		94.7	%		94.6	%
Denver, CO		3.7	%		4.2	%		4.1	%				94.5	%		95.4	%		94.7	%		94.8	%		95.2	%
Phoenix, AZ		2.8	%		4.0	%		3.8	%				95.5	%		92.6	%		92.3	%		93.0	%		92.5	%
San Diego/Inland Empire, CA		3.7	%		3.8	%		3.7	%				95.8	%		94.2	%		94.3	%		93.2	%		93.3	%
Austin, TX		3.0	%		2.4	%		2.7	%				96.2	%		95.8	%		94.7	%		95.0	%		95.0	%
Other		1.4	%		2.9	%		3.0	%				95.1	%		95.9	%		96.7	%		95.3	%		94.4	%
Total Portfolio		100.0	%		100.0	%		100.0	%				95.7	%		95.4	%		95.3	%		94.8	%		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 December 31,									Twelve Months Ended December 31,
Property Revenues	Homes		2013			2012			Change			2013			2012			Change
"Same Property" Communities (a)		41,150		$158,661			$151,377			$7,284			$624,429			$594,255			$30,174
Non-"Same Property" Communities (b)		11,479		44,277			31,115			13,162			158,359			97,950			60,409
Development and Lease-Up Communities (c)		3,863		-			-			-			-			-			-
Other (d)		-		1,379			1,306			73			6,063			6,113			(50	)
Total Property Revenues		56,492		$204,317			$183,798			$20,519			$788,851			$698,318			$90,533
Property Expenses
"Same Property" Communities (a)		41,150		$55,197			$54,181			$1,016			$224,189			$217,391			$6,798
Non-"Same Property" Communities (b)		11,479		16,123			10,627			5,496			58,376			35,861			22,515
Development and Lease-Up Communities (c)		3,863		15			17			(2	)		15			17			(2	)
Other (d)		-		544			715			(171	)		3,111			3,161			(50	)
Total Property Expenses		56,492		$71,879			$65,540			$6,339			$285,691			$256,430			$29,261
Property Net Operating Income
"Same Property" Communities (a)		41,150		$103,464			$97,196			$6,268			$400,240			$376,864			$23,376
Non-"Same Property" Communities (b)		11,479		28,154			20,488			7,666			99,983			62,089			37,894
Development and Lease-Up Communities (c)		3,863		(15	)		(17	)		2			(15	)		(17	)		2
Other (d)		-		835			591			244			2,952			2,952			-
Total Property Net Operating Income		56,492		$132,438			$118,258			$14,180			$503,160			$441,888			$61,272
Income from Discontinued Operations (e)				Three Months Ended December 31,									Twelve Months Ended December 31,
				2013			2012						2013			2012
Property revenues				$2,832			$13,505						$24,322			$60,198
Property expenses				(1,343	)		(6,086	)					(10,552	)		(27,557	)
Property net operating income				$1,489			$7,419						$13,770			$32,641
Interest				-			-						-			(36	)
Depreciation and amortization				(199	)		(2,893	)					(5,255	)		(15,199	)
Gain on sale of discontinued operations, net of tax				91,101			82,527						182,160			115,068
Income, including gain on sale, allocated to non-controlling interests				(3,995	)		(2,169	)					(5,905	)		(3,200	)
Income attributable to common shareholders				$88,396			$84,884						$184,770			$129,274
Notes:
(a)  "Same Property" Communities are communities which were owned by the Company and stabilized since 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 disposed of during 2012 and 2013, of which Camden has no continuing involvement.

11

				"SAME PROPERTY"
CAMDEN				FOURTH QUARTER COMPARISONS
				DECEMBER 31, 2013
				(In thousands, except property data amounts)
(Unaudited)
	Revenues						Expenses								NOI
Quarterly Results (a)		4Q13	4Q12	Growth				4Q13		4Q12		Growth				4Q13	4Q12	Growth
D.C. Metro		$26,306	$26,094		0.8	%		$7,792		$7,684			1.4	%		$18,514	$18,410		0.6	%
Houston, TX		14,531	13,426		8.2	%		5,320		4,646			14.5	%		9,211	8,780		4.9	%
Dallas, TX		10,990	10,352		6.2	%		4,312		4,194			2.8	%		6,678	6,158		8.4	%
Tampa, FL		12,458	11,960		4.2	%		4,908		4,928			(0.4	%)		7,550	7,032		7.4	%
SE Florida		13,323	12,625		5.5	%		4,643		4,606			0.8	%		8,680	8,019		8.2	%
Los Angeles/Orange County, CA		11,149	10,791		3.3	%		3,733		3,688			1.2	%		7,416	7,103		4.4	%
Las Vegas, NV		10,265	9,985		2.8	%		3,809		3,792			0.4	%		6,456	6,193		4.2	%
Atlanta, GA		9,872	9,221		7.1	%		3,598		3,703			(2.8	%)		6,274	5,518		13.7	%
Orlando, FL		9,064	8,651		4.8	%		3,430		3,201			7.2	%		5,634	5,450		3.4	%
Charlotte, NC		10,604	9,922		6.9	%		3,483		3,285			6.0	%		7,121	6,637		7.3	%
Raleigh, NC		7,053	6,643		6.2	%		2,296		2,174			5.6	%		4,757	4,469		6.4	%
Denver, CO		5,351	5,071		5.5	%		1,537		1,478			4.0	%		3,814	3,593		6.2	%
Phoenix, AZ		3,635	3,445		5.5	%		715		1,260			(43.3	%)		2,920	2,185		33.6	%
San Diego/Inland Empire, CA		6,196	5,834		6.2	%		2,328		2,286			1.8	%		3,868	3,548		9.0	%
Austin, TX		5,732	5,417		5.8	%		2,584		2,492			3.7	%		3,148	2,925		7.6	%
Corpus Christi, TX		2,132	1,940		9.9	%		709		764			(7.2	%)		1,423	1,176		21.0	%
Total Same Property		$158,661	$151,377		4.8	%		$55,197		$54,181			1.9	%		$103,464	$97,196		6.4	%
	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				4Q13		4Q12		Change				4Q13	4Q12	Change
D.C. Metro		4,947			17.9	%		95.3	%	95.7	%		(0.4	%)		$1,650	$1,637		0.8	%
Houston, TX		3,353			8.9	%		96.5	%	96.2	%		0.3	%		1,338	1,245		7.5	%
Dallas, TX		3,378			6.5	%		95.9	%	95.0	%		0.9	%		982	926		6.0	%
Tampa, FL		4,118			7.3	%		95.6	%	94.6	%		1.0	%		882	848		4.0	%
SE Florida		2,520			8.4	%		96.4	%	95.3	%		1.1	%		1,639	1,572		4.3	%
Los Angeles/Orange County, CA		2,060			7.2	%		95.8	%	96.4	%		(0.6	%)		1,723	1,653		4.3	%
Las Vegas, NV		3,969			6.2	%		95.3	%	93.4	%		1.9	%		764	756		1.0	%
Atlanta, GA		2,894			6.1	%		95.8	%	95.6	%		0.2	%		1,020	950		7.4	%
Orlando, FL		2,818			5.4	%		96.2	%	95.3	%		0.9	%		963	924		4.2	%
Charlotte, NC		2,894			6.9	%		96.6	%	95.8	%		0.8	%		1,113	1,051		5.9	%
Raleigh, NC		2,266			4.6	%		95.9	%	94.9	%		1.0	%		922	882		4.4	%
Denver, CO		1,351			3.7	%		94.2	%	94.8	%		(0.6	%)		1,227	1,142		7.4	%
Phoenix, AZ		1,084			2.8	%		96.0	%	92.9	%		3.1	%		986	966		2.0	%
San Diego/Inland Empire, CA		1,196			3.7	%		95.7	%	93.0	%		2.7	%		1,613	1,560		3.4	%
Austin, TX		1,670			3.0	%		95.8	%	94.5	%		1.3	%		1,022	967		5.6	%
Corpus Christi, TX		632			1.4	%		95.6	%	94.8	%		0.8	%		976	888		9.9	%
Total Same Property		41,150			100.0	%		95.8	%	95.1	%		0.7	%		$1,173	$1,125		4.3	%
(a) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale.
(b) Weighted average rental rates are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before
vacancy and bad debt.

