8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  May 6, 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 May 6, 2014, Camden Property Trust (the "Company") issued a press release announcing its consolidated financial results for the quarter ended March 31, 2014.  This press release refers to supplemental financial information available on the Company’s website.  Copies of the press release and the supplemental information are furnished as Exhibits 99.1 and 99.2, respectively, to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

99.1   Press Release issued by Camden Property Trust dated May 6, 2014.

99.2   Supplemental Financial Information dated May 6, 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: May 7, 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 May 6, 2014

99.2                Supplemental Financial Information dated May 6, 2014

4

EX-99.1

EXHIBIT 99.1

CAMDEN PROPERTY TRUST ANNOUNCES

FIRST QUARTER 2014 OPERATING RESULTS

Houston, TEXAS (May 6, 2014) – Camden Property Trust (NYSE: CPT) today announced operating results for the three months ended March 31, 2014.

Funds from Operations (“FFO”)

FFO for the first quarter of 2014 totaled $1.05 per diluted share or $94.8 million, as compared to $0.97 per diluted share or $86.6 million for the same period in 2013.  FFO for the three months ended March 31, 2014 and 2013 included a $0.4 million and $0.7 million, respectively, gain on sale of undeveloped land.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $40.0 million or $0.45 per diluted share for the first quarter of 2014, as compared to $63.5 million or $0.72 per diluted share for the same period in 2013.  EPS for the three months ended March 31, 2014 included a $3.6 million or $0.04 per diluted share gain on sale of unconsolidated joint venture properties, and a $0.4 million gain on sale of undeveloped land.  EPS for the three months ended March 31, 2013 included a $31.8 million or $0.36 per diluted share gain on sale of discontinued operations, and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.

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

Same Property Results

For the 47,915 apartment homes included in consolidated same property results, first quarter 2014 same property net operating income (“NOI”) increased 6.3% compared to the first quarter of 2013, with revenues increasing 4.7% and expenses increasing 2.1%.  On a sequential basis, first quarter 2014 same property NOI declined 0.3% compared to the fourth quarter of 2013, with revenues increasing 0.6% and expenses increasing 2.3% compared to the prior quarter.  Same property physical occupancy levels for the portfolio averaged 95.6% during the first quarter of 2014, compared to 95.7% in the fourth quarter of 2013 and 94.9% in the first quarter of 2013.

The Company defines same property communities as communities owned and stabilized since January 1, 2013.  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 two joint venture apartment communities during the quarter for a total of $65.6 million: Camden Braun Station, a 240-home community in San Antonio, TX, and Camden Piney Point, a 318-home community in Houston, TX.  Camden’s proportionate share of the gain on sale was $3.6 million.  The Company alsosold approximately 3.0 acres of land adjacent to a current development community in Atlanta, Georgia for $6.3 million, recognizing a gain of $0.4 million.

Development Activity

Construction began during the quarter at Camden Chandler in Chandler, AZ, a $75 million project with 380 apartment homes.  Construction continued at 13 additional wholly-owned development communities: Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes which is currently 40% 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; Camden Gallery in Charlotte, NC, a $58 million project with 323 apartment homes; The Camden in Los Angeles, CA, a $145 million project with 287 apartment homes; Camden Victory Park in Dallas, TX, an $82 million project with 423 apartment homes; and Camden Miramar Phase IXB in Corpus Christi, TX, an $8 million 75-unit expansion of an existing community.

Lease-up continued during the quarter at Camden South Capitol in Washington, DC, a $78 million joint venture project with 276 apartment homes which is currently 82% leased; and Camden Waterford Lakes in Orlando, FL, a $37 million joint venture project with 300 apartment homes which completed construction during the quarter and is currently 71% leased. Construction also continued at Camden Southline in Charlotte, NC, a $48 million joint venture project with 266 apartment homes.

During the quarter Camden acquired 2.9 acres of land in Houston, TX for $15.6 million for the future development of a two-phased apartment community.  Subsequent to quarter-end, the Company acquired 7.6 acres of land in Montgomery County, MD for $23.8 million for the future development of an apartment community.

Earnings Guidance

Camden maintained its FFO 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 now expected to be $1.48 to $1.68 per diluted share.  Second 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 future gains on real estate transactions.

The Company’s 2014 earnings guidance is based on projections of 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 Wednesday, May 7, 2014 at 11:00 a.m. Central Time to review its first quarter 2014 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: 3295566, 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 169 properties containing 59,641 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 64,150 apartment homes in 183 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
	March 31,
OPERATING DATA	2014			2013
Property revenues
Rental revenues		$178,964			$164,393
Other property revenues		26,965			25,418
Total property revenues		205,929			189,811
Property expenses
Property operating and maintenance		50,747			48,263
Real estate taxes		23,577			21,183
Total property expenses		74,324			69,446
Non-property income
Fee and asset management		3,023			2,894
Interest and other income		288			52
Income on deferred compensation plans		681			2,999
Total non-property income		3,992			5,945
Other expenses
Property management		5,839			5,983
Fee and asset management		1,259			1,477
General and administrative		9,545			9,794
Interest		23,133			24,895
Depreciation and amortization		57,396			51,603
Amortization of deferred financing costs		841			916
Expense on deferred compensation plans		681			2,999
Total other expenses		98,694			97,667
Gain on sale of land		354			698
Equity in income of joint ventures		4,290			934
Income from continuing operations before income taxes		41,547			30,275
Income tax expense		(474	)		(399	)
Income from continuing operations		41,073			29,876
Income from discontinued operations		-			2,774
Gain on sale of discontinued operations, net of tax		-			31,783
Net income		41,073			64,433
Less income allocated to non-controlling interests from continuing operations		(1,037	)		(864	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			(93	)
Net income attributable to common shareholders		$40,036			$63,476
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$41,073			$64,433
Other comprehensive income
Reclassification of prior service cost and net loss on post retirement obligation		15			14
Comprehensive income		41,088			64,447
Less income allocated to non-controlling interests from continuing operations		(1,037	)		(864	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			(93	)
Comprehensive income attributable to common shareholders		$40,051			$63,490
PER SHARE DATA
Net income attributable to common shareholders - basic		$0.45			$0.72
Net income attributable to common shareholders - diluted		0.45			0.72
Income from continuing operations attributable to common shareholders - basic		0.45			0.33
Income from continuing operations attributable to common shareholders - diluted		0.45			0.33
Weighted average number of common and
common equivalent shares outstanding:
Basic		87,651			86,703
Diluted		88,824			87,276

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

CAMDEN	FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended
	March 31,
FUNDS FROM OPERATIONS	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Real estate depreciation from continuing operations		56,011			50,506
Real estate depreciation and amortization from discontinued operations		-			1,867
Adjustments for unconsolidated joint ventures		1,314			1,608
Income allocated to non-controlling interests		1,037			957
(Gain) on sale of unconsolidated joint venture properties		(3,566	)		-
(Gain) on sale of discontinued operations, net of tax		-			(31,783	)
Funds from operations - diluted		$94,832			$86,631
PER SHARE DATA
Funds from operations - diluted		$1.05			$0.97
Cash distributions		0.66			0.63
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		89,910			89,177
PROPERTY DATA
Total operating properties (end of period) (a)		169			192
Total operating apartment homes in operating properties (end of period) (a)		59,641			65,005
Total operating apartment homes (weighted average)		52,659			54,311
Total operating apartment homes - excluding discontinued operations (weighted average)		52,659			51,018

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

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

CAMDEN							BALANCE SHEETS
							(In thousands)
(Unaudited)	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2014			2013			2013			2013			2013
ASSETS
Real estate assets, at cost
Land		$978,770			$969,711			$967,121			$965,257			$949,244
Buildings and improvements		5,691,619			5,629,904			5,596,754			5,552,095			5,404,616
		6,670,389			6,599,615			6,563,875			6,517,352			6,353,860
Accumulated depreciation		(1,698,724	)		(1,643,713	)		(1,619,325	)		(1,604,402	)		(1,552,499	)
Net operating real estate assets		4,971,665			4,955,902			4,944,550			4,912,950			4,801,361
Properties under development, including land		515,141			472,566			438,968			393,694			339,848
Investments in joint ventures		36,719			42,155			43,338			44,630			45,260
Properties held for sale		-			-			58,765			-			14,986
Total real estate assets		5,523,525			5,470,623			5,485,621			5,351,274			5,201,455
Accounts receivable - affiliates		26,145			27,724			27,474			27,274			26,948
Other assets, net (a)		107,862			109,401			112,520			94,847			89,233
Cash and cash equivalents		16,768			17,794			4,707			6,506			59,642
Restricted cash		5,549			6,599			60,889			6,381			5,578
Total assets		$5,679,849			$5,632,141			$5,691,211			$5,486,282			$5,382,856
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,649,041			$1,588,798			$1,721,998			$1,579,733			$1,538,471
Secured		940,881			941,968			943,039			944,090			945,134
Accounts payable and accrued expenses		124,981			113,307			124,336			100,279			102,307
Accrued real estate taxes		21,922			35,648			50,247			36,863			20,683
Distributions payable		59,728			56,787			56,793			56,821			56,559
Other liabilities (b)		88,693			88,272			69,716			63,366			69,679
Total liabilities		2,885,246			2,824,780			2,966,129			2,781,152			2,732,833
Commitments and contingencies
Non-Qualified deferred compensation share awards		55,498			47,180			47,092			-			-
Equity
Common shares of beneficial interest		966			967			967			967			962
Additional paid-in capital		3,593,633			3,596,069			3,595,536			3,625,283			3,590,261
Distributions in excess of net income attributable to common shareholders		(523,321	)		(494,167	)		(571,935	)		(574,286	)		(590,831	)
Treasury shares, at cost		(399,510	)		(410,227	)		(410,309	)		(410,665	)		(412,643	)
Accumulated other comprehensive loss (c)		(1,091	)		(1,106	)		(1,021	)		(1,035	)		(1,048	)
Total common equity		2,670,677			2,691,536			2,613,238			2,640,264			2,586,701
Non-controlling interests		68,428			68,645			64,752			64,866			63,322
Total equity		2,739,105			2,760,181			2,677,990			2,705,130			2,650,023
Total liabilities and equity		$5,679,849			$5,632,141			$5,691,211			$5,486,282			$5,382,856
(a) Includes:
net deferred charges of:		$13,615			$14,497			$13,243			$14,008			$14,861
(b) Includes:
deferred revenues of:		$1,786			$1,886			$1,979			$1,336			$2,158
distributions in excess of investments in joint ventures of:		$-			$-			$-			$-			$9,718
fair value adjustment of derivative instruments:		$-			$-			$-			$-			$(2	)
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligations.

