10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2011

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                    

Commission file number: 1-12110

CAMDEN PROPERTY TRUST

(Exact Name of Registrant as Specified in Its Charter)

Texas	76-6088377
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
3 Greenway Plaza, Suite 1300 Houston, Texas	77046
(Address of principal executive offices)	(Zip Code)

(713) 354-2500

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  þ    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller Reporting Company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.    Yes  ¨    No  x

On October 28, 2011, 71,357,674 common shares of the registrant were outstanding, net of treasury shares and shares held in our deferred compensation arrangements.

CAMDEN PROPERTY TRUST

Table of Contents

		Page
PART I	FINANCIAL INFORMATION		3
Item 1	Financial Statements		3
	Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2011 and December 31, 2010		3
	Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2011 and 2010		4
	Condensed Consolidated Statements of Equity (Unaudited) for the nine months ended September  30, 2011 and 2010		6
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September  30, 2011 and 2010		8
	Notes to Condensed Consolidated Financial Statements (Unaudited)		10
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		26
Item 3	Quantitative and Qualitative Disclosures About Market Risk		39
Item 4	Controls and Procedures		39
Part II	OTHER INFORMATION		40
Item 1	Legal Proceedings		40
Item 1A	Risk Factors		40
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds		40
Item 3	Defaults Upon Senior Securities		40
Item 4	Reserved		40
Item 5	Other Information		40
Item 6	Exhibits		41
SIGNATURES			42

Exhibit 31.1

Exhibit 31.2

Exhibit 32.1

Exhibit 101.INS

Exhibit 101.SCH

Exhibit 101.CAL

Exhibit 101.DEF

Exhibit 101.LAB

Exhibit 101.PRE

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except per share amounts)	September 30, 2011			December 31, 2010
Assets
Real estate assets, at cost
Land	$	766,302		$	760,397
Buildings and improvements		4,758,397			4,680,361
		5,524,699			5,440,758
Accumulated depreciation		(1,421,867	)		(1,292,924	)
Net operating real estate assets		4,102,832			4,147,834
Properties under development, including land		274,201			206,919
Investments in joint ventures		37,033			27,632
Total real estate assets		4,414,066			4,382,385
Accounts receivable – affiliates		31,395			31,895
Notes receivable – affiliates		—			3,194
Other assets, net		87,657			106,175
Cash and cash equivalents		56,099			170,575
Restricted cash		5,357			5,513
Total assets	$	4,594,574		$	4,699,737
Liabilities and equity
Liabilities
Notes payable
Unsecured	$	1,380,560		$	1,507,757
Secured		1,052,544			1,055,997
Accounts payable and accrued expenses		97,613			81,556
Accrued real estate taxes		37,721			22,338
Distributions payable		39,319			35,295
Other liabilities		111,043			141,496
Total liabilities		2,718,800			2,844,439
Commitments and contingencies
Perpetual preferred units		97,925			97,925
Equity
Common shares of beneficial interest; $0.01 par value per share; 100,000 shares authorized; 86,763 and 85,130 issued; 83,874 and 82,386 outstanding at September 30, 2011 and December 31, 2010, respectively		839			824
Additional paid-in capital		2,861,139			2,775,625
Distributions in excess of net income attributable to common shareholders		(700,897	)		(595,317	)
Treasury shares, at cost (12,516 and 12,766 common shares at September 30, 2011 and December 31, 2010, respectively)		(452,244	)		(461,255	)
Accumulated other comprehensive income (loss)		201			(33,458	)
Total common equity		1,709,038			1,686,419
Noncontrolling interests		68,811			70,954
Total equity		1,777,849			1,757,373
Total liabilities and equity	$	4,594,574		$	4,699,737

See Notes to Condensed Consolidated Financial Statements.

3

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share amounts)	2011			2010			2011			2010
Property revenues
Rental revenues	$	144,211		$	131,911		$	424,210		$	390,376
Other property revenues		24,723			22,363			70,977			64,641
Total property revenues		168,934			154,274			495,187			455,017
Property expenses
Property operating and maintenance		50,715			46,999			144,666			134,655
Real estate taxes		17,329			16,652			52,932			52,767
Total property expenses		68,044			63,651			197,598			187,422
Non-property income (loss)
Fee and asset management		2,646			2,145			6,955			6,028
Interest and other income (loss)		(108	)		451			4,749			3,988
Income (loss) on deferred compensation plans		(6,096	)		6,918			1,233			6,818
Total non-property income (loss)		(3,558	)		9,514			12,937			16,834
Other expenses
Property management		5,050			4,789			15,478			14,994
Fee and asset management		1,330			1,155			4,220			3,611
General and administrative		8,572			7,568			26,392			22,339
Interest		27,354			31,781			85,472			95,078
Depreciation and amortization		44,558			43,034			137,111			128,012
Amortization of deferred financing costs		1,344			1,185			4,761			2,624
Expense (benefit) on deferred compensation plans		(6,096	)		6,918			1,233			6,818
Total other expenses		82,112			96,430			274,667			273,476
Loss on discontinuation of hedging relationship		—			—			(29,791	)		—
Gain on sale of properties, including land		—			—			4,748			236
Gain on sale of unconsolidated joint venture interests		—			—			1,136			—
Equity in loss of joint ventures		(556	)		(244	)		(166	)		(785	)
Income from continuing operations before income taxes		14,664			3,463			11,786			10,404
Income tax expense – current		(313	)		(712	)		(1,889	)		(1,286	)
Income from continuing operations		14,351			2,751			9,897			9,118
Income from discontinued operations		—			1,081			—			2,743
Net income		14,351			3,832			9,897			11,861
Less income allocated to noncontrolling interests from continuing operations		(761	)		(432	)		(2,118	)		(542	)
Less income allocated to perpetual preferred units		(1,750	)		(1,750	)		(5,250	)		(5,250	)
Net income attributable to common shareholders	$	11,840		$	1,650		$	2,529		$	6,069

See Notes to Condensed Consolidated Financial Statements.

4

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME (continued)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share amounts)	2011			2010			2011			2010
Earnings per share – basic
Income from continuing operations attributable to common shareholders	$	0.16		$	0.01		$	0.03		$	0.05
Income from discontinued operations attributable to common shareholders		—			0.01			—			0.04
Net income attributable to common shareholders	$	0.16		$	0.02		$	0.03		$	0.09
Earnings per share – diluted
Income from continuing operations attributable to common shareholders	$	0.16		$	0.01		$	0.03		$	0.05
Income from discontinued operations attributable to common shareholders		—			0.01			—			0.04
Net income attributable to common shareholders	$	0.16		$	0.02		$	0.03		$	0.09
Distributions declared per common share	$	0.49		$	0.45		$	1.47		$	1.35
Weighted average number of common shares outstanding – basic		73,242			69,100			72,502			67,898
Weighted average number of common shares outstanding – diluted		74,274			69,441			73,217			68,169
Net income attributable to common shareholders
Income from continuing operations	$	14,351		$	2,751		$	9,897		$	9,118
Less income allocated to noncontrolling interests from continuing operations		(761	)		(432	)		(2,118	)		(542	)
Less income allocated to perpetual preferred units		(1,750	)		(1,750	)		(5,250	)		(5,250	)
Income from continuing operations attributable to common shareholders		11,840			569			2,529			3,326
Income from discontinued operations attributable to common shareholders		—			1,081			—			2,743
Net income attributable to common shareholders	$	11,840		$	1,650		$	2,529		$	6,069
Condensed Consolidated Statements of Comprehensive Income:
Net income	$	14,351		$	3,832		$	9,897		$	11,861
Other comprehensive income
Unrealized loss on cash flow hedging activities		—			(5,323	)		(2,692	)		(19,549	)
Reclassification of net losses on cash flow hedging activities		108			5,825			39,660			17,488
Unrealized gain on available-for-sale securities, net of tax		—			1,914			—			1,914
Reclassification of gain on available-for-sale investment to earnings, net of tax		—			—			(3,309	)		—
Comprehensive income		14,459			6,248			43,556			11,714
Less income allocated to noncontrolling interests from continuing operations		(761	)		(432	)		(2,118	)		(542	)
Less income allocated to perpetual preferred units		(1,750	)		(1,750	)		(5,250	)		(5,250	)
Comprehensive income attributable to common shareholders	$	11,948		$	4,066		$	36,188		$	5,922

See Notes to Condensed Consolidated Financial Statements.

5

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND PERPETUAL PREFERRED UNITS

(Unaudited)

	Common Shareholders
(in thousands, except per share amounts)	Common shares of beneficial interest			Additional paid-in capital		Distributions in excess of net income			Treasury shares, at cost			Accumulated other comprehensive income (loss)			Noncontrolling interests			Total equity			Perpetual preferred units
December 31, 2010	$	824		$	2,775,625	$	(595,317	)	$	(461,255	)	$	(33,458	)	$	70,954		$	1,757,373		$	97,925
Net income							2,529									2,118			4,647			5,250
Other comprehensive income													33,659						33,659
Common shares issued		11			69,852														69,863
Net share awards		4			9,597					703									10,304
Employee stock purchase plan					482					1,335									1,817
Common share options exercised		1			4,990					6,973									11,964
Conversions of operating partnership units		1			591											(592	)		—
Cash distributions declared to perpetual preferred units																						(5,250	)
Cash distributions declared to equity holders							(108,109	)								(3,669	)		(111,778	)
Other		(2	)		2														—
September 30, 2011	$	839		$	2,861,139	$	(700,897	)	$	(452,244	)	$	201		$	68,811		$	1,777,849		$	97,925

See Notes to Condensed Consolidated Financial Statements.

6

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY AND PERPETUAL PREFERRED UNITS (continued)

(Unaudited)

	Common Shareholders
(in thousands, except per share amounts)	Common shares of beneficial interest			Additional paid-in capital			Distributions in excess of net income			Notes receivable secured by common shares			Treasury shares, at cost			Accumulated other comprehensive loss			Noncontrolling interests			Total equity			Perpetual preferred units
December 31, 2009	$	770		$	2,525,656		$	(492,571	)	$	(101	)	$	(462,188	)	$	(41,155	)	$	78,602		$	1,609,013		$	97,925
Net income								6,069												542			6,611			5,250
Other comprehensive loss																	(147	)					(147	)
Common shares issued		29			134,588																		134,617
Net share awards		4			8,919																		8,923
Employee stock purchase plan					(150	)								933									783
Common share options exercised		1			2,459																		2,460
Conversions of operating partnership units		2			2,130															(2,132	)		—
Cash distributions declared to perpetual preferred units																										(5,250	)
Cash distributions declared to equity holders								(93,544	)											(3,863	)		(97,407	)
Other		(2	)		4						101									10			113
September 30, 2010	$	804		$	2,673,606		$	(580,046	)	$	—		$	(461,255	)	$	(41,302	)	$	73,159		$	1,664,966		$	97,925

See Notes to Condensed Consolidated Financial Statements.

7

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended September 30,
(in thousands)	2011			2010
Cash flows from operating activities
Net income	$	9,897		$	11,861
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization, including discontinued operations		136,733			129,419
Gain on sale of properties, including land		(4,748	)		(236	)
Gain on sale of unconsolidated joint venture interests		(1,136	)		—
Gain on sale of available-for sale investment		(4,301	)		—
Loss on discontinuation of hedging relationship		29,791			—
Distributions of income from joint ventures		3,673			3,870
Equity in (income) loss of joint ventures		166			785
Share-based compensation		9,254			8,502
Amortization of deferred financing costs		4,761			2,624
Net change in operating accounts and other		16,707			21,636
Net cash from operating activities	$	200,797		$	178,461
Cash flows from investing activities
Development and capital improvements	$	(155,077	)	$	(43,927	)
Proceeds from sale of joint venture interests		19,310			—
Proceeds from sale of properties, including land		19,095			937
Proceeds from sale of available-for-sale investment		4,510			—
Decrease in notes receivable – affiliates		3,279			537
Investments in joint ventures		(35,280	)		(5,094	)
Distributions of investments from joint ventures		2,453			28
Other		(4,464	)		(2,540	)
Net cash from investing activities	$	(146,174	)	$	(50,059	)
Cash flows from financing activities
Borrowings on unsecured line of credit	$	—		$	37,000
Repayments on unsecured line of credit		—			(37,000	)
Repayment of notes payable		(626,432	)		(192,247	)
Proceeds from notes payable		495,705			57,601
Proceeds from issuance of common shares		69,863			134,617
Distributions to common shareholders, perpetual preferred units and noncontrolling interests		(112,932	)		(101,052	)
Payment of deferred financing costs		(8,776	)		(6,528	)
Common share options exercised		11,267			1,132
Net decrease in accounts receivable – affiliates		500			3,843
Other		1,706			1,147
Net cash from financing activities	$	(169,099	)	$	(101,487	)
Net increase (decrease) in cash and cash equivalents		(114,476	)		26,915
Cash and cash equivalents, beginning of period		170,575			64,156
Cash and cash equivalents, end of period	$	56,099		$	91,071
Supplemental information
Cash paid for interest, net of interest capitalized	$	69,043		$	87,116
Cash paid for income taxes		1,903			1,280

See Notes to Condensed Consolidated Financial Statements.

8

CAMDEN PROPERTY TRUST

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(Unaudited)

	Nine months Ended September 30,
(in thousands)	2011		2010
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid	$	39,319	$	34,548
Value of shares issued under benefit plans, net of cancellations		18,912		14,465
Conversion of operating partnership units to common shares		592		2,132
Accrual associated with construction and capital expenditures		12,557		4,140
Conversion of mezzanine note to joint venture equity		—		28,944
Change in fair value of available-for-sale investments, net of tax		—		1,914
Consolidation of joint venture at fair value, net of cash:
Real estate assets, net		—		92,726
In-place leases		—		1,193
Other assets		—		289
Mortgage debt assumed		—		52,144
Other liabilities		—		561

See Notes to Condensed Consolidated Financial Statements.

9

CAMDEN PROPERTY TRUST

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Description of Business

Business. Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (“REIT”), is engaged in the ownership, management, development, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as “communities,” “multifamily communities,” “properties,” or “multifamily properties” in the following discussion. As of September 30, 2011, we owned interests in, operated, or were developing 205 multifamily properties comprising 69,700 apartment homes across the United States. Of the 205 properties, eight properties were under development, and when completed will consist of a total of 2,209 apartment homes. In addition, we own land parcels we may develop into multifamily apartment communities.

2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements

Principles of Consolidation. Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are continuously evaluated based on the accounting guidance relating to variable interest entities (“VIEs”), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation (primarily using a voting interest model) under the remaining consolidation guidance relating to real estate entities. If we are the general partner of a limited partnership, or manager of a limited liability company, we also consider the consolidation guidance relating to the rights of limited partners (non-managing members) to assess whether any rights held by the limited partners overcome the presumption of control by us.

Interim Financial Reporting. We have prepared these financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim financial statements should be read in conjunction with the audited financial statements and notes included in our 2010 Annual Report on Form 10-K. In the opinion of management, all adjustments and eliminations, consisting of normal recurring adjustments, necessary for a fair representation of our financial statements for the interim period reported have been included. Operating results for the three and nine months ended September 30, 2011 are not necessarily indicative of the results which may be expected for the full year.

Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment exists if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future discounted and undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. When impairment exists, the long-lived asset is adjusted to its fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which maximize inputs from a marketplace participant’s perspective. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment, we will record an impairment charge.

The value of our properties under development depends on market conditions, including estimates of the project start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.

10

We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value calculations, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations.

Cash and Cash Equivalents. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits.

Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt. Transaction costs associated with the acquisition of operating real estate assets are expensed. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. Upon substantial completion of the apartment homes, the total capitalized development cost for the apartment homes and the associated land is transferred to buildings and improvements and land, respectively.

As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $2.5 million and $6.1 million for the three and nine months ended September 30, 2011, respectively, and approximately $1.3 million and $4.0 million for the three and nine months ended September 30, 2010, respectively. Capitalized real estate taxes were approximately $0.4 million and $1.0 million for the three and nine months ended September 30, 2011, respectively, and approximately $0.1 million and $0.6 million for the three and nine months ended September 30, 2010, respectively.

Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating expenses associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives.

Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:

	Estimated Useful Life
Buildings and improvements		5-35 years
Furniture, fixtures, equipment, and other		3-20 years
Intangible assets (in-place leases and above and below market leases)		underlying lease term

Derivative Financial Instruments. Derivative financial instruments are recorded in the condensed consolidated balance sheets at fair value and we do not apply master netting for financial reporting purposes. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes attributable to the earnings effect of the hedged transactions. We may enter into derivative contracts which are intended to economically hedge certain of our risks, for which hedge accounting does not apply or we elect not to apply hedge accounting.

Income Recognition. Our rental and other property revenue is recorded when due from residents and is recognized monthly as it is earned. Other property revenue consists primarily of utility rebillings and administrative, application, and other transactional fees charged to our residents. Our apartment homes are rented to residents on lease terms generally ranging from six to fifteen months, with monthly payments due in advance. All

11

other sources of income, including interest and fee and asset management income, are recognized as earned. Eight of our properties are subject to rent control. Operations of multifamily properties acquired are recorded from the date of acquisition in accordance with the acquisition method of accounting. In management’s opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.

Reportable Segments. Our multifamily communities are geographically diversified throughout the United States, and management evaluates operating performance on an individual property level. As each of our apartment communities has similar economic characteristics, residents, and products and services, our apartment communities have been aggregated into one reportable segment. Our multifamily communities generate rental revenue and other income through the leasing of apartment homes, which comprised approximately 98% of our total property revenues and total non-property income, excluding income on deferred compensation plans, for all periods presented.

Use of Estimates. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets and estimates related to the valuation of our investments in joint ventures. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment.

Recent Accounting Pronouncements. In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2011-05 (“ASU 2011-05”), “Presentation of Comprehensive Income.” ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity and requires all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, ASU 2011-05 requires an entity to present reclassification adjustments on the face of the financial statements from other comprehensive income to net income. ASU 2011-05 is effective for us beginning January 1, 2012 and is not expected to have a material effect on our financial statements as we currently present other comprehensive income components in two separate but consecutive statements.

3. Per Share Data

Basic earnings per share are computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect common shares issuable from the assumed conversion of common share options and share awards granted and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 3.7 million and 4.7 million for the three months ended September 30, 2011 and 2010, respectively, and was approximately 4.1 million and 5.0 million for the nine months ended September 30, 2011 and 2010, respectively. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculation as they are anti-dilutive.

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The following table presents information necessary to calculate basic and diluted earnings per share for the three and nine months ended September 30, 2011 and 2010:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share amounts)	2011			2010			2011			2010
Earnings per share calculation – basic
Income from continuing operations attributable to common shareholders	$	11,840		$	569		$	2,529		$	3,326
Amount allocated to participating securities		(154	)		(24	)		(118	)		(94	)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		11,686			545			2,411			3,232
Income from discontinued operations attributable to common shareholders		—			1,081			—			2,743
Net income attributable to common shareholders, as adjusted	$	11,686		$	1,626		$	2,411		$	5,975
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.16		$	0.01		$	0.03		$	0.05
Income from discontinued operations attributable to common shareholders – per share		—			0.01			—			0.04
Net income attributable to common shareholders, as adjusted – per share	$	0.16		$	0.02		$	0.03		$	0.09
Weighted average number of common shares outstanding – basic		73,242			69,100			72,502			67,898
Earnings per share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	11,686		$	545		$	2,411		$	3,232
Income allocated to common units		8			—			—			—
Income from continuing operations attributable to common shareholders, as adjusted		11,694			545			2,411			3,232
Income from discontinued operations attributable to common shareholders		—			1,081			—			2,743
Net income attributable to common shareholders, as adjusted	$	11,694		$	1,626		$	2,411		$	5,975
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.16		$	0.01		$	0.03		$	0.05
Income from discontinued operations attributable to common shareholders – per share		—			0.01			—			0.04
Net income attributable to common shareholders, as adjusted – per share	$	0.16		$	0.02		$	0.03		$	0.09
Weighted average number of common shares outstanding – basic		73,242			69,100			72,502			67,898
Incremental shares issuable from assumed conversion of:
Common share options and share awards granted		793			341			715			271
Common units		239			—			—			—
Weighted average number of common shares outstanding – diluted		74,274			69,441			73,217			68,169

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4. Common Shares

We currently have an automatic shelf registration statement on file with the SEC which allows us to offer, from time to time, an unlimited amount of common shares, preferred shares, debt securities, or warrants. Our declaration of trust provides we may issue up to 110.0 million shares of beneficial interest, consisting of 100.0 million common shares and 10.0 million preferred shares. As of September 30, 2011, we had approximately 71.4 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.

In March 2010, we originated an at-the-market (“ATM”) share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering price of up to $250 million (“2010 ATM program”), in amounts and at times as we determined, into the existing trading market at current market prices as well as through negotiated transactions. The 2010 ATM program has been terminated and no further common shares are available for sale under the 2010 ATM program.

The following table presents activity under our 2010 ATM share offering program for the periods presented (in thousands, except per share amounts):

	Three Months Ended September 30, 2011		Nine Months Ended September 30, 2011
Total net consideration	$	—	$	13,847.0
Common shares sold		—		252.5
Average price per share	$	—	$	55.81

In May 2011, we originated an ATM share offering program through which we can sell common shares having an aggregate offering price of up to $300 million (“2011 ATM program”) from time to time into the existing trading market at current market prices as well as through negotiated transactions. We may, but have no obligation to, sell common shares through the 2011 ATM share offering program in amounts and at times as we determine. Actual sales from time to time may depend on a variety of factors, including, among others, market conditions, the trading price of our common shares, and determination of the appropriate sources of funding for us.

The following table presents activity under our 2011 ATM program for the periods presented (in thousands, except per share amounts):

	Three Months Ended September 30, 2011		Nine Months Ended September 30, 2011
Total net consideration	$	32,736.8	$	56,015.9
Common shares sold		506.2		875.4
Average price per share	$	65.76	$	65.24

As of September 30, 2011, we had common shares having an aggregate offering price of up to $242.9 million remaining available for sale under the 2011 ATM program. No additional shares were sold through the date of this filing.

5. Investments in Joint Ventures

As of September 30, 2011, our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of 17 joint ventures, with our ownership percentages ranging from 15% to 50%. We currently provide property management services to each of these joint ventures which own operating properties, and we may provide construction and development services to the joint ventures which own properties under development. The following table summarizes aggregate balance sheet and statement of income data for the unconsolidated joint ventures as of and for the periods presented:

(in millions)	September 30, 2011 (1)		December 31, 2010
Total assets	$	1,322.5	$	935.3
Total third-party debt		1,066.9		810.1
Total equity		223.3		105.3

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	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Total revenues	$	46.1		$	35.3		$	115.5		$	103.6
Net loss		(7.4	)		(5.0	)		(13.8	)		(15.2	)
Equity in loss (2)		(0.6	)		(0.2	)		(0.2	)		(0.8	)

(1) During the nine months ended September 30, 2011, we sold our ownership interest in three unconsolidated joint ventures and our discretionary funds (the “Funds”) acquired thirteen multifamily properties.

(2) Equity in loss excludes our ownership interest of fee income from various property management services with our joint ventures.

The joint ventures in which we have an interest have been funded in part with secured third-party debt. As of September 30, 2011, we had no outstanding guarantees related to loans of our unconsolidated joint ventures.

We may earn fees for property management, construction, development, and other services related to joint ventures in which we own an interest. Fees earned for these services amounted to approximately $2.4 million and $1.6 million for the three months ended September 30, 2011 and 2010, respectively, and approximately $6.4 million and $4.7 million for the nine months ended September 30, 2011 and 2010, respectively. We eliminate fee income for these services provided to these joint ventures to the extent of our ownership.

In April 2011, we sold one of our development properties in Washington, D.C. to one of the Funds, in which we have a 20% interest, for approximately $9.4 million and we were reimbursed for previously written-off third-party development costs, resulting in a gain of approximately $4.7 million. Additionally, in June 2011, we sold one of our development properties located in Austin, Texas to this Fund for approximately $3.1 million, resulting in a gain of approximately $0.1 million.

During the nine months ended September 30, 2011, the Funds also acquired thirteen multifamily properties comprised of 1,358 units located in Houston, Texas, 1,250 units located in Dallas, Texas, 768 units located in Austin, Texas, 450 units located in Tampa, Florida, 528 units located in San Antonio, Texas, and 234 units located in Atlanta, Georgia. Subsequent to quarter end, the Funds acquired five multifamily properties comprised of 1,488 units located in Houston, Texas.

During March 2011, we sold our ownership interests in three unconsolidated joint ventures for total proceeds of approximately $19.3 million and recognized a gain of approximately $1.1 million.