12

							"SAME PROPERTY"
CAMDEN							SEQUENTIAL QUARTER COMPARISONS
							DECEMBER 31, 2013
							(In thousands, except property data amounts)
(Unaudited)
	Revenues						Expenses								NOI
Quarterly Results (a)		4Q13	3Q13	Growth				4Q13		3Q13		Growth				4Q13	3Q13	Growth
D.C. Metro		$26,306	$26,456		(0.6	%)		$7,792		$7,936			(1.8	%)		$18,514	$18,520		0.0	%
Houston, TX		14,531	14,375		1.1	%		5,320		5,034			5.7	%		9,211	9,341		(1.4	%)
Dallas, TX		10,990	10,854		1.3	%		4,312		4,525			(4.7	%)		6,678	6,329		5.5	%
Tampa, FL		12,458	12,410		0.4	%		4,908		5,099			(3.7	%)		7,550	7,311		3.3	%
SE Florida		13,323	13,158		1.3	%		4,643		4,789			(3.0	%)		8,680	8,369		3.7	%
Los Angeles/Orange County, CA		11,149	11,210		(0.5	%)		3,733		3,708			0.7	%		7,416	7,502		(1.1	%)
Las Vegas, NV		10,265	10,314		(0.5	%)		3,809		3,979			(4.3	%)		6,456	6,335		1.9	%
Atlanta, GA		9,872	9,726		1.5	%		3,598		3,681			(2.3	%)		6,274	6,045		3.8	%
Orlando, FL		9,064	9,030		0.4	%		3,430		3,540			(3.1	%)		5,634	5,490		2.6	%
Charlotte, NC		10,604	10,533		0.7	%		3,483		3,519			(1.0	%)		7,121	7,014		1.5	%
Raleigh, NC		7,053	6,993		0.9	%		2,296		2,350			(2.3	%)		4,757	4,643		2.5	%
Denver, CO		5,351	5,354		(0.1	%)		1,537		1,604			(4.2	%)		3,814	3,750		1.7	%
Phoenix, AZ		3,635	3,586		1.4	%		715		1,371			(47.8	%)		2,920	2,215		31.8	%
San Diego/Inland Empire, CA		6,196	6,089		1.8	%		2,328		2,319			0.4	%		3,868	3,770		2.6	%
Austin, TX		5,732	5,647		1.5	%		2,584		2,596			(0.5	%)		3,148	3,051		3.2	%
Corpus Christi, TX		2,132	2,109		1.1	%		709		791			(10.4	%)		1,423	1,318		8.0	%
Total Same Property		$158,661	$157,844		0.5	%		$55,197		$56,841			(2.9	%)		$103,464	$101,003		2.4	%
	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				4Q13		3Q13		Change				4Q13	3Q13	Change
D.C. Metro		4,947			17.9	%		95.3	%	95.6	%		(0.3	%)		$1,650	$1,655		(0.3	%)
Houston, TX		3,353			8.9	%		96.5	%	95.6	%		0.9	%		1,338	1,323		1.2	%
Dallas, TX		3,378			6.5	%		95.9	%	95.0	%		0.9	%		982	970		1.2	%
Tampa, FL		4,118			7.3	%		95.6	%	95.0	%		0.6	%		882	877		0.6	%
SE Florida		2,520			8.4	%		96.4	%	95.4	%		1.0	%		1,639	1,630		0.6	%
Los Angeles/Orange County, CA		2,060			7.2	%		95.8	%	95.7	%		0.1	%		1,723	1,713		0.6	%
Las Vegas, NV		3,969			6.2	%		95.3	%	95.0	%		0.3	%		764	761		0.3	%
Atlanta, GA		2,894			6.1	%		95.8	%	94.9	%		0.9	%		1,020	1,005		1.5	%
Orlando, FL		2,818			5.4	%		96.2	%	96.1	%		0.1	%		963	952		1.1	%
Charlotte, NC		2,894			6.9	%		96.6	%	96.8	%		(0.2	%)		1,113	1,108		0.5	%
Raleigh, NC		2,266			4.6	%		95.9	%	95.8	%		0.1	%		922	915		0.7	%
Denver, CO		1,351			3.7	%		94.2	%	94.7	%		(0.5	%)		1,227	1,217		0.8	%
Phoenix, AZ		1,084			2.8	%		96.0	%	92.5	%		3.5	%		986	987		(0.2	%)
San Diego/Inland Empire, CA		1,196			3.7	%		95.7	%	95.0	%		0.7	%		1,613	1,601		0.8	%
Austin, TX		1,670			3.0	%		95.8	%	95.2	%		0.6	%		1,022	1,010		1.2	%
Corpus Christi, TX		632			1.4	%		95.6	%	96.2	%		(0.6	%)		976	957		2.0	%
Total Same Property		41,150			100.0	%		95.8	%	95.4	%		0.4	%		$1,173	$1,166		0.6	%
(a) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale.
(b) Weighted average rental rates are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before
vacancy and bad debt.

13

					"SAME PROPERTY"
CAMDEN					YEAR TO DATE COMPARISONS
					DECEMBER 31, 2013
					(In thousands, except property data amounts)
(Unaudited)
	Revenues							Expenses									NOI
Year to Date Results (a)	2013		2012		Growth			2013			2012			Growth			2013		2012		Growth
D.C. Metro		$105,032		$102,762		2.2	%		$31,280			$30,375			3.0	%		$73,752		$72,387		1.9	%
Houston, TX		56,909		51,956		9.5	%		21,011			19,237			9.2	%		35,898		32,719		9.7	%
Dallas, TX		42,951		40,512		6.0	%		17,973			17,090			5.2	%		24,978		23,422		6.6	%
Tampa, FL		49,149		47,203		4.1	%		20,167			19,886			1.4	%		28,982		27,317		6.1	%
SE Florida		52,311		49,444		5.8	%		18,642			17,734			5.1	%		33,669		31,710		6.2	%
Los Angeles/Orange County, CA		44,130		42,298		4.3	%		14,659			13,892			5.5	%		29,471		28,406		3.7	%
Las Vegas, NV		40,550		39,949		1.5	%		15,314			15,120			1.3	%		25,236		24,829		1.6	%
Atlanta, GA		38,336		35,807		7.1	%		14,547			14,805			(1.7	%)		23,789		21,002		13.3	%
Orlando, FL		35,700		34,204		4.4	%		13,864			13,495			2.7	%		21,836		20,709		5.4	%
Charlotte, NC		41,534		38,362		8.3	%		13,855			13,459			2.9	%		27,679		24,903		11.1	%
Raleigh, NC		27,639		26,146		5.7	%		9,248			9,049			2.2	%		18,391		17,097		7.6	%
Denver, CO		21,060		19,814		6.3	%		6,243			6,140			1.7	%		14,817		13,674		8.4	%
Phoenix, AZ		14,384		13,732		4.7	%		4,685			5,053			(7.3	%)		9,699		8,679		11.8	%
San Diego/Inland Empire, CA		24,095		23,258		3.6	%		9,386			9,151			2.6	%		14,709		14,107		4.3	%
Austin, TX		22,364		21,189		5.5	%		10,299			9,939			3.6	%		12,065		11,250		7.2	%
Corpus Christi, TX		8,285		7,619		8.7	%		3,016			2,966			1.7	%		5,269		4,653		13.2	%
Total Same Property		$624,429		$594,255		5.1	%		$224,189			$217,391			3.1	%		$400,240		$376,864		6.2	%
	Apartment
	Homes				% of NOI			Average Occupancy (a)									Weighted Average Rental Rate (b)
Year to Date Results (a)	Included				Contribution (a)				2013			2012		Change				2013		2012	Change
D.C. Metro		4,947				18.4	%		95.5	%		95.5	%		0.0	%		$1,647		$1,614		2.0	%
Houston, TX		3,353				9.0	%		96.3	%		96.7	%		(0.4	%)		1,305		1,189		9.7	%
Dallas, TX		3,378				6.2	%		95.4	%		95.4	%		0.0	%		960		898		6.8	%
Tampa, FL		4,118				7.3	%		95.3	%		94.9	%		0.4	%		870		837		3.9	%
SE Florida		2,520				8.4	%		95.4	%		95.3	%		0.1	%		1,620		1,534		5.6	%
Los Angeles/Orange County, CA		2,060				7.4	%		95.7	%		95.7	%		0.0	%		1,697		1,627		4.3	%
Las Vegas, NV		3,969				6.3	%		94.6	%		93.7	%		0.9	%		758		758		0.1	%
Atlanta, GA		2,894				5.9	%		95.3	%		95.3	%		0.0	%		989		924		7.1	%
Orlando, FL		2,818				5.5	%		95.9	%		95.4	%		0.5	%		947		912		3.8	%
Charlotte, NC		2,894				6.9	%		96.5	%		96.2	%		0.3	%		1,091		1,007		8.3	%
Raleigh, NC		2,266				4.6	%		95.3	%		95.4	%		(0.1	%)		905		859		5.3	%
Denver, CO		1,351				3.7	%		94.7	%		95.2	%		(0.5	%)		1,195		1,105		8.2	%
Phoenix, AZ		1,084				2.4	%		93.6	%		93.7	%		(0.1	%)		987		938		5.3	%
San Diego/Inland Empire, CA		1,196				3.7	%		94.7	%		93.8	%		0.9	%		1,587		1,543		2.8	%
Austin, TX		1,670				3.0	%		95.0	%		95.3	%		(0.3	%)		1,000		938		6.6	%
Corpus Christi, TX		632				1.3	%		95.9	%		95.6	%		0.3	%		940		860		9.3	%
Total Same Property		41,150				100.0	%		95.4	%		95.3	%		0.1	%		$1,155		$1,099		5.1	%
(a) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties held for sale.
(b) Weighted average rental rates are the Company's rental rates for leases in place and vacant units at market after "loss to lease" and concessions, but before
vacancy and bad debt.