CAMDEN	NON-GAAP FINANCIAL MEASURES
	DEFINITIONS & RECONCILIATIONS
	(In thousands, except per share amounts)
(Unaudited)
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance.  Camden's
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable.  The non-GAAP
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating
activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,
and after adjustments for unconsolidated partnerships and joint ventures.  Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,
including minority interests, which are convertible into common equity.  The Company considers FFO to be an appropriate supplemental measure of operating performance
because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a
company's real estate between periods or as compared to different companies.  A reconciliation of net income attributable to common shareholders to FFO is provided below:

	Three Months Ended
	March 31,
	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Real estate depreciation from continuing operations		56,011			50,506
Real estate depreciation and amortization from discontinued operations		-			1,867
Adjustments for unconsolidated joint ventures		1,314			1,608
Income allocated to non-controlling interests		1,037			957
(Gain) on sale of unconsolidated joint venture properties		(3,566	)		-
(Gain) on sale of discontinued operations, net of tax		-			(31,783	)
Funds from operations - diluted		$94,832			$86,631
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		88,824			87,276
FFO diluted		89,910			89,177
Net income attributable to common shareholders - diluted		$0.45			$0.72
FFO per common share - diluted		$1.05			$0.97

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:

	2Q14 Range				2014 Range
	Low		High		Low			High
Expected net income attributable to common shareholders per share - diluted		$0.37		$0.41		$1.48			$1.68
Expected real estate depreciation		0.63		0.63		2.56			2.56
Expected adjustments for unconsolidated joint ventures		0.01		0.01		0.05			0.05
Expected income allocated to non-controlling interests		0.01		0.01		0.05			0.05
(Gain) on sale of unconsolidated joint venture property		0.00		0.00		(0.04	)		(0.04	)
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
	March 31,
	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Less: Fee and asset management income		(3,023	)		(2,894	)
Less: Interest and other (income) loss		(288	)		(52	)
Less: Income on deferred compensation plans		(681	)		(2,999	)
Plus: Property management expense		5,839			5,983
Plus: Fee and asset management expense		1,259			1,477
Plus: General and administrative expense		9,545			9,794
Plus: Interest expense		23,133			24,895
Plus: Depreciation and amortization		57,396			51,603
Plus: Amortization of deferred financing costs		841			916
Plus: Expense on deferred compensation plans		681			2,999
Less: Gain on sale of land		(354	)		(698	)
Less: Equity in income of joint ventures		(4,290	)		(934	)
Plus: Income tax expense		474			399
Less: Income from discontinued operations		-			(2,774	)
Less: Gain on sale of discontinued operations, net of tax		-			(31,783	)
Plus: Income allocated to non-controlling interests from continuing operations		1,037			864
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			93
Net Operating Income (NOI)		$131,605			$120,365
"Same Property" Communities		$118,643			$111,646
Non-"Same Property" Communities		12,313			7,924
Development and Lease-Up Communities		(5	)		(6	)
Other		654			801
Net Operating Income (NOI)		$131,605			$120,365

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
	March 31,
	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Plus: Interest expense		23,133			24,895
Plus: Amortization of deferred financing costs		841			916
Plus: Depreciation and amortization		57,396			51,603
Plus: Income allocated to non-controlling interests from continuing operations		1,037			864
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			93
Plus: Income tax expense		474			399
Plus: Real estate depreciation and amortization from discontinued operations		-			1,867
Less: Gain on sale of land		(354	)		(698	)
Less: Equity in income of joint ventures		(4,290	)		(934	)
Less: Gain on sale of discontinued operations, net of tax		-			(31,783	)
EBITDA		$118,273			$110,698

EX-99.2

EXHIBIT 99.2

FIRST QUARTER 2014

Supplemental Operating and Financial Data

Camden Las Olas - Ft. Lauderdale, FL

Year Built - 2004

420 Apartment Homes

97% Average 1st Quarter 2014 Occupancy

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

In addition to historical information, this document contains forward-looking statements under the federal securities law.  These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management.  Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.  Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in this document represent management’s opinions at the time of this publication, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

CAMDEN PROPERTY TRUST ANNOUNCES

FIRST QUARTER 2014 OPERATING RESULTS

Houston, TEXAS (May 6, 2014) – Camden Property Trust (NYSE: CPT) today announced operating results for the three months ended March 31, 2014.

Funds from Operations (“FFO”)

FFO for the first quarter of 2014 totaled $1.05 per diluted share or $94.8 million, as compared to $0.97 per diluted share or $86.6 million for the same period in 2013.  FFO for the three months ended March 31, 2014 and 2013 included a $0.4 million and $0.7 million, respectively, gain on sale of undeveloped land.

Net Income Attributable to Common Shareholders (“EPS”)

The Company reported EPS of $40.0 million or $0.45 per diluted share for the first quarter of 2014, as compared to $63.5 million or $0.72 per diluted share for the same period in 2013.  EPS for the three months ended March 31, 2014 included a $3.6 million or $0.04 per diluted share gain on sale of unconsolidated joint venture properties, and a $0.4 million gain on sale of undeveloped land.  EPS for the three months ended March 31, 2013 included a $31.8 million or $0.36 per diluted share gain on sale of discontinued operations, and a $0.7 million or $0.01 per diluted share gain on sale of undeveloped land.

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

Same Property Results

For the 47,915 apartment homes included in consolidated same property results, first quarter 2014 same property net operating income (“NOI”) increased 6.3% compared to the first quarter of 2013, with revenues increasing 4.7% and expenses increasing 2.1%.  On a sequential basis, first quarter 2014 same property NOI declined 0.3% compared to the fourth quarter of 2013, with revenues increasing 0.6% and expenses increasing 2.3% compared to the prior quarter.  Same property physical occupancy levels for the portfolio averaged 95.6% during the first quarter of 2014, compared to 95.7% in the fourth quarter of 2013 and 94.9% in the first quarter of 2013.

The Company defines same property communities as communities owned and stabilized since January 1, 2013.  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 two joint venture apartment communities during the quarter for a total of $65.6 million: Camden Braun Station, a 240-home community in San Antonio, TX, and Camden Piney Point, a 318-home community in Houston, TX.  Camden’s proportionate share of the gain on sale was $3.6 million.  The Company alsosold approximately 3.0 acres of land adjacent to a current development community in Atlanta, Georgia for $6.3 million, recognizing a gain of $0.4 million.

3

Development Activity

Construction began during the quarter at Camden Chandler in Chandler, AZ, a $75 million project with 380 apartment homes.  Construction continued at 13 additional wholly-owned development communities: Camden NOMA in Washington, DC, a $110 million project with 320 apartment homes which is currently 40% 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; Camden Gallery in Charlotte, NC, a $58 million project with 323 apartment homes; The Camden in Los Angeles, CA, a $145 million project with 287 apartment homes; Camden Victory Park in Dallas, TX, an $82 million project with 423 apartment homes; and Camden Miramar Phase IXB in Corpus Christi, TX, an $8 million 75-unit expansion of an existing community.

Lease-up continued during the quarter at Camden South Capitol in Washington, DC, a $78 million joint venture project with 276 apartment homes which is currently 82% leased; and Camden Waterford Lakes in Orlando, FL, a $37 million joint venture project with 300 apartment homes which completed construction during the quarter and is currently 71% leased. Construction also continued at Camden Southline in Charlotte, NC, a $48 million joint venture project with 266 apartment homes.

During the quarter Camden acquired 2.9 acres of land in Houston, TX for $15.6 million for the future development of a two-phased apartment community.  Subsequent to quarter-end, the Company acquired 7.6 acres of land in Montgomery County, MD for $23.8 million for the future development of an apartment community.

Earnings Guidance

Camden maintained its FFO 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 now expected to be $1.48 to $1.68 per diluted share.  Second 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 future gains on real estate transactions.

The Company’s 2014 earnings guidance is based on projections of 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 Wednesday, May 7, 2014 at 11:00 a.m. Central Time to review its first quarter 2014 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: 3295566, or join the live webcast of the conference call by accessing the Investor Relations section of the Company’s website at camdenliving.com.  Supplemental financial information is available in the Investor Relations section of the Company’s website under Earnings Releases or by calling Camden’s Investor Relations Department at (800) 922-6336.

4

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the federal securities law.  These statements are based on current expectations, estimates and projections about the industry and markets in which Camden operates, management's beliefs, and assumptions made by management.  Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict.  Factors which may cause the Company’s actual results or performance to differ materially from those contemplated by forward-looking statements are described under the heading “Risk Factors” in Camden’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission (SEC). Forward-looking statements made in today’s press release represent management’s current opinions, and the Company assumes no obligation to update or supplement these statements because of subsequent events.

About Camden

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities.  Camden owns interests in and operates 169 properties containing 59,641 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 64,150 apartment homes in 183 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 March 31,
		2014				2013
Total property revenues (a)			$205,929			$189,811
EBITDA			118,273			110,698
Net income attributable to common shareholders			40,036			63,476
Per share - basic			0.45			0.72
Per share - diluted			0.45			0.72
Income from continuing operations attributable to common shareholders			40,036			29,012
Per share - basic			0.45			0.33
Per share - diluted			0.45			0.33
Funds from operations			94,832			86,631
Per share - diluted			1.05			0.97
Dividends per share			0.66			0.63
Dividend payout ratio			62.9	%		64.9	%
Interest expensed			23,133			24,895
Interest capitalized			4,902			3,270
Total interest incurred			28,035			28,165
Principal amortization			1,087			1,095
Net Debt to Annualized EBITDA (b)			5.4		x	5.5		x
Interest expense coverage ratio			5.1		x	4.4		x
Total interest coverage ratio			4.2		x	3.9		x
Fixed charge expense coverage ratio			4.9		x	4.3		x
Total fixed charge coverage ratio			4.1		x	3.8		x
Unencumbered real estate assets (at cost) to unsecured debt ratio			3.4		x	3.4		x
Same property NOI increase (c)			6.3	%		6.7	%
(# of apartment homes included)			47,915			43,869
Gross turnover of apartment homes (annualized)			55	%		55	%
Net turnover (excludes on-site transfers and transfers to other Camden communities)			48	%		47	%
		As of March 31,
			2014			2013
Total assets			$5,679,849			$5,382,856
Total debt			$2,589,922			$2,483,605
Common and common equivalent shares, outstanding end of period (d)			89,999			89,328
Share price, end of period			$67.34			$68.68
Book equity value, end of period (e)			$2,794,603			$2,650,023
Market equity value, end of period (f)			$6,060,533			$6,135,047
(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, 2013.
(d) Includes at March 31, 2014: 88,100 common shares (including 288 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, commun units, and common share equivalents.