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6. Notes Payable

The following is a summary of our indebtedness:

	Balance at
(in millions)	September 30, 2011		December 31, 2010
Commercial Banks
Unsecured line of credit and short-term borrowings	$	—	$	—
Term loan, due 2012		—		500.0
	$	—	$	500.0
Senior unsecured notes
7.69% Notes, due 2011		—		88.0
5.93% Notes, due 2012		189.5		189.5
5.45% Notes, due 2013		199.7		199.6
5.08% Notes, due 2015		249.3		249.2
5.75% Notes, due 2017		246.2		246.1
4.70% Notes, due 2021		248.6		—
5.00% Notes, due 2023		247.3		—
	$	1,380.6	$	972.4
Medium-term notes
4.99% Notes, due 2011		—		35.4
Total unsecured notes payable	$	1,380.6	$	1,507.8
Secured notes
0.95% – 6.00% Conventional Mortgage Notes, due 2012 – 2045	$	1,013.1	$	1,015.7
1.58% Tax-exempt Mortgage Note due 2028		39.4		40.3
	$	1,052.5	$	1,056.0
Total notes payable	$	2,433.1	$	2,563.8
Floating rate tax-exempt debt included in secured notes (1.58%)	$	39.4	$	40.3
Floating rate debt included in secured notes (0.95% – 1.68%)		206.5		189.9

In September 2011, we amended our $500 million unsecured credit facility to extend the maturity date from August 2012 to September 2015 with an option to extend to September 2016. Additionally, we now have the option to increase this credit facility to $750 million at our election. The interest rate is based upon LIBOR plus a margin which is subject to change as our credit ratings change. Advances under the line of credit may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $250 million or the remaining amount available under the line of credit. The line of credit is subject to customary financial covenants and limitations, all of which we are in compliance.

Our line of credit provides us with the ability to issue up to $100 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our line of credit, it does reduce the amount available. At September 30, 2011, we had outstanding letters of credit totaling approximately $11.6 million, leaving approximately $488.4 million available under our unsecured line of credit.

In June 2011, we issued from our existing shelf registration statement $250 million aggregate principal amount of 4.625% senior unsecured notes due June 2021 (the “2021 Notes”) and $250 million aggregate principal amount of 4.875% senior unsecured notes due June 2023 (the “2023 Notes” and, together with the 2021 Notes, the “Notes”). The 2021 Notes were offered to the public at 99.404% of their face amount with a yield to maturity of 4.70% and the 2023 Notes were offered to the public at 98.878% of their face amount with a yield to maturity of 5.00%. We received net proceeds of approximately $491.8 million, net of underwriter discounts and other offering expenses. Interest on the Notes is payable semi-annually on June 15 and December 15, beginning December 15, 2011. We may redeem each series of Notes, in whole or in part, at any time at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem Notes of either series 90 days or fewer prior to their maturity date, the redemption price will equal 100% of

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the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. Each series of Notes is a direct, senior unsecured obligation and ranks equally with each other and with all of our other unsecured and unsubordinated indebtedness. We used the proceeds from this offering, together with cash on hand, to repay our outstanding $500 million term loan. In conjunction with the repayment of the $500 million term loan, we expensed approximately $0.5 million of unamortized loan costs.

At September 30, 2011 and 2010, the weighted average interest rate on our floating rate debt, which includes our unsecured line of credit, was approximately 1.1% and 1.3%, respectively.

During the three months ended March 31, 2011, we repaid the remaining principal amount of our 7.69% senior unsecured notes, which matured on February 15, 2011, for a total of approximately $88.0 million. During the three months ended June 30, 2011, we repaid the remaining principal amount of our 4.99% medium-term senior unsecured notes, which matured on May 9, 2011, for a total of $35.0 million.

In July 2011, a $31.5 million secured third-party note payable made by one of our fully-consolidated joint ventures, in which we hold a 25% ownership, originally scheduled to mature in August 2011, was contractually extended to August 2012.

Our indebtedness, including our unsecured line of credit, had a weighted average maturity of 7.0 years at September 30, 2011. Scheduled repayments on outstanding debt including all contractual extensions which have been exercised, including our line of credit and scheduled principal amortizations, and the weighted average interest rate on maturing debt at September 30, 2011, were as follows:

(in millions)	Amount		Weighted Average Interest Rate
2011	$	1.0		N/A
2012		294.2		5.2	%
2013		228.0		5.4
2014		11.0		6.0
2015		252.4		5.1
2016 and thereafter		1,646.5		4.6
Total	$	2,433.1		4.8	%

7. Derivative Instruments and Hedging Activities

Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings.

Cash Flow Hedges of Interest Rate Risk. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps and caps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium.

Designated Hedges. In August 2011, our interest rate swap, with a notional amount of $16.6 million, matured and settled. As a result of the settlement, we did not have any designated hedges as of September 30, 2011. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income or loss and is subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings. During the three and nine months ended September 30, 2011 and 2010, such derivatives were used to hedge the variable cash flows associated with existing variable rate debt. The ineffective portion of the change in fair value of the derivatives, if any, is recognized directly in earnings. No portion of designated hedges was ineffective during the three or nine months ended September 30, 2011 and 2010.

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Non-designated Hedges. Derivatives not designated as hedges are not entered into for speculative purposes and are used to manage our exposure to interest rate movements and other identified risks. Non-designated hedges are either specifically non-designated by management or do not meet strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings in other income or other expense.

In connection with the repayment of the $500 million term loan on June 6, 2011, we discontinued the hedging relationship on a $500 million interest rate swap used as a cash flow hedge as of May 31, 2011. Upon repayment of the loan, which eliminated the probable future variable monthly interest payments that were being hedged, we recognized a non-cash charge of approximately $29.8 million which included the accelerated reclassification of amounts previously recorded in accumulated other comprehensive loss related to this swap. Subsequent changes in the market value of the interest rate swap, which matures in October 2012, will be recorded directly in earnings over the remaining life of the swap in interest and other income (loss). Due to, among other matters, the relatively short remaining life of the swap (which matures in October 2012) and the low expectation of the swap becoming a significantly larger liability, management elected to leave this interest rate swap in place through its original maturity rather than cash settle the swap.

As of September 30, 2011, we had the following outstanding interest rate derivatives which were not designated as hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments		Notional Amount
Interest Rate Cap		1	$	175.0 million
Interest Rate Swap		1	$	500.0 million

The table below presents the fair value of our derivative financial instruments as well as their classification in the condensed consolidated balance sheets at September 30, 2011 and December 31, 2010 (in millions):

Fair Values of Derivative Instruments

Asset Derivatives

Liability Derivatives

September 30, 2011

December 31, 2010

September 30, 2011

December 31, 2010

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments

Interest Rate Swaps

Other Liabilities

$

—

Other Liabilities

$

36.9

Derivatives not designated as hedging instruments

Interest Rate Swap

Other Liabilities

$

22.2

Other Liabilities

N/A

Interest Rate Cap

Other Assets

$

0.1

Other Assets

$

—

The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2011 and 2010 (in millions):

Effect of Derivative Instruments

Three Months Ended September 30,
Derivatives in Cash	Amount of (Loss) Recognized in Other Comprehensive  Income (“OCI”) on Derivative (Effective Portion)					Location of Loss Reclassified from Accumulated OCI into Income		Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)				Location of Loss Recognized in Income on Derivative (Discontinuation, Ineffective Portion and Amount Excluded from	Amount of (Loss) Recognized in Income on  Derivative (Discontinuation, Ineffective Portion and Amount Excluded from Effectiveness Testing)
Flow Hedging Relationships	2011		2010			(Effective Portion)		2011		2010		Effectiveness Testing)	2011		2010
Interest Rate Swaps	$	—	$	(5.3	)		Interest expense	$	0.1	$	5.8	Loss on discontinuation of hedging relationship	$	—		N/A

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Derivatives not designated as hedging instruments	Location of Gain/(Loss) Recognized in Income on	Amount of (Loss) Recognized in Income on Derivative
	Derivative	2011			2010
Interest Rate Cap	Other income/(loss)	$	(0.1	)	$	—
Interest Rate Swap	Other income/(loss)		(0.1	)		N/A

Nine Months Ended September 30,
Derivatives in Cash	Amount of (Loss) Recognized in Other Comprehensive  Income (“OCI”) on Derivative (Effective Portion)						Location of Loss Reclassified from Accumulated OCI into Income		Amount of Loss Reclassified from Accumulated OCI into  Income (Effective Portion)				Location of Loss Recognized in Income on Derivative (Discontinuation, Ineffective Portion and Amount Excluded from	Amount of (Loss) Recognized in Income on  Derivative (Discontinuation, Ineffective Portion and Amount Excluded from Effectiveness Testing)
Flow Hedging Relationships	2011			2010			(Effective Portion)		2011		2010		Effectiveness Testing)	2011			2010
Interest Rate Swaps (1)	$	(2.7	)	$	(19.5	)		Interest expense	$	9.9	$	17.5	Loss on discontinuation of hedging relationship	$	(29.8	)		N/A

Derivatives not designated as hedging instruments	Location of Gain/(Loss) Recognized in Income on	Amount of (Loss) Recognized in Income on Derivative
	Derivative	2011			2010
Interest Rate Cap	Other income/(loss)	$	(0.1	)	$	—
Interest Rate Swap	Other income/(loss)		(0.1	)		N/A

(1) The results include the interest rate swap gain (loss) prior to discontinuation in May 2011.

Credit-risk-related Contingent Features. Derivative financial investments expose us to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. We believe we minimize our credit risk on these transactions by transacting with major creditworthy financial institutions. As part of our on-going control procedures, we monitor the credit ratings of counterparties and our exposure to any single entity, which we believe minimizes credit risk concentration.

Our agreements with each of our derivative counterparties contain provisions which provide the counterparty the right to declare a default on our derivative obligations if we are in default on any of our indebtedness, subject to certain thresholds. For all instances, these provisions include a default even if there is no acceleration of the indebtedness. Our agreements with each of our derivative counterparties also provide if we consolidate with, merge with or into, or transfer all or substantially all our assets to another entity and the creditworthiness of the resulting, surviving, or transferee entity is materially weaker than ours, the counterparty has the right to terminate the derivative obligations.

At September 30, 2011, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk (the “termination value”), related to these agreements was approximately $23.8 million. As of September 30, 2011, we had not posted any collateral related to these agreements. If we were in breach of any of these provisions at September 30, 2011, or terminated these agreements, we would have been required to settle our obligations at their aggregate termination value of approximately $23.8 million.

8. Share-based Compensation

Incentive Compensation. During the second quarter of 2011, our Board of Trust Managers adopted, and on May 11, 2011 our shareholders approved, the 2011 Share Incentive Plan of Camden Property Trust (the “2011 Share Plan”). Under the 2011 Share Plan, we may issue up to a total of approximately 9.1 million fungible units (the “Fungible Pool Limit”), which is comprised of approximately 5.8 million new fungible units plus approximately 3.3 million fungible units previously available for issuance under our 2002 share incentive plan based on a 3.45 to 1.0 fungible unit-to full value award conversion ratio. Fungible units represent the baseline for the number of shares available for issuance under the 2011 Share Plan. Different types of awards are counted differently against the Fungible Pool Limit, as follows:

• Each share issued or to be issued in connection with an award, other than an option, right or other award which does not deliver the full value at grant of the underlying shares, will be counted against the Fungible Pool Limit as 3.45 fungible pool units;

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• Options and other awards which do not deliver the full value at grant of the underlying shares and which expire more than five years from date of grant will be counted against the Fungible Pool Limit as one fungible pool unit; and

• Options, rights and other awards which do not deliver the full value at date of grant and expire five years or less from the date of grant will be counted against the Fungible Pool Limit as 0.83 of a fungible pool unit.

The fungible units represent approximately 2.6 million common shares which could be granted pursuant to full value awards based on the 3.45 to 1.0 fungible unit-to-full value award conversion ratio.

Awards which may be granted under the 2011 Share Plan include incentive share options, non-qualified share options (which may be granted separately or in connection with an option), share awards, dividends and dividend equivalents and other equity based awards. Persons eligible to receive awards under the 2011 Share Plan are trust managers, directors of our affiliates, executive and other officers, key employees and consultants, as determined by the Compensation Committee of our Board of Trust Managers. The 2011 Share Plan will expire on May 11, 2021.

Options. During the nine months ended September 30, 2011, approximately 0.5 million options were exercised at prices ranging from $30.06 to $62.32 per option. The total intrinsic value of options exercised during the nine months ended September 30, 2011 was approximately $9.5 million. There were 0.1 million options exercised, with intrinsic value of $1.4 million during the nine months ended September 30, 2010. As of September 30, 2011, there was approximately $1.6 million of total unrecognized compensation cost related to unvested options, which is expected to be amortized over the next three years. At September 30, 2011, outstanding options and exercisable options had a weighted average remaining life of approximately 4.9 years and 3.7 years respectively.

The following table summarizes outstanding share options and exercisable options at September 30, 2011:

	Outstanding Options (1)				Exercisable Options (1)
Range of Exercise Prices	Number		Weighted Average Price		Number		Weighted Average Price
$30.06-$41.16		473,684	$	32.08		179,979	$	35.38
$42.90-$45.53		466,060		44.32		428,797		44.36
$48.02-$73.32		406,219		51.77		253,068		54.03
Total options		1,345,963	$	42.26		861,844	$	45.32

(1) The aggregate intrinsic values of outstanding options and exercisable options at September 30, 2011 were $18.3 million and $9.3 million, respectively. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $55.26 per share on September 30, 2011 and the strike price of the underlying award.

Valuation Assumptions. Options generally have a vesting period of three to five years. We estimate the fair values of each option award on the date of grant using the Black-Scholes option pricing model. No new options have been granted in 2011.

Share Awards and Vesting. Share awards generally have a vesting period of five years. The compensation cost for share awards is based on the market value of the shares on the date of grant and is amortized over the vesting period. To estimate forfeitures, we use actual forfeiture history. At September 30, 2011, the unamortized value of previously issued unvested share awards was approximately $30.7 million which is expected to be amortized over the next five years. The total fair value of shares vested during the nine months ended September 30, 2011 and 2010 was approximately $11.0 million and $10.1 million, respectively.

Total compensation cost for option and share awards charged against income was approximately $3.3 million and $2.9 million for the three months ended September 30, 2011 and 2010, respectively, and approximately $9.5 million and $9.1 million for the nine months ended September 30, 2011 and 2010, respectively. Total capitalized compensation cost for option and share awards was approximately $0.3 million and $0.2 million for the three months ended September 30, 2011 and 2010, respectively, and approximately $0.9 million and $0.7 million for the nine months ended September 30, 2011 and 2010, respectively.

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The following table summarizes activity under our share incentive plans for the nine months ended September 30, 2011:

	Options Outstanding			Weighted Average Exercise  / Grant Price		Nonvested Share Awards Outstanding			Weighted Average Exercise / Grant Price
Total options and nonvested share awards outstanding at December 31, 2010		1,847,136		$	42.39		741,505		$	42.16
Granted		—			—		344,159			57.00
Exercised/vested		(501,173	)		42.64		(235,093	)		46.74
Forfeited		—			—		(16,024	)		43.89
Net activity		(501,173	)				93,042
Total options and nonvested share awards outstanding at September 30, 2011		1,345,963		$	42.26		834,547		$	46.96

9. Net Change in Operating Accounts

The effect of changes in the operating accounts on cash flows from operating activities is as follows:

	Nine Months Ended September 30,
(in thousands)	2011			2010
Change in assets:
Other assets, net	$	3,046		$	(6,262	)
Change in liabilities:
Accounts payable and accrued expenses		11,343			8,116
Accrued real estate taxes		15,048			16,938
Other liabilities		(13,131	)		2,691
Other		401			153
Change in operating accounts	$	16,707		$	21,636

10. Commitments and Contingencies

Construction Contracts. As of September 30, 2011, we had approximately $102.1 million of additional anticipated expenditures on our construction projects currently under development. We expect to fund these amounts through a combination of available cash balances, cash flows generated from operations, draws on our unsecured credit facility, proceeds from property dispositions, and the use of debt and equity offerings under our automatic shelf registration statement.

Litigation. One of our wholly-owned subsidiaries previously acted as a general contractor for the construction of three apartment projects in Florida which were subsequently sold and converted to condominium units by unrelated third-parties. Each condominium association of those projects has asserted claims against our subsidiary alleging, in general, defective construction as a result of alleged negligence and an alleged failure to comply with building codes. On May 25, 2011, we mediated a pre-suit settlement agreement with one of the associations to resolve its alleged claims. Pursuant to this settlement agreement, we agreed to make a one-time payment to the association which was not material.

The other two associations have filed suit against our subsidiary and other unrelated third parties in Florida claiming damages, in unspecified amounts, for the costs of repair arising out of the alleged defective construction as well as the recovery of incidental and consequential damages resulting from such alleged negligence. The remaining two lawsuits are in a very early stage and no significant discovery has been conducted. While we have denied liability to the remaining associations, it is not possible to determine the potential outcome nor is it possible to estimate a range of the amount of loss, if any, that would be associated with any potential adverse decision as these matters are in a very early stage and the pre-suit settlement mentioned above does not provide any basis for estimating losses, if any, in these two lawsuits.

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We are also subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on our condensed consolidated financial statements.

Other Contingencies. In the ordinary course of our business, we issue letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or we will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. We are then at risk under a real property acquisition contract, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract.

Lease Commitments. At September 30, 2011, we had long-term leases covering certain land, office facilities, and equipment. Rental expense totaled approximately $0.7 million for each of the three months ended September 30, 2011 and 2010, and approximately $2.1 million and $2.2 million for the nine months ended September 30, 2011 and 2010, respectively. Minimum annual rental commitments for the remainder of 2011 are $0.6 million, and for the years ending December 31, 2012 through 2015 are approximately $2.3 million, $2.2 million, $2.1 million, and $1.2 million, respectively, and $0.7 million in the aggregate thereafter.

Investments in Joint Ventures. We have entered into, and may continue in the future to enter into, joint ventures or partnerships (including limited liability companies) through which we own an indirect economic interest in less than 100% of the community or land owned directly by the joint venture or partnership. Our decision whether to hold the entire interest in an apartment community or land ourselves, or to have an indirect interest in the community or land through a joint venture or partnership, is based on a variety of factors and considerations, including: (i) our projection, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a joint venture or partnership vehicle is used; (ii) our desire to diversify our portfolio of communities by market; (iii) our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and (iv) the economic and tax terms required by a seller of land or of a community, who may prefer or who may require less payment if the land or community is contributed to a joint venture or partnership. Investments in joint ventures or partnerships are not limited to a specified percentage of our assets. Each joint venture or partnership agreement is individually negotiated, and our ability to operate and/or dispose of a community in our sole discretion is limited to varying degrees in our existing joint venture agreements and may be limited to varying degrees depending on the terms of future joint venture agreements.

11. Income Taxes

We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our REIT taxable income, computed without regard to the dividends paid deduction and our net capital gains. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income taxes at regular corporate rates, including any applicable alternative minimum tax. In addition, we may not be able to requalify as a REIT for the four subsequent taxable years. Historically, we have incurred only state and local income, franchise, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income taxes. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level.

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We have provided for income, franchise, and state income taxes in the condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2011 and 2010. Income taxes for the nine months ended September 30, 2011 includes approximately $1.0 million associated with the gain recognized on the sale of our available-for-sale investment discussed in Footnote 12, “Fair Value Disclosures,” below. Other income tax expense is related to entity level taxes on certain ventures, state taxes, and federal taxes on certain of our taxable REIT subsidiaries. We have no significant temporary differences or tax credits associated with our taxable REIT subsidiaries.

We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the nine months ended September 30, 2011.

12. Fair Value Disclosures

For financial assets and liabilities fair valued on a recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction which occurs at the transaction date.

Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

• Level 1: Quoted prices for identical instruments in active markets.

• Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level 3: Significant inputs to the valuation model are unobservable.

The following table presents information about our financial assets and liabilities measured at fair value as of September 30, 2011 and December 31, 2010 under the fair value hierarchy discussed above.

	September 30, 2011								December 31, 2010
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Deferred compensation plan investments	$	37.4	$	—	$	—	$	37.4	$	46.7	$	—	$	—	$	46.7
Available-for-sale investment		—		—		—		—		5.0		—		—		5.0
Derivative financial instruments		—		0.1		—		0.1		—		—		—		—
Liabilities
Derivative financial instruments	$	—	$	22.2	$	—	$	22.2	$	—	$	36.9	$	—	$	36.9

Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are included in Level 1 and are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded in other assets in our condensed consolidated balance sheets. The balance at September 30, 2011 also reflects approximately $12.0 million of participant withdrawals from our deferred compensation plan investments during 2011.

Available-for-sale Investment. During February 2011, we received proceeds from the sale of our available-for-sale investment of approximately $4.5 million, resulting in a gross realized gain of approximately $4.3 million. This available-for-sale investment was included in Level 1 in the preceding table as of December 31, 2010 and was valued using quoted market prices.

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Derivative Financial Instruments. The estimated fair values of derivative financial instruments are included in Level 2 and are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps and caps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including our own nonperformance risk and the respective counterparty’s nonperformance risk. The fair value of interest rate caps is determined using the market standard methodology of discounting the future expected cash receipts which would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities.

Although we have determined the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, as of September 30, 2011, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Other Fair Value Disclosures. As of September 30, 2011 and December 31, 2010, the carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities, and distributions payable approximated fair value based on the short-term nature of these instruments.

In calculating the fair value of our notes receivable and notes payable, interest rates and spreads reflect current creditworthiness and market conditions available for the issuance of notes receivable and notes payable with similar terms and remaining maturities. The following table presents the carrying and estimated fair value of our notes receivable and notes payable at September 30, 2011 and December 31, 2010:

	September 30, 2011				December 31, 2010
(in millions)	Carrying Value		Estimated Fair  Value		Carrying Value		Estimated Fair  Value
Notes receivable — affiliates	$	—	$	—	$	3.2	$	3.2
Fixed rate notes payable (1)		2,187.2		2,276.4		2,333.5		2,386.0
Floating rate notes payable		245.9		234.3		230.3		212.7

(1) December 31, 2010 includes a $500 million term loan entered into in 2007, and a $16.6 million construction loan entered into in 2008 which are effectively fixed by the use of interest rate swaps but evaluated for estimated fair value at the floating rate. The $500 million term loan was repaid in June 2011 from the net proceeds received from our $500 million debt offerings also completed in June 2011 and with cash on hand. The $16.6 million construction loan interest rate swap matured and was not extended in conjunction with the one-year extension of the loan in July 2011.

Nonrecurring Fair Value Disclosures. Nonfinancial assets and nonfinancial liabilities measured on a nonrecurring basis primarily relate to impairment of long-lived assets or investments. There were no events during the nine months ended September 30, 2011 which required fair value adjustments of our nonfinancial assets and nonfinancial liabilities.

13. Property Acquisitions, Discontinued Operations, and Assets Held for Sale

Acquisitions. In August 2011, we acquired 30.1 acres of land located in Atlanta, Georgia for approximately $40.1 million. We intend to utilize this land for development of multiple multifamily apartment communities.

Discontinued Operations and Assets Held for Sale. For the three and nine months ended September 30, 2010, income from discontinued operations included the results of operations of two operating properties comprised of an aggregate of 1,066 apartment homes sold during the fourth quarter 2010. We had no assets classified as held for sale as of and for the three or nine months ended September 30, 2011.

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The following is a summary of income from discontinued operations for the three and nine months ended September 30, 2010:

	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2010		2010
Property revenues	$	2,954	$	8,534
Property expenses		1,222		3,515
		1,732		5,019
Depreciation and amortization		651		2,276
Income from discontinued operations	$	1,081	$	2,743

14. Noncontrolling Interests

The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to common shareholders for the nine months ended September 30:

(in thousands)	2011		2010
Net income attributable to common shareholders	$	2,529	$	6,069
Transfers from the noncontrolling interests:
Increase in equity for conversion of operating partnership units		592		2,132
Change in common equity and net transfers from noncontrolling interests	$	3,121	$	8,201

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes appearing elsewhere in this report, as well as Part I, Item 1A, “Risk Factors” within our Annual Report on Form 10-K for the year ended December 31, 2010. Historical results and trends which might appear in the condensed consolidated financial statements should not be interpreted as being indicative of future operations.

We consider portions of this report to be “forward-looking” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items relating to the future; forward-looking statements are not guarantees of future performances, results, or events. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance our expectations will be achieved. Any statements contained herein which are not statements of historical fact should be deemed forward-looking statements. Reliance should not be placed on these forward-looking statements as they are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance.

Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following:

• volatility in capital and credit markets, or other unfavorable changes in economic conditions could adversely impact us;

• short-term leases expose us to the effects of declining market rents;

• we face risks associated with land holdings and related activities;

• difficulties of selling real estate could limit our flexibility;

• we could be negatively impacted by the condition of Fannie Mae or Freddie Mac;

• compliance or failure to comply with laws requiring access to our properties by disabled persons could result in substantial cost;

• competition could limit our ability to lease apartments or increase or maintain rental income;

• development and construction risks could impact our profitability;

• our acquisition strategy may not produce the cash flows expected;

• competition could adversely affect our ability to acquire properties;

• losses from catastrophes may exceed our insurance coverage;

• investments through joint ventures involve risks not present in investments in which we are the sole investor;

• we face risks associated with investments in and management of discretionary funds;

• we depend on our key personnel;

• changes in litigation risks could affect our business;

• tax matters, including failure to qualify as a REIT, could have adverse consequences;

• insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders;

• we have significant debt, which could have important adverse consequences;

• we may be unable to renew, repay, or refinance our outstanding debt;

• variable rate debt is subject to interest rate risk;

• we may incur losses on interest rate hedging arrangements;

• issuances of additional debt may adversely impact our financial condition;

• failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets;

• share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders;

• our share price will fluctuate; and

• the form, timing and/or amount of dividend distributions in future periods may vary and be impacted by economic or other considerations.