14

			"SAME PROPERTY" OPERATING EXPENSE
CAMDEN			DETAIL AND COMPARISONS
			DECEMBER 31, 2013
			(In thousands)
(Unaudited)									% of Actual
									4Q13 Operating
Quarterly Comparison (a)	4Q13	4Q12	$ Change			% Change			Expenses
Property taxes	$16,086	$14,951		$1,135			7.6	%		29.1	%
Salaries and Benefits for On-site Employees	$13,006	$13,992		(986	)		(7.0	%)		23.6	%
Utilities	$12,039	$11,791		248			2.1	%		21.8	%
Repairs and Maintenance	$7,591	$7,699		(108	)		(1.4	%)		13.8	%
Property Insurance	$3,109	$2,343		766			32.7	%		5.6	%
Other	$3,366	$3,405		(39	)		(1.1	%)		6.1	%
Total Same Property	$55,197	$54,181		$1,016			1.9	%		100.0	%
									% of Actual
									4Q13 Operating
Sequential Comparison (a)	4Q13	3Q13	$ Change			% Change			Expenses
Property taxes	$16,086	$16,511		($425	)		(2.6	%)		29.1	%
Salaries and Benefits for On-site Employees	13,006	$13,402		(396	)		(3.0	%)		23.6	%
Utilities	12,039	$12,701		(662	)		(5.2	%)		21.8	%
Repairs and Maintenance	7,591	$8,150		(559	)		(6.9	%)		13.8	%
Property Insurance	3,109	$2,669		440			16.5	%		5.6	%
Other	3,366	$3,408		(42	)		(1.2	%)		6.1	%
Total Same Property	$55,197	$56,841		($1,644	)		(2.9	%)		100.0	%
									% of Actual
									2013 Operating
Year to Date Comparison (a)	2013	2012	$ Change			% Change			Expenses
Property taxes	$66,384	$59,852		$6,532			10.9	%		29.6	%
Salaries and Benefits for On-site Employees	$52,082	52,760		(678	)		(1.3	%)		23.2	%
Utilities	$48,394	48,575		(181	)		(0.4	%)		21.6	%
Repairs and Maintenance	$31,053	32,355		(1,302	)		(4.0	%)		13.9	%
Property Insurance	$12,769	10,274		2,495			24.3	%		5.7	%
Other	$13,507	13,575		(68	)		(0.5	%)		6.0	%
Total Same Property	$224,189	$217,391		$6,798			3.1	%		100.0	%
(a) "Same Property" Communities are communities which were owned by the Company and stabilized since January 1, 2012, excluding properties
held for sale.

15

CAMDEN	JOINT VENTURE OPERATIONS
	(In thousands, except property data amounts)
Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
	Three Months Ended									Twelve Months Ended
	December 31,									December 31,
OPERATING DATA (a)	2013			2012						2013			2012
Property Revenues
Rental revenues		$4,956			$6,485						$20,834			$27,473
Other property revenues		736			963						3,009			4,120
Total property revenues		5,692			7,448						23,843			31,593
Property Expenses
Property operating and maintenance		1,429			2,202						6,493			9,399
Real estate taxes		845			881						3,522			3,889
Total property expenses		2,274			3,083						10,015			13,288
Net Operating Income (NOI)		3,418			4,365						13,828			18,305
Other expenses
Interest		1,019			1,533						4,379			7,126
Depreciation and amortization		1,435			1,760						5,754			8,049
Other		102			126						227			373
Total other expenses		2,556			3,419						10,360			15,548
Promoted equity interests		100			-						5,120			-
Gain on sale of properties, net		3,245			14,543						16,277			17,418
Equity in income of joint ventures		$4,207			$15,489						$24,865			$20,175
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
		2013			2013			2013			2013			2012
BALANCE SHEET DATA (b)
Land		$110,496			$113,473			$110,549			$126,010			$125,707
Buildings and improvements		695,290			722,921			705,450			828,505			823,820
		805,786			836,394			815,999			954,515			949,527
Accumulated depreciation		(61,493	)		(58,588	)		(51,587	)		(143,212	)		(135,146	)
Real estate assets, net		744,293			777,806			764,412			811,303			814,381
Properties under development and land		25,999			35,562			42,778			91,821			83,573
Cash and other assets, net		19,882			13,226			21,077			14,646			19,830
Total assets		$790,174			$826,594			$828,267			$917,770			$917,784
Notes payable		$530,701			$563,191			$555,406			$724,775			$712,707
Other liabilities		29,856			28,498			29,848			27,461			39,911
Total liabilities		560,557			591,689			585,254			752,236			752,618
Members' equity		229,617			234,905			243,013			165,534			165,166
Total liabilities and members' equity		$790,174			$826,594			$828,267			$917,770			$917,784
Camden's equity investment		$42,155			$43,338			$44,630			$45,260			$45,092
Distributions in excess of investment in joint ventures		$-			$-			$-			($9,718	)		($9,509	)
Camden's pro-rata share of debt		$106,140			$112,638			$111,081			$144,955			$142,541
PROPERTY DATA(end of period)
Total operating properties		22			24			23			37			37
Total operating apartment homes		7,270			7,870			7,594			10,692			10,692
Pro rata share of operating apartment homes		1,454			1,574			1,519			2,138			2,138
Total development properties		2			2			3			2			2
Total development apartment homes		566			566			842			576			576
Pro rata share of development apartment homes		113			113			168			115			115
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) Balance sheet and property data reported at 100%.

16

CAMDEN

CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF DECEMBER 31, 2013 ($ in millions)

Estimated/Actual Dates for

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 01/26/2014

Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

1.

Camden NOMA

320

$110.0

$98.6

$66.9

4Q11

4Q13

2Q14

2Q15

10%

8%

Washington, DC

2.

Camden Lamar Heights

314

47.0

27.5

27.5

2Q12

1Q14

2Q14

3Q15

Austin, TX

3.

Camden Flatirons

424

78.0

46.2

46.2

3Q12

2Q14

4Q14

4Q16

Denver, CO

4.

Camden Glendale

303

115.0

52.3

52.3

4Q12

1Q15

3Q15

1Q16

Glendale, CA

5.

Camden Boca Raton

261

54.0

26.0

26.0

4Q12

3Q14

4Q14

1Q16

Boca Raton, FL

6.

Camden Paces

379

110.0

46.7

46.7

4Q12

3Q14

2Q15

2Q17

Atlanta, GA

7.

Camden La Frontera

300

36.0

9.3

9.3

2Q13

2Q14

1Q15

4Q15

Round Rock, TX

8.

Camden Foothills

220

50.0

17.5

17.5

3Q13

4Q14

2Q15

3Q15

Scottsdale, AZ

9.

Camden Hayden

234

48.0

13.2

13.2

3Q13

4Q14

2Q15

3Q15

Tempe, AZ

10.

Camden Gallery

323

58.0

14.0

14.0

3Q13

1Q15

4Q15

2Q16

Charlotte, NC

11.

The Camden (a)

287

145.0

30.7

30.7

4Q13

2Q16

4Q16

2Q17

Los Angeles, CA

12.

Camden Victory Park

423

82.0

17.7

17.7

4Q13

3Q15

1Q16

1Q18

Dallas, TX

13.

Camden Miramar Phase IXB

75

8.0

0.1

0.1

4Q13

3Q14

3Q14

3Q14

Corpus Christi, TX

Total Development Communities

3,863

$941.0

$399.8

$368.1

Additional Development Pipeline & Land (b)

104.5

Total Properties Under Development and Land (per Balance Sheet)

$472.6

Estimated/Actual Dates for

Total

Total

Total

Construction

Initial

Construction

Stabilized

As of 01/26/2014

Joint Venture Completed Communities in Lease-Up

Homes

Budget

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden South Capitol

276

$88.0

$77.4

2Q11

2Q13

3Q13

3Q14

64%

61%

Washington, DC

Total Joint Venture Completed Communities in Lease-Up

276

$88.0

$77.4

64%

61%

Estimated/Actual Dates for

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 01/26/2014

Joint Venture Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

1.