Note:  Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

6

CAMDEN	OPERATING RESULTS
(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended
	March 31,
OPERATING DATA	2014			2013
Property revenues
Rental revenues		$178,964			$164,393
Other property revenues		26,965			25,418
Total property revenues		205,929			189,811
Property expenses
Property operating and maintenance		50,747			48,263
Real estate taxes		23,577			21,183
Total property expenses		74,324			69,446
Non-property income
Fee and asset management		3,023			2,894
Interest and other income		288			52
Income on deferred compensation plans		681			2,999
Total non-property income		3,992			5,945
Other expenses
Property management		5,839			5,983
Fee and asset management		1,259			1,477
General and administrative		9,545			9,794
Interest		23,133			24,895
Depreciation and amortization		57,396			51,603
Amortization of deferred financing costs		841			916
Expense on deferred compensation plans		681			2,999
Total other expenses		98,694			97,667
Gain on sale of land		354			698
Equity in income of joint ventures		4,290			934
Income from continuing operations before income taxes		41,547			30,275
Income tax expense		(474	)		(399	)
Income from continuing operations		41,073			29,876
Income from discontinued operations		-			2,774
Gain on sale of discontinued operations, net of tax		-			31,783
Net income		41,073			64,433
Less income allocated to non-controlling interests from continuing operations		(1,037	)		(864	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			(93	)
Net income attributable to common shareholders		$40,036			$63,476
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income		$41,073			$64,433
Other comprehensive income
Reclassification of prior service cost and net loss on post retirement obligation		15			14
Comprehensive income		41,088			64,447
Less income allocated to non-controlling interests from continuing operations		(1,037	)		(864	)
Less income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			(93	)
Comprehensive income attributable to common shareholders		$40,051			$63,490
PER SHARE DATA
Net income attributable to common shareholders - basic		$0.45			$0.72
Net income attributable to common shareholders - diluted		0.45			0.72
Income from continuing operations attributable to common shareholders - basic		0.45			0.33
Income from continuing operations attributable to common shareholders - diluted		0.45			0.33
Weighted average number of common and
common equivalent shares outstanding:
Basic		87,651			86,703
Diluted		88,824			87,276

Note:  Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

7

CAMDEN	FUNDS FROM OPERATIONS
(In thousands, except per share and property data amounts)
(Unaudited)	Three Months Ended
	March 31,
FUNDS FROM OPERATIONS	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Real estate depreciation from continuing operations		56,011			50,506
Real estate depreciation and amortization from discontinued operations		-			1,867
Adjustments for unconsolidated joint ventures		1,314			1,608
Income allocated to non-controlling interests		1,037			957
(Gain) on sale of unconsolidated joint venture properties		(3,566	)		-
(Gain) on sale of discontinued operations, net of tax		-			(31,783	)
Funds from operations - diluted		$94,832			$86,631
PER SHARE DATA
Funds from operations - diluted		$1.05			$0.97
Cash distributions		0.66			0.63
Weighted average number of common and
common equivalent shares outstanding:
FFO - diluted		89,910			89,177
PROPERTY DATA
Total operating properties (end of period) (a)		169			192
Total operating apartment homes in operating properties (end of period) (a)		59,641			65,005
Total operating apartment homes (weighted average)		52,659			54,311
Total operating apartment homes - excluding discontinued operations (weighted average)		52,659			51,018

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

Note:  Please refer to pages 25 and 26 for definitions and reconciliations of all non-GAAP financial measures presented in this document.

8

CAMDEN							BALANCE SHEETS
							(In thousands)
(Unaudited)	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2014			2013			2013			2013			2013
ASSETS
Real estate assets, at cost
Land		$978,770			$969,711			$967,121			$965,257			$949,244
Buildings and improvements		5,691,619			5,629,904			5,596,754			5,552,095			5,404,616
		6,670,389			6,599,615			6,563,875			6,517,352			6,353,860
Accumulated depreciation		(1,698,724	)		(1,643,713	)		(1,619,325	)		(1,604,402	)		(1,552,499	)
Net operating real estate assets		4,971,665			4,955,902			4,944,550			4,912,950			4,801,361
Properties under development, including land		515,141			472,566			438,968			393,694			339,848
Investments in joint ventures		36,719			42,155			43,338			44,630			45,260
Properties held for sale		-			-			58,765			-			14,986
Total real estate assets		5,523,525			5,470,623			5,485,621			5,351,274			5,201,455
Accounts receivable - affiliates		26,145			27,724			27,474			27,274			26,948
Other assets, net (a)		107,862			109,401			112,520			94,847			89,233
Cash and cash equivalents		16,768			17,794			4,707			6,506			59,642
Restricted cash		5,549			6,599			60,889			6,381			5,578
Total assets		$5,679,849			$5,632,141			$5,691,211			$5,486,282			$5,382,856
LIABILITIES AND EQUITY
Liabilities
Notes payable
Unsecured		$1,649,041			$1,588,798			$1,721,998			$1,579,733			$1,538,471
Secured		940,881			941,968			943,039			944,090			945,134
Accounts payable and accrued expenses		124,981			113,307			124,336			100,279			102,307
Accrued real estate taxes		21,922			35,648			50,247			36,863			20,683
Distributions payable		59,728			56,787			56,793			56,821			56,559
Other liabilities (b)		88,693			88,272			69,716			63,366			69,679
Total liabilities		2,885,246			2,824,780			2,966,129			2,781,152			2,732,833
Commitments and contingencies
Non-Qualified deferred compensation share awards		55,498			47,180			47,092			-			-
Equity
Common shares of beneficial interest		966			967			967			967			962
Additional paid-in capital		3,593,633			3,596,069			3,595,536			3,625,283			3,590,261
Distributions in excess of net income attributable to common shareholders		(523,321	)		(494,167	)		(571,935	)		(574,286	)		(590,831	)
Treasury shares, at cost		(399,510	)		(410,227	)		(410,309	)		(410,665	)		(412,643	)
Accumulated other comprehensive loss (c)		(1,091	)		(1,106	)		(1,021	)		(1,035	)		(1,048	)
Total common equity		2,670,677			2,691,536			2,613,238			2,640,264			2,586,701
Non-controlling interests		68,428			68,645			64,752			64,866			63,322
Total equity		2,739,105			2,760,181			2,677,990			2,705,130			2,650,023
Total liabilities and equity		$5,679,849			$5,632,141			$5,691,211			$5,486,282			$5,382,856
(a) Includes:
net deferred charges of:		$13,615			$14,497			$13,243			$14,008			$14,861
(b) Includes:
deferred revenues of:		$1,786			$1,886			$1,979			$1,336			$2,158
distributions in excess of investments in joint ventures of:		$-			$-			$-			$-			$9,718
fair value adjustment of derivative instruments:		$-			$-			$-			$-			($2	)
(c) Represents the unrealized loss and unamortized prior service costs on post retirement obligations.

9

CAMDEN												PORTFOLIO STATISTICS
(Unaudited)
COMMUNITY PORTFOLIO AT MARCH 31, 2014 (in apartment homes)
	Fully Consolidated											Unconsolidated
	"Same Property"			Non- "Same Property"			Under Construction			Total		Operating			Under Construction			Total			Grand Total
D.C. Metro (a)		5,425			382			320			6,127		276			-			276			6,403
Houston, TX		4,569			1,343			-			5,912		2,522			-			2,522			8,434
Tampa, FL		4,658			-			-			4,658		450			-			450			5,108
Dallas, TX		4,417			-			423			4,840		1,250			-			1,250			6,090
Las Vegas, NV		4,918			-			-			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		3,238			438			-			3,676		300			-			300			3,976
Charlotte, NC		2,894			-			323			3,217		-			266			266			3,483
Atlanta, GA		3,117			592			379			4,088		234			-			234			4,322
Denver, CO		1,941			-			424			2,365		-			-			-			2,365
Raleigh, NC		2,266			438			-			2,704		350			-			350			3,054
Phoenix, AZ		1,925			170			834			2,929		-			-			-			2,929
San Diego/Inland Empire, CA		1,665			-			-			1,665		-			-			-			1,665
Austin, TX		1,670			-			614			2,284		1,360			-			1,360			3,644
Other		632			930			75			1,637		270			-			270			1,907
Total Portfolio		47,915			4,714			4,243			56,872		7,012			266			7,278			64,150
(a) D.C. Metro includes Washington D.C., Maryland, and Northern Virginia.
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION												WEIGHTED AVERAGE OCCUPANCY FOR THE QUARTER ENDED (d)
	"Same Property"			Operating			Incl. JVs at					Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	Communities			Communities (b)			Pro Rata % (c)						2014			2013			2013			2013			2013
D.C. Metro		16.7	%		16.2	%		15.9	%				95.3	%		95.2	%		95.5	%		95.5	%		95.5	%
Houston, TX		9.9	%		12.1	%		12.6	%				96.1	%		96.4	%		96.1	%		96.5	%		96.0	%
Dallas, TX		7.2	%		6.5	%		6.7	%				95.1	%		95.7	%		95.4	%		95.4	%		94.9	%
Tampa, FL		7.6	%		6.8	%		6.8	%				95.6	%		95.6	%		95.1	%		95.5	%		95.0	%
SE Florida		7.5	%		6.8	%		6.7	%				96.9	%		96.3	%		95.5	%		95.1	%		94.9	%
Los Angeles/Orange County, CA		6.5	%		6.8	%		6.7	%				95.9	%		95.7	%		95.5	%		95.6	%		95.7	%
Las Vegas, NV		7.1	%		6.3	%		6.2	%				95.0	%		95.3	%		95.1	%		94.2	%		92.4	%
Atlanta, GA		5.6	%		6.0	%		5.9	%				95.4	%		95.6	%		95.2	%		95.3	%		95.2	%
Orlando, FL		5.6	%		5.8	%		5.8	%				96.0	%		95.6	%		95.6	%		95.8	%		95.3	%
Charlotte, NC		6.1	%		5.6	%		5.5	%				97.3	%		96.5	%		96.6	%		96.4	%		96.1	%
Raleigh, NC		3.9	%		4.1	%		4.1	%				95.1	%		96.0	%		96.2	%		95.0	%		94.7	%
Denver, CO		4.6	%		4.1	%		4.1	%				94.1	%		94.5	%		95.4	%		94.7	%		94.8	%
Phoenix, AZ		3.6	%		3.6	%		3.6	%				94.9	%		95.5	%		92.6	%		92.3	%		93.0	%
San Diego/Inland Empire, CA		4.2	%		3.8	%		3.7	%				95.1	%		95.8	%		94.2	%		94.3	%		93.2	%
Austin, TX		2.7	%		2.5	%		2.7	%				95.9	%		96.2	%		95.8	%		94.7	%		95.0	%
Other		1.2	%		3.0	%		3.0	%				94.7	%		95.1	%		95.9	%		96.7	%		95.3	%
Total Portfolio		100.0	%		100.0	%		100.0	%				95.6	%		95.7	%		95.4	%		95.3	%		94.8	%
(b) Operating communities represent all fully-consolidated communities at period end, excluding communities under construction.
(c) Based on total NOI from operating communities plus Camden's pro-rata share of total NOI from unconsolidated joint venture communities.
(d) Occupancy figures include all stabilized operating communities including those held through unconsolidated joint venture investments.