These forward-looking statements represent our estimates and assumptions as of the date of this report, and we assume no obligation to update or supplement forward-looking statements because of subsequent events.

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Executive Summary

We are primarily engaged in the ownership, management, development, acquisition, and construction of multifamily apartment communities. As of September 30, 2011, we owned interests in, operated, or were developing 205 multifamily properties comprising 69,700 apartment homes across the United States as detailed in the following Property Portfolio table. In addition, we own other land parcels we may develop into multifamily apartment communities.

Property Operations

Our results for the nine months ended September 30, 2011, reflect an increase in rental revenue as compared to the same period in 2010, which we believe was primarily due to a gradually improving economy, a modest supply of new multifamily housing, and a decrease in home ownership rates, which have resulted in an increase in rental rates and average occupancy levels. Same store revenues increased 5.1% for the first three quarters of 2011, as compared to the same period in 2010. We believe economic and employment conditions will improve slightly for the remainder of 2011 and the supply of new multifamily homes will continue to be modest. However, we believe significant risks to the economy remain prevalent, and while there has been a slight increase in employment levels in the majority of our markets, the unemployment rate remains at higher levels than normal. If economic conditions in the United States were to worsen, our operating results could be adversely affected.

Development Activity

During the nine months ended September 30, 2011, we began construction on six development projects including two development projects in our discretionary funds, in which we own a 20% ownership interest (the “Funds”). These projects contain 1,602 units, with initial occupancy expected between 2011 and 2013. At September 30, 2011, we had a total of eight development projects under construction containing 2,209 units with initial occupancy expected between 2011 and 2013. Excluding the two Fund development projects containing 520 units, we have remaining anticipated construction expenditures of approximately $102.1 million on the six consolidated projects as of September 30, 2011. In October 2011, we began construction on two development projects comprised of 588 units, with initial occupancy expected between 2012 and 2013.

Acquisitions and Dispositions

In August 2011, we acquired 30.1 acres of land located in Atlanta, Georgia for approximately $40.1 million. We intend to utilize this land for development of multiple multifamily apartment communities.

In April 2011, we sold one of our land parcels to one of the Funds for approximately $9.4 million and we were reimbursed for previously written-off third-party development costs, resulting in a gain of approximately $4.7 million. In June 2011, we sold another land parcel to this Fund for approximately $3.1 million, resulting in a gain of approximately $0.1 million.

During the nine months ended September 30, 2011, the Funds acquired thirteen multifamily properties totaling 4,588 units located in the Houston, Dallas, Austin, San Antonio, Tampa, and Atlanta metropolitan areas. Subsequent to quarter end, the Funds acquired five multifamily properties comprised of 1,488 units located in Houston.

In March 2011, we sold our ownership interests in three unconsolidated joint ventures for total proceeds of approximately $19.3 million and recognized a gain of approximately $1.1 million. Two of these joint ventures owned multifamily properties in Houston comprised of 459 units, and the remaining joint venture owned 6.1 acres of land in Houston.

Future Outlook

Subject to market conditions, we intend to continue to look for opportunities to expand our development pipeline, acquire existing communities, and complete selective dispositions. We also intend to continue to strengthen our capital and liquidity positions by continuing to focus on our core fundamentals, generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs. We intend to meet our liquidity requirements through available cash balances, cash flows generated from operations, draws on our unsecured credit facility, proceeds from property dispositions, and the use of debt and equity offerings under our automatic shelf registration statement.

As of September 30, 2011, we had approximately $56.1 million in cash and cash equivalents and no balances outstanding on our $500 million unsecured line of credit; we recently extended the maturity date of our

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unsecured line of credit to September 2015, with options to extend the maturity to September 2016 and to increase this credit facility to $750 million. Excluding scheduled principal amortizations, we have no scheduled debt maturities for the remainder of 2011, and our 2012 repayments on outstanding debt are manageable at $294.2 million, which represents approximately 12% of our total outstanding debt. We believe we are well-positioned with a strong balance sheet and sufficient liquidity to cover near-term debt maturities and new development funding requirements. We will, however, continue to assess and take further actions where we believe prudent to meet our objectives and capital requirements.

Property Portfolio

Our multifamily property portfolio is summarized as follows:

	September 30, 2011				December 31, 2010
	Apartment     Homes		Properties		Apartment     Homes		Properties
Operating Properties
Las Vegas, Nevada		8,016		29		8,016		29
Houston, Texas (1)		7,866		21		6,967		19
Dallas, Texas		6,767		17		5,517		14
Washington, D.C. Metro		5,604		16		5,604		16
Tampa, Florida		5,953		13		5,503		12
Charlotte, North Carolina		3,574		15		3,574		15
Orlando, Florida		3,564		9		3,557		9
Atlanta, Georgia		3,546		12		3,312		11
Austin, Texas		3,222		10		2,454		8
Raleigh, North Carolina		2,704		7		2,704		7
Southeast Florida		2,520		7		2,520		7
Los Angeles/Orange County, California		2,481		6		2,481		6
Phoenix, Arizona		2,433		8		2,433		8
Denver, Colorado		2,171		7		2,171		7
San Diego/Inland Empire, California		1,196		4		1,196		4
Other		5,874		16		5,307		14
Total Operating Properties		67,491		197		63,316		186
Properties Under Development
Orlando, Florida		858		2		420		1
Tampa, Florida		540		2		—		—
Washington, D. C. Metro		463		2		187		1
Austin, Texas		244		1		—		—
Houston, Texas		104		1		—		—
Total Properties Under Development		2,209		8		607		2
Total Properties		69,700		205		63,923		188
Less: Unconsolidated Joint Venture Properties (2)
Las Vegas, Nevada		4,047		17		4,047		17
Houston, Texas		2,880		8		1,981		6
Dallas, Texas		1,706		4		456		1
Austin, Texas		1,613		5		601		2
Phoenix, Arizona		992		4		992		4
Tampa, Florida		450		1		—		—
Los Angeles/Orange County, California		421		1		421		1
Atlanta, Georgia		344		2		110		1
Denver, Colorado		320		1		320		1
Washington, D. C. Metro		276		1		—		—
Other		4,035		12		3,507		10
Total Joint Venture Properties		17,084		56		12,435		43
Total Properties Fully Consolidated		52,616		149		51,488		145

(1) Includes a fully consolidated joint venture: Camden Travis Street, of which we hold a 25% ownership.

(2) Refer to Note 5, “Investments in Joint Ventures” in the notes to condensed consolidated financial statements for further discussion of our joint venture investments.

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Stabilized Communities

We generally consider a property stabilized once it reaches 90% occupancy at the beginning of a period. During the three months ended September 30, 2011, stabilization was achieved at one of our joint venture properties as follows:

Property and Location	Number of Apartment Homes		Date of Completion		Date of Stabilization
Camden Ivy Hall – joint venture
Atlanta, GA		110		3Q10		3Q11

Acquisitions and Dispositions

In August 2011, we acquired 30.1 acres of land located in Atlanta, Georgia for approximately $40.1 million. We intend to utilize this land for the development of multiple multifamily apartment communities.

In April 2011, we sold one of our land parcels in Washington, D.C. to one of the Funds, in which we have a 20% interest, for approximately $9.4 million and we were reimbursed for previously written-off third-party development costs, resulting in a gain of approximately $4.7 million. In June 2011, we sold one of our development properties in Austin, Texas, to this Fund for approximately $3.1 million, resulting in a gain of approximately $0.1 million.

During the nine months ended September 30, 2011, the Funds also acquired thirteen multifamily properties comprised of 1,358 units located in Houston, Texas, 1,250 units located in Dallas, Texas, 768 units located in Austin, Texas, 450 units located in Tampa, Florida, 528 units located in San Antonio, Texas, and 234 units located in Atlanta, Georgia. Subsequent to quarter end, the Funds acquired five multifamily properties comprised of 1,488 units located in Houston, Texas.

During March 2011, we sold our ownership interests in three unconsolidated joint ventures for total proceeds of approximately $19.3 million and recognized a gain of approximately $1.1 million. Two of these joint ventures own multifamily properties in Houston, Texas with 459 units, and one joint venture owns 6.1 acres of land in Houston, Texas.

Development and Lease-Up Properties

At September 30, 2011, we had six consolidated properties in various stages of construction as follows:

($ in millions) Property and Location	Number of Apartment Homes		Estimated Cost		Cost Incurred		Included in Properties Under Development		Estimated Date of Construction Completion		Estimated Date of Stabilization
Camden LaVina (1)
Orlando, FL		420	$	60.0	$	49.9	$	27.4		2Q12		1Q13
Camden Summerfield II (1)
Landover, MD		187		30.0		23.6		17.8		1Q12		4Q12
Camden Royal Oaks II
Houston, TX		104		14.0		8.0		8.0		2Q12		3Q13
Camden Montague
Tampa, FL		192		23.0		9.0		9.0		4Q12		2Q13
Camden Town Square
Orlando, FL		438		66.0		23.1		23.1		3Q13		4Q14
Camden Westchase Park
Tampa, FL		348		52.0		24.6		24.6		1Q13		4Q13
Total		1,689	$	245.0	$	138.2	$	109.9

(1) Property in lease-up as of September 30, 2011.

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Our condensed consolidated balance sheet at September 30, 2011 included approximately $274.2 million related to properties under development and land. Of this amount, approximately $109.9 million related to our projects currently under development. In addition, we had approximately $164.3 million primarily invested in land held for future development, which included approximately $98.0 million related to projects we expect to begin constructing during the next two years, and approximately $66.3 million related to land tracts which we may develop in the future.

During October 2011, we began construction on two consolidated properties located in Houston, Texas and Washington, DC comprised of 588 units.

At September 30, 2011, we had investments in unconsolidated joint ventures which were developing the following communities:

($ in millions) Property and Location	Ownership %			Number of Apartment Homes		Total Cost Incurred
Under Construction:
Camden South Capitol
Washington, DC		20	%		276	$	23.5
Camden Amber Oaks II
Austin, TX		20	%		244	$	4.0

Refer to Note 5, “Investments in Joint Ventures” in the notes to condensed consolidated financial statements for further discussion of our joint venture investments.

Results of Operations

Changes in revenues and expenses related to our operating properties from period to period are due primarily to the performance of stabilized properties in the portfolio, the lease-up of newly constructed properties, acquisitions, and dispositions. Where appropriate, comparisons of income and expense on communities included in continuing operations are made on a dollars-per-weighted average apartment home basis in order to adjust for such changes in the number of apartment homes owned during each period. Selected weighted averages for the three and nine months ended September 30, 2011 and 2010 are as follows:

($ in thousands)	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Average monthly property revenue per apartment home	$	1,106		$	1,031		$	1,081		$	1,018
Annualized total property expenses per apartment home	$	5,345		$	5,104		$	5,177		$	5,031
Weighted average number of operating apartment homes owned 100%		50,921			49,884			50,895			49,670
Weighted average occupancy of operating apartment homes owned 100% *		95.0	%		94.8	%		94.6	%		94.4	%

*The student housing community is excluded from this calculation.

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Property-level operating results

The following tables present the property-level revenues and property-level expenses, excluding discontinued operations, for the three and nine months ended September 30, 2011 as compared to the same periods in 2010:

($ in thousands)	Apartment Homes At 9/30/11		Three Months Ended September 30,				Change						Nine Months Ended September 30,				Change
			2011		2010		$			%			2011		2010		$			%
Property revenues:
Same store communities		47,309	$	153,740	$	144,688	$	9,052			6.3	%	$	450,739	$	428,919	$	21,820			5.1	%
Non-same store communities		3,618		13,762		8,514		5,248			61.6			40,549		22,672		17,877			78.9
Development and lease-up communities		1,689		110		—		110			—			110		—		110			—
Other		—		1,322		1,072		250			23.3			3,789		3,426		363			10.6
Total property revenues		52,616	$	168,934	$	154,274	$	14,660			9.5	%	$	495,187	$	455,017	$	40,170			8.8	%
Property expenses:
Same store communities		47,309	$	61,586	$	58,892	$	2,694			4.6	%	$	178,836	$	174,333	$	4,503			2.6	%
Non-same store communities		3,618		5,464		3,448		2,016			58.5			15,585		9,316		6,269			67.3
Development and lease-up communities		1,689		27		—		27			—			27		—		27			—
Other		—		967		1,311		(344	)		(26.2	)		3,150		3,773		(623	)		(16.5	)
Total property expenses		52,616	$	68,044	$	63,651	$	4,393			6.9	%	$	197,598	$	187,422	$	10,176			5.4	%

Same store communities are communities we owned and were stabilized as of January 1, 2010. Non-same store communities are stabilized communities we have acquired, developed or re-developed after January 1, 2010. Development and lease-up communities are non-stabilized communities we have acquired or developed after January 1, 2010. Other includes results from non-multifamily rental properties and expenses primarily relating to land holdings not under active development.

Same store analysis

Same store rental revenues increased approximately $7.4 million during the three months ended September 30, 2011 as compared to the same period in 2010 due to a 5.3% increase in average rental rates and a 0.7% increase in average occupancy for our same store portfolio. Same store rental revenues for the nine months ended September 30, 2011 increased approximately $17.5 million from the same period in 2010 due to a 4.2% increase in average rental rates and a 0.6% increase in average occupancy for our same store portfolio. We believe the increases to rental revenue were due in part to the continued decline in home ownership rates and the limited supply of new rental housing. Additionally, there was a $1.7 million and $4.3 million increase in other property revenue during the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010 primarily due to increases in revenues from ancillary income from cable television and valet waste, our utility rebilling programs and miscellaneous fees and charges.

Property expenses from our same store communities increased approximately $2.7 million, or 4.6%, for the three months ended September 30, 2011 and increased approximately $4.5 million, or 2.6%, for the nine months ended September 30, 2011 as compared to the same periods in 2010. The increases in same store property expenses were primarily due to increases in utility expenses relating to costs associated with ancillary income from cable television and valet waste, our utility rebilling programs, and higher water costs, increased salaries and benefits due to increases in annual compensation and higher medical benefit costs, and higher repairs and maintenance expenses. The increase for the nine months ended September 30, 2011 was partially offset by lower real estate taxes as a result of declining property valuations and property tax rates at a number of our communities. Excluding the expenses associated with our utility rebilling programs, same store property expenses for the three months ended September 30, 2011 increased approximately $2.3 million, or 4.3%, and increased approximately $3.4 million, or 2.1%, for the nine months ended September 30, 2011 as compared to the same periods in 2010.

Non-same store analysis

Property revenues from non-same store communities increased approximately $5.2 million and $17.9 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. Property expenses from non-same store communities increased approximately $2.0 million and $6.3 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. The increases during the periods were primarily due to $4.5 million and $14.6 million of revenues, and $1.8 million and $5.8 million of expenses, during the three and nine months ended September 30, 2011, respectively, relating to three joint venture communities we consolidated during the second half of 2010, which were previously accounted for in accordance with the equity method of accounting. The increases in revenues were also related to two

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properties in our re-development and development pipelines reaching stabilization during the second and third quarters of 2010. One of these properties is owned by a fully consolidated joint venture, of which we hold a 25% ownership interest.

Other property analysis

Other property revenues increased approximately $0.3 million and $0.4 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. These increases were primarily related to increases in rental income from our non-multifamily rental properties.

Other property expenses decreased approximately $0.3 million and $0.6 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. The decreases were primarily related to decreases in property taxes expensed on land holdings for projects which were approved in 2011 and during the second half of 2010 for development activities. As a result, we started capitalizing expenses, including property taxes, on these development properties.

Non-property income (loss)

($ in thousands)	Three Months Ended September 30,					Change						Nine Months Ended September 30,				Change
	2011			2010		$			%			2011		2010		$			%
Fee and asset management	$	2,646		$	2,145	$	501			23.4	%	$	6,955	$	6,028		927			15.4	%
Interest and other income (loss)		(108	)		451		(559	)		(123.9	)		4,749		3,988		761			19.1
Income (loss) on deferred compensation plans		(6,096	)		6,918		(13,014	)		(188.1	)		1,233		6,818		(5,585	)		(81.9	)
Total non-property income (loss)	$	(3,558	)	$	9,514	$	(13,072	)		(137.4	)%	$	12,937	$	16,834		(3,897	)		(23.1	)%

Fee and asset management income increased approximately $0.5 million and approximately $0.9 million for the three and nine month periods ended September 30, 2011, respectively, as compared to the same periods in 2010. These increases were primarily due to an increase in property management, development and construction fees due to acquisitions by our Funds during the first three quarters of 2011 and the fourth quarter of 2010. These increases were partially offset by a decrease due to our consolidation of one joint venture community in August 2010 and two joint venture communities in December 2010, which were previously accounted for in accordance with the equity method of accounting. The increases were further offset by a decreased level of third-party construction activities for the three and nine months ended 2011 as compared to the same periods in 2010.

Interest and other income (loss) decreased approximately $0.6 million and increased approximately $0.8 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. The decrease for the three months ended September 30, 2011 as compared to the same period in 2010 was primarily due to a decrease in interest income earned on our mezzanine loan portfolio in 2011 resulting from the conversion of mezzanine loans into additional equity interests in certain of our joint ventures in 2010 resulting in no balances being outstanding in our mezzanine loan portfolio. The decrease was also due to mark to market net losses on our interest rate swap related to the discontinuation of the $500 million term loan during the second quarter of 2011.

The increase in interest and other income during the nine months ended September 30, 2011 as compared to the same period in 2010 was primarily due to recognition of approximately $4.3 million in other income from the sale of our available-for-sale investment during the first quarter 2011. The increase was partially offset by a decrease in interest income earned on our mezzanine loan portfolio in 2011 primarily due to the conversion of mezzanine loans into additional equity interests in certain of our joint ventures in 2010 resulting in no balances being outstanding in our mezzanine loan portfolio. The increase was also offset by mark to market net losses on our interest rate swap related to the discontinuation of the $500 million term loan during the second quarter of 2011. Additionally, during the nine months ended September 30, 2010, we recognized approximately $2.7 million of other income relating to the expiration of an indemnification provision related to one of our operating joint ventures.

Income (loss) on deferred compensation plans decreased approximately $13.0 million and approximately $5.6 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. The decreases primarily related to the performance of the investments held in deferred compensation plans for participants, and were directly offset by the expense (benefit) related to these plans, as discussed below.

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Other expenses

($ in thousands)	Three Months Ended September 30,					Change						Nine Months Ended September 30,				Change
	2011			2010		$			%			2011		2010		$			%
Property management	$	5,050		$	4,789	$	261			5.4	%	$	15,478	$	14,994	$	484			3.2	%
Fee and asset management		1,330			1,155		175			15.2			4,220		3,611		609			16.9
General and administrative		8,572			7,568		1,004			13.3			26,392		22,339		4,053			18.1
Interest		27,354			31,781		(4,427	)		(13.9	)		85,472		95,078		(9,606	)		(10.2	)
Depreciation and amortization		44,558			43,034		1,524			3.5			137,111		128,012		9,099			7.1
Amortization of deferred financing costs		1,344			1,185		159			13.4			4,761		2,624		2,137			81.4
Expense (benefit) on deferred compensation plans		(6,096	)		6,918		(13,014	)		(188.1	)		1,233		6,818		(5,585	)		(81.9	)
Total other expenses	$	82,112		$	96,430	$	(14,318	)		(14.8	)%	$	274,667	$	273,476	$	1,191			0.4	%

Property management expense, which represents regional supervision and accounting costs related to property operations, increased approximately $0.3 million and $0.5 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. Property management expenses were approximately 3.0% and 3.1% of total property revenues for the three and nine months ended September 30, 2011, respectively, and approximately 3.1% and 3.3% for the three and nine months ended September 30, 2010, respectively. The increase in costs during the three and nine months ended September 30, 2011 as compared to the same periods in 2010 was primarily due to an increase in salaries, benefits, and training costs for our property management personnel.

Fee and asset management expense, which represents expenses related to third-party construction projects and property management of our joint venture communities, increased approximately $0.2 million and $0.6 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. These increases were primarily due to an increase in expenses related to the management of acquisitions completed by our Funds during the first three quarters of 2011 and the fourth quarter of 2010. These increases were partially offset by lower legal expenses during the three and nine months ended September 30, 2011 as compared to the same periods in 2010. These increases were further offset by a decrease in expenses resulting from our consolidation of one joint venture community in August 2010 and two joint venture communities in December 2010, which were previously accounted for in accordance with the equity method of accounting.

General and administrative expense increased approximately $1.0 million and $4.1 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. The increase during the three months ended September 30, 2011 as compared to the same period in 2010 was primarily due to increases in salaries, benefits and incentive compensation of approximately $0.7 million. The increase during the nine months ended September 30, 2011 as compared to the same period in 2010 was primarily due to a $2.1 million in one-time bonuses awarded to all non-executive employees in the first quarter of 2011, and increases in salaries, benefits and incentive compensation of approximately $1.4 million. Excluding the $2.1 million one-time bonus awards, general and administrative expenses were 5.0% and 4.8% of total property revenues and non-property income (loss), excluding income (loss) on deferred compensation plans, for the three and nine months ended September 30, 2011, respectively. General and administrative expenses were approximately 4.8% of total property revenues and non-property income (loss), excluding income (loss) on deferred compensation plans, for each of the three and nine months ended September 30, 2010.

Interest expense for the three and nine months ended September 30, 2011 decreased approximately $4.4 million and $9.6 million, respectively, as compared to the same periods in 2010. These decreases were primarily due to the retirement of unsecured notes payable during 2010 and 2011, including the repayment of our $500 million term loan in June 2011. Additionally, the decreases were due to higher capitalized interest of approximately $1.2 million and $2.1 million during the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010 primarily due to higher average balances in our development pipeline. These decreases were partially offset by an increase in secured notes payable relating to debt assumed in connection with the consolidation of two joint venture communities in August 2010 and December 2010, which were previously accounted for using the equity method of accounting. These decreases were also offset by an increase in interest expense related to our offering of $500 million senior unsecured notes completed in June 2011.

Depreciation and amortization increased approximately $1.5 million and $9.1 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010 primarily due to an

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increase in capital improvements placed in service during the first three quarters of 2011 and during the fourth quarter of 2010. The increase was also due to the consolidation of one joint venture community in August 2010 and two joint venture communities in December 2010, which were previously accounted for using the equity method of accounting.

Amortization of deferred financing costs increased approximately $0.2 million and $2.1 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. The increase for the three months ended September 30, 2011 as compared to the same period in 2010 was due to amortization of financing costs related to the $500 million unsecured credit facility we entered into in August 2010 and the amortization of financing costs related to our offering of $500 million senior unsecured notes completed in June 2011. The increase was partially offset by lower amortization associated with the loan costs associated with the $500 million term loan repaid in June 2011 and the retirement of maturing unsecured notes payable during 2010 and 2011.

The increase of amortization of deferred financing costs during the nine months ended September 30, 2011 as compared to the same period in 2010 was due to the amortization of financing costs related to the $500 million unsecured credit facility we entered into in August 2010 and the amortization of financing costs related to our offering of $500 million senior unsecured notes completed in June 2011. The increase was also due to the write-off of approximately $0.5 million of unamortized loan costs associated with the $500 million term loan repaid in June 2011. The increase was partially offset by lower amortization associated with the retirement of maturing unsecured notes payable during 2010 and 2011.

Expense (benefit) on deferred compensation plans decreased approximately $13.0 million and $5.6 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. These decreases primarily related to the performance of the investments held in deferred compensation plans for participants, and were directly offset by the income (loss) related to these plans, as discussed in non-property income (loss), above.

Other

	Three Months Ended September 30,						Change						Nine Months Ended September 30,						Change
($ in thousands)	2011			2010			$			%			2011			2010			$			%
(Loss) on discontinuation of hedging relationship	$	—		$	—		$	—			—	%	$	(29,791	)	$	—		$	(29,791	)		*	%
Gain on sale of properties, including land		—			—			—			—			4,748			236			4,512			*
Gain on sale of unconsolidated joint venture interests		—			—			—			—			1,136			—			1,136			*
Equity in loss of joint ventures		(556	)		(244	)		(312	)		(127.9	)		(166	)		(785	)		619			78.9
Income tax expense – current		313			712			(399	)		(56.0	)		1,889			1,286			603			46.9

* Not a meaningful percentage.

The loss on discontinuation of hedging relationship was due to the discontinuation of a cash flow hedge associated with the repayment of our $500 million term loan in June 2011. Refer to Note 7, “Derivative Instruments and Hedging Activities” in the notes to condensed consolidated financial statements for further discussion.