Camden Waterford Lakes

300

$40.0

$34.7

$11.1

4Q12

4Q13

3Q14

4Q15

41%

37%

Orlando, FL

2.

Camden Southline

266

48.0

12.9

12.9

2Q13

1Q15

3Q15

4Q15

Charlotte, NC

Total Joint Venture Development Communities

566

$88.0

$47.6

$24.0

(a) Formerly known as Camden Hollywood.

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

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

17

CAMDEN		DEVELOPMENT PIPELINE & LAND
(Unaudited)
AS OF DECEMBER 31, 2013 ($ in millions)
		Projected		Total
PIPELINE COMMUNITIES (a)		Homes		Estimated Cost (b)		Cost to Date
1.	Camden Chandler		380		$75.0		$6.5
	Chandler, AZ
2.	Camden Atlantic		286		62.0		11.1
	Plantation, FL
3.	Camden Lincoln Station		275		48.0		5.8
	Denver, CO
4.	Camden McGowen Station		251		40.0		8.0
	Houston, TX
5.	Camden Buckhead		390		70.0		18.9
	Atlanta, GA
Development Pipeline			1,582		$295.0		$50.3
LAND HOLDINGS		Acreage				Cost to Date
	Washington, DC		0.9				$19.8
	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				9.8
Land Holdings			47.0				$54.2
Total Development Pipeline and Land							$104.5

(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 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 exactly as forecasted and estimates routinely
	require adjustment.

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

18

CAMDEN		ACQUISITIONS & DISPOSITIONS
(Unaudited)
2013 ACQUISITION/DISPOSITION ACTIVITY ($ in millions)
Acquisitions		Location	Apartment Homes	Year Built	Closing Date
1.	Camden Post Oak	Houston, TX	356	2003	04/10/13
2.	Camden Sotelo	Tempe, AZ	170	2008/2012	09/11/13
3.	Camden Vantage	Atlanta, GA	592	2010	09/18/13
Total/Average Acquisitions		$225.0	1,118 Apartment Homes	2008
Dispositions		Location	Apartment Homes	Year Built	Closing Date
1.	Camden Live Oaks	Tampa, FL	770	1990	01/17/13
2.	Camden Reserve	Orlando, FL	526	1990/1991	04/10/13
3.	Camden Centennial	Littleton, CO	276	1985	09/30/13
4.	Camden Pinnacle	Westminster, CO	224	1985	09/30/13
5.	Camden Gardens	Dallas, TX	256	1983	10/23/13
6.	Camden Springs	Dallas, TX	304	1987	10/30/13
7.	Camden Fountain Palms	Peoria, AZ	192	1986/1996	11/21/13
8.	Camden Sierra	Peoria, AZ	288	1997	11/21/13
9.	Camden Towne Center	Glendale, AZ	240	1998	11/21/13
10.	Camden Bay Pointe	Tampa, FL	368	1984	11/26/13
11.	Camden Citrus Park	Tampa, FL	247	1985	11/26/13
12.	Camden Habersham	Charlotte, NC	240	1986	11/26/13
Total/Average Dispositions		$329.3	3,931 Apartment Homes	1988
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
Joint Venture Dispositions		Location	Apartment Homes	Year Built	Closing Date
1.	Oasis Bay	Las Vegas, NV	128	1990	05/23/13
2.	Oasis Crossings	Las Vegas, NV	72	1996	05/23/13
3.	Oasis Emerald	Las Vegas, NV	132	1988	05/23/13
4.	Oasis Gateway	Las Vegas, NV	360	1997	05/23/13
5.	Oasis Island	Las Vegas, NV	118	1990	05/23/13
6.	Oasis Landing	Las Vegas, NV	144	1990	05/23/13
7.	Oasis Meadows	Las Vegas, NV	383	1996	05/23/13
8.	Oasis Palms	Las Vegas, NV	208	1989	05/23/13
9.	Oasis Pearl	Las Vegas, NV	90	1989	05/23/13
10.	Oasis Place	Las Vegas, NV	240	1992	05/23/13
11.	Oasis Ridge	Las Vegas, NV	477	1984	05/23/13
12.	Oasis Sierra	Las Vegas, NV	208	1998	05/23/13
13.	Oasis Springs	Las Vegas, NV	304	1988	05/23/13
14.	Oasis Vinings	Las Vegas, NV	234	1994	05/23/13
15.	Camden Westover Hills	San Antonio, TX	288	2010	12/18/13
16.	Camden Lakemont	Richmond, TX	312	2007	12/20/13
Total/Average Joint Venture Dispositions		$268.9	3,698 Apartment Homes	1994
Pro Rata Joint Venture Dispositions		$53.8

19

CAMDEN	DEBT ANALYSIS
	(In thousands, except property data amounts)
(Unaudited)
DEBT MATURITIES AS OF DECEMBER 31, 2013:
	Future Scheduled Repayments														Weighted Average
			Secured			Unsecured									Interest Rate on
Year (a)	Amortization		Maturities			Maturities			Total			% of Total			Maturing Debt
2014		$3,106		$32,247			$-			$35,353			1.4	%		3.2	%
2015		1,979		-			250,000			251,979			10.0	%		5.1	%
2016		2,201		-			-			2,201			0.1	%		N/A
2017		2,419		-			246,750			249,169			9.8	%		5.7	%
2018		2,620		175,000			-			177,620			7.0	%		0.9	%
Thereafter		70,337		644,107			1,100,000			1,814,444			71.7	%		4.5	%
Total Maturing Debt		$82,662		$851,354			$1,596,750			$2,530,766			100.0	%		4.4	%
Unsecured Line of Credit		-		-			-			-			0.0	%		N/A
Other Short Term Borrowings		-		-			-			-			0.0	%		N/A
Total Debt		$82,662		$851,354			$1,596,750			$2,530,766			100.0	%		4.4	%
Weighted Average Maturity of Debt			6.9 Years
						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt		$211,284		8.3	%		1.0	%	6.4 Years
Fixed rate debt		2,319,482		91.7	%		4.7	%	7.0 Years
Total		$2,530,766		100.0	%		4.4	%	6.9 Years
						Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Unsecured debt		$1,588,798		62.8	%		4.5	%	6.9 Years
Secured debt		941,968		37.2	%		4.2	%	6.9 Years
Total		$2,530,766		100.0	%		4.4	%	6.9 Years
						Weighted Average
SECURED DEBT DETAIL:	Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt		$730,684		77.6	%		5.1	%	7.1 Years
Conventional variable-rate mortgage debt		175,000		18.5	%		0.9	%	4.8 Years
Tax exempt variable rate debt		36,284		3.9	%		1.3	%	14.5 Years
Total		$941,968		100.0	%		4.2	%	6.9 Years
REAL ESTATE ASSETS: (b)	Total Homes		% of Total			Total Cost			% of Total			4Q13 NOI			% of Total
Unencumbered real estate assets		43,504		77.0	%		$5,489,641			77.6	%		$100,323			74.9	%
Encumbered real estate assets		12,988		23.0	%		1,582,540			22.4	%		33,604			25.1	%
Total		56,492		100.0	%		$7,072,181			100.0	%		$133,927			100.0	%
				Ratio of unencumbered assets at cost to unsecured debt is 3.5 times

(a) Includes all available extension options.

(b) Real estate assets include communities under development and exclude communities held through unconsolidated joint ventures.

20

CAMDEN	DEBT MATURITY ANALYSIS
	(In thousands)
(Unaudited)
ADDITIONAL DETAIL OF DEBT MATURITIES FOR 2014 AND 2015:
	Future Scheduled Repayments								Weighted Average
			Secured		Unsecured				Interest Rate on
Quarter (a)	Amortization		Maturities		Maturities		Total		Maturing Debt
1Q 2014		$844		$-		$-		$844		N/A
2Q 2014		839		-		-		839		N/A
3Q 2014		842		32,247		-		33,089		3.2	%
4Q 2014		581		-		-		581		N/A
2014		$3,106		$32,247		$-		$35,353		3.2	%
1Q 2015		$460		$-		$-		$460		N/A
2Q 2015		470		-		250,000		250,470		5.1	%
3Q 2015		519		-		-		519		N/A
4Q 2015		530		-		-		530		N/A
2015		$1,979		$-		$250,000		$251,979		5.1	%
(a) Includes all available extension options.