10

CAMDEN	COMPONENTS OF
	PROPERTY NET OPERATING INCOME
	(In thousands, except property data amounts)
(Unaudited)
	Apartment		Three Months Ended March 31,
Property Revenues	Homes		2014			2013			Change
"Same Property" Communities (a)		47,915		$184,431			$176,094			$8,337
Non-"Same Property" Communities (b)		4,714		20,071			12,011			8,060
Development and Lease-Up Communities (c)		4,243		194			-			194
Other (d)		-		1,233			1,706			(473	)
Total Property Revenues		56,872		$205,929			$189,811			$16,118
Property Expenses
"Same Property" Communities (a)		47,915		$65,788			$64,448			$1,340
Non-"Same Property" Communities (b)		4,714		7,758			4,087			3,671
Development and Lease-Up Communities (c)		4,243		199			6			193
Other (d)		-		579			905			(326	)
Total Property Expenses		56,872		$74,324			$69,446			$4,878
Property Net Operating Income
"Same Property" Communities (a)		47,915		$118,643			$111,646			$6,997
Non-"Same Property" Communities (b)		4,714		12,313			7,924			4,389
Development and Lease-Up Communities (c)		4,243		(5	)		(6	)		1
Other (d)		-		654			801			(147	)
Total Property Net Operating Income		56,872		$131,605			$120,365			$11,240
Income from Discontinued Operations (e)				Three Months Ended March 31,
				2014			2013
Property revenues				$-			$8,111
Property expenses				-			(3,470	)
Property net operating income				$-			$4,641
Depreciation and amortization				-			(1,867	)
Gain on sale of discontinued operations, net of tax				-			31,783
Income, including gain on sale, allocated to non-controlling interests				-			(93	)
Income attributable to common shareholders				$-			$34,464

Notes:
(a)	"Same Property" Communities are communities we owned and were stabilized since January 1, 2013.
(b)	Non-"Same Property" Communities are stabilized communities not owned or stabilized since January 1, 2013. Discontinued operations,
	including properties held for sale, are excluded from the above results.
(c)	Development and Lease-Up Communities are non-stabilized communities we have acquired or developed since January 1, 2013.
	Discontinued operations, including properties held for sale, are excluded from the above results.
(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 2013, of which Camden has no continuing involvement.

11

				"SAME PROPERTY"
CAMDEN				FIRST QUARTER COMPARISONS
				MARCH 31, 2014
				(In thousands, except property data amounts)
(Unaudited)
	Revenues						Expenses								NOI
Quarterly Results (a)		1Q14	1Q13	Growth				1Q14		1Q13		Growth				1Q14	1Q13	Growth
D.C. Metro		$28,551	$28,345		0.7	%		$8,666		$8,225			5.4	%		$19,885	$20,120		(1.2	%)
Houston, TX		18,872	17,712		6.5	%		7,176		6,917			3.7	%		11,696	10,795		8.3	%
Dallas, TX		14,878	14,069		5.8	%		6,334		6,358			(0.4	%)		8,544	7,711		10.8	%
Tampa, FL		14,877	14,181		4.9	%		5,901		5,839			1.1	%		8,976	8,342		7.6	%
SE Florida		13,529	12,789		5.8	%		4,662		4,615			1.0	%		8,867	8,174		8.5	%
Los Angeles/Orange County, CA		11,339	10,845		4.6	%		3,585		3,571			0.4	%		7,754	7,274		6.6	%
Las Vegas, NV		13,050	12,665		3.0	%		4,666		4,700			(0.7	%)		8,384	7,965		5.3	%
Atlanta, GA		10,659	9,933		7.3	%		4,033		3,873			4.1	%		6,626	6,060		9.3	%
Orlando, FL		10,710	10,206		4.9	%		4,097		4,056			1.0	%		6,613	6,150		7.5	%
Charlotte, NC		10,727	10,051		6.7	%		3,477		3,415			1.8	%		7,250	6,636		9.3	%
Raleigh, NC		6,985	6,757		3.4	%		2,323		2,250			3.2	%		4,662	4,507		3.4	%
Denver, CO		7,749	7,333		5.7	%		2,302		2,186			5.3	%		5,447	5,147		5.8	%
Phoenix, AZ		6,502	6,118		6.3	%		2,173		2,134			1.8	%		4,329	3,984		8.7	%
San Diego/Inland Empire, CA		8,058	7,639		5.5	%		3,071		3,077			(0.2	%)		4,987	4,562		9.3	%
Austin, TX		5,802	5,450		6.5	%		2,561		2,500			2.4	%		3,241	2,950		9.9	%
Corpus Christi, TX		2,143	2,001		7.1	%		761		732			4.0	%		1,382	1,269		8.9	%
Total Same Property		$184,431	$176,094		4.7	%		$65,788		$64,448			2.1	%		$118,643	$111,646		6.3	%
	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				1Q14		1Q13		Change				1Q14	1Q13	Change
D.C. Metro		5,425			16.7	%		95.2	%	95.4	%		(0.2	%)		$1,638	$1,631		0.4	%
Houston, TX		4,569			9.9	%		96.0	%	96.1	%		(0.1	%)		1,276	1,190		7.2	%
Dallas, TX		4,417			7.2	%		95.1	%	94.7	%		0.4	%		1,036	988		4.9	%
Tampa, FL		4,658			7.6	%		95.7	%	95.0	%		0.7	%		927	893		3.8	%
SE Florida		2,520			7.5	%		96.9	%	94.9	%		2.0	%		1,659	1,594		4.0	%
Los Angeles/Orange County, CA		2,060			6.5	%		96.2	%	95.7	%		0.5	%		1,740	1,664		4.6	%
Las Vegas, NV		4,918			7.1	%		95.0	%	93.6	%		1.4	%		793	779		1.7	%
Atlanta, GA		3,117			5.6	%		95.5	%	95.3	%		0.2	%		1,029	959		7.3	%
Orlando, FL		3,238			5.6	%		96.1	%	95.4	%		0.7	%		989	952		3.9	%
Charlotte, NC		2,894			6.1	%		97.3	%	96.3	%		1.0	%		1,119	1,061		5.5	%
Raleigh, NC		2,266			3.9	%		95.0	%	94.6	%		0.4	%		923	886		4.1	%
Denver, CO		1,941			4.6	%		94.1	%	94.6	%		(0.5	%)		1,241	1,174		5.7	%
Phoenix, AZ		1,925			3.6	%		95.6	%	93.4	%		2.2	%		1,013	992		2.1	%
San Diego/Inland Empire, CA		1,665			4.2	%		95.1	%	93.2	%		1.9	%		1,540	1,492		3.2	%
Austin, TX		1,670			2.7	%		95.4	%	94.4	%		1.0	%		1,036	979		5.8	%
Corpus Christi, TX		632			1.2	%		95.1	%	95.4	%		(0.3	%)		990	903		9.6	%
Total Same Property		47,915			100.0	%		95.6	%	94.9	%		0.7	%		$1,175	$1,129		4.1	%
(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2013.
(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
				MARCH 31, 2014
				(In thousands, except property data amounts)
(Unaudited)
	Revenues						Expenses								NOI
Quarterly Results (a)		1Q14	4Q13	Growth				1Q14		4Q13		Growth				1Q14	4Q13	Growth
D.C. Metro		$28,551	$28,609		(0.2	%)		$8,666		$8,463			2.4	%		$19,885	$20,146		(1.3	%)
Houston, TX		18,872	18,718		0.8	%		7,176		7,019			2.2	%		11,696	11,699		0.0	%
Dallas, TX		14,878	14,914		(0.2	%)		6,334		6,010			5.4	%		8,544	8,904		(4.0	%)
Tampa, FL		14,877	14,674		1.4	%		5,901		5,807			1.6	%		8,976	8,867		1.2	%
SE Florida		13,529	13,323		1.5	%		4,662		4,643			0.4	%		8,867	8,680		2.2	%
Los Angeles/Orange County, CA		11,339	11,149		1.7	%		3,585		3,733			(4.0	%)		7,754	7,416		4.6	%
Las Vegas, NV		13,050	13,078		(0.2	%)		4,666		4,803			(2.9	%)		8,384	8,275		1.3	%
Atlanta, GA		10,659	10,591		0.6	%		4,033		3,928			2.7	%		6,626	6,663		(0.6	%)
Orlando, FL		10,710	10,592		1.1	%		4,097		4,016			2.0	%		6,613	6,576		0.6	%
Charlotte, NC		10,727	10,604		1.2	%		3,477		3,483			(0.2	%)		7,250	7,121		1.8	%
Raleigh, NC		6,985	7,053		(1.0	%)		2,323		2,296			1.2	%		4,662	4,757		(2.0	%)
Denver, CO		7,749	7,730		0.2	%		2,302		2,238			2.9	%		5,447	5,492		(0.8	%)
Phoenix, AZ		6,502	6,317		2.9	%		2,173		1,533			41.7	%		4,329	4,784		(9.5	%)
San Diego/Inland Empire, CA		8,058	8,090		(0.4	%)		3,071		3,074			(0.1	%)		4,987	5,016		(0.6	%)
Austin, TX		5,802	5,732		1.2	%		2,561		2,584			(0.9	%)		3,241	3,148		3.0	%
Corpus Christi, TX		2,143	2,132		0.5	%		761		709			7.3	%		1,382	1,423		(2.9	%)
Total Same Property		$184,431	$183,306		0.6	%		$65,788		$64,339			2.3	%		$118,643	$118,967		(0.3	%)
	Apartment
	Homes			% of NOI			Average Occupancy (a)								Weighted Average Rental Rate (b)
Quarterly Results (a)	Included			Contribution (a)				1Q14		4Q13		Change				1Q14	4Q13	Change
D.C. Metro		5,425			16.7	%		95.2	%	95.1	%		0.1	%		$1,638	$1,644		(0.4	%)
Houston, TX		4,569			9.9	%		96.0	%	96.3	%		(0.3	%)		1,276	1,263		1.1	%
Dallas, TX		4,417			7.2	%		95.1	%	95.9	%		(0.8	%)		1,036	1,031		0.5	%
Tampa, FL		4,658			7.6	%		95.7	%	95.5	%		0.2	%		927	920		0.7	%
SE Florida		2,520			7.5	%		96.9	%	96.4	%		0.5	%		1,659	1,639		1.2	%
Los Angeles/Orange County, CA		2,060			6.5	%		96.2	%	95.8	%		0.4	%		1,740	1,723		1.0	%
Las Vegas, NV		4,918			7.1	%		95.0	%	95.3	%		(0.3	%)		793	790		0.4	%
Atlanta, GA		3,117			5.6	%		95.5	%	96.0	%		(0.5	%)		1,029	1,020		0.9	%
Orlando, FL		3,238			5.6	%		96.1	%	95.9	%		0.2	%		989	981		0.7	%
Charlotte, NC		2,894			6.1	%		97.3	%	96.6	%		0.7	%		1,119	1,113		0.5	%
Raleigh, NC		2,266			3.9	%		95.0	%	95.9	%		(0.9	%)		923	922		0.1	%
Denver, CO		1,941			4.6	%		94.1	%	94.5	%		(0.4	%)		1,241	1,236		0.4	%
Phoenix, AZ		1,925			3.6	%		95.6	%	95.7	%		(0.1	%)		1,013	1,002		1.1	%
San Diego/Inland Empire, CA		1,665			4.2	%		95.1	%	95.8	%		(0.7	%)		1,540	1,535		0.4	%
Austin, TX		1,670			2.7	%		95.4	%	95.8	%		(0.4	%)		1,036	1,022		1.4	%
Corpus Christi, TX		632			1.2	%		95.1	%	95.6	%		(0.5	%)		990	976		1.4	%
Total Same Property		47,915			100.0	%		95.6	%	95.7	%		(0.1	%)		$1,175	$1,168		0.6	%
(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2013.
(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" OPERATING EXPENSE
CAMDEN			DETAIL AND COMPARISONS
			MARCH 31, 2014
			(In thousands)
(Unaudited)
									% of Actual 1Q14 Operating
Quarterly Comparison (a)	1Q14	1Q13	$ Change			% Change			Expenses
Property taxes	$20,660	$19,537		$1,123			5.7	%		31.4	%
Salaries and Benefits for On-site Employees	14,806	14,529		277			1.9	%		22.5	%
Utilities	13,855	13,433		422			3.1	%		21.1	%
Repairs and Maintenance	8,903	8,620		283			3.3	%		13.5	%
Property Insurance	3,693	4,326		(633	)		(14.6	%)		5.6	%
Other	3,871	4,003		(132	)		(3.3	%)		5.9	%
Total Same Property	$65,788	$64,448		$1,340			2.1	%		100.0	%
									% of Actual 1Q14 Operating
Sequential Comparison (a)	1Q14	4Q13	$ Change			% Change				Expenses
Property taxes	$20,660	$19,118		$1,542			8.1	%		31.4	%
Salaries and Benefits for On-site Employees	14,806	15,093		(287	)		(1.9	%)		22.5	%
Utilities	13,855	13,776		79			0.6	%		21.1	%
Repairs and Maintenance	8,903	8,866		37			0.4	%		13.5	%
Property Insurance	3,693	3,554		139			3.9	%		5.6	%
Other	3,871	3,932		(61	)		(1.6	%)		5.9	%
Total Same Property	$65,788	$64,339		$1,449			2.3	%		100.0	%
(a) "Same Property" Communities are communities we owned and were stabilized since January 1, 2013.