Gain on sale of properties, including land, totaled approximately $4.7 million and $0.2 million for the nine months ended September 30, 2011 and 2010, respectively. The gain in 2011 was due to a sale of one of our land development properties located in Washington, D.C in April 2011 to one of the Funds and the sale of one of our development properties located in Austin, Texas to this Fund in June 2011. The gain recognized in 2010 was due to a gain on the sale of a land parcel in Houston, Texas to an unaffiliated third-party.

Gain on sale of unconsolidated joint venture interests totaled approximately $1.1 million for the nine months ended September 30, 2011 due to the sale of our ownership interests in three unconsolidated joint ventures in March 2011.

Equity in loss of joint ventures increased approximately $0.3 million for the three months ended September 30, 2011 and decreased approximately $0.6 million for the nine months ended September 30, 2011, as compared to the same periods in 2010. The increase in losses for the three months ended September 30, 2011 was primarily due to overall losses recognized by the Funds of approximately $0.7 million due to increased amortization of in-place leases over the underlying lease term. The increase in losses was partially offset by an increase in earnings by our

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stabilized operating joint ventures of approximately $0.1 million primarily due to increases in rental income. The increase in losses was also offset by two development properties held by our joint ventures which were sold in March 2011. These two development properties reached stabilization in late 2010 and early 2011 and during the three months ended September 30, 2010, we recognized equity in losses of approximately $0.3 million related to these joint ventures.

The decrease in equity in losses during the nine months ended September 30, 2011 as compared to the same period in 2010 was primarily due to two development properties held by our joint ventures which were sold in March 2011. These two development properties reached stabilization in late 2010 and early 2011. During the nine months ended September 30, 2010, we recognized equity in losses of approximately $1.2 million related to these joint ventures, as compared to $0.2 million of income recognized in 2011 through the date of sale. The decrease in losses was also due to an increase in earnings by our stabilized operating joint ventures of approximately $0.2 million for the nine months ended September 30, 2011, primarily due to increases in rental income. These decreases in losses were partially offset by overall losses recognized by the Funds of approximately $1.1 million during the nine months ended September 30, 2011, as compared to the same period in 2010, primarily due to acquisition expenses relating to the purchase of real estate investments during 2011 and the fourth quarter of 2010 and increased amortization of in-place leases over the underlying lease term.

Income tax expense decreased approximately $0.4 million for the three months ended September 30, 2011 and increased approximately $0.6 million for the nine months ended September 30, 2011 as compared to the same periods in 2010. The decrease during the three months ended September 30, 2011 as compared to the same period in 2010 was due to decreases in taxable income related to our third-party construction activities conducted in a taxable REIT subsidiary.

The increase in income tax during the nine months ended September 30, 2011 as compared to the same period in 2010 was due to approximately $1.0 million associated with income taxes from the gain recognized on the sale of our available-for-sale investment during the first quarter of 2011. The increase was partially offset by a decrease in taxable income related to our third-party construction activities conducted in a taxable REIT subsidiary.

Noncontrolling interests

	Three Months Ended September 30,				Change					Nine Months Ended September 30,				Change
($ in thousands)	2011		2010		$		%			2011		2010		$		%
Income allocated to noncontrolling interests from continuing operations	$	761	$	432	$	329		76.2	%	$	2,118	$	542	$	1,576		290.8	%
Income allocated to perpetual preferred units		1,750		1,750		—		—			5,250		5,250		—		—

Income allocated to noncontrolling interests from continuing operations increased approximately $0.3 million and $1.6 million for the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. These increases were primarily due to an increase in earnings within a fully-consolidated joint venture which reached stabilization during the third quarter 2010, of which we hold a 25% ownership. The increases were also due to increased earnings associated with properties held by operating partnerships during 2011 as compared to 2010.

Funds from Operations (“FFO”)

Management considers FFO to be an appropriate measure of the financial performance of an equity REIT. The National Association of Real Estate Investment Trusts (“NAREIT”) currently defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) associated with the sale of previously depreciated operating properties, real estate depreciation and amortization, and adjustments for unconsolidated joint ventures. Our calculation of diluted FFO also assumes conversion of all potentially dilutive securities, including certain noncontrolling interests, which are convertible into common shares. We consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions of operating properties and depreciation, FFO can help in the comparison of the operating performance of a company’s real estate investments between periods or as compared to different companies.

To facilitate a clear understanding of our consolidated historical operating results, we believe FFO should be examined in conjunction with net income attributable to common shareholders as presented in the condensed consolidated statements of income and comprehensive income and data included elsewhere in this report. FFO is

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not defined by GAAP and should not be considered as an alternative to net income attributable to common shareholders as an indication of our operating performance. Additionally, FFO as disclosed by other REITs may not be comparable to our calculation.

Reconciliations of net income attributable to common shareholders to diluted FFO for the three and nine months ended September 30, 2011 and 2010 are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2011		2010		2011			2010
Funds from operations
Net income attributable to common shareholders (1)	$	11,840	$	1,650	$	2,529		$	6,069
Real estate depreciation and amortization, including discontinued operations		43,286		42,457		133,342			126,675
Adjustments for unconsolidated joint ventures		3,223		2,292		7,042			6,753
(Gain) on sale of unconsolidated joint venture interests		—		—		(1,136	)		—
Income allocated to noncontrolling interests		458		281		1,494			864
Funds from operations – diluted	$	58,807	$	46,680	$	143,271		$	140,361
Weighted average shares – basic		73,242		69,100		72,502			67,898
Incremental shares issuable from assumed conversion of:
Common share options and awards granted		793		341		715			271
Common units		2,459		2,584		2,468			2,610
Weighted average shares – diluted		76,494		72,025		75,685			70,779

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

Liquidity and Capital Resources

Financial Condition and Sources of Liquidity

We intend to maintain a strong balance sheet and preserve our financial flexibility, which we believe should enhance our ability to identify and capitalize on investment opportunities as they become available. We intend to maintain what management believes is a conservative capital structure by:

• extending and sequencing the maturity dates of our debt where practicable;

• managing interest rate exposure using what management believes to be prudent levels of fixed and floating rate debt;

• maintaining what management believes to be conservative coverage ratios; and

• using what management believes to be a prudent combination of debt and common and preferred equity.

Our interest expense coverage ratio, net of capitalized interest, was approximately 3.2 times and 3.1 times for the three and nine months ended September 30, 2011, respectively, and approximately 2.6 times and 2.5 times for the three and nine months ended September 30, 2010, respectively. This ratio is a method for calculating the amount of operating cash flows available to cover interest expense and is calculated by dividing interest expense for the period into the sum of property revenues and expenses, non-property income, other expenses, income from discontinued operations after adding back depreciation, amortization, and interest expense from both continuing and discontinued operations. Approximately 71.6% of our properties (based on invested capital) were unencumbered as of the periods ending September 30, 2011 and 2010. Our weighted average maturity of debt, including our line of credit, was approximately 7.0 years at September 30, 2011.

For the longer term, we intend to continue to focus on strengthening our capital and liquidity position by generating positive cash flows from operations, maintaining appropriate debt levels and leverage ratios, and controlling overhead costs.

Our primary source of liquidity is cash flow generated from operations. Other sources include available cash balances, the availability under our unsecured credit facility and other short-term borrowings, proceeds from dispositions of properties and other investments, and the use of debt and equity offerings under our automatic shelf registration statement. We believe our liquidity and financial condition are sufficient to meet all of our reasonably anticipated cash flow needs for the remainder of 2011 and through 2012 including:

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• normal recurring operating expenses;

• current debt service requirements;

• recurring capital expenditures;

• initial funding of property developments, acquisitions, joint venture investments; and

• the minimum dividend payments required to maintain our REIT qualification under the Code.

Factors which could increase or decrease our future liquidity include but are not limited to volatility in capital and credit markets, the availability of financing, our ability to complete asset sales, the effect our debt level and decreases in credit ratings could have on our costs of funds and our ability to access capital markets.

Cash Flows

Certain sources and uses of cash, such as the level of discretionary capital expenditures and repurchases of debt and common shares, are within our control and are adjusted as necessary based upon, among other factors, market conditions. The following is a discussion of our cash flows for the nine months ended September 30, 2011 and 2010.

Net cash from operating activities was approximately $200.8 million during the nine months ended September 30, 2011 as compared to approximately $178.5 million for the same period in 2010. The increase was primarily due to growth in property revenues directly attributable to increased rental and occupancy rates from our stabilized communities and the growth in non-stabilized communities as we consolidated three joint ventures during the second half of 2010. This increase in revenues was partially offset by the increase in property expenses from our stabilized and non-stabilized communities which include the property expenses of these three joint ventures. See further discussions of our 2011 operations as compared to 2010 in our “Results of Operations.” The increase was further offset by a decrease in net cash from operating activities due to the timing of payments in operating accounts, primarily relating to the $2.1 million payment of a one-time special bonus awarded to all non-executive employees during the nine months ended September 30, 2011 and timing of payments relating to third-party construction activities. These decreases from operating activities were partially offset by the timing of interest payments and the timing of accounts receivable receipts relating to third-party construction activities.

Net cash used in investing activities during the nine months ended September 30, 2011 totaled $146.2 million as compared to $50.1 million during the nine months ended September 30, 2010. Cash outflows for property development and capital improvements were approximately $155.1 million during the nine months ended September 30, 2011 as compared to approximately $43.9 million for the same period in 2010 due primarily to an increase in construction and development activity in 2011 as compared to 2010 and the acquisition of 30.1 acres of land for approximately $40.1 million in August 2011. Additionally, cash outflows for investments in joint ventures were approximately $35.3 million during the nine months ended September 30, 2011 primarily relating to thirteen acquisitions completed during the nine months ended September 30, 2011 by our Funds, in which we own a 20% interest. During the nine months ended September 30, 2010, cash outflows for investments in joint ventures were approximately $5.1 million due to two acquisitions completed by one of our Funds. These outflows were partially offset by proceeds of $19.3 million from the sale of our interests in three unconsolidated joint ventures in March 2011 and proceeds of $19.1 million received from the sales of two land development properties to one of our joint ventures during the nine months ended September 30, 2011. These outflows were further offset by proceeds received from the sale of our available-for-sale investment of $4.5 million during February 2011, payments received on notes receivable from affiliates of approximately $3.3 million and distributions of investments from our joint ventures of approximately $2.5 million.

Net cash used in financing activities totaled approximately $169.1 million for the nine months ended September 30, 2011 as compared to $101.5 million during the same period in 2010. During the nine months ended September 30, 2011, a total of approximately $626.4 million was used to repay our outstanding $500 million term loan in June 2011 and approximately $126.4 million of maturing secured and unsecured notes. Also during 2011, $112.9 million was used for distributions paid to common shareholders, perpetual preferred unit holders, and noncontrolling interest holders. During this same period, net proceeds of approximately $495.7 million was provided from the issuance of two series of unsecured notes completed in June 2011, and net proceeds of approximately $69.9 million from the issuance of 1.1 million common shares under our at-the-market (“ATM”) share offering programs which offset these cash outflows. These cash outflows were further offset by proceeds from common share options exercised during the period of approximately $11.3 million. Net cash used in financing activities during the nine months ended September 30, 2010 was related primarily to the repayment of maturing unsecured notes payable of approximately $140.1 million, repayment of approximately $52.1 million for an unsecured note assumed in connection with obtaining a controlling interest in a joint venture, and distributions paid to common shareholders, perpetual preferred unit holders, and noncontrolling interest holders of approximately $101.1 million. These cash outflows were partially offset by net proceeds of approximately $134.6 million from the

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sale of approximately 2.9 million common shares under one of our ATM share offering programs entered into in March 2010. Cash outflows for the nine months ended September 30, 2010 were further offset by decreases in accounts receivable from affiliates of approximately $3.8 million due primarily to participant withdrawals from our deferred compensation plans and cash inflows of approximately $57.6 million from proceeds received from secured notes payable relating primarily to a secured credit agreement for a newly consolidated joint venture and advances under a construction loan for a consolidated joint venture.

Financial Flexibility

In September 2011, we amended our $500 million unsecured credit facility to extend the maturity date from August 2012 to September 2015 with an option to extend to September 2016. Additionally, we now have the option to increase this credit facility to $750 million at our election. The interest rate is based upon LIBOR plus a margin which is subject to change as our credit ratings change. Advances under the line of credit may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $250 million or the remaining amount available under the line of credit. The line of credit is subject to customary financial covenants and limitations, all of which we are in compliance.

Our line of credit provides us with the ability to issue up to $100 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our line of credit, it does reduce the amount available. At September 30, 2011, we had outstanding letters of credit totaling approximately $11.6 million, leaving approximately $488.4 million available under our unsecured line of credit.

We currently have an automatic shelf registration statement on file with the SEC which allows us to offer, from time to time, an unlimited amount of common shares, preferred shares, debt securities, or warrants. Our declaration of trust provides we may issue up to 110.0 million shares of beneficial interest, consisting of 100.0 million common shares and 10.0 million preferred shares. As of September 30, 2011, we had approximately 71.4 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.

In March 2010, we originated an ATM share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering price of up to $250 million (“2010 ATM program”), in amounts and at times as we determined, into the existing trading market at current market prices as well as through negotiated transactions. The 2010 ATM program has been terminated and no further common shares are available for sale under the 2010 ATM program.

In May 2011, we originated an ATM share offering program through which we can sell common shares having an aggregate offering price of up to $300 million (“2011 ATM program”) from time to time into the existing trading market at current market prices as well as through negotiated transactions. We may, but have no obligation to, sell common shares through the 2011 ATM share offering program in amounts and at times as we determine. Actual sales from time to time may depend on a variety of factors, including, among others, market conditions, the trading price of our common shares, and determinations of the appropriate sources of funding for us. As of September 30, 2011, we had common shares having an aggregate offering price of up to $242.9 million remaining available for sale under the 2011 ATM program. No additional shares were sold through the date of this filing.

We believe our ability to access capital markets is enhanced by our senior unsecured debt ratings by Moody’s and Standard and Poor’s, which are currently Baa1 and BBB, respectively, with stable outlooks, as well as by our ability to borrow on a secured basis from various institutions including banks, Fannie Mae, Freddie Mac, and other sources. However, we may not be able to maintain our current credit ratings and may not be able to borrow on a secured or unsecured basis in the future.

38

Future Cash Requirements and Contractual Obligations

One of our principal long-term liquidity requirements includes the repayment of maturing debt, including any future borrowings under our unsecured line of credit. Excluding scheduled principal amortizations, we have no scheduled debt maturities for the remainder of 2011. We also have additional anticipated construction expenditures of approximately $102.1 million on our current development projects and we expect to fund these amounts through available cash balances and draws on our unsecured line of credit. We intend to meet our long-term liquidity requirements through available cash balances, cash flows generated from operations, draws on our unsecured credit facility, proceeds from property dispositions, and the use of debt and equity offerings under our automatic shelf registration statement.

In order for us to continue to qualify as a REIT we are required to distribute annual dividends to our shareholders equal to a minimum of 90% of our REIT taxable income, computed without regard to the dividends paid deduction and our net capital gains. In September 2011, we announced our Board of Trust Managers had declared a quarterly dividend of $0.49 per share to common shareholders of record as of September 30, 2011. The dividend was subsequently paid on October 17, 2011, and we paid equivalent amounts per unit to holders of the common operating partnership units. Assuming similar dividend distributions for the remainder of 2011, our annualized dividend rate for 2011 would be $1.96 per share or unit.

Off-Balance Sheet Arrangements

The joint ventures in which we have an interest have been funded in part with secured, third-party debt. As of September 30, 2011, we have no outstanding guarantees related to loans of our unconsolidated joint ventures.

Inflation

Substantially all of our apartment leases are for an initial term generally ranging from six to fifteen months. In an inflationary environment, we may realize increased rents at the commencement of new leases or upon the renewal of existing leases. We believe the short-term nature of our leases generally minimizes our risk from the adverse effects of inflation.

Critical Accounting Policies

Our critical accounting policies have not changed materially from information reported in our Annual Report on Form 10-K for the year ended December 31, 2010.

Recent Accounting Pronouncements. In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2011-05 (“ASU 2011-05”), “Presentation of Comprehensive Income.” ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity and requires all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, ASU 2011-05 requires an entity to present reclassification adjustments on the face of the financial statements from other comprehensive income to net income. ASU 2011-05 is effective for us beginning January 1, 2012 and is not expected to have a material effect on our financial statements as we currently present other comprehensive income components in two separate but consecutive statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

No material changes to our exposures to market risk have occurred since our Annual Report on Form 10-K for the year ended December 31, 2010.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures. We carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Securities Exchange Act (“Exchange Act”) Rules 13a-15(e) and 15d-15(e). Based on the evaluation, the Chief Executive Officer and Chief Financial Officer concluded the disclosure controls and procedures as of the end of the period covered by this report are effective to ensure information required to be disclosed by us in our Exchange Act filings is recorded, processed, summarized, and reported within the periods specified in the Securities and Exchange Commission’s rules and forms.

Changes in internal controls. There were no changes in our internal control over financial reporting (identified in connection with the evaluation required by paragraph (d) in Rules 13a-15 and 15d-15 under the

39

Exchange Act) during our most recent fiscal quarter which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

For discussion regarding legal proceedings, see Note 10, “Commitments and Contingencies,” to the condensed consolidated financial statements.

Item 1A. Risk Factors

There have been no material changes to the Risk Factors previously disclosed in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2010.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Reserved

Item 5. Other Information

None

40

Item 6. Exhibits

(a) Exhibits

4.1	Second Supplement Indenture dated as of June 3, 2011 between the Company and U.S. Bank National Association, as successor to Sun Trust Bank, as trustee (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on June 3, 2011 (File No. 1-12110)).
4.2	Form of Camden Property Trust 4.625% Notes due 2021 (incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on May 31, 2011 (File No. 1-12110)).
4.3	Form of Camden Property Trust 4.875% Notes due 2021 (incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on May 31, 2011 (File No. 1-12110)).
**10.1	Camden Property Trust 2011 Share Incentive Plan (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on May 12, 2011 (File No. 1-12110)).
10.2	Form of Distribution Agency Agreement, dated May 26, 2011, between Camden Property Trust and Merrill Lynch Pierce Fenner & Smith Incorporated (incorporated by reference to Exhibit 1.1 to the Company’s Current Report on Form 8-K filed on May 27, 2011 (File No. 1-12110)).
10.3	Form of Distribution Agency Agreement, dated May 26, 2011, between Camden Property Trust and J.P. Morgan Securities LLC (incorporated by reference to Exhibit 1.2 to the Company’s Current Report on Form 8-K filed on May 27, 2011 (File No. 1-12110)).
10.4	Form of Distribution Agency Agreement, dated May 26, 2011, between Camden Property Trust and UBS Securities LLC (incorporated by reference to Exhibit 1.3 to the Company’s Current Report on Form 8-K filed on May 27, 2011 (File No. 1-12110)).
10.5	Form of Distribution Agency Agreement, dated May 26, 2011, between Camden Property Trust and Morgan Keegan & Company, Inc. (incorporated by reference to Exhibit 1.4 to the Company’s Current Report on Form 8-K filed on May 27, 2011 (File No. 1-12110)).
10.6	Form of Distribution Agency Agreement, dated May 26, 2011, between Camden Property Trust and Piper Jaffray & Co. (incorporated by reference to Exhibit 1.5 to the Company’s Current Report on Form 8-K filed on May 27, 2011 (File No. 1-12110)).
10.7	Amended and Restated Credit Agreement dated as of September 22, 2011 among Camden Property Trust, each lender from time to time party thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and JP Morgan Chase Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on September 26, 2011 (File No. 1-12110)).
*31.1	Certification pursuant to Rule 13a-14(a) of Chief Executive Officer dated November 4, 2011.
*31.2	Certification pursuant to Rule 13a-14(a) of Chief Financial Officer dated November 4, 2011.
*32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes – Oxley Act of 2002.
*101.INS	XBRL Instance Document
*101.SCH	XBRL Taxonomy Extension Schema Document
*101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
*101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
*101.LAB	XBRL Taxonomy Extension Label Linkbase Document
*101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

** Management contract or compensatory plan, contract or arrangement.

41

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by the undersigned thereunto duly authorized.

	CAMDEN PROPERTY TRUST
/s/Michael P. Gallagher	November 4, 2011
Michael P. Gallagher	Date
Vice President – Chief Accounting Officer

42

Exhibit Index

Exhibit	Description of Exhibits
4.1	Second Supplement Indenture dated as of June 3, 2011 between the Company and U.S. Bank National Association, as successor to Sun Trust Bank, as trustee (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on June 3, 2011 (File No. 1-12110)).
4.2	Form of Camden Property Trust 4.625% Notes due 2021 (incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on May 31, 2011 (File No. 1-12110)).
4.3	Form of Camden Property Trust 4.875% Notes due 2021 (incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K filed on May 31, 2011 (File No. 1-12110)).
**10.1	Camden Property Trust 2011 Share Incentive Plan (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on May 12, 2011 (File No. 1-12110)).
10.2	Form of Distribution Agency Agreement, dated May 26, 2011, between Camden Property Trust and Merrill Lynch Pierce Fenner & Smith Incorporated (incorporated by reference to Exhibit 1.1 to the Company’s Current Report on Form 8-K filed on May 27, 2011 (File No. 1-12110)).
10.3	Form of Distribution Agency Agreement, dated May 26, 2011, between Camden Property Trust and J.P. Morgan Securities LLC (incorporated by reference to Exhibit 1.2 to the Company’s Current Report on Form 8-K filed on May 27, 2011 (File No. 1-12110)).
10.4	Form of Distribution Agency Agreement, dated May 26, 2011, between Camden Property Trust and UBS Securities LLC (incorporated by reference to Exhibit 1.3 to the Company’s Current Report on Form 8-K filed on May 27, 2011 (File No. 1-12110)).
10.5	Form of Distribution Agency Agreement, dated May 26, 2011, between Camden Property Trust and Morgan Keegan & Company, Inc. (incorporated by reference to Exhibit 1.4 to the Company’s Current Report on Form 8-K filed on May 27, 2011 (File No. 1-12110)).
10.6	Form of Distribution Agency Agreement, dated May 26, 2011, between Camden Property Trust and Piper Jaffray & Co. (incorporated by reference to Exhibit 1.5 to the Company’s Current Report on Form 8-K filed on May 27, 2011 (File No. 1-12110)).
10.7	Amended and Restated Credit Agreement dated as of September 22, 2011 among Camden Property Trust, each lender from time to time party thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and JP Morgan Chase Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on September 26, 2011 (File No. 1-12110)).
*31.1	Certification pursuant to Rule 13a-14(a) of Chief Executive Officer dated November 4, 2011.
*31.2	Certification pursuant to Rule 13a-14(a) of Chief Financial Officer dated November 4, 2011.
*32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes – Oxley Act of 2002.
*101.INS	XBRL Instance Document
*101.SCH	XBRL Taxonomy Extension Schema Document
*101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
*101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
*101.LAB	XBRL Taxonomy Extension Label Linkbase Document
*101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

** Management contract or compensatory plan, contract or arrangement.

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Richard J. Campo, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Camden Property Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2011	/s/Richard J. Campo
	Richard J. Campo   Chairman of the Board of Trust Managers and Chief   Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Dennis M. Steen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Camden Property Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2011	/s/Dennis M. Steen
	Dennis M. Steen   Senior Vice President-Finance and Chief Financial   Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Richard J. Campo, Chairman of the Board and Chief Executive Officer of Camden Property Trust (the “Company”), and Dennis M. Steen, the Senior Vice President-Finance and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

1. The Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2011 (the “Report”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and result of operations of the Company.

  /s/Richard J. Campo

  Richard J. Campo

  Chairman of the Board of Trust Managers and

  Chief Executive Officer

  /s/Dennis M. Steen

  Dennis M. Steen

  Senior Vice President-Finance and

  Chief Financial Officer

November 4, 2011

XML

Share-Based Compensation (Summary Of Share Incentive Plans) (Details) (USD $)	9 Months Ended
	Sep. 30, 2011		Sep. 30, 2010
Share-Based Compensation
Outstanding Options, Number At December 31, 2010	1,847,136
Weighted Average Exercise/Grant Price, balance at December 31, 2010	$ 42.39
Granted, Options Outstanding
Granted, Weighted Average Exercise/Grant Price
Exercised/Vested, Options Outstanding	(501,173)		(100,000)
Exercised/Vested, Weighted Average Exercise/Grant Price	$ 42.64
Forfeited, Options Outstanding
Forfeited, Weighted Average Exercise/Grant Price
Net activity, Options Outstanding	(501,173)
Outstanding Options, Number At September 30, 2011	1,345,963	[1]
Weighted Average Exercise/Grant Price, balance at September 30, 2011	$ 42.26	[1]
Nonvested share awards outstanding at December 31, 2010, Share Awards Outstanding	741,505
Nonvested share awards outstanding at December 31, 2010, Weighted Average Exercise/Grant Price	$ 42.16
Granted, Share Awards Outstanding	344,159
Granted, Weighted Average Exercise/Grant Price	$ 57.00
Exercised/Vested, Share Awards Outstanding	(235,093)
Exercised/Vested, Weighted Average Exercise/Grant Price	$ 46.74
Forfeited, Share Awards Outstanding	(16,024)
Forfeited, Weighted Average Exercise/Grant Price	$ 43.89
Net activity, Nonvested Share Awards Outstanding	93,042
Nonvested share awards outstanding at September 30, 2011, Share Awards Outstanding	834,547
Nonvested share awards outstanding at September 30, 2011, Weighted Average Exercise/Grant Price	$ 46.96

[1] The aggregate intrinsic values of outstanding options and exercisable options at September 30, 2011 were $18.3 million and $9.3 million, respectively. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $55.26 per share on September 30, 2011 and the strike price of the underlying award.