21

CAMDEN	DEBT COVENANT ANALYSIS
(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	≤	60%	30%	Yes
Secured Debt to Gross Asset Value	≤	35%	11%	Yes
Consolidated EBITDA to Total Fixed Charges	≥	150%	378%	Yes
Unencumbered Adjusted NOI to Total Unsecured Debt	>	10.5%	23%	Yes
SENIOR UNSECURED NOTES
Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	≤	60%	35%	Yes
Total Secured Debt to Total Asset Value	≤	40%	13%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt	≥	150%	353%	Yes
Consolidated Income Available for Debt Service to Total	>	150%	414%	Yes
Annual Service Charges
(a) For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions
of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.
(b) Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

22

CAMDEN	UNCONSOLIDATED REAL ESTATE INVESTMENTS
	DEBT ANALYSIS
	(In thousands, except property data amounts)
(Unaudited)
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF DECEMBER 31, 2013:
	Future Scheduled Repayments										Weighted Average
			Secured								Interest Rate on
Year (a)	Amortization		Maturities		Total			% of Total			Maturing Debt
2014		$1,651		$-		$1,651			1.6	%		N/A
2015		1,880		-		1,880			1.8	%		N/A
2016		1,833		37,041		38,874			36.6	%		3.3	%
2017		1,116		27,563		28,679			27.0	%		3.2	%
2018		440		25,964		26,404			24.9	%		4.4	%
Thereafter		313		8,014		8,327			7.8	%		4.4	%
Total Maturing Debt		$7,233		$98,582		$105,815			99.7	%		3.6	%
Subscription lines of credit (b)		-		325		325			0.3	%		1.5	%
Total Debt		$7,233		$98,907		$106,140			100.0	%		3.6	%
Weighted Average Maturity of Debt			3.6 Years
								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt				$21,926		20.7	%		2.2	%	3.1 Years
Fixed rate debt				84,214		79.3	%		4.0	%	3.7 Years
Total				$106,140		100.0	%		3.6	%	3.6 Years
								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt				$84,214		79.4	%		4.0	%	3.7 Years
Conventional variable-rate mortgage debt				4,256		4.0	%		2.1	%	2.5 Years
Variable-rate construction loans				17,345		16.3	%		2.3	%	3.3 Years
Subscription lines of credit				325		0.3	%		1.5	%	1.0 Years
Total				$106,140		100.0	%		3.6	%	3.6 Years
REAL ESTATE ASSETS: (c)			Total Homes		Total Cost
Operating real estate assets				7,270		$805,786
Properties under development and land				566		25,999
Total				7,836		$831,785
(a) Includes all available extension options.
(b) As of December 31, 2013 these borrowings were drawn under the subscription lines of credit with $8.8 million in total capacity. Camden has a 20%
ownership interest in the borrowing entity.
(c) Balance sheet and property data reported at 100%.

23

CAMDEN	UNCONSOLIDATED REAL ESTATE INVESTMENTS
	DEBT MATURITY ANALYSIS
	(In thousands)
(Unaudited)
ADDITIONAL DETAIL OF PRO-RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES FOR 2014 and 2015:
							Weighted Average
	Future Scheduled Repayments						Interest Rate on
Quarter (a)	Amortization		Secured Maturities		Total		Maturing Debt
1Q 2014		$380		$-		$380		N/A
2Q 2014		417		-		417		N/A
3Q 2014		422		-		422		N/A
4Q 2014 (b)		432		325		757		1.5	%
2014		$1,651		$325		$1,976		1.5	%
1Q 2015		$453		$-		$453		N/A
2Q 2015		447		-		447		N/A
3Q 2015		484		-		484		N/A
4Q 2015		496		-		496		N/A
2015		$1,880		$-		$1,880		N/A
(a) Includes all available extension options.
(b) 4Q 2014 maturities includes subscription lines of credit with $0.3M (Camden's pro-rata share) outstanding as of December 31, 2013.
The lines of credit have $8.8 million in total capacity.

24

CAMDEN		CAPITALIZED EXPENDITURES
		& MAINTENANCE EXPENSE
		(In thousands, except unit data)
(Unaudited)
		Fourth Quarter 2013 (a)
		Capitalized			Expensed
		Weighted Average
	Item	Useful Life (b)	Total	Per Unit	Total	Per Unit
	Interiors
	Floor coverings	5.4 years	$2,842	$53	$610	$12
	Appliances	9.6 years	961	18	207	4
	Painting	-	-	0	1,482	28
	Cabinetry/Countertops	10.0 years	473	9	-	-
	Other	9.1 years	1,329	25	602	11
	Exteriors
	Painting	5.0 years	2,659	50	-	-
	Carpentry	10.0 years	163	3	-	-
	Landscaping	5.6 years	987	18	2,510	47
	Roofing	20.0 years	1,832	34	116	2
	Site Drainage	10.0 years	161	3	-	-
	Fencing/Stair	10.0 years	482	9	-	-
	Other (c)	8.4 years	3,626	67	3,240	60
	Common Areas
	Mech., Elec., Plumbing	9.6 years	1,616	30	927	17
	Parking/Paving	5.0 years	495	9	-	-
	Pool/Exercise/Facility	8.3 years	3,194	59	338	6
	Total		$20,820	$387	$10,032	$187
	Weighted Average Apartment Homes			53,785		53,785
	Revenue Enhancing Expenditures (d)	10.0 years	$25,706	$15,421
	Revenue Enhanced Apartment Homes			1,667
		Year to Date 2013 (a)
		Capitalized			Expensed
		Weighted Average
	Item	Useful Life (b)	Total	Per Unit	Total	Per Unit
	Interiors
	Floor coverings	5.4 years	$11,392	$210	$2,543	$47
	Appliances	9.6 years	4,750	88	849	16
	Painting	-	-	-	5,920	109
	Cabinetry/Countertops	10.0 years	1,739	32	-	-
	Other	9.1 years	5,762	106	2,047	38
	Exteriors
	Painting	5.0 years	7,139	132	-	-
	Carpentry	10.0 years	1,819	34	-	-
	Landscaping	5.6 years	2,305	43	11,360	209
	Roofing	20.0 years	4,228	78	321	6
	Site Drainage	10.0 years	401	7	-	-
	Fencing/Stair	10.0 years	1,273	24	-	-
	Other (c)	8.4 years	9,614	177	12,015	222
	Common Areas
	Mech., Elec., Plumbing	9.6 years	5,698	105	4,513	83
	Parking/Paving	5.0 years	1,188	22	-	-
	Pool/Exercise/Facility	8.3 years	9,722	179	1,508	28
	Total		$67,030	$1,237	$41,076	$758
	Weighted Average Apartment Homes			54,200		54,200
	Revenue Enhancing Expenditures (d)	10.0 years	$85,526	$10,792
	Revenue Enhanced Apartment Homes			7,925
(a)	Includes discontinued operations. Capitalized expenditures for discontinued operations were $329 and $3,498 for the three and twelve months ended December 31, 2013, respectively. Total maintenance expenses for discontinued operations were $230 and $1,818 for the same periods, respectively.
(b)	Weighted average useful life of capitalized expenses for the three and twelve months ended December 31, 2013.
(c)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(d)	Represents capital expenditures for the three and twelve months ended December 31, 2013 spent on apartment unit renovations (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets.

25

CAMDEN	2014 Financial Outlook
	as of January 30, 2014
(Unaudited)
2013 Reported FFO, Adjusted for Non-Routine Items and Year End Shares Outstanding
($'s and shares in thousands)
	Total			Per Share
2013 Reported FFO		$368,321			$4.11
Adjustments for 2013 non-routine items:
Less: Promoted equity interests		(5,120	)		(0.06	)
Less: Non-recurring fee income		(1,000	)		(0.01	)
Less: Gain on sale of properties, including land		(698	)		(0.01	)
2013 FFO adjusted for non-routine items		$361,503			$4.04
2013 Fully Diluted Weighted Average Shares Outstanding - FFO					89,580
December 31, 2013 Fully Diluted Weighted Average Shares Outstanding - FFO					89,750
2013 FFO Adjusted for Non-Routine Items and December 31, 2013 Fully Diluted Shares Outstanding - FFO					$4.03
2014 Financial Outlook
Earnings Guidance - Per Diluted Share
Expected FFO per share - diluted					$4.10 - $4.30
"Same Property" Communities
Number of Units					47,915
2013 Base Net Operating Income				$461 million
Total Revenue Growth					3.50% - 4.50%
Total Expense Growth					3.25% - 4.25%
Net Operating Income Growth					3.25% - 5.25%
Impact from 1.0% change in NOI Growth is approximately $0.051 / share
Impact from 2014 Revenue Enhancing Repositions included in Same Store Net Operating Income Guidance (a)					0.50%
Physical Occupancy					95%
Capitalized Expenditures
Recurring				$56 - $60 million
Revenue Enhancing Repositions (a)				$55 - $75 million
Acquisitions/Dispositions
Disposition Volume (consolidated on balance sheet)				$250 - $350 million
Disposition Volume (joint venture)				$100 - $450 million
Acquisition Volume (consolidated on balance sheet)				$50 - $150 million
Development
Development Starts (consolidated on balance sheet)				$150 - $300 million
Development Spend (consolidated on balance sheet)				$450 - $550 million
Non-Property Income
Non-Property Income, Net				$3 - $5 million
Includes: Fee and asset management income, net of expenses and
Interest and other income
Corporate Expenses
General and administrative expense (b)				$39 - $41 million
Property management expense				$22 - $24 million
Capital
Expected Capital Transactions				$250 - $350 million
Expensed Interest				$91 - $95 million
Capitalized Interest				$21 - $23 million
(a)    Capital expenditures that improve a community's competitive position, typically kitchen and bath upgrades or other new amenities.
(b)    Excludes any third party acquisition costs.
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document. Additionally, please
refer to the following pages for definitions and reconciliations of all non-GAAP financial measures presented in this document.