14

CAMDEN	JOINT VENTURE OPERATIONS
	(In thousands, except property data amounts)
Company's Pro-rata Share of Joint Venture Operations:
(Unaudited)
										Three Months Ended
										March 31,
OPERATING DATA (a)										2014			2013
Property Revenues
Rental revenues											$4,630			$5,674
Other property revenues											613			820
Total property revenues											5,243			6,494
Property Expenses
Property operating and maintenance											1,331			1,827
Real estate taxes											854			920
Total property expenses											2,185			2,747
Net Operating Income (NOI)											3,058			3,747
Other expenses
Interest											948			1,198
Depreciation and amortization											1,335			1,606
Other											51			9
Total other expenses											2,334			2,813
Gain on sale of properties, net											3,566			-
Equity in income of joint ventures											$4,290			$934
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2014			2013			2013				2013			2013
BALANCE SHEET DATA (b)
Land		$104,101			$110,496			$113,473			$110,549			$126,010
Buildings and improvements		669,943			695,290			722,921			705,450			828,505
		774,044			805,786			836,394			815,999			954,515
Accumulated depreciation		(64,780	)		(61,493	)		(58,588	)		(51,587	)		(143,212	)
Real estate assets, net		709,264			744,293			777,806			764,412			811,303
Properties under development and land		19,299			25,999			35,562			42,778			91,821
Cash and other assets, net		10,685			19,882			13,226			21,077			14,646
Total assets		$739,248			$790,174			$826,594			$828,267			$917,770
Notes payable		$516,992			$530,701			$563,191			$555,406			$724,775
Other liabilities		18,571			29,856			28,498			29,848			27,461
Total liabilities		535,563			560,557			591,689			585,254			752,236
Members' equity		203,685			229,617			234,905			243,013			165,534
Total liabilities and members' equity		$739,248			$790,174			$826,594			$828,267			$917,770
Camden's equity investment		$36,719			$42,155			$43,338			$44,630			$45,260
Distributions in excess of investment in joint ventures		$-			$-			$-			$-			($9,718	)
Camden's pro-rata share of debt		$103,399			$106,140			$112,638			$111,081			$144,955
PROPERTY DATA(end of period)
Total operating properties		21			22			24			23			37
Total operating apartment homes		7,012			7,270			7,870			7,594			10,692
Pro rata share of operating apartment homes		1,402			1,454			1,574			1,519			2,138
Total development properties		1			2			2			3			2
Total development apartment homes		266			566			566			842			576
Pro rata share of development apartment homes		53			113			113			168			115
(a) Operating data represents Camden's pro-rata share of revenues and expenses.
(b) Balance sheet and property data reported at 100%.

15

CAMDEN

CURRENT DEVELOPMENT COMMUNITIES

(Unaudited)

AS OF MARCH 31, 2014 ($ in millions)

Estimated/Actual Dates for

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

As of 05/04/2014

Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

% Leased

% Occupied

UNDER CONSTRUCTION

1.

Camden NOMA

320

$110.0

$100.9

$21.7

4Q11

4Q13

2Q14

2Q15

40%

22%

Washington, DC

2.

Camden Lamar Heights

314

47.0

34.2

34.2

2Q12

2Q14

4Q14

4Q15

Austin, TX

3.

Camden Flatirons

424

78.0

54.3

52.7

3Q12

2Q14

4Q14

4Q16

Denver, CO

4.

Camden Glendale

303

115.0

61.6

61.6

4Q12

1Q15

3Q15

1Q16

Glendale, CA

5.

Camden Boca Raton

261

54.0

34.6

34.6

4Q12

3Q14

4Q14

4Q15

Boca Raton, FL

6.

Camden Paces

379

110.0

55.2

55.2

4Q12

3Q14

2Q15

1Q17

Atlanta, GA

7.

Camden La Frontera

300

36.0

12.2

12.2

2Q13

3Q14

1Q15

4Q15

Round Rock, TX

8.

Camden Foothills

220

50.0

24.3

24.3

3Q13

3Q14

2Q15

3Q15

Scottsdale, AZ

9.

Camden Hayden

234

48.0

16.4

16.4

3Q13

4Q14

2Q15

3Q15

Tempe, AZ

10.

Camden Gallery

323

58.0

17.7

17.7

3Q13

1Q15

4Q15

2Q16

Charlotte, NC

11.

The Camden

287

145.0

37.0

37.0

4Q13

2Q16

4Q16

2Q17

Los Angeles, CA

12.

Camden Victory Park

423

82.0

19.0

19.0

4Q13

3Q15

1Q16

1Q18

Dallas, TX

13.

Camden Chandler

380

75.0

14.3

14.3

1Q14

3Q15

2Q16

2Q17

Chandler, AZ

14.

Camden Miramar Phase IXB

75

8.0

1.1

1.1

4Q13

3Q14

3Q14

3Q14

Corpus Christi, TX

Total Development Communities

4,243

$1,016.0

$482.8

$402.0

40%

22%

Additional Development Pipeline & Land (a)

113.1

Total Properties Under Development and Land (per Balance Sheet)

$515.1

Estimated/Actual Dates for

Total

Total

Total

Construction

Initial

Construction

Stabilized

As of 05/04/2014

Joint Venture Completed Communities in Lease-Up

Homes

Budget

Cost

Start

Occupancy

Completion

Operations

% Leased

% Occupied

1.

Camden South Capitol

276

$88.0

$78.4

2Q11

2Q13

3Q13

3Q14

82%

73%

Washington, DC

2.

Camden Waterford Lakes

300

40.0

36.9

4Q12

4Q13

1Q14

4Q14

71%

57%

Orlando, FL

Total Joint Venture Completed Communities in Lease-Up

576

$128.0

$115.3

76%

65%

Estimated/Actual Dates for

Total

Total

Cost to

Amount

Construction

Initial

Construction

Stabilized

Joint Venture Development Communities

Homes

Budget

Date

in CIP

Start

Occupancy

Completion

Operations

UNDER CONSTRUCTION

1.

Camden Southline

266

$48.0

$17.3

$17.3

2Q13

1Q15

3Q15

4Q15

Charlotte, NC

Total Joint Venture Development Communities

266

$48.0

$17.3

$17.3

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

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

16

CAMDEN		DEVELOPMENT PIPELINE & LAND
(Unaudited)
AS OF MARCH 31, 2014 ($ in millions)
		Projected		Total
PIPELINE COMMUNITIES (a)		Homes		Estimated Cost (b)		Cost to Date
1.	Camden McGowen Station		320		$82.0		$9.0
	Houston, TX
2.	Camden Lincoln Station		267		51.0		6.1
	Denver, CO
3.	Camden Conte (c)		519		170.0		16.0
	Houston, TX
4.	Camden Buckhead		336		80.0		19.3
	Atlanta, GA
5.	Camden NOMA II		405		124.0		20.4
	Washington, DC
6.	Camden Atlantic		286		62.0		12.1
	Plantation, FL
Development Pipeline			2,133		$569.0		$82.9
LAND HOLDINGS		Acreage				Cost to Date
	Dallas, TX		7.2				$8.6
	Houston, TX		11.5				6.5
	Las Vegas, NV		19.6				4.2
	Other		4.8				10.9
Land Holdings			43.1				$30.2
Total Development Pipeline and Land							$113.1

(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.
(c)	The development will be developed in two phases. The estimated units, estimated cost, and cost to date represent both phases.