XML

Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Per Share data	Sep. 30, 2011	Dec. 31, 2010
Condensed Consolidated Balance Sheets
Common shares, par value, per share	$ 0.01	$ 0.01
Common shares, authorized	100,000	100,000
Common shares, issued	86,763	85,130
Common shares, outstanding	83,874	82,386
Treasury shares, at cost	12,516	12,766

XML

Condensed Consolidated Statements Of Income And Comprehensive Income (USD $) In Thousands, except Per Share data	3 Months Ended				9 Months Ended
	Sep. 30, 2011		Sep. 30, 2010		Sep. 30, 2011		Sep. 30, 2010
Property revenues
Rental revenues	$ 144,211		$ 131,911		$ 424,210		$ 390,376
Other property revenues	24,723		22,363		70,977		64,641
Total property revenues	168,934		154,274		495,187		455,017
Property expenses
Property operating and maintenance	50,715		46,999		144,666		134,655
Real estate taxes	17,329		16,652		52,932		52,767
Total property expenses	68,044		63,651		197,598		187,422
Non-property income (loss)
Fee and asset management	2,646		2,145		6,955		6,028
Interest and other income (loss)	(108)		451		4,749		3,988
Income (loss) on deferred compensation plans	(6,096)		6,918		1,233		6,818
Total non-property income (loss)	(3,558)		9,514		12,937		16,834
Other expenses
Property management	5,050		4,789		15,478		14,994
Fee and asset management	1,330		1,155		4,220		3,611
General and administrative	8,572		7,568		26,392		22,339
Interest	27,354		31,781		85,472		95,078
Depreciation and amortization	44,558		43,034		137,111		128,012
Amortization of deferred financing costs	1,344		1,185		4,761		2,624
Expense (benefit) on deferred compensation plans	(6,096)		6,918		1,233		6,818
Total other expenses	82,112		96,430		274,667		273,476
Loss on discontinuation of hedging relationship					(29,791)
Gain on sale of properties, including land					4,748		236
Gain on sale of unconsolidated joint venture interests					1,136
Equity in loss of joint ventures	(556)	[1]	(244)	[1]	(166)	[1]	(785)	[1]
Income from continuing operations before income taxes	14,664		3,463		11,786		10,404
Income tax expense - current	(313)		(712)		(1,889)		(1,286)
Income from continuing operations	14,351		2,751		9,897		9,118
Income from discontinued operations			1,081				2,743
Net income	14,351		3,832		9,897		11,861
Less income allocated to noncontrolling interests from continuing operations	(761)		(432)		(2,118)		(542)
Less income allocated to perpetual preferred units	(1,750)		(1,750)		(5,250)		(5,250)
Net income attributable to common shareholders	11,840		1,650		2,529		6,069
Earnings per share - basic
Income from continuing operations attributable to common shareholders	$ 0.16		$ 0.01		$ 0.03		$ 0.05
Income from discontinued operations attributable to common shareholders			$ 0.01				$ 0.04
Net income attributable to common shareholders	$ 0.16		$ 0.02		$ 0.03		$ 0.09
Earnings per share - diluted
Income from continuing operations attributable to common shareholders	$ 0.16		$ 0.01		$ 0.03		$ 0.05
Income from discontinued operations attributable to common shareholders			$ 0.01				$ 0.04
Net income attributable to common shareholders	$ 0.16		$ 0.02		$ 0.03		$ 0.09
Distributions declared per common share	$ 0.49		$ 0.45		$ 1.47		$ 1.35
Weighted average number of common shares outstanding - basic	73,242		69,100		72,502		67,898
Weighted average number of common shares outstanding - diluted	74,274		69,441		73,217		68,169
Net income attributable to common shareholders
Income from continuing operations	14,351		2,751		9,897		9,118
Less income allocated to noncontrolling interests from continuing operations	(761)		(432)		(2,118)		(542)
Less income allocated to perpetual preferred units	(1,750)		(1,750)		(5,250)		(5,250)
Income from continuing operations attributable to common shareholders	11,840		569		2,529		3,326
Income from discontinued operations attributable to common shareholders			1,081				2,743
Net income attributable to common shareholders	11,840		1,650		2,529		6,069
Condensed Consolidated Statements of Comprehensive Income:
Net income	14,351		3,832		9,897		11,861
Other comprehensive income
Unrealized loss on cash flow hedging activities			(5,323)		(2,692)		(19,549)
Reclassification of net losses on cash flow hedging activities	108		5,825		39,660		17,488
Unrealized gain on available-for-sale securities, net of tax			1,914				1,914
Reclassification of gain on available-for-sale investment to earnings, net of tax					(3,309)
Comprehensive income	14,459		6,248		43,556		11,714
Less income allocated to noncontrolling interests from continuing operations	(761)		(432)		(2,118)		(542)
Less income allocated to perpetual preferred units	(1,750)		(1,750)		(5,250)		(5,250)
Comprehensive income attributable to common shareholders	$ 11,948		$ 4,066		$ 36,188		$ 5,922

[1] Equity in income (loss) excludes our ownership interest of fee income from various property management services with our joint ventures.

XML

Income Taxes (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2011
Income Taxes [Abstract]
Annual dividends distribution percentage to shareholders to qualify as a REIT	90.00%
Income tax related to gain on sale of available-for-sale investments	$ 1.0
Unrecognized tax benefits	$ 0

XML

Per Share Data (Tables)

9 Months Ended

Sep. 30, 2011

Per Share Data

Calculation Of Basic And Diluted Earnings Per Share

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share amounts)	2011			2010			2011			2010
Earnings per share calculation – basic
Income from continuing operations attributable to common shareholders	$	11,840		$	569		$	2,529		$	3,326
Amount allocated to participating securities		(154	)		(24	)		(118	)		(94	)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		11,686			545			2,411			3,232
Income from discontinued operations attributable to common shareholders		—			1,081			—			2,743
Net income attributable to common shareholders, as adjusted	$	11,686		$	1,626		$	2,411		$	5,975
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.16		$	0.01		$	0.03		$	0.05
Income from discontinued operations attributable to common shareholders – per share		—			0.01			—			0.04
Net income attributable to common shareholders, as adjusted – per share	$	0.16		$	0.02		$	0.03		$	0.09
Weighted average number of common shares outstanding – basic		73,242			69,100			72,502			67,898
Earnings per share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	11,686		$	545		$	2,411		$	3,232
Income allocated to common units		8			—			—			—
Income from continuing operations attributable to common shareholders, as adjusted		11,694			545			2,411			3,232
Income from discontinued operations attributable to common shareholders		—			1,081			—			2,743
Net income attributable to common shareholders, as adjusted	$	11,694		$	1,626		$	2,411		$	5,975
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.16		$	0.01		$	0.03		$	0.05
Income from discontinued operations attributable to common shareholders – per share		—			0.01			—			0.04
Net income attributable to common shareholders, as adjusted – per share	$	0.16		$	0.02		$	0.03		$	0.09
Weighted average number of common shares outstanding – basic		73,242			69,100			72,502			67,898
Incremental shares issuable from assumed conversion of:
Common share options and share awards granted		793			341			715			271
Common units		239			—			—			—
Weighted average number of common shares outstanding – diluted		74,274			69,441			73,217			68,169

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Document And Entity Information	9 Months Ended
	Sep. 30, 2011	Oct. 28, 2011
Document And Entity Information [Abstract]
Entity Registrant Name	CAMDEN PROPERTY TRUST
Entity Central Index Key	0000906345
Document Type	10-Q
Document Period End Date	Sep. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		71,357,674

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Share-Based Compensation (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Options exercised			501,173	100,000
Total intrinsic value of options exercised			$ 9.5	$ 1.4
Weighted average remaining life			3.7
Remaining weighted average contractual life (years) outstanding options	4.9		4.9
Remaining weighted average contractual life (years) exercisable options			3.7
Fair value of shares vested			11.0	10.1
Total compensation cost for option and share awards	3.3	2.9	9.5	9.1
Total capitalized compensation cost for option and share awards	0.3	0.2	0.9	0.7
Minimum [Member]
Exercise price range for options exercised during the period			$ 30.06
Maximum [Member]
Exercise price range for options exercised during the period			$ 62.32
2011 Share Incentive Plan [Member]
Common shares which could be granted pursuant to full value awards	2,600,000		2,600,000
Total fungible units to be issued	9,100,000		9,100,000
Units available under the 2011 Share Plan	5,800,000		5,800,000
Fungible units transferred from the 2002 Share Plan to the 2011 Share Plan	3,300,000		3,300,000
Fungible Units To Full Value Award Conversion Ratio			3.45 to 1.0
Expiration value of option right or other award			0.83
Options [Member]
Total unrecognized compensation cost related to unvested options which is expected to be amortized	1.6		1.6
Expected amortized period of unrecognized compensation expected to be recognized for share-based compensation plans			3
Share Awards and Vesting [Member]
Total unrecognized compensation cost related to unvested options which is expected to be amortized	$ 30.7		$ 30.7
Expected amortized period of unrecognized compensation expected to be recognized for share-based compensation plans			5

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Notes Payable (Tables)

9 Months Ended

Sep. 30, 2011

Notes Payable

Summary Of Indebtedness

	Balance at
(in millions)	September 30, 2011		December 31, 2010
Commercial Banks
Unsecured line of credit and short-term borrowings	$	—	$	—
Term loan, due 2012		—		500.0
	$	—	$	500.0
Senior unsecured notes
7.69% Notes, due 2011		—		88.0
5.93% Notes, due 2012		189.5		189.5
5.45% Notes, due 2013		199.7		199.6
5.08% Notes, due 2015		249.3		249.2
5.75% Notes, due 2017		246.2		246.1
4.70% Notes, due 2021		248.6		—
5.00% Notes, due 2023		247.3		—
	$	1,380.6	$	972.4
Medium-term notes
4.99% Notes, due 2011		—		35.4
Total unsecured notes payable	$	1,380.6	$	1,507.8
Secured notes
0.95% – 6.00% Conventional Mortgage Notes, due 2012 – 2045	$	1,013.1	$	1,015.7
1.58% Tax-exempt Mortgage Note due 2028		39.4		40.3
	$	1,052.5	$	1,056.0
Total notes payable	$	2,433.1	$	2,563.8
Floating rate tax-exempt debt included in secured notes (1.58%)	$	39.4	$	40.3
Floating rate debt included in secured notes (0.95% – 1.68%)		206.5		189.9

Scheduled Repayments On Outstanding Debt

(in millions)	Amount		Weighted Average Interest Rate
2011	$	1.0		N/A
2012		294.2		5.2	%
2013		228.0		5.4
2014		11.0		6.0
2015		252.4		5.1
2016 and thereafter		1,646.5		4.6
Total	$	2,433.1		4.8	%

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Derivative Instruments And Hedging Activities (Effect Of Derivative Financial Instruments On The Statements Of Income And Comprehensive Income) (Details) (USD $) In Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011		Sep. 30, 2010
Interest Rate Cap [Member] | Not-Designated [Member] | Other Income Expense [Member]
Amount of Loss Recognized in Income on Derivative	$ (0.1)		$ (0.1)
Interest Rate Swaps [Member] | Cash Flow Hedge [Member]
Amount of (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivative (Effective Portion)		(5.3)	(2.7)	[1]	(19.5)	[1]
Interest Rate Swaps [Member] | Not-Designated [Member] | Other Income Expense [Member]
Amount of Loss Recognized in Income on Derivative	(0.1)		(0.1)
Cash Flow Hedge [Member] | Loss On Discontinuation Of Hedging Relationship [Member]
Amount of Loss Recognized in Income on Derivative (Discontinuation, Ineffective Portion and Amount Excluded from Effectiveness Testing)			(29.8)	[1]		[1]
Cash Flow Hedge [Member] | Interest Expense [Member]
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)	$ 0.1	$ 5.8	$ 9.9	[1]	$ 17.5	[1]

[1] The results include the interest rate swap gain (loss) prior to discontinuation in May 2011.

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Notes Payable

9 Months Ended

Sep. 30, 2011

Notes Payable

Notes Payable

6. Notes Payable

The following is a summary of our indebtedness:

	Balance at
(in millions)	September 30, 2011		December 31, 2010
Commercial Banks
Unsecured line of credit and short-term borrowings	$	—	$	—
Term loan, due 2012		—		500.0
	$	—	$	500.0
Senior unsecured notes
7.69% Notes, due 2011		—		88.0
5.93% Notes, due 2012		189.5		189.5
5.45% Notes, due 2013		199.7		199.6
5.08% Notes, due 2015		249.3		249.2
5.75% Notes, due 2017		246.2		246.1
4.70% Notes, due 2021		248.6		—
5.00% Notes, due 2023		247.3		—
	$	1,380.6	$	972.4
Medium-term notes
4.99% Notes, due 2011		—		35.4
Total unsecured notes payable	$	1,380.6	$	1,507.8
Secured notes
0.95% – 6.00% Conventional Mortgage Notes, due 2012 – 2045	$	1,013.1	$	1,015.7
1.58% Tax-exempt Mortgage Note due 2028		39.4		40.3
	$	1,052.5	$	1,056.0
Total notes payable	$	2,433.1	$	2,563.8
Floating rate tax-exempt debt included in secured notes (1.58%)	$	39.4	$	40.3
Floating rate debt included in secured notes (0.95% – 1.68%)		206.5		189.9

In September 2011, we amended our $500 million unsecured credit facility to extend the maturity date from August 2012 to September 2015 with an option to extend to September 2016. Additionally, we now have the option to increase this credit facility to $750 million at our election. The interest rate is based upon LIBOR plus a margin which is subject to change as our credit ratings change. Advances under the line of credit may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $250 million or the remaining amount available under the line of credit. The line of credit is subject to customary financial covenants and limitations, all of which we are in compliance.

Our line of credit provides us with the ability to issue up to $100 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our line of credit, it does reduce the amount available. At September 30, 2011, we had outstanding letters of credit totaling approximately $11.6 million, leaving approximately $488.4 million available under our unsecured line of credit.

In June 2011, we issued from our existing shelf registration statement $250 million aggregate principal amount of 4.625% senior unsecured notes due June 2021 (the "2021 Notes") and $250 million aggregate principal amount of 4.875% senior unsecured notes due June 2023 (the "2023 Notes" and, together with the 2021 Notes, the "Notes"). The 2021 Notes were offered to the public at 99.404% of their face amount with a yield to maturity of 4.70% and the 2023 Notes were offered to the public at 98.878% of their face amount with a yield to maturity of 5.00%. We received net proceeds of approximately $491.8 million, net of underwriter discounts and other offering expenses. Interest on the Notes is payable semi-annually on June 15 and December 15, beginning December 15, 2011. We may redeem each series of Notes, in whole or in part, at any time at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem Notes of either series 90 days or fewer prior to their maturity date, the redemption price will equal 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. Each series of Notes is a direct, senior unsecured obligation and ranks equally with each other and with all of our other unsecured and unsubordinated indebtedness. We used the proceeds from this offering, together with cash on hand, to repay our outstanding $500 million term loan. In conjunction with the repayment of the $500 million term loan, we expensed approximately $0.5 million of unamortized loan costs.

At September 30, 2011 and 2010, the weighted average interest rate on our floating rate debt, which includes our unsecured line of credit, was approximately 1.1% and 1.3%, respectively.

During the three months ended March 31, 2011, we repaid the remaining principal amount of our 7.69% senior unsecured notes, which matured on February 15, 2011, for a total of approximately $88.0 million. During the three months ended June 30, 2011, we repaid the remaining principal amount of our 4.99% medium-term senior unsecured notes, which matured on May 9, 2011, for a total of $35.0 million.

In July 2011, a $31.5 million secured third-party note payable made by one of our fully-consolidated joint ventures, in which we hold a 25% ownership, originally scheduled to mature in August 2011, was contractually extended to August 2012.

Our indebtedness, including our unsecured line of credit, had a weighted average maturity of 7.0 years at September 30, 2011. Scheduled repayments on outstanding debt including all contractual extensions which have been exercised, including our line of credit and scheduled principal amortizations, and the weighted average interest rate on maturing debt at September 30, 2011, were as follows:

(in millions)	Amount		Weighted Average Interest Rate
2011	$	1.0		N/A
2012		294.2		5.2	%
2013		228.0		5.4
2014		11.0		6.0
2015		252.4		5.1
2016 and thereafter		1,646.5		4.6
Total	$	2,433.1		4.8	%

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Derivative Instruments And Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2011

Derivative [Line Items]

Fair Value Of Derivative Financial Instruments And Their Classification In The Balance Sheet

Asset Derivatives

Liability Derivatives

September 30, 2011

December 31, 2010

September 30, 2011

December 31, 2010

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments

Interest Rate Swaps

Other Liabilities

$

—

Other Liabilities

$

36.9

Derivatives not designated as hedging instruments

Interest Rate Swap

Other Liabilities

$

22.2

Other Liabilities

N/A

Interest Rate Cap

Other Assets

$

0.1

Other Assets

$

—

Effect Of Derivative Financial Instruments On The Statements Of Income And Comprehensive Income

Three Months Ended September 30,
Derivatives in Cash	Amount of (Loss) Recognized in Other Comprehensive  Income ("OCI") on Derivative (Effective Portion)					Location of Loss Reclassified from Accumulated OCI into Income		Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)				Location of Loss Recognized in Income on Derivative (Discontinuation, Ineffective Portion and Amount Excluded from	Amount of (Loss) Recognized in Income on  Derivative (Discontinuation, Ineffective Portion and Amount Excluded from Effectiveness Testing)
Flow Hedging Relationships	2011		2010			(Effective Portion)		2011		2010		Effectiveness Testing)	2011		2010
Interest Rate Swaps	$	—	$	(5.3	)		Interest expense	$	0.1	$	5.8	Loss on discontinuation of hedging relationship	$	—		N/A

Derivatives not designated as hedging instruments	Location of Gain/(Loss) Recognized in Income on	Amount of (Loss) Recognized in Income on Derivative
	Derivative	2011			2010
Interest Rate Cap	Other income/(loss)	$	(0.1	)	$	—
Interest Rate Swap	Other income/(loss)		(0.1	)		N/A

Nine Months Ended September 30,
Derivatives in Cash	Amount of (Loss) Recognized in Other Comprehensive  Income ("OCI") on Derivative (Effective Portion)						Location of Loss Reclassified from Accumulated OCI into Income		Amount of Loss Reclassified from Accumulated OCI into  Income (Effective Portion)				Location of Loss Recognized in Income on Derivative (Discontinuation, Ineffective Portion and Amount Excluded from	Amount of (Loss) Recognized in Income on  Derivative (Discontinuation, Ineffective Portion and Amount Excluded from Effectiveness Testing)
Flow Hedging Relationships	2011			2010			(Effective Portion)		2011		2010		Effectiveness Testing)	2011			2010
Interest Rate Swaps (1)	$	(2.7	)	$	(19.5	)		Interest expense	$	9.9	$	17.5	Loss on discontinuation of hedging relationship	$	(29.8	)		N/A

Derivatives not designated as hedging instruments	Location of Gain/(Loss) Recognized in Income on	Amount of (Loss) Recognized in Income on Derivative
	Derivative	2011			2010
Interest Rate Cap	Other income/(loss)	$	(0.1	)	$	—
Interest Rate Swap	Other income/(loss)		(0.1	)		N/A

(1) The results include the interest rate swap gain (loss) prior to discontinuation in May 2011.

Not-Designated [Member]

Derivative [Line Items]

Schedule Of Outstanding Interest Rate Derivatives

Interest Rate Derivative	Number of Instruments		Notional Amount
Interest Rate Cap		1	$	175.0 million
Interest Rate Swap		1	$	500.0 million

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Notes Payable (Scheduled Repayments On Outstanding Debt) (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2011
2011	$ 1.0
2012	294.2
2013	228.0
2014	11.0
2015	252.4
2016 and thereafter	1,646.5
Total notes payable	$ 2,433.1
Weighted Average Interest Rate	4.80%
Maturities Due In 2011 [Member]
Weighted Average Interest Rate	0.00%
Maturities Due In 2012 [Member]
Weighted Average Interest Rate	5.20%
Maturities Due In 2013 [Member]
Weighted Average Interest Rate	5.40%
Maturities Due In 2014 [Member]
Weighted Average Interest Rate	6.00%
Maturities Due In 2015 [Member]
Weighted Average Interest Rate	5.10%
Maturities Due In 2016 And Thereafter [Member]
2016 and thereafter, Weighted average interest rate	4.60%

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Common Shares (Activity Under At-The-Market Share Offering Program) (Details) (USD $)	9 Months Ended		3 Months Ended	9 Months Ended	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011 2010 ATM Program [Member]	Sep. 30, 2011 2010 ATM Program [Member]	Nov. 04, 2011 2011 ATM Program [Member]	Sep. 30, 2011 2011 ATM Program [Member]	Sep. 30, 2011 2011 ATM Program [Member]
Total net consideration	$ 69,863,000	$ 134,617,000		$ 13,847,000		$ 32,736,800	$ 56,015,900
Common shares sold			0	252,500	0	506,200	875,400
Average price per common share sold				$ 55.81		$ 65.76	$ 65.24

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Investments In Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2011

Investments In Joint Ventures [Abstract]

Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures

(in millions)	September 30, 2011 (1)		December 31, 2010
Total assets	$	1,322.5	$	935.3
Total third-party debt		1,066.9		810.1
Total equity		223.3		105.3

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Total revenues	$	46.1		$	35.3		$	115.5		$	103.6
Net loss		(7.4	)		(5.0	)		(13.8	)		(15.2	)
Equity in loss (2)		(0.6	)		(0.2	)		(0.2	)		(0.8	)

(1) During the nine months ended September 30, 2011, we sold our ownership interest in three unconsolidated joint ventures and our discretionary funds (the "Funds") acquired thirteen multifamily properties.

(2) Equity in loss excludes our ownership interest of fee income from various property management services with our joint ventures.

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Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes [Abstract]

Income Taxes

11. Income Taxes

We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. In order for us to continue to qualify as a REIT we must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to our shareholders equal to a minimum of 90% of our REIT taxable income, computed without regard to the dividends paid deduction and our net capital gains. As a REIT, we generally will not be subject to federal income tax on our taxable income at the corporate level to the extent such income is distributed to our shareholders annually. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income taxes at regular corporate rates, including any applicable alternative minimum tax. In addition, we may not be able to requalify as a REIT for the four subsequent taxable years. Historically, we have incurred only state and local income, franchise, and excise taxes. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to applicable federal, state, and local income taxes. Our operating partnerships are flow-through entities and are not subject to federal income taxes at the entity level.

We have provided for income, franchise, and state income taxes in the condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2011 and 2010. Income taxes for the nine months ended September 30, 2011 includes approximately $1.0 million associated with the gain recognized on the sale of our available-for-sale investment discussed in Footnote 12, "Fair Value Disclosures," below. Other income tax expense is related to entity level taxes on certain ventures, state taxes, and federal taxes on certain of our taxable REIT subsidiaries. We have no significant temporary differences or tax credits associated with our taxable REIT subsidiaries.

We believe we have no uncertain tax positions or unrecognized tax benefits requiring disclosure as of and for the nine months ended September 30, 2011.

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Summary Of Significant Accounting Policies And Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2011

Summary Of Significant Accounting Policies And Recent Accounting Pronouncements

Summary Of Significant Accounting Policies And Recent Accounting Pronouncements

2. Summary of Significant Accounting Policies and Recent Accounting Pronouncements

Principles of Consolidation. Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are continuously evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation (primarily using a voting interest model) under the remaining consolidation guidance relating to real estate entities. If we are the general partner of a limited partnership, or manager of a limited liability company, we also consider the consolidation guidance relating to the rights of limited partners (non-managing members) to assess whether any rights held by the limited partners overcome the presumption of control by us.

Interim Financial Reporting. We have prepared these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim financial statements should be read in conjunction with the audited financial statements and notes included in our 2010 Annual Report on Form 10-K. In the opinion of management, all adjustments and eliminations, consisting of normal recurring adjustments, necessary for a fair representation of our financial statements for the interim period reported have been included. Operating results for the three and nine months ended September 30, 2011 are not necessarily indicative of the results which may be expected for the full year.

Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment exists if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future discounted and undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. When impairment exists, the long-lived asset is adjusted to its fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which maximize inputs from a marketplace participant's perspective. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment, we will record an impairment charge.