26

CAMDEN	NON-GAAP FINANCIAL MEASURES
	DEFINITIONS & RECONCILIATIONS
	(In thousands, except per share amounts)
(Unaudited)
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance. Camden's
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable. The non-GAAP
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating
activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,
and after adjustments for unconsolidated partnerships and joint ventures. Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,
including minority interests, which are convertible into common equity. The Company considers FFO to be an appropriate supplemental measure of operating performance
because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a
company's real estate between periods or as compared to different companies. A reconciliation of net income attributable to common shareholders to FFO is provided below:
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2013			2012			2013			2012
Net income attributable to common shareholders		$129,996			$142,166			$336,364			$283,390
Real estate depreciation from continuing operations		54,520			49,454			209,474			190,238
Real estate depreciation and amortization from discontinued operations		199			2,893			5,255			15,199
Adjustments for unconsolidated joint ventures		1,422			1,741			5,738			7,939
Income allocated to non-controlling interests		5,123			3,971			9,927			6,475
(Gain) on sale of unconsolidated joint venture properties		(3,245	)		(14,543	)		(16,277	)		(17,418	)
(Gain) on acquisition of controlling interest in joint ventures		-			(17,227	)		-			(57,418	)
(Gain) on sale of discontinued operations, net of tax		(91,101	)		(82,527	)		(182,160	)		(115,068	)
Funds from operations - diluted		$96,914			$85,928			$368,321			$313,337
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		88,686			88,020			88,494			85,556
FFO diluted		89,772			88,991			89,580			86,619
Net income attributable to common shareholders - diluted		$1.46			$1.60			$3.78			$3.30
FFO per common share - diluted		$1.08			$0.97			$4.11			$3.62
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:
	1Q14 Range						2014 Range
	Low			High			Low			High
Expected net income attributable to common shareholders per share - diluted		$0.37			$0.41			$1.44			$1.64
Expected real estate depreciation		0.62			0.62			2.56			2.56
Expected adjustments for unconsolidated joint ventures		0.02			0.02			0.05			0.05
Expected income allocated to non-controlling interests		0.01			0.01			0.05			0.05
Expected FFO per share - diluted		$1.02			$1.06			$4.10			$4.30
Note: This table contains forward-looking statements. Please see the paragraph regarding forward-looking statements earlier in this document.

27

CAMDEN	NON-GAAP FINANCIAL MEASURES
	DEFINITIONS & RECONCILIATIONS
	(In thousands, except per share amounts)
(Unaudited)
Net Operating Income (NOI)
NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes. The Company considers
NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the
operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs.
A reconciliation of net income attributable to common shareholders to net operating income is provided below:
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2013			2012			2013			2012
Net income attributable to common shareholders		$129,996			$142,166			$336,364			$283,390
Less: Fee and asset management income		(2,873	)		(2,773	)		(11,690	)		(12,345	)
Less: Interest and other (income) loss		(41	)		(40	)		(1,217	)		710
Less: Income on deferred compensation plans		(3,078	)		(952	)		(8,290	)		(4,772	)
Plus: Property management expense		5,196			6,152			21,774			21,796
Plus: Fee and asset management expense		1,288			1,580			5,756			6,631
Plus: General and administrative expense		9,209			9,816			40,586			37,528
Plus: Interest expense		24,162			25,487			98,129			104,246
Plus: Depreciation and amortization		55,878			50,556			214,395			194,673
Plus: Amortization of deferred financing costs		859			887			3,548			3,608
Plus: Expense on deferred compensation plans		3,078			952			8,290			4,772
Less: Gain on sale of land		-			-			(698	)		-
Less: Gain on acquisition of controlling interests in joint ventures		-			(17,227	)		-			(57,418	)
Less: Equity in income of joint ventures		(4,207	)		(15,489	)		(24,865	)		(20,175	)
Plus: Income tax expense - current		239			216			1,826			1,208
Less: Income from discontinued operations		(1,290	)		(4,526	)		(8,515	)		(17,406	)
Less: Gain on sale of discontinued operations, net of tax		(91,101	)		(82,527	)		(182,160	)		(115,068	)
Plus: Income allocated to non-controlling interests from continuing operations		1,128			1,811			4,022			4,459
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		3,995			2,169			5,905			3,200
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)		$132,438			$118,258			$503,160			$441,888
"Same Property" Communities		$103,464			$97,196			$400,240			$376,864
Non-"Same Property" Communities		28,154			20,488			99,983			62,089
Development and Lease-Up Communities		(15	)		(17	)		(15	)		(17	)
Other		835			591			2,952			2,952
Net Operating Income (NOI)		$132,438			$118,258			$503,160			$441,888
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 non-controlling interests.
The Company considers EBITDA to be an appropriate supplemental measure of operating performance to net income attributable to common
shareholders because it represents income before non-cash depreciation and the cost of debt, and excludes gains or losses from property dispositions.
A reconciliation of net income attributable to common shareholders to EBITDA is provided below:
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2013			2012			2013			2012
Net income attributable to common shareholders		$129,996			$142,166			$336,364			$283,390
Plus: Interest expense		24,162			25,487			98,129			104,246
Plus: Amortization of deferred financing costs		859			887			3,548			3,608
Plus: Depreciation and amortization		55,878			50,556			214,395			194,673
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 non-controlling interests from continuing operations		1,128			1,811			4,022			4,459
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		3,995			2,169			5,905			3,200
Plus: Interest expense from discontinued operations		-			-			-			36
Plus: Income tax expense - current		239			216			1,826			1,208
Plus: Real estate depreciation and amortization from discontinued operations		199			2,893			5,255			15,199
Less: Gain on acquisition of controlling interests in joint ventures		-			(17,227	)		-			(57,418	)
Less: Gain on sale of land		-			-			(698	)		-
Less: Equity in income of joint ventures		(4,207	)		(15,489	)		(24,865	)		(20,175	)
Less: Gain on sale of discontinued operations, net of tax		(91,101	)		(82,527	)		(182,160	)		(115,068	)
EBITDA		$121,148			$110,942			$461,721			$420,209

28

CAMDEN					OTHER DATA
(Unaudited)
Stock Symbol:			CPT
Exchange Traded:			NYSE
Senior Unsecured Debt Ratings:					Rating	Outlook
			Moody's		Baa1	Stable
			Standard & Poor's		BBB+	Stable
			Fitch		BBB+	Stable
Estimated Future Dates:					Q1 '14	Q2 '14	Q3 '14	Q4 '14
	Earnings release & conference call				Early May	Late July	Early Nov	Early Feb
Dividend Information - Common Shares:					Q1 '13	Q2 '13	Q3 '13	Q4 '13	Q1 '14
	Declaration Date				01/31/13	06/14/13	09/16/13	12/03/13	01/30/14
	Record Date				03/28/13	06/28/13	09/30/13	12/17/13	03/31/14
	Payment Date				04/17/13	07/17/13	10/17/13	01/17/14	04/17/14
	Distributions Per Share				$0.63	$0.63	$0.63	$0.63	$0.66
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
		Alexander J. Jessett		Chief Financial Officer
		Kimberly A. Callahan		Senior Vice President - Investor Relations