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

17

CAMDEN		ACQUISITIONS & DISPOSITIONS
(Unaudited)
2014 DISPOSITION ACTIVITY ($ in millions)
Land Dispositions		Location	Acres	Year Built	Closing Date
1.	Paces Land	Atlanta, GA	3.0	N/A	03/03/14
Total/Average Land Dispositions		$6.3	3.0 Acres	N/A
Joint Venture Dispositions		Location	Apartment Homes	Year Built	Closing Date
1.	Camden Braun Station	San Antonio, TX	240	2006	02/12/14
2.	Camden Piney Point	Houston, TX	318	2004	02/27/14
Total/Average Joint Venture Dispositions		$65.6	558 Apartment Homes	2005
Pro Rata Joint Venture Dispositions		$13.1

18

CAMDEN			DEBT ANALYSIS
			(In thousands, except property data amounts)
(Unaudited)
DEBT MATURITIES AS OF MARCH 31, 2014:
	Future Scheduled Repayments														Weighted Average
			Secured			Unsecured										Interest Rate on
Year (a)	Amortization		Maturities			Maturities			Total			% of Total				Maturing Debt
2014		$2,262		$32,247			$-			$34,509			1.3	%			3.2	%
2015		1,979		-			250,000			251,979			9.7	%			5.1	%
2016		2,201		-			-			2,201			0.1	%			N/A
2017		2,419		-			246,750			249,169			9.6	%			5.7	%
2018		2,620		175,000			-			177,620			6.9	%			0.9	%
Thereafter		70,337		644,107			1,100,000			1,814,444			70.1	%			4.5	%
Total Maturing Debt		$81,818		$851,354			$1,596,750			$2,529,922			97.7	%			4.4	%
Unsecured Line of Credit		-		-			60,000			60,000			2.3	%			0.8	%
Other Short Term Borrowings		-		-			-			-			0.0	%			N/A
Total Debt		$81,818		$851,354			$1,656,750			$2,589,922			100.0	%			4.3	%
Weighted Average Maturity of Debt			6.6 Years
						Weighted Average
FLOATING vs. FIXED RATE DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt		$270,910		10.5	%		1.0	%	5.3 Years
Fixed rate debt		2,319,012		89.5	%		4.7	%	6.7 Years
Total		$2,589,922		100.0	%		4.3	%	6.6 Years
						Weighted Average
SECURED vs. UNSECURED DEBT:	Balance		% of Total			Interest Rate			Time to Maturity
Unsecured debt		$1,649,041		63.7	%		4.4	%	6.5 Years
Secured debt		940,881		36.3	%		4.2	%	6.7 Years
Total		$2,589,922		100.0	%		4.3	%	6.6 Years
						Weighted Average
SECURED DEBT DETAIL:	Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt		$729,971		77.6	%		5.1	%	6.8 Years
Conventional variable-rate mortgage debt		175,000		18.6	%		0.9	%	4.5 Years
Tax exempt variable rate debt		35,910		3.8	%		1.3	%	14.2 Years
Total		$940,881		100.0	%		4.2	%	6.7 Years
REAL ESTATE ASSETS: (b)	Total Homes		% of Total			Total Cost			% of Total			1Q14 NOI				% of Total
Unencumbered real estate assets		43,884		77.2	%		$5,595,980			77.9	%		$98,023				74.5	%
Encumbered real estate assets		12,988		22.8	%		1,589,550			22.1	%		33,582				25.5	%
Total		56,872		100.0	%		$7,185,530			100.0	%		$131,605				100.0	%
							Ratio of unencumbered assets at cost to unsecured debt is									3.4 times
(a) Includes all available extension options.
(b) Real estate assets include communities under development and exclude communities held through unconsolidated joint ventures.

19

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
	2Q 2014		$839		$8,827		$-		$9,666		6.0	%
	3Q 2014		842		23,420		-		24,262		2.2	%
	4Q 2014		581		-		-		581		N/A
	2014		$2,262		$32,247		$-		$34,509		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.

20

CAMDEN DEBT COVENANT ANALYSIS

(Unaudited)
UNSECURED LINE OF CREDIT
Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Gross Asset Value	<	60%	31%	Yes
Secured Debt to Gross Asset Value	<	35%	11%	Yes
Consolidated EBITDA to Total Fixed Charges	>	150%	379%	Yes
Unencumbered Adjusted NOI to Total Unsecured Debt	>	10.5%	22%	Yes
SENIOR UNSECURED NOTES
Covenant (a)	Required		Actual (b)	Compliance
Total Consolidated Debt to Total Asset Value	<	60%	35%	Yes
Total Secured Debt to Total Asset Value	<	40%	13%	Yes
Total Unencumbered Asset Value to Total Unsecured Debt	>	150%	347%	Yes
Consolidated Income Available for Debt Service to Total Annual Service Charges	>	150%	417%	Yes

(a)	For a complete listing of all Debt Covenants related to the Company's Unsecured Line of Credit and Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission.
(b)	Defined terms used in the above covenant calculations may differ between the Unsecured Line of Credit and the Senior Unsecured Notes.

21

CAMDEN	UNCONSOLIDATED REAL ESTATE INVESTMENTS
								DEBT ANALYSIS
					(In thousands, except property data amounts)
(Unaudited)
PRO RATA SHARE OF UNCONSOLIDATED DEBT MATURITIES AS OF MARCH 31, 2014:
	Future Scheduled Repayments										Weighted Average
			Secured								Interest Rate on
Year (a)	Amortization		Maturities		Total			% of Total			Maturing Debt
2014		$1,145		$-		$1,145			1.1	%		N/A
2015		1,707		-		1,707			1.7	%		N/A
2016		1,655		33,316		34,971			33.8	%		3.3	%
2017		1,060		28,633		29,693			28.7	%		3.0	%
2018		440		25,965		26,405			25.5	%		4.4	%
Thereafter		313		8,014		8,327			8.1	%		4.4	%
Total Maturing Debt		$6,320		$95,928		$102,248			98.9	%		3.6	%
Subscription lines of credit (b)		-		1,151		1,151			1.1	%		1.5	%
Total Debt		$6,320		$97,079		$103,399			100.0	%		3.6	%
Weighted Average Maturity of Debt			3.4 Years
								Weighted Average
FLOATING vs. FIXED RATE DEBT:			Balance		% of Total			Interest Rate			Time to Maturity
Floating rate debt				$26,096		25.2	%		2.2	%	2.8 Years
Fixed rate debt				77,303		74.8	%		4.1	%	3.5 Years
Total				$103,399		100.0	%		3.6	%	3.4 Years
								Weighted Average
SECURED DEBT DETAIL:			Balance		% of Total			Interest Rate			Time to Maturity
Conventional fixed-rate mortgage debt				$77,303		74.8	%		4.1	%	3.5 Years
Conventional variable-rate mortgage debt				19,662		19.0	%		2.3	%	2.7 Years
Variable-rate construction loans				5,283		5.1	%		2.0	%	3.7 Years
Subscription lines of credit				1,151		1.1	%		1.5	%	0.8 Years
Total				$103,399		100.0	%		3.6	%	3.4 Years
REAL ESTATE ASSETS: (c)			Total Homes		Total Cost
Operating real estate assets				7,012		$774,044
Properties under development and land				266		19,299
Total				7,278		$793,343

(a)	Includes all available extension options.
(b)	As of March 31, 2014 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%.

22

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
	2Q 2014		$376		$-		$376		N/A
	3Q 2014		380		-		380		N/A
	4Q 2014 (b)		389		1,151		1,540		1.5	%
	2014		$1,145		$1,151		$2,296		1.5	%
	1Q 2015		$410		$-		$410		N/A
	2Q 2015		405		-		405		N/A
	3Q 2015		441		-		441		N/A
	4Q 2015		451		-		451		N/A
	2015		$1,707		$-		$1,707		N/A

(a)	Includes all available extension options.
(b)	4Q 2014 maturities includes subscription lines of credit with $1.2M (Camden's pro-rata share) outstanding as of March 31, 2014.
	The lines of credit have $8.8 million in total capacity.

23

CAMDEN				CAPITALIZED EXPENDITURES
				& MAINTENANCE EXPENSE
				(In thousands, except unit data)
(Unaudited)
		First Quarter 2014
		Capitalized						Expensed
		Weighted Average
	Item	Useful Life (a)		Total		Per Unit		Total		Per Unit
	Interiors
	Floor coverings	5.5 years			$2,030		$39		$525		$10
	Appliances	9.5 years			887		17		184		3
	Painting		-		-		-		1,152		22
	Cabinetry/Countertops	10.0 years			322		6		-		-
	Other	9.3 years			1,131		21		553		11
	Exteriors
	Painting	5.0 years			63		1		-		-
	Carpentry	10.0 years			106		2		-		-
	Landscaping	6.1 years			270		5		3,152		60
	Roofing	20.0 years			477		9		46		1
	Site Drainage	10.0 years			99		2		-		-
	Fencing/Stair	10.0 years			130		2		-		-
	Other (b)	6.1 years			908		17		2,865		54
	Common Areas
	Mech., Elec., Plumbing	9.5 years			946		18		975		19
	Parking/Paving	5.0 years			63		1		-		-
	Pool/Exercise/Facility	7.5 years			967		18		294		6
	Total				$8,399		$158		$9,746		$186
	Weighted Average Apartment Homes						52,659				52,659
	Revenue Enhancing Expenditures (c)	10.0 years			$15,728		$10,707
	Revenue Enhanced Apartment Homes						1,469
(a)	Weighted average useful life of capitalized expenses for the three months ended March 31, 2014.
(b)	Includes in part the following items: site/building repair, masonry/plaster, and general conditions.
(c)	Represents capital expenditures for the three months ended March 31, 2014 spent on apartment unit renovations (primarily kitchens and baths) designed to reposition these assets for higher rental levels in their respective markets.

24

CAMDEN	NON-GAAP FINANCIAL MEASURES
	DEFINITIONS & RECONCILIATIONS
	(In thousands, except per share amounts)
(Unaudited)
This document contains certain non-GAAP financial measures management believes are useful in evaluating an equity REIT's performance.  Camden's
definitions and calculations of non-GAAP financial measures may differ from those used by other REITs, and thus may not be comparable.  The non-GAAP
financial measures should not be considered as an alternative to net income as an indication of our operating performance, or to net cash provided by operating
activities as a measure of our liquidity.
FFO
The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income attributable to common shares computed in accordance
with generally accepted accounting principles (“GAAP”), excluding gains or losses from depreciable operating property sales, plus real estate depreciation and amortization,
and after adjustments for unconsolidated partnerships and joint ventures.  Camden’s definition of diluted FFO also assumes conversion of all dilutive convertible securities,
including minority interests, which are convertible into common equity.  The Company considers FFO to be an appropriate supplemental measure of operating performance
because, by excluding gains or losses on dispositions of operating properties and excluding depreciation, FFO can help one compare the operating performance of a
company's real estate between periods or as compared to different companies.  A reconciliation of net income attributable to common shareholders to FFO is provided below:

	Three Months Ended
	March 31,
	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Real estate depreciation from continuing operations		56,011			50,506
Real estate depreciation and amortization from discontinued operations		-			1,867
Adjustments for unconsolidated joint ventures		1,314			1,608
Income allocated to non-controlling interests		1,037			957
(Gain) on sale of unconsolidated joint venture properties		(3,566	)		-
(Gain) on sale of discontinued operations, net of tax		-			(31,783	)
Funds from operations - diluted		$94,832			$86,631
Weighted average number of common and
common equivalent shares outstanding:
EPS diluted		88,824			87,276
FFO diluted		89,910			89,177
Net income attributable to common shareholders - diluted		$0.45			$0.72
FFO per common share - diluted		$1.05			$0.97

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:

	2Q14 Range				2014 Range
	Low		High		Low			High
Expected net income attributable to common shareholders per share - diluted		$0.37		$0.41		$1.48			$1.68
Expected real estate depreciation		0.63		0.63		2.56			2.56
Expected adjustments for unconsolidated joint ventures		0.01		0.01		0.05			0.05
Expected income allocated to non-controlling interests		0.01		0.01		0.05			0.05
(Gain) on sale of unconsolidated joint venture property		0.00		0.00		(0.04	)		(0.04	)
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.