The value of our properties under development depends on market conditions, including estimates of the project start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.

We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value calculations, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations.

                      Cash and Cash Equivalents. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits.

  

Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt. Transaction costs associated with the acquisition of operating real estate assets are expensed. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. Upon substantial completion of the apartment homes, the total capitalized development cost for the apartment homes and the associated land is transferred to buildings and improvements and land, respectively.

As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $2.5 million and $6.1 million for the three and nine months ended September 30, 2011, respectively, and approximately $1.3 million and $4.0 million for the three and nine months ended September 30, 2010, respectively. Capitalized real estate taxes were approximately $0.4 million and $1.0 million for the three and nine months ended September 30, 2011, respectively, and approximately $0.1 million and $0.6 million for the three and nine months ended September 30, 2010, respectively.

Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating expenses associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives.

Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:

	Estimated Useful Life
Buildings and improvements		5-35 years
Furniture, fixtures, equipment, and other		3-20 years
Intangible assets (in-place leases and above and below market leases)		underlying lease term

Derivative Financial Instruments. Derivative financial instruments are recorded in the condensed consolidated balance sheets at fair value and we do not apply master netting for financial reporting purposes. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes attributable to the earnings effect of the hedged transactions. We may enter into derivative contracts which are intended to economically hedge certain of our risks, for which hedge accounting does not apply or we elect not to apply hedge accounting.

Income Recognition. Our rental and other property revenue is recorded when due from residents and is recognized monthly as it is earned. Other property revenue consists primarily of utility rebillings and administrative, application, and other transactional fees charged to our residents. Our apartment homes are rented to residents on lease terms generally ranging from six to fifteen months, with monthly payments due in advance. All other sources of income, including interest and fee and asset management income, are recognized as earned. Eight of our properties are subject to rent control. Operations of multifamily properties acquired are recorded from the date of acquisition in accordance with the acquisition method of accounting. In management's opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.

Reportable Segments. Our multifamily communities are geographically diversified throughout the United States, and management evaluates operating performance on an individual property level. As each of our apartment communities has similar economic characteristics, residents, and products and services, our apartment communities have been aggregated into one reportable segment. Our multifamily communities generate rental revenue and other income through the leasing of apartment homes, which comprised approximately 98% of our total property revenues and total non-property income, excluding income on deferred compensation plans, for all periods presented.

Use of Estimates. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets and estimates related to the valuation of our investments in joint ventures. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment.

Recent Accounting Pronouncements. In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2011-05 ("ASU 2011-05"), "Presentation of Comprehensive Income." ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders' equity and requires all nonowner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, ASU 2011-05 requires an entity to present reclassification adjustments on the face of the financial statements from other comprehensive income to net income. ASU 2011-05 is effective for us beginning January 1, 2012 and is not expected to have a material effect on our financial statements as we currently present other comprehensive income components in two separate but consecutive statements.

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Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Expected Useful Lives Of Depreciable Property) (Details)	9 Months Ended
	Sep. 30, 2011
Intangible assets (in-place leases and above and below market leases)	underlying lease term
Buildings And Improvements [Member]
Minimum Estimated Useful Life (in years)	5
Maximum Estimated Useful Life (in years)	35
Furniture, Fixtures, Equipment, And Other [Member]
Minimum Estimated Useful Life (in years)	3
Maximum Estimated Useful Life (in years)	20

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Share-Based Compensation

9 Months Ended

Sep. 30, 2011

Share-Based Compensation

Share-Based Compensation

8. Share-based Compensation

Incentive Compensation. During the second quarter of 2011, our Board of Trust Managers adopted, and on May 11, 2011 our shareholders approved, the 2011 Share Incentive Plan of Camden Property Trust (the "2011 Share Plan"). Under the 2011 Share Plan, we may issue up to a total of approximately 9.1 million fungible units (the "Fungible Pool Limit"), which is comprised of approximately 5.8 million new fungible units plus approximately 3.3 million fungible units previously available for issuance under our 2002 share incentive plan based on a 3.45 to 1.0 fungible unit-to full value award conversion ratio. Fungible units represent the baseline for the number of shares available for issuance under the 2011 Share Plan. Different types of awards are counted differently against the Fungible Pool Limit, as follows:

• Each share issued or to be issued in connection with an award, other than an option, right or other award which does not deliver the full value at grant of the underlying shares, will be counted against the Fungible Pool Limit as 3.45 fungible pool units;

• Options and other awards which do not deliver the full value at grant of the underlying shares and which expire more than five years from date of grant will be counted against the Fungible Pool Limit as one fungible pool unit; and

• Options, rights and other awards which do not deliver the full value at date of grant and expire five years or less from the date of grant will be counted against the Fungible Pool Limit as 0.83 of a fungible pool unit.

The fungible units represent approximately 2.6 million common shares which could be granted pursuant to full value awards based on the 3.45 to 1.0 fungible unit-to-full value award conversion ratio.

Awards which may be granted under the 2011 Share Plan include incentive share options, non-qualified share options (which may be granted separately or in connection with an option), share awards, dividends and dividend equivalents and other equity based awards. Persons eligible to receive awards under the 2011 Share Plan are trust managers, directors of our affiliates, executive and other officers, key employees and consultants, as determined by the Compensation Committee of our Board of Trust Managers. The 2011 Share Plan will expire on May 11, 2021.

Options. During the nine months ended September 30, 2011, approximately 0.5 million options were exercised at prices ranging from $30.06 to $62.32 per option. The total intrinsic value of options exercised during the nine months ended September 30, 2011 was approximately $9.5 million. There were 0.1 million options exercised, with intrinsic value of $1.4 million during the nine months ended September 30, 2010. As of September 30, 2011, there was approximately $1.6 million of total unrecognized compensation cost related to unvested options, which is expected to be amortized over the next three years. At September 30, 2011, outstanding options and exercisable options had a weighted average remaining life of approximately 4.9 years and 3.7 years respectively.

The following table summarizes outstanding share options and exercisable options at September 30, 2011:

	Outstanding Options (1)				Exercisable Options (1)
Range of Exercise Prices	Number		Weighted Average Price		Number		Weighted Average Price
$30.06-$41.16		473,684	$	32.08		179,979	$	35.38
$42.90-$45.53		466,060		44.32		428,797		44.36
$48.02-$73.32		406,219		51.77		253,068		54.03
Total options		1,345,963	$	42.26		861,844	$	45.32

(1) The aggregate intrinsic values of outstanding options and exercisable options at September 30, 2011 were $18.3 million and $9.3 million, respectively. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $55.26 per share on September 30, 2011 and the strike price of the underlying award.

Valuation Assumptions. Options generally have a vesting period of three to five years. We estimate the fair values of each option award on the date of grant using the Black-Scholes option pricing model. No new options have been granted in 2011.

Share Awards and Vesting. Share awards generally have a vesting period of five years. The compensation cost for share awards is based on the market value of the shares on the date of grant and is amortized over the vesting period. To estimate forfeitures, we use actual forfeiture history. At September 30, 2011, the unamortized value of previously issued unvested share awards was approximately $30.7 million which is expected to be amortized over the next five years. The total fair value of shares vested during the nine months ended September 30, 2011 and 2010 was approximately $11.0 million and $10.1 million, respectively.

Total compensation cost for option and share awards charged against income was approximately $3.3 million and $2.9 million for the three months ended September 30, 2011 and 2010, respectively, and approximately $9.5 million and $9.1 million for the nine months ended September 30, 2011 and 2010, respectively. Total capitalized compensation cost for option and share awards was approximately $0.3 million and $0.2 million for the three months ended September 30, 2011 and 2010, respectively, and approximately $0.9 million and $0.7 million for the nine months ended September 30, 2011 and 2010, respectively.

The following table summarizes activity under our share incentive plans for the nine months ended September 30, 2011:

	Options Outstanding			Weighted Average Exercise  / Grant Price		Nonvested Share Awards Outstanding			Weighted Average Exercise / Grant Price
Total options and nonvested share awards outstanding at December 31, 2010		1,847,136		$	42.39		741,505		$	42.16
Granted		—			—		344,159			57.00
Exercised/vested		(501,173	)		42.64		(235,093	)		46.74
Forfeited		—			—		(16,024	)		43.89
Net activity		(501,173	)				93,042
Total options and nonvested share awards outstanding at September 30, 2011		1,345,963		$	42.26		834,547		$	46.96

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Property Acquisitions, Discontinued Operations, And Assets Held For Sale

9 Months Ended

Sep. 30, 2011

Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract]

Property Acquisitions, Discontinued Operations, And Assets Held For Sale

13. Property Acquisitions, Discontinued Operations, and Assets Held for Sale

Acquisitions. In August 2011, we acquired 30.1 acres of land located in Atlanta, Georgia for approximately $40.1 million. We intend to utilize this land for development of multiple multifamily apartment communities.

Discontinued Operations and Assets Held for Sale. For the three and nine months ended September 30, 2010, income from discontinued operations included the results of operations of two operating properties comprised of an aggregate of 1,066 apartment homes sold during the fourth quarter 2010. We had no assets classified as held for sale as of and for the three or nine months ended September 30, 2011.

The following is a summary of income from discontinued operations for the three and nine months ended September 30, 2010:

	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2010		2010
Property revenues	$	2,954	$	8,534
Property expenses		1,222		3,515
		1,732		5,019
Depreciation and amortization		651		2,276
Income from discontinued operations	$	1,081	$	2,743

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Net Change In Operating Accounts

9 Months Ended

Sep. 30, 2011

Net Change In Operating Accounts

Net Change In Operating Accounts

9. Net Change in Operating Accounts

The effect of changes in the operating accounts on cash flows from operating activities is as follows:

	Nine Months Ended September 30,
(in thousands)	2011			2010
Change in assets:
Other assets, net	$	3,046		$	(6,262	)
Change in liabilities:
Accounts payable and accrued expenses		11,343			8,116
Accrued real estate taxes		15,048			16,938
Other liabilities		(13,131	)		2,691
Other		401			153
Change in operating accounts	$	16,707		$	21,636

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Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2011

Noncontrolling Interests [Abstract]

Effect Of Changes In Ownership Interest In Subsidiaries

(in thousands)	2011		2010
Net income attributable to common shareholders	$	2,529	$	6,069
Transfers from the noncontrolling interests:
Increase in equity for conversion of operating partnership units		592		2,132
Change in common equity and net transfers from noncontrolling interests	$	3,121	$	8,201

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Derivative Instruments And Hedging Activities

9 Months Ended

Sep. 30, 2011

Derivative Instruments And Hedging Activities

Derivative Instruments And Hedging Activities

7. Derivative Instruments and Hedging Activities

Risk Management Objective of Using Derivatives. We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we may enter into derivative financial instruments to manage exposures arising from business activities resulting in differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings.

Cash Flow Hedges of Interest Rate Risk. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps and caps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium.

Designated Hedges. In August 2011, our interest rate swap, with a notional amount of $16.6 million, matured and settled. As a result of the settlement, we did not have any designated hedges as of September 30, 2011. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income or loss and is subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings. During the three and nine months ended September 30, 2011 and 2010, such derivatives were used to hedge the variable cash flows associated with existing variable rate debt. The ineffective portion of the change in fair value of the derivatives, if any, is recognized directly in earnings. No portion of designated hedges was ineffective during the three or nine months ended September 30, 2011 and 2010.

Non-designated Hedges. Derivatives not designated as hedges are not entered into for speculative purposes and are used to manage our exposure to interest rate movements and other identified risks. Non-designated hedges are either specifically non-designated by management or do not meet strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings in other income or other expense.

In connection with the repayment of the $500 million term loan on June 6, 2011, we discontinued the hedging relationship on a $500 million interest rate swap used as a cash flow hedge as of May 31, 2011. Upon repayment of the loan, which eliminated the probable future variable monthly interest payments that were being hedged, we recognized a non-cash charge of approximately $29.8 million which included the accelerated reclassification of amounts previously recorded in accumulated other comprehensive loss related to this swap. Subsequent changes in the market value of the interest rate swap, which matures in October 2012, will be recorded directly in earnings over the remaining life of the swap in interest and other income (loss). Due to, among other matters, the relatively short remaining life of the swap (which matures in October 2012) and the low expectation of the swap becoming a significantly larger liability, management elected to leave this interest rate swap in place through its original maturity rather than cash settle the swap.

As of September 30, 2011, we had the following outstanding interest rate derivatives which were not designated as hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments		Notional Amount
Interest Rate Cap		1	$	175.0 million
Interest Rate Swap		1	$	500.0 million

The table below presents the fair value of our derivative financial instruments as well as their classification in the condensed consolidated balance sheets at September 30, 2011 and December 31, 2010 (in millions):

Fair Values of Derivative Instruments

Asset Derivatives

Liability Derivatives

September 30, 2011

December 31, 2010

September 30, 2011

December 31, 2010

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments

Interest Rate Swaps

Other Liabilities

$

—

Other Liabilities

$

36.9

Derivatives not designated as hedging instruments

Interest Rate Swap

Other Liabilities

$

22.2

Other Liabilities

N/A

Interest Rate Cap

Other Assets

$

0.1

Other Assets

$

—

The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2011 and 2010 (in millions):

Effect of Derivative Instruments

Three Months Ended September 30,
Derivatives in Cash	Amount of (Loss) Recognized in Other Comprehensive  Income ("OCI") on Derivative (Effective Portion)					Location of Loss Reclassified from Accumulated OCI into Income		Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion)				Location of Loss Recognized in Income on Derivative (Discontinuation, Ineffective Portion and Amount Excluded from	Amount of (Loss) Recognized in Income on  Derivative (Discontinuation, Ineffective Portion and Amount Excluded from Effectiveness Testing)
Flow Hedging Relationships	2011		2010			(Effective Portion)		2011		2010		Effectiveness Testing)	2011		2010
Interest Rate Swaps	$	—	$	(5.3	)		Interest expense	$	0.1	$	5.8	Loss on discontinuation of hedging relationship	$	—		N/A

Derivatives not designated as hedging instruments	Location of Gain/(Loss) Recognized in Income on	Amount of (Loss) Recognized in Income on Derivative
	Derivative	2011			2010
Interest Rate Cap	Other income/(loss)	$	(0.1	)	$	—
Interest Rate Swap	Other income/(loss)		(0.1	)		N/A

Nine Months Ended September 30,
Derivatives in Cash	Amount of (Loss) Recognized in Other Comprehensive  Income ("OCI") on Derivative (Effective Portion)						Location of Loss Reclassified from Accumulated OCI into Income		Amount of Loss Reclassified from Accumulated OCI into  Income (Effective Portion)				Location of Loss Recognized in Income on Derivative (Discontinuation, Ineffective Portion and Amount Excluded from	Amount of (Loss) Recognized in Income on  Derivative (Discontinuation, Ineffective Portion and Amount Excluded from Effectiveness Testing)
Flow Hedging Relationships	2011			2010			(Effective Portion)		2011		2010		Effectiveness Testing)	2011			2010
Interest Rate Swaps (1)	$	(2.7	)	$	(19.5	)		Interest expense	$	9.9	$	17.5	Loss on discontinuation of hedging relationship	$	(29.8	)		N/A

Derivatives not designated as hedging instruments	Location of Gain/(Loss) Recognized in Income on	Amount of (Loss) Recognized in Income on Derivative
	Derivative	2011			2010
Interest Rate Cap	Other income/(loss)	$	(0.1	)	$	—
Interest Rate Swap	Other income/(loss)		(0.1	)		N/A

(1) The results include the interest rate swap gain (loss) prior to discontinuation in May 2011.

Credit-risk-related Contingent Features. Derivative financial investments expose us to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. We believe we minimize our credit risk on these transactions by transacting with major creditworthy financial institutions. As part of our on-going control procedures, we monitor the credit ratings of counterparties and our exposure to any single entity, which we believe minimizes credit risk concentration.

Our agreements with each of our derivative counterparties contain provisions which provide the counterparty the right to declare a default on our derivative obligations if we are in default on any of our indebtedness, subject to certain thresholds. For all instances, these provisions include a default even if there is no acceleration of the indebtedness. Our agreements with each of our derivative counterparties also provide if we consolidate with, merge with or into, or transfer all or substantially all our assets to another entity and the creditworthiness of the resulting, surviving, or transferee entity is materially weaker than ours, the counterparty has the right to terminate the derivative obligations.

At September 30, 2011, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk (the "termination value"), related to these agreements was approximately $23.8 million. As of September 30, 2011, we had not posted any collateral related to these agreements. If we were in breach of any of these provisions at September 30, 2011, or terminated these agreements, we would have been required to settle our obligations at their aggregate termination value of approximately $23.8 million.

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Commitments And Contingencies (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Anticipated expenditures relating to completion of construction type contracts	$ 102.1		$ 102.1
Rental expense	0.7	0.7	2.1	2.2
Minimum annual rental commitments, remainder 2011	0.6		0.6
Minimum annual rental commitments, 2012	2.3		2.3
Minimum annual rental commitments, 2013	2.2		2.2
Minimum annual rental commitments, 2014	2.1		2.1
Minimum annual rental commitments, 2015	1.2		1.2
Minimum annual rental commitments, thereafter	$ 0.7		$ 0.7
Maximum [Member] | Partnership Interest [Member]
Less than joint venture economic interest noted	100.00%		100.00%

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Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011		Sep. 30, 2010
Cash flows from operating activities
Net income	$ 9,897		$ 11,861
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization, including discontinued operations	136,733		129,419
Gain on sale of properties, including land	(4,748)		(236)
Gain on sale of unconsolidated joint venture interests	(1,136)
Gain on sale of available-for sale investment	(4,301)
Loss on discontinuation of hedging relationship	29,791
Distributions of income from joint ventures	3,673		3,870
Equity in (income) loss of joint ventures	166	[1]	785	[1]
Share-based compensation	9,254		8,502
Amortization of deferred financing costs	4,761		2,624
Net change in operating accounts and other	16,707		21,636
Net cash from operating activities	200,797		178,461
Cash flows from investing activities
Development and capital improvements	(155,077)		(43,927)
Proceeds from sale of joint venture interests	19,310
Proceeds from sale of properties, including land	19,095		937
Proceeds from sale of available-for-sale investment	4,510
Decrease in notes receivable - affiliates	3,279		537
Investments in joint ventures	(35,280)		(5,094)
Distributions of investments from joint ventures	2,453		28
Other	(4,464)		(2,540)
Net cash from investing activities	(146,174)		(50,059)
Cash flows from financing activities
Borrowings on unsecured line of credit			37,000
Repayments on unsecured line of credit			(37,000)
Repayment of notes payable	(626,432)		(192,247)
Proceeds from notes payable	495,705		57,601
Proceeds from issuance of common shares	69,863		134,617
Distributions to common shareholders, perpetual preferred units and noncontrolling interests	(112,932)		(101,052)
Payment of deferred financing costs	(8,776)		(6,528)
Common share options exercised	11,267		1,132
Net decrease in accounts receivable - affiliates	500		3,843
Other	1,706		1,147
Net cash from financing activities	(169,099)		(101,487)
Net increase (decrease) in cash and cash equivalents	(114,476)		26,915
Cash and cash equivalents, beginning of period	170,575		64,156
Cash and cash equivalents, end of period	56,099		91,071
Supplemental information
Cash paid for interest, net of interest capitalized	69,043		87,116
Cash paid for income taxes	1,903		1,280
Supplemental schedule of noncash investing and financing activities
Distributions declared but not paid	39,319		34,548
Value of shares issued under benefit plans, net of cancellations	18,912		14,465
Conversion of operating partnership units to common shares	592		2,132
Accrual associated with construction and capital expenditures	12,557		4,140
Conversion of mezzanine note to joint venture equity			28,944
Change in fair value of available-for-sale investments, net of tax			1,914
Consolidation of joint venture at fair value, net of cash:
Real estate assets, net			92,726
In-place leases			1,193
Other assets			289
Mortgage debt assumed			52,144
Other liabilities			$ 561

[1] Equity in income (loss) excludes our ownership interest of fee income from various property management services with our joint ventures.

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Per Share Data

9 Months Ended

Sep. 30, 2011

Per Share Data

Per Share Data

3. Per Share Data

Basic earnings per share are computed using net income attributable to common shareholders and the weighted average number of common shares outstanding. Diluted earnings per share reflect common shares issuable from the assumed conversion of common share options and share awards granted and units convertible into common shares. Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. Our unvested share-based awards are considered participating securities and are reflected in the calculation of basic and diluted earnings per share using the two-class method. The number of common share equivalent securities excluded from the diluted earnings per share calculation was approximately 3.7 million and 4.7 million for the three months ended September 30, 2011 and 2010, respectively, and was approximately 4.1 million and 5.0 million for the nine months ended September 30, 2011 and 2010, respectively. These securities, which include common share options and share awards granted and units convertible into common shares, were excluded from the diluted earnings per share calculation as they are anti-dilutive.

The following table presents information necessary to calculate basic and diluted earnings per share for the three and nine months ended September 30, 2011 and 2010:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share amounts)	2011			2010			2011			2010
Earnings per share calculation – basic
Income from continuing operations attributable to common shareholders	$	11,840		$	569		$	2,529		$	3,326
Amount allocated to participating securities		(154	)		(24	)		(118	)		(94	)
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities		11,686			545			2,411			3,232
Income from discontinued operations attributable to common shareholders		—			1,081			—			2,743
Net income attributable to common shareholders, as adjusted	$	11,686		$	1,626		$	2,411		$	5,975
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.16		$	0.01		$	0.03		$	0.05
Income from discontinued operations attributable to common shareholders – per share		—			0.01			—			0.04
Net income attributable to common shareholders, as adjusted – per share	$	0.16		$	0.02		$	0.03		$	0.09
Weighted average number of common shares outstanding – basic		73,242			69,100			72,502			67,898
Earnings per share calculation – diluted
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	$	11,686		$	545		$	2,411		$	3,232
Income allocated to common units		8			—			—			—
Income from continuing operations attributable to common shareholders, as adjusted		11,694			545			2,411			3,232
Income from discontinued operations attributable to common shareholders		—			1,081			—			2,743
Net income attributable to common shareholders, as adjusted	$	11,694		$	1,626		$	2,411		$	5,975
Income from continuing operations attributable to common shareholders, as adjusted – per share	$	0.16		$	0.01		$	0.03		$	0.05
Income from discontinued operations attributable to common shareholders – per share		—			0.01			—			0.04
Net income attributable to common shareholders, as adjusted – per share	$	0.16		$	0.02		$	0.03		$	0.09
Weighted average number of common shares outstanding – basic		73,242			69,100			72,502			67,898
Incremental shares issuable from assumed conversion of:
Common share options and share awards granted		793			341			715			271
Common units		239			—			—			—
Weighted average number of common shares outstanding – diluted		74,274			69,441			73,217			68,169

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Investments In Joint Ventures (Aggregate Balance Sheet And Statement Of Income Data For Unconsolidated Joint Ventures) (Details) (USD $)	1 Months Ended	3 Months Ended				9 Months Ended
	Nov. 04, 2011	Sep. 30, 2011		Sep. 30, 2010		Sep. 30, 2011		Sep. 30, 2010		Dec. 31, 2010
Investments In Joint Ventures [Abstract]
Total assets		$ 1,322,500,000	[1]			$ 1,322,500,000	[1]			$ 935,300,000
Total third-party debt		1,066,900,000	[1]			1,066,900,000	[1]			810,100,000
Total equity		223,300,000	[1]			223,300,000	[1]			105,300,000
Total revenues		46,100,000		35,300,000		115,500,000		103,600,000
Net loss		(7,400,000)		(5,000,000)		(13,800,000)		(15,200,000)
Equity in loss		$ (556,000)	[2]	$ (244,000)	[2]	$ (166,000)	[2]	$ (785,000)	[2]
Number of unconsolidated joint venture ownership interests sold						3
Number of multifamily properties acquired by our discretionary funds	5					13

[1] During the nine months ended September 30, 2011, we sold our ownership interest in three unconsolidated joint ventures and our discretionary funds (the "Funds") acquired thirteen multifamily properties.

[2] Equity in income (loss) excludes our ownership interest of fee income from various property management services with our joint ventures.

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Property Acquisitions, Discontinued Operations, And Assets Held For Sale (Tables)

9 Months Ended

Sep. 30, 2011

Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract]

Summary Of Income From Discontinued Operations

	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2010		2010
Property revenues	$	2,954	$	8,534
Property expenses		1,222		3,515
		1,732		5,019
Depreciation and amortization		651		2,276
Income from discontinued operations	$	1,081	$	2,743

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Property Acquisitions, Discontinued Operations, And Assets Held For Sale (Summary Of Income From Discontinued Operations) (Details) (USD $) In Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2010	Sep. 30, 2010
Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract]
Property revenues	$ 2,954	$ 8,534
Property expenses	1,222	3,515
Operating income	1,732	5,019
Depreciation and amortization	651	2,276
Income from discontinued operations	$ 1,081	$ 2,743

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Net Change In Operating Accounts (Effect Of Changes In The Operating Accounts On Cash Flows From Operating Activities) (Details) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Net Change In Operating Accounts
Other assets, net	$ 3,046	$ (6,262)
Accounts payable and accrued expenses	11,343	8,116
Accrued real estate taxes	15,048	16,938
Other liabilities	(13,131)	2,691
Other	401	153
Change in operating accounts	$ 16,707	$ 21,636

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Common Shares

9 Months Ended

Sep. 30, 2011

Common Shares

Common Shares

4. Common Shares

We currently have an automatic shelf registration statement on file with the SEC which allows us to offer, from time to time, an unlimited amount of common shares, preferred shares, debt securities, or warrants. Our declaration of trust provides we may issue up to 110.0 million shares of beneficial interest, consisting of 100.0 million common shares and 10.0 million preferred shares. As of September 30, 2011, we had approximately 71.4 million common shares outstanding, net of treasury shares and shares held in our deferred compensation arrangements, and no preferred shares outstanding.