29

CAMDEN				COMMUNITY TABLE
				Community Statistics as of 12/31/13
(Unaudited)									4Q13 Avg
					Year Placed	Average	Apartment	4Q13 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	97%	$934	$1.19
	Camden Legacy		Scottsdale	AZ	1996	1,067	428	95%	1,009	0.95
	Camden Montierra		Scottsdale	AZ	1999	1,071	249	94%	1,175	1.10
	Camden Pecos Ranch		Chandler	AZ	2001	924	272	96%	891	0.96
	Camden San Marcos		Scottsdale	AZ	1995	984	320	96%	1,013	1.03
	Camden San Paloma		Scottsdale	AZ	1993/1994	1,042	324	96%	1,009	0.97
	Camden Sotelo		Tempe	AZ	2008/2012	1,303	170	92%	1,479	1.14
		TOTAL ARIZONA	7	Properties		1,007	2,095	96%	1,040	1.03
	Camden Crown Valley		Mission Viejo	CA	2001	1,009	380	97%	1,707	1.69
	Camden Harbor View		Long Beach	CA	2004	975	538	95%	2,066	2.12
	Camden Main and Jamboree		Irvine	CA	2008	1,011	290	97%	1,876	1.86
	Camden Martinique		Costa Mesa	CA	1986	794	714	95%	1,438	1.81
	Camden Parkside		Fullerton	CA	1972	836	421	95%	1,304	1.56
	Camden Sea Palms		Costa Mesa	CA	1990	891	138	95%	1,591	1.79
		Total Los Angeles/Orange County	6	Properties		904	2,481	96%	1,652	1.83
	Camden Landmark		Ontario	CA	2006	982	469	96%	1,349	1.37
	Camden Old Creek		San Marcos	CA	2007	1,037	350	96%	1,682	1.62
	Camden Sierra at Otay Ranch		Chula Vista	CA	2003	962	422	95%	1,561	1.62
	Camden Tuscany		San Diego	CA	2003	896	160	97%	2,169	2.42
	Camden Vineyards		Murrieta	CA	2002	1,053	264	95%	1,268	1.20
		Total San Diego/Inland Empire	5	Properties		991	1,665	96%	1,539	1.55
		TOTAL CALIFORNIA	11	Properties		939	4,146	96%	1,607	1.71
	Camden Belleview Station		Denver	CO	2009	888	270	94%	1,220	1.38
	Camden Caley		Englewood	CO	2000	925	218	96%	1,121	1.21
	Camden Denver West		Golden	CO	1997	1,015	320	96%	1,288	1.27
	Camden Highlands Ridge		Highlands Ranch	CO	1996	1,149	342	90%	1,360	1.18
	Camden Interlocken		Broomfield	CO	1999	1,010	340	97%	1,303	1.29
	Camden Lakeway		Littleton	CO	1997	932	451	94%	1,119	1.20
		TOTAL COLORADO	6	Properties		991	1,941	95%	1,236	1.25
	Camden Ashburn Farm		Ashburn	VA	2000	1,062	162	94%	1,512	1.42
	Camden Clearbrook		Frederick	MD	2007	1,048	297	96%	1,357	1.29
	Camden College Park		College Park	MD	2008	942	508	95%	1,582	1.68
	Camden Dulles Station		Oak Hill	VA	2009	978	382	97%	1,635	1.67
	Camden Fair Lakes		Fairfax	VA	1999	1,056	530	96%	1,686	1.60
	Camden Fairfax Corner		Fairfax	VA	2006	934	488	96%	1,734	1.86
	Camden Fallsgrove		Rockville	MD	2004	996	268	94%	1,704	1.71
	Camden Grand Parc		Washington	DC	2002	674	105	94%	2,437	3.63
	Camden Lansdowne		Leesburg	VA	2002	1,006	690	96%	1,464	1.46
	Camden Largo Town Center		Largo	MD	2000/2007	1,027	245	95%	1,612	1.57
	Camden Monument Place		Fairfax	VA	2007	856	368	96%	1,527	1.78
	Camden Potomac Yard		Arlington	VA	2008	835	378	96%	2,040	2.44
	Camden Roosevelt		Washington	DC	2003	856	198	95%	2,527	2.95
	Camden Russett		Laurel	MD	2000	992	426	94%	1,413	1.42
	Camden Silo Creek		Ashburn	VA	2004	975	284	96%	1,481	1.52
	Camden South Capitol (1)(2)		Washington	DC	2013	821	276	Lease-up	2,260	2.75
	Camden Summerfield		Landover	MD	2008	957	291	94%	1,574	1.65
	Camden Summerfield II		Landover	MD	2012	936	187	92%	1,593	1.70
		TOTAL DC METRO	18	Properties		956	6,083	95%	1,672	1.75
	Camden Aventura		Aventura	FL	1995	1,108	379	95%	1,677	1.51
	Camden Brickell		Miami	FL	2003	937	405	97%	1,809	1.93
	Camden Doral		Miami	FL	1999	1,120	260	96%	1,619	1.44
	Camden Doral Villas		Miami	FL	2000	1,253	232	96%	1,743	1.39
	Camden Las Olas		Ft. Lauderdale	FL	2004	1,043	420	96%	1,868	1.79
	Camden Plantation		Plantation	FL	1997	1,201	502	97%	1,379	1.15
	Camden Portofino		Pembroke Pines	FL	1995	1,112	322	97%	1,429	1.29
		Total Southeast Florida	7	Properties		1,103	2,520	96%	1,639	1.49
	Camden Club		Longwood	FL	1986	1,077	436	97%	924	0.86
	Camden Hunter's Creek		Orlando	FL	2000	1,075	270	96%	1,078	1.00
	Camden Lago Vista		Orlando	FL	2005	955	366	96%	945	0.99
	Camden LaVina		Orlando	FL	2012	970	420	94%	1,107	1.14
	Camden Lee Vista		Orlando	FL	2000	937	492	97%	912	0.97
	Camden Orange Court		Orlando	FL	2008	817	268	96%	1,157	1.42
	Camden Renaissance		Altamonte Springs	FL	1996/1998	899	578	96%	858	0.95
	Camden Town Square		Orlando	FL	2012	986	438	94%	1,135	1.15
	Camden World Gateway		Orlando	FL	2000	979	408	95%	1,024	1.05
		Total Orlando	9	Properties		965	3,676	96%	1,000	1.04

30

CAMDEN							COMMUNITY TABLE
							Community Statistics as of 12/31/13
(Unaudited)									4Q13 Avg
					Year Placed	Average	Apartment	4Q13 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	96%	$921	$0.98
	Camden Bayside		Tampa	FL	1987/1989	748	832	96%	819	1.09
	Camden Lakes		St. Petersburg	FL	1982/1983	732	688	96%	770	1.05
	Camden Lakeside		Brandon	FL	1986	729	228	95%	774	1.06
	Camden Montague		Tampa	FL	2012	975	192	95%	1,154	1.18
	Camden Preserve		Tampa	FL	1996	942	276	92%	1,144	1.22
	Camden Providence Lakes		Brandon	FL	1996	1,024	260	95%	924	0.90
	Camden Royal Palms		Brandon	FL	2006	1,017	352	97%	970	0.95
	Camden Visconti (1)		Tampa	FL	2007	1,125	450	96%	1,155	1.03
	Camden Westchase Park		Tampa	FL	2012	993	348	95%	1,240	1.25
	Camden Westshore		Tampa	FL	1986	728	278	97%	895	1.23
	Camden Woods		Tampa	FL	1986	1,223	444	96%	898	0.73
		Total Tampa/St. Petersburg	12	Properties		916	5,108	96%	941	1.03
		TOTAL FLORIDA	28	Properties		974	11,304	96%	1,116	1.15
	Camden Brookwood		Atlanta	GA	2002	912	359	97%	1,113	1.21
	Camden Creekstone		Atlanta	GA	2002	990	223	98%	1,023	1.03
	Camden Deerfield		Alpharetta	GA	2000	1,187	292	95%	1,107	0.93
	Camden Dunwoody		Atlanta	GA	1997	1,007	324	95%	1,033	1.03
	Camden Midtown Atlanta		Atlanta	GA	2001	935	296	95%	1,145	1.22
	Camden Peachtree City		Peachtree City	GA	2001	1,027	399	96%	1,022	0.99
	Camden Phipps (1)		Atlanta	GA	1996	1,018	234	95%	1,341	1.32
	Camden River		Duluth	GA	1997	1,103	352	97%	940	0.85
	Camden Shiloh		Kennesaw	GA	1999/2002	1,143	232	96%	960	0.84
	Camden St. Clair		Atlanta	GA	1997	999	336	96%	1,056	1.06
	Camden Stockbridge		Stockbridge	GA	2003	1,009	304	95%	785	0.78
	Camden Vantage		Atlanta	GA	2010	901	592	94%	1,112	1.23
		TOTAL GEORGIA	12	Properties		1,008	3,943	96%	1,053	1.04
	Camden Bel Air		Las Vegas	NV	1988/1995	943	528	93%	720	0.76
	Camden Breeze		Las Vegas	NV	1989	846	320	93%	731	0.86
	Camden Canyon		Las Vegas	NV	1995	987	200	95%	868	0.88
	Camden Commons		Henderson	NV	1988	936	376	96%	760	0.81
	Camden Cove		Las Vegas	NV	1990	898	124	96%	728	0.81
	Camden Del Mar		Las Vegas	NV	1995	986	560	96%	919	0.93
	Camden Fairways		Henderson	NV	1989	896	320	97%	874	0.98
	Camden Hills		Las Vegas	NV	1991	439	184	94%	491	1.12
	Camden Legends		Henderson	NV	1994	792	113	98%	820	1.04
	Camden Palisades		Las Vegas	NV	1991	905	624	95%	720	0.80
	Camden Pines		Las Vegas	NV	1997	982	315	95%	792	0.81
	Camden Pointe		Las Vegas	NV	1996	983	252	95%	736	0.75
	Camden Summit		Henderson	NV	1995	1,187	234	94%	1,104	0.93
	Camden Tiara		Las Vegas	NV	1996	1,043	400	96%	858	0.82
	Camden Vintage		Las Vegas	NV	1994	978	368	95%	699	0.71
		TOTAL NEVADA	15	Properties		938	4,918	95%	790	0.84
	Camden Ballantyne		Charlotte	NC	1998	1,045	400	96%	1,127	1.08
	Camden Cotton Mills		Charlotte	NC	2002	905	180	98%	1,362	1.51
	Camden Dilworth		Charlotte	NC	2006	857	145	98%	1,338	1.56
	Camden Fairview		Charlotte	NC	1983	1,036	135	96%	1,030	0.99
	Camden Foxcroft		Charlotte	NC	1979	940	156	96%	892	0.95
	Camden Grandview		Charlotte	NC	2000	1,057	266	97%	1,497	1.41
	Camden Pinehurst		Charlotte	NC	1967	1,147	407	97%	903	0.79
	Camden Sedgebrook		Charlotte	NC	1999	972	368	96%	967	0.99
	Camden Simsbury		Charlotte	NC	1985	874	100	97%	1,009	1.16
	Camden South End Square		Charlotte	NC	2003	882	299	96%	1,238	1.40
	Camden Stonecrest		Charlotte	NC	2001	1,098	306	95%	1,139	1.04
	Camden Touchstone		Charlotte	NC	1986	899	132	99%	852	0.95
		Total Charlotte	12	Properties		1,003	2,894	97%	1,113	1.11
	Camden Asbury Village (1)		Raleigh	NC	2009	1,009	350	96%	1,041	1.03
	Camden Crest		Raleigh	NC	2001	1,013	438	98%	866	0.86
	Camden Governor's Village		Chapel Hill	NC	1999	1,046	242	95%	950	0.91
	Camden Lake Pine		Apex	NC	1999	1,066	446	96%	923	0.87
	Camden Manor Park		Raleigh	NC	2006	966	484	97%	947	0.98
	Camden Overlook		Raleigh	NC	2001	1,060	320	95%	1,051	0.99
	Camden Reunion Park		Apex	NC	2000/2004	972	420	96%	814	0.84
	Camden Westwood		Morrisville	NC	1999	1,027	354	96%	876	0.85
		Total Raleigh	8	Properties		1,016	3,054	96%	927	0.91
		TOTAL NORTH CAROLINA	20	Properties		1,010	5,948	96%	1,018	1.01