25

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

 (Unaudited)

Net Operating Income (NOI)

NOI is defined by the Company as total property income less property operating and maintenance expenses less real estate taxes.  The Company considers

NOI to be an appropriate supplemental measure of operating performance to net income attributable to common shareholders because it reflects the

operating performance of our communities without allocation of corporate level property management overhead or general and administrative costs.

A reconciliation of net income attributable to common shareholders to net operating income is provided below:

	Three Months Ended
	March 31,
	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Less: Fee and asset management income		(3,023	)		(2,894	)
Less: Interest and other (income) loss		(288	)		(52	)
Less: Income on deferred compensation plans		(681	)		(2,999	)
Plus: Property management expense		5,839			5,983
Plus: Fee and asset management expense		1,259			1,477
Plus: General and administrative expense		9,545			9,794
Plus: Interest expense		23,133			24,895
Plus: Depreciation and amortization		57,396			51,603
Plus: Amortization of deferred financing costs		841			916
Plus: Expense on deferred compensation plans		681			2,999
Less: Gain on sale of land		(354	)		(698	)
Less: Equity in income of joint ventures		(4,290	)		(934	)
Plus: Income tax expense		474			399
Less: Income from discontinued operations		-			(2,774	)
Less: Gain on sale of discontinued operations, net of tax		-			(31,783	)
Plus: Income allocated to non-controlling interests from continuing operations		1,037			864
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			93
Net Operating Income (NOI)		$131,605			$120,365
"Same Property" Communities		$118,643			$111,646
Non-"Same Property" Communities		12,313			7,924
Development and Lease-Up Communities		(5	)		(6	)
Other		654			801
Net Operating Income (NOI)		$131,605			$120,365

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
	March 31,
	2014			2013
Net income attributable to common shareholders		$40,036			$63,476
Plus: Interest expense		23,133			24,895
Plus: Amortization of deferred financing costs		841			916
Plus: Depreciation and amortization		57,396			51,603
Plus: Income allocated to non-controlling interests from continuing operations		1,037			864
Plus: Income, including gain on sale, allocated to non-controlling interests from discontinued operations		-			93
Plus: Income tax expense		474			399
Plus: Real estate depreciation and amortization from discontinued operations		-			1,867
Less: Gain on sale of land		(354	)		(698	)
Less: Equity in income of joint ventures		(4,290	)		(934	)
Less: Gain on sale of discontinued operations, net of tax		-			(31,783	)
EBITDA		$118,273			$110,698

26

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:					Q2 '14	Q3 '14	Q4 '14	Q1 '15
	Earnings release & conference call				Late July	Early Nov	Early Feb	Late Apr
Dividend Information - Common Shares:					Q1 '14
	Declaration Date				01/30/14
	Record Date				03/31/14
	Payment Date				04/17/14
	Distributions Per Share				$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

27

CAMDEN										COMMUNITY TABLE
										Community Statistics as of 03/31/14
(Unaudited)													1Q14 Avg
					Year Placed	Average		Apartment		1Q14 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	%		$945		$1.20
	Camden Legacy		Scottsdale	AZ	1996		1,067		428		96	%		1,022		0.96
	Camden Montierra		Scottsdale	AZ	1999		1,071		249		96	%		1,171		1.09
	Camden Pecos Ranch		Chandler	AZ	2001		924		272		94	%		901		0.98
	Camden San Marcos		Scottsdale	AZ	1995		984		320		95	%		1,032		1.05
	Camden San Paloma		Scottsdale	AZ	1993/1994		1,042		324		96	%		1,021		0.98
	Camden Sotelo		Tempe	AZ	2008/2012		1,303		170		87	%		1,487		1.14
		TOTAL ARIZONA	7	Properties			1,007		2,095		95	%		1,051		1.04
	Camden Crown Valley		Mission Viejo	CA	2001		1,009		380		96	%		1,721		1.71
	Camden Harbor View		Long Beach	CA	2004		975		538		96	%		2,083		2.14
	Camden Main and Jamboree		Irvine	CA	2008		1,011		290		96	%		1,894		1.87
	Camden Martinique		Costa Mesa	CA	1986		794		714		96	%		1,454		1.83
	Camden Parkside		Fullerton	CA	1972		836		421		94	%		1,311		1.57
	Camden Sea Palms		Costa Mesa	CA	1990		891		138		98	%		1,610		1.81
		Total Los Angeles/Orange County	6	Properties			904		2,481		96	%		1,667		1.84
	Camden Landmark		Ontario	CA	2006		982		469		96	%		1,357		1.38
	Camden Old Creek		San Marcos	CA	2007		1,037		350		96	%		1,685		1.62
	Camden Sierra at Otay Ranch		Chula Vista	CA	2003		962		422		94	%		1,568		1.63
	Camden Tuscany		San Diego	CA	2003		896		160		95	%		2,182		2.43
	Camden Vineyards		Murrieta	CA	2002		1,053		264		95	%		1,266		1.20
		Total San Diego/Inland Empire	5	Properties			991		1,665		95	%		1,544		1.56
		TOTAL CALIFORNIA	11	Properties			939		4,146		96	%		1,618		1.72
	Camden Belleview Station		Denver	CO	2009		888		270		93	%		1,213		1.37
	Camden Caley		Englewood	CO	2000		925		218		95	%		1,136		1.23
	Camden Denver West		Golden	CO	1997		1,015		320		94	%		1,309		1.29
	Camden Highlands Ridge		Highlands Ranch	CO	1996		1,149		342		93	%		1,357		1.18
	Camden Interlocken		Broomfield	CO	1999		1,010		340		95	%		1,298		1.29
	Camden Lakeway		Littleton	CO	1997		932		451		95	%		1,133		1.22
		TOTAL COLORADO	6	Properties			991		1,941		94	%		1,242		1.25
	Camden Ashburn Farm		Ashburn	VA	2000		1,062		162		95	%		1,500		1.41
	Camden Clearbrook		Frederick	MD	2007		1,048		297		95	%		1,359		1.30
	Camden College Park		College Park	MD	2008		942		508		95	%		1,570		1.67
	Camden Dulles Station		Oak Hill	VA	2009		978		382		96	%		1,625		1.66
	Camden Fair Lakes		Fairfax	VA	1999		1,056		530		96	%		1,690		1.60
	Camden Fairfax Corner		Fairfax	VA	2006		934		488		96	%		1,727		1.85
	Camden Fallsgrove		Rockville	MD	2004		996		268		94	%		1,702		1.71
	Camden Grand Parc		Washington	DC	2002		674		105		96	%		2,414		3.59
	Camden Lansdowne		Leesburg	VA	2002		1,006		690		95	%		1,446		1.44
	Camden Largo Town Center		Largo	MD	2000/2007		1,027		245		96	%		1,608		1.56
	Camden Monument Place		Fairfax	VA	2007		856		368		94	%		1,527		1.78
	Camden Potomac Yard		Arlington	VA	2008		835		378		95	%		2,021		2.42
	Camden Roosevelt		Washington	DC	2003		856		198		96	%		2,527		2.95
	Camden Russett		Laurel	MD	2000		992		426		95	%		1,415		1.43
	Camden Silo Creek		Ashburn	VA	2004		975		284		97	%		1,470		1.51
	Camden South Capitol (1)(2)		Washington	DC	2013		821		276	Lease-up				2,185		2.66
	Camden Summerfield		Landover	MD	2008		957		291		94	%		1,572		1.64
	Camden Summerfield II		Landover	MD	2012		936		187		94	%		1,593		1.70
		TOTAL DC METRO	18	Properties			956		6,083		95	%		1,662		1.74
	Camden Aventura		Aventura	FL	1995		1,108		379		96	%		1,708		1.54
	Camden Brickell		Miami	FL	2003		937		405		98	%		1,838		1.96
	Camden Doral		Miami	FL	1999		1,120		260		97	%		1,632		1.46
	Camden Doral Villas		Miami	FL	2000		1,253		232		96	%		1,752		1.40
	Camden Las Olas		Ft. Lauderdale	FL	2004		1,043		420		97	%		1,893		1.82
	Camden Plantation		Plantation	FL	1997		1,201		502		97	%		1,388		1.16
	Camden Portofino		Pembroke Pines	FL	1995		1,112		322		98	%		1,446		1.30
		Total Southeast Florida	7	Properties			1,103		2,520		97	%		1,659		1.50
	Camden Club		Longwood	FL	1986		1,077		436		97	%		939		0.87
	Camden Hunter's Creek		Orlando	FL	2000		1,075		270		96	%		1,092		1.02
	Camden Lago Vista		Orlando	FL	2005		955		366		97	%		953		1.00
	Camden LaVina		Orlando	FL	2012		970		420		96	%		1,097		1.13
	Camden Lee Vista		Orlando	FL	2000		937		492		97	%		923		0.99
	Camden Orange Court		Orlando	FL	2008		817		268		96	%		1,161		1.42
	Camden Renaissance		Altamonte Springs	FL	1996/1998		899		578		95	%		866		0.96
	Camden Town Square		Orlando	FL	2012		986		438		95	%		1,145		1.16
	Camden Waterford Lakes (1)(2)		Orlando	FL	2013		971		300	Lease-up				1,162		1.20
	Camden World Gateway		Orlando	FL	2000		979		408		96	%		1,033		1.06
		Total Orlando	10	Properties			966		3,976		96	%		1,019		1.06