In March 2010, we originated an at-the-market ("ATM") share offering program through which we could, but had no obligation to, sell common shares having an aggregate offering price of up to $250 million ("2010 ATM program"), in amounts and at times as we determined, into the existing trading market at current market prices as well as through negotiated transactions. The 2010 ATM program has been terminated and no further common shares are available for sale under the 2010 ATM program.

The following table presents activity under our 2010 ATM share offering program for the periods presented (in thousands, except per share amounts):

	Three Months Ended September 30, 2011		Nine Months Ended September 30, 2011
Total net consideration	$	—	$	13,847.0
Common shares sold		—		252.5
Average price per share	$	—	$	55.81

In May 2011, we originated an ATM share offering program through which we can sell common shares having an aggregate offering price of up to $300 million ("2011 ATM program") from time to time into the existing trading market at current market prices as well as through negotiated transactions. We may, but have no obligation to, sell common shares through the 2011 ATM share offering program in amounts and at times as we determine. Actual sales from time to time may depend on a variety of factors, including, among others, market conditions, the trading price of our common shares, and determination of the appropriate sources of funding for us.

The following table presents activity under our 2011 ATM program for the periods presented (in thousands, except per share amounts):

	Three Months Ended September 30, 2011		Nine Months Ended September 30, 2011
Total net consideration	$	32,736.8	$	56,015.9
Common shares sold		506.2		875.4
Average price per share	$	65.76	$	65.24

As of September 30, 2011, we had common shares having an aggregate offering price of up to $242.9 million remaining available for sale under the 2011 ATM program. No additional shares were sold through the date of this filing.

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Notes Payable (Summary Of Indebtedness) (Details) (USD $)			9 Months Ended		9 Months Ended		9 Months Ended		9 Months Ended			9 Months Ended		9 Months Ended		9 Months Ended		9 Months Ended		9 Months Ended		9 Months Ended		9 Months Ended					9 Months Ended
	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2011 Minimum [Member] 0.95% - 6.00% Conventional Mortgage Notes, Due 2012 - 2045 [Member]	Sep. 30, 2011 Minimum [Member] Floating Rate Debt Included In Secured Notes (0.95% - 1.68%) [Member]	Sep. 30, 2011 Maximum [Member] 0.95% - 6.00% Conventional Mortgage Notes, Due 2012 - 2045 [Member]	Sep. 30, 2011 Maximum [Member] Floating Rate Debt Included In Secured Notes (0.95% - 1.68%) [Member]	Sep. 30, 2011 Commercial Banks [Member] Term Loan, Due 2012 [Member]	Dec. 31, 2010 Commercial Banks [Member] Term Loan, Due 2012 [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member] 7.69% Notes Due 2011 [Member]	Mar. 31, 2011 Senior Unsecured Notes [Member] 7.69% Notes Due 2011 [Member]	Dec. 31, 2010 Senior Unsecured Notes [Member] 7.69% Notes Due 2011 [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member] 5.93% Notes Due 2012 [Member]	Dec. 31, 2010 Senior Unsecured Notes [Member] 5.93% Notes Due 2012 [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member] 5.45% Notes Due 2013 [Member]	Dec. 31, 2010 Senior Unsecured Notes [Member] 5.45% Notes Due 2013 [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member] 5.08% Notes Due 2015 [Member]	Dec. 31, 2010 Senior Unsecured Notes [Member] 5.08% Notes Due 2015 [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member] 5.75% Notes Due 2017 [Member]	Dec. 31, 2010 Senior Unsecured Notes [Member] 5.75% Notes Due 2017 [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member] 4.70% Notes Due 2021 [Member]	Jun. 30, 2011 4.70% Notes Due 2021 [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member] 5.00% Notes Due 2023 [Member]	Jun. 30, 2011 5.00% Notes Due 2023 [Member]	Sep. 30, 2011 Medium-Term Notes [Member] 4.99% Notes Due 2011 [Member]	Jun. 30, 2011 Medium-Term Notes [Member] 4.99% Notes Due 2011 [Member]	Dec. 31, 2010 Medium-Term Notes [Member] 4.99% Notes Due 2011 [Member]	Sep. 30, 2011 0.95% - 6.00% Conventional Mortgage Notes, Due 2012 - 2045 [Member]	Dec. 31, 2010 0.95% - 6.00% Conventional Mortgage Notes, Due 2012 - 2045 [Member]	Sep. 30, 2011 1.58% Tax-Exempt Mortgage Note Due 2028 [Member]	Dec. 31, 2010 1.58% Tax-Exempt Mortgage Note Due 2028 [Member]	Sep. 30, 2011 Floating Rate Tax-Exempt Debt Included In Secured Notes (1.58%) [Member]	Dec. 31, 2010 Floating Rate Tax-Exempt Debt Included In Secured Notes (1.58%) [Member]	Sep. 30, 2011 Floating Rate Debt Included In Secured Notes (0.95% - 1.68%) [Member]	Dec. 31, 2010 Floating Rate Debt Included In Secured Notes (0.95% - 1.68%) [Member]	Dec. 31, 2010 Commercial Banks [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member]	Dec. 31, 2010 Senior Unsecured Notes [Member]	Sep. 30, 2011 Medium-Term Notes [Member]	Dec. 31, 2010 Medium-Term Notes [Member]
Unsecured notes payable	$ 1,380,560,000	$ 1,507,757,000						$ 500,000,000			$ 88,000,000	$ 189,500,000	$ 189,500,000	$ 199,700,000	$ 199,600,000	$ 249,300,000	$ 249,200,000	$ 246,200,000	$ 246,100,000	$ 248,600,000		$ 247,300,000				$ 35,400,000									$ 500,000,000	$ 1,380,600,000	$ 972,400,000	$ 1,380,600,000	$ 1,507,800,000
Total secured notes payable	1,052,544,000	1,055,997,000																									1,013,100,000	1,015,700,000	39,400,000	40,300,000	39,400,000	40,300,000	206,500,000	189,900,000
Total notes payable	$ 2,433,100,000	$ 2,563,800,000
Notes payable, interest percentage																					4.625%		4.875%
Yield to maturity interest rate on notes payable			0.95%	0.95%	6.00%	1.68%			7.69%	7.69%		5.93%		5.45%		5.08%		5.75%		4.70%		5.00%		4.99%	4.99%				1.58%		1.58%
Notes payable, maturity date			2012		2045		2012		2011			2012		2013		2015		2017		2021		2023		2011					2028

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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2011

Share-Based Compensation

Schedule Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range And Intrinsic Value

	Outstanding Options (1)				Exercisable Options (1)
Range of Exercise Prices	Number		Weighted Average Price		Number		Weighted Average Price
$30.06-$41.16		473,684	$	32.08		179,979	$	35.38
$42.90-$45.53		466,060		44.32		428,797		44.36
$48.02-$73.32		406,219		51.77		253,068		54.03
Total options		1,345,963	$	42.26		861,844	$	45.32

(1) The aggregate intrinsic values of outstanding options and exercisable options at September 30, 2011 were $18.3 million and $9.3 million, respectively. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $55.26 per share on September 30, 2011 and the strike price of the underlying award.

Summary Of Share Incentive Plans

	Options Outstanding			Weighted Average Exercise  / Grant Price		Nonvested Share Awards Outstanding			Weighted Average Exercise / Grant Price
Total options and nonvested share awards outstanding at December 31, 2010		1,847,136		$	42.39		741,505		$	42.16
Granted		—			—		344,159			57.00
Exercised/vested		(501,173	)		42.64		(235,093	)		46.74
Forfeited		—			—		(16,024	)		43.89
Net activity		(501,173	)				93,042
Total options and nonvested share awards outstanding at September 30, 2011		1,345,963		$	42.26		834,547		$	46.96

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Description Of Business (Details)	Sep. 30, 2011
Description Of Business
Number of multifamily communities comprising of apartment homes	205
Total number of apartment homes in multifamily communities	69,700
Number of multifamily properties under development	8
Total number of apartment homes in multifamily properties upon completion of development	2,209

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Notes Payable (Narrative) (Details) (USD $)	1 Months Ended	9 Months Ended		3 Months Ended					3 Months Ended		3 Months Ended				1 Months Ended	9 Months Ended	1 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended	1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 30, 2011	Sep. 30, 2011 years	Sep. 30, 2010	Jun. 30, 2011 Commercial Banks [Member] Term Loan, Due 2012 [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member] 4.70% Notes Due 2021 [Member]	Jun. 30, 2011 Senior Unsecured Notes [Member] 4.70% Notes Due 2021 [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member] 5.00% Notes Due 2023 [Member]	Jun. 30, 2011 Senior Unsecured Notes [Member] 5.00% Notes Due 2023 [Member]	Mar. 31, 2011 Senior Unsecured Notes [Member] 7.69% Notes Due 2011 [Member]	Sep. 30, 2011 Senior Unsecured Notes [Member] 7.69% Notes Due 2011 [Member]	Jun. 30, 2011 Medium-Term Notes [Member] 4.99% Notes Due 2011 [Member]	Sep. 30, 2011 Medium-Term Notes [Member] 4.99% Notes Due 2011 [Member]	Sep. 30, 2011 Floating Rate Debt [Member]	Sep. 30, 2010 Floating Rate Debt [Member]	Jun. 30, 2011 4.70% Notes Due 2021 [Member]	Sep. 30, 2011 4.70% Notes Due 2021 [Member]	Jun. 30, 2011 5.00% Notes Due 2023 [Member]	Sep. 30, 2011 5.00% Notes Due 2023 [Member]	Sep. 30, 2011 0.95% - 6.00% Conventional Mortgage Notes, Due 2012 - 2045 [Member]	Sep. 30, 2011 0.95% - 6.00% Conventional Mortgage Notes, Due 2012 - 2045 [Member]	Sep. 30, 2011 Line Of Credit [Member]	Sep. 30, 2011 Line Of Credit [Member]	Sep. 30, 2011 Line Of Credit [Member]	Sep. 30, 2011 Letter Of Credit [Member]
Amount of current borrowing capacity under unsecured credit facility																						$ 500,000,000	$ 500,000,000
Prior maturity period of unsecured credit facility																						August 2012
Current maturity period of unsecured credit facility																					September 2015
Optional extension period of unsecured credit facility																					September 2016
Maximum term of bid rate loans (days)																							180
Lesser of amount stated or the amount available under the line of credit																							250,000,000
Maximum borrowing capacity under unsecured credit facility																					750,000,000			100,000,000
Outstanding letters of credit under credit facility																								11,600,000
Available amount under unsecured credit facility																						488,400,000	488,400,000
Repayment of senior unsecured notes		500,000,000		500,000,000					88,000,000		35,000,000
Secured third party note payable to one of our fully-consolidated joint ventures																			31,500,000	31,500,000
Investment ownership percentage in fully-consolidated joint venture																				25.00%
Original maturity period of secured third-party note payable																			August 2011
Extended maturity period of secured third-party note payable																			August 2012
Interest rate of notes payable															4.625%		4.875%
Yield to maturity interest rate on notes payable					4.70%		5.00%		7.69%	7.69%	4.99%	4.99%
Aggregate principal face amount of senior unsecured notes	500,000,000					250,000,000		250,000,000
Proceeds from notes payable		495,705,000	57,601,000
Proceeds from notes payable	491,800,000
Notes payable, maturity date															Jun. 01, 2021		Jun. 01, 2023
Discount on notes payable face amount																99.404%		98.878%
Write off of unamortized loan costs				$ 500,000
Weighted average interest rate on floating rate debt		4.80%											1.10%	1.30%
Weighted average maturity of indebtedness (including unsecured line of credit) (in years)		7.0

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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Measured At Fair Value

	September 30, 2011								December 31, 2010
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Deferred compensation plan investments	$	37.4	$	—	$	—	$	37.4	$	46.7	$	—	$	—	$	46.7
Available-for-sale investment		—		—		—		—		5.0		—		—		5.0
Derivative financial instruments		—		0.1		—		0.1		—		—		—		—
Liabilities
Derivative financial instruments	$	—	$	22.2	$	—	$	22.2	$	—	$	36.9	$	—	$	36.9

Fair Value Of Notes Receivable And Notes Payable

	September 30, 2011				December 31, 2010
(in millions)	Carrying Value		Estimated Fair  Value		Carrying Value		Estimated Fair  Value
Notes receivable — affiliates	$	—	$	—	$	3.2	$	3.2
Fixed rate notes payable (1)		2,187.2		2,276.4		2,333.5		2,386.0
Floating rate notes payable		245.9		234.3		230.3		212.7

(1) December 31, 2010 includes a $500 million term loan entered into in 2007, and a $16.6 million construction loan entered into in 2008 which are effectively fixed by the use of interest rate swaps but evaluated for estimated fair value at the floating rate. The $500 million term loan was repaid in June 2011 from the net proceeds received from our $500 million debt offerings also completed in June 2011 and with cash on hand. The $16.6 million construction loan interest rate swap matured and was not extended in conjunction with the one-year extension of the loan in July 2011.

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Fair Value Disclosures

9 Months Ended

Sep. 30, 2011

Fair Value Disclosures [Abstract]

Fair Value Disclosures

12. Fair Value Disclosures

For financial assets and liabilities fair valued on a recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction which occurs at the transaction date.

Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

• Level 1: Quoted prices for identical instruments in active markets.

• Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level 3: Significant inputs to the valuation model are unobservable.

The following table presents information about our financial assets and liabilities measured at fair value as of September 30, 2011 and December 31, 2010 under the fair value hierarchy discussed above.

	September 30, 2011								December 31, 2010
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Deferred compensation plan investments	$	37.4	$	—	$	—	$	37.4	$	46.7	$	—	$	—	$	46.7
Available-for-sale investment		—		—		—		—		5.0		—		—		5.0
Derivative financial instruments		—		0.1		—		0.1		—		—		—		—
Liabilities
Derivative financial instruments	$	—	$	22.2	$	—	$	22.2	$	—	$	36.9	$	—	$	36.9

Deferred Compensation Plan Investments. The estimated fair values of investment securities classified as deferred compensation plan investments are included in Level 1 and are based on quoted market prices utilizing public information for the same transactions. Our deferred compensation plan investments are recorded in other assets in our condensed consolidated balance sheets. The balance at September 30, 2011 also reflects approximately $12.0 million of participant withdrawals from our deferred compensation plan investments during 2011.

Available-for-sale Investment. During February 2011, we received proceeds from the sale of our available-for-sale investment of approximately $4.5 million, resulting in a gross realized gain of approximately $4.3 million. This available-for-sale investment was included in Level 1 in the preceding table as of December 31, 2010 and was valued using quoted market prices.

Derivative Financial Instruments. The estimated fair values of derivative financial instruments are included in Level 2 and are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair values of interest rate swaps and caps are estimated using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk, including our own nonperformance risk and the respective counterparty's nonperformance risk. The fair value of interest rate caps is determined using the market standard methodology of discounting the future expected cash receipts which would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observed market interest rate curves and volatilities.

Although we have determined the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, as of September 30, 2011, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Other Fair Value Disclosures. As of September 30, 2011 and December 31, 2010, the carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities, and distributions payable approximated fair value based on the short-term nature of these instruments.

In calculating the fair value of our notes receivable and notes payable, interest rates and spreads reflect current creditworthiness and market conditions available for the issuance of notes receivable and notes payable with similar terms and remaining maturities. The following table presents the carrying and estimated fair value of our notes receivable and notes payable at September 30, 2011 and December 31, 2010:

	September 30, 2011				December 31, 2010
(in millions)	Carrying Value		Estimated Fair  Value		Carrying Value		Estimated Fair  Value
Notes receivable — affiliates	$	—	$	—	$	3.2	$	3.2
Fixed rate notes payable (1)		2,187.2		2,276.4		2,333.5		2,386.0
Floating rate notes payable		245.9		234.3		230.3		212.7

(1) December 31, 2010 includes a $500 million term loan entered into in 2007, and a $16.6 million construction loan entered into in 2008 which are effectively fixed by the use of interest rate swaps but evaluated for estimated fair value at the floating rate. The $500 million term loan was repaid in June 2011 from the net proceeds received from our $500 million debt offerings also completed in June 2011 and with cash on hand. The $16.6 million construction loan interest rate swap matured and was not extended in conjunction with the one-year extension of the loan in July 2011.

Nonrecurring Fair Value Disclosures. Nonfinancial assets and nonfinancial liabilities measured on a nonrecurring basis primarily relate to impairment of long-lived assets or investments. There were no events during the nine months ended September 30, 2011 which required fair value adjustments of our nonfinancial assets and nonfinancial liabilities.

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Fair Value Disclosures (Fair Value Of Notes Receivable And Notes Payable) (Details) (USD $)	9 Months Ended			3 Months Ended		1 Months Ended
	Sep. 30, 2011	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2011 Commercial Banks [Member] Term Loan, Due 2012 [Member]	Dec. 31, 2010 Term Loan [Member]	Jul. 31, 2011 Construction Loan [Member]	Sep. 30, 2011 Construction Loan [Member]	Dec. 31, 2010 Construction Loan [Member]	Sep. 30, 2011 Fixed Rate Notes Payable [Member]		Dec. 31, 2010 Fixed Rate Notes Payable [Member]		Sep. 30, 2011 Floating Rate Notes Payable [Member]	Dec. 31, 2010 Floating Rate Notes Payable [Member]
Notes receivable - affiliates, Carrying Value			$ 3,194,000
Notes receivable - affiliates, Estimated Fair Value			3,200,000
Carrying Value	2,433,100,000		2,563,800,000						2,187,200,000	[1]	2,333,500,000	[1]	245,900,000	230,300,000
Estimated Fair Value									2,276,400,000	[1]	2,386,000,000	[1]	234,300,000	212,700,000
Fixed rate notes payable					500,000,000		16,600,000	16,600,000
Aggregate face amount of debt offerings completed during the period		500,000,000
Construction loan extension date						July 2011
Repayment of senior unsecured notes	$ 500,000,000			$ 500,000,000

[1] December 31, 2010 includes a $500 million term loan entered into in 2007, and a $16.6 million construction loan entered into in 2008 which are effectively fixed by the use of interest rate swaps but evaluated for estimated fair value at the floating rate. The $500 million term loan was repaid in June 2011 from the net proceeds received from our $500 million debt offerings also completed in June 2011 and with cash on hand. The $16.6 million construction loan interest rate swap matured and was not extended in conjunction with the one-year extension of the loan in July 2011.

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Investments In Joint Ventures

9 Months Ended

Sep. 30, 2011

Investments In Joint Ventures [Abstract]

Investments In Joint Ventures

5. Investments in Joint Ventures

As of September 30, 2011, our equity investments in unconsolidated joint ventures, which we account for utilizing the equity method of accounting, consisted of 17 joint ventures, with our ownership percentages ranging from 15% to 50%. We currently provide property management services to each of these joint ventures which own operating properties, and we may provide construction and development services to the joint ventures which own properties under development. The following table summarizes aggregate balance sheet and statement of income data for the unconsolidated joint ventures as of and for the periods presented:

(in millions)	September 30, 2011 (1)		December 31, 2010
Total assets	$	1,322.5	$	935.3
Total third-party debt		1,066.9		810.1
Total equity		223.3		105.3

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Total revenues	$	46.1		$	35.3		$	115.5		$	103.6
Net loss		(7.4	)		(5.0	)		(13.8	)		(15.2	)
Equity in loss (2)		(0.6	)		(0.2	)		(0.2	)		(0.8	)

(1) During the nine months ended September 30, 2011, we sold our ownership interest in three unconsolidated joint ventures and our discretionary funds (the "Funds") acquired thirteen multifamily properties.

(2) Equity in loss excludes our ownership interest of fee income from various property management services with our joint ventures.

The joint ventures in which we have an interest have been funded in part with secured third-party debt. As of September 30, 2011, we had no outstanding guarantees related to loans of our unconsolidated joint ventures.

We may earn fees for property management, construction, development, and other services related to joint ventures in which we own an interest. Fees earned for these services amounted to approximately $2.4 million and $1.6 million for the three months ended September 30, 2011 and 2010, respectively, and approximately $6.4 million and $4.7 million for the nine months ended September 30, 2011 and 2010, respectively. We eliminate fee income for these services provided to these joint ventures to the extent of our ownership.

In April 2011, we sold one of our development properties in Washington, D.C. to one of the Funds, in which we have a 20% interest, for approximately $9.4 million and we were reimbursed for previously written-off third-party development costs, resulting in a gain of approximately $4.7 million. Additionally, in June 2011, we sold one of our development properties located in Austin, Texas to this Fund for approximately $3.1 million, resulting in a gain of approximately $0.1 million.

During the nine months ended September 30, 2011, the Funds also acquired thirteen multifamily properties comprised of 1,358 units located in Houston, Texas, 1,250 units located in Dallas, Texas, 768 units located in Austin, Texas, 450 units located in Tampa, Florida, 528 units located in San Antonio, Texas, and 234 units located in Atlanta, Georgia. Subsequent to quarter end, the Funds acquired five multifamily properties comprised of 1,488 units located in Houston, Texas.

During March 2011, we sold our ownership interests in three unconsolidated joint ventures for total proceeds of approximately $19.3 million and recognized a gain of approximately $1.1 million.

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Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Policies)

9 Months Ended

Sep. 30, 2011

Summary Of Significant Accounting Policies And Recent Accounting Pronouncements

Principles Of Consolidation

Principles of Consolidation. Our condensed consolidated financial statements include our accounts and the accounts of other subsidiaries and joint ventures (including partnerships and limited liability companies) over which we have control. All intercompany transactions, balances, and profits have been eliminated in consolidation. Investments acquired or created are continuously evaluated based on the accounting guidance relating to variable interest entities ("VIEs"), which requires the consolidation of VIEs in which we are considered to be the primary beneficiary. If the investment is determined not to be a VIE, then the investment is evaluated for consolidation (primarily using a voting interest model) under the remaining consolidation guidance relating to real estate entities. If we are the general partner of a limited partnership, or manager of a limited liability company, we also consider the consolidation guidance relating to the rights of limited partners (non-managing members) to assess whether any rights held by the limited partners overcome the presumption of control by us.

Interim Financial Reporting

Interim Financial Reporting. We have prepared these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, these statements do not include all information and footnote disclosures required for annual statements. While we believe the disclosures presented are adequate for interim reporting, these interim financial statements should be read in conjunction with the audited financial statements and notes included in our 2010 Annual Report on Form 10-K. In the opinion of management, all adjustments and eliminations, consisting of normal recurring adjustments, necessary for a fair representation of our financial statements for the interim period reported have been included. Operating results for the three and nine months ended September 30, 2011 are not necessarily indicative of the results which may be expected for the full year.

Asset Impairment

Asset Impairment. Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment exists if estimated future undiscounted cash flows associated with long-lived assets are not sufficient to recover the carrying value of such assets. We consider projected future discounted and undiscounted cash flows, trends, strategic decisions regarding future development plans, and other factors in our assessment of whether impairment conditions exist. When impairment exists, the long-lived asset is adjusted to its fair value. While we believe our estimates of future cash flows are reasonable, different assumptions regarding a number of factors, including market rents, economic conditions, and occupancies, could significantly affect these estimates. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations which maximize inputs from a marketplace participant's perspective. In addition, we evaluate our equity investments in joint ventures and if we believe there is an other than temporary decline in market value of our investment, we will record an impairment charge.

The value of our properties under development depends on market conditions, including estimates of the project start date as well as estimates of demand for multifamily communities. We have reviewed market trends and other marketplace information and have incorporated this information as well as our current outlook into the assumptions we use in our impairment analyses. Due to the judgment and assumptions applied in the impairment analyses, it is possible actual results could differ substantially from those estimated.

We believe the carrying value of our operating real estate assets, properties under development, and land is currently recoverable. However, if market conditions deteriorate or if changes in our development strategy significantly affect any key assumptions used in our fair value calculations, we may need to take material charges in future periods for impairments related to existing assets. Any such material non-cash charges could have an adverse effect on our consolidated financial position and results of operations.

Cash And Cash Equivalents

Cash and Cash Equivalents. All cash and investments in money market accounts and other highly liquid securities with a maturity of three months or less at the date of purchase are considered to be cash and cash equivalents. We maintain the majority of our cash and cash equivalents at major financial institutions in the United States and deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, we regularly monitor the financial stability of these financial institutions and believe we are not currently exposed to any significant default risk with respect to these deposits.