31

CAMDEN							COMMUNITY TABLE
							Community Statistics as of 12/31/13
(Unaudited)									4Q13 Avg
					Year Placed	Average	Apartment	4Q13 Avg	Monthly Rental Rates
Community Name			City	State	in Service	Size	Homes	Occupancy	Per Home	Per Sq. Ft.
	Camden Amber Oaks (1)		Austin	TX	2009	862	348	96%	$925	$1.07
	Camden Amber Oaks II (1)		Austin	TX	2012	910	244	96%	1,024	1.13
	Camden Brushy Creek (1)		Cedar Park	TX	2008	882	272	98%	936	1.06
	Camden Cedar Hills		Austin	TX	2008	911	208	97%	1,076	1.18
	Camden Gaines Ranch		Austin	TX	1997	955	390	95%	1,229	1.29
	Camden Huntingdon		Austin	TX	1995	903	398	97%	893	0.99
	Camden Ridgecrest		Austin	TX	1995	855	284	95%	813	0.95
	Camden Shadow Brook (1)		Austin	TX	2009	909	496	97%	963	1.06
	Camden Stoneleigh		Austin	TX	2001	908	390	96%	1,068	1.18
		Total Austin	9	Properties		901	3,030	96%	994	1.10
	Camden Breakers		Corpus Christi	TX	1996	868	288	96%	1,145	1.32
	Camden Copper Ridge		Corpus Christi	TX	1986	775	344	96%	835	1.08
	Camden Miramar (3)		Corpus Christi	TX	1994-2013	492	930	98%	1,049	2.14
	Camden South Bay (1)		Corpus Christi	TX	2007	1,055	270	94%	1,253	1.19
		Total Corpus Christi	4	Properties		687	1,832	95%	1,054	1.54
	Camden Addison		Addison	TX	1996	942	456	95%	956	1.01
	Camden Belmont		Dallas	TX	2010/2012	945	477	96%	1,352	1.43
	Camden Buckingham		Richardson	TX	1997	919	464	96%	994	1.08
	Camden Centreport		Ft. Worth	TX	1997	911	268	95%	921	1.01
	Camden Cimarron		Irving	TX	1992	772	286	96%	953	1.23
	Camden Design District (1)		Dallas	TX	2009	939	355	96%	1,255	1.34
	Camden Farmers Market		Dallas	TX	2001/2005	932	904	95%	1,098	1.18
	Camden Glen Lakes		Dallas	TX	1979	877	424	95%	894	1.02
	Camden Henderson		Dallas	TX	2012	967	106	96%	1,466	1.52
	Camden Legacy Creek		Plano	TX	1995	831	240	97%	979	1.18
	Camden Legacy Park		Plano	TX	1996	871	276	96%	1,012	1.16
	Camden Panther Creek (1)		Frisco	TX	2009	946	295	95%	1,068	1.13
	Camden Riverwalk (1)		Grapevine	TX	2008	982	600	95%	1,259	1.28
	Camden Valley Park		Irving	TX	1986	743	516	98%	872	1.17
		Total Dallas/Ft. Worth	14	Properties		902	5,667	96%	1,071	1.19
	Camden City Centre		Houston	TX	2007	932	379	96%	1,561	1.67
	Camden City Centre II		Houston	TX	2013	868	268	96%	1,619	1.86
	Camden Cypress Creek (1)		Cypress	TX	2009	993	310	96%	1,193	1.20
	Camden Downs at Cinco Ranch (1)		Katy	TX	2004	1,075	318	96%	1,203	1.12
	Camden Grand Harbor (1)		Katy	TX	2008	959	300	96%	1,102	1.15
	Camden Greenway		Houston	TX	1999	861	756	96%	1,342	1.56
	Camden Heights (1)		Houston	TX	2004	927	352	97%	1,469	1.58
	Camden Holly Springs		Houston	TX	1999	934	548	94%	1,145	1.23
	Camden Midtown		Houston	TX	1999	844	337	96%	1,651	1.96
	Camden Northpointe (1)		Tomball	TX	2008	940	384	96%	1,025	1.09
	Camden Oak Crest		Houston	TX	2003	870	364	97%	998	1.15
	Camden Park		Houston	TX	1995	866	288	97%	953	1.10
	Camden Piney Point (1)		Houston	TX	2004	919	318	97%	1,204	1.31
	Camden Plaza		Houston	TX	2007	915	271	97%	1,512	1.65
	Camden Post Oak		Houston	TX	2003	1,200	356	94%	2,526	2.11
	Camden Royal Oaks		Houston	TX	2006	923	236	99%	1,192	1.29
	Camden Royal Oaks II		Houston	TX	2012	1,054	104	100%	1,356	1.29
	Camden Spring Creek (1)		Spring	TX	2004	1,080	304	97%	1,096	1.02
	Camden Stonebridge		Houston	TX	1993	845	204	97%	1,010	1.19
	Camden Sugar Grove		Stafford	TX	1997	921	380	97%	1,004	1.09
	Camden Travis Street		Houston	TX	2010	819	253	97%	1,588	1.94
	Camden Vanderbilt		Houston	TX	1996/1997	863	894	97%	1,362	1.58
	Camden Whispering Oaks		Houston	TX	2008	934	274	97%	1,168	1.25
	Camden Woodson Park (1)		Houston	TX	2008	916	248	96%	1,048	1.14
	Camden Yorktown (1)		Houston	TX	2008	995	306	97%	1,098	1.10
		Total Houston	25	Properties		930	8,752	96%	1,305	1.40
	Camden Braun Station (1)		San Antonio	TX	2006	827	240	96%	869	1.05
		Total San Antonio	1	Properties		827	240	96%	869	1.05
		TOTAL TEXAS	53	Properties		893	19,521	96%	1,160	1.30
TOTAL PROPERTIES			170	Properties		948	59,899	96%	$1,181	$1.25
(1)	Communities owned through investment in joint venture.
(2)	Completed communities in lease-up as of December 31, 2013 are excluded from total occupancy numbers.
(3)	Miramar is a student housing community which is excluded from total occupancy numbers.

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