28

CAMDEN										COMMUNITY TABLE
										Community Statistics as of 03/31/14
(Unaudited)													1Q14 Avg
					Year Placed	Average		Apartment		1Q14 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	%		$928		$0.98
	Camden Bayside		Tampa	FL	1987/1989		748		832		95	%		830		1.11
	Camden Lakes		St. Petersburg	FL	1982/1983		732		688		95	%		778		1.06
	Camden Lakeside		Brandon	FL	1986		729		228		95	%		787		1.08
	Camden Montague		Tampa	FL	2012		975		192		97	%		1,151		1.18
	Camden Preserve		Tampa	FL	1996		942		276		94	%		1,149		1.22
	Camden Providence Lakes		Brandon	FL	1996		1,024		260		97	%		931		0.91
	Camden Royal Palms		Brandon	FL	2006		1,017		352		96	%		972		0.96
	Camden Visconti (1)		Tampa	FL	2007		1,125		450		94	%		1,159		1.03
	Camden Westchase Park		Tampa	FL	2012		993		348		96	%		1,233		1.24
	Camden Westshore		Tampa	FL	1986		728		278		97	%		905		1.24
	Camden Woods		Tampa	FL	1986		1,223		444		97	%		908		0.74
		Total Tampa/St. Petersburg	12	Properties			916		5,108		96	%		947		1.03
		TOTAL FLORIDA	29	Properties			973		11,604		96	%		1,126		1.16
	Camden Brookwood		Atlanta	GA	2002		912		359		97	%		1,119		1.22
	Camden Creekstone		Atlanta	GA	2002		990		223		98	%		1,036		1.05
	Camden Deerfield		Alpharetta	GA	2000		1,187		292		95	%		1,112		0.94
	Camden Dunwoody		Atlanta	GA	1997		1,007		324		95	%		1,043		1.04
	Camden Midtown Atlanta		Atlanta	GA	2001		935		296		95	%		1,156		1.24
	Camden Peachtree City		Peachtree City	GA	2001		1,027		399		96	%		1,033		1.01
	Camden Phipps (1)		Atlanta	GA	1996		1,018		234		95	%		1,360		1.34
	Camden River		Duluth	GA	1997		1,103		352		97	%		951		0.86
	Camden Shiloh		Kennesaw	GA	1999/2002		1,143		232		96	%		967		0.85
	Camden St. Clair		Atlanta	GA	1997		999		336		96	%		1,071		1.07
	Camden Stockbridge		Stockbridge	GA	2003		1,009		304		95	%		788		0.78
	Camden Vantage		Atlanta	GA	2010		901		592		94	%		1,113		1.23
		TOTAL GEORGIA	12	Properties			1,008		3,943		95	%		1,061		1.05
	Camden Bel Air		Las Vegas	NV	1988/1995		943		528		94	%		722		0.77
	Camden Breeze		Las Vegas	NV	1989		846		320		94	%		732		0.87
	Camden Canyon		Las Vegas	NV	1995		987		200		95	%		866		0.88
	Camden Commons		Henderson	NV	1988		936		376		93	%		763		0.82
	Camden Cove		Las Vegas	NV	1990		898		124		95	%		731		0.81
	Camden Del Mar		Las Vegas	NV	1995		986		560		95	%		927		0.94
	Camden Fairways		Henderson	NV	1989		896		320		97	%		881		0.98
	Camden Hills		Las Vegas	NV	1991		439		184		94	%		492		1.12
	Camden Legends		Henderson	NV	1994		792		113		97	%		827		1.04
	Camden Palisades		Las Vegas	NV	1991		905		624		95	%		724		0.80
	Camden Pines		Las Vegas	NV	1997		982		315		96	%		798		0.81
	Camden Pointe		Las Vegas	NV	1996		983		252		96	%		740		0.75
	Camden Summit		Henderson	NV	1995		1,187		234		96	%		1,095		0.92
	Camden Tiara		Las Vegas	NV	1996		1,043		400		95	%		861		0.83
	Camden Vintage		Las Vegas	NV	1994		978		368		95	%		700		0.71
		TOTAL NEVADA	15	Properties			938		4,918		95	%		793		0.84
	Camden Ballantyne		Charlotte	NC	1998		1,045		400		96	%		1,130		1.08
	Camden Cotton Mills		Charlotte	NC	2002		905		180		98	%		1,382		1.53
	Camden Dilworth		Charlotte	NC	2006		857		145		97	%		1,338		1.56
	Camden Fairview		Charlotte	NC	1983		1,036		135		97	%		1,031		0.99
	Camden Foxcroft		Charlotte	NC	1979		940		156		98	%		894		0.95
	Camden Grandview		Charlotte	NC	2000		1,057		266		97	%		1,508		1.42
	Camden Pinehurst		Charlotte	NC	1967		1,147		407		98	%		907		0.79
	Camden Sedgebrook		Charlotte	NC	1999		972		368		97	%		973		1.00
	Camden Simsbury		Charlotte	NC	1985		874		100		99	%		1,010		1.16
	Camden South End Square		Charlotte	NC	2003		882		299		97	%		1,251		1.42
	Camden Stonecrest		Charlotte	NC	2001		1,098		306		96	%		1,138		1.04
	Camden Touchstone		Charlotte	NC	1986		899		132		98	%		858		0.95
		Total Charlotte	12	Properties			1,003		2,894		97	%		1,119		1.11
	Camden Asbury Village (1)		Raleigh	NC	2009		1,009		350		95	%		1,046		1.04
	Camden Crest		Raleigh	NC	2001		1,013		438		96	%		870		0.86
	Camden Governor's Village		Chapel Hill	NC	1999		1,046		242		94	%		938		0.90
	Camden Lake Pine		Apex	NC	1999		1,066		446		96	%		929		0.87
	Camden Manor Park		Raleigh	NC	2006		966		484		96	%		948		0.98
	Camden Overlook		Raleigh	NC	2001		1,060		320		95	%		1,060		1.00
	Camden Reunion Park		Apex	NC	2000/2004		972		420		95	%		810		0.83
	Camden Westwood		Morrisville	NC	1999		1,027		354		94	%		879		0.86
		Total Raleigh	8	Properties			1,016		3,054		95	%		929		0.91
		TOTAL NORTH CAROLINA	20	Properties			1,010		5,948		96	%		1,022		1.01

29

CAMDEN										COMMUNITY TABLE
										Community Statistics as of 03/31/14
(Unaudited)													1Q14 Avg
					Year Placed	Average		Apartment		1Q14 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	%		$933		$1.08
	Camden Amber Oaks II (1)		Austin	TX	2012		910		244		95	%		1,030		1.13
	Camden Brushy Creek (1)		Cedar Park	TX	2008		882		272		96	%		942		1.07
	Camden Cedar Hills		Austin	TX	2008		911		208		96	%		1,081		1.19
	Camden Gaines Ranch		Austin	TX	1997		955		390		96	%		1,242		1.30
	Camden Huntingdon		Austin	TX	1995		903		398		95	%		913		1.01
	Camden Ridgecrest		Austin	TX	1995		855		284		96	%		825		0.97
	Camden Shadow Brook (1)		Austin	TX	2009		909		496		97	%		966		1.06
	Camden Stoneleigh		Austin	TX	2001		908		390		95	%		1,084		1.19
		Total Austin	9	Properties			901		3,030		96	%		1,004		1.11
	Camden Breakers		Corpus Christi	TX	1996		868		288		94	%		1,164		1.34
	Camden Copper Ridge		Corpus Christi	TX	1986		775		344		96	%		844		1.09
	Camden Miramar (3)		Corpus Christi	TX	1994-2013		492		930		97	%		1,101		2.24
	Camden South Bay (1)		Corpus Christi	TX	2007		1,055		270		93	%		1,252		1.19
		Total Corpus Christi	4	Properties			687		1,832		94	%		1,085		1.58
	Camden Addison		Addison	TX	1996		942		456		95	%		954		1.01
	Camden Belmont		Dallas	TX	2010/2012		945		477		93	%		1,340		1.42
	Camden Buckingham		Richardson	TX	1997		919		464		96	%		1,005		1.09
	Camden Centreport		Ft. Worth	TX	1997		911		268		94	%		934		1.02
	Camden Cimarron		Irving	TX	1992		772		286		95	%		963		1.25
	Camden Design District (1)		Dallas	TX	2009		939		355		95	%		1,260		1.34
	Camden Farmers Market		Dallas	TX	2001/2005		932		904		94	%		1,103		1.18
	Camden Glen Lakes		Dallas	TX	1979		877		424		95	%		905		1.03
	Camden Henderson		Dallas	TX	2012		967		106		97	%		1,467		1.52
	Camden Legacy Creek		Plano	TX	1995		831		240		96	%		992		1.19
	Camden Legacy Park		Plano	TX	1996		871		276		96	%		1,025		1.18
	Camden Panther Creek (1)		Frisco	TX	2009		946		295		96	%		1,059		1.12
	Camden Riverwalk (1)		Grapevine	TX	2008		982		600		95	%		1,241		1.26
	Camden Valley Park		Irving	TX	1986		743		516		96	%		880		1.18
		Total Dallas/Ft. Worth	14	Properties			902		5,667		95	%		1,073		1.19
	Camden City Centre		Houston	TX	2007		932		379		97	%		1,574		1.69
	Camden City Centre II		Houston	TX	2013		868		268		96	%		1,628		1.88
	Camden Cypress Creek (1)		Cypress	TX	2009		993		310		95	%		1,199		1.21
	Camden Downs at Cinco Ranch (1)		Katy	TX	2004		1,075		318		95	%		1,200		1.12
	Camden Grand Harbor (1)		Katy	TX	2008		959		300		96	%		1,109		1.16
	Camden Greenway		Houston	TX	1999		861		756		96	%		1,350		1.57
	Camden Heights (1)		Houston	TX	2004		927		352		97	%		1,489		1.61
	Camden Holly Springs		Houston	TX	1999		934		548		94	%		1,160		1.24
	Camden Midtown		Houston	TX	1999		844		337		97	%		1,670		1.98
	Camden Northpointe (1)		Tomball	TX	2008		940		384		96	%		1,027		1.09
	Camden Oak Crest		Houston	TX	2003		870		364		95	%		1,015		1.17
	Camden Park		Houston	TX	1995		866		288		96	%		968		1.12
	Camden Plaza		Houston	TX	2007		915		271		96	%		1,519		1.66
	Camden Post Oak		Houston	TX	2003		1,200		356		95	%		2,583		2.15
	Camden Royal Oaks		Houston	TX	2006		923		236		100	%		1,200		1.30
	Camden Royal Oaks II		Houston	TX	2012		1,054		104		99	%		1,374		1.30
	Camden Spring Creek (1)		Spring	TX	2004		1,080		304		97	%		1,115		1.03
	Camden Stonebridge		Houston	TX	1993		845		204		97	%		1,021		1.21
	Camden Sugar Grove		Stafford	TX	1997		921		380		96	%		1,022		1.11
	Camden Travis Street		Houston	TX	2010		819		253		98	%		1,608		1.96
	Camden Vanderbilt		Houston	TX	1996/1997		863		894		96	%		1,377		1.60
	Camden Whispering Oaks		Houston	TX	2008		934		274		97	%		1,176		1.25
	Camden Woodson Park (1)		Houston	TX	2008		916		248		95	%		1,045		1.14
	Camden Yorktown (1)		Houston	TX	2008		995		306		96	%		1,122		1.13
		Total Houston	24	Properties			930		8,434		96	%		1,323		1.42
		TOTAL TEXAS	51	Properties			894		18,963		96	%		1,174		1.31
	TOTAL PROPERTIES		169	Properties			949		59,641		96	%		$1,189		$1.25
(1)	Communities owned through investment in joint venture.
(2)	Completed communities in lease-up as of March 31, 2014 are excluded from total occupancy numbers.
(3)	Miramar is a student housing community which is excluded from total occupancy numbers.

30