Cost Capitalization

  

Cost Capitalization. Real estate assets are carried at cost plus capitalized carrying charges. Carrying charges are primarily interest and real estate taxes which are capitalized as part of properties under development. Capitalized interest is generally based on the weighted average interest rate of our unsecured debt. Transaction costs associated with the acquisition of operating real estate assets are expensed. Expenditures directly related to the development and improvement of real estate assets are capitalized at cost as land and buildings and improvements. Indirect development costs, including salaries and benefits and other related costs directly attributable to the development of properties, are also capitalized. All construction and carrying costs are capitalized and reported in the balance sheet as properties under development until the apartment homes are substantially completed. Upon substantial completion of the apartment homes, the total capitalized development cost for the apartment homes and the associated land is transferred to buildings and improvements and land, respectively.

As discussed above, carrying charges are principally interest and real estate taxes capitalized as part of properties under development. Capitalized interest was approximately $2.5 million and $6.1 million for the three and nine months ended September 30, 2011, respectively, and approximately $1.3 million and $4.0 million for the three and nine months ended September 30, 2010, respectively. Capitalized real estate taxes were approximately $0.4 million and $1.0 million for the three and nine months ended September 30, 2011, respectively, and approximately $0.1 million and $0.6 million for the three and nine months ended September 30, 2010, respectively.

Where possible, we stage our construction to allow leasing and occupancy during the construction period, which we believe minimizes the duration of the lease-up period following completion of construction. Our accounting policy related to properties in the development and leasing phase is to expense all operating expenses associated with completed apartment homes. We capitalize renovation and improvement costs we believe extend the economic lives of depreciable property. Capital expenditures subsequent to initial construction are capitalized and depreciated over their estimated useful lives.

Depreciation and amortization is computed over the expected useful lives of depreciable property on a straight-line basis with lives generally as follows:

	Estimated Useful Life
Buildings and improvements		5-35 years
Furniture, fixtures, equipment, and other		3-20 years
Intangible assets (in-place leases and above and below market leases)		underlying lease term

Derivative Financial Instruments

Derivative Financial Instruments. Derivative financial instruments are recorded in the condensed consolidated balance sheets at fair value and we do not apply master netting for financial reporting purposes. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows or other types of forecasted transactions are cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes attributable to the earnings effect of the hedged transactions. We may enter into derivative contracts which are intended to economically hedge certain of our risks, for which hedge accounting does not apply or we elect not to apply hedge accounting.

Income Recognition

Income Recognition. Our rental and other property revenue is recorded when due from residents and is recognized monthly as it is earned. Other property revenue consists primarily of utility rebillings and administrative, application, and other transactional fees charged to our residents. Our apartment homes are rented to residents on lease terms generally ranging from six to fifteen months, with monthly payments due in advance. All other sources of income, including interest and fee and asset management income, are recognized as earned. Eight of our properties are subject to rent control. Operations of multifamily properties acquired are recorded from the date of acquisition in accordance with the acquisition method of accounting. In management's opinion, due to the number of residents, the types and diversity of submarkets in which our properties operate, and the collection terms, there is no significant concentration of credit risk.

Reportable Segments

Reportable Segments. Our multifamily communities are geographically diversified throughout the United States, and management evaluates operating performance on an individual property level. As each of our apartment communities has similar economic characteristics, residents, and products and services, our apartment communities have been aggregated into one reportable segment. Our multifamily communities generate rental revenue and other income through the leasing of apartment homes, which comprised approximately 98% of our total property revenues and total non-property income, excluding income on deferred compensation plans, for all periods presented.

Use Of Estimates

Use of Estimates. In the application of GAAP, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities at the date of the financial statements, results of operations during the reporting periods, and related disclosures. Our more significant estimates include estimates supporting our impairment analysis related to the carrying values of our real estate assets and estimates related to the valuation of our investments in joint ventures. These estimates are based on historical experience and other assumptions believed to be reasonable under the circumstances. Future events rarely develop exactly as forecasted, and the best estimates routinely require adjustment.

Recent Accounting Pronouncements

Recent Accounting Pronouncements. In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2011-05 ("ASU 2011-05"), "Presentation of Comprehensive Income." ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders' equity and requires all nonowner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, ASU 2011-05 requires an entity to present reclassification adjustments on the face of the financial statements from other comprehensive income to net income. ASU 2011-05 is effective for us beginning January 1, 2012 and is not expected to have a material effect on our financial statements as we currently present other comprehensive income components in two separate but consecutive statements.

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Investments In Joint Ventures (Narrative) (Details) (USD $)	1 Months Ended		3 Months Ended		9 Months Ended				1 Months Ended	9 Months Ended			1 Months Ended	9 Months Ended			1 Months Ended
	Nov. 04, 2011	Mar. 31, 2011	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011 Minimum [Member]	Sep. 30, 2011 Maximum [Member]	Nov. 04, 2011 Houston Texas [Member]	Sep. 30, 2011 Houston Texas [Member]	Sep. 30, 2011 Atlanta Georgia [Member]	Sep. 30, 2011 Tampa Florida [Member]	Jun. 30, 2011 Austin Texas [Member]	Sep. 30, 2011 Austin Texas [Member]	Sep. 30, 2011 San Antonio Texas [Member]	Sep. 30, 2011 Dallas Texas [Member]	Apr. 30, 2011 Washington, D.C. [Member]
Number of joint ventures accounted for under equity method investments			17		17
Equity method investment ownership percentage							15.00%	50.00%									20.00%
Maximum guaranteed amount of loans utilized for construction and development activities for joint ventures			$ 0		$ 0
Fees earned for property and asset management, construction, development, and other services to joint ventures			2,400,000	1,600,000	6,400,000	4,700,000
Proceeds from sale of ownership interests in three unconsolidated joint venture communities		19,300,000
Gain on sale of unconsolidated joint venture interests					(1,136,000)
Number of multifamily properties acquired by our discretionary funds	5				13
Number of units in multifamily properties acquired									1,488	1,358	234	450		768	528	1,250
Proceeds from sale of property													3,100,000
Proceeds from sale of development property with reimbursement																	9,400,000
Gain on sale of properties													$ 100,000				$ 4,700,000

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Net Change In Operating Accounts (Tables)

9 Months Ended

Sep. 30, 2011

Net Change In Operating Accounts

Effect Of Changes In The Operating Accounts On Cash Flows From Operating Activities

	Nine Months Ended September 30,
(in thousands)	2011			2010
Change in assets:
Other assets, net	$	3,046		$	(6,262	)
Change in liabilities:
Accounts payable and accrued expenses		11,343			8,116
Accrued real estate taxes		15,048			16,938
Other liabilities		(13,131	)		2,691
Other		401			153
Change in operating accounts	$	16,707		$	21,636

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Condensed Consolidated Statements Of Equity And Perpetual Preferred Units (USD $)	Common Shares Of Beneficial Interest [Member]	Additional Paid-In Capital [Member]	Distributions In Excess Of Net Income [Member]	Notes Receivable Secured By Common Shares [Member]	Treasury Shares, At Cost [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]	Perpetual Preferred Units [Member]	Total
Perpetual preferred units, Beginning Balance at Dec. 31, 2009								$ 97,925,000
Beginning Balance at Dec. 31, 2009	770,000	2,525,656,000	(492,571,000)	(101,000)	(462,188,000)	(41,155,000)	78,602,000		1,609,013,000
Net income			6,069,000				542,000	5,250,000	6,611,000
Other comprehensive income (loss)						(147,000)			(147,000)
Common shares issued	29,000	134,588,000							134,617,000
Net share awards	4,000	8,919,000							8,923,000
Employee stock purchase plan		(150,000)			933,000				783,000
Common share options exercised	1,000	2,459,000							2,460,000
Conversions of operating partnership units	2,000	2,130,000					(2,132,000)		2,132,000
Cash distributions declared to perpetual preferred units								(5,250,000)
Cash distributions declared to equity holders			(93,544,000)				(3,863,000)		(97,407,000)
Other	(2,000)	4,000		101,000			10,000		113,000
Perpetual preferred units, Ending Balance at Sep. 30, 2010								97,925,000
Ending Balance at Sep. 30, 2010	804,000	2,673,606,000	(580,046,000)		(461,255,000)	(41,302,000)	73,159,000		1,664,966,000
Perpetual preferred units, Beginning Balance at Dec. 31, 2010								97,925,000	97,925,000
Beginning Balance at Dec. 31, 2010	824,000	2,775,625,000	(595,317,000)		(461,255,000)	(33,458,000)	70,954,000		1,757,373,000
Net income			2,529,000				2,118,000	5,250,000	4,647,000
Other comprehensive income (loss)						33,659,000			33,659,000
Common shares issued	11,000	69,852,000							69,863,000
Net share awards	4,000	9,597,000			703,000				10,304,000
Employee stock purchase plan		482,000			1,335,000				1,817,000
Common share options exercised	1,000	4,990,000			6,973,000				11,964,000
Conversions of operating partnership units	1,000	591,000					(592,000)		592,000
Cash distributions declared to perpetual preferred units								(5,250,000)
Cash distributions declared to equity holders			(108,109,000)				(3,669,000)		(111,778,000)
Other	(2,000)	2,000
Perpetual preferred units, Ending Balance at Sep. 30, 2011								97,925,000	97,925,000
Ending Balance at Sep. 30, 2011	$ 839,000	$ 2,861,139,000	$ (700,897,000)		$ (452,244,000)	$ 201,000	$ 68,811,000		$ 1,777,849,000

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Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 2011

Summary Of Significant Accounting Policies And Recent Accounting Pronouncements

Expected Useful Lives Of Depreciable Property

	Estimated Useful Life
Buildings and improvements		5-35 years
Furniture, fixtures, equipment, and other		3-20 years
Intangible assets (in-place leases and above and below market leases)		underlying lease term

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Derivative Instruments And Hedging Activities (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Aug. 31, 2011 Designated Hedges [Member]
Interest rate swap, notional amount					$ 16,600,000
Discontinuation of cash flow hedge			In connection with the repayment of the $500 million term loan on June 6, 2011, we discontinued the hedging relationship on a $500 million interest rate swap
Repayment of term loan			500,000,000
Recognized non-cash charge related to the discontinuation of the cash flow hedge for the term loan			29,791,000
Interest rate swaps maturity date			October 2012
Ineffective portion of the change in fair value of the derivatives	0	0	0	0
Fair value of derivatives in a net liability position	23,800,000		23,800,000
Aggregate termination value to settle obligations	$ 23,800,000		$ 23,800,000

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Common Shares (Tables)

9 Months Ended

Sep. 30, 2011

2010 ATM Program [Member]

Activity Under At-The-Market Share Offering Program

	Three Months Ended September 30, 2011		Nine Months Ended September 30, 2011
Total net consideration	$	—	$	13,847.0
Common shares sold		—		252.5
Average price per share	$	—	$	55.81

2011 ATM Program [Member]

Activity Under At-The-Market Share Offering Program

	Three Months Ended September 30, 2011		Nine Months Ended September 30, 2011
Total net consideration	$	32,736.8	$	56,015.9
Common shares sold		506.2		875.4
Average price per share	$	65.76	$	65.24

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Description Of Business

9 Months Ended

Sep. 30, 2011

Description Of Business

Description Of Business

1. Description of Business

Business. Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust ("REIT"), is engaged in the ownership, management, development, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of September 30, 2011, we owned interests in, operated, or were developing 205 multifamily properties comprising 69,700 apartment homes across the United States. Of the 205 properties, eight properties were under development, and when completed will consist of a total of 2,209 apartment homes. In addition, we own land parcels we may develop into multifamily apartment communities.

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Commitments And Contingencies

9 Months Ended

Sep. 30, 2011

Commitments And Contingencies

Commitments And Contingencies

10. Commitments and Contingencies

Construction Contracts. As of September 30, 2011, we had approximately $102.1 million of additional anticipated expenditures on our construction projects currently under development. We expect to fund these amounts through a combination of available cash balances, cash flows generated from operations, draws on our unsecured credit facility, proceeds from property dispositions, and the use of debt and equity offerings under our automatic shelf registration statement.

Litigation. One of our wholly-owned subsidiaries previously acted as a general contractor for the construction of three apartment projects in Florida which were subsequently sold and converted to condominium units by unrelated third-parties. Each condominium association of those projects has asserted claims against our subsidiary alleging, in general, defective construction as a result of alleged negligence and an alleged failure to comply with building codes. On May 25, 2011, we mediated a pre-suit settlement agreement with one of the associations to resolve its alleged claims. Pursuant to this settlement agreement, we agreed to make a one-time payment to the association which was not material.

The other two associations have filed suit against our subsidiary and other unrelated third parties in Florida claiming damages, in unspecified amounts, for the costs of repair arising out of the alleged defective construction as well as the recovery of incidental and consequential damages resulting from such alleged negligence. The remaining two lawsuits are in a very early stage and no significant discovery has been conducted. While we have denied liability to the remaining associations, it is not possible to determine the potential outcome nor is it possible to estimate a range of the amount of loss, if any, that would be associated with any potential adverse decision as these matters are in a very early stage and the pre-suit settlement mentioned above does not provide any basis for estimating losses, if any, in these two lawsuits.

We are also subject to various legal proceedings and claims which arise in the ordinary course of business. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these legal proceedings and claims cannot be predicted with certainty, management believes the final outcome of such matters will not have a material adverse effect on our condensed consolidated financial statements.

Other Contingencies. In the ordinary course of our business, we issue letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or we will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. We are then at risk under a real property acquisition contract, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract.

Lease Commitments. At September 30, 2011, we had long-term leases covering certain land, office facilities, and equipment. Rental expense totaled approximately $0.7 million for each of the three months ended September 30, 2011 and 2010, and approximately $2.1 million and $2.2 million for the nine months ended September 30, 2011 and 2010, respectively. Minimum annual rental commitments for the remainder of 2011 are $0.6 million, and for the years ending December 31, 2012 through 2015 are approximately $2.3 million, $2.2 million, $2.1 million, and $1.2 million, respectively, and $0.7 million in the aggregate thereafter.

Investments in Joint Ventures. We have entered into, and may continue in the future to enter into, joint ventures or partnerships (including limited liability companies) through which we own an indirect economic interest in less than 100% of the community or land owned directly by the joint venture or partnership. Our decision whether to hold the entire interest in an apartment community or land ourselves, or to have an indirect interest in the community or land through a joint venture or partnership, is based on a variety of factors and considerations, including: (i) our projection, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a joint venture or partnership vehicle is used; (ii) our desire to diversify our portfolio of communities by market; (iii) our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and (iv) the economic and tax terms required by a seller of land or of a community, who may prefer or who may require less payment if the land or community is contributed to a joint venture or partnership. Investments in joint ventures or partnerships are not limited to a specified percentage of our assets. Each joint venture or partnership agreement is individually negotiated, and our ability to operate and/or dispose of a community in our sole discretion is limited to varying degrees in our existing joint venture agreements and may be limited to varying degrees depending on the terms of future joint venture agreements.

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Fair Value Disclosures (Financial Assets And Liabilities Measured At Fair Value) (Details) (USD $) In Millions	Sep. 30, 2011	Dec. 31, 2010
Deferred compensation plan investments	$ 37.4	$ 46.7
Available-for-sale investment		5.0
Derivative financial instruments	0.1
Derivative financial instruments	22.2	36.9
Level 1 [Member]
Deferred compensation plan investments	37.4	46.7
Available-for-sale investment		5.0
Level 2 [Member]
Derivative financial instruments	0.1
Derivative financial instruments	22.2	36.9
Level 3 [Member]
Deferred compensation plan investments
Available-for-sale investment
Derivative financial instruments
Derivative financial instruments

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Noncontrolling Interests (Effect Of Changes In Ownership Interest In Subsidiaries) (Details) (USD $) In Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Noncontrolling Interests [Abstract]
Net income attributable to common shareholders	$ 11,840	$ 1,650	$ 2,529	$ 6,069
Increase in equity for conversion of operating partnership units			592	2,132
Change in common equity and net transfers from noncontrolling interests			$ 3,121	$ 8,201

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Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements
Capitalized interest	$ 2.5	$ 1.3	$ 6.1	$ 4.0
Capitalized real estate taxes	$ 0.4	$ 0.1	$ 1.0	$ 0.6
Percentage of rental revenue and other income from leasing of apartment homes	98.00%	98.00%	98.00%	98.00%

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Noncontrolling Interests

9 Months Ended

Sep. 30, 2011

Noncontrolling Interests [Abstract]

Noncontrolling Interests

14. Noncontrolling Interests

The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to common shareholders for the nine months ended September 30:

(in thousands)	2011		2010
Net income attributable to common shareholders	$	2,529	$	6,069
Transfers from the noncontrolling interests:
Increase in equity for conversion of operating partnership units		592		2,132
Change in common equity and net transfers from noncontrolling interests	$	3,121	$	8,201

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Condensed Consolidated Balance Sheets (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Assets
Land	$ 766,302	$ 760,397
Buildings and improvements	4,758,397	4,680,361
Real estate assets, at cost, total	5,524,699	5,440,758
Accumulated depreciation	(1,421,867)	(1,292,924)
Net operating real estate assets	4,102,832	4,147,834
Properties under development, including land	274,201	206,919
Investments in joint ventures	37,033	27,632
Total real estate assets	4,414,066	4,382,385
Accounts receivable - affiliates	31,395	31,895
Notes receivable - affiliates		3,194
Other assets, net	87,657	106,175
Cash and cash equivalents	56,099	170,575
Restricted cash	5,357	5,513
Total assets	4,594,574	4,699,737
Liabilities
Unsecured notes payable	1,380,560	1,507,757
Secured notes payable	1,052,544	1,055,997
Accounts payable and accrued expenses	97,613	81,556
Accrued real estate taxes	37,721	22,338
Distributions payable	39,319	35,295
Other liabilities	111,043	141,496
Total liabilities	2,718,800	2,844,439
Commitments and contingencies
Perpetual preferred units	97,925	97,925
Equity
Common shares of beneficial interest; $0.01 par value per share; 100,000 shares authorized; 86,763 and 85,130 issued; 83,874 and 82,386 outstanding at September 30, 2011 and December 31, 2010, respectively	839	824
Additional paid-in capital	2,861,139	2,775,625
Distributions in excess of net income attributable to common shareholders	(700,897)	(595,317)
Treasury shares, at cost (12,516 and 12,766 common shares at September 30, 2011 and December 31, 2010, respectively)	(452,244)	(461,255)
Accumulated other comprehensive income (loss)	201	(33,458)
Total common equity	1,709,038	1,686,419
Noncontrolling interests	68,811	70,954
Total equity	1,777,849	1,757,373
Total liabilities and equity	$ 4,594,574	$ 4,699,737

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Per Share Data (Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $) In Thousands, except Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Per Share Data
Income from continuing operations attributable to common shareholders	$ 11,840	$ 569	$ 2,529	$ 3,326
Amount allocated to participating securities	(154)	(24)	(118)	(94)
Net income attributable to common shareholders, as adjusted	11,686	1,626	2,411	5,975
Income from continuing operations attributable to common shareholders, as adjusted - per share	$ 0.16	$ 0.01	$ 0.03	$ 0.05
Net income attributable to common shareholders, as adjusted - per share	$ 0.16	$ 0.02	$ 0.03	$ 0.09
Income from continuing operations attributable to common shareholders, net of amount allocated to participating securities	11,686	545	2,411	3,232
Income allocated to common units	$ 8
Income from continuing operations attributable to common shareholders, as adjusted	11,694	545	2,411	3,232
Income from discontinued operations attributable to common shareholders		1,081		2,743
Net income attributable to common shareholders, as adjusted	$ 11,694	$ 1,626	$ 2,411	$ 5,975
Income from continuing operations attributable to common shareholders, as adjusted - per share	$ 0.16	$ 0.01	$ 0.03	$ 0.05
Income from discontinued operations attributable to common shareholders - per share		$ 0.01		$ 0.04
Net income attributable to common shareholders, as adjusted - per share	$ 0.16	$ 0.02	$ 0.03	$ 0.09
Weighted average number of common shares outstanding - basic	73,242,000	69,100,000	72,502,000	67,898,000
Common share options and share awards granted	793,000	341,000	715,000	271,000
Common units	239,000
Weighted average number of common shares outstanding - diluted	74,274,000	69,441,000	73,217,000	68,169,000
Number of common share equivalent securities excluded from the diluted earnings per share calculation	3,700,000	4,700,000	4,100,000	5,000,000

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Share-Based Compensation (Summary Of Share Options Outstanding And Exercisable) (Details) (USD $) In Millions, except Share data				9 Months Ended
	Sep. 30, 2011		Dec. 31, 2010	Sep. 30, 2011 $30.06-$41.16 [Member]		Sep. 30, 2011 $42.90-$45.53 [Member]		Sep. 30, 2011 $48.02-$73.32 [Member]
Range of Exercise Prices, Minimum				$ 30.06		$ 42.90		$ 48.02
Range of Exercise Prices, Maximum				$ 41.16		$ 45.53		$ 73.32
Outstanding Options, Number	1,345,963	[1]	1,847,136	473,684	[1]	466,060	[1]	406,219	[1]
Outstanding Options, Weighted Average Price	$ 42.26	[1]	$ 42.39	$ 32.08	[1]	$ 44.32	[1]	$ 51.77	[1]
Exercisable Options, Number	861,844	[1]		179,979	[1]	428,797	[1]	253,068	[1]
Exercisable Options, Weighted Average Price	$ 45.32	[1]		$ 35.38	[1]	$ 44.36	[1]	$ 54.03	[1]
Aggregate intrinsic value of outstanding options	$ 18.3
Aggregate Intrinsic Value of Exercisable Options	$ 9.3
Closing share price per share for calculation of aggregate intrinsic values	$ 55.26

[1] The aggregate intrinsic values of outstanding options and exercisable options at September 30, 2011 were $18.3 million and $9.3 million, respectively. The aggregate intrinsic values were calculated as the excess, if any, between our closing share price of $55.26 per share on September 30, 2011 and the strike price of the underlying award.

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Property Acquisitions, Discontinued Operations, And Assets Held For Sale (Narrative) (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2011 A	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2011
Property Acquisitions, Discontinued Operations, And Assets Held For Sale [Abstract]
Acres of land acquired	30.1
Acquisitions of land	$ 40.1
Number of operating properties sold			2
Number of apartment homes in operating properties sold			1,066
Number of assets classified as held for sale		0		0

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Derivative Instruments And Hedging Activities (Schedule Of Outstanding Interest Rate Derivatives) (Details) (Not-Designated [Member], USD $) In Millions, unless otherwise specified	Sep. 30, 2011
Interest Rate Cap [Member]
Number of Instruments	1
Notional Amount	$ 175.0
Interest Rate Swaps [Member]
Number of Instruments	1
Notional Amount	$ 500.0

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Derivative Instruments And Hedging Activities (Fair Value Of Derivative Financial Instruments And Their Classification In The Balance Sheet) (Details) (USD $) In Millions	Sep. 30, 2011	Dec. 31, 2010
Asset Derivatives, Fair Value	$ 0.1
Interest Rate Swaps [Member] | Derivatives Designated As Hedging Instruments [Member]
Liability Derivatives, Fair Value		36.9
Interest Rate Cap [Member] | Derivatives Not Designated As Hedging Instruments [Member]
Asset Derivatives, Fair Value	0.1
Interest Rate Swaps [Member] | Derivatives Not Designated As Hedging Instruments [Member]
Liability Derivatives, Fair Value	$ 22.2

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Fair Value Disclosures (Narrative) (Details) (USD $)	1 Months Ended	9 Months Ended
	Feb. 28, 2011	Sep. 30, 2011
Fair Value Disclosures [Abstract]
Participant withdrawals from deferred compensation plan investments		$ 12,000,000
Proceeds from sale of available-for-sale investment		4,510,000
Gross realized gain of available-for-sale investment	$ 4,300,000

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Common Shares (Narrative) (Details) (USD $)	9 Months Ended			1 Months Ended	3 Months Ended	9 Months Ended	1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010	Mar. 31, 2010 2010 ATM Program [Member]	Sep. 30, 2011 2010 ATM Program [Member]	Sep. 30, 2011 2010 ATM Program [Member]	Nov. 04, 2011 2011 ATM Program [Member]	May 31, 2011 2011 ATM Program [Member]	Sep. 30, 2011 2011 ATM Program [Member]	Sep. 30, 2011 2011 ATM Program [Member]
Number of common and preferred stock authorized to issue	110,000,000
Common shares, authorized	100,000,000		100,000,000
Preferred shares, authorized	10,000,000
Common shares, outstanding	71,400,000
Preferred shares, outstanding	0
Maximum aggregate offering price of common shares				$ 250,000,000				$ 300,000,000
Common shares sold					0	252,500	0		506,200	875,400
Total net consideration	69,863,000	134,617,000				13,847,000			32,736,800	56,015,900
Maximum aggregate offering price of remaining common shares available for sale										$ 242,900